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The ,
Oflflflt!ItjZIt
Bank & Quotation Section
Railway Earnings Section
VOL. 116.
financial
rontde
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, MARCH 31 1923
Electric Railway Section
State and City Section
NO. 3014
been enormously increased thereby. But in Februthe bad weather and snow storms extended to
ary
PUBLISHED WEEKLY
nearly all other parts of the country—always barTerms of Subscription—Payable in Advance
310 00 ring the South—and the result is now reflected in
ForilOne Year
6 00
For Six Months
13 50 the poor statements of net earnings for that month.
European Subscription (including postage)
7 75
European Subscription six months (including postage)
11 50 The New England systems—the New Haven,the BosCanadlanigSubscription (including postage)
NOTICE.—On account of the fluctuations in the rates of exchange. ton & Maine, the Maine Central—report heavy losses,
remittances for European subscriptions and advertisements must be made
In New York Funds.
as they did in January, and many other roads elseSubscription includes following Supplements—
where keep them company. The Boston & Maine fell
BANK AND QUOTATION (monthly)I RAILWAY dz INDUSTRIAL (semi-annually)
RAILWAY EARNINGS (monthly) ELECTRIC RAILWAY (semi-annually)
short of meeting bare operating expenses
$507,336
STATE AND CITY (semi-annually) BANKERS' CONVENTION (yearly)
for the month, as against net above expenses in FebTerms of Advertising
45 cents
Transient display matter per agate line
On request ruary last year of $1,294,628, and the New Haven has
Contract and Card rates
5594.
State
Telephone
Street,
Salle
La
CHICAGO OFFICE —19 South
net of only $1,066,068, as against $1,721,204 in FebLONDON OFFICE —Edwards & Smith, 1 Drapers' Gardens, E. C.
1922. The New York Central reports $3,497,ruary
Publishers,
COMPANY,
WILLIAM B. DANA
York.
New
Streets,
Depeyster
and
Front, Pine
588 addition to gross with $3,737,788 addition to expenses, leaving $240,280 loss in net. This is for the
Published every Saturday morning by WILLIAM B. DANA COMPANY
Herber•
President,, Jacob Seibert: Business Manager, William D. Riggs; Secretary,
itself. Some of its connecting lines, like the
Central
D.SelbertVreasurer, William Dana Seibert. Addresses of all, Office of Companyt
•
Big Four, make a somewhat better showing. The
CLEARING HOUSE RETURNS.
Pennsylvania Railroad System, covering the lines
Returns of Bank Clearings heretofore given both east and west of Pittsburgh, shows $4,140,329
on this page now appear in a subsequent part gain in gross, but accompanied by $7,226,129 augof-this paper. They will be found to-day on pages mentation in expenses, this producing a loss of $3,085,800 in net. The Baltimore & Ohio, being located
1375 and 1376.
further south, has fared better than this, being able
THE FINANCIAL SITUATION.
to show $773,632 gain above the increase in expenses.
It seems almost as if the railroads were being pur- But the Erie falls $254,576 behind in its net and the
sued by an evil genius, for they no sooner secure re- Lehigh Valley $1,541,704 behind. The New York
lease from one trouble than another comes tumbling Chicago & St. Louis loses $433,696 in net. Going fardown upon them. A few weeks ago we directed at- ther west the Milwaukee & St.Paul has added $1,545,1
tention to the favorable returns of earnings then be- 962 to its net and the Chicago & North Western has
ing received for the month of January. These showed added $208,414. On the other hand, the Great Northgratifying increases in net, as well as in gross. At ern falls $586,187 behind in net, the Northern Pacific
last these rail carriers were again coming into their $170,822 behind, and the Burlington & Quincy $583,own—so the conclusion was. The ill effects of the 571 behind. The Illinois Central loses $162,744, the
shopmen's strike appeared to be passing away, and Union Pacific $163,889, the Missouri Pacific $374,the roads were once more getting control of their 738, and the Rock Island as much as $885,952. As
expenses. The outlook accordingly seemed bright against this the Atchison has $1,191,695 gain in net
and cheerful. But now come the returns for the and the Southern Pacific also has a substantial gain
month of February, and the character of the exhib- in net.
its is completely changed. Instead of gains in net,
Southern roads, as already stated, have done quite
we have losses—in many instances very heavy losses. well, they having been free from the effects of bad
Outside the South the comparisons with last year weather, since they are located too far south to get
are quite generally unfavorable, though there are, as snow falls of any consequence. The South, too, is
is always the case,some noteworthy exceptions to the enjoying unusual prosperity because of the high
rule.
price of cotton and the activity of the iron and steel
The explanation is very simple. Bad weather, trade. The Southern Railway is a typical example.
more particularly heavy snowfall, is responsible for It has net of $2,482,291 for February 1923, against
the poor results. But the loss is none the less real on only $1,491,703 for February 1922. Those two coal
that account. In January it was mainly the New carrying roads, the Norfolk & Western and the ChesEngland roads that suffered in that way and these apeake & Ohio, both fall behind in their net—the forthen sustained severe losses because of repeated snow mer by $563,585 and the latter by $397,808. The one
storms and the depth of the snow, the expense of op- consoling feature about these poor February returns
erating and running the roads in that section having is that, being due to the weather, recurrence of losses
Xhe Thronicit.
1336
THE CHRONICLE
[Von. 116.
on that account is not likely to extend beyond an- suggested that "it should be noted that no German
other month—March.
Chambers of Commerce were represented and that no
German business men were present and that this de'There has been more than passing interest in this cision was reached in consequence of the grave incountry in the sessions of the Congress of the Inter- jury which existing conditions are causing all nanational Chamber of Commerce recently held in tions, and the still greater injury which the entire
Rome. A prominent international banker of this world will suffer unless conditions are soon recticity, who has given much thought to European prob- fied."
lems,commenting upon that gathering, declared that
those problems could be settled only by business men
Word was received here from Rome Monday mornon a business basis, and not by politicians on a polit- ing through cable dispatches from that centre that
ical basis. The Rome correspondent of the New Hugo Stinnes had arrived there and that he would
York "Times" described in part as follows a session have a conference with Judge E. H. Gary, Chairman
of the Finance Section of the Congress on Mar. 23, of the board of the United States Steel Corporation.
at which a resolution presented by the American It was reported in the earlier dispatches that he
delegation was adopted: "Amid scenes of great en- would seek the co-operation of Premier Mussolini
thusiasm and to the accompaniment of an unbroken in an attempt to secure mediation with France of the
chain of commendatory speeches, the Finance Sec- reparations problem and other questions that are
tion of the Congress of the International Chamber keeping the two nations from a settlement.
of Commerce, under the Chairmanship of Willis H.
The Paris representative of the New York "TribBooth, Vice-President of the Guaranty Trust Co. of une" cabled at about the same time that "Foreign
New York, approved to-day the resolution presented Minister Jaspar of Belgium will depart for Milan
by the American delegation calling upon the Govern- within a few days, where he will meet Premier Musments of all countries to join an international con- solini of Italy for discussion of the conditions which
ference, to which the world's business men would be shall later be imposed upon Germany. Premier Musinvited, to settle the outstanding European financial solini has been eager for some time to intervene in
and economic problems." He added that "a plenary the reparations problem, acting as a mediator besession of the Congress this evening adopted the res- tween French and English points of view, as he did
olution unanimously." Commenting further upon at the beginning of the occupation, when he supthe adoption of the resolution, the "Times" represen- ported France morally without sending troops to aid
tative said: "Its passage is the result of weeks of in the occupation." Dispatches from Milan a few
hard work by the best brains, representing all the days later told of the arrival there of both the Italian
interested countries now gathered in Rome, and it Premier and Belgium's Foreign Minister. On Wedmay be looked upon as stating their studied and con- nesday M.Jaspar was the guest of Premier Mussolini
sidered viewpoint. The enthusiastic way in which it at a luncheon in Milan, at which it was said the Belwas received clearly shows that the opinion pre- gian and Italian situations were discussed.
vailed that if Europe's problems were attacked on a
According to the Rome cable advices Tuesday
sound business basis a solution could and would be morning, Hugo Stinnes, the day before, "interviewe
d
found." He summarized the resolution as follows: Elbert H. Gary, Chairman of the United States
Steel
"The resolution states that the problems underlying Corporation, and Fred I. Kent, Vice-President
of the
the present economic disturbances are five: First, Bankers Trust Co. of New York among others." The
reparations; second, the inter-Allied debts; third, Associated Press correspondent said that "while
unbalanced Governmental budgets and uncontrolled Herr Stinnes refused to grant an interview to-day,
inflation; fourth, the disturbance of international saying he had no statement to make,it is learned that
credits, and fifth, abnormal fluctuations. It declares he is in favor of the American suggestion to call an
that 'the International Chamber of Commerce be- international economic conference at which all the
lieves that it is impossible to arrive at a lasting set- countries interested would be represented by
deletlement without a recognition of the interdepend- gates having full powers in order to be able definitely
ence of the different parts of the world's economic to solve the reparations, inter-Allied debt and exorganization.' The futility of partial remedies and change stabilization questions." According
to the
the necessity for a comprehensive consideration of same correspondent, "he is represented as believing
the inter-related questions are asserted."
that the United States is the country best adapted
Sir George Paish, the British economist, in a ca- for the conference, being outside
Europe and unafblegram to the New York "Herald," made the fol- fected by the influences
of the contending parties."
lowing observations relative to the Congress: "Of
all the conferences held to effect European reconWillis H.Booth, the newly elected President of the
struction and restore world prosperity, the Congress International Chamber
of Commerce, was said to
of the International Chamber of Commerce in Rome have authorized a denial in Rome on Mar.
28 that
last week is the most helpful. Indeed, its decisions "the American bankers who participate in the Cond
may be said to mark the first step to recovery." He gress of the International Chamber recently held
added that "what is of especial importance is that here [there] had gone or were going to the Ruhr to
this demand comes from the business men of France, study the situation or investigate conditions there."
Belgium and Italy, as well as those of America and The Associated Press correspondent said that "Mr.
Great Britain. Indeed, the representatives of the Booth added that to the best of his knowledge no
business men of no less than 29 nations are unani- American in any way was authorized by the Intermously agreed that a solution of the problems must national Chamber or by the American delegation to
be found and all the fundamental causes of the great undertake such a task. Some of the delegates, howfinancial and economic dangers to which the entire ever, might go as private individuals, but he did not
world is now exposed must be discussed without res- know of any. Julius H. Barnes has left here for Viervation at the earliest possible moment." Sir George enna and is not going to Germany. Fred L. Kent
MAR. 31 1923.]
THE CHRONICLE
1337
has started for Naples; Ivy Lee has gone to France; cently through the coal mining regions, is of interJohn H. Fahey to Florence and John R. Morrow to est: "Sliding down a 400-yard coal chute through
San Remo, and Silas H. Strawn is spending a few the Westerholt, the- biggest Prussian State mine in
days in Venice." According to the correspondent the Ruhr, supposedly occupied by the French, the
also, "Mr. Booth said he might mention many more New York 'Times' correspondent gathered a vivid
who had not gone to the Ruhr, or near the Ruhr. In- impression that the most dramatic phase in the Ruhr
deed, he declared, all the members of the American struggle has now begun—the battle of the coal
mines
delegation were doing their best to avoid any action versus the French Army—and that
the French are
which might be misinterpreted. He himself had re- not winning. The French are making determine
d
fused to see Hugo Stinnes, who had solicited a con- efforts to get coal and coke at
the source, after foolversation with him, answering that a previous en- ing around for ten weeks. These efforts
have at last
gagement prevented him from so doing. He then brought the French into close contact
with the mine
purposely went out of Rome and returned only after workers' resistance on a large
scale."
Stinnes had left."
It became known in Essen on Thursday that "unit became known here Tuesday evening, through employed workers in the Ruhr
Valley have taken
an Associated Press dispatch that "Herr Stinnes left steps to organize, forming a
society for mutual beneRome last [Monday] evening, after an exchange of fit." It was also stated that "at a
meeting of the unviews with Signor.Finzi, Under Secretary of the In- employed in Essen it was decided to
appoint a counterior, acting for Premier Mussolini, and passed cil, the duties of which will be to confer
with the
through Bologna that day on his way back to Ber- German Government regarding the doles,
or funds
lin." It was noted also that Judge Gary went to for subsistence." Announcement was
made that
Naples the same day and sailed thence for Spain." "the unemployed desire free food, free
transportaAccording to a dispatch Wednesday morning from tion on the tramways, and assurances from
the Govthe Rome correspondent of the New York "Times," ernment that their funds will be forthcomi
ng reguHugo Stinnes did not have a talk with Judge Gary, larly." It was claimed that "the majority
of the
but only with Mr. Kent. Attention was called to the workers are receiving only 14,000 marks weekly,
an
fact that he delivered an address before the Congress insufficient amount for the support of
themselves
of the International Chamber of Commerce, "which and their families."
created a deep impression in Europe, in which he
Announcement came in a Duesseldorf dispatch
stated that America might be willing to trade con- under date of Mar. 28 that "the French authorities
donation of whole or part of the debts owing her that day began taking over the Prussian State-own
ed
against guarantees on the part of the European Pow- vineyards along the Moselle River, according to the
ers that they would put their finances in order. He 'Deutsche Rheinische Volkszeitung.' The paper
said
added that the putting of European finances in or- the seizure includes vineyards, buildings, wine
celder depended very largely on what solution was given lars and bottled wines. There are thousand
s of acres
to the German reparations problem." The "Times" of vineyards owned by the Government
along the
representative added that "this proposal was of the Moselle where it runs into the Rhine." In an
Assogreatest interest to Germany and it therefore ap- ciated Press dispatch from Coblenz the following
day
pears certain that Herr Stinnes came to Rome in it was asserted that "the seizure by the
French of
order to speak to Mr. Kent. The latter himself is the Prussian State-owned vineyards along
the Mouncommunicative on the subject, merely saying that selle had created more stir in the occupied
territohe and Stinnes together had reviewed the work done ries among the German populations
than the occuby the Congress. From remarks let drop by Mr. pation of the coal mines and coke ovens
in the Ruhr."
Kent's entourage, however, it appears that Stinnes The correspondent also said that "it was
announced
is very much taken with Mr. Kent's proposal, and that day that the confiscation
of State-owned vinewished to confer with him as to the best way to trans- yards, which cover thousands of acres,
will be exlate it into practice; together with that other Amer- tended at an early date to the
Rhine River, on the
ican proposal of calling an international conference banks of which the Prussian
State has vast tracts deto consider the economic evils arising out of the voted to grape growing."
He declared further that
war." From the foregoing conflicting reports and "the confiscation of
the wine is being carried out unrumors it is difficult to say whether Hugo Stinnes der a decree of the Inter-Alli
ed Rhineland Commishad a conference with either Judge Gary or Mr. sion here, and the
product, much of which is already
Kent.
bottled, is being sold and the proceeds applied to the
reparations account."
Rumors on the outside relative to the Franco-German situation at times have attracted more attenRumors that peace moves are in progress with retion than happenings within the occupied section of spect to France
and Germany continue. Wednesday
the Ruhr. Word came from Paris, for instance, that evening
the Paris correspondent of the New York
"Chancellor Cuno's speech in Munich, preaching con- "Herald" cabled
that French political circles to-night
tinuance of German resistance in the Ruhr, brings were stirred by
the report that the Pope is about to
reply from the French that they can stand it as long intervene for
a reparations settlement under the
as Germany can,'and 15 minutes longer.' The speech guise of an
Easter peace message, in which he will
is regarded as of little importance outside its propa- present a plan
for the restoration of friendlier politganda for home consumption contained in the charge ical relations
throughout Europe, but especially bethat France is not seeking reparations, but the dis- tween
France and Germany." The correspondent
memberment of Germany."
added that "coming simultaneously with the discusWith respect to what the French have been able to sion of a
settlement plan by inter-Allied as well as
accomplish in getting coal out of the Ruhr the fol- German
Socialists, the importance of the Papal move
lowing from the Berlin correspondent of the New cannot be
ignored, as would be the direct offer of
York "Times," who made a trip of investigation re- mediation or arbitrati
on by any third Power." He
1338
THE CHRONICLE
further said that,"according to reports, the Pope decided to issue an Easter message as a result of assurances from German spokesmen that Germany was
willing to agree in advance to accept any settlement
of the economic side of the reparations dispute
reached by an international conference such as the
one proposed by the International Chamber of Commerce at Rome."
In reply to questions in the Chamber of Deputies
Wednesday evening, Premier Poincare reaffirmed
the Government's attitude toward Germany. It was
supported by a vote of 485 to 86. At that session the
Chamber "adopted the provisional credits bill, introduced for the purpose of carrying on public business during April and May, as it had been modified
and accepted by the Senate." Adjournment was
taken until May 8.
f An agreement appears to have been reached by the
Allies with respect to payment to the United States
for the cost of maintaining the American army while
it was on the Rhine. The Paris correspondent of the
New York "Tribune" cabled on Wednesday that
"what may be regarded as the final touch to the
promissory note for $250,000,000, the cost of the
American army until recently maintained on the
Rhine, was applied to-day when representatives of
France, England, Italy and Belgium notified Eliot
W. Wadsworth, Assistant Secretary of the Treasury, that they would accept Washington's payment
proposals." He added that, "with no hitch in view,
the terms now stand as follows: Deduction from the
total bill of the value of the German army supplies
appropriated by the American occupation forces—an
amount, roughly, of $10,000,000. The Allies to stand
sponsor for the balance, approximately $240,000,000,
due the United States, payments to be made in twelve
yearly installments of approximately $20,000,000
each; during the first four years the United States
to receive 25% of all German cash payments, but no
greater sums than the total amount of four installments—that is, $80,000,000; after four years the installment payments to America to take full precedence over all other charges against German reparations payments, the United States to receive the
whole of such payments in case they should not total
more than $20,000,000 for any year."
In spite of rather frequent denials, the opinion has
prevailed that in due time Great Britain would consent to participate in mediation proceedings between
France and Germany. The London correspondent
of the New York "Tribune" cabled Wednesday evening that "when the opportune moment arrives. Great
Britain will be prepared to act as mediator between
France and Germany, Stanley Baldwin, Chancellor
of the Exchequer, said to-night, speaking on behalf
of Premier Bonar Law in the debate on the Ruhr situation initiated in the House of Commons by Lloyd
George Liberals." The correspondent added that
"the Chancellor made this statement in rebutting
the demand that the Government intervene immediately. The opportune moment has not yet arrived,
he asserted. He added that British influence in the
situation later is going to be immense, but that at
present the attitude of France presented a door
banged, bolted and barred against any ordinary
methods of approach, which otherwise might lead to
a settlement." He also reported that "the Chancellor asserted that the Government had pursued the
116.
only possible policy in preserving the confidence,
friendship and trust of the Allies. This statement,
marking the gradual development of the Government's policy, came in reply to a point in the debate
raised by Sir Edward Grigg, formerly Secretary to
Lloyd George, who spoke in place of his chief when
the latter decided not to intervene in the discussion
staged on the eve of the Easter adjournment." Word
came from London the next day that Parliament had
adjourned until April 9 and that the Premier had
gone to the country to regain his health, over which
• there was said to be considerable anxiety.
There has been not a little controversy over the
authority of the German Government to issue the recently announced gold loan for $50,000,000. The
Paris correspondent of the New York "Times" cabled
under date of Mar. 28 that "examination of the decision of the Reparations Commission yesterday with
respect to the German dollar loan shows that the
Commission did not, as was said in French quarters
last night, decide that Germany had no right to float
the loan without the consent of the Allies, but that it
decided the German Government had no right to repay the loan without the consent of the Allies." The
correspondent added that "this decision is based on
the ground that the Treaty of Versailles gives the
Allies a lien on all the German Government's revenues for payment of reparations. If in 1926, when
the bonds come due, Germany shall owe nothing under the scale of payments then in force, she will be
free to redeem the bonds; if at that time she is not up
to date in her reparations payments due, the Allies
hold she should pay reparations before redeeming
the bonds." The report came from Berlin at about
the same time, through a cablegram from the Chicago
"Tribune" correspondent at that centre, that "the
German gold loan has failed to reach the $50,000,000
asked for by the Government." He said also that "in
addition the 'Tribune' learns from responsible financial quarters that of the $25,000,000 guaranteed by
banks not more than $15,000,000 was subscribed.
The balance was asked for by the Government and it
probably will be supplied by the Reichsbank." Official figures were said to have been made public in
Berlin on Thursday that the individual subscriptions
totaled "only one-fourth the amount of the issue."
It was added that "the public was to take one-half
the loan and the banks the other,in addition to which
the banks guaranteed to make up any deficit in the
public's half. Thus the banks will be called on to
subscribe 150,000,000 gold marks, or $37,500,000."
The Turkish question seems to be as much involved
in doubt as heretofore. Cabling Monday night, the
London representative of the New York "Times" said
that "the conference of the experts of Great Britain,
France, Italy and Japan has practically concluded
its examination of the Turkish counter-proposals
submitted in reply to the treaty handed to Ismet Pasha at Lausanne, and a plenary meeting will probably be held to-morrow to receive the reports of the
three sub-committees dealing with political, economic and financial questions and to prepare a reply for recommendation to the Governments concerned." He further stated that "complete secrecy
has been aimed at throughout, but it is believed that
an agreement has been reached on all material
points. The Turkish demand for the modification of
the Thracian frontier line is understood to have been
MAR. 31 1923.]
THE CHRONICLE
rejected, as well as the scheme in the counter-draft
fcr reciprocity in judicial safeguards,and the scheme
outlined in the Lausanne draft stands." Word came
from Constantinople that "the Turks are growing
restive over the Allies' delay in summoning a new
peace conference. The Allied experts, they say, have
taken far too much time to examine the Turkish
counter-proposals at their London meeting." It was
said that "the general impression here is that before
the end of this week the Turks will be called to a new
conference which will be held at Lausanne, where
the machinery of the former meeting remains intact."
Word was cabled from London Monday evening
that "it is expected the Allies will dispatch a note to
Angora to-morrow, stating that the Turkish peace
proposals admit of discussion, and that the Allies
are prepared to resume negotiations. It is understood the note will suggest Lausanne as the place of
meeting and the middle of April as the date." Announcement was made also that "the Allied experts
concluded their labors this afternoon and a plenary
meeting of the delegates was held at which the reports of the political, economic and judicial sub-committees were presented and adopted." The Associated Press correspondent said that "it is understood
that the plenary meeting decided that Turkey's
claims on the following points were inadmissible:
First, separation of the economic and financial matters from the treaty; second, modification of the judicial clauses affecting the safeguards for foreigners; thi-d, retrocession to Turkey of the Island of
Casteloriza, now held by Italy. The delegates decided that the question of war indemnities was one
for settlement between the Turks and Greeks themselves and cduld be adjudicated fairly by a neutral
commission of inquiry. After discussing the Turkish
ds.mand that the Allies withdraw their troops from
Constantinople and the Straits upon the signing of
the treaty, the delegates held that the army of occupation could not be withdrawn until the treaty had
been fully ratified by all the Governments concerned." The following communique was issued:
"The Allied representatives under the Chairmanship
of Lord Curzon considered the reports of the expert
committees on the financial, economic and other
parts of the Turkish counter-proposals. After examination and discussion a complete Allied agreement was reached upon all points. Reports were approved, and the draft text of a reply to Ismet Pasha's
note of Mar. 8 was considered and passed, subject to
the final approval of the respective Governments. It
is hoped that this approval will be given in the course
of the next 48 hours, when an identic note will be
dispatched to Constantinople for transmission to the
Turkish Government at Angora by the British,
French, Italian and Japanese representatives. It is
intended to publish this note."
Great Britain's labor troubles continue and appear
to be getting more serious. The London correspondent of the New York "Herald" cabled under date of
Mar. 28 that "Great Britain's industrial situation
suddenly has taken a decided turn for the worse, not
only in the decision to lock out 800,000 building.
workers after Easter, but in the threat of a wide railway strike and the possibility of a miners' strike."
Going into greater detail, he said that "already the
Norfolk farm workers are out, and to-day they received the indorsement of the executive committee of
the National Union of Agricultural Workers. This
1339
strike is spreading to Lincolnshire and Cambridgeshire, and anxiety over its further expansion grows.
Fine weather hard upon heavy rains has not lessened
the concern of the farmers." Continuing to outline
the situation, he said: "The building employers demand an extension of working hours and reduction
of wages. Their big lockout will have a disastrous
effect upon the housing problem and affect seriously
other trades. At a conference of the National Union
of Railway men here to-day it was unanimously decided that any further cut in the wages of railway
shopmen would be resisted. The companies demand
that six shillings and six pence be lopped off the
bonuses of the shopmen. The Miners' Federation
conference here to-day decided to refer to local bodies
the entire wage question. The Prime Minister has
refused an inquiry into living conditions, requested
by the miners who are asking for a minimum wage
equal to the cost of living. Not since the post-war
industrial upheaval, which was followed by an abortive general strike, has the industrial horizon been
more menacing."
Official discount rates at leading European centres
continue to be quoted at 12% in Berlin; 532% in
Belgium and Madrid; 5% in France, Denmark and
Norway; 43/2% in Sweden; 4% in Holland, and 3%
in London and Switzerland. Owing to an unfortunate oversight the Belgian bank rate, which was
changed on Jan. 22 last from 432% to 532%, has
for several weeks been erroneously given as 432%,
while that of the Swiss Bank has lately been carried
as 33/2%, instead of 3%. .London open market discounts are a trifle easier, with short and three months
bills at 23/8@2 3-16%, as against 23/2% last week.
Call money, however, has not been changed from
23t%. At Paris the open market rate has been
advanced to 414%, against 4%, the previous level.
The Bank of England announced a loss in its gold
holdings of £6,358 this week, together with an increase in note circulation of £1,238,000, which led to
a reduction in reserve of £1,244,000. This was
accompanied by a decline in the proportion of reserve
to liabilities to 17.19%, as against 18.98% last week
and 19.39% for the week of March 15. It should,
however, be noted that the reserve ratio is still well
1 %,
above that prevailing a year ago, which was 164
while in 1921 it stood at• only 12.27%. Public deposits increased no less than £11,549,000, but "other"
deposits fell off £5,614,000. There was a small
contraction in the Bank's temporary loans to the
Government (£175,000), but as against this there was
an expansion in loans on other securities of £7,376,000. Threadneedle Street's gold holdings now are
£127,505,162. Last year the total was £128,771,201
and a year earlier £128,348,374. Total reserve
aggregates £22,815,000, against £24,502,261 in 1922
and £16,803,629 a year prior. Loans amount to
£79,813,000, in comparison with £97,930,942 and
£112,909,287 one and two years ago, respectively.
Circulation is now £123,136,000. This compares
with £122,718,940 the preceding year and £129,904,745 in 1921. No change has been made in the Bank's
official discount rate from 3%. Clearings through
the London banks for the week totaled £766,701,000,
as against £773,250,000 a week ago and £701,866,000
last year. We append herewith comparisons of the
principal items of the Bank of England returns for
a series of years:
THE CHRONICLE
1340
• SANK OF ENGLAND'S COMPARATIVE STATEMENT.
1923.
1921.
1919.
1922.
1920.
March 28. March 29. March 30. March 31. April 2.
£
,
Circulation
123,136,000 122.718,940 129,904,745 105,271,020 75.163,600
- Public deposits
3
.
5,557,000 30,037,437 23,046,901 36,248,159 32,790,089
Other deposits____ _196,636,000 126,504,445 114,633,954 100,922,097 123,302,333
Govt. securities_ __ _ 48,355,000 46,318,615' 26,004,162 20,412,430 67,114,144
.79,813,000 97,930,942 112,909,287 109,523,836 78.870.215
Other securities
Reserve notes ds coin 22,815,000 24,502,261 16,803,629 25,351,455 28,214,582
Coin and bu1lion__'_127,505,162 128,771,201 128,248,374 112,172,475 84,928,182
Proportion of reserve .
to liabilities
17.19%
1614%
12.27%
18.50%
18.87%
Bank rate
3%
%
7%
6%
5%
The Bank of France continues to report small
gains in its gold item, the increase this week being
151,000 francs. This brings the Bank's aggregate
gold holdings up to 5,536,252,225 francs, comparing
with 5,526,054,931 francs on the corresponding date
last year and with 5,504,213,289 francs the year
previous; of the foregoing amounts, 1,864,344,927
francs were held abroad in 1923 and 1,948,367,056
francs in both 1922 and 1921. Silver, during the
week, gained 24,400 francs; bills discounted increased
215,315,000 francs, and Treasury deposits rose
6,387,000 francs. On the other hand, advances fell
off 28,526,000 francs, while general deposits were
reduced 40,035,000 francs. A further contraction of
33,599,000 francs occurred in note circulation,
bringing the total outstanding down to 37,187,839,000
francs, comparing with 35,528,004,930 francs at
this time in 1922 and with 38,435,078,340 francs the
year before. In 1914, just prior to the outbreak of
war, the amount was only 6,683,184,785 francs.
Comparisons of the various items in this week's
return with the statement of last week and corresponding dates in both 1922 and 1921 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
March 291923.March 301922. March 31 1921.
Cold Holdings—
Francs.
Francs.
Francs.
Francs.
In France
Inc.
151,000 3,671,907,298 3,577,687,875 3,555,846,233
Abroad
No change
1,864,344,927 1,948,367,056 1,948,367,056
Total
Inc.
151,000
Silver
Inc.
24,400
Bills discounted_ _ _Inc. 215,315,000
Advances
Dee. 28,526,000
Note circulation,. _Doc, 33,599,000
Treasury deposita_Inc.
6,387,000
General deposits Dec. 40,035,000
5,536,252,225
291,300,400
2,684,908,000
2,072,652,000
37,187,839,000
25,387,000
2,040,602,000
5,526,054,931
281,921,314
2,914,198,134
2,311,479,175
35,528,004,930
26,298,147
2,209,647,000
5,504,213,289
267,319,662
3,051,904,375
2,189,912,912
38,435,078,340
37,073,993
3,086,121,762
The Federal Reserve Bank statement, issued at
the close of business on Thursday, presented a rather
sharp contrast to that of the week immediately preceding. As against an increase in gold at the local
institution and declines in bill holdings, both individually and for the system,the previous week,the statement under review reports a substantial reduction in
gold reserves and unusually heavy additions to the
bill holdings. For the system there was a reduction
in gold of $11,000,000, accompanied by increases in
the rediscounting of all classes of paper, which resulted in an expansion in bill holdings of $86,000,000,
to $954,270,000, and compares with $738,643,000
last year. Earning assets increased $44,000,000, but
deposits declined $9,000,000. At New York, gold
reserves decreased $32,000,000, owing to transfers to
other Reserve districts, while the Bank's portfolio
showed an addition to bill holdings of $63,900,000,
which carried the total up to $263,210,000, in comparison with $119,999,000 at this time a year ago.
There was a corresponding increase in earning assets
($71,000,000), while deposits expanded $36,800,000.
Federal Reserve notes in actual circulation shrank
$2,600,000 here in New York, but increased $1,000,000 for the system. As a result of these changes, the
reserve ratio of the New York institution was reduced 4.8% to 81.8%, and for the banks as a group
0.2% to 75.5%.
[von. 116.
Last Saturday's bank statement of New York
Clearing House. banks and trust companies was
featured by a moderate contraction in loans and an
unusually heavy decline in net demand deposits,
which decreased $102,605,000 to $3,738,131,000.
This total is exclusive of Government deposits to
the amount of $126,093,000, an increase for the week
of no less than $94,098,000; thus reflecting extensive
shifting of funds incidental to the subscriptions to
the new Treasury certificates of indebtedness. On
the other hand, time deposits were increased $24,103,000 to $481,588,000. Other changes of less
'importance included a gain of $1,236,000 in cash in
own vaults of members of the Federal Reserve Bank
to $50,400,000 (not counted as reserve); an increase
reserves in own vaults of State banks and trust
companies of $242,000, and a reduction of $848,000
,in the reserves of these institutions kept in other
depositories. Incidental to these changes reserve
credits with the Reserve Bank were reduced $13,234,000. Consequently, notwithstanding the sharp
fall in deposits, surplus reserve decreased $1,152,470,
with the result that excess reserves are now $5,556,460,as against $6,708,930 a week ago and $17,246,030
the week before that. The figures here given for
surplus are on the basis of reserves of 13% above
legal requirements for member banks of the Federal
Reserve System, but not including cash in own vault's
to the amount of $50,400,000 held by these banks
on Saturday last.
Irregularity characterized the local money market
as it did the stock market during the greater part of
the week. At the outset there was considerable talk
in speculative circles about the possibliity of it being
decided at the conference in Washington of Federal
Reserve Governors to make further advances in rediscount rates. This apprehension disappeared almost altogether after the conference had been in
progress for a day or two. Naturally, while it existed
there were rumors also of the probability of even
higher rates for money here, or at least of those
recently prevailing being very firmly held, and accommodations at those quotations being more difficult to arrange. These various rumors and guesses
undoubtedly resulted in a considerable amount of
hasty borrowing by Stock Exchange houses for a few
days. As the week progressed they were not inclined
to raise their bids for either call or time loans. The
quotation for the former dropped to 5% at midweek,
but on Thursday advanced to 6% and held there to
the close. In view of the following day being a
holiday and it not being possible to make any more
loans this week, that quotation was not at all surprising. In banking circles the question was raised
on Thursday as to whether the peak of the money
market at this centre had been reached. While there
was naturally a difference of opinion, the belief was
expressed in some circles that higher levels would not
be seen in the near future, and that while quotations
for call money might not drop materially,the general
trend would be toward greater ease. There are ultraconservative stock brokers who are looking for an
extensive liquidation in stocks during April and May.
For this reason they are not disposed to bid actively
for money. They are inclined to think also that the
high prices for materials and labor will tend to check
activity in many lines and that as a consequence the
industrial demand for funds will not increase as greatly as has been predicted. There seems to be little
MAR. 31 1923.]
1111.1, CHRONICLE
1341
observance both here and abroad of Good Friday
as a religious holiday undoubtedly served to accentuate the inactivity, but it still remains true that
operators are resolutely opposed to entering into
important new commitments under present unsettled
and abnormal conditions abroad. As previously
Dealing with specific rates for Money, loans on pointed out, the market as a whole is waiting the
call this week have ranged between 5 and 6%, the outcome of the Franco-German situation and is
same as a week ago. On Monday the high was fully aware of all its disconcerting possibilities, and
6% and 532% the low and the rate for renewals. the more speculative element took little or no part
Tuesday no loans were put through under 5%%, in the week's trading. A factor which attracted
which was the basis for renewals, with 6% the desultory attention was the appearance at intervals
maximum. Slightly easier conditions prevailed on of a fairly liberal volume of commercial bills, which
Wednesday and there was a drop to 5%, with 54% is unusual for this time of the year and is explained
the high, at which figure renewals continued to be by the reluctance during recent months on the part
made. Thursday the range was 53/2@6% and of holders to release their paper. This is largely
532% the ruling figure. Owing to observance of responsible for the lowering in values, although, on
Good Friday as a religious holiday, the Stock Ex- the other hand, a steady inquiry on the part of banks
change was closed on Friday and there were no that are increasing their London balances in prepaofficial quotations. The figures here given are for ration for the customary tourists' demands next
both mixed collateral and all-industrial loans alike. summer, helped to maintain a relatively firm underFor fixed date maturities the situation was practi- tone. Talk is heard to the effect that the British
cally unchanged. The undertone was firm owing Government is again in the market for the purpose
to preparations for April 1 disbursements and offer- of accumulating dollar credits. The stiffening in
ings comparatively light. No important transac- local money also exerted a depressing effect on sterling
tions were reported. Sixty days to six months' values. Predictions of a speedy return to par are
less frequent and bankers are now of the opinion that
money was quoted at 53.@53/2%, unchanged.
Mercantile paper rates continue to be quoted at in the event of British funds continuing to flow in
5@53% for sixty and ninety days' endorsed bills this direction, and curtailment in the volume of
receivable and six months' names of choice character, purchases of foreign securities by American buyers,
without change. Names less well known still re- further lowering of price levels may ensue.
As to the more detailed quotations, sterling on
quire 5%%. A good demand for high-grade names
was noted and dealings were more diversified. Saturday last was easier and demand receded to
Offerings, however, remain light, so that the turn- 4 68%@4 68%,cable transfers to 4 68%@4 69'/ and
sixty days to 4 663/2@4 66%; dealings were light.
over was not large.
Banks' and bankers' acceptances were only mod- On Monday, after a weak opening, the market rallied
/
2
erately active. Local and out-of-town banks were but changes were unimportant; the range was 4 681
in the market as buyers, but trading, generally @4 69 for demand, 4 68%@4 693 for cable transspeaking, was quiet, owing to the firmness of call fers and 4 66%@4 66% for sixty days. Very little
funds. No change in quotations has as yet been increase in activity was noted on Tuesday and prices
made; the undertone is reported as steady. For moved aimlessly with the trend a shade lower; decall loans against bankers' acceptances, the posted mand ruled at 6 683'@4 68 13-16, cable transrate of the American Acceptance Council has been fers at 4 68%@4 69 1-16 and sixty days at 4 66/
8@,
advanced to 5% from 43/2% last week. The Ac- 4 66 11-16. Wednesday's market was dull and irregceptance Council makes the discount rates on prime ular and there was a further decline to 4 68@4 68%
bankers' acceptances eligible for purchase by the for demand, 4 683@4 68% for cable transfers and
Federal Reserve banks 43'% bid and 4% asked 4 65%@4 663/ for sixty days. Pre-holiday dulness
for bills running 30 to 120 days and 432% bid and developed on Thursday and quotations were little
4%% asked for bills running for 150 days. Open better than nominal; demand ranged at 4 673/4@
market quotations are as follows:
4 683', cable transfers at 4 68®4 681
/
2 and sixty days
SPOT DELIVERY.
at 4 65%@4 663/8. On Friday more or less general
90 Days.
60 Days.
30 Data.
4304
observance of the day as Good Friday, brought about
4h 04
Prime eligible bills
4H04
FOR DELIVERY WITHIN THIRTY DAYS.
almost complete cessation of trading and quotations
Eligible member banks
4%* bid
Eligible non-member banks
444 bid were 4 67 11-16@4 67 15-16 for demand, 4 67 15-16
@,4 68 3-16 for cable transfers and 4 65 9-16@
Following last week's approval by the Federal 4 65 13-16 for sixty days. Closing quotations were
Reserve Board of the establishment of a 43/2% rate 4 65 9-16 for sixty days, 4 67 11-16 for demand and,
by the Federal Reserve Bank of San Francisco, on 4 67 15-16 for cable transfers. Commercial sight
agricultural paper maturing in nine months, similar bills finished at 4 67 7-16, sixty days at 4 64 11-16,
authority has been accorded the Federal Reserve ninety days at 4 63 13-16, documents for payment
Bank of Atlanta. There have been no changes (sixty days), 4 65 3-16, and seven-day grain bills at
otherwise this week in Federal Reserve Bank rates. 4 66 11-16. Cotton and grain for payment closed
at 4 67 7-16.
Dulness again featured dealings in sterling exchange
No gold was engaged for export- this week. Arand quotations continued to move within narrow rivals of the precious metal were few, being restricted
limits, with only a light turnover reported. The to a shipment of $3,000,000 on the Paris from Switztrend was toward slightly lower levels, so that de- erland and miscellaneous small amounts of gold, gold
mand bills ruled for the most part at a fraction above dust, platinum, gold coin and 75 gold bars on the
4 681/g, with the extremes 4 67 11-16 and 4 69. Close Martinique from Colombia.
approach of the Easter holidays combined with
probability of the Federal Reserve banks generally
making further increases in their recent rediscount
rates in the near future. The conference in Washington closed on Thurdsay without a statement being
issued as to whether this question was discussed.
1342
1.11./.
CHRONICLE
[Vork 116.
Continental exchange came in for a larger share of Finland at 2.773/2, against 2.72 a week earlier. Greek
attention, so that although considerably less activity drachma turned firm in the late dealings and advanced
was noted than a week ago, transactions, at least in to 1.133/2 for checks and 1.183/i for cable transfers,
some of the more important European exchanges, but eased off and closed at 1.09 and 1.14, in compariwere fairly liberal in volume. Somewhat to the dis- son with 1.04% and 1.099. last week.
appointment of those who had been expecting a further upward movement in French francs, little of the
As to the neutral exchanges, formerly so-called,
buoyancy which proved so notable a feature of the there is very
little that is new to report. Trading
previous week's operations was apparent.' Francs was dull
and narrow and the trend of quotations
fluctuated in somewhat erratic fashion. At the open- lower,
although changes were not particularly iming sight bills ruled at 6.47. Subsequently there was portant. Both
Dutch and Swiss exchange lost
an advance to 6.68, followed by a sharp slump to ground slightly,
as did Norwegian and Danish remit6.35, with the range in the late dealings 6.63@6.54. tances. Swedish
currency, on the other hand, ruled
Antwerp currency moved sympathetically, ma king firm and
practically unchanged.
an advance of about 30 points to 5.803/
2, but thereafBankers' sight on Amsterdam finished at 39.34,
ter breaking to 4.923 and closing at 5.703/2. As was against 39.39; cable
transfers at 39.43, against 39.48;
the case last week, Reichsmarks remained practically commercial
sight at 39.29, against 39.34, and comstationary at or near 0.0048 until the closing days of mercial sixty days
at 38.98, against 39.03 last week.
the week, when weakness set in and the quotation Closing rates for Swiss francs
were 18.47 for bankers'
sagged off to 0.0046 on freer offerings and lack of buy- sight bills and 18.48
for cable transfera, as compared
ing support, due to failure of the dollar loan floated with 18.50
and 18.51 a week ago. Copenhagen
in Germany. It is claimed that stabilization of the checks finished
at 19.16 and 19.20, against
mark is becoming increasingly difficult, owing to 19.2
63/i and 19.303/2. Checks on Sweden closed at
unwillingness of banks to turn foreign balances over 26.59 and cable remittances
/
2
at 26.63, against 26.591
to the Government. Austrian kronen remained vir- and 26.633/2, while
checks on Norway finished at
tually pegged in the neighborhood of 0.0014. Italian 18.06 and cable transfers
at 18.10, against 18.11 and
lire were firmly held, though under the high point of 18.15 last week. Spanish
pesetas closed the week at
last week; the range was 4.95(4)4.863/
2. Bankers 15.38 for checks and 15.39 for cable transfers. This
look for improvement in this currency shortly in an- compares with
15.373/2 and 15.383/2 a week earlier.
ticipation of summer tourist travel. In the minor FOREIGN
EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
exchanges, such as Greek and the currencies of the
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
MARCH 24 1923 TO MARCH 30 1923. INCLUSIVE.
minor Central European countries, inactivity prevailed and rates were maintained without essential
Noon Buying Rate for Cable Transfers in New York.
Value In United States Money.
change. At the opening considerable excitement was Country and Monetary Untt
Mar. 24. Mar.26. Mar.27. Mar.28. Mar.29 Mar.30.
evident and for a while there was a repetition of the
EUROPE8
8
$
$
$
$
confused and erratic conditions existing a week ago. Austria,
krone
.000014 .000014 .000014 .000014 .000014 .000014
Belgium, franc
.0558
.0561
.0574
.0567
.0573
.0571
Francs and lire were in demand, particularly the Bulgaria, ley
006707 .006879 .0070
.007214 .007507 .007429
krone
.029693 .029693 .02909 .02969 .0297
.029693
former; bankers, however, regarded the demand as Czechoslovakia,
Denmark, krone
.1929
.1918
.1918
.1921
.1919
.1917
pound sterling 4.6893 4.6918 4.6893 4.6845 4.8833 4.6806
almost wholly of speculative origin, and the result of England.
Finland, markka
.027128 .027111 .027156 .0274
.0274013 .02745
franc
.0647
.0653
.06132
.0663
.0665
.0658
rumors that a settlement. of the Ruhr troubles was France,
Germany, reichsmark_. .000048 .000048 .000048 .000048 .000046 .000046
Greece. drachma
.010906 .0111
.0115
.011711 .011389 .011456
pending. Later on the market lost considerable of its Holland, guilder
.3945
.3941
.3941
.3941
.3943
.3943
Hungary, krone
000203 .000203 .000238 .000238 .000233 .000237
lire
optimism and doubts began to be entertained as to Italy,
.0489
.0492
.0493
.0501
.0501
.0493
Norway, krone
.1810. .1809
.1809
.1808
.1809
.1809
Poland, mark
.000023 .000024 .000023 .000024 .000024 .000024
the likelihood of a speedy settlement between France Portugal,
escudo
0428
.0444
.0482
.0472
.0489
.0485
Rumania,leu
004869 .004806 .004869 .004875 .004838 .004853
and Germany; hence traders became more wary and Spain,
peseta
.1540
.1538
.1538
.1537
.1538
.1538
Sweden,
krona
.2660
.2660
.2660 '.2660
.2661
.2661
once
market
the
more settled down to await devel- Switzerland, franc
.1848
.1848
.1847
.1847
.1847
.1848
dinar
.010331 .010333 .010348 .01032 .01027 .010243
opments. The latter part of the week an additional Yugoslavia,
ASIAChefoo tadl
.7925
.7867
.7913
.7933
.7908
.7933
feature in the dulness was the advent of Good Fri- bins.
" Hankow tael
.7767
.7829
.7817
.7838
.7838
.7813
" Shanghai tadl
.7654
.7588
.7635
.7636
.7643
.7643
day, also proximity of the Easter holidays and trad- " Tientsin tael
.7917
.7850
.7904
.7925
.7900
.7925
" Hongkong dollar
.5812
.5618
.5630
.5813
.5630
.5629
•ing was reduced to a minimum. Operators watched "
Mexican dollar
.5535
.5479
.5535
.5515
.5544
.5544
or Peiyang
closely the proceedings of the conference at Rome " Tientsin
.5613
dollar
.5508
.5604
.5583
.5613
.5613
" Yuan dollar
.5596
.5525
.5579
.5583
.5596
.5596
.3153
rupee
.3146
under the aegis of the International Chamber of India,
.3146
.3146
.3145
.3146
Japan, yen
.4854
.4851
.4849
.4861
.4859
.4859
Commerce, which, it is thought, may have an impor- Singapore (S. S.) dollar_ .5483 .5475 .5475 .5467 .5492
.5492
NORTH AMERICACanada,
dollar
.994813
.983844
.982931 .982639 .982828 .982431
tant influence on European affairs.
Cuba, peso
1.00
.999688 1.00
.999875 1.00
.999688
.489167 .487292 .486458 .486406 .48625 .486042
peso
The London check rate closed at 70.70, as against Mexico,
Newfoundland. dollar
.98125 .9825
.980313 .9800
.980156 .980078
SOUTH AMERICA71.65 last week. In New York sight bills on the Argentina,
.8401
.8396
peso (gold)._ .8406
.8390
.8391
.8394
Brazil, milrels
.1097
.1093
.1088
.1081
.1031
.1079
French centre finished at 6.61, against 6.52; cable Chile. peso (paper)
1294
.1287
.1279
.1275
.1281
.1288
.8512
.8480
.8484
.8481
.8469
.8483
transfers at 6.62, against 6.53; commercial sight at Uruguay. oeso
6.59, against 6.50, and commercial sixty days at
With regard to South American exchange, a fur6.56, against 6.47 last week. Antwerp francs closed ther slight lowering was noted, and the check rate
2 for cable transfers, as on Argentina finished at 37 and cable transfers at
at 5.703/2 for checks and 5.713/
compared with 5.69 and 5.70 a week ago. Final 373/g, against 37.12 and 37.17, while Brazil declined.
quotations for Berlin marks were 0.00463/
2, for both to 10.90 for checks and 10.95 for cable transfers,
checks and cable transfers. In the preceding week comparing with 11.10 and 11.15 the week previous.
the close was 0.00478. Austrian kronen finished at Chilean exchange ruled steady,with the close 131
/
8,
0.00143', against 0.00143/s a week earlier. Lire against 13.20, while Peru is still at 4 29, unchanged.
closed at 5.013/2 for bankers' sight bills and 5.023/2 for
Far Eastern rates were as follows: Hong Kong,
cable transfers. A week ago the close was 4.89 and 56/(4)56%, against 553'I@55/; Shanghai, 773 (1 41
4.90. Exchange on Czechoslovakia finished at 773/2, against 763/2@769.; Yokohama, 48/@48%,
2.973/
2, against 2.97; on Bucharest at 0.483/2, against against 48/@48%; Manila,503i@503/2(unchanged)
0.4914; on Poland at 0.0025, against 0.0024, and on Singapore, 55@553, against 5532@55%; Bombay,
MAR. 31 1923.]
THE CHRONICLE
1343
31%@32, against 32@323, and Calcutta, 32®32'/ largely due to—"capital." It is not"man's inhumanity to man" that brings want and woe—but capital!
(unchanged).
In the instance we have cited above is recorded the
The New York Clearing House banks in their case of a laundry woman worker who had placed
operations with interior banking institutions have with these men the sum of five thousand dollars, the
gained $2,622,630 net in cash as a result of the cur- savings of twenty years. We may marvel at the igrency movements for the week ending Mar. 29. norance and folly of the thing, and condemn, in unTheir receipts from the interior have aggregated measured terms, rascals who would prove unfaithful
$4,246,630, while the shipments have reached $1,624,- to such a trust, but are we indulging in a fanciful
000, as per the following table:
thought when we point out that "capital" can do no
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING such crime—and that it is not only friend to its
INSTITUTIONS.
owner, but when once pledged, under our laws, as
Gain or Loss
Into
Out of
guaranty, stays pledged and is benefactor to owner
Banks.
to Banks.
Week ending March 29.
Banks.
$1.824,000 Gain $2,622,630 and beneficiary.
Banks' interior movement
84,248.00
Burns has written a definition of money—that
As the Sub-Treasury was taken over by the Fed- which confers not luxury but "the glorious spirit of
eral Reserve Bank on Dec. 6 1920, it is no longer independence." And so capital, in addition to being
possible to show the effect of Government opera- stored-up labor, is also courage, strength and safety.
tions on the Clearing House institutions. The Fed- Yet it is owned in unequal parts—and thereby comes
eral Reserve Bank of New York was creditor at the
misery into the world! We may imagine each man
Clearing House each day as follows:
to have the industry of the bee. But when it comes
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
to honey in the honeycomb of the hive of a complex
AT CLEARING HOUSE.
•
civilization we cannot imagine this man gathering
Aggregate
Saturday, Monday, Tuesday, Wednesd'y, Thursday, Friday,
for Week.
Mar. 24. Mar. 28. Mar. 27. Mar. 28. Mar. 29. Mar. 30.
the free bounties of nature and storing them away in
$
regularly shaped cells for future use and sustenance.
58,000,000 68,000,000 59,000,000 58,000,000 58,000,000 88,000,000 Cr. 387,000,000
Only the most primitive society is capacitated to a
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 so-called common ownership.
And capital, therebalances,
credit
the Federal Reserve System's par collection scheme. These large
however, reflect only a part of the Reserve Bank's operations with the Clearing fore, is not only defense, but it is aggression or enterHouse institutions, as only the items payable in New York City are represented
In the daily balances. The large volume of checks on institutions located outside prise. And thus, simply stated, it is the friend of
of New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
man, faithful and kind.
Bank for collection for the account of the local Clearing House banks.
The very inequality of present ownership of capital
is
assurance that industrious men by labor and thrift
The following table indicates the amount of bulmay
secure a part thereof. Not that all men will
lion in the principal European banks:
ever be rich in possessions, but that all men shall
March 30 1922.
March 29 1923.
never become poor. Capital is, thus, pledge of perBanks of
Total.
Gold. I Silver.
Gold. i Silver.
Total.
formance in man; and rightly becomes, as in the
£1£1£
£
k
£
128,771,201 banker's estimates, a part in the security upon which
England _.127,505,182 --------127,505,162 128,771,201
France. 148,878,292 11,640,000158,516.292 143,107,515, 11,240,000154,347,515
Germany. 50,110.030 3,293.190 53,403,220 49,843,8
872,000 50,715,830 credit is builded. Capital is the rock upon which
0814
Aus.-Hun_ 10,944,000 2,389,1
2,369.000 13,313,000
13,313,000 10,944,
Spain __ _ _ 101,018,000 28.231,000 127,249,000100,786,000 25,338,000128,124,000 commerce is founded. Goods, wares and merchan35,399,000 3,033,000 38,432,000 34,308,000 2,998,000, 37,306,000
Italy
595.000 49,078,00050,496,00051,092.000 dise; lands, mills and products of the soil, are capNetherlan 48,483,000
Nat. Belg_ 10.757,000 2,389,000 13,128,000 10,883,000 1,812,000, 12,275,000
SwItzerl'• 21,303,000 4,230.0'' 25,533,000 21,842,000i 4,320,000 28,182,000 ital—as well as the now multiform intangible repre15,205,00015,242,000
Sweden
233,000 12,918,000 sentatives of industry. Character, also, is capital;
Denmark _ 12,881,
245,010 12,928,000 12,685,0001
8,115,
8,183,000
Norway
8,115,000 8,183,00
but the character of property, in the sense in which
Total wee 588,398,48 64,005,19s 642,401.674586,871,546 49,578,000636.449,546
Prev. w. 588,355,802 53,820,1 642,175,992586,589,328 49,400,800 835,990.128 we are speaking, is incapable of deceit, is inherently
a Gold holdings of the Bank of France this year are exclusive of £74,573,797 held
honest, and in its use, its natural use, must help and
abroad.
cannot harm, its owner or the community in which it
WHEN CAPITAL IS KIND.
exists and operates. Capital is stored-up life.
Man has invented a device for preserving personal
The disappearance of four brothers, recently, from
the Italian colony, where they had conducted a ownership and combining capital for larger operasteamship ticket agency, and incidentally received tions and associated use and profit—the corporalarge sums of money from friends and associates of tion! Limited liability and perpetual life are well
the section, ostensibly for safe keeping, suggests a understood. But the corporation is also wheat, corn,
lesson in banking we seldom learn. It is not merely hogs, cattle, goods and wares; in a word, tangible
that it is always better to deal with an incorporated property transformed into a powerful and unified
bank, and that a trust company can not abscond; working organism. This unit of power can sue and
there is a subtler lesson we venture to draw from a be sued in the courts. It is in most cases subject to
circumstance that has had too many parallels in the some sort or degree of State supervision—especially
past. And the lesson is this: that while men may be is this true of the banking corporation. The corporahonest, faithful and kind in such cases, serving and tion cannot hide, divest itself of its own securities
protecting friends and customers, Capital is innately and property, run away with its assets, save and
the friend and protector of man, and once placed in alone by manipulation of its officers. Thus the cora position of guarantor is immune from temptations poration adds stability to the business world, adds
that befall the trust we happily still place in human security to the personal equation in the transactions
nature.
of commerce and finance.
We have come to a time when there is much anPerhaps the poor washerwoman did not know this.
imadversion cast upon "capital." We are told that At any rate, she preferred to put her trust in her
capital and the capitalistic class must be destroyed, countrymen. The poignancy of these losses is that
or at least curbed, cabined and controlled. Capital this same personal element does contribute to the
has become, with some, a mythical monster, boldly character and soundness of the corporation. Many
seeking to devour mankind. The evils of to-day are a country bank started as a country store in the early
9
t
0
0
1344
THE CHRONICLE
days of the Middle West. The merchant had a safe
and safekeeping was additional to his business. He,
too, in rare instances indeed, may have violated a
trust. But the point is that corporation and character combined represent the full of safety; and the
corporation cannot exist save by and out of accumulated capital. Whether it be bank, trust company,
an industrial integer, a public utility enterprise, or
even a municipality, the corporation is solidified
property and human energy, fused, electrified, made
safe and purposeful (not, however, wholly free from
risk) to which confidence may attach itself. Incorporated capital, therefore, is now the indispensable
friend of the poor.
If, then, we could conceive of the total abolition of
capital, not only would all men be poor without hope
of change, but the whole machinery of our commercial life would rest upon the personal element and be
outside the pale of State supervision. No one can
conceive of the absence of capital in a complex civilized society. Fortunes have been lost in Wall Street
speculation, what may be termed wild-cat securities
have been boomed upon the Curb,fake "brokers" have
deluded those eager for investments that yield undue
profits, but downright theft is not easy when cash
capital or its honest equivalent is lawfully incorporated. And those who assail "capital" and the "capitalistic class" must be adjudged contributors to the
downfall of the innocent ignorant. The long experimental growth by which we have reached our laws
and our business devices is not to be ignored; and
men and women, made timid by talk, will, sometimes,
place their trust in a broken vessel, less sound than
incorporated capital.
THE HARDING ADMINISTRATION. AT
"HALFWAY."
The halfway mark in the present Administration
sets the political soothsayers agog about next year's
campaign; this is natural and inevitable, and perhaps in some sense less premature than such conjecturing ordinarily is. Mr. Taft was juggled out in
1912, but immemorial custom has established that a
fairly good first term demands* a second. Mr. Harding's two years have been tense and wearying; but
to openly withdraw would seem a confession of failure, and it is therefore according to custom and expectation that he maintains a discreet silence while
a spokesman whom he does not disavow announces
his candidacy.
Discussion now is perhaps unusually timely because in some vital matters the country is at a sort
of halfway mark or parting of the ways; in transportation, in the industrial field, and in our foreign relations we are facing the necessity for wise action
and must guard against dangerous drifting. Speaking recently to a Republican meeting in Brooklyn,
Senator Borah told his party associates that "if you
go into the campaign of 1924 relying on patronage, on
the denunciation of our opponents, on mere expediency, and if we step aside from the great problems
that are facing the world, the returns on the ides of
November will be more discouraging to us than any
before in the history of the party." This is the warning of sound political sense. The Republican party
began existence in devotion to a definite principle;
much holding of power debauched it later, yet the
old "point with pride" and the "view with alarm" of
the campaign platform have lost, or should have lost,
all force through familiarity. Policies firmly based
For.116.
on real principles,instead of practices shifting about
to win votes, are what the country needs; they are
also the way to successful achievement, if Senator
Borah is sound in this certainly frank outburst:
"The vice of American politics at the present time
is the fact that we are playing the game below the
level of both the intelligence and the patriotism of
the average voter; we are not measuring up in our
party program to either the sincerity or the courage
of the masses of the American people. In other
words, the voters are ahead of their leaders. The
real vice of the situation is that the leaders seem to
doubt the capacity and the sincerity of the average
voter to do great things, and they were never more
mistaken in their lives."
Now, those who gleefully regard the President's
attempt for a "World Court" as a tactical bunder
and perhaps a bid for support from his party opponents—as one calls it, an attempt "to get into the
League through the back door"—are a little overhasty, their wish being father to the thought. However one may regard that attempt, it is unjust to him
to rate it as a move on the party chess-board or to
doubt his sincerity in it; if it was an error in judgment it was nothing worse. Moreover, it is only justice, at this half-way mark in his term, to acknowledge the qualities he has shown and also some things
he has accomplished. Carried into office in a revolt
against the blunders and quasi-usurpations of his
predecessor, he had to face an almost unexampled
difficulty in affairs all over the world, and he found
within Congress very little wise judgment and responsive aid; he had one advantage only, in that he
was not"raw" in political experience, but came fresh
from a seat in the Senate and knew "the game." That
game of petty politics has been played against him
for two years, nor is Senator Borah as correct aS he
is flattering in his mention of the intelligence and
patriotism of "the average voter" and in his declaration that "the voters are ahead of their leaders." Little can truthfully be said for the leaders, but the unflattering truth is that Congress—and the country
back of Congress—has been and still are rent into
blocs; that the pestilent delusion still hangs over us
that "Government" could and should boost us out of
trouble by its wisdom, benevolence and exhaustless
resources; that the demand of the time for courage,
patience and an American heroism has not been
properly met. Having beset Congress for impossibilities, let us be decent enough to take our share of
its failure to perform them.
Yet in it all the truth is that the bright spot in
Washington, so far as brightness could be seen, has
been the Executive Mansion and not the Capitol.
Mr. Harding is not a superman and does not pretend
to be, but he has borne the part of a sensible ordinary American, not rash or "heady," but sober, patient and reasonably practical. There are achievements to his credit, and the obstacles in their way
make them the greater. His industrial conference
was at least less erratic and confused than that of
his predecessor. Except for his courage in first deferring and then vetoing it, the country would liow
stand committed to the unsounded deeps of the bonus; similarly, his veto saved us, at least for a time,
from the Bursum pension raid. A few of his appointments have not been very high, but others have been
of exceeding and notably beneficial excellence. ES'
tablishing a budget system, after long trying, is
really an epoch in ,our national career; it is not the
MAR. 31 1923.]
THE CHRONICLE
complete accomplishment, but it is a facing and a
start in the direction of sanity and safety. The settlement of the British debt problem, after an impossible demand had been made by Congress; was also
a notable and immensely valuable achievement;
notable and valuable also was his disarmament conference in 1921.
These are the "high lights" of an Administration
which must reasonably be reckoned successful, considering the conditions it has had to meet. It has
not brought us back to "normalcy," and probably not
even the greatest leader the country has ever had
could have done that in these two years; but it has
held destructive forces in check and has done at least
something towards restoring us. Mr. Harding may
not be a candidate next year, and if he is he may not
win; that.lies beyond foresight, but a just measurement at this time must admit that he has striven well
on the whole and has far from quite failed. The
moral is that the people should take up serious and
honest thinking.
1345
This small appropriation was repeated in 1842,
was doubled in 1844, and since that time the item
"Collecting Agricultural Statistics" has been an annual appropriation. Up to 1850 the chief agricultural activities of the Government were the collection
of statistics and the distribution of seeds and plants
received from abroad. In 1850 an appropriation
was made for chemical analysis of vegetable substances, in 1852 one for the purchase and distribution of seeds, and in 1858 one of $3,500 for special
cotton statistics.
In the meantime there had been organized a number of local and State agricultural societies. These
grew rapidly in number and influence. By 1852 there
were about 300, and by 1861 about 1,000. A national
meeting composed of delegates from the various societies, was held in Washington in 1852, and a national organization formed of which many men of
prominence were members. Repeated efforts were
made by this organization—the United States Agricultural Society—to induce Congress to create a
Department of Agriculture, and these were crowned
with success when the Act of May 15 1862 created
THE RISE OF THE DEPARTMENT OF AGRI- the "Departmen
t of Agriculture." This was a deCULTURE.
partment in name only, since it was in reality only
The origin and development of the Department of an independent bureau with a Commissioner at
Agriculture offers a unique study in the gradual ex- $3,000 per year without Cabinet status. This was a
pansion of the powers of the Federal Government. compromise measure, the opposition being strong
In order to gain the proper historical perspective it enough to defeat the advocates of a full fledged deis necessary to go back to the early days of the Re- partment.
public. President Washington on several occasions
The new "Department" took over the agricultural
expressed himself in favor of Federal encouragement work of the Commissioner of Patents and started out
to agriculture, but in a letter to Hamilton in 1791 he in 1863 with an appropriation of $80,000. During
showed that he entertained doubt as to the authority the next 20 years Congress from time to time added
of the Federal Government to render financial assist- new duties involving new and additional appropriaance. Hamilton, himself an ardent advocate of a tions. By 1884 the Commissioner of Agriculture was
strong Federal Government, had in a formal state- charged with the responsibility of controlling and
ment declared that agriculture could never become eradicating certain diseases and insect pests; with
one of the "desirable cares of a general jurisdiction." investigating the culture and manufacture of tea,
Jefferson, in a letter to Livingston in 1801, declared silk, cotton, tobacco and sugar; with investigations
that Congress was without constitutional power to of food adulterations and butter substitutes; and
legislate or to appropriate public money to aid agri- with experimentation in agricultural chemistry.
culture. Nevertheless,from the very beginning there
In 1884 the Bureau of Animal Industry was crewas a persistent influence brought to bear upon Con- ated by Congress and placed under the jurisdiction
gress to this purpose.
of the Commissioner of Agriculture. It was given
A bill for the creation of an ex-officio "Board of the duty to protect and improve the live stock indusAgriculture" was introduced in the House in 1796, try of the country. We pause here to note that this
and a similar bill in 1817, but they never reached a was the first authorization given by law to the Devote. The House appointed a Committee on Agricul- partment of Agriculture to regulate the
conduct of
ture in 1820, to be followed by similar action in the citizens of the Republic.
Senate in 1825. For many years these committees
In 1886 the forestry work was made a division of
did nothing more than to act as repositories for peti- the Department and in 1887
Congress passed the
tions. It is a peculiar circumstance that the first Hatch Act, providing for the
establishment of agripractical steps toward Federal encouragement of cultural experiment stations throughout
the counagriculture grew out of the early practice of United try. In the meantime agitation
was increasing in
States consular officers sending to Washington spec- volume for raising the Department
of Agriculture to
imens of foreign seeds, plants and domestic animals. a plane of equality with the
regular executive departThis practice, which was at first voluntary, was later ments with a Cabinet
officer at its head. Numerous
made a part of the duty of consular officers through petitions and memorials
poured into Congress. There
departmental instructions.
• were, however, as there always had been, a number
At this time the Patent Office was in the State of members of Congress
who regarded legislation in
Department and the Commissioner of Patents volun- aid of agriculture as
class legislation, and there was
tarily assumed the responsibility of receiving these consequently much
opposition to giving the Departarticles and distributing them to the farmers. The ment a representati
ve in the Cabinet. In spite of
Commissioner soon found that he needed money and this, Congress passesd
a bill to this effect, which was
personnel for this work, and after several recom- approved by the President
Feb.9 1889.
mendations by him, Congress, in 1839, appropriated
The period from 1889 to 1917 was for the Depart$1,000 for "the collection of agricultural statistics, ment of .Agriculture one of marked expansion
and
and for other agricultural purposes." This was the development. Starting out with an appropriation
beginning of the Department of Agriculture!
of $1,000 in 1839 and only one employee in 1849, this
1346
THE CHRONICLE
Governmental activity employed thousands of persons in 1917, requiring an appropriation of nearly
$50,000,000.
During the World War numerous additional important powers and duties were given to the Department of Agriculture, some of an emergency nature
and many others establishing permanent activities.
'There are in the Department of Agriculture at the
present time the Weather Bureau, the Bureau of Animal Industry, the Bureau of Plant Industry, Forest
Service, the Bureau of Chemistry, the Bureau of
Soils, the Bureau of Entomology, Biological Survey,
States Relations Service, Extension Service, Office
of Experiment Stations, Bureau of Home Economics, Bureau of Public Roads, Bureau of Agricultural
Economics, and the Federal Horticultural Board.
In addition, the Department is charged with the enforcement of a large umber of Acts of Congress, such
as the Future Trading Act, Packers and Stockyards
Acts, Insecticide Act, and some others. It has also
charge of the administration of a number of funds
relating to education and forest work. The total
amount of money provided in the Budget under the
Department of Agriculture is now in excess of $150,000,000 per annum. This includes expenditures for
the construction of rural post roads. It employs
about 20,000 persons.
The Department of Agriculture is yet young. Its
influence with the National Legislature, and its contact with the agricultural interests, were never
greater. From present indications it seems probable
that it may be entering upon a period of even greater
expansion than in the immediate past. The sudden
development of this single Department of the Government, based as it is upon Federal aid to a particular class and to individual citizens in that class,
contains much food for serious thought. It assumes
the existence of broad national obligations in fields
never heretofore entered by Federal authority. It is
at variance with the theory of a national Government with delegated powers. Does not the expansion
of this kind of service endanger our Governmental
equilibrium by gradually displacing the local Governotional paternalism?
/
TH ts with a benevolent na
RECORD
BUILDING
CONSTRUCTION.
Statistics relating to the construction of new
buildings in this country, by reason of the scale on
which building has been carried on in recent years,
afford food for instructive study beyond that perhaps afforded by statistical analyses of any other
kind along industrial lines. This invests with unusual interest the annual compilations regarding
new building work which we present further below
and which cover the projects for which plans were
filed in the calendar year 1922 in comparison with
the figures for the years immediately preceding. It
is needless to say that the totals establish an entirely
new record, far surpassing the largest aggregate
reached in the best of previous years. Indeed, the
futther increase alone in 1922, measured by values,
equals the full yearly expenditures for such work in
normal good years in the period immediately preceding the outbreak of the World War. Such a record
invites examination of . the causes' underlying the
movement, as well as consideration of its bearing on
industrial activity generally. This last is a phase
of the matter often' 'overlooked oi.' disregarded,
though we may be sure that sooner or later full recog-
[VoL. 116.
nition will come of the part played by it in affecting
business activity generally.
The distinctive feature of the building statistics
for the calendar year preceding (1921) had been that
they showed unabated activity in the erection of new
buildings for residential and building purposes, and
particularly the former, at a time of profound business depression—a depression so intense that few, if
any, parallels to it can be found in the entire industrial history of the country. At certain points, and
jr certain directions, trade prostration did lead to
some falling off in new building work, but taking the
country as a whole it continued with great, and even
feverish, energy, wholly regardless of the general
business paralysis which at that time was holding
the country in such a merciless grip. The result was
that building operations established a new record
while all other trade indices revealed shrinkages and
contraction such as had never previously been
known. This having been the situation in that year
of commercial and financial revulsion, 1921, the further prodigiouS expansion which came in 1922 with
general trade once more reviving, possesses a degree
of significance and distinction which it would not
otherwise possess. The statistics we have collected,
covering 286 cities, show that the grand aggregate
of the cost involved in the plans filed for new building work at these cities was no less than $2,765,370,690, and that this compares with a grand aggregate
for the calendar year 1921 of $1,845,030,425. The
addition has been roughly $900,000,000. If we go
further back, we find that as against the total of
$2,765,370,690 for 1922 the amount for the calendar
year 1920 was only $1,607,157,291 and for the calendar year 1919 no more than $1,504,924,759. In 1918
and 1917, when all private work had to be suspended
except where essential for the conduct of the war,
the amounts involved in the new building projects
were respectively only $497,428,037 and $820,961,718.
Even in 1916, however, which was the year before
American participation in the war, the new building
projects involved no more than $1,140,633,420, and
that was the largest yearly total that had been
reached up to that time. In a word, the money cost
of the new building work for which plans were filed
in 1922 was nearly 2% times what it had been only
six years before, in 1916—a total itself never previously equaled up to that time.
Certain reflections and conclusions follow naturally and inevitably from such a marvelous record as
this. The general trade collapse in 1921, as already
stated, was one of the worst,if not the worst,in trade
annals. But it was short-lived. It was followed by
trade revival in 1922, which kept steadily gaining impetus throughout the year notwithstanding those two
seriously disturbing influences which marked the
course of the year, namely the coal miners' strike
and the strike of the railway shopmen. New building work kept expanding in both years, as our tabulations disclose. In view of this record are we not
justified in saying that the reason why reaction from
the intense depression of 1921 came SO quickly was
that new building work continued uninterrupted and
on an unprecedented scale throughout, laying the
foundation for recovery as soon as confidence which
had been so seriously disturbed by the great fall in
prices of commodities that attended the collapse in
trade, and indeed was responsible for it, once more
returned and replaced the fear which the collapse
had engendered.
MAR. 31 1923.]
THE CHRONICLE
1347
The process of erecting new buildings creates a scionable wages that have to be paid, as also the indemand for materials and products in all lines of in- creased prices compared with the past of building
dustry, but particularly iron and steel, and it is a materials—a given amount of money represents a
notable fact that the iron and steel trades were the very much smaller quantitative amount of new confirst to show signs of a revival quite early in 1922, struction work. The "American Contractor" has esfinished forms of iron and steel being especially in timated that in 1922 construction costs were only
demand. And throughout 1922 activity in the iron 80% above the 1913 costs, while in 1921 they were
and steel industry kept steadily growing, fed by the about 90% above 1913 costs. Of course, on that basis
demand from those engaged in new construction the increase in work planned in 1922 over that for
work and reinforced also later in the year by de- 1921 would be even greater than indicated by the face
mands from the automobile makers and the rail- of the figures. The matter, however,is of far greater
roads. If new building operations were active even consequence if comparison is extended further back,
in bad times they became still more active and still especially if we go back all the way to 1913, the year
more pronounced as trade revived, since the revival immediately preceding the outbreak of the European
gave employment to large masses of men previously war and which is used as the starting point. And it
in enforced idleness because of trade depression, is that feature we would emphasize. It is obviously
thereby adding to the consuming capacity of the pop- easy to compute that if construction costs in 1922,
ulation, and this in turn served to intensify the de- instead of having been 80% greater than in 1913, had
mand for extra housing and business accommoda- ruled at precisely the same figures as in 1913, then
tions. The further extension of building operations the aggregate amount involved in the building plans
further increased the pressure on the steel and other filed in the 286 cities comprised in our tables would
trades and thus each acted and reacted on the others. have been only about $1,540,000,000 instead of the
In this view there is no difficulty in explaining the $2,765,370,690 shown by our compilations. Even on
quick recovery in business nor the rise in building that basis projected new work would be 50% greater
operations to new heights.
than the yearly averages immediately before the war,
It seems well to bear in mind, however, that one these averages having been (for the cities used by us)
stimulus to building operations, so potent in main- roughly about $1,000,000,000 a year. But plainly
taining their activity even during the period of trade the contrast presented by a comparison between $1,recession, must soon disappear. We allude to the 540,000,000 and $1,000,000,000 is a vastly different
fact that the embargo imposed by the war upon the thing from a comparison between $2,765,000,000 and
erection of new structures of all kinds created a $1,000,000,000.
scarcity of buildings for residential and business
Taking up now the detailed analysis of our tables,
purposes which has had to be made good since then. the point which attracts first attention is that the
The restrictions operated only during two years, further increase in 1922 over 1921 is not confined to
namely 1917 and 1918, and in the four full years that any single section of the country, but extends to them
have elapsed since then new building work has been all. For the New England cities the ratio of gain is
proceeding, as we have shown, on an unprecedented 67.5%, for the cities in the Middle States, exclusive
scale, so that it would seem that whatever shortage of New York City, it is 60.0%, and for the cities in
existed in the first instance must by this time have the Middle West it is 59.8%. As we get away, howbeen supplied. On the other hand, the presence of ever, from these groups the percentages of increase
certain other factors must not be overlooked. It is diminish, the ratio of gain for the far Western group
in the big cities and the large centres of population of cities being 40.4% and that for the Southern
that new building work is proceeding with the great- group 37.3%. The Pacific group, however, which
est energy, and it is well worth considering whether did so well in the previous year, now has a further
the war has not served to increase the trend of popu- increase of 51.7%.
lation away from the rural districts and towards the
New York City has lost a trifle of its predominance
cities. We referred to this possibility at great length and has an increase of only 34.1%, but comparison is
in our review of the building statistics for 1921 and with a very large total, this city having in 1921 suraccordingly will make only passing allusion to it here. passed the rest of the country in the extent of its
While the country was engaged in active hostilities, gain, which then reached 63.4% as against only 5%
4,000,000 to 5,000,000 young men were sent to the for all the other places combined outside of New
military training camps, a large portion of them York. For the whole city the aggregate for 1922 is
comingfrom the country districts and the bulk of the up to $638,569,809, against $476,287,194 for 1921,
whole coming from the country districts and the $290,828,942 for 1920 and $261,500,189 for 1919, and
smaller towns where the atmosphere is distinctly for the three years since 1919 the rate of growth in
rural. In this way they were given a taste of city this city has been far in excess of that for the rest of
life, with its pleasures and excitements, and now the country. It has been 144% here for the threethat they are, so many of them, getting married, they year period as against only 70% for the outside
show a marked inclination to settle down in the cities. In the Borough of Manhattan the growth in
larger cities, the work of the farm looking unattrac- the yearly additions has been only moderate, but in
tive, and even irksome, to them. The trend away the other boroughs, excepting Richmond, it has been
from the farms was strong before, and now the lure little short of phenomenal. Brooklyn now makes a
has become greatly intensified. To the extent that larger yearly addition than Manhattan, the Brookthe flow of population has been increased thereby lyn total for the late year having been $211,627,417
the demand for new buildings from year to year and the Manhattan total $165,195,601. The Brookwould be correspondingly increased. It may be, lyn total at $211,627,417 for 1922 compares with only
therefore,that we must expect normal additions from $162,132,747 for 1921 and no more than $80,931,166
year to year on a much larger scale than in the past. and ;77,485,679 for 1920 and 1919, respectively.
It must also be remembered, however, that be- Even more marvelous has been the growth in the
cause of the high cost of new buildings--the uncon- Bronx, though on a somewhat smaller scale. In
1348
1922 the building plans in the Bronx represented an
aggregate of $113,181,890, as against $75,667,896 in
1921 and only $22,324,741 and $23,383,799 in 1920
and in 1919. It will be noted that the 1922 total is
nearly five times that for 1919. Queens Borough has
a record no less distinguished; for 1922 the amount
is $136,721,778, against $83,123,933 for 1921, $42,650,472 for 1920 and $49,122,617 for 1919.
Chicago comes next to New York in the magnitude
of its yearly building work, and here expansion is
equally striking. After a set-back in 1920, the forward movement since then has been notable indeed;
for 1922 the amount involved in the building plans
filed reached $227,742,010, against $125,004,510 for
1921 and $76,173,150 for 1920. What city does the
reader imagine comes next after Chicago in the size
of its new building work? We imagine the reader
would go astray in his guess unless he had read our
review of the building statistics for 1921. The next
city in order is Los Angeles. That city in the more
recent years has been forging ahead with marvelous
rapidity, and the figures for 1922 are the most remarkable of the whole series. In that city in Southern California the money involved in the 1922 plans
covered an aggregate of $121,206,787, against $82,761,386 for 1921, $60,023,600 for 1920, $28,253,619
for 1919 and $8,678,862 for 1918. Philadelphia, however, does not fall far behind Los Angeles, that city
having resumed its forward movement after two
years of declining totals; its aggregate for 1922 is
$114,881,040, against $42,790,780 for 1921.
But wherever we look we find forward leaps of
'large size in 1922. For Boston the amount for 1922
is $57,496,972, against $24,048,803 for 1921; for Detroit $94,615,093, against $55,634,988, that city having resumed its upward course after two years of de
clining totals; for San Francisco $45,327,206, against
$22,244,672; for Oakland $24,468,223, against $15,791,616; for St. Paul $22,388,862, against $14,362,181; for Minneapolis $29,470,450, against $23,391,630; for St. Louis $25,210,503, against $16,631,305;
for Kansas City $23,146,190, against $16,025,225; for
Milwaukee $25,250,312, against $19,416,692. And
these illustrations might be extended so as to include
nearly the entire list of cities. But without further
particularization we append our table showing the
building expenditures projected during each of the
last four years, our plan being to give first the leading cities in each State and then a total for the remaining cities in such State. The table is as follows:
New YorkManhattan
Bronx
Brooklyn
Queens
Richmond
[Vol,. 116.
THE CHRONICLE
UNITED STATES BUILDING OPERATIONS.
1919.
1921. Inc.or Dee. 1920.
1922.
$
$
%
$
$
165.195.601 144,605.451 +14.2 139,199,563 106,773,373
23,383,799
113,181.890 75.667.896 +49.6 22,324,741
77,485.679
211,627,417 162,132,747 +30.5 80,931,166
136,721,778 83,133.933 +64.5 42,650,472 49,122,617
4,734,721
5,723,000
10,747,167 +10.2
11,843,123
Total N. Y. City 638,569,809 476,287,194 •+34.1 290,828.942 261,500,189
2,399,300
1,892,121
2,038,243 +75.6
Maine-2 cities.... 3,579,749
New Hampshire1,784,815
2.612,795
1,164,866 +79.0
Manchester
2,085,000
393.200
237,450
300.000 +31.5
394,450
Vermont-Burling'n
28,167,253 23,520.855
Mass.-Boston _ _ _ _ 57,496,972 24,048.803 +139.1
Other-32 cities. 91,847,287 53,291.803 +72.3 63,966.580 60.773,448
8,351,521
19,925,309
7,827,216 +11.1
8,693.130
Conn.-Hartford
8,910,917
5,134,343
6,487,808 +48.4
9,625,918
New Haven
Other 20 cities_ _ _ 26,836,349 20,744,175 +45.5 28,356.776 26,495,870
8,309,100
10,084.200
R. I.-Providence_ 17,462,100 13.497,100 +29.7
2,775,820
2,996,370
3,224,398 +29.5
4,176,457
Other 3 cities
TotaiNewEng.(63)
New York-Buffalo
Rochester
Other 14 eines...
New Jer.-Newark_
Other 20 cities
Pa.-Philadelphia _
Pittsburgh
Other 13 cities
Del.-Wilmington _
Maryrd-Baitimore
Other 2 cities....
D. C.-Washington
W. Vs.-3 cities._ _
222,197,412 132,624,412 +67.5 163.373,197 143,714,846
13,121,000
13,023,000
18,642,000 +38.9
25,891,000
+8.8
9,641,579
15,940,815
9,951,813
17,347,873
65,095.780 38.059,515 +71.0 32,432,839 28,913,753
28,585,166 20,771,205 +37.6 20,576,695 20.890,187
80,595,956 57.716,440 +39.6 57,512,579 40.564,581
114,881,040 42,790,780 +168.5 55,305.390 65,088,750
14.731,616
35,255.375 23,429.744 +50.5 16.048,058
19,498,520
37.757,394 21.654,973 +74.4 22.488,170
5,911,859
2,827,044 , 2.236,710 +26.4
3,840,531
24.535,692 20,768,884
43,263,210 33,247,726 +30.1
2.647,410
1.853.219 -27.5
4,221,900
1,343,970
20,402,292
36,197,059 18.999,926 +90.5 19.706,296
4,514,594
6,608,946 +54.0
5,482,263
10.178,338
Total Middle (60). 499,219,205 311,951,999
+60.0 283,618,736 274,181,515
1922.
Middle WestOhio-Cleveland-.
Cincinnati
Columbus
Other 14 cities_
Ind.-Indianapolis_
Other 8 cities._ _ _
Illinois-Chicago
Other 11 cities...
Mich.-Detroit._
Other 6 cities....
Wfsc.-Mliwaukee_
Other 4 cities_ _
Ky.-Louisville
Other 2 cities_ _
1921.
IscorDer,
55,147,565 46,531,823 +18.5
28,729,795
12,542,000 +129,1
18,190,500
9,265.110 +963
54,430,304 49,071,450 +10.9
26,110,457 16,872,240 +54.8
32,168.570 18.815,769 +71.0
227,742,010 125,004,510 +82.2
34,426,344 25,080,313 +37.3
94,615,093 55,634,988 +70.1
25,826,984
15,151,983 +70.5
25,250,312
19,416,692 +30.0
11,222,827
6,528,887 +71.9
16.736,750
7,428,300 +125.3
4,366,141
2,571,723 +69.8
Tot. Mid. West(53) 654,963,652 409,915,288
Missouri-St. Louis 25,210,503 16,631,305
Kansas City
23.146.19016,025,225
Other 2 Mies..._
1,572,914
1,477,256
Minn.-Minneapolis 29,470,450 23,391,630
St. Paul
22,388,862 14,362,181
Other 2 cities_.
8,598,996
4,418,464
Nebraska-Omaha_ 11,242,915 11,385,200
Lincoln
2.940,687
1,715,932
Kansas-Wichita
5,937.514
7,432.687
Other 4 cities_ _
7,204,552
4,937,889
Iowa-Des Moines_ 12,467,820
3,403,990
Other 6 cities.... 13,915,643 12.193,979
Colorado-Denver _ 18,016,095 10,137,225
Other 2 cities_ _ _ _
2,415,338
1,760.466
S. D.-Sloux Falls_
1,727,514
1,236,475
N. D.-3 cities
2,328,539
2,038,519
4,351.133
Utah-SaltLakee'y
3,436,985
Ogden
1,019,223
1,177,102
1,024,591
Montana-3 cities_
1,097,317
Idaho-Boise
615,799
559,000
Wyo.-Cheyenne .._
1,287,256
684,581
2,915,341
Arizona-2cities
2,900.165
1920.
1919.
$
65,625,830 48,214,175
11,684,837
10,923,750
/0,257,170
6,345,760
56.985,645 81,730,311
15.284.119
12.794,556
/7,291,390 18,247,329
76,173,150 104.198,850
14,308,804 21.180,792
77,737,165 82,995.701
17,406,353
14,998,977
14,910,950 20,062,193
4,274,400
3,828,902
8.622,152
4,140.715
2,615,395
1,571,965
+59.8 393,177,360 429,233,976
+51.6
17,694,078 20.538,460
+44.4 13,760,295
13,164,060
+6.5
1,201,169
1,459.240
+26.0 13,469,564
17.309,160
+55.9 12,276,466
19,258.734
+94.6
7,789,173
5,922,947
-1.3 11,435,970
9,022,647
+71.4
2,110,545
2,052,452
-20.1
3,807,281
4,849,831
+48.9
3,659,791
3,270,060
+266.3
4,091,229
5,221,885
+14.1
10,708,399
14,790,776
+77.7
7,549,020
6,779,880
+37.2
1,001,445
1,563,135
+39.7
2,034,211
2,226,747
+14.2
2,613,040
1,857,634
4,059,320
+26.6
3,839,353
-13.4
1,081,935
1,562,560
-6.6
2,018:497
1,338,084
+12.0
860,495
1,300,000
+88.0
1,169,177
210,000
+0.5
5,715,689
3,244,204
Tot.oth. West(38) 199,797,875 142,294,573 +40.4 129,768,099 141,120,539
Calif.-San Fran
45,327,206 22,244,672 +103.8 26,729,992
15,163.242
Los Angeles
121,206,787 82,761,386 +46.4 60,023.600 28,253,619
Oakland
24,468,223
15,791,616 +54.9
9,489,906
7,134.572
Other 12 cities_
71,717,661
47.849,225 +49.9 41,031,094
24,193,526
Oregon-Portland _ 20,939,650 17,225,576 +21.6 12,088.506
9,840,725
Other 2 cities....
1,125,990
1,143,570 -1.5
1,182,140
635,050
Wash.-Seattle
19,783,835 12,862,425 +53.8 13,760,090
15,615,010
3,177,234
2,124,037 +49.6
Spokane
3,031,704
1,689,928
Other 3 cities
5,829,173
4,763,719 +22.4
6,474,220
4,381,252
Total Pacific (23). 313,575,759 206,766,226 +51.7 173,811.252 106,906,924
Virginia-Richmond 15,116,912
9,292,879 +62.7
6,919,278
8,770,452
Norfolk
5,169,533
+2.8
9,632,053
7,852,944
5,030,168
Other 2
4,183,799
2,784,899 +50.2
2,047,610
1,807,280
2,589,110
N. 0.-Charlotte... 5,032,455
2,353,806 +113.8
1,196,004
Other 6 cities..._ 13,325,761
6,760,452
9,057,072 +47.1
5,046,359
3,257,347
S. C.-2 cities
2,824,270
2,897,480 -2.5
2,040,075
10,442,739
Georgia-Atlanta... 20,584,734
11,236,776 +83.2 13,372,666
Other 3 cities..
7,318,582
4,278,424
2,926,174
3,062,188 -4.4
Florida-Miami
3,264,215
4,647,744
5,415,800 -14.2
4,476,760
Other 3 cities_ _
6,568,110
3,455,401
9,287,237 10,260,465 -9.5
Ala -Birmingham. 7,491,020
4,384,229
3,929,822
6,556,101 +14.3
Other 2 cities__ _ _
1,203,475
1,113,644 +15.9
1,251,071
1,290,617
Miss.-2cities
1,016,440
564,633
1,532.550
677,582 +126.2
La.-New Orleans_ 10,495,460
5,249,092
8,043,159 +30.5 12,598,468
Other 2 cities._ _ _
6.170,149
4,035,188
6,396,417
4,155,762 +53.9
Texas-Dallas
13,164,600
18,646,988
15,000,208 +24.3 13,595,157
Fort Worth
18,657,654
12,128,722
4,602,962 +163.5 10,373,229
Other 6 cities..._ 29,089,742 27,699,517 +10.5 19,243.141
15,071,198
Ark.-Little Rock_
3,727,732
2,601,768
3,908,781
3,620,638
+8.0
Other 1 city
1,071,178
784,223
1,349,758
993,396 +35.9
Okla.-Tulsa
9,474,443
9,648,547
13,636,489
7,330,340 +86.0
Other 4 cities_
14,244,029 13,577,097
12,226,066
10,823,556
+4.9
Tenn.-Memphis _
6,715,183
20,883,008
9,377,025 +122.7
7,518,950
Other 3 cities.... 12,854,778
7,634,743
6,986,679
8,483,899 +51.5
Tot. Southern (48) 237,046,978 172,622,865
+37.3 172,549,205
Tot.all(286cities)2,765,370,690 1845.030,425
Outside New York_2,126.800,881 1368,743,231
+49.9 1607,157,291 1504,924,759
+55.4 1316,328,349 1243,424,570
148,266,770
We have already referred to the fact that New
York City's predominance in the totals was some
what diminished in 1922 and this was without the
growth in this city having at-all been checked, the
slight diminution in the city's proportion being due
entirely to the fact that in 1922 the outside cities
shot ahead with such great rapidity. Sixteen years
ago the building operations in this city constituted
fully 30% of those for the whole number of cities included. But gradually the proportion declined until the city's ratio in 1918 got down to 11.3%. Then
the city again forged ahead and in 1921 the percentage was slightly above 25%, while now for 1922 it is
23.1%. In the following we give full details:
Year1922
1921
1920
1919
1918
1917
1916
1915
1914
No.
allies.
286
286
286
286
286
286
285
284
284
New York.
$638,569,809
476,287,194
290,828,942
261,500,189
56,500.495
103,068,798
221,293,974
172.945,720
138.115,268
Outside Cities,
62,126,800,881
1,368,743,231
1,316,328,349
1,243,424,570
4'40,927,542
717,892,920
919,339,446
758,991,580
753,730,258
Total All.
$2,765,370,690
1,845,030,425
1,607,157,291
1,504.924,759
497,428,037
820,961,718
1,140,633,420
931.937,300
891,845,524
We have also again compiled the statistics for the
Dominion of Canada, and here we find a steady increase year by year in the expenditures involved in
the Eastern cities and a recovery again in 1922 at
the Western cities after a marked set-back in 1921.
For 38 cities in the eastern part of the Dominion the
aggregate for 1922 is $115,375,512, against $93,248,662 for 1921; $84,054,703 for 1920 and $77,887,158
for 1919. For 18 cities in the western Provinces the
aggregate of the contemplated outlay for 1922 is
$29,089,975, as against only $18,378,161 for 1921, but
MAR. 31 1923.]
THE CHRONICLE
comparing with $30,526,585 for 1920. Our detailed
statement for the Dominion is as follows:
CANADIAN BUILDING OPERATIONS.
1921. Inc.or Dee. 1920.
1922.
$
$
Quebec—Montreal_ 22,335.796 21,310,472
+4.8 14,067,609
3,693,397 —12.4
3,236,291
2,301,480
Quebec
Other 4 eitles
6,242,930
5,645,423
+37.7
,
Ontario—Toronto
35,237,921
23,878,240 +47.6 25,748,732
Hamilton
4,928,465
4,639,450
4,321,420
+6.2
Ottawa
5,159,687
3,232.322 +59.7
3,367,557
34,113,001
Other 25 cities
29,945,303 +13.9 21,274,956
NovaSeotia—Halifax 1,752,632
2,179.809 —19.6
3,411.341
604,847
556,813
911,882
Sidney
+8.6
1,278,528 +28.1
New Bruns.-2cities 1,763,942
3,004,298
1919.
$
12,743,480
2,134,219
3.455,371
19,797,026
5.029.135
3,179,437
22,929,428
5,194,805
703,741
2.720.516
Tot.East(38cities) 115,375,512
77,887,158
•
93,248,662
+33.7
84,054,703
1349
1922.
$
6,875,750
1,08,5,241
4.000,000
2.338,109
313.695
1,784,124
1,818,909
696,768
1921. Inc. or Dec.
$
%
5,580,400 +23.2
1,121.333 —3.2
3.500,000 +14.3
1,563,696 +49.5
307,950
+1.9
1,699,020
+5.0
774,660 +134.8
1,289,045 —46.0
1920.
$
8,367,250
877.119
2,906,100
3,231,955
291.681
2,603,320
1.900,000
4,812,608
1919.
$
2,942,000
457,431
2,211,100
926,346
416,253
1,699,020
1,404,590
1,449,026
8,661,695
1,033,004
482.680
3,000.000 +188.7
977,167
+5.7
564.890 —14.6
3,709,873
1,207,572
619.109
2,271,361
466.141
675,413
Tot.West(18 cities) 29,089,975
18,378.161 +58.3 30,526,585
Total all(56 cities) 144,465,487 111,626,823 +29.4 114,581,288
14,918,681
92,805.339
Manitoba—Winnipeg
Other 2 cities_ _
Alberta—Calgary _ _
Edmonton
Other 2 cities__
Sask.—Regina
Saskatoon
Other 5 cities_ _ _
British Columbia—
Vancouver
Victoria
Other 2 cities
The New Capital Flotations in February
The new capital flotations in this country as represented
by the stock, bond and note issues brought out on behalf of
corporations and by States and municipalities, foreign and
domestic, and as represented by Farm Loan issues, during
February aggregated in amount less than half the prodigious
total for January, but were, nevertheless, of large proportions. While the grand total for January reached the wholly
unprecedented figure of $77,868,265, the amount for February was no more than $381,787,119. This latter, however,
gregate had been swollen to more than .;rpi etaoinetaoin
compares with $358,274,020 in Feb. 1922, when the aggregate
had been swollen to more than the usual size by the bringing out of some large Farm Loan issues, and it compares
with $321,647,569 in February 1921, only $282,498,365 in February 1920 and but $279,478,199 in February 1919. Thus the
present year's February total is the largest of any February
In our records, which cover the whole of the period since the
close of the war in 1918. It happens, too, that a smaller portion than usual of the new financing the present year was
for the purpose of retiring outstanding issues, the amount
that went to refund or to take up xisting obligations having
been only $36,026,616, against $48,990,510 in February 1922,
$46,204,500 in February 1921, $27,329,000 in February 1920
and no less than $96,104,251 in February 1919. Hence, when
comparison is on the basis of the strictly new demand for
capital, the increase in 1923 over the previous years is still
more marked. In other words, the new capital involved in
the month's new flotations in 1923 was $345,760,503, against
$309,283,510 in February 1922, only $275,443,069 in February
1921 and $255,169,365 in February 1920, and but $183,373,948
In February 1919.
The preponderating portion of the month's financing was
done by corporations. The amount of the new municipal
Issues does not differ much from the amounts for the two
years preceding, notwithstanding the advantage which tax
exemption is supposed to give to these obligations. In February 1923 the amount of State and municipal issues marketed was $76,482,828, against $66,406,070 in 1922 and $67,045,569 in 1921. While this shows a small increase in 1923
it follows a decrease in January, and for the two months
combined the amount is several millions smaller than in the
same two months of last year. The corporate offerings contributed $258,204,291 of the month's grand total of $381,787,
119 new flotations. How much more extensive this is than
In previous years appears from the fact that in February
1922 the corporate appeals to the market aggregated only
$165,917,950, in February 1921 $229,602,000, in February 1920
$223,296,004, and in February 1919 $216,363,650. Deducting
In each year the amounts that went to take up old issues, the
comparison of the new capital demands by corporations
stands at $231,694,675 for 1923, against $117,717,325 in 1922,
$184,607,500 in 1921, $199,225,504 in 1920 and $151,722,650 in
1919. Evidently the times are again propitious for the bringing out of corporate issues. In February of the present year
only $26,509,616 of the corporate financing was to retire outstanding obligations. It is interesting to note the character
of the refunding involved. On analysis, we find that $15,619,616 of the $26,509,616 was to refund existing long ter
Issues with new long term issues, $3,005,000 existing short
term issues with new long term issues, $6,770,000 existing
short term issues with new short term issues, and $1,115,000
existing preferred stock with a new issue of similar character.
As in January, industrial offerings were heavier than
either public utilities or railroads, amounting to $137,040,191,
or over 50% of the total of $258,204,291 for all corporate securities. The largest single corporate issue was $20,000,000
Sinclair Crude Oil Purchasing Co. 3-Year 6% notes, due
Feb. 15 1926, which were offered at 99, yielding about 6%%.
Other important industrial offerings were $10,000,000 Price
Bros. & Co., Ltd., 1st mtge. 6s "A," 1943, placed at 98%, to
yield about 6/
1
2% and 275,000 shares of no par value common stock of Household Products, Inc., sold at $34 a share,
Involving a total of $9,350,000.
Public utility flotations ranked next in importance to iddustrial offerings, with a total of $78,706,600. More than
one-half of this, or $44,026,600, was represented by the following four issues: $15,000,000 Brooklyn Edison Co. capital
stock, offered to stockholders at par ($100); $10,000,000
Pacific Gas & Electric Co. 1st & ref. mtge. 5/
1
2s, "C," 1952,
offered at 98%, to yield about 5.60%; $10,000,000 Philadelphia Co. cony. deb. 5%s, 1938, offered at 92%, to yield about
6/
1
2%,and $9,026,600 St. Maurice Power Co., Ltd., 1st mtge.
6/
1
2s, 1953, offered at 99% to yield about 6.55%.
Railroad offerings amounted to $42,457,500, of which $24,393,500 was used to finance the purchase of equipment, while
the remaining $18,064,000 was for refunding purposes and
improvements. There were two comparatively large issues
of this character in February—$13,447,000 Illinois Central
RR. Co. ref. mtge. bonds bearing 5% interest, due 1955,
which were offered at 99, to yield about 5.05%, and $6,300,000 Louisville & Nashville RR. equip. tr. 4%s, "E," 1923-37,
offered on a 5% basis.
Ten issues of Farm Loan bonds, aggregating $14,000,000,
were sold at prices to yield from 4.50% to 4.68%. Last year
in February the Farm Loan issues aggregated $82,750,000.
One foreign Government loan, $25,000,000 Dutch East Indies
30-year 5%s, 1953, was offered the present year, the price at
which it was sold being 88, and the yield about 6.40%.
The following is a complete summary of the new financing
—corporate, foreign, Government and municipal, and Farm
Loan issues—for February and the two months ending with
February, of the last five years. We desire to point out that
we now further subsidive the figures—showing in the case
of the corporate offerings both the long term and the short
term issues for the bonds, and separating the common from
the preferred shares of the stocks.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
•
1923.
FEBRUARY—
Corporate—Long Term Bonds & Notes_
Short Term
Preferred Stocks
Common Stocks
Foreign
Total
Foreign Government
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
United States Possessions_
Grand Total
2 MONTHS ENDED FEB. 28—
Corporate—Long Term Bonds & Notes_
Short Term
Preferred Stocks
Common Stocks
Foreign
Total
Foreign Government
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
United States Possessions....
Grand Total
New Capital.
Refunding.
$
$
Total.
$
131,194,484
21,300.000
23,010,000
56,190,191
18,624,616
6,770,000
1.115,000
149,819,100
28,070,000
24,125,000
56,190,191
231,694,675
25,000,000
14,000,000
26,509,616
258,204,291
25,000.000
14,000,000
75,065,828
1,417,000
8.100,000
76,482.828
8,100.000
345,760,503
36,026,616
381,787,119
461,906,686
38.666,000
98,051,120
77,193.831
148.607,414
16,224,000
37,287,266
2,316,760
610,514,100
675,817,637
69,000,000
108,000,000
204,435,440
6,000.000
880,253,077
75.000,000
108,000,000
168,487.193
18,153,000
130.000
2,477,000
8,100,000
170,964,193
26,253,000
130,000
1.039.587.830
. _
54,890,000
135.338.386
79,510.591
221,012,440 1,260.600,270
[Vol.. 116.
THE CHRONICLE
New Capital.
Refunding.
Total.
New Capital.
1922.
Refunding,
Total
1920.
FEBRUARY-
$
Corporate-Long Term Bonds & Notes.
Short Term
Preferred Stocks
Common Stocks
Foreign
Total
Foreign Government
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
United States Possessions_
Grand Total
$
$
48,200,625
165,917,950
38,200,000
82,750,000
65,616,185
5,000,000
789,885
66,406,070
5,000,000
Total
Foreign Government
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
United States Possessions_
309.283,510
48,990,510
358,274,020
117,717,325
38,200,000
82,750,000
275,625
1,250,000
2 MONTHS ENDED FEB. 28216,803,465
32,851,800
33,215,000
29,336,525
1,250,000
91,515,835
11,950,000
400,000
275,625
1,250,000
308,319,300
44,801,800
33,615,000
29,612,150
2,500,000
Total
Foreign Government
Farm Loan Issues
War Finance Corporation
VIunicipal
Canadian
United States Possessions_
313,456,790
111,700.000
94,140,000
105,391,460
418,848,250
111,700,000
94,140,000
173,562,253
25,736,000
1,482,422
175,044,675
25,736,000
718,595,043
106,873,882
825,468,925
Grand Total
2 MONTHS ENDED FEB. 29Corporate-Long Term Bonds & Notes_
Short Term
Preferred Stocks
Common Stocks
Foreign
Total
Foreign Government
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
United States Possessions_
Grand Total
1921.
FEBRUARY-
1919.
FEBRUARYCorporate-Long Term Bonds & Notes_
Short Term
Preferred Stocks
Common Stocks
Foreign
)orporate-Long Term Bonds & Notes_
Short Term
Preferred Stocks
Common Stocks
Foreign
109,551,500
57,400,000
1,832,000
3,174,000
12,650,000
44,594,500
400.000
Total
roreign Government
'arm Loan Issues
Var Finance Corporation
Aunicipal
Canadian
United States Possessions_
184,607,500
24,000,000
44,994,500
65,835,569
1,000,000
1,210,000
275,443,069
46,204,500
321,647,569
2 MONTHS NDED FEB. 28Corporate-Long Term Bonds & Notes_
Short Term
Preferred Stocks
Common Stocks
Foreign
,orporate-Long Term Bonds & Notes_
Short Term
Preferred Stocks
Common Stocks
Foreign
238,839,020
71,953,166
7,197.400
63,114,000
12,650,000
111,911,980
8,500,000
350,751,000
80,453,166
7,197,400
.63,114,000
12,650,000
Total
Foreign Government
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
United States Possessions_
Total
'oreign Government
'arm Loan Issues
far Finance Corporation
lunicipal
Canadian
United States Possessions_
393,753,586
69,000,000
120,411,980
152,886,119
7,722,000
1,637,895
623,361,705
122,049,875
Grand Total
154,146,000
57,800,000
1,832,000
3,174,000
12,650,000
229,602,000
24,000,000
2 MONTHS ENDED FEB. 28-
Grand Total
Total
Foreign Government
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
United States Possessions_
514,165,566
69,000,000
s
55,657,000
14,040,000
55,753,500
73,775.004
16,032,000
3,500,000
1,550,000
2,988,500
71,689,000
17,540,000
57,303,500
76,763,504
199,225,504
25,000,000
24,070,500
223,296,004
25,000,000
30,943,861
760,500
2,498,000
31,704,361
2,498,000
255,169,365
27,329,000
282,498,365
146,842,000
40,568,752
147,803,650
148,484 752
3,760,000
28,032,000
56,257,248
19,176,850
9,066,500
174,874,000
96,826,000
166,980,500
157,551,252
3,760,000
487,459,154
50,000,000
112,532,598
599,991,752
50,000,000
113,455,252
3,000,000
1,779,000
2.498,000
115,234,252
5,498,000
653,914,406
116,809,598
770,724,004
44,609,000
62,178,000
16,016,900
28,968,750
7,134,000
57,247,000
210,000
51,743,000
119,425,000
16,226,900
28,988,750
151,772,650
64,591,000
28,179,000
216,363,650
28,179,000
1,000,000
27,592,998
3,008,300
3,334,251
30,927,249
3,008,300
183,373,948
96,104,251
279,478,199
158,959,000
80,678,000
23,321,900
67,988,946
22,134,000
117,325,600
210,000
181,093,000
198,003,600
23,531,900
67,988,946
330,947,846
139,669,600
28,179,000
470,617,446
28,179,000
2.000,000
51,371,973
5,705.300
4.645,901
56,017,874
5,705,300
390,025,119
172,494,501
562,519,620
1,000,000
--
Grand Total
67,043,569
1,000,000
8
$
Corporate-Long Term Bonds & Notes.
Short Term
Preferred Stocks
Common Stocks
Foreign
46,375,000
300,000
corporate-Long Term Bonds & NotesShort Term
Preferred Stocks
Common Stocks
Foreign
Grand Total
FEBRUARY-
128,224,200
4,300,000
25,820,000
5,073,750
2,500,000
81.849,200
4,000,000
25,820,000
4,798,125
1,250,000
2,000,000
Grand Total
154,524,014
,,We
745,411,580
now add our detailed compilation of the corporate
financing for February and the two months, the comparison
in this case covering three years.
STATEMENT OF NEW CAPITAL FLOTATIONS IN THE UNITED STATES.
1922.
1923.
1921.
February.
New Capital.1 Refunding,
Long-Term Bonds and NotesRailroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing....
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total
' Short-Term Bonds and NotesRailroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Dil
Land, buildings, &c
Rubber
3/lipping
VIlseellaneous
Total
StocksRailroads
Public utilities
Iron, steel, coal, copper, &c
....;•quipment manufacturers
gotors and accessories
)ther industrial and manufacturing....
)11
And, buildings, &c
lubber
[hipping
1,119cellaneous
Total
Total?Athos&
'ublic utilities
ron, steel, coal, copper, &e
lquipment manufacturers
dotors and SCCESSOriefi
)ther industrial and manufacturing
)ll
Sand, buildings, &c
tubber
(hipping
discellaneous
Total corporate securities
Total.
New Capital.
Refunding.
Total.
New Capital.
Refunding.
Total.
$
32,554,500
47,081,600
4,800,000
s
9,903,000
2,855,000
700,000
$
42,457,500
49,936,600
5,500,000
$
26,021,300
17,732,900
11,850,000
$
18,800,000
18,575,000
250,000
8
44.821,300
36,307,900
12,100,000
$
30,350,000
20,312,500
3,227,000
550,000
$
15,495,000
7,376,500
1,500,000
$
45,845,00(1
27,6890li
4,727,000
550,000
2,750,000
23,860.384
600,000
15,665,000
5,104,616
2,750,000
28,965,000
600,000
15,665,000
17,210,000
900,000
7,635,000
10,000,000
27,210,000
900,000
7,635,000
22,850,000
37,750,000
1,560,000
19,500,000
650,000
'22,850,000
57,250,000
2,210,000
3,883,000
62,000
3,945,000
1,750,000
1,750,000
2,227,000
73,000
2,300,000
131,194,484
18,624,616
149,819,100
83,099,200
47,625,000
130,724,200
118,826,500
44,594,500
163,421.000
6,770,000
8,770,000
500,000
300,000
800,000
1,250,000
40,000,000
1 ,230,00(1
40,000,000
2,000,000
500,000
10,000,000
3,500,000
2,000,000
500,000
10,000,000
3,500,000
1,000,000
20,000,000
1,000,000
•
20,000,000
300,000
300,000
3,500,000
28,070,000
4,000,000
300,000
4,300,000
57,400,000
22,000,000
2,070,820
19,280,000
275,625
19,555,625
624,000
250,000
624,000
250,000
1,375,000
24,942,500
16,199,863
9,103,125
9,103,125
582,000
1.800,000
582,000
1,800,000
660,000
660,000
21,300,000
6,770,000
22,000,000
2,070,820
1,375,000
23,827,500
16,199,863
1,115,000
13,727,008
•
400,000
150,000
400,000
400,000
57,800,000
150,000
3,500,000
13,727,008
1,575,000
1,575,000
5,125,000
79,215,191
1,115,000
80,315,191
30,618.125
275,625
30,893,750
8,381,000
32.554,500
69,081,600
6,870,820
9,903,000
9,625,000
700,000
42,457,500
78,706,600
7,570,820
26,021,300
17,732,900
3),630,000
18.800,000
18,575,000
825,625
44,821,300
36,307,900
32,455,625
5,125,000
47,687,884
36,799.863
15,665,000
6,219,616
5,125.000
53,907,500
36,799,863
15,665,000
26,313,125
900,000
8,295,000
10,000,000
36,313,125
900,000
8,295,000
30,350,000
22,186,500
43,477,000
550,000
2,582,000
25,150,000
47.750,000
5.060.000
17,910,008
62,000
17,972,008
8,825,000
6,825,000
231,694,675
26.509,616
258,204.291
117.717.325
165.917,950
48,200.625
__
__
5,125,0011
8.381,000
19,500,000
650,000
45,845,00(1
29,563,000
44,977,000
550,000
2,582,000
25.150,000
67,250,000
5,710,000
150,000
7,352,000
473,000
150,000
7,825,000
184.607,500
44,994,500
229.602,006
15,495,000
7,376,500
1,500,000
MAR. 31 1923.]
THE CHRONICLE
1923.
1351
1922.
1921.
Two Months Ended February 28.
New Capital.
Refunding.
Total.
New Capital.
Refunding,
Total,
New Capital.
Refunding.
Total.
Long-Term Bonds and NotesRailroads
Public utilities
Iron, steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing__ _
011
Land, buildings, &c
Rubber
Shipping
Miscellaneous
$
83.356,500
114,021,600
156.483,139
6,000,000
4,890.000
31,186,447
600.000
37,050,000
28.319,000
31,611.000
69,930,000
20,332,435
2,947,585
23,280,000
4,227.000
73,000
4,300,000
Total
Short-Term Bonds and NotesRailroad
Public utilities
Iron, steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings. &c
Rubber
Shipping
Miscellaneous
461,906,686
148,607,414
610,514,100
218,053.465
92,765,835
310,819,300
248,114,020
111.911.980
360,026,000
2,570,000
6,770,000
9,340,000
20,951.800
6,550,000
11,950,000
20,951,800
18,500,000
3.386.000
40.000,000
8,100,000
11,486.000
40.000,000
15,046,000
9,454,000
24,500.000
20,750,000
'
20,750.000
1,860.000
6,978,553
38,666,000
53,536,286
8,004,060
6,415,000
43.020,234
17.199,863
$
07.259,500
161.709,600
203,050,000
6,000,000
6,750.000
38,165,000
600,000
37,050.000
$
110,650.630
28.950,400
13,350,000
$
46,443,270
31,875,000
250,000
$
157,093,900
60,825,400
13,600,000
$
53,196.420
69,031,500
8,727.000
550.000
$
66,301,580
10.418,500
6.500.000
$
119.501.000
79,483,000
15,227,000
550,000
1,750,000
22,835,000
9,400.000
10,785,000
10,000,000
1,250,000
1,750.000
32,835,000
10,650.000
10,785,000
51,254,100
57.850,000
3,275.000
5,435.900
22,500.000
650,000
56,690.000
80,350,000
3,925.000
200,000
200.000
200,000
200,000
1,450,000
1.450,000
2,003.000
500.000
15.000,000
3,500.000
300,000
3,500.000
3,500,000
150,000
7,417,166
400,000
150.000
7,817,166
16,224,000
54,890,000
32.851,800
11,950,000
44,801,800
71,953,166
8,500,000
80,453,166
32.112,150
12,406,250
675,625
1,066,760
.53.536,286
9,070.820
32,787,775
12,406,250
4,354,400
250,000
4,354.400
250.000
7,750,000
45,622.500
17.199,863
10,023,125
10,023,125
2,582.000
4,6011.000
56,250.000
1,835,000
4.000.000
2,532.000
4,500,000
56,250.000
1.835.000
4,000,000
300,000
Total
StocksRailroads
Public utilities
Iron, steel, coal, copper. &C
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
1.335.000
2,602,266
2,000.000
500,000
15,000,000
3,500.000
47.669,508
34,600,000
0(1,669,503
2,175,000
2.175,000
5.750,000
5,750,000
175,244,951
39,604,026
214.848,977
62.651.525
675,625
63,227,150
73,686,400
73.686,400
83,356,500
170,127,886
184.487,199
6,000.000
26,351,000
74,206,681
38,549,863
37,050,000
13,903,000
54,458,000
47,633.621
97.259,500
224.535,885
212,120,820
6.000,000
39,000,009
83.76/,500
38.549,863
37,050,000
131,602.430
67.612,550
25,755.250
46,443,270
44.500,625
250,000
178,045.700
112,113,175
26,001,250
1,950,000
33,053,125
9,400,000
14,070.000
4,000,000
10.000.000
1,250,060
1,950,000
43,058.125
10,650.000
14,070,000
4,000,000
63,196,420
76,774,900
48,977,000
550 000
4,582 000
50,251,100
129.100,003
6,775,000
75,687,508
66.211.000
141,899.508
26,007,435
2.947,565
28.955,000
675.817.637
204,435,440
880,253,077
313.456,790
105,391.460
418,843,250
Total
TotalRailroads
Public utilities
Iron, steel, coal. copper. &C
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing._
on
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total corporate securities
3
13,903,000
47,688,000
46,566,861
12,649,000
9,580,819
66.301,530
18,513,500
6,500,000
5,435,900
22,500,000
650.000
119.501,000
95,323.400
55,477,000
550,000
4,582,000
61,690.000
151,600,000
7,425,000
150,000
17,391,166
473.000
150.000
17.867.166
393,753,596
120,411,930
514,165,56
6
LONG-TERM BONDS AND NOTES.
Amount.
Purpose of Issue.
Railroads1,920,000 New equipment
Price.
100
Company and Issue. and by Whom Offered,
6.00 Buffalo Rochester & Pittsburgh Ry. Co. Equip. 5s, "L," 1924-39. Offered by Equitable Trust
Co., New York; Casmtt & Co. anti E. It. Rollins.
Chicago Milwaukee & St. Paul Ry. Equip. 55, "II," 1924-35. Offered by Kuhn. Loeb & Co. and
National City Co.
5.05 Erie RR.-New York & Erie RR. 3d Mtge. Ext. 4345, 1933. Underwritten by Drexel & Co. and
White, Weld & Co.. New York.
5-5.20 Fruit Growers Express Co. Equip. 5s,"B," 1924-38. Offered by First National Bank and National
City Co., New ork.
5.05 Illinois Central RR. Co. Ref. Mtge. 55, 1955. Offered by Kuhn, Loeb & Co,
6.00 Louisville & Nashville RR. Equip. 4545, •• .• 1923-37. Offered by J. P. Morgan & Co.
5-5.20 Mobile & Ohio RR. Co. Equip. 5s,"L," 1923-38. Offered by Clark, Do lite & Co.. New York.
5.00 Northern Pacific Ry, Equip. 454s. 1923-32. Offered by J. P. Morgan & Co., First National Bank
and National City Co., New York.
554-514 Union Refrigerator Transit Co. Equip. 5545,"B," 1923-31. Offered by Lee, HIgginson & Co.
5.50 Western Pacific RR. Co. Equip. Trust 5545, 1924-38. Offered by their & Co.. Inc., and Lee.
Iligginson & Co.
Placed privately.
1,536,000 New equipment
4,617,000 Refunding
955(
2,000,000 New equipment
13,447,000
6,300.000
1.600.000
4.500.000
To Yield
About
Refunding. Improvements, &c__ _
New equipment
New equipment
New equipment
937,500 New equipment
15,600,000 New equipment
99
100
42,457,500
Public Utilities4.700,000 Capital expenditures
8954
200,000 Refunding
2,000,000 Acquisitions. extensions, &C
10454
95
2,600.000 New power plant
97
1,000.000 Improvements, additions, &c
8855
200.000 Acquisitions, development, &c
200.000 Construction
600,000 Refunding; additions and impts- 290,000 Corporate requirements
1,000,000 Additions
9454
90
9654
97S4
92
10,000,000 Additions, extensions, &o
905,000 Ca. Rai ex,endlturee
9854
99
10.000,050 Acq.further Int.in Duquesne Lt.Co
9,026,600 Acquisitions, construction, &c
9254
9954
1,275,000 Acquisitions, &c
9854
1,300,000 General corporate purposes
98)4
2,30.5,000 Refunding
9234
2,435,000 Capital expenditures
94
49,936,600
Iron. Steel, Coal. Copper, &c.
3,600,000 Acquisitions; new equipment
100
750,000 Retire curr. debt; working capital_
1,250.000 Refunding; working capital
100
99
5,600,000
Motors and Accessories750,000 Acquisitions
2.000.000 Acquisitions
2,750.000
Other Industrial &
1,250.000 Acquisition.,
9834
96
7.00 Illinois Coal Corp. 1st Mtge. 7s. "A," 1943. Offered by Hemphill, No me & Co.; West & Co.: and
Gorrell & Co.
6.50 Kansas City Structural Steel Co. 1st Mtge.634s. 1921-40. Offered by S. W. Straus & Co., Inc.
7.07 Ludlum Steel Co. 1st Mtge. 7s, "A," 1943. Offered by Edward 11. Smith & Co. and Richardson,
Hill& Co.
6.30 Hayes Wheel Co. (Jackson. Mich.) 1st Mtge. 6s, "B," 1929. Offered by Lee. Higginson & Co.
6.55 Motor Wheel Corp. 10-Year 6s, 1933. Offered by National City Co. and E. H. Rollins & Sons.
mfg.100
1,700,000 Reduce current liabilities
500,000 Expansion; working capital
9634
98)4
2,000,000 Refdg.„ acquisitions, constr., &c
0754
1,000,000 Additions, working capital
2.000,000 Fund curr. debt; working capital.._
315.000 Retire bank loans: working capital_
6.75 Alabama Power Co. 1st Mtge. Lien & Ref. 155, 1951. Offered by Harris, Forbes & Co. and Coffin
& Burr. Inc.
4.65 Charlestown (Mass.) Gas & Electric Co. 1st Mtge. 5s, 1913. Offered by Arthur Perry & Co., Bost.
6.40 Continental Gas & Electric Corp. Ref. Mtge.(is, "A," 1947. Offered by Otis & Co.; Howe, Snow
& Hordes. New York; Cyrus Peirce & Co., San Fran,taco; and R. E. Wilsey & Co., Chicago.
8.20 East Penn Electric Co. 1st Mtge. & Ref. Lien 6s, 1953. Offered by J. G. White & Co., Inc.:
Spencer Trask & Co.; and Marshall Field, Glare, Ward & Co.
554 Indiana Service Corp. 1st & Ref. 58,"A," 1950. Offered by Arthur Perry & Co.: Paine, Webber &
Co.: and Clark Williams & Co., New York.
6.50 Lake Sunapee (N. H.) Power Co. 1st Mtge. 65, 1943. Offered by Damon & Bolles Co., Boston.
5.75 Middlesex Water Co. of New Jersey Consol. Mtge. 56, 1950. Offered by Ralph W. Voorhees &
CO..
New York.
6.25 Missouri Utilities Co. tat Mtge.(35,"A," 1952. Offered by Chicago Trust Co. and Curtis. Stephenson & o., Boston.
6.35 The Ohio State Power Co. 1st Mtge. 6s, 1935. Offered by Bonbright & Co., Inc.. New York.
654 Oklahoma General Power Co. tat Mtge. 65, "A," 1952. Offered by H. M. Byllesby & Co.. Inc..
New York, and Federal Securities Corp., Chicago.
5.60 Pacific Gas & Electric Co. 1st & Ref. Mtge. 534s,"C," 1952. Offered by National City Co.; ER.
Rollins & Sons; Mer.nntile Securities Co. of California, and itlyth, Wi ter & Co.
7.10 Peoples Gas Co.(N. J.) 1st Mtge. 75,"A," 1942. Offered by Taylor, Ewart &
Co.. Inc.; Freeman,
Smith & Camp, Portland, Ore.
6.25 Philadelphia Co. Convertible Debenture 5545, 1938. Offered by Lee. Iligginson & Co.: Ladenburg.
Thalmann & Co.; and Hayden, Stone & Co.
6.55 St. Maurice Power Co.. Ltd., 1st Mtge. 6545, 1953. Offered by Aldred & Co. and Mlosch. Monnell & Co., Inc.
6.63 Southern Minnesota Gas & Electric Co. 1st Lien & Ref. Mtge.
834s. "A," 1942. Offered by
A. C. Allyn St Co., New York.
6.13 West Missouri Power Co. 1st Mtga. 6s, 1943. Offered by Arthur Pstry & Co., Boston; Guaranty
Trust Co., Kansas City, Mo.; and Powell, Gerard & Co.. Chicago.
7.06 Wilmington & Chester Traction Co. Coll. Trust Ext.68, 1933. Offered by 'Fucker, Anthony & Co.
Stroud & Co., Inc., Janney & Co., Otis & Co.,(Boren & Co.,and Newburger, Henderson & Loeb.
6.50 Winnipeg Electric Ry. Co. Gen. Mtge.& Coll. Trust 6s, 1943. Offered by Kissel, Kinnicutt & Co.:
E. H. Rollins & Sons; and Spencer Trask & Co.
•
loo
7.00 Bassick.AlemIte Corp. Coll. 7s, 1925-33. Offered by Central Trust Co. of Illinois and A. B.
Leach & Co., Inc.
7.40 Continental Sugar Co. 1st Mtge. 75, 1938. Offered by Parker & Co. and Hambleton & Co.
6.65 Crescent Insulated Wire & Cable Co., Inc. 1st (Closed) Mtge. 1354s, 1938. Offered by Morrison,
Dinkey & Todd Co. anti Moore, Leonard & Lynch, Pittsburgh.
6.20 Island Warehouse Corp. 1st Mtge. 65. "A" 1913. Offered by W. A. Harriman & Co., New York,
and Lane, Piper & Jaffrey, Inc., Minneapolis,
6.50 Jenkins Bros.(N.Y. City) 1st (Closed) Mtge. 69. 1921-38. Offered by Peabody. Houghteling & Co.
6.50 (The) Joseph & Floss Co. (Cleveland) 1st Mtge.(554s, 1943. Offered by Otis & Co. and Ames.
Emerich St Co.
7.00 (Frank) Mossberg Co. 1st Mtge. 650, 1925-44. Offered by P. W. Brooks & Co., New York.
THE CHRONICLE
1352
Amount
Purpose of Issue.
Other Industrial and Manufacturing (Con.)
1,100,000 Acquisitions,'mete., wkg. capital_
10,000,000 Refunding; additions
1.000,000 Cap, readjust.; other corp. purp
750,000
850,000
1,000,000
2,500,000
3,000,000
Development of plants
General corporate purposes
Corporate purposes
Additional capital
Ace. Waltham Watch Co
Price.
To Yield
About
99
100
98
28,965,000
ion
ioo
1,600,000 Finance construction of building_ _
2.500,000 Acquire building
100
9914
100
200,000 Additions, improvements, &c
100
3,500,000 Finance construction of hotel
540,000 Finance construction of building
8.00 Tiona Refining Co. 1st Mtge. 8s, 1936. Offered by McCown & Co., Philadelphia.
100
525,000 Acquisitions; improvements
Company and Issue, and by Whom Offered.
7.22 Peshtigo (Wis.) Paper Co. 1st Mtge. 78 "A" 1942. Offered by Morris F. Fox & Co. and Henry
C. Quarles & Co., Milwaukee.
634 Price Bros. & Co., Ltd. 1st Mtge. 65 "A" 1943. Offered by Harris, Forbes di Co.
6.25 Purity Baking Co. 1st Mtge.65, 1925-35. Offered by Merchants Trust & Savings Bank and Northwestern Trust Co., St. Paul.
6.10 Richardson Co. (Cincinnati) 15-Yr. (is, 1938. Offered by W.E. Hutton & Co., Cincinnati.
6.50 Rosenwald & Well 1st Mtge.6115, 1923-35. Offered by Greenebaum Sons Bank & Tr. Co.. Chicago.
514-5% Simonds Saw & Steel Co. Debenture 5145, 1924-33. Offered by Estabrook & Co.
7.25 Texas Sugar Refining Co. 1st Mtge. 78, 1926-38. Offered by Peabody, Houghteling Sr Co., Inc.
6.17 Waltham Watch & Clock Co. 1st Mtge. 68, 1943: Offered by Kidder, Peabody & Co., F. S.
Mosely & Co., Hayden, Stone & Co., Jackson & Curtis, Paine, Webber & Co., Peruser's, Erhard
& Co., and Wise. Hobbs & Arnold.
9814
9814
Oil600,000 Working capital
Land. Buildings. &c.
850,000 Finance construction of building_ _
5,350,000 Finance construction of building_ _
600,000 Additions; working capital
[VOL. 116.
6.40 Berendo-Wilshire Apts. (Los Angeles), 1st Mtge. 1314s. Offered by S. W. Straus & Co.
6.50 Burnham Bldg. (Chicago) 1st Mtge. 6148, 1926-43. Offered by S. W. Straus & Co.
6.50 Conway Realty Co. (Boston, Mass.) 1st Mtge. 6345, 1924-37. Offered by Peabody, Bought°ling
& Co., Inc.
6.50 Fifth Avenue-Tenth Street Apt. 1st Mtge.610,1925-35. Offered by American Bond & Mtge. Co.
6.00+ 43 Exchange Place Bldg.(N. Y.), 1st (Closed) Mtge. Fee 68, 1938. Offered by Bonbright& Co.,
Hayden, Stone & Co. and Tucker, Anthony & Co.
6.50 Hotel Planters & Theatre Bldg. (Chicago) 1st (Closed) Mtge. Leasehold 61.48, 1924-33. Offered
Hyney, Emerson & Co. and Equitable Securities Co., Chicago.
6.50 The Morse Bldg. Co. (Cleveland) 1st Mtge. Leasehold 6548, 1925-34. Offered by Stanley &
Bissell, Cleveland.
7.00 New York United Hotels, Inc. Guar. Convertible Debenture 78, 1943. Offered by John G.
Qui,-by, W. A. Mackenzie & Co. and Sweet, Pichards & Co., New York.
7.50 Orange Court Apts. (Orlando, Fla.) 1st Mtge. Pis, 1925-38. Offered by G. L. Miller & Co.,
Atlanta.
100
100
15,665,000
Miscellaneous500,000 Acquisitions: retire floating debt_ _
220,000 Acquisitions
175,000
1,250,000
275,000
L000,000
525,000
6.00 Atlantic Works 1st Mtge. 68, 1938. Offered by Old Colony Trust
Boston.
Co..
6.50 Bole Grain Co.. Ltd. (Winnipeg, Manitoba) 1st (Closed) Mtge.
6148, )924-33. Offered by
Wells-Dickey Co., St. Paul.
Price on application Condie-Bray Glass & Paint Co.(St. Louis) 1st Mtge. 68, 1923-37. Offered by Mississippi Valley
Refunding; working capital
Trust Co., St. Louis.
7.00 Hunt Bros. Packing Co. 151 Mtge. 78, 1938. Offered by Hunter, Dulln & Co., Anglo-LondonAcquisitions; retire floating debt., 100
Paris Co., Schwabachpr & Co., San Francisco, and Central National Bank, Oakland, Calif.
100
7.00 Hunter-Banks Co. 1st Mtge. 78, 1926-37. Offered by Bradford, Kimball & Co. and Shingle,
Consolidation of properties
Brown & Co., San Francisco.
6.00 McPhee & McGinnity Co.(Denver, Colo.) 1st (Closed) Mtge. 68, 1928-37. Offered by Boettelier.
Extensions and improvements_ _ _ 100
Porter & Co., Denver.
7.00 Reid-Cashion Land & Cattle Co. 1st Mtge. 6148, 1924-38. Offered by First Securities Co. and
Additional capital
Blyth, Witter & Co., Los Acgeles.
100
100
3,945,000
SHORT TERM BONDS AND NOTES.
Amount.
Purpose of Issue.
Public Utilities6,770,000 Refunding
Price.
97.89
Motors and Accessories1.000,000 Retire bank loans
Oil20,000,000 Expansion
Miscellaneous300,000 Plant impts. and enlargement
To Yield
About.
Company and Issue, and by Whom Offered,
6.50 Monongahela West Penn Public Service Co. 1st Lien & Ref. Cony, 5-yr. 68, "A" 1928. Offered
by Halsey, Stuart & Co., E. H. Rollins & Sons, W. A. Harriman & Co., Hambleton & Co. and
Dominick & Dominick.
514-7.00 J. W.Murray mfg. Co. Deb. 7s, 1923-28. Offered by Keane, Higbie & Co., Detroit.
99
100
654 Sinclair Crude 011 Purchasing Co. 3-Year 6% Notes "B," Feb. 15 1926. Offered by B lair & Co.,
Inc., National City Co.and First Trust & Savings Bank,Chicago.
6.00 Chicago National League Ball Club 5-Year 68, Jan. 11928. Offered by Whiting & Co., Chicago.
STOCKS.
Par or
of Shares.
Purpose of Issue.
Public Utilities15,000,000 Additions and extensions
a Amount Price
To Yield
Invoiced. Per Share. About.
8
15,000,000 100
4.500,000 Retire current debt; construction.
4.500,000 100
1,000,000 General corporate purposes
1.000,000 Add'ns, extensions, Inuits., &c _ _ _
1,000.000
1.000,000
500.000 Construction
9736
9314
500.000 100
22.000,000
Iron. Steel, Coal, Copper, &c.
150,000 Acquisitions
.28.541 sits. Working capital
*50,000 sits Acq. & development of properties_
750,000
570,820
25
20
750,000
15
Company and Issue and by Whom Offered.
Brooklyn Edison Co. capital stock. Offered by company to stockholders; underwritten
by Blair & Co., Inc.
7.00 Connecticut Light & Power Co. 7% Cum. Pref. Offered by Estabrook & Co., Chas.
W.Scranton Co., New Haven; Hineks Bros. & Co.. Bridgeport, and Putnam & Go.,
Hartford.
6.15 Electric Bond & Share Co.6% Cum. Pref. Offered by Bonbright & Co.
7.49 The Pennsylvania-Ohio Power 8c Light co. 7% Cum. Pref. Offered by Eastman.
Dillon & Co. and W.C. Langley & Co.
7.00 Seaboard Electric Ry.of Texas 7% Cum.Pattie. Prof. Offered by Southern Trust 0o..
Neuhku.s & Co., Sherwood & King, Guardian Trust Co.. Fidelity Trust Co. and
Dunn & Carr, all of Houston. Texas.
Chino Copper Co. capital stock. Sold privately.
Eastern Steel Castings Co.(N. J.) Common. Offered by Floyd-Jones, Vivian & Co.
and Kelley, Drayton & Co., New York.
Pond Creek Pocahontas Co. capital stock. Offered privately by Hayden. Stone A:
Co., New York.
2,070,820
Motors and Accessories.
.'25,000 sits Increased production
1,375,000
55
Checker Cab Mfg. Co. Class .1 Participating stock. Offered by Block, Maloney & Co.
N. Y.
Other Industrial & Mfg.
*75,000 ribs. Additional capital
.50,000 sirs Acquisitions
1,687,500
1,375,000
2234
2738
.30,000 sits.
500,000
750,000
*275,00081m
1,080,000 36
500,000 100b
750,000 100
9,350,000 34
Auto-Knitter Hosiery Co. capital stock. Offered by J. S. Bache & Co. Now York.
Bassick-AlemIte Corp. Common. Offered by Central Securities Co. and'
Paul H. Davis
& Co., Chicago.
Columbian Carbon Corp. capital stock. Offered by Hallgarten & Co.. New York.
(J. E.) Curran Corp.(N. Y.)8% Cum. Pref. Offered by Martin & Co., New York.
Cushman's Sons, Inc.,7% Cum,Pref. Offered by Spencer Trask & Co., New York,
Household Products, Inc. Common. Offered by Hornblower & Weeks, Ina.. Blair
& Co., Inc., and Bell 3:Beckwith, New York.
Hunt-Spiller mfg. Corp. 7% Cum. Pref. Offered by Parkinson & Burr and E. II. Rollins ,k Sons.
Ludlow Mfg. Associates Common. Offered by company to stockholders.
(Geo.) Mabbett & Sons Co.(Plymouth, Mass.) 7% Cum, 1st Pref. Offered by Richardson, 11111 & Co., Boston,
Onyx Hosiery, Inc. (N. Y.), 7% Cum. Pref. Offered by George H. Burr At Co. and
Hayden. Stone & Co.
Onyx Hosiery, Inc.(N. Y.), common. Offered by Geo. H. Burr Ss Co. and Hayden,
Stone & Co.
The Pirika Chocolate Co.. Inc.,8% Cum.Pref. Offered by L.Kumla Co., New York
The Plrika Chocolate Co., Inc.. Common. Offered by L. Kurnlck CO., New York.
Shelton Looms (Sidney Blumenthal & Co., Inc.) 7% Cum. Pref. Offered by
Brown Bros.
Shepard-Potter Corp.(Del.) capital stock. Offered by L. A. Hughes& Co., New York
Additions
Working capital
Plant expansion; working capital_ _
Acquire cap. stock Centaur Co_ __ _
600,000 Additional capital
600,000 100
8.00
7.00
7.00
*20,000 abs. General corporate requirements_ _
300,000 General corporate requirements...
2,000,000 100
300,000 100
7.00
3.500,000 Acquire constituent companies__ _ _
3,500,000 100
7.00
*3.5,000 sits. Acquire constituent companies__ _
100,000 Expansion of business
*1,000 sits
2,2,50,000 &funding; working capital
610;000 sits. Additional capital
1,312,500
371.;
137,500 51 sit. Pfd.1 For
sit. Com.113734
7.14
98
2,250,000
100,000
10
24,942,500
Oil.150,000shs Acquisitions, development,&c__ _ _
5,795,330 Acquisitions, exts., add•ns, &c__ _
7,500,000 Additions and improvements
2,325,000
6,374,863
151,5
11
7,500,000
50
16,199,863
Miscellaneous-*50,000 sits Expansion of business
500,000 Working capital; retire bank loans_
5,000,000
*35,786 sits
1,500,000
500,000
Acquisition of constituent cos
Acq. Corn.stk. T. A. Snider P.Co_
Additional capital
Additional capital
3,625,000 Acq. business of predecessor co.
___ Fay Taxicabs, Inc.. Common. Offered by McClure, Jones & Reed, New York,
7.00 (Henry A.) Hitner's Sons Co.(Phila.) 7% Cum. 1st Pfd. Offered by A. L. Skelton,
Phila., and J. W. Gilbert sic Co., Inc., Lancaster, Pa.
1007.00 National Dept. Stores, Inc., 7% Cum. 1st Pref. Offered by Blair & Co., Inc.
New York Canners, Inc., Common. Offered by White, Weld & Co., New York.
28
Albert Pick & Co., Chicago, Common. Offered by company to stockholders.
10(par)
Quincy Market Cold Storage & Warehouse Co. (Boston), Common. Offered by
100 (par)
company to stockholders.
51
7.92 Rosenbaum Grain Corp. (Chicago) 8% Cum. & Partic. Preferred. Offered bY
Merrill, Lynch & Co., Morgan, Livermore & Co.and J. A. Shiite St Co., New York.
1,600,000 32
500,000 100
5,000,000
1,002,008
1,500,000
500,000
3,625,000
13,727,008
Independent 011 & Gas Co. Capital stock. Offered by Miller & Co., New York.
Middle States Oil Corp. Capital stock. Offered by company to stockholders; underPrwritten.
oducers & Refiners Corp. Common stock. Offered by company to stockholders;
underwritten by Blair & Co., Inc., Chas. D. Barney & Co., F. S. Smithers & Co.,
Dominick & Dominick and Otis & Co.
MAR. 31 1923.]
THE CHRONICLE
1353
FARM LOAN BONDS.
Amount.
Issue.
1,000,000 Central Iowa Joint Stock Land Bank, Des
Moines. 5s, 1932-52
2,500,000 Chicago Joint Stk. Land Bank 431s. 1932-52
2,000,000 Des Moines (Ia.) Joint Stock Land Bank
98, 1933-52
1,500,000 First Carolinas Joint Stock Land Bank
La, 1932-52
1,000,000 First Joint Stk. Land Bank of Montgomery.
Ala., 59, 1932-52
1,000,000 New York and Pennsylvania Joint Stock
Land Bank 51. 1933-53
500,000 Oregon-Washington Joint Stock Land
Bank 55. 1932-52
2,000,000 Pacific Coast Joint Stock Land Bank
55. 1933-52
Price.
To Yield
.4 Soul.
Offered by
4.50 Redmond & Co. and Laport.
m
Barker & Jennings, Inc., New York.
4.50 Kissel, Kinnicutt & Co., New York.
11100°234
0'
4.55 C. F. Childs dc Co., New York.
102,4
103
4.65 Harris. Forbes & Co., Halsey, Stuart & Co. and Wm.R.
Compton Co.
4.67 Barr Bros. & Co., Inc., N. Y., and First National Bank, Montgomer
y, Ala.
4.55 Tucker, Anthony & Co.. New York.
102'4
4.68 Brooke. Stokee es Co., Phila.
103
4.62 Harris, Forbes & Co., Wm. R. Compton Co., Halsey,
Stuart & Co., First, Securities Co..
LO3 Angeles, Securities Trust & Savings Bank, Los Angeles:
Mercantile Trust Co.
of California, San Francisco. and securities Says. & Trust
Co., Portland. Oregon.
4.65 First Trust & Savings Bank, Chicago, and Prescott &
Snider, Kansas City. Me.
4.6.5 First Trust & Savings Bank, Chicago, and Prescott & Solder,
Kansas City, Mo.
102
2,000,000 Wichita (Kans.) Joint Stock Land Bank
58. 1933-53
102t
500,000 Wichita (Kans.) Joint Stock Land Bank
'
58, 1932-52
102t
14,000,000
FOREIGN GOVERNMENT LOANS.
'Amount,
Issue.
$
25,000,000 Dutch East Indies 30-Year External Sinking
Fund 534s, 1953
Price.
88
To Yield
About.
Offered by
6:40 Guaranty Co. of N. Y.. Harris, Forbes & Co.. Lee, Higginson es Co.,
Bankers Trust Co..
N. Y.; Kidder, Peabody & Co., Union Trust Co., Pittsburgh: Continenta
l & Commercial Trust & Savings Bank, Chicago; Illinois Trust & Savings
Bank, Chicago,
and Union Trust Co. of Cleveland.
•Shares of no par value.
a Preferred stocks are taken at par, while in the ease of common stocks the amount is based
on the offering price.
b With a bonus of ono share no par value Common accompanying each share of
Preferred.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. the Federal Reserve banks might do this or that to cheek
the rise of prices had its effect on grain and cotton, if not
Friday A ight, Mar. 30 1923.
on the other commodity markets. Cotton in a little over a
The tendency of American business is, if anything, toweek—partly, it is true, owing to a weakened technical posiwards some increase, but it is tempered by the scarcity and
tion—declined fully $15 a bale. May wheat early in the
high costs of labor, somewhat hampered transportation,
present week fell some two cents a bushel, partly owing to
dearness of raw materials and a disposition in some branches what
was vaguely described as "nervousness over financial
to proceed along conservative lines. There has been a no- conditio
ns," sedulously fomented by speculators in various
tIceal le disinclination to order or to take orders, for in- markets.
But on the 27th inst. the skies seemed to clear.
stance, in the iron, steel and textile trades very far ahead Cotton
advanced about $4 a bale and grain and other marowing to labor uncertainties. That is nothing new, espe- kets
also rose. The Governors of the Federal Reserve banks
cially as regards the New England cotton mills, For weeks at their spring
conference in Washington reached the conclupast many of them have refused to sell for summer delivery, sion
that there was no need of an immediate advance in refearing that labor disputes might make the fulfillment of discount
rates by the Federal Reserve banks. These men
such contracts difficult if not impossible. In the South cot- who in a
sense are at the helm of the country's business, are
ton mills are working up cotton bought at much lower prices supposed
to know whether tacking to avoid reefs or shoals
and buying little at current prices, lest cancellations ham- is necessar
y or not. The Federal Reserve Board in a survey
per them later in the year, if the price of raw eotton Should issued on
Mar. 27 said that business conditions in March
in the meantime have fallen. In other words, there is here gave
reason to believe that there would be no slackening in
and there the note of caution, which does not mean distrust, activity
in the immediate future. A number of industries
but simply a healthy tone in general business, a disposition have
allotted increases in wages in offsetting shortages of
to check anything'like runaway markets and keep within
skilled labor, a shortage of women workers having
been resafe and sane bounds, while at the same time going ahead ported
in textile, rubber and garment industries, with the
and not allowing conservatism to degenerate into anything
need for skilled labor great in many centres.
Recent insavoring of timidity. Quite the contrary. For the country
creases in industrial and commercial activity have
naturally
needs things in the shape of the three primary wants of manbeen reflected in a larger volume of loans by banks.
Meankind, I. e. food, clothing and shelter, especially the two last.
while sales of merchandise continue on the same
large scale,
The deprivations that came with the war, the historic high
both wholesale and retail, as in February. That
is saying
cost of living, and the memorable "buyers' strike," with the
much, for it will be recalled that the mail order
business,
resultant severe deflationary period, have been succeeded
for instance, in February was larger than
in January, deby brighter aspects of business in this country and,
outside spite the fact of the shorter month.
Meantime cotton and
of Germany, even to some extent in Europe. The
wants of woolen mills have latterly been
advancing wages. Many
110,000,000 people of the United States even in.
so-called Carolina cotton mills have raised
them 10% this week and
quiet periods are bound in the aggregate to be
large, and some in Massachusetts and
New Hampshire, including the
they are naturally still larger when confidence
returns as big Amoskeag mills at Manches
ter, 12%%. This may set
It has now.
the pace and avert a strike. All this of itself
True, with increasing trade the tendency of money
is eloquent tesrates timony to the fact that these industri
has not unnaturally.seemed to
es are in good shape.
be upward. The call rate
And under the spur of an incessant
has been 6%, with rising trade.
demand steel and iron
Money is in greater de- mills are gradually
increasing their output, consumption
mand; why should it not rise
under such circumstances like pushing production
despite the fact that the composite price
other commodities? The really
important thing is that of pig iron is $12 higher
than a year ago and that the drift
business, because of its enlargem
ent, require more money. of steel prices is still
upward. Distribution of dry goods is
Rather too much has been made
of recent rumors that the active, with prices
tending upward, owing to the scarcity of
rediscount rates of the Federal
Reserve banks were to be skilled labor.
Notwithstanding this handicap, production of
raised. The banks are supposed
to be business institutions the cotton, woolen
and other textile mills remains very large.
selling accommodation to business
people in a hundred dif- Many of the cotton
mills have sold their output, it is said, up
ferent lines. The law of supply and
demand applies here as to Oct. 1. Chicago
reports an excellent trade. The weather
everywhere else in the world of
business. Meetings of the at the West has
been, on the whole, better for retail trade,
Board of Governors of the Federal
Reserve Bank have been though cold in some
parts. The universality of employment
harped upon obviously for speculative
reasons in and out- in this country at high
wages means, of course, that the
side of Wall Street. This is not the
buyplace to discuss the ing power of this country
is greater than at any time for
stock market and its decline at times. But
two
the talk that years past. These better times
have caught dealers with
1354
S
stocks of merchandise down to a low ebb, the effect of previous prolonged periods of extreme caution. The replenishing demand has become so great that a certain amount of
speculation has entered, but not enough to vitiate the situation in all essential respects healthy and embodying a natural and welcome recovery after a protracted period of extreme dulness.
But meanwhile the shortage and high cost of labor pinches
American industry, which it cannot too often be said, is due
largely tt) the ill-advised 3% immigration law that cuts
down immigration into this country to 25% of what it was
for two years immediately preceding the war. This scarcity
and high labor costs threaten to seriously hamper the building industry in this country. It is true that the recent decision of a New York Supreme Court Judge holding that tax.
exemption laws passed by the New York Legislature to promote the building of new houses is unconstitutional has
been a blow for the time being to building operations in this
city. But it is not at all certain that the decision will not
be reversed on appeal. In the meantime costs in building
are astonishing. It is even said that in some very exceptional cases as high as $30 a day is being paid to carpenters,
bricklayers and plasterers, incredible as that sounds. Small
wonder that some building projects have had to be indefinitely deferred. A mammoth hotel in Chicago is one case
In point. Meanwhile, high labor costs are carried into the
price of building materials also. That is unavoidable, for
throughout the whole gamut of American business this
trouble arising from a scarcity of labor, in many cases artificial, is to be seen. It is pointed out that the prices of
building materials in general are 20% higher than those for
most commodities, that the average of all building materials
is 90% above that of nine years ago, while some materials
are even much higher than that. Compared with the prewar levels, it seems that yellow pine flooring is 120%
higher, common lime 130% higher, and spirits of turpentine
250% higher—small wonder that some reports from the
Carolinas say cotton farmers in some cases will not raise
cotton this year, but will devote themselves to the turpentine
industry, that commodity selling at the fabulous price of
$155 per gallon, something that would have made Sophar
Mills, one of the fathers of the naval stores trade in this city,
stare.
Things in Europe, too, do not seem to be so extremely bad.
Outside of Germany there is a perceptible improvement, despite the talk of alarmists and others who cannot be put in
that category, but who evidently take too despondent a view
of the outlook. The trade of France in 1922 showed a noticeable increase in the earnings of its railroads and in the exports of commodities. Notwithstanding drawbacks of a formidable kind, Great Britain's exports of steel and textiles
recorded a marked increase. Some are disposed to minimize
the effects of the Ruhr invasion, but that will not do. It certainly has had a detrimental effect on European business,
whatever may be said to the contrary. Also, there are reports of trade depression in Japan, more especially in the
cotton industry. And Germany's business is certainly in a
poor way. But apart from this, trade in Europe is apparently gradually improving and the .paper money vagaries
are losing some of their hold. What civilized nations need
is larger production, lower costs of living, reduced taxation
and balanced budgets. Germany has bought 500,000 tons of
coal and coke and 50,000 tons of finished steel, because of its
inability to produce these items during the French occupation of the Ruhr.
Fall River, Mass., cotton workers, at the request of the
manufacturers, voted last Sunday to defer action on the
question of a strike until April 20, the mill owners there
having refused the 15% increase asked for, but on Thursday
(Mar. 29) the Cotton Manufacturers' Association, following
the action of mill owners elsewhere, in conceding wage increases, arranged for a conference the coming Monday (April
2). The Pacific Mills at Lawrence, Mass., and the Amoskeag Mfg. Co. In New Hampshire on Mar. 28 advanced wages
2Vo. The Nashua mills, with 4,000 operatives, also
1
12/
granted an advance, but the amount was not stated. Several
smaller mills, mostly makers of woolen goods, likewise announced that they were meeting the new wage schedules.
Cotton manufacturers of 'New Bedford and Rhode Island
were said to be awaiting the outcome of the negotiations in
Fall River, while those in Maine were considering their sit:iation in the light of the advances in New Hampshire. But on Thursday numerous mills in Rhode Island
also fell in line and posted notices of wage Increases. The
[VOL. 116.
THE CHRONICLE
Arlington Mills of Lawrence, Mass., announced an advance
2.70, effective April 30. The Monomac Spin1
supposedly 12/
ning Co., which is one of the Whitman group, made a similar
announcement, but the increase is to apply only to its wool
manufacturing plants. Other Massachusetts mills announced
2%, which included the Smith & Dove
1
advances of 10 to 12/
Mfg. Co. of Andover, Mass., and the Bigelow-Hartford Carpet
Co. of Clinton, Mass. At Burlington, Vt., a 121A% increase,
effective April 30, has been granted to 550 employees of the
Queen City Cotton Co. of Burlington. At Putnam, Conn.,
the Grosvenordale Co., operating two large cotton plants in
Grosvenordale and North Grosvenordaie, will increase
wages. This was the first cotton plant in Connecticut to
announce an increase, and it was believed to be an indication
that cotton goods manufacturers in that State would follow
the lead of woolen and worsted mills in making increases.
Cotton mills in and around Gaffney, S. C., Kings Mountain,
Clifton, Pacelet, Spartanburg and Inman have increased operatives' wages 10%, effective next Monday. Some other
Carolina cotton mill operatives will ask next week, it is
stated, for an increase in wages. At Wadesboro, N. C., there
was also a 10% increase. The Cone Mills at Greensboro,
N. C., advanced wages, supposedly 10%. At Chester, S. C.,
on Mar. 28 officials of the Laurens Cotton Mills announced
that a readjustment will be made in wages of employees
which will approximate a 10% increase. The new wage
scale goes into effect immediately.
The weather of late has been very cold and blustry. On
Thursday the thermometer here was down to 10 degrees
above zero, the coldest weather for March 29 on record. It
was 30 degrees below zero at Saranac. It has been very cold
in the Far Northwest, too cold at times for spring wheat
seeding. There was a blizzard in the upper Lake region on
Tuesday, especially over northern Michigan, and it was still
raging on the 29th inst. Railroad traffic was stopped and
street car traffic in Detroit was demoralized. At Sault Ste
Marie business ceased with snow drifts 6 to 10 feet deep in
the streets. Nearby farm houses were said to be buried to
the second stories. The Grand Traverse region has been
without railroad service for 18 days because of storms.
It has also been quite cold in the Far Southwest,
and this has delayed cotton planting in Texas and Oklahoma.
But of course such temperatures are not likely to be of long
duration in any Dart of the country. Indications pointed to
rains here and warmer weather.
Federal Reserve Board's Summary of Business
Conditions in United States.
"Continued active business is indicated by the maintenance of a high rate of industrial production, increases in
freight traffic and employment and a large volume of retail
and wholesale trade"—so states the Federal Reserve Board,
in its statement of Mar. 28, summarizing business and credit
conditions in the United States during February and part
of March. The Board continues:
Production.
The Federal Reserve Board's index of production In basic Industries
for February was at the same high level as in January. The index number
for these industries is now approximately equal to the highest point reached
In the past. Since the low point in July, 1921, there has been increase of
61%. The volume of new building projected in February was exceptionally
large for the season, particularly in Western districts. Railroad freight
shipments have been Increasing and the car shortage, which was somewhat relieved in December and January, became more marked in recent
weeks.
A continued increase In industrial employment has been accompanied by
further advances In wage rates in a number of industries. Many New
England woolen mills announced a wage increase of 121.4% effective April
30. A shortage of women workers has been reported In the textile, rubber
and garment industries, and there is a shortage of unskilled labor in many
industrial centres.
Trade.
Wholesale and retail distribution of goods continue at a high level during February. Sales of both wholesale and retail concerns reporting to
the Federal Reserve banks were well above those of a year ago, but the
increase was relatively more pronounced in wholesale trade. Mail order
and chain store business was almost as large in February as in January.
despite the shorter month, and sales of 5 and 10 cent stores were actually
larger than in January.
Wholesale Prices.
The Bureau of Labor Statistics index of wholeshe prima advanced slightly
of
Prices
February.
metals, building materials and clothing induring
creased. while prices of fueLs and farm products declined. Building materials and metals during the past year have advanced more than any other
groups of commodities and are now about 25% higher than in March, 1922.
Bank Credit
Recent increas sIn indu trial and coMmercial activity have been reflected
In a larger volume of loans by Member banks for commercial purposes.
especially In the New York, Chicago and San Francisco Districts. Loans
of this character by repo2ting Member banks are now approximately 500
million dollars larger than at the end of December. Thls increase has
MAR. 31 1923.]
UTE CHRONICLE
1355
been accompanied by a reduction in holdings of investments; so that there
has been only a moderato net increase in total loans and investments.
The larger demand for funds has not led to any increase during the past
month in the total volume of credit extended by the Reserve banks. Total
earnings assets and loans to Member banks on March 21 were approximately
the same as four weeks earlier. Borrowings by Member banks in the interior
Increased, particularly in the Chicago District, but borrowing by Member
banks in the New York District decreased. Since the end of February,
there has been a small decline in the volume of Federal Reserve note circulation which is now at approximately the same level as six months ago.
Other fermi of currency in circulation, however, have recently increased.
The market rates on commercial paper advanced further to a range of
6 to 5%% and the rate on bankers' acceptances remained steady at about
4%. There has been a slight Increase in the yield of short term Treasury
certificates as well as of Government and other high-grade bonds.
Wages Increased in the Cleveland Clothing Market.
The tidal wave of wage increases in the textile industry
which started recently with the American Woolen Co., when
an advance of 12/
1
2% was granted to its 40,000 workers, has
rapidly spread throughout various branches of the textile
trades. On Monday, Mar. 26, announcement was made by
the Impartial Chairman of the Cleveland clothing manufacturing market that a wage increase of 10% for tailors, and
1
for cutters will go into effect April 1. Cleveland is the
7,5;
first of the clothing markets to announce wage advances, but
indications are that some of the other markets may follow.
Gain in Wholesale Trade Reported by Federal Reserve
Bank of New York.
The Federal Reserve Bank of New York, in its Monthly
Review of Business and Credit Conditions, issued under date
of April 1, states that "dollar sales in February by representative wholesale dealers in this district in ten commodity
lines were 23% above those of February a year ago." It
adds:
Employment in Selected Industries in February 1923.
An increase of 2.3% in the number of employees in February over those in January is shown in the compilation of
statistics in 43 industries made by the Bureau of Labor Statistics, U. S. Department of Labor, which likewise reports an
increase of 5.1% in the total amount paid in wages in the
two months' comparison. In the case of identical establishments in 13 manufacturing industries, there was an increase
in the number of employees in 11 industries in February this
year as compared with February of last year and a decrease
in two. The following is the Bureau's statement, made
public Mar. 24:
With the single exception of stationery, sales in all lines were well above
the sales of February 1921,and in clothing and drugs sales were above those
of any previous February.
Detailed figures are shown in the following table:
February Sales (In Percentages).
Commohity.
1919
1921
1920
1922
1923
Machine tools_
636
720
294
100
435
Diamonds
381
104
309
100
247
Jewelry
195
264
103
100
150
Clothing
96
124
100
103
135
(a) Men's
126
121
100
• 80
173
(b) Women's
89
125
106
100
110
Hardware
152
125
170
100
134
Dry goods
99
131
100
71
118
Groceries118
106
132
100
117
Shoes
132
243
100
112
114
92
105
Drugs
100
83
114
Stationery
104
120
100
110
108
The U. S. Department of Labor, through the Bureau of Labor Statistics,
here presents reports concerning the volume of employment in February 1928
from 4,848 representative establishments in 43 manufacturing industries,
covering 1,924,372 employees, whose total earnings during the one-week pay
roll period reported amounted to $48,618,824.
Identical establishments in January reported 1,881,109 employees and total
pay-rolls of $46,265,468. Therefore, in February, in the 48 industries combined, there was an increase over January of 2.3% in the number of employees, and an increase of 5.1% in the total amount paid in pages.
Increases in the number of employees in February as compared with employees in identical establishments,in January are shown in 32 of the 43 industries, and decreases in 11. The largest increase, 17.2%, is shown in the
fertilizer industry, followed by agricultural implements, with 12.3%, and
automobiles with 9.1%.
The largest decreases in employment are shown in slaughtering and meat
Total (weighted)
105
136
100
102
123
packing and in car building and repairing, being 4.4% and 2.5%, respectively.
Increases in the total amount of pay-rolls in February as compared with
Federal Reserve Bank of New York on Increasing January
are shown in 34 of the 43 industries, leaving only 9 industries with
Sales of Department and Chain Stores.
decreased pay-rolls. This reflects the end of the inventory season, which in
The following Is from the April 1 number of the Monthly January was largely responsible for the fact that only 12 industries showed
Increased pay-rolls.
Review of Credit and Business Conditions, issued by the
The greater number of industries with increased pay-roll totals in February is further illustrated by the table showing changes in per capita earnings.
Federal Reserve Bank of New York:
In February, 28 of the 43 industries show increases in per capita earnings,
Department Store Business.
as compared with only 10 industries which showed such increases in the
Inclement weather during the past two months retarded the growth of January report.
department store business in this district. February sales were 2.8%
The automobile industry leads in increased pay-roll totals with 20.8%, folabove those of February a year ago as compared with a gain of nearly 10% lowed by agricultural implements with 16.1% and the fertilizer and women's
ha January. Sales during the first three weeks of March were also slow.
clothing industries, each with 9.1%. The pottery, silk, iron and steel, hoEven with sales somewhat retarded, stocks held by department stores. siery, foundry, baking, carriage, men's clothing and piano industries
show •
computed at the wiling price, were in about the same ratio to sales as in gains ranging from 6.7% to 5.7%.
February a your ago.
The slaughtering and meat packing industry shows the largest decrease in
Mail order sales continue to show as large advances as occurred in recent pay-roll totals-7.2%, whale chewing and smoking tobacco
decreased 5.4%
months,and February sales were 40% above those of February 1922. De- and carpets 5.2%.
tailed figures are shown in the following table:
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS
DURING ONE WEEK IN JANUARY AND FEBRUARY 1923.
February Sales
-Stock on Hand Mar. 1(In Percentages)
(In Percentages.)
No. on Pay-Roll % of Amount of Pay-Rott % of
1919 1920 1921 1922 1923 1919 1920 1921 1922 1923
No.of in One WeekInin One WeekAll dept.stores_
In80 102 104 100 103
98 100 103
77 118
IndustryEstabCrease
CTOCLIe
New York
99 100 102
80 104 103 100 103
78 118
list- Jan.
Feb. or De- January February or DeBuffalo
90 107 121 100 110 84 125 106 100 100
ments 1923. 1923. crease.
1923.
1923.
crease.
Newark
78 102 107 100 110
77 126
95 100 109
Agricultural imple'ts 54 18,007 20,230 +12.3 8434.076 $499,768 +15.1
Rochester
87 140 128 100
87
87 101 100
99 Automobiles
64
181 206,704 225,572 +9.1 6,006,614 7,254,714 +20.8
Syracuse
80 110 112 100 105
95 135 114 100
96 Automobile tires
76 44,688 46,811 +4.8 1,241,740 1,351,647 +8.9
Bridgeport
85 110 111 100
73 116
97
93 100
169 25,980 27.259 +4.9
98 Baking
645,853
684,634 +6.0
Boots and shoes
Elsewhere in 2nd
153 85,183 85,911
+.9 1,927,499 1,951,883 +1.3
Brick
193 14,996 14,907
-.6
344,155
District
339,000 -1.6
77
89
76
98
89
85 100
98 100
99 Carriages & wagons_ 342,640 2,748 +4.1
59,087
62,529 +5.8
Apparel stores78
94 102 100 105
61 104
89 100 109 Car bldg. ex repairing 118 87,159 84,974 -2.5 2,318,498
2,307.070
-.5
Mall order houses_ 120 206 108 100 140
Carpets
24 17,436 17.132 -1.7
469,449
445,080 -5.2
96 19,683 20,082 +2.0
The physical volume of sales has been estimated by dividing the dollar Chemicals
488,882
498,451 +2.0
Clothing,
men's
143
49,503 50,700 +2.4 1,307,889 1,383,044 +5.7
sales by the prices for each month. The increase in the estimated volume Clothing,
women's
149 14,218 14,900 +4.8
396,065
432,107 +9.1
of department store business corresponds closely with the increase in the Cotton.finishing_
25 15.986 15,784 -1.3
353,998
355,649 +0.5
estimated volume of wholesale business, though the fluctuations are smaller Cotton, manutaeg
157 126,970 127,478
+.4 2,201,491 2.205,895
+.2
Electrical machinery,
In both wholesale and retail trade there is a consistent and rapid
growth
appli. & supplies
91 71,396 73,239 +2.6 1,771,148 1,838,701 +3.8
in sales from year to your. In the case of retail sales growth since 1919 has Fertilizers
81
6,624 7,770 +17.3
110,913
121,006 +9.1
averaged about 7% a year. This growth is more rapid than the rate of Flour
94
7.976 7.889 -1.1
195,849 -1.4
198,577
growth of the population in the cities represented and appears to Indicate Foundry & machine
shops
283 110,105 114,399 +3.9 2,983,022 3,167,969 +6.2
an absorption by department stores of trade formerly handled by smallest Furniture
156 28,597 29,055 +1.6
648,678
667,490 +2.9
concerns or else an increase in per capita purchasing power.
Glass
107 31,146 31,676 +1.7
742,246
+.9
748,927
Hardware
31 20.616 20,954 +1.6
487,807 +8.4
450,212
Chain Store Sales.
Hosiery cl: knit goods 186 49,088 49,657 +1.2
798,014
+6.5
849,836
Influences retarding department stores sales in February were not re- Iron and steel
187 217,303 223,615 +2.9 5,968,489 6,308,584 +5.7
127 27,316 27,687 +1.4
fleeted in sales of chain apparel stores, which were 25% larger than a Fare Leather
631,174
654.486 +32
Lumber, millwork
178 23,526 23,801 +1.2
545.133 +2.1
533,939
ago.
Lumber, sawmill.s._ 243 64,600 66.303 +2.6 1,172.585 1,208,953 +3.1
With the exception of cigar and shoe stores, February sales of all
Millinery
&
lace
goods
47
6,986 7,254 +3.8
150,497 +3.0
reporting
146,162
chain store systems were larger than those of any previous February. De- Paper boxes
134 13,321 13,397
259,110 +1.3
255,886
+.6
Paper and pulp
177 52,032 52.822 +1.5 1,274,084 1.305,468 +2.5
tailed figures are shown in the following table:
Petroleum
41 43.183 43,712 +1.2 1,352,895 1,355,756
+.2
% Change in Pianos and organs . 24
8,736 6.798
173,720
183,588 +5.7
+9
Pottery
50 10.878 11,184 +2.8
Sales per
251,542
268.303 +6.7
-No. of Stores.- -Feb. Net Sales (in Percentages)- Store, Feb. PrintingBook and lob
134 21,730 21.792
719,454
+3 717,678
+.2
Feb.
Feb.
Type of
1922 to
Newspapers
173 39,369 39,108
-.7 1,417,661 1,422,895
+.4
1922.
Store.
1923. 1919 1920 1921 1922 1923 Feb. 1923. Shipbuilding, steel
25 15,564 15,555
409,693
-.1
407,688
-.5
Shirts
and
454
collars
Apparel- -- 390
55
110
69
408.105
27,405 27,768 +1.3
406,973
125
108
100
+7.3
-.3
Silk
132 41,558 42.460 +2.2
800,322
Grocery__ -- 7,281
858,547 +6.5
9,717
69
99
122
89
100
-.89
Slaughtering & meat
1,783
Ten-cont_- 1,728
71
100
84
116
93
+12.8
packing
85 89,143 85.259 -4.4 2,188,944 2.031.674 -7.2
282
300
78
Stamped ware
98
Drug
98
--1.9
100
272.252
32 13,678 13,657
104
-.2
276,632 +1.6
Stoves
2,737
300,022
52 11,811 12,003 +1.6
2,253
71
97
316,748 +5.6
107
Cigar
-17.4
100
100
Tobacco.
234
199
72
95
Shoe
104
--28.6
100
84
Chewing & smok'g 11
1,913 1.912
-.I
32,615
30.542 -6.4
Cigars & cigarettes 170 32,282 32.081
-.6
586,614
563,689 -3.9
Woolen manufactueg 185 66.076 67.077 +1.5 1.406.960 1.495085 4.1 a
Total.._ _12,133 15,225
70
92
94
100
-7.6
116
1356
THE CHRONICLE
Comparative data relating to identical establishments in 13 manufacturing
industries for February 1923 and February 1922 appear in the following
table.
In this yearly comparison the number of employees increased in 11 industries and decreased in 2.
. The largest increases were 47.3% in the automobile industry, 45.2% in
car building and repairing, and 31.8% in the iron and steel industry.
Hosiery and knit goods and men's clothing show slight increases.
The entire 13 industries show increased pay-rools in February 1923 as
compared with February 1922. The iron and steel industry shows a gain of
84.6%, the automobile industry of 79.2%, car building and repairing of
47.2%, cotton finishing of 31.8% and woolen manufacturing of 22.9%.
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS
DURING ONE WEEK IN FEBRUARY 1922 AND FEBRUARY 1923.
•
Automobiles
Boots and shoes
Car bldg. & repairing
Clothing. men's
Cotton,finishing__ _
Cotton, manufacti_
Hosiery & knit goods
Iron and steel
Leather
Paper and pull,
Silk_
Tobacco, cigars and
cigarettes
Woolen manufacturg
No. on Pay-Roll
No.of in One Week&tabfish- Feb.
Feb.
meats 1922. 1923.
WWWWW...4Ww.W
Industry-
03,285 137,407
56,338 57,435
38,756 56,265
29,471 29,320
12,164 13,877
58,586 60,628
30,495 30,172
119,463 157,430
11,470 12,394
23,068 24,568
17,523 17,647
% of Amount of Pay-Roll % of
Inin One WeekIncrease
crease
or De- February February or Docrease.
1922.
1923.
crease.
+47.3 82,517,473 84,511,689
+1.9 1,283,304 1,329,886
+45.2 1,025,960 1,512,704
-.5 813,674
875,015
+14.1
234,596
309,207
+3.5
979,461 1,075,461
-1.1
504,723
507,686
+31.8 2,364,429 4,365,120
+8.1
248,900
278,776
+6.5
534,670 607,233
+.7
366,641
385,064
+70.2
+3.6
+47.4
+7.5
+31.8
+9.8
+.6
+84.6
+12.0
+13.6
+5.0
[VOL. 116.
Livestock loading amounted to 30.633 cars, which also was a decrease of
406 cars compared with the preceding week. ,Comparisons showed, however, that this was an increase of 4,116 cars above the corresponding week
of 1922, and an increase of4,139 cars above the same week In 1921. In the
Western districts alone, 22,821 cars were loaded with livestock during the
week, an increase of 3,537 over the same week last year.
Coal loading totaled 183,530 cars. This was a decrease of 2,797 cars
compared with the week before, and a decrease of 7,260 compared with the
corresponding week last year, when coal shipments were stimulated by the
approaching miners' strike. The total for the week, however, was an increase of 57.562 cars over the same week in 1921.
Coke loading totaled 15,322 cars, a gain of82 over the week before. This
also was an increase of 6,838 over last year, and an increase of 9,516 over
two years ago.
While loading of forest products was 1.396 cars under the previous week,
shipments of that commodity continued heavy, the total for the week being
74,152 cars. Compared with the same week last year this was an increase
of 20,187, and with the same week in 1921 an increase of 24,594 cars.
Ore loading continues to show the increased movement which developed
some weeks ago, the total for the week being 12.786 cars, or 968 cars above
the week before. and 7,492 cars in excess of the same week last year. This
also was an increase of 6,695 cars over the same week two years ago.
WO
W.
Compared by districts, increases over the week before in
the total loading of all commodities were reported in the
Eastern, Alleghany and Southwestern districts, while decreases, for the most part slight, were reported in the Pocahontas, Southern, Northwestern and Central Western dis15,020 16,125 +7.4
253,036
282,256 +11.5
23.654 28.373 +11.5 499.905 519 255 -1-020 tricts. All districts, however, reported increases over the
corresponding week last year, and all except the Southwest1923 Expected to be an Active Year in the Hat Industry. ern reported increases over the corresponding week in 1921.
Improvement in the hat trade, first apparent early last Loading of freight cars this year to date compared with
those of the two previous years follow:
fall, has been gaining
momentum, and to-day the industry
s said to be operating at approximately 80% of capacity,
with every indication that 1923 will be one of the best years
on record. Indicative of the improvement in the industry
is a recent statement of William V. Campbell, President of
the Waring Hat Manufacturing Corporation, that sales of
his company for the first two months of the year show a gain
of 35% over the same period last year. Orders on hand are
even better, reflecting a comparative gain of 140%.
Month of January
Month of February
Week ending March 3•
Week ending March 10
Week ending March 17
Total for year to date
1923.
3.380,296
3,366,965
917,896
905,219
904,286
1922.
2,785,119
3,027,886
793.115
820,886
815,082
1921.
2,823,759
2.739,234
711,367
700,440
691,396
9,474.662
8,242,088
7,666.196
Wage Cut Accepted by British Seamen.
While wages are advancing in practically all branches of
Farmers' Purchasing Power Continues to Rise.
Industry in the United States it is interesting to note that in
• Farmers' purchasing power continued its slow upward England the seamen, firemen. and stewards on vessels have
climb during February, the U. S. Department of Agricul- agreed to reduction. of
monthly. There has also been a
ture announces, being placed at 69 as an index figure, as com- broad line revision in the pay of officers.
pared with 68 in January. Although prices of commodities
other than food that farmers buy jumped 2 points during the
month, prices of crops went up 4 points and prices of live stock
1 point. The average farm price of 10 leading crops is placed
at 130 as an index number, as compared with 126 in January.
This is the highest figure reached since December 1920,
when the index number was 131. Higher prices of cotton,
corn, wheat and oats are mainly responsible for the advance
during the month, the Department says. Live stock prices
have not fared as well as crop prices, having had numerous
ups and downs over the two-year period. The index figure
of farm prices of 6 items is 107 for February, compared with
106 in January. The average for the year 1922 was 111, as
compared with an average of 107 in 1921.
The index of commodity prices is placed at 172,as compared
with 170 in January. The average for 1922 was 163 as compared with 161 in 1921.
'Fall River Textile Workers Seeking Wage Increases
to Await Result of Conference on April 20Manufacturers' Statement.
A threatened strike of textile workers, members of unions
affiliated with the Fall River Textile Councils, was averted
.on Mar. 25, when four of the six locals agreed to the request
of the Fall River Cotton Manufacturers' Association that the
t Textile Council defer action on their demands for a wage increase of 15% on April 2 in 111 Fall River mills, pending the
outcome of a conference of the manufacturers and the Council on April 20. On the 29th, following the action of cotton
manufacturers elsewhere pursuing the course of woolen
mills in advancing wages, to which we refer in another item,
the Fall River Cotton Manufacturers' Association arranged
a conference with the Textile Council on the wage question
for next Monday (April 2) instead of the date originally
set, namely April 20. This action, unexpected, was accepted
Continued Record-Breaking Freight Movement on
as an indication in Fall River of partial retreat by the mill
Railroads.
owners from the position that they would shut down their
More cars have been loaded with revenue freight so far in plants rather than grant an increase. Following the vote of
1923, according to the Car Service Division of the American the unions on Mar. 25 Thomas Goodwin.. Secretary of the
Railway Association, than ever before in the history of the Council. issued the following
statement:
railroads at this time of year. From January 1 to March 17,
At a meeting of the Textile Council held this afternoon it was voted that
inclusive, 9,474,662 cars were loaded. This was an increase the Council notify the manufacturers
that their request to defer action has
of 1,232,574 over the total for the corresponding week last been favorably acted upon and that we are prepared to meet them on or
year, and an increase of 1,808,466 cars over the correspond- before April 20 to again take up the wage question.
From the Fall River advices Mar. 25 to the "Journal of
ing period in 1921. This also was a substantial increase
Commerce- we quote the following:
corresponding
periods
for
the
in
totals
1918,
1919
over the
The meeting of the weavers' union brought out the largest attendance.
and 1920. Loading of revenue freight during the week which over
800 attending, and the vote was 475 to 131 in favor of going out on
17,
reports
for
which
March
became
available
on
ended
strike April 2.
The
meeting of the loom fixers' association brought out the second largest
March 27, totaled 904,286 cars. Compared with the corattendance, approximately 300 being in
though not all of those
responding week last year, this was an increase of 89,204 present voted. The vote was 161 to 94attendance,
in favor of a strike, but when incorresponding
week
in
1921, an increase formed that it required a two-thirds vote to declare a strike it was unancars, and with the
agreed to defer action until April 20.
of 212,890 cars. The total for the week was, however, a imously
The slasher tenders' union voted 61 to 30 in favor of a strike.
reduction of 933 cars below the preceding week this year.
The yarn finishers'association voted unanimously to defer any action unThe statement contains the following additional points of til April 20. About 150 members were present at the meeting.
About three hundred members of the carders' union voted unanimously
information.
against striking at this time, and agreed to take no action until April 20.
Loading ot merchandise and miscellaneous freight, which includes manufactured products, totaled 548,575 cars. 4,860 cars in excess of the week
before. This was an increase o • 57.950 above the corresponding week in
1922. and an increase of 107,015 above the corresponding week in 1921.
Loading of grain and grain products for the week totaled 39,288 cars,
2.244 under the week before, and 119 cars below the same week last year.
Compared with the same week two years ago, however, this was an increase
of 3.369 cars.
The spinners' meeting brought out about one hundred members and the
vote was 38 to 21 in favor of deferring action until April 20.
The Fall River Cotton Manufacturers' Association in conference with the Textile Council n the 23rd had asked that
the wage demand be withdrawn, and that a further conference ill the mutter be held April 20. A. statement detailing
MAR. 31 1923.]
THE CHRONICLE
1357
runs from 55 to 60 hours weekly and besides mills in Massachusetts are
closed nine holidays during the year; the South observes but four holidays
at most.
If there were no other elements to enter into the calculation the difference
In running time, if continued indefinitely, will be disastrous to our industry
in Fail River. But there are other elements still more important and very
vital at the present time.
First, the question of wages as they exist in the two sections. Fall River
is the greater centre of print cloth manufacture in the North. Very few of
these fabrics are made elsewhere in the Northern States. South Carolina is
the greatest competitor in the South. We give below a comparative table
showing wages paid per hour in Fall River and in South Carolina.
Thefigures given for South Carolina are taken from those published by the
United States Department of Labor,James J. Davis. Secretary, who,by the
way, is a labor union man.
The figures for Fall River are taken from the pay rolls of a number of
mills, and their accuracy can be substantiated to any extent desired and
reflect the true conditions.
The percentage is figured for each department and is as follows:
A:we. Wages per Avge. 10 Fall P. C. Above
So. Caro.
Hr., So. Caro. River Mills.
1922.
Cccupation—
1922.
1922.
The right of our employees to collectively negotiate the question of Card room
59%
$0.414
$0.260
wages through the Fall River Textile Council has been recognized by the Spinning room
78%
0 219
0 390
manufacturers for many years past.
Dressing room
73%
0 237
0 410
For some years it has been customary for the Textile Council and Manu- Loom fixers
0 360
0 558
55%
facturers' Committee to meet semi-annually in June and December to Weavers
36%
0 378
0 273
discuss trade conditions, with a view of keeping in friendly touch with Trimmers and inspectors
0 176
0 257
40%
each other and also keeping informed as to the state of things affecting Other employees
0 176
0 357
103%
our mutual welfare.
It is astounding even to us to ascertain the actual conditions existing
Those conferences we think have been productive of much good in proBureau
moting mutual confidence and good feeling and we certainly hope that by the official figures ten years ago, 1913. The report of the Labor
the
this present conference will in no way tend to lessen the growing feeling Is incomplete in not giving in detail prices paid in all departmets of
given sufof respect and confidence that has of recent years existed between the cotton mills North and South, but several departments were
departments.
ficient to indicate the percentage of difference in several
two bodies.
You come before us with a request for an increase of wages of 15%. to The percentage of Massachusetts over the South at that period was:
Carding department. about 28%; spinning department. about 46%;
take effect on April 2 next, and to give your reasons why such an increase
should be granted. It, therefore, becomes our duty to give our reasons why loom fixers. about 48%;weavers, about 27 to 28%;cloth room,about 52%.
As an example of the present differences in the rate of wages in Fall
the request should not be compiled with at the present time.
River over the South, we have computed what it amounts to in dollars
No Profits at Present.
to one of our mills which contains 84,000 spindles. The result proves
We proposed to give these reasons in considerable detail and ask your to be $3.800 weekly, or $190,000 per year, based on fifty weeks running
very careful attention to the facts and arguments set forth. First, as time.
to the general and very much larger part of the production of the mills
There are still other items which enter into the cost of production that
of Fall River, there is no margin of profits at the present cost of produc- are of larger importance, by which we are at a disadvantage in Fall River
tion. With the exception of a few specialties for which there is a limited in comparison with the South.
demand and are not made to any extent by the majority of our mills there
To mention some of the most important are taxes, fuel and hydrois at the current price of raw material an actual loss.
electric power. Prices of coal vary in the South as they do in the North.
That at no time during the past two years and up to the present time according to locality and proximity to mines, but as a rule are much lower
haa it been possible to sell the standard goods which constitute the very than the North, and much less is required for heating purposes owing to
much larger part of the production of this city at a price that would return the climate.
the cost of making them on the day they were sold.
Hydro-electric power has in the South been developed to a very large
That during 1921 and 1922 many mills were compelled either to close extent, and is offered to manufacturing establishments at very low rates.
for quite a long period of time or run short time, to the serious loss of both
Taxes in Fall River have In recent years been increased enormously.
employees and manufacturers, and notwithstanding this large curtail- being on corporations at least three times as much as paid in pre-war
ment heavy stocks of goods had to be carried which could not be sold.
times by mary mills. Also State taxes are many times as large as in
That cotton goods are now abnormally high in price, forced up by the pre-war times.
scarcity and extreme high prices of cotton and other excessive costs of proThe increase in city tax alone equals 6% on all the wages paid, and the
duction. In 1920, when the war inflation was at its peak and prices were total taxes paid, disregarding all Federal taxes, equal approximately $100
extremely high, there developed what has come to be known as a buyers' per annum for each operative employed.
strike, in resistance to high prices, and in consequence trade cam to a sudIn other words $100 for each employee must be earned for city and State
den halt, and both goods and raw materials declined in price to such an ex- taxes before anything remains for either employees or stockholders. This
tent as to cause a loss of many millions of dollars to the corporations in this contrasts with approximately $30 to $33 in 1913.
city—such losses continuing through 1921 and 1922, as will be demonstrated
In view of the facts presented, which we ourselves have only recently
by figures given below.
comprehended and compiled, we are no longer surprised at our inability to
Dividends from Reserre.
sell our product in competition with the South. It is certain that so long as
That dividends paid during the past two years have been largely piad they have goods to sell they can have the market, and our sales at cost or
out of reserves and surplus accumulated previous to 1921.
better must be contingent upon the temporary scarcity of a given fabric.
To substantiate this statement we call your attention to the following If these statements are true, may we ask in all sincerity what would you do
figures: At the end of the fiscal year 1920 all the corporations (excepting if occupying our places in the management of these corporations?
four privately owned that do not report their earnings and dividends)
Last year a movement was undertaken by a large number of manufachad an excess of quick assets over liabilities of $30,249,415. At the end turers in New England to make a reduction in wages of 20%, and outside
:Fame
corporations had an excess of quick assets over of Massachusetts to go back to the fifty-four hour week of running time.
of fiscal year 1921 the
liabilities of $20.037,925. showing a shrinkage of $10.211,490. There The manufacturers of Fall River declined to join such a movement and
were paid in dividends during 1921. $3,072,875, showing a deficit above remained steadfast in that determination throughout the struggle that took
dividends of $7,138,615. One year later the same corporations had an place in other localities and in other States.
excess of quick assets of $17,214,450, showing a shrinkage during 1922 of
We do not hesitate to affirm that in view of business conditions then
$2,823.475. The dividends paid in 1922 were $3,567,550. This shows existing, we would have been justified from a purely business point of view
a gain toward payment of the above named dividends of $744,075, showing In attempting to reduce our cost in every way possible, but having in mind
that about 80% of dividends was paid from surplus. In this computation the profit made during the war inflation period and the amicable relations
no charge against the mills is made for depreciation, which at the man which have prevailed during the past 19 years, we preferred at any sacrifice
moderate estimate would be at least $2.000,000 each year.
to try to tide over the extreme depression until the outlook for business beDuring 1922, two of the wealthier corporations each made a large extra came more fully demonstrated. We feel at this time that our course was
dividend, one from the sale of Liberty bends subscribed for during the war the better one for the operatives, the community and probably ourselves.
and the other to reduce accumulated surplus to avoid being penalized by a But in view of these facts and what is generally known about business conpassible high tax. These two dividends amounted to 8987,500. which, ditions here, we wonder why a demand should be made upon us at this time.
deducted from the gross dividends above, leave the net regular dividends at which if insisted upon may lead to untold misery and trouble, which through
$2,580.050, or about $500,000 less than 1921.
the wisdom and forbearance of both labor and capital has for 19 years been
We feel positive that it will be impossible to operate our mills for any avoided.
length of time with an increase of wages, unless our market conditions
At a mass meeting in Fall River on Mar. 26 members of
materially improves.
Our reasons in addition to those already stated for reaching this conclu- unions affiliated with the United Textile Workers of Amersion are at; follows:
ica (a very small body of operatives, distinct from the TexFifty years ago little or no cotton manufacturing was done in the South.
Thirty years ago, 1892, Fall River had more cotton spindles than all the tile Council) demanded that a strike be called in Fall River
Southern States combined. Ten years later, 1902, Fall River had about mills on the following day for a wage increase of 29%. A
$3,000,000 spindles, and the South between •1.000,000 and 5,000,000 spin- press dispatch from Fall River
in the "Journal of Comdles. Ten years later still, 1912, Fall River had about 4.000,000 and the
South over 11,000,000 spindles. At the present time. 1923. Fall River still merce" said:
remains with about 4,000,000 spindles and the South has over 16,000,000
Angered by the failure of President Thomas P. McMahon.of the United
spindles.
Textile Workers,to reach the city to-night, in accordancehis with announced
During the later period of growth the mills in the South have been mak- plans, many of the workers
insisted that action be taken without this
ing nearly, if not all, of the same variety of fabrics that are made in Fall leader.
River and at much lower cost, the relative cost being much lower now
Fred M. Knight.. of the State Board of Arbitration and Conciliation,
then ten years ago. To substantiate our statement regarding fabrics we appeared before the
meeting and counselled delay. He was called into the
refer you to the daily trade papers published in New York.
Fall River textile situation two weeks ago by Mayor Talbot,and he told the
To substantiate the statement regarding cost, we first mil your attention workers that his report was not
yet ready. A few union leaders also pleaded
to the monthly report of the Department of Commerce of the United States for delay, assuring
impatient members that to strike immediately would he
relating to the running time of cotton mills in the State for the month of to "fall into the trap prepared
by the manufacturers and the Textile CounJanuary, 1923, the latest available.
cil."
The figures are mado on the basis of hours run. In the South the number
President McMahon, who is in New York, was reached by telephone and
of spindle hours run was 307. In Massachusetts the number of spindle said he would be in Fall River on
Wednesday. Finally it was decided to
hours run was 192. The running time south of Massachusetts was almost await the outcome of an executive meeting of the United Textile Workers
exactly 60%. Massachusetts is restricted by law to 48 hours per week. here Wedenesday night, at which President McMahon said he would be
No other New England State is restricted ,o less than 54, and the South present.
the position of the manufacturers was issued on Mar. 23, this
calling attention to the fact that last year, when "a movement was undertaken by a large number of manufacturers in
New England to make a reduction in wages of 20%, and outside of Massachusetts to go back to the 54-hour week of running time, the manufacturers of Fall River declined to join
such a movement and remained steadfast in that determination throughout the struggle that took place in other localities and in other States." The assertion is also made in the
statement that "there is no margin of profit at the present
cost of production," and that "with the exception of a few
specialties for which there is a limited demand, and are not
made to any extent by the majority of our mills there is at
the current price of raw material an actual loss." The following is the statement of the Fall River Cotton Manufacturers' Association issued Mar. 23:
1358
THE CHRONICLE
Fr Those in favor of an immediate strike recalled that in January President
McMahon had been empowered by the unions to call a strike, and that no
step to this end had been taken.
We have waited long enough," they declared.
A week ago President McMahon said that he had set the day and hour of
the strike, but had decided to defer action pending the result of a conference
to be held last Friday between the Textile Council and the Cotton Manufacturers' Association.
On Mar. 29 the Fall River unions affiliated with the
United Textile Workers decided to defer action until next
week. They will await the outcome of next Monday's conference between the rival union body, the Textile Council,
and the Cotton Manufacturers' Association.
In another item in this issue we refer to the wage increases
granted this week by various cotton and woolen mills, notably the Pacific mills, the Amoskeag Manufacturing Co., etc.
[VoL. 116.
Uxbridge (Mass.) press advices Mar. 24 stated:
Woolen and worsted mills here announced to-day wage increases of
12%% effective April 30. The plants include the Uxbridge Worsted Co.,
with mills here. in Lowell, Millbury and Woonsocket, R. I.; Waucantuck
Mills, Davis & Brown Woolne Co., and S. S. Scott & Sons, Inc.
Penacook (N. H.) advices the same date said:
The Harris-Emery Co., manufacturers of woolen goods, have granted
a 10% increase in wages, effective at once.
On Mar. 26 Boston dispatches stated:
The Arlington Mills, with plants at Lawrence and North Adams, announced to-day an increase in wages to all employees. effective April 30.
An aggregate of 7,300 persons are involved; The amount of increase was
not stated, but it was thought to correspond somewhat with the 1234%
advance announced recently by the American Woolen Company.
The Arlington Mills, making worsted goods, are the largest interest
which have followed the lead of the American Woolen Company in granting
wage advances to date.
We also quote the following press dispatches Mar. 26:
Wage Increases in Cotton and Woolen Mills in New
England and South.
Various cotton and woolen mills in New England and the
South have this week announced wage increases, comment in
the press dispatches from Boston being made as follows Mar.
28, when the Pacific Mills and the Amoskeag Manufacturing
Co. announced wage advances of 12',%:
To the wage increases already granted to upward of 50,000 woolen
mill operatives in New England there were added to-day advances to
about 25,000 workers in cotton mills. These advances marked the first
action by cotton manufacturing interests to meet the higher wage levels
set by the woolen mills and came while the workers of Fall River, a cotton
centre employing 36,000, are involved in two separate sets of wage demands
by rival unions.
In the past advances by cotton and woolen groups as large as those
now on record for the revision upward have almost invariably been followed by a general increase in the textile industry. Such action would
affect approximately 250.000 persons at the present volume of operation,
which in most cases is normal.
The big centre of Lawrence, with only a few exceptions among its mills,
was placed on the higher wage level through announcement by the Pacific
Mills, makers of both cotton and worsted goods, that it would grant a
12;4% increase to its 8,000 employees. The American Woolen Co.'s
several plants in Lawrence were the first to declare higher price lists.
and the Arlington Mills, the third principal operating factor there, joined
the movement yesterday.
New Hampshire was brought into line to-day by the Amoskeag Manufacturing Co.'s announcement that its mills at Manchester. employing
about 13,500 persons, would be placed on wage schedules 121,4% higher
April 30. The Amoskeag plant is among the largest devoted principally
to cotton products in the world.
A few minutes after the industry learned of the action of the Amoskeag
Co., the Nashua Manufacturing Co., operating the Jackson and Nashua
mills with 4,000 operatives, posted notices of an advance, the amount of
which was not stated.
Several smaller mills, mostly makers of woolen goods, also notified
employees that they were meeting the new standards, but the cotton
manufacturers of New Bedford and Rhode Island were understood to be
awaiting the outcome of the negotiations in Fall River, while those in
Maine were considering their situation in the light of the advances in
New Hampshire to-day.
Several mills in the South announced a 10% increase a few days ago.
Andover, Mass.—A 123 % wage increase. effective April 30, was an
nounced to-day by the Smith & Dove Manufacturing Co. The companyemploys about 400, and manufactures linen threads, yarns and twines.
Lawrence, Mass.—The Monomac Spinning Co., which employs 925 Persons in the making of worsted yarns hero, announced a 12%% advance in
wages to-day, effective April 30.
• Thompsonvale, Conn.—A wage increase of 10% in all departments, eefective April 2, was announced by the Bigelow-Hartford Carpet Co. today. About 3,600 persons are on the pay rolls.
Clinton, Mass.—Announcement of a 10% advance in wages for the 1,750
operatives in its mill here was made by the Bigelow-Hartford Carpet Co.
to-day. The increase will go into effect on April 2.
From Boston Mar. 27 special advices to the "Journal of
Commerce" said:
Four more mills at Lawrence and Methuen grantedwage increases to-day
amounting to 12%%. These mills, which employ some 1.300 employees,
are the George E. Kunhgrdt Corporation and Walworth Bros. of Lawrence,
and the Methuen Company and the Merrimack Mills of Methuen.
In addition to the Boston press dispatch of Mar. 28 we
give the following further press dispatches from the New
England section Mar. 28 relative to increases granted:
Lowell, Maas.—The Mohair Plush Manufacturing Co. to-day announced
an advance of 123.4% in wages, effective at the end of this month. The
company employs 600.
Fitchburg, Mass.—The Star Worsted Co. to-day announced a wage increase of 12%%A wage increase of varying amounts was announced to-day by the Mirreffs Worsted Co. The plant employs 250 persons.
Burlington. Vt.—A 12;4% increase, effective April 30, has been granted
to 550 employees of the Queen City Cotton Co. of Burlington. according to
an announcement made to-day by A. M.Young,Treasurer of the company.
Putnam, Conn.—The Grosvenordale Company, operating two large cotton plants in Grosvenordalo and North Grovesnordale, will post notices
to-morrow ofan increase in wages. elective April 20. it was learned to-night.
The increase, it Is understood, will be approximately 12%%. The mills
employ 1,200 hands. This is tho first cotton plant in Connecticut to announco an increase, and it is believed that cotton goods manufacturers will
follow its lead.
The announcement (Mar. 28) of the 12/
1
2% increase
granted by the Amoskeag Manufacturing Co. was made as
follows by W. Parker Straw:
Announcement of a 12/
1
2% wage increase in the mills of
This afternoon the employees of the Amoskeag Manufacturing Company
the American Woolen Co., effective April 30, was announced were officially informed through notices posted in the various departments
that
new wage schedules would be prepared to become effective on April 30
last week. At Methuen, Mass., Mar. 23 the Bolton Worsted.
1923. advancing all piece and hourly rates 12%%.
Mills, employing about 100, announced a 12/
1
2% wage inThe advance of the Amoskeag mills brings that company's
crease, effective April 30. The International Worsted Co.,
wages, it is stated, up to within 2% of the peak of war wages.
with 250 employees, made a similar announcement. On the
Pawtucket (R. I.) press dispatches Mar. 26 said:
same date (Mar. 23) the Springfield "Republican" reported
Action in the proposed demand for a 29%% increase In wages by emthe following from North Adams:
ployees of the Lincoln Bleacherics, No. 4, and Ann and Hope mills of the
More than 1,000 employees of local woolen mills learned to-day that, be- Lonsdale Co. at Lonsdale. was deferred until a week from Sunday at a
ginning April 30, their wages will be increased 1254%. The mills announc- meeting at Valley Falls to-night, according to workers who attended.
ing the increase are the BlacIdnton mills, North Adams Manufacturing Com- International Organizer John J. Thomas of the United Textile Workers
pany and Strong-Hewat Company. The other mill, the Hoosac Worsted, of America, of which about 75% of the 2,000 employees of the mills are
usually works with the others in the matter of wages and is expected to make said to be members, refused to issue any statement regarding the meeting.
a wage increase announcement in a few days. The headquarters of the
President Thomas F. McMahon of the U. T. W., will arrive in Pawlatter concern :re not at North Adams.
tucket Wednesday, Thomas said, and the two men will confer regarding
What action the employees of the mill will take regarding the offer can- the course of action to be taken.
not be foretold, as the meetings of the Textile Workers' Union have not
The granting of increases in the above mills was anbeen held. There is a belief here that a peaceful understanding will be
nounced as follows on Mar. 29 in a Pawtucket press disreached.
From the Providence "Journal" of Mar. 23 we take the patch:
following:
Wage increases
in several Blackstone Valley textile mills, the first in
Several thousand Woonsocket woolen and worsted mill operatives are Rhode Island this year, announced to-night. Notices were posted in three
mills
at
Lonsdale
and at the Ashton and Berkeley Mills, of a wage Increase,
benefited by the 12;4% wage increase granted yesterday by six companies in
that city. The new scale becomes effective April 30 and its adoption was the amount of which was not specified. The date when the increase would
announced by the following companies: Guerin Mills, Inc., operating be effective was omitted.
The action of the mill owners followed announcement of wage advances
six plants: the Philmont Worsted Company. tho Bernal Worsted Company,
industry in other New England States.
the Lippitt Woolen Company, Dunn Worsted Mills and the Preserverance In the woolen and cotton
The
mills in which notices were posted were the Ann and Hope Mill,
Worsted Company. The action of these companies follows a similar move
Mill No.4 and the Lincoln Bleachery, all at Lonsdale; the Ashton Mill, at
made Wednesday by the American Woolen Company.
Ashton, and the Berkeley Mill, at Berkeley.
"Courant"
announced
the
following
Hartford
from
The
The employees of these mills, said to be strongly unionized, met last
Sunday to take action relative to their demand for a 29%% wage increase
Rockville Mar. 23:
made through the United Textile Workers of America, but action was deThe employees of all the woolen and worsted mills in this city, num- ferred
until a week from Sunday.
bering eight in all, have been given an increase of 12%% in wages. This
These mills, as well as a number In the Pawtucket Valley, are controlled
announcement was made at noon to-day and will take effect on Monday, by the Goddard-Gammel interests.
R. H. I, Goddard, President of the
Ap:11 30th. This is In accordance with the move made by the American operating corporation, to-night
admitted that increases of wages were
Woolen Company a short time ago. The increase is effective in the Rock
considered, but refused to state the amount.
being
Manufacturing Co., which operates a large plant in the centre of the city
The following additional advices of New England wage
the James J. Regan Manufacturing Company, which operates two plants,
the Regan Mills and the Saxony Mill and also in the five mills of the Hock- advances Mar. 29 were reported in press
advices printed in
anum Mills Company, the Hockanum, Springfield, New England, Minterthe New York "Times" of yesterday (Mar. 30):
burn and American Mills.
This increase in wages will affect several thousand employees and in.
Providence. R. I.—The Interlaken Mills, operating cottonTinills at
eludes all who work in the mills with the exception of the office help.
Harris and Arkwright and a print works at ArkwrIght, employing 700.1.and
MAR. 311923.]
THE CHRONICLE
the Crompton Company of Crompton, employing 1.200, it Is authoritatively
stated, will post notices of wage increases to-morrow.
Manchester, N. II.—The Pacific Mills at Dover to-day announced a
wage increase of 12%%,effective April 30. These mills are owned by the
same company which controls large plants in Lawrence, Mass.
Officials of the Great Falls Manufacturing Co. at Somersworth refused
to say to-day what their action would be in the light of wage increases in
other cities of the State.
1359
wages, as the condition in the textile trade for some time has been such
that many believed the higher wage appeared justified.
Should the wage increase become general there will be a great boom
in mercantile business, as for some time textile operatives have retrenched
financially.
The same paper in Chester (S. C.) advices Mar. 28 said:
Officials of the Laurens Cotton Mills announce that a readjustment
will be made in wages of employees which will approximate 10% increase,
according to information received in Chester to-night from Laurens, S. C.
350 emSalem, Mass.—The Naumke.ag Steam Cotton Co. to-day announced .The new wage scale goes into effect immediately and will affect
an advance in wages of about 12%%. effective April 2,for the 2,000 oper- ployees.
Senator N. B. Dial is President of these mills.
atives in its mills here and at the Danvers Bleachery in Peabody, a branch
of the company.
From the Raleigh "News and Observer" of Mar. 27 we
Boston.--Two New Hampshire cotton mills with offices here announced quote the following from Burlington, N. C.:
wage increases to-day. The Suncook Mills, employing 300, and the NewThe several thousand textile workers in Burlington and Alamance
market Manufacturing Co., employing 1.000, declared advances of 12%%. county were made glad Saturday morning when the proprietors of the
various cotton mills of the county posted notices to the effect that their
Fitchburg, Mass.—Announcement was made to-day by the Parkhill employees had been given an increase of 10% in wages. The increase is
Manufacturing Co.. makers of ginghams, of a wage increase effective April effective beginning to-day, and it is said that the increase in wages is
30. The advance, varying in different departments, is expected to be in general, affecting employees of all the mills in the county. There had been
excess of 10% for the 1,500 operatives.
no demand for the increase on the part of the textile workers,it is reported.
the owners of the mills adding the 10% to their employees voluntarily.
Lawrence, Mass.—The Everett Mills, makers of cotton goods, to-day The cotton manufacturing industry of Alamance County has been very
announced an advance and readjustment of wages beginning Monday. prosperous this year, as many of the mills are operating night shifts In order
April 30. The company, which employs 1,800 operatives, would not state to keep their orders filled. Practically all of them have been operating on
the amount of the increase.
full time for several months, and the outlook for the future is very good.
Putnam, Conn.—Notice of an increase in wages, amount not named,
was posted at the plant of the Putnam Manufacturing Co. here to-day.
It affects 250 operatives and will take effect April 30.
Springfield, Mass.—A voluntary increase of approximately 10%,effective
April 30, was granted 800 employees of the Hodges Carpet Co. to-day in
Indian Orchard.
As to increases in Southern mills, we quote the following
from Chester, S. C., Mar. 27, published in the "Journal of
Commerce":
Much intertst was manifested In textile circles to-day by the news from
Gaffney that the Alma Mills. Cherokee Weaving Mills, Gaffney Knitting
Mills, Gaffney Manufacturing Co., Globe Manufacturing Co., Hamrick
Mills, Irene Mills, Limestone Mills, Musgrove Mills, and Palmetto Damask
Mills, beginning April 2, will increase wages 10%.according to an announcement posted at the plants.
The action of the Gaffney mills Is in line with other textile plants in
that section of the Carolinas, where advances in wages have recently
been announced.
Textile executives in this section in all cases where they possibly could,
have increased wages. In fact, for some time there has been a tendency
on the part of many mill owners in the Carolinas to adjust wages upward
where there was a chance to do so. There has been an effort made by
many mill operators In the Carolinas to equalize the wage scales for workers
of different kinds of endeavor In the same mills.
An analysis made by a prominent mill operator in this section to-night
Shows that Chester. Rockhill and Lancaster mills have been paying,
according to him, for some time, higher wages than any textile manufacturing plants in South Carolina. The operatives in the foregoing
places seem satisfied and reall,ze when conditions of the market justify
It there will be another increase.
Wage increases were made at Manetto Mills. near here, recently, and
at Spartanburg and Wadesboro, No. Caro., and other North Carolina
places. At Wadesboro the increase was made following a brief strike.
It is:believed other mills in this State are contemplating advances in
I,
Southern Mill Workers Framing Wage Demands.
The following from Charlotte, N. C., Mar. 26 appeared in
the New York "Commercial":
A demand for increase in wages for textile operatives in North and South
Carolina is to be framed at a meeting next Sunday afternoon in Concord,
N. C. Announcement of the meeting was made here yesterday afternoon
by James F. Barrett, special representative and official spokesman for the
textile unionists of the two Carolinas.
The representatives of the United Textile Workers of America in the
two Carolinas have been called to meet in Concord to decide on the scale
of increase to be asked. Barrett said.
Mr. Barrett declared that an increase is necessary to give the workers an
adequate living and he declared the prosperity of the mills warrants a
boost of their wages at this time.
A few mills in this section already have voluntarily increased wages, and
this is pointed to as evidence that the industry can well afford a general
advance at this time.
No strike is contemplated, Mr. Barrett declared. He said there was no
prospects of trouble and he thought the mill owners would quickly recognize
the reasonableness of the increase to be asked. However, he indicated that
ifsome mills did not grant the demands the workers were prepared to fight.
More Textile Mills in North Carolina than in Any
Other State.
The following from Raleigh, N. C., Mar. 23, is taken from
the "Journal of Commerce":
North Carolina has more textile mills than any State in the Union,according to M.L. Shipman, State Commissioner of Labor, who announced to-day
that latest figures, showing 383 cotton mills in the State, gave it a rank
above Massachusetts.
Massachusetts, however, still holds first place in total value of textile
Products manufactured, he said, with North Carolina a close second.
Current Events and Discussions
The Week with the Federal Reserve Banks.
Continued reduction in the holdings of Treasury certificates, aggregating $51,100,000 for the week, as against
increases of $8,600,000 in other U. S. securities and of
$86,300,000 in discounted and purchased bills, is shown
In the Federal Reserve Board's weekly consolidated bank
statement issued as at close of business on March 28 1923,
and which deals with the results for the twelve Federal
Reserve Banks combined. Discounted bills show an increase for the week of about $70,000,000, mainly at the
New York Reserve bank. Deposit liabilities declined
$8,800,000, while Federal Reserve note circulation shows
anil increase of about $1,000,000. Cash reserves fell off
$16,300,000, and the reserve ratio declined from 75.7% to
75.5%. After noting these facts, the Federal Reserve
Board proceeds as follows:
livestock paper eligible for discount by Federal Reserve
banks from 6 to 9 months. Under the provisions of this
amendment the Federal Reserve banks of Atlanta and
San Francisco have established discount rates of 4
on
agricultural and livestock paper maturing between 6 and 9
months and have discounted small amounts of such paper,
the amount held on March 28 being $15,000.
The statement in full in comparison with preceding weeks
and with the corresponding date last year will be found on
subsequent pages, namely pages 1385 and 1386. A summary of changes in the principal assets and liabilities of the
Reserve banks on March 28 1923, as compared with a week
and a year ago, follows:
Increase(+)or Decrease(—)
Mar. 211923.
Mar. 29 1922.
Total reserves
+$72,900,000
—$16.300,000
Gold reserves
+88,400,000
—10,500.000
The banks show a total decrease In their gold reserves of $10,500,000.
Total earnings assets
+24,100,000
+43.800,000
During the week the gold movement was away from New York, the local
Discounted bills, total
+64.100,000
Reserve bank reporting a decrease in its gold reserves of $32,100,000.
+70,000,000
Secured by U. S. Govt. obligations_
Smaller decreases in gold reserves, totaling $8,100.000, are reported by
+145.400,000
+36.400,000
the Boston, Chicago, Minneapolis, Kansas City and San Francisco banks.
Other bills discounted
—81.300.000
+33,600,000
Cleveland shows an increase in its gold reserves of $17,100,000. Philadelphia
Purchased bills
+16.300.000
+151,600.000
an !Increase( of !6,4e0,0e0, and the remaining four Reserve banks an aggreUnited States securities, total
—191.500,000
—42,500,000
gate increase of $6,200,000
Bonds and notes
+8.600.000
—28.100.000
Holdings of paper secured by'Government obligations increasenng
U. S. certificates of indebtedness_ -the week from $351,900.000 to $388,200,000. Of the total held on March
—51,100,000
—163.400,000
28, $208,600,000, or 53.7%, were secured by U. S. bonds, $2500000. Total deposits
—8,800,000
+171.100,000
or 0.6%, by Victory notes, $168,400,000, or 43.4%, by Treasury notes,
Members'reserve deposits
+4,900,000
+162,600,000
andi$8,700,000, or 2.3%, by Treasury certificates, compared with $195.Government deposits
—13.200.000
+29,400,000
200.000,$2.700,000, $146,400,000 and $7,600,000 reported the week before.
Other deposits
—500.000
—20,900,000
The March 4 1923 amendment to the Federal Reserve Federal reserve notes in circulation
+1.000,000
+50.600,000
Act increased the maximum maturity of agricultural and F.R. bank notes in circulation—netliab_
+100,00C
—77,900,000
1360
THE CHRONICLE
[Vol,. 116.
met to-night
for the final redrafting of their project before its formal preThe Week with the Member Banks of the Federal sentation to the
congress to-morrow.
Reserve System.
In announcing the adoption, unanimously, of the resolution
Aggregate increases of $105,000,000 in Treasury cer- of Mar. 23, a copyright cablegram to the New York "Times"
tificates, also of $42,000,000 in loans secured by stocks said:
and bonds, as against reductions of $15,000,000, in other,
Its passage is the result of weeks of hard work by the best brains, reprelargely commercial,loans and of $14,000,000 in other invest- senting all the interested countries now gathered in Rome. and it may be
looked upon as stating their studied and considered viewpoint. The
ments, are the leading features of member bank develop- enthusiastic way in which it was received clearly shows that the opinion
ment for the week ending March 21, as shown by the Federal prevailed that if Europe's problems wore attacked on a sound busihess
Reserve Board's latest consolidated statement of condition of basis a solution could and would be found.
Basis of Principles Outlined.
777 member banks in leading cities. It should be noted
The resolution states that the problems underlying the present economic
that the figures of these member banks are always a week
disturbances are five: First, reparations; second, the interallied debts:
behind those of the Reserve banks themselves. Issuance third, unbalanced governmental budgets and uncontrolled inflation; fourth.
the
disturbance of international credits, and, fifth, abnormal fluctuations.
on March 15 of over $475,000,000 of Treasury certificates
It declares that "the International Chamber of Commerce believes that it is
accounts for the substantial increase in member bank impossible
to arrive at a lasting settlement without a recognition of the interholdings of this class of securities, while the increase of dependence of the different parts of the world's economic organization."
The
futility
of partial remedies and the necessity for a comprehensive conloans against stocks and bonds was limited almost excluof the inter-related questions are asserted.
sively to member banks in New York City. These latter sideration
In attacking the five problems the resolution recommended that these
show increases of $37,000,000 in Treasury certificates and principles be observed:
Reparations—The full extent and the moral character of the obligations
of $47,000,000 in loans against stocks and bonds, as against
be recognized, and restitution and reparation made to the utmost
reductions of $17,000,000 in other loans and discounts and should
extent of the debtors' resources, but securities should be provided that
of $19,000,000 in other investments. Total loans and in- violations of frontiers need no longer be feared.
Interallied Debts—As the debts were contracted I n a common cause and
vestments show an increase of $118,000,000 for the week,
during a period of tremendous sacrifice of life and property, a proper factor
the corresponding increase for the New York City banks in the adjustment of such indebtedness should be present and future paying
being $48,000,000.
capacity,reasonable consideration being given to the probable effect ofsound
In connection with the large Treasury operations of the national budgets, to the saving resulting from decreased military expenditure and to a settlement of the claims for reparations and restitution.
week Government deposits of the reporting banks adBudgets—These should contemplate every possible ecoomy and not imvanced $218,000,000. Other demand deposits (net), on pose such taxation as would discourage productive enterprise and cause
Government expenses should not
the other hand, declined by $280,000,000, while time unemployment. As a matter of principle,
be met by loans or issues of paper currency.
deposits show an increase of $32,000,000. For the New
International Credits—The elimination of inflation and the attainment
York City banks increases of $102,000,000 in Government ofsound national finance are conditions precedent to adequate international
•
deposits and of $31,000,000 in time deposits, as against credit.
Exchange—Attempts at the artificial stabilization of exchange are dana reduction of $97,000,000 in net demand deposits are noted. gerous and undesirable. The stabilization of currencies on a gold value
Further comment regarding the changes shown by these basis should be the ultimate goal.
Committees for Starting Action.
member banks is as follows:
The resolution continues that the International Chamber of Commerce beBorrowings of the reporting institutions from the Federal Reserve
banks increased during the week from $405,000,000 to $416,000,000, the
ratio of these borrowings to the banks' total loans and investments continuing unchanged at 2.5%. For the New York City banks a decrease
in these borrowings from $152,000,000 to $110,000,000 and from 2.9%
to 2.1% in the ratio of these borrowings to total loans and investments
is shown.
In keeping with he substantial reduction in demand deposits the reporting banks show a decrease of $55,000,000, and those of New York
City a decrease of $33,000,000, in their reserve balances with the Federal
Reserve banks. Cash in vault shows a decline of $12,000,000 for all
reporting banks and a decline of about 91.000,000 for the member banks
In New York City.
On a subsequent page—that is, on page 1386—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(—)
Mar. 14 1923,
Mar. 22 1923.
Loans and discounts—tltal
+$858,000,000
+$27.000,000
Secured by U. S. Govt. obligations_
—128,000,000
Secured by stocks and bonds
+622,000,000
+42.000,000
All other
—15,000,000
+364,000,000
Investments, total
+91.000,000 +1,032,000,000
U. S. bonds
—18,000,000
+420,000,000
U. S. Victory notes and Treasury notes
+499,000,000
+6,000,000
Treasury certificates
+105,000,000
+33,000,000
Other stocks and bonds
—2,000,000
+80,000.000
Reserve balances with F. It. banks
+132,000,000
—55,000.000
—12.000,000
Cash in vault
+5.000,000
+102,000,000
Government deposits
+218,000,000
—280,000,000
Net demand deposits
+846,000,000
Time deposits
+32,000,000
+790,000,000
Total accommodation at F. R. banks
+11,000,000
+165,000,000
International Chamber of Commerce Adopts Resolution
Favoring World Economic Conference—Also
Favors Stabilization of Exchange.
A resolution favoring a world economic conference, introduced by United States delegates, was unanimously approved
by the International Chamber of Commerce in session at
Rome, Italy. on Mar. 23. The resolution had been presented
by John H. Fahey of Boston, former President of the Chamber of Commerce of the United States, who said that it represented a statement of the principles on which all the
Americans had reached a common ground, and it was a
straight outline of the measures to be undertaken if international finance and trade were to be returned to normal.
The resolution was submitted on the 20th inst., and the cablegrams from Rome Mar. 22 (Associated Press) stated:
The American resolution presented to the International Chamber of
Commerce on Tuesday. suggesting the calling of a world economic conference to settle world economic difficulties, underwent slight modification today as it was passed among the various foreign delegations to the congress
prior to being formally offered.
Changes in the resolution were necessary in order to comply tvith the
French viewpoint, but the American delegates succeeded in rounding out
their motion so that the French might be satisfied. The American delegates
Heves that a general economic conference of the nations interested for the
final adjustment of these problems is essential and inevitable, though the
Chamber fully recognizes that it would be inopportune at the present moment to suggest any measures for the settlement of the situation which how
exists between the Allied nations and Germany. The resolution ends by
authorizing the Council to appoint such committees and to take such action
as may seem necessary to make effective the purposes sot forth.
The same cablegram stated that the finance section of the
Congress also discussed "the vexed question of the stabilization of exchanges," and added:
Just as at the Genoa economic conference in April of last year, where
the same subject was amply treated without any definite decision being
reached, two distinct schools of thought were discernible---those who
believe that the value of each country's monetary unit should be fixed
at its present rating, and those who believe that no effort should be spared
to return to parity without delay.
A resolution over which the discussion arose was presented by Delegate
Cassel of Sweden. an economist of note. It reads:
"The Congress recommends, first, that the stabilization of the value
of the monetary unit in each country be recognized as the true aimeof
a monetary policy; second, that the policy of raising to pre-war parity
such currencies which are not near their old parities be abandoned as
useless and harmful and in most cases Impossible to realize."
Walter Leaf, Chairman of the London County, Westminster and Parr'.
Bank, speaking for the British delegation, vigorously opposed the resolution. He was supported in his attitude by the Swiss. French, Belgian,
Italian and Greek delegations.
National Interests Emphasised.
Speakers declared that Cassel had been looking at the matter from boo
exclusively an international viewpoint without taking the aspirations of
the various nations sufficiently into account. They conceded that the
gradual rehabilitation of currency would enrich many people who had
bought German Government securities at a time when currency had a
low value, but they contended that it was better to enrich a few than to
impoverish a whole nation.
At the suggestion of Willis H. Booth, who presided at the meeting, it
was finally decided to adopt a resolution on recommending the stabilization
of exchange, byt leaving each Government free to decide whether it was
to be stabilized at gold parity or at current value.
Resolutions on bills of exchange and douhle taxation were referred to
special committees and will be discussed at the next congress ofthe Chamber.
Willis H. Booth Elected President of International
Chamber of Commerce.
The election of Willis H. Booth, Vice-President of the
Guaranty Trust Co. of New York, as President of the International Chamber of Commerce at the plenary session of the
Chamber in Rome,Italy, on Mar. 24, was announced in cablegrams that day. Mr. Booth had been Vice-President of the
Chamber. He has been a director of the Chamber since its
organization in Paris in June 1920 and as President succeeds
Etienne Clementel,former Minister of Commerce for France,
the first President of the Chamber. The term of office is
for two years. The following facts regarding Mr. Booth's
career will be found Interesting:
Mr. Booth began his banking career in 1905 as Vice-President of the
Equitable Savings Bank of Los Angeles. In 1911, this institution was
consolidated with the Security Trust & savings Bank of Los Angeles
of which Mr. Booth became Vice-President and also of the Southern
Mmi. 311923.]
THE CHRONICLE
Trust Co. These positions he has held continuously since that time.
In addition he has served as Vice-President of the Security National Bank
since 1914. In 1918 he took up his residence in New York City, as VicePresident of the Guaranty Trust Co.
In addition to his banking activities, Mr. Booth has many large and
important industrial interests. In 1910, he established the Hotpoint
Electric Heating Co., which was later merged with the Hughes Electric
Co. and the electric heating division of the General Electric Co. under
the name of Edison Electric Appliance Co. with factories in California,
Chicago and Canada He is Chairman of the Board and of the Executive
Committee of this corporation. Mr. Booth is director of the following
corporations:
The Security Trust & Savings Bank, the Southern Trust Co., the Booth
Investment Co., the Sierra Talc Co., the Pacific Steamship & Navigation
Co., all of Los Angeles; the Edison Electric Appliance Co., Chicago; the
Commercial Solvents Co., the Employers' Mutual Insurance Co., and
the Computing, Tabulating Sz Recording Co., all of New York.
Mr. Booth has traveled extensively throughout the world and is a
member of the Foreign Trade Council of New York and a Vice-President
and director of the Foreign Trade Committee of the Chamber of Commerce.
of the United States.
Subscription of $12,500,000 to German Government's
Loan of $50,000,000—Conclusions of Reparations
Commission Anent Issuance of Loan.
Cablegrams from Berlin, March 29 (Associated Press)
report that but 25% of the German Government's internal
'loan of $50,000,000 has been covered by popular subscription, according to returns made public that day. These
press advices state further:,
And while this result is designated as meeting official expectations under
the prevailing political and economic conditions, the financial critics
frankly concede that the showing is anything.but flattering.
The extent to which the loan is underwritten by the public through the
mediation of private banks leaves the banks with a deficit of fifty million
gold marks, which they now are obligated to assume, in keeping with their
promise to the Governtnent and the Reichsbank to take 100,000.000 gold
marks of the loan. Whether the Reichsbank will succeed in disposing of
all or the major portion of the unsubscribed balance is highly doubtful,
although the hope is expressed that the loan will be listed on German
bourses and will consequently find added takers.
The press reproaches the Reparation Commission for its alleged intimidation of prospective subscribers, charging that repeated indirect threats
that the loan will be seized or declared null and void obviously account
for the suspicion with which it is viewed by small investors. Other critics
believe that both the Government and the Reichsbank are unduly sanguine
with respect to the volume of foreign currencies in the possession of industrialists and shipping interests, failing to take into consideration that these
circles are least inclined to part with gold reserves, which are primarily
intended to cover foreign purchases and which, therefore, could not be tied
up in an internal gold loan whose ready negotiability is a matter of conjecture.
Much criticism is also expressed on the Reichsbank's failure to carry on
an effective publicity campaign in connection with the loan.
Another handicap to the successful flotation of the loan at present comes
through the current stabilization of the mark, which has resulted in a
slackening of Bourse activities generally, thus restricting the number of
investors, who are more readily inclined to part with rapidly depreciating
marks than with a currency which has virtually remained stationary for a
period of five weeks. A rising dollar would have materially contributed
to stimulating subscriptions to the loan. in the opinion of financiers.
Although it has scored only half a success the loan will enable the Reichsbank to continue Its action in sustaining the mark at the present level. Its
recent transfer to Switzerland of 100,000,000 gold marks, which are to
remain on deposit there, is also viewed as a move in the direction of steadying
the mark through the medium of a gold reserve abroad which is instantly
available. Its gold deposits in England, and Switzerland now amount
to 165,000,000 marks.
The fate of the first popular loan floated in republican Germany affords
a conspicuous contrast to the alacrity with which the public responded to
the summons of war drums when the nation's exchequer required refilling.
Germany's eighth war loan, floated in the spring of 1918. was underwritten
for $3.750,500,000, subscribed by individuals.
Reference to the issuance of the loan was made in these
columns last week (page 1235). On the same page it was
noted that,at the behest of the French Government the Allied
Reparations Commission had begun an examination of the
loan. A ruling to the effect that Germany has the right
to issue the loan, but that the security which may be given
is open to question is understood to have been given by the
Commission; as to this we quote the following Associated
Press advices from Paris March 28:
While various interpretations may be put upon the note the Reparations
Commission is sendinz to Germany in connection with her foreign currency
loan issue, the correct one, according to some of the best informed circles, is
that it holds in substance that there is no question of the German Government's right to offer the loan, but that there does exist a question as to the
security it may give.
The text of the note, prepared by Sir John Bradbury of England, and
M. Delamix of Belgium, calls attention to Article 248 of the Treaty of
Versailles, defining priority rights in reparation, and continues:
The Commission makes express reserve, as against subscribers to the
loan, of its right of priority against any funds which may be assigned by
the German Government to the payment of interest or the repayment of
capital to the loan in question, more particularly if the receipt itself is not
applied to the discharge of reparation annuities.
It is apparent that there was considerable discussion before the text of
the note was drafted, and the discussion made it first necessary to obtain
the interpretation placed upon Article 248 by the legal section of the Commission. It appeared the French contended this article applied virtually
to any assetsof Germany unless her reparation obligations were first satisfied.
It is affirmed that the original intention of the French was to prevent
the launching of the loan with a guarantee by the Reichsbank, but now that
the loan is said to be but 60% subscribed the original French position has
been temporarily modified.
As to the effect the note will have, it is contended that the whole reparation problem has been put in the melting pot by the presence of France and
1361
Belgium in the Ruhr, and that when the eventual settlement comes such
sweeping changes may be made that the present note may be lost sight of
In the general rearrangement.
In any case, the British position of "benevolent neutrality" towards the
Franco-Belgian occupation of the Ruhr was in no manner altered, it is
declared, by the discussion engaged in before the sending of the present note.
The Reparation Commission has unanimously decided that Germany
had no right to issue its recent $50,000,000 loan without permission, says
"Le Matin" to-day.
As to whether the Commission should require the German Reich to
pay over all or part of the proceeds, the French and Italian members
answered "Yes" and the others "No," the newspaper says.
The article adds that Sir John Bradbury and M. Delacroix were delegated to draft a sharp note to Germany embodying the Commission's views.
This note will probably be delivered to-day.
We also quote the following from Paris March 28, copyrighted by the New York "Times:"
Examination of the decision of the Reparation Commission yesterday
with respect to the German dollar loan shows that the Commission did not,
as was said in French quarters last night, decide that Germany had no right
to float the loan without the consent of the Allies, but that it decided the
German Government had no right to ropay the loan without the consent
of the Allies.
This decision is based on the ground that the Treaty of Versailles gives the
Allies a lien on all tho German Government's revenues for payment of reparations. If in 1926, when the bonds come due, Germany shall owe nothing
under the scale of payments then in force, she Will be free to redeem the
bonds; if at that time she is not up to date in her reparation payments due.
the Allies hold she should pay reparations before redeeming the bonds.
• This unanimous decision of the Reparation Commission, even Sir John
Bradbury voting, was in the form of approval of the recommendations and
approval of the legal experts of the Commission. These experts do not approve the French contention that the Allies had the right to demand that
Germany hand over for reparations account the receipts from the loan.
The French plan was turned down by a vote of 3 to 2,and it was the vote of
Hugh A. Rayne, the American legal expert, which gave the English and
Belgians the majority against the two votes of the French and Italians.
The legal experts against the French agreement rendered an opinion that
the Rcichsbank had been made an independent institution by German law
imposed by the Allies and therefore had the right to place its gold behind
German Government bonds, taking the stand that the Reichsbank would
have to redeem the bonds if the Allies exercised their right to prevent the
German Government redeeming them. However. the Reparation Commission took no action on this issue, so technically the question whether the
Reichsbank had a right to back the German Government bonds remains
open, with the probability that it will not be brought up in the near future.
Ruhr Foundries Order Ore from Sweden.
The New York "Evening Post" of March 20 printed the
following from Stockholm, Feb. 27:
Sweden's export of iron ore will not be materially disturbed by the Ruhr
occupation, as was feared in some quarters, according to reliable information
reaching Stockholm. The leading Swedish economic weekly, Attarsvarlden" (Business World), says it now feels reasonably sure that the large
ore-consuming industry in the Ruhr area will be kept going, whether under
German or French direction.
The Grangesberg Mining Company has announced the conclusion of
long-time contracts for continued delivery of Swedish ore to Gorman iron
works, and in the same quantities as heretofore. These contracts call for
deliveries until 1932. The largest consumers are the Thyssen and Krupp
works. During last year the total export of iron ore from Sweden amounted
to 5,320,000 tons, which is about one million tons more than during 1921.
A report from Germany published in Swedish papers states that Germany's total requirements now are 20,000,000 tons of iron ore a year, and
that under the new contracts allout 5,000,000 tons thereof will be supplied
by Sweden.
Advices to J. P. Morgan & Co. Regarding Cuban
Finances.
J. P. Morgan & Co. as head of the syndicate which offered
in January the $50,000,000 bonds of the Republic of Cuba,
made public on the 27th inst. a letter from M. Despaigne,
Secretary of the Republic of Cuba, regarding the financial
condition of Cuba. The letter shows total revenues for the
first six months of the fiscal year beginning July 1 1922
(exclusive of the sales tax) of $29,171,406, while for the two
months, January 1923 and February 1923, the revenues
amounted to $6,111,054 and $6,099,740, respectively. For the
fiscal year 1922-23 it is estimated that the total receipts will
reach $68,371,406, while total expenses are estimated at $58,335,972, leaving an estimated surplus of $10,035,434. Secretary Despaigne points out that "last November I estimated
that the revenues of the fiscal year 1923-24, exclusive of sales
tax, would be $58,660,720." Since that estimate, he says,
"there has been a substantial improvement in business conditions and a consequent improvement in public revenues."
Total revenues of at least $78,000,000 for the fiscal year beginning July 1 1923 are looked for by Secretary Despaigne,
of which $12,000,000 will, it is expected, come through the
sales tax; the expenditures for the year 1923-24, including
service of the new loan, President Zayas estimates, will not
be in excess of $64,000,000. Referring to the currency system
of Cuba, Secretary Despaigne states that the amount of
United States currency in circulation in Cuba is estimated
by responsible banks and bankers of Cuba to range from
$110,000,000 to $150,000,000. "If even the lowest of these
figures be accepted," he says, "it would still be true that the
amount of United States notes in circulation in the Island
of Cuba is in excess of the entire amount of the external
1362
THE CHRONICLE
debt of the Government, including the new $50,000,000 external loan. In other words, the people of Cuba collectively
hold gold demand obligations against the United States to an
amount in excess of the entire external debt of the Cuban
Government." The letter in full follows:
SECRETARY OF THE TREASURY.
Havana. March 15 1923.
Messrs. J. P. Morgan & Co.. New York City.
Dear Sirs:—Referring to the $50,000,000 external loan of the Republic
of Cuba recently purchased by J. P. Morgan & Co., Kuhn, Loeb & Co.,
National City Co., Guaranty Co. of New York, Bankers Trust'Co. of New
York, Harris, Forbes & Co., Dillon, Read & Co. and J. & W. Sellgraan &
Co.,I am glad to advise you of the condition of the finances of the Republic
of Cuba for the current fiscal year beginning July 1 1922, giving you also
for purposes of comparison the public revenues of the ten preceding fiscal
years and some estimates of the future.
I—Public Revenues for the Ten Fiscal Years Ending June 30 1922.
1912-13
$39,660,529 66 1917-18
364.671,799 74
1933-14
39,610,791 22 1918-19
70.333,770 78
1914-15
37.982,01002 1919-20
93,011,220 72
1915-16
40,984.379 53 1920-21
107.940,691 89
1916-17
52.054,807 83 1921-22
57,205,284 78
You will note that the average annual revenue for said ten years amounted
$60,345,528.
to
The high revenues for the two fiscal years 1919-20 and
1920-21 are a reflection of the period of excessive sugar prices which followed the ending of the World War. The low revenues of the year 1921-22
reflect the severe commercial crisis which the Island of Cuba suffered while
the worldwide readjustment of prices was taking place. The fact that the
public revenues remained at as high a figure as $57.000,000 during that
disastrous year is striking evidence of the fact that sugar, which is the
principal industry of the island, is a fundamental necessity which even
in the worst times must find consumers in world markets.
II—Public Revenues for the Current Fiscal Year Beginning July 1 1922.
a Revenues exclusive of Sales Tax. Total for first six
July 1922
$4,368,570 65
months-- --- _329,171,405 83
August 1922
4.807.87330 Jan. 1923 (31 days).. $6,111,054 45
September 1922
4.711.24370 Feb. 1923 (28 days).... 6,099,73987
October 1922
4,791,164 35
November 1922
5,239,828 06
b Revenues from Sales Tax.
December 1922
5,252,725 77
The law of Oct. 9 1922, commonly known as the Sales Tax Law, went
Into effect as of Dec.1 1922. Thesecond quarter ofthe fiscal year,therefore,
had only one month in which the Sales Tax was in operation, and the law
provides that the tax levied during that quarter is paid during the following
quarter. The amount of the Sales Tax levied for the month of December
was approximately $800,000. Of the tax so levied there was collected in
the month of January 3498,197 18. and in the month of February $244,552 21. The tax levied tor the quarter consisting of the months of January, February and March will be payable in April. It is believed that the
levy for the month of December (necessarily incomplete because of the
difficulty of setting up the new administrative machinery) will be exceeded
in the subsequent months. The Sales Tax imposed for the last quarter
of the fiscal year will not be payable until July 1923, which is in the next
fiscal year. There will therefore be carried into the revenues of the current
fiscal year only four months' operation of the Sales Tax.
Taking into account the foregoing figures and explanation, I am now
able to make the following estimate as to the public revenues for the fiscal
year 1922-23:
Actual revenues (exclusive of Sales Tax) during the first
six months of the fiscal year
$29,171,405 83
Estimated revenues (exclusive of Sales Tax) for the last
six months of the fiscal year
36,000,000 00
(This is estimating an average for the six months of
$6.000,000 per month. It will be noted that the actual
revenues for the months of January and February were
In excess of this estimate.)
Estimated revenues from Sales Tax for the four months—
December, January, February and March', being the only
months payable into the Treasury during the present
3,200,000 00
fiscal year
368,371.405 83
III—Public Expenditures for the Current Fiscal Year.
The amended budget of expenditures for the fiscal year
$56,731.972 21
1922-23 amounts to
Estimated expense of collecting new taxes
250,000 00
Interest, sinking fund and other services of the new $50.1,354,000 00
000,000 external loan, approximately
$58,335,972 21
IV—Excess of Estimated Receipts Over Estimated Public Expenditures for
the Fiscal Year 1922-23.
308.371,40583
Total estimated receipts
Total estimated expenses
58,335,972 21
Estimated surplus
$10,035,433 62
Under Section 2 of Article IV of the Loan Statute passed Oct. 9 1922,
the surplus revenues, after the respective budgets have been liquidated
and all the expenses of the year met and a reasonable balance left in the
Treasury, are to be applied to the retirement of the Government debts
with priority to the retirement of the internal debt and thereafter to the
more rapid amortization of the external debt.
V—The Retimated Receipts and Expenditures for the Fiscal Year 1923-24It is difficult to forecast accurately the receipts and expenditures or rue
fiscal year 1923-24. Last November I estimated that the revenues of the
fiscal year 1923-24, exclusive of Sales Tax, would be $58,660,720. Since
that estimate there has hoen a substantial improvement in business conditions and a consequent improvement in public revenues. It is now reasonable to expect that the revenue, exclusive of the Sales Tax, during the
next fiscal year should average at least 35.500,000 monthly. It is also
to be expected that the Sales Tax,under perfected administration, to which
President Zayas has pledged his bast efforts, should produce during the
next fiscal year at least 31,000,000 monthly. On the foregoing assumptions
the total revenue for the fiscal year beginning July 1 1923 should be at least:
a Revenues, exclusive of Sales Tax
$66,000,000
b Sales Tax
12,000,000
Total
[VoL. 116.
As to the expenditures for the fiscal year 193-24, the Constitution requires the President to submit a budget for each fiscal year in the November
preceding the opening of the fiscal year. President Zayas on Nov. 14 1922
submitted to the Congress an estimate of expenditures for the fiscal year
1923-24 amounting to 358,582,502 44, stating in his submission that he
reserved the right to make alterations or necessary additions. Since the
submission ot that budget the new $50,000,000 external loan has been made
and the interest, sinking fund and other service charges for this loan during
the next fiscal year will require approximately 33,275.000. There will
also be the expense of collecting the new taxes and some other additions to
the budget. I have the authority of President Zayas to advise you that
he estimates the total expenditures for the year 1923-24, including service
of the new loan, will not be in excess of $64,000,000.
If the foregoing estimates are maintained there will be a surplus revenue
of approximately $14,000,000 for the fiscal year 1923-24. Referring to the
special sinking fund provision for the new $50,000,000 loan, there will be
required, in the event of the public revenues amounting to as much as
$78,000,000, the sum of $1,800,000 (being equal to 10% of the excess over
,360,000.000) as a special sinking fund for the reduction of the $50,000,000
external loan. The balance of the surplus will be available for amortization of the public debt as provided in Section 2 of Article IV of the Loan
Act of Oct. 9 1922.
VI—The Funded Debt of the Republic of Cuba as of March 15 1922.
For purposes of convenience the funded debt of the Republic of Cuba
may be divided into external and internal debt.
Outstanding March 15 1923.
a External Debt.
b Internal Debt.
Loan issued in 1904.$21,960,000 Loan issued in 1905-- -$10,321,300
1909_ --- 15,319,000
1917-- - 4.500.0001917-_-- 19,353,900
1914---- 8,635,000 "
1923___ 50,000,000
Total external debt_ -495,914,000
Total internal debt_ --$34,175,200
The total funded Cuban debt, external and internal, amounts to $43
per capita as compared with approximately $208 per capita for the United
States and $275 per capita for Canada. In making such comparison it
should be noted, moreover, that the political subdivisions of Cuba, with
the exception of the City of Havana, have practically no funded debt.
The people of the United States and Canada, however, have to consider
in their taxation programs not only the service of their national debts, but
also the service of a substantial public debt created by political and administrative subdivisions.
It is a matter of pride to the Republic of Cuba that, while there was
unfortunately a temporary cessation in the payment of the interest upon
the internal debt during the commercial and financial crisis of 1921-22, the
Republic of Cuba has never in its history defaulted upon the payment of
the principal or interest of any of its external debt.
VII—The Currency System of Cuba.
One of the elements that has contributed most decisively to the very
rapid recovery of Cuba from the commercial and financial crisis of 1921-22
has been the fact that Cuba has been at all times on a gold basis. Cuba
has never had to suffer, therefore, from any of the evils of a depreciated
currency. Apart from the comparatively small amount of gold coin and
subsidiary coinage minted by the Republic of Cuba, the currency in circulation in the island consists entirely of United States gold certificates,
United States legal tender notes, Federal Reserve bank notes and United
States national bank notes. The amount of United States currency so
in circulation in Cuba is estimated by responsible banks and bankers of
Cuba to range from $110,000,000 to $150,000,000. If even the lowest of
these figures be accepted, it would still be true that the amount of United
States notes in circulation in the Island of Cuba is in excess of the entire
amount of the external debt of the Government, including the new $50,000,000 external loan. In other words, the people of Cuba collectively
hold gold demand obligations against the United States to an amount in
excess of the entire external debt of the Cuban Government. It is unnecessary to point out the element ofstrength that this gave to the whole financial
structure of Cuba during the period of financial crisis through which the
island recently passed.
VIII.
In the foregoing estimates of receipts I should call your attention to the
fact that the President is authorized by the Loan Act of Oct.9 1922 to reduce
,
j% if after the lapse of the necessary time it
the Sales Tax from 1% to 3
should appear that the amount realized from such tax is in excess of the
amount necessary. I should also call your attention to the fact that the
estimates of expenditures are based upon the existing budget for 1922-23
and an estimated budget for the fiscal year 1923-24. which has not yet been
adopted by the Congress. Expenditures are, of course, under the control
of Congress and the President. President Zayas, however, has authorized
me to advise you that he is in hearty sympathy with as rapid a reduction
of the funded debt of the Republic as the conditions will permit, and that,
in exercising his power to reduce the Sales Tax and his power in conjunction
with Congress to determine the budget, ho will have in mind the necessity
that the revenues of the Republic of Cuba should at all times be adequate
to maintain the expenses of the Government and the interest and sinking
fund upon the Government debt. This is in fact what is required by the
Constitution of Cuba and the Permanent Treaty with tho United States.
The gratifying thing about the figures which I have the honor to submit
to you is that the resources of the Government are amply adequate to enable
a full compliance with such Constitutional and Treaty provisions.
I remain, dear sirs,
Very sincerely yours,
M. DESPAIGNE, Secretarto de Hacienda.
The New York "Herald" of Mar. 28 stated:
It is understood that80% of the $50,000,000 external loan of the Republic
of Cuba recently purchased by a banking syndicate headed by J. P. Morgan
& Co. has been sold to American investors. The syndicate is still in existence and it is expected that it will run its full time.
It was pointed out In a Washington dispatch to the New
York "Times" Mar. 7 that the American missiOn to Cuba was
raised recently from that of a legation to an Embassy, and
Major-General Crowder had presented his credentials as
Ambassador.
Comparative Figures of Condition of Canadian Banks.
In the following we compare the condition of the Canadian
banks under the February 1923 statement with the return
378.000.000 for January 1923:
MAR. 31 1923.]
THE CHRONICLE
1363
ASSETS.
the Straits Settlements. The organizers of the company included some of
Jan.31 1923. the most important bankers and business men of Japan. Its operations
Gold and subsidiary coin—
have not only proven profitable, but have been an important factor in the
In Canada
84,951,050 development of the territories covered by the company's activites.
Elsewhere
16,191,453
Participation by Japanese Government.
The operations of the company are under the control of the Imperial
Total
75,793.636
81.142.503
Dominion notes
184,975.508
182,552,279 Government, which originally subscribed for and still holds 60,000 shares
of the company's stock and appoints its president and other important
Deposited with Minister of Finance for security of note circulation
6,448,249
6,448.249 officials in accordance with the terms of the company's charter.
Deposit of central gold reserves
46.602,533
42.802.533
Purpose of Issue.
Duefrom banks
119,923,529
102,441,403
The proceeds of the present issue will be used to redeem yen 15,000,000
Loans and discounts
1.383,890.248 1,362.258.437 ($7,500,000) of
debentures
of the company now outstanding, to retire yen
Bonds, securities, &c
376,612,200
356.306,688 10.000,000 ($5.000.000)
of bank loans, and the balance to aid in the developCall and short loans in Canada
88.513,509
90,025.233 ment of the company's
business in Japan and its colonies, principally
Call and short loans elsewhere than in Canada 181.567,829
191.381.847 Korea, for economically
productive purposes.
Other assets
112,275,906
112,477,666
Property and Business.
Total
2.576,603,147 2,527,834.838
A large proportion of the business of the Oriental Development Co., Ltd.:
closely resembles-that of the Farm Loan banks in the United States and
LIABILITIES.
of Mortgage banks in many other countries. The bonds of these instituCapital authorized
187.175,000 tions are generally considered among the soundest investments in their
187,175,000
respective
countries. Loan made by the Oriental Development Co., Ltd.,
Capital subscribed
125,572,300
125.572.300
Capital paid up
125,323,788
125.305,686 to settlers, corporation and municipalities must be redeemed within thirty
Reserve fund
130.675.000 years. Loans on real estate shall not exceed two-thirds of its value as
130,675,000
appraised by the company.
The operations of the company, in accordance with its charter, may be
Circulation
156,714.857
152.632.947
Government deposits
66,960.252
59.526.589 classified under three main beads: First, the ownership, improvement and
Demand deposits
767,702.496 settlement of land, including irrigation, afforestation and the procurement
785,789.527
Time deposits
1,211,343,481 1,195.351,710 and the distribution of immigrants; Second, the making of loans to municiDue to banks
49,837,962
49.129.295 palities, industrial enterprises and settlers as a further aid to the developBills payable
10.364,956
9,144 479 ment of the country; Third, investments in banking and agricultural corOther liabilities
21,837,588
21 158 541 porations formed to aid business in the territory included within the company's sphere of operations, and in supplying settlers with agricultural
Total not Including capital or reserve fund_2,302.848,603 2.254,646,057 implements, live stock, fertilizers, seed, &c.
Among the assets, the land owned by the company,amounting to 253,272
Note.—Owing to tho omission of the cents in the official reports, the
acres, together with improvements, excluding buildings, represented an
footings in the above do not exactly agree with the total given.
investment March 31 1922, of49,996,363, and a present estimated value
of approximately $50,000,000. This with improvements, including buildJapanese Bond Offering-819,900,000 Bonds of the ings, is carried in the balance sheet, as of Feb. 22 1923. at only $15,814,694
Capitalization.
Oriental Development Co., Ltd.
The capital stock and funded debt of the company outstanding Feb. 22
An issue of $19,900,000 external loan, 30-year, 6% gold 1923, adjusted to include the present financing, was as follows;
$10.000,000
debenture bonds, of the Oriental Development Co., Ltd., was Capital stock, fully paid
Capital stock, 50% paid
7.500.000
offered on Mar. 27 by the National City Co. of New York at
Feb. 28 1923.
$
61,968,844
13,826,792
92 and interest, to yield about 6.62%. It is announced that
the loan is unconditionally guaranteed by the Imperial Japanese Government as to principal and interest by endorsement on each bond. The bonds, which are non-callable, are
dated Mar. 15 1923 and are due Mar. 15 1953. They are in
coupon form in denominations of $1,000 and $500. Interest
is payable Mar. 15 and Sept. 15 and principal and interest
are payable in United States gold coin in New York at the
National City Bank of New York, Fiscal Agent, and are also
collectible, at the option of the holder, in London, in pounds
sterling, through the National City Bank of New York, or in
Tokyo, in yen, through the International Banking Corporation, in each case at the current buying rate of the collecting
office for sight exchange on New York. The company, it is
announced, will covenant that principal and interest will be
payable without deduction for any Japanese taxes, present
or future, and shall be pad in time of war as well as of
peace, irrespective of the nationality of the holder or owner,
and without any declaration as to citizenship. It is also
stated:
Total paid up capital
,6% debenture loan of 1923 (this issue)
5% debenture loan of 1913 (French issue Fcs.33,026,000)
Internal debenture loans
$17,500,000
19,900,000
__
6.375.675
57,087,800
Total capitalization
$100.863,475
The only loan of the company to be presently outstanding, which will bear
the guarantee of the Imperial Japanese Government, other than this 6%
Issue of 1923, purchased by you, is a French 5% loan originally issued for
Fes. 50,000.000 ($9.652.500) and outstanding Feb. 22 1923 to the amount
of Fcs. 33,026,000 (86.375.675). The internal debenture loans are not
guaranteed. The French loan was issued in Paris in 1913 on a 5.22%
basis and has sold at average prices to Dec. 31 1922 to show an average
annual yield of 5.85%. The bonds were quoted in Paris Feb. 22 1923 to
yield 5.21%•
Balance Sheet.
The condensed balance sheet of the company as of Feb.22 1923 was: Assets—
Land owned, with improvements, including buildings
$15.814,694
Loans due from municipalities, corporations, farmers and
payable
others,
at fixed dates or in insts Iments
60.400,148
Shares and debentures owned
11,712,567
Cash on hand and in bank
15.504,332
Other miscellaneous assets
3,254.445
Total assets
106.686,186
Liabilities—
Capital stock authorized and subscribed, par value
yen 50 ($25)
825.000.000
Capital stock subject to call
7.500.000
The company agrees to pay to the fiscal agent, in equal semi-annual
instalments, $500,000 per annum during the first five years, and $300,000
per annum during the remaining term of the loan. Such moneys will be
applied to purchase bonds in the open market, if obtainable, at not exceeding 100% and interest. Any moneys not so applied during the six months'
Capital stock paid in
$17,500,000
Period following the date of payment, will be credited toward the payment of Bonds outstanding
70.978,331
Bank loans, deposits and other current liabilities
the next succeeding instalment.
12,338,049
The credit of Japan. whose Government will guarantee the principal and Miscmlaneous liabilities
1.374.570
interest of these bonds, has ranked high in the security markets of the world Surplus and reserves
4,495.236
for many years. Six National Government loans totalling $627,584,099
issued in London since 1899 were offered on an average yield basis of 4.85%.
Total liabilities
$106,688,186
The three Japanese Government loans listed on the New York Stock ExThe above balance sheet does not include the $19,900,000 6% bonds of
change were originally offered in New York on an average basis of 5.12% the present issue.
The total per capita debt of Japan. Nov. 30 1922, was about $37, a low
Earnings.
figure in comparison with that of other leading nations.
Net earnings of the company during the ten years ending March 31 1922
have
amounted
to
more
than
1.93 times interest requirements. The folThe bonds of this loan, it is stated, are part of an authorlowing table shows earnings of the company for this ten-year period:
ized
issu of Oriental Development debentures, all of which
debentures are secured by a floating first lien or charge on
the assets of the company. It is likewise announced that
the charter of the company provides that owners of Oriental
Development debentures ShIll be paid out of its assets in
preference to other creditors. A letter to the National City
Co. from Elizo Ishizuka, President of the Oriental Development C ., Ltd., states that a large proportion of the business
of the corporation "closely resembles that of the Farm Loan
banks in the United States and of Mortgage banks in many
other countries"; this letter we quote in part herewith:
Organization and Purpose of Company.
The Oriental Development Co., Ltd., was organized in 1908, under
Japanese laws for the purpose, principally, of developing the latent resources of the Province of Chosen (Korea), now comprising an integral
part of the Empire of Japan, by the improvement and irrigation of agricultural lands, the settlement of immigrants thereon, the making of loans
to municipalities, industrial enterprises, farmers. &c. Its field of operation now includes Manchuria, Mongolia. South Ses Islands, Singapore and
Year Ending
March 31—
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
Gross
Earnings.
$1.032.265
1,519,635
1,431,119
1,390,318
1,465,403
2,223,716
4,113,500
5,921,592
8,879.865
8,916,949
Operating
Expenses.
$511,341
598,700
522.368
451.953
518,038
1,045.261
1,278,508
2,539,008
2.323.318
2,288,244
Net
Earnings.
$520,923
922,938
908.752
938.366
947,365
1,178,455
2,834,992
3,382.584
4,356,547
6,628,705
Available for
Irderest
Setting Pus&
Payment*. Reserves. Dirtde/ult & Surplus
8234,590
488.759
495,255
438,568
422,014
553,821
1.261,091
1,917,274
2,127,961
3,778,706
8286.333
434,177
413,498
401,798
525,450
624.834
1.573.901
1,465,310
2,228,586
2.849.999
Total
834.694,362 $12,074,737 $22,619,625 811,715.839
1923 (estimated) 9.549.775 s191 350 7.358.419 4.469.631
$10,903.785
2.888 785
The Ittter of President Ishizuka also said:
The capital stock of the company outstanding in the hands of the public
has received dividends regularly since the organization of the company in
1908 at rates ranging from 6% to the present rate of 10% per annum. The
stock sold on the Tokyo Stock Exchange on March 19 1923 at 112%,
which
Indicates a stock equity of $19,600,000 junior to the total funded debt Of the
company,
1364
THE CHRONICLE
Throughout this letter Japanese currency has been converted at two yen
to the United States dollar and the French franc at 5.18francs to the United
States dollar.
Application will be made to list these debenture bonds on
the New York Stock Exchange. In offering the bonds the
National City Co. states:
We offer these bonds if. as and when issued and received by us, subject to
approval of our counsel, Messrs. Shearman, & Sterling New York, and
Messrs. McIvor, Kauffman. Smith & Yamamoto, Tokyo. Delivery in
temporary form is expected on or about April 5 1923.
Belgian Bond Drawing.
J. P. Morgan & Co. and tile Guaranty Trust Co. of New
York have issued a notice to holders of the Kingdom of Belgium 25-year external gold loan 7/
1
2% sinking fund redeemable bonds, issued under loan contract of May 28 1920, announcing that the bankers have received the sum of $2,300,000 as a sinking fund for bonds drawn for redemption at
115% on June 1 next. Bonds so drawn for redemption will
be paid on and after June 1 next at the offices of J. P. Morgan & Co. and the Guaranty Trust Co. upon presentation
and surrender of said bonds with the Dec. 1 1923 and subsequent coupons attached. Interest will cease on all such
drawn bonds on and after June 1 1923. The bonds that have
been drawn include certain bonds previously allotted to outstanding trust receipts, holders of which may present them
for exchange and receive the drawn bonds to which they are
entitled, upon surrender of which payment will be made at
the redemption price. The notice of the bankers also present a list of the bonds of this loan drawn previously and
which have not yet been turned in for redemption.
Payment of Coupons of Brazilian Government Bonds.
The Association of Foreign Security Dealers of America
issues the following regarding the payment of coupons due
April 1, of Brazilian Government bonds:
BRAZILIAN GOVERNMENT BONDS.
Sterling Issues.
Coupons due April 1 1923 will be paid In cash as usual by Messrs. N. M.
Rothschild & Sons, London, or by other authorized paying agents.
The Association makes this announcement in response to numerous
inquiries relative to the payment of these coupons. These inquiries arose
from the publication of press dispatches to the effect that the Brazilian
Government was negotiating a funding loan, dispatches which were interpreted in some quarters as intimation that the above cuopons would not
be paid in cash when due.
Chinese Government Loan Offering in New York
On Mar. 27, Rutter & Co., 14 Wall Street, this city, offered
1,500,000 francs Chinese Government 4% external gold loan
of 1895, at $84 flat per 500-franc bond, which includes the
right to participate in the 1923 drawings. The loan, it is
stated, is a first charge on the entire revenue of Imperial
Maritime customs. The yield to average maturity is figured
at 7.20%. The bonds are dated July 1 1895 and the final redemption date is July 1 1931. The following as to the
amount originally issued, the amount outstanding, is taken
from the official circular.
Originally issued
Retired by Sinking Fund
Outstanding July 1 1922
Drawing March 27 1923
400.000.000 Fes. — e15,820.000
242,710.500 Fee. — £9.599,000
157,289.500 Fcs.
e6.221,000
14,863,000 Fcs. —
£588.000
The bonds are in coupon form in denomination of 12,500,
2,500 and 500 francs, with par value in other currencies denoted on each bond. Interest is payable Jan. 1 and July 1,
and principal and interest are payable at the option of the
holder in fixed amounts in Paris, Brussels, Geneva, Amsterdam, London, Berlin and Petrograd. The bonds are redeemable at par and accrued interest by annual drawings by lot.
They are listed on the Paris, London and Amsterdam Exchanges. It is stated that the bonds of this issue are forever
exempt from any present or future Chinese tax whatever,
or from any other deductions on the part of China. We also
quote from the official circular the following:
flisiory of Loan.
Prior to the war with Japan in 1894. the foreign debt of China was almost
n11. The expense of the war, however, and the large indemnity of £34,500,000 forced China for the first time into the European market as a serious
borrower. Consequently In 1895 a loan amounting to 400,000,000 francs,
or £15,820,000, was concluded, secured by the revenues of the Imperial
Maritime Customs. This loan was followed by others which were secured
Upon the surplus revenues of the Maritime Customs, priority being In accordance with the date of issuance.
Security.
•
The bonds of this issue are secured by a first charge on the entire revenue
of the Imperial Maritime Customs, and have priority over all other loans
secured under these revenues, and also by the deposit of custom bonds.
Since 18.54 these customs revenues have been administered by international
control under British direction, which has functioned continuously and
uninterruptedly independent of political conditions. Revenues for year
1922 are reported as follows:
(Vol,. 116.
CustOns receipts
£10,987,500 — $53,399,250
Interest and Sinking Fund requirements 4%
Loan 1895
a
937,938 — 4,558.378
Balance available for other loans
£10,049,562 — $48,840,872
The revenues of the Imperial Maritime Customs for the past 17 years
have averaged $34.234.000 per annum, and for the year 1922 were nearly
12 times the annual interest and Sinking Fund requirements of this loan.
The result of the Nine Power Treaty signed at Washington. Fel).6 1922. will
Increase substantially the revenues of the Maritime Customs.
Sinking Fund.
, Redemption is accomplished by means ofan annual drawing by lot at par.
'rot' that purpose 1.288688% of the par amount of the original issue is
applied annually,together with 4% interest on the redeemed bonds. Since
the first drawing in 1896, a total of 242.710,500 francs have been redeemed,
or over 60% of the original issue of 400.000m0 francs. There now remain
only nine more drawings to retire the 157.'289.500 francs par value of bonds
outstanding. The percentage to be drawn each year is as follows:
1923
9.45%11926
15.08%11929
32.02%
1924
10.85 11927
49.02
18.46 11930
1925
12.66 11928
23.55 11931
100.00
The Sinking Fund this March will redeem practically one out of every ten
bonds, and as is apparent from the above table the chance of having bonds
drawn increases materially each year. The present value of redeemed
bonds is about $94 per 500 franc bond.
Offering of Bonds of Bankers' Joint Stock Land Bank
of Milwaukee.
On March 29 a $2,000,000 issue of 5% Farm Loan bonds
of the Bankers' Joint Stock Land Bank of Milwaukee was
offered by the First Wisconsin Co. of Milwaukee; Morris F.
Fox & Co., Henry C. Quarles & Co., Edgar, Ricker & Co.,
the Marshall & Ilsley Bank, Bankers Finance Corporation
and the Second Ward Securities Co., all of Milwaukee.
The bonds were offered at 103 and accrued interest, yielding
approximately 4%% to optional maturity and 5% thereafter. The bonds, in denominations of $1,000 and $500, are
dated Jan. 1 1923, and are due Jan. 1 1953. They are
redeemable at par and accrued interest on Jan. 1 1933
or any interest date thereafter. The bonds are issued
under the Federal Farm Loan Act; they are exempt from all
Federal, State, municipal and local taxes, except inheritance
taxes, and are legal for investment of trust funds in Wisconsin, and are also a legal investment for trust funds under
the jurisdiction of the Federal Government, and acceptable
as security for Postal Savings and other deposits of Government funds. The bonds are direct obligations of the
Bankers' Joint Stock Land Bank of Milwaukee, Wis., organized under the Federal Farm Loan Act with a capital of
$250,000 and now having a capital and surplus aggregating
$792,435. Over one hundred Wisconsin bankers, it is
stated, are stockholders in this bank.
Offering of Greensboro Joint Stock Land Bank Bonds.
On Mar. 26, Harris, Forbes & Co., Halsey, Stuart & Co.,
Inc., and William R. Compton Co. offered $1,000,000 5%
bonds of the Greensboro Joint Stock Land Bank of Greensboro, N. C. The bonds were offered at 1021
/
2 and interest to
yield over 4.68% to the redeemable date and 5% thereafter
to redemption, or maturity The bonds are dated April 1
1923, are due April 1 1953 and are redeemable at par and
interest on any interest date on and after ten years from the
date of issue. Interest is payable semi-annually Apr. 1 and
Oct. 1 and principal and interest are payable at Greensboro
Joint Stock Land Bank, Greensboro, N. C., or through the
bank's fiscal agency in New York City. The bonds, fully
registerable and interchangeable, are in denomination of
$1,000. The bonds, issued under the Federal Farm Loan Act,
are exempt from Federal, State, municipal and local taxation. They are acceptable as security for postal savings and
other deposits of Government bonds. The following from
official sources, is taken from the circular:
The Greensboro Joint Stock Land Bank was chartered by the Federal Faris
Loan Board on Aug. 16 1922 and has a paid in capital of $250,000 and a surplus of $50,000. Its operations are confined to the States of North Carolina
and Tennessee, and the policy of the bank is to restrict its loans to certain
sections of these two States.
The bank is under private ownership and management and its operations
are restricted and supervised by the Government. The officers and directors
are successful bankers and business men of broad experience. Among them
are those who are thoroughly familiar with agricultural conditions and land
values in the territory in which the bank operates.
Board of Directors: John W. Simpson, President; Vice-President„ Atlantic Bank & Trust Co., Greensboro, N. C.; Charles W. Gold, Vice-President, Jefferson Standard Life Insurance Co, Greensboro, N. C.; C. E. Fleming, Secretary; Vice-President, Atlantic Bank & Trust Co., Greensboro, N. a I
J. S. Duncan, General Counsel; Attorney-at-Law; C. W. Bradshaw, President, Bradshaw-Robertson Cotton Co.; Julius IV. Cone, President, Cone Export di Commission Co.; President, Atlantic Bank & Trust Co.; Vice-President, Proximity Manufacturing Co. and Revolution Cotton Mills; L. H. Sellars, Secretary, Cone Export & Commission Co.; Julian Price, President,
Jefferson Standard Life Insurance Co.; E. Sternberger, President, Revolution Cotton Mills; R. B. Terry, Secretary-Treasurer, Dalton Furniture Co.,
High Point, N. C., and J. Norman Wills, Treasurer, Odell Hardware Co.,
MAR. 31 1923.]
THE CHRONICLE
Directors. Executive Committee: John W. Simpson, Julius W. Cone,
Charles W. Gold and C. E. Fleming.
The bank may not issue bonds in excess of 15 times the amount of its capital and surplus. This issue of $1,000,000 is the only issue of bonds outstanding.
In addition to the conservative farm mortgage loans, there is behind these
bonds the full faith and credit of the issuing bank. The holders of the $250,000 of capital stock of the bank are subject to 100% assessment The Atlantic Bank & Trust Co. and the Jefferson Standard Life Insurance Co., both
of Greensboro, N. O., own approximately 90% of the stock of the bank.
Statement of the Greensboro Joint Stock Land Bank as Officially Reported
Feb. 28 1923.
Acres of real estate security loaned upon
12,316
Total amount loaned
$284,500
Appraised value of real estate security
741,939
Appraised value per acre
60 24
Average amount loaned per acre
23 10
Percentage of loans to appraised value of security
38.3%
North Carolina ranks fourth among all the States in the Union in the value
of the 22 principal crops; it ranks first in the value of tobacco produced,
and is one of the important cotton growing States. With an area of 31,193,600 acres, it has, according to the United States Census of 1920, 20,021,036
scree in farm lands, with a value of $1,250,166,995
In addition to the agricultural development, the manufacturing industries
of the State have grown rapidly and during the last 20 years the value of the
manufactured products has increased more than ten times, the State in 1921
ranking second in this country in the production of cotton goods and in the
number of active spindles engaged in the manufacture of cotton, being exceeded only by Massachusetts. In 1921 North Carolina ranked first in the
value of tobacco manufacture.
Tennessee, with an area of 26,679,680 acres, has, according to the United
States Census of 1920, 19,510,856 acres in farm lands, with a value of
$1,251,964,585.
Piggly Wiggly Class "A" Common Stock—Review of
1365
"In conclusion I wish to remark that a free market his been maintained in
this stock for trading purposes every day on the New York Stock Exchange.
even to the point that the stock is daily loaned in any amount desired without
premium. This practice will be continued, and in addition thereto every
rule of your Exchange will be compiled with, in this connection, in every
particular."
Between March 13 and March 20 various meetings took place between the
representative of the Exchange and representatives of the Piggly Wiggly
Stores, Inc., in which the representatives of the Exchange strenuously
objected to the maintenance of two markets at widely different prices, one
on the Exchange and the other conducted by means of advertising. The
representatives of the company were told that unless the advertising campaign was discontinued action by the Governing Committee ofthe Exchange
was to be apprehended.
On March 19 the Exchange was notified that the advertising campaign
would be discontinued on March 21.
On March 20 Mr. Saunders sent to each firm of brokers acting for him in
New York a telegram instructing such firm to immediately and not later
than 3 p. in. on that day deliver to the National Bank of Commerce the full
number of shares of Piggly Wiggly Stores. Inc.. Class A Common stock
which the firm had long for his account against payment of the balance due
the firm. The observance of his instructions led to the calling of all loans
of stock carried for accounts of Mr. Saunders and representatives of Mr.
Saunders. The amount of stock involved far exceeded all the stock in the
market other than that held for account of Mr. Saunders and other directors of Piggly Wiggly Stores, Inc.
The enforcement simultaneously ot all contracts for the return of the stock
would have forced the stock to any price that might be fixed by Mr. Saunders and competitive bidding for the insufficient supply might have brought
about conditions illustrated by other corners, notably the Northern Pacific
corner in 1901. The demoralizing effects of such a situation are not limited
to those directly affected by the contracts, but extend to the market.
involving widespread 1iss and injury.
The Governing Committee, in view of the foregoing facts, on March 20
1923, pursuant to the provisions of the constitution of the Exchange,
adopted a resolution suspending dealings in Piggly Wiggly Stores, Inc.,
Class A common stock.
The action of the Governing Committee in suspending trading in the stock
was taken after the situation had been fully discussed with the attorney for
Mr.Saunders and the Piggly Wiggly Stores, Inc.,and after he had expressed
his approval of the proposed action.
The Executive Committee of the Stock Clearing Corporation, in accordance with its rules, which enter into and form a part of every contract subject to the rules of the Exchange relating to cleared securities, adopted a
resolution suspending the rule requiring the delivery by 2:15 p.in. on March
21 of the common Class A stock of the Piggly Wiggly Stores, Inc., deliverable through the Stock Clearing Corporation. On the morning of March 22
Clarence Saunders issued through the newspapers a statement in which
he said:
Developments Resulting in Its Removal From
List by New York Stock Exchange.
A review of the developments which led to the action of the
Governing Committee of the New York Stock Exchange in
striking from the list Class "A" Common stock of the Piggly
Wiggly Stores, Inc. (referred to at length in our issue of
Saturday last, page 1238), was issued by the Exchange on
Monday of this week (March 26). The Exchange states
that its action "has been in strict accordance with the con- "More than 25.000 shares, even with the extra day allowed. ere still
of additional shares
stitution and rules of the Exchange and has resulted in sub- short to me on delivery. And there are still thousands
due on marginal account to others which must be liquidated in the settlestantial justice to all parties." It further states that Clar- ment. When I called for this delivery I had purchased altogether 198.872
shares of the total of 200,000 shares outstanding stock of our company.
ence Saunders, President of the Piggly Wiggly Stores, Inc., .
.Iexpect a settlement in full on all the short stock by 3 p. m.Timrsat.the price I have offered. $150 per shire, or else my p-ice will be $250
"has received all of the stock at the prices he contracted for day
per share, even if it takes the courts to decide the matter."
it, and is in exactly the same position in all respects as
On this same morning the attorney of Mr.Saunders and the Piggly Wiggly
though the stock had been delivered to him on March 21." Stores,
Inc., appeared before the Law Committee of the Exchange and inAnnouncement was made by Mr. Saunders on the 26th that formed the Exchange $150 a share was the minimum price that would be accepted
in
settlement by Mr. Saunders and asked that the Exchange advise
he would "enter suit against each of the brokers who was in
members who were short of the stock to settle at that price in order to
default," and in addition would "sue the New York Stock its
avoid greater trouble. He stated that he thought this price was reasonable.
Exchange for conspiracy." According to the statement of in view of the fact that Mr. Saunders"had them in a trap."
He said in reference to Mr.Saunders's apparent disregard of the assurance
the Exchange, the answers to the Exchange's questionnaire
given by him in the telegram received on March 13, quoted above, that
to members on Mar. 12 relative to their position in the stock the "circumstances had
changed." Mr. Saunders's attorney at this inter"accounted for 39,802 shares of the stock of the company, view with the Law Committee protested against an indefinite suspension of
rule
requiring
delivery, saying that in his opinion such an indefinite
of which 33,025 were held by Mr. Saunders and other direc- the
extension was unfair to Mr. Saunders. He suggested that a—fime be fixed
company
the
and
less
tors of
than 7,000 shares were held by by which deliveries should be made and stated that in his opinion the
outside interests." Answering Mr. Saunders's claim on suspension should not be continued beyond Monday, March 26.
On the afternoon of March 22 the Governing Committee of the Exchange
Mar. 22 that "more than 25,000 shares . . . are still
adopted a resolution
from the list Piggly Wiggly Stores, Inc., Class
short to me on delivery," the Exchange states "the total A common stock, andstriking
the Executive Committee ofthe Stock Clearing Coramount of stock deliverable through the Stock Clearing Cor- poration adopted a resolution terminating on March 26 the suspension of the
of that stock and requiring that such deliveries should be made
poration on Mar. 21 was 11,200 shares. A few hundred deliveries
at or before 2:15 p. in. on that day. It has to be borno in mind that Monshares of the stock made up of delayed deliveries and odd lots day, the 26th, was the day suggested by the attorney for Mr. Saunders
as
were deliverable outside of the Stock Clearing Corporation. the proper time for terminating the suspension of deliveries.
the morning of March 23 Mr. Saunders sent to the Exchange and to
The greater part of the stock deliverable on Mar. 21 had been theOnbrokerage
houses concerned in Piggly Wiggly Stores, Inc., (Mass A
delivered before the end of the week, so that on Saturday common stock a telegram in which he stated that up to 3o'clock that day he
would
sell
said
stock at $100 per share on application to the National Bank
noon only about 4,000 shares remained to be d livered. The
Commerce.
Stock Exchange has been unable to ascertain the basis of of On
the same day Mr. Saunders's attorney addressed to the Exchange a
Mr. Saunders's statement that there was a short interest of letter in which he urged that the brokers representing Mr. Saunders should
n
ot
be
required to accept Piggly Wiggly Stores, Inc., Class A common stock
25,000 shares." Below we give the Stock Exchange stateunless such stock was already owned by the delivering broker on Mart
ment:
He urged that brokers who had acquired stock for delivery subsequent to
On and prior to March 12 1923, Mr. Clarence Saunders, President of the
Piggly Wiggly Stores, Inc., was conducting an advertising campaign of a
most spectacular character by means of advertisements in Western and
Southern newspapers in which he offered the Class A Common stock of the
Piggly Wiggly Stores, Inc.. at $55 a share. In some of these advertisements the fact was referred to that the price of the stock on the New York
Stock Exchange was Many points higher than the price named in the advertisements, and this was referred to as an argument in favor of the purchase of the stock from him.
On March 12 the price on the Stock Exchange ranged from
76%to 79%•
The Committee on Business Conduct considered that the situation called
for an explanation and sent to the members of the Exchange a questionnaire in reference to the market situation of the stock. On the same day
the Chairman of the Committee on Business Conduct and the Chairman
of the Committee on Stock List had a meeting with representatives of the
Piggly Wiggly Stores, Inc., in which interview the situation was canvassed.
The answers to the questionnaire accounted for 39,802 shares of the stock
of the company, of which 33,025 wore held by Mr. Saunders and other
directors of the company, and less than 7,000 shares were held by outside
Interests.
The amount of stock due on loans and open contracts was 13,662 shares.
The answer to tho questionnaire did not furnish any information as to the
remainder of the 200.000 shares.
On March 13 the Exchange received a telegram from Clarence Saunders in
which he said:
March 21 should not have the right to deliver such stock, but should be
required in lieu thereof to snake a money settlement with Mr. Saunders.
This suggestion was an afterthought. It had not been made at the
previous day's interview with the Law Committee, at which the attorney
had suggested March 26 as a date terminating the suspension of deliveries.
It was inconsistent with Mr.Saunders's offer earlier in the day to sell stock
for $100 per share for purposes of delivery. At the time the suggestion was
made the Exchange bad already ruled that stock acquired subsequent to
March 21 would be a good delivery, and for that and other reasons it would
have been impracticable to carry out the suggestion even had there been an
element of merit in it. But the suggestion was wholly contrary to the
principles of Stock Exchange law, which required that stock be accepted
even on a defaulted contract at any time prior to the actual exercise by the
other side of its right to buy in the stock in default.
On Saturday, March 24, Mr.Saunders announced to the newspapers that
his offer to supply stock at $100 a share-had terminated at 3 o'clock the
previous day and he would not supply stock to the short interests at any
price, not even $1,000 a share.
All stock deliverable to the Stock Clearing Corporation on security balance
orders was delivered prior to 2:15 on March 26, the date fixed for such
delivery by the Stock Clearing Corporation.
The total amount ofstock deliverable through the Stock Clearing Corporation on March 21 was 11,200 shares. A few hundred shares of the stock
made up of delayed deliveries and odd lots were deliverable outside of the
Stock Clearing Corporation.
1366
THE CHRONICLE
[VOL. 116.
The greater part of the stock deliverable on March 21 had been delivered
before the end of the week,so that on Saturday noon only about 4,000 shares
remained to be delivered. The Stock Exchange has been unable to ascertain the basis of Mr.Saunders's statement that there was a short interest
of 25,000 shares.
The action of the Stock Exchange has been in strict accordance with the
constitution and rule of the Exchange, and has resulted in substantial justice
to all parties. Mr. Saunders has received all of the stock at the prices he
contracted for it, and is In exactly the same position in all respects as though
the stock had been delivered to him on March 21.
Regulationsito Govern Operation_ of Intermediate
Credit Banks.
On March:12 the Federal Farm Loan Board, which is
charged with the administration of the new Intermediate
Credit banks to be formed under the Agricultural Credits
Act, announced regulations incident to the operation of the
new banks. It was stated that the $60,000,000 capital,
Mr. Saunders's statement, referred to above, that not authorized by the law establishing the banks, has been
"even $1,000 per share would buy from me a single certifi- credited to the Farm Loan Board by the Treasury. Indicacate for a 'short'," was made at Memphis on Mar. 23, and tions were given, following a conference between Commisaccording to Associated Press advices was as follows:
sioner Lobdell of the Board and Secretary Mellon on the
-I have no price of any kind to offer for any further short interests. Even 12th inst. that $1,000,000 will be turned over to each
of the
$1,000 per share would not buy from me a single certificate for a 'short'
as my offer to-day was for one day only and will not be extended," declared twelve banks immediately upon the issuing of charters.
Clarence Saunders,President of the Piggly Wiggly Stores, Inc.,late to-night. Additional funds will be supplied as needs arise.
He said that only 140 shares out of approximately "25,000 shares due me."
It was also announced that the Board plans, temporarily
were delivered to-day.
"Wall Street got licked and then called for 'mamma,' the New York at least, to hold loans made under the new law to a basis of
Stock Exchange, to help, and,of course,'mamma'heard the cry of her pet- nine months' maturity. Mr. Lobdell explained, however,
ted child," said Mr.Saunders, adding that Wall Street had "a yellow heart,
that would be done only because no one knew the exact
yellow all the way through."
"The licking they got in Piggly Wiggly," he continued, with regard to extent to which the system would be called upon to aid in
what he called,"Wall Street tactics," "is merely a spanking compared with agricultural financing. The first few months or
perhaps a
what is to follow. For there is going to be a revelation in Stock Exchange
methods that will sound like a cyclone when the public knows and under- year, he said, would be regarded as a period of experimentastands."
tion. He said:
"Of all the institutions in America the New York Stock Exchange is the
worst menace of all in its power to ruin all who dare oppose it," he contined.
"A law unto itself, they say, an association of men who claim the right that
no king or autocrat over dared to take;to make a rule that applies one day on
contracts and abrogate it the next day to let out a bunch of welchers.
"I expect to enter suit against the New York Stock Exchange,and if there
Is no law now that will render justice on this flagrant violation of all ethics,
there will be a law that will prevent in the future such unscrupulous
methods.
My whole life from this day on will be aimed toward the end of having
the public protected from a like occurrence."
On Mar. 24 President Saunders was reported as having
declared that:
I do not intend to accept a single share of the more than 23,000 shares still
due mo, until detailed proof is furnished through the New York Stock Exchange, and the records of the books of every broker has been exhibited
and verified as to the number of shares they really had on hand at the time
of my call, and I have so notified them through my counsel, Ewing, Alley
& Voorhees, 111 Broadway, who have working with them as associated
counsel, Joseph Proskauer; that is my definite position.
On the following day press dispatches from Memphis announced that Mr. Saunders had notified shorts that he would
accept delivery from them on Monday, the 26th, at the hour
fixed by the special rule of the Stock Exchange, of any number of shares they may have to cover their contracts, but
that his acceptance is to be made with reservations. The
dispatches that day (Associated Press) stated:
Mr. Saunders withdrew his telegram of yesterday, in which he declared
Piggly Wiggly stock purchased from him and in "over the counteetrading
since the stock was ruled from the Exchange, would not be accepted in delivery because, he contended, trading in the stock after its suspension was
against the accepted practices of the New York Stock Exchange.
In his telegram to-day to brokerage houses representing "shorts", a copy
of which he also sent to the New York Stock Exchange, Mr. Saunders
declared that he would accept delivery to-morrow on the assumption that
the stock "has been properly purchased and within the proper time limit for
the proper delivery of stock due on my contract as may be determined later
by court decision."
"I have never admitted the right either upon your part or upon the part
of the New York Stock Exchange to postpone the delivery date of the stock
due me pursuant to my call for such delivery on March 20," continued the
telegram,"and I do not now admit any such right, but, on the contrary, I
intend to contest before the courts the action taken by the New York Stock
Exchange in postponing the delivery date."
It is the ambition of those charged with the administration of the new
law to render maximum service, but elemental safety must be the first
consideration. Banks and co-operative associations desiring to use the
service and see it developed will make their best contribution by offering
nothing but perfectly sound paper.
A construction of the law's provisions, made public by
the Commissioner, was agreed upon in the three-day conference of the Board with the Land Bank presidents early the
present month. It said:
Direct loans cannot be made to individuals. Direct advances may be
made to co-operative marketing associations or livestock associations
secured by warehouse receipts for staple agricultural products or by chattel
mortgage on livestock.
No such loan may exceed 75% of the market value of the agricultural
product or livestock.
Loans may be rediscounted for national and State banks, savings banks,
trust companies, agricultural credit corporations and incorporated livestock loan companies.
No paper can be rediscounted upon which the borrower bas been charged
a rate more than 1;4% in excess of the discount rate of the Intermediate
Credit bank of the district.
In making advance on warehouse receipts the credit banks can aeCept
only receipts from bonded Government warehouses or satisfactorily bonded
warehouses operating under satisfactory State supervision and regulation.
This should lead to a broader interest and greater activity in the development of warehouse facilities and proper regulation.
The facilities the banks will be able to afford to co-operative marketing
concerns should lead to greater development of such enterprises.
Ample funds will be available for loans to facilitate ordinary marketing,
but none to support speculative holding of farm products.
No loans will be made for a longer period than nine months until the
system is thoroughly tried out. Upon livestock paper, satisfactory assurance of renewal will be given in proper cases, but only In aggregate amounts
equal to the bank's capital, and then the subject of the mortgage must
submit to re-inspection and a satisfactory condition of security provided.
Issuance of Charters for Intermediate Farm Credit
Banks.
It was announced in a Washington dispatch to the "Journal of Commerce" on the 26th inst. that authorization for
the establishment of intermediate credit departments in all
The Associated Press reported the following from Memphis twelve of the Federal Farm Land banks was completed on
Mar.26:
that day by the Farm Loan Board, with the issuance of a
Clarence Saunders to-night announced that he would enter suit "against
theretom
I
will charter to the Land Bank at Berkeley, Calif. This diseach of the brokers who was In default," and "in addition
sue the New York Stock Exchange for conspiracy," as a result of failure patch stated:
to delivery Class A Common stock of the Piggly Wiggly Stores, Inc.,
within the customary twenty-four hours after trades were made during the
stormy trading in Piggly Wiggly on the Stock Exchange last Tuesday.
Mr. Saunders announced this as his next move in the controversy over the
Piggly Wiggly trading which put the Stock Exchange in an uproar Tuesday
and resulted in the elimination of that stock from the "big board" and a
Stock Exchange order to extend until to-day the time for delivery of stock
sold "short" on the Exchange March 20.
"I took delivery of the stock to-day which was due on my call of the 20th,
and which should have been delivered the next day but, in taking this delivery, I did so with the full understanding that I would hold responsible and
liable not only the brokers who made delivery but also the New York Stock
Exchange." Mr.Saunders said in a formalstatement issued to-night. "And
I shall enter suit against each of the brokers who was in default on his delivery, and also I shall sue the New York Stock Exchange for the purpose of
collecting the money due me and for the further purpose of the court record
being made public property for the American people to see the trickery and
unethical methods of Wall Street and the New York Stock Exchange as
practiced by them.
"One of the allegations of my suit will be that I was not delivered the
stock which was due me,as I claim that no stock purchased after March 20
was a good and valid delivery of stock against my purchases prior to that
time, and,in addition thereto, I will sue the New York Stock Exchange for
conspiracy."
Saunders read reports from his New York representatives and conferred
with his assitants until late in the evening, and when he left his office gave
as a parting shot that "the light has just begun."
"And I don't Intend to compromise this matter by settling secretly behind
closed doors," he added, "merely for a money consideration, as the New
York Stock Exchange no doubt thinks I would love to do, as money is the
second consideration in this fight of mine."
While the new rural financing machinery created in the Land banks by
the Agricultural Credits Act has been chartered in all of these institutions, It
is not expected that the rules and regulations for their administration, Including the rate at which they shall discount paper, will be completed before the middle of next week. At that time the Board plans to draw on the
Treasury for tho initial capital of $1,000,000 to start each of the credit departments in business.
Decision as to the discount rate for the new departments is being held up
pending the outcome of the meeting of the Loan Board members with the
Governors of the Federal Reserve banks to-morrow.
One of the first of the new Farm Credits banks to be formed
under the Agricultural Credits Act was that organized by the
directors of the Federal Land Bank of Springfield, Mass.,
on March 13. The institution will be known as the Federal
Intermediate Credit Bank of Springfield. It is stated that
the new institution will be directed by President E. H.
Thomson of the Federal Land Bank of Springfield, but with
an office organization apart from that of the Land Bank.
On March 16 charters were granted by the Federal Farm
Loan Board for the formation of Intermediate Credit banks
by the Federal Land banks at Columbia, S. C., St. Louis and
Baltimore. On the 19th inst. the Federal Land banks at
Omaha, Houston and New Orleans were granted charters by
the Farm Loan Board to operate as credit banks under the
new Agricultural Credits Act.
MAR. 31 1923.]
THE CHRONICLE
Plans for Licensing Livestock Loan Inspectors in
Accordance with Agricultural Credits Act
Under Way.
Plans for licensing live stock loan inspectors in accordance
with the terms of the new Agricultural Credits Act of 1923
are being prepared in the TJ. S. Department of Agriculture.
A special temporary committee has been organized, composed of representatives of the Bureau of Agricultural Economics, the Bureau of Animal Industry, and the Packers
and
Stockyards Administration. Representatives of the Farm
Loan Board, the War Finance Corporation and the Federa
l
Reserve Board have been asked to co-operate. Chester Morrill, Assistant to the Secretary, will act as Chairman
for the
purpose of working out these plans. The Department
says:
As soon as forms of applications and rules governing the
licensing and
supervision of livestock loan inspectors have been
prepared in tentative
shape, they will be submitted to producers' organizat
ions, banks, cattle
loan companies, livestock exchanges, and others intereste
d for advice and
assistance as to the best manner of putting them into
practical operation.
The new law provides that the Secretary of Agricult
ure may issue a
license upon presentation of satisfactory evidence
that the applicant is
competent to inspect livestock as a basis for loans. These
licenses may be
suspended or revoked for misconduct. The licensees
are not to be employed
or compensated by the Department of Agriculture, but
may be used by
national agricultural credit corporations and others
for making inspections
of livestock offered as security for loans.
Raisin Growers to Reorganize to Meet Conditions
of
Co-operative Marketing Act.
The Sun Maid Raisin Growers of California are reorganizing on a plan which appears to meet the conditions
of the
Capper-Volstead Co-operative Marketing Act, according to an
announcement by the U. S. Department of Agriculture on
Mar. 26. This announcement followed a conference betwee
n
Ralph P. Merritt, Managing Director of the Raisin
Growers,
and Department of Agriculture officials regarding the
proJected reorganization: The Department says:
In requesting the conference Mr. Merritt pointed out
that it was his
desire to have Sun Maid Raisin Growers comply with the spirit
and terms
of the Capper-Volstead Act.
In organizing to meet the conditions of the Capper-Volstead
Act a cooperative association must confine its membership to producer
s. In
developing the raisin association to its present magnitude,
possibly 15%
of the stock of the association is held by individuals
who are not now
producers of raisins. In reorganizing it is the purpose to
reduce the
capital stock to practically a nominal amount and provide that
it is to be
held only by actual producers. In the reorganization a subsidia
ry corporation to pack and process raisins will be formed which will
be financed
through the sale of bonds and other securities. All of the
marketing of
raisins will be done by the Sun Maid Raisin Growers.
The Department of Agriculture is much pleased that the
Sun Maid
Raisin Growers are proceeding with the reorganization of their
association
to meet the conditions of the Capper-Volstead Act.
Arrangements are
being made between the Department of Agriculture and
the Sun Maid
Raisin Growers to make a study of the distribution problems
as they have
been handled by the association. The department is also
interested in
studying the effects of advertising on demand, and this study
will undoubtedly be extended to include the work done by the Raisin
Growers
Association.
1367
Offering of $2,000,000 Preferred Stock of Brotherhood
Investment Company Controlled by the
Brotherhood of Locomotive Engineers.
A $2,000,000 issue of the Brotherhood Investment Co.
7%
cumulative preferred stock (par value $100 per share) was
offered this week by the Brotherhood Investment Co. of
Philadelphia. The stock, fully paid and non-assessable, it is
stated, is free from normal Federal income tax. The stock
was offered at $200 in blocks of two shares of the cumulative preferred stock, and one share of no par common stock.
The preferred stock is redeemable in whole or in part at $103
per share plus accrued dividends on any dividend date. Dividends are payable quarterly, Jan. 1, April 1, July 1 and
Oct.
1. The company in announcing the offering, says:
Organization.—The Brotherhood Investment Co.
was organized in 1922
under the laws of the State of Ohio with a capital
stock of $10,000,000.
consisting of 100,000 shares of 7% cumulative preferred
stock, par value
$100 per share, and 100,000 shares of common stock of
no par value.
The control of the company is vested in the Brotherh
ood of Locomotive
Engineers through ownership of51% of the common stock,
and the Brotherhood undertakes to maintain control while any of the
preferred stock remains outstanding.
Purpose of Issue.—Proceeds of the present offering are
to be used for the
purchase of various types of income producing investme
nt securities, such
as Government, municipal, public utility, real estate and
corporation bonds
and the like and for investment in stock of banks or trust
companies.
Earnings.—Stability of earnings is assured through
the purchase of securities at wholesale prices and their resale at retail.
Many years' experience has proved the existence of an investment demand
from a large number
of customers in all parts of the United States, who are
looking for just such
advice and opportunity as the Brotherhood
Investment Co. can offer,
This investment demand assures a rapid turnover
of capital with ample
margin of profit to provide for the preferred dividend
requirements. In
addition, since much of the company's capital will
be employed in handling
Income producing securities, there will be a steady
accrual of income on
the securities held for distribution; while that part of
the capital invested
In bank and trust company stocks will add largely to the
company's earnings
without imposing any expense.
It is reasonable to estimate that the common stock
will quickly be put
on a dividend basis, thus adding materially to the
attractiveness of the
investment.
Security.—The holdings of the company will consist of
carefully selected
investment securities of the highest grade, all of which
will have a substantial value pledged to their redemption in excess of the
price paid for them.
Monagemera.—The management of the company will
be in the hands
of the men who have successfully invested the funds
of the Brotherhood of
Locomotive Engineers for over twenty years, and
who more recently have
enjoyed the most remarkable success in the
operation of the Brotherhood
of Locomotive Engineers Co-operative National
Bank of Cleveland, 0.
Associated with these men are some of the
country's foremost bankers and
business men. It is reasonable to assume
that under such management
the company will be operated conservatively and
that with its unusually
wide affiliations its success is assured.
H. M. Dawes to be Named as Comptroller
of the
Currency.
According to Associated Press advices from St.
Augustine,
Fla., on March 29, President Harding has
made known
the fact that upon returning to Washington he will
appoint
Henry M. Dawes of Chicago, a banker, and
a brother of
Charles G. Dawes, former Director of the
Budget, to be
Farm Loan Board Reported as Urging Banks to Form Comptroller
of the Currency.
Adjunct Loaning Corporations Under State Laws.
The following from Washington, March 23, appeared in T. J. Smith
of Central Union Trust Co., N. Y., Chair
the "Journal of Commerce":
man
Banking Division of Salvation Army Campa
ign.
Acting Secretary of the Treasury Gilbert to-day called
upon the Farm
T. J. Smith, Vice-President of the Central
Loan Board for an explanation of its statemen suggesting
Union Trust
t
to private banks
that they organize adjunct loaning corporations under State
Co., 80 Broadway, has accepted the Chairm
laws
in
order
anship of the
to avail themselves in the most practical
manner of the facilities of the new Banking Division in the Annual Home
Service appeal of the
financial system being set up under the Agricultural Credits
Act.
Salvation Army which is to be launched in
In the absence of Secretary Mellon, who
May. An anis in Atlantic City, Mr. Gilbert's
attention was called to the Loan Board's suggestio
n by 0_mptroller of nouncement of this from the Salvation Army Headquarters
the Currency Crissinger on
the theory that the establishment of loan cor- says:
porations
by national banks is against the settled policy of the
Comptroller's office and has been strongly discoura
ged.
Treasury officials in discussing the proposal of the Loan
Board
declared
that the operation of adjunct loan corporat
ions by banks was"dangerous',
to the country's financial system,
while the formation of these companies
by banks as suggested by the Board
might defeat the purpose of the so-called
Capper section of the Agricultural Credits
Act, by influencing prospective
organizers of national agricultural credit corporat
ions to operate under State
charters rather than to come into
the national system.
Especial objection was taken to the
proposal on the ground that the examinations of tho State-chartered
loan companies would not be conducted
on the same lines as national
bank examinations.
Farm Loan Commissioner Lobdell
declined to discuss the Treasury's demand for an explanation of the
Board's suggestion in advance of the official
reply. However, it Is understood
that the Board feels its proposal to be
perfectly Justifiable on the ground
that only loan corporations in satisfactory financial condition would be
permitted to do business with the
credit departments of the Land
banks. Adjunct loan companies, according to the Board's idea, would be subject
to the strictest examination by the
Federal Farm Loan system.
On the other hand, some Treasury
officials maintain that a loan company
operated by a bank is an unwieldy
institution from the standpoint of control, since it is able to assume a wider
latitude of operation and could be
used as a repository ofr paper held by its
owning bank which might not meet
with the approval of examiners. Officials
seeing objections to the Board's
proposal also asserted that such a policy
would
motion of nationally-chartered live stock loan greatly discourage the for
corporations, which under
the Federal law would be required to capitalize at
vantage could be obtained through organization $250,000 , if the same adunder State charters with
a capital as low as $10,000.
Mr. Smith has always been an admirer and
generous supporter of Salvation Army work, but he is a"new recruit"
so far as active participation in
the Home Service appeals is concerned. Ile
is now at work on the organization of an energetic committee of bankers
through which the contributions
of all national and State banks, savings banks,
trust companies and foreign
banks,as well as the gifts of their executives and
employees, will be collected.
"I am glad to get into this work." declared
Mr. Smith, in accepting the
responsibility,"because I have always believed
so heartily in the work of
the Salvation Army. I do not know of a
cause that better deserves the
generous support of the business and financial
people. We must all realize
that the Salvation Army has grown
amazingly during the last;few years,
not because it has been ambitious, but because
It, It is no longer merely the"little mission growth has been thrust upon
around the corner." It retains
the spirit of the little mission, to be sure, but
its work has broadened and
developed to such an extent that we must
all catch a new vision and conception of its importance. It needs big
gifts, big donations, rather than the
small money with which so many of us have
been in the habit of associating
Its work. I am going to make an effort to
have the:Banking;Group produce
more money than any other division."
The campaign is for a budget of $500,000
. The-entire amount is for the
maintenance of New York institutions
and activities. To indicate the value
of Salvation Army work to the Greater City, the Central;
Committee has
adopted the slogan."Father Knickerbocker's Best-Friend,
" in addition to
the familiar one,"A man may be down but he's:never:out."
It is distinctly
a home charity.
Henry W.Taft, brother of the Chief Justice of the
United States Supreme
Court. has accepted the general chairmanship of the'appeal
for Greater
New York. The appeal headquarters has been establish
edlinIthe Pennsylvania Hotel through the courtesy of E. M. Statler, wholis'al
so an ardent
admirer of the Salvation Army.
1368
THE CHRONICLE •
Federal Reserve Board Approves Establishment by
Federal Reserve Bank of Atlanta of 43 2% Discount Rate for Nine Months Agricultural
Paper.
The Federal Reserve Board in its weekly consolidated bank
statement issued at the close of business March 28, refers to
the March 4 1923 amendment to the Federal Reserve Act,
which increased the maximum maturity of agricultural and
live stock paper eligible for discount by Federal Reserve
banks from six to nine months, and says:
[VoL. 116.
country, and the store which must be sent back abroad, would give the
System a clearer idea of the relation of its reserves to the credit extended.
By such an arrangement, it is argued that the System could gauge with
greater accuracy the moment when a maximum of prospective loaning
would be reached.
On this basis, it is hold, more elasticity could be given to rediscount rate
levels. A further move that hassome official supporters, which would serve
as an alternative to changing rates to meet speculative tendencies, would be
the adoption of a policy of shutting down sharply upon rediscounts when a
determined amount for any bank is reached by that bank.
May Classify Paper.
There was also some study of a possible return to the Federal Reserve
practice of establishing different rates for different classes of paper, rather
than the retention of unformity of rates both as to districts and as to securiof
Banks
Reserve
ties.
Under the provisions of this amendment the Federal
on
%
6
,
43
of
rates
discount
established
have
Francisco
Of the matters classed under the head of routine, the relation of the FedAtlanta and San
agricultural and live stock paper, maturing between six and nine months, eral Reserve System to the new rural financing system set up by the Agrion
cultural Credits Act was one of the most important, as the new law will
and have discounted small amounts of such paper, the amount held
necessitate a number of amendments to the Federal Reserve regulation to
March 28 being $15,000.
the two systems to function co-ordinately. It develops also that the
Reference to the establishment by the Federal Reserve enable
Governors suggested to the members of the Farm Loan Board, with whom
paper
agricultural
Bank of San Francisco of a 43/% rate on
they advised upon the establishment of the new machinery, that a disrunning for nine months, was made in our issue of Saturday count rate of 5% or over would be the proper level for the intermediate
credit departments of the Federal Land banks.
last, page 1240.
Fixation of this rate, however is being held up until the return of Secretary
Mellon after Easter and there is a disposition in some quarters in the Loan
Board not to ask for approval for a rate of more than 5%.
Semi-Annual Conference of Federal Reserve Governors
With Reserve Board—Latter Denies Rumors as to
Lynn P. Talley, Chairman and Federal Reserve Agent
Policies.
of Federal Reserve Bank of Dallas.
The Federal Reserve Governors held their usual semiLynn P. Talley, Vice-President of the Southwest National
annual conference in Washington this week, meeting in Bank of Dallas, has been appointed a Class C director of the
conjunction with the Federal Reserve Board. The confer- Federal Reserve Bank of Dallas for a three-year period endence had brought forth in the daily press various surmises• ing Dec. 31 1925 and has been designated Chairman and
as to the likelihood of action by the Board warning against Federal Reserve Agent for 1923. Mr. Talley succeeds Judge
speculative movements, as well as to a possibility of increased William F. Ramsey, who died last October. Mr. Talley asdiscount rates; the advices which had come to the Board sumed his new office on Mar. 15.
with reference to reports relative to its contemplated movements caused it to answer these rumors with a statement
4% Victory. Notes Before
Payment of Uncalled 43
in which it declared that "so far as it is concerned, there is
of Called Notes Still
000,000
Maturity-00,
or
no basis for any rumors with respect to its intentions
Outstanding. •
will
it
.
say.
.
to
anything
has
Board
the
When
actions.
In a statement issued Mar. 25, Secretary of the Treasury
itself make the announcement." The Board's statement
announced that the Treasury Department is ready
Mellon
was made public on March 27 as follows:
The Federal Reserve Board to-day has received numerous telegrams
referring to rumors as to its contemplated actions.
In reply, the Board has said. "Should be greatly obliged if you and others
who have telegraphed would supply the Board with the source of your
Information. The Federal Reserve Board wishes to say with all possible
emphasis that so far as it is concerned there is no basis for any rumors
with respect to its intentions or actions. When the Board has anything
to say with respect to the credit conditions or policies of the Federal Reserve
System it will itself make the announcement, and no one else is authorized
to speak for it. Board cannot undertake to deny all idle rumors nor
should It be charged with them."
to redeem, at any time, at par and accrued interest to the
date of optional redemption any uncalled 4%% Victory notes
expiring May 20. At the same time Secretary Mellon reminded holders of the called Victory notes that interest
thereon ceased Dec. 15 1922. There are, he stated, still about
$80,000,000 of called notes outstanding. The following is
Secretary Mellon's statement of the 25th:
The Treasury stands ready to redeem at any time, at the option of the
holder, any uncalled Victory notes maturing May 20 1923 at par and acdate of optional redemption. These notes are now
With the conclusion on March 29 of the conferences crued interest to the
outstanding in the amount of about $820,000,000 and boar the distinguishbetween the Reserve Bank Governors and the Board, ing letters G,IL I, J. K,or L, prefixed to their serial numbers. The notes
the following statement was issued by Acting Governor may be presented to any Federal Reserve Bank or branch, or to the Treasury Department, Washington, and banks and trust companies generally
Platt:
will handle the transactions for their customers.
During the semi-annual conference of Governors, which closed to-day,
The Treasury again reminds holders of called Victory notes, bearing the
many
the Federal Reserve Board, as usual, discussed with the Governors
distinguishing letters A, B,0, D,E,or F, prefixed to their serial numbers,
Reserve
the
to
Federal
the
amendments
including
operation,
matters of
that interest on such notes ceased absolutely on Dec. 15 1922,in accordance
Act contained in the Agricultural Credits Act, changes in the Board's
with the terms of the call for redemption. There are still about $80,000,000
regulations made necessary by these amendments, the open market operaof called notes outstanding which have not yet been presented for redemption
tions of the system and many matters of a routine nature.
and on this amount in the aggregate holders are losing interest at the rate
The Board also discussed with the governors general economic and
of about $10,000 a day, or over $1 000,000 since Dec. 15 1922. Holders
of
market
rates
the
open
reserves,
conditions
the
conditions,
financial
of called notes are urged to present them for redemption without further
for various classes of paper, the demand for credit and the volume of
delay, to any Federal Reserve Bank or branch, or to the Treasury Departcredit in use and gold movements, present and prospective.
ment at Washington. utilizing so far as possible the service of their own
From the Washington advices to the "Journal of Com- banks and trust companies.
merce" the same day (March 29) we quote the following:
No suggestion was made to the Board for any immediate change in the
present uniform rediscount rate level of 435%•
It was made known, however, that the Governors would be expected
to report to their respective boards of directors the observations on general
conditions exchanged at the meeting. No effort was made to challenge
reports that rediscount rates were under discussion. It was pointed out
that the functioning of the System in that matter, through the action of
Reserve banks, would
the Board upon applications received from the
preclude any analysis of the different districts until there has been an
them.
opportunity to hear from
Discussion of credit demand,it was explained, naturally covered thetrend
to the Federal Reserve
of borrowings and the prospective turn of this demand
system. The increase in discounts during the past week was not looked upon
to Indicate the wind's
as of sufficient size to amount to more than straws
direction.
Previous reference to the Treasury Department's announcements relative to the payment of uncalled 4%% Victory notes was made in these columns Mar.17, page 1132, and
Mar. 24, page 1240.
Sugar Price Investigation Ordered by President
Harding—Basil M. Manly's Petition—Secretary
Hoover in Reply to Latter—Cordell Hull Asks
for Lower Duties.
An inquiry into increases in retail sugar prices was ordered by President Harding on Mar. 27, this step by the
President having followed a petition to him on Mar. 21 by
Basil M. Manly, of the People's Legislative Service, who
asked for an inquiry by the Department of Justice into an
alleged conspiracy to advance the price of sugar. The President's directions for the institution of the inquiry were contained in the following telegram addressed by him to Thomas
0 Marvin, Chairman of the Tariff Commission:
No Cause for Alarm.
Impression was given, moreover, that there is a disposition within the
only after
Board to escape the error of applying reserve curative measures
general view
symptoms have become ailments. It was understood that the
in the present business situation nor,
held that there Is no cause for alarm
expansion but that it would be well neverany desire to discourage proper
which might arise.
theless to be ready for all conceivable circumstances
attention. It was recognized that
Gold movements came in for particular
the
by
Reserve
held
banks does not all
now
the enormous supply of gold
Have the Tariff Commission made an immediate inquiry into the relation
in the nature of things, return some
belong in this country and that it must,
of the sugar tariff to the current prices of that commodity. It is difficult to
approxto
The
were
Governors
unable
origin.
of
countries
day to its foreign
believe that the duty on sugar can have any part in making the abnormal
imate the date when the stream of outgoing gold will attain volume sufficient prices which prevail, but if the Commission finds there is any ground for
but it was contended that those
to deplete the Reserve bank over-supply,
duty to be even partially responsible I shall be ready to Prowithout.any believing the
Institutions must be in a position to facilitate this movement
claim a reduction in duty, as provided by law.
operations.
internal
derangement of their
Regarding President Harding's action, Associated Press
In connection with the condition of the gold reserve there has been a suga re- advices from St. Augustine, Fla., Mar. 27, where the Presigestion, which is reported to have come before the Governors, that
proparrangement of the reserves of the central banks Into what could more
dent is enjoying a brief vacation, said:
erly be considered as the actual supply of gold likely to remain in this
MAR. 31 1923.]
THE CHRONICLE
1369
The Presidential order, it was explained, will result in enlisting another reduce their production from 4,000,000 tons to 2,500,000 tons. In this
official agency in the Government's efforts to ascertain responsibility for the connection I beg to direct your attention to an official report made to the
gradual increase in sugar prices starting early in February, when sugar was President of Cuba by Senor Sebastian Gelabert, Secretary of the Cuban
selling at 5 and 6 cents a pound retail, as compared with present quotation Treasury, with reference to two conferences held with Secretary Hoover
running as high as 12 cents.
on Dec. 7 1921, and Jan. 10 1922. His report of the conference of Jan. 10
The Department of Commerce for several weeks has been studying the 1922. which I quote below, is particultaly illuminating."
sugar situation, and several days ago Acting Attorney-General Seymour
He proceeded then to quote from the report of Senor Gelabert:
announced in Washington that the Department of Justice was making an
"Mr. Hoover told us that the proper thing to do was to reach
agreeInquiry which would continue until responsibility was fixed.
ment with the beet sugar producers, who the day before had held a meeting
Mr. Harding was said to be firmly determined that the Government shall in Chicago to decide with
respect to the point agreed upon in Habana with
do all in its power not only to prevent further increases but to bring down the Hamlin, since an
understanding with them might facilitate the approval
present quoted prices, should they be found unjustified.
by Congress of the necessary legislation.
He gave some attention to the sugar situation before leaving Washington,
Cites Smoot Letter to Crowder.
and is understood to have had several communications from various officials
Manly also laid before the President extracts of a letter written to Gen.
in the capital on the subject since his arrival in Florida.
Crowder,
recently appointed Ambassador to Cuba. by Senator Smoot,
The President was represented as unconvinced that the present FordneyMcCumber tariff rates of 1.76 cents a pound on Cuban raw and 2.20 cents on Republican. Utah, whom he described as "generally regarded as a spokesother sugars was to blame for the increased prices which Senator Ladd, in a man for the Administration in fiscal matters, and who is himself deeply
statement a few days ago, said were costing the American people at the rate interested in the sugar beet industry." In this letter Senator Smoot said:
of $90,000.000 annually for every cent advanced. As his telegram to Chair- "I am sure that the limitation of the Cuban crop of sugar for the present
man Marvin asserted, however, he is willing,should the Tariff Commission's year to 2,500,000 tons will be the solution of the problem not only for Cuba
Inquiry determine that the tariff rates are even partially the cause, to utilize but for the United States as well."
The Senator asked Gen. Crowder to lay this proposal before the President
the flexible provision of the present Tariff Act.
This provision allows the President, after an inquiry by the Tariff Com- of Cuba and added: "I have had the sugar schedule in the pending tariff
bill
passed over until I hear definitely from you."
mission, to lower or increase to the extent of 50% the duty on any commodity. Mr. Harding, it has been said, regards the provision as one of the
Secretary Hoover's statement of the 22nd inst. follows:
wisest in the law and particularly useful in such emergencies as the present
As I have repeatedly stated, there is no economic Justification for the
sugar price situation may be found to be.
price of sugar. as there is an estimated world surplus.
Mr. Manly's petition to President Harding for an inquiry high
Mr. Manly is about a month behind the times in his proposed investigainto increased sugar prices was embodied in a telegram to tion into the rise in price. Under authority of Congress to investigate
the President, which was supplemented by a letter to the lat- combinations of foreign producers of import commodities, this Degprtment,
as soon as appropriations were available on March 4. Instituted an inter, in which Mr. Manly stated that:
vestigation into the situation in Cuba. As the Department has no JurisIt is perhaps merely a coincidence that this statement, which has resulted diction in domestic questions. I informally suggested to the Chairman
in such extraordinary increases in the price of sugar, was issued by the de- of the Federal Trade Commission that it should undertake this end of
partment presided over by Secretary Hoover, who played so prominent a the matter.
I wrote to Senator Brookhart on Feb. 26 in this connection. My letter
part in the plan that was attempted last year to increase the price of sugar
by arranging with the Cuban sugar planters to reduce their production was read into the "Congressional Record" as follows:
from 4,000,000 to 2,500.000 tons.
"I am in receipt of your letter of Feb. 23. The only laws at all related
the subject to which you refer are the Restraint of Trade Acts, as all
On Mar. 22 Secretary of Commerce Hoover took occasion to
price and other war regulations have been long since repealed by Congress.
This Department necessarily has no knowledge of any corner in sugar
to issue a statement in answer to Mr. Manly's communica- as
such matters are dealt with by the Dep atment of Justice and the
tions to the President; attention was called by Secretary Federal Trade Commission,
'As to the question of sugar supplies, a world survey made by this
Hoover to the fact that in furtherance of an investigation Department showed that the stocks of sugar on hand from last year.
plus the production of this year. were estimated at a total of 19.511.000
into "combinations of foreign producers of import commodi- tons,
whereas the consumption for the year was estimated at 19,035,000
tons,
leaving a probable surplus at the end of the year of 476,000 tons.
ties" authorized by Congress at the late session, an inquiry
Some misconception has arisen because the estimated surplus at the end
into the situation in Cuba is already under way; further- of the year showed a decrease from the abnormal stocks at the beginning
of the year.
more, said Secretary Hoover,"as the Department has no juris"There is obviously no shortage in suer, and, moreover, an undue
increase
in price will decrease consumption."
diction in domestic
in
questions I informally suggested to the
Chairman of the Federal Trade Commission that it should
undertake this end of the matter." Mr. Hoover expressed
regret that Mr. Manly is "circulating the legend that the Department stated that there was a shortage of sugar, as this
only tends to benefit the speculators, and the Department
made no such statement." "Unfortunately," Secretary
Hoover added,"one of the news agencies misinterpreted one
of the usual semi-annual statistical statements of the Department, but the moment it was brought to my attention it
was immediately corrected in the press." The People's Legislative service, of which Mr. Manly is Director, is headed
by Senator La Follette. The telegram addressed by Mr.
Manly to President Harding was as follows:
Washington, March 21.
President Warren 0. Harding, on board Houseboat of Edward B. McLean,
Miami, Fla.
American households are being robbed of millions of dollars each week
by conspiracy to increase sugar prices and continued manipulation. Urge
you direct Department of Justice to bring this matter before Federal
Grand Jury and seek indictment of those guilty of this criminal conspiracy.
Letter detailing circumstances underlying this conspiracy follows.
PEOPLE'S LEGISLATIVE SERVICE, by Basil M. Manly. Director.
Details of Mr. Manly's letter to the President were given
as follows in the Washington "Post" of the 22nd inst.:
"Since the 9th day of February the retail price of sugar in the
United
States has increased 3 cents a pound. In these six weeks it has advanced
from 7 to 10 cents—one-half cent each week. This increase has already
cost American consumers $15,000,000, and if the price remains at 10 cents
it will cost them over $300,000,000 before the year is done.
20 Cents a Pound Predicted.
"Prominent sugar refiners now predict that unless this movement is
summarily chocked the American housewife will be paying 20 cents a
pound for sugar before June. If this be true, the American people will be
robbed of8500,000,000 solely for the benefit ofsugar gamblers and profiteers.
This outrage can and should be prevented.
Action by the Executive Department of the Government is imperatively
demanded, not only to break this artificial inflation in the price of one of
the principal necessaries of life, but also to relieve the Administration of
that measure of responsibility for this condition which now attaches to it
by reason of a chain of circumstances, with regard to which you may,
perhaps, not be informed."
Manly proceeded then to trace the beginning of the advance in sugar
prices to the issuance of a statement by the Department of Commerce on
Feb. 9. This statement was generally interpreted as a prediction of a
sugar shortage. Secretary Hoover has since issued another statement
to the contrary. Manly declared that the first statement was at least
"misleading" and that the injury it caused was aggravated by another
statement further "bulling" the market by directing attention to the
Increased consumption of sugar during the past year.
Calls Hoover's Action Surprising.
"It is perhaps merely a coincidence," Manly continued, "that this
statement which has resulted in such extraordinary increases in the price
of sugar was issued by the Department presided over by Secretary Hoover,
who played so prominent a part in the plan that was attempted last year to
increase the price of sugar by arranging with the Cuban sugar planters to
I would be delighted to see any impartial inquiry into the speculation
which has brought about the rise in the price of sugar, or any other phase
of the matter. There is nothing that the Federal Administration wishes
more than to see a reasonable price and a stable market in sugar and
other commodities without speculation.
I regret to see Mr. Manly circulating the legend that the Department
stated there was a shortage of sugar, as this only tends to benefit the
speculators, and the Department made no such statement. Unfortunately,
one of the news agencies misinterpreted one of the usual semi-annual
statistical statements of the Department, but the moment it was brought
to my attention it was immediately corrected in the press. Mr. Manly
is rather captious in blaming a Cabinet officer for the size of type which
newspapers use in statistical tables.
As to Mr. Manly's discovery of the supposed sugar conspiracy a year
ago, on his own statement my part Was that I told (which I confirm)
the Cuban officials who came to Washington that if they wanted to set
up a restriction in the then overproduction of sugar, jointly with the
American beet producers, they would have to get the approval of Congress.
Needless to say, this was never obtained.
In its advices from Washington Mar. 22 the New York
"Times" said:
Representative Frederick W. Dallinger of Massachusetts called on Secretary Hoover to-day to supply him with data relative to the increasing
cost of sugar, together with such other information as the Department
might have regarding this situation. Mr. Dallinger asks the Secretary to
Inform him if the Department' survey indicates an impending surplus or
shortage, and "what will be the effect of increased prices upon consumption
and supply."
The Department of Commerce will continue its inquiry into the Cuban
situation and give any assistance in its power to the Federal Trade Commission if it is determined by that body to make an investigation into the
domestic conditions.
The Tariff Commission also is to conduct hearings in regard to the traffic in sugar. At the Department of Commerce it was'said to-day that if
there was any evidence of a combination in restraint of trade seeking to increase sugar prices, the Department would act.
Denial of reports that the Department of Commerce had
predicted a sugar shortage was made in February by the
Department through Dr. Julius Klein, Director of the Bureau of Foreign and Domestic Commerce, the press dispatches from Washington Feb. 13, making the statement public as follows:
Despite the fact that sugar production this year is expected to fall short
of consumption by 727.000 tons, Commerce Department officials predicted
to-day that the surplus carried over from last year would more than offset
the discrepancy.
Figures made public by the Department last Friday gave the estimated
production this year as 18,508,000 tons and the estimated consumption
at 19,035.000 tons. The carry-over from the year previcus was 1,203.000
tons, all but 476,000 tons of which will be used up,according to the Department's figures, by the shortage for the present year.
In a statement to-night Dr. Julius Klein, Director of the Bureau of Foreign and Domestic Commerce,pointed out that by incorporating the 1,203,000 tons surplus of last year with the total "estimated production" for this
year, the total of available stocks is brought up to 19,511.000 tons, as
against an estimated consumption of 19,035.000 tons.
The 476,000 tons remaining in reserve at the end of the year 'will be the
smallest carry-over for a number of years. It compares with a carry-over
of 750,000 tons in normal years before the war. Dr. Klein's statement.
1370
THE CHRONICLE
[voL. 116.
Issued in response to various inquiries regarding the figures made public been circulated. The price went back a cent upon the correction. The rise
since has been due to speculative and other causes and to the persistent cirFriday, was as follows:
choose
"The Department of Commerce has made no statement that there will be a culation of the misinterpretation by persons who know better and
of
parts
all
from
to use it for their own purposes.
collected
production
and
stocks
total
The
sugar shortage.
the world,and issued on Friday.showed an estimated total of availablesugar
The flat and repeated statements of the Department and of Mr. Hoover
for consumption in 1922-23 of 19,511.000 tons, as against an estimated world that there was a surplus could give no basis for the rise since the correction,
consumption of 19.035,000 tons, thus indicating a surplus of 470,000 tons
for if they had an effect it must have been to retard the rise in price.
at the end of the year.
The subject was disposed of by full and frank statement of the incident
"The only basis for misinterpretation in certain press dispatches of the
Department's statement, which you probably had not seen, is that the over a month before Mr. Manly came upon the scene, all of which he perstatistical position indicated that the end-year carry-over would be less than sistently ignores and misrepresents, as that is not good political bunk.
the abnormally heavy carry-over since the war."
We likewise give herewith the statement issued Mar. 23 by
On the 23rd inst. the Department of Justice issued a stateHull, to which reference is made further above:
Cordell
efthe
to
ment, through Acting Attorney-General Seymour,
President Harding has in his own hands the most immediate and potential
fect that the attention of the Department "was called to the
single remedy for the relief of the sugar situation. Notwithstanding that the
unusual condition in the sugar market during the month of controlling motive in the enactment of the Forclney-McCumber Tariff Law
January" and that "a preliminary investigation has pro- last year was to boost domestic prices of the products of certain industries,
and although the present runaway sugar market,dominated
gressed to a point where it is hoped that no embarrassment including sugar,
by profiteers, owes its chief underlying original cause to the tariff price
will be occasioned by premature publicity." At the same boosts, the Harding Administration is practically silent about the one speedy
time Mr. Manly issued a further statement, and Cordell Hull, and effective remedy immediately available, namely the reduction of the
high sugar tariff rates.
Chairman of the Democratic National Committee, proposed present
The President should direct the Tariff Commission, if necessary, to make
that "the most immediate and potential single remedy for a report without any sort of delay, to the end that he might at once issue a
the sugar situation would be found in the Issuance by the proclamation under the authority of Section 315 of the Tariff Law,reducing
existing sugar duties 50%. I am sure the Tariff Commission has on
President of a proclamation reducing the existing sugar du- the
hand sufficient facts on which to base a report now.
tie 50%. In a statement on Mar. 24, Julius Klein, Director
There is no sounder law of economics than that in many instances when
tariffs, the price increases do
of the Bureau of Foreign and Domestic Commerce at Wash- prices are once artificially boosted by high
not stop with the amount of the tariff, but are jumped higher and higher
ington, assumed responsibility for the statements issued by from time to time, with the inevitable result that arbitrary price fixing,
the Bureau, Mr. Klein stating that "the physical possibility speculation, and profiteering become rampant.
Taking advantage of this tariff psychology, sugar profiteers and specu.of Mr. Hoover's auditing them is out of the question." The
lators have been for several weeks, as they are now, fleecing and robbing the
following is the statement of Mar. 23, issued by Acting At- American people at a present rate of near $400,000,000 per annum, or an
amount almost as great as the total tariff revenue yield to the Federal
torney-General Seymour:
The attention of the Department of Justice was called to the unusual
condition in the sugar market during the month of February. On Feb. 27
agents of the department were directed to investigate and obtain full and
accurate information as to the supply and demand and the price of both
TaW and refined sugar and the cause responsible for any substantial increase
in the price thereof.
A preliminary investigation has progressed to a point where it is hoped
that no embarrassment will be occasioned by premature publicity. The
department is interested in determining whether any artificial shortage
has been purposely created in the supply of sugar shipped to the markets
of the United States, and whether any other arbitrary interference Is affecting the price. These matters still are under consideration in the department and are receiving, as they have constantly received, the best attention
of those most qualified to investigate these and kindred matters.
Mr. Manly, in his statement of Mar. 23, said:
Since I made my original appeal to President Harding to take action to
restrain sugar speculation and profiteering. I have secured a copy of the
original statement on the sugar situation issued by the Department of
Commerce, which was immediately followed by the present spectacular rise
In sugar prices. This original statement carried a heading which read:
"In 1921-22 the world sugar consumption was 500,000 tons greater than
production and the prospects are that it will be 700.000 tons greater in
1922-23. If these prospects materialize, the heavy accumulated stocks at
the end of the 1920-21 season will have given wa b the and of 1922-23 to
a carry-over below the pre-war normal figure........
I am reliably informed that when the misleading character of this heading
was called to the attention of Secretary Hoover he issued an order that
such headings should thereafter be omitted from the department's statements and caused a revised edition of the statement, omitting this heading,
to be issued and placed in the files of the department.
I have also discovered that this misleading forecast of the sugar situation
was originally issued for release by the newspapers of Monday morning,
Feb. 12, but that at some time Friday, Feb. 9, the department for some
reason which is as yet undisclosed suddenly decided to make the statement
subject to immediate release.
I am informed the department notified the various newspaper offices that
the release date had been changed, but only one of the press associations
received the notice in time to send out the statement to their newspapers in
advance of the original date of release.
I ask Mr. Hoover to inform the public why this sudden change in the
release date of this statement was made and upon whose suggestion.
The Federal Grand Jury should also ascertain what speculators made the
killing on the New York Sugar Exchange on Feb. 10, immediately after the
publication of the Department of Commerce's statement.
A further statement by Mr. Manly Mar. 23 said:
I am suggesting to the Department of Justice that one of the principal
matters which the Grand Jury should investigate is a meeting which is
alleged to have taken place in Cuba about the middle of January 1923,
between the President of the National City Bank of New York,the'President
of the Old Colony Trust Co. of Boston, the President of a prominent
Montreal bank, all of which hold large quantities ofsugar paper,and certain
prominent Cuban sugar producers. I am informed that means of further
Increasing the prices of sugar were discussed on this occasion.
Answers by the banks mentioned in the preceding paragraphs are referred to in another item in this issue. The
following is Mr. Klein's statement of Mar. 24.
The statements and innuendos of Basil Manly, publicity agent of a political organization, with regard to Mr. Hoover's relations to a world survey of
sugar, published by this Department on Feb. 8, are absolutely false.
I wish to state (as I have done previously) that Mr. Hoover never saw the
statement in question until after it was in the hands of the public, nor did he
even know it was in the course of preparation. This Bureau issues several
thousand letters, statistical and trade statements weekly in response to the
public demand,and the sole responsibility for such documents is mine. The
physical possibility of Mr. Hoover's auditing them is out of the question.
No one has challenged the accuracy of this sugar survey, and it was correct.
A press resume mistakenly interpreted that statement to mean a shortage
in sugar, which was frankly acknowledged by the press organization in a
statement to-day, and when this incorrect press resume came to Mr.
Hoover's attention he immediately instituted a departmental investigation
Into the matter. At his instruction I co-operated with the press in correcting the mistake and in emphasizing the fact that the survey showed a sur- •
plus, not a shortage, and did not in its text use any such term.
This misinterpretation did give speculators a temporary advantage and a
else of one cent a pound in raw sugar took place before the correction had
Treasury for an entire year.
This terrible loss now being inflicted upon the American people in connection with sugar is but a sample of similar disastrous experiences the people
may expect from time to time as to certain other necessities of life, the prices
of many of which have already been boosted under the cloak of the monopolistic Fortiney-McCumber Tariff Law. Under this sytem, the 110,000,000 people of America will pay to its specially favored beneficiaries, in prices
above a reasonable price during 1923,an amountof money equal to the entire
expenses of the Federal Government during the same period. Let President
Harding issue his proclamation cutting sugar duties 50% forthwith.
Prior to President Harding's action in directing the Tariff
Commission to undertake an inquiry into sugar price increases, conferences between the Acting Attorney-General
and Secretary of Commerce Hoover were brought under way
Mar. 23, Mr. Hoover, it was stated in Washington dispatches
to the "Journal of Commerce," being "anxious that all phases
of the matter be delved into in view of the criticism arising
from the report of the Department of Commerce on world
stocks, production and consumption of sugar."
In addition to the inquiries to be undertaken by the Tariff
Commission and the Department of Justice (the latter investigation, it is stated, will be conducted in New York), the
Federal Trade Commission, it is stated, is also to inquire
into sugar price advances.
An investigation by the Senate Manufactures Committee,
headed by Senator La Follette, into the recent advances in
sugar prices, was proposed in a resolution introduced in the
13. S. Senate on Mar. 2 by Senator Brookhart (Republican).
The advocates of the resolution endeavored, without success,
to put the resolution through before the adjournment of Congress; it was stated that unanimous consent to receive the
report on the resolution was blocked by Senator Curtis of
Kansas, who declared Secretary Hoover had sufficient funds
to carry out an investigation and was understood to have decided upon such an inquiry. On May 15 "Financial America"
said:
Although the Senate Manufactures Committee has no specific authority
from the Senate to conduct an inquiry into sugar speculation, it is known
Senators La Follette and Brookhart are conducting an investigation on their
own account for the purpose of making an "informal report" to the public
as soon as possible.
Senator Brookhart's resolution providing for such inquiry failed in the
closing hours of Congress, but the Iowa Senator declares he will make
another appeal to the housewives of the country to cut their supply of sugar
for the purpose of breaking the "corner" which, ho says, is now forcing up
the price.
In its same issue, "Financial America" also said:
7*SocretaryHoover announced to-day that the scope of the investigation Into
foreign combinations controlling sugar prices had not as yet been determined
although he admitted a staff of experts were now in Cuba making a preliminary investigation. The Secretary announced to-day that air nitrates
had been added to its investigation. He declared, however, that the investigation did not have any bearing on nitrates produced at Muscle Shoals.
but will be conducted from a foreign competitive standpoint of view.
Answers of C. E. Mitchell and Other Bankers to Basil
M. Manly's Charges that Increased Sugar
Prices Were Discussed in Cuba.
Answering assertions made by Basil M. Manly in a statement by the latter which we give elsewhere in this issue,
to the effect that C. E. Mitchell, President of the National
City Bank of New York, had met with two other bankers in
Cuba to discuss means of further increasing sugar prices,
MAR. 311923.]
THE CHRONICLE
1371
Mr. Mitchell states that the discussion in which he partici- exclusi
ve concession to exploit the country's oil resources.
pated related to financial problems, that he does "not recall
The "Tribune" advices added:
that there was any discussion whatsoever regarding the subAfter failing to force the Cabinet to submit
the contract
Parliament,
ject of sugar." Mr. Mitchell's statement, issued on Mar. 23, which the Cabinet held was unnecessary'under the Constitutto
ion, rival local
and foreign oil interests began to hamper
follows:
the American company through
Government
My attention has been called to the statement of
the director of the
Peoples Legislative League that in January I met the
heads of two other
financial institutions in Cuba to discuss means of
further increasing the
prices of sugar. This statement is without any foundati
on in fact.
I have not met the President of one of the institutio
ns in question for
many months and have never, at any time, discussed the
subject of sugar
with him. The President of the other institution
mentioned and I were
guests at a luncheon given by the Clearing House Associati
on of Havana,
about the middle of February. at which the discussio
n related to financial
problems and at which I do not recall that there was
any discussion whatsoever regarding the subject of sugar.
It is stated that the institutions mentioned by
the representative of
the People's Legislative League hold large quantitie
s of sugar paper.
As for ourselves, we are lending only in moderate
amounts to recognized
producers and refiners for their actual requirements.
The rate at which
applications for loans to carry sugar have been
received by us from producers and refiners is substantially less than normal
for this season of
the year, and is an indication that sugar is not being heavily
accumulated,
but is moving more rapidly from mill to market than is
customary.
For the past two years we have taken every opportun
ity to urge upon
Cuban raw sugar producers that they exert every possible
effort to increase
their production, and this in face of the agitation
that any increase In
Cuban production would likely result in an increase
in the American
tariff.
As I said in public statements after my return from Cuba
late in February
our best information indicated a total Cuban crop approxim
ating 4,000,000
tons, and I could see nothing in the fundamentals to
justify panicky
advances but that the available world supplies did seem
to me to justify
a firming market. I find nothing in advices from Cuba
to cause me to
revise the thoughts then expressed.
bureaus, through banking interests and in other ways. The
Standard has just recalled Winthrop Haynes,
its chief) geologist, and its
commercial agents, and closed its offices.
Czechoslovakia is importing large quantitie
s of oil from Poland and
Rumania at high prices.
The concession was actually given to the French
subsidiary of the Standard Oil Co. of New Jersey, the Compagnie Franco-A
mericaine des Petroles.
in which the Banque de Paris et Des Pays
-Bas had 52% interest. It has
offices at 82 Avenue des Champs Elysees.
With regard to the above, the New York "Evening Post''
on March 26 had the following to say:
The withdrawal of the Standard Oil Company
from Czechoslovakia, announced to-day in a dispatch from Prague,
was made upon the discovery
that the proposed development of its oil resources
would not be worth while
in view of the difficulties of starting a new
business under conditions which
obtain in Czechoslovakia and because of
political opposition which rendered
the venture a poor business risk, according to officials
of the company today.
It was announced some months ago that
the Standard Oil Company
had obtained an almost exclusive concession to
exploit the oil resources of'
the country, described at that time as great.
After that announcement, it
was said, the company made a survey of the
situation through its experts
and opened tentative offices in the country.
Upon the development of
hampering influences in political circles coupled
with many other considerations of a similar nature, the company closed
its offices and withdrew its representatives.
The actual concessions in the country were given
to the Campagnie
Franco-Americaine des Compagnie subsidiary of the
Standard Oil Company of New Jersey, with offices at82 Avenue des Champs-E
lysees,Paris.
A special dispatch from Boston Mar. 25 to the "Journal of
Commerce" makes known as follows a similar denial
by
Philip Stockton, President of the Old Colony Trust Co.:
State Fuel Administration Terminates April I.
Governor Smith issued a proclamation on Mar. 27 abolish
ing the office of State Fuel Administrator on April
Philip Stockton, President of the Old Colony Trust Co. of Boston,
1. The
was Governo
asked to-day what reply he had to make to the assertion of Basil M.Manly,
r said he had been informed that conditions
had
director of the People's Legislative Service, who has demanded a Govern- progressed so
far toward their normal status that after April
ment investigation of the so-called"sugar manipulations" and who declared
1 the allotment basis of coal distribution would
on Friday that Mr. Stockton, in company with the presidents of the
terminate
Natidnal City Bank of New York and of a prominent Montreal bank met
a and the normal flow of that commodity would be resumed.
group of Cuban sugar producers in Cuba some time during the middle of
"Consumers should exercise patience during the brief peJanuary and conspired not only to maintain raw sugar prices but also
riod of return to the normal basis and not press dealers
to raise them.
unMr. Stockton said that there was little that need to be said by
way of reasonably while the allotment basis of fuel distribution is
answer, since in the first place he had not been in Cuba at any time
this readjusting itself to the normal conditi
on," the Governor
winter and in the next place he know nothing whatsoever of any
such said in his
proclamation. Governor Smith directs the Fuel
meeting as Mr. Manly described.
We likewise quote from the "Wall Street Journal" of Mar. Administrator to terminate within 30 days after April 1 all
26 the following from Montreal, embodying a denial from business and obligations incurred by that office.
Sir Herbert Holt of the Royal Bank of Canada of a conspiracy to raise sugar prices:
Henry Ford Buys 120,000 Acres of Coal
Land in
Sir Herbert Holt, President of Royal Bank of Canada, declares
Kentucky—To Use Every Piece of Coal
there
will be a decrease of 500,000 tons in estimated Cuban
Twice.
sugar crop of 4,000,000
tons, owing to the dry season. This shortage, he
says, will be increased
if weather conditions from now on are unfavorab
le.
Ho explicitly denies connection with a conspiracy
to raise sugar prices.
As to the story he had been present at meeting of bankers
in Cuba in
January, he was in Montreal all that month and only sailed from
New
York on Feb. 10 on his annual tour of inspection of the Royal Bank's
Cuban
branches.
He was never at a meeting of bankers in Cuba, where the sugar
question
was even discussed. On the contrary, the bank has been
trying to keep
down the price of sugar, not to raise it. Banks, he declared,
were not
advancing money for speculation in sugar. Sugar is being sold as
fast as
it is produced.
Tri-State Tobacco Jobbers'
Conference Charged With
Fixing Prices.
The Federal Trade Commission at Washington made
public to-day (March 31) the following:
Tobacco jobbers of Pennsylvania and Delaware, known as the
Tri-State
Tobacco Jobbers' Conference, in conjunction with the American
Co.. are charged by the Federal Trade Commission with fixing Tobacco
and maintaining prices at which certain tobacco products are to be
sold.
The respondents for the purpose and with the effect of
eliminating
competition among themselves and other dealers in tobacco
entered into an agreement, understanding and conspirac among products
y
themselves
to fix, through the Tri-State Jobbers' Conferen
ce, prices at which tobacco
products handled by them should thereafte be sold by
r
them, is charged
in the complaint.
The members of the Tri-State Tobacco Jobbers' Conferen
ce, who with
the American Tobacco Co. are
allowed thirty days in which to answer the
charges before a day is set for
trial, are: T. W. Mahany, President:
William J. Stern, Secretary and
Manager; S. D.Ostrow, Treasurer; Charles
J. Haller, John M. Miller, J. M.
fold, trading as Jacob Haller Estate:
F. J. Waldinger. Arthur F. Schultz,
Erie Wholesale Grocery Co.; Margaret
B. Wuenschel. trading as C. B.
Wuenschel Co.; J. K. Anderson, trading
as P. Minnig Co.; Warren Wholesale
Co.; Harry Levy, Shenango Valley
Grocery Co.; John Deck; J. Alvin
Edwin A. Jacobson, trading as -T. A.Jacobson; Clayton A. Jacobson and
Jacobson; H. G. Dawson and F. C.
Wooster, trading as Dawson Bros.;
Smith & Horton Co.; The Richards
Brothers Co.; J. S. Ilotchkiss & Brother
Co.; Armstrong Grocery Co.:
Swanson Grocery Co., Inc.; Louis A.
Bonin!, Mary E. Bonini and George
W. Bonin', trading as Bonin' Tobacco
Co.; Zeo P. Sterck, trading as
Sterck Tobacco Co.; Abel 0. Sterck; G. It,
Bacharach; Miles Kane Co.,
and Milos & Co.
Standard Oil Co. Withdraws from Czechoslovak
ia.
The Standard Oil Co., according to copyright sable advices
of March 25 to the Chicago "Tribune" from Prague, has
withdrawn from Czechoslovakia, where it had an almost
Henry Ford, the automobile manufacturer of
Detroit,
has purchased 120,000 acres of undeveloped coal
land
Kentucky and will use every piece of coal mined twice, in
thus
helping to asure an adequate coal supply for the countr
y,
according to announcement made from his headqua
rters
on March 23. With regard to Mr. Ford's plans for
developing the newly acquired coal lands, press dispatches
from
Detroit give the following information:
By purchase of the property Mr. Ford comes
into possession of a vast
tract of virgin coal lands with a reserve coal
supply of 500,000,000 tons,
making 165,000 acres ofsuch land owned by the
manufacturer.
From these holdings, Mr. Ford hopes that within
a year will come sufficient coal to supply all his factories in every
part of the country, all factories and mills manufacturing various products
for his own concerns, as
many of the industries in this district as care
to buy coal from him,and have
left fuel sufficient to supply a part of the domestic
demand of the country.
Mr. Ford, it was announced, will ask all
industrial users of his coal to
install furnaces that will remove only the gas
and similar substances, leaving a fuel unimpaired for domestic purposes.
The coal, after this process,
would be sold to heat the homes of hundreds
of thousands of workers
throughout the country. The fuel remainin
g after the gas had been taken
out would be even more valuable for
home heating purposes than it was
before, It was explained.
Coupled with the coal mining plans. Mr. Ford
will work on one of his pet
hobbies—reforestation. The now purchase, located
in parts of five counties of Kentucky, but centring in Clay County,
is covered with what is described as one of the finest stands of oak to
be found in the country. There
are 500,000,000 feet of this timber awaiting
the woodman's axe, but not a
foot is to be cut at this time. It is the
manufacturer's idea to use the surface of the ground for scientific research
work and experiments in reforestation while miners are digging coal under
ground.
Governor Smith Urges Extension
of Tax Exempt
Housing Legislation—Argument Begun on
Appeal.
Argument was offered in the Appelate Division of
the
Supreme Court on March 29 in the case of the Hermitage
Co. on the status of the law granting tax exemption on new
housing construction, which was declared unconstitution
al
last week by Justice Tierney, as noted. William H.
King,
Assistant Corporation Counsel, opened the
argument,
contending that, the exemption law does not violate
either
the State or the Federal constitution, and holding
that the
bill was of general nature and'not applicable merely
to local
or private groups. He held that the Legisla
ture was fully
1372
THE CHRONICLE
within its rights in passing such a law, inasmuch as the
subject of encouragement to builders has for many years
been recognized in the State of New York as a proper subject
of legislation, and, moreover, certain laws already on the
statute books designed to encourage builders have been
many times applied by courts in various rulings and have
never been questioned.
Incidentally, on March 28, Governor Smith sent to the
Legislature a special message recommending that the tax
exemption provision be extended for another year from
April 1. In his message the Governor said:
[VoL. 116.
unequivocally held that such an expenditure would not be for lawful municipal purposes. . . .
I am, therefore, of the opinion there is not the least room for doubt that
the proposed celebration would not serve a lawful city purpose. Courts are,
and should be, extremely loath to interfere with public officials in the performance of their onerous and often ungrateful tasks; but courts must not
weakly be swayed from their performance of their duty,not always pleasant,
to curb lawlessness that springs from a wholly honest purpose. Within
the domain of their authorized functioning city officials are free from interference by courts. It is their judgment and theirs alone, that must control.
But when they step beyond the bounds of their allotted jurisdictions, they
divest themselves of legal power, and their acts beyond those bounds have
not the sanction of the mandates of the people.
Leonard M. Wallstein, counsel for W. J. Schieffelin,
Court's
on the decision, laid emphasis on the
No one disputes that home-building has been greatly stimulated in com- in commenting
munities which have seen fit to act under the permissive terms of the statute. opinion that the $100,000 budget appropriation already
In New York City there has been unprecedented building activity. Costs, made for the jubilee was illegal. This appropriation was
however, continue very high and the housing supply is still far from adenot attacked in the application. Attorney Wallstein said:
quate.
Justice Mulian correctly points out that the budgetary appropriation of
Any sudden falling-off of building operations at this time would tend to
renew the very conditions with which the State had to deal so heroically in $100.000 for this celebration was also illegal, but that plaintiff in this action
laws.
rent
the
of
did not attack that appropriation. That was because we believe that it is
1920 and might necessitate an indefinite extension
For these reasons I recommend that the time within *which new construc- possible to spend a reasonable sum on an exposition and ceremonies which
would comport with the dignity and purpose of a proper city celebration.
tion under this statute must be commenced be extended for one year.
If, however, it develops that the Hylan administration proposes to waste
Although the constitutionality of the law is at the present time in queshigher
the
by
any part even of this $100,000 on trashy self-glorification or donations of
tion, its validity will not be finally determined till passed upon
Courts. In the meantime confusion and delay may be avoided by amend- easy money to its henchmen and hungry patronage hunters, we shall again
appeal to the Court. Moreover. the Comptroller will doubtless consider
ing the Act so that it will be kept alive should be higher Courts sustain it.
We have a parallel situation when the emergency rent laws were first e" whether he is willing to subject himself to the possible personal responsiconti
bility involved if he should permit any expenditure even of the $100,000
acted. Their constitutionality was questioned, but their operation
revenue
ued beneficently while the Court procedure went on for several months until for a Hylan jamboree. The same applies to the proposed special
the Court of Appeals and finally the United States Supreme Court upheld bond issue of 815.000 for the personal sideshow of the Brooklyn Borough
President on the opening of the new Coney Island boardwalk, itself a local
them.
Within a short time I shall take the privilege of making further recom- Improvement costing the taxpayers of the whole city a hugesum of money.
mendations in regard to the housing problem. Preparations should be
At the meeting of the Sinking Fund Commission on Thursmade for such an official study of the subject that authoritative information
the Mayor did not seem to be so self confident and so
and advice on this and the subject of all the emergency housing legislation day,
self assertive. The question of renting Grand Central
will be available to the Legislature at its next session.
Shopmen Call Off Strike on Northwestern Pacific RR.
Notice that the striking shopmen themselves had called
off the strike on the Northwestern Pacific RR., said to be
the first authentic instance of the kind reported to the
United States Railroad Labor Board, was given to that
body in a letter from W. S. Palmer Of San Francisco, President of the road, made public on March 29. The strikers
will be treated only as men applying for work without any
previous service with the road, Mr. Palmer's letter said.
Bond Issue of $400,000 for New York City's Silver
Jubilee Enjoined—Mayor Defiant.
The intention of Mayor Hylan and the Board of Estimate
to appropriate an additional $400,000 for the celebration
of the twenty-fifth anniversary of the consolidation of the
greater city met with strong opposition, and on March 28
the city was enjoined from issuing $400,000 special revenue
bonds to raise the funds. The action against the proposed
issue was brought by William J. Schieffelin, Chairman of
the Citizens' Union, on March 21, the day the plan to spend
the additional $400,000 was approved by the Board of Estimate and Apportionment. The application for injunction
was granted by Justice George V. Mullen of the Supreme
Court on the 28th. It is the opinion of the Court that the
expenditure for the jubilee would not constitute a proper
municipal purpose within the meaning of the law. Mayor
Hylan was defiant in his comment on the decision. He
is quoted as having said, "We are going to hold the exposition—there is no doubt about that—and all the injunctions
in Christendom won't stop us." It is expected that, if
the Mayor is unsuccessful in his appeal, he will find some
other way to raise the funds,such as transferring unexpended
balances from various city funds to the celebration fund.
In his opinion Justice Mullen said:
It is called in places an "exposition," and in other places it is referred
to as a "jubilee." The Grand Central Palace is to be hired at a rental of
350,000. The growth of the city and the achievements of the City Government during the past quarter century are to be shown by means of charts,
floats and other devices. Halls are to be hired for dancing, and various
other means of furnishing entertainment are to be provided.
it
It is not easy accurately to classify the proposed celebration. Probably
in a limited
Is sul generis. Although the plan contains certain features that
the
sense may be said to be educational in character,the notion one getsfrom
jubilation,
reading of the plans is that the celebration is to be a jubilee, or
inhabitants
whose dominant note and purpose is to entertain and amuse the
also apof the city and their guests from throughout the country. There
country
the
of
the
to
people
of
disclosing
intention
pears to be a pervading
growing
generally that the City of New York is an important and a fast
and hopemunicipality, properly grateful for the blessings of its recent past,
ful of the future.
gigantic
a
than
more
as
anything
I am unable to regard the celebration
or was born
entertainment. Whether such a proposal is the child of folly
must be deof wisdom, It Is not for courts of law to say. Such a question
question
cided by the courts of voters that sit upon election days. The only
proposed
that courts oflaw may pass upon in this action is whether or not the
a city
fir
of
moneys
city
expenditure
expenditure of city moneys would be an
purpose.
The law of the case seems to be very plain. The courts of every State
in which the question has been rainsed whether municipal funds may be
expended for the celebration of Independence Day have very squarely and
Palace for a month for $50,000 came up for discussion.
The Mayor asked for the Corporation Counsel, and when
no response was made, asked that the matter be laid over
for two weeks.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
The Bankers Trust Co. observed its Twentieth Anniversary oii March 30 by sending to its customers and stockholders a brief history of the company and some figures
showing its growth in twenty years. The company was conceived by the late Henry Pomeroy Davison and when it
opened its doors for business on March 30 1903 at 143
Liberty St., its board of directors were bankers, either officers
of important banks or members of banking firms in New
York and elsewhere. The company began with a capital
of $1,000,000 and a surplus of $500,000 and by June 30 1903
it had more than $5,000,000 of deposits. On Dec. 31 1903
it had $10,085,557 deposits and on Dec. 31 1922 it had
$20,000,000 of capital, $22,534,070 of surplus and undivided
profits, and deposits of $312,135,644. It now has three
offices in New York and one in Paris at 3 ez 5 Place Vendome.
At the executive committee meeting of the National City
Bank of New York on March 27, Albert S. Fraser and Wilbert
Ward were appointed Assistant Vice-Presidents. Mr. Fraser
was formerly Assistant Comptroller and Ward was an
Assistant Cashier.
At a meeting this week of the board of directors of the
American Exchange National Bank of this city, John J.
Martin Jr. was appointed Assistant Cashier.
The Equitable Trust Co. of New York has been authorized
by the New York State Banking Department to open a
branch office on April 1 1923 in the Bush House, Aldwych,
W. C., London, Eng.
W. H. English has been elected a trustee of the Brooklyn
Trust Co. Mr. English is President of the Brooklyn Chair
Co., President of Greenwood Cemetery, Vice-President of
the Empire Trust Co. and the Empire Safe Deposit Co., gr.e.
The stockholders of the Commonwealth Bank of this city
voted to increase the capital stock from $400,000 to $600,000
at their special meeting on March 27. The additional stook
is to be issued in furtherance of plans to open a branch of
the bank at Lexington Avenue near Fifty-seventh Street.
As we reported in our issue of Saturday last (page 1244),
the new stock will be offered to present shareholders at $150
per share. The bank is located at 190 Bowery, with branches
at Seventy-seventh Street and First Avenue and 155th
Street and Third Avenue. The now capital became effective
March, 29.
Francisco Tisbo, one of the three Tisbo brothers who operated a private bank, steamship agency and foreign exchange
office at 121 Mott Street, this city, under the firm name of
MAR. 31 1923.]
THE CHRONICLE
V. Tisbo & Brothers, and whose disappearance, together with
$2,000,000 belonging to depositors with the firm, was reported in these columns Mar. 17, was apprehended, together
with his wife, on Mar. 22 at Naples, Italy, upon the arrival
of the steamship Taormina from this port. Money to the
amount of 60,000 lire, it is said, was found in his baggage.
According to the New York "Times" of Mar. 23, the Italian
Consul-General in New York City on Mar. 22 received official confirmation of the arrest of Francisco Tisbo in Naples.
The Manufacturers' Trust C- o. of New York and Brooklyn
announce the appoIntment of Richard H. Galling as VicePresident; also of Max Abelman as Assistant Secretary.
A meeting of the stockhold-ers of Midwood Trust Co. has
been called at the office of the company, Flatbush Avenue
and Dorchester Road, Brooklyn, on April 2 to vote upon the
proposition to increase the capital stock of the company
from $500,000 to $700,000, and to increase the number of directors from 17 to 20.
Application has been made
to the Comptroller of the Currency for a charter for the National Bank of America in
Paterson, N. J., with a capital of $200,000 and surplus of
$110,000. The stock, in shares of $100, will be disposed of
t $155 per share.
Conversion of the Federal Trust Co. of Boston into a national institution was effected last week, and it is now known
as the Federal National Bank. Some time ago the bank became a member of the Federal Reserve System. According
to the Boston "Transcript" of Mar. 21 no change in the conduct of the business will be made. The same departments
will be maintained as heretofore—foreign, commercial, savings, etc. The bank has a capital of $1,500,000 and deposits
of more than $24,000,000. Daniel C. Mulloney is President.
1373
Frederick H. Goff, President of the Cleveland Trust Co.,
Cleveland and nationally prominent as a banker, lawyer and
civic leader, died in Lakeside Hospital, that city, on Mar. 14.
Complications which developed unexpectedly after an operation which he had undergone on the Friday before (Mar. 9)
were the cause of death. Mr. Goff was born in Blackbury,
Ill., on Dec. 15 1858. When a child his family moved to
Cleveland, where he attended the public schools and subsequently entered the University of Michigan. Upon his graduation in 1881 he obtained the position of librarian of the
Cleveland Bar Association, studying law at night, and in
1884, at the age of 25, was admitted to the bar. In the years
which followed up to 1908, when he retired from the profession, Mr. Goff was cbnnected as a partner with several firms.
the best known being Kline, Carr, Tolles & Goff. He specialized in the management of estates and became one of the
most successful corporation lawyers. In June 1908 Mr. Goff
assumed the presidency of the Cleveland Trust Co., a position
he held continuously until his death. For several years previous to his election as President he had been a member of
the Finance Committee of the bank. He had also been Chairman of the Audit Committee and had in 1906 been instrumental in establishing the continuous audit system. Mr.
Goff was prominently identified with the American Bankers Association, first as a member and later as Chairman of
the Executive Committee of the Trust Company Section.
One of the achievements of his career was the establishment
in 1914 from ideas which he formulated, of the Cleveland
Foundation, an organization to which persons of wealth can
will or bequeath money with the assurance that the funds
will be managed continuously for the good of the public.
During the war Mr. Goff was Vice-Chairman of the Capital
Issues Committee, and after its close acted as mediator in
the controversy between the railways and the Government
on the termination of Government control of the roads. In
addition to the activities enumerated above, Mr. Goff was
connected as a director with the following organizations:
The International Acceptance Bank, Inc., the White Sewing
Machine Co., the Sherwin-Williams Co., the National Acme
Manufacturing Co,. the Plain Dealer Publishing Co., the
Equitable Life AssurancevSociety, the Island Creek Coal Co..
the American Zinc, Lead & Smelting Co., the Baltimore &
Ohio Railway, the Lake Shore Electric Railway, and the
Cleveland, Painesville & Eastern Railway. He was also an
official of some of the companies making up the Baltimore
& Ohio Railway System and at one time a director of the
old First National Bank of Cleveland and of the W.P. Southworth Co. He was a trustee of the Western Reserve University.
Plans have been drawn up looking towards a union of the
Fourth-Atlantic National Bank and the Commonwealth
Trust Co. of Boston. These plans, it is said, provide that
neither institution is to purchase or assume control of the
other or dominate the general policy, but that a consolidation of the two banks be effected on even terms, the resulting
organization to be known as the Commonwealth-Atlantic
National Bank. Before the proposed union of the two institions can be effected, it will be necessary for the Commonwealth Trust Co. to be converted into a national bank. The
new bank will have a capital of $8,000,000; deposits of
approximately $70,000,000 and total resources of about
$80,000,000. Upon the consummation of the merger Herbert K. Hallett, President of the Fourth-Atlantic National
Bank, will become Chairman of the Board of the new bank
One of the most interesting tasks of interior remodeling
and George S. Mumford, Presiderit of the Commonwealth
Trust Co., its President. Regarding the proposed consolida- accomplished in a bank office has just been completed, we
tion, Mr. Mumford, as reported in Boston papers this week, are advised, at the Broadway Bank Office of the Union
said:
Trust Co., Cleveland. By a simple addition to the length of
For a long time the tendency of the banking business has been toward the building and an extension of the banking
lobby so as to
larger units. A bank to be really successful must be a relatively largo hank.
Although we have grown with reasonable rapidity, having Increased our take in the second floor as well as the first, a more or less
deposits during the past twelve years or since 1910, by nearly $15.000.000 old-fashioned, crowded office has been transformed into an
and our capital and reserves by nearly $1.500,000, we do not feel that we
elegant modern banking room three and one-half times the
can make ourselves as useful to our depositors and the community as we
size of the original quarters. One feature of the remodeling
could if our resources were more substantial.
The proposed merger is a perfectly simple proceeding. No banker, no of the office is the fact that its appearance
has been inflularge stockholder, no outside interest either suggested or is connected with
enced by the architecture of the ancient Egyptian temples
it In any way whatever. It originated by President Hallett and
myself
getting together and finding that we had exactly the same ideas as to the of the days of King Tut-Ankh-Amen. In carrying out the
usefulness of our institutions to the business in this community, and we treatment of the interior,
the architects have followed closely
Immediately agreed that a merger of this kind would be advantageous for
everybody. We quickly agreed as to the terms, which are of the simplest the best examples of the Middle Greek Doric architecture,
character. We merely unite everything into one corporation instead of and according to an announcement by the bank, the archaehaving the business of the two institutions split up into two units.
ologists say that the Doric column of the Greeks is probably
Total resources of the combined institution will be approximately $80,000.000. The boards of directors of the respective banks will unite, each an imitation of the old Egyptian column, such as those used
institution contributing an equal number of members to the new board.
at the temple of Karnak,just across the Nile from the Valley
The Comptroller of the Currency. Mr. Crissinger, has given his
approval to the plan of consolidation and has stated that he caninformal
see no of the Kings, where King Tut-Ankh-Amen's tomb has recently
reason why the merger should not be consummated
and can see in it a positive benefit to the community. It should not require
more than sixty days been discovered. The materials of the interior are white
to complete the legal and other formalities.
The Commonwealth-Atlantic National Bank, it is said, marble, with blue-grey veining, with a base of Verde Anwill operate in the present quarters of both the Fourth- tique, the walls, capitals and string courses being of plaster,
Atlantic National Bank and the Commonwealth Trust Co. decorated with the well-known capitals and the running
until the building now under construction for it in Post members enhanced with egg and dart and the traditional
Office Square is ready for occupancy. The present branches Greek fret. The conspicuous feature of the entrance immeof the uniting banks will be retained after the consolidation, diately under the rotunda is an ample stairway leading to
it is said. According to the Boston "Transcript" of March the safe deposit vaults in the basement, the balustrade of this
28, a special meeting of the stockholders of the Fourth- stairway, as well as that of the mezzanine rotunda rail, beAtlantic National Bank has been called for May 1 to vote on ing along the line of the Greek-Egyptian claustra or screen
a proposed increase of the capital of the institution from motif. The large Doric columns, treated in white marble for
$2,000,000 to $3,000,000 by transferring $1,000,000 from the the lower third of their height, are widely spaced under a
undivided profits as a preliminary step in the proposed con- ceiling of moderate height and give a fine impression of
solidity. The circular lobby, with its decorated dome, gives
solidation of the bank with the Commonwealth Trust Co.
a handsome appearance of space and allows ample head
1374
T-FrE CHRONICLE
[VOL. 116.
Later newspaper advices from Chicago report that a complete reorganization of the bank has been effected and on
Wednesday (Mar. 28) it was reopened for business under
new management as the Logan Square State Savings Bank.
H. S. Savage, former State Bank Examiner, it is said, is
President of the new bank; Norman New, Vice-President,
and A. A. Mueller, Cashier. The following statement, as
printed in the Chicago "Journal of Commerce" of Mar. 29,
The largest single consolidation of banking interests in the was given out by Mr. Savage:
history of Chicago,is now announced to take effect April 9th.
Our prospects are bright. The bank is reorganized soundly, and we have
On that date the Illinois Trust & Savings Bank and The the confidence of our depositors. We are formulating plans to move into
Merchants' Loan & Trust Company will unite under the our new building, a few doors to the south.
The capital of the new bank is $200,000, with surplus of
name Illinois Merchants' Trust Company and will open to
The closing of the bank was reported in these col$50,000.
the public the doors of their banking quarters in the new
Illinois Merchants' Bank Building at Clark and Jackson umns in our issue of Mar. 17.
Streets. The third member of the affiliating banks, the
At the monthly meeting of the board of directors of the
Corn Exchange National National Bank, retaining its pres1112 West 35th Street,
ent name, will remain at its present location at LaSalle and Central Manufacturing District Bank,
quarterly diviMar.
the
12,
regular
Monday,
held
Chicago,
Adams Streets, until completiOn of the west half of the Illinois
April 2, to stockholders
Merchants' Building in 1924. The new Illinois Merchants' dend of 21h% was declared, payable
Mar. 31.
Trust Company will continue the commercial banking, sav- of record
ings, farm loan, bond, trust and foreign business which have
That the Stony Island Trust & Savings Bank of Chicago
been conducted by the Illinois Trust and Merchants Laon, had been succeeded by a new institution, entitled the Stony
while the Corn Exchange National Bank will continue as a Island State Savings Bank, in order to save the depositors
National bank carrying on its commercial, savings and gen- from loss, was revealed in a statement made on Feb. 26 by
eral banking functions. Safety deposit vaults of the latest Frank 0. Wetmore, President of the First National Bank of
type, with a capacity of 40,000 boxes will be operated by the
Chicago and Vice-President of the Clearing House CommitIllionois Trust Safety Deposit Company in the Illinois tee who handled the transaction. The details were arranged
Merchants'Bank Building. Further official advices state:
over Sunday (Feb. 25). In his statement, printed in the
The need for the consolidation has come about through the rapidly increasing demands for greater banking service as a result of the steady ex- Chicago "Journal of Commerce," Mr. Wetmore said:
room. In addition to increasing the size and height of the
lobby, thus making room for 40 tellers' cages instead of 15,
the remodeling also permitted the addition of coupon rooms,
public rest rooms, and a small safe deposit lobby, in the
basement. The Broadway Bank Office is planning a two-day
housewarming on April 4 and 5, to celebrate the opening of
Its remodeled building.
An examination of the Stony Island Trust & Savings Bank, made by the
pansion of the agricultural, commercial and industrial requirements of
Chicago and the Middle West. The new institution, by virtue of its size Clearing House Examiner last week, disclosed the fact that owing to certain
and unusual resources, is in a position not only to render banking service bad loans and investments the surplus and undivided profits of the bank had
of the highest quality to the average citizen, but also to meet the needs of been wiped out and the capital impaired. The Clearing House immediately
arge business enterprises. The advancing position of Chicago in the world got into communication with the directors of the bank and with the State
of national and even international finance has never been so dramatically Bank Examiner. At the suggestion of the Clearing House and the State Bank
indicated as by the establishment of a great house of banking such as this. Examiner the directors organized a new bank called the Stony Island Savings
Indicating the magnitude of the organization its capital, surplus and un- Bank with acapital of $200,000 and a surplus of $50,000, all paid in cash.
divided profits exceed $50,000,000. The commercial and savings deposits Edward I. Bloom is President of the new bank.
aggregate over $300,000,000. Trust funds in the care of the consolidating
Thsi new bank has been chartered and has applied for admission as an
Institution amount to more than a half billion of dollars. More than 20,000 affiliated member of the Chicago Clearing House and has taken over the
commercial and 200,000 savings depositors will be served.
assets and assumed the deposit liabilities of the old bank. The directors of
Each of the three uniting banks has a history of fifty years or more of the bank are much to be commended in having raised at short notice $250,banking service in Chicago, their boards of directors and officers having 000 in cash to make the situation safe.
Chicago from the beginnings
had a prominent place in the upbuilding of•
The Clearing House Committee believes, as a result of its examination and
of our present financial structure.
John J. Mitchell, who is now Chairman of the board of both the Illinois with the additional $250,000 cash paid in by the directors, that the Stony
Chairbe
will
Co.,
Trust
Sc
Loan
Merchants
the
Trust & Savings Bank arid
Island State Bank is entitled to the confidence of its depositors and of the
man of the new Illinois Merchants Trust Co. Mr. Mitchell's history as a
banker goes back to 1875, when he started in as a messenger at $12 a month community.
of
list
long
a
in
The President of the old bank, Foster O. Scott, in accordance with plans
in the old Illinois Trust. To-day he holds directorships
Eastern as well as Western banks and industrial enterprises.
made several months ago, had left for Europe for a short vacation, before
Corn
the
of
also
and
Co..
Trust
Merchants
Illinois
of
President
The
Clearing House examination was completed. Ile landed at Cherbourg
Exchange National Bank, will be Edmund 13. Hulbert, who is now Presi- the
this morning [Feb. 26]. He has been communicated with and has wired that
dent of all three of the uniting banks.
Corn
the
of
board
the
of
Ernest A. Hamill will remain as Chairman
he is returning immediately on the Majestic.
Exchange National flank.
The board of directors will include all the present directors of the three
The First Savings Bank of Sutherland, Iowa, was closed
individual banks, and the new organization will be officered by some fifty
men experienced In conducting the business of the present banks.
The Sixteenth Street State Bank of Chicago, a neighborhood institution with deposits of approximately $700,000,
was closed by order of State Bank Examiner Henry S. Savage on Mar. 20. The institution, it is said, has been in an
uncertain condition since last July and bank examiners,
aided by Chicago West Side bankers, have been doing their
utmost to "pull it through." A few days prior to the closing,
however, it was decided that it was impossible to save the
institution. In a statement issued by Mr. Savage after the
closing of the bank, and printed in the Chicago "Post" of
Mar .20, it is indicated that irregular practices if not fraud
caused the bank's failure. The combined capital and surplus of the institution was $110,000.
Developments in the affairs of the Logan Square Trust &
Savings Bank of Chicago since the closing of the institution
on Mar. 10 were the returning of two indictments against
David Wiedemann, Jr., the Vice-President of the defunct
bank, his arrest on Mar. 14 and his subsequent release on
Mar. 15 in $40,000 bonds. The first indictment against Mr.
Weidemann was for alleged forgery and the second for alleged larceny, embezzlement and violation of the banking
statutes. According to the Chicagl "Post" of Tuesday (Mar.
20), arrangements were completed on that day whereby the
Institution will receive $117,400 in cash from the heirs of
Fred W. Popp, the late President of the bank, to aid in its
reorganization. Of this sum $50,000 was donated by Paul
Popp, a son of the late President, and the former Cashier of
the institution, and $55,000 in slow assets were assumed by
the President's widow. In addition, Mrs. Popp subscribed
$12,400, it is said, the amount of the 100% assessment against
the 124 shares of stock in the bank held by her son, Paul
Popp. This assessment is being levied against all shareholders to aid in the rehabilitation of the institution.
recently. The institution was a small one, with capital of
$50,000, surplus and um:I/tided profits of $10,000 and deposits of approximately $230,000.
The Eden State Bank, Eden, Idaho, has been closed. The
failed bank had a combined capital and surplus of $34,000
and deposits of about $205,000.
Paul Hardey has been made Vice-President of the Stockyards National Bank of Denver. Mr. Hardey had previously been Cashier of the institution. .He is Secretary of
the Colorado Bankers' Association. N. F. Beachman, heretofore Assistant Cashier of the Stockyards National Bank,
has succeeded Mr. Hardey as Cashier of the bank.
The death was announced in St. Louis on Mar. 21 of Julius
S. Walsh, Chairman of the board of directors of the Mississippi Valley Trust Co., and long prominently identified with
Western railroads and public utility interests in St. Louis.
Mr. Walsh's death, which occurred at his home, 4510 Lindel/
Boulevard, was due to heart disease after an illness of somewhat more than two weeks. He was born in St. Louis 81
years ago, and through his mother was a descendant of
Laclede, the founder of the city. After receiving his early
education in St. Louis schools he entered St. Joseph's College, Bardstown, Ky., from which he was graduated in 1861.
Later he studied law at Columbia College, this city, receiving the degree of LL.B. In 1864 and the same year was admitted to the New York Bar. The following year he received
the degree of M.A. from the St. Louis University. Soon
after his return to St. Louis, Mr. Walsh became associated
with the group of bankers, merchants and capitalists who
participated in the promotion and completion of the Eads
Bridge at St. Louis. Following the completion of the bridge
in 1874 Mr. Walsh became President of the South Pass Jetty
Co., which was organized to provide an open mouth to the
MAR. 31 1923.]
THE CHRONICLE
Mississippi in order that ocean steamers could easily reach
New Orleans. In 1890 Mr. Walsh founded the Mississippi
Valley Trust, serving as its President up to 1906, when he
became Chairman of the board of directors, a position he held
continuously until his death. He was also connected with
other St. Louis banks, being a director of the Merchants-Laclede National Bank. He was prominently identified with the
construction, operation and consolidation of St. Louis's early
street car systems and other public utilities. He was Chairman of the board of the Terminal Railroad Association prior
to the period of Government control and at the time of his
death was President of the Tunnel Railroad Co. and the St.
Louis Bridge Co., subsidiaries of the Terminal Railroad Association. Mr. Walsh was also at his death President of the
Mississippi Glass Co. In addition he was connected as a
director with many Western railroads.
Following the issuance by the Comptroller of the Currency of a charter for the First National Bank of Clayton,
Mo., the institution began business Mar. 13. The bank succeeds the Trust Company of St. Louis County at Clayton.
The officers of the bank, which has a capital of $100,000,
are Ed Mays, President; F. J. Hollocher, Vice-President and
Cashier, and W. D. Lindeman, Assistant Cashier.
According to newspaper advices from San Francisco and
Los Angeles, a consolidation of the Sacramento-San Joaquin
Bank (with branches at Stockton, Oakdale and Modesto)
and the Union National Bank of Fresno with the Merchants
National Bank of San Francisco was consummated on Mar.
14. The resulting institution is known as the United Bank
& Trust Co. of California, the former Merchants National
Bank opening its doors in San Francisco on the above-mentioned date, as its main office. Rudolph Spreckels, the former President of the First National Bank of San Francisco,
heads the new United Bank & Trust Co. of California; J. M.
Henderson, Jr., is Chairman of the board of directors; W.0.
Miles is Vice-President, while Robert R. Yates and Adolph
P. Scheid in addition to being Vice-Presidents, are Secretary
and Treasurer, respectively, of the institution. No changes,
it is understood, have been made in the management of the
various banks in the system, these being in charge of Vice
Presidents as follows: San Francisco, W. T. Summers, W.
E. Johnson and W. W. Jones; Sacramento, G. W. Kramer,
B. C. Peck, F. H. Conn and A. H. Becker; Stockton, Frank
A. Guernsey and A. J. Zitlau ; Modesto, T. H. Kewin and W.
A. Harter; Oakdale, B. D. Heron; Fresno, C. R. Puckhaber
and W. R. Price.
1375
THE CURB MARKET.
There was considerable irregularity in Curb Market
trading this week, buying and selling movements alternating
in causing mixed price movements. Several issues commanded special attention, Schulte Retail Stores Corn. in
particular, on active trading, advancing from 8234 to 89,
the close Thursday (the Exchange was closed on Friday)
being at 883. Yellow Taxi, N. Y., was conspicuous for a
sharp advance from 137 to 150, the final transaction Thursday being at 149. Armour & Co. of Del. lost five points to
94, sold back to 99 and down finally to 8434. Cleveland
Automobile was off from 3034 to 2934. Peerless Truck &,
Motor dropped from 61 to 58, recovered to 623
4 and reacted
finally to 5934. Durant Motors declined from 613% to 59.
Lupton, Publisher, Inc., advanced from 173% to 1934.
Oil shares moved within narrow limits. Buckeye Pipe Line
sold up a point to 88. Galena-Signal Oil Corn., after an
advance from 6834 to 7334, reacted to 70 and closed
Thursday at 71. Prairie Oil & GaSfrom 245 receded to 233.
Prairie Pipe Line was off from 11334 to 11154. Standard
Oil (Indiana) sold down from 6634 to 6434, then up to 6734,
the close Thursday being at 67. Standard Oil (Kansas)
weakened from 5034 to 4834, recovered to 503
4, and sold
finally at 5034. Carib Syndicate gained over a point to
634, and ends the week at 6. Gulf Oil of Pa. fell from 6534
to 63%,then advanced to 66, the final figure Thursday being
6534. Maracaibo Oil Exploration dropped 'from 1934 to
4. Quite a number of
1634 and closed Thursday at 163
new low points were reached in bonds this week. Armour
& Co. of Del. 5348 lost four points to 92 and closed Thursday at 93.
A complete record of Curb Market transactions for the
week will be found on page 1399.
COURSE OF BANK CLEARINGS.
There is no interruption to the continued expansion in bank
clearings, though the occurrence of Good Friday may serve
to reduce the ratio of gain when the final returns are at hand.
Preliminary figu
-Piled btibas
-ies cern
-ed-u
- Pen telegraphie
advices from the chief cities of the country, indicate that for
the week ending to-day, Saturday, March 31, 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 10.8% as compared with the corresponding
week last year. The total stands at $7,306,451,094, against
$6,595,103,850 for the same week in 1922. Our comparative
A. E. Sbarboro, formerly Vice-President and Cashier, was
summary for the week is as follows:
elected President of the Italian-American Bank of San FranClearings-Returns hy Telegraph.
cisco at a meeting of the board of directors on Mar. 14, to
Per
Week ending March 31.
1922.
1923.
Cent.
fill the vacancy caused by the recent death of his father,
New York
53,420.000.000 $3,261.782.188 +4.9
who had founded the bank in 1899. In addition, George J. Chicago
396.572.249 +25.7
498,447.179
317.000,000 -5.7
x299,000,000
Panario and Romolo A. Sbarboro, up to now Assistant Cash- Philadelphia
Boston
224.000.000 +26.8
284.000.000
iers, were elected Vice-President and Cashier, respectively. Kansas City
96,267,352 +11.4
107,220.431
St. Louis
a
a
a
Mr. Panario was also made a member of the board of direc- San
Franctsco
101.000,000 +13.3
114,400.000
x97,131,964
.86,693,000 +12.0
tors. The new President has grown up with the bank, hav- Pittsburgh
Detroit
95.763,063
73,620,138 +30.1
ing been Cashier since its organization. He has been head Baltimore
x53,257,028
60,864,732 -12.5
New
Orleans
x43,307,090
+21.9
35.518.941
of the bank for the last five years, because his late father
Ten cities, 5 days
$5,012,526,755 44,653,318,600 +7.7
had gradually given up his duties, owing to ill health and Other
cities, 5 days
842,601,275 +27.7
1,076.182,490
advanced age.
Total all cities, 5 days
36,088,709,245 $5,495,919,875 +10.8
All cities, 1 day
1,217,741,849 1,099,183.975 +10.8
Georges Lachenmeyer, Manager of the Banque Nationale
Total all cities for week
37.306.451.094 Z5.595.103.850 +10.8
de Credit, Paris, has made public a report of the condition
a No longer report clearings. •Estimated. a Four days.
of that institution at the close of business Dec. 31 1922. ReComplete and exact details for the week covered by the
serves are Fr. 94,370,000, as compared with Pr. 90,460,728 in
foregoing will appear in our issue of next week. We cannot
1921, while deposits have increased during the period from
furnish them to-day, inasmuch as the week ends to-day
Fr. 2,062,954,204 to Fr. 2,439,000,000. Net profits total Fr.
(Saturday) and the Saturday figures will not be available
31,175,000, against Fr. 30,644,869 the year previous. The
until noon to-day. Accordingly, in the above the last day
bank, which maintains 420 branches throughout France, paid
of the week has in all cases had to be estimated.
dividends of 16% on its shares in 1922.
In the elaborate detailed statement, however, which we
Leopold R. Morgan, New York Agent of the National Bank present further below, we are able to give final and eornplete
of South Africa, announces the receipt of a cable from the results for the week previous-the week ending March 24.
bank's head office in Pretoria, stating that the total merchan- In that week the increase is 12.7%, the 1923 aggregate of the
dise imported into the Union of South Africa from the United clearings being $7,749,107,572 and the 1922 aggregate
States and Canada during the month of December, 1922, is $6,875,013,582. Outside of this city, the increase is 28.8%,
the bank exchanges at this centre having recorded a gain of
as follows:
United States
only 2.1%. We group the cities now according to the Fed£574.702
Canada
95.466
eral Reserve districts in which they are located, and again the
The Industrial Bank of Japan, Ltd., at Tokyo, announces noteworthy feature of the compilation is that every one of
the appointment by the government of Yeijiro Ono, previ- these Federal Reserve districts records an increase as comously Vice-President, to the presidency, to succeed H. HUI- pared with the corresponding week last year.
The Boston Reserve District has an improvement of 28.3%;
kata, who retired on Feb. 10 upon expiration of his term.
the New York Reserve District (including this city), of 2.4%;
1376
THE CHRONICLE
and the Philadelphia Reserve District of 27.3%. The Cleveland Reserve District shows an expansion of 41.4%; the
Richmond Reserve District of 38.9%, and the Atlanta Reserve District of 43.2%. In the Chicago Reserve District
the increase is 25.7%,in the St. Louis Reserve District 24.8%
and in the Minneapolis Reserve District 19.9%. In the
Kansas City Reserve District the total is larger by only
7.8%, but in the Dallas Reserve District by 23.8% and in the
San Francisco Reserve District by 36.1%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week ending March 24 1923.
1923.
1922.
$
Federal Reserve Districts.
I
11 cities 426,870,674 332,637,856
(1st) Boston
9 " 4,299,776,328 4,197,471,036
(2nd) New York
(3rd) Philadelphia_ __ _10 "
515,466,030 404,909,935
10 "
382,130,617 270,317,331
(4th) Cleveland
6 "
171,695,217 123,627,502
(5th) Richmond
12 "
193,552,004 135,173,124
(6th) Atlanta
19 "
851,889,498 677,910,520
(7th) Chicago
7 "
72,343,178 57,980,732
(8th) St. Louis
112,810,897 94,092,979
(9th) Minneapolis_ _ _ _ 7 "
(10th) Kansas City___ _11 "
237,741,782 220,454,629
5 "
57,284,584 46,266,982
(11th) Dallas
427,556,763 314,170,956
15 "
(12th) San Francisco
Inc.or
Dec.
1921.
1920.
5
5
%
+28.3 272,089,181 398,280,305
+2.4 3,220,487,376 5,042,834,525
+27.3 351,388,707 471,290,222
+41.4 329,382,558 413,433,258
+38.9 133,932,057 177,966,265
+43.2 127,959,532 204,956,358
+25.7 619,245,763 871,116,499
+24.8 50,454,499 58,611,245
+19.9 92,346,048 119,406,938
+7.8 237,935,311 376,066,706
+23.8 46,651,239 72,023,085
+36.1 331,849,905 354,788,544
Grand total
122 citieF 7,749,107,572 6,875,013,582 +12.7 5,813,722,176 8,560,773,950
3,519,210,006 2,732,357,179 +28.8 2,644,384,899 3,581,041,883
Outside New York City
flanada.
90 nit155 0/15 015 714 01111 890.2111 -1-9 R 200 1A5 0e0 115 gni Ofia
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week ending March 24.
Clearings at1923.
First Federal
Me.-Bangor___ _
Portland
Mass.-Boston_ _
Fall River_ _ _ _
Holyoke
Lowell
Lynn
New Bedford.._
Springfield
Worcester
Conn.-Flartford
New Haven_
R.I.-Providence
Total(11 cities)
1922.
Inc. or
Dec.
1921.
1920.
Reserve Dist rict-Boston
545,786 +3.1
562,737
*2,500,000 +7.9
2,698,624
383,000,000 296,000,000 +29.4
1,368,777 +39.6
1,911,110
a
a
a
1,092,389 +175.9
3.014,202
a
a
1,214,107
1.209,751
3,764,882 +28.0
4,817,213
3,259,018 +3.0
3,356,654
7,782,263 +18.3
9,208.504
5,110.634 +7.6
5,497,879
11,596,000 •10,000,000 +16.0
729,388
2,375,000
240,466,277
1,184,952
a
835,476
a
1,137,160
4,145,134
2,968,271
6,038,069
4,218,554
7,990,900
690,474
2,400,000
354,868,047
2,703,221
a
1,143,739
a
2,051,698
4,594.316
3,753,584
9,286,386
4,916,340
11,872,500
332,637,856 +28.3
272,089,181
398,280.305
426,870,674
Second Feder al Reserve D strict-New York
4,415,890 +12.2
4,953.842
4,000,000
3,819,507
N. Y.-Albany._
772,800 +16.1
897,300
Binghamton__ _
719,700
1,123,900
35,165,554 +34.9
d47,425,013
Buffalo
32,696,847
43,903,866
Elmira
623,920 Not included In total s.
972,824 +1.8
Jamestown_
c989.925
New York_ _ _ 4,229,897,566 4,142,656.403 +2.1 3,169,337,277 4,979,732,067
7,970,992 +10.9
7,626,640
8,841,844
Rochester
9,722,714
3,213,824 +14.3
3,101,372
3,671,991
3,971,145
Syracuse
1,954,707 +40.7
2,694,621
c2,750,233
Conn.-Stamford
348.042 +0.2
310,919
561.326
348,614
N. J.-Montclair
Total(9citles)- 4,299,776,328 4,197.471,036
+2.4 3,220,487,376 5,042,834,525
Third Federal Reserve Dist rict-Philad elphia 1,010,287 +25.7
734,236
1,269,727
Pa.-Altoona___ _
2,913,475 +47.1
2,339,741
4,285,743
Bethlehem.. _ _ _
1,200,000
855,918 +34.1
1,147,484
Chester
2,415.367
2,806,869 +27.2
3,571,462
Lancaster
Philadelphia_ _ 488,000,000 384,000,000 +27.1 331,693,874
2,104,927 +32.4
1,954.013
2,787.869
Reading
4.304,701 +34.6
4,371,010
d5,795,342
Scranton
2,474,584
2,598,000 +29.4
d3,362.218
Wilkes-Barro_ _
1,145,458 +26.4
1,141,963
1,448,282
York
3,063,919
3,170,300 +19.5
N.J.-Trenton _ _
3,787,903
a
a
a
a
955,782
1,700,000
3,409,102
449,828,432
2,600.000
5,013,597
2,865,973
1,653,640
3,263,696
a
404,909,935 +27.3
351,388,707
471,290,222
Fourth Feder al Reserve D istrict-Clev eland
5,201,000 +9.1
Ohio-Akron .._ _
d5,674,000
4,708,920 -3.9
Canton
4,523,035
59,337.468 +24.6
Cincinnati_
73,908,861
76,829,147 +39.9
el07,467,806
Cleveland
11,805,800 +16.0
Columbus
13,691,600
a
a
a
Dayton
642.362 -29.5
452,781
Lima
1,431,633 +24.8
d1,786,249
Mansfield
a
a
a
Springfield _
a
a
a
Toledo
4,366,695 -31.5
2.992,182
Youngstown_ _
a
a
a
Pa. Erie
167,601,000 *101,800,000 +64.6
Pittsburgh- 4,194,306 -3.7
4,033.103
W.Va.-W heeling
5,776,000
4,462,702
58,316,199
94,886,665
14,003,200
a
633,780
1,236,058
a
a
6,264,884
a
141,398,682
4,404,407
12,467,000
5,462,021
67,096,679
126,910,848
13,206,100
a
1,107,263
1,504,122
a
a
3,938,742
a
176,700,209
5,040,474
Total(10 cities)
515,456,030
270,317,331 +41.4
329,382,558
413,433,258
Fifth Federal Reserve Dist net-Riches end1,751,986
1,318,057 +32.9
W.Va.-HuntIon
d7,059,714
5,903,184 +19.6
53,434,000
39,052,773 +38.8
Richmond ____
2,199,456 +25.9
d2,768,707
S.C.-Charleston
57,880,313 +47.5
85,376,546
Md.-Baltimore_
17,273,719 +23.3
21,304,264
D. C.-Washlon
1,856,725
6,465,785
39,398,835
2,500,000
68,843,397
14.867,315
1,862,824
9,913,923
62,727,116
5,562,091
80,476,706
17,623,605
Total(10 cities)
382,130,617
123,627,502 +38.9
133,932,057
177,968,205
Sixth Federal Reserve Dist rict-Atlant a5,423.506 +33.7
d7,250,444
Tenn.-Chatt 'ga
2,520,422 -1.6
2,479,094
Knoxville
16,486,292 +30.9
21,579,000
' Nashville
38,909,088 +37.3
53,414,161
Ga.-Atlanta _ _ _
1,427.120 +72.2
2,457,813
Augusta
1,038,447 +33.3
Macon
1,384,409
a
a
a
Savannah
10,735,099 +37.7
14,785,199
Fla.-Jacks'ville_
16,895,172 +74.5
29,476,491
Ala.-Birm'gham
1,547.250 +13.9
Mobile
1,761,734
750,132 +54.2
Mias.-Jackson
1,158,210
315,427 -11.4
Vicksburg _
279,449
La.-New Orl'ns_
39,125,169 +47.0
57,528,000
6,167,972
2,600,000
14,200,040
39,827,009
1,627,799
1,100,366
a
9,964,471
13,917,244
1,686,365
650,000
236,268
35,981,998
9,332,075
2,924.696
21,874,600
63,548,506
8,557,897
135,173,124 +43.2
127,959.532
Total(8 cities)-
Total(12 cities)
171,695,217
193,552,004
a
12.642,355
19,654,599
2,436,445
604.641
328,626
65,051,918
204,956,358,
[VoL. 116.
Week ending March 24.
Clearings at
1923.
1922.
Inc. or
Dec.
1921.
$
$
Seventh Feder al Reserve D istrict-Ch i ca goMich.-Adrian
224,985
150.759 +49.2
250,000
Ann Arbor_ __
673,140
519,286 +29.6
443,814
Detroit
148,400,846
96,418,163 +53.9
82,000.000
Grand Rapids_
6,483,725
6,272,527 +3.4
4,769,064
Lansing
2,165,839
1,541,922 +40.5
1,450,000
Ind.-Ft. Wayne
2,229.594
1,591,703 +40.1
1,484,391
Indianapolis
18,489,000
14,609,000 +26.6
12,634,000
South Bend_
2,750,600
1,726,458 +59.3
1,500,000
Terre Haute_ _ _
5,990,081 Not included In total s.
Wis.-Milwaukee
35,209,311
31,836,773 +10.6
28,451,447
Iowa-Cedar Rap
2,047,494
1,788,471 +14.5
2,101,333
Des Moines
' 9,864,689
•8,282,371 +19.1
8,937,069
Sioux City_ .._
6,115,843
4,952,859 +23.5
5,787,285
Waterloo
1,376,883
1,461,637 -5.8
1,518,571
111.-Bloom'gton.
1,745,304
1,219,206 +43.2
1,473,843
Chicago
604,568,508 497,637,963 +21.5 458,120,103
Danville
a
a
a
a
Decatur
1,324,212
929,165 +42.5
994,901
Peoria
3,973,598
3,209,458 +23.8
3,102,775
Rockford
1,920,040
1,722,588 +11.5
1,713,681
Springfield _ _ _ _
2,325,887
2,040,211 +14.0
2,513,486
Total(19 cities)
851,889,498
1920.
346,924
538,525
123,686,084
7,063,083
1,715,102
2,441,289
16,638,000
1,712,138
32,777,723
3,093,732
13,973,675
10,997,897
2,248,154
2,120,586
638,662,459
a
1,730,331
6,234,312
2,834,307
2,302,178
677,910.520 +25.7
619,245,763
871,116,499
Eighth Federa I Reserve Dig trict-St. Lo ulsInd.-Evansville.
4,878,582
3,972,585 +22.8
Mo.-St. Louis
a
a
Ky.-Louisville_
29,520,719
28,983,791 -r1.9
Owensboro _ _ _ _
381,429
350,520 +8.8
24,412,252
Tenn.-Memphis
15,020,325 +62.5
11,435,449
Ark.-Little Rock
8,148,330 +40.3
Ill.-Jacksonville
285,956
278,605 +2.6
Quincy
1,428,791
1,226,576 +16.5
4,079,609
a
24.041.016
393,406
11,482,016
8,843,791
333,647
1,285,014
5,047,384
8
44
11,800,000
816,249
26,129,624
11,924,557
562,104
2,331,327
57,980,732 +24.8
50,454,499
58,611,245
Ninth Federal Reserve Dist rict-Minne aped'sMinn.-Duluth_ _
d5,520,440
4,795,666 +15.1
Minneapolis_ _ _
64,707,258
55,937,139 +15.7
St. Paul
36.185,975
27,896,250 +29.7
N. D.-Fargo...
1,827,357
1,667,694 +9.6
S. D.-Aberdeen.
1,095,868
841,398 +30.2
Mont.-Billings _
432,232
463,359 -6.7
Helena
3,041,767
2,491,475 +22.1
4,597,270
54,075.012
27,239,078
1,986,307
1,087,598
715,805
2,644,978
6,551,552
86,676,126
19,916,584
2,724,694
1,555,705
1,151,687
1,830,590
94,092,979 +19.9
92,346,048
119,406,938
Tenth Federal Reserve Dist rict- Kansa $ CityNeb.-Fremont
d407,721
315,111 +29.4
Hastings
471,823
489,656 -3.6
Lincoln
3,764,915
3,911.404 -3.8
Omaha
40,928,392
37,683,084 +8.6
Ran -Topeka......
d3,084,925
2,576,357 +19.7
Wichita
d9.691,269
10,312,566 -6.0
Mo.-KansasCity 133,816,116 125,874,013 +6.3
St. Joseph___
a
a
a
Okla.-Muskogee
a
a
a
Oklahoma City d23,933,477
20,811,399 +15.0
Tulsa
a
a
a
Col.-Colo. Sp'gs
849,884 +58.3
1,345,078
Denver
16,886,280 +15.7
19,529,098
Pueblo
e768,968
744,869 +3.2
457,737
386,072
3.322,626
38,833,290
2,430,243
10.426,824
138,361,778
a
a
24,861,744
a
894.800
17,072.413
887,784
837,420
1,085,746
6,542,236
72,950,381
3,018,795
12,371,037
242,058,244
a
a
12,476,297
a
1,194,898
22,606,361
919,291
Total(11 cities) 237.741,782 220,454,629 +7.8 237,935,311
Eleventh Fede ral Reserve District- aliasTexas-Austin
1,604,362
1,615,837
1,601,213 +0.1
Dallas
25,705,549
32,069,534
24,603,657 +30.4
Fort Worth
10.907,916
d9,700,698
10,196,000 -4.9
Galveston
5,212,106
5,844,969 +48.1
e8,657,536
Houston
B
a
a
a
La.-Shreveport _
5,240,979
4,021,143 +30.3
3,221,306
370,066,706
Total(7 cities)_
Total(7 cities)
72,343,178
112,810,897
Total(5 cities)57,284,584
46.266.982 +23.8
46,651,239
Twelfth Feder al Reserve D istrict-San Franc seaWash -Seattle.._
80,638,490 +32.8
32,157,068
40,701,710
Spokane
a
a
a
a
Tacoma
a
a
a
a
Yakima
1,343,296
1,245,396 +7.9
• 1,159,741
Ore.-Portland _ _
45,168,042
26,691,778 +69.2
28,920,917
21,800,000
Utah-Salt L.C'y
13,269,327
10,370,460 +28.0
a
a
a
Nevada-Reno _ _
a.
a
a
a
Ariz.-Phoenix _ _
a
3,151,507 +25.5
3,482,440
Calif.-Fresno_ _ _
c3,955,868
3.858,777 +115.0
3,139,425
Long Beach.
8,295,380
87,339,000 +40.6
Los Angeles_ _ 122,757,000
83,162,000
11,792,160 +10.0
9,976,401
Oakland
12,968,264
3,614.872 +38.3
3,095,415
4,999,006
Pasadena
5,050,049 +32.4
d6,684,930
5,797,710
Sacramento .._ _
2,704,643 +20.2
3,251,152
2,337,514
San Diego
San Francisco_ 158,300,000 122,500,000 +29.2 130,000,000
1,683,150 +30.0
San Jose
2,187,620
1,356,368
827,874 +17.0
Santa Barbara
968,468
694,606
2,702,800 +0.2
Stockton
c2,706,700
4,770,300
2,000,000
39,303,429
19,283,024
6,137,014
a
5,299,618
72,023,085
41,802,448
a
a
1,721,279
35,251,196
16,500,000
a
a
4,504,102
2,623,304
71,262,000
9,560,234
2,203,189
4,995,051
2,452,281
154,495,765
1,806,595
5,611,100
Total(15 cities) 427,556,763 314,170,956 +36.1 331,849,905 354,788,544
Grand total (122
cities)
7,749,107,572 6,875,013,582 +12.7 5,813,722,176 8,560,773,950
Outside N.Y...... 3,519,210,006 2,732,357.179 +28.8 2,644,384,899 3,581,041,883
Week ending March 22.
Clearings at
1923.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _ _.
New Westminster
Medicine Hat__ _
Peterborough
Rherbrooke
Kitchener
Windsor
Prince Albert__Moncton
Kingston
$
98,106,039
38,376,461
35,102,606
17,767.15.3
5,986,094
4,748,333
2,364,520
5,029,563
4,415,446
2,673.129
1,774,821
2,398,685
3,475,493
2,798,418
435,807
424,184
1,260,370
929,952
888,349
647,320
482,813
310,217
905,458
963,763
1,031.035
3,156,564
316,317
901,967
545,839
1922.
$ '
88,308,687
90,579,522
38,790,447
13,466,723
5,822,456
5,011,235
2,704,473
4,758,502
4,661,146
2,496.228
2,014,174
2,496.324
3,849,330
2,690,931
475,738
465,001
1,446,719
1,049,982
947,113
819,612
491,059
361,179
631,624
726,470
1,027,097
3,123,122
287,223
995,347
592,837
inc.or
Dec.
%
+11.1
-2.4
-9.5
+31.9
+2.8
-5.3
-12.6
+5.7
-5.3
+7.1
-11.9
-3.9
-9.7
+4.0
+8.4
-8.8
-12.9
-11.4
-6.2
+4.5
-1.7
-14.1
+44.8
+32.7
+0.4
+1.1
+10.1
-9.4
-7.9
1921.
$
100,802,152
94.309,284
36,674,955
12,621,492
6,621,687
6,927,410
3,865,241
5,486,080
6,121,426
2,687.790
2,697,380
2,809,283
4,294,657
3,316,558
648,457
526,186
1,816,925
1,284,878
1,136,456
864,980
484,598
360,987
821,970
1,035,454
928,553
2,735,048
306,087
1,178,204
1920.
$
121,556,498
96,115,240
42,274,150
18,401,955
8,170,429
5,864,998
3,839,681.
6,630,091
8,380,117
8,173,298
2,398,980
3,423,271
0,184.947
3,994,017
682,032
751,190
2,044.231
1,610,519
1,251,376
869,797
886,358
439,091
903,913
1,001,865
1,175,370
2,996,785
481,505
Total(29 cities) 288,216,714 280,890,201
+2.6 302.364.242 345,501,204
a No longer report clearings. b Do not respond to requests for figures. c Week
ending Mar. 21. d Week ending Mar. 22. e Week end ng Mar. 23. * Estimated.
MAR. 31 1923.]
THE CHRONICLE
1377
Condition of National Banks Dec. 29.-The statement of conditions of the national banks under the Comptroller's
call of Dec. 29 1922 has been issued and is summarized below. For purpose of comparison,like details for previous calls
back to and including Dec. 31 1921 are included.
ABSTRACT OF REPORTS OF CONDITION OF NATIONAL BANKS IN THE UNITED STATES DEC. 31 1921 AND MARCH 10,
MAY 5, JUNE 30, SEPT. 16 AND DEC. 29 1922 (In thousands of dollars).
Dee.311921 Mar.10 1922 Mau 5 1922 June 30 1922 Sept. 15 1922 Dee 291922.
8,169 banks. 8,197 banks. 8.230 banks. 8.249 banks. 8,240 banks. 8,225 banks.
ResourcesLoans and discounts_a d
Overdrafts
Customers'liability account of acceptances
United States Government securities owned_
Other bonds,stocks, securities, &c
Banking house, furniture and fixtures
Other real estate owned
Lawful reserve with Federal Reserve banks
Items with Federal Reserve banks in process of collection
Cash in vault
Amount due from national banks
Amount due from other banks, bankers and trust companies
Exchanges for clearing house
Checks on other banks in the same place
Outside checks and other cash items
Redemption fund and due from U. S. Treasurer
Other assets
Total _6
$
$
$
$
$
$
10,981as3 611,282.579 411.184,116 d11,248,214 611,236.025 611,599.668
9.949
11,295
10,227
9,198
12.141
13,045
200,663
169,887
171,190
208,465
168,935
176,238
1,975,898
2,031,564
2,124,691
2,402,492
2,656,560
2,28.5,459
2.081,442
2,086,596
2,289,782
2,347,479
2,162,587
2,277.866
429,929
440.296
I,470.644
459.020
444,368
452.434
54,368
57.598
62,531
Mr 175.178
64.383
67,789
1.143,259
1,124,707
1,220.847
1,150,885
1,232,104
1.151,605
349,911
312,900
455,792
418,923
330,917
355.686
341,811
336,065
391.840
334,504
326,181
331,951
863,508
987,816
1,065,820
974,375
1.063.695
974.975
228,802
248,578
316,956
244,707
267,050
299,541
437.750
481.368
777,572
681,269
767.096
614,771
69.236
38.207'
70,088
45,215
63.394
54.623
62,209
41.205
62,221
44.053
64.928
63,112
36.697
36,507
36,825
36,823
36.767
36,656
152,921
163,234
205,947
176,445
184.556
172,284
19,420,136 419,850,402 420,176,648 420,706.010 620,926,099 21,974,957
•
LiabilitiesCapital stock paid in
1,282,432
1,289,528
1,296,220
1.317,010
1,307.216
1,307.122
Surplus fund
1,033.406
1,036,184
1.075,545
1.040,249
1.048,808
1.042,197
Undivided profits, less expenses and taxes paid
464.782
508,560
522.658
492.434
528,924
539.047
National bank notes outstanding
717.473
719,570
720,984
725,748
1723,819
726.789
Due to Federal Reserve banks
18.882
17.641
21,213
11 '28.109
19,852
26,472
Amount due to national banks
779,783
962,140
916.740
1.035,961
936.399
1,031,648
Amount due to other banks, bankers and trust companies_
1,467,221
1.560.920
1,657,409
1,565,459
1,582,444
1.691,307
Certified checks outstanding
56,061
174.469
190,877
205.682
218.464
164,4'27
Cashier's checks outstanding
208,795
175,632
245,091
287.733
193,763
208,991
Demand deposits
8,606,943
8,446,530
8,707,201
9,152,415
9,270,378
9,535,995
Time deposits (including postal savings)
3,749,328
3.837,759
3.918,282
4.111.951
4,169,220
4,318,736
United States deposits
188,089
215,347
141,844
103.374
304,176
145,182
Total deposits
16,076,102 15,390,438
15,766,938
17,420,481
16,320,564
16.698,762
United States Government securities borrowed
66.923
53,722
42.475
34.615
46.225
38,164
Bonds and securities (other than United States) borrowed
5.740
6,103
2,948
3,058
2,897
2,990
Bills payable (including all obligations representing borrowea money other
than rediscounts)
496.323
275,089
228,481
181,765
310,781
248,681
Notes and bills rediscounted (Including acceptances ofother banks and foreign bills of exchange or drafts sold with indorsement)
[1
323,737
280,271
262,421
285,940
247,559
Letters of credit and travelers' cheeks outstanding
3.951
4,719
4,889
5,050
8.256
6.639
Acceptances executed for customers and to furnish dollar exchange less
those purchased or discounted
202,378
171.332
170,132
172.887
199,844
165,715
Acceptances executed by other banks
16.558
13.869
14,748
23.631
16.494
17.654
Liabilities other than those stated above
55.068
57,551
70.049
55,715
59,481
51.756
Total-4
19,420,136 419,850.402 420.176,648 420,706,010 620.926.099 21.974,957
Liabilities for rediscounts, including those with Federal Reserve banks-d
523,606
(4)
(6)
(d)
(6)
On
Details of Cash in VaultGold coin and certificates
36,749
37,360
38,371
34,098
38,797'
38,031
Silver and minor coin and certificates
36,949
36,182
37,265
35,153
34,341
34,885
Clearing (louse certificates
9
25
1 108
12
5
7
Paper currency
268.104
262,498
320,369
260,968
252.494
259,572
Details of Demand DepositsIndividual subject to check
8,069.775
7,893,698
8,794,316
8,126.199
8,537.059
8,504.104
Certificates due In less than 30 days
274.538
273.920
284.375
271.278
263.501
275.087
State and municipal
115,712
143.619
339,736
189,682
221.878
360,541
Deposits subject to less than 30 days' notice
43,655
44,202
L40.026
44,217
44.713
42.921
Dividends unpaid
38,747
1,229
p 6.580
34,936
1.513
1,779
Other demand deposits
64,516
89.862
70.962
82,089
71,699
58,800
Details of'rime DepositsCertificates due on or about 30 days
991.564
999,339
1,074,099
1.080,828
11,081,933
1,029,785
State and municipal
16.791
22,571
56,279
28,113
36,886
55.78.5
Postal savings
30,839
30,653
42.069
34,052
32.943
33,416
Othec time deposits
2,710,134
2,785,196
3,146.289
2.826,332
2.961.294
2.998,106
Percentages of Reservela,
Central Reserve cities
14.28%
13.38%
13.45%
13.74%
12.76%
15.11%
Other Reserve cities
10.577
10.27
10.267
10.30
10.46
10.03 e
All Reserve cities
12.45
11.85
11.52
11.69%
12.08
12.36
Country banks
ba
7.62 0
7.51
7.72
7.47
7.59
7.51
Total United States
10.28%
9.901
9.91%
9.76
10.04%
10.244
a Includes customers' liability under letters of credit.
d Includes rediscounts.
"The coining of both the silver standard coins and the subsidiary coins
may be discontinued with equanimity, as there are large stocks thereof
lying at the Java Bank. as well as at the Government Treasuries, private
banks and commercial firms.
"The currency notes, which were issued in this country in denominations
of F2.50 and Fl, remain a popular medium of payment among the native
population, and are
•
. in fact even preferred above their silver equivalents
GOLD.
The Bank of England gold reserve against its note issue on the 7th In many districts."
inst. was £125,677.805, as compared with £125,675,945 on the previous
INDIAN CURRENCY RETURNS.
Wednesday.
(In Lacs of Rupees)Feb. 22. Feb. 28. Mar. 7.
A fair amount came into the market and was acquired for India with
17396
17389
17356
the exception of a trifle taken for the Continent. Large amounts are Notes in circulation
Silver
coin
and
bullion
in
India
8637
8629
8596
also being withdrawn from the United States of America for India.
coin and bullion out of India
The Transvaal gold output for February 1923 amounted to 704,970 Silver
iiii
2432
fine ounces, as compared with 764,469 fine ounces for January 1923. Gold coin and bullion in India
.
2
15
Owing to the strike, no declaration was made as to the production for Gold coin and bullion out of India
Securities (Indian Government)
8'7:0
8i5
5745
February 1922.
584
585
The following were the United Kingdom imports and exports of gold Securities (British Government)
585
The coinage during the week ending the 7th inst. amounted to 5 lace
during the month of February 1923:
of
rupees.
Imports.
Exports.
The stock in Shanghai on the 10th inst. consisted of about 27,200,000
Netherlands
ao,133 ounces
in sycee, 31,500,000 dollars and 600 silver bars, as compared with
Belgium
£207
17.100
Switzerland
14,300 about 27,300.000 ounces in sycee, 29,500,000 dollars and 690 silver bars
Psypt
20.600 on the 3d inst.
west Africa
The Shanghai exchange is quoted at 3s. 15id. the tael.
184.362
6.259
Java and other Dutch possessions in the Indian seas210,523
-Bar Silver per Oz. Std.Bar Gold per
United States of America
832,828
Quotations325.900
Cash,
Os. Fine.
2 Mos.
Central America and West Indies
110
March 8
31
15-16d.
888. 3d.
31%cl.
•
Other countries In South America
600
March 9
32 1-164.
885. 2d.
31%cl.
Rhodesia
200.288
March 10
32 3-164.
32 1-16d.
Transvaal
2,127,238
March 12
888. Od.
32 11-16d.
327-164.
British India
2,509,990 March 13
888. 8d.
32X4.
32Hd.
Straits Settlements
March
179.726
14
888.
8d.
3254d.
7-166.
32
Australia
1,752
Average
888 4 2d.
32.1144.
32.291d.
Other countries
23,200
4,425
The silver quotations to-day for cash and forward delivery are each
5id. above those fixed a week ago.
£3,370,585 £3.318.958
SILVER.
During the earlier part of the period under review the market was
ENGLISH FINANCIAL MARKETS-PER CABLE.
quiet. China speculation was responsible for most of the buying, which,
corning upon an ill-supplied market, kept
prices fairly steady. India
The daily closing quotations for securities, &c., at London,
remained inactive until Monday when considerable
orders
buying
competed with some China demand and drove
to 32 11-166. for cash, as reported by cable, have been as follows the past week:
and 32 7-16d. for two months' delivery, prices
the highest quotations since
tendon,
Frf.
Wed. Thurs.
Mon. Tues.
Sat.
Jan. 24 1923 and Nov. 15 1922. respectively. At these rates the ConWeek ending March 30.
Mar.24,Mar.26. Mar.27. Mar.28. Mar.29. Mar.301
tinent supplied the bulk of what was required. Yesterday a reaction Silver,
per os
3214
4
3214
323i
3211
3214,
d
ensued-3234d. and 32hd. being quoted for the two respective deliveries. Gold, per fine ounce
sz.v
A recovery took place to-day as a consequence
some Indian Bazaar Consols, 2,14 per cents
69.1i
594
5934
594
inquiry, but at any much further advance silver,of
speculative and other- British, Spar cents
10134 10114 10114 102 HOLIDAY;
wise, is freely offered.
British, 414 per cep
99349934
9914
99
GOO
The total amount purchased under the Pittman Act was reported from French Rentes (in Paris)....fr.
Washington on the 27th ult. as 162,165.601 ounces. This amount in- French War Loan(in Parts)fr, 57.25 57.30 67.50 57.35 37.25 FRIDAY
73.95 73.60 73.86 73.90 73.50
cluded a purchase of 1.540.000 ounces on that day.
The price of silver in New York on the same days has been:
The Java Bank annual report contains the following interesting remarks.
as to the extending use of notes In lieu of silver coins, and indicates that Silver in N.Y., per es.(Ma.):
the pieces are disposed to accumulate in currency reserves in similar fashion
Domestic
9914
9914
9944
9934
9936
to those of the Indian note reserves:
Foreign
68
6834
6856
6834
6856
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 14 1923: .
1378
Difil CHRONICLE
Public Debt of United States-Completed Return
Showing Net Debt as of Dec. 31 1922.
The statement of the public debt and Treasury cash
holdings of the United States as officially issued Dec. 31
1922, delayed in publication, has now been received, and
as interest attaches to the details of available cash and the
gross and net debt on that date, we append a summary
thereof, making comparison with the same date in 1921.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Dec. 31 1922. Dec. 31 1921.
Baianoe end month by dally statement, &a
$537,861,122 3487,767.529
Add or Deduct-Excess or deficiency of receipts over
or under disbursements on belated Items
+1,294,206 -15,719,821
Deduct outstanding obligations:
Treasury warrants
:Matured Interest obligations
131sbursIng officers' checks
Viscount accrued on War Savings Certificates
TotaL
3539.155,328
3472,047,708
$24)01,474
77.550,649
68,905,893
143,087.506
$5,997,734
91,777,909
70,658,299
116,327,614
$291,525,522
$284,761,557
Balance. deficit (-)'or surplus (+1
+3247,829,806 +3187,286,151
INTEREST-BEARING DEBT OUTSTANDING.
Interest Dec. 31 1922. Dec. 31 1921.
Title of LoanPayable.
25, Consols of 1930
Q.-J. 599,724,050
599,724,050
4s, Loan of 1925
Q.-F. 118,489.900
118,489,900
25 of 1916-38
Q.-F.
48,954,180
48,954,180
2s of 1918-38
Q.-F.
25,947,400
25,917,400
3s of 1961
Q.-M.
50.000.000
50,000,000
3s, Conversion bonds of 1946-47
28,894.600
Certificates of indebtedness
.1 -J. 1,092,236,150 2,082.595.000
Certificates of indebtedness under Pittman Act-J.-J.
113,000.000
310, First Liberty Loan, 1932-47
J.J. 1,409,999,650 1,410,074.050
48, First Liberty Loan, converted
J.-D.
11,115,150
14,622.550
4345, First liberty Loan, converted
J.-D. 527,206.500
523.935.500
434s, First Liberty Loan, second converted_ _J.-D.
3,492,150
3,492.150
4s, Second Liberty Loan, 192742
M.-N.
48,286.000
64,331.500
4145. Second Liberty Loan, converted
3,220,801.000 3,248.910.700
4145, Third Liberty Loan of 1928
M.-S. 3,448,211.300 3,592.570,950
43.45, Fourth Liberty Loan of 1933-38
A.-0. 6,330,799,300 6,349,348.900
34s. Victory Liberty Loan of 1922-23
J.-D.
454,660,400
4148, Treasury bonds of 1947-52
763,861,100
41.4s, Victory liberty Loan of 1922-23
J.-13. 851,653,300 3,093,501,500
45, War Savings and Thrift Stamps
Mat. 731.723,830
651,524.963
21513. Postal Savings bonds
J.-J.
11,774,020
11,851,000
514s to 5345. Treasury notes
J.-D. 3,159,533.969
701,897,700
Aggregate of Interest-bearing debt
Bearing no interest
Matured, Interest ceased
Total debt
Deduct Treasury surplus or add Treasury deficit
22,482,780,329 23,188,247.913
263,742,394
238,317.187
0248,588,600
11,800.620
c§2,995.111,323 23,438,425.720
+247,629,806 +187,286.151
Net debt
d22,747,481,517 23,251,139,569
o InCludes $240,418,350 Victory 34% notes and 414% called notes.
taws
twat
.leht
c The
Dec. 31 1922 on the basis of daily Treasury statements
was $22,986,318.018 09, and the net amount of public debt redemption and receipts
to transit, &e., was $8,793,305 GO.
d No deduction is made on account of obligations of foreign governments or
other investments.
NOTE.-Imues of Soldiers' rind Sailors' Civic Relief bonds not included in the
Shove, total Issue to Dec. 31 1922 was 3195.500, of which $147.200 has been retired
leammercial antiAltscellantonsBaia
New York City Banks and Trust Companies.
All prices dollar. per share.
Banks-N.Y. Bid Ask
231 238
America.
Amer Each__ 292 296
Battery Park- 132 138
440
HowerY•
BroadwayCen 115 iio
Bronx Soros_ 125
Bronx Nat_.- 150
Bryant Park* 150 165
Butch & Drov 130 138
Cent M ercan_ 210
Chase
348 352
Chat & Phen.. 253 257
Chelsea Exch•
95
Chemical _ _ _ _ 547 555
Coal & Iron__ 217 223
Colonial •____ 375
Columbia..._ 227 Z6,-1
Commerce.__ 299 303
Com'nwealthe 295 315
Continental-- 135
Corn Exch.-- 430 136
Closmoplan•- 105 120
East River... 190 200
Fifth Avenue* 1150
225 235
Fifth
1190 1210
First
Garfield
260 270
Gotham
191 198
Greenwich... 290 310
Hanover
685 700
Bid
Banks
Harriman_ _ 355
Imp & Pratt.. 750
Irving Ba' k
Columbia-I 235
147
Manhattan
Mech & Met. 400
Mutual•
300
Nat America 135
National CO 347
New Neth._ _ 130
Pacifle •
' 300
430 ,
Park
297
Public
335
Seaboard
Standard •__,. 165
State*
340 .
Tradesmen's• 200
23d Ward'_,; 270
UnitedStates* 163,
Wash'n tits*. 200
Yorkville •__„, 800
Ask Trust Co.'s Bid
Ask
366
New York
770 American_ __ _ -__
Bank of N. Y
238
& Trust Co 475 485
150 Bankers Trust370 373
410 Central Union 465 470
Commercial.. 115
145
Empire
315 320
353 Equitable Tr_ 189 192
___ Farm L & Tr_ 525 630
__ Fidelity Int
200 210
440 Fulton
255 265
807 Guaranty Tr_ 271 275
Hudson
200
iii Law Tit & Tr_ 198 205
350
e
M tropolitan_ 315 325
___ Mutual (West
cheater) _- 120 130
_____ .'
___ 340 350
_
Title Gu &
360 367
-__ '11JSMtg &
320 330
I United States 1220 1255
, Westches. Tr. 180
Mar. 21-The Citizens' National Bank of Bolivar, Pa
50,000
Correspondent, F. J. Sutton, Bolivar, Pa.
Mar,24-The Maud National Bank, Maud, Okla
25.000
Succeeds the Maud State Bank,Maud,Olda. Correspondent,
Bert Harris, Maud, Okla.
APPLICATIONS TO CONVERT RECEIVED,
Mar,20-First National Bank in Geneva, Nebr
50,000
Conversion of the Geneva State Bank, Geneva, Nebr.
Mar.24-The First National Bank of Renton. Wash
50,000
Conversion of the Citizens' Bank of Renton, Wash,
APPLICATIONS TO CONVERT APPROVED.
Mar. 20-The First National Bank of Onaga, Kan_
50,000
Conversion of the Citizens' State Bank, Onaga, Kan.
Mar.20-The Lincoln State National Bank, Lincoln, Nebr_ _
200.000
Conversion of the Lincoln State Bank of Lincoln, Nebr.
CHARTERS ISSUED,
Mar,20-12,336-Federal National Bank of Boston. Mass
$1,500,000
Conversion of Federal Trust Co. of Boston, Mass., with three
branches, all located within the City of Boston, Mass.
President, Daniel C. Mulloney: Cashier, Albion F. Bemis.
Mar. 22-12,337-The Genesee National Bank of Buffalo, N.Y.. 200,000
President, R. W. II. Campbell; Cashier, F. M.Schardt.
Mar.23-12,338-The Brick Church National Bank of Orange,
N. J
100,000
Conversion of the Trust Company of Orange, N. J. President. John D. Everitt; Cashier, Ward L. Donnell,
Mar. 24-12,339-The Federal National Bank of Shawnee, Okla. 100,000
Succeeds the Guaranty State Bank, Shawnee, Okla. President, J. F. Buck; Cashier, Joe S. Ellis,
Mar. 24-12,340-The First National Bank of Gentry, Ark
25,000
Conversion of the Citizens' Bank of Gentry, Ark, President,
Marion Wasson; Cashier, J. N. Covey.
VOLUNTARY LIQUIDATIONS,
March 14-3841-The First National Bank of Joplin, Mo
100,000
Effective Feb. 14 1923. Liq. Committee: H. A. Richardson,
J G. Starr and Joseph R. Pile, Joplin, Mo.
Absorbed by the Conqueror Trust Co. of Joplin, Mo.
March 14-8718-The Union National Bank of Fresno, Calif_ _ _ _ 150,000
Effective March 14 1923.
Liquidating Agent: W. R. Price, Fresno, Calif.
March 15-10513-The Merchants & Planters National Bank of
Ada, Okla
100,000
Effective Dec. 30 1922. Liq. Agent, S. Jackson. Ada, Okla.
It is understood that business of the liquidating bank has been
taken over by the First National Bank of Ada, No,5620.
March 16-11773-The First National Bank of Florence, Kan.._ 50.000
Effective Jan. 2 1923. Liq. Agent, M. M. Ginette, Florence,
Kan. Absorbed by the Marion County State Bank of Florence,
Kan.
Mar. 19-9,882-The Merchants' National Bank of San Francisco, Calif
1.500,000
Effective Mar, 14 1923, Liq. Agent, W. T. Sununers, San
Francisco, Calif. Absorbed by the Sacramento-San Joaquin
Bank, Sacramento, Calif.
Mar. 23-10,457-The First National Bank of New Brockton,
Ala
45,000
Effective Mar, 12 1923. Liq. Agent, L. H. Sessions, Enterprise. Ala. Absorbed by the Farmers & Merchants National Bank of Enterprise, No. 10,421, which assumes liability for the circulation of the liquidating bank under Sec.
52
Mar.24-11,246-The American National Bank of Idabel Okla_
50,000
Effective Mar. 16 1923. Liq. Agent, R. C. Newton, Idabel,
Okla. Absorbed by the First National Bank of Idabel,
Okla., No, 8,486. Liquidating bank has no circulation.
CONSOLIDATION.
Mar. 24-3,825-The Troy National Bank, Troy, Ohio
and 59-The First National Bank of Troy, Ohio
Consolidated under the Act of Nov. 7 1918, under the charter
of the Troy National Bank (No. 3825), and under the corporate title of "The First Troy National Bank & Trust
Company,
'with a capital stock of $300,000.
APPLICATION TO ORGANIZE RECEIVED.
do common
I lot
10
2,784 Durham Hosiery Mills,
common "A" stock
3405,000
lot
14,371 do com.-13" stk.$50 ea
200 Durham Hosiery Mills,
common -A" stock
)$50,000
244 First Nat. Bk., Durham...) I ot
800 Durham Hosiery Mills,)
) $45,000
common "A" stock
50 FirstNat. Bk., Durham...) lot
667 Nat. Dry Dock & Repair Co..
Inc., preferred
$100 lot
20 Astoria Mahogany Co., pref. 39 lot
4,400 Emerich Oil, corn.,310 eacb.$36,1ot
lc. each
$50 lot
30 Nat. Amer.Bank of N. V.$145 per sh.
100 Greeley Square Hotel., pref.$100 lot
10,000 Canada Copper,$5 each _6c. P.eh.
955 Int. Planters Corp., Pref____(
Interest of Gaillard 0. Tuck in}$4,000
Int. Planters Corp. of N. Y.I lot
face amount of $14,512 97...)
Bonds.
Price,
$26,000 United Zino & Chemical
Co. 58, ctts. of deposit
10%
$5,000 Louisiana & Northwest RR.
5s, 1935
85%
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
Price.
100 Bay State Film Co., pref., $1 ea
250
do
common, El each.
100 Coin Sort. & Count., $10 each
50 Rand Mfg., pref
50
do common
$600
1,000 Roma 011,51 each
lot
12 Central Texas MCorp
$5,900 La Porte Oil & Refining
Corp. 7% note
8-10 Amer. Pub. Util. prior pref.__ 68%
8-10 do participating pref. ..3734%
10 Jones, McDuffee At Stratton, PL 9614
8 Boston Woven Howl& Rub.,corn. 90
1 Boston Athenaeum, $300 each..-550
10 K.A. Hughes Co., pref. 610_ 1 8 on
6 do common as bonus, $10 es. pref.
20 American Glue Co., corn
8234-34
2 Commonwealth Gas & EL, pref.. 67
4 Central Mass. Lt. & Pr., pref... 85
5 Commonwealth Gas & Electric
Light Cos., pref
68
10 Plymouth Cordage Co
110
4 Emerson Shoe Co., 1st pref
90
3 Dennison Mfg., 1st pref..135 & div.
7 Lawrence Gas Co
120
By Messrs. Wise, Hobbs & Arnold, Boston:
Capital.
$100.000
Mar.20-Pasadena National Bank, Pasadena. Calif
Correspondent, William R. Fee, San Gabriel. Calif.
APPLICATIONS TO ORGANIZE APPROVED,
$100.000
Mar.20-The Valley National Bank of Sonoma, Calif
Correspondent, F. M. Burris, P. 0. Box 267, Sonoma, Calif.
Mar. 21-The Labor National Bank of Montana at Three Forks,
25,000
Mont
Correspondent, A. E. Barnes, Three Forks, Mont,
25,000
Mar,21-The American National Bank of Tonkawa, Okla
Succeeds the American State Bank, Tonkawa, Okla. Corns.
s
spondent, Ray See, Tonkawa, Okla.
125.000
200,000
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Price. Shares. Stocks.
Shares. Stocks.
Price.
10 Gouverneur Mortgage, pref.__ k 3750 1,600 Royal Tiger Mines Co.,
Shares. Stocks.
Price.
10 Nat. Shawmut Bank, ex-div_...212
3 First Nat. Bank, Boston, ex-dIv.31934
249
25 Old Colony Trust Co
Brooklyn
3 Border City Mfg. Co
108
Coney Island 155 165
6 Merrimack Mfg. Co., pref
85
Brooklyn
First
320 355
5 Arlington Mills, ex-div
115
. 130 ; 140 .,Brooklyn Tr_ 475 500
Mechanics S
1 Waltham Bleachery dr Dye Wks_14034
Montauk •___ 150 ___ Kings County 800
6 Ludlow Manufacturing
149
Nassau
225 240 Manufacturer 280
20 Arlington Mills, ex-div
1143.5-34
People's
160 ___ People's
385
18
100 U.S. Worsted Corp.,corn
110
• Banks marked w th (*) are State banks. I New stock. s Ex-dividend. y Es- 20 Dwight Manufacturing
170
rights. e Ex-I00% stock dividend.
10 Cornell Mills
14834
40 Ludlow Manufacturing
New York City Realty and Surety Companies.
150 .
26 Hill Manufacturing, ex-div
14834
25 Ludlow h.fanufacturing
AU prices dollars Per share.
15 Boston Rev. Bch.& Lynn RR-. 6514
Ask Realty Assoc Bid
Ask
Bla
AM
iBid
7 Boston & Providence RR. Corp_15734
(Brooklyn). 178 183
5 Union St. Ry., New Bedford..._121%
Alliance R'Ity 97 102 Lawyers Mtg 160 165
98 Mtge Bond__ 112 118 U S Casualty_ 1-0
2534
20 Lamson & Hubbard, pref
Amer Surety_ 94
8134
5 Converse Rubber Shoe, prof
Bond & M 0_ 285 295 Nat Surety__ 159 161 US Title Guar 127 i5:1
Westchester
88 N Y Title &
1 Cambridge Electric Light Co....240
City Investing 65
98
Mortgage__ 191 196
lltie & Tr; 210
10 Atlas Film Corp., $10 each....
Preferred __ 92
250 Choralcelo Co., $10 each
100 Range 16 Oil Co., $1 each.... $7
National Banks.-The following information regarding 100 Mass. 011 Co. Treas. stock $1 lo
North American Rubber,$10- _ _
5
from the office of the Comptroller of the
national banks is
Currency, Treasury Department:
[VOL. 116.
Price.
Shares. Stocks.
2 Merchants Nat. Bank,Boston30034-300
6 Webster&Atlas Nat. Bank,ex-div 193
14834
95 Ludlow Manufacturing
102
8 Saco-Lowell Shops, 2d pref
115
1 Fairhaven Mills, common
42 U.S. Worsted Corp.. coin
18
16 Ludlow Manufacturing
150
2 Wamsutta Mills
10334
10 Home Bleach & Dye Wks.,corn_ 9
22 OldColonyWoolen !Alibi, pref.$10 434
25 Union Mills,common
5034
5 Wilton RR
110
2 MerrimacChemicalCo.,ex-div.$50 9634
Shares. Stocks.
Price.
22 Quincy hiarket Cold Storage &
Warehouse Co., prof
9034
10 Greenfield Tap & Die Corp.,
pref., ex-div
9634
6 Rivett, Lathe & Grinder, pref._ _1 12
J lot
49
do
common
25 Mllw. El. Ry. & Lt..6% pref.._ 81
12314
10 Walter Baker Co., Ltd
8934
4 Emerson Shoe Co., 1st prof
138.
50 Rights N.E.Power Co
10 Amer. Brick Co., pref., 325 each 24
Price.
Bonds.
$5,000 Eastern Texas Elec. 78, 1925 1033,4
MAR.31 1923.)
THE CHRONICLE
By Messrs. J. Carothers & Co., Pittsburgh:
Shares. Stocks.
62.90 North Penn Coal Co
10 Heyi & Patterson, Inc
Sales of March 21 1923.
Price. Shares. Stocks.
Price.
10
160 Market Street Land Co., Inc.,
$50 each
40
51
By Messrs. Barnes & Lofland, Philadelphia:
Price.
Shares. Stocks.
70
5Peoples Trust, $50 each
18 Cumberland Valley Telephone
2
(stock trust certificates)
10 Penn Trust, Norristown, Pa___ _181
21 First Nat. Bank, NorrIstown,Pa.168
86
16 Norristown Ins. dr Water
7034
17 Lehigh Coal & Navigation
10 Penn. Bank & Tr., $50 each...58 lot
575
11 Franklin National Bank
52534
2 Fidelity Trust
1934 Bank of No. Amer. &Trust...30034
300
do
53.4
10 Excelsior Trust dr Say.,$50 each 100
70
10 Peoples Trust, $50 each
25 Phila. Co. of Guar. Mortgages_20034
200
do
100
3 Broadway Trust, Camden, N. J_252
200
20 Jenkintown Bank & Trust
13 Farmers Nat. Bank of Bucks
County, $15 each
6534
8 Nat. Bank of Cheater Val., $50 ea.163
37
5 John B. Stetson, pref. $25 each
103
3 do common, no par
Shares. Stocks.
Price.
2 Horn & Ilardart Baking
403
28 Phila. Bourse, corn., $50 each
1233
25 do
preferred
2514
13 Welsbach Co., common
5314
preferred
1 do
93
1 U. S. Loan Society, pref
100
4 Union Impt. Co.. $25 each
190
5 L. H. Gilmer Co., pref. (510 each. 914
7 American Railways,corn
24
common
50-100 do
24
10 Reliance Insur. Co.. $50 each.. 100
5 Whittier Centre Housing
32
633
15 Newton Coal, common
10 Rockhill Coal & Iron, pref
68
2 Elle. & Trenton RR.. pre!
33
50 Metropolitan Edison, pref
973.3
100 United Ry.& Invest., pref..- 5134
Bonds.
Price.
152,000 Cumberland Val. Tel. 4s,'66 5614
$1,500 Atlantic City & Shore 4s,'40 11
51,000 Phila. Elec. Co. Is. 1966-- 9834
$2,000 Depew & Lake Erie Water 5s 75
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable.
Railroads (Steam).
134
Boston Revere Beach & Lynn (guar.)._
Delaware Lackawanna & Western (au.). 3
2
Meadville Conneaut Lake & Llnesville__
234
New London Northern (quar.)
134
New York Central RR.(guar.)
1
Norfolk & Western, ad). pref. (quar.)__
Tonopah dr Goldfield, corn. and pref.__ *7
3
Vermont & Massachusetts
*51
West Jersey & Seashore
Books Closed.
Days Inclusive.
Apr. 2 Holders of rec. Mar. 156
Apr. 20 Holders of rec. Apr. 7
Apr. 2 Holders of rec. Mar.206
Apr. 2 Mar. 21 to Apr. 1
May 1 Holders of rec. Apr. 62
May 19 Holders of rec. Apr. 302
Apr. 10 *Holders of rec. Mar. 31
Apr. 7 Mar. 21 to Apr. 7
Apr. 16 *Holders of rec. Apr. 6
Public Utilities.
Mar. 31 Holders of rec. Mar.29
2
Bell Telephone of Pa.(quar.)
134 Apr. 1 Holders of rec. Mar. 202
Binghamton L., H.& P., 7% Pf.
133 Apr. 1 Holden) of rec. Mar. 202
Six per cent preferred (quar.)
California Elec. Generating, Pref. WO- 134 Apr. 2 Holders of roe. Mar. 152
*1
Mar.31 *Holders of rec. Mar.23
Chickasha Gas& Electric, common
'134 Mar. 31 *Holders of rec. Mar.23
Prelerred
Citizens Gas & Fuel (Ter. Haute), com_ 234 Mar.30 Holders of rec. Mar.23
134 Apr. 1 Mar.27 to Apr. 1
Preferred (quar.)
2
Apr. 2 Holders of rec. Mar. 172
City Gas Co. of Norfolk, pref. (quar.)._
134 Mar.31 Mar. 22 to Apr. 1
Conestoga Traction, pref. (qua:.)
Consum. EI.L.&P., N. On., corn. (q11.) 136 Mar.30 Holders of rec. Mar.30
Consumers Power (Mich.).7% Pref.(gu.) 134 July 2 Holders of rec. June 15a
133 July 2 Holders of rec. June 15a
Six per cent preferred (qear.)
55c. Apr. 1 Holders of rec. Mar. 202
6.6 preferred (monthly)
_
134 Apr. 18 Holders of rec. Mar. 31
East Bay Water Co., pref. A (quar.)
134 Apr. 16 Holders of rec. Mar. 31
Preferred 11 (guar.)
Mar. 31 Mar. 22 to Apr. 1
3
Edison Elec. Co., Lancaster, Pa.(qu.)._
Mar. 31 Holders of rec. Mar. 24a
Electrical Securities Corp., corn. (qu.)._ 2
134 May 1 Holders of rec. Apr. 206
Preferred (guar.)
2
Apr. 2 Holders of rec. Mar. 202
Fall River Electric Co. (guar.)
Georgia Light, Power & Rys,. pref.(qu.) 133 Apr. 2 Holders of rec. Mar. 276
133 Mar. 31 Holders of rec. Mar. 19a
Harrisburg Light & Power. pref. (guar.)
50c. Mar. 31 Mar. 16 to Apr. 1
Hartford City Gas Lt., corn. & pf. (q11.)
Mar.31 Holders of rec. Max. 17a
2
Houston Gas & Fuel, corn. (guar.)
•133
May 1 *Holders of rec. Apr. 14
Utilities,
Northern
pref. (qua:.)_
Illinois
134 Apr. 1 Holders of rec. Mar. 202
Kansas Electric Power, pref.(qua:.)_ _
$1.40 Mar.30 Holders of rec. Mar. 22a
Lancaster Co. Ry. & Light, corn
134 Mar.31 Holders of rec. Mar.22a
Preferred (quar.)
Mar. 31 Mar. 22 to Apr. 1
3
Lancaster Gas L. & Fuel (quar.)
134 May I Holders of rec. Apr. 16
Massachusetts Gas Cos., corn.(guar.)._
Mountain States Power, pref.(quaX.)--- 134 Apr. 20 Holders of rec. Mar. 31a
Nashville Ry. dr Light, pref.(quer.).-- 134 Mar. 29 Holders of rec. Mar.26
New Jersey Power & Light, pref.(qua:.) 134 Apr. 1 Holders of rec. Mar. 206
May 1 Holders of rec. Mar. 31a
2
Northern State) Power. corn. (qua:.)
134 Apr. 20 Holders of rec. Mar. 31a
Preferred (quar.)
Apr. 10 *Holders of rec. Mar. 26
Philadelphia & Camden Ferry (quar.).- *4
Mar.31 *Holders of rec. Mar. 26
*2
Public Service Co. of Oklahoma. com
*134 Mar. 31 *Holders of rec. Mar.26
Preferred
.0134 Mar.31 *Holders of roc. Mar. 26
Prior lien stock
Rutland fly., Power & Lt., pref.(qua:.).. 134 Apr. 1 Holders of rec. Mar. 202
San Diego Consol. Gas & Li., pf. (qu.). 134 Apr. 15 Holders of rec. Mar. 31a
134 Apr. 1 Holders of rec. Mar. 202
Sandusky Gas & Elec., pref. (guar.).
13.4 AP r. 1 Meters of rec. Mar. 202
Sayre Electric, pref. (quay.)
350. Mar. 31 Holders of rec. Mar.22a
United Gas & Electric Co
Mar.31 Holders of rec. Mar.22a
United Gas & Eleo. Engineering (quar.) 40
134 Apr. 2 Holders of rec. Mar. 216
United Utilities, pref. (guar.)
Vermont Hydro-Elec. Corp., pref.(qu.). 134 Apr. 1 Holders of rec. Mar. 200
134 Apr. 16 Holders of rec. Mar.312
Western Power Corp., pref. (quar.)...
Western States Gas & Elec., pref.(qu.)- 134 Apr. 15 Holders of rec. Mar. 31a
Name of Company.
Miscellaneous.
Alabama Fuel & Iron (qua:.)
Alliance Realty (qua:.)
Allied Chem.& Dye Corp., corn. (qu.).
American Bank Note, corn. (quar.)
American Can, corn.(quar.)
American Coal (guar.)
Amer. Fork & Hoe, 1st preferred
American Ice, coin. (qua!'.)
Preferred (guar.)
Amer. Shipbuilding, pref. (qua:.)
Arundel Corporation, corn. (qua:.)
Associated Dry Goods, corn.
_
First preferred (quar.)
Second preferred (quar.)
Associated Simmons Hardware, pt.(qu.)
Atlas Powder, pref. (guar.)
Auburn Automobile, corn.(quar.)
Preferred (quay.)
Austin, Nichols & Co., pref. ((Mar.).Black & Decker Mfg., corn
Preferred (qua:.)
Blaw-Knox Co.,corn,(qua:.)
Preferred (qua:.)
Bon-Ami Co., pref.(qua:.)
_
Bond & Mortgage Guarantee
Borden (Richard) Mfg. CO.(qua:.)....
Buckeye Pipe Line (qua:.)
3
3
3
3
2
2
31
$1.25
134
4
333
134
133
13.4
51
*1
*114
*134
134
134
$1
134
I/4
1
2
*2
*I%
134
4
2
$1.75
Apr.
Apr.
Apr.
Apr.
2
2
2
2
Holders of roc.
Holders of roe.
Mar.30 to
Holders of rec.
Mar. 23
Mar. 23
Apr. 1
Mar. 27
Apr. 1 Mar. 21 to Mar. 31
Apr. 18 Holders of roe. Apr. 10
may 1 Holders of rec. Apr. 13
May 15 Holders of rec. May la
May 15 Holders of rec. Apr. 30a
May 1 Apr. 11 to May 1
Apr. 15 Holders of rec. Apr. 56
Apr. 25 Holders of rec. Apr. 60
Apr. 25 Holders of rec. Apr. ga
May 1 Holders of rec. Apr. 14
Apr. 2 Holders of rec. Mar. 27a
May 1 *Holders of rec. Apr. 14
June 1 *Holders of rec. May 5
June 1 *Holders of rec. May 5
Apr. 1 Mar. 22 to Apr. 1
May 1 Holders of rec. Apr. 21la
Apr. 1 Holders of rec. Mar. 24a
Apr. 1 Holders of rec. Mar. 24a
May 1 Holders of rec. Apr. 16
Mar. 31 Mar. 25 to Apr. 2
Mar. 31 Mar. 25 to Apr. 2
May 1 *Holders Of rec. Apr. 20
May 1 *Holders of rec. Apr. 20
Apr. 1 Holders of rec. Mar. 2Ia
May 15 Holders of rec. May 8
Apr. 2 Holders of rec. Mar. 230
June 15 Holders of rec. Apr. 21
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded.)
Canadian Explosives, corn. (qua:.)
1% Apr. 15 Apr. 1 to Apr. 2
Preferred (quar.)
134 Apr. 30 Apr. 1 to Apr. 2
Canadian Industrial Alcohol (quar.7_ _ _ _
Apr. 16 *Holders of rec. Mar. 31
Cement Securities (guar.)
2
Mar. 31 Holders of rec. Mar. 15a
Chicago Morris Plan Co.(guar.)
PA Apr. 1
Chicago Pneumatic Tool (qua:.)
134 Apr. 25 Holders of rec. Apr. 146
Cleveland Automatic Mach., pref.
134 Apr. 2 Holders of rec. Max. 25a
Cleveland Automobile, pref. (quar.)--Apr. 2 Holders of rec. Mar. 20a
Coastwise Transportation, pref. (guar.)- $2
Apr. 2 Holders of rec. Mar. 26
1,104 Apr. 16
Consolidated Car Heating (qua:.)
Consolidated Royalty Oil (guar.)
30. Apr. 20 Apr. 16 to Apr. 20
Cresson Gold MIn.& Milling (quar.).. 10
Apr. 10 Holders of rec. Mar. 316
Del. Lack.& West. Coal (guar.)
$1.25 Apr. 16 Holders of rec. Mar.310
Driver-Harris CO., pref. (guar.)
134 Apr. 1 Mar. 24 to Mar. 31
Eisenlohr (Otto)& Bras., corn.(guar.)._
1% May 15 Holders of rec. May 1
Elgin National Watch (guar.)
*2
May 1 Holders of rec. Apr. 19
Eureka Pipe Line (qua:.)
3
May 1 Holders of rec. Apr. 16
Fifth Ave. Bus Securities Corp
160. May 15 Holders of rec. May 1
Finance & Trading Corp., pref. (quar.)_
134 Apr. 2 Holders of rec. Mar. 286
Fiske & Co., Inc., pref. (guar.)
2
Apr. 1 Holders of rec. Mar. 266
Foulda Milling, pref. (quar.)
2
Apr. 10 Holders of rec. Apr. la
General Refractories
756. Apr. 14 Holders of rec. Mar.31a
Godchaux Sugars, Inc.,first pref.(qua:.) 134 Apr. 1 Mar. 20 to Apr. 1
Gotham Safe Deposit Corp. (guar.).- 1
Apr. 2 Holders of rec. Mar.29
Great Lakes Transit Corp., corn.(qu.)._ $1.25 Apr. 2 Holden of rec. Mar. 246
Preferred (guar.)
134 Apr. 2 Holders of rec. Mar. 246
Hill Manufacturing (qua:.)
2
Apr. 2 Holders of rec. Mar. 21a
Hurley Machine Co., corn. (qua:.)
Apr. 6 Holders of rec. Mar. 28a
Preferred (guar.)
134 Apr. 2 Holders of rec. Mar.28a
Illinois Brick (qua:.)
'
1 34 Apr. 16 *Holders of rec. Apr. 4
Indiana Pipe Line (quar.)
2
May 15 Holders of rec. Apr. 17
Interprovincial Brick of Can., pref.(au.) 1% Mar. 31 Holders of rec. Mar. 23.
Interprovincial Clay Prod., pref. (qua:.) 2
Mar. 31 Holders of rec. Mar. 23
International Paper, preferred (elliax.)- 133 Apr. 16 Apr. 10 to Apr. 23.
Keystone Finance Corp., corn. (qual.)...
25c. Apr, 2 Holders of rec. Mar.20.
Preferred (guar.)
1% Apr. 2 Holders of rec. Mar.20.
Manischewitz Co.. pref.(quar.)
134 Apr. 1 Mar. 21 to Apr. 1
Maple Leaf Milling, common fguar.).-- 2
Apr. 18 Holders of roc. Apr. 3
Preferred (guar.)
134 Apr. 18 Holders of roe. Apr. 3
Merchants & Miners Transporrn (guar.) 2'
Mar. 31 Mar. 14 to Mar. 21
Mexican Investment, preferred
4
Apr. 2 Holders of rec. May.296
Miami Ice & Fuel, pref. (guar.)
2
Apr. 1 Mar.26 to Apr. 1
Ingan Limestone & Chem., pref.(qu.) 134 Apr. 16 Holders of rec. Mar. 316
MI
,
Midland Securities (guar.)
2% Mar. 31 Holders of rec. Mar. 9a
Mohawk Rubber, pref. (guar.>
134 Apr. 1 Fielders of rec. Mar.266
Nashua Manufacturing, Pref. (quar.)134 Apr. 2 Holder) of roe. Mar. 28cr
Nat. Automatic Fire Alarm of Ctn.(eu.) 1% May 1
National Casket, cont.(guar.)
133 Mar.30 Mar.23 to Apr. 4
New Fiction Pub. Corp.. prof. (guar.).- 2
May 15 Holders of rec. Mar.316
New Jersey Zinc (qua:.)
*2
May 10 *Holders of rec. Apr. 30
Ohio Brass, common (guar.)
81
Apr. 14 Holders of rec. Mar.31a
Common (extra)
Apr. 14 Holders of rec. Mar.3Ia
Freferred (guar.)
1% Apr. 14 Holders of rec. Mar. 316
Park City Mining & Smelting
12340. Apr. 2 Holders of rec. Mar. 176
Park Utah Mining Co
150. Ayr. 2 Holders of rec. Mar. 17a
Phillips-Jones Cerp., pref.(qua:.)
..
1 1% May 1 *Holders of rec. Apr. 20
Pittsburgh Coal, common (guar.)
1
Apr. 25 Holders of rec. Apr. 96
Preferred (quar.)
, 1% Apr. 25 Holders of roe. Apr. 90
Richardson Co., preferred (guar.)
134 Apr. 1 Mar. 16 to Apr. 1
St. Joseph Stock Yards (guar.)
2
Mar. 31 Mar. 21 to Apr.
Shaffer 0114 Refining, pref. (qua:.)... 134 Apr. 25 Holders of rec. Mar.31a
Smith (Howard) Paper Mills, corn. (qu.) 1)3 Apr. 20 Holders of rec. Apr. 102
Preferred (guar.)
2
Apr. 20 Holders of rec. Apr. 106
Soden (G. A.)& Co., common (qua:.).. 01% Apr. 1 Holders of rec. Mar.21
First preferred (guar.)
134 Apr. I Holders of rec. Mar.21
Second preferred (guar.)
233 Apr. 1 Holders of rec. Mar.21
Span. Rh,.Pulp & Paper MilLs,com.(q11.) 1% Apr. 18 Holders of rec. Mar. 310
Preferred (qua:.)
154 Apr. 16 Holders of rec. Mar.31a
Standard Commercial Tobacco (qua:.)..
250. Apr. 5 Holders of rec. Mar.31
Stearns (F. B.) CO.(guar.)
50c Apr. 20 Holders of rec. Apr. 26
Stedman Products, preferred (guar.).- 154 Apr. 2 Mar. 25 to Apr. 2
Superior Steel Corp., 1st & 2d pref.(au.)
May 15 Holders of rec. May 1
Traylor Engineering & Mfg., pref.(qu.)_
2
Apr. 1 Holders of roc. Mar. 266
Treat (Robert) Hotel Co., common...
Apr. 2 Mar.31 to Apr. 2
Preferred
4
May 1 Apr. 29 to May 1
Union 'Fwist Drill, pref.(qua:.)
154 Mar. 31 Holders of rec. Mar. 210
United Bakeries, prof. (guar.)
Apr. 1
U. S. Can, common (qua:.)
600. Apr. 15 Holders of rec. Mar.31
Preferred (guar.)
134 Apr. 15 Holders of rec. Mar.31
•1% Apr. 16 *Holders of roc. Mar. 22
U.S. Finishing, common (quar.)
.1% Apr. 1 *Holders of rec. Mar.22
Preferred (qua:.)
U. S. Glass
50e. Apr. 25 Holders of rec. Apr. 14
U.S. Smelt., Ref.& Min., pref. (qua:.).. 87)3(3. Apr. 14 Holders of rec. Apr. 5
Ventura Consol.011 Fields(guar.)
75c. May 1 Holders of rec. Apr. 16
Victor-Monaghan Co.. pref. (quar.)___ _
13.1 Apr. 1 Holders of roc. Mar.206
Wahl Co.. common (monthly)
50c May 1 Holders of rec. Apr. 23
Common (monthly)
50c June 1 Holders of rec. May 23
Common (monthly)
50c. July 1 Holders of rec. June 23
Preferred (qua:.)
13.4 July 1 Holders of roc. June 23
Ward Baking. common (qua:.)
2
Apr. 2 Holders of rec. Mar.216
Preferred (guar.)
1% Apr. 2 Holders of rec. Mar.210
Warner(Chas.) Co.of Del..corn.(guar.)
50e. Apr. 16 Holders of rec. Mar.31a
Preferred (guar.)
134 Apr. 28 Holders of rec. Mar.31a
Williams Tool Corp., pref. (qua:.)
2
Apr. 1 Holders of rec. Mar.20
Winchester-Hayden, Inc., pref. (quar.)134 Apr. 25 Holders of rec. Apr. 250
Young (J. S.) Co., common (quar.)....
2% Apr. 2 Holders of rec. Mar. 23ce
Preferred (guar.)
1% Apr. 2 Fielders of rec. Mar. 23.2
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends
announced this week, these beiLg given in tha pr,ceding
table.
Nat** of Company.
Banks.
Europe, Bank of (quay.)
First National, Brooklyn (qua:.)
Gotham National (guar.)
Irving Bank-Columbia Trust (guar.)...
1379
Per
When
Cent. Payable.
Books Closed.
Day: inclusive.
Railroads (Steam).
Banger & Aroostook, common
2
Apr. 1 Holders of rec. Mar.29
Preferred (guar.)
1)4 Apr. 1 Holders of rec. Mar. 15a
Beech Creek (qua:.)
50e. Apr. 2 Holders of rec. Mar. 15a
Lithium & Albany (guar.)
2
Mar. 3i Holders of roe. Feb. 28
Boston & Providence (guar.)
233 Mar. 31 Holders of rec. Mar. 15
Canadian Pacific, common (war.)
233 Mar. 31 Holden of res. Mar. 10
Preferred
2
Mar.31 Holders of rec. Mat. Its
Cloy. Ono. Chic.& St. L., coin. (Olt.)
1
pr. 20 Holders of rec. Mar.30a
Preferred (guar.)
134 Apr. 20 Holders of rec. Mar.300
El Paso & Southwestern (guar.)
$1.50 Apr. 2 Holders of rec. Mar. 280
Joliet & Chicago (quar.)
1% Apr. 2 Mar. 21 to Apr. 2
Kansas City Southern, pref. (quay.).... 1
pr. 16 Holders of rec. Mar. 31a
Lackawanna RR.of N.J.(guar.)
1
Apr. 2 Holders oi rec. Mar. 84
Lehigh Valley, common (guar.)
8714e Apr. 2 Holders of roe. Mar. 17a
Preferred (qua:.)
$1.2 Apr. 2 Holders of rec. Mar. 17a
Louisiana & North West 03=3
114 Apr. I Holders of rec. Mar. 150
Louisville & Nashville
233 Aug. 10 Holders of rec. July 170
Stock dividend
e62.5 May 7 Holders of rec. Apr. 16a
Minn. St. Paul & 8.S. M.,leased fines... 2
Apr, 1 Holders of roc. Mar. 200
Newark& Bloomfield
Apr. 2 Holders ot rec. Mar.246
3
N. Y. Lackawanna & Western (qua:.),.. 154
pr. 2 Holders of rec. Mar. 14a
Northern Pacific (qua:.)
1% May 1 Mar. 17 to
Apr. 10
Northern RR of New Hampshire(quar.) 1% Apr. 2 Holders of rec. Max. 12
Norwich & Worcester, pref. (qua:).... 2
pr. 1 Holders of rec. Mar. 15
Old Colony RR.(guar.)
154 Apr, 2 Holders of rec. Mar. 17
Philadelphia dr Trenton (guar.)
Apr. 1 to Apr. 11
234
Or. 1
Pittsburgh Bessemer dr Lake Erie, corn.
75o. Apr. I Holders of rec. Mar. 15
Pitts. Ft. Wayne dr Chic., corn. (qua?.).. 1;4 Apr. 2 Holders of rec. Mar. 10a
Preferred (quar.)
134
Pr. 3 Holders of rec. Mar. 10a
Pittsburgh & West Virginia, pref.((loaf.) 1%
ay 31 Holders of rec. May 90
Providence & Worcester (guar.)
233 Mar. 31 Holders of roc. Mar. 14
Reading Co.. corn. (guar.)
sit Mae 10 Holders of rec. Apr. 17a
1380
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable.
Railroads (Steam) (Concluded).
Reading Company. 2d pref (euar.)____
500
St. Louis Southwestern, pref. (quar.)__ _
1.14
Sharon Ry.(semi-annual) •
1.3734
Southern Pacific Co. (guar.)
134
Southern Railway, preferred
234
Southern Ry.. M.& 0. stk. tr. MD_
2
Union Pacific, common (guar.)
234
Preferred
2
United N. J. RR.& Canal Cos.(quar.)_
214
Warren RR
334
Western Pacific RR.Corp., pref.(guar.) 134
Books Closed.
Days Inclusive.
Name of Company.
[vol.. 116.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Philadelphia & Western By, Of. (qu.). 6214c. Apr. 14 Holders of rec. Mar.310
Portland FM.Lt.& Pow., 1st pref.(qu.)
134 Mar. 31 Holders of rec. Mar. 17
Prior preference (guar.)
134 Mar.31 Holders of reo. Mar. 17
Porto Rico Rye., pref. (guar.)
134 Apr. 2 Holders of rec. Mar. 15
Porto Rico Telephone, common (guar.). 2
Apr. 1 Holders of rec. Mar. 200
Preferred
4
Apr. 1 Holders of rec. Mar.20a
Providence Gas Co. (guar.)
El
Apr. 2 Holders of rec. Mar. 15
Public Serv. Corp.of Nor.Ill., corn.(qu.) 154 May 1 Holders of roe. Apr. 14a
Preferred (guar.)
134 May 1 Holders of rec. Apr. 140
Public Service Corp. of New Jersey—
Common and preferred (guar.)
2
Mar.31 Holders of rec. Mar. 15a
Puget Sound Power & Light. corn.(qu.). 1
Apr. 18 Holders of rec. Mar.230
Public Utilities.
Prior preference (guar.)
134 Apr. 18 Holders of rec Mar. 23a
Adirondack Pr. dr Lt.,7% pref.(guar.). 134 Apr. 2 Mar. 20 to Apr. 2
Preferred (guar.)
134 Apr, 16 Holders of me. Mar. 23a
8% preferred (guar.)
2
Apr. 2 Mar. 20 to Apr. 2
Ridge Avenue Passenger Ry.(quar.)___ $3
Apr. 2 Mar. 18 to Apr. 1
Alabame Power, preferred (guar.)
154 txpr. 2 Holders of rec. Mar. 21
Savannah Electric & Power, preferred... '3
Apr. 2 Holders of rec. Mar. 15a
All America Cables, Inc. (guar.)
1,4 Apr. 14 Holders of rec. Mar. 310
First preferred (guar.)
2
Apr. 2 Holders of rec. Mar. 15a
American Gas Co.(guar.)
114 Apr. 2 Holders of rec. Mar. 21a Second dt Third Sts. Pass. By.(ouar.)__ 83
Apr. 1 Mar. 2 to Apr. 1
Amer. Gas dr Elec.,common (quar.)$1.25 Apr. 2 Holders of rec. Mar. 17
Shawinigan Water & Power (guar.)
134 Apr. 10 Holders of reo. Mar.21
Preferred (guar.)
750. May 1 Holders of rec. Apr. 13
Southern Canada Power, pref. (qual.)... 134 Apr. 15 Holders of reo. Mar. 3Ia
Amer. Power de Light. preferred (quar.)_
1)4 Apr. 2 Holders of rec. Mar. 12
Springfield & Xenia Ry.. pref. (quar.)__
134 Mar.31 Holders of rec. Mar. 10
American Public Service, pref.(quar.)
154 Apr. 2 Holders of rec. Mar. 15a Springfield fly. & right, pref. (quar.)—
154 Apr. 2 Holders of rec. Mar. 150
Amer. Telephone & Telegraph (quar.)
2,4 Apr. 16 Mar. 17 to Mar. 27
Tennessee Flee. Power,7% 1st pref.(qu) 134 Mar. 31 Holders of rec. Mar. I2a
Quarterly
2,4 July 18 Holders of rec. June 20
Six per cent first pref. (guar.)
134 Mar. 31 Holders of rec. Mar. 12a
Amer. Water Wks.& EL,7% 1st pf.(qu) 1,4 May 15 Holders of rec. May la Toledo Edison. prior preferred (quar.)
2
Apr. 1 Holders of
1
6% participating pref.(No. I)
May 15 Holders of rec. May la TH-City fly. & Light, Pref. (quar.)...... 134 Apr, 2 Hoklers Of reo. Mar. 15a
rec. Mar.20
Appalachian Power, preferred (quar.)_
1,4 Apr. 18 Holders of rec. Mar.31
Trinidad Electric (guar.)
1
Apr. 10 Apr. 1 to Apr. 10
Asheville Power & Light, pref. (quar.)__
1,4 Apr. 2 Holders of rec. Mar. 18
Turners Falls Pr.& Elec. corn. (quar.)_ $1 50 Mar. 31 Holders of reo. Mar. 21
Associated Gas & Elec.. pref. (quar.).... 870. Mar.31 Holders of rec. Mar. 15
Employees' stock
15c, Mar. 31 Holders of rec. Mar. 21
Bangor Ry. dc Elec.. Pref. (guar.)
134 Apr. 1 Holders of rec. Mar. 10
Twin City Rapid Transit, pref. (quar.)_
154 Apr. 2 Holders of reo. Mar. 15a
Bell Telephone of Canada (guar.)
2
Apr. 14 Holders of rec. Mar. 23
United Gas Improvement, corn.(quar.)_
75 Apr. 14 Holders of rec. Mar. 31a
Boston Elevated Ry., cool.(guar.)
1,4 Apr. 2 Holders of rec. Mar. 17
Preferred (guar.)
8714c June 15 Holders of rec. May 310
Second preferred
3,4 Apr. 2 Holders of rec. Mar. 17
United Light & Rys., common ((Mar./—
134 May 1 Holders of rec. Apr. 18a
Brazilian Tree.. Lt. & Pow.. Pref.(gu.). 13‘ Apr. 2 Holders of rec. Mar. 15
Common (extra)
M May 1 Holders of rem. Apr. I8a
Brooklyn Borough Gas, corn. (quar.)_
50c. Apr. 10 Holders of rec. Mar. 31
Common (payable in common Motile)
85
Apr. 2 Holders of rec. Mar. 15a
Preferred (guar.)
2
Apr. 2 Holders of rec. Mar. 28
Sin per cent 1. preferred (guar.)
114 Apr. 2 Holders of rec. Mar. 15a
Brooklyn Union Gas(guar.)
Apr. 2 Holders of rec. Mar. 15a
Participating preferred (guar )
134 Apr. 2 Holders of reo. Mar. 15a
Buffalo General Electric, corn. (quar.)__ *2
Mar.31 *fielders of rec. Mar. 15
Participating preferred (extra)
34 Apr. 2 Holders of rec. Mar. 15a
Capital Trac., Waahington, D.C.(qu.)_
1,4 Apr. 1 Holders of rec. Mar. 14
Participating preferred (extra)
34 July 2 Holders of reo June 15a
Carolina Power & Light, corn. ((Mari-Participating preferred (extra)
Si May 1 Holders of rec. Apr. 16
34 Oct. 2 Holders of reo. Sept. 15a
Preferred (guar.)
1,4 Apr. 2 Holders of rec. Mar. 18
Participating preferred (extra)
m
ao2'24 Holders of rec. Dec. 15a
Central Illinois Pub. fiery., pref. (guar.) 1,4 Apr. 14 Holders of rec. Mar 31a Utah Power St Light. preferred (guar.)._
134 Apr. 2 Holders of reo. Mar. 12
Central States Elec. Corp., pref. (guar.) 1,4 Mar.31 Holders of rec. Mar. 10
a
Virginia Ry & Power, preferred
July 20 Fielders of CCM Dec. al
Chicago City Railway (guar.)
1,4 Mar.31 Mar.25 to Mar.30
Wash., Halt. & Ann. El. RA.. pf. (qu.). 134 Apr, 2 Holders of rec. Mar. 17
Cincinnati Gas & Electric (guar.)
1,4 Apr. 1 Mar. 15 to Mar. 21
WashingtonWater Power,Spokane(qu.) 2
Apr. 14 Holders of rec. Mar.23
CM. Newp.& Coy. L.& Tr., corn.(qu.) 1,4 Apr. 15 Apr. 1 to Apr. 15
West India Electric Co. Mara
1,4 Apr. 2 Mar. 24 to Mar. 31
Preferred (guar.)
1,4 Apr. 15 Apr. 1 to Apr. 15
West Kootenay Pow.& L., pref. (guar.) 154 Apr. 2 Holders of rec. Mar.27
Cincinnati Street Ry.(quar.)
Apr. 1 Mar. 17 to Apr. 1
West Penn Power Co.,7% pref.(quar.)_
134 May 1 Holders ol reo. Apr. 16
Cin. dc Suburban Telephone (guar.)
2
Apr. 1 Mar. 18 to Mar. 31
Western Union Telegraph (guar.)
134 Apr. 18 Mar.25 to Apr. 11
Citizens Pass. Ity.. Philadelphia (guar.) $3.50 Apr. 1 Holders of rec. Mar.20
Winnipeg Electric Ry., Pref. (quar,).
154 Apr. 1 Holders of rec. Mar. 17
Cleveland Railway (guar.)
1,4 Apr. 1 Holders of rec. Mar. 120 Wisconsin Pow., Lt. & Heat, pref.(qu.). 4.134 Apr. 20 *Holders of roc. Mar. 31
Colorado Power, corn. (guar.)
1,4 Apr. 16 Holders of rec. Mar. 31
Wisconsin River Power, pref. (guar.)._ _ •IM May 19 *Holders of rec. Apr. 30
Columbus(Ga.) Elec.& Pow.,com.(till.) 2
Apr. 2 Holders of rec. Mar. 100
Yadkin River Power, preferred (guar.). 194 Apr. 2 Holders of rec. Mar. 18
First preferred, Series A (guar.)
1,4 Apr. 2 Holders of rec. Mar. 100 York (Pa.) Rye., corn. (guar.)
50c. Apr, 16 Holders of reo. Apr. 5a
Second preferred (guar.)
1,4 Apr. 2 Holders of rec. Mar. 10a
Preferred (guar.)
6234c. Apr, 30 Holders of rec. Apr. 20a
Columbus (0.) Hy.,P.& L., pf. A.(qu.) 134 Apr. 2 Holders of rec. Mar. 170 Youngstown & Ohio River RR.,Pf.(qu.) 134 Mar.31 Holders of rec. Mar.
10a
Preferred, series B (guar.)
1,1 May 1 Holders of rec. Apr. 14a
Consolidated Gas(N. Y.), pref.(guar.). 87,4c. May 15 Holders of rec. Mar. 150
Banks.
Consumers Elec. Lt.& Pr., N.0..pf.(qu) 1,4 Mar. 31 Mar. 11 to Apr. 1
America, Bank of (guar.)
a
Apr. 2 Holders of rec.Mar. 21a
Cons. Gas, E. L.& P., Halt.. oom.(pi.) 2
Apr. 2 Holders of rec. Mar. 150 American Exchange National (quar.)-_ _
334 Apr. 2 Holders of rec. Mar. 230
Eight per cent preferred (guar.)
Apr. 2 Holders of rec. Mar 150 Amer. Exchange Sec. Corp. cl. A.(qu.)_
2
2
Apr. 1 Holders of rec. Mar. 17
Seven per cent preferred (guar.)
1,4 Apt'. 2 Holders of roe. Mar. 1/Set
Butchers & Drovers National (guar.)... 2
Apr. 2 Ma. 1
o A r. 1
Consumers Gas (Toronto)(quar.)
2,4 Apr. 2 Holders of rec. Mar. 15
Chase National (guar.)
4
Apr. 2 Holders of rec. Mar. 170
Consumers Power 6% pref.(guar.)
134 Apr. 2 Holders of rec. Mar. 150 Chase Securities Corp. (guar.)
$1
Apr. 2 Holders'of rec. Mar. 170
Seven per cent preferred (guar.)
154 Apr. 2 Holders of rec. Mar. 150 Chatham & Phenix National (guar.) --- 4
Apr. 2 Mar. 18 to Apr. 1
Cuban Telephone Co., common (quar.)_
1,4 Mar. 31 Mar. 16 to Mar. 31
Coal & Iron National (qual.)
Apr. 2 flouters of reo. Mar. 14a
3
Preferred (guar.)
1,4 Mar.31 Mar. 18 to Mar. 31
Colonial (guar.)
3
Apr. 2 Holders of rec. Mar. 20a
Dayton Power & Light, preferred (guar.) 1,4 Apr. 2 Holders of rec. Mar. 20a Commerce, National Bank of (quar.)
Apr. 2 Holders of reo. Mar 23a
3
Detroit Edison (glair.)
Apr. 16 Holders of rec. Mar. 200 Fifth Avenue (guar.)
2
8
Apr. 2 Holders of rec. Mar.31a
Duluth Edison Elec. Co., pref. (quar.)_ _
134 Apr. 2 Holders of rec. Mar. 21
Fifth National (guar.)
234 Apr. 2 Mar. 27 to Apr. I
Duluth-Superior Tree., pref. (quar.)__
A2
Apr. 2 Holders of reo. Mar. 15a
First National (guar.)
Apr. 2 Holders of reo. Mar. 31a
10
Duquesne Light, 7% pref. (guar.)
May 1 Holders of rec. Apr. 1
Garfield National (guar.)
Mar. 31 Holders of reo. Mar. 27a
3
Eastern Texas Elec. Co., corn.(guar.). _
2
Apr. 2 Holders of rec. Mar. 100 Greenwich (guar.)
Apr. 2 Holders of me Mar. 21a
3
Electric Light & Power Co. of Abington
Hanover National (guar.)
Apr. 2 Mar. 22 to Apr. I
6
2
& Rockland (guar.)
Apr. 2 Holders of reo. Mar. 15a Importers & Traders National (guar.)._ 6
Apr. 2 Holdcrs of rec. Mar. 23a
Elmira Water,Light dr RR.1st pf.(qu.)_
134 Mar. 31 Holders of rec. Mar. 16
Manhattan Co.. Bank of the (quar.)--- 91.50 Apr. 2 Holders of rec. Mar. 23a
2d preferred (guar.)
134 Mar. 31 Holders of rec. Mar. 18
Extra
50c. Apr. 2 Holders of rec. Mar. 230
Erie Lighting, pref.(guar.)
50c. Apr. 2 Holders of rec. Mar. 156 Mechancls (Brooklyn) (guar.)
Apr. 2 Holders of reo. Mar. 24a
3
Federal Light & Traction, corn.(No. 1).
750 Apr. 2 Holders of rec. Mar. 151 Mechanics & Metals National (quar.)__ _
5
Apr. 2 Holders of rec. Mar. 24a
Common(in 6% cum. prof. stock)---- m750 Apr. 2 Holders of reo. Mar. 15•1
MIltilal (guar.)
Apr. 2 Holders of rec. Mar 28a
3
Frankford & Southwark Pass. Ry.(qu.) $4.50 Apr. 1 Mar. 2 to Mar. 31
Nftnirfall National (Brooklyn)(quar.)..
3
Apr. 2 Holders of rec. Mar. 30a
General Gas& Electric, pref. A (quar.)-- $2 Apr. 2 Holders of rec. Mar. 150 National City (guar.)
4
Apr. 2 Hollers of reo. Mar. 17a
Georgia Ry.& Elec., let pref.(qu.)..
Apr. 20
2
National City Co. (guar.)
2
Apr. 2 Holders of rec. Mar. 17a
Germantown Pass. Ry., Phila. (quar.)... $1.31 Apr. 3 Holders of reo. Mar. 130
Extra
2
Mir. 2 Holders of rec. Mar. I7a
Gold & Stork Telegraph (guar.)
114 Apr. 2 Holders of roe. Mar. 31
New Netherland (guar.)
2
Apr. 2 Holders of rec. Mar. 24
1.1234 Apr. 2 Holders of rec. Mar. 220 Park, National (guar.)
Haverhill Gas Light (guar.)
6
Apr. 2 Holders of rec. Mar. 23a
Houston Gas & Fuel, pref. (guar.)
154 Mar. 31 Holders of rec. Mar. 17a
Buitdc National tquar )
4
Mar. 31 Holders of rim Mar. 24
Illinois Bell Telephone (guar.)
2
Mar. 31 Holders of rec. Mar. 30a Seaboard National (guar.)
3
Apr. 2 Holders of rec. Mar. 280
Illinois Traction, preferred (guar.)
134 Apr. 2 Holders of rec. Mar. I5a State (guar.)
Apr. 2 Holders of reo. Mar. 22a
4
Indlanap. Water Co.. pref. (guar.)
134 Mar. 31 Mar. 20 to • Apr. 1
United States. Bank of (guar.)
234 Apr. 2 Holders of rec. Mar. 20a
Indianap. Water Wks. Securities, pref
334 Mar. 31 Mar. 23 to Apr. 1
Washington Heights, Bank of (qUar.)-134 Apr. 1 Holders of rec. Mar.30a
Internat. Telep. & Teleg. Corp.(qual.), 134 Apr. 1 Holders of rec. Mar. 15•I
Yorkville
734 Mar. 31 Holders of reo. Mar.21a
Kansas City Pr.& Lt., lea pf. A (guar.). $1.75 Apr. 2 Holders of reo. Mar. 17a
1.34 Apr. 1 Holders of rec. Mar. 20
Kansas Gas & Elec., pref. (guar.)
Trust Companies.
Kentucky Securities Corp., corn. (guar.) 1
Apr. 2 Holders of rec. Mar. 220
Preferred (guar.)
134 Apr. 16 Holders of rec. Mar. 220 American Trust Co. (guar.)
134 Mar.31 Holders of me. Mar.24a
Manchester T., L.& Pr. (guar.)
2
Apr. 16 Holders of rec. Apr. 2
Bankers (guar.)
5
Apr. 2 Holders of rec. Mar. 23a
Manhattan Bridge 3-Cent Line (guar.)13.4 Mar. 31 Holders of rec. Mar. 24a Bank of New York & Trust Co
5
Ayr. 2 Holders of roe. Mar. 18a
Manila Electric Corporation (quar.)____
2
Apr. 2 Holders of rec. Mar. 19a
Brooklyn (guar.)
6
Apr. 2 Holders of rec. Mar. 26
Manufacturers' Lt. & lit.. Pittab.(qu.). 2
Apr. 14 Holders of rec. Mar. 3Ia Central Union (guar.)
6
Apr. 2 Holders of reo Mar. 23a
Market St. Ry.,San Fran., prior pf.(qu.) 134 Apr. 2 Holders of rec. Mar. 10a Corporation (guar.)
214 Mar. 31 Holders of rec. Mar.31a
Massachusetts Ltg. Cos.,6% pref.(qu.) 134 Apr. 18 Holders of rec. Mar. 26
Equitable.(quar.)
3
Mar, 31 Holders of rec. Mar.23
Eight per cent preferred (guar.)
2
Apr. 16 Holders of rec. Mar. 26
Fidelity-International (quar.)
234 Mar. 31 Mar. 24 to Apr. 2
Metropolitan Edison Co., pref.(quar.)-- $1.75 Apr. 1 Holders of rec. Mar. 24a Guaranty (guar.)
Mar. 31 Holders of rel. Mar. 10
3
Mississippi River Power, pref. (qual.).. 134 Apr. 2 Holders of rec. Mar. I5a Hudson (guar.)
234 Mar. 31 Mar. !1 to Air, 1
Mohawk Valley Co. (guar.)
2
Apr. 2 Holders of rec. Mar. 230 Lawyers Title & Trust (guar.)
2
Apr. 2 Holders of roc. Mar.23a
Monongahela West Penn Pub. Sent., pf. 3734 Apr. 7 Holders of rec. Mar. 28a Manufacturers (Brooklyn) (guar.)
3
Apr.' 2 Holders of roe. Mar. 20a
Montana Power, common (guar.)
750. Apr. 2 Holders of reo. Mar. 12a Metropolitan (guar.)
4
Mar. 31 Holders ol rec. Mar. 23a
134 Apr. 2 Holders or rec. Mar. 12a New York Trust (guar.)
Preferred (guar.)
5
Mar. 31 Holders of rec. Mar. 24a
Montreal Telegraph (guar.)
2
Apr. 16 Holders of rec. Mar. 31
Peoples (Brooklyn)(guar.)
5
Mar. 31 Holders ot rec. Mar. 30
Narragansett Electric Light (quar.)
$1
Apr. 2 Holders of rec. Mar. 15a Title Guarantee & Trust (guar.)
3
Mar. 31 Holders of reo. Mar. 23
National Power & Light, pref. (quar.)_ _
154 Apr, 18 Holders of rec. Mar. 31
United States (guar.)
1234 Apr. 2 Holders of rec. Mar. 20a
Nevada-Calif. Elec. Corp., pref.(guar.). 114 Apr. 30 Holders of rec. Mar. 30
U. S. Mortgage & Trust (guar.)
4
Apr. 2 Holders of r00. Mar.276
Newburyport Gas de Electric (guar.)_ _ _ $1
Apr. 14 Holders of rec. Mar. 31
SI
Extra (from reserve for d ividends)._
Apr. 14 Holders of roe. Mar. 31
Fire Insurance.
Mar.31 Holders of rec. Mar. 10
2
New England Telep. & Teleg. (guar.)._ _
Hanover (guar.)
Newport News & Hampton By.. Gas &
234 Apr. 2 Mar. 18 to Apr. 2
154 Apr. 2 Holders of rec. Mar. 160 Westchester Fire (guar.)
Electr c. pref. (guar.)
6
May 1 Apr. 21 to Apr. 30
Apr. 2 Holders of rec. Mar. 230
Extra
New York State Rys., common (guar.).
1
May 1 Apr. 21 to Apr. 30
Preferred (guar.)
134 Apr. 2 Holders of rec. Mar. 23a
Miscellaneous.
$1.8214 Apr. 16 Holders of rec. Mar. 20a
New York Telephone, pref.(guar.)
154 Apr. 18 Holders of reo. Mar. 310
Niagara Falls Power, preferred (quar.)....
1,‘ April 1 Holders of rec. Mar. 20
Abitibi Power & Paper, Ltd.,Pref.(qu.). 154 Apr. 2 Holders of
North Shore Gas, Pref. (guar.)
reo. Mar.20a
1,4 July 1 Holders of reo. June 20
Acme Road Machinery, preferred (guar.) 2
Preferred (quar.)
Apr. 2 Mar. 17 to Apr. 1
Adams Express (guar.)
134 Oct. 1 Holders of reo. Sept. 20
Preferred (guar.)
$1
Mar. 31 Holders of rec. Mar. 150
Northern Ohio Trao.& Light, pref. (Q11.) 1,4 Apr. 2 Holders of reo. Mar. 15a Advance Rumely Co pref.(guar.)
750. Apr. 2 Mar. le to Apr. 9
Ohio Bell Telephone, preferred (qua!).... 1,4 Apr. 1 Holders of reo. Mar. 200 Aeolian Company, preferred (quar.)._,,
134 Mar. 31 Holders of reo. Mar. 200
Air Reduction Co.(quar.)
34 Mar.31 Holders of rec. Mar. 22
Ottawa Light, Heat & Power (qual.)...
$1
Apr. 14 Holders of reo. Mar.
Apr. 2 Holders of rec. Mar. I50 Alll al • hemItal & Dye Corp.. Pt.(qu.)_
Ottawa Traction (guar.)
134 Apr. 2 Holders of rect. Mar. 31a
154
1,4 Apr, 16 Holders of rec. Mar. 310 Allis-Chalmers Mfg., pref. (guar.)
Pacific Gas& Electric Co.,corn.(quar.)_
134 Apr. 16 Holders of rec. Mar. 244
1,4 Apr. 16 Holders of reo. Mar. 3Ia Amalgamated 011 (guar.)
Pacific Teleph. & Teleg., prof. (guar.)._
750. Apr. 16 Holders of reo. Mar. 19a
Works,
Apr.
&
2
corn.
134
Art
American
Holders
(quar.).
Prof.
of
rec.
Panama Power & Light, pref.
Mar. 14
(qu) 13.4 Apr. 15 Holders of rec. Mar.310
Apr. 2 Holders of reo. Mar. Ilk American Bank Note, pref. (guar.)._
Penn Central Lt. & Power, pref.(guar.). 1
75e. Apr. 2 Holders of rec. Mar. 15a
Apr. 1 Holders of rec. Mar.24a
American Beet Sugar. preferred (guar.). 114 Apr. 2
Pennsylvania Edison Co.. pref.((Man).- $2
Holders of rec. Mar.100
Amer. Brake Shoe & Pdry., corn.(quar.) $1.25 Mar. 31 Holders
Pennsylvania Power & Light, Pref• (qu.) 134 Apr. 2 Holders of rec. Mar. 15
of reo. Mar. 230
Preferred (guar.)
Pennsylvania Water & Power (qual.)... 154 Apr. 2 Holders of reo. Mar. 160
134 Mar.31 Holders of rec. Mar. 236
Peoples Gas Light & Coke (guar.)
134 Apr. 17 Holden, of rec. Apr. 3a American Can, pref.(guar.)
154 Apr, 2 Holders of rec. Mar. 169
Philadelphia Co.,6% pref
81.50 May I Holders of rec. Apr. la Amer Car & Foundry,corn.(quar.)____
3
Apr. 2 Holders of rec. Mar. 188
Preferred (guar.)
Philadelphia Company. common (guar.)
760. Apr. 30 Holders of reo. Apr. 26
IM Apr. 2 Holders of rec. Mar.15a
Philadelphia Rapid Transit, (quar.)..-..
760. Apr. 30 Holders of rec. Apr. 180 American Cigar, Prof. (guar.)
134 Apr. 2 Holders of reo. Mar. 156
Philadelphia Traction
$2 Apr. I Holders of rec. Mar. 104 American Cyanamid, preterred (guar.)._
13.1 Apr. 2 Holders of rec. Mar.28a
Apr. 12
Apr. 2
Sept. 1
Apr. 2
Apr. 20
Apr. 1
Apr. 2
Apr. 2
Apr. 10
Apr. 2
Apr. 2
Holders of rec. Mar. 28a
Holders of rec. Mar. 24a
Aug. .2 • o A g.31
Holders of reo. Feb. 290
Holders of rec. Mar. 29a
Holders of reo. Mar. 15a
Holders of rec. Mar. la
Holders of rec. Mar. is
Mar. 21 to Mar.31
Holders of rec. Apr. 5
Holders of roe. Mar. 21a
Name of Company.
1381
THE CHRONICLE
MAR. 31 1923.]
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Boots Closed.
Days Int:tuna%
Miscellaneous (Continued).
Miscellaneous (coo/Ince/O.
234 Ain. 1 Holders of rec. Mar. 15
Apr, 2 Holders of rec. Mar. 15a Chic. Junct. Rys.& Un. Stk. YelS.
$2
American Express (guar.)
134 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
75c. Apr, 2 Holders of rec. Mar. 15
American Hardware Corporation
Prof.(gust.)... 4.111 Apr. 1 *Holders of rec. Mar.23
&
Mill
21a
Mar.
Lumber.
..ihIcage
150.
rec.
of
Apr.
Holders
2
(guar.)
SS.
Hawaiian
American
to Apr ,l 2
500. Mar.31 Mar.2 l
common
Equip.,
Ry.
Chicago
17a
Mar.
2
Apr. 2 Holders of rec.
Amer. Lace Manufacturing (guar.)
114 Mar. 31 Mar. 21 to April 2
Preferred (guar.)
Amer. La France Fire Eng.,corn.(guar) 25c May 15 Holders of rec. May la
Apr. 1 Holders of rec. Mar. 20
1-3c
33
(monthly)
Co.
Cab
Yellow
Chicago
26a
Mar.
Holders
134
rec.
2
of
Apr.
Preferred (guar.)
33 1-3c May 1 Holders of rec. Apr 20
Monthly
134 Apr. 14 Apr. 5 to Apr. 14
American Laundry Machine, pref
33 1-3c June 1 Holders of reo. May 19
Monthly
134 Mar. 31 Holders of reo. Mar. I3a
American Locornotive. Coin. ((bar.).
Mar.31 Mar. 22 to Mar.31
2
Union
Yards
Stock
(guar.)...
Cincinnati
130
Mar.
rec.
of
Mar.
114
31 Holders
Prefer!ed (guar.)
111 Apr, 1 Holders of rec. Mar. la Cities ServiceAmer. Machine & Foundry (quar.)
May 1 *Holders of rec. Apr. 15
cash
In
pay.
(monthly,
scrip)
Common
'a%
is
June
rec.
1
of
July
Holders
134
Quarterly
Common (payable in corn. stk. scrip)_ *1% May 1 'Holders of rec. Apr. 15
134 Oct. 1 Holders of rec. Sept. la
Quarterly
Pret, and pref. B (payable in cash).._ .3.4 May 1 *Holders of rec. Apr. 15
114 Ian 1'24 Holders of rec. Dec. to
Quarterly
134 Apr. 2 Holders of reo. Mar.28a
City Investing, preferred (guar.)
134 Mar. 31 Mar. 17 to Apr. 1
American Manufacturing. corn.
Cities Service(34 Mar. 31 Mar. 17 to Apr. 1
Preferred (guar)
scrip)
cash
In
pay.
(monthly,
Common
Apr.
ass Apr. 1 Holders of rec. Mar. 15a
to
2
22
Mar.
1.31
2
Apr.
(guar.)._
pref.
Multigraph,
American
Common (payable in com, stock scrip) 114 Apr. I Holders of roe. Mar. 154
134 Apr. 1 Mar. 29 to Apr. 1
American Piano, corn. (guar.)
Pref. and pref. B (payable In cash)...
34 Apr. 1 Holders of rec. Mar. 150
134 Apr, 1 Mar. 29 to Apr. I
Preferred (guar.)
Apr. 2 Mar. 20 to Apr. 1
Cleveland Union Stock Yards (gust.)...
11.7k 'jar,31 Holders of rec. Mar. 10
American Pneumatic Service, let Pref
Mar. 31 Holders of rec. Mar. 154
Worsted
Mills
Cleveland
(guar.)
50c June 30 Holders of rec. June 9
Second preferred
134 Apr, 2 Holders of rees. Mar.214
dr
(guar.)._
pref.
Peabody
Co.,
Cluett,
15a
Mar.
Holders
rec.
31
of
tier.
Si
corn
(ouer.)
new
Radiator,
Amer.
Apr. 2 Holders of rec. Mar. lba
(guar.)
$1.50
corn.
Co.
Coca-Cola
31a
Mar.
Holders
50e.
rec.
15
of
Apr.
_
_
Amer. Rolling Mill, common (guar.).
50c. Apr. 2 Holders of reo. Mar.15a
Common (extra)
111 Apr. 15 Holders ol rec. Mar.31a
Seven per cent deben. pref.(guar.)
2 Holders of rec. Mar. 156
Apr.
50c.
Fire
Mfg.
Patent
Arras
(gust.)...
Colts
15a
Mar.
Holders
134
rec.
1
of
Apr.
(qu.)_
pref.
(new)
cum.
cent
per
Seven
lc. Apr. I Holders of rec. Mar.20a
251, Apr. 2 Holders of rec. Mar 124 Columbia Petroleum
American Safety Razor
of reo. Mar.234
134 Apr. 2 Holders of rec. Mar. 260 Computing-Tabubsting-Record. (guar.). $1.50 Ayr. 10 Holders of rec. Apr. 2a
American Screw (guar.)
Apr. 16 Holders
$2
Apr. 14 Holders of rec. Mar. 310 Condole= Co.,common (guar.)
Amer. Seeding Machine, corn. (gnat.).. 1
rec. Mar.200
of
Holders
2
Apr,
500,
134 Apr. 14 Holders of rec. Mar.31a Cuomo (John T.) Co. (guar.)
Preferred (guar.)
114 Apr. 1 Holders of rec. Mar.20a
Continental Can. Prof.(guar.)
Hay 1 Striders of mu. Aar 14
American Shipounding. common ((bust., a
rec. Apr. 3a
of
Holders
20
Apr.
134
(guar.)
corn.
Ref.,
Products
Corn
14
July
tug. 1 Holders of rec.
2
Common (guar.)
1% Apr.dlS Holders of rec. Apr. 3a
Preferred (guar.)
3
4pr. 2 Holders of rec. Mar. 15a
American Snuff, corn. (guar.)
of rec. Mar.20a
Holders
2
Apr.
2
(guar.)
Mills
Cornell
15a
Mar.
rec.
2
of
Apr.
Holders
1%
Preferred (guar.)
Apr. 2 Mar. 16 to ' Apr. 1
2
75e '.pr. 14 Holders of rec. Apr. 2a Corona Typewriter, 1st pref.(guar.)._
Amer. Steel Foundries, corn. (quar.)......
114 Apr. 2 Mar.16 to Apr. 1
Second preferred (guar.)
13g Aar. 31 Holders of rec. Mar. 150
Preferred ((luar.)
May 1 Holders of rec. Apr. 36
$1
(guar.)
corn,
Co.,
1
&
Apr
Cosden
134
2
to
23
Apr.
Mar.
American Stores (guar.)
500. Apr. 10 Apr. 1 to Apr. 10
Creamery Package Mtg., corn. (qu.)
34700 June 16 *May 29 to June 15
American Stores (payable in stock)____ '
Apr. 10 Apr. 1 to Apr. 10
1%
(guar.)
Preferred
is
Mar
rec.
2
of
Holders
Apr.
134
pref.
Refining,
blear.).
American Sugar
Mar.31 Mar. 16 to Apr. 1
/31.25 Mar. 31 Holders of rec. Mar.24a Cramp(Wm.)& Sons S.& E.Bldg.(/1U.) 1
American Surety (guar.)
134 Mar,31 Holders of roe. Mar.154
250. Mar. 31 Holders ot rec. Mar.24a Crucible Steel, preferred (guar.)
Extra
Apr. 2 Holders of reo. Mar.106
(guar.).._
1%
prof.
Sugar,
Cuban-American
to
1
27
Apr.
Mar.
51
2
Apr.
American Textile
Dalton Adding Machine. prof. (quar.)- 114 Apr. 2 Mar. 21 to Apr. 1
Apr 4
1% Apr. 2 Mar. 11 to
American Tobacco, preferred (guar.)
750. Apr. 2 Mar. 27 to Apr. 1
Woolen
Mills
Boone
Daniel
10a
Apr.
(War.)
rec.
of
Holders
16
Apr.
134
(goat.).
common
Founders,
Amer. Type
1)4 Apr. 2 Holders of reo. Mar.264
Havel Mills (guar.)
134 Apr. 16 Holders of rec. Apr. 10a
Preferred(guar.)
Apr. 2 Holders of reo. Mar.150
Detroit & Cleveland Navigation (guar.). $1
134 Apr. I Holders or rec. Mar. 150
Amer. Wholesale Corp.. prel (guar.). Apr. 1 Mar.22 to Apr. 1
2
Detroit
Creamery
16
Mar.
rec.
2
of
(guar.)
Apr.
Holders
1.34
(cm).
cons.
Amer. Window Glass Mach..
14 Apr. 1 to Apr. 7
Apr.
(guard
Detroit Motor Bus
114 Apr. 2 Holders of rec. Mar. 16
Preferred (guar.)
Apr. 14 Apr. 1 to Apr. 7
1
Extra
American Woolen. corn. & pref. Mud- 134 Apr. 16 Mar. 17 to Apr. 1
Apr. 1 Holders of rec. Mar.15
Terminal,
preferred
Dixie
(guar.)
roe.
170
Mar.
13.4
of
Holders
75e
23
Apr.
Anaconda Copper mining
Mar. 31 Mar. 24 to Apr. 1
Dixon (Joseph) Crucible Co. (gust.)... 2
Apr. 1
134 Apr. 2 Mar. 31 to
Ancona Company. preferred (quar.)._
Apr. 2 Mar. 27 to Apr. 2
2
Apr. 2 Holders of rec. Mar.200 Dodge Mfg., Pref.(guar.)
2
Arlington Mills (guar.)
Apr, 10 Mar. 31 to Apr. 9
(guar.)
Corp.
234
Esperanza
Dolores
1
Armory& Co.,of Delaware, pref.(No. I) 134 Apr. 2 Mar. 16 to Apr.
50c. Apr. 20 Holders of rec. Mar.31a
Apr. I
uome Mines(guar.)
to
16
Mar.
2
Apr.
1%
Illinois.
pref.
(guar.)..
of
Co
Armour &
2 Holders of reo. Mar. 17a
Apr.
1%
Canners,
preferred
(guar.)
Dominion
2
Apr.
to
28
Mar.
2
Apr.
134
Armstrong Cork,common (guar.)
114 May 1 Holders of rec. Apr. 126
Dominion Coal. i ref. ((ruar.)
134 Apr. 2 Mar. 28 to Apr. 2
Preferred (guar.)
Apr. 2 Holders of reo. Mar. 15
134
cora,
pref.
Glass,
and
(guar.).
Dominlon
15
Apr.
Apr.
to
15
2
Apr.
134
corn.
(guar.)
Amherst°. Corp of Canada,
Holders of rev. Mar. 156
134 Apr.
Dorniulon Iron At Steel, pref. (guar.).134 Apr. 15 Apr. 2 to Apr. 15
Preferred (goer.)
•tleidere of ree.M.rr. 10
Apr.
Dondulun Oil (guar.)
Apr. 16 Holders of rec. Apr. 14a
Associated Industrials, first pref. (guar) 2
10a
Apr.
•Holders of rec.M
•S1
Itra
Extra
Mar.
rec.
of
Holders
25
Apr.
114
Associated Oil ((buar.)
Apr. 17 to May 1
Dominion Steel Corp., pref. (quar.)
13.4 May
Apr. 14 •Holders of rec. Mar. 31
.2
Atlas Brick. preferred (guar.)
Holders of rec. Mar. 1
Ltd.. common (No. 1) 50e turn
,3ouriutou
Stores.
17a
Mar.
rec.
of
Holders
2
Apr.
134
(quar.)
pref.
Co.,
Ault & %Viborg
Hoiden of rec. Sept. 1
600.
Common
134 Apr. 2 Holders of rec. Mar. 20a
Babcock & Wilcox Co.(guar.)
Apr. 2 Holders or roe. Mar.15
3
134 Apt. 2 Holders o, rec. Mar. 200 Ootulnion Textile, old COM. (gust.)
Baltimore Acceptance Corp., pref.(qu.)_
2 Holders of rec. Mar. 15
Apr.
New
$1
300
common
Mar.
rec.
(guard
of
Holders
1
Apr.
14
Barnet Leather, in,.. pref. (goal.)
Old and new preferred (guard
114 Apr. 16 Holders of rec. Mar.31
nhartliros.&Spindier,Ist&2dpf.(qt1) 134 May 1 Holders of rec. Apr 2a
Bar,
114 Apr, 2 Mar. 23 to Apr. 5
Dow Drug, corn.(guar.)
50o. Apr. 1 Holders of rec. Mar. 200
BassIck Alewife Corporation
(guar.)
Preferred
31a
Mar.
13.4 Apr, 2 Mar.23 to Apr. 5
rec.
of
Holders
15
Apr.
2
Bayttit Bros., 1st & 2d pref.(guar.)
Apr. 2 llolilers of rec. Mar. 3
3
traper Corporation (gear.)
of rec. May la
Holders
15
May
18734
(guar.)
pref.
Oil,
Beacon
1% Apr. 2 Holders of rec. Mar. 19a
Dunham (James H.) dr Co., corn. (qu.)_
1
Apr.
to
21
5
Mar.
Apr.
81.26
Beatrice Creamery, common (quar.)
Apr. 2 Holders of rec. Mar. 19a
134
First
preferred
(guar.)
to Apr. I
134 Apr. 5 Mar. 21
Pre(erred (guar.)
134 Apr. 2 Holders of rec. Mar. 19a
Second preferred (guar.)
61.10 Apr. 10 Holders of rec. Mar. 316
B e h-N Packing, common (guar.)._
Powder
Neu2ours
de
I.)
(E.
Pont
du
31a
Mar.
rec.
14
cn
Holders
134 Apr.
Preferred B (guar.)
Ls,.
114 %pr. 25 Holders of rec. Apr. 100
Debenture stock (guar.)
Bethlehem Steel, coin. & corn. 13 (guar ) 134 Apr. 2 Holders of roe. Mar.
134 Apr. 15 Holders of roe. Apr. 50
Eagle-Picher Lead Co., pref. (guar.)
Mar. 134
Seven per cent • um. preferred (goar ) 134 Apr. 2 Holders of rec.
Apr. 2 Mar. 27 to Apr. 2
preferred
Rolling
Mill
64
Co.,
Eastern
rec. June 164
Seven per cent ruin. preferred (guar ) I% July 2 Holders of
$1.25 Apr. 2 Holders of rec. Feb. 28a
Eastman Kodak. common (guard
/3
15
Sept.
reo.
of
Holders
1
Oct.
134
)
preferred
(una
um,
Seven per cent
Apr. 2 Holders of reo. Feb. 28a
75e
Common
(extra)
15a
Dec.
rec.
of
m. preferred ((puar ) 114 Jan2'24 Holders
Seven per cent
Preferred (guar.)
1(4 Apr. 2 Holders of rec. Feb. 28a
134 Apr. 2 Holders o free. Mar. 13a
Seven per cent non-cum. pre! (goar.)
Apr. 1 Holders of rec. Mar.20
(gnat,)...
corn.
50c.
dr
Jones
corp.,
Edmunds
15a
June
rec.
of
Holders
2
July
134
Seven per smut non corn pref. (goal.)
134 Apr. 1 Holders of rec. Mar.20
Preferred (guar.)
I% Oct. 1 Holders of rec. Sept. 154
Seven per cent non cum. pref.(guar.)
1% Apr. 2 Holders of rec. Mar.204
Edwards(Wm.) Co., preferred (quar.).
154
Dec.
reo.
of
Holders
Jan2'24
pref.
cum.
(guar.)
non
134
cent
Seven per
Eisertiohr (Otto) & Bros., Prof. (guar). 134 Mar. 31 Holders of rec. Mar. 20a
Apr. 2 Holders of reo. Mar I3a
2
Eight per cent preferred (gllar.)
Apr. 2 Holders of rec. Mar.20 SI
July 4 Holders of rec. June 15. Electric Auto-Lite Co
2
Eight per cent preferred (guard
Apr. 2 Holders of reo. Mar.21a
Elec. Controller & Mfg.,common (qu.)_ 81
15a
Sept.
rec.
of
Holders
1
Oct.
2
preferred
(guar.)
Eight per cent
Apr. 2 Holders er reo. Mar.21a
13(
Preferred
(gnar.)
Jan2'24 Holders of rec. Dec. Ita
2
Eight per cent preferred (guar.)
Apr. 2 Holders of rec. Mar. 134
Electric Storage Battery,corn. dr pt.(cm) $I
250 Apr. 2 Mar. 20 to Apr. 1
Bliss (E. W.) Co., common (guar.)
2 Holders of rec. Mar. 154
Apr.
B
corn.
&
corn.
50c.
Co.,
Elliott-Fisher
1
Apr.
to
20
Mar.
2
Apt.
SI
First preferred (guar.)
134 Apr. 2 Holders of rec. Mar. 15a
['referred (guar.)
15c. Apr. 2 Mar. 20 to Apr. 1
Second preferred (guar.)
134 Apr. 1 Holders of roe. Mar.266
(guar.)
pref.
Steel,
&
Iron
Elyria
la
June
rec.
of
Holders
134
15
June
(guar.)
preferred
Borden Co..
1% Apr. 1 Holders of rec. Mat'. 20
Emerson Electric Co., pref. (guar.)._
50e. Apr. 1 Holders of reo. Mar.20a
Borg dr Be k Co.(g(mr.)
134 Mar.30 Holders of rec. Mar.244
Empire Safe Deposit (guar.)
Apr. le Mar. 18 to Apr. 14
4
Borne Scrymser Co
Apr. 2 Holders of rec. Mar.17a
$1.25
Corp.,
(gust.)..
Endlcott-Johnson
corn.
to
14
18
Apr.
Mar.
16
Apr.
1
Extra
134 Apr. 2 Holders of roe. Mar. 17a
(guar.)
Preferred
Beaton Sand & Cravel, preferred (qaar.) 134 Apr. 1 Mar. 33 to Mar. 31
Apr. 10 Holders of reo. Mar.31
3
Equity Petroleum Corp., pref. MAO
2
Aor. 1 Mar. 23 to flax. 31
First preferred (guar.)
1% Apr. I Holders of reo. Mar.20
Ere,Isior Shoe CO., pref. (guar.)
Brandram-fienderson, Ltd.. pref. (go.). 134 Apr. 2 Holders of rec. Mar. la
Mar. 31 Holders of rec. Mar. Ma
$I
25e Mar. 31 Holders of rec. Mar.n150 Fairbanks, Morse Co.,common
Brier Hill Steel, common (guar.)
Apr. 1 Mar. 21 to Mar.31
I
Falcon Steel,common (guar.)
134 Mar. 31 Holders of rec. Mar. 15a
Preferred (guar.)
Preferred (guar.)
154 Apr. 1 Mar. 21 to Mar.31
50c Apr. 2 Holders of rec. Mar. 24
British-American Oil (guar.)
Apr. 2 Holders of rec. Mar.151
4
Mar. 31 Holders or coup. No 95/ Famous Players Lasky Corp.,corn.(go.) 2
Brit.-Amer. Tobacco, ord. (Interim),...
May I Holders 01 rec. Apr. Itla
Famous Players-Lasky Corp., pt. (qu.). 2
British Empire Steel, let pref. B (guar.). 134 May 1 Holders of rec. Apr. 13a
Mar. 31 Holders of rec. Mar.21a
2
Farr Alpaca CO. (guar.)
134 Apr. 1 Holders or rec. Mar. 20a
Browning CO.. Pr erei red (guar.)
Apr. 1' Holders of rec. Apr. la
Federal Acceptance Corp., prof.(guar.). 2
Brunswick-Balke-Collender, Pref. (qu.). 134 Apr. 2 Mar. 21 to Apr. 2
Mar. 25 to Apr. 1
134 Apr. 2 Holders of rec. Mar. 20a
20c. Apr.
Federal Motor Truck (guar.)
Bucyrus Co., Met. (guar.)
634 Apr. 2 Holders of rec. Mar. 204 Federal Oil, preferred (guar.)
Apr, 1 Holders of rec. Mar.20a
2
Extra (account accumulated dim)._
2
114
of
Apr.
Holders of rec. Mar.31
Holders
rec.
_
10a
Apr.
Corp..
Mar.
(guar.)
2
(guar.)
pref.
Capital
Fidelity
pref.
Burns Bros.,
234 Apr. 2 Holder, of
Holders of rec. Apr. 1
M r 151
Firestone Tire dr Rubber,6% pref.(go.) I% Apr. 1
Burt (F. N.) Co., common (guar.)
I% Apr. 2 H ider, of re Mar. 151 Fisher Body,Ohio Corp., pref.(gust.).. 2
Holders of rec. Mar.214
Apr.
Preferred (guar.)
Mar. 31 Holders of rec. Mar.2la Flelshmann Co., common (guar.)
Holders of rec. Mar. 15a
500, Apr.
Burroughs Adding Machine (quar.)..... 2
Common (guar.)
50c. July 1 Holders of roe. June 150
Bush Terminal Islam. pre,. (guard.... 114 Apr. 2 Holders of rec. Mar. 20a
34
31
Mar.
of
Holders of rec. Sept. 15a
Holders
rec.
12
Superior
Mar.
1
Common
50c.10et.
Mining
(guar.)
Butte &
250. Apr. 2 Holders of rec. Mar 150
Common (guar.)
50(2.1Janr24 Holders of rec. Dec. 15a
Cadet Knitting,common (guar.)
Apr. 2 Holders of rec. Mar. 15a
134 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
First and second preferred (quar.)._. 2
75e. Apr. 1 Mar.22 to Mar.31
Foster (W. C.) Co.. common (goat.)...
California Petroleum, preferred (guar.). 114 Apr. 2 Holders of rec. Mar. 20a
SI
Apr. 2 Holders of rec. Mar 15a
214 Apr. I Mar. 22 to Mar.31
Preferred (guar.)
Cambria Iron
1
Apr.
Mar.
17
to
Mar.
31
pref.
Bros.
Apr. I Mar. 22 to Mar.31
(goat.)...
French
Bauer
pref.
Co.,
Bread,
(guar.)
134
Canada
I% Apr. 16 Holders of rec. Mar. 310 Galena-Signal Oil, common (guar.)._
Mar. 31 Holders of rec. Feb. 280
1
Canada Cement(guar)
Apr. 3 Mar. 23 to
2
Apr. 1
Preferred (guar.)
Mar. 31 Holders of rec. Feb. 280
2
Canada Salt (guar.)
2
Apr,
Holders
of
160
pt.
Mar
rec.
Mfg.,
Mills.
Brass
dr
Cotton
General Alum'm
Apr, 1 Holders of rec. Mar.200
(go.)
PL(qu.) 2
2
Can. Connecticut
1% Apr. 2 Holders of rec. Mar. 15a
Canadian Consol. Rupber, pref. (guar.). 114 Mar. 31 Holders of rec. Mar. 24a General Amer. Tank Car, prof. (gust.)
Holders
rec.
of
27a
Apr.
Mar.
4
corn.
(gust.)....
(guar.)
common
GeneralBaking,
2
Cottons,
Mar.31 Holders of rec. Mar. 17ct
$I
Canadian
114 Apr. 4 Holders of rec. Mar. 27a
Preferred (guar.)
Mar.31 Holders of rec. Mar. 17a
2
Preferred (guard
General Cigar. (no., deb. Fret (gust.)..
114 Apr. 2 Holders of rec. Mar.264
Canadian General Electric. corn.(guar) 134 Apr. 2 Holders of rec. Mar. 15
Holders
rec.
of
15
Mar.
2
Apr.
General
Electric
(guar.)
334
Apr. 14 Holders of roe. Mar. 70
2
Pretrrre I
Mar. 31 Holders of rec. Mar. 20.2
Special stock (guar.)
1
1542 Apr, 14 Holders of rec. Mar. 7a
Canadian Locomotive, corn.(guar.)._
200
Mar.
rec.
31
of
common
Mar.
(guar.)._
Holders
General
Fireproofing,
Apr. 2 Mar. 21 to Mar. 31
134
114
Preferred (guar.)
Preferred (guar.)
Apr. 2 fielders of reo. Mar. 190
2
1% Apr. 2 Mar. 21 to Mar. 31
Canadian Westinghouse (guar.)
General Railway Signal, pref. (quar.)...
134 Mar. 31 Mar. 21 to Apr. 4
134 Apr. 2 Holders of rec. Mar. 22a
Canfield Oil, common (guar.)
General Tire dr Rubber, preferred (titian) 134 Apr. 2 Holders of rec. Mar. 20a
114 Mar.31 Mar. 21 to Apr. 4
Preferred (guar.)
Gibson Art Co., corn. (guar.)
2% Mar. 31 Holders of rec. Mar.200
134 Mar. 31 Mar. 21 to Apr. 2
Carey (Philip) Mfg., pref. (guard
14a
Apr.
rec.
of
Holders
30
Apr.
Preferred (guar.)
134 Mar. 31 Holders of rec. Mar.200
134
(guar.)
Cartier, Inc., Pref.
of
120
Mar.
rec.
June I Holders of rec. May 1
Gillette Safety Razor, stock dividend
134 Apr. 1 Holders
05
,,ase (J. I.) Thresh. Mach.. prof.(Clu.)
Globe-Wernicke Co., Prof. (guar.)
1% Apr. 15 Holders of rec. Mar.31a
134 Mar.31 Mar. 7 to Mar.27
Celluloid Co..common (guar.)
220
roe.
Mar.
Goodrich
of
April 2 Holders of rec. Mar.22a
134
Holders
(B.
F.)
2
4pr.
Co.,
81.50
pref.
(guard
..otral Aguirre Sugar (guar.)
134 Apr. 15 Holders of rec. Mar. 31a Goodwin's, Limited, preferred (guar.).- 1% Apr. 2 Mar. 22 to Apr. 1
Central Coal & Coke,COmmon
31a
Apr. 1 Holders of rec. Mar.20a
Mar.
reo.
of
Holders
15
2
&
Goodyear.Tire
Apr.
134
(qu.)pf.
Rubber,
nrlor
(guar.)
Preferred
0000
s0
:
ersrar
er
ddeersere
Nimid
0nlilllIdddd
0
HIHH:T000
e...... M
re:
rre r ecoc
a
0fffff r
21700
2126,05005a
ar...... 1
ar
mimarararar
rec. Mar. 22a Goodyear Tire dr Rub.of Can., pf.(go.). 134 Apr. 2 H
Certain-teed Prod. let & 2d pref. (qu.). 114 Apr. 1 Holders of
Mar. 31
Holders of rec. Mar. 210 Goulds Mfg., corn. (guar.)
134
131
2
Apr.
(guar.)
Mills
Cotton
Chace
31
Mar.
of
20a
Mar.
Holders
rec.
134
134
Preferred
(gust.)..
(guar.)
1
pref.
Apr.
Paper,
Champion Coated
Mar. 31
2
134 Apr. 1 Holders of rec. Mar.200 Grasselli Chemical. common (quar.)
Champion Fibre, preferred (guar.)
134 Mar. 31
Preferred (guar.)
81.50 Apr. 2 Holders of rec. Mar. 200
Chandler Motor (guard
Apr, 1 Holders of res. Mar. 264
134
of
100
&
Mar.
Holders
Gray
(guar.)
reo.
Co.,
334
Dudley
corn.
Mar.31
Chesebrough hlfg., corn. (guar.)
154 1nr. 1
Preferred (guar.)
134 Mar.31 Holders of reo. Mar. 100
Preferred (guar.)
134
1382
THE CHRONICLE
Per
When
Cent. Payable,
Books Closed.
Days Inclusive.
[VOL. 116.
Namtof ComPanY.
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
.11scellan
eous (Co
-minded).
Miscellan
eous
Great Lakes Steamship (guar.)
(Continued
).
*2
Apr. 2 *Holders of rec. Mar. 21
onomac Spinning ((luar.)
Great Lakes Towing, common (quar.)
2
Apr. 2 Holders of rec. Mar.20
IN Mar.31 Mar. 16 to
Apr. 1
Montgomery Ward & Co., pref. (guar.).
Preferred (quar.)
1% Apr. 2 Mar. 16 to
134 Apr. 1 Holders of rec. Mar.21a
Apr. 2
Moon Motor Car, corn. (guar.)
Great Western Sugar, corn. (quar.)____ $1
50c. May 1 Holders of rec. Apr. 16
Apr. 2 Holders of rec. Mar. 15a
Moon
Motor
Preferred (guar.)
Car, pref. (guar.)
01%
Apr. 2 Holders of rec. Mar. 15a
Mortgage-Bond Co. (gust.)
Greenfield Tap & Die. Pref. (quar.).„2
Mar. 31 Holders of rec. Mar. 23
2
Apr, 2 Holders of rec. Mar. 15
Motor Products (quar.)
Guantanamo Sugar, preferred (guar.) 81.75 May I Holders of rec. Apr. 20
Apr. 2 Holders of rec. Mar. 15a
- 2
Mountain
Gulf 011 Corp.(guar.)
Producers Corp.(guar.)
20e. Apr. 2 Holders of rec. Mar. 15a
374c, Apr. 1 Holders of rec. Mar. 20
Extra
Gulf States Steel, common
10c. Apr. 2 Holders of rec. Mar. 15a
I
Apr. 2 Holders of rec. Mar. 150 Murray Ohio
Mfg. Co., com.&pref.(qu.) 2
First and second preferred (guar.)._
Apr. 2 Holders of
1( Apr. 2 Holders of rec. Mar. 15a
l re . Mar.. ra
First and second pref. (guar.)
154 July 2 Holders of rec. June 150 Nal..
siar.
Breweries,
First and second pref. (guar.)
common
((luar.)
815e Apr.
I .r 12 Holders of rec. Mar. 15
1N Oct. I Holders of rec. Sept. 14
la7
Preferred (guar.)
First and second pref. (quar.)
1% Jan2.24 Holders of rec. Dec. 14a
134 Apr. 2 Holders of rec. Mar. 15
Nat. Enamel .1, Stpg., pref. (guar.).
Halle Bros. 1st. de 2d pref. (quar.)
1% Apr. 30 Apr. 25 to
- 134 Mar. 31 Holders of rec. Mar. 1011
Apr. 30
Preferred
Hamilton-Brown Shoe
(guar.)
I
Apr. 2 Mar. 25 to
134 June 30 Holders of rec. June On
Apr. 1
Preferred (quar.)
Hanes(P. H.) Knitting Co., pref. (qu.)_
154 Sept. 29 Holders of rec. Sept. 1011
13‘ Apr. 2 Holders of rec. Mar. 20
Preferred (linar.)
Harbison-Walker Refrao.. pref. (qual.)_
134 Dee. 31 Holders of rec. Dec. lla
14 Apr. 20 Holders of roe Apr. loa
National
Fuel Gas
Harris Bros. Co.. pref. (guar.)
$1.25 Apr. 16 Holders of roe. Mar. 31
*IN May 1 *Holders of roe. Apr. 10
National Lead, common ((Mar)
Hart, Schaffner & Marx, pref. (guar.)._
2
Mar. 31 Holder of rec. Mar. 166
Mar.31 Holders of rec. Mar. 17a
National Licorice, preferred (quar.)___.
Heath (D. C.) dc Co., ref. (guar.)._
14 Mar. 31 Holders of rec. Mar. 230
1N Apr. 2 Mar. 27 to
Apr.
1
National
Paper & TypeHelms (George W.) do.. cum.
3
Apr. 2 Holders of rec. Mar. 190
(guar.).0111010 1 m pref.(quar)
Preferred (guar.)
2
Apr. 16 Holder of rec. Mar. 31a
1/l Apr. 2 Holders of roe. Mar. I9a
National Refining. preferred (guar.)...__
Hendee Mfg., Prof.(guar.)
2
Apr. 2 Holders of rec. Mar. 156
iN Apr. 2 Holders of rec. Mar. 20a
Nieuwe.] Sugar Refitting ((mar.)
Herring-Hall-Marvin Safe, corn. (qu.)._
134 Apr. 2 Holders oi rec. Mar. 10
1N Apr. 2 Holders of rec. Mar. 23a
NationalSu
poly
Common (extra)
Co.
of
Del.,
pref.
(qu.)
134 Mar. 31 Holders of rec. Mar. 21
3% Apr, 2 Holders of rec. Mar. 230
NutIonal
Preferred (guar.)
2N Aor, 2 Holders .11 rec. Mar. 206
154 Apr. 2 Holders of rec. Mar. 230 National Surety (guar.)
Tea, corn. (guar.)
Hibernia Securities, pref. (guar.)
2
1% Apr. 1 Holders of roe. Mar. 27a
'our. 1 holders of rec. Mar. 21
Preferred ((lust.)
Higbee Co., 1st pref. (guar.)
I% May 1 Holders of rec. Apr. 19
2
Apr. 2 afar. 23 to
Apr. 4
Newblock Oil
Higgins 011 & Fuel
'6214e Apr. 2'Holders of rec. Star. 15
•$2.50 Mar. 31 *Holders of reo. Mar. 15
New England Fuel Oil
lillicrest Collieries, common (quar.)____
5
Apr. 2 Holders of rec. Mar. 26
14 Apr. 14 Holders of rec. Mar. 31
New River Co
Preferred (guar.)
$1.50 Apr. 25 Holders of rec. Apr. 14
1)4 Apr. 14
Newton Steel, common
Hillman Coal & Coke,5% pref.(guar.). IN Apr. 25 Holders of rec. Mar. 31
.60c Apr. 2 'Holders of rec. Mar. 30
Aor. 15 to
Apr. 25
N Y Alt Brake. clam A (guar.)
7% preferred ((luar.)
1.*4 Apr. 25 Apr. 15 to
$1
Apr. 2 Holders of rec. Mar. 90
Apr. 25
New York Steam Corporation. pr.
Holly Oil (No. 1)
(W.). IN Apr, 2 Holders of rec. Mar. 15
•$1
June 10
N Y. Thle & Mortgage (guar.)
Holmes(D. H.) Co., Ltd. (guar.)
2
Apr. 2 Holders of rec. Mar. 22
34 Apr. 2 Holders of rec. Mar. 26
Vew York Transit
Hood Rubber Co . elM111110D (quar.)
83
Apr. 14 Holders of rec. Mar. 20
Mar. 31
$1
t
New York Transportation (guar.)
A r. 1
ROOven,Owens Rentschler Co.. Pr.(qL) 14 Apr. 2 Mar. 21
506. Apr. 16 Holders of roc. Apr. 26
Mar. 22 to
Mar.30
Nidissing Mines (quar.)
Hoover Steel &sail (quar.)
15e. Apr. 20 Apr. I
2
Ayr. 2 Holders of rec. Mar. 220
to
Apr. 17
Vorth American Co., common (guar.)._
Howe Scale Co., prem. (quar.)
24 Apr. 2 Mar. 2 to
IN Apr. 2 Mar. 18 to
Mar. 21
Apr. 3
Preferred (Oust.)
Hudson Motor Car (qum.)
750. Apr. 2 Mar. 2 to
egle. April 2 Holders of rec. Mar.
Mar. 21
Ogilvie
Flour
22a
Mills.
Extra
common (gust.)... 3
Apr. 2 Holders of rec. Mar. 216
25e. Apell 2 Holders of rec. Mar. 224
Onio
Fuel Supply (guar.)
Humble Oil & Refining (guar.)
1
Apr. 14 Holders of rec. Mar. 31a
.30e. Apr. 1 'Holders of rec. Mar.
22
Extra (payable In Liberty bonds)___
Huntington Dove I.& Gas, pref. (quar.)
1
114 Apr. 1 Holders of rec.
Apr. 14 Holders of rec. Mar. 310
Ohio Oil
Mar. 15
Hupp Motor Car, pref. (guar.)
75e. Mar, 31 Feb. 25 to
1% Apr. 1 Holders of rec. Mar. 200 Oklahoma(guar.)
Mar. 26
Natural Gas
Hydrox Corporation,coin.(qu.)(No.1).
25e. Apr. 20 Holders of too. Apr. 2a
25e. Apr. 2 Mar. 23 to
Apr. 1
Open Stair Dwellings Co. ((lust.)
Indiana Pipe Line (quar.)
Mar. 31 Mar. 22 to
$2 May 15 Holders of rec. Apr. 17
134
Slur.
31
Ortmetpu Circuit preferred (guar.)
Imperial Tobacco of Canada, preferred_ _
2
3
Alit. I Homers of rim Mar. 1ea
Mar. 31
Osborn Mills (guar.)
Independent Pneumatic Tool
2
134 Apr. 2 liolders of rec. Mar. 28a
Apr. 2 Mar. 23 to
Ally.
Otis
I
Elevator,
Inspiration Consolidated Copper
common (gust.)
2
Apr. 16 Holders of rec. Mar. 316
50c. Aur. 2 Holders of rec. Mar.
15a
Preferred (hoar.)
Interlake Steamship (guar.)
134 Apr. 16 Holders of rec. Mar. 316
$1.25 Apr. 2 Holders of rec. Mar. 20
Ottawa Car Mfg.(guar.)
Internat. Button Hole Sew. Mach (qu.) 1
1
Apr. 2 Holders of rec. Mar. 15a
Apr. 2 Holders of rec. Mar. 15
Owens
Bottle, common (guar.)
Internat. Cerueut, common (qual.).
(k. Apr. 1 liumblers of rec. Mar. 166
750. Mar. 31 Holders of rec. Mar IM
Common (extra)
Preferred (quer.)
25e Aor. 1 Holders of rec. Mar. 16a
1N Mar. 31 Holders of rec. Mar.
Preferred (Oust.)
Internat. Educational Publishing. pref._
1% Apr. I Holders of rec. Mar. 160
50c May 1 Holders of rec. Mar. 15a
Pacific Burt Co.. common (guar.)
1
Internat. Harvester, common (quar.)_.- 21.25 Apr. 16
25; Apr. 2 Hold .• oft . Mir. 156
Holders of reo. Mar. 24a
Preferred (guar.)
International Salt (quar.)
I% Apr. 2 1101 ler I ec. Mar. 156
14 Apr. 2 Holders of roe. Mar. 15,.
Paige Iletso it Motor Car,coin.(guar.)
International Shoe, common
25e
Apr. 2 Holders of rec. Slat. 206
75e. April 1 Holders of roe. Mar.
15a
Preferred (guar.)
Preferred (monthly)
IN Apr, 2 Holders of rec. Mar. 156
El
Apr. 1 Holders of rec. Mar. 150 Pan-Am.
PetrolseTr
International Silver, pref. ((just.)
ansp_corn.&com.B $2
Apr.
20 Holders of rec. Mar. 31a
134 Apr. 1 Feb. 22 to
Feb. 25
Panhandle Prod. & Refining (quar.)____ $2
Pref. (acct, ay.:emulated dividends)._
Apr. 2 Holders of rec. Mar. 226
AN Apr. 1 Feb. 22 to
Feb
Parke, Davis & Co.(quer.)
Interprovincial Britk, corn. (quar.)____
50e. Mar. 31 Mar. 22 to
14 Mar. 31 Holders of rec. Mar. 28
Mar. 31
23
Extra
Interstate Gasoline (quar.)
3
$1.25 Mar. 31 Mar. 22 to
Apr. 1 Holders of rec. Mar. 1
Mar. 31
Peel less Truck & Motor, corn. (quar.).
Intertype Corporation, pref. (quar.)
2
31
Mar. 31 Niar.421 to Apr. 3
Apr. 2 Holders of rec. Mar. 15a
Ptomains, Ltd., common (guar.)
Island Creek Coal, common (quat.)___ $2
2
May 15 Holders of rec. May 5a
Apr. 2 Holders of rec. Mar. 261
Preferred (quar.)
Common (extra)
14 May I Holders of res. Apr. 21a
53
Apr. 2 Holders ot rec. Mar. 26a
Penney (J. C.) Co.. pref. (quar.)
Preferred (guar.)
$1.50 Apr. 2 Holders of rec. Mar. 26a
134 Mar 31 Holders of rem Mar. 20a
Pennsylvan
ia Rubber, com.
Johnston (R. F.) Paint Co.8% Pt(a) 2
114 Mar. 31 Holders of tee. Mar. 150
Apr, I Holders of roe Mar. 310
Preferred (gust.)
7% preterred (guar.)
1N Apr. 1 Holders of rec.
11.4 Mar. 31 Holders of rec. Mar. 150
Mar. 310 Pennsylvania Salt Mfg. (guar.)
Jones Brothers Tea, common (quar.)_. $1
Apr. 14 Holders of rec. Mar. 310
Apr. In Holders of rec. Apr. 20
2(4
Extra
Preferred (quar.)
IN Apr, 2 Holders of rec.
1
Apr. 14 Holders of rec. Mar. 310
Mar. 26
Pettibone M Milken Co., lat de 2d pf.(qu.)
Jones & Litughlor Steel, pref. (quar.)„.
1)4 Apr. 2 Holders of rec.
134 Apr. 2 Holders of tee. Mar. 21a
Mar. 15o
Phelps Dodge Co • ((luar.)
Jordan Motor Car. pref. (quar.)
$1
Apr. 2 Holders of rem Mar. 21a
152 Mar• 31 Holders of rec. Mar. 10a
Plaints. Petroleum (gust.>
K. C., Clay Co.& St. Jos. ..o., pl. (qu.) 1% Apr.
50e. Mar. 31 lioiderir of rec. Mar. 154
2 Holders of rec. Mar. 20a
Pick (Albert) & Co., preferred (gust,)._
Kaufmann Dept. Stores. pref. (quar.)__
134 Apr. 2 Holders of rec.
154 Apr. 2 Mar. 24 to
Apr. 2
Mar. 20
Pittsburgh Plate Glass ((lust.)
Kaynee Co., preferred (guar.)
% Apr. 2 riolders of rec. Mar.
2
Apr. 2 Holders of rec. Mar. 15a
200
Pittsburgh Rolls Corp., pi el. (guar.)._
Kayser (Julius) dr Co., Oldf pruar.).._ _
IN Apr. 1 Holders id rec. Mat. 24a
$2
Apr. 2 Holders 01 rec. Mar. 28s
Pittsburgh Steel, corn. ((lust.)
Kelly Island Lime & Transport i(luar.)_. 2
1
Apr. 1 Holders of rec. Mar. 270
Apr. 2 Mar. 21
to
Apr. 1
Pittsfield Lime & Stone, pref. ((luar.).Kelly-Springfield '1'lre, pref. (quar.)____
14 Apr. 2 Holders of rec.
2
Apt. 1 Holders of rec. Mar. 31a
Mar. 16a
Plash. Term. AVhse. & Trans.er
Kelsey Wheel. common (quar.)
81
Apr. 9 Holders of rec. Mar. 31a
14 Apr. 2 Holders of ree. Mar.
Plymouth
20a
Cordage (guar.)
Kennecott Copper Corp.(guar.)
14 Apr. 20 Holders of tee. Apr. 20
75c. Apr. 16 Holders of rec. Mar.
23
Prairie 4)11 tiz (339 (quar.)
Kerr Lake Mines. Ltd.(qual.)
2
Apr. 30 Holders of rec. Slat. 3Ia
124c. Apr. 16 Holders of roe. Apr. 2a
Prairie
Pipe
Line
King Phillip Mills (guar.)
(guar.)
2
14 Apr. 2 Holders of rec. Mar. 20a
Apr. 3() Holders of rec. Mar. 310
Price Bros.(guar.)
Kirshbaum (A. 11.) Co., pref. (gust.)..
% Apr. '2 Holders of rec.. Mar. 19
1% Apr. 1 Holders of rec. Mar.
200 Procter & Gamble. 8% pref. (guar.) _ _
Kresge (S. S.) Co., coumani (quer).-- 2
2
Apr dl
hollers of roc. Mar. 210
Apr. 2 Boilers of rec. Mar. 120
ProvInelal
Paper Mills, corn. (guar.)._
Preferred (qear.)
1% Apr. 2 Holders of rec. mar. 15
134 Apr. 2 Holders o/ rec. Mar 125
Preferred (millar.)
Kress (S. 11.)4k to., preferred (quar.)_
I% Apr. 2 Holder, of rec. Mar. 15
1N Apr. 2 Holders of rec. Mar. 205
Pure
Oil,
54%
pref.
(guar.)
Kroger Grocery dc Bak. new pf.(guar.)._
134 Apr. 1 Holders of tee. Mar. 15a
1)4 Apr. 1 Mar. 16 to
Mar. 31
6% prebrred (guar.)
Lanett Cotton Mills
14 Apr. 1 II elders ot r ec. Mar. 15
4
Apr. 14 Holders of rec. Mar. 310
8%
Laurel Lake Mills, pref.(guar.)
2
Apr. 1 Holders of rec. Mar. 15a
2
Apr. 2 Holders o, rec. Mar. 20a Qmikerpreferred (guar.)
0
as,
common
Laurentide Co. (guar.)
(guar.)
1 t.6 Apr. 3 Holders of rec. Mar.
234 Apr. 16 Holders of rec. Aar. 26
Preferred (tidier.)
Lawton Mills Corp. (guar.)
4 May 31 Holders of tee. May la
2ei Mar. 31 Holders of rec. Mar. 22
22
Railway Steel-Spring, corn.(guar.)
Lawyers Mortgage (guar.)
Mar. 31 Holders of tee. Mar. 17a
2
214 Slat. 31 Holders of rec. Mar. 21a
Ranger ex
Gil (guar.)
Lehigh Valley Coal Sue, bluar.)
Bumblers of roe. Mar. 10a
Apr. 2 Holders of rec. Mar. 15
$2
Extra .
Liberty Steel, Prof. (guar.)
H
I Holders if rec. Mar. 100
1)i Apr. 1 Mar. 21
to
Apr.
Reece Button Hole Machine (quar.)____ Ili
1
Library Bureau, common (quar.)
3
21
A
A
2 Holders of rec. Mar. 15
14 Apr. 1 Holders of rec. Mar. 21
Extra
Preferred ((lust.)
2
Apr. 2 Holders of rec. Mar. 15
AM% 1 Holders of rec. Mat. 21
2
Reece Folding Machine (guar.)
Liggett & Myers Tobarco, pref.
1
Apr. 2 Holders of rec. Mar. 15
1 at Apr. 2 Holders 01 rec. Mar. 15a
(gniar.)Regal Shoe, pref. ((lust.)
Lockwood, Greene & Co., Inc., pl. (qu.) I% Apr. 2 Holders
IN AM. 2 Holders of roe. Mar. 21
of
rec.
Mar. 23
Renfrew Mfg., pref. ((luar.)
Lone Star Gas (otiar.)
134 Apr. 2 Mar. 21
to
Apr. 1
37)4c Mar. 31 liolders of rec. Mar. ha
KM/ Motor Car (guar.)
Extra
14 Apr
2 Bidders of rec. Mar. I5a
1214e Mar. 31 Holders of tee Mar 2I0
Extra
Loose-Wiles Biscuit, let pref. (guar.)._
1
Apr. 2 Holders of rec. Mar. 15a
Apr.
1
Holders of rec. Mar. 20a
134
Republic Iron de Steel, pref. (guar.).- 13g Apr. 2 Mar. 14
Second preferred
to
7
Apr. 11
May I Holders of rec. Apr. 19a
Reynolds Spring. pref. A. & B (quar.)..
Lorillard (P.) Co.,common (guar.)
134 Apr. 1 Holders of tee. Mar 19a
Apr. 2 Holders of rec. Mar. 17a
3
Reynolds(R. J.) Tobacco, corn. (quer.).
Preferred (Ouar.)
75e. Apr. 2 Holders of tee. Mar. 18a
134 Apr. 2 Holders of rec. Mar. 170
Common B ((luar.)
Lupton(F.M.), Publisher, cl. A (guar.).
75e Apr. 2 floldera of rec. Mar. 18a
50o. Apr. I Mar. 21
to
Apr. 1
Preferred (guar.)
MacAndrews & Forbes, common (guar.) 24
134 Apr. 2 Holders of tee. Mar. 18a
Apr. 14 Holders of rec. Mar. 3Ia
Richman Bros. ((luar.)
Preferred (quar.)
14 Apr. 2 Holders of rec. Mar. 210
MacArthur Concrete Pile & Fountrn, pt. 14 Apr. 14 Holders of roe .Mar. 310 ItIch.-Sampliner Knit. Mills, pr. (qu.)Ill Apr. 2 Holders of rec. Mar. 20a
4
Apr. 2 Holders of rec. Mar. 15a
ftlekenbacker Motor Car (quar.)
Mackay Companies, auntuon wear.).
2
Apr. 15 Holders
134 Apr. 2 Holders of tee Mar. 75
Rohlnson(DwIgh l&Co.,Inc..1st pf.(qu.) IN Apr. 2 Holders of roe. Mar. 31
Preferred (guar.)
of rec. Mar. 23a
Apr. 2 Holders of roe. Mar. 7a
1
Royal
Baking
Powder, common (guar.).
Mack Trucks, Inc., common (quar.)____
2
Mar. 31 Holders of rec. Mar. 156
$1
Apr. 2 Holders of rec. Mar. 20a
Preferred ((luar.)
First and SecGud pref. Bliel.)
1(4 Mar. 31 Holders of rec. Mar. 15a
Apr. 2 Holders of rec. Mar. 200 St. Louts National Stock Yards
134
Macy (R. H.) & Co., Inc., pref. ((luar.).
(guar.)._ *2
Apr. 2 *Holders of rec. Mar. 19
13.4 May I Holders of rec. Apr. 14a St. Louts Roc ky M t.&
Pao.Co.,com.(qu.)
I
Magnolia Petroleum (guar.)
Mar, 31 Holders of rec. Mur. 17
$1.25 Apr. 5 Holders of rec. Mar. 24
referred (Ouar.)
1% Mar. 31 Holders of rec. Mar.
Magor Car Corp.,common ((lust.)_____
25c Mar. 31 Holders of rec. Mar. 26
176
Maurice
St.
Paper (guar.)
Preferred ((lust.)
134 Mar. 31 Holders of roe. Mar.27
IN Mar. 31 Holders of rec. Mar. 26
Safety Car Heat. & Ltg. (guar.)
Mallinson (II. R.)& Co.. pref. (guar.).1(4 Apr. 2 Holders of rec. Mar. 16a
IN Apr. 2 Holders of roe. Mar. 24
-ale
Creek
Consolidat
ed Oil (guar.).Maned Sugar, preferred (guar.)
25c. April 1 Holders of rem Mar.
1N Apr. 2 Holders of rec. Mar 15a
15a
Savannah Sugar. Pref. (In ',ref. stoek).Manhattan Elec. Supply (guar.)
251, Slay 1 Holders of rec.
$1
Mar. 15
Apr. 2 Holders of rec. Mar. 20a
Sayers & Scovill Co., corn. (guar.)
1(4 Apr. 1 Holders of tee.
Manhattan Shirt, pref. (Oust.)
134 Apr. 2 Holders of rec. Mar. 190
Mar.
206
Extra
d 4 Apr. 1 Holders of rec.
Manning, Maxwell & Moore. Inc.(qu.)_
1
Mar.31 Holders of rec. Mar. 310
Mar. 200
Preferred (guar.)
134 Apr. 1 Holders of rec.
Marland 011 (guar.)
$1
Apr. 2 Holders of rec. Mar. 240 Schulte Retail Stores Corp., pref.(guar.)
Mar. 206
Mathieson Alkali Works. pref. (Ouar.)...
Apr.
Holders of' ec Mar.206
134 Apr. 2 Holders of rec. Mar. 20a Scott & Williams, Inc., pref. (goat.)... 2
134
Maverick Mills, preferred ((luar.)
Apr.
2
Holders
14 Apr. 2 Holders of rec. Mar.240
of rec. Mar. 20
Second preferred (ouar.)
2
May Department Stores. pref. (quar.)..
Apr. 2 Holders of rec. Mar.
134 Apr. 2 Holders of tea. Mar. 15.4
20
Preference stock (guar.)
2
McCall Corporation, 1st pref. (guar.).May
Holders of rec. Mar. 20
134 Apr, 1 Holders of rec. Mar. lb
Seovill
511g.
(guar.)
2
First preferred (acct. aermin
Apr.
Mar. 25 to
5134 Apr. 1 Holders of rec. Mar. 15
Apr.
I
Oil
Seaboard
&
thi8
(monthly)
McCrory Stores Corp., pref. (quar.)___
240. Apr.
IN Apr. 1 Holders of roe. Mar. 200 Soars. Roebuck
Holders of roe. Mar. 15a
McIntyre Porcupine Mines ((lust.)
134 Apr.
He. May 1 Holders of rec. Apr. la Shawmut Mills,& CO.. prof.
Holders of rec. Mar. 15a
corn.
(guar.)
14 Mar.3
Mergenthaler Linotype (gum%)
24 Mar. 31 Holders of roe. Mar. 30
Holders of rec. Mar. 20a
Preferred ((luar.)
Merrimac Chemical ((luar.)
13.4 Mar.3
$1.25 Mar. 31 Holders of rec. Mar. 170 Sherwin Williams
Co.(Can.). corn.(go.) 14 Mar,3 Holders of rec. Mar. 200
Extra
Mar. 31 Holaers of rec. Mar. 170
Holders of rec. Mar. 15a
$1
Preferred
Metropolitan Brick, first pref. (quar.)_
134 Mar.3
lld Apr. 1 Holders of rec. Mar. 15a Simmons Co(guar.)
Holders of roe. Mar.
Mexican Petroleum, common (quar.)--25o Apr. 2 Holders of roe. Mar. 15a
Apr. 20 Holders of rec. Mar. 3I0 Singer Manufactu
4
15a
ring CO.(Quar.)
Preferred (guar.)
Apr. 20 Holders or ree. Mar, 310 Sloss-Sheffield Steel & Iron, pref. (guar.) 134 Mar.31 Mar. 11
2
to Apr. 1
Michigan Stamping (guar.)
134 Apr, 2 Holders of roe. Mar. 26a
•25c. Apr. 25 Holders of rec. Apr. 15
South Porto Sugar, pref. (guar.)
Middle States (ill (Utter.)
2
Apr, 2 Holders of tee. Mar. 154
Apr. 1 Holders of rec. Mar 10a
3
South West Pa. Pipe Lines (guar.)..... 2
Midway G48, corn. ((luar.)
Apr. 2 Holders of reo. Mar. 15
50e. Apr. 14 Holders of roe. Mar. 31
Southern States 011 (stock dividend)... 010
Preferred (guar.)
Apr, 20 Holders of tee. Mar.316
81 40 Apr. 14 Holders of rec. Mar. 31
Spalding (A. G.) & Bros., corn. (guar.).
Midwest Oil, corn. & pref.
$1 50 A r. 16 Holders of tee. Apr. 7
50e. Apr. 16 Holders of rec. dApr. 20
((luar.)
First preferred (guar.)
Mohawk Mining
1N June I Holders of rec. May 196
Mar. 31 Mar. 7 to
$I
Mar. 27
Second preferred (guar.)
2
Juno 1 Holders of rec. May 19
IN
MAR. 31 1923.]
THE CHRONICLE
Pen
When
Cent. Payable.
1383
Books Closed.
Weekly Return of New York City Clearing House
Name of CornPane.
Days Inclusive.
Banks and Trust Companies.
Miscellaneous (Concluded).
Spicer Manufacturing, pref. (guar.)._ 2
The following shows the condition of the New York City
Apr. 1 Holders of rec. Mar. 21a
Standard 011 (Kentucky)(guar.)
$1
Apr. 2 Mar. 16 to Apr. 2
Clearing House members for the week ending Mch. 24.
Standard 011 (Ohio). corn (quar.)
The
12.50 Apr. 2 Holders of rec. Feb. 23
Standard Textile Prod., pref. A & B(MO
154 Apr. 1 Holders of roe. Mar. 150 figures for the separate banks are the averages of the daily
Steel Co.of Canada,common (guar.)._ _
154 May I Holders of rec. Apr. 4
results. In the case of the grand totals, we
Preferred (guar.)
also show the
1M May 1 Holders of rec. Apr. 4
actual figures of condition at the end of the week.
Steel & Tube Co. of Amer., pref.(qu•)
134 Apr. 1 Holders of rec. Mar. 20.7
Sterling Oil& Devel
100. Apr. 5 Holders of rec. Mar. 310
Stern Brothers, preferred (guar.)
NEW
YORK WEEKLY CLEARING HOUSE
2
June 1 Holders of rec. May 15a
RE['URNS.
Stromberg Carburetor (quar.)
(Mated in thousands of dollars-that Is. three
1,4 Apr. 2 Holders of reo. Mar. 190
ciphers /WI omitted.)
Sullivan Machinery (guar.)
SI
Apr. 16 Apr. 1 to Apr. 16
Swift & Co. (Qua:.).
New
2
Apr. 1 Holders of rec. Mar. 10
Tecumseh Mills (guar.)
Copilot. ProfUs Loans.
deserts
1M Ayr. 2 Holders of rec. Mar. 20a
Week ending
Tennessee Copper & Chemical
Ittscount. Cash
25o.
with
Apr.
Net
Holders
16
; Time Bank
of
rec.
Mar.
March
307
24
1923 Nat'l, Dec. 29 InrcstTexas Chief 011 (quar.)
in
2
Legal Demand
Apr.
1 Holders of rec. Mar. 10a
De- MotsExtra
State. Nov.1.5 merits. Vault Deposi
1
Apr. 1 Holders of rec. Mar. 10a
Deposits. posits
ta(000 omitted.) Fr.Cos, Nov.15
Texas Company (guar.)
tee.
750 Mar.31 Holders of rec. Mar. V
tortes.
ties.
Texas Pacific Coal & 011 (Quer.)
250.
Mar. 31 Holders of roe. Mar. Ma Members of Fe 1.
Textile Banking Co.(qua:.)
Res.
Bank
Average .4veraoi Iveraot Average
2
Apr. 2 • Holders of rec. Mar. 270 Bank of N 1/ &
ecnot At
Thayer-Foss Co., pref. (guar.)
$
1.54 A r 1 Hollers or roc. Mar. 200
Trust Co.__.
Thompson (John R.) Co.. corn.(m thly) 1
P •
62,966
783 6,28
Ago. 1 Holders of rec. Mar .237 Bk of Manharn 4,000 11,841
6.7
Common (monthly)
1
May 1 Holders of reo. Apr. 236 Alech &Met Nat d10,000d12,500 125,9(5. 2,15 15,22
1:123.17.739
Common (monthly)
10.000 17,182 159,294. 4,09 19,40
1
June 1 Holders of rec. May 23
147.78g 4.07 "ea
Bank of Americ
p6,95.
Preferred (guar.)
5,500
4,551
72,355
1,44
154 Apr. 1 Holders of rec. Mar.23a
9,233
69,53
3,391
Nat City Bank. 40,000 51,071
Thompson-Starrett Co.. pre!
4
8 6,773 58,90
*549.535 64,69
April 2 Holders of roe. Mar 20
Chem Nat Bank 4,500 16,244 518,35
Tobacco Products Corp., pref. (guar.)._
122,059
1,08
13,
1,4 Apr. 1 Holders of rec. Mar. Ria
98.67
6,7
343.
Nat Botch & D
Tonopah-Belmont Devel. Co.(guar 1._
500
203
5,423
51
553
Sc Apr. 2 Mar. 16 to Mar. 21
3,712
2
297
Amer Etch Na
Tonopah Extension Mining Co.(guar.).
5,000 7,890 100,581
982 11,27
Sc. Apr. 2 Holders of rec. Mar. 12
83,491 6,8405,
9,31 4,852Nat Bk of Cora 25,000j 37,437 332.395
Extra
805 31.93
Sc.Apr. 2 Holders of rec. Mar. 12
246,843
61
..
___
Pacific Bank__
Tonopah Mining
l,00
1,701
23,825 1,11 3,481
751c. Apr. 21 Apr. 1 to
23,9001 1,14
Apr. 8
Chat&PhenNai 10,500 9,316 150,87
Torrington Co.. corn. (guar.)
4,92 19,51
62 Mc. Apr. 2 Holders of rec. Mar. 20
121,416) 23.2541:5,781
Hanover Nat Bk 5.000 20.818 123,719
Transue & Williams Steel Fore. (guar.).
326 14.311
500. Apr. 15 Holders of reo. Apr. 54 Corn Exchang
100
Trumbull Steel, corn. (guar.)
e e9.075011,920 176,467 4,766 20,581
2.5c. Apr. 2 Mar. 21 to Apr. 1
152.86 23.
1 2189
Imp & Trad Nat 1.500 8,636
Preferred (guar.)
33,098
579 3.47
154 Apr. 2 Mar. 21 to Apr. 11
26.51
186
51
National Park. 10,000 23,8321 162,91
'Puckett Tobacco, corn. (quar.)
810 16.52
1
Apr. 14 Holders of rec. Mar. 310 East River Nat
125.79
5,846 7,722
Preferred (guar.)
,000
13,842
800
321 1,53
11,551 2.483
134. Apr. 14 Holders of rec. Mar. 310 First National_
50
Turman Oil (monthly)
10.000
51,584
291,105
0 21.51
1
157,353 35,355 7,897
Irving NatIona,917.5009
Underwood Typewriter, corn. (quar.)._. 2M Apr. 20 Holders of rec. Mar. 31
261,26 14,382
Apr, 1 Holders of rec. Mar. 3a Continental lik. 1.000 10,590 261.839 4,725. 34,72
Preferred (guar.)
920
8,31
136 1,01
154 Apr. 1 Holders of rec. Mar. 30 Chase National
6,4691
389
Union Bag & Paper (quar.)
20,000 22,057 349,140 4,288 41,71
134 Apr. 16 Holders of rec. Apr. 6a
315,655. 27.04 5,092
Fifth Avenue...
Union Carbide & Carbon (guar.).
500 2,430
22,092
72
2,98.
22,308
Apr. 2 Mar. 7 to Mar.20
Commonwealth.
UnionNat.Corp.,PL(gu.end.Deo.31`22) Ill
400
10,218
975
44
1,1S
2
9,037
Apr. 2 Holders of rec. Mar. 27 • Garfield Nat... 1,
282
For guar. end. Mar. 31 1923
1,645
15,149
43
2,110
2
14,521
Apr. 2 Holders of rec. Mar. 27
1
548
Fifth National
Union Natu al CI . Corp.. (quar.)1.2001 1,125
21,136
21
2,160
4314c Apr. 14 Holders of rec. Mar. 3I0 Seaboard Nat__
16,22
724
246
United Alloy Steel, common (guar.)._
4
7.079
77,398
771 9,775
74,022 1,82
51k. Apr. 10 Holders of reo. Mar. 24a Coal & iron Na'
66
United Dyewood. common (guar.)
1.313415,40
514
1,5001
1,714
Apr.
2 Holders of rec. Mar. 15a
13,0071
1)4
858I 412
Bankers Trust. 20.000 25.039 271,113 1,126 28,201
Preferred (guar.)
154 Apr. 2 Holders of rec. Mar. 15a U S Mtge & Tr
*220.03 33,013
Preferred (guar.)
59,98
780 6.639.
52.435 4,58
151 July 2 Holders of roe. June 15a Guaranty True. 3,000 4,419
25.000 17,65
Preferred (guar.)
374,55
1,4361
399 38.409 *370,5.30 46.686
Oct. 1 Holders of rec. Sept. 15a
1
Fidel-InterTrus. h2.0001 h1,849
Preferred (qua:.)
21,95
336 2,510
18,997 1,312
154
Jan2'24
Holders
of
rec.
Dee.
15a
V
N
Trust Co..
United Fruit (guar.)
15.578
2
115,894 13.826
Apr. 14 Holders of rec. Mar. 204 Metropolitan Tn 10.000 17.696 141,201
United Profit Sharing (quar.)
2,000 3,804
39,1971
519 4,525
15
33,840 3,0771
Apr. 18 Holders of rec. Mar 28a
Farm Loan & Tr 5,0901 15,065. 133,370'
United Shoe Machinery, common
503 13.315
500. Apr. 5 Holders of rec. Mar. 20
*94,763 29.657
(qua29.0871
Columbia Bank 2,000 2.145
Preferred (guar.)
32,613
6631 3,670
37)40 Apr. 5 Holders of reo. Mar. 20
27.7139.
Equitahle Trus. (20.0001 18,479 197.550, 1,289 21,730
United Verde Extension Mining
SI
*193.052 29.6791 May
Holders
1
of
rec.
Apr.
30
U.S. Bobbin & Shuttle, corn.(quar.)___ Si
Mar. 31 Holders of rec. Mar. 14
Total of averages 283,675431,863 4,535,485 50.781495,068
Preferred (quar.)
c3,677.948 420,621 31,898
Mar. 31 Holders of rec. Mar. 14
U.S. Cast Iron Pipe & Fdy., pref.(qBL). 154
117 June 15 Holders of rec. June la Totals.
condition Mar.24 4,530,241 50.403490.691
Preferred (qua:.)
114 Sept. 15 Holders of roe. Sept. la Totals, actual
atqual condition Mar.17 4,511,378 49.161 503.925c3,1337.48 .423,90832.018
Preferred (gnarl._.
c3.737,
114 Dec. 15 Holders of rec. Dec. la Totals, actwU
condition Mar.104,474.287 52,012513.4420,733.738'400,01631,995
U.S. Gypsum,common (guar.)
Mar. 31 Mar. 18 to Apr. 1
31 387,62432.116
State Banks Not Members of Fed 1 Res ve
Preferred (quar I.
._ Bank.
134 Mar. 31 Mar. 16 to Aor. I
Green
wicn
U. S. Industrial Al. ohol, pref. (guava
.sank
1,000
2,119
18,923,
1,755j 1,8831
154 Apr. 16 Holders of rec. Mar.310 Bowery
19,35
Bank..
United States Lumber (qua:.)
250
5,7461
877
3511
134 Apr. 2 Mar. 21 to Al)?. 1
4361
2,81
State Bank _ .. _ _ 2.500 4,684
United States Lumber (extra)
85,078- 3,39
1,8
28.61
134 Apr. 2 Mar. 21
to Apr. 1
U.S. Playing Card (quar.)
51
Apr. 1 Holders of rec. Mar. 21a Total of
averages 3.750 7,681 109,747 5,5051 4,177
U4 S. Printing & Llthog., let pref. (qua
154 Apr. 1 Holders of rec.Mar. 210
50,78 54.91
Second preferred (guar.)
115 Apr. 1 Holders of rec.Mar.d2la Totals.
actual conditiont Mar.24 110,007 5,6891 3,87
U. B. Radiator. prof (guar.)
117 Apr. 15 Holders or rec. Apr. I
50,911 54.94
Totals,
0.13. Tobacco, common (quar.)
75c Apr. 2 Holders of rec. Mar. 100 Totals, actual condition Mar.17 109,979 5,4791 4,43
51,29 52,826
actual conditionlar
Common (payable in common stock). /20
M.10 103,580 5,532 4,352
51,31
Apr.
16
54,72
Holders
of
rec.
Mar.t19a
Comps° lea No Merobe rs of Fed '1 Her've Ban k.
Preferred (guar.)
154 Apr. 2 Holders of rec. Ma: 19a Trust
I hie Gear or Cr 110.000 111,414
Universal Leaf Tobacco, corn. (guar.)._
53,756 1,4481 3,755
3
Apr. 2 Holders of rec. Mar. 17
34,
2,063
Lawyers
Tit
& a MOO 14,750
Preferred (qua:.)
25,677
2
Al)?. 2 Holders of rec. Mar. 17
16.3
9151 1,53
641
Utah Copper Co. (guars)
$1
Mar.31 Holders of rec. Mar. 12a Total
Valvoline 011, preferred( uar.)
of
averages,
0 16,164
79,433 2,363 5,34
2
Apr. 2 Holders of rem. Mar. 17a
50,853 2,7
h_16.00-__
Van Dorn Iron Works. pref. (qua:.)..._
154 Apr. 2 Holders of rec. Mar. 220
Totals. actual condition Mar.24
Victor Talking Machine, pref. (qua:.)
78,566 2,300 5,23
2
Apr. 14 Apr. 1 to Apr. 5
49,736 2,735
Totals. actual condition Mar.17
Victor Talking Machine, e0111. (qua:)
80,305 2,2181 5,52
$1.75 Apr. 14 Apr. 1 to Apr. 5
52.04
2.643
Totals, actual on ndltion Mar.10
Vulcan Detinning, pref. & pref. A (gu.).
79,494
2,400 5,485
51.29
134 Apr. 20 Holders 01 rec. Apr. 12a
2,847
Wabasso Cotton (guar.)
$1
%pr.
3
Holders
of
rec.
Mar
15
Gr'd edgy.. avge 308,425 455,708 4,724,665 58,616 501.538
Wahl Co., common (monthly)
50c. Apr. 1 Holders of rec. Mar. 22a Compari
(3,779,580478,23531.898
Preferred (guar 1 ...
son with prey. week __ +32,651 -342-15,697
134 Apr. 1 Holders of roc Mar 220
-68.353+275781 -43.
Waldorf System. Inc., common (guar.).
5(k Apr. 2 Holders of rec. Mar. 20a
Preferred and first preferred (guar.)._
Gr'd agter.. eatcondo Mar.244,718.814 53,369 499,802
20, Apr. 2 Holders of rec. Mar. 20
g3,738.131 481,58832,013
Compari
Walworth Mfg., pref. (guar.)
son
with
prey.
-12,848 +1,478-14,032 -102.605+241
115
03 +18
Ward (Edgar T )Sons Co.. prof nom .) 117 Mar. 31 Holders of rec. Mar. 210
-J
Mar. 31 Hornets 01 rec Mar 200 Gr'd aggr.,
Waring Hat Mfg., prof. (guar.)
ay",cond'n Mar.17 4,731,662 56,891 513,83193,840,73
2
Mar. 31 Holders of rec. Mar. 21
6
457,485
31,995.
Warren Bros., common
Gr'd
Lunn..
aelcond'n Mar.10 4,662,621 59,944523,259 93,836,3
750. Apr. 2 Holders of roc. Mar. 240
42 414,996 32,116
First preferred (guar.)
Gr•ri oggr., acelcond
Mar. 34,728,768 55.582 519,265 93.952.760
75c. Apr.
Holders of rec. Mar. 24a Gr'd aggr., acl'teoud'n
408,164 31,925
Second preferred (guar.)
I,
Feb.
24 4,752,244 59,816 503.573 g3,963,831 337.127
8734. %pr.
Holders of rec. Mar.
31,662
Weber Plano, preferred (guar.)
154 Mar. 3 Holders of rec. Mar. 24a (Ir'd acer., actalcond'n Feb. 1'4,717,502 57,781 541,121 93,973.385385,271 31,397
203
West Coast Oil (guar.).
$1.50 Apr. 6 Holders of reo. Mar. 19a Geri seer 7-eterans*” Feb '04,712.387 60.882530,60193,943,115372,466 31,114
Western Fir etrir Co,
eferred (quitt.)
144 vier. 3 Hollers of reo.
Note.-U. S. deposits deducted from net demand
Mar. 12a
Westmoreland Coal (quar.)
deposits In the general total
234 Apr.
above were as follows: Average total Mar. 24,
Mar. 21 to Apr. 2
Westinghouse Air Brake (guar.)
$126,093,000; actual totals Mar. 24,
$1.75 Apr. 3 Mar.30 to
5128,093
,000; Mar. 17, 1126,035,003; Mar. 10, 533,768,
Apr.
Westinghouse Air Brake (in stork)
10
000;
e35
Apr.
31
Feb.
Holders
24,
of rec. Mar.129a
$33,768,000. Bills payable, rediscounts, acceptancesMar. 3, 833,768,0000
Westinghouse Elec. & Mfg., corn. (qua
and other liabilities.
Si
Apr. 30 Holdors of rec. Mac.
average for the week Mar.
Preferred (quits.)
$1
Apr. le Holders of rec. Mar. 30a 481,000; Mar. 3, 5520,87124, 5195,754,003; Mar. 17, 5502,147,000; Mar. 10,5.518,,000; Feb. 24, 5527,032,030. Actual totals
30a
Whitaker Paper Co.(a 0 . i.di .).-- h3(4 Apr.
Mar. 24,
1 Holders of roc. Mar. 20
$527,224,033; Mar. 17. $467,101,000; Mar. 10,
White Eagle Olt& Refg.(guar.)
2513.991,003; Mar. 3. 5492.888.0
500. Apr. 20 Holders of rec. Mar.
00:
31a Feb. 24, 5520,596,000.
W11.11. Moinri,II.
hr...
* Includes deposits in foreign branches not Included
Whitman (Wm.)Co., Inc., pref.(qua
154 Apr. 2 Holders of rec. Mar. 20
In total footslogs as followe
National City Bank,2130,512,030; Bankers Trust
WIII & Boomer Candle, pref. (quar.)
.. 2
Apr. 2 Holders of rec. Mar. 206 Co., $84,017,
Co., 512,456.000; Guaranty Trust
Wilson (C. R..) Body Co.. pref. (qua?.).
000; Farmers' Loan & Trust
. 1,4 Apr. 1 Mar. 22 to Apr.
$31,191,000. Balances carried in banks in Co., 538,000; Equitable Trust Co.,
Wilson & Co.. preferred (guava
1
foreign countries as reserve for snob
154
Apr.
Holders
2
of
rec.
Mar.
deposits
240
Winnsboro Mills, corn. (guar.)
2
Apr. 2 Holders of rec. Mar. 260 Guarant were: National City Bank, $23,805,000; Bankers Trust Co., 124611.0001
Winnsboro Mills, pref. (guar.)
154 Apr. 2 Holders of rec. Mar. 266 Trust y Trust Co., $5,183,000; Farmers' Loan & Trust Co., 138,000; Equitable
Woods Mfg., pref. (guar.)
Co., $2,896,000. c Deposits in foreign branches
154
Apr. 1 Holders of rec. Mar. 220 Dec. 7 1922.
not included. d As of
Worthington Pump & Mach.. pt. A. UM
144 April 2 Holders of rec. Mar. 11.1n 17 As of Feb. e As of Jan. 3 1923. lAs of Dec. 31 1922. g As of Feb. 8 1923.
Preferred B (quar.)
20 1923.
114
Mull
Holders
2
of
rec.
Mar.
104
Wrigley (Wm.) Jr. Co., corn. (monthly)
50c. May 1 Apr. 26 to Apr. 30
The reserve position of the different
Common (monthly)
500. June 1 May 26 to May 31
s of institutions
Common (monthly)
on the basis of both the averages for thegroup
500.
July 2 June 26 to July 1
Wurlitzer(Rudolph)Co.and the actual
condition at the end of the week is shown week
Eightper cent preferred (qua:.)
in the following two.
lune 1 Holders of rec. May 22
2
Seven per cent preferred (guar.)
tables
:
154
arar.
Holders
of
1
roe.
•
Mar 22
Yale & Towne Mtg.
(guar.)
a'A rEMENT OF RESERVE POSITI
Apr. 2 Holders of rec.
$1
Yellow Cab Mfg., class
ON OP' CLEAR
B (monthly)___. 500. Apr. 1 Holders of rec. Mar. 10
Mar. 20
AND TRUST rIOMP %Um:a ING HOUSE BANKS
Class 11 (monthly)
50c. May
Holders of rec. Apr. 20
Class It (monthly)
50o. u ae
Holders of roe. May 19
Youngstown Shoat & Tube, corn.
(qua- SI
Mar.31 Holders of roc. Mar. 15a
Averages.
Preferred (guar.)
134 Mar.31 Holders of rec. Mar. 15a
Cash
Reserve
•
• From unofficial sources. t
Reserve
I,)
The New York Stock Exchange has ruled that
Total
&Mal*
Surplus
stock
In Vault. Depositaries Reserve.
will not be quoted ex-dividend on thls
Required.
Reserve.
date and not until further notice.
The
New
York Curb Market Association has
ruled that stock will not be quoted ex-dividend Members Federal
$
$
$
$
Reserve banks.
on this date and not until further notice.
495,068,000 495,038,000 490,751,870 4,316,130
State banks.
5.502,000 4,177,003 9,679,000 9,141,300
a Transfer books not Noised for this
537,700_
dirt. a Correction. •Payable in stock. Trust companies
2,363,001) 5,343.0001 7,708.000 7.627,950
78,050!Payable In common stock. g Payable
in scrip. b On amount of accumulated
Total Mar.24_
dividends.
7,865,000 504,588,0011 512,453,000 507,521,120 4.931.88
Total
Mar.
17._
7.728.000 520,285.000'528,013.000 515.620.870 12.392,1 0
k Subject to approval of stockholders. 1 All
30
Total Mar. 10_ _
transfers received In order in London
7,873,000 516,596,000 524.469.000 518.083,520 6,385,48
on or before March 5 will be in time for payment
0,
Total
Mar.
3_
_
of dividend to transferees.
7.762.000 532,966,000 540,728.000 529.929.480 10.798,5
in Payable In 6% preferred stock.
20
• Not members of Federal Reserve Bank.
is New York Curb Market has ruled that Brier
a This is the reserve required
Hill Stee common stock be
on net demand deposits in the case of State
quoted ex-dividend on March 16.
banke
and trust companies, but In the ruse of members
of the Federal Reserve Bank
includes also amount in reserve required
o Common stock deposited and participating ctfs.
on net time deposits, which was as follows:
inme
against it. The dividend Mar. 24, 512,618,630;
on the latter is 1%.
Mar, 17,511.796,240; Star. 10,511,075,820; Mar.3.
$10,023.060.
[Voz. 116.
THE CHRONICLE
1384
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
Actual Figures.
Reserve I
Cash
in
Reserve
in Vault. Deposltaries
Reserve
Resuired.
Total
Reserve.
$
490,691,000,490,691,000 485,590,160
5,669,000 3,873,000 9,542.000 9,163,980
2,300,000 5,238,000 7,538,000 7,460.400
$
Members Federal
Reserve banks_
State banks.
Trust companies____
its! Mar.24____
t
Total Mar. 17 ___
Surplus
Reserve.
BOSTON CLEARING HOUSE MEMBERS.
5,100,840
378,020
77,600
7,969,000,499,802,000 507,771,000 502.214,540 5,556,460
7,727,000 513.884,000 521.611.000 514,902,070 6,708,930
7,932,000523,250,000531,191,000 513,944,970 17,246.030
7,805.000 519.265.000 527.070.000 527,955,660 -885,660
Total Mar.10_ _
Total Mar.
•Not members of Federal Reserve Bank.
of State banks
b This 18 the reserve required on net demand deposits In the case
the Federal Reserve Bank inand trust companies, but In the case of members ofdeposits,
as follows:
which
was
time
net
on
required
reserve
of
amount
also
cludes
Mar.24,$12,717,240; Mar. 17.812,000,480; Mar. 10,$11,628,720; Mar.3,$10,528.
920.
March 28
1923.
March 21
1923.
Changes from
previous week.
March 14
1923.
$
59.000,000 59.000,000
59.000.000 Unchanged
Capital
83.679.000 83,679.000
83,679,000 Unchanged
Surplus and profits
Loans, dIse'ts & investments. 847,910,000 Dec. 4,427,000 852,337,0(10 840.886.000
Individual deposits, incl. U.S 591.204,000 Dec. 11,570.000 602.774,000 611,280,000
108,989.000 Dec. 9,751,000 118.713,000 118.866,000
Due to banks
225,001) 112.928,000 II .672,000
113,153,000 Inc.
Time deposits
50,000, 15.672,000; 6.534,000
15.722,000 Inc.
States
United
deposits
Exchanges for Clearing House 21.109,000 Dec. 6,467.000 27.5l6.O00 26,388.000
65,550,000 Dec. 6,237,000 71.787,000 68,686,000
Due trom other banks
Reserve In Fed. Res. Bank_ _ 66,881,000 Dec. 1,811,000 68,692,000 69,387,000
267,000 8,767,000 8,828.000
Cash in bank and F. R. Bank 9,034,000 Inc.
Reserve excess In bank and
1,332,000 Dec. 970,000 2.302,000 1,698,000
Federal Reser% e Bank
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
Philadelphia Banks.-The Philadelphia Clearing House
figures showing the condition of State banks and trust com- return for the week ending Mar.24, with comparative figures
follows:
for the two weeks preceding, is given below. Reserve
panies in New York City not in the Clearing House as
requirements for members of the Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
are 10% on demand deposits and 3% on time deposits, all
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in
(Figures Famished by State Banking Department.)
from
Difference
vaults" is not a part of legal reserve. For trust companies
previous week.
March 24.
$600 not members of the Federal Reserve System the reserve
$787.829,700 Inc.
Loans and investments
35,700 required is 10% on demand deposits and includes "Reserve
2,922,900 Inc.
Gold
18,603,900 Dec. 253,860
Currency and bank notes
67,424,300 Dec. 897,800 with legal depositaries" and "Cash in vaults."
Reserve Bank of New York
Deposits with Federal
815,811,000 Dee. 7,113,100
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N. Y. City exchanges and U. S. deposits 765,496,400 Dec. 9.733.500
118,400,800 Dec. 3,156,200
Reserve on deposits
Percentage of reserve, 20.3%.
RESERVE.
- -Trust CompaniesState Banks
$61.846.700 14.68%
*427,104,400 15.87%
Cash in vault
21,359.100 05.13%
Deposits in banks and trust cos__ 8,090,600 04.74%
$35,195,000 20.61%
Total
$83,205,800 19.81%
* Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on March 24 was $67,424,300.
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.
•
WeekendedDec. 2
Dec. 9
Dee. 16
Dec. 23
Dec. 30
Jan. 6
Jau. 13
Jan. 20
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Mar. 3
Mar. 10
Mar. 17
sl.. Od
*Total Cash
in Vaults.
Loans and
Investments.
Demand
Deposits.
IS
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
5,483.962.900
5.513.445,190
5.475.408.000
5,479,843,100
C 019 404 7nn
$
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
4,780.033.200
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
4,623.173.900
4 c4A0112 400
Reserve in
Depositories
$
$
88.954,800 612,086,201
91,414,200 609,280.701
03,839.300 609.293,50(
100.766,600 618,154.201
100.243.100 632,127,801
90.677.500 656,380.001
93.343,800 642,753,60(
86,645.900 637.70(1.'0
83,614.700 622.630.30(
82,113,900 627,114,401
83.018.000 624,211.401
81.336,300 631,693.901
81.328,900 627.981,801
81.535,300 631.333,801
81,540,500 614.759.80(
80.732.900 620.097,101
5017550n RAI 4419 1104
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated In thousands el dollars-that is, three ciphers 10001 omitted.)
Net
Capital Profits
CLEARING
NON-MEMBER:.
Nat.bks.Dec.21
Week ending itatebles.Novi:
March 24 1923. Tr. cos. Dec.31
Members of
Fed. Res. Bank.
Battery Park Nat.
W.R.Grace & Co-
Loans
Nat'l
Net
Reserve Net
DUwith Demand Time Bank
counts Cash
De- CircuDeLegal
in
Investmous, Vault. Deport- posits, posits. laden.
tortes.
&c.
$
1,500
500
Average Average Average Average Average Average
$
$
$
$
$
1
$
193
505
7.649
179 1,131
1,163 11,871
6,207
1,935
496
30
1,339 9,670
2,011
2,502 21,541
209
1.627
9,584
6,712
Total
Bank
State Banks Not Meath n of Federal Reserve
4,916 1,162
274
614
329 5,578
200
Bank of Wash. Hts
1,471 21,300
2,390
20,261
1,879
81#
Colonial Bank
1.111 2,208 25,838 3,004 1,745 26,216 1,162'
Total
Fed. Res've Bank.
Trust Companies Not Members of9,145
5,618
363
169
3,37
348
i1
Idech.Tr.,Bayonn169
3,372 5,618
363
348 9,145
IIC
Total
3.. t s 5,05 56,524 3,576 3.541 639,172 13,492
Grand aggregate
+483 -281 +104 -630 +669
Comparison with p evlous week..
3,437 839,802 12,823
3.500 5,059 56,041 3,85
Gr'd sags.. Marl
3,538 a39,228 12,217
Cled aggr., Mara 1 3,500 5,059 54,579 3,78
3,351 a38,51 , 11.899
3,681
Or el aggr., Mar. 3 3.500 5,059 53.623
3,500 5,059 53,988 3,581 3,323 a37,113 12,255
()led agar.. Feb. 2
S U. 16. deposits deducted, $443 000.
Bills payable, redboounts. acceptances and other liabilities. $2,431,000.
aims reserve. 1177,580 decrease.
Week ending March 24 1923.
Trust
Two Ciphers (00) omitted. Membersof
P.R.System Companies'
March17 March 10
1923.
1923.
Total.
$39,125.0 35,000.0 344,125,0 $44,125,0
Capital
102,652,0 14,495,0 117,148,0 117,148,0
Surplus and profits
Loans, diseta & inveatm'ts 715.128,0 44,133,0 759,211,0 761,741,0
931,0 29.445,0 28,240,0
Exchanges for Clear. House 28.515,0
238.0 97,972.0 100,174.0
97,734.0
Due from hanks
744.0 120.471,0 12•016,0
110,727,0
Bank depoaits
530,533,0 29,453,0 559.936,0 570,899,0
Individual deposits
774.0 45,357,0 42,095,0
44,583,0
Time deposits
694,843,0 30,971,0 725,814,0 740,810,0
Total deposits
24,723.0 22.500,0
U.8 deposits (not Incl.).
4,191,0
3,425,0
3,425.0
Res've with legal deposit's
54,913,0 88,470.0
Reserve with F. R. Bank.. 54,913,0
1,369,0 11,133,0 11,096,0
9,764,0
Cash in vault•
4,794.0 69,471,0 73.757,0
Total reserve and cash held 64,677,0
4,392,0 60,545.0 61,837,0
56,154.0
Reserve required
1
402.0
8,523,0
vault.
in
eael3
Excess res. &
•Cash In vault not counted as reserve for Federal Reserve members.
$43.875,0
117,148,0
751,969,0
26,977,0
92,303,0
131,885,0
569,433,0
36.882,0
738,200,0
8,803,0
4,712,0
57,281,0
11,190,0
73,183,0
62,546,0
10,.37,0
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 Mar. 28 1923 in
comparison with the previous week and the corresponding
date last year:
1923. Mar.211923. March 29'22.
Mar.28
ResourcesGold and gold certificates
Gold settlement fund-F. R. Board
155,593,759
265,428,243
159,319,926
292,777,700
221,493,000
117,443,000
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemptIon fund
422.022,005
639,037,470
5,723.162
452,097,625
639.225,370
7,546.612
338,936,000
770,378,000
10,000,009
Total gold reserves
Reserves other than gold
3066.812.840 1,098,8119.610 1,119.314,000
31,834,000
16.132.430
14,748,195
Total reserves
'Non-reserve cash
Bills discounted:
Secured by U.S. Govt. obligations
All other
Bills bought in open market
1,081,560,835 1,115,002.040 1,151,148,009
9,334.280
8,405.607
176,066,681
51,933,081
34,309,368
136,495,170
33,571.818
29,211,524
47,528,000
26,918,000
45,553,000
283,210,030
22,025,350
109,278,513
15,931,750
119,999,000
55,953,000
2,713,000
1,700,000
27,400,000
46,162,000
287,918.380
Total earning assets
11,368,214
Bank premises
banknotes.
It.
F.
agst.
fund
redetnp.
5%
119,886,429
•
Uncollected Items
1,437.354
All other resources
216.940,263
11.338,581
Total bills on hand
U. S. bonds and notes
U. 8. certificates of IndebtednessOne-year certificates (Pittman Act).
All other
Total resources
1 510,606,821 1,486,545,228 1,512,200,000
Lfahtlities28.901.400
Capital paid in
59,799.523
Surplus
Deposits38,340,865
Government
lt.lember banks-Reserve account- 707,885,086
9,966,384
All other
756,172,317
Total
565,691,139
F. R. notes In actual circulation
F. R. bank notes In circu'n-net liability
90,818,200
Deferred availability items
3,224,241
All other liabilities
193
Total liabilities
132,557,138
1.372,924
249,514,000
7,630,000
1,181,000
99,807,000
2,920,000
28,887.900
59,799,523
27,057,000
60,197,009
28,693,813
681.052.545
9,557,020
7,282,000
684,951,000
10,231,000
719,303,380
568,287,595
702,464,000
625,774,000
16,982,000
75,700,000
4,026,000
107,330,470
2,936,360
1 510,606,821 1,486,545,228 1,512,200,000
Ratio of total reserves to deposit and
81.8%
F. R. note liabilities combined
Contingent liability on bills purchased
15,112,441
correspondents
for foreign
• Not shown separately prior to January 1923.
86.6%
86.7%
14,685,283
9,899,375
CURRENT NOTICES.
193
-2
195
197
198
193
-Mann, Pell & Peak% Members New York Stock Exchange, announce
the removal of their offices to 24 Broad St., Now York. The telephone
number will remain the same.
-Walter M.Sundhelmer, formerly of the firm of W. J. Wellman & Co.,
has become associated with Edwin Weis'& Co., members of the New York
Stock Exchange.
-Robert E. Jordan, formerly with Hayden, Stone & Co., has become
associated with Prince & Whitely.
MAR. 31 1923.]
THE CHRONICLE
1385
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursda
of the twelve Reserve Banks at the close of business on Wednesday. In they afternoon, March 29,and showing the condition
first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks
The second table shows the resources and liabilities separately for each and with those of the corresponding week last year.
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 1353, 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
28 1923.
Afar. 28 1923. Mar. 21 1923.3far, 14 1923. March 7
1923. Feb. 28 1923. Feb. 21 1923.'Fcb. 14 1923. Feb. 7 1923. Mac. 29 1922.
RESOURCES.
3
$
5
Gold and gold certificates
$
3'20,401,000 323,572,0001 313.211,000 311.550.000
Gold settlement fund. F. R. Board
653,708.000 648,226,0001 638.208.000 645.285.000 302.611.000 302.668,000 302.189,000 307,567,000 1 322.429,000
604.1108.000 574,857,000 572,152,000 569,278,000 497,322,000
Total gold held by banks
974,109,000 971,798,0001 951,419,000 956,835.000
906.619,000 877,525,000 874.341.000 876,845.000 819,751,000
Gold with Federal Reserve agents
2,034.099.000 2,052,103.000 2,061,013,001 2.074,643.0
0L 2.108,767,000 2,142,076.000 2,144.036:000
Gold redemption fund
2,139.375.000 2,065,992.000
55,586,000
50,400,000
5..262.000
52,763.000
.57,427,000
55,641.000
60.120,000
89,612,000
59,856.000
Total gold reserves
3,063,794,000 3,074,301,000 3.078.294,600 3.083.641.0
06 3.072.813.000 3,075.242,000 3.078.497.000 3,076,076.0 2.975.355.000
Reserves other than gold
112,494,000 118,323,000 118,275.000 117,633,000
00
128.787.000 128,367,000 140.464,000 143.2138.000 128,024,000
Total reserves
3,176,288.000 3,192,624,000 3,196.569.001 3,201.274.6
00 3,201,600.000 3,203,609,000 3.218.961.000 3.219,364.0 3,103,379,0
*Non-reserve cash
65,815,000
00
00
69,451,000
67.917,000
70.144.000
45.824,000
Bills discounted:
68.108,010
67,789010
67.770,000
Secured by U. S. Govt. obligations_
388,238,000 351,861,000 361.286,000 330.093.00
0
356.039,00
0
Other bills discounted
308.241,00
428,724.00
0
0 344.646.0001 242.797,000
311,781,000 278,126,000 251,773,000 241.394.000
Bills bought In open market
254,251.000 237,965,000 225,416.060 218.886.000 239.721.000 259,682,000 224.715.000 224.663.000 393,155,009
207.678.000 182,353,000 184.476.000 184,945.000 102,691,000
Total bills on hand
954,270,000 867,952,000 838,475,000 790.373,000
U. S. bonds and notes
172,208,000 163,589,000 160,679,000 157,976,000 803.438.000 810.276,000 637,915.000 754.254.000 738.643,000
U. S. certificates of Indebtedness
77,201,000 128,322,000 184,034,000 186,911,000 173,975.000 167,420.000 163.240.000 166,086.000 2011,325,008
189,099,000 186,614,000 190,283,000 187.038,000 240,535,000
Other certificates
Municipal warrants
41,000
41,000
182,000
Total earning assets
1,203,720,000 1,159,904,000 1,183,188.000 1,135,260.0
00 1.166.512.000 1,164.310.000 1,191,438,000 1.107.378,0 1,179,685,0
Bank premises
48,847,000
00
00
48,761,000
48,168,000
47.937.000
47.863.000
5% redemp. fund agst. F. R. bank note:
47.042,000
46,777.000
46.640.000
191,000
38.339.000
291,000
291.61C
311,000
311.600
Uncollected items
311.000
311,000
559,481,000 645,874.000 689,039.10 618.956.00
311.000
7,757,000
0
608.167,00
0
606.089,00
All other resources
676.805010
0
524,354.000 470,449,000
13,588,000
14,439,000
17.348,660
17.113,000
16.799,600
16,566,000
16.0453100
15.818,0G0
16.322,000
Total resources
5,067,930,000 5,131,344,000 5,202,460.600 5.090,995.0
00 5.087.076.000 5.106,755,000 5,218,126,000 4,981.635,0 4,815,851,0
00
00
LIABILITIES.
Capital paid In
103,623,000 108,563,000 168,483.000 108,852.000
108,867,000
108.874,000, 108,373.000 107.810.000 103,993,000
Surplus
218,369.000 218,369,000 218,369,000 218,369.000
218.369.000 218.360.000' 218,369.000 218.369.000 215,398,000
Deposits-Government
85,432.000
98,627.000
42,442,000
38.773.000
43.401.000
46.306.000
Member bank-reserve account
43,492.000
1,871,373,000 1,866.475,000 1.032,714,000 1,879.697.11
35.131 000
56,831,000
00
1,887.552.000 1.897.691.000 1,964,561.000 1.905.530.000 1,788,782,0
Other deposits
19,465,000
19,931,000
00
20,633.000
24,392.000
21,364.001)
21,917.000
22.639,000
23,780.000
40,323,000
Total deposits
1,976,270,000 1,985,033,000 1,995.789,000 1,942,862.0
.F. It. notes in actual circulation
2,232,482,000 2,231,487,000 2,242,902.100 2,250,302,100 1,952,317,000 1,965,914.000 2.030,692.000 1,964,441,000 1.805.136,000
00 2,240.943.000 2,260.497.000 2.243.603,000 2.217,817,0
F.R. bank notes In circulation-net'lab
2,435,000
00 2,181,843,000
2,368,000
2.599,000
2,788.000
2.645.000
3,066.000
3,074.000
Deferred availability Items
515,298,000 572,000,000 621,433,060 549,513,00
3.3090100
80,353,000
0 546,254.000 538.323,000 602.878.000 459,255,000
All other liabilities
14,453,000
409,333,000
13,524,000
12,885,060
12,309.000
11,681.000
11.712,000
11,137.000
10.634,001)
19,795,000
Total liabilities
5,067,930,000 5,131,344,000 5,202,460,000 5,090,9950400
5,087,076,000 5,106,755.000 5,218,126.000 4,981,635.000 4,815,851,0
Ratio of gold reserves to deposit and
00
F. R. note liabilities combined
72.7%
72.9%
72.6%
73.4%
73.2%
72.7%
Ratio of total reserves to deposit and
72.0%
73.5%
74.6%
F. R. note liabilities combined
75.5%
75.7%
75.4%
76.2%
76.2%
75.8%
75.3%
77.0%
77.8%
Distribution by Maturities1-15 days bills bought in open market.
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness.
1-15 days municipal warrants
16-30 days bills bought in open market_
16-30 days bills discounted
16-30 days U. S. certif. of Indebtedness.
16-30 days munielPal warrants
31-60 days bills bought In open market.
31-60 days bills discounted
31-60 days U. S. certif. of Indebtedness.
31-60 days municipal warrants
61-90 days bills bought in open market.
61-90 days bills discounted
61-90 days U. S. certif. of Indebtedness.
61-90 days municipal warrants
Over 90 days bills bought In open market
Over 00 days bills discounted
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
68,201,000
513,267,000
2,819,000
$
66,559,000
457.147,000
1,700,000
73,178.000
453,609.000
58,360.000
$
61.624.000
419,826.000
61,405,600
50,121,000
42,899,000
43,874,000
40.184,000
41,627,600
36,384,000
67,897,000
71,245,000
63,421.060
66,358,000
41,000
63,829.000
51,772.000
14,203,000
20,836.000
74,382,000
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
65.080.00),
430.152.000
4.872.091,
46,856,000
350,506,000
17,595,000
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
34.940.000
36,917.000
60.442,600
60,086.000
64.062.000
59,752.060
57.810.000
54,321.000
44,669,000
53,490.000
15,000,000
43.982.000
45.800.1)00
18.500.000
42.551,000
46.503.040
48.213.00
15,877,000
70,813,000
1,700,000
102,000
23,872.000
105.603,000
2,080,000
52,110.000
45,811,000
54,124,000
38.968.000
41,971,000
44.344.000
37,865,000
38,789.000
32,519.000
36.738.000
35,210.000
26.493.000
32,284,0(10
32.354,000
31,777,000
14.201,000
74,297.000
31,785,000
12,001,000
20,487,000
72,498,000
11,201,600
21,009.000
125,734,000
8,933.000
20.051.000
125.566.000
10.689,600
21,025,000
120,444,000
8.292,000
21.180.000
119,938,000
10,570.000
22.132.000
119,564.000
10.020.0110
23,8700100
133,953,000
1,865.000
35.530,000
187,455,000
Federal Reserve NotesOutstanding
Held by banks
2,601,079,000 2,617,539,000 2.637.482.000 2.650.183.000
2,647.562,000 2,652,879,000 2.633.175.000 2,619.758,0
368,597.600 386,052,000 394,580,000 393,881.0013 400
00 3,518,516,000
619.000 392.382,000 389.572.000 401.941.000
336,673,000
In actual circulation
2,232,482,000 2,231,487,000 2.242,902,000 2.256.302,000
2.246,943,000 2.260,401.000 2,243,603,000 2.217.817,0
00 2,181,843,000
Amount chargeable to Fed. Res. A gen: 3,463,617,000 3,473,336,060
3.487.449.006 3,503.305.000
In hands of Federal Reserve Agent
862,538,060 855,797,000 849.967.000 853,122,000 3,512.304,000 3.527.052,000 3,528,348.000 3,535.806.000 3,372,447,000
864.742,000 874.173,000 895,173,000 916.048.00
0 833,931,000
Issued to Federal Reserve banks
2,601,079.000 2,817,539.000 2.637,482,000 2.650,183,0
06 2,647,562,000 2,652,879.000 2,633.175.000
2,619,758,000 2,518,516,000
How SecuredBY gold and gold certificates
314,899,000 314,899,000 312.399.000
BY eligible paper
566,980,000 565,436.000 568,860.010 322,399.000 317,399.000 327,398,00,, 330.809.000 329.799,000 403,713,000
Gold redemption fund
129,141,060 123,544,000 126,830.000 576,140,600 538,795.000 510, 03.000 489.139.000 480,383.000 452,524,000
With Federal Reserve Board
1,590,059.000 1,613,660,000 1,629,378.000 124,765.000 136,023.000 126,833,000 128.130.000 130,567,000 126,217,000
1,626,879,000 1,655,345,000 1,687.845,000
1,685,097,00)) 1.679,009,000 1,536,062,000
Total
2,601,079,000 2,617,539,000 2,637.482.000
2,650,183.000 2,647.562,000 2.652,879,000
2,633.175.000 2,019.758.060 2,518,516,000
-Eligible paper delivered to P. R. Agent. 907,160,000 813,671,00
0 789,610,000 756,301,000 749,093.00
0 760,241,000 800.422,000 721,280,00
0 710,266,000
• Not shown separately prior to Jan. 1923.
WEEKLY STATEMENTOF RESOURCES AND LIABILITIES OF
EACH OF THE 11 FEDFRAL RESERVE
BANKS AT CLOSE OF BUSINESS MARCH
286923
Two ciphers (00) omitted.
Federal Reserve Bank ofBMW'S
New York Phila. Cleveland Richmond Atlanta Chicago
St. Louts ytnneap. Kan. ettp Dallas San
Fran
Total
RESOURCES.
$
$
$
$
$
5
Gold anti gold certificates
$
$
$
17,607,0
5
$
$
$
Gold settlement fund-F.R.B'rd 45,928,0 156,594,0 22.509,0 12,541,0 7,236,0 5,812,0 53,403,0 3,117,0 7,823.0
3,033.0 10,981,0 19,745,0
265,428,0 32,023,0 79,322,0 19.479,0 27,529,0 76,924,0
10,026.0 20,618,0 32,354.0 11,339,0 32,738,0 320,401,0
653,708,0
Total gold held by banks
63.535,0 422,022,0 54,532,0 91,863,0 26,715,0 33,341.0
Gold with F. R. Agents
130,327.0 13,143,0 28,441,0 35,387,0173,441,0 639,067,0 152,344,0 206,271.0 57,143,0 101.942.0
22,320,0 52,483,0 974,109,0
Gold redemption fund
356,012,0
8.355,0
5,723,0 7,138,0 1,796,0 6,358,0 1,568,0 10,927.0 64.767,0 46,629,0 52,919,0 12.284,0 171,275.0 2,034.099,0
3,440,0 1,791,0 1.772,0 1,442,0 5.276.0
55.586,0
Total gold reserves
245,331,0 1,066,812,0 214.014,0 299,930,0 90,221,0
136,851.0 497,266.0
Reserves other than gold
10,281,0
14,748,0 6,014.0 7,256,0 11,364,0 8,768,0 18,149,0 81,350,0 76.861,0 90,078.0 36,016,0 229,034,0 3,063,794.0
21,467,0
986,0 4,066,0 4,610,0 4,785,0 112,494,0
Total reserves
255,612,0 1,081460,0 220,028,0 307,186.0 101,585,0
145,619.0 515,415.0
Non-reserve cash
10,587,0
8,406,0 2,438,0 3,028,0 3,047.0 8,301.0 6.178.0 102,817,0 77,847.0 94,144,0 40,656.0 233,819,0 3,176,288,0
Bills discounted:
4,953,0 1,809.0 3,829,0 4,352,0 8,887,0
65.815,0
Secured by U.S.Govt.oblIga'ns 24,356,0
176,967,0 46,424.0 22.095.0 20,006,0 2,856,0
Other bills discounted
50,602,0 11,786,0 2,647,0 6,816,0 1,002,0 21.781,0
32,404,0
51,934,0 19,131.0 17,646.0 29,460,0 15.779,0 46,384,0
388,238,0
Bins bought In open market
17,482,0
34,309,0 28,946,0 46,597,0
956,0 21,199,0 31,112.0 14,645,0 17,111.0 16,002,0 18,284,0 33.001,0 311,781,0
12.448,0 2.797,0 1,077.0 20.507,0 36,821,0
254.251,0
Total bills on hand
74,242,0 263,210,0 94,501.0 86,338,0
51,322,0
39,834,0 128,098,0 38.879.0 22,555.0 23,895.0 39.793.0
U. S. bonds and notes
5,606,0
22,026,0
91,603,0 954.270,0
24,438,0 12,355,0 1,341,0
511,0 8,954,0 18,085,0 14,565.0 33.331,0
01. S certifies le.. or Indebtedness. 4,800,0
3,379,0 27.617,0 172,208,0
2,713,0
979.0 8,945,0
2,001,0 36,100.0 8,942,0
municipal warrants
510,0 4,086.0 8,125.0
41,0
77,201,0
410.0
Total earning assets
84.648.0 287.949.0 119 916 nin7 633 0 5:) 603 0 4.1 3100
171 ls,n AK ono A 37 n/n A Al 019 A 51 0070 'In Onnn 1
nnn nnnn
[Vol,. 116.
THE CHRONICLE
1386
RESOURCES (Cenefetled)Two ciphers (00) omitted.
Boston
New
York
Phila.
Cleveland Richmond Atlanta
Chicago St. Louts Minneap. Kan. City
Dallas
Sat,Fran
Total
3
$
$
$
48,847.0
1,937.0 2,063,0
4,434,0
lank premises
•
1% redemption fund mains;
191,0
26,0
100,0
65.0
F. It, bank notes
559,481,0
49,670,0 119,886,0 49,387.0 56,610,0 54,231,0 21,272,0 72,705,0 33,288,0 13,290,0 35,088.0 • 19,204.0 34.850,0
Yncollected items
13,588,0
4,496,0
791.0 2,075
371.0 1,812,0
743.0
390.0
480,0
492,0
362,0
1,437,0
139,0
kll other resources
.335,0 5,067.930,0
405,090,0 1,510,606,0 392,8.58,0 482,841,0 214,623,0 220.233,0 776,973,0 208,269.0 133,460.0 200,095,0 119,547,0
Total resources
LIABILITIES.
108,623,0
7,761,0
4,182,0
4,637,0
3,583,0
4,915,0
15,032,0
7apital paid in
28.901,0 9,481,0 11,974,0 5,682.0 4,429,0
8,046,0
218,3690
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
16,312,0
hu.plus
85,432,0
4,092.0
4.444.0
1,625,0
2,543,0
1,997.0
4,357,0
6.582,0
5,075,0
38.341,0 3,826,0 4,837,0
7.713.0
Deposits: Government
139,221,0 1,871,373.0
Member bank-reserve ace't_ 120,433,0 707.865,0 110,475,0 156,767,0 59,088,0 54,896.0 269,434.0 72,450,0 49,252,0 80,295,0 51.192.0
19,465,0
3,627.0
249,0
755,0
580,0
745.0
993.0
130,0
142.0
1,082,0
693,0
9,966,0
deposits
503,0
Other
1,976,270,0
128,649,0 756,172,0 114,994.0 162,686,0 64,305.0 61,608,0 274,784,0 75,192,0 52,375.0 82,675,0 55.885,0 146.945,0 2,232,482.0
Total deposits
r.R.notes in actual circulation. 203,836,0 565,691,0 202.811.0230,500.0 83,528,0 123,757,0 393,330,0 83,690,0 56,032,0 62,631.0 28,954,0 197.722,0
I'. R. bank notes in circulation2,435,0
457,0
1,488,0
490.0
net liability
34.260,0 515,298,0
. 47.637,0
96,818,0 45,908,0 52,953,0 49,255,0 20,754.0 61.306,0 33,905,0 13,099,0 38,612,0 20,791,0
Deferred availability items
14,453,0
564.0 1,782.0 1.384,0
898.0
902,0
743,0 1,633,0
565.0
915,0 1,233,0
3,224,0
610,0
kil other liabilities
$
11,368,0
$
684,0
$
7,887,0
$
2,617,0
$
2,305,0
$•
8,715,0
$
934,0
$
1,072,0
$
4,831,0
405,090,0 1,510,606,0 392,858.0 482,841,0 214,623,0220.233,0 776,973,0 208,269.0 133,460,0 200,095,0 119,547,0
Total liabilities
Mtmomn41.
Ratio of total reserves to defacer
and F. R. note liabilities cam •
47.9
64.8
71.8
64.7
77.1
78.6
68.7
78.1
69.2
81.8
Dined, per cent
76.9
Contingent liability on bills pur
966.0 1.222.0 1.023.0
am 1190 2 444 n 2 07n 0 1478.0 1.185.0 3.951.0 1.251.0
chased for foreign corresnond't, 2 an2 n
403,335,0 5,067,930,0
67.8
75.5
2.018.0
35.832.0
OF BUSINESS MARCH 28 1923.
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE
Federal Reserve Agent at-
Pr.
$
San
Boston New York Phila. Clever d Richned Atlanta Chicago SLLossis Alinn. K. Cup Dallas
$
$
s
$
$
$
Resourcesin Thousands of Dollars)
91.400 334,340 44,800 33,220 30,690 76,038
Federal Reserve notes on hand
129,823
91,237
245,868
222,511
736,639
222,528
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
2.400
25.300 235,531 7,000 13,275
Gold and gold certificates
32,536 15,455 12.996 3.353 4,042
20.141
Gold redemption fund
128.000 371.000 129,889 180,000 53.795 95,500
Gold Fund- Federal Resemte Board
07,572 70,167 39.597 34,089 27.881
49,087
Eligible paperJAmount required
25,155 137,647 13,498 40,899 15,600 11,944
'Excess amount held
$
$
$
$
$
TOtal
s
111,560 26.940 11.928 19.760 20.879 60.985 862,538
438.187 101,272 59.576 71,556 33,068 249,014 2,601,079
314,899
6,461
11,880 13.052
16.368 3,887 1,577 3,559 1,823 13,404 129.141
339.644 49,000 32,000 49,360 4.000 157,871 1,590,059
82.175 36.505 12,747 18.637 20.784 77,739 566,980
45,923 2,374 9,337 5,253 18,906 13,644 340,180
105.921 572.657 6,404.875
561,611 1,945,265 503,320 585,855 223,764 347,628 1.033,857 231,858 140,015 168.125
Total
7.4.28Uftiesfrom
received
notes
Net amount of Federal Reserve
71,302 91.316 53.947 309,999 3,463,617
313,928 1,070,979 267,311 279,038 121.927205.861 549.747 128,212
Comptroller of the Currency
52.919 12.284 171,275 2,034,099
173,441 639,067 152,344205,271 57,148 101.942 356,012 64,767 46.629
Collateral received from!Gold
49,689 39.825 128,098 38,879 22,084 23,890 39,690 91.383 907,160
80,496
83,665
235,219
74,242
Federal Reserve Bankl Eligible paver
105,921 572,657 6,404,878
561,611 1,945,265 503.320 565.855 228.764 347,628 1,033.857 231,858 140,015 168.125
Total
33,068 249,014 2.601,079
71,556
59,376
101,272
438,187
129,823
91.237
222.528 736,639 222.511 245.868
Federal Reserve notes outstanding
44,857 17.582 3.344 8,925 4,114 51.202 368.597
. 18,692 170,948 10,700 15.368 7,709 6,066
Federal Reserve notes held by banks
202 am sas Rot 202 611 220.500 83_524 122.757 292.220 63.690 56.032 82.631 281954 197.722 2.232.482
Weekly Return for the Member Banks of the Federal Reserve System.
principal items of the resources and
Following is the weekly statement issued by the Federal Reserve Board, giving the
are always a week behind those
figures
These
obtained.
are
returns
weekly
liabilities of the 777 member banks,from which
given in the statement of Oct. 18
were
in
the
statement
items
different
the
of
Definitions
themselves.
Banks
for the Reserve
Reserve Board upon the figures for the latest
1917, published in the "Chronicle" Dee. 29 1917, page 2523. The comment at the
1363.
on
page
week appear in our Department'of "Current Events and Discussions"
Reserve District at close of business March 21 1933. Three c phers (000) omitted.
I. Data for all reporting member banks in each Federal
'
Total
iftnneap. Kan. Cur Dallas San Fran.
Boston New York Phila. Cleveland Richmond Atlanta Chicago St. Loafs
Federal Reserve Dupla,.
777
66
52
30
78
38
107
39
78
84
55
106
46
$
$
Number of reporting banks
$
$
s
$
a
$
a
$
$
s
3
269.540
16,430
5,299
8,073
Loans and discounts, grass:
7,856
17,657
43,469
7,132
10,065
32,756
18,601
87,645
14,557
50,972 181,287 3.753,368
78,051
Secured by U. S. Govt.obligations
50,619
60,822 543,103 134,711
233,964 1,675.657 256,516 377,731 121.935
214,511 779.249 7,727,170
Secured by stocks and bonds
332,606 671,604 326,200 336,443 1,129,621 308,334 189,150 362,717
605.1702,473,565
discounts
and
loans
All other
458.702 247,625 448,841 270,782 956,966 11,750,078
858.691 4,236.867 607,723 1,082,091 461,200 404.397 1,716,193
283,196
36,48.5
19.901
12.078
Total loans and discounts
8,761
15,323
24.912
14,551
30.460
48.052
11,464
48.486
12,723
95,217 1,045.279
14.327
47,034
13.043
U.S. pre-war bonds
25.003
94,886
13,004
31,955
121,586
47,760
463,225
78,239
109,617
12.118
2,245
4.705
1,319
U. S. Liberty Notes
9,576
12,374
1,896
5,123
9,256
4,154
40,585
6,266
940.837
48.437
15,648
22.693
25,873
U. B. Treasury Notes
25.019
7.331 139,941
10.123
58,277
51,938
23,916 511,641
205,344
16.923
9,661
7,498
4,239
U. S. Victory notes & Tress' notes.
7,469
31,676
10,099
4.850
20.250
10,176
74,840
7,599
9,200 155,373 2,159,979
58.693
31,042
U.S. Certificates of Indebtedness
89,467
37.218 366.307
51.691
184,235 286,731
Other bonds, stocks and securities._ 172,245 717,777
341,764 1,321,524 16,494,330
601,542
331,952
630,559
488.4962.386,289
595,402
1,626,243
917.450
92.504 1,388,286
25.744
50,363
26,987
Total loans& disets & bivestnets, 1,159,679 6,093,430
41,533
34,076 204.012
35.228
70,524 109,105
80,697 617.513
20,483
276,145
9,015
11.358
5,641
Reserve balance with F. R. Bank__ _
7,768
52,290
10.150
13,399
30,866
16,164
80.304
18.707
683.722 11,183,938
239.380
456,624
210,029
Cash in vault
372,161
1.488,077
282,376
4.730.684 684,230 920,431 331,637
784,587
595.031
3,923,152
74,959
124,698
83,405
Net demand deposits
87,210 550.319 152.039 160,070 769,656 183,218
247,820 887,827
24,403
14,828
310
326.466
5,614
10,053
'Mane deposits
28.707
9.429
9.798
23,694
26,859
19,273 153,498
Government demposits
with
Bills payable and rediscounts
17,934
585
259,534
10.198
3,940
3,192
43,705
Federal Reserve Bank:
1,945
17,406
12,266
22.495
10.936 114,932
2,710
16,100
5.885
156.783
3,144
10.879
by U.S.Govt.obligations
16.144
Secured
4.083
17.453
15.560
14.718
28 940
ot a 4.7
... Reserve flank and branch cities and all other reporting banks.
2. Data of reporting member banks In Federal
New York Clip
Three ciphers (000) emitted•
Total.
AU P. R. Bank Cities IP. R. Branch Cities Other &teem('Cites.
23Mar.14'23
.
14.
liar.21
Mar.
21.
Mar.22'22
Mar.
14.
Mar.
21.
Mar.
14.
Mar.
Mar, 14. Mar. 21.
Cure!Chicago
Mar. 21. Mae. 14. Mar. 21.
49
49
63
63
banks
Number of reporting
$
$
$
$
L
Loans and discounts, gross:
35.017
33,791
15,782
Secured by U.S. Govt. obligation, 78,620 1,443,543 407,012 414,826
1,490.279
Secured by stocks and bonds,
2,166,1232.185,512 668,548 662,008
All other loans and diseounts
3.735,0223.704.837 1,109,351 1,111,851
Total loans and discounts
3,361
37.8353,372
37,83
U. S. pre-war bonds
37.623 37,771
397.171 410,936
U. S. Liberty bonds
5,482
5,413
32.206
30,141
U. S. Treasury bonds
475,927 96,969 98,83
U.S. Victory notes & Treasury note, 478.391
9,71
12,86
28,675
65.234
IL S. Certificates of Indebtedness..
188,881
188.34
522,
()thaw bonds, stocks and securities-- 518,022
777
777
805
311
311
207
207
259
259
$
$
3
I
$
$
$
$
$
$
209,540 269,408
397,770
49,283 40,474 40,591
49,11
179,534
179,949
2,719,882 2,682.69 553,084 549,624 480,402 479,048 3,753,368 3,711.365 3,131,258
4,786.: ; 4,801.271 1,555,151 1,555.764 .385.184 1,385,088 7,727.170 7,742,123 7,363,644
7,686,667 7,663,49: 2,157,351 2,154,671 .906,060 1,904,727 11,750.078 11.722,89&10,892,672
283,196
76.962 106.361 106,149
77,08
282,87111
99.761
99,773
247,043 250,147 170.326 171,005 1,046.279 1,085,5441 1,017,677
640,39
627,911
26,591
23,242
23,309
25,686
109,6171 112,252
62,41
60,622
442,171
79,091
146,378 139,313 80,591
040.8371
716,56
713,86:
172,614
32,781
99,766
30,665
205,344
14.159
52,826 60,80
113,876
572.57 576.217 423,54. 416,808 2,159.97 2.162.1691_2.079,605
1,163.85 1,169,14
16,494.330 16,376,46 14,604,739
1,455,89810,466,57 1 10.404.59 3,286.911 3,256,6822.740.8602,715,181
Total loans & disc.ts Ai invest'ts 5,261,8155,213,3791.453,94
985,416 1,025,456 233.711 242.975 169,080 174.970 1,388,286 1,443,401 1,256,746
141.094j 145,376
271,248
288.58
Reserve balance with F. It. Bank_. 569,621 602.97
62.638
57,81
276.145
78.766
77,241
147,18
141,08
28,2571 31,150
66,236 66,95
1.924.406 1,702,37 1.739,955 11,183,938 11.463.61 10.337.664
Cash In vault
4,236,604 4,333.928 1.001,16711.028,472 7,585,931 7.799,2531.895.63'
3,132.921
1,160,132
1,160,117
3,891,274
Net demand deposits
821,905
820,018
3,923,152
1.911,124
624,563 593.5601 375,1571 373,184 1,941,130
Time deposits
25,371
27,624
8,897
326,466
74,549 60,146
108,8111 224,114
8,893 238,696
140,867 38.5911 15.6501
Government deposits
Bills payable and rediscounts with
89,152
II
51,721
F. R. Bank:
259,534 273.87
21,701
24,92
177,7 : 200,457 56,871
26,74425,1574
133.736
92,11
162,432
131,655
See.d by ri. 8,Govt. obligations_.
156,763
19,089
15,324
20,924
97,242 27,04
108.796
8,431
18,159j 12,1661
17,68.
All other
flatio of bills payable & rediscountl;
1.7
2.5
with F. R. Bank to total loan.
2.5
1.4
2.2
.
.
2.7
2.3
2.7
2.9
2.1
and Investments on,' Cent
• Revised figures.
MAR. 31 1923.]
THE CHRONICLE
Vaulters'
TRANSACTIONS AT THE NEW YORK STOCK =CHANGE
DAILY, WEEKLY AND YEARLY.
azette,
Wall Street. Friday Night, March 30 1923.
Railroad and Miscellaneous Stocks.-Except for one
or two brief seasons of reaction the trend of the stock market
throughout the week has been towards a lower level of prices;
and, notwithstanding an exceptionally dull market on Thursday, in anticipation of the Good Friday holiday, the transactions have averaged more than a million shares per day.
'The general downward movement included both railway
and industrial shares and some of the trans-continental issues,
notably Union Pa,c., So. Pac. and No. Pao., show a net
loss of 2 points or more. The industrial list was more irregular, U. S. Steel being exception in scoring a net advance.
This follows logically the latest reports of steel production,
which is now at 92% of capacity and, therefore, equal to
the best record of 1920. In addition to this, as evidence
-of general activity, is the statement of car loadings which
shows an excess of 15% over 1922.
The general bond market has been relatively active and
strong, several of the Liberty Loan issues having recovered
a:part of their recent decline.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
'STOCKS.
Sales
Week ending Marsh 30. for
Week
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Highest.
Railroads.
Par. Shares $ per share. $S per share. S per share.1$ per share.
Bangor & Ar, pref....10 • 400 91 Mar 28 9134 Mar 27 91
Jan 9431 Jan
Buff Roch dc Pitts._ _10
4 6434 Mar 26 6434 Mar 26 6334 Feb 68
Jan
Colo & South lat PL.I
100 5931 Mar 24 5911 Mar 24 5834 Jan 60
Feb
Duluth S S & A pref..10
300 54 Mar 24 531 Mar 24 411 Jan 534 Feb
Illinois Central pref
300 113 Mar 27 11534 Mar 26 113
Jan 11734 Feb
RR sec series A..10
_ 69 Mar 24 70 Mar 27 514 Feb 70
Mar
lot dc Gt No Ry (w I).10
300 2434 Mar 24 2434 Mar 28 22
Jan 2534 Mar
Keokuk & D M RR_.10
100 334 Mar 24 334 Mar 24 334 Mar 334 Mar
Manhat El mod guar_l
200 41
Mar 24 4234 Mar 24 41
Mar 4234 Mar
M St P & S 8 M pref.'
10010034 Mar 27,10034 Mar 27 8434 Feb 10034 Mar
Mo Kan dr Tex Pao_ _1
100 1034 Mar 29 1034 Mar 29 1034 Ma,1 12
Jan
Rapid Transit
1,30Q 1734 Mar 29 1731 Mar 29 1731 Mar 174 Mar
Rapid Transit, Ilf w I. _ 1,300 4534 Mar 29 4534 Mar 29 4534 Mar 4534 Mar
Indus. & Miscall.
All America Cablee..16 I
20 103 Mar 28 103 Mar 28 102
Jan 106
Jan
Amer Chaln w I
2,400 2534 Mar 29 2534 Mar 29 2534 Mar 2534 Mar
Amer Rolling Mills pref.
300 9734 Mar 28 98 Mar 27 97
Feb 10034 Jan
American Snuff pref_101
47 95 Mar 28 95 Mar 28 95
Mar 101
Mar
Art Metal Construct. _11
700 1534 Mar 29 1634 Afar 29 1534 Mar 18
Mar
Am Metal temp etf pf100
300 116 Mar 24i11634 Mar 24 115
Jan 117
Feb
Atl Fruit Col T Co ct of. 1,800 234 Mar 27 234 Mar 24 134 Jan 234 Feb
Atlas Powder
1
100 152 Mar 24 152 Mar 24 152
M 162
Feb
6% cum pref
200 88 Mar 28 88 Mar 28 864 Feb 9034 Jan
Auto Knit Hosiery__ 3,100 2334 Mar 27 2434 Mar 24 2334 Mar 25
Mar
Brown Shoe Inc pref.10
100 9634 Mar 26 9634 Mar 26 9634 Mar 99
Jan
Burns Bros pier
1
10010734 Mar 291074 Mar 29 1064 Mar 10734 Mar
Bush Term Ridge pf _1
100 94 Mar 29 94 Mar 29 94
Mar 94
Mar
Century Ribbon Mills_. 500 32 Mar 29 3254 Afar 29 32
Mar 3234 Mar
Preferred
100 9834 Mar 29 9834 Mar 29 9834 Mar 9834 Mar
Oluett, Peab Os Co PL1
100104 Mar 28,104 Mar 28 1024 Jan 110
Feb
Commer Solvents A__
400 3754 Mar 261 384 Mar 24 3734 M
Feb
46
Cuban Dominion Sugar 13,800 934 Mar 281 104 Mar 28 814 Fe 1231 Mar
Preferred
10
400 56 Mar 281 57 Mar 28 5134 Feb 5834 Mar
Coaden & Co pref
300108 Mar27l108 Mar 27 101
Jan 10934 Feb
Crex Carpet
1 0
100 29 Mar 27129 Mar 27 2434 Feb 29
Mar
Deere & Co prof
10.
300 70 Mar 271 704 Mar 26 70
M
7334 Jan
Emerson-Brant pref..101
100 30 Mar 241 30 Mar 24 2534 Feb 3034 Feb
FM Phoenix Fire Ins_ _2
100 125 Mar 2 125 Mar 29 102
Jan 138
Feb
Maher Body Corp pf_10
300 120 Mar 24 120 Mar 24 116
Jan 120
Mar
Rights
900 18 Mar 271 194 Mar 24 18
Ma 21
Mar
Fleischmann
• 9,100 3834 Mar 29 3934 Mar 28 3754 Jan 4154 Mar
General Baking Co
100 82 Mar 28 82 Mar 28 73
Ja 85
May
Gilliland 011 pref 8% _111
100 504 Mar 29 504 Mar 29 48
Jan 5034 Mar
Gimbel Bros pref. __I I I 1,100 99 Mar 26 9934 Mar 29 90
Jan 1024 Feb
Goodyear pref
100 5034 Mar 29 sag Mar 29 5034 M
503.1 Mar
GoodyTire prior p1w111. 1,400 9634 Mar 24 9654 Mar 24 9634 M
99
Feb
CR Western Sugar PL1 li
90010634 Mar 2 107 Mar 24 105
Jan 1084 Mar
Guantanamo Sue pf.1 i I
100 98 Mar 27 98 Mar 27 98
Mar 101
Feb
Gulf States St'l lst pf 1'6
10010334 Mar 2 10334 Mar 28 101
Jan 1054 Feb
Hayes Wheel
M
7,200 38 Mar 26 4034 Mar 28 36
41% Feb
Household Products- 19,000 354 Mar 2 374 Mar 29 354 Mar 3934 Mar
International Shoe..
800 6934 Ma*
7034 Mar 24 654 Jan 7034 Mar
Intertype
• 1,300 3634 ? Jr 29 3834 Mar 29 364 Mar 4034 Mar
Iron Products prof _ __I ii
100105 Mar 2 105 Mar 29 994 Jan 11034 Feb
Kinney (1 It
100 40 Mar 29 40 Mar 29 40
Mar 40
Mar
Llgget & M Tobeer B 1 i. 300200 Mar 2920054 Mar 29 200
Mar 2194 Feb
11.
MacY Prat
looli-oi Mar 2 1144 Mar 24 112% Jan 115 Feb
Magma Copper
1.800 354 Mar 26 37 Mar 27 294 Jan 284 Mar
Manila Elea Corp_l i i
800 8834 Mar 26 894 Afar 28 8834 Mar 90
Mar
Met Edison prat
400 9834 Mar 29 9734 Mar 29 9334 Jan 9934 Mar
Nat Department Stores_ 1,100 37 Mar 29 3734 Mar 29 37
Mar 3754 Mar
Preferred
1,800 944 Mar 29 9534 Mar 29 944 M
95% Mar
Nat Bk of Commerce 101
10298 Mar 29298 Mar 29 296
Feb 309
Mar
Nat Cloak & Suit pt.'
Mar 29 98 Mar 29 98
M 102
300 98 M
Feb
Surety
500163 Mar 28 163% Mar 26 163
1::
M 164
Mar
NN & II R G & E_ _100
200, 55 Mar 28 56 Mar 271 55
Mar 58
Mar
North American w I _1 13.500 214 Mar 26 2234 Mar 29 214 M
22% Mar
B rights
100 20 Mar 28 20 Mar 28; 18
Jan 2034 Jan
Otis Steel pref
lii
700 684 Mar 26 7034 Mar 29, 47
J
724 Mar
Pacific Tel & Tel_ __ _1 II
Jan 8034 Mar
200, 80 Mar 24 8034 Mar 26, 67
Panhandle Pet R pref 1
475' 60 Mar 26 6034 Mar 29, 60
Feb 68
Jan
l'idllip Morris
1 1.100' 174 Mar 26 1834 Mar 281 174 Ma 19% Mar
Phoenix Hosiery
3.6001 43 Mar 29 47 Mar 241 43
Ma 564 Mar
Preferred
100
200 98 Mar 28 98 Mar 28 98
Marl®
Mar
Pierce Arrow prior pref.
2001 70 Mar 26 7034 Mar 26' 63
Mar 75
Fob
Prod & Ref Corp pref.
300, 4734 Mar 28 4814 Mar 26 45
Feb 4934 Mar
PS Corp of NJ rights...
200,105 Mar 2810534 Mar 28 104
Mar 1084 Feb
Rola(Robt)&Co
800' 18 Mar 24 1831 Mar 28 16
Jan 1934 Mar
First preferred_ _ _
100 78 Mar 26 78 Mar 26 763i. Feb 82
Jan
Shall Union Oil pref.__10'
I I.
9
9114 Mar 28 9134 Mar 28 91
Mar 9334 Jan
Simms Petroleum_ _ _ _1 11,400 1234 Mar 26 1331 Mar 24
Jan
124 Jan 16
Simmons Co
16,700 31
Mar 28 3331 Mar 24 2434 Jan 3434 Mar
Preferred
400 994 Mar 26 9934 Mar 26 99
1
Mar 10134 Mar
Sinclair 011 prat
Ii 1,300 9734 Mar 24 98
Mar 9934 Feb
Afar 24 96
Skelly 011 new
2 14,000 324 Mar 26 3434 Mar 29 31
Mar 3454 Mar
Spalding 1st pref._ _ _1
10010334 Mar 28 1
Afar 28 10334 MaclOS
Jan
Standard 011 of Calif rts. 78,700 334 Mar 28 0334 Mar
24 384 Mar 431 Mar
334
Tobacco Prod pref._.10 1,000 1094 Mar 27 11111
Mar 24 1044 Feb 11334 Feb
Transue & Williams._
100 3534 Mar 26 3534 Mar 26 24
Feb 3534 Mar
United Dyewood prof 10
100 92 Mar 28 92 Mar 28 92
Mar 96
Feb
United Paperboard_ _1i: 2001 18 Mar 29 1
Mar 29 164 Mar, 1854 Mar
834
U 8 Express
iii
10
33.1 Mar 28 331 Mar 28 334 Ma1 8% Feb
U 8 R Os Impt full paid_
600110534 Mar 29 106 Mar 24 10234 Feb 10834 Feb
U 8Tobacco
1003 67 Mar 2( 67 Mar 26 57
Jan 69
Feb
Va-Carolina Chem B...
600 1234 Mar 29 1334 NIar 27 1234 Mar 164 Feb
2001 5334 Mar 26 5334 Mar 26 52
Van Raalto
Mar 64
Feb
Vulcan Detinning- _111 iool 54 Mar 28 534 Mar 28 5 Jan 531 Mar
Waldorf System
1. 3,5001 41
Mar 28 424 Mar 28 41
Mar
47
Marl
West Eleo 7% cum pf 1 ii
700111234 Mar 20111234 Mar 28 11134 Mar 1144 Feb
Youngstown Sheet &T.
3001 74 Mar 27 7434 Mar 26 7334 Mail 80
Jan
• No par value.
1387
Week ending
March 30 1923.
Stocks.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Railroad.
Par Value.
Bonds.
State. Muss.
and Foreign
Bends.
V.8.
592,000 $53,100,000 33.840,`00 $1,083,500 $1,918,500
1,219,323 95,700.000
7,271,000 1,839.500 2,940,500
994.740 92,500,000
6,925.000 2,174,500 3,271.150
1,036,517 92,700,000
7,231,500 1.920,500 6,424,400
770,936 59.000,000
7,589,000 1,762.000 5,460,000
Stock Exchange I Closed
Total
Sales at
New York Stock
Exchange.
4.613,516 3393,000.000 332.857.000 $8,780,000 320.014.550
Week ending March 30.
Jan. 1 to March 30.
1923.
1922.
1922.
1923.
Stocks-No. shares..._
4,613,51(3
4,616,022
55,467,646
68,515,882
Par value
3393,000.000 3388,183,870 $6,168,858,000 $4,947,042,745
Roads.
Government bonds... $20,014,550 339,929,700
3531,887,150
$213,474,030
State, mun.& for. bds_
8,780,000 *12,451,000
159,146,000
135,058,400
RR.and misc. bonds._
32.857,000 30,664.500
457,285,350
471,078,000
Total bonds
561.671.550 883,045,200
$819,610,430 81,148,318,500
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIKORE EXCHANGES.
Boston
Week ending
March 30 1923.
Philadelphia
Baltimore
Shares. Bond Sales. Shares. Bond Sales. Shame. Bond Sales.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
10.000
8,087
6,623
18,569
11.809
31.700
14,877
6,190
9,900
19,525
18,200
8,831
13,327
12,450
9,997
Good Fri day-Stock Exchang es
Total
74,385
Prey, week revised
82,250
43,450
26,000
33,400
1,046
33,500 Maryl'd DayEx.CI.
43.650
1,594
73,400
37,800
1,496
72,100
53,100
1,291
42,000
Closed.
194 050
2,427
220,900
105,163
57.884
195.200' 17,121
140,350
154.100
Dauy Record Of CI. S. Bond Prices. mar.x4 mar.zu cwar.zi odar.25 Mar zu Mar-30
First Liberty LoanHigh 101 54 101
101.00 10014 100 34
334% bonds of 1932-47....{Low. 101.00 1001
100% 1003,4 100"
(First 3.4.3)
Close 101.00 100, 100% 10034 i00'34
Total sales in $1,000 units__
121
253
89
259
34
Converted 4%., bonds ofHigh
1
------.---..
--,
---.
1932-47 (First 4s)____ Low_
----------- _ _ ---
Total sales in $1,000 units...
- ..--,..
-• -'------Converted 411% bonder igh 971%1 .971
97% 97-_%1 471
of 1932-47 (First 414e) Low_ 97%. 973496"
067
9734
07134
Cloee 97% .97
961
97
Towd sales in $1,000 units_ __
66
28
75
a1
Second Convened 44% High
bonds of 1932-47 (First Low_
__-__
--.__-__-Second 414s)
Total sales in $1,000 units_ _ _
.-.,.- --_,-„-Second Liberty Loan
{High 97"
91'
96'1 9611
961
4% bonds of 1927-42_ _._ Low_
9734 96"
971
96
96
(Second 4s)
Close 97"
97 6
96"
96"
96,1
Total sales in $1,000 units..
1
I
2
190
253
Converted 4 if ,'' bonds{High
9717
97
1,
4 97 1.4 97 •
970
of 1927-42 (Second
Low. 97
' 97.00 96% 9621
97
HOLI44s)
Close 97'4 97.00 9617% 97'
97" DAT
Total sates in $1,000 units...
837 1,395
75s 2,714 3,097
Third Liberty Loan
9814 93,
{High 98"
93 1
9834
434% bonds of 1928.... Low. 93,
7
98.00 97,,
972
98 14
(Third 431s)
Close 9834 98 14. 97134 93.00 9834
Total sales in $1,000 units__
253
461
566 17363
363
Fourth Liberty Loan
IHigh 9711
97"
' 97"
97'4 971
434% bonds of 1933-38_ Low
97"
9774
97 74 96"4 9627
(Fourth 454s)
Close 9617% 973496.1
9717
971e
Total sales in 31,000 units...
338
586 1,213 1,013 1,082
Victory Liberty Loan
{High 1007%100 1
10034 1007% 100 34
434% notes of 1922-23._ Low. 1007% 1007%100.00 100
10034
(Victory 44al
Close 10034100 I
100 34 100 I
100 i
Total sales in 111,000 units...
12
27
24
52
42
Treasury
(HIgb 99.00 98'1
1
9317
98". 981
411s, 1947-52
981
98,,
98 I
9814
98"
(Close
Close 9817% 98
,
,
98 7
98"
98"
Total sales in 51.000 units__ _
Ile
Mbh
47,1
file
57/
Corrections.-March 22. low on 1st 44e,971(4; March 23, low
on 3d 44s,97%
March 23. low on 4th 4.48, 97'94,
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
33
2
2
32
let
1st
2(1
2d
314s
44s
4s
411s
100,1
961
96'
96,1
to
to
to
to
100" 48 3d 43(s
96" 199 4th 431s
96"
1 Victory 4He
977%
97% to 98
9911
96% to 971
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
in.t
lot
Maturity.
June 151924...
Sept. 15 1924...
Mar.15 1925...
Mar. 151926...
Juin 15 1923...
Dec. 15 1925_
Sept. 113 1923
Rate
B14.
101
54% 100%
434 *4
994
44.1%
9931
994
84(%
4%4%
%
34% 99%
I sled
Maturity.
Rats.
DU.
et Mt.
101%
1014
100
Sept 15 1928 .
June 15 1925._
Dec. 15 1927
DPC. 15 1Q23...
Sept. 15 1 23-__
Mar. 15 1924___
44%
434%
414%
4%
4%%
414%
98
99
9!%
99%
c'93i
99%
98%
99%
99
9934
101
100
99%
99
99%
Foreign Exchange.-The market for sterling exchange
was quiet but steady and without important change. Continental exchange was more active, with irregular fluctuations
noted in French francs.
To-day's (Friday's) actual rates for sterling Were 4 65 9-16(44 65 13-16
for sixty days,467 11-16(44 67 15-16 for cheques
and 4 67 15-16@)4 683-16
for cables. Commercial on banks sight 4
sixty days
4 64 11-16(44 64 15-16, ninety days 4 63 67 7-16@4 67 11-16.
for payment (sixty days) 4 65 3-16(4413-16(44 64 1-16, and documents
Cotton for payment
65
7-16.
4 67 15-16(44 683-16, and grain for payment
4 67 7-16(44 67 11-16.
To-day's (Friday's) actual rates for Paris
bankers'francs were 6.55(46.56
for long and 6.58(46.59 for short.
Germany bankers' marks are not yet
quoted for long and short bills. Amsterdam
bankers' guilders were 38.98
for long and 39.29 for short.
Exchange at Paris on London 70.70 francs: week's
range 70.10 francs high
and 72.45 francs low.
The range for foreign exchange
follows:
week
for
the
Sterling ActualSixty Days. CheUIttet.
Cables.
High for the week
4 6634
4 6934
4 613
Low for the week
4 659-16
4 67 11-19 467 15-16
Paris Bankers' FrancsHigh for the week
6.83
6.69%
6.703i
Low for the week
6.30
6.35
6.36
Germany Bankers' MarksHigh for the week
____
0.004834
0.0048%
Low for the week
_
0.0046
0.0046
Amsterdam Bankers' Guilders
High for the week
39.03
39.39
48
Low for the week
38.9534
39.3134
39.4034
Domestic Exchange.--Chica_go, par. St.
discount. Boston, par. San Francisco, par.Louis, 1502,5c. per 81.060
Montreal. 515.1875 Per
$1,000 discount. Cincinnati, par.
New York Stock Exchange-Stock Record Daily, Weekly and Yearly
1388
OCCUPYING FOUR PAGES
For sales during the week of stocks usualtv inactive. see preceding page
HIGH AND LOW SALE PRICE-PER SHARE. NOT PER CENT.
SaturtIly.
March 24.
Monday. I Tuesday. Wednesday. Thursday.
March 26. March 27. March 28. March 29.
Friday,
March 30.
$ per share 8 per share' $ per share $ per share S per share $ per share
41
42
*41
4312 11•41
43
*4138 44
*4113 44
10314 103% 10218 10.334 10213 10212 1023* 1033e *10212 10278
898 *8812 89
898 8912 89% 8918 8918 89
.89
2% 258
258 234 *23* 234
258 234 *258 234
117 11812 119 119 *117 119
11914 120
11912 121
5234 541R 5258 53,2 5312 5414 523* 533*
5312 54
6012 60
6012 60
60
6012 *60
6014 *60
*60
4
638 7
534 618
5
45g 534
334 ca
55g
35
312 5
534 613
518
314 38
3
1477 14814 14712 14814 117% 14814 14814 14914 14778 14814
7112 7218 7134 72
7214 7214 7134 7234 7158 72
10334 10334 *10353 1037 1033g 1031, 10318 10318 1025s 102%
234 28
234 27
254 234
*258 234
234 234
5
*434 5
4% 5
5
4% 5
434 434
3634 3612 3612 3612 3612
*35
36
36
37
*36
6214 6178 62
62
62
6218 6134 62
62
62
538 534
512 558 *514 534
53* 58
*578 6
*1312 14% *1313 1412
1412 1412 1314 1412 *1312 14
2434 2338 2118 2418 2414 23% 2414
2438 2413 24
42
42
4334 4112 4338 41
43
423* 4114 42
82
8518 8234 844 8232 8314 8212 84
823*
84
*115 118 *11514 118 *115 118 *11514 118. 116 116
3418 36
3412 358
3538 3618 3428 3534 3414 35
*9212 95
93
9113 92
*9212 95
*9212 9312 *92
84
84
8212 8212 *8112 82
8212 823* *83
*82
78
*7413 78
75
*70
75
*71
75
*71
*75
41
*4012 41
*40
4212 *40
*4112 4234 41
4134
11512 115%
11612 11612 11534 11614 115 11524 *116 120
12412 12514 12414 12414 12334 12418
125 12512 125 126
1212 1212 1218 123* 1218 1218 1214 1214 1214 1212
1914 1912 184 19,8 1838 1812 184 1834 1838 19
1314 1334
*1234 14
*1234 1412 *1278 14
*1234 14
76
75
757
76,4 7612 75
7618 7634 7514 77
3434 3513 34
3414 3112 3484 3512 3434 35,4
347
1712 1712 *1712 18
*1814 1913 1814 1814 *17
19
5712 5712 5713 5712 *5712 5734 5712 5712
*5713 59
11378 1153* 11314 11414 11238 112% 113 113% 113 11334
Is
14
14
14
%
18
14
14
*Is
141
12
38
12
*4
12
12
12
*38
12
*38
2014 2178 20
21
21
21
2058 21% 2012 2134
2214
2318 2314 2134 2313 •2218 223* 22
2234 22
57
*54
56
57
*55
551R 55% 5513 5512 *55
*29
32
*29
30
32
*30
32
323g 3213 32
7314
*70
73
73
7334 74
*70
74
7314 *70
6634 6718 6634 87
654 6634 6513 6618 6512 65%
14212 14212
*143 144 *14314 144
14318 14318 143 143
*54
56
54
55
*54
56
•55
56
55
55
*41
42
4233 423* *41
4213 42
42
*41
42
17
17
17
1612 164 1614 1634 168 18
177g
*50
60
59
*52
58
5014 5014 *52
50
50
*76
7918 78
78
7712
7812 75
77
75
*77
42
*38
40
40
40,4 43
36% 404 3512 38
7
7
8
8
8
8
712 734
67
712
*70
7014
*7112 7213 7112 711
7014 7014 *7014 72
*10% 1112 *103* 1112 *10% 1112 *934 1112 *10% 1112
Stock
*1558 154 1514 153* 1513 1514 1478 154 1418 14%
4278 4278 4134 4212 4112 4134 4112 4184 4038 4112
1714 18
1714 1778 1718 1753 1678 173* 1658 17 Exchange
453* 4714 4312 452 4333 4412 4412 4514 4378 4412
3% 35g Closed:
*33* 4
*334 414 *33* 414 *358 4
102 10314
10212 10414 103 104
100 10034 10078 105
9712 9512 9618
Good
9712 98
97% 9314 9612 9712 96
7012 *____ 79 •____ 79 *____ 75
*78
7912 •78
*85
90
*85
*81
90 •___ _ 85
90
Friday
*82
90
1934 1912 19% 18% 1958
1918 198 19
1912 191
1913 1918
19
19
1912 1914
1914 1914 1914 1914
•15
17
*15
16
•15
17
16
16
16
17
1121 11212 11112 11278 11112 11134 112 11214 111 112
*75
79
*75
79
*75
79
79
*75
79
*75
773* 76
7634
763* 773* 7614 77
77
7718 78
4614 46
4618 4638 4613 463* 4618 461R 46
4614
16
*13
16
*13
16
*13
16
1612 *13
•14
3934 394 3984 3834 3912
40
4033 3312 4014 39
.7334 75
7334 7334 7418 744 *73
7412 7312 73,2
*6712 6734 *6712 68
6712 6712
68
68
*6712 68
3714 3618 3634 3714 3712 3614 3614
37
3714 36
*8814 8914 *8814 8914 *8814 894 *8824 8914 8712 8914
7634 7714 7712 7734 77
7714
77
7712 763* 77
5134 *5012 5134 *5012 5184 5012 5012
51
*51
52
*5012 52
*5012 52
52
*5012 62
*51
*5112 52
32
*30
33
*30
33
*30
34
33 .30
*30
2514 25
2584 2434 25
2512 2512 2518 2513 25
48
4718 474
4712 4784 464 4614 46,4 4614 48
3318 3313
3312 34
3312 34
3413 3312 34
34
6114
81,4 61
6034 61
60% 61% 6038 0012 61
714 7,4
7
718
634 64
7
714
7
714
1212 12%
12% 13
1212 13 I *1214 1234 *1234 13
9134
913* 9214 91
9212 9234 9114 9212 9118 917
3312
3334 341s 32% 338 3234 3314 3314 333* 33
67%
6712
694
70,4
69% 70
701* 7012 6934 70
2512 2612
264 27
27
26
27
273* 2612 27
16
*15
*1514 16
16
15% 153* 1538 1532 *15
6214 634 *6212 6312
64
*62
62
611 6lit 62
140 1404 139 140
13914 140
141 14113 13958 141
7312 7312 734 73,4
*7214 74
7311 734 7338 74
16%
1712 16
1524 1613 17
16
1618 1534 16
52
51314 50%
504
5112
50
51
51
5112 5014
10
1014
103* 10% 1014 1012 *1012 105
1034 11
32
31
3218 331
31
323* 30% 31% 3112 32
.2013 22
*201y 22 .2012 21
*21
22
*204 22
125 1278 123* 1273 123* 128 123* 128 1238 1234
2412
244 *24
244 24
2412 2534 2418 2518 23
1718 17313 174 174 1712 1773
1712 1818 178g 18
*5838 5912
60
60
*50
60
59
59
60
60
918
9
93* 93* *93* 978
934 93*
94 94
1658 16%
17
1712 1634 1634 1612 1612 .16
*17
32
33
*30
*30
*30
32
32
*30
*30
32
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares
200
7,500
1,300
800
1,300
26,900
600
37,500
25,200
9,700
5,100
900
700
700
800
2,200
900
700
10,000
14,900
9,800
100
21,500
200
400
Railroads
Par
.nn Arbor preferred
100
Itch Topeka & Santa Fe_ _100
Do pref
100
Atlanta Birm & Atiantio 100
Atlantic Coast Line RR_ _ _100
Baltimore & Ohio
100
Do prof
100
13,eoklyn Rapid Transit__ _100
Certificates of deposit
Canadian Pacific
100
Chesapeake & Ohio
100
Preferred
100
Chicago & Alton
100
Preferred
100
Chic & East III RR (nets)
Do prof
Chicago Great Western_ __100
Do pref
100
Chicago Milw & at Paul 100
Do pref
100
Chicago & North Western.100
Do prof
100
Chic Rock
dt Pat
100
7% preferred
100
6% prexerred
100
Chic St P Minn & Om100
100 Colorado & Southern
100
2,300 Delaware & Hudson
100
2,100 Delaware Lack dr Western_ 50
3,410 Erie
100
Do 1st pref
3.400
100
Do 2d pref
200
100
6.200 Great Northern pref
100
5,200
Iron Ore properties_Are par
200 Glilf Mob & Nor tr 018_100
Do pref
100
300
3.200 Illinois Central
100
1,300 Interboro Cons Corp _No par
Do pref
1,100
100
8,400 Interboro Rap Tran w 1
100
2,000 Kansas City Southern___ _100
Do pref
300
100
500 Lake Erie & Western
100
Do prat
800
100
8,300 Lehigh Valley
50
300 Louisville & Nashville_ __ _100
300 Manhattan Re guar
100
Eq Tr Co of NY elf dep_100
200
1,900 Market Street RY
100
200
Do pref
100
1,800
Dc prior pre
100
Do 2d pref
1,800
100
1,400 Minneap & St L (new)
100
200 Minn St P & 9 Marie_ _100
Missouri Kansas & Texas_ _100
11,300 Mo Kan & Texas(new)
Do pref (new)
5.900
6.100 Missouri Pacific trust ctfs_ 100
Do pref trust etfs
8,000
100
200 Vat Rys of Met 2d pref._ _100
12,200 New On Tex At Meg v t o_100
45,700 New York Central
100
N Y Chicago & St Louis_ __100
Do 2c1 pref
100
& Hartford
11.500 N Y N
100
1.000 N Y Ontario & Western
100
400 Norfolk Southern
100
3,900 Norfolk & Western
100
Do pref
100
7,300 Northern Pacific
100
7.900 Pennsylvania
50
Peoria & Eastern
100
9.600 Pere Marquette
100
300
Do prior prof
100
300
Do prof
100
2,600 Pittsburgh & West Va
100
100
Do prat
100
6,600 Reading
50
300
Do 1st pref
50
Do 25 pref
50
Rutland RR prat
100
3,500 St Louis-San Fran tr ctts...100
600
Do prat A trust etfs.. 100
4,500 St Louis Southwestern_
100
2,400
Do prat
100
2,100 Seaboard Air Line
100
Do Prof
1.700
100
19.800 Southern Pacific Co
100
31,700 Southern Railway
100
Do pref
3.500
100
5,300 Texas & Pacific
100
200 Third Avenue
100
600 Twin City Rapid Transit_ 100
9,800 Union Pacific
100
700
Do pref
100
2,800 United Railways Inveat
100
4,200
Do prat
100
5,700 Wabash
100
15,100
Do pref A
100
Do pref B
100
3,000 Western Maryland (new)_100
5,900
Do 2d prof
100
2,300 Western Pacific,
100
700
Do pref
100
1.200 Wheeling & Lake Erie Ry_100
100
300
Do prof
Wisconsin Central
100
Industrial & Miscellaneous
100
1,000 Adams Expresa
74
*74
75
7514 74
75
100
1,000 kdvance Rumely
*17
18
17
17
17
1734 1734 173* 1788 17
100
300
Do pref
49
48
49
48
50
*4734 50
4772 4778 .48
900 Air Reduction, Ino__No par
69
68
688 69
69
*68
6912 6812 6811 69
50
5,000 Ajax Rubber, Inc
134 1334 1334 14
1333 1334
1313 13,2 *1334 14
10
100 Alaska Gold Mina,
*14
4
4
38
33 '
14
*14
12
*14
138
1,600 klaska Juneau Gold Mln.._ 10
138 132
138 138
13*
138 I%
las 138
13,100 killed Chem & Dye....__No par
7358 7434
7434 757
7458 755s 7312 747g 7313 75
100
Do pref
400
*110 111
110% 110% *110 11012 11018 11018 110 110
100
3.000 kills-Chalmers Mfg
48
4812 49
475 485* 472g 48
48
49
49
100
Do pr .f
100
9512
962 •95
9612 *95
*9412 97,4 9412 9412 .95
Chem
100
Agricultural
kmer
3.200
3012 3112
3138 3012 31
3218 32% 32
3214 31
100
6112
60
1,650
Do pref
64
*6418 65
6418 13412 62
64
64
50
Bank
Note
American
89
89
89
150
89
89
.85
90 .85
*83
89
50
56
*54
Am Bank Note pref
56
*54
5512 *54
55
55
*54
*54
100
4312
2.100 kmerican Beet Sugar
4312 4412 43
4313 •4338 431 *43
4312 43
pa?
Magneto_No
Bove!'
Amer
12,300
50,2 5212
51
5034 52
5134 49
51
4812 51
79
8014 5018 81
700 Am Brake Shoe & F......No par
8038 8033 79
80
81
80
100
Do pref
100
*105 109 *105 109 *105 109
107 107 *106 10834
100
99,600 American Can
9814 100,4 9634 10012 9612 984 9734 9958 974 9934
100
•106 10912 11114 11114 11118 11118 110 110 *10812 111
Do pref
300
18112 18134 180 18112 17912 181
1803* 1803*
1,200 American Car & Foundry 100
182 182
100
•1194 124 *11914 123 I 12124 1214 *121 123
121 121
Do pref
.00
No par
300 kreerlean Chicle
*734 8
734 734 .72 812 *712 8,2
712 7521
a
Ex-dividend
and
•Bid and asked prices: no sales on this day. 5 Ex-rights
rights.
Less than 100 shares.
spare or abate to Stock of Olen Alden Coal Co. at 85 per share and el-dividend 100% In stock (Aug. 22).
*754 76
75
7518
PER SHARE
Range since Jan. 1 1923.
On basis of 100-share tots
Lowest
$ per share
3212 Jan 10
100 Jan 16
8814 Jan 17
11 Jan 3
11014 Jan 17
4018 Jan 17
5734 Jan 24
334Mar 29
3 Mar 29
14014 Jan 17
69 Jan 17
10113 Jan 22
214 Jan 4
338 Jan 12
2618 Jan 16
51 Jan 17
4 Jan 18
84 Jan 18
2058 Jan 15
3212 Jan 13
77 Jan 23
115 Jan 4
3112 Jan 15
8934 Jan 18
8178 Jan 24,
71 Jan 9'
40 Jan 11
103 Jan II
1224 Jan 11
1011 Jan 18
15 Jan 17i
1118 Jan 22
71 Jan 23
30 Jan 18
1234 Jan 12
447 Jan 2
110 Jan 171
% Jan 17
14 Mar 2,
15 Jan 161
1812 Jan 121
527 Jan 13
313 Jan 30
66 Jan 11.
6512Mar 29
13012 Jan 30
4514 Jan 25
3518 Jan 25
814 Jan 23
39 Feb 27
6678 Jan 10
2112 Jan 31
53 Jan 8
6014 Jan 4
97 Jan 12
131 Jan 16
37 Jan 9
1513 Jan 18
4138 Jan 9
2% Jan 17
84 Jan 16
93 Jan 22
78 Jan 22
7612 Jan 2
1612 Jan 11
1918 Jan 17
14 Feb 1
109% Jan 10
7514 Mar 10
72 Jan 23
40 Feb 2
12 Jan 17
36 Jan 11
724 Jan 2
65 Feb 1
33% Jan 17
8712 Mar 29
7632 Jan 17
5018 Mar 12
51% Jan 5
324 Jan 18
21 Jan 12
324 Jan 3
2834 Jan 12
56 Jan 4
514 Jan 2
85s Jan 18
87 Jan
24% Jan
64% Jan
1984 Jan I
1413 Jan 1
5814 Jan I
13538 Jon 2
7314 Mar 2
114 Jan
264 Jan I
7 Marl
2314 Jan I
1612 Jan 1
10% Jan I
224 Jai 1
10 Jan
5813 Jan
814 Jan 1
144 Jan 1
28 Jan 1
88
Jan 2
124 Jan 2
464 Jan 18
574 Jan 10
124 Jan 9
14 Jan 4
1 Feb 15
7113 Jan 16
109 Jan 30
45 Jan 10
941
:Mar 26
2912 Jan 16
5884 Feb 1
77 Jan 6
544 Jan 18
36 Jan 31
37 Jan 9
70 Jan 3
10612 Jan 20
7312 Jan 2
110 Mar 23
178 Jan 17
11914 Mar 22
534 Jan 30
Highest
PER SHARE
Range for Previous
Year 1922.
Lowest
i
Highest
per share $ Per share
Per Oars
2773 Jan 52 Aug
45 Feb 23
10518 Mar 3
9184 Jan 10813 Sept
84% Jan 954 Aug
903* Mar 6
34 Feb 21
54 Apr
84 Jan
127 Fob 26
83 Jan 1244 Sept
5618 Mar 21
334 Jan 6014 Aug
6078 Mar 21
524 Jan 6614 Aug
1614 Jan 2
6
Jan 29 June
13 Jan 12
5% Jan 244 June
150 Mar 21 11918 Jan 1514 Aug
54
Jan 79 Aug
7638 Jan 30
1048 Feb 23 100% Dec 105% Oat
334 Feb 13
154 Jan 12% May
638 Feb 8
34 Jan 204 May
3834 Feb 13
1214 Jan 4334 Aug
6214 M tr 26
3118 Jan 644 Aug
7 Feb 7
354 Dec 1034 May
17 Feb 6
7 Dec 2413 May
2638 Mar 5
3638 Aug
1714 Jan
4512 Mar 5
Jan 5514 Sept
29
88 Mar 5
Jan 0518 Sept
59
11818Mar 21 100
Jan 125 Aug
3778 Mar 21
3012 Dee 50 Sent
95 Feb 9
834 Jan 105 Sept
85 Mar 5
7014 Jan 95 Sept
Jan 90 Sept
78 Mar 5
51
45% Feb 13
Jan 5313 Apr
38
12413 Feb 13 106% Jan 1414 Sept
13013 Feb 8 108 Feb 143
Oct
1313 Feb 13
18% May
7 Jan
2052 Mar 21
1118 Jan 284 Aug
15 Mar 5
718 Jan 204 May
80 Mar 5
704 Jan 954 Oct
36 Mar 19
2818 Nov 454 Apr
Jan
19 May
20 Mar 5
5
Jan 47
6214 Feb 21
16
Oct
on Jan 11584 Sept
11712 Feb 21
18 Dec
5 Apr
38 Jan 4
38 Dec 1284 Apr
78 Ian 5
2278 Mar 14
174 Dec 3214 Aug
2114 Mar 3
17 Nov 8014 Apr
572 Mar 5
5214 Nov 594 Apr
Feb 394 June
34 Jan 2
10
74 Mar 20
2618 Feb 77 Sept
7132 Feb 7
504 Jan 72 Sept
Jan 14471 Oct
155 Feb 20 108
57 Feb 21
Jan 68 Aug
35
44 Feb 13
444 Aug 5513 Aug
11 Mar
20 Mar 10
318 Jan
6811 Mar 12
Jan 5014 Apr
17
87 Mar 12
Jan 76 Nov
35
5614 Mar 12
54 Jan 82 Apr
912 Feb 13
5 Jan 144 Apr
65 June 7534 Oct
7312 Mar 5
as Jan 1514 Dee
12 Feb 6
1984 Aug
17 Feb 15
74 Jan
4884 Aug
244 Jan
4513 Feb 14
2514 Apr
1518 Nov
193* Feb 14
49 Feb 10
40 Nov 6334 Sept
45 Feb 15
288 Nov
724 May
54% Jan 8783 Dec
105 Mar 26
10014 Mar 5
72% Jan 10113 Oct
84 Jan 29
5118 Jan 914 Oat
9012 Feb 17
6134 Jan 93 SODS
1212 Jan 38 Aug
2212 Jan 30
2158 Feb 13
184 Dee 3013 Apr
1838 Feb 9
834 Jan 224 June
11758 Feb 9
9614 Jan 1254 Sept
Jan 81. Oat
78 Jan 29
72
81 1:Mar 5
73 Dec 9033 Aug
4738 Jan 29
3314 Jan
4934 Oct
17 Mar 21.
10% Jan 264 Aug
Jan 4033 Aug
11% Mar 22
19
Jan 82 Aug
763 Mar 5
63
504 Jan 7434 Aug
704 Jan 9
Jan 4133 Aug
39% Feb 6
23
Jan 95 Nov
93 Jan 9
76
81 18 Feb 7
7113 Jan 874 Oct
5612 Feb 7
43 Mar 57 May
5884 Jan 30
Jan 5913 May
45
174 Fob 5314 June
3734 Jan 10
2678 Mar 5
2014 Dec 824 Aug
50 Mar 5
344 Nov 58 Aug
36% Feb 10
2033 Jan 364 Nov
63%Mar 21
3252 Jan 597a Nov
10 Apr
258 Jan
712 Feb 10
1484 Apr
134 Feb 14
44 Jan
95(4 Feb 21
784 Jan 9814 Oot
3514 Mar 20
1714 Jan 288s Aug
7078 Mar 22
Jac 71
46
Oct
2912 Mar 21
184 Nov 88 Apr
1914 Feb
1318 Nov 254 May
64 Mar
Jan 624 Sept
34
1444 Feb 2
125
Jan 15484 Sept
764 Jan
7114 Jan 80 Aug
2178 Mar
74 Jan
197s Apr
62 Mar
2014 Jan 8613 Apr
114 Mar 2
8
Jan
14/
1
4 May
3418 Mar 2
Jan 8512 Aug
19
2212 Mar 2
1214 Jan 2471 Aug
15 Feb
814 Jan
1714 Aug
2634 Mar 2
Jan 2811 Dee
• 13
2014 Mar
1334 Jan 2474 Apr
63% Mar
5113 Mar 8474 Sent
1012 Feb 1
6 Feb
Ws June
19 Feb 1
914 Jan 2984 June
354 Feb 2
25
Jan 8314 MN
82 Mar 3
1912 Mar 6
543 Jan 14
72% Mar 19
1478 Mar 14
58 Mar 9
134 Mar 9
80 Jan 2
112 Mar 2
5114 Feb 18
9712 Jan 27
3678 Feb 21
684 Feb 21
9113 Mar 7
55 Feb 7
494 Feb 13
60 Mar 6
83 Mar 21
110 Jan 14
106 Mar 6
115 Feb 20
189 Mar 7
12578 Jan 18
914 Feb 24
48
Jan
104 Jan
3133 Jan
4513 Jan
94 July
Is Dec
83 Jan
554 Jan
101
Jan
3784 Jan
8612 Jan
274 Nov
56
Jan
58
Jan
51 July
314 Jan
3114 Jan
51
Jan
9814 Jan
3214 Jan
9314 Jan
Jan
141
1154 Jan
5 Nov
83
Oct
28 Aug
3013 Aug
86
Oct
1844 Apr
71 May
2 May
9134 Sept
11512 Slept
8934 Sept
104 Sept
4274 June
724 Sept
)1
Dee
6514 Dec
49 June
69 Apr
8814 Sept
Oct
113
7013 Nov
11378 Dec
201
Oot
1264 Now
14 May
s Ex-dividend. 8 Ex-rights (June 15) to subscribe
New York Stock Record -continued-Page 2
1389
For soles during the week of stocks usually Inactive see second page preceding
HIGH AND WW SALE PRICISS-PER SHARE, NOT PER CP.NT.
Saturday.
March 24.
Unnolav
March 26.
W•dnerdari
March 27. March 23.
Thursday.
March 29.
P•fdau
March 30.
Sales
for
Ike
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1923.
On basis of 100-share toes
PER SHARE
Range for Previous
Year 1922.
Highest
Lowest
Lowest
Highest
$ per share $ per share $ per share $ per share $ per share
per share Week. Indus. & %Racal. (Con.) Par g per share $ per share $ per share $ per share
15
15% 1312 1312 1414 15
1434 1552 15
1512
9,200 American Cotton 011
100 1414 Feb 5 2034 Jan 4
1514 Nov
3012 May
.2912 2958 28,2 2912 2814 2834 2814 29
29
29
1,205, Do pref
100 2534 Feb 5 3834 Jan 4
3312 Nov 81 May
6
618
6
6,4
612 612
6
614
6
614
714 Aug
3,9101 Amer Druggists Syndicate_ _10
7% Feb 23
6 Mar 19
412 Jan
134 134
135 135 *134 135 *135 138 •13512 137
Expro.
Amerlean
903
100 133 Feb 6 143% Mar 2 126 June 162
Oct
*1214 1234 12
1214 *1112 1212 •11.12 1212 111? 1112
500 American Hide & Leather. 100 11 Jan 6 1334 Mar 7
1732 Apr
1018
Dec
.71
72
*68
71
.63
69
69
69% .6812 71
Do Net
240
100 6612 Jan 2 7434 Mar 7
Jan 7434 Sept
58
108 108
10612 10312 10512 10612 106 107
108 10912
2,605 American Ice
100 9812 Jan 31 11012 Mar 23
78 Jan 122 Sent
.36
88 .86
8712 .86
8712 *86
87
86
86
Do pret
100
100 8512 Feb 1
89 Feb 211
Jan 95,4 Aug
72
3012 31
3012 32
3134 333* 3214 3312 3118 32%
51,80 Amer International Corp 100 2438 Jan 30 3278 Mar 21
24% Dec 50% June
1218 12% *1218 1218 12
12
12
12
1214 12
1,200 American La France F E__10 1114 Jan 17 13 Mar 1
14 July
Jan
913
*34
3412 31
3418 3334 3412 3114 341 *3334 3412
2,700 4merican Linseed
100 30 Jan 2 38 Mar 5
28 Nov 4211 Oct
.54
56
•53
56
5412 5412 55
55
55
*53
Do pref
200
100 50 Jan 13 59 Feb 15
Oct
8411
48
Nov
13338 134
13214 135
13214 13414 13312 13478 13234 13412
37.900 American Locomotive
100 12012 Jan 17 13939 Mar 19 102
Jan 13834 Oct
*115 118 .115 118
11712 11712.115 118
117 117
Do prof
400
100 117 Mar 29 122 Feb 9 112
Jan 12214 Dec
53
5314 5218 5318 5214 5212 5258 531
5212 5212
4.10 Amer Metal temp ctfs_NO Par 51 Jan 15 5578 Mar 5
44 Sept 5314 Dec
*8312 85
8434 8434 8314 83,4 84
84
83
8318
600 American Radiator
Oct
25 76 Jan 2 86% Mar 15
Jan 129
82
77g 81
8
8
734 8
7% 818
8
8
2.400 kmerlean Safety Razor
8% Oct
25
678 .ian 6
3% Jan
918 Feb 19
18
1812 1812 1914 1314 187
1818 181
1712 17%
7,590 4m Ship & Comm
No
par
1712
Feb
24
213
8
Jan
2414
May
Jan
5
512
6412 6512 6333 6433 6312 637
6378 65
6318 6412
16,900 Amer Smelting & Refining_100 53 Jan 17 6912Mar 2
43% Jan 8712 May
.100 10034 .100 1054 .100 10034 *10034 10112 *10034 101
Do prat
100 7838 Jan 18 10238 Mar 6
8618 Jan 10412 Oct
.143 145
145 145
144 144 *144 148
144 144
400 American Snuff
100 110 Jan 10 15214 Feb 14 100,2 Jan 159 Sept
3938 3934 39
4014 393. 40
40
4033 3934 4014
12.400 Arn Steel Fdry tem ctts_33 1-3 3512 Jan 17 40% Mar 21
3034 Jan 43% Sept
*102 10212 102 102
102 102
102 102
10134 10178
Do wet tern errs
600
100 102 Jan 23 10514 Feb 9
Feb 10814 Oct
91
7812 7958 78
79
78
7878 79
797
797 • 79
7.400 American Sugar Refining..100 76 Jan 17 85 Feb 13
5418
Jan 8578 Aug
*10612 108 *10612 107
10812 10512 10834 10634 *10612 107
Do pref
200
100 106 Mar 17 10834 Jan 3
Jan 112 Aug
84
.31% 33
3918 3112 31
3112 32
31
3258
33
2,900 Amer Sumatra Tobacco._ 100 2414 Feb 1 3332 Feb 14
47 May
Feb
23%
.62
6412 .62
64
*62
64
*62
64
*62
64
Do prof
100 55% Jan 16 6534 Feb 13
Jan
5214 Feb 71
12212 12252 12214 12212 12218 12212 12178 12232 12178 12218
10,300 Amer Telephone & Teleg 100 12134 Feb 1 12512 Mar 5 11412 Jan 12814 Aug
15414 15414 15214 155
152 15214 155 15578 15314 15118
3,500 4merican Tobacco
100 150 Jan 17 16134 Feb 13 12918 Jan 169% Sept
10158 10158 •10112 10134 10133 10132 101 101
101 101
Do pre! (new)
603
100 101 Mar 16 10718 Feb 2
9612 Jan 108% Oct
15234 153
15114 15258 14914 15134 152 154
1501? 15312
Do common Class B
4,109
100 148 Jan 10 15934 Feb 9 126
Jan 1058, Sept
.3018 3034 29
30
29
2912 30
30
30
30
1;500 km Wat Who & El v t c....100 2712 Jan 29 3134 Feb 19
6
Jan 3314 Nov
9112 92
91
91% 91
9118 91
91
91
91
Do 1st Net(7%) v t c_100 8538 Jan 3 93 Jan 16
1,500
67
Jan 93% Sent
5512 56
55
5512 55
5.514 *55
5612 55
55
Do partle nf(6%) v t e 100 481,Jan 3 59 Mar 19
800
1714 Jan 5514 Oct
.94
*94
98
97 .91
97 .91
97
*94
97
Amer Wholesale. Pret
100 9314 Jan 2 9814 Jan 31
88
Oct 95
Jan
10412 105% 10318 10534 10312 10178 105 10614 10333 10512
35.109 ,mer Woolen
100 93 Jan 19 10958 Mar 21
78% Jan 105
Oct
*11012 112
111 111 ..110 112 .109 112 *109 11112
Do Net
100
100 10978 Jan 25 11134 Jan 3 102
Jan
11114
Dee
.29
29
3018 2418 2833 287 2914 237g 29
30
2,100 Amer Writing Paper pref 100 26 Jan 24 32 Mar 8
2212 Jan 55% Sept
*17
1714 16% 1678 17
1712 .17
*16
17
1718
300 (mar Zinc, Lead & Srnelt___25 15 Jan 23 19% Feb 16
1212 Jan 21 Sept
.55
55% *53
56
55
55
*5212 5312 .52
5412
300
Do Net
25 4818 Jan 29 5814 Feb 27
36
Jan 57 Sept
5014 51
Si
50
50
507
5012 5078 49% 504
4,900 knaconda Copper Mining_50 4518 Jan 18 5312 Mar 6
Nov
57 May
8312 84
8218 8312 83
8312 84
8234 8414
85
7,500 tssociated Dry Goods
100 6214 Jan 5 88 Mar 15
43
Jan 7072 Dec
8314 8314 .8512 88 .85
*84
86 .83
86
83
Do 1s1 pret
103
100 8212 Jan 18 89 Feb 13
Jan 88 0c11
75
*90
.92
94
94
.92
94
92
9214 92
92
Do 2,1 Prat
400
100 8318 Jan 9 93% Feb 26
78
Jan 9112 Oet
12212 12212 12112 121 12 .121 124
121 12112 *12112 12312
503 tssoclated 011
100 32014 Jan 3 133 Jan 12
Jan 1351,May
99
214 214 .214
212 .2
212 314
3,303 ttlantic Fruit
212
312 Feb 14
234 3
No pa,
154 Jan 17
1% Dec
512 Apr
3014 3012 30
31 1g 3014 3138 307 3158 30
3033
9,000 ttl Gulf & W I S S Line_ 1011
1818 Jan 30 33% Mar 17
1958 Dec 434 NW
24
2414 24
21
24
2312 24
2112 *23
24
Do pref
909
100
1478 Feb 2 27 Mar 19
15 Dec 31 14 May
•131 135 .132 139 .133 13712 •131 136 .131 136
ttlantle Refining
100 119 Jan 2 15312 Jan 10 r117 Dec 1575
Oct
.115 117 .114 117 .113 117 .11412 117 .11419 117
Do pref
100 117 Mar 3 120 Jan 18 113
Jan 11912 Dee
.17
1812 *1714 1412 .1714 1312 •1714 1812 .1714 1812
Was Tack
No par
1534 Jan 2 2012 Feb 14
1311 Feb 2212 May
2938 2952 29% 2912 2112 2912 2912 2912 2912 2912
1.800 kustin Nichols & Co._No par
29 Feb 7 3512 Jan 12
914 Jan 4032 8eDI
.85
86 .85
*8514 813
83
*85
87 .35
Do pref.
8512
100 87 Feb 3 8912 Jan 23
68
Jan 01 Sept
13938 13934 13814 141
13414 14014 13914 14114 138 140,2
69.103 Baldwin Locomotive Wk2_100 12914 Jan 17 14414 Mar 19
9312 Jan 142% Oct
•112 114 .112 111 .112 114 *111 113 .111 11212
Do prof
100 113 Feb 28 11634 Jan 4 104
Jan 118
Oct
.48
50 .43
4914 .44
59 .43
50
50 .48
Barnet Leather
No par 47 Jan 12 55 Feb 16
Jan 67% Sept
40
33
33
3112 331
3212 3312 3314 3114 3212 33
Stock
5,300 Barnsdall Corp. Class A_..25 29 Jan 31 35 Mar 23
19% Jan 5614 Apr
2012 2012 *2018 201? 20,2 20,2 204 22
2012 2011
Do Class B.
1,103
17 Nov 39
18% Jan 19 22 Jan 2
Apr
l
l
38
32
*14
700 Batopilas M 11111111
32
14 Feb 26
0,4
38
14
14 Exchange
20
12 Jan 2
152 Mar
% Dec
.5834 5734 57
57
57
57
5078 5672 5512 5512
800 %volt Bros
No par 5012 Feb 7 60% Jan 12
Apr 85 Sept
33
7312 7912 7734 81% 79
80
74
8212 77
773* Closed;
40,503 Beech Nut Packing
20 51 Jan 2 8114 Mar 26
30 July 53% Dec
.65
66
•62
63
•64
*6312 65
6312 *6312 6512
Bethlehem Steel Corp
100 5912 Jan 22 70 Mar 3
Jan 79 May
51
67
68
63% 6712 6118 66
6533 604 6512 6634
Good
Do Clas( 13 COMMOO _ - 100 603* Jan 16 7173 Mar 3
33,900
5512 Jan 8214 May
*94
9712 *91
9712 .
97
91
103
9712 .91
Do Net
100 9314 Feb 1 961 3 Jan 2
938 9333
907a Mar 106 Noy
10812 10812 *10814 10812 .10314 10812 10314 10312 •10312 10312 Friday
Do cum cony 8% pref.100 107% Feb 2 11118 Feb 9 104
300
Jan 11658 June
Preferred new
9134 9434 9412 9112 9418 9412 9434 9134 943 9438
700
100 9312 Jan 31
9712 Mar 9
94 N v 101
Oct
512 512 .51/ 6
.Vo par
300 .looth Fisheries
*514 614
5 Jan 3
*514 614
718 Jan 18
518 5,2
4
1012 Aug
.712 8
97 Mar 2
.712 8
.712 8
*712 8
British Empire Steel
*712 8
100
812 an 15 Sent
712 Mar 23
•6612 70 .6712 70
.6712 70
Do 1st pref
*6712 70
*6712 70
100 6612 Feb 5 6912 Mar 13
58 Mar 7634 Apr
•2318 2412 .23
21
2414 24
*2314 24
2314 233.
Do 2.1 pref
200
100 2314 Mat 29 2612 Feb 20
1918 Mar 39 Sept
11278 1127 11212 11233 11112 11218 11238 11234 11133 11133
1,700 irooklyn Edison, Inc
100 109 Jan 23 121 12 Jan 9 100
Jan 12438 Aug
•116 119
115% 11514 .115 119 *115 118
8,600 Brooklyn Union Gas
115 115
100 10914 Jan 19 128 Feb 7
70 Jan 12412 Nov
5934 6034 6012 6114 6034 6134 6178 6333 6312 65
4,000 Brown Shoe Inc
100 5912 Feb 27 65 Mar 29
42
Jan 64% Sent
*214 234 .214
214 214 .218 233 *2
233
21_
100 Brunswick Term & Ry Sec 100
2 Jan 25
112 June
23* Jan 25
5% June
141 141
1403. 14033 142 142 .14112 143
140 140
500 Burns Bros
100 138 Feb 23 14434 Mar 23 11312 Jan 147 Dee
3734 33
3733 39
3712 39
Do new Class B corn
3914 3912 39
1,900
3914
3612 Mar 17 43 Jan 2
53
Oct
28%
Jan
97 10
93 10
934 98
8,300 Butte Copper & Zinc v t c5
934 1012
912 93
514 Mar 10% Dec
914 Jan 17 1134 Feb 14
19
19
19
19
19
1912 *18
700 Butterick
1912 .18
100 1712 Feb 1 2134 Jan 4
1914
15 Nov 34
Feb
3334 3134 3314 3334 33
3338 3334 3412 3318 333
2,700 Butte & Superior Mining...10 2912 Jan 17 3778 Mar 1
203$ Jan 3.5% Oct
700 Caddo Central 011&Ref No par
714
778 *733 733 .733 734 *733 73
712
7
5 Jan 24
918 Feb 16
834 Dec 1512 Apr
8214 8214 8214 82,4 . 82,8 8214 .83
1,100 California Packing _-__No par 7912 Jan 24 87 Feb 9
8412 8334 831
68
Jan 8612 Sent
9912 100% 100 10412 10018 103
119,000 California letroleum
10018 10112 9918 101
100 6614 Jan 3 10238Mar 22
43% Jan 71% Jan
105 10534 106 10314 106 1073. 10512 106% 105 1053.
Do pref .
8,300
100 9434 Jan 2 110 Mar 2
83
Jan 9812 Apr
97
1014 1012
103
17.100 Callahan Zinc-Lead
934 1014 10
1014 10
10,4
10
514 Feb 11% May
93* Jan 24 1252 Feb 20
.62
63 .62
63
62
62
6112 611
62
62
400 Calumet Arizona Mining...10 52 Jan 23 66 Mar 1
5012 Nov 6612 June
Carson
81
Hill
812
.
778 812 .778 812 *77
.77
8
Gold
812
.78
1
614 Dec 1638 Mar
93* Feb 19
71 Jan 4
*312 4
*312 4
.314 4
100 case (J I) Plow
312 312 .318 4
No par
3 Jan 2
434 Feb 21
3 Mar
912 June
*78
79
80
79
81
7812 79
.79
500 Care (J I) Thresh M. pf ctf 100 6934 Jan 4 7912 Feb 28
.79,4 81
68 Feb 9314 Aug
37
37,4 3618 3612 36
3634 37
7.400 ',antral Leather
37,4 3614 371
100 3212 Jan 4 40I2Mar 7
2932 Jan 44% Sept
77
77
7738 7612 7612 76
1.900
Do pref
7714 7714 7714 7714
100 67% Jan 8 7934 Mar 7
63% Jan 82% Sept
47
4712 4612 4718 4634 48
5038
4314 5012 49
45.600 Cerro do Pasco Copper_No par
4212 Jan 17 5012 Mar 28
32% Jan 4838 Dee
.42
443
4
44
.42
.42
45
.42
4412 *42
44
Certaln-Teed Prod____No par
4014 Mar 1 45 Mar 14
34
Feb 5318 June
7114 7134 7012 72
70% 7178
7014 7114 70% 72
12,600 Chandler Motor Car_ __No par 6178 Feb 1
76 Mar 14
4734 Jan 7914 Apr
87
87% 8712 87% 8434 87
8.312 8614 8634 87
4,900 Chicago Pneumatic Tool__100 8233 Jan 10 9034 Mar 21
60
Jan 89% Seta
28% 2872 2838 28% 2814 2312 2812 2878 2812 287
17,500 Chile Conner
25 274 Jan 2 3032 Mar 1
1512 Jan 2914 Nov
2938 2934 29
2958
2938 287 2912 2914 204 29
10.200 Chino Copper
5 2432 Jan 29 3178 Mar 2
22% Nov 33% June
7214 73,2 71
7
74
76
7218 71
7614
73
74
6,500 Cluett, Peabody & o..._ 100 654 Jan 5 7614 Mar 23
7014 Dee
43
Jan
75
7514 74% 75
75,4 7514
755
7.514 76
75
3.200 Coca Cola
No par
74 Jan 16 81 Jan 3
Jan
8234 Oct
41
29
29
28
29
29
29% 2812 29
2812 29
2,400 Colorado Fuel & Iron
100 2514 Jan 17 3134 Feb 15
24
Jan
37
May
10812 10912 108,2 110
109 1094 110 1104 109 110
8,300 Columbia Gm & Electrio_100 103% Jan 17 11334 Feb 15
8384 Jan 11488 Beet
218 2,4
218 2%
218 2%
214 214
2% 214
3.200 Columbia Graphophone No gar
218 Jan 5
27 Feb 6
5% June
114 Jan
10
912 912
9%
10
9%
912 10
.934 10,4
1,000
Do pref
100
83, Jan 2 1212 Jan 15
21 June
Feb
5
7912 8014 7812 79% 7812 8033 80% 80% 79
7914
3,000 Computing-Tab-RecordNo par 69 Jan 8 83 Mar 19
7984 Apr
55% Jan
34% 35
34:2 34% 343 3412 35
3518 3414 3518
1,400 Consolidated Clear___ _No par 33 Jan 24 3938 Jan 3
4234
Oct
18%
Feb
.
7914 80
*7914 80 .7914 80
7914 7914
•7914 80
Do peel.
100
100 7914 Mar 29 83 Feb 17
47 Feb 8714 Nov
014
.t,
as
.14
38
*14
•14
38
32
Consol DistrIbutors,Inc No par
14 Mar 7
34 Feb 20
14 Feb
2% Mar
Con,olidated Gas (N Y)__100 120 Jan 2 137 Jan 26
8512 Jan 14534 Sept
"iir4 673*
-(353.4 -663-8 -6539 -66333.900
8 73-5.T2 -61
When issued
No par 60 Jan 2 8952 Feb 7
5772 Dec 82% Dec
13 13% 13 -6i1338 1234 13
1234 13
12.700 Consolidated Textile
128 13
No par
1078 Jan 31
1412 Feb 9
9 July
15% Apr
Continental Can. Inc
1001
115
Jan
2
1313
4
45%
Jan
31
Jan 11514 Dee
47% 4712 451.2 -47 - 45t 47
-4
.62
4578 47
10,400
When issued
No par 433 Jan 2 5018 Feb 19
.9912 100
.9912 100
9914 9914 •99 100
99
209 Continental Insurance
99
25 92 Jan 6 10312 Feb 15
Jan
Aug
97 10
934 1014
97 10
9:2 934
9% 93*
4.000 Continental Motors.. No par
912 Feb 26
6
16114 Dec 9324
18
1214 Jan 19
12812 129% 12712 12933 12712 12938 129 13012 128 129
20,900 Corn Product., Refining...100 12312 Jan 16 13914 Feb 6
9114 Jan 13434 Oct
•121 122 •121 122 .120 122 .120 122 .120 122
Do prof
50
100 1183 Jan 5 12232 Feb 24 1311141
n 15
24
2% N
D%
5734 58% 563* 5812 57
58
71,200 Cosden & Co
5814 5914 575 59
No par 504 Jan 4 6314 Feb 17
Jan
8014 811? 79
8114 7833 80% 8032 8114 7958 8134
36,600 Crucible Steel of America_100 6812 Jan 11 8438 Mar 8
52% Feb 9832 Sept
9058 90% 9014 91
.91
92
9014 9038 .90
Do
preU
500
91
100 8814 Jan 2 9412 Mar 2
10
15
0% Sept
Imar
514
80
1634 1718
1614 1834 163s 1658 1612 17
10,900 Cuba Cane Sugar
163s 16%
No par
1258 Jan 17 20 Feb 13
Jan
59
57
5632 5814 57
583g 5834 5914 58
Do pre
22.400
5812
100 3718 Jan 17 6414 Mar 15
1514 Jan 4178 July
3114 33,4 3114 33
313* 3272 33
27.600 Cuban-American Sugar._ _10 2312 Jan 16 37% Feb 13
34
32% 3333
1412 Jan 28 Aug
100 100
.100 101
.96 100
100 100 *100 10012
100 100 Mar 26 10212 Feb 15
7818 Jan 10212 Dec
3412 3514 3314 3412 34
34
34
3412 3312 33%
Chemical v t o_No par 29 Feb 1 38,2 Mar
3.5g0 Davisong
2312 Nov 653* Apr
6
2512 2512 .2518 2578 *2.5% 257
2534 2534 .2534 261p
300 De Beers Cons Mines..No par 2334 Jan 24 28 Mar 1
1512 Jan 2558 Sept
•107 10712 10612 107
10612 10612 .10634 10714 .10634 107%
300 Detroit Edison
100 10612 Mar 26 111 Mar 2 10038 Jan 1181j Aug
42
43
43
43
42
4234 .4234 43
4,100 Dome Mine,. Ltd
4234 4234
Jan
4
10
1812
44%
393
Jan 4612 Nov
4
Feb
1
11014
112
11012 111
110% 111%
11134 11134 *111
3,700 Eastman Kodak Co_ __ _No par 8934 Jan 2 1137 Feb 28
8
70
0 JJti1
u.e
y 9
00011: Septeee
Dee
11512 11712 1174 11814 11814 11812 118 111,2
11514 117
3,400 El du Pont de Nero & Co..100 10614 Jan 17 12412 Feb 17 105 Dec934 Nov
11812
8712 8712 .8678 8712 8672 8672 '
3863.4 8712 *8634 8712
200
6% eumul preferred __ 100 8414 Jan 16 8812 Feb 23
6314 6412 6312 64% 6434 653. 645 gals
6334 65
19,000 Electric Storage BatteryNo par 54 Jan 17 6712 Mar 21
4018 June 5834 Dec
•1578 18
17
*18
•16
1612 1818 1618 .16
1614
200 Elk Horn Coal Corp
50 15 Mar 1 2034 Jan 2
1414 Jan 2412 Dee
71
•gi
71., ..6
71
.6
7
7,2 .61
71,
400 Emerson-BrantIngham____100
712 Feb 20
211
Feb
5
233 Jan
11 18 June
7412 7434 7412 753
7434 7512 7412 7514
; 74
4,800 Endlcott-Johnson
7478
50 74 Mar 29 9414 Jan 2
7614 Jan 947g Deo
115 115 •11434 11512 .1143* 115 .11434 115 1.11434 115
100
Do nret
100 112 Feb 7 118 Jan 3 101
Jan 119 Dec
•Bid and asked prices no sales on this day. 4 Ex-dly. and rights. 4 Assessment paid. z En-rights. g Ex-div. 1E2-900% stock div. ,Par
value $10 oer .bare.
New York Stock Record-continued-Page 3
1390
For eaten during the week of stocks usually inactive. see third page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
naturany
March 24.
afotalav
Maras 26.
Tuesday.
March 27.
ednevrtay
March 28.
'Thursday. I Friday.
March 29. March 30.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
s PER SHARE
Range since Jan. 11923.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1922.
Lowest
Highest
$ per share $ per share $ per share
per share Shares Indus. & Miscall.(Con.) Par $ per share $ per share $ per share $ per share
2712 28
*28
No par 26 Jan 4 31 Jan 10
2758 28
2812
500 Exchange Buffet
264 Dec 314 Oct
23,500 FlialeAla Players-Lasky_No par 8234 Jan 19 93 Jan 2
8612 8838 8814 898 88
8938
/
4 Jan 107 Sept
751
Do preferred (8%)__ _ _ 100 94/
96
9614 9612 97
9634 9634
1
4 Jan 16 9934 Feb 10. 914 Jan 10735 Sent
700
Federal Mining & Smelting 100
*7
12
*7
12
"8
12
8/
1
4 Jan 23 1234 Feb 16
9
Jan
1612 May
*49
Do pref
100 44 Jan 23 6012 Feb 13
51)
50
1,000
5034 .50
50
374 Mar 6214 Sent
9
9
No par
8% 9
4,800 Fifth Avenue Bus
738 Jan 17 10/
1
4 Jan 2
834 Dec 10/
1
4 Dec
8% 912
183 183 *180 185 *160 175
No par 150 Feb I 21214 Jan II
100 Fisher Body Corp
7.5
Jan 218 Deo
9334 98/
1
4 9873 99
9378 98/
1
4
800 Fisher Body Ohio, pref__ _ _100 964 Jan 24 10112 Feb 19
7634 Jan 10314 June
137 1414 1418 14/
1
4 13/
1
4 14/
1
4
No Pqr 1314 Jan 2 1612 Feb 13
8,000 Fisk Rubber
194 Apr
1038 Nov
No par
18/
1
4 1878 1834 1912 1834 1878
18/
1
4 Feb 1 22 Jan 13
6,400 Freeport Texas Co
1214 Jan 2714 Oct
Gen Am Tank Car
No par 66 Jan 5 711
6812 *67
69
/
4 Feb 20
4534 Jan 80
Oot
*6612 6812 *67
25.500 General Asphalt
100 4111 Feb 1 54 Mar 7
..,4712 4812 4814 5038 4814 50
3714 Nov 7334 July
Do pref
7913 7912 7912 7912 *781
100 76 Feb 1 83 Mar 7
. 81
800
69 Nov 111 July
9012 9012 9112 92
9112 9214
4,709 General Cigar, Inc
100 811
/
4 Jan 4 94/
1
4 Mar 14
65 Mar 8334 Dec
Debenture pref
100 10412 Jan 2 10912 Feb 24
10912 10912 *10514 10312 *10512 10812
200
94
Jan 109
Oct
/85 18078 18534 18614 18412 185
7,444 General Electric
1001 179 Jan 10 19018 Feb 2 136
Jan 190 Dec
11
1114 1118 1118 11
Special
11
1,100
10 1t'8 Feb 21
12 Jan 2
104 Oct 12 Sept
1434 147
. 14/
1
4
1318 Jan 17 1512 Feb 20
33,300 General Motors Corp__No par
14/
1
4 14% 143
84 Jan
1514 July
"34
Do pref
85
84/
1
4 848 84/
1
4 85
400
100 8334 Jan 20 85 Jan 16
69
Jan 86 Sept
Do Deb stock (6%)_ 100 834 Jan 9 86 Feb 271 87/
8412 85
85
804 *8412 85
8412 85
3,700
85
86
1
4 Mar 9614 Oct
Do Deb stock (7%)
99/
1
4 100
100 100
*991* 100
9913 9934 100 101
2,200
100 961
/
4 Jan 10 101 Feb 28J 7914 Mar 100 Sept
4714 4714 4611 4612 *46
46
46
46
600 Gimbel Bros
No par 41 Jan 3 4812 Mar 10
47
46
384 Oct 451s Oot
11
11
11
11
No par 10 Jan 18 1238 Feb 9
1034 11
*1012 1058 *10/
700 Glidden Co
934 Nov
1814 June
1
4 1034
612 653
6/
1
4 6/
1
4
614
612
61
/
4 658
638 638
No par
4/
1
4 Jan 2
7/
1
4 Mar 9
3,700 Goldwyn Pictures
4/
1
4 Dec
812 Oct
38/
1
4 39/
1
4 38
3818 38/
1
4
3,903 Goodrich Co (B F)
No par 34 Jan 4 4014 Mar 15
3914 3814 3812 33/
1
4 39
281
/
4 Nov
WI MAY
*8914 9014 *89/
Do pre(
100 84 Jan 3 9212 Mar 6
Apr
1
4 9012 90
9014 9014 90
90
400
794 Nov 91
90
311
/
4 311
/
4 311a 32
1
4 *3134 32
10,200 Granby Cone M.Sm & Pow100 23 Jan 25 33 Mar 23
22 Nov 35 MAY
30/
1
4 3114 311
/
4 32/
*1214 1312 13/
1
4 1334 *1214 1534 13
No par 11 Jan 23 15/
1
4 Mar 7
500 Gray & Davis Inc
8 Nov
19/
1
4 May
1314 1314 1314
*31
32
311
/
4 3178 *31
31
400 Greene Cananea Copper_ _100 234 Feb 1 341
/
4 Mar 6
22 Nov 34/
3112 3118 3113 31
1
4 May
.1078 11
9/
1
4 Jan 5 1412 Feb 14
1033 1038 10
1
4 Mar
1,500 Guantanamo Sugar_ _ _.No Par
7 Feb
10/
1012 1011 1038 1014 1014
9738 100
9633 9914 9612 9338 99 100/
1
4 97/
1
4 101
38,100 Gulf States Steel tr ctfs_ _ _ 100 78 Jan 10 10 Vs Mar 21
44/
1
4 Jan 94/
1
4 Oct
par
34Mar 5
211 Jan 12
34 Jan
1
1
1
11
/
4 *1
11
/
4
500 Harblehaw Elea Cab .No
3/
1
4 Mar
8
1
1
90
90
90
8978
1,500 Hartman Corp
100 8312 Jan 4 9514 Jan 26
804 July 103 Mar
9012 *8913 9012 8912 9014 89
2112
*2014 21
16
20
20
2112 21
1,853 Hendee Manefacturing_..100 1878 Jan 8 2334 Feb 16
Jan 2814 Sept
201
/
4 *1913 20
06912 72
55
*70
70
70
70
203 Homestake Mining
100 68 Mar 5 7978 Jan 2
Jan 82 Nov
71
7112 70
*70
6614 63
6114 Nov 911
/
4 Oct
6.51
/
4 6713 66
8,800 flou.ton 011 of Texas
100 6914 Jan 10 78 Feb 16
67/
1
4 68/
1
4 70
67/
1
4 68/
1
4
30
1
4 Mar 8
3013 29
3012 2958 30
1
4 Jan 10 32/
1912 A eg 261
2934 2853 2912 30
17,500 Hudson Motor Car____No par 25/
/
4 Des
2738 28
1
4 .lan II 2912 Mar 10
2633 2838 26/
28
2734 2814
10/
1
4 Jan 2.618 Dec
4,409 Hupp Motor Car Corp_ _ _ _ 10 22/
1
4 2634 28
414 4'2
4 Mar 29
2,930 Hydraulic Steel
612 lan 8
312 Feb 144 June
414 44
414 414 *414 434
4
414
No Par
1612 17
1638
314 Jan
10/
1
4 Dec
2,209 Indlahorna Refining
5 13 Jan 3 19 Mar 19
1612 17
1618 1614 1614 1638 16
6
6
1,503 Indian Refining
534 Jan 24
71
:Feb 8
5
6
6
10
Jan 111
/
4 June
612 612 *614
7
61
/
4 61
/
4
39/
1
4 40
31 Nov 45 Jute
3938 39/
1
4 3878 39
3,600 Inspiration Cons copper_ 20 33 Jan 18 433434ar 1
3958 3934 39
3914
*8
812
83
8
8
/
1
4
1
4
100 Intermit Agrloul Corp_
100
5/
1
4 Dec 115* Mar
734 Jan 4 11 Feb 20
484 914 *812 914 *812 9/
2812 Nov 434 Mar
*35
36
Do pref
100 31 Jun 22 39/
1
4 Feb 23
35
3334 3334 *33
300
35
35
35
3334
411
/
4 4114 40
41
401
/
4 4113
4,700 International Cement__No par 344 Jan 2 44 Mar 19
26
Jan 8834 May
4112 40/
1
4 40/
1
4 41
25
25
2458 25/
1
4 Feb 19
2034 June 3012 Sept
1
4 25
2518 2518 2512
3,600 Inter Combus Eng
2514 25
No Far 24 Feb 3 26/
9013 9012 9013 91
2,500 Internut Harvester (new)_ _100 87/
1
4 Jan 17 9812 Feb 7
7938 Jan 115/
1
4 Aug
9034 9034 89/
1
4 9058 8934 893,
•114 11512 *114 115
400
Do prat (new)
/
4 Feb 119 Sept
100 114 Mar 27 11614 Jan 4 1051
114 114 *114 115 *114 115
.10
8/
1
4 Jan 13 111
/
4 Feb 14
834 Deo 2712 May
11
1,000 Int Mercantile Marine._ _100
1078 1078 1018 1018 1014 1014 10
1018
4134 4212 4112 427.3 4134 4314 4234 4234 4153 43
Do prof
3,900
100 374 Jan 29 47 Jan 5
411
/
4 Dec 87/
1
4 May
1434 14/
9,700 International Nickel (The) 25 14 Jan 2 1614 Feb 16
19/
1
4 Apr
1
4 1458 15
/
4 15
1114 Jan
1458 14/
1
4 1434 1538 141
Preferred
*74
76
75
75
*74
77
300
1
4 Jan 4 78/
1
4 Feb 14
60
Jan 85 Jan
75
75
*74
75
100 69/
/
4 Mar 6
431s Mar 63/
53
5414 52
7,200 International Paper
100 494 Jan 22 581
1
4 Oct
5338 5218 53
5312 5412 5258 53
400
Do etamped prat
71
71
71
100 6934 Feb 3 751
/
4 Jan 6
59 Mar 8012 Sept
"71
7112 71
71
"70
7112 71
58,300 Invincible Oil Corp
1218 JUIY 2014 Apr
17/
1
4 1814 17/
1
4 18/
1
4 17/
1
4 1914 1812 19
18/
1
4 1878
50 1414 Jan 17 1914 Mar 7
Jan 534 Oct
22,300 Iron Products Corp.__ _No par 4112 Jan 17 5814 Mar 8
24
5314 55/
1
4 5058 5334 51
55
5312 5434 5312 5512
14 Jan 2
14 Nov
3 Jan
Stock
5,300 Bland 011 & Transp v to.. 10
58 Feb 21
/
1
4
/
1
4
/
1
4
/
1
4
/
1
4
12
/
1
4
12
12
34
2278 23
2214 2234 22/
1
4 23
2113 23
2112 2238
5,400 Jewel Tea, Inc
10
Jan 2212 May
100 17/
1
4 Jan 24 24 Mar 15
Do pref
3812 Jan 763s Dec
78
78
77
77
*78
7912 7612 7612 76
76 Exchange
400
100 6914 Jan 29 82 Feb 26
611* 60/
60
6034 60
1
4 6173
5,200 tones Bros Tea. Inc
1
4 Mar 16
3412 Feb 5773 Sept
6034 6018 60s 61
100 50 Jan 17 63/
•107 108 *107 10712 10713 10712 10712 10712 10712 10712 Closed;
300 Jones & Laughlin St, pref 100 107 Mar 19 109 Feb 23 10712 Dec 1093s Dec
112 Dec
74 Jan
600 tianaas A Guif
31: Jan 12,
11
/
4 11
/
4 *178 2
2
2
178 2
*11
/
4 2
112 Jan 2
10
4112 411
/
4 Aug
2,200 Kayser (J) Co. (nzto)._No Par
34 May 481
40 Jan 8 451
4112 41
/
4 41
/
4 Feb 23
Good
4134 4134 4134 4034 42
•102 10412 *103 10412 '103 10112 *101 1041
/
4 '101 103
1s1 preferred (new)_.No par 100 Jan 29 101 Mar 23
94 May 1064 June
5853 5934 57
1
4 601
3414 Jan 5334 May
6053 5734 5914 5918 6012 53/
1
4 Jan 4 624 Mar 22
25 46/
48.6011 Kelly-Springfield Tire
/
4 Friday
9012 Jan 10734 May
*100 106 *100 106 *100 105
105 105 *104 10512
100
Temporary 8% pref
100 10234 Jan 2 108 Jan 18
81
Feb 11512 Dec
*108 110
107 107 *107 109
109 10934 107 107
700 Kelsey Wheel, Inc
100 101 Jan 23 1147e Feb 20
4112 4178 41
1
4 414 4114 418 411
1
4 Mar 3
4134 40/
33,900 Kennecott Copper
No par 35 Jan 18 44/
254 Jan 39/
1
4 May
/
4 4134
434 Nov 24/
1
4 May
10/
1
4 114 10
1072 1018 10/
1
4 10/
1
4 10/
1
4 101
22,400 Keystone Tire & Rubber__ 10
8/
1
4 Jan 17 114 Mar 24
/
4 1033
Jan 1894 Nov
20212 20212 20212 20212 200 200 '195 200 *195 200
600 Kresge (8 5) CO
100 177 Mar 2 24712 Feb 16 110
*81
82
*81
82
*81
82
"81
83
*81
Laclede Gas (St Louis)..._l00 8214 Mar 20 87 Feb 21
43 Jan 944 Aug
82
30/
1
4 30/
1
4 304 3038 2934 30
30
3014 30
1,700 Lee Rubber dr Tire__ _No par 27/
1
4 Jan 16 311
/
4 Mar 22
2414 Nov 354 Mar
3014
/
4 Feb 235
'205 205 *203 209 *203 209 *200 210 *203 210
200 Liggett & Myers Tobacco_100 205 Mar 24 22234 Feb 9 1531
Oct
*114 11534 *114 11534 *114 115/
Do prat
Jan 1234 Nov
1
4 "114 11534 *100 115
100 115 Mar 23 11812 .lan 8 108
1
4 May
1
4 Mar 20
52 Nov 117/
7373 7112 7314
28,400 Lima LocoWkstempctfeN0 Dar 5838 Jan 17 74/
70/
1
4 7118 701
/
4 7212 7058 7112 72
1814 Jan 17 21 Feb 15
10/
1
4 Jan 23/
1
4 Sept
1
4 191
10,100 Loew's Incorporated___No par
15/
1
4 20
1914 20
191
/
4 19/
/
4 1912
1
4 1914 19/
No par
9 Jan
1414 May
8 Mar 15 1134 Jan 5
834 8/
1
4
2,100 Loft Incorporated
812 812
834 834
834 8/
1
4
812 812
Jan 67/
1
4 Sept
56
5634 5712 56
57
900 Loose-Wiles Biscuit
100 511
/
4 Jan 4 6314 Mar 2
36
1
4 561
/
4 5614 50
*561
/
4 57/
1
4 Feb 9 14714 Jan 180 Sept
Lorillard (P)
100 16114 Jan 8 178/
"165 167 "165 167 *164 167 *163 167 '163 166
72
Jan 117 Dec
100 105 Jan 22 121 Feb 6
*112 115 *112 115 *112 115 '112 115 '112 115
Mackay Companies
57
Jan 70 Nov
68
/
4 6712 6712
200
Do prof
100 68 Mar 8 7012 Feb 16
*68
6814 68
*6712 681
6814 *68
1
4 Mar 15
2612 Jan 8171 Sept
/
41 8612
13,400 Mack Trucks, Inc
No par 584 Jan 2 89/
844 85
87/
1
4 851
8212 85
821
/
4 8514 86
88 Feb 944 Dee
200
100 9212 Jan 3 9914 Mar 12
9634 *9512 96/
1
4 9634 96/
1
4 *96
97
Do 1st pref
*954 9634 *96
54
Jan 87/
1
4 Sept
90
100 84 Jan 3 92 Mar 6
91
*88
91
*88
91
*88
9014 *87
Do 2d pre/
.88
681* 6818 6818
4.500 Macy
No par 6118 Jan 8, 711
:Jan 20
59 Nov 62 Dec
674 694 67
68
6812 6612 68
154 Jan 40 Aug
3434 3334 34
12,600 Mallinson(H R)& Co_ _No par 341s Jan 24 40 Jan 2
36
3634 3214 36
32/
1
4 34/4 34
100 4312 Jan 17 7514 Mar 14
3014 Jan 52 Mar
6612 65
66
10,000 Manati Sugar
63
66
63
66
63/
1
4 66/
1
4 66
*83/
1
4 87
100 82 Feb 3 90 Feb 26
7314 Apr 8014 Sept
.8312 87
*8312 87
Preferred
*8313 87
*83/
1
4 87
41 Mar 6914 Apr
1,200 Manhattan Elec supply No par 5118 Jan 3 66 Mar 21
*58
61
*58
61
58
58
5814 6212 *6012 61
1
4 Jan 5
25 4314 Feb 2 47/
32 Mar 5814 Oct
600 Manhattan Shirt
*44/
1
4 46
*4413 4312 44/
45
45
4514 4514
1
4 45
22/
1
4 Jan 46/
271,300 Marland 011
1
4 June
1
4 5512
No Par 2714 Jan 6 5614 Mar 28
5012 53/
1
4 4914 5174 5014 5312 5458 5614 *55/
94 Feb 1
16 Feb 26
54 Mar 26/
1
4 Mar
13
100 Marlin-Rockwell
*1214 14
14
13
No Par
*1213 14
"13
*12/
1
4 14
/
1
4
31
33
Mar
Jan
22
Martin-Parry
274
2014
Jan 3614 June
corp...
No
3212
3212
1,200
par
30/
1
4 311
/
4 30/
1
4 311
/
4 *311
311
/
4
32
/
1
4
/
4 311
/
4
22
Jan 54 Nov
1
4 Jan 2 6412 Mar 14
58
59
4.200 Matbleson Alkali Works__ 50 49/
60
561
/
4 5814 56
58
5812 5834 57
41 14 Nov 7414 May
1
4
18,000 Maxwell Mot Clams A
100 4334 Feb 2 6314 Mar 8
55
57
56
5714 5614 5814 5734 5914 57
58/
11
Feb 25/
11,600 Maxwell Mot Class B. No par 1412 Feb 1 2072 Mar 8
1
4 June
1
4 18
1818 1834 18
1738 1838 1758 1838 17/
18/
1
4
654 Dec 174/
1
4 Jan 5 7838 Jan 13
7412
5.300 May Department Stores...100 67/
1
4 Dec
7412 74
7434 7312 741
/
4 7314 741
74
/
4 74
17/
1
4 Feb I 20 Mar 22
10/
1
4 Jan 211
1878 1918
3,300 McIntyre For Mines
1938 18/
1
4 1914 19
19 .19
20
/
4 Mar
19
200 Mexican Petroleum
100 265 Mar 2 293 Jan 2 10614 Jan 322 Dec
270 275
'260 295 "250 270 *240 270 *250 295
1
4 Feb 28 10514 Mar 16
7914 Jan 108 Deo
Preferred
100 100/
*100 108 "100 108 *100 108 *100 108 '100 108
15
Oct 344 July
1712 18
1738 18
1
4 18
4,700 Mexican Seaboard 011_No par 1614 Jan 12 1938 Mar 19
1778 1838 17/
1712 18
1
4 Mar 20
12
Voting trust ars
154 Jan 17 19/
Oct 324 July
1714
4,900
/
4 17
1718 16/
1
4 1712 17
1714 171
171
/
4 17
2812 2812
1,000 Miami Conner
5 2634 Feb 1 3012 Feb 23
25 Nov 31/
285/ 2834 2812 2838 *2812 29
1
4 May
2834 29
45,100 Middle States 011 Corp..
11 Nov 16 Apr
111
/
4 1178 111
/
4 12
1112 12
10 11 Jan 24 1214 Jan 12
1134 12
111
/
4 12
264 Dec 451
15,400 Midvale Steel & Ordnance_ 50 27 Feb 1 32 Mar 3
3018 3034 30
3014 2834 3014 2914 30
3012
/
4 May
30
100 Ms Jan 241 75 Mar 8
1,100 Montana Power
63 Jan 761
6912 6912
/
4 Sept
1
4 69/
1
4 70
70
6972 69/
1
4 6912 6973 69/
1
4 Jan 17j 26 Feb 13
12 Feb 2514 Aug
8,700 MontWard & Collis Corp
10 20/
2318 23
234
2314 2312 23
2312 2234 2314 23
1
4 Jan 171 29/
1
4 Mar 22
28
10,600 Moon Motors
13 Aug 19/
27
26
27/
1
4 28/
No Par 17/
1
4 Dec
26
1
4 27/
1
4 2734
2658 27
8,800 Mother Lode Coalition-No Dar 11 Jan 2 14 Feb 20
9/
1
4 Nov 124 Dec
1
4 1234 12/
1
4 12/
1
4 1212 1253
121
. 1273 12/
12/
1
4 13
No par 22 Jan 20 29/
1
4 Mar 15
400 Mullin:. Body
1714 Dec 34 Mar
1
4 *24
2712 26
26
*2712 28/
1
4 2838 28/
2712 *24
1,700 Nash Motors Co
No Par 7518 Jan 2 1144 Jan 12
70 Doo 525 July
109 109
108/
1
4 10834
109 109
10738 10738 107 109
100 98 Mar 6 1011
9812 *98
9812 *98
Preferred A
/
4 Jan 17 10111 Aug 108 Dec
98/
1
4
9812 '98
9812 *98
*98
50 11 Jan 39 184 Fob 19
14
14
400 National Acme
94 Nov
1413 1412 *13/
1
4 15
14
1434 1434 14
100 38 Jan 5 4314Mar 19
42/
1
4 4212 43/
11,700 National Biscuit
8678 Dec 27
1
4 421
/
4 4234
20
114 D
42/
1
4 4273 4214 4234 42
Aeo
pr
100 12034 Jan 15 125 Feb 2 1134 Jan 126
Do pref
Oct
*12014 1201z *12014 121 *12014 121 *12014 121 *12014 121
1,300 National Cloak & Suit.. 100 5812 Mar 27 6714 Feb 21
26 Jan 66/
1
4 60
60
60
5813 58/
60
1
4 Sept
63
5978 60
*60
1 Jan 25
143
11*
1,700 Nat Conduit & Cable..No Par
112 Feb 21
1 Dec
1
Ils
118
1
1
Apr
118 *1
118
6534 Jan 9 73 Mar 14
4,800 Nat EllalTeg de StaMteg
100 6514
3034 Jan 6841
1
4 69/
1
4 7014 7034 7012 6934 70
70
7038 6912 70/
100
Jan 25 131314 Mar 20
1,800 National Lead
:13112
85 Jan 12914 Dec
•13012 131
1301
/
4 13114 131 13112 13112 13112 1311
100 112 Mar 16 114 Jan 4 108 Jan 117
Do pref
111 111
2.200
111 11114 111 111
Oct
112 112
111 111
2,600 Nevada Consol Copper.... 5 144 Jan 29 18/
1614
1
4 Mar 5
/
4 1618 1613 16
1334 Nov
194 June
1638 1612 1638 1634 161a 161
1
4 Jan 2 394 Feb 13
1,200 N Y Air Brake (new)__N0 par 26/
3612
2412 Nov 411
/
4 Sept
37
37
3514 3534 3612 3612 36
36
36
No par 46 Jan 9 51 12 Feb 13
Class
1,200
4838 4838 4838 4838
454 Nov 5114 Oct
*49
1
4 49
1
4 48/
4912 48/
1
4 49/
100 2112 Jan 16 2634 Mar 16
2,400 New York Dock
1
4 25
26
2434 26/
20 Nov 46 June
2334 24
*2312 25
25
25
100 46 Jan 31 511:Mar 15
5034
Do pre
100
5712 *49
46 Nov 684 June
5034 5034 *5018 5034 *5018 5034 *50
50 1004 Jan 16 11912 Feb 24
/
4 11114
6,000 North American Co
444 Jan 10514 Deo
1111
/
4 11118 10913 111
1
4 11018 11038 1101
10912 110/
60 444 Jan 17 0812 Feb 14
Do pref
400
38 Jan 474 Aug
*4614 47
4612 4614 4614 4618 4618
1
4 *46
46/
1
4 46/
Nova Scotia Steel & Coal_ _100 27 Jan 10 29/
*25
27
1
4 Mar 3
*25
2034 Feb 40 Sept
*25
27
29
27
*25
27
*25
912 Jan 5 104 Feb 9
Nunnally Co (Tbe)._..No par
*91. 934
*912 10
*912 10
8 July
12/
1
4 Mar
*912 10
*912 10
1,200 Ohio Body & Blow....No par
612 Jan 2 101
/
4 Jan 29
/
4 Apr
713 712
5 Nov 141
712
7
7
634 7/
1
4
*712 10
714
11
/
4 Jan 2
14,700 Oklahoma Prod & Ref of Am 6
31e Feb 8
1/
1
4 Deo
278 2/
234 2%
432 Juna
1
4
234 2/
1
4
234 2/
1
4
1
4
2/
1
4 2/
Mlning____100
5 Jan 6
600 Ontario Silver
5/
1
4 5/
1
4
614 Mar 8
41
: Jan
9/
1
4 Mal
*512 6
558 6
51
/
4 6
*534 6
Oct
1 174 Jan 6 2114 Feb 16
1,300 Orpbeum Circuit, Inc
1814 1812 18
12/
1
4 Jan 28
18
1814 181
/
4 18
1814 1814
1814
100 13934 Mar 27 153 Feb le 116
Jan 16812 001
44211 14212 140 142
1,100 Otis Einvator
13712 14112
13934 13934 140 142
S Per share $ per share
1
4
.2713 2813 2758 27/
8714
8712 8814 86
97
*9534 97
*96
*7
1013 *7
11
*50
52
*50
52
8% 9
9
9
*181 188 *181 188
.9834 9878 9834 98/
1
4
14/
1
4 1412 141
/
4 1412
1834 1918 1858 1914
*6612 6812 *6712 69
4814 4918 471
/
4 4934
78
78
78
78
9112 9112 90
9012
•108 10912 10614 10614
18412 18458 133 184/
1
4
1114 1114 1133 1138
147 15
1434 15
*34
85
*8312 85
•Bid and asked prices; no Wee this day.
Legs than 100 shares. a Ex-dlvidend and rights. 8 Ex-dividend. •• Ex-rights.
New York Stock Record-Concluded-Page 4
For sales during the week of stocks usually inactive. see fourth page preceding.
PER SHARE
Range since Jan. 1 1923.
STOCKS
Sales
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
NEW YORK STOCK
On basis of 100-share Sots
for
EXCHANGE
[Friday.
the
Monday. I Tuesday. Wednesday. Thursday.
gaturtlay.
Highest
Lowest
Mach 24. March 20.' March 27. March 28. March 29. March 30. Week.
1391
PER SHARE
Range for Previous
Year 1922.
Lowest
Highest
S per share 45 per share $ per share Shares Indus.& Miscall.(Con.) Par $ per share $ per share $ Per share $ 1Pg2share
Apr
77 Jan 4 1434 Mar 21
6 Nov
No par
20,300 Otis Steel
1313 1414 1314 1418
24% Jan 4233 Sept
25 3642 Jan 2 5133 Mar 28
35,700 Owens Bottle
5033 5134 5083 5134
13 Dec 14% Apr
214 Mar 5
12 Jan 2
2.500 Pacific Development
lls 118
1% 115
40 Jan 91% Sept
100 7834 Jan 25 8.5 Jan 5
2,800 Pacific Gas & Electric
8012 7912 7912
80
June
Jan
11
Pacific Mall EIS
5 11 Mar 23 1212 Feb 8
*1012 1134 1311
1134
7g
19Ma
932 ny
e
Jan
4
42s Nov 6
48
30
Pacific
011
42% Jan
32,600
4312 4334 43
4332
10 Dec 21 Nov
10 1018 Jan 8 1512 Mar 22
15,000 Packard Motor Car
1479 1518 15
151
50 77 Mar 29 9313 Feb 7 48% Jan 100% Dec
70,500 Pan-Am Pet & Trans
783
7958 8114 77
4053 Feb 9534 Dee
Do Class B
50 701 Feb 14 86 Feb 7
69,500
7438 7514 7153 727
3 Dec 121, Jan
5 Jan 5
4 Jan 16
1,200 Panhandle Prod dr Ref_No par
4
438 438
433
37
3% m
Aay
pr
2
714 N
Doec
v 1
Mar
13
1513
Jan
25
Parish
&
1159
1,300
Bingham
13
13
1334 14
No Par
212 Jan 2
v t o No par
57s Feb 16
5
51
438 518
26,700 Penn-Seaboard
593* Jan 911 Sept
901) People's G. L & C (Ch1c)_100 90 Jan 16 9412 Jan 30
91
91
9032 91
3112 Jan 45% Sept
11,000 Philadelphia Co (Pittsb)._ 50 4114 Jan 2 50 Mar 15
47/
1
4 481
47% 48
73% Oct 105% Jan
No par 76 Jan 11 7832 Jan 15
300 Phillip-Jones Corp
/
4 771
7612 *711
1574
2814 Jan 5914 June
No par 4712 Jan 2 687e Mar 28
75,800 Phillips Petroleum
6738 688 678 683
8 July 24% Apr
No par 111 Jan 27 1514 Jan 14
2,800 Pierce-Arrow M Car
13
13
1333 13
18% July 49 Apr
Do pre:
900
100 273* Jan 27 3533 Jan 9
32
32
321s 32
3
78 Dec 12 Jan
13
6
Feb
Jan
25
4
25
4,100 Pierce Oil Corporation
412 433
412 433
32 Sept 71 Jan
Do prof
100 38 Jan 241 45 Jan 4
103
40
40
*40
41
39 Nov 59% Dec
Plgg Wigg Star Ina"A"No pa
5514 Jan 17 124 Mar 20
55 Nov 7232 Sept
100 58 Jan 16 6772 Mar 7
2,400 Pittsburgh Coal of Pa
-08 -661-8
65 -E13 -602 60
65
*al -66- 64
0012 Feb 10012 Sept
Do prof
100 98 Feb 7 9934 Mar 28
400
9912 9912 991
9912 *99
9934 9934 *991y 100
*99
*93
97
974
1
4 Feb 41 Dec
*934
14/
914 Mar 1 477 Feb 15
10
400 Pond Creek Coal
*934 10
10
10
*934 97
65% Apr 120 Oct
2,700 Postum Cereal
1217s 12512
No par 113 Jan 6 134 Feb 6
12212 12213 *12214 12458 12334 12334 *122 124
100 11018 Jan 3 11414 Jan 25 10512 Apr 11212 Oct
100 8% preferred
*101 102 *11114 11213 11114 11114 *111 1122 *11112 114
1,500 Pressed Steel Car
100 58 Feb 2 8112 Jan 2 83 Jan 95% Sept
6712 6838 6814 6814 6813 6812
6812 69
69 69
91 Feb 108 Sept
*911 93
Do prat
200
100 86 Jan 221 9934 Jan 5
9159 9134 *9112 93 *9112 93
*9112 93
2412 Jan 51 Sept
117,200 Producers & Refiners Corp_ 50 4714 Jan 16 58% Mar 20
55
5418 5534 .5534 57
5634
5434 5534 5412 56
21
Mar
66
Jan 100 Nov
104
6
4
Jan
933
Public
Service
Corp
of
N
7.100
J_100
10033 10112
101 102 100 10212 998 10112 1007g 102
100 1268* Jan 17. 134 Mar 8 10512 Jan 13934 Sept
7,300 Pullman Company
12814 12912 129 13014 12814 128/
1
4
128 129 12713 130
31 Jan 5314 June
50 43 Jan 13 6878 Mar 19
29,900 Punta Alegre Sugar
6234 6433 64/
1
4 6512 6314 6412
6134 6414 6144 631
2613 Nov 38% Jan
25 27 Jan 24 32 Feb 13
13,200 Pure Oil (The)
2913 2983 2812 2919 2812 2914 2883 2938 2834 2914
94 July 10234 Apr
8% preferred
100 97 Jan 25 100 Mar 9
*9812 9713 *9613 9713 *961 9712
*9612 9712 *9612 98
Mar
17
123
94
Jan 12014 Sept
30
Jan
11012
Railway
Steel
Spring
1,800
118
*118
120
121
100
*119
11814
11814 119
120 120
1912 Jan 3612 Sept
No par 3018 Mar 27, 3438 Feb 19
300 Rand Mines Ltd
/
4
*3012 311
31
3114 30% 3018 31
*3034 33% .30
12% Nov 19 May
6,300 Ray Consolidated Copper_ 10 1312 Jan 25 1714 Mar 1
1512 1552 1518 1558 1518 1514 15% 1512 1514 1538
24 Jan 42 Mar
1.800 Remington TYPew rlter vi0100 33% Jan II 4818 Mar 6
46
4678 45
45
45
45
44
44
.44
46
55 Jan 105 Dee
1st preferred v t o
100 100 Mar 5 194 Feb 13
*101 102 *101 102 *10112 102 *10112 102 *10112 102
Feb 8014 Dee
Mar
20
50%
90
3
Jan
preferred
80
2d
100
*90
*90
9814
*90
9814
9814
9814
9814 *90
*90
21 Nov 3813 May
7,900 Replogle Steel
No Par 2314 Jan 2 311 Feb 16
2713
2712 278i 2634 2713 2883 2744 2714 2814 27
43% Nov 78% May
100 47 Jan 31 6634 Mar 21
37,500 Republic Iron & Steel
62
6333 *61% 6138
5933 62
8184 6411 5912 63
74 Feb 9.534 May
Do pre
100 89 Jan 9 967 Mar 21
300
9514 9538 *951g 9512
95 *9412 95
95
96
*95
1214 Nov 5044 June
No par 1642 Jan 23 2714 Feb 21
27,000 Reynolds Spring
215* 2259
2214 23
2012 208 1958 2059 1959 22
43 Mar 6384 Nov
10,700 Reynolds(R J) Tob CI B__ 25 47 Jan 10 61% Mar 19
5934 8033 5934 5978
60 601s 5918 5934 5914 60
111%
Apr 118114 Oct
118
Feb
9
Jan
19
114%
7%
preferred
100
*11434
116
116
•11434 110 *11434 116 *11434 116 *11434
47% Jan 67 June
7,400 Royal Dutch Co(NY shame). 4212 Jan 31 55 Feb 16
5012 5034 494 5012 4912 5012 5058 5133 5012 5114
2Mar
9
12%
Jan *2014 Sept
224
Jan
2
18
St
Joreph
Lem]
1,400
21
10
*2012
2118
21
4
203
2012
20
3
4
207s
21
21%
6% Mar
1% Jan
5 Feb 14
2 Jan 17
400 San Cecilia Sugar v t o_No par
313
3% 333 *3
312 312
*312 314 *313 334
10 Aug 2472 Apr
100 1812 Jan 3 2812 Mar 7
1.400 Savage Arms Corp
26 *2434 26
26% 26
2833 2678 28
*27/
1
4 28
94%
51)%
Feb
9238
Feb
13
Aug
8312
Jan
17
Sears,
Roebuck
&
Co
100
8,000
3
87
19
887
87
87
86
8718 85
8714 8712 85
91 Jan 112 Aug
Preferred
100 11014 Mar 23 11312 Mar 12
1
4
1
4 11114 *11014 114/
*11014 11414 *11014 11414 *11014 11414 *110/
6 Oct 2314 Jan
1014
733 Jan 17 1212 Mar 3
2,300 Seneca Capper
No par
1012 10
1038 1034 1013 1012 10
11
11
Nov 12 June
818 Jan 2 10% Mar 2
400 Shattuck Arizona Copper__ 10
*913 10
9103 953 *914 10
938 933
912 912
34% Dec 48% May
1,300 Shell Transp & Trading.,_ £2 3442 Jan 31. 4114 Mar 7
1
4
3812 39% 39% 3912 387s 39/
33
38
_
14
1212
Dec 1314 Dee
Feb
1614
Jan
8
1232
Shell
Union
Oil
No
par
20,600
15
5
8
153
1514
1533
15
1532
15%
11111514 -1-512 15
18% Jan 38% June
153,200 Sinclair Cons 011 Corp_Ne par 317 Jan 19 3918 Mar 19
Stock
3614 3712 3512 3678 3512 3638 3612 3734 3814 3714
843 Nov 11% Oot
9% Jan 2 13% Mar 21
10
20,700 Skelly 011 Co
1314 1318 1338 131 1333 1338 1334
13% 1333 13
34% Mar 5412 May
500 Sloss-Sheffield Steel dr Iron 100 42 Jan 3 5714 Mar 21
5313 5313 *5314 5312 Exchange
52
52
54
54 *52
*52
66 Mar 80 Aug
Do prof
100 63 Jan 13 90 Mar 16
403
88
82 *83
81
8114 82
80
80
86
•82
33 Nov 57% Mar
Mar
19
644
13
Jan
Porte
40
So
Rico
Sugar
100
Closed;
2,500
5813
57
57
61
59
58
58
57 5912 57
15 Nov 24 June
2212
No par 19 Jan 17 2714 Feb 16
13,400 Spicer Mfg Co
2178 2278 2238 2314 22
2134 24
*2313 24
84 Apr 96 Sept
Preferred
07
100 90 Jan 3 975sFeb
Good
97% *93
9712 *93
9712 *93
*93
9712 *93
Dec 141 Sept
8444
9012
Jan
23
84
Mar
7
Standard
Milling
100
16
80
80
8412
-___ 8412 *____ 8413 *____ 83 *82
91% Jan 135 Oct
25 5459 Jan 25 123% Jan 2
23,400 Standard Oil of Cal
5534 5618 5512 5618 Friday
56
55
5959 601.1 551s 56
381 Dec 25013 Oot
25 3914 Feb 1 44% Mat 3
36,200 Standard 01101 NJ
4033 4134
4018 40% 4034 411
41
40% 41% 40
118 Feb 21 11332 Jan 11612 Nov
100 116 Mar 24
Do pref non voting
1.200
116 11614 11634 11634 11613 11634 11633 11633
116 116
68 Mar 90 May
,Jan 12
3,400 Steel dr Tube of Am pref_100 85 Jan 2 1077
98
998 94
9812 9934 110 10014 9912 9913 99
No par 5859 Feb 13 6733 Mar 21 4518 May 6334 Dec
3,400 Sterling Products
62% 6314 62% 6314 6218 621
63 6314 63%; 84
81 Jan 109 Dee
Stern Bros prof(8%)
100 10913 Jan 2 115 Jan 5
*110 114 *110 11212 *110 11212 *10912 11213 *108 1121
25.700 Stewart-Warn Sp Corp_No par 7914 Jan 2 12313 Mar 231 2412 Jan 79 Dec
11612 118 113% 116% 115 1181, 11714 12114 12058 123
Mar
61
3514
Jan 71 Dec
9414
10
Jan
Stromberg
4214
Carburetor_No
par
10,800
8614
887
87%
8738
857
8712 85%
8512 87% 85
7913 Jan 1413* Dee
121,900 Studebaker Corp (The)-100 1121* Jan 16 1253 Mar 19
12112 12314 12359 12433 12178 124
12158 12212 12114 123
100 112 Jan 4 11344 Feb 161 100 Feb 11814 Nov
Do prof
200
/
4 *113 11312 *113 11312 113 1131
•113 11312 113 1131
872 Nov
7 Jan 3 145s Mar 14
No par
15,700 Submarine Boat
313 Jan
121 1314 13
13,
g
1218. 1253 1218 13
12% 13
47 Jan 23
844 Feb 15
4 Nov 1014 June
No par
513 51
1,300 Superior 011
514 514
5
5
5% 518
5% 5%
22
34
Mar
3912
Apr
26
Jan
Jan
3
2914
Superior
100
Steel
100
34
*33
*33
34
*33
34
33
33
*33
34
158 Nov
5 Mar
278 Jan 12
134 Feb 27
10
1,600 Sweets Co of America
17
13
17
178
134 134
•134 17
*134 2
8% Nov 1234 May
5.200 Tenn Copp & C tr otts.No par 10% Jan 2 1234 Feb 21
1153 1134
117 12
12
121s 118 121g 1134 12
42 Mar 52% Ool
25 4785 Jan 17 5272 Mar 20
61,800 Texas Company (The)
5015 5112
5114 52
5034 5114 5012 5134 .5058 513
3813 Jan 67% Nov
10 587 Jan 10 65 Jan 15
5,800 Texas Gulf Sulphur
6114 61% 6014 61%
61
6114 604 8112 6014 61
1813 Nov 323* June
2434
Feb
17
Jan
24
Texas
Pacific
20
Coal
&
011_
10
5,300
2112
21
2114
22
213
2
2134
2159
2113 2134 21%
100 120 Jan 2 144 Mar 2 10934 May 154 Oet
1.100 Tidewater 011
130% 13012 13012 13012 13012 13012
13014 13014 130 130
2812
45
Mar
8
Sept35 Oct
Jan
2
Timken
Roller
33%
Bearing-No
par
22,500
4233
41
424
41%
4112
4012
4014
42
413
4
40%
49/
1
4 Nov 84% June
12,400 Tobacco Products Corp_100 5012 Jan 17 60 Mar 7
.5534 5613 5513 5659
5538 563
56
5.5% 5612 55
76% Aug8912 Sept
Do CIA (since July 15) 100 7934 Feb 2 85 Mar 2
19,700
4 84% 8233 834 8213 84% 8313 8413 832s 84%
82,
71 Mar 201* May
23.200 Transcontinental 011___No par 10% Jan 9 1412 /an 5
12
1233
1214 12% 1134 1234 119 1234 1214 123
55 M
78 Sept
5,500 Union Bag & Paper Corp_100 6333 Jan 18 7713 Mar 28
76
7612
7614 771
74
76
75
74
75% 74
14
*18
is Dec 25 June
14 Jan 3
Is Jan 4
200 Union 011
14
No par
*13
*18
14
18
18
*Is
14
Dec
Dec
85
9934
Mar
19
1
Union
Tank
Car
13434
81
Feb
100
600
96
96
95
05
98
*04
96
96
*9412 96
Preferred
600
100 1087 Jan 3 112 Jan 19 102 Feb 113 Sent
109 109
107 108
110 110
10972 109% *108 110
25 Jan 4114 May
900 United Alloy Steel
No par 33% Jan 5 3912 Mar 21
3712 3712
37 37
37
37
37
37% 3712 37
60% Mar 85 Oct
100 78 Jan 24 85 Feb 23
1,200 United Drug
82
*80
80
79 8012 80
SW
80
8014 80
41112 Feb 5178 001
1st preferred
200
50 48% Feb 14 48 Mar 1
4734 4712 4713 4712 4713
4741 *47
*4714 4734 *47
100 1521, Jan 17 183 Mar 2 1194 Jan 182 Oct
1,000 United Fruit
177 178
177 17712 177 17714 17812 17813 *176 17812
12,500 United Retail Stores..-No par 64% Feb 1 84 Mar 3
4313 Feb 87% Oct
80% 821s
30/
1
4 8112 785e 8083 7834 8014 80 82
31
161* Jan 39 Aug
1,700 US Cast Iron Pipe & Fdy_100 29 Jan 31 3413 Mar 2
3114 31
31
31
3112 31
3112 3134 31
Do prat
100 69 Jan 25 7244 Jan 3 50 Jan 78 AuF
200
6934 6034 *6912 71
6912 *6934 71
69% 6934 *69
33 Jan 30
812 Mar 19
1,700 US Food Products Corp._100
234 Feb 1012 Jan
444 4%
*434 514
5
5
544
512 514 *5
1,000 USHoffmanMaohCorp No par 1812 Mar 23 25 Jan 27
181* Nov 257 May
*1812 19 *1813 1834
19
1834 19
1812 1878 19
27,100 US Industrial Alcohol _ _100 6259 Jan 22 7314 Mar 16
37 Jan 7272 Oct
69% 70% 69% 7113 6914 7133 7059 7159 69% 7112
400
*9934 102
7212 Dec 102 Oct
Do Prof
100 98 Jan 2 101 Mar 28
101 101
•100 102
10013 10012 *9934 101
4,800 U8 Realty & Improvement 100 8812 Jan 24 108 Mar 5
100 101
56 Jan 92% Oct
9813 991 10014 101
99% 9934 9812 100
17,800 Unite.1 States Rubber
100 55 Jan 10 647 Mar 22
48 Nov 6713 Ain
6238 63
6114 63
6114 6214 6214 62% 6142 6258
Do lot prat
900
91 Sept 107 July
100 99 Jan 2 105 Jan 13
104 104
1031
/
4 10334 10314 1034 *103 104
10314 104
2,200 US Smelting, Ref & M
3812 381p
33 Feb 481i Oct
60 3472 Feb 6 433 Mar 2
384 39
38
38
38
39% 3812 40
Do prat
900
4534 46
4214 Feb 49 Aug
50 45 Feb9 48's Jan 3
*45% 46
4553 4512 4578 46
4512 48
161,050 United States Steel Corp 100 104 Jan 31 10933 Mar 21
/
4
82 Jan 11112 Oct
10612 107
10538 10718 10559 10714 107 10818 1067 1081
Do prof
700
/
4 Mar 28 12312 Jan 15 11333 Feb 123 Sept
100 1181
•11812 11913 119 110 *118% 11878 1184 1188 11833 11812
12,300 Utah Copper
10 6213 Jan 18 7612 Mar 5
7212
7214 7314 7018 7214 7038 7134 72
72% 72
59 Nov 7112 Sept
1,600 Utah Securities v t o
100 1534 Jan 28 2438 Feb 16
*2014 211, 20
912 Jan *2318 Sept
1
4 2012
20
20
20
2012 2012 20/
337
4218
No par
19,200 Vanadium Corp
41% 41% 4018 41% 3934 41
Feb 1 44 Feb 16
3033 Jan 538 Aug
41% 4218
Van Raalte let prof
98
100 92 Mar 22 98 Jan 25
•88
1592
98
92 Jan 100 Oct
98 .92 98 *92
98 *92
oh Nov 3672 Mar
39,200 Virginia-Carollna Chem.__ 100 18 Mar 26 2613 Feb 23
20
2112 22% 201, 2172 19
21
1814 2214 18
14,800
Do prof
100 5232 Mar 29 69 Mar 15 58 July 83 Oct
6412 59
*6314 64
52% 57
6114 54
61
64
94% Jan
100 5313 Jan 31 68 Mar .5! 43 M
100 Virginia Iron. C &0
•6211 65
6212 6212
*6212 65 *62 65 *6212 64
Preferred
200
85
83
83 *80
68 Mar 86 Oct.
100 80 Jan 29 84 Mar It
85 .82
*81
85
82
82
211g 2112 2014 2114 20/
11,100 Vivaudou (V)
1
4 214 2132 2232 2078 2172
018 Jan 18 Dee
No par 15% Jan 17 23 Mar 22:
1412 15
3,500 Weber .4 Helibroner
1438 151s 14% 15
15
No Par 1214 Jan 27 15% Mar 81 10% Oct 17 Apr
1518 *1412 15
*49
1548
400 Wells Fargo Express
40 *47
49
4913 48
6614 Jan 98% Oct
49
WO 463s Mar 8 105 Mar 2
*47
49
113 11334 113 113
•113 114
1,000 Western Union Ten/Brat:01_100 109 Jan 22 11912 Feb 20
89 Feb 12114 Aug
112 112
11214 113
1.900 Westinghou,e Air Brake_
11834 11912 119% 120 •116 118
11872 119 *11812 119
80 Mar 114 Dee
50 107 Jan20 120 Feb 17
6314 6418 6312 641/1 6415 6413 6212 63
63% 84
4918 Jan 6512 Aug
8,900 Westinghouse Elea & Mfg_ 50 584 Jan I I 67% Feb 16
2838 2914 2814 2834 29
2834 29
4,900 White Eagle 011
No par 2478 Jan 16 3038 Mar 20, 25 May 338* Nov
2938 2814 28%
1
4 Jan 54 Sept
57
7.600 White Motor
55
56
56% 5634 55
57
5712 5814 5734
50 4858 Jan 3 60% Mar 19; 35/
57 Feb 19;
418
2% Dec 12 May
2,200 White Oil Corporation-No Par
414 4%
4
414
4
414
418 418
3 Jan 24
438 11% 11% 1178
1,100
812
Nov 2172 May
171
Wickwire
Feb
11% 1214 1178 12
Spencer
11%
1333
Steel
12
5 1034 Jan 2
11%
7
714
412 Feb 10 May
12,700 Willy,-Overland (Tha)
678 714
7% 718
814 Jan 5
7
7%
672 Jan 2
25
7
7%
521, 5312 5414 5413 54
24 Feb 4912 July
Do Preferred (nets)._._ 100 421, Jan 2 53 Mar 29
5,700
5214 5214 5058 52
56
3912 37
.38
3834 38
1,700 Wilson & Co.Inc, v t c_No par 38 Jan 10 4234 Mar 7i 27/4 Jan 5012 Sept
374 38
38
371g 371
84 .82 84
88 *82
Preferred
1382 86 *82
84
100 85 Feb 2 87 Jan 3 66 Jan 91 Sent
*82
1,600 Woolworth Co(F W)
213 21312 207 21312 210 210 *210 212
100 l99% Jan 24 22413 Jan 5 137 Jan 223 Nov
210 210
38
36% *37
1,403 Worthington P & NI v t o_ _100 303 Jan 30 391 Feb 17
3712 3718 38
37
28% Nov 5571 June
37
*3812 371
912 913 *9
9
200 Wright Aeronautical._ _No par
Jar; 11 Aug
814 Jan 17
98 Mar 23
912
9/
1
4 *9
9% 934 *912 972
prices;
no
sales
on
this
rights.
a
Ex
asked
day.
Ex
•Bid and
Less than 100 shares. t
-dividend and rights.
Ex-dividend. e Reduced to basis of $25 par k Range sinoe Merger (July 15) with United Retail Stores Corp. S Ex-cliv. of 25% in common stock
$ per share
13
1414
4912 50%
1% 114
8014 8044
*11
12
44% 44%
15
1512
78% 7944
7314 74
438 438
*1312 14
4% 458
*9113 9134
4814 4812
*7114 74
64
66%
1212 1318
31% 3113
*444 4%
42
*38
$ per share
1234 1334
49
5114
llg 118
8033 80%
*11
1134
42% 44%
1434 15
7759 7034
7213 74
414 414
1312 14
438 434
9078 9112
4712 48%
*7114 74
6412 66
1258 1313
3112 3112
4% 434
42
*38
3 per share
13
1312
4914 5012
118 114
7912 80
*1012 1112
43
4312
147 15
7734 8038
7212 7434
*4% 438
1333 1312
1
4 412
4/
91
91
4712 4812
*71
74
65
6734
13
1318
32
*31
412 458
*38
42
40
1392
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
,•4. the Exchange meth el of quoting hands was changed and prices are now--"and tntereet"—except for Income and defaulted bends.
BONDS.
N.Y.STOCK EXCHANGE
Week ending Mar. 29
I ia•
af.
Price
Th is a?)
Mar. 29
Bict
U. S. Government.
FRet LlbertY Loan3D
83.1% of 1332-1947
3D
Cony 4% of 1932-1947
3D
Cony 434% of 1932-1947
D
2d cony 431% of 1932-1947
Seeond Liberty Lean—
MN
t% of 1927-1942
MN
Cony 431% of 1927-1942
Third Liberty LoanM S
431% of 1928
7ourth Liberty Loan—
40
'34% of 1933-1938
Victory Liberty Loan3D
43.4% Notes of 1922-1923
AO
Treasury 41,43 1947-1952
Zs coneol registered
51930 Q J
Be consol coupoa
01930 at J
de registered
1925(4 F
19 coupon
1925 Q F
Panama Canal 10-30-yr 28_11936 Q F
Panama Canal 3a gold
1961 Q M
Registered
1961 Q M
Week's
Range or
Last Sale
Ask Low
I
Ranee
Since
Jan. 1
litgh No Low
High
1
1001aa Sale 00% 101 4
762 100 92 0:.90
97.00 971 98 70 Jan'23 -..-aa
- 98.14 98 911
971i a sale 911% 971%2
96% 99.08
97.00 98 00 97 00 Mar'23
97.00 9901)
963342 Sale 9613,6
97% Sale 963'22
954 1 Sale 97%
9717
, Sale
9627
,
Sale 1G0.00
081)82 Sale )Si
10212
10314
1024
ioi_ 10318
100
5.112 651, 95
9313
9,7%,„,
2,..4.
4196% 98.60
97%"" 9611a 98.88
anaa I
98aa
97.44 99.18
6'39 )627
972,—....,
, gala
1007a1"
7
99.00 2022
Apr'22
alar'22
Dee'22
Jan'23
July•21
Feb•23
Fe1323
100.0G 100.20
98ia 109.04
111318 1031e
BONDS
N. Y. STOCK EXCHANGE
Week ending Mar. 29
4r.
Price
Th is ay
yar. 99
4;_i! Ranee
Week's
Since
Range or !
cork
Jan. 1
Last Sale
Bid
risk Low
High No. Low High
Atch Top & S Fe—(Concluied)
Cony 4s issue of 1910
1634 78 100 10414
1960.3 D 102 103 102
East Okla Div 1st g 4s__1928 M S 94
94 Mar'23
1734 9612
95
1 774 83
7713
Rocky Mtn Div 1st 4s
7712
196.5 J J 7712 80
Trans-Con Short L let 4E1_1958 J .1 SO
82
8212
8212
3 8213 8634
887
8 93
Cal-Ariz let & ref 431a"A" 1962 M
90 , 13
8714 90 8872
651
5 05
081
Atl & Birm 30-yr 1st g 4e_e 1933 M S 654 Sale 65
81
8112
86
8
81
At Knoxv & CM Div 43
804
8112
1955 MN
At!Knox & Nor 1st g 58
9912 9912
9913 Mar'23
1946.3 D 974 102
Atl Cheri A L let A 431s-1944 J J 8614 9134 91 Mar'23 ---9134
2 96 100
9612
let 30-year 58 ger 13
1944.3 .1 9414 984 9613
83,4 64 8253 89
AU Coast Line lst gold 46_41952 31 la 8312 Sale 83
7 11.16 10712
19-year eecured 78
1930 M N 10612 107 10612 10613
7 82
8218 Sale 82
General unified 43,1e
8212
8998
1964 J
L & N coil gold 49
7818 41 774 82
a1952 M S 774 Sale 774
all& Dane Oat g 4s
7358 77
75
76 Mar'23
1948 J J 73
2d 4s
- 6118 0514
1948.3 J 6113 6434 61 13 Mar'23
7718 7714
MI & Yad let g guar 4s
80
774 Fe13.23
1949 A 0 73
A & N W let gu g 56
1941.3 .1 9234 --__ 9512 JR/1'23 ---- 954 9512
Salt & Ohio prior 331s
95 I 65 934 9512
1925 .3.3 944 Sale 94
0214 9434 0312 Feb'23
Registered
- 1! 9312 0312
11925 Q
115 744 80
76
let 50-year gold 4s
*1948 AG 76 Sale 744
Registered
7412 7878 Feb.23 ----1 77
784
41948
J
10-year cony 4318
8038 104 7713 824
1933 MR 79 Sale 78
8132 111 7812 85
Foreign Government.
Refund dr gen 5e Series A_ _1995 J O 80 Sale 7938
155
9914 10178
19-year 68
1929 J J 10014 Bale 9934 1004
10234 114 100 10318
9253 Sale 9373
argentLee (Govt) 78
P June & M Div 1st g 3312_1925 MN
9378 10 9114 9378
1927 F A 10114 Sale 10114
41
79
Argentine Treasury Se of 1909. _ _ M S 79 san 7712
73
P L E & W Va Sys ref 4s
774 82
734 38 7318 7912
1941 MN
7334 734
324
Belgium 25-yr ext 8 f 734a g 1945 .1 D 99 Bale 9812 10114
9114 102
Southw Div 1st gold 3318.._1925 J J 9312 Sale 933e
94 , 112 9113 94
944 110 93
5-year 6% notes
9838
rol dr CID Div 1st ref 48 A 195e .3.3 62,4 Sale 624
63 ' 22 0113 6722
Jan 19253 J 9412 Sale 9414
9914 147
, 944 101,4
9833 Sale 9758
20-year a 1 Ss
tattle Cr & Stur let gu 3s_
00 60
1941F A
I998 J o 57,8 604 60 Mar'23
109
Bergen (Norway)s f Se
10712 10913 cleech Creek 1st gu g 48
1936• J 86,13 91 14 8952 Dee'22
1945 M N 10814 109 108
80
Berne (City of) a f Se
11013 1131s
Registered
Feb'23
86
1936 J J 8412
1945 M N 113 Sale 11212 1134
92,
8
9112
Bolivia (Republic of) Se
s"I 8934 94
92 Sale
9412
25 guar gold 5s.
11)47 M N
_ 1936 .1
78
694 783
Bordeaux (City of) 15-yr 6s 1934 M N
687
Beech
8
Cr
Ext
7734 Sale 76%
let
g
331e____51951
A0
9512 150 94
Brazil. U 8 external 8s
+alley & Car 1st 68
99
9412 Sale 94
1923• D 9918 ---- 10018 Oct'22 -----------8233 139 81
7e
5 8012 312
8013
8614 Big Sandy let 48
1944 3D 80
8212 8012
1 Po 8134 Sale 8112
49 9634 10413
6& NY Air Line let 45
734e
11)55 FA 6213 7814 7512 Mar'23 --__ 7512 7512
1962 A 0 10312 Sale 10312 104
3
10013 38 994 10113 Bruns & W let gu gold 4s
89
8438 --__I 89
Canada (Dominion of) a 5FL _1926 A 0 9913, Sale 99,
Feb 23 ---- 89
1938 J
10012 47 991, 102
8
4
101 101,
101 18 Mar'23
do
do
Buffalo RAP gen gold 59
do
1937 MN 101 13 _
58_1931 A 0 100 Sale 19,
145 100 10234
924
87
100
11
101
8
10-year 5318
87
883
10012
87
Sale
Sal
e-1
Consol
431s
1957 MN
1921) F A
9612 994
98 Sale 98
9812
9738 9734 Mar'23
Ca
98 102
Burl C It kx Nor lst 5e
1034 A0 96
1952 MN
10412 "10912 10412
Chile (Republic) eat a I Ss_ 1041 F A 103 Sale 103
96
2 94 1004
4 10212
Extercal 5-year a 1 Se
101 18 1024 Canada Sou cons gu A 5s___1962 A 0 9312 96 I 96
1926 A 0 1024 sale 1013
9618
11133 81 113 11478
9498 Sale 9412
, 9334 97
Canadian North deb a f 7s___1040 J D 1134 Sale 11334
7e
1942 M N
73
111158 11314
10334 Sale 103
105
1121f,
"
1117
25-year 8 f 8s
8
Sale
1115
10212
8
f
deb
25-year'
10412
0 31e
1046 J .1
1948 ifl N
7741 80 7612 81
51
2
,
94
„, 48
3234 Canadian Pac Ry deb 48 stock... 3 .1 774 8,la 7612
Chinese (Hukuang RY) 58 of 1911 .1 D(50 Sale 48
8518 90
aa, 10714 113
Christiania (City) a f 8e
'rub & Shaw let gold 4s._
9213 Sept.22.-- ' ------1932 ea
1945 A 0 11213 Sale 123s 113
1 70
70
93
70
70
ra 8813 9134 Caro Cent 1st eon g 48
Colombia (Republic) 63.4a.._ _1927 A 0 93 Sale 9212
70
1949 J J 68
8953 24 8814 02
904 `,"_I 8812 9113 Car Clinch & Oblo 1st 3-yr Is 1931 J
Copenhagen 25-year s 16;16_1944 J J 90 Sale 8912
$814 Bale 8814
9638
9514
91.14
38
Sale
96
9612
8
1
14
9613
Cuba 5s
96
9613
9
6
3
13s
Sale
!
,
1
1952J D
1944 M S
88 Mar'23
90
Eater debt of 58 1914 Ser A_1949 F A 88
ti313 8113 Dec.22
alart & Ad 1st gu g 41
1981 J D 77
8334 „'I 814 87
8312 84 8334
7098 Dec'22 -----------External loan 431s
Br UP 1st g 4a
1949 1.' A
1948 J D 66,2 73
242 901, 991
. Cent.
994
5612
9914
66'3
7 50
58
9914
Sale
41
,
W
Env
let
1961 j 3 5518 59
Re 46
534a
1953 J J
140
75
••'
90
90
e 88
Ceechoslovak (Repub ol) 88...1951 A 0 89
Central Ohio 434f3 1930
1930 NI S 92
0914
10112 102
10934 :•lat 107 1094 1;eivral of Da let gold 5sp1945 F A 100 ---- 10112 Mar'23
Danish Con Municipal Se "A"1946 F A 10914 1(0
2 9253 0812
10914 aa 107 101113
9312
Series 13
Consol gold 50
1946 F A 10811 10912 11/812
1945 31 N 9418 9612 9312
10038 64 9194 102
Denmark external a I Ss
10-year temp occur 63..June 1929 J D 100 Salo 9934
1945 A 0 10858 10914 10813 10914 "10778 110
81
964
974
81
98
11,13
Sale
1,
4
,6
9514
80
6,,
20-year de
99
..
8
9
7314
Chatt
,80
My
pur money g 43_193l 3D
1942 J J
97
98
9458
974 `.?.. 9514 100
Dominican Rep Cons Adm a(5358 F A 96
Mac & Nor Div let g 5s_ _194( J J
8634
8712 „a"., 84
91
9113
Mid Ga & Atl Div 58
1947 J J
1942 M S 8714 sale 9418
944
1 924 94
03
Dutch East Indies ext Oa.. ..1947 J .1 9414 Sale
921 951
93
9538 93
Cent RR & B of Ga coil g 58_1937 MN
108
9478 24° 9214
110-year 69
4 95
114
2 8.131part,:2223
06
112 1
Central of N J gen gold 5e
1962 M S 9314 Sale 934
11/87 ▪ J 10212 1,
883
-----105---4
Sale
891
89
6,(39
875
3
4
10212
,
Registered
8918
1953M 8
11987(24
9814 `at:: i 8812 984 Cent Pac 1st ref gu R 48
31 8134 8734
Preach Republic 2.5-yr ext 88_1945 M S 98 Sale 9714
83
824 Sale 82
1949
F
A
9112
20-year external loan 7316_1941 J D 9378 Sale 93
2 90
94
0112
s
"
1, 84
95
Mort guar gold 3318
11929 J O 9112 Sale 9112
84
80
Great But & Ireland (IJK of)77
854 80 Mar'23
Tamed)St 3. let en 49 .__ 1954 A
20-year gold bond 531e_
10378
10233 10412 Charleston & Savannah 7s_ _ _1936• J 11012
I937 F A 10334 Sale 10318
944 9613
11534
10-year cony 3319
113 116
954 Mar'23
...flea & ahlo fund & !rept 5s 11)21) 1 J 9555 96
1929 F A 11514 Salo 11434
7512 Sale 7514
Greater Prague 734s
3 974 10314
7512
97,
4
65
7534
let consol gold 511
1942 M a
1939 M N 9731 Sale 9734
9714 "aa 9512 98
974 9714
Haiti (Republic)(is
95.4 9812 9714 Mar'23
Registered
1952 A 0 90 Sale 95,2
1939 M N
95 Sale 9434
95
,t-," 914 9638
Italy (Kingdom of) See A 6(181925 F A
General geld 4318
1992 M S 81.8
9278 Sale 9212
Japanese Govt--£ loan 4;18_1925 F A
9312 :e,a, 92
-°
-;81231 —1
8 -9
-1134
-6
2-8
Hale 80
9413
117$ Nov
Registered
1992 M a
924 Sale 9214
8913
Second series 41-Se
93
".a 0214 9358
854 Sale 85
8534 07 85
19253 J
29-year convertible 43.38......1930 F A
8112
88l Sale 8713
82 !
IL
'
I 80
Sterling loan 43
9012 209 8712 964
8312
30-year cony secured 59_494
19313 ./
4
0
6
J
A
(),
8
78
1'
13
4 88aalloe, 77
9912
2
Lyons (City of) 15-year 6e_ 1934 31 N
7812 taa 694 7914
90,4 Sale 9
79
012 june2
Craig Valley let g 59
78 Sale 77
afar9ellia9 (City of) 15-yr 08_1934 M N
78
7513 7814
6912 79
Potts Creek Branch lot 4s_I946 J J
3434
7834
3434
t 3212 38
Mexican Irrigation 431e
77 Sale 77
77
1 1 77
1943 M N 344 38
R dc A Div let con g 4e____1198
59
6 .J1 .21
154
5614 Sale 6114
---7114 7634 7712 Dec'22
49
5614
5712
Mexico—Extern loan 4 511 01 1899 Q J
25 consol gold 49
On
36
1933
Gold debt 4s of 1904
8034 Dec 21 -- - - - 37
11)54.3 D 354 Sale 35
Warm Springs V 1st g 5a
1041 M S 8838
12 5014 5412
52
Montevideo 7s
8712 aa 8012 91,
8 Chic A Alton RR ref g 3s
1952.3 D 8612 Sale 8612
1949 A 0 52 Sale 51
2912
2814 46 25
974 1014
Netherlands as (fiat pr(ces) 1972 M S 984 Sale 9818
Railway let lien 3358
1950,1 1 2818 Safe 28
8 19
8 Sale 110,
12
1)34 -4
Norway externals 188
) 109
79
:
.47,
7912 79
11234 ChM Burl & Q-1111)13/ 33-0.1949 .1 J
1940 A 0 110,
79512 990
8134 31
9 8
fie
334
4 964 100
984 "
Illinois Division 48
1949 J .1 86 Sale 8593
1952A 0 9713 Sale 9714
07
a', 9312 100
Porto Alegre (City of) 88__ _ _1961 .1 0 66 Sale 11538
9414 9614 9612 Mar•23 --- I 98
9714
Nebraska Extension 4s___ _1927 M N
10734
1054 10913
9614 Oet'19
Queen-land (State) eat at 7s_1941 A 0 10734 Sale 10614
Registered
1927
M
N
15
1 8
93
632 10
89
1:
1
101
8
97
4,4 6
83
0652
34 100 10234
25-year 68
85
General 48
1947 F A 100 Sale 100
1958 M S 83
9512
964 20
•
Rio Grande Do Sul 88
9634 Sale
1971 F 3
let A ref Sc
1946 A 0 9512 96
6212
31 47
62
6114
937a , J• 90
62
Rio de Janeiro 25-year a f 88....1946 A 0 93 Sale 93
974 Chic City & Conn Rye 5s_
1927 A 0 58
9314
1' 105 10612
94
105
2
a.
0 9014 9712 Chicago & East Illinois let 68_1934 A 0 105
- 105
Be
1947A 0 9334 Sale 97
981.,
8113
7812 55 78
San Paulo (City) a f 88
a a a ill itit maw co Can 58-1951 MN 784 Sale 78
1952 M S 97 Sale
994 10. 9
8734 9713
5
92
Ban Paulo (State) eat a i 8a.1936 J J 9912 S4te 99
89
8918
8
90
9
v:4
42
8912
75
52 10
A.131e
&
Erie
1st
1982
gold
as
51
a
864 133
8.5
56
5112 57 .50
Seine (France) ext 7s
Chicago Great West let 4s
1959 M S 60 Sale 50
1942 J .1 86 Sale 6612
70
427
107 107
54
Jan 23
Serbia Croats & Slovenes 8e_ 1962 M N 69% Sale
7034 rabic Ind At Loutsv—Ref 8a 1947 J .1 10478 1074 107
97
1. 9213 971,
98
79 Sale 7812
97
,1
,1 6612 7933
794 1°
Soissons (City) 68
1947 J J 94
Refunding gold 58
1936 M N
10414
7912 824
10434
80 814 Max'23
10312 106
Swrden 20-year 68
Refunding 48 Series C
1947 J 1 79
1039 J D 10414 Sale 1173
4 11812 32 11712 11914
84
8134 81
81
Swam Conferean 20-yr at 8a 1940 J J 118 Sale
General Us A
1966 51 N
1
814
11
,6 V134 95
97
7358 ‘
4,1,a 714 7398
Tokyo City 59 loan of 1910
c1966 J J 97 Sale 94 4
General 98 B
M S 7312 Sale 7312
78
78
105
la 103 107
Ind & Louisville Ist gu 4e__19511 1 J
UnIallay Republic ext 8s___ _1946 F A 105 Sale 1034
112
4!
,
1
1314
2 86
26
9
134
12 '
_ 86
1•
ja
.
4_ 8
4 —4
11212 "4 Ill 11372 Chic Ind & Sou 50-year 43___1950 J J
3
2 _8
en
76
8
b623
88161112
Surieh (City of) s f Se
1945 A 0 112 Sale
Chic LB & East let 4318_1969 .1 D
I $.5-=--£
624
8 02 684
CM & Puget Sd let go 4s__ _1949 J .3 62,4 6212 62
72
72
0
311 70
72
1,12
2 6
74,
1
70
2 6
State and City Securities.
Ch M & St P gen g 48 Ser A..e1089 J 1 6
Mar'23
General gold 335s Bar B...11989 .3 .1
15
912
7t
Sole
112
7
11
9
'
!
7
N Y City-44e Corp etock1960 M S 100 10012 1004 Mar'23 -- 10018 10072
e1989 1 .1
General 4-58 Series C
1014L 10 100 a 111278
7.
Solo
62
62%
)
9U 66
53
7
d 48 Corporate stock
Gen & ref Series A 43.18„..a2014 A 0 67
1964 M S 10114 Sale 100,
6834 78 64
70
3 10112 10184 Mar'23 -- 10134 10412
dais Corporate stock
a2014 F A 68 Sale 674
Gen ref cony Bar B 5s
1968 A 0 100,
,
8
108
106
674 145 63 68
108
10714
Jan'23
-43'1s Corporate stack
1932 1 D 6634 Sale 6614
Convertible 431s
1971 .1 D 10512
84
149 70
10614 1074
84
;
11f8
Cie Corporate stock_July 1967 J 1 10312 1064 10814 Mar'23
4s
e (
t
gf3
3
10512 sala 110512 10312
6312 57 64 634
10512 1074
431a Corporate stock
193
25
4j
J D
J
25-year debenture 49
1965 .1 D
1 964 9712
106 19714
106 I
97
Chic & Mo 17.1v Div as__ _ 1926 J J 97 Sale 97
1903 M S 1053a 10638 100
4318 Corporate stock
99 I 984
9841
86:11926 F A 954 9814 9514 Mar'23 ____ 9458 96
e 'w
tgeeors2
886
tE
3::948.....18
1059 M N 98
4,0 Corporate etock
General: N,
2 C hi
94,
4
110
93 i4
_ 934 Jau 23
4t 10
_ 93'3 935a
9938 9914 Mar'23 -- -- Es
il% Corporate stock
195a M N 98
7014 7112 7212 Mar'23
9938 9834 Mar'23
11% Corporate stock
724 77
MN
1
1957 M N 98
1/912
_.
d% Corporate stock reg
91987 Q F 6634 ____ 7318 uee'22
Registered
19.56 14 N 9734 9834 994 Mar'23 -- -- 99
22
803t 10 804 87
We
1987 M N 81
New 431s
General 45
1957 M N 10514 108 108 Mar'23 --- 108 10713
10514
80
803
10714
4
10514
82
10514
Salo
Mar'23
____
1987
10514
82
31
8714
N
Stamped
48
SIN
1957
dai% Corporate stoek
19214 11 10158 10512
90 9034 Mar'23
1987 SIN 1014 Sale 1014
1ig,11
(
fillennke
,rnagl1
f stamped
,6s
1054 M N ,88
83S% Corporate atock
103 Mar'23 -- 103', 103'1
1879-1029 A 0 10314 105 10314 Mar'23
New York State-4a
1034 10614
1961 M S
1879-1929 A 0 10014 1034 11)14 Apr 22 --__
-_-- 10312 .1an23 -- 10312 10313
Canal Improvement 4a
Registered
1961 .1 J 1879-1921 A 0 98 ----, 9813 Mar'23
Sinking fund 5a
Highway fraprov't 4(48_1963 M S ---- ---- WW2 Apr'22 -- ---- - --"ii"
10412 Apr'22
9712 9712
93
29
3m
187919
A N
O 9712 __ __I 9712 Mar'23
Highway Improv't 4(18
Registered
1965 M El ------- -- - •
9712 9912 09 Mar'23 ____ 99 101
Sinking fund deb 5s
.1 9412 alay.22
1933 al N
Registered
- —1930 J 13 10534 107 105,
4
10612 12 105310-year secured 78 ft
4 110 Railroad.
15-sear !we've(' 6,
S 10712 Sale 10014
93
34
8I
M I)
10712 34 1061411014
43 1r- - :
Ala Ot Sou 1st cons A 5.3____1943 Jo 85
Jan'23
96
96
99
96
77
—Railway
4.9
1988
gen
Sale
J
.1
I
Ped
I12Arter
70711
Iteg
7712 23 784 82
ChicR
994
Ala Mid let guar gold 5s
Mar'23
9958 9978
7414
_ 784 Jan 23 __II 7878 784
1921) MN 994 _
Alb & Susq cony 335e
79
1 7812 8213
77 Sale 764
Refunding gold 43
7714 222 7658 8312
1946 A0 7812 7978 70
894 83 Mar'23
Alice & West 1st g 48 gu
83
83
1951 i
l D 9812 9834 984
Chic St LA N 0 gold 53
99
22 9812 1014
1998 A0 83
Alleg Vol gen guar g 43
894 Jan•23 ---- 8978 90
J D
Reglstered
1942 518 84t2 89
Atm Arbor lot 4 48
8 6138 6553
6212
6184
7912 Mar'23 ____ 7912 7912
41991 Q J 6118 63
77 .
Gold 331s
Atch Top & S Fe—Gen g 48
8114
8512 171 8414 9013
1063 : 9078 9178 914
Joint 1st ref 55 Series A
914 20 9138 9759
1995 A0 85 Sale 84
Mar'23 _.-- 84
Registered
8312
8712,
Memph Div 1st g 45
81 Mar'23 ____,, 81
1993 A0 81
81
84
93
7734
7 7512 82131 C St L & P 1st cons g 5s
Adjustment gold 4e
7734 Sale 7512
1932 A 0 10014
41995 Nov
_ 100 May'22 -----------Stamped
7812 22 7638 8278 Chic St PM & 0 cons 69
1930.3 D 104 105 10114
41995 Nov 771" Sale 7638
10112
7 10434 10712
came geld 4. 1909
78 Mar'23
_I 774 824
io5, D 764 78
Cons as reduced to 3318_ _ _1930 J D 884 9212 0212 Mar'23 .___ 9312 924
Cony 48 1005
8 7712 82
781a
1930
Debenture 55
D 7712 7833 7712
1955
21 9233 9654
9498 07
95
93
'No price Friday; latest bid And ale,ed. a Due Jan. 4 Due April. c Due May. o Due June. 2 Due July. 1 Due Aug. a Duo Oct p Due
Nov. 4 Due Dec.-Roption male.
PI
95
95
934 94
1393
New York Bond Record-Continued-Page 2
BONDS
N. Y.STOCK EXCHANGE
Week ending Mar. 29
ha.
Prtr.5
Thursday
Mar.29
1+ ear's
Rani.. or
Last Sale
itiZ:
'
Jan. 1
BONDS,
N. V. STOCK EXCHANGE
Week ending Mar. 29
143
P
Th?,rsday
Mar 29
Range
Since
Jan. 1
West's
Range or
Lost Sale
Hick No, Low Ntol
A aft Low
Bid
Illinois Central (Concluded)
Hioh N • Low Illoh
Ask Low
Bid
4 78
784
83
7814 Sale 78
81
19 77
Collateral trust gold 4s__1953 M N
78
Chic T H & So East lot 55_1960 Jo 77 Sale 77
82 Aur'22
1953 NI N
Registered
34 8812 92/
99
4
1
Chic 17n Sta'n lit gu 4445 A__1963 .1.1 8812 Sale 8812
100 lOVe
100
Sale
57
4
3
10012
100
9812
1934
7
16-year
secured
98
98
545s
10012
98
8
983
J
J
1963
55 B
10 108 III
100
1936 J .1 10812 Sale 108
17 11278 115/
15-year secured 644s g
115
4
1
J 11314 Sale 11314
1963
lat Set C 6150
4 87
1
82/
Cairo Bridge gold 45
1950 .1 0 824 8312 8212 Mar'23
105
7 10412 105
M 10412 Sale 10417
Chic A West Ind gen g
-693s 73
Mar'23
69
754
71
7212
19
65
1st
3s
Litchfield
gold
J
.1
Div
1951
72
7018
1952 J J 1.7018 Sale
ConsoI50-year 4s
4
/
4 Mar'23
1
7312 791
12 10112 10234
Louley Div & Term g 3458-1953 J I 7278 7412 74/
10138 10212 10112 102
1935 M
15-year 617 4,8
6834 691
4
/
1951 F A 6734 ____ 6834 Mar'23
Omaha Div let gold 35
1952 MN 9538 9712 9618 Mar'23 ---- 9618 98
Choc Okla & Gulf cons 5s
71
71
-Feb'23
71
4
/
691
66
.1
A
St Louis Div Term g 35_1051 .1
_ 88 Mar'17
gu 4e 8_1923 NI N
0 Find & Ft W
7512 SO
7512 Mar'23
77
1951 I J 73
Gold 345s
89
-8811 8933
864 89
89
1937 J
Cin H & D 26 gold 4345
4 July'22
/
741
78
73
Soringf Div 1st g 3454
1951 .1
804 Mar'23 ---- 8634 8634
k1936 Q F 86
0I St L & C lot g 45
8.3
83
83 Mar'23
89
1951 F A 83
Western Lines late 45
---4 0..t.'22
1
90/
11936 Q F
Registered
92 Nov'lO .Registered
1951 F A
8534 Mar'23 ---- 8534 8534
8158
1942 M N
Cm Leb & Nor gu 45 g
Mar'23
8
tU7.
8712
8
857
____
8314
oref
let
W
&
B
Ind
4.5
0
A
1940
99 Aug'22
1928.1 .1 9512 100
Chi S & CI cons 1st g 5
1 8318 S518
8318
•,(1 111 dr Iowa 1st g 48
1950 J _1 8318 Sale 5318
2
_ _i3.1.
4 Jan'22 --zi. ..f7.
/
901
J 1 9718
Clearf & Slab 1st gu
064 15 97 100
4
1
9558 9618 95/
1905J
Ind Union Ry 5s A
I
77
7712 Sale 76
Cleve Cin Ch & St L gen 48_1993 J
41
4914
336
4618
44
Sale
4
1
/
44
4_1952 J
1
/
G., A Great Nor adjust6
91
9 90/
4 0312
1
1931 J J 8958 9012 91
20-year deb 4455
4
1
47/
974 98 97
97 Sale 97
4 Mar'23 ---- 9634 100
/
19523
1st Mtge 68
9512 97,4 961
1993 J
General 5s Series B
Dee'22
6112
65
1024
100
100
0
8
10012
certificates
Is
-year
3
TrustCo
100
.
10012
1929 J J
Ref & impt 66 Series A
70 I 14 "jisi 732
4
1
68/
71
10114 Mar'23 ---- 10114 10114
Iowa Central lot gold 50
1938 J D 68
1941 .1 J 100
65 C
40
. 38 38
371
4
1
8 12 Feb'23 ---- 856 12 88
1951 M S 3634 Sale 36/
Refunding gold 4,
7914 85
1939 J J
Cairo Div lot gold 40
8214 87
7514
1 754 78313
lames Frank & Clear let 4s...1959 J D 8214 8312 8214 Mar'23
7511
Cin W & M Div 1st g 45_1991 J J 7514 76
4
/
754 Mar'23
7478 811
75
76
191/0 Si N
St L Div 1st coll tr g 4s
__ _
821, 8212
11)38.1,
Ka A & G R 1st gu g 5s
3-212 Jan'23
1940 M 5 83
Spr & Col Div let g 48
79•8
3 74
75
Kan & M 1St gu g 4e
1990 AO 7412 7712 75
. 8148 Nov'22
1944) J J 8038
W W Val Div 1st g 48
4 97
/
2d 20-year Is
10614
1927 .7 .1 0638 9914 9638 Feb'23 -- 961
3 10614 1063s
1934'.1 10614 10712 1064
OCCAlgenconsggs
2
4
1023
10012
10112
12
101
.--10034
N
NI
&
1928
S
Ft
C
68
cons g
9038 9712 K
1933 AO 98 Sale 9712 Feb'23
Clev Lor & W con 1st g 511
4 7912
1
7412 28 73/
4
1
K C Ft8 & M Ry ref g 4s_ _1936 AO 74 Sale 73/
Jan'23
95
95
9112 95,2 'JO
1936 MN
CIA Mar 151. gu g 4445
95
4
1
/
4
1
/
94
92
4
1
/
94
8934
-Mar'23
A0
Mar'23
94
93
1929
93
5s
---KCAMR&Bletgu
.7
1938
Cleve & Mahon Vail g 65
4
1
65
6611 29 6614 68/
Kansas City Sou 1st gold 3s 1950 AO 6412 66
J 9412 ____ 91 .Nov'21 ---- -------1942
CIA P gen gu 445e Ser A
34 53
4
/
891
84
84 Sale 83
Apr 1950 J
Ref & inlet 5a
1942 AO 9412 96 194 Dec'15 Series B
68
77
4
833
8
,
76
8
765
Sole
77
City
4s
-Canons
lot
J
J
Term
1960
Feb'12
9612
---•
1042 AO .80
lot reduced to 3445
4
1
83/
83
82 Mar'23 -- 82
Kentucky Central gold Is. _ __1987 J J 82
904 Dec'12 ---- ---- _-_
1948 NI N
Series C 33-as
92
1 89
88
88 Sale 88
A
Des
A
Keok
1st
Moines
55___1923
-Jan'21
67
_
_
__
4
FA
19541
Series D 3458
4
/
____ 100/
1007s
4
1
1 10034 1011
1 --- ---1925 J J
9098
Knoxv A Ohio let g 65
46_1961 A 0 9014 9318 .
/
Cleve (Thor Line 1st gu 41
2 9114 97
4 94
/
91 I
91
10134 29 19118 106
..ake Erie& West let g 5s___ _1037 J J 911
1972 *0 10118 Sale 1014
Cleve Union Term 540
86
Mar'23
82
8312
4
1
/
80
82
-53
8314
1941
gold
26
78
Mar'23
85
83
-83
1945 JD
Coal River fly 1st gu 48
2 7218 7812
73
4
1
4 7434 72/
1
72/
4 25 90/
/
911
4 9312
1
4 90.4
/
Lake Shore gold 3.44e
1997 J
Colorado & South 151 g 45_1920 FA 9034 911
4 7312 7114 Dee'22 -/
8212 21 8138 8718
D 711
Regletered
82 Sale 8138
1997
Refunding A eaten 4446_1935 MN
11
9314
96
4
1
/
92
93
92
9212
4
/ 88
8312 NOv'22 -1928 83 S
Debenture gold 45
1948 AO 781
Col& H V lot eat g 46
4 27 90/
/
911
4
1
4 Sale , 90/
1
4 9312
1
7812 88
4 "gUa-4
80; Mar'23 ---- -g631931 MN 90/
25-year gold 4s
1955 F A
Col & Tol let eat 45
---.
July'21
8512
3
20
MN
82
Sale
84
853
1931
Reglatered
4
J
Cuba RR let 60-year 5e 8._ _1952
1 9212 97
03
94 I 9212
1044121
828
Leh Val N Y let gu g 4446_1940 ii 92
10312 10512
1936 ii) 104 10512 104
let ref 734s
90
Jan'23 -90
90
Registered
1940 J J 881s 90
5
Sale
4
/
771
7614
7614 8112
2
7614
41
1
/
Val
Lehigh
92
MN
4s...2003
(Pa)
4
1
/
92
913
4 Sale
1
cons g
8 9234
Day & Mich let eons 444e _1931 1 .1 92/
3 87
87
9214
8612 57
SG
2003 MN
_
General cons
Delaware A Hudson4 _ _ _ 10078 SIar'23 -- - 10078 10114
1
41 26 8418 90
1
85/
Leh 'Term fly 445s_1st gug- 59
1941 AO 100/
1943 M N 844 Sale 8418
let & ref 4a
_ 113 Mar'12
Reel 'creel
9178 39 901, 98
1941 * 0
1935 A 0 9034 Sale 9014
SO-year cony 15s
3
4
/
1011
itii
6 981
Leh Val 101 10-yr coil 68_01928 M S 10112 1017-8 10112
9812
4 10212
/
9838 Sale 9838
1937 M N
5445
8338 8334
10534
4 Leh A N Y lot roar g..ld 45_ _1945 MS 7712 8512 8338 Mar'23
/
3 105 1111
1030 .1 D 10618 109 10534
10-year secured 75
99
9718 10 9718 0912
9718
ex & FAO let 50-yr 55 gu.. 9(55 AO 07
884 ____ 87 May'22 ---DR RR & Bdgelst go 4s 8_1936 F A
1062 MN 8018 - -- 70 Dee'20 -Little Miami 45
7312 32 -fi- "iii Den A R Gr-ist eons g 46_ _1936 J .3 73 Sale 73
4 ---- 10812 Nu. 22 -/
1041
Long Duels consul g(
1835 A
4
1
/
7712 7813 7712 Mar'23 --7712 80
1936
Comm!d gold 444s
4 9614
1
. 90/
9614 10 -66i -68
eons
let
Isld
58_51931
Long
gold
Q J 951
D
1928.11
5s
gold
Improvement
8914 Jun- 22 .894
12
4
/
a41
33,-.
8
8
34
4
8
73
3
1
3
5
8
8
5
7
8
5
8
gold
34
4
3
5
23
8
0
5
8
51931
consol
1st
4s
J
Q
1955 F A
let & refunding 55
851,
531,
.5
8412
Sale
8312
. 1_2 511
4 Mar'23 --, 48
/
General gold 4s
53
• 1938 3D 8312
Trust Co mills of deposlt_ __ ____ ii _ 8
1 811:
2 81:
8112
8112
424212 19 42
1932 ill 8118
Gold 4s
45
1935.1 J
Des M & Ft D 1st gu 45
7,334 Mar'23
4 81
1
75/
1949 M S 7518 78
Unified gold 45
9314 Sept'22
91 _
Des names Val let gu 4455_1947 M E
1 94
92
94
92
95
D 92
.1
58
gold
7518
1934
-Debenture
-754
Feb'23
7518
80
8
,
75
D
J
1995
45
g
lien
Mack-lst
Det &
85
6 8312 8512
1937M N 85 Sale 8434
20-year p m deb 5s
704 00e22'-1996 1 I)
Gold 44
83
7712 10 77
4 76
1
77/
1949 M S 76
Guar refunding gold 4s
86
i5 "ig- "i453-4
19(11 MN 85 8612 85
Det Riv Tun 4458
95 Nov'22 -- -2 9812 9912
9858
4
1
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Nor Sh Is let con g gu Is._a1932 0 .1 9014 03
Dul Misenbe & Nor gen 55_1941 .1 J 9814 994 98
937g 94t2
9418 Mar'23
95
9812 10, 981, 100
192783 S 94
Louisiana & Ark 1st g Is
1837 A 0 9812 Sale 9812
Dul & Iron Range 1St 55
77 Mar'23
77
80
77
go g 48_ _1945 M 8 75
Co
Jeff
A
Lou
Bdge
981
23
Jan
4
/
9812
---7.1
9811
0
A
1937
Registered
A
Louisville
Nashville
77
h
77
80
75
Sale
77
_1937 J J
i
Dill Sou Shore & AU g 5s
4 103
/
1011
90
Gold 58
1037 M N 10212 7--- Inlay Mar'23
1948 A 0 8612 ____ 89 Mar'23 ----i 88
4
1
/
ic Minn Nor Div 1st g .
at
884
8714 92
Untried gold 4s
1940.1 .1 88 Sale 874
4 Mar'23 ----' 9134 9134
/
4 011
/
1938 M S 904 911
E Tenn reorg lien g 5s
'22 -90le
Registered
1940.1 .1 _ _
Jan'23
99
1930.2 1 99 _
E T Va & Ga Div g 5/5
9614 9834 9878 Mar'23
98s 101
1931 M N
,
Collateral trust gold 5
95
97
12
9
6
9
8
1
12
9
99
0
-7
N
7
9
NI
1956
Cone 1st gold 51,
108
4
1
18 104 108/
10-year secured 7s_
11)30 M N 1074 Sale 107
4
1
4 100
1
6 97/
99 10012 97/
98,2
Elgin Joliet & East lot g 5s 1941 M N
44
102
1C1
Sale
102
105
101
28
let ref 534s
2003 A 0
10312
10314 10434
Erie let consold gold 7s ext 1930 NI 5 10312 Sale 10314
22 54/
4 10134
/
J 10112 102 10134 Jan'23 ---- 1011
_....1930J
let
68
57
gold
M
A
0
N
5618
4
1
Sale
584
4
1
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6
8
J
1996.1
1st cons g 4s prior
10112 10112
4 ---- 10112 Feb'23
1
98/
2d gold 613
1930 J
564 57 Mar'22
1996 J J __
Registered
1 a's
54
84
8612 84
83
1946 F A
Paducah A Mern Div 4s
4512 Sao 4512
4658 123 i -4312 494
151 consol gen lien li 45_1096 .1 J
4 59/
1
4 Mar'23
1
5812 59/
4 63
1
59/
26
Louis
St
gold
Div
S
1
38_1980,1•
Aug'22
51
4434
-_
1990 .1 J
Registered
1
99l_,
97
97
96
9(1
L
& N & M & M 1st g 440_1945 M
.s., 82
83
85/
4
1
83
8214 84
Penn coil trust gold 48_11)51 F A
4
1
70 Sale 75/
764 21. 7512 8034
LA N South joint NI 4s___ _1952:2
484 " 411, 52
1963 A 0 4712 Sale 4712
50-year cony 4s Ser A
06
Feh
52
96
4
1
/
42
_
Registered
0
51952
42
.
4712
48
Sale 4712
1953 A 0
do Series 11
4 0612 Mar'23
1
4 97/
1
94/
"i61-2
4 Louisv Cln & Lax gold 4455._1931,M N
/
4 541
1
0 43/
51
4 Sale 504
1
Gen cony 45 Series D_ _1953 A 0 50/
8618 891
4
1
88/
1955 J 1 8618 Sale 8618
Erle & Jersey 1st (5 f Os
9712
____
4 Dee'22
1
99/
.4fahon
RR
C'l
let 5e
19341 1 J
4
1
4 83/
1
83/
4 Mar'23
1
83/
1940 J .1 82
Erie & Pitts gu g 3346B
4
/
711
6 841e 7112
Manila RR (Southern Lines) _1939 MN 69 ____ 69
8314 8314
8314 Mar'23
104(1 .1 .1 82
Serie8 C
2. 9512 974
96
SlanItoba Colonization 58_1934 .1 D 9512 9614 9512
- - - - - - -812 Apr'21
86
6
Evans & T H let gen a Sa_1942 A 0
21
,
4c
Man G BA NW let 345s__1941 .1 .1 754 ---- 70 ‘
Apr'21
-----0
A
1923
6s
gold
Mt Vernon let
10
Mar
77
---Mex
let
Internal
cone
g
NI
1977
4s
8
Apr'21
-----6912
193() A 0 --- .....-Sul Co Branch 1st g 5s
1011 , '22
4
/
vitchigan Central 6a
1931 M S 981
975 973
4 Feb'23
1
97/
Registered
1931 0 M 97 100
9912 Dee'22
1924 J J 9818 _
Fargo A Sou 60
Feb'23 ---- 88
86
88
88
89
J
4e
19403
9912
---100
Mar23
9912
1923 J J 9..12
Fla Cent & Pen ist eat 68
20
Sent
744
87
_
-Registered_
1940 1 J
4 Aug'22
1
03/
let land grant ext g 58--1930 J J 8814
77
Feb'23 ---- 50
80
7912 80
J L& S let gold 345s
S
NI
1951
91
91
93
91
923
90
4
1943 J .7
Consol gold te
7812 Mar 23 ---- 781
_ 78
4 84
/
Ist gold 3 Sie
1952 MN
8512 89
87 Mar'23
4 87
/
Florida E Coast let 44511._ 1909 .1 I) 811
2 65
8912
4
/
8E118 91
891
4 93
1
3 89/
-year
20
0
debenture
45
69
A
79
1929
69
70
6818
N
1952 M
Fonda .3 & Cloy 4445
94
95 Nov'22
41Id of N J 1st eat 5
79
79
79 Mar'23
1940 A 0 87
7914
1941 1 J
Yon St U D Co let g 4458
.5 9934 103
9918 --__ 9918 Mar'23 ---- 98/
4 991
1
Milw L 8 & West Imp g 53_1929 F A
4
/
9934
4 Sale 9934
1
Ft W & Den C let g 545s_1961 .1 D 99/
10138 _
Ashland
1st
Div
g
4
1
/
Feb'23
87
Os
S
M
4
1
/
1925
85
87
90
82
Pt Worth & Rio Or 1st 58 44_1928 J .1
Mich Div 1st gold 65
Mar'23 ----, 107 109
1924 .1 J 101 --__ 101)78 Mar'23 ---- 10078 10078
Frem Elk OZ MO V 1st 6s__ _1933 4 o 10712 110 107
4 Feb'23
/
901
8814 93
• 9512 99/
Nillw & Nor 1st ext 445,
4
1
95/
4
1
1934.5 D 8614
1
4 9512
1
4 97/
1
95/
OH AS A NI & I, 1st 53193i Mb
8958Mar'23 ---- 89/
4 92
1
Cons extended 4445
96 Mar'23
19343 D 8334 91
1931 J J __ 96
2.1 eaten 58 guar
2 8514 8712
4
/
861
Mar'
Mil Spur & N W 1st gu 49_ „_1947 M 8 82
4
1
85/
4
1
85/
1933 A 0 Rik; 89
Gala Hone A Bend 1st 5s
16 8212 8812
4 86
1
74/
Aug'21
664
L
S
Etz
Milvr
J
83
1st
8212
gu
10413
3455
Sale
83
1957 J .1
Geneseee River let e f 6s
Feh'23 ---, 101 101
101
Simon & St Louis 1st 78
1927 J D 101
8013 8115
4 8012 Mar'23
/
GM Et Ala fly 1st con 55_5_1946 J .1 79 811
_ 6978
1st consol gold 55
1934 NI N
OUI2 9078
9112 0078 Mar'23
ae Car & No ist go g 55
1928.1 .1 89
Sale
ii12
Mar'23
65
4
1
/
4
3
60
A
let
60
4
/
refunding gold 4s
1949 511
I946 A 0 6018 611
Ga Midland let 33
4
1
39/
9 35
9912 9912
Ref A ext 50-yr 55 Sot A
1962 Q F
9934 ---- 9912 Feb'23
1924 181 N
(Illa V CI Et N let go g 55
21 8158 90
12
5:
38_ _8
2_ Sale
. 6
.
388
89i,
7
4
6338
8
51 FRP & SAM con g 4s Int gu1938
2 5 ,i8337
8
14
.1 --:
,-699
4
:
961/
18- 836579
1912 .1 D
Gouv & Osewgatch 55
547;
93
2
9912
02
99
99
99
-3 - - 89/
12
8934 N-1-a-;
4 92
1
1st eons 5a
1938 JJ 98
Gr It & lax Mt gu it 4 456. _1941 .1 J
10214 Sale 10112
10214 29 10112 106
11418 93 112 115
10-year coil trust 645e
1931
Grand Trunk of Can deb 75.... 194(1 A 0 i13a-4 Sale 11312
9212 Dec'22
8718 94
lot Chicago Term,f 4s
10412 185 10214 105
4
1
_1941 MN
4 Sale 103/
1
103/
15-year s I es
4 96/
/
961
4
1
9514 _-_ 9618
NI 88 M & A 1st g 42 Int gu....1926
961s
- 10112 Aer'07
8 8318
J 0
1917"
19
Grays Point Ter 55
4
1
215
2
1-19018 Mar'23 ---- 9018 90/
92
4sippi Central 1st 5s
/
N11881
19.19 J J 90
4 Sale 10612 108
1
1936 J .5 106/
Great Nor Gen 78 tier A
94
0212 94
1j 88
Jan'23 „„ 94
88
9212 M K Et Okla let guar 56. _ _ 1942
N 91
tat & ref 414a Series A
1961 .1 .1 88 Sale 88
78
8014
78
'78
81a
91
00121
8214
&
Ran
_
MO
7814
_
.50
Tex-let
gold
_1990
45.
1)3
1061 1 .1
Registered
26 gold 48
4 Sale 9618
1
/
iji
9712 -LK) "WI;
01990 P A
4e
/
61
1952 1 J
1-.,:. -.F75
Feb'23
75 Mar'23 ---1
70
Trust Co eertifs of deposit._ _
---- 1 .4., • 5
75
80
Green flay & W Deb Ws "A".___ Feb 65
7012
4
/
891
9
&
let
4 Jan'23 - --- 89
/
1314
45
4
1
/
10
ref
1012
Tr
891
collie
4
103
10
Detenture Ws "B"
Feb
June
6412
22 ---- --- - -.Gen sinking fund 414s
Apr'21
69
1936 J J
8412 .
Greenbrier fly 1st gu g 45.___111411 M N
4
1
79
8112
79
Trust Co certlfs of deposit__ _
4 Mar'23 ----.. 6812 72/
1
72/
8078 79
Gulf .e. s 1 lat ref & t g 58_51952 J .3 79
82 _
8234 Mar'23 -,,, 8234 8353
5% certis for notes "ext"_____
7212 7812
4
1
4 83/
1
339 77/
Nio K A T Fly-Pr 158 Ser 4_1962 1-5 7812 Sale 7818
80
7212 Mar'23
7212 75
Harlem R-Pr Claes 1st 4s____1954 M N
6412 32 63 6712
4
/
631
40-year
4s
Male
6418
.1
4
853
80
B
Series
8014
1962
8014
8214
4
1
/
Hocking Val let cons g 6458_1999 J 11 80
369 92/
95
4
1
4 9634
1
10-year as Series C
4 June'18
1
1932 J J 937a Sale 93/
824 73/
1999 J .1 •
Registered
953 -6f5;1
„,
.3
, 6
, 1 69
Cum adjust 58 Series A
4 493
/
621
1967 J J 6034 Sale 6012
n & T C ist g 5s int gu
1937 J J 9512 . -- 9558 6lar'23
8 8954 92
Missouri Pacific (reorg Co)4
1
9014
Houston Belt A Term 1st 58_1937 J .1 8938 901
4 39/
/
784 79
8434
8434
- 8.8
1st A refunding Is Ser A _1965 FA
8
*0,
9712 98
9514 97,8 9712 Mar'23
Boos F. & W T Int g 5s
1933 M N
2 9512 9624
9612
let A refunding 5e Ser C
9412 9612
94
3
1926 P A
yr:22
!,liaa2
712 14
94
1933 M N 9514 _ 8
1st guar 5s red
4. 98 9212 gg
1
94/
4
1
d & rolanding 65 Ser D...1949 FA
1,
9238 Sale 92/
87 "gi"
4 81
1
Housatonic Ry cone g 5s
1937 MN 80/
263
1
89
18
5612 6314
7938 8473
General 45
4
/
801
S 57 Sale 5612
1975
8018 Sale 80
Had & Manhat 55 ear A
1957 F A
202 6034 65
Missouri PacificAdjust income Is
1957 A 0 61 Sale 6034
63
9212
3d 78 extended at 4%
92
1938 MN
Illinois Central 1st gold 48.....1051 J J 8714 9112 9214 Mar'23
---ill 79
3713
31123
84 8
2
%
134
73
M al:
3 M
24
3
Mob & Bin prior lien g 5s__ _1945ii .1.0
21 79
3:4
5
70
8
2 10
14i
3
1
/
4
7
8
1951 .1 .1
_ 8912 8318 Sept'21
Registered
5 -ii14 83
Mortgage gold 4s
1945 J J
81
1451 1 J 'hi
81
let gold 345e
81
10338
4
1
103/
1 10212 10434
Mobile A Ohio new gold(
4_1927 J o
1
/
2 8
2
23
Oecbt:2
0 F
83
1961 .1 J .. _ _
Registered
7
1. 110012
76,2 1037s
let eat gold Os
83
83
784
51927 Q J 10014 102 103 Mac231-.
301
Extended lst gold 345s._ 1051 A 0 78
General gold 45
1938 M S 77 Sale I 77
---1951 A 0 76
81 _
Registered
4 Mar'23.----I 9258 94/
1
9014 92 I 92/
4
1
Montgotnery Div 1st g 58_1947 FA
1951 M 8 - - - - 72
8318 Mar'22 -.--,;let gold 30 sterling
944'
3 94
9584
St Louie Div 5s
1927 3D
-1E1E7;
"
82
1952 M 8 814 82/
4 8111
1
Collateral trust gold 4e
-6-1-2 V% N Mar'23
_
77
Mob A Ohio coil tr 8.4s
7934
1938 MS -7
1952 A 0
Registered
SePC19 --n;
12 .4
834
823s 834
1991 M $ 80 ---_ 8238 Feb'23
88% slob a, Mai let gu g 4e
82
4 Sale 802838
1
1955 111 N 82/
let refunding 413
I
10323 1 75
7812 7758 Mar'23 -.-- 774 79
Purchased lines 345 .
•
-'
•No price Friday: latest bid and asked this week. a Due Jan.
•Due Feb.
c Due June. 5 Due Jul,. a Due Sept. o Due Oct. e Option sale.
1394
BONDS
N. Y.STOCK EXCHANGE
Week ending Mar. 29
New York Bond Record-Continued--Page 3
tt
Price
27, rsdau
Mar. 29
Week's
Range or
Last Sale
RangeBONDS
N. Y.STOCK EXCHANGE
Since
Jan. 1
Week ending Mar. 29
Price
Ph Tadao
Mar. 29
Week's
Range or
Last Sale
I3
tZ
Range
Sffice
Jan, 1
Bid
Ask Low
Penneylvania CoHigh No Low High
Bid
Ask Low
High No.' Low Mob
Mont C let gu g Os
1937• J 109 112 114
Jan'23 -- 111 114
Guar 334s coil trust rag A_1937 M S
/1411 Nov'22
Reentered_
1937 .1 .1
13614 May'06
Guar 31es coll trust Ser 13_1941 F A
8134 81% Mar'23
81% 83
1st guar gold 58
1937 5, 09 10i'2 lool4
10014
2 1061Guar 310 trust Mfg C__1942 J D
4 kill;
85
83 July'22
M&Elstgu334EI
2000 J o 751/ 7634 7512 Mar'23 -- 75% 78%
Guar 334s trust ctfs D____1944 J D 81 Nov'22
8312
Naahv Chatt at St List 58___1928 A0 9934 100 100
10012 12 9934 101
Guar 15-25-year gold 40_1931 A 0
92 Mar 23
NFladtfil Istgug 5s
1937 FA
9212 Nov'22
40-year guar 48 Mfg Ser E__1952 M N 9
84
118 8
96
114 85 Mar'23
_ 85
87
Nat Ry of Mex pr lien 434e
1957 J ,
31 Sefe'22
Peoria & East lot cons 433____1940 A () 72
73% 74
74
1 7212 78
July coupon on
285 3112 30
Income 48
28
32
25
26
26
5 26
28
30
do off
29 Mar
394233 -- 8
_ 29
Pere
Marquette lot Ser A 55_ _1
29
1956
999 .A
.1 1"
.1
93
13 93
93
977
General 413 (Oct on)
1977 AO
2618 Jan'23 lot Series B 48
261s 26%
1956 .3 J
1 76
79
8214
79
April coupon on
Phila Balt & W 1st g 48
1943 MN
8814 Mar'2:3
8814 9214
do
off
25
30
27% Feb'23
Philippine Ry lot 30-yr s 140 1937 J .3
2711 28
76
936
4
758
:51_2
8
4 :
7Ba_8 991 8 47 Mar'23
4_7
4658 4978
Nat of Mex prior lien 430..__1926 J J
38% June'22,---P C C & St L gu 410 A
1940 A 0
94% Mar'23
94
97%
July coupon on
39l
37i8 -3912 385 Feb 23,-Series
B 434e guar
362
1942 A 0 9413 98
9412 Mar'23
9412 9472
do
off
45
Series C 434* guar
1942 MN
94 Mar'23
94
94
lot consol 4s (Oct on)____1951 A 0
25% Feb'23
Series D 433 guar
253s 25%
1945 MN 8
99
434
8934 Feb'23
8984 8934
April coupon on
26
Feb'23
Series E 3 yieguar gold
2412 2614
1949 F A 89%
89% Mar'23
8912 8912
do
off
26
2712 28 Mar'23 -Series F guar 45 gold
26
2712
1953.7 D 8934
89
Feb'23
89
8911
Naugatuck RR lot 40
1954 M N 6818
87 July'14'-Series 0 4s guar
1957 M N
89% Mar'23
8912 139%
New England cons 50
1945.3 .1 9012 Sale 9012
9913 2 89 9012
Series I cons guar 4148_1963 F A
94% Feb'23
94% 95
Conso148
1945.7 J 731s
70 Sept'17;
Series J 4)Ss
1964
M
N
8
99
3
258
7
1s: g
a
l_5
1
94% Nov'22
N J June RR guar 1st te
1986 F A 8212
82
Jan'23'
82
General 53 Series A
82
1970,3 D
93%
9434
NO&NE 1st ref &Imp 41‘33A '52 J J 76 Sale 76
76
3 76
Pitts & L Erie 2d g 5s;_a_1928 A 0
8112
119 Nov'22
7313 7312 7312
New Orleans Term lot 48
1953 J .1 7318
74 I 16 7312 7934 ?Ms Mai & Y let gu 65
1932 .7 J 19
104
61 ---_ 105 Dec'22
N 0 Texas & Mesloo let 66 1925
D 10034 Sale 10012 10034, 11 100 101%
26 guaranteed 338
1934 J J
9514 Jnne'20
Non-cum Income 58 A_1935 A 0 82 Sale 8178
8212' 68 7712 83%
Pitts Sh & L E 1st g 5s
99
1940 A 0 10
0
64
32 ;_
100 Mar'23
N & C Bdge gen gu 434e
1945
89% Jan'23 -J 8938
let coned l gold 5s
8914 8912
1943 J J
IGO
Feb'23
NYBAMBlet eon g 58..._1935 A 0 90
97
9612 Sepr22
Pitts Y & Ash let cons 5s
1927 M N 9
3814
3 52
98 June'22
N Y Cent RR cony deb 6s_1935 M N 1023s Sale 10238 10458 365 1023,, 19633 Providence
Secur deb 431
1957 al N
3858 Mar'23
Consol 48 Series A
777 Sale 761
.
1998 F A
7778 20 7638 8258 Providence Term let ei
1956 M S 75%
295.1 Feh'Is
Ref & 'rapt 4343"A"
2013 A 0 84% 8512 85
85'2
8414 8878
Reading Co gen gold 40
1997 J J 83 Wile- 8278
83%
Ref & impt 58
2013 A 0 9332 Sale 9272
9312 462 9278 98%
Registered
1997 1 J 79
82
9212 Mar'23
N Y Central & Hudson RiverJersey Central coil g 4s
1951 A 0 81 Sale 8012
8114
Mortgage 330
1997.3 .3 72,2 7272 7218
731.1 32 72
Reed/ Jr Saratoga 20-yr 6e
77%
112
1941
NI
N
115
Registered
78 Dec'22'
1997
.1
Rich & Dan 5s
wf(
19
)
ir4 9734 98 i677,
04
26
7A
Debenture gold 40
13
1934 M N 8712 Sale 86
87781 33 8612 9158
awn .., Nieek 18c g 58
6718
72 Mar'23
Registered
89% Nov'22
1934 IN N
Rich Ter 5s
1952.3 J 97% 99
9814 Mar'23
99 100
80-year debenture 431
861. 10 80
86
1942
J 8212 87
Or Juno 1st gu 58
9014
19491J
84
8418
0
2 .
_84_8_7_.
34
Lake Shore coil gold 3)0 1998 F A 69 Sale 68%
69
11 6818 76
elo Gr Sou 1st gold 43
9 _8_5_. 8412
19404 J
10 Dec'22 ___ 4. _7_3.4 7.8_
Registered
71% Feb'23
1098 F A 67% 79
- 7112 72
1212 -19403 J
22
Feb
7
'
4
7358
11
737s
4
Mich Cent coil gold 334s_1998 F A 7034 7112 773112
7112
2 7112 77
Ale Or West let gold 40
193913 J 71
Registered
Jan'23
1998 F A
75
Mtge & colt trust 46 A
75
63%
113491A 0 6312 64
6338
9 63 67%
Y Chic & St L 1st g 41937 A 0 8514 87
8612
8612
II, I Ark & Louis let 43/e.-1934 M S 7634 Sale 7612
85% 9014
77% 51 7612 81
Registered
8612 Jan'23
1937 A 0
861/ 8812 Rut-Canada lst gu g 413
73% 70
1949.3 J 65
Jan'23 ---- 70
70
Debenture 433
8412 Sale 83%
8412
1931 M
3 8358 8778
tutland lot con g 434e
80 Mar'23 ---- 80
80
1941 J .1 76
8012
2d 6s A
9914 44 9812 10078 St Jos & Grand lel lst g 48.._1947 J J
1931 MN 9858 Sale 9812
7218 74
7312 Mar'23 ---- 73
7654
24 6s B
1931 M N 9812 9872
it
Lawr
1
&
Adir
lat
g as
92 Feb'23
9212 9212
1996 5 1 90%
NY Connect let gu 4340 A 1953 F A 83 sale 83
84341
8 83
8858
26 gold 60
9814 Mar'23
1996 A 0 9574
9814
9814
N Y38 Erie 1st ext g 48
87 July'221---1947 M N
St L & Calro guar g 4s
8634 8812 87 Mar'23 ---- 87
90
8rd ext gold 434s
99% Jan'23
1923 m e ____
9914 9912 St L Ir Al & S gen con g bs
9534
9612 9534
/1 0
1 95
31 1
19
93
1 95
9912
4th ext gold 58
91% Nov'22
1930 A 0
con
Gen
stamp
102 July 14 ---- - --gu
A
g
1931
0
58
3
5th ext gold 48
945 Nov'15
1928 -I I)
Unified
&
823
ref
4
7
825
gold
7
8
Sale
5
0
7
3
86
%
4
12
8
7
6
2
16
4
40
1929 J J
N Y & Green L gu g 58
86% Nov'22
1946 M N
RI,&0 Div 1st g 4s
76 Sale 76
N Ydt Harlem g 310
7312 ____ 7312
7312
2900 MN
2 731, 7712 St L M Bridge Ter gu g 5e
11638 Mar'23
A O 9414 99
9:
3
30
3 MN
06
19
99
N Y Lack & Western 5e
1923 F A 100 Sale 9978
100
4 9812 10014 St Louie de San Fran (reorg Co)
Terminal& improvelis_1923 M N
139% ____ 998 Feb'23
- 9914 9984
Prior lien Ser A 4s
J
J
1950
NYLE&Wlet7eext
. 10313 Jan'23 -- 10312 103%
1930M3 10314
Prior lien Ser 858
1930.1 .31 8012 Sale 80
8138' 45 80
8478
Dock & Imp 5a
1943 J J 9612 ____ 98 Mar'23 -- 94
98%
26 6
6
81 2' 12
534,,
68
88
5714
8 Sa
85
Balle 6
8:2
2 :
5:2
2"
1942 1 J 8
9
73
N Y & Jersey 15168
9512 99
1932 F A
9434
94341
4 9434 98%
Prior lien Ser C 60
s
10
tie
9
97%
Sale
9714
75*
100%
N Y & Long Br gen g 48
__ 91 July'22 ---1941 M S 8512
Cum adJust Ser A 6s
7914' 479 7613 80%
28J
A 0
.1 7784 Sale 7712
955
5119
N H & HartfordIncome Series A 62
64 Sale 6312
05 1 121 158
51960 Oct
07
Non-cony deben 4e
48
49
49
49
1947 M
1 49
57
St Louts & San Fran gen 68_1931 I J 101 18 103 103 Mar'23 _-__ .
1.
03
.. 778
.
Non-conv deben 33es
47 Feb'23 ---- 40
45
1947 M S 44
44%
General gold be
97
97 Mar'23'
9553
965*
99
34
Non-cony deben 334e
44
43
43
45
1954 A 0
2 40
47
St
L
&
ES
F
8212
RR
Oet'20
---eons
-6714
.1
J
g
j
J
996
93
4a
1
1
Non-conv deben 48
4712
1955.3 .1 4712 Sale 4514
7 45
Southw Div lst g 5e
5112
1947 A 0
Non-conv deben 48
1956 M N 47% Sale 4512
4778 16 43
St L Peo & N W let au 5s
51
9834 100 10018 Mar:23
.
194ii .1 J
ip1
551-8.4
Cony debenture 348
4312 43 Mar'23
1956.3 J 43
6
47
0
914
St Louis Sou let ea g 431
1931 M S 8634 ---- 864 0E122
Cony debenture 6s
1948.3 J 6814 Sale 6778
6814
8
St L SW lot g 48 bond offs___1989 M N
7312 Sale 7234
7312 21 7234
4% debentured
3812 Sale
1957 M N
47381
2d g 4e income bond ctfs_p1989 J J 67
70
6918 Mar'23
16
75
938
% 8
71:
1
Vs European Loan
7
33%
2 19
6912 7318
1925 A 0 68
7
7
30
814 8
Consol gold 40
43
1 3'48
7414 Sale 7312
73 731
75
. 775
75 Franca
gp
10 60
1925 A 0 73% 75 68
5
1st terminal & unifying 5e_ _1
41 12
20 7312 8212
7312 Pale 7312
75
j
1
3
D
J
52
2
9
Cone Itv non-cony 4e
Boaalr A
42
-Feb'23
4014 42
St Paul& K C Sb L lst4101_ 1941 F A
75% Sale 7512
7612 15
Non-cony 4s
5012 Dec'22
1954 J J ---- 49
-It Paul M & Man da
19335 1 9134 9511 9114
9114'
2
Noe-cony aeben 48
44 Mar'23 ---- -44
19561.1 J ---44
lot consol g 63
107 10912 1085 Mar'23 -- 10
9'
8
11'.4 101%
1933
J
J
Non-cony deben 4a
49 Dec'22
1936'J J
Reestered
99 Sept'20
1933 .1 J 10612 110
N Y & Northern lot g 5s
99
0c022
1027 A 0 9818
Reduced to gold 41e0
95% 9533 9614 Mar'23
965* 99's
1933
J
J
N Y 0& W ref iota 49_01992 M S
6514
644
6514
3 65
Registered
707g
1933 J .1
97
Registered $5.000 only-01992 M S
591s Nov'20
Mont ext lot gold 48
1937 J D 8918 Sale'I 89,s
"id"
89%1
58 Mar'23 ----j 68 "5
1955 J D -L6 Reelstered
8614 ---- 80 Mar'21 ----I
i6;
D
J
1037
8512
N Y Prov & Boeton 4s
83 Aug'13
1942
Pa
Pacific ext gum is
84
84 Mar'23
1940 J J 84 84
N Y & Pu 1st cons gu g 4e
8134
1998 A 0 8134 85
8134
2 8011 8224 9 A & A Pees lst au a 4s
1942,3 .1 721 Sale ' 72
7212
u 72
7534
NY&RB 1st gold 58
1927 M S 9514 8534 96 Dec'22
Santa Fe Pres & Ph 5s
-9612
99
19421M
S
99
Feb'23
6
99
N Y Sum'& W 1st ref ba
5114 54
51
1937,3
511x
4, 51
au Fran Termlt
alo
1950 A I) 8014 Sale 7912
l 48
8084 11 7812 831e
48
2d gold 41411
51
48 Mar'23 ----1 42
1937 F A
4958 Say Fla & W 6s
1068 ____ 10812 Nov'22
General gold Sa
44
48
45 •
45
1940
4 45
99 ____ 100 Nov'22
49
58
Terminal let gold 58
8418 __ 8458 Mar'23
1943 M N
-1 8458 9358
ScloY&NEIstgug48._ 1119
3812 86 Mar'23 -- 86
AA DN° 86
41 M
998
339
87l
431
NY W'ches& B 1st Ser 410-'46
45
2
4312
Sale
67
4314 5014 Seaboard Air Line g 48
J
5112 57
58 Mar'23 -2; 53
5g
1950
0
A
Norfolk Sou let & ref A 51
65 Sale 64
1961 F A
67
21 6318 71
Gold 40 stamped
1950 A 0 5414 Sale 534
58
544 -1° 52
Norfolk & Sou let gold 5s
91 Mar'23
1941 M N 9958 92
90% 9312
32
3212 3032
Adjustment 58
3212 575 2234 3218
o1949 F A
Roil & West gen gold 6s
_ 10812 Mar'23
1931 M N 10514
103312 10812
121 39
45 Sale 4414
Refunding
4e
4512
46
Improvement& extg
1934 F A 106 110 110 Mar'23
10834300
6512 Sale 6512
lot & cons 6s Series A
8658. 207 58% 68
New River 1st gold
1932 A 0 10514 108 106% Mar'23 ---- 1065 10634 Seaboard & Roan let Is
S 9614 ---- 9614 Mar 23 ---- 9334 06%
MA 13
1110
994
5
26
96 J1
Nh
85'2
Ry 1st cons g 433_1996 A 0 8658 88
8884 48 8512 9314 Sher Sh & So 1st gu g be
3618
42
Aug'22
D
-1943.3
Registered
86
891z Feb'23
1996 A 0 81
8812 90
98%104 100% Mar'23
8 & N Ala cons gu g 56
nu F A
98 10114
Dlvi lot lien & gong 48_1944 J J 82% 8514 8258
84
10 823s 88%
9612 Salo 964
Gen cons guar 50-yr 58
0
9612
A
1963
9612 99
10-25 year cony 434e_1938 M S 109% _
108
Jan'23 ---- 1033 108
Southern Pacific Co10-yeir cony 68
113
81
1929 M S 112 'Salo 112
70 III 1j784
12 80
Gold 45(Cent Pao m11)_81949 J B 80 Sale 80
85
8512 10 85
Pocah C & C joint 4s
8614 85
8882
1941 J D 85
98 ,100
91
20-year cony 4a
90114
2 10
g1929 M S 91 Sale 1.1012
92%
12
North Ohio 1st guar g be
851e 83
Jan'23
1945 A 0 77
83
134 ,7
20-year cony 58
101 Sale 101
333
10138 12
34
Northern Pacific prior lien rail90 Pac of Cal-Cu g 58
101%
--101
11P
Feb'23
.
1
5,
---1937
101
111
9
)
101
way & land grant g 48
1997 Q .1 8214 Sale 81%
8212 123
8634 911g 89% Jan3
So Pao Cot
as 1st gu 48 8
213
2 -1
-0
-9
- 89%
3 8
08
1
11 81
Registered
79,8 8514 8112
1997 Q J
802
8312 30 Sac RR 1st ref 40
834 8314, 1 83
83l 109
General lien gold 3s
a2047 Q F 5914 Sale 59
5978 641 59 6214 douthern-lst cons g 58
94
1
l
6
99
9
64
1
Registered
5812 Mar'23
a2047 Q F 5858
5812 5984
Registered
9:
2
33'8
4 Feb'23 5
- 01 93
21
8 98
35
14
4
Rel & impt 1333 ger B
2047.3 J 106% Sale 1061s 106% 123 10613 109%
8714 100 6612 89%
Develop & gen 4s Ser A1
1956
994 'IA O
j 8834 6712 802
Ref & imp 4)/s SerA
20 47 J J 82% 841* 8334
8334 10 8331 9012
10114 121 100 102
Temporary 634s
1956 A 0 1(0 10012 190
10 9212 100
be C
20475 .1 94 Sale 9212
94
Mem Div lst g 4148-58_1996 I J
90
91
90
1 90
97
901
393 9212 9914
5s D
2047
J 93 Sale 9212
94
7514 795 7758 Feb'23'--- -1 7738 80
St Louis div let g 4e
89
St Paul-Duluth Div g AS
996 J D
Feb'23
89
89
9712 Sale 9678
So Car & Oa let ext 514s
9713 45.
MN
11
9.
969
.
678_ _9_9_3_4
192
9938
St Paul & Duluth 1M 5e1931 Q F
100 June'22
-Spokane Internet let g 5s.._ -1955 1 1 84 _ _ _ 935* Feb'23 ---- 8312 8312
7918 _
1st come,' gold 411
1968J D
8414 Jan'23
84% 8414 Staten Island Ry 410
7258 - - - - 80
Oci'20 ---Nor Pao Term Co 1M g(91_1933
.1 108 Sale 108
108
108 110
Sunbury & Lew 4s
---- - --102
1938 A 0
No of Cal guer g 5s
102 102
Jan'23
Superior Short I, let Mg__ _e19311 81 8 9514
95 Mu y'l8;---North Wisconsin 1st(is
118 Nov'16
1930
J 104%
'
94
9414
Term Assn of 3,t L let g 434e..1939 A 0
93 Mar'23
93
951*
02% 99
lot cons gold 5s
97 Mar23 - - - 97
99
1948
66
08& L Chem let gu 48 g
6814 66%
6634 11 6658 71
77
Oen refund a f g 4s
78
11
t4
77
119
77 I
1 77
82
1943 MS 8634 _
Ohio Conn Ry 4s
80 Sept'20
8914 9038 9014 Feb'23,---- 9034
Tex & N 0 con gold 5s
MI
98% Mar'23
1936 .1
Ohio River RR 181 g 5e
9614 - 9512 9818 Texas & Okla let gu ft 58----1 3
34
Jao'23; -- 34
34
1937 AC 9212 9434 9512 Feb'23
General gold 5s
9512 9512 Te a & Pa, St gold Se
9012 Bale 9011
D
2
1000
943 J
91 1 32 9012 1113%
s
x
1927 5, 9812 Sale 98%
Ore& Cal lot guar g 5e
9812 36 9838 100
.,
j
42000 Ma
2d gold income 5s
401y Jan'23 -- 4012 4012
4 86
1946 11 D 8612 Sale 8612
Ore RR & Na,con g 48
9612
8712
La Div 13 L lot g 5s
8878 90
88% Mar'23
Ore Short Line5k Mar'23 -- -- 8834 92
1193351
Tol &Ohio Cent let gu M
9
97
9654 9854
let coneol g Se
1946 J J
10014 99 1001 t 7 99 10412
1935 A 0 8914 9212 9214 Mar'23 Western Div lot c 50
9214 96
Guar con 51(
1946 ▪ J 10a:i4 sale 100133
10012 37 997e 105
i
1
1935017
ii 8612 91
General gold 5a
87/
1
4 Mar 23 ---- 87% 87%
Guar refund 4e
1929 Jo 9114 Sale 91%
9112 30 9058 9312 Tol Peo St West 4s
30
33
30
Feb'23
- 26
32
Oregon-Wash 1st & ref 4e
7612 Sale 7558
1961
82 7512 82
77
to' St L & W pr lien g 3/0-1925 1 J 944
94 Mar 23 ---- 93% 9414
Pacific Coast Co iota be.-1946 S D
793s 83
7912
2 76
79%
7958
110
I 6812 6972 69%
93
50
50-year gold 48
i A O
15 6978 704
70
Pao RR of Mo 181 ext g 4s...._1938 FA 8314 85
8612 Mar'23
8612 8652
rol W V A 0 SU 4%.A
19118
Nov'22
9512 Mar'23
.• 1 9238 96
2d extended gold 5s
1938
9512 97
1933 5 J - Series B 43411
9658 9318 Dec'22
- Paducah & Ills lot of 4Ses
89% 9111 91 Mar'23
901s 91
1942 M 8 82
1955 J
Series C 4e
. 8633 Nov'22
Paris-Lyons-Med RR 68
7312 312 6312 7334 Tor Harn & Buff let a 4s___/19433 3 D 7818 79
1958 FA 7278 Sale 7214
ts -5
79
82
;
1
.
111
.
Pennsylvania RR lot a 48
99%
Dec'22
9938 --1923
N
56 D
194
oi 9412 Salo 9412
Ulster & Del lot cons a 58
28
7 .1
9412
1 94
9512
Congo!gold 4a
89
2 89
9314
1943 MN 8812 0314 89
1952
lot refunding g 48
55
70
70 Mar'23 - 66
70
Consol gold 4s
1 8714 91
1948 MN 87% 9014 8714
8714
7nion Pacific let a 48
8858 Sale 88%
8932 51, 8814 9514
Couto'41•18
9212
9412 16 9212 98%
9284 93
19130 FA
Registered
1947 J J 8558 94
9034 Feb'23
-1 8978 92
General 4)es
8912 69 88
1965 J D 88 Sale 88
19273 1 9414 Sale 9414
20-year cony -8
92%
911
/
4 46 941g 93l2
General 58
121
9812
1968 J o 98% Sale
9812 10134
9912
let & refunding 48
02008 M 8 8013 83
8018
811a 79 8018 88
10-year secured 70
107% 63 107 11034
1930 AO 10714 Bale 107
10-year perm secured fle„.1928 J J 104 Sale 10353
104581 31 100 10534
15-year eecured 640
107
62 108% 111.
1936 FA 107 Sale 10638
1
1944 1131 fi 8812 9312 8012 June'2i1
17 N J RR & Can gen 48
3 ____
• No price Friday;lateN bid and asked this week. aDue Jan. I) Due Feb. g Due June, *Due July, # Due Aug. 0 Due
Oat. p Dile Nov. # Due Dec. a Option sale.
-
!
_9_3 8_ 904131
Mg1 '3
Ym1.3
New York Bond Record—Continued—Page 4
BONDS
N. Y.STOCK EXCHANGE
Week ending Mar. 29
t3
I 2,Z
I
Price
Thursday 1
111ar. 29
Week's
Range or
&IV Sale
1111
c,4
ee I•
It,474{Id
sincc
Jan. 1
BONDS.
N.Y.STOCK EXCHANGE
Week ending Mar. 29
1395
Price
11 31
,5' Thursiay
...,"" I Mai. 29
W Oa'S
Range or
Laid Sale
1I
473i
Range
lino
n.e1
lit
Ask Low
.
04 LOW Mph
High'N 0.! Low ILIA
Ask Low
— Ind
Bka N
192611 J 9818 --__ 997s Jan 23,____I 991
91
,f".. 8538 94
/
4 9978 Cuba Cane Sugar cony 7s___1930 J .3 91 Sale 1 9014
Utah & Nor gold be
1, 9112 911
/
4
9512 •T; 9014 9814
Cony deben stamped 8%_J930 J J 9112 Sale I 1412
.---_1933 J J 9212 ___-, 9112
0112'
let extended 4s
Apr'221---1
Vandella cons g 45 Sec A____1955 F A 8114 ____ 80
Cuban Am Sugar let coil 89_1931 M S 10712 Sale 107
1074 '`.,t 10612 107/
1
4
6112 9212 9112
-- -- -____
1957 M N 8114 ____ 8514 Nov'22 _
- - Cumb T & T let & gen 5s
92 I
1937
Cone& 48 Series B
.___
°,1 9112 943,
2
3712 Mar'23,„..... 34
__
9712 June 20 ----' __-- _Vera Crux & P let gu 4319_1934 J J
3712 Denver Cone Tramy Is
33 A 0 75
2714 ____ 37 Mar'23 _--- 34
85/
1
4
July coupon on
8412 90
3712 Deny Gas & E L lot & ref id g
8412 little- 8413
2714 _
July coupon off
,
89 I 165
Dery Corn 0 G 7
.
51595
42
1 M
AI "5
9712
Verdi V 1 & W ist g 5s
Jacob Edison lot coil tr 59.1933 J J 6
2
504
.__ _
1926 M S 98 ____ 9712
9434 „'! 9434 100/
1)-% V L
1
4
984 Mar'23;--------- 9814
Virginia Mid Ser E Is
let & ref 55 ser A
/
4 98
1926 M S 9714
9412 V., , 911
51940 M S 9234 Sale 9134
9612 Mar'23
/
4 102 1 °„` 101 104
General .iii
letunited
B4 wi k_ 193
& ref 6s
1036 M N 9512
96
cons 2
42
0 M S 10134 Sale 1011
letseries
93 1 __-9834 .)et
4 939324
1
4 ____ 93
Va dr So'w'n et gu 5s._
2003 J .1 95/
85
:1,1 81
85,4
J J 8312 8414 8312
1
4 7512 7614 Mar'22 ....._!, 7614 81
I958!A 0 73/
Diamond Match 9 f deb 7)0_1936 MN 10612 Sale 10512
let outs 50-year 59
1071
/
4 4,..' 195/
1
4 1081
/
4
71 9012 98
92
Virginian let 55 Series A.... 19112,M N 9114 Sale 9012
59 I ', 4912 64
Distill Sec Cm* cony tot g 59_1927 A 0 53
59/
1
4 50
94/
1539M N 9134 Sale 9434
1
4
Wabash let gold Is
4 9412 99
Trust certificates of deposit
5134 56 ; 55 Mar'23 --;-„-' 99
64
8144
11.1 81
8814
83
9214 Dominion Iron & Steel 5s__ _ _1543 .1-j 8134 Sale I 81
1939 F A 83 Sale 83
2d gold Is
4 84
69 Mar'23 ---- 68,2 69
Donner Steel 75
1954 .1 J 6814 69
let lien 50-yr g term 49
1942 .1
2 D
J .
,8
,‘,9
7‘.1144
1
111
%
:
98
4
94 Mar'23 ____ 94
9612 E 1 du Pont Powder 41,01._ 1936
90 I
Dot A Ch Ext lot g Ie.__ _1941 J J
1 90
90
10%1:1
2 8771 10
7338 Jan'23 --- 7314 73/
1
4 du Pont de Nemours & Co 7)0'31 M N .U8
Des Moines Inv let g 4s.__1939 .1 J 6518 79
94
718 10
93
8/
1
4
65
63/
1
4 Mar'23 __-- 63/
1041 A 0 60
10214 57 101 105
Om Div ist g 3,30
1
4 61314 Jaquesne Lt let & coil tie_1949 .1 J 102 SAW 101
1941 M B 7018 773 774 Jen'23 Tol & Ch Div g 4e
Debenture 7345
11.1712 ..J8
1
4
7718 774
2936.3 j 10738 Sale 10738
, 10614 108/
___
7412
71/4
.
Warren let ref gu g 334s
Noy'22 ------------East Cuba Sug 15-yr s f g 7)01937 h,,/ s 10618 Sale kb
2000 F A
107 I 0010 93 11314
758 ,
88
412 ,
Wash Cent let gold 45
Ed El lii likn 1st eon g 49_19
84
71
/
1
44 May'22 --_/
4 Mar'23 ----1 1 8679 91
1948 Q M '7,5
9,
39
5 J J 8634 8812 8u1
9912 1011
Aug'22
/
__ ---- - - - - Ed Elec Ill let cons g 5s
4 1011
/
4 ,Fett'23 ----.1101 14 1011
W C) Az W 1st ey gu 4
1924 F A
/
4
1945 F A 7512 7812 76,2 Mar'23 __-- 761
Wash Term let gu 33s
95 I ....
3 99
. 791
/
4 Elk Horn Coal cony 8s
991
/
4
1
4 Nov'22 ____
.scnolre Gas & Fuel 7As__119
let 40-year guar 49
n
i
19451 F A 8112 __ __ 84/
94 I 3401 931
89
a8
1:41 214
/
4 98/
1
4
6:2
37
5j
M0
N
8712 Mar'23 __-- -ii1W Mln W & N W lst gu 5s1930,V A 8012 90
4 "i6- Ect G Light 5s
1932 M S
:1194 19
/
4tryle d 1st g 4s
61
"
0131--1
05
812
51 60
est ,1
65/
1952 A 0 6012 Selo 60
1
4 Fisk Reimer 1st Si 8s
1941 M S 13t14 it-il-e-12/1 Mi
1937 J .1 96,2 97
7018 !., 701
eat N Y & Pa let g 58
i't Smith Lt & Tr let g 5s_ _ _1936 M S 7(1 18 Sale I 710s
/
4 7018
961
/
4
96/
1
4
1 9634 100
77
77 Mar'23 ..___ 77
_1943 A 0 75
Gen g)ld 4s
81
Frame,lc Ind & Dev 20-yr 7),59'42 .1 .1 8812 Sale , 88
88/
1
4 23 1 83,4 911
/
4
8012 22 7934 85
Western Pee let Sec A Is......1946 M S 8012 Sale 80
Francisco Sugar 7)4s
1942 AI N
9
)2
3!4 Stag
7812 77
West Snore let 45 guar
78
2361 J J 77
13 77
83/
1
4 ,tas & El of berg Cu cons g Is .1919 J D 1(
1
4 Sale 76
Registered
1 7614 82
76
0361 J J 75/
General Baking 1st 25-yt Os 1936 j D 100 101 100 Mar'23 ___- 9958 101
9712 Mar'23 ---- 97
79141
78/
1926 A 0 9712 99
1
4 78/
Wheeling & L E let c 55
Gen Electric deb g 3iis
1
4 79
,.
2 78
99
8012
1942 F A
Wheeling Div let gold 59._1928 .1 J 93 ____ 99 Feb'23 __— 95/
v, 9912 102/
Debenture 58
1
4 99
1952 M S 10012 Sale , 9912 10012
1
4
1
4 97/
1
4 94 Sept'22 _-1930 F A 90/
Eaten & Impt gold 55
20-year deb Os
-11105 10
2 Jen
Feb 1240 F A -9
9,
-a
231---8
-i-e-1 98is
-gis s
1)5
0
!
1
1
4 53
1966 M S 5214 53/
Refunding 434e Series A
5 52 -ai" Gen Refr 151 s f g Os Sec A 1952 F A
53
1917 1 j 100 Sale .10U
1949 M $ 58 S ile 58
10014 .8
RR let consol 4s
58,4 37 5712 6518 Goodrich Co 65Se
1-02
-.61 -.
2 4114
5212 12 50
117/
1
4 104
Wilk & East let gu g bs
60
1942 J D 51 Sale 50
Goodyear Tire & Rub 1st s f 85'41 m N 11634 Sale 116,2
Jan 23 _--- 101 101
1U4 , 1110 19
1938 1 13 98 3 ---- 191
1
4 Sale 10304
WIII & S F let gold 55
10
1 4
:
1 1
10
el931 F A 10,3/
17
613
-years f deb g 8s
/
4 82 80 Mar'23 ____ 530
8112 Granby Cons MS & P con (is A '28 NI N 68 ---Winston-Salem ti B let 45
1960 .) J 741
7414
2 74
Feb'23
82
Stamped
Wis Cent 50-yr let gen 9s__ _ _1949 J J 7114 Sale 74
r/2
1'1 r212
1928 M N 92
— 92
771
/
4 7714 Mar'23 _--- 77
100 I -- 964 109
Sup & Dui div & term 151 45 36 M N 74
Cony &ben 89
80/
1
4
1925 M N 9912 Sale I 99
981
/
4
2 98 up
65 May'22 ----. _ ___- Gray & Davis 7e
1943 J J 5434
W & Con East let 4325
F A
,..1_0
.1 8
98
14
1 18
92
0
'root Fells Power lets f 59_19
93
442
1 MN
79
57111 SS8
343
ilee I 8
5112l4 Feb
61
4
INDUSTRIALS
Hackensack Water 4s
1052 J J 9
80
80/
1
4 30
6 80
!
87
Sale
8712
87
/
1
4
Adams Express coil tr g 4s_ _1948 14 II 80
'
0
8014 Havana Ewe cousin g 55
87
91
1952 F A
9634 25 96
9612 96
9912 Havana E Ry LAP gen 5s A__'54 M 5 82 Sale I 82
1936 J D 96
Ajax Rubber 88
812 712 612
612
7 64 8
1925 M S
Alaska Gold M deb fis A
Hershey Choc last g 65
988
23
's
8 37
.
1 8
121
7 10
80
5%
1942 MN
612
71.
6
64
Mar'23
99
7118
614
4 Sale 6
---89%
2
Holland-Amer
8912 33, 8712 92
1926 M S
Line (39 (//a)...1997 MN 8
Cony deb 68 series B
924 _ __ 94 Mar'23 --;7.' 9278 94/
1
4 9712
07/
1
4
7 9712 10012 Hudson Co Gee Ist g 5s ._. _1949 M N
1928 A 0 9712 97/
Am Agri° Chem let Is
1
4
10314' 113 99 104/
97/
1
4 Si-de 97/
1
4 Humble Oil& Refining 530 _1932 J J
1
4
984 00 9712 99
1941 F A 101 Stile 99
1st ref s 1 7.1.15 5
65 I 641 59
7
,
814 Sale 5
88
1,2 02c:a
8812 16, 88
81),2 Illiurile Steel deb 4349
1931 M N 62 Sale 59
9612
1940 A 0 8
Am Cot 011 debenture be_
1
4 Dec'22 ----,
-- - - Ind Nat 0 & 0 55
_-- ____
1930 J J 1004 - - - 10./
Am Dock & Inapt gu 65
1936 M N
9912 Sale 99
88 1 123! 87
9914 25, 99 10112
99/
1
4 Indiana Steel let Is
Am.Sm & R let 30-yr Is ser A 1947 A 0 8712 Sale 87
1952 M N
99 10012 104
Ingersoll Rand let gold 5s
American Sugar Refining 6e 1037 .1 J 10111 Sale 10012 102
1935 J J 95 ____ 913 Nov'22!----1 6., 912
9
9134 134 I 9118 9234 interboro Metro!) coil 4i-29_1950 A 0
1012 94
94! t3:
1. -17,1s -ii
:
Am Tclep & Tele') con tr 4s 1929 J J 9112 Sale 9118
6712 --_ _ 69
712 Feb'23 --..-I
-__90
Certificates of deposit
1936M S -_, _ 92 86 Mar'23 ___-1 1 86
Convertible 45
g6
1 82
6852 Sale 6812
102 1
1 10014 10312 Brerboro Rap Tran let 59_1906 1 J
88
E;ist 1 6
1933 M S 99-12 -_ - - - 102
20-year cony 4)4s
96
Sale
116 95 101
Stamped
1916 J D 96 Sale 95
30-year temp coil tr 513
1
4 11614 102 11412 11718
68 Sale 68
10-year 65
1
4 Sale 115/
1925 F A 115/
7-year convertible Os
9312 86 90
9014 Sale 90
84 I 29 8212 85
Ts
1934 A 0 8312 Sale 8312
9434
1932
Am Wet Wks & Elee 5s
/
4
78 Sale 12785
7 2 __10_, 791
8312 21 1.811
/
4 8.512 Int Agric Corp let 20-yr 5s 1932 M N
/
4 8112
1030 1 J 82 Sale 811
Am Writ Paper a 7-6s
Mar'23 , 109 12718
9634 622 9012 9872 Internet Cement cony 85_ _ _1926 J 13 - --- -/
4 Sale 9658
1953 F A 961
Anaconda Copper 61
/
4 103 I 704 100 10.134 Inter Mercan Marine 13 f 6s 1941 A 0 8712 Sale 87/
1938 sr A 10112 Sale 1011
1
4
75
86 I 74 8412 90
8612 65 85/
International Paper 5s
1
4 8812
Armour & Co let real cot 445 1939 J 13 8412 Sale 841^
1947 J J 8618 Sale 86
S814 ‘2' 8
40 Mar'23____ 32
84
36
lot & ref Is B
414 8
4012
99
1947 J J 8412 Sale
83%
Atlantic Fruit cony deb 78 A_1934 .3 D 31
4
3514 3738 30 Mar 23 ----• 29
8:5
17Lt
3918 Jeff Clear C & I 55
1926 J D 103'2 - - -- £1.1 June
Trust certificates of deposit__
4012 40-2
1
4
39
44
8134 2213 -7
4012
Jurgens Wks Os (fia! pric,)_1947 J 1 81 Sale 80/
8 29
-i- -8
-3-34
do
stamped
95
_ --- - Kan 0 & El Gs
13 9312 9712
1952 M S 9312 Sale 9312
1947 J D 9412 ---- 98 Nov'22 ----I
Atlanta Gas Light be
1
4 Sale 11/512
105/
1
4 20 103/
977s 43 97
9934 Kayser & Co 75
1
4 107/
1937 J j 97 Bale 97
1912 F A 105/
Atlantic Reg deb 55
1
4
10112
1
4 Bale 10812
11/918 63 10634 110
Kelly-Springfield Tire 8s
5 10014 103
1931 M N 108/
Baldw Loco Works let 5e_ _1940 M N 101 102 101
7 9978 10312 Keystone Tclep Co let Is
1935 J J -------9411 July'21 ----____
Barnsdall Corp f cony 8% A.1931 1 J 10212 Sale 10112 10212,
1, 971
/
4 98 Mar'23 ---; 98
/
4 10712 107
10712 14 107 10834 Kings Co El L & P g 5s
1045 A 0 1071
99
1937 A 0
Bell Teleph of Pa s f is A
964! 204 9512 9914
1
4 10914
Purchase money 65
10914'
1, 10914 1111
11999257 NI
8 10912 110/
1048 j j 96 Sale 9512
Se
A 0
/
4
/
4
105/
9912 34 98
1
4 ____ 1054 Apr'22'----1 __
991
/
4
Convertible deb 139
1926
Beth Steel let ext s f 5s
J 99 Sale 981
7212 Sale 71 12
721.!
92 I 10 9012 971s Kings County E 1st g 4s
2 711" ii
1949 1' A
1942M N 91 Sale 91
1st & ref be guar A
711
2!
1
7112
Sale
88
7112
Sale
88
8812
guar
30
4s
Stamped
88
9312
1999 F A
711
/
4 75
1936,1 J
20-yr p m & Innis f 551
76
7978 8018 Feb'23'----, 5
98 I 60 96
9934 Kings County Lighting 58_1954 J .1
13e A
1948 F A 9714 Sale 97
99
74 8
90
914
1
2
971
/
4!
974
921
/
4, 149, 90
93
8)59
1903 F A 9012 Sale 90
1954 J 1 9(312 98
5)49
1
4 10034 10912 100341
70/
1
4 Mar'23,----' 7038 703s Kinney Co 734s
7 9914 10112
1936 J D 100/
Booth Fisheries deb s f
_ _ _1926 A 0
98781
3 9778 1004 Lackawanna Steel let g 59_1923 A 0 9938 Sale 991
98
/
4
991
/
4'
1 991
/
4 100
Braden Cop M coil tr
69..1931 F A 9778 99
93
974
90 1
1st cons 55 series A
7 89
92/
1
4
_ 1942 A 0 93 Sale 93
1950 M S 8912 Sale 89
Brier Hill Steel let b)is
10
2 62
1
4
67i
69
4'4 6
Lac Gas L of St L ref & ext 5e 1934 A 0 9434 Sale 9412
95
B'way & 7th Av let c
33
J D 67 Sale 66/
1954 J 1 8912, 9112 91,2 Mar'23 ---Brooklyn City RR Is
1941 J J 8518 8812 8512 Mar'23,_____ 8512 8712 Lehigh C & Nays f 4348A
961
/
4 13 95
Feb 23!--- 10
98
961
Lehigh Valley Coal bs
/
4 96
690
13klyn Edison Inc gen be A 1949 .1 J 90
111/ 10
19333 J 99 100 100
96 2
11i14
12
101
12 101 10434
/
4 ____ 834 Oci'21,---General fle series B
45
1930.3 J 101 Sale 101
1933 J J 891
105
_ 48
3 105 108,4 Lea Ay & P F lot gu g 5s._ 1993 NI S
44
Feb-23 --,, -44
General 75 series C
__- -44 1930 J J 108 Sale 105
42 106 109
108
115 I 17 112 11714
General 7s series D
Liggett & Myers Tobac 713_1944 A 0 iii Sale 112
1940 J D 10738 108 10718
60
68 1 66 Mar'231- — -1 58
Skin Qu Co & Sub COD gtel 55_1941 MN
Se_
9612 9814
1951 F A
_ 79,2 Noy'22 — --I ____ - - - - Lorillard Co (P) 75
12
12
63
8
aallee 16
10
3 112/
16
1.4
718I 2
1
4 11634
let 55
1944A 0 1912638 S
1941 .1
7312! 44 55
79
1
4
/
4 Sale 9418
941
/
4
3 944 971
Brooklyn Rapid Tran g 55-._ 1945 A 0 7312 Sale 72/
5s
1951 F A 941
/
4
7538 130 54
1
4
79
74 Sale 72/
117 I
Magma Cop 10-yr cony 12 79-1932 1 D 117 Sale 117
1 112 120
Trust certificates
6212
63381 38 54
04
101
106 96 102
100 Sale 99
68
Menet'Sugar 734s
lit refund cony gold 48-----002 J .1 61
1942 A
911
/
41 74 87
96
mantiat Ry(N Y)cons g 49._1990 A 0 5912 Sale 59,8
62
8-Yr 7% secured notes__ _k1921
61 5918 6478
J 897s Sale 8934
92/
1
4 165 8512 9512
D 511,48
Sale
63
.
12 Oct'22 ----I -ii-31 - 1Certificates of deposit
3d 49
4
87
69 82
954 Manila Elec Ry dr Lt s f 55_ _Mg
Certfs of deposit stamped__
80
4
8312, 10 811
/
4 8.-,
1
4
9914 74 91
Market St Ry let cons 52._ 1924 M S 9312 Sale 93/
Bklyn Un El let g 4-be
1950 F A 8114 8214 8312
9534
83121,
4 8112 85
97/
1
4 38 94/
1
4 971
/
4
5-year 6% notes
Stamped guar 4-55
1956 F A 83 Sale 83
1924 A 0 99,2 Sale 9612
/
4 96 Mar'23,1----' 95 100
159 I 936 11112 159
Bklyn Un Gas let cons g 5s..1945 M N 9414 961
Marlend 0119 185 with war'nts '31 A 015718 Sale 141
11278' 6 110 11678
71
10672 480 100 10712
without warrant attached.,.. A 0 10638 10034 10312
1932 M N 112 Sale 112
104 I 10 102 10514
let lien & ref 6 Series A _ _ _ _1047 M N 102 1044 102
159 I 941 108 159
1931 F A 155 Sale 12815
73.4s Ser 13
114
1
4 114
3 110 117
do without warrants
101 Sale 94
N 112 113/
1929
1011
/
4 663 1 911
/
4 1011
/
4
79
Ang'21 ----I ____ __- - Merchants & Mtn Exch 7s 1942
Buff A Blum Iron s f
98 Mar'23 --,-II 95
193211 13 9138 _
1
4 99
D 95/
9912
80 Mar'23 ---- 80
86
Bush Terminal let 45
87
/
4
1952 A 0 78
Metr Ed lst&ref g 6s Ser B
91134 55 I 98 100
1952 1. A 9912 Sale 991
1
4 8912 Mexican Petroleum s 1 8s_ _ W36 M N 10818 Sale 107/
8312 11 82/
8412 821
/
4
Consol5s
1
4 10812 71 10634 1094
1955 J J 132
8612 31 85
13uliding Is guar tax ex
9354 Mich State Teleph let 5s_
1960 A 0 65 Sale 85
99/
1924,F A 9934 Sale 9934
1
4 13, 99/
1
4 9978
97 I 12 95
Cal G & E Corp 5s
98,4 Midvale Steel &0 cony 9 f bs_1930IM S 8714 Sale 8714
I937,M N 95 Sale 95
88 I 84 8714 901
/
4
9612! 37. 9512 981s
Camaguey Bug 1st s g 75
881
19421A 0 9614 Salo 96,2
/
4 23, 8712 88/
Certificates of deposit
1936'_ ___ 8814 Sale 8712
1
4
9412 18 9212 971
Canada SS Lines 1st coilsf 79 1942 NI N 9413 Sale 94
/
4 Milw Elec Ry & Lt cons g 59.1926 F A 98
99
994 Mar'23 ---I 99
9914
1(10
Sale
100
/
1
4
24 100 10312
Canada Gen Elec Co 65
1942 F A 10012
92
894 Mar'23---,I 90
Refunding & exten 4)0—.193/ J .1 89
91,2
Cent Dist Tel let 30-year 55_1943 J D 98
99 971
5 97/
/
4
1
4 100
99 I
Gen 58 A
1
4 Sale 9119
911
92
1951 J D 93/
/
4' 6 90
09 Mar'23 --_, 8812 994
99
Cent Foundry lets f (is
1931 A 0 97
let 55 13
1
4
1
4 Sale 98/
99 I 21, 98/
Cent Leather 20-year g 59
1
4 11)018 Milwaukee Gas L 1st 9s
1925 A 0 98/
42
336, 130 150
Cerro do Pasco Cop 89
1931 J J 14612 Sale 140,2 150
Montana Power let be A
1943 J 1 IX,8
4 Sal,
le Ms
re
95 Mar'23'--_, 1)51
Ch L & Coke lid gu g 58_1937 .1 I 92
97
/
4 961
/
4 Montreal Tram 1st & ref 5s 1941 J J
81141 39 7614 8378 Morris& Co lets 1 43'4s
Chicago Rye lot Is
1927 F A 8012 Sale S012
/
4
8112 16 79/
19393 .2 81 Sale 801
1
4 138
9978' 8 9912 101)18 Mortgage Bond 4s
99/
1
4
Chicago Tel Is
1923 J D 9984 100
1966 A 0 - - - - 83,
,2 A P;'21,f ---i -6fc, -iiiChile Copper 10-yr cony 79_1923 M N 11312 Sale 113
114 1 81' 113 12118
5s
1932 A 0 1/2
Coll tr & cony Os 9er A
101
202 ma 10314 Mu Fuel Gas 1st cu g 5s
1932 A 0 100 Sale 100
1947 MN -„-- 93
1)312 Mar'23'____ 9314 95
Mischa Gee & Mee ist & sof 55 1956 A 0 9638 Bale 9738
9738 10, 9714 9912 Mut Un titd bds ext 5%
1941 M N 9338 ____ 10112 Sept'17I----, -_-.,- -,„
btis Ser 13 due Jan 1
961
/
4
9718, 111 96
9812 NAS3AU Elec guar gold 45
97
1961 A 0 96
1951 J I 6212 Sale 62,2
6212,
9 WS
071
4
Cob F & I Co gen s 58
87 I
11 8512 89
1943 F A
8912 87
86
Nat Enam & Statupg let be._1929 .1 D
75
/
1
4
7612
Col Indus let & colt be gu
7514
781
/
4
3 76
_1934 F A
771
/
4 Nat Starch 20-year deb 5s
93/
eapn
1
4 ___ _ g fij
t'!-:.
_
1930
0
_-7
„
..
=6
,.7
J
.1
Columbia & E 1st 55
96141 26 95
1927 J J 9614 Sale 95
97
National Tube let bs
/
4 Sale 9812 Mar'23 --_ 9712 101-1
1952 M N 981
/
4
Stamped
96 I 40 951
1927 .1 J 9538 sale 9512
/
4 97
New England Tel & Tel 59 1952 J D 9612 Sale 96
9034 111O, 96 100
Col & 9th Ay 1st
g 59_1093 M S 1212 15
1512 Jan'23 —_ 14
1512 New On l Ry & Lt gen 434s.-1935 J J 61 -- 50 Feb•21,____, ____ _ _ _ _
Columbus Gas let gold 5s
1932 J J
Feb'23'--..J 92
92
93
N Y Air Brake let cony(
10012! 5 100 10412
/
1
4
1928 M N 101 102 - 100
Commercial Cable let g 4s
72
2397 Q J 72 Selo 72
2 72
751
/
4 N Y Dock 50-yr 1st g 4s
7678 76 Mar'23'—__ 7612 79
76
1951 F A
Commonwealth Power Os
A947 M N 84 Sale 81
804 21I 84
891
/
4 NY Edison let & ref 63,s A_1941 A 0 10712 Sale 1071
/
4 10734' 73 10718 11212
Conmania Azucerera Baraeue
N Y 0 E L & P g 5s
1
4
971
/
41
8 95/
1
4 100
1948 .1 D 9534 Sale 95/
lst f 15-year g 730
1037
J 100 Salo 100
10112 35 9812 1011^
Purchase money g 4s
1949 F A 8014 Sale
Computing-Tab-Rec 5 Os_ _1941 J .1 9712 Sale 9714
_ ____ 1(
9712 11 9612 994 N Y Altinie Ry let 5 1 be A.1906 1 J
0
314 Jan
t'
3121-1_9
_ g4 N&S
Conn Ry & L let & re( g 4)0 1951.3 J 82,s ---- 84
84
Feb'23
99 Feb 23,—__ 99
87/
1
4 N Y Q El I.& P 1st g 4s
1
4 99
99
1930 F A 95/
Stamped guar 43,29
1951 J .1 8275 85
83 Mar'23 --__ 83
8314 I Y Rye let R E & ref 49_1942 J J
34121
35/
1
4 34,2
31
1 32
384
86/
Cons Coal of kid let & ref 5s19501 D 86 Sale 85
1
4 18 85
90
Certificates of deposit
34121
33/
1
4 3414 344
6 3018 3678
93
/
1
4
Con GI Co of Ch 1st gu g 55_1936 J
90
4 92
93
92
9512
80-year ad) Inc 5s
al942 A 0
fps! 16
/
4
5
5,2 534' 51
9
Consumers Power
1952 M N 87 Bale 85/
1
4 921s
8712 20 85/
1
4
Certificates of deposlt _______
514 Sale
412 64
434
1931 MN 9934 ____ 9934
Corn Pro dRefg f g Is
1 9934 9934 N Y State Rys 1st cone 4)0_1962 M 141 1341
9934!
62114
2
/
4 Sale 64
LI 61
69
1954 M N 91
Ist25-year s be
9914 9914
9941 14 9914 101
11 Y Steam lst 25-yr 6s Ser A_1947 MN 95
95/
1
4 98
9612
12 96
98
1943 F A 0214 Sale 9112
Crown Cork & Seel Os
93 I 14 90
95
1
4134
121, mlan1.1 ----1 Ilia 131
1
224
22
A5
it.fl -:-ij
rg
1;121.4,14 ',113, tee 04 ,8,43;:
.
fi,,,4'
•No Wee Erldayflatelt
alid lake& ODIuJs. dDg.Aprll, spas Mar.
t2,138, g9p,
g a,
Due Me.7. I DU./UM, e Due JuI7 k Dos Aug •DUe Oot. /Due Deo 4Opthoniale
New York Bond Record-Concluded-Page 5
BONDS
Y.STOCK EXCHANGE
Week ending Mar. 29
Pries
171 rsday
Mar 29
Week's
Ranee or
Last Sale
141
331
Range
sN.
Jan. 1
Bid
Ask Low
High N o Low High
9112 69 9038 94
NY Telep 1st & gen of 410_1939 MN 914 Sale 904
40 10314 10838
30-year deben e f Oa__ _Feb 1949 F A 104 Sale 10314 104
136 10112 1074
20-year refunding gold 6s....1941 A 0 103 Sale 10212 103
2 9838 101
9872
Niagara Fettle Power let 6e....1932 1 J 9838 984 9838
12 10112 108
Ref & gen 68
01932 A 0 102 Sale 10172 102
_ 9712 9814
9814 Mar'23
Niag Lock & 0 Pow let 56_1954 M N 9712
9214 59 92 98
1952 IN P 9214 Sale 92
No Amer Edison 60
3 90 95
90
Nor Ohio Trac dr Light 6s...._1947 M S 90 Salo 90
Nor States Power 25-yr 50 A _194 I A 0 8834 Sale 8838
8914 14 8832 93
9912 16 9812 102
1st & ref 25-year 613 See B_ _1941 A 0 9812 Sale 9812
Northweern Bell T let 78 A.1941 F A 10734 Sale 1074 10734 68 10714 108
- 94 Aug'22
NortbW T 1st fd g 44s gtd_193 t J J
6 101 108
1946 A 0 10612 Sale 10718 1074
Ohio Public, Service 7I4e
9234 94 9412
9412 26 9412 9914
Ontario Power N I,let Se_ _ _ 1942 F A
494 96
94
Ontario Transmission Se...194 Al 8. 93 94 94
4! 974 10112
101
1941 F A 100 10075 100
Otis Steel Se
9! 92 9534
9415
1947 F A 9332 Sale 9332
let 25-yr el g 710 Ser B
9014 67 88 9314
Pacific (.1 & El gen & ref 5e_ _ _1942 1 J 89 Sale 88
9158 924 9158
1! 8972 94
9158
Pao Pow & Lt 1st & ref 20-yr 58'30 F A
9712
6 954 9938
19372 J 9818 Sale 964
Pacific Tel & Tel 1t5e
8938 74 88 9212
1952 MN 88 Sale 88
50
Packard Motor Car 10-yr 88..1931 A 0 10732 10775 10738 10712 20 107 10812
Pan-Amer P & T let 10-yr 79_1931, F A 10212 Sale 10212 10212 10 102 1053e
94
Jan'23
94 94
Pat et Pamela G & Elcons g Ss 19491W 13 9214 96
2 107 108
Peep Gas & C 1st cons g 6E1_1943 A 0 105 107 1074 1074
884 10 88 9312
Refunding gold Ne
1947 M S 87 89 88
9812 Sale 9812
9912 93 9812 102
Philadelphia Co 6s A
1941 F A
8112 63 76 8234
Pierce-Arrow 8s
1943 M 8 7934 Sale 7814
9532
Sale 9532
9612
71 94 98
Pierce 011 s f 85
J
0
1931
89 90
Pleasant Val Coal 1st g 5 f 58_1928 J J 8612 .--- 89 Feb'23
9458
Poeah Con Colliers lets 1 5..1957 J J 90 92 92 Mar'23 --' 91
95
3 , 93 9512
Portland Gen Elec lot 5s
1935 J .1 95 9512 95
8612
Portland Ry let & ref Sc..._1930 M N 8612 8712 8612
1 8414 88
10 8334 87
87
Portland Ry Lt& P let ref 58 1949 i A 84 Sale 844
9512 14 93 9612
8e B
1947 Al N 93 954 93
6 10512 1074
let dr refund 740e Set A
194n ra cs 10512 Sale 10512 10512
5 103 10514
Porto Rican Am Tob 8a
1931 III N 1051s ___ 10514 10514
133
25 123 133
Prod & Ref a f 8s(with waenta)'31 J D 132 Sale 130
without warrants attached.. _ J D 10812 Sale 1064 10712 32 106 10834
15 814 86
84
Pub Sera Corp of N J gen 55.1959 A 0 84 Sale 8314
119 208 10514 124
Punta Alegre Sugar 75
1937 J J 115 Sale 115
90
22
93 984
9332
93
94
Remington Arms Se
1937 IN N
4 89 9614
89
Renub 1 & S 10-30-yr 58 8 f_ _1940 A 0 89 Sale 89
Sale
89
280
90
89
9012
9434
534a
1953 .1 5
11
Robbins & Myers let 25-year 9 f
98
2; 9758 99
gold coupon 75
1952 1 D _ - 9778 98
9838 Jan'23
9838 983s
Rea & Pitts Coal & Iron 5&1946 M N
Rogers-Brown Iron Co 20-year gen
9012
3! 894 93
ref mtge gold 7s
& 90 92 90
7534 ---- 7512 Eiept122
St Joe Ry,L,H & P bs
8578 Dee'22
St Jonepb Stk Ycle let g 44s. 19:11. J J 854
82 Mar'23
St L Rock Mt & P be aimed_ _1955 J .1
---- 62 Mar'23 -- 62 62
St Louis Tranalt 58
s
mO
2A
44
192
01
10114 42 mil 1024
10034
Bake Co 76
93 Jan'23 ---t, 93 93
St Paul City Cable 5s
1937 J J 93
_ ale 9312
o312
11 9312 9434
San Antonio Pub See Os
1952.' J
9912
9 ; 9714 104
Sharon Steel lioop 1st as ser A1941 1W 8 ii12 Sale 98'2
8212 8715
Sierra & San Fran Power 56_ _1949 F A 82 84 8212 Mar'23
10034 190 99 10112
Sinclair Cone Oil 15-year 78._1937 I'd 5 9958 Sale 99
9812 97 973e 1004
Ie.,, A 0 9838 -vile gels
Sinclair Crude 011 54,28_.
99
9918 80 98 9912
as
Feb 1926 P A 9912 Sale
8530 389 83 8912
Sinclair Pipe Line 5e. •
1944 A 0 8432 -late 83
10112 611 99 102
South Porto Rico Sugar 70_1941 .1 D 10114 Sale 101
South Yuba Water 68
1923 1 1 9134 -.- 112 July'04- 92
10 if's 953g
South Bell Tel & T let of 50.1941 J I 92 Sale 914
4
9812
61 9658 9114
Stand Gas& El cony a 1(11_1926 .1 D 98 Sale 98
-4 9534 9734
Standard Milling let So
1930 M N 97 9712 96 Mar'23
Standard 01101 Cal 7a
n193, F A 10538 Sale 1053s 10558 41 103 10715
101
33 100 106
Steel & Tube gen of 70 se,0_1951 J J 10014 Sale 100
97
42 96 99
Sugar Estates (Ortenti) 78-1942 M e 9612 Sale 9612
_ 9112 Jan'23
914 9112
Syracuse Lighting let g 50_1951 J D 9152
86 Mar'23
8412 8633
Light & Power Co col tr 8f 58'54 3 3 8432 fdi
9834
1 9834 101
Tenn Coal! & RR gen fe_ _ _ _195 i I 1 9812 99 9834
9 100 10012
Tennessee Cop 191 cony 6e__ _ 1925 MN 10014 Sale 10014 10014
9334 55 9214 945s
Tennessee Elea Power 68_ _1947 J D 93 Sale 9214
eo
30 58 6212
Third Ave 1st ref se
1960 J J 59 Hale 5838
5834 158 5614 6314
AdjIncome be
019131 A 0 58 Sale 58
9212 951
19373 J 901'4 9214 9212 Mar'23
Third Ave Ry let g 501
7 102 105
Big 1 F A 10212 Sale 10238 10212
Tide Water Oil 60
52 10234 108
Tobacco Products of 78
1931 J D 10414 Sale 10414 105
10612 42 1054 10734
Toledo Edison 7s
1941 M • 106 Sale 1051s
9712 Sale 984
9814 14 984 9912
Poi Tree, L & P tle
91
_
_
95
Jan'23
95 98
Trenton 0& El 1st g be
t
9934 10014
Tel City Ry & Lt let 8 f 5e
1923 A 0 9972 16915 9934 Feb'23
9314 Mar'23
904 9314
Underge of London 410
1933 J J 9315 - - 884 Mar'23
8814 8814
Income 60
1945 J 1
9612 15 96
99
Union Bag & Paper 68
1942 MN 96 9612 96
9558 Mar'23
95 974
Union Elec Lt & P ist a 58._ _ j93, MS 9514
86 Sept'22
Union Elev (Chk) 5e
95 Mar'23
-S Union Oil 58
LT
,
13 ii1; 46 1004
10112 31 10058 1024
65
9 10214 104
e 1024 10312
02
112 Sale
Union Tank Car equip 7C...19
2 F A 119
93
40
111144 11134 110% 11234 36 110 11312
United Drug cony 88
1941
96
47
4 98
United Fuel Gas let s f 6e _.,1936 1
J 13 9512 Sale 9.514
9652 105 8714 9814
United Rye Inv 5e Pitts Issue 1926 IN N 96 Sale 96
5912
25
6012
5912
Sale
5912
6315
United Rye St L let g 48_ _ _ _1934 J J
1
United 89 Co Ltd (The) Copen30
91
8912
91
8612
Sale
91
MN
hagen int rets 15-yr s f 13e_ _1937
9872
3 9834 10114
., 9834 Sale 9834
A 0
42 1
United Stores&
119
93
8 10112 10312
10112 Sale 10112 103
U S Hoffman Mach Se
99
100
3 99 10012
US Realty Al cone deb g 50.1924 -I J 99 Sale 85
8612 143 85
91
US Rubber 1st & ref baser A.1947 J J 8535 Sale
1063
4
36
10614 109
19
30
y
A
1063
4
Sale
108
10-year 710
10034 10038 10011 31 100 102
U 13 Smelt Ref & M cony 66..1928 F A 10038 sa
10218 101 101 104
41963 MN 101 Balle 101
U S Steel Corti:°nun
100
8'100 103
101
41963 MN
8 1 10-60-yr &dreg
824
83
55 824 88
(Rah Light & Traction be_ _1944 A 0 8212 Sale 874
88
32'
8634 9214
Sale
874
A
F
1944
let
51
Utah Power & Lt
95 Marl()
Utica Elea L dr Pow 1st s I bs _1950 J .1
93
8 90 9214
1957 .1 1 90 Sale- 90
Utica Gas & Elea ref 55
1953 j j 6012 70 50 Nov'22
Victor Fuel Co let of be
100
42 100 1004
va-Caro Chem let 15-yr 58_1923 J D 100 Sale 100
9955 10012
994 994 Mar'23
01924
A 0 Conv deb 60
96
503 8812 98
34 Sale 8812
1947 J D C10713
85
9434
261!
85
89
Sale
9818
1937
3
J
12-year El f 7.3431
88
89
52,' 86 9315
without warrants attached- 5 J 8714 Sale 9318 Mar'23
924 9512
Va Iron Coal de Coke let g 50_1949 M 8 92 9512 8614
8614
2 84 87
1934 J 1 8614 Sale
G a Ry Pow 1st & ref 58
97
50 98
98
SaleSale 0612
1942
941 J D
Vertientes Sugar 711
10238 104
33
1024 106
IR.:
,
4
2
Warner Sugar 78
99
99
4 99 994
Wash Wat Powers f 58
944 Mar'23
944 974
.
9j
J CI
95
30
Westches Ltg g be atm pd gtd _10
"
9078 Sa
96
1ela 90
95
68, 90 94
West Penn Power Her A be._ _194r, ni 5 10112
102 1014 Mar'23 ----I 10012 10214
1958 J D
lot 40-year Os Series C
41; 104 106
c1040 y A 105 Sale 1044 :05
lot eerier' D 78
9612
8, 96
994
0873 96
Western Union coll tr cur 5e_ _ 1938 J J 90
90 90
9034
4' 8934 924
Fund & real estate g a Me 19511 IN N 71
106
10714
Ill?.
68
106
Sale
10714
A
B
1936
16-year 6Iis g
1931 51 p4 10738 sale 1073s 1074 105 107 110
Westinghouse E & M 75
96
99
54 96
98
Wickwire Seen Steel 1st 75..1935 1 .1 96 Sale 9612
994 52 8834 102
Wilson & Co let 25-yr s f 69 1941 A 0 97 Sale 9512
96
203 9214 9712
1928 3 D 9514 Sale
10-year cone s I Its
Temporary 740
1931 F A 10034 Sale 0038 10212 101 10032 105
10038 104
1941 A 0 10134 Sale 0134 10212
Winchester Arme 7348
171.
if ____
1M:14
N18:,
_
mice F riday:latest bid and asked a Due Jan. 0 Due Apr. c Due Mar. Due
May. o Due June. A Due July. A Due Aug. •Due Oct. e Due Dec. s Option Sale.
[Vol.. 116.
THE CHRONICLE
1396
Quotations for Sundry Securities
All bond prices are "and interest" except where marked
Standard 011 Stocks Par RM. els*. RR, Equipments-Per Ct Basis,
Anglo-American 011 new. El v1634 17 Atlan coast Line 6s
5.65 5.35
Atlantic Refining new ..100 131 136
5.35 5.10
EQUIpment 645
Preferred
100 11412 117 Baltimore & Ohio 65
5.75 5.35
Borne Scrymser Co
100 142 147
5.45 5.20
Equip 4)45 & 55
Buckeye Pipe Line Co.._ 511 *82 88 Buff Ruch & Pitts equip Os_ _ 5.35 6.10
Chesebrough Mfg now. 100 227 233 Canadian Pacific 42ce et 68_ 5.40 5.15
Preferred new
100 112 115 Central RR of N J Bs
5.60 5.30
Continental Oil new
25 *454 46 Chra
5.80 5.40
:witisi;ankeetidi
t8
1tIso 65
Crescent Pipe 1,Ine Co.. 50 821
23
5.50 5.25
c'emberiand Pipe Line new_ 112 115
6.50 5.20
Equipment 55
Eureka Pipe Line Co
100 113 115 Chlenito Burl & Quincy Se_ _ 5.60 5.30
Galeria Signal 011com
100 70 72 Chleag,& Eastern III 5Iiii__ 6.00 5.50
Preferred old
100 112 114 Chteago & N W 4Sis
5.25 5.00
Preferred new
100 107 110
5.65 5.35
Equipment Os
Illinois Pipe Line
100 164 166
5.40 5.15
Equipment 6 345
Indiana Pipe Line Co.._ 50 •99 100 Chic 11 IA Pac 4Hs & M.__ 5.50 5.10
International Petrol (no par) *2235 2215
5.75 5.40
Equipment fis
National Transit Co.J250 • 5 254 Colorado & Southern Os__ __ 5.80 5.40
New York Transit Co_ _100 130 133 Delaware & Hudson 138
5.05 5.30
Northern Pipe Line Co...100 1 5 IO) Erie 444o & 5s
6.00 5.50
Ohio 011 new
25 *78 79
8.25 5.75
Euuipment Os
Penn Mex Fuel Co
19 (Treat Northern Os
25 •I7
5.05 5.35
Prairie 011 & Gas new 100 233 • 236 Rocking Valley as
5.75 5.40
Prairle Pipe Line new _.100 111 112 Illinois Central 454s & lia_.... 5.35 6.00
2
100
10 03
Solar
12
5.65 5.35
Equipment 65
Southern
Pipe Line Co 10
5.40 5.15
Refining9
90
Equipment 75 & 0345..,
South Penn Oil
100 165 168 Kanawha& Michigan 68.,.,
5.85 5.40
Southwest Pa Pipe Lines.100 84 86
5.50 5.10
Equipment 41411
Standard 011 (California) 25 *5512 5534 Louisville & Nashville 5o___ 5.30 5.10
Standard 011 (Indiana)._ 24 •6675 6712
5.65 5.85
Equipment135
Standard 011 (Kan) new 25 .4912 5012
5.40 5.10
Equipment 6 Sis
Standard 011 (Kentucky) 25 *100 101
Michigan Central 58, OIL- 5.45 5.10
Standard 011 (Nebraska) 100 258 263 Minn SIP & SS M 4145&114 5.611 5.15
Standard 011 of New Jet_ 25 *4034 41
Equipment 61-4s & 7s... 5.75 5.40
Preferred.
100 1164 11634 Missouri Kansaq & Texas lis 5.85 5.30
5.75 5.25
Standard 011 of New Y'k. 25 *4512 4534 Missouri Pacific Os & 634o
5.75 5.20
Standard Oil (Ohio) new__ 287 292 Mobile& Ohio 4 48,58
10s
0
116 New York Central 4,4s, be
6.40 5.16
Preferred
34
5.70 5.35
Swan & Finch
100 31
Equipment its
5.50 6.20
Union Tank Car Co...._
Equipment 78
:42
99
8 4
98
914
100 109 10934 Norfolk & Western 4340.,.,. 5.25 4.90
Preferred
5.45 5.30
Vacuum 011 new
NorthernPeelle. 70
5.50 5.15
4 27 Pacific Fruit Express 70..,.,
Washington OH
Other Oil Stocks
Pennsylvania RR equip 6i__ 650 5.26
514 Flits& Luke Erie 6 45
5.60 5.20
Atlantle Lobos 011 (no par) e5
3.75 5.40
50 *18 25
Preferred
Equipment 65
5.30 4 95
25 •6514 6534 Reading Co 4 sis
Gulf Oil (new)
thimble 011 & Ref new.26 *38 3834 St Louis dr San Francisco be- 3.60 5.25
15
25
012 Seaboard Air Line 4 iib & 65. 6.10' 5.50
Imperial Oil
54
Magnolia Petroleum- _100
29 *111912
SouthernPacific Co 4)0.- 5.25 5.00
5.40' 5.10
8
912 10
Merritt 011 Corporation_ 10
F:quint:tent 75
5 :
5.eol 5.15
Mexican Eagle 011
Southern Ry 4345 & 55
5.85 5.50
Equipment its
Salt Creek Producers_ .10 *24 2414
6.751 5.30
Public Utilities
Toledo & Oblo Central Os..
5.35 5.05
Amer Gas & rice, corn_ 50 •155 190 Onion Pernik.75
*37 38
New sto k (no par)
ni 543 45
Tobacco Stocks
ereferred_ _
Deb 68 2014
M&N 9312 9412 1merie.e,. liar commen.100 83 85
100 189 92
Amer Light& Tree,com _100 130 133
Preferred
1mer Machine & Fdry....101)
Preferred
150 155
Tobacco
scrip_
._.
Amer Power & Lt,com_14
19
9
7
3
4
7
,
1
8
9
,
0
9
12
American
00
9
_11&
99
100 82 84 British-Amer Tobac ord. el 52018 21
Preferred
Deb 68 2016
Brit-Amer Tobac, bearer fl *204 21
Amer Public Ut11, corn_ _100 28 32 Helm°(Geo WI Co,corn inn 240 250
25 *59 63
Preferred47 50
Common new
WU 112 115
Preiern d
BlaekstoneValCI&E,com TO 1/00 65
Carolina Pow & Lt,com.100 70 73 Imperial Tob of0 B & Irel'd •1812 1
60 6
Cities Service Co, corn..100 184 186 Int Cle MachinerY
Preferred
100 6935 7015 Johnson Tin Poll & Met..100 80 90
Cities Service BankereSharee
100 •1,
13
83s G16
84 MaeA ndrews dr Forbes-100 130 132
100 99 102
Colorado Power, corn_ _100 23 24
Preferred
100 32 34
Preferred
Mengel Co
Com'w'th Pow. lev & It Inn 34 38 Porto Rican-Amer Tab_ -100 75 86
*80
Com'w.th Pow.Corp.pref100 70
Serlp
7112
Consumers Power pref...100 8712 90 Schulte Ret Stores.(no par) *85 90
.20
1
,5
Elec Bond & Share, pref.100 9612 98
100
Preferred w I
Fed
preerfaelrrled
Aght & Tree
t:
632
27312 64
274
44
Leaf Tob corn-100 108 112
Unpirveerrsa
mled
100 95 100
Lehigh Pow See_ _ _(no par
100 103 - 199
)
Young el 8) Co
25
3
Mississippi Riv Pow.com1100 5
20
3 5
100 103
Preferred
nd Pr iCedi
Preferred
(Cleve!
Stocks
Rubber
First Mtge be, 1951....11&J 894 '1 Firestone Tire & Rub.corn.10 *83 88
El f g deb is 1935- -M&N 100 102
100 9512 98
8% preferred
Nat Pow & L, corn_(no par) '53 55
100 96 _
7% preferred
Preferred
Gen'l Tire & Rub.com.-50 *180
(no j
i1
)1
00
r)
j
100
9012
Inc 713 1972
100
Preferred
9412 8
5
10
0
212 Goodyear Tire & R,com.100 1514 1512
*3
980
8
Northern Ohio Elec (no par)'
Preferred
Preferred
100 5018 5012
95
North States Pow, com.100 97 99 Goody'r TAR of Can, pf..100 91
ice 92 95 Miller Rubber
Ifiri 100 106
Preferred
104
107
Nor Texas Elec Co,com_10( 77 80
100
Preferred
Preferred74 77 Mohawk Rubber
Lei 16 _65 70
9015 9184
Pnelfle One & Et, let(n
turf
ro
Preferred
6 sud”.h.rt Tire & R.com_ 1 nn 15 21
Power Scour, com_(no par) *2
*12
10
Second pref
Pr,fe-red
100 40 50
Coll trust 65 1949 __J&D 71
77
Sugar Stocks
44
1 Caracas rmgar
10 5
Incomes June 1949 F&A I4
39
50 *19 21
96
Puget Sound Pow &Lt...100
Cent Aguirre Sugar corn- 20 *95
1
4.12 2
83
6% preferred
Central Sugar Corp.(no par)
4
7% preferred
03
Preferred
100
116
Gen M 7 Ks 1941_ & ai11
1
10
3? 0
32
54 Fajardo Sugar
4
15 Federal Sugar Ref, com_1
Republic Ry & Light
100
10
90
9 .1617
4 70
100 34
111094
6
Preferred
Preferred
100 90 105
South Calif Edison,com 100 02 03 God
prceha
ferurxedSug, Ine.(no par) *22 26
:2
Preferred
100 87 92
go
Standard Gas & El(D-e1
M
)
-p1
15
;
2
99
50
Great Western Bug new.,.. 25 •85
50 61
Preferred
Holly Sue Corp,com.(nopar) *36 89
18
Tennessee Elec Pow (no par
6
Preferred
100 85 00
(no par) 48 51 Juncos Central Sugar_._100 90 110
2d preferred
United Lt & Rys. eom._100 110 - - - - National Sugar Refining.100 102 104
18'
lot preferred (6%)
100 77 80 SantaCeelliaSugCorp.pf.100 15
bl
Western Power Corp__ 100 33 35 Sapr
vaentit
ea
rThed
Sug.cam_(no par) *47
Preferred
101 8212 85
100 IT 85
Short Term Securities-Pe? Cad
Wpr
eaterIenrr
de
ladSug Fln,com-100
It 60
Am Cot Oil Os 1924_ _NUM 9115 9234
100 47 51
Amer Tel & Tel Bs 1924.F&A 1004 1004 Inclustrial&Miscellaneoua
AnacondaCop Minfla'29J&J 102 10214 American Hardware_ _100 59 57
J&J 1034 10338 Am
perrefT
78 1929 Series II
err
yp
ee
dfounders,com.100 73 75
Anglo-Amer 01171025 A&O 10212 103
100 100 102
Arm'r&Co7sJuly15'30J&315 105
Atlas Powder
100 160 15212
Deb 138 Inc IS '23 J&DI5 100
new.
(no par) *25 26
50 *60 63
Deb (is J'ne 15'24A&D15 100 --- 1311Prisse(fSerWre)dCo.
Beth St 7% July 15'231&115 1004 10032 Borden Company,coin_.,100 114 116
100
102 104
Canadian Pac 6s 1924 M&S2 1004 10012
Preferred
100 93 98
Federal Sus Ref tls'24..M&N 10038 101 Celluloid Company
:141
6 110
140
0 10
Hocking Valley 6s 1024 M&S 1001s 10038
100
11000
Preferred
143
Interboro It T 83 1922-M&S 97 98 Childs Co,common
11012
K C Tertn Ry 68'23 M&N15 1004 10012
Preferred
105 •
0
4
2
103
1
0
J&J
104
1931
0
6)45 July
10000
Hercules Powder
106
Lehigh Pow Sec 68'27-F&A 9234 9334
Preferred
91
86
97 International Salt
Sloes Shoff S & 1 (is'29_F&A 96
U S Rubber 7140 1930_F&A 10712 108 International Sliver, pf__100 108 112
Joint Stk Land Ilk Bonds
Lehigh Valley Coal Sales. -- .82 84
44 10
033112
100 180 185
2 RPhoeylapleBDazdingge
Chic Jt Stk Land Bk 5.1_1951 1023
Pow,com_100 130 148
55 1952 opt 1932
105 106
54e 1951 opt 1931
100 99 102
Preferred
101 102 Singer Manufacturing--100 114 116
44 1952 Opt 1932
•Per share. f No par value. b Bask. 0 Purchaser also oars accrued MO'
New Mod I Flat price. k Last sale. •Nominal. sEx-dly. if El"
Send.
1 90X CET- •Ex Cash and Meek dividends.
5
1 8•Xx- I Ex'•
!
is
BOSTON STOCK EXCHANGE Stock Record se:27°L.
HIGH AND WW SALE PRICE-PER SHARE. NOT PER CENT.
Monday;
March 26.
,Guordap:
March 24.
145 146
80
8012
*9912 100
119 120
10112 102
18
1814
27 27
30
30
*42 ____
•40
42
157/
1
4 1571k
32
32
70 • 70
*64 ____
42
44
42
42
39
39
1938 191
TssesdoN. Wednesday. Thursday.
March 27. March 28. March 29.
145 145
145 145
145 146
145 145
80
8014 8012 80
80
80 80
8012
994 9912 9912 9912 *9912 100
9912 9912
119 119 *119
118 11812
118 119
10112 10112 10112 1011
10012 10112 100 100
18
18
181
1
4 19
1814 1712 1712 18/
26
26 •____ 26
*24
27 *24
27
30
30
3012 2912 30 *___- 30
30
_ _ _ *4134
44
*40
4134 413
_ *42
39
40
40
40
39 39 *39
40
_ _ _ 56
_ _ _ 56
56
56 •____ 56
+215712158 15712 15712 +z15712160 *21574 _ _ _ _
311
30/
1
4 32
31
3134 3212 3112 32
70
70
6912 691
*70
7012 6912 70
63 64 *6312 64 *63
64 64
64
43 43 *4314 44 *44 ____ *44
46
42
42
42 42
4212 4212 --- 43
___ 37/
38
38
38
38
1
4 3712
1912 19/
*1914 194 '19
1
4 1958 184 194
91'a Out
911g
a
l
80
WI;'z91
80
8080io80
Friday,
March 30.
Saks
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Shares
Railroads
100
205 BartOn & Albany
235 Boston Elevated
100
Do pref
12
100
Do 1st pref
100
76
Do 2d pref
100
128
847 Boston & Maine
100
Do pref
•
100
7
Do Series A 151 pret
100
207
Do Series B let pref
40
100
Do Series C 1st pret_100
39
Do Series 13 1st pref...._ 100
96 Boston & Providence
100
1.134 East Mass Street Fts,Co 100
Do 1st pref
59
100
Do prof B
204
100
Do adjustment
22
100
392 East Mass St Ry (tr etts)_100
6 Maine Central
100
246 NY N H & Hartford
100
Northern New Rampshlreloo
5 Norwich & Worcester pret_100
60 Old Colony
100
Rutland pref
100
12 Vermont & Massachusetts-100
1397
PER SHARE.
Rang.for Praia=
Year 1922.
Range tines Jan. 1 1923.
Lowest
I
14434 Jan 3
80 Mar21
97 Jan 9
118 Jan 2
99/
1
4 Mar22
1658 Jan19
2112 Jan 2
27/
1
4 Jan24
40 Jan17
36 Jan22
58 Jan22
15712 Mar21
18 Feb15
67 Feb24
53 Feb24
3412 Feb13
34/
1
4 Feb15
3712 Mar 7
1634 Jan15
79 Feb28
90 Mar19
73 Jan20
32 Mar 9
9118 Mar24
Lowest
Highest
149 Jan 9
Jan 5
84
100 Mar 6
122 Mar 7
108 Mar 5
2012 Mar 2
27 Feb13
3212 Mar 1
48 Feb 6
42 Mar22
59 Feb 7
1604 Jan25
35 Mar22
72 Jan18
65 Marie
46 Mar22
45 Mar21
43 Jan 2
2213 Jan30
84 Feb 3
100 Jan 3
81 Feb14
381s Feb20
98 Janl1
13014 Jan
7318 Feb
944 Mar
116 June
10112 Nov
14 Jan
20 Jan
22 Jan
86 Jan
30 Jan
40 Jan
125 Jan
18 July
66 Aug
51 July
28 July
29 July
2713 Jan
1214 Jan
69 Jan
68 Jan
67 Jan
15 Jan
78 Jan
Highest
152 May
8018 Sept
105 Sept
126 Bout
109 Sept
314 May
87 Apr
444 Apr
62 May
54 May
7712 May
163 July
2618 July
77 July
60 Nov
47 Aug
47 Aug
55 Oct
347s May
96 July
10314 Dee
984 May
524 June
100 Aug
Miscellaneous
414 Jan
24 Dec
312 Jan 9
226 Amer Pneumatic Service_ 25
212 Feb211
184
Do prat
13 Feb 2014 Aug
50 16 Mar 7 20 Jan 10
2,198 Amer Telephone & Teleg_100 121% Jan31 12534 Mar14 11418 Jan 1284 Aug
143 Amoskeag Mfg
No par z88 Jan 8 112 Jan 5 104 Jan 121 Dee
80 Nov 91 Aug
Do pref
45
No Par 81114 Jan16 88 Jan 5
14 Nov 2013 MAY
Art Metal Construe Ine___ 10 15 Mar 1 1612 Mar14
Atlas Tack Corp
13 Jan 22 May
No par 17 Feb 2 2018 Feb14
10 Boston COOS (18.9 Co, pref..100 105 Jan22 108% Feb24 1044 Aug 107 Dec
*10 .15
378 Boston Me:Pet Trus No par .10 Jan18 .30 Jan25
.10 Sept
.50 May
2334 24
2312 24
1,888 ronnor (John T)
1534 Jan 3078 Dec
10 20 JanI3 27 Mar19
*3/
1
4 4
*312 4
4 Jan 2
6 Apr
East Boston Land
3 Jan
34 Mar 3
10
11
11
1034 11
1,105 Eastern Manufacturing
712 Jan25' 144 Mar 5
7 Dec 14% Feb
5
117 11812 116 118
4,651 Eastern SS Lines Inc
38% Jan 8911 Oct
25 814 Jan10 12712 Mar22
.
Do pref
42 Jan 48 Sept
60
167 16712 167 16712 167 16712
188 16814 167 168
403 Edison Electric Ilium
100 '165 Feb28 172 Jan 3 156 Mar 185 Sept
81* 81 *712 814 *712 814 *7 8
512 Mar 5 104 Jan 2
100 Elder Corporation
No par
3 Mar 13 May
4 814
2512 23
254 •24
23
2512 *24
28 Dee 39 Aug
27 Galveston-Houston Eleo_ _100 23 Mar29 294 Feb 5
2512 2512 +25
14 '
14
14
31334 14
14
14
*14
510 Gardner Motor
1412 14
Nov 164 Apr
No par 104 Jan 2 1558 Mar 3
318
1912 18
1912 '
18
*1812 1912 •18
*19
20 Greenfield Tap & Die
17 Dec 274 Feb
20
25 18 Mar13 24 Feb10
5912 60
0:59
60
5912 5912'
60
6112 60 60
43 Mar 154/
369 Hood Rubber
1
4 Dee
No Par 54 Jan 8 6312 Mari3
40 414 40
*40
41
4012 41
40
41
41
26 Jan 3838 May
255 Internet Cement Corp_No par 35 Jan 2 44 Mar19
20
20 •17
20 •17
20 *17
*17
20 *17
Internat Cotton Mills
50 20 Jan 8 22 Feb19
20 Nov 32 Jan
61
63
63 65
66
66
68 68
68
*66
67
Do pro!
60 Aug 85 Dec
100 61 Mar29 794 Jan10
'
32/
1
4 312 *2/
3
3
.2118 3
3 Mar20
1
4 3
•212 3
2 Jan15
118 Dec
64 Mar
50 International Products-No par
8
*7
712 *7
*613 8
•612 8
518 Dec 17 Apr
*612 8
Do pref
8 Mar15
5 Feb27
_100
--3 Jan
Island Oil & Transp Corp_ 10
.62 Apr
--714 --eis ...es; -;;614 --71738 Jan 9
614 Jan 2
4
"li118 Apr 1118 Jane
344 Libby, McNeill de Libby.: 10
•10 1034 •10 1013 10 10 10 10 *10 1014
9 Loew's Theatres
25 10 Feb 8 1034 Jan 4
8 July 13 Jan
8614
87
8512 85
86
498 Massachusetts Gas Coe
8512 8612 8512 8512 85
100 8212 Feb15 87% Jan 2
63 Jan 9018 Now
70
72
70
71
71
62 Jan 74 Oot
216
7012 7112 7012 7112 *71
Do pref
100 70 Jan 3 73 Jan25
170 170 +470 171
4'470 172 .1:170 172 170 170
Oct
142 Mergenthaler Linotype...100 168 Mar19 179 'Jan 6 130 Jan 181
11
1114 11
11
12
11
134
*11
1114 11
7% Jan31 1434 Feb19
11 Dec 2734 June
1,885 Mexican Investment Inc_ 10
Stock
23 2313 • 2314 24
2312 24
24
24
24
24
13 Jan 34 Aug
163 Mississippi River Power.....100 23 Mar27 2814 Jan31
3:80
83 '
83 •s82
83 *s82
82 •z81
5
82
Do stamped pre/
83 Exchange
100 80 Jaulfi 84 Feb14
724 Jan 854 Oot
7
74
7
714
714 714
814 Feb13
7 Jan 2
614 Dec 1118 Jan
1,044 National Leather
74 74
712 712
10
3.25 .45
+.25 .45 •.25 .45 '
Closed;
'
3.30
_
.25 Feb 3 .70 Jan24
5 Jan
New England 011 Corp
.22 Dec
208 New England Telephone-100 116 Feb I 122 Jan 3 109 Jan 125 Sept
11612 1164 116 1164 11634 117 *2116 1164
11612 117
+18
18
1814 18/
1
4 1838 183s •I84 1812 18
162 Orpheum Circuit Ins
1812
13 Jan 28 Oct
Good
1 1713 Jan 6 21 Febl5
97
97 *97 9712 97
97
97
97
395 Jan 3 190 Jan 2 15414 Oct 192 Dee
370 Pacific Mills
97
97
17 *216
17
1612 1612 16
1634 1634 •16
Friday
16
10 1513 Jan 4 18 Mar14
124 Apr 16 July
35 Reece Button Hole
Reece Folding Mach
3% Mar15
2 Jan111
118 Dec
oz3
- +:3 ____ •s3 ____ *s3 ____ *23 ____
Mal
10
119
112 *I
112 *1
112 +1
2 Feb20
*1
112 *I
2 Feb20
Simms Magneto
5
.50 Nov
718 Apr
10614 10634 1064 10634 106 10634 106 10634
272 Swift & Co
106 107
100 106 Mar17 1091, Jan 6
924 Jan 11018 Sept
4714 474
47/
1
4 474 *48% 48
47 Torrington
4713 4613 47
25 46 Jan 2 50 Mar 9 139 July 8112 Jima
8
8
10
10
*8
*9
10
Union Twist Drill
10
5 71 Jan19 11 Mar 7 8 Mar 1414 Feb
*8
10
4,046 United Shoe Mach Corp
53/
1
4 534 5212 6352 5212 534 53 534 5258 5332
25 447 Jan 2 5534 mar 8
37 Jan 45 Mar
2712 2712 *227
2614 27
*Y2612 27
Do pent
238
274 27
25 25 Jan25 2814 Janll
25 Jan 27, July
27
27/
1
4 28
27/
1
4 28
28
4,170 Ventura Consol 011 Fields- 5 2718 Jan22 30 Jan 2
28
28
2812 28
2173 Jan 331j June
28'4
4118 414 4214 424 4112 42/
41
42
1,031 Waldorf System Me
4112 42
10 36 Jan10 4414 Mar19
264 Jan 39 Dec
1
4
1112 11
11
2,543 Waltham Watch clB comAropar
1014 11
1114 1112 11
1012 11
5 Feb15 13 Mar17
214 Nov 1434 Apr
2512 28
27
Pceferred trust etre
423
2612 2612 26
25
11 Nov 49 Apr
25
26
26
100 1512 Mar 6, 2912 Marie
1612 1612 1658 17
687 Walworth Manufacturing 20 1114 Jan 51 1712 Feb17
1612 1678 1634 16t
*1612 17
712 Feb 13 Oct
3014 31
983 Warren Bros
31
31
3138 31
3134 3134 3012 31
174 Jan 3514 Sept
•
60 2513 Jan31! 3412 Mar14
23712 384 3712 3712 .37
48
':38
3812.
Do let pref
37
38
38
ao 33 Jan171 3912 Mar14 3012 Jan 3814 Oct
30
39
39
41
25
':39
Do 2d pref
50 36 Jan25 42 Mar15
41
39 •39
41 .3:39
31 Feb 4414 July
10 Wickwire Spencer Steel
*1112 12
*12
124 *1112 12
*1134 1214 1112 111
6 114 Feb 61 1212 Feb21
814 Nov 21 May
Mining
100 Adventure Consolidated_ 25 .25 Feb161
•.80 .95 '.80 .96 *.80 .95 .1.80 .95
.70 .75
1 Feb28
.50 Jan
1 Apr
81
82
720 Ahmeek
80
81
80
81
80
80
80
80
25 56 Jan27 87 Mar 1
56 Nov 66 May
'.25 .45 '.20 .45 *.25 .45 '
Algomah Mining
3.25 .45 '3.20 .45
25 .30 Feb19 .50 Mar 2
.03 Sept.50 Apr
29
•___ _ 29
340 Allous
27
28
2634 2712 28
28
25 19 Feb 5, 34 Marl
19 Deo 3218 Jan
692 Arcadian Consolidated
332 *314 353
*314 312 +3
48 May
3
414 Mar 5
212 Mar29
212 3
314
2 Mar
25
1312 131/4 1314 13% 13% 1312 1353 13/
2,465 Arizona Commercial
1
4 133S 1333
7/
1
4 Jan 61 1412 Mar 2
5
6 Nov 1012 June
1712 1712 17% 1712 •17% 18
110
Bingham
Mines
*17
18
17%
*1714
10 1712 Feb 3 19 Feb19
13 Jan 18/4 Saps
375 375 363 371
491 Calumet & Recta
355 365 355 367 365 369
25 285 Jan 9 420 Mar 1 248 Nov 301 Aug
8
8
70 Carson H111 Gold
8
8
74 Jan 2
*8
8
8
819
*8
938 Feb13
838
1
578 Nov 1614 Mar
12
12 *11
35 Centennial
11
11
12
12
811
111
/
4 *11
7 Jan18 15 Mar 1
25
8 Nov 1312 Feb
44
43
1,385 Copper Range Co
43
4312 4214 43
4212 4334 43 431
25 3534 Jan20 4634 Mar 1
35/
1
4 Dee 4614 May
4l
4
4
4
41
*4
730
*4
4
Davis-Daly
4
Copper
418
5 Feb23
252 Jan 5
10
212 Nov
94 Jan
693 East Butte Copper Mining- 10
1012 1012 1018 1012 104 1014 10
10'4 104 1014
74 Jan29 114 Mar 1
74 Nov124 Jan
*24 212 *218 24 *218 212
*24 212
218 21
50 Franklin
1
252 Mar 5
Jan18
25
371 Apr
1 Apr
120 Hancock Consolidated
314 4
4
*3
314 *24 311 *3
312 +3
313 mar
14 Aug
4 Mar 5
214 Jan10
25
.3.60 1
*AO 1
'
3.60 1
•.60 1
•.60 1
25 .60 Feb 2
14 Feb20
.50 Dec 24 Apr
1044
107
10912 111 z103 104
2,988
1057
8
1034
103 10512
Island Creek Coal
1 10112 Jan 4 111 Mar23
811 Jan 11642.79ns
*95
488
96 s9912 100
10012 i0O'2 9912 9912
99 100
Do pref
1 9313 Feb15 10012 Mar28
88 Feb 971 Nov
294 30
. 450 Isle Royale Copper
3011 30
294 2934 30
30
3018 29
25 21 Janll 3314 Mar 3
18 Nov 264 Mar
312
*3
31r *3
*3
312 *3
*3
31
31
Kerr Lake
5
3 Feb 2
472 Apr
338 Jan 2
3 Feb
112 112 *134 2
20 Keweenaw Copper
*134 2
*14 2
*134 2
11, Jan 5
214 Mar 6
25
312 Apr
1 Feb
•4
412
412
*4
*4
*4
412
*4
41
Lake Copper Co
4'2
3 Jan 9
514 Mar 1
25
514 May
24 Feb
2,4 214
214 212
.214 212
213 21
*212 23
285 La Salle Copper
14 Jan29
214 Apr
25
314 Mar I
1 Nov
*212 23
50 Mason Valley Mine
253 253 .214 234 *214 234
*253 253
11
/
4 Jan 8
258 Mar27
a
las Jan
24 May
312 3/
1
4
312
*3
312
45 Mass Consolidated
314 314 *3
34 31
11
/
4 Feb 1
2.5
434 Apr
414 Mar 3
14 Dec
44 54
5
5
478 5
478 5
5
5
685 Mayflower-Old Colony
312 Jan 2
25
812 Apr
24 Dec
7 Feb10
212 212
152 Michigan
212 254 *212 234 *21. 3
*234 3'2
2 Jan 8
25
4 Mar17
7 Apr
.75
July
64
61
63
•28212 64
189 Mobawk
624 6234 63 *z63
62
25 5414 Feb 1 71 Mar 2
52 Nov 68 June
228
22
22
2184 22
2214 2112 22
1,160 New Cornelia Copper
2153 22
5 1652 Jan 1 2412 Mar 2 1514 Dec 204 June
.05
.0
New Idria Quicksilver__ 6 .05 Mar23 .05 Mar23
.05
24 Mar
.05 Deo
37
37 •___. 37
-ii"
37
New River Company
100 36 Jan 9 3812 Jan18
37 Jan 30 Feb
82
es __ 83 '''s _ _ 83
10
82
83 *s__ 83
Do pref
100 77 Mar 5 84 Mar16
73 Jan 85 Oct
6
614 614
6
6
330 NIpissing Mines
6
534 534 :534 5/
1
4
7 Jan
5 July
634 Feb20
512 Jan 4
5
104
*1014 1014 1018 1012
962 North Butte
914 1018 10
10
10
is
9 Jan 9 1234 Mar I
8% Oct 75 May
/
4 2
*Po 218 .11
*158 2
100 Ojibway Mining
/
4 2
172 176 •11
25
114 Janll
14 Dec
44 Apr
2/
1
4 Mar 5
1
2914 2914 29
29 .2812 29
240
Old
2812 28 2
28
28
Dominion Co
25 1812 Jan 5 3212 Mar 1
16 Nov 27 Jan
40
40'l40'3 40
96 Osceola
40
40
40
39
40
25 2912 Jan27 46 Marl
25 Nov
31its Atli
314 3/
1
4 *s314 334 *2314 334 *2314 334 *234 334
500 Park City Min & Smelting_5
2/
1
4 June
3 Jan 9
33,4 Nov
4 Mar 5
4512
45
*46
4634 4434 4514 *4434 46
45
46
187 Quincy
25 3212 Jan30 50 Mar 2
30 Nov 50 May
4812 4812 47
50
•____ 51 •49
122 St Mary's Mineral Land
4812 *4812 49
37 Nov 4812 May
25 39 Janll 5312 Mar I
.90 .90
.90 .99
•.90 1
1,040 Shannot.
.85 .85
.80 .90
112 Mar 5
.25 Mar
134 May
10 .40 Jan 9
*.50 1
•.50 1
'.50 1
'
3.50 1
South Lake
'
3.50 1
.25 Dec
11
/
4 May
2 .45 Jan 5 .75 Feb20
234 *2
234 *2
*2
234 *2
234 *2
Superior
234
112 Dec
314 Mar 3
434 July
13s Jan20
25
24 2/
24 214
1
4
24 214
2,950 Superior & Boston Copper_ 10
112 2
2
21s
112
Mar28
Oct
1
112 *1
1
114
*1
114
1,558 Trinity Copper Corp
114
,
.
.
i
1% Pegg
lls 14
1?{:11
'
Dte
ar
re
.45 .45
3.50 .46 '3.40 .45
+.40 .46 '
700 Toulumne Copper
.40 .40
.40 Nov
Align .65 Feb16
:
.92 May
434'6 4%
4/
1
4 414
412 434
4/
1
4 434
1,615 Utah-Apex Mining
412 4/
1
4
4 Mar
a 234 Jan 9 5 Feb28 1114 Oct
2/
1
4 234
278 2%
510 Utah Consolidated
212 2/
234 24
212 212
1
4
Lam
b
r
i June
:
pr
us ii8 1
*1
1
114
450 Utah Metal& Tunnel
31
114
14 14 '
.814
*134 2
2
134 2
2
•134 2
70 VIctoria
*134 2
2% Feb28
.75 Nov
21
113 Feb 6
212 Jan
112 *114 112
14 14 *114 112
100 Winona
*114 112 *114
Mar
2 .65 Jan22
262 mniv,ine
II
1014 ini, 410
II
11
11
9
10
11
74 Jan30 1334
2
and asked Priam: males on this(W. IlEt-righta. bEz-dividend and rights. SEX-dividend. g Exiitook dividend. a Assessment paid.
*212 3
*1712 1812
122 12212
9712 9712
*84
+15
17
18
*17
105 105
•.10 .15
24%
24
25
25
*312 4
4312 4
1112 1034 11
*11
117 1234 111 116
*238 3
1759 18
1
4
122/
1
4 122/
99
*97
84
84
*15
17
.17
18
212 3
17
18
1224 122/
1
4
98
99
84
85
*15
17
*17
18
10612 10812
*10 .15
23/
1
4 24
*312 4
1034 11
112 117
234 234
*1712 18
1
4
12134 122/
9812 99
*80
84
•15
17
*17
18
*212 3
1712 1712
1214 12214
*9712 98
*81
81
*15
17
*17
18
:V
la:A? %TV .80
'Bid
Apr
2 !
-A NovJan 16'4 May
THE CHRONICLE
Outside Stock Exchanges
Stocks (Concluded)-
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange March 24 to March 29 (Friday, the 30th,
being Good Friday Holiday), both inclusive:
High.
Mar
Feb
Mar
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Range since Jan. 1.
Low.
7334
71
374 374
76
76
107 108
19
1934
158 1564
3534 3534
1031 11
3034 3034
285
40
16
220
378
86
100
135
5
.0,
000.0Wt,
..MOW
BondsCentral Ry cons 5s__ _1932
C & P Tel of Va 56.. _ 1943
Consolidated Gas 5s__1939
General 430
1954
Conseil G,E L & P 434s'35
5348, Series E
1952
6s,Series A
1949
714, Series C
1931
Consol Coal ref 58
1950
Davison Sulphur 6s_ _ _1927
Elkhorn Coal Corp 613_1925
Monon Valley Traci 58_1942
Penna W dr P 58
1940
Potomac Valley 193____1941
United Ry & Elea 48_ _1949
Income 4s
1949
Funding 5s
1938
6s
1927
63
1949
Va Mid 5th series 59_ _1926
Plum & wnhina an
tone
97
97
9434 9434
10034 10014
87
87
9134 9134
9734 984
10134 102
107 10734
8634 8614
97
97
9834
98
8314 8334
9434 944
984 984
7234 7234
5234 53
74
74
97
97
100 10014
98
98
DO
DO
54,000
1,000
3,000
3,000
7,000
3,100
16,000
20,000
LOCO
LOCO
14,000
30,000
5,000
1,000
7,000
27,000
300
1,000
21,000
1,000
8.000
98
9834
7234
5234
97
10014
W,:veW,teltititiggtiTht
9834
10134
107
7,:gfif.:2fMggtitigggggPitig gggUggitig
50
20
3211
15
47
93
100
100
200
32
162
49
225
1,679
45
264
187
181
15
30
10
10
10
6
64
X=
Ne1.0..9.0.0w.epeo04WWCOMO
WOOWWWOODWCOOWWWW0=0
68
68
87
67
4334 45
424 424
15834 159
55
5594
3434 3434
.36 .36
2
2
11034 1104
6014
60
254 2834
2634 264
117 118
10534 1054
1174 118
8834 9014
42
44
95
96
327 330
44
44
56
56
2534 2534
2434 2434
8534 86
..WWWOON.i.0,
00V00.5.nM
OWNNOO.WNWOM ,
ONNW
COON!*WN
W=.0.4.0.VM
Alabama Co
100
2d preferred
100
Arundel Sand & Gravel_100 4314
Bait Electric, pref
50
Baltimore Trust Co
50 159
Baltimore Tube, pref....100 55
Benumb (I), corn
•
Cele8 Me 011
.36
1
Cent Teresa Sug,coin__ _10
Ches & Po Tel of Balt_ _100
Commercial Credit
25 60
Preferred
25
Preferred B
25
Consol Gas,E L & Pow.100 117
7% preferred
100
8% Preferred
100 11734
Consolidation Coal_
100 8931
Eastern Rolling Mill
• 42
8% preferred
100 95
Fidelity Trust
100 330
Finance Co of America 25
Manufacturers Finance_25
First preferred
25
Second preferred
25 2414
Maryland Casualty Co_ _25 86
Mt Vern-Woodberry Mills
Preferred v t r
100 71
New Amster'm Cas Co_100
Northern Central
50
Penn Water dr Power 100 108
United Ry & Electric_ 50
U S Fidelity dr Guar__ _50 15614
Virginia Ry & Pow,com100
Wash Bait & Annapolis 50
Preferred
50
High.
68
Mar
Mar
67
4514 Mar
42.14 Mar
Feb
160
5531 Mar
Mar
35
.50 Jan
214 Mar
1104 Mar
6I34 Feb
27
Jan
2734 Jan
118
Mar
Mar
108
Jan
120
Jan
98
51
Mar
100
Mar
330
Mar
4414 Mar
57.34 Jan
2634 Feb
2634 Jan
90
Jan
7314
3734
77
1084
2014
164
3534
15
314
Mar
Mar
Jan
Mar
Jan
Jan
Mar
I% b
Feb
9834
944
101
88
9234
100
10334
10834
90
97
9934
86
9734
9914
7434
55
7714
98
10234
994
99
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Mar
•No par value.
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange March 24 to March 29, both
inclusive (Friday, the 30th, being Good Friday and a holiday on the Exchange), compiled from official sales lists:
Stocks-
Thurs.
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
American Gas of N J__ _100
American Stores
•
Baldwin Locomotive__ _ICO
Brill(J G) Co
100
Buff dr Susq Corp v t c_100
Cambria Steel
50
Congoleum Co. Inc
•
Consol Traction of N J_100
East Shore G dr E8% Pf-25
Eisenlohr (Otto)
100
Eles Storage I3atterY__ -100
Elm & Williams!). com--W
Erie Lighting
General Refractories
Co*
Insurance Co of N A_ _10
Keystone Telep, pref___50
Lake Superior Corp_ ___100
Lehigh Navigation
50
50
Lehigh Valley
Lehigh Valley Transit__ _50
Preferred
50
Lit Brothers
10
Minehlll & Schuyl Hav 50
Penn Cent Light & Power.•
North Pennsylvania__ _50
Pennsylvania Salt mtg._ 50
Pennsylvania RR
50
Phila Co (Pitts) pf(5%)-50
Preferred (cum 6%)_50
Phlla Electric of Pa
25
Preferred
25
Phlla Insulated Wire
•
1.1.11. RarsIti Tre....I•
r.it
81
81
81
19114 1904 19231
13834 13834
8414 8334 86
123 123
125 125
17934 179 182
44
44
45
26
26
26
78
7814
6334 6534
3794 374
2494 2534
5831 564 5834
44% 46
32
32
32
834 854
834
72
71
71
8534 6634
20
20
20
3834 3834
214 214 214
50
5014
564 5614
80
80
9034 z9034 92
46
4634
3534
35
454
45
3131 3134 32
3034 3034 31
49
4934
.21 a, 111..4 St IA
198
1,145
100
3,040
91
200
1,440
90
120
70
900
40
15
1,500
672
20
1,805
266
160
5
20
30
62
16
10
30
2,348
60
155
2,884
810
50
flAl
Range since Jan. 1.
Low.
78
163
13114
49
105
50
143
44
2434
77
54
374
234
4231
4214
2634
534
71
6534
16
35
20
50
55
79
82
46
32
42
3034
30.34
48
20
Feb
Jan
Jan
Jan
Feb
Mar
Feb
Mar
Feb
Feb
Jan
Mar
Jan
Feb
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Feb
Mar
Jan
Mar
Jan
Mar
Feb
Jan
Feb
Feb
Mar
-Tom
High.
82
194
14234
91
123
125
183
49
26
85
6634
3794
27
5934
46
3434
1034
75
71
20
40
2234
53
58
8134
92
4734
36
4534
3334
3334
5034
In
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Jan
Jan
Mar
Mar
Feb
Mar
Jan
Mar
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Mar
Jan
Feb
Feb
Jan
Jan
Jan
Val%
67
1034
3614
2234
14
234
4014
5414
5634
43
Jan
Mar
Jan
Mar
Jan
Jan
Jan
Feb
Feb
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Jan
Mar
Mar
Feb
Feb
Mar
Jan
Jan
Jan
Mar
90
9514
7134
80
9994
75
73
10134
92
9334
824
103
82
103
10634
10034
984
9934
92
Feb
Mar
Jan
Jan
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Jan
Mar
Feb
Jan
Jan
Mar
Jan
Jan
83%
33
$11,500 85
500 9634
6,500 61
8,000 75
3,000 9994
1.000 75
5,000 7034
3,000 ung
2,000 91
7,000 9134
1,000 81
20,200 97
3.000 8014
59,000 1031
17,800 10234
15,000 100
1,000 88
2,000 99
1.000 9134
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange, March 24 to March 29, both inclusive, compiled from official sales lists (Friday, March 30,
was Good Friday and a holiday):
Stocks-
Mira
Sales
Last Week's Range for
of Prices.
Sale.
Week.
Par. Price. Low. High. Shares.
Mugge since Jan. 1.
Low.
High.
Amer Pub Serv, pref_ _ _100 88
86
88
120 88
Mar
Amer Radiator, pref._ _100
12234 12234
25 120
Jan
American Shipbuilding_100
70
70
50 6914 Jan
Armour de Co (Del), pf.100 95
90
9914 4,743 90
Mar
Armour de Co, pre ____100 83
83
8534 2,965 83
Mar'
Armour Leather
15
934
934 034
9
302
Mar
Preferred
87
87
22 87
100
Jan
Baasick-Alemite Corp... • 3734 35
3814 29,400 2794 Feb
Beaver Board
•
434 414
50
4
Jan
First preferred
16
100 15
16
Jan
Borg & Beck
• 3114 30
3234 24,550 25
Jan
Bunts Bros
10 10
10
100 10
10
Feb
Central Pub Serv, pref_100
8711 90
134 86
Jan
Chicago City RY
65
100
65
25 65
Mar
ChicC&ConRy pt eh corn_* __ I
1
1
150
14 Jan
Preferred
•
8
450
814
5
Feb
Chicago Elev RY, Dref_100
44 5
175
334 Jan
Chicago Rys Part Ctf ser 1
24
Jan
24
10 10
Part Ctt Series 2
3
3
500
3
Jan
2
Chicago Title & Trust_ _100
250 280
50 250
Mar
Commonw'th Edison..100 130
Jan
1294 13011
582 129
Consumers Co, com_100
6
Feb
6
6
30
6
Preferred
100 66
66
66
130 634 Jan
Continental Motors____10
914
934 1034 4,340
934 Feb
Crane Co, preferred
112
112 11234
130 112
Mar
Cudahy Pack Co, com_100
455 6194 Feb
6234 6214
Daniel Boone WoolMWs25 4234 404 4334 14,985 3134 Jan
Deere & Co, pre(
100
71
72
Mar
30 71
Diamond Match
100 11734 116 11734
264 116
Mar
Earl Motors Co
•
550
% Jan
34 1
Certificates
44
34
100 34
Mar
Eddy Paper Corp (The)--•
26
27
605 2234 Jan
Fair Corp (The)
100 10414 104 10434
100 100
Jan
Godchaux Sugar,coca__ _• 2434 2314 26
Jan
9,935 15
Gossat d,IT W,prat_ _ _ _100 32
31
324 4,131 2434 Feb
Great Lakes D & D__ _ _100 88
88
88
110 8134 Feb
Hartman Corporation_ _100 90
90
91
360 84
Jan
Hayes Wheel Co
735 37
• 40
394 4034
Jan
Hupp Motor
10 2714 2634 284 16,670 2I34 Jan
Hydros Corp, pref__ _100
2914 2914
300 1814 Jan
Illinois Brick
81
100 81
81
260 78
Jan
Illinois Nor Mil CO, pref._ ..
-- 8534 86
75 8514 Mar
Inland Steel
25 4934 4934 5014 8,275 43
Jan
Kuppenheimer & Co(B),
Inc, prof
9334 94
100 94
50 93
Jan
Libby, McNeill er Libby_10
714
74 1,805
7
634 Jan
Lindsay Light, prof
834 84
10
734 Jan
60
Lyon & Healy, Inc, prof... 100
9914 10034
300 9934 Mar
Middle West Utll, com_100 48
49
48
556 454 Jan
Preferred
100 85
8514
84
184 84
Jan
Prior lien preferred
99% 10014
100
337 9934 Mar
Mitchell Motor Co
134 2
•
2
400
1
Jan
McCord Rad Mfg,"A"._• 3734 37
38
3,885 37
Mar
National Leather, new_ _ _ _
7
734
734
702
534 Jan
Philipsborn's,Inc,eom
5 27
315 27
29
27
Feb
Preferred
92
92
92
10 92
Mar
Pick (Albert) & Co
10 224 2234 23
820 22
Mar
Pub Serv DIN III, coin_ _ _• 102
100 101
101 102
Mar
Common
101 102
670 10014 Mar
100 102
Preferred
9234 94
56 9214 Mar
100 94
Quaker Oats Co. Pref--100
9834 9834
85 9614 Jan
Reo Motor
4,955 1134 Jan
10 1694 1634 17
Reynolds Spring Co,eons _* 2234 2234 2234
30 2234 Mar
Sears-Roebuck, corn_ _100
8614 8614
60 844 Mar
Standard Gas di. Electric_ 50 3134 303.4 3214 5,350 1734 Jan
Preferred
5034 51
50 51
1,545 48
Mar
Stew Warn Speed,com_100 12134 11234 123
77,230 79
Jan
Swift & Co
10534 107
100 106
983 10534 Mar
Swift International
15 194 19
1034 3,380 18
Feb
Thompson,J R,cons_ _...25 464 46
4734 2,435 45
Feb
Union Carbide & Carbon.10 6334 6234 6434 12,890 62
Jan
12
United Iron Works v t c_50 12
1234
760
6
Jan
10934 110
United Lt dr Rys,eons_ _100
195 71
Jan
First preferred
100 78
78
78
328 75
Jan
93
Participating pref. 100
93
74 91
Feb
71
U S GYPsual
7134
20 71
840 61
Jan
105 10514
Preferred
100
60 104
Jan
Vesta Battery Corp. com_• 34
34
3514
135 26
Jan
Wahl Co
• 54
5351 5434 1,310 5314 Feb
Ward, Montg & C0,1)1-100
11114 111H
130 9534 Feb
When Issued
20 23
2234 2324 5,325 204 Jan
• 100
Class "A"
100 101
300 93
Jan
834
Western Knitting MUs •
8
9
5,780
7
Feb
• 3334 3331 3434 2,485 2834
Wolff Mfg Corp
Feb
Wrigley, Jr, corn
25 10934 107 10934 2,855 100
Jan
Yellow Cab Mfg,CI"B".10 280
252 283
2,513 223
Jan
Yellow Taxi Co
86
8234 8914 23,810 7034 Jan
BondsArmour & Co of Delaware
$
20-year gold 534s._ _1943 9214 90
96 300,000 90
Mar
Chicago City Ry 5.3.... _1927 80
80
8034 6,000 7634 Feb
Chic City&Con Rya 58.1927
5934 6014 18,000 47
Jan
Chicago Railways 5s..1927
81
81
1,000 77
Jan
Mich T & E let1330_ _1938 96
96
9634 3,000 96
Mar
No Par value.. *No par Value
XXX 4
Stocks-
90
9634
66
75
9934
75
7034 7034
10134 10134
92
92
9234 93
81
81
97 100
81
81
100 1004
10214 105
100 100
9634 9614
9914 9934
9118 9134
High.
Mar
Jan
Feb
Mar
Jan
Jan
Feb
Jan
Jan
Jan
4444404gt44444aME444an4glig44;g8.4843gan::g t411441M44S;4&:::18.1aSS4n444gg444:;
44gragn;
oars
Last Week's Range for
of Prices.
Sale.
Week.
Par. Price. Low. High. Shares.
7 /11178.
8911
9634
65
75
9934
75
325
1,223
148
167
Low.
62
8
35
2234
131
2
3814
50
RAW,.
Baltimore Stock Exchange.-Record of transaction' s at
Baltimore Stock Exchange March 24 to March 29, both inclusive (Friday, the 30th, being Good Friday and a holiday
on the Exchange), compiled from official sales lists:
BondsAmer Gas dr Elee 58....2007
Amer Tel & Tel As_ _1946
Elec & Peop tr Ws 4,1_1945 65
Keystone Tel 1st 58_ _ _1935 75
Lehigh Val cons 4H8._1923
Gen cons roe 4s___2003
Peoples Pass tr at 4s_ _1943
Phila Co 1st 5s stmpd_1949
Consol 58
1951
Consol & stmpd 58_ _1951
Phi's Elec tr ctfs 4s _1950
let 5s
1966 9734
1st 48 sinking fund_ _1966
5148
1947 100
68
1941 10214
Spanish-Amer Iron 68_1927
United Rys Invest 58_1926
Welsbach Co 53
1930
York Railways 1st 5s_1937
•Ix-dividend.
735
1,890
20
15
10
550
. .
5914 $15,000 5114 Jan 62
59
82
82
5,000 81
Jan 84
91% 92
4,000 9134 Mar 95
101 10114 9,000 10034 Jan 10234
93
3,000 93
93
Mar 93
76% 7634 1,000 76
86
Feb 7634
86
4,000 86
86
Mar 8814
1,000 90
90
90
Mar 92
91
91
2,000 89% Mar 95
9614 13634 1.000 9634 Mar 993
8614 8614 2,000 8534 Jan 8634
9234 9134 9214 5,500 9134 Mar 98
10834 110
13,000 10534 Feb 115
94
2,000 94
94
Mar 98
39
534
5534
63
1034
36
2234
134
23
394
54
5631
4014
"
Atl Gulf & WI SS L 5s 1959
Chic Jet & U 8 Y 48_1940
1940
5s
1936
Hood Rubber 7a
Japanese 4He
1925
IC C Clin & Spr 5s_ __ _1925
K C Mem & 13 Inc 58_1934
1931
Mass Gas 4348
Miss River Power 58_ _1957
New England Tel 58_ _1932
1934
New River 5s
1944
Swift & Co 5e
Warren Bros 714s_ __ _1937
1932
Western Tel 58
Range since Jan. 1.
1034
62%
10
3514
2214
131
214
39
5234
5534
40
N.
.
.
.
.
..
..
..N2 .
OW.W.ON.O.W.C•40W..00.WONtWWWW.QWOOWOW
.
.
W
O WAO
C
C, OWOMN0,00WWiW
WW.00.W.WWWWWpOW•4..cow.NWN,
NWW..•.7 WW
N
.
00.W. WW.0.9.4baW
10Wil,
WWWWWWW*.WW.CWW
OWWWWWW4,
6W0 N
..A.NIAWN00.0W4
,
WO.W0.62,
14.C.400014N.4
gg ggg
gg
gggggg g gg
gg ggg g g g
g ggg gg
ggg ggg
g
ggg g
g
Bonds-
Philadelphia Traction_ 50
Phil() & Western
50
Preferred
50
Reading Traction
50
Tono-Belmont Devel__ _ _1
Tonopah Mining
1
Union Traction
50
United Gas Impt
50
Preferred
50
West Jersey & Sea Shore-50
Ranee ewe Jan. 1.
Van
Thurs.
Sales
Last Week's Range for
of Prices.
Sale.
Week.
Price. Low. High. Amount
[Arm. 116.
Thurs.
Sales
last Week's Range for '
Sale.
of Prices.
Week.
Price. Low. High Shares
gggg
1898
MAR. 31 19231
THE CHRONICLE
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange March 24 to March 29, (Friday,
March 30, holiday), both inclusive, compiled from official
sales lists:
Stocks-
Thurs.
Sales
Last Week's Range for
Sate.
of Prices.
Week.
Par. Price. Low. High. Shares.
Am Vitrified Prod, com..25
736
AmWindGlpssMach,p1.100 9436
Arkansas Nat Gas, com.10
834
Carnegie Lead & ginc.......5
534
Consolidated Ice, com__50
Harb-Walk Refrac,com100 11815
Indep Brewing, com_ __SO
334
Preferred
50
815
Jones & Laugh Steel, pref.-107%
Lone Star Gas
2
Mfrs Light & Heat......100 55
Marland Refining
5 5034
Nat Fireproofing, pref-50
Ohio Fuel Oil
1 17
Ohio Fuel Supply (new) _25 32
Oklahoma Natural Gas_ _25
Pittsburgh Brew, com__ _50
Preferred
50
Pittsb & Mt Shasta Cop-1 24o
Pittsburgh Oil& Gas-I00
Pittsburgh Plate Glass_ _10
Salt Creek Consol Oil
1234
Tidal Osage Oil
•
Union Natural Gas__ __100 2634
U 13 Glass
100 2534
West'house Air Brake _50
W'house El & Mfg,com..50
West Penn 'Pr & Wat Pow
Common
100 37
*No par value.
Range since Jan. 1.
Low.
734 8
250
7
9415 95
30 93
834 834 2,268
735
534 534
320
315
434 414
25
415
11636 11615
65 102
334 4
140
355
834 9
170
815
107% 10734
140 10654
2434 25
SO 24
55
60
305 55%
50
375 45
5634
1936 1934
325 18%
17
1734
235 1515
32
3334
1,329 32
2034 21
588 1914
234 215
100
234
7
7
100
655
24e 250 24,500 22e
915 10
350
8%
189 170
42 165
1234 1251
885 10
12
1234
330 10%
2655 2834
795 23%
25
2534
565 24%
119 120
405 10715
6355 13354
10 59
3834 3734
520
Jan
Feb
Jan
Jan
Feb
Mar
Jan
Mar
Mar
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Jan
Jan
30
Jan
High.
8
97
10
6
7
116%
4
954
109%
27
60
5634
21
18%
3854
27
2%
100
28c
10%
205
1655
13%
2735
27
120
6955
Jan
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Feb
Feb
Mar
Feb
Feb
Mar
Jan
Jan
Mar
Jan
Feb
Jan
Feb
Feb
Mar
Jan
Feb
Mar
37% Mar
New York Curb Market.-Below is a record of the
transactions in the New York Curb Market from March 24
to March 29 (Friday, March 30, holiday), both inclusive, as
compiled from the official lists. As noted in our issue of
July 2 1921, the New York Curb Market Association on
June 27 1921 transferred its activities from the Broad Street
curb to its new building on Trinity Place, and the Association is now issuing an official sheet which forms the basis of
the compilations below.
in TO.
,sates
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Week ending March 30.
Stocks-
Indus. & Miscellaneous.
Acme Coal Mining
1
407 48c
Acme Packing
10
220 25c
Amalgam Leather. eom. • 17
17
1715
Preferred
100
58
58
Amalgamated Sugar
4
•
4
Voting trust certificates315 31-4
American Chain class A.25
2554 2535
Amer Cotton Fabric, p1100 10134 9934 10134
Amer Drug Stores class A-1
155
1
134
Amer Gas & Elec, com_50
190 190
Common,new, w 1
• 3834 3634 3854
American Hawaiian S 8.10 23,
2294 2534
Amer Light & Tr, corn-100 129
129 130
American Stores
* 193
190 193
Armour & Coot Del. p1100 9415 94
9934
lArnold, Constable & Co-• 1536 1534 1815
Atlantic Fruit Co
•
23.4
2
234
Bassick-Alemite Corn•
3534 40
(Beth Steel new corn WI 00 6415 13315 8415
Borden Co,com
100 11514 114 1113
Preferred
100
10234 10211
Brit-Amer 'Fob ord bear.2.1
2054 2034
Ordinary
il
2034 2034
Brit Internat Corp, CI A-•
1555 1554
Brooklyn City RR
DJ
955 915
Buddy-Buds,Inc
•
17
4
115
115
Campbell Soul)Pre,
'wi-I-On
10754 10734
Car Lighting & Power_
.25
155
114
Celluloid Co, corn
100 9534 9554 9534
Preferred
100
109 10934
Cent Teresa Sue. coin __
154
135 2
Central-Union Tr, N Y 100
10.
461
481 465
Centrifugal Cast! Pipe.._• 1434
1334
15
!Century RibbonMilis corn*
3134 32
Checker Cab Mfg, class A • 56
56
58
Chic Nipple Mfg • I A _.10
394
336 354
Chicago Steel Wheel corn 5
255 '255
Preferred
10
615
814 7
Cities Service corn
100 185
182 188
Preferred
100
8954 70
Preferred 11
10
1334
634 814
Cities Serv, bankers' eh_.
• 1834
1834 1854
Cleve Automobile, corn..'
2934
2934
3036
Colombian Emerald Sync- 210
18e 210
Colorado Power, csam_100 s23
23
2515
Columbian Carbon vi o_ _• 4834
4536 4714
Congoleum Co, com _100
177 177
Cosgrave Export Brew'y 10
7
6
7
Cox's Cash Stores
a
455
354 434
Cudahy Packing
100
60
80
Curtiss Aeropl & M.eom.•
8
8
8
Preferred
100 37
37
37
Cuyamel Fruit Co
•
5915
59
6134
Del Lack & West Coal...50
z81355 58654 90
Dort Motor Car corn_
*
4
4
Douglas-Pectin Corp....' 133-4
1234 1315
Dubiller Condenser & Rad• 10
9
10
Durant Motors, hie
• 59
59
61%
Durant Motors of Ind_ -10
1534 1534
Equitable Tr Co of NY 100
185
185 191
Federal Tel & Tel
5
554 534
Gardner Motor Co
• 14
14
1455
Garland Steamship
3 90o
806 90o
Gillette Safety Rasor____• 283
283
285
Glen Alden Coal
•
69
Godchaux Sugars Inc corn' 8814 68
24
Goodyear Tire & R corn 100 1515 24
1534 1555
Preferred
100
50
5034
01 West Bug new corn WI 25
8914 8934
Guar Trust Cool N Y.100
Hanna(M A) Co, pret_100 27234 27254 27934
10014 10054 10034
Hoyden Chemical
•
2
2
234
Hocking Val Products_ _10
234 294
Hudson Cos pref
100 1835
1834
1635
Hud & Manhat RR oom100
1034 1114
Hydro: Corp. corn
• 2034 2015 2054
Imperial Tobacco of Can.5
555
555 554
Imperial Tob of G B & ELI
1835 1854
Industrial Fibre Corp_ _..•
7
7
7
Inland Steel Co
25 5034 5014 51•1 tc
Range since Jan. 1.
Low.
High.
15,000 400 Mar 85c
Jan
5,000 106 Mar 3:w
Jan
1,700 1454 Mar 1934 Jan
100 4834 Jan 64
Jan
100
4
Mar
434 Mar
100
354 Mar
334 Mar
3,700 2534 Mar 2555 Mar
300 9915 Mar 102
Mar
3,800 550 Mar 134 Mar
25 185
Feb 195
Mar
1,200 323.4 Feb 4634 Mar
4,800 1515 Jan
2544 Mar
30 129
Mar 140
Feb
105 190
Mar 193
Mar
10.900 94
Mar 9955 Fen
1,100 1515 Mar 21
Feb
4,800
154 Jan
23,4 Feb
400 31
Mar 4) Mar
200 i 335 Mar 68
Mar
185 110
Mar 122
Jan
25 10034 Jan 104
Mar
3,400
in
Jan
2054 Mar
100 1915 Jan 203-4 Mar
100 1514 Jan
1734 Feb
700
7)5 Jan
1015 In.
7,700
134 Mar
134 Feb
100 10834 Feb 10934 Feb
100
76o Mar
134 Jan
10 90
Feb 100
Feb
20 109
Mar 1105-4 Max
3,600
114 Jan
255 Mar
30 481
Mar 475
Mat
13.800 10
Jan
15
Feb
1300 2414 Jan 34
Feb
900 505 Mar 6634 Feb
8,900
254 Jan
455 Fet
800
13-4 Mar
314 Fet
6.400
1315 Mar
914 Pet
455 173
Jen 195
Fet
1.500 87
Jan
70
Mai
200
634 Jan
655 Mai
1,100 17% Jan
1915 Fet
600 2954 Feb
3435 Pet
7,000 120 Feb 45c
Jar
790 22
Mar 2554 Mai
2,900 4i34 Feb 4815
Mal
30 145
Jan 182
Ma]
400
5
Mar
7
Mal
5,700
314 Feb
8
Jai
100 60
Mar 60
Mai
100
5
Jan
854 Mal
100 21
Jan 87
Mar
2,000 5534 Jan 843-4 Fet
Jan go
550 82
ma,
300
4
Mar
4
Mai
11,100 127.4 Mar 1335 Mal
12,400
434 Jan
10
Ms
6,600 40
Feb 04
Jar
200 1234 Feb
2534 Jar
130 185
Mar 194
Mal
1,000
5
Feb
7
Jar
500 1094 h.
1534 Fet
300 706 Feb 900 Ma
510 259
Jan 287
Fet
1,000 80
Jar. 7234 Fet
100 24
Mar
24
Mal
7,800
1815 Fet
93.4 Mar
2,300 2955 Jan
51
Fet
100 77
Jan 91
Ma
115 271
Mar 28-1
Mar
100 10034 Mar 102
Jar
5,200
155 Jan
214 Fet
100
334 Fet
134 Jan
200 1434 Jai
1755 Fet
2,900
955 Jan
1215 Fet
7013 20
Jan 2454 Fel
900
535 Mar
814 Ms
300 17
Jan 1834 Mal
100
7, Ma
1054 Jat
Inn
AA
•
en.,
Y2 ..-
Stocks (Concl.)-
1399
Thurs.
Salmi
Last Week's Range for
of Prices.
Sale.
Week.
Par. Price. Low. High. Shares.
Range.since Jan. 1.
Low.
High.
Intercontinental Rubb_100
5% 535
515
1,700
4% Jan
015 Jan
Irving Bk-Columbia Tr___ 236
238 245
110 236
Mar 250
Mar
Lehigh Power Securitles__• 2354 23
24
2,900 18
Mat
Jan 25
Lehigh Val Coal Sales.. _ 50 823-5 82
8215
105 8034 Jan 90
Jan
Libby, McNeill & Libby_10
814 7
700
Jan
7% Jan
Loulsv & Nashy RR new wi
89% 83.3,4
100 8814 Mar 90
Mar
Lueey Mfg, Class A_ _ _50
955
9
955
200
Jan
7
Mar 20
Lupton(FM)Pub. CIA.' 1935 17%
1954 2.200 13
Jan 22
Jan
Madison The & Rubber_ _•
5
5
100
5
5
Mar
Mar
McCord Radiator, Class A 37% 37
3715
500 37
Mar 3714 Mar
•Merver Motors
•
155
1%
155 4,500
4
Jan
194 Mar
Class A stock w 1
4% 4%
434 Mar
100
435 Mar
Mesabi Iron Co
• 1034 10% 11
1,400
1034 Feb
124-1 • Jan
Motor Wheel Corp.com.10
10% 10%
100 10% Jan
1314 Feb
1Nat Dept Stere5,Ine.com •
36
37
4.200 33
Feb 3854 Mar
/First preferred
100
94% 98
94%
2,700
Mar
100%
Mar
NatSupp Co(of Del)corn 50 657.4 64
67
Is
4,800 54
7014 Mar
New Fiction Pub Corpeom5
5
5
5
100
5
Feb 1835 Jan
New Mexico & Ariz Land_l
254 3
400
3% Jan
251 Mar
N Y Canners, Inc.corn...' 33
33
34
1,900 29
Jan 34
Mar
N Y Tel 64% pref._100 10854 10814 109
375
wag
Mar
Ill
Jan
New York Trust Co_ _100
342 346
50 3.2
Mar 353
Mar
Nor Am Pulp & Paper_ •
1% I%
100
1
Jan
1% Mar
Onyx Hosiery, common...* 4834 4854 47%
2,000 40
Feb 52
Mar
Oaelda Corp
• 1115
10
12
10
Mar
1,300
15
SAD
Paige-Det Motor Car_..10
21% 2235
700
14
Feb
2234 Mar
Peerless 'eruck & Motor.50
58
62% 3.000 57
Ma
,
o
Jan
• Penns Coal & Coke
50 4134 4114 4134
1.400 39
Feb 4215 Mar
Prima Radio Corp
1
1380
630 1380
3,80
5.5c
Feb
Jan
I
Pub Serv Corp, NJ,new w 1 5034
50
51
3,700 50
Mar 5255 Mar
Preferred
100
99
99
100 100
Feb 101
Jan
Radio Corp of Amer corn.'
435 434 23,700
41-4
3% J..
434 Mar
Preferred
5
3755
3% 355 7,800
21,
4 Ja3% Mar
Rapid Tran Sec new w I......... 1754 1855
1.700 1754 Mar 19
Mar
New preferred series A________
4554 48
1.300 434 Mar 48% Mar
Reo Motor Car
10 1634
16% 171( 4.300 13% Feb
1714 Mar
Repeal, Inc
5
155 1% 2.100
1% hp
2
Jan
Republic Ry & Lt pret_100 45
4.5
45
20 44
Mar 45
Mar
Republic Rubber
•
70 10o
2.000
7o
Mar
450
Feb
Rosenb'm Or Corp. 101_50 5334 53
54
2,300 50
Feb
5-34'Feb
Saguenay Pulp & Power_ _5
870 87o
100 870 Mar
2
Jan
Schulte Retail Stores,com.• 8855 7715 89
53.800 53
Jan 89
Mat
Shelton Looms, corn
• 2515 2514 2815
700 2'34 Mar 27% Mar
Southern Coal & Iron. _ 5 38e
280 430 118.000 24o Mar 50e Mar
Springfield Body class A _
509-4 4934 5034
4,600 4534 Mar 503i Mar
Standard Mot Con.str- _10
234 35'
700
255 Jan
314 Jan
Scuts Motor Car
• 1854
183,4 1935
800 1855 Mar
24% Jan
Swift & Co
100 10514 10515 10554
20 105
Mar 109
Feb
Swift International
15
1955 1934
500 18
Feb
21
Jan
Technical Products Corp_5
8
8
600
834
7
.1.
03( Feb
Technicolor Inc
•
10
10
100
7
Jan
10
Jan
Tenn Elec Power, com_ •
17
17
100 14% Jan
Mar
19
Timken-Detrolt • Axle..10 1234 12
13
1,600 10
Jan
13
Mar
Title Guar & Trust Co.100
368 370
40 386
Mar 377
Mar
•• ob Prod Exports Corp..'
5
534
5.55 3,900
4% In
814 Mar
Todd Shipyards Corp....'55
54
55
300 53
Mar 59% Mat
Torbenson Axle
2734 2855 2814
SOO 24
Mar
Mar
2834
Triangle Film Corp v t e.5 340
290 340 24,000
8e
Jan 38e Mar
Union Carbide & Carbon.'
62
8535
700 8355 Feb 65% Mar
United Profit Sharg,new-1
534 555
515
1,700
415 , Ju/
6.-, Mat
Un Retail Stores Candy..'
855 7
834
3,600
5
Jar.
8
Mar
Founders shares
•
814 7
400
31( Jan
9
Mar
United Shoe Mach com_25 52
52
54
500 49
tan
56
Mar
Preferred
25
27
27
100 2854 Mar 27% Jan
US Distrib Corp cons __ _50 22
22
23
200 22
Mar
3014
Jan
US Light & Heat,com_10
1155) 1%, 12,400
134
1
Jul
1% Mar
Preferred
10
14
114
155 2.800 unc .1o,
2%
Feb
Metal
US
Cap & Seal
1
1
1,200 5414, Feb
1% Feb
Universal Leaf Tobcom 100
111 112
550 111
Mar 12034 Feb
Utah-Idaho Sugar
10
334
334
300
3
Jan
3%
Feb
Wayne Coal
5
2
234 3,200
236
1% Mar
1.4 ian
Willy, Corporation 151 pref
754
755 755
100
7% Jan 11% Jan
Ctfs of deposit
855
814
100
5% Mar 1014 Jan
Yale & Towne Mfg new_25 8215 6234 627.4
200 5s55
•
84
Mar
Yellow Taxi Corp.N Y___* 149
13735 150
4,100 100
Feb 150
Mar
Former Standard 011
Subsidiaries
Anglo-American 011___£1
Borne Scrymser Co_ ___100
Buckeye Pipe Line
50
Continental 011, new__ _25
Crescent Pipe L,new stk 25
Cumberland Pipe Line_ its
Eureka Pipe Line
100
Galena Signal 011 corn__100
Illinois Pipe Line
100
Indiana Pipe Line
50
National Transit_ _ __12.50
New York Transit
100
Northern Pipe Line_100
Ohio 011 new
25
Penn Mex Fuel 011
25
Pralrle 011 & Gas
100
Prairie Pipe Line
100
Solar Refining
100
South Penn 011
100
Southern Pipe I2ne___100
Standard 011 (Indiana)_25
Standard 011(Kan)
25
Standard Oil(KY)
25
Standard 011 (Nob)
25
Standard 01101 N Y...25
Stand 011(Ohio).corn_ _ I00
Vacuum 011
25
Washington 011
10
Other 011 Stocks.
Amer Fuel Oil, corn
10
Ark Natural Gas, corn. 10
Atlantic Lobos 011. com__•
Big Indian Oil & Gas
Boston-Wyoming Oil....)
Brit Controlled 011 Fields_
Carib Syndicate
Creole Syndicate
a
Derby Oil & Ref Corp,com•
Preferred
•
Engineers Petroleum Co..1
Equity Petrol Corp Prof...
Federal 011
Gilliland 011, corn
.•
Glenrock Oil
10
Granada Oil Corp cl A..10
Gulf On Corp of Pa
2'
Harris Cones'Petrol Corp_
Hudson Oil
1
Humble 011 & Ref
25
Humphreys Oil
35
Imperial Oil (Canada) eoUD
Independent Oil & Ci w
International Petroleum__ _
Keystone Ranger Devel„1
Kirby Petroleum
Lafayette 011 Corporation_
Lance Creek Royalties_ 1
Livingston 011 Corp
1
Livingston Petroleum..._•
Lyons Petroleum
Magnolia Petroleum_ -100
Mammoth Oil. Class A __
1634
1615 17% 8,000 1834 Mar
150
150 150
10 108
Jan
87
88
25
87
Mar
45
45%
600 3854 Feb
213.4 21
22
130 21
Mar
112 11214
3
ms
Jou
113 114
26
95
Jan
71
88% 73%
1,39
5715 inn
104
184 18515
19 184
Mal'
100
9914 100
70 tsr,.1h11
1535 2514 2515
400 25
Mar
131
131 133
80 129
Jon
108
108 108
20 105
Feb
78
7955
700 74
Jan
18
1815
200 17Jan
233
233 245
830 '222
Jan
1113,4 111% 11514
845 '10855 Jan
201
201 203
60 180
Jan
188 169
80 186
Jan
112
111 11254
90 97
Jan
67
8454 6754 78,300 00% Jan
5054 48% 5054 3,100 41% Jan
10015 98 101
5,280 1180
Jan
258 265
30 188
Jan
4514 44% 461-4 17,600 44% Mar
289 289
10 274
Jan
4914 4855 50
15,900 4334 Jan
25
25
25
100 23
Mar
815
514
250
255
811
18%
4654
160
214%
870
835
154
134
8555
870
15c
38
11914
13%
2255
28e
2%
254
100
2%
5c
.50
1.000
854 8
5,800
5
5
2,500
220 270 28,800
1
115 2,500
255
294
500
5% 615 26,800
6% 755 42,400
1754 18% 15.000
45% 4955 6,300
14e
16e 41,000
14% 1435
500
85c 890 25,700
514 6% 8,400
1q, 1fs 37,800
115
2
1,800
8355 68
8,200
87c
2
27,000
13c
113e
30,000
38
3834 3.200
36% 38
800
117 121
1,52
13
13% 5,100
22% 2315 14.000
250 30e 125,000
231 255
1.200
2
255 11.400
30
3c
3.000
10c
10c
1,000
155
234 13,600
770 950
700
153 159
145
52
5235 1,000
30 Feb
754 Jon
5
Mar
150
Jan
1
Jan
155 Feb
4% Jan
244 Jan
1754 Mar
4554 Mar
13e Mar
1454 Feb
Jan
890
Jan
3
Jan
1
154 Jan
5515 J,111
87o Mar
Jan
10e
24% Jan
Feb
30
110% Jan
13
Mar
205( Feb
Jan
22e
2
Feb
2
Mar
20
Jan
9e Mar
750
Jon
770 Mar
153
Mar
47% Jan
1944
150
94
BO
2634
111s
115
7934
171
103
29
137
110
85%
25
700
335
21254
191
116
6934
57
133
285
49%
310
5514
28
Jan
Mar
kW
Feb
Feb
Jan
Feb
Mar
Feb
Mar
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Mar
Feb
Jan
Feb
Jan
Feb
Mar
Jan
70 Feb
Mar
10
7111 Jan
300 Mar
Feb
21
4 Mar
614 Mar
715 Mar
18% Mar
4915 Mar
Jan
250
15
Mar
Jan
1
7% Mar
2545 Jan
Feb
3
885( Mar
234 Mar
18
Jan
41% Mar
3955 Mar
123
Feb
15,4 Feb
24% Feb
400
4
Jan
234 Mar
4o Feb
200 Mar
214 Mar
1S4 Feb
188
Jan
Feb
55
Sales
Th rs
Las: Weer* Range for
Week.
of Prices
Sale.
Other 011
Stocks (Concluded) Par. Price. Low. High. Shares.
Maracaibo 011 Esplor___.• 1631
i3.
MargaY 011
3
Mariand 011
1___10
2%
0
Paniteo
M tri a
4
17
10
Mexico 011 Coro
1 220
Midwest Texas 011
1
134
Mountain dr Gulf Oil
Mountain Producers_ _ .10 18
13%
Mutual 011 vot trust nig_
New England Fuel Oil__
..1534
New York 011
Noble(Chas F) Oil& Gas_l 22e
1%
Omar 011 & Gas...... _10
Peer 011 Corp
* 14%
10
Pennok Oil
434
'leaver Oil. I
,1
Penns'
180
Red Rank Oil
5%
Royal Can 011 Syndicate •
• 6
Ryan Consolidated
Salt Creek Consol Oil
Salt Creek Producers. _10 24%
534
Santa Fe Oil dr Redoing_ 6
4%
6
Sapulpa Refining
3%
Seaboard Oil& Gas
30
South Petrol & Refining__ ,
s24
Southern States Oil
1 46c
Taxon 011 & Land
• 12
Tidal-Osage Oil
x134
Turman Oil
1
Vulcan 011
Western States Co& G_ _ _1
5
8%
Wilcox Oil & Gas
1 18c
"Y" Oil dr Gas
. Mining Stocks.
Alaska Brit-Col Metals-1
Alvarado Mln dc MUI-.20
Amer Comm.
American Exploration ____
Anglo-Amer Corp S Afr-£1
Arizona Corn Min
Arizona Globe Comte*" _1
Beaver Consolidated
100
Belcher Divide
Big Ledge Copper Co_ _ _6
Blackhawk Cons MInes_l
Boston & Montana Dev At
1
Butte & New York
Butte & Welt Min Co__ 1
6
Calaveras Copper
1
Caledonia Minlag
Calumet &Jerome Cop Col
hi
Canario Copper
1
Candalaria Silver
Cash Boy Consolidated_ _1
Chino Extension
Consol Arizona
Congo'Copper Mines new5
Congo' Nevada Utah Corp
Continental Mines, LtdCopper Canyon
1
Cork Province Mines.
1
Cortes Silver
Crackerjack
Cresson Con Gold M at M.1
1
Crown Reserve
10
Davis Daly Mining
1
Divide Extension
5
Dolores Esperanza
Dryden Gold CorporationEl Salvador Silver Mine8.1
1
Emma Silver
1
Eureka Croesus
Fortuna Cons Mining
1
Forty Nine Mining
1
Gadsden Copper
Gold Coln Mining
Golden State Mining
Goldfield Deep Mines Co tte
Goldfield Development
1
Goldfield Florence
I
Goldfield Jackpot
Goldfield Ora
Grandma Mining
1
Hard Shell Mining
10e
Harmill Divide
1
Hasbrouck Divide
260
Hecht Mining
Henrietta Silver
Hilltop-Nevada Mining
Hollinger Con Gold Mines6
Homestake Ext Mlning_l
1
Howe Sound Co
Independence Lead Min -1
;run Blossom Cons M.
1
Jerome Verde Devel
5
Kerr Lake
1
Kewanus
100
Knox Divide
Lone Star Consolidated 1
MacNamara CrescentDevl
Marsh Mining
6
Mason Valley Mines
MoKinley-Darr-Sav Min_l
1
Mohican Copper
Montana Tonopah
Morington Mining
Nabob Consol Mining
60c
National Tin Corp
1
Nevada OPhir
Nevada Silver Horn
New Cornelia
New Dominion Copper-6
100
New Jersey Zinc
N Y Porcupine Mining-is
Nlpissing Mined
1
Ohio Copper.
Porcupine Pipond
6
Ray Hercules. Inc
Red Hills Florence
Red Warrior.
Rex Consolidated Mining-1
Richmond Coo M dr Dev._
St Anthony Gold M
Silver Dale Mining
Sliver King Cons
Sliver King Divide Reorg
Silver Mina* of America
Silver Pick Consol
Silver Queen Mining Corp_
Silversmith Mining
1
Simon Silver Lead
South Amer Gold & Plat_l
Spearhead
1
Stewart Mining
1
Success Mining
Superior & Boston
1
Superstition Cons
Tuck-Hughes
I
Temlskaming Mining
Tonopah Delmont Dev-A
[Vol,. 116.
THE CHRONICLE
1400
163,6 19%
134 1%
334
3
1% 3
4 1L4s
13
19e 280
134
I%
18% 19%
133.4 14
46
46
17
15
210 220
4
1% 1.7
834 • 8%
13% 1434
3% 434
170 19c
63; 574
5;1 6
12% 12%
24%
24
5% 634
434 4%
3%
3
30
20
21% 26%
45c 470
12
12
92c
134
I
1
30e 30e
834 934
lle 180
57,600
1.400
4,200
9,600
66,000
16,000
1.600
2,900
53,000
100
3,200
29,000
14,200
200
14,400
12,200
14,000
7,900
400
400
2,400
3,400
6.600
18,300
60.000
23,100
63,000
300
20,000
1.500
1.000
26,000
80.500
234 234 4,300
234
100
634 674
634
6,000
9c, 10e
1% 1.100
I
134
26% 1,100
22
100
13
13
550 68c 115,400
66c
4,000
49e 490
Clo
20
1,000
20
2c 27,000
le
lo
2,000
120 12e
17c 29e 92,000
20e
1,000
450 450
134 1% 12,900
134
1 1,900
3% 35,
334
6,000
7c
643
6o
7,000
18c 200
180
2./00
7
234 24
4
23
24e 27e 109,000
250
1,000
•110 lie
lle
3,500
500 520
50c
1,000
2c
20
334 3% 8,200
334
1,000
100 100
534 5% 3,980
534
6,000
600 65c,
1,000
lle llo
87c 91c 33.000
9043
30
4,000
30
30
2% 2% 1,800
234
3,900
54e 600
60e
434 4%
200
110 lle
2,000
lie
1,800
.4 2
113
114
670 73c 28,400
717
30
8.000
2e
30
3c
20
2.000
30
190 21e 50.000
200
200 25c 174,000
220
38c 600 32,000
890 85e
500
7,500
72o 73c
730
300 45e 68,000
45e
90 120 67,000
10e
10e 130 27,000
100
430 450 20,000
430
7,000
450 460
490
20
2c
2,000
100 100
1,000
70 17,000
50
60
7e 12,000
7c
70
1.000
7c
400
9
9
9
4,000
160 220
24,000
1%
131
18i
200
13% 133;
690 74e 15,500
7I0
3% 4% 17,400
334
400 440 38,000
42o
3,000
330 340
700
2% 234
234
37e 331 2.600
3,000
20
20
2c
30
1.000
3c
40 41,000
30
40
40
7,000
to
4e
5,000
1lc 130
2% 2% 5.600
234
3,000
230 250
420 470 26.000
47o
100 lie
0,000
Ilc
2.000
20
2c
2c
40
4c
3.000
200 210 30,000
210
8,000
16e 190
190
8,000
2e
20
2c
400
2135 22
22
334 4% 10,200
434
90
17934 177% 180
5130 62c 47,100
62c
6
5% 6% 1,700
770 84e 76,800
810
500
74c 740
29,400
1% 2
134
Sc 15,000
4e
40
40c 620 69,300
580
4.000
60
Sc
6c
20e 250 20,000
240
60e 66e 14,500
65e
60
1,000
6e
77c 85e 14,600
85e
lie 14e 47.400
120
15c 25e 12,000
170
3,000
130
5c
60
4,000
45c 460
490
3,100
48c 50c
49e
320 340 11,000
33c
1,900
3%
334
33(
80 56,000
40
50
70 13.000
50
4,700
36e 620
56e
100
2
2
2.000
70
70
1% 1% 12,600
114
33e 380 10,000
38e
600
134 174
134
Range since Jan. 1.
1
Im
Jan
Mr r
Jan
File
Ja,,
•
1% Jan
16% Jan
123( Feb
Feb
40
Mar
14
210 Mar
70-
834 Mar
1134
„
Jan
14c
Mar
534
4,,
104(
204
5%
2ai
534
2,
1544
46 •
10
860
62e
230
6%
tio
Jan
Jan
far,
Mar
Jail
Mar
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Jan
2
234 Jan
y,
60c Feb
Mar
22
Mar
13
10e Feb
360 Feb
25 Feb
le inn
9c Jan
Feb
9
45c Mar
900 Mar
244
1441
6o
Ile
'I%
20e
100
60e
20
37(
8u
4%
450
llo
710
20
•4
320
234
Sc
1%
6.1y
2o
Mar
Jan
la
Mar
Feb
Mar
Jan
Feb
Feb
la,
Feb
Feb
Mar
Jan
Feb
Jan
Feb
Feb
Jan
Jan
20
1%11
190
20
60
(10o
62e
300
90
le
29e
390
to
6c
Mar
Mar
Jan
Jan
Feb
Feb
Jan
Jail
Jan
Ian
Jan
Mar
30
.011.
3c
8
1.5e
Mar
Jan
Feb
1114
Feb
Fob
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
68o
2%
30n
28a
2
3
2o
20
30
to
60
134
17c
10e
7o
lc
40
20y
liJe
lc
11.3.4
234
18834
30o
54
37c
74c
1%,1
Jan
Jan
Jan
Jan
Jaa
It,,,
Jan
Mar
Feb
2, Li..
40o Mar
,0
460
5e
600
60
Mar
Mar
Mar
Mar
Feb
It,.
5c
35o
1,5c
21u
3
4c
Sc
46e
2
30
81c
30c
15i
Mining (Concl.)-
High.
LAW.
,
114
-
Mar
Jan
Feb
Feb
Jan
Mar
.Lsn
inn
Mar
Jan
.1.•,,
Mar
Feb
19%
114
134
:3
2Lfs
Mar
Jan
Feb
Mar
Mar
134
20%
15%
52
21%
3i'''
ijai
13
14%
6
200
7%
6%
14
25%
6%
434
314
la,
26%
Mar
Feb
Mar
Mar
Feb
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Feb
Mar
Mar
13%
1%
1%
300
1034
16e
Mar
Feb
Feb
Jan
Mar
Feb
Jan
Jan
Mar
Mar
an
Mar
Feb
Mar
Feb
Mar
Mar
•
Jan
Jan
60e Mar
234 Mar
Mar
4
10c Feb
220 Feb
234
634
II
1%
27%
13%
85
49e
6e
4.
15o
4
21,
J11,11
in
Jan
Mar
Jan
434 Mar
is ,
160
5;4 Feb
660 Mar
150 Jan
% Mar
15c Jan
34 Mar
63c Mar
4% Mar
130 Jan
2,4
Feb
81
Jan
40
Jr;,
4
Jan
37.
11111
74y
700 Mar
970 Mar
73o Mar
500 Mar
240 Jan
34, Jan
Feb
76
67c Mar
Jan
6o
100 Mar
130 Jan
Mar
10
70 Mar
934 Feb
66 • Feb
1% Feb
Feb
14
740 Mar
47; Mar
48 • Mar
380 Ja
334 Feb
3% Jan
Jan
8e
40 Mar
130
750
Sc
”111
80 Jan
Jan
15c
'31 Mar
25o Mar
4 0 Mr
12e Mar
Jan
4c
Jan
6c
•,,
34.
Mar
2
Jan
2y
21% Mar
154 Mar
18034 Mar
63c Mar
g Mar
4 Mar
1,
The Mar
234 Mar
7c Mar
620 Mar
Sc Feb
29e Feb
135e Mar
7e Mar
95 Mar
15c Feb
Feb
40
Sc Jan
60c Feb
Jail
63,Jae
36e
4% inn
in',
13e
Jan
8e
68e lan
334 Feb
16e Feb
1% Mar
38e Mar
4 Jan
19
Sales
Thws.
Last lireek's Range for
!V&A
of Prices.
sqle.
par. Price. Low. High. Shares.
1
Tonopah Divide
Youopah Extension
1
Tonopah Mining
1
Tuolumne Copper
United Eastern Mining...A
United Imperial Mines ..
United Verde Extension 50:
United Zinc Smelt.
. new
(55 Cont. Mine,
5
Unity Gold Mines
Victory Divide
10e
Vulcano Mines Co
West End Consolidated_.5
West End Extension Mm..
WesternUtah Copper_ _1
Wettlaufer Lorrain
1
Wilbert Mining
Yukon-Alaska trust canna_
5
Yukon Gold Co
7213
3%
45e
23(
83c
37
17e
534
40
1%
3e
70
21%
900
700
3,34
4
2,
44e
234
830
36%
134
15e
534
40
6c
13(
20
380
40
5c
1934
900
770
3K
214
45o
2%
830
37%
134
170
5,4
Sc
100
15(4
30
390
7e
5e
21%
950
28.000
9.700
1,300
5,000
7.900
1.100
2,700
100
4,000
8,800
12.000
3,000
9.600
30,090
4,000
8,000
7.000
1.900
2.000
Bonds
allied Pack cony deb 6s W. 6634 66% 68 $16,000
88 Series B w I
1939 7834 76% 7834 11,000
103% 10334 1,000
Aluminum Mfrs 7s__ _1933 106
105% 106
78
8,000
1925
9734 97% 10,000
American Chain 65_1933
88
91% 50.000
Amer Cotton 0116s...1924 88
95% 66,000
94
Amer 0& E deb(18_2014 94
Amer Lt & Trae 13s. _1925
101 101% 12,000
Without warrants
88% 90
17,000
Am Republic Corp 6a w 1_17
Amer Rolling Minas_ _1938 9934 9934 100
12,000
97% 9734 1.000
Am Sumatra Tob 7...1938
Amer Tel & Tel 6s.___1924 10054 10034 10074 43,000
Anaconda Cop Min 78_1929 10334 10334 10334 22.000
6% notes Series A..1929 10174 10154 10234 66,000
Anglo-Amer Oil 730_1925 10234 10234 10274 23,000
92
96 709.000
Armour & Co of Del 530'43 03
54,000
105 105
Armour dr Co 7% notes.'30 105
593( 26,000
59
All Gulf & W IBS L Si 1959
8114 134.000
1933 8134 • 79
Beaver Board 88
100% 100% 2.000
Bethlehem Steel 78_1923
1936 102% 10234 102% 47,000
Equipment 7.
Boston & Maine RR 631933 90% 90
00% 4,000
103 10334 7,000
Canadian Nat Rys 73_1935 103
98% 993.4 15,000
5s
1925
100% 100% 51,000
Canadian Pacific 65___1924
Central Steel 50
1941 10634 106 10634 11,000
35,000
47
06
Charcoal Iron of Am 88.'31 96
96
20.000
96
Cities Sera 7s, Sea C 1966
92
14,000
7s Series D
91
1066 91
8s. Series E
104% 10434 3,000
1966
2534 15,000
22
Columbia Graohoph 88.'25 22
Cons GE L&P Bait 68'49 1003( wog 101% 36,000
2.000
107 107
7s
1931
834s, Series E
17% 9774 5.000
1952
Consol Textile 88
1941 10034 100% 10234 28,000
9834 100% 8,000
Deere & Cu 734s
1931 99
Detroit City Gas as__ _1947 99% 99% 1003( 51,000
10234 103% 37,000
Detroit Edison 6a
1952
95% 65,000
Dunlop T dr It of Am 78_1949 9534 95
1,000
Fisher Body Corp 65:_1924
100 100
68
1925 98% 98% 9934 17,000
98% 9834 17,000
69
1926
07
97% 9,000
6s
1927
34,000
Os
1928 9534 914( 96
97
8,000
98
Galr (Robert) Co 76..1937 97
Dalena-Signal Oil 76..1930 104% 104% 104% 50,000
104 104% 18,000
Grand Trunk Ry 6%s-11136 104
1937 94% 13% 91% 80,000
Gulf 011 of Pa .50
100 10034 4,000
Hocking Vail RR 63_1924
Hood Rubber 7% notes.'36 101% 100% 10134 10,000
8574 85% 2.000
Hydraulic Steel 85.___1930
99
63,000
99
III Cent RR 53 w L._ 1935 99
98% 98% 2,000
fitterb R T Ss J P M recta.
104 101% 30,000
Kennecott Copper 7a.1930 104
18,000
Libby McNeill& Li bby 7s'31 99% 99% 100
Liggett-Winchester 75.1942
10134 10134 1,000
87
58 _1962 86% 86
24,000
Louisa Gas &
164% 183
37.000
Maracaibo 011 Exit 7. 1926 165
Morris & Co 73413..-__ _1930 10234 10234 103% 26,000
963.4 97
24,000
Nat Acme Co 7%9-.1931 97
10634 106% 4,000
Nat Cloak dc Suit 88_1930
100 101
16.000
National Leather 8s 1925 100
89
89
6,000
New On Pub Sera 141 1962 89
N Y Chic & St L RR1931
Series C 68
9334 12.000
98
9634 9634 89,000
Y Lack & West 4%81973
8574 08,000
1932 8434 84
Ohio Power 58
9534 9534 1,000
1942
Paulista Ry is
1941 102% 10234 10334 31,000
Phila Electric 88
53413
1947 9934 9934 1003.4 2.000
140 140
1,000
Phillips Petrol 734s_ _ _ 1931
10134 1013.4 10234 19,000
Without warrants,
102% 103
19.000
Public Seine Corp 7s w 1.41 103
73.1.4
7034
705,000
'Rapid Tran Sec 6eser A'38
Sears. Roomy* & Cu 7s.23
10034 101
17,000
104 10134 8,000
Shawsheen Mills 713-1031 104
9934 9974 2,000
Sheffield Farms 614s. _1942
1% 9634 9694 14,000
Sloss-Sheffield S dr I 6,31929 10
104 10434 9,000
1927
Solvay & Cie 8s
South Calif Edison 58_1944 8735 87
8931 9,000
10174 10334 76.000
Southw Bell Telep 78.1925
98
98
Stand Gas& Else 614s.1933 98
2,000
20,000
Stand 011 01 N Y 63481933 105% 10534 105
7% aerial gold deb_1925 102% 10234 10334 3,000
7% serial gold deb_ _1926 104
10334 104
10,000
107 107
5.000
7% serial gold deb. 1928 107
10534 108
12,000
7% serial gold dab. _1929 106
7% serial gold deb...1930 - - - - -- 10734 10334 6,000
10734 10734 3,000
7% serial gold deb..1031
1023.4 10234 3,000
Sun Co 7s
231 8934 9034 69,000
00
Swift & Co 69. _Oct lb 19312 19
Tidal Osage Oil 75 ._ _1931 - - - -- 10234 10231 5,000
10374 10831 6,000
Uulted 011 Produe 85. _1931 108
10434 1053; 6.000
United Rys of Hay 730'36 105
7
0 103
37
1193
72,000
10634 107
Vacuum 011 7s
103 1033.4 4,000
Valvoline 011 as
66
66
1,000
Wayne Coal 6s
Foreign Government
and Municipalities
Argentine Nation 75..1923
Italian Govt cony 4s
1946
Mexico 45
611 10-year series B
Series A
Netherlands(Kingd)(38B*72
Perti(RepublIc) 85w 1_1932
Russian Govt1114,3___ _1919
Certificates
Russian Govt 745- -1921
Switzerland Govt 5341.1929
10034 100
434 4354
_4074 33%
5634
6794 57%
99
OS
9934 99%
1334 1334
1234
- _ 13%
1023.4 102
Range since Jan. 1.
Low.
640 Feb
2114 Feb
114 ••,,
44o Mar
1%
tam
60c Mar
26% Jan
Trio Feb
IS Mar
334 Jan
IC
lo Mar
34 Feb
2e Feb
13.1
20a
4o Mar
Jan
3o
1934 Mar
750 Jan
High.
89.' Mar
Mar
4
234 Jan
67, Feb
2% Feb
79e Mar
3734 Mar
1% Mar
23' Jan
534 Mar
Mar
10e Mar
1% laa
60 Jan
650 Feb
7c Mar
80 Feb
2134 Mar
Feb
05o
63
76
103%
10214
97%
86
114
Mar 71,74
Mar 84%
Mar 107
Mar 106
Mar 9734
Feb 96%
Mar 98%
Jan
ihn
Feb
Mat
Mar
Jan
Mar
100%
58
99
95%
100%
103%
1013i
102
fl2
106
6134
65%
10034
10-116
90
"is
98%
100%
106
94
91
9034
104
20
I 034
105%
97%
9•
9834
993(
101t*
93
99%
11834
9734
9634
94%
97
1034
104%
9334
100
opo4
Big
99
95%
103
9934
10134
86
196
101
9534
10.3%
100
89
Mar
Feb
98
96%
84
95%
102%
99%
120
101%
1023(
744
100%
1 .4
99%
96
104
8r
101%
98
105%
102%
103%
106%
105%
101%
107%
101%
8'
1023(
96%
10434
10634
103%
6734
100% 120.000 100
4334 70,000 4334
40% 226,000 36%
5734 82,000 60%
57% 125,000 5534
99 193,000 97%
9914 17.000
974
1334 3,000
9
13% 16,000
934
13% 1,000
10234 72,000 102
1014
904
Mar
Jan 9934
Mar 10134
Mar 101%
10334
Mar 10334
Mar 9014
Mar 10534
82
Feb 8174
Mar 1(m5%
104
Feb 95%
Feb mill.,
Mar 99%
Mar 10134
Feb 1074A
.111,1
97
Jan 96
Feb 93%
Mar 104%
Mar 30
Mar 10314
Jan 10834
Mar 100
106
Mar 10334
Mar 10134
.;
101
Feb 1)7
Mar 10034
Mat 10034
Mar 100
Feb 99%
Mar 98%
Mar 99
Mar 10554
Mar 107
Mar 97.4
Mar 100%
1111.
86
99%
9a34
J.01 10334
i%
1.tn
Mar 10334
Mar 1114,f,
Mar 183
Mar 126%
Jan 9734
rasi inn%
Mar 102
Mar 89%
Mar
Feb
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Feb
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Feb
Mar
Feb
Mar
Mar
Jan
Mar
Mar
Jan
Mar
Jan
Mar
JUL
Jan
Feb
Jae
Jan
Jan
Mar
Mr
13o.
Feb
Feb
kilt
Feb
Jan
Mar
Mar
Feb
Mar
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jo ,
Feb
Feb
Feb
Feb
Feb
as
mu
4,,
Jan
Mar
Feb
Mar
i.5Il
.1 III
Jan
lIn
Mar
Jan
Mar
Mar
Jan
Mat
100% Feb
9634 Mar
97
105%
102%
140
10334
104%
7334
10134
106
100%
9834
10534
9714
103
98
107%
106%
105%
Ina
11034
109%
110
ma
94
103%
106%
107
107%
103%
73%
Jan
Jan
Jan
Mar
Feb
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Mar
laa
Feb
Jan
Mar
Jan
•Ian
Feb
Mar
Feb
Jan
Mar
Jan
Jan
Mar
Jan
Jan 10034 Jag
Mar 433( Mar
Jan 41% Mar
Jan 67,4 MST
Mar 5754Mar
Mar 10034 Feb
Feb 9931 Mar
Jan ja% Feb
Jan 15% Feb
Feb
Jan 16
Jan
Mar 104
dialDollars per 1.000 marks. a Ex-100% stockStook
I Odd lots. • No par vs ue.
the
dead. o Marks. I Correction. as Dollars per 1,1100 lire fiat. I [Anted onEx-tined&
0
Exchange this week, where additional transactions will be found.
-special dividend
dividend id $25. n Ex-extra dividend of $20. o New stock. p Ex
a Ex-60% Inane
of 11150 and regular dividend of $3. r Ex-100% stock dividend.
a Ex-emelt
dividend. i Ex-200% stock dividend. a Ex-66 2-3% stock dividend.
-Stock dividend
cilv. of *0%. in When hailed. z Ex-dividend. y Ex-rIghta. I Ex
Inxtestment and SailTrout intelligna.
1401
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from
regular weekly or monthly returns
oan be obtained. The first two columns of figures give the gross earnings for thewhich
week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or latest
month. The returns of electric railways
are brought together separately on a subsequent page.
ROADS.
1
Latest Gross Earnings.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
3
Akr Can & Youngst February
201917 151019
393.460
314,535
Alabama & Vicksb_ February
249.306 230,051
568,217
469,791
American By Exp_ _1November 13363 a149 14471
29d 138'70323 1745.16452
Ann Arbor
'2d wk Mar
75,141 101,437
966,195
909.178
Atch Topeka & S Fe February 14170447 12376461 30,619.317
24,774,102
Gulf Colo & S FL. January
2.069.874 1,615,391 2,069.874 1,615.391
Panhandl S Fe January
623.308 528,484
623.308
528.484
Atlanta Iman & Atl_ ,February
374.66a 274.1187
777 59,
547.839
Atlanta & West Pt.. February
223,255 160,008
463,931
341.570
Atlantic City
February
225,343 215,099
468,729
436,740
Atl ntic Coast 1..1
ry 7.2he VI 3.1,1, 0 14.38
,7 11.3 ?.1,3(5
Baltimore & Ohio_ _'February 18692393 15033672
39,249.363 29,303.432
B &0 Ch Term February
262,787 209,522
556,518
410.607
Bangor & Aroostt ok February
490.118 698.080
987,067 1,376,649
Bellefonte Central 'January
9,760
7,102
9,760
7.102
Belt By of Chicago- January
620.815 436.434
620,815
436,434
Bessemer & L Erie.... February
920.607 579,020 2,101,927 1,138,520
Bingham & Garfield February
32,994
9,618
65.183
.19.000
Boston & Maine__ _1February 5,931,10'
1 5,927,074 12,244,159 11,708,447
Bklyn E D Term
January _
138.233 114.910
138.233
114.910
Buff Roch & Pittab- 3d wk Mar 499.242 402,097 3,586,744 2,562.608
Buffalo & Su.sq
February
237,179 192,347
509.413
364,195
Canadian Nat Rys- 3d wk Mar 1,969.427 2.236,867 23,152,363 22,444,006
Qanadian Pacific
3d wk Mar 2,886.000 3,097.000 32,541,000 31,326,000
110aro Clinch & Ohio_ February
652,784 583,132 1.380,368 1.182,212
Central of Georgia- February 2,157.738 1,647,207 4,317,485 3.154,094
Central RR of N J February 4,005.031 1,945,016 8.419,600 8,011,923
Cent New England.. February
511.98' 615.1614 1,033.625 1,143,242
Central Vermont
February
603,328 524,510 1,219,123 1.018,133
Chart ston & W Or February
,
.11
t147.45)448.9t4
Chas & Ohio Lines-- February 6.819.789 6,980,645 14,462.470 12.870,187
Chicago & Alton-- February 2.420,878 2,561,439 5,363,020 4,988,919
Chic Burl & Quincy- February 13126287 12082472 28,310,324 23,744,616
Chicago & East III_ February 2,230,408 2,085,918 4,876,540 4,141.553
Chicago Great West January
2.123.218 1,630.488 2,123.218 1.630.488
Chic Ind & Loulsv February 1,332.158 1,204.058 2,762,911 2,350,550
Chic Milw & St Paul February 12346682 10402775 26.816,921 21,275,022
Chic & North West-'February 11448293 9,897,064 23,978.873 19,871,881
Chic Peoria, & St L_ January
160.6911 191.177
160.6911 191.177
Ghlc River at Ind
January
640.2071
640.2071
Chic R I & Pacific-- February 8,563.857 8,532,715 18,930,248 17.100,951
Chic R I & Gulf.... Feoruary
354,456 436.801
832,960
907.113
Chic St P M & Om.. February 2.066,761 1.921,077 4,487,681 3,893,668
Chic Ind & Western January
426.927 320,079
426.927
320.079
Colorado & South'n February
908,624 978,526 2,014,836 1,880,358
Ft W & Den City- January
732,653 672,831
732.653
672.831
Trio & Brazos Val January
165,624 463.812
165,624
463.812
Wichita Valley-- January
109.103 105,881
109.103
105,881
Columbus & Greenv January
„ .
140.565
121,148
Delaware & Hudson February 2,954,654 3,808,103 6,204,170 7.217,716
Del Lack & Western January
6.671.457 6.193.591 6,671.457 6.193.591
Den az Rio Grande.. January
2,650,403 2,331,979 2,650.403 2.331.979
Denver & Salt Lake February
160,045 134,881
303,003
249,450
Detroit & Mackinac January
125,131 103.264
125,131
103.264
Detroit Tol & Irma_ February
680,955 616,586 1.450,626 1.056,022
Del& Tol Shore L..- January
370,554 267,85
370,554
267,859
Dul & Iron Range... January
175,152
99.78
175,152
99,788
Dul Missabe & Nor_ January
133.003 126,25.5
133.003
126.255
Dub Sou Shore & Atl 3d wk Mar
86,442
80,152 1.071,774
736,962
Duluth Winn & Pac January
213.473 168.17
2/3,473
168,177
East St Louis Conn.. February
205,448 131,302
408,413
263,115
Elgin Joliet it Kast January
2,274.658 1,467.641 2.279 658 1.467.640
RI Paso & Sou West February
939,120
1,975,737 1,542.104
Erie Railroad
February 9,316,309 7,658.078 18,968,634 14,835,328
Chicago & Erie_ February
946,194 842,538
1,692.916
,
NJ&NY RR February
117,438 113.553 '242.330
228,507
Evan Ind & Terre H February
137,179 109,812
298,8°8
298,m2
Florida East Coast- January
1,498,272 1,209,536 1,498.272 1.209,536
Fonda Johns & Glov February
128.153 120,717
263.114
237.846
Ft Smith & Western February
119,065 107,493
260,861
216,844
Galveston Wharf
February
106,263 101.041
232,597
205,938
Georgia Railroad_
February
439,099 336,035, 912.028
680,417
Georgia & 1.1 rida_ _
w.c'
,
tar
,II 344 747
'48'
31 4
278 ,64
Grand Trunk Syst- 3d wk Mar 2,222,865 1.930,118 23.244,920 20,VIE
All & St Luarr_ _ January
3414,944)
028
a•
ChDetCanG Tint January
226,357 201,6
1 11 226.357
201.611
Del G H & Mllw_ January
433.288 325.4351 433,288
325.435
Grand Trk West_ January
1.399.742 1,012.782 1.399.742 1.012.782
Great North System February 6,781,035 5,703,628 15,655,995 11,599,845
Green Bay & West.. February
97,939
195,202
88,245
203,498
GulfMobile & Nor.. February
420,670 314,137
905,141
643.964
Gulf & Ship Island_ January
258,303
258,303 219.294
219.294
Hocking Valley-- January
1,307.459 938.295 1.307.459
938.295
Ill Cent(whole sys)_ February 14748987 12817287 31,344,108
25,425,970
Illinois Central February 13334620 11516003 27,966,479 22,715.101
Yazoo & Miss Val February 1,414.367 1.301,284 3.377,629 2.710,869
Internet By in Me_ January
334.763 259,
334.763
259.805
Internal & Girt Nor.. February 1,025,829 1,001,660 2,253.277
2,038,020
Han City Mex & Or January
107.442
103,367
103.367
107.442
K0 Mex &0 of Tex February
108.630 113.087
233,034
219.718
Kansas City South_ February 1,477.488 1,386,829 3,262,571
2,715,925
Texark & Ft Elm-- January
221,001 182,062
221,001
182,062
Total system..--- February 1,669,082 1,548.599 3,675.165 3,059,757
Han Okla & Gulf_ January
263.168 208.280
263.168
208.280
Lake Rua & Ish nem- January
1.899
8,902
8.902
1,899
Lake Terminal Ry- February
87,524
75,379
157,818
169.370
Lehktit & Bud Myer February
21,8.1.0, 223.984
428,710
448 9.2
Lehigh & New Eng_ January
352.866
461.39
461.398
352 816
Lehigh Valley
February 4,708,2306,401,042 9,831,317 10,535,127
Los Ang & Salt Lake January
1,730,410 1,473,540 1,730,410 1,473.540
Louisiana & Arkan January
330.343
330.34" 218.422
218.422
LouLaiana Ry & Nay January
353,965
353.965 239.200
239,200
Louisville & Nashv_ February 9,781.490
9,078,606 20,814,617 17,678,068
Loulsv Fiend & St L January
285.287
285.287 203,243
203.243
Maine Central
February 1.406,849 1,550,834 2,923,398 3,073,446
Midland Valley
February
347.165 323,986
732,214
643,481
ROADS.
Latest Gross Earnings.
Week or
Current
Previous
1Jan. 1 to Latest Date.
Current I Previous
Mineral Range
3d wk Mar
/911
49,904
Miaueap &6t LOWS 3t we Mar 3.29
324
1;0
311 2,4
30
9:99
9616
32
39
614:1
9
2
784 3.690
78
13 3.824:
Minn St P & S S M.. February
7,392.937 5.089.248
Mississippi Central.. February
152.325 113.879
228.854
310.541
Mo & North Arican_ January
115.007
115.007
Mo Han & Tex Syst February 4,043,9183,73
7,071 8,732,815 7.589.738
Missouri Kan & Tex February 2.441.07j 2.116.922
5.311,111 4.256,292
Mo K & T Ety ofTex January
. .
, .
. .727
. .
Missouri Pacific_
February 7,601,442 7,424.424 16,373.470
14,910.408
Mob & Oaio
31 w,c Mar 398.6,.7 338:33 4,706.712 3,598,004
Colum & Greenv_ February
105,524
95.704
246,08
M,.noogahela Conn_ Tannary
93.1.48
205.123
.93:1 86
20F. 123
Montour
February
116,474
167.434
90,652
260,791
Nashv Chatt & St L February 1,820,018 1,501.493
2,957.616
3.749,141
Nevada-C .1-Oregon. 3d We Mar
3.771
2,861
39.652
54.126
Nevada-Northern.... January
50,505 17.380
17,380
50.505
Newburgh & Sou Sh February
162,020 169,045
321,843
268.529
New On Great Nor.. January
235.206 194,223
235,206
194.223
N 0 Texas & Mex January
275.232 217.618
275,232
217.618
Beaum S L & W.._ January
184,367 153.794
184,367
153.794
St L Browns & M January
432.774 451.011
432,774•
•
New York Central.._ February 29284565 25787057 63.749,275 51.655.739
Ind Harbor Belt_ February
.510 728.0921.842,946 1,407.499
Michigan Central February 6,747.7995,532.241 14,622,371
10,809,285
000& St Louis.. February 7,091,1586.478,725 15,466,970 12,516,845
Cincinnati North_ January
435.172 247.6bt1
435.1721 247.686
Pitts & Lake Briz, a'abru.ry 3.324.013 1.2.315
83
6.861.797 3,608,588
N Y Chic & St Louis February 3,125.989 2,980.006 6,739,164
5,695,997
N Y Connecting
February
441,681 250,408
537,067
465.599
N Y N H & Hartf-- February 9,278,493 8.577,023 19.190.04917,
301.626
N Y Ont & Western February
846,1291 959,9261 1,807,968 1.766,229
N Y Susq & West_ February
372.9941 337.200
760.368
661.640
Norfolk Southern February
696,651 620.240, 1,380,288 1.140.105
Norfolk & Western.. February 6.595.565 6,325,621 13.494.474
12,353.292
Northern Pacific.. February 6,534,900 5.859,499 14422,913 11.847,325
Northwestern Pac ,January
534.304 507,399
534.304
507.399
Pennsylv RR & Co.. February 49476813 45604997 105125743
91,192.068
Bait Claes & AU_ February
73,854
77,662
158,988
148.946
Long Island
February 2.082,771 1,863,172 4.404,127 3.784,475
Mary'd Del & Va.. February
46,9211 55.415
113.677
112,373
Mouongabola
IFebruary
347,023 436,038
787,182
8u6,668
o! Pa & West.TmJanuary
155.992 123.135
155.982
123,135
W Jersey & &ash February
839,239 794,765 1.791.246 1,515,097
Penn RR(entire sys) February 52702591 48562262 111971 909 97,091.171
Peoria & Pekin Un_ }February
135,281 172,398
299,046
316,766
Pere Marquette........ February 2,998.6222,683.836 6,509,104
5.122.023
Perkiomen
.February
83.658
84.419
188.304
172,040
Phila & Reading
February 8,177.517 6.923,568 17,428.565 13,044.326
Pittsb & Snawznut February
120,0051 13z,342
270,775
232,447
PitM Shaw & North Fobrulry
139.973 108.485
293.975
202.954
Pittsb & West
February
244.155 257,824
509,727
484.451
Port Reading
February
255,063 227.242
579.883
405,471
Pullman Company_ January
5.572.223 5,423.399 5,572.223 5,423.399
Quincy Om dr K 0_ _ January
127.668
72.818
127.668
72.818
Rich Fred & Potom_ February
re
876,991 776,432 1.840,687 1,527,588
.1i Ili land
457.884 422.a37
9560,82
834,373
St Jos & Grand lard January
266.371 234,311
266,371
234.311
St Louis-San Fran_ 3d we Mar 1,642.395 1,591.197 18.628,825
16,730,575
Ft W & Rio Gr.. January
119.097 105,244
119.097
105,244
St L-S F of Texas January
136,358 138.897
136,358
138.897
St Louis Stouthtvast_ le-thr try 2.227 934 1,763.14.11 4,8o
i.673 3,705,468
St L SW of Tex__ February
558.372 526,597 1.274,123 1,150,110
Total system__ 3d wk Mar 543,492 501,735 6,531.282 5.147.637
St Louis Transfer__ February
76,074 105.000
148.288; 212,087
San An & Aran Pass January
413.543 364.809
413.5431 364.809
San Ant Uvalde & G January
81.028
65.824
81.028'
65,824
Seaboard Air Line__ January
4.487.731 3.588.569 4,487.731 3,588,569
Southern Pacific Co. February 19208874 17332355 40,449,256
Atlantic S S Lines February 1,078,638, 996,091 2.201.663 35.968,006
1.888.314
Arizona Eastern_ January
299.5641 182.385
299.564
182.385
Galy Harris & S A January
1,891.326 1.629.592 1.891.326 1.629.592
Hous& Tex Cent_ January
1,227.387 1,413,881 1.227.387 1,413.881
i How;E & W Tex_ January
244.291 215.655
244,291
215.655
Louisiana Western January
433.231 344.795
433.231
344.795
Morg La & Texas January
895.024 608,390
895.024
608,390
Texas & New On.. Jan
749,604 828,814
749.604.
Souttrn
a
Railway.... 3d a
tr
I Mar 3,815,545
41,971,971 33,711.697
Al t "rat South.. Fabruary
819,191 655.982 1,710,714 1,329.400
Gin N 0& Tex P_ February 1,741.934 1,261,953 3.615,943
2.566,559
Geer .1 Sou & FL February
390,093 337.019
827,165
748,765
New Orl & Nor E_ February
537,848 473,3051 1,146.151
964.066
Non,.r Al t_ _ _ February
117,926
82,921
267,703
167,987
Spokane Internat.... January
101.289
90,829
101.289
90.829
Spok Port & Seattle_ January
620,682 532,753
620.682
532.74
Staten Island R T__ February
152,889 166.508
330.623
325.194
T•ala
C mi., .1
,no ry
230 141,3 ibi a34I 239 so3
16? 5:4
Term RR A.asnotStL February
364.416 362,718
767.112
753,931
St L Mer Bdge T_ February
410,297
311,255
864,571
615,926
e OZ.
etrtc
3 1 w4 mar
5111.o21 50,172I 6,723.3 ,3 6,4$.,.165
Tol Poor & Western February
151.899 146,904
307,881
270,039
Ulster & Delaware.... February
99,478
83,534
204,133
170,909
Union Pacific
January
8.245.007 6.813.033 8,245.007 6,613.033
St Jos & Grand Isi January
266,371 234,311
266,371
234.311
Total system...... Feoruary 13596085 12853195
29.029,695 25,745.267
Oregon Short Line January
3.078.198 2,567.359 3.078.198 2,567.359
Ore-Wash RR&N January
2.379.995 2,038,140 2.379.995 2,038.140
Union RR (Penn)... February
770.825 646,296 1,716,075 1,306.995
Utah
February
127,621 140.757
277,948
247.436
Vicks Shreve & Pac_ February
325,531 279,812
569,752
686,173
in Ii ..iros.d_
.ry 1.a11.9a8 1,537.i33 3,141.14
i 2.9,-12.293
Wabash RR
February 4.610.4944.532,121 9,481,732
Western 34 .ryl ind_ 3.1 We Mar 465..13., 331.673 4,774.228 8,834.612
3.986.316
Western Pacific........ January
862.602 790.440
790.440
862.602
Western By of Ala February
228,320 161,678
466,686
343.011
Wheel & Lake Erie_ February 1,039,119 1,064,541
2,127,860
2.031.913
Wichita Falls & NW January
97.942 129.570
97.942
129.570
AGGREGATE OF GROSS EARNINGS--Weekly and Monthly
Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
Cl.et:r
aer7
.
0
Previous
Increase or
%
Monthly Summaries.
Year.
Decrease.
$
Mileage. Curr.Yr. Prey.Yr.1
$
2d week Jan 117 roads)........ 13.413.517 11,1&b,706
8
3
+2.243.811
April
2.01
234,955
week
3d
Jan 17 roads......
234.338 416,240.237 432,186,647 -15.866.410 3.67
, , 82 11,735.734 +1.473,448 12.50 May
234,931 234,051 447,299,150 443,229,399 +4.069.751 0.92
013 week Jan 16 roadst.._. 18,741,873
235,310 234,568 472,383,903 460,007,081 +12.376.822 2.69
1st week Fob 16 roads1...._ 12,813,15 14,988.968 +3.752.905 25.03 June
11,819.434
.723 7.56 July
235,082 231,556 442,736,397 462,696.986 -19,960.589 4.31
2d week Feb 15 roads,........ 12,194.740 11,460.961
+773,779 6.48 August
235.294 235,090 472.242.561 504,154.075 -31.911,054
3d week Feb 18 roads)-__- 12,673.832 12,074.590
6.35
+599,242 4.96 September - _235.280 235,205 498,702.275 496.978.5031
4th week Feb 17 roads).- 15,774.740 13,509.329 +2,265,411
+1,723.772 0.33
,
1st week Mar 19 roads)_ --- 15,904,378 14,177,334 +1.727,044 16.76 October
12.18 November -235,748 235.679 523.748.483 466,130,3281+
2d week Mar 20 roads)---- 15,578.825 14.729.356
+849,469 5.76 December_ -235,290 236.121 512.433.733 434,698.143 57.618.155 12.35
3d week Mar (15 roads).-- 15.491.516 14.719.458
4-779 mn 5.2a
January -...235.678 235,827,500.816.5211395,000,157I +87,735.590,20.66
+70,803.472121.00
• Grand Rapids & Indiana and Pitts. Ctn. Chic. & St. Louis included in Pennsylvania
ER. z Lake Erie & Western included In New York
Central.
THE CHRONICLE
[VOL. 116.
-Grossfrom Railway- -Net from Railway--Net after Taxes
1922.
1923.
1922.
1922.
1923.
1923.
$
Colorado & Southern163,308
-7,279
183,700
978,526 -19,240
February
908,624
189,437
25,073
From Jan 1_ 2,014,836 1,880,358
207,270
22.203
Delaware dr Hudson902,767
-280,417
940,762
-319,264
2,954,654
_
_
3,808,103
February
Increase. Decrease.
1922.
1923.
Third Week of March.
From Jan 1_ 6,204,170 7,217,716 -720.101 1,375,754 -670,807 1,308,373
&
Denver
Salt Lake$
$
$
$
9,597
5,095 -16,980
134,881 -24,034
February __
160.045
499.242
402.097
97,145
Buffalo Rochester & Pittsburgh
23.078
267.440
13,858 -65,264
From Jan L 303.003
249,450 -75,337
Canadian National Railways__ - 1.969,427 2,236.867
211.000 Detroit Toledo & Ironton2,886,000 3,097,000
Canadian Pacific
86.442
80.152
6.290
Duluth South Shore & Atlantic..
179.249
181,539
104,149
616,586
February __ 680,955
194,102
34,400
29,800
4.800
Georgia & Florida Ry
263,130
From Jan L 1,450,628 1,056,022
346,079
371.327
291,558
Grand Trunk Railway System- 2,222,885 1,930.118 292.747
36,435 East St Louts Connecting3130.785
324,350
Minneapolis & St Louis
49,009
113,285
131,302
February __ 205,448
123,836
54,063
7.911
4.904
3.007
Mineral Range
91,978
From Jan 1_ 408.413
199,305
220,463
102.086
263,115
60,574
398,807
338,033
Mobile & Ohio
El
Southwestern
&
Paso
Oregon__
910
3.771
&
2,881
California
Nevada
139,086
788,235
120,613
196,312
238,261
February __ 939,120
3,845,545 3,248.465 597.080
Southern Railway System
268,388
329.468
430,461
460,772
From Jan 1_ 1,975,737 1,542,104
51,198
1,642.395 1.591..197
St. Louis-San Francisco
41.757
543,492
501.735
Erie RRSt. Louis Southwestern
762
963,726
560.772
679,596
985,545 1,240,121
561,534
February __ 9,316,309. 7,658,078
Texas Pacific
485.535
334,670 130,865
From Jan L18,968,634 14,835,328 1,616,781 1,631,395 1,001,117 1,163,029
Western Maryland
Chicago & Erie15,491,516 14,719,456 1,286,935 514.875
Total (15 roads)
110,420
103,806
157,476
842,538 . 160,248
February __ 946,194
7790410
TratinerpnRP(A 950Z)
217.353
180,888
282,108
316,843
From Jan L 1,967,666 1,692,916
New Jersey & New York RRNet Earnings Monthly to Latest Dates.-The table
12,393
7,889
11,245
15,393
113,553
117,438
February __
4,256
10,967
15,810
228,507
21,820
From Jan E 242,330
following shows the gross and net earnings with charges and
Haute
Terre
&
Ind
Evansville
surplus of STEAM railroad and industrial companies
-5,698
31.387
35,620
-1,448
109,872
137,179
February __
74,760
reported this week:
11
-8.601
83,226
208,622
From Jan L 298,858
- Ft Smith & Western--Gross frost Railway- -Net from Railway- -Nd after razes
1922.
1922.
7.649
13,580
1923.
1923.
2,966
-2,858
107,493
1922.
119,085
1923.
February __
25,505
5,125
-6,567
37.265
216,844
From Jan L 260,861
Akron Canton as YoungstownWharf
Galveston
84,106
70,126
73.106
83.790
159,019
February. 203.917
12,809
-26,017
-6,985
29,870
101,041
106,263
February __
123,476
141,476
125,257
151,671
314,535
From Jan E 393,460
39.412 -56,575
73,422 -20,543
205,938
From Jan L 232,597
Alabama & VicksburgRRGeorgia
42,167
27,010
18,887
230,051
February .._ 249,306
44,082
9,743
16,776
50.469
336,035
439,099
__
February
79
022
7;
15
87,614
53,266
139,038
469,791
From Jan 1_ 5138,217
96,335
1,654
15,722
109,164
680,417
From Jan L 912,028
Atch Topeka & Santa FeSystem
Northern
Great
February _ A4,170,447 12,375,461 3,819.526 2,627,831 2.617,355 1,604,502
-802,562
-51,898
442,046
February __ 6,781,035 5,703,628 -144,141
From Jan L30.619.347 24,774,102 9,024,013 4,581,734 6,459,119 2,548,766
686.098 -44,239 -385,396
From Jan L15,655,995 11.599,845 1,320,854
Atlanta firm & Atlantic- •
Bay & WesternGreen
987 --48,960 -14.236 -68,028
274,087
February _ - 374,665
-1.857
12,616
20,616
6,143
97,939
88,245
February..
2,442 -113,595 -25,527 -152,072
547,839
From Jan 1_ 777,591
4,980
26,807
42,807
20.980
203,498
195,202
From Jan 1
Atlanta de Wad PointNorthern
&
Mobile
Gulf
-1,928
45,217
59,545
7,420
160,008
53,535
85,260
February __ 223.258
70,825
110,902
314,137
420.670
February __
-1,309
17,212
72,079
98,599
341,570
102,019
From Jan 1- 483,931
203,787
135,307
250,206
643.964
From Jan 1_ 905,141
Atlantic CityIllinois Central System215,099 -38,999 -42,106 --56,574 --61,354
February __ 225,343
February _ _14,748,987 12,817,287 3,240,113 3,402,857 2,311,336 2,258,215
438,740 -112,268 -20,005 --151,428 --58,525
From Jan L 468,729
From Jan 131,344.108 25,425,970 7,194,105 5,993,232 5,224,077 3,801,385
Atlantic Coast LineIllinois CentralL633,418
1,885,617
2,143,351
2,494.190
6,016,209
7,266,478
February _
February _ A3,334,620 11,516,003 3,149,120 3,332,387 2,331,285 2,306,272
From Jan L14,382,207 11,321.325 4,817,981 3.056.813 4.116,793 2,554,693
From Jan 1 27,968,470 22,715,101 8,635,258 5,842,258 4,887,134 3.887,460
Baltimore & Ohio& Miss ValleyYazoo
February _18,692,393 18.033,672 3,757.355 2,983.723 2,931,434 2.327,341
70,470 -19.879 -48,057
90,993
February __ 1,414,387 1,301,284
From Jan 1_39,249,363 29.303,432 8,696,024 5,457.558 7,043,781 4,138,575
3313.943 -86,095
150.974
558,847
From Jan 1 3,377,629 2,710,869
Bait & Ohio Chicago Terminal& Great Northern7,672 --23,902 --30.883 International
20.323
209,522
89.705
February __ 262,787
36,153
84.748
123,489
1,001,660
1,025.829
_
_
February
18,194 -13,145 -58,823
75,502
410,607
26,152
190,176
From Jan 1.. 556,513
135,455
277.139
From Jan 1_ 2,253,277 2,038,020
Bangor & AroostookTexas
of
Or!
&
Max
City
Kan
183,867
225,397
15,212
51,322
698,080
February __ 490.118
-47,461
-44,310
-35.400
-30,205
113,037
108,630
February .._
387,176
448,762
23,685
92,989
From Jan L 987,067 1,376,649
219,718 -50,841 -97,249 -85,712 -124,377
From Jan 1_ 233,034
Bessemer & Lake ErieKansas City Southern28,286
87,500
-43,654
-10,765
579,020
239,946
February _ 920,607
230,677
246.876
270,771
1,477,488 1,386,829
__
February
348,254 -98,757
289,840 -164,350
588,926
From Jan 1_ 2,101,927 1,138.520
463,987
459,118
696,998
From Jan L 3,262,571 2,715,925
Bingham & GarfieldRyTerminal
Lake
13,031 --21,538
2,235 -27.300
9,618
32,204
-7,329
February __
33,242
39,578
-478
87,524
75,379
February _7,057 -53,852
21,498 --41,781
19,500
65,183
From Jan 1_
-5,253
59,442
72,115
8.448
169,370
157,818
From Jan 1
Boston & MaineRiver823.989 Lehigh & Hudson
787,292 -749,821
41,048
February __ 5,931,100 5,927,074 -507,336
63,952
74,130
51,048
223,984
February __ 208,728
767,233
87,517
81,444
From Jan L12.244,159 11,708,447-1,198,931 1,093,845-1.683,922
101,800
109,817
428,902
From Jan 1_ 428,716
Buffalo Rochester de PittsburghValley
Lehigh
252,516
204,763
169,580
287,518
-846,044
February _- 1,995,600 1,297,711
664,421
905,550
-636,154
4,708,230 5,401,042
February
400,454
436,525
306,336
470,900
From Jan L 4,128,175 2,515,139
-From Jan 1 9,831,317 10,535,127-1.263,959 1,471,833-L683.051 1,024,223
Buffalo dr SusquehannaNashville&
Louisville
41.479
44,729
27.477
41,377
192,347
February __ 237,179
921,043
9.781,490 9,078,606 1,545,514 1,224,668 1,094.903
February
46,594
53,094
57,792
85,293
364,195
From Jan L 509,413
From Jan L20,814,617 17,678.068 3,588,308 1,881,370 2,686,639 1.273,625
Canadian National RailwaysCentral
Maine
654,488
495.494
February _ _11,159.865 11,303,693
84,921
194,005 -183,368
February _ _ 1,406,849 1.550,834 --89,373
1,215,520 1,137,965
From Jan L24,308.779 22,641,668
129.723
327,869 -393,060
From Jan 1_ 2,923,398 3.073,446 -195,627
Canadian Pacific654,488 Midland Valley495.494
109,408
February _ .11,159,868 11,303,693
124,816
119.413
107,556
323,086
347.165
February _
1,215,520 1,137,965
225,966
From Jan 1 24,308,779 22,641,668
256,603
209,337
185.740
643,481
732,214
From Jan 1
Carolina Clinchfield & OhioLouisSt
&
Minneapolis
147.710
187,732
103,836
153,944
583,132
116,896
228,263
February __ 652,784
185,707
166,475
1,300,786 1,289,223
February
386,291
306,162
263,130
363,269
335,193
453,414
From Jan E 1,380,368 1,182,212
469,570
328,602
From Jan 1_ 2,769,530 2,586,884
Central of GeorgiaSault Ste M&
Paul
St
Minn
409.764
220.825
306,845
518,430
87.175 --423,573
February __ 2,157,738 1,647,207
328.865 --173,876
February __ 3,291,034 2,427.119
254,361
421,132
731,401
940,927
684,736 -762,705
From Jan L 4,317,485 3.154,094
From Jan 1_ 7,392,937 5,089,248 1,192,951 -274,585
Central RR of New Jersey-Central
341,354 Mississippi
584,457
258,907
569.978
42,903
13,534
48,945
February __ 4,055,034 4,045,016
113,879
7,268
February .... 152,325
546,430
376,046
983,918 1,062,281
93,839
21,837
From Jan L 8,419,606 8,014.923
105,925
9.308
228,854
From Jan 1. 310,541
Central New EnglandTexas
&
Kansas
Missouri
249,882
35,941
271,955
59,346
615,168
314,716 1,027,588
February __ 511,986
506,045 1,209,053
February __ 4,043,918 3,737.071
338,822
14,684
382.959
62,173
879,811 1,406,141
From Jan L 1,032,825 1,143,242
From Jan 1 8,732,815 7,580,738 1,293,851 1,774,645
Central Vermont23,405 Missouri Pacific40,978 -22.565
-2,013
524,510
373,429
February _- 603,328
754.510 1,129,248
738,555
February _ 7,601.442 7,424,424
-8.988
26,228 -112,868
From Jan 1_ 1.219,123 1.018,133 -71,753
From Jan 1.16,373,470 14,910,408 2,172,199 2,102,860 1,410,408 1,320,880
Charleston & West CarolinaOhio
&
Mobile
36,604
61,711
47,609
72,710
247,621
360,810
273,981
268.354
February __ 306,420
209,824
February __ 1,598,272 1,268,393
48,843
144,271
70,917
166,328
487,914
661,545
831,640 ' 497,803
From Jan L 617,456
367,962
From Jan 1_ 3,505,550 2,617.955
Chesapeake & Ohio LinesColumbus & Greenville14,047
-425
30,424
February __ 6,819.789 8,980,645 1,315,135 1,712,943 1,011,112 1,443,620
95.704
-6,095
105,524
February
21,775
38,267
216,852
52,186
From Jan L14,462,470 12,870,187 2,914,454 2,865,498 2,306,405 2,328,388
246,080
15,915
From Jan 1
Chicago & Alton837,598 Montour
206,780
712,901
288,609
11,328
00.652
9,476
21.345
February __ 2,420,878 2,561,439
116,474
8,602
February __
801,167 1,001,121
964,307 1,151,735
8,977
167,434
54,308
From Jan 1_ 5,363,020 4,988,919
38.570
260.791
3,677
From Jan 1
Chicago Burl & QuincyChattanooga & St LNashville
108,966
February _ _13,128.287 12.082.472 2,747,904 3,331,475 1,809,324 2,408,746
293.163
73,814
232,828
February __ 1,820,018 1,501.493
530,244
102,940
409,489
From Jan 1-28,310.324 23,744,616 6,697,729 5,513,524 4,830,496 3,676,187
32,188
From Jan 1_ 3,749,141 2,957,618
Shore
Chicago & Eastern IllinoisSouth
&
Newburgh
373,319
169,651
458,522
270,121
169,045
31,483
162,020
62,261
February __ 2,230,408 2,085.918
18.571
50,028
February __
626,678
509,778
712,638
797,480
268,529
33,268
321,843
78,265
8,450
From Jan L 4,876,540 4,141,553
55,616
From Jan 1
CentralChicago Ind az LouisvilleYork
Now
242,548
217,590
273,975
296,608
February __ 1,332,158 1,204.058
February _29,284,585 25,787,057 4,903,972 5,144.252 3,295,004 3,527,148
415,199
520,541
507,701
629.532
prom Jan 1_63,749,275 51,655,739 11,447,616 10,354,287 8,048,212 7,080,921
From Jan L 2,762,911 2,350,550
Chicago Milw & St PaulIndiana Harbor Belt-510,883
1,048,420
1,839,070
293,108
845,510
728,092
147,001
164,787
230,510
265,128
February _ -12,346,682 10,402,775
Februai y
930,268 3,181,224 -677,171
384,878
From Jan 1_26,816,921 21,275,022 4,761,904
444,004
426,116
From Jan L 1,842,946 1,407,499
379,004
Chicago & North WesternMichigan Central- ,
385,893
581,012
641,726
February _11,448,293 9,897,064 1.332,833 1,124,419
770,221 1,023,384
February __ 8,747,799 5,532.241 1,291,548
321,827
From Jan L23,978,873 19,871,881 2,945,933 1,793,276 1,442,350
From Jan 1_14,622.371 10,809,285 3,467.960 1,540,853 3,043,411 1,319,004
Pacific
Louis
Chicago Rock Island &
Cleve Gin Chic & St
730,883
371,219 1,257,171 -126,986
February __ 8,563,857 8,532.715
February _ _ 7,091,158 6.478,725 1,519,398 1,442,196 1,147,087 1,087.185
878,742
954.258
From Jan L18,930,248 17,100,951 1,973,057 1,919,459
From Jan 1_15,466,970 12,516,845 3,663,629 2,506,839 2,838,238 1,848.862
Pittsburgh & Lake ErieChicago III & Gulf•
78,423
90,123 -15,168
755,284 -354,348
-2,793
990,993 -276,039
February __ 3,324,913 1,832,315
436,801
February _ _ 354.456
119,747
145,581
83,137
77,809
From Jan L 832,960
907,113
From Jan 1_ 6,861,797 3,608,588 2,094,758 --571,874 1,671,067 --728.855
Y Chicago & St LouisChicago St P Minn & Om689,078
235.939
859,278
425,582
February __ 3,125.989 2,980,006
106,055
235,134
54,228
185,002
February -- 2,086.761 1,921,077
995.772
755.700
From Jan 1_ 6,739,164 5,695,997 1,185,897 1,324,839
40,185
294,671
350,297
From Jan 1_ 4.487,681 3,893,668
626.647
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third
week of March. The table covers 15 roads and shows
5.25% increase over the same week last year.
ILtui. 31 1923.]
THE CHRONICLE
-Gross Irma Railway- -Net from Railway- -Na after Taxes
1923.
1922.
1923.
1922.
1922.
1923.
.
$
N Y ConnectingFebruary _ _ 441,681
250,408
198,791
379,800
342,000
160,199
From Jan 1_ 537,067
465,599
406,584
318,599
330,984
242,207
N Y New Haven & HartfordFebruary _ 9,278.493 8,577.023 1,068,068 1,721,204
618,272 1,334.000
From Jan 1.19,190,049 17,301,526 1,646,006 3,398,413
793,082 2,623.953
N Y Ontario & WesternFebruary
846,129
959,926 -121,540
158,551 -164,136
120,549
From Jan _1. 1,807.968 1,766,229 -228,756
135.753 -313,994
59.746
N Y Susq & WesternFebruary
372,994
337.200
921
57,957 -28,868
32,678
From Jan _1
760,368
661.640
-9,894
90,348 -73,002
39,230
Norfolk SouthernFebruary
696,651
620.240
145,302
101,834
106.885
76,393
From Jan _1 1,380,288 1,140,105
250,710
84,059
173,764
33,162
Norfolk & WesternFebruary
0,595,565 0.325,621 1,178,529 1,742,114
694,194 1,291,638
From Jan _113,494,474 12,353,292 1,983,216 3,035,109 1,023,251 2,133,762
Northern PacificFebruary __ 6,534,900 5,859,499
148,842
319,664 -554,388 -438,664
From Jan 114,422,913 11,847,325 1,307,935
294,082 -78,414-1,216,808
Pennsylvania RR & Co-February _49,476,813 45,604,997 5,686,076 8,569,636 4,314,744 7,343,185
From Jan 1.105125743 91.192,068 13.559,212 15,800,825 10,332.872 12,929,312
Baltimore Chesapeake & AtlanticFebruary _ _
73.854
77,662 -38,371 -19,147 -38,371 -19,151
From Jan 1
158,988
148.946 -55,287 -52,725 -55,297 -52,729
Long IslandFebruary _ 2,082.771 1.863.172
163,474
205,272
141,978
183,145
From Jan 1 4,404,127 3,784,475
384,584
374,045
315.433
303,847
Maryland Delaware & VirginiaFebruary
46,921
55,415 -37,265 -28,388 -37,265 -28,394
From Jan _1
113,677
112,373 -77,975 -46,073 -97,976 -46,079
MonongahelaFebruary __ 347,023
436,038
82,242
240,985
72,292
232,985
From Jan 1_ 787,782
806,668
215,654
412,783
195,754
396,783
West Jersey & SeashoreFebruary _ 839,239
794,765 -17,693 -19,470 -17,696 -19,808
From Jan 1_ 1,791,246 1,515,097
15,280 -144,999
15,208 -145,374
Pennsylvania SystemFebruary _ 52,702,591 48,562,262 5,649,556 8,735,356 4,235,651 7,466,472
From Jan 1_111971909 97,091,171 13,768,151 15,968,893 10,423,963 12,980,525
Peoria & Pekin UnionFebruary __
172,398
135,281
33,492
68,040
20,992
63,040
299,046
From Jan 1
316,766
95.850
103,502
70,850
77,002
Pere MarquetteFebruary __ 2,998,522 2.683,836
815,520
599,156
382,360
472,319
From Jan 1_ 6,509,104 5,122,023 1,351,503 1,023,678 1,085,480
765,331
PerklomenFebruary
83,658
84.419
37.586
32.027
31,453
27,578
From Jan _1
188.304
172,046
92,220
59,716
79,954
50,973
Philadelphia & ReadingFebruary
8,177,517 6,923,568 2,317.841 2,040,360 2,054,245 1,848,949
From Jan _117,428,565 13,044,326 5,105,001 2,781,091 4,578,234 2,393,576
Pittsburgh & ShawmutFebruary __
120,005
131,342
2,619
30,215
2,507
30.100
From Jan 1_ 270,775
232,447
16,053
31,216
15,760
30,993
Pittsburgh Shawmut & NorFebruary __
130,973
108,485
4,371 -12,520
1,897 -14.707
From Jan 1_ 293,975
202.954
14,141 -20,321
9.269 -24.785
Pittsburgh & West VirginiaFebruary _ _ 244,155
257,706
51,801
67,254
39,144
12,760
From Jan 1_ 509,728
483,378
105,994
87,652
29,552
38,932
Port ReadingFebruary _ 255,063
227.242
112,706
135,057
120,684
99,094
From Jan 1
579,883
405.471
306,314
224,003
279.166
195,257
Richmond Frederick & Potomac.
876.991
February
776,432
252.437
235,350
195,261
211.381
From Jan _1 1,840,687 1,527,588
561,780
432,011
356,461
470,370
RutlandFebruary __ 457,884
422,507
26.195
5,235
25,559
11,390
From Jan 1. 956,082
834,373
54,340
18,851 -35,215
5,610
3t Louis-San Fran (Whole System)February...6,413,073 6,051.890 1,608,462 1,547,542 1,194,247 1,237,887
From Jan 113,484,134 12,218,629 3,568,006 2,992,026 2,789.482 2.467,975
St LouisSW of TexasFebruary
558,372
526,597 -195,106 -91,986 -220,286 -116,060
From Jan _1 1,274,123 1,150,110 -340,861 -167,872 -397,088 -215,966
St Louis Southwestern CoFebruary __ 2.227,933 1,760,148
298,053 *313,566 *25.5,498
400.073
From Jan 1. 4.890,673 3,705,468
648,853 *763,816 *564,479
989,001
St Louis Transfer76,074
February _ _
105,000
27,579
.57,651
27,847
56.687
From Jan 1
148,288
113,489
212,087
46,427
46,973
111,582
Southern PacificAtlantic Steamship LinesFebruary __ 1.078.638
231,121
200,757
212,339
996,091
219,228
From Jan 1 2,201,663 1,888,314
396,096
399,726
419,58
375,022
Southern Pacific SystemFebruary _19,208,874 17,332.356 3,452,710 2,985,305 1,883,487 1.494,995
From Jan 140,449,256 35,968,006 8,138,230 6,159,249 5,013,086 2,976,956
Southern RailwayFebruary _.11,116,066 9,019,687 2,482,291 1.491,703 2,003,512 1,052,333
From Jan 1_23,169.380 18,237,219 5,242,375 2,946,966 4,334,782 2,085,581
Alabama Great Southern128,770
February _- 819.191
200,996
133.076
655,982
99,343
From Jan 1_ 1,710.714 1,329,400
211,872
387,052
151,650
486,369
Cino. Now ON & Tex Pao260,909
500,540
February __ 1,741,934 1,261,953
386,685
205.979
FromJan 1. 3,615,943 2,566,559 1,056,743
558,199
880,094
448.825
Georgia Southern & FlaFebruary _ 390,093
19,818
337,019
84,287
63.132
12,749
From Jan L 827,165
104,927
748,765
187,258
144,910
80,276
New Orleans & NortheasternFebruary _
537,848
63,310
473,305
123,236
71,278
19,758
From Jan 1_ 1,146,151
115,510
964,066
188,896
287,637
28,373
Northern AlabamaFebruary __
117,926
82,921
25,771
30.162
34,139
21,701
From Jan 1_ 267,703
167,987
47,414
97,450
105,407
39,274
Staten Island Rapid TransitFebruary -_
152,889
166,508 -21,543
-9,179 -39,123 -24,605
From Jan 1
330,623
325,194 -46,418 -74,303 -81,557 -107,185
Term RR Assn of St LouisFebruary __ 364,416
362.718
26,785
139,823
95,981
84,461
Frotn Jan 1
767,112
753,931
218,922
88,134
280.797
170.045
St Louis Merch Bridge TerminalFebruary.. 410,297
311,255
140,038
113.261
104,897
88,848
From Jan 1
864.571
615,926
260,639
207.029
188,039
156,155
Texas de PacificFebruary _ 2.321,642 2,237,908
246,461
144,675
217,147
342,277
From Jan 1- 5,079,956 4,811,418
529,418
325.182
467,012
717,256
Toledo Peoria de WesternFebruary
151,899
146,004 -13,9131,1
-9,919
7,046
26
From Jan 1_ 307.881
270,039 -42,896
39.820
31,501 -32,868
Ulster & DelawareFebruary
99,478
83,534
-1,692 -11,371
-7,693 -17,392
204,133
1
170.909
From Jan _-8,412 -30,867 -20.418 -42,890
Union PacifloTotal systemFebruary _13,598.085 12.853,195 2,985,214 3.149,103 1,889,652 2,015.417
From Jan 129,029,505 25,745,267 6,321,551 5.839,987 4,128.623 3.574.141
1403
-Grosefrom Railway- -Net from Railway-- -Net after
1923.
1922.
1923.
1922.
1923.
$
$
Union RR (Penn)February _ _ 770,825
93,556
135,151
104,556
646,296
From Jan 1 1,716,075 1,306,995
332,883
255,266
310,883
Utah26,973
February..127,621
55,203
34.116
140,757
From Jan 1
60,916
277,948
81,785
75,203
247,436
Viskc Shreve & Pacific56.814
February..325,531
56,957
80,024
279,812
From Jan 1
133,395
686,173
86,018
183,431
569,752
Virginian RRFebruary __ 1,511,968 1,537,133
390,131
632,340
489,497
From Jan 1_ 3,120,147 2,952,293
781.736
997,870 1,144,043
Wabash RRFebruary -- 4.610,494 4,532.121
606,865
845,030
797,169
From Jan 1 9.481,732 8,834,612 1.581,477 1,352,649 1,200,660
Western MarylandFebruary __ 1,705,617 1,502,900
279.902
383,936
349,902
From Jan 1 3,436,039 2,977.453
566,585
754,408
696,585
Western Ry of AlabamaFebruary _ _ 228,320
45.153
161,678
7,211
57.198
From Jan 1
34.839
466,686
109,241
343.011
25,299
Tare:
1922.
122,151
229,266
48,434
68,425
39,288
51,022
535,979
946,935
656,316
975.038
333.926
654,408
1,484
11,840
* Allowing for other income.
Electric Railway and Other Public Utility Net
Earnings.-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
Companies.
-Gross Earninqs----Net Awnings
Previous
Previous
Current
Current
Year.
Year.
Year.
Year.
kBare Trac, L & P. Ltd_Feb 4,495.111
2.mos. ending Feb. 28__ 9.350,575
Beaver Valley Trac Co_ _Feb
55.566
2 mos. ending Feb. 28__
115,945
Colorado Power Co
85,840
Feb
12 mos ending Feb 28.-- 1,037.171
Duquesne Light Co
Feb 1,666,883
2 mos. ending Feb. 28-- 3,420,242
Eastern Pennsylv Rys Feb 219,258
12 mos.ending Feb.28.. 2,297,631
Louisville Gas & Elec Co_Jan 5,654.105
Mobile Electric Co
Jan 830,746
Mountain States Pow Co_Jan 1,152.932
Philadelphia Oil Co
Feb
41,018
2 mos. ending Feb. 28..
79,910
Puget Sound Gas Co_ _ _ _Jan 171,329
17th St Incline Plane Co_Feb
2,288
2 mos. ending Feb. 28._
5,132
San Diego Cons G & EL_Jan 3.756.665
Sou Canada Power Co.._Jan
78.638
5 mos ending Jan 31_ __ _ 389.278
South Colorado Pow Co_ _Jan 1,838,666
Tacoma Gas & Fuel Co_ _Jan 455,053
Western States Gas A: ELJan 2,722,134
$
3,417.663 1.953,656
7,492.157 4.182,407
47.331
*17.469
*35,411
100,322
*41,144
82.097
976,822 483.940
1.361.511 *719,635
2.866.363 *1.458,802
*91.119
201.861
2.347.220 *896.777
4.931,795 2.693.491
288.038
771.682
278,262
998.044
91,027
*20.987
*42.945
195.543
44.121
168.818
2,742
*616
*603
5.523
3.866.576 1.272.213
70,092
44.355
217.069
865,476
718,71$
1.758,603
112.593
577,227
045.416
2,553.993
$
2,343,541
4,863,351
*9,099
*21,824
*36489
*394,518
*588,715
*1,257.724
'85,741
*947.149
2.267.302
254.140
304.246
*67.431
*147,446
29.507
*140
*1.234
1.153.264
40.760
212.742
607.479
93,791
848.400
*Net after taxes.
k Given in pesetas.
Gross
Net after
Taxes.
Earnings.
$
Amer Water Works Jan '23 2,855,255 *1,263,345
& Electric Co
'22 1,724,268 *806.770
12 mos ending Jan 31 '23 25,481,174•11,177,612
'22 19,751.281 *8.391.342
Bangor By & Elec Jan '23
70,084
140,096
Co
'22
60.061
126.855
747,727
12 mos ending Jan 31 '23 1,502,177
'22 1,424,473
847.602
Brooklyn Rapid
Feb '23 2,691,862
884,560
Transit Co
886,814
22 2449,483
8 mos ending Feb 28 ',23 23.842.200 7,644.597
22,486,688 7,413.791
Cleve Painesv &
Jan '23
8,319
57,663
Eastern RR Co
12,887
54,070
'22
Commonwealth
Jan '23 2,631.789 1,070,178
Power Corp
985.088
'22 2,322.745
12 mos ending Jan 31 '23 26,695,075 10,180434
'22 24,936.073 9,292.812
Com'wealth Power Jan '23 3,281,315 1,179,559
Ry & Light System '22 2.874,956 1,030,280
12 mos ending Jan 31 '23 33.587,026 11.276.136
'22 32,059.543 10.507,730
Consumers Power
Jan '23 1,454,285
697,936
Co
'22 1,210,373
608.935
12 mos ending Jan 31 '23 14.445,115 6.853,128
'22 13,189,832 5.784,339
Cumberland County Jan '23
334,472
122,669
Power & Light Co '22
288.710
112.039
12 mos ending Jan 31 '23 3,513.326 1,471,830
'22 3.312,765 1,262,561
Great Western
Feb '23
626.128
407.215
Power System
'22 • 614,918
376,245
12 mos ending Feb 28 '23 7.729,434 4,708.475
'22 7,280.805 4,538.150
Great Western
Feb '23
626,128
407,215
Power System
'22
614,918
376,245
2 mos ending Feb 28 '23 1,270.877
548.452
'22 1,224,385
485,523
Havana Elec Ry.
Jan '23 1.127,834 *602,060
Light & Power Co '22 1.140,049 *563,988
Honolulu Rapid
Feb '23
75.240
24,049
Transit Co. Ltd
'22
75,298
24,19
2 mos ending Feb 28 '23
151,448
*44, 9
'22
155.234
*54. 8
Huntington Devel Jan '23
123,319
53,892
& Gas Co
'22
99.651
36,900
12 mos ending Jan 31 '23 1.218,462
498,729
'22 1,058,346
431,232
Lake Shore Electric Jan '23
215,721
42,071
Railway System
'22
188,143
38.105
Newport News & H Dec '22
33,296
176,015
Ity, Gas & El Co
'21
2.573
170,664
12 MOS ending Dee 31 '22 2,086,228
683,218
667,468
'21 2.550.268
New York Dock Co Fob 23
147.812
273.067
174.251
313,868
'22
12 Mos ending Feb 28 '23
297,271
550,123
335.300
636.123
'22
Northern Ohio Elec Jan '23
893.537
215,975
Corp
222,229
738.994
'22
12 mos ending Jan 31 '23 9,564.995 2,450.937
'22 8.631.921 2,151.749
Pine BluffCo
70,973
Fob '23
29.331
21,667
59,842
'22
12 mos ending Feb 28 '23
844.267
332,586
'22
787.467
312.493
Fixed
Charges.
808,874
523,928
7.724.240
5,712.403
23.227
23.377
284,584
282.358
719,644
723.131
5.912490
5.752,092
13.675
13.680
506.407
496,828
6.082.525
5,714.099
826,299
639.399
8,190.410
7,552.275
194.502
209.814
2.470,698
2,383.632
63,405
58.877
724.001
700,669
254.371
250,628
3,062.736
2,954.745
211.830
208,128
93,285
88,987
a9,028
86,751
418.117
413.136
20,226
18,952
229.612
211.568
35,528
34,900
17.640
25,265
294.057
340.861
a107,918
4125.746
4215,498
4234,147
169.255
152,427
1.991.474
1.838.246
9,469
9.425
108,730
120,019
Balance,
Surplus.
$
454,471
282,842
3.453.372
2,678,939
46,857
36.684
463,143
365,244
164.916
163.683
1.732,507
1.661.699
-5.356
-793
563,771
488,260
4,098,109
3,578.713
353,260
390,881
3,085.726
2.955.455
503,434
399,121
4,382.430
3.400,707
59.264
53.162
747.829
561,892
152.844
125,617
1.645,739
1.583,405
195,385
168,117
508,775
475,001
15,021
17,838
26,312
41,202
33.666
17,948
269,117
219,664
6.543
3,205
15,656
-22,692
389.161
326.607
39,894
48.505
81.773
101.159
46.720
69,802
459,463
313,503
19462
15,242
223456
192.474
THE CHRONICLE
1404
Balance,
Fixed
Gross
Net after
Earnings.Taxes.Charges.Surplus.
Portland By. Lt
384,070
Jan '23
940,096
352,487
'22
& Power Co
870,978
12 mos ending Jan 31 '23 10.190,016 3,831,225
'22 9,899,985 3,650,280
Republic Railway Feb '23
804,792
280.847
& Light Co
634,540
257,103
'22
2 mos ending Feb 28 '23 1.6.59.997
555,493
'22 1,332,668
524,521
Temnessee El Pow Co Jan '23
772.219
339,493
incl Nashv Ry & Lt '22
601,479
239,088
Third Avenue Rail- Feb '23 1,025,697 *179,763
'22 1,013.430 *196,065
way System
8 mos ending Feb 28 '23 9,454,468 *1,926,819
'22 9.261,929 *1,782,645
United Gas & Bloc Feb '23 1,202,01)0 *431,623
Corp
'22 1,020,375 *371,257
12 mos ending Feb 28 '23 12,800,858 *4,484,555
'22 11.595,968 *3.939,381
United Light & Rys Jan '23 1,086.104
342.750
324.176
'22 1,009,846
Co & Subsidiaries
12 mos ending Jan 31 '23 11,917.901 3,868,712
'22 11,302,599 3,387.463
Feb '23
Western Power
626,128
407,215
'22
System
614,918
376.245
892,815
2 mos ending Feb 28 '23 1,270,677
'22 1.224,366
736,337
179,097
179,834
2,126,186
2.118.334
186,085
169,658
366,955
342,239
142.228
125,813
227,110
221.575
1,796,200
1.785,9.15
1.111,119
143,766
1,713.677
1.710,316
65.853
72,240
814,090
856.138
251,331
259,628
508,693
501.441
204.973
172,683
1,705,039
1.531,946
94,762
87,445
188,538
182.291
197.265
104.275
-17,347
--25,510
130,619
-3,350
292,523
227.441
2.770,888
2.229,065
. 281.807
251,936
3,054.622
2.520,965
152,881
125,617
204,122
231,896
* Allowing for other income. a Including taxes.
FINANCIAL REPORTS.
Annual, &c., Reports.-The following is an index to all
annual and other reports of steam railroads, street railways
and miscellaneous companies published since and including
Feb. 24 1923.
This index, which is given monthly, does not include
reports in to-day's "Chronicle."
Bold face figures indicate reports published at length.
[VOL. 116.
Industrials (Continued)Page. Industrials (Cone.)
Page.
Kress (S. H.) dr Co
820 Porto Rican American Tobacco Co__ 832
Lee Rubber & Tire Corporation.. _ _1058 Postum Cereal Co., Inc
946
Liberty Motor Car Co
944 Pressed Steel Car Co
832
Liggett & Myers Tobacco Co
931 Provincial Paper Mills, Ltd
946
Lima Locomotive Works, Inc
1058 Public Service Co. of Nor. 111_832, 946
Loft,Incorporated
944 Quaker Oats Co., Chicago
833, 946
Lorillard (P.) Co
830, 929 Railway Steel Spring Co
930
Loose-Wiles Biscuit Co
944, 1058 Ray Consolidated Copper Co
1062
Lord & Taylor(New York City)._.. 944 Regal Shoe Co
1189
McCrory Stores Corporation...830, 1059 Reis (Robert) & Co
833
Mack Truck,Inc.(and Subs.)_1170, 1193 Remington Typewriter Co
1190
Manufacturers Light & Heat Co.and
Replogle Steel Co
947
Affiliated Companies
830 Rogers-Brown Iron Co
1190
Marlin-Rockwell Corp
1283 Safety Car Heating & Lighting Co_ _1286
Martin-Parry Corp
1283 St. Joseph Lead Co
947, 1190
Mason Tire & Rubber Co(Kent.0.)-1059 Savage Arms Corn
1062
Mathieson Alkali Works,Inc
945 Schulte Retail Stores Corp
833
May Dept. Stores Co. & Subsid_ _..12S3 Seovill Mfg. Co
1190
Mercantile Sotres Co., Inc
1283 Seneca Copper Corp
947
Merck & Co
1283 Sharon Steel Hoop Co
1190
Michigan State Telephone Co
1186 Shattuck Arizona Copper Co
1190
Middle States Oil Corp
1059, 1186 Shawinigan Water & Power Co_.928, 955
Middle West Utilities Co
1173 Shredded Wheat Co
1062
Moline Plow Co
1059 Sinclair Crude 011 Purchasing Co
947
Moon Motor Car Co
945 Solar Refining Co
1190
Montan Power Co
1187 Southern Bell Tel. dr Tel. Co__ _ _ _1190
Montreal Cottons, Ltd
1060 Southern Phosphate Corp
1190
Morris (Philip) & Co., Ltd., Inc__. _1187 Spaulding (A. G.) & Bros
1272
Motor Wheel Corp., Lansing, Mich_ 830 Standard Gas & Electric Co
833
Mountain States Tel. & Tel. Co_...1187 Standard 011 Co.(Indiana)._ _ _947, 1191
Mullins Body Corp., Salem, Ohio.. 945 Standard 011 Co.(Kansas)
1286
National Acme Co
1187 Standard Oil Co.(Kentucky)
1286
National Candy Co
1060 Standard 011 Co.(Nebraska)
1286
National Conduit & Cable Co
830 Standard Sanitary Mfg. Co
948
National Enam.& Stamping Co_ __ _ 831 Standard Textile Products Co
1191
National Fireproofing Co
831 Steel Co.of Canada
1191
National Lead Co. & Subs__ __945, 1187 Stern Brothers(Dry Goods)
1286
National Transit Co
1187, 1284 Stewart Warner Speedometer Corp_ 833
Nevada-California Elec. Corp
831 Studebaker Corp
819, 1175
Nevada Consolidated Copper Co__ _1060 Submarine Boat Corp
1286
New Bedford Gas & Edison Lt. Co._1284 Sullivan Machinery Co
948
New Jersey Pr. & Lt. Co. & Subs_ _ 831 Superior Steel Corp
1063
New York Air Brake Co
1173 Taylor Wharton Iron & Steel Co__ _1191
New York Canners, Inc., Rochester,
(The) Texas Co
1173
N. Y
928, 954 Tide Water Oil Co
1287
New York Shipbuilding Corti
1187 Tobacco Products Corp
1174
New York Steam Corp
945 Tonopah Mining Co
1083
New York Transit Co
831 Union Bag & Paper Corp
1272
1234 Union Natural Gas Corti
New York Transportation Co
948, 1047
Newton (Geo. B.) Coal Co
1080 Union Oil Co.(California)
931
Niagara, Lockport & Ontario Pr. Co_1188 Union Tank Car Co
1287
NilesBemont-Pond Co
1060 United Drug Co., Boston, Mass.... 931
North American Co
928, 950, 1060 United Gas Improvement Co
819
Northern Pipe Line Co
. 831 United Profit Sharing Corp
948
Oklahoma Producing & Ref. Corp 832 United States Cast Iron Pipe St
Orpheurn Circuit, Inc. de Subs
946
Foundry Co
1174
Otis Steel Co. (Cleveland)
946 United States Envelope Co
949
Owens Bottle Co., Toledo, Ohio__ _ _1047 United States Gypsum Co
1287
Pacific Mail SS. Co
1188 U. S. Rubber Co.(N. Y. C.)
1171
Pacific Tel. & Tel. Co
1271, 1288
832 United States Steel Corp
Parish & Bingham Corn
1175
1285 United States Tobacco Co
Parke, Davis & Co
1188 U. R.S. Candy Stores,Inc.,& Subs_1174
Peer Oil Corp
1189 Van Raalte Co., Inc., N. Y. City 949
Penmans,Ltd., Montreal
94
1189 Vanadium Corp. of America
1061 Virginia Iron Coal & Coke CO
1083
Penny (J. C.) Co
Pennsylvania Edison Co.(dr Subs.). 832 Virginian Power Co
1191
Phillips Petroleum Co., Bartlesville,
949
Waldorf System, Inc
Okla
1061 Warner Sugar Refining Co
1287
Phoenix Hosiery Co
1189 Washington Oil Co
1192
Pick (Albert) & Co
1285 Wells, Fargo dr Co
949
Pierce-Arrow Motor Car Co
1189 Welsbach & Co
1317
832 Western Electric Co
1272, 1305
PigglY WIgglY Stoma, Inc
Pittsburgh Coal Co
1171 Westinghouse Air Brake Co
1317
Pittsburgh 011 & Gas Co
1189 Western Knitting Mills, Inc
10133
Pittsburgh Plate Glass Co
1285 Yale & Towne mtg. Co
1079
Pittsburgh Rolls Corp
832,946i Youngstown Sheet dt Tube Co_949, 1192
Steam RoadsPave • Industrials (Continued)Pave.
1269 Bell Telephone Co. of Canada
Boston & Maine RR
826
1170 Beloit Water, Gas & Electric Co.... 826
Canadian Pacific By
Chicago Indiana!).& Loulsv. By..._1270 Bethlehem Steel Corporation_1271, 1308
933 Bigelow-Hartford Carpet Co
Chicago & North Western By
1055
Chicago North Shore & Milw. RR_ _1018 Billings & Spencer Co
1055
Delaware Lackawanna & West. RR_ 820 MISS (E. W.) Co
1279
Fonda Johnstown & Gloversville RR. 928 Borne-Scrymser Co
940
F.Dodge Des Moines & Sou. RR__ 822 Brill (J. G.) Co
1173
1270 British Empire Steel Corp., Ltd
Raison & Manhattan RR
929
1269 Buckeye Pipe Line Co
Maine Central RR
826
928 Bucyrus Company
Minneapolis & St Louis RR
1055
New York Chicago & St. Louis RR._ 936 Butte dr Superior Mining Co
940
No-folk & Western By. Co_ _1269, 1295 Caddo Central Oil & Refin. Co.1272,1313
1050 California-Oregon Power Co
Peoria & Eastern By
1045
1276
Callahan-Zinc Lead Co
Pere Marquette RI
1280
Canada Steamship Lines, Ltd.1272, 1312
Meade Reatteogs321 Canadian Western Natural Gas Light
American Railways Co
•1273
Heat & Power Co
Androscoggin & Kennebec RS'
1280 ,
1274 Case (J. I.) Thrcashing Machine Co.
Bangor By. & Electric Co
1274
Calumet & South Chicago By
1170, 1195
822 Central Illinois Light Co
Cleveland (Electric) Company
1182
Cumberland County Power & Lt.Co. 822 Central Illinois Public Service Co_ _ _ 940
1170 Central Leather Co
Denver Tramway Co
929
822 Century Ribbon Mills
Duluth Superior Traction Co
1152
1177 Chandler Motor Car Co
Federal Light dr Traction Co
940
Georgia By. & Power Co_...1270, 1310 Chicago Pneumatic Tool Co
1182
1177 Chicago Railway Equipment Co_ _1182
Grand Rapids By
1275 Chino Copper Co
Minois Power Co
1055
Indianapolis Street RY
822 Clinchfield Coal corporation
1053
Interstate Public Service Co
1049 Cluett, Peabody & Co.,Inc
1053
Kansas City Power Securities Corp_ _1177 Coca-Cola Co., Atlanta, Ga
Canadian Pacific Railway Co.
826
Kentucky Securities Corp
935 Columbia Gas & Electric Co. (of
Lake Shore Electric By.(Cleve.)... 822 W. Va.), Cincinnati. dm
820
(Report
for Fiscal Year ending Dec. 311922.)
Manchester (N. H.) Traction, Light
Columbia GraPhoPhone Mrg. Co...i046
& Power Co
1275 Columbian Carbon Co
1272. 1316
The
remarks
of President E. W. Beatty, along with the
Manila Electric Corp
822 Colorado Fuel & Iron Co., Denver,
Milwaukee Elec. By. dr Lt. Co
935 COlo
1172 income account, balance sheet and other tables for 1922,
Municipal Service Co
935 Commonwealth Edison Co
827 will be found under "Reports and Documents" on subsequent
New York State Rys
823 Commonwealth Power Corp
1056
Northwestern Ohio By.dc Power Co_ 823 Consolidated Gas, Electric Light dr
Pages.
Philadelphia Company
1178 Power Co.(of Baltimore)
1046
INCOME ACCOUNT FOR CALENDAR YEARS.
Philadelphia Rapid Transit Co
823 Consolidation Coal Co. (Baltimore,
1276
Philadelphia & Western Ry
Md.)
1272, 1314
1919.
1920.
1922.
1921.
Portland Ry., Lt. & Pow. Co_1051. 1276 Consumers Company
827
EarningsReading Transit & Light Co. (and
Continental 011 Co
1280 Passengers
35.331,525 41,565,885 49,125,739 46,182.151
subsidiary companies)
928 Freight
823 Corn Products Refining Co
198,918.137 128.849,446 145,303,400 111.064,441
San Antonio Public Service Co
938 Craddock-Terry Co., Lynchburg,Va.1175 Mail
1.498.231
1.483.332
3,594,895
2,939.259
San Joaquin Light & Power Corp.__ 823 Cumberland Tel. dr Tel. Co., Inc.._1182 Sleeping cars, misc.& exp 18,830,479 19,667,265 20,713.979 18.199,135
Springfield B.dr Light Co
11 8 Detroit & Cleveland Navigation Co_ 827
Terre Haute Indianapolis & Eastern
Diamond Match Co
1280
Total gros.s earnings_ _ 186,675,026 193,021,854 216,641,349 176.929.060
Traction Co
823 Dominion Power Sr Transmission
Operaling ExpensesTide Water Power Co
Co., Ltd
823
941 Transportation expenses 70,994,919 73,557,749 86,608,611 68.054.175
Underground Elec. Rye.ofLondon_ _1051 Draper Corp., Hopedale, Maas
1183 Maintenance of way,&c. 27,405,339 29.03/1.641 32,573.927 28,912,220
Union Elevated (Loop) RR.,Chicago1051 Eastern Manufacturing Co
1057
do equipment
32,009,461 36,746,816 46,350,793 33,897.727
Union Traction Co. of Indiana
1173 Traffic
1277 Electric Storage Battery Co
4.999.345
6.289,622
7.381.373
3,829.686
Virginia Railway & Power Co
941 Parlor car. &c
2,492,641
824 Emerson-Brantingham Co
2.271,391
2,128,381
1.861,428
Washington Water Power Co., SpoFamous Players-Lasky Corp_ _1170, 1194 Lake and river steamers_ 1,414.513
1,492,991
1,455.213
1.335,003
kane
1183 General (incl, all taxes). 9,039,358
036 Federal Motor Truck Co
8,969.996
9.460,681
6,105,783
Winnipeg Electric By
1277 Fisher Body Corp.(Incl. Sub. Cos.)_ 942
Industrials-929
Total oper. expenses_ _150,373,345 158,820,114 183,488.305 143.996.024
Fisk Rubber Co
Abitibi Power dr Paper Co., Ltd_...1278 Freeport Texas Co
1183
Acme Steel Goods Co
1180 Galena Signal Oil Co.(Pennsylvania)1047
Net earnings
36,301.691 34,201.740 33,153,044 32.933,036
Air Reduction Co., Inc., New York_ 930 Gaston & Co., Inc
1281 Fixed charges
13.348,906 11,519,072 10,775,409 10.161,510
All America Cables, Inc
1180 General Gas dr Elec. Corp. & Sub.
Pension fund
500.000
.500,000
500.000
500.000
American Bank Note Co
1053
828
Cos
American Bosch Magneto Co
1279 General Motors Corp...1057, 172, 1300
22,452.785 22,182,668 21,877.635 22.271.526
Balance, surplus
Amer. Brake Shoe & Foundry Co__ _1278 Goodrich (B. F.)
1046 Special income
11,092,355 10,987,190 10,966,447
9,049.343
American Chicle Co
932 Goodyear Tire & Rubber Co.,Akron,
American Cigar Co
820
1053 0
Total income
33,545,140 33,169,867 32,844,082 31,320.869
American Druggists Syndicate
938 Goodyear Tire & Rubber Co.of Calif. 942 Preferred dividends(4%) 3,227,276
3,227,276
3,227.276
2.327,276
American Gas Co
26.000,000 26,000,000 26,000.000 26,000,000
1053 Goodyear Tire & Rubber Co.of Can. 942 Corn. dlvs.(10%)
American Hardware Corporation. 938 Great Falls Power Co
1184
American Hide & Leather tillo
930 Gulf Oil Corp.(Pennsylvania)
1046
4,317.864
Balance, surplus
3,616,806
3.942.591
2,093,593
American International Corp.1170, 1196 Gulf States Steel Co
828, 1057
American La France Fire Engine Co_ 933 Harbison-Walker Refractories Co-_ _1282
x Of this 10% in dividends paid on Ordinary stock 7% is from railway
out
of
821 Havana Tobacco Co
paid
American Locomotive Co
special income (which account is given below).
1058 earnings and 3% is
1279 Household Products, Inc
1184
American Radiator Co
American Smelting & Ref. Co_1043, 1068 Houston 011 Co.(of Texas)
1184
INCOME ACCOUNT FOR CALENDAR YEARS.
SPECIAL
825, 938 Howe Rubber Corp., New BrunsAmerican Snuff Co
1170
wick, N.J
943 [From this special income is derived the 3% in special dive, referred to above]
American Sugar Refining Co
1054 Huntington Development & Gas Co_1282
1922.
American Sumatra Tobacco Co
1021.
1920.
1919.
Net rev, front Invest. &
American Telep. & Teleg. Co_1044, 1064 Hupp Motor Car Corp., Detroit,
1173
avail. rcs.(see balow)- $2,694,979 $2.307.332 $2,436,717 $1.765,220
Mich
1047
American Tobacco Co
and
1045, 1078 Icy-Hat Bottle Co
1184 Int. on dep. & int.
American Woolen Co
dive. on oth. securities
943
Armour & Co.(of Ill.) & Subsidiaries 825 Illinois Brick Co
lass exchange
1282
Armour Leather Co.& Allied Cos.__ 825 Illinois Pipe Line Co
1,957.193
1.840,866
1,040,544
2.057,328
1181 Imperial Tobacco Co.(of Great BritArt Metal Construction CO
Net earns. Ocean &
Coastal SS. Linea..
ain & Ireland)
829
Associated Dry Goods Corporation_ _1054
3.418.293
3.567,510
2,785.615
2,741,145
Commercial
1054 International Harvester Co_._1045, 1076 Net earns.
Atlas Tack Corporation
Tel. & news dept.,
Autocar Co
939 International Sliver Co
943
Avery Company
hotels, rentals A: mine. 2.991,892
943
1181 Intertype Corp.. Brooklyn, N. Y
2,676,067
4,053,386 3,731,257
Babson Park Co
1185 •
1054 Jewel Tea Co., Inc
Baltimore Tube Co
Total special income_ _532,859,846 $10.987.199 $10,966.448 59,049,342
939 Kansas City Power & Lt. Co_ _1046, 1074
share,
Barnsdall Corporation
820 Less Payments to
1054, 1181 Kelly-Springfield Tire Co
Bassick Alemite Corporation
1283
holders in diva- -(23.1 %)5,850,000(3)7,800,000 (3)7.800,000 (3)7.800.000
939 Kelsey Wheel Co
Bayuk Bros., Inc
1058
939 Kentucky Utilities Co
Beech-Nut Packing Co
Balance Dec. 31
1054 Kresge (S. S.) Co
941
$97,009,846 $3,187,199 $3,166,448 51,249.342
MAR. 311923.]
THE CHRONICLE
MISCELLANEOUS INVESTMENTS.Par 368.497,807 (Cost $42,924,970).
[From these investments were derived the first item in foregoing table.)
Coeur d'Alene & Pend d'Oreille By. 1st M. bonds
847,000
Consolidated Mining stock
4,425.625
Smelting Co. Convertible bonds
2,698.400
Cambridge Collieries Co. let M. Ref. bonds
250,000
Dominion Express Co. stock
5,000,000
Duluth South Shore Ordinary stock
6,100.000
Atlantic Railway Preferred stock
5,100,000
Hull Electric Co
1,067,602
Minneapolis St. Paul & Sault Ste. Marie By. Ordinary stock__ _ _ 12,723,500
Minneapolis St.Paul & Sault Ste. Marie By.Preferred stock _ _ _ 6.361.800
Pennsylvania-Ontario Tronspertation Co. stock
187,509
Quebec Salvago & Wrecking Co. stock
150,000
Spokane International Railway Co. stock
3.941,800
Trustee securities
19,389,580
Toronto Hamilton & Buffalo Railway Co. Cense!. Mtge. bonds_ 1.000,000
West Kootenay Power & Light Co. Preferred stock
55.000
BALANCE SHEET DECEMBER 31.
1921.
1922.
LiabilitiesS
597,206,337 Ordinary stock_260,000,000
56,470,503 4% pref. stock__ 80,681,921
128,109,814 4% comet. deb.
stock
253,229,856
9,762.634 Mortgage bonds 3,650,000
69,296.737 Note certif.6% _ 52,000,000
Aud. vouchers
8,249,901
27,310,675 Pay-rolls
3,679,336
2,016,721 M Ise.accts.pay: 10,798,602
7,000,000 Accruals
688,447
38,356,460 Equip. oblig'ns_ 14,670,000
Equip.replace't. 14,325,082
91,962,630 SS. replacement. 16,564,795
5,322,968 Res.for contin.&
32.997,117
Cont. war tax_ 37,168,922
Prem. on ordin3,440,114
ary stock sold 45,000,000
860,758 Lands&townsites 88,356.526
Surp. rev, from
1,681,377
operations _ _129,506.628
7,611,457 Spec. res. for tax 2,452,922
45,318,948 Surplus
106,408,203
1922.
AssetsProperty Invest_605,989,408
Ocean&coast.SS. 59,787,250
Acquired securs_128,172,166
Adv. to control
property, &c_ 10,705.763
Def'd payments. 65,681,509
Imp. & Domln.
Govt. secure_ 20,681,588
Prov.& mun.see
792,721
Deb. stk. loaned 5,000,000
Misc.Investm't_ 42,924,970
Lands and property assets__ 94,056,450
Casts Inv
9,452,381
Mans & suppl's 28,723,731
Agents and conductors' bats_ 3,442,359
Traffic balances 1,558,528
Accounts due for
transportation 1,898,428
Misc. accts. rec_ 7,429,997
Cash(wo:k.tepet)41,143,893
1,127,441.150 1124725249
Total
-V. 116. p. 1170.
1921.
$
260,000,000
80,681,921
238,206,432
3,650,000
.52,000,000
9,406,443
3,419.138
12,589,519
690,882
16,610,000
10,780,420
19,185.402
46,638,048
45,000,000
93,798,267
128,481,120
2,597,889
100,989,769
1127.441.150 1124725249
Total
Public Service Corporation of New Jersey.
(14th Annual Report-Year Endiny Dec. 31 1922.)
The remarks of President Thomas N. McCarter will be
found at length on subsequent pages, together with the
income account and balance sheets of the company and its
subsidiaries, and numerous interesting statistical tables
covering a number of years.
EARNINGS OF PUBLIC SERVICE CORPORATION OF NEW JERSEY
AND SUBSIDIARY COMPANIES FOR YEARS ENDING DEC. 31.
1922.
1921.
1920.
1919.
Gross earnings of leased
and controlled cos_ _ _ _$78,356,963 675.311,508 872,318,087 659,136.763
Oper.expenses & taxes__ 52.581.870 51.769,628 52.360.891 40.821.282
Amortization charges__ _ 5,425,292
4,893,957
3,237,523
2.803.808
V0.349,801 818.647,923 316.719.661 315.511.673
Net earnings
314.7,58
Non-operative income_
238.2.58
241.255
344.229
P. S. Corp. of N. J.
Income from securities
, pledged (excl. diva.
on stocks of operating cos.) and from
irdscoll's sources__ _ *1.957,326 *1,859,057 .1,859,106 *1,952,883
$22,621,885 $20,745,238 318,820,025 317.808.784
Total
DeductBond,Stc.,Int.of sub.cos_$12.914,110 $12,856.151 $12.324,889 $12,443.377
Fixed charges of Public
4,276.728
4,351,506
4.294.458
Service Corp. of N.J_ 4,137,535
$5,570,239 $3.594,629 $2.218.408 $1,013,902
Net income
Deb.282,774 Deb.107.986
diustments
Cr.18,657 Deb.406.537
'ommon dim paid_ -(6%)1,950,000(4)1.200,000(4)1.199,984(4 Si)1349982
Preferred dividends_ _(8%)1,316,839 (8)835,739 (8)681.758(62-3)458918
Balance, surplus
$2,020,626
$1,450.904
$355.321 df$1.211.536
•After deducting in 1922 $431,662. in 1921 $320.136, in 1920 $278.045
and in 1919 $207.968 for expenses and taxes.
PUBLIC SERVICE CORPORATION BALANCE SHEET DEC. 31.
1922.
1922.
1921.
AssetsLtabUttfes3
PerPet. interest-Common stock- 30,000,000
bearing certifs
870,995
943,288 Preferred stock_ 18,414,500
Secure. of subsidGen. Mtge. 5%
& leased cos_ _113,633,751 104,113,962
bonds
50,000,000
20-Yrsee.7%bds
196,515
20-year secured
Other securities.
7% bonds- ___ 9,798,000
61,988
53.488
Special deposits8.5.54,767 Perpet. interestGen. mtge. 5s in
bearing cattle 20,091,060
treasury
12,500,000 12,500,000 3-year 7% cony.
Misc. Investnftit
notes
1,750
050. 30, 58, s. f.
8% Cum. Prof.
(Par 81,525,stock subscrip
15,700
000)
1,205.750
1.275,000 Sales of8% Prof.
Advances to eos.
stock
1,398,100
370.000
170,000
Real estate, &c_
181,224
181,911 Deposits for Issue
Cash
210,200
of Prof. stock
148,938
Acc'ts & bills rec
25,239
and notee____ 3,793,574
19,766
Subscrip. to 8%
Adv, from other
Cum. Pt. stk_
2,675
companies
664,295
Purchase of 8%
358,800
Bills payable__ _
Pref. stock__ _ 1,022,361
32,758
Acels payable_ _
Prepayments__ _
20,057
15,188 Accrued taxes.
Int. & dive. roe_
158,851
741,470
166,232 Accrued interest
Sinking fund_ _
2,830,217
126,728
2,45.5,328 Other neer.items
Other spec. fds_
443,952
566,480 Prem. on stocks
Ifnamort'd debt
3,325
reserve
disc. & exp
4,100,173
4,241.284 Contractual ree_
169,501
Profit and loss _ 2,982.428
Total
137,923,944 136,071,677
-V. 116. p. 1276. 1001.
Total
_
1021.
30,000,000
11,809,200
50,000,000
U. S. Labor Board fixing their wages and working conditions, ceased work
without notice to the carriers, and of 11.500 men employed in the mechanical
department of the Rock Island practically all abandoned their employment
and left the service. Since the law compels us to continue public service.
we were forced to operate the road as best we could under this handicap.
and after unavailing efforts to induce our old men to return to work In
compliance with the order of the Labor Board, proceeded•to employ and
organize a new force of shop and mechanical department employees.
the new men we employed were, of course, employed at wages proscribed by the Labor Board, and while it has been a long process, and while
the effect of the cessation of work in the mechanical departments necessarily
put us somewhat behind in our maintenance of equipment, nevertheless
the situation has been of&
,
reat benefit o the Rock Island Not wi,nstanding
ths efforts of strike leaders to prevent us from obtaining new men, and
in spite of repeated violence on the part of strikers, not only against the
property of the company, but against the new employees and the loyal
foremen who did not go on strike. we succeeded in building up a force of
more than 10,000 mon.
With these men we were able to put into effect a new basis of working
conditions, relieving the shop work of many burdensome restrictions and
unfair working conditions inherited from Federal control, so that we expect
under ths new conditions eventually to get along with a fit r-e of approximately 9,500 men instead of 11,500 as formerly, and working under conditions conducive to individual efficiency and personal initiative, which
practically had been destroyed under the old conditions. These conditions
are enabling us rapidly to make up the maintenance deferred during the
summer, and should be of great benefit to your company during the present
and all future years.
Coal Strike.-Another difficulty we had to encounter during 1922 was the
coal strike, which not only subtracted substantially from our freight
revenue through loss of traffic, but also increased our coal bill through the
increase in the price of coal. It is estimated that for 1922 this increased
fuel bill amounted to $1,512,000 over what it would have been had there
been no coil strike.
Results.-In spite of the foregoing, company showed an income for the
year of$718,000, more than sufficient to pay the dividends upon its Preferred
stock. Wh.le this is not as much as it should earn, we hope that in a
year unaffected by such adverse conditions we shall show substantially
greater earnings, particularly if the revenues may remain undiminished by
governmental reductions in rates. If we are given a chance to earn an
adequate return upon our property investment, we are confident of our
ability to do so, while at the same time putting the property in shape to
render to the public that adequate and sufficient service which can be
rendered only oy a carrier in sound financial condition.
Settlement with Government.-We have closed our accounts with the
Federal Government, and have made final settlements of all matters arising
out of Federal control and of the Government guaranty for the 6 months
following Federal control.
CORPORATE INCOME ACCOUNT FOR CALENDAR YEARS.
Operating RevenuesFreight revenue
Passenger revenue
Mail revenue
Express revenue
Other transportation revenue
Dining & buffet car revenue
Miscellaneous revenue
Total railway operating expenses_6100.570,926$112.953,057$131.498.704
Net revenue from railway operations-$24.515,307 $26.318,967 $10,527.448
Railway tax accruals
6,163,176
5,663,722
5,660.560
Uncollectible railway revenue
21,788
21.235
10,332
Total railway operating income__ - -$18.330,344 $20,634.009 $4,856.556
Other IncomeRent fr. equip.(other than fgt. cars)_
8549,164
$590,737
$466,444
Jt. facility & miscell. rent income_ __ _
734.097
755.806
469,217
Income from lease of road
40,005
37,863
34.642
Miscellaneous income
442.274
1.033,424
810.964
Gross income
$20.095,884 $23,1351.831 36.637,825
DeductionsHire of freight cars-debit balance- - - $1,990,280 $2,492,258
$842,792
Rent for equip.(other than fgt. cora)_
800.301
927,585
636,735
Joint facility & miscell. rents
1,997.800
1,881,170
1,833.098
Rentfor leased roads
432,682
422,970
377.813
Int. on funded & unfunded debt_
_ 10.365,844 10,876.197 10,952,618
Other income charges
223.598
671.389
126,659
Total deductions
$15,810,506 $17,271.572 $14,769,718
Net income
$4,285,379 $5,780.259df$8.131.893
Estimated Government guaranty_
$13,028,099
Addit'l needed to earn stand, return_
def233,051
Balance of inc. (avail, for divs.)- - $4.285.379 $5,780.259
7
Preferred dividends
$2,059,547 82.059.547
6% Preferred dividends
1,507,788
1.508.148
34.663,155
82,059.547
1.507,938
Balance. surplus
Per cent on Common stock
$1.095 670
1 .•ifl%
383,387
100,734
2,295
910,784
126,789
1,500
242,962
2,971,477
_137.923.944 136.071,677
1922.
Inventory inroad
& equipment.373,328,522
Improve,on leas.
railway ProP 699.992
Miscellaneous
physical prop _ 4,523,861
Inventory In affiliated co's_ _ 19,127,072
Other investm'ts
351,385
Cash,time drafts,
&c
6,518,200
Loans& bills roe.
124,089
Material & sum/. 10,221,775
U. S. Government account
Miscellaneous
current assets 7.170.817
U.S. Governm't
deferred assets
x20,775
Other def. assets
249,865
Unadjus. debits 8,584,133
Total
Rock Island & Pacific Ry.
(Annual Report Year ended Dec. 31 1922.)
President J. E. Gorman, Chicago, March 21, wrote in brief:
Chicago
Reduction in F'reioht Revenue.-The substantial reduction in freight revenne
for 1922 is accounted for largely by reductions in freight rates ordered by
the I.-S. C. Commission during the year. it is estimated that these
reductions cost the company approximately $10,000,000 in net revenue.
Effect of Strike, etc.-The outstanding feature of the year was the strike
of the shop employees. On July I 1922 the Federated Shop Crafts on
all the railroads of the United States, dissatisfied with a decision of the
$718.044
0.96%
32,212.564
2.95%
BALANCE SHEET DECEMBER 31.
10,000,000
1,198,600
1922.
1921.
1920.
$87,718,340 $99,000,440 894,973,798
27,650,134 30,579,092 35,336,749
2,556,607
2.866,199
4,344.205
3,799,099
3,378.743
3,667.016
1,515.528
1.692.334
1.461,381
631,391
642,225
860.462
1,215.135
1,112,991
1,382,541
Total railway operating revenue_ _$125.086,2338139,272,0243142,026.152
Operating ExpensesMaintenance of way & structurns-- -$15.701,142 320,790,435 $26.238,501
Maintenance of equipment
26,103,922 28.582,510 34,646,808
Traffic
2.299,232
026
2,238.114.
Transportation
52,871,908 57,637,630 64.997,585
Miscellaneous operations
822,377
802.484
982,046
General
2,984,821
3,095,134
3.452,893
Transportation for investment
Cr.212,476 def193,248 def660.154
20,086,950
8,237,000
1405
1921.
370,220,249
647,596
4,476.849
19,769,154
2,475,427
11,506,518
213,028
11,834.785
10,982,706
8,018,375
28,055,360
428,785
21,402,043
430,920,485 490,030,874
1922.
Liabilities7% pret.stock_ _ 29,422,189
6% pref.stock _ _ 25,134,300
Common stock_ 74,482,522
Funded debt_- _239.174,301
Non-negot. debt
to affil. cos.__
113,179
Loans&bills pay.
Aud. accts, and
wages payable 10,238,934
Int. & divs. matured unpaid_ 1,008,956
Unmatured Int.
dr rents accr_ 2,762,696
Misc. accts. pay. 2,161,205
U.S.Gov.deftlab.
x19,375
898,482
Other deferred__
Tax liability__ _ 4,302.754
Arer. depr.(eq.). 16,742,431
Ot h.unadi.cred_ 4,824,004
Add'ns to prop.
335,037
thrdnealisurp.
Profit & loss. __ 19,300,121
Total
1921.
29,422,189
25,135,800
74,482,522
232.969,415
608,179
11,430.000
11,304,394
1,028,657
3.466,188
2.246.112
47,487,117
980,090
3,717,900
14,666,245
14,477,091
21,959
16,587,018
430,920,486 490.030,874
x Trust fund account.-V. 116. p. 1176, 720.
Missouri Kansas & Texas Railway.
(Report for Year Ended Dec. 31 1922.)
The following figures for 1922 are taken from the company's official statement to the New York Stock Exchange
made in connection with the application to list the securities
of the new company, Missouri-Kansas-Texas RR.
1406
[VoL. 116.
THE CHRONICLE
Bridgton & Saco River RR. The Portland Terminal Co. had no claim
INCOME ACCOUNT YEARS ENDING DEC. 31.
-Corporate- Combined. against the 'United States for the guaranty period.
Hire of Equipment.-The net credit balance included in income account
1922.
1920.
1921.
$39,198,401 343,782,692 $47,363,851 for hire of equipment of all classes for the year was $135,594. The amount
10,958.412 13,904,680 19,378.120 shown for passenger cars includes an estimated charge of $32,000 for use
1,241,950 1,356,041
2,280.747 of Pullman cars for the year ended Aug. 31 1922. Under date of Feb. 5
2,130,756 2,102,426 1,899,967 1923 Pullman CO. advised that there would be no charge for rental of their
620,381
779,656
794.558 equipment during this period and this amount will be credited in the
710.075
803.982 1,128.196 accounts for 1923. Elhninating this item, the debit for passenger car hire
175.727
291,497
63,299 would have amounted to $18,366 and the total credit balance of the hire
of equipment account would have been $167,594.
Stockholders.-On Dec.31 1922 company had 2,211 Common stockholders
Total operating revenue
$55,035,702 $63,020,975 $72,914,737
as compared with 2,216 on Dec. 311921. Leaving out the block of 28,815
Operating ExpensesMaintenance of way & structure ._
$7,237,277 $9,835.638 $16,422,652 shares held in the company's treasury, the average held by the remaining
Maintenance of equipment
10.548,094 13,803.427 17,378,345 stockholders on Dec. 31 1922 was 54 shares, which is the same as for the
Traffic expenses
978,596 previous year.
1,041.436 1,064,545
Funded Debt.-Company issued, on Aug. 22 1922. to the Director-General
Transportation expenses
18,780,007 22,866,805 32,014.152
Miscellaneous operations
337,509
480,381 of Railroads, its note due March 1 1930 for $750,000 with int. at 6%.
344,312
General expenses
2,023,709 2,294.130 2,630.756 payable semi-annually M. & S. and pledged as collateral security for the
Transportation for investment
Cr.284,331 Cr.153,073 Cr.24,004 loan, $900,000 1st & Ref. Mtge.6% Gold bonds, Series D,due Dec. 1 1935,
the issuance of which was authorized by the stockholders April 21 1920.
Total operating expenses
339.683.701 $50,055.784 $69.880,879 First & Ref. Mtge. 6% Gold bonds, Series D, to the par value of $83,000
are held in the company's treasury. The second annual installment of the
Net operating revenue
815.352,001 312.965,191 83,033.858 Equip. Trust 6% notes due Jan. 15 1922. $80,200. was paid at maturity.
Railway accruals
82.926.377 $2,612,463 $2,088,855 The net result of the above operations is an increase of $752,800 in the
Uncollectible railway revenue
31,355
12,301
17,497 company's funded debt.
Fixed Charges.-The interest on funded debt for the year was $1,103,895,
Total operating income
$12,394,269 310,340,427
3927.506 an increase of $24,314, as compared with 1921.
Additions and Betterments.-The net amount expended during the year for
Rent from equipment
194,289
276,524
146.369
Joint facility rent income
185.871
172,616
194.926 additions and betterments was $686.257. This amount has been charged
to
road and equipment account and of this amount $52,324 has been charged
from
Income
lease of road
11,273
11,327
11,273
surplus.
Miscellaneous rent income
96.752
76,758
167,026 to income and credited to additions to property tivougn income and
The
net amount expended during the year for additions and betterments
Miscell. non-operating physical prop..
26.096
20,488
23,396
Dividend income
5.500
8,000 to leased roads was $61,870. Of this amount, $60,370 was charged against
7,500
Income from funded securities
204,629
28,472
33.852 current income, as rent for leased roads, the balance, $1,500, represented
Income from unfunded securities _ _
271,318
174,398
173,576 cash received from sale of land owned by the Portland & Rumford Falls
Miscellaneous
3,843 3,757,620
2.595 RR. and applied to additions and betterments on that road.
During the year there have been laid 5,870 tons of new 85-lb. section
Gross income
313,393.940 314,866,132 31.688,519 steel rail, 6,269 tons relay rail, 438,923 ties, 41 miles have been reballasted
with gravel and cinders and 20 new culverts have been built and 86 rebuilt
DeductionsHire of freight cars dr. bal
31,403.504 $1,119,339
$991.129 or extensively repaired.
Equipment.-No new locomotives.'passenger or freight cars were received
Rent for equipment
141.114
187,603
316,165
mail cars
Joint facility rents
834,791
701,698
799,979 during the year. but 8 new locomotives and 7 steel baggage and have
been
have
been ordered for delivery in the spring of 1923. Contracts
Miscellaneous tax accruals
2,208
582
1,177
Interest on funded debt_____
6,710,711
6.702,828 6,683,436 made for the construction of 350 box cars, 100 open top rack cars. 50 coal
All
of
these
service.
passenger
train
cars
for
and
10
dairy
products
cars
Interest on unfunded debt
158,399
135,046
171,907
is
Miscellaneous
25.635
117,687
26.103 will be of steel or steel underframe construction, and their delivery
expected in the spring of 1923. The contract with the Laconia Car Co.
during
the
completed
for
cars
was
satisfactorily
the
box
rebuilding
725
deductions
of
Total
39.276.362 38,964,782 $8,989,895
Net income
34.117,478 $5,901.349df$7,301,376 first half of 1922. During the year 343 cars were rebuilt and restored to
the equipment as new cars. A steam wrecking crane of 120 tons capacity
GENERAL BALANCE SHEET DECEMBER 31.
was purchased and put in commission at Waterville, the 100-ton capacity
1921.
1922.
1922.
1921.
crane located at that point being transferred to Thompson's Point. PortLiabilitiesAssets$
$
$
land. and the 75-ton crane at Portland sent to Rumford to improve the
$
Capital stock _ _ 76,309,657 76,309.057 facilities for wrecking operations on the Rangeley Branch.
Inv. in road and
equipment _--259.359,105 254.245,610 Long-term debt.142,925,800 143,322,900
Portland Terminal Co.-There was no change in the Capital stock of
Improvem'ts OR
Loans&billspay. 1,583,750 1,583,760 this company, but $195.000 1st Mtge. 5% Gold bonds, due July 1 1961
leased prop__
11,255 Tref.& car serv12,909
were sold to provide funds for use in retiring short-term notes and to reimSinking funds__
800
1.340 ice bal. pay__ 1,581.581 1,206,483 burse the treasury for amounts expended for extensions and improvements
Audited accts.&
Depos. in lieu of
to the property.
/75,352
168,890 wages payable 5,935,543 7,008,588
mortg. prop__
New England Division Case.-The U. S. Supreme Court in a decision
Misc. phys. prop. 340,708
340,770 Misc.accts. pay.
186,727
284,236 delivered Feb. 19 1923, upheld the order of the Inter-State Commerce
Int. mat.unpaid:30.553,561 26,228.148 Commission granting the New England carriers an increase in their divisions
Inv.In atfill. cos.:
1,039,241 Divs. mat.unp'd
1,139.241
1,788
2,688 on freight traffic interchanged with the carriers west of the Hudson River.
Pledged
7,216
6.966 Fund.debt mat.
Unpledged
2,000
This decision should result in benefit to this company.
Unmatured int.
Other investmla
432,599 accrued
TRAFFIC STATISTICS FOR CALENDAR YEARS.
unpledged
,10.196,697
1,356,630 1,271,134
Unmatured
1.465,494
8,589,478
rents
'
Cash
1919.
1920.
1921.
1922.
accrued
Time drafts and
81,162
82,074 Average miles operated_
1,216
1.216
1,215
1.215
deposits
5,417,000 4,800,000 Oth.cum Habil.
244,025
206,870 Rev, pass. carried
4,075.777
4,099.701
3,263,940
2.907,799
240,819
274,399 U.S.RR.Adm. 2,250,000 36,493.112
Special deposits_
168,145,696
170.618,097
Rev,
pass.
carried
1
134,990,795
mile.128,430,706
15,445
4,792 Deferred Habil
Loans & Mils rec.
246,207
105,810
per pass. per mile
3.558 cts. 3.611 eta. 3.188 cts. 2.875 cts.
Tax liability _ _ _ 1,363,589
Traf. & car serv710,981 Rev,
Rev, tons freight carried 7.352.698 7.027.505 8,753,065 8,069.033
639,736 Ins. & eas. res
ice bal. reedy. 6E3,982
42
Rev.tons fr. car. 1 mile_857,667,341 787,141,374 948,186.188 896.650,418
Accrued deprec.
Agents& conduc1.811 eta. 1.510 eta. 1.257 eta.
1.652 eta.
tors' balances_ 1,213,058 1,022,006 on equipment 8,566,379 7,471.338 Rev, per ton per mile
Misc,accts. rec. 2,189,782 2,704,352 0th.unadj.cred. 879,014 1,548,877
COMPARATIVE INCOME ACCOUNT FOR CALENDAR YEARS.
Material & supp. 7,886,512 9,027.766 Add'ns to prop.
Federal.
Combined.
4,533 thro.ine.&sur_ 1,827.168 1.761,505
Corporal
110,502
Int.& diva. rec.
1919.
1920.
97,279 Sink,fund res've
1922.
1921.
0th. eurr. assets
1L0,007
273,917
273,863
311,268,063
$14,312,999
Freight
revenue
(rail)_
_
Adm.
34,252..08
_$14.165.202
$14.255,857
Approp.
surplus
S.
RR.
U.
116,164
100,639 not spec. Inv_
Work,fund adv.
69,166
86,375 Passenger revenue (rail).. 4,569,470 4,874.470 5,360,708 4,906.039
1,368,042
1,037,399
46,929 Profit & loss_ _ _ 14,821,965 7,241.282 Mall, express, &c
1,390,703
1,142.378
0th. def. assets_
67,868
56,151
51,518
Water line revenue
51.786
57,942
Rents & Maur.
262,159
259.609
8,205
Incidental
210,010
13,189
259,417
prem. prepaid
680.674
438,320
0th. unadj. deb.
Total ry. oper. rev__ _$20,387,172 $20,590,064 521,357,508 $17,525,178
Total
291,059,672 313.199,669 Total
291,059,672 313,199,669
Operating ExpensesNote.-The following securities not ncluded in balance sheet accounts and Maint. of way & struc__ $3.197.115 33,926,106 $4.040,659 $3,086,323
4,704,186 5,053,469 4,143,196
securities Issued or assumed-unpledged, $17,043; securities issued or Maint. of equipment...3,302,011
146,411
173.783
163,596
158,741
Traffic
assumed-pledged,$30,604,000;funded debt in sinking funds,$2.749,000.
9,092.827. 10.054,785 12,626,609 9,571,955
z The foregoing is the balance sheet of the receiver, not of the new Transport.-rail line..
123,134
96,398
89,045
98.737
company; it therefore sets forth as a liability interest • matured unpaid. Transport.-water line_
46,579
42,101
36.324
34.25,3
330.553.661: this item represents the accrued interest on bonds secured by Miscellaneous operations
611,651
434,138
555,820
565.881
foreclosed mortgages and is not a liability of the new company and will not General expenses
761
459
1.345
1,346
appear as a liab I ty on Its balance sheet, to the extent of $1,037,850, it Transport.for Inv.-Cr_
also represents interest past due for less than six months on bonds secured
Total ry. oper. exp__ _316,443.382 819.533,352 322,675,123 $17.520,064
by tmforeclosed mortgages; of this SLIM $377,570 is represented by coupons
35,114
on deposited bonds and the balance of $660.280 will shortly be paid.- Net rev,from ry. oper__ 83,943,790 $1.056,712df51,317,615
$924,133
Railway tax accruals_ _ _ $1,180,447 $1,263,982 $1,163,288
V. 116, p. 1178. 823.
4,426
502
2.097
2.908
Uncollectiblo ry. revs...
Operating Revenue-Freight
Passenger
s
Mail
Express
Miscellaneous
Incidental
Joint facility
Maine Central Railroad Co.
(62d Annual Report-Year Ended Dec. 31 1922.)
President Morris McDonald, Portland, Me., March 14,
reports in substance:
Operating Results.-Surplus after charges for the year amounted to
$551,157. The balance after appropriations, $225,000. was transferred
to the credit of profit and loss account.
Operating Resenues.-Preight revenue decreased $90,655. This decrease
was due to the 10% reduction in freight rates, which was effective July 1
1922, although there was an increase in the volume of traffic. Passenger
revenue decreased 3304,999. Total railway operating revenues decreased
$202.892.
Operating Expenses.-Operating expenses decreased 83.089.970. compared
with the previous year. There was a considerable saving in the payroll
expense. Substantial savings have been made In locomotive fuel costs.
The reduction in the cost of repairs to home freight cars was due in large
measure to rulings of the I.-S. 0. Commission, under which cars repaired
to an extent amounting to virtual rebuilding should be written out of the
Investment account as equipment retired, and the cost of the rebuilt cars
charged to investment account as additional equipment, instead of charging
the cost to operating expenses. The adjustment, on the above basis, of
accounting for cars rebuilt at the company's shops during 1921 resulted
in a credit of $187,500 to operating expenses for 1922.
Taxes.-There was a decrease in taxes of $83,534, the total for 1922 being
31,180,447, against $1.263,982 in 1921.
Settlement with Government.-Settlements were made with the U. g
Railroad Administration by the Maine Central RR. and the Portland
Terminal Co., for use of property during the Federal control period. The
Sandy River & Rangeley Lakes RR. and the Bridgton & Saco River RR.
Co. each have a claim against the U. S. RR. Administration for compensation for use of property during the first 6 months of Federal control. Settlement of these accounts has not yet been effected.
Final settlement with the United States for the guaranty period has not
yet been made. It appearing, however, from the preliminary hearings
before the I.-S. C. Commission that the company could not expect to
receive the entire amount set up on the books against the United States
and credited to income in prior years' accounts, the sum of $480,000 was
charged to the income account previously credited, thereby reducing the
amount carried on the company's books to $386,256, as being approximately
the balance which the company may reasonably expect to receive in final
settlement for the guaranty period. Settlements were made for the guaranty period claims of the Sandy River Sr Rangeley Lakes RR. and the
Ry.operating income- 82.761.245 def$210,180 $2,485,331
Non-oper. Income$267,649
$154.274
Rentfrom equipment..... $301,460
35.782
28,502
31,974
Joint facility rent Inc___
42.720
42,720
Income fr. lease of road_
118.725
50,594
Miscell.rent income_ _
26,644
26.590
Miscell. non-oper. ph-is.
11.065
10.576
14,758
property
67,468
92,318
150,318
Dividend income
28,526
38,400
Inc. from funded sees.,.
39,395
Inc. from unfunded secs.
32.196
and accounts
54,878
43,555
Inc. from sink. & other
14,091
7,974
reserve funds
10,758
881
112,876
Miscellaneous income_ _ _ Cr.486.296
Total non-oper. Inc...
$166.233
32,927.478
Gross income
DeductionsHire offreight cars-deb.
balance
3164.866
Rent for equipment_ _ _
82,699
Joint facility rents
Rent for leased roads_ _ _
905,591
Miscellaneous rents._. _
7,445
Miscell. tax accruals..
5,357
Interest on funded debt- 1,11.3,895
Int. on unfunded debt
40.309
Miscell. Income charges_
&,787
Impts. to leased roads
60,370
Total deductions
Net income
Disposition of Net Inc.
Inc.app.to add'ns to prop
Dex. & Newp. RR. 4%
bonds assessed
Inc.app.to sink..&c..res_
Div. appropriations....
Income balance
32,376,321
$623,037
$581,104
$919,521
$99,964
75,572
1,176
5.427
13,087
37,464
$232,691
$412,857df$1,904.227 def$686,830
$108,031
154.455
180,545
905,590
7,410
5,106
1.079,580
49,730
42,882
44.885
3107.786
110,164
173,856
905,590
Cr.21,289
5.246
1,014,423
15,380
2,144
54,151
$226.796
24,355
236.291
$2.578,219 $2.367,454
$487,984
542
$551,158 df$2.165,362df$4,271,681df$1.174,814
$132,524
175,000
18,633
315,601
$19.138
653,160
$225,000df$2,181,053df34,943,986
MAR. 311923.]
THE CHRONICLE
The profit and loss account year ended Dec. 31 .1922 shows total credits
of 54,067,448, as follows: Balance at beginning of year. $2.094,711
balance income account 1922, $225,000: profit on road & equipment sold,
$1.433; estimated value of land, labor and material donated for transportation purposes. 218.170: final settlement with Director-General of RRs.
covering Federal control period. $1,669,271: miscellaneous credits, $.58.863:
from which have been deducted total debits as follows: Surplus appropriated for investmentIn physical property. 518.170; loss on retired road
and equipment, $99,292,, miscellaneous debits, $23,826; leaving a balance
credit Dec. 31 1922 of $3,926,159.
BALANCE SHEET DECEMBER 31.
1921.
1922.
1922.
1921.
Lfabtlflie-sAssets3
eInvin road dr eq_ 43,322.684 42,636,426 Preferred stock__ 3,000.000 3,000,000
!mots. on leased
Common stock._ _14,888,600 14,888,600
1,226 Stock liab.for cony
railway Prop-.
2,311
19,017
19,017
Slaking funds_
283,687
281,155 Fund,debt. unmat25,082,600 24,329,800
Mann.phys. prop 435,354
409,405 Loans & bills pay850,000
Inv. in MM. cos__ 3,312,814 3,312,619 Traff.& eat service
Other investments 588,369
988,329 balances Payable 1,031,542
880,182
Cash
1,239.455
596,828 Audited accts. &
Special deposits_
6,594
6,669 wages payable__ 1,120,270 2,879,787
Loans & bills rec._ 220,102
400.486 Miseell. accts. pay
47,179
102,793
Traffic & car serv,
Int. matured unpd
80,968
80,025
balances reedy_ 766,866
384,834 Divs. mat'd unPd.
28,687
28,687
Net bal. rec. from
Fd.dt. mat'd unpd
9,392
9,492
148,302 Unmat'd int. neer_
sets. & conduc's 137,562
140,761
126,954
Miscell. accts. rec_ 918,711 1,493,226 Unmat'd rents accr
86,421
86.442
144,325
Material & suPPL 1,885,322 2,533,674 Other current liab. 132,788
Int. as dive. reeely
18,612
95,858 Deferred liabilities 1,183,743 7.383,397
Rents receivable
12,075 Tax liability
9.897
51,310
cr10.860
Deterred assets
1,080,198 6,750,657 Aecr. deprec.,road
28,380
Rents & ins. prem.
Accr.deprec.,equip 4,740,975 5,382,056
40,939
paid in advance..
197.154 0th. unadj. credits 130,124
169,825
Other unad.l. debits 479,334 1,011,486 Additions to prop.
Sec. issued or axed
thru. Inc. & stir_ 1,877,056 1,726,361
3,691,643 4,795,783 Pd. debt ret'd thru
=pledged
income & surplus 579,154
566.466
Sink, fund res._ _ _ 283,687
281,155
Profit and loss3,926,160 2,094,712
credit balance
53,440,456 64,847,554 Total
Total
58,440.456 64,847,554
*Does not include property of leased roads. Note.-a Bonds pledged
as collateral or held by trustee not included as either assets or liabilities,
as follows: year ended Dec. 311922. $4.970,000; year ended Dec. 311921,
$4,084,000. b Figures for year ended Dec. 31 1921, restated for purpose
of comparison.-V. 116, p. 1269, 1275.
Advance-Rumely Co., La Porte, Ind.
(Seventh Annual Report Year Ended Dec. 31 1922.)
The report of President Finley P. Mount, with income
account for two years past and the balance sheet of Dec. 31
1922, will be found on a subsequent page.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1921.
1922.
1922.
1921.
AssasLiabilities$
$
$
$
Land, buildings &
Pf. stk.8% eum_c12.500,000 12,500,000
equipment
a5,423,341 5,436,986 Common stock. d13,750,000 13,760,000
Outside real estate. 274,648
252,969 10-Year 8% Sink.
Trade marks and
Pd. Deb. bonds_ 844.000
844,000
names, patents,
Notes payable._ __ 1,200,000
800,000
goodwill, &c.._ _13,000,000 13,000,000 Accts. pay'le (incl.
Becur. purch, and
accrued pay-roll) 746,321
383.911
In treas.(at cost) 260,147
260,134 Deb. int. accrued.
21,032
21.032
Inventories
b7,186,949 6,937,005 General taxes
99,189
111,261
Customers' notes
Pref, stock div.
(incl.int. accr.). 8,596,954 5,193,426
payable Jan. 3_
93,563
93,563
Trade accounts
241,696 Oper.&contIng.res.
181,055
Mise,accts. reels. 214,947
161,423
(excl. of provis'n
Investment smutfor depreciation) 1,491,585 1,347,970
ties
10,381
10,756 Reserves against
Cash
593,114
533,884
loss on assets_ 618,827
655,537
99,263 Surplus
Deferred charges
125,065
1,442,854 1,679,496
Total
32,807,371 32,186,772
Total
32,807,371 32,186,772
a Land, buildings, machinery and equipment at Jan. 11922. 56,801,734;
additions during year. $316,174: loss reserves for depreciation, $1.694.567.
b Inventories of raw materials, finished and partly finished product, repair parts and supplies, &c., valued at cost or market prices, whichever
were lower; at factories, 54,958,015; at branches, $2,228,934.
C Pref. stock, auth.. Issued and fully,paid, 125.000 shares of $100 each.
d Common stock, 137,500 shares of $100 each.
Note.-Arrears in cumulative dividends on Preferred stock at Dec. 31
1022 amount to $460 per share.-V. 115. p. 185.
Philadelphia Company, Pittsburgh.
(Annual Report-Year ended Dec. 31 1922.)
The consolidated income and profit and loss account for
the calendar year 1922 together with the consolidated balance
sheet will be found under "Reports and Documents" below.
The income account and balance sheet for 1922 of the Duquesne Light Co. are also given. Pres. A. W. Thomas in
his remarks to stockholders says in substance:
1407
Gas Section.-While subsidiary gas companies of the Philadelphia Co.
enjoyed a profitable year they are faced with many difficult problems which
must be solved in connection with the task of providing natural and manuraoturffi gag for future use in the Pittsburgh Di tri,
.t. Studies by the engineer
In this department are constantly being made with the and in view of developing a gas supply of the highest heat unit basis, at the lowest possible
rate, for the longest period. It is very pleasing to report that results so
far secured in this direction are most encouraging.
Operations for the Year.-Demand for industrial gas during the coal strike
gave the gas companies an unusual summer business. During the year
more than 1,500 new patrons were taken on the lines of the gas companies.
This Increase was incident to the building of homes that was carried on to a
greater extent than for a number of years past. Total sales of gas were
more than 32 billion cu. ft., an increase of over 9 billion Cu. ft., or 41%,
over the previous year. Gross earnings from the sale of gas amounted to
513.662.351. an increase of $3,452.787, or 33.8%•
Wells.-The program of well drilling during the year resulted in a tetal of
47 productive wells. However, with the satisfactory earnings additional
drilling
was undertaken later in the year, and many more wells will be completed e rly in 1923. The total number of gas wells owned or controiled
at the end of the year was 1,749.
Pipe Lines.-The total pipe lines controlled is 3,738 miles, of which 1.492
miles comprise distribution lines and 2,246 miles transmission and field lines.
Oil Operations.-Philadelphia Oil Co. 'production was restricted during
1922 by reason of the lack of demand and the low market price, which did
not justify the high cost of drilling in order to Increase output. The $4
price which prevailed Jan. 1 dropped gradually to $3 per barrel, at which
figure it continued during the last 6 months of the year.
The year closed with a total o 1171 producing wells. During the year
there was produced 162,193 barrels, a decrease of 86,508, or 34.7%., compared with the previous year. Gross earnings amounted to $912,391, a
decrease of 5205,778, or 18.3%.
Coal Operations.-The Barwick Coal & Coke Co. was affected by the strike
In the organized coal fields and, consequently, did not operate during the
five months period in 1922. Prior to the suspension of coal mining activities the output was sufficient to provide a large storage supply at the Colfax
Power plant of the Duquesne Light Co.. thus insuring the continuous operation of that plant.
During the year 325,465 tons of coal were produced. This was a decrease
of 59.802, or 15.5%, while gross earnings of $876,578 showed a decrease of
$379,892, or 30% less than the previous year.
CONSOLIDATED INCOME ACCOUNT, CALENDAR YEARS (INTERCOMPANY ITEMS ELIMINATED).
1921.
1922.
1920.
1919.
Gross earnings
$14.566,026 $11,308,595 816,566.669 $13.774,501
Operating expenses
6,189,953
5.792,654
6,680.115
6.679,285
New prod. gas wells,
lines, 5cc
934.200
Taxes
640,606
377,093
618,107
513.715
Depreciation
2,183.518
1,597.239
2,609.935
523,142
Net earnings
$5.816,462 $3.278,095 86,658.512 $5.124.159
Net earns, from oth. op..
35,380
47,751
Divs, and int. received
2,183,113
1,910,301
2,209,850
1,868,606
Int., discount, rents, &c.
127.185
96.823
70,650
201,434
Total income
$7,901,699 55.593.412 $8,9311,018 $7,194,199
Interest on bonds, &c__ _ $2,025,478 82,157,142 $2,253.942 $2,325.029
Other inc. charges
464,017
378,729
1,011.886
928,626
New wells, lines,
152,741
43.684
144.478
258.226
Preferred dividends_
945,591
946,231
1,015,085
776,164
Common dividends(6%) 2,576,364
2,576,364
2,576,364
2,576.434
Balance, surplus
$1.931,213 def$702,443 $2,062,436
$204,546
Previous surplus
13,c45,937 813,834,530 $11,775,148 $11,570,603
Additions to profit & loss
128,912 10.967.098
559,621
Total
$15,706,062 $24,0119,185 $14,397.205 $11.775,149
Deduct from prof. & loss 1,065,562 10,453,249
562,670
Total p. & I. surplus__$14,640,500 $13.645,936 813.834,529 511.775,149
The foregoing income account for 1922 includes Phila. Co., Equitable
Gas Co., Allegheny Heating Co., Monongahela Natural Gas Co.,Pittsburgh
& West Va. Gas Co. Phila. Co. of W. Va. and Phila. Oil Co., with the
company transactions eliminated.
CONCOLIDA TED BALANCE SHEET DEC. 31.
[Incl. the Phila. Co., Equitable Gas Co., Monongahela Natural Gas Co.,
Pittsb. & W. Va. Gas Co.. Phila. Co. of W. Va. and Phila. 011 Co. All
Inter-company items omitted.]
1922.
1921.
1922.
1921.
Assets$
LfaMltlitu-$
$
$
48,611.025 45,905,583 Common stock...43,943,000 42,943,000
Fixed assets
Stocks & bonds of
Cum. Pref. stock_14.552,350 14,646,800
Phila. Co.... 4.003,708 4,003,708 Non-Cum. Pt. stk. 1,442,450 1,442,450
Nat.gas& oilcos. 1,300,001 1,300,001 1st M.& Coll
2,501,000 2.611,000
125,058
Artirl gas cos._
134,223 Cons.Mtge.& Coll.
El. It. & p.cos_ _23,790,000 23,701,000
Trust 34
13,527,000 13,831,000
Street ry. cos__ _18,726,189 19,188,838 1st Ref. & Coil.
Misc. cos
1,471,805
19,515,000 20,000,000
Trust 5s
511,000
Affiliated cos.
10-Yr. Cony. 34.
9,794,000
Notes receivable 2,400,000 2,400,000 3-Yr. 6% notes_
757,000
do in treas.. 6,556,128 6,852,618 tin Gas Co. MoTemporary loans 1,183,502 1,106,502
Keesport let Si. 170.000
180,000
Accts. receivable 263,341
21,667 P.& W.Va. G.Co.
Cash
824,807 10,648,819
Coll.Tr.6% bds. 150,000
300,000
Special deposits...
792,593 Affiliated cos.38,814
Other investmets 2,283,357 2,169,857
Accts. payable_
175,993
46,796
Accts., &c., receiv. 1,138,500
976,414
Tern. loan, &e__ 850,000 1,330,000
Material & sup p
820,294
728,406
Accrued rent_
41,813
41,813
Unsold oil and gas_
32,183
57,532 Notes payable
1,300,000
Miscellaneous
11,719
20.085 Accts. payable..._ 688,482
514,544
Unamortlied debt
Consumers* adv._ 469,278
590,259
discount, &c___ 3,017,200 3,335,082 Miseel. liabilities.
26,147
66,188
0th.def'd accts.._ 1,498,762 2,053,4'28 Accrued taxes....756,175
778,118
Sink. fund depos__
45,925
3,140 Bond Interest....646,673
647,142
Excess book value
Con. Gas Co. Et.y 31,344
31.
255
over par value
100
Miscellaneous ____
1,500
of Com, stocks
87,185
Contingent reserve
eliminated
3,349,500 6,588.050 Other reserves....
3,165
4,043
Depreo. reserve... 8,478,297 3,814.974
Inv. tamp. (Phila.
Co. of W. Va.). 3.257.343 3,257,348
50,409
Sur.inv.in fix.cap. ......
Profit and loss__..14,040,500 13.645,937
Philadelphia Company Results.-Gross earnings sufficient to take care of
all expenses, interest charges, sinking funds, depreciation, depletion (of
oil and gas properties), pay the usual dividends on all stocks, and leave a
gratifying surplus. Interest on outstanding bonds was earned four times.
Financial Sauation.-It was indicated at the time the $16,000.000 1st Ref.
& Coll. Trust bonds were sold, toward the close of 1021 (V. 113. p. 1888),
that one result of such financing would be the elimination of the floating
debt. This was brought about in the early part of 1922, since which time
company has been carrying no bank loans. Redemption of the 59.794.000
Convertible 5% Gold debentures, maturing May 1, was also provided for.
In addition $1,058,400 of other bonds were retired by purchase through
sinking funds or by redemption at maturity.
Development.-Urgent requirements for the various public utility services
rendered by these companies in the large Pittsburgh industrial area covering
Total
more than 1,000 square miles, will make it compulsory to finance for large
121,309,933132.570,435
121,309,933132,570,435
Total
sums of money during the early part of the coming year. Expansion of the
Note.-The Philadelphia Co. has a contingent liability for the following
facilities of the Duquesne Light Co., including an additional unit at Coffer. bonds, guaranteed both as to principal and interest:
Mt. Washington
Is particularly necessary: expenditures must be made for better meeting Street Railway Co. 1st Mtge. 30-Yr.
the demands on the Equitable Gas Co.; demands for service on the Alle- 17th St. Incline Plane Co. 1st Mtge. 5.7 gold bonds, 1903, 81.500.000:
gheny County Steam Heating Co. will require large additions to plant; Allegheny Bellevue & Perhaville Ry.30-Yr. 5% bonds, 1905. $125,000;
Co., 1st Mtge. 30-Yr. 5% gold
dock facilities on the Allegheny, River are needed to handle coal; purchase bonds, 1905. $500,000; the Morninicle
Elec. St. Ry. Co., let 1),Itge.
of additional coal properties Is necessary to supply these various public 30-Yr. 5% gold bonds, 1905, $200,000; Ben
Avon & Emerworth St. fly.
utility companies over a long period of years. This development will Co. 1st Mtge. 30-Yr. 5% gold bonds,
1906,
$300,000; Pittsburgh Rye. Co.
require the expenditure of large sums of money.
Gen, Mtge. 40-Yr. 5% gold bonds, 1913, $1,968,000.
Consolidations and Elimination of Companies.-The policy of the PhilaThe Philadelphia Co. also has a contingent liability, as endorser, on short
delphia Co. and the Duquesne Llgait Co. of consolidating and eliminating term notes of its affiliated companies;
as guarantor of the payment of
subsidiary corporations where practicable. resulted in closing out a number Interest (but not principal) on
certain issues of bonds of its affiliated comof companies during the year. A list of got+ companies follows:
panies; and as guarantor of certain rental agreements of its affiliated
(a) Absorbed by Philadelphia Co.: Allegheny Heating Co. (will be companies.-V. 116, p. 1276. 1178.
dissolved during 1923).
(b) Absorbed by Duquesne Light Co.: Pittsburgh-Beaver Light Co..
Duquesne Light Co., Pittsburgh, Pa.
Pennsylvania Light & Power Co., Midland Electric Light & Power Co,
(Report for Fiscal Year ending Dec. 311922.)
Beaver River Power Co., Beaver County Light Co., Patterson Township
Light Co., Avalon Light Co., Bellevue Light Co., Ben Avon Light
Coraopolis Electric Co., Emsworth Light Co., Glonfield Electric Co..
The consolidated income account for the calendar year
Co..
Ilaysville Light Co., Kennedy Township Light Co., Kilbuck Township 1922 together with
the consolidated balance sheet as of
Light Co., Neville Township Light Co.. Robinson Township Light Co.,
Dec. 31 1922 are given under "Reports and Documents"
Stowe Township Light Co.
(e) Companies with corporate privileges only eliminated: Pittsburgh below with the Philadelphia Co. Arthur
W. Thompson,
Electric Power CO., Pranicstown Avenue Extension Street Railways Co.,
Brunet Island Bridge Co., Equitable Equipment Co., Equitable By- President of that company (see above), speaking of the
Duquesne Light Co. says in substance:
products Co.
408.
I/BRO
THE CHRONICLE
[voL. 116.
light and power business developed in large volume during 1922,
phasized in particular the following three phases of the situation:
quate service to patrons and the community served: (2) adequate
to the stockholders, which largely forms a basis of credit; (3) welfare
loyees.
dent to the strikes in the organized coal fields and of shop employees
e steam railroads, there was an increased demand for electric power
ce which made it more Important to protect the fuel supply at the
er plants regardless of the length of the coal strike: Before the strike
onunenced arrangements were made for handling and storing a large
supply of coal. ^Phi) result was that during the strike of more than five
months, the requirements for service were greater than ever before in the
history of the company, and the company's fuel requirements were adequately protected.
Increased .Service.-In connection with the increased volume of business
and the handicap by reason of the shortage of fuel and the interference to
transportation, the company was called upon to furnish a greater service,
in addition to meeting the normal development due to adding nearly 20,000
new customers to its lines, or approximately 70 additional connections
every working day in the year.
With the power rates now considerably below the average of eight of the
largest cities in this country, and with the policy of continuing to reduce
rates, together with maintaining high class service, the demand for current
will constantly increase. To enable this policy being carried out a larger
volume of business and reduced costs of operation are necessary. The
company has a program of $100,000,000 of expenditures to accomplish such
results. Each year for several years there must be large sums of money
invested in additions to plant and improved facilities.
Generating Capacity and Output.-The second unit of Colfax Power plant
with capacity of 80,000 h. p. was completed and put in service Nov. 1,
and has operated satisfactorily. This additional facility was available to
meet he demands of patrons and to supply promptly the requirements of
this community. A record peak load demand of 208.980 kilowatts. and the
greatest output in any 24 hours in the history of the company, 3,388,600
lr.w.h., occurred during December. The production for Dec. of 87,513,300
kilowatt hours was also the largest for any month.
Condition of Propertg.-The property; is generally in satisfactory condition, particular attention having been given to maintenance, but it has been
difficult to meet the extensive growth in all directions. The generating
capacity has been ample and special effort has been exerted to make connections to serve new customers, but this situation, together with the added
demand of old patrons, has created such a volume of business as to tax
severely the distribution facilities, particularly the substations and overhead
and underground lines. While the available facilities have been used to the
best advantage,further enlargement of the distribution plant will be necessary to insure ample service at all times.
Financial Situation.-As a result of financing accomplished in 1921 funds
were available for development and improvement work. Large sums were
expended during the year for additional power plants, transmission and
distribution facilities which were financed partly through withdrawals of
mortgage funds deposited with the trustee and available for that purpose
and in part through earnings. The company closed the year with special
deposits in exce,ts of $2,500,000 which are available for further improvements on account of capital additions and extensions to property.
During 1922$100,500 bonds of subsidiary electric companies were retired.
There were also purchased by the retirement fund provided for that purpose $329,300 7% Cumulative Pref. stock of Duquesne Light Co.
Financial Structure.-The financial structure of the company is sound
and progressive in nature and with relatively high dividends the credit of
the company can be easily maintained. Low rates will attract and develop increased business.
The greatest problem which is facing the management is to keep conditions such as to make it possible to secure the large sums of money necessary
for development and expansion to meet the service demands of the community. It is a recognized fact that relatively high rates coupled with low
returns on money invested in a public utility company bring about inadequate service, complaints from patrons, inability to attract new capital to
provide additional facilities in the community and failure to produce fair
dividends for the stockholders of the company. It is conservatively estimated that at least $15,000,000 must be spent for improvements in capacity
and for service betterments next year.
Future of the Company.-WIth a continuation of the policy of expanding
the company s facilities to meet the demands of the community adequately
and efficiently and the never-ceasing endeavor of officers and employees to
give as near 100% service as Is reasonably possible, together with the further
policy of voluntarily reducing rates when and where the company is able
to do so, the indications are that not only will the coming year be successful
but the results obtained by the company of serving this great industrial
district will be such as to insure continued successful operation over a
long period of years.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
Consolidated Earnings- 1922.
1921.
1919.
1920.
Gross earnings
$16,928,746 $16,092,270 $15,005,172 $11,917,567
9,869,966
Operating expenses
9,555,238 10,180,137
7,454,830
Taxes
459,553
774,594
323,065
512,623
The report shows gross sales for 1922 of $37,268.226, which is a substantial gain over 1921, easily enabling White to maintain its leadership in the
high-grade truck field. Net profit for the year was $3,770,617. Adding
sundry adjustments and deducting dividends of $2,000,000 (8%), which
have been made uninterruptedly since company was incorporated, a balance of 81.799,409 was carried to surplus account, making the total surplus
$4.461,073 41.
The company is in an excellent cash position. Bank loans were reduced
from $3,600,000 in 1921 to 32.000.000 in 1922. with an increase in cash
from 51.346.442 to .U.528.966. The company carries customer paper
without discounting, so that current assets and liabilities are shown in their
actual ratio of 3.9 to 1.
The report gives figures of the truck business for the past year, which
shows that the busines:s is being:centred in a small group ofstrong companies.
Of the 1922 output of 243.000 trucks. 90% was the work of ten companies.
Including White, with an output valuation exceeded only by Ford. All
of these ten companies have been in the automotive industry for over 10
years. The remaining 10% of the output was divided between 140 other
makers. These figures emphasize the advantage held by the larger and
stronger companies. able to produce and sell econo-qc,ilv by virtue of
large output, national distribution and highly specialized organization.V. 116, p. 949, 526.
Net earnings
Other income
S46.011.131
Total deficit, write off, &c
Net profit from operations for 1922, after providing for interest,
2,779,831
depreciation and other operating expenses
$6,599.227 $5,762,438 $4,312,412
323,132
577,444
497,817
$4,139,672
474.759
$6,922,360 $6,339,882 $4,810,229 $4,614,431
Gross income
3243,280
$303,250
Rentals. &c
1265,498
3311,659
793,361
Interest on funded debt_ 2,272,754
1,816,034
1.045,916
16,758
Int. on unfunded debt.. _
31,855
14,704
272,809
Discount, &c
488
488
20,394
488
Miscellaneous
_ - _ _ de9.11,733
Cr.11,456
Cr.3,718
Prem.on securs.sold,&c.
Cr:19-,984 Cr.151,571
Cr.96,658
Adjustments
395,503
373,882
446,398
410,133
Preferred dividends_ __ _
1,549,210
1,640.340
1,458,080
1,458,080
Common dividends
193,029
408,144
508,708
156,344
Amortization
168,842
103,972
138,883
785,708
Other deductions
Willys-Overland Co., Toledo, 0. (and Sub. Cos.).
(Annual Report-Year Ended Dec. 31 1922.)
The annual report. dated at Toledo March 19. says in
substance:
The profit from operations for the year, after depreciation charges
amounted to $2,779,831. There has been set aside, to cover price allowances on cars, reserve against merchandise inventories and extraordinary
expense in connection with the present gold note issue, the combined BUD]
of $2,597,716.
The 1st Mtge. & Collateral Trust 7% Gold notes which were issued on
account of heavy bank indebtedness become due on Dec. 1 1923. and the
officers are giving their constant attention to the financial needs of the
company and plans for the meeting of this indebtedness.
On account of conditions which have existed in the industry during the
past year, and the necessity for a largely increased manufacturing program,
the merchandise inventories have been substantially Increased over the
amount carried a year ago. The present inventories have been carefully
taken and priced at cost or market, whichever was the lower, and, with
increased production, are being rapidly turned over.
During the past year much has been accomplished by way of reorganization of the company's financial affairs and personnel, and the officers have
given considerable of their attention to the liquidation of investments in
outside securities and properties. The commitments with vendors and
disputed and unbalanced accounts which existed a year ago have now
been completely liquidated, and all current obligations are being paid
promptly.
To present a balance sheet which would accurately reflect the condition
of the company, charges have been made against the deficit account to
finally dispose of various old matters and the executive committee has also
decided to eliminate all intangible values from the balance sheet, which
has resulted in a further increase in the deficit account.
The officers are now giving their attention to the settlement of Federal
taxes covering the year 1917 and subsequently, and progress is being
made in getting these liabilities definitely established.
While the company is not operating at what might be deemed a maximum
capacity, it is operating on a very satisfactory basis of production, considering financial and labor conditions.
DEFICIT ACCOUNT FOR CALENDAR YEAR 1922 (INCL. SUB. COS.).
S7,924,015
Deficit Dec. 311921. as shown (V. 114, p. 1530)
Book value of Wilson Foundry & Machine Co. stock at Dec.
597.293
311921, in excess of purchase price
Adjustment made at June 30 1922, covering provision for contingencies, inventory losses & shrinkages, machinery & equipment losses & accrued & prepaid accts., &c., as of Dec.
6,757.720
31 1921
Adjusted deficit as of Dec. 311921, as shown in report as of
$14.084,442
June 30 1922 (V. 115, p. 1426)
Other Charges Authorized as of Dec. 311922Providing reserve to reduce book value of good-will, patents,
E15.259,931
&c., to a valuation of $1
Adjustment of book value of permanent assets covering appreciation of plants, machinery & equipment written on books in
prior years, thus restoring the book accounts covering these
items to a basis of actual cost less regular deprec. provisions_ 14.069,041
Special write offs made during 1922 covering cost of gold note
discount & expense, reserve for further possible inventory
shrinkage St reserves covering various price allowances &
2,597,717
special matters
$43.231,300
Net deficit Dec. 31 1922
CONSOLIDATED BALANCE SHEET DEC. 31.
1921.
1922
1922.
1921.
$
AssetsS
$
$
LiabilitiesReal est., bidgs.,
Pref. (auth. $10.machinery, &cy29,509,327 45,415,712
000,000) etock._ 8,878.700 8,878,700
Cood-will,patterns,
Cony. Prof. (auth.
dm
xl 14,059,932 S15,000,000)stk.13,170,800 13,170,800
Invest'ts in attn.
Common stock_ 53,999,608 54,201,989
005., &c
1,314 975 5,495,360 Subs. stk. outet'g_ 219,400
250.000
Rec.acct. property
181 M.& Coll. Tr.
15,968,900
sold
1.618,579 7% notes
$819,479
81.452,787 $2,059,261 31,022,034
Balance, surplus
Liberty bonds
128,793 Notes payable_ __ _ 825,000 18,479,645
Profit and loss surplus_. $6,542,461 $5,089,674 $3,056,693 $2.034,660 Trust
fund
47,770
Acc'ts payable_ __ 2,155,528 2,770,262
The foregoing income account In 1922 includes: Duquesne Light Co., Inventories
24,171,209 17,696,814 Dealers' initial payLight
&
Power
Co.
and
Midland
Electric
Penn
Beaver County Light Co.,
444,534
Due from agents
500,192
190,683
ments
Light & Power Co., with transactions between companies eliminated.
Notes & accts. rec. 2,798,948 2,351,726 Stk. purch. contr.
Mlecell. assets, &e 284,995
133,170
1,069,380
pay
BALANCE SHEET DEC. 31 (ALL INTER-CO. ITE IS ELIMINATED). Cash
909,576
272,054 5,128,403 Accr'd int., .to...
261,049
1922.
1921.
1921.
1922.
prepaid int., &c_ _ 238,420
462,319 Res. for conting._ 3,811,788
Liabilities$
$
$
$
Assets1,500,000
Deficit
43,231,300
7,924,015
Other
1,208,580
reserves
Common
stock_
_
_18,226,000
18,226,000
Prop.& tranchises_52,115,488 43,875,278
Prof.stk.7% Cum, 5,763,300 5,763,300
Prop. used In other
Total
101,889,000 100805,506
101,889,000 100805,506
Total
50
2,766 Pa. Lt. & P.(stk.)
2,785
public services__
839,728 let Coll. Trust 6s-31,718,500 31.718,500
Reacquired scours.. 509,900
x Good-will, patents, &c., less reserve provided to reduce book value of
106,800
108,558 15-Yr. Cony.714s-10,000,000 10,000,000 these
Sinking fund
items to $1. y Land, buildings, machinery, equip. &c., less allow33,000
30,500
Other investments 3.774,769 3,650,848 Real estate mtges.
ance for depreciation $12,154,683 and allowance for loses $1.496,613.
3-Yr. 6% notes
Stocks & bonds of
Note.-Company was reported contingently liable as endorsers on notes.
Lt.
5s_
772,500
Beaver
Co.
11,160,307
10,101,913
companies
other
&c., at Dec. 311922. in the amount of $1,679,671.
500 acceptances,
551,112 Valley Elec. Co.65
Adv. to snit. cos
The balance sheet is subject to any adjustment that may be necessary
420,887
AIM. cos.' accts._ 397,406
Accts.of MTh.cos.:
determination
by the Government of the company's Federal
upon
final
1,114,646
819,716
Notes receivable 1,232,822 1,345,757 Accounts payable_
liability.
232,524 taxDividends
126,053 Consumers' depos_ 267,06:3
Accts.receivable 162,827
on the 7% Cumul. Prof. stock have been paid to Oct. 1 1920;
337,738
1,470,000
Misrellaneous
163,194
350,500
____
loans_
Tempory
587,982 the accumulated dividends amounted to $3.472.796 at Dec. 31 1922.
1,887,991 1,463,621 Taxes
581,884
Cash
7,917 -V. 116, p. 526, 86.
7,083
Special deposits__ 3,748,973 8,282,210 Rentals
1,326,906
Accts., &c.,reeelv. 1,512,902 1,186,933 Int. on fund. debt_ 1,326,894
Maxwell Motor Corporation and Subsidiaries.
97,697
91.934
Materials & supp_ 1,795,073 1,534,351 Res. for Prof. div_
293,959
62,133 Deferred accts., &c 324,770
54,655
(Annual Report Year Ended Dec. 31 1922.)
Unexpired insurce
14.254 Reserves for dep 4,175,939 3,458,549
15,036
Prepaid accounts.
President Wm. R. Wilson Feb. 21 wrote in brief:
Deferred accounts 3.816,646 3,682,348 Profit & loss Burp_ 6,542,461 5,089,674
Surplus invested in
Excess of book val.
The first full fiscal year of corporation's activities, Just completed, has
fixed capital_ __ _ 455,482
423,109 been one of reconstruction of Maxwell products and plants.
over par value of
232,252
Corn,cap.stocks
It was not until late in December that the Maxwell, by reason of the
Chalmers readjustment and the judicial proceedings in that connection,
Total
81.187,057 79,588,509 accomplished the acquisition of the Chalmers physical properties and was
Total
81,187,057 79,588,509
-Y. 116, p. 1056, 941.
able thus to combine all its properties under unified direct operation.
(Compare V. 115, P. 1432, 1735, 2162, 2585.)
The White Motor Company, Cleveland, Ohio.
Pending the Chalmers readjustment and receivership, Chalmers operations were carried on under great difficulties and losses were unavoidable.
(Annual Report Year ended Dec. 31 1922.)
During the year these amounted to $1,186.604.
Despite the difficulties incident to the Chalmers readjustment, which is
The remarks of President Walter C. White, together with
now substantially complete. the consolidated net profit for the year was
the income account and balance sheet for the late year, will $831,662,
of which $720,714 was carried to Class 11 stock equity account
be found under "Reports and Documents" below.
after taking care of Chalmers reorganiration expenses and adjusting Cana-
MAR. 311923.]
THE CHRONICLE
lien exchange reserves. Operations of Maxwell Motor Corp. itself yielded
.1 net profit of $2,018,265 64 for the year.
Cash and cash security balances at the close of the year aggregated over
s3.000,000, with no bank indebtedness, and after the retirement of over
s8,000.000 of funded debts and the disbursements incidental to the acquisit ion of the Chalmers property. The ratio of current assets to current liabilities improved during the year to 3.42 to 1.
Corporation, by production and sale of over 55,000 cars in the calendar
Year 1922, attained 8th place among automobile manufacturers. Engineering development was carried steadily forward. The demand for Maxwell and Chalmers cars is reflected in the much greater number of orders on
our books to-day than a year ago and in the steadily increasing number of
dealers.
The condition of plants and equipment has been greatly improved by
relatively small investment, and its machinery and tooling bettered for the
larger demand expected in 1923. Improvements effected during the year
liave been reflected in decreased costs and operating expenses.
INCOME ACCOUNT(MAXWELL MOTOR CORP.AND SUBSIDIARIES)
CALENDAR YEAR 1922.
Net profit from operations of Maxwell Motor Corp. and subs..
• exclusive of results from oper. of Chalmers Motor Corp. and
subs.,for period from Jan. 1 1922 to Dec. 16 1922
$2,018,266
Net loss from oper. of Chalmers Motor Corp. and subs., period
from Jan. I 1922 to Dec. 16 1922
1,186,604
ohalmers readjustment expenses
138.920
Adjustment of Canadian exchange reserves
Cr.27,973
Balance, surplus
$720.714
Balance Jan. 1 1922
29,371,733
Miscellaneous adjustments applicable to prior periods-Net._ _ _ Dr.59,018
Total surplus Dec. 31 1922
$30.033,429
CONSOLIDATED BALANCE SHEET DEC.31.
1922.
1921.
1922.
1921.
Assets5
land, bldgs., maCl."A" cap. stk .. A7,198,300 15.186,800
cbin'y & equip_ al5,924,847 16,377,591 Class "B" stock _c30,033,429 29,371,733
Good-will
25,030,296 25,030,296 Mln.s khlfr (C11,1)
21.463
Cash
2,754,223 2,895,284 Sec. "C" notes of
Car ship'ts against
M.M.Corp. due
Bet L drafts
871,678
1,594,927
J'ne 1 1924, and
Hank acceptances
aecr.Int. thereon 4,320,720.68,172,171
& etfs. of dep
307,331 4,121,385 6,
3. notes Chat. Co.
3.150,000
Notes receivable_
528.893 Notes payable_ ___ 2,336,675 3.849,796
15,183
('ust's' dr dealers'
Acc'ts payable_ _ 1,095,018 1,841,310
ace'ts,less allow. 276,111
606,070 Accr. Int..tax.,&c_ 252,798
334,141
I )tte h.Can. Govt.
Dealers' & distrib.
for duty refunds.
90,1198
deposits
294,542
253,697
Inventories
8,599,881 10,563.895 Reserves(ialm against U.S.
Empl. liab. Ins_
14,188
Govt
144,453
Exch. discla &
Other assets
982,978
987,223
52,358
contingencies_
95,178
l)eferred
371,733
200,164
Sales refunds
183,160
517,966
•
1409
INCOME STATEMENT FOR CALENDAR YEARS.
Operating Income1922.
1921.
1919.
1920.
$31,817,072 $32,237,396 $33.096,764 328,752,675
Passenger revenue
Mails, rentals, ad., &c
615,657
635,761
651,916
654,097
Total
$32,452,834 $32,853,053 533,750,862 $29,404,591
Operating ExpensesWay and structures..
$3,335,893 $3,021,844 $3,226,275 $3,783,715
Equipment
3,333,242 4.470,357
4,033,850
4,290,040
Power
3,261,919
2,532,501
4,568,991
2.980.659
Trans.expenses
10,040,832 10,752,383 11,524,823 10,530,882
Traffic
3,033
2,401
4.758
3,358
General Sz miscellaneous 2,113,540
2,063,571
2,110,285
2,411,824
Total open expenses__$22,088,459 322,843.057 325,769,122 323,700,339
Net earnings
10.364,375 10,009.996 7,981,740
5,704.252
Taxes on ry. operations_ 1,587,187
1,546,758
1,142,987
1.045,502
Operating income
8.777.188
8,463,238 6.838.753 4.658,750
Dividend income
9,182
9,180
9,180
9,180
Inc. from fund. socur
5,148
6,289
4,503
6,357
Inc.from unfund. secur196,031
375,159
42.853
233.379
Inc.from sink.fund,&c_
33,280
33,280
33,280
28,853
Miscellaneous income..
2,702
2,388
1,850
3.004
Grass income
39,023,531 38,887.210 37.119,527 $4,752,741
DeductionsRent for leased roads...... $3,727,859 $2,862,207 $2,816,248 $2,775,232
Miscellaneous cents...... _ 1,927,151
1,781,225
1,339,502
1,612.746
Netif:WS on miscellaneous
physical property.._ _
8,733
6,960
7,986
0,326
Interest on funded debt.. 1,831.394
1,292,800
1.309.477
1,307,019
Int. on unfunded debt
59.921
207,945
201.458
246.313
.Amort. of dis. on funded
debt
31,468
31,468
44,290
34,860
Miscellaneous debits__ _
24.816
16.280
14,881
8.070
Total deductions from
gross income
$7,611,342 $6,192,399 36.003,026 $5,730,871
Balance
31,412,189 52,694,812 51,116,501 def$978,129
1st preferred (4%)
256,000
2d preferred (3%%)491.046
Preferred dividends ($7)
210,000
210,000
210,000
210.000
Common dividends-($5%)1,343,218(35 6)1313367(5%)1253668 (5%)1193970
Balance. sur. or def__def$888.075 sr31,171.445 def$347.167df$2,382.099
Note.-The dividends paid during 1922 are not given In the report but
have been inserted by Editor for purpose of comparison.
GENERAL BALANCE SHEET DECEMBER 31.
1922.
1921.
1922.
1921.
AssetsLiabilitiesRoad & equip. .97,236,991 51,947,200 lst pref. stock_
8,400,000
Miscel. phys. prop 556,521
619,319 26 pref. stock _ _14,029.850
Inv. in Mill. cos.:
Common stock_ _ _23,879,400 23,879,400
Stocks
201,509
201,510 Preferred stock. _ . 3,000,000 3,000,000
Notes
4,848,245 Prem. on cap. stk_ 4,939,905 2,707.428
Total
55,781,184 62,794,256
Total
55,781,184 62,704,256 Advances toFunded debt
48,221,000 28,086,000
Current account
125,000
1,738,343 Mortgage note
125,000
a Land, bldgs., machinery and equipment, $20.509.051: less allowance Other companies,
Open acct. (West
for depreciation, 34.584.204. b Includes Series "B" notes. c Class "B"
road & equipmt 102,851
End St.Ry.00.)
1,214,949
102,852
(no par value) outstanding, 593,143 shares.
Other investments 270,155
209,942 Loans& notes pay. 1,800,000 2,463,372
Note.-(1) Customers' notes receivable discounted. $508.525. (2) Ma- Cash
825,666 1,320,913 Vouchers & wages "
terial in transit at Dec. 31 1922 not included above, 3460.100.-V. 116. p. Dep. for int., div.,
payable
1,082,534 1,208,320
1059.
804,907
arc
769,147 Mat.Int. div., &o. 805,113
770,352
Spec.dep.of res. td 1,000,000
Mat.fd. debt unpd
1,000
1
431 Accr. int. div.,&e_ 857,599
American Brake Shoe & Foundry Co. (of Delaware). Loans & notes rec_
885,722
Misc,accts. rec.__ 165.870
38,751
227,734 Deferred liabilities
38,953
(Annual Report Year Ended Dec. 31 1922.)
Mat. & supplies 2,418,280 3,251,416 Tax accrued
844,531
733,233
rents ree
Int.dlv.&
50456
30,309 Prem. on Id. debt.. 370,549
Pres. Joseph B. Torben, N. Y., March 14, wrote insubst.: 0th. current
assets
35,716 Operating reserve. 906,602
918,043
38.139
802,550 Accrued deprecia'n 2,058,494 1,503,431
Capital Account.-There has been transferred from surplus to capital Ins.& other funds_ 3,009,892
62,702
129,100 MIscell. reserve...
142,636
account during the year the sum of $7,442.700, thereby increasing the Prepaid rents, &c_
127,979
Disc,on fund.debt 260,252
291,720 Adv. by Comm. oi
nominal value of the no-par Common Stock from $5 to $50 per share.
Mass.acct.def
203,072
No Bonds.-The first mortgage sinking fund bonds were called for 0th. unadj. debits 553,976
cost of service 3,482.955 3,980,152
redemption and paid off on Sept. 1, leaving the company for the first time Cost of service def.
for 12 mos. end.
Surplus
89,982 def238,977
since its organization free from bonded debt.
June 30 1919._ 3,462,955 4,668,490
New Plants.-In order to serve an additional number of customers by
direct delivery to their lines of road and save freight charges, it was deemed
to the best interests of the company to establish additional brake shoe
Grand total._ _111,021,224 71,398,013
Grand total__ _111,021,224 71,398,018
Plants. In line with this policy, two new plants have been authorized, -V. 116. p. 514, 511.
one to be located at Houston, Tex.. and the other at Portsmouth, Va.
We expect those plants will be completed and in operation some time before
Chicago City Railway Company.
July 1 1923.
(Report for Fiscal Year Ending Jan. 31 1923.)
Settlement with Wings Corporatitnt.-A satisfactory settlement has been
concluded with the receivers of the Willys Corp. under a contract with that
Pres. Leonard A. Busby, Chicago, March 16, wrote in sub.:
corporation to purchase castings from your plant at Newark, N. J. This
Results.-Gross earnings of tile Chicago Surface Lines amounted to
plant was built for the special purpose of making automobile castings and is
not well adapted for the manufacture of either brake shoes or miscellaneous 356.103,061. operathui expenses, $44.416,069, leaving "residue receipts"
gray iron castings. Your management, therefore, decided that it would be (which include the city s 55%).of 311.686.992,divisible60%.or $7,012,195.
well to dispose of the plant and efforts in that direction have been made to tile Chicago Railways, and 40%, or 34,674.797. to the South Side
during the past year. The result is that a sale has just recently been Lines, namely: the Chicago City Ry., Southern Street Ry. and the Calumet
concluded with Eastern Steel Castings, of New Jersey (compare V. 116. p. & South Chicago Ry.
The decrease in gross earnings is due to the reduction in fares from Sc. to
941). When the final payment of your claim against the Willys Corporaion has been made, the transaction, including the cost of plant, will show 7c. (three tickets for 20c.). effective June 15 1922, aid to the six-day strike
a substantial profit.
the first week in August. The decrease in operating expenses is due to the
Ramapo Ajax Corporation.-On Sept. 1 1292. company acquired control wage reduction which became effective Aug. 6. Trainmen's wages were
of tile Ramapo Ajax Corporation, a newly organized company which has reduced front 80c. per hour to 70c. per hour. The average reduction for
taken over the assets of the Ramapo Iron Works and Ajax Forge Co., other employees was 10c._per hour.
Cash Renewal Reserre.-Gnder its ordinance, the company is required to
manufacturers of railroad track fixtures and accessories. Capitalization of
the new company consists of $2,250,000 First Mtge. 63.i% Bonds, $2,000.- set aside, in cash, on or before tee 5th day of each month, a sum equal to
000 7% Cumul. Prof. Stock, and 60,000 shares no par value Common 8% of tne grass receipts for the preceding month. This sum constitutes
Stock, of which Common Stock this company owns about 90% (V. US, p. the renewal fund, and is kept in a separate bank account, distinct from the
company's general funds. Out of this fund, on certificates issued by the
1331).
Ont/ook.-The year 1922 showed continued improvement throughout the board of supervising engineers, the company pays the cost of current
year, and in the latter part plants were being operated at capacity. This renewals and replacements. There has been paid into this fund since
condition still continues and, unless there is an unexpected change in April 15 1910, including interest and proceeds from sale of unnecessary
gmieral business conditions, the profits for the current year should equal property, a total of $12,186,433, and tnere has been paid out of this fund for
11,o, of last year.
renewals and replacements a total of $7,744,475,leaving in tile fund the sum
34.441,958 on Jan. 31 1923.
The usual income account was published in V. 116, p. 1278. ofSince
July 1 1920. however, the 8% of the gross receipts, amounting to
$4.403,566. has been paid into a "special renewal and equipment fund,"
CONSOLIDATED COMPARATIVE BALANCE SHEET DEC. 31.
under an order of the Public Utilities Commission entered July 31 1920.
There has been paid out of this fund for current renewals the sum of
1922.
1921.
1922.
1921.
AssesLiabilities33,223,042, and for the purchase of new cars the sum of 3446,226, leaving
s
$
$
$
Plants di equipin't.z4,829,261 5.953,485 Preferred stock ___ x9,538.500 9,538,500 a balance of $734,297 in the fund.
Patents, goodwill
Since July 1 1920 no funds have been withdrawn from the renewal fund.
Common stock.....y7,661,900y11,781,749
and other Intancreated by tee company's ordinance. The two funds amounted, on Jan. 31
Stock sub. cos.(not
gible assets
6,877,589 6,317,144
1,760
owned) at par__
1,800 1923, to M.176,255.
Invest.In sub.cos_ :1,102,977 2,880.162 First mtge. bonds_
The physics' condition of your property is excellent.
120,000
Mtges.& notes rec. 1,021,314
Capital Expenditure.--Capital expenditures during the year amounted
406.556 Contingency, &c.,
Cash
596,0(16
1,141,786
754,701
reserve,&c
379,038 to 3210,923. but there was a decrease of $75.631 in material and supplies.
tcets rec., less res. :3,819,463 2.795.222 Accounts payable.. 1,333,929 1,110,873 leaving net capital charges $135,292. No extensions were built during the
Marketable loans
year, but 8.30 miles of single track were reconstructed.
Employees trust
and investments 1,579,866
New Cars.-During the year the 7 trailer cars destroyed in the Devon
985.398
280,870
stock
Inventories
2,672,225 2,648,304 Federal taxes (eat.) 529,922
Ave. fire of Jan. 26 1922, were ordered rebuilt, and will be paid for out of
262.136
l )eferred ameba
128,252
108,809 Surplus
the insurance money. The company has also ordered 19 double truck
5,171,152
See Y
one-man safety cars and 44 double truck 4-motor two-man cars equipped for
Total
25,172,734 23,194,146
Total
25,172,734 23,194,146 trailer operation. These cars will be paid for out of the special renewal
and equipment fund.
x Commowstock, no par value, 152,384 shares at $50 per share, $7,619,Fare.-The 8-cent fare, established
order of the Commerce Commis200; less 1,146 shares ($57,300) in treasury. y Common stock, no par ,'don Nov. 5 1920. was ordered reducedby
to a 5c. faro by the Commission on
value. 148,854 shares, represented by surplus of 311,781.749. z After Nov. 23 1921. Before this order became
effective, its enforcement was
ticducting $2.104.154 depreciation.-V. 116, p. 1278, 723.
restrained by a temporary restraining order of the U. S. District Court.
This restraining order was followed by a temporary injunction. issued
Jan. 17 1922.
Boston Elevated Railway.
On April 8 1922 the Commerce Commission rescinded its former 5-cent
fare
order, and entered a 6-cent fare order, effective May 1 1922. On
(Trusleee' Reportfor the Year Ended Dec. 31 1922.)
April 28 the U. S. District Court entered an order restraining the enforcement of the 6-cent fare, and on June 9 a temporary injunction was issued,
The report of the board of trustees, together with the restraining the enforcement of the 6-cont fare on condition that, effective
traffic statistics and a comparative table of receipts and June 15 1922, the companies would charge not to exceed a 7-cent case fare
and sell three tickets for 20c, on all cars. On Aug. 17 the provision directing
expenditures, was published in V. 116, p. 511. The income the
sale of tickets on cars was eliminated, and in lieu thereof the company
account and balance sheet for 1922, in detail, compare was required to sell tickets at its offices, car barns and other places, which
would
reasonably accommodate the traveling public. This litigation is still
with previous years as follows:
pending.
THE CHRONICLE
1410
[VOL. 116.
Subways and Unified System.-During the year the local transportation
Car Surplus.-Surplus freight cars in good repair and immediately availmba
lercfhor7.u5e amounted to 12,461 on March 14, a reduction of 7138 since
committee of the City Connell has labored earnestly to reach a solution of a
the transportation problems of the city, and, together with a committee
from the All Chicago Council, and a staff of engineers, is endeavoring to
Surplus box cars numbered 2,493. a gain of 287 within a week, while
work out a plan for the construction of municipally owned subways, and also surplus coal cars numbered 3,897, a decrease of 230 within the same period.
a plan for the purchase by the city of the street railway and elevated lines. Surplus stock cars totaled 3.985, an increase of 182 within a week, while
This company now, as heretofore, stands ready to assist, in every way surplus refrigerator cars totaled 1,509, a reduction of 703 within the same
possible, in working out a comprehensive transportation plan for the city.
length of time.
We are firmly of opinion that a unified system of surface, elevated and
Car Loadings.-More cars have been loaded with revenue freight to date
subway lines, in substantial conformity with the physical plans and recom- this year than ever before in a similar season in the history of the railroads,
mendations of the Chicago Traction de Subway Commission report dated according to the Car Service Division of the American Railway Association.
Dec.15 1916,is necessary, in order to work out a practical and satisfactory From Jan. 1 to March 17, inclusive, 9.474,662 cars were loaded. This was
solution of the problem of furnishing adequate local transportation facilities an increase of I.232,574 over the total for the corresponding week last year,
for Chicago.
and an increase of 1,808,466 cars over the corresponding period in 1921.
INCOME ACCOUNT FOR YEARS ENDED JAN. 31 OF THE CHICAGO This also was a substantial increase over the totals for the corresponding
periods in 1918. 1919 and 1920.
SURFACE LINES.
Loadings of revenue freight during the week which ended on March 17
1922-23.
1921-22.
1920-21..
1919-20.
Gross earnings
$56,103,062 $60,343,733 $55,327.385 $43.963,438 totaled 904,286 cars, an increase of 89.204 cars, compared with the correOperating expenses
44.416,070 46,516.150 43.300,393 33,254,015 sponding week last year and an increase of 212.890 cars in the same week in
1921. It was, however, a reduction of 933 cars below the preceding week
Residue receipts
$11,686,992 $13,827,583 $12,026.992 $10,709,423 this year. "Financial America' March 29, p. 2.
Matters Covered in "Chronicle" March 24.-(a) Record-breaking freight
Chicago Railways(60%) $7,012.195 $8,296,550 $7,216,195 $6,425,654
South Side Lines(40%)- 4,674,797
4,283,769 movement on railroads continues, p. 1232. (b) I.-S. C. Commission asks
5,531,033
4,810,797
railroads
for report on earnings in excess of 6%, p. 1243. (e) U. S. RR,
INCOME ACCOUNT OF CHICAGO CITY RY &C., YEAR END.JAN.31.
Labor Board orders return to hourly basis of pay on N. Y. Central RR.;
1922-23.
1921-22.
1920-21.
1919-20.
President Smith's statement, p. 1243. (d) Embargoes lifted by Del. Lack.
South Side Lines (40%)_$4,674,797 $5,531.033 $4,810,797 $4,283,769 & Western and Delaware & Hudson roads, p. 1243.
x Joint acc't caps.. Sze_ _ _ 3,668,400
3,567,242 , 3,473,530
3,477,245
Net earnings
$1,006,396 $1.963,791 $1,337,267
City's proportion. 55%,
as per ordinance..
1,080,085
735.497
553,518
8806,525
443.589
Co.'s proportion, 45%,
as per ordinance
$452,878
South St. By.proportion_
24.908
8883.706
48.604
$601,770
33.097
$362.936
19,961
Company's proportion_ $427.970
Int.on capital investment 2.750.965
$835.102
2.751,588
$568,673
2,739,056
$342,975
2,705,676
Incomefrom operation_$3,178.934 83,586.690 83,307,729 $3,048,651
Other income(net)
deb.242
36.170
54,398 deb.2.744
Net income
Interest on bonds
Dividends
$3,233,332 83,583.946 $3,307,487 $3,084,821
$1.775,085 $1,824.018 $1,822,337 $1,780,884
(6%)1.080,000(6)1,080.000(6)1.079,997 (5)900,046
Balance, surplus
$679,928
$405,153
$403,891
$378,247
x Joint account expenses interest on capital investments of the Chicago
City By. Co. and Calumet & South Chicago By. Co. and Southern St. By.
0o.
BALANCE SHEET OF CHICAGO CITY RY. CO. JAN. 31.
1923.
1922.
1923.
1922.
Liabilities$
Assets8
8
Pur, price of prey.
Cap,stock equity_19,917,734 19,539,611
in terms of ord._55,084,943 54,949,651 First Mortgage 5%
gold bonds
33,926,000 33,926,000
Ascounts reeely'le7,308
3,751
14,000 Notes payable_ _ 1,344,745 1,630,745
Real estate
14,000
873,285
Cosh on baud
954.879
993.682 Accts. payable,&c. 869,095
Total
56,057,574 55.969,641
-V. 114. IL 1281.
Total
58,057,574 55,969,641
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
in the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
uiterest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
Pittsburgh & West Virginia Ry. Seeks to Enjoin I.-S. C. C.-Injunction to
prevent Commerce Commission from enforcement of penalties provided
under Transportation Act of 1920 should an agreement to consolidate with
West Side Belt RR. be carried out. "Times" March 28, p. 28.
Two Roads Fined for Violations of Fuel Priority Rulings of
C. C.
Newburg dz South Shore and Lake Terminal companies confess to 50 violations of rulings. Claimed priorities as common carriers but turned over coal
consignments to other companies. Each road fined $25,000 plus costs.
"Times" March 27, p. I.
Railroads Divide Over Transportation Act.-Two factions, one supporting
Act in all its provisions, the other holding certain provisions cannot be
enforced except under compulsion of courts of last resort. Objections to
Act are, roughly: (I) Surrender to Government of one-half of excess net
operating income over 6%: (2) Giving Labor Board such wide powers of
intervention between carriers and employees, and (3) consolidation of
"weak" and "strong" roads into limited number of systems of balanced
eonmetitive and financial strength. "Wall St. Journal" March 27, p. 9.
Need for Rate-Wage Board.-A. T. Hadley, President Emeritus of Yale
University and Chairman of RR. Securities Commission of 1910-11, says
single body for both rates and wages, with authority to enforce its decisions,
is greatest rail need. "Times" March 25, p. 13.
Transportation Act to Get First Test This Year, Says Walker D. Hines.
Former Director-General of Railraods says 1923 promises to be first normal
year since 1914 and thus the Act of 1920 will operate for the first time under
normal condition. Regards rate-making_ provision as fairest regulation
that can be applied. "Wall St. Journal' March 24, p. 1.
Canadian Pacific I: . Increases Wages.-Following negotiations with
anions concerned the co
any increased wages an average of $5 50. and
ranging from 84 to $14, in thly to clerks, freight and yard and miscellaneous employees on Western I -es. "Times" March 24. p. 22.
re -P.U. Commission of Connecticut
Connecticut Co. Resumes Flat Rat
issues order to company to return to I^ t rate system of fare collection in
Bridgeport on April 1. A previous or r of the Commission permitting
a 5-cent fare without transfer is rescinded. The new rate will be a cash
fare of 10c,or metal tokens to be sold at rate in.. for 15c., and free transfers.
"Boston Financial News" March 29. p.6.
Philadelphia Electric Co. to Reduce !fates 5% for All Consumers, Effective
May 1.-' Philadelphia News Bureau' March 29, p.3.
further progress in the repair of freight car
Freight Car Repair
equipment of railroads was indicated yesterday in the report of the Car
Service Division of the American Railway Association, which showed that
on March 15 there were 212,553 cars in need of repair, a reduction of 2,999
since March 1. Cars awaiting repair on March 15 included 55,824 in need
of light repair and 156,729 in need of heavy repair work.
Condition of Equipment -Railroads during January 1923 had 9% of their
freight cars classified as unserviceable, the Inter-State Commerce Commission reported to-day. against 13.6% so classified in the same month a
year ago, and 8.8% during Jan. 1921. During the same period 26.1% of
their freight locomotives were in bad order, against 22.5% in Jan. 1922
and 24.1% during Jan. 1921.
The Commission included in its report the consolidated repair records of
carriers which indicated that the bad order proportion of freight cars during
the shop strike last summer had reached a high point of 14.2%. steadily
dwindling in later months. Approximately 30% offreight locomotives were
classified in bad order in September, during the strike, and at the same time
26.8% of passenger locomotives were in need of repairs. As with the freight
cars, the percentage of had order locomotives was gradually brought down
to the low point given during January, which was close to normal for all
three classes of equipment.
Car Shortage.-Shortage in freight cars of all descriptions on March 14
totaled 74,442. a decrease of 4,828 compared with the total on March 7,
according to reports received from the carriers by the Car Service Division
of the American Railway Association.
The shortage in coal cars totaled 30.405, a reduction within a week of
4.237, while there also was a reduction within the same period of 672 in
the shortage in box cars which brought the total for that class of equipment to 35,530. Reports also showed a shortage of 688 for stock cars,
which was a reduction since March 7 of 152, but there was an increase of
83 in the shortage in refrigerator cars which brought the total to 2,965.
American Electric Power Co.-Securities of American
Railways Co. Called for Redemption.-
The following securities of the American Railways Co. have been called
for redemption July 1: (1) All of the outstanding Lynchburg & Roanoke
Collat. Trust 5% Gold bonds at 10234 and int. at the Real Estate Title
Insurance & Trust Co., Phila., Pa.; (2) all of the outstanding Ohio Valley
5% Collat. Trust Gold bonds at 102 and hit, at the Fidelity Trust Co.,
Philadelphia, Pa.
All of the outstanding American rtys. Co. 3-Year 734% Extended Gold
notes have been called for redemption at 101 and int. at the Pennsylvania
Co. for Insurances, &c., Philadelphia, Pa. See V. 116, p. 514, 719.
Ann Arbor RR.-Bonds Authorized.The I.-S. C. Commission on March 16 authorized the company to pledge
not exceeding $75,000 Impt. & Exten. Mtge. 6% Gold bonds as collateral
security for short-term notes to be issued from time to time for current
requirements.-V. 116, P. 719.
Atchison Topeka & Santa Fe Ry.-To Lease Road.to the I.-S. 0. Commission for authority to
T
The
1h1,
company
p p
117
an6, happlied
ra;9.
3y
acquire control by lease of the Dodge City & Cimarron Valley RR.V.
Boston & Maine RR.-Merger of Subsidiaries.The I.-S. C. Commission on March 19 dismissed the application of the
company for authority to acquire by merger the property and franchiseeof
the York Harbor & Beach RR., the Sullivan County RR., the Vermont
Valley RR. the Barre & Chelsea RR. and the Montpelier & Wells River
RR., and dam the application for authority to acquire by merger the property and franchises of the Proprietors of Portsmouth Bridge.
In dismissing the application the report of the Commission says in part:4
"It is stated in the applications that the respective agreements, to consummate which authority is sought, involve the merger of the various subsidiary companies into the applicant; and that the acquisition of the property and franchises of the subsidiary companies by the applicant will be ha
the public interest in that it will tend to reduce operating expenses by the
elimination of numerous accounting, fiscal and other expenses.
"If the applications be treated as having been filed under paragraph (2) of
Section 5 of the Inter-State Commerce Act, we are of the opinion that that
paragraph does not confer upon us the power to approve or authorize the
proposed transactions. The contemplated mergers would involve the
consolidation of the applicant and the subsidiary companies into a single
system for ownership and operation and, therefore, we are without jurisdiction under that paragraph to approve or authorize the same.
'If the applications be considered as having been presented under paragraph (6) of said Section 5 they cannot be entertained by us at the present
time. That paragraph confers upon us jurisdiction to approve a proposed
consolidation of the properties of two or more carriers Into one corporation
for ownership, managementand operation, but it provides that the proposed
consolidation must be in harmony with, and in furtherance of, the complete
plan of consolidation mentioned in paragraph (5) of said section. While
we have agreed upon the tentative plan of consolidation provided for by
paragraph (4) of that section, and given due publicity thereto, the hearings
which we are required by said paragraph (5) to hold thereon have not yet
been brought to a close and the complete plan of consolidation has not yet
been adopted by us. We are of the opinion, therefore, that the filing of the
applications was premature If it was intended thereby to invoke our jurisdiction under said paragraph (6).
MI
"The applications before us are for authorization and approval of acquisition or consolidation under Section 5 of the Inter-State Commerce Act,
and not for authorization of the issue of securities under Section 20a. We
are not passing upon the question as to whether the issuance of securities
should be permitted on the theory that the plan may be carried out under
authority conferred by State laws, and that application to us for the approval of such plan is, therefore, unnecessary.
There is, we believe, no provision of law pursuant to which we may at
this time approve or authorize the proposed mergers, and it follows that the
applications should be dismissed."-V. 116, p. 1269.
Boston & Worcester Street Ry.-Wages.-
It is stated that the company has decided to continue the 54-cent wage
rate during the balance of the contract with its men. The contract with
the blue uniform men entered into on Sept. 11922. was on a basis of54 cents
an hour until March 1 1923. and 53 cents an hour from March 1 1923 to
Sept. 30 1923. See V. 115. p. 2045, 1209; V. 113. p.2817.
Canadian Pacific Ry.-Arrangements Being Made to Pay
Off in July Next $52,000,000 Note Certificates, Due March
2 1924.See text of. report under "Reports and Documents" below.-V. 116.
p. 1170.
Central Pacific Ry.-To Build 118-Mile Line in Oregon.Carrying out the promise of the Southern Pacific Co. that it would build
the so-called Natron cut-off from Oak Ridge to Kirk, Ore., a distance of
118 miles, the Central Pacific has filed an application with the I.-S. C.
Commission asking approval of the proposed line.-V. 116, P. 720, 294.
Chicago Elevated Railways Collateral Trust-Earns.-
A bulletin issued by Wm.Hughes Clarke, Chicago, furnishes a summary
of the passenger traffic records from 1910 to 1922 and condensed operating
data for 1922 and 1921 of the Chicago Union Elevated South Side, Northwestern, Metropolitan West Side and Oak Park divisions, the majority
stocks of which are pledged as security for the Collateral Trust 6% notes,
dated July 1 1914, that have been in default since July 1 1919.-V. 116,
p. 515.
Chicago North Shore & Milwaukee RR.-Notes Offered.
-Halsey,Stuart& Co.,Inc.,and National City Co.,are offering $1,000,000 3-year 6 % secured sinking fund gold notes,
Series "C," at 100 and interest. The notes, dated April 2
1923 and due April 1 1926, are redeemable at 101 to April 1
1924; on and after April 1 1924 to April 1 1925 at 100i and
on and after April 1 1925 at 100 (see advertising pages).
Company owns and operates 84.54 miles of road, practically all double
track construction, along the shore of Lake Michigan through practically a
a continuous succession of cities and towns from Milwaukee, Wis., to
Evanstown, Ill. Compare description of notes, &c., in V. 116 ,p. 1274.
WI
Chicago Railways.-Seek Back Dividends.The holders of Series I Participation Certificates, at a meeting March126
elected a protective committee in an effort to obtain the payment of $1.478.400 in unpaid dividends on the certificates. The committee will take
MAR. 31 1923.]
THE CHRONICLE
1411
immediate steps to bring about an agreement with the company, either
Directors of the new company are: Mr. Bayly and E. A. Evans, Lima;
through amiable settlement or court action, the legal expenses to be borne Joseph A. Murray,Kalida:D.F. Operlander,Pres, of the Defiance Chamber
by an assessment of El a share on the 30,000 shares outstanding.
of Commerce, and A. D. Bowen, Elyria, 0. See also V. 116, p. 934.
The committee consists of Jackson S. Stone. W. F. Prindel, Harry C.
Edmonds, Robert J. Dunham and Orville E. Babcock.
Inter-State Public Service Co.-Valuations.A protective committee representing over 12,000 parts out of 30.800
The Indiana P. S. Commission has placed the following valuation on the
parts of the Participating Certificates, Series A, has been formed to secure 7 utility companies recently merged with the Inter-State Public Service Co.:
payment of $1,478,400 accumulated dividends deferred since 1917. The Hydro-Electric Light & Power Co..$1,132,212; Hawks Electric Co.,$1,124.committee claims that the company has more than enough money to pay 903; Middlebury Electric CO., 518.953: Winona Electric Light & Water
the accumulations, but because of inability to sell its bonds at a high Co., $516436; Electrical Transmission Co. of Northern Indiana, 555.863:
enough rate it has been using the accumulations to pay improvement cost. SouthernIndiana Power Co.,$1.382,672: Indianapolis & Louisville Traction
-V. 116, p. 1275.
Co., $1,840,000 (see also V. 116, p. 515).-V. 116, P. 1049. 935.
Columbus Newark & Zanesvillle Elec. Ry.-Service.-
Service on the Now ark & Granville line was abandoned March 10, due,
mainly, to motor bus competition. The tracks of the abandoned line, it is
said, will be scrapped.-V. 116, p. 933.
Compania Cubana.-New Control.See Cuba Co. under "Railroads" above.-V. 112, p. 2646.
Consolidated Power & Light Co.-Bonds Called.All of the outstanding Consolidated Light, Heat & Power Co. 1st Mtge.
5% Gold bonds, due Dec. 11946, have been called for payment June 1 at
104 and int, at the Bank of North America & Trust Co.. Phila., Pa.
-v. us. P. 933.
Cuba • Co.-To Increase Common Stock-To Acquire
Cornpania Cubana Common Stock.The stockholders will vote May 1: (a) on increasing the authorized Corn.
stock from 560,000 shares to 1,000,000 shares, of no par value, and (b) on
authorizing the company to acquire the Common stock of the Compania
Cubana, of which 40.000 shares are outstanding.
It is proposed to issue 2 shares of Common stock of the Cuba Co. in exchange for 1 share of Compania Cubans stock.-V. 116. p. 1049. 295.
Cumberland (Md.) Electric Ry.-New Control.-
See American Water Works & El. Co., Inc., below.-V. 115. 13• 1837.
Cumberland Trac. Co. Bridgeton, N. J.-Acquisition.
The New Jersey Board of Public Utilities has authorized the company to
issue $50,200 Cumul. 7% Pref. stock, and $59,800 Common stock to be
used for the acquisition of certain property formerly owned by the Bridgeton & Millville Traction Co. The Commission also authorized the company
to issue an additional $25,000 of stock to provide funds for Improvements,
&c.-V. 115, p. 2904.
Dallas (Tex.) Ry.-Fare Increased.Fares between D alas and Highland Park have been increased to 8 cents.
Heretofore the fare has been 6 cents.-V. 115, p. 2477. 2158, 1531.
Delaware Lackawanna & Western RR.-Track Elevation
Johnstown (Pa.) Traction Co.-Bus Lines.-
The company through its subsidiary. the Traction Bus Co., will operate
a third bus line in Johnstown, Pa. About two months ago the company
placed its second bus line in operation.-V. 116. p. 515.
Joplin & Pittsburgh Ry.-Bond Extension, &c.
-
The 81,050.000 Gen. Mtge, 7% Bonds, due April 1, are being extended
at same rate of interest to March 1 1930. E. H. Rollins & Sons and H. J.
Holtz, Chicago. are handling the extension. As originally issued. these
bonds bore 6% interest and matured April 1 1920, from which date tney
were extended at 7% until April 1 1923. The bonds as now extended
will mature on March 1 1930, being the date of the maturity of the 51,750.000 First Mtge, 20-Year 5% Bonds, outstanding. thus facilitating at that
time the adoption of a comprehensive plan of re-financing. Under the
proposed extension, all of the terms of the indenture of April 11913.securing
these bonds, will be continued in effect, including the cill price of 100 on
any interest date, with the exception that the rate of interest shall be 7%
as in the case of the previous extension.
Earnings Calendar Years.
Burp. or
Oper.Exp.
Bond
YearInterest.
Gross,
Net.
Deficit.
A Taxes.
1918
$672,367 $531.397 5140.970 $151,510 def50,530
1919
806,826
199.333
607.493
150.590 sur48.833
1920
242.925
639,561
158 375 sur84.550
882.486
1921
169.848
sur8.848
611,497
161,000
781.345
1922
190.223
517,946
161.000 sur29,223
708,169
Condensed Balance Sheet as of December 31 1922.
Assets-LiabilitiesCost of road, equip., &c.39,012.235 Capital stock
$5.000,000
Current assets
800,000
123.313 i'referred rights
Deferred charges
2,800,000
7,923 Funded debt
Unadjusted debits
104.783
8.421, kccr. hat. & curr.reserves_
Total (each side)
59.151,898 3urplus
447.115
-V. 111, p. 1183.
Lima (0.) & Defiance Ry.-New Company.
See Indiana Columbus & Eastern Traction Co. above.
London (Ont.) Street Ry.-Purchase Proposal Defeated.
The company is now completing an extensive program of grade crossing
elimination on Morris & Essex branch and on the Montclair branch. For
The rate-payers of London, Ont., have defeated a by-law to purchase and
details see 7-page article in "Railway Review" of Feb. 24 entitled "Track rehabilitate the railway. The price was set at $2,600,000. ("El. By.
Elevation of the D.L.& W. RR.at East Orange, N.J.-V.116, p.1275, Journal" March 24.)-V. 115, 13. 183•
934.
El Paso (Tex.) Electric Ry.-Merger Contemplated.-
The company has asked permission of the City Council of El Peso, Tex.
to merge the El Paso & Juarez Traction Co. and the Rio Grande Traction
Co. with the El Paso Electric Ry. The El Paso & Juarez Traction Co.
Is capitalized for $146,000 and operates the railway and power plant in
Juaroz. The Rio Grande Valley 'fraction Co. is capitalized for $500,000
and oper,tea the I n tore rha n lines between El Paso and Valets Tex.
The El Paso Electric Ry. on March 15 increased the fare charged between
Juarez and El Paso from 5 cents to 6 cents.-V. 113, p. 1360.
Erie Railroad.-New Equipment Issue.The company has applied to the I.-S. C. Commission for authority to
$900,009 54% Equipment Trust Certificates. It proposes to sell
them to Drexel & Co., Philadelphia, at 96.94%.-V. 116, p. 1177.
ia8110
Gallipolis (0.) & Northern Traction Co.-Sold.-The property of this company, including cars, rails and real estate,
were sold at Sheriff's sale March. 23 at Gallipolls, 0., to the Goldberg
Iron & Steel Co. of Columbus, at a bid of $8,110. The road, it is said, will
be scrapped.-V. 115. ro• 1837.
Madison (Wis.) Rys.-To Issue Notes.-
The Wisconsin RR. Commission has authorized the company to issue
$44,000 of notes. 537.000 of which will be used to provide funds with which
to pay for overhead equipment, ties, rails, wire, &c.-V. 110. p. 1642.
Manhattan (Elevated) Ry.-Rental Payment-Listing.The third quarterly installment of the Manhattan Railway rental for the
first year under the plan of readjustment, will be paid on April 2 1923 in an
amount equivalent to .3
4 of 1% on the par value of the capital stock of the
company participating or concurring In the plan of readjustment. Payment will be made to stockholders of record at the close of business March 10
The New York Stock Exchange has authorized the listing of 555.383,100
capital stock with modified guaranty on official notice of Issuance in exchange for outstanding certificates of deposit of Equitable Trust Co..
New York, for capital stock of Manhattan By. The holders of approximately 92% of the Guaranteed 7% stock of the company have assented
to the plan of readjustment of Interborough Rapid Transit Co. and Manhattan Ry. Co. dated May 1 1922.-V. 116, p. 1178.
Missouri Kansas & Texas Ry.-New Securities Ready.J. & W. Seligman & Co. and Hallgarten St Co., reorganizaHolyoke (Mass.) Street Ry.-To Refund Bond Issue.The directors on March 21 arranged for the refunding of an issue of tion managers, in an announcement (see advertising pages)
5265,000 6% bonds due April 1. See also V. 116, p. 1177.
to the holders of certificates of deposit and participation
Hungtinton & Broad Top Mountain RR.& Coal Co.- warrants issued under and subject to the plan of reorganizaThe stockholders have received a circular from a committee of the voting
•
trust asking that they agree to an extension of the voting trust for 5 years tion dated Nov. 1 1921, say:
from April 1 next, when the present voting trust expires. The circular
says a new agreement has been entered into with Drexel Co. upon the
same conditions as contained in the existing voting trust.-V.116. 9.931.
Illinois Central RR.-Bonds Authorized.The I.-S. C. Commission on March 17 authorized the company to increase the rate of interest from 4 to 5% per annum on not to exceed $13,447.000 of Refunding Mortgage 4% bonds, and to sell these bonds at not
less than 0644 and interest.
Of the $13,447,000 of bonds proposed to be sold $12,009,000 are a part
of the $20,234.000 of bonds nominally issued in 1913, in respect of expenditures for Improvements made on its lines of railroad subject to the Refunding
Mortgage, and which by order of the Commission dated Feb. 10 1921
were authorized to be pledged as security for the payment of current short
term loans, $968,000 bonds were authorized to be issued in respect of expenditures made for the payment of a like amount of Kankakee & Southwestern RR. 5% bonds which matured Aug. 1 1921, and to be pledged as
collateral security for short-term notes. The remaining $470.000 of bonds
were authorized to be Issued March 17 1923 in respect of expenditures made
or to be made for the payment of a like amount of Belleville & Carondelet
RR. 1st Mtge. 6% bonds which mature June 11923. and to be pledged as
collateral security for short-term notes. See offering in V. 116, p. 822.
934, 1177.
Interborough Rapid Transit Co.-Results for February.
The results of operation for February show gross earnings of the Subway
and Elevated of $4,389,479. an increase of $217.812 over Feb. 1922. Of
this increase in revenue 5142.000 was due to the fact that the Subway and
Elevated lines carried 2,853,664 more passengers this Feb. than in Feb. 1922.
The increase in operating expenses, however, was $257,982. or more than
the increase In revenue. This was caused primarily by the fact that company ran 960,700 more car miles this Feb. than in the preceding year. This
increase in car mileage was substantially greater in percentage than the increase in passengers carried, and shows that the company not only ran
additional cars necessary to take care of the growth of travel, but even
added more cars to decrease the density in traffic end congestion of passengers per train and per car, as compared with the preceding years.
Statement of Earnings and Expenses Under Readjustment Plan February 1923.
Total revenues
$4,423.269
Oper. exp., taxes & rentals paid City for the old subway
3,155.809
Income available for all purposes
Fixed charges; Int. on 1.12.T. let M.58, $660,485; int. on Man-$1,267,460
hattan Ry. bonds, $150,687; int. on I.R.T. 7% secured
•
notes, $183,867
Int.on I.R.T.6% 10-yr. notes,$8,143; misc,inc. deduc.,E48.7981.004.038
56,941
Earnings without deducting the sinking fund on the I.R.T. 1st
M. 5s ($179,500 for month of Feb. 1023), which, under the
plan, does not become operative until July 1 1926. but which
must be deducted from earning of the system before arriving
at the sum available for dividends, rental on Manhattan stock 206.481
Div. on $60,000,000 Manhattan stock at 3% ann. rate rental
150.000
Balance
$56,481
-V. 116, p. 1177, 1275.
Indiana Colum. & East. Trac, Co.-ken)Co. Formed.-
George Dayly, Vice-Pres of the First National Bank of Lima. 0. has
been elected President of the new Lima & Defiance Ry.,recently formed to
take over the Lima-Defiance branch.
The new Prior Lien Mtge. bonds of Series A, Series B and Series C and
Adjustment Mtge, bonds of Series A (all in coupon form, with all coupons
attached) of Missouri-Kansas-Texas RR. (the new company), and certificates for Preferred stock, Series A, and Common stock, all in definitive
form, and fractional scrip for such bonds and for such neck, are now ready
for delivery against the surrender in negotiable form of certificates of deposit or participation warrants to the depositary issuing the same. Holders
of certificates of deposit or participation warrants should ascertain from the
proper depositary the information they are required to furnish and the transfer tax stamps, if any, they are required to supply in order to obtain the
delivery of the new securities to which they are entitled.
Bonds and notes may be deposited under the reorganization plan in accordance with the requirements thereof without penalty prior to June 1
1923. Stock may be deposited under the reorganization plan in accordance
with the requirements thereof up to the close of business on April 27, upon
paying at the time of such deposit the $20 per share of Preferred stock and
the $25 per share of Common stock required by the reorganization plan.
and In addition interest on the amounts so required to be paid at the rate of
6% per annum from Jan. 1 1922. Stock will not be received on deposit
under the plan after April 27 1923.
Listing of Securities on N. Y. Stock Exchange.-
The New York Stock Exchange has authorized the listing of MissouriKansas-Texas RR. Co. new securities as follows: (1) 552.942,752 Prior
Lien Mtge. 5% Gold Bonds, Series A. $27,236,000 Prior Lien Mtge. 4%
Gold Bonds, Series B, $22.891,570 Prior Lien Mtge. 6% Gold Bonds,
Sines C;(t) 557,500,000 Adjustment Mtge.5% Gold Bonds,Series A,due
Jan. 1 1967; (3) $30,000.000 7% Preferred Stock, Series A, cumulative
from Jan. 1 1928 (par 4100). and (4) 1.000,000 shares Common stock
without nominal or par value, with authority to add $57,500.000 Pref.
stock, Series A, upon official nonce of Issuance thereof for conversion of
the Adjustment bonds, Series A,which are convertible prior to JAL'. 1 1932.
Into Pref. stock, Series A, at the rate of $1,000 Prof. stock. Series A, for
each 51.000 Adjustment bonds, Series A.
The Central Union Trust Co.. New York, has been appointed trustee of
the prior lien mortgage bonds dated Jan. 1 1922, authorized issue, $250.000.e00 for the Missouri Kansas & Texas RR. Central Union Trust Co.
of Now York has also been appointed trustee of the general mortgage
bonds (gold), dated Jan. 1 1922, authorized issue, $150,000,000.
Operations of Road to Pass to New Company April 1-Interest
on Adjustment Bonds.-The operations of the lines included in
the reorganization will be assumed by the new company, the
Missouri-Kansas-Texas RR., midnight March 31. The
receivership, however, will be continued for some time, as
there are legal details to be straightened out.
The directors of the Missouri-Kansas-Texas RR. have authorized the
payetent on or after April 1 1923 of interest for the year ended Dec. 31 1922
at the rate of 5% per annum on thelAdJustment mortgage bonds. Series"A,"
of the company. Interest on this bond issue is payable only if earned and
d ,red. but must be declared if earned twice over, which was the case
during I922.-V. 116. p. 1178, 823.
Missouri Pacific RR.-New Chairman,
Lewis W.
W, Baldwin has been elected President, succeeding Benjamin F.
Bush, who has been elected Chairman of the Board in place
of Harry
Brenner, resigned. The changes will become effective April 1.-V.
Us.
p 2905.
[vol.. 116.
THE CHRONICLE
1412
New Jersey & Pennsylvania Traction Co.-Transfer.-The New Jersey P. U. Commission has authorized the Eureka Power Co..
formed,to transmit power between Yardley, Pa., and Lawrenceville, in
connection with the operation of the traction company, to issue $36,000
1st M. bonds. These bonds are to be delivered to the traction company
to cancel an indebtedness of $32,885. The Commission has also authorized
the Eureka Co. to transfer to the traction company its outstanding capital
stock, amounting to $21,800, and to issue $1,800 of capital stock to the
Pennsylvania New Jersey By. Co. in cancellation for an equal indebtedness.-V. 115, p. 1632.
New York Central RR.-Declares Usual Dividend-.
The directors on March 28 declared the regular quarterly dividend of
% on the Capital stock. payable May 1 to holders of record April 6.
Owing to the fact that no action was taken by the directors at the meeting
hold March 14, interest had been centred on the possibility of an increase in
the dividend rate.-V. 116, p. 176.
New York Chicago & St. Louis RR.-Bonds.-The Guaranty Trust Co.. 140 Broadway, N. Y. City, announces that it
will deliver on and after April 4 the 2d & Impt. Mtge., Series "C."
Gold bonds, due May 1 1931, in definitive form, in exchange for trust
receipts of the Union Trust Co. of Cleveland, G., now outstanding. (See
offering in V. 116, p. 296.)-V. 116. p. 1275.
applications purely on its conception of what is for public interest without
any standard to guide or control it. If valid It is of utmost importance
that it be determined at once'since millions of securities may be issued
solely on the strength of Commission's approval, without State sanction.
which may be invalid.-V. 116, p. 1050, 1043.
Potomac Public Service Co.-Acquisition.The company has acquired the plant of the Fayetteville (Pa.) Electric
Light & Power Co. Possession will be taken about June 1.-V. 116. p. 722
Rio Grande Valley Traction Co.-Merger.--
See El Paso (Tex.) Electric By. above.-V. 107, p. 1102.
St. Louis & Jennings Ry.-Sale.This road. operating between St. Louis and Jennings. Mo., was sold on
March 7 to W..0. Stedelin, St. Louis. Mo. In Aug. 1922 the company was
placed in the hands of a receiver due to its failure to meet certain intereo.
payments.-V. 115. p. 870.
Seaboard Air Line Co.-New Officer.President S. Davies Warfielci announces the appointment of N. 1)
Ballantine as Assistant to the President, with headquarters at Baltimore.
-V. 116, p. 1276.
Shreveport (La.) Rys.-Fares.-
The Louisiana P. S. Commission has concluded hearings on the application of the company for permission to increase fares in Shreveport from
The company recently announced a fare reduction in Concord. N. C. 5 cents to 7 cents. The Commission has reserved its decision.-V. 115.
The now mte is Z cents instead of the former rate of 10 cents.-V.115. p.309. P. 2794.
North Carolina Public Service Co.-Fares.
Peekskill (N. Y.) Lighting & RR. Co.-Fares.
The company on March 12 put into effect the $1 unlimited transferable
weekly pass, good in the central zone of the village of Peekskill, N. Y.
Without a pass a ride in this zone costs 10 cents. There is another form of
weekly pass selling for $1 90, which is good in the village limits and also
to the neighboring village of Verplanck. The cash fare between the two
villages is 20 cents.-V. 115, p. 2906.
Pennsylvania RR.-Number of Stockholders.-
Total
131%519,507 145,011,699
Total
Southern Traction Co., Pittsburgh.-Interest.-See Pittsburgh Railways above.-V. 114, p. 2242.
The number of stockholders on March 1 1023 totaled 138.898. a decrease
of 3,023 compared with March 1 1922. The average holdings on March 1
1923 were 71.89 shares. an Increase of 1.53. Foreign stockholders on
March 1 last were 2,808. a decrease of 113.-V. 116. p. 1276.
Pere Marquette Ry.-Balance Sheet Dec. 31.1921.
1922.
1922.
Liabilities$
Assets$
$
Road & equip3_117,336,111 122.615,740 Common stock_ 45,046,000
Prior pref. 5%
impts. on leased
cum. stock__ 11,200,000
174,574
347,139
property
38,259 Pref.stock,cum.
38,259
General expenses
aft. Jan. 1 '19. 12,429,000
99,935
15,136
Misc. phys. prop
Inv.in affil. cos_ 7,472.079 6,838,002 First mtge. bds_ 30,455.000
Other Investm'ts 1,200,440 3,615,300 Equip. oblig'ns. 8,742,50(1
Material & suPp. 2,569,565 3,535,104 Coll,trust bonds
(P. M. RR.)_ 3,000,000
Cash
5,277,479 3,517,714
Traffic. &c.,bal. 1,306,410
Depos. on prop.
95,961 Loans& bills pay
139,379
sold
1,242,900 Audited acc'ts &
2,220
Special deposits_
wages
2.563,432
Loans and bills
312,328
11,564 Miscellaneous..
139,051
receivable____
1,159,995 Funded debt maMisc. accts. rec. 1,135,265
Lured unpaid_
251,000
Traffic bal.,&c..
54,649 Interest matured
receivable_
and unpaid
747,731
Rec'd from sea.
547,386 Div. mat. unpd.
346,347
&t:
12,121 Unmatured int.,
34,360
Int. & div. roc__
&c. accrued_
106,706
378,862
390,002
0th. curr. assets
Unmtitured rents
149,948
Rents and Insur.
131,119
6,973 Current liabil's_
187,760
in advance__ _
664,896
678,398 Deferred Hates.
209,785
Oth.unadj.debit
Tax liability___ 1,455,677
Pref. cum. thy.
352,155
2621,450 Oper't reserves_
21,491
surplus
39.346
38,968 Depreen (equip) 4,847,143
Deferred assets_
Suspense fleet__
352,155
Fed. unadj. sus.
0th. unadj. cred 1,014,344
Corporate sump. 12,837,802
Southern Indiana Gas & Electric Co.-To Pay Bonds.
The $250,000 57 bonds of the Evansville & Princeton Traction Co., due
April 1, NV 111 be paid off at maturity at office of Union Trust Co., Cleveland.
Ohio. In connection with this payment the Southern Indiana Gas & Electric Co. has issued $250,000 6% Series "B" First Lien & Ref. Mtge. Gold
Bonds dated Oct. 1 1922, due April 1 1947. See V. 116, p. 516. 1051.
1921.
S
45,046,000
11.200,000
12,429,000
30,455,000
9,426,200
5,869,000
958,394
5,645,000
2,396,180
263,409
Terminal RR. Association of St. Louis.-Appeal.The U. S. District Court at St. Louis. March 19, announced that an
appeal to the U. S. Supreme Court of the freight rate suit between the
Eastern and Western lines of the Terminal Railroad Association would be
&ranted. The court prepared the form for the supersedeas bonds of the
Terminal and East Side lines, with the conditions on which the appeal would
be allowed, and submitted them to the attorneys on both sides.
The Terminal Association and the East Side lines will be obliged to furnish
a $6.000,000 sup3rsedeas bond, while the Western group are required to
give a bond of $2,000,000.-V. 116, p. 1178.
Tide Water Power Co.-To Retire Bonds-Earnings.The company has arranged with the Pennsylvania Co. for Insurances on
Lives & Granting Annuities to accept at 105 and int. St. Petersburg Lighting Co. 1st 6s dated June 1 1915. due June 11945,and $792,000 Tide Water
Power Co. 1st Mtge.5% bonds dated Jan. 11909,due Jan. 1 1949.
Results for Calendar Year 1922 (Including the Clearwater Lighting Co. and the
St. Petersburg Lighting Co.. About to Be Merged).
$1,544,071
Operating revenue and other income
Operating expenses, including local taxes and dividends on St.
872,758
Petersburg Lighting Co. Preferred stock
158,903
Interest
5.021
Amortization of bond discount and franchise expenses
19,322
Miscellaneous
806,448
1,242,900
$488,067
Netincome
63,339
Dividends on Pref,stock of Tide Water Power Co
408,804
110,955
Surplus for year, before provision for depreciation, Federal in45,925
come taxes,sink.fd.requirements & otivs. on Common stock $424,728
194,261
Note.-The statement does not include the Commonwealth Light &
1,167,443 Power Co.. which became a subsidiary of the Tidewater Power Co. on
27,652 Oct. 11922.
3,729,845
Sales of $40.930 by the St. Petersburg Lighting Co. to the Clearwater
621,450 Lighting Co. and interest of $15.000 paid by the St. Petersburg Lighting
3,138,745 Co. to the Tidewater Power Co. have been eliminated in this statement.
a3,050,662 -V.116, p. 823.
6,778,426
137,519,507 145,011,699
a Includes $2.332,216 cash received from reorganization managers. which
will eventually be credited to "investment in road and equipment."
A condensed income account for the year ended Dec. 31 1922 was published in V. 116, p. 1276.
Philadelphia Company.-Listing.-The New York Stock Exchange has authorized the listing of $3,500,000
additional Common stock (auth. $48,650.000), par $50, on official notice
of issuance, making the total amount of Common stock applied for $46,443.000. The proceeds from the sale of this stock will be devoted either to the
purchase at $107 per share of Participating Preferred stock 8% cumulative,
Series A, of Duquesne Light Co., which is to be authorized by the stockholders of that company June 4 1923, or to the retirement of the 15-Year
% Convertible Debenture Gold bonds of Duquesne Light Co.
The stock has also been listed on the Philadelphia Stock Exchange.
V. 116, p. 1276, 1178.
Pittsburgh Railways.-Outlook for Reorganization, &c.-
Tonopah & Goldfield RR.-Dividends Resumed.-
The directors have declared dividends of 7% on both the Common and
Preferred stocks, payable April 10 to holders of record March 31, out of
surplus accumulated prior to Dec. 31 1922. The Tonopah Mining Co.
owns a majority of the stock. A like amount was paid on both Issues on
April 15 1922; none sluce.-V. 113. p. 1054.
Underground Electric Rys. Co. of London, Ltd.The whole issue of £700,000 6% 3-Year Secured notes which matured
March 30 are being paid off.-V. 116, p. 1051.
United Gas & Electric Corp.-Annual Report.[United Gas & El. Corp. and United Gas & El. Engineering Corp.)
Calendar1ears-1920.
1,.680 $2.062,014
22
98
10
$
2;423
26
xReceipts
97
17
$
710.935
763.257
674.841
Interest & amortization
71.968
Losses on securities sold, &c
$271.745 $1.298,757
$29.614
Surplus
s Dividends of subsidiary companies actually declared during year
and miscellaneous direct earnings after deducting expenses.
Results of Subsidiary UMW,Properties of the Corporation.
1920.
1921.
1022.
Calendar Years$11,927,507 310.926,853 $10.596,666
Gross earnings
6,429,783
6,606.64$
Operating expenses & maintenance_ _ 6.781,845
721,246
668,014
772,739
Taxes
1,699,729
1.606,676
1,716,697
Fixed charges
566.303
514.085
732,035
Renewal & replacement reserve
President A. W. Thompson, in the report of the Philadelphia Co.. says:
Operations of the railways properties under the court and receivership,
resulted in a surplus for the Pittsburgh Railways for the year of $329,329
after providing for operating expenses, taxes and all fixed charges. Interest
on the Pittsburgh Railways Gen. Mtge. 64, however, is still being advanced
by the Philadelphia Co. and interest on various securities which have been
purchased by the Philadelphia Co. is not being paid by the receivers.
During the year the agreement with the City of Pittsburgh making
possible a proper reorganization of the railways, was approved by the P. S.
Commission and similar agreements were accepted by the 28 surrounding
$1,924,191 $1,509.793 $1,201,236
Bal. evil, for financing & diva
municipalities and the County of Allegheny. Most of the personal injury -V. 114. p. 2014.
claimants as well as others have joined in the deferred payment plan for
meeting the old debts of the company.
United Rys. Co. of St. Louis.-No Provision for Bonds.A petition to the court is being prepared, and will be submitted at an
No provision has been made for the $4,500,000 Gen. Mtge. 5% bonds of
early date, asking for the retirement of the receivers and the restoration of the St. Louis & Suburban By. due Apr. 1, but the Apr. 1 interest on the
the property to the corporate owners. With this petition will be attached bonds will be paid.-V. 116, p. 823.
exhibits outlining the proposed reorganization of the property, method of
meeting debt, &c.
Vicksburg (Miss.) Light & Traction Co.-New Control.
During the year negotiations were entered into with the view of financing
See Arkansas Light & Power Co. under "Industrials" below-V. 116. p.
for the sums of money needed in connection with the reorganization. 1052.
These negotiations are fast drawing to a close and it is expected that the
necessary money will be obtained to be used in rehabilitating the lines.
Waterloo Cedar Falls & Northern Ry.-Fares.[Judge Gibson in the U. S. District Court handed down a decision auThe company in March 1923 increased its fare in Waterloo, Iowa, from
thorizing the receivers of the Pittsburgh Rys. Co. to pay the Union Trust 7 to 10 cents, the old rate. In December last the company agreed to lower
Co.. trustee under the Southern Traction Co. mortgage, $100,000 represent- the fare to 7 cents for a two months test period.-V. 116. p. 1277.
ing interest coupons, due April 1 1923.1-V. 116, p. 1050. ,
Pittsburgh & West
Transportation Act.
Virginia Ry.-Contests
Section of
The company and the West Side Belt RR. have filed a complaint against
the 1,-g. CL Commission and Attorney-General Daugherty in the District
of Columbia Supreme Court to restrain the enforcement of penalties provided in the Act to Regulate Commerce with respect to purported amendment contained in Transportation Act of 1920 on ground that the statute
is unconstitutional.
In 1920 Pittsburgh & West Virginia petitioned the Commission for authority to consolidate with West Side Belt and issue to its treasury its own
Preferred and Common stock amounting to about $7,000,000 to replace
capital stock of West Side Belt to be retired and to offset cash advances
to that company by Pittsburgh & West Virginia. After more than two
Years the Commission in divided opinion recently handed down, denied
the petition. (V. 116, p. 1050.)
This action brings in question the validity of that portion of the Transportation Act giving the L-S. C. Commission power to control issuance of
securities. The bill alleged that if the Act is valid the power of the Commission is practically unlimited and may be exercised by whim or caprice.
It can reach conclusions without hearings or evidence and deny or grant
Washington Balt.& Annapolis Elec. RR.-Earnings.-
1922.
Calendar Years4,570,996
Passengers carried
Operating revenues
$2,453,067
Operating expenses
1.689,651
Net rev, auxiliary oper_ - Cr.97,057
Taxes assignable to railway operation
129.106
1920.
1921.
3,992,991
4,816.009
$2,512,540 $2,092,334
1,534.206
1,810,455
Cr.60,367
Cr.160,905
1919.
4.608.875
$2,168,120
1,513,078
Cr.69,310
157,112
111,563
128,345
$711.367
83,663
$651.878
138,622
$506,932
79,973
$596,007
18,595
Gross income
$795,029
Deductions
564.877
Prof. dividends (6 )....abt.:105,630
Common diva. (4%)_ -abt.120,000
$790,500
559,968
105,780
120,000
$586,905
299.099
105.645
120,000
$614,602
295,202
91,898
180,000
Operating income
Non-operating income_ _ _
$47,502
Balance. surplus
$62,161
$4,752
$4,523
x [Inserted by Editor.] The usual quarterly dividends of 134% on the
Preferred stock and 4% on Common have been paid quarterly up to and
including January 1923.-V. 116, p. 722.
MAR. 311923.]
THE CHRONICLE
West Jersey & Seashore RR.-Resumes Dividend.The directors have declared a dividend of 2% out of earnings for the
year 1922. payable April 16 to holders of record April 6. This is the first
dividend since Oct. 1920. when a semi-annua distribution of 2
vi
made -V. 114 p. 1654.
Winnipeg Electric Ry.-Negotiations Suspended.-
After negotiating with the City of Winnipeg for about 12 months the
company temporarily withdrew its request to the City Council for an
extension of its franchise.-V. 116. p .1277.
Wisconsin-Minnesota Light & Power Co.-Preferred
Stock Offered.-Paine, Webber & Co., New York, are offering, at $92M and divs., to yield about 7.57%, $350,000
Cumul.7%,Pref.(a.& d.) stock, par $100. A circular shows:
Dividends payable Q.-M. Boston Safe Deposit & Trust Co., Boston,
transfer agent. Authorized and issued with the approval of the Wisconsin
Railroad Commission.
Company.-Operates generating plants with total capacity in excess of
77,800 h. p., of which 92% is hydro
-electric. Serves without competition,
73 communities located in Western Wisconsin and Eastern Minnesota,
among the most important of which are La Crosse, Eau Claire and Chippewa
Falls, Wis. and Red Wing and Winona, Minn. Company also operates
the gas plants in the five cities enumerated above. Also furnishes a large
amount of electricity to the Northern States Power Co. for distribution in
the cities of Minneapolis and St. Paul and surrounding territory. The
tension transmission system comprises over 700 miles of line, of whichhigh
143
miles are of steel tower construction. In addition company has more than
220 miles of distribution lines. Company owns valuable flowage rights and
dam sites capable of being developed to give at least 85,000 additional
horsepower. Population served, 800,000.
CapitalizationAuthorized. Outstanding.
Preferred stock, 7% Cumulative
$5,000,000 $5,000.000
Common stock
5,000,000
2,500,000
Gen. & Ref. Mtge, 7s, Series "A," 1947
x
2.687.000
First & Ref. Mtge. 5s, 1944, and Divisional Liens
y
z11.717.500
x Issuance of additional bonds governed by provisions of the mortgage.
y Divisional mortgages ara closed at $1,305,500 bonds now outstanding
thereunder, and no additional First & Ref. Mtge. bonds may be issued
except as they are simultaneously pledged under the Gen. & Ref. Mtge.
z Does not include $121.000 held in treasury and $429,000 Divisional
pens deposited as collateral to secure First & Ref. 5s.
Earnings Twelve Months Ended Dec. 31 1922.
i Gross earnings
$2.931,401
Net after operating expenses, maintenance and taxes
1,408,138
Annual bond interest and other interest charges
799,510
Preferred dividend
350,000
Surplus
-V. 116, p. 296.
$258.627
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 29 said:
"Except that premium prices for early delivery have been more frequent
and have taken in a wider range of products, the week has developed no
new tendencies in the steel market. On the one hand are an advance in
the Steel Corporation's wire prices to those recently asked by leading
independent mills and advances of $2 a ton in the corporation's bar price
and of $3 in its minimum for plates and shapes. On the other side is the
view that the peak in railroad car buying has been reached, builders having
orders that will run them to October or November. The same is true of
locomotive works.
"March shipments by leading producers have been at a greater
than new boolcinget, but only because record outputs are being made rate
this
month at many plants. Much has been said of labor scarcity, but the
most significant fact is the increased output per man which has surprised
mill managers in the past two months.
"Pig iron production is still increasing. March having added more than
.1 dozen furnaces to the active list. In steel
the increase is less pronounced,
but the Steel Corporation is running at 92% of ingot capacity and at
nearly that rate in pig iron.
"There is increasing evidence that on much finished material booked
for the second quarter, deliveries will carry over into the third quarter.
This is due to the large volume of business on the books of tank builders
and construction companies, as well as car and locomotive works, for all
of which the steel has been placed.
"It is not likely that all the $40 rails sold for delivery before June 30
will be rolled before that date. Meanwhile the $43 rail price is well
the contract basis for billets and sheet bars, but the talk of a $47below
price
after July 1 is only conjecture. A new 50,000-ton rail inquiry from
a
Western road is reported at Chicago.
"Steel mills are making a point of giving implement works the material
needed for the larger scale of operations they are now planning.
"Buying of alloy steels by automobile makers has been very large, some
of the mills being filled up well into July.
The recent advance of onefourth cent per lb. on several alloys in small lots is now applied to large
orders.
"The week's railroad equipment contracts amounted to more than
12.000 cars and 63 locomotives, but practically no inquiries
importance
are pending, Advancing steel prices will mean higher costsof
for cars from
this time on and this together with the late deliveries that must
now be
taken points to a slowing down in orders.
"Structural steel awards of the week totaled close to 35.000 tons, with
more than 27,000 tons pending. Some work Is being
postponed due to
difficulties in connection with steel deliveries and to fear on the part
of
builders as to the labor situation.
"That the steel delivery and price situation are storing up a possible
demand for easier times appears in the postponement of a gas line for the
oil industry in tho Southwest involving 80,000 tons of large diameter
pipe.
With all the demand on pipe mills, a price advance by the loading interest
is not now expected.
"Demand for pig iron is less in all markets, which is not strange after
the heavy buying which has protected most consumers through
second
quarter. Some of the latter are seeking third quarter
but
furnaces 'imitate because of uncertainty as to costs. The contracts,
first basic sale
reaching beyond second quarter was of 15,000 tons to an Ohio consumer,
at $31. furnace. Sales of basic in Pittsburgh
totaled 20,000 tons at the
same furnace price.
"Lake Superior iron ore prices for 1923 have been fixed by initial sales
of
more than 1,000.000 tons at an advance of
50 cents above those for 1922.
thus coming back to the 1921 level. Further
sales of several million tons
are pending, and most of the merchant ore is
expected to be taken up
within a fortnight.
"Following large buying of heavy stool scrap by Eastern mills
late last
week at $26 to $27. delivered, the mills reduced their
to $25. marking
the first pronounced weakness in the scrap market offers
months. Sales in
the Pittsburgh district have been made at $27 to $27in
50, an advance over
recent quotations. Close to 75.000 tons of steel scrap was
sold in the East.
"There are inquiries for American pig iron from
several European countries, but prices hero are too high. With all the talk
emergency
of
orders
coming to this country out of the Ruhr occupation, little business has
been
done. Steel works in unoccupied Germany are believed to have shipped
product
more
than has been credited."
Coal Production, Prices, &c.
The United States Geological Survey March 24 1923 estimated production as follows:
The rate of production of soft coal has been practically stationary at
about ten and a half million tons a week during the past two months.
Present estimates of the soft coal production for the week ended March 10
indicate a total output of 10,424,000 net tons, including coal shipped;
1413
mine fuel, local sales, and coal coked. This is a decrease of approximately
200,000 tons as compared with the revised estimate
for the week preceding.
Preliminary reports of cars loaded in the present
March 19-24.
forecast another week's output at about 10,500.000 week,
tons. Loadings on
Monday were 39,215 cars and fell on Tuesday to 30,721
cars,
and by
Thursday had declined to 29,292 cars.
Cumulative production for bituminous coal for the coal year
1922-23
to March 17 stands at 398,867,000 net tons.
The cumulative,totals for
the corresponding dates for the last four years are
as follows (in net tons):
1918-1919
537,603,00011920-1921
511,239,000
1919-1920
462,833,00011921-1922
412,837,000
The production of anthracite in the week
endod
March
17
is estimated
on the basis of 39,334 cars loaded, at 2,057,000 net toms, including
mine
fuel, local sales, and dredge and washery output.
This was a slight increase over the week before despite a considerable loss
of
output
St.
on
Patrick's Day.
Early returns for the first four days of the present week
indicate Production at a rate which will bring the week's
total
over 2,000,000 tons. •
The revised estimate of anthracite productiontoin
February, based on
final data on shipments in that month,
is
7,773,000
mine fuel, local sales, and dredge and washery.output.not tons, including
This amount has
been exceeded in only one February (1921) since the beginning
of the
Geological Survey's record of monthly production.
The cumulative production of anthracite during the present coal year
to the end of February stands at 47,194,000 net tons.
This is 41% less
than for the corresponding period of the coal year preceding
and 44%
less than the average for the same period of the past
nine coal years.
Production in Net Tons of Anthracite in February and Cumulative Production
for First 11 Months of Last 10 Coal Years.
YearFebruary. *Coal Year.
YearFebruary. *Coal Year.
1913-19145,477.000 81,460,000 1918-1919a _ _ 5,102,000 87,601,000
1914-111.5_ 5,703,000 83,644,000 1919-1920_ -- 6,415.000 • 83,855,000
1915-1916_-- 7,404.000 85,354,000 1920-1921_ 7,983.000 83,453,000
1916-1917_ _ 6,688,000 78,923,000 1921-1922_ _66,762,000 680,151,000
1917-1918a-- 7,494,000 90,990,000 1922-1923-67,773,000 647.194.000
a Years of very large washery production. b Subject to revision.
* Including February production.
Estimated United States Production in Net Tons.
1923-1922
Cal. Year
Cal. Year
BituminousWeek.
to Date.
Week.
to Date.
March 3
10,946,000
97,232,000
10,541.000
85.410,000
March 10
10,627,000
107,859,000
11,102.000
96,512,000
March 17
10,424,000
118,283,000
10,843,000
107,353,000
AnthradteMarch 3
2,104,000
17,816,000
1,913,000
14.885,000
March 10
2,049,000
19,865,000
1,982,000
16,867,000
March 17
2.057,000
21.922,000
1,907.000
18,774,000
Beehive CokeMarch 3
402,000
3,161,000
143,000
1.140,000
March 10
382.000
3,543.000
154.000
1,294,000
March 17
409,000
3.952,000
149,000
1.443.000
The "Coal Trade Journal" March 28 reviewed market conditions
as
follows:
"The bituminous coal markets of the country are in that state of flux
that is normal at this time of the year, when there are no strikes
on the
horizon and buyers and sellers are jockeying,for position in the matter
of
contracts. Production has been on the decline the greater part
of the
month, although comfortably over the 10,000,000-ton weekly average.
That the decline in output has not been more precipitate has been due
first to the prolonged winter and second to the unexpected strength
to certain sections of the market by the foreign demand for fuel. given
latter is the direct result of the French occupation of the Ruhr Valley.This
Outside of export sales and movements inland that take
a reflected
strength because of those sales, the general Eastern market ison
sluggish, with
the lower rated coals suffering the greatest price declines. Were
it
for
the support that the so-called car shortage gives, the price slumpnot
undoubtedly be still greater than it is. Further West, except wherewould
farewell performances of winter send consumers scurrying to retail yards, shipments have fallen off. The contraction in the market for prepared coals,
however, has toned up the fine coal list, notably in Illinois and Indiana.
Operators in the Appalachian regions are taking close stock
the Lake
situation. All look forward to a heavy and early movement toof
the Northwest. Eastern Kentucky, in particular, is planning to invade this
field in
force. Dock operators at the Head of the Lakes, however, while agreeing
that the demands of the territory tributary to the docks will be substantial,
confess apprehension that Illinois and Indiana will take a larger share of
this business than usual.
Comparing spot quotations last week with those for the week ended
March 17 shows changes in 52.6% of the list. Of these changes
represented reductions ranging from 5 cents to $1 and averaging 30.569%
per
ton. The advances ranged from 5 to 85 cents and averaged 30 centscents
per ton.
The straight average minimum spot price on the coals shown below
was
$2 72, as compared with $2 54 the week preceding and the average maximum.$3 29, showed a decline of 6 cents.
There has been no abatement in the demand for company domestic anthracite, but premium coals experienced a further setback in price last
week. Both companies and independent operators experienced difficulty
in moving steam sizes.
In the coke trade, export demand is the outstanding feature, but the
more conservative operators refuse to be stampeded to the point where
regular business is neglected.
Oil Production, Prices, &c.
The American Petroleum Institute estimates the daily average gross
crude oil production In the United States for the week ended March
24
as follows:
(/n barrels.)
Afar.24'23. far. 17'23. Mar.10'23. Mar.25'22.
Oklahoma
418,450
419,200
418,100
355,550
Kansas
81,750
81,600
81.150
82,400
North Texas
60.700
58,750
50,700
50,600
Central Texas
121,900
120,000
120,400
196.450
North Louisiana
'.
71,450
71,950
136,550
Arkansas
106.550
106,400
96.500
35,350
Gulf Coast
102.350
100,850
102,400
109,350
Eastern
107,000
109.500
109,000
114,5430
Wyoming and Montana..
110.550
109,400
116,600
64,950
California
665,000
630.000
635,000
320.000
Total
1,846.600
1,807,150
1.465,700
1,801,800
Crude Oil Price.-Smackover crude has been reduced 10c. a barrel by
Standard 011 Co. of Louisiana. "Financial America" March 29,
P. 3.
Gasoline Price.-Standard Oil Co. of N. .1. raised price I tic. a
gal. in
Charleston and Columbus, So. Caro., and Mc.
a gal. in Danville. W.,
Charleston, W. Va., and Charlotte and Hickory, No. Caro. "Times"
March 30, p. 24.
Standard Oil Co. Withdraws from Czechoslovakia.-Hampered through
Government bureaus, banking interests, and in other ways by Jealousies of
other foreign competitors, company recalls agents. 'Times"
March 26. p. 4.
Tax Measures on Gasoline.-Kansas City, Mo., passes ordinance to tax
gasoline, benzine and naphtha for fuel purposes, sold,
stored or transported
in city 1 cent a gallon. "Times" March 28. p. 1.
In Ohio, Lower House tabled Brown gasoline tax bill by vote of 56 to 5.3:
This kills bill for this session. "Times" March 28, P. 1.
In Michigan, the Senate by vote of 19 to 11 passed 2c. a gal, gasoline
bill which had already been passed by the House. "Times" March 30, p.tax
12.
Prices, Wages & Other Trade Matters.
Refine? Fuger Prices.-On March 24. Warner Sugar Refinirw Co. reduced price 30 points to Oc. a pound. followed by Federal Sunr RefinUut
Co.'s reduction of 20 points to 8.70 cents and again, 10 points to 8.60
on March 29.
Copper Price.-Early in the week the price shaded off to 17 Xc.. but
regained to 17%c. a pound delivered. "Fin. America" March 30, p. 4.
Tin Prices Advance -Tin plate prices are being steadily moved up until
the actual independent market now appears to be about $6 a base box.
Hot rolled strip is minimum at 3.30c., and cold rolled is quotable at 5.25c.
These are advances of about $5 a ton recently. "Fin. Am." March 30, p.1.
Tire Prices Adranted.-Max Rubber Co. advances price of tires and
tubes 10%. effective March 26. "Times" March 27. p. 34.
Wage Adrances.-Arbuckle Bros. advanced wages of employees 10 to
13%%."Wall St. Journal" March 27, p. 3.
THE CHRONICLE
1414
General increases affecting about 25,000 throughout the copper districts
In Idaho. Utah, Arizona and New Mexico were effective March 16.
"Engineering and Mining Journal-Press" March 24. p. 551.
British Empire Steel Co. announced general 10% increase (effective
April 16). "PWladelphia News Bureau" March 28. p. 3.
Bigelow-Hartford Carpet Co. grants 10% increase, effectjve April 2
affecting 5,200 employees. "Boston News Bureau" March 28, P. 3. (The
employees originally demanded a 20% increase, see this column, ar. 1278,
In last week's "Chronicle.")
respectively, in
Tailors and cutters win incre-ases of 10% and 7
Cleveland. "Wall St. Journal" March 27, P. 3.
Du Pont Power Co. grants 10% increase to 2.000 employees at Carney's
Point and Beach Water (N. J.) works. effective March 26. "Philadelphia
News Bureau" March 27, ei. 3.
Titusville Forge Co. and Titusville Iron Co. increase wages of 1,300
employees 10% effective April 2. "Financial America" March 25.
Tile Layers' Union in Chicago signs new wage agreement with Fireproofers' Association for Increase of 15 cents per hour and terms of Landi
award for another year. Now receive $1 27SS par hour. "Wall St. Journal"
March 26. p. 2.
Clifton Mills and D. E. Converse & Co. in South Carolina cotton mil
district. advance wages 10%,as did the Saxon and Spartan mills. -Boston
News Berea e" Ma-'h 20, n. 3.
American Brass Co. announced that hourly wage rate would be advanced
2S4 cents and pay for piece work would be advanced in proportion, effective
April 1. "Times" March 30, p. 26.
Carpenters union signed agreement with over 200 manufacturers of interior building furnishings giving 3.500 inside mill workers 20c. advance to
$1,10. "Wall Street Journal" March 29. p. 3.
Representatives of pulp and paper workers in United States and Canada
adopt wage schedule requiring restoration to skilled men of the 1921 wage
(previous to 10% cut) and to semi-skilled men of the scale in effect before
cut of 8 cents an hour. "Times" March 24, p. 28.
Agreement reached between Merchant Tailors' Association and Journeymen Tailors' Union for advance from $36 to $40 for a 44-hour week for
tailors and from $34 to $36 for busheimen, the increases to become effective
Mtly 1. "Boston News Buerau" March 29, p. 11.
The organization of a new International union of printing pressmen and
assistants was unanimously favored by delegates who attended an executive
meeting In Cincinnati. Agitation for a new international pressmen's union
arose when some locals refused to pay a 10% assessment levied against
them to assist In the fight for a 44-hour week. "Times" March 28, p. 21.
Representatives of building laborers of Boston. at a conference held with
representatives of general contractors, made demand for a new wage of
82Ii cents an hour, time and ono-half for overtime, and double time for
work on Sundays and holidays. in addition to a special foreman to be
chosen from laborers' union. "Boston News Bureau" March 24, p. 3. Is
Musicians' Unfan Calls Strlke.-Musical Mutual Protective Union
empowered to order walk-out In theatres of city if managers fail to meet
demands of union for wage increases of $12 to $25 a week. "Times"
March 28, p. 14.
Fear Double Strike in Nova Scotia.-Plans announced for provincial police
force of 1,000 men, should disorders arise during threatened strike of coal
miners and steel workers on April 1. "Times" March 30, p. 4.
New England Textile Industry.-Many smaller woolen goods mills have
followed American Woolen Co.'s 12%% wage Increase.
Several cotton mills In Blackstone Valley (R. I.) district have posted
notices of Increases in wages, omitting the amount and date of such increase. Others have posted increases of 12%%,effective April 30, and In
still others It is said Increasea are being considered but no definite action
taken. In the Fall River (Mass.) section, the owners arranged a conference
with the operatives on the wage question, which action is looked upon as
indication of partial retreat by owners, who had previously stated they
would close their mills rather than grant requested increases. "Times"
March 30, p. 12.
Matters Coffered in "Chronicle" March 24.-(a) Annual report of U. S.
at high levels during
Steel Corp.. p. 1228. (b) Production maintained production,
p. 1232.
February. p. 1232. (a) Increase in automobile
(e) Decrease in
sales.
1232.
steel
p.
structural
(d) Further increase in
retail prices of food during February, p. 1232. (f) Increase in wholesale
prices in February. P. 1232.
(g) American Woolen Co. raises wages 1234%; other woolen mills advance wages in New England, p. 1233. (h) Demand wage increases at
Fall River. p. 1233. (i) Resolution for Fact Finding Commission killed
by New Hampshire Legislature: chance for 48-hour law lost. p. 1234.
( Wage advances in Utah mines. p. 1234. (k) Offerings: (1) $2,000.000
5 bonds of Oregon-Washington Joint Stock Land Bank, p. 1237: (2) $2,,000 5% bonds of North Carolina Joint Stock Land Bank of Durham,
p. 1237:(3) $1.000,000 5% bonds of First Joint Stock Land Bank of Dayton, 0., p. 1238. (I) Plggly Wiggly Class "A" common stock stricken
from N. Y. Stock Exchange list, p 1238. (in) Advances by War Finance
Corp. account of agricultural and livestock purposes, p. 1239. (n) Repayments received by War Finance Corp., p. 1239. (0) Payment of uncalled
0 Victory Notes at maturity, May 20. p. 1240. (p) Subscriptions to
4fi'7
U. S. Treasury certificates of indebtedness, p. 1241. (q) Packer merger
bearing postponed, p. 1242. Cr) Law of 1920 exempting from taxes new
buildings In New York held invalid by Justice Tierney, p. 1242. (s) Samuel
Untermyer's comment on Justice Tierney's decision. p. 1242.
[Vor.. 116.
Contract with Panhandle Pipe Line Co. calls for Sc. per 1,000 Cu. ft. at the
well. Another contract with the U. S. Zinc Co , New York, is for furnishing gas for a period of ten years. This contract sails for a minimum
use of 500,000 Cu. ft. and a maximum of 10.000,000 Cu, ft. a day. The
income from these contracts average $306,400.
Proceeds from the sale of the bonds was used In buying and laying a pipe
line consisting of 12-in. and 8-in, pipe from the field to the smelter.
American Audiscope Corp.-Organized.-
TiliS company has been organized to op rate the basic patents granted
Elias E. Hits, well known electrical engineer, and inventor of the talidng
motion picture. Elias Elken Ries. Prts., is the inventor of the submarine
detector patents, which he turned over to the U. S. Government during
the World War. Mr. Ries is an authority on light and sound and is the
pioneer in the field of the talking motion picture. He began work upon
the synchronizing of movie speech and action in 1896. after witnessing an
exhibition of early cinema at Baltimore.
American Bank Note Co.-Dividend Increased.-
The directors have declared a quarterlasclividend of 234% on the outstanding Common stock, par $50. payable May 15 to holders of record
May 1. This compares with 2% paid quarterly on the Common stock
from Aug. 1920 to Feb. 1923 incl. An extra cash dividend of 2% was paid
Feb. 15 1922: an extra dividend of 20% in cash and of 10% In Common
stock were also paid on the Common stock on Dec. 29 last.-V. 116,
p. 1053, 723.
American Hide & Leather Co.-Obituary.-
rl s E. Danforth, a director, died in Now York City on March 27.
-V. 116, p. 938. 930.
American International Corp.-G. A msinck if Co. Inc.
H. A. Arthur, President of 0. Amsinck & Co. Inc., announces that an
and the firm of
'
arrangement has been entered into between AansInck
Alejandro Angel L.. of Colo:sable, whereby the coffee business of this
latter firm will be carried on by O. Anisinck & Co.'s New York office and
their San Francisco and New Orleans branches. The New York office of
Aleiandro Angel L. will be discontinued.
Mr. Arthur also announces that Amsinck has entered into an exclusive
arrangement in Colombia with Mr. Alfonso Vallejo, CI. of Call, who Is
now concluding the installatten of 12 mills In the principal coffee growing
districts of Colombia, and from which source it Is expected that a very
large volume of coffee business will result.-V. 116, p. 1170.
American-La France Fire Engine Co., Inc.-Sales.-
The company has soil 26 additional heavy duty motor pumping fire
engines to the Fire Department of the City of New York.-V. 116, p.
938. 723.
American Republics Corp.-Listing.-
The Now York Stock Exchange has authorized the listing of $5,000,000
15-Year 6% Gold Debenture bonds. due April 11037.
Consolidated Income Statement Year Ended December 31 1922.
$11,236,423
Total sae;
$8.094,660
Total cost of sales
3.141,763
Gross profits
1,391.089
General administrative & miscellaneous expenses
207,464
Other charges (net)
34,727
Reserve for Federal income taxes
Net Income (incl. inter-co. profits for year. $114,579)
-V. 116. p. 518.
$1.508,483
American Telephone & Telegraph Co.-Capital Inc.-
The stockholders on March 27 increased the authorized capital stock
from $750.000,000 to $1,000,000.000. No new stock offering is contemplated during 1923. (Compare V. 116, p. 1054, 1044.)
Clarence L. Langridge has been elected a director to succeed the late
Charles D. Norton.
Tao London Stock Exchange has gr nted an official quotation to $257,366.200 Capital stock, making total listed (at March 16) $699,347,400.)
-V. 116. p. 1279.
Amer. Type Founders Co.-To Increase Stock, &c.-
The stockholders will vote April 25 (a) on Increasing the authorized
Common and
C pital stock from $7,003,000 (consisting of $4,000,000
33,000.000 Preferred) to $10.000.000. pr $100, to consist of $6,000,000
Common and $44,000,000 Preferred: and (b) on amending the certificate of
incorporation so that the corporate life of the company shall be perpetual.
President Robert W. Nelson. March 22. says In substance: "Sales have
double' within the past six months and for the six months nding Fob. 28
1923 were 26% in excess of sales for the corresponding period of 1922.
Timm Is every prospect of an increase in business during the remainder of
the fiscal year ending Aug. 31.
"The company has planned the erection of a manufacturing plant, on
presses. This
land owned at Elizabeth. N. J., for the production of Kelly
new building will not only afford greater production of printing presses but
will enable the company to lower its production costs.during the
past few
"While added working capital has been provided
earnings, and also during the current
Air Reduction Co.-New Company Formed for Production ye rs through the increased surplus
stock (V. 115, p. 2382). the directors
Pref.
of
3439,400
of
sale
the
by
ar
ye
Co.
New
of
Stock
Subscribe
for
to
of Cyanide Products-Rights
believe that the capital should be further increased by the sale of $1.000,000
President C. E. Adams has issued a letter to the stockholders offering of Preferred stock. The directors also recommend an increase in the
them the opportunity to purchase on a pro rata basis a portion of the capital Common stock, so that it may be issued at some future time if considered
stock of the Califernia Cyanide Co.. organized by the Air Reduction Co. advisable.
in conjunction with California interests. The California Cyanide Co. will
Accumulated surplus to Aug.311022 amounted to $2,690,624, and should
be organized In Delaware with $1,100,000 8% Pref. stock and 43,300 shares exceed $3.000.000 at the end of the current fiscal year. Of the 6% Debenof Common stock of no par value.
bonds, aggregating $3,200,000, issued since 1896. over $1,000,000 have
The $1.100.000 8% Pref, stock will be issued for cash at par, and sub- turen retired to date by sinking funds.-V. 116, p. 1181.
scriptions therefor win be received by Air Reduction Co. No underwriting be
Report.American Writing Paper Co.-Annual1920.
commissions are being paid. All of the Common stock will be Issued for
1919.
1921.
1922.
patents, rights and processes, and will be received, retained or disposed
Calendar Years$15,327,720 812,069,346 $32,951,727 $16,936 648
of by Air Reduction Co. and F. W. Braun, as agreed between thorn. in Gross sales
12.707,653 10.739.256 S6,155.794 13,503.059
connection with the acquisition of such patents, rights and processes. Cali- Operating expenses
estimated
793.965
1,683,538
902,297
1,160:890
fornia Cyanide Co. will be required to repay preliminary expenses
Deprec'n,=int., &c
2,461,078
1,757,078
846,019
not to exceed us.000.
Selling, &c., expenses_ _ _ 1,929,031
The directors of Air Reduction Co. have determined to afford the stockloss$11,261loss$1220954 32.651,317 $1,426,681
holders of record April 9 the right to acquire all or any part of $672,500
Gross
profits
363,511
407,581
119,497
162.673
California Cyanide Co.8% Pref. stock at $100 for each share of such Pref. Interest, 'Sec
stock, together with one share of the Common stock. The remainder of
$151,4121oss$1101457 $3,058,898 $1,790,192
the Pref. Josue is being offered to the California interests on the same terms,
net income
Total
650,570
650,760
557.580
675,047
Any portion of such Prof. stock which may not be accepted by the stock- Interest on bonds
450.865
192.559
154,212
662,938
holders of Air Reduction Co. or by the California interests will be taken Miscellaneous deductions
terms.
269,791
same
the
on
Co.
17.114
Reduction
Air
Reserve for taxes
by
F,
S.
Lorca
F.
L.
Directors of the California Cyanide Co. will consist of
$843.319 $1,371,226 $1,355,097
$711.792
Pryor, Henry W. O'Melveny. C. E. Adams (representing the Air Reducdeductions
Total
$435,095
def$560,380df$1.944,775 $1.687.672
tion Co.) and F. W.Braun. John Pike(who will be Vice-Pres. A (len. Mgr.) Balance, surplus
35,286,402 $5.866,536 $8,082,254 36,620,616
and another to be named (to represent the California interests).-V. 116, Profit and lass surplus
-V. 115, p. 2480.
p. 930. 825.
Allied Chemical 8c Dye Corp.-Resignation.-
William Hamlin Childs has resigned as Vice.PresIdent, director and
member of the executive committee.-V. 115, p. 2480.
Amalgamated Leather Cos., Inc.-Annual Report.1921.
1922.
$675,995 31.363,920
500,000
Calendar YearsLoss from operations
Reserve to reduce inventory to cost value
Total loss
Previous balance
Capital surplus
5675,995 31,863,920
adj. def.805.463 sur.108.254
1.712,831
1,712,831
Balance of capital surplus
-V.116. p. 180.
Amarillo Oil Co.-Bonds Offered.-
$231,372
def$42.835
The Kansas Trust Co.. Kansas City,!Cans Is offering at par and interest
$400.000 7% bonds. Dated Feb. 1 1923: due annually Feb. 1 1925 to
Feb. 1 1932, inclusive.
Company owns the leasehold of approximately 50,000 acres; of land. This
entire acreage is under practically two leases of some 20,000 acres each, and
three other smaller leases. Seven wells have been drilled on this property
scattered over an area of some 10 miles in width with an initial flow of
160,950.000 cu.ft of gas per day of 24 hours. Has at present two contracts
for the sale of gas and one for the sale of gasoline from the extraction plant.
American Water Works & Electric Co., Inc.-First
Pref. Stock Offered.-Dominick & Dominick and W. A.
Harriman & Co., Inc., and E. B. Smith & Co. are offering
4%1 $2,000,000 7% Cumul. 1st
at 91 (flat), to yield over 73
Pref. stock (Voting Trust Certificates), par $100.
Divideads payabla isslo. Preferred as to assets and 7% Cumul. dive.
over Particip. Prof. and Common stocks. Rod. all or p .rt after 3 years
from date of issuance at 110 and diva. Bankers Trust Co., New York,
transfer agent: Guaranty Trust Co., New York, registrar.
will be made to list those additional certificates on
the New York Stock Exchange.
Capitalization Dec. 31 1922Authorised. Outstanding.
$10,000,000 x$6,650.000
7% Cumulative First Preferred stock
Participating Preferred 6%
10,000.000 10,000.000
10,000,000 10.000,000
Common stock
Y16.001,200
Collateral Trust 5% bonds, duo April 1934
x After giving effect to this financing there will be outstanding $8,650.000.
y Of this amount. $1.331,500 are owned by company, of which approximately $1,000.000 were acquired in 1922.
Data from Letter of President Hobart Porter, New York March 14.
Cornpany.-A holding corporation controlling through stock ownership
26 water companies situated in large and prosperous communities in the
MAR. 31
1923.]
THE CHRONICLE
1415
Middle West and South. Also controls West Penn Co., the parent company of the West Penn System controlling the electric power, light and Income Account Year Ended Dec. 31 1922 (10 Months Old Management).
$2,524,769 Gross prof.(broughtfor'd) $791,815
traction utilities in a large part of Southwestern Pennsylvania and Northern Sales, net
West Virginia, and Potomac Public Service Co., which controls and operates Cost of sales, &c____ ____ 1,843,792 Expenses, &c
993,976
electric power,light and traction utilities in Central and Western Maryland,
Deductions, inel. hit., &c_
281.231
Profit
$680,978 Loss, wholesale dept
Northern Virginia, Northeastern West Virginia and adjacent territory in
73.983
Pennsylvania. Also controls through stick ownership orchard and land Additional income
110,837
companies in the Sacramento Valley, Calif.
Total loss (not incl. loss
Purpose.-Proceeds of this offering will be used to reimburse company
& exp. incurred before
Gross profit
for amounts expended or to be expended in connection with acquisition of
$791,815
recap.,ap. to prior per's) $557.374
control through stock ownership of the Commonwealth Water Co., N. J. -V. 115, p. 2480.
(V. 115, p.2909), Keystone Power Corp.(V. 115. p. 2589), Edison Electric
Arundel Corp.(Baltimore).-To Redeem Notes-Directors
Illuminating Co. of Cumberland. Md. (V. 115, p. 1843), Cumberland
The directors on March 23 decided to call for redemption June 1 the reElectric Railway (V. 115, p. 1837), and fa' other corporate purposes.
maining outstanding Arundel Sand & Gravel Co. 1st Mtge. 6%
Cony, gold
Consol. Income Account(Am. WM. Wks.& Elec. Co. & Sub. Cos.) Cal. Years. notes, due Dec. 1 1925, at 105 and
interest.
Frank R. Kent has been elected a director, succeeding Michael Sheehan.
1922.
1921.
Gross operating earnings
$24,351.179 $19,796,313 -V. 116. p. 413.
Net earnings, after oper. exp., taxes & maint
9,818,118
7,531,066
Auto Knitter Hosiery Co., Inc.-Listing-Earnings.
Miscellaneous income
903,320
777,954
The New York Stock Exchange has authorized the listing of 100.000
shares
Gross income
of capital stock (auth., 1510,000 shares), no par value.
$10,721,439 $8,309.020
Total deductions (incl. int. & pfd. diva, of subs.)- 7.439,310
Earnings Year Ending Dec. 31 1922.
5,674.025
Available for depreciation. dividends & surplus
$3,282,128 12.634,994 Net sales, $2,491,273; cost of sales, $1,241,622; gross profit..___$1,
The amount required for dividend on 1st Pref. stock, including
249,651
this
issue
Expenses
is 1605,500. For the year ending Dec. 31 1922 a total of $1.541,116 was
502.336
set up for depreciation by operating companies, as against $1,314,506
Net
income
for 1921.
$747,315
Earnings for the 12 months ending Feb. 28 1923, partly estimated, Other income
25,328
show an increase in the amount availabla for depreciation,
dividends
and
Gross
income
surplus of approximately $300,000 over the figures for the yeor ending
1772.643
Loss on school of modern dress
Dec. 31 1922.
212.700
The foregoing statement includes income accounts of Monongahela
Net income
West Penn Public Service Co. only from July 1 1922, and Potomac Public Surplus
1559,943
Jan. 1 1922
Service Co. from Aug.1 1922. but does not include any earnings from
Deduct-Goodwill written off, $29,499; Federal taxes account $281,471
the Commonwealth Water Co., Keystone Power Corp.,
Edison
prior years, 1109,234: Federal tax reserve, 175,000; cash diviIlluminating Co. and Cumberland Electric Ry.-V. 116, p. 1279.Electric
724.
dends. $100,200; total
313,933
Arizona Gas & Electric Co.-Merger.
Surplus Dec. 31 1922
See Southern Arizona Power Co. below.-V.106, p. 2231.
$527.481
Compare V. 116, p. 618. 724, 939.
Arkansas Light & Power Co.-Acquisition.-
The company announces the acquisition of tho Jackson (Miss.)
Service Co. operating the electric light and power, street railway andPublic
artificial gas services at Jackson, and of the Vicksburg (Mies.) Light & Traction
Co.. operating the electric light and power and street railway services in
Vicksburg.
In the reorganization of these companies H. C. Couch will
President,
.1. L. Longino, Vice-Pres. & Gen. Mgr., W. E. Baker, Treas.,be
and L. Garrett. Sec. Those, with C. P. Couch. M nager.of the Arkansas Light
&
Power Co. properties at Arkadelphia and Mal,ern, will comprise the board
of directors.
The Arkansas Light & Power Co. is now serving 45 cities and towns In
Arkansas from its 10 central power stations. It operates water service
in
nine cities and ice factories in four.-V. 116. p. 1181.
Armour & Co.-Acquisition of Morris & Co. Completed.J. Ogden Armour, Chairman, on March 28 announced that
the a,cguisition of the business and physical assets of Morris
& Co. by the North American Provision Co., a subsidiary of
Armour & Co. of Delaware, has been effected. Mr. Armour
further said in substance:
Babcock & Wilcox Co.-Annual Report.-
Calendar Years1922.
1921.
1920.
1919.
Total gross earnings-- $2,355,367 $2,761,678 $4.922.768 $8,275,894
Depreciation,&c
411,394
413,461
691,028
387,257
Federal taxes
211,765
150,000
485,000
5,014,162
Inventory adjust. & res
803,259
1.538,936
Dividends
(6%)1,200,000(10)1,500.000(10)1,500,000(8)1.200,000
Balance, surplus
$532,2081oss$105,042
Previous surplus
10,993,511 11.098,554
Stock dividend (33 1-3)- 5,000,1,00
Patents written off
1,500,000
$707,804 $1,674,475
10,390,750
8.716,274
Profit & loss surplus_ - $5,025,719 110,993,511 $11,098,554
$10,390,749
-V. 116, p. 939.
Bawlf Terminal Elevator Co., Ltd., Winnipeg.
The Minnesota Loan & Trust Co. is offering at prices to -Bonds.
yield from
6% to 6%5,according to maturity, $500.000 1st Mtge.6%_% Gold
bonds.
Series "A. Date March 1 1923: due serially to 1938. Denom. 11,000.
$500 and $100c5. Interest payable M.& S. in U. S. funds at Minnesota
Loan & Trust Co.„ Minneapolis. Callable on any interest date
upon 45
days' notice at 105 and interest. National Trust Co.. Ltd., Toronto.
Terms of the Purchase.-Payment will be made approximatel as follows: trustee. Auth., $750,000.
Proceeds
of
this
$2,750,000 in cash; not more than *5.000,000 Preferred stocky of
issue
are
be
to
used
in
the
construction
of a modern,
Armour an
concrete terminal grain elevator at Port Arthur,
& Co. of Del.; $9,000.000 Preferred stock of Armour & Co. of Illinois; fireproof
having
Immediate combined storage and work house capacity Can.,
$10,700,000 Common (Class A) stock of Armour & Co. of Illinois. There
of
remain a few contingencies that may reduce the amount of Delaware bushels, with provisions for the construction of additional storage1.525.000
capacity
of 2.500.000 bushels. Upon completion of thepresent construction
Preferred stock.
This $5,000.000 of Delaware stock is in addition to the amount previously these bonds will be secured by a first mortgage covering this entire proeprty
issued. To facilitate the transaction, and furnish the additional working casting in excess of' $800,000.
The stock of the company will be owned by the N. Bawlf Grain Co..
capital required for the increased volume of business, an additional $10,Ltd., of Winnipeg. This company, and a subsidiary company,
000,000 1st 5)4% of Armour & Co. of Delaware will be placed through
owns
the and operates 150 line elevators
Morris interests, and there is an agreement that neither these bonds nor the
and 41 annexes having a combined storage
capacity of 5,695,000 bushels.
$5,000,000 of Delaware stock will go on the market for at least a year.
North American Prorision Co.-Will be capitalized at $10,000,000
Bay Sulphite Co. Ltd.-New Officer, dec.Cumul. Pref. stock and $30,000,000 Common stock, all of which will7%
Sir Frederick Becker has
'been elected President, and R. 0. Sweezey,
owned by Armour & Co. of Delaware, except approximately 18,600,000 be
,
of
Newman.
Sweezey & Co.,has been elected a director.-V.116.
of
Preferred stock, which will be issued to acquire a like amount of the Pref.
p.1279.
stock of Armour & Co. required as part of the jourchase price. The funded
Bethlehem Steel Corporation.-Listing.-debt of Morris & Co. will be assumed by the North American Provision Co.
The New York Stock Exchange has authorized the listing from time
to
Legality.-Negotiations for the purchase had progressed to a point that time of an additional 197,681,400 Common
Stock on official notice of issue
made it impossible to defer the actual consummation of the plan
in connection with the purchase of certain properties and assets of Midvale
until
the
question raised as to its legality could be finally determined. Secretary of Steel & Ordnance Co.,and of the franchises
and all the properties of Cambria
Agriculture Wallace raised this question in a formal complaint, and if Steel Co.-V. 116, p. 1271, 1279.
this results in a hearing or court procedure we will gladly
co-operate with
the Government in securing the presentation of all information
Bon
Ami
Co.
(Del.),
N.
Y.
City.-Capital Changes.and data
necessary to a proper and final adjudication. Eminent counsel have
In January last the directors and stockholders authorized the issuance
given
assurance of the legality of the acquisition.
of 250,000 shares of no par value stock. Holders of the $3,000,000 Common
In his communisation to Congress, Secretary Wallace called attention stock, par 1100,and 11,500,000
Preferred stock, par $100, have the privii-ge
to the fact that nothing in the Packer and Stockyards Act forbids
the of exchanging their shares on the basis of one share of old stock, par $100.
purchase by one packer of the physical assets of another.
of either class for four shares of new no par value stock. The Preferred
Savings LYfected.-Following this purchase duplication of operating units stockholders will have
the right to exchange until April 15 next.
will be eliminated. The result of adding the Morris volume to
It is stated that a majority of the Common and a goodly
our own
portion of the
volume will permit savings in admilistrative and operative expenses
which Preferred has already been exchanged for new stock.
will run into millions of dollars annually, and which will benefit consumers
The regular quarterly dividend of 1%% Is payable on the Preferred
and producers of meat products.
stock April 1 to holders of record March 21. A dividend
has also been
It is expected that the volume of Armour & Co. sales will soon
exceed declared on the Common stock, payable March 31.
the former aggregate of Armour awl Morris. To this end both the buying
and selling organivitions of Morris & Co. will be retained.
Boston & Montana Corp.-Receivership.Scope o Future Plans.-The Armour & Co. plan of operation is of
Morton of the Superior Court at Boston has appointed Charles
broad S.Judge
scone.
he details are many, but the process of development has already
aluffley, Helena, Mont., and Isadore H. Brand,
Y. City, as ancillary
begun.
receivers of the Boston & Montana Corp., BostonN.
& Montana
&
There will also be created a finance committee of which Samuel Mc
Co., Montana Southern Railway, and Boston & MontanaMilling
- Power
DevelopRoberta is to be chairman. Other members of the committee
ment
Co.
Judge
Morton
also refused to enjoin the New England Trust
are to be
A. H. Wiggin, Arthur Reynolds, F. Edson White and Philip
Co. from beginning proceedings to foreclose a $5,000,000 bond
issue made
Three members of this committee constitute a voting trust.D. Armour. by the Boston & Montana Corp.-Y.
They will
116. p. 1181.
have control of certain of the company's stock owned by members
of
the
Boston & Montana Development Corp.-Receivership.
Armour family. They will retain control of this stock
such time as
Plans have been matured for its sale and release, anduntil
See Boston & Montana Corp. above.-V.113. p. 1986.
plans have been
developed for selling stock to the employees of the company.
Brighton Mills, Passaic, N. J.-Suit
An integral part of the plan is, therefore, a much larger
participation by
Suit for $4,000,000 damages brought against theSettled.
the public and employees in the ownership of Armour
company by Harding.
securities. To this Tilton & Co.,
end it will be the company's policy so to conduct its Wain;
agents for the Nyanza and Fairhaven Mills, has been settled
that
the
public out of Court for 1750,000.-V.
may always have the necessary
115, p. 2908.
on which to bate judgment for
the purchase of the securities ofinformation
the company.
(P.) Burns & Co., Ltd.-Common Stock increased.Present Status of Business.-At present time business of Armour & Co.
Is
Supplementary letters patent have been issued under the seal
in excellent condition. The volume is increasing. Earnings
of the
are well in Secretary of State of Canada. dated Jan.
excess of fixed charges. Working capital
24, amending the provisions of
is adequate and interest charges the supplementary letters patent increasing
for such capital are proportionate
the
Capital
stock
of
the
comly
than at any time since 1913-14. pany, dated March 31 1914. by converting
Operations are on a sound basis and theless
10.000 of the 50,000 unissued
prospects are decidedly encouraging. Preference shares Into 10.000 Common
The addition of the Morris volume with
shares.
par
1100.-V.
p.
116.
1181.
benefits
many
and economies
its
will make conditions still better.
By-Products Coke Corp.-Earnings Ca'. year 1922..-Facts About the Business of
Profit from operation. 1811,252; miscel. earnings,
Armour & Co. and Morris & Co.
$1.130,601
Production -For the year 1921 total
Deduct
-Interest, $499.146; appropriated for 1319,348
production
the
of
United
States
depreciation of
of all meats was 16.159,000.000 lbs.,
plants and depletion of mines.
of which Armour produced 1.695,000,000, or 10.49%. Morris & Co.
875,4414
Preferred stock dividend paid, 1376.302 premiums
845,000,000
produced
lbs.,
or
$136,570;
on bonds
5.23%•
The total amount produced in the
redeemed, 110.725
States inspected houses was
147,295
10.325,000,000 lbs., of which Armour United
& Co. produced 16.42% and Morris
& Co. 8.30%.
Surplus for year
$107,857
Consumpttion.-The domestic consumption
Balance Sheet December 311922.
lba. Of this amount Armour & Co.produced of 1921 was 15,624.000,000
Assets
Morris & Co. 795,000,000 lba., or 5.08%. 1,587,000,000 las., or 10.15%;
LiabilitiesCash
Sales.-Total sales of Armour & Co. for
$441.894 Bonded debt
$6,714,900
1919 were $1,038,000,000; for Accts. rec. & accrued bat_
1920 1900,000,000. for 1921 1600.000,000. The
1,715.72$
stock (9% cumul.)_ 1,522,200
IPref.
total
Morris
of
sales
&
Co. Inventories
for 1919 were 1400.000,000, 1020 $370,000.000
3,013.457 Common stock
9,500,568
, 1921 1260,000.000.
Deferred charges, ace _ _ _
Packing Plants.-Armour & Co. owns and
254,292 Accts. pay.. payments on
located in various cities of the United States. operates 16 packing plants Investments-Funds...... 6.881,660
ore
due,
not
accrued
It
houses for the distribution of its products. Morrisalso operates 332 branch Property, plant, &c., less
wages, int. & taxes. _. 1,705,514
& Co.owns and operates
depreciation
7 packing houses and 164 branch houses.-V.
8.206.298 Reserves
437,663
116. p. 1279. 939.
Undivided earnings
632.483
Arnold, Constable & Co., Inc.-Listing--Earnings.Total
The New York Stock Exchange has authorized
120,513.329
John Burnham & Co.,$I1
shares (v. t. c.) of Common stock, no par value. the listing of 175.000
.5
.,13
Ch1
32c9
ago.Taorth
e Interested in the company.
V. 116, p. 1055.
Caddo Central Oil & Refining Corp.-Earnings.-
1920.
1921.
1922.
Calendar Years.
3908.072 $2,170,858
Department profits_ _ _ _ $1,037,926
290,412
289.533
278,590
Ded1.-Gen.ac admin.exp
deb.455,938
Adjustments
1919.
$747.559
128,487
3759.336
22.503
3162,601 31,880,446
20.676
1,189
305.195
5619.072
a28,157
$781,838
14.841
423,038
$488,472 $1,881,635
17.744
87.490
440,104
416,010
44,487
6,974
$647,229
658,997
104.895
3343,960
508.266
323.650 81,333.648
460.584
564,735
$483,337
295,292
Miscellaneous income_ _ _
Settlement of Taylor suit
Cost of drilling dry holes
Interest. &c
Organiz. exp. written off
Net profits
Depletion & deprec
Set aside to prov. for
abandoned lease
(VOL. 116.
THE CHRONICLE
1416
19,785
12.161
c500,000
sell their stock at $181 a share could obtain this price by depositing their
holdings with Drexel & Co. A small minority are still opposed to the saleand an injunction was threatened. The minority interests believe that the
intrinsic value of the stock is much more than $181 per share, the value
being placed at $250 to $400 per share.-V. 116, P. 1181. 181.
Canadian Westinghouse Co., Ltd.-Annual Report.1919.
1920.
1921.
Years end. Dec. 311922.
Earns,from mfg. oper__ $1,776,154 $2,236,936 82.020.516 *1.416.206
Adm., sell. & gen. exp.,
692,876
821,194
769,389
818.795
taxes, &c
Other income
Cr.69,836 Cr.33,833 Cr.51,758 Cr.53,606
176.000
253,000
225,000
200,000
Depreciation
110,000
157,000
Dominion taxes
85.000
498,352
615,525
741,790
593,932
Dividends paid
Balance, surplus
-V.114. p. 1656.
$148,263
5349,590
5300,556
$102,584
Central Jersey Power & Light Co.-New Company.-
This company, recently incorporated in New Jersey with a capital of
$188,045
$373,064
def$184,092 def$553,246
fiance, surplus
Electric Co. and the Morris
The remarks of Vice-President Charles P. Clayton, together with the $2,000,00(), has acquired the Commonwealth
&
Electric Co. and will merge the properties.
Somerset
Income account and balance sheet as at Dec. 31 1922. were given under
"Reports and Documents" in V. 116, p. 1313. 1280, 1272.
Central Power & Light Co.-Notes Redeemed.All of the outstanding 5-Year 7% Coll. notes. Series "A." and 10-Year
Calaveras Copper Co.-To Start Operations.It was recently announced that plans have been completed for starting 7% Coll. notes, Series "C." due July 1 1925 and Nov. 1 1930 respectively,
production at the company's mine on or about May 1. It is proposed to were redeemed March 5 and Miireh 8 at 1023.6 and int. See offering of
send to the mill 450 tons per day at first and increase the amount gradually $3,000,000 1st Lien & Ref. 63% Gold bonds "1952 series" in V. 116.
p. 300. 940.
to 500 tons dally.-V. 116, p. 180.
California Baking Co. San Francisco.-Bonds Offered.
Bradford. Kimball & Co., San Francisco, are offering at 100 and int.
$400,000 1st Mtge. 7% Serial Gold bonds. Dated Sept. 15 1922. Due
serially to Sept. 15 1932, but callable all or part on any Int. date at 105 and
int. by lot on 30 days' published notice. Anglo-California Trust Co..
trustee.
Company, or its predecessors in Interest, has supplied the City of San
Francisco with'bread since 1904. It has grown from a small concern to the
largest baking company in that city. It sells over 1,769,000 pounds of
bread per month.
Proceeds of this issue, together with additional capital stock investment. were made to effect a consolidation of California Baking Co., Hobum,
A. B. C. and the Golden State baking companies.
For the past 18 years the available earnings of California Baking Co.
alone have averaged twice the amount of the annual interest requirement
on these bonds.
California Cyanide Co.(of Dela.).-New Company.
See Air Reduction Co. above.
California Petroleum Corp.-To Increase Capital and
Change Par Value of Common Stock-New Directors-Earns.
The stockholders will vote AprU 20 on increasing the authorized Common
stock from 317,500.000 to $60,000,000, and on changing the par value of
is authorized holders
the Common shares from $100 to $25. If the change
of present Common stock will receive 4 shares of new Common stock, par
held.
share
each
$100
for
$25
dhairman Thomas A. O'Donnel says in substance: "After careful
consideration by the board of directors of the present and probable future
requirements of the company, it has called a special meeting of the stockholders and recommended to them the immediate increase of the authorized
Common stock from 317,500.000 to $60,000,000, divided into shares of
the par value of $25, 4 shares thereof to be given In exchange for each
Common share now outstanding.
"During the past year the company's production has increased from
approximately 14,000 bbls. per day to its present production of more
than 50,000 bbls. per day. In view of the probable needs for additional
development of its properties, the further expansion of its business, and to
make possible the purchase of some of its Common shares by such of its
numerous employees as may desire to do so, the board recommends the
proposed increase in the capital of the company and the reduction in the
par value of its Common shares."
T. H. O'Neil and E. L. Tompkins have been elected directors, succeeding
E. F. Hayes and J. 0. Dresser.
Sales (Barrels) in Calendar Years.
1920.
1918.
1921.
1919.
1922.
7,274.781 3,933.848 3,737,205 3,520.428 3.001,382
Crude petroleum
103.365 137.333 164.934 215.284 297.957
Tops
Consolidated Income Account for Calendar Years (Including Subsidiaries).
1920.
1921.
1919.
1922.
Gross earnings (all cos.)_$11.835,760 37.463.675 $6,391,061 $4,621,655
1.492,943
4.974.589 3,066.522 2,319,830
Operating expenses
36.861,171 34.397.153 $4,071.231 $3.128.711
Net earnings
3676,713
$495,646
$567,480
3909.180
Depreciation
286,959
298,148
125,242
624.456
Depletion
202,748
235,941
719,617
748.927
Losses written off
51,220
90.797
68.871
49,452
Bond interest
13.786
Miscellaneous deduc ns_
564,000
550,000
250,000
540,000
Res. Fed. tax. & conting.
155.979
Special reserve
6846,512
Preferred dividends_ _ _(7%)750,150 (7)715.029 (7)770.439
197,065
197,421
155,979
333.561
Sinking fund
$275,153
32.905,444 $1,703,419 $1,382,931
$926,493
36,277.101 $3.371,657 51.034,359
b In addition to the 7% regular dividends, 7% extra was paid out of
surplus, thus canceling all accrued dividends.-V. 116, p. 1280, 519.
Balance, surplus
Profit and loss surplus
Calumet & Arizona Mining Co.-Earnings.--
Century Ribbon Mills, Inc.-Listing.-
The New York Stock Exchange has authorized the listing of $2,000,000
7% Cumul. Pref, stock, par $100 each, and 100,000 shares of Common
stock, no par value.-V.116, p. 1182.
Chicago Pneumatic Tool Co.-Dividend Increased.-
The directors have declared a quarterly dividend of 13i% on the Capital
stock, par $100. payable April 25 to holders of record April 14. This
compares with 1 paid quarterly from July 1921 to Jan. 1923, inclusive.
1182.
-V. 116.
City Investing Co.-New Director.-
Bennett Ellison has been elected a director to succeed the late L. B.
Preston.-V. 115. p. 2909.
Colorado Power Co.-Annual Report.Calendar YearsGross earnings
Net,after taxes
Other income
1922.
$1,028,079
1472,178
80,397
$552,574
Total income
$226,724
Interest, &c
107,470
Depreciation reserve_ _ -70,175
Preferred diva. (7%)
Common dividends____(ii%)55,316
Balance, surplus
-V. 115, p. 1433.
$92.890
1920.
1919.
1921.
3998,844 81.121,428 51.095,105
$517,279
$512.494
$408,987
16,419
32,418
42,197
mum
$549.697
$230,661
110.280
75,279
(2)221,264
104,653
70,175
$528.913
$232,831
116,293
70,164
$50,963
$109,625 def.$87,787
Consolidated Copper Mines Co.-To Dissolve.-
The stockholders will vote April 20 on dissolving. The company was
recently reorganized as the Consolidated Copper Minos Corp. (see V.
114, p. 2829).-V. 115, p. 2384.
Consolidated Gas, Electric Light & Power Co. of
Baltimore.-Listing.The N. Y. Stock Exchange has authorized the listing of $2.922.000
additional Common stock (auth., $30,000,000, of which $14,610,200 is
now outstanding), upon official notice of issuance, making the total amount
of Common stock to be listed $17,532,200. The additional stock was
offered to the Common shareholders of record March 5 1923 at $100 per
share, to the extent of one share of new Common stock for every five
shares held, and the proceeds will provide funds with which to pay for
the cost of a portion of the. additions to and extensions of the electric
generating and gas manufacturing plants, tho transmission and distribution
systems and the acquisition of real estate, equipment and apparatus.
such as gas and electric machinery and apparatus, poles, overhead wires,
underground cables, transformers, meters, gas mains, gas services, etc.,
which will be made at an aggregate cost of approximately 36.500,000
during the calendar year 1923.
Consolidated Balance Sheet December 31.
1921.
1922.
1922.
1921.
AssetsCapital stockPlant, equip., real
Co.'s common__14,610,200 14,610,200
estate. fran.,&c.79,529,361 79,502,161
197,232
Co.'s pref. "A".. 5,000,000 3,200,000
Unfin. plant invest. 457,646
208,563
Co.'s pref. "B"_ 1,556,300
Stocks, bonds,&c. 255,978
Subscription _ 441,900
Construe, funds in
555,661
56,817
Balt.El.Co. pref. 1,000,000 1,000,000
hands of trustees
4,986,752 3,413,383 Pub. Serv. Bldg.
*Cash
700,000
700,000
Co. pref
Accts.& notes rec_ 3,246,718 2,416,981
Bonds, notes, dcc_58,131,000 59,901,000
Subsc. to pf. stk_ 243,794
949,542
2,135,970 2,304,940 Accounts Payable_ 539,709
Inventories
Bonds called for
Work In progress
25,200
28,066 redemp., &L.__ 376,160
acct. of custom'rs 35,570
62,725
Unpaid wages__ __
81,714
Consum. stk. sub.
75,965 Consum. ext. dep. 387,770
7,053
advances
Accr. Int., &c____ 1,169,660 1,092,369
Sinking funds342,204
554,402 Divs. pay. Jan. 2_ 419,263
643,030
Invested
113,057 Sinking fund res've 849,915
116,058
Uninvested
383,253
37,662 Sund.res.,accr.,&c. 500,409
Deferred charges_ _ x690,814
Res. tor depreen._ 4,636.461 4,491,653
Unamort. disc. &
408,604
Res. for conting_ 408,604
exp. on Id. debt 2,146,675
3,763,171 2,241,325
Surplus
1920.
1919.
1921.
1922.
Calendar Years$7,378,692 $3,677,255 $11,418,574 $10,286,478
Total Income
DeductOper. exp. at mines &
6,484.155
smelters, incl. deprec_ 3,722,897 2,432,150 6,153,521
50,382
128.325
201,014
54,068
Salaries, office & gen. exp
Freight, refining & mar94,552,236 89,408,075 Total
Total
94,552,236 89,408,075
770.229
446.716 1,171,977 1,122,722
keting expenses
1,380,090
600,007 1,362,969
924,920
Ore depletion charges__ _
Includes sundry deferred charges of $2.636 and deferred charges for
x
719,168 sinking fund advances to subsidiaries of $683.278. The usual comparative
840,523
497,086
692.247
State & Federal taxes_ _ _
1.858 income account was given in V. 116, p. 1046.
Miscellaneous charges
(20%)1,285,046(20)1285,043(40)2570.084(30)1927,563
Dividends paid
Balance, deficit
$50,189 $1,979,922
$720,882 $1,403,147
-1r. 116. p. 1055. 940.
Calumet & Heels Mining Co.-Annual Report.-
1920.
1919.
1922.
1921.
Earns. Cal. YearsReceived for copper.._..- $7,874.156 $4,951,164 $8,069,950 $5.263,077
5,666,727
Prod.,sell. & dello. cost.. 8.929.974 5,208.897 8,596,001
$403,650
$1,055.818
$257.733
$526,051
Net, loss
Add divs. from other cos Cr.425,312 Cr.93,152 Cr.263,486 Cr.1.229.303
1,502,721
579.169
Deprec. & maintenanceCr.74,603 deb.248,636
Cr.339,680 Cr.862,709
Other miscell.
(20)500,000(40)1000,000
Dividends paid
686.666
67,767
3.635,781
val
Loss by reduc.to mkt.
Consumers Power Co., Jackson, Mich.-Acquisition.-
This company recently acquired the stock of the Thornapple Gas &
Electric Co. of Hastings, Mich.
The company is also reported to have acquired by purchase the property
of the Central Michigan Light & Power Co., which supplies electrical
service hi Clare, Isabella and Gratiot counties, Mich.-V. 115, p. 2909.
Continental Guaranty Corp., N. Y.-New Co. Formed.
The Continental Guaranty Corp. of Canada, Ltd. has been organized
in Canada with an authorized capital of $1,000,000'(5500.000 Preferred
stock and 3500,000 Common stock, par $100) to acquire the business In
Canada of the Continental Guaranty Corp. of N. Y., which was recently
reorganized.-V. 116, p. 181.
Cosden & Co. (Del.).-To Increase Common Stock, &c.
The stockholders will vote May 23 on increasing the authorized Common
stock from 1.400,000 shares (1,195,494 shares outstanding) to 3,000,000
$422.983 shares, no par value. The company announces that it has no intention
8937.761 $1,491,260 $4,323,743
Balance, deficit
Mines were closed down from April 1 1921 to April 1 1922.-V. 116, of doing any financing with the proposed increased authorized Common
D. 414.
stock, but it is reported that the purpose of the Increase is to have stock
in case the directors decide to declare a stock dividend later on.
Cambria Steel Co.-Merger Approved-Minority Still available
The stockholders will also vote on changing the date of the annual
the first Wednesday in May to the fourth Wednesday.
from
meeting
Opposed.The greater part of the minority stockholders of the company, at an ad- V. 116, p. 1056.
approved
of
the
sale
28,
proposed
journed meeting in Philadelphia March
Crown-Reserve Mining Co. Ltd.-Annual Report.the company's properties and assets to the Bethlehem Steel Corp. Another
1921.
The profit and loss account Dec. 31 1922 shows: Balance from
meeting will be held March 31, when it is expected the remaining minority
of
$480,838: proceeds of ore, $3,860; proceeds of sales of 126.584 shares
interests will approve the sale.
$521: total, $516,357. Total
Philadelphia dispatches state that at the meeting March 28 minority trustees stock. $31,136; interest account,
1182.
p.
$489,365.-V.
116,
$26,991.
Balance,
surplus,
deductions,
already
to
accepted
offer
the
not
stockholders were told that those who had
MAR. 31 1923.]
THE CHRONICLE
Curtis Publishing Co.-Preferred Stock Offered.-Hallgarten dr Co. and J. A. Sisto & Co. are offering, at 115 per
share (flat), 14,500 shares (par $100) 8% Cumul. Pref.
Stock. Total auth. issue, $20,000,000; outstanding, $19,750,000. The bankers will replace at 110 any shares of the
present offering which are called for the sinking fund on or
before April 1 1924. (See advertising pages.)
Dividends payable Q.-J. Redeemable as a whole (or in part for the
sinking fund) on any dividend date at 110 and accrued
dividend. Semiannual sinking fund amounting to $500,000 a year, applied to purchase
up
to or call at the redemption price.
This company publishes the nationally known periodicals "The Saturday
Evening Post," "Ladies' Home Journal" and "The Country Gentleman."
Net earnings, after depreciation and all taxes, for the four years 19191922. averaged over 58,115,000, more than five times full preferred
dividend
requirements.
The company has no funded or other debt aside from current monthly
accounts, and among its current assets are over 614,000,000
of cash, 13. S.
Government bonds and other liquid securities. Company owns
valuable
real estate in the heart of the City of Philadelphia.-V. 116, p 621.
Dennison Manufacturing Co.-Bal. Sheet Dec. 31.1922.
1921.
1922.
1921.
AssetsLiabilitiesCash & securities_ 583,481
742,807 1st Pref. stock_ _ 4,500,000 4,500,000
Accts.lc notes rec. 2,864,737 2,252.884 2d Pref. stock__
850,000
650,000
do for'n brches 351,424
364,678 Managerial stock_ 2,440.160 2,429,640
Treasury stock__ 461,730
392,290 Accounts payable_ 238,649
315,094
Merchandise
3,214.051 2,975,354 Notes pay bl •
750,0..0
Machinery, furniEmpl. Partnership
ture, &c
1.043,675 1,056,231
warrants
403,450
328,950
Real estate
1,479,757
922,597 Special reserves__ 1,418,005 1,139,520
Good will
1,000,000 1.000.000 Res. for ',loch. of
1st Pref. stock__
47,451
Surplus
398,591
296,186
Total
10,998,855 9,706,841
Total
10,998,855 9,706,841
•-V. 115, p. 1326.
Derby Oil & Refining Corp., Wichita, Kan.-Pref.
Stock Sold..-Morgan, Livermore & Co., New York, have
sold at $46 50 per share, to yield 8.60%, 50,000 shares
Cumulative Cony. Pref. (a. & d.) stock of no par value
(see advertising pages).
Entitled to preferential dividends at the rate of $4 per annum. Cony.
at any time into Common shares at the rate of 2 shares of Common for one
share of Preferred. Red. after 3 years, upon 3 months' notice, at $60 per
share. Preferred stock is to have the benefit of a cumulative sinking fund.
Transfer agent, Guaranty Trust Co., New York. National City Bank,
New York, registrar.
Capitalization After This FinancingOutstanding.
Authorized.
Cumulative Cony. Pref. stock (no par).--- 50,000 shares 100,000 shares
Common stock (no par)
271,900 shares 500,000 shares
Listing -It is expected that application will be made to list both Preferred
and Common stock on N. Y. Stock Exchange.
Data from Letter of A. L. Derby, Pres. Derby Oil Co., March 23.
,
11 Company.-Is being formed in New Jersey for the purpose of acquiring
the capital stock of Derby Oil Co. of Kansas. which owns and operates:
(030,000 acres of leaseholds with 20 producing leases and more than 70 wells
producing at present over 2.000 barrels of oil per day, netting the company
approximately 1,200 barrels daily. Average gravity of the oil is 39 degrees
Baume. Oil of this grade conunands a premium over posted rates. (b)
80 miles of pipe lines with adequate pumping stations connecting company's
refinery with its principal producing properties and also with many adjoining
fields from which crude Is secured. (c) Refinery near Wichita, Kan., completed in July last, which has since been running an average of 100,000
barrels of oil per month. Has a capacity of 4,000 barrels a day, which is
now being supplemented by the addition of a battery of Dubbs pressure
stills and additional crude stills, which will increase the capacity to 5,000
barrels a day and will also materially increase the gasoline recovery. (d)
Storage capacity for over 200,000 barrels.
(e) A fleet of 150 tank cars in service, 62 of which the company owns,
and the remainder of which are operated under lease. 25 more tank cars
have been purchased and are now being delivered. in 160 disrtibuting and
service stations and 35 wholesale stations. These facilities are now being
increased. (g) Full equipment of automobile tank trucks for local distribution.
Purpose.-Proceeds are to be used to acquire or to retire the outstanding
$950,000 1st Mtge. bonds of Derby 011 Co., to provide for the purchase or
retirement of $22.015 car trust notes and $12,675 real estate mortgages
and for other corporate purposes.
Earnings (Derby Oil Co.), Calendar Years.
(Before charging off depletion, depreciation and development and Federal
taxes, but after taking into account charges saved through present financing.)
1921.
1920.
1922.
Grass income
$2,440,185 $2,278,080 $4,818,958
Expenses
1,750,341 1,785.845 3.515,008
Net operating income
$689.844 6492,235 $1.303,950
Based on present operations and conditions, it is estimated that the net
Operating income for current year will be at least $2,250,000, which, after
charging off depletion, depreciation and taxes, is at least 8 times annual
dividend requirements on the present issue of Preferred stock.
Capitatization.-Corporation will have an authorized capital of 100,000
shares of Cumulative Convertible Preferred stock, no par value, of
Presently 50.000 shares are to be outstanding ,and 500,000 shares of which
mon stock of no par value, of which 271.900 shares are expected to beComoutstanding upon completion of the present program.
An offer is to be made to the holders of the outstanding $4,538,000 capital
stock (par $1) of the Derby Oil Co. to issue Common stock of the new corporation at the rate of one share thereof in exchange for 20 shares of the
Kansas company. The holders of approximately 75% of the outstanding
stock of the Kansas company have already agreed to accept this
offer.
Balance Sheet Dec. 31 1922 (After Present Financing).
AssetsLiabilitiesLeaseholds & developm't33,739.438 Current liabilities
$457,841
Fixed assets
1,887,6341 Capital stock
*7,289.179
States Petroleum cap.stk.
3,000
Inventories
303.892
Notes,accts.& accept.rec. 430,819
Cash
1,382,237
Total (each side)
$7.747.020
* Represented by Cum. Cony. Prof.
50.000 shares of no par value,
and Common stock, 271,900 shares of stock,
no par value.-V. 116, p. 1280.
(D. G.) Dery Corp.-Receivership.-
1417
accountants' examination failed to show profits since Jan. 1 in
an amount
large enough to warrant carrying out the proposed plan and underwriters
thereupon withdrew.
"Pending these negotiations a large amount of obligations matured
which it is now unable to meet and in this
it seemed to be to
best interests of stockholders and creditorsemergency
that
be made to
the Federal Court for receivers in equity with viewapplication
to a speedy reorganization."
Consolidated Balance Sheet Dec. 31 1922.
AssetsLfaAtlittesInventory
x55,270,718 Trade acceptances
$4,191,026
Cash
267,190' Accounts payable
769,215
Accounts
121,190 Notes
181.000
Loans & advances
166,831 Accrued liabilities
202.788
Claims on unfulfilled contr'ts
73,878 Cedar Cliff Silk Co
264.786
Invest. In affiliated cos
1,674,631 1st Mtge 75
4.000,000
Mortgages receivable
17,429 7% Cumulative Pref. stock
3,100,000
Discounts, &c
655,165 Common stock (no par value) 8,904,796
Fixed assets
8,366,676
Total
816,613.614
Total
116,613,614
x After deducting $2,360,880 advance made by factors.-V.
116,p.827.
Diamond Match Co.-Balance Sheet Dec. 31.-
Assets1922.
1921,
Liabilities1922.
1921.
Plants,realestate
Capital stock__ _516,965,100 116,965,100
&e
x$10,898,109 111,576,356 15-yr.714% deb.
Calif. and other
bonds
5,735,200 6,000,000
pine lands,
Notes payable
15,000 1,483,203
stumpage_ ___ y5,125,140 5,406,200 Accts. payable_
390,811
498,607
Fon& domes.inv 2,461,110 1,653,598 Accr'd tax(est.)_
586,996
526.367
Pat.rights, trade
Accrued payrolls
48,704
44,462
marks, &c._
1
1 Ace. deb. inn.;
71,690
75,000
Inventory _ _ ___ 8,954,234 12,767,490 Purchase money
Notes, aces. rec.
obligations...
less
_ 2,348,800 1,929,106 Adv.against exp. 928,659 1,035,366
Bankers'
reserve_accept. 1,095,327
shipments_ ... _
888,557
920,059
U.S.cs.of indebt
500,000
Other arc. pay__
166,356
230,457
Cert. of deposit_
800,000
Reserves
4,375,365 3,811,035
Cash
1,446,252 1,191,043 Surplus
3,712,350 3,370,081
Def. charges...
255,814
435,946
Total
533.884,788 134,959,741
Total
$33,884,788 534,959,741
x Plants, real estate &c., $14.421,620, less reserve for depreciation
and
amortization $3,523,512. y Includes Calif. pine lands, stumpage,
plants
&c., after deducting $728,182 for depreciation and amortization
82.396.037:
other Western pine lands, stumpage. plants &c.. after deducting
for depreciation and amortization $2,495,226; New England and51,027.687
Southern
timber land and stumpage $233,328.
The_
usual income account was published in V. 116. p. 1280.
_
-
Donner Steel Co., Inc.-Negotiations Under Way.-
It is stated that negotiations are under way for the sale of the
North
Tonawanda plant to the American Radiator Co.-V. 116,
p. 941.
Douglas Packing Co., Inc.-New Company Formed.-
See Douglas-Pectin Corp. below.-V. 115, p. 2011.
Douglas-Pectin Corp., Rochester, N. Y.-Stock Sold.Lage & Co. and Toby & Kirk have sold at $12 50 per share
60,000 shares Common stock of no par value (of a total of
30,000 shares to be presently outstanding).
Transfer agent, American Exchange National Bank;
Equitable
Trust Co.. New York. Application will be made toregistrar,
list stock on New
York Stock Exchange.
Data from Letter of President Robert Douglas, Rochester, March
27.
History.-Douglas Packing Co., Inc. (V. 115, p. 2051),
successor of
York State Fruit Co.. organized in 1906, and Pectin
Sales
Co.,
Inc.. both
of Rochester, are effecting a consolidation as of April 1 1923, under
above
name. Through ownership of entire Capital stock, excepting directors'
qualifying shares, company will own the Douglas Packing
Canada. Main business has been the manufacture and Co. Ltd., of
distribution of
"Pectin." a concentrated fruit product, used by approximatel
90% of
the world's manufacturers of preserves,jams and jellies. In 1921ycompany
started to manufacture and distribute this product in bottle form,
under
the trade name of "Cent)." for household use. In 1921 sales amounted
to about 1.500.000 bottles; in 1922. to about 7.000,000 bottles, and in
1923.
based on orders now in hand, it is estimated company will manufacture
and
sell at least 15.000.000 bottles.
Purpose.-Proceeds will be used for additional working capital.
Capitalization.-$487.500 10-Year Sinking Fund Gold
of
Douglas Packing Co., Inc., and 300,000 shares Common debentures
stock, no par
value (authorized 400,000 shares).
Earnings of Constituent Companies, After Deprec. but Bcfore Taxes, Cal. Years.
1918
5277.88811920
$63.17211922
$567,053
1919
356,62511921
79,4221
In 1922 earnings, after taxes, amounted to $508.113. applicable
to
Common stock. The first two months of 1923 show earnings, after reserve
for taxes and interest, of $121,046.
DuPont Motors, Inc., Wilmington, Del.-Stock Offered.
-Warner & Co., New York, are offering at $8 per share
100,000shares of Capital stock of no par value(See adv.pages).
Transfer agent, Equitable Trust Co., New York; registrar,
Metropolitan
Trust Co., New York.
Capitalization.-Authorized. 250.000 shs.; issued. 250,000
treasury, 25,181 shs.: outstanding, 224.819 shs. A majority of shs.: in
the stock
is now held by the same interests. This stock was subscribed
to the amount mentioned, in cash, at a price of 68 per share. and paid for
Data from Letter of E. Paul duPont, President of
Company.
Company.-Organized in June 1919 by E. Paul duPont,the
who with other
members of the duPont family, has paid in a total
51,000,000 capital.
Business consists of-manufacturing high-grade,of
motor cars.
Product consists of: (1) Model "A," a 4-cylinderdistinctive
manufactured for
several years: (2) new model "C": Model 'A" hascar
been
modified
to a
6-cylinder car, to which have been added certain features
which make it
a thoroughly up-to-date car and even better
the model "A." Plant
facilities at Moore, Pa.. are entirely adequatethan
take care of a production
of 2,000 cars or more a year. In addition toto
plant there is a larger
plant in Wilmington, Del.. at which the companythis
will
eventually concentrate
all of its activities.
Purpose.-Proceeds are to be used to produce and market
the new model
and for other _purposes.
Earnings.-Estimated net profit on the
productive capacity of
the Moore plant is $500,000 per year, after present
depreciation, but before deduction of Federal taxes, equal to $2 20 per share
on the outstanding stock.
-V. 116, p. 1056, 827.
Duquesne Light Co.-Bonds Called.Judge A. N. Hand, in the Federal District Court March 26, designated
All of the outstanding 15-year 7j. % Cony. Debenture
J. M. Proskauer, George W. Post and
John P. McGuire temporary re- dated
bonds,
July 1 1921, have been called for redemption July Gold
celvers on the petition by E. Gerrit & Co.,
instituted
suit
who
1 at 107 and
a
in
equity
hit, at the Chase National Bank of the City
against this concern. According to the petition, assets aggregate
of New York.-V.116. P. 1056,
$16,613.614 and liabilities, outside of bonds and mortgages,
65,344,030.
The company operated the largest
of silk looms in the country
East Bay Water Co., Oakland, Calif.-Earnings.and production at high point reached number
the value of over $20,000,000 annually, but sales in 1922 were considerably below this volume. The difficulties
Calendar Years1922.
1921.
1920.
1919.
of company are said to be due to the inability to liquidate inventories.
Gross oper. revenues__ $2.887,160 $2,526,185
$2,406,145 52.029.145
The company sold 54.000,0007% 1st Mtge. bonds in Aug. 1922 through Oper. exp., taxes, depose
1,453.590
1.307.776
1.268.631
1,074,384
Redmond & Co. (V. 115. p. 1215. 1104).
nec
In con
tio
with receivership,
nNe
toperating revenue $1,433,571 $1,218,409 51,137.514
Richard
E. Dwight, attorney
for the
5954.762
creditors, authorizes the following statement:
Non-oper. revenue, net.
25.786
28,961
20,821
28.388
"About three weeks ago the corporation became embarrassed for lack of
sufficient worlcing capital. The stockholders and creditors, together with
Net revenue
$1,459,357 51.247.371 51.158.335
5983,150
banking interests, endeavored to secure subscriptions to the Preferred Int.chargeable to oper
.
_
894,220
813.733
738.985
582,710
stock and the underwriting of Common stock, which Common stock was
to be donated to it by the stockholders, in an amount sufficient to supply -B
ye
.
!
for diva.,
.
vs. &c $565,137
5433,637
5419.350
$400.439
the required working capital.
'"I'he manaement claimed that since Jan. 1 company had been making
very substant al profits and the underwriting of ommop stock as well
Eastern Connecticut Power Co.-Bonds Offered.as subscriptions to Preferred were predicated upon this assumption. The
Estabrook & Co., Lee, Higginson & Co., Bonbright
&
1418
[vol.. 116.
THE CHRONICLE
Co., Inc. New York, and Putnam & Co., Hartford, are
at 91 and int. to yield about 5.70%, $3,000,000
offering '
1st Mtge. 5% Sinking Fund Gold bonds, Series "A."
New York,
Dated April 1 1923. Due April 11948. Interest A.& 0. in
income
Boston and Hartford, without deduction for any normal Federal
Pennsylvania
tax not exceeding 2%. Connecticut. Massachusetts and Hartford-ConState taxes refunded. Tax exempt in Connecticut.
necticut Trust Co. Hartford, trustee. Denom. c*$1,000 and $.500 and
1'581,000 and multiples. Callable all or part for sinking fund on any
Interest date prior to and including April 1 1938 at 105, thereafter decreasing X% annually to 100% on April 1 1947.
Data from Letter of Pres. R. W.Perkins, Norwich,Conn.,Mar.27.
Capitalization Outstanding upon Completion of Present Financing.
$3,000.000
1st Mtge. 5s. due 1948 (this issue)
1,500,000
1st Preferred stock, 7% Cumulative
2,500,000
2d Preferred stock, 6%
3,000.000
Common stock
Earnings (Including Earnings of Subsidiaries) Adjusted to Present Financing
1920.
1921.
1922.
Calendar Years.$1,432.757 81,326.749 $1,253,311
Gross earnings
8255.738
$474,100
8403.583
Net operating income after taxes_
26,886
11,838
7,317
Other net income
$282,624
8481,417
$415,421
Inc. applic. to deprec. & int. chgs
8150,000
$150.000
Present annual interest requirements.. $150.000
to be
,
first
11924.
fund,
payment
Aug.
sinking
-Annual
Fund.
Sinking
applied to the purchase or call of Series "A' bonds, will be sufficient to
retire prior to maturity at least 40% of all Series "A" bonds issued.
Company.-Organized in Connecticut Aug. 28 1917. Secured control
of Putnam Light & Power Co. throguh purchase of all its securities and
also holds controlling interest in the Uncas Power Co., supplying a part
of the needs of the city of Norwich. As a part of present financing,
company will acquire all the securities of Lyme Electric Co. and with the
exception of 750 shares Preferred, all the securities of Danielson & Plainfield Gas & Electric Co. Principal business is to supply power at wholesale
to distributing companies under contract. Through this manner electric
energy is supplied either at wholesale or at retail through 32 towns in
eastern Connecticut and 4 towns in southwestern Rhode Island. Power
is also supplied Shore Line Electric Ry. and Connecticut Co. for operation
of street railways and to New England Power Co. connecting with that
company's lines at Thompson, Conn. Territory served has a total population of about 165.000.
Upon completion of extension now under construction, plant at Montville
will have generating capacity of 32,500 k. w., with building large enough
for one additional 10,000 k. w. turbine and with land and condensing
water available for further extension to a capacity of 100,000k. w. Hydroelectric plant at Tafts has installed capacity of 2.000 k. w. Through
-electric stations having a combined capacity
subsidiaries operates hydro
of 1,920k. w. and a steam turbine plant of 1.600k. w.
At Putnam and at Danielson subsidiaries own and maintain gas plants
with daily capacity of 350,000 and 220,000 respectively, and at Putnam
an additional tank of 150,000 Cu. ft. is now being installed.
Purpose.-Proceeds will provide funds for extension of the steam plant
at Montville now under construction, and for the purchase of securities
of Lyme Electric Power Co. and Danielson & Plainfield Gas & Electric
Co.. and for the retirement of floating debt caused by purchase of Putnam
Light & Power Co.-V. 116. p. 182.
(Negotiations are pending and are understood to be practically concluded
by which the corporation will sell one of its theatres in Los Angeles, Calif..
for approximately 82,000,000. The company retains a lease on the theatre.
Sale price, it is said, shows a substantial profit on the investment.I-V. 116.
P. 11.'70.
Fisher Body Corp.-Subscriptions to New Stock.Subscriptions to the additional 100,000 shares of Common stock offered
to Common stockholders ofrecord March 29 are payable on or before May 1
at the Lawyers Title & Trust Co., 160 Broadway, N. Y. City. Compare
V. 116, p. 1281.
tamairk
72.1"
Fifth Avenue Bus Securities Corp.-DividendjiNkr.-14
The directors have declared a dividend (No. 2) of le cents a share,
payable May 15 to holders of record May 1. An initial dividend of like
amount was paid Feb. 15 last.-V. 116, p. 82.
Ford Motor Co., Detroit.-To Increase Production.It is announced that, beginning April 2, the production of the company
will be increased to 6.385 cars daily. This, it is stated, is an increase of
500 cars over any previous daily output established by the company.
V. 116, p. 1281.
General Amer. Refrigerator Express Corp.-New Co.See General American Tank Car Corp. below.
•
.
-1.
••--
GeneraTA
can Tank Car Corp.-New Sub. Co.merr
The General American Refrigerator Express Corp., a new subsidiary, was
recently formed by the General American Tank Car Corp. for the purpose
of furnishing equipment to the American Railway Express Co. for the
development and expansion of special express refrigerator service for the
benefit of farmers and other producers of perishable goods. The new
corporation has made a long time operating contract with the American
Railway Express Co. to furnish the latter with passenger train refrigerator
cars of special design and construction adapted to this service.-V. 116.
p. 521. 183.
General Electric Co.-Listing-Earnings, &c.The New York Stock Exchange has authorized the listing, on or after
Apr. 9. of $4,700,000 Common stock, par 8100,upon official notice of issuance upon subscription, making the total applied for $180,325,000. The
stock applied for has been subscribed for by employees and funds received
from subscriptions are for general corporate uses.
•
Income Account Year Ended December 31.
1920.
1922.
1919.
1921.
ReceiptsSales billed
200,1t4,294 221,0117,992 275,758,487 229,979,983
Cost of sales, &c
x177,458,012x199,331,309 231,494,445 196.855,684
17,803.985
Reduction of inventory_
Profit from sales
22,736,282 21,676,683 26,460.057 33,124,299
Interest & discount &
3,208,814 3,511.066 3,915,717 2,343,776
sundry Wants
Income from securities
2.967,919 5,044,840 2.887,145
4,849,871
Total
30,794,966 28.155.667 35,420,614 38,355,221
Deduct571,686
1,969,112
4,344,789 2,078,683
Interest on debentures
Other interest payments
724,172 2,319,216
1,705,564
219,158
11.000,000
9,000,000
(y)
tax
profits
Excess
(est.)..
(y)
Eastern Steel Co.-Notes Sold.-Brown Brothers & Inv. secur. reserve
3,700,000
Co. have sold $1,000,000 6% Gold notes, due Feb. 1 1924 Appropriation (Chas. A.
Coffin Foundry)
400.000
at 100 and interest. (See advertising pages.)
Dividends, cash (8%) 14,073,628 13,409,522 10,651,306 9,545,469
The company holds an important position in the steel industry of the zDivs.
in stock
(5)8,717,265(4)6.746.114 (4)6,437,700(4)4.772.918
East, producing structural shapes, beams, angles and channels used in
do Int. Co. Pref.held
the construction of buildings and bridges. It owns and operates a com(7%)4,916
employees
by
with
covering 55 acres,
pletely equipped steel plant at Pottsville.
Pa.. steel. It also owns the
an annual capacity of 175,000 tons of finished
6,038,365 10,759,584
Balance,
1,497,176
surplus
3,040,126
estireserves
with
Y.,
N.
ore
Mines,
iron
Benson
at
Mines
Benson Iron
x Includes provision for Federal taxes.
y Included in cost of sales. &c.
mated at 100,000,000 tons, and controls iron ore land in Cuba estimated
In May 1922 company created an issue of $35,000,000 special 8% stock
to contain 50,000.000 tons of ore. On completion of the present financing z
$10) for purpose of paying such stock in annual 5% stock dividends in
the total net assets after deducting all liabilities except the 6% notes, will (par
of2% semi-annual stock dividends, as heretofore paid in Common stock.
amount to $9,150.131, or more than 9 times the face amount of the 6% lieu
The company has announced the completion in Atlanta, Ga. of a
notes.-See V. 116, p. 1281.
4-story reinforced concrete warehouse, equipped with all facilities for
handling of orders. The initial building has a floor
- prompt and efficientft.,
Edison Electric Illuminating Co. of Boston.-Earns.
and provision is made for later increase to 100.000
of 64,000 sq.
Year End. 6 mos.End. -Year Ended June 30- space
warrant. On the same property tho company has
conditions
as
ft.
sq.
1920.
Dee. 31 '22. Dec. 31 '21.
1921.
Periodalso erected a modern steel and brick constructed service shop, with a
815,871,115 $7,528,673 $16,162,568 $13,920,606 floor
Gross earnings
space of 10.000 sq. ft.
4,471.740 9,488,263 7,342,578
8,400,631
Expenses
The $5,000,000 General Electric Employees' Securities Corp.6% 50-year
Cr.2,136 Cr.108,854 Cr.83,385
Miscellaneous profits...... Cr.29,392
been over-subscribed. As
1,479,630 bonds, recently offered to employees, have
830,000
1.471,495
2,010,000
Taxes
holder of bonds remains in the service of the company
1,164,955 long as the original
1,444,619
783,850 1,410,135
Interest
he will receive, at the same time the interest is paid, an additional 2% per
(12%)3,241.428(5)1.351.680(10)2703,360(10)2703,360 annum,
Dividends
making a total of 8%. Compare V. 116, p. 828, 1281.
$93,539 $1,198,170 $1,313,468
Undivided profits.._.._ 8803,829
Motors Corp.-Sales of General Motors Cars.General
-V. 116, p. 520.
Preliminary combined sales of American and Canadian passenger and
Illuminating
Md.
Co.
of Cumberland,
Edison Electric
commercial car divisions of General Motors for the month of February
total 55,000 cars and trucks. This compares as follows:
See American Water Works & El. Co., Inc., above.-V. 115, g. 1843.
Number of Cars and Trucks Sold.
Elk Horn Coal Corp.-Annual Report.Month of
1922. 1921.
1923. 1922.
Month of1920.
1919.
1921.
1922.
Calendar Years47.406 15,381
20.869 December
*55.000
February
$2,829,542
$2.195,158
$5.374,050
$3,443,877
(allsources)-__
Earnings
16,088
49.181
January
1,881,025 3,234,263 2,057,197
Oper. exp., taxes, &c_ _ _ 2,815,872
288,033
287.928
324,000
323,219
Depreciation,&c
* This preliminary figure includes Buick, Cadillac, Chevrolet, Oakland.
$484,313 Oldsmobile and 0. M. C. Trucks.
$788.185 $1.815,787
$304,786
Net earnings
The number of Common stockholders of record March 3 was 45,33D
407,195
411,033
419,726
404,692
F
@FedFRASER