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finannai Tf|p nmmerria rnnirb INCLUDING & Quotation Bank Industrial Section SATURDAY, MARCH 114. Clearings at Terms $10 00 6 00 Electric Railway (semi-annually) Bankers' Contention (yearly) of Advertising Publishers, New Yo rk. B. Front, Pine and Depeygter Streets, DANA COMPAXY. PresiPublished every Saturday morning by WILLIAM B. dent. Jacob Seiben Jr.; Vice-President. Arnold G. Dana: Business Manager. William Address ot all. Office of the Compaa y. D. Riggs: Secretary. Herbert D. Selbert. CLEARING HOUSE RETURNS. Clearings — fUturnt by Telegraph. Week ending March 1922. Chicago Cent. $3,593,677,773 494.308.602 + — 373.7I9..524 4-2.9 228.804.254 145.351.142 a 136.663.088 136,663.088 66.837.496 71.295.987 50.989.177 —0.4 —21.6 $5,273,547,043 735.300.415 $6,120,588,418 1.224.117,683 $6.008.847.4.58 1,201.769.491 $7,344,706,101 Kansas City 87,210.616.919 St. Louis San Francisco Pittsburgh Detroit Baltimore XewOrleana ... . Eleven cities. 5 days Other citlss. 5 days Total all cities. All clUes, Total 5 days day 1 all cities for 1.3 $5,425,838,518 694.749.900 . . week Columbus - Peoria Sprinsnield III... Wayne Youngstown Roc^ford Bloomlngton Quincy Akron Canton I.. Springfield. Ohio. Decatur South Bend Mansfield I.. Lima Owensboro a — -f 3,442. 187i 4.682.679, a 3,666.431 1.796.976 1.708.962 2,270.491 c 1.0S1.620 1.060.088 4.151.000 2.469.579 a 863.565 1.624.239 c 1919. 1920. % —2.1' —0.1 576,836.855' 60,296.540 110,639.684 101,154,725 27.933.497| 17,327.000 11.311.200 — IO.2I "5".5"o'2'.689 + 0.4 —19.0 —24.6 —7.9 + 17.9 + 2.81 5.864.890 ' 4'.8"65'.355' 2.507,6181 2,134,4581 3.742.698 600,766.352 58.054.674 74.915.171 62.649.204 29.372.095 14.840,000 10.819,700 "3,'9'5'8',693 4,574,481 '"4.'r2'6'.04i 2.542.833 1,450,689 3.293,772 1,394,296 1,310.1881 5,490.000 2,725,920 —22.5 —19.1 —24.4 -9.4 2,315,381 2,225,385 11,810.000 4.558,826 ""f,7¥o",276 1.050,816 1,705.615 -17.8 "l,'7"9"5'.765 "l',"oYf.284 1,833,225 1,162,270 30S.525 607.745 508.360 ,350,000 489,977 1,320,937 Lansing Dec. 3.465,721 +5.8 2,144.653 —16.2 1.415.070 +20.7 -^.7 2,381,413, a 233.459 482.516 Jack.sonville, lU.. —24.4 —20.7 —3.7 —2.3 + 50.3 + 2.6 ^.8 614,455 710,580 821,520 1,594,163 451,469 270.041 1.844.499 5.402.000 2.022,592 693,314 1.106.911 1.549.580 1,032,184 654.619 .Adrian 165.192 435.691 160.950 709.029,866 762,669.918 —7.1 959,117,954, 889,425.420 110,000.000 79.186.000 27.563.262 22,885.082 9,661,295 102.400.000 70,061,000 22.299.375 + 7.4 + 13.0 + 23.6 + 0.1 126.382.276 63.283.000 36,536.366, 122,641,551 40.635,000 31.576,533 29.241,290 13,079,623 Tot. Mid. West 7.0 121.900.000 •74,200,000 75.655.425 65.372.313 45,025.520 Philadelphia. Boetoa 1921. $3,844,400,000 472.959.016 384.390.961 228.000,000 113.935.283 New York 25. Ann Arbor Per 4. Indianapolis Toledo 80.961,000 21.344.886 14.557.000 10.126.600 a 3.090.315 4.815,018 Danville The following table, made up by telegraph, ic. Indicates that the total bank clearings of all the clearing houses of the United States for the week ending to-day have been $7,314,706,101. against Jo. 956. 512, 463 last week and $7,210,616,949 the correapopdlpg week last yeai\ 445.886.757| 46.765.441 82,462,677 107,300.000 23.187.812 12.347.000 10,140.400 66.8.33.000 Milwaukee Fort 1921. 436.379,958 46.942,433 Cincinnati Cleveland Detroit Evansville DANA COMPANY, WILLIAM Chicago Grand Rapids... Dayton Transient display matter per agate line 45 cents On request Contract and Card rates Chicago OrriCE 19 South La Salle Street. Telephone State 5594. London Of7Icb Edwards <k Smith. 1 Drapers' Gardens. E. C. — — Week ending February 1922. Railway & iNDCSTRiAL(seml-annually) (monthly) NO. 2958 — Advance 13 50 7 75 European Sabscription six months (Including postage) Canadian Subscription (including postage) 11 50 NOTICE. Oq account of the fluctuatloDS In the rates of exchaage. remittances for European subscriptions and adverclseinents must be made In Net* York Funds. Subscription includes following Supplementi Railwat Earninos (monthly) State and Citt (semi-annually) Sectis&i I in For One Year For Six Months European Subscription (Including postage) Bank and Quotation and City State SecKanQ? Inc. or — Payable of Subscription Railway 4, 1922 PUBLISHED WBEKLY Terms Electric Bankers* Convention Section Railway Earnings Section VOL. & Railway Section 89 16 -f-13.2 —8.3 —11.7 + 2.9 —5.5 + 1.9 + 1.9 + 1.9 San Francisco Los Angeles Seattle Portland _. 22.8.58.253 10,217.075 8.117,503 4.208,449 2. 184.449 3.702.328 3. 803. 600 1.. 322. 890 2,841,304 989,880 + 6.0 + 4.1 + 6.9 656,102 + 32.1 + 9.7 + 12.8 + 17.4 + 16.0 280,275.173 258,621.925 +7.6 111,224.9,84 136.4.52.549 48.874.967 34.721.862 49.354.039 33.693.407 25.438,174 29.237.5,54 18,000,000, —5.4 8,605,030 4. .382. 368 2.554.141 3.405.269 1.649.100 1.758.085 3.117.671 1,270.056 a 3.476.279 701,535 Lake City... Spokane Salt 369.843 77.568 a Tacoma a Oakland Sacramento San Dlcgo Fresno Stockton San Jose Pasadena Yuklma Reno Long Beach Santa Barbara 2,9.59,717 3,912.938 2.400.000 6.237.353 4.475.200 1.843.200 2.129,596 1.621,875 7.824,472 2,756,973 2,127,786 1.796.853 1.402.823 1.230.806 1.273.569 1,053.225 2,412,116 'l.'3"8b",648 307.059.062 258.020,552 212.302.367 37.745.354 55.908.004 14.782.646 21.778,746 186.964.498 T3'.'54'6".i56 8, .587,588 —8.1 —.54.7 The full details of the week covered by the above will be given next Saturday. Cftnooi furnlab them lo-rtay. clearings being made up by the clearing hoiwes hence In the above tbc last day of the week has to be In •U emaes entlmated. as we go to press Friday night. Detailed flgum for the week ending Fv.X). 2'> •ihow: We Total Pacific. M oooo OQ .SatoT'lay. and Wetk end no February 25 Kansas City Mlnrca polls Omaha I Cltann9i at — inc. or $ New York 3.591. .578.639 3 % ^ n $ I • '« '" i 5.'..72l.'i.'.S '/J.'17 (M2 I4.H42.785 31.077 13.676 653 6.901.721 a 2.575.523 7,097.886 2.n95.6«7; 1. 812. 1.608. 084 t^craotoo. ...... Re*.d.iic . . 123: bl. 760 0001 — 17.7H.'..'(Kt (o<lar 4.722.012 5.987.623 8,116.208 7.779.377 '4.044.675 2.282,369 '3.572.66.'. 2V443'.69« 'l'.'80b'.i4!'» llli-HllMgN 3.860.792 2.429.459 Abcrdovn — 4,5 6.7 — ia.7l 3 2.1tl..J7« w.. .:.,:, 1 076. 154: i 2.393.043 1. 253.877 2 7 I.242.:<29 735.9001 M") IWO AltoriD* <»7H.473l I, 111 2.21.1.222 ... ; 243.000.00CI ITovldrlKW Mxrf '..r.l 6 M".-, 2271 N. •14,:: ^)^H\ 7 VVs.OKl 331.823 2.405 ,846, 481 ,376] 615 .009 Ili-l<-iia 774 ,757 . Tot. otb. West 200.440,703 < trlfttiis 40.316.342 22.7(M).OIM> 5.l46,n,10 (Lilvraton HI Miiifind 32.I7.-..367| 32.47II A 017 288.074, 772 200 ' , - Kul. It I. 733.mi8 203, 833.210 ,, F')ri ...... Wiirlh 14 10 ..'.71 .,'.63' 1 I'l.DOO —20.0, 3.1.50 737, 900 000 957 408! i,4r>u,2i>U I.2SS.597 1.738 2111 1.134 .055 883 610 1.-292 ,670, 68.400.337 12.162.444 66,7.35,180 2t,.506,437 5.282..t6l 38.6311. ,'.77 — 10.8 —2.0 7.0111,400 5.'.,ll^;.21ll 33.638.433 12,564.490 —3.6 58. ..117. 316 \r,';'.H.h\t\ 10 77S.i62 5..Vr..2l7 ll.917.4'23 20,100.016 6 '20,1)63.69.3 'fl'.o' —6.0 l!l, til I , -11. II I . '.1:11 I 'II 3.S0().6()0 47. 21s, 010 48.972.073 18.700.173 III ,676.1.32 9.i.M.H,'>5 I, .' ,.• + 0,6 -37 1,7'.'. .1 ^-O.H -,•^.0 10.7H7,»l» 1,601.829 1.0.55.036 409.0.SO 1.0.15.514 307,270,008 + 4.7 + 10 52'i..'i62 1.5,S11.297 401,451,700 —7.7 7.7II.1.'',I I'M) 71-..' 1.820.630 70(1 .2,58 2.2114 .61 1 —10.3, 43.314.771 21.668.207, 500.000 572.124 2.194 046 — 1.6 300.300.874 4.862.932 2.414.516 2.223.513 I. 736 iWi 677 .110 4,tOI.6i» — 16.8 K.iiu;i.li07 —7.3 i.i6f,(ir< 1,078,461 l...'J'J,.U6, U. 11.1.1.068 - , iUil l,(/4tf.9l7| |yiw»'i 17,42I).1MM Hanii'ir 1 1 1,1 ii.) till (»'• -Piiri' ^, m I I.IOi.l.lO — U.U ~ia.li 37 i .037 2H4.47I It 4 O'l I ,',111111 > • ao <-'.. b ii«;, 'if "o •"' r, —*i%tuu\\%a , n». inr inr-Avi M • KifUniAtad. tMnR nl«»rtn« tm vutu 031. i\iiu\U) «lwwu wfl appir ui ia<t by lb<i il»f>IM. 1 Total Hoiithrr' T'.lnl f«.0 (11 C»l|li|<l<l S. v.. i.4',t '.H -i •( 001 II 27u.6Ha l,2lll,M7H ,T • 1 H4ll.i,'i,l 780.167; 721.612 Nt.»rr,r.,r.I • D« W«*» 1.7 —17.2 —22.8 —26.3 2.11 r .\i r**t'* 1.7| 2.42J.697 660.962 667.050 1.001,308 1.604,760 'h .Kii. 2 « 4..1.VI..-./1 il' , 'l'2'.8 —5.0 887. ,566 —35.6 1.510.164 —29.6 401.105 —34.6 —7.3 I.0i3.703 Il'i>i,<ti)ii ,.-,'1 Wnr 3.013.346 LouU Ht. NiMiivliU' I 10,938 .547 5.910 019 3.131 .782 — — — "— 1.780,00.>, Il4 4.882, 7.M,. 55 13.SltO.000 I .1.LM Hi,: 605.700 9.430.544 "7.941.366 '>H1 4, 176.30*. .-./l 1.744 Su,fU,n f'fW, 3 1 261 599 976 ,7,S'.l l.tOI ,001 2.4^ 7H:i.r,7r,\ T'ital .Mlddl*. 867.300 780 012 312 883 I.'! . U. 27H.222, l.l4l.4ll| ' , 1.064 ,473 l.<>i|lNvllle Mlnghamton OrreiMbun 10,195,000 833.001 WlltiTlOO .S'cw I 'l'3 .541". 1.50 —12.5 802 .026 ,572 Fargo 2.270.480 "+'1.3 2.42'K.503 2.00s. 187 FriMiiont 2, 2 14. .556 Krlfl Chestrr . 59.854,798 17.674.854 20.064.234 "7,"3'36'.628 "fd.bV2.93i Sprlnxs Itllhiigii .'i Ifarri^burs l^anravter Ilaplds (Jiilorailo + 2.7. 34. .504.723 5..743,708 ' 2.3Hti .208 1.590 o:<i I'lll-tllO + 2,M7.H72l Top''ka I6.al 15, .560,943 I 9.2H6 3.58 2.993 44S SI. 230. 093 Wh»rpllnj Trenton York Uuiutb Wl.hlta Llmoln 73,S7't 299 37.-t'<0.316 .-, + 7 + 8.5 a . Wi|);i»! isarrc. .. 401 ..•}9fl.886 147.709.832 Bloux City 4.542.425 3.084.820 3J..t01 Waahlactoo Albany tUKhatUt ..5.57 153.831.723 7 15,995.173 a 7.438.729 4,854.685 . Joseph Des Mulnes 8 $ I b76.6'JO.(XX) Baltimore. Buffalo St. ' 4.082.S07.479 4,201.951.279 377.000.000 PlttHliurgb 1910. 1020. 406 603 Phlla/lHphla 22.5.53.225 Paul Denver. Dec. 1921. IB22. Wilmington St. — 18.5 — 10 3.1 —+11.4 i 7.l I I. 111)0 1)44 1121 m; "11.742 THE CHKONICLE 884 first full now dominant Instead of behaving like men of calmness and sense, conscious of responsibility and seeking to do the utmost possible for successfully meeting their public trust, Congressmen have be- FINANCIAL SITUATION. year of the Hardiug Administration Looking back, it may be laudis completed to-day. ed as having accomplished great things or condemned as having shown the governing incapacity party, according as the critic is on one or the other side of the partisan line ; yet superlative and unqualified praise and condemnaof the made worse by threatening upon the country a further burden which nobody can measure in advance and therefore almost reaches the propor- is l^HE The [Vol. 114. to put tions of a crime. judgment of the deliberate historian upon how Mr. Wilson met that task, and we may leave it an open question to which of the two was given what might haved like cowards and triflers, leaving undone what they should have at least earnestly tried to do, and threatening that from which they should have revolted as from an insult. On the other hand, there has been some accomplishment, for which the credit is with Mr. Harding rather than with Congress. The largest is the establishing of a step already proposed, the Budget. That is only a good resolution, yet resolution to do the right thing must always precede doing it, and it is a real step of progress in having, at last, committed the country and future Administrations to a better method of financing than the profligate method of be called a Lincolnian labor. the last half-century at least. Since the earliest days of the country there has been only one situation equal in difficulty to that which Mr. Harding had to face, and that was sixty years ago; yet the second term of Mr. Wilson also began in a time of storm, and his persistent adherents may contend that to him fell the heaviest administrative task. It is neither necessary nor possible to anticipate the tion are about equally unsound. There is room for argument over the perpetuallyacademic question which is the larger to carry a war through to success for the side of right and humanity, or to restore peace afterwards. It is only bare justice to admit that the latter fell upon Mr. Harding. The election of 1920 showed a popular revulsion from autocratic methods, from burdensome taxes, from aU the incidents of war; the heavy vote meant a call for ''peace" and for return to the road to national prosperity. A "mandate" to effect this was given. It has not yet reached compliance; but Mr. Harding inherited all the confusions left and all the blunders made by his predecessor; he found an Opposition keen to catch him politically tripping and to profit by his errors rather than to help him avoid them, nor has he ever had with him a united party in this latter respect he has not been much more favorably situated than the Executive usually is who finds a '^hostile" Congress in the second half of his term. To restore peace, to preserve law and order, to rehabilitate industry, to bring back prosperity, to — ; lighten the tax load, to contract expenditures, to bring Government again within the constitutional lines which war emergency had compelled or at least had caused it to overleap such was the task before this man in whom the soberest thinkers were glad to see only a plain, common-sense American. He has not succeeded yet, but it is mere justice to admit that he has made or helped to make a beginning. As persuasion must sometimes begin with force, so he •has had to somewhat use (and, still more, to hold in view as a reserve resource) the personal intervention and pressure which go beyond the constitutional duty to "recommend" to Congress; he intervened, last summer, in the notable halting of a bonus scheme which might almost be called treasonable and is certainly a gross betrayal of public duty and he may have to interpose anew before the thing is — ; Really the best and most encouraging "thing" (asking his pardon for thus calling him) is Gen. Dawes of straight aim and uncompromisingly blunt speech as head of carrying out the budget and the national economy. Economy? A bonus? The two do not agree; but the economy will come, when the people demand it with proper emphasis and persistence, and the bonus squander has been halted because the people have thus pronounced against it. A conference on unemployment, which had the not inconsiderable negative merit of discussing the subject sanely and not proposing any more Governmental interventions the only lately-concluded Disarmament Conference, which did reach a constructive result and is so recent and so lofty in purpose and leading that we need not dwell upon it but can set it down as of almost inestimable service to the end of permanent world peace; establishment of a commission for dealing with the Allied debts on the only sane basis of reason and of enlightened selfishness these must be added to the list of accomplishments in this first Administrative year. Congress has had some relapses into reason and has done its part after a fashion in attaining these accomplishments; yet the larger share of the credit for them must be given to the Executive. Statesmanship, vision, and the ability to "take Occasion by the hand" have been shown somewhat in these matters, and our thankfulness for the rays which indicate the coming of the dawn should be the greater according to the depth of darkness in the night. It is not a fit time to either laud Mr. Harding's first year or to judge him harshly. Remember the tremendous difficulties before him, almost to do the impossible and bring together the irreconcilable. He has not fully succeeded, but he has far from wholly failed. Beginnings have been made. The nature of alternative possible courses has been made clear, and not the least gain is that the country has been stirred. Now that its attention has been focussed ; — done with. Congress has not produced a sound and stable set- upon Washington, orgies of delirious folly there will tlement of the tariff. It has not solved either the be less likely hereafter. We have been so absorbed problem of transportation or that of labor. It has in our private affairs (much of the absorption being farthest fallen short of compliance with duty and turned to trying to stagger along and not lie prosthe "mandate" in having done almost nothing to- trate under the tax loads and mischievous medwards lightening the tax burden which is preventing dlings put upon us) that we have neglected to keep business and industry from rising to their feet. The watch on the men we have supposedly "chosen" to worst sin of omission has been in this, and the sin represent us. We have received a jolt which should March THE CHRONICLE 4 1922.] and may be a quite lasting lesson. It is now for us, the American people, to acquit ourselves like men. No careful observer imagined that a year or two of any human administration could set us on the straight road to peace and a righteous growth. If we have learned that this lies in ourselves, and not a step gained. any rulers who can be set up, that This suffering and groaning old earth may not, even yet, be very close to the promised Kingdom here, but (or it is facing towards that and it has really taken is in is about to take) the first step. 52% 885 amount month, but in February 1921 the ratio was 66%, an unusually high figure. The manufacturing defaults last month, where the amount involved exceeded $100,000 each, numbered 28, with a defaulted inof the total of liabilities for that debtedness amounting to ?20, 740,671, and among traders, 39 of the larger failures in February this year involved .^8,791,780, but among agents, brokers, etc., there were 20 of such defaults in February this year, providing $10,356,228 of defaulted indebtedness. Commercial defaults continue numerous, and the amount of indebtedness is heavy. R. G. Dun & Co. report for February 2,331 commercial failures, involving liabilities of §72,008,393. This compares France, ever since the Armistice, has insisted upon protection for her country against Germany as the first and prime condition on which she would assent to, or even consider, any proposal international with 2,723 similar defaults for the preceding month, in scope, that Great Britain might make. Although with an indebtedness of §73,795,780, but with only this point had been stressed by Premier Poincare 1,641 insolvencies in February last year and |G0,- and his associates in informal discussions of prepar852,449 of liabilities. There is usually a somewhat ations for the Genoa Conference, only last week, it smaller number of failures in the short month of had not been generally expected that the French February, as compared with January, and this year Prime Minister would secure at the Boulogne meethas been no exception, the numerical decrease be- ing with Premier Lloyd George, a week ago to-day, ing nearly 400, but, on the other hand, the liabili- an agreement as to a pact with Great Britain for a ties last month show very little variation from those long period of years, that lacked only details of With the exception of wording and signatures. Such, nevertheless, was of the preceding month. January and December of last year, the number of the result attained. The first definite intimation defaults in February this year is the largest of any received here that Premier Lloyd George had a spemonth since the opening of 1915, and exceeds that cific proposal to make on this matter came through of any preceding February since the monthly record a special London cablegram to the New York was first begun, nearly 30 years ago. Furthermore, 'Times" a week ago this morning. The correspondthe defaulted indebtedness reported in February ent said that "the announcement of the Paris this year is the heaviest for any month, with the 'Temps' that Prime Minister Lloyd George has *a exception of January 1922 and December 1921, since great plan' for the limitation of European land arThe maments receives confirmation from information the beginning of the monthly tabulations. average indebtedness per failure in February this obtained in London." He said further that "it is year was also considerably in excess of the January stated on good authority that the main feature of figures, but on account of the relatively larger sum Lloyd George's plan for Genoa is to establish a teninvolved in the defaults of Februai-y a year ago, the years' truce throughout Europe as a breathing space average per failure then was higher than it is for the in which reconstruction should be undertaken." Although the London and Paris cable advices month just closed. in February this year stated that both Premiers Lloyd George and PoinOf the insolvencies reported 481, with a defaulted indebtedness of $28,309,357, care made every effort possible to keep secret their were in the manufacturing lines; 1,714, with liabili- e.\act meeting-place, it was the Sub-Prefecture in The conference ties of 130,0.34,612, were traders, and 136 were Boulogne, as forecasted last week. agents, brokers, etc., with liabilities of |13,604,424. lasted more than three hours, having beg\in at 3 Again as in January the increase in the number of o'clock in the afternoon and adjourned at 6 :30 that commercial defaults last month was largely among evening. Premier Poincare, before leaving Paris, the trading classes. There was some numerical in- had requested the French newspapermen not to go crease in February among manufacturing insolven- to Boulogne or Calais, "or wherever the meeting might be held." The New York "Times" correspondcies, as compared with Febrtiary last 3'ear, but the ent at Boulogne ol)s(>rved that "at the close of the increase relatively and actually was not as great as the growth in the number of drfaults among traders. (•f)nversations M. Poincare seemed in bad humor," In both the manufacturing and trading classes the apfiarently because of the presence of the newspaper insolvencies among clolJiicrs last month was consid- r('i)resentatives and photographers. He added that erably larger than in I'ebruary last year, and in the 'the more prominent French political journalists trading class the insolvencies among general stores, had observed his [Poincare's] rcfjuest not to go to Houlognc, because the English political writers were largf'ly in the South, grocers and dealers in dry goods, were much in excess of February a year ago. not going." Coiilinuing his account of developments immeIn machinery and tools, of the manufacturing linos, Rome larger defatilts last month sw<'lle<l the liabili iliately following the adjournment, the "Times" reptieB consiflorably. As in January there was a con- resentative said that "the French Premier tried to siderable niimlMT of insolvencies last month when* lodge the photograi)li('rs, and would have nothing the amount of liabilities was in excess of flOO.OOO lo s.iy to the correspoiulents, l)ut hurried to his train for each failure. The Fel)ruary Mtafemrnt tliiH year atnl left Boulogne ten ininutes after the conference shows 87 of such failun-H, with a total ind(;bl('(hn'MH <'fi(le(I." He ad<l('d that '.Mr. Lloyd (Jeorge whowed of |39,H01,079. This constitutes ."57„ of the default his superior experience. He posed for the photograed indebtedness of all commercial failurew for that phers, shook hands with the correnpondents and month. In January the larger insolvencies involved smiled on the world." While saying that ho did • a THE CHEONICLE 886 distribnot wish to add to the formal communique was uted by one of his attendants, the Premier quoted as asserting that "the path was now open for for furthe Genoa Conference and he saw no reason April 10." ther meetings with M. Poincare before When asked to explain the guarantees given France, Lloyd George said: "The important thing is that we are in agreement. The rest is detail. get that the real importance is that we Don't for- are in agree- ment." the communique, the New York "Times" representative said that "at the close of no Allied conference has there ever been issued a communique breathing so much brotherly love as this. Commenting upon more significant because it comes at the end of four weeks of ill-feeling and disagreeing notes. And the more Mr. Lloyd George shines. To-day's results will aid M. Poincare at home, because he will But the shining get the guarantees he asks for. It is the — restoration of the Entente that looks as though were primarily the work of Mr. Lloyd George." it [Vol. 114. logne this [last Saturday] afternoon not only removed all barriers from the Genoa Conference, but it is stated on the highest French authority, has brought the project of the Anglo-French alliance to the point of realization, and this alliance will be an accomplished fact before the Genoa Conference opens." It was claimed in a Berlin dispatch to the York "Times" that "there is New general and intense disappointment over the results of the Boulogne Conference so far as these have been learned here from the English and French official communiques. Disappointment is keen over the postponement and the program of the Genoa Conference on which fantastic hopes had been pinned." In an Associated Press dispatch from Washington, a week ago this evening, the attitude of our Government was set forth as follows: "Postponement of the Genoa Conference, it was said to-day in official circles, will have little influence on the attitude of the American Government toward participation, unless it affords the nations of Europe a desired opportunity to set their own houses in order the communique, and immediately after the Boulogne meeting, it did not become known that the two Premiers had done more than to agree to before the delegates gather. Genoa Conference and relations between France and Great Britain. After Lloyd George had crossed the English Channel, and was back on the soil of his own country, he was quoted as having said in an interview that "the Anglo-French compact would be ready for signature within a few days," and to have added that "the Entente is stronger than ever, and France and Great Britain will work together for the reconstruction of Europe." He explained that the Genoa Conference would have been called for a date earlier The cable advices received here Monday morning from Paris and London made it clear that the AngloFrench alliance was more comprehensive and for a longer period than was supposed at first. The New York "Times" correspondent in Paris cabled that From general terms with respect to the than April 10 "but for the fact that President Millerand is going to North Africa." In reply to numerous questions as to whether Kussia was discussed at the Boulogne meeting the British Premier said: "I am more than satisfied with the day's conference on the question of Russia. The fact that Russia has accepted our invitation to the Conference does not imply recognition of the Soviet by any means. Everything depends upon the guarantees and safeguards which Russia can give at Genoa. If these are satisfactory, then recognition may follow, perhaps immediately, but I shall certainly not press for Entry of America into the proposed conference is a matter contingent more upon the agenda to be considered than upon the time or place of the meeting, it was said," understood that the treaty of guarantee by which England pledges herself to come immediately to France's aid in case of unprovoked attack by Germany, and to support France in enforcing German disarmament, will run for twenty years instead of "it is proposed, and that there is in addition the important change that England and France pledge themselves to act in accord in case of trouble on the eastern frontier of Germany. This, of course, means that England and France promise to protect Poland against attack by Germany considerable victory gained by France for her proten, as originally — tege." Commenting further upon the agreement, respondent observed that that the new "it is the cor- not to be supposed alliance will bring unmitigated joy to Government if the guarGenoa are not satisfactory. every Englishman or Frenchman who breathes the Not at all. It is a partnership of T wouldn't do that under any consideration. France breath of life. many difficulties inherent from centuries of politiand England are in agreement upon that quescal rivalry. It is a partnership which has been detion." The London correspondent of the New York cided upon as the next best thing to an association "Times" asserted: "Both those who scoffed and of the Allies and the United States to restore world those who carped at the secret conference between stability. America made impossible the first choice Premiers Lloyd George and Poincare have had a of England and France. They now turn to the secrude sliock administered to them by the tenor of the ond-best choice." According to a London cablegram last evening, communique which was issued at Boulogne and tele"both Premiers Lloyd George and M. Poincare forgraplied to London. The clearest gain obtained is that Italy will be asked to call the Genoa Confer- got in their discussion at Boulogne that by fixing ence for April 10. Postponement from the date orig- April 10 for the session of the Conference they inally selected was doubtless not wholly satisfac- moved it into Holy Week. There is every prospect tory to Mr. Lloyd George, but, on the other hand, that a second postponement will consequently be he has apparently obtained M. Poincare's firm un- made. It would be for only a few days, say a week, dertaking that France shall attend at Genoa under out of respect to the Catholic nations, especially the conditions agreed upon." The Paris representa- Italy." A Paris dispatch said that the French had tive of the same paper cabled that "the interview suggested April 25. between Mr. Lloyd George and M. Poincare at Bou- recognition of the Soviet antees forthcoming at March THE CHRONICLE 4 1922.] Paris dispatches stated that the understanding obtained in high official circles there was that "the question of disarmament is not to be gone into at the Genoa Conference." This matter, it was claimed, The New will be left to the League of Nations. Fascisti." 887 He gave the following information also, relative to the political different members: and other affiliations of the "Two adherents Nitti are represented by Amendola. of ex-Premier Giolitti's fol- lowers are preponderant, as, in addition to Premier York "Times" correspondent cabled Monday morn- Facta, Giolitti is represented by Peano, for many ing that "it is understood that Germany is to be years Chief of Cabinet, and also by Teofilo Rossi, admitted to the League at the September meeting, one of his chief lieutenants and formerly Mayor of and inasmuch as the size of the Soviet Army is an Turin, who was created a Count under Giolitti's Preimportant factor, Russia will in all likelihood be in- miership. The Catholics have the same number of rited to take part in the disarmament discussion." portfolios as in Bonomi's Ministry, but their portThe Associated Press correspondent in Paris said folios are of more importance, as they include that that "the newspapers are practically unanimous in of Instruction, thus controlling the schools that of heartily indorsing the results achieved by Premier Finance, having to do with the riches of the country, ; Poincare of France and Prime Minister Lloyd George of Great Britain at their conference in Boulogne yesterday." From London came word that "opinion and that of Agriculture, directing millions of peasSignor Schanzer received the foreign portants. folio as a reward for his success at the Washington at Conference. The new Ministers include two former is divided as to whether much or little was done the meeting between the British and French Pre- journalists Riccio, for many years the Rome correspondent of the 'Gazzetta di Venezia,' and Amenmiers at Boulogne." dola, until 1919 head of the Rome Bureau of the Italy has a new Cabinet. The first definite step 'Corriere della Sera/ of Milan." toward getting it was taken a week ago last evening, The new Cabinet held its first formal meeting when "Deputy Facta, who has held the portfolios of Monday evening. The Associated Press correspondMinister of Justice and Minister of Finance, in- ent outlined the situation as follows: "Interest in formed the King that he would attempt to organize the opening of Parliament is now most keen, for then a new Cabinet to take the place of the Ministry the announcement of the new Government's policy which was headed by Signor Bonomi." His first will be made. It is expected that the Chamber will name is Luigi; he is 61 years of age, was born in convene about March 16. Meanwhile the Ministers Pinerolo, near Turin. His career was outlined still will prepare to face Parliament with their program. further in part as follows by the Rome correspond- Little enthusiasm is being manifested over the new ent of the New York "Times": "He began a bril- Government. It is accepted as a good Government liant career as a lawyer and journalist. He entered of transition. The Government's biggest task is that the Chamber for the first time thirty years ago. He of dealing with the Genoa Economic Conference. was in succession Under-Secretary of Justice, Un- The arrival here of Foreign Minister Schanzer is der-Secretary of the Interior, Minister of Finance being awaited so that discussion on Genoa may beand Minister of Justice. At the beginning of the gin. It is certain that Italy will accept the suggesw^ar Facta shared Giolitti's view that Italy should tions of the French and British Premiers for a postnot join the conflict, but once war was declared he ponement of the Conference until April 10. Former proved his ardent patriotism. He bore the loss of Premier Tittoni is considered as the person most a son at the front with spartan fortitude." Accord- likely to be chosen to head the Italian delegation as — ing to a Rome dispatch, he has "long been considered Giolitti's right-hand man." When became known that Signor Facta had consented to try to form a Cabinet, the idea prevailed in the Italian capital that he would have the support of the Catholics, and that if he did he would "command a former Premier it comfortable majority in the Cliamber." cori-espondent in in Rome of the ^aw York A special "Herald," commenting upon the Cabinet situation in Italy before Signor Facta succeeded in forming a new one, observed that "Italy has been without a Cabinet for three weeks, exceeding its own world's record of 12 leaderless days. Superficially Italy has proved the guperfluity of all Cabinets, becau.se the country has carried on and the lire exchange has improved. Behind the KcencH the situation is serioiis, because Gov- ernmental business is blocked, owing to the postponement of Important decisions until a new Cabinet is formed." It fof»k Luigi Facta only about a day to form a new Ministry after he really set about it. Saturday evening in Rome announcement was made of its per Honnel. In afldltion to serving as Pn-niHT, Signor Facta will also hold the portfolio of Minister of the and Interim Minister of Liberated ProvThe AsHoelate.! Press correspondent in Itome aid that "the new Cabinet in a coalition of all the Interir)r inrcH. constitutionnl groups except the Nationalistn and President of the Conference, but there is a feeling in some quarters that as France and Great Britain will be represented by their Prime Ministers, Italy must send Premier Facta." Only three days after the announcement of the members of the new Cabinet, word came from Rome of the resignation of Giovanni Colonna di Cesaro as Minister of Ports. The advices stated that his resignation "came after several of the Catholic Ministers had repeatedly left the Cabinet Council to consult Ijiigi Sturzo in regard to the selection of the underHeeretarie.^. (Luigi Sturzo, a Sicilian priest, is Secretary General of tlii' Catholic Party.)" The Minister was reporl<Ml to have told Premier Facta tliat "he considered it undignified to belong to a Cabinet under the control of Sturzo, who, altlutugh lacking in responsibility, as he was neither a member of the C'abinet nor of Parliament, yet made his will law. This was proved in the selection of the under secrcfaries in the eniuicil, wliieli lasted more than seven llOUTH." Arthur Griffith, Presidetil. of the Pall Eireann, and Kir JameH Craig, Premier of Ulster, left for London a week ago last evening In respf>n.Me to an irivilation from tlu; itritisli (*abiiiet to dincuHH the pf)Htponement of an election Iti Ireland for three months. While a gein'ral atlihich' of reticence re- THE CHRONICLE 888 garding the London meeting prevailed, the Dublin correspondent of the New York "Herald" cabled that "Griffith, in the teeth of a large possible majorFheis, where insinuations always brought cheers, said with ity opposition in the Ard regarding England great emphasis: 'I am going to be frank with you. The correspondent I want peace with England.'" added that "Collins and Griffith both felt they could end more successfully witli the agreeof the Republicans, even by delaying the elections, rather than by facing the powerful opposition work ment to this before their own position was consolidated." had a conference Sunday afternoon at the Colonial Office with Winston Spencer Churchill, Colonial Secretary; Sir Hamar Greenwood, Chief Secretary for Ireland, and Sir Loming Worthington-Evans, Secretary for War. The gathering lasted an hour and a half. After it was over both sides were reported "to be taking a The Irish representatives (Vol. 114. The troops have agreed not to interfere with the coming elections, with the Anglo-Irish treaty as the issue, and to abide posts evacuated by the British. he stated." A considerable part of the session "was taken up with the asking of questions which the Cabinet Ministers asserted were propounded for the purpose of heckling and harassing by its results, the leaders of the treaty party. Bitterness was dis- played in the debate and party lines were closely drawn." On Thursday, "when the Dail Eireann resumed its session, Charles Burgess, who was Minister of Defense in tlie Cabinet of Eamon de Valera, moved that the future meetings be transferred from Universtiy College to the Mansion House. Mr. De Valera seconded the motion. He added that he wanted the official reports of the proceedings published, as the newspaper reports contained misrepresenta- was reported that "the motion to transfer hopeful view of the situation." It was said also that the sessions to the Mansion House was defeated by "discussions have proceeded so smoothly from their 49 to 40. The vote, which was on a roll call, was cast commencement that Mr. Churchill was able to in- along party lines." Arthur Griffith asserted that form Premier Lloyd George, who had been in readi- "if the outrages on the Catholics in Ulster continue ness for a call, that he need not disturb his weekend." Arthur Griffith and his colleagues left London that night for Ireland. Before going Griffith was quoted as saying that ^'he was satisfied that the British Government was standing by the terms of the treaty." Winston Churchill, Colonial Secretary, was ported to have announced in the House of Commons on Monday that "the Irish Free State bill will be amended so as to provide for elections in Ireland within four months." It was said that this decision was a result of the conferences with the Irish representatives the day before. Special attention was re- tions." It the Cabinet will consider the advisability of resum- ing the bojTott." A measure introdu«ed by De Valera, extending suffrage to women, was defeated. The Dail adjourned on Thursday for six weeks. There is little in the European advices to indicate a more sensible attitude on the part of the political leaders in Russia than has existed at any time since the overthrow of the old Government by the Soviets about four years ago. While it is true that Nikolai Lenin has been quoted in tlie last few months as saying that the original Soviet ideas were not practicable and workable in Russia, and that he was turning toward the capitalistic ideas, still dispatches from Moscow this week made it fully plain that there has not been much change in the attitude of the Russian political leaders. About a week ago, in Dublin correspondent of the New York "Times" to the fact that on Monday the British guard over the Bank of Ireland was entirely removed, and its place taken by a guard of Irish soldiers. He observed that "the moral of these in- Moscow, Leon Trotzky, Soviet Minister of War, "restances of the Provisional Government's stride to- viewed the Moscow garrison in what was probably ward consolidating its position is not lost on the the largest review since the days of the war." In people, who thus see bulwark after bulwark of Brit- describing the affair, the Associated Press correspondent said that "for two hours infantry, lancers, ish power disappearing." The Dail Eireann reassembled in Dublin on Mon- Cossacks, gunners, engineers, motor corps, tanks day. Its principal business was "to deal with the and airplanes passed in the bright sunshine. They budget of the various departments for the next six appeared to be in good condition, were weU unimonths. The public was not admitted to the ses- formed, and saluted in snappy fashion as they filed sions, which lasted several days, but arrangements past the stand. A little more precision in alignwere made for the accommodation of representatives ment, gayer uniforms, better horses and older sold* of the press." iers, and they might have been the regiments of the The first day a test of strength between the two Old Guard passing before Emperor Nicholas. On opposing factions was taken, which "resulted in a the other hand, they were as different from the tatcalled by the vote of 56 to 50 favoring the Collins-Griffith party." The voting followed the raising of the question by De Valera and his followers "of the Dail's supremacy over the Provisional Government. Mr. De Valera said that unless this was made clear it would be impossible for him and his party to remain in the chamber." Arthur Griffith was quoted as saying that "every member of the Provisional Govern- tered, undisciplined Red Army of 191S as the Con- cord farmers of 1776 were from General Pershing's picked battalions." Illustrative of the motley character of those about the reviewing stand, the correspondent observed that "near the reviewing stand were Clara Zetkin, the German Socialist; William D. Haywood, of the American I. W. W. Katayama, ; the Japanese Socialist leader; Bela Kun, and members of the Third Internationale." In describing Trotzky, he said that he "wore a gray overcoat of military cut. Plump and smiling, he stood sharply ment would work in harmony with the Dail." At Wednesday's session of the Dail, Richard Mulcahy. Minister of Defense, announced "arrangements for the protection of Irish interests had been made at salute and reviewed the passing soldiers like a between the Provisional Government and the Irish general." Addressing the troops, the Minister of Republican Army." He also stated that "the Repub- War was quoted as saying in part: "Witliin a year lican Army would occupy and safeguard the military the army will be stronger and more united. We do i March THE CHRONICLE 4 1922.] not know what will come in the next few months, but events will not find us unprepared. Looking west, east, north and south, we find the danger is not past, because power in the capitalistic countries is still in the hands of our enemies, who hate us, and have not abandoned the idea of crushing us." Addressing the Moscow Soviet the following day, Trotzky was reported to have said that Russia's "scale of fate is now balancing over Genoa," and to have added that "if the coming Genoa Conference should not result satisfactorily for Russia, it might be necessary to tip the balance with blood, perliaps this coming spring." According to the Associated Press correspondent, the War Minister further asnecessary for the proletariat to be ready, then, to face a blow in the spring if such a situation should be forced upon us. Each week of postponement of the Genoa Conference must be a week of fortifying the Red Army. The time we may serted that "it is men 889 form a Ministry while relations with Great Britain were considered unsatisfactory." to Sir Robert S. Home, Chancellor of the Exchequer, House of Commons on Wednesday, outlined the new budget. He stated that the economies agreed upon by the Government total £G4,000,000, instead of £86,000,000, as recommended by the Economy Committee, of which Sir Eric Geddes is Chairman. It was added that "of the total amount of economies to be effected, £54,000,000 would be saved in the coming financial year." According to the an address in in the Associated Press, "the principal points in the Chancellor's address were his acceptance of reductions in the army estimates by £16,500,000, instead of £20,000,000, as proposed by the Geddes Committee; his statement that the naval estimates for 1922-23 would be below £61,000,000, as against nearly £82,500,000 for the current year, and the announcement that it was the purpose to economize by a reduction of £6,500,000 in the education estimates, instead of by £18,000,000, as suggested in the Geddes report. Sir Robert explained that the difference between the advice of the Geddes report for a reduction of 54,000 men in the army, and the reduction of 33,000 actually adopted, as having been largely due to the requirements of the Indian Government. He said the air estimates would be reduced next year £10,500,000, as compared with the suggestion of the Geddes report for a reduction of £18,500,000." on the field of diplomacy we must and shall gain in the field of activity in fortifying and developing the army. We are fully decided, on our fourth anniversary, to prepare ourselves for a new struggle, because the finish fight between capital and labor is far from a decision." The correspondent asserted that "in order to insure the return to Russia of the delegation sent to Genoa, only those persons who have families or possessions that may be considered good hostages or guarantees will be allowed to go there." It is difficult to determine how much of a truly constructive character for Russia can be exThe rumor was in circulation in London again pected from a man who would give utterance to such this week that Premier Lloyd George was considerincendiary ideas. ing resigning his portfolio. It first became public through the "Daily Telegraph," which said that One of the many striking and significant an- "Mr. Lloyd George feels he is not receiving the loyal nouncements of the week was that of Prime Minister support to which he is entitled as head of the GovLloyd George in the House of Commons Tuesday ernment, and that his influence in the House of Comafternoon that "the British protectorate over Egjpt mons is sei'iously Aveakened." The newspaper addhas been terminated." He added that "Egypt is ed that "there are intrigues against him personally, free to work out such national institutions as may and the deliberate attempt being made to rupture be needed to the operations of her people." He the coalition has made his position extremely diffimade it known al.so that "martial law will be abol- cult." Commenting on this alleged situation ediished as soon as an act of indemnity has been torially, the "Telegraph" said: "Until the nature pas-sed." The final clau.se of the agreement under of the position is finally determined, consideration which the British protectorate is to be given up "de- of the prospects must be tentative, but it is plain lose fines the special relations between the British Gov- that ernment and moment his resignation is accepted. can only be succeeded, with the present composition of the House of Commons, by a Unionist Ministry, whose principal function would be to proclaim Ej,n,p(. and decliircs that the following four matters are absolutely reserved to the discretion of the British Government: *(1) Security of the communications of the British Empire in Egypt; Defense of if Lloyd George resigns the coalition will pass into history the It I'^gypt against all foreign aggression or interference, direct or indirect; (l^) Protection of the foreign interests of Egypt and protection of minorities; (i) We are prepared to make an agreement with the Eg;\'ptian Government, in a spirit of early dissolution of I'arliament." mutual accommodation, whenever a favorable opportunity arises for the conclusion of such an agreement; but until such an agreement satisfactory to ourselveH and to the Egyi)ti!ni Government has Udi'.u concluded »he statuH (pio will remain intact.'" Announcement was machr Thursday morning that nec«;sKary siipport 1(2) "a new Cabinet ban iM'cn formed, with Abdel Kliaiek Sarvat I'aHlia, who will take over lie I'lciiiiersliip I and the porffolion of Inferior and Foreign Affairs. • ing It is expected to lliaf negotiatirtriH now will begin look an agreemrnf abolishing the Britinh prolec The Ministerial erisis was H(»lved after a long delay, owing to the refusal of Egyptian stulcH tornte. On became known here that the Preriiiei- had sent a letter to Austen Cliiunlierlain, in which he was understood to have "slati'd tliat in Thur.sday it view of recent circutuKtances he did not ties felt feel that the all sections of the two parin the coalition was forthcoming, and therefore it I)e8t he should resign." The New York "Times" from corresponderjt said that "Mr. ('hamberlain at once (-oiiMiMinicated this s<>riouN iu'wm leaders, who, although perturbed, siirjirised. feel The to mn\ the UnioniHt not have been [jOHNibility that the I'reniier himself obliged lo take this vit^w of tli(> situation lately has lM>en discnsHed in political circlcH, is and it reealled that Lord i(irkenlie:id, in a Kpeech last 'i'liiirHilay, siiltrriit Im; would pointed out that the j'remier <'ould not indefinitely to the kind of attacks to which was being exposed." The corresi)ond('nt added THE CHRONICLE 890 that the Premier "is quite willing to continue in collaboration with the Unionists so long as Mr. Chamberlain or Mr. Balfour is recognized as spokesman for the party, but he has made it clear that if a ten- dency to split the Unionists into groups is permitted to go on unchecked, he will be forced to consider his own position as coalition Premier." According to the London advices, "great secrecy is maintained as to the precise wording and implications of this prolion ncement, but it resulted to-day [Wednesday] in a private conference among Chamberlain, Younger, Colonel Leslie Wilson, chief Unionist whip, and other leading members of the Unionist wing of the [Vol. 114. the previous week. There was, however, a material reduction in total reserve (£1,547,000), the result of an expansion of £1,548,000 in note circulation. Moreover, the proportion of reserve to liabilities fell to 17.78%, as against 18.62% last week. In the corresponding week of 1921 the reserve ratio stood at 12.24%. Marked changes were noted also in the deposit items. Public deposits were brought down £10,657,000, while other deposits gained £8,545,000. Loans on Government securities were reduced £560,000, but on other securities increased £91,000. Gold holdings now total £128,762,306. A year ago they aggregated £128,327,142, and in 1920 Commenting upon this situation, the £113,597,892. Total reserve amounts to £24,119,coalition." London representative of the New York "Herald," 000, which compares vAih £17,477,192 in 1921. In who generally appears to be well-informed and level- the preceding year reserves were £30,892,932. Note headed as well, said "As yet there is not the slightest evidence that Mr. Lloyd George intends to resign the Premiership. Even if it comes to a general election his bitterest enemy among the Tory rebels admits that the Tories cannot hope to return a Tory majority to the new Parliament and the new Government, which will have to be formed with the support of the group system, like the French Chamber : of Deputies." circulation aggregates £123,093,000, in comparison with £129,299,950 last year and £101,154,960 in 1920, while loans total £81,729,000, as against £98,925,281 a year ago and £92,331,805 the year before that. No change has been made in the official discount rate, which remains at 43^%. Clearings through the London banks for the week totaled £817,200,000, as compared with £789,334,000 last week and £770,429,000 a year ago. We append a statement of comparisons of the principal The assertion was made in a London Associated tabular items of the Bank of England's return: Press dispatch Thursday evening that, "while EngBANK OF ENGLAND'S COMPARATIVE STATEMENT. land's political crisis continues, efforts were under 1918. 1919. 1920. 1921. 1922. March 6. iSareh 5. MarchZ. March2. March way to-day to preserve co-operation between the two £ £ £ £ £ wings of the Coalition Government under the lead- Clrcul atlon 101,154,960 71,092, 120_ 47,590.79* J23.093.000_129,299,950 17.150,000 18.236.365 ""22,438.621' "25,702,066' 41,021.87* ership of Prime Minister Lloyd George." This was Public deposits 18.492.000 124.468.748_135,411,806_128,732,417_137.715,291 Otber deposits I. 1 said to have been due largely to "a meeting of the Unionist die-hard members of both Houses." The New York "Times" correspondent said yesterday morning that "Sir George Younger, leader of the die-hard faction of the Unionists, it was stated, had on second thought shown himself amenable and had practically undertaken to be a good boy in the future." In an Associated Press dispatch last evening it was said that "it is understood that the Premier desires to know before next Wednesday, March 8, the date which some papers assert Mr. Lloyd George has fixed for his resignation if the crisis had not ended to his satisfaction, what is the exact attitude of the Unionist leaders towards the small rebellious group in their party." 47,985;000 44,393,742 52,720,786 81.729,000 98,925,281 92,331,805 Other securities Reserve notes & coin 24,119.000 17,477.192 30.892.932 Coin and bullion. ..128.762,306 128,327.142 113,597,892 Proportion of reserve 59,196,544 84,734,210 28,608,943 81,251,063 ""~ 67,736.782 98,191.457 30.943.926 60,084.474 Govt'~Becurltles 17.78% 12.24% 19.60% 18.50% 17.31% iki% 7% 6% 6% 6% to liabilities rate Bank The Bank of France continues to report small gains in its gold item, the increase this francs. The Bank's gold week being 149,000 holdings, therefore, now 5,525,399,925 francs, comparing with 5,503,351,259 francs on the corresponding date last year and with 5,582,145,067 francs the year before; of these amounts 1,948,367,058 francs were held aggregate abroad in both 1922 and 1921 and 1,978,278,416 During the week increases were francs in 1920. registered in all the items, viz.: silver, 154,000 francs; d iscounted, 485,962,000_francs; advances, 6,428,000 francs; Treasury deposits7l 2, 183^0_ francs^; and general' deposits, 249,436T000lrancs. A further expansion of 107,391,000 francs occurred in note hills According to a dispatch from Berne made public here on Thursday, the Swiss National Bank has decided to reduce its rate of discount of 1% to K 33^%. The last. It 4% rate had been in effect since Aug. was stated that the bank interest rate 3^ of into effect March 1% will also lower 11 its to 4 3^%, both changes going bringing the total outstanding up to 36,258,200,000 francs. This contrasts with 38,145,947,035 francs at this time last year and with 38,355,755,090 francs in 1920. In 1914, just prior to circulation, 5. Aside from this, there has no change in official discount rates at t he outbreak'of war, the^an^^u ntwas_only; 6,683^184 ,_leading European centres, leaving the quotations 5% 785 francs. Comparisons of the various items in in Berlin and Belgium; 53^% in Paris, Denmark and this week's return with the statement of last week Sweden; 6% in Rome, Norway and Madiid, and and corresponding dates in both 1921 and 1920 are 43^% in London and Holland. In London the open as follows: BANK OF FRANCE'S COMPARATIVE STATEMENT. market rates are a shade easier, being now quoted Sialus as of— Changes at 33/g% for short bills against 3 3-16, and 3 1-16@ March 2 1922. Marcft 3 1921. March4 1920. for Week. Francs. Francs. Francs. Francs. Gold Holdinps— 33/^% for three months, against 33^@3 3-16% last 149.000 3.577,032,869 3.554.984,203 3,603.866,661 Inc. In lYance week. Money on call was quoted at 2}^%, against Abroiid.. Noclungc 1,948.367,056 1.948.367.056 1.978,278,416 2/4% last week. The open market discount rate in Total 149,000 5..V25.399.925 5.503.351,259 5,582,145,067 Inc. 251,746,788 265.107,950 154.000 281.134,495 Inc. Paris has been lowered to 43^%, against 5%, and in Silver been Switzerland to 23^%, as against The Bank of England reported a nominal gain 3.145.450.285 1,973.700.862 1,566,735,243 2.190,826.251 Not<' circulation. ..Inc. 107,391.000 33,258.200.000 38.145,947.035 38,355.755,090 51,264,023 81,533,904 69.677.000 Treasury dpposlta.. Inc. 12.183.000 General deposlle... Inc. 249.436.000 2,620,968,000 3.351,237.556 3.209,467,807 UIllR 23^@3%. discounted Advances.. in gold this week, namely, £769, as against a decline Inc.485. 902.000 3.212,282.298 6. 428.000 2.266.30.1.000 Inc. Mabch 4 In Bank THE CHKONICLE 1922.] statement, issued as of Feb. 23, the Imperial A of Germany showed the followi ng changes: its nominal decrease in gold, 1,000 marks, accompanied by an increase in total coin and bullion of 2,004,000 marks and another large expansion in Treasury There namely 1,203,761,000 marks certificates, were, however, heavy declines in bills discounted and deposits, the former were reduced 7,487,1 31 ,000 marks and the latter 6,771,837,000 marks. Advances . declined 20,226,000 marks and other securities 298,- The call 891 money market at this centre was irregular, much the same as was the stock market. On several occasions the rates moved up rather rapidly, but during the latter half of the week the trend was toward greater ease. This was shown by the fact that loans were obtainable at 4% on both Thursday and Friday afternoons and at 43^% earlier in the day. Time money was extremely quiet, the prevailing offering price being 5%, while bids were not raised above 4^%, the same as last week. Call money was higher on the first day of the current month than it was on the final day of February. No reason was given for this except that the interest and dividend disbursements made on March 1 had not found their way back into the usual channels. The surprising feature was that the higher rates did not 895,000 marks. Other liabilities were expanded 155,789,000 marks, investments 15,384,000 marks and notes of other banks 1,741,000 marks. In note circulation an increase of 41,677,000 marks was reported, which brought the total note circulation outstanding to 116,280,969,000 marks, as against 65,519,877,000 marks last year and 39,520.200,000 obtain during the period of preparation for those marks in 1920. The Bank's gold holdings are 995,- payments. Government withdrawals of funds from 688,000 marks, in comparison with 1,091,537,000 local institutions have not been a factor in the money marks in 1921 and 1,091,000,000 a year earlier. market here this week. Toward the close rather definite rumors were in circulation that in the near From the Federal Reserve Bank statement, issued future the Treasury would make an offering of cerlate on Thursday, it will be seen that there was a gain tificates similar in amount and rates to the last of $5,000,000 in gold for the whole system, notwith- offering of $400,000,000. With the commercial destanding the New York bank lost S2 1,000, 000. Re- mand for money still comparatively light, it is discounting operations were not especially significant expected that the banks and other financial instituand total bill holdings declined only $570,000 for the tions would not only take an offering of that size, week. On the other hand, earning assets were sub- but probably would roll up subscriptions for at least stantially increased, namely $57,000,000, and depos- $200,000,000 more. There is still a httle slackness in its $46,000,000. The volume of Federal Reserve the demand for new issues of bonds. Prices for estabnotes in actual circulation increased $23,000,000. lished issues that are dealt in on the New York Stock As a result of these changes, the ratio of reserves de- Exchange have been well maintained. With the clined 1.4% to 76.7%. At New York the local in- strength in foreign exchange, which continued withstitution's returns were along somewhat similar lines, out very much interruption until yesterday, the and the total of the bills on hand decreased $1 ,600,000. United Kingdom and French bonds held well, Here also total earning assets were heavily although they did not close the week at the top increased, namely regis- prices for the present movement. It is a question deposits $36,000,000; tered a gain of over $20,000,000 and the to what extent our markets were affected by tho ratio fell to 84.1% from 87.1% the previous rumors that Premier Lloyd George would resign soon if he did not receive better support from the week. Unionist branch of the coalition. The expected "readjustment" materialized in last Saturday's statement of New York Clearing House Referring to money rates in detail, call loans this banks and trust companies, which showed an addition week covered a range of 4@53^%, as against 4@6% to surplus reserves of well over $46,000,000. Other a week ago. Monday 5^^% was the highest, with features were a decline in the loan item of $25,- the low 5% and renewals at the same figure. On 725,000 and a falling off in net demand deposits of Tuesdaj'' 53^% was still the maximum, but the renew$14,248,000. Net time deposits, however, gained al basis was lowered to 4^%, which was also the and 11,737,000, to $205,006,000. Total net demand de- minimum. Wednesday's range was po.sits arc $3,811,870,000. This is exclusive of 4/^% ruling. Increased ease developed on ThursGovernment depo.sits of $84,006,000, which registered day and call funds dropped to 4% for a short period a decline for the week of $6,087,000. Cash in own at the close; renewals, however, continued to be nevaults of mombors of the Federal Reserve Bank gotiated at 4%%, the maximum quotation. On incTcanoA $3,605,000, to $65,080,000 (not counted as Friday the high was iy//o, the low 4% and 4^^% reserve), and reserves of »State banks and trust for renewals. Funds were in freer supply. The companies in own vaults increased $07,000, but figures here given are for both mixed collateral and reserves kept in other depositories by State institu- all-industrials alike. For fi.ved-date maturities also tions were reduced $63,000. Member bank reserves the undertone was easier and the offerings more plcnwith the Reserve Bank showed an expansion of liful. No important trades were noted, but $44,542,(XK), which, of course, was mainly resfjorisiblc a fair amount of business was done for the for the restoration of Huri)IuH. As indicated above, shorter j)eriod3, with the range at 45^(a)5% for an increase of $46,401,260 was reported in Hurf)liJ8, period.s ra/iging from sixty days to six months, which, after allowing for hist week's deficit of ufKihanged. 12,198,740, left a total of oxcchh reserves of $44,MercantiN; pjip(!r rates remain af l^:i("~*5% for 202,520. The above fi^ureH for Hurpius are ba.srfl on sixty and ninety (lays' endorsed bills nu^eivable and 13% rc.ni'.rvc.H above legril rerjuinirrKtnts for Tnciribfr six tnontliH' names of choice! eharacU^r, with names banks of the Federal Reserve System, but not in- not so well known at 5(0^51^%. Local and out-ofcluding? cash in vault to the amount of $65,080,000 town banks figuntd in tin- market as buyers and her« held by these banks on Saturday hist. wjus ft ready niarkcit for prime names. Sup|)liM 4^@5% f hf)wr'ver, arc Htill light THE CHEONTCLE 892 Banks' and bankers' acceptances, as a result of the easing in the call market, were in good demand and during the latter part of the week a fairly large turnover was reported. Here also the inquiry included New York as well as country banks, though the latThe undertone was ter were the principal buyers. steady with rates the same as heretofore. For call loans against bankers' acceptances the posted rate of the American Acceptance Council continues at 43/2%The Acceptance Council makes the discount rates on prime bankers' acceptances eligible for purchases by Bank 4i^% bid and 4% asked for bills running for 120 days; 43/^@4% for ninety days; 43/8@4% for sixty days and 43/s@4% for thirty Open market quotations are as follows: days. the Federal Reserve SPOT DELrVERY. Prime 90 Daus. .iH(3>3T4 eligible bills. 30 Days 60 Days. 4M@3H FOR DELIVERY WITHIN THIRTY DAYS. Eligible 4H Eligible non-moinbcr banks Ineligible bank bid 4'/« member banhs bid 45i bid bills There have been no changes this week in Federal Reserve Bank rates. The following is the schedule of rates now in effect for the various classes of paper at the different Reserve Banks: DISCOUNT RATES OF THE FEDERAL RESERVE BANKS IN EFFECT MARCH 3 1922. Discounted Mils — Federal Rese.ne Bank of — tances Treasury notes and Liberty Other- disc'ted bonds wise secured member and banks for certificate Boston . New York Philadelphia Clevelund Richmond Atlanta ChlcflKO St. l.oiils Minneapolis Konsiis City Dallas . San Francisco and of indebtedness Victory notes 44 4 44 4H 44 44 44 4H 44 44 44 5 5 6 6 5 5 5 5 5 6 5 5 acceptances A grievltural and stock live paper maturing matvrino u-iihin 91 In 180 days 90 days vnsrcvred 4 Trade 4 4 44 4.H 44 5 5 5 5 6 6 6 5 6 4« 4H 4>^ 5 5 5 5 6 5 5 44 4H few weeks. Early in the week Premier Lloyd George's proposal of a ten-year truce had a distinctly strengthening effect, but similarly reports on Thursday that the British Premier had threatened to resign because of political dissensions had an unfavorable influence with consequent lowering of rates. Advices from Washington indicate that a new date for the Genoa Economic Conference has been tentatively set, but for the time being this has ceased to exercise a tangible effect on market levels, and the same is true of news that the newly created Debt Funding Commission is expected to commence its of the next task of settling the question of refunding inter- national obligations. Referring to the more detailed quotations, sterling exchange on Saturday last showed a fresh accession and prices were marked up to 4 395^@ demand, 4 40@4 42 for cable transfers and 4 373^@4 393^ for sixty days; trading was of strength 4 415^ for moderatively active. On Monday increased strength developed and as a result of higher London cable quotations and scanty offerings of commercial bills, demand advanced 41%@4 433^, cable transfers to 4 423^ @4 44, and sixty days to 4 39M@4 41 1^. Trading was rather less active on Tuesday, hence prices fluctuated irregularly, though the trend was to 4 upward and the range was 4 41 13-16@4 433^ for demand, 4 42 3-1 6 @4 443<C for cable transfers and 4 39 11-16@4 41^ for sixty days. Wednesday's market was strong at the opening, registering fresh gains, but reacting afterward; demand bills ranged still maturing xrllhin no dai/s Unci, number banks' \^-day collateral Bankers' accepnotes) secvnri hy [Vol. 114. 44 44 44 44 44 44 44 44 5 6 5 5 5 6 6 6 6 5 6 5 5 44 44 5 423^, cable transfers 4 42><@4 44?^, and sixty days 4 393^@4 423^; increased activity was noted. Reports of less favorable political conditions in Great Britain brought about a reaction on at 4 41>^@4 Thursday and quotations declined to 4 403^@4 42^ for demand, 4 40J^@4 43 for cable transfers and 4 383^@4 405^ for sixty daj^s. On Friday the under- tone was decidedly easier and lower prices were noted; demand was quoted at 4 383^@4 43, cable transfers at 4 38>g@4 43^ and sixty days at 4 363/2@4 41. Clos- Developments both here and abroad continue in the main favorable to sterling exchange and the ing quotations were 4 373^ for sixty days, 4 393/s for market was strong during the greater part of the demand and 4 393^ for cable transfers. Commercial week in fact, until Thursday, when rumors of sight bills finished at 4 383^, sixty days at 4 313^, political dissension in Great Britain caused a sharp ninety days at 4 303^, documents for payment (sixty decline. Trading, it is true, was inclined to be sporadic days) 4 31^ and seven-day grain bills 4 37J^. Cotton in character, being at times quite active, while at and grain for payment closed at 4 383^. Gold arrivals others the volume of business transacted was of were small. The SS. United States from Copenhagen relatively small proportions; but nevertheless, fur- brought 12 cases of gold bars and 126 cases of gold ther substantial gains in price levels were made, car- coin, while the Essequibo from Valparaiso arrived rying demand bills up to 4 44^, still another new with 6 boxes of gold, 10 silver bars and 3 cases of silver high level and 3c. up for the week. Offerings of coins; the Tosta brought $42,300 in gold bars and the commercial bills were as light as ever and London Orizaba $45,000 gold bars, both from Co'ombia. A sent more or less firm quotations, both important consignment of $2,484,000 gold bars is announced as Advices facto rs in sustaining values. Probably the outstand- on its way from Sweden on the Stockholm. ing jfeature of the week's dealings, however, was the from Berlin state that a modification of the bank broadening in the inquiry, several large international Act so as to allow the Reichsbank to place gold on institutions having been reported as active both on deposit with foreign issuing banks has passed the the selling and buying side of the market. Specu- Reichstag. It is reported that gold to the amount of lative interests also figured prominently and short 50,000,000 marks will be placed at the Bank of selUng was responsible for pronounced downward England within the next week or so. — reactions at times. In the opinion of financiers generally the week's trading indicates a considerable confidence in the immediate outlook. It seems to be taken for granted that European conditions are really on the mend and gradua lly approaching a more stable basis, although there are still some who regard th e ac tion of the market; as somewhat problematical and persist in their predictions of sharply lower levels in the course In the Continental exchanges also the trend was upward in the first half of the week and further gains were recorded in nearly all of the leading Euro- pean exchanges, although at the close weakness set This week Italian in and much of the gain was lost. the lead, both in point of strength and exchange took activity, with the result that lire quotations advanced to 5.42 for sight bills, another new high on the current March THE CHRONICLE 4 1922.] points above last week's close. Improvement in the political situation in Italy was said French to be the underlying factor in the strength. movement and 34 and Belgian francs were also actively dealt in and gained 5}4 and 7 points, reaching 9.243^^ and 8.80, It is reported that despatches from respectively. Paris are decidedly pessimistic regarding the upward movement in francs; the feeling at the French centre previous. 893 Lire bankers' sight finished bills week the 5.18 for and 5.19 for cable remittances. at This compares with 5.073^ and 5.083^ a week earlier. Exchange on Czecho-Slovakia closed at 1.65, against 1.75; on Bucharest 0.783/2> against 0.81; on Poland 0.023^, against 0.0275, and on Finland at 2.04, against 2.02 a week ago. Greek exchange, which ruled steady during the week, finished at 4.58 for checks and 4.63 for cable transfers, as compared with and 4.51 the preceding week. seems to be that the rise is sentimental rather than actual and cannot be maintained. Latest returns of France's financial position show, that while vast Exchange on the former neutral centres was fairly improvement has taken place, there is still a long conditions active and rates were well maintained. Guilders way to go before permanently prosperous Trading was speculative in character were marked up to 38.47, or within 3 points of last are restored. and movements consequently were uneven, brief week's high record, but subsequently reacted slightly. periods of brisk activity and strength being almost Swiss francs went to as high as 19.60 for checks, while invariably succeeded by more or less lengthy inter- the Scandinavian exchanges were generally firm. Here as in th Copenhagen remittances advanced to 21.16, a gain vals of comparative stagnation. case of sterling, the supply of commercial bills offer- of 31 points, Norwegian exchange touched 17.45, a new high. Spanish pesetas were steady at very ing was practically negligible. Reichsmarks continue to furnish a sharp contrast close to last week's high level of 16.00 for checks. on Amsterdam Bankers' sight finished at to the general strength, the quotation having hovered slightly under 38.05, against 38.15; cable transfers at 38.10, alternately above and below 0.433/^, or This was due to the per- against 38.20; commercial sight bills at 38.00, last week's closing figure. sistently heavy selling of the past week or more. against 38.10, and commercial sixty days at 37.64, Bankers claim that there is little real foundation for against 37.74 on Friday of last week. Final rates this weakness and intimate that a substantial pro- on Swiss francs were 19.54 for bankers' sight bills gloomy reports now in circulation and 19.56 for cable transfers, the same as emanates from Germany itself, where there is no de- last Copenhagen checks finished at week. While the strain of 21.07 and cable transfers at 21.12, against high-priced mark. sire for a reparation payments, the railroad strike as well as 20.85 and 20.90. Checks on Sweden closed at 26.20 unfavorable forecasts of the effect that the forthcom- and cable transfers at 26.25, against 26.45 and 26.50 ing economic conference is going to have are all de- last week, while checks on Norway finished at 17.45 pressing factors, it is generally believed that they are and cable transfers at 17.50, against 17.01 and 17.06 being widely exaggerated. In the later dealings, the a week ago. Spanish pesetas closed at 15.90 for rumors of Lloyd George's resigning from office had a checks and 15.95 for cable transfers, the same as portion of the genuinely unsettling effect as it is reahzed that the last week. British Premier has done much to bring about CABLE BUYING RATES FIXED BY FEDERAL RESERVE BANE. FKB. 24 1922 TO MARCH 1922. INCLUSIVE. moderation in reparation settlements. Austrian kronen attracted some attention by a decline to Noon Buying Rate for Cahl» Tiansfen In New York. Value United Siatea Money. 0.0145, as against 0.025 last week. This, according Coutary ani Monetary Unit. Feti. 24. Feb. 25. Feb. 27. Feb. 28. Mar. 1. Mar. 2. to bankers in close touch with affairs in Austria, is the EUROPE— S S $ t % $ result of official action designed to change the un- <kU9(ria, kroDC .000189 -..._- .000205 .000204 .000205 .000199 .00019 .0800 .08.59 .0807 .0871 BclRnim, frano .0862 .0873 .000875 .000892 .006896 .000817 .006838 .0060 wieldy currency situation which has developed from dulRaria. lev. ::iecbo-81ovakla, krone .017272 .016891 .017913 .0177 .017238 .01765 .2123 .2118 .2105 .2095 .2091 .2105 the use of the inland krone for domestic purposes in Oentnsrk. krooe EDglaiid. pouDd 4.4269 4.4408 4.4150 4.3928 4.4182 4.4322 .020179 .020186 .0202 .020214 .020343 .0203 were being quoted at FInlHud. markka When outland kronen Austria. France, fraoc .0907 .0914 .092 .0909 .0902 ... .004495 .004.508 .00'I339 .004344 .004360 .00-1123 0.03%, inland krone could be had at slightly le.ss than aermany relcbsmark .0-1.54 .0-160 .04.58 .0458 }re«of, drachma .0457 .0453 .3847 .3845 .3835 .3836 .3818 half that amount, and while they could not be used aollaod. florlo or guilder.. .3821 aunRary, krooe .001447 .0014.56 .001444 .001444 .001447 .00146 .0.>:{3 0.528 .0.540 Italy, lira .0517 .0528 .0507 in foreign transactions, enormous profits were realized <UKo«lsvla. krone .003089 .0030.55 .fUI3048 .00305 .00.1125 .003107 S'orway. krone .1716 .1727 *M'03 .1740 701! .1710 by buying internal bonds and .selling them abroad, as Poland. PollNb mark .000262 .000254 .000268 .000247 .000237 .00020 Poriiiual. eBcuda .07.59 .07.82 0802 .0819 .0823 .07.53 their prices were determined by the rate for outland duiiiaiila. leu 007 9.54 .007942 .007883 .007967 .007971 .007967 . Jrrblft. dinar .01248 .012333 .012267 .0122 .01221 .012.533 kronen. The Govcrnninnt for some time past has iyain ueanla... .1.593 .1.597 .1603 .1506 .1003 .... .1595 Imrdnn. kroDA .20.57 .2003 .2044 .2647 .2662 .aa.vi .. making determined efforts to make the prices of -iwltirrlaud. frano been .1058 .1059 .1050 .1067 .1958 .1956 AHIA — .7283 .7133 .7107 As soon as this is accom- 'Aloa. Chofoo lael .7383 .7367 .7417 the two currencies meet. Iliinkowiuel .7133 .7117 .7383 .7367 .7283 .7107 HfiHnaiial lai-l .0804 .0720 .0908 .7014 .7004 .0952 plished, Austria is expected to abolish the inland Tli-iitnlii tuni .71(17 .7183 .7433 .7417 .7333 .7208 IlofiM Kong dollar. .5172 .5311 .6280 .5234 .6170 .5266 rally in the price of Austrian exchange is krone and a M<'«linn dollar. .4973 .5133 .5138 .6086 .5012 .6003 T Inn or Pelyang looked for. dollar .5167 .53.50 .5267 .5267 .8203 .6242 Yuan dolUr .5283 .6300 The official London chock rate on Paris closed at India, rupee.. ........... .5325 .2778 .6258 .2809 .51.50 .6208 .2809 .2701 .2788 .2817 la[Min. yn 720 .4727 .4726 .4710 .......... .4734 .4728 •18.38, which compares with 48.13 last week. Sight ••IrigaiMir". dollar .6025 .6000 .4883 .5025 .4967 .5008 NoUl AMICIIICA— bills here on the French centre finished at 9.04, .0770.'.fl .079844 .075038 dollar 9711844 :Bii»<la .07375 975781 .. 2 (71 .(l!»2() . 1 . '<l II .4 11 Hgainst 8.99; cable transfers at 9.05, against 9.00; commercial sight bills at 9.02, against 8.97, and comriKTcial sixty days at 8.9(1, ngairiHt 8.91 a week ago. Closing q\iotations for Anlweri) francs wiso. 8.5(j for checks and 8.57 for cabh; transfers. Last week (he clo.sc was 8.043/2 and 8,053^. Iteichsmarks finished and cable trunsfers at 0.423/^, agairihf 0.44% and 0.453^. AiiHtrian krotMH cloHcd at 0.0187 for checks and ().()193 for cnblc rfiiiiftjiiiccH, in comparison with 0.0205 and 0.0210 the week at 0.42 ............ .0nK(l58 VfAllOO. fHMW. ........... Vewttioii<ll»iid. itullar .48945 .071458 ..'uba. p«iao. . HOI 1 11 AMI KKA — triiPiiiliia. (M-Mj (gold) .H3H0 Uaill. iiillrrla. .......... .i:iao Uruguay. IMWO .8237 .99875 .489225 .073333 .8364 .1357 .8220 imST.'. 4»'I8J.5 .uv«3a;i .837 .1360 .8201 .090107 .4000 .077017 .09.'(5'IJ 4 90 J. .075626 .8370 .1306 .8100 .8423 .1368 .8320 .8416 .1307 .8211 9911375 .4Si-,:i75 .073058 With regard to South American quotations the firmness manifest last week was still in evidence and the check rate on Argentina closed at 3734 '^"<' cable at 373^, agniiiHt 37 and 373-^ last week. JUazil the rate for cliecks advanced to 14, nnd Ir.'insferH I'or for cable trunsfers to 143^^, aguinst I3-3.| and I3j'^u . : : THE CHKONTCLE 894 week earlier. Chilean exchange was strong and advanced to 11^, against 10%, but Peru remained at 3 60, unchanged. Far Eastern exchange continues weak, that is, so far as Hong Kong and Shanghai currencies are The concerned, in response to a decline in silver. first named, after declining to 513^@513^, closed at 52%@53, against 52^@53; the latter receded to 69H@70, then closed at 713^@713^ (unchanged); Yokohama finished at 473^@47^, against 473^@48; Manila 48M@49, against 49^@49H; Bombay 29@ 2934, against 29@29K, and Calcutta 29M@29H, 29K@29H. against New York Clearing House banks, in their operations with interior banking institutions, have gained $3,434,029 net in cash as a result of the currency movements for the week ending March 2. Their receipts from the interior have aggregated $4,871,529, while the shipments have reached |1,437,500, as per the following table: The CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING INSTITUTIONS. Week ending March Gain Banks. S4. 87 1.529 Banks' interior movement As the Sub-Treasury eral Reserve Out of Banks. 51,437,500 Gain $3,434,029 Into 2. Bank on to or Loss Banks. was taken over by the FedDec. 6 1920, it is no longer Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the Clearing House each day as follows DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK possible to show the effect of AT CLEARING HOUSE. Monday, Tuesday, Feb. 27. Saturday, Feb. 25. Feb. 28. Wcdncsd'y. Mar. 1. Thursday, Mar. 2. Aggregate Friday, Mar. 3. for ll'tcit. S % % £ S S Si 40,400,000 55,300,000 49,700,000 52,300,000 58,700,000 49,500,000 Cr. 305.900,000 [Vol. 114. 3. "The agricultural interest is not a sectional or a class interest. It constitutes the economic foundation of the country. Directly or indirectly, the interests of agriculture are the interests of all the people." Now, these statements be true, and they are so clearly true we can imagine no one denying them, if then there must be a huge self-deception in the attitude of the agricultural industry toward its own relief and restoration through the powers of Government. For, manifestly, the National Government, prior to 1914, had nothing whatever to do with the bringing about of an adjustment of agricultural commodities to the "needs of the consuming markets at home and abroad." It has no control over the markets at home or abroad in normal times. And only by a combination of buying powers between this and other countries during the war did it have any influence whatever over these markets. We may say it had little power over consumption abroad even during the war. By arbitrary "do without" days induced by appeals to patriotism during the struggle it exercised some slight control for a short time, as also by appeals to enlarged production. Upon monetary results of the industry, there was more accomplished by a dictatorial fixing of price for sales of wheat a policy soon protested by the farmers, and one that no doubt worked favorably for consuming countries in preventing agriculture from exacting the sordid profits it might otherwise have been able to impose. But whatever this war control might have been at the time, it is in direct contrast with control before — the tion war and control now. And therefore the quesmust be answered, if Government brought about ' — Note. The foregoing heavy credits reflect the huge mass of checks which come to the New York Reserve Bank from all parts of the country. In the operation of the Federal Reserve System's par collection scheme. These large credit balances, however, show nothing as to the results of the Reserve Bank's operations with the Clearing House institutions. They represent only one side of the account, as checks drawn on the Reserve Bank Itself are presented directly to the bank and never go through the Clearing House. The following table indicates the amount lion in the principal European banks March March 2 1922. of bul- 3 1921. BanJii of- Gold. Total. Silver. Gold. Silver. Total. £ £ England . 128.762.306 128 327.142 128 702.306 128.327.142 France a.. 143,081,315 11.240.0001.54 .321.315 142.199.368 10,600 ,000 152 790,368 Germany . 49,784,7.'J0 Aus.-Hun. 10.944,000 Spain I00.fi92,000 Italy Nctherl'ds. Nat. Kelg. SwItz'Iand. Sweden Denmark . Norway .. 34.004,000 50,497.000 10.663.000 22.013.000 15.240.000 12.685.000 8.183.000 079,000 GO .463.750 13 313.000 25,202,000 125 894.000 2,982.000 .'iO 986.000 S.SR.OOOl 51 085.000 1.610.000 12 279.000 4,320.000 26 ,'i.33,000 15 246,000 ' 2Y2'.6o6 12 807.000 2, .'toil, 000 8, 183,000 54.576.650 402 850 54 979.500 10,944,000 2,3(19 .000 13 .313.000 98.772.000 23.300 000 122 ,072,000 32.768,000 3,000 .000 35 ,768 000 1,77.S 000 54 .790.000 53,012,000 10,661,000 1,172 000 II 833.000 21,726,000 6,467 000 28 193.000 15,6,V>.()00 12,643.000 8,115,000 141,000 15 6.56,000 12 .784.000 8 115.000 Total week 586.555.371 49,208.000635.763.371 589,400.100 49.229.8.50638.630.010 Prev. week 586,511,642 49,067,900 035,579.542 589.295.505 43,704,0001638,000.165 a Gold holdings of the held abroad. Bank of France this year are exclusive of £77,031,682 TEE SELF-DECEPTION OF THE FARMER. From widely separated portions of the address of Mr. Eugene Meyer, Jr., Managing Director, War Finance Corporation, before the Agricultural Conference at Washington on Jan. 24, we take three sentences : "Before the beginning of the world war, our production of agricultural commodities had been adjusted and brought into balance with the needs of the consuming markets at home and abroad." 2. "Our agriculture must of necessity adjust itself to the conditions that now exist in the world's markets a diminished foreign consumption of at least some important products of the soil and renewed competition from other producing countries." 1. — no adjustment to foreign and domestic markets before the war, what adjustment can it bring about at — this time in the after-the-war period? If the only adjustment possible before the war was a natural one, what possible other adjustment can obtain now? If the power of this Government could not control foreign markets before the war, and these foreign free markets reacted upon domestic markets to control them, how can that inevitable and fundamental condition now reasserting itself on the cessation of war be changed by credits or by co-operative marketing? We do not say temporary benefits may not to some extent accrue to the farmer by these agencies, nor even that under proper restrictions they may not be ostensibly provided for now by Governmental action, but it must be apparent that they are not justification for a concerted movement predatory in its nature upon legislation intended to be general and permanent. Mr. Meyer states that up to "Jan. 19 1922, more than 3,000 advances to banking and financial institutions for such [agricultural and livestock] purposes, aggregating about §128,000,000, had been approved, in addition to large advances to co-operative marketing organizations." But what effect had this help of the War Finance Corporation upon foreign markets? We need not search out the exact figures, for everyone is aware of the hundreds of millions of grain and cotton we marketed abroad before the war under the then self-adjusted, natural conditions that prevailed. These former conditions tend to reassert themselves. But, alas, impoverished countries and peoples have not tjie wherewithal to buy. And it must follow that, while these credits are helping the I March THE CHKONICLE 4 1922.] banks and farmers to tide over a time of stress, they are having practically no effect on foreign markets, the ultimate arbiter in the case, trol" over the farmer's price. quently So that a lie any when relief in it a and the Nor can tariff final "con- there conse- for the comes to an agricultural Farm Loan Bank Board, and farmer. bloc, and to the hasty creation fits an 895 well) evolved a plan for providing a bonus by issue of interest-bearing notes redeemable in three years and payable in twenty. The details are consistently indefinite, but one correspondent says "the face value of the certificate" would be the adjusted service pay "increased by 40% plus 4i/^% interest compounded annually for 20 years, and it is marketing instrumentalities, much estimated that the average face value would be being done now is a beating of thin air. We |329." Such a mad and disgraceful scheme hardly of fully equipped that is for the general public to declare organizing a farming class; it is for the people to say how much the situation calls for temporary, emergency, and admittedly out-ofthe-way legislation. But to try to grow a market for the farmer that does not exist by these expedients is self-deception, if it is not worse. The third proposition remains that the "agricultural interest is not a sectional or class interest.'* Then why make it so by special appeals to Government? Why make it so by extending special means of relief denied to other interests? And why throw the equilibrium of the "interests of all the people" out of balance by setting up the farmer as the chief reiterate that whether there it is is — beneficiary of law? Before the war, when a natural "adjustment" prevailed, the farmer was aggrieved, and justly so. But why? Xot because he was amenable to the natural laws of trade, but because other interests and industries were not because there were petted favorites around the throne, seeking special advantages, as he now seeks them. Before the war the farmers organized themselves into societies, granges, alliances, and what-not, to do for themselves (at least to a greater extent than now) what they are at this time asking a paternal Government to do for them. And they failed. Why? Because they could not by edict^ organization, or law, control foreign markets. They had to sell to the world. Others that did not, succeeded in keeping the world from selling to them. But why repeat this old story? Why not apply its lesson to the present condition? Can there ever come an agent destructive to the buying power in world markets comparable to the world war but three years ended? Consider a moment in their bare reality price and market. Suppose it were possible to enchain these by law, would it be desirable? Keep the word "adjustment" in mind. In a given year of time the chains are affixed to a condition, and the law, being all-powerful, feeds out a stream of grain to meet con.suni[)tion and to assure price. And the next year the condition changes, it may be domestic, it may be foreign (supposing "control"). Then price no longer meets market, and market no longer meets price. There i.s no "adjustment" of the interests of the farmers, which are the "inferests of all the people,' to anything but an old situation. But llu; law re- — mains, fan a great Government ho humble ilsclf as to mould its laws to every change of trade wind the world around? Can an industry which has sacrificed its liberty, it.s to the Htrait jacket of meet conditions, Governmental control, «'ver flexibility to long run, by Ww. world's «'XcIiang('H? Are Mnrt. .iny .HO blind as llirm*- wlio will not we? proH{)fr, in Till': flie lUiSVS-inoM woksi: to worst? VVashington corrcspondentH reported on TImrK day that tlw llf'[iu!»lican rnomlMTH <A Mr. F-'ordricy's bewildered committee have "li-ntalivr-iv" (the word merits serious treatment. The effect upon the financial markets of such a degradation of the credit of the United States is certain in fact though not in degree. The interference with the refunding opera- would be disastrous. The would bring upon all prospects of business and industrial improvement can be better imagined than measured. Moreover, such a scheme would be tions before the Treasury shivers it a cheat as to the pretended beneficiaries, for not only would they suffer along with all others (as they would also suffer under the stress of further taxation of any kind) but they would not get the cash for which they stand with open mouths. One headline not inaccurately says "raiders now seek pawnbroker plan to finance bonus," for while one correspondent reports a notion for giving these certificates "an immediate cash value of 50% of the face value, which would be obtainable at any bank as soon as the certificates are issued," and also says something about having the title remain in the veteran's name "in order to forestall any loan shark scheme," it is certain that whether the paper were issued to bearer or were negotiable only by hypothecation of title the owner who wants cash now would have to hypothecate it and upon what probable — terms? In the last few weeks tlie bonus members have been scanning the horizon with the eagerness of shipwrecked mariners for some method of raising funds which would not evoke a storm of protest now and defeat at the polls in November. Great hopes were placed at one time on a sales tax, but while there is something to be said for that as an alternative levy for general governmental purposes there is nothing to be said for it as an additional levy and especially one to be made for such a squander as this bonu<?. Then somebody heard a rumor that some interest money would come from Great Britain in the summer, and hope revived let us lay hold upon that. But that was soon seen to be a cloud on the horizon instead of a sail, and then there seemed to be nothing ex('ej)t to "pass" the bonus bill according to program, basing it upon the general resources of the Treastiry, and leaving on Secretary Mellon or President Harding the onus of financing. Commander MacNider of the Legion (the same man who Hai<l Hfr. M(;llon could have dono better in pointing out ways for gc^ttiiig the money than in showing the impoHsihility of gctling it without upsclling everything) succeeded iti having an Interview with the President, after writing to him an insolent demand t!)at th(i boiniH be enacted without any more delay. If the figures checked up at the liCgion's h('ad<|uar(crs t>y an exKcrvic(^ man and j)r('S('nt member can b(> acceptod, Mr. MacNider greatly overstates the L<'gion'H memberHhIp, in whi<'h of course only a posHiM(< majority or a jirobable tulnority are (h-mandln^ Ww. largr^HH, and it. Keems that hi* managed to convey ;in iriipreMHiori about tlie Pi-r'nldeut's alfifnde which \\',\H eorrecled by an official Mfaff'tneuf (hat he had ; .-i THE CHKONICLE 896 [Vol. 114. not modified the position already taken. It is much to be hoped that he will change (or, possibly, decline to change) so far as to veto any bonus bill which may reach him, whether containing or omitting to contain any definite tax levy. "We are just as determined as ever that there ^should be no delay in the passage of the bonus bill through Congress ; if the money cannot be raised by became an incident of the past, leaving, however, a moral both interesting and potentially profitable. The arbitrator was Judge Manton of the Federal Circuit Court. The publishers preferred an arbitration board of three; the men wanted only one, and were permitted to have it so. The decision was in favor of the publishers on a number of points, but this presumptively shows only that they were in the The finding filled about three columns of the sales tax or the five-point plan proposed by right. Chairman Fordney, then some other method must ordinary news print, and conceded to them such be found to pay the bonus." So Mr. MacNider is re- points as these: Any eight consecutive hours beported to have announced on Feb. 27, but of this tween 7 a.m. and 7 p.m. to be a day's work; eight latest "pawnbroker" scheme one of the Fordney hours to also be a night- work "day"; an allowance committee is quoted as saying that "with every ave- for overtime the publisher to have power to decide nue closed, it was the best we could do." The best, the number of men per press, to be the judge of comand also probably the worst, for any further step petency, to transfer men from one press and one down is hard to conceive. position to another (this being a new rule) and to There is another course open to openly throw have control of the pressroom. But there was to be the abomination to the wastebasket. To see and con- no cut in wages, which were to continue at |8 50 and fess that one has made a blunder is a test of strength, .$7 50 a day, and for night work there was to be an but also the most sensible, the safest, and the wisest increase of 50 cents a night. The contract was to thing to do. If it were possible to believe that an run 18 months from March 1, and both sides of approximate majority in Congress really deem a course agreed in advance and in writing to accept bonus gratuity a "debt" due, really believe that the the decision Avhen it came; but the men repudiated elasticity of the nation's resources and activity it on the night before it took effect. could bear a further heavy tax load, and really beDifferences on money matters between individuals lieve either that the country wants it or that it is are often referred to arbitrators chosen by themtheir duty as men in whom a trust to legislate has selves, thus saving time and relieving the trial been confided to enact such a bill if it were possi- courts. The parties agree to abide by the decision, ble to believe either of these suppositions, we might which is thus in effect a judgment reached in a trial have some respect for men who mean to do their duty court and would be a farce if it were not given such but are mistaken about what that duty is. But effect. But it has long been quite a union habit to nothing so excusatory can be supposed. The humili- make agreements with the employer and then repuating truth is that these men are inwardly and pri- diate them when they became irksome or their benevately against the thing, and are for it only because fits had apparently been exhausted. There is a story they have either promised to support it or are afraid of a dock worker whose labor was very good but of being sent back home if they go on record against whose conscience was very "easy" as to rights of it. They are political cowards; this is the simple property. A cargo of fish was to be unloaded, and the boss handed him five fine fish, upon his promise truth. An amendment is now offered which would pro- not to steal any; but as night drew near the opporvide for cash payments to the disabled and to the tunity became so tempting that he returned the fish, unemployed only; this would avoid the intolerable remarking that he had decided he "could do better." vice of an indiscriminate largess, yet it would not be Our misguided and howling friends in labor unions the best method of furnishing relief, and the present are less scrupulous; they repudiate their own baroutlook is that the whole thing will probably go gains but do not return the consideration, and in over, and, we may hope, not to be again heard of. some extreme cases (as in this one) they repudiate To ensure that, the country should keep up the pro- before the agreement begins to run. tests. In explaining the situation on Wednesday mornSenator Calder said here on Feb. 19 that he has received only a few letters for the bonus and ing, the publishers said that the wage scale as agreed more than 2,000 against it, and the feeling of the upon is higher than in any other city in the country, country is beyond doubt. If we have learned that and made a clearly liberal offer for the coming eight Congress cannot be trusted and that the people weeks as to any men put out of employment through must intervene for their own safety the lesson may reducing the number used per press according to the be worth its cost. new scale, and if any large number remained compulsorily idle after the eight weeks the publishers TEE STRIKE OF THE PRESSMEN ON TEE promised to take up the subject in a joint committee YORE DAILY PAPERS. from each side. The wage scale as announced cerOrganized labor has just indulged itself in a char- tainly seems liberal, and the statement that it is the acteristic and suggestive freak. On last week Wed- highest in the country in tliis line of work receives nesday the decision of an arbitrator ended (as was presumptive support from the known fact that the supposed) a long controversy between the newspa- most prominent magazines have for a year or two pers of this city and their pressmen, but on Wednes- had only their editorial and business offices here, day of this week the morning journals were not on the mechanical part of their business having been sale as usual and when copies were obtained were driven to other cities by the extortionate demands found to be cut to eight pages, the pressmen having of the unions. What the pressmen did on Tuesday failed to appear for work at the usual hour. Then, night was, first, to stay away from their work then, ; — — NEW ; Manton after talking for several hours, they decided to return, and so the journals appeared in usual size on after a few hours of talk, to accept the Thursday morning and a long statement of alleged grievances and having this briefest of all "strikes" find- ing and return on the following night, having issued March THE CHRONICLE 4 1922.] 897 appointed a committee to seek a conference for ob- stated at $1,000,000, whereas it should have been The $2,000,000. Guarantee account should have been taining some modifications of that finding. publishers will hear what they have to say, and could $600,000 instead of $2,000,000, as reported by us. not refuse to do so; yet they have on their side the We reprint the corrected statement below: clear presumption that the decision was fair, and, New England Trust Co. (Boston). Resources Dec. 31 '21. Dec. .31 "20. Dec. 31 '19. at least, the agreement of both parties to abide by Stocks and — bonds .?2,923,333 S2.986.915 $3,295,622 Real estate l,700.0oo 700,000 1.7CO,000 The excusatory plea that the men acted on sud- Demand and time loans it. 18,969,875 22,579.231 24, 420, .572 Cash in bank and office 3,805.:<25 6,230.171 4,731,915 den impulse and out of disappointment at finding Other assets 3,53.828 659.899 1.724.222 themselves faced by a result so contrary to their exTotal $28,985,022 $32,795,693 $34,000,193 Liabilities— pectation is not tenable, for in fact they had a week Capital stock -..$1,000,000 $1,000,000 $1,000,000 Surplus 2,000,000 2,000,000 2,000,000 to think it all over and get reconciled to it before Guarantee account 600,000 Earninprs undivided 736,083 698,493 671.290 the time came for its taking effect. They were un- Deposits 23,249,129 21.990, .'^Ol 25,011.604 Other llabUities 6,252,508 7,106,899 1,464,603 doubtedly disappointed, for their inability to see Total $28,985,022 $32,795,693 S34.000.193 more than one side of the wage problem had led them to expect to get their own way so they first behaved Cuvrjetit ^trents and gisjcttssious foolishly, and then reversed themselves when they realized that they were staking upon a losing game. GERMANY MAKES FIFTH TEN -DAT PAYMENT. So the incident of a day passes to the record, but Paris advices (Associated Press) Feb. 28 said if the tables had been turned the other way and the The German Government to-day informed the Reparations Commission referee had ruled fully for the men and then the that the fifth ten-day payments of 31,000,000 gold marks was made yesterday, in accordance -with the temporary schedule recently adopted by newspapers had refused to accept the finding the the Commission. "Temps" places the total In publishing men would have loudly and justly denounced the amount paid by this announcement to-day, the in cash and deliveries in Germany si«ee the armistice, tyranny of employers. But to many union men a kind, at between 9,000,000,000 and 9,500,000,000 gold m;irks. From this the "Temps" says must be deducted advances made to Germany under the contract on wages and working hours is one-sided Spa agreement, reducing the total to about 6,500,000,000 gold marks as only, binding upon the employer but laying no representing the amount Germany has paid to date, most of which has beeo absorbed by expenses of military occupation. obligation on the employee. Therefore the unions, singly and in their federated body, passionately proCOMMISSION AND GERMANY test against any statute requiring them to take a ALLIED REPARATIONS REACH NEW REPARATIONS AGREEMENT. tangible form through incorporation; likewise, The Associated Press reported the following from Berlin. unionism hates court injunctions, because those Feb. 2S have teeth and can bite if disobeyed therefore, too, A provisional agreement reached between the Allied Reparations Commission and the German Government provides for the annual payment by unions fill the air with outcries against any process Germany of 720,000,000 gold marks in cash and 1,450,000,000 gold marks which brings home to individuals the due penalty of in kind, it wa3 announced to-day. Should the deliveries in kind not reach the total fixed, the cash payments their own misconduct, as in boycotting and other wil not be increased, under this agreement Thus, it is pointed out, the means of reaching those who disregard union man- Entente should have considerable interest in seeing that the stipulated deliveries of products are duly made. dates. Even now, Mr. Gompers is in mental mournThe following day (March 1) the following Associated ing over the leading case of the Danbury Hatters; Press advices came from Paris The Allied Powers are expected to refer the whole question of German he "has no use for" the Supreme Court, and he will reparations back to the Reparations Commission for decision, after a meetprotest to the last that the sacredness of labor ing of the Finance Ministers of their Govermnents here on March 9. In the month that has passed since the Reparations Commission referred (which the Clayton law says is not, but the general the last German memorandum to the Allies, it has been conUucting an inconduct of men declares is, "a commodity or article tensive investigation of Germany's finances and ability to pay, so that when the qnestion is again put up to it, the Oommission will be in a posiQf commerce") ought to keep it a law unto itself and tion to reach a decision quickly. ; : ; •superior to courts. The permanent moral for the whole public, including the "labor" which so fatuously tries to consider and make it.self a separate cla.ss, is that unionism, perverte<l as it is and naturally plunging deeper and deeper into extremes, is a menace and an injury to everybody. A permanent industrial peace is a ne- and therefore must come; therefore the union domination which obstructs it must give way. This will come about by the spread of the "open shop," by leaving men to settle industrial differences without outside intervention, and by a gradual emancipation of the worker from the industrial slavery in which he has allowed his leaders to hold him. In due time, this will be the componsation for tlio long train of troiiblcH which fhaf slavery ha« inllicted upon US all. cessity COHRECTION IN NEW KNCLAND TRUST CO. HKTVHN. In our annual irust, The negotiations between Belgium and the "Little Entente" on one side and Germany on the other for agreements similar to that reached by Germany and France at Wie.sbaden are independent of the Repiinitiuni Coramission. Officials made this e.xplanation upon receipt of reports from Berlin that a concord had been signed extending the Wiesbaden agreement to these countries. The reparations officials said the negotiations had not reached a definite point and that any agreement would be nubject to the approval of the Commission and the Allied Powerg. STATE DEPARTMENT AT WASHINGTON REQUESTS THAT IT BE KEPT INFORMED REGARDING FOREIGN LOANS FLOTATIONS. The following from Washington appeared In the New York "Evening Sun" of night (.March .'{) : the Unltird .SUtc^. was auunicd that the State Department's statement was dpsifned to (ho i-xt<-nHiun nf loans to Governments and regiim-n Hut the United Stttt.» <loe« not rerognir.1- and to prevent the funds of Ainerlc.in Inventors from bpcomltiif involved In ivcttonul uffuirs In foreign oiuntrles. It pr.'vi'fit Ill formal aiinouiiponiotit the Htito IVpurtim-iit reoall.-.l llml last summer at a coiiferoncc Ixtwwn the I*rp«ldont, i«ime mcmlipra of the Cabliiet, and » numlier of Amcrlriiii hanliiTii, the liiti-rfxt of Iho (^iiviTiitiirnt In lh« public flotation of forclifii bonds wo* (IImiii>.'iI, iind the dnlr* of tha (;.>Mrtrmr',f to be fully Informal of mirh trnnHjKllomi wan rmpliii»l».i-d. ""•• *•" 'I'y "' «"l<h 111 oprfiitldii, In " uiiiiooijc'-il h>iwrv«r, iloM not wriii iiif rirlontly iNinkIng and InvKstineiil clrolwi." llio HUta Ucparlmant to. day. "Thp floUtlon company la.st The State lifpurtnwnt urgi-ntly re<tueHted American banking IntrrMta today to Inform this (iovcrnnuMit fully before floating any (ort-ign loans in of forrl(fn Umd lusuea In the Amirlran market Is Bi«umln( review, printed in last week's rolunms, an error was rnadc in flif; Htatement of the New KriKland 'iru.st Co. of Hoston. ThrouRh a tran.sposition of the type the capital of the company waH made to read .?0()0,00() n.n of Dec. an inrrPiinliiK Impjirtanro uiid on account of thv bparliiu of mich opvrutlnns on the prr.pnr mnrluct of affrtlm. U U hoprd that Ainrrl.un nmcirn. that ronti-nipUtP mikliiK foffljrn loaim will Inform tlin HepiirlMiPiit of .Ststp In dui. tlmo of Uio Miirntliil forts and of subacqurnt developiiientii of Impor- 1921 while it Hhould have been ?1 an in previous yearH. Similarly " tniicp. "Amprlran conoama that wish " .'{ , name the Hurplun was ,f)Of),f)(K), the *V ',' do»», to a»-ertaln Ui» attlluilr of th* Popart'"'« ""r proJfvtPd loan •IimiiI.I riM|ue<t thi. Hirretiiry of Nlat« In '" "r"^'-"'lon of Ih.. I>c|,iirtnirnf» vl«w«. Th» I), pnrtnipiit will .•"in.liUrtitl.m ami In tha llfht «f thr ' Inrormatlon In whrthrr objacliwi to Uis loan In qurdlon ' '"" '" . i|(i»a not, ralat." -If : THE CHEONICLE 898 T. LAMONT REPORTS LAROE REDUCTION IN EUROPEAN GOVERNMENT OBLIGATIONS PRIVATELY HELD IN U. 8. W. According to a statement made by W. Lament of J. P. obligations T. Morgan & Co., relative to European Government privately held in this country, there are now outstanding of such loans less than $818,000,000 out of a total of $2,587,399,000 issued from Aug. 1 1914 to Jan. 1 1922. The amount held by bankers themselves, Mr. Lament says, is negligible. He also observes that with the possible exception of the Russian loan of $75,000,000, they are, in his opinion, "good and irrespective of whatever action may be taken on the debt question, as among the Governments themin themselves, In submitting the facts as they exist, Mr. Lamont ought to be manifest, first, that the total amount says of these European loans held here is not large, and second, that such as they are they are owned almost exclusively by the rank and file of private investors throughout the country." The following is Mr. Ijamont's statement, made pubselves." "it lic Feb. 27 So many inaccurate and exaggerated statements have been made as to the amount of European Government loans now held by private investors in this country, that it may be of advantage to throw some light on the situation. Many of the mis-statements in question have been made In the course of discussions as to how the Allied indebtedness to the United Stales Governtnent should be handled. Statements as to the amount of foreign government indebtedness held by America have been as high as five billion dolIt has also been frequently declared that American bankers are lars. urging for the cancellation of the Allied debts on the theory that they are heavy holders of European government bonds already issued. For such staetments as these there are no supporting facts whatsoever. What do the actual figures as to these outstanding government obligations show? The total amount of loans to the Allied Governments of Europe, issued publicly in the United States (that is to say, bought and issued by American banks and banking houses) was, from the outbreak of the war on Aug. 1 1914 to Jan. 1 of this year, approximately $2,587,000,000. Of this total amount there have already been paid off approximately $1,770,000,000, leaving outstanding less than $818,000,000. The detaUed table may be of interest: LOANS TO EUROPEAN ALLIED GOVERNMENTS ISSUED PUBLICLY IN THE UNITED STATES. Issued 1 1914 <o Jan. 1 1922. $1,420,816,000 --806,000,000 -131,000.000 109.270,000 36,311,000 85,000,000 Aug. United Kingdom France French Cities Belgium Italy Russia Totals Of the - -82.687.399.000 total just set forth, Wie amount Paid Off Aug. I 191 i to Jan. 1 1922. £1.027.231.000 611,96.'), 000 86,000,000 Outstandinrj Jan. 1 1922. S.39.3,567.000 25,000,000 10.000,000 193,033,000 45.000,000 99,745.000 11,311,000 75,000.000 $1,769,731,000 $817,678,000 0.52,5,000 of loans issued since the Armistice aggregates approximately $641,000,000. Of this total approximately $500,000,000 were issued merely for refunding purposes tliat is, to take up loans already outstanding here and, therefore, calling for no fresh moneys. Now, of the total amount of these Allied Government loans (approximately $818,000,000) still outstanding, the amount held by bankers themselves, as shown by a careful canvass, is negligible. Bankers are merchants. They buy securities believed by them to be sound, and sell them to investors. In the same way, these foreign loans were distributed among the investors of the country, who still hold them. With the possible exception of the Rusbian loan of $75,000,000, they are, in my opinion, good in themselves, and irrespective of whatever action may be taken on the debt question, as among the governments themselves. From the foregoing, it ought to be manifest, first, that the total amount of these European loans held here is not large ; and second, that, such as they are, they are owned almost exclusively by the rank and file of private investors throu^^ut the country. ; [Vgu UjL discussed from the standpoints of the farmer, the manufacturer, the cotton producer, and the foreign trade merchant. Exporters are naturally of the opinion that banks should lend money freely and do more to increase the outward movement of goods and to hasten the expansion of foreign trade. The banks, on the other hand, feel they should proceed with caution in foreign trade credits. These two ways of looking at the problem will make "The Exporter's View of the Present Attitude of Banks Toward Foreign Trade," also "The Bank's View" two subjects of group discussion —especially — interesting. "The Effect of High Taxation on the Exchanges," "The Factor of Depreciated Currency in Competition," and "Why Must Have Foreign Trade," will be considered at one of the sessions. "Education for Foreign Trade," "Banking Facilities for Foreign Trade," "Protection Against Exchange Losses," and "Uniform Commercial Credit Instruments" will be other topics. "Ocean Carriage" will be dis- We — various angles "Insurance," "The Carrier's from the Viewpoints of the Banker, Shipper, Underwriter and Carrier," are the sub-divisions. "Sales Promotion" will be handled in the convention in co-operation with the American Manufacturers' Export Association. It will include discussions of the "Lessons of Last Year," "Bonded Service as a Selling Argument," "The Square Deal Through Arbitration," and "Service as a Sales Promoter at Home and Abroad." Service at home includes service through exact fulfillment of sales contracts, shipments on time, according to sample, etc. Service abroad covers warehouses, branch houses, carrying stocks, machinery and spe"Competitive Conditions Abroad" will cialty helps, etc. also receive particular attention. The poverty of other nations, the inflated currencies of some, the depreciated exchanges of others, are the principal obstacles in the way of foreign trade at present. "Factors That Will Help the Exchange Situation," therefore is a subject that should be of utmost interest to everj-one. In the same session of the convention, "Meeting Preferential Tariffs," and "A Foreign Trade Policy for Americans," will also be discussed. Since the enactment of the Webb Law there have been many combinations for foreign trade. Those attending the convention will be told how the Webb Law works, and the advantages of combinations for export. This will be especially interesting to smaller manufacturers, as it will show them the existing opportunity for them to meet present con"Export Advertising" will be handled in co-operaditions. tion with the Association of National Advertisers, and will include the topics of "Sales Promotion Through Advertising," and "The Use of Dealers' Helps." The National Association of Credit Men will assist in a thorough discussion of the subject of "Credit and Credit Information," upon which foreign trade so vitally depends. Tlie Trade Adviser Service will be a feature of the convention. There will be a hundred men, thoroughly experienced in export trade, representing different lines of endeavor in different parts of the country. They can be consulted bi' any of the delegates to the convention, and no request for information, it is stated, will be left unanswered. The Bureau of Foreign and Domestic Commerce will send to the convention as many of A number of U. S. Trade its representatives as possible. Commissioners will also be present, and will give, it is announced, first-hand information regarding the countries from which they have recently returned. cussed from Responsibility, OFFERING IN U. S. AND HOLLAND OF KINGDOM OF NETHERLANDS (HOLLAND) BONDS. An issue of 150,000,000 guilders Kingdom of the Nether- NINTH NATIONAL FOREIGN TRADE CONVENTION lands (Holland) 50-year 6% sinking funds bonds was offered simultaneouslj^ in this country and abroad on TO BE HELD IN PHILADELPHIA IN MAY. A few of the many subjects that will be discussed at the Monday last (Feb. 27), 75,000,000 guilders being offered syndicate headed by Ninth National Foreign Trade Convention, to be held in in the United States by a nation-wide Dillon, Read & Co., and 75,000,000 guilders in Holland. Philadelphia May 10, 11 and 12, have just been announced. The financing and expansion of foreign trade will be stud- ied from every jjoint of view by the leaders in commerce, industry and finance who will be at this convention. They will seek the solution of the problems of unemployment and the stagnation of business. One of the principal topics of thi first day's meeting will be "A foreign loan policy that will enable our idle factories to get to work." The condi- tion of manufacturing is reflected by unemployment statis- Information gathered by the Federal Government, says the announcement, shows that about four million persons are now out of work. Millions of others are working only part of the time. "The Merchant Marine, an International I'roblem," is another of the major subjects that will be studied. Out of a fleet of nearly 1,000 ships, the Shipping Board is operating to-day less than 850. The other 650 are lying idle in the harbors and waterways of New York, Philadelphia, Boston, San Francisco and the other seaports along the coasts. In addition to these, it is pointed out, are hundreds of other vessels steam and sail not Government owned that are also out of work. Another interesting transportation topic will be "Inland Waterways as Developers of Trafx=ic." "A Practical Method of Putting Our Surplus Gold to Work In Financing Foreign Trade," is the subject of another address. We are told that it will be tics. — — — subscription books to the offering were closed at the Read & Co. at 9.20 a. m. on Monday, shortly after their opening, the loan, it is stated, having been heavily oversubscribed. A bill authorizing the Netherlands Government to contract a loan of 300,000,000 guilders The offices of Dillon, (normally $120,600,000) was approved on Feb. 8 by the Second Chamber of the Dutch Parliament, and London press advices on Feb. 17 reported ap])rovaI of the loan by the First Chamber. The 75,000,000 guilders put out in the United States were offered at $940 per bond (interest at the rate of 6% will be charged on the price from March 1 to date of delivery) to yield about 6.15% to maturity, and The official circular states: if called in 1932. Those yields are b.ised upon exchange at SSJ-j cents per guilder. With exchange returning to par of 40.02 cents within six months and remaining at that figure, the yield to earliest date of redemption (1932) will be about 0.90%. and to maturity, over 0.40%. 6.30% 1 The bonds are dated March 1 1922, and are due March Thoy are in coupon form and are issued in de1972. nominations of 2,500 guilders, equivalent, at par of exchange, Interest is payable March 1 and Sept. 1 and to $1,005. principal and interest are payable at the head office of Nedorlandsche Bank in Amsterdam in guilders, and in New f March THE CHRONICLE 4 1922.] York through the office of Dillon, Road & Co., as fiscal agents for the loan in the United States, in dollars at the current rate of exchange prevailing at the time of payment. A sinking fund is provided beginning March 1 1933 to retire the entire issue by call by lot of one-fortieth annually at par and interest, but no bonds can be called during the The issue is callable after ten years at par first ten years. as a whole only, except for sinking fund. The bonds are free of all present and future taxes of the Kingdom of the Netherlands. The text of the bond is Application wiU be made in both English and Dutch. the bonds on the New York Stock Exchange. to list According to Dillon, Read & Co., head of the syndicate offering the bonds in the United States, the obligations of Holland, along with those of the United States, the United Kingdom and the Dominion of Canada rank among the highest credits in the world. The country has no external The firm also states: loans. While these bonds are issued in guilders, coupons can be presented at the offices of Dillon, Read & Co. for prompt conversion into dollars at the nte of exchango prevailing at the time of presentation. Temporary receipts are now being dealt In on the New York Stock Exchange at prices ranging from 94 Ji to 94^. The following statements, appearing in the official circular, have been approved by L. J. A. Trip, Esq., the TreasurerGeneral of the Kingdom of the Netherlands: These bonds are the direct obligation of the Kingdom of the Netherlands authorized by the Act of Parliament approved Feb. 17 1922. Holland has been for centuries one of the foremost financial and commercial powers of the world, and for generations one of the most Important markets for United States and other foreign securities. Amsterdam, the leading city, to-day occupies a position of the greatest international imiwrtance as a banking and commercial centre. The total funded debt of Holland at the close of the'year 1921 was 2,435,600,000 guilders, all issued and sold in Holland. This is at the rate of less than $140 per capita, at par of exchange, compared with approximately J195 per capita In the United States and approximately $650 per capita Holland's funded debt issued before the war carries In Great Britain. coupons at rates of 2 H % 3 % and 3 3^ % per annum. Prior to the present Issue, all funded debt issued since 1914 has carried coupons at rates of . 5% or under. The monetary unit of Holland is the guilder (florin), with a value at par of exctiange of 40.2 cents In the United States. Before the war the currencies of ail nations on a "gold basis" remained practically at par and any material variations which occurred were automatically rectified by the shipment of gold. During the war. and immediately subsequent thereto, other factors incident to the war restricting •uch shipments of gold controlled the course of Exchange and. in the case of Holland, caused the guilder to fluctuate t>etween a premium of approximately 30% to a discount relatively as great. As conditions are becoming more normal the guilder is gradually approaching its parity of 40.2 cents to the dollar, and Is at present selling at a discount of only about 4%. The Bank of the Netherlands (Holland's only Bank of issue) bad a gold reserve against Its circulation of approximately 60% as of Jan. 23 1022. compared with a reserve of 52% in July 1914. To-day the guilder commands * premium of approximately A syndicate of bankers 4% in London. Holland beaded by The Nederland.sche HandelMaatschappiJ and Including the Rottcrdamsche Bankvereeniglng, the Amsterdaouche Bank, the Am'^terdam Branch of the Banque du I'iirls et des Pays Bas, De Twentsche Bank. LIppmann, Rosenthal it, Co., H. Mees & EooDon, NodcrlandHch-IndLsche Handebbank and Pierson St Co., repre-scntIng the issue in Holland, and the Dilioo, Read Si Co. syndicate, reproseiillug the Issue In the United States, bavu purchased these bond^ from the Netherl»Dd< Ooveromont and this Holland syndicate will make the offering of the 76.000.000 gullden In Holland. in The syndicate in the United States which is offering the bonds "when, as and if issued, and received," is composed of the following: Dillon. Read Sc Co. L«e. Hlgginsoo & Co. Co. Central Union Truat Co. of N. Y. Brown Brother* St Co. The PIrrt Nat. Bank of Borton. The Glrard Nat. Bank. Phllndolphla. Blair St Whito, Weld St Co. The American Kxchango Nat. Bank. Halsey. Stuart St Co.. Inc. Old Ojlony Trust Co.. Boston. Cass.itt * (>>.. Philadelphia. Mellon Nat. Bank of Pittsburgh. B&nk of Italy, San Francltro. The Union Trust Co.. Cleveland. Oootlncntai St OimmrrclAl Trust St Havings Bank. Plmt Tru-rt A Havii. Bank, ':hlc;ii?o. Illlnola Tr. St Savn. Bank, Chicago. Th(! Anglo A Ixjndon Paris National B.ink of Han Kranclscfj. Under date of P\-b. 28 a oojiyright cablegram to the Commercial Tru.'rlCo., PhiUdislphla. New York "Timf;s" from The Hague Haiti: The first part of the new Neth'rrlands Hute loan of which 7.^.000.000 (nlldnrs waJi floated In America, protnlses to be Krnatly oviimubsrrllird. Althouich ubtM-rlplions are not ttiknn until Monday next, the official ((Uotutlon l>eln« O'l. the txindw were offered on the ArriJiterdam KxchnnKx to-dny at U7. The "Tplrrgrauf" polnlaoul that unlike the rwent Kniil Indian lnun, Impnrten will he slile to take advantaKC of dollar flurtuallons. The paper kdvlaen the Itutch Oovornfrient Ut profit by the pDMent p<jpularlty Ki final ttoa »mu>Dil half of the lonn Irnrnr-fllnicly .., . 899 taxes in U. S. gold at the office of Blair & Co., fiscal agents of the loan. The bonds are in coupon form in denominations of $1,000 and .1500, and are registerablo as to principal. The Metropolitan Trust Co. of official circular we take New York is registrar. From the the following information: These bonds are to be the direct obligation of the City of San Paulo. are to be specifically secured (1) by a first charge on the rocolpts from tho sanitary and vehicle taxes (2) by a charge on the transportatloa tax and the Industry and professions taxes, subject to prior charges on the 6% External Dollar Loan of 1919 and the 6% Sterling Loan. The receipts, figured at the current rate of exchange, from the sanitary and vehicle taxes for 1921, were reported at approximately 3411,750. and the equity In the transportation and industry and professions taxes wal They reported at $.'^52,940, a total €}f approximately $704,690. The receipts from tho above sources, similarly computed, at the current rate of exchango, are estimated for 1922 to be $861,890 aa compared with approximately $764,090 in 1921. The total funded debt of the City, both external and internal, as published, as of December 31 1920. was about $15,210,500. This includes the Internal debt figured at the current rate of exchange and the external debt at par of exchange. The assessed valuation of real estate In the City \a reported at approzl* mately $340,000,000, computed at par of exchange. We are advised that the City has no floating debt. The total revenues of the City In 1921, as reported, at current rate of exchange, amounted to $2,032,500 and are estimated at over $3,000,000 for 1922 figured at the same rate of exchange. We are advised that the proceeds of this loan are to be used In the construction and Improvement of str'eets, tunnels and the municipal market. The City is to agree under the Loan Contract to p?y the Fiscal Agents, annually on April 1st of each year commencing April 1 1923. the sum of $137,931 (1-29 of the issue) to be applied during the succeeding 12 months to tho purchase of the bonds at not exceeding par. but not to bo required to be applied to tho purchase of an amount exceeding $138,000 of said bond* annually. Any unused balance at the end of each such 12 months' period Is to be credited to the account of the City. With a population estimated at over 500.000, this City Is the capital and Industrial center of the State of San Paulo, which is considered the mo<t Important State commercially in Brazil. Its settlement dates back to 15*51. It ranks as the second largest city in Brazil and the third In all South America. It Is the converging point for a net-work of several thousand miles of railway servnjg tho suiTounrfIng territory and adjoining States, Including tho noted coffee growing sections of San Paulo. It is also stated that: All statistics relating to foreign montiy and values, except where otherwise Indicated, are expressed in terms of O. S. dollars at approximately the present rate of exchango, viz., 1 milrnis equals 13 Vi cents. The average exchange rate for the five years 1917-1921 was approximately 22.40 cents per milrels. At par of exchange 1 milreis equals 32.44 cents. Interim receipts or temporary bonds will be deliverable in the first instance. OFFERING OF STOCK OF ROTTERDAM SCHE BANKVEREENIGING BY AMERICAN EXPRESS CO. The American Express Co., Securities Department, is making an offering of a block of the stock of the Rotterdamsche Bankvereeniglng. The offering price of the stock In announcing the offering says: The Rotterdamoche Bankvereeniglng was orgimlzed on July 1 1911 an an amalgnmiitlon of several very old Dutch Insitltutlons. It has a great number of branches In Holland anil In the Datch East Indies. It was the Kottprdamsche Bankverecnliilng which enRlnoered the Kingdom of Netherinnds Oullder Loan In America and which Is one of the primary group is $450 the per florins 1,000. flat com pan J' offering that lonn In Holland. The fully pnid capital of this institution Is florins 75.000,000. The shares which are being offered for sale by .the American Express Co. are In boarw (hare cert'flraio form with dividend couuuns attached and are In denomlna(inoH of florins 1,000 and 200. Principal and dividends are free of alt Dutch taxes. (Jommeiictng with the year of establishment In 1011, the oarnlogf of the Itolterdumsctiu liankverceulging have been sufficient to warrant th)> paymet of dividends. The per cent bas varied, but with the oxreptlon of the year 191ft. whon a 7% dlvldt-nd wbm pnld, the dividends declared and piil<l wcru Drver lower than 8%. In IO'i>0 the dlvldi-nd was lncrHa«od to 12% and for 1921 10% was paid. The dividend for 1922 ha^ as yet no* been tlerliired. but from the net profits. Indicated from dependable pourcos, ufflrlent hai« buen carni'd to pay the 10% dividend and still leave a splendid m/irKin for reserves. Conservative esllmntes prove thai at leant 8% may bo expected. Tho next meeting of tho hoard of directors will ho held (borlly nnd annnunremenl of tho dividend will be lmm<'(llntely forthcoming. ThM •hnres of llie Uotturdnm Hank nro Ihled on the Amsterdnm Stock Rirhknge. Ovvr • ptirloil of four years, from lUII to 1914. the average price of the ilikms wam |:<flH%. Crura 1911 to IU21 the recorded low Althotigb price for tho shiros w»i I2'J%. while the high prl>'n wn* 1,^9%. tho ilWldnnd rtte In lUIA wai rediirnd to 7%. the prire of thn ahnrea did n'ild>cllnc under 122%, while thu high Tor the yi^xr wii>i i:i9%. a rominonUiry on thu oatuom held fur the Rotterdam llnnk hnid tiy tho Hullandurs. fStH . CHARTER ISSUED FOR FIRST-TRUST JOINT STOCK OFFKRING OF CITY OF SAN A A ULO CO., INC. I' At 100 and int«ro«t, Blair & Co., Inc., of N«tw York, fThir;a(jo anrl San Krancinoo, announced thin wjM«k n Sl.fKK),City of Sun I'aiil«» (United SiHf«H of Urazii) .'{()oxt«!mal H«!<:iiriid HJtikiriK furi'l k"I'1 boii'lH. ("oiricifl«nt with tho announocmont of the nnw igoun, it wan Bt.uloti that Iho fintiro amount haH b<^n a|)p!i<'<l for. Tim boiidH rin- fXX) isHun of yoar LAND BANK OF CHICAGO. HON US BY HLAIU 8% datod Martjli 1 \'.i2'2, imd aro duo Marfli H).7-i. Tlu-y arc not oalLiblo in wholo or in part. I'rintiipal and inlorfiit (May 1 and November 1) are payahhi. frwi of all Hraz.ilian 1 The Firnt Tru«t & RavinKfl Bank of Chicngo hn.s obtained a charier for the KirHt-TruHt .Joint Slock Lain! Bank of CliicaRo. Tho now inntitution will oix'ralo under a Federal It will charlor, ijranled by the Fcdcnil Farm Loan Board. have initial capital of J'Jf.d.nOO will op«-ralo in IllinoiH anti Iowa. and Hiiri>iiis Mh Htock of ?'J5.()()(). will l)o It owned by TruHt & Haviriis'M Bardc, and itH officnrH will conthe Honior ofriccrH of that bank and itn nffiliatcd iaIt in rojmrlod that dlitulion, the Fimt National Bank. BaitMulvin A. Traylor, Proaident of tin* Fimt Truiit I lie FifHt mIhI of & — THE CHRONICLE 900 be President, and James B. Forgan, Chair, L. K. Boysen, Manager of the First Trust's farm loan department, will be Vice-President and Manager. Under the terms of the Federal charter, the Joint-Stock Land banks can loan fifteen times their paid-in There is an amendment pending increasing this capital. A maximum interest charge to borrowers ratio to twenty. Mr. Traylor is quoted as of 6% per annum is permissible. Bank, ings man will ts bcln^ orRanlzed for the purpose of onabliDB the First Trusi & Savings Bank to furnish Its farm loan customers a complete sorv1ci>. If a farmer wants a five or ten-yiiar lo.in we If his requlremonts call for can furnish It through the bank as heretofore. a thlrty-.vear luan. to be paid off by amortization of the principal, the service of the Joint Slock Land Hank Is available. With the proposed institution there will be two Joint Stock Land banks in Chicago. The First Joint Stock Land Bank It also of Chicago has been in existence a number of years. operates in Illinois and Iowa. SENATE BILL APPROPRIATING $5,000,000 FOR RELIEF OF NORTHWEST FARMERS. The Senate on Feb. 23 passed a bill appropriating $5,000,000 for the purchase of seed grain and feed to be supplied to farmers in the crop-failure areas of the United States the amount to be expended under rules and regulations prescribed by the Secretary of the Treasury. The bill provides that $1,000,000 of the funds shall be used to buy feed for starving cattle on the Western Plains, and that not more than $300 of the appropriation may be loaned to any one farmer. The seed relief will be distributed among farmers in North Dakota, Iowa, Nebraska, Kansas and Montana. Senator Ladd, sponsor for the bill, had the following to say regarding it in the Senate debate on the bill on Feb. 23: In the southwestern part of North Dakota, in portion.s of Montana, in portions of South Dakota, and in portions of Montana they have had several years of droiigt't, six years in some of those sections. The farmers during the past year had the promise of a good crop, until July. It looked as though they would produre 20 or 30 bushels per acre, but just then, as aomeflmes has happened in that western country, hot winds came from the south and completely destroyed all their crops in six counties and In parts of other adjoining eoimties In North Dakota as well as in other States. This was the fifth or sixth failure for that section of the country. One would think, perhaps, that in that dry region the land Is unsuited for agriculture. The rainfall It is true, is not large, being about 14 Inches, but unti. 1917 they always liad large crops. It is a new country with about 60.000 to 60,000 people. This year a now condition has come. In that the crop was not only completely destroyed by the hot wln<l and the rust that followed, but within the past thirty days since the bill was originally introduced the snowfall, Which is unusual in that country. Is over 2 feet deep and is frozen. There was almost no feed. The farmers had hoped that the cattle might get a part of their feed from the open fields during the winter, but the snow having come to the depth of two feet and frozen, the animals are unable to secure any feed wbat<!ver from that source. The supply of feed is practically all gone and the animals are dying in groat numbers. I am not proposing in the bill or is my colleague (Mr. McCumbor) proposing a donation to these people, but it can readily be seen that their financial power Is exhausted. They are new settlers, just getting started, the majority of tliem having been there only 12 or 13 years. Their farms are mortgaged to the limit. Naturally, In order to purchase pnlmals and erect buildings, their credit at the bank was exhausted after a failure of crops for five or six years, and they haee no means to secure help unless the Federal Government comes to their aid and loans them the money, under the charge of the Secretary of Agriculture, who will arrange for the loans, for a lien on the crops and on the stocks, and the farmers will repay the loans as soon as they secure a crop. The crop conditions appear to be favorable this year. We also quote the following comments by Senator McCumber: There no intention of feeding to live stock the grain which is obtained for seed; there is no provision of that kind in the bill. There is, however, an amendment which allows $1,000,000 of the $5,000,000 to be used with which to buy feed, so that one-fifth of the total amount may be used to buy hay or buy anything that may be used for feed, and for such amount is may thus be used there will be a lien upon the live stock. grain itself that is bought for seed must, under che terms of the bill, be used for seed purposes. If the farmers got a crop from the seed the Government will have a first lien upon that crop, but if they do not get a crop from the seed I do not think the Government ought to claim a as The itself. The land itself is now mortgaged, in most about all that it is worth. If the farmers could get anything more than they have in the shape of a mortgage upon their lands by obtaining a second or a third mortgage or any kind of a lien, they would buy the seed themselves; they would not come to Congress for aid. They cannot got the money on an additional mortgage; the banks cannot help them out. It is almost a case pf starvation, so far as they are concerned. I wish also to refer to the live stock matter, as to which my colleague did not fully go into the details. In the last three days I have received more than 300 telegrams from the live stock section of the State, from banlcs and from private individuals. They estimate that the loss of life amongst live stock will range all the w.ay from 30 to 75% of all the live stock which is raised in that section of the country unless they get immediate relief. As explained by my colleague, the farmers on account of the drought, did not even raise sufficient hay last year, but they hoped for an open mnter which we sometimes have. In such an open winter, with the buffalo grass of that section, the farmers can do some feeding outside, but with two feet of snow and a crust frozen over that, every foot lien EXPORT BANKING CORPORATION. of the Board\ saying: The First-Trust Joint Stock Land Bank upon the land instances, for of pasturage is gone, and now the farmers must rely entirely upon feeding. With the lien the Government will have upon the live stock it will^be protected if that livestock can be saved. *£. H [Vol. 114. The Export Banking Corporation, organized in February 1920 with a paid-in capital and surplus of $2,400,000, for the purpose of assisting in foreign credits, especially connected with cotton, has applied to the State banking authorities for permission to liquidate. It is stated that the owners of this corporation, which is closely held, finding that it has served the purpose for which it was formed, and that the small demand for cotton credits does not warrant its continuation, have decided on this course. The Export Banking Corporation managed the syndicate, composed of right local banking institutions, formed in April 1920 to fmance, with the assistance of the War Finance Corporation, a $10,500,000 loan to Czecho-Slovakian spinners for the purchase of cotton. The loan, which was guaranteed by all the Czecho-Slovakian spinners and nine Czecho-Slovakian banks, and also by the Czech Government, has, it is said, been paid in full. The corporation has capital and surplus of $2,400,000 and undistributed profits of an approximate amount of $400,000. DEATH OF LIEUT. -COL. R. G. CHOLMELEY-JONES, FORMERLY DIRECTOR OF WAR RISK INSURANCE BUREAU. Lieutenant-Colonel Richard G. Cholmeley-Jones, VicePresident of the Finance & Trading Corporation and formerly Director of the War Risk Insurance Bureau, died on Fob. 21 at the Presbyterian Hospital from heart trouble. Col. Cholmeley-Jones is said to have suffered a breakdown about four months ago as a result of his work at the head of the War Risk Bureau during the two years from May 1919 Previously, in September 1917, at the reto March 1921. quest of the Secretary of War, he undertook the .organization of the Second Liberty Loan campaign. In that year he withdrew from the "Review of Reviews," with which he had been identified since 1903. ADVANCES APPROVED BY WAR FINANCE CORPORATION. The War Finance Corporation announced on Feb. 27 that from Feb. 23 to Feb. 25 1922 inclusive it had approved 230 advances, aggregating $6,095,000, for agricultural and livestock purposes as follows: $59,000 79,000 76,000 163,000 138,000 91,000 76,000 346,000 13,000 469,000 40,000 97,000 606,000 340,000 in Alabama in Arizona in Ai-kansas in Colorado in in Georgia Idaho in Illinois in Iowa in in Kansas Minnesota in Mississippi in Missouri in Montana in $419,000 in New Mexico 368,000 in North Carolina 908,000 in North DakoU 1 1 ,000 in 365,000 in 706,000 in 35,000 in 600,000 in 29,000 in Oklahoma South Carolina South Dakota Tennessee Texas Texas on llyestock In New Mexico 32,000 in Washington 122,000 in Wisconsin 207,000 In Wyoming Nebraska During the week ending Feb. 25 1922 the War Finance Corporation approved 346 advances, aggregating $9,857,000. for agricultural and livestock piu-poses. On March 2 the Corporation announced that from Feb. 27 to March 1 1922 inclusive it approved 186 advances, aggregating $4,818,000, for agricultural and livestock purposes as follows: $259,000 in Montana Alabama 151 ,000 in Nebraska 56,000 in California 1,165,000 in North Dakota 53,000 in Colorado 20,000 in Ohio 40,000 in Colorado on livestock in 190,000 in Oklahoma Nebraska 40,000 in Oregon 65,000 in Florida 118,000 in Oregon on livestock in 117,000 in Georgia Nevada, Idaho & Oregon 55,000 in Idaho 45,000 in South Carolina 190,000 in Illinois 328,000 in South Dakota 40,000 in Indiana 290,000 in Tennessee 292,000 in Iowa 160,000 in Texas 137,000 in Kansas 80,000 in Washington 208,000 in ^Minnesota 228,000 in Wisconsin 450,000 in Mississippi $41 ,000 in The Board also approved an advance of $722,000 to a financing institution organized to promote export trade for the purpose of financing the exportation of cotton. ADVANCE BY WAR FINANCE CORPORATION TO BURLEY TOBACCO GROWERS' ASSOCIATION. The War Finance Corporation announced on Feb. 20 that had approved the formal application of the Burley Tobacco Growers' Association of Lexington, Ky., for an advance of it not exceeding $10,000,000. On Dec. 14 when the Association was made a, going concern, the directors, chosen from 22 districts of the Burley belt, having at that time taken charge, it was stated that it would be the largest co-operative March THE CHKONICLE 4 1922.]. marketing organization in Ihe United States, having approximately 55.000 members and controlling close to 200,000,000 pounds of hurley tohacco. On Dec. 24 the Cincinnati "Enquirer" had the following to say regarding the organization and the plans for financing the burlej^ pool: Cincinnati banks mnj' be culled upon to play a large part in the financing of the newly organized Burlcy Tobacco Growers' Co-Operative Association some time between Jan. 1 and 15. This was indicated during the early part of the current week when R. M. Barker. Carrollton. Ky., General Manager of the Association, came here and conferred with leading bankers. He said that arrangements would have to be made with banlis in Cincinnati, Louisville or Lexington to borrow money with which to pay the burley growers their 50% of the value of tobacco placed in the Association warehouses. It is expected the total storage wtII amount to about 200,000.000 pounds of burley. and that between 135 and 150 tobacco warehouses of Kentucky, Ohio and Indiana will have been turned over to the Association by the time it will Iieoome necessary to negotiate the loans. Just how much will be necessary has not been determined, but it was intimated that the preliminary financing would require from .?5. 000. 000 to This money will go to the Burley Growers as a fund upon SS. 000. 000. which they can draw when they are given their warehouse receipts for the tobacco turned over to the bvu-ley pool. According to the explanation given the local bankers by Mr. Barker, the farmers in the four districts of the Association wiU deliver their tobacco to the Association warehouses and receive a receipt for it from a subsidiary corporation which is to be formed by the Co-Operative Association for the operation of the warehouses themselves. After the tobacco has been received the warehouses will be closed for a period of ten days or more, during which the tobacco will be graded, dried, When that is accomplished the individual farmer will prized and stored. be given his regular warehouse receipt, on which is specified the number of potmds of each grade that he has turned over to the Burley Association for marketing. The warehouse receipt is in the form of an inland trade acceptance representing 50% of the graded in or appraised value of the tobacco. The farmer can take this to his bank, where he wiU be able to discount it at the current discount rates of his bank. The remainder of his money will be paid when the tobacco is sold. The assets of the subsidiary' warehousing company will be the total value of the 1.35 to 150 warehouses which are based on the replacement value of the warehouses less actual depreciation, the appraisal being made by some nationally known appraisal company. The debts, if any, of the warehouses will be assumed and the Association will issue to the owners certificates of stock, which are 1k) be redeemable in five equal payments vrith Both the warehouses and the contents will be interest, within five years. fully insured by the Association. It is expected that the marketing of the jKJoled burley ^vill commence about the third week in January. The opening of the warehouses at Lexington, Ky., occurred on Jan. 25, when the tobacco pledged to the Association went on sale for the first time this season. Advices to the Louisville "Courier-Journal" that day from Lexington said in part: The loan to the Burley Tobacco Growers* Co-operative Association to-day totaled $5..329.000. Tuesday the total Offers of loans tabulated to-day aggregate S21 5,000. Monday the added loans totaled $176,500. of loaas offered was $770,700. Subscriptlonsat the close of the conference here Saturday were S4. 169. 500. These figures do not Include $126 000 unofficially reported to have been subscribed by Shelby County banks Tuesday. I. C. Stone, President, said that In the reports of the subscription the term "over-subscrtption" had been used. He explained that the term related to the fact that the minimum requirements of the Ass<jciatloD had been placed at $.3,600,000. Open to All Frimdly Banks. "It has been a pleasing feature of the subscriptions that they have far exceeded the minimum of our requirements for the success of the initial loan, but in view of the attitude of the banks durintr the preliminary campaign not at all surprising and It shown emphatically that the banks of the burlf-y district have confidence In the A-ssocialion and Its plan of busiress. "Any bank which desires to do so will have the opportunity to participate In this loan, and now has the opportunity." Deliceriet Be0n To-Day Members of the Burely Tob.acai Growers' (;f>-«peratlve Assnolatlon convenient to Lexington will begin to-day the delivery of their tobacco to I-exiogton warehouji';8 and will receive the Initial payment on their crop.q. an advance of 50 to 00% of It-s value an fwtlmateil by experts In Judging tobaco valu»M made In view of prc-sont m.->rket conditions. Warehouses In other part« of rhu burely district will open Monday mornMuch Interest Is being manlfcsl^jd In tli(! opeiiing In LexlnKt<in to-<Jay. ing. There will not bo the ruKh which has for years marked the delivery of tobaoj. for each »Towor has had a date and place usHlgniMl to lilm for the delivery of his crop. CKOMWnLL OF N. Y. STOCK EXCHANGE OS EFFOHTS TO liKEAK UP fillCKET SUO/'S AND PUEVENT MI fill SE OF TICKER SERVICE. I'lifLSIDKNT In a Htatement i.H.Mued n Feb. 2J Seymour L. Cromwell, President of tho New Vork Stock K.xclian(,,'e, drew atlenlion to the fa<^;t that out of all the failiireM of l)rokerjig(t hoii.sc.s Hince Nov. 2(> last, only two were .Stock K-vehange lifjiiseH. Ffe al«o refoTTod to the aclir)n of the Kxeliange in n'riiHirig ticker HfTvico to Home of the? faih^d non-m«!niber hoii.scH which had api>lied for Huch norvioo. The following Ih Mr. OoniwcU'm Htatemont: Tlio fivfi no wnri- In Thorn lO'JI K, H. . W. f'n. hou*"". ih« I of In-' tiji VI' One ' >l * .1 of I111U.U Thn <'•. >>r was re|K>rl,<<(| In thn {liipom of York Htork K.«'li;iiiKn, fm I w.is nrtrr irhl''h t Vl.xv.ni'T .SUH'k KK'hnriKe houw^ slncn 1 Ij ' i trMliiy, Nov. 20 It has been stated in the press that the numerous so-called brokerage houses that have recently failed were enabled to do business because the .Stock Exchange furnished them with ticker service. The fact is that of all the non-member houses that have failed since Nov. 29 five had made application for New York Stock Exchange ticker service and had had their applications refused; thirteen had at one time received ticker service, which had been discontinued by the New Yor'- Stock Kxchango; only four of the houses that have recently failed were at the time of failure receiving New York Stock Exchange ticker service. The applications of these four houses for quotations had originally been approved after investigation and upon evidence which appeared to establish that their business would lie in all respects properly conducted. The Exchange, at the time of their failure, had not received sufficient evidence to justify the removal of their tickers. The Stock Exchange, by reason of its control over its own quotations, has been the greatest factor in the breaking up of bucket shops and preventing the misuse of quotations. The terms of the contract under which ticker service is furnished pro'sade that quota ions shall not be used for any improper purpose and shall not be com^municated to any one that will so use them; and, furthermore, the rules of the Stock Exchange pro\-ide that any of its members who do business for a bucket shop or for a house making a practice of taking the side of the market opposite to their customers shr.U be dealt with as guilty of conduct detrimental to the interest and welfare of the Exchange. FURTHER DEVELOPMENTS IN DISTRICT ATTORNEY BA N TON'S " UCKE T SHOP' IN VESTIGA TION. ' District Attorney Banton, in a statement discussing his "bucket shop" investigation on Feb. 19, urged immediate enactment by the New York Legislature of a "blue-sky" law, pro^dding for the licensing of brokers and the periodical inspection of their business, according to the New York "Times" of Feb. 20. Mr. Banton is reported in the "Times" as saying that the United States Government eould help and suggested, it is said, that a Federal law might be enacted forbidding the use of the mails to market anj^ securitj^ until after thorough investigation had been made by the Post Office Department. Mr. Banton's statement in part, as pi'inted in the "Times," is as follows: During the week Just passed I have had an opportimity chrough the great of complaints received in this office against persons who claim to be stock brokei-s, of studying the conditions in New York County relating to investments or gambling in securities, and have reached certain definite conclusions. I do not believe that 10% of those who have been fleeced have made complaint in the office of the District Attorney. It is not an uncommon thing for a person to rome to the Di.strict Attorney, and, on learning that publicity may attach to the complaint, leave the office without malving complaint preferring to bear his loss rather than to let it be kno'wn that he number . had been fleeced. For a long time I have thought that the supervision of the exchanges over the operations of the financial district would prov e ample protection to the I have reached a people, and that no other supervision would be required. different conclusion as a result of the recent conditions reflected in this office. It seems to me that there should be immediate legislation providing for a blue-sky law as to all securities offered for sale in this State and providing for the registration and licensing of all persons and concerns who deal in securities, either as brokers. uiiderv\Titers or in any other capacity, and providing for periodical inspections of the business of such dealers. The additional Grand Jury, which has been probing "bucket shop" operations in the financial district, and which, it is understood, terminated their labors on Thursday, (March 2), on Tuesday (F'eb. 28), handed a presentment to Judge Joseph F. Mulqueen in the Court of General Sessions in which they endorsed District Attorney B.anton's suggestion for State legislation to safeguard the interest of the investing public, and in which they urged legislation to su])ervise brokers and stock exchanges on the same basis as banks and insurance companies. The presentment to Judge Mulqueen, in part, as ])rinted in the New York "('ommtTcial," said: a r(!sult of our labors, we heartily endorse all efforts lo secun' legislawhich will safeguard the Intei-cwls of th<< investing jiiibllc and. thoreforo, have njached the conclusion that hueli legislation should iirovlde: (1) That, iM^foro any security Is offered fur sale to the public, the corporation or association which Issues such security sluuild be thoro\ighly Invest Igated and the value of such soctirlty dotormlnod by such invostlgiitlon and made publii!. (2) That every person or concern doing business as broker or In any way deallTig In wcurlllcs and evi'ry exi'liange Ihniugli which Ncciirllles are sold or lrnd««l In or In any way liundl<-d shiiuld be lici'iised by the State. C.U That the mime supervision that Is now given to banks and Insurance compaiili's should be given lo brokers and exclLtnges. and that freiitient lnvi>sllKal Ions ^|lould Ih> made by the Stale Into llie affairs and transaeljiiiis of Hiirli broken* and exelianKes. (•>) That llii<M> cone<Tns should be under tin' suiK'rvlslnii ell her of the ,\s tion .Seenittiry of Htale, . du<i<'d We ihiit It cdulrl not rontlnun In hiioinew) wliliniii rcifrntlitblii or home ol her de|iarl nieiit by the Dhtrlel Alturney. fully reiiuest lliiil Viiiir Honor use (he to urite Hie eiiactinenl of such luglslutluii as ' effect thiiMi rrmmmoiiilatlons. Tp llin iK'fori' IIS ri»i|>eel svlieii the MK'oiid wii* nieiit . Ki'h.ifiKn limUl«v| utHiii awtlKtiriinnt by WuKiinr iiiiiMirtiinii'. the State llanklng Depart lo Is' en-ati'd for that pur|Mis<', and llinl su<-li di-pnrtnient so having suporvhliin Nhould not Im< In concert with the other depart tnenis of lilts Htitio which Control the IsNiiitnee of HeciirltleH of corporal Inns. til"' n-eonls of the di'iiartnient having Nni)ervls|on, as nfonv (fii That MHld Mhiiuld under pni|H'r safegiianls, Is- opiMi to any pernon who may havn a leiclHrnute Interest therein. We dis<ni It rittliiK. nt this liinn, to make this public ncknowledKment of our ii|ipre<-|iit|iiii of (he public Nervier ri'iidi>r<'d In thosn InvtwtlKiitlons con- fnlhirn nf aiii.tll of Its iMnUintr^m Thn f.illurn wns iiiimI h.tvo no dl. position whalnvnr lo inlnlnil)'.«> It* liiiportanro. Jiy>pardl/.lii( •od rii|<ir»» 901 lo and inehiding ThiirHdiiy (March Ihe galion may ttf uilililiotwi! (Inind alleged "biir-kel Altorney Muiiton uiid IiIh .liiry wiih kIioji" asoiHtniilH Influeiiee of the Court iifMHli>d lo carry liiln ist 2), it in iinderHtood, diHchiirged, Ihe inviHli- by DJHlriil begun on Keb, 0, hud oixrutioiiH . : THE CHKONICLE 9o:s [Vol, 114. resulted in seventeen indictments being returned charging 41 persons of alleged stock frauds. Of the whole number BOUREAU & EVANS, PHILADELPHIA, ASSIGN. The brokerage house of Boureau & Evans, 130 South loth of those indicted, it is understood, only six have been St., Philadelphia, made an assignment for the benefit of its arrested, five of these defendants being now in the Tombs, creditors to J. Howard Patterson, an attorney, with offices having been unable to obtain the large amount of bail, in the Pennsylvania Building, Philadelphia, on Saturday, $50,000, imposed in each case. Many of the defendants, it is understood, have fled the country, and some, it is thought, are awaiting until the agitation caused by the investigation of the District Attorney has subsided before giving themselves up. According to the New York "Evening Post" of Feb. 27, .Judge Learned Hand in the United States District Court in the morning of that day handed down an opinion in the application made by Elmore D. Dier of the failed brokerage firm of E.D.Dier&Co.for a rule to enjoin District Attorney Banton from using the books of the bankrupt firm before the State Grand Jury. Judge Hand refused to issue the rule, thereby permitting the District Attorney, it is understood to use the books of the company as indicated above. Feb. 25. The Philadelphia "Ledger" stated in its issue of Feb. 26 that the embarrassment of the firm did not become publi(^ Tintil the following notice was posted on the door: The firm of Boureau & Evans has made a general assignment for the benefit of creditors. J. Howard Patterson, Assignee. ANCILLARY RECEIVERS APPOINTED FOR KARDOS & BURKE. Judge Thompson in the Federal Court in Philadelphia on Tuesday (Feb. 28) appointed Robert T. Stephenson and Irvin A. Winebrad ancillary receivers for the failed firm of Kardos & Burke. Mr. Stephenson is the receiver for the We New York. referred to the suspension of the firm in om- issue of last week, page 794. failed firm in SUSPENSION OF MORTON LACHENBRUCH & CO. COTTON EXCHANGE IN SYMPATHY WITH The brokerage firm of ISIorton Lachenbruch & Co. of EFFORTS OF DISTRICT ATTORNEY'S OFFICE TO 42 Broad Street, this city, failed on Tuesday of this week INQUIRE INTO STOCK DEALINGS. (Feb 28) Its members are Morton Lachenbruch and James Edward M. Weld, President of the New York Cotton K. The following statement was issued the firm: N. Y. . . Exchange, in voicing the support of the Exchange in Ihe efforts of the District Attorney's office to ferret out and prosecute bucket shops, had the following to say in a letter received by District Attorney Banton on Feb. 24: Supplementing my letter of Feb. 14, I bes again to address you because of various reports in the press, from which it might be deduced that the Governors and members of the New York Cotton Exchange were not in sympatliy with the recent activities of your office in ferreting out and prosecuting bucket shops. May I state that such is emphatically not the case. The Governors and members of this Exchange are heartily in favor of your activities, above mentioned, and are heartily in sympathy with the work our members, Mr. Brooks and Mr. Pierce, are doing. Commenting on the above, the New York "Tribune" of Feb. 25 said: Reference to Mr. Brooks and Mr. Pierce reveals for the first time that the investigation which they instigated against the American Cotton Exchange has the support of the New York Cotton Exchange. E. A. Pierce is managing partner of A. A. Housman & Co., brokers, of 20 Broad Street, and Louis Brooks is a member of the Board of Governors of the New York When a Cotton Exchange. complaint was filed with the District Attorney's office against the American Cotton Exchange two weeks ago officials of the Exchange said they did not believe the New York Cotton Exchange had anything to do with the action. They attributed the attack against the Exchange to individual cotton brokers envious of the success of the smaller organization. The complaint mentioning the American Cotton Exchange was sworn to by Solomon W. Quinn. an employee of A. A. Housman & Co., who alleged irregular methods of doing business on the floor. No developments in the investigation have been reported by the District Attorney since the American Cotton Exchange voluntarily opened its books for inspection. GEORGE W. KENDRICK 3RD, & CO., that institution will call a meeting of the firm's creditors The partners in the firm were George W. Kendrick, 3rd, and Clarence H. Clark, 3rd. Lack of sufficient working capital and the holding of a large block of securities that are not readily marketable, it is understood, were the reasons for the firm's failure. The suspension of the firm from the New York Stock Exchange, of which Mr. Kendrick was the member, was announced yesterday, March 3. A similar announcement was made by the Philadelphia Stock Exchange on the same day. shortly. P. K. GUTHRIE & CO. The recent uneasiness has caused a run of customers and creditors on our business. Customers who have had accounts with us for a long time have suddenly demander" the immediate return of securities and the payment of money due them. The result of this has been that we have been forced to pay off loans and take out securities to a very large amount. In order to conserve the interests of all concerned, in these circumstances, we have thought it wise to announce our suspension so that one creditor may not gain at the cost of another. Our affairs are in good shape: our assets will amount to approximately SISO.OOO. Our liabilities will amount to approximately $109,000, so that there is no cause for alarm on the part of our creditors or customers. In order to work this situation out so that every one will receive the maximum results, we need the patience and co-operation of our creditors and customers. An involuntary petition in bankruptcy was filed against the firm in the United States District Court on the same day (Feb. 28), and Hem-y B. Singer was appointed receiver under a bond of .$30,000. The following notice was issued by the New York Curb Exchange upon the failure of the firm Morton Lachenbruch & Co. having announced its failure to meet engagements, said firm is suspended from regular membership and members having contracts subject to the rule of the Exchange with said firm shall without unnecessary delay proceed to close the same in accordance with Article XXVII, OF PHILADELPHIA FAIL. The Philadelphia Stock Exchange firm of P. K. Guthrie Co. with offices at 1420 South Penn Square, that city, assigned for the benefit of its creditors to James S. Clarke of 136 South 16th Street, Philadelphia, on Feb. 27. The & it is said, was due to heavy withdrawals by the firm's customers during the past month or more. The Philadelpliia "Ledger" of Feb. 28 reports Mr. P. K. failure of the firm, Guthi-ie as saying, in part, in a statement explaining the failure of his firm: I strained every resource to meet all withdrawals, but on Friday realize that unless I could get immediate financial assistance I could not wejither this storm. The only reasons for the jisslgnment were the heavy withdrawals and the fact that the loss of so many accounts made the overhead too largo for the accounts that remained. The business was conducted on a thoroughly clean and honest basis and I have nothing whatever to conceal. Section 1, of the Constitution. A press dispatch from Detroit under date of Feb. 28, appearing in "Financial America" of this city of the same date, announced the suspension of the firm from the Detroit Stock Exchange on that day. PHILADELPHIA, FAIL. The Philadelphia Stock Exchange firm of George W. Kendrick, 3rd, & Co., of Philadelphia, made an assignment for the benefit of its creditors yesterday (March 3), according to a press dispatch from Philadelphia of the same date. The assignee, it is stated, is the Philadelphia Trust Co., and by Watt. The OTHER BROKERAGE FAILURES. Thomas H. Cowley & Co., 115 Broadway, firm of on Satiu-day (Feb. 25), and on Monday (Feb. 27) an involuntary petition in bankruptcy was filed against the firm in the Federal District Court. Judge Hand appointed Earl B. Barnes under a bond of $15,000, receiver for the firm. The firm, it is understood, was a member of the Consolidated Stock Exchange and an associate member of the New York Curb Market Association, and has been suspended from both these organizations. this city, failed Announcement was made from the rostrum of the New York Consolidated Stock Exchange on Monday morning (Feb. 27) of the suspension of Mosher & Wallace of 33 Broadway. The members of the firm, it is understood, were William J. Mosher and Forrest W. Wallace. Mr. Mosher was the floor member. An involuntary petition in bankruptcy was filed against the firm in the U.S. District Court. In the petition liabilities were estimated at $175,000 and quick assets at $150,000. There were also said to be slowJudge Hand appointed Louis assets of considerable value. Wchle, receiver for the firm, fixing his bond at $30,000. The firm has also been suspended from associate membership on the New York Curb Market for failure to keep its engagements A petition in involuntary bankruptcy was filed in the United States District Court on Monday (Feb. 27) against the firm of Gamble & Yates, of 82 Broad Street, this city, and Judge Hand designated Ben A. Matthews, receiver. Liabilities were estimated at $75,000 and the assets at The firm co nsisted of H P Gamble and T George $20 ,000 Stiles, it is understood. . . . . March THE CHEONICLE 4 1922.] Another brokerage firm to fail this week was that of Shewry & Falkland, 198 Broadway. Suspension of the firm from the New York Consolidated Stock Exchange followed the filing of an involuntary petition in bankruptcy against the firm in the United States District Court on IMonday It is said the liabilities of the failed company are (Feb. 27). in the neighborhood of $G0,000, and its assets approximately $25,000. Md. 903 C The firm consisted of John J. Scott Jr. and Harry An involuntary petition in bankruptcy was filed against the company in the United States District Court on March 2 and Judge Hand appointed Francis L. Kohlman receiver under a bond of 820,000. The firm's liabilities are put at $300,000 and its assets at 8150,000. Stump. On March 2 an invohmtary petition in bankruptcy was the United States District Court against the brokerage firm of M. E. & J. W. de Aguero at 66 Broadway, this city.' Formal announcement was made of the suspension of the firm from the rostrum of the New York Consolidated Stock Exchange on the afternoon of the same day. According to "Financial America" of this city of March 2, Leonard J. Obermeier of 34 Nassau Street, the firm's attorney, issued the following statement concerning the failure: The embarrassment of the firm of M. E. & J. W. de Aguero was dne filed in of C. W. Starbuek & Co. at 20 Broad on Monday (Feb. 27) assigned for the beneNelson M. Cooper, of 247 West 104th fit of its creditors. Estimates of the liabiliStreet, New York, is the assignee. it is said, were not given ties and assets of the failed firm, when the assignment was made. The partners of the firm were Calbin W. Starbuek and Frederick W. Wright. The brokerage firm Street, this city, An involuntary petition in bankruptcy was filed in the United States District Court on Tuesday of this week (Feb. 28) against the brokerage firm of Howell & Wales at 30 Broad Street. The liabilities of the firm, according to the petition, it is said, are placed at §500,000 and its assets at 8400,000. William T. Howell and Reginald C. Wales, it Formal announcement is said, are the partners in the firm. the New York Consoliof the suspension of the firm from dated Stock Exchange was made from the rostrum of the Exchange on March 1. John H. Lyttle, it is understood, has been appointed receiver for the firm under a bond of $40,000. According to the New Y^ork "Commercial" of March 1, Howell & Wales had branch offices in Chicago, Detroit, Cleveland, Pittsburgh, Harrisburg and Newark. The -'Commercial" stated that "the District Attorney of Cuyahoga County, Ohio, of which county Cleveland is the seat, had telegraphed District Attorney Banton that he had taken possession of the books of the concern in its Cleveland office because of complaints lodged with him." & Co., 50 Broad Street and 2521 Broadway, this on Tuesday (Feb. 28), an involuntary petition in bankruptcy being filed against the firm on that day in the United States District Court. The liabilities, it is said, are placed at -8100,000 and the assets at 825,000. Branch offices were maintained by the concern, it is said, in several MassaThe suspension of the firm chu.setts and New Jersey cities. was formally announced from the rostrum of the New York Hall city, failed Consolidated Stock Exchange on Wednesday, March 1. Harry Zalkin, it is said, has been appointed receiver for the The firm was composed of firm under a bond of 810,000. Louis T. Hall and Charles J. Anastasia. The brokerage firm of H. A. Cochrane & Co. at 67 Exchange Place was placed in involuntary bankruptcy on Tuesday fFeb. 28). Harry A. Cochrane is the only member John L. Lyttle has been appointed reof the company. The estimated liabilities ceiver under a bond of $4,000. it is said, are $50,000, with assets of $10,000. of the firm, involuntary petition in bankruptcy was filed against the firm of Walter J. S<-hmidt & Co. of 30 Broad Street this city and 1323 Walnut Strwft, Philadelphia, in the United Slates District Court on Wednesday, March 1. Susipension of the firm from the New York Consolidated Stock ExchsLTign was announced from the rostrum of the E.xchango on the same day. The following announfcmont, as printed in the New York "Journal of Commerce" on March 2, was An made by the firm: In ortlnr to conficrvo 'lie Interwitii of aU our cujitomer" and creditor* during the pr«»«flnt. p«:rl'Kl of un«!aj<ln««. wn have dnomwl It neoowiary to announce our nujiponilfjn Thf! from bu)«ln«!wf at thl* tlriifi. same announcenicnt was postcfl W«'dneM«lay ou the front door of the tinn'ti offices in Philadelphia, according Manth to the Philadelphia "l>'d({er" of 2. to a large degree to the fact that during the past 30 days over $150,000 was drawn from the firm. succession of failures made some customers timid and they have demanded their funds. These demands have been met from the liquid assets of the firm, and In fact the liquid assets are sufficient to allow more demands to be met, but it was decided in fairness to others who have not insisted upon the return of their money to suspend payments and allow all to share alike. The firm possesses a considerable amount of assets which might be considered "frozen" at the present time; investments in certain industrial entei-prises which cannot be readUy liquidated, but can be converted into cash at .some later time. hoi)e. with the co-operation of the customers of the firm, to bring about its rehabilitation at an early date. A We RECEIVER APPOINTED said, John Meyer, tra<lin(; in toreign exchange under Warren & Co., 14 Heaver Street, this tiie name city, wan placed in involuntary harikrui)tcy in the Federal District Court on WedneMclay, .March 1. No eKiimnteH of JWBotH and liabihticH, Haid, it in Annoup' York Coil • ' were rna<le. wax ma*le from iho roHtnitu of tlm New HUn:k Kxchango on ThurHilay (Man^h 2) 1 hrokcraKe of the BUHjKm.Hifjn of th«i 40 Kxchangf Plm'o, thi« fify. hranrih Phila<l<lphia, offi<»'H in iind (>oat««tiviil«, I'a., and Iioiimo of S<'ott The «&, Htiimi), failed firm rnainl.nitn«<l (.'hariiborHlnirt;, Carli*!"- in Hnt;<<nitown unci ('uinb«rliind, RASMUSSEN &^C0*. was placed at .$20,000. PRESIDENT HARDING'S MESSAGE TO CONGRESS PROPOSING SHIP'S SUBSIDY AIDS FOR UPBUILDING OF MERCHANT MARINE. President Harding, in a message which he addressed to Congress in person at a joint session of the Senate and House of Representatives on Tuesday of this week (Feb. 28) presented the administration's plans for direct and indirect ship subsidies for the upbuilding and maintenance of an American Merchant Marine. The President in his annual message to Congress, on Dec. 6 (given in our issue of December 10, page 2460) made known his intention, to propose at a later date, a plan for the expansion of our merchant marine. Referring at that time to the inquiry which the present administration undertook to make into "the failure to execute the expressed purpose of the Jones act," President Harding said, "eager as I am to join you in the making of an American merchant marine commensurate with our commerce, the denouncement of our commercial treaties would involve us in a chaos of trade relationships and add indcscribly to the conOur clusion of the already disordered commercial world. power to do so is not disputed, but power and ships, without comity of relationship, will not give us the expanded trade which is inseparably linked with a groat merchant marino. Moreover, the applied reduction of duty, for which the treaty denouncements were necessary, encouraged only (he carrying of dutiable imports to our slioros, while the (oiiiiago which unfurls the flag on the seas is both free and dutiable, and the cargoes which make a nation eminent in trade are outgoing In his mes.sage of tliis week, PresirallnT than incoiriiug." dent Harding points out that "continued trade must bo reWe cannot long maintain salrs where we do not cipnK-al. TluTo JH not a nniord in all history of long buy. maintained eminoncc-in export trade, except as the exporting , . iiationH dovi'IoiM^d ihcir po.sed aid of the own carrying (Jovi'mment to its capjicity." The pro- rncniliant inariiu<, the ProHident in his repri'sentations to CongreHs this week statos, to have its ehi«f sounre in the duticB collec-tcd on imlie adds, "Instead of api)lying the diHcriniinating ports." duty to the Hpoeifie cargo, and thus r-ncouraging only the inbound Kliipment, I propoHo tliat we hIihII colltct nil import dulicH without diNCTiiiiination an between American and foreign bottoms, and ai)i)ly the heretofore i)ro|)OMed reduction to create a fund for the (loverninent'H aid to our merchant iiuirine. My hucIi ii [)rogrHtn we Hhall encourage not alone the currying of-inboiind carg<M h Hubject to our (arirfs but we hIiuII Htrengihen Aniericuii Hliii>H in the carrying of that greater inbound tonnnge-on which no diiticH are levied, and more important than thcHe, we sluill e(|uip our merchant marine to Herve our outbound commerce, which jh Ihe'moast "i.s of K. B. FOR According to "Financial America" of this city of Feb. 2^, Judge Learned Hand of the Federal Com-t has appointed George A. McLoughlin receiver for the firm of Rasmussen & Co. of this city, which made an assignment for the benefit of its creditors on Feb. 23. Mr. McLoughliu's bond, it is THE CHRONICLE 904 In lieu of discrimure of our imminence in foreign trade." inating duties on imports brought in in American bottoms the President announces that "it is proposed to take 10% of all duties collected on imports brought to us in American or foreign bottoms and create therefrom a merchant marine fund." It is further proposed that to this fund there "shall be added the tonnage charges, taxes and fees imposed on vessels entering the ports of continental United States, also such sums as are paj^able to American vessels by the Post Office Depai'tment for the transportation by water of foreign mails, parcel posts excepted." The President states Ihat "the proposed plan will supersede aU postal subventations, postal compensations and extra compensations, excepting parcel post freights, all of which combined are fast growing to approximately S5, 000, 000 annually." The direct aid proposed, he says, "even though it ultimately runs to $30,000,000 annually, is insufficient alone to offset the advantages of competing fleets," and he argues, "we must aid indirectly as In citing the indirect aids which may be well as directlj^" availed of the President advocates the discontinuance, as far as practicable, of the transport services in the army and na^T. and the making of our merchant and passenger ships the agents of service in peace as well as war; we should, he says, make insurance available at no greater cost than is afforded ships under competing flags; he declares also that American railways must be brought into co-operation with American steamship lines, and that "there ought to be an acmendment to the Inter-State Commerce Act which will permit railroads to own and operate steamship lines engaged in other than coastwise trade." "Other indirect aids" he states "will be found in the requirement that immigration shaU join wherever it is found to be practical in aiding the merchant marine of our flag under which citizenship is to be sought, and in the establishment of the merchant marine naval reserve." He furthermore states that "a very effective indirect aid, a substitute for a discriminating duty which shall inure to the benefit of the American shipper, ill be found in the proposed deductions of incomes amounting to of the freight paid on cargoes carried in American bottoms Among other things the President refers to the fact that "Congress has already provided a loan to encourage construction," and he adds that "it might well be made applicable to some special requhements in reconditioning. "A bill embodying the President's recommendations was introduced in Congress coincident with his message, and this proposes the setting aside by the Shipping Board, out of the revenues from sales and operations, a sum not exceeding $125,000,000 to be known as the Construction Loan Fund; originally, it is stated, the fund proposed was $100,000,000. Loans for a sum not more than two-thirds of the vessel to be constructed, or the value of the vessel when re-equipped are to be made arvailable under the bill, and the rate of interest thereon is per annum. In his message the not to be less than President says: "Up to the World War we were a debtor nation. Our obligaiions were 5% . 2% Apart from the advantages-in carryheld largely by the maritime I'owers. ing our commerce, they sought our-shipments for the balances due to them. There is a different condition now. They are concerned with shipments to It is our high purpose us, but not so interested in our shipments to them. to continue our exchanges, both bujnag and selling, but we shall be surer of our selling, notably our foodstuffs, if we maintain facilities for their transportation. Reference is made by the President to the fact that "we have recently joined the great vanal Powers in a program which not only puts an end to costly competition in naval armament and reduces the naval forces of the world, but adds to the confidence in maintained peace." He likewise says: "The merchant marine universally recogaized as the second line of time of great national emergency. It is commendable to upbuild and mnintain, because it is the highest agency of peace and amity, and bears no throat and incites no suspicion. And yet it is a supremo assurance, without which we should be unmindful of our safety and unheeding of our need to continued gro\vth and maintained influence." naval defense. is It is indispensable in the The following is the President's message in full: "Members of Conoress; "When addressing the Congress last December I reported to you the [Vol. 114. We nounced our treaties. should not only be quite alone in supporting a policy long since superseded through the growing intimacy of international relationships, but we should invite the disturbance of those cordial commercial relations which are the first requisite to the expansion of our commerce abroad. Contemplating the readiness of Congress to grat a decreased duty on imports brought to our shores in American lijttojns and facing the embarrassments incident to readjustment of all treaty arrangements, it seemed desirable to find a way of applying suitable aid to our shipping, which the Congress clearly intended, and at the same time avoid the embarrassment of our trade relationships abroad. The recommendation of to-day is based wholly on this commendable intent of Congress. The proposed aid of the government to its merchant marine is to have its chief source in the duties collected on imports. Instead of applying the discriminating duty to the specific cargo, and thus encouraging only the inbound shipment, I propose that we shall collect all import duties, without discrimination as between American and foreign bottoms, and apply the heretofore proposed reduction to create a fund for the government's aid to our merchant marine. By such a program we shall encourage not alone the carrying of inbound cargoes suljject to our tariffs, but we shall strengthen American ships in the carrying of that greater inbound tonnage ou which no duties are levied, and, more important than these, we shall equip oxir merchant marine to serve outbound commerce, which is the measure of our eminence in foreign trade. It is interesting to note, in connection with the heretofore proposed plan of discriminating tariffs on imports carried to our shores in American bottoms, that the total value of .nil dutiable imports for 1920, in all vessels, was •SI ,98.5,865,000, while cargoes admitted free of duty on which no discrimination was possible, were valued at $.'?.11.'),958,000. The actual tonnage comparison is even more significant from the viewpoint of cargo carrying, because the dutiable cargoes measured, in round numbers, 10,000.000 tons and the non-dutiable cargoes were 25,000,000 tons. The larger emplojTnent, by two and a half times, was in non-dutial)le shipments. Continued trade must be reciprocal. We cannot long maintain sales where we do not buy. In the promotion of these exchanges we should have as much concern for the promotion of sales as for facilitation of our purchases. There is not a record in all history of long maintained eminence in export trade, except as the exporting nations developed their own carrying capacity. No story of national development is more fascinating or so full of romance as that of developing capacity for the exchanges of commerce. Expanding civilization may be traced over the avenues of exchanging cargoes. No matter how materialistic it may sound, nations h.ive developed for themselves and have influenced the world almost precisely as they have promoted their com.raerce. need not refer to the armed conflicts which have been incident thereto. When commerce has been destroyed fading glories have attended. It will avail nothing to attempt even the briefest resume of our own efforts to re-establish that American importance in commerce carrying on the high The aspiraseas which was recorded in the earlier days-of the Republic. tion is nation-wide. The conflict between two schools of political thought heretofore has defeated all efforts to employ the governmental aid which other nations found advantageous while we held aloof, and the terms 'subsidy' and 'subvention' were made more or less hateful to the American public. But the nation-wide desire to restore oin- merchant marine has outlived ail defeats and every costly failure. Eight years ago the aspiration found expression in a movement to have the government sponser an enterprise in which individual genius seemingly had failed. It would be difficult correctly to appraise the policy, because the Woria War put an end to all normal activities. Before we were involved our shipyards were suddenly turned to feverish and costly activities by the call of the Allied Powers for shipping, without which enterprise they could not hope to survive. American energies were applied to construction for others, as we had never dreamed of doing for ourselves. When we were later engaged we trebled and quadrupled the output on our account. Allied resources were called upon to build to meet the destruction by submarine warfare, and ships were so essential that material There was the call for them was given priority over arms and munitions. .for ships, and ships, and yet more ships, and we enlarged old yards and builded madly, exestablished new ones without counting the cost. travagantly, impractically, and yet miraculously, but we met a pressing We We need and performed a great service. A people indifferent to the vital necessity of a merchant marine to the national defense, ungrudgingly expended at five times the cost of normal construction and appropriated billions where millions had been denied before. We acquired va.st tonnage. Some of it, much of it, is suited to the peace service of expanded commerce. Some of it, much of it, may be charged to the errors and extravagances of war-time anxiety and haste. The war progi-am, and that completion of contracts which followed because such a course seemed best to those then charged with responsiliility, gave us .something more than 12,000,000 gross tonnage, not counting the folly of the wood construction, at a total outlay of approximately $3,500,010,000. We thus became possessed of the vehicles of a great merchant marine. Not all of it was practical for use in the trans-oceanic trades; little of it was built for the speed which gives the coveted class to outstanding service. But here was vast tonnage for cargo service, and the government in the exceptional call of commerce which immediately followed the war sought the establishment of shipping lines in every direction calculated to enhance our foreign trade and further cement our friendly relations. The movement lacked in most cases that inherent essential to success which is found in individual initiative. It was rather a govenmnent experiment, where lines were established in high hope and little assurance, because There was the mere suggesthe public treasury was to bear the burden. tion of private enterprise, inasmuch as allocations and charters were made under whiCh private management was to share in profits and private Interests were paid to make the experiment, though the government was to The misadventure was I forbear the detu:led recital. bear all the losses. so unfortunate that bility the losses fail- ure of the Executive to carry out the intent of certain features of the merchant marine act of 1920, notably the provision for the notice of cancellation of all commercial treaties which hindered our grant of discriminating duties on Imports brought to our shores in American ships. There was no doubt about the hlRh purpose of Congress to apply this proven practice to the upIt had proven most effective In the earlier building of our merchant marine. days of American shipping; it had, at various times, demonstrated its effectiveness in the upbuilding of commercial shipping for other nations. iHliThe success of the earlier practice for this Uepubilc came at a time when we had few treaties, when our commerce was little developed. Its superedure by reciprocity In shipping regulations and the adoption of other methods of upbuilding merchant marines through various forms of Government aid and the century ot negotiation of commercial treaties all combine to develop a situation which should lead to endless embarrassment if we de- when the present administration cjimo into responsi- were approximately .'516,000,000 a month, and to the cost of was added the humiliation of ships libeled in foreign ports. In spite of all the later los,ses in operation, however, it is quite beyond question that our abundance of American tonnage was .mainly responsible for our ability to share in the good fortune of world trade during the two years In all probability the lo-sses we have susim.mediately following the war. tained in our shipping activities were fully compensated to the American people in the saving of ocean freights in that period. To-day we are pos.sessed of vast tonnage, large and very costly experiIt is fair to say that a mistaken policy ence, and the conviction of failure. was made more difficult by the unparalleled slump in shipping which came It was late in 1920 and prevailed throughout the year so recently closed. the inevitable reflex of the re;idjustments which follow a great war, and there were heavy losses in operations which had to be met by long established and heretofore successful shipping lines, and ships built at top war costs took the slump in prices below the normal levels of peace. failure March THE CHKONICLE 4 1922.] But ivo havo our ships, the second larRest tonnase in the world, and we have the aspiration, aye, lot me say. the dotormination, to establish a tnerchiint marine comjnonsurato with our commercial importance. Our problem is to turn the sh'ps and our experience and aspirations into the effective development of an ocean-ijoinK shipping service, without which there can be no as.surance of maintained commercial ejnincnco. without which any future conflict at arms will send us building again, wildly and extravagantly, when the proper concern for this necessary agency of commerce in peace will be our guaranty of defense in case that peace is disiurbed. Out of the story of the making of great merchant marines, and out of our o^m experience, we ought to fine the practical solution. Happily, we are less provincial than we once were: happily, we have come to know how inseparable are our varied interests. Nobody pretends any longer that shipping is a matter of concern only to the ports involved. Commerce on the seas is quite as vital to the great interior as-it is to our coast territory East. .South or West. Shipping is no more a sectional interest than is agriculture or manufacturing. No one of them can be prospered alone. We have had a new manifestation of this broadened vision in the enthusiasm of the great Middle West for the proposed Great Lakes-St. Lawrence waterway, by which it is intended to connect the Great Lakes ports with the marts of the world. There is far-seeing vision in the proposal, and this great and commendable enterprise, deserving your favorable consideration, is inseparable from a great merchant marine. What, then, is our problem? I bring to you the suggestions which have resulted from a comprehensive study which are recommended to me by every member of the United States Shipping Board. It is a program of It direct and indirect aid to shipping to be conducted by private enterprise. is proposed to apply generally the benefits which it was designed to derive from discriminating duties to all ship? engaged in foreign commerce, with such limitation of remuneration as will challenge every charge of promoting I think we should discontinue, so far as practicable, the transport 5>ervices in the army and navy, and make our merchant and pas.senger bhips the agents of service in peace as wcill as w;ir. should make in.suranco available at no greater co.st than is afforded We the ships under competing flags, and we can and will make effective th6 spirit of Section 28 of the Jones act of 1920. pro-vnding for preferential rail and steamship rates on through shipments on .American vessels. American railways must be brought into co-operation ivith American steamship lines. It is not in accord with either security or sound business practice to have our railways fiuiihering the interasts of foreign shipping linos, when the concord of American activities makes for common American good fortune. Contemplating the competition to bo met. there ought to be an amendment to the interstate commerce act which will permit railway systems to own and operate steamship lines engaged in other than coastwise trade. There is measiu-eless advantage in the longer shipments where rail and water transportation are co-orduiated, not alone in the sersico, but in the solicitation of cargoes which ever attends an expanding commerce. We may fiu1:her extend our long established protection to our coastwise trade, which is quite-in harmony with the policy of most maritime Powers. There is authority now to include the Philippines in our coastwise trade, and we need only the establishment of proper facilities to justify the inclusion of our commerce with the islands in our coastwise pro^^sions. The freedom of our Continental markets is v/ell worth such a favoring policy to American ships whenever the facilities are suited to meet all requirements. Other indirect aids will be found in the requirement that immigration shall join wherever it is found to be practical in aiding the merchant marine of our flag under which citizenship is to be sought, and in the establishment of the merchant marine naval reserve. The remission of a proportion of income taxes is wholly compatible whan the shipping enterprise is of direct Government concern, provided that such remission is applied to the cost of new ship construction. Congress has already provided for a loan fund to encoiu-age construction. It might well be made applicable to some special requii'oments in recondi- special interests at public cost. In lieu of discriminating duties on imports brought to us in American bottoms it is proposed to take 10^ of all duties collected on imports brought to us in American or foreign bottoms and create therefrom a merchant marine fund. To this fund shall be added the tonnage charges, taxes and fees imposed on vessels entering the ports of continental United States: also such sums as are payable to American vessels by the Post office De- tioning. It is also worth our consideration that in view of svi.<;pended naval construction the continued building of merchant ships is the one guaranty of a maintained ship building industry without which no nation may hope to hold a high place-in the world of commerce or be assured of adequate defense. very effective indirect aid, a substitute for a discilminating duty which shall inure to the benefit of the American shipper, will bo found In the proposed deductions on incomes amounting to 5 of the freight paid on cargoes carried in AmericaJi bottoms. The benefits can have no geographical restrictions and it offers its advantages to American exporters as well as those who" engage in import trade. Our existing ships should be sold at prices prevailing in the world market* I am not immindful of the hesitancy to sacrifice the value to current price levels. constructed at the top cost of war when necessity impelled, when the building resom'ces of many nations were drawn upon to the limit to meet a great emergency. If there had come no depression a return to approximate normal cost would have been inevitable. But the great slump in shipping has sent tonnage prices to the other extreme, not for America alone, but throughout the world. partment for the tran.si)ortation by water of foreign mails, parcel posts excepted. Ouc of this fund shall be paid the direct aid in the development and maintenance of an American merchant marine. The compensation shall be ba.sed on one-half-of-one cent for each gross ton of any vessel, regardless of speed, for each 100 miles traveled. When the speed is 13 knots or over, but less than 14. two-tenths of a cent on each gross ton shall be added; for 14 knots, three-tenths of a cent; for 1.5 knots, four-tenths of a cent; for 16 knots, five-tenths: for 17 knots, seven-tenths; for 18 knots, nine-tenths; for 19 knots, eleven-tenths; for 20 knots thirteen-tenths shall be added to the basic rate. For 2.3 knots the maximum is reached at 2.6 cents for each gross ton per 100 miles traveled. I will not attempt the details of requirements or limitations save to say that all ves.sels thus remunerated shall carry the L'nited States mails, except parcel post, free of cost, and that all such remuneration must end whenever the owTier of any vessel or vessels shall have derived net operating income In excess of 10% per annum upon his actual investment, and thereafter the owner shall pay .50% of su"h exces.^ earnings to the merchant marine fund, until the full amount of subsidy previou.sly received is returned to its source. In other words, it is proposed to encourage the shipping in foreign trade until the enterprise may earn 10 on actual investment, whereupon the direct aid extended is to cease and the amount advanced is to be returned out of a division with the government of prof its in excess of that 10 '7- The provision makes impossible the enrichment of any special interest at public expense, puts an end to the government as.sumption of all losses and leaves to private enterprisa the pros-prjctive profits of successful management. The cost of such a program probably will reach S15.000.000 the first year, estimated on the largest possibilities of the present fleet. With larger reJmbursejnent to high speed vessels and the enlargement of the merchant marino to a capacity comparable with our commerce, that total outlay may reach the limits of MO.000.000. but it is confidently believed that the scale may in due time thereafter be turned, until the larger reimbursements are restored to the ^^reasu^y. Even if we accept the extreme pos.sibility that we shall expend the maxijnum and no return will ever be made, which is to confess our inability to establish an American mercluint marine the expenditure would be vastly preferable U> the present unfortunat<> situation, with our df-pendonce on our comp<rtitors for the delivery of our products. MorcjvfT, the cost for the entire year would bo little more th;in the deficit heretofore encounterofJ in two .month-s during the experiment of the govomment-sp-inviring the linen and guir.intuelng the cost of their operation. The propose*! plan will .super>.ede all (Kisial subventions, postal compen.satlons and extra '-omiH'nsatlons excepting parcel post freights, nil of which comblne'l are f.wt grf)wing o appr.jtlmibcly .S.5.000.000 annually. It w II uJtim;>t<:ly Cake the fiovem/nerit out of a business which ha.s been, and Is now. eicpsslvely costly and wa.st«'ful. .-•iid Involving a lf)s« in excess of the highftst subsidy ppopowHi. It will bring to shipping again tluit Individual Initiative which Is the very soul of succj^sful enterijrim-. It shotikl en;il)lo the 'Jovernmfsnt to liquidate Its vast flwt U> the hlghrst jkwvsIIiIc advantage. Th'! miking of a sucv-nful .AmiTican merchant marine. whi<-h must face the stlfffMt possible c#impctitlon by lh<r f|e<!lH of the maritime n.itlons, ref|ulrrs vtmtithing more than the dlrerrt aid to which I h;ive alluded. The dir«>'-t aid iirf)pr)H4«J. even though It ulf Im.il'-ly ruas to .V.O.OfKI.OOO annually. Is sufficient alone to offsol the a'lvant,itri-< of comix-tlng riects TluTt( are morn than wage rtmtn and working c.,ndillons and the higher costs of mtionlng. which no consld'Table Atn(M-lcan wmtiment will rxtwu-nt U» have low<T<'»l to comfx'tlng st..-irii|.irdH. The men who sail the w;ih under our flag must l«) p«'rmllliv| to stand nrect In the fullnens of Am.Tlcan opiK)rtiinlty. There Is the higher ivist of con iir -f ,,.r, II... i.r.,..,. I'.' .-'rnent. the higher c^wt '=' oijtlny. "^^'r, — — 1 ' e^' pr "!-'i| ,.,,...... ' be ash/>r<-, .ifid *<; hIu>\i\iI tmrting the other. We need .-» '•. ' - ni.., Our li. the sarm- ns are III.. liistrNw '.I > In |ir>iiiio<.lnK the one lis we lire In projst aid Indirectly as well as illns-tly. . an nwnknned Attierican pride, and an nvowtxl ,- 'hat we sh-ill iM'itonie. In the main. Ill' '.f '<! of all c/iiniH'tltlon and nil dlw/n I bring i'< yijii a d<'flii' lii>r'«lui m. I'ss I'l prriitxw an ftfc«-|,' nintlviv TluTe 'I op;. Can We hlghi-r fftvorlnK spirit, Amnri'Mn d our own Wl". There are , 905 A % We we held our ships to await the recovery we should only make more our response to beckoning opportunity. One of the outstandingbarriers to general readjustment is the tendency to await more favorable price conditions. In the widest view tho nation will ultimately profit by; selling now. We may end our losses in an enterprise for which wo are not equipped and which no other government has successfully imdertaken, and the low prices at which we must sell to-day will make a lower actual investment with wliich we deal in promoting permanent service. If I were not deeply concerned with tho upbuilding of our merchant marine I should nevertheless strongly urge Congress to facilitate tho disposal of tho vast tonnage acquired or constructed in the great war emergency.' Tho experiment wo have made has been very costly. Much has been learned, to be sure, but the outstanding lesson is that tho Government canr' not profitably manage our merchant shipping. The most fortunate changes in the personnel of management would still leave us struggling with a policy' fundametally wrong and practically impassible. Having failed at such enormous cost I bring you tho proposal which contemplates the rettum to individual initiative and private enterprise, aided to a conservative success. wh<;rein we are safeguarded against the promotion of rivate greed, and do not discourago tho hope of profitable investment, which underlies all successful endeavor. We h;ive voiced our coui^crn for the good fortunes of agricultm-e. and It is right that we should. We have? long proclaimed our inl<>rest in manufacturing, which is thoroughly .sound, and helped to make us what we are.. In the evolution of railway transport ion we have reve;ile<l tho vital ri'kitionship of our rail transport.ntion to both agriculture and conunerce. We hiive be<!n expending for ni.iny years largi! sums for diH-poiiod channels and l)Ctt(T harbors .md improved inlami waterways, and iiuich of it li;is found abundant return in enlarged conimerce. Hut wo h;ive ignored our nicr^'hiint marine. Tlu; World War revealed our weakness, our tnipivparcdues,s (or defen.se in war. our uiireadiiM-s.s for .self-reliance in peace. It would seem as though tnmsplring ev<!nts were combining to n<hiioniHh ii.s not to f.ill now to re,as.s«Tt ourselves. In the romantic days of wooden hulls and whitened s.-ilLs. and the sturdiest men of the sei. we out.s.iiled tho world and carried our o^vn cargoes rpvciaIo<I our fl.ng to the marts of the If difficult .-it — world. I'p to the World War we wen' a delitor nation. Our obligatloiiN were held laiTfely by the in.-trlliine I'owers. Apart from the iid vantages in cnrryIng our comiiu'ri'e, they sought our shipnif'nt.H for the ImlanoM <lue to Ihtmi. Thi're Is a ellffercnt condition now. They are cjmcenied wilh slilpnieiit« to UM, but not NO Inl4>ri<st4'd in our .shipnient.s to them. It Is our high piirpos** t<i continue our exchaiiKtv*. Ixilh buying of our selling, notably our fondstuffs. au<I 1 public 'I 111 will' a»nv, Inl lllllir/ )< pr ,11 ' • I ill wllhoill driifl ntpm the i>ri>iiiiiliMg Aril' Iiut we kIuiII be MiriT miilntnln facilities for their .st'lliug. transjKiriiitlon. <'<intem|Minini<<nis with the iiwukenlng we have the pro|siH(il l<i carry our ocntin-going riii-illtli-M to tho grent unbilled Hens.' wlilrli slliill pl;ice tlw r.iriMS of the iipisT MisMlsslppI Viilley on a market wny to the iiinrts of the Old World. W« should fall to itdjust our vision !.<> the iMissllillltleti If wo luiltisl In initkInK for Ainerlcjiii omliion<-« on tho ocenii hlghwiiys now iiw;ill iiHt mir rrtnm. W' joined ilm gre.it iiavnl INmerH In ii progriiin whirh n coinpi'llMon In n.i .1 .iiimnienl iind reducrs -s of tlui World, liiit adds Ui itii' In innlniMliii-il pivirr. ily of stH'tiglli iinionK the rofti <' » Imlly one of dlsiipIMilntIng ilimry If ours Is to Immi inenli.-mi m nine in.iilei|iiuie fur ihe fiitufH, il'» not cnre Ut stresr. It iin ii nieiins of ilcfeii'.e The «iir nnd mir enfiiri'i'd iiuUny liiive idnvidy Nln<Ns<«| ili.ii ihiImI Th" rni^rhant marine Is nnlvcrwilly r«roKnl/.ed us Ihn secniid tliii' nf nitval iiily 'ii'. I'l i4i I'cwily ' ^ tr Of thi we If < I . It \« •}}f rt'.i KT- r* 'j'l'r' i ],, , It Is rn< " sir • hu II.. s tl., I 1 n strongly If lln.> lit, iMil nil IndlsiMMisnlilK In III" mlubln Ui llplnllld iiii'I nd iiinlly nnd Imnrs no . of w.irl<l travel, «iiiiph.-vslz«v|. the ,'><'iii<i , and lliiiM .,r ttr" it niiMiinikl einiTRi'iiry . tl ll^ the liiuhcat ngrncy of llirent ninl Iniltcs no siis|ili'liiii. And yet It la ni.illll.tlll nsMiiritncn. wllliniil Mrlilrli . Im> ,11,11 |t Is we should li«i utiinlnilfiil of our snfftjr Krowth and iniilntnlmsl Influcnc*. iindiMKllnR of our noral to conllnursl — THE CHEONICLE 906 Commerce is insepI am thinking of the merchant marine of peace. arable from progress and attainment. Commerce and its tiandmaidens liave wrought the greater intimacy among notions, wiiich calls for understandings and guaranties of peace. However we woric it out, whatever our adjustments are to promote international trade, it is inevitable that the hundred millions here, outstanding in genius and unrivaled in industry and tncalcuiable In their resources, must be conspicuous In the world's exchanges. We cannot hope to compete unless we carry, and our concord and our influence are sure to be measured by that unfailing standard wliich is found in s nation's merchant marine." TREATIES GROWING OUT OF CONFERENCE ON LIMITATION OF ARMAMENT REPORTED TO SENATE —RESERVATION TO FOUR-POWER TREATY. The treaties agreed upon at the recent Washington Conference on Limitation of Armament seven in number were brought before the Senate this week. On Feb. 25 the Senate Foreign Relations Committee ordered favorable reports on five of the treaties, as follows: The treaty for the limitation of naval armament between the United States, the British Empire, France. Italy and Japan. The treaty between the same Powers in relation to the use of submarines and noxious gases in warfare. — The Pour-Power treaty between the United States, the British Empire, and Japan, relating to their insular dominions in the Pacific. The declaration accompanying the Four-Power treaty reserving AmQrican rights in mandated territory. The agreement supplementary to ttie Pour-Power treaty defining the application of the term "insular posAscssions and insular dominions" as relatirg to Japan. I'jie above treaties, wliieh had been submitted to the SenliVance ate for approval by President Harding on Feb. 9, were ordered reported by the Senate Committee on Feb. 25, after a oompromise reservation Four-Power Pacific Treaty page 798) had been adopted by the committee. The compromise accepted had been laid before the committee on Feb. 24 bj' Senator Branto the (referred to in our issue of a Aveek ago, degee (Republican) of Connecticut, after a conference with President Harding; it was offered as a substitute both for a pre^^ous reservation proposed b.y Senator Brandegee and one proposed by Senator Lodge, both of which, it is stated, were found to be uuacceptable to the White Hotise. The reservation ado])ted reads: The United States understands that under the statement in the pre«mble. or under the terms of ttiis treaty, there is no commitment to armed force, no alliance, no obligation to The Brandegee join in reservation first any defense. proposed and made known Feb. 21 stipulated: The Senate advises and consents to the ratification of this treaty, subject to the following reservation, which is to be made a part of the Instrument of ratification, to wit: The United States understands that it assumes no obligation, either legal or moral, to maintain the rights in relation to the insular possessions or Insular dominions of any of the other high contractirg parties and that the oonsent of the Congress of the United States shall be necessary to any adjustments or understandings under Articles I. and II. by which the United States Is to be bound in any way and that there is no obligation either legal or moral to give such consent." The Lodge reservation had been offered on Feb. 23 as a compromise for the foregoing, and in indicating that there were only surmises as to its text, the New York "Times" in a Washington dispatch Feb. 23 said: A report that the new reservation is based on the President's speech to the Senate is not denied by Senators in a position to know whereof they speak. The reservation, according to this report, is suggested by a paragraph of the President's address which reads thus: There is no commitment to armed force, no alliance, no written, or moral obligation to join the defense, no expressed or implied commitment to aiTive at any agreement except in accordance with our constitutional methods. There are various versions of the text in circulation. One, which may or may not be correct, reads as follows: The United States understands that under the preamble and the texms the Treaty there is no alliance of commitment to use armed force,s no written or moral obligation to join in defense or any expressed or implied commitment to arrive at any agreement except in accordance with constitutional methods of the United States. The Harding-Lodge reservation, as some Senators described it, did not meet with the approval of the "irreconcilable group." These Senators bold, it is said, that while the reservation "soimds good" to the eac, it does not meet the situation which the "irreconcilablos" contend mast be met <if before the.v will vote for the Treaty. Regarding the action of the Committee on Feb. 25 when the reservations were disposed of and the five treaties were ordered reported, the New York "Times" Washington dispatch said: All efforts in the Conunittee to-day to modif.v the Brandegee reservation «r adopt a more dra.stic proposal f.iilod. A motion by Senator Johnson to substitute Hi(> original nrandegee reservation for the new one was defeated, 9 to 4 Borah, Johnson, Moses and Shields alone voting for it. There were present Senators Lodge, Brande.gee. Johnson, Borah, Now, Mose.s, Kellogg, Wad.sworth, Williams, I'omorcne and Shields. Senators McCumbor and McCorniick were absent but voted by proxy. The first motion before the (yommittoc was one by Senator I'onioreiie to strike the words "no alliance" from the new Brandegee reservation. Senator I'omercne arguing that as drafted the resorvatiou rendered the Treaty "nugatory and void." Only three Senators voted in favor of the motion Pomerene, Kellogg and Williams. Senator Johnson then submitted the original Brandegee reservation, which stipulated that the United States assumed no "legal or moral obligations" to maintain the rights of the other signatory nations to tlie fourpower Treaty and that no adjustments or agreements under the provisions of the Treaty c^uld be binding imtil approved by Congress. When this was beaten Senator Pomerene moved the adoption of the resorvation as a substitute for the one proposed by Brandegee: — — [Vol. 114. however, understood "that any adjustment provided for under I. hereof, and any understandings contemplated under Ai-ticle II., order to be binding upon the United States, shall he ratified and executed with the constitutional methods of the United States. It is, Article in The vote by which this proposal was rejected was 12 to 1, Pomerene alone voting for it. Adoption of the Brandegee reservation followed. Those who voted against it on the ground that no reservation was neces.sarj- were Kellogg, Williams and Pomerene. With the reservations disposed of. Senator Lodge moved to report the it be ratified. This prevailed by 10 to .3. the minority, all "irreconcilables," being Borah, .lohn.son and Shields. It was agreed that Senators would not be bound by the Committee action so far as their course on the floor of the Senate was concerned. This means that at least two Senators, Lodge and New, who voted for the Brandegee resolution, will vote against it in the Senate. The agieements supplementary to the four-power compact were voted out with only Senator Borah voting in the negative. The vote on the naval Treaty was unanimous, and .so was that on the submarine and noxious gases compact. Senator Lod^e stated that he would present the treaties to the Senate Monday afternoon and would urge prompt action. is the contention of friends of the treaties that only six Kepublicans at most will vote against the four-power treaty. They are Borah, Johnson, Norris, France, Ladd all Treaty with a recommendation that H and La I<\)llette. Ten Democratic Senators voting for the treaties will assure ratification. It is the opinion of Senator Underwood that more than this will vote to ratify, although as matters stand the majority of Democrats have not committed themselves. With six Repulilicans voting "no." it will require twenty-seven Democratic votes to reject the Treaty. The general opinion is that at least half the Democratic membership will be found supporting Underwood on the final vote. Senators Borah and Johnson annomiced their intention of carrying the fight again.st the Four-Power Treaty to the floor, where Johnson will again offer the original Brandegee reservation as a substitute for the one adopted in Committee to-day. Senator Lodge remarked after the Committee meeting: "All's well that ends well." The two other treaties, growing out of the CJonference on Limitation of Armament, which were ordered favorably reported by the Senate Foreign Relations Committee on Feb. 27, were: The Treaty between the nine Powers in the Conference relating to principles and be followed in matters concerning China. the nine Powers relating to Chinese customs tariff. policies to The Treaty between On Feb. 27 the Committee reached a unanimous agreement than Thursday March 2 on the Yap Treaty. The Senate action respecting this Treaty (which was signed at Washington Feb. 11, but the negotiations with regard thereto had antedated the Armament Limitation Conference by a year or more) is referred to in another item in to-day's issue of our paper. to vote not later SENATE RATIFIES TREATY BETWEEN U. JAPAN ON STATUS OF YAP. On March S. AND the U. S. Senate ratified the "Treaty between the United States and Japan vnth regard to the rights of the two Governments and their respective nationals in the former German islands in the Pacific Ocean lying north of the Equator, in particular the Island of Yap." This Treaty fixing the status of the Island of Yap, was signed at the State Department at Washington on Feb. 11 by Secretary As was of State Hughes and Baron Kijuro Shidehara. stated in our issue of Feb. 18 (page 697), while the agreement in the matter had been reached on Dec. 12 last at the Conference on Limitation of Armament, the negotiations antedated the conference by a year or more. A unanimous agreement to vote on the Treaty not later than 2 p. m. Thursday March 2 was reached in the Senate on Feb. 27. On that day, when the Treaty was the subject of animated discussion. Senator Underwood, speaking in its support, said in part: 1 So far as I am I am heartily in favor of the ratification of the Treaty. concerned, all I see in the Treaty is that Japan yields to this Government the right to establish a cable station on the Island of Yap. and to establish I know there is radio stations in the future if it shall desire so to do. somewhat more language than that in the Treaty, but I think the language lis supplemental to what' has already been done. As has been said heretofore, there is really not anything in the mandated islands that have been given to Japan which we want outside of the cable station at Yap, because everybody knows that some twenty-odd years ago, at the conclusion of the Spanish- American AVar, when we took the Philippine Islands from Spain, we could have included in our demand the islands which have been mandated to Japan, and we could have gotten them. They are really, however, of so little interest commercially or otherwise that, after the clo.se of the Spanish-American War. and following our failure to demand them, Spain sold them to Germany for the small sum of $4,000,000. As I understand, the islands have no commercial value: they have a scattered population, and are practically unable to establish anything Very few of the islands have except a very primitive local government harbors of any value whatever. The only reason we are involved in the situation at all Ls that at the close of the Great War we acquired one of the German cables. Our end of it had to land on the Island of Yap in order that at some time in the future we may extend the cable into China. Where It brings it now rests, the cable i.s of no value; there is no business on Yap. us in contact with no part of the world; it is not of any real service to the Navy; because the radio stations at other points could reach a naval vessel that was in the neighborhood of Yap; but if we acquire a cable station at Yap wo can extend the present cable into 'China. Then it will be of real and great commercial value to the people of the United States. A\1iy do I say that is all which is involved in the pending Treaty, when it embodies language that goes consideralily further? I say so because. In my judgment, what is carried In the remainder of the Treaty is already . March THE CHKONICLE 4 1922.] If wo do not ratify tho Treaty there will bo no ehanKn of status whatever from the offeet whicli will follow if we do ratify the Treaty. If that is the ease, and tlie ratification of the Treaty will not change the status at all from what it would be if wo rejected the Treaty, then as (o the supplemental provisions I am riglit in the statement that thej' really are'not of any Importance and that the only meaning phraso of the Treaty foreclosed. is the concession of the island for cable purposes. Senator Johnson (Calif.) was one of those who declared during the debate on the 27lh. The resolution of ratification was agreed to by the Senate on the 1st inst. by a vote of fi7 to 22; those voting in opposition were Senators Borah, France and Johnson (Republicans) his opposition to the Treatj' and the following Democrats: Ashurst <^araway Culberson Gerry Glass Simmons Overman Harris Harrison Hefliu Pittman Reed ICing Robinson McKellar Sheppard Aoting in favor of ratification Those and 13 Democrats Swanson Walsh (Mass.) Watson (Ga.) were 54 Republicans The Treaty was ratified just as presented to the Senate, all proposed amendments and reservations being voted dowTi. The first vote on the Treaty, on Feb. 28, resulted in the rejection by a vote of 50 to 23, of an amendment by Senator Pittman of Nevada; he had proposed to . change the section stipulating that "existing treaties between the United States and Japan shall be applicable to the mandated islands," so as to make it read: Exi.sting treaties between the United States and Japan shall be applicable to the mandated islands, and the rights and privileges therein guaranteed to the respective nationals therein referred to shall not be limited or abridged by any of the provisions of this Treaty. Another amendment, offered on Feb. 28 by Senator France of ZSIar^dand. proposed that the manufactiu-e, sale, exportation and importation of intoxicating liquors in the mandated was rejected bj- a vote of Regarding the amendments offered and rejected islands be prohibited; this, too, to 11. .52 on March The first the 1, move New York "Times" stated: Yap Treaty to-daj- was when Senator Nevada, submitted an amendment which provided that the to amend the Pittman of United States should be "the exclusive judge" as to whether the Japanese Government maintains radio communication on Vap in conformity with the provi-sions of the Treaty. This proposal was defeated by 54 to 29. Senator Norris. Republican, voted for the proposed amendment, as did Brou-ssard, Fletcher. Hitchcock, Kendrick, Smith and Walsh of Montana, from the Democratic side. All of these Senators subsequently voted to ratify the Treaty. Next Senator Pittman offered, as a reservation to the Treaty, the amendment which was voted down yesterday, stipulating that "rights and privileges guaranteed" to the nationals of the two countries under previous Treaties "shall not be limited or abridged" bj' any of the provisions of the new Treaty. This was rejected by a vote of 58 to 29. Another reservation, also proposed by Senator Pittman, which .sought to guarantee .American "vested rights. lea.ses. &c.," in the territories covered by the Treaty, was rejected without a roll-call. One other proposed reservation, by .Senator King of Utah, which stipulated that guarantees in the Treaty of Versailles should not be impaired by any provision in this Treaty, was also beaten mthout a roll-call. The preamble to the Treaty and Articles IV. and V. were adopted without a dlvl.slon. but there wa-s a roll-call on Article III., which relates to radio, telegraphic and cable rights on the island. The vote by which this article wan approved was o(t to 2) Articles I. and 11 were approved yesterday. . . BALFOUR ON DEBT TO U. S. INCIDENT TO CONFERENCE ON LIMITATION OF ARMAMENTLLOYD GEORGE IN PRAISE OF MR. BALFOUR. .1. ./. The statement that "the world owes an uncountable debt of gratitude to the Government of the United States" was on<' of the outstanding remarks in an address by Arthur J. Bafour, head of the British dc;Iegation to the United States, at a luncheon in his honor at the Hotel Cecil, London, on Feb. 17, pven by the Government and coalition members of both houses of Parliament. Following the conclusion of llie Washington Conference on Feb. 0, Mr. Balfour sailed for England on Feb. 7 (as indicated in our issue of Feb. 11, page TtK't) and he and Lord \a(^ of Fareham, First I>ord of the; Admiralty, who likewise participat«'d in the eonfen'nce, reached Southampton on ¥ch. 14. At the luncheon on Feb. 17, at which I^ord !>•'• was also pnseut Prime Minister IJoyd Gr-orge not only \)r;im-<\ Mr. Bulf<;ur for the manner in \vhi<-li hfe rupresented Great Britain at the (Jonferonce, but also paid tribute to the service to humanity rendered by President Harding in calling the conference, which resulted in removal of mlHund^-rHlandingH and the chasint; away of HUHpicionn. The following are the remfirks of Primi- Minister Lloyd mKIcih fruiu (ie<»rg«: in part, taken from the copyriglii , London to the Now York "HerahL" "«<•>. Wn'rr I, ' > Mr. Flnirmiriiii way 111'. II Wii urn ill I..'. work, , ir I ',. III- 111 ill'.-,» Thi' (ll<ttltl' inn of tJiU 'diiii' mMon« h^ld III V ••I In > ' t 111.. ' th ;iti(| ' fjiir^ •1 p:«rt In orii- n' i lu' Id. I li ' permanence. It reduces burdens. It removes anxiety, not merely here, not merely in the Brifsh Empire, in Australia and New Zealand it does there, too it removes burdens and anxieties in Great Britain, in the United States, in Japan and over all lands: and that is why I believe in its permanence, why I believe it is one of the most conspicuous services rendered for the British Empire and hmnanity; and we are here, thanks to Mr. Balfour for the part he has taken. I am delighted to meet also Lord Lee, who assisted him so loyally. Might I just say one word about Mr. Balfour generally? I have had a better opportunity than most people for knowing him. I studied him for years as a political opponent, and there's no stud.v like that which you give to an opponent. When you are watching a m;«n you know all about him before you have done with him. And for seven years I have been a colleague of his. Three-quarters of my Parliamentary career 1 have been an opponent of his. in a humble way In a humble but rather troublesome way. Willi h III- f<ir (Ii'IIkIiK"! to hiII. — — — make a confession. During the whole of that time T had the profomidest admiration, but most During the scrupulously refrained from giving public utterance to that. most of that time, none the le.ss. it was sincere. During the last .seven years I have had the privilege, which I shall always esteem, of being associated with him in the accomplishment of .some great tasks for oin- own country. I think wo can say we both forgot the party during that time I made one discovery about him. Ho is not so very free of emotion, as I shall some people imagine. I'll tell you why. He has a most passionate love for his count r.v, and 1 have seen him many a time deeply moved by its perils, ahhouRh never afraid of Its In the whole of that time which ho destiny. ha,^' been allowed his country, in any capacity, however humble, he never has made terms for hinis<'If. He was ready to do anything, provided he were a.s.surod that it was heljjing. He has won honor ;(n(l respect throughout the British to .'^i-rve — Kmpin) and throughout the civilized world. He has won more oven the and affection of nniltltiidcs of his fellow roimtrymen —and I ask you with mo to drink continued health to a gr<vit statesman, a great patriot and a great gentleman. trust From the account of Mr. Balfour's r(>ply, as reported in the samti copyright :i(l vices to tlie "llenild," wt^ lake the following: The Prime Minister has recilled the yrar.s. no aniounting l^i ninny, Iti which ho and hiivo b(!<!ii In close pollllral relatinnship, eltliir as i>pi)oiii'nt«, I lis lie doKcribed his relallniishlp friends or us colle.iguifi. the beginning, iriiuliIoMiinii' hlH nttiludo lie deH<Tll>o<l o[)iHmlll(>n. i\i> one of with jne from hiiinlilo admit the absolute and tMther of one I have .ipproprlatene.ss think the other i|iilto no fitting. I nni not Nurn that I any of the I'Hnie MlnlKlor'n careiT thoM«> niiirkN nf humility of which I now hear fnun hlN lips for the flmt time. liut humble or not hu.'iible. In opposition or agreejiioiit Ihrougliout thoMc nmny yearn, nearly a (iimrterofn i-i-ntiiry, I have never hud any dnulit that I had l<> iliml with a man of th" inoM pow<Trnl pnlil.li-.'il Intellect. grealeHt political coufairi-. liloNt IhiIiiiiIIi'Hm rt'Hoiin-e and unfailing liiNight. A waniu'r w*ilc(inii<, u welouiiiii )iiiiri< liifliiiii'l.v iigri<<<alili- to iiie I cannot I'plliiph. I iii'ver iMH-n In liiiinrlnn. ri> " now, ii) I iiii iiin Norry to unv I Anierli' . li Old. 1 li.iM: I U lli'To which no doulit. »iip|H>a<x1 to Imi with . . In Iiul ill a very of ha\ whtdi v one. \\liii<ll(l ' aiiiiiM-- not Uimw nrihe " "a gniiid old ni;in which ago ^'^\^" n\w, and h m i' i.i I i lii< and inKrnrl lllii-^ an occaNlon wlilcli gratiriiMllon than •li<ri«'lK "'i I To my iih IiiIiuk'k the exp. all liiiiK AiiiliiiiwiKliirN In WaHliliiifton with th Homo counter It. , Inroriiial gMt licriiitc hiird nriil iiiitliMiH more hl;n Ihuii cvir. prowiit to i|:i\ NotlilnK could nxrnod the klndnoim and hoaplUillly with w lilcli In coinnioii with nil my collenKueii of thi< Itrllltli iloloKatliiiiii I wnn rocxIviMl In AtnoricA. Ttin kIndnoM wnn boiindli-iu (he hoaplt^llly wna uniillnti'd and that wn ahoiild Irnvo Ihixm hoapltnbin iihoroii nnd conin to a wiilcxinii! an warm na jircii'liT rif '<iiiiiiry nt Kriitltiidc li;iM hiiiiilli'd thi' Kri'nl Ihi' iif- roiifiTi'ii'" of h.iv rill«l <iiir li"tiriJ« with r«*<il prlilcv ll«' mimi rwitnblo contritnitloiia which iitnt4«ininn«hlp . i.r mr .ill Ii;ih Im' buck liHikInK xo |Min > w 'iirii li'iniii which ho In \'ri<vt ilii'p . in ever han made to hmnan peace and human happiness. Any one who doubtn that has only to look at the danger which has been averted b.v th(3 siicces*ful accomplishment of his great task. The volcanii: .shores of the Pacific were littered with jixplosive materials, not well coxered, and at any juomcnt there was danger that things might hajieijn th.'it v/ould once more precipitate the world into tho carnage ;incl horrors of a great war. "I am not exaggerating the dangers. If you reinejuber. there was whispered murmurs inward about preparations, about projects, about what might happen hero and what would certainly happen there. ICverj^vhere you heard these suspicious rumors. The President of the United States rendered a service to humani'y by taking the situation in tow and dealing with it. As the result of that great conference which ho gathered together, misunderstanding has been removed and susi)ic!ons have been not merely allayed but completely clenred away. The western sky is clear, and I used to bo taught as a boy that when the skies lifted in the west a bright day would follow. I believe the same thing v.ill happen again. Although the east is thick and dark with clouds, the west is clear and the cast will follow. "I am delighted to be hero to-day to thank the man who. above all others, has helped clear these skies for us. It was a noble achievement, and noble was the part that Mr. Balfour took in it. Just before I came here the American Ambassador was good enough to place in my hands the following letter: " 'Sir: I am directed by the Hon. Charles E. Hughes. Secretary of State, to convey to you as Prime Minister of Great Britain the following message from the President of the United States: " 'I have learned with pleasTire of the luncheon to beg iven to Mr. Balfour by the British Government in acknowledgment of his services at Wash" ington. The President of the United States desires me to express the hop*' that he imy be permitted to add to the tributes of praise from those preseu^ the expression of his owv. recognition and deep appreciation of Mr. Bal" four's inv;iluable asssitance and sj-mpathetic co-operation in the attain" ment of the gratifyini' .success of the conference." "That is very remarkable testimony. In that achievement Mr. Balfour took the leading and dominant part. He showed the great high courage which has characterized him through life. He treated great problems in a great way. He didn't go haggling. The men who deal with international affairs in a haggling spirit have missed their vocation. They are meant not for statesmen but for horse dealing. That is the way to increase misunderstandings. That is the way to intensif.v suspicions and not allay them. Mr. Baifour doclned such petty measures. He took a large view of the scope of his mission; he went there for co-operation not for conquest. What is the result? An agreement that pleases all parties. There are people who always begin to doubt a bargain the moment they see the other side is pleased. They always think they've been done. The best bargain is one that benefits all parties. The barIt is. the only bargain that holds. gain where one of the parties goes away displeased, o.specialy in international affairs, is the bargain some one will seek the opportunity for getting out of. And it is because everybody here is pleased that I believe in its iii M for th«i hi 907 th.it il III '. ',• li!i h I i'<| am nil., '" \ . . . THE CHKONICLE 908 we have received to-day few statesmen or envoys. that to Is surely an experience which has been given Praises Harding and Hughes. the praise that the Prime Minister has lavished upon me and my colleagues is supplemented by such a letter as that which he has read in exactly the state in which it was transmitted from America through Mr. Harvey you will admit that the cup of our personal gratification is now full and overflowing. That this letter should have been written by a representative of that kindred Republic is a matter of Infinite gratification but that the statesman who sent it should be Mr. Hughes adds to that gratification because my colleagues at any event Lord Lee and the others present with us at Washington will know how close intimate and friendly was the constant relation in which we stood to the Secretary of State. He was at once Chairman of the Conference and the guiding spirit of its And if I on these distant shores venture to utter a word in deliberations. his praise may I be permitted to say that [ have never seen greater ability, greater courtesy, more admirable temper, a clearer idea as to the course the negotiations should take, a more clear perspective of the needs at which we should aim, and greater boldness of conception as to the methods by which thoy should be carried out. The world owes an unconrtable debt of gratitude to the Government of the United States and it is fortunate certainly for us that the mouthpiece and spokesman of the United States should have been one with the rare and varied gifts posies';"'-! hy Mr. Hughes. I do not conceive that I have anything to tell about the conference about which you are not bru,.dly speaking already acquainted. But you will allow me to say this old diplomacy as it is called is noiv the target for the general decision of contempt which everybody thinks it either his pleasure or his duty to pour upon it when he discusses the proceedings of our contemporaries. Well the old diplomacy often did things which were a scandal to civilization but I do not suppose that the picture should be painted entirely in shadow When — Old Diplomacy Selfish. The subcommittee, consisting of Chairman Fordney, Messrs. Green, Longworth. Hawley, Treadway and Copley, has tentatively agreed upon and prepared a provision to be submitted which in substance is as follows: The elimination of the cash feature of the bonus bill where the veterans are entitled to more than $.50 adjusted service pay, but adding a new loan provision to the adjusted certificate title which will en?ble holders of such certificates to borrow from any national bank or bank or trust company incorporated under the laws of any State .50% of the sum of the adjusted service pay prior to Sept. 30 1925. This date was fixed because after that time the bill f.s originally drafted by the committee provides for a larger percentage of loan by the Government and has not been changed by the subcommittee. One of the press dispatches from Washington March 1 (that published in the Philadelphia "Record") referring to the new plan, said in part: This would make unnecessary any heavy draft on the Federal Treasury during the next two years, while the refunding of the S6, 500. 000, 000 shortdated debt is in progress and, it was said, would remove the fundamental cause of the differences in Congress and between the Administration and Congress over the bonus question The task of working out the plan was assigned to-day to a special subcommittee which was appointed by what was described as "unanimous consent," after the majority members had failed to agree on any method of financing the cash payments which it had been planned should be spread over a period of two and one-half years from next Oct. 1. The subcommittee had its first meeting lafe to-day and. it is understood, plans to call in Secretary Mellon and possibly members of the Federal Reserve Board for a discussion of the whole proposal. Outline of Certificate Plan. Under the plan now contemplated the face value of the adjusted service certificate would be equal to the sum of adjusted service pay of the veteran, $1 a day for domestic service and $1 25 a day for foreign service, less the $60 bonus paid at the time of discharge, increased by 40% plus interest thereon, for 20 years at the rate of 4Ji% a year, comxwundod annually. The total face value thus would be approximately ,3. .38 times the amount of cash that a veteran would have received under the cash feature. Immediately after the certificate was received the service man could obtain from a bank an amount equal to 50% of the total of the .adjusted , , The old diplomacy like the ne.v diplomacy, often had great and generous ends. Yet X do think it true that if you look back over history, if you consider the occasions on which nations met to deal round the council board with common affairs, you will find that he who got the most worth was he who carried away the most spoils, that the idea was you met together and ho was the best diplomatist who snatched the greatest apparent and obvious advantage either to national vanity, national ambition or some other motive. respecta!)le or the reverse. Now as the Prime Minister has pointed out none of these can be said of the Washington Conference. No such spirit animated the Powers there assembled. They never were slaves to that preposterous fallacy that there was a certain fixed amount of advantage to be got by somebody, that if one nation got it another nation lost it, that the sum could not be increased and that it was only a Question if it is not putting it too offensively how the robbers should divide the spoils, how this fixed maximum advantage should be distributed among the various claimants. That may be a necessary element in some negotiations at a certain crisis in certain states of international relationship, but these are pretty sordid affairs necessary perhaps sometimes, but never satisfactory compared with the sort of task we had to deal with and the sort of spirit in which I am proud to think, that the nations there assembled met, and discussed the affairs of the world. The note was struck from the beginning by the United States, and throughout the sincere efforts of those on whom the ultimate decision on those points came to rest, their sincere and only desire was not this or that petty national advantage, but that far greater national advantage which comes from good international arrangements. — [Vol. 114. — Foundation Laid for Peace. Certainly four months ago I did not believe anybody expected, however much they de.sired it that that vast area, the Pacific Ocean and its adjacent continents, would be so changed from an area in which anxiety and the suspicion of possilsle war was causing mutual suspicion and something approaching mutual fear. Whether this was prevalent or not, at all events it is no common phenomena that in four months that should have changed as it undoubtedly has changed to a condition of affairs under which all those \Tretchod symptoms which threatened a renewal in the West of the same horrors we have been going througn in Europe and in the East. That those tilings should completely, so far as I can judge, come to an end; that every problem down to the minutest details should have been satisfactorily settled for all time or for generations, is too much to ask of any conference. But it Is true X believe that a foundation has been laid upon which every great question moves, that of the whole of the land problems of the X^'ar East, of the naval prol)loms in the Pacific and the less obvious but not less real question of naval disarmament or naval diminution of armaments. These, I be'ievc. have been settled, and if I am right and if I am noj too sanguine. I do really believe that the conference has amongst its fruits not merely advantages which can be measured in pounds, .shilhngs and pence, 1 believe it can only be estimated by those who will look beneath the surface of wh;'t are called facts and figures to those truths which are more fundamental than ordinary facts or figures, the fundamental facts of human nature the feeding of nation to nation, of community to community. All tbose things have undergone a change in that part of the world transformation of wliich ttie value cannot be estimated. serAice pay. plus interest, If, at the expiration of three years the sum thus obtained, man, the bank could made the amount due. The Government had not been paid by the demand on seri-ice the Federal Treasury for thus would take over and carry the loan. Said Some Veterans Favor Idea. Some such plan as that on which the C^ommittee is now working has been suggested by a number of former service men and by members of the House, and has been looked upon with favor by some leaders of the agricultural bloc, who have held out against I'rosident Harding's suggestion of financing the cash bonus by means of a sales tax. Last night (March 3) the New York "Evening Post" printed the following from Washington detailing the latest proposed features of the plan: The working out of details of the compromise Soldiers' Bonus Bill was completed to-day by the speical sub-committee of the House Ways and Means Committee Republicans, and it was announced that the redrafted measure would be presented to the entire committee membership. Republicans and Democrats, next Tuesday. The perfected plan will be submitted to the majority membership on Monday, Chairman Fordney and other members said they did not think it would be necessary to present the bill to a Republican conference, but added that the measm-e probably would no be reported to the House for ten days or two weeks, so as to give members ample time in which to study the ocmpromise. One important change in the original adjusted service certificate title was made to-day and member estimated that this would reduce the total ultimate cost of the bonus by perhaps as much as half a million dollars. Under this change the face value of the certificate would be the sum of the adjusted service pay plus 25%, instead of 40%, as originally proposed, the rate of 4H a year, compounded annually. The maximum interest rates which banks would charge in making loans to the holders of the certificates was fixed at the amount of the rediscount rate charges by the regional Federal Reserve banks plus 2%. Under a new provision, if a service man defaulted in payments to the bank and the bank made demand on the Government at the end of three years for the amount due the Government, instead of taking over and carrying the loan, would cash the certificate at its then value and the amount due to the bank. The value at the end of three years would be com85% of the adjusted service pay plus interest at the rate of pounded annually from the date of is.sue. If all of the service men took certificates and held them until maturity. twenty years after their issue, it was estimated that the cost of the bonus It was figto the Government would be approximately $4,000,000,000. ured, however, that through borrowings and forfeitures, the cost would % lilus interest in 4H% be reduced by something like a billion dollars. SENATE CONFIRMS NOMINATIONS OF SECRETARIES HUGHES AND HOOVER AS MEMBERS OF WORLD NEW PLANS RESPECTING SOLDIER BONUS MEASURE WAR FOREIGN DEBT COMMISSION. —ADJUSTED SERVICE CERTIFICATE PLAN. sub-committee of the Republican members of tlie House Ways and Means Committee, to which the solution of the soldier bonus question was referred, has continued striving during the past week to reach an agreement The Senate on Feb. 28 confirmed the nominations of Charles E. Hughes and Herbert C. Hoover as members of the World War P\)reign Debt Commission. As announced by us last week (page 789), the names of the four members On March 1 it was stated that it had unanimously decided to eliminate the cash feature of the soldier bonus, except in the case of the men whose adjusted sex'vice pay would not exceed $50. In lieu of cash for the other service men it was agreed to add a new provision to the bonus bill, under which the men accepting adjusted service could borrow immediatelv o thosi certificates from banks a sum chosen by President Harding to constitute (with the Secretary of the Treasury) the Commission, were sent to the Senate on Feb. 21; besides Secretary of State Hughes and Secretary of Commerce Hoover, the other two named by President Harding are Senator Reed Smoot and RepresenOn Feb. 23 the Senate passed tative Theodore E. Burton. a resolution introduced by Senator Walsh of Montana re- The special in the matter. i at 50% of the total adjusted service pay, computed the rate of $1 a day for domestic service and $1 25 a equal to day for foreign service, the following official statement of the agreement of the subcommittee was issued by 'Chair- man Fordney: quu-ing the Judiciary Committee to inquire into and report to the Senate not later than Feb. 28 the eligibihty of Senator Smoot and Representative Burton. A request by Senator Nelson that the time for the committee to report be extended ten days was agreed to by the Senate on Feb. 28. March THE CHRONICLE 4 1922.] NAMED AS DIRECTOR OF U. S. MINT TO SUCCEED RAYMOND T. BAKER. SCOBEY F. E. President Harding sent to tlie Senate on March 1 the nomination of F. E. Seobey of Texas to be Director of the Mint to succeed Raymond T. Baker, whose term expires Mr. Seobey is a native of Ohio and at one time INIarch 19. was Clerk of the Ohio State Assembly. He has lived in Texas for a obhvion? These are the questions, which the "Clironicle" would attempt to answer to-daj' with tlic help of the following official documents, cited more or less at length on subsequent pag(-s, namely: (1) The report of the New York Authority, dated Dec. 21 1921, setting forth the plan (a) ill) (c) number of years. (2) New PORT OF NEW YORK AUTHORITY'S NOTEWORTHY PLAN FOR THE DEVELOPMENT OF LOCAL TERMINAL FACILITIES RATIFIED BY LEGISLATURES OF NEW YORK AND NEW JERSEY. "The Port of New York Authority" has received its marching orders along the Unes of its "comprehensive plan" of Dec. 21 1921. Concurrent Acts of the Legislatures of New York and New Jersey, signed by Governor ^Miller at Albany, N. Y., on Feb. 20, and by Governor Edwards at Trenton, N. J., on Feb. 21, contain both the orders and the plan in brief. (See Act in full on another page.) "The Port of New York Authoritj'," says the New York Act, "is authorized and directed to proceed" with the development of the Port of New York, in accordance "«ath said "comprehensive plan, as rapidly as may be economiealhpracticable, and is hereby vested with all necessary and appropriate powers not inconsistent with the Constitution of the United States or of either State to effectuate the same, except the power to levy taxes and assessments." From an investment, as well as a business, standpoint, the plan is a matter of the highest importance. Its more prominent and pressing features ^vill, it is estimated, call for an outlay of more than 32.5 millions of dollars, while in its entiretj', including the 70-mile outer belt line, which may not be undertaken for a good many years, the sums inA^olved by the plan for construction, reconstruction, lands, &c., will doubtless run up close to if they do not exceed an aggregate twice this sum, spread, of course, over a term of years, but whatever the total, the friends of the enterprise feel sure that it will yield a handsome return thereon. It is hoped, however, to effect immediate economies through joint use of existing railroad facilities, which will call for no large expenditures. If to the requirements of the plan proper we add the outlays that will be necessar}- to complete the collateral enterprises which must or will naturally be carried out concurrently with the plan by the Federal Government, the two States, the interested municipaUties and possibly private corporations, as adjuncts of the main undertaking, the total sum involved, we should judge, uillrun up toward 1000 millions and possibly above that sum. These collateral enterprises will embrace first, much dredging of channels in harbors and streams by the Federal Government, in Jamaica Bay for the now land-locked harbor, as well as around Staten Island and up the Hud.son, East, Harlem and Passaic rivers, &c. The Act citcfl below requires the Port Authority to "request the Congress of the United States to make such aj>proprialion.s for dfjepening and ^\^dpning of channels, and to make such grant.i of j)ower, as will enable the said i)lan to bo effectuated." Other worl.'H tliat rriii-t or may go on at the .same timeure: Thij huililintc of dtx-ks In .'nfiAl'vi iiay aiul cl»<!whwe. liuildiriK by the H%'. -f tln' Vohlrular Tunni;!. for which KrouiiiJ wa« brolicn fi'^ 12 niK undrr tho Mu'l.son Ulvi^r from i^HOal Htr»r«ft, .\. Jr-nti-y City. '</ The now 'I li. unct(>r a l>itl now prmrlinK before ihf! .N'«!W York I>Kit.Ulur> i|j(. ( iij i.f N<-w York would Ijo re<|ulro<I to <orislru"t (a-H an "al<l U> ni iln'.ilniiif td" 'i()rfm:iry of tlx? I'ort"). from l^.'ilh Hintit. Mtinh.-iH ii! Ann'H AviTjim and Houthorn ilouluvard, th»i IJronx, rnu Inland ami Ihciici! t« Totttr and H<-«-ond Avi-tiuf, C/ij'-'-in t^nrnndU. 'I'liU bridK" will l«i for tho u.-tc itt jx-dctirl.-iriH, vehiclri.. ;,iir| ;iI>m, railro;i<l.>i and buh llni* rarrylnjt frclKht and in) The 'h, I . , • . :< ji.i rrni« n»'W orilrri. r/, i<i w!t|i Iti In If) Iiy p|.in, hii'Ii ;n;ii> !i 'h" llndiMin V Klvnr f.|n. '.T. hl«fliw;ivi fii'lrnr Tort or cnlarKnd hlffhwayN. thn «,fHTalc with lh»' H»at<' IIIkIih.ij I .i- ,.ri' Atilhorlly hclnR undiT I'orl .. ' fur Inink linn llailnic frnni thi' Mil of Ihi* I'or! Au! li<iiil> UIvit llrldK'- lirojmiifl by Ihi' IluflKon >i.lon, \nr... Ui rro«i thn IIiidMori Ulvo- and the need Many Ir/Cjl iniiim Yorif and New body Wli.'it ilnii is tins with its <lo(s it should rnnnt? llie "i'ortor New V'ork Authority" whom rath»ir o*ifl Hoiindinvf niul iniposini; title; of eofiMi.st \t<' the ntid iristnirrirtifjilily for iiiuiii And what eoinpn-h' what powers doev ant lh«i it pos^^ss tlint it so (;niit a (levelop- ehanicterislicH and virtuoH of its Hhould be adopted by the two lit lis with thn rtfrieial saiietiori of the Fe<lrTal tfr»'at coin <Joveniinont an Ut certain fi>atun<M, wliiln tho HubNtitiile plan 'if liis honor, the Mayor of Nc"w York, in nonniifried to Inn 1 . Ihtil it said compact, as agreed to by Jerse.v. text of the Act adopted last week by the New York Legislature ordering the prosecution of the plan, the New Jersey Act being identica therewith. (4) The statistical tables prepared by the Port Authority to show the financial economies which, based on long study and much investigation, they believe, can be accomplished by means of the portions of the plans first to be taken up The letter of President Rea of the Pennsylvania RR., and the report (.5) of the Engineering Conunittee of the railroads serving this port, explaining to jMaj-or Hylan why his substitute for the Port Authority plan could not be accorded the support of the aforesaid railroad companies, the Baltimore & Ohio alone preferring not to commit itself respecting the matter. mJIA The (.3) Now as to the "Port of New York Authority," we learn from the documents referred to that it is a "body corporate and politic" and that it is to be "regarded as the municipal-corporate instrumentality of the two States for the purpose of developing the port and effectuating the pledge of the States in said compact." This pledge, by the waj-,it is worth noting, states that the said States "agree to and pledge each to the other faithful co-operation in the future planning and dcAelopment of the port of New York, holding in high trust for the benefit of the nation the special blessings and natural advantages thereof." At the same time the Port Authority, though thus constituted in effect as the deputy of the two States for the purposes described, has no right of emiueut domain and is also expressly' stated to "have no power to pledge the credit of either State or to impose any obligation upon either State, or upon any municipality except as and when such power is expressly granted bj^ statute, or the consent by any such municipality is given." Each State obligates itself to provide not more than SIOO.OOO a A^ear for the payment of administration expenses until the revenues from operaThe Port tions are adequate to meet all expenditures. Authority, the Commissioners state, must secure the needed capital from investors on securities (mortgage bonds or other obligations) to be based on the properties it constructs, purchases or leases in carrying out its plans, and these securities, they believe, should meet a ready market and be favored by investors as are the securities, similarly issued, by the Mersey Docks and Harbor Board of Liverpool and the Port of London Authority. The following are the six Commissioners (three appointed by each State) who form the Port of New York Authority, four of the six having been members of the i)redecessor Joint Port and Harbor Development Commission of 1917, whose great 500-page quarto ror-ort dated Dec. 10 1920 contributed the plan substantially as now adopted and the irxforination, historical, explanatory and statistical, used in preparing the same: With Date When Trrmn Kxpire. of Port .\vtUoritu Commiasioners .Xatitct Chairman KuKcnlus Outorlirldgc [.luly 1 192H], former Privsldent of the (haniber of C'onimcrco of the State of New York. Alfred K. .Smith (.luly 192(i], former Oovornor of tho State of New York. Lewis II. Pounds (.luly 1 1921], former President of tho llorough of 11. •' Brooklyn. 192:M C^halrman of tlio Navigation and Ooriimorco Commission of tho .Statu of Now Jersey. DeWlit V.-^Ti ilusUirk, of New ,lerNey (July 19211, lender in civic life In Hayonne, forjner Priwldent of ho Chamber of Coiurneree. Frank U. Ford, of New Jersey (July 1 192r)l. member of tlio onglnoorlng firm of I''ord, Uucdii At DavK. William I<eary, of New York, U Socrotnry; Carl \. Kuhliuaiin. of New Jersey, AHMlNt.int Sis-retnry. and F.rle M. Palmer, I>lreelor of the Itureau VIci-Chalrman .1. Spencer Smith, (July 1 1 I (if Information. Mciua-H. Oiitcrbrldgo. J. S. Smith, the New York. New Jentoy tho pri-ilivesHor bjidy. I'ori Van IliiKkIrk and Ford were membom of it Harbor O.'velDpjnont ('oinmliMlon, The Port Distri<'t, in whitii with tiie a])proval of Congress, the* two KtuteH, tlie Port Authority is ]ierinitte<l to fiinclion, j'liibnweH .S(K> miles of w.'iler front and (imbably aH well HH 1 liii|iriiVi-tn)<nM. l(i:il — therefor, together with The plan for present relief; The compact of 1921 between the two States: The Act of the New Y'ork Legislature authorizing the The Act of Congi-ess sanctioning the Port District In th<ITl 909 ..I'M) Htjiiare miles of terri(or\ . I( may be <l(ts(U'il)e<l roughly as being Imuiwh'd us follows: On the nortti In part by n line pnmliiK throtiRli n point. 3 iiilleN north of Plennniit iifi the wetit hunk of llie IludHon, wiiilli of Tiirrylown, and ^\\ mile* niirtli of While I'liiln*. On llie went by n rurve<l linn pawiInK n few rnlhw wmil of I'litnrRon, Humralt and New Ilniniiwlek. N.J. On the wnith by nn en«t nnd wr«l linn rnnnliiR IhroiiKh Hie Atlnntlo point In the Mlniillc Oreiin. Iiitltiidn 111 dit|n'ni« and 'i\ lllKliliindu III iiiliiiit"* n'irtli nnd lonKltnde 7.1 di'iireeii nnil 47 tnlnnte^ w<iil. II On the mat l>y a line wp«l of thn rallrond thn New York Nnw riirinliiK lliniiiRli nl^itloii llnvnn In Jniiuileit. k Fur llnrlford l(l(.. point fi mllnn Port < 'lieNter oD l(<i<'kuwiiy, n I><iii|( Inland, nnd the t^i Htiitn boundary. . — . THE CHRONICLE 910 The brief outline of the comprehensive plan, first offered by the Joint Commission of 1917, summarizes the same succinctly and cleariy as follows: Construction of an automatic- electric railroad system from the New Jersey railroad yards to Manhattan, with small loop in lower Manhattan south of 14th St., and all inclusive loops from 42d St. to 12.5th St., Mott Haven and Port Morris, with many joint terminal stations for the distribution and collection of general merchandise freight and food products. (2) Development of a standard belt-line railroad system for all parts of the port except Manhattan, embracing: (a) Inner or waterfront belt lines in New York and New Jersey. (1) (6) Middle belt (c) An lines in outer belt line in New York and New .Jersey, New Jersey, 71 miles long. Consolidation of railroad marine operations not eliminated by the automatic-electric and e.xtended rail service, with separate joint railhead terminals for (a) Car-float service; (6) Lighterage. These recommendations make up the comprehensive physical plan. (3) In furtherance of that rational development, though not as a part of the official plan, the Commission recommended: Construction of food receiving stations and inauguration of a system of inspection and certification at the railroad joint yards, which would make possible the creation of terminal markets around stations of the automaticelectric system in I^Ianhattan and the Bronx. 1 Reorganization with wider piers and slips and more warehouse facilities of the Manhattan and other congested water fronts. 2. Dredging of channels to every part of the port's water front, in keeping with the volume and character of the water-borne commerce seeking to use them, and removal or modification of bridges obstructing the channels. 3. Provision of suitable highway access to every part of the port's water front. Construction of additional terminals for the New York Barge Canal. installation of judiciously selected freight-handling machinery. 6. Creation of bunkering facilities and fuel reserves for steamships. 7. Erection of grain elevators for joint use of New Jersey railroads and New York Barge Canal at a southern terminus of the outer belt line and at Piermont, and early completion of the barge canal elevator authorized at 4. 5. Wider Gowanus Bay. Provision of better facilities for handling building materials. Zoning of steamship terminals by trade routes as far as practicable. 10. Establishment of free ports in the port district. Obtaining of immediate partial relief from present oppres.sive terminal 11 conditions through (a) Consolidation of marine equipment and service. (6) Inauguration of voluntary store-door delivery by an organized motortruck medium. 8. 9. One fact should be kept al"ways in mind when considering the "comprehensive plan" and that is that it does not purport to be a complete plan fixed in all its details and ready to be rushed to completion. On the contrary it is a general more or less tentative plan, flexible in its details, which will be worked out gradually one by one Avith the assistance of the various municipal authorities, local trade and industrial organizations and others in a position to give trustworthy advice. [Vol. 114. How many New York men realize that there are handled five miles of New Jersey water front from Weehawken on the to Communipaw, from 45th in other words, opposite lower St. to the Battery, no less Manhattan than 2,000,000 cars of and from that shore and points in Manhattan, Brooklyn, &e., and that of these cars 13^ million are bridged to and from car floats at the New Jersey water front? These car floats are small floating islands very freight annually to handle in bad weather and as such a serious menace to navigation in the waterways of the port. The Port Authority at the outset (in addition to gi'ving some emergency relief, such as direct deUvery by truck service over the ferries, -with delivery stations and "pick ups"), difficult to aims, it is understood, to accomplish as quickly as may be, two main objects by new developments, both of which -will greatly reduce the congestion at the piers and the amount of transfer of freight within the Port by water. One of these is its so-called Middle Belt Line, which wiU extend through the Hackensack Meadows within easy reach of the yards of the raih'oads on the waterfront, facilitating their interchange of traffic; and from the lower end, by tunnel, to Brooklyn. The tunnel, work' on which will be started as soon as possible, though it may be somev/hat delayed, will be 24,290 feet in length and will form part of an electric section six miles long, extending from Greenville, N. J. (where are located the Lehigh Valley docks midway between Black Tom and Constable Hook) to a junction at Bay Ridge with the Long Island RR. By this route and the New York Connecting RR. operated in conjunction therewith, the New , Jersey railroads will be able to send their freight cars directly both to points in Brooklyn, Queens and the Bronx, whence access can be had by truck over the East and Harlem river bridges to Manhattan and into New England via the New Haven road and up-State via the New York Central. "The wheels and keels" will thus be kept close together in the Port District, as deshed by the transportation men, instead of the "wheels" being diverted by a roundabout route, many miles longer, under Staten Island, as was suggested in the Mayor's plan, now virtually abandoned. The other development which will engage the attention of the Port Authority will be the establishment of the so-called automatic electric tunnel system for the deep level distribution of freight, especially package freight, foodstuffs, &c., in Manhattan, and the collection of and transmission to the New Jersey trunk lines of the citj^'s Western and Southern shipments. Coal, ore, grain and such heavy freight it is recognized, will naturally continue to be transferred bj' water as heretofore, but it is hoped under much more economical conditions than in the past, particularly if a unified sj'stem is arranged thi'ough railroad co-operation. space now available for the "Chrondo justice to the details of the plan. These are discussed at some length by the Commissioners themselves in the documents which are cited on subsequent pages and for the reader who really wishes to inform himself thoroughly regarding the merits of the various propositions, it will be In New Jersey the automatic electric sj^stem will have a necessary to advise a study of the exhaustive 500-page report, already referred to, dated Dec. 16 1920, with its gathering and distributing line paralleling the Middle Belt numberless tables, charts, diagrams, maps, &c. When one Line to Greenville. It will enter New York by tunnel at has mastered that volume, covering every side of the subject, about 47th St. and with numerous terminal stations, located he is pretty sure to have a profound respect for the size a little back from the waterfront, it will extend south to a and intricacies of the problems involved and the effort made point near the Battery and thence to a connection with by the Commission to get at the bottom and solve the same. its north and south line in New Jersey, completing the cirTo understand the situation, however, even in the most cuit. Eventually Manhattan will also be encircled by the general way, it is requisite to visualize this port district, automatic deep level tunnel and the freight regions of Mott the gateway for half the foreign commerce of the country, Haven and Port Morris will be tapped by it. Unfortunately the crowded condition of Manhattan Island with 8,000 foreign and domestic steamships in a normal and taking away in the aggregate 45 million does not permit the operation of freight trains from the year bringing in Refrigerator tons of freight; "an almost incalculable amount of local New Jersey railroads directly into the city. cars it is planned to bring in unopened, but other freight for water-borne traffic within the port"; and 12 trunk line railroads, two on one side and ten on the other, handling each or from Manhattan will be transferred to wheeled containers year freight inbound and outbound and through the port to and thence to the automatic electric cars, the intention being a total of 75 million tons, including the port's own huge to keep all freight "on wheels" from the time the automatic electric takes possession until it is delivered by truck to manufacturing output. And one must also see this port as it is to-day an immense merchant, market or other delivery station. The autotrading centre one of the greatest in the world, and yet, matic electric trains, each comprising eight large cars, with though having all this freight that we have mentioned to disappearing sides to permit of rapid loading and unloading, take care of for distribution, shipment and trans-shipment, will be dispatched unattended like the units of a conveyor so bisected, or more properly trisected, by waterways system, moving at a uniform rate of 13 or 14 miles an hour without raih'oad transportation for freight between the and kept automatically at safe intervals until they reach western side and the other shores that huge volumes of all their destination. The plan has been elaborately worked manner of freight must be convoyed by lighters and car out and calls for elevators at the stations to permit of loading floats from one side of the port to Manhattan or tlie other and unloading at different levels. The "Chronicle" is not qualified to pass judgment on the side of the port, a distance of from one to four or more In miles, with all the attendant difficulties and hazards of such automalic electric scheme or other portions of the plan. Board of Now navigation in case of fog, strong tides, heaA'j- winds and general, the trade bodies, like the Real Estate in the darkness of night, as Avell as in the face of increasing York, whose committee has examined it, urged the accej)congestion of piers afloat and a truly distressing congestion tance of the comprehensive plan as a good starting ground, at and in the vicinity of the piers ashore, especially in though it is appreciated by many as also unquestionably by Manhattan. the Port Authority itself, that sundry modifications and It is impossible in the icle" to — — March THE CHRONICLE 4 1922.] ohanges will probably be necessary. The exigencies of the case, however, both in and out of Manhattan, demand action, right action, but also prompt action for the good of the whole Port District. As for the provisions of the plan, that may be taken up more leisurely. The reader will observe from the aceompanj'ing documents what a wonderfully complete system of marginal roads is contemplated stretching along aU the water fronts south of Fort Lee, N. J., as far south as the Atlantic Highlands and skirting Jamaica Bay; likewise the numerous branch lines which are intended to open up every part of the territory immediately tributary to the water front, and lastly the Outer Belt Line from Piermont, N. Y., \ia Little Falls to Springfield, N. J., there forking to connect with marginal lines. In conclusion we may summarize the more important advantages which a successful accompUshment of the plan should assure the city: (1) The removal of the excessive terminal costs which threaten to prevent the proper development of the business of the Port and to send shipments to other porta. (2) The reduction in the costs of food and other supplies to residents of the district. (3) The removal of the menace to the safety of the city In case of strikes which might otherwise cut off its supplies of food and other necessary articles. The effect of Ice blockades in the river and car blockades in the New Jersey terminals such as resulted from war traffic would also be minimized. (4) A reduction in the danger of collision of passenger steamers with car and floats lighters. should hasten the development to the maximum of the unequaled natural advantages of the Port with its 800 miles of water front, permitting Greater New York to expand most advantageously to the east. (6) As the new t^rrit<iry develojjs it will take its part in carrying the tax burden of the community. It (5) NEW YORK AUTHORITY" EXPLAINS ITS COMPREHENSIVE PLAN FOR THE DEVELOPMENT OF THE PORT OF NEW YORK. "The Port of New York Authority," a "body corporate ''PORT OF by compact between the States of New York and New .Jersey and ratified by Congress, as the outgrowth of the joint Port and Harbor Commission of 1917-20, has just been authorized by legistlative Acts of New York and New Jersey to proceed with its "compreand politic," created April .30 1921 hensive plan" for the development of the Port of New York. This plan, somewhat abridged, is outlined below substantially as presented by the Commissioners in their report of Dec. 21 1921 to the Governors of New York and New .Jersey. Compact Ezecxited. On April 30 the compact between the two States — establishing the Port District and creating the Port of Xew Vork .\uthority was formally signed, thus completing the compact as a binding obligation between the two States and to establish the Port of New York .Vuthority as a body corporate and politic. Subsequently this wa.s ratified by Congress by the unanimous pa.ssage of the Edgo-Ansorge joint resolution, Prossident Harding affixing his signature on .\ug. 2.3. — Completion of Staff Ortinnizalion. On May 11 the Ojmmi.ssioners proceeded to take over all of the property, data and materials gathered by the New York-New Jersey Port and Harbor Development Commission daring the yeara 1917 to 1920. Adriaonj Counrih. Immediate provision was made for the con.stltution of the Advisory fVjuncil from the <'hanil)crs of ('nmmi:rce. Hoards of Trade and f.'lv-lc S f which there were 10.3 within the Port District. The several age:-ted (n transportation, such as the 12 trunk line rallroad.i. th'! <. lighterage, warehoase and trucking interosts, and Tariou.1 Np<:' .dastrlfjs. wore Invite*! to organize co-operating commlltefw In nnur ii.it. p<ilnt« of contact might be immediately ostablistuxl for the neceiwary conferenr«<i. — , ' Particulara of Port District. The Port Dlolrirt rontalns organlz/"! lO.'i jiiunlrlp.-illili.^. It finl>mrf><i wrvcfl by 12 trunk line rallroarls, whirh bring to anrl tak<; out of or thniUKh the jKirt over 7.1,000.000 tonji of freight p<;r annum. An Im/nensfi nu/nlx^ of forf-ign ami (Ifiinenllc vteamnhlpn. not Wsw than S.OOO In numlxT. annually bring u> or fake from Them Ik an almott the port over 4.0.000.000 tnnit nf freight p«T annum. tnatlrulahle amount of l/>c-il water-tKirne trifflr within the iK»rt. ThBr«i In the monl prrxllgloiw m;inur.i'turlng output In th<' worl'l wirhin • almllar aren, with a varl«n.y of pro«lu''ti and rnmininlhUit to N) h.-incltiM| anpr»^wl»!nl«yl anywhfro rlnn. Thfni am o»<t 1.000.000 tons of fuod•i»iirr» aloni) annually m'lulrcd by the pivipin of the I'ori. OIntrlrt. a popiila'lon of WnttrrirauM. about 8.000.000 people. —A very great Inrrease It Is In to bo oxpoctod In the buNlnnvt nn the V. V. Htatn Marge Cunul. and the many rommunltinn along lU rr)Ut« and in thn Wml throughout ihii wholn (in-at I.,aki«i dliitrlci will have a vlt.nl Intnmit In the ra<;llillea u> Ini created for Irunahliiinenl at lt« wnport UrrniinuM. Thn ;:- !- -I canal In Nnw Jerwy frtim thfl vicinity of Houlh AinlMiy Mirinti • to thr Iwi forming a Ulv«ir. •' ^ •': wli -- • wattirway Ih>- out >ir>t. |»r|.. i<<i . ... • T' lull . .. .. .M . a powrful .1... .,,. •< tl" I' • for cnrrylng on ili' r I th<^ loininiTfii rin.iiii'lnl --I. i liii*lnp)M .irul riolhjwl, f««l. diTlving Port Area -Tht' I'nrt i,t Si'W VftrU fiiiUrn' «>t<<r« of uny port. In tho worM. Ii« «liori' wl" • provldwl with i'l'i '< M. fa/-llltlrw Miitlr IIvi'IIIummI urti I (w ynt uii'l''l«. Ila natural <r'ir.- of tlw< (vimnMircd of ihi'lit'n'd nlMHil K(M) iiu\<m iiii' ii,.ii.,ii for for I. i • i.r In ,ni, I But no other port in the world has ever presented problems of sueb' magnitude and complexity. — I'rcoious Research. The Port Authority 6tarte<l with the advantage of posses-sing a complete analysis of existing conditions as given in the report dated Doc. 16 1920, submitted to the Legislature by the previous Bi-State Commission. — Plans Studied. The Commissioners have received and studied every plan that has been submitted. .\11 of the plans (U in number), which have been otherwise suggested have been confined almo.st solely to the solutionfor Manhattan service alone. Several of the largest projects In this relation last month or six weeks. These entailed additional conferences, concentrated analysis, and day and nigM study by the staff and the Commissioners. have been submitted only within the The Comprehensive Plan. The keystone which we term the "comprehensive plan" is the medium of connection between the two sides of the port. This keystone is, therefore, the necessary belt line connecting aO of the 9 railroads on the westerly side of the port, together with a tunnel under the bay and belt line to connect them with the 3 trunk lines on the easterly side of the port. In locating these there are two main factors to be considered, i.e., the purely physical factor and the service factor. The location of this belt line on the westerly side and of the tunnel was <ie~ termined by many impelling reasons and only after very intensive study. The chief reasons are: (a) That in this location can be made the shortest connecting linfe between all of the railroads terminating on the west side of the port; (6) That it lies adjacent to and easterly of the existing breakup and classification yards of each of those railroads, with which it can be readily connected; (c) That the cars from trains broken up and classified in those yards will then continue to move to this shortest connecting belt line by the shortest and most direct route and in the right direction; (d) Conversely, that the same principle applies to westbound movements; (e) The proposed tunnel from Greenville to Bay Ridge is the straightesfc, shortest and most direct course from that belt lino to the easterly side of the port. Considered merely from the physical aspect of tunnel construction alone, this location has the most advantages. Considered fron» the question of short connections and approaches, both the physical and operating elements make it the best. It is by means of this same belt line that at appropriate locations there can be established suitable facilities for the consolidation of the car float and lighterage movement that must continue. The belt line on the easterly side forming the through connection is an existing unit. Many other belt lines will be necessary to promote and serve industrial developments and water fronts. These form an essential part of the comprehensive plan and their location has been fully discussed with and generally approved by the various localities to be served. They are located .so as to co-relate their local improvements. It wll be seen from the map of the comprehensive plan and from its accompanying descriptions that the plans conform to the fundamental principles here enumerated, i.e., to pcrjnit of unification of railroad service, to bring cars from all railroads to all parts of the port, to permit of industrial development and to establish the most direct distribution of freight to Its respective destinations and the most direct and economic interchange between rail and water-borne conunerce, without previously breaking bulk. ii. <i|innai to the arch of the structure Manhattan Service. The up Insular position of the Borough of Manhattan, its intensively built area, its peculiar topography with its greatest centres of congestion In presented more involved problems and conditions studies of traflic movements of the previous BiStatc Commission disclosed the fact that 75% of the local freight traffic of Withli\ these the 12 trunk lino railroads was handled below 14tli St. naiTow confines are centred not only the great financial and administrative business offices, but also the great markets for food supplies, to which custom, for a century past, has drawn all those concerned with these its naiTowest i)art, The p<>culiar to itself. enterprises. While it was early apparent that it was imperative to provide meansby which the transportation of commodities originating in or destined to other sections of the port could be transported direct without passing through and congesting the streets of Manhattan, it is also certain that tlio cuHtonii* and trade of a century cannot bo ruthlessly uprooted and could not Immediately bo readjusted, even to a more ecjinomlc situation, without di.sorgaiii/.ing the .services upon which Jho public must depend and without the dt'stmction of much invested capit.il. Moreover, at present a large majority of the west water front ef the Hudson Uivor Is occupied by terminal and float bridgo yards of the New Jerwy railroads, and a largo part of the oastiirly side by the pier statioqs to which their floating equipment in brought for discharging and loadlna east and wont-bound freight. Opcratlon.H .is at pr»'s«-nt conducted bring to Manh.-itfan qunntltlc* ol freight not int<>ndod for consumption or use on tlio Island of Ntanhiittan. thernby Involving unnccesniiry congi'stlon and long truck haulH. HImllurly, lorgo quantltii's of freight not originating In Manhattan aro nt present trnckt.Hl to U\<^ rec<-lvlnR Btatluns on Manhattan, InteiiKlfying thoso en»ditionn. Public PoHru and Kcnnomir.i. Hound nconomlcs, prt«crlho thnt the wat.<Tfront hIioiiIcI bo frcn for ItN iiiitiiral and more norui.il uwh hy shipping. Highly iip<-<-lall7.rrl initiiNtrli'N and wrvlcxH urn lornttxl in that Innnoillato neighborhood, nurh nn ri'frlgcr.itfd piTlNhabln prmliirts, InrliKlIng m<«k. frullH. vi'gi'tnbleN. milk, dairy und iHinllry prodiu'l.s. .iiid tlicro nm Htrong Public policy, however, iih wull as why tlirsn prodin'tM nIioiiIiI ri-ucli the Wiiri>liou.M<-H furnlnlu'd A»lth ntorngo without breaking bulk from the riTrlgiTiitor car. rrtitMonii cxild Frtring thr Water Front for Hlramrrs. Thbi anctloii of wat«r front linn b<M<n and will contlnun InrreaHlngly to bn In di^mnnd on lh>< biTllihig plitco of llio fiiKl paitKi<iiK<T llniTN plying to nil piirt.* of tho world and for Nucli coiixtwlioi Nlilppliig .ii hrlngx pi'rtahiibiA 'I'lio uviillnlili' kpuck \n iloDn fiKid iirodnctM for tlm nmrki't>i of Miinlinttiiii. too tiu-go to b<- nlliM-nl<'d wili'ly ni time goi-it on for llio>tt' Nri«<-|flc piirpo-u'H. Oil tlio otii'ir liniiil. ho oppoiilto ulioro front on tin- Nrw .Icrwiy icldn which ran bo furtilHluMl with lniin<vlliil<< mil lirail coiiin'rlloii for Ktiiiidnrd frnlght fun wllliout lirKiiklng bulk offim fiir-llllliyi for lii'iivy rnrgo loinllngN dln-rt from roll to niilp. wlilrh In liiipriicllr.tlilK on tin' rorri'Npiin<llng oppimlta I 'riii-nfiin^ Inipi'lling ri>niu<Mi< rrcpilro iliut any idioro front of Mittilmltnii. mrlhiHl dnvlnml for thn mtvIi'i' of local Mnnhntliin freight vhoiild no for %m ptHwIliln frmi liolli -•«t IkkIv 'in«I "• "^1 ltiln»-<»).intul of lliln p<irt. cfnlre, whiithrr oho would or liifluriK'n on t|i« liUMlneMn tif tlm wholn iiullon r ., ., M,(,,ii,|i„|, |„ tiiiB tuurkrl, lnvii a nt\i'% ''«,unlry. Tim H.IHIO.OIK) piMipln within l-o • of the .mil lhi> 'iri'ut IjiUi-n. wliiii cjirrlixl p.irt -•-! 911 wntiT frnnlD fur tliomi rxapiH-llvx piirpoafi). driidiol that llix |Hilnt for rliiMiinrnllon niid dla|inl<-h of Mniiliiktijkii fn luhl from New .Irrwy Nhoiild bn wi<<l. of thn wnlor front, and Ihiit ni't'iwwtrlly iiiiiiriii Hint Ila ulnrtliig (loliit ulioiild hn wxKl of th>^ lixrgi'ii IIIIU. Thrvv hiiv« iiiiuiiliiiounly di'<-|di'd tlmt tlm txrmlnai Hlnllona on .Mnnhnltnii l*lnod Mboiilil Ixi tnUtnd from tlio water front, titt 'rh« lliM ( llii'iHi 'ominlMlornrK (MirpoMw of fro Inir niiiiiiliiioiikly Unit for ••'•'iiiniililp Iiii>iIiii<m« wIIIi noonaa to i>i<^ pbw* . destined for consumption on rail shipment via the rail traffic freigtit originating on Manhattan for Manhattan or by New Jersey roads. Railroad Operations <m Manhattan The Commissioners have given the most exhaustive study to whether the transportation of freight between New Jersey and Manhattan should be on the water, above the water, or by tunnel under the water. This question had to be considered colucidentally with the method of distribufion to be employed after it reached Manhattan, and the Commissioners have unanimously decided that the connection should be by tunnel. The Commis.sioners have found that the amount of space that would be required on Manhattan Island to handle the number of standard freight cars that would have to be brought daUy to and talien from the Island to accommodate even the present tonnages, would require so mucb land for tracks, yards, switching facilities, and supporting warehouse terminals, that it is economically impracticable to provide for the needs of the future by any system that has been presented or that they could devise, which entailed the operation of an all standard car freight service for inbound and outbound freight on this island without breaking bulk. The System Recommended for Manhattan. The Commissioners have found that the automatic electric system suggested by the former Bi-State Commission, with some important modificameet all the complexities which exist Manhattan. As designed, it can handle much more than the pre.sent normal traffic and can be expanded to meet future needs. While this is a novel system considered on so large a scale, it does not tions, furnishes the best solution to In new or unsolved problems, either in construction or operation. Similar equipment and operations though on a smaller scale have been practically tested over a period ot several years in England, and the T^ondon Post Office Depiirtment as the result of those practical tests is now Inst^illing a high speed underground automatic electric system for the distribution of its mail. It is true that the rerouting of port freight will have an as yet undetermined effect upon the freight destined to and from Manhattan alone, and it is also true that such a complete new system as the automatic electric will require radical changes in some existing customs of trade and methods of railway operation. Some of these factors are indeterminable at the moment. It is considered, therefore, that the execution of the plan mu«t be a process of evolution rather than one of revolution. Such a sy-^tem would take several j^ears to design, build and equip. Immediate relief In involve some degree must be provided. Prompt Relief. for accomplishing this is shown in Exhibit "A" Plan for Present Relief, in the appendix. The only change this would Jersey yards of the trunk lines is the provision require in the present BBThe Commission's plan New It of suitable platforms for making transfers between cars and trucks. Indicates terminals on Manhattan to be Union stations and they should, as soon as possible, be conducted as a unified operation. Improved Transportation Methods. H^Great changes in methods of transportation have already been forecast are under serious consideration bj' the trunk lines, and to some extent are already beine: experimentally tried. This is especially true of container Great economies are expected from this system through saving in units. labor; preventing breakage and theft, through cost of equipment, through easy transfer of containers from car to float, terminal or truck cha.ssis, by eliminating individual package handling, and by application of mechanical methods for handling containers. New to Use by Standard Refrigerator Cars. conveyor railroad is peculiarly well adapted to handle this type of transportation equipment. It has, nevertheless, been designed of standard gauge tracks and for a cross section of tunnels and underground work of size, curvature and grades to admit of standard freight cars being operated in it without breaking bulk to the terminals in Manhattan. This has been determined to be feasible. Adaptability of The automatic System electric The locations of the terminals suggested by the previous Commission were made after an exhaustive study of the trucking to and from existing pier stations and viith the view of zoning the Island so as to equalize, so far as practicable, the pick-ups and deliveries within each zone, and thus to shorten truck hauls, eliminate converging and conflicting truck routes, and to lessen congestion upon the streets. But they were tentative, and their exact locations can be altered if upon further study the diversion from Manhattan of freight destined to other parts of the port should make alterations in the locations of the Manhattan terminals desirable. Time for Accomplishment. It would take several years to design, construct and install the complete system. In the meantime prompt relief can be provided as above outlined and by consolidation of railroad car float and railroad lighterage service at appropriate points on the opposite side of the river: by unification of truck services and by the establishment on Manhattan of inland union terminals serving such consolidated and unified floating and truck opera tions the inland terminals to be so designed and placed as to become the terminals of the automatic electric system when built and installed. Until a plan is adopted the Commissioners can make no recommendations This must be developed as to the sequence of work to be undertaken. step by step, by subsequent study and negotiation to determine the econ- omic possibilities. Financial Methods. VI of the compact reserves to every municipality exclusive control own properties and entire freedom in its local developments. Article over its The Port Authority is given no power of eminent domain, but the adop- tion of the comprehensive plan will enable each municipality to plan its local developments so as to obtain additional advantages by co-ordinating them therewith. The Port Authority cannot pledge the credit of either State or of any municipality as a means of securing funds to carry out any of the suggested Works. It cannot levy taxes from any soiu-ce. It must secure capital from investors on securities to bo based on the properties it constructs, purchases or leases in carrying out its plans. The soundness of the enterprises must bo proved by economic data, therefore the work can be undi^rtaken only when investors have been satisfied that economic justification exists. The cost of service must necessarily provide f.)r operation and maintenance and for interest upon and amortization of the bonds or other securities. Other ports In the United States and Canada have established similar 6rganizations for the development and administration of their port affairs and some of them have much greater powers than those vested In the New York Port Authority. It is upon such a basis that the great port of Liverpool has been built up and that the Port of London is being entirely reorganized and immensely enlarged. The securities of the Me"sey Docks and Harbor Board of Liverpool issued upon the credit of the w )rks to be performed have met a ready market and are favored by Investors as are those of the Port of London Authority. The improvements will hero as . . THE CHRONICLE 913 unimpeded by — — , [Vol. 114. there be operated in the public interest and when the capital the improvements will be publicly owned in fee. is amortized Maps and Plans. There are included in this report, maps illustrating suggestions for prompt relef, suggesting highway routes for motor traffic and pictures of various municipal projects planned or already under construction, the availability and success of some of which will largely depend upon the comprehensive plan. ^ [Signed by all the Commissioners.] APPENDIX. Description of the Comprehensive Plan. (Termini in some cases are approximate as inserted from map by Ed.l No. 1. Middle Belt Line, the Brown Line on Official Map. The keystone — of the arch of railroad terminal co-ordination within the Port District. It connects New Jersey and Staten Island and the railroads on the westerly side of the port with Brooklyn, Queens, the Bronx and the railroads on the easterly side of the port. This connection is the must direct, the shortest and the cheapest of any brought to the attention of the Commissioners for study or consideration. [The route of the Middle Belt Line and the location of the p:)ints at which it connects with existing lines are stated in the "Act" cited under a separate caption. Ed.] Its length is approximately 61 miles, of which approximately 51 miles have already been built. There remains only approximately 10 miles of entirely new line to be built. With the construction of the tunnel and approaches from Greenville to Bay Ridge freight can commence to flow without the necessity of building any other trackage except short connections at the tunnel ends. To handle the full traffc that should traverse this middle belt line or utilize it for local service would require the iruprovement of existing tracks and additions to them — M Feeders for Line No. H 1 —Red Lines on Mao. described below in Act of New York Legislature signed Feb. 24. The length of the several lines is as follows: No. 2, 8 miles; N'o. 3, 19}^ miles (1534 miles new); No. 4, 2}4 miles; No. 5, 4 miles; No. 6, 4 miles (2 miles new); No. 7, 12 miles; No, 8, 12 miles; No. 9, 15M mUes; No. 10, 29)4 miles; No. 11, 15 '4 miles (5M miles new); No. 12, 7 miles; No. 13, 16J4 miles (2li miles new); No. 14, 23 miles.) No. 15 New Outer Belt Line 71 Miles in Lenrjth, Green Line on Map. E ^tending around the westerly liinits of the Port District beyond the ;^)ngssteJ section from Piermont on the Hu'.lsan River (via Westwood, H.iled'jn and Little Palls to Springfield, then branching, one branch running s:5Uth to New Brunswick, the other forking 2 miles east of Springfield, one fork going via Salem to connection with line No. 1, the other passing near Grasselli, N. J., to line No. 9 on Staten Island). Connects by marginal railroads at the southerly end with the harbor waters below the congested section. By spurs it connects with the Middle Belt Line (No. 1) on the westerly shore of Newark Bay and with the marginal railroad on the westerly It will have great value in that it mil shore of Staten Island (No. 9). afford military protection to the Port District. It will ser^e as an interchange between the railroads beyond the congestion and wll open up territory for industrial development. Length about 71 miles, all new construction. These lines are — Automatic Electric System for Manhattan (Blue Line on Map) No. 16. The automatic electric system for serving Manhattan Island will have yards connecting with the Middle Belt Line and with all the It is a standard gauge underground railrailroads of the Port District. road deep enough in Manhattan to permit of two levels of rapid transit subways to pass over it. The only standard railroad cars that will be brought through to its Manhattan terminals will be those with perishables and food products in refrigerator cai-s. Cars with merchandise freight will be stopped at its yards. Freight from standard cars will be transferred on to wheled containers, thence to special This freight electrically propelled cars which will bear it to Manhattan. will be kept "on wheels" between the door of the standard freight car at the transfer point and the tail board of the truck at the Manhattan terminal ir the Store Door as may be elected by the shipper or consignee, thus eliminating all extra handling and enabling quick release of freight cars. Union terminal stations located on Manhattan in zones of equal trucking distance, as to pick-ups and deliveries, will be served by this system. These — The terminals will contain storage space and sp.ice for other facilities. automatic electric system will bring all the railroads of the port to Manhattan on equal terms as to time, service and cost. This system is described in full detail as to operation, capacity, cost, &c., in Chapter 14 of the report (dated Dec. 16 1920] of the New York, New Jersey Port & Harbor Development Commission. Description of Plan for Present Rslief. This plan calls for the establishment of a motor truck service between the railroads of the Port District and the Island of Manhattan, utilizing as far as possible the existing ferries in order to minimize length of haul. This service, to avoid delays and high trucking costs, may properly either be performed by motor trucks with detachable bodies serving as containers or bj' motor trucks whose bodies carry containers. service divides itself naturally into two functions: of such carload lot freight as is now handled at Manhattan's railroad pier stations and the handling of the less carload lot freight now handled at these piers and at local freight houses. Part of the carload lot and less carload lot of freight can undoubtedly be delivered to or collected from the store door with no intermediate station between it and the freight car. This is the first and most economic function of the motor truck service. (6) The second is the handling of carload lot and less carload lot freight between the car and the merchant who docs not desire store door delivery For this or whoso business is of such a character as docs n t permit of It. class of freight inland freight stations should be provided on Manhattan wlierc the shipper and consignee may deliver or collect their freight with vehicles of their own selection. These freight stations would be union stations, served by all the railroads of the port district and should be located at such points as will minimize the truck mileage between the shipper or consignee and the freight statjon. This system as outlined will reduce the present use of Manhattan's streets and water front for freight purposes; will reduce congestion and will reduce But as the tonnage of Manhattan grows, the cost of existing costs. operating under tlie system will grow the congestion of streets and water front will recur and a better system "hould supplant it. The automatic electric system offers h Dettor and cheaper method between Manhattan and the railroads. As its tonnage expands its operating cost Its tunnels are far below the city's streets and its terminals are lessens. inland from the congested water front. It will bring containers from a point which does not congest the water front of New Jersey by afroute which does not congest the water front f The (a) The handling — March either New York or New Jersey to points which will minimize the congestion on Manliattiiu's stronts and water front. Store door delivery can bo made from its stations with no extra handlings. It will utilize the trucks, conThere Is tainers and Manhattan terminals wliich serve for present relief. therefore no waste in the plan for present relief which serves merely as an evolutionary stop of the final plan. Summary Section 1 appoint three commissioners to the Port Authority, at least two of whom shall be resident voters of N. Y. City. One, shall hold office until July 1 1924, another until July 1 1926, and another until July 1 1928 or until his successor has qualified. Successor commissioners shall be similarly aj)pointed for the unexpired term or new terms of five years. Any Commissioner may be removed upon charges and after hearing by the Governor. Sec. 3. The commissioners shall take up. study and consider the joint report of the New York, New Jersey Port and Harbor Development Commission, and shall confer with all interests relative to the problems of the port, and shall, for the purposes of securing any information, create an advisory council, etc. Sec. 4. The commis,sioners shall report to the legislature on or before Jan. 1 1922, the results of such study, and shall submit a "comprehensive plan for the development of the port district." Sec. ,5. The sum of SI 00.000, or so much thereof as may be necessary, is hereby appropriated out of any moneys in the State treasiu-y not otherwise appropriated, for the expenses of the port authority. Condensed Excerpts from Port Compact Between the Two States Effective April 30 1921. Now. therefore [after five "^Tiereas"]. The said States of New Jersey and New York do supplement and amend the existing agreement of 1834 fixinc their respective rights and obligations in and about the Bay of New York and the Hudson River in the following respects: Art. I. They agree to and pledge, each to the other, faithful co-operation in the future planning and development of the port of New York, holding in high trust for the benefit of the nation the special blessings and natural advantages thereof. Art. II. Creates and describes the limits of "Port of York District" which may be changed from time to time by the action of both legislatures. (The "Port of York District" includes the territory extending from a point two miles north of Piermont, N. Y., pier on west bank of Hudson New New River, southerly and south westerly via Westwood, N. J., passing abDUt 3 miles northwest of business centre of Paterson. 4H miles west of Caldwell. N. J.. 1 .2 miles west of railroad .station in Summit, 2.2 miles west of business centre of Plainfield. 1 mile west of business centre of New Brinswick, then easterly to Atlantic Highlands, 1 .4 miles .south of Central RR. of N. J. pier, and extending thence out to sea to a point in an approximately straight. line, pas-ing through Far Rockaway, a point on Far Rockaway branch of Long Island RR. at junction in or near Cedarhurst with abandoned branch line and thence northerly via Hyde Park and Port Washington, Long Island, to a point 1 mile northeast of Port Chester, N. Y.. [on N. Y. N. H. 8c Hartford RR.], and thence along the N. Y. -Connecticut boundary to a point 4 Jv miles northeast of the business centre of White Plains, and thence running due west, passing 23^ miles north of the business centre of White Plains [and south of business centre of Tarrytown. on Hudson River and thence to point of starting.] Art. III. Creates "The Port of New York Authority" "which shall be a body corporate and politic, having the powers and jurisdiction hereinafter eninnerated," and such other powers as shall be conferred by the Legislatures of both States, or by act or acts of Congress. Arts. IV. and V. The port authority .shall consist of six commissioners half residents of each State, and to be chosen by it They shall constitute a board with suitable by-laws. . \fay Purchase, Lease and Oprrate; also Issue Mortgage Bonds. &c. "The port authority .shall constitute a b:)dy, both corporate and i)olitic. with full power and authority to purchase, construct, lease and (or) operate any terminal or transportation facility within said district: and to m-"-ke charges for the use ther'y)f: and for any of such purposes to own, hold, lease and (or) op«raie real or personal property, to borrow money and secure the same by bonds or Ijy mortgages upon any property held or to Ix; Art. VI. held by it. "No property now or hfTr-a.TtPT vestM In or hold by (ilthor State, or by any county, city, Ixirough, village, township or other munidijality, shall 1x3 taken by the ixjrt authority, without the authority or consent of such State. county, city. Ixjrough, village, t')wnshii> or other municipiility, nor shall anything hfjrcin impair or Invalidate In anv way any Iwndcd debt or sinking fund of such .Stat*;, county, city, borough, village, township or other municipality. "The pf>wers grant<!fl In this article sh-'ill not be exercised by the port authority until rh'! I,<! risl'it'.iros of !x>th SU'iles shall have approved of a comprehOTi.Hivo plan for the ilovelopment of the port ns hereinafter i)rovld<''l. Art. \'II. L'nlfMH otherwise provided, annual rfiMjrtB Hhall be made to both I>!gislatures. The Port Authority Hh.'ill not pIiKlge the credit of either State except by authority of thi! I.«rgihUliir(T ther<«»f. Art. VMF. L'ntll otherwise provided any rallroadN, terminals or other facHltiex owned, operated, leruted or eonstrudc-d by the Port Authtirity are U> be under the Jurisdi'-tion of the Public Service or I'ubllc I'llllly <V)mniI.islon of eaeh Stale as though ho Port Authority were a private i c<jri>or'itlon. Art. I,\. Nothing heroin Hhall Impair the powcTH of any municipality to develop or improve jxirt and terminal f.i'-l|lil(~«. Arti. X. to XIV. These .irtlelrw cover iikti ly m.lttoni of detail." Kach Meyer-Mastic Act (Approving Comprehensive Plan) Signed by Gov. Miller at Albany, N. Y., Feb. 24 1922. See Stale Obligalea llnelf Only to the Eztmt o/ $100,000 Ytarly. Art. XV. I'nleM and until the roveniioH from operntlon« conrIiirte<l by the \>>iT\. niithi r.ty arc adefpinte t<i meet all ••xpendlliin-H the leglMlatiireN of Urn two Ht.-ite^ nhall a. u e>|iial amountn. annually, for tho aUHen. nnil other i»<l .•«. but enrh State obllKoleit Itwif b»>rmjnder only U> the e»t. nr, ,,\ j iiri.onii In nny one yenr. HF Vo aeflon of the [Kirt authority «hall be binding untem taken Art. ,X VI. Alilrh nl le.-nl. two ne inberi from each HtiiU! are prewnl at a meeling •nd unje^w fo'ir vuf.^ are ca<it f.her<for. two from encli Htnte. Knch Hlnto rww rves the right, herenfter to provide by law for the eierclun of a veto power by the riovernrir ihernif j>ver any itrtlon of any coiimilMloner nppolnt<-'l f herefrom. (Art^. \ \'M. u^ XX. urn mattnn nf detail.) Art .X.XI. KIthnr HUt.n may by im I.«gM,itiiro wllhdrnw from thin affrrannent In rnmn a plan for thn roni(>reheriKlve rleveiopitn-nt of llie port hail not. h.ivr been ndopte«| by hfith Hijile* on or prior Ut July I I'llJ.t. I.HIgne'l liy the pre<;. nt romiiilwt onnr< eirepi. |.«wU II, Pound* and KxOor. Hrnltli. and nlw> by Wllllatn It. WI|ro«. fharle« O. NowttiD and Thomaa F. Mc^Yan, In lh« proaroro of wIlneaNea.l under separate caption below. full text PLAN—ACT OF NEW YORK LEGISLATURE RATIFYING SAME. :MEW YORK PORT — Chapter 203 of Laws of New York for 1921 The Port Authority Act Effective April 15 1921. The Governor shall, with the advice and consent of the Senate. of . OU THE CHRONICLE 4 1922.] Following is the text of the identical Meyer-Mastic bills, signed by Governor Miller at Albany on Feb. 24, "by which," as the title of the Act says, "the State of New York agrees with the State of New .Jersey upon the Comprehensive Plan for the development of the Port of New York, pursuant to the compact authorized by the two States and signed April 30 1921, and consented to and approved by Congress and the President of the United States, Aug. 23 1921, and authorizing and empowering the Port of New York Authority to effectuate the same, and making an appropriation therefor." Governor Edwards, at Trenton, N. J., on Feb. 25, signed the corresponding New Jersey bills. The People of the State of Nexv Yarkj represented in Senate and Assembly, do enact as foUoiis: [Italic sub-headings inserted by Editor.] Whereas, The States of New York and New Jersej' on the 30th of April, 1921, pursuant to Chapter 154 of the Laws of 1921 of New York and Chapter 151 of the Laws of 1921 of New Jersey, did enter into a compact or agreement which pledged the two States to faithful co-operation in the future planning and development of the Port of New York, and which, furthermore, created the Port of New York District, as tlierein described, and the Port of New York Authority, a body politic and corporate, as an irfstruraentality or agency of the two States to effectuate such pledge of cooperation ; And whereas. The said compact or agreement provides in Article 10 there^ of that the "Legislatures of the two States, prior to the signing of thiS agreement, or thereafter as soon as may be practicable, will adopt a plan or plans for the comprehensive development of the Port of New York" ; Now, therefore (the State of New Jersey by appropriate legislation concurring tlierein), the following be and it is hereby adopted as the comprehensive plan for the development of the Port of New York under and pursuant to said compact or agreement: Principle Governing the Developments. Section First. — Principles to govern the development: That terminal operations within the port district, so 1. far as eco- nomically practicable, should be unified ; That there should be consolidation of shipments at proper classiSecond. fication points so as to eliminate duplication of effort, inefficient loading of ecjuipment and realize reduction in expenses Third. That there should be the most direct routing of all commodities so as to avoid centres of congestion, conflicting currents and long truckhauls ; Fourth. That terminal stations established under the comprehensive plan should be union stations, so far as practicable That the process of co-ordinating facilities should so far as pracFifth. ticable adapt existing facilities as integral parts of the new system, so as to avoid needless destruction of existing capital investment and reduce so far as may be possible the requirements for new capital and endeavor should be made to obtain the consent of local nuinicipalities within the port district for the co-ordination of their present and contemplated port and terminal facilities with tlie whole plan. Sixth. That freight frcni all railroads must be brought to all parts of the port wherever practicable without cars breaking bulk, and this necessitates tunnel connection between New Jersey and Long Island, and tunnel or bridge connections between other parts of the port Seventh. That there should be urged upon the Federal authorities improvement of channels so as to give access for tliat type of waterborne commerce adapted to the various fonns of development which the respective !iliorefroiit> and adjacent lands of the port would best lend themselves to ; Eiijhth. That highways for motor truck traffic sliouhl be laid out so as to permit the most efficient inter-relation between terminals, piers and industrial establishments not equipped with railroad sidings and for the distribution of building materials artd many other commodities which must be handled by trucks ; these highways to connect with existing or projected ; and bridges, tunnels ferries. Kinlh. That definite methods for prompt relief should be devised which can be applied for the better co-ordination and operation of existing facilities while larger and more comprehensive plans for future development are being carried out. .Sec. 2. The bridges, tunnels and belt lines forming tlie comprehensive plan arc generally and in outline indicated on maps filed by the Port of Xew York Authority in the offices of tne Secretaries of tlie States of New York :iii.| \iw Jersey and are hereinafter described in outline. Proposed Tunnels and liridgcs. Tumiels and bridges to fonn part of (he plan, (a) A tunnel or tunneU connecting the New Jersey hhore and the Brooklyn uliore of New York to provide llirough line connection between tlie transrontinental rallroadn now having tlii-ir terniinalH in New JiTKey with llic Long IhIbiuI KR. an<l the .New York Conneeling IIU, v.u Long iHliind and with tho New York (Jcnirul A IludwMi Itiver Ul{. uml the New York. New Haven llartfonl RR. In llic Bronx, uiid to provide continuouii traUhporUUion of freight between tho Quoen-i, I'.rnoklyn uiid Bronx ieetioUH of the port to and from nil parti .St-c. 3, .It of thf ('•) exlHiln;^ .Irlwv Ml wr ^ hfelg.- ril of the port, for all of the triiirconlinenlal niilroiidii. '/'" -tileli ucroM or under the Arthur Kill, uii.l/or the provide direct freight c«rrlii(jo between Ntw •>'""<'l eiilaige.l, to I^l.ifid. 'Ion of ('•' all Niieh tunnels or bridgeH to hi' al Ihe nhortcst, '"""t emnonileiil polntd prnellcable. taking nceouiit of tiow located wllhln the p,,rt .jl^lilet and providing for 'lint of ull reanonulilu lore,, e,, Me fuluro growth In nil parti '""'' »'"• » .'if, of Iho dmlricl, Light Freight to .See, with from 4. NVw lia Carried on tlntlrrgmuu.t ,[„l„m,ille F.lfrtrio UaiUiny. .Manhattan .Ser» lce.~-Tlic Inland of Munluitlun fo ho ronnecled Jerwy by hrldgo or tunnel, or liolh. iind freight dmllned to and •» far an praclhiible. |,y mieh >..i.ni, Hiit'iiiiiilic nicetric Ul herejimflrr .le-erlhed nr nlherwl.e, an will furnish thn nio.t expr.llll„u», cconomliul un.l pr»cllr,ild« lr«n«p,.rtHllon of freight, r.peeliil|y meal, produce, milk ami uUisr coniinodltle* comnrlijiiff the ilally lipr(|« of the peoplv. .Vlinihiitlan to lie eiirrled iindergroiincl, • Suitable iniirkeli, Uld out at poInU unii.n iiioul Inlnnd trrtiilnaj ulationa and »«reh.,u«>« to ba com.i.l.nl to the huiiioi and IndiKlrlea upon tha THE CHEONICLE 914 railigland, the eaid system to be connected with all the transcontinental roads terminating in New Jersey and by appropriate connection with the New York Central & Hudson River RR., the New York, New Haven k 'Hartford and the Long Island Railroads. Proposed Belt Line Railways. numbers hereinafter used correspond with the Sec. 5. numbere which have been placed on the map of the comprehensive plan to lidejitify the various belt lines and marginal railroads. Connects New Jersey and Staten Island and No. 1. Middle Belt Line. Uhe railroads on the westerly side of the port with Brooklyn, Queens, the Bronx and the railroads on the ea-sterly side of the port. Connects with the New York Central RR. in the Bronx with the New York, New Haven & with the Long Island RR. in Queens and Hartford RR. in the Bronx Brooklyn with the Baltimore & Ohio RR. near Elizabethport and in Staten Island; with the Central RR. Co. of New Jersey at Elizabethport and at points in Newark and Jersey City; with the Pennsylvania RR. in Newark and Jersey City with the Lehigh Valley RR. in Newark and Jersey City wy;h tfie Delaware Lackawanna & Western RR. in Jersey City and the Sewith the Erie RR. in Jersey Citj- and the Secaucus meaoaticus meadows dows with the New York Susquehanna & Western in West Hoboken ; with iiie New York Ontario & Western and the West Shore Railroads on the westerly side of the Palisades above the Weehawken tunnel. Tlie route of the Middle Belt Line as shown on said map is In general as Oommencing at the Hudson River at Spuyten Duyvil running follows: easterly and southerly generally along the easterly side of the Harlem River, utilizing existing lines so far as practicable and improving and adding Vl>ere necessary, to a connection with Hell Gate Bridge and the New Haven RR., a distance of approximately 7 miles; thence continuing in a general southerly direction, utilizing existing lines and improving and adding where necessary, to a point near Bay Eidg;e, a distance of approximately Belt Lines. —The — ; ; ; ; ; ; ; 18% Railroads thence in a generally northerly direction along the easterly side of Newark Bay and the Hackensack River at tlie westerly foot of the Palisades, utilizing existing tracks and improving and adding where necessary, making connections with the Jersey Central, Pennsylvania, Lehigh Valley, I)elaware Lackawanna & Western, Erie, New York Susquehanna & Western, New York Ontario & Western and West Shore Railroads, a distance of ap; proximately 10 miles. From the westerly portal of the Bay tunnel and from the line along the Newark Bay by the bridges of the Central Railroad of New Jersey (crossing the Hackensack and Passaic Rivers) and of the Pennsylvania and Lehigh Valley Railroads (crossing Newark Bay) to the line of Uie Central Railroad of New Jersey running along the westerly side of Newark B.iy and thence southerly along this line to a connection with the Baltimore k Ohio RR. soutli of Elizabethport, utilizing existing lines so far as practicable and improving and adding where neces.'iary, a distance of approximately 12 miles thence in an easterly direction crossing the Arthur Kill, utilizing existing lines so far as practicable and improving and adding where necessary, along the nortlierly and easterly shores of Statent Island to the new city piers and to a connection, if the City of New York consent thereto, with the tunnel under the Narrows to Brooklyn provided for under Chapter 700 of the Laws of the State of New York for 1921. easterly side of ; Proposed Branch Line and Marginal Railway. No. 2. A marginal railroad to the Bronx, extending along the shore of the East River and Westchester Creek, connecting with the Middle Belt Line (No. 1), and with the New Y'ork New Haven & Hartford RR. in the vicinity of Westcliester. No. 3. A marginal railroad in Queens and Brooklyn extending along Flushing Creek, Flushing Bay, the East River and the upper New Y'ork Bay. Connects witli the Middle Belt Line (No. 1), by lines No. 4, No. 5, No. 6, and directly at the southerly end at Bay Ridge. Existing lines to be utilized and improved and added to and new lines built where lines do not now exist. No. 4. An existing line to be improved and added to where necessary. Connects the Middle Belt Line (No. 1) with the marginal railroad No. 8 near its northeasterly end. No. 5. An existing line to be improved and added to where necessary. Connects the Middle Belt Line (No. 1) with the marginal railroad No. 8 in ^_ ark Bay and with the marginal railroad on the westerly shore of Staten Island (No. 9). Aut<ymatic Electric System, for Manhattan Island. No. 16. The automatic electric system for serving Manhattan Island. Its yards to connect with the Middle Belt Line and with all the railroads of the port district. A standard gauge underground railroad deep enough in Manhattan to permit of two levels of rapid transit subways to pass over it. Standard railroad cars to be brought through to Manhattan terminals for perishables and food products in refrigerator cars. Cars with merchandise freight to be stopped at its yards. Freight from standard cars to be transferred onto wheeled containers, thence to special electrically propelled cars which will bear it to Manhattan. Freight to be kept on wheels between the door of the standard freight car at the transfer point and the tail board of the truck at the Manhattan terminal or the store door as may be elected by the shipper or consignee, eliminating extra handling. Union terminal stations to be located on Manhattan in zones as far ai practicable of equal trucking distance, as to pickups and deliveries, to be served by this system. Terminals to contain storage space and space for other facilities. The system to bring all the railroads of the port to Manhattan. Exact Location of Aforesaid Lines Long Island City. No. G. Connects the Middle Belt Line (No. 1) with the marginal railroad No. 3 in the Greenpoint section of Brooklyn. The existing portion to be improved and added to where necessaiy. No. 7. A marginal railroad surrounding the northerly and westerly shores of Jamaica Bay. A new line. Connects with the Middle Belt Line (No. 1). No. 8. An existing line, to be improved and added to where necessary. Extends along the southeasterly shore of Stiitent Island. Connects with Middle Belt Line (No. 1). No. 9. A marginal railroad ex-tending along the westerly shore of Staten Island and a branch connection with No. 8. Connects with the Middle Belt Line (No. 1) and with a branch from the Outer Belt Line (No. 15). No. 10. A line made up mainly of existing lilies, to be improved and added to where necessary. Connects with the Middle Belt Line (No. 1) by way of marginal railroad No. 11. Extends along the southerly shore of Raritan Bay and through the territory south of the Raritan River reaching New Brunswick. No. 11. A marginal railroad extending from a connection with the proposed Outer Belt Line (No. 16) near New Brunswick along the northerly sliore of the Raritan River to Perth Amboy, thence northerly along the westerly side of the Arthur Kill to a connection with the Middle Belt Line (No. The portion of this line which exists to be 1) south of Elizabethport. improved and added to where necessary. No. 12. A marginal railroad extending along the easterly shore of Newark Bay and the Hackensack River and connects with the Middle Belt Line (No. 1). A new line. No. 13. A marginal r.ailroad extending along the westerly side of the Hudson River and the Upper New York Bay. JIade up mainly of existing lines the Erie Terminals, Jersey Junction, Hoboken Shore and National Docks Railroads. To be improved and added to where necessary. To be connected with Middle Belt Line (No. 1). No. 14. A marginal railroad connecting with the Middle Belt Line (No. 1), and extending through the Hackensack and Secaucus meadows. — No. 15. An outer belt line, extending around the westerly limits of the port distriot beyond the congested section. Northerly terminus on the Hudson River at Piermont. Connects by marginal railroads at the southerly end with tlie harbor waters below the congested section. By spurs oonnects with the Middle Belt Line (No. 1) on the westerly shore of New- Be Determined —Modification of Plan. warehouses, terminals or other improvements shall be made by the Port Authority after public hearings and further study, but in general the location thereof shall be as indicated upon said map, and as herein described. Sec. 7. The right to add to, modify or change any part of the foregoing comprehensive plan is reserved by each State, with the concurrence of the other. Sec. 8. Work to Proceed as Rapidly as Economically Practicable. The Port of New York Authority is hereby authorized and di- rected to proceed with the development of the Port of New York in accordance with said comprehensive plan as rapidly as may be economically practicable and is hereby vested with all necessary and appropriate powers not inconsistent with the Constitution of the United States or of either State, to effectuate the same, except the power to levy taxes or assessments. with Federal Agencies and Bighway Commissioners. Co-operation It shall request the Congress of the United States to make such appropriations for deepening and widening channels and to make such grants of power as will enable the said plan to be effectuated. It shall have power to apply to all Federal agencies, including the InterState Commerce Commission, the War Department, and the United Statei Shipping Board, for suitable assistance in carrying out said plan. It shall State Highway Commissioners of each State so that trunk line highways as and wlien laid out by each Slate shall fit in with said comprehensive plan. It shall render such advice, suggestion and assistance to all municipal officials as will permit all local and municipal port and harbor improvements, so far as practicable, to fit in with said plan. All municipalities within the district are hereby authorized and empowered to co-operate in the effectuation of said plan, and are hereby vested with such powers as may be appropriate or necessary so to co-operate. co-operate with the Bonds The bonds or other securities to Be Tax Free. issued by the Port either State. Authori^ shall at all times be free from taxation by No Power to Pledge Credit of Either State, Etc., Except by Consent. The Port Authority shall be regarded as the municipal corporate instrumentality of the two States for the purpose of developing the port and effectuating the pledge of the States in the said compact, but it shall have no power to pledge the credit of either SUte or to imposse any obligation upon either State, or upon any municipality, except as and when such power is expressly granted by statute, or the consent by any such municipality ii given. Sum Sec. 9. of $100,000 Appropriated. The sum of $100,000, or so much thereof as may be necessary, is hereby appropriated out of any moneys in the State Treasury not otherwise appropriated, for the expenses of the Port Authority. The moneys hereby appropriated shall be paid out by the State Treasurer on the warrant the CJomptroller upon vouchers audited by the chairman of the Port Authority. Sec. 10. All Acts and parts of Acts inconsistent herewith are hereby repealed, and this Act shall take effect immediately. of NEW YORK PLAN—EARLY ECONOMIES PORT OF E EXPECTED. The Port N. Y. Authority under date of Jan. 23 1922 presents the following estimates for the more immediate and pressing of the proposed improvements. of ECONOMIES FROM BETW^EEN NEW (a) JERSEY' RAILROAD TL^NNEL CONNECTION AND LONG AUTOMATIC (1) ISLAND; (6) MANHATTAN SY'STEM. Estimated Annual Saving in Carrying Freight Between Westerly and Easterly Sides of the Port. by tunnel under Upper New Y'ork Bay, Jersey railroads and Brooklyn (see Table 2) All rail connection, between about Automatic New electric system to servo Manhattan (see Table 5).. S6,700.000 7,100,000 Total saving 313,800,000 This estimated saving is net. after taking care of all operating expenses and fixed charges including interest at 5%. taxes, and amortization, on a total pslinialcd inveslnieiit of S .X2!).000.000 . (2) Estimated Cost of Moving 18.500.000 Tm}s of Freight (1,310.000 Cars) Between NeiP Jersey Railroads and Brooklyn and Qttecns. [Including Interchange with Long Island RR. and N. Y. N. H. & U. RR. On 1.340,000 Cars— Per Car Cost. Present methods of operation (see table 3) Plan of Port Authority Sie.Sl xll.34 Tot.Oper.Cost. S2l.878.066 15!204",365 Estimated saving Port Authority plan S4.97 $6,673,701 investments (see Table 4) of $128,000,000, and effects a .saving of 86,700.000, which is capitalized at 6% per annum, amounts to 8110,000,000. The Port Authority's plan Ovter Belt Line Railway. to Sec. 6. The determination of the exact location, system and character of each of the said tunnels, bridges, belt lines, approaches, classification yards, miles. Thence by a new tunnel under New York Bay in a northwesterly direction to a portal in Jersey City or Bayonne, a distance of approximately 5 miles, to a connection with the ti-acks of the Pennsylvania and Lehigh Valley [Vol. 114. justifies the * This figure is based on total operating charges and fixed charges Including taxes and interest on an in\esfnent equal to the asse.ssed valuation of the property and facilities used in the operation. March THE CHRONICLE 4 1922.] JtThis figure is based on all operating charges and fixed charges including taxes and interest at 5% on an estimated first cost of $128,000,000; in this amount there is included $40,000,000, the estimated value of the Long Island and New Yorlc Connecting railroads extending from Bay Ridge in Brooklyn to Port Morris in the Bronx. Estimated Costs of Handling Tonnage of 1914 by Present Method Between Jersey Railroads and Brooklyn and Queens and Neif England. (3) New [Ezcl, certain lighterage freight — — which is expected always to go by lighter. 18,500.000 roads -net tons annually 1,341 ,578 Cars (loads and empties) annually Costs (including all operating expenses, int. on invest, taxes, &c.: Lighterage anthracite coal for domestic use -3,500.000 net $2,214,351 tons of 155,560 cars (3) S14.235 Lighterage miscellaneous freight 2,000,000 net tons or 5,127,513 166,670 cars (^ $30.76 Independent terminal and pier station freight 3.682,000 net 4,738.622 tons or 410,448 cars .S11.545 Interchange with Long Island RR. 2.945,000 net tons or 2.504,484 210.300 cars (a. $11.91 Interchange with N. Y. N. H. & H. RR. 6.446,000 net tons 7,293.096 or 398.600 cars S18.30 Tonnages all . — — — — — @ — @ Total charges present methods Lines (4) to Serve (est. $21,878,066 per car, $16 31) Brooklyn and Queens —Length of Line, First Cost, &c. in New Jersey from West Shore RR. via Bayonne to Greenville 11.1 m.l ^ xSoo, 094,637 Electric Line, tunnel under Upper Bay, from Greenville. X. J., to Bay Ridge. Brooklj-n, &C-. 6.0 m.) 13.5 m. 23,465,363 Marginal rail lines in Brooklyn Middle Belt Line in Brooklyn and Queens, extending from Bay Ridge to Port ^lorris in the Bronx, now existing in lines of the L. I. RR. and N. Y. Connecting Railroad 19.0 m. 40.000.000 Middle Belt Line m. $128,560,000 49.6 Total Ruling grade, electric section eastbound westbound 1.5%. Tunnel length ^portal to portal — 1.6%, — 24,290 ft. 915 to Ik' thc! most direct and would seem to accommodate said traffic better and more economicilly than any other tunnel location so far considered. The cost of a tunnel and connections on that route would be less, and the operation and amortization costs would be much below comparable figures for the Staten Island-Narrows Tunnel route. The Trunk Line Railroads are not in a position to commit themselves to any increased obligations at this time, such as would have to be incurred for the Staten Island Tunnel, but even if they were, the technical and practical reasons given in the Engineers' Report to their executives, copy of which is attached, is conclusively against such committment. We therefore respectfully ad\'ise you that, after the most careful and earnest consideration which has been given by the Executives and Engineers to demonstrate beyond question what was the most convenient, adequate and economical method of dealing with the freight traffic handled by the railroads from New Jereey to Long Island and New England they have regretfully but necessarily reached the conclusion that the Staten IslandNarrows Tunnel route could not, in the public interest, and in the interest of the railroads be adopted or used by them. (Signed) Samuel Rea, Acting Chairman, Committee of Railroad Executives, representing: Central RR. Co. of New Jersey, Delaware Lackawanna & Western RR. Co., Erie RR. Co., Lehigh Valley RR. Co.. Long Island RR. Co., New York Central RR. Co., N. Y., N. H. & H. RR. Co., New York Ontario & Western Ry. Co., Pennsylvania RR. Co.. Philadelphia & Reading Ry. Co., and Baltimore & Ohio RR. Co.* * The President of the Baltimore & Ohio RR. Co. prefers that his companj- be not recorded at this time either for or against anj' plan imder consideration. Report of Eailroad Engineers Date Jan, 26 (Much Condensed) — City's Plcyi. On Oct. 15 1921 a communication was addre,ssed to this Committee by Chief Engineer Tutlle of the City Board of Estimate & Apportionment, containing a preliminary report concerning the (city administration's] proposed timnel and belt lines. This indicated that by an expenditure of $141,000,000, a movement of 1,800.000 cars per j'ear, containing 22.500.000 tons, would be handled over a belt line in New Jersey through a Staten Island-Brooklyn tunnel and over an elevated BrookljTi marginal railway, at an estimated sa\ing of So. 000. 000 per year in operating expenses and fixed charges, compared with corresponding costs of conducting this business by present routes and methods. have carefully studied this report. The plan provides for a belt. line from Ha worth, on the West Shore RR. to Metuchen, at the crossing of the Pennsylvania RR. Main Line, thence to a bridge over Arthur Kill at Perth Amboy, thence to a Richmond Classification Yard on Staten Island, a length of 60 miles. Two tunnel routes were studied under the Narrows from Staten Island to Bay Ridge. believe that the total estimated cost for that portion of the project from Haworth, N. J., to Bay Ridge, on Long Island, -tiz., $93,000,000. is fair for preliminary purposes. An elevated industrial railroad is proposed along the Brooklyn waterfront from Bay Ridge to Newtown Creek, estimated to cost $25,000,000 additional; also a line mostly in tunnel from the New York Central near 16Sth St. to the N. Y. N. H. & H.. at an estimated cost of $23,000,000, but sufficient details are lacking to check up the same. Estimates of Saving. While the city's report shows an apparent saving for the tonnage which they have stated would pa.ss over the entire belt line, through the Staten Island Tunnel and Brooklyn IMarginal Railroad, on 1 .800.000 cars, of about $5,000,000 or S2 78 per car. as compared with the cost of handling the tonnage over the present routes, our careful analysis of the situation would indicate a loss in operation and fixed charges of •?2 296 per car on 800,000 cars nio'\ing between Metuchen and Bay Ridge, or a lo.ss of SI .836,000 annually. For several years at least there would be an increased loss of approximately S850.000 per year due to diversion of this tonnage by the new route away from the present tracks, floatbridges and floating equipment, &c. Tonnages .—In explanation of the difference in the city's estimated tonnage of 22.500,000 and a traffic of 12.070.000 tons which has been used In our estimates, it should be stated that we have eliminated the 2.750.000 of interchange tonnage between the railroads in New Jersey, because the belt line would be so many miles west of thc dassificat ion yards of th(! railroads. have also dropped the estimated capital expenditure required for the belt line from Metuchen to Haworth which cannot be justified by the prospective traffic. have, therefore, in our analysis eliminated the tonnages from the northern tier of railroads Lackawanna. We X Includes fa) Middle Belt Line, $4,247,663: main tunnel under (6) Upper Bay, Greenville to Bay Ridge. §38.968,333: (c) branch timnel to marginal rail line in Brookljm, S8. 025. 000: (d) easements, main tunnel, $117,312; (e) easements, tunnel to Brooklj-n marginal rail line, $109,421; and electric track, buildings, right of way, &c., interest during construction, $4,128,624; (/i) engineering contingencies. $5,917,694: total. $65,094,637. (5) Estimated Saving from Use of Automatic Electric System for Serving jwwer exchange yard, if) $3, .580, .590: (ff) Manhattan. Assumed tonnages, annually net tons 10,000,000 $201,000,000 Estimated first cost of automatic electric system Comparative operating costs, including interest on investment, taxes, &c. $22,500,000 (1) Present carfloat pier station syscem (per ton $2 25) 18.200.000 (2) Automatic-electric system (per ton SI 82) 4.300.000 Saving by automatic electric system, rail operation 1,650,000 Estimated saving in trucking delays, Manhattan 1.1.50,000 Estimated saving in trucking distances. Manhattan Totol estimated saving Traffic (6) .$7,100,000 Expectation — Assumed tonnages, annually (based on movement year 1914) Cars Hoad-s and empties)- for net tons annually Car miles required Net ton miles Assumed cars i)er train nine haul 18.500.000 1,340.000 annua lly - 3 1 ,900 .000 .annually 477 ,150,000 35 _ ) AUTHORITY PLAN TURNED DOWN BY RAILROAD ENGINEERS- CITY'S SUBSITUTE FOR PORT PRESIDENT REA'S LETTER. ' ' ' Thin riTpfirt (}:'' • (of iho Kng!n«rrlnK ' ' I which hnm Ytfirm prMumtiy] to <! 'I Wo We West We ffir I I.. I.IJ i>u''li .1...,, n work. Im-ludltiK tiio ..„i_ I, f^,,^ now. nor •»!'; — & Western. that 9.000.000 tons cotild bo ('out 1 per Car — SnrRoutf. i f . Prrnrnt. ill $.') ;; ' 1 l^im. 1"is rr$2 OKA (mil 4 ;»hi . I, iii'l •> III iiMl i . K' ' Now RnglAnd '( tutini'lliiK tin(l«r ninjorlly of llm trikfflc would t)o vxptw-Uwl "< I' II I/oaa On II. pnr car 1 f>.,. »nd Jnrmry Crntml all hnvo tholr '.^w York llnrlxir front on Ihn .Ipnu'jr IUIIIU1, mid thn I<»tiR IkI^iihI niitl ^ by wiif^r ovrr t«i Hny KI'Iko, nnd iro nriipln tur thn prnwnnt lriilu;ii<i of tr. — i'l % th. liU-;...._ .' thn IrafTI'- . -- "--niif. . tho 'l<Tii;in'l» . 1 liiiuld 1 li 1' ikI- '•»i«t <,f. (llrr«-l rail r»in- !lui not 1)1' coll- rei iinlnliiR Tf.tal loaa per car aa rnoaonn bly ocruraln na 1 run 110(1 Im%.1 — 2«fl 111" pri"«enl ..f iMavi lllliio v,,^. ,..,-(/, .n«rtlnn. It haa bfwn grmtTAUr .t tiinnol on thn ndallnir watnr rmitn. that la to any. tmm thn vlrlnlty nf nnw<nvlll« U> Hay KUIk". annma < 1 J...,!., r .Ivania l< $2 . ; n^ii U, Whwn New York — /oovtng; (2) thnt (hinull \ Inrit" lirlilK" It. .Shore delivered to the Brooklyn waterfnint, for the rc.ison that in this figure is includc^d anthracite and bituminous coal now barged to Brooklyn and Queens, a l.irge part of the latter being bunker conl. which can hardly be changed from water to rail delivery. Our reports, thorofore. Include only 670.000 ton.s for dclivcTj" by mil through the Staten Island tunnel to the Bush Terminal f'o., who.se property can be reached by rail connection from I>ing Island RF{. The rigtire of 12.070.000 tons used In our report, represents nn Incri'n.se of alxiui J.'i'c f>v<T the 1914 tonnages, and Is considerably above the tonnagos ih, r, ,st ,.r Inn years. Fri);n rcNirds obtainable. It Is (^stlInatld that rs would be required In the movement of 12.070.000 tons annually. r which nn» for the PonnKylvanla KU. t^innago, and 100.000 for RU.. Iyhit:li Valley, H. & O., and IMilladnlrihIa .\t Ut-adltig. ..nlirc Oiiiraliiiu Cost. ('(ireful iinalysl.s was Jiiade (1) tif Ihn cost per car <if I'. Rli. tonnage from Metuchi'O to tin ciivllle by mil and then riont to liny illdgi- and yiirdlng nt the latter point: ('2) of the cost of taking thin tonnuKO fnun Mctuihrii l<i Hay KIcIkk through the pn>p<mi'd tunnel by rail. Tho flxivl i-Uurtri' on the lnvrsi;iniit In tlii' < ireenv llle Viinl. float ««rvlcB. and May Klilge YnnI wns jidilcd to tho rout on (he pri>»M<iit r.,iit.. Til., ruiil I'liiirge on the propoaed rnutu wna <v>;jiput<><l on the biuils .11 nil nillroada over the now nitite, vli., KOO.OOO cwn - luista buing oa fullowa: ... ^. .. l/irK>> ,..,1 and Ontario do not concur in thc assumption . >T tr — Erie, Samufil Rea, Pn.-.sidont of the Ponnsylvania RR., representing the committee of railroad executives whose roads serve the Xow York Port district, on Jan. 30 sent a letter to Hon. John F. Ilylan, Mayor, City of New York, e.xplaininR why thi.s committt'c, acfinjj on the advi';e of a committee of railroad engineers representing ten of the road«, was oblig<!d unfavorably on the Mayor's suggestion that their to enter into a contrar;t to operate in connection s CO with other facilities to be provided by the city, the freight and paHHcngcr tunnel und'r New York IJ.iy to connect the Fiorough of Hrooklyii v. ilh the iJorough of Richmond, which by Act of the Now York State Lftgtslature of 11)21, portionmont is authorized to the Ro.ird of I' conHtruet. I' ' We M-i y/n nonnir In thn lluniulit etpn-uitMl In Srjmrdle Tunnri' ri'iKirt i,f thn of Ihn llonni of Kil Ininln that fri'litlit and .4rnct<irlly haiidlcMl in the nnin tiiiini'U of twn rapid Iranalt rantn.! trarloi with thn vnliiiiin nf traffic and rrpqiintiey nf rapid Irnnalt train I hi' i . THE CHKONICLE 916 that would be necessary from Staten Island to Brooklyn boroughs. and the other — Our report and analysis do not deal with the expenditure Otticr Maltcrs. that would undoubtedly be necessary for the lines west of Metuchen to reach the belt line at that place, nor the difficulties and delays in classification of freight west of that point so that it could bo moved in train lots or set off at some convenient point for movement to this belt line. We have not attempted to report on the effect that such a rail movement from Bay Ridge to Long Island City and Oak Point might have on the present facilities of the Long Island and New Haven railroads. There are serious complications involved that would be difficult to handle. Mention is made of a possible hea\'y tonnage to the Stapleton piers. If the Staten Island tunnel is built, only a small portion of the tonnage for A line from Metuchen to these piers would pass west through the tunnel. Stapleton piers via Richmond yard would not be necessary for the Stapleton pier tonnage because a portion of it can be handled over the existing lines of the B. & O., and wh'le wo understand that these piers may all have tracks for rail delivery, notwithstanding some of them arc narrow, much of the tonnage will unquestionably be delivered by lighter. Conclusion. (1) It is believed, with the co-oper.ation of the public, that existing float equipment, float bridges, yards, &c., with a relatively small increase in capacity, are .sufficient to take care of the prcesnt and any prospective increase in business for many years. (2) This tunnel and the connecting lines, from a physical standpoint, are feasible, but from the data used, which is believed to be conservative, and from the circumstances sui-rounding our engineering study of the whole subject of the movement of traffic between New Jersey and Long Island, we cannot recommend the trunk lines to embark in this or any other freight tunnel enterprise and assume the burdens that would attach to it. [Signed] By the Engineering Committee: H. A. Lane, A. E. Owen, R. C. Falconer, G. T. Hand, L. V. Morris, Edw. Gagel, George W. Kittredge. and Samuel T. Wagner, Chief Engineers, respectively of B. & O. RR., C. RR. of N. J., Erie R.R, Lehigh Valley RR., Long Island RR., N. Y. N. H. & H. RR., New York Central RR. and Philadelphia & Reading Ry.; J. H. Nuelle, General Manager N. Y. O. & W. Ry., and E. B. Temple, Asst. Chief Engineer, Penn.sylvania RR. — NEW YORK AUTHORITY SANCTIONED BY ACT OF CONGRESS KNOWN AS THE EDGEANSORGE JOINT RESOLUTION. The Act of Congress sanctioning the Port of New York PORT OF Authority, and also the Port District, was signed by PresiIt provides as follows: dent Harding Aug. 23 1921 . or compact entered into between the creation of the Port of New York Port of Authority, for the comprehensive development of the Port of New York. Granting consent of Congress to an agreement New York and the Stale of New Jersey for New York District and the establishment of the the Slate of Whereas, Commissioners duly appointed on the part of the State of New York and Commissioners duly appointed on the part of the State of New Jersey for the creation of the Port of New York District and the establishment of the Port of New York Authority, for the comprehensive development of the Port of New York, pursuant to Chapter 154, Laws of New York, 1921, and Chapter 1.51, Laws of New Jersey, 1921, have executed certain which are contained in the following, namely: [Here follows the compact between the two States cited above.] Whereas, The said agreement has been signed and sealed by the Commissioners of each State, and has thereby become binding on the two States as provided in the aforesaid Acts; Therefore bo it Resolved, By the Senate and House of Representatives of the United States of America in Congress assembled. That the consent of Congress is hereby given to the said agreement, and to oacli and every part and article thereof: Provided, That nothing therein contained shall be construed as impairing or in any manner affecting any right of jurisdiction of the United States in and over tlie region which forms the subject of said agreement. Sec. 2. That the right to alter, amend or repeal this resolution is hereby articles, expressly reserved. RAILROAD RATE DECISION— U. S. SUPREME COURT UPHOLDS RIGHT OF COMMERCE COMMISSION OVER UNREASONABLE INTRASTATE RATES. The United States Supreme Court on Feb. 27 unanimously handedldown decisions in opinions by Chief Justice Taft upholding the authority of the Inter-State Commerce Commission under the' Transportation Act of 1920 to fix State when necessary to remove "undue, unreasonable and unjust discrimination against inter-State railroad passenger fare commerce." Two cases were decided' by the court with the same result, both growing ouf'of the general increase in transportation rates by the Inter-State Commei'ce Commission in 1920, as the result of which, in spite of the protest of the individual States, intra-State passenger rates as well as the inter-State rates were advanced. In one ease in which most of the other States joined the Railroad Commission of Wisconsin and others brought suit in the U. S. District Court for the Eastern District of Wisconsin against the Chicago Burlington & Quincy RR., seeking an injunction to prevent the railroads of the State from putting into effect on State passenger traffic the rate of 3.6 cents per mile allowed by the Government on interState travel, claiming that the nev/ rates were discriminatory against the State rates. Failing in the District Court, the case was appealed. The other case was brought directly by the State of New York against the Federal Government, the Inter-State Commerce Commission and certain railroads in N. Y. State to set aside the new rates on the ground that the 3-cent fare fixed by the Public Utility Commission produced reasonable returns to the railroads upon their State traffic. In both [Vol. 114. States freight rates were advanced to the inter-State level without objection from the States. The case was dismissed by the U. S. District Court for the Northern District of New York and appealed to the Supreme Court. The decision in the Wisconsin case, as reported by the New York "Commercial" says in part: view of changes made by Federal authority, in a large class of discriminating State rates, it is necessary from a State point of view to change non-discriminating State rates to harmonize with them, only the State authorities can produce such harmony. We cannot sustain the scope of the order in this case on the showing of discrimination against persons or places If in alone. It is manifest from this recital that the Act made a new departure. Therefore the control which Congress, tlirough the Inter-State Commerce Commission, exercised was primarily for the purpose of preventing injustice by uiu-easonable or discriminatory rates against persons or localities, and the only provisions of the law that inured to the benefit of the carriers were the requirements that rates should be reasonable in the sense of furnishing an adequate compensation for the particular service rendered and the abolition of rebates. The new measure imposed an affirmative duty on the Inter-State Commerce Commission to fix rates and to take other important steps to maintain an adequate railway service for the people of the United States. Commerce Is a Unit and in Case of Unreasonable Rates Must be Treated as Such Effective control of the one must embrace some control over the other in view of the blending of both in actual operation. The same rails and the same cars carry both. The same men conduct them. Commerce is a unit and does not regard State lines, and while, under the Constitution, inter-State and intra-State commerce are ordinarily subject to regulation by different sovereignties, yet when th(!y are so mingled togetlier that the supreme authority, the nation, cannot exercise complete effective control over inter-State commerce without incidental regulation of inter-State commerce, such incidental regulation is not an invasion of State authority or a violation of the proviso. It is said our conclusion gives the Commission unified control of interState and intra-State commerce. It is unified only to the extent of maintaining efficient regulation of inter-State commerce under the paramount power of Congress. It does not involve general regulation of intra-State commerce. Action of the Inter-State Commerce Commission in this regard should be directed to substantial disparity which operates as a real discrimination against and an obstruction to inter-State commerce, and must leave appropriate discretion to the State authorities to deal with intra-State rates as between themselves on the general level which the Inter-State Commerce Commission has found to be fair to inter-State commerce. In the New York case the State of New York and Charles D. Newton, personally and as Attorney-General of the State, appellant, brought suit against the Inter-State Commerce 'Commission and interveners, Lehigh Valley et al., railways in the State of New York, to enjoin the 20% increase in passenger charges which increased the rate per mile for passengers to 3.G cents. Touching on this ease, a special dispatch to the New York "Tribune" says: The passenger inter-State fares were 3 cents per mile under order of the President in war control but the State had passed a 2-cont fare rate on the New York Central from Boston to Albany, to be effective when war control , •^ Evidence was adduced to show the injury to inter-State business in the transportation of milk from the country to New York City from points outside of the State in competition with intra-State traffic in milk. Court Disregards Agreement with N. Y. Central RR. for Two-Cent Fare Between Buffalo and Albany. The court refuses to sustain the objection raised by the State that it has a charter contract with the New York Central by which the latter is bound not to charge more than two cents between Albany and Buffalo, and that if the Transportation Act permits the Inter-State Commerce Commission by an order to enable the railroad company to ^^olate its contract it is unconstitutional. The court falls back on the ruling in the Addystone Pipe case and says anything which directly obstructs commerce among the States should be subject to the power of Congress. "The evidence in this case," proceeds the court, "shows that if the passenger and other rates here in controversy were to continue in force as ruled by the Public Service Commission of Now York the aimual gross revenues of the inter- State railroads operating in the State of New York from both inter-Stato and intra-State passenger and milk business would be less by nearly $12,000,000 than these revenues if the intra-State fares and rates were on the same level as the inter-State rates as fixed by the Inter-State Commerce Commission. "As we have just held in the "Wisconsin case, this constitutes 'undue, unreasonable and unjust discrimination against inter-State commerce,' which is declared to be unlawful and prohibited by Section 13, Paragraph 4. of the Inter-Stato Commerce Act as amended by Section 416 of the Transportation Act of 1920, 41 Stat., 456, 484, and which the Inter-State Commerce Commission is authorized therein to remove by fixing inter-State ceased. rates for the purpose." Tlie decision, it is stated, has caused the officials of the various States to redouble their efforts to secure the amendment of the Transportation Act of 1920 so as to take away this power of the Inter-State Commerce Commission over intra-State rates. RAILROAD RULES FURTHER REVISED FOR SIGNALMEN, FIREMEN, OILERS, SUPERVISORS AND EXPRESSMEN. The United States Railroad Board, pursuing the same policy as in the cases of the rules for other classes of railroad workers as indicated from time to time in the "Chronicle" during the past six months, namely for Shopcraftsmen ("Clironicle" V, 113, p. 2370); Maintenance of Way men and railway shop laborers (V. 110, p. 2682); clerks and station employees (V. 114, p. 625) and signalmen (V. 114, p. 701), has announced within the last few days new agreements superseding the old national agreements for the following March THE CHRONTCLE 4 1922.] railroad employees, the effect as to overtime being reported as shown: (a) For Railroad Brolhrrhood of Firemen & Oilers, 8.000 members (including stationary firemen and oilers and other classes of workers, including stationary and hoisting engineers, flue blowers and borers, fire knockers and clinker pit men, fire builders and coal passers) announced Feb. 23, effective March 1: Overtime to bo paid at the pro rata rates for the ninth and tenth hours and time and a half for overtime after the tenth hour. Previously the men received time and a half after the eighth hour. The new rules provide for "split tricks," declaring that eight hours of work within any twelve hours shall constitute a day's work. Svmday and holiday work shall be paid at the regular pro rata rate. (6) For Train Dispatchers Members of the American Dispatchers Associalion (some 5,400 men): Pro rata pay for the ninth hour and time and one-half pay thereafter. The eight -hour day remains the standard, and the new rules require that dispatchers have one day off in seven, relief dispatchers being employed to carry out this provi ion. Questions of vacations are remanded to the men and the management for further conference. The new rules are outlined in "Railway Age" of Feb. 25. p. 483.) (c) Rail cay Express Employees (numbering about 75.000). superseding the national agreement made for such employees under Federal control with American Express Co.: Straight time wUl be paid for the first nine hours' work each daj', although the rules retain in principle eight hours as constituting a day's owrk. Time and one-half will be paid for all work over nine hours. Time and one-half was formerly paid after eight hours. Sunday and holiday work will be paid for at the pro rata rate. In the 'split trick" arrangement, eight hours' work may be spread over twelve hours where relief is provided of one hour or more at a time. This change permits men to work when needed most, even at widely separated hours, without penalizing the expre-ss company for overtime. Split tricks" were authorized under the old agreement when five or more men were employed, but the new rules are effective regardless of the number employed. FINANCIAL RESULTS FOR CLASS I ROADS IN YEAR 1921 AND MONTH OF DECEMBER. The Association on Feb. 27 made of Railwaj' Executives public the financial results (just compiled) of operation in 1921 by the 201 Class I railroads in the United States based on reports to the Inter-State Commerce Commission. The results are set forth for the entire countr}% first, for the full year (eomnlete reports); and second, for December 1921 alone, based on reports for all Class I railroads except the Detroit Toledo & fronton RR. The statements show in official brief: Country as a Whole. Year 1921, 201 Roads. The railroads of the United States in 1921 had a net operating income of 5615,625,619. which was at the annual rate of return of 3.31^ on their (1) tentative valuation. The net operating income for the year hardly more than covered their Intere-st charges and rentals alone, these item-s amounting to .$603,000,000 in 1920 and sfjmewhat greater than that in 1921. Fifty-four railroads, con.s:,sling of 26,022 miles of track, had operating deficits in 1921. the deficits for tho.se roads totaling S29. 114.000. Operating revenues in 1921 totaled .S5..569,888.000. a decrease of 10.6% ccjmpartfd with the total in 1920. Operating expen.soR for the past year amounted to $4,602,425,000, which was a derrea.sc of 21.17c compared with the year before. Tabulations •howed that $2,019,985,000 were spent for maintenance expenses. 23.1% leas than in 1920. t2) For December 1921, 200 Roads. For December their net operating income was S51 be at the annual rate of return of :j.44% 22 which would ..110.478, Or>'T;i'ine rfvnii'-s for the month totaled $'125,014,000, h the s.-»me month the j-ear before. a reduction of - of the 200 road.s totaled $348,973,000, a decrease of 7,0 cojiiparii'l with Dt!<'enib€r 1920. Their net oix-rating in'-om<5 of $51,510,478 lackerl $38,412..522 of being a P>% rfrfum. In 1920 thisir net oprrating income was $.3,348,773. In l)ifi-:tiher the carriers eipf-ndc;'! .$I42.I59,29H for m.ilntenance work. M.H7c UtK.\ than during that month the year iKiforo. .31. Resultuhii YfMr ir.rtf r>, — (Tabulattd by "Chronicle") Return on Tentative Valuation. Bautrn. Southern. WeiUm. Tolnl. — 'let ; Op'r..r:, ($5.5«».88R,000 ) '' '120 1' '•" Not shown by \ oi dlirtrlcta. I I •N" ...) I 1'.' ' .' : 6% Fit-low Net "j:/, .: , rrliim Inr otifT ; fnr I, of.. -j 22fl.2WMIX) ut I «A.S 070.^:^? I1A.1 - '•• 1920 (3.'?1";,) on ? %ZOH%Ki.M\ fll/'i,fl'.'fi.000 :.• : 1920 wo.<t!/.H2.fl.'iAi,0W 0|. U\.\%) |«!,On.'i,000 »28fl,81I,000 ^^\'^', . 4,o():;.4-'.'..ooo I i\.%i7\. mo. nOO tjy. (lOflr,) >. W.t.lWi.'.m MOO WIO ni 59,.'i(i.S,720 «42.^<V^3 03I I • ) Oi. "1 H\ - .V- IIU'O (3.44%) (1.49%) .-) u.lii.iKAi 'imo ) SI. /it 0,4 78 10,144.343 4l!i2 i.-172,AI8 3H.412.S22 30.(I28.S38 for WM. i.0.17.fV«7 d«/.2,flB0.282 3.348,733 1.042.008 H.MUiOM) RATES— TRUNK LINES TO M'l'E.XL FROM DECISION IN NEW ENdLANI) DIVISIONS CASE. It w.'m atinoiinrc'd «xwiitiv«H of Niiw from Kiijclan<l, th'- Staf.*' ( 'I. Htat«!H on v,I " , ,,, Nnw Kn^land ' ,| li Uimtory. (M«>o rni< lintr of oiiliido the of to apixul to \.)w cniirts Iiuii«lcd K,.|,. a lr«'iil.<l \.\^ down by i-fff«;tiv(« the Fiil<r- Miinh I, thu riKht to a »ium iurjfor (foltiiii; out of tlio j<»iri( nit<H niilroa<l(4 ' ' lines d«'<-id«(i n ' followitii,' 'I'riink that th«>y hml .i.Miori 27, V*'\t. Ku.st<Tri '(imni. rf«. i\,i, (frantinjf th« by l.'i' on buM i\ui th«i fnitik linin "C .'hronido" of K«ib. iii.Hiilf IN, p. l,iiit<d 701'), 917 Th(; executives intimate that they will carry tho case to the U. S. Supreme Court if necessary. In recent years the Federal Courts have appeared disinclined to review decisions of the Intor-State Commtu-ce Commission, and this fact, it is said, led to considerable discussion before it was decided to aTipeal the case. Up to a late hour yesterday no report had come to hand as to the actual fihng of papers asking the desired injunction. STATEMENT BY SECRETARY WALLACE ON NEW CO-OPERATING MARKETING LAW. Asked to explain the significance of tlie Capper- Volstead Co-operating marketing law, which, as stated in our issue of Saturday last (page 800), was signed by President Harding on Feb. 18, Secretary of Agriculture Wallace made the following comment on Feb. 21 The Capper- Volstead Co-operative iiarketing Law, signed by the President Saturday, is the result of several years of effort on the part of farmers to clear up their legal, and therefore their esonomic, status from a national standpoint. The new law expressly authorizes farmers and others engaged in the production of agricultural products, including nut and fruit growers, to act together in associations for the purpose of marketing their products colinter-State and foreign commerce. other hand, the interests of consumers and the public generally are safeguarded, since the Secretary of Agriculture is authorized to proceed against an association of this sort if he finds that it is operating in restraint of trade to the e.xtent that prices of farm products are unduly enhanced. For such cases, a special proceeding is authorized. The Secretary of Agriculture will hold hearings and determine all the facts before action is taken in the courts. These associations may incorporate, or not, according to the wishes of their members, and have capital stock if they so desire. They may also have marketing agencies in common. They must be operated for the mutual benefit of their members, but may also deal in the products of nonmembers, with tlie express limitation that the value of such products must not exceed the value of the products of their members. It is required that they comply with either of the provisions that no member shall have more than one vote and that dividends shall not exceed 8%. Farmers have always felt that conditions governing the marketing of their products are essentially different from those governing the marketing of the products of other industries, and that if they are to be on a comparable basis, without being deprived of individuality in production, they nmst have the riglit to bargain collectively. The new law expressly recognizes tliese contentions and greatly reduces the possibility of litigation which farmers' marketing associations have frequently faced in the past when tliey have associated themselves together lectively in On for tlie their mutual benefit. The text of the newly-enacted reference to it a week ago. measure was given in our TWENTY-FIFTH ANNUAL CONVENTION OF THE AMERICAN MINING CONGRESS IN OCTOBER. The 25th Annual Convention Congres.s, celebrating a of the American :\rining a century of steady growth and development of tliis national organization of the n)ining industry, will be held in Cleveland, O., Oct. to 14 1922. The National Exposition of Mines and Mining Equipment, which attracted so much attention at the annual meeting wliich was held in Chicago last fall, will agjiin be a significant and special feature of this great industrial gathering. The exposition will take place in the Public Hall in Cleveland. Two hundred industrial exhibits, representing the latest types of American mine equipment and machinery will be displayed by manufacturing concerns, and in addition there will be a number of notable public exhibits, illustrating the mineral wealth and latent resources of several of (he Western mining States, .\laska, the Philippine Island.s, and several of Soutli and Central American couutrie.s, and in all probability Mexico and Canada. Important I'nited States (Jovernnient departments, incliidiiig the I'nited States lUireau of Mines and the (Jcological Survey of the Department of the Interior, will be w<'ll represented, as usual. The entire e.\i)()sltiiin will be staged in such a way as to give the cxjiibilors an opportunity of displaying Iheir machinery and e(Hiipnient under as near a replica of working condiHons as is po.ssihle. The unusual facilities afforded in the (Cleveland building for power of all types will eiial)le the mine e<iulpnienl and lieavy machinery to be (piarter of nIiowii In full «)pei'ali(in. One <»f llie linimrlant fields of development for the .Xinerlcan maniifui lurerH of mine e<|ui|inien( and mine maehinery lleM In the mnrketN abroad In those count rIe.H where tho lat* ent mineral wealth and rcsouncs are gn-at and where tho fiirllier flevelopineiit of mining enlerprl.HeH l.s being encouraged. OiK! of llie iniportani fuels in connection wiili Hie annual cxpoHltloii of Hie American .Mining CxingrcHs is the riH't Mint moNl of the foreign <'ounlrleH InhreNted In the further dcvolopinent of mining eiilerprlscM will lie lepieHeiiled by delegHlloii.s of le<'linli-al experlH Inlete.sled in Hludylng Aiiierli'/iti mine eipiljinienl and mine inaclilnery, for tlilN Im a line of manufacluring where the United .Slateii . THE CHRONICLE 918 leads the world. All of these representatives will be interesting contacts for the exhibitors at this exposition. The Twenty-fifth Annual Convention of the American Mining Congress and the National Exposition, it is hoped, will again focus public attention on the mining industry and will be of assistance in the bringing about of greater production and the further utilization of mine machinery and mine equipment, so essential a factor in the reduction of operat- ing costs. INCOME TAX—EVERY CITIZEN IN U. TO PROVISIONS OF LAW. The following statement Frank K. Bowers, Collector 2d District, New York: M^as issued of Internal S. SUBJECT on March 2 by Revenue for the Every citizen of the United States is subject to the provisions of the Income tax law. He may live in this country or he may live abroad, possessing no property within the United States and deriving no income from sources within the United States. Nevertheless, he must file a return If single and his net income for 1921 was $1,000 or more or his gross income $5,000 or more, or if married and his net income was $2,000 or more or his Divorcees or persons separated from gross Income was $5,000 or more. husband or wife by mutual agreement are classed as single persons. The same obligation to file a return and pay the tax rests on a resident alien, although his entire income may be derived from sources without the United States. While forms were sent to persons who last year filed returns, failure to receive a form does not relieve an individual of his or her obligation to on or before March 15, if filed on a file a return and pay the tax on time calendar year basis. Forms 1040A for returns of income ofv$5,000 and less and 1040 for returns of Income in excess of $5,000, may be obtained — at the office of the Collector of Internal Revenue in the Custom House and at the following branch offices: No. 4 Union Square; No. 1416 Broadway at 39th St.; No. 1819 Broadway at Columbus Circle; and No. .310 Lenox Ave. at 126th St. [Vol. 114. ployee of a corporation in shares of stock is to be treated as if the corporation sold the stock at its market value and paid the employee in cash. Promissory notes received in payment for services and not merely as security for such payment constitute income to the amount of their fair market value. Living quarters add meals furnished as compensation for services are to be reported as income. A hotel clerk given a room and his meals as part payment for his services is required to report as Income the amount he would have to pay for board and lodging elsewhere. The value of quarters, light and heat furnished army officers, whether stationed at an army post or paid from funds allowed for such purposes when officers are stationed elsewhere is taxable income in an amount equal to the cost to the government of furnishing such quarters, etc. AVhere an officer or enlisted man is allowed certain commutation in lieu of quarters, light and heat, the entire amount received for such purposes for the taxable year must be included in gross income. Where living quarters, food, clothing, etc., are provided for an employee solely for the convenience of the employer, the value thereof need not be included in the income of the employee. For example, where because of the location and nature of the work, it is necessary that employees engaged in fishing ad canning be furnished board and lodging by the employer, the value of such board and lodging may be considered as contributed for the convenience of the employer. Board and lodging furnished seamen in addition to their other compensation is held to be furnished for the convenience of the employer, and the value thereof need not be reported In the returns of such employees. Uniforms, rations and medical or hospital service afforded enlisted men or seamen need not be reported as Income. These are furnished by the Government for its own purposes, and are not compensation for services. The value of board and lodging furnished employees of hospitals as part compensation for services is to bo reported as income. If, however, an employee of a hospital is subject to immediate service on demand at any time during the 24 hours of the day, and on that account is obliged to accept quarters and meals at the hospital, the value of such need not be reported as income. If the employee Is on duty a certain number of hours and could. If desired obtain meals and lodging elsewhere than at the hospital and at the same time perform the duties required of him, the ratable value of the board and lodging furnished him Is considered additional compensation. , The value officers of quarters, subsistence, laundry, heat and light furnished and employees of the Public Health Service constitutes income and must be included in their returns for the year. returns must be f iled'on or before To avoid penalty , midnight of March 15 INCOME TAX—COMMISSIONS OF RECEIVERS NOT TAXABLE— SALARIES OF STATE OFFICERS AND EMPLOYEES EXEMPT— FEDERAL OFFICERS AND EMPLOYEES TAXABLE. The following statement was issued Feb. 28 by Frank K. Bowers, Collector of Internal Revenue for the Second Dis- New trict, York: for personal services in the form of salaries, wages, commissions, fees, tips, bonuses and pensions form the principal item in the As a general rule, all such income is subreturns of millions of taxpayers. ject to tax. However, there are exceptions with which the taxpayer in the Interests of self as well as the Government, should familiarize himself. Salaries paid to its officers and employees by a State of "political subdivision thereof" (city, town, county or hamlet), arc exempt from taxation. The reason for this is that the Federal Government does not tax such Fees received b a notary public commissioned by a activities of a State. State are not taxable, neither are fees paid jurors by a State or political subWitnesses in law suits, however, even though subpoenaed division thereof. by a State's Attorney are not considered employees of the State, and fees received by them are subject to taxation. The commissions of a receiver appointed by State, county or municipal court are not taxable. The commissions of an administrator or executor are taxable because they are not paid by a State or political subdivision, but out of the estate of the deceased. Salaries of Federal officers and employees. Including those of the territories and the District of Columbia, are subject to tax. Salaries and fees paid by the United States to its Ambassadors, Ministers or Consuls accredited to foreign countries or by a foreign Government to United States citizens are taxable, and the amount spent by them for entertaining is not deductible. Fees paid a juror by the Federal Government are taxable income, likewise the fees received by a referee, trustee or receiver, under the National Bankruptcy Act. The fees received by a notary public commissioned by the District of Columbia are taxable. Annuities paid by the Government to retired employees are subject to tax to the extent that the aggregate amount of the payments exceeds the amounts withhold from the compensation of the employees. Amounts deducted and withheld from the basic salary, pay or compensation paid to employees in the civil service of the United States, in accordance with the provisions of the Act providing for ijensions to Government employees should be reported for income tax purposes. The total compensations of the employees should be reported in gross income. No corresponding deductions can be taken for the amounts witliheld, inasmuch as such amounts are payments towards the purchase of annuities provided for in Compensation the Act. Inquiries received indicate the impression in the minds of many persons that all school teachers are exempt from payment of the income tax. Teachers are not exempt because engaged in educational work. As a rule the salaries paid public school teachers are exempt, but only for the reason that they are employees of a State or political subdivision. The special exemption of $3'5()0 allowed under the Revenue Act of 1918 to persons In active service in military and naval forces is repealed by the Revenue Act of 1921. Soldiers and sailors are allowed only the exemp tlons granted other individuals. $1,000 if single, or married and not living with wife or husband; $2,500 if married and living with wife or husband, and the net income for 1921 was $5,000 or less, and $2,000 if married and living with wife or husband and the net income was more than $5,000. Bs, INCOME TAX— CASH NOT ONLY ITEM TO BE FIGURED AS INCOME. The foUowinu; statement was issued, on Feb. 27, by Frank K. BoAvers, Collector of Internal Revenue for the 2nd District, New York: In filing their income tax returns for the year 1921 taxpayers mu.st remember that taxable income Is not necessarily cash. AVhore services are paid for with something other than money, the fair market value of the thing taken in payment is the amount to be included in income. For example, the value of merchandise received by a clerk of a grocery store as part payment for his services must be reported as income. Compensation paid an em- ITEMS ABOUT BANKS, TRUST COMPANIES ETC. No sales of bank or trust company stocks have occurred at the Stock Exchange or at auction this week. A New York Stock Exchange membership was reported posted for transfer this week, the consideration being stated at $88,000, an advance of $2,000 over the last previous transaction. As indicated in our issue of Saturday last (Feb. 25, page Trust Co. of this city celebrated 807), the Farmers' Loan & 100th anniversary. In a communication to the staff of the company reviewing its past history and looking forward to the future, the President, James H. Perkins, on Feb. 28 its said: I conceive It to be our mission in the second century of the company's existence to continue those policies, fovmded on scrupulous stewardship and sustained strength, which have enabled The Farmers" Loan & Trust Co. to retain the confidence of the community, to weather the severest storms of the past one hundred years, and so to carry forward "the purpose of accommodating the citizens of the State." Such a mission is one in which to take Individual pride. It deserves the best thought and utmost efforts of us all. It is worthy of hearty co-operation in a comradeship of purpose looking toward an achievement which |n its worth to others is of the greatest worth to ourselves. As a memento of its 100th anniversary, the company has volume under the title of "A Century The book, of Banking in New York," by Henyr W. Lanier. which is "Dedicated to the Ferocious City Which Devours and Forgets Its Own History," is replete vnth interesting facts pertinent to banking affairs during the century, and the mine of information which it yields may be gleaned from a issued a substantial volume, which treats of "The Great Plague of 1822"; "The Boom Town of Greenwich"; "A Stranger's Impressions"; "Where Pigs Roamed Wall Street"; "Pumps on Broadway"; "Conditions That Faced the 1822 Banker"; "How Downtown Looked"; "The Banks a Century Ago"; "The Banks' Public There are in all fifteen chapters, each in Old New York." similarly interesting nature, and numerous illustrations of picturing early New York, form part of the make-up of the book. In a chapter dealing with "Who Was Who in Finance," may be found a list of "wealthy men of the Dutch Period," "Capitalists of English Period"; "The Rich Men of 1822"; together v\'ith a photogi-aphic facsimile of a pamphlet compiled and published bj^ the New York "Sun" in 1845, entitled, "Wealth and Biography of Wealthy Citicens of New York City"; "Expansion and Panic"; "The Coming of the Clearing House". "Civil War and the National Banking System"; "A Marvelous Quarter-Century"; "The Era of the Trust Companies"; and "The Federal Reserve and the New Era," are some of the subjects to which the survej' of the contents of the first chapter in the . book is devoted. of the Executive Committee of the Enipii-e Co. of this city on Feb. 28, Henry F. Whitney, formerly Trust At the meeting March THE CHRONICLE 4 1922.] Assistant Trust Officer, was appionted Trust Officer of that institution. Bank of New York announces the H. Walsh as President of their instiMr. Burke's tution, succeeding John Burke, resigned. resignation was noted in our issue of a week ago, page 794. Mr. Walsh, prior to his election to the Presidency, had been Before First Vice-President and ISIanager of the bank. the Progress National, Mr. Walsh had been in coming to charge of the 3.3rd Street and Fifth Avenue Branch of the Chatham & Phenix National Bank of New York for ten The Pi-osrt'ss National ©lection of Alexander years. Horner, a director of the Garfield National Bank on Feb. 26. Mr. Horner was sixty-egiht years of age. He was connected with the firm of Flint & Horner and was also a director of the Excelsior Bank of this city. At a meeting of the directors of the Garfield National Bank on Feb. 27, resolutions were adopted paying tribute to his sterhng quaUties. Robert 919 $100,000. Melvin M. Johnson, heretofore the President of the Oceanic National Bank, has become Chairman of the board of directors of the Metropohtan Trust Co. The other officials of the latter arc Harrie M. Richmond, Charles B. Strout and George W. Fulks, Vice-Presidents, and Edward D. Carter, Secretary. The New York agency, at 62 William Street, of the Banca Commerciale Italiana announces the receipt of a cable from its head office in Milan stating that a meeting of the stockholders will be held on March 23, at which time the board payment of a dividend of 12%, and the transfer of four million (4,000,000) lire to surplus account, and 10,800,000 lire to undivided profits. of directors will propose the J. of this city, died The American Exchange National Bank of this city Arthur P. Lee, Herbert N. Armstrong, Charles E. Meek, and Howard Marshall as Assistant Vice-Presidents, and the appointment of Walter B. Tallman aimounces the election of as Cashier. THE ENGLISH GOLD AND SILVER MARKETS. We reprint the follov\ing from the weekly circular Samuel Montagu & of Co. of London, written under date of Feb. 16, 1922: GOLD. The Bank of England gold reserve against Its note issue is £126,929,400. as compared with £126,925.585 last week. The Bank of England official rate for discount was lowered to-day to 414% from 5%, at which it had stood since Nov. 3 1921. For the moderate amount of gold available there has been an exceptionally keen demand from the Indian Bazaars, by whom practically the whole was taken. The gold dealt with this week was the last full shipment from South Africa which may be expected, imtil the deplorable strike on the Rand has been settled. Walter Luttgen, who for sixty- two years was connected with the international banking house of August Belmont & Co., died on Feb. 27. Mr. Luttgen was born in SoUgen, Germany, in 1839, and was educated in public and private schools in Germany and America. He came with his father this country at the age of fifteen, and after attending the to public schools and a short experience in a firm of custom house brokers, entered the employ of August Belmont & Co. in 1860. He became a partner of the senior August Belmont in 1880, and continued until his death as a partner of the firm, thus becoming associated -with the senior August Belmont, with the present August Belmont and with the latter's son, August Belmont, Jr., who died two years ago. His association with this great firm placed Mr. Luttgen In a position where he would naturally extend his interest in many different lines of acti\'ity He was thirty-eight years a director of the Illinois Central Railroad Co., also of the Rapid Transit Subway Construction Co., and was active in many other lines of business. He was a well-known figure . in social and club circles in the city important organizations of and a member of many The varied nature of his interests was also shown in his membership of the Metropohtan Museum of Art, the Museum of Natural History and Zoological Garden of New York, as well as many other philanthropic and benevolent societies. Other clubs and a-ssociations of which he was a member are the Geographical and Genealogical and Audubon societies, the American Game Protective and American Forestry Associa^ tion. Pilgrims of the United States, Lincoln Monument Association and Legal Aid Society. this kind. The following were the United Kingdom imports and exports of gold during the month of January 1922: Imports. Exports. Sweden £7,313 2,384 329.000 1.274 2,472,574 Netherlands Switzerland.-- West Africa £77,755 United States of America.. Central America & West Indies Rhodesia... 3.768 150,152 3,218,434 122,974 2,287 3.078 60 866.258 157.504 90 .£3,578,448 £3.836.457 Trans\-aal Britishlndia Straits Settlements Other countries Total During a debate at Delhi month the Finance Mini.ster stated, on being asked to reopen the Indian Mints to the free coinage of gold, that the Government was quite prepared to coin gold should a currency demand arise. Ijut he pointed out that, so long as there was a premiiun on gold, freshly minted coin would not circulate but go at once into the melting i>ot. He also gave the interesting information to the Coimcil that when the exigencies of Indian finance impelled the Secretary of State to place himself in funds by drawing upon the Gold Standard Reserve in London, as probably would he the case during the year, an equivalent in gold would be taken from the gold held in the Paper (Currency Reserve, in India, and placed in in other words. Gold Standard Reserve fimds the Gold Standard Reserve would be automatically transferred from London (in short British Government obligations) to India into the form of gold. last — The exceeding importance of a return of currency, in countries where great depreciation exists, to a basis beiiring some meitstu-e of stability with their pre-war gold standard, renders any step in that direction full of interest. The Austrian Government conmienced a few months ago to le\'j' some taxes on the basis of the gold crown. The actual payment is to be made In paper crowns at a rate fixed weekly by the Treasury. This is a wise effort towards stabilizing the exchang^, but no satisfactory result can he assured until the continued liicrcise in the Issue of paper money comes to an end. We append a further list of export regulations in various foreign countries touching gold and sliver: Argmlina. Export of gold absolutely prohibited. Chile. Export of gold or silver bullion waste Is subject to license. Cuba. A license Is required for the export of gold and silver coins, bars or any other form, and waste. — — — The Buffalo Trust Co. of Buffalo, N. Y., has increased its capital from $l,fX>0,00f) to Si .v.-,().0(X). The -in the capital stock was brought about for the purjj" ilccting the merger of the Broadway National Bank (caj)ital, 830(J,OOf)), the Amh.rst XutioiL-J B.-aik (capital, .?2(K),n00), and I Clinton Bank (capital, .«;l()(),(KX);, all of Buffalo, into ihf Buffalo Trust Co. On Fob. 14 1922 all of these banks * ot the Buffalo Trust Co., giving that ojxncd as 1. < InMlitution of over §20,.'500.<XXJ. The additional stock issued by the trust company was authorizMl by the Hhari-hoIdcrH on Fib. H an<i it was made effective Feb. 11. Tim pri'-e at which tin- new Hlock w.is disposed of \^'- 'S'lOO jMjr share of $1(K). J'a pa «. ^Export of gold or silver coin and bullion is subject to speclu p«'rnili*lon. — Mczico. The export of silver In bars, ores or concontrat«.s Is porinltt«<l without license. Tlu> export of moUiLs, ores, &c., cdtitainltig gold and silver mixed is uIno periiillcd, but Ihu \-iilue of the gold exported must bo rolm|>oried. The ex|x>rl of gold and sliver coin l.s prnlilblied. The (ix))ort of gold in iMirs. oro.s, ic, l.s sulijoct to permit and lo llui re-lniixirtatlon of gold In bars suitable for Mexican coinage or foreign coins to un equal amount. ' Syria. —Tho oxiHirlatlon prohibited of gold or silver, lo Is money or Ingots. HILVKK. . Tho main supiKirt of uliliti ii of lliti niurkel I'liiu.lilir iMi' .iiiinijiit from Invir covering, on accnuiit of (lie Indian Ixxin obi-nlned hit'U doiin liiiH — honiel liiie.N ofii niltiiT free chiiracter kIIvit for two intmiliH' dulivery than for .('lling III - tiiui si III lire I I'nfli. 'I'lir n Inmiii ' Unllcd lliii |Kiiir "uller. lull rauwed c! Now \tnk ilii- Iniiiroved loodoncy of lo urfir ollvur. INDIAN (niKimNOV UKTUUNH. An amnlgamuliofi of the Oceanic National Bank of Host<^)n with the Metrojjolitan Trimt Co. of lliat city was conHiiiiimat<-d at th« frloso of buHinesM on Feb. 18, when the .Mtiropolitfiii Trust Co. took over the IjUHiniHS and aHHclH of the ()c<rinic National Bank. L'nrlcr the inertciT jiluri thr M' '• III Trust Co. is increasinK its capilul from irAH),; (XXJ l<> *<,7<).(MK) of the par share. vahm Whrn by the issuance of 1 ,7(X) sharcH of new hUicU of $|(X) jxr share at thr- price of $J(H> f)ir the new sl<K!k is disposed the Metropolitan Trust Co. will have a eapital of $<)7().fKK). Hurplus and uiulividod profits of $26.'>,(XK), and a spe<ial reMerve fund of t>t Ii. I ,t, . N' ,,f iiuprcB — Jan iiliiilon Mil , iiid . . liulllon In Indln ><ild coin H«-iirlil<' Hwiirll 'I'ho mid liullioii oiil lii'li of l> si.ign diirliiK '.!. Siai 7486 2432 2432 mt.'tO flO.'lO flH<ll AiS.'i ftN/i ... IiicIIa lloviTiiliii'liI 173«rt . II tiovmitiK-iit) I Feb. 7. IT 110 7'184 ',.....: HllviT coin ntid liiillliin oiii of liidin (iotil colli uiid liiillliiii III liiilln ( Jan. 31, ',',' I ) Ihn woelc endltiR 7tli Int. nmnunlod 5Hfi to lara of ril|ir(«. Thn iiiinrm with Ktock In Hhnnghnl on III ;iri, on Iho iiy<-<w, IUli limt. roniil«l<Hl of nlioiil ,17.000.000 niid 1.7)10 iillv)>r ImrB, nn coiiipanMl nylon. 2J ,iH)0 ,()i)() <U>\\nm mill 1,320 sllvor bars ;^.'I.(MN),'IOO -100,000 ouric«M III llin ilnlliini. . -Ith liml. The HbaogUai oxcbango Is (|UOt«d oi -la. 4il. tho Uiol. — — - THE CHEONICLE 920 —Bar — Quotations Feb. 10 Silver per Oz. Std. - 13 14 15 16 — Bar Gold per 2Mos. Cash. 34'Ad. 34»Ad. 34}^d. Feb.ll Feb. Feb. Feb. Feb. — Oz. Fine. 95s Id, SZVad. 34d. S4'Ad. 34d. 34d. 34Kd. 34%d. 6d. 9.5s. 4d. 95s. 4d. 9.5s. 7d. 95s 4. 4d. 95s. .33Kd. .335^d. 34.270d. 33.960d. Average The silver quotations to-day for cash and forward delivery are each }4d. below those fixed a week ago. We have also reoeivad this week the circular written under date of Feb. 9, 1922: GOLD. The Bank of England gold reserve against its note issue is £126,925,585, as compared with £120,922,995 last week. A fair amount of gold came into the market and was taken principally Yesterday's quotation for exportable gold for India and New York. was the lowest price recorded since September 1919, when a free 94s. 9d. market in gold was re-established, and shows a premium of about 11 13-16% — on the Bank of England buying price. On account of the strike on the Rand, the consignment of gold shipped from South Africa on Satiiday, the 4th inst., was very much smaller than Possibly for this reason considerable orders have been received from usual. India, those received to-day being for larger than the amount on offer. The icebreaker "Gladiator is said by the Central News to have arrived at Stockholm on Feb. 5 last from Reval, carrying about £7,500,000 in gold from the Soviet Government, most of it destined for western European [Vol. 114. EXGLISH FINANCIAL MARKETS— PER CABLE. The daily closing quotations for securities, &c., at London^ as reported by cable, have been as follows the past week: London. Week ending March — — — — — — — under license. Hungary. Export prohibited of gold or silver, in bars, coins, ore, waste, plates, &c. Export of crude gold or silver ingots, coins, &c., prohibited exItaly. cept under license. Export prohibited of gold and silver in any form. Jugo-Slavia. Luxemburg. Export of gold and silver ingots, bars or coins is subject to — — — — license. Netherlands. — Silver, unrestricted. Gold, license required to export. worked or unworked Norway. — License required to export gold or minted or unminted. Poland. — The export of metallic ores and minerals of kinds, also coins silver, all , absolutely prohibited. Rumania. — Gold and silver may only be exported by the Government against compensation. Spain. The export of gold and silver coin prohibited. Sweden. The exportation of gold or silver, unmanufactured, in coins, waste, or manufactured articles, is prohibited. Switzerland. -The exportation is prohibited of gold or silver bullion or coin, except under license. Turkey. The exportation is prohibited of gold or silver, coined or otherwise. The regulations as to other countries will be dealt with in subsequent let- — — — — ters. CURRENCY. A has been pas.sed in Belgium authorizing the issue of bronze aluminum one-franc coins, to the extent of 73,000.000, to replace the present one-franc paper notes in circulation. bill SILVER. The market developed some weakness during the week, owing to sales on China account for forward delivery, and to a greater dispo.sition on the part The absence of demand in America for of New York to let out supplies. the East, and the improvement in the sterling exchange with the U. S. A. conduced to this result. The Indian Bazaars were inactive; the mam support came from boar covering, which has made considerable progress. Cash silver comjnanded yesterday a premium of Kd., spot supplies being far from plentiful. To-day, however, the difference narrowed to J4d., owing to a stronger — demand — for forward delivery. were very large. Shipment from America We — — append details: Bars. I Shipment from — Bars. 5,586 2,904 Great Britain 630|Bombay Japan France Total 40 Lacs of Rupees.) (.In Jan. 15. 17291 7335 Notes in circulation Silver coin and l)ullion in India 17287 7332 The and bullion out of India Gold coin and bullion in India.. 2432 2431 2432 Gold coin and bullion out of India . . Securities (Indian Government) 6939 6939 6939 Securities (Briti.sli Government) 585 585 585 The silver coinage during the week ending 31st ult. amounted to 9 lacs of rupees. The stock in Shanghai on the 4th inst. consisted of about 35,400,000 oimces in sycee, 22.000.000 dollars and 1,320 silver bars, as compared with about 34,500,000 ounces in syceo, 22,000,000 dollars and 840 silver bars on the 28lh ultimo. The Shanghai exchange is quoted at 3s. 4d. the tael. Bar Silver per Oz. Std. Bar Gold per Quotations Cash. 2Mos. Oz. Fine. Feb. 3 35«d. 34Jid. 95s. 8d. — Feb. Feb. Feb. Feb. Feb. 4 6 7 8 — Foreign 34};,d. 95s. 95s. 94s. .5d. Mar. 3. Fri 3214 93s.6d. 933.6d. 93s. 3d. 93s.6d. 5.51i 5.5J4 5.jJ^ 96 93'^ 57.50 78.95 96 55H 96H 55^ 9514 93 57.90 78.95 94 57.20 78.95 94 57 30 78.95 New York on 09% 99% 63M 94 57.15 78.95 96J-8 the same day has been: 99% 99% 63 99H C3H 99>i (i2H 64'^ — Pittsburgh Stock Exchange. Record of transactions at Pittsburgh Stock Exchange Feb. 25 to Mar. 3, both inclusive, com- iled from official sales lists. Friday Sales Last Week's Range for Sale. Week. of Pr Par. Price. Low. High. Shares. Stocks— Am Wind Glass Mach. 100 Pri^^rrcd. 100 Am Wind Gl.ass, pref..l00 77 . 87 86};; 100 Gas, com. 10 Bamsdall Corp. Class B-25 Cohmib.aOns & Elec.lOO 8H 23 K SVs 76^ Ark;msiis N:>.t PrifeTed Indep B-'wini;, com Pref .^rred Lone Star Gas Mfrs T.i'ht <fe Heat 2% 2m Pittsh Mt Shasta Cop. & ifc . S.ilt Riv Con 91!^ 26c 1 9% 12 * 125 435 295 15 16 48 20 !< 231 44'^ 405 375 602 200 70 65 19 47J^ 600 2Vij 135 10 47 3 2 'A 90 H 26c 91 27c 6 143 145 9'4 10 ll'A 12 ^ 9Ji 9Vt 120 Via 3,700 630 40 1,310 935 10 200 45 20 64 H 3 23 2)^ 91 70 2 2!.^ \% 5 60 90 H 25c 7 130 8»<i n 10 115 1^ & E Pitts 5s. 1929 23 '4 77!^ 97 100 Mar Mar 21.5 Feb 7% Jan 24'4 Feb 47 M 3 Jan Feb 7K Mar H Mar Jan Jan Feb Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan S2.000 5.000 18,000 3.000 5,000 1.000 105 74 100 Jan Jan Feb Jan Feb Feb 85 i4 78 79 Feb Feb 2H 2H 18 20 H Mar 3H Feb 25 Feb Jan Feb 225 55 Jan Feb Jan 150 98K 10 10 220 Jan 21 105!^ 105 M 74}^ 74 K 100 100 89 89 78 78 79 79 C & C 6sl949 Feh lUf 20 48 W 40 82 J^ 92 49 J4 "..f 100 Jan Jan Jan Jan 94 100 55 H 21 55% Feb J. in 45 94 99 S Hoffman Mach 8s 1931 West Penn Rys 5s West Penn Trac 5s.. .1960 No 6>^ 10 2H OX 60 K 60 W U * '4 1,170 2}^ 2 Pittsburch Brew 6s... 1949 Wilken.sb 20 45 M 2% Bonds Mon 798 922 200 19H 100 Union N.aturalGas 100 U a Glass U S Steel Corp, com... 100 .50 West'house .A.ir Brake W'house EI & Mfe, com..50 Penn Trac&WP.com.lOO W 6!.i 1.50 6 '4 Creek Consol Oil Tidal Os.ige Transcontinental Oil 126 46^ 47 K 78 88 8H Mar IH 8.^0 97 7H 16 "^ 16 H Pittsbtirtrh Oil Gas ...5 PittsbtirL'h Plate Glass. 100 97 Jan Jan Jan 900 H 100 100 2>4 2yi 7 TVa 23 ?i 24 5i 46 }4 5 MarlMiid Refining Nat Fireproof ing, com.. 50 Preferred 50 Ohio Fuel Oil 1 Ohio Fuel Supply 25 Oliluhomji Natural Gas. .25 Oklahoma Prod & Refin..5 Pitt.sbiir<.'h Brew, com... 50 Preferred 50 Pittsbnrirh Coal, com.. 100 100 Preferred no 3'/s 95 97 100 50 50 25 50 SV^ 2-A% 77 24 2% Duqnesnc Oil .. Harb-Walk Relrac,com.lO0 242 25 4,035 MM 84 1. High. Loic 7H 15H lew 16 !f 16 H 50 Preferred no 78 87 100 Range since Jan. Jan Jan Jan Jan Jan Jan Jan Jan Feb Jan Jan Jan 76 3 24 com.. 50 f'onsnlid itod Ice, .Tan 16 6 5i 63 93 29c 8 145 10 « 129-4' Jan Jai^ Feb Jan Jan Jan Jan Jan Feb Jan Jan lOH Feb 125 Mar 45 94 Feb 100 '/i 56 >i 21 Feb Feb Feb- Mar Jan 106 741-5 100 89 78 ;i 79 Feb Feb Feb Feb- Feb par value. — National Banks. The follo\\-ing information regarding^ is from the office of the Comptroller of the Currency, Treasury Department: APrLICATIONS TO ORGANIZE RECEIVED. national baiilvs Capital. National Bank of Tribune. Kan —The The $25,000 Bank of Tribune, Kan. CorSucceeds respondent: Ward Lobdell. Tribune, Kan. 24 — The Rockaway IJeach National B;ink of New York, N.Y. 200,000 Correspondent: John Jamie.son, Rockaway Beach, N. Y. Feb. 23 Fir.st First .Stale Feb. APPLICATIONS TO OKG.\NIZE APPROVED. —Correspondent: Ben Hoeven, George, Iowa. Iowa The United States National Bank of George, Feb. 21 Feb. 25.000 25— The Rockaway Beach National Bank of New York, N.Y. $200,000 Correspondent: .John Jamicson, Rockaway Beach, N. Y. APPLICATIONS TO CONVERT RECEIVED. Wash — The American National Bank of Bellingham, Bellingham, .3100,000 Bank, of Northwestern Feb. 21 (^o-.ivcrsion AVash. AVash. Correspondent: I. .State J. -\dair. South Bellingham, Louis. Mo of —The Conimorcial National Bank Bank of Louis, CJonvor.siou of The Newmarket ?100,00O St. Feb. 23 Mo. St. Correspondent: Kd. Mays, care Newmarket Bank of Louis, 4066 Olive St., St. Louis, Mo. St. Feb. APPLICATIONS TO CONVERT APPROVED. 25— Duluth National Bank. Duluth. Minn Feb 20 $200,000 Conversion of The Duluth State Bank. Duluth. Minn. Correspondent: F. G. Bcamsley, Cashier, Duluth State Banic. Duluth. Minn. 2.")0,00O The Texas N.itional Bank of Beaumont. Texas Conversion of The Texas Bank & Trust Co. of Hciumont. Correspondent: Texas Bank & Trust Co., Beaumont. Tex. CHARTERS ISSLED. The — 12117—Pryor.American National Okla.K. (P. O. 20 — Peb 21 — — $25,000 — Feb Feb. 23 Brink of Pryor Creek Bank of Pryor C^reek. Presiden'-. W. T. McCollough: Csahier. Karl J. Moore. 12118 The .Vmorican National Bank of AValters, Okla.. 330,000 Conversion of The Security State Bank of Walters. President. H. J. Brown: Cashier. H. 11. Burton. 12119— Tiie Se'-urity Nation:il Bank of llarlingen. Tex.. 25,000 President. T. F. Parker: Casliior. II. M. Barton. 12120 The American National Bank of -Vpache. Okla.. 25,000 Conversion of The .-\pache State B;ink. .\mchc, Okla. President, .1. W. Hann:ih: C^asbicr, J. W. Pieratt. 25,000 The I<'irst National B;ink of Redmond. Wash 1212! Conversion of The Redmond State Ii:ink, Redmond, Wash. President. F. W. Roberts; Cashier, C. A. Shim- Conver.sion of .\merican State — — stroin. Bank of — 12122 — The Liberty National Cashier, Syracuse. N. Y.. 200,000 Judson AV. Clark; R. L. Stilwell. 12123 — Mercantile National Bank in —President, of Mercantile Trust Co., New York. N. Y.. 1,000,000 New A'ork, N. Y.. Conversion Feb ''-1 Feb. 2.5 Od. 9d. S'A^d. 9.5s. 34'Ad. .33J/«d. Id. 34.521d. 34.166d. 95s. 2. 2d The silver quotations to-day for cash and forward delivery are respectivel.v Id. and J^d. below those fixed a week ago. 2. Thurs. t omwxercial autllVH tsccUaucous Hjew^ 34Hci. .34d. 32H 63!-< — 34Kd. 34^d. MVsd. 34Kd. 32H price of silver in Jan. 31. 17440 7484 Silver coin 32H 32>^ 93.s.l0d. 93s.7d. Mar. 1. 96 93 silver in N. Y., per oz. (cts.): I)ome.stlc 10,314 Jan. 22. 32^ French Rentes (in Paris).. fr. ."SS French War Loan (In Paris)rr. 78.95 l,lo4| INDIAN CURRENCY RETURNS. Mir. Wed. 55H 4H The cash quotation yesterday and to-day 34J-^d. is the lowest fixed since June 6 last, while yesterday's price for forward delivery 33 5^d. was the lowest since June 4 last. The arrivals of bar silver at Shanghai during the month of November d. H " countries. In view of the changing conditions as to restriction upon the export of the precious metals, the following regulations as to some of the States of Europe are of interest: License retiuired to export gold or silver in coins and bars, Austria. or crude, old, broken, or in waste, and in grams, plates, sheets, rods or wire. Belgium. Export of gold or silver ingots or coins is subject to license. Export of gold or silver ingots, plates, bars or other forms is Bulgaria. subject to license. Czecho- Slovakia. —Export of gold or silver bullion, coins and wares subject to license. Denmark. An export license is required for gold and silver coin or bars. Finland. Export of gold or silver bullion subject to license. Export of gold or silver crude, in lumps, ingots, bars, powder France. or scrap, coins, is subject to license. Export of gold or silver ingots, coins, &c., prohibited except Greece. Feb. 25. Feb. 27. Feb. 28. Sat. Man. Tues. 3. Sllvpr, por oz Gold, per fine ounce f ;onsol.s. 2 per cents British. .^ per cents British. per cents with two branches, located 9 (h-Tii. Average Chfllis .v. New York in .Austin: (?a,shier, J. City. Presi- C. Traphiien. CORPORATE EXISTENCE RE-E.XTENDED. The 2667 The 2()S1 Streator National Bank, Streator, Seilersville National Bank, Feb II' Sellersville. Pa 21 1942 Feb. 22 1942 I THE CHKONICLE Maucii 4 1922.] CORPOR.\TE EXISTENCE EXTENDED. By Until Close of Biisinpss Feb. 20 1942 The First National Bank of Mesquito, Tex Feb. 23 1942 The First National B, ink of Willmar. Minn Feb. 23 1942 The Fii-st Xalion:il Bank of Benson. Minn Feb. 2.5 1942 The First Nation. il B.ink of Mount .Savage, Md Feb. 26 1942 The Berwick National B ink, Bervvick. Pa Feb. 26 1942 The Tremont National Bank. Tremont. Pa CHANGE OF TITLE. 23 11492 The Security National Bank of Lima, Mont., to "The First National Bank of Lima." 6140 61."il 6154 6144 €162 •6163 — — Feb. CONSOLIDATION. — Feb. 21—10112 The American Exchange Greensboro. N. C, capital Bank National and .5031— The Greensboro National Bank. of -5600,000 Greensboro, N.C 100.000 Consolidation under the Act of Nov. 7 1918 under the charter of the American Exchange National Banlv of Greensboro. No. 10112. and under the corporate title of "Anieric^n E.xchange National Bank of Greensboro," with capital slock of 750,000 VOLUNTARY LIQUIDATIONS. Comiaercial —4504—TheFeb. 16 1922. National Bank of Fremont. Xeb.SlOO.OOO Effective Liq. Agt., Otto H. .Schurman. Feb. 21 Fremont. Nebr. purchased and As.sets — Feb. 24 2.5,000 50,000 W. J. Lon?. Pauls Valley. Okla. Assets purchased and liabilities assumed by The First National Bank of Pauls Valley, Okla., No. 5091. The First National Bank will not assume liability for circulation of the National Bank of Commerce. 7259— The Kedlands Nationil Bank. Redlands. Calif. 150,000 Effective Feb. 14 1922. Liq. Agt.. H. H. Ford. RedLiq. A?t., — lands. 24 — — The Selma National Bank, Selma, Calif and Effef'ive Feb. 9 1922. Liq. Agts., Edw. Paulson Calif. 50,000 1039.3 W. Christensen. Selma. Calif. Canadian Bank Clearings. ending Feb. 23 at Canadian same week — The clearings for the week cities, in comparison with the in the aggregate of 13.2%. — ' 23. Inc. or Dec. 1921. 1922. 1920 I 1919. Canada I j ; Ottawa Calcary I LdmontoD Victoria Hamilton Quebec Regtna % s S .. 4,950 375 4,431 951 2,343 076 2,.53S, iOS 2,390 986 1.379 234 2.484 423 1.1.53 140 | I Hallfai John Saskatoon St. London Moose JavT . — 2.0i —20.5 —23.3 —34.8 — 12.91 -2.4 —0.8 .164.0'.2 — 14.9 462.302 803.788 694.882 988,898 421.826 ii.iitalh/ r. 2.198.316 1.320.165 2.30«.113 1,212.877 526.684 484.054 626.849 708.145 590.537 — 12.4 19.2' 800,823 621,913 935.690' 2.275.1341 II 351.012 .302,827 .563.695 987.8.571 -fl.7i —19.1, .096.617 810.876 395,585 634,108! 372.0681 78l,2o0l -1-18.7 + 10 4.36.753 1,145,4,501 — i4.r — — 23.7| 363.3.36 707.925 919.870 779.399 033 ,182 : 4.2'>6.613 —20.4 —32.7 .881.791 —14.9 . Auction 3,7.50,076 2,791,2441 1,771,942 2.883.673 1.325.010 -9.8' 2.048 475 283 313 Total Canada not —140, ,547.709 585 013, 742 Oil 829 651 !i«rt. at —27.4 ..584,787 311 4.57 MoUCUjO —21.7, ,890.496 .652.166 467 449 865 015 500 928 30.323.142 10.037.S47 6.223.765 7.640.3361 4.474.147 5.130.499 2.943 996 2.813,025 1,614.028 5.965,841 4.322.654 7.0j9,481 4.190.355 3,112,007 2.576.341 — ,0'>8,974 Brandon 50. 8 17. .589 37.187.025 —7.2, 16,734.718 12.9 7,034.975 .579.425 393, 010 630 7011 .i<a + 23.3 ,0-.2.959 l^thbrldge Fort William S 82.259.174 —20.8' 131,772.6.54 —15.8: 94,403,0,52 ,486,172 83,476, 080 105,' 8«.212 358 102.; ,391,058 46.29S ,325 37..52S,.503 .019904 12.0S3. 618 13.1 5.339 348 6. .132.365 ,0S7.4.50 4.762, 955 3.524 147 ,854.780 1.9,j2 052 ,270.264 274 233 5«3 313 r,32.7IO l.l()H,,'^^4S 456.988 292,082 -13.2 340.904,2.54 226,420 962 — Among other securitios, tlie follo'wing, ilrnli in nl tf,". Stork Exchange, were recently sold in N'fw York, IJostori and Philadelphia: f-i. .\drian il. Miilltr & Sons, Xfw York: Sales. Shara. liuxti. Si-brvVn r^t? rin^ 1 Price. 1?0 \ < Shares. Stodts. Price. 10 NarraganJictt KI. LtK.|.53;i per «h. 101' .... .. 10..- , 3,0Wi Colonibuin < ', of Cud.. I.''; By Sham 20 •.-.-. -.1 ••itqaraFolU ..r h .rp, ll.4f)fl lot Mes.sr.x. it. J.. l):iv &. ('»., ."",')• « • »5Iol rp 7it, '24 i.irl I ,<l Co I'ow. t per ih A 98 96 rnm 36 l.t, !- }^ i;i iiu^o. y>"r,' ' ' 10 <'n>. * Railroads (Steam). Beech Creek (quar .) Buffalo & Susquehanna, com. (quar.).. of N. .SI. 25 -Apr. M. & O. stk. tr. ctfs *3H Street and Electric Railways. .\rkansas Valley Ry. & EL, pref. (qu.). El Paso Elec. Co., com. (quar.) K C Power & Lt pref (mont hly) Northern Texas Elec. Co., com & KI.IA ' ' (tiuar.)-- Corporation C'ht^se Securities Commerce. Xat. Bank of (quar.) 20 ' ' A Preferred I Cambria Iron 10 IJ.'liiO I . 1)1X1 lot rrrferri'<I (quar ) I'lc'trlc .Htorage Ilallery, FlrchtoneTlrc Ri-vn A Rubber, i>er I'i-nt G' pref. (quar.).. I j|l .NJftHnt. & Wiw!, IIoMih • ,..,> . -. . , . Corp .«/ Kl Tr . , I«t IT. f. rr. III, ) Cf>ni < h»rn . 1 Jj <<ar 'i M . >2,(HXJ li.j9Uju ny.44. Mar. Apr. Mar. M.ar. Apr. Mar. Mar. Apr. Apr. Apr. Mar. .Apr. Apr. .Apr. Apr. Apr. Apr. Mar. May May Apr. Apr. May Apr. .-.i.ii.r I 2ii Hi *l ) mile Tool (quiir,). qnur Kl. •2 , ), (qunr,) lirnt. . . •I»< . •10 Mlm«i, I. Id 'M pnrn (r|uar,). .... •llolilirs of •IloM>r,< of Holders of Holders of Holdcri of IloldiTM of roc. Mar rec. Mar. rec. Mar rec. Mar rec. Apr. rec. Apr rec. Apr. rec, Mar, rue, Apr, roc. rec. Mar rec. IVti, rec. Mnr rec. Mar rec. Mnr, rec. Mnr llcililrr.i of Holders of •lloldiTrt of •Holders of Holders of ri<o. Apr. Apr. Mir Apr Ilnlilrrn of rec. lliildiTN of rec. •lliildiTM of rec •lliiliIiTM of roe, Apr, llolillTM of Mur •lliililiri •a ). rii'. Apr •u (niontlil>'> I llolitiTM of fee. •IloldiTM of •Ilolilem of •2 ) 3 II . Apr lliiliIiTM iif ree ri-c III rec, lliililim of rec rec rec rer \pr •llollliTi •lloliliTM of of of of of nf of •IloldiTM III rec lllll'llTM of riH* lllillpTM 111 ri'C Mir Apr. Apr. f ' , I qnar 'iifi I'i » ' . com qunr 'i\p III Mnr IS f/i Alir A|ir •7ftr I Rlk prill ) f I . 1884. HIS M ir. I' I' " I'mii Oiiiral I I.I r iirrf A ifi pff . (qunr qniif I'nw . lirnf IM ) I'. ) roin AriMM II iMinr qu) I Mnr Mur •$l M) M«r •» Ai>r 4a lOa 20a 20a 13 I 2(1 2H I, •llolderK of 1 15 IloldiTM of 15 IloliliTH of IloldiTM of rec M.'ir. 10 Moldi TM of Tiv. Mnr 10 •lloldiTH of rec. Mnr 20 •.1 A llmt (i|unr rnm, (qunr,) .:ht • of 15 21 4 May in Ml (quar.) f 15 15 15 10 Mar Mar 3 '!.... » M Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. 15 15 23 22 22 Holders of rec. Mar, 14a Holders of rec. Mar 14a •Holders of rec. .Apr. 1 •Holders of rec. Mar, 15 •Holders of rec. Mar 15 •Holders of rec. M.ir. 14 •Holders of rec. Mar, 11 Apr. 14 •Mar. 10 to Holders of coup No. 37 Holders of rec. Mar. 15 •Holders of rec. Mar. 20 •Holders of rec. Mar 15 Mar 28 •Mar. 8 to •Iloldi-rs of rec. Feb. 28 •Holders of rec Mar, 15 •Holders of rec. Feb. 28 Holders of rec. Mar. 1 5a Holders of rec. Mar, lAa Holders of roc. Mar. 20a Mar. 3 Mar rec. rec. Mar rec. Mar re?. Mar, rec. Miir rec. Miir rec. Feb, to to Ilolili-rs . Ptr "nl Mar. 15 •Mar. 14 •Mar. 14 HoldcrH of . . 1 \m .Apr. .Apr. of of of of of of of Miir. ll.'M. 4 Alb.««, M»y Apr. Apr. Apr. Apr. Holders Holders Holders Holders •Holders •Holders •Holders Mar. mil I i i.'iMi Feb. 28 Mar. 6c Feb. 20 Feb. 24a Feb. 24<i Holders of rec. Mar. 17 Mir. COUl \ r Pi *IH Pi Co., com. (quar.). ) lii:ir I r. V 3 • •4 i Jfrr < I'i IH .. ipltnl 100 ) Arnold, BoHton: .. rec. rec. rec. rec. rec, rec. Holders of rec. Mar. 23a Holders of rec. Mar. 23a Holders of rec. Mar. 17a •I'j •2 (ijiinr.) 52 10 i' 1 1 '15e. Ml A*. I'.t m com. Apt. (qu.) 0''; pf. (qu.).. iiri'fiTred ((|uar.) ' r. .Apr. Mar. Apr. ! I Apr. Debenture mock (tpiar.) iluPonKK.I )de Neni.i'owd., com. (qu.) M I>( 10 •2 •2 •2 Mi •. II, & 10 2 •Hi .Apr. Mar. Mar. !•• I I % I 3 . Hnv II' I '15 .Apr. Apr. ( Vllulold Go common (quar,) (Chicago (anal & Dock (quar.) Coea Cola Co.. com 'SI Colorado Power, pref. (quar.) •IM Consiinier^ Power 6';, pref. (quar.) I'-i Seven piT cent pref. (<niar.) IH Coiillnenlal Can, pref. ((innr.) IH •3 Di'iriilt * CleveluTid Xavlgatlon (quar.). Detroit Creamery (qnar.) •30c, DrajHT C;«rporatliin ((|iiar.) 3 (In PoiittE I,)de Nein <V;Co..com. (qu.). 2 I.n I,nr'"-irft ';i »»^... *3<i Bourne, Scrymser A Co, (extra) I'.rli -AmiT. Tobacco, preference. Buffalo General Electric (quar.) Bu'ih Terminal Bldgs., pref. (quar.) ftOlV I<il of qf of of of of Miscellaneous. 10 «J ' 1 Mar. 31 (quar.) If. .' Holders Holders •Holders Holders Holders •Holders Apr. 1=4 Allied Chemical & Dye Corp.. pf. (Qu.). .•^merlcan Can. pref. (quar.) 15i 3 .•\mer. Car & Fdry.. com. (quar.) Preferred (quar.) IH .American Cigar, pref. (quar.) '$2 .•VmiTican Express ((luar.) •lU .vmcrlcnn Multigrapli, com. (quar.) (quar.). •ll-ii Amor. Smelt. Securities, pref. •1« Preferred B (qnar.) 3 American Snuff, com. (quar.) Preferred (quar.) IW 7.5c. Amer. Steel Foundries, com. (quar.) Preferred (quar .) *1H .Armour & Co,, pref. (quar.) •IK •5 .Atlantic .t Pacific Steamship common.. 50 I Mar. 15 Mar. 15 to to 11 11 Trust Companies. Guaranty 51) 7 Mar. Mar. Apr. Apr. Apr. Apr. Mnr. 15 •Holders of rec. Mar. 15 •Holders of rec. Apr. 5 -Apr. 4 SI 3 of rec. Banks. Chase National iMllHTlul 74 Mar. Mar. *1.'<S Rys., 1st pref. (quar.). 30 I' Apr. '"., Preferred United Light -Apr. I'i Mar. 2 .Mar. 66 2-3c Mar. 2 Mar. 3 Mar. . , . !a By 2Vi *2 Preferred lUar tli 1 Inclusive. Mar. 16 to Mar. 31 •Holders of rec. Mar. S Holders of rec. Mar. 11 Holders of rec. Mar. 11 Holders of rec. Mar. 24 'Holders of rec. Mar. 14 Apr. 87 '40 Apr. *3 *lJi Days Holders -Apr. *1 J. (quar.) (quar .) . Book.^ Closed. 1« Mar. Newark & Bloomfleld X. Y. Lackawanna & Western (quar.). St. Joseph South Bend & Sou., com RR Payable. *50c. Lehigh Valley, com. (quar.) Preferred When Cent. of Company. II 7 M Per Name (. 1 Penn. Pow. & Lt., cum. pref.. 93 Peoples National Fire Insur... 2214 Reading Transit & Light, pf. B. 33 40 Eiustem Pennsylvania Rys 12 5 Independence Fire Insur. Secur. 18 3 American Dredging Co 103 25 Philadelphia Life 10 Di\'idends are now grouped in two separate tables In the we bring together all the dividends announced the current week. Then we follow •with a second table, in which we show the dividends pre\iouslj' announced, but wliich have not yet been paid. The dividends announced this week are: "v tenl. w 104H first 5 1 68 Ry Phila. City Passencer RR 40 2 18 21 10 10 lOPhila. Xat. Bank 320H-.321 4 Quaker Citv National Bank- -.138).^ 10 State Bank of Pliila., S50 each. 45 Bonds. Per Cenl. 5 Pelham Trust Co 146 S3.150 William J. Vernon 6s. S25 10 Mutual Trust Co., S50 each--. 47-48 S3. 000 Penn Pub. Serv. Corp. 53.'62 88 11 Commonwealth Title Ins. <fe S2.000 Manuf. Club of Phila. 6s, '40 76H Tnist Co218H-219 $12,000 City of Salem. N. J.. 4KS- 90 4"82 >2 $1,000 Scranton Rv. Co. 7s, 1925.. 73 5 Land Title & Trust Co 3 Phila. Co. for Guar. Mtses 127 $2,000 Phila. & Willow Grove St. 12 Fidelity Trust Co 430 Ry. 4Hs, 1934 72V5 15 Welsbach Co., commcn 46,''4 81,000 Roxborough Chestnut Hill <fe 19 North Pennsylvania Norristow-n Ry, 5s. 1926 75 80H 150 Darby Media & Chee, Pass,Ry- 30 S500 Phlia, Country Club 5s. regis., 50 Continental Pass. Ry 78 1960 85 93 Northern Central Ry 74 )^ $4,000 New Jersey Gas 1st 5s 35 . I Montreal Toronto Wlnni peg Vancouver J per sh. Slocks. 49 Westmoreland Coal 221 rights to sub. to Bank ol North America at $200.62 20 B.ink of North .America 260 10 First Xat. Bank of Philadelphla250 50 West Phila. Bank. S50 each---10-t Warren Clearings at Shares. 493 20 Southwark National Bank Southern Ry., Week ending February Co 10 .MortitaEjc Trust Co, of Pena... 11 Lackawanna RR. show a decrease in 1921, Lofland, Philadelphia: S per sh. . Bank 3Ienno. Dak. 6639 The National of Commerce —Okla.—ofEffective So. Bank1922. Capitalof Pauls Valley. Jan. 10 O. & DIVIDENDS. — Feb. 23 Feb. Messrs. Barnes Shares. Slocks. 7 -Northern Trust as- liabilities stimed by The Union National Bank of Fremont, Neb.. No. 3188. Liabihty for circulation assumed under provisions of Section .5223, U. S. R. S. 11.323 The First National Bank of Menno, So. Dak... Effective Jan. 11 1922. Liq. Agt.. F. John Rittershaus, Menno. .So. Dak. Absorbed by Exchange State Feb. 24 »21 lliililiTN IloldiTM lIoliliTH lliildiTi IloldiTM ri !• ri«' riT rii<' •lliililerM of rnr. •llfilrt-rM of rt>r. Mnr 1.5a Mar 20 Mur 24 Mnr Mil Mnr LSii Mnr 15 I Mnr, 31 Mnr, lA Mnr, lA Mnr Mnr Mnr Mar 15 III lA 15 Mnr, 23 Mar Mnr Mnr Mnr Mnr li'h I'l'li Mnr, Mm, ID 31 in Id Id JH 28U A 10 — — . .. THE CHEONICLE 9^;^ Per Name A & B (quar.) Rocky Mt. & Pac. Co., com. Common, St. L. class qu.) Sherwin-W'ms Co. Canada), com. qu.) quar.) Prelerred quar.) Southwest Pa. Pipe Lines quar.) Standard Oil Kentucky) quar.) Swlft& Co., quar.) Tonopah Extension Mining quar.) .South Porto Rico Sugar, pref. Turman . . Apr. Apr. Apr. Apr. 1 2 IVi IVi *1 *1H *!% 2 $1 *3 2 *5 monthly) Oil *l% *l}i quar.) Preferred Payable. *75c. Apr. Miscellaneous (Concludia) Pettlbone-MiilUkeD Co., lst&2d pf. qn.) --Piire Oil, 8% preJ. quar.)-Six per cent pref. quar.) Five and one-quarter per cent pf. qu.) Keynold.s (R. J.) Tobacco When Cent. Company. of 1 S. Radiator, pref. quar.) Universal Leaf Tobacco, com. Preferred quar.) U. No. 1).. *m *3 *2 Utah Copper -. (quar.) Westlnghouse El. & Mfg., quar.) Preferred *.50c. com. quar.). *$1 *1 3 Weyman-Bruton Co., com. quar.) quar.) Preferred 15i *1 Wheeling Steel & Iron, pref. A quar.).. Preferred B quar.) *1M Books Closed. Days Holders of rec. 1 rec. rec. rec. 1 Holders of rec. rec. rec. rec. rec. rec. rec. to rec. rec. rec. rec. rec. rec. rec. rec. rec. rec. rec. 1 31 Holders of 31 Holders of 31 Holder.s of 31 Holders of Apr. Apr. Apr. Apr. Apr. 1 1 1 1 Holders of Holders of Mar. 16 Holders of 1 Holders Mar. 20 Holders Mar. 20 Holders Apr. 1 Holders Apr. 1 Holders Mar. 31 Holders Apr. 29 Holders Apr. 15 Holders Apr. Apr. 1 1 Holders Holders of of of ot of of of of of of Mar. Mar. Mar. Mar. 21 15 15 15 Mar. Mar. Mar. Mar. Mar. Mar. Mar. 15 19 19 15 15 10 15 Apr. 2 Mar. 10 Mar. 11 Feb. 28 Mar. 4 Mar. 22 Mar. 22 Mar. 15 Mar. 31 Mar. 31 Mar. 13 Mar. 13 Name of Company. Cent. Railroads (Steam.) Boston & Albany (quar .) Canadian Pacific, common (quar.) Phlla. Apr. Apr. 1 4 IJi IVi I'A 3 Mar. Mar. Mar. Max. Mar. Mar. IK Apr. 2H & Glov., pref. (quar.) Western, com. (quar.) Gcrmautov/n Pitts., Ft. Mar. 31 2 JoIjilsiowu & Norrlsiown (qu.) Chic, com. ^quar.). &. Wayne & Prelerred I'A Apr. due. Mar. (quar.) Reading Company, first pref. (quar.) Reading Company, 2d pref. (quar.) common 2H (quar.) 2 Preferred Street and Electric Railways. Federal Light & Trac, pref. (quar.) Preferred (payable in pref. slock) Frankford & Soulhwark Pass. Ry. (qu.) Galvestou-Housiou Elec. Cos., preferred Market St.Ry.CSun Fran.), prior pl.(qu.) 6aii Joaquin Light & Power, pref. (qu.) Prior preferred (guar.) <t Third Streets Pass. Ry. (quar.) West Penn Rys., pref. (quar.) Second Preferred Preferred Prelerred Preferred com. stock) (quar .) Amer. Radiator, common (quar.) 1 Holders Apr. Apr. Apr. Holders Holders Holders Holders Mar. Mar. Mar. Mar. Mar. Beldlng-Corticeiii, Ltd., pf. (quar.).. Bethlehem Steel, com. (quar.) Common B (quar.) cum. conv. pref. (quar.) non-cum. pref. (quar.) Borden Company, preferred (quar.) i>» 8% 7% 20 1>S !>:, l*'A common Brier Hill Steel, pref. (quar.) Brltish-Amer. Tobacco, ord. (Interim).. Buckeye Pipe 1-ine (quar.) Cailfurula Packing Corp. (quar.) Calumet & Arizona Mining (quar.) Carter (William) Co., pref. (quar.) Chesebrough Mfg.. coiumon ^quar.) Preferred (quar.) Cliilds Company, common (quar.) Preferred (juar.) Cities Service Common (monthly payable In scrip) . Common (payable in com. stk scrip) . Pref. & pref. U (mthly. pay. In scrip). i Co., com. (quar.j.. .) . Cons. Gu.s. Li. <fc P., ('om. ii pf. (quar.). Consolidated Gas of New York (quar.).. Continental Oil (quar.) Cramp (Wm.) & Sons S. & E. Bldg. (qu.) Crane Company, common (quar.) Preferred (quar.) Crescent Pipe Lino (ciuar.). Crucible Steel, preferred (quar.) Cuban-American Sugar, pref. (quar.) Davla Mllla (quar.) Diamond Match Dominion oil (quar.) Eastman Kodak, common Com mon ((luar *0 i6 250. 2 IM iM 75c. (qu.) Dec. Apr. Apr. Holders Holders Holders Holders Holders Holders la la 1 1 1 1 1 1 31 1 Apr. 2U Apr. 1 -Apr. Apr. Apr. Apr. Apr. Apr. 1 1 1 1 1 1 Mar. 10 1 Mar. 15 750. Apr. 1% 2 2 Vi. Mar. 15 of of of of Mar. Mar. Mar. Mar. lla rec. rec. rec. rec. 5 5 5 Mar. 31 Apr. Apr. Apr. Apr. 1 15| Holders Holders Holders Mar. Mar. rec. Mar. rec. Mar. reo. Mar. rec. Mar. rec. Mar. to of rec. of of of of of of of of of Feb. 26 Feb. 26 Mar. 25 Mar. 16 Apr. $2 Federal Mining & Smelting, pref. (quar.) I'ostcr (W. u.) Co., common (quar.) Preferred (quar .) Preferred (participating dividend) Galena-Signal oil, pref. (quar.) General Cigar, Debenture Block (quar.) Oeneral Electric (quar.) Mar. Mar. of rec. of of Holders of Holders of Holders of Holders of May Hi Mar. IJi •1>4 7H Horn Coal Corp., pref. (quar.) Famous Players-Lasky Corp., com. Feb. 28u la 13« 13a 9 1 14U 14a 14u 14a la rec. rec. rec. Apr. rec. rec. rec. rec. rec. rec. Feb. 21a Feb. 28a Mar. 4a 1 Nov. 1 Mar. 20 coup. No. 901 to to of rec. Mar. 4 Mar 10 10 Mar. Mar. 10 Mar. 10 Mar. 15 of reo. Mar. 15 of reo. Mar. 15 •Holders of rec. Mar. 15 Holders of rec. Mar. 15 Holders of rec. Feb. 6a Holders of rec. Mar.(f21a Holders o( rec. Mar. 20 Holders of rec. Mar. 15a Holders of rec. Feb. 9 Holders of rec. Feb. 23 Mar. 31 Mar. 16 to Holders of rec. Mar. 1 Holders of rec. Mar. 1 Mar. 15 Feb. 22 to Holders of rec. Mar. 150 Holders of rec. Mar. 10a Holduis of roc. Mar. Holders of reo. Feb. 280 U Holders Holders Holders Holders Holders Holders Holders HolU(Ts Holders Holders Holders Holders Holders Holders ol rec. of of of of of of of of of of of of of Holders of Uoldum ot Holders of Mar 310 rec. Mar. 15 rec. Mar. 15 rec, Mar. 16 rec. Mar. 10 reo. I'eb. 28a reo. Feb. 2au rec. Feb. 2SU la rec. Mar. rec. Mar. 16a reo. Feb. 26a rec. -Mar. 2U rec. Mar. 20 rec. Mar. 20 rec. Feb. 28 reo. Mar. 2ju rec. Mar. 8a Apr. *2 Holders 1 Mar. 31 Holders 31 Holders *1M Mar. 1% Apr. IH 2 Holders Holders Holders Feb. 21 1 Apr. 20 Mar. 31 IH Apr. *\% Mar. 1 IH Mexican Seaboard Middle West Utll., 2H 1% Mar. 31 Mar. 15 •Holders Mar. 15 Holders 2 S2 1% IH Preferred quar.) Stores, pref. (quar.).. Mergenthaler Linotype (quar.) Oil prior •$1 Hen stock (qu.) Montana Power, common Preferred H (quar.) Preferred common (quar.) (quar.) Preferred (quar.) Preferred (quar.) Preferred (<|uar.) National Grocer, common National Lead, common quar.) Preferred (quar.) National Sugar Refining (quar.) Peerle.ss Peerie-ss Peerless Peerless (quar.) & Power common (quar.)... (quar.).. Ranger Texas Oil (quar.) St. Joseph Lead Co. (quar.) St. Maurice Paper ((luar.) Shawinigan Water & Power (quar.) South Penn Oil (quar.).__ & Refining (No. 1). Electric, pref. (quar.).. Oil (California) (quar.). Oil (Indiana) (quar.) Oil (Kansas) (quar.). .Standard Oil of Jersey, com. (quar.) Gas & New Preferred (quar.) . (extra) Machinery (quar.) Texas Chief Oil (quar.) Texas Company (quar.) Texas Gulf Sulphur (quar.) Extra Texas Pacific Coal & Oil (quar.) Thoinpson-Starrett Co.. pref Preferred ((luar.) United CIg.ir Stores of Amer., pref. (qu.) United Dyewood, common (quar.) (quar.) (quar.) (quar.) _. Preferred (quar.) U. S. Steel Corporation, com. (guar.) common (quar.) Wabasso Cotton Co. ((luar.) Wahl Co.. com. (quar.) Common Common Common to May 1 Mar. 1 Mar. 1 Mar. 220 Mar. 15 Mar. 15 Mar. 15 Apr. lOo Mar. 30 Feb. 28 30 Sept. 30 Dec. 30 Holders Holders Holders Holders Holders Holders Mar. Holders Holders Holders Holders Holders 15 31 15 Apr. 3 Apr. 1 \H May 15 50c Apr. 1 Apr. 1 \H •75c Mar. 31 •75c June 30 Holders Holders Holders Holders Holders Holders Holders Holders Holders Holders Holders Holders Holders Holders Holders Holders Holders of of of of of of of of of of of of of of of ot of of of of ot of of of of of of of rec. Jan. 10 rec. Feb. 2S rec. Mar. 14o rec. .14a rec. Feb. 28 rec. Feb. 28 rec. Mar. 10 rec. Mar. 31a rec. Feb. 21 rec. Feb. 21 rec. Mar. lio rec. June 10a reo. Sept. 9a rec. Dec. 9a rec. Mar. 6 rec. Mar. 17o rec. Feb. 24a reo. Mar. 11 rec. Mar. 21o reo. Feb. 28 rec. Feb. 24 reo. Feb. 24 reo. Apr. 29n rec. Mar. 16a rec. Mar. 16(J rec. Mar. 1 rec. June 1 rec. Sept. 1 reo. Deo. 1 rec. Mar. 15 rec. Mar. 17o rec. Feb. 17a rec. Feb. 17a rec. Feb. 17a rec. Mar. 14a rec. Feb. 15a rec. Feb. 25 rec. Mar. 15 rec. Mar. 15 rec. 1 rec. Mar. 17a rec. Mar. 7a rec. Mar. 10 Mar of of of i\H Apr. 1 43 He Mar 15 of 50c. Mar. 15 of 16 2-3c Mar. 15 of 500 Mar. 31 of of 1% Mar. 1 of Mar. 15 l.'-i of IH Apr. 1 of IH Apr. 1 31 Holders of 2 Mar. 31 Holders of Mar. 20 Holders of Apr. Holders of 3 1 25c. •viar. 20 Mar. 11 Mar. 20 to IK Mar. 15 Mar. 5 to Mar. 15 *IH Apr. 10 Holders of rec. Mar. 24 •IK Mar. 31 Holders of rec. Mar. 14 Mar. 15 Holders of rec. Mar. 10a 2 Mar. 15 Holders of rec. Feb. 28 2 Mar. 15 Holders of rec. Feb. 20a $1 Mar. 15 Feb. 17 Mar. 14 SI to Mar. 15 Holders of rec. Feb. 28a 3 81.25 Mar. 15 Holders of rec. Feb. 27a IM Mar. 15 Holders of rec. Feb. 27a •4 Mar. 15 Holders of rec. Feb. 24 Apr. 1 Holders of rec. Feb. 24 $3 Apr. 1 •Holders of rec. Feb. 24 31 •75c Apr. 15 Holders of rec. Apr. 1 Apr. 3 Holders of rec. Mar. 10 1 75c Mar. 31 Holders of rec. Mar. 3 50c M,1T. 15 Holders ot rec. Mar la 50c Mar. 15 Holders of rec. M.ar 10 25c. Mar. 31 Holders of rec. Mar 14a 4 Apr. i Holders of rec. Mar. 20 Mar. 20 Holders of rec. Mar. i 5 Apr. 1 Mar. 16 to M.ar. d21 Apr. 1 Holders of rec. Mar. 4a IH Apr. 1 Holders of rec. Mar. 4a IK Mar. 15 Holders of rec. Mar. 4a *$1 Apr. 1 Holders of rec. Mar. 4 IH Mar. 15 Holders of rec. Feb. 28o IK Apr. 1 Holders of reo. Mar. 15a IH .\pr. 1 Holders of reo. Mar. 15a July 1 Holders ot rec. June ir,a IH Oct. 1 Holders of reo. Sept. iba 87 He Mar. 15 Holders of rec. Feb. 28a 3 He. Apr. Holders of rec. Mar. 9a 1 3Hc. July 1 Holders of rec. June 7a M.ar. 27 Holders of rec. Feb. 3 5 1 Mar, 27 Holders of rec. Feb. 6 Mar 15 Holders of rec. Mar. la •1 Mar, 31 •Holders of rec. Mar. 15 •IH Mar. 31 •Holders of reo. Mar. 16 Mar. 2 ly* Mar. 30 Feb 28 to Mar. 15 Holders of rec. Mar. 10 Apr. 3 Holders of rec. Mar. 15 Si •SI .50 .4pr. i •Holders of rec. Mar. 23 May 1 •Holders of reo Apr. 22 •50o. June 1 Holders ot reo •50c. 22 July •60c. 1 •Holders of reo June 22 •50c. .\pr. 1 Holders of rec Mar. 20 Mar. 31 IK May May IH 2K IH United Gae Improvement, pref. (quar.). United Profit Sharing (quar.) United Profit Sharing, (quar.) United Royalties (monthly) Extra U. S. Cast Iron Pipe & Fdy., pf. (quar.). U. S. Gyp.sum. common (quar.) Valvollne Oil, reo. rec. rec. rec. rec. rec. rec. rec. rec. S2 (qu.ir.) Union Bag & Paper (quar.) Union c;arbide & Carbon (quar.) Preferred Preferred Preferred Holders 15 15 31 •75c. Sept. 30 •75c. Dec. 31 Petroleum (quar.) Petroleum Mar. Mar. Mar. June Pi Pittsburgh Steel, preferred (quar.) Procter & Gamble, 6% pref. (quar.) Provincial Paper Mills, common (quar.) Preferred (quar.) Quaker Oats, preferred (quar.) Railway Steel-Spring, common quar.).. Preferred quar.) Southern Standard Standard Standard Standard Apr. 15 15 Holders •SI. 25 Mar. 31 •Holders •SI. 75 Mar. 31 •Holders Oil (quar.) Philadelphia Electric, Preferred (quar.) Preferred (new) Phillips 1 1% (q uar .) Pennsylvania Water Holders Holders 1 3 Truck & Motor (quar.) Truck & Motor (quar.) Truck & Motor (quar.) Truck & Motor (quar.) Pennock 1 1 50c Mar. Ontario Steel Products, preferred (quar.) common 1 IK Mar. IH Mar. Ohio on (quar.) Extra Bottle, iH •2M •3H IH IH IH IH •2 National Surety (quar.) National Transit (extra) Preferred 1 1 Mar. 15 Holders Mar. 15 Holders Mar. 30 Holders 2 (quar.) National Biscuit, common (quar.).... National Candy, common First and second preferred Nat. Enameling & Stpg., pref, (quar.).. of of of of of of of of of Feb'.'25"Yo'"Mar.'23" Holders of rec. Mar. 16 Holders of rec. Mar. 15 Holders of rec. Mar. 8a Holders of rec. Mar. 8a Holders of reo. Mar. 15o Holders of rec. Mar. 4o 1 Apr. Apr. IH IK 1% ((luar .) Montreal Cottons, Ltd., Owens 1 Inclusive. 31 May Department Tonopali-Uelmont Development (quar.) Underwood Typewriter, com. (quar.) Holders Holders Holders Uoldeis Holders 15 »2 Mar. 15 1 Mar. 31 *l Mar. 15 IJi Mar. 15 76c. Mar. 15 .) Ellt Feb. 17o Mar. 27a IK IH Apr. Apr, Apr. Apr. Apr. Apr. Todd Shipyards Corp. Mar. 1 Holders Mar. Apr. Apr. Kayser (Julius) & Co., com. (quar.) Lehigh Valley Coal Sales (quar.) Liggett & Myers Tobacco, pref. quar.). Mackay Cotn panics, common (quar.) Holders of rec. Feb. 21a Apr. Apr. Apr. Apr. Apr. Apr. Apr. Jones Bros. Tea, preferred (quar.) Holders of rec. Mar. loa Holders of rec. Mar 2la Holders of rec. Mar 2la Holders of rec. Mar. lu Mar. 18 Mar. 28 to Mar. 11 to Apr. IM Mar. 2>4 (quar.) Mar. 3 Mar. lOa Mar. lUa Jane 1 Holders Mar. 15 Holders Mar. 15 Holders •e2H 1 First, second and special pref. (quar.) Goodrich (B. F.) Co.. pref. (quar.) Grasselll Chemical, com. (quar.) Preferred (quar.) Gulf States Steel. 1st pref. (quar.) Harbison-Walker Refrac, pref. (guar.). Illinois Bell Telephone (quar.) International Silver, preferred (quar.).. Common Mar. Mar. $1.50 Mar. 50c. Mar. 1>3 Mar. •3>a Mar. •1;>4 Mar. Mar. 2 I'A Mar. Sou. (extra) Preferred Mar. lOu Feb. 280 . common Globe Soap, .Sullivan 4 IVi Preferred (quar .) Dominion Iron & Steel, pref. (quar.) Feb. 25a Feb. 28a Dec. U 2 Si (quar.) Dome Mluea (capital distribution) Dominion Glass, common (quar.) Mar. 10 Mar. 1 Mar. 3 Sept. Apr. Cities Serv. Bkrs. shares (iu cash scrip). 1 Payable In common slock scrip tfl5>i cApr. i Colorado Fuel & Iron, pref. (guar.) i Feb. 25 Apr. 10 1 Computlng-Tabulaiiug-Recordliig (quar) Connor (John Feb. 28 June 25c. Mar. Mar. 5 Mar. 3 Mar. common (quar.) Powder, common (quar.) Miscellaneous (Concluded) Razor Stock dividend Gillette Safety Bocks Closed. Days Payable Cent. Standard Oil of N. Y. (quar.) Standard Oil, Ohio, common (quar.) Mar. tV4. Atlantic Refining, Common 1 Apr. Apr. Apr. Apr. Apr. 2 1>4 Teleg. (quar.) Brandram-Henderson, Ltd., 1 4 Holders of rec. Holders of rec. Holders of rec. Feb. 21 to Holders of reo. Holders of rec. Holders of rec. Holders of rec. Feb. 21d to Holders of rec. Holders of rec. Holders of rec. Holders of rec. Holders of rec. Holders ot rec. Holders of rec. Mar Si American Tobacco, preferred (quar.). Atlantic & Pacific Tea, com. ((juar.).. yitlas Apr. Apr. SI l»A American Stores, common (quar.) First and second prelerred (quar.).. Amer. Sugar Refg., pref. (quar.) & no i>i i>i i>i IVi (quar.) (quar.) .4merleau Teiep. 10 15 18 4 Inclusive. 11 Holders of rec. Mar. 6 Holders of rec. Mar. 11 6 $4.50 Apr. 1 Holders of rec. Mar. la 3 Mar. 15 Holders of rec. Mar. la Apr. 1 Holders of rec. Mar. 15 Mar. 15 Holders of rec. Feb. 28 Mar. 15 Holders of rec. Feb. 28 3 Apr. 1 Holders of rec. Mar. la Mar. 16 Holders of rec. Mar. 1 IVi (quar .) In 20 Days Mar. r42 Miscellaneous. *75 Advance-Rumely, preferred (quar.) IH Amer. Art Works, com. & pref. (quar.) l>i Amer. Beet Sugar, pref. (quar.) 2 Amerlc.m Glue, com. (quar.) IM American Locomotive, common (quar.). Amer. Mfg., com. (payable Amer. Mfg., pref. quar.) 1 « 50c. Apr. 13 1>4 Apr. 1 Southern Pacific (quar.) Union Pacific, Payable 2H Preferred Fonda Books Closed. 2 Chestnut Hill (quar.) Delaware & Hudson Co. (quar.) Erie & Pittsburgh (quar.) Norfolk When of Company. Motor Wheel Corp., com. Mar. 18 Mar. 18 Below we give the dividends announ 3ed in previous weeks and not yet paid. This list does not include dividends announced this week. Per When Per Name Inclusive. Holders of Holders of Holders of 1 Mar. Mar. Mar. Mar. [Vol. lU. (monthly) (monthly) (monthly) Waldorf System, common (quar.) First preferred and preferred (quar.).. Wamsutta Mills ((|uar.) Warren Bros., first preferred Second preferred Woolworth (F. W.) Co., pref. (guar.).. Worthlngton P. & Mach., pf. CI. A. (qu.) Preferred Class B (quar.) IHm 2K May *20c. -Apr. 1 Mar. 15 2 Apr. Apr. Apr. Apr. Apr. A6 m IH IH IK Wriglcy (William) Jr., & Co. Common (payable In common stock). •/lO Yale & Towne Mfg. fquar.) Yellow Cab Mfg.. Cliiss B (In stock) 5 yioo Apr. lApr. I 1 1 1 1 1 Holders Holders Holders Holders Holders Holders of ot of ot of of rec. Feb. reo. Jan. rec. Jan. reo. Mar. rec. Mar. rec. Mar. 14 16 16 10a 10a lOo •Holders of rec. Mar. 25 Holders of rec. Mar. 21 of rec. Feb. 18 Mar. 4 •Holders * From unol|flclal sources, t The New York Stock Exchange has ruled that stock win not be quoted ex-dlvldend on this date and not until further notice, a Transfer books not closed for this dividend. 6 Less British Income tax. d Correction. e Payable In stock. /Payable In common stock. (7 Payable In scrip. A On account of accumulated dividends, t Payable in Liberty or Victory Loan bonds. j Payable In New York fimds. k Payable In Canadian funds. I All iraiLsfcrs received in order In London on or before March 10 will be In time to be passed tor payment of dividends to transferees. m Declared four quarterly dividends of 1 ^i % each, first payment on March 15. n Declared monthly dividends of 50c. each, payable March 1, April 1, May 1: June 1 July 1 and Aug. 1 to holders of record Feb. 25, March 25, April 25, May 25. June 25 and July 25, respectively. Payable In 7% prior preference preferred stock at par. p Declared 4% p.ivable in quarterly Instalments of 1% each. T Payable In preferred stock. r Declared annual dividends on both 7% and 8% pref. stock, payable In quarterly Installments of l?i% and 2%, respectively, on .\prll 1, July I. Oct. 2 and Jan. 2 1923 to holders of record on March 14, Juno 15, Sept. 15 and Dec. 15, respectively. . March THE CHRONICLE 4 1922.] New York — Boston Clearing House Banks. Wo give below a summary showing the totals for all the items in the Boston Clearing House weekly statement for a series of weeks: and Trust Companies. City Banks All prices dollars per share. Bank*— ^.V. Amorlctt* Amer Excb . . Atlantic Battery Park. Bowery* Broadway Cen Bronx Boro*. Bronx Nat Bryant Park* Butcb <t Drov Cent Mercan. Cbase Chat & Phen. Chelsea Exch* Chemical Bid 175 180 255 230 140 450 160 90 160 170 140 205 290 231 85 520 I 250 210 130 430 130 80 150 155 130 180 285 227 I I I I 194 245 I 1 Pacific * I Park- 1 I 160 260 Homestead*.. 150 250 175 80 Mechanics' *. 95 100 First Greenpolnt 190 260 845 : 185 100 Nassau 93,02f> 000' 165 Fed. Res. Bank Cash in bank and F. R. Bank Reserve excess In bank and Federal Reserve Bank Reserve in New York members 420 are State banks. (*) « New stock, Bid Net 145 100 1 71 N Y 100 Title 210 90 West & Bronx <fei Mortgage. -1 146 : — that Is. Net Loans. Capital. Pro/iu.\ Dts( Nat.bk9.r)ec.31 152 Title ; & MG 150 160 747,000 three ciphers that is, 1,468,000 [0001 omitted.) three ciphers . Hanover Nat Com De- \ W. R. Grace* Co YorkvlUe Bank... Total State Banks .V« Memhers 0/ Ih^ 868 4.199 43,451 2.400. Commonwealtbj 28.664 11.723 3,000i 1,000 I 1,.500 2,77.'<' 2o!(K)0 2o!408i 4.324 16,552 Tr Cot 25.000 Gu.-irnntv Columbi!) Tnist Peoples Tnist.. 484 225 600 1.716 3,791 17,307 2,217 700, 2.153: 21.098 2,701 436 ! Total 1,581 21,823 30 Tru«t Companlcxl Not Memb^s of th^ Federal Kuerve Hartley Mnch Tr, Bayonnej 55* 200 Total 389' 8.081 555; 2001 1381 3.454 138, 3,4.54, 5,582 8,981 389 6.9071 73..530 3,9.i8 6.2621 «.';3,94I 197 2,.'J0.5 —81 17,335 —576] —2.700 + 45 +2 Gr'd nasr. 6.007 aV,.641 5,582 — 7'',.'''?5 4.03»| 4.1171 '<" 17,290 '".275 3.t>fiO; I, Mt 17. .'18, -..i...'jy. 17.172 condition Feb. Il|4.2o0,'583 State BankA Not Members of 196 ........ 3,929, C . 25,230 127.857 Tot.ils, ,v!tual I'J7 .... 18.843 76,138 37.562 137.08! 22.119 29.649 15.178 120,185 Totals, actunl condition K('b. 184.204.159 195 X :i BKiir. Feb. 11, Gr'd bnnr. Fi-h 4 Gr'd a«icr. Jan. 2« fl.«:5« :^ Gfd Vautt. Deposi Deposits. Time Bant De- Circuposits. la- tum. tories. 610 Average S 3.733 13.573 18,287 6.777 55,083 13,265 1,959 610 10.470 35,526 3.349 14,93 13,059 22,037 3,583 17,022 1,449 22,429 25,577 939 37,487 2,748 1,178 2,124 1,748 6,3.')3 1,632 2,409 4,0 28,663 6,468 420.971 470 3. .342 429 1.329 478 12,879 552 3,170 '997 l",763 346 236 296 4,793 4,877 100 ""49 5,439 50 7,391 2,521 1,690 398 242 67 414 396 774 3,609 36.028 125.658 20.931 25,264 13,107 S 1,970 16,.395 IS. 199 72.2.55 1.469 40,9.32 318 2,439 796 0,617 1.217 3,717 449 17.213 419 2,997 1.555 Atgt. Average Average S S 28,050 892 97,566 12,932 137,334 2,727 51,454 1,1.58 509.702 43.308 99,126 2,237 14,800 576 3,922 64 .706 79.419 1 272.046 4,374 23,390 231 107,0.55 16,713 98,795 158,635 17",476 25 26.665 2,497 131.127 12,879 1,391 168.717 17,586 191.187 4.170 5,983 100 290,530 11.300 20,915 8,860 50 15.132 419 13,302 774 47,048 751 12,251 342 16,412 30.448 3,200 •230.377 16.470 48.483 1,745 2,115 781 1,212 1,323 50 2.5, 93.835 17.770 24,949 170.215 19.063 882 5,258 condition Feb. 254.178.633 65,980.533.007 c3. 713.013 216 TotaL'>,i>ctutil 3,300 Demand Average Feb. 25276,400439.5764.191,720 64,222j495,222 c3.718.470215,582 33.486 UnuMl kC8re«at«..i 3.300 Compailaoo prevloua wecK F<?b. 18 Net Legal Average .icerage S S 605 38.067 1,938 117,571 1.53. .345 7,78 54,865 1 ,.340 465,145 7,648 111,957 1,125 15.903 375 5, .536 85 90.672 1,066 966 309,405 22,514 1,002 1.32,732 5,656 112,988 463 168.382 6,199 34.383 586 158,346 1,028 14,416 284 237,985 638 184,934 4,474 6,S91 133 305.645 6.252 20.918 704 8,422 470 16,104 465 14.170 240 51.202 966 14,925 573 15,.SOS 618 34.002 902 249.485 921 363.094 7.777 2,107 1 ,500] New 'S'ork Trust! 10,000l 16.996 2,ooo! Lincoln Tnist.. I,2oG 3.418 Metropolitan "Tr 2.000 1,525 Nassau Nat, Bk 1.000 Farmers Ln & Tr 5.000 12,641 1,743 Columbia Bault 2.000 Equitable Trust 12,0001 10.502 30 1,356; 3,542 18.281 wUh in .52.276 1,6.S9 1.500, 5,000' { 100 4,973 1,304 1,410 1,.500| F'.dcllty-Int Tr.l Federal Re.\er:e Darw^ Banfc of Wa..fh Hts. 708 3.000 Bankers Tr Co. U S Mtk'C & Tr. 197 1,535 1.000 National. Seaboard Nat... Coal & Iron Natl Union Exch Nat' B!(ivn Trust Co! Fifth I 896 4001 1,000| Giirfleld Nat..., 4,543, 843 l.OOO [ Ateraoe Atcraoe.Ateraoe Ateraoe Averaar Aeerage S S t 1.186 7,5941 238 197 1,538 10,755 607 290 1 .530 1,171 1.529 8.7851 9,707 Mutual Bank 10.0001 41,292i NMtional] 12. .500; 10,850] Chase National.; 20.000 21,104 ("Ifth Avenue.. 500 2.339 tories. \ Nat Tr.ad Continental Bank Circulotion. jMisits. 3,000 21.314 9,7.58 7,500 1,500 8,500 10,000 22,894 751 1,000 Exchange. lrvln»! Nat'l I 1.727 1.000 National Park.. Eaat River Nat. First National.. Net Time 225 5,000 7.754 25.000 34,763 Chat<fePhenNat|gl0.500g 9.638 Imp & Retertet Net with Demand in Legal DeVault. Deposi- posits 15,746 1,085 50O Amer Exch Nat Nat Bkof Comm Feclflc Bank 1000] omitted.) Cash courus. Inc^r.t. 4.500 1,000 Reserve Cash be. \ Chemical Nat.. Atlantic Nat... Nat Butcn & Dr \ StatebksNovlo menis. Tr. COS. Dec 311 d:c. Mefnt>ers of Ped'l Res. Bank.; Battery Park Nat. 3.52 33.627 62. 375 4,SS. 46,5,03.727 167 214, 7S2 ;H.,5rt4 63.905486, 175c3, 707 219 208, 316 33,450 Fed. Reserve Brink 106 Grwnwlch Hank 1.000 Unncry Hanli.. 2.50, bank State 18.303 5.351 78,862 2,500 1,532 1,741 627 8,192 307 102,510 102,400 102,224 103,599 2,008i 8l8l 4,351! 50 18, 1.56 5, 116 47 ,403 2,046 28, 617 6.351 4.094 61,889 47,4G3l 6,410 5,396 6.560 4,146 4,214 3.839 61,720 47.628 ,33; 3,082 1.S3U 29,246 17,670 310 «980.000. 8. depo^iltH payable. r*-v,.-. Exeeai reaprve, M .tccepuutoei 70 decreaae. I I . and other liabilities, SI. 0.30, 000. Average Fob. 2.5' — Philadelphia Banks. The Philadfliihia Clearing House slalfjiiieiil for tfie wcvk ending Fob. 2.5 with <!()m]i.anitiv<' Ri"»>rvc figures for the two w«fk.i precf-dirig is a.s follow'j. Feb Feb Feb . s" di |)o ii.irir jiiifl "f'asli in Trust Co'i Not Members nfi Fed Heterrf ll'inJt, nUr fMnr * LiiwycmTlATr h7..50<) 4,(XM) Average Fob 25 11,500 Ftb.m F " . - Tnul '•-T- -;'-- \ •^— 1033. 45.9.36 1.^84 1 8I0| 6.ii.')3 911 71.747 3,I6|I 4,041 46,816 1.380 71,480 3,222 7I.»I5| 2,140) 4,070 4,964 46,6.37 47,0'J3 70.s7(l J >^l,^, 45,674 1.316 1.246 1,266 176 'JIM, ',•«.'. ' l.lulf'i fi,liiic,N OrM rm I7.6,37| lit, I I ii;l i anBT. aver S.HIft, 33.486 '.oiniuirlaon, pr' Gr'd a«(r., ucf' C^iraporlaoD, pr> II ,627 • 1. 1022. >, ft? IT". D VfU 1, ! •t? or-, . hi timlcoiiillllon Fi'b. 25! iii|,'..iiiIIIImii li-b IH' v.iiilts." ITm* tHdino r«». as 1033. I'r . f r«M CipH»f wn) omtiud Urmlmtol A 1. 9.34 47,3,32! 52,438 47,247' i nquin-mfiit-t for iiunilxrs of the F»'<liTal M* -n are 10% on <l''iiiarKl flcposil.s and .'J% on liiii. ,1.11 to Ihj kupt with the Fc<l<rul Reserve Bunk, "'('ash in vaiiit«" is not a part of legal n-scrve. For trust com()anies not members of th«' F<'d<r.'il Ke-^crve System (he n.scrvc n«*jiiiri><l is 10'; on dcMiarul <|t|M(siN and in<tltides "Ueserve : 7,179l 3.7.50 actual en ndlllon Totiils, actual co ndltlon Total actual co ndltlon Totttl.1. Capl'-al — ments, Nov. 15 Nov. 15 , Fed. Res. 118 165 1 Tr. COS Members of Bank % $ Bk of NY, NBA 2.000! 7,478 Bk of Manhat'a 5.000 17,520 Mech & Met Nat 10.000 16,523 Bank of America' 5.500 5,8.55 Nat City Bank. 40 000! 61.082 Ask Realty Assoc] Btd (Brooklyn). 112 U S Casualty., 155 US Title Guar 80 HOUSE. legal i 90.0001 Loara, Dec. |Nat'l, endlngSt^te, Ffb. 25 1922. Ask Lawyers Mtge 140 .Mtge Bond..| 90 240 Nat Surety.. 203 80 (Stated <n thousaitds of dollars willi 974 000 232, 000 of the Profits. Discount Invest- Capital (,000 omitted) Week — U. Dec. D3C. Dec. New York City Clearing House week ending Feb. 25. The figures for the for the CLEARING HOUSE i Ex-dlvldend. wEx-rlghts City Non-Member Banks and Trust Companies. Follcwlng is the renort made to the Clearing House by clearing non-member institutions 'which are not included in the "Cleariug House Returns" in the next column: RKTTTRN OF NON-MEMBER INSTTTUTIONS OF NEW YORK CLEARING Blllii 4.273 000 761 000 4,438 000 Inc. 657.000 Dee (Stated in thousands of dollars 165 New York Bank 413 000 Inc. Dec. NEW YORK WEEKLY CLEARING HOUSE RETURNS. 3Y0"' 210 and Surety Companies. Ask M Colonial 4,641 000 6,682 000 5,963 000 separate banks are the average of the daily results. In the case of totals, actual figures at end of the week are also given: All pricts dolla rs per share F*b. 25 1922. 64 000 — shows the condition ' City Realty Btd AUance R'lty 70 Amer Surety. 69 Bond & G. 235 City Investing Preferred . 95 Week ending S 2 ,139.000 2.131.000 531 525,000 533,134,000 392 922.000 383.727,000 98 9S9.000 95,649,000 24 900.000 24,574,000 18 534,000 22.302.000 15 534.000 14,0.59,000 54 344.000 47,546,000 43 097,000 43,982,000 5 279,000 5,710,000 $ Dec. Ftb. 11 1922. Statement of New York City Clearing House Banks and Trust Companies. The following detailed statement 314 320 MEMBERS CLEARING 000 000 000 000 42.723 000 5,047, 000 Exchanges for Clearing House Due from other banks Feb. 18 1922. 165 Banks marked with NON-MEMBERS 25.3 1'? 14.261 16.295 49,906 United States deposits 305 275 Brooklyn Tr. 410 Kings County 680 Manufacturer 220 People's 305 220 North Side*..' 200 People's 155 395 520 180 Brooklyn II :Montauk*... 125 Due to banks Time deposits 115 610 309 Title Gu & Tr 315 U S Mtg & Tr: 270 United States 960 I 160 210 260 204 N Y Life Ins' & Trust... N Y Trust... Changes from previous week. S Circulation 2,075 ,000 Dec. Loans, dlsc'ts & Inveatmenta. 526,884 .000 Dec. Individual deposits, Incl. U.S. 386,240 nOO|Dec. 450 155 Mercantile Tr 290 270 jMetropolltan.i 265 ^Mutual (West Chester 140 lYs' i [l 940 225 305 269 |Llncoln Trust , Feb. 25 1922. 135 : 1 Brooklvn IConey Island* 332 382 302 ; 470 300 ! BOSTON CLEARING HOUSE MEMBERS. American Bankers Trust 328 350 jCentrul Union 375 298 iColumbla Commercial.. 105 1 6 O" 3'20 Empire 290 130 Equitable Tr. 285 480 'Farm L <fe Tr.' 4^0 Fidelity Inter. 200 40'8" (Fulton. 240 245 Guaranty Tr. 200 170 300 Hudson 260 Law Tit & Tr, HO 190 Manhattan *.! 237 Mech & Met. 347 Mutual* 500 Nat American 140 National City 315 New Xetb*..] 115 New York Ask Btd Nito York ofi i Com' n wealth* 215 Continental.. 130 Com Exch*.. 364 Coamop'tan*. 90 Eaat River 170 Fifth Avenue* 925 Fifth 150 First 930 Garfield 215 Gotham 180 Greenwich*.. 240 Sanover 825 Harrlman 388 Imp A Trad.. 510 Industrial* 155 Trust Co.'s Ask Bid { Irving 403 Public 240 Sealxmrd 200 Standard • 230 State* 255 210 Tradesmen'3 * 200 23d Ward*...! 250 Union Exch..; 205 254 United States* 165 225 Wash'n H'i3 • 325 145 jYorkvlUe*— 420 370 100 ! 65 510 Coal & Iron.. 200 Colonial* 270 Columbia* 160 Commerce 252 • Banks Nat N Y Aik I 9:^3 r. ' I r. I . ' I .'ni,i>;io.i,i..i^.'> ..i'.ii I |y. y.> .. II .iii, I Ii »«.. . totals ui'iiiTiil III' tuni toliilt r> I I'll 1.111,000, " tilll.K; •• In-: 1100. Tl' T..' ir 26. »H.' 4. . • 1 H r|. < ilrtiinltM In •••' T- r<irr4ini —• • hranrh<'« not liicliidml In total •'.' .-...- I. 11 I m loolliitt -1,1,., M < fKllnwt: ••Mtv Tniit I < llnl fur llnwr » Ktrmm ' In »«.iit« not ovuatail m - rnnrv* (qr lfmiUn\ H s—1 1« nMrnlmni. ' ( ft. .t .. t<m „. . h As nr iMv .J,,.. 17 iv,ji. :. iiilol. Co,. audi SII.'i.IMN). . oliri, r •Caak ,' ml, I i|iiltnli|p a As u( — THE CHKONICLE 9U STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS AND TRUST COMPANIES. [Vol. 114. COMBINED RESULTS OF BANKS AND TRUST COMPANIES GREATER NEW YORK. Loans and Demand 'Total Cash Investments. Deposits. in Vaults. S 5,129,620,700 5,106,037,500 5,139,521,900 5,110.207.100 6,096.705.600 6,038.302,500 5,073,132,000 S 4,488,903,800 4,479,192.900 4,594.091.300 4.566,220.000 4.525,120.000 4,467,360,600 4,463,981,500 4,415,936,800 4,437,139,800 4,422,144.400 S Averages. Cash Reserve in Depositaries Reserve in Vault Members Federal Reserve banks State banks* Trust companies Total Total Total Total Surplus Required Reserve s s s 495,222,000 495.222.000 489.608.560 9, .340. 020 5,3.>1,000 4,094,000 9.445,000 7,022,400 7,092,000 2,151,000 4,941,000 504.257,000 7,648.000 512.322,000 7.543.000 508.820.000 7,376,000 509.570,000 Feb. 25 Feb. 18 Feb. 11 Feb. 4 Rexerve Total Reserve 7, .502,000 511,759,000 519,970.000 516,363,000 516.946,000 $ 5,613,440 104,980 69,600 5,788,020 12.983.290 .505,970.980 503.986,710 504.822,040 11,540,.360 510.450,590' 6,489,410 Week ended— Dec. 24 Dec. 31 Jan. 7 Jan. 14 Jan. 21 Jan. 28 Feb. 4. Feb. 11 Feb. 18 Feb. 25 5,0.S4,673.400 5.050.803.700 4,993,9.54.100 IN Reserve in Depositaries . t 601,032,500 607,062.600 1661,340,400 644,736,100 591,642,500 114,718.800 110.207.300 103.995,400 104.881,900 95,694.700 93,598,200 .592,588,600 592,291.600 590,816.500 599.000,500 91,1.50.400 93,782,400 93,134,900 93.603,400 .586,490,900 This Item Includes gold, silver, legal tenders, national bank notes and Federal Reserve notes, z Corrected figures. • Actual Figures. b Cash Reserve in Vault. Members Federal Total Reserve Reserve Surplus Reiulred Reserve 7,623,000 5-12,122.000 7, .535,000 497.643.000 7,720.000 494,880,000 7,445.000 516,727,000 of Federal Reserve 43,746,7.50 244,320 211,450 549.754.000 505. .551, 480 d€f44,202 520 .505.178.000 507,376,7401 2,198,740 ..-62,890 502.600.000 504,462,890 524,172,000 507,519,530' 16,662,470 I Bank. the reserve required on net demand deposits In the case of State banks and trust companlos, but In the case ot members of tlie Federal Reserve Bank includes also amount of reserve required on net time deposits, which wsa as follows: Feb. 25, SB.467,460; Feb. 18, 36.273,720; Feb. 11. 85,854,290; Feb. 4. $5,715,360. b This la the reserve required on net demand deposits In the case of State banks and trust companies, but In the case of members of the Federal Reserve Bank Includes also amount of reserve required on net time deposits, which was as follows: Feb. 25, S6,490,.560; Feb. 18, $6,443,460; Feb. 11, §6,249,480; Feb. 4. S5,740,230. a This Is State Banks House. —The and Trust Companies Not in Clearing State Banking Department reports weekly figures shoAving the condition of State banks and trust companies in New York Citj^ not in the Clearing House as follows: aUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT. {Figures Furnished by State Banking Department.) Feb. 25. Loans and Investments $627,971,100 Gold 4,0.50,800 Currency and bank notes 16.928,600 Deposits with Federal Reserve Bank of New York.. .52.241,700 Total deposits 652,933,300 Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies In N. Y. City exchanges and U. S. deposits. 600.969,400 Reserve on deposits 103,840,200 Percentage of reserve, 20.3% State Cash in Differences from previous week. Dec. $8,057,600 Inc. Inc. 19,800 224.700 Dec. 1,192.400 Dec. 12,359,100 vault Banks 5,528,400 4,473,200 — Trust Companies— 8,983,300 16.23% 5.52% 347,461,600 21,008,900 13.61% 0.02% $35,369,800 21.75% $68,470,500 19.63% *$26.386..500 Deposits in banks and trust cos Total Includes deposits with the Federal Reserve Bank of New York, which for the State banks and trust companies combined on Feb. 25 were $52,341,700. * — Banks and Trust Companies in New York City. The City ('learing 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: New York New of the Federal York. Reserve the close of business Mar. 1 1922, in week and the corresponding at ^vith the previous date last year: Mar. — Resources Gold and gold certificates S 285.044.874 71.979,334 S 148.997.000 54,542,000 357.024.208 741,396,178 10.000.000 20S,5.?9,000 1,087,313.188 1,10S.420,3S7 35,130,815 36.271.016 444.163,000 156.319,000 .52,088.542 ,336,149.510 741,163.678 10.000.000 <S:c. 204,624,000 36,000,000 ...1,122,444,003 1,144.691.403 Total reserves by U. 8. Govmembers other —For members 600,482,000 discounted: Secured Bills ernment obligations -Ml Bills bought In — for 61. .530. 345 28.793.411 open market 32,o:J4,366 T23.979.9S6" 30,622.050 883,338,000 1,257,000 31.900,000 76^714, .500 32.400.000 61.856.500 59,276,000 2,295,000 284,513,373 7.352,989 1,503,050 ~248.858.536 7,270.827 l,50i,0a0 102,605,160 3,750.971 10"d.7'85'.6s3 946,166.000 4,467,000 2,380,000 1,211,000 127,190,000 2,278,000 Another Total earning assets Bank oreml-ses rofiemp. fund agn'- Gold abroad 373,704,000 472,502,000 37,132,000 54.167,781 46.805.370 23.003,833 122,358,123 53,570.750 Total bills on hand.U. S. bonds :.ad notes U.S. certificates of Indebtedness One-year certificates (Pittman Act),.. 5% 1922. Feb. 21 1922. Mar. 4 1921. 283.460,967 Total gold held by bant... Gold with Federal Reserve Agent Gold redemption fund Total gold reserves Legal tender notes, silver, 1 S Gold settlement fund— F. R. Board F. H hank note"" in custody or In transit = == Uncollected Items.. All other resources 2.696,716 1.522.203.558 1,505,808,027 1,684,174,000 Total resources..LiaDUities- 26,460,000 56.414,000 27,062,2.50 27,049.3.50 Tax 60,197,127 281,157 60,197,127 225,597 .- 23,115.988 674,042,820 10,788,019 25,334.773 650.439.185 _11, 734.37^ 7,233,000 650,418.000 12,480,000 707. 946,828 626, 053,146 687, .508. 332 626.544.395 17.877.203 83.012.010 3.394,584 670,131,000 801,916,000 35,619,000 78,332,000 15.302,000 1,522 203,558 1,505,808,627' Total llabllitlca Ratio of total reserves to deposit and=== 87.1% 84.1% F. R. note liabilities combined Contingent liability on bills purchased 12,004,039 12,002, 400 for f orelen correspondents ,684,174.000 Capital paid In Surplus Reserved for Government Franchise Deposits; Government Member banks— Reserve account Total deposits F. R. notes In actual circulation F. R. bank notes in cireui'n Deterred availability items All other liabilities. — net — 361.021 79, 444.370 237.657 ^3 liability 17, — In conformity with the practice of 42.2% 8,104,945 Federal Reserve Board at Washing was changed beginning wlti the return for March 18. Instead of computing reserves on tho basis of ael deposlto— that Is. Including In the total of deposits "deferred availability Items" but deductlni ffote. averages of the New York of comparison Another Dec. Dec. . RESERVE. Condition of the Federal Reserve Bank of —The following shows the condition Bank s s s 533,007,000 533,007,000 489,260,250 9,310,680 4,145.000 5,410,000 9,555,000, 6,980,550 2,222,000; 4,970,000 7,192,000 Feb. 25.. Feb. IS.. Feb. 11.Feb. 4.. Not members • in Depositaries s Reserve banks.. State banks* Trust companies.. Total Total Total Total Reserve ton. method of computing tlie ratios of reserves to liabilities — the new method Is to disregard both amounts and figure tbt "uncollected Items" percentages entirely on the gross amount of the deposits. For last year, however, the computations are on the old basis; that is, reserve percentages are oaloulated ot oasis of net deposits and Federal Reserve notes In circulation. — Tile Federal Reserve Banks. Following is the weekly statement issued by the Federal Reserve Board on Mar. 2' The figures for the system as a whole are given in the following table, and in addition we present the results for seven preceding weeks, together with those of corresponding weeks of last year. The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents' Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal Reserve banks. In commenting upon the return for the latest week the Federal Reserve Board says: Aggregate increases of about $,58,000,000 in the holdings of Government and a slightly smaller increase in total earning assels. .accompanied by increases of .S4G, 200.000 in total depo.siCs and of .S2:5„5O0.00O in Federal Reserve note circulation, are indicated I)y the Federal Reserve Board's weelciy banlc statement issued as at clo.5e of business on March 1 1922. For the first time during the present year the statement dis-loses no increa.se in the total cash reserves of the banlcs, a g;iin of $4,000,000 in gold for the week being offset by an eaual loss of other reserve c.Tsh, i lewis and silver. The reserve ratio shows a decline for the week from 78.1 to ' tsecurities . c 76,7%. Federal Reserve banlc holdings of bills secured bv U. 9. Government than the week before, other discounted on hand show a decline of $17,100,000, while .-^ccepfcancies purchased ill open market increased by Si:i, 500,000, largely at the New Yorlv ivnd San Francisco banks. Holdings of United States bonds and notes show nn increase for llio weelc of .$:j<).000,000, the New York, Cleveland. Chicago and ICan.sas iVity banks repotting the largest increases under this head. Since the jjcginning of the year the Federal Reserve banks hive increised their holdings of U. S. bonds and notes from $.50,000,000 to $16:^.300.000, largely through the purcli iso of Victor.v and Tre;isary notes. Their holdings of IMtlman certificates .show a slight reduction, while those of Tre.isury c-ertificales h(;ld largely under repurchase agreements bv the Boston, Now 1 ork and Chicago banks show an increase of $'20,500,000 for the week and of $83,800,000 sinco the liogiiinirig of the yeir. Total earning assots, in <-onso(iuence of the changes indicated, show an incre:ise for the week of •obligations were .S:i,400.000 !ar,ger bills and on March 1 stood at $1,216,400,000, compared wita $1,523, ,500, 000 at the beginning of the ye.ir and $2,789,100,000 about ye;ir ago. Government paper held under rediscount shows an in'^roase for the week from $282,000,000 to $285,300,000. Of the total hold $227,700,000 or 79,8%. were secured bv liberty and other U. S. bonds. $23,200,000, or 8,2%, bv VictOPV notes, $20,000,000 o;- 7.0%, by Treisury noes ind .$U,.300,000, or 5.0%. by Treasury certificates, corapired with .'i;226, 100.000, $21,500,000, $7,900,000 and $23,400,000 repo:-led the week before. As aginst a reduction of $3,100,000 in Governm-.Mit deposits, reserve deposits .show an increiso of $48,000,000 and oJier deposits, composed lirgelv of cashier's checks and non-members' cleirinj accounts, an increase of SI. 300. 000. F(xleral Reserve note circulation shows a further incre.-ise for the week of $23,500,000. .\n increasa of Sir..l )0.000 is reported by the Feder.ii Reserve 15 mk of S:in Fr.ini-isco. and sniiUer increase.^ are shown for the Philadelphia. Cleveland, Chicago and St. Louis banks. A movement of gold away from New York. irgely tow.irds I'hiladelphia and S;in Francis'-o, is shown for the week. Gol<l reserves of the New York bank show a decrease of $21 .lOT.OOO. while sm illcr decreases of the Boston. (^Unelmd. Kansis Citv. Ddlis. Atlmta and St. Louis bmks totaled The largest accession of gold for the week. $14,300,000, is $13,600,000. Chil idelnhia wifh an r-^es^ion of *13.900,O00 reported by San Francis'-o. order, while smaller accessions, aggregating $11,100,000, is next in are shown for the Chicago, Richmond, and Minneipolis banks. .3.57,400.000 1 Combined Resources and Liabilities op the Federal Reserve Banks at the Close op Business Mar. Mar. 1 1022 Feb. 21 1922 Feb. 15 1922 Feb. 8 1922. Feb. I 1922. Jm. 25 1922 Jin. 18 1922 1 1922. Jin. 11 1922. Mar. 4 1921. RESOURCES. Qoia and geld oertldoatee Gold nettleneot. F. R. Board Total gold hold by banks Qold with Federal R'sorve agents Gold redemptlOD fund Tottl ROM reserve 380,405.000 .521.273.000 381.073.000 520.713,000 382,250.000 ,531.351.000 382.418.000 514.110,000 385.011,000 509.193.000 901.079,000 902.385,000 913.014.010 814.237.0001 895,528,000 1.9S2.051.005 1,977.002.000 1.9 tO.fi -iS, 010 1.942.725.000 1,928.419.000 67,694.000 88.872,000 65.847.030 81.775.000 82.099.000 2,951.434,000 2.945.835.000 2 93'i O'JI.OOO 383,511,000 483.222.000 8'5rt. 703,010! 1,93<). 792.000 1. 97.693.000' 382.4R0.000 4t|9, 31(7.01)0 382.138.000 502.010.000 2.74. 353. «00 526.499,000 88t.U8.000 760,852,000 851,827.000 9H. 657.000 1.910. 5'U.OOO 1,236,560,000 98.208.001 100.880.000 165,678,000 2 Q2I 3'i2.000 2,911..S28,000 2 901. 218 000 2.898 «92, 000 2.89,5.589.000 2,163,090,000 March THE CHRONICLE 4 1922.] Mar. tender DOtee. silver, litatA Ao 1922. Feb. 21 1922, Feb. 15 1922. 120.359.000 134.006.000 139,806.000 Feb. 8 1922. Jan. 25 1922. /an. 18 1922. Jan. 11 1922. Mar. 4 1921. Feb. 1 1922. 141,277,000 149,990,000 152,811.000 154,607,000 212,673,000 145.105,000 3.080,703.000 3.080.S41.000 3.075,940.000 3,062,629,000 3,061,518,000 3,0.5S.855.00O 3,051,503,000 3,041,294,000 2,375.763,000 Total reservefl discounted: dllla Total 803.277.000: 163,322,000 803.847.000 124,299,000 863,907.000 125,633,000 95,466.000 8. bonds and notes 8. certlflcateR of Ir.debteflness: 96,966.000 133.743.000 191.000 98,466,000 160.499.000 193,000 2S1.904.000 430.2S9.000 95.730.000 on hand bills .361.906.000 461,5.53.000 82..564,000 327,641.000 457,979.000 78,287.000 28.5.347.000 422,200.0001 Sscursd by U. 8. Govt, obligations... Allotber. aula bought In open market U. U. 1 9^5 One-year certificates (Plttman Act).- 154,2.50.000 102.000, All other Manlolpal warrants 388,672,000 525,150.000 94,944,000 361,167.000 476.651,000 90,027,000 357,921.000 917,714,000 109,919,000 927,845,000 932.882.000 65,761,000 1. 008. 766.000 1 6O,128,00O| 52.150,000 25,867,000 98.466.000 133,723.000 193,000 113,000,000 101,702.000| 113,000,000 71,278,000 206,000 113,000,000 53,847.000 216,000 113,000,000 54,040.000 385,000 254,375,000 3,318,000 94,255,000 492.2.52,000 82,709,000 90,709,0001 206,000; 981,840,000 560,018,000 1,.^59,665,000 86,7.54.0001 164,004,00» 427, 476 ,000 ,074,248,000 2,505,509,000 1,216.417.000 1,150.046.000 1,248.698,000 1.260.015.000 1.233.462,000 1,183.127.000 1,235,957.000,1, 293,823,000 2,789,069,000 Total earning assets 36.0OS.OOO 36,496.0001 35.720,000 37,232.000, 36. 930.0001 36,407,000! 36,190.000 19,733,000 35.019.000 Bank premises 7,930,000! 9.339,000 7,871,000 8.362.000 7,855,000 7,870.000 7,939,000 12,199,000 «% redemp. fund Rtrst. F. R. bank notes 8.029.000J 3,300,000 or in transit Gold abroad in custody 555,990.000 5&i,3'62',600 505,782,000 488.018.000 456,8'4Y,66o 481,754,000 498.220,000 548,436,000 631,268,000 jncoUsctea itema 15,583.000 14,813.000 14.769.000 12,677,000 15,759.000 14,460,000 12,719,000 12,811,000 9,269,000 411 other resources 4,864,345,000 4,788,987.000 4.941.049.000 4.S32,779.000;4,851,922,OOOl4,780.524,000 4,988,090,000 4,939,322,000 5,840,601,000 Total resources. LIABILITIES. 103,385.0001 103.325.000 103.7.36,000 215,398,000 215.398.000, 215.398.000 1.504.000 1,349.000 1.317.0001 63.910.000 79.310.000 60,770.000 1,725,065,000 1.677.011.000 1,744.430.000 31.260.000 33.728.000 32,607.000 Capital paid la •orplus asserved for Govt. franctUst tax Deposits — Government Member banks —reserve account Another 103.2.33, 000 103,190.000 215,398.000 1,250,000 114,744,000 ,689,422.000 36.304.000 215.398, 000 1.548, 000 112.717. 000 ,714,668. 000 31,111. 000 103,067 ,0i10 215,398 ,000 1 ,332 ,000 95,915 ,000 ,652,304 ,000 30.578 ,000 103,020.000 100,865,000 103,204,000 215.398.000 215,398,000 202,036,000 996.000 853.000 77.734.000 55,941,000 15,289,000 ,673.824.000 1,735,563,000 1,705,364,000 33.337.000 24,064,000 26,055,000 -I- 1.818,442,000 1.772.181,000 1,857,474,000; I 85S.496.000! 1.840.470.000 1 778.797,00011,784.895.000 1,776,907,000 1,786,369,000 Total 2,196.983.000 2,173.514.000 2,169,9.53.000 2 160,179.000|2,,178.0.53,000|2 184.001..000 2,229.677.000 2,293,799,000 3,042,611,000 r. R. notes In actiial circulation 82,988.000 83.507.000! 84.878.000 81.165.000 84.876.1 .000 80.095.000 83.888.000 185,109,000 83.977.000 circulation net Uab ?. R. bank notes In 463.826,000 494,568,000 388.650,000 432.241.000 425.437.000 414,475.000 397.763,1 ,000 4S2„3S5,00O 449,455.000 Deferred availability items 15.400.000 16.290.000 15.839,000 15.768.000 15,290.1 1.000 16.101.000 15,198,000, 15.729,000 41,226,000 All other UabllltUea — 4,864,345,000,4,788.987,000 4,941,049,000 4,832,779,000 4,851,922,000 4,780,524,000 4,898,090,000 4,939,322,000 5,840,601,000 Total Uabiutlesgold reserves to deposit and F. R. note liabilities combined. aatlo of total reserves to da-iQalt and F. R. note liabilities combined ftatlo of total reserves to F. R. notes In clroulatlon after setting aside 35 % against deposit Uabllltles tlatlo of 73.5% 74.7% 72.9% 72.6% 72.4% 73.3% 72.2% 71.1% 44.8% 76.7% 78.1% 76.4% 76.1% 76.2% 77.2% 76.0% 74.7% 49.2% 111.2^0 113.2% 111.4% 111.3% 111.0% 111.6% 108.8% 105.5% 57.5% I DUtTibtMo% >n MaiarUUt— 1-16 days bills bought in open market. I-IS days bills dlacouated 1-15 days U. S certtf. of Indebtedness. MonJol pal warrants 23,768,000; 2,125,0001 140.000 22.050.000 74,039.000 30.302,000| 142.000 19,161,000 75,271,000 35,999,000 'i6'.9"o'r,666l '15,280.000' T^VisT-'ooo 104,901,000 9,671,000 106,621.000; 15,458.000 102.000 16.795,000i 109,593.000 15.449.000 T.5'.63"3^666' 67.644.000, 2.700.000 1,000,000 42.4.59.000 51.000 119.000 41,337,000 187.147.000 171,373,000; 741.000 337.OG2.00Oj 329.677.000; — In actual circulation.. Bom SeevrtA— paper dellvwr«>q to F. H. Agent WBEKLT STATEMR?>n' OF "' ciprttrt <00) 337,276.000 358,830.000, 3. 407.005, 000;3. 406,610, 000 971,601,0001 960,700,0001 — 181,000 16,773.000 17.377,000 150.000 12,147,000 110,092,000 21,223,000 ""foo.ooo 148,193,000 '"sVs'.ooo 59.177.000 138,638,000 51,000 i6,iV8,666 255,707,000 4,513,000 3",o6o 55.104.000 149,498,000 50,000 47,3.52,000 43,yoy,oo6 375.018.000 9,518,000 1.52.155.000 60,858,000 126.440,000 51,000 43,642,000 228,591,000 381,603,000 420.956,000 436,720,000 304,378,000 439,002,000 3,515,117.000 3.530.013.00013,571,248.000 3,611,486.000 4,135,883,000 904,851,000 925,050,000 878,675,000| 788,894.000 955,461,000 RE.'iOUP.rE!^. Total gold Oold with P. h»l<l S 7 9S4 20!0S4.0 •<v by baoki I 7: • 0! 1 rederaptloD fund Total reaervei Remi/ed dlfiRtmnted : V.H. r»ovt. obligailoM Cletf.land Ricltmona % I 12,511.0 < 2.910.0 42,.501.0, 34.827.0 75..5O6.0 55.015.0 130.913.0 184. 038.0 4.2IS.0 7.076,0 .37,737,0 32,897.0 4.263.0 Atlanta Chicago \ S 5.193.0 27.790.0 % 22.729.0 1»6,349,0 32.989.0 119,078,0 70.820,0 3.37.407.0 3,51G,0| 10.004.0 open market OHl.T Municipal wtrrant* ni.r.30,0 10. 14.724.0 IS,3sl).0 «.t.',0.0 2.'...U«.0 3 .000.0 H.000.0 8.000,0 14,231.0 3.5tM),0 I 100.0 3S.1<K» 291,4.37,0 2.051.434.0 5.143,01 120.3.50.0 8,015.0 01,703.0 44.2.15,0;2(KI,380,0 3,080,793,0 8.231,0 20,617.0 28.0 5.405.0 32.478,0 21,701.0 :IH. 370.0 15,0 8,3.12.0 0.). 730.0 34,078,0 291.0 .37,774,0 37,068,0 2,030,0 88,472,0 .803.277,0 12,2.52.0 183,323,0 3.671.0 0.240,0 4,3.50,0 6,320,0 117,U 1.900,0 8.382,0 1,083,0 06,588,0 164,260,0 103,0 30,782.0 KM 1,0 04,772.0 4,710.0 4-.:.4so.o anSs.o 40.'i,0 -s.O 12.402,0 1,070.0 018,0 34,003.0 138,0 3I.IK4.0 2.072.0 "21,0 17, .393,0 22,790.0 1.120.0 .11,0 117.228,0 113,0 20,412.0 34.420.0 4.07S.O 7,300.0 8,007.0 3U,404,0 1,0 M.iflO.ll O'HI.O 843,0 • »/. 422 nn 901.879,0 11,2.53,0 212.894,0 1,982.001,0 3,8.50,01 1,379,0 87,894,0 21,601.0 2S"i. 347.0 4 J J .'00.0 14,0 102.0 0H,R2fl.n 4,{'00.0 - 74,fi93.0| 4.401.0 20.617,0 n5.oos.() I.JIJ.O 1 .521,273.0 25, .5.58.0 00,842,0 10, .504,0 no... .,.i,.i;i.u 70.71.5.0 380,406,0 55,465.0 5,0.57.0 33.025.0 ' . 4.477.0 . Total Mkminc 1 9I.4,'.7.0 «O..'.'.l.0 S 19,228.0 Sfl, 13 272,0 IS.'JIH.d 1(1.; IZ 10_'.0| Total S 8,782.0 10,770,0 14,1)18.0 55> 28.703 .0 San Fran, Datlai * 2.600.0 44.945.0 .'>, 80,988,0 111,015,0 470,536,0 110,825.0 13.270.0 170 CUv I 700,0 'rfVl 47,OSI.O 43.W. 4«.2'>7 210,0 All 1922 1 47,545,0 34.647.0 914,0 % 3.008.0 21.983.0 * 9.314.0 34.435.0 74.807.0 107. .33 1.0 400.489.0 0.091,0 4. .584,0 13.047.0 3.-.. 00 964.540,000 1,027,469,000'J,450,.S43 Louis AVlnneap. Kan. St. 170 .1.0 o,i.o-i7.:»i4,o 210.0.37.0 240.720,0 H.Ml M S. 020.0 35.131.0 22.323.0 by Total bllla on band O. B. bondii and not** U. H. orrtiriRaria of Ind'-btedniier (mn-Tf»t ctl*. (Plttman Act) --' 902.908.000 89l.048.000' 102.082.0 1.122.445,0 219.224.0 2.54.768,0 Total gold r«efv« Lscal tender ootea. stiver, Ao.. All other Bills bought In PhUa. \ * * 2.0H6.0 283.461,01 52.6.89,0; 73.420.0 330 150 (ni R M^nta 827.,554.Of)08,SS6, 807.000 AND LIABILITIES OP EACH OP THE H FEDERAL RESERVE BANKS AT CLOSB OP BUSINESS MAR. NtiL York Boium. Oold and gold certlflcatee Ooid lettlemoni fund— P. R. B"d 707.209,000 700.738.000 7*i RKSOtfRCES tmUUd. "" Ftdfral Htterte Bank of Ban* 9.3cS4.000 93.756.000 3,810.000 31,769,000 222,698,000 3,100,000 25,621,000 95,071,000 inr ^,ovt 2..526.060.000,2.5I0..576.00O 2,507,229 ,000'2.525.009,000 2,.559.656,000 2,604,957,000 2,606,397,000 2,732,861,000 3,346.989,000 Total. All 8, .50 1.000 .$ 349.013.000 349,013,0001 227,.W6,00O 344.012.0001 344,013.000] 344,013,000 349.013,000 344,0)3. OOOi 344.012.000 717.740,000 822,300,000 2,1 10,429,000 532.974.000 .566. .564.000' 5S2.2.S4,0O0 631,237.000 665.165.000 544..500.000 134.397.000' 128.523,000 109,120,000 123.729.000 123.374.000! 120.434.000 122.160,0001 127.043.000 114.401.000 900.054,000 1,523.647,000 1.509.861.000 1.473.279.000 1.404.315,000 1,462,240.000 1,462, 8.30 .01)0 1,471,121.000,1,441,114.000 certlflcatee Oold redemtrtlon fund mtb Federal Reserve Hoard Btlli 3,200,r00 51.000 366.000 91, .344.000 $ 72.74.S,000 32.210.000 569,318.000 1,444.440,000 11,971,000 2,00C,000 2,526.060,000 2.5I0,.570.000 2,.507.229.000 2,.525.009 .000 2,559,656,000 2,604.957.000 2,600,397,000 2,732,861,000,3,346.989,000 Uiaed to Federal Reserve banks OoM Td.Vs7',roo 38,165.000 51,000 217.000 46,207.000 147,711,000 S 50,678.000 522,081.000 11.013,000 19.000 19,965.000 92,021.000 415,000 6.000 14,573,000 146,787,000 12,971,000 140.000 2.196.983.000 2.173,514.000 2,109,953,000 2,166,179,000 2,178,053,000 2,184,001,000 2,229,677.000 2,293.799,000 3,042,611,000 Amount cbargeable to Fed. R;e. agen: 3.444.451.000 3.4.58.017.000 917,791.0001 947,441,000 In handaof Federal Reserve .\geat Two Tr,4Vf,66o 82 ,.558, 000 40,045.000 480,944,000 1,150.000 13.000 16.316.000 86.170.000 4,304.000 2,000 12,833.000 143,918.000 20.765,000 141.000 7,340.000 83,947.000 2,.526,660,000'2.510..576.000 2. .507.229 .000 2.525.000,000 2, .5.59 .6.56.000 2.004.9.57.000 2,606.397,000 2,7.32.861,000 3,346,989.000 Oatstandmg Held by banks gible 51,708.000 492,041.000 26,527,000 15,000 13,089.000 87.361.000 2,009.000 140,000 14,677,000 119,719,000 34,773,000 77,396.000 2,700.000 51.000 313,000 42 549,000 180.8^7,000 . Municipal warrants.. Over 90 days bills b ought In open market OverQOdayi bills discounted Over 90 da- a oertll. of Indebtedness... Monldpal warrants 49,096,000 509,208.000 35,019,000 2.000 13.768.000 81.307.000 2,000.000 140.000 16.743.000 113.170.000 9,294,000 T5,biV,o66 69..53S,000i . Br gold and gold 37 eligible papisr 28,665,000 485,495.000 1,884,000' . — 29,473.000; 428.670.000 15.855,000 75,111,000 18-30 days bills bought In open market. 16-30 days bills dL<icounted 16-30 days U.S. certlf of indebtedness . Manldpal warranta 11-60 days bills bought in open market 81-60 days bills discounted 81-60 days U. 8 certlf of Indebtedaess. Municipal warrants 81-90 days bills bought in open market. 91-90 days bills discounted 11-90 days U. 3. c ertlf of Indebcodnesa. FeOerni Rttertt Noiet s S 45,348,000 413,818,000 44,080,000 .'.III o IHH.n 42.470.0 170 AAA 48H,0 21.115.0 100.0 BK.3n 01 - • II 4011,0 87,120.0 1.218.417,0 37.233,0 814,0 2,105,0 394,0 .38,822,0 8,3(19,0 .506,783,0 6,180.0 16,760,0 „l Total r»to'irn«i. ........... 343,862.01 l,ft2,<,i<M.O|37M,070.0 4I6,4<)1,0 207, 400,0. 1U6.6H7.0 742,404,0. IW>t,Ji0,0 I24.47H.O 107.853,0 112. 218.0 428.940.0 4,N84,;US,0 l.tAtlll.tTIMB ..I ..... ....,,,.•.. ., ., „ 1011.7.38.0 7.382.0 4.104.0 3,f^4.0 4,801. 0| OaplUI paid In 21,'.. 308,0 >,0 0,040.0 7,104.0 16,100,0 7.48H.O nrpiiM. c, d' t 349,0 IS". (I UmmfonX Ua fltni rranohMs lai. . 7(1.0 'I Depoaltji: flovnnm'rii ........ . , . . I . M<inib^ All bnk— f<Mnr»« M. ...(» lee't .. ir;,o othw 1 F. ! F. .0 (.^i..i.;.^ii, I' . K..l,((lU.<.'Jll.Oi ''I. .11.') I'll . .1),- .'J. 1.111.0, .i.i.i-.i),o. ...;.iii.!), 'I !.i,'i^ i--/ z^' (I I 12,0 I.." J.l'i" 'IM3.0 I 3.0'li .38, .117 ft ') .5 822 All Total lUhllliltn .343 r. i.'O rilu'.itil (I 2<i/ i'.o IV v> <> .« tit: 11 I > ( . It '.(.>.*'! 'I I 117(1 \' r,. O IT, 7(is 0! (»' ir.'.l, (I . -.h; »| 7t.' HMO I'lH.^Tlut l.'l r.'x ri'l'i? ii'..t (I li 4,060,0 419 o' 31 l,IN7.0| I. '110 .SO,O0ft,O 4:1.'. 211,0 10. Mil. O n 4.S84,346,0 i TKE CHRONICLE 926 ttARlLlTteS (Concludes)— Til") 9 1 j Boston ciphers (00) OmUiei. Memoranda. % Cletelani Htchmoni PhUa. YoTt /Vstr % % $ [Vol. 114. Atlanta CMcaoo S LouU Minmap. Kin. CUv S $ St. S s DaUat i S San Fran. $ Totit Ratio ot total reserves to deposit anfl F R. note liabilities com84.1 73.2 76.3 53.7 70.0 75.9 78.8 71.0 68.1 58.6 12.002.0 2.560,0 2.024.0 1. .508.0 1.152,0 3.803.0 1,.504.0 884,0 1,535.0 832,0 10. CoDtlngeoc liability ou bills purobased for foreign oorrespond'tg 2,336.0 STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS MAR. Federal Agent lUserte at — Boston. \Nev> York] Fhila. — (.In Thoutands of Dollars) $ RetouTcci 130. 450 Federal Rnsfrve notes on hand Federal Reserve notes outstanding J163.475 Collateral security for Federal Reserve notes outstanding: Gold and a;old certificates 5,600, 12,9381 tjold redemption fund 110.0001 Gold fund Federal Reserve Board F.IlKlble paper I Amount required 34,937 s I $ CMcaoo Cleve. IRlcftm'd Atlanta \ s s $ 3S.OOo! 26.200 I s 131.980 24.880 404,763 100.907 5.960 14,763 3.662 322.6441 65.100 67. 356 26,185 49.715 8,175 Toua. 21.355 69,694 8.525 54.968 296,925 13.375 33.239 10. .524' 10.663 411.000 120.380 160.000 56.376 74.908 28.238 Fr. S 12,890 .32.317 270.238 2.526,660 $ 389.010 39.960 73.861 797,540 205,821 212,276,100,776 113,885 32,2.58,0 1922 1 Minn. K. CUv. DaXlat. San L. SI. s 76.7 SO. 1,472.0 13.052 1.510 8.200 32.206 $ 40.900 917,791 | — /Excess amount held 25,614 .. 49.2671 1.264 I 2.1021 41.3121 30,795 67.879 5,783 2.400 5.428 63.000 43.059, 10.001 483.014 2.013,357 452,866 503,884 233,535 311,6321 Total 6,701 344,013 3.008 13,219 114,401 31.300, 1.4S4 199.075 1,523,647 35.047| 21.084 .57.344 544,599 2.7251 16.892 10.783 222,139 3,287 608 991,221 234,849 119,089 154.803 102.881 592.159 6,193.250 HahilUtes— amount of Federal Reserve notes received Comptroller of the Currency Oollateral received fromlOold («et from ' I I I I 293.925 1.166.5.50 245.781 2.50.276,123.970 187.740! 128. .538 741.164 130.913 18t.038i 32.897 70.820 60.551 105,643 76,172 69,550 73,632 53.030 Total Vsderal Reserve notes outstanding fsderal Reserve notes held by banks. 530,743 125.767 483.014 2.013.357 452.886 .503,864 233.535 311.632 Federal Reserve Bank(Ellglble paper 991.221 234.849 119.039 154.803 102.8811592. 159 6.193.250 63.493' 82,384 53,672 311.138 3.444,451 337,407, 74,722' 22.762 34.647| 11.253 212,89411,982,001 117.071 34.300 32.814 37.772 37,950: 68,127 766,738 797,540 205.821212,276 100.776 113,885 6.232 170,867 17.358 16.345 4,608 7,577i '155,898 404,763 100,907 35.583 15,727 54.968 2.834 09.094 7,813 32.317 270.238 2.526.660 2,930 41,803i 329,677 623,673 188,463 195,931 163.475 Federal Reserve notes in actual circulation.. I 369,180 52,134 61,881 29,387 228, 435'2, 196,983 94,544 109,277 85,180 — Member Banks of the Federal Reserve System. Following is the weekly statement issued by the Federal Reserve giving the principal items of the resources and liabilities of the Membor Banks. Definitions of the different itemi Board the statement were given in the statement of Deo. 14 1917, published in the "Chronicle" Deo. 29 1917, page 2523. In •TATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OP REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK AND BRANCH CITIES AND ALL OTHER REPORTING BANKS AS AT CLOSE OF BUSINESS FEB. 21 1922. Aggregate liquidation of $142,000,000 of loans and investments, ac- or from 2 6 to 2 2% of the bmks' total loans and investments. For th member banks in New York Cit.v companied by commensurate declines in deposits, and .substantial reductions in Federal Reserve banlt accommodation, are indicated in the Federal Reserve Board's weekly consolidated statement of condition on February 21 Wednesday. February 22, being of 806 member banks in leading cities observed av a legal holiday, the reports are as of Tuesday, February 21 Loans seiured by Government obligations declined by $6,000,000, loans secured by stocks and bonds, by $31,000,000 and all other loans and discounts, largely of a commercial and industrial character, by $40,000,000, Corresponding changes for member banks in New York City include a decline of $2,000,000 in loans secured by Government obligations, of $30.000.000 in loans secured by corporate obligations, and of $38,000,000 in Total loans and discounts of all reporting banks commercial loans proper show a decrease for the week of $80,000,000, of which $70,000,000 represents the decrease in New York a deareass from 382,000.000 to 813,000,000 accommodation at the local reserve bank and from 1,8 to less than 1% in the ratio of accommodation is noted Since October 1,5 1920, when the peak of credit expansion was reached, total loans and investments of the reporting member banks have decreased by .$2,742,000,000, their borrowings from the Federal Reserve banks, bv $1,928,000,000, and their ratio of accommodation from 13 to 2 2% In New York City the decrease in loans and investments for the period has been $1 .182,000,000, in Federal Reserve bank accommodaiion .$895,000,000, and in the ratio of accommodation from 1,5 to 09%. Government deposits show a decrease of $122,000,000 for the week, following the redemptioa of certificates of indebtedness on February 16 Other demand deposits (net) declined by $76,000,000 in keeping with the reduction in loans, w'aile time deposits increased by $29,000,000 For member banks ia New York Cit.v Government deposits show a reduction of other demand deposits a reduction of .$62,000,000, and time $5.5.000.000. in total City in holdings of United States bonds and Victory notes, as against reductions of $19,000,000 in Treasury notes and of $40,000,000 in Treasury certificates are shown, the latter reflecting the redemption by the Treasury on February 16 of the balance of $256,000,000 of loan certificates issued on Mav 16 1921 In New York City tiie decrease in Treasury notes amounted to $8,000,000, and in Treasury certificates to $21,000,000. Holdings of corporate securities show a decline of $3,000,000 for all reporting banks and of $15,000,000 for the member banks in New York City Accommodation of all reporting banks at the Federal Reserve banks shows a further reduction for the week from 3378,000.000 to $321,000,000. Nominal changes 1. Dare for all reportlniJ member banks Federal Reserte DUtrict. Number of reporting Boston. banks ATew York PhUaOel. Cleveland. Rlchm'd. 49 108 Total loans, dlsc'ts & Investments, Inol, bills redlscounted with F. R. Bank 1,023. 923 5 Bcsorve balance with F. R. Bank 75, 533 Cash In vault 17, 283 Net demand deposits 740, .5214 Time deposits 189. 094 8 9,773 32.439 200.157 S 15.821 62.782 68,-585 $ 16,724 107,673 311,812 ,53.533 445.514 283.988 1.059,009 296,329 437,016 59,749 2,096 5,925 2,644 48,430 350,132 1,573,108 26,588 76,175 15,856 1,104 1,531 39.736 13.225 3,282 36,472 384,686 436.854 26.173 4,454 4,506 4.922 69.685 242.309 20.225 361 6.619 815,429 1,443,386 56.901 87,290 25,916 14.705 616.302 779,381 47,781 470.0.50 .35.667 21,647 ,380.644 594,910 89.004 555,860 419.109 2,102,786 546.594 45.591 295, .542 ,612,235 519.149 106,040 3,295 34,632 12.611 32.788, 29,3.56 13.5.56 8.861 .301.479 130,383 8,470 (0001 123.,801 180.172 47.926 6.8.50 229,394 1.320.7.30 142.354 6.5S.773 9,014 40.888 320.376 157.701 9,917 10,727 2.391 5.561 21,407 20.896 5,861 177,989 76,855 9,299 347.3.50 425.9,53 37,382 2,618 8,930 4,837 46,978 526,698 47,199 omlttea. San Fran Dallas. 79 $ 17.531 City 35 43,330 201,970 324,861 1.59.032 23, 078 2. Minneap Kan. 37 85 808.588 3,928.747 48.812 397,135 3,296 76.057 14,918 158,788 5.514 95.678 142,795 724.239 2.5.8(51 Louis S 42.956 322.794 638,899 S 82 St. 110 43 1,004,649 122,167 16,123 14,725 6,975 278,747 Total . ana and discounts O. 9. bonds U. 8. Victory n es V. 8, Treasury notes U. 8. certificates of Indebtedness Other bonds, stocks and securities S CMcaoo. Atlanta. • Three ciphers 21 1922. 58 214.308 1.342.001 568.3592,427,714 BlUs payable with Federal Secured by U. 8. Govt, All other Bills redlscounted with F. Secured by O. S. Govt, AU other 19% each Federal Reserve District at close of business Feb. In Loans and discounts. Including bills redlSRounted with F R. bank: Loans sec. by U. 8. Govt, obligations.. Loans secured by stocks and bonds All other loans and discounts Government deposits deposits an increase of $9,000,000 A^sfregate reserve balances at the Federal Reserve banks decreased about $64,000,000. of which $35.000.000repr(sents the decrease In New York City, Casli in vault remained unchanged for all reporting institutions and shows an increase of $1 .000.000 for New York City. This item constitutes 2 6% of net demand deposits of all reporting banks, the corresponding ratio for the New York City banks being 52 5.4821 41,532 186,662 233.676 34,594 1,217 3,787 4,339 8,040 68 Total. 860 $ $ 17,851 435,557 144,044 3,092,451 677,366 7.322,506 839,261 10,850,514 97,762 994,864 12,090 144,563 19.718 295,891 15,615 168,398 162,092 2,087,932 285,6.531 1,146 ,538 14,542,162 23,539| 1,268,930 269.541 10.244,738 530.007 3.091.027 17,604 301,320 74,755 19.055 11,453 9,001 382,424 100,22 11,587 198,312' 62,593, 8,10P: .565,.595 2,354 1,84.5, Reserve Bank: obligations 11,283 26 19,752 17,718 2,755 971 141 12,191 119,914 410 232i 809 510 2; 10,284 3.815' 20; 7.513' 10,378 190,086 R. Bank: 320 378 20 ,696 39.211 obllgatlona... 503 31,005 5,611 12,502 848 974 468 406 20.002 8,772 16,095 11.580 Data of reportint! member bank.4 In Federal Reserve Bank and brunch New York City. CUj/ o/CMcago. All F. R. Bank CUies cities and all F. R. Branch CUies 151 2.611 other reporting banks. Other Selected Cities Total. \ T^ree etphers (000) omitted. Feb. 21. Feb. 15 Feb. 21. I Feb. 15 Feb. 21. Feb. 21. Feb. 15. Feb. 15 Feb. 21. Number Loans secured by stocks A boodd All other loans and discounts Total loans and discounts O. B. bonds " TImedepofllts Government deposits 1.50,576 349.998 60.730 159.218 90.522 542.135 112.334 557.402 347,4,38 8. Victory notes 8. Treasury notes 8, certlfli-ates of Indebtedness Other bon(l4. stocks and securities.. Total loans A dlsc'ts & Inveat'ts, Incl. bills rodlsc'tod with F R. Bk Reserve balance with F. R. Bank.. Cash In vault Net demand deposits .390.938 1.290.011 ,448,955 3,518.846 1,0,50,963 1,047,338 7,147,110 7.220 172 O. U. U. '..'.'. payable with K, R. i^ank; Sec'd by U. 8, Govt, obligations.. All other Bills redlscounted wltli F" Bank: Sec'd by U. 8. Gov't obligations.. All other Ratio of bills payable & rediscounts with F. R. Bank to total loans M>d Investments, percent Feb. 15. \Fcb.2l 22.|f'c6. 15'22.|Fr6.25'21. 319 of reporting banks.. Loans and discounts. IncI bills rodls counted with F. R. Bank: Loans sec, by U. 8. Govt. oblU'na 68.819 " 24.115 9.488 22.711 4.650 176.144 1 ,917,011 ,538,344 540 .504; 226,751 95,559 24,.36ll 224,598 121,397 5,6791 173,856 1,131.527 91, 463| ,30.778 25,135 8.750 236, 755 1.50 1001 1.140. 295i 41,010 25„508 589,098| 1, 806; 807 826 S S S S 60.3471 435 557 441,727 776,396 429.401 3,092 451 3,125.795 3.068.590 299.856 7,-322. 506 7,362,6811 8,915.497 789,604 10,850, 514 10,930,203 12,760,483 228,624 994, 864 997,684 872,877 19,313 144. 563 141,960 195,320 28,739; 295. 891 315,055 26,805, 108. 398 207,7391 234,878 365,058 2.087. 932 2,090,869 2,035,461 920,427 228,550 31,184 49,561 30,834 585,516 048.445 4,764. .528 1.294.071 1,283,119 9.258.535 9.379 289 2 S30,15r,'2, 846.078 2.453.471 458.143 14..542. 162 14,683,51016,099.019 550. 9S9 ,581,994 980 .141 191.620 202.3.51 149,323 1.50. .564 1.268. 930 1,333.056' 1.296.808 927.987 131.090 134,l8Ri 68.942 209, 541 269.880 327,399 51.912 52,193] 07.902, 149 .7.S5 77.016 75.919 27.298 148,687 29,170 139.191 4.200.099 921.926 909,833! 7,176,445 7.245 ,311 ,583.9331 .587.105 1.482.3001 4SS. 198 10.244, 73SllO.320.674 10.494.629 329.804 321.253 315.973 314.376 1,428,790 1.402 ,0331 957,992, 9,55.671 704.245 703.606: 3,091, 027 3,061.970 2.909,245 42,234' 71,4541 29,608 .301, 320 422,896 121,856 56,649 97.707 153.274 309 ,2os; 30.725 215,063 43,220 Bills 19,682 49,575 1,126 1,461 .56.182 85,218 36,573 417 43,406 27,159 28,390 119 914 157,014 420, 392 380 809 800 1.538 14.809 206.874 205.804 1.118.861 2.6 11.7 563.422 R 287 23, .503 1,131 32,811 .9 1.8 300 350 4,881 4,249 6,974 105,093 9.671i 115,255] 36,232 2,737 40,507 48,761 2,201 50,042 10. 378 190, 086 1.8 2.2 2.6 3.1 3.2 3.3 2.2 1,512 1.892 Makch THE CHRONICLE 1 1D22.J (Ga^cttje* lllatihcrs' WfiU S'rpet, Friday Night, March 3 1922. Railroad and Miscellaneous Stocks. The security markets have, with some slight modiiieation, duplicated the The vohime of business on Monday record of last week. was tlie largest of the year in both bonds and stocks, aggregating .S22,.')00,000 in the former and nearly 1,160,000 shares — many In stock. week cases, also, the best prices of tlie were then recorded. The reactionary movement which followed has can-ied railway shares down an average of a point or more, while a long list of industrial shares has advanced a somewhat larger a\erage, and the bond market has been strong throughout the week. Sterling exchange sold above S4 44 on Wednesday but has since dropped to a slightlj- lower Ie^'el. There are several logical reasons for the decidedly more hopeful feeling which now prevails in financial circles. First of all in its effect is the undoubted fate of the "bonus bill." Among others maj- be mentioned an increase in the output of the U. S. Steel Corporation from 40% of capacity in January to from 60 to 65% an increase of 89.000 in the number of freight cars loaded during the tliird week of February the better prices now realized for many agricultural products, and last and decidedly most important of all, because of its far reaching and permanent effects, the outcome of the recent Washington conference. The follo%ring are sales made at the Stock Exchange this week of shares not represented in our detailed List ou tin; pages which follow: 927 dollars, par value, on one day of the week and have averaged about 20 millions daily. Foreign government and municipal issues have again been the conspicuous features, several .selling at new high figures. Our own railways and industrials have also been in favor and the usual list of 20 representative issues, including some of each, shows that 16 have advanced and 4 are unchanged. United States Bonds. Sales of Government bomls at — to 10.") M. .S67,000 4s coup, at 105 -i^e.OOO 4s reg. at lOoJ^^ to lOo^^, §29,000 2s reg. at lOliK, .'52,000 Panama .'is reg. 1901 at 79, and the various Liberty Loan issues. Daily Record of Liberty Loan Prices. Feb. 25. Feb. 27. Feb. 28. Mar. First Liberty Loan 3H% Converted 4% High Low. bonds of 1932-47 (First 4s) Close Total ^ales In $1 .000 units Close 1 Total sales in 51 .000 units 1 of 1927-42 (Second 4s) roioJsolP.vin SI .000 Week Asset? Realization Atlas Tack Burns Bros, pref 10: *\ 1 'i Canada Southern $ per share. S per share. 25 Mar 25 Mar Feb 55 Jan Feb 25!IzoiVs Feb 28 54 Feb 27 IK Feb 27 H Jan 1 -A Jan Mar 25 Feb 2 Mar 3 2 2 28' Mar Mar Mar 17 ; 2 94 M Mar Mar 2 52 Feb 28, 31}^ Feb Mar Feb 251 72 Mar 1| 25 Mar 100 Crex Carpet 10© 300' 68 lOOi Deere * Co pref Emerson-Brant, pref. lOOl 100; 25 100-101 Mar 2 General Cl?ar. pref.. 100' Mar 3 Gilllland Oil. pref... 100 200, 61 800i 77 H Mar 2 Guantan Su? .Sub rets pf* !X Feb 27 Han man Corp _ 100 5.50tf 92 Inter Comburtlon Ens. •10.400, 22H Mar 3 101 .Mar M ar 81 IOOI4 13 i Mar u Feb Feb Feb Feb Feb Feb 94 51 29 61 23 28 Mar 75 i 2 1 unlw 100 60(^ 6 200i 95 Mar Mar 75 81 Feb -Mar Jan lOOij 2i \ - No par Mar Feb Mar Mar Mar Mar Railroad. Slocks. Sjale. S»tiirdA7 | .5.33.202 Monday and Foreign HnrwU. Valuf.. B'lvh. "> = i.r.^Tii 1 Tiiniday Feb Feb Thurvl«jf FrUlaj > ToUl fi.Wil.dH; Half I al York Stock I— ,V«tii Buhante. Stock* No P»r v»lue Bank Week ending Star Jan. 3. I Mar Mar Mar Feb Feb Feb Feb .Mar Feb I 7.21C,(KK1 •h^rni. par lionih I'lO Ht .•HI Hit ifia ,n'- ri Tot»l bondM • larlMln DAILY [>o[i(i . t . l>^h iljiDELPHIA TRA;«..a<.. 393 410 97.10 97.10 97.10 2 1 97.32 97.02 97.32 203 97.40 97.18 97.30 410 99.00 99.00 99.00 10 97.00 96.86 96.96 22 97.12 96.90 97.04 1,164 98.10 97.98 98.10 3,680 97.44 97.28 97.36 3,484 100.2S 97.54 97.36 97.48 1 1 97.14 97.00 97.14 1,329 98.18 98.10 98.18 3.751 97.50 97.36 97.44 2,686 100.28 100.24 100.28 373 100.00 100.00 100.00 94 584 100.00 100.00 5 1 100.0(1 97.26 96 .9« 97.10 10 97.28 97.10 97.28 800 98.28 98.14 98.20 1.490 97.56 97.42 97.54 3.275 100.30 100.20 100.28 782 100.02 100.02 100.02 100 96.96 96.96 96.96 100.26 100.26 lOO.OC lOO.OC lOO.OC 240 98.50 98.50 98.50 , 1 ' 96.42 to 97.36 100. 12to 100.18 Treas. Ctfs. of Indebtedness, Etc. S. Aug rm. ] iH%i 5H%' 1922 1 Mataritu. lOO'/f, June 16 1924 100 H 100 !00»4 6H% 1924 1922 1922 1926 H Foreign Exchange. To-day Atkea Sid. —Sterling Rate. Bta. AOU. 6H%^ 102 H 5W7» 102>4' 102 •< 102 lOOVi 100 « •m% lOOVii l\i% 100 H «H% lOO'l-li ioo>y exchange moved higher. Sept. 15 6i4%;, 100?./, lOO'Vii Deo. 15 100 lOOH June 15 4H%: loo-'^jt lOO^fi Mar. 15 (Friday's) actual rates for sterlini? exchanno were 4 36!^ (94 41 for sixty days, 4 383-2 (''4 43 for cheques and 4 38"i(<?4 43 's for cables Commercial on banks sight 4 37^('i)4 42, sixty days 4 30Ui(<i:4 35, ninety days 4 29 4 (",4 34 and documents for payment (sixty.days) 4 30?< ©4 35H Cotton for payment 4 37!^ ("4 43% and grain for piyment 4 37!-j (SJ4 43 HTo-day's (Friday's) actual rates for t»aris bankers' francs were 8.86@ Gorman bankers" marks are 9 07H for long and 8 92(S9 13'.2 for short Amsterdam bankers' Kullders not yet quoted for long and short liills were 37 64 (".37 84 for long and 38 00(m3S 20 for short Kxchang)! at Paris on Loudon, 48 38 fruucs; week's range, 48 15 francs high and 49 30 francs low. The range for foreign exchange for the week follows: Stirling. .Actual Cheq^ies. Cables Sizlu Days. High for the week 4 44 J* 4 44 "-i 4 42H '.s Low for the week Paris Htinkim' Francs High for ihi- wc-ck Low for the wtM'k (lirniaiiii Hankers' Marks High for the week AND 4 36H 4 9 — 16H fl 8 86 — 38H 24W 4 38Ji, 9 25H 8 95 8 94 44^* Low for llnr week .\mslndnm Honkers' Ouilders High for the week 45U 38h — 39 3S 47 3S 05 38 5L' 3S 10 l-ow for Ihr w.-.k ..37 04 Domsstic Exchange.— Chlc.Tgo, par. St, Ixxils. l!ii."2!>c per $1,000 diwount IloHton. par Han Francisco, par. Montreal. S24 (i7.')0 per The Curb Market. of tii«> 38 OB Clncliinall. par $1,001) prcinliiin 20.347,031 $2,280,032,603 <; lOO.OC 2 3. 97.08 97.00 97.00 — 1031. 2.782.H72| A.OAI.OIO 36.2IS.078 •4^2.600. 100 1208. I30.I&3 $3, US, I8A.S3A 1 1922 Sept. 15 1922 Sept 15 1922 Afar. 3. 10 1022. 1021. 1922. nharn.. . April Jan $4ti.iM^.UU0 »JO.ll'J,OO<J$4«.7l8,0(M) t4.'...!,<,'.W.I(M) Int. Rate. Maturitv. June 15 1922 7. 460, (100 9.S()-,.(M)0 K. 777. 700 '( 29 2d 4!is Quotations for U. Mar $3,059,000 10.3'M.OOO 1 38 Mar. 97.20 97.20 97.20 ..97.00 to 97.06 60 4th4J43 .96.30 to 96.36 155 Victory 4Jis ...96.68 to 97.06 4 1st 4)is 2d 4s 11 Feb U. S Bonds 1 Wednntdky lOO.OC 2 97.04 96.84 96.90 2. 97.04 96.96 97.00 Mar ^fun. Ac, Pnr Mar. — Mar v<ie. Sharet. 1. 97.10 97.00 97.00 395 The above table includes only sales of coupon Note. bonds. Transactions in registered bonds were: 133 1st 3Hs 97.70 to 98.02 .96.80 to 96.84 37 3d 4!-is Feb TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE DAILY. WEEKLY AND YEARLY. Week endific Mar. 3 IM2. notes of 1922-23.. Low. (Victory iiis) Close Total sales In $ 1 .000 units High SW^c notes of 1922-23 Low, (Victory 35i8) Close Total sales in S\ .000 uni ts 4»i% Mur Mar 77)^ 82 1 Feb Jan ' (High -I Mar 101 97.36 97.50 4^4% bonds of 1933-38.. Low. Close (Fourth 4^8) Total mhs In $1,000 unlM Victory Liberty Loan High Jan Fob 2.'; 97. .50 Close iH.'i) Fourth Liberty Loan Feb 53 31 '4 72 High Low, < Total sales in $1 .000 units Mar Mar 2 101 2 45 3 3 17 95 24 H Feb 27 22S/i Mar 25 '4 6 Feb: 6H 614 Mar 1 Mar 3 90 Jan 95 Kelscj- Wheel, pref.. 100 3 95 Mar 2 100 Jan 170 Llseett* MrCTS.CIBlOO 1.000 1.56H Feb 25 170 Mar 3 79 Mar 3 79 Mar, 79 100- 79 Manatl Sujar. pref.. 100 Mar 2 50 Mar 2 50 Mar, 50 Maxwell Motors, CI A.. letf 50 Mo Kan 4 Te.t warrants 10!^ Jan 15H l8t aaseasm't paid.*; 1.200; 13',^ Feb 28 15 H Mar 3 Feb' 13 ^ Pref 1st a89essiD'tpd.*l 3001 \^V, Feb 27 13 H Feb 27; 13 1001 78'^ Mar 2 78'^ Mar 2 78 4 Mar 78'/^ Morrts * Essex New York State Rys. lOft lOO' 33 W Feb 27 .33 H Feb 27 .33 H Feb 33 Feb 27 47 Jan 48 Ohio Kuel .Supply 2rr 200 47!-i Feb 25 48 Mar 3 100 Mar 3 98 Feb 100 100 100 Owens Bottle, pref.. 100 Feb 25 1001^ Feb 28 100 Jan 100 If 300 100 Pure Oil pref 8% 100 • Robert Reh 4 Co lOOl 9% Mar 3 9Ji Mar 3 S>A Jan 9H Mar 1 55 Mar 3, 49 Jan 55 400 49 Istpref 100 • Mar 3 83 Jan' 91 200 89 'i Feb 28 91 So Porto Rico .Sugar pi . Feb 25 3K Feb 25 Feb 3H 8wcet« Co ol America. . • 13.300 3ii 3 Feb 28 400 104 390 Feb 28 ,340 Feb 400 Texas Pa'-IIle LT...100 DnH„„„,„i T-. ...-wr. 100 .Mar I 130 Feb 28,107H Jan 130 200 129 Cr Feb 130 Feb 25 130 Feb 25' 130 fl..I0O 100 130 Ma'r 3 32 Mar 3,: 32 Mar 32 C(. 100 32 .,...100 Prelerre'l. 100 100 70 Feb 27 70 Feb 27I' 70 Feb 70 Iowa Central- (Third Highest. 954 98.00 97.74 98.00 2.953 97.36 97.20 97.24 2,236 100.28 100.26 100.26 319 96.90 96.74 96.86 411 Close 1. 96.82 96.82 96.82 1,130 97.84 97.50 97.80 4.887 384 97.24 97.36 97.00 97.14 97.24 97.26 1,5431 2.230 100. 2S 100.28 100.00 100.26 100.26 100.26 439 1,365 100.02 100.00 100.00 100.00 Converted 4 VJ % 1927-42 (Second 4)^8). Low. iH.% bonds ol 192S $ per share. $ per share. 100 25 300 54 100 \H 100 13!^ 100' 94 ^^ 25' 52 100; 315< Lowest. Highest. Lowest. Par., Shares Amer Chicle, pref_.. IOC Amer Tele? & Cable. lOOj Range since Jan. Range for Week. Sales for 97.00 96.70 97.00 20 97.00 98.82 98.94 Close onus bonds of High Total sales in S 1 .000 94 1 Hthg Low. bonds Third Liberty Loan 3. 18 Total sales in $ 1 .000 units 4% 97.30 97.20 97.20 97.28 97.14 97.24 114 98.00 98.00 98.00 Second Converted 4ii% fHIgh bonds of 1932-47 (FIrsti Low. Second i'/ia) Close Second Liberty Ix>ao 97.08 98.96 97.08 865 97.20 97.00 97.20 2 97.20 97.12 97.12 Low. of 1932-47 (First 4>is) 97.02 96.94 97.00 425 2 bonds High Converted 4!<% — STOCKS. 97.00 96.96 96.96 1S6 97.10 97.00 97.00 fHIgh 1932-47.. Low. bonds of (First 3 43) lose \ T'Hal soles Ifi $1 .000 units — Week ending Mar. K Board include the week was -Curl) u<-tive and Market trading in the forepart jirices moved liiglier. Lator, however, business siiowed ii derided falling off .and i)rice were err.alit!. Oil stoc^ks wer(« pri)Miin(>tit. fiin-l iiulions ^iimlanl Oil (Indiana) rose from H()5g to .SN.'s and ends the (Jilliland Oil com. improved over a point to 9 k at HH. .ml hold finally at S'^;^. Kirlty IV'tr«)liiem, after early iniI)ro\eiiienl from '2'i^s to 2.'")?4, sank to 2.'{'s. the final figure .MaracHibo Oil iidvuiieeil from '20 s to liMlay being 21. Siinni.s l'etrt)leiiin nio\e<l up from lO's to 10 'k. then liS^i. ' PhUadrlphta Botterm down BaUlmor* Wifk endtnf Mar. » ina. Miirdsy MoihIj TimwIa . J'l I.'..047 1 2.380 , Wr«lin-«<l ., % nofl T'lr ~, I Hnn ;'.•.;: ' State and Railroad Bondi.— No hine Ihcii r<(wiri«d ul borifl innrket li.'i'* the Koarrl fhJB week. continued HtroiiK and at liin<'< l»ii'. tionH in this di ;i.iriin<ij' nu\un of .State The Itoiid.M (;i iiera! (ix««-ptioiiul]y fifdive, i^eiiiniliy ' <ii«»l«'d above. Mm I more th;iri 'J'J '.ii Among to .'{liJii industrials ("jevejand Aiilonn)liile sold Ouraiil Motors of .'{'J V^ to 12 '4 reeovenil , I.'J'm • I20.30ol ''«!. from Olen Alden Coal an'! eJoHi-il to-day back If) \'.\^ i. ju)«e from 'M*tt to 4.') ,'3, n*a<(ted to 41 "h ami fini.slii-d to-day lltidMon Cos, pref. iiilvinu'ed from 7''4 to M) and at \r>. Liliiiy. MeN'eill iV: l^ibby from ^^'\^ •imIk ihi! week at \y\. ('ItittM Sor reiu'hcd 7,''j, willi the filial .^ale lo-<lay at 7 '4. lo , Ttiiinuli, ITWI-iy to 97^. and at finally. Indiana was fwXxvv and divlined from l.'J iij) <U The vice eom. Mold ii|i from 17*i lo I'.Ct and at ID'J rinally. n«'W Anglo-Ainer. (,'orp. of South Afrieii Hliares were again n/'tivo, advancing from 23*4' to 24 '-2 and reiwtiiig finally to 2.'{^. MondH colli iiiiie active and were g(<nerally lii(;lier. A «!oiiii)li'l,n ri«'<»rd of Curb Market traiiMiuitioiiN for (lie WfH'k will be foiiiirl on |)ag(! \Y.\H. 2 2 4 New York Stock Exchange— Stock 938 Record, Daily, Weekly and Yearly OCCUPYING FOL'R PAGES For sale9 during tbe week of stocks usually inactive, see preceJInfi pai^e HIGH AND LOW SALE PRICE— PER SHARE, NOT PER CENT. Wednesday. Saturday, Feb. 25. Mondaii, Tuesday, Feb. 21. Feb. 28. S per share S ver shiire *9 10 S per share •8 10 *8 •28 lO'a 321-4 9718 851 13s 89I2 37I4 30 30 97I4 9612 85I4 9712 8512 80 1% 138 8ni2 3812 8934 3738 55I4 55 *50 62 10^4 *8i4 10''4 8% 13834 13934 •187 60 192 eoig 55 *50 138 90 3878 5534 8I4 SI4 13834 14012 186 6038 1614 738 1C12 434 878 1678 35 3618 3512 3038 678 1778 181.1 7 23I2 37I4 68^8 10834 4 678 2434 381 2338 371s 69 68 10978 *109 42 94 80 4112 9312 79I2 5578 *55l2 57 •81 8212 44I4 5834 •81 684 18 5578 45 5384 82 12 in 111 1145g 11518 •3 4 •6 7 IOI2 1078 I8I4 18 III4 11 7578 76I4 35I8 35I4 834 9 •22 24 •9858 100 40% 93I2 79 55 111 4218 93I2 8OI4 56 57I4 *81l2 4434 571; •58 •SO 59 54 6 *8ls 138 59 4I2 38I4 55I2 IOI2 8% 194 59I4 59 4% 551!. 54l-> " 50 9% 62 IOI4 195 185 185 59 4 COI4 22% 36I4 36 37 68 7 18 7 7 18 18 2284 37I2 67% 68 MIO 111 4II4 92I2 79I2 79I2 3934 92 54 55 81% 57I2 82l2 56 5812 581- 54 54 IIII2 IIII2 II4I2 II412 *3l2 4 7 IOI2 11 1734 18 6 111% IIII2 U4I4 11434 3I2 4 6 8 U 7 67I2 110 3934 91 7884 5534 57I4 88< 17% 91% 7934 58 57I4 58I4 53I2 59 58 IIOI2 111 114% 115 3I2 4 6 7 10% 17% II HI III4 III4 III2 1734 III2 7534 701 75% 76 75I2 76 75% 75% 34I2 351s 9I2 3434 35 35 35 35 35 834 10 9I2 10 23% 23% 23 100 22 23 100 24 IOOI4 IOOI2 2I2 26 27 25% 7 26 14 55 54I2 6412 1312 •26 53 1312 1312 30 29 5434 I3I2 29I4 59I4 60 5812 6II4 11334 11378 41 42 113% 113% 12 42I2 634 7'4 41 7% 34l2 684 34I4 34I2 34 58 5834 60 58% 59 1338 I3I2 734 6978 14 12 8 7134 69I2 70 95 *89 4 7 •5 4% 734 *89 95 4I2 4I2 34I4 100 100'; 9I2 21 100 1178 9% 23 101 23% 36% 37 68 68% 111 41% 9184 7884 92 56 56 79% 55% 58% 58% 54 82% 45I4 59 58 110% 111% 114% 11484 3% 5 4 7 10% 10% 17% 1734 11% 11% 75% 75% 35 35% 9 *21l2 100 10 23 101 25 54 2I4 684 2I4 2% 2% 714 7 7 7 25% 54% 25% 54% 25 14 25% 13% 27 59% 2I2 13 13 11 28 28 27 59% 60 113% 11334 14 684 42 684 34% 5934 11334 11334 39% 4II4 7 7 35% 54% 54 11 59% 5984 113% 113% 36 7 36 56 57I2 1234 734 11 11 11 11 8 691 69% 8 69 8 70 94 68 89 7% 89 69% 95 89 13% 27 8I2 33 57 65 27 34 56 95 1734 3934 26I4 54I2 2I4 7I4 41 38% 82% 81 4434 45% 45% 81 10% 18 I7I4 *110 111 4084 40 107s I7I2 III2 9I2 192 59% 60 4I4 4% *8l4 8% 18 59 54 50 43, 7% 18% 45% *58 8I4 135% 137 22% 24 58 8 8% 38 14 9% 136% 37 56 62 988 8I4 23% 67I2 681s 10834 109 4012 4134 9234 9234 7912 79I2 5412 5412 50 13534 23I4 684 45% I8I2 3784 16% 45% 17% 37I2 55I2 37% 39 44% 7 II4 88% 37% 17 37I2 45I2 11 86 1% 89% 8 39 7 38 507s 1284 81s 69% 94 5 4% 5% 534 534 5% 6% 6% 1078 lUs Ills III2 11% 11% 434 5I2 III4 11% 11% 534 12 14 12% 12%i 3134 33'->8 34I2 33I2 34% 33% 34 3334 34I4 22 23% 51% 21% 53% 23I2 517) 2118 5134 23% 5II2 34I2 2178 5234 34 1934 33I2 2OI2 55 53I2 5534 334 378 3I4 3% 22% 23% 54% 55% 3I4 3% *5 334 334 78 63 78 66 6038 63 •73I2 69I2 75 70 I8I4 2238 22I2 •12 13 lOl'i 10138 I7I4 73 73 8OI4 3478 •12 8078 35 I2I4 2534 2634 21 62 77 66 75 '72 I7I2 8 5 434 8 54I2 "6ii2 62 7812 6678 75 72 1838 22I2 12 12 10178 101 7234 73 2184 62 61 6II2 77 66 80 72 7778 7734 7SI4 66 80 65% 66 I7I4 22 12 99I2 72 72I2 17% 22% 12'^ 99I2 80 71 76 80 68 1684 17I4 13 13 99I2 IOOI4 73 79% 35 35 35% I2I4 1134 2734 643 21% 21% 35I8 81% 79% 64.84 68 75 80 3478 •1134 2814 78% 17% 22% 8OI2 75 *74 68 17% 70% 17% 22 221. 1234 I3I4 13 133, 99% 99i!> 99I4 9934 75 73 79% 7934 7934 80 35 35 14 35I4 I2I2 35% 12% 73 1214 I2I4 1214 26% 27% 2ri% 69 6034 59I2 25I4 60 26% 69% 69% 59% 5934 26I4 25 25I4 79 74%l 77 44 46% 48 28% 29 70 68% 09% 59 60 59 5934 26 25I2 77ii 751s 77I2 78I4 7438 2612 7SI4 7634 74I4 26 80 75 7(> 77 77 79 27 56% 091 5984 5934 25% 26% 79 74 74% 73% 47 50 45% 47 4478 447s 4434 4434 44% 47 5OI4 4812 49 18 48 461^ 48 2978 29 48 28 50 49I8 50 48 50 4934 50 50 27 2878 4178 28 29I4 4134 4I2 28I4 4012 2834 4112 28 29% 28 28I4 4OI2 40 4II2 40I4 41, 40% 28% 40% 41'> 4I4 7% 4I2 *7i2 8512 20^8 53I4 412 8 8638 734 20% 8678 2II2 5438 54 53 3II4 1938 2734 28 35I2 •41 134 4 778 8534 2II4 I9I4 3OI2 4 28% 29% 3II2 *18l2 28 37 40 37 43 13438 2OI2 5234 8434 2114 734 84 14 2034 52I2 41, 734 84 37I2 53 53 53 3234 31% 33I4 31% 21% 2OI2 20% I9I4 3284 1934 27I2 28I2 2734 28I4 27% 271; 37 40 37 40 36% 74% 132% 74% 934 74% *jr72l2 74I2 9I2 73% IOI2 IOI4 10 2812 28% 28% 784 7% 41 74 10 978 1034 2634 28 28I4 2934 8 28% 2884 28I4 734 778 734 24 25 2384 24I2 16 16% 24% 15% 23% 1534 9I2 1634 1534 1534 9I2 1634 23I4 9I8 24I2 16 10 1634 1714 1034 181s I5I2 7% 52 18 52 15 734 1538 7'2 1514 •29 29I2 2812 •517, 734 36% 133% I3412 40 934 734 36 3684 41 I3OI2 7334 7I2 7% 7% 84% 20% 21 84% 21% 19% 28I4 53 4'4 50 28% 28% 49 30% 33 20 I34I8 135 74 i84 412 778 29% 9I4 9I4 9% 1684 I6I4 18% 16% 17% 18% 52I2 52 52 91; 1634 7% 77s I512 301s 778 8 18% 18% 51% 52 7I2 7% 41 130% 2334 15% 43 I32I4 73% 10% 151 26 Is 4612 4934 28I4 49I2 4078 75 I2I4 20 30l8 80 20% 27% 69% 69% 59I2 76 641» 79I4 65'4 721.1 I7I4 21% 63 14 7734 65 79I2 3478 80 's 25l'> •68 59 78 3% 3% 61% 62 584 7384 74% 46 5034 2834 4034 43, 7% 7% 84% 85 20% 21 53% 53% 31 84 32% 18% 19% 27% 28 36% 36% 42 14 131 72% 10% 42 14 132% 741 101 9% 17 1934 20% 5334 53% 58 7% 734 1734 14% 16 16 1684 •29I4 30 29 29% 281. 15% 9% 15% 16 2914 9% I7I4 28% 734 1.534 29% Atch Topeka 63 62I4 I4I4 I4I4 1314 I412 38 38 38% 50»4 5II2 51 3834 51 51 51 15 I5I4 147, I5I4 1434 1584 U 15% •% I2 I2 I2 78 •34 '8 % % I2 % 78 7s •38 •34 5734 5778 10358 10334 447g 45 9112 35I4 92 353, O2I4 57I2 577s 10334 10334 45 4012 9II2 9I12 351s 3534 Bid and aaked 6234 63 63 1334 1334 3812 39 5712 103 I3I2 38 34 *50i2 58% 103% 62 14 6278 I3I2 62 62 1334 14% 39 51% 3S% 39 50% 50% 49 16 I5I4 57I2 5734 10334 10384 6234 I4I4 1984 39 39 14 50 % 84 1538 I5I4 % % ].> 57'4 67% 104 104 4584 46 45 12 92 47 92 46 47 92I2 92I2 9034 351.1 35% 351s 351.1 3434 917s 351, 1534 '8 57% 103 45^8 57% 105 4084 91% 91% 35 3.-.% Santa Fe.-lOO Chicago Great Western 100 3,100 Do pref 100 23.000 Chicago MUw & St Paul.. 100 25.800 Do pref 100 13.200 Chicago & North Western. 100 200 Do pref 100 95.500 Chic Rock Isl & Pac 100 preferred 1 ,300 100 7% 2,700 100 6% preferred 1,200 Chic St P Minn & Oin 100 700 Olev Cin Chic & St Louis.. 100 Do pref 100 "4", 700 Colorado & Southern 100 300 Do Istpref 100 200 Do 2d pref 100 1,400 Delaware & lIud.son 100 2.600 Delaware Lack & Western. 50 100 Duluth S S & Atlantic 100 Do pref... 100 10.200 Erie 100 6.400 Do Istpref 100 2.400 Do 2d pref 100 6.600 Great Northern pref 100 2,.500 Iron Ore properties. ^Vo par 300 Gulf Mob & Nor tr ctf3...100 200 Do pref 100 6.000 1,200 Illinois Central 100 2.000 Interboro Cons Corp..A'o par Do pref 1.200 .100 11.700 Kansas City Southern 100 400 Do pref 100 300 Lake Erie & Western 100 700 Do pref 100 9.000 Lehigh Valley 50 1.900 Louisville & Nashville 100 6.300 Manhattan Ry guar 100 3,800 Market Street Ry. 100 5,100 Preferred ..100 Prior preterred 17.500 100 2,300 2d prelerred .100 1,100 Minaeap & St L (new) 100 1,400 Minn St P & S 3 Marie.. .100 Do pref 100 7,800 Missouri Kansas & Texas. 100 Do pref 1 .500 ..100 104.400 Mo Kan & Texas (new) 19.700 Preferred (new) 59.000 Missouri Pacific trust ctfs.lOO 41.090 Do pref trust etfa 100 2.600 Nat Rys of Mex 2d pref.. .100 3,000 New Orl Tex & Mex v t c. . 100 12.900 New York Central... 100 2.700 N Y Chicago & St Lk)uI3...100 First preterred 200 lOO 1,100 Second preferred 100 24.800 N Y N H & Hartford 100 3,100 Y Ontario & Western... 100 1,100 Norfolk Southern... 100 3.100 Norfolk <fe Western ..100 400 Preferred .100 16.700 Northern Pacific 100 10.600 Pennsylvania 50 3.900 Peoria & Eastern 100 20.100 Pere Marquette v t c 100 .500 Do prior pref v t c 100 4,300 Do pref V t c 100 6,800 Pittsburgh & West Va 100 30;j Do pref 100 35.900 Reading 50 N 1.200 Do Istpref ,50 3.000 Do 2d pref 50 42.700 St Louis San Fran tr ctf3..100 2.300 Preferred A trust ctfs 100 13.7)0 St Lolls Southwestern 100 Do pref 6.800 100 1.200 Seaboard Air Line... 100 Do pref 900 100 27.400 Southern Pacific Co 100 24.700 Southern Railway 100 Do pref 35.300 100 3.400 Texas & Pacific 100 43.900 Third Avenue 100 2.700 Tol St L & West tr rects Series B 1.500 Preferred tr rects Series n 3,100 8)0 Twin City Rapid Transit.. 100 19.700 Union Pacific. ..100 1 .200 Do pref 100 2.400 United Railways In vast... 100 Do pref 100 6.500 20,200 Wabash... ...100 Do Do prefA ptefB 3,100 Western Maryland 2,.500 Do 2d pref 16.200 Western Paciric 500 5.600 Do 100 100 (?»e);')..100 100 100 100 pref 1,900 Wheeling & Lake Erie Do pref 2.700 2,100 WIconslii Central Industrial *62l4 <fc Par 100 100 Do pref 100 Atlanta Blrm & Atlantic. 100 Atlantic Coast Line RR..100 Balllmore & Ohio 100 Do pref 100 Buffalo Roch & Pitta 100 4.800 Brooklyn Rapid Transit.. 100 600 Certificates of deposit.. 21.200 Canadian Pacific 100 9 Central RR of N .1. 100 7.700 Chesapeake & Ohio. .100 7.000 Chicago & Alton.. 100 2,900 Preferred 100 20.000 Chic & Kast 111 RR (new)... 10.000 Do pref 1534 16% 19% Preferred ,609 16% 9I4 51% 7% 1 24I4 16% On & Do 5.701) Do ' 52% Jan 38% Mar Jan 4 Jan 4 a% Jan 11 119% Jan 6 Feb 27 180 54 Jan 10 1% Jan 24 3% Jan 25 12% Jan 25 32 Jan 30 5% Jan 88% 1% 90% 3S% 55% Feb 83% 70% 51 54 72«4 38 55 49 10684 108 2% 334 7 11% 97% 1 3% 22% 5284 10 26% 56% 108 35 3% 17 35% 5% 5 54% 7234 51% 72 6I34 12% 10934 Mar 5878 Feb Feb Feb Jan Feb Feb Feb Feb 54 113 11984 3% 5% 7 9 9 10 10 6 4 5 3 10 5 11 3 11% 1,8% 1 14 15 21 5 9 8 23 2 Feb 21 10 23% Mar 1 103 Feb IB 3% Feb 3 9% Feb 2 27 Feb 27 SSis Jan 16 Jan 20 Feb 14 61% Feb 17 2 14 31 8 3 9 11534 Jan 18 6 49% Jao 23 7% Feb 27 28 9 38 7 9 Mar 60 3 Feb 27 14 Feb 1 9% Feb 10 7184 Feb 27 6 16 J7 16 5 90 Jan 17 Mar 3 6% Mar 3 12% Mar 3 34% Mar 1 2?% Mar 55% Mar 5% Jan 20 64% Mar 7938 Mar 534 11 10 10 28 10 4 5 6 66% Feb 27 Feb 28 72% Feb 28 80 1878 Feb 22% Feb 24 Jan 13% Feb 15 101% Feb 27 75 Jan 26 81% Feb 27 35i4Mar 2 1.5% Mar 3 2734 Keb 27 6934 Mar 1 14 10 17 6 60 Feb 26l2M:ir 3 78% Jan 20 27 13 3 Feb Feb 25 Jan Jan 8% Jan Jan 13 19 1284 54 June 12 16 Nov Mar 23 70 Oct 32 Jan Mar 80 Dec 68% Sept 23% Jan 23% dept 13% May 8% Sept 88% June 104% Feb 7484 Deo 62 June Jan 61% June 88 32% June 4184 Jan Nov 12 Jan 8 1584 Mar 23% May 50 Apr 65% Deo Jan 6684 Deo 35 19% Mar June 19% June 28 June 2778 June 42 June 16% Jan Mar 1 39 3 Dec 173g 12% Aug Apr S Aug 15 Jan 39% Nov 30% May 41 Jao 7% May 12% May 101 Jan 24% Jan 60 Jan 2784 Deo 20% Mar 17 Nov 27% Nov Feb 9 2% Mar 3 Feb 27 74% Feb 27 1084 Feb 27 2934 Feb 27 S Feb 27 25 Feb 27 Feb 27 16 10 Feb 25 4 135 17 17i4M:ir 30 20% Mar 3 51% Feb 1 Mar 3 68 3 Feb 2 Jan 4 Jan 10 30% Feb 27 48 Jan 12 66 6 Jan 79% Deo 25% June 34% Nov 484 Dec 11% May Feb 15 Dec 26 85% Mar 100% Nov 1% Dec 5% Jan 3I4 Dec Jan 16 18% Feb 28% May 45% Jan 55 Nov 10 Mar 14% Jan Deo 17% Aug 30 6684 Dec 47% June 97 Apr 118 July 32 Dec 58% Jan 284 Dec May 7 12 Aug 18% May 27 Aug 45% May 4I4 Aug 8% May 5% Dec 1484 May 63 Aug 74% Nov 83 Aug 9384 Nov 1 Dec 3% Nov Dec 534 Jan 2 Deo 8 9% Deo 2284 Dec 26% Deo 16 Mar 23% May 33% Mar 49% Nov 284 Dec 6% Feb 46 June 77% Feb 76 Dec 64% June 39 June 61% Sept Deo 58 July 71 67% June 18 30 Dec June Feb 27 .Jan 14% 10 60 21% Feb 21 54% Feb 27 86^8 20 25 25 Jan May May 2% Oct Feb 2 18% Feb 3 30% Feb 10 31% Feb 3 30 738 15% 2284 1578 Dec 15% Dec 14 14 33I4 6 3% Nov 10 4% Feb 9% Feb 1 2334 2OI4 Deo 65% Nov 110% Nov Aug 249 May 4% Jan 1% Mar 3 5 7 Nov 59 93 Mar Mar 2938 5084 Jan 10 6 9 4678 Aua 5 20 24 7% 77 63 Feb Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan 71% Deo Deo Jan 57% Deo 75 Deo 8984 5784 2534 24% Jan 10 110 35 Jan Jan Sep 55 50 12 71 89% Jan 13 34 125 Jao 46% Jac 36% June 38% Aug 30% Feb 27 10 22% May 5138 Jau 20 17% Jan 10 23 49 42 90 31 60'4 June Feb 27 48% Jan 18 20% Jan 32% Jan 10 78% Jan 60 27 June June Feb Jan Jan Jan Apr 9% May 2078 7684 Jan 27 20% Jan 15 2% Jan 4% Jan Mar 56% June 27 11% Mar 76% Feb 24 36% Feb 7 45 14 13 14 Dec June 50 32 2 57% Feb 27 82% Feb 14 44% Jan 46 6I4 68'4 4 .578 27 74% Jan 10 36 14% Jan 10 Jan June 123% Nov 186 Oct 209 Mar 46 June 65% May 4 Nov 884 Jan 6% Dec 12 Apr 13% Dec 16% No, 33% Dec 37 Nov^ Mar .58 No* 101 Feb 25 Feb 27 1 8OI4 4 33 14 Jan Jan Jan 63 Jan 50% Jan Jan 23 76 Jan 71% Jan Mar 22% Mar 3S% Feb 2: 69% Feb 24 Nov 7284 Feb 23 90% Jan 1034 Mar 21 91 49% Dec 6 Dec 3% Sept 14 2 No» 7% Jan 88 May 42% Feb 24 3 10 16 3 4 14 .Ian 19 Feb Feb. 4288 5688 47 9 1934 884 Jan. 72 3 3 1284 32% Deo 94 Deo Mar Mar .3088 10 9 10 Jan Jan Jan Jan Jan Jan Jan Feb Feb Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Mar Mar 7% Feb 20 1834 24% Jan 27 3 Feb 27 Mar 8 Apr 77% June 75% Jan Dec 1 77 Apr 20 17% Dec 29% Dec 60% Apr 95 July 10 9 9 Jan Jan 89% Jan % Jan 1% Jan 7% Jan 16 Jao 6 878 1784 3934 Highest $ per share $ per share 11 Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Feb Jan Jan Jan Jan Jan Jan 5 63 44 18 26 18 27 12% Feb 2 9% Feb 2 140% Feb 27 192 Feb 17 60% Feb 27 11 7% 70% 31% Jan 5 16 3 16 3 Jan 12 53 14% Jan 31 17% Jan 9 3O84 Jan Jan Jan Jan Feb 100 11 6 Lowest S per share 17 Mar 3 50 29 59 100 year 1921 Highest $ per share 10 Jan 3 28% Jan 26 9IS4 Jan 3 84% Jan 3 84 Jan 14 83 Jan 9 33% Jan 27 9I4 100 100 pref 100 100 100 par 50 prof.. .\mer .Auricrultunil ..100 Chein_.100 prices; a salea on this day. a i!:<-,iivi(lend and rigtitd. t Bx-rUihta. S Leaa than 100 shares, are lor Huare, to dtuac of Glea Aldaa Coal On. at SS Odr saare aal ei-aividead 1))% in stock (\uai. 22). * PER SHARE Range for previous 1922. 1 25 Ry.lOO No Air Reduction, loc 1 .600 3.100 AJax Rubber Inc 10 1,800 Alaska Cold Mines 800 Abwlui .Kineau Crold MIn's 10 No par 6.187 .\llled Chein .fe Dye 100 800 Do pref.. 100 18,100 AlllsChalmers Mfg 600 Jan. 778 1534 Feb 24 Mar 1 31% Dec June 111 55% Apr 13178 Nov July 74% Dee Aug Aug 6% Dec 12% Mar 62% 6 17 Mar IS 12% Mar 838 Dec 14% Dec 15 Dec 51% Dec 6% Dec 12% Dec Oct 23 26 Mar May 24% May 1578 Nov 11% May 21 May 3078 May 9 70% 1 1 % 19% 37% Jan May May May Miscellaneous 8 JO Adams K tpress 1.100 Advance Rumcly 600 sirtce basis 0/ 100-share lots Lowest Railroads 1,100 Aim Arbor 28% 28% 7% 8 24 24% 27,300 1534 Ran^e EXCHANGE Sftares 9,000 861 1,800 Hi 1.700 88 700 37% 300,300 551 2,200 884 82 1034 86 1% PER SHARE STOCKS YORK STOCK Week. 97% 884 82 378 80 88% 18 6% •89 4 185 96% 078 I8I4 2378 678 18 2I4 8 81 I37I2 136 97% 3678 7 8 70 10% 9684 NSW the 3. $ per share S per share 12 10 12% 17 32I4 34 32 3 SI 17 238 3334 54I4 I2I4 62 IOI4 *8is Friday. Mar. 2. 3612 8 1678 35I2 2I4 61 50 Thursday, 4I2 834 1684 478 8I2 6I2 6I2 II4 37I4 55I4 7 2638 6034 611s 11334 11334 42I4 42 86 38 55I4 2I4 14 1'4 89 7 2434 •5334 *13l2 30 85I4 97I8 89 214 •28 32 96l2 8878 139 194 59 's 185 $ per share *8 10 30 i Mar. 1. 82 nil 111 II3I2 11534 37s 8512 62 IOI4 718 1834 247, 3878 69ls 97 1% *1 8878 37I2 5478 IOI2 186 59 32 96I4 8512 *50 02 10'4 4I4 7'2 1612 3^8 *30 Mar. Sales for fl 10% Jan 31% Jan 45% Jau 13% Jan 19 12 3 16 Jau 13 83 Jan 21 55% Jan 3 101 Jan 3 3734 Jan 4 86% Jan 5 1484 3914 58 17 I4 293i .Ian 3 Bi-dlvldead. u Feb 15 Feb S 26% Jan Mar 31% Dec 3 Feb 3 Jau 9 Jan 23 Jan 16 59% Jan 18 105 Jan 14 Feb 28 47 93 Feb 14 Feb 15 36 10i» June 15% Dec % Dec 30 % 78 » Dec 34 83 Oct .Aug June 28% Aug 07% Aug 26% Aug 5384 1934 Deo Jan 52% Feb Dee SO 39% Jan 1% Feb Feb 59% Deo 1'4 10384 3934 90 Deo Dec Deo 65% Jan Bx-rUUCa (June 15) to subtorlbe 1 New York Stock Record— Continued— Page 939 2 For sales durliiA the week of stocks usually Inactive, see second page precedlotf HIGH ASD LOW SALE PRICE—PER SHARE. NOT PER CEST Saturdfj, Feb. 2b. T-fsdi'j. Feb. 2i. Feb. 27. j Widi Thnrsdny, sd'Vj. Mar. Mar. 1. Sales for 2. NEW Range since Jan. On EXCHANGE the F'ldaij. Mar. 3. PER SHARE STOCKS YORK STOCK Week. PER SHARR 1922 I Range lor prevtoue vear 1921 bfuls 0/ lOO-s'iire lois Lowest Highest S per share S per share Lowest Highest I % net share t V<^ share 5S 5S •64 •50 6', 5S38 37 •3534 72 70'4 •69 •38 39 38% •5714 .S9 59 40!' 65 3". 36 14 •69 70ii 397s 59'2 ggu 99W •100 *s 23 8l4 23I4 48"2 48'-2 8 23 4812 5'4 150U ' 5^ 136 •I4I2 15 98i2 9912 80 80 437g 5a 78 78 IO3I2 373 27 93 237g 19 25 975 117 18 17 •23 •940 •116 •87 I8I2 76i2 •13 4 •334 14 8 IO4I2 10938 108>4 10914 •107 IO7I2 •107 108 •44 48 •44 45 •8912 9.'. •20 24 25 24 •891. •21 •20 5812 58i2 62 92'4 10712 «3» 92I4 1067g «i« 637, 'J2U 3 llOii 47 90'4 •3812 90 134 10'-.7« 317s 94 6934 89 13 0^8 1334 47 47% 99's 9OI2 8OI2 93 I 3 '212 1201 119 2718 •57 017s 32 60 13734 133% 102 102 IO2I4 10214 79 IO2I4 IO2I4 I34I2 135% *8l4 8I2 *76l2 79 23% •23 24 *87i4 9034 85% 8-.34 8I2 92 86 103 108 '106 26 2612 1234 •36 48l2 4Sl2 88'4 13% 24% 25% 17%l 17% I712 108 •44 •13 •107 108 45 96 24 24 •44 •89i2 •20 62% 9214 1*H •67 3 3H . (iH\ •67»4 2612 5I4 "' I 1 . I I 1 143, 31. •3 •03 ' 33-4 r,7 07% fl7lf 3414 I 39 •80 3% •18% 34 « 3't HVt 71% 73% M'4 M MU •90 45 5('2 17%' 26 25 I6I2 26 2«'i 5M4 •00 4 1 1 1 1. 34 38 83% 71% 74% I -'4 •26 Ist pri'ferred 2d preferreJ Brooklyn Bdlson. Ino Brooklyn Union Gas Urowa 3.400' 74 3.r,fyr, 5% fl% 3% 3.500' 60 14% 14 100 r New 3% - Bush iitral , 1,.S 31U 4 ' 20 M 51 •. . 3 V» Oi« 7m SOif •IB 9% 7% 67 ^0 47 60 6-1% 3I% . 30' I, •M 71Ht 2 31% r H T Oil, W3«' I2'« 12% 12% I2«4 13% ftH 65 55 55% 6IM« 55% •M Hot •100 •67 100 • 51 51 1 Hi n % Jan Jan 55% Jan 91% Jan 104 Jan 434 Jan 8% Iin ir 58 21% Jan 100 Jan 70 Jan 42 Jan Fob Jan Feb 65% Feb 93 Feb Jan 109 9% Feb 9I4 Fob Jan 07 21% Jan 103 Jan 24 % 61 10 3 25 4 10 9 2 M 31 •' '( 1 w : 67% 4.1. Aimm , ii D>; 9 « p II of AlDOrlna.KK) Hi-UfuMid. 96 Apr Jan Jan Deo Deo Nov Jan Jan 88 Jan Mar 9134 Feb 119% Nov 136'4 Deo 99% Deo 131% De« 6% Oct 66% Dec Deo 20 96% June 83% Deo 104% Dec 39% Jan 14% Deo 4078 9 76 Jan Jan 44% Jan 25% Deo 95 29 IS 70 20 / Jan Jan June 1 Dec 1434 16 9 20 10 Jnn 62% May 93% Jan Aug 8% Dec Dec Deo 55 22 I 23% Jan V Jan 21 11 Jnn 3 3% Fob IS . S8 F.-b2I Mar Mar Jan 08% Jnn 3% Aug 41% Jan II 1)00 3 Nov 63 Don 3''% Inn 21 3.»% M.ir .1 «'•% KoU 2 23 22 70 74% 38% On 47 Aim 70 4 n Jan 13 47«4 Jan 5 60 Jan 14 15% Jan A 25ij Fub 21 2 M 3 3 ir 09 1 01% Jan 3 40 % 4 Full I) A.1% J an 11% 47 % H.'i% 3 l-rl) 10 F.'li J7 F.li 17 Jan K.Ui HI 4.'i% Jmi 4 100% Jan 14 Jnn '1% Jnn Jnn I I .11% 7 i IS ir ,1 Ian JO I M 1 ir 44 Jan 85 86 Duo Apr 22 52 Juuii July 2% H% Au 811 112% 58% All% ,M ir J.in .M ir Jill % l» ' l>>o OlMI I il 77% Jnn \at V IK 3! t' tri \iU iS^ Auu M .1'.'4 J-»ll l .-.2% F..I1 Mil -7 6714 J,»n 3 Jiliin it'l . 111 l)«10 12% Jan Fob D'lii li% 6) 100% Par valiM liu iMT iaar«. 70% Jao 16% Deo 29% 1)00 43% Dno 32% May 67% 1)00 "4 li Jao 36% Doo 62% JaO 13% HI I 06 Full 53 I I 85% Fob 43% Jan 10 Jiio I 60 1)00 15% Nov 10% Aiir 36% June 7U% Apr Jnn Jnn 3 Nov 50% Deo Doo 88 7% Jno 2.M<4 l<l>l" : I Dec 19% Apr Junii 30% '(9 Ueo 76% Nov 46% Nov 5% Jan 101 Aug 64 II 12 M Dec Mnr Mar 19% Mar 2% Jnn 5 12% J in 2S 1% Jan 2M 5 22% Aug 57% Aui{ 3 Fob 2 IH4 Jnn 23 28% Jan lU 110% Fob 3 Sept 68^ Deo 23% Deo 74 25 3234 Jan F.!b 9 22 a 3t 85 May 7% Doo 7% Aug 63% July 29% Jan 10 03% Jan 6 I'll 112 10% Juno 21 Jan 18 75% Fob 27 5 1 % Fob 27 89 .M ir 2 6% Jan 20 60% Jan 25I I57| Fob 10' 4 Jan IS 72% Fob 3i 65 2% Aug 81% Jan 122% Deo 31% Dec 33% Doe X8734 Dec Nov 00 314 Aug 6% Dao 14% Jan 33% Doo 12 10 Jiin 1VI> ir Jan Jan June June 87 00 3 25 20 Fob IS 6% Jan 25 Fob 3 3t 1 43% Jan M Aug Dec May 39% June 41 % Juno 7 02 41 86 27 35 % Aug 2 20 23 234 Fob 23 12)% Mir 1 LS 4 flS 23 8 Jan Jan 40% Jao 62% June Feb 3! Jan 5% Deo 100% Dec June zl05 Dec 27 33 11 5% 15 .Apr SI 10% Jan 83 70 10 '1 88 23% Jan 20% Jan 68 S0% Aug 2% Sept 1 9 Juno il^t \t 77 I I Aun \ 1 Jiinn A% Nop<u\ * Aug 10 46% Fob 6 19 I i-rKoM. Oct June June 10 87% Ian 3 5% Mir 1 •Kl 1 • 1534 31 10 1 1 134 18 J.ao 18 2% Mir ' IO<l, « 5534 74 3 ...... too rl4l>u. 24 23 3 3 Jan Dec 16 Deo 62% Deo 83% Deo 73% Nov 53% May 137 Deo 50% Deo Jan 50% Deo 7634 Deo Jan Deo Jan 78 Sept 107% Mar 31 113% Jan V.J par par 100 1. InrVo par N Y) .100 'Ho . .No par *u, Ino 100 100 '<«r ao4 17 20% Jan 23 10 9 14 19% Jan No .1 1 3» i Ut-<Hf\amaa 634 Sept 22% Aug 3134 Aug 77% Mir III MK«4 Dn«M 21 21)% ^., aii4 Jan 19 5% Feb 15% Feb 103% Feb Feb 103 47% Feb Jan 90 Juii I BM 19 24 25 Mar 81 21 04 >4 &t JH J.an 13 61 ..100 .100 V U'a 3 6 Jan 10 *4t ii%. 20% Aug 25 23% Feb Jan 9 89% Jan 19% Jan 100 1 Feb Feb 57 93 Jan 14 23 Jnn Jan , 37 91 90% Jan 3 3 3% Mar 31% Jan 3 Jul) lri.'% jn 45 43 H5 •in an', 3 41 •67 4-t IOj «f) Mar .100 1 • Jan Jan Jan Jan Feb Feb 101% Feb 27 17 31 Sept Sept Sept 8% Jan 21 7SI4 3 18 31 5 6 Jan 48 Vo par lOi -• ' 3 29% 14% 39% 50% 56% 73% 13 Nov Au 86 110 4 Mar Apr 107% Jan Jan 111% June 2,3 Mar 10738 Mar 334 Nov Oct Oct Dec 9534 95 83 11 40 .100 I3H I 3534 Jan 9 71 Jan 16 21 10 67 Dec Dec Deo 88 11434 Dec 35 Dec 95% Deo Jan Jan 47% 67% 28% 64% Feb 23 103 7834 104 6 . M ov. 17 3 23% Feb 27 Feb 14 93% Jan 13 3S '1 6H 21% •23 27 *t% •«r A5 •% s % % 0-.% 07 07 07% 40 H •H 0% 68 3 96% Jan 74% Mar 2434 Aug Aug 63 95 18 78 2 8% Feb 3% Jan Vo par 21% 4H% 47 , 18 Feb 16 Mar Jan 65% May 56% Deo 100 Deo 35% Dec Deo 97 151% Dec 116% Dec 29 Jan 21% Aug 7% Au„ !13s 17% Aug 62% 93 397s Aug 73% June 110 98% June 115 66% Jan 91 3% Aug 10 4% Aug 14 2858 Aug 47% 63% -Aug 90 3 133 34 Jan 3 13 100 100 "O Copper. Afo par I'rorl Vo par 100 ir No par .10 Tool.. 100 I ((% 6N 68 pf otf.lOO I" .' 4 Jan Jan 42 57 3 - 1.. Apr 40% Feb Feb 7473 Jan 14, 1020 Jan 4 (J820 June 01125 May Jan 9 117 Feb 2S 103% July 113% Nov 9% Jan 5I 21% Mir 2 8% June 13% Jan 1 My A Co Mar s 01% 03 1 ' in*i 8 July 61 113 ' 03 June 66% Deo 50% Dec 975 < 73% 68 16% 4 114 2 48% Mar 91% Jan 89% Mar 2 1934 Mir 3 21 Jan 10 I fi;i 157s 17 5% Mir June 35% July 111% Feb 21 11.5% Feb 21 8958 Feb 17 6 67 .No par M. 6% Nov 3 13 Jan Jan June June June May 108 23 114% Jan 4 120 Feb 20 129% Jan 5 142% Feb 23 96% Jan 102% Mar 1 126 Jan 138% Feb 23 L'Milhor Iir.T 7054 115% 1 Mir 1138 23% Feb 14 52% Jan 27 .t (J I) Plow •i"' f.M) riir<Mh 8834 23% 1 34% Feb 59% Jan Feb 8 84 42 101% Feb 21 S2>4 Feb 14 45% Feb 23 30 31 3 6 28% Jan Caic Mar 7034 Mar 1534 Feb 8 54% Jan 4 t 0. 5 100 Superior Mlnlnit.. 10 C;idcl,i Central (OlliRef No par c;iillfi>rnltt I'.ickinR No par California I'uiruluuio 100 Di) prof 100 C.illahrin Zinc Lead 10 c.iiiitn 'I Arizona Mlalnn 10 Uuitc 139% Feb 21 91 IMiKTick D) ^w It 109% Jan 3 3034 Jan 26 100 I'erin 2.000: (;iirson Hill Gold 10.0 87 B com cla-sfl Hldgs. prof Butte Copper i. Zinc v 3«'4 09 34 30 •80 4 Ry 2f4Mar 3 53% Mar 3 6% Ian 23 10 Jan Jan 5% Jan 43% Jan 86% Jan 100 100 par 100 103 100 Sec. 103 100 .Shoe luo Feb 23 120% Feb 23 12% Mar 3 27 334 46% Jun 43% Jan 24% Oct 5434 Dec 29% Aug 3 3 152 10 6 5 16 10 Jan 4 Jan 5 Jan 12 50 102 112 S2 103 pref. 100 par No 103 100 103 25 7«it 11.1 8.V ) 52% 31,00) 590 80% 6l>4 26li' 41% 1,801) 5,00 5.40) 11 68 «H7i •01 •'•'I - s . 10% 73% 8% 500 Brunswick Term 1,000 3! 38% Jan 9% Jan 29% Jan 100 No 21,900 Burns Bros 5% iMi 31% 33 26% 27% •58 34 53% '<0', I 2% 124% •87 68 '26 45% lOOi 195| ,003 1.200 1 01 3% 16% 2034 101 74 72 Mar Mar 3978 Feb 27 6234 .Ian 20 103% Mar 16 42% Mir 3 102 Mar 3 Jan 12 Jan 13 78 S per share S per short 51 Aug 90 Jan 70% Feb 27 13 12734 Feb 1 12 Jan 18 58 Jan 3 25 & Co Do pref Do cum ""265 59 2% 8'J .-,% 100, par\ 50 ..10 Baldwin Locomotive Wits. 100 Do pref 100 Barnet Leather No par Preferred. .100 Barnsdall Corp. Class A 25 Class B ...25 Batopllas Mining.. 20 Bethlehem Steel Corp 100 Do Class B Common. .100 39% 30.200 5% Jan Jan 115% Jan 7 Jan 19% Jan 41 Jan 4% Jan 103 conv lOOl 2.400| Booth Fisheries British Empire Steel 01 71 •66 17 73g 10 124 Do 400 373« 33% 31% 38 •HO 200; 39,500, 02 14% •68 72 6478 200 39% •3 34% h CO 64 (V) •58 •14 OSU •«7% 68 'iiy-2 3 I25I2 11% 15% 500; 24 • 1. •58% 74 44 33I4 26ij 5% •14>4 200 100 20'4 5% 32% 25% 89 I 108 44 93',500 3934 31 Jan 4 Jan IS Jan 5 93I4 141 W Preferred 200 Auto Sales Corp Preferred •89% 93% 20% 20 101 73% 73% 51% 5H4 73% 5 7, ST:' 2V»« 22 105 73 371. •91 107=8 Jan 3 Jan 11 Jan 1st pret (7%) V t c 100 Jan Partic pref (6%) v t c.lOO 17% Jan Am Wholesale Corp, pref. 103 89 Feb Amer Woolen 100 78% Jan Do pref ..lOOJ 102% Jan Amer Writing Paper pret.. 100 22% Jan Aner Zinc, Lead & Smelt. 25 12% Jan Do pref 36 Jan 25| Anaconda Copper Mining. 50 47 Jan Associated Dry Goods 100 43 Jan Do 1st preferred 100 75 Jan Do 2d preferred 100 76 Jan Associated Oil 100 99 Jan Atlantic Fruit par No 2% Jan Atl Gulf & I SS Line.. .100 23% Mir pref Atlantic Petroleum Atlantic Refining Preferred 100 4 •8 53 II 5l» 331 '. •20 •2% 2-.', 89ll 72«« 26H 1,103 2.300 37,400; 2.103 14% 7 58 124 •2% 125 32 , 58 4 •13 92 '107% 108 10 126% 44 6I2 I33« 6% 101 26 r.'.,', •Wt 200 •91 92 108 7 •7 •70 3112 HI 64% 63 '107 6% 9 53I2 22 32% 33%, 1 3,303| 500i •23 % 60 98% 32% Do pref(neM)). .100 Da common Class B 100 Am Wat Wks A El v t c.lOO sool 108 •42 41 % 73 44 3 Vu 31 40 I6>4 7.300 88 103% 23 24 91 53t 1I'« 4 I4I2 51 100 Do pref ..100 Amer Druggists Syndicate. 10 American Express 100 American Hide & Leatlier.lOO Do pref .100 23,303 Austin Nichols •73% 80 •20 24 10.37« 10l)7g 124 • •M 17 931. •71 '73' 33 38 2712 1934 0378 92'4 5U 3312' 67', 25'4 I8I2 59 6I4 •8 •55 •20 72 72 3a>« S714 378 2578 •5812 02 M%l 49% 53% 54% 23I2 1634 >2 4OI4 •3 3'2 .303 13% »77l2 781. 78 7Sl2 7314 7814 IO3I2 •103 IO3I2 •42 •89l2 46 96 23 02 M 14H 38 *36l2 4812 •334 •57 •3 131 300 300 903 26I2 3I2 •13 107 107 6^ 65 24 105 "2% • 107% 107% 3775 48% 1,300 2.400 1.403 300 800 103 29.200; 3I2 •78l2 '2 10 120 .',!; 88 3I2 81 4 23% 23% •57I2 57I4 6334 92I4 109 eij .W; 7634 2314 9034 26% 13% 10534 1077g 10534 107 •10712 IO8I2 'IO7I2 108 "2 57I4 CI34 •91 5l2 103 14% 781. •334 761. •334 4 •1314 14% IO5I4 10-334 5812 78 7834 2278 •8712 857s •26 5334 •7712 8% '940 '940 970 975 •940 975 '116 '116 117 117 •II5I3 117 22I2 24I2 2OI4 23I4 2414 197g 23 76l2 ^4 •53 5,009: 975 117 117 IS 58'2 9034 8534 'IO6I2 IO7I2 3778 48I4 2512! 79 23 85% •26 8% 8'4 •8712 127g 38% 75 52 •87 •7634 38 2»'. S2H Ml;' 8U 134% 134 I33I2 134 23 02% -, 72 9812 28I4 119% 138% 333| - 12934 33I4 95I4 60 Oil* I •30 •89 1197g 3 Hi ii'a 74l2' 2334! 13% 47% 57 35 4 7214 9Si2 •86 5 119% ! 92 2534 •«7i» 9Sl2 2734 6,500 05 54 31% Jan 79I2 4434 I 35% •6'4 32I4 2634 lO'l 74'4 33's 95 94 69 31'4 61 5 Fob 27 7 J:in 12 52 99 II9I2 11934 13734 139% 34I4 •91 34I4 9Vb 9012 S9l2 13-';!2 3II2 28 60 5% 33it 134 98% 98% 13I4 6'« 79I2 44I4 4I2 I2I2 2,100; 2.100! 700! No 59% Jan 58% Jan Am Do pref 100 5.100 American Cbicle 8,200 American Cotton Oil Jan 16 56 4,909 American Ice 100 Do pref300 100 21,000 Amer International Corp. .100 11% 22.800 American La France F. E.. 10 33I2 40.000 American Linseed 100 57I2 Do pref 1.003 100 100 110% 26.900 American Locomotive 11634 200 Do pref 100 903 American Radiator 25 89 25 5% 26.600 American Safety Razor 35.800 Am Ship & Coram No par 137s 4812 8.803 Amer Sxeltlng - Refining. 100 99:2 Do pref. 700 100 103 Am Smelt Secur pref ser A. 100 90 13312 2. 00 American Snuff 100 34 12.300 Am Steel Fdrv tem ctf3.33 1-3 9514 500 Pref tem ctfs 100 741. 30.000 American Sugar Refining.. 100 99I2 2.000 Do pref 100 2878 14.500 Amer Sumatra Tobacco 100 60 Preferred 500 100 120 13.100 Amer Telephone & Teleg..lOO| 4.800 American Tobacco 138% lOOi 99 87 133'8 137:2 3II4 31 9378 9378 es's 70% 30 18 2412 1612 99I4 80 44I-. 47% I3I4 3ois •9 •0 10 •60 •60 05 65 •22 •22 24 24 '101 •101 105 104 •68 70»4 7034 73 70 •43 44 14 4314 43I4 •2"4 13 257g 10 110 44% 412 2578 •20 h 69i2 641? 107 S •9 •60 •23 •101 106 •8912 •21 96 24 24 "2 N •'2 •58'» 63I2 •91 "2 8tl2 '940 117 •75 141, 27I4 I8l4 25 975 1818 7612 4l2 •3l2 23I2 9334 *79!2 80 86I2 99I2 139 2534 2712 59^4 597g II9I4 119% 13718 13934 8I4 3Sl2 59I2 60 1031 •10212 4II4 413s IOII2 10134 151 150's 3812 45'i 978 97g 11 10% *32l4 32I2 3234 33'4 5712 57 5734 *56 10934 10314 10934 10S% 110 1!5'4 115:4 */rll5i4 11634 •11514 99% *S3l2 •69 75 38 49 49 53 '8 53% 52% 53'2 •77I2 78 78 78 •7712 78 •77 78 78 78 IO4I4 'IO3I4 lOtU 104'4 •102 103 3I2 234 338 3 3 33s 48>2 •13 39I2 Oil. 47 *75l2 2338 IO6I2 10-312 2612 1312 36l8 36 Is 4Si8 49I4 527, 64 78I4 78I4 3738 37I4 4I4 I2I4 I35I4 13 51 •25 •13 54 86I2 136 8634 53 32 57 lOUs •IOII2 IO2I2 •87 85 53 37 *69 934 135 8 76 13 •75 10 10118 38 18 45% *79l2 4414 4I4 4 90 76 54 9 3 '4 98 57 1138 23I4 6 1 57 8'4 *02i8 59'4 1031. '10238 3978 3934 4b"'3 403s 101 101 loiul 101l> 150 •150 149'2 149 •110 II9I2 11912 •119 IOI2 12% 10 9 838 834 9 23I4 24%' 24% 24% 24 14 2434 2318 52I2 53I2 521' 52!' 49-3g 51 »5l4 5I2 534 5% 534 514 5% 136 I3512 135'4 I35I2 13512 13512 I35I2 I5I2 15%i I5I2 I5I4 15% 1534 15% 69I4 69% 7OI2I 69I2 70^4 70 69 107^4 10334 11514 II5I4 SOI2 8512 47 90 9878 25I2 2612 60'4 60U II9I2 1197s I38I4 138 3913 57% 58 65 75 & Sharex Indus. MUcell. (Con.) Par 100 1 ,600 Am Agrlcul Chem prut 300 Amerlc.in Bank Note 50 Preferred 54 200 50 3934 3.300 American Beet Sugar 100 100 Do pret.. 100 75 3812 3.700 Amer Bosch MignetciVn par 6OI4 Brake Sboe & F Xo par 3.400 IO5I4 Preferred 100 100 42 14 26,800 American Can 100 Do pret 100 102 7001 151 1,600 American Car & Foundry. 100 S per share 57% 5S'2 *62l' 6 $ ptr share share 5S'2 37I2 38I4 5Si2 32% 135 •133 3138 32 31 *93l2 *93l2 94 66 '4 6738 67 76 •225g 23 93 93 85i2 86 •105 107 •2434 27 •23 •940 •116 934 4738 9OI2 97I4 37 *69 75 32 •132 er-s •18 '87" 367g 80 SO 4II4 10 pT 5S *61l2 *52i2 9 534 100 41s 1134 46U •75 26I4 •133 *88-2 lOlig lOl's 13512 135 *7l2 8 78 *5l2 •89 2534 57I2 11938 11934 138>8 I39I4 547g 45-4 56 11 11 4^14 9II2 •55 •77 •102 100 80 10978 4 4 97 26 48 578 323s •11514 8312 90 •132 135 3134 32 •93'2 94 13 •36 49 lolg 978 ¥7" 97 8 23 67I2 32 56 107 lOSSg 110 66I2 *119i2 1>'4 98 lO's 33I4 5712 46I4 •89'4 •88I2 I4912 6712. •79I2 4338 44?8 934 37g 107g 397, 667s 66I4 •115 •86 2312 $ 59 •10212 103 14-.8 66 33 •57 s" 136 136 136 3S78 *100 101 ISO's I5OI4 149 *119l2 ••llOlj \ -)SI; 05 53 •51 '10214 103 4018 41U 407s 5SI4 53 65 •52 ^10214 103 S per sharf 65 53 3014 SStg . «>'t 1) *.• NO 10 O.t 1)00 Jan Fob Mar No* 21% Jao 06 Jao 100% l>«n linn 1)00 1)00 73 011% 112 43% Apr 107% Jan 01 Jao 36 Pob 611% Knb 2 2 2 1 1 1 I New York Stock Record— Continued— Page 930 1 1 3 For sales during the vreek of stocks usually Inactive see third page preceding aian and low sale price—per share, not per cent. SMUTdav, .M'>ittil. T'iiiittj. Feb. To. Fil}.27. Fc.'}. 2-i. % per shire. 19% 1912 I8I4 181.1 lOo'i 10ii.i 2478 25 677 «77 140 140 17 •I6I2 «4 a'2 Si's 8OI2 10712 ior"2 81 817s 94 94 $ ver ihl'f- 1878 "m 90 •81 19% .Uir. $ P°'r s>lire 18% *80 90 W-tt-.i/il'/, I9I2 18 38 8i 38 84 8tl4 1212 12'4 8t'4 1278 1378 14 12% 14% I4I2 •37 *83 84 I2I2 14 83 1254 1234 13'2 131s 8II2 13 >s 1514 15% 16 1534 I8I4 *% U 57I2 63 63% 57I2 6212 04% 6278 031 9778 9778 98 99 68I2 98 98 O7I2 9978 1511.1 15314 *99 152 0754 9978 68I2 *99 8I2 1 854 8I2 1 58 152% 8% 70% 71 *70 72 0854 69 80 *->334 09 80 •84 so 38 85 «27'!> 29I2 IS's ISis 26I4 2534 8I4 8l8 3734 847s 2SI4 19 25«4 8 '8 6912 66 14 134 1^8 1% 15i2 1512 15 6 134 8I34 *60"8 77 78 75 6II2 79I4 I4l2 1434 5I2 14% 147g 2OI4 8I4 *lg *55 80 37I4 8412 2712 18 *78 37I2 S4l2 *27 18 38 8t% 81% 57I2 80 10) 3SI4 SII2 2912 18% % 55I2 5734 0254 64% 99 07% 09 153 i.-l 90 6754 99% 153 8I2 854 71 0834 71 6854 39 89 •84 2IS4 5314 19'2 100 6254 *97 67 99 8% 5934 05 99 001 I4 64% 97% 98 99 99% 99 I53I2 I53I2 8% 8I2 8% & VIisceM. (G>n.) Par 14,500 Gii!>.in-\ra3rlcia 3u?ar 10 Pf Bfrtf fH 1 103 100 3,003 DJVr|^ III Ctieilic:!! V t Cli ff ir ladui. 291 Dj Goal \tia9S-..V'J 2!» Dy.rolt n:i;soa.. 100 Djoae Mlaft3, Ltd 10 .3) EHcmui K)lilJ .10) j>ir Ii ;iirs 1,.990 1.093 dtor Uirtery Gl3i;crlc 233 Finiin FUk PI iyard-Lij!{V.;V'> 25 ail'j()Br 22,100 Freeport, Texas Co Vo pir 1,100 OrWtoQ, & W. laa...No pv 3,400 Oin \m Viinlt Car No pir 8,200 Qttneral Aiptin.lt 100 Dcj 1,003 pref 100 2,000 General Gl^ar. too 100 Debeuture pret 100 2,274 General Electric 100 91,350 Geuoral Motors Corp.. No par Do pret 1001 700 Do Deb stock (6%)... 100 1,200 W 70% 70% 08 '4 0S54 O314 7954 08% 37% 381; 5,700 85 Do pref 509 ..100 000 Oranbv Goas M, Sra .fe PowlOO 1.400 Gra.v & Davis Inc . ..No pit 500 Greene Cananea Copper.. 100 5,700 Giiintanaino Su,;ar No par 80 795.1 80 3714 8II2 3773 8II2 28 85 28 *27 28 1734 18 I7I2 18 20 12 82 28 *17l2 2034 7954 29 18 •2534 20 14 8I4 8I2 8I2 85.1 2OI2 9 954 954 10% 7II2 69I2 7012 7OI4 7254 7OI4 73% 7334 7054 134 II2 II2 1% 134 134 134 134 1% 15% I512 62 60% 00% 76% 77% 2->\ Do .550 Del) stock (7%), ..190 F) No par GoDdrbh Co B Rit'dt.'' 67 •5 *5 4 4 8's 8I2 8 38I4 38I4 38 9'4 9I2 •3812 29% 4 39 29% 9012 9012 •IO714 109ij 15is 15 71 71 27 1134 4I8 81, 39 91 15 15% I5I2, *60 62 60 6OI2 75% 7612 14% 75I2 I412 70.54 I4I2 *5 4 734 3812 •914 38% *38 29 91% 91% 29 90 5I2 414 8l8 39 9I2 39 29 9II4 IO7I4 IO7I4 5 1434 534 4 4% 0% 714 3812 38% 9I4 914 37% 371s 3OI2 29I2 9OI4 12 67I2 49 I5I4 15% 1514 I5I2 10>i2 15% 7054 2612 72 14 72% 71i2 27 71 2773 68I2 55 70 55 •65 38 29 51; 15 68I2 27 6973 •54 *9l4 15 55 IO7I4 107"4 III2 65 *68 .54 2812 70 57 27% O9I4 55 91% 10054 151 75I2 I4I2 76 5 14% 3% 4 4 4 7 38'4 38% 7 38I4 9 3934 37% 31% 37% 31% 91% 5 0 8I3 37I2 14% 1434 534 9I4 39 31 31% 90'8 91 10)54 10).54 *90'4 107 534 7 954 107 1554 72' 2SI4 I5I4 15I2 15 15% 7054 27I4 71I4 7054 7II4 70 69I4 57 57 1178 11% 11% 1134 67i2 65 65 05 05 4954 48% 49I2 1134 IS 60 11% *03i2 27% 70 5734 1254 27% 28 6954 55 0934 58 12% I3I4 65 65 65 49% 48 69 4812 67I2 O712 07I2 48% 67% I5I4 16 1578 1078 1554 10% 10% I7I2 1073 I7I4 47% 48% 60% 60% 10% 17 34I4 34I4 3254 3354 32 3234 3OI4 32% 30 31% 30 4878 •67 1 69 1% 4818 *67 69 *68 II2 134 1% II2 134 134 10 5878 •3434 512 11 1714 18I4 18 1954 I8I2 1912 18'4 5878 3478 59I2 34I2 62 0554 3412 70 65 30 00'2 04% 04% 3612 30 '4 35I2 G14 5I2 •92 98 llo 3934 •90 •77 73I4 27 1534 135 4678 4912 27% •168 112 •93I2 100 401 98 80 7734 2712 10 '8 135 46 4912 2778 IGO 112 941 •91 39.54 *90 *77 35I4 6 Is 98 4012 98 80 77I2 79 27 14 28% IOI2 1578 I32I4 I3414 45% 44 50 51 28U 2,s:.i 100 111 93I2 98 160 111 9i'8 10).t 13*4 98 80 84 28I4 1534 16 I32I2 13154 40 457s 51 5112 *27l2 28 103 *112 9134 164 114 93% 90 77 2734 10 28I4 27% 10% 15% 132% 13354 I33I4 45I2 51 28I4 47 164 179 114 114 94I2 37I4 37I4 37 37 37 37 *97l2 99 110 150 115 97I2 99 110 *113 115 20^4 2054 4'il2 40 12 4-)l2 33% 33% 33I2 33I2 26I4 27I2 2612 30 30 27 20 30 28% 26 131.1 109 112 1478 151.1 I22I2 123'2 85 2634 2034 I3I8 13% 3OI4 6012 •IO3I2 104 I5I4 28I4 U 8II2 9!) 110 *S1 *12 109 *100 1454 100 15278 *147 2OI2 4OI2 2778 30i8 13 IIII2 112 15 *113 *82 02I2 *20 84% 621 2034 4812 47I2 *32i8 2734 27I4 281 2734 *29 31 34 112' *106 14% m78 112 14% 122% 120 *82 I3I2 3018 13 I3I4 13 2934 00 104 20% 26% 30 30% •051 66I2 104 10312 15% 2812 107s 135 *130 *120 3612 'ii' 37 8312 60 1434 29% 15 2854 lO's 1054 135 3Y78 81 100 151I2 *1U •81 34 0134 48 32I4 48 *130 •119 12% 113% 115 107 1412 2034 13 2934 66 42I4 778 23 •9I4 •1212 7'8 25 10 13 41 "1% 81 114 14% 00 31 5734 25 1% 33I4 112 14 4V12 83 505j 33 33 27I1 3II2 13% 112 100 14% 122 83% 25% 27 28 32 1554 112 112 1454 124% 2734 3134 43 291, 3)54 15% 10% 112% 113 100 15% 28% 12 12% 1238 138 135 135 44 84 113 14 14 14% 64 67 29% 29% 67% 29% •55 23 57 24 55 23 65 57% 42% 50% 571 4134 42 713 7% 21% 211' •23 25 9% 9% •9 13 10 13 * Bid and aaked prloea; no sales 00 tbla day. 300 9 •I2I1 tBx-rigbts. -.100 68% 100 Island Oil A Transp v c. t Do pref. .Jones Bros Tea, Inc & Gulf (Julius) & Co No 2d preferred 1.000 Lorillard (P) 2d oretorred 200 Mackay Compauies Do prof 200 600 Mallinson (H R) & Go. .No 5.000 ManatI Su^ar 000 Manliattaii Sblrt no 2.000 Marland Oil No 10.100 Martin-Parry Corp 800 Mattilcson Alkali Works 11.500 Maxwell Mot. class H...Vo 14.900 4,000 1,400 29 •51 23 734 10 55 10 100 100 100 !00 100 100 par 100 25 par par 50 pir May Department Stores.. 100 Do pref... -.100 Mclntyre Por Minos 100 Me.Klcan Petroleum Preferred 100 5 10 50 100 100 Mont Ward AColIl3CorpA7oi)ar No par Mulllns Body 50 National Acme 100 100 100 National Cloak A Suit 100 Do pref Nat Conduit A Cabio...Vo par 100 Nat Enam'g A Stamp'g 100 Do pret 100 National Lead 100 Do pret. 5 Navada Consol Copper 100 New York Air Brake 100 New York Dock 100 Do pref No par N Y ShipbuiidlnB 50 Nortli American Co 50 Do pret RIgbIs Nova Scotia Steel A Goal.. 100 Nunaaiiy Co (riie)....Vo par 500 National Biscuit 4,500 200 200 200 4,200 3,800 700 300 23% 23% 2,400 50% 57% 25.000 42% 42% 3,200 7I4 7% 4.100 22% 23% 1,800 400 9% 9% pref 400 Oblo Bodv 13' 12i.( S Less tbao 100 sbares. 123 190 par 100 100 100 par Liggett & Myers Tobacco. 100 Do pref 100 Lima Locom Wks lac 100 Pretc^rred 100 Loew's Incorporated No par par Loft Inc:orporatod No Loose- Wiles Biscuit tr ctrs.lOO 1st preferred 7,400 10 100 100 100 10 100 25 100 Kelly-Sprln?fleld Tire Temporary 8% pref 6% preferred Kelsey Wbeel lac Do 4,200 1334 7I4 2. .599 90 89 04 42 400 000 8.200 1.700 7.500 89 7% 23% 1st pret Jewel Tea. Inc. Kansas Kayser 79% 2d pref 17,200 Keystone Tire & Rubber.. 1,700 Kresge (S S) Co 3.500 Lackawanna Steel 2.000 Laclede Gas (St Louis) No 5.900 Lee Rubber & Tire 85 59% 65 •29I4 29% 56% 45,100 22,900 5.200 4,800 10.800 300 21,200 87 113 110 Mir 19% Mir Jan Feb 27 18 10 9 Jan 20 .t Blow a Ex-dlvldend and rlgota. Vr) nnr 1314 82% 25' J 54 III4 60 Jan Jan Jan Feb Jaa Jaa Jan Feb Jan Jan Jan 5 16 23 3 14 4 4 13 27 6 9 4 46% 60% Mir 85 Jaa 19 25% Jan 15% Jan 3 Jan 10 Jaa 4 13 26% Jan 6 91 Feb 18 Jaa 10 Jan 3 93 Jan 30 11% Jan 26 9 Jaa 9 36 Jaa 7 Jan 3 97 100 Feb 4 I4714 Jan 6 Jan 13 109 Jaa 5 Jan 13 Jan 16 15% SOU Jaa 3 72 57 32% Mar 22% Jan 20% Jan 22 Jan 11 Feb 2 6 4 1 15 3 3 10 10 Jaa 107% Jan 10 s Jan 10034 Jan 79 14 Jan 12 2534 Feb 15 11% Jaa 11 26% Jaa 6 Jan 4 63 100% Jan 6 101 12 Feb 11 19% Jan 7 10% Jan 9 12314 Jaa 4 113% Jaa 4 26 Jaa 17 69 Jan 5 1% Jan 16 30*4 Jan 1 823s Jaa 18 85 108 I314 58 j:2S34 Jan 12 Jan 10 Feb 10 Jan 3 Feb 4 63% Jan 13 44% 38 17 Jan 3 Jan 4 Jan 7 318 Jan 13 2054 Feb 28 914 .Jaa 11 11 Jan 10 x Gx-dtvldend. Jan Deo 73% Deo 85 Deo 44% Jao 88 Deo 34% Not July 19 5% Deo 1054 Mar 29% Deo 16% Jao 25 84'4 Jan 18 17% Jan 18 60% June 6 154 Feb 23 7914 Feb 27 Feb 20 15 49% Mar 40% Auij 61 10% June Dec 6 2 June 6% Dec 16'4 May May May 2034 Jao 6% Jaa 4I4 9 41 17 Feb 28 Feb 20 Jan 2t 9% Jan 26 3878 Feb 24 31% Mir 3 92% Feb 23 IIO14 Jan 18 18% Feb 7 7234 Feb 20 34 74 5954 I314 85 17% 35 3 Jaa 20 Jan 20 Feb 3 Mar Jan 25 3 Mar 3 Feb 28 4% Mar 3 Jan 16 107% Jaa 5 1414 Feb 17 100'4 99 100 Feb Jaa Feb Feb Feb Feb 27 21 4 4 21 113 21 82 Mar 3 62% Feb 28 2054 Feb 25 50% Mir 3 15278 42% Feb 6 Feb 10 Feb 7 3314 Feb 8 29 34 1678 115 108 1514 127 Mar Mar 3 1 Jaa 5 Feb 25 Miir 3 5 21 1334 Jaa 3 .32% Jaa 20 69% Feb 2 101 Mar 3 85% Jaa 27% Jaa 16 2934 Feb 23 Feb 28 13% Jaa 16 Jaa 20 Feb 2 137 120 41% Mar 1 Mar 2 2% Feb Feb 16 91 Jan 5 94I4 Jan 17 II314 Feb 23 15% Jaa 23 43'4 67% Mar 3 3334 Jaa 23 5734 Feb 25 25 Feb 28 60% Feb 23 42% Feb 28 834 Jan 23 287s Jan 20 10 Jan 28 1334 Feb 10 A Bx-rlgbts, Deo 13% Jao 5078 82 No» 26% Ad' 86 7% Jao 1534 Jaa 29% Mar 6 Aug Dec 31 67 Jao Jao June 29 Nov 21 67% Aug »9l4 42% Deo 13S4 100% Feb Jaa 1714 Jao 67'4 Deo June 110 7% Aug Aug 25% Oct 63% Oct 42 76 36 64 Oct 60 2 4 Sept Jaa 8% Jaa 14% Jan 4% Oct 68 Mar May Jao 64% Apr 17 85 73»4 May May May 75% Nov 26 40 Jao Jao 4>4 Jao 12% Deo 4634 3834 9 86 No» Deo Nov Dec 32% Aug 70% May 64% May 94 70 35 May 80 Jao Juae Mar Mar 69 Nov 16 8I4 Jaa Jan Juae Jaa 17% Jan 138>4 Jan 97% Jan 130 32 40 Aug 87% Aug 64 10 7»4 30 June Aug Aug 27% Deo 17% May Deo 68% Jao 57% May Deo 30 177 164 110 102 IOOI4 Deo Nov Deo Deo 21% Mar 1234 42 Jan Jao Jan 98% Apr 94% June 100 Mar Feb 184% Feb Deo Jaa 111 Deo 72 59% Jaa Deo 82 65 June 9314 136 100 Jan 10 21 18 18 Sept Oct June 89% Feb 12% Aug 30% Nov Dec 22 Sept 13 11% Aug Juno 66% Jan 95 Mar 8 36.54 24 Dec Nov 15% Doc 114 Deo Deo 109 84% Aug 167% Jao 1534 Jaa July 10 22 43 June Aug 92% Oct 12% Dec 17S4 July 10% Doc Jaa 102 105 Aug 16 Sept 16 82 June 22% Sept 161 1138 4134 13 Feb 23 30% Mar 3 11 % Nov 1 Mar Jan 14 7% Jan 3 98 Mar 1 43% Jaa 3 98 Feb 21 80 Feb 24 88 Mar 2 29 Feb 3 18% Jaa 17 174 Jan 3 50 Jan 20 5413 June 11% Aug Dec 383s Aug 67 Aug 5% Aug 1 Jaa 20 Jaa 3 Jaa S Feb 28 4 May May Jan 28 70 39 Feb 9 Jao Jao Deo 90% Jan 20 2% Feb 4 4 3 108 ran 20 Mar 90% Jaa 71% Jan I5314 9% Jan 10% Mar "8 Ai? 15 2054 Jan 81 34I4 Jan 43 26% June 62% June i 11 2 17 4 44% Jan 1 19% Feb 28I4 Jaa Deo May 75 10 i 19% 20% 5% 59% 78% 117% 7)% 95% I8I4 Jan 10 Jan 90 84 Deo Deo 14354 Deo 1 38% Mir 1% Feb 23 110 Jan Feb Jan 71 10 61 Aug Jan 1 . 155% Feb 23 10 Jan 62 5% Mir Sept IO214 3 12% Jan 5 Jan 38% Jan 34% Feb Juo'^ I 3 73 73 May May Deo 100% Deo 82% Apr 97 Deo 13»4 Deo 43% Deo % Ian 20 59% Mar Ian 17 24 97« 81 31 30«4 Jan 2 .37% Feb 11 7% Jan 6 33 20 255« 85% Jan 30 85% K«b U) 87 76% Jan 105% 18,400 iQternational VIckel (TUe) 25 Preferrel 900 100 8,200 International Paper 100 400 Do stamped pret 100 72,000 Invincible Oil Corp 50 5,300 Iron Products Corp No par 9,400 14 Do Do 600 300 34 110 54 3 1 1354 Jaa Oct Apr a690 Feb 124% Dec Jan 12 Jan ii 10 41 Feb 21^4 F?b 27 82% Feb 2 109 Jan 20 84% Jan l') 99 Jan 14 73% Jan 80% 26% Jan Feb 7 % Feb 21 100 6554 Jan Jan 12 2554 95 6 103 t Jan 1.36 Jan 8% Jan 69 Jan 24 68'4M.ir 79% Feb 34% Jan 100 100 100 Truck. ..Vo par pref (/JSU!) £nt .Meniantlle Marine Do pref 2,700 12,300 2,800 Interoat Motor 33% 112 Do 300 34I4 87 Jan Mir Jan 20 1% "134 85 55% Jan 90 05 94 5 2 87I4 1 33% Feb 59% No» Jan 10 ir>54 P.!b 18 Feb Jia27 82 90 24 % Jan 20 314 Do 44 12% Jan 4554 Jan 3% 121 43"i2 3 Jan 17 Jan 5 70% Jan 5 11% Jan 10 1073 1434 28% Jan 9 38 75 10 112 15 28I4 5 Hylraiillc .Steel No par 7,100 ladiahoina lletialug 5 9,500 ladlan Rt^rinins; 10 7,700 Inspiration Cons Copper.. 20 700 latornat A^rlcul Corp 100 000 Do pret 100 2,303 tnturuatlonal CenTJnt.Vo pir 2,200, Internat Kirvester (nei«)._100 100 100 9.000 I23I4 127 116.500 84 85 100 27 27% 6.300 Miami Copper I3I4 1354 50.800 Middle States Oil Corp 30 30% 13.000 MIdvale Steel A Ordnance. 66 60% 100 Montana Power 200 Do pref 104 104 1454 Jan 75% Jan 10 91% Jan 28 Jan 14 Jan 9 Jan 6 Feb 9 34 90 7 2034 13 133 121 2054 700 Jan IS 14% Jan 25 2% Jin 4 70 14 Jan 10 55 70 1% 41% •12 49% Jan 600 Highest % per share ir Feb 10 Feb 21 Feb 231 10? 4 000 Honiestake N4(riln; HoiHton Oil of Tetas 5,700 Hulip .Motor Car Corp i^tites .Steel tr ctl.s.. 10, .500 81 8 13 19% 115 82 01,12 04 3 Jan 11 18% Jan Jan 12 99 110 151% 152 Im 10318 Lowest F.ib 19 IS 2 42% •12 100 1114 38 15% M 85 Jan 10 447b Jan 33% 42 9% 10 30% 97% 13% 2034 2934 30% 00% 60% 59I4 421' 9% 13% 48% 49% 32% 32I2 20% 27% .3012 137 30'i 01 '2 11 137 54% 29 I9l2 13% 21 55I2 24 5134 82 13% I2OI2 40 111 28 137 1054 134% 82 64 2034 5934 7'2 15% 134 40 115 2713 1312 58 24 21 2734 3 in 17 100 1,600 Harblsiiavv Ele; G\\i..No par Hankell & Birker Car...Vo par 909 Hcndee .Manutaccurlag 100 i!f 80% 10,000 28% 24,300 Kennecott Copper 81'2 11% 371s 69 111 2834 8512 •55 99 110 151I2 15112 1034 89 •54 21 97I2 •100 Ui8 S8I4 31 5734 19 5958 42 14 30% 13% H'4 38 2934 33I2 88I2 •57I2 31 13% 11% 83'2 271s 60 '2 80 15 138 5978 311 5734 94 99 4154 43% 90 98 77 80 '170 175 174 114 114 114'4 114'4 90 14 99% 98 99% 100 101 101 102% 105 3234 13% 109 45% 51% 29% 147g II2 5973 3112 29 103% 341 88I2 60 51 10% 133% I514 II2 •111 14 14% 45 12 15 2834 33I2 *85l2 115 15 121% 124% 8212 83I2 *80l2 85 108 10334 I5I4 3812 'il' 8OI2 27I2 2818 3II4 27 81 2 113 I3I2 14 33 27I0 3OI2 34 89 89 •no 115 82 0154 20' 33 •87 80 89 152% 20 *80i2 •II2 89 •110 100 1134 124 120 83I2 *82 20 12 2718 •130 •120 5734 •1712 9712 38 8II2 O2I4 2054 •58 31 51 29% •77 2 2034 04% 68 34% 30 14 5% 5% 2SI4 1354 III4 151 41% 98 80 88 12 11 *97i2 5% 102 SOI2 98 13% 1834 351 87 SO 13% ni4 *98 1% 2 19'4 85 IOOI4 *100 1078 4034 5% 93 41% 4054 90 98 1934 98 28 7834 2754 407s 5% 98 11% 110 152 115 *81l4 84 •61 64 15 »96 •77 5% 98 13% 97I2 30 •66 40 6 98 11 *151 •113 •82 *91 11 *100 •lor. 534 13% 100 I3I2 11 •3714 13 109 II2 3954 G 30,300 J tS'4 tot pi' 1)) proterred (8?J,) ID) Feil-!r:il Mialni; & S^a^ltl-i? 10) '" .333 Di) prof 100 203 FlsJ^r 3>lv Corp No pir 503 FUUar 8)lv OHIO, prof 100 4.7J3 $ p-T >hire 2 154 Mir 11% Ian 78% .10) llo'iCt-lDtiasoa Do pref 23.533 533 $ per shire 125 En 0,333 Highest 100 5) 100 5) 200 Elk Hiirn Goi! Giro 313 K'a."'sori-IJr:iiUn'.;tiiQ 71 38% 2012 Shvei 7! 80 20 I9I4 58 63 0718 38 82 1354 18% *% 0312 15254 I53I4 38 85 85 13% 58% 59% year 1921 () Li'O^sl 8 37 80 34 39 57% •3734 175i Ranje for previous the 5 8t7g 8 6878 5854 09 18 18 I912 lOiU *100l4 10)l2 2454 25 25 37 l8 85.1 85 59 39 85 84 >8 71 0878 21 8912 OOU 8 12 9978 1521s 21% 8312 20 87 PER SHARE -iH \.RB Rlioe Hnc" Jit. I 1922 Ol J<{5 ')/ lOO-s^Te lots ME5W YOI^K STOCK 3. $ pir shire $ per 1954 5 39 84 84 68% 68% Mar. 2. 2454 24% '050 *050 070 070 075 079 X;J75 679 070 070 14254 142 142 138 141 140 140% 14012 140 142 *1'3 HI4 1012 I.5I2 10 12 17 17 17 17 17 *5 7 7 6 7 7 57s 89l2 8 81 82% STs 8T2 SOU 81 80's 80% IO7I2 10754 10754 •105 IO7I4 •10) 10718 10714 IO712 I0712 8II4 8214 80'2 8J'4 S,"4 81% 81 83 8 Ik HV.I 93I2 9t% *92l2 94 94 94 93'8 93% 9t 93 8I2 *8 *8 SI2 12 12 12 12 •38 •80 84 8I2 71 I912 81 90 58I4 69% 5854 5778 6OI4 *18i4 I9I2 I8I4 18'4 10>'2 10-)l2 *105l2 10)'2 •10>l4 245.1 2454 2178 24!4 25 •8 •99 152 $ ihire O'-r FH'lvi. Vl'irtiTj, Mir. I. PSH srooKs Sales for 44% Oct % Deo 16% Nov 33% Jao 84% Deo 28 101 Deo 25 May 28% Jao 30 120 79 14 May Jao Feb Sept 6 Aug 89 June 66 96 87 103 6734 July June Mar 47% Aug 20% Feb 45 Jaa Dec 13 32% Aug Aug 31% % Deo 20% Nov 8% Mar 7% Nov Jao 35% Jan 26 100 9 Jao 128% Deo Mar Deo May 15% Deo Feb 89 39 May 39 Mar 67% May Fob 33 Deo 46 Nov 41% % Deo 12% Jan 11% Deo New York Stock Record— Concluded— Page For aales during cbc week of stocks usually liuitlve. Hiaa AMD LOW SALE PlilCES—PER SHAKB. MOT PEH CB.VT Tu-xi n. Stiunlay, Feb. 23. h\!).27. t per share J per sharp •5 o'l I5»4 15' •140 95 •151i 95 98 29'g 2OI4 7I2 7i8 718 10 •7 66 14 62 •55 •5.> 54'ig 5o''8 50'is 54"s 50 •8 80 7% 7% 65'4 62 54I2 5OI2 8'2 1512 75 75 74I2 35 •88 9134 32!3 33 lO's I7I2 32'ig 3358 8I4 8^8 4734 47 60 6OI2 9II2 •9OI2 1558 •89 Oil. 32% 17-14 I6I1 33I2 46 60 47I2 33 8 46 61 911' PIU " 8l2! 60 15I2 16 66I2 92 2')l4 28 •61 »50'2 29^4 I5I2 93 26% 78 79 37'4 35I4 9512 35%! •5OI2 55 31% 05 55 I ]3'4 13% 13% Vi 2 2% 14^8 •14 92'4 92I4 11'4 12 11^4 •7»4 I2I4 42I2 22I4 39'4 43 8'4 42 22 12 20^8 37'8 31'4 71 •65 49 I •49I2 •123 126 7% 126 115»4 zll4 75 '99 75 102 23 39 2212 71 38%' 7l%i 52 52 126 '122 33^4 3934 4012 99'4 lOlig 103 4*4 5*4 181'2 180 183 114-% 114% 114% 2I2 IOI4 46I4 46»8 27»4 44 271, •I3II2 135 61 "2 62 101 •72 •99 34 73 33% 44% 478 578 5»4 103 2I2 2I2 4% 5% 5*4 31 2% Ifrig 10% 46^1 46% 28%i 27 27 90 97. 457g 27I2 •31»4 65 6.5 18i( 18 18% 18'. 95l« 95i» 967, 97 IO3I2 a? 27t2 27 lfW7, II012 'Uf, •95 •«.'j 6<;i2 44 41 •«12 7 •94 61 Wi IW'i unu 33>t •43i| 33*t 43I; 04S OH, 44I2 96 9612 61 M»l l'K»i| 8*4 9% 33% •31*4 63*4 34 •31*4 65*4 l62 02% 18% 17% M 2i Jan 12 10 lOj 60 Jan 7 105% Jan 6 31 Jan 4 Jan 50% Fab 2")% F.?b2l 2 Feb 12% 1% 11% 1% 43% •43 60 ^8 14I>2 4514 44*4 44*4 96% «» 601 5*1% 62*4 02>4 6% 6% 3% 3*4 t 3% 96% 96% 5«% 60 .'.714 5H% Km 20% 61% 63% •6% 7 «% 3% 44% 44% 45 28% 29*1 44*» 43*4 2II4 200 44*4 •04 !!• A»% 58% : 101 101 101 r,'i .50 .1 44 •Hi*, 431, •04 100 lit preffrred 4.100 United l-'ruit 100 63.700 United Retiili Stores.. ..Vo par 19.500 U S Cast Iron Pipe 4 FUy . 100 Do pref l.SOOl 100 100 U H KxpnwH loo IIKI U 9 Kwid I'roducta Corp.. 100 U H laduHtrlal Alcohol 100 Do prof 100 U 8 Really .V ImprovomnnllOO Unltwl Siati-M Rubber KM) 'I'JO, Do iHt prof 100 33% 33% 34", •431. 44 j I , 33% 34% •431. 44 1 I .5001 lliol M A U H Hmeltlnif, Do {>r-t Rol 3t«ol 13% 13^4 I4%| 14-4 14% M'4 I4t,| «>.l(li)| 3i) 37% 3Al« 30*, 3«l 37*,! 36 37% 36% 37%' 20.8001 92 02 *ni% 32% 02 33*1 32>t «tf% 70 7% 3211 60 an •45 4H 7%l 7% •45 Vt «) 7% 13% 7% 12% 12% It'll 1 7'j \A I 80 nil 70 M) •4.'i 7% 7«, *12 I 13 <r--> 7H% 7H% 14% 14% l«%i » 2« r am. 0% nil «7»4 7H 3*1 41 1 1 1 26 40 •78 VI I t •MHIl I BM Md Mk«d 1 '': HO I I I lit/ I'l 20 40 40 •7H 80 111-, I n iiji . . •11/ 46 / 4*)% 7 I •4/1 7 prtMs: an I m mkt • MM ter. t c.iVo W) |. OH •6% (K V r*Mvto 1I •67 •7 , 'I •WHI I 71.' vio' Ms-rt. 'M. Wfi • •<• .11*. •>.! ri4u4i. f 8% Oct 2% Oct 54% Djn Nov 85 63%Iuu9 34% Mar 102% Feb Jan 5% Feb 6% Jan 31% Jan 5I4 Feb II14 Feb 46-% Feb 13 10 4 27 18 28 3 6% Mar 28% Feb J r 9 11 Jan 1 60% Mar 41% Feb 119*4 4 42% 82 100 Mar Fol) 8% 16 Inn 4; nI 2' I' oil I/I KHI 100 KNI KM) •«) (16 . 70% 3 Juno Mar 72 20*4 July 67*4 July :i 3 IN Aug 60 10' ' 6% Mnr N% Jun 411% Jnn 76 111 I J\jno 41% Aug Aug 7 26% Juno 21 • Aug 81% IK' Hopi 3.1% 40 F.'l. 171 2714 J H Apr Aug 105 38% Fob 23 02% Jan 17 I'-i'li July 26 37 J:U. no Im(i Juiiii 7 i;i 10% Jnn 3 16% Jnn 20 r,'t Jnn IN Aug 20% 1' ' Sept 41% Mar 40% Aug Aug 74 2.1 Jan 66% Jan S July H% Nov 44 Nov ml Aug 27% Nov 33 1 (15 J.; 43% Jnn tl 4 iiti I' I'll I'l « Juno Aug 70 Aug 70% Aug Aug r>4 .H 11% Juiin 4N*« Inn Jn\ 311% Jnn 12 64*4 Jnn n Inn 77 <)<'l 106 106 I Jnii Oaddoad 56 75 103 119 Jao Nov Jan Dec 93% Dec 19214 Deo 114% Deo 85% Deo 119 Aug 37 46 Jao Apr Apr Deo Jao Jan Jan 93% 103% 10% 13% 48 25% Jao 11 Deo Deo 42% Dec 36% Jao May Sept Jao Apr 44% Apr 75 Jao 13 25% May Mar Nov 67% Nov 84 i:< Dec May 28% May 49 62% May 06% 16 9'8 11% Jon 38 Aug 6*N June 3 Mar June 25% Nov 46% Aug Mar .Mat 104 3 10 3 35% Nov 04% Jnn Jao ZO.5% Juno 17 16 1 84 72 Mar May 20 20 July 4(1 Sopi 3'!% July Jun 14 Jan 18 Jnn 12 27 Jan n Jaa Jan 23% Jao 6% Apr 93% Jan June fl4», 16 31 Mar May May 14% Oeo 5% Feb 10 7 ar 16 38*4 104 34 F.'l) .VI Jan Jao 26% Sept Oct M;ir 14% 109 92 ,'i!l% 10 May 34% Deo 70% May 114% Nov 51% Jao 40% Dec 90% Dec 107 96% 118 16% 96 104 Jan Deo Deo Jao 106% Nov 106 JUD 47 Fob 207 Jao 37 44 1.1 ««-llviaaod. 20 20 101 10*4 N4 18 7 Jnn 137 117 Jan Jan Fob Jan Jan Fob Jan Fob 93 87% Sept 10% Jan 3 Fob 23 46 Ki'li 34 15% Aug 3 27 9 6 3 6 18 67 4% 76% June Aug Mar 9 27% Jan . Sept 01- 73 66 175 72 91 27 June 64 Mar 14% Nov 48 1 67 20% .Mar 88 June 232% Dec 15% Aug 28 72% 46% 90% Dec 34% Deo 42% May 0% Aug 29 Mar 145 60*8 Jao 105% Deo 7 Sept 110% 17 27 Jnii Fol) 4H es 2 1 Aug Juno Dec 45 105 29 1 90 33 3*4 119 93*4 16% Jan 13 Jan 60 5 Fob 1 2% Fob 8 Jao 6 87 00 Jan 66 Jnn 3 61% 3 20 21 34% Feb 24 71% Jan 5 20% Jan 16 3 Jan Jan Oct 83 Jan 3 65% Jan 20 Feb 10 95 Jan 3 11 18 43% Fob 28 25% Aug 42% Jau 134 2 2 3 10 3 3 7104% Fob 2S Oct June 81 21 1 106 1 105% Jan 06 Sept 1 .Mar Aug 67%luae 124%luue Feb 23 45% OJt 26 83 79 Jan 2 100% Feb 14 ;>ar "I I 1% Ojt 32iglua3 2 Jan 3 24% Jan 5 3514 Jan 5 79% Jan 5 Feb 100 3% Jan 31 5 Feb 20 26 Jan 3 1*4 Feb 11 81 par .. fi .. 30 .10*1 Dae 27 Mar 72 13% Deo 78% Dec Jan Jan 2) 11.5% Doo Jan 50% Deo 58 Nov 70% Feb 71% Jao May 40% Oct 10% Aug 16| 7 17ij Jao Jan Jao 75 5 3 113% Jao ,'1 I i3 180% Jao 5 88 Nov 80 75% F-b2t 57% Mir 3 10 1'.)% May 39% 73% 95% 24% 60% 18 123% Fib 2 I 93% Jin 3 Jan 16 183 91% Jan 4'li« No 17% June 47% :^ov 4% Jan 30% Oct 16% Aug 23% Feb 110% Ian 26 60 . Mar 41 flO bH fii, 24 40 •7H f.H l»ii Apr Apr 11 Jan 3 69% Jao 4 Jao 9 43 35 fM) I 19 F!b27 Jnn 66% Jnn NO Feb Foil 02 '«, 011I 14% O'l '117 •«3 •67 .1^ OH fi% •78 46% rI .10 , 14% MO no 7% 12% 70% July 67 98 43 1 'ill 16 SISg June 41'gluhe 75% Oct 23 2) 23 3 I 10 31 Ian 16 F„'b 27 2314 148 96 47% Vov 23 Fab 27 91% Jan 89% Aug 24% Oct 21% Aug 3 10 35% la 18% Jao . OS «|i. 100 100 No par r No par M 100 "iI'h.KM) 0*0 AU I 30 17% 2% 70 Juii 17 prof 100 Inn Cbeill..l00 I M, «% 37 32*4 70 •4A ' 3; 3! 12% Mi' irg. « fi% 03 34 72 June 20% Oct 54 Jaa Feb 9 I Au 48 83 3 02 U Uti rii-curlUex V to 100 Vanadium (,'orp ...No tar 8 6 Jan 17 60% 0% 30% Corp.. 100 Ian July 9 113% fto • 1 8 Oct 52 3% Mir Jan 5 10% Feb 20 7% Fab 23 Fob Fob Jao Fob Jnn Jhu Jan 50 3 14 91 par 100 Temlor C & F P. cl A. .No par Tenn Copp A C tr ctfs.jVo par 0% Ian 42I4 Jan Texas Company (The) 25 Texas Gulf Sulphur 10 33% Jan Texas Pacific Coal 4 Oil.. 10 23 Jan Tidiv.valer Oil 100 127% Feb Tobacco Products Corp 57% Mar 100 Do pref 88 Mar 100 Transcontinental Oil jVo par 7% Mar Trunsuo <t Wiiilams St. No par Jan 33 Union Bag A Paper Corp.. 100 162 Mar Union Oil No par 17% .Mar 3.800 United Drug 43% 141 16 17 8% Ian 9 Ian 10 Jao 4 Feb 23 Jan II Feb 9 141i| 82% Jan 12% Mar 5 1 102 25 43 16 4% Mir 47'2 Preferred 100 Unlt<-d Alloy .Steel No par Unlii-d ( Mgar Storia prof.. . 100 142 9% Aug 5% Aug 30% Aug Jan 61 Jan 33% Jaa 54% Feb 8/% Jan 114 F-b 25 74 June 21 65 12 23 laa 3 per Ihari 4 Jao 6 May 305g Apr 15% Apr 16 94 Jan 10 100% Jan 18! 108% Jan 23 115 Mir 2 19% Jan 26 22% Feb 27 13% Feb 11 15% Jan 231 24 Jan 6 35% Mar 3 55 ( 64% Deo 35% Jao 13 3 3 40% Mar 38% Jao Hlijfietl June 97g 118% Feb 15 JanU 33% 1921 6% June 33% Jao 26% Aug 37% Apr 67 Mar SSUMir .30 90% Feb 3 14% Feb 2 Feb 24% Jan Jan Aug Aug Aug Aug Jan Jan 63% Jan Jan 93 16% Feb 67 Feb 93 Jan 30% Jaa 12 71 2 91 Aug Mar 36% Jan 20 Feb 23 SS'g Jao 68 35^8 Feb 27 105 ig Jao 3 Jan 13 92 31 Mar 3 IS'i Feb 23 Jau 28 89% Jan 7 28 14 Jao n 13% Jan 5 27% Feb 8 83 Mar 6 Jan 10 16% .Ian 20 10% Jaa 3 76% Feb 1 73 59% Jaa 4 31% Jan 4 63 8 27% 38% 38% 34% 52i4Mir 3 12% Jao 4 69 Jan 17| 11% Ian 3 6% Feb 27 7 3 56 5g Feb 16 500 44 4« It ' 12 1 7% Mir Dee 46% Jan 4 15% Feb 20 Feb 27 61% Feb ir lin 10 44 1*4 50 Jan 13 't 0% 67*4 •7 Jan 48% Jan 00 43% 33 43 •W •U Ian 10 58 ^ 66% Mir Jan 30 Jan IS ..100 3% •«0 » W% n 44% Union Tank Car .3*4 -. 60 21 800: 6% 'ft'. 6% Feb 99*4 •0% 54% 1 24 's Jan 27 99 •94 5.S*4 I'fi 12% Jan 20 30 s Mir 3 Feb 4 9 99 •43 79% June Sov 8 24% Nov 96 1.200 11.600 300 Aa 7 17% 2.300 Dec 87 7 17% •98 14 Feb 24 Pa'j 2^ 17 4 Ian Ian 0% 1% May 3% Aug Fob 3 Fob 15 Feb 6 Jan 18 13^4 «»S 14 H% 105.200 12% Ian 6 10 82h •117 700 33*4 6»1% No fii ••BI4 •3«% 41% 57% 58% 89% 80% Oig 7% 19.100 S per share 23 553 100 02 33 •no 600 1.32 9*4 3l2 14 7«i 88 25 25 Am '• 37 >| •12 •128 59 88 a.-,- 13 •« 57% 94 2718 137 Do 100 103 100 ii> afii] •80 50% 130*4 140 45*4 43*4 45 2<V% 26 26*4 «17, •jrflOlj 61 t;i% •GI2 7 3*4 4«>« 314 26% 131% •128 A [/ear t per ihire 4% Jan 39 tots Litweu 2% Feb 24 116 9) SHARB Htij/tesi 103% 103% •103% 104 •:7% 28 27% 28% 28% /nj 110 •104% 110 •101% 110 li.i*4 06 01 02 60% 02 44 140 26 .M 116 •43 > •«l» 45% 700! 2.300, 10% •66 18 '98 Mi, , 44 261} 61 ih *4H iAU M 61 f,7 43*4 45 3 27g '-•TIN 103% H' 48 10% 45% 45% 02.200 44% 45I8 49.400; 26% 27% 19.000 _ I'l 6«l2 10% 46 •31*4 I812 100 I' •43 140 MOlz 142 lO'a 45% 3 Siaciair Cons Oil Corp.Vo par Sloss-Sheffieid Steal Iron 100 2.800 Superior Oil 200, Superior Steel 3 9% •27 •43 100% 102% 5 5 4% 5% 5% 5% 5% 6% 30% 29% 29% •29 •2% Seneca Copper Yo pi' Shittu^k -Vrizona Copp3r...i0 Shell Transp & Tradin,' .. £2 5.000 Stewart-Warn Sp Corp./Vo par 9.200 Stromberg Carburetor. jVo par 231.100 Studebaker Corp (The)... 100 400 Do pref 100 14.900 Submarine Boat No par 10% •90 34I4 •31*4 4418 98*4 100% 08*4 •102 102 5% 5% 587g 66 18 73 101 34% 44% 44% 34% 100 10) .Vo par 100 t c 21 preferrjj 5..')00 34I4 102 29% 130 1 34I4 •72 •99 v pref non voting 100 500 Steel i Tube of pref _. 100 Stern Bros prof (8%) 100 114% 114*4 101 33% 43% 181 10% "128 133 5812 60 9114 8912 8OI2 lOig 9% 10 1331 6312 47», 26*4 126 96% 97 181 •2% 10% 46% 45I4 45*4 45I2 •99 1st preferred 433 Dj pref 903 So Porto Rico Suijar Stanlird Milling 5.933 Standard Oii of Cai 5,603 Standard Od of N J 45% 46% r45 46% 26% 2714 2*4 10>g 46 SV% 62% 10 I 37 70 57% •122 0>% 181% 114% 114% 72 72% 73 29*4 5% 47« Sij •29 31 180 I 99 101% 101% 102 98% 101% •102 103 4i8 9-1% 34% 43% 45% 34 427, 34I2 631? 103 3il2 57 ( '122 101 S9I4 102', 131 94 9'S I .Vo par M 14 •65 55 126 100 pref 3,333: Si'COQ >tor Ca'"Corp..Vo pjr Sears. Rjebiclt 4 Co 100 Preferred 103 15,803 103 22.600 103 1.73) 116.603 5.033 8% 43% 40% 22% 23 65 10 100 100 50 100 100 50 25; lOOi Rnplo^ie St'jsl 15,653, Repiblic troa & Steel Do pref 2.833 95 13% •7% •52% 114^4 73 •99 73 •29 31 •32 •03 13% Do 103 2.033 2 2% 68% 69 65 07'i 178 101 337g 3418 44 41 102 96% 0--)%l i •90 53 128 3% •14% 7% 40% 41 22% 23 35% 37% 23% 38 71 0>l2 11478 73 •90 33I4 •2»s I0<4 8% 42 22'4 72 52 52% 13% »7i, pref .10) 23) R?P'jb!l(! \I )tor Tnicii-.V') pa' 5 53% 27.833 Rival D Itch Co (N Y shares). 1.433 St Ijjeph Lead 13% 10 3% 5.103, San Cecilia Su:;ar v c o..Vo par 203 Sivage Arms Corp 14% 100 *3% 05 ; 11% •7% 41% 35% I I15i>s 4534 •93 05 12% 12%; •93 100 25 100 100 100 3,903l Ray Consolidated Copper. 10 9, 703] Reuiiugton Typewriter v t clOO 14 00 14% No No 400 Rand Mines Ltd 33% 48% 49% 78 73% 1% 2% 63% 69 4212 39 •65 •49 •123 96l2 9-')78 96 17912 I8OI2 I173I2 179»4 •2912 1% 68% 60% Do I03'i 3% 2% •14% 42 'Jo's •41, 5I2 I 14% 1% 55 par 100 par par M 200; 21% *6t 55 33 .50 No N 97% 13% 33% (PItteb).. 7,530 Pullman Compaa.v Punta Alesre Sugar 13,300 Pure Oil (The).. 1.900 Rallwa.v Steel Spring 114*4 •2OI4 Co Corp Preferrid Philllpa Petroleuoi Pierce- .\rrow Gar Do prel... Pierce Oil Corporation Do pre! Pittsburgh Coal of Pa 14,603! 34*4 •no 20% 30 47 •s 43% 77% 73 4% 4% 52% 53% 13% 13 2 13%' 3%' 2% •14% 12 7% ^ *13i2 95 11% S's •50 78%, •314 1% 69% •93 23'2 39Ti •65 5II4I 68 I 78 15 •ll2 1»4 70 •92"8 I 53% 54% 1'8 II2 55 5412 13^4 14^8 •50 53I4 545g 68 34 97 . 30% 31%; 4712 40% 53 14 4^8 68 95 •8 42 I 20% 20% 46% 4S%| 77% 7812 •3I2 4% 29'4 83% 30% 40% •96 »61 13% 261' 115% 117 21'» 47 78 \H 35% Phlladelptila Pbillip-,(one3 3,403] Pond Creek Coal 890| Praised Steel Car 203 Do pref 2.603, Producers i Refiners Corp. 13,000, Public Service Corp of J. 15% 82% 38% 30% 33% 34% 9612! II5I4I 2II2 1.003 2001 93 26I4 26% 26% 80 82% 97 97 97 112% 1I2%! 115 115 22 22l->' •20% 21% 13% 14 "I 13% 14 31%l 31% 32% 32 33% •61 63 65 65 63 •no 27.209 6578 •90 93 115% 116% 34I2 .50,203 60 15% 65% 15% 15 27%! 80%! 7812 17% 35 60 65% 65% •90 92i'>i 115% 116% 30 33%; 38 46I4 7612 »3l» 1418 I's 68 15% 65% •90 27 9,100 91% 91% •90% 92% I 115% 116 2 Uig I 2612 •59% 400 7% 28,003 7% 5,200 43% 46 42 60 39 91% 15% 65% 33% 35% 7 7% 60 65% 15'4 65% 14 76I4 •3I2 52I4 •13'2 •134 60 16% 33% 17% 15% 8 46 »90i2 9II2 77I4 478 5318 48 4^.'2 7% 43 60 •90 7858 77 78% 78 11512 11512 1I5I' llO's 37I2 38I4 37'4 371s 35I4 35^8 35^8 35 97I2 9612 96 96 •110 II5I4 •110 11514 22I4 221,' •22 22 I3I2 14 13% ISH 3II2 3134 31'4 32 32 su 47 *90i' I8I4 357g 10,800 92 90% 33% 34 91% 33% 33% 91% 33% 35% 35 *90l2 •89 PBIt K'ln/e for preotuut 1<)22 I ilf \Of>-%iiire. ilT* S per 5% •5l'> 35 95 347g •88 •89 90 14I2 31 8 IS'4 34I2 92 31 90 •89 92 33 28 -50 •30 8 33 66 65 55 16 7I4 Am 2% 5% Jill Loieesi C 74% 75 35 35% 32I4 15'>s •61 8 80 7% 92 *89 '.iVz 32I4 1638 92 27I4 507g 16 6% 66I4 •65 92 56% 8 35I4 9214 355s 92ii 31% 95 34«4 •92 62 50% 75 7I4 15% 80 80 1> 7 16 75I2 40% 55I4 55% 50 •8 8I2 66% 4812 •55 15% •55 7I2 . 66 15% 66 14% 48% 40% 59 16' 7 75 •102 29% 35I2 •isu •121 10% 29I2 7% 55'4 40 14 •8 8I2 • 978 29 14 1\ 2% 99 97g 14 14 4Si8 49 18 •9-3 O-i »illlt EXGUAMOB th'. Wefk. 3. $ per share P'.r l/lir? •51 I'>'2 9-3 Mar. 2. KviQt fine- Shire' laJus. Sc Mneell. (G>a.) Pa' li.403 Okiali'i'ni Prodctllefof 203 Oiiiarlo Silver Minltiu 100 I 1.500 Orpheiirn Clrnnlt. [nc •15% 15% 1 15% I5I1 1.200 0:ia Elevator 138 137 13)% .100 136 •96 50) Preferred 97 100 •Oj OS 10 2.600 Otis Sceel 10% Vo par 10 10 29% 20% 29% 33% 8,533 Owens Bottle 25 •6 603 P:ielflc DeveloDtnent •654 7 7% 6>l2 •66 1,533 Piciflc G n .t lOleotrlo 6-J 06% 100 •15 P,islflf Mall 33 1,8 15 15% 15 5 48% 40% 73,933 Pa.;lflcOil 48% 40 •55 Pnlfic Tel 4 Tel 62 62 100 56% o-Vz 57% "4.633 Pan Am Pet & Trans 50 Do Class 8. 50 53% 51% 51% 52I4 10,533 •7% 7*4 2.903 Panhandle Prod A Ref..flo pa' 7% 7% Praferre.l 80 100 83 * 530 Parish & IJin^lia-o Vo par 15% •15% 16 7 7 7% 24.003 Peno-Saaboard 5t'l v t c .Vo par 7% 4,403! People's G L & C (Ctilc)..100 75% 74% 74% 74 $ 137% 59 62 66 14 483g I5I4 137 29 68I4 66 IV2 9% 9^8 ••)'4 137 137 96 9l» Mir. 2% a% 21-. PrHvi. T1'4rtll'IV. 1. $ pfr sharp 5% '014 I5I2 16 140 29'4 97g 29I4 Mar. S per thare 2I4 3 | '"4 •138 •94 141 W-'in-S'li'j. h\!>.l%. P8H HfURB SrOCKH sew YOIIK dTOGK Silea />r 931 4 fourth page preceding hl-u M oait< 'ii «4A uc 19 7 May Jao 27% Jan 74% May Mar 63% De« 79% Apr 102 103% Jao 38 In Dno 44% Jan 80% May 116 •16% Deo Doo 12% Mar 41 Jao 88% Dno 42% Jao 102*4 06 Jao Jnn 0% Mny 13% (lot 72 04 Jon Apr 06% Jan 52% Deo 44 May 17% Jon IH«4 Doa 10% Mny 42 47 Mny Jnn NP% Fob I3U«4 Doc 113% Nov 66% Mny Don M6 70 •"I Nov No» —— —— 932 1 1909 the Ezchanoe methoa of quoting BONDS STOCK EXCHANGE Week ending Mar. U. S. 3K% Price 3 D D D D J J J J Second Liberty Loan 3 Ask Low 97.00 Sale 97.48 Sale 98.50 Sale 4K% . MN MN MS . Third Liberty Loan of 1928 Fourth Liberty Loan of 1933-1938.. 4M% 4K% Victory Liberty Loan 4Ji% Notes of 1922-1923. 97.10 Sale 97.28 Sale A O of 1927-1942... of 1927-1942 97.54 Sale J of 1922-1923 2s consol registered dl930 Q 29 consol coupon 10-3(>-yr 2s..itl936 33 g 1901 196 Registered * F A A F F A M A j! s 88I4 — M D MN lom N NY Highway Improv't 4^3 1963] Highway Improv't 4)^8. ..1965 85% 108% 611; — Stamped L& N W lstgoId5s 1934 Bait & Ohio prior 3 Hs 1925 Registered ..41925 1st 50-year gold 48 tl918 Registered S 19 18 10-year conv 4^8 1933 Refund & gen 5s Series A 1995 Temporary 10-year 09 1929 Pitts June 1st gold 63. 1922 P June & Dlv 1st g 3 Hs- 1925 P L E & Va Sys rof 4s. .. 194 1 Southw Dlv Ist gold 3Hs 1925 Clev Lor & con 1st g 63. 1933 Ohio River RR Ist g 5s 1930 General gold 53 1937 Pitts Clev & Tol Ist g 69 1922 Tol & Cln dlv 1st ref 4s A . 1959 Buffalo Pgeng 58 .1937 Consol 4^8 1957 AU & West 1st R 4s gu 1998 Clear & Mah 1st gu g 68. . . 1943 Roch & Pitts Con 1st e 6s. 1922 M W W R& •No price Friday; latest bJd J J M U D S J J J J M M S S S M MN J D MN J J J J MN 7934 8OI2 7812 89 J D O A A O J M J S N A O IW J J J D 1971 90 89I2 8434 8434 5434 8534 345; 305; 85% 50 45% IIOI4I IO7I2I 107 3934 54 10734 I 167,112% 115% II514 7012 72 70% 641 67 50 102% 108 106 112 73,1 108 112 IO5I2 110 99% 99% 15 3 4 99 99 99 IO4I2 Feb'22 99 Sale 8712 Sale 112 7834 Sale -; 97I2 Sale 83% 99 7:103 104 IqI 9334 94 104% 84% 86 Dec'20 Jan'22 110 Oct'20 24 143 Fcb'22 58I4 85 S7I4 80%' 78%' Feb'22 32 Sale 8734 Sale >*8i4 56, 83% 8634 9834 37 87% 78 79I4 79 14! "lot Jan'22i "sse! 79% 107| 97%l 428 8834 93 91 200 80 9834 88'4 9834 80 5: Jan'22i 91 70% 79% 75 74 77 75 80 79% 94% 99 Jan' 12 89% 30 75 57, 88%l 176 Jan'22{ 87 90 7234 70% 86 92 89% 00 90 92 Sepf21 L. 90 99 64 100 81=4 89I4 85 22 104% 107 8734 105 74% 87% 90% 101 92% 80% 86% 91 Feb'22 Dec'21 65 61 100 Feb'22 ... 89% 89% 89%; 9 8OI4 Dec'21 9938 6412 Sale 9834 100 80% 98'4 78 87% Feb'22 9214 76 7934 12978 Aug' 15 731, 79 10078 Nov'20 9538 Dec'2I 9II4 921 92 87I4 81 8Ii4 91I4 91 14 8; Feb'22, 8 134 9OI4 7V% 78% 63 90 ; Jan'22' J:in'22' and asked. oDue Jan. dDue April. 62% 66 98% 100 88% 90% 90% 90% ion 100 Week's Range or Rantt 3 Last Sale Jan. 1 Ma . Bid Asl Low ; MN Consol gold 53 1945 10-year temp secur 69. June 1929 Chatt Dlv pur money g 48.1951 Mac & Nor Dlv Ist g 53.. -1940 Mid Ga& Atl Dlv 53 1947 Mobile Div 1st g 5s 1946 Cent & B of Ga coll g 5s. 1937 Central of J gen gold 5s ..1987 Registered ftI987 Arn Dock& ImptguSs 1921 Y & Lone Br gen g 49... 194 1 RR 94 97 | 97% 97I4 Dec'2I Feb'22 7634 ... 7034 93 M J Nl 91% ... 91% ... 91% ... J Ji Q 105% IOtU 105% J J J 105 106% ... J 1939 iW Registered 1939 M General gold 4Ks 1992 Registered 1992 20-year convertible 4 1^3... 1930 F 30-year conv secured 53 .1946 A Big Sandy 1st 4s 1944 J Coal River Ry Ist gu 43... 1945 J Craig Valley Ist g .5s 1940 J Potts Creek Branch Ist 48- 1940 J R & A Div 1st con g 43 1989 J 2d consol gold 43 1989 J Greenbrier Ry Ist gu g 43.. 1940 Warm Springs V 1st g 5g ..1941 Chic & Alton ref g 3s 1949 A Ka«;cnj/ 1st lien 3!^S-- . 1950 J Chic Burl & 111 Dlv 3^8- 1949 J Illinois Division 43 1949 J Nebraska Extension 4s 1927 Registered ..1927 IW GeneraI4s 1958 Temporary .5s 1971 F Chic& E Illref &lmp4sg...l95S J J N N M M 8334 83 ... 88% Feb'22 105% 84 O 86% 83I4 Sale Sale 84 86% 76% Feb'22 76% 75 8638 73I4 80 Nov '21 73% Feb'22 J 82% 83 82 75 77% 09 S 8534 O 8O34 50 55 5534 39% Stamped Guar Tr Co C&E III RR ctfs of 41% Sale 4 1% Sale J J J 95 95'4 M 95 28 253 95 87% 88 8034 88 75 9134 9II4 91I4 76 75 D 8'%, 73% Sale 7234 63 64% 64 81 81% 81 59 Sale 58% J J J Gen & ref Series A 4H3-.. 02014, A O Gen ref conv Ser B 58 .a2014 F A 64% 72 14 73 J 6O34 Sale Chic & Mo Rlv Div 53 1926-1 C M&PugetSd lstgu43..1949 J J M1IW& Nor 1st ext 4H3 ..1934 D 6OI4 Sale Permanent 43 25-year debenture 4s 65 64% 81% 84% 87 -I 1934 J D N'west Ext 4s ..18.86-1926 F A Registered 1886-1926 F N General gold 3>^3 1987 Registered pl987 Q F N General 4s 1987 N Stamped 4S-.. ..1987 N General 53 stamped 1987 Sinking fund 6s 1879-1029 A O Registered 1879-1929 A O Cons extended 4 H9 8334 & Sinking fund 53 1879- 1929 Registered1879-1929 Sinking fund deb 6s. 1933 Registered. ..1933 lO-year secured 73 g 1930 15-year secured 6 K9 g... 1930 Des Plalnes Val Ist gu 4^3 1947 Frera Elk & Mo V Ist 63 . 1933 81% 83 ManG B& N W 102 101% 103 101 1J2 96% 105 97% S A O .1 J 1941 J J Mllw L S & West Imp g 58.1929 F A Ashl.ind Dlv 1st g 69 1925 M S Mich Dlv I9t gold 6s ...1924 -1 • lst3Hs..l941 MllSpar& N W l3tgu43 M 1947, Istgu 58.-1948,-1 » •) .1988-' -1 1934 A O R I Ark & Louis Ist 4>i8 .1934 IW S Burl C R & Nor 1st 58 1934 A O C R I N 1st gu 59..I92liA O Chic OkIa & Gulf cons 5s-.1952,M N Keok & Des Moines Ist 5s. 1923 A O St Paul & KCSh L I9t4>i9l94l F A Chic St P & O cons 6s 1930 •• D Cons 5s reduced to 3^s 1930 * D Debenture 53 1930 IW S North Wisconsin Ist 6s.,.. 1930 J J Superior Short L 1st 5s g el930,M s Chlo T H <fe So East 1st 69. ..I960, -J D Chic & We.st Ind gen g 68...el932 Consol 50-year 43 1952 J 15-year b f 7^3 1936 Cln H & D 2d gold 4^9 1937 J J C Find & Ft N Ist gu 4s g. 1923 Day & Mich Ist cons 4^8.1931 Cleve Cln Ch & St L gen 43 .1993 20-year deb 41^8 1931 General 5s Series B. 1993 Ref & Impt 63 Series A 1929 Cairo Dlv I.st gold 43 J 1939 Cln J & Dlv Ist g 49... 199 N St L Dlv 1st coll tr g 4g 1990 Spr & Col Dlv Ist g 43 S 1940 Val Dlv Istg 4s 1940 J J CI St L A C Ist g 43 F *I938 F ReRl9tered * 1936 Cln S & CI cons Ist g 5s... 1928 J CCC&Igenconsg6s J 1934 Ind B & Ist prcf 4s 1940 O Ind & Ist prcf 53 O dl938 J Peoria & East 1st cons 48.. 1940 o Income 4s 1990 Apr Cleve Short Line I.st gu 4 4s. 190 A O Colorado & South l3t g 4s... 1929 F A Refunding & exten 4 4S...1935 IW N Ft & Den C Ist g 69 1921 O Cuba RR Ist 50-year 59 g...l952 J Ist ref 7M9.. 1930 D D L& & E 1st gu 3>is 2000 D N Y Lack & We9tcrn 69... 1923 A Terminal .% tmnrove't 4s_ 1923 IW N M QM M W W W— M »Due May. ffDue June. ftDue July. ifcDue Aug. ...I 96 3 105 107 Oct' 19 37 106 Jan'22 91 99 78 77% Sale 105 92 Mar'2I IOII4 IOII4 77% 100% 101 85 105 87 92 118 95 8234 80 79 14 104 105 70% Sale 87 1 10334 70'8 100% 78 93 98 Sale 9734 Feb'22 Feb'2 92 80 92 81 79% 104% 107% 90% 87 91% 94 I 12 Nov '16 SO 1 2 10334 71 IOII4 73'4 103 1 71 46 I 80'4 104 68% 74% 997g 102 86 85 77% 87% 98% Feb'22 76% 79% 7 14 86%i Feb'22 78% 78% 78% Jan'22 85 139 . I 25 87 86% 93 98% 95 7934 85% 76 79 77% 78% June'2I Nov'2I 94 107 104 75 82% 73% Sale 73 27% Sale 26 92% 92 92 90% Sale 90% 85% 87% 85% 100 78% Sale 102 Sale 7634 78 98% 97 Is 89 May' 18 78 7878 oDue Oct, 9634 89 72 76 80% Doc'21 82% Sepl'19 9438 lot I 8O34 781 77 84% 96 .4ug'2I 7738 8138 7934 83% 78 Mar'I7 Sale Sale 79 10234 75% 7934 76% 79% 33 2 9634I 81 79I4 37 87% Feb'22 87% 77% 86% 77 95 79 78 Jan'22{ 7834 316 88 83% 85 101% 85% 87 5 Feb'19| Sale 102% 92% 108 1,1057« 1057. Feb'22 8U34 106 97 106% Juue'2I 89 S3 103 Mar' 21 97I4 8834 81 102 Dec'21 Feb'20 97 00% Aug'2I 78% Sale 78% 77% Sale 77% 95% 96% 96 1 W W 82% 81% 83% 99% 105 81 84*4 85% 86 Feb'22 98% 101 101 8234I Sale 8I34 81% M M WW I0O34 IOII4 8O34 80 93I4 15 105% 1 10034 M W M i 101% W F& 94 72 70 78 6O34 15 Nov'21 100% llOI% 10734 I Registered 54 92 reb'22 97 95 70% 97% 100 J 65 101 94% - S 65% 92% 74% 9334 10634 Sale Mllw&SL lstgu3H8 62 60 63% 67 93 Dec'21 106% 106 85% 104% 76 ...I 98% Feb'21 Sale 106 -• 69% 76 July'2I 101 103 913g M N IW N ^ M S 64% Dec'21 83 81% Feb'22 101 A O A O IW "75% 83 M 66 84 5934 66%' 104 93 92 74 70 83 *92 7438 71% 75 64 79 84% Jan'2I 87 91% 94 M M M 7538 375 7514' 0034' 64 79 81% 75 75 21 36 132 122 175 59% 92% 93% 93% Feb'22 •* Chic 74 87% I 73 64I4 65 61 103 92 81% 83% 65% Sale 643$ Sale 1932 J 1925 J .1934-1 74% 68 69 101 I 5934 D D 4Hs Convertible i Jan'22 Feb'22 83% 79% Nov'21 84 103 103 8434 81 10434 10434 15 75% Jan'22 83 102 I 67% J 3 J 86% 89% 97% 33% 33% 103% 103% 2 Dec'2I 10334 Jan'22 84 Jan'22 105 Feb'22 72 74% 940 00 61 34 103 Jan'22 .. Sale 91I4 I 104 6014 Sale •* 14 198: 97 103% Sale 103% 105 J 24 10 I 97 97% 34 14 Dec'2I 33% Jan'22 Sale J S; 52% 69 37% 4I7g 7714 81% 87% 90 96% 93 . Oct' 19 97 A M N| M gen 5s- 1951 co) Apr'21 Dec'2I 90% ; {new Chicago Great West Ist 4s. ..1959 Chic Ind & Loulsv— Ref 69-.1947 J Refunding gold 5s 1947 J Refunding 43 Series C 1946-1 Ind & Loulsv Ist gu 4s 19.56 J Chic Ind & Sou 50-year 43... 1956; J Chic L S & East 1st 4!^s 1969 • Ch & St P gen g43Ser A.el989,J General gold 3^3 Ser B..el989 J General 4 l^s Series C el989 J 127, 78% 78% 79 Feb'22 88% 88% 88% 88% dep ctfs of deposit... 73% 71 82% 82% 79% 79% 79% Jan'22 80 A O 103% M N 105% 1930 1937 "as" 82% 85% 84% 86% 76% 76% Dec'21 J J 77 MN N M S General consol I.st 53 U S Mtge & Tr Co 193 213 8534 D D M Mtge& Tr Coctfsof dep-- "82'i% I A Q— S 90% S8 94% 101% 83% 86% Nov'2lL MN 1st consol gold Os 88% 90 103% 106% 1 100 I S S 93 93 Dee'2I| Apr'2l| J RR U 4 66 Dec'2I . IOOI4 June'21 . 85% .. 80 Aug'21,. 94 94% 94% 98 24 97% Sale 98% Feb'22 . 100 78% June'20 . 8334 Saie 83 14 84 34 MS l3t consol gold 5s 95% 97% 89% 94 94 97% 1 94 96% ji J, Ches& Ohiofund & Impt 5S..1929 581 97% 94 97i-> 89 94 107% 110% 77% 79 2 83 84% 78% 95 High 19 93 96 36 108% 110% 84 J N No. Low 95% 110 109 84 D, N Since Hloh 9434 IO9I4 IO8I4 7734 J J J Refunding gold 4s 8734' 112 110 July'20, 8O34 9834 Price Canada Sou cons gu A OS 1962 A O 93 Sale Canadian North deb 8 f 7s 1940 J D 10934 103% 25-year s f deb 6 i^ 3 1946 J J 109 10)14 C;inadian Pac Ry deb 4s stock _ I J 78 Sale Car Clinch & Ohio Ist 30-yr 53 193S J D, 83% 81 Central of Ga Ist gold 5s... p 1945 F A 9734 St July'20! aefauljbon<U. Friday ending Mar. 3 LPeo& NW Chic R I & P— Railway gen 4s. 1988 Sepl'20 02 75 95I4 2 103% 104% 2 IO3I4 105 Jan'22 91 9538 93% 94 20 104 85 90 89 93 105 105% 93% 94 95I4 95I4 88I4 75 79% 90% 99 104% 76% 78% 79I2 Sale 97 Sale 9734 100 9934 4l!l03 Feb'22 Feb'22 9312 Feb'22 77% 89 99% 97% 105 94 95 8134 98-'>4 1)0)4 98 103% 104% 36 103% 104% 104% IO4I2 IOII2 10412 80% Feb'22, 86% 87 110% I 9SI4 II412 8OI4 78I4 82 5812 47I4 99 91% 87 14 7834 94 9OI2 122 105% 108 698 99 103% 10134] 337 99% 102% 102% 158 100% 102% 93 1016 90% 93 10034 420 94 10034 98I4 10034 IOOI2 87 14 '87"ii' 8O34 IO4I2 Sale 104% 94% 94% 64 101! 136! 43 12 105% 72% 76% 80% 8534 80% 8558 70%; 603 10912 76% Sale A O 100 106 88I4 75I4 78I4 Sale 7634 08 J 1007 96 1630 9834 2131 100 93% 33 92 12 90 1-55 86% I 92 J 100 lOQ 106 9212 I J MN MN 100% 87I4 '80% 100 98l2 102 100 10314 57 44 106 IO9I2 8512 91. 8412 90 85I4 77 I 105 J 9534 10434 82% 83%' 82 82 88% 90 90 91 9414 92% Dec'21 A O A O 95% 98% 100% 10184 12! 89 104% 90% 98% 97 91I2 93 92% 8OI4 9434 79 "4 25 76 02 IO5I2 IO9I2 93 105 IO9I2 150 IO7I2 110 1238 9OI4 9834 26 8512 89 9534 1424 94 696 99I4 10434 1497 94 100% 9834 01 87% Nov *1995 Nov W Sale ! tI99,"i gold 48... 1955 4s Issue of 1910 1900 East Okia Dlv 1st g 4s.. 1928 Rocky Mtn Dlv Ist 4s 1965 Trans-Con Short L Ist 4s. 1958 Cal-Ariz 1st & ref 4H8 "A" 1962 8 Fe Pres & Phen 1st g 53 1942 Atl Coast Line Ist gold 4s.. 41952 10-year secured 78 1930 General unified 4)4s ... 1964 Ala Mid 1st guar gold 53..1928 Bruns & 1st gu fold 43 . 1938 Charles & Sav 1st gold 78 1930 coll gold 48 01952 Sav F & Ist gold 6s 1934 ; 87I2 Sale 1995 Conv Conv 110 96^4 8818 7II4 Railroad. Ann Arbor 1st g 4s . . .ftl995 Atch Top & S Fe Gen g 4s_ _ 19U5 . Registered Adjustment gold 43 8534 79I2 IO9I2 IO9I2 79 110 95 Virginia funded debt 2 Ss.. ..1991 96 15 10734 IO7I4 80% 105 99 103 253 90 9912 105 O MN 91 IIII2 8OI2 14 8934 f'ale MS 4H% 3H% 135 IO9I2 109% 105 108 494 57 89 Sale D M M M M IO3I4 99% O — 102 97 100 94 1 NY 10434 86% 10434 9838 10334 M M 9412 103 118 IO412 IO8I4 10034 IOII4 89% — 431 27 35 357 254 212 09 378 109 287 52 109 79% 62 77 81% 67 10334 IO8I2 102 Sale 93-8 Sale F A 90 Sale Japanese Govt £ loan 4^9-1925 F A 89I4 89-58 Second series 4 Hs 1925 J J,. Sterling loan 43 1931 J Ji* 76 Sale Lyons (City of) lo-year 6s... 1934 N 85I2 Sale Marseilles (City of) 15- jt 03.1934 N SSI' Sale 55 Sale Mexico Exter loan £ 5s of 1899 Q J 4338 Sale Gold debt 43 of 1904 1954 J D Norway external s f 83 1940 A O 110 Sale Queensland (Stete) ext s 1 78. 194 A O IO714 Sale 99 Sale 25-year Os 1947 A Rlo de Janeiro 25-year 8 f 8s .1946 A O lOlU Sale San Paulo (State) ext s f 83.. 1936 J J 102 Sale 92I2 Sale Seine (Franco) ext "s 1942 J 3 Sale 101 Sweden 20-year 63 1939 J 115 Sale Swiss Coufeder'n 20-yr 3 f 83.1940 J J 75 Sale Tokyo City 5s loan of 1912 Uruguay Republic ext 8s 1946 F A 10534 Sale 1 10% Sale Zurich (City of) s f 83. . . 1945 A (These are prices on the basis of $5 to £) State and City Securities. 9914 99I2 City 4>is Corp stock.. 1960 in 99I4 99I2 4^8 Corporate stock 1964 99I4 4Jis Corporate stock 1906 4M3 Corporate stock 1971 Sale 4K8 Corporate stock. July 1967 J J 10412 Sale 105 43^3 Corporate stock 1065 > 4)4s Corporate stock S 10412 105 1963 9534 4% Corporate stock N 95 9534 1959 N 95 4% Corporate stock 1958 9514 N 95 95I2 4% Corporate stock 1957 9434 4% Corporate stock reg 1956 104 I04I2 New 4Hs 1957|M N 104 Corporate stock... 1957 8512 Corporate stock 1954 tn State—4s 1901 IW S Canal Improvement 43 1961 J J Canal Improvement 43 1960 J J — IO8I4 IO9I2 IIII2 9734 9034 99I2 Sale F A 100 F A 105% F A 105^8 103 8434 9434 Sale 10334 dale 100 IO8I2 103% D J IO4I4 79 81% 10714 10334 IIOI2 M M MN J Dee'21 79 101% 102">8 J, 105 105 62 104 1 July'21 IO7I2 Sale aI 108 Sale N 10912 Sale Sale N, 111 8512 Sale Dj 104 '8 Sale O 9S1.1 Sale O 96 '8 Sale A 9978 tSale aI 1U3-J4 8ale O lOl's Sale N 103 Sale Sale t 56 O 109 Sale 90 Sale J 90 89 S| 84 Ai A 791s Sale A IO8I2 110 A 109 Sale O 110 Bale 9 8 '4 Sale J J 100.30 3862 100.02 100 32 100.02 280 99 96 100.30 103 14 2 10214 10334 78-^8 IW 10 97.56 15159 95 86 98 20 83 79 82 81 S J d! IO8I4 Sale Argentina Internal Ss of 1909 . Belgium 25-yr ext s f 7>is g. . 1945 5-year 6% notes Jan 1925 20-year s f 8s 1941 Bergen (Norway) sf 8e 1945 Berne (City of) j 83 1945 Bordeaux (City of) 15-yr 6s . 1934 Brazil. U S external 83 1941 Canada (Dominion of) g 5s.. 1926 do do do 6s.. 1931 10-year 5Hs 1929 Chile (Republic) ext s f 88...1941 External 5 year s f 8s 1920 25-year s f 8s 1946 Chinese (Hulniang Ry) 53 of 1911 Chrlstlania (City) s f 8s 1945 Copenhagen 25-year s f 5HS-1944 Cuba— External debt 58 of 1904 Exter debt of 53 1914 ser A. 1949 External loan 4Hs 1949, Danish Con Municipal 88 "A"1946 Series B 1946 Denmark external 8 f 8s 1945 20-ycar 6s 1942 00 80 30 98.28 17143 96 74 98 SO 100 79 75 Wee No Low High 10314 lOO's June'20 IO5I4 105% I05I8 105% 1051s 10518 lOSig income and BONDS STOCK EXCHANGE N. Y. 1 97.26 57 95 70 97 84 97.28 5788 95 32 98 10 96.86 90.74 100.00 100.00 Sale Since Jan. 97.10 2376 94 84 98 97.20 7 95 70 98 97.54 1079 96 04 98 99 00 12 96 82 99 97.00 IO3I4 IO3I4 J QMj Foreign Government Dominican Rep Cons Adm s f 5s'58 Dutch East Indies ext Os 1947 French Republic 25-yr ext 83. 1945 20-year external loan 7H8.1941 Great Brit & Ireland (U K of) 20-year gold bond 5Hs 1937 10-year conv 5H8 1929 3-year conv 5 >^s pl922 Italy (Kingdom of) SerA6Hsl925 100 02 96.94 97.00 97.02 98.00 Record, Friday, Weekly and Yearly yrice, are nov>-"ar,a interest" -except for Rang 1-^ Hiah 97.36 100.28 Sale Q J Q f; Q F Q pi QM d 1930 1925 1925 4s registered 4s coupon 98.20 Sale D D J 3Ji% Notes Panama Canal Panama Canal Week's Range or Last Sale ^^ Loan was chanoea and 3 Friday of 1932-1947 Conv 4% of 1932-1947 Conv i}4% of 1932-1947 2(1 conv i\i% of 1932-1947 Conv 1 1 : l>on<i> Mar. Government. First Liberty 4% 1 New York Stock Exchange-Bond Jan N. Y. M . 1 99I4 Jan'22 Jan'22 94 104 Nov'21 74 28 92 38 31 91 20 1 87 Dec'2I 78% 79% 20 101% 102% 861 76% 99% 707s I 99% 4 98 94 104 Feb'22 pDue Nov. Due Dei. » 70% 74 22% 28 94% 90 84% 93 81% 87 77" 100 '79"% 102% 77% 78% 98% 99% J7 98% Citlon sale. New York Bond Record— Continued— Page N. Y. Week Del Lack 4 Range Ranoe or Mar. Last Sale Since Jan. 1 Price feS ending Mar. 3 Western (Conci.) WuVa Friday BONDS STOCK liXCHANOE — 3 Ask Low Bid I High No. Low 7 6ig 77>4 102ig 99^8 8318 Week Ist Men eqiUp g 4H8 1st A reJis 80-year conv 5a 10-year secured 78 J MN A O 19i0 J D 1!I35 A refunding 53 .1955F Trust Cocertlfsof depo3lt...i 1939 J RloGr June 1st gu 53 1940 J Rio Or Sou l3t gold 4s Guaranteed 1940 J lUo Gr West 1st gold 4s... 1939 j Mtge. A coll trust 43 A. . 1949 A Det A Mack— 1st Uen g 43... 1995 j Gold 43 1995 J 1961 IH Det Rlv Ter Tun 4)^3 Dul MIssabe A Xor gen 53... 1941 J 1937 A Dul A Iron Range Ist 53 Registered 1937 A Dni Sou Shore A Atl g 58 1937 J Elgin JoUet A East Ist g 03.. 1941 M Erie 1st consol gold 7s ext..l930 1947 Nl Y A Erie 1st est g 4a 1043 m ard est gold 4!^8 1930 A 4tll est gold 5s1928 J Sth ext gold 43 Ist 7s ext..l930 YLEA 1996 j 4s prior Er^e Ist cons g ..1996 Registered iBt consol gen Uen g 4s.. 1996 1996 Registered Penn coll trust gold 43.. 1951 1953 60-year conv 49 Ser A 1953 do Series B 1953 Gen conv 4s Series 19S2 M Chic A Erie 1st gold 58 Cleve A Mahon Vail g 53.. 1938 J 1955 J Erie A Jersey Ist 8 f 6s Genessee River iHt 8 f 63...1957 J 1935 A Long Dock consol e 6s Coal A RR Ist cur gu 69. . . 1922 M Dock A Impt ist ext 5s.. .1943 J Y A Green L gu g Sa ...1946 M Y Susq A Istref 58...1937 J 1937 F 2d gold 4^9 General gold 5s 1910 F 1943 M Terminal Ist gold 58 1940 A Mid of N J Ist exl 5s. 1942 J WUk A East 1st gu g 53 Erana A T H 1st gen g 58. ..1942 A 1923 a Mt Vernon Ist gold 63 imo A 8ul Co Branch 1st g 58 1959 J Flortda ECoast lst4 48 4 Hs... 1941 J Fort St U Co 1st g Ft Worth A RloGr Ist g 43.. 1928 J OalvHousA Hend 1st 59 1933 A Grand Trunk of Can deb 78.. 1940 a 15-year s f 6s 1936 1936 J Great Nor Gen 7s ser A 1961 J IfltA ref 4^i9 8erie8A Registered 1961 j 1952 J Temporary 5 Ws 1933 j A Man 4« 8t Paul 1033 J 1st con9ol g 69 Registered 1933 j Reduced to gold 4^8... 1933 J Registered ..1933J 1937 j Mont ext 1st gold 4s Registered 1937 j Pacific ext guar 49 1940 J E Minn Nor Div In g 4a..l94H a Minn Union Ist g 6« 1922 j 1937 J Mont C Isl gu g 68 Registered 1937 J 1st guar gold 5^1 1937 J Will A S F Ist gold 5a. . . 1938 J A' | D W N N N W D M M A W Deb clfj "A" D<-bcnture ctfB "B" Green Bay ' OaU A BugtolTfTtl 1951 1051 M gold 3s aterllDg CollaterBl trust gold 4s 1952 1952 1955 Pnrebased lines 3Hs 1952 1053 L O * Texas gold 4s 1953 Rsdstered 1934 U-rev ieeured S^s lft-ye«r secured A Hs g 1036 Cairo Bridge gold 4s 19V) Uuhnfild IJiv lit gold 34. . 1951 I>jul«» r)l» * Term g 3 VJ». 1953 R«gtstered lat refUDdlDg 48 N gold I 3ii Term Btl g 3 g 3s Mi's' 111 l<t«4s B*lli-v A <';artt* H- Chl« St Int vM ! gu ( 4« A Jum*-" J O .V J X J a' A .V O D O O O D j J O O S J J j J J J j j j D D J O j J J J D j 3812 Sale 38 Sale 41"2 Sale 8718 S7l2 9038 86 Sale S5'4 86I2 lU3is 98 57 j M M j j j J J a K',\i\ •,i It. Ai.r 164 87 96S4 9712 8II4 54I4 3914 6058 42 87 Jan'22 87 905g 86 84l2 S4I4 I 3434 1 80 "9 8514 9018 7818 7938 19 45 40 40 43 87 Feb'22 Feb'22 Apr'2 44 72 8312 87 S514 88 64 3818 8312 8312 Nov' 19 88 44 5612 79 80 80 M 87 101 10718 88I2 82 14 9t5i2 9612 90I4 105ig Sale 91 loa 92 9134 99 95 96 10«»4 188 100 70 8i8 712 7218 8^34 Sale '79I8 II" 72 82I4 83lt - 79 68 OH'i Sale los H-ilr . . 831, WH Nat I of New 63»8 77 Mex M o;ti: Main J 77'« 82 I'.l J Mill 'VI J M M i A A VI J 'I J - Ti-x .Non N Y pr 77I8 7314 90 90 A I 837| . . H5i( H6tt O7I4 OH HI H3S 04i« Hkl« Mcilrii RR lit 08. A. .%« riirtv O7I1 25 7H HI. ••J 80 NO 1 7R'i I'. A . deb Os :.Mil A ..n2'> . . 1 I ..I'ISO . 199 S llud River oiiglHs.. 12 5• H4 r H.'.'t I lit gu g 4« I M \ I OHN ) J 1 'I H A II A 711I4 Sale Hale 74^ 75 87% H7l| '83* 7lit A •... Ti OH »N NO 90 79 Feb'Oo Oct'21 33 74 79»i 1 1 N0V2I 97I2 100 9513 951* 797» 77 Feb'22 Feb'22 7934 \"'l Mar' 10 ---Nov'lO July'20 Jan'22 101 1 Feb"22 695g I 39 43 71I2' 101 75 31 40 94I4 8234 9 40 30 36 70 32 96 8 10 39i8l 95I8 43 73>i 3938 8558 89 7 9614 100 181 IOOI2 102*4 30 33 39 8734 981a 101I2 Deo 21 1 Feb-22 Feb'22 ! 218 767g Feb'22 73 48*8 ' 59I2 62 481a 35I2 Feb'22 1 4' 7834 Feb'22, 3 61 Feb-22' Jan'22 6912 126 73 72 12 62 14 i 82*4 77I4 56 59I2 39I1 78*4 75 61 62I4 69 27 58l2 29I1 6918 80 1 83 7018 715i 77 83 78I4 81 77 82 '25' 76*4 62 89 81 68 9378 51*4 724 4334 S 8418 9718 90ii 69*4 89*8 997i 97I4 SSSsI 9911' 80 95 37 76<8 I I 73«» 72 I 7Ji| '00 I 1 86I4 H7«»| OOif Junn': H0«4 l'Vli'22 73 04 I H7I| 70i| AOI4 78 76 Frl.'-'i . 88 H0*4 . OVI4 7S 7I>4 74ii 721a 74l| 00 00 N<iV'21 7211 Jnirii no It 1 l'VI>'i2 .. . H5li Jnn'i'J .... a444 701a Jiily'2r .,..11 104 »0 80l| HAl| Miiy'io:... Jonn'21! .. .., H3>i H'l 74l| 76 84 75H Jnn'22l. 7411 I Hi 7ft 71'ti * MOU HN t>«a'3l 77«. 73I4 Nuv'2l H7l« OH't bM sod Mk«d <* this |lx J 77«4 Hulc 7 7944 M<|f4al« loo I'll isisM H.tlo Jul, IMI ; M M 82 93 Ot*4 Ml J i'l 70 87 I Tt .'4nln 105*4 Hiilo 7«li A lii|'4 81 73l| 0Hi8 Halo OllU Halo 99 It A' H5 7958 1 1 73 « • r 70*, I 79 . •, Nov'21 ^0 1 I .11142 J I9IIX r I'm'i J I'»:vmJ ... I 1 1 0018 J' 77 I Sale 9134 100 J ',H I -.0 8tl2 96" 8378 — gold 3 i<U M5 71 78 Safe" 91 lOll] 102 97i2 ... r 06 oil Ocl'O'rfj 73 833* D o M N tn'm F 1 1 63ij 1104 631a Oct' 18 7914 6 76*8 79I4 68 June' 19 8358 Fcb'22 .. 831a 8411 91i,'» 92 I 9118 02 951 95"4 22 9-1 18 97I1 102 July" 14 32 7878 84 833g 8t 8078 Oct' 17 77I4 76*8 7812 78ti "70 9078 9078 9078 Frb'22 10ll2 6 1011a 10214 lOUi 96it Der'2l ..I «Sl2 8 'fl7'^ '68'la 68ls 86ta 8«Il 8'H2 Fcb'22 Fcb'22 88 87*8 8OI4 Feb'22 81 85 80 97 OOU Fcb'22 09*k 09 July'21 36 2|l8 2014 25 25 29ij 39l8 4 201a 2911 3 28 8|li 32 32 2l<a 21*4 21*4 Feb 22 .-7 70 70 HI 84 14 70ia 74 73 7312 081* Fob'22 g&ii 90)1 "31 62 65I3 6()1| 661; 99*4 384 08 100 OS 106 107 10.')3» 100 HO 7H7» H07| 79ia 79 33 H&U 88 soil 87 8312 Sale 1907 J 1007 J r'14 M 1134 M • 615» 8318 5134 9918 9318 62I4 , J M Nov'21 Sept "21 82 7958 6278 Sale 40'8 ...I 68 79 8II2 79I4 91i8 95I4 r Ai "A".. ..2013 A O, 1 I 98 86 03 1935 ..l'>3'. is SA HOI I 4 AHS 00 M HA U7 I Jsn'22 0|i| 04 HOI 1 "hi'ij hIi'-' ( I I 95 .1 I'l.'.l 80 58 "is 8234 88 8SI2 9912 95I2 J 4a H«-pf21, I 8734 9914 J J A'.'i2 Feb'22 49^8 o . M(|ll , \nTk • H-'i's 14 25 8078 Sale 6714 Sale 9312 Sale 5112 Sale 1951 I. Hii, 0713 HU O M<in«iiiff 3i4« 05 HO 83 91 Feb' 20 83 Jan'22 83 83 81 81 793g Feb'22 .32 May'21 1 25 25 451 7912 81 66I2 144 68 93 9378 488 81 98li 1 7111 67 83 83 O O 1977 69 70l» I 1.^8. I9.'.7 61 2918 I92H 1923 A Impi 4'<s TiTm Ht li .^ Nrw 90 54 7378 36 70 '4 Sale 80 81 N 4 70 14 55I2 57 39I2 78 -- I O 4s 8234 prior lien 4H«---19'2« H 65*4 03 76 SSij J J lli-n rum Income f<Til 77 75 99 Sale 6934 \ D . \ J» 2 6914 S 1931 v.. M ... | M27 gi-iicral ' 73 . Aj H7li 85I4 \i< 04 D flNi2 . 95I2 7958 84 76 Sale 56 14 5634 ^„ 59 Sale 47 S . 87 100 I 9812 87l2 i 8IS4 I 89li 88I2 78 29 97 18 A 111 ri'f Orlivins NO 1 08^8 J J 8912 1 1 1 97 9 Hi 76lf I 8 134 95 78 95I2 967j 67 10612 109 281 101 IO3I2 102 9334 94lg Feb'22 . 10258' 1 1025g 10258 9678 10718 83 84I4 7612 88I4 72 Oet'21 9612 79 14 30 193S . 100 . MN '11927 83 Sale gSs.. 1917 1st consol Ht -It NOA NK 701 J Mrx of Cluaninto^d 00 6338 . Nnt Hvs 7|3« 041 . ! S N 193.1 IW .N Ohio new gold 08 81 6038 8238 9034 I 1926 IW S 1927 J D Ht 1. A Cairo guar R 4s Na.shv Chutt A St L Ist 5fl. Jimpcr Branch Isl g 68 . 63 -Ti 73*4 7 IH' 633, 77 78I4 80>4 63-11 Jair22 Feb 22 . 7fil2 8i>i Nov'lU'. 74 4 Orl'2l|. 68 7611 751, . Fcb'22 06 . . iHt g 4s Ist g 58 Monliiomcry Dlv Ht Ixjiils niv 5s 9A34 100 094« 10934 8I<4 Hl>, B3»«' 7334 . . A G Dl V I A W 8912 Jan'22 88I2 88I2I 99I2 Nov''20 9812 Feb-22 89I4 895g 100 74 75»4 1 I 1929 J 1929 J ref gold 4s Ist ext gold 6s . Feb'2i Hl>« A July'21i Apr'2ll 99^ 88 21 10338 101 7312 7334 3858 38-8 3714 39 Sale 3812 4234 43 14 4212 7 1 '2 Sale 71 3734 Sale 371a 88I2 87 8712 9SI4 9812 97I2 10114 Sale lOlU 8634 .. 85 9518 95la 95I8 S A A 1 74 18 72 J 19111 I 78*4 73I4 7 97 101 N 1938 J I9:i 7534 6OI2 78-% 77 9934 1 — 75*4 7378 ' 98 — I 81l8 98i2 96I4 Sale IO6I4 Sale 10138 9334 104 10258 95 lstexlg43...193S F A General gold 4« 99>4{ IOHI4I fi3-i Mob A '82it 'sn'ii Dec' 20 107U 677, Mo Unine<l Sdi 05 7718 7818 78 0618 Oct'2lL. July'21l Feb '23,.. 10 2 87 83 98^ Oct'i3:.. 74 88 <4 I Bigh 96I4 9858' 74 88 97I2 86^8 9OI2 100 M M 2d extended gold 5s St L Ir M A S gen c^n g 59. Cicn con stamp gu g 58.. Rlv 7914 983* 82>, 66 12 8934 83>2 I 873s 5s Risgltlorcd . SII4 9o34 M 78' I 10"2 City Verdi V 85 Fob"22 S ' July'09 7718 7914 8334 '7'8ii "7'9"ii I 79i| 75 I 1 D J M M Pac Rof 8I>4 81 953» 8ept'l9 .. 85 Sale 76 '• 78 ms ' 80*4 N Missouri Pacific (reorg Co) l«t A refunding 53 Ser A. .1965 F aI Ist A refunding 58 Ser B.al923 F A Ist A refunding 58 Ser C..1926 F A 1975 IW S General 4s 1945 Ml-wimrl Pac 40 years 48 193S N .3d 78 extended at 4% 1948 J D Cent Br U P Ist g 43 Ocf2l 80 'III I 7W4 61^ "78 Feb'22 7OI2 lJec'21 8934 Feb'22 8318 Keb-22 8318 Bepl'21|.. " 79I4 7914 Nov' IS 84 95 95 9l| c„ '2 SO, 8118 3 — '99' 6la Jan'21 Dec'21 8 Jan'22 78 88*8 l»*H 81 '99"' 8:J34 8334 73ix June'18| 78 'Hh Feb"22 A I i69'i8 i69'i8 May'OO 99 90 65 8 75 88 88 Jan'22 I36I4 6618 --- Mar'21 J F IW IW M "as' '89I4 Mar'21 Mar' 20 10178 94i2 IO2I2 97'^ 81 14 5934 8212 96i8 A Pac l3tg43...1990 F A 1942 A O Mo K A E 1st gu g 53 M K A Okia 1st guar 5s... 1942 iw N MKATofTlstgug 53. .1942 .M S SherSh A So 1st gu B 53...1942 J O Te\!is A OkIa 1st gu g 53.. 1943 M S Mo K A T «v— P 5s Ser A.. 40-year 4s Series B 10-year 6s Series C Cum adjust 53 Series A "93'i "95'3i Jau'22 J M Kan Feb'22 1091] 99i« 98>4 10312 Oct'21 9638 547 9612 97I8 Feb'22' 9OI4 90I4 Jau'22 IO5I8 IO518 Dec'211 107 J M 2o9 10718 IO9I4 16 8918 88 FeD'22 80 83 8638 89lg 88 9938 99 J | Sepl'20' 9II2 89I4 "l»" '91' 102 10812 89 N A O MN M M : 109*4 Sale 10194 Sale 107 "g Sale 88I2 89 96i4 Low High 82I4 June'21 783«l 7834 9934 Feb'22 9914 Oct'06 9978 101 8938 Sale MN IW 70 96 I ! M 8312 60 65 S3 Apr'21 Apr'21 Apr'21 84 84 2 8OI2 86 Apr'21 66 Feb'22 .-- 78 78 7978 87''8 Feb'22 8t 88 IO8I2 10934 48 IO8I2 •10*4 85 J M M 69l2 6912 8412 74ig N| J J 1963 A 1945 iw 4s Mex Internal Ist cons g 4s... 1977 1977 St4imped guaranteed Midland Terra— Ist 3 f g 53.. 1925 J 1927 J Minn St Louis 1st 73 1934 Ist consol gold 5s 1949 IW 1st A remndlng gold 4s Ref A ext 50-yr 53 Ser A... 1962 Q A Ft D IstgU 43. ..1935 J Des Iowa Central 1st gold 5s.. 1938 J 1951 IW Refunding gold 43 con g 43 Int gu.'38 J St P A S S 1938 1st cons 5s... 1031 10 year coll tr 6^9 1941 Ist Chic Term 8 1 49 S S A A 1st g 43 Int gu.'26 J Mlssl=is;ppl Central Ist 53...1949 J Mo Kan A Tex— 1st gold 43.1990 J ..ifl990F 2d gold 4s Trust Co ctfs of deposit 1944 Ist ext gold 53 2004 l3t A refunding 43 cents of deposit...! Trjst Co 1938 J Gen sinking fund 4^3 Trust Co cert fs of deposit...! 2001 A St Louis Dlv 1st ref 4s 5% secured notes "ext". ..1916 Dall A Waco 1st gu g 53... 1940 60 88 tiO's lOoig J M Gen cons gu 50- yr La A Jef Bdge Co gu g 9038 Jan'18 88 56 40 J, S D & East Ist 59-yr 5s gu. 1965 A O L A N A M A M Ist g 4 ^9. 1945 M S LA N South M Jount43...1952 J J 7il952 Q Registered 1937 F N Fla A S 1st gu g 5s N& C Bdgegengu4!^3...1945 J SAN Ala cons gu g 53 1936 F I June' 21 97 103 32 I S J 96 91 74I2 88 Sale 75 7534 74I4 Sale 90^8 93ig 8978 S8i2 90 Lex 8;l4 4! 79 06 33 59 40 M M Q 8714 74 A O Knox A Nor 1st g 53...194fl J Hender Bdge Istsf g69...193l Kentucky Central gold 49.1987 J Aug'21 87 ... Dj M S J D M S, J D MN M 3 Atl I 9858 8318 7912 9512 88i2 78i» 9918 8234 J J NOAM 9612 lOOSg IO2I4 49 39^8 83 II . 8418 9934 95I4 85 95 1 45 44 J I'l — 40ig 44 8312 ... - Mi'.'l 9538 9514 .. 41 53 46'g 0U1( I 82 8312 Dec'2l lUAl J 1051 J "-•.I J fp'.O 95I4 39 79I2 O 65I2 Mar"08 81 14 3812 8918 8bl2 43 "5 44I4 77 - - ' > K>kn« Jkkf M Feb'22 39 J J 22 9434 Nov' 15 9812 .Aug' 19 58i8 5878 55^8 Dec'21 75 88 11(32 2 ' A 84I4 Jan'22 96 Feb'22 Jan'20 97I2 Jan'22 Nov'21 92 9914 lOig 76 Ask Low J J| M Last Sale 105 S Q N N 8OI3 3 J 1938 1922 Gold 43 1932 Unified gold 43.. 1949 1934 Debenture gold 53 1937 20-year p m deb 59 1949 Guar refunding gold 49 Y BA B 1st con g 5s. 1935 1927 Y A R B Ist gold 5s Nor Sh B 1st con g gu 53.aI932 1927 Louisiana A Ark 1st g 59 Louisville A Nash v gen 03.. -1930 1937 Gold 53 1940 Unified gold 49 1940 Registered. 1931 Collateral trust gold 53 1930 10-year secured 7s Istref5'-Cs 2003 . 1931 L Cln A Lex gold 4)^9 1930 Ist gold 63 1930 2d gold 63 Paducah A Mem Dlv 4s-..1946 gold 33.. .1980 St Louis Dlv 2d -Atl Knoxv A Cln Dlv 4S...1955 77 79 81 47 44 Since Jan. I Mar. ftl93l 1st consol gold 43 Range Jl M General gold 4s Ferry gold 4)^3 Ocf21 8334 9634 95I4 10U»4 58*8 Sale 55^8 45 Sale N ANY May '21 50 Sale lOlg 7334 6218 22 21 6312 6212 1 LA N U 4s Ss. I II' 76 9812 9OI4 1 Feb'22 76 1 Id M I M m 1951 1951 105 105 195 1051 J' Ht lOig 75 63 4OI4 8OI2 Ist Int Apr' 11 a 1023 RMTMsrad Dd 6II4 7618 74l8 7 8OI2 95'4 Sale 95'4 IO512 83^8 8418 8634 9612 96 IO2I4 101^ SU14 80 Bittndcd l«tcoMaHa"IIl05i a R«BMered 42 41^ 405g 9712 1051 J 1951 J 1951 J . 603 757g 6312 84 1909 j 1948 A Col A H V Ist ext R 4s Col A Tol 1« ext 4ii 1055 F Houston B<-lt A Terra In 5«. 1937 J minolii Central Ist gold 4a... 1051 j latgoldSVfs 73 47 801 6214 6918 5914 Regtatered RegljiU-rwl 117 2 15 39 18 Feb Feb B I Ist ref A t g Sa. .61052 j Hocking Val in eona 8 4^8.. 19!»<J j 74^8 77»4 7934 79 44 SOU 7538 M D IO7I2 7884 7734 467g Sale 40>8 9ale 9758 99»4 5 8318 9014 67 8934 93 1 107 109 4 7658 78»4 WetV* Range or [Bid 9834 gu g 59.. 1933 J 1933 J reduced to 4s 1933 J Leh 1945 1st guar g 43 Long Isid 1st cons gold 5s..hl93l Q 3 92 74 1718 M N 1st Registered ly46 A O Alb & Susq conv 3 !^3 Renns * Saratosa 20-yT 69. 194 1 iw N, 105 Den A R Gr— 1st cons g 4s.. 1936 J J 74 Sale 1930 J jl 78^8 79 Consol gold 4 ^^s 1928 J D. 7818 79lj Improvement gold 53 Ist ending Mar. 3 Leh Val Coal Co I 1922 J 1943 Price Friday 2^ High Feb'08 99i8 100 9958 8318 88 8318 91^3 Sale 9II4 10778 1071J 1071s 7714 78% 78''8 Warren Ut ref gu g 3><8...2000 F Delaware <t Hudson 5| tr BONDS STOCK EXCHANGE N. Y. 933 2 J 7.I>| RHI| too 100 113 00>8 1 100 UiM Jaa. Hftij HI Nf'ih • Ouu II Dos JlUM>. 16 Uuo iLi. sUusUet. H M. 7OI4 79S OA 77"ii l|D«« 04 N'ilt Mil . 0-J>4 30 U11I3 25 Ifil'i • I «J >• Msf'12 101 WMfe. I .• XA 11 OHls 7>'.l| Jillv'21 ,'•• |.,, lOvUonsals . — — M J A BONDS STOCK EXCHANGE Week'3 I ! 1 Mar"20 Sale con g 4Ws I ! & Nov' 16 I ! 4 4Ha A. & Hartford— "82"3i 953, F Debenture 43 N Y Connect Ist gu 86^8 947 947 954 955 956 956 948 930 955 956 957 954 955 961 937 954 942 deben 49 deben 3Hs deben 3Ha deben 43 deben 49 Conv debenture 3 H8 Conv debenture 69 Cons Ry non-conv 4g Non-conv deben 4s Non-conv debeu 4s 4% Harlem R-Pt Ches 1st 4s. B & N Y Air Line Ist 48.. debentures New Eng 1st gu 4a-. Housatonlc Ry cons g 5s. Cent RR Ist 43 N Y Prov & Boston 4s... Naugatuck Ist Ser I 4H England cons 5s Consol 4s Providence Secur deb 48 Providence Term Ist 4a... & Con East 1st 41^3 N Y W'che3& B 945 945 957 956 943 ref Ist g 48 g 992 & YO Registered J5.000 only. .-3 992 955 General 4s Norfolk Sou 1st & ref A 68... 961 1st gold Ss Norfolk & Sou Norf * West gen gold 68 W 1 Wl IVI A I J M 1 F . J J IVI ! 1 1 F , 60 J ! Ml IVI M 75 J Ml I J ! M M J 1 ] F I 1 I 84i8 7058 5 3i 67% 6738 SO 59 79 14 67t8' 83% Jan'22 Feb'22 Feb'22 87 Oct'20 84'8 ""o'lsVj ll "r 471 9 IO8I4 Feb'22 's'e" ^="', 9312 Mem 84 II It 60 60 Oet'21| 258 107 i05"3i io'9"" F lOOU Fel>'22 IOU'4 Q Q lOU . J J 108^ '. . May'2l 73 70 82 Feb-22 247 IVI 99 95 I M M I J I J A I F 09 88 OOU 89 1 F 98I4 I IVI 9o'« 96 8.'l4 Sale Sale 9G Sale IOOI2 Sale 105 '2 8712 F 83 M M . 176 88 35 117 IO712 I . 75i« . Apr'2l-. ST's Sale Sale I 83 I 84% I May'lOl, Jan'22 Sept'20 86 , Mar' 10 I 933s I 86 . , M i Sept'2li. 9234 Jan'22 Sept'21 Feb'22 8812 8838 . . 84I4 NoV21 Jan'22 M May'2l I I I M and asked, Feb'22 93 99 89i| . I Sale 70"» Sale a Due Jan. 46 1 Fcb'22'. Jan'03j 1 9234 91 —I 99 01 91 Sale 83 8712 Sale 80 >8 95% 96 92 97 89 86 90 92 -• 97 92% 88lt O 75 77 I 47 4 1 ij Due 7 June, Dlv Ist g Ist k Due * 91 50 78 81 142 6 61 86 89^ 9512 97 81 14 861| "6 89 ; 86' 'sfS 78I4 94I4 98 92 97 19 Feb'22 Feb'22 Jair22 Dec'2l Mar'2l I 91 I 80l| 92 97 87% 91 213 297 377 63 95I4 Feb'22 91 1 1 7712 6II4 94 14 66 14 89 73 2 ' 63la 95I4 7OI4 Olif 771a Sept'2l 7 8812 Feb'22 Feb'22 Dec'21 Feb'22 .__. Feb-22 1 ; '7314 80 75»4 9334 90 05 68 1 * \ 63 987g U9I4 '75' 78«a 70 1 941a 96 95»4 10 ! 95% 80 74 80 1 5 1— .1 10 ' Mar'2l Nov'21 92 75% ^ ' Aug'21 Feb'22 Dec'21 Apr'21 90 Dec'2 Dec'21 88ia 96lt 87 91 72 93 : 76*t 1 Fob'22 Feb'22 ...a' Feb'22 July'20 "'.J 29 92 Feb'22 Feb-22 1 92 96 88% 047a 8Uia 761a 791a 95 eu 89 01 1 04<8 90 90 87lf 60 Nov'04 0l>4 25>i 87% 87% 62 30 Jiino'21 30% 87 Ig 68 14 91 91 04 3 84 66 00 62 2 1 24 103 92 88 89H 36 89 02 >a 37 811a 8714 80 102 1031a I 83i4 06% 08 78 14 86(a 78I4 26 88 14 28 02 03% 07ia 8lia 87 01 91 60 78 861a Jan'21i 30 "92" Sale 1 Feb-22 92 146 95I4I 3 8 86%l Aug' 18 I 9514 Sale 86% Sale I Feb'2ll Jao'22 Aug'2li 94l|J 1939 J Dec'2 Feb 22 Jan'22 85 M .941 [945 F 945 F d 961a 100 99(4 97 861a eOU Jan'-22 '8734 'iou Oot. 4 257 19 87lg lOOU 08 Feb-22 Feb'22 80lt IV '86" 1 97i| 9914 8934 86 85% 83% 701a 891a 80 Fcb'22 Jan'22 9914 Sale 8914 Sale 31U 77lt 911] 84<4 .9541 Due 78 i 1 9llg '123 ! 81% 86 751a 1 Feb'22 -"^ 1941 1 .1 Feb-22 Jan'22 Feb'22 Den-2l 7734 1920 J 933 J .955 F 1957 .934'J [962 IV 939 Feb'22 Jan'22 Jaa'22 Jan'22 92 Dec'2 6II2 -. 939, F 1939 J o 87*4 Sepf2 946 1-» 929 J Due Aug. 86 N0V2I 1 3^49 85i2 8734 1 I A 88 72 71 1 I «2000 40-yr guar 4s July. 82ifi 6 7934' 63 96 I -» 53. 58 63 96 ! 1 1 41 59I2 6412 21>« 3814 6212 62lj 60 I3I2 3lig Feb'22 Jan'22 7684 Tol A Ch Dlv g 49 Wash Terml Ist gu 3)^8 9II2 8 83 4812 2 I 73«4 92^8 9214 95 Oct'21 8712 8634 Feb'22 8634 86*4 9934 10234 100 96 103lj Feb'22 97 14 9734 gyig 97I2 11 9514 981* 94I2 June'21 8714 Jan'22 !I"i 1*8812 '88>i 90I4 8912 89 Jair22 85 8534 185 83% 80lt 80ij 47 80 82 81 J i W 63 Debenture 8erl09 Ist lien 50-yr g term 43 Det A Ch Ext Ist g 59 Des Moines Dlv lat g 43 Om 95 76 Due Feb. 83% W B June'21 Olij^ 6 W Virginian Ist 59 series Wabash 1st gold 53 2d gold 59 8912 93I2 90 99 I I A A 70 50 234 571 95I2 83I4 82% 8212 Sept' 16 87 14 8712 8OI2 80 ; extended 49 Vandalla cons g 4s Sor A Consols 49 Series B Vera Cruz A P Ist gu 4>i8... 84lj I < 95 12 92 >g 5412 IOI2 3734 5218 62l2 9534 1st . I 88I4 95I2 Ist Temporary 5s Guar refund 43 Utah A Nor gold ii' 'ii' . 72 50-year gold 43 Coll trust 43 g Ser A Trust CO ctfa of deposit. Tor Ham 4 Buff Ist g 43...* Ulster A Del 1st cons g 53 1st refunding g 49 Union Pacltic 1st g 43 Registered 20-yuar conv 49 p2008 1st A refunding 48 928 10-year perm secured 08 Ore RR A Nav con g 43... 946 ,922 Line Ist g 69 Ore Short [946 Ist consol g 53 Dec'20 ' 7912 53 M M W July'21| M 79I2 88^8 Sale 23 25 74 86 SiU 71 8734 79 D 3 D Jan' 13 73 14 Feb'22 Jan'22 A W Apr'20, , D AN l9t gu 69. Mln Tol A Ohio Cent l9t gu 53... Western Dlv 1st g 59 General gold 53 1st gu g 48 Kan A 2d 20-year 5s Ist gold 43...... Tol P A pr Hen g 3H3Tol St L A 81>2 71 54 6 IOII4 103 2 95 97H I 71 I 85 [945' Bridge Ter gu g Pac 1st gold 53 2d gold Income 59 La Dlv n L 1st g 53 Jaii'21 8912 L St , , E 78ij 6SI4 733 854 86 I Genrefundsfg4s . I W Texas Nov'21|. Dec' 15 Feb' 12 Dec' 12 95 ( 841t 98 78i2 6314 10212 ' Ser 70 82 943g 65 I 1 W 81 8018 I 83% 129 9014 Mid F 53 68 68 368 97 8518 Dec'21 8434 85 86 cy gi4 4s OA Spokane Internat 1st g 59 Term Assn of St L lat g 4^9. 1984Ist cons gold 59 Dec'21j. I 85ig 71 84I2 .945 J 929 J .926 J 03 96 '98"i2 9634 8512 8234 A Series 88I4 80 . I 3134 49I4 6212 53 General 53 Va A So'w'n 1st gu 53 Ist cons 50-year 59 7238 7511 Feb'22 Feb'22 I I 99 89 90 9212 9612 8534 89 9312 9734 IO512 IO8I2 103>8 107 86 8712 72 14 . I I 82 78 . Nov'2l'. JaQ'22 Jau'22 , ( . 87^4 106 Jan'22 77 75 9034 8712 85ig I 51<4 6212 60 M 70 Dec'2l 60 Virginia 82 . Jan'22 Fcb'22 Feb'22 l.S>2 72 19 959 945 933 949 i 923 J 930 • 1943 J Mortgage gold 43 Feb'20 M I 3 Sale 36 Sale 49^8 Sale 60>2 6212 A A F A 98<] Rich A Dan deb 5s stmpd. Rich A Meek Ist g 53 So Car A Oa Ist ext 5Hs. . 70 14 70 14 79 '8 3epf21 : 82 . 72I2 7314 Sale" 53I4 54>2 -» Mob A . SSlg 6578 Feb'22 .. 91% Ga . 8112 1 Sale Sale Ist gold 53 reorg lien g 53 Midland Ist 33 Ohio Ist g 69 Knoxv BIr prior lien g 53.. lOOU "94 "so" "85lg 8412' Cons . July'21 May'21 DIv g I Aug'2r. E Tenn . 10518 3epl'2l 77I2 80<4 J J M M J J J ft High 9534 100 . . i Ohio coll tr g 49... DIv Ist g 4^3-53 E T Va A Ga 62.18 I 75I4 1 83 60i2 3 10 lOo'g 110 10(i'4 9OI4 ....il 80 92 J 935 942 J 942 A Series B 942 A Int reduced to 3^8 948 M Series C 3!^8 950 F Series D 3)^8 Erie A Pitts gu g 3H9 B... 940 J 940 J SerloaC Gr R A I ex lat gu g 4^8.. 941 J 943 Ohio Connect 1st gu 4s Pitts Y A Ash Ist cuns 5a.. 927 Tol V A O gu 4^8 A... 931 J 933 J Series B i'As 942 Scries C 43 P C C A St L gu 4^9 A... 940 A 942 A Series B 4!^s guar 942 M Series C 4H9 guar 945 Series D 43 guar Series E 3 i^s guar gold.. 949 F 953 J Scries F guar 4s gold 957 Series O 43 guar Series I cons guar 4^8.. 963 F General 5s Series A 970 J est LA P 1st cons g 59... 932'A Phlla Bait A Ist g 4s... 943 Sodus Bay A Sou 1st g 59.. 924 J tJ N J RR A Can gen 49... 944 M Pere Marquette Ist Ser A 63.. 956 J 956 J lat Scries B 43 Phllllpplne Ry Ist 3n-yr s f 49 927 J 67% N St Louis dlv 1st g 43 Ala Gt Sou Ist cons A 5s.. Atl A Charl A L 1st A 4 >^3. 1st 30-year 53 Ser B Atl A Danv l3t g 43 2d 43 Atl A Yad 1st g guar 43... 8534 Feb-22 M M M '77'i2 M Mob A 'U^'* 85 8HI2 8712 lOU Guar Guar 942 J Guar 3HS trust ctfs C 944 J Guar 3^8 trust ctfs D Guard 15-25-year gold 49.. 931 A 77 A W N 9212 10(>54 , . M N 65 [949 Hioh No. Low Feb'22 Dec' 17 83 1 07 J .9.50 ' 8518 Sale" 90 10134 I02I2 102 76I4 Sale 76 89ii 88U Temporary 61^3 lO'*'* Slnee Jan. 97 Ocl'20 Feb'22 90 90 Feb'22 .... 101 102>i 7634 61 7234 76«^ Jan'22 ..-J| 88I4 88>4 77 7234 78 78 14 66 Feb'22 6412 66it 7234 7H2 98 68I2 74i| 75 7612 35 71 76li 86% :9S9 1932 .952 L947 1943 M 80 . I J A O D O MN M N WN MN 80 83t4 0014 6OI2 J — 89'8 I . J J RR I 8434 85 Jau'22 's *'"i i0434 10t»4 "35 Oct J J 68 Sale 69 8312 Sale 8278 9034 Sale 90 14 78 14 Sale 70I4 6234 Sale 62 102 Sale 102'2 97I4 90% 97 A 9,50 84l2 69% MN 105% 100 88 J J M GH 26 69 69 J .936 .929 1989 W 57 ! [949 J a .929 .934 J [949 F Cent Pac 1st ref gu g 43 .949 F Ro?l3tered Mort guar gold 3 Ha ft .929 J Through St L Ist gu 43.. 1954 A &SA A P 1st 5s... 1931 2d exten .59 guar [931 J Gila V G A 1st gu g 53.. 1924 1933 Hous E A T Ist g 53 1933 Ist guar 5s red [937 J A T C Ist g 59 Int gu 1941 J AA ist gu g 53 t038 A No of Cal guar g 53 .927 J Ore A Cal Ist guar g 59 1937 So Pac of Cal— Gu g 53 80 Pac Coast Ist gu 4s g gold 5a Tex A N O con So Pac 1st ref 4s San Fran Terml 1st 43 Southern Ist cons g 53 Registered Develop A gen 43 Sor A 42'4 Sale I J J 31-^3 coll trust reg A. 937 3^8 coll trust Ser B. 941 F price Friday; latest bid 60 60 Q Q M M Registered 20-year conv 49 20-ycar conv 5s 79 84 60 60 Sale No 3818 H Nov'20 Range Co 74% A O Southern Pacific Co Gold 4s (Cent Pac coll)... ft ;949 J 5978 26 Jan'22 Feb' 18 Dec' 19, 70 9212' ! W 45 71 4(j 33 84 84 'g Dec'21' W 51l2 51 14 5912 Apr'2l' I CIA Mar l9tgug4H8 CI A P gen gu 4X8 Ser A.. 51 60 Feb'22 40-year guar 43 ctfs Ser E.. 952 942 CIn Leb A Nor gu 4s g 46 44 381a 31 71 Jan'22 Feb'22 79 Jan'22 : Co 67 34 59'8 i <t land grant g 4s Registered * Feb'22 I .936, 4612 ! 1 Uen D R RR A Bge Ist gu 4a g. 805« 9.55 1960 .931 1931 .996 1947 [928 82% 73 "83" J 928 J N way Pennsylvania 4I 42 Soij' I 83 38I4 4012 41 373g •2 Sept'17i ! N 86I4 45 44 Jiiir21 047 047 B 2047 Ref & Imp4!^s3er A -• '996 St Paul-Duluth DIv g 48. 930 P-Ot Nor Joint 6^8 923 8t P & N P gen gold 68 Registered certificates.. 923 St Pawl & Duluth Ist 58... 931 968 Ist coQSol gold 4s 948 Wash Cent Ist gold 4s Nor Pac Term Co Ist g 68... 933 961 Oregon- Wash 1st A ref 4s 946 Pacltic Coast Co Ist g 58 A Ills Ist s f 4Ha... 955 Paducah 923 Pennsylvania RR Ist g 4s 943 Consol gold 43 948 Consol gold 43 060 Cou30l 4Hs 965 General 4Vi8 968 General 53 930 10-year secured 78 936 15-yoar secured 6V^8 942 Alleg Val gen guar g 48 K K J i o; 78 8II2 Aug' 13 J Ask Low I 9.50 RR July'14 I Registered DIv'l lat lien & gen g 4a. 10-25-year conv 4s 10-20-year conv 48 10-25-year conv 4)^8 10 year conv 6s Pocah C & C Joint 4s... C C & T Ist guar gold 58.. Scio V A N E 1st gu g 48_. Registered Ref & Impt 63 ser Prior lien Ser B 5s Prior lien Ser C 6s Cum adjust Ser A 63 h Income Series A 63 h St Louis A San Fran gen 63.. General gold 5s cons g 43... St L A S F Southw DIv 1st g 5s C Ft S A cons g 6s... C Ft 3 A Ry ref g 43.. K C A R A B Ist gu 53.. St L S 43 bond ctfs... Ist g 2d g 4s Income bond ctfs.p Consol gold 49 1st terminal A unifying 53. Gray '3 Pt Ter 1st gu g 53.. S A A A Pass 1st gu g 43 Seaboard Air Line g 43 Gold 49 stamped Adlustment 53 Refunding 4s 1st A cons 6s Series A All A BIrm 30-yr 1st g 43. Caro Cent 1st con g 4s Fla Cent & Pen Ist ext 63.. Ist land grant ext g 53.. Consol gold 5s Ga A Ala Ry 1st con 59 Ga Car A No Ist gu g 59 Seaboard A Roan 1st 53 Dec'2 I A 8212 80 I 6958 Oct' 17 July' 18 J Igt gold 63 1st cons g 48... Northern Pacific prior 83 Feb'22 ....I 51 ] J M 99I2 I Feb'22 Feb'22 41 51 Improvement & ext g 6s New River N & W Ry 82»4 Nov' 17 3'46 J New W 7934 Feb'22 Feb' 19 June'20 86 7812 76S8 78 I Non-con V Non-conv Non-conv Non-conv Non-conv N ! 85I4 937 A 937 A 931 IVI lat g 48... Registered NYNH ! Last Sale 3 96l8 100 ,100 95I2 9714 8212 8234 82I4 Ist g 53 gold 53 gen gold 43 — W Jan'09 June'20 I 236l|J L 83 May '21] 1 tr St 89*4 66I2 99I4 Jan'23 ! 5a.. .1920-221 NYC Lines eq Hs... 1920- 925iJ trust N Y Chic & 78 06 Jan'22 Jao'22 Feb'21 Dec'2l I 79 gy'^s '997^ 9954 1941 J 83 75''2 "77'i2 May' 15 1996 A 2d gold 63 Itlca & Blk Rlv gu g 4s... 1922' 1 ltt8& L Erie 2d g 53 01928; A Pitts McK & Y l8t gu 6a..l932!j 1934'J 2d guaranteed 63 2361 J West Shore 1st 43 guar Equip Apr'21 June'2l Dec'21 Jan'22 I Ist gu 43 g. 1948 J Rut^Canada Ist gu g 48. 1949, J Adir Ist g 53...1998iJ 8t Lawr Registered 7034 863s 11 8914^ I IVI 1st 82 14 Feb"22| 1 N 2000 N Y& Harlem g3!^a N Y <t Northern 1st g 5s.. 1923' 49. 1993 A N Y & Pu Ist cons gu g 1932 J Pine Creek reg guar 68 R W& Ocon I8text5s...ftl992 A Week's Range or Mar. ALE Ist consol Feb'22 Sept'20 79I4 8h 940 943 Reading Co 997 Registered 997 Jersey Central coll g 4s 951 Atlantic City guar 48 g 951 St Jos A Grand Isl Ist g 49_.^ 947 (reorg Co) St Louis A San Fran Prior lien Ser A 43 950 J Pitts Nov'18 I M 3 Bta June"21j 83I4 Price Friday So. High May'20 I 94 1931 M 1931 Q 1940 J 1940 J 1951 1942 M 1929 A Low No 1 1 I 3 BONDS STOCK EXCHANGE N. Y. 1 Week ending Mar. High -4 s* ig Reglatered 4a Registered J L & S 1st gold 3H9 let gold 312S 20-year debenture 49 J JuncRRguar I8t48...1936 F Og & L Cham Jan. Last Sale N Y Cent & H R RR (Con)— 1934 J Mahon C'l RR l3t 53 Michigan Central 5a R'lnge Since II Range or 5^ ending Mar. 3 Week Rutland J e New York Bond Record— Continued— Page 934 N. Y. — 1 Due Nov. fl Due Deo. 72% 76 85 « OpUaa 85 a&Ia. New N. Y. BONDS STOCK EXnCNAQB Week ending Mar. Price Friday Week's Range or Mar. Last Sale 11 1^ 3. 3 Ask Low Bid Weat Maryland Weat N Y A Pa Oen lat g 49 .. 1st g 5a gold 48 Income 53 O J O 1952 1937 I943'a RR 61'4 Siile Ist consol j' a| S ...1949iM S' WInston-Salem S B lat 4s ..I960 j j! Wla Cent 50yr 1st gen 43 1949 j j Sup & Dul dlv & term l3t 48 •36; 1*1 N Street Railway Brooklyn Rapid Tran g 53 ..1945'a Ol lat refund con V gold 48 2002 J J 80 80 39 39 40 68 Hud A Manhat 5s ser Adjust Income as Y A Jersey 1st 59 A Interboro Metrop J J 6718 IW 3 56 58 j F A A O 1956, A Refunding A exten 4^8. ..1931 J Montreal Tram 1st A ref 53 1941 J New on Ry A Lt gen 4^9.. 1935; J N Y Munlclp Ry st 3 f 5s A.1966I J I2I4 63% NY 60 63 1712 171a Feb'22' 40 Jaa'22 17 38i4 45 93 8412 84i2 43 60 34 30 46'2 --35i2 Sale 33I4 31 J O 87 J 6II2 Sale O J O 5OI2 Sale i92 1948! CUs S2i2 55I4 57 91i2 Sale Electric Light A.. 1949 J series B 1930 J J J J 92'2 lOO'g 10112 Sale J O 10!i34 GPneral <i9 General 7s aeries C 1111930 " General 7s aeries D 19»0 Bklyn Un Gas Ist cons g 58 1945 Clncln Gas A Elec lat A ref ta 1956 Columbia O A E lat 58 1927 Stamped 1927 Columbus Gaa Ist gold 5s 1932 Cooaol Gaa 5-yT conv 7a . . 1925 Detroit City Gaa gold 58 . 1923 Detroit Edlion ist coll tr 5«.. 1933 lat A ref nm aer A tl«40 A ref 88 aeries B ... Ouq'iesne Lt lat coliai 1st M -V 88 A O J J J 91 91 J J Q F A M 9 J A; N O O O " 9 Jl ' Sale 100 UJ'a 94 '8 J urn .« lonv 1,1 ' ui Ot* •' 1 l.t Kt a r 4a lat Vt 9018 921a 86 89 Apr' 17 BO J 87li 86 12 92i8 21 70 11 9714 79 98 78iaMay'20' I 16 80 98 93 87 80 70 HI 83lt 79 73 HH »34« .I'M 4 Ul|'4 8tt't .IKTfl UO^i Jl 90 J «6ia o L.-hlsh H3>a Mru('2l U.'iif I'tb 22 un 891a OS 80 Mar'20 8II4 77 7a e 78li 10 1 84*4 84<4 May'il .I9«<1 «« kin. I . . •, M I H H 78 e 76li' uia H'i rtl Am A <>' Art. I I) O ^ 72'l 7'4 73 7'2«4 H7'.< Irili' :t 1 t "•'.In I . 't ^ l<V« r « f iJ/ii Aa 1(111 'ii 1U.1>4 --^aJc M U M MO Ka A ... a f Victor I'unI litalSa Va Iron Cnnl A (^)kn Int g .Sa. .1111 (Jblla i;oppf>r 10 irr A r«n» 8« Coll tr No n,uv 7a wr A prlOT rrvjar; llM'l Onl 21 82 H7 Krir.'i lO'l.l loii m lOli A s . m un«4 . I N2I4 HO 10 H11I4 807) 32 iiiia irm 4'J dUua 00 UKI Jan. H* A|;fU. A I 14 1 0.1 HH<t M M J M IO4I4 97% 90 97«a 100 99 97»4 I 88'a S94| 04 104 24 92 27 100% 122 80 31 104 4 00% 93 03 2 92 158 eo)a 65 00 107 105 10 07 107% 08 92 02% 88% 78 85 Aug'2l Apr'21 85 72 86 88)a 97 14 8214 100 100 8 134 ,S7i2 83 •^l%3alc 80 80% 9334 Olia 100 , 100% 08 03% 00 102% Fcb'22 89% 89% 88 80 00 Sale 98% 99 0834 84% 00 87 70 89 Jl J J 90 85 9834 , 85% 90 Sale 80% 79 01% 01 87% 90 00 70% 82 HI 08% 09% 07 o J i J I00<4 dale ! 05 loilg 88 106% 98% 90 95% 08 100 107a| 0911 so ou 05% 00% 8U% 93% 80 82 88 71 73 89 102% 102% 80% 90 I 00% 09% 03<4 80 Fob'23 87 July'2ll... Feb 22 99 82 00 83 02% Fcb-2'J Juir2J 00 Ai 00 JHn'2l| Fab' 23 313 09 "of" 00 78 07 I 00 80 I 10034 75 03 80 81 00 100 05% 88 87% 83 90 »«% 101% 90 00«4 87 1 I Ml 80% 90 I 'it r .Sjilii . I 07 Oa I'rIi 1(1 tuF 'iii'llru gold i\» lilt r A llt'll r lat 7a A IIMIJF r< * I'l-I lit Sa . . |UI7|J H-riiti II..II r..| A r lat a f Aa. ItMII J Wriirrii niilmi n<ill tr our Aa. |(IIH|i Fiind A rxiil naintai 4t4a IVyoar fltj, « |u:|fl < ( I loin A |IM% I UH 73 8UI| 00% 113% 108 Fob 33 73% 00 07%' I Main OII4 07 9(iia 01% .-^.iln O 101% |il.'% -liln ii).'% A l<li'>« Hala 100% 101% 102% IOM4 . J J J, .imoMV f Dna Juna. *l>ua Jul/. 00 I ... N . . oil 13% *Mn It, 107% 107% 107% mil F *Dua I I 01% 0.|i| 03% 0«% 03% 02% U.1% 01 Di% U2«4 02% 114% 107 Aufl. 'i 88 I 1 00 414a KlllliM Pl<l<'23 O.S 73% Halo 89% 00 ill ••» a '|| 8Hla Hul, H2 0.1% KKI , II 87% 8818 Sale ( «Uu« Ma/. «Dua May. IO7I4 91% J • N V 95 1 1 99% 06 Oet'21 Jan'21 87 Siiio 82% 3 MN MN 19S3 J 1040 M > no D IVI I 41 H7it 111 iH lll^t lit (II 1} la^M bM and aaMd. aUua (HI 10 Aa tr ilnOa r 7a 1 I f. Ml 94 96 97 80% Sale 92 M M '^a .11 ( 931a 79 94 87% 88% 88 J 1938 1933 1040 J 1025 F I04S A I 7-y llnll 41 "00" { 1 M)'4' Kl II2<I , HOia 80 231, 31*4 10314 105 ai 00 H..I1. nil I'I'V) . i'») MA 33 34 '4 Mll<4 l»'.»4 Will "i HHI4 S7 2i 70 10 8 74 94ia 95% 95% 90 TalnAraiih und Talophone A Ti'leg aoll tr la . 1929 J Am T'-ii-ii ' 78 •J I 1951 5a 1938 I 9334 91 99'8 IO514 J s f .Sa. . 1928 J Colliers lit a I .Sa. ri.'>7 J lit 30 yr St a f I A 9 .19 10 A Ht I. Ilock Mt A I' Ss atmpd.. I'ISS J Tenn ("oiil I A RIl gen Aa 19,11 J O H 9t"el Corplcnup <119M3 I Si/rog 10 00 yr a dl903 ; 76 2-2 73 «7ii BaU Feb 8 J Con 1 • 4 conv I Ad Ati At! f i 101 103% 9818 > 93 97% 97 96li 8II2 132 100 102 6 81 84^ 113 86)2 8944 43 80^8 84I4 82 103 12 102 104ta 2 9918 iooij 100 Feb'22 ... 76 76 96 34 93)4 9618 Jan'22 96 96 Feb'22 98 100 79 121 60 79 7838 109 54I2 78^ 105 36 101.2 105 10812 51 107 iios, 43 47 33 46l| 3ept'21 ... 153 103% los 104 87 99% 103 102 Feb'22 93% 95 Feb'22 7034 73 98)2 77 95 101 IO5I4 6 103 106% 113% 120 IIOI4 113)8 524 9734 997, 99 18 72% 75 75 108 2 102 100 8534 14 86 87% 103»4 106 101% 104<4 II4I2 1 112 115% 95 3 91% 95 111 1 112 115% 95 4 92% 95 Feb'22 92% 94114 Feb'21 .... "94% 97 "o's"" 1 97 99 100% 9978 106 93 100% 103 2 99 103% 100% IOII4 94>a 98 10034 8434 8918 9314 94 91 '8 Sale 9078 100 106 Sale 97I4 Sale I Ili'P'it' 07 00 87ii a O 84 89 7 9 801a IO8I4 9alo 93 84 I Val r;oal lat I'l.Mi.inl Pnciih 86 03 14 31 104 06 90 9634 35 51 89% 80% IO3I2 104 51 215 149 9534 89 98% 8934 I M J MN (il92M C A Nav Feb'22 9934 8934 9778 IO014 Sale 9314 9ale J 1938 J 1932 J .5s I 9OI2 9;)'4 89% 98la 95 Dec"21 ....I 90 98 88ia O o N \ 931a 9.)2 S3 94I2 94 la 98)8 99 101*4 73 78 98 1027« 51 IO5I4 107«a 92)a 99 57 100 10318 24 10134 105 4 95 95 , 98 99% F A F A J 9314 95% 901a 981a Silo I912WIN guar A Mid Villi) Htwl A Juiiu'2i •. Nt'4 ... 88 Kob'22 l>w'21 .... 95 100 84 90 N Colo F A I Co gen s f .Sa . ..1943 F A Col Indus lat A coll Sa gu . .1931 F A Cons fViul of Md lat A ref 5a. 1950 J O Elk Horn Coil conv 8a 1925 J D Illinois 9ti»el dob 4 i<s 1940 A O It|illin%9lc-ol Mt .5s N 1952 Lackawanna Steel Ist g 6s... 1923 A O HI conH ')^ series A .. . .1950 a 06 89 49 87>a 00 88ia 8X^ 8j 87<i4 88<4 105 July'l7 101 Feb 22 IOII4 IOII4 8S 8 85 87 87»4 8U'| Feb'22 80 01 la «7l| IJ.v 21 7811 jiiir22 .... '7'8'a '78ia 99'i I'.jb 22 oo7( no ttlH U3ia Fcb'22 921a U'lia N5>t J ref 5i I>eb»ntur(- I tt.Ha A 20-yr p m A Imps f .59 Buff A Suiii Iron a f 5s ' 95 89 931a 95 IOOI2 Sale 8412 9ale 89 Sale 8134 82 IO212 103 9312 Oi'a J 106 IO2I4 103)2 I 9 J M Ist 95'a 1 M O aeries M 89ia , N .5s U I «flia A 1917 lO-year 7V{3 1930 9 9meit Ref A conv fls.. 1928 VoCaro Chom l3t 15-yr 59.. 1923 Conv deb 8s «in24 12 year a f 7W9 1932 Wen Electric 1st .5a Deo 1922 Westln'^house E A 1931 79 Wickwiro 8pon Steel Ist 7s.. 1935 C'>al. Iron and Steel Both 9t(Tl IstCJtsf 59 1928 247 10534 108 9514 9712 102 ref 9712 9812 42 17 10134 707g 30 10278 2928 " I A' 10312 lolU lot 9518 9ale 95 8913 Sale 8714 9612 9858 96I4 I 10<>ia 01^ A 1st 90 a7>a I 911, O A D M 1930 .5s , Feb'22 95 , i IVI ' 4 94 971a 6 100)2 1021a 9t 1 95 95 89I2' 41 88la 89*4 927, 12 90 927« Jan'22 79 79 '63 103I2 103 Sale 98I4 .. D' 1 1081a I09>a 98 101 85*4 IHH 8734 Bale 87'« 88 93 I Ji M M a r Oti UtI Wi- 79 S8 87 A M g .VI...1922 8a .1928-' trMOae Llifh'.lriK iPit g ,'* I.iu-,1 J trrmewim Light A I'owfj Sa lOrn J Tfunton O A El l*t g .> . I94i) Onion Kl»^ l.t A P Nt g So .ni^ JV U.VI Sale Sale 99 97I2 IO2I2 lOMa 88 9 A O F A 1928' 99 102 95 J A Tube gen a f 7s ser C. 195 1 J J Tohncco Products 8f79. 19'llJ O Union Bag A Paper 1st 59 1930 J J Stamped ...1930 J J Union Oil Co of Cal Ist 53. ..1931 i J United Drug conv 83 1911 J u U 3 Realty A I conv deb g 53. 192 J J U 9 Rubber 5-year sec 73 1923 J o 10678 93 93 89I4 I 95 A lOUa A 103 Steel 9114 Feb'22 -. 95'4 7^1, t', 1947 gu g 5«..1947 f)' taod 101 82 85 89 l()8it A (S^!l937 J Mtgiig6a.I938 J "- lUl O N | Stindarrt Milling Ist 38 9912 lOlia 60 100 103 11 77I4 87 85>a 87 ioa>a N Sharon Steel Hoop 1st 8s ser A 1941 South Porto Rico Su'jar 73... 194 1 | . '•, ... --• O] . . «.. --- --109 lOOla IMla ill _" 87 87 Feb'22 971a Sept'21 86 Oct'21 -- 88ij A ref Sa 1937 M N Pacific O A E gen A ref .1942'* J Par Pow A Lt lat A ref 20-yr 6a '30 f a1 Pat A Parnate (} A El .> 1949 M Poop Om AC iKt cona g 6a. 1943 A <y A S7 ^ D I 88 14 9213 101 103 lOU'a 10212 86-8 75I8 417 103 IOU'8 b ' 58 . Jaa'22 .... Feb'22 93^ 92 85 89 Corp unifying Ch O 983» <>' N Refiindliiii gold Sa I, r;ok>- Ntgii 93 Sale Sale 50 9epi'21 Sale :i053» 10)1, 82>4 N WYGELAPgSe A 75 9634 105 91<t 9II4 W0'« — - 73 6418 8312 17 897g 9313 14 100 lOl's 12 102 10<j 22 lOiHa 108'8 4 871a 91 93^8 92 21 88I4 911a . & I I I Feb 22 91 O O M PaciricO 88 97 92i8 101 102 8«»4 so'a 98ia 95ia M 1949 J Havana Klec consol g 5fl 1952 F HudjK>n Co Gaa lat g 5a 1949 «* Kao City fMo) Gaa lat g 5a. 1922 A Klnga Co Kl L * P g 5a 1937 A Purohaw money Os 1997 A Convertible deb fls 19^5 M Ed El III Bkn 1st coo g 4a' 1939 J L»e Gaa L of 3t L ref A eit 5« 1934 * Milwaukee Gas L lat 4a . . 1927 Newark Con Oaa g 5a 1918 J Y Edlaoo 1st A ref flm A.ItfU A 1948 J Purchaae money K 4a 1949 F Ed Eler III Ht conf g Ss 'rjO.', J N Y A y Kl I, A p Nt ron g 1930 F ^ Er>>— CalG A E— .3» 95 95 d J tl'jlO 10 9|i2 91'4 J I J 88 93^8 8314 .. 97 97I8 97 97 Sale 95la lOlU IOII2 99»4 70I2 s lie 70 10234 dale 100 10534 Sale IO5I2 1945'M N, 1st 10-yr 73 1930l 91 79 ' I 57 14 72 fli 101:2 10l>4 107=8 10li3j 62 5112 . 93ij' lOO'a lo4ia 107 8834 8OI4 Mar'21i 74 92I2 94^8 J Feb 22 74 9tl8 J 1 18 38 | 96 73 60 75 , 92''8 M 92 100 88 A O A 1043 F M 6712 5818 44I2 52 65 , 22 439 I i 6.18 821, 8I34 1 Gas and EML-ton Inc gen 53 73 j Sale 82 82 99 I 757g 60'8 J io4 MN 1954 i 7I2 6II2 AT 967g IOII2 102 10178 94 12 9478 94 8912 Sale 89 •f A al932' Ist 59.. I 6' 81 85 7812 85 7 102 IO4I4 Febl7 58 Fcb-22 lOJ Jan'22 5I2 434 i i J, A M 21 I 62 5OI2 | !*4 92 99 14 Sale Onlted Rys Inv 53 Pitta Isaue 1926 IW N United Rys 9t L 1st g 43 1934 J J 8t Louis Transit gu 59 1924; A O Va Ry Pow Ist A ref Ss 1934, J J Bklyn 8414 84 54 79 1939 J 1941 1931 IVI N 88I2 1947 A O f 1939 J J 81 Atlas Powder conv 7143 g 1938 F A 1021a Baldw Loco Works 1st 53 1940 Ni 99 14 100 100 76 Cent Foundry 1st 3 t 63 7778 70 1931 F A 9534 9578 95I8 Cent Leather 20-year g 53 1925 A O Corn Prod Retg s f g 53 1931 IVI N -.-_ 93 96 a7i2 100 ist 2.5-year 3 t 5s 1934 M N 97). Cuba Cane Sugar conv 73... 1930 J J| 79 Sale 76 78 Sale Conv deben stamped 8% 7538 .( Cuban Am Sugar 1st coll 8s.. 193 1 IVI 3 104 105 101 108)2 Sale I0714 Diamond M;itch 9 f deb 7^3.1938 43 Sale Distill Sec Cor conv Ist g 53.1927 A O 35 81 E 1 du Pont Powder 4^3 1938 J 7478 10334 ^.^le IO3I4 d'l Pont de Nemours A Co 7^3 '31 IVI 101 '8 Sale 101'4 FIsk Rubber Ist s f 8s 1941 95 12 General Baking Ist 2.5-year 631938 J 95 75 78' Gen Electric dob g 3 !^3 1942 F 77 98 98)4 9758 Debenture .5s 1052 105 Sale 104 20-year deb 63 Feb 1940 F Goodyear Tire A Rub Ist s f 8s '41 IVI N, llS's Sale 11214 98I4 9ale 10-year s f deb g 3s el93l F A 9734 Int A?rlc Corp l9t 2a-yr .53.. 1932 IVI .V ,1* 75 74 106I2 100 Internat Cement conv 83 1926 J D lOo 8334 Sale 83lg International Paper 5s 1917 J J i03'8 103% 103 Kelly-Sprlngflcld Tire 83 1931 IVI 1141a 115 Liggett A Myers Tobac 7a... 1944 A ii4)a 9.> 5s Sale 1951 F 93% 114lj 111 113 Lorlllard Co (P) 73 1944 A 94 94 .53 1951 F 93% 92'4 98 Nat Enam * 9tampg Ist 5s. .1929 J 9434 9iia Nat 9tarch 20-year dob 5s... 1930 J 88 97 Sale Nation il Tube Ist .59 10,52 IVI 90% 98i2 97 95 " N Y Air Urake 1st conv 09...193S M 9934 gale Packard MutorCar 10-year 831931 A 99 100 10012 99 Porto Rlcan Am Tob 83 1931 IVI N 35I2 337« 912 25I2 4^3 f Ist g 43 1951 F 1st 59.. 1932 J Am Agrlc Chem 1st 5s IstrefsfTKsg Am Cot Oil debenture 53 AmSm A R Ist30-yr53ser A Am Writ Paper 3 7-6s 8412 8512 7914 SU 314 713 61 | 24 65-i4 I0334 9034 J 101 162 I)ec'2l 35I2 33^8 84 83^ 84 83I2 84 10312 1^4 83 Feb'21 534 512 6514 83i2 Sale 66 5 16 85i2 N MH 63 20 40 I7I2 1st s Tennessee Cop 1st conv 63... 1925 Tide Water Oil 6Ws 1931 F Union Tank Car equip 73 1930 F Wash Wat Power 3 f 5s 1939 J West Penn Power aer A 58... 1946 IVI Ist series C 63 1958 J l3t3erle3D73 el946 F Wilson A Co 1st 25-yr s f 63.. 194 1 A lO-year conv s f 6s 1928 J Temporary 71,43 1931|F Manufacturing aad Industrial 7034 39 M f 83 1931 J Reflnln'j 3 f 83 1931 J Pub Serv Corp of 53. 1959' A J gen Sinclair Con Oil conv 7)^3 ..192.''.'ivi Standard Oil of Cal 73 al93l F a' 74 60 -. 8412! 30i» 8I4 Sale SU 7 N 11 75i8 Sept'21| 8412 Sale 8514 N MN F a Income 6s 641a 84 >3 92 >j ivi Pierce Oil 3 I 65 J Portland Ry 1st A ref 5a 1930 Portland Ry Lt A P lat ref 58 1942 Ist A refund 71^3 Ser A... 1948 (*l Portland Gen Elec Ist 53.. 1935; J Third Ave lat ref 4a 19B0lJ Adj Income 5s .ol960 A Third Avf- Ry 1st g 5s 1937 J TrlClty Ry A Lt latsf 58...1923'A Undergr of London 4)^9 I933:J 60 87 87 86 95 ivi States Power 25-yr 59 A. 19411 Pan-Amer P 7xia '127 '75' 79" 5894 2J9 47'2 59 1 92^, 92 93 IGI2 88 I9I2 934 155 14 7^ 17 64 >4 507 54 65 57l2 6534 1 64 6II2 18 57I3 65 14 1 57 4834 57 Jan'22 64 '2 6412 88 '216 81 88 98 9034 9434 9434 63 62 63 57 8734 Sale 9 3 '2 Sale J J 4a...l942,J Sale Sale Sale 64 63 57 72 Nor 79I2 70'4 A Co Dock 50-yr Ontario Power N F 1st 5s Ontario Transmission 5s Jan°2U 12I2 I234 N Y Prod 63 '2 "36 77'8 77lj 5734 92-^ 14 Sale 64 60 27 07 14 118 7918 June' 21 7034 JaQ'22 Morris 84 83 75 68 36 75I2 14 36 75 61 78 14 J Certificates of deposit... 30-year adj Inc 5s. al942 A Certificates of deposit State Rys 1st cons 4 H3.1982'm 3534 7838 Sale 57i2 dale 9^'8 93 Lex Av A P F Ist gu g5s..l993 M S Mllw Elec RyA Ltconsg58.1926 F A ref Feb'2.i I J J J F A J J cons g 49.. 1990 A O Stamped tax exempt 1990 A O 2d 4s 2013 J d] Manila Elec Rv A Lt s f 5s 1953 IW 9' Market St Ry 1st cona 53 1924!M s' 6-year 6 % notes 1924 A O Metropolitan Street Ry B'way A 7th Av Ist c g 58.19431J Dl Col A 9th Av 1st gu g 58..1993!m S R EA 68 54 75 Since Jan. 1 Ask Low High No. Low Htgb 91I2 92 92 9 89 93 80 Deo'21 Feb'22 "87"" 87 87 87 87 87 3 86 87 9612 96 98 1 94I2 961a 93^8 Sale 93 94 102 89 94 99 9918 99 99 22 90 99'8 102 Sale lOlU 10134 107 99 102 9434 g,iio 9»l8 9518 30 93 96)8 82 8134 8318 8512 43 78 85li 78 Sale 77I2 78 27 76 78 97I2 97 N MN "28 1928 .1925 1940 59 f Niagara Falls Power Ref A gen 63 Nlag Lock A O Pow 3958 4012 7412 7412 7212 5812 508 Rangt 3 9134 j Mercan Marine 9 f 63.. 194ll a O Marl.md Oil 3 f 8s with war'ts 1931 A Mexican Petroleum s f 89 1930 IVI N Montana Power 1st 53 A 1943 J J 78 58 6 S3 1 83 Feb'22 -- J 80 Ist s A 63 Inter 64l4 31 351a 142 116 7412 7412 7212 83 83 68 68 .. "^7 Manhat Ry (N Y) 1st 82 81'2 82ia 67 Certificates of deposit Interboro Rap Tran 1st 53 ..i966 J N Y Rys 67lj 651a 35ia 3714 77'8 Sale 76'4 --72i2 76 74 Sale 1932 f" coll 4!.i8 74 F A 1957. 1957| N 39 Sale A A 16 2 Feb-22' 70 69 77l2 75 18 I 7Bl2 36 FA Stamped guar 4a_ 1949 Nassau Elec guar gold 48 .1951 Chicago Rya 1st 5s: .1927 Conn Ry A L IstAref g4H8 1951 Stamped guar 4)^8 1951 Det United lat cons g 4 Hs .1932 FtSmlth Lt <t Tr IstgSs.. 1936 Feb'22 76's Sale 61 7412 16 18 64^8 73 91I4 Groat Falls Pow Mar' 17 64 78 44 87 93 18 52 62 77 Granby Cona M 3 A P con Stamped Conv deben 83 . . . 74 9II4 Week's Range or Last Sale Mar. 3 Coraputlng-Tab-Reo8f 63...1941 J 92 12 58i8 PrUe Frldag Bid 62 98 84 ig Feb'22 Jau'22 -. 76^4 78^4 J 5812 16 BONDS STOCK EXCHANGE Week ending Mar. 72I2 8434 935 High 96 73 75i2 78i3 , 3-yr 7% secured notes . tl92l|j Certificates of deposit... Certfs of deposit stamped. Bklyn Un El Ist g 4-53 . 1950 F Stamped guar 4-59 1956 F Kings County E 1st g 43.. 1949 N. Y. Ocfl7 8412 9318 91>4 9034 'SU Um 62 i Feb'22L. 36 o' Since Jan. 1 1^, High No. > 85ig Sale 94'4 9G1» 9138 SSij 95 SSij 581e Sl^g SjIb 9 M 4s Range 61'i 9 TZ^i 9G 74 Oi>g 72"a pl943JNov Western Pac l3t aer A 6s 1946 IVI WhiHillnR* L R Ist g 53... 192S A Wheel DIv 1st gold 5a I928lj Exten i<k ImiJt gold 5s 1930 F Refunding 4^8 series A. ..1966, York Bond Record— Conciudea— Page 4 Halo aDua 107% Oo«. 80% 80% Hi*i 05% 00 01% 07% 13 144 337 108 113% 87 •07% li'j 07% 08 34 73 73% 10 lA I HHia 04<4 00 07«| Ail NN% 01% 45 101% \n\\\ iHH Kii'i iiiat. 117 107 iim% 48 01% 0A% 13 03 08% 00% OS Oti| 01% Frli ii 111% loo 8014 31 I NNii 03% 03 100% 100 |Dua Oae. aOpUoo aalt 1 HIQH AND LOW SALE PRICE— PER SHARE, NOT PER CENT Tw.sdav. Feb. 27. Feb. 28. Mar. Mar. 1. Mar. 2. 76l2 29 42 Week. 3. Lowest Railroads Albany 49 14 • * I7I2 70 77 3II4 •86 49S8 49 59 5834 49I2 5834 49I2 69 59 •.03 •3 .10 3I2 *.03 «.03 .05 312 312 13I2 13I2 11934 120 318 3% .05 3I2 •77 III 83 83 83 83 •I4I2 I4I2 Ye' I4I2 16 *14i2 *13l2 *.60 *.25 16 •.25 •.07 I4I2 .70 .30 .15 22% 22 22I2 4 *4 41$ .60 1 .30 .15 4 13% 1234 6U2 13 61 •47 60 •47 48 1478 .50 29I4 •30 75 29 1134 H2 1% 6I2 III2 578 III2 88 67I2 6712 66 150 65 •145 2OS4 2034 20 21 •79I2 80 IOI4 *358 IOI2 378 112 II312 •I2I2 14 1534 168 59I2 60 48 1534 168 24 2834 13"" 412 131s II2 134 6 534 II *85 07 05 150 6734 66 14812 14812 2034 2Q34 20-14 21 I4I2 *3 4 10734 108 *14l! 106 62 9 3734 38I4 25I2 22I4 3734 31 30 •25 221s 3OI2 8I2 8I4 8% 2612 2634 3212 8I4 •32 •34 35 14l8 *li4 434 11 84 4 II3I2 112 *12l2 14 *15l2 16 108 169 25 2234 3078 8I2 834 8I4 1434 138 63 16 14 16 3934 10634 107I2 »60 •60 63 9 38I4 25I2 23I4 3078 8 25I2 23 23 23 14 3OI2 25I2 3012 3034 23 30 »8 8 8 2612 *32i2 8I4 SI4 8I2 SI4 2612 *20l4 26% 33I4 37 *32 *34 33 14 •35 •I4I2 15 •1414 Us •114 II2 63 38I4 2518 "si" 1434 II4 A B C 100 100 Jan Jan 22 Jan 36 Jan Jan 30 40 Jan 125 Jan 3S4 Jan 130 Jan 8012 Jan 27I2 Jan 1214 Jan 69 Jan Jan 68 Jan 67 15 Jan Jan 78 D Do 3'j Do & Amer Telephone 287 Amoskeag Mfg 200 50 9,914 100 825 2,385 Mar 9 6 17 9 "l"5" •114 II2 34 8 8I2 "26" '26% 33 33 34 ... •1414 15 II2 •114 Feb Feb 23 Feb 1 Jan 27 J»n 19 140 26 334 30 130 85 33 3 10 19 75 Feb Jan Feb Feb 17 80 Mar 19 9 Art Metal Construe Inc.. 10 Atlas Tack Corporation No par Beacon Chocolate 10 Boston M(!X PetTru.stoes Vo pur Century Steel of Amer Inc. 10 Connor (John T) 10 East Boston Land 10 Eastern .Vlanufacturlng 5 Eastern SS Lines Inc 25 Do pref 50 Edison Electric Ilium 100 Elder Corporation No par Gardner Motor No par Feb 4 Feb 20 Jan 3 Jan to Jan 17 Feb 20 Jan 7 Jan 20 Jan 18 Jan 20 Jan 4 Jan 4 Jan 19 Jan 4 Jan 7 1534 3 914 38i2 42 Mur 4% Jan 50 16 69 Nov 40 40. Jan Jan 235 New England Oil Corp 472 New England Telephone.. 100 No par 30 Ohio Body & Blower 1 Pacific Mills... 414 17 Jan 24 Jan 16 14I2 Feb 20 2 20 _ _ 5% Jan Jan HI4 Jan II 13 Jan 10 166 Jan 6 78 Feb 21 10 5 100 25 13 3 Feb 20 10 31 Jan 5 3 Jan 3 Feb 23 Mar 25 3 7 Jan 3 Jan 27 Jan 4 Jan 7i8 Feb 2178 26I2 17i2 3012 3312 I412 1 12 Jan Jan Feb 18 Jan 31 Jan 9 Aug .04 Jan Jan 9618 Jan 74 Jan 2 8lj Jao Jan JaD Feb 384 Feb Deo 130 82l2 43I2 23>« Feb Jan Feb 75 76 75 21 78 Jan Jan Jan Deo Deo Deo 6112 61 3 Jan 584 Deo 15% Nov Nov II912 84I4 Deo Deo Jan 16 Sept 1284 Dec .15 Dec .15 July 20 Apr 4 Jan Jan Oct .OcJJj 918 July 3 15 10 24 23 16 ./an 42 Nov II I42I4 Oct 28 3 Nov Oct Oct 3 9ig Feb 27 1 Jan 19 27I4 Feb 27 Mar Feb Feb 73 12 9*8 Sept I512 3% Jan 9214 Jan 9 24 Dec Deo 30 3 21 .75 18 .07 109 60 Feb 21 120 117 85 100 30 Torrlnglon 5 305 anion Twist Drill 1,951 United Shoo Mach Corp.. 25 Do pref 368 25 5 9,024 Ventura Consol Oil Fields. 2,971 Waldorf System Inc 10 260 Waitham Watch 100 200 Walworth Manufacturing. 20 320 Warren Bros 50 114 Do 1st pref 50 Do 2d pref 10 50 5 WIckwIre Spencer Steel 6 Wollaston Land 5 Jan 25 Jan 27 Jan 16 .05 Jan 12 Jan 27 .35 133 Oct Apr 16i2Mar Feb Jan Feb 23i2Mar 411 Feb I4I4 Feb 63 Feb 47 Feb 165 Jan 158 10 June 314 Jan 130 Feb 6312 June 27 24 36 110 50 Jan 20 114% Jan Jan 19 Apr 60 104 r80i2 14I2 13 .25 17 .05 par par Feb 30 33 47 40 58 Nov 1 Feb 8 234 2584 81 23 87 Dm Doc 60 Mar 20 23 Nov Not 133 79 100 Nov Aug Nov Nov Nov 1 51 ij 13 78 817g Jan 31 6 .02 Jan Jan 7 4 15 2 5 No No SImms Magneto 839 Swift & Co I3I4 I6I2 3778 49I4 12 12 Jan 26 1,445 Greenfield Tap & Die 25 19 26 Jan 20 9,925 Internal Cement Corp.ATo par Internal Cotton Mills 30 Jan 16 50 Do pref 5 100 I73'4 Feb 2 3 '4 Jan 215 Internal Products No par 100 Do pref Jan 100 7 II2 Feb 20 600 Island Oil & Transp Corp. 10 Jan 4 5.839 LIbby, McNeill & LIbb.. 10 6 8l2 Jan 3 141 Louw's Theatres 25 81 Jan 24 8 McElwaln (W H) 1st pref. 100 100 63 Jan 3 1,311 Mas.sachusett3 Gas Cos 105 Do pref Jan 100 62 100 130 Jan 70 Mergenthaler Linotype 2034 Feb 695 Mexican Investment Inc.. 10 925 Mississippi River Power 100 13 Jan Do stamped pref 7212 Jan 57 100 1,211 National Leather 10 8 Jan 71 15 2 21 31 21 Feb 20 Feb 21 Feb 4 57 10 25 50 125 Orpheum Circuit Inc 617, 119 4812 Jan 50 50 4,325 100 Gorton-Pew Fisheries 18 16 Jan Jan I8I4 Feb 24i2 Feb 2834 Feb 41 Jan Highest Apr Feb 23 80 98 10 Teleg..l00 pref Lowest 137 I 14 Ist pref.. pref Jan 4 Feb 20 20 100 Boston & Providence 100 Boat & Wore Elec pref.iVo par Chic June Ry & U S Y 100 Do pref 100 Maine Central 100 N Y N H & Hartford 100 Northern .Vew Hampshire. 100 Norwkrh & Worcester pref- 100 Old Colony 100 Rutland pref 100 Vermont & Massachusetts. 100 155 5,310 ""'245 73 94I4 1st pref. .100 1st pref. .100 1st pref.. 100 10 -- 9 3834 251- 8I2 27 33 37 •3I2 9 8U SI4 *8 pref Series Series Series Series 130i« 50 Reece Button Hole I4I2 I4I2 •3I2 IO6I2 10714 9 2512 2278 3OI2 170 169 -.- Range for pretiotu year 1921 1. Highest 401 Plant (Thos G) prel 63 "SSI's 25 23 33 138 •314 169 10034 IO7I4 38I4 *14 •1414 15% 9I2 * 35 112 80 1018 10% 334 4 11334 11334 *12i2 "4" 2<il2 1418 80 IOI2 4I4 *15% •1412 30 33 35 21 21 80 *79 10 2034 2OI2 80 2238 32 35 11 2034 2034 14 109 38 25 2634 2084 2OI2 15% 15% 63 2612 6'5ii *1078 II2I2 114 *I2i2 14 80 9 2218 7% H 178 714 88 4I4 4 114 169 63 25 IOI2 "3' 10 38I4 80 *12l2 3 IO6I2 IO7I2 62 *8 2OS4 2034 80 *14 434 15 •1% •85 88 72I4 7OI2 73I2 70 60 66 66 66 *148 14912 14312 147 71 4 113 •334 334 *U 178 *85 66 150 2034 434 15 CI2 •1078 7 6 Is 10 1518 .50 .*25 .50 *1% 178 84 68 66 150 1478 Do Do Do Do Do 100 100 100 519 West End Street 92 Do pref Miscellaneous Amer Oil Engineering 65 Amer Pneumatic Service.. 1,5 JO 15 334 *11 35 872 157 24I2 24ls 24 30% 3134 3II4 3134 Last Sale 3OI2 Feb'22 •73I2 75 *73'2 75 14 •1% 157 24 75 IOI4 4 IO7I4 10 •13 41s 1234 I2I2 434 •.25 24I4 30^4 *4 IOI4 151s 3 1478 .50 30", 10 16712 169 65 29I4 4I2 I4I2 2312 •4 157 150 5 2OI2 7934 13 16 1558 10 24 14 2034 2078 79I2 114 65 •.25 88 68 65 150 80 14I2 48 "2278 418 1212 I2I2 158 •4% 14% 11 112 13 1334 1334 14 14 11934 120 11934 120 II3I2 115 II412 11434 •83 8412 *83 8412 Last Site 14I2 Feb'22 •14 I412 1412 I6I2 *.50 *.50 .60 .60 List Sale .18 Feb'22 .07 .07 5612 5812 57 58 Last S:le 47 Feb'22 2034 20is 79I2 378 57 5934 80 7934 IOI4 378 50 58 *4 •47 157 6l8 III2 *U 49I2 4912 1,012 6 4 58 178 534 11 88 •85 67 66 80 22% 23 *73i'2 II2 80 17% 418 1234 I312 434 13 74 23 75 5 •73i'2 75 4U *70 12'4 2414 29I4 3034 3934 •73i'2 4I4 •85 24I4I 29I4I > 75 •IOI2 13 I57I2 158 *4l2 5 1434 1478 .50i *.25 .50 24I4 4I4 1234 •07 1334 .60 434 I5I2 I412 .50 2438 29I2 31 24 *.25 *.05 2234 •4 •47 48 434 6 •.25 22 *4 I4I2 .75 .30 .25 2278 418 84 Last Sale .05 Feb'22 3I2 *3 *3 312 84I4 I6I4 1334 .60 .30 .10 •14 15712 1581 I57I2 15812 *4l2 I4I2 13 6II2 83I2 74 49I4 113 113 32 I •1314 14 I195g 11978 •1314 14 II9I2 11978 II3I2 112 14 120 112 119'>g 113 57 •3114 1634 List sue 80 Fel)'22 *20i2 21 2OI2 2012 L'J-sl Sile 87 Feb'22 49I2 5778 10 15 17I4 1634 .10 •.03 •3 14 80 32 *70 •75 92 49I4 4955 20 I7I2 71 •21 •2114 85''4 22 92 •-07 *17l8 71 93 22lf. •86 •84 •3II4 21 •2U4 •14I2 •13I2 *.60 •.25 32 78 140 Jan'22 Feb'22 Last Site 334 List Sile 130 21 86I2 81 140 •84 91 •79 112 •83 •140 80 78 24 81 26 10 71 76 •334 I7I4 17 21 26 130 •85 7012 _ • 54 3II4 •70 •78 491 2 30 74 •7OI2 74 41 I8I4 I7I2 1818 21 '{7 36 49 85 32 32 '17' 36" 49 •140 41 •130 85 •3II4 •3OI2 17I2 •71 17 2V •334 •130 •85 63 Boston & 290 Boston Elevated Do pref 46 477 Boston & Maine 76% 77 95I4 27 37 49 140 49 140 •3'4 _--_ •334 •130 •84 77 95 95I4 1718 28 •36 140 136 77 135 135 77 17 •21 "iVis '41" 3C>\ 4914 3612 49 140 49 7678 9414 21 1718 21 29 40 40 •36l2 77 •94 17-I8 231« * 135 1.35 7634 95 17l« •21 23'8 •28 •40 77 95 I7I4 *21 1I35 137 137 7712 95I2 Range since Jan. EXCHANGE the Shares •137 See next page STOCKS B03TOV STOCK Sales for Frldau, Thursday. W'-daesdav, Monda<j, Baturiav. Feb. 25. 77I2 95I2 17'4 BONDS BOSTON STOCK EXCHANGE-Stock Record 936 109 .95 Us Jan i77s Deo 412 Feb Jan 23 42 45 Deo Deo Deo 16512 17 23I4 Jan Apr Dec Dec 1 1914 8 Jan 29 Not Deo 2 19 July 2878 Jan 27 7812 Jan 6 6 Jan 13 Dec Deo 4 1 Is 3134 32 I3I2 Feb 28 32 74 2 6 3 Jan 24 2 7% Mar 2 13 Jan 16 8712 Jan 26 73 7ii2Mar 2 68 14 Feb 4 Feb 28 150 23 Feb 18 80 Feb 2 11% Jan 21 5 Jan 28 116 Jan 19 Feb 9 13 17 Feb 26 17212 Jan 24 Jan 4 80 I4I2 Feb 21 514 Jan 21 10878 Feb 23 Jan Feb 884 Jan 27I2 Feb 36 Jan 41 Jan 16 1'4 32 Dec Dec June 13 18 9212 85 64 Sept I3i2 Sept II Sept June 60 Mar Not 3.5ig Apr 1412 Mar Apr 84 Dec 914 4 Aug 96it Jan July 7 11284 1134 214 Dec ..4t» Jan Aug Deo Dea 6 30 14 Apr Jan Nov 87 12it Apr Deo Feb 171 78I4 14 146 Dec 3 88it July 47 June 10 Dec 33 Sept Apr 2214 I6I4 July 167g Jrp D« 6 2 Jan June Feb Jan 136 117 26 Mar 478 5384 Sept 68ij Oct 6612 Jan 24 I4I4 Feb 3 3934 Jan 6 Jan 21 27 24I4 Jan 3 Jan Jan 13 Nov Sept 518 2212 31 9 Seot 08 14 Jan 20 Feb Mar 86 20 Sept Jan 9I4 Mar 10584 Jao Feb 61 22 3914 251s 241s 297g 17 Jao Jao Deo Deo Deo Jan Feb Apr Deo Deo July 17 221s 33is 3584 18 14 .35 Oct I84 Dec .4 Mar .75 Mar Apr 3 13 11 17 Aug 14 16 8 Feb 9 Jan 4 Oct Jan MIolag •55 60 •6012 *.20 61 25 25 .50 *2l2 *8i4 •13 277 234 884 I3I2 277 I4I4 I4I2 40 40 3 • 12 *2l2 7I4 7I4 lOSa *ll2 *2l2 •134 9II2 1012 •87l2 •22I2 •3 •1 •2X4 •184 •138 •2I2 *438 •134 2 3 2I4 95 89 23 *.50 *61l4 •.20 62 *25 26 .50 2I2 *8l4 14I4 14 •10 *2l2 7I2 IOI4 3 212 1012 II2 2I4 214 *2l4 2I2 2 IS4 2 3I4 II2 *m *2h 4I4 •134 134 278 4I2 56 56 I7I2 .60 I7I2 .50 1712 1734 •23 •32 •4212 4334 ••95 •.65 278 Us •134 .50 3K. •2 I'/ii 2I4 •.40 6l8 1114 2 25 33 44 4334 lis 1 27* ll8 2I4 .60 318 2I4 IK. 214 .50 •1012111 2 * Bia *.25 1 2 •I 2I4 32I2 44 45 •.90 .80 2218 89 89 22 3 *3 1 II2 2I4 134 •1% 234 412 4 1»4 134 2 55I4 57 66 I7I2 .50 18 17% 38 74 74 6 25 2 93I4 9514 2 76 •24 32 •43 45 2I4 21?, •75I2 'I84 10% II2 2l2 4I4 •134 38 6l8 7% 10% 2 .-. HI2 3l2 134 138 38 0l8 Ills 12 7I4 134 214 214 94 89 22 3 11 •184 24 32I2 42I2 44 .90 1 14^8 .50 61s III4 2I4 .25 7418 6l8 11 134 24 25 32I2 44 45 33 44 44 .90 .75 1 •.60 134 2I2 834 SiU 280 3 2 2 95I4 891 23I2 9312 89 89 22 23 3I4 II2 234 2 134 2I2 41 2 56 76 6I4 11% 2 25 33 44 45 1 .60 2I2 2I2 *2l2 234 138 138 II4 ll4 Us 2 2 2 Is 3 .55 3'/, 214 .53 .53 .51 3K. 3U, 3K, 214 2l« •Uii II2 •.40 •IOI2 and aaked 21 ur. Us II2 .50 111- prloei: 3 •2 Us IVii 1 3% 2I4 3 21s .50 134 2 •.40 01-. l()-i.i IOI2 .50 IOI2 no aalee on tttia dar- 280 2I4 2l8 3 2l8 95 89 97% 23I2 24 891 3I4 •3 3I2 II2 1% 1% 2I4 234 212 _ Last Sale 178 ^ Feb'22 Last Sale 1% Feb'22 2I2 212 4I2 •4I2 412 4% Last Sale Feb'22 2 2 57 56% 66% 17I2 I7I2 .60 17I2 .25 76 6 Is 76 11% HI2 *.25 I7I2 .50 76 61 76 6l8 1134 6I4 1178 Last Sale 2 Is Feb'22 Last Sale 23 Feb'22 33 33I2 33 33 •43 45 45 45 4412 45 .90 .80 .90 ih 43 44 .60 2l2 .50 .80 .81 234 2I4 2I2 Us 2I2 1 Us Us 3 2% 23,1 .50 .50 .53 3 •2 Is 3 31 134 iJtat ILims tban 2I4 2I4 2I4 Us 101- I Us IOI2 2l8 2 134 Stl .40 Adventure Consolidated.. 25 25 380 Ahmeek Algomah Mining 25 130 Aliouz 25 790 Arcadian Consolidated 210 Arizona Commercial Feb'22 101- 11 lOU aad abarea. 25 6 Bingham Mines Feb'22 279 2I4 Us 112 .40 1 13I2 834I *1 ll4 5i> 2I2 2I4 8I4 56 1734 .50 .80 234 2 26 14I4 1334 14I2 1412 L'lsl Sale 11 Feb'22 41 12 4134 4114 42 Last Sale 3I2 Feb'22 7I2 714 734 712 IOI4 11 10% 11 Last Sale 134 Feb'22 2I4 3 2 95 •2I'' 2 •.50 25 25 Last 279 *2h 1078 134 2I4 1334 42 7% *iu 834 278 * 42 3 714 2 95 89 2% 878 14% 1438 734 IOI2 H2 Ve" 14 12 55I4 6l8 11 •134 277 ;i/t> Last Sile .50 Feb'22 6OI2 6OI2 6II2 61 Last Sal. .20 Feb'22 2412 2I4 25 8I4 834 4112 2 .50 *2i4 2% 12 42 94 89 .60 61 1314 4012 2 56 •7512 2% 8I2 2/0 277 2I2 134 25 I312 276 22I2 278 434 2I4 .50 234 834 •13 •.50 61 *.20 *24l2 .60 6II4 •.20 25 22I2 *3 •1 3I4 *.50 61U .60 457 Mayflower-Old Colony Michigan 110 Mohawk New Cornelia Copper New Idria Quicksilver New River Company Do pref 38 422 Niplasing Mines 1,082 North Butle 23 25 25 10 .90 25 25 60 Jun31 26 6 26 25 25 5 25 25 25 25 Mason Valley Mine 115 Mass Consolidated 837 600 42 1 1 10 Kerr Lake 200 Keweenaw Copper 343 Lake Copper Co La Salle Copper 6 6 100 100 6 -16 OJlbway Mining Old Dominion Co 10 Osceola 50 Qiiincy 175 St Mary's Mineral Land 370 Shannon 600 South Lake 150 Superior Superior & Boston Copper. 10 5,58."> Triuily Copper Corp 5 5 3,900 Touluuine Copper Mining 6 1,380 Utah-Apex 1 150 Utah Consolidated 1 770 UtHh Metal & Tunnel 25 295 Victoria 26 Winona 25 49 Wolverine I, .325 • Bc-.-ignta. a tils-dlvldead rigbti. 20 Feb 20 3012 25 26 26 pref 9 25 10 10 Roy ale Copper 13 25 25 1 Franklin 31 6 Jan 6 Jan 6 Jao 4 Jan 16 Jan 3 Jan 9 Jan 3 Feb 24 Feb 6 Jan 13 Jan 10 Jan 10 Feb 14 Feb 28 Feb 6 Feb 24 Feb 18 Feb 6 Jan 4 Jan 9 Jan 20 Jan 16 Jan 7 Feb 21 Jao 18 Jan 6 Jan 7 Jan 20 Feb 15 Jan 20 Jan 4 Jan 6 Feb 20 Jnn 9 Feb 23 13 265 26 26 20 20 Hancock Consolidated 800 Helvetia. 5,330 Island Creek Coal Do 8I4 10 639 Copper Range Co Daly-West.. 690 Davis- Daly Copper 2,480 East Butte Copper Mining Isle 60 26 136 Calumet & Hecia 2,785 Carson Hill Gold Centennial 55 295 Jan Jan .20 Jan 22 Jan 2I2 Feb .60 1034 91* 3712 1»4 6I2 lOU 1>« 2 1»4 SUt 88 2218 3 1 2I4 II2 1% 21* 214 1'2 6312 17 1 37 73 S>4 11 2l8 41% 2l2 .92 2 .50 21* 1 1 Jan 9 Jan 11 Feb Feb 2 Jan 19 Feb Feb 21 15 1'^ Jan 6 .26 10 Jan 16 Feb 10 .65 Feb 7 Jan 25 .20 Jan 13 321s Jan 26 3>4 Jan 3 984 Jan 25 Jan 21 14 286 Jan 23 Feb 10 16 13I2 Feb 1 4514 Jan 25 212 Feb 20 914 Jan 26 I214 Jan 26 2 Jan 19 Feb 13 3 28, Jan 23 97% Mar 9112 Jao 26ii Jan 3it Jan 1% Jan 284 Feb 2 Jan 2I1 69 Deo .50 Apr Apr 24is Nov 16 li8 Sept 67s Jan 10 8 Mar 14 3 10 24 24 3*4 Jan Apr Col Deo Apr 280 Dec 161s Jan 210 11 7 Jan Jan 27 188 6I4 7 10 4O84 Nov Mar Aug 4I4 Apr Us Sept 188 June Jan Jan I6I4 Jan 1 48 76 2% Mar Jan Deo Jan Jan 7ls 11?4 3I4 Deo 31s 27$ Nov 881s 901s 241s Deo Deo Dee 4 2 Sept Jan Jan Jan Jan Jan Apr Deo Deo Feb 2 Sept Feb 21 2% Aug II4 Aug 514 Jan 31s Mar 3 .98 Sept 28 2 16 10 II4 II4 Jan 4 .66 Jan 23 Jan 25 Jan 23 Jan 18 1 40 Feb 9 77Jl Feb I Jan 4 7 I4I4 Jan 21 214 Jan 16 27 Jan 26 37l| Jan 26 47 Jan 25 46 1| Feb 2 II4 Jan 23 .80 Feb 27 Jan 17 3 lU Jan 7 Jan 17 3 84 Jan 3 314 Feb 7 2I4 Feb 8 l'« Jan 6 211 Jan 30 .50 Feb 7 12 Jan 26 19 Par value $100. 63 .15 July Sis 214 1% Feb 3 5 Aug 40 65 Old atook. A3is Jan I2I4 Sept .40 Nov Feb Deo 40 74 4 8 July Mar Aug 1 163g 21 331s Jan Aug Aug Jan .76 Jan 28 .36 Nov 2 Sept June 1 iViiJuly .34 I84 lis Aug Aug Nov .95 Jan .40 May .36 Jan 8'2 July 3% Jan 69 I884 Dee Deo 2 Deo 57 Mar 95 Mar 81s 1414 21s Deo Deo 3534 36>s 46 45 1% 2 41s 214 412 .85 31s 6 Jan Nov Deo Deo Dec Dec Jan Feb Feb Nov Deo Oot Jan 2]^ Jan 214 Feb .80 14 ..x-ivtdend. Mar Feb Maech THE CHRONICLE 4 1922.] 937 Baltimore Stock Exchange. — Boston Bond Record. Transactions in bonds at Boston Stock Exchange Feb. 25 to Mar. 'S, both inclusive: FHdav Week's Range Last Sale. Price. Bonds- W 50 83 106 K 89 M N U 8 Hoffman 83 100 98 93 H Warren Bros 7Hs 1937 Tel 5S-1932 & Western Tel Range since Jant Week. High. Shares. 1. Stocks Chicago stock Exchange. —The High. Low. 94.64 96.44 97.10 $15,300 95.94 96.84 96.84 50 95.26 96.64 96.64 50 95.94 96.84 97.38 6,900 95.26 96.54 97.74 16.600 96.24 97.04 98.00 15,100 95.64 96.84 97.52 15,650 99.82 100 14 100 22 26.200 88'^ 88 M, 7.000 86 H 47 51K 135.500 47 1.000 100 102 102 74?.48.000 75 75 H 2.000 89 5^ 90 90 11.000 78 82 85 95 Ji 96 ?4 96 H 22.000 103 M 106 Ji 57.500 101 X.OOO 86 92 92 89 89 1.000 86 30,000 88 89 90 93 94 95 18.000 100 100 2.000 100 6.500 91 91 92 100 100 5.000 100 15,000 97 Ji 97^ 9S 93 (^ 94 8,000 90 Jan Feb Jan Jan Jan Jan Jan Jan Jan Mar Jan Feb Jan Jan Jan Jan Jan Jan Jan Jan Feb Jan Mar Feb Jan 97.72 Jan 97.44 Jan 97.86 Jan 9804 Jan 97.86 98.10 98.24 100.50 89 '4 51 105 76 90 85 97?^ 106 « 92 89 H 90 Jan Jan Jan Jan Jan Feb Feb Jan Feb Feb Jan Mar Jan Feb Jan Jan Jan Jan 95 H 110 92 M 100 QS'A 94 Mar Feb Mar complete record of Exchange from Feb. 25 compiled from the official sales transactions at the Chicago Stock Mar. to lists, both inclusive, 3, given below. is share, not per cent. of par value. Prices for stocks are all dollars per For bonds the quotations are per cent Friday Week's Range Last Stocks Sale. — 100 100 15 lOO Armour A Co. prel Armour Leather Preferred Beaver Board.. 94 98 K uyi • 4K Preferred Booth Flaheriee, new Chic Week. High. Shares. 94 300 300 71 100 100 J 1) H 36 • C4C Ry pt sh com. . • Chicago F:iev Ry, pref.lOO Chicago Rys part ctf ser 2. Chicago Title & Trust. . 100 Commonwealth Edison 100 Conaumers Co, com. 100 Continental Motors... 10 Preferred ..100 Crane, pref Cudahy Pack Co, com. 100 Deere 4 Co, pref 1 00 Diamond .Match 120 5K Earl Motors D* • .-red... • tor Co pref new) 100 .thcr 10 2-H 18 lOOH 107 15 A 4 Co • • "A" com 100 IDO 'ortfl ^.o III, 105 36 H 200 570 100 Co 35 3 979 65 260 3 % 7H 2H 9H 4H 2« 2.840 100 70 345 170 300 lOOJi 107 107 14Ji 15 60 89H 4 4 2H IOH 15Ji 74H 34H 00 340 308 845 260 66 90 112K 112H 23 4.700 152 1,685 180 67.130 75 23 33 >i 88 2H IOH 10 1.073 1,100 100 60 IS.-i 74H 23 H 38 90 1 ,055 8,370 310 161 161 10 94 04 30 18X I8H 60 94 I6K lOQ Electric. 60 WamerSp, com Bwlft 4 f;« Swift Int'-rnaUonal.. Temtf* I'rcKl lOO! 100 15 f;4K "A". . . • V. w - ^ rUi.w\.2fi v.. MIILi : W" 107 23 10 76H awH 16 6H Flrf rrlm r f d r.n 'Zfl! . f«. rtrrI'M An. 'irrl.--i IlW" u-., 8H 42 7.1 U 00 h I6H BH 40 70 0.'jH MH liH 1 ISO , , .... 70 76 76 62 ^i 77 A Viil\ tin li" r,.'7i 44 •,.. 366 3 61 1.S60 10.766 gim l»HH 20 H 30 OH !t 104 Om HTH >. M K M i.oeu 400 0.336 760 660 ino I 104 M 1 74 K 22.(i.>.> ' 67 1923 Pennsv & P 5s 1940 United Ry & Elec 4s.. 1949 Income 4s 1949 Funding 53 1986 7s.. 5% 6% 5 5 59 Jf 106 Feb Feb Feb Feb 5 '4 6 59 106 65 60 Jan Feb Jan Jan 68 70 2H Feb 8IK Jan 81 107 lOJi 56 4 4 27 53 82 3H 112H IX 8H 12H 62 H 10 25 80 H 143 03 H I3)i 59 h 04 13 42 24 OIH Jan Mar Jan Feb Jan Jan Jan Jan Jan feb Feb Jao Jao Jan Juo Juo Jan Jan Jan Feb Jan Feb Feb Jan Jan Jnn Jan Feb Feb Jan Jan Jan Jon 20 2 40 43 21) Mar 70 60 12H 6 I Jao Jon J an Feb Jan •" ' i 70 07 a.'.w fl7 4U'i :::t': IM!. KM JlUj Mar Jan Jan Juii leli Jan Jim l'<b J (in K 109>i 6 IS 106 Jan Jan Jan Feb lOOH Mar Mar 15H 60 7<A 4i4 39 65 K 90 4H 114 2>) H 10^4 76 H 1 28 39 H 00 Feb Feb Feb Jan Feb Feb Feb 95 S lO^i 1 K.t'-, 45 73 H 98 Ji 'iSH 96'^ 106 102J-J 86^ 112 10 9 160 100 89 H 68 Ji 15 215 71H 72 Ji 100 100 89 89 VX 79 79 97 97 94 94 68 5i 69 M 49 49 67 67 h; 98 H 98!/-, 99 99 ^i 77 « 77 K 99 99 Jan Jan Jan Jan Jan Jan Mar Jan Jan Jun Jan Jan Jan 91 105 80 Feb Feb Jan Jan Jan Jan Jan Jan 78 18 >i 10 44 72 92^4 9 140 140 15>4 98 K 98 K 98 H 100 95 95 2H 49 25 25Ji 60 30 H 96 ^ 96 K 99 5i 9934 87 Ji 87 »4 106 106!^^ 99 Ji 99 >^ 102 J^ 103 86 H 86 '4 86 S&fJ 99 J« 99-/, 98 K 98 >4 .Mur 62 60 H3 Last — Stocks Par. American Gas of N J. . . 100 50 American Railways • .Stores First preferred Bank of No Amer warr 93 w 1. LelilKh Navigation Lehigh Valley MInchlll * S H... L & P, pref...* Halt Mfg 50 50 50 50 f:(nt Jan Jan Jan Jan Feb Feb Preferred 25 El of Pa warr full pd Phlla Rapid Transit 50 Philadelphia Traction. . .50 Phlla 4 Western 60 Jan Feb Mar Jan Feb Pennsylvania 60 50 60 25 Phllafo (Pitts)... Pref (cumiil 6%) PhllaFleolrlcof Pa Phllii Reading Mar 04 Feb 16 K Jan Feb Mur UnltMl (iiw Impt 44 34?4 108 ^ 23 >» Feb Feb Feb Jan Feb Feb Feb Jao 6^ 43 H 61 H OH 43 H 76 H 60 H Mar 16H 7 1 H llOJi 74 H' Keb Jon Jun Feb Feb Lib L3.4S iHl 4 tin . 1 60 142!^ 32 8H 71H 55 37 H 24 27 H 27 H 25 >i 66 29 $1,000 1.000 6.000 12.000 Jan mvi Mar 30 84 m; 37 3i 25 26 H 24 H 145 .50 2=4 3K « 5m 26 Mar Feb Jan .Tan Feb Feb 27 Ji lOOH Mar 111 83 H 4H 84 18>i 12 45 « 74 H 100 Feb Jan Jan Jan Feb Jan Mar Feb Mar IOH Mar 15Jf Mar 31 Feb 96!^ 99 ?i 88 Mar K H 88 89 « Jan Jan Jan Jan Jan Jan 98 Hi 82)^ 106 Feb Feb Jan Jan Jan Jan Jan Feb Feb 107 1,.500 99 K Feb WO\i 6.000 9.CO0 20,000 15,000 10.000 238 000 10\\4 85^4 Jan Jan Feb Jan 103 2 000 9.000 57.000 15.000 5.000 3,000 10.000 22.000 13.000 1,700 5.000 44.000 5,000 86 96 K 98 if 96 ^i 94 H 70}i 100 86 75 95 92 66 H 46 66 98,4 98 77 Hi 96 Ji Feb Jan 99 >i 100 Feb Jan Jan Feb 104 Feb 73 Jan Jan Mar 100 Mar Mar Jan Feb Jan Jan Jan Jan Jan Mar Jan 96 87 H 79 97 K 94 70 H 50 67 K 98 H 99 K 78 H 09 Feb Feb Feb Jan Jan Jan Jan P.- 2rt . :«<l 41 li Vlri(ir> 1 .^ Aini-r (iojt lOlcc 5h . , . 4 do 2007 2007 niriiill Pa f„„«,ITr'ir..f 7>i Mar Mar N Nl 1 A«-32 1 IIM6 n:i6 . . .. .. 4IH ' ..1. i ; . ..11 MS M' , HI', 1 . :, 02 nrnall 1041 1041 n» Irh Mar l-MtO inl i.'f I'hiln ttni) Tratia 1 .'m. 27H 23 >i 64 >i tj IW IH 35 lOIH 12 93 55 70 35 'i 35 4 .37 H 24 4 28 27 4 26 66 8 76 4 46.4 .553 1.820 1 027 18,252 140 lU 34 38 .504 27H 31*4 91 .12 Jnn 0.'> .SI l''eb 70 06,04 06 02 00 00 Jnn Jnn Feb Jun Jnn Jnn Feb Jnn Jun Jnn Jun lO.M.'.O 29.«.'.0 OH. 12 27 07 40 100 JH HI IOH 0.-.0 07.200 3.'>.(IO0 4.00(1 1100 1 1 .OIH) 4 32.000 6.000 6,000 0.000 2,000 6.000 3.000 IIH '4 4.0(10 7.'>«i 06 73 74 40 ur, HI H2 107 004 Feb l-ob Fob 374 Feb IHH VnU Fob Feb Feb Jan Fob Feb 36 Feb 102 41 52 8 34 4 48 07 00 Feb 07 111) Jnn OS. Oil M OS OS 10 IIH) 30 HO H5 100 Jan Jan Jon Jon l-'nb Fob Fob 764 Mar 4 Feb 734 Feb 0.'> 36 Fob 07 4 Mar 014 Fob Jnn lib Jnn '4 1004 2.(MHt l(HI<( MO 6 000 102 3.000 102 ,0(N) 66 s Kx-dl vhlonda. 4 14 2 Fob Jan Fob Fob Fab Jon Fob Fob Feb rob U.ium 1,000 .50 Jan Feb Fob 07 HH OS It 00 at..MM) 1 27 4 20 00 8 70 4 Feb Feb Jan Jan Fob Feb KMHj 06 4 30.000 600 35 H 38 25 4 28 4 Jun Jnn Jan Jnn Feb Jan Jan Irh Feb Jmn Jan Jan Jnn RHS 4 4 Jan 354 Feb 4 04 IOII( 102 102 10214 Jan Feb 1IS<, 04 HO 03 04 .OIH) 48J< 55 72 I0J4 IIH 1 6J< Jan Jnn 600 26.000 Mar Feb Feb 30 Jan 99 Feb 130 Feb 63 Feb 147« Feb 32 Jan 28 Feb 94 Feb 73 H Feb 61 Feb 60 I'di lO.OIHI ON NO I, OH«i 101 07 O.'i 4 71 02 72 4 30 07 4 IIKI 66 N2 ON NO Jan Jan Jan Jan Jan Fob Jan Jan Jnn Jan 07 07 46 07 20 36 07 4 HI Mar 3.fl.'rf) 35 01 101 -J I'fi 1,520 201 H.') 101 46' 5 28 316 I8H Vt Jan Jan Jan Jan 1.974 1,472 10 304 76 66 17H 58 Jan Feb 18 102 48 M Feb 72 2.160 Jan Jan Jan Jan Jan 23 27 4 27 4 100 1,040 1.275 62 8 06 62 no UN 00.78 07.60 07.08 100 10 Hl\i Jan Feb Jan Feb 485 270 IH IH 354 Feb 6H 194 694 3,435 334 100 324 1.093 X 36 4IH 41 I5I 66 li ,Sn par valiin. 61 48H 27!.i 66 >i 57 48 48 4 HO 1067 Mnr • 10 102 . both High. Jan Jan Jan Jan Jan Jan Jan Jan 4 20 83 114 46 120 30 0.11^ • week' 9 reaml nn PUtithuryh Stock Ezchnngi uilT hr fouti'l nn pagr 92') 541-i 69 H 34 H 35 H 37 24 27 H KHU 102 3, since Jan. Low. 47 60 8H 06 H Mar. Ramge ion lonn do .\lur ,M..r .... 1 59 H 48 H 01 101 I unaii iliiri 695 874 620 73 1 do 1 7IK 73% 140 142 30 H 32 28 28 9 8!.i 07l<i ,l ^T 97 313 106 62 86 '.i\ 1 4 K 60 107 76H III24 •; -s ,- H 95 125Ji 126!^ 33 X 06 125 160 35 1,102 75 29 H 14 |ii.V» ,, 5H 22 93 Sales for 56 H 6 8 83 ^ — Record of transactions High. Shares. 56 30 46 61 K-I'ill Il<i4 •t Low. IH 192 Jon Feb Week nf PtI/--^ 74K 104.1 Int Week's Range 46 35 H 1,000 Jan Feb Feb official sales lists: 8 1032-47 1032 47 .1027 •2 1028 .1033 .38 1022 23 Miir ilj 94>i Bond! U8 Mrll r.li-pof Mar 70 U Mur 62 Mur 70 K Mur 00 K Mur 62 Mur Mnr 22 UH 60 60 Warwick Iron 4 Steel. ..10 \V(~(t Jcr 4 Sea Shore... 80 Wni Craniii 4 Rons 100 York RiillwayB 60 Preferred .....60 t'rvU-TTiil Miir 80 56 H 60 60 . prcfi-rrMl 2rl 60 H Jiili Mm- * Elec Storage Battery. . . 100 Insurance C;o of N A 10 K«-ystone Telcph. pref...50 Lake Superior Corp 100 P<nn Sale. Price. 100 Preferred American Tono Hilriiont Dcvel 1 Tonopah Mining I Union Trac $I7K paid.. 60 l.'nltMl CoHot N J 100 Jnn Knb Mii Mar 935 1 ^^t^ 15)^ 30 Friday Jl.l. H7H Ezchanf*.- —Thin 4H 4H 80 K \HH IOH IOH 45 45 M 73!^ 73 H 97i5i 100 10?i 10 K 18 Philadelphia Stock Exchange. .,'1 Stock 99 100!^ 110!^ 11054 81Vi 82 Vi 80 5s 1941 5s I'cniisyl Feb 161 Annap Wil& Weldon Jan .Mar 107 Wash Jitr. i.l.OCMt i,ooJ 3H 25 K 26 H 26 ^ Mar .35 Feb Feb Feb Jan Feb Feb Feb Feb Feb Jan 25 114H Feb 120 IH.OOO w 49 Jan Jan Feb 1 Feb 260 250 8K 1 n K 4« 82 49 25 H 290 100 66 50 685 273 79 325 inclusive, compiled from H 7,(K*) xlOOH 2 Mar Jan Jan Jan H**'* 2.U00 6.000 3,000 2,160 25 2 6 1)4 l3,rjo<j 60 .50 10 60 at Philadelphia Stock Exchange, Feb. 25 to 4.1 04 49 25 H W notes notes Bait & 23 Ji 26 24 145 .35 1923 Convertible 6s Cosden cS: Co 6s 20 Feb Feb Feb 17 ,(>(KJ Consorn Coal ref 4Hs.l934 lO.'iO Refundins 5s 80 Ji 37 2 3>i Bonds Central Ry cons 53... 1932 City & Suburban 1st 5s 1922 Cons Gas, E L & P 4Ks "35 7V«% notes 1945 6% notes 1931 7s 26 12 5 Mar .13 0,000 100 Northern Central 50 Pennsyl Water & Power 100 United Ry & Electric. ..50 50 Wash Bait & Annap Preferred 50 25 3H 2H 9H 4% .1*0 1 Mar 12H Feb 83 Mar 23 K 26 24 K 145 25 Monon Power, pref Mt V-Woodb Mills v t r 100 Preferred v t r 30 84 H 37 23?i 26 24!^ 145 36 >4 .;ij.ii0(i OK H Jan 30 84^4 37 Feb Jan Jan JJ MH MH ' 'i(K) '10 MMH 71 Mar 240 70 i4 lo.niHi 204 .000 62 7- Mar Mar 98 K CelestlneOil 1 Central Teresa Sugar 10 Preferred 10 Commercial Credit 25 Preferred 25 Preferred B 25 Consol Gas. EL&Pow. 100 Preferred 100 Consolidation Coal 100 5 Cosden & Co, pref Houston on, pref 100 30 84 H 37 35 3 - »fl,000 HI) Feb 89 94 Jan Feb Arundel Sand & Gravel. 100 Allan Coast L (Conn). .100 Baltimore Electric, pref. 50 Baltimore Tube 100 * I Benosch Preferred 25 Canton Co.. 100 1. High. Lena. 7H 1, 24,'. 84H S4H MH H4H Pittsburgh High. Shares. Jan 470 4IH uiiit,' 1.,.: <' < 43,'< 46H Clikn.. l'iir< 42H 40^ i02H Cblrai <:h<.< 23.1* Zl26 07 70 Bond* Booth 44 34J< 107>^ 8 H 42 26 it. t<*uj »i 33H H 2H 42K 60W • 04 100 22 UK) Wrlii-'-.ii Yelh.w Mf« Yellow T»il >6H 43 34H • TboriKMWin J K>. rorn .26 t-' f-arbon 10 « 1 V lc60 L' !.,._ 60 H 80 640 6 60 160 23.360 676 8.310 High. Feb 10 97 64 60 Stewart Low. Range since Jan. Mar Mar 105 100 -** Week. of Prices. 83 4 20 5 7.250 7H 4 4W 3IH 36K 36 65 00 K 12 25 960 ax 5H 7 Beo -Mouir lo 8Mr»-Roebuck. com... 100 8( 1. Jan Jan IH 51 18 97 94 83 87 68 91 4H 580 60 106 14H Low. 5,725 3.190 1.150 100 Pr<.f..rr,<l Range since Jan. 1,4.30 4>i 3 6 250 260 118 120 5 5 5 6 60 Circuit. Inc I PeoDl':'= (:ut Lt C»ke 100 y 20 1,065 67 68 67 70 108 H 109 iOH Orpheum I" P' P' <j 83 4 98Ji 1214 83 4Ji 106 < N 97K \2H 59K 59K 100 Oodschaiix Sugar, com...* Great Lakes D. . 100 Hartrnan Corporation. _ lOOi Hurt. SchafA.Marx, pref. 100 Hupp Motor 10 Illinois Brick 100 Ubby. Mc.Vclll <fc LIbby. 10 Undsay Light 10 Mid Wmt UUIIties, com 1 00 T- ' 100 N 88H IH 8H 4H • Preferred H 87 87 H 68J4 • Preferred Case Sales for 20 Preferred Par. Sales for Sale. Price. Davidson Sulphur 6s.. 1927 Elkhom Coal Corp 6s. 1925 Georgia & Ala cons 5S- 1945 Indlahoma Ref 8s notes w 1 Mar>-rd Elec Ry ist 5sl931 Monon Val Trac 5s... 1942 of Prices. Par. Price. Low. American Radiator 100 American Shipbuilding. 100 Friday Last Week's Range 0/ Prices. Low. U8 Lib Loan 3 !^8. 1932-47 Ist Lib Loan 4s_ .1932-47 2d Lib Loan 43.. 1927-42 lat Lib L'n 4 ^9. 1932-47 2d TJb Loan 4 ^s 1927-42 3d Lib Loan4^is...l92S 4th Lib L'n 4;ia. 1933-38 Victory 4Ha 1922-23 Am Tel & Tel coll 43. .1929 AtlGd: I S3 Los.. 1959 Carson Hillconv 73. ..1936 Chic Jet Ry A U 8 Y 4s '40 do 53 1940 Copper Range 58 1949 Hood Rubber 7s 1936 Internat Cement 8s... 1926 Mass Gas 4i.48 1929 do 4^9 1931 Miss River Power 58. . 1 95 E Telephone 53 1932 Seneca Copper 8s 1925 Swift & Co 53 1944 Sales for — Record of transactions at Baltimore Stock Exchange, Feb. 25 to Mar. 3, both inclusive, compiled from official sales lists: HO 71H 07 HO 4 1024 I0J4 HO 102 6H R3 ON NO Jm Mv H M 5 6 THE CHRONICLE 93S Naw York Garb Mirket. — Official transa 3tions in the XT«»,- XT^m.!^ /^i.*.V* T\T New York Curb M. arket from Feb. 25 to Mar 3, inclusive. Last Stocks— Par. Industrial & Miscell. 1 Acme Coal Mining IC Acme Packing.. • Amalgam Leath com aaics for Sale. Price. 0/ Prices. Week. Low. 10 Amer Hawaiian S S Amer Lt & Trac, com.. 100 1 Audubon Chemical 6 Benford Auto Products Bradley Flreproor Prod 1 Brit-Amer Tob ord bear.£l Ordinary £1 Brooklyn City RR 10 * Buddy Buds, Inc Car Lighting & Power.. 25 Cities Service 10 1% IM 31e 25c 7H W'A 36M iVTe 30c 24 115 115 Mfg com 1 1 25c 85c UH li'4 14 4% 68c 2K 108 >i AlO 100 .100 B 10 Cities Serv Bankers' sh..* • Cleveland Automobile Colombia Emerald Synd.. .* Conley Tin Voll... Continental Motors 10 & M com.* Denv & Rio Gr RR. pf.lOO Dort Motor Car IH •2ys ISOH 177 55 K 59 r>H 5M Steel, com 110 * Garland Steamship Georges Clothing cl B...* GIbson-HowclI Co, com. 10 * Razor Glen Alden Coal Gillette Safety * • Goldwyn Pictures Goodyear com.. 100 TAR Preferred 31 70c 33 75c 11 ii 14 5A 5H Imp Tob of Kayser (Jul) & UH • 15H 16 187 44 J^ 45i lOM w 1 Lehigh Valley Coal Sales 50 LIbby, McNeill & LIbby.lO Lincoln Motor Class A.. 50 Maxwell Motors undepos'd Mercer Motors v t c Morris (Philip) Co.. Ltd. 10 Nat Fireprooling, com.. 60 National Leather, new.. 10 Nat Leather, unstamped.. N Y 85c 10 \.5% 8H Preferred when Issued... Lake Torpedo Boat. . . . Transportation 10 North Amer Pulp & Pap * Packard Mot Car com.. 10 Preferred 100 Corp 50 Peerless Trk & Mot Perfec'n Tire & Rubber..* Postum Cereal, com, w 1 .. Preferred wl. 24 500 67 G% 2X n% w% 19 64 36 4H 57 Swift International 2Vi 42% 99c 15 Tob Prod Exports Corp..* • Todd Shipyards Corp GH 753^ Triangle Film Corp v DnitedOas&EI, t c. .5 1st pf. 100 Second preferred . 100 United Profit Sharing.. 26c ""i»/i New stock, wl 1 On Retail Stores Candy..* U S Dlstrlb Corp. com.. 50 B Light & Heat com.. 10 U D 8 Ship Corp.. S Steamship Van Raalte Co, Inc Wayne Coal West End Chemical 6« 1.300 700 8.200 100 10.400 4,000 800 70 600 2,6,S0 2,283 700 100 9,420 7,300 2.300 1.600 200 300 1,200 1,265 19,200 iWt 25c 7A l''eb Jan Feb .36 Ji Mar 19H Jan 113>i l<'eb 1 Jan Feb 15c 85c Mar 12H Feb 12Ji 4A 45c 65c lA 106 1 Jan Jan Jan Feb Jan Jan Jan IM Feb Jau Jan 158 61 3H 17 20 56c 10 July Jan Jan Jan Feb 5K 2H Feb Jan 38c 20 A 22 y. 8>i Jan Feb Jan Jan 67 35 ?4 25 68 36 l''eb 1,500 66 35 Feb Feb 15 1,900 75c 78c M 14 K 15H 700 16M 16 I614 180 H 187 44;^ 45J^ 4H 45i lOJi 11 27 27H 73c 7Sc 60c 65c 80c 95c 8Ji 10 5 33 H 5% 34 UA UA 8H 8 24^ 20Ji 90 50C 67 90 A 60C 5% 7>ii 67 A 2 2A 1 2 105i 6 10 2'4 19 2A 12M GA lOH 3 19 H 2A 6A e3'4 33 66 36 A M 3H iA 55H 57 H 102 )i 102 H 9 A 2^% • 5 • Republic Rubber.. Reynolds (R J) Tob B..25 Preferred 100 Southern Coal <fe Iron 5 Standard Mot Constr 10 Standard Parts.. • 5 J Subsidiaries Anglo-American oil £1 Buckeye Pipe Line 60 Crescent Pipe Line 60 Cumberland Pipe Line. 100 Eureka Pipe Lino 100 Galena-Signal Oil com. 100 Illinois Pipe Line 100 50 Indiana Pipe Line National Transit 12.50 New York Transit 100 Ohio Oil 25 Penn-Mex Fuel 26 Prairie Oil & Gas 100 Prairie Pipe Line 100 South Penu Oil 100 Southern Pipe Line 100 Standard Oil dnd) 25 Standard Oil of N Y...100 Vacuum Oil 100 Other OH 77c 8c 10c 45 1 70c S'A 9% 3% Carlb Syndicate Consolidated Royalties ContinentJil Petroleum.. Continental Refining.. Cosden & Co, pref 4c J.an Esmeralda Oil Jan Jan Jan M.ar Jan Jan 15H 9M 24 600 20c «0c l^ 3% 25 lOH 6 14 6 A Mar Mar Mar Mar Jan 5A Mar 60c 20 ^i 20 H Jan Feb Jan 13K Mar Feb 27 73 38 Jan Jau Jan Jan i'eb Feb Ij'eb Jan UH UH 24 90 A 50c I', Feb Jan Feb Feb 300 Jan Jan Feb Jap Jan Jan Jan 2 Mar 20 H 4 'A IC &. Gas. 1 Preferred 1 5^ 13 H OH 3 3H 7 66 37 A H Feb Feb Jan Feb Feb Jan Jan Jau Jan Jan Feb Jan Feb Feb Feb 50c 43 >i 110 Mar 2H 4H Feb Feb Jan 2 Mar Feb Jan 23 H Jau Jan 80 H 20c 34 20H Feb Feb Feb Feb Feb Feb Feb Feb Feb Feb V4> lie 150 40 Mar beb IH Mar 6A Mar 4A Jan 12 A l-'eb 4H 2H 8H 6 Texon * 2% llJi 6H 21c 210 5H 5% 4H 13ii 3 Corp Oil J Mining Stocks Alaska Brit Col Metals...! Alvarado Min & r.Illl...20 Anglo-Am Corp of S Af w Big Jim Cons Big Ledge Cooper Co 5 Boston & Montana Corp 25 Boston & Montana Dev..5 1 Butte&N Y 1 Calumet & Jerome Cop..l Canada Copper Co 5 Candalaria Silver Cash Boy Consol... Consol Cooper Mines Consol Nevada Utah 1 1 750 4c lOo 40 Jan Mar Jan Jan Oiio Mar l>i OUo Feb 7 Jao 87c 9;4 17H 17K 18 90 34 91 34 149 149 46 96% 97 iMyi 47 170 93 173 93 29 H 92 29H 29A 158 270 22 H 550 87'A 375 310 159 260 22!^ 550 237 173 92 865^ 362 340 29 270 22 A 550 240 182 92!^ 88 K 375 340 29 4,300 100 10 10 60 ISA Copper Canyon 1 M Silver IH 22c 49c 84 H 28 115 24c 3H 38c 2c 4c 23c 18c 23c 5c 1% 99c Olc 2"^ 13c 700 3c 79H 40 560 65 40 200 30 160 100 30 20 50 30 257 39,800 100 10 341 50 161 84 28 142 17 620 224 173 77 83« 299 29 Feb 54 176 S3 29 Ji 160 280 24 000 245 195 98 88 H Jan Jan Jau 375 Jan 340 i'eb 29 Mar Mar Feb Feb Jau J.an Jau Feb Jan Feb Mar Mar Jan Fob 1 1 -"si' VA 9 5 6 170 1 66c * 8A SH 4H 120 57c IH 4 .5 3 5 30c 3c 3H lA 12 lA 4 A 30c 3c 2A 9 9A 5K 17o 70c 1,000 9,500 200 3,200 4.500 300 104.200 81,200 30c 20 lA HA 4 Jan Jan Mar Mar 8 lA 600 4H 12.600 100 3H 60 5H IH 4H IH 4H 2.800 1.700 Jan Feb Feb 120 57c IH 14 3 Feb Jan Jan lA Mar Jan Feb Jan 53c 40 3 11 Jan Jau Jan Jan »H Mar oA Jau 29c 78C Jan Jau Feb Jao 2A 4A lA Mar 15>i 3 5 Feb Mar Feb 23c 10c 25c 5 14c 1 3 12c 16c Independence Lead Mln.. Iron Blossom 10c Jerome Verde Devel 1 Jim Butler Tonopah Jumbo 5X 9H 4A 1 Extension 1 Kerr Lake Knox Divide La Rose Consol M acNamara Cre.3cent 5 10c 5 3A 1 Magma Copper 5 Marsh Mining Mason Valley Mines 30 H 1 5c 5 McKlnley-D.arragh-Sav ..1 Extension Mlzpah 5c IH 19c 1 MoUluan Copper Mother Lode Coalition...* 7A 10 Motherlode Copper 50c "52c" Tin Corp National 1 Nevada Oohir 350 A'cvada Silver Hills ..... Ray Hercules Ray Hercules Red Warrior. — M, Inc. 9H 5H 8H 2A lie 16c 4H 50 30 3H SOc 22c 10c 25c 4 42c 60c 25c 25e 25c So 6 — w 9c 40 70o 4c 15c 80 3c 2c 9c 15c 48c 14c 6H 9H 3 14c 19c 4H 10c 3c 3H IH IH 4C Sc 200 6c 22c 8H llH llH 27c 30c 20 25c 52c 35c 360 S.OOC 32. SOC 15c So 18.300 ' 1,600 700 4 5 200 30o 1,30C 14,000 1,700 1,300 4.900 3,500 100 20,400 21.700 3,500 3.000 8.000 100 129.900 60C 15,900 5,100 141.700 3,800 100 31.200 3,000 154.100 17.600 329.500 2,000 6.000 11.000 62.783 33.000 29.000 3.850 2,000 1,800 29,200 9,600 61,100 1,500 IH A Mar Jan 900 4,000 61,500 13.500 9.300 2.000 4.000 1.000 5.000 10.500 6.800 16.000 2.300 5.100 3.600 13,000 1,000 6.000 21,800 100 41.200 33,500 11.000 136 6H 14c 10c So IH 400 Feb Feb Jan Feb Jan Jan Feb Feb Feb ic 75c 3c 9H 40c 10 61c 22c 22 2A 600 150 IH 6H 23 H 3c A 9H 2 60 6O0 740 7c 3c Vy^ H 11 9 Feb IH Jan 9?i 420 108 Mar Mar 3H Feb SH Mar H 26 H 16 1% 10c IH 880 IH 1 27 2H 2H 2 Feb lOH 2% Mar 2H Feb 12 H Feb 8H Mar Jan Mar Jan Jan Jan Jan Jan Jan 22c lOo 87o 6 6 Jan 2H Feb 3.50 Jan 650 Feb Feb Jan Feb Jan Jan Jan 6H H 3H 14 1 12H SH 6 2c IH 190 9 75c A 12H % 1 Feb Jan Jan Feb Jan Mar Jan Mar Jan 8 Jan Mar 75c 2o 7o 35o 400 29c 60 IH Feb 3o Jan Jan Jan lie Mar 82c 70c 2o 2c Feb Mar Mar Jan Jan Feb Feb Mar Jani Jau Jan Mari Jan Jan Jan Jan Jan Jan Jan Mar 2H Jan 6c 2o 3o Feb Jan Jan Jan 2.50 Jan lo Feb Jan 4c 190 6H 1 1 H 270 26c 2o 250 17H 3.300 2 5 5.100 17.000 5.000 13.900 100 1.000 34.000 3,000 1.000 124 H SH 5c 7o 2o Jan Jan Jan Jan Jan Feb Jan Jan Mar Feb Jan Feb Jan Jan Jan Feb Feb Mar 1 Jan Feb 1.50 Mar 50 16c 4c Jan Jan Mar Jan 3H Jan 2o 90c 84c Jan Jan 24 H 10c 290 5 94c Jan llo Jan Jao Jan Jan $1 380 Feb IH Feb 3H Mar 1 5o 26>i 4o Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jau Jan Jan Jan Feb 4o 3H Mar Mar Mar Oc 16c Jan Jan Jan 38c 24 H Jan 4H 7H 2H Jan Mar Mar Mar Feb Ic Mar Mar 42 120 4e 80 lOo ISO llo Jan Jan Jan Feb Jan Jan Feb Jan Jan Jan Jan Jan Jan 13c 9o 19c 2o Jan Jan Jan Jan Feb Feb Mar ISc Feb Feb 3 ISo 3 34c 42c 2c 2H Jan Jan 3 14 22c 400 4H Feb H Jan 2H Feb 90c Mar 9H Jan 45i Jan 2H Feb 15C 80 15o 66,500 7,000 Jan Jan Jan 12 60c 1,000 • 2H 15c 8c 17c 4c 144.000 4.000 1.200 1.000 194,200 8c 15c 7c 17c 4c 3 400 30 H 5c 7c 3c 8H 1 H 28 H iWa 2H OH SJi IH 1.000 5.000 40.800 9.000 4.000 10.000 65c 23c So 27c 3c 25c 18 9c 12 13c 500 20.500 7.000 152.500 2c 24c 5e IH 1.. Rex Consolidated Mln...l Rochester Sliver Corp Silver King of Arizona 2H 28 H 4c 2H 136 OH 6H 10c 10 1 Ic 7H 500 300 2c Sc 4c 63c 18c 6c 190 IOC 5,000 18,100 200 3A 4c 500 7.130 122.000 14,100 1 3o 2c 8c 15c 300 900 85c 350 22 18c 21e 55.S0C 2.000 200 55c lie 17H New Dominion Copper... 100 New Jersey Zinc NlpKsIng Mines Nixon Nevada Mln Ohio Copper Ic Ic a5c 1 MarNamara Mining Nevada Wonder 27c 57c 82c 70c 2c 2c 20c 60c 23c 12c Howe Sound Co 5H 5% 92c 41c Jan 10c 74C 90c 88c Gold Deep Mines Gold Zone Divide 1 Sc Green Monster Mining .60c Hard Shell Mining "'47c" 1 Kewanus Feb Jan Feb Feb 2 22c IM Goldfield H lOC 2c 8c 1 1 18 700 IH Jan Jan Jau 22c IH 2 23H 24H 2H IH SSc 200 7 3H H Ian 2H lie OH 2A 34c 500 20 4c 20c 9c 21c 4c 2H 5 A Mar 9H Mar IH Feb 2% 9c 15c 83o Jan Feb Jan IOC 7 A 4 IH 35c Feb 95 1 27 IIH 12H 5 35 160 97 IH 85c 22c 22 National Florence Silver.. Forty-nine Mining Goldtield Florence Fir.st M I'A 85c 12 >f 23 Jan 9H Mar 14 5c 50c 2A M.ar 1 3.00c 3.70C 15.600 1,000 lOC 25.60C 52c 70c 16c 2c 66,900 1 18c Jan 6c I60 SOc 2c 25H 4H 4H 13H 2H 3 90c 90c 9H lOH 5 SH 2H 3 3H .lan Feb Jan Jan Jan Jan Jan 15c '"3A 200 100 70,200 Feb Jan 64c ISA 9H 400 8 48c SOc 2,100 H 22c 40c 5H SH 1.000 16.100 1,200 12.000 7,800 IH 3c 535 23.000 104 1. High. Jan Jan Jan Jan 18c 21c 8c 700 500 2.000 80.200 1.000 Low. 70 101 143^ 3 12 Jan Jan Jan G 42c 1% 211-6 2H '2H IIH IIM 6H 6H 2 2A 1 Mining 2H 5% 9H IH 2SA SIH Eureka Croesus Holllnger Coas iVTe 850 1 Feb 18 9 2c 5 Cortez Silver 1 Cresson Con Gold i M. 1 Divide Extension 1 Dolores Esperanza 5 Dome Extension. El Salvador Silver Mines. 1 Ilecia Jan Jan Jan Jan Jau Jan Jau Jau Jan Jan Jan Jan Jau Jau IH 9H 16c 1 Calaveras Copper Caledonia Mining 2H 9c 8A Ic 1 & Gas 21H IH IH .10 * IH 36o 2 5H 2^ & 2c 3 12 .1 Gas.l White Eagle Oil & Gas.. .* Wiicox Oil & Gas.. 5 Emma 31 lOH * Victoria Oil Western States Oil Oil 9M • Tidal Osage Oil "Y" lOc 5 5 10 ..1 IH SOc 1 26 Ji 10 & Land Woodburn lA 25c on Oil IH 1 6 40c 550 4c 15H 10c Red Bank Oil Red Rock Oil & Gas Ryan Consol 5c 9 '4 65c 72c Refiners. ..10 28c 102 2A 2.100 17,000 14A 1 South Petrol & Refln Southwest Oil Spencer Petroleum Stanton Oil. Texas Chief Oil 9H Jan 4H Jan 3H Jan 7H &. 9A 7% SSc 2H h% 9H Range since Jan. Shares. 65c 23 6c 10 10 Feb Feb 4H Mar 61 104 Producers 9H 35c 50c 4c 2c High. 15 1 5 2 3c 65c 245^ . Skelly Mar Mar 5'A 46c 103 IC . Mar 69H Jan 7H Mar SH Jan 20 16c Proforred New York Oil.. North American Oil Northwest Oil Ohio Ranger Omar Oil & Gae... Fennok Oil Feb 34 Jan 30 * Midwest Oil common 1 Mountain Producers 10 Mutual on National Oil of N J. com. 10 Noble on 5H Mar Mar 3 10 10 10 Sapulpa Refining Seaboard Oil & Gas Simms Petroleum.. 10 1 5 Meridian Petroleum Merrltt Oil Corp.. Mexican Panuco Oil Mexican Seaboard Oil Mexico Oil Corp Salt Creek Producers... 10 Feb 8H 1 * * Jan 2 70 Refining... 1 Feb 5A l-'eb 63 A Mar 3H & 1 12A 28 H 19 108 75c Oil IH 6 11 36 Magna Low. Sales for Week. of PT'Ctf. 1 82c IH 49H Jan Jan 2 20c Lyons Petroleum Feb Feb 187 SH 2A * Petrol -Marland Refining I'Cb H Livingston .fan 6 2A * Petrol.. W^ 33 SI ieb Jan 54 102 coup Keystone Ranger Devel-.l • Klrby Petroleum Lance Creek Royalties 1 Feb 2 33iS-4' Internat 1 Jan I'Cb lA Oil Imperial Oil (Canada) 6H 59 H 1 Petroleum, pref Hudson l-eb I'Cb Feb Mar 14,400 Home Home Jan Jan Jan Jau Jan Jan Jan 20H Feb 4H IC A. 10 Petroleum Corp Manhattan Oil & P Maracaibo Oil Explor Marsay Oil Corp 197 Jan 1 A 2H IH 3A Feb 75c A 84c 16 3i 17 11,700 6,400 100 2,830 2,115 2.000 1.000 Feb Feb Feb 15 87 50c 66 200 25 440 200 500 400 120 * 85c 300 400 150 400 Gllliland Oil. com Glenrock Oil Granada Oil Corp. Cl Jan Jan Jan Jan Jan Jan Jan 4 2,700 7.400 3,000 • Jan 900 200 5 Fensland Oil 1% Jan \4A Feb 14A Feb 5 '4 Mar 95e Mar 110 1 Federal Oil Mar Mar Feb 42 12,200 lA 25c & Gas Mar 14 4.000 945 800 200 2,900 8,400 700 10 H 36 A 24 117 11 169 120.540 15,400 2'5,r6 2'!-r, 200 40c 45c iOA 43)4 14.700 10 110 110 90c \% 19,300 400 4 4 100 2 2 800 23 23 5A 6Ji 6.705 75Vii 80H 1,493 1.000 20c 20c 100 30 30 100 4M 41i 13.800 I I'^^c 500 6A 7 4A 5A 17,300 400 20 H 20 8,400 75c 83c 61.200 4c 9c 12.400 lOo 12c 400 45 46 9.5c 1% 4,900 7,400 66c 73c 100 8M 8M 91 10 American Fuel Oil, pref 10 Arkansas Nat Gas, com. 10 Atlantic Lobos Oil. com..* Boone Oil Boston-Wyoming Oil Brazos Oil Corp 2A Jan 67c 400 800 400 634 1,230 IH Stocks Atlantic Petrol old 5 10 Oil & Refining.. 1 Engineers Petrol Co 1 ""sic" Ertel Oil 5 40 Former Standard Oil Allen Oil Allied Oil.. 5 Sale. Price. Harmlll Divide 10 10 Willys Corp, 1st pref Washington Oil Stocks [Concluded) Par. Cushing Petrol Corp Dominion Oll.._ High. . 20 2A 5H 10 ...... Preferred. Lou Other Oil Creole Syriflloate I. 1 42 1 100 Pyrene Mfg Radio Corp of Amer 13% 20 fiSM 3554 115^ Co, 12)4 IZH. 100 rre..£l • 5H 5A 60c 20 K 24 20 W 7,800 15.000 11.400 3.000 100 10 100 100 500 2iA Rubb.lOO GB& Intercontinental i'A 50c 50c 20>i Grant Motor Car 10 Havana Tobacco, pref. 100 Preferred 195 59 A 5'A 14 100 • Heyden Chem Hudson Cos. pref 100 Hudson & Man RR comlOO lA 2M 323^ 100 Eastman Kodak, new com* * Elec Stor Bat new VI * Gardner Motor Co i% ISA 21A • w 14H 2\M Curtlss Aeropl Durant Motors Inc Durant Motors of Ind IVi liVi 50c 95c 60c 70C 2]4 2% 108 H 108 >^ 7.5c \'A cl 36Ji 24 115 25c 85c • Chicago N'Ipcle —— Range since Jan. Friday L'Ut Week'3 Range Edmonds 100 Carlisle Tire Celluloid Co, pref Eastern High. Shares. 34 Preforred Preferred Preferred Week's Range Frldai/ 3— Week ending Mar. [Vol. 114. 1 92c 3 210 IH 70c 60 2o 320 65c 230 150 280 So 2c 13o 17c 48o 170 Feb Jan Jan Jan Feb Mar Jan Feb Jan Feb Jan Jan Jan Mar Mar Jan Jan Feb Mar Jan Jan Jan Feb Feb Jan Jan Feb Jan Jan Feb Mar Feb 6H Feb BH Mar 3 140 320 5 10c 4c 3H 6c 630 40 lOo 32 6c H Jan Jan Jan Feb Feb Jan Jan Jan Mar Jan Jan Feb Jan IH Mar 2O0 Feb 60 Jan Jao Jan Jan Jan 470 9*^8 14H 570 450 3o 350 18 H 2H 137 6H 14c lOo 13c IH iSc 80 Jan' Jan Feb Jan Jan Feb Jan Mar Jan Jan Jan Mar Feb 210 Jan 4o Mar March THE CHRONICLE 4 1922.] Kridav Latt Mining— Sales for Sale. Price. Par (Concl.) Wtek't Ranoe of Prlcee. Week. South Amor Cold A Plat..l 1 StADdard Silver-Lead Stewart Mining 1 Teck nuKhes Tonopuh Belmont Dev 1 Tonopah Dlvlfle ...1 Tonopah Extenalon 1 1 Tonopah Mining Taolume Copper 1 United Eastern Mining..! United Vt-rrie Exten 50c Unity Gold Mines ..5 West End Consolidated.. West End Op^tlra White Caps Mining. ..10c WUbert Mining... 1 Low. 4H High. 5 15c 3c 2.600 1.000 1.000 1.000 10.000 45.100 6.900 4.800 5.000 22,400 100 4H 3Sc 3Sc IH I 46c 1« IH 'A 50c 60c \% SOc 58c 2 27 H 1% "IVi 73c 30 27 H m ZH 70c 3c 3c 2c 1 80c 3c 3c 2c 4H Mar 6H Jan Jan Jan Jan lOo 2c 20c 1% Feb ISC 4c Jan Feb Mar Jan 75c IH Feb Feb Jan SOc m H 27 Feb Feb Feb 60 Jf 55 . 68 5f 53 80 101 1933 Amer Cotton on 69. ..19241 Amer Light ATrac 69.19251 Amer Tel & Tel 69 1922! 6s .1924| American Tobacco 7s. 1922 7s 1923 Anaconda Cop Mln 73 1929 6% notes Series A.. 1929 A=gIo-Aa:er Oil 7 i^s. . 1925 TOIK 102M 102 Armour * Co T^^ notes. "30 103 Bamsdal! Corp Ss 1931 Eeaver Board Cos 88. . 1933 Bethlehem Steel 73... 1923 Eculpment 7s 1935 Canadian Nat Rys 78.1935 Canadian Pac Rj- 68.. 1924 98 65 78 Central Steel 8s w 1...1941 Cities Sen- deb 8s Ser B 'fit. Col Graphophone 88.. 1925 Conaol Copper 73 Consol N Y 73. ..1922 Cons Gas El L 4 F Bait 79 '3 Conaol Textile 8s 1941 Consolidation Coal 5g. 1950 Copper Exp Aasn 8s.. 1923 S% notes Feb 15.. .1924 S% notes Feb 15... 1925 Cuban Tel lat 7HS...1941 Cndahy Pack 78 1923 Deere <k Co 7Hs 1931 DuQuesne Light 7H8.193n Empire Gas 4 Fuc! 63.1924 Federal Land Bank 58.1941 Galr (Robert) Co 78.tA."37 Galena-Signal Oil 7s.. 1930 General Asphalt 88... 1930 Goodrich (B F) Co 73.1925 Cm Grand Trunk Ry BHs. 193fi Gulf Oil Corp 79 1933 HelBi (H J) Co 79 1030 Hershey Chocolate 7H3 '30 HooO RuDber 7^7r notef" '36 Humble Oil * Ref 78 1923 Indlahoma Refining 8s 1929 Interboro R T 7s 1921 88 J P Morgan receipts. Kansas Gas & EI 6s w 1925 KayscrOuljA Co 78. «f. 1942 Kennefott Copper 78. 1930 1 Kings County Ltg6Hs wl. 90% ioo<^ loOJi 102)4 102 H J lOlH "3SH ioiH Roebuck 4 Co S6H 102 J^ 104 104!^ Bl.:. 'Ilia 102 J^ ioiji "98H 103 K 104 H 100 '/< WH lOOH 100 87 82 90 H 99 H 102 H 96 •< 90 '/i 93!^ 96 7li 78. . 1 103K 103 103J^ 98 66 K ns 65 mm 101H 102U H lOOH 98 lOO 98i.f 109 38H SOH 53 53 101 M 96 H 97 H IOIH 86 10? I02H 86 '< 102'^ 103 5c 2c Jan Jan Preferred 93 1 ioihI 102 76 Feb Jan Jan Jan Jan Jan Jan 101 103 96^ 102^ lOlH 98 C5 serial gold deb. 7".. wrl If, v^ 9UD Co irrnT 4 Co 9SH ,57,000| 89 8.000 I IOIH M 31 000 103.000, 104'^ 103 97 101 95 l< loo'r 101 i< ?0 - IOIH 96 98 H Aug 1ft 88 84 96 H 99 4 wo 1 99 974 99H .., eonv 7*. Wlaift Bcpwl Anna 7 101 107 107 Jan Jan Feb Feb 100 Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan >i Feb Jan li Jati 99H Jnn Jan Jan Jan Jnn Jan Jan Feb Feb 103 101 104 103 I08»i in5>i 106 106 K 106 ^ 3 0"" (: 13 f. 7 (I 27. 101 Jan Jan III3H 102 102 105 H ^ ^far Jnn Feb Jan Jnn 07 Ar. ''Km 7«..l»23 107 U»l I'lT M '; I t Id 4W 41 AH Mnr ( < wll b« fonnl .. . Norfolk I Preferred 1 00 4 III2 143 106 Pref frre<I Prior preferred Goodyear T4R Miller Rubber of Can I Sugar com. 20 ;ar Corp. (no par) r(. < I'r.firr.Ml Si n;nr Cut>ev '- ' " 100 100 1 -k'-ir ::ir IT. fi Ref. com. 100 ^r^d 100 God'hiuiA Sug Inc.. (00 par) IOJ4 27 'i First 92 80 84 95 82 Lt. com. .100 20 I3I2 •10 •64 18 66 49 Republic 18 ..1(H) SO 124 U •31 Amer Tel,* in M 34 85 UK) 60 100 00 T,l A nni 7'- IS4 I.'," 45 79 8-i 80 87 83 88 38 99 105 3fl .'0 103 9 11 35 33 07'4 11211 9614 no 15 10 «2'i 44 *4 l>4 81] S<( 41 75 40 73 2SI, r aoii 7ul| 77 Cent \ r.i. 19 »5>4 OSIj IIIOS, loo's IOUI4 looia nil I01>t N HI2 FA\ O 1 , ; ,. rii.JAJ lAJ ..in 25 88 92 85 90 80 50 < Mlwllancnu« 90 101 7 •5ti 100 100 100 Anil 80 20 91 31 HO 8«l4 748 1941. ..MAN Ry 4 Light... 100 TeiuieaseeRy, lAP,com.lO0 Preferred 100 lUnlted Lt * Kyi, com. -.100 Ist preferriil 100 Western Power Corp 100 Preferr-d 100 Short Term .Securltlea— Pf MAS2 Ani Col oil flu 10J4 100 126 ill 9 Ml 18 89 20 79 MAN Preferred Soiilh Calif Ed iHon, com. Preferred Stanflard GaaA El (Del). Preferred '0 55 105 105 43 'Ill M Gen 70 52 100 100 •14 51 90»4 23 3 l''' 80 40 88 -•- — 99 1 •i. 14«i 19 84 1 • 40 69U 5Sl2 100 1951. .J4J g deb 79 1935... 5a, 25 35 194 33 192 RIv Pow.comlOO Mtge 87 — •.. 7 100 Preferred... North'n States Pow.com.lOO 00 Preferred Nor Texas Elec Co, com. 100 100 Preferred.: Pacific Gas 4 El, IstpreflOO Puget Sound Pow 4 Lt. . 100 100 Preferred 95 37 .100 100 116 8 f Northern Ohio Elec, (no par) 150 103 IS - 43 114 100 4 Preferred 67 63 72 iiglOO ,„ Mlwls.-'lppl 2634 139 •42 Amer PowerA 140 99 r) com.. SO •137 50 Trac, com. 100 44 13 IIMI Elec, S5 70 64 57 65 89 14 85 ..100 v. Amer GasA 66 [if - Public UtUlties Preferred Amer Light Preferred fts I Pacific 7s Ry 68 Virginian PB 32 63 lO-T, Preferred 100 Groni WosternSug.com. 100 Pr'-f'-rTf-d 100 I' no par) Union 4 4s, 53 A 6a.. Ohio Central 48... Ry 100 ITeferred 100 103 Amer Public Util, com.. 100 •99 101 100 Preferred 185 ISO Carolina PowA Lt, com. 100 1('5 106 Cities Service Co, com.. 100 85 79 100 Preferred 90 100 100 Colorado Power, com and pr ices) 100 Preferred 65 57 Com'w'th Pow. Ry 4 Lt. 100 877, 85 100 Preferred 75 76 Elec Bond A Share, pref . 100 195 185 Federal Light A Trac... 100 100 85 100 Preferred 100 i ! A IO9I2 IIOI2 common... 100 i Southern 104 70 60 42 Preferred 100 Por'nee Rubber, com 100 Preferred ..100 Swlucbart Tire A R. com. 100 Suitar Stocks v |,j„r 50 Eoulpment73 I .Toledo 11'4 A 6H8 St Louis Iron Mt A Sou Ss.. 3t Louis 4 San Francisco Ss. ISeaboard Air Line 44s A 53. Southern Pacific Co 4H8... 95 53 Mohawk Rubber ' 147 109 92 29 100 100 pf 100 100 Tire 1454 12i2 101 443 Reading Co 14'<4 88 R. com. 100 Goodyear Equipment 69 A Lake Erie 6s Pittsb 131 I4I4 448 Northern Pacific 7s Pacific Fruit Express 78 Pennsylvania RR 43 4 448 87 260 14 Western Equipment 6s 9 85 220 4 560 S 60 \ ' 1 1 inn 1AK15 ioa% Oh^ «St| luau 102 in3t, 104 10314 lUSIf imi -. «_ 0«34 .... 0«>4 — » • » 1., 1 lom I i.OH 'INS 'lit Mnr ^7 Jan Jan Jan Jnn Jan .IK)N 22 10 . a >lrm eXir\ • Ki-«i«k (i|.|,l,^ t Marka. « Otrrortloo. N Y Ontario A Western 443 104 160 155 •8 3,35 Frb "•4 n lotj M 33 550 Frt> Kill 100 F.l-n«t.tii. ((?/ir. 6s 63. Louisville & Nashville 5s.. 175 170 Equipment Ss A 6 4s •180 1811? Michigan Central 5s. 69 IH'4 1143.1 Minn St P A 3 3 443 & 5s 372 375 Eqiilpment 6 43 4 7s 3S5 395 Missouri Kansas 4 Texas 5s 115 118 Missouri Pacific Ss 40 50 Equipment 68 A 6 48 100 105 Mobile A Ohio 448. 58 IO3I4 104 New Y'ork Central 4 48, 58 340 343 Equipment 6s A 78 •28 ti.OO 4.1 IVleuiw ff Rubber Stocks 00 4 Jan IO«i 1.000 mATka, 1 A 648 73 Kanawha 4 Mich 443. 545 460 )50 5.60 05 •'. , , , . « Wiwii I»ill*r« P^v ,, ,hi« 000 lira, ?< w~ n Isniivl, n&l « I . I . '.Id lOllj •III y . .11 I!)'), 1 1 03 mm HI'I ii|t| ''•, •*, com 100, 100 .i.r« I'i U(|l| io:iU r»i> M 1 h7U| R8U loaa.jAiil Mnr 101 p« Co... Central 448, 53 Equipment Mar Jan Jnn P'.r ITIM Illinois lAIHfS 62 «W M tr»n«ttrtlon« S) Jnn Feb 5 4W 04 P) H l-.l. Feb 4IW fMd (J Preferred Mar 4H 4H{0l5,000 4 m 01 H 4 4 All '' Jan of'.ono 4 .1931 t Young 100 100 Jan Jan 07 *H par vaiiir scrip Preferred M,'ir t.TA.tm DIM OTH Fr. •No scrip iT.'Irrr.d 4 t 7% 8% Weyraan-Bruton Co.comlOO InfliiMrrl^lA u I Tobacco Prod Corp Feb TnrHin finwtrnmrnt • n.l M.it.lrlp«lltl«* 25 100 stock Mfir 064 06 Tobacco. 25 J) H common Preferred 4 Mar 100V< I'- BAH Reynolds (R Mar 98^ I01«i 107 H inr. '( Scrip Feb 102H 05H 1 H Mengel Co 100 Port o Rlcan-Amer Tob. .100 Gen'ITIre4 Rub. com.. 100 88 H 100 95 H 9fi7, 87^4 S.70 S.OO 6,70 6,40 7, on 0,00 60 a 25 5,S5 6 50 3.80 6,60 5.S0 6.60 6,00 5.70 5.95 5 76 5.75 600 6 35 5.80 5.75 6.60 6 10 6,76 5.85 6 50 6 75 5.60 5 90 6.60 5,75 626 5 75 6,60 585 6,60 6 10 6,76 6,10 5,70 6 60 6.00 6 50 600 6.10 5,76 a, 10 67S 6 SO 6 60 5.85 6 55 6.50 5.78 5,70 6,25 5,75 0.55 6.80 8 50 5.75 6 60 675 6.25 5. 85 6.60 6 85 5 50 5.75 8 50 7,00 00 6 50 5 75 C30 5 87 5,75 6.26 6 70 6 45 8,00 6.75 t) 00 5 60 6 65 6 40 8,10 6.66 W 1S3 S60 * 62 161 105 272 24 555 242 375 94 5,35 7.50 6.50 4s. 5s Qulncy 69.. Chicago 4 Eastern 111 5V<s.. Chicago Ind 4 Loulsv 4'4s. Chicago St Louis 4 N O 5s. . Chicago 4 N 449 Equipment 68 & 65^8 Chic R I 4 Pac 4 48. 58, 68 Colorado & Southern Ss, 6s. Delaware & Hudson 68 Erie 4 4s, .53 4 63 Great Northern 6s Hocking Valley 4 43, Ss & 6s 103 104<« .\Iton 4 15'4 IChlcago Burl 11'4 Ire. 98H Mar IOH< r ' GB& & Chicago 29lj 520 450 Johnson Tin Foil 4 Met. 100 Mac.Andrews &. Forbes.. 100 Preferred .100 1014 Mar li 95 ISO 59 100 Firestone Tire i Rub.com. 10 OT, preferred 100 100 7''r preferred 98 Vi 115 107 175 •96'! •8712 scrip Tobacord. £1 Preferred Imperial Tob of Jan Jan Jan Jan 97 48 127 ...100 Brltl.'ih-.\mer Feb 104 101 I" Ilrf 78.««! WMUro Uae Jan Jan 94,4 96 0-, . Feb Fob 103 H • ii»v 7^iii n: imr.i Preferred Mar 1104 IH.OOO 105 Wtt.-..-. Jan Jan 1,50 550 238 365 92 Merrltt Oil Corporation. 10 Mar 101 Si 105H 26. T', Cr, 7« Jan Jan 98 lOlJi I 7% enulp'i. '-T- '• -. : 4 101 1< Texas Co Vfc/ Feb Jan K Mar Feb Feb 104 104 104 )< 105 lOiH 99 « 100 Jan 97 "'10 106 107 5 Mar Feb Santa Fc 63. Atlan Coaat Line 6-<? & 6 49 Baltimore & Ohio 4 49 4 6s. Buff Roch & Pitts 4s 4 4}^9 Mexican Eagle Oil 5 •I8I1 20 Midwest Refining 50 •170 180 Tobacco Stocks Amerlran Cigar common. 100 64 66 Brit-Amor Tobac. bearer £1 Conley Foil (new).. (no par) Heimc (Geo W) Co. com 100 104 Jan Jan 100 102t< 100 K 100 lOOl Vacinim Oil 100 Washington Oil. 10 Other on Stocks Imperial OH 25 Magnolia Petroleum 100 Jan 1074 lO: 17,000 '< to?'-? 173 000 100] Preferred American Tobacco H Mar 101 ...lOOj Amer Machine & Fdry..l00 103H Feb K Preferred Swan 4 Finch Union Tank Car Co Jan 103 96Ji 102 H 104 4 98 105 101 100; Feb Feb 93 lOI lO I' 107H 107H I08H IOIH Feb Feb 108 OflO - -v-iO, -•- 101 H 104H Jan Jan Jan Feb Jan Jan Jan lOOH 24,000 10.000 27.000 102.000 35 000 1253,000 Jan Jan Mar H lom 104 Feb Jan 88 H 94U 94 90}^ lOT VI 97 4 ASM 75 H 70 !.< 1 .000 09 H 99 '< 95'< 15I,')00 95 tf Jan Jan Jan H Feb Feb Feb Feb Feb 19,000] 108 loi'r 7i 101 ;i Jan Jan 48.000 96 102 Vf 93 >i 95 95 « 68 4 99 ii 93 103 Feb Feb 103 Preferred Standard Oil of Now Y'k,100 Standard Oil (Ohio) lOO; Mar H 104 101 |0-.'i .1 Jan Jan Jan Jan Jan 107 7» 108 lOlJ^ 100 >i 109 42 53 Feb M . nfi Feb Feb Feb 86 ''(J ,],t, ,1 .r,|,l Mar H Jan H 94 Lf 96 Jan Jan 101 »/^ 102 Feb Feb 94 Standard Oil (Kentuoky)lOO Standard Oil (.Nebraska) 100 Standard Oil of New Jcr. 25 Mar 110.0001 102 5i 102 li 103 96 96 W 17.0001 95 Jan lOIM ion-( 33 OOOj 100 Jan 2.OOOI 102 103 103 96^ Jan 07 1< 98 '< 172.000 102 Jan 22.OOOI 104 105 Jan 103 ^ 103'/< 2O.OOOI 102H Feb ll.OOOi 103 104 If 1 04 Feb lOOK 101'-^ 10,000 100 95 Jan Ofilf 96 K 61,000 99 H Jan 63.000 100 ?f 101 Miir 1. 0001 101 100 101 76 Jan 4,000 84 H 87 72 Jan 7n'4 R2H 298,000 96 Mar 96 U 20,000 96 99 Feb 00 1/ 901^ 72 000 Jan 102 ^ 102''? 27,000 98 H Feb 3,000 98'^ Feb 24,000 94H !»5>< 96 M 99 Jan 99 Jf 99'^ 3S.0OO 93 96 Feb 99 72 Jan Jan 101 102 Ji 25 25 100 Prairie Pipe Line 100 Solar Refining 100 Southern Pipe Line Co.. 100 South Penn Oil .100 Southwest Pa Pipe Lines. 100 Standard Oil (California) 25 Standard Oil (Indiana).. 25 Standard Oil (Kansas) . .100 Jan Jan Jan Jan 98 100 22 H 53 OhioOilCo Penn Mex Fuel Co Prairie Oil & Gas Feb Feb Jan Feb 99H York Transit Co... 100 Northern Pipe Line Co.. 100 Jan Jan Feb 100 U' 100 ^i 104 H New Jan H .50 International Petrol, (no par) N.ntional Transit Co., 12 50 Feb 101*4 10154 102 >^ 102 99 H 104 Feb now Pipe Line Indiana Pipe Line Co... Illinois & Atch Topcka 34 110 103 172 »93 *]5 *29 158 103 •268 •22 100 103.'4 Per CI Bails. 5 65 5.75 8.10 5.60 Eauipmcnt 63 75 Cana<lian Pacllle4 4s A 68.. 5.85 Caro Cllnchfleld 4 Ohio Sa.. 7,00 Central of Georgia 443 5.25 Central RR of N J 63 6 70 Chesapeake 4 Ohio 6s 4 6 M 8 5 85 5.90 Equipment 5s 92 195 112 132 45 100 100 100 DO lOHz 102% RR. Equipments 370 185 109 129 Galona Signal Ollcom...l00 Feb 100^ 102H lOOH ||0 ri.-t> 955^ 100>« Jan Jan Jan 100!^ lO t(i,\n I02''< Feb H 102 95 12,000; 103 9214 10,000, 103?<- 104'',' (- if.r 60 H 88 lOOH Jan 102H Feb 93 96 99yi 99 J< lOOTf Jan Jan Jan Jan Jan 71 103 103 104 5f lOO'f If,: 10? »< 103 '-(I 50« Jan Jan 59 101 102 Ji 103 S' • 1% 7% 7% 7% Ur 106 1001^ I BUodr> Tin-' lOOU no Boutb« Swift 7i lOHj102 »r 9."H 100 ioot<; looir iniif 101 'f 10? 102 H 102'^ 102 98 ?f lOOK Soivay BUr* 55 80 ^ 104H inoK 101 97H 96 V 98 U 104 W 103 W 104H02 H 02 K 93 lOOH 1 Oct S54.000 31,000 3.000 22.000 24.000 20 000 61 000 60 000 48.000 5,000 4,000 69,000 86.000 15,000 90.000 26.000 27.000 31.000 44.000 5.000 13.000 44.000 5.000 22,000 2,000 31,000 25.000 6.000 107.000 14,000 27.000 60,000 31,000 102'4' 103 National I^eatber 8«. .1U25' '98 ii N Y N H 4 Hanf ia. . 1922 79 )i Ohio Cltlea Ga« 78 1925 Pblladcipbis Co 6«...1944 Ptila F.ler'ric 89 1941 lop's PhUllpH P»rtrol 7m.,. 1031 in I -J Public Serv Corp 7^ w 7'- 09 H joo'r 105 08 H Nat Acme Co 7 Kg... 1931] '94 H Nat Cloak 4 Suit 8«..103O' Sears. 95 H ior>T^: Laclede CJas Light 78... LIbby McNeill* Llbby78'31 Manitoba Power 79...1941 Marland Oil 7Hi9 1921 Moms 4 Co 7M8 1930 I 'I 70 350 *90 Continental Oil 100 Crescent Pipe Line Co.. 50! 33 Cumberland Pipe Lino. .100 140 Eureka Pipe Line Co 100 95 Prcferr(!d old Bonds Allied PacS conv deb 6a '39 Certificates of deposit. . Allied Pack Ss Ser B w I '30 Aluminum Mfrs 78 1925 Scrymser Co lOOi Buckeye Pipe Line Co... 50; Chpscbrough Mtg new. .1001 Pr(!f(>rred new lOOl Feb Jan Ic Rome Feb Jan "f.' Par. Bid. \Ask. Joint. Stk. Land Bk. Bonds AnKlo-,\merlrnn Ollnew. £1 •17a, 17f.8 Chic JtSlk Land Bk53.193U Atlantic Refining 100 910 975 58 1951 opt 1931 Preferred 100 115'j 117 543 1951 opt 1931 850 3c Feb Fob "and Interest" except where marked prices are Standard Oil Stocks 2K 29 W 5W Jan Feb 700 3c 3c Jan Jan Jan SOc Feb 3H .300 5,300 5.000 6.000 1,000 Quotations for Sundry Securities. bonds All Jan 3Sc M.ir 460 I. High. Lote. S/ta'ee. 15c 3c 49c Ranoe linre Jan. 939 «'i , IIU«t ',0 iifm v' |lic,iit,r> i>u>«k^ /rutpnro t l,4at Ml*, n .Nomliul. f Kx-dlvWUind. r l-iJC-rljibU. 2 .. 940 » 3 Inmsimtnt and ^ailraaif %nUll%iQmt$. RAILROAD GROSS EARNINGS STEAM The following table shows the gross earnings of various roads from which regular weekly or monthly returnu oau be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two Dolumns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric railway are brought together separately on a subsequent page. Latest Gross Earnings. Jan. ROADS. Week or Month. Current Year. Previous Year. 1 to Latest Date. $ $ 239.526 318.382 239,526 318.382 14624 '.'83 21001807 160O.<5 162 154749 712 632,906 73.143 673.355 82.394 Atch Topeka & S Fe'.January 1239Sli41 1.53.5t)00i 12.39S.ti!l 5.356.0 <0 Gulf Colo & 8 Fe. December 1.932.410 2.689,283 29,209,224 27,548.089 Panhandle S Fe.. January 528.484 528,48-t 681.260 681.260 Atlanta Birra & Atl. January 273.752 273.752 376,141 376.141 Atlanta & West Pt.iDecembcr 171.637 2().S.35o 2.470,655 3,040.400 Atlantic City January 217,146 221.641 217.146 221.641 Atlantic Coast Line. January b, 29 1.044 6.451.142 5. 294. ..14 6.451,142 Baltimore & Ohio.. January 14269760 178,50152 14.?()9.760 17.856.152 O Chic Term. January 201 ,085 212.227 201.085 212.227 Bangor & Aroostook January 678.569 078.509 704.079 704,079 Bellefonte Central November 6.812 12,616 69.489 112.737 Belt Ry of Chicago. .January 436.-134 436.434 456.797 45), 797 Bessemer & L Erie. . January 559.801 1,010.636 559.804 1,010.636 Bingham & Garfield December .380 1 32.421 178.322 1.399.493 Boston & Maine January 5.7fi9.,545 6.120.263 5.769.,515 6,120.263 Bklyn E D Term... January ll'i,910 86,166 114.910 86,466 Buff Koch & Pittsb. 3d wk Feb .331.49? 331.961 2.296.156 2. .581 .092 Buffalo (feSusq January 171.848 227..54 7 227.547 171.818 Canadian Nat Rys. 3d wk Feb 1.693.447 2..5.50. 3,59 13,0.54,739 18,601,159 Can.idian Pacific 3d wk Feb 2.7-;9.000 2,913,000 19,174.000 13,517.000 Caro Clinch & Ohio. January 599.0S0 663,0-! 4 599,080 663,044 Central of Georgia . - December l.6n5.t;7H 1.943.79S 22.185.3.59 25,082.290 Central RR of J. January 3.939.907 4.204.671 3.969.907 4.204.671 Cent New Ensriand. January 528.074 660.613 528,074 660.613 Central Vermont January 460.237 467,006 460,237 467,006 Charleston & Car January 23t>.'i^9t 251.485 23;i.484 254.485 Lines. . •January Ches & Ohio 5.889. .542 7.1 26.098 5. 889..54 2 7,126,098 Chicago & Alton January 2.427.480 2.600,000 2,427.480 2,600,000 Chic Burl & Quincy. .January 11662114 13999800 11,662.144 13.999.800 Chicago & East 111-. Jantiary 2,055,635 2.5.53,0-12 2,055.635 2.5.53.942 Chicago Great West January 1.630,48812.036.297 1,630.488 2.036.297 Chic Ind & Louisv.. January 146.49 1,229.795 1.146.492 1.2'>9.795 Chicago Junction.. January 392.452 423.560 392,452 423,560 Chic Mihv & St P,iul Janu.iry 10872 247 11.587 6.56 10,872,247 11..587 .6.56 Chic & North West. January 9.974.817 11789596 9.971,817 11.789.596 Chic Peoria & St L. December 170.273 236,828 2.086.331 2,776.278 ChicR I & Pac January 8,568.236 10440227 8,568,236 10.440.227 ChicR r & Gulf.. January 470,312 603.^.79 470.312 603,879 Chic St P & Om. January 956.525 2,400.185 1.956,525 2,400.185 Cine Ind & Western January 320.079 296.891 320,079 296.891 Colo & Southern 3d wk Feb 412.002 426.341 2,942,369 3.986.6^0 Ft & Don City. January 672.831 1.006.213 672.831 1,0)6,213 Trin & Brazos Val December 460.679 296,815 3.501.011 2.260,169 Wichita Valley... January 157, -'63 105881 157.2(<3 105.881 Oumb Vail & Mart. January 99,189 133,184 99,189 133.184 Delaware & Hudson January 3.413. 9M 4.082.317 3,413.92-1 4. 082. .3-17 Del Lack & Western January 6.193.591 6.9^5.047 6, 193. ,591 6,9''5.047 Denv & Rio Grande December 2,413,641 4,056,638 32,659,759 40.590,345 Denver & Salt Lake January 114.569 201.971 114.569 201.791 Detroit & Mackinac January 103.264 120.284 103.264 120.284 Detroit Tol & Iront. November 6«1 .052 4Sl.o:-l2 6,634,6,58 4,711,939 Det & Tol Shore L. January 267.859 209.384 267,859 209.384 Dul & Iron Ranse. .lanuary 19.^,. 6.50 99.788 99.7.88 19 s. 6.50 Dul Missabe & Nor January 126.255 126.255 217.143 217.143 Dul Sou Shore & Atl 3d wk Feb 68.901 92.008 487.002 674.585 Duluth Winn & Pac December 175.165 213,625 2.344.817 2.498.223 East St Louis Conn. January 131.813 141,330 131,813 141 3 <0 Eastern S S Lines.. December 182,046 5,207,441 4,661,355 255.725 Elgin Joliet & East. January 1.467.640 2,60^.621 1,467.640 2,602.621 El Pa.so & Sou West January 7.53.941 1 087.768 753,941 1,087.768 Erie Railroad January 7.177.2.50 8.399.621 7.177.250 8.399.621 Chicago & Erie.. January 580.378 875.631 8.50.378 875.631 V RR... January 114,9.54 1H,812 114.9.54 114.812 Florida East Coast. January 1,209, .536 1.549.447 1.209. ,536 1„549.447 Fonda Johns & filov Dpremher 3.596 23 056 1.355 659 1,431 ,.S02 Ft Smith & Western January 109,351 185.070 109.351 185.070 Galveston Wharf January 104.897 2.52,132 104.897 2.52.132 Georgia Railroad December 373.252 487,871 5.154.986 6.574.336 Georgia & Florida.. lanuary 91.67 101.077 91.67 101,077 Grand Trunk Syst. 3d wk Feb 2.f..50.Ol2 l.S51.6'^5 13.237.0'-.l 14.659 r.'ii Atl & St Lawrence January 277.028 375.973 277.028 375.973 ChDetCanGTJct December 272.973 222.693 2.066.186 2.047.436 Det G H & Mllw. December 462,599 285.779 4.679.921 4.951.420 Grand Trk West. December 798.974 1,372.387 14,320,467 17.264.135 Great Northern .S.vst Jannarv 5.891.217 6.279.210 5..S<1'..'>17 6. -'79, 240 Green Bay & West. December 109.876 114.217 1.395,576 1.204.184 3''9 8^8 Gulf Mobile Si. Nor. Jin|i-iry 3'9 8'',S 387 5S.' 387 584 Gulf & Ship Island. January 219.294 236.923 219,294 236.923 Hocking Valley December 870.753 1..593. 390 14.093.001 17.145.167 Illinois Central December 1108642 7 13117,546 141127066 1451,54272 Internat & Grt Nor. tanuary 1.0?H,3 ;0 1.751,348 l.OUi.XnO 1.7^1 3.18 Intern.it Ry of Me. January 259.805 3.82,847 259.805 382.847 Kan City Mex & Or January 218,152 137.44^ 107 .-142 128,152 K C Mex & O of Tex January 106.631 1.59.315 106.631 159,315 Kansas Citv South. fanuary 1.3'9 09-; 1.766,3'.9 1.3"'9.09"- 1,7*^6. 3-^9 Texark& PtSm.. December 226.387 2.177.755 2.295.762 1.50.795 Total system J inunry 1.511.157 1.963 788 1,511.15T 1.9'^3 788 Kansas Ci ty Term . . December 131.069 131.251 1.617.080 1..598,4 15 KanOkla& Gulf... December 210.705 314,847 2,330.969 2,803.056 Lake Sup & l.shpem. December .4,59 7.259 1 411.61.5 1,659.705 Lake Term Ry January 81.846 151.7.54 81.8\6 151,7.54 Lehigh & Hud River January 201.918 257.045 204.918 257.045 Lehigh & New Eng. January 3.5''.86« 352,866 271. .535 27l„535 Lehigh Valley January 5,136.091 6.035. OTl 5.136.001 6.035 911 Los Ang & Salt Lake De(»mber 1.4 18. .384 2,1,50.264 19.524.305 20.898.126 Louisiana Ac Arkan January 3.54 ,R98 3.54 .f!98 218 42' 218. 42'' Louisiana Ry & Nav December 248.555 3,57.703 3,863.970 4.275.834 Louisvillo & Na'shv, ranuary 8.599 462 10142182 8.599,462 10 142.182 Loui.sv Ilend & St L December 221.586 277.464 2.863.043 3,173.281 Maine Central .January 1..522. 61 1,968.969 1„522.612 1.968.969 Midland Valley.. January 435.405 319,495 435.405 319.495 Mineral Range 3d wk Feb 4.199 10.444 23.8.56 75.412 Minnoap iSc St Louis 3d wk Fob 382.675 308,486 2.260.780 2.432.204 Minn StP&9 S M. December 3.108.623 3,8-19,697 42.938,421 49.162.796 MississipiM Central. January 114.075 91.828 _ 91,828 114,975 Mo & North Arkan December defSOO 205.127 661.973 2,136,362 Alabama & Vicksb. January 1 B& 1 N W M W N J&N 1 1 Week or Month. Previous Year. Amer Ry Express..! December Ann Arbor 3d wk Feb 1 Latest Gross Earnings. ROADS. Current Year. ' I 2A^ week Dec (19 roads) 8d week Dec (17 roads) 4th week Dec. (20 roads) week Jan. 2d week Jan. 3d week Jan 4th week Jan 1st week Feb 2nd week Feb week Feb 3(1 Ist (12 (13 (20 (19 (18 (16 (20 roads) roads) roads) roads) roads) roads) ro.ads) Current Year. Previous Year. Increase or Decrease. $ S » 18,549.807 —4.912.273 26.48 12,981,310 17,143.966 —4.162.656 24,28 18.070,117 22.884.014 4.813.897 21.04 7,088.2.58 9,400.099 —2.311.841 24. ,59 10.374.306 13,088.878 —2.714.572,20 74 11.726.774 13.906.660 —2.179 886 15. 67 15.675.432 19.735.072 4,059 640 20 ,57 12.204.234 14.767.834 —2..563. 600 17.36 12 072.084 13.804.898 —1.822.814 13.12 12.338.821 13.800.701 —1.461.880 10 .59 1 — — J 1 to Latest Date. Previous Year. Current Year. Previous Year. S $ S S 2.139.370 2,925,832 2.139.370 2.925.832 1.583.727 2.463.461 1,-583.727 2,452,461 Total system January 3.852.666 5,612,670 3,852,666 5,612,670 Missouri I'acific December 7.725.256 10(i.53 227 1U9745 072 118721428 Mobile & Ohio 3d wk Feb 30-1.927 351.269 2,240.1.54 2.848.156 Columbus & Gr.. January 121.148 170.828 121,148 170,828 MoiiDiijcahela January 370.630 480.278 370.630 480,278 Monongahela CJonn. January 91,079 93.186 91.079 93.186 Mon tour January 70.782 115.674 76.782 115,674 Nashv Chatt & St L January 1,456.123 1,756.328 1.456 123 1.756.328 Nevada-Calif- Ore.. 3d wk Feb 28,007 3.573 7.343 47,835 Nevada Northern.. January 17,380 54,086 17.380 54 .085 Newhur!?h & Sou Sh January 161,245 161.245 99.484 99.484 220.tU0 New Orl Great Nor. January 194.223 194.223 220,610 301,260 O Texas & Mexico January 217.618 217.618 301.260 W.. January Beaum S 1,53.794 255,733 1,53.794 255.733 630,682 St L Browns & January 451,011 451,011 030.682 New V'orn Central-. January 24 570.348 274 189 -'7 24,570.348 27.418.927 Ind Harl>or Belt. January 837.092 679.407 837.092 679.407 Lake Erie & West January 782.645 682.256 682.256 782.645 Michigan Central J.-inuary 5.277.0-14 6.128,497 5.277.044 6.128.497 ClevC C & St L.. January 6.960.692 6,038,126 6,960.692 6.038.126 Cincinnati North. January 253,481 217,686 2.53.481 247.686 Pitts & Lake Erie January 1,776.273 2.975.566 1.776,273 2,975.566 Tol & Ohio Cent. December 710.145 1.346.089 10.711.986 13,548.570 Kanawha & Mich December 283.341 465.351 4.785,161 5.404.656 Y Cnic & St Louis January 2.033.735 2.265.057 2.033.735 2,265.037 Y Connecting Januar.v 291,817 215.193 215.193 291.817 Y H & Hartf.. January 8,724.503, 8.656,046 8.724, .503 8.656.046 N Y Ont & Western January 959.257 806.303 806.3031 959.257 Y Susq & West.. January 435.828 324.440 324.440, 435.828 Norfolk Southern.. January 537,687 519.865 519.865 .537,687 Norfolk & Western. January 6,027.671 7.436.716 6,027.671 7.436,716 Northern Pacific J.anuary 5.987.826 6.460.094 5.987.826 6,460,094 479.521 Northwestern January 479.521 507.399 507.399 Pennsylv liR & Co. .January 37322163 44717812 37,322.163 44.717.812 Bait Ches & Atl.. January 88.799 71,284 71.284 88.799 Oinc Leb & Nor.. January 86,215 86.215 77,139 77.139 7.54.6.53 Grind Rap & Ind January .588 470 75^4.6.53 ,588.470 Long Island January 1,921,303 1,774,881 1,921,303 1,774,881 Mary Del & Va.. January .56.9.58 72.421 56.9.58 72.421 Monongihela December 387,323 622.845 4,394,105 4,676.500 Y Phila & Norf, January 588.493 405.798 405.798 588.493 Tol Peor & West. January 158.399 123.135 123.135 158.399 Jersey & Seash January 839.305 720.32 720.322 839.305 Pitts C C & St L. January 6,9'<3.ia0'9 782.-189 6.983.180 9.782.489 Pennsylvania Syst. . January 48528909,59071523 48,528,909 59.071.523 Peori;i & Peivin Un. .January 14l.3'i'-< 173.H88 173.668 l-44,3';8 Pere Marquette January 2,435,110 2,404.554 2.435,110 2,404,554 Perlviomen January 149.682 119.68 87,627 87,627 PhiH & Reading January! 6,120.7.58 7.873.621 6,120 7.58 7.873.621 Pittsb & Shawmut.. December 223.565 1.272,028 1.858.381 89.881 Pittsb & West Va.. January 266.735 225.672 266.735 225.672 Port Reiding 260.180 Januarj' 260 IKO 178.229 178.229 Quincy 105.621 January 72.818 72.518 105.521 Rich Fred & Potom. January 895.499 895.499 751.1.56 751.1.56 511.561 Rutland January 411.866 511.561 411.866 St ,Ios & Grand Isl'd December 250.301 271.922 3.355.356 3.433.707 St Louis San Fran.. January 5.881,133 7,035.215 5.881.1.33 7.035,216 FtW&RioGrande December 161.7.52 1,771.261 1.961.144 152.372 St L-S F of Texas. December 180.836 1.937.998 1,816,776 165.717 St Louis Southwest. January 1.321.807 1,519,646 1,321.807 1,519,646 632,769 St LS of Tex.. January 623.513 623.513 632.769 Total svstem 3d wk Feb 40-1.766 457,704 3.053.937 3,631,203 133.536 St Louis Transfer.. .January 133,536 107.087 107.087 San Ant & Aran Pas=! January 364 809 477.519 364.809 477,519 9:ln Ant Uvalde & G December 60,879 76.825 1.149,443 1,442,189 Seaboard Air Line.. December 3. 731. ,501 4. .559, 244 42.875.257 49.265.030 Pacific Co January Southern 18635 651 21889 117 18,635.651 21.889.117 Southern Pacific Co December 20222 070 25005 245 269194 365 282269 504 Atlantic S S Lines December 886.524 872.659 10.6.56.078 7.238.800 Arizona Eastern. December 138.6.53 295,733 2. 647. .503 4.091.004 Galv Harris & S A December 1.940 541 2.5.59.894 25 063.536 27.312.110 Hous & Tex Cent. December 1.776.082 1.260.809 14.843.658 12.186.749 Hou,s E & WTex. December 287.216 2.994.772 3,082.409 249.475 Louisiana Western December 332.370 492.080 4.387.857 5.436.758 Morg La & Texas December 685.813 1.004.693 8.789.650 10.484.444 Texas & New Orl. December 878.2,54 931,796 8,804.746 10.140.115 Southern Railway.. 3d wk Feb .2924.987 3.314.247 20. 953.<J-19 24.218.322 872.062 Ala Great South. J.inuary 673.418 673 ,41 > 872.0621 Cin N O & Tex P. January 1,30-1,601 1 .564.859; 1.304.603 1.564.8,59 429,076 Georgia Sou & Fla January 411.746 411.746 429.076 5.58.227 490.761 New Orl & Nor B January'190.761 .5.58.227 85.0-56 January 1 11.682 Northern Ala 85.066 111.682 Spokane Internat.. December 96.212 153.458 1.300.060 1.566,776 9.449.743 Spok Portl & Seattle December 663,319 1.052.047 1.959.290 1.58,186 158.18'i 185.019 Staten Island R T. January 185.019 14.1.30 11.230 Tenn Ala & Geor'^ia 3d wk Fob 2.284 2.116 Tennessee Central. December 222.514 2,338.815 2,926.860 168.578 391.213 399.622 Term R K Assn of.St L Janu.arj' 391.213 399.622 304.671 325.268 325.268 St L Mor Bdge T. Januarj' 304.671 3d wk Feb 568.182 729.409 4.163.108 5,783,605 Texas & Pacifii' 720.148 720.14,'< 755.852 755,852 Toledo St L & West January ".2 .87 87,0-52 82,181 82.181 Ul-!ter & Dfl aware. J.anuary December 8,369.448 10379155 114783971 131093304 Union Pacific December 13724535 16395401 HI 44591 209049510 Total system Oregon Short Line December 2,868.188 3,524.714 36 843.202 44,896.036 December 2.486.900 2 491.532 29 818 740 33.060.168 Ore-Wash 6'>0,699 1.010.697 660.699 1.010.fi97 Union RR (Penn).. January 11 1.379 10v679 114.379 January 1 05.679 Utah . 373, .582 290,064 373,582 290,064 Vicks Shreve & Pac January 1.415.160 1.691.135 1.415,1 iO 1.693.135 \Mrj;iaian Railroad January lanuai-y 4,302.491 4.717 017 4. 30?. 491 4.717.017 Wabash RU Western MirvUnd. 3d wk Feb 375.919 375.206 2.63<S 716 2.826.898 December 775.210 778.109 12.100,611 15,612,842 Western Pacific 234.3-i3 2. .5311.4.57 2.786.399 201.250 WostiTii Rvof Al I.. December 9''^7.'«72 967,372 1.047.''^'?6 1.047.636 Whepl & l.Tke Erie. Tanuary 129.570 224.376 129. ,570 224.376 January Wichita Falls & Yazoo & Mi.ss Val.. December 1.771.044 2,082.524 20,759,409 28,124,176 Mo K&T RyofTex January N L& N N N N M N Pac N W >. Om& KC W 1 RR&N NW % 13. 637. ,534 Jan. & Tex January Missouri K:in AGGREGATE OF GROSS EARNINGS— Weekly and Weekly Summaries. Current Year. Monthly Summaries. Monthly. Current Year. 1 Previous Year. Increase or Decrease. % Curr.Yr. Prev.Yr. $ S $ 234.832 233.839 456.978.940 458.462,330 —1,483.390 0.32 220.340 219.743 411.279.831 381,112.844 -f- 30, 166,987 7.91 235.333 234.916 444.028.885 457.243.216 —13.214.331 2.89 May 235,208 235,059 460.582.512 494.164.607 —33.682.095 679 June 230.991 230.410 460.989.697 527.396.813 —66.407.116 12 59 July 233.815 233.067 504.599.664 554.718.882 —50.119.218 9 03 August September.. 235. 1,55 234.559 196.784.097 617. ,5.37 .676 -120.753.579 19.55 October 235.228 234,686 534.332.833 640.2.55.263 —105922 430 16.64 126027 666 21.34 November ..236.043 234.972 464.440.498 .590.468.164 D,.cem'wr...225.619 224. 7«4 406.«64.0,55 .527.480.047 -120.615.992 22.87 Mileaac. ' March April — March THE CHKONICLE 4 1922.] —Gross — Latest Gross Earnings by Weeks. In the table which follows wo sum up separately the earnings for the third week The table covers 20 roads and shows 10.59% of February. January ... Ann Arbor & St Louis Iowa Central Mobile & Ohio Nevada ; 1 1.851,665 198,377 4,199 332,675 10.444 308.486 351.269 7.313 457.704 3,314.247 2.116 729,409 375,206 1.093-117 2,729.000 468 862.912 184.000 14.339 23,107 & Oregon California 3.,'573 Southern Railway Tennessee AJabacaa Texas & Pacific Western Maryland & Georgia.. Total (20 roads) (10 404.766 2,924.987 2.284 568.1 82 375.949 6.245 74,189 12.338,821 13,800,701 46.342 3.770 .52.938 389.2G0 16V,227 282,728 1,744.608 59%). 1,461,880 — Net Earnings Monthly to Latest Dates. The table following shows the gross and net earnings -nnth charges and surplus of STEAAI railroad and industrial companies reported this week: —Gross from Railway Alabama 1921. S 4 Net from RaVway 1920. 1921. 318.382 no Arbor January... 353.931 463.491 Atch Topeka &. Santa Fe January ...12 ,,198.641 15,356,003 Panhandle Santa Ke January ... 52*!, 484 681,260 Atlanta Blrm <fe Atlantic January... 273.752 376,141 23,049 —Net after Taxes 9,463 1921. 1920. S S < Vlcksburg January ... 239.526 — 1920. $ 4,542 —5,977 31,537 45.584 12,224 28,079 1,933,903 896.521 944,264 158,993 —39,763 -90.234 —62,559 —108,728 —«4,635 —135,354 —84,046 —151,816 221.641 217,146 22,101 —116,820 2,829 -154,706 Atlantic Coast Line January ... 5,294,044 6,451,142 1,112,352 684,233 855,899 433,058 January ...14,269,760 17,856,152 &, Ohio Chicago Term January ... 201,035 212,227 Bangor 4 Aroostook January ... 678,509 7(M,079 Belt Ry of Chicago January ... 436,434 456.797 Bessemer & Lake Erie January... 659,804 1.010,636 Boston 4 Main< January ... 5,769.545 6,120,263 Brooklyn E D TerminalJanuary ... 114,910 86,466 2,473,835 1,907,415 1,811,234 1,280,007 10,522 —26.996 —28,140 —58,552 223,365 53,070 183.509 14,066 122.347 50,565 89.553 25,798 —88,534 —40,097 -121.238 —50,628 260,102--1,088,049 90.793 —134,012 Baltimore Ohio Sc Bait Bultalo Rochester * PIttab January ... 1.217,428 1.368,717 Buffalo 4 Susquehanna January ... 171.848 227.547 January ... Central New 67,931 147,938 32,694 8,365 —35,955 6,116 —40,405 483.477 641,424 198,559 114.964 158,452 84,897 660.613 — 111.004 111,169 88,940 90,281 .528.074 3,!)6»,907 . 4,2(M.671 477,824 221,920 205,076 —16.403 17,926 -164,015 —43.688 —33,406 —184,916 January... 2.427.480 2.600,000 Chicago Fiurllneton * Qulnry— January ...II. 6fi2. 144 13.999.800 Chlcaco 4 Eastern IllinoisJanuary ... 2,0.'>.'.,r,3.i 2,553.042 Chlcajio Oreat Wmu.Tn — 1,6.30,488 2,OT6,297 Ohlcacro Indlaoap 4 Loulnvllh January... 1,146.402 1.220,705 — January... fJblcaco Mllw 302,452 423.600 4 fll Puul .taauary ...IU.H72.247 11.687.064 Ohleaco 4 North Woittm January... 0.074.(117 11,780.590 CUcaco tiitnti — — 6,832 . Islaind 4 . . 1.0Vl..'i24 . Id<1 . January... 4 Fort Worth .<aauary . 220,927 75,928 127,650 —28,630 8.399,621 391,274 —505,060 199,303 —796.149 875,631 124,632 —141,647 77,080 —185,400 114,812 6,427 6,017 3,417 2,100 1,549.447 356,102 467,282 306,346 419,716 252,132 —13,558 126,088 —30,558 109,088 101,077 —7,640 —43,776 —13,885 —61.664 25,242 16,645 8,342 —2,560 244,052 —457,984 64,484 19,947 48,486 6,394 40.147 20.330 19,105 —660 2,588.661 2,942,922 1,543,149 1.999,580 87,042 —3,007 60,707 —33,087 39,963 79.791 23,963 64.791 —23,019 —60.869 —31,339 —68,900 —55,862 —40.768 —61,849 —40,918 1,766.339 313,246 482,760 212,242 404.890 151,754 32,537 10,903 26,200 4.880 257,045 27,670 17,005 17,493 8,405 271,535 Lehigh Valley January ... 5,136,091 6,035,961 Loui.stana 4 Arkansas January ... 218,422 354,698 Louisville 4 Nashville January ... 8.599,462 10,142,182 Maine Central January ... 1,522,612 1,968.909 —62.367 —12,179 —77,820 —27,362 537,551 —255,538 330.858 —470.007 26,406 74,089 6.943 56.005 656,702 —137.151 352.282 —440,210 143,864 —51,386 44,802 -100,206 89,924 37,177 78.184 28,991 220.962 83,282 157.937 10.256 8.303 —5,059 2.038 —11.767 387,046 360,614 263,794 250,702 165,008 390,617 111.230 348,418 565.592 813,061 378.553 650,978 1.743,996 223,822 139,200 158.138 78,764 121,148 170,828 22.200 6.589 22.010 —0,001 370,630 480,278 171.798 175.778 163.708 169,378 21,093 —25,190 19,737 —27,449 —2,351 —13,314 —4,825 —17,470 —6,020 —21,869 —11,020 —71,922 —0,003 4,503 —12.707 —5,367 10,004 14,020 6,688 8,883 25,600 30,050 10,608 16,833 301,202 70.111 84,570 63.530 68,709 255,733 20,343 88,073 17.303 86,223 030,682 131.186 166.811 118,300 142.033 January ...24.570.348 27.418,027 Indiana Harbor HHl - 4.061.046 1,372,747 3,424.284 —248,780 837,092 178,878 -.18.021 1M,80S —10,310 782,045 ripvr f Inr Chlr 4 Ht I.OUI11 January 0,018,120 0.000,602 04.040 —137.017 63.8.48 — 182.S30 1.004.043 1.094.680 760.187 77K.048 263.481 67.033 14,467 41,400 860 0.138,407 1,010,835 842,147 770,013 010,701 —308,838 843,710 —874,307 117,010 371.615 8.48,348 963,841 444.S.10 IO,HOH 100,831 1,077.200 1,144,048 040.427 -33.708 —30,028 434,838 83. .101 17.110 0.863 -8.718 AI0,M6 037.087 —17.778 —80.888 -4a,2ai —01,020 A Wtirtem ~ January ... 0,037,071 7.4»0,7in 1.302.008 i.ooa..ioo •43,134 016,161 New Jersey & Janiuiry ... 114,954 East Coast January... 1,209,536 Galveston Wharf J,inuary ... 104,897 Ceorqfa & Florida January... 91,672 Grand Trunk System Atlantic 4 St Lawrence January... 277,028 375,973 Great Northern System January... 5,896,217 6,279,240 Gull Mobile & Northern January ... 329,828 387,584 Gulf & Ship IslandJanuary ... 219,294 236,933 Illinois Central System January ...12,608,682 14,759,383 4 January ... 1,036,360 1,751,348 International Ry Co of Maine Januaiy ... 259,805 382,847 Kansas City Me.Nlco 4 Orient January ... 107,442 128,152 Kan City Me.xlco & Orient of Texa.s January ... 106.631 159,315 Kansas City SouthernJanuary ... 1,329,096 Lake Terminal Ry January ... 81,846 Lehigh 4 Hudson River January ... 204,918 Lehigh & New England January ... 352,866 Midland ValleyJanuary ... 319.495 St Louis January... 1.297,328 1,477,894 Mississippi Central oanuary ... 114,975 91,828 Missouri Kansa? 4 Tcxa.s January... 2.139.370 2.925.832 Missouri Kansas 4 Texas of Texas January ... 1.583.727 2,402,401 Missouri Kansas 4 Texas System January ... 3,852,666 5,612,070 — Mobile 4 Ohio January... I„149,562 4 January ... January ... 1,267,441 1,404,475 338,958 11,202 253,359 —74,097 -11,876 136.136 —95.478 64,348 Orleans Great Northern January... 194.223 220,610 223.033 111,971 172,653 06,666 101.021 00.400 78,461 60,146 — New New on Texas 4 Mexico— January. —100.288 -882,480 —fl-J.OOO--1,170,203 41,324 8.608 2,400.185 42.014 171,081 —83.012 34,001 304.801 31.740 —32,443 0.200 —50.003 L 4 Wiwi— January... 153.794 87.024 380.747 33,480 313.700 January... 451.011 Nrw York CentralJunriury... 124,041 167 ..100 . InrlriMittl .Viirtlicrn January. 247,080 03,203 136,403 January 22.813 14.072 January 10,780 1.371.421 000 077,274 20.071 -6.',«.001 00.213 -43,116 Der. am- OuDbsflaiMl VaJIxy Janoary . 0O.i-> Dalawarr. 4 lludunn - January. 3.41.1.024 Delawarn I.ank 4 Wnit< January fl. I0.1..'.'J| U«v«r 4 flalt Lak» jaanary... im.mo . 2'.'.. 10,464 N V - 5,277.044 4 I'liuthurgh 157,26.1 — 70(1,407 Lake Erio 4 Wmtprn — January... 6H2.2,'jfl Mli'liiiian ("rtitrnl IOA.IMI n.MUI.005 4 Mexico Hi l.oulu lirownn ( 1I.V 217.618 . li<-aumont 8 22,500 fromJ'ilyl 4.'<OI.2IO Greenville 2,226.977 65.458 Ftrr'. 435,405 4 2,182.049 106.780 — A <hlfiigo Ijikn Krtn — 1,770.273 2,078,500 Ml I <imIi - January 2,306,017 Npw York <:i.r Jnnnnry 2I...1U1 301.817 N V .N'rw llavm 4 Hartford — January... 8.724.401 8.0.10.040 . 117 ROH Nil IM4 iru — 81,742 N Y . imih4 4.0M.347 m 0.0.14.047 201.971 42.376 34,042 38,081 31.318 313.683 430.810 170.»l7a Ontario 4 Wmtrrn January N V 400.033 —333,502—1.524,728 Great Northern 119,030 145,860 BOI.H33 1.370.107 r><m»iT City 672. H3I 1.000.213 New York 363.523 0IH.0M2 FrOlli 1,087,768 Erie Railroad January ... 7.177,250 Chicago & Erie January ... 850.378 179,341 Oaba lift I>«>r«-„,i„r 900,539 438.834 024.455 — Wlrhlt» Valley — jarmur/... 412.106 504.618 4 Watt- January 320.079 Colorado 4 Houtbnrn — . 968,279 1.009.624 002.288 Paririr: . —48.460 496,003 736,505 —397.228 . ..anuary CXoelnoatI —53.697 008,857 January 8,.V5S.2.in 10.440,227 Chicago Rock Mland 4 Gulf — January . 470. .112 «03.>)79 OblcacoHt Paul Minn 4 Omahik — % —48,707 2,602,621 1,277.411 —101,761 % $ —39,060 Ea.stem Monongahela Connecting January... 93.186 91.079 Montour January... 76.782 115.674 Nashv Chattanooga 4 8t Louis— January... 1.456.123 1.750,328 Nevada Northern January... 17.380 64.085 Newhurgh 4 South Shore January... 99.484 161,245 037,100 — 1920. Monongahela CUcaco 4 Alton- Obicaso Junction & Elgin Jollet Columbus January ... 460.237 467.006 4 West CarolinaJanuary ... 2.36.4U4 2S4.485 Cliesapeake 4 Ohio Linen— January ... 6.889.54:4 7.126,098 January... —353 Ry Ctaarleston after Taxes 1921. Toledo Shore Line January ... 267,859 209,384 134,767 112,633 120,767 102.038 Duluth 4 Iron Ran?e January ... 99,788 198,650 —149,593 —100,539 —156,134 —202,723 Duluth Mlssabe 4 Northern January... 126.255 217,143 —240,241 —325,788 —285,416 —340,420 East St Louis Connecting January... 131,813 141,330 48.023 14,604 42,969 11.980 Minneapolis RR of New jersey- January.. 10,743 663.044 5!»^t.()80 CcDtral Vermoot 33,170 4 Ohio- E^ngland January... Central 16,987 183,384 Canadian Pacific Ry January ...11.337.975 14.465.430 Carolina CUnchfleld 39,519 —Net A Internafl Atlantic City January... —37,703 — 1920. Floriila 168 '743 120.284 103,264 from Ratlwny 1921. « i January ... 1,467,640 El Paso & Southwestern January... 753,941 / 8t Louis Southwestern Net decrease 9.251 304.927 Grand Trunk of Canada Grand Trunk Western Detroit Grand Ilaven & Mil. Canada Atlantic Mineral Ranao 73,143 331.961 2.556.359 2.913.000 426.341 92.008 2.050,042 Canadian Pacific Colorado & Southern Duluth South Shore & AtlaullC- Dseaecre. $ 412.002 08,901 Buffalo Rochester & Pittsburgh. Canadian National Kaihvay.s Minneapolis S 82.394 331.193 Increase 1921. — —Net 1920. S Mackln.ac 4 Detroit Detroit 1922. /torn Railway 1021. decrease in the ags^regate over the same week last year. Third Week of February. 941 1 188.081 —00,803 —74.880 4 Wr«trrn 124,440 Janiiiiry 83,008 .380.063 --1,842.8.17 - WKJ.IOI Hiixiaohiuina 1 •Norfolk H<iuthnm I.IM.OU iM.ai6 013.0711 700.472 17.700 — M.OOi 0,703 633. M4 — 04.IH8 January . Norfolk — — — —— ——————— ——— — ——— — —— — —————— — — — — THE CHEONICLE 942 Net from Ratlwati —Otois from Railwas 1921. 1920. 1921. $ -25,582 6.460,094 139,700 —778,144 1920. 632,179 —55,758 2,431 -86.206 6.409,860 1.635.193 5.379.683 495.151 —33.758 —46,156 —33,578 —46,156 —15.865 —27,358 -20,729 —32.984 —57,670 —7.987 -77.451 —27.213 108.773 —233.564 127,321 —270.612 —17.685 —14.921 -17.685 —14.924 West Jersey —101,448 47,578 113,278 Seashore January ... 720.332 839.305 Pitts Cln Chic & St LouisJanuary ... 6.983,180 9.782.489 Toledo Peoria & Western 123,135 January... 158.399 Pennsylvania System January -._48.628,909 59,071,523 —129,691 —125,566 —129.714 483,358 846,411 —28,542 7,233,537 2.404,554 —39,519 497,252 99,517 —38.546 —49,519 1,724,170 5,697,418 95,395 —3.376 23.902 —14.376 414.949 —210.524 283,117 —292.348 35.462 & 149,682 27.689 99.342 23,395 7,873.621 740.731 606.912 644.627 365.762 266.735 20.398 9,211 —212 —9.309 & West Virginia January ... 225.672 Port Reading January... 260.180 88.946 123,823 74.673 110,660 Qulncy Omaha & Kansas City January... 72,818 105,521 -12.298 —34,272 —15,733 —38.421 178.229 Richmond Fred & Potomae January... 751.156 895.499 196.661 145,632 161.200 106.169 Rutland January... 611,561 -19.949 11.162 —40.450 —12.652 411.808 St Louis San Francisco January ... 5,881,133 7,035.215 1,435,773 1,548.679 1.167.215 1,280,046 St Louls-San Fran System January ... 6,146.739 7.402.683 1.424,482 1.455,651 1,230.088 1,115.762 426.687 462.073 371,591 416.949 St Louis Southwestern January ... 1,321,807 1,519,646 St Louis Southwest of Texas January ... 623,513 C32.769 —75.886 —145.117 St Louis Southwestern System January ... 1.945,320 2.152,415 8t Loyls Transfer January... 107.087 350,800 133.536 316,955 —99.906 —169.130 271.684 247.819 64,895 65,059 65,838 65,353 —76.116 —93,936 3,173,942 3,038,596 1.687.297 1.888.125 1.455.263 1.455,263 22.658 1,033,248 —360.828 83,102 —11.214 52.307 —35.359 297,290 11.007 242,848 —35.564 85,109 -37.106 07.527 —54.265 62.200 —43.101 8.615 —82.514 21.643 21.216 17.573 16.011 —65.124 —38.954 —82.850 —50.976 140.974 81.043 85.584 38.106 83.142 9.180 67.307 —3.030 374.919 494.593 249.865 306.491 214,946 98,408 168,443 67.408 82.181 —20,139 —36,481 —26.142 —42.732 January ...12.892.072 14.980.529 Union RR CPenn) January ... 660.099 1.010,697 2.690,884 1,254,455 1.558.727 120,732 120,115 136,014 107.115 125,348 114.379 26.582 27.190 19,991 23.064 290.064 373,582 26.432 24.142 January ... 1.415.160 1.693.135 511.703 476.845 410,950 382.203 January ... 4.302,491 4,717.017 Wheeling & Lake ErieJanuary ... 967,372 1.047.636 Wichita Falls & Northwest January ... 129.570 224,376 607,619 200.871 318,722 64.365 San Antonio & Aransas Pass January... 364.809 477.519 Southern Pacific System January ...18,635,651 21,889,117 —90,550 —107,246 Soutliern Railway January... 9.217.532 10.692.929 Alabama Great Southern January... 673.418 872,062 Cine New Orl & Texas Pac •lanuary... 1,304,606 1,584,859 Georgia Southern & Florida January... 411.746 429.076 New Orleans & Northeastern January ... 490.761 658.227 Northern Alabama January ... 85,006 111.682 a aten Island Rapid Transit January ... 158,686 185.019 Term Assa of St Louis January... 391,213 399.622 St Louis Merchants Bridge January... 825,268 304,671 Texas & PacificJanuary ... 2,573,510 8.538,497 Toledo St Loula & Western January.,. 720,148 755,852 RR A Delaware January ... Union Pacific 87,062 Total System- UtahJanuary ... Vicksburg Slirevc January ... Wabash 12 100,679 & Co Pacltlo 9,203. 7,378 RR RR— —1.876 180,010 13,539 61,831 89,970 777 —82,288 50,901 * The Union Pacific and Oregon Short Line railroad companies now own all the capital stock of the Los Angeles Salt Lake RR. Co.. and this company is now operated as a part of the "Union Pacific System," and cKccllve with the month of January 1922 the figures for that company are Included lu the System figures. the figures for the corresponding period ol the year 1921 being restated to Include those for the Los Angeles Salt Lake RR. Co. lor the purpose of comparison. Union Pacific System figures for years previous to the year 1921 are therefore not & & oomparable with those here published. 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 Earnings Current Previous Year. Year. ^ 64,038 74.094 264.009 296.623 iff Sou Can Pow Co. Ltd... Jan Oct 1 -21 to Jan 3S '22.. '22 •21 Jan Net Earnings Current Year. ^ 43.731 173,122 Previous Year. ^ 33.656 128,104 Charges. S 55,387 58,068 386,320 219.414 56,379 1,240,231 Jan Ry Third Ave Jan Sys United Gas & •22 •22 Jan 22 Elec 12 21 mos ending Jan 31 22 21 75.3.59,902 14,232,227 78,730 116,221 1,6,56,867 1.630.587 61.58.086 6235.196 27.287 26 ,,575 312.663 ,122.336 .076,517 8 ,248,498 7 ,818,476 1,139,485 1,063.909 11,983.895 11,501,724 1214.104 1108.180 zl.,586..580 1 1 Utah Power & Lt Co Dec 21 mos 15,494,289 X138.016 1530,760 T427.042 538.240 66.957 68,184 788.812 773.363 •22 •21 •21 7 mos ending Jan 31 1634,225 1466,747 z6, 181. 4.58 3.50,977 mos ending Jan 31 22 96.198 Reading January ... 6,120,758 Virginian New York Dock Co 12 87.627 Philadelphia & Power mos ending Dec •21 173,688 Pere Marquette January ... 2.435.110 Ulster 1 ,147.726 •20 1 .111,229 31 •21 12 ,882.6.54 •20 11 ,477,938 Market St Ry Co Jan '22 764.884 Milwaukee El Ry Jan 22 1 .698.255 '21 6 Light 1 .765.776 12 mos ending Jan 31 22 18 .077.372 '21 19 ,527.374 Nevada Calif Elec Dec •21 224.7,50 '20 Corp 226.023 12 mos ending Dec 31 •21 3 .177,108 '20 3 ,074.517 12 Corp PeSin Union January ... 144,368 Perklomen January Dec •21 •21 & Pittsburgh Havana Elec Ry Pine Bluff -125,529 Filed after Taxes. S Balance. Surplus. $ 164,027 —1,689 853,911 •21 35,378 & Net Gro. Earnings. S Jan '22 Bklyn City RR 960,783 •21 91R.404 7 mos ending Jan 31. •22 6,828,157 Lt Island January ... 1,921.303 1,774,881 Maryland Delaware & Virginia 50,758 72.421 January ... N Y Phi la & NorfolkJanuary ... 405,798 588.943 [Vol. 114. Net after Taxes 1921. S 47,687 479,521 Pennsylvania RR & Co^ January ...37,322,163 44.717.812 Baltimore Ches A Atlantic 88.799 71,284 January ... Cincinnati Lebanon & Northern 77,139 86,215 January... Grand Raplda <fe Indiana 588,470 754.653 January ... Peoria 1920. S 9 $ Nortbern Pacific January ... 5.987,828 Northwestern Pacific507,399 January ... Long — 609,177 685,508 ending Jan 31 21 6,746,642 20 6,730,849 20 244.0.53 11,069,3.58 a-425,767 1339,006 13,964,685 z3. 357, 481 Z331.540 t364,468 23,377,140 13,279.712 346.674 204,872 3.574.843 2.867,283 63,670 210.542 201.209 2.462.658 1,860.897 66.806 64.623 784.112 716.368 109,463 129,533 9.408 9. .8.50 120,931 94,544 227.738 228,809 1,564.370 1,563,913 148,209 142,836 1.750,642 1,658,726 144,377 145,487 1,718,741 1,705,611 287.551 261,875 2,606,616 2,627.006 74,346 320,218 225,833 2,897,244 2,371,330 11.924 51 ,598 872,755 914,219 48,623 105,842 17,879 16,726 191.732 149.599 —13,634 —120,628 22,210 —494,655 277,558 196,170 2,214,04» 1,698,766 187.160 218.981 1,658,399 1.574.101 X After allowing for other income received. b Net earnings here given are before deduction of tases. -Gross1921. 1920. S « Baton Rouge Elec Co January... 51,690 49,282 12 months. 659,598 481,400 Blackstone Valley Gas & El Co Net otter Taxes1921. 1920. S — Surp. after Charte* 1021. — 1920, % 22,442 204.011 16,091 157,907 18,150 151,796 11.7»1 109.489 151,156 1,275,592 95,312 902,835 122,592 939,769 65,500 691.174 —9,015 5,043 99,182 —14,877 —692 97.329 28,434 31.330 16,156 138,878 11,694 123,648 12,448 95,003 7.871 88,297 January ... 168,705 151,216 88,056 12 months. 1,824,787 1.556,764 1.018,182 Connecticut Power Co January ... 129,232 142,825 50,198 12 months. 1,512,746 1,477.326 565.708 Eastern Texas Elec Co January... 144,169 152,107 51.829 12 months. 1,662,390 1,040,701 564.745 Edison Elec Ilium of Brockton January ... 54,334 127,753 112.074 12 months. 1,272,227 394.913 1.292,350 Ei Paso Elec Co January ... 70,6.37 201,045 194,262 12 months. 2,297,188 1,970,916 702,178 El Lt & Pow Co of Ablngton & Rockland January... 7,972 34,925 29,104 12 months. 353,558 60.328 355,103 79,103 605,955 66,394 624,142 45,677 220,910 60,241 592,594 31,560 328.429 29.329 354.627 59,882 614,990 33,355 347,408 40,368 422.462 32,994 387.808 53,456 371,405 28.661 361.640 66,628 618,490 53,646 537,736 56.761 502.206 6,169 60,168 7,304 51.432 5.283 51.601 24.103 277.520 15,331 153.712 23,830 274,881 15,309 152,916 55,955 891,272 83,662 1.147.714 20,312 463,989 48,866 725,8ie 9,516 126.380 3,296 64.547 9,264 117,021 46.47S 21.342 105.236 8.647 118.421 16,078 42,354 2.864 61,187 10.896 92,206 6,548 82,973 7.195 48.515 2.799 60,767 6,130 75.525 6,820 93,531 3,448 61.959 4.871 70.131 January... 372,287 295,695 12 months. 3,724,383 3,275,537 Cape Breton Elec Co, Ltd January ... 53.803 69.409 12 months. 688,991 602.334 Central Miss Vail Elec CoJanuary 50,097 45,045 12 months. 526,072 493,938 Columbus Fall River Co Electric Co- Gas Works January ... 82,295 83,820 12 months. 1,008,472 917,012 Galveston-Houston Elec Co January... 267,099 335,640 12 months. 3,611.326 3.870,811 Haverhill Gas Light Co January ... 41,743 46,837 12 months. 526,164 452,024 Honghton County El Lt Co January ... 66,577 66,260 12 months. 651.356 576.718 Keokuk Elec Co January ... 35,791 31,782 12 months. 377,800 358.448 Key West Elec January ... 22,458 24,592 12 months. 201,531 202.458 Lowell Elec Light Corp January... 120,145 107,969 1.231.348 12 months. 1,192,686 Miss River Power Co 225,417 January... 227,827 2,824,556 12 months. 2,745,031 44,689 381,390 32,540 279,312 42.447 363.473 31.772 319,226 107,073 2,028,019 162,157 2,170,177 63,915 784,935 60,966 962.426 Northern Texas Electric Co January... 263,887 339,010 12 months. 3,463,006 3.980,659 93.240 1,243,004 108,665 1,400,021 68,124 939,983 83,239 1,105,089 17,838 143,111 9,246 130,053 9,228 44,661 2,291 63.395 447,126 4.191.579 410,798 4,302.838 229,637 2.408,079 250,450 2.411,606 1.741 Co- Paducah Electric Co- 47,475 January ... 49,690 12 months. 532,108 487,208 Pugct Sound Power & Light Co 938,551 January ... 950,808 12 months. 10,050,801 10,039,493 Savannah Elec January 12 months. Sierra Pacific & Power Co Co January... 12 months. Tampa 23,893 74,682 47.125 144,562 135,543 416,440 Electric 78„';30 881,770 69,488 781,048 32,958 401.248 30,705 337.059 25,810 325,409 24.388 264.193 153,505 1.494.737 75.666 698.494 65.651 663,188 71,436 646,204 61.116 510,872 Co 165,105 January ... 12 months. 1,727.504 FINANCIAL REPORTS Financial Reports. —An index to annual reports of steam and miscellaneous companies which been published during the preceding month >vill be given have on the last Saturday of each month. This inde.x: will not include reports in the issue of the "Chronicle" in which it is published. The latest index »vill be found in the issue of Feb. 25. The next will appear in that of March 25. railroads, street railway March THE CHRONICLE 4 1922.] Philadelphia Rapid Transit Company. Ending Dec. 31 1921.) l^osidoiit T. E. Mitteu Feb. 25 wroto in part: Republic Iron {Report for Fiscal Year — — Earninqs Diridends. P. R. T. has been builL up by the present niaiiage(ueut, with co-operation of itsmen.so that its net earnings are now sufficient to meet its normal needs. P. K. T. dividend of 6% for 1922, with present earnings, is assured, unless prevented by disruption of the present effective combination of 943 — & Accounting^. Improvements, etc. In accordance with the published program for 1921. the net Income of $1,807,292 was spent to improve the condition of the Defared maintenance, due to wartime conditions, was overproperty. come during the year, and the reserve fimd for renewals re-established at il.671 .679 as against the amoimt of SI. 500. 000 set up as per plan of 1911Critics for the city assert that the present upkeep appropriations are too high: meanwhile, other critics contend that they are too low. Charles Hansel, Consulting Valuation Engineer for the Pennsjlvania RR., etc., and George W. Fuller, a recognized authority on public utilities, after nearly two years in careful Inspection of P. R. T. property have certified that the property is maintained in an appropriate operating condition and that present appropriations are necessary to maintain its present condition. Outlook. P. R. T. annual net earning capacitj', with present wage reductions, now approximates S3.000,00i0. after paying all operating expenses, fixed charges and taxes This will provide SI .800,000 for the 6% dividend on P. R. T. stock, leaving upwards of $1,000,000 otherwise applicable to payment of back dividends, which must now be used to finance expenditures for betterments ad improvements. There is no other source from which to draw, until P. R. T. credit is sufficiently established to make P. R. T. guaranty good, so that track extensions and other additions to property may be thereafter financed imder the terms of the 1917 city agreement. How $16,120,000 Was Added to or Saved for Net Earnings. Expert testimony has been presented, showing that the accomplishments of men and management represent an annual saving to the car riders of — 1921. 67.731 Fmhshed and semi-finished iron Pi,? $7,000,000, induced by .superior salesmanships-producing a net revenue of $2,400,000 Advertising receipts attributable to better marketing 300,000 Saving by scientific car scheduling and routing; increased speed and skip stop 8.350,000 Increased energy production per unit of fuel consumed and lighter weight CN'earside) cars 1,800,000 Accident prevention work and l)etter claim settlements 1,500,000 Developed production in car repair shops 900.000 Accelerated track relaying and repair140,000 Improved and station methods on subway collection fare elevated Benefits derived from low ratio of labor turnover Savings account bulk purchases, standardization 210.000 160. COO and reduced handling Reduction in fire insurance premium rate due to improved housekeeping methods, etc 260,000 100,000 — Only 1,606 suits against P. R. T. are now i)ending for unsettled accidents, as against 4,9.53 unsettled suits inherited in 1911 from former managcn-.ent. 2.5o9c of operating revenus was required in 1921 for accident Cf>sts, as against 6.21 required in 1910. Results for 1921. $1,807,292 net income earned in 1921 compares with the deficit of former management of $1,222,735 In 1910. Fixed charges now represent but 23.27% of operating revenue, while 46.27% was required In 1910. $5,718,980 tindlstribated siurlus, 1911-1921. has been spent for Improvement!, and the e<'4Ultie.s produced by this expenditure have been preserved to P. R. T. stockholders. This surplus of $5,748,980 compares with the deficit of $1. lis. 609 in 1910. (As to deci.'iion in Rental rase see V. 113. p. 293.) Suits. % — INCOME ACCOUNT FOR CALENDAR YEARS. 1921. 1920. 1919. 1918. $41,514,8.30 $.37,989,623 $34,7.39.590 $30,568,788 Pameager esmlnga Other receipU T... 905.775 817,731 618,882 515.025 »42.420.605 $38,807,354 $35,358,471 $31,083,813 ,1 31. 1919. 389, .524 1920. 162.906 35.772 23,.S39 1918. 143,383 63.132 96.8.55 COMPARATIVE STATEMENT OF EARNINGS AND DISPOSITION OF INCOME FOR CALENDAR YEARS. 1921. 1920. 1918. 1919. Gross volume of business.S20.7.'')0. 749 S76„342.219 $45,872,345 $75,224,110 Gross profits defSS09.120 14,174,163 5,031,838 18,906.815 Deduct Depreciation & charges . 4,856.122 6..5.57. 641 2,890.641 11,114,881 Net profits lossS5,665.242 7$. 616. .522 $2,141,197 $7,791,934 Preferred divs. (7%)--. 1.7.50.000 1.7.50.000 1.750.000 1,750,000 Common dividends.. {1>£%)450^000 (OH .800.000 ( 6)1.632.687 (6)1.631,460 Amount carr. to surp.loss.S7.865,242 -^4. 0-io. 522 df$ 1.24 1.490 .S4.410,474 Balance, surplus acct..S29.576.329 S37,441,571 §33.880,972 $35,122,462 — BALANCE SHEET DECEMBER 1920. 1921. S Prop'y account. 98.067.717 Investments 1.S99.954 Cash deposited Assets — with trustee lor redemption of bonds, &c. S 1,487,152 recelv'le (less reserves) U. S. Liberty 3.686.144 & Victory bonds Deferred charges 1920. S 25.000.000 30.000.000 12,504,000 25.000,000 30.000.000 12,510.000 700.000 82.000 71.000 4,196.639 1,691,399 177,448 800,000 91,000 73,000 6,653,893 437,500 887,500 14.488 Reserve for depr 12,675,924 5,174,411 Res. forexhaus'n of minerals... 2,174,012 4,237,778 Res. for coming., 2.362.672 &c Surplus 29,576,329 contracts payable Notes i accounts cum 11,528 11,901,170 M. bonds of Bess'm'r mine 10.000 PotterOreCo.brts 1,443.753 MartinCokebds. 18,751,278 Acc'ts&bills pay. Fed.& other tax. 1.431,451 .4ccr. bond Int.. Ore contract bal. Div.pay.Jan.2"22 8,869,443 Unclaimed dlvs. 10.000 1.292.437 15,231,804 Inventories Ore 1921. i Common stock. 5% S.F.mtg.bds 1st Cash... 31. — LiahilUies Pf. stl;.,7% 95,638.207 1,691,481 1,451,968 — $16,120,000. as follows: Passenger receipts approximating Steel Co. UNFILLED ORDERS {IN TONS) DECEMBER men and management. Opposition IvMiinagemenl. Certain directors, headed by Mr. J. J. Sullivan, a member of the board of P. K. T., as well as President and Director of Union Tracdou, have publicly stated their unv.illiiigiiets that T. E. Mitten, and his group of experts forming the Mitten Management, should continue to direct V. R. T. affairs, and have appealed for proxies to be voted for a board of directors that will substitute some other directing force. P. R. T. men and management have worked strenuously through 11 years of co-operative effort, to build up 1'. R. T. property so that its proved value, before Public Service Commission, is now sufficient to insure a continued return, ample to paj- present rentals to underlying companies and 6% upon the $30,000,000 of paid-in capital. President Mitten's agreement covering direction of P. R. T. affairs, unchanged since 1911. expires March 31 1922, and will be continued, providing that P. R. T. stockholders now assent to <he proposed inancial participation by P. R. T. employes in the result of further co-operative accomplishment. The payment to P. R. T. employees for super cooperation during 1922 is proposed. In an amoimt not to exceed 10% of P. R. T. pajToll, after paying 6% dividends to P. R. T. stockholders. (V. 114, p. 522.) P. R. T. stockholders, by forwarding their proxies to support the present management, will encourage employees in their new responsibility, and thus insure the payment of a 69c dividend for 1922. Extracts from Report of W. C. Dunbar, V. Pres. Finance & (Report for Fiscal Year ending Dec. 31 1921.) The remarks of Chairmun John A. Topping will be found at length on subsequent pages, together with the comparative income account, and balance sheet and other tables. 2,331,116 180,527 11,896 4,078.295 3.212,601 37.441,571 Total Total 123,727,177 135,184.007 ..123,727,177 135,184,097 For special information regarding items in balance sheet, see Note. report published under "Reports and Documents" on a subsequent page. V. 114, p. 860. — — The North American Company, New York. — (32nd A7inual Report Year ended Dec. 31 1921.) The thirty-second annual report of the Xorth American Co. was issued on Feb. 9 b}- Harrison WilUams, Chairman of the Executive Committee, and is cited at considerable length on subsequent pages. V. 114, p. 63G. — Co., New York, (Report for Fiscal Year ended Dec. 31 1921.) Pres. Andrew Fletcher, Feb. 23. reports as follows: The gross earnings were $35,711,507, included in which Results. American Locomotive — is $1,998,649 income from interest and dividends. After deducting $30,192,722 for the cost of manufacturing, maintenance, admini-slratlve expenses, interest on Ixinds of constituent companies and an allowance for depreciation of .51 .409.838 on plant properties, there remained a gross profit for the year Deducting an allowance of $435,000 for estimated United of So.51S,7.S6. .States and Canadian income taxes, the remaining lialance was $5,083,785, tieing the net available profit for the year, or eiiual to $13 34 per share on the common stock, after providing for the regular $7 dividend per share on the Preferred stock. After the pa>anent of theusual 7% dividend ($1,750,000) on the Preferred stock, and $1..500.000. being 6";; dividend on the Common stock, paid diu-ing the year, there remained a surplus of SI .833,785 from which $1 ,000,000 was reserved for additions and betterments to plants and $833,786 was credited to surplus. The gross earnings for the year in comparison with 1920 show a reduction The volume of domestic business was verj' materially of alx)Ut 46',"; reduced, due to the gcncial depression of hu.«inc.s.s throughout the country. A larger amount of foreijni business could have been obtained, but In a numl)er of cases the requested length of time of the deferred credit iviyments and tho securities offered for the protection of the payments were no» considered conservative business risks for the company to n.ssume. During the cilondar vear there was e.tpcndod for additions Additions. and betterments to the plants SI. 446, 109, which has been charged to the reserves created for such purpo.ses. No construction work was done during the year on the propo-sed new plant in the St. Ix)uis district and it is iho pre-sent intention to withhold active development of that proper! y unt 11 general business requirenients warrant It. Orders. The unfilU'd orders for new locomotives, reconditioning of old locomotives and miscellaneous work on Dec. 31 1921 amounted to $3,344,300. of which approxinmtely 96';c Is domestic businet* aud 4';'o foreign . — — . M. $8.1.36 800 -- .. -e Opcr i>! p<jwcr plants l|,<i $3.7X0.800 *.t.707.012 ,<iO.<;.600 •' no Operation of <:ars Ocneral -'1 Tixos :^,7tftt,»il '^ T- $U.1H7 e N'. 2.428.819 -•' nr,H 2,;i40.760 ^,>J^)^..io.i '. lil.233..W9 — ^ ,. ,,,,,., Currrut Assets. Ac. Tho excess of current a.ssots over ciurent liubilltlei Dec. 31 1921 was $11 ,725.992. uftor Including In current liabilities a reserve of .51.211,939 for United States ,ind Canadian Income and pnifits taxes. This H'.siTve. wt< l)«>lic\c. Is 'ifric-icnt to provide for any .llfferenct^ in inlerpn-t.iilun of tho laws by the Inicnial Ke\ iieiie Dtp.irtnient:! of lx>tli countries. r«wervo of $674,980 There lias al.Mi iK-i^n included In current llabllitIeK ,t fll6 4'JO,135 .e business, '.l.'i to prox Ide for cnrreiii .-'irlnkage In value of notes listed lis current assets and 'i' prcviilling discount on Dec. 31 1021, which for llio estinintcd to V. S. diilliirs that part of the lu't working would obtain In v; u Cunadlun dollars on the balance .shoot of the capli.il which is ! Net Interc. Rental* Sink fund city contrftct. Olvldendx (5%) $11,677,451 $1 $11,451 .,.,,-..1 1.029.215 y 8,72<..r)l7 8,720.913 120.fXK) f Total Balance, aurptua None M7fi 1 I lUZO. iM.wn \\">ik»». *;<6.626 coni Ik n>.it t ion < or in il IT^ A' 2.,'>0H,ail 1 , % I .- 421.n7B Arrr 2.B42.f)!7 1 : , i 1020 I02I. S tiintcrlnls nod NUi>pUrs, stork IncoMiiil Im's and p.irih on Doc. 31 1921, ..mpari.snii with $15,1 l'.»,,M-' us of Doc. 31 1920. The inalorliil.M iind suppli<w huvo iH'on valued whiihovor wn« lowor. to forociiHt llio viiliiino of buHlii«»^h of lhli« (>ninill Tho l'*o(lonil liivo.^l Igalloii of nilliMad lriin.s|x»rtAifrv In Htlll colli InuiiiK iin<l pn>gn-.ss Is Ih'Iiik iimUo, •I llio I lit IT State Cdiiiiiiitic < '"111 Ml l-sl' 111 Iin)VO li.'irt not cif (ills and liiciiIiHil IvoN of llio lallr j...ii. with Iho natural gniwlh and di'\oli'pnionl of il redui at payable outHtandlng. account. Includli.g Mil billN 1 A' 2,Mr..72« l>rfnTrtl MW(a... 2.400,820 ti.-is ;ini'i'; r.fnhinil"- for . 'I'lio <'i.iii|>;inv f ««fi,H3l 71,671.479 nr. uo 1 I ' -1 ».'..'i.,.-. Mont^(^al lx)conioli\e of) 11. 1021. M liij '• V . S • Propertr account i52,.Vil.KW) 6i,/;70,lM fc.fid «' '..i < ( »2lti,687 B/l/ Cash Roirrv $11.1114.370 12n.fM»0 None ,.V28 ......: - rent. Int. :,.... * !l.«77 237 S.44»1.IH7 tho 'n pnwprroiii nro pnilwibly tho Inrgiwl purch»«oni'of lii-n iiiiil wo iiri< ciinfldont U' ofrc-cll\o In pn>iliicliiK k llio ri'llof nnd pniti«cl Ion of railroad :a'ci«.j.ity tar roiichliiK in lt« urr<<ct on Konornl buNineM u til iif the ciiiiiitr} I'. ' 111 ill' (II the iiiiiilr\ I . will : iSurplua m.wn Tfrtti' IV 6.74I>,WKI 4,hi.i..lMi . Total .. . '.0.' ron'l find (v|ul|inimt ox|><m.' ii, Ac. y HirJirrvn fund for i. IJnrn <tl«a. $421,679. ' -iirj ' I.\( <I i-'» a Capital «U>ck auitiorlMMj, Ilnil AiiuTli'iin I,«(ioiMiitlvo .\liiorlcnii I/iM'oiiiollvo (H' ' Kxt«?ri<l' '' Telegraph Coni]>any. Ynn ,„tli„f/ l)i,. VM\ .) &, .'51 ' Ji tin- nrniirkH of v, iili o., Miiiitroul l.oii>iiiiil < iiliililiii><l Situ . iimliit. A. uilnilii, (Utp, It .Sfatiiirift lilt r S . M I Ivo Workii, Ltd,,Uld I HI2I 1019. 11120. .•'IT $66 SSI 11 1 :t dopror ST" "73.583 HIO . urine pnirit . \r iM.,Jl.l riif. l.'i«o« 1.7.VI. (!(((» )l .MMi.iiiNi 1 t.Jni ; iiTnimtn. Not III jm'flt nnil li>«« Itnrill'd offliT* Dih:. 31 i'.M.'.i'l 1. 6.111.01 •Tm,'..<mk» IT aiiliunii >' ,762 , ' l'ri'Hi<k<iit 'I'liHv<'r. compurali vo incoiriit ;wfoiirit and l»uluiif<. shwiM for vfiiFH Hrji and 192 ). aUo Hcv«<ral otln-r imjiortunl l.abl»>«(. will hi- found on a <iiih*<'qiif>nf pn^*' V. Ill, j), 8.'>7. toKethrr < Snln« llorp. GfiiKK nnrnlnir* American Telephone \r FOR CAI.FNnAR YEARS. tiMi: .M(()l I I , (I. 1.(KMI,(HMI J. . sisO •...:i.'..3(M 1 II 111)0 .(MM) illlK) |I.M>I.U6 l^,,ti;tl.260 $3.344,3I)«> 12-1, -.'70, 702 $,H,'.l'.)<l,lt21 $H3.I.7H6 _ THE CHKONICLE 944 CONSOLIDATED GENERAL BALANCE SHEET. Of American Lncomotive Co., Montreal Locomotive Works, American Locomotive Sales Corporation Combined. — the '21 Dec. — Dec. S 31 '20 Ltd., — 3.41fi.204 Cost of prop, and Dec. 31 '20 S 3,685,262 Dec. 31 '21 Current Liabilities S S 8.685.186 Accounts payable. 676,949 Acc'ts receivable.. 3.648,632 13.688,863 Unclaimed interest and dividendsBills recelvahle 9.001,205 x4,816,712 4. .539 Belgium .Vyear 6% Reserve tor taxes. 1,244,940 4,286,775 4,152,750 Accrued expenses. gold notes 88,521 U.S.Treaa. Ctfs.. 6,806,250 Res. tor shrinkage of notes and disUn. Klngd'ra5i^% 980,000 conv. Rold notes. 980,000 count on Canadian funds 674,980 U. S. Lib. I/D bds. 4,730.862 Can. Victory bds. 1,834.375 1,58"6",256 Total curr. llab. 2.689.930 N. Y. C. G% Corp. stock notes 3,063,408 Preferred stock... 2.5. 000. 000 Common stock. -_25,OU0, 000 N. Y. C. 6% tax notes 1,131,534 Bonds of const, cos. Prov. of Ont. 6% Loco.&MacIi.Co. 215.134 Treasury notes. ofMotifl. Ltd.. 1,500,000 Accrued Interest.. 549.641 259,495 Richmond Loco. Materials & supp. 3,966.411 7.773.965 & Mach. Wl<s. 432,000 Contract work 401,701 6,835.131 Res've for accident Locomotives and Indemnity, &c.. 3.074,819 383,789 parts in stock.. 510.246 R&s'vo for .idditlons and betterments 2,445,503 Total curT.assets44. 415.922 49,288,597 Surplus 25,488,136 .31 Current Assets Cash 4.819 5,970.421 307,992 1,911.538 11.970.032 25.000.000 25,000,000 1,500.000 432,000 593,607 2,882,059 24,654.370 (less 927.630 56.372 Inve-strn'ts. Deferred charges.. Total 883.030 480.487 Total liabilities.85,630,408 92,032.070 X This amount includes $1,372,962 Rumanian & notes. 1919. 1920. 1918. 1.7,'i3.358 1.7.'')8.717 Balance, surplus $4,383,868 $2,637,310 $913,633 $3.1.38,604 * This is the difference between purchase price and par of 7% gold bonds of this company (par value SI (O.-WO) purcha:>ed and canceled during the yeax as required by trust indentures. BALANCE SHEET DEC. Assets Real 1920. S — $ macb. est., and 1921. 16,459,458 40,709,711 Liabilities Pref. stk. fixtures.. lieaf tobacco, mfrd. stock <fe supplies 64,185.977 1 .869.584 oper. 62.079..587 Stocks other cos Cash.. Bills & accounts 6.425.812 receivable 22.514.000 21,496.400 11.177.900 14,261.000 15.059,600 141,681.999 137.271,3061 and 22.514.000 21.496.400 10.733.200 14,401.500 IS.059,600 20,000.000 249.567 313,742 Common stock. Common stk B. 7% bonds 0% bonds 6% gold notes.. Profit 2,52.026 393.995 19,881.332 5,121,937 4,438.322 26,774,204 I 313.742 100.000 893.995 884,970 22.390,.335 / loss. P. Lorillard Total 4.229.988 141,681,999 137,271 306 Wm. — net, apphcable to .surplus. $5,486,792. After deductini; four quarterly dividends of 3% each on Common Stock p.iid in cash (•?3. 636, 570), the total Iprofit and loss] surplus Dec. 31 1921 was .$12,593,419. RESULTS FOR YEARS ENDING DECEMBER 1920. 1918. 1919. $9,292,825 $7,616, .545 5.864 93.497 1,238.861 Bond interest 6.122 $6,242,459 11.468 1,244,860 1,250,615 $7,793.2.58 ""i2"2s6 f.256".456 Reserve for excess pi-ofit and war income taxi;s. Preferred dividends (7%) 791, .532 791. ,532 (12%)..- 3.636,570 3.454,683 Common divs. do extra (20% Balance, surplus $2,299,001 S.444.136 $12,593,419 $10,743,197 1021. $1.279.2.58 def.?886.065 7.164.878 8.050.942 $8,444,136 $7,164,878 est., 1920. $ Assett Real $ machln 31. 1921. LlabllUies— S 7% cumll .307.600 Common stock 30 ,304.800 Com. stk. dl v. scrip 1.620 7% gold bonds. ..10 .084.3.50 gold bonds... 10 .617.4.50 5% Pref. divs. Jan. 3. 197.883 Com. divs. Jan. 3. 909,144 Acer. Int. on bonds 397.673 Reserve funds 3 .510.380 Acc'ts & bills pay. 4 222,183 Profit and loss 12 593,420 Pref. stk., ery and fixtures. 8.607.347 Leaf tobacco, manfactured 2.454,021 3.031.120 _ BALANCE SHEET DECEMBER — 2,6.33.487 791 .532 791,532 2.909.586 stock) Surplus after dividends. $1.8.50.222 Previous surplus 10.743.197 8.075.197 stock, and oper. supp. 39.391.354 43.453.371 Stock In other cos. 2.135.000 x6. 575.650 Trade'mks.. brands &c 21.137.927 21.137,927 Caah. 4.653.775 3.735.683 Accounts and bills receivable 8.221.099 9.955.590 Total Total 84.146.503 92.933.418 X In 1920 included Liberty Bonds; part, if not p. 52«. all, 1920. S 11.307.600 30.304.700 1.720 10.178.4.50 10.617.450 197.883 909,141 399,319 4.431.923 13.842.034 10.743.197 84.146.503 92.933.418 sold in 1921, V. 114, — National Lead Company. Ending Dec. 31 1921.) (Report for Fiscal Y'ear President & Edward — .J. of stockholders. Dec. 31 1921, 7,805: increase for year, 169. CONSOLIDATED RESULTS FOR CALENDAR YEARS. [Including all subsidiary companies who.se entire capital stock 1919. 1921. 1920. is owned.) 1918. Net earnings a$3.4S1.513 $4,735,508 $4,632,560 $4,692,815 Preferred dividend (7%) 1.705.732 1,705,732 1,705,732 1,705,732 Common dividends. .(6%)1.239.324 (6)1,239,324 (5)1,032.770 (5)1,032,770 Cross) (1%)) 206,554 do (Red 103,277 do (United War Wk.) (H%) Surplus Previous surplus $536.4.57 20.344,418 $1,790,452 18,553,965 $1,894.0.58 16.659,907 $1,644,482 15,015.425 a Net earnings for 1921 are after deduction of all expenses, reserves, &c. 31 {Incl. Sub. Cos. as Above Stated). BALANCE SHEET DEC. 1921. — 1920. — 1921. 1920. Assets Liabilities $ S $ $ Plant Investment x42, 932,235 43,283.693 Preferred stock. 24.367.600 24.367,600 U. S. Lib. bonds.. 1.628.088 1.619.3.59 Common stock... 20. 655,400 20.655.400 Other Investmnts-y7.258.304 6.065.954 Bonds of sub. cos. 8,595.000 9,030,000 2,3.33.689 Inventories 2,013,094 ..20,583.102 19.602.194 Insurance fund. 3.719,880 Empl. liab. res 205.920 Ca.sh 2.7.57,264 2.500.000 2.500.000 Accts. receivable. Z12.014. 796 17,293,846 Plant reserve Notes receivable.- 1,532.001 1,752,100 Promotion reserve 1.500.000 1.500.000 Tax reserve 4.200.000 4,000,000 Accounts payable. 2.878.923 4.494.432 Notes payable.. 588.383 4.432.083 Surplus. ..20.880.875 20.344.417 Total Total 88.705.790 93.337.028 88.705.790 93.337.028 X Plant investment. $53,494,487; less depreciation & depletion reserves, $10,5()2.252. y Other investments include $2,333,245. stocks and bonds of insurance fund; $4,925,060 stocks and bonds of companies not entirely owned by National Lead Co. z Accounts receivable, $12,316,293. less bad debt reserve, $301,497.— V. 114, p. 635. United Drug Co., Boston. {Report for Fiscal Year ending Dec. 31 1921.) President Louis K. Liggett, Boston, Feb. 27, wrote in brief: Results. During 1921 we filled more orders than in any previous year the tonnage leaving our factories was greater than ever before. Our sales Nevertheless, we had a decrease in the of unit packa,ges broke all records. total value of sales, due to lower prices. Our retail business showed a decrease of only 3% in its volume, with practicall.v he same number of stores in operation and on an estimated reduction in sales prices of over 15%. Total sales were $60,490,467, compared with $68,428,179 in 1920. a — I decrease of $7.9:57.712. or 11.6%. This is the first year since this company was organized that we have shown a decrease in gross sales. m( (In these sales we do not include the volume of business done by our subsidiary company. Liggett's International, and its subsidiary companies They will be given in a separate report to their in Enilund and Canada. shareholders.] 31. . Loss on Lib. bonds sold. Number Company. (Report for Fiscal Year ending Dec. 31 1921.) Treas. B. Rhett, Jersey City, N. J., Feb. 28, reports: Bonds. As required by the trust indenture, the Guaranty Trust Co., trustee, purcha.sed and canceled $94,100 7% Gold Bonds of this company, the cost of same being $99,963. The difference between par value and cost of the bonds so purchased has been written off as an ncpense. Results. The net profits for the year, after deducting all charges and expenses of operilion. in-luding reserve for excess profits and income taxes, were $7,616, .545. Deduct; Premium on 7% gold l)onds purchased and canceled, $5,863. and lo.ss on Liberty Bonds sold. $93,497; also interest on (o) $10,084,.3.50 7% Gold Bonds. $705,904: (&) $94,100 7% Gold Bonds purchased ;md cim-eled. $2,084; (c) ?10, 617.4,50 5% Ciold Bonds, $,530,872 and (d) dividends on Pref. stock, $791 ,532, a total of $2.0 50,393. Balance, 1921. 6% per annum. 4,.501 ,550 -V. 114. p. 628. Net Income bef. Fed tax Net income ;ift. l-'ed. tax Premium on 7% bonds.. — CONSOL. (7% Res. for taxes, adv.. &c Deprec. reserve — 6% Remaining siu-plus..-$20,880,875 $20,344,417 $18,553,965 $16,659,907 Accounts pay Bills payable Total — 1920. 1921. $ — 1.794.584 Ace. In. pay. Apr. 8,077,290 Ace. In. pay. Feb. Acc.in.p.iy.June 8.391,953 Pf. dlv.pay. Jan. 12.031,457 — 31. Cum.) 16,218,181 good-will, &c. 40,709,711 Brands, trde' m. — satisfactory credit conditios. The notes payable ($588,383] con.sist of longtime notes given for eqtiipment purchnsed by a subsidiary company. Trade Conditions. The net earnings, as shown, are very satisfactory In this most trying year. The price of pig lead, which was $4 75. New York on .Ian. 1 1921, dropped to $4 on Feb. 25. reacted to $5 on May 10, fell off again to $4 40 on June 22, and closed the year at $4 70, New York. There has as .vot been little reduction in the price of coal, coke, tan-bark, lumber, acetic acid and other supplies entering into the cost of our procudts. Drayage. lighterage and freight rates continue from 80 to 100% higher than before the war. As yet there has been little reduction in administrative and selling expenses. Manuficturing costs are being reduced, but with painful slowness. Taxes continue high and seem to be increasing. Stable condidons h^ive not yet returned. Di'idcnds. The present dividend rate of upon the Common stock is less than 3% upon the Common stock and surplus. The company therefore, should be able to maintain the present dividend rate. On the other hand, in view of the disturbed and uncertain conditions, there should be no increase in dividend rate on the Common stock at this time. National Lead Co. of Argentina. This company suffered from tlie decline in Argentine exch.mge. On the goods the.v are manufacturing in Buenos Aires they are doing quite well. In goods shipped from the United States they are encountering increasingly lower competitive prices from Europe. During 1921 this company bought a controlling interest in the Compania Minera y Metiilurgica Sud-Americana, a mining and smelting company having its .smelting works in Buenos Aires. look upon the National Lead Co. of Argentina as a promising long-time investment. As transportation ficilities improve, the mountains will probably be found rich in mineral deposits that will naturally be smelted in Buenos Aires. Our inve.stment to date has been smill; but the plans made are susceptible of development, so as to make this company self-contained and capable of supplying the growing needs of the people. Emplui/ecs' Stock. During the year 1,121 employees purchased 21,102 shares of the Common stock, bought on the market, at the price of $75 per share. The company's advances of purchase money are to be repaid to it in monthly Installments out of wages or salaries, with interest at ,917,233 $10,050,222 20.034 22,220 1.768.162 1.777.328 1.033.294 1.200.000 90.666 1.200.000 1.575.980 l..=i7o.()80 1.575.980 1,575,980 divideuds.(12%)3. 894.309(12)3384. 513(16)3439,424(16)3439. 424 Interest oil bonds Interest on 6% notes... Pref. dividends (77o)--- more — divs. from subsidiary cos.. $12,650, 740 $10,572,966 •Difference between pur. price & par, 7% bonds 9,930 16.416 Common — V. 113. p. 2617. New York. Ending Dec. 31 1921.) 1921, profits, -incl. 7% Myers Tobacco Co., (Report for Fiscal Year Net — We 85,630.408 92,032,070 Liggett [Vol. 114. The increase of .$351,458 in gross plant investment is occasioned by new construction in San Francisco, Pbiladelphia, Perth Amboy and New York Purchase. The increase [of $1,201,080] in other investments was occasioned by the acquisition of one-half the outstanding Capital stock of the Titanium Pigment Co. de.scribed in last year's report, and additions to investment in the insurance fund. Other Items. The decrease in accounts receivable and notes payable reflects deprcc'n res've). 40.230, 484 41,379,9.56 Sundry — . Cornish says in substance: P7onf Investment. Gross property increased $971,206; less depreciation depletion reserve, $1,322,664; net decrease, $351,458. Total e-wenses. due to rigid economies, show a decrease of $1,380,000, spite of heavy increase in overhead expenses due to the new plants that were not in operation in 1920. . Our merchandise profits were $3,937,825. or 6.f% of sales, compared with $6,116,583. or 8.94%. in 1920. With our other income added, our total operating profits for the year 1921 were $4,093,867, from which we have deducted $1.090. .552 for depreciation, doubtful accounts receivable and current taxes, leaving final net profit to be carried to Surplus of $3,003,315, as compared with $5,189,216 in 1920. Further Cut in Inventory Values. This final net profit was before adjustThe surplus on Dec. 31 inventories, interest and Federal taxes. 1920 was $1,745,188, from which was deducted $234, .596 for Federal Inand e'ccess profits taxes on 1920 business, which were ascertained and come paid in 1921, so that we began the year 1921 with a surplus balance of $4,510. .592. Adding to this the earnings of 1921, we had to work with a total amount From this we wrote down merchandise inventory on band of $7,513,907. $1 ,850,753. which was additional to the $689,531 that we had written down This was due entirely to falling values in raw materials we had in 1920. on hand and for depreciation from time to time during the year. Total Surplus. We also paid In interest on borrowed money and funded debt during (he ye;ir $1,742,300 (now running at less than $1,300,000). and we paid dividends amounting to $3,046,588. These amounts reduced our net surplus at Dec. 31 1921 to $874,266. Dividends. Because of the inroads made on surplus, it became necessary to suspend dividends on the Common stock, which ordinarily would have been paid on Oct. 1. The management considers that its first duty is to With anywhere near a normal return of volume, build back this surplus. with raw materials at current prices and a sharp control of expenses, I look for rapid strides in this direction. Notes Pui/able. The parent company shows $726,000. all owing to our own banks, a reduction in the last six months of $1,464,500. There has been a funlicr reduction from Jan. 1 to the date of writing thlfi letter, so that our indebtedness is now $600,000. Notes payable of our subsidiary companies are $1,653,356, a reduction of $726,585 as compared with a year ago. "This account has been reduced since Jan. 1 to $1,250,000. The Liggett Stores the ret-ail end of our business are in excellent There has been no readjustment necessary there other than condition. the natural reduction of prices due to lowering costs and to meeting some Their business is running ahead of erratic price-cutting that is inevitable. They are operating on $800,000 less inventory than they had a last year. year ago. in — ment of — — — — — Makch THE CHRONTCLE 4 1922.] — BALANCE SHEET DEC This suhsldlnry In Ocloher turned (he corner as to Seamless Rubber Co. deficits, and has each siircccdlnK nioiilh incriyiKcd its profits, so ihut It is now runnliif? at the ralo of over $;tOO.O()() net profit per yiar. Our slatlouery coinpiiiiics h;i\o suffered Mice others Other Cumixinies. during the p.iHt vivir, hut tlieir coml>liied profits were quite s;ii isfaclory. plant and candy factories are runninK to-day in a much Our fruit syrup more satisfactory manner tlian they have at any previous tinje in the past 15 months, and should return to normal diirinK this year. In the first six months of 1021 (under a new statute) we Doiidt Ac. financed'the business hy the issuing of SI r).nnn.Oons% Ixinds.viz.: (n)S2.7.')0.000 for a .5 !4-vear period, to lie exchan»-'ed for the ()-n)onths' notc^s: (li) S12.Ixjnds. Of the o,4-Year IuhkIs, $200,000 have licen 250 000 of 20- Year redeemed l)y a sinking fund (V. 113, p. 1479, 1061, C3'l, 544; V. 112. p. A tsim — Total securities. INCOME ACCOUNT FOR CALENDAR YEARS. 191S. 1919. 1020. 1921. Balance 2.777.638 5.2.58.928 S6.3'l2..5(i9 2.129.731 52,497.366 4.834.875 $7,332,241 3.433.889 701.686 SI. 0.53. 641 — $2.4.50.191 877.848/ 2.721.133 $5,174,324 "33"9".449 2. 073. .31 $5,258,928 $4,745,190 COMBINED BALANCE SHEET DEC. 1921. — bidgs. Ac. 9.70.3.468 other res. a9, 333. 464 Trarte-m'ks, pat'ts, formulae, <tc..b22, 79.3.689 Cash 2,296,414 bonds 12.2.50.000 Net equity In Lib40.976 Curr. accts. pay'lc 2,790.749 4.580,815 39.626 erty bonds accts. rec. 9, 207, .552 Notes payable: Notes & 8,754.133 By Vn. Dr. Co. 726.000 18.410.578 Merchandise InvenBy subsid. COS.. 1.6.53.3.56 2.379.041 tory 13.608,331 23. 1 15,848 3.6B2.103 Reserves Advances and sus3. 766. 300 953.063 Surplus 874.266 4.745.188 penae accounta. 1.555,737 In INCOME ACCOUNT FOR CALENDAR YEARS. Calendar Years — 1921. Dividends oil I'ref. Divs. on Common... (4 H%)506. 2.50(12) Depreciation 652.229 Balance.. Total 77.571,527 82,076.826 other companies (including T,iggett's International b Trade-marks, patents, formulae, processes, leaseClass B Common), holds and good-will;.— V. 114, p. 418. 77.571.527 82.076.820 Total holdings I in Powder Atlas Co., 1920. Wilmington, Del. 1918. $4,052,265 632.202 11 17. ,500(14) 11 77. .500(1,5) 1237.500 (i0.5.95l 1,053.835 549,677 $3,733,729 751.251 sur.Sl,046,466df.S8.052,425 sur$751, 143 srSl, 632,887 BALANCE SHEET DEC. 31. 1921. 1920. $ — .4xsels Real est., 1919. $3.284.9l5df$5.218.974 1.080.000 (6%) 1.080.000 Profits for y(!ar j ^ a Stock 53.738 .27.026.174 28.684.745 condition of the European countries. Oni> of our chief problems has been to simplify our methods and reduce our costs without lowering our efficiency and our ability to get business. The results show that mcuh has been accomplished. There has been a marked increase in the individual efficiency and the team work of our org.inizalion during the year. We start 1922 with every confidence in the ability of our staff to meet successfully the difficult problems ahead and secure satisfactoi-y results. 1920, 1921. LlnMHtle.1— S i Capital 8t<M-k: 1st Preferred... 16. 32 1.900 16.321.000 5.519.228 171.000 308.300 2d Prcl erred ... Common 3.026.021 34. .50.5. 000 29.928.900 8,2.34.793 Pf. Ktk. of siil>. COS. 713.600 710.200 47.100 7,339,126 .Subsc. toCom.stk. Real estate mtges. 1.202.160 1,022,900 22.793.689 5!^-year 8% notes 2,550,000 2,299.947 20-y('ar 8% Conv. S In fee).. turn.. 3.545.018 6,063,080 gre.itl.v increa.sed. 31. 1920. % 5.754.285 BIdgs. & Impts. to leaseholda 3.278.960 Stock Reserves 3. 786. .509 Undlsturb. profits. 3.088,790 During the war years milling capacities in the lines we manufacture were 1'he result is that we have, and will continue to have, keen competition becau.''e the supply exceeds the demand. Export business in all lines to-day is sufferin.g on account of the unsatisfactory financial $4,834,874 (Inler-Compnntj Accounts Eliminated .) Mach'y, 5,561,123 basis. 689,.531 SS74.266 * 1.736,500 During the year the item of inventories has been reduced appro-^imatoly $0,000,000 and the item of notes p.iyable more than SIO.OOO.OOO. The earnings are encouraging when we take into consideration Ihe difficult and competitive operating and sales conditions that existed during the greater part of the year. We took further los.ses on supplies on hand Dec. 31 1920. duo to declines in the market values during the year 19J1. These lo.sses were on supplies that could only be liquidated through the sale of our products. At the close of the year the quantities and prices of our slocks were on a normal [ est. iticl accr. Int. & div. on prcf. 9tk. Ac<T. Fed.tax(eat.) The Quaker Oats Co. (Annual Report for Year Ended Dec. 31 1921.) President H. P. Crowell, Feb. 23, wrote in substance: divs. (incl. 3.046.588 subsidiary cos.) 1.742.300 Int. on notes outstandin g def.$l .785.573 Balance, surplus Add p. & 1. sur. Jan. 1.. 4.745 .1S8 Total. S2.9,-.9.615 234.596 Deduct MLscell. adjust. 1 Fed. tax prev ye;i ir.-.J 1.8,50.7.53 Written off inventory. owned 2 .112.308 6 4I8..509 642.641 Conv. T,i% bonds 3.8U8.300 — — f 1 Beal 1920. S 9.000.000 S,5I4,62S Total .27.020.174 28,684,745 a Security investments include stock of affiliated companies and acquired secifriiics of .Atlas I'owder Co. b Deferred Hems include: Unanniriized ijond di-icount and e.Kpense, §346.996; Common stock l)onus to employees, $.3(H.280. oiher items (net), $55,902. c Common slock includes $9,685 of fractional warrants. iV'//p. Sul)ject to contingent liability of $45,458 for foreign drafts discounted. V. 113, p. 2822. S60.490.468 S6H.42JJ.179 S58.:«S.834 $51,028,336 41.332.935 45.713.290 38.771.026 32.635.318 Cost of goods sold 12.557.292 16..'198.300 T^..'") II .006 ing expen.ses 15,219.707 Operat Merchandising profit. §3.937,825 .?6. 11 6..583 S6. 026. 202 S5. 835. 726 '•;39.553 31.422 1.137.475 156.012 Other income Total net income 84.093,867 $6.6.-6.135 S7. 163. 677 $5,867.1 18 9*<6 (130 662.S.53 1,295.515 Depreicat ion 53 6f^8 92 9 84 555 Doubtful accts. receiv'Ief l,090,552i' 247.528 508. .573 711.086 Current taxes ) Aisett rAntiillttPf— 1 If & Com. 3,317,650 110.762 product. 1.305.304 Material- & siipp. 3.902.483 Scciirliy lnveslm'tal.474.034 Deferred items... b706.178 sales Pref. <St 200.000 acT^ls rec. 2,547.168 acc'ts rec. (otffrr) Flnlslieil a continual and ever increasing improvement in the value of their United Net S COS.). Noies&acr'ts pay.. (t Noie.H — — then the stockholders have every right to looU forward to the general business depression has reached liottom — and has Drug Co. $ — 1921. S Preferred stock... 9.000.000 Common stock.. .c,5..51.').0H5 Notes 2421. 2545) It {INCLUDING SUBSIDIARY 1920. Bank acceplanres. S% Ou'lluok. 31 1021. Plant. prop. ,ea\ilp., good-will. &c... 15.223.074 14, 8.51. .581 Cash 1.406. 271 1, 288,168 — believe 945 $ plants. 1921. 1920. Llnhllities— S S Preferred stock.. .18.000.000 18,000.000 Common stock.. .11,2.50.000 11,2.50.000 Due to suh.sld. cos HJ.OTO 180.068 tr. marks, &c. .a 19.694.605 20.386.352 Storks of sul). oos420.020 420,920 fiov^t scciirs. (cost) 4.995.602 4,540.821 .Votes payable 4.900.000 15,205.000 MisceM. Invest oo.o.^g 91.350 .Acct's payable. . b 1. 5.50. 180 1,364.086 from sub. cos. Due 804.431 908,431 General reserves. 2.168.632 2.651.009 Invent., materials Surplus 2,309,629 1,263,103 and supplies 8..595.217 14,779.823 Acc'ts receivable.. 3.623.001 5.018.740 Ca.sh 2.087.676 3.840.077 . . (Report for Fiscal Year ending Dec. 31 1921.) President W. J. Webster, Wilmington, Del., Feb. 25, says in substance: Results. Net sales for the year amounted to $14,495,016. . . — was necessary in addition to what was done In 1920 to further write inventories and commitments by $1.(190.982. which amount has been Char>;e(l as a separate item against undistributed profits accumulated from It down . ("ost of goods sold for the entire yc;ir has been earrungs of preceding years, IJciuidalion of calculated on actual replacement value of inventories. inventorien is now complete and requirements of raw materials are being purchased at current market prices. While the net income after deducting all charges and interest, represents a return of only 171% for Common stock for the year, attention is c-illed to the fact that during the last four months of the year, earnings were at the rate of 15.2% on the Common stock, after all other deductions were made. Increase in earnings wa.s brought about both by improvement in businewi and a^ a result of economies inaugurated. Reserves. Ue>erves accounts have now reachijfl the very substantial BUm of VJ. 786. .509 These reserves have been create<i to provide against loss from uncollectible accounts, accidents at plants, depreciation of plant values and other contingencies. Research. The rcse;irch and development organizations are being maintained at the hik'hi.~<t point of efficiencry and are now engaged principally in working out improvements in the quality of our standard products und — — economies bonds. manurirturo. in — The company Gold bonds on Aug. Issued $4 .000.000 1.5-Year 7^% funding for the |)Urposc of lO'Jl 1 Its Convertible floating d(!l)t. Bonds are Blnklng fund will retire 75% of the whoic l.ssue by maturity. convertible at the option of the holders into (-omraon st<jck at n.-ir fur the bond<< and at a price of $125 per share for the Common slock (V. 113. p. 420. r/iH. 2822). (Jn the Com. stock (regular and extra) there has been p.iid: Dieldenrts. 1917. 1918. 1919. 1920. 1915. 1916. I920. 1921. 1013. 1914. A — 11 H% 25% — 891 cmpliiyceH 26% 21% of the ^5% IH'^'n So 1 are The 'trs. I'rof. .9,53 and Coaimun 12% 12% 10%{Htk) employees, as of Doc. 31 i>tock Is now owned by 12% I9.'l 3.Uf>2 — [n Jan. lO'.'l your company entered Into a contract Darcu Vorptiration. with lh<* Darco Corporal Ion to take complolo charge of the const ruction .' and of a plant upon a {tfr baslw and ono-lhlrd Inioresl In the < Ci>{: At itii! time your company entered Into he above cunt raci Your poratlon wni operating a ninall plant at llounni. I.a. the I' comp.iiiy -.ulj-rfj'iuenily underwrote the then unitriucd CIiih» "A" (Vcf stock and U now a majority owner rif the voting Common stock. The balance sheet Includes the pr(»a)nt underwriting liability for the Class "A" I'ref. Stock, allhougb otmn are under wiiy and it !<• nxpix-iiMl to xcll ih't Niock jit M'.'lcrn plant und^r construction ;>i Marslmll. 'rxxiiH, will an r:i'tv r1-i'c lly prcxluctliin commenced on or about .Vta.v I9J'J. iinC! for a pure, neutral, porous, decolorl/ing, doudorli...., .... ;,un (V 113. p. IH7. 2409. V. Mi. p. 2617). INCOMB ACCOUNT fOR YEAR.H ENDED DEC. 31 1 NCL. SVlt. COS.). '. I . > ' ; . I .' 1 1020. 1010. 1018. $2-1,303,668 $19,107,341 $35,700,620 1021. •rjrwwmalai" Net ery. $14,495,018 iiiiIeK" Cool of ntnifiit Kfitd . deliv- Ac .Of p.: n«n«i _»Ui)I.U73 070 io«iii7r 177.687 $1,678,298 lomlH JOU $2.IHJ.99.'. 79.:;99 $H>f 1.204 Not lufvinm $2. .Ml. 782 Iom $2,'t07,00fi $1,000,080 $2,262,204 17 Int. rin notf« paxabin Ac amort, on conv. gold do (In ;..:.;*, ' . . . .(I2%)»l«ifl..t(if) .... 1 ,032,102 5111 fHiO (12 007.170 5ifi.;'0'» (12(0(10. 2N><(2I)10,V). 501 i Inclualv«, — existence. Output. — The electrical output also showed a substantial Increase, the maxinuiin load carried at any one time during the yo;ir liolug 525 640 k w as against 47H.8'20 k.w. for 1920. There was a maU-ri.il Incrc-ise In the consumption of electricity for use In the ma nil fact ure of Ico; 70'," of all ilui lee u.si(l In he city of ('iilVngo was math.' by misiiis of electric power. During the moiillis of June. .Inly, i August and the kliow.itt-hiiir output of (luctrlclty used for ihiK i«iiri>o~e was grciitcr than the kilowatt hour iniipiii used for residential 'tills serving lo equalize the companys output. \>" While opi-r.iting conditions ari> si 111 far from iiornml some i: m.Kle during the vear lOL'l In reducing the expense of con|ir In .Kplii Ion to reduced |)rlc<> for material used Iticro <lu( MUX ilic tiuslnesK w.ih a dei'Idi-d deirejise In the l.ilKir turn o\er, resultliiK naturally In gruitor efflrleiK'V of the lalxu' employed. Nru- Sttitlim.- 'I'h<« first section of the new f'liliimet Siiillon. located at lOdih St. and Caliimel Klver, referred to last yt^jiras lieliig iin<l(>r constructlon, ban IxM'ii completed, and two turlm generilors of 30.110(1 k.w. oiich have Ill-en losliillcd. one of which was In o|ieraliiiii dnrlng a port Ion of the iiioiilh of DiH-. In time to anslsl In carrying itie com|>any m hea\ lest load. h iiwnrtng. In or<l«T lo ppivide new iniuiev to ni<>«'t ihe growth of tho coin|»iiiv M liiiMlneMi. It wan found neov^Hary In .Inly lo Uaiie and sell xli ir III III 111 Mill diill.irs III pa amount of the company n InI Mii/i<. (lold IniiuIs, iMMrlni* liiliTesi III the rite of 0"; per aniiuni (V 113. p 297). The coinliiiny alMi recelsed rluilng (ho yiuir f 1.323,100 fnini lliu Mile of IIh Ciipllal stock which wim offered lo toekholdon) Oct. 15 1020 and rtrferwd lo In So()t<!n)tHir, . — yearn iinniml Near (I limt I I I • ri'iHirf the npimiv.'it of the llllnola i 'iiiniiHTei Mce of iidilli liiniil slock to iho nrnoiinl of cw slock was offon'd a( par lo >iinckli"ldern of rncord on Dec. 1/ 19.; I, In pr<qiortlon to (heir n'<'iir<lo<l holillnvs on (lint iliitn Hioi'k nulmcrlU'd for ii*> n reniilt of (he offer la (III Ml lile III four ntn on .Ian. II. May I, Aug. 1 and Nov. 1 1922 IV 113. |. \' riiMiill 111 offer, nrni-llcnlly nil (ho pnwnnl nuthorlzod aiiKk will U' iiuisi.ihillng. Tlierefiire. (he iKiiird has rei'onimended ><• .iiilhorlMHl CapKiil sKick Im< Increiined fnuii tlWl. 0110. COO lo $H0,till mid he i|Urvl Ion of so Incre.ixlng It nil! n< mil mill led In the utockhnliier* 111 Ihn rinniial ineelliiK on I'eli 27 19^.' lie JHilhorlmd now If slot k innv Im^ IuiiioI fniiii iline lo ilini' In the fill iin' iia nnd when (he iNinrd may dncldii llwl now capital In iiim i<wuiry for Iho couipuny s puriKHifls (V. Ill, p. 5:^0). , ' I (lOp.M.'.Z-.'fi . — Earnings for Year. The electric operating revenues aggregated $.37,1.39 831 and the b:ilance carried to surplus was -SI .059.6.59. after deducting operating expenses. Including amortii'-ition and ilcpreciaiioii (.?2, 900, 758), l.ixcs and municipal compensation, fixed charrcs and $4,307,126 for dividends, and afler allowing for other income. S.739.5s(>. T'urs. The taxes for the year 1921. payable In 1922. will be. when finally fixed, higher than the taxes-for 1920. duo to the f.act that the last .State Ixjgislatiire voted incrcJises in tax rates to the various taxing liodies in Cook ("ounly. It is estimated that the increa.st; will he noarlv $600.(100, and to cover tho addit lonal liability, this amount has iH'en included Iri the item "taxes assignable to electric operations" ($2,700.0001 In the foregoing Rlaiement. Ci/.slomcr.'!.— During the year weobtjiined 62.200 new customers, bringing the total nutnlHT served Dec. 31 uj) to 536.982. In spile of tho unsatisfactory condlliotis that prev.alled throughout the year in many lines of linsliiess. the Increiiso was greater than in any other yivir of the company's iili ' 510 000 Total ............ IH» tJ ).U/.l(IO $I.I10,2MH % Flalanm KM) cf«f 21' .5 01 »Ur 510 Mnl HMr Total «urplii«i. .... $.i ijk.4 790 1.5 Ofll (IKO $5 2HM imi »l nfl ltd I Artju«im<int of lnvonl.orln« and commit iin'nK lo rurmni mnrk<'< vnhu'« and rpvxntlon orOuminon stock Ixinua to •niploynn^ for itio ynara 1017- IU.,'0. . Co. . AdJ oflnr to mk» vat. «1.4fi«;il4 lYnf div, 510 000 %)... Common Commonwealth Edison (Report for Fiscal Year ending Dec. 31 1921.) Prcs. Samuel InsuU reports as follows: ' 210.810 tM.nds . — I J3. 593.011 _21^»8.788 J7.129.013 _33.f>83.025 Nrtprofit other lnc.ome (iMl) Total 40.321.411 50.004,523 Total. 40,.321.411 50,004.523 a Includes real estate, plants, trade rights patents and good-will, less depreciation and amortization of plants, b accounts payable includes Federal taxes. Note. The company's contingent liability with respect to foreign drafts discounted, Dec. 31 1921, was $482.177.— V. 114. p. 800. I I ' i I I I I i — —— — — _ THE CHKONICLE 946 Floating Debt. the year 1921 the — During extent of $1,200,000.company the and notes payable reduced its loans to several years the company has carried in — For"other reserves" various accounts amountingbalance sheet, to $312,267. the its Reserves. under title set aside in anticipation of possible losses on materials carried in storerooms and on uncollectible accounts and also to provide As it has been found unnecessary for interest upon customers' deposits. to carry the.se reserves for the purposes of covering losses on materials and uncollectible accounts, the amounts in the reserves intended to provide for these purposes have been credited to surplus, and a like amount has been appropriated out of surplus to write down some of the company's assets. It has been our policy for many years to set aside out of its earnings annually an amount thought adequate to provide a reserve for the keeping These reserves were up of its property in accordance with the most modern standards. When any property is abandoned the comijany's plant and e<iuipment account and also its depreciation reserve are reduced by the amount of the original Diu"ing the past year the company abandoned more of its property cost. than usual. The amount added to depreciation reserve was $2.7.')3,483, and the amount charged against this reserve was $2,061,623, making*the net increase in the depreciation reserve as of Dec. 31 1921 $691,860. INCOME ACCOUNT FOR CALENDAR YEARS. 1921. 1920. 1919. 1918. Connected business, 16- candle-power equival't Not stated. Not stated. Not stated. $16, 633.300 Gross earnings $37.i:?9,831 $35,317,135 $30,366,426 $20, 505,136 .. 21.495,397 21,810,757 Operating expenses 16,489.252 14, 119.935 See text 150.000 Federal tax reserve Uncollectible oper. rev.. 119 938 1,39.671 110,9.30 Amortization & deprec'n 2.900.758 2,880,255 2, 887, '128 822,091 995,037 Taxes acc't el. oper 2,700,000 2,100,000 2.355,000 Municipal compensation 1.116.260 1.040,071 895.193 796,331 Operating income Other income Total 5,787,744 739.586 $9,527.-330 bonds Dividends (8%) Interest on $2,834,042 4.307.r26 1.326.503 Other deductions $7,367,949 679.966 .476.788 619.802 $6,771,743 296.278 $8,047,915 $2. .523. 600 $8,096 „590 $2,299,237 3.942.340 950.214 $7,068,020 $2,131,550 4,033.824 $904,799 6.953,840 $902,646 6.184.990 $7,087,636 3,9.-)5.600 815.914 Balance, surplus 81.059.6.59 $7.52.801 Previous surplus 8.254.406 7.614.189 Total $9,314,065 $8,366,990 Fed'l taxes (prev. year). 2" Miscellaneous 7.863 11 584 Other reserves xl22.985 Profit and los-s surplus $9,183,217 $8,254,405 X Other reserves, insurance reserve and liability $7.S,'i8,639 $310,669 Cr.66,219 1920. S 3 Plant, real est., &c 31. 1921. LiabilUtes— Capital stock 65 465,000 Subs, to can.stk 88.750 li-t MtKe. bonfis.x46,63I,000 6% 1st M. bonds 6,000,000 7% Collat. notes 5,000,000 Loan:! and notes payable 750.000 Afc'ts payable.. ,742.674 Customers' dcp. ,065,730 Munlc'l comp'n. 804,787 "Oth.curr. Ilab" 874,360 118,275,716 107.512.786 386,000 488,000 Inv.lnaffil.cos. 11,271,887 11,644„'?89 Other luvestm'ts 6.376,971 3,611,184 Insurance fund. 1,290,288 1.221.010 Provident tunds 739,801 695,120 Materials & supplies 1.809.087 2,002.852 Coal In storase. 1.327,479 1,121.389 Acc'ts and notes receivable 8.394.525 Ancnicd llabll's. 2.50 6,866.565 Cash.1,376.519 1,292.235 Unadjus. credits 502.301 Special deposits. 9.059 10.523 Other reserves.. Acnru<!d interest Int., dlvs., &c., 964.877 receivable 406.025 183.620 Accrued taxes., 2.739,749 '37.054 Empl. work. fda. 47.874 .^mort. & dcprec 18,192,637 Prepaid accounts 760.514 1.232.175 Insur. reserve. 1.290.288 Dnadjus. debits. 2.102.454 1,478.040 Provident lunds 739,801 Balance, surplus 9.183.217 Securities .5133,796 $7,614,189 $6,953,840 for provident fuuds. BALANCE SHEET DECEMBER 1921. Atsets — 1920. S 60.978,000 163,600 40,631.000 6.000.000 1.9.50.000 2.298,870 1.037.780 759.764 1.467.743 250 540.011 312 267 805.403 2.157.004 17.3.53.501 1.221.010 695.120 8.254.406 Total Total 152.0.35.421 141.625.727 1.52.035.421 141.625.727 bonds of the Commonwealth Edison Co.. $45,774.X First Mortgage 000, of which there are on deposit as collateral to secure S5. 000. 000 collateral gold notes. $7,143,000. leaving outstanding in hands of public. Included In the amount above are also 5% 1st M. gold bonds $38,631 .000. of the Commonwealth Electric Co., 88.000.000. V. 114, p. 857. 5% 7% — GENERAL INVESTMENT NEWS. General Railroad and Electric Railway News. —The following table Bummarizes recent railroad and electric railway news of a more or less general character, full details eoncerning which are commonly published on preceding pages under the heading "Current Events and Discussions" (if not in the "Editorial Department"), either in the week the matter becomes public or shortly thereafter. Commerce Commission Can Regulate Fares icithin Slate. Supreme Court decision holds commerce a unit without regard for State lines; TransportaSee "Current Events". and "Times" Feb. 28. p. 9. tion Act valid. New England Rate Divisions Case to Be Appealed. Trunk lines seek to — — 15% increase as New England's roads' share. See "CiU"rent Events' and "Times" Feb. 28. p. 29. Reading Case to Be Re-Argued April 10 as to Whether District Court Decree Delay of months may reIs in Conformity with Opinion of Supreme Court. See Reading Co. below and "Phila. N. 1}." Feb. 27. p. 1. sult. Arkansas Road Case Decision Is Affirmed. Reduction in the assessment of St. Louis Southwestern Ry. upheld by U. S. Supreme Court. "Times" enjoin — — Feb. 28. p. 9. — President Harding Signs Bill Amending Transportation Act. This extends for one year from Feb. 28 the time for filing with Government claims growing out of Federal operation, "rhila. N. B." Feb. 25. p. 3. Wage Reduction of 25% Because of Carriers' Inability to Pay. Third such ''Railway Age" Feb. 25. p. 460. 484. order by Railroad Labor Board. "National Agrecntent." Dispatchers, Firemen and Oilers Given New Punitive overtime allowed after 91 h hour to dispatchers and firemen and Text of decision. "Ry. Review" Feb. 25. p. 279. 280. ollersafler 10th hour. Northwest Roads Hit Hard by Blizzard Following Feb. 22. "Wall St. Jour." Feb. 28. p. 12. Net Operating Income of Railroads for 1921. See "Current Events" and "Times" Feb. 27. p. 20. January Rail Nets Higher than in 1921 Reports show lower expenses and better profits. B. & 0. saves $1,523,105. New llavcn nearly wipes out Santa Fe Increased ?.")96.274. See Earnings Depart$3. 140. .539 deficit. — — — — . — ment above and "Times" Feb. 28 to March 3. Rates. Commerce Commission readjusts grain rate.s. restoring relationship between St. Louis. Omaha. Kansas City and other primary markets: "Wall St. Jour." Feb. 28, p. 4. permits carriers to comply with provisions. — Georgia State RR. Comm. orders average reduction of about 24% in rates of cotton, hay, and grain, effective April 1. "Boston N. B." Feb. 25, 3. Anthracite Coal Consumers' Assn. of Now York asserts coal rates are double what they should be. "Times" Feb 26. Sec. 7. p. 13. P. S. Commission Proposed Application to N. Y. Supreme Court for an order to prevent New York Central and West Shore Railroads from putting anew 10-cont charge on cash fare into effect. "Boston N. B." Feb. 27, p. 3. Report of Director-General of Railroads March 1920 to Dec. 1921. "Railway Review" Fob. 25. p. 277. Plan for Brotherhood National Bank in Detroit. United Brotherhood of Maintenance of Way & Railway Shop Laborers plans call for co-operative Institution patterned after Locomotive Engineers' bank in Cleveland, which began business in Nov. 1920 and now has deposits of more than $10,000,000, on which It Is paying 4% interest in addition to dividends of 1 1-5%. — — "Boston N. B.'^^lAarch 1, p. 6. [Vol. 114. — New Rules Are Issued for Express Workers. Rail Labor Board Eliminates time-and-one-half pay for the ninth hour. See "Current Events" above and "Times" Feb. 25. p. 3. Preliminary Conferences between the Committee of Managers of Eastern Railways and the Brotherhood Chiefs Completed. "Times" Feb. 28.. Consolidation of Freight Terminals Not Desirable for Many Reasons. Railroads must improve terminal efficiency (F. J. Lisman). "Ry. Age"^ Feb. 25. p. 477. Extreme Cost of National Shop Agreement Fell Following Federal Control Inheritance from Government. T. DeWitt Cuyler. "Ry. Age." Feb. 25, p. — — — 467. Container System as Aid to Freight Service. Installation at Cincinnati and Its possible usefulness in New England. "Ry. Age" Feb. 25. p. 468 475. Simplified System of Car Accounting. Mobile & Ohio officials believe new method of dctermming per diem will cut costs 35% In car accounting offices. (J. W. Pox. car accountant. M. & O. RR.) "Ry. Review" Feb. 25, p. 252. Canadian Railways and Water Lines Lose in U. S. Supreme Court.-— Barred from Ala.skan business by Jones law. which prohibits them front transporting goods to the United States. "Post" Feb. 27, p. 2. Vehicular Tunnel Delay in Jersey Ouster. Bill to reniove Chairman Adams, of Commission, opposed by Gov. Edwards. "Times" Mar. 1. p. 3. Deny Transit Bills Block CUy's Potrer. State Commissioners want law to prevent a deadlock if arbitration balks. "Times" Mar. 1. p. 2; Feb. 28, p. 1. Heavy Electric Traction Abroad. (International Railway Assn.). "Elec. Ry. Jour." Feb. 25. p. 322. 6% Rail Return Ends as Standard. Commerce Commission must make rates to give "a rcusonable return." "Post" March 1. p. 1. 7'ime Expires When Roads May Apply for Feaeral Loans. "Times' March 2. p. 34. Railway Wage Meetings to Resume in New York. Trainmen and Eastern Managers with evidence in hand will come into joint session prior to Chicago' Labor Board meeting. 'Wall St. J." March 1. p. 10. Preferential RR. Rates with Japanese SS. Lines Must be Canceled. U. S. Shipping Board orders abrogation of preferentials by July 1 next. Also complete cancelation of all contracts between Japanese steam.ship lines and Chicago Milwaukee & St. Paul and Great Northern railroads concerning — — — — — — — — — such rates. 'Post" March 1 p. Bolivian RR. to be Financed. 1. — Congress in special session March 2 will proposals. "Wall St. J." March 1, p. 4. Engineer of Transit Commission Would Drop 26 Brooklyn Surface Lines, 146 Miles of Track. 29% of Total. Con.sulting Engineer Daniel L. Turner would reroute trolley system, scrap parallel lines and use buses for feeders. Sees car speed doubled. Many streets to be freed of tracks. "Times" discuss new finance — March 2. p. 1. — Cars Loaded. The total number of cars loaded with revenue freight during the week ending Feb. 18 totaled 780,924, compared with 788,412 cars the previous week. This was an increase of 88,917 cars as comparetJ with the corresponding week of 1921, and an increase of 8,822 cars above the same week in 1920. Principal changes as compared with the week before were as follows: Merchandise and miscellaneous freight (Incl. manufactured products), 443.192 cars; decrease 2.389 (but 33.492 cars over 1921); grain and grain products. 54.200. decrease. 1.705; coal. 190.700. decrease 1,467; ore, 4,034, Increase 19; live stock. 30.327 cars, increase 53. Idle Cars Further Decreased. The total number of freight cars Idle Feb. 15 totaled 449,819, compared with 467,997 on Feb. 8, or a reduction of 18,178 cars. Of the total Feb. 15. 278.481 were serviceable freight cars, while the remaining 171,338 were in need of repairs. Surplus box cars Feb. 15 numbered 104.513. a reduction of 17.015 cars since Feb. 8, while surplus coal cars totaled 112.050, or a reduction of 11.069 within the .same period. The number of surplus stock cars totaled 21.181, or an increa.se of 1,275. Idle Cars on or About First of Month, on Apr. 8 '21 (Peak) and on Feb. 151922. In Thous'ds. Feb.} 5 Feb.'22 Jan. '22 Dec. '21 Nov.'2l Sept. '21 Apr. 8. Jan.'2l — Good order.. Bad order-.. 278 507 331 471 283 80 246 198 172 221 111 171 159 148 184 (a) Issue between Railway Alatters Covered in "Chronicle" Feb. 18. Executives and former Director-General McAdoo (editorial), p. 670. (c) Railroad gross and (b) Repealing the full crew laws (editorial), p. 674. net earnings for December (editorial), p. 674. (d) Railroad "Big Pour" labor unions to negotiate in two groups with railway executives in three adjustment districts, p. 701. (e) Coal-railroad labor conference said not to mean joint sti'ike, p. 701. (f) Railroad labor rules further rewritten equivalent of 10-hour day for New England roads granted signal men. p. 701. (g) Railroad rates by Commerce Commission an increase of about 15% of amounts received (h) Railroad labor union to show cause why on through business, p. 702. a receiver should not be appointed, p. 703. (a) C;oal miners, rail labor and Matters Covered in "Chronicle" Feb. 25. longshore workers agree upon co-operation in wage disputes. Unions must ratify the plan. p. 803. (b) Tentative valuation of N. Y. City transit properties preliminary to readjustment and merger under city control, (c) National Railway Service Corporation applies for Federal loaB p. 803. of $100,000,000 to aid in restoring rolling stock and help labor, p. 805. — — — — RAILROADS, INCLUDING ELECTRIC ROADS. . — American Cities Co. Sale of Collateral. Pursuant to the plan of reorganization, the securities deposited as col" lateral under the Collateral Trust 5 and 6% gold bonds were sold at auction Feb. 23 at the Exchange Sales Rooms. 14-16 Vesey St.. New York, [For to representatives of the bondholders' committee, for $3,500,000. details of collateral see V. 114. p. 518.] The petition of certain New Orleans Preferred stockholders for an Injunction to prevent the sale was dismissed by Judge Porter Parker in the Civil District Court at New Orleans Feb. 22. It is expected that the plan for the reorganization of the company (as outlined in V. 114. p. 76) will now be consiunmated. The new company organized for the piu-pose is the National Power & Light Co. V. 114, p. 736.. American Railways Co. Annual Report. — — The combined income statement for 1921 shows: Operating revenues. $18,829,887: operating income after ta.xes. depreciation, and reserves. $4.631 .60S; gross income. .S4. 738. 268. Interest, rentals and other charges, Income for the year. $2.(>S1.032; sinking fund deductions. S60.668. Income available for compan.v, incl. int. on bonds, advances. SI ,996.5()S. &c.. .?1.995.186.— V. 113. p. 2817. Atlantic Coast Line RR. See Richmond Terminal Ry. below. Boston Elex'ated Ry. Guaranty. — —V. 114, p. 304. Mayor Asks Names of Speculators. Tlaving twice called iipon Governor Cox to send a special message to the Legislature to the end that the Public Control Act affecting the Boston Elevated Rv. might be repealed. Mayor Curley recently appealed to the Boston Stock Exchange for a statement of the transactions in stock of the Elevated or West lind Street Ry. for a period of one year before and six months after the enactment of the bill, with a view to learning what members of the Lecislature which pas.sed the bill speculated In the stock of that railway.— V. 114. p. 737. 625. Canadian National Rys. New Financing Rumors. It is reported that negotiations have been completed bankers for a loan of $25.000.000.— V. 114. p. 197. with — New York — Central RR. of New Jersey. To Withdraio Action. Through counsel the Continental Insurance Co. and the FIdellty-PhoenIx Insurance Co. have filed a pet Ition asking leave to withdraw their suit which & Wilkcs-Barre Coal Co. to the Reynolds Syndicate. The petition states that the answer filed by the Central RR. of New Jer.sey api)ears to be correct and to represent no substantial difference in amounts of the bids of the Reynolds Syndicate and Franklin SecuriIt is further stated that the original suit was based on ties Corporation. information and belief and that since the filing of the an.swer and examination of the balance sheet produced the petitioners feel that they are not A simil.-ir suit by Isaac Starr, a stockjustified in going on with the suit. ("Phila. News Bureau. ) holder of the .lersey Central, is still pending. V. 114. p. 737. 77. sought to upset the sale of Lohigh — — Charleston (W. Va.) Interurban RR. Bonds Sold. Robert Carrett & Sons, Baltimore, have sold at 98 H and int., to vicld over 7.1.'3%, .S750,000 15-Year 7% 1st Mtge. (Closed)" Collateral Gold Bonds. Dated March Safe Deposit (c*) Red. & Due March 1 1937. 1 1922 Tru-t Co., Baltimore, trustee first ten years, all or in part, Int. payable M & S at int. date . Denom. $1,000 and $500 at 107 Via nd Int.. on any Mauch THE CHRONICLE 4 1922.] on 60 days' notice; after March 1% decreasInK 1932 redeem, at lOS and Int., the premium maturity. Company 1 annum each per . , The decision of the stockholders Is believed to virtu.illy bring to a close the battle between the city and the company, which has extended over a period of 30 years. All city offieiaI.=; expressed confidence that tho people w-ould ratify the agreement which will bring all street railway lines within the city limits under municipal control. In order to put the agreement through 00% of tho voters must cast affirmative ballots. -< The stockholders accepted the terms of paj-ment offered by the Mayor, which call for a down payment of $2.77(),000 and the balance In semiannual installments of S.'SOO.OOO each up to July 1 1931. and the final payment Dec. 31 1031. The city will pay at the rate of 6% per year on the deferred paj-ments. The property which the company Is willing to sell to the city Is the same, with the exception of certain "day-to-day" or no-franchlse lines, as that which the city was willing to pay .$31 ..500.000 for in 1019. -H The city paid the company S2. 400.000 for 29 miles of "dav-to-day" lines and 128 cars (V. 113. p. 2070). which added to the S19,8,'")0.000 now offered for the remaining lines, brings the total for the entire city system as included in the 1919 agreement up to S22.250.000. In the proposal which the Mayor will submit to the voters Is included all equipment, car barns and power stations needed In the operation of the system. The city does not obtain, however, the Interurban building, Jefferson Ave. at Bates St.; 15 acres of land at the rear of tho company^s Woodward Ave. car barns, opposite the Ford plant, or 12 acres of land at McGraw and Grand River avenues. Compare aimual report in V. 114. p. 848, 854. — — . 1917. 1918. 1921. 1920. 1919. Gross $326. 1-18 $4^.8-12 $578,428 $735,426 $913,086 $894,296 Net, after taxes. 164.384 183.825 225.237 214.597 296.949 255,083 Total Interest--- 88,812 95.070 94.374 95.502 103.747 98. .567 Rental 20.000 20.000 20.000 20.000 20.000 20.000 Balance 55.572 68,323 101.489 96.029 182,574 140.012 Purpose. From the proceeds of these bonds, S450.000 3-\ ear 6% Notes, due March 15 1922, will be retired, and the balance u.sed to pay bank loans Incurred for extensions and improvements. V. 114, p. 197. — — ^Chesapeake & Ohio Ry. This company has applied to the Would Abandon — Ferry. C. Commission for authority to abandon the pa.sjseneer and freight ferrv acro.ss the Ohio River between Russell, Ky., and Ironton, Ohio. V. 114, p. 408. I.-S. — & Chicago Alton RR. Neu- Vice-President. Andrew — Chicago Milwaukee St. Paul Ry. Seeks U. S. Loan. According to Washington dispatches, the company has asked the I.-S. O. Commission for a Government loan of $10,000,000 for the purpose of paying a note to the tJ. 3. for like amount due Jan. 1 1923. V. 114, p. 853. None l.st Pref. stock has been issued, but the stock has been changed to no par v.alue stock. A stock dividend of S42 per share on the outstanding 25.000 shares of Preferred stock (6% cumul.) has been declared payable in like Preferred stock to stockholders who accept it in satisfaction of the unpaid accumulated dividends from Sept. 1 1011 to Sept. 1 1921. The stock dividend will be paid as follows. Certificates of Preferred stock must be surrendered to New York Trust Co., 100 Broadway, New York. Stockholders surrendering Preferred stock certificates will receive on or after Mar. 11 new certificates for the number of shares of Pref. stock (6% cumul.) represented by. the .surrendered certificates and a certificate of Pref. stock (6% cumul.) equal to S12 for each share represented by the surrendered certificate. No certificate will be issued for a fractional share, 42% Chicago Rock Island & Pacific Ry. Equip. Notes Freeman & Co. and Havden, Stone & Co. announce that the .54,690,400 6% Equip. Gold Notes, recently offered, — have been sold. See offering in V. 114, p. 408. Supreme Court Upholds Bond Issue. all — Illinois The Supreme Court has sustained the Circuit Court in refusing Court interference to force the Illinois Commerce Commission to withdraw approval given to the company to issue 365,000,000 bonds. The suit was brought by Clarence H. Venner. Hearing on Provision of 1st & Ref. Mtge. March 11. The company has filed Its bill of complaint against the trustee of its First •nd Ref. Mige. of April 1 1904, to Central Trust Co. of New York and David R. Francis, as trustees, asking the Court to declare void and unenforceable, and to order removed from said mortgage the covenant contained Illinois will be issued for fractional shares. Scrip representing fractional shares will be exchangeable for stock cerupon surrender at New York Trust Co. in amounts aggregating $100 or multiples thereof. Jas. B. Colgate & Co.. Wd Wall St., New York: Bodell & Co., 115 Broadway, New York, 10 Weybosset St., Providence, R. 1., and 35 Congress St.. Boston, and Colgate & Cox, 111 Broadway, New York, have advised that they will deal in fractional scrip. Renular Diridcnd. The Dec. 1 1921 quarterly dividend of SI 50 a share has been declared payable Mar. 1 1 1922 to the Preferred stockholders of record Mar. 6. This dividend will be paid at New York Trust Co. on the 25.000 shares of Preferred stock f6% cumul.) now outstanding. The direx-tors. desiring that the Pref. stock issued in payment of the stock div. shall participate in the Mar. 1 quarterly dividend, have decided to defer the deel.T ration of the Mar. 1 1922 quarterly dividend until after Mar. 15 1022. in order to enable the holders of the Pref. stock to receive their stock dividend before the Mar. 1 1922 dividend is declared. V. 114, p. 854. — mortgage as follows: not, and will not, create, or suffer to be lief. Mtge. bonds are outstanding, any mortgage, pledge or other lien or charge subsequent to the lien of this Indenture upon the mortgaged and pledged premises, or any part thereof." The cause has been assigned for hearing in the U. S. District Court, Northern District of Ililoois, Eastern Division, for March 11. V. 114, p. — — — —A — — The company owns about 25'milcs of r;illroad connecting Philadelphia, Darby. Rutled«e. Media, Snarthmore .'ind Chester. In 1906 the property was leiised to the Philadelphia Rapid Transit Co. for 990 years at a graduat*<l iinnual rental. At the present time and until the expiration of the I^^^^Jhp •n nii.-il rental $42.500. or 5% on the $850.000 stock outstanding. l .s Denver &, Rio Grande RR. Hammond 31— Feb. First & Ref. March the man, has Coinnuttee Majority of Bonda Depo-dted Time Extended to to Plan .-l.;.vcn.'.-j — 1922 Coupons Paid.— Tha committee for .5% bonds, John Henry Hammond, Chair- 1 .'')% bonds and the cerBankers Trust Co. in respect thereof that a majority of the bonds as have been deposited under the deposit agreement has a^ssented to the plan of reorganization and con.sequently the plan has become binding on all holders of certificates of deposit who have not filed notice of dissent therefrom in the manner provided by the de7)osit agreement Cseo adverti.sing pages). The announcement fur- notified the holders of the tificates of deposit of HoI'1«T» of r»rfino«»*« of I: their I to th'plan, m.ii » «1«»p<T«l» wh" hnv" not fl!«1 «urh dl««»>ntii ' ' and who i> ij iif ,_..._, ^,. c nm .1 . .. the plan .ij. fr' hond.M payby iIh! ri Ti I ri by l>iiyublo ..,.^ .. ., I/O • i Inti-ri'^i IioikIh, I. m. tl "•r 1 rriix ' , I.'- •:. Tinir (nr y 'TH lO . due I., iiiif .M in li piild at . S '" <" 'Jn F.Xlrndfil.—_ ,,, h ^ ri'ur fnr • I . - thnt In Htr U J If I Ii 31 -- V li-i. Ccrlificntn^. V,,f!rrrshi}> . March H%). In !l< I ::• — iver for l|.iiiriii'«1 uiy until I 7% beliiu paid at offico of J ttr. ,i. <'iiiirl on Ihomviirwl convrrllblo ~. ;. , r;i M «vir(> A firiftiit. noic* (exlniidod M(irK*ii 1' .*. Co.— Ry. K»M.. Hi thn lt)l<.ri-iilii . llin I Ut. 1. ...ry, hiui p H'.iA. iAl Detroit United Rv. -Stork hold em Arrrpl Cilj/'n Bid fnr lAnfn.—Tht^ KitKkhoitfira Feb. 27 arcupU-tl tho city'i offer .'.I R T Co (f,,. York to Enuipmrnt Trust I J. It '.il t'Xlfiirii-tl - :u i\tu2. « 11 RR. • ' >',• — — J, fr««H duo "",' at nnti liirlmli: Bank tho Interest Pm/mrtit. ninking fund gold debonture V. ofMontro.il. 04 Wall Ht.. N. V. (JIty. — hav. . <i Canada. |5-viMr 6% liie mtiil«'Mti tiT! :»iilhorl7.e<l Ihe rompany lo auMUme llahllItT •••lUlpiiMMil Iriim certlflcal('!«, lo lu' |.»uih1 iiipriiMil of llic IIIIihiIh < '. iiiinierce 'I'liii Kulin. I.ocb \ Co. II ii4 under-iioiid llml punhaM) ihe l»i^uc. V. 114, p. 73H. 321, 400. J; I of on I p. lo'i. :ion. The! ' m k. . Illinois Central 'In V, V. 114, p. 854. "~&rand Trunk Ry. iin lit any return therqon. ln<rr:r f In 'hn value of ilie roniimtiy'n properly since 191 I. ^ '^kwrlghi I'r "There In Kiminiliig up Ihe riimpiiny'K nppitnl snyn: S. Supremo Cour nre .if law Invnlvcd In Ilie de<-lNl<in of (lie U whii il. and It Im lo the Interest of the public and tho company thai ihe«u (lUcKiioiiN bo finally determined by the U. 8. Hupreme Court.' - ..f t to earn Because ihe Court denied the company a sufficient working capital, right of Ihe company to amortize debts and losses amounting to over a million dollars which the complalnaiiis were forced to sustain during Ihe years 1917 to 1920. (5) Because of grossly Incorrect rates fixed and eiiforr-e<l by Ihe Conimis.ilon. (Ci) llecaiij-e Ihe Court. In fixing a fair value of the company's property. refu.se<l lo consider the elcnienl of original cost of financing, ^hlch amounted to over $.500,000. (7) Because Ihe Court did not allow sufficient value for "going concern value." (8) Because the Court held 2% a fair depreciation rale, while ilie company claiiiiH a 2 Hi % depreciation. (9) Because sufflclenl <lepreclai ion ha.s iiol been allowed since 1914. (10) Because the raio of 1.55 will return a yield of only fi.1% on the valuation of Ihe properly. Instead of 8% an allowed under the rulwi of the tieorgla Hallway ConmilK.'.lon. (IDIBecause the rales aH eslablliihpd are coiiflM-aiory. (12) Because Ihe Court rcfu.sed to allow sufficient value for (4) .mini of deposit n to the ' HoldiTM company tho and denied the ther Fays: have Appeals Gas Rate De- Co. cision. summary of the appeal of the company to the U. S. Supreme Court in the gas rate case follows: The company, malntlning that its rights had been violated by the Georgia Railroad Commission, which reduced the gas rate charged in Atlanta on Dec. 31 1921 (V. 114, p. 626). has appealed its case to the tJ. S. Supremo Court with the permission of the U. S. Circuit Court, which recently upheld the decision of the Georgia Railroad Commi.ssion. In granting the appeal. Judge Sibley of the Circuit Court orders tho comEany to post a bond of $100,000 until such time as the case may be decided y the Supreme Court. In the meantime the Court grants a writ of supersedeas which will hold all gas rales at their present level. The Court also orders that, if the case is decided against the company, the company shall at Kurh lime pay back all extra charges collecteu. The company ba.se.s its appeal on 16 assignments of error, the more Important of which briefly are as follows: (1) Because the valuation of the property of the Gas Company, as establi.shed by the Railroad Commission, was $2. .500. 000 under the true valuation, and the lower valuation limits the company from earning a fair return on Us property. (2) Because the Court failed to find for itself a proper valuation. (3) Because the Court. In fixing the value of the properly, denied tho right of the company to assign a value to its franchise, which is a.s.sessed and on which the company must pay ad valorem taxes, thus subjecting this particular part of the company's property without due process of law to the public use without permitting Darby, Media & Chester Street Ry. Bonds Sold. Harvev Fisk & Sons, Inc., and Cassatt & Co. announce the sale at 81 M and int., to vield over 6^% of S86.5.000 1st mtge. 4H% gold bonds of 1906; due .July 1 1936. Guaranteed principal and int. by Philadelphia Rapid Transit Co. With & Power Georgia Railway TTie Empire Tnist Co. has been desitmated .is asent for payment of the coupons of the 1st & Ref. Mtge. 5% bonds due Mar. 1 and Sept. 1. V. 114, p. 409. — but scrip "The Railway Company shall created, while any of the 1st & Interest. Common Stock Dividend. tificates In Section 3. Article 2 of said Cumberland County Power & Light Co. of the authorized $10,000,000 par of the — Sold. Traction Co.—Stock Dividend, &c.— — — & & Federal Light Pres. E. N. Sanderson in a circular dated Feb. 24 to the holders of Preferred stock says in brief: Readjvstjnent Approved. The stockholders Jan. 11 approved the readjusting plan (V. 113, p. 2719). From the proceeds of the Ist Lien bonds (V. 114. p. 305) the .?1,500.000 Debentures due Mar. 1 1922 will be paid. P. Titus, formerly Manager, has been elected Vice-President »nd General Manager, effective Feb. 1. V. 113, p. 1982. — A of SI 9, 850, 000 for its entire city system. special election will be called for April 1.5 to have the people vote on the piircha.so proposal. The Detroit "Free Press" Feb. 28 says: yciir therenffer until will pay normal Feder.il Income tax up to 2% and will refund present \Iaryliind a nd Pennsylvania taxes. Data from Letter of V.-Pres. F. M. Staunton, Charleston. Feb. 24 Company. Operates street railway system In Charleston, W. Va., ontl Interurbnn lines connecting therewith a number of towns and viUapes. Population, over 100.000. Power Is oht.Tined from the Virginian Power Co. under favorable contract. The property is leased from the Kanawha Valley Traction Co. under 99-year lea.'ie. A State law and a city ordinance have recently been i)nsseri which prcatlcally prohibit bus and jiinev compeThe property appraised as of June 30 1920 at $3,327,786 (excl. tition. of francfses and goodwill). Secured by deposit with the trustee of SI .000.000 1st Mtge. Securilu. (closed) 5s. due 1946. of K.inawha Valley Traction Co. ($1,000 of collateral for each $750 of bonds) Also a first lien on the property of the Charleston Interu rban RR. Co., now or hereafter owned. Earnings Year ended Dec. 31. ^J*tt.Baj£..- 1916. 947 J. 1 11.^ ami V. Ill, P lii'l '- 1 1' .1 lll<« c, .ilinii(l(>ll0<l uiil' ineiit In prrictl1 illal 711. Topfika RR, ". S. J,,.,iu. .Ion for a (ior«irnm*nt lo Ihn I. H ( Tho company Id ynnrt In Iiicrl |l' Ti"|iii<einrntii. |(inii i.f JKjdIiIiI) fur offWMl aaMM-urlly il'Jfi.tKrt) of ll« firii iiiorl«»|jo l)oiid«. V. I la. p. 7t*H. II .llr.l — —— — — — — — ——— — THE CHRONICLE 948 Long Island RR. — Frank E. CnmmiUee— Bovds. — The Nein Secretary. Eugene Wright has been elected Secretary, succeeding V. 114. p. 198, 79. Maine Central RR. Haff. stockholders, Feb. 16, voted that a committee of 15 be appointed to co-nperale with the manascniciit in considering (he relation.^ between the Sandy River & Ranseloy l.ake.s KR. and the Maine Central, and to report at the annual meeting in April. ) The directors recently voted to pay the interest due Feb. 1 on the bonds of that road. » The I .S. O. Commission has authorized the company to Issue ?3.31.00n 1st. & Kef. 6% boiid.s. of whicli $:«)0.f)00 are to be pledged as collaleral security for a 0% demand note for$250.000 to the Director-General of Railroads.— V. 114, p. 627, 521. The Memphis Dallas & Gulf RR. — Wmdd Ahavdon Line. Commission for authority to abandon the lines from Olenwood and Hot ."^jirines. Ark., 3 miles; Gravsonia to heard. .5.49 miles; Dalevilie to Clark Mill, 10.64, and NashviUe to Sbawmut, 33.97 miles.— V. 113, p. 2819. f The receiver has applied to the S. C. 1. .'j.'i Memphis Street Ry.^ Sale of CoUnferal. — 6% A p. 79. Missouri Kansas & Texas Ry. Chairman. — New York Henry Chairman —V. Missouri & North .Arkansas RR. Wncjes. — Ruhlender of 114, p. 854, 738. has been elected of the Board. The U. S. Railroad Labor Roard has permitted the receiver to cut wages 2.5% to enable the company to resume operalons su.-pended July 31 last. Tills Is llie Hoard's fir.-st decision auihorizing a carrier to adjust wage .scales to its ability to pay. also Its first involving a carrier not iu operation, V. 114. p. 738, 627. — National Railway Service Corp. Applies for Federcl Loan of $100,000,000 lo Aid in Restoring Rolling Stock arid Help Labor. — See "Current Events" Feb. 25, p. 805. — V. 113, p. 183 — & Ponds. Lierht Co. The SI ,145,000 Canton-Akron Ry. 1st mtge. ,5s, due March 1, are being The company has filed paid off at Columbia Trust Co., New ^'ork. an application with the Ohio P. U. (^onimi.ssion for authority to i.ssue and sell $1 .225,000 1st lien & Ref. mtge 7% gold bonds, the proceeds to be used It is expected that a to pay the above $1 .145.000 Canloii-Akron bonds. a public offering of the new issue will be made in the near future. Negotiations concerning a new traction franchise agreement between the company and the city of Akron are under way between city and company officials. The new franchise [)repared by former CMry Administrator W. .1. Laub and rejected by the company last summer it is decided will be used as a basis of a new traction grant if city and company can agree on mutually suitable amendments. The old franchise expires in 1924. V. 114, p. 522 Ir — Northern Listing — Earnings. — Pacific Railway. 6K% I & Salamanca Ry. Application. — The company has applied to the Pennsylvania P. S. Commission for authority to issue (n) $224,000 1st & Ref. Mtge. bonds (total authorized issue $5,000,000. none of which has been i.ssued); (6) $1,120,000 7% .Non-cumulative Preferred stock; (c) $2,688,000 of Common stock, to be issued as per reorganization plan of Western New York & Pennsylvania Tr. Co. in V. 113, p. 1252.— V. 114, p. 79. Pere Marquette Ry. Improvement and Betterments. — The New York Stock Exchange has authorized the listing on an March 1 1922 of (I) $11 200.000 5% Prior Preference stock, par Non-operating income.. a3.852, 062 a3. 869. 675 $4,672,244 al. 761. 120 Orcss income $3,744,772 91.417 3.827 $6,433,365 768,407 3.711 $3,770,737 Taxes... 167.2-12 MIscell. inc. charges Uncoil, ry. revenues —dr.. Hire of equipment Rentals Total charges excl. Int.. Balance... Int. on bonds Int. on equip, notes Int. on bills payable, &c. 3.283 1 ,.397 23,117 26.049 1.297,173 730.410 $103,643 $121,294 3.623.478 1.687.760 $2,801,100 3.632,265 1,687,760 - 3. .586, 004 1.687.760 505,0,58 38,787 4.209 45.473 $7,918,936 626.119 $8. ,545. 056 1.315.0.56 3.821 4.363 462.537 764.410 $2. .5.50, 193 5.991.863 1,,547, 110 591.809 53.371 Balance $1,804,124 $1,896,930 $1,393,972 $3,802,482 a Includes standard return for the period of li"cderal control from Jan. 1918. to Fell. 29 1920 Inclusive, when the company was operated by the U. S. RR. Administration.— V. 114. p. 85 5. 1 hi t6nnsyW&ni&RR,~Pittsbu7gh Col. James A. McCroa. V.-Pres.. Plans. — a speech liefore the members of the Pittsburgh Cbamt)er of Commerce Fob. 24. said among other things: "For example, on the Pennsylvania System, we have plans and estimates for work to the extent of $100,000,000 to furnish the relief that we know will be needed right here in this Pittsburgh district. . . . » In — Case to be Reargued. The U. S. Supreme Court Feb. 27 ordered restored to the docket for rearguement on AdfiI 10 the Reading segregation case. Regarding this the Philadelphia "News Bureau" says: The order of the Supreme Court does not rai.sc anv specific points which Supreme Court wants reopened. The direction of the Court is for » re;irgument lo determine whether the segroaaiion plan is in full conformity wiih the decree of the Supreme Court in the UeJiding case. The whole plan providing for segregation tif the Reading properties was argued before tlio U. S. District Court at Philadelphia jind the Pistrict Court v.as convinced that the plan was in conformity with the Supreme Court decree. Now a similar argument is lo he presented before Supreme Court. The rearaumcnt docs not ncces.sarily have any effect upon (he respective position and rights of (he Preferred and Common stockholders Ln the execution of the segregation plan, as (his is only one feature of plan. The order for a rc.irgurnent apparently me^in.s a Ion? delay in the Reading lititration. protmbly until he Fall. The ease is in effect reopened and the fight of Common and Preferred stockholders to get (he coal company can not proceed until the fundamental question as to legality of the dissolution plan is disposed of. V. 1 14. p. 307, 739. I — — Reading Transit & Light Co. Again Cuts Wages. The company has announced a reduction of four cents nor hour (effective March in the wages of its conductors, mo^ormen and all o'her car service 1 This changes the maximum wage of 50 cents to 46 cents an hour. V. 113. p. 2506. Richmond Fredericksburg & Potomac RR. See Richmond Terminal Ry. below. Richmond Offered. — V. Terminal Railway. (Va.) Guaranty. 113. p. 2506. Bondt — Kuhn, Loeb & Co. reeentlv offered at 96 >^ and Guaranteed int. S3,380,000 1st Mtge. 30-Year 5%'Guaraateed gold bondg due Jan. 1 1952. Data from Letter of President Eppa Hunton Jr. — Compnni/. — Incorp. in Virginia. Richmond Fredericksburg Gvnrnnly. Principal and interest unconditionally enarantood. Jointly and severally, by endorsement by Richmond Fredericksburg & Potomac RR. and the Atlantic Coast Line RR. Controlled through stock ownership by & Potomac RR. and Atlantic Coast Line RR. extensive station and terminal properties in Richmond. Va.. the entire development covering about 73 acres of ground. Present value of the entire facilities appraised at $4,855,977 and so reported to the I.-S. O. Owns Commission. Piirpnsn. To provide funds to retire short-term notes issued by it in connection with the cost of acquisition of its property and the construction of its facilities. — DescriiUion. Dated .Tan. 1 1922. Denom. $1,000 (c*). Int. payable J & .1. at agency of company in New York. Red. at the office of the company in whole only at 100 and int. on any int. date on or after Jan. 1 1937, upon 90 days' notice. Apprnrnl. The issue and guaranty of the bonds and their sale has the approval of the L-S. C. Commission. V. 114, p. 522. — — Sacramento Northern Ry. See Western Pacific (of Calif.) RR. Corp. below and New p. 2080. Sharon (Pa.) Railway. Control, &o. V. 113. in V. 114, p. 412. Dividend Increased. — — A semi-annual dividend of 2'ii% was paid March 1 on the Capital stock. Treasurer P. A. Higgs. in a notice to stockholders accompanying the dividend check, says: "As you have been previously advised, the reduction in the dividend from 6% was due to the refusal of the Erie Railroad Co. to pay the annual Federal income tax. Suit was brought by this coinpanv, but wo regre* to advise you that the Pennsylvania Supreme Court decided against us. "The biard feels justified in increasing the dividend rate this year from h% to 5 4 that Is from $2 50 per share to $2 75. out of the accumulated surplus." % , The annual report for the year ending Nov. 30 1021 shows: Net profll after e.xponses of $11,483. and dividends of $59,450 (5%). amounted to .$4, .507. Total profit and loss surplus, Nov. 30 1921. $37,740.— V. Ill, p. Spokane & Eastern Ry. & Power Co. See Wa.shington Water Power Co. below. — V. Merqer. — 112, p. 850. — Easton. receiver. -Cnlendar Years1] Mns. 1919. 1020. Nor. 30 '21. 835.022.787 $35,655,935 $ii:i.yu:j ;5l).3.'>U..'>4iJ 30. 3.50. .542 27.736.99S 27.736.998 »/<;.<iai — after standing voting trust cerlificii tt^s is.^^ued under the Voting Trust Agreement dated March 1 1917. and which expired March 1 1922. Comparative Income Accounl from Sla'ed Periods. Net operating revenue.. dcff72 324 def.SI 24,002 — $100: Preferre<l stock, par $100. and (3) $45,046,000 Com(2) $12. 429.000 mon stock, par $100. on official notice of issuance in exchange for out- 1918. Bonds. notice appears in the Canada "Gazette" announcing the application by the Quebec Ry. Light & Power Co.. a subsidiary, for an amendment to its ch.'irler authorizing it to issue bonds. W. .1. Lynch. Gen. mgr., made Mie following statement: "The api)llcation is for the purpose of confirming ihe company's power to is-iue bonds. In connection with the rounding out of the financial plans of the Qiii'hec Ry. Light. Heat & Power Co., Ltd.. it niav he nece.'^sary for the subsidiary company to issue new bonds to replace' those which are piescmly outstanding, and the |)ropo.sed legislation is for the purpose of giving it the required power." V. 113. p. 1983. State Belt Electric St. Ry., Easton, Pa. Receiver. This company, operating a 17 mile line from Nazareth to Bangor. Pa.. Application was filed by the First h.as gone inio (lie hands of a receiver. National Bank of Bangor and the court appointed O. J. Mutchler, of Listing — Ear Kings. — Operating revenues Operating expenses Quebec Ry. Light, Heat & Power Co. A 793. President. Frank H. Alfred. Feb. 17. announced a program of Improvements and betterments for the road. In part, the program comprehends work planned for two years. The outlay for the current year will amount to $4,035,000. while a further .sum of $1,200,000 will be required to complete two of these undertakings in the year 1923. 5% railway managers — The New York Stock Exchange has authorized the listing of $10,154,600 Ref. & Improv. 6% Gold Bonds. Series B, due .July 1 2047. with authority to add $104,845,400 additional bonds, to be listed on official notice of Issuance on conversion of Northern I'acific-Grcnt Northern 1.5-year 6!^% Conv. Gold bonds, due July 1 1036, into Ref. & Improv. 6'7o bonds, Series B. making the total Ref. fi Improv. Mt.ge. bonds applied for, 4!^% Series A, $20,000,000. and 6% Series B, SI 15.000.000, The bonds are is.sued upon conversion of Northern Pacific-Great Northern 1,5-ycar Convertible gold bonds, dated July 1 1021. The income account for the 1 tnonths to Nov. 30 1021 .shows: Total operating revenues, $87,037,240: total operating expenses, $72. .566, 209; net operating revenues, $14,470,947; taxes & uncollectible res'enues. $8, 230..5-17: railway operating income. $6,210,400; equipment rents, net. $1,350,034; joint facility rents, net. $1,238,863: net railway operating income. S8. 838. 208; other non-operating income. $11,100,477; gross income. $10,047,776; other deductions from income, .?13.S42,878; dividend appropriations. $15,913,333; balance, deficit. $9.808,435.— V. 114, p. 854. Olean Bradford all — men. — President, d'c. G. R. Loyall, l^asident of the Norfolk Southern RR.. has been elected President, succeeding C. W. Huntington, President of the Virginian Ky. N. D. Maher, President of the Norfolk & Western Ry.. has been elected Vice-President of the Norfolk Terminal Ry., succeeding Mr. Loyall. y. 112, p. 1144. -L„ .—.-.- ...J»' .j: T'i^Ll^- Northern Ohio Traction —— to reduce operating costs each day the newspapers show the magnificent resu ts of thoir efforts but it has not been enough, and the point has not yet been reached where we can spend one dollar for the future. "Let me give you some figures to illusirate this The revenue of the Pennsylvania System decreased in 1921 as comr>ared with 1919. $85 000 000. Operating expenses decreased SI88.r00.000. and vet the net earnings were insufficient to meet fixed charges and a dividend by $20,000,000. ." . . V. 1 14, p. 4 10, 307. 1 . New pfNorfolk (Va.) Terminal Ry. 1921 was one of unparallelled effort by .vear — [Vol. 114. Reading Co. notice has been issued to holders of the $1 ,2.50,000 2-year collateral gold notes which matured, that the trustee will offer for sjile at public aucat the Exchange Sales Room at New York, March 15. all .securities tion pledged under the collateral trust agreement. These securities consist of 11,416.000 Consol. Mtge. 5s and $572,000 Gen. Mtge. 6s. The sale is in accordance with the proposed plau of the American Cities Co. See V. 114, ' — — — —— — — —— — — — Syracuse ("Journal of Commerce." Fob. 28.) & Suburban RR. Foreclosure Sale. — sold Feb. 24 for $10,000 to the 1st Mtge. bondholders in the foreclosure proceedings brought by Fidelity Trust Co. of I'hiladelphia, I'a. The bid was entered by Irving D. Vann. representing the First Mtge. bondholders" protective committee, and was the only one received by Jarol) G.. Smith, referee. A reorganization plan d.ited Jan. 16 1922 has been prepared and will be given in these columns another week. 'V. 114, p. 199. The road was — — Tennessee Central RR. Plans Financing. h.is applied to the I.-S. C. Commission for authority to Is.sue $3,000,000 Common stock and $3,000,000 1st Mtge. bonds to provide The comp.inv funds for payment of the purchase price of $1 .500.000 for the property and for oquipnient, additions and betterments for reh xbilitation of the property. According to the application, tho company proposes to sell the securities Each $1 in bonds will carry with it $2 in at 3:1 1-3 cents on the dollar. stock up to $1,500,000 in bonds and $3,000,000 in stock. The remainder of the bonds $1,500.000 will bo used ;i.s security for a loan from the Government, if the loan i.s granted, and if not will be held in the rteasury of the company.— V. 114, p. 739, 628. — — — Third Avenue Ry., N. Y. City. 1M% Interest on AdThe directors have authorized payment of 1K% int. upon the $22,536,000 5% Adjustment bonds for the six months ended Dec. 31 1921, payable April 1. justment Bonds. — K% on the Adjust. Inc. bonds was paid April 1 An initial dividend of 1 Regular semi-ann. divs. of 2!^% 1913 for the 6 mos. ended Dec. 31 1912. None In Oct. 1917 IK%. each were paid (o and including AprM 1917. The total amount of accumulated dividends now amounts to 21 }i%. since. An ofricia! statement states in brief: the company was reorganized in 1912 the securities In tho bands of the public were reduced by approximately $9,000,000 and the stockholdan assessment of $40 per share. Since 1915 no securities have been ers paid solu and the company has borrowed no money. When March THE CHKONTCLE 4 1922.] In the Kiinuner of 1016 tho companies of the system passed throuRh a Receipts for the year 1918 were about on a par wim the rerv coitlv strike. eceiplx for the year 1913. owiiiK to tho effects of tho strike and competition. Phis decrease In recelpt<5 and tho sc^ircity of men resulted in a material reIn again bulldinB up this mileage it was possible luctlon of car mileage. X) be guided by the character of new travel. instead of It was found (hat this now travel, particularly in the Bronx, )einK alons tnink Unas as theretofore, was to a very considerable extent and their extensions. This travel being of a a-avel to and from subways ihorter haul than that previously carried, it was possible to furnish more ind better service with less car mileage. With tho reduction In cost of labor and material, surplus above pajniig interest on the underlying bonds has increased until, for the six months snded Dec. 31 1921, full interest was earned upon the 5% Adjustment bonds. This was the first time for several years, however, that full interfollowing ast had been earned for a six months' period, and during the month. Jan. 1922, full interest was not earned. Under these circumstances interest the directors have deemed it inadvisable to pay more than ror the period ended Dec. 31 1921. The Third Avenue Ry. System operates about 350 miles, and takes in some of the principal surface lines in Manhattan, all of the surface lines in the Bronx, and all of the surface lines in the southern portion of Westchester Ooimty. serving as it do&s the cities of Yonkers, Mount Vernon, New Rochelle. the Pelhams and Eastchester. The system carries approximately one million passengers a day, and the The receipts for the last calendar year were approximately S13,.500,000. property, it is claimed, has been well maintained. Earnings for January 1922 and Seven \Ionlhs Ended Jan. 31 1922. 1922—7 Wos.— 1921. 1922—Jan.— 1921. $1,122,336 S1.076,.=>]6 $8,248,498 $7,818,476 Total oper. revenue 6,378,5*6 6.243.744 914,083 8.50„553 Total oper. expenses 492,. 04 565,799 71,324 78.765 Taxes ...... ^;- 1H% §193,018 21,086 Gross income Total deductions S214.104 227,737 $1,438,955 147,625 .S108,180 $947,196 122,162 580 51,069,3-58 1,564,370 $91,109 17,071 1.563,913 .$1,. 586, 228.808 —V. 113. p. 1979. — Bonds Offered. BonTri-City Railway & Light Co. & Co. are offering at 92 and int., yielding about 6J^%, by advertisement on another page, .SI .000.000 1st & Ref. Mtge. 5% gold bonds of 1910, due .July 1 1930. The offering was noted in last week's "'Chronicle." p. 855. Further Data from Letter of V.-Pres. F. T. Hulswit, Dated Feb. 24. bright Capitalization After This Financing — Authorized. Outstanding. .?9.000,000 x.S6,696,000 20,000,000 yll, 7.50, 000 First & Ref. Mtge. os linol. this issue) (Closed) 212„500 Iowa City Gas & El. Co. 6s, due serially to 1928.. Preferred stock, 6% cumulative 3,000,000 23,C00.000 Common stock 9,000.000 a9.00O.n0O X Not including $2,2.50.000 retired by sinking fund, y S7. 544. 000 o\viied by the United Light & Ry=. z S176.400 owned by United Light & Rjs. Lien Sinking Fund os. 1923 a $8,915,000 (99%) owned by United Light & Rys. Purpose. Proceeds will be used to retire certain tinderlying bonds and to reimburse the company for construction expenditures. Valuation. Fair value, based on conservative appraisal is in excess — — — of $34,500,000. (a) Electric power and lighting system consists of 4 modern generating plants, installed generating capacity ,54.910 k. w.. and a distributing system with 499 miles of transmission line and 2.363 miles of Property. distributing lines. (b) Gas generating system consists of 4 up-;to-date gas plants, combined output 1,000,000,000 cu. ft. annually. Service system consists of holders of 2.770.000 cu. ft. capacity, 362 miles of mains and 34,400 meters. (c) Street railway s-ystem in the cities totals 112 miles of standard gauge street railway and 75 miles of standard gauge high speed interurban line operating on private right of way. Cubic Feet Operating Kilowatt Electric Gas Meters. Hours Sold. Gas .Sold. Meters. Statistics 5.59.818.000 40.769.000 17.145 25.760 1913... 1.002,9.58.000 70,820,000 .37.305 34.4.33 1921 Railways controls 99% of outstanding Management. United Light — — Compare Common stock. V. 114. p. 855. Union Pacific RR. Equipment Application.^ Commission for authority The company has applied to the I. -3. C to 5% liability for pa^rment of $6,800,000 enuipment trust certificates aeriee "B" ls,sued by Commercial Tru.st Co., Philadelphia. The proceeds are to be ased to pay in part for 4. .545 cars costing S9. 112. 800. It Ls understooo that the certlflrates have been sold on a 5.67 }-j% yield banls to Kuhn, Loeb Co., and will probably be disposed of without public offering. V. 114. p. 199. aamune & — — U. S. Railroad Administration.- -Fi««/ ^citlemrntx. The U. S. ICuilrotd Ad/niiii^ir.iiion has announced ill it final settlement of all claims growing out of the 2Hth month of Fcli-ral control has b<i>ti made following roads Wheeling i Laki- Erie. ."(440.000: Man Antonio fJulf. .$210000; Wf-ft<Tn Heatcrr Dispatch Co.. $.50,000: Hamilton ' jnas I'rairl.- HR. $220,000: Norfolk Terminal Ry., tj'nion Depot & Ry. Co., $I..'i.-,9. %A.r,7\. Tbf .\' ilso announced that the Loraino & West Virginia pdid tlib Diroctor-Uenctral $25,000 and the .Sninte Mario Union RR.had Df^Wt r,o. $2.8.52.— V. 114, p. .523, HO. with the; Uvalde Belt ->'' fc My - • . . Wabash Chester & Western RR. T\ii- -.S. I C. tin- .'i Washington Baltimore & Annapolis Electric — RR. Bond.<i Sold. The hankers narrutl Ixiov li;i\c snld nn .'ulditional 2.7) .fKK) lstM..',s(jf 1911 at 7H;iih1 inl .. vi. •Ming 7.10'/ liankrrs Making Offrrin^ - Rolx-ri fi.irrett * Son*. Baliliiiorc; Tucker. 'loodrlrh ft <'<>.. Ilaltlniore; Stone Anthony ft Co.. Neir York: M.i" ' Vti-ti^UT. Inc., lUmUm. and Th<- pro'««''I.H will Washlnt,-'oii oiiljitaiKllrig m — Imj ijm<«1 ' Corp '-urlt i<-s th<- conipaii) I t'. i . , Iron — "The pig iron noted on hoops and $3 on bands. market in the East has shown a decided (3) Pig increase in activity Sales of foundry iron in the Philadelphia district have amounted to fully 40,000 tons, largely to cast iron pipe and soil pipe manufacturers, while in New York the sales were about 25,000 tons of foundry grades to cast iron pipe and other consumers. Concessions of about SI a ton were made, but the prices have since recovered. Charcoal iron has declined about S4 per ton in the Chicago district, and owing to strong competition between Northern and Southern foundry grades, the recently named price of $20 has been shaded 50c. "Increased melting has been an important factor in the pig iron buying, but so has the fear of a coal strike, with an upward tendency in the price of furnace coke and an actual advance in foundry coke." -"In the large tonnage business the railroads are still (4) RR Orders conspicuous Fresh rail purchases total 65.000 tons, including 20,000 for the Reading, 10.000 for the Atlantic Coast Line, 10,000 for the Santa Fe, and 5,000 for the Northern Pacific, and releases on existing concracta have been increasingly liberal. Upward of 15.000 tons of tie plates and splice bars, mostly for the Burlington, was bought in the West. "New car orders total 5.300, again all business for Western car builders. Included are 500 more for the Burlington (completing its purchases of 7.300 cars), 3.300 for the Pacific Fruit Express and 1,000 for the Great Northern Of new business in locomotives the Burlington bought 55 of — the 60 placed." Coal Production, Prices, &c. Anthracite Coal Operators Consent to Confer With Men on Wages Mar. 15. But insist there must be deflation in wages and freight rates. "Times* l.'J, I p. 2722. MM. Co. Car — "Times" Mar. Harding Directs Coat Mine Peace More. — Secretary D.avis ask operators and workers to got together. President Lewis Feb. 26. p. 19. Illinois Coal Operators Ask Miners p. .S4. Confer Mar. 8. to 3. President is instructed to of Mine Workers, filling of favorable respon.so, calls off joint wa^io conference proposed for Mar. 2. "Times" Fob. ;>.'>, p. 16; Fob. 29. p. 10. Oil Production, Prices, &c. Petroleum Output. Production of crude petroleum In the United States for the week ended Feb. 25 averaged 1.410.450 barrels daily, aocortling to the Petroleum Institute, beinjc substantially tho s.anio a.s in the preceding week. Standard Oii Said to Hare Lost Czexhoslocak Monopoly by Last Minute Shift (Cable) "Times" Mar. p. 1. of Gofer nment. Russian Oil from Baku Fields Noic Onlu One-Third the Former Output.— (Standard Oil Co.) Times" Feb. 27. p. 2?. Record Gasoline Oiilpiil in 1921. United St.ues produced 5. 1.53. .549, 318 gallons in 1921. exc<^edliig 19:'0 by more than 270,000,000 g.illons, with five less refineries. Times" Vch. 27, p. 19. Reported Agreement Not to Take Anil More Contracts for Oil from ToteroCerro A:ul Pool. An agreement is undt^rstood to have he<'n reached by Mexican Petroleum Co., Mcxican-Scaboartl Oil Co. (Hammond inl<'rcsts) and Mexican Oulf Oil (:;o. ((Jtilf Oil Corpor.ition) Existing contracts of Mexican Pelioleum Co. with Mexican Kagle, i"fcc., to bo raaintalnod. .\vnragp amount of oil now being taken out daily Is 435.000 barrels. "Boston N H. Mar. 2, p. 4. Oil Tnies. .\ dispatch fi-oni Mexico City says th.Ht American oilcompanie« with producing wells In Mexico have paid all export t,ixe,s due under the dc<-rees slgiic<l by President Ohrc>i;on Feb. 12. It Is st~at<Kl at the Tn>a.sury Department, .\pproxiinatclv 15.000.000 pesos were rt>cx'lvod. "Boston .W H." .Mar. 1. p 12. Eldorado Criiilr Oil Prices ('ill. The ,'shi<'\<>nort and Louisiana Pipe IJiie Co. annouiifcs a riKliictlon of 25 cent*; a b.irrel In tho price of KIdorado crude oil. The iii-w prices range from '«l 25 to $1 75 a barrel. The larger comp.'inii-M contliiiie to (|iiot<" tlii> hl^h prire of $2 for the best praties. "Times' Im'I). 2<i. Sec 2, p. 9. Cowiumnialiim of Plan Heliifrn .Standard Oil Co. (N. ./.) and Anglo-Persian 'Wall St. .1. Mar. 1, p. 9. Oil Co. Waits on Proiirr Coiuission. "Tlm<>s Ezpori Oil Prices Cut I Cent a Gallon bu Standard of New Jersey. Week — s — '.',. — ' — . Italtlrnore. s jiurrha-ui of the — Other Trade Matters. Now York show these new I'd Prfcei— Who I Washinjjton Water Power of Line. Merrier Nme HUih— Planned of the cornix-ilii/ >im.; Co. and th«' Spdli.un- 1 i rnr Ry. Wlifiil. .11 I .. .r. i om Iniir. I,. I' il ojv ( I- , ft r<. .. .-o- ,:rant lurli .sil! \,u'\ lo lo', oi«-rlon of till' fr iiiiIiIh<' to |mi|iu- •> N'ri Print » |-<-l> W liH.'i Mxr,\ r.) li.li ; 7.26 10 in\ r,^^ 3S2.I2 Jan. Oni)< Jnn. Jnn. .T Jan. .1 lO./iO Juo. J nil. 3 I3.8S Jon. IVIi 6 .fan. n\H il Irh 27 Kob n T.0 WiKt iliitlin. , i Ih pl.mxl at. p-,/.ifi,. , »t,..i«;<).t)<)0. pp '"'-rv .. 1 V . .. 114. P. 'Ill' for rin from VuU'i'i 114. p. n.;. I'. '•'. .hmJUihI. C«I., uimJ oihrr L. two oixtrut- Ciilrr.i.l I'll. ; .1 1. xl ihghf \pprovrd. III' 'ill .n of the \' irxtnntilonii, of Ihn Cifirii- line an ouiIIiimI In V 5 i /, \'lri,liii-'ratioii .i»io\.- ,// Setflmicnt. — V II'!. ( IHHO. INDUSTRIAL AND MISCELLANEOUS. General Industrial and Public Utility News.— Th« tnblo Hiimmari/^fl rec«nt indiiBtrini and piibllo 35'',,d Jiill 9 HtiTlliiK UiiichcN $4 4 , 1031. 12 II f)St<j Nov. 3 fl 1 H Oct. 14 » IH 7.ftO 1)00,13 O.-IO Dm, 6 7 ... M agiiliiNl (Wl'Viic At 1/ondon sliver bullloD H 24 iiK.'illiKt iiiiuM , ~ NninlMT I , fritncM of IsHiiMi niaki' 1< and iii'W lira IiIkIi " Ho«t.<iii N U " Feb 2H. p 1 nvordii for yfnr Onft/ Alxiiil $MI7. 00(1. (Mill European Itondn llrld Ifrrr (T Luliiont). \S all SL Ki'li lour 27. p (1 /,,/. nigi' Prirllrge Permit Profile (in Trannfero ,« .V V W • , , .\liircli2,D 29 Forrign tUmdt in Sharp Adrnnrr I — • " " Curio llsh •Tim \>' 1.1. followinsr in.l n2Hc fell to 11(21 'I or '' .'..;.! Wheeling & Lake Erie Ry. .H lli" .VI. 'i!nihi>n'. * Jkrran).- fl«* valuation of Ork on Keh 2H or73'i.c 111 Oct HllviT bullion Lou High I02I. 1022. Kcb -7 $1.10 .'.1 HI 1' yellow Ntlmi pnU-Iil .No l.iml. Mill Low ntllh 1022 'si r(Hl . WeRt-rr, rocords: V. Il4.p. HO. - All avr UlK ~>sl.lns ' .Miir. 2. p. 22. T'-rnilnal prop«Tfy. aK.ilnst whl''h .i mortgage of $20.fKI0 In H<-<i reri-nt offerlrig of $1 .*>(M».(KK) Ist .Mtgi-. .5« by HUJiie UtnkerilnV. lln<'i pressing are the necessities of tho stock-bare consumers. "The increase of bookings has been accompanied by fresh weaknesses in price The resultant unsettlement is thus stUl holding back a large volume awaiting evidence of price stabilization. "The U. S. Steel Corporation is making between 60 and 65% of its capacity in steel; the independent makers, as a whole, are operating at nearly 50%, and March opens at a 55% rate for the whole country. "There is practically no contracting for future needs: there is little extension of delivery dates, and business is chiefly for prompt shipment, about the only buying for second quarter needs being in sheets and in pig iron In the broadening market in which freer buying is noted from the automobile industry and even from the agricultural Implement manufacturers, alloy steel is in notably better demand. "Current activities of wire plants are not fully accounted for by n bookings. Pipe mills, Ukewse well engaged, are in some cases stocking production. There is an unusually full engagement of tin plate mills, largely on old contracts. About 75% of the sheet mill capacity of the country is in operation and sheet prices are among the few remaining firm, though buyers are not overlooking the weakness in other products." "Attemps are being made to stiffen prices, partly by refusal (2) Prices to bid at current quotations. In the case of wire a 10c. advance is general, reducing the spread between plain wire and wire nails. "The considerable utimber of price reductions with the broadening in consumption are accoimted for in part by the concern shown by mills ova building up backlogs. In the heavy tonnage products 1 35c Pittsburgh Tin plate is obtainable for bars, plates and shapes has been established at S4 .50 and $4 60 per box. against recent quotations of $4 75 Frequent steep price concessions in steel pipe point to the possibility of a new card of discounts to bridge the difference between quoted and actual selling prices. "An inquiry of the New York Central for 40,000 to 50,000 spikes brought out a price of S2 per 100 lb., against $2 15 recently obtaining. Heavy rivets have been done at $2 and .'$2 10, though quoted 10c. higher. Coldfinished bars are now readily obtained at 1 90c and S2 concessions are . -Loan Denied.— '-ompany's appllcaiion for Tin- t.'oinniission (It-nliKl the appli'alion on h.Ls di-nii'l Co/iiiiii'v^ioii Govi-minent lo.-in of I.VK) f)f>t). thi- ground that th<' s<-<Miriiy off'Tcd was not surfliifnt .md that thi' larnliig p<)W(T of th<- rurrii-r was not sufflclfiil to gin- assur.ini-*' of ability to repay th<r fJovernment.— V. 11.). p. 2.50*;. ft — — . def.S13,633def.S120.628 sur.$22.210def.«494.555 BaUDce Coll. Trust 1st news of a general character, such as is commonly treated at length on preceding pages under the caption "Current Events and Discussions" (if not in the "Editorial Department"), either concurrently or as eaxly as practicable after the matter becomes public. Steel and Iron Production, Prices, &c. STEEL AND IRON MARKETS. "Iron Age" March 2 sayg in substance "Further expansion of steel making activities (1) Operations Expanded marked the last days of February. Tho gr.tdual increase in production has been larger than tonnage sales would have indicated and shows how utility . Operating Income Interest revenue 949 .;> I .. nil iluuin p :i2i "'••I ' pliiiiin p \'l !iri't 21 hoiir.1 9 fnduflru Miner* Threaten 'Hun North .\iiktl and tti •KnK .Mir llnrrlij Makf A IIiUkIiiii MIn Inhium. .lour" .Srparatt Veacr with Oprralori — :« •11 i\-lli)ur Srhr.dulr. Arnolil mid Wlndmir print worUn i»l annoiinro IhnJ ni«h order* niM-enxllnle nprrniinn »f both II diiy. ; Hixlon 'N II. ' Munli .1. p. .'.. — — THE CHKONICLE 950 — Hope Compani/'s Textile Milt Opens; but few Strikers Work. -Troops are Times" reduced; one plant declares open shop; men in new appeal. No wage cut yet at New Maine still exempt. March [Vol. 114. coal field, p. 699. 3. p. 6. Four Rhoae Island Mills on Short Time. — The Wanskuck Co. s three Geneva and Steer plants at Providence, and the Mohegan plant at Mohesan as well as the mill of the Oakland Worsted Co. at Oakland have begun a schedule of four days a week. "Fin. Am." March 1. p. 5. mills, the The 1,200 employees of the Whittall Carpet mills of Worcester are now receiving a monthly bonus on the basis of percentage of increased production over and estimated average. The plan was put into effect on recommendation of Herbert Hoover and is doing much to salve the unpleasantness caused and by the recent strike. Two bonuses have been paid to date, one of one of 10%. "Boston Fin. News" Feb. 25, p. 3. Construction stops because of failure to adopt Chicago Builders lale. wage schedule. "Times" March 2, p. 37. N. Y. Bricklayers. Masons and Plasterers Agree to Drop all Restrictive Accepts PcderiU decree against interference with freedom of Rules. employment, output per man and use of non-union goods. Three unions ask more time; the others have signed the agreement. "Times" Feb. 25, 7% — — p. 1; March 2, p. Company Suit Feb 28; — 2. "Times" Feb. 26, p. 9. for Open-shop. American of Labor Will Fight to Win Congress. an active part in all primary campaigns. "Times' Federation plans to take Feb. 26, p. 7. A. L. Reed American Federation — — — N. Y. Pressmen Return after 6H Hour Strike. Arbiter's award accepted. "Times" March 2, p. 1. Oermany Holds Up Our Reparation Dyes, Selling Here Meanwhile at Great "Times" March 2, p. 1. Profit. Police and miners hurt in battle in Boksburg. Ratul Strikers Fight. "Times" Feb. 28, p. 1.5. Four Kilted Many Wounded, in Mexico City as Police Battle with Strikii.41 "Times" Feb. 28, p. 1. Chauffeurs. Possible Merger of Copper Companies. See Old Dominion Co. below and "Boston N. B." March 1, p. 7. — — — — — Resumption of Copper Production. By late summer output should be at "Boston N. B." Feb. 28, p. 1. rate of 900.000.000 pounds a year. Inspiration has resumed production of concentrates. "Times" Feb. 28, p. 3. in January over a Department Store Sales Show a Drop. Declined year ago. Reserve Bank says in review; wholesale trade better. "Times" Feb. 28, p. 29. "Times" Feb. 28, p. 11. Counterfeit $20 Notes Appear Here. Adjustment of Controversy over the A location of Former German Cables in — 8% — — "Times" Coal miners' convention (d) — Bedford or Fall River, 698. —report of wage scale committee for bituminous p. No change in general level of wholesale prices in December, p. 700. C. E. Mitchell's Havana speech Dance of millions in over-expansion of sugar mills, p. 703. (g) Report of Federal Trade Commission on Western Pine Manufacturers' Association, p. 705. (h) Luxury taxes (e) — (f) still in (i) force, p. 705. The co-operative marketing bill, p. 668. — Matters Covered in "Chronicle" Feb. 25. (a) Foreign trade of France during 1921. (b) Trust companies In New York and elsewhere; detailed statements for each, p. 780, 809 to 825; editorial, p. 780. (c) New capital flotations during January, p. 784. (d) Non-recognition of Russian Soviet Government does not create immunity from suit, says Supreme Court Justice Giegerich, p. 788. (e) United States exports to Canada greatly reduced by re-active effect of emergency tariff, p. 789. (f) Comptroller of Currency Crlssinger for uniformity of international money systems warning against Bolshevism, 790. (e) Advances approved by War Finance Corporation, p. 792. p. (h) Operations of War Finance Corporation from Jan.4 1921 to Feb. 11 (i) Earnings of Federal Reserve banks in 1921, p. 796. 1922. p. 793. Amendment to Clayton Anti-Trust Act recommended by Federal (j) Reserve Board, p. 797. (kl Bill permitting combines of agricultural producers signed by President Harding, p. 800. (I) Consumption and exportation of cotton the carryover, p. 801. (m) Reductions of Cuban sugar crop and customs tariff made by Commission protests against proposal, p. 801. (n) Mexican decree increasing duty on sugar, p. 802. (o) Issuance of decree providing for settlement of Mexican oil tax proposed bond issue for liquidation of debt, p. 802. — — — — convention adopts demand for 6-hour day (p) Coal miners demands 5-da.ir week in bituminous fields— referendum anthracite committee meets, p. 802. (q) Dissolution of sheet metal ware exchange, p. 802. (qq) Income tax extension of time for filing domestic corporations' returns, p. 805. (r) Income tax^interpretation of provision governing gross income, p. 805. (s) Income ta.{ new provisions affecting returns of coi*porations. p. 805. (t) Income tax profits liabilities Government will not consider hj^othetical cases, p. 805. (u) Income tax reeailations governing inventories, p. 806. (v) Income tax instructions relative to compilation of returns, p. 806. and — — — — — — — (L.) Adler Brothers The stockholders & Co., Rochester, N. Y. March 13 on increasing the Capital Feb. 26, p. 4. City, companies Conference on New York City Gas Ends in Agreement. and Public Service Commission find basis for rate discussion; all willsubmit data. "Times" Feb. 28. p. 3. Operates 43 general merchandise Receiver for Pacific Co-Opcralite League. stores in California, Oregon, Nevada, Arizona and New Mexico, petitioned for a receiver in the U. S. District Court; annual business, .$3,000,000. President Ernest O. F. Ames, of San Francisco, said the League was "perfectly solvent, but is forced to this action because of internal discord." Capitalization is $1,000,000. "Times" Feb. 28, p. 34. Slump in the Piano Trade. Only about one-half as many instruments were sold last year as in 1913. "Times" Feb. 26. p. 27. General Air Service Corporation is Vast Airship Line to Open Service. organized for promotion of commercial flying; notables behind project. "Times" Feb. 26, p. 1. V. S. Steel Loses Motion to Exclude Pittsburgh Plus Evidence. "Times" Feb. 26, p. 22. Ocean Grain Rates Rise. Grain charter rates from Portland, Ore., to the United Kingdom have increased over one-third during the past few months, reaching 42s. 6d., compared with a rate of 30s. about a month ago. "Post" Feb. 27, p. 12. Promoter Alfred E. Lindsay Indicted as Arch Crook, Caught Near Philadelphia. "Times" Feb. 28, p. 1. Claims Sole Right at Muscle Slwals. Alabama Power Co. insists it holds option on AVarrior steam plant; Senators to inspect property. "Times" Feb. 28, p. 8; Feb. 25. p. 16. Ford Defies Order of Cork Corporation to Employ 2,000 <fen. Instead of "Times" March 2, p. 1. 1.000 Part Time. Supreme Court holds statute in Jcrseii Tax-Exempt Law Is Set Aside. favor of dwellings is class legislation; $10,000,000 is involved; appeal proposed. "Times" March 2, p. 33; March 3, p. 28. Russian Soviet Requisitions Riches of Churches. Decree finally promul(Cable.) (Walter Durant) gated promises accounting will be made. Times Feb, 2i». p. 6. Russian Soviet Abandons Salt Monopoly. "Post" March 1, p. 3. National Bank of Commerce sees Brazil May Abandon Control of Coffee. gradual return to a free market. "Times" Feb. 26, Sec. 2, p. 8. French Population Shoirs Little Gain. German growing three times as "Times" Feb. 26, Sec. 2, p. 2. fast, figures for first half of 1921 reveal. North German Line Resumes Service. Liner Seydlitz arrives after eightyear break in comp.iny's sailings. "Times" Feb. 27, p. 30. stock from $2,000,000. consisting of $1,100,000 Common stock and .S900.000 Preferred stock (par $100) to $3. .500,000, to consist of $2,000,000 Common stock and $1,500,000 Preferred stock. The increase in stock is in connection with the merger of Levy Brothers Clothing Co. as of Feb. 1922. Legal Matters, Legislation, Taxation, &c. Find No Violation of Decree by Packers. The Department of Justice thus far has foimd no violations by the "Big Five" Chicago packers of the consent decree divorcing them from their businesses um-elatod to meat packing. Attorney-General Daugherty advises the Senate. No final decision had been reached concerning the proposed modifications of the decree, he said. "Times" March 1, p. 2. F. P. Garvan President of Chemical Foundation Denies Dye Monopoly. tells Senate Committee bitter price war is on. "Times" March 3. p. 12. Federal Reserve and Commerce See Improvement in Trade Outlook. Boards agree that many signs point to better times ahead: rise in grains big factor: mail orders grow and January's iron and steel exports largest In months. "Times" March 3. p. 22. Imperial Valley Irrigation Plan Submitted to Senate. "Times" Mar. 2. p. 22. North Dakota' Laiv Regulating Grain Inspection and Purchase Declared Invalid by U. S. Supreme Court. "Post" Feb. 27, p. 1. Gov. Small of Illinois Announces that He Hopes to Open Illinois $20,000,000 Watertray, Connecting the Great Lakes and the Gulf, by Jan. 1 1925. ^"Times'" Net the Atlantic. — — — — — — — — — — — — , — — — — — — — Feb. 26. p. 9. from Manila, Feb. 26). The S\ipronie Court has declared unconstitutional the recent mining law. (Copyright 1022 bv the Public Ledger Co.) Judge Landis Rules Neir.tpapers May Sell or Refuse to Sell to Whomever Suit of Chicago "Journal of Commerce" against the Chicago Theii Choose. "Tribune." "Times" Feb. 28, p. 7. Woman's Suffrage Amendment Valid. U. S. Supreme Court, m a unanimous decision read by Brandeis, holds it constitutional; all contentions rejected; New Yorker's demand to compel withdrawal of ratification Mine Law Voided Philippine (Special cable — — proclamation also loses. "Timc.e" Feb. 28, p. 9. Governors Miller and Allen Debate St. Lawrence River Route. March State — ' Tmies ^ — Loclovood Committee would pattern 35. Commission. "Times" March — "Times" March p. Committee. Dies 2, p. 25. Trade Body Will be Proposed. after the Fcde al Trade in N. Y. Industrial Jury Bill Treasury Interpretation of "Section 220." fine "unreasonable accumulation of profits" — 2, p. 3, 15. Department regulations deand "purpose to escape sur- "News Bureau" Marcli 2. p. 11. Bonus Scheme, to Co.<:t 5 Billi(ms. Drops Cash Payment. House Committee would give veterans certificates on which banks may lend 507o. tax." Boston — NeJi! "Times" March 3, p. 1; March 2, p. 1. ,^. American Federation of Labor .loins Fight to Amend Dry Law; Asks Wine Council calls on members to demand action by Congre.ssmen, and Beer — tirging a "reasonable interpretation" of 18th Amendment that can be en p. I. forced. "Times" Feb. "Harding Subsidy Plan for American Shipping. "Times" March 1. p. 1. Citizens' Union Opposes Downing Tax Measure as Unconstitutional ana Unfair. "Times" Feb. 27. p. 25. Untcrmycr Wants Brokers Licensed. Neither Congress nor legislature has courage to pass laws neodod, he says. "Times," Fob. 28, p. 3. Union Secretary Indicted for Grand Larceny.— ••T\mos" March 2. p. 13. Lockwood Itivestigalion to Go On. Asseinbly agrees to extension of housmg committee's life. "Times" March 1. p. 7. Comprchcntiice Plan for N. Y. Port Development Ratified by Acts of N. Y. and N. J. 7'f;rms. See "Current Events " above. — — — — — — — Senator Knight's measure creates "Times" Ke'o. gives to establish Court. — Declares Miller Turns Down Industrial Stato too much power over labor. "Times Feb. 28, p. 21. Legislation recommended Maltcis Corerea in "Chronicle" Feb. IS. — by Agricultural Commission, p. 689. (b) Improvement in the price of Y. Compensation advisory council of emplo.vers. Offers N. Bill. 2i). p. 3. bill it " (a) farm products, p. 693. (c) Cotton mill strike sweeps New Hampshire- will vote Aetna Refinery Co., Louisville. — Receivership. — W. Johnson has been appointed receiver by the U. S. Circuit Court at Louisville. Ky., on the petition of Louisa Co. of Ky., les.see of the refinery. Assets are placed at $1,500,000 and liabilities at $800,000. G. — — Albers Bros. Milling Co. Bonds Offered. Wm. R. Staats Co., Carstens & Earles, Inc., San Francisco, &c., and First Securities Co., Los Angeles, are offering at 100 and int., yielding 7}/^%, by advertisement on another page, §1,500,000 73^% 20-Year 1st (Closed) Mtge. Sinking Fund gold bonds. Dated Jan. 1 1922; due Jan. 1 1942. Denom. $1,000, 1500 and $100. Net earnings for ten years ending June 30 1920 are equal to twice interest charges on this is-sue, the only funded debt. From 1906 the company ha.s paid dividends totaling more than $1,190,000. Net profits for the six months ending Dec. 31 1921 were at the annual rate of $447,286, equal to approximately four times annual interest charges on this is.sue. Total amounted to $19,107,048. Compare V. 113. p. 295, 2082. sales for 1921 Alvarado Mining & Milling Co. — Big Land Deal. — A recent dispatch from El Paso. Tex., states that A. J. McQuatters, President of the company, has announced the purchase of the 6,000.000acre estate in Chihuahua of Gen. Luis Terrazas, former Governor of Chihuahua. The land, in two pieces, consists of more than 9.000 square miles. According to the dispatch, it is the purpose of the syndicate represented by Mr McQuatters to re-.sell the land in small farms and ranches, on which approximately $25,000,000 in irrigation work and other improvements will be spent. V. 112. p. 64. — American Bank Note Co. — — Annual Report. Combined Income Account Years Ending December 31. 1921. x$l,.523,496 profits Depreciation U9.7.54 Balance $1,333,742 Miscellaneous income-- y451.940 Total $1,785,682 Miscellaneous interest & sundry deductions $19,036 Exchanges, losses & res- 1920. $3,072,035 181.826 $2,890,209 175.079 $3,065,288 1919. $1,883,649 172.242 $1,711,407 60.4?-6 $1,771,893 1918. $1,334,760 176.971 $1,157,789 59.432 $1,217,221 $117,228 $3,944 $32,343 281.609 238,092 75,000 25,000 Pension fund 40,000 40,000 90.000 40,000 Profit-sharing plan zl66.825 114.314 90.810 288,788 Preferred dividends (6%) 269.739 269.7,'i9 269.739 269.739 Common dividends (8%)3.59,656(7%)314.699(6%)269,742(6%)269,742 Reserve for contingencie s 200.000 75.0C0 Total deductions $702,634 $930,2.56 $1,473,779 $1,124,115 Balance, surplus $514,587 $865,427 $1,591,509 $647,778 Alterations & renewals-- X Profits of the manufacturing and commercial business, after deducting expenses, including repairs, and provisions for bad debts, and after providing reserves for all taxes accrued, including income and excess profits taxes, but before providing for depreciation. The balance sheet of Dec. 31 1921 shows current assets of $6,625,664. notably cash, $1,,596, 223, and inventories. $2,019,168. against current liabilities, $1,870,615. Total profit and loss surplus, $5,542,763, against $4,687,336 on Dec. 31 1920.— V. 114, p. 309. all American Chicle Co. — Annual Report. — 1921. Calendar Years— Gross profit after mfg. exp., cost of $1,930,935 material, &c 54,735 Other income - &c Netincome $4,694,172 320,117 $6,027,653 88.278 $5,014,289 3,645,589 $6,115,931 4,394.033 def$911,377 selling exp., taxes. 1919. $1,985,670 2,897,047 Total income. Admin., 1920. $1,368,700 141.740 434.869 631,172 $1,721,898 122,153 Depreciation Interest. Dividends - 466.639 45.000 498,136 def$1.423,016 Balance,.surplus $160,919 $1,101,609 The balance sheet as of Dec. 31 shows cash, $1,186,289; inventories, pa.vable, .$266,071; notes payable. $2,860,000; deficit, .$2,110,838; accounts $2.977.480.— V. 114. p. 525. American Hardware Corporation. Calendar Years— Profits Depreciation Netprofit Dividends paid - 1921. x$1.2r2.62S 360.082 — Earnings. — 1920. $2,966,205 1.509.848 1919. $2,110,268 864,520 1918. Not stated $8.52,546 $1,245,748 $1,324,380 $1.4.56.357 (8%)793,600(12) 1190,400 (10)992.000(12)1190.400 Balance, surplus $58,946 $265.9.57 X III 1921 profits are after reserve adjustments. — $253,748 — V. 113, p. $133,980 415. — American Railway Express Co. Trucks in Use. The company, it is stated, has purchased 104 electric trucks for street The new use, and now has in service more than 1,200 electric wagons. equipment is for service in New York, Philadelphia and Buffalo. V. 113, — p. 2724. March THE CHRONICLE 4 1922.] Parsons, Carbaugh & Co. of Chicago, 113, p. 1678. Mill Co.— A'o Stock Diindend.— stocK The directors at their January meetlnR took no action on the each of 5% to declare. dWdInd that Tt has been customaryOomjuon stockDividends 1018. Keb. 1 Feb 1 were paid in Common stock on the distribution was also 7919 Jan. 10 1920 and Feb. 1 1921. A 25% stock stock. Nov. 15 1920. made on the Common board expressed the opmion that It It is stated that members of the dividend at this time would be inadvisable to increase the stock by such afinancial conditions.— and In view of the general unsettlement in industrial V. 114. p. 82. American Shipbuilding Co. Plan for Change of Capital Operative Stock and Retirement of Preferred Stock Declared American Rolling . bonds.— V. — Barrick Kentucky Oil delphia stocltholder. ,«-..». Beaver Board Companies. American Smelting & Refining Co. June. — V. 114. p. 856. — Sngs divi Net Bethlehem — Meeting Postponed. Bethlehem Motors Corp. — Increase Common Birmingham receiver American Telephone & Telegraph Co. of January— 114, p, 413. 83. American Woolen Co. The company 1^ fltaie for Canal In ' Sales. Choate — Coastwise Transportation Corp. — Anaconda Copper Mining "The Coastwise Transportation Corp. was organized Coca-Cola Co., Atlanta, Ga. Net Co. ~.\'ew Director. Is •Ktalo/i. made are b»'lng Operating profit New ThlN :ill . 'I'll HhnrcM of no par value, known a<i "Am'Tlcan nharrn." will bo llfitud on the New York 'r*. .'>-• r,.r,.i„,. ..i,r,r<w '£l p.irj <|.-..'. ii.-.i i*ith <}iiarir("i dcanty TriuK. <'r>. will rvuriytnw poJt.firl with th' .il»o "P.iiKhii' ^ Journal" Oct. 29. u 711 V ll'!. i). l'J1.j. ..«»... who -I'tnvi. -'••H 'he "Knglnefrrlng A MlnlnK'.lournar' Fob 18. thn rinlnhlnK « [>>ii on ihl« fomfin'iy'ii plniii in fuchlsi- f't>iinlv Arl/, •II ' ^'' \-\:,: ..,.,,1,..., It, ,.., Rrnrrinnization. .. ......I.,, ,....,. I. ^..- 1 : 1 — ; * ..,._.. -1,1... * I „p„„ „ pi„„ I Corp. ''• • p . on ; 1 u;<:uiil> li'ildi'.rH of Slnihrn frmn <im lh« NY ..tiin;iri' tliii (trow- iirofii DimI'i rorpomtloii. l.itl Hi.,.k K,»<lmn((<- list. . — V, V I I I. :> S.'iV. Consolidated Cigar Corporation. C,,P lililKillln'i'fni'nt ! fur .ijdils' iiK-iit ..litiuii. for 'hn Tppc.tTiiiTutii of a receiver by eert:iln sioeklioldeni mil N'orw.'ilU. ( 'oiin. h.'iN lieen ileiiiiid 'iiriilN ii|Min whli'li (lie ,'i|iplli'iil Ion wnii .. liomi In CUNO filed at WllinliiKlon, l>(«l.| "I - • t'l '" ' ' • i I. Atlantic Fruit Co. 1 . -Iwrtrils. aril In'' «•"; • I ' Apacho Powder Co. •^' . ' . • '• s debt exiept Ih.il represented h.v lis .'1 year notes. iilv lieeii (teposlteil iipn.'irds ofl'il'i'; of the notes, but lio pl.iii will 1« jiilnplvd iinlll (III! iioleholderH' e'liiiinil liv is In u |Hisitlon to Hpiuik for u K,'il Isfaetnry peri'enl.igii of ihn oiil.slandlii>r notes. An soon as iiioiinl of notes h.iM tM'en ileposlled. ll In t>elle\ed that :t suitable 11 'iiirr pl;iii lopled pursimni lo the terms of (he "leiinsll iiifreeini'ilt r he arriiiiKeineni wlilrli tlii' efininilllee n,is m.ide wiili roiiroi>r the luink eredllorH, iioleholderN (leixislt iheir iioleA on or ireh III 1022. will riTelve linniedlalely llie .^10 represented by (be "Ti. NolelioliliTN are urged to ileiHislI llieir iioleN at ullCO Willi iHt <''i., ID llroiidwiiy, N. V. City, deposltjiry. 'I i>. , — Extension. — 5- .iiinounreiTieiil furilier si.iles In part: eoiiiiiilttee was Ibriiied for Iho benefit of the noteholders and so that they niltfht Ih! reprejteiited In the formulation of a proKnin for the volunuiry re.idji!'^' mefil of the (viiiiiKiii.v'.s flnaiiceH. The IkiiiIv credllorK and Iho nicreh.inl .irc^ represented l>.v romniil lii-s who speak for pniel l<-iilly Oppcnhelmcr. Chairman: lion. II. Crawford. Johii Hiidi. I. Honnold. W. K. Hudson. Hon. M. C. Hull. F. It. Lynch. Wa|t«T McDwmott. W. J. (>'ltrl<Ti .-itid f;harl<'«i H. Sahin. 'i-,.. ui. The .New York commlti<.<; Is ma/lr up of K,. It. Htmii-'' W. I, Monnold and C. H .S.iblii m. .John W Finrii ir«! Cbarlofi F. Ayor. KdKnr Kl'-k;ird and Wllll.im ';. Potter. t . holders of the The I. altn-n.'ilcx. on nuI.- ' ' - Annual K'jiori. S'J. 168.105 '. t|,IH)7,7NK; ndiiilnlNtratlvoana Ronornl Nil 1,42H,A50 $7.'{9,01S Inl' lit. I >»; A03,',jH3 ' . Atlas CniciK Inv ; Co.. Dunkirk. N. Y. Oil. Mcji l,f*tu|a « 'r- IIm lU.udn. r ' ''' unn.o.io IxMw for yoar. Wi.ro J wi. > boi.d-., $.J,ii.(WK> Ua.» l.<^ii.«,l<l. -^ $2,774,269 335,103 436,018 700.000 1,000.000 year H% (iold notes have lx>on notified by the protect Ive coniniitien. Harold Stanley. Chairman, that the linie for tlu>deiK>slt of notiw (which expired Feb. 15 1022) hiis In-cn extcnd»'d to March 10 1922. The W. \V .'-.75.018 425,000 700.000 500.000 Columbia Graphophone Mfg. Co. ')f this cor[Miralloii. nm- of the world s larK''^t producers dlarri'MKlH arjd ';old. which III controlled by DrttUb fInunclerH and itAnkinie inii:rt«<Hi. -1 000.000 In «hare« of £1 each, of which £3.T> ; $3,346,008 — York V) 25.118.590 a29,567.159 Balance, surplus $1.1 15 ,900 $303 .148 a Includes $2. '201, 992 loss on stjgar and other materials valued at cost OP market, whichever was lower on Oec. :u 1020. ^V. 114, p. 031. American publir of -. t. other deductions from income. Federal taxes _. l»referred dividends (7%) Common dividends — to Introduce to the - L(!ss — it. Maine with a 1921. 1920. .$28. 464. .598 $32,341,428 sales _ Cost of operations. An"!" *"T;rican Corp. of South Africa, Ltd. Arri in —Earnings. — Calendar y'cars- Drookcr. Chairman of the American Brass Co., has been «Iectcd a director. V. 114, p. 741. CharifM F — papiiul of .$(",00 000 Proferrfd stock, par $100. and 12.000 Common shares of no par. Harris Livermore will be Pres. and Lester H. Monks Treas. It is the intention of the company to operate the colliers in the New England coal trade exclusively. 1919. — years Colliers. 'Transcript" says in brief: "Strong Boston maritime interests, headed by Lester 11. Monks and Ilarris Livermore. have purcha.sed for the above new company 7 colliers, aggregating .some 50.000 This fleet was originally owned by the Coaslwi.se Pran.sportatlon tons. Co. of Boston and subsequently sold to the .\merican-Hawaiian Steamship Co.. from which it has now been repurcha.sed Files Claim-t. claims aggrei^tlng $1 ,000.000 against New York lis at Fulton. N. Y., by con«tructlon of the Uargc _ V. 114. [). H.'IO. 201. dama«' — Acquires The Boston "Kvening — — Oil The plan under consideration, it is stated, contemof .1 re^fin.mcing plan. plates the consolidation of some of the Noco producing properties with the largely a refining company. V. 113, p. 2823. Choate. which is '"'•'! •• — Corporation. — Refinancing Plan. — It is stated that the committees representing holders of bonds and notes of this corporation, against which an involuntary petition in banlcruptcy has been filed in Oklahoma City, are negotiating with the Noco interest in the Oklahoma field, large creditors of the Choate comp.my. for the formation $2,642,376 $4,913,125 — sheet as of Dec. 31 last shows cash amounting and notes receivable. $1.828.9.54; inventories. $1,751-, sundry accounts payable. $94,175; notes payable, SI. 075, 000; surplus, $12,872,136; and total assets and liabilities, $25.135,523. V. 113. p. 2315. — 1920. $3,240,260 $3,132,501 Bales —V. January 1921. 1022. Report. 5 2.32; : American Wholesale Corp. — Annual to .S267.861: accounts ; Month Co. subsidiaries report for the The consolidated balance • f' — $164,341. loss. 1.403,430 Listing. — ear ended Dec. 31 last, total loss from coal department of $416,077; other income, $251,736; net -'ock Exchange on Feb. 25 listed $1,399,900 additional Capital sto' 513 100 in exchange for $15,900 Conv. 4,4'/" bonds .n exchange for SSH9.800 7-year 6% Conv. bonds due due 19.33; ->•-.. 1925. canceled and stricken from the list, and $497,000 account of 100.000 sftiares offered under Employees' Stock Plan dated May 1 1921. making the toUl amount of naid stock listed Fob. 25 $5.55.231.600, and reducing the amount of Conv. 4'A% bonds list<»d to $10,929,100, and the amount of Conv. 6% bond-s listed to $29.197,400.— V. 114. p. 8.57. 741. Phi!: & Coke Central Coal $2,921,1,32 Total deficit for period-The balance sheet as of Jan. 31 1922 shows cash, $1,026,502, and inventobacco on band, at cost or market, whichever is lower. $4,612,060. tory of Notes and accounts payable, $3, .521, 742. Total profit and loss deficit. The — The company and , $1.473.129.— V. 114. p. 857. — capital stock from 200.000 shares, no par value, to 225,000 shares Common stock, par $2. and shares 8% Cumul. Pref. stock, par $5. The company was formerly 25.000 clo.sely connected with the Contmental Candy Corp. See V. 109. p. 1276. S1.535.2471ossS1.517.702 Deprec. of inventory $1 .528. 430; less reserve for inter-company profit at July 31 1921. now eliminated, $125,000 of $15 per Share. Buddy Buds, Inc. Capital Increased. The stockholders Feb. 15 authorized an increase in the $2,354,211 lossS627,838 386.731 420,869 432,234 468,996 Fed. tax- $1.4.57.978 & — Dividend — — inc. before depr. — Pref. Stock Issue. Buckeye Mfg. Co., Anderson, Ind. Sale Approved. \ receiver's sale of the property to James W. Sansbeiry, a local banker, whose bid of $45, 100 was the only one for the property as a whole, was aj)proved in the Madison Cotmty (fiid.) Superior Court. Linfield Myers was The directors on Feb 17 voted to defer ijayment of the semi-annual dividend of 3>< % u.sually paid March 1 on the 7SJ Cumul Preferred stock. Dividends at the rate of 7% per annum have been paid on this stock eince 1917 1921. 1922. 1920. Six Months ending Jan. 31 $2,145,167 loss$675.738 $1,816,283 Gross profit on sales 209.045 47,900 15.975 Other income-- Net — Mar. 20 on directors Feb. 27 ordered that the amount realized on the company's subscription to the Victory Loan 3ii% bonds, which have been called for redemption by the Secretary of the Treasury, be distributed to stockholders at the rate of $15 per share, payable April 15 to stockholders of record March 18.— V. 113, p. 1057. Six Intereet. — The American Sumatra Tobacco Co. — Defers Preferred DiviMonths Ending Jan. 31 1922. devd— Earnings for $1,832,258 262.249 112,031 Water Co. (Ala.) will vote — 15 on increasing the no par value Common stock from 1.50.000 to 300.000 shares, in order to enable the company to comply with its certificate of Incorporation and by-laws, which provides that anv holder of either 1st or 2d Preferred stock may at any time prior to Jan, 1 1927convertallorany part of his holdings of Pref. stock into Common stock on the basis of 1 1-3 shares of common stock for each share of either 1st or 2d FYef. stock, and to provide additional Common no par stock for such future purposes as may be for the best interest of the company. V. 114, p. 8.57. 741. &c — Borne, Scrymser Co., N. Y. The stockholders will vote Feb. Total income Operating expenses — — Dis- issuing an additional is.'jue of $500,000 Preferred stock, to be used for additions, improvements, &c. A similar amount was issued in 1921. V. 113. p. 1475. — Shares. TJ. S. is The stockholders $.327,244 .886 725 $459,592 $254,512 all charges and expenses of management, mcluding V. 112, p. 2308. provisions for Income and excess profits taxes. — To — Sale. stated that the stocldiolders are organizing to protect their interest in the company, whose property will be deposed of by Receiver Woods at public auction on Mar. 15.— V. 113, p. 2823. It — Earnings. — American Stores Co. — Time Extended. — Capital Increase. (Pa.) Laboratories. filed notice of an increase in capital at Dover, Del.. from $1,000,000 to $4,500,000. 1921. Balance, surplus z After deducting — for deposit of notes, stock The companv has 1918. 1919. 1920. ..x$l!811.680 $1,906,760 $1,774,412 $1,533,893 237.168 237.168 237.168 237.168 (6%)--Preferred C^nSon dividends.(12 %)1.320.000 ( ll)1210.000 ( ll)I210.000 ( ll)1210,000 Calendar Year Receiver. — directors American Snuff Co. — Best-Clymer Manufacturing Co. Receiver. William C. D'.\rcy, St. Louis, has been appointed receiver by trict Judge Faris. See V. 114, p. 741. by amendment of the by-laws have postponed the date 9f the annual meeting from the first Tuesday in April to the last Tuesday m The Co. and creditors' assents under the plan of reorganization dated Jan. 16 1922 has been extended to Mar. 15 next. Compare plan in V. 114, p. 413, 525, 741. The time % . & Gas Robert G. Harman has been named receiver by Judge Morris in the U. S. Court at Wilmington, Del., on petition of James D. Brittingham. a Phila- directors on Mar. 1 declared operative th plan for ejp anging the of the P ef -} ei stockMore than 7 Preferred stock for Common stock dep,>siting their holders have already signified their as.sent to the plan by For the accommodation of a considerable number of P eferred stock. stockholders who have expressed themselves in favor of the plan but who, on account of absence from the city or for other resaoi s ha e not as yet been able to deposit their stock, the time for deposit has beea extended In the meantime the company will proceed witli the to April 1 1922. various fcrmal steps which are necessary to car. y the plan mto etfect. Compare V. 114. p. 82. 630. The — — Ix)ss on operations for voar, $714,969: shut-down expense. $409,012; lo,ss due to reduction of inventories to market value, $1, ,533.846; Pref. divs.. $35,000; total loss, $2,692,827. Total profit and loss deficit Nov. 30 1921, $1,079,944. V. 112. p. 2752. — Time Extended. — understood, offered the is It Avery Co., Chicago. Annual Report. The annual report for the year ending Nov. 30 1921 shows: , — 951 > V III, it. ;u. ~$7'.iH,797 — THE CHKONICLE 952 Commonwealth Edison Co., Chicago. The —— — Capital Increase. Fpb. 27 increased the authorized capital stock from SeO.OOO.OOO to $80,000,000. The stock representing such increase is to be issued from time to time in the future as and when the board of directors mav decide that new capital is necessary for corporate pmijoses. See V. 114. p. 526. 857. stoclsiiolciers — — The [Vol. U4. up a motion for a refund of money paid by consumers thp being the diffenn.ce between the present tempo?f^ra?^ «'l"fliw«'-e fixed Ijy the Court and went into effect Fe^ of 1. ^nH?hhla,*^of 4.5 to 75 cents fbced in Sept. The Court reserv^ %l^>^I^V^"^^^u'''^ ""t^^ city set In'^ '„T'°^1?, wo,;fd°be°ov^?,^,l?Jf.'-^^^ Til TuT'' "PP'"^ '•'*' '""^ '"• =^ ""^ *"^ Edison Electric Ilium. Co. of Boston.— City Plans.— Consolidated Distributors, Inc. Committee. " the city A committee to protect the holders of the Preferred stock has been formed Its own electric the present laws so as to permitEdison of Boston to buUd If AiS^T^ light-ing plant, plant at a fair value, and consists of Reginald P. Boyd (of Boyd & Boyd), Richard R. Spira (of was urged Feb. 17 before the or take over the Legislative Committee on Power and Li^t Spira & Co.), John E. Goerz and Clarence C. Simoni. Richard R. Terence Counsel Arthur D. Mr. Hill .said he renresented McManus of Olcott, Bonynge, McManus & Ernst, is counsel. A reor- by Corporation .nid that while neitherHill.nor J. Mayor Cur lej'. he the mayo? are for o^raTS ganization plan, it is understood, is being prepared. — V. 113. p. 1255. — Consolidated Water Power & Paper Co. Acquisition. Sec Kaministiquia l*nlp & Paper Co., Ltd., below. — V. 112, p. 2194. Consumers' Gas Co. of Toronto. Par Value Changed. — share. shareholders on Oct. 31 1921 increased the authorized capital stock from .$6,000,000 to $12,000,000. The increase in stock was to take care of future needs of the company. To date none of this new stock has been the issued.— V. 113. p. 2181. The Co. — Bonds O/Jfref/.— Halscv, Stuart & & & Co. and F. S. Moseley Co. are Co., Inc., George H. Burr offering at 88 and int., to yield about 5.90%, .18,000,000 gold bonds of 1916. First (closed) Mtge. Due Dec. 1 (See advertising pages.) 1946. Previous issues of these bonds listed on the Chicago and Boston Listing. Stock exchanges and application will be made to list the present issue. Data from Letter of President E. A. Cudahy, Chicago, Feb. 1922. Company. Originally organized in 1887 as Armour-Cudahy Packing Co. and incorporated in Oct. 1915 in Maine, to actjuire the property and bu-siness of the predecessor company. Is one of the largest packing house concerns in tlio country, having plants in South Omaha. Kansas City, Sioux Memphis. East Chicago, Salt Lake City and Los Angeles, and City, Wichita. distributing branch houses in 97 of the principal cities of the United States. Capitalization After This Financing— Authorized. Outstanding. 5% — — 6% 7% Preferred stock $2,000,000 .$2,000,000 Preferred stocJi 6. ,5.50. .500 6, 5.50, .500 Common stock 17. 249, .500 17, 249. .500 First Mortgage .5s (including this issue) xl2,000.0n0 10. 649, .500 Five-Year 7% Smking Fund gold notes. 1923 xlO.000.000 5,500,000 X Closed Issues, the remaining $1 .350. .500 1st Mtge. bonds and $4,500,000 7% notes having been canceled through sinking fund. Proceeds wiU provide additional working capital by reducing Purpose. current liabilities. Assets. The balance sheet as of Oct. 29 1921 (V. 114, p. 74) shows total assets in excess of $61 .000.000. of which fixed assets comprise approximately •$25,000,000 and current assets $35,000,000. After applying the proceeds of the present financing, net current assets of the date of the balance sheet aggregate approximately $18,000,000. and net tangible assets applicable to funded debt equal about $45,000,000. Profits for 5 years ended Oct. 29 1921. before interest, but Earnings. after Federal taxes, and after reducing inventories to market value, have .iveraged $3,984,688 p. a., and for the year ended Oct. 29 1921 amounted Compare annual report in V. 114, p. 74. to $1,520,154. — — — Curtis Publishing Co., Philadelphia. — — Stock. Co. own and offer a limited amount of the new insue of 8% Cumulative Preferred stock. Auth. and outstanding. $20,000,000. On a recent change of the capitalization of the company there has been newly issued to stockholders $20,000,000 8% Cumulative Preferred stock. This occuriid on Jan. 1, and the bankers acquired a limited amount priHallgarten & vately. The company publishes the "Saturday Evening Post," "Ladies' Journal" and the "Country Gentleman." V. Ill, p. 993. — — Home — Davison Chemical Co.^ Bond Conversion. A reduction of approximately $1,120,000 in the amount of outstanding 6% 1st Sinking Fund Conv. gold bonds of the Davison Sulphur & Phos- phate Co. has been made through the conversion of these securities into the stock of the Davison Chemical Co. at 60. The right to convert expired The amount of outstanding bonds is now $794 ,000. The original Mar. 1 Issue was S2. 600 .000, but $596,000 of the bonds had been retired up to Mar. 1 1921. It is possible that the total of converted bonds might be slightly changed by the receipt by Safe Deposit & Trust Co., Baltimore, of bonds in transit belonging to holders who signified their intention of exercising the conversion right, which bonds, of course, will be accepted. (Baltimore "Sun.")— V. 114, p. 83. Fayette Dayton Scale Co. — Registrar. — of .\inerica). Distillers Securities Corp. April 1 Coupons Doubtful. — — Status, &c. — Payment Jones, Chairman, in a notice Feb. 21 to the holders of 1st Mtge. 25-"iear 5% Conv. Gold Bonds, says; The above bonds are the direct obligation of the U. 8. Food Products Corp. and are not secured upon any physical property, but by pledge of practically the entire stock of the Distilling Co. of America, a holding company controlling the operating subsidiaries comprising the whiskey business of the group, of which the Kentucky Distilleries & Warehouse Co. is the most important. The U. 8. Food Products Corp., subsequent to the enactment of the Volstead Act, created a number of enterprises having to do with food products and foreign trading, and the capital with which these enterprises were created was mainly diverted from the Distiling Co. of America and its operating subsidiaries. These new enterprises were unsuccessful and the open accounts on the books of the Distilling Co. of America and its subsidiaries, reprecenting advances made to establish these new enterprises, have, insofar as the investigation so far made discloses, but nominal recoverable values. The unprofitableness of the new enterprises re.sultod in the accumulation Of these loans, $4,500,000 were recently funded by the of bank loans. issuance by the U. S. Food Products Corp. of $5,000,000 notes to the banks. In arranging for this funding of bank debt, agreement was entered into between the banks, the U.S. Food Products Corp. and the Kentucky DisThis agreement involved the guaranty by the tilleries & Warehouse Co. Kentucky company of the entire $5,000,000 of the above-mentioned notes, and to secure the Kentucky company guarantee, the major proportion of the free assets of that company was pledged. The position of the Kentucky company with respect to its guarantee to the banking Indebtedness of the U. S. Food Products Corp. should be carefully investigated. Our preliminary examination of the affairs of the U. S. Food Products little cash or free assets as to make extremely doubtful the payment of the April coupons on the 5% bonds. Under these circumstanc&s, immediate action is imperative by the bondholders to conserve the assets of the DistilUng Co. of America and its subsidiaries, to which assets the bondholders must look for the assurance of their issue. The remaining assets of the Distilling Co. of America and its subsidiaries should be conserved and steps should immediately be taken in this direction.— V. 114. p. 632. to change the shares of notifie<l common the — New York Shares. Stock Exchange of a proposal stock from — V. 114. p. 250,000 632, 526. no par value. East Ohio Gas shares, par $100, to 2,500.000 Co.- — Suggests Xcw Franchise. — Presiding Judge Willis Vickcry of the Court of Appeals has recommended the passing of a new city ordinance that would be fair to both the city and the company. These developments marked the hearing of motions for a new trial, filed by both the city and the company. The company appealed for higher temponiry rates, decI.Trlng the present rates confiscatorj'. Bonds. & and thereafter at 105 — — and int. Company. For 20 years has successfully operated without competition lines and exchanges in the counties of Fayette and Woodford, having two exchanges in Fayette Coimty and two in Woodford. Purpose. To provide funds for extensions and imjirovements made since Net Eearnings (After Depreciation 1915. 1916. & Taxes) Available for Int. Calendar Yrs 1918. 1919. 1920. 1921. 1917. $/0,146 , — $f)2.971 $61,546 $67,919 Capitalization After 1 his Financing $76,196 $74,317 $89,143 Authorized. Outstanding. 8510.000 300.000 Commonstock $500,000 300,000 350 000 Pi;efereedstock6% _... First Mortgage bonds (this and prior issue) 1,000.000 The Cumberland Telephone & Telegraph Co. (a subsidiary of American Telephone & Telegraph Co.) owns approximately 30% of both classes of stock. Compare offering of $300,000 1st Mtge. 7s, series "A." in V. 112 p. 1028. Fox Typewriter Co., Grand Rapids, Mich.— 5a^e.— W. p. Papworth. Receiver, it is stated, is planning for the sale of the plant to a corporation, now in process of formation, for about $300,000. The new organization. J. C. Goldmaar and William Bennington, is planning for changes and the installation of equipment to manufacture a new typewriter, with special keys for .short words Iron Age" Feb. 16. V. 112, p. 2310. — — (H. H.) Franklin —Offering of PreferredManufacturing Co., Syracuse, N. Y. — and Common Stock. The company (F. A. Barton, Treasurer) is offering $5,000,000 7% Cumul. Sinking Fund Preferred stock and Common shares (without par value). $100 per share; Common stock, $50 per share. Purpose. Proceeds will be used in producing the new 4-cylinder $1,000 Franklin, scheduled for volume output in April 1923. Partial Payments. Preferred .stock, first payment .$30 per share, balance payable in 7 monthly installments of $10 each. Common stock, first payment $15 per share, balance payable in 7 monthly installments of .$5 each. Interest, 6% per year, will be allowed on each partial payment on Preferred stock if all payments are made. [According to recent reports, the company is considering the purchase of the Duesenberg Motors phint at Elizabeth, N. J., from the receivers of the Willys Corp. for the exchisive use of the manufacture of the new Franklin 4-cylinder, air cooled motor car.] See V. 114, p. 858. Price. Preferred stock, — — General Baking Co. — Anynial 1921. Report. — 1920. 1919. 1918. Net, aft. taxes. lx)nd int. $2,697,981 Res. for depreciation.-. 515,486 Prefeired dividends (7%)494,046 Common dividends (7%)238.000 Kolb Bakery Pref.divs. (7%) 140,000 $1,429,519 343.294 600,262 $1,178,914 308.308 (7)414,750 $766,536 307,323 (4)237,000 Total deductionsBalance, surplus V. 114, p. 203. $1,109,946 $485,963 $899,482 $455,856 $782,743 $222,213 — Goodyear Tire $1,387,532 $1,310,449 & Rubber Co., Akron, O. — Earnings. — Income Statement Mar. 1 to Oct. 31 1921 [As Filed With N. Y. Stock Exch.]. Gross sales, $77,680,408; discounts, price adj.. &c., $7,846,133; net sales $69,834,276 Cost of sales, $54,814,986; gross oper. profit, $15,019,290; carrying charges on deferred deliveries, $870,703; gross profit $14,148,587 Other income 1.236.599 Total Income — $1,418,650; Deduct & $15,385,186 Selling, &c., expenses, $7. .300. 327; admin. gen. exp., disct. on 1st Mtge. bonds, $1,270,int., prem. disct. on debentures. $1,242,635; total 000; int. 11,231,612 Lo.ss on subsidiary companies, $720,685; adjustments, creditors' accounts, Cr. $40,956; reorganization expenses, $200,000 879,728 & Net profit The balance $3,273,845 sheet as of Oct. 31 1921 shows: Inventories on the basis of inventory and commitment values as adjusted at Feb. 28 1921 and .subsequent costs (less reserves of $1,068,312). $29,931,055; customers' accounts and notes receivable (less reserve of $1,271,292), $9,992.0.38; cash. $14,294.993; total current assets. $66,893,894; total current liabilities. S8.486,V. 114, p. 858. 743. 334, and total assets and liabilities, $170,155,296. — Goodyear Tire Profit & Rubber and Loss Statement Co. of California. for Year Ending Earnings. Oct. 31 1921. Net sales. $13,767,991; cost of sales, $11,292,494; gross profit.. $2,475,497 2,827,290 General and selling expenses 417,657 Interest charges and other expenses 947,868 Sundry adjustments for reduction in inventories and other losses Net $1,717,318 loss -V. 113, p. 1365. Great Western Power Co. Seeks Bond Issue Permit. — Authoritv to issue and sell $1,000,000 Scries C" 6% 1st & Rof. Mt«e. bonds at 94 and int. has boon asked by the company of the California Railroad Commission. With the proceeds the company proposes to reimburse its treasury to the amount of $524,784 for expenditures on the Caribou project, on a new transmission line and on other additions; $271,506 in payment of promissory notes given General Electric Co. for material and equipment and the remainder. $143,710. for the payment of part of the co.st of a high-ten.sion substation to be built in Contra Costa County at an estimated cost of $880..562.— V. 113. p. 1987. — Corp. discloses so Eastman Kodak Co. — A'o Par Co., Lexington, Ky. & & of The bondholders' committee, W. W. The company has Home Telephone SectJTity Trust Co.. Lexington, Ky.. have sold at 100 and int. $50 000 1st Mtge. 6!^% bonds, series "B." Date Feb. 1 1921. Due Feb. 11 941 Int. payable F. A. at Security Trust Co., Lexington, Ky., trustee or National City Bank, New York. Denom. $1,000 (c* r.). Red as a whole only on any int. date from Feb. 1 1926 to Feb. 1 1936 at 110 and int . The Columbia Trust Co. has been appointed registrar of the $3,000,000 Capita! .stock of the Dayton Scale Co. (formerly the Computing .Scale Co. m — — Effective Feb. 4 1922, the par value of the capital stock was changed from $50 to .$100 and two shares of $.50 each were exchanged for one $100 Cudahy Packing the establishmejit of a municipal lighting plant, both are of the opinion laws should be changed the event that the people desire such , plant. a ^1,'^^ v. ll-l-, p. t'to. — Harbison-Walker Refractories Co. To Decrease Pref. notified the New York Stock Exchange of a proposed The companj-'has decrease in the company's Prefei'red stock from $9,600,000 to $3,000,000. V. 112. p. 1149. — (Geo. W.) Helme Co. — Declares Reoular2yi% Dividend. — directors have declared regular quarterly dividends of 2)4% on the outstanding $6,000,000 Common stock, par $100. and 1'4% on the Prestock, both payable April 1 to holders of record March 15 ^W^tf"**! frrred "This is the first Common di\idond declared since the payment of ,i ,50% stock dividend on Feb. 23. Maintenance of the regul.ar $10 annual rate is V. equivalent to $15 on the basis of the old $4,000,000 Common stock. 114. p. 624. 527. The — Hercules Paper Corp. The committee named below, — Creditors Committee. — in a notice to the creditors of Hercules Paper Corp.. Frank Gilbert Paper Co. and Union Waxed & Parchment Paper Co. states that it is considered imperative that the creditors, whether their claims be represented by the outstanding 8% Gold Notes Scries "A" , March THE CHRONICLE 4 1922.] and "B" ot the Hercules Paper Oorp-. or by promissory notes, acceptances or open accounlfl of the three companies, or any of them, should unite for the privservallon of their rlRhts and the protection of tholr interests and to that end Ihoy have consented to act as a creditors' protective committee. The deposit aKreement will provide for thedeposit of said notes and claims with the New Yorlc Trust Co.. depositary, 100 Broadway, New York. Herbert W. Morse, C;hairinan, V.-Pres. N. Y. Trust Oo.; Committee. John \.spcffren. Pros. Scandinavian-American Trading: Co.; D. S. (Jottcsman Pres. M. Gottesman & Co., Inc.: Arthur O. Hastine:s, Craig-Becker Warren. Co James Rosenbers, Pres. American Woodpulp Corp.: George E. counsel, V -Pras. Cnlumbla Trust Co.. with Cook. Nathan & Lehman, and Kdg; M. Souza. Sec, 111 Broadway, N. Y.— V. 114. p. 743. Inspiration Consolidated Copper Co. — — Suit.— The company suit of this alleged Northern Canada Power Co. for power has been dismissed. V. 113, ag;iinst the damages out of failure to supplv — p. 1476. Houston Sept. Ref. & Due 1912. int. SI, 200,000 and V)l bonds of Gol<^ 19.32. 1 S. without deduction for any normal Federal Company also agrees to refimd Penna. M. & Interest payable 1 mills tax. — and serves over 22.000 customers. Ines — Purpose. Proceeds will be used, in part, to retire S900,000 1st Mtge. is. ue 1923. by call at 100!^ and inr. on Sept. 1 1922, .ind to fund floating obt incurred in making extension, &c. Earnings. Years Ended Dec 31. 1920. 1921. §1,071,829 $959,362 349,875 260,C66 98,500 Gross earnings Net after expenses, taxes & maintenance Aimual bond interest charges Balance S251,375 — Outstand. Authorized. CaU owned by United Gas&El. Corp. )S1,500, 000 .$1,500,000 550,000 550.000 Preferred stock. 7^ cumulative Ref. & Improv. (1st) Mtge. .5s. 1932 (this is-sue) 6,000.000 xl. 970,000 X S253.nOO additional held in the company's treasury. Additional bonds may be issued to reimburse the compny for only 80'^ of the cost and fair value of extensions and additions, provided net earnings are at least equal V. t» twice annual interest charges on all bonds issued and proposed. no. p. 974. Capitalization after This Financing Commonstock — Houston Oil Co. of Texa.s.—Earnings. Income Account for — Year eliding December 31 Totals-lies. Ac : Operating exi)enses. State and cotmty taxes, depreciation. General administration exi)enses. Federal ta^es. &c Depletion of 1921. $2,380,549 &c 403.369 230.603 lands oil 1,034.542 Balance Other income 5711.975 54. 877 Net prof it $706,8.52 -..?1.659,794 Total profit and loss surplus Dec. 31 1921 —V. 114. p. 743. Humphreys-Pure Oil Pipe Line Co. — Pipe Line. — buildincr from Teague to Smiths Bluff. Texas, has completed its patherins line from Teague to the Mexia. Texas, field, and has over 35 miles of the main line construction work completee. The completed line will be 20.5 miles long, and plans pro\ide for completion ^Tay 1. The ffumphre.vs-Purp f'il Refineries Corp. has liegun the construction of six steel .5o.000-barrel tanks at .Smiths Bluff and the wharf on the river Is to be started soon The Pure fJil <"'o. owns 50% interest in the Humphreys'Piu-e Oil Pipe Line Co. and iti the Humphreys-Pure Oil Refineries Corp. The other half la owned by the Huraphrevs Companies, in which the Pure Oil Co. also owns a 24% interest. V. 113. p. 2727. — — Indiahoma Refining Co. Dehenlure Notes Offered. Comm<rf;r- Tm.st Co., Baltinioro, are off'.'ringat 100 and int. $900,(XX) 7-Year Sinking Fund Conv. Debenture notes. Dated Jan. 1 1922. Due Jan. 1 1929. Auth. $1 .250.000. Commerce Tm.st C^o.. Baltimore, trustee. Denom. -SI .000 c*. Interest payableJ. &J. 8% at office of the trustee. Baltimore, without dexluction of normal Federal lnc<)m«> tax up to 2%. Ued. an a whole fand in part for sinking fund) on 4 V. .'ice. on any Int. date, at 107 and int. on or before Ian. 1 1923, ^'''' '"er at 1% has for each 12 months or part thereof elapsed afi, 1923. CrmrPTtible. Convertible at face value into (^)inmon stock at par f$5 per aharei at any f Imp before maturity or if called for redemption up to the date rizwl fiiprovided that written notice of election to convert hall h to the trustee not less than 5 days prior to maturity or red' %% Jones Bros. Tea Co., Inc. The 1st Int. and to .sinking faftj-r - ' ' ' ' ' ' ' • charges on this Issue for 6 years, 1916 ore than 14 times the $72,000 maximum 1 1 anr, . iM. — /'xrpov. l'r<K;p«is of are to be used to retire o the cost of Improvemem,, uj for development of the company's tog Fund. — A and the 51,7.50,000 / iii»- Mtge. bonds Ist obligations, to reimburse the froa,siiry refineries, for exp«;nses Incurrexl In the and to provide additional work- oil leases, f.-ipltal. .'iinlctn') mon" ng fund of $12,fK»0, beginning March 1 1922. will be paid to the cash, lo lie applirxl to the purcha.se or redemption of notes. In aij ... ...... company will agrt^e to pay Into the sinkIliK fund an amount criiial to the amount paid in di^ideiids in any onn year on Its outstanding capital stock In exc^-.ss of S'i,. i.'otiipare offering of tK>ndH In V. H. 1 p. r,2H. Dividend. — Indian Refinin? Co. Defer.-' Frrferrcd The directors hav>' voted to defer payment of the f,uarterly dlvldund of lji% usually paid March 15onlhe7% (.'iimul. Prcf. stock, par $100. The dividend on th>- 'otiinion «UkJ£ was omitted in March 1921. V. U.'l. p.l Indiana Electric Corp. -,S')//7 .Af/ni/i.-il Merger. — f * Kaministiquia Pulp . *"' ';orp .lU'horl/.irig tlii- U^u.iIki' v, x-. In Ihi' < i-,,- , -mg of Us ordiTK **" Jud-/" (,lnn •111' l.'^il. — null and void the ordc^rs tif the Infllana P. H. .ipomvlng the inergvr of 7 Inili in:i llcht and pownr iitllti|i-s In ^ "' ! ui l..ili.n,,.i„,i,, „tid , — V,Hnv Feb. 114, Xi l». Kokomo. of m flli l>y at, :,,j Sugar Co. ' *' nf of •' ' ii'' p. ti.'W. J n 1 Rmirrr ri-<'i'lvi'r for i .inlrd. iinnu.my, siiKar iniitiuriiciumrs, In- U l.iiplon. f'olo askisl In a rx^i'l.... fil<H| I'l.li, J.l »>y 'hn llTirnllion Niitlonal llnnli I' irusle.- for "'iri '" >'" I'lly I l'i;l .nd .Jiin I on which \'i.' Paper Co., Ltd. — — & Kansas Gas & Electric Co. —Bonds Sold. Xew Sold. — — Dillon, Read rork, have sold at 90^/? and int., to vield over SS.OOO.OOO 1st Mtge. Sinking Fund 6% gold bonds. Co., GH%, Series "A" (see advertising pages"). Dated Mar. 1 1922. Due Mar. 1 1952. Denom. SI. 000 and .$500 (c* & 1-*). Int. payable in New York M. & S. without deduction for any normal Federal income tax up to 2%. Penn. 4-milI tax refunded. Red. all or part on any int. date on 4 weeks' notice at 107 t<J and int. to and incl. Mar. 1 1927: at 106 and int. to and incl. Mar. 1 1932; at I04li and int. to and incl. Mar. 1 1937; at 103 and int. to and incl. Mar. 1 1942: at 101 Mi and int. to and incl. Mar. 1 1950. and thereafter at 100 "4 and int. Guaranty Trust Co. of New Y'ork, trustee. Auth., .$10,000,000. Sinking Fttnd. Mortgage provides for an annual sinking fund, beginning Jan. 1 1925. to pxu-chase Series "A" bonds if offered at or order par and accrued int.. of 1 HJ 91 of the amoimt outstanding on the preceding Dec. 31. up to and including Jan. 1 1937, and thereafter of 2% of such amount. Extracts from Letter of \;.=Pres. F. Q. Sykes, New York, Feb. 7. Companu. Controls and. without competition, operates entire commercial electric light and power and gas bnsincs.s in the cities of Wichita, Pittsbiu-g and Newton, Kansas, and the entire commercial electric light and power btisincss in Arkansas City, Independence. Eldorado. Oherryvale and 15 other cities in Kansas. Population estimated 200.000. Seciirity. Secured by direct first mortgage lien on properties which — — — — (together with the Pittsburg property covered by pledge of securities) are con.servalivcl.v appraised at over §14,000.000. Enrninas. .\verage net earnings for the 3 years ended Jan. 31 1922 were •S1.005.9S1. For the 12 months ended .Ian. 31 1922 net earnings were •SI .474.719. or over 3 times the annual interest charges of $-180,000 on the present issue of 88.000.1)00 bonds. Franchises. Compan.v has recently been granted new 35-year franchises in AVichita and in most of the remaining cities in which it operates. Purpose. To refund the S5. 8(58,000 1st Mtge. bonds due Mar. I 1922 and to reimburse the company in oart for the cost of additional generating capacit.N transmission lines, distributing systems and other capital expendi- — — , , tures. Control. — Entire ('ommon stock owned by American Power <Sc Light Co. Oiitslamiing CtipHaliz'ition after Completion of Present Financinq. IstMtw. Sink. Pund 6s ..S8.000.000|7S Preferred stock yS2.400.000 General Mtge. 3.000,000 binds_\l ,.500.000 [Coaimon stock X All owned by American PoAver & Light Co. and pledged under that company's 20-year 8'"^ bonds, y Includes $43,800 held In treasury. V. 113. p. 7.36. Kaufsnann.— V. lias New President. Stores, Inc. been elected President to succeed the lato Isaac Ill, p. 634. & Lehigh Coal — — Kaufmann Department Samuel Miindheim Navigation Co. — Stock Dividend At the annual meeting Feb. 28 John L. Clawson. Pro-posed. a stockholder. pre.sented the following resolution: "Resolved, that the question of capitalizln.g the surplus and undivided profits of the company be referred to the incoming board, with power to act." Mr. Clawson previously, in an ad^ertisement In the Philadelphia newspapers, announced his intention to present a re.solution requesting the incoming directors to capitalize the S3,000,000 loan paid off Dec. 1 1921 by the issue of an enual amount of capital stock by tho declaration of a 10% stock dividend. Tlie Chil idelphia Stock Kxchangc on Fel) 17 struck off the regular list Impt Mtge 4% $15,000 Series "A" and ^38,000 Series "13" Funding Iwnds, due 1948. reported canceled as of Feb 14 1922. b.y operation of the sinking fund, leaving the amount of said bonds listed— Series "A" $2,729,000 and Series "B" $1 .127.000 —V. 114. p. 714. 852 4M% i'; Co.— Guaranty — Balance (^Louis K.^ Liggett Sheet. — Sec Ligge.i-Winchesier-Lc.v Realty Co. below. Balance Sheet Dec. 31 1921. Lialiilitics. Assets. $1,005,272 .\cc't3 Sc notes payable. $3,016,102 Accr'd & deferred Itenit. 86,601 and con114.292 Mortgages payable 879.160 tingent funds 1.720.341 notes receivable. 1..542. 276 Depreciation reserves.. .\cc'ts & 30.3:^9 1 .973 ,350 Bad debts reserve . nventory 682.531 152. .5(11 Impts. to real est. reserve. Advances & deferred Items 9.419,215 Preferred stock 2.000 Plant. *.c 19H.405 Common stock 9,840,600 Stocks and CJovt. bonds.. 1.147.746 .$17,405,311 Surplus Total (each side).. in banks in change Cash Cash . I - —V. 110. p. 2.572. Liggett - Winchester - Ley Realty Corp. —Guamiitred &, CtK. Ino., havn sold ar I*. W. Ciiapinilll Hands Sold. 9S'-2 and int.. lo > idd about 7.1')%, «2, ->.,(). 070 Ciiarnng<ild Ixnids Cst^e a<hortising pagtts). Int. payable M. & S. In N. Y. 1942. 1 City without dtsluctlon for normal FiHleral Income tax not In excow of 2%'. Denom. $1,000 and $.500 (c*). Red. -l-mlllM tax refunded. Pcim. Itankers' In whole on ;iny I'll date upon M(i days' notice .ii 107 'j and inl. 7',' teed Sink. Futid Dnl<sl Mar. Trii.t «'ri I Duo Mar. 1922 New . Sicurili/. and hiilldint; .\ Niirk, tru-iiM-. direel MiortgHge lien on the leiisellold I'sliite nf the promlsoil the northeast corni'r of 1211 HI. and Madison Ave., known a 22 story strictly inodeni ofrice building Just ei)in|iltil4xl MKI.OllO The fill r rental value of the pri>|iiMtj over and 11 I .it an., or almost throe i;^ eliargi-s Is more than $7;V).(II)(I |>. and sinking fund re<|UironienlN of (Ills Iknuii. Sinking Fund. -Oni'lwentloth of entire Inmu«> mjusI bo rattlred each y««r hv purehUH4'. In the open market or by call at 107 ^j and lnt<n-est for thu rlnit ye iiyi' II s .iml 10.! net in next W) > II ,. Id.'i mil inl Hex The iimoiint represiMillnv: the .innual rentals lo he pnid by the l.nuls K, Liggett ( 'i>. ('.tiring the iii-nt '20 ears for office spins' It now o<M-uitl<<H In lUUi nii'ler nn Irrevocable contract. jiiiMilile dIriTl tii the trilNtMt, leilidlnir la ' iiiincy, and Is in IImiIi, itslile front all other rentald. i. lire, exce|illiig preiiiluins, oiio twiiiit letli of the par i,,, tlm("< the ni.ixlnium Interest I Tr,,],, & of this company, consisting of a fully-equipped ground wood mill and 16 acres of property under a 99-yoar lease from the corporation of the City of Port Arthur, was sold at pul)lic auction Feb. 21 for .'5175.000 to George P. Berkey. V.-Pres. & Gen. Mgr. of Consolidated Waterpower & Paper Co. of Wisconsin Rapids. Wis. V. 113. p. 730. h-ivi) d''<l:iri'l C<< — The property ' — Average annual and after Federal tuxes but before deprec. $2^5.833 fund and chargf« on Mtgo bonds (sirniiig.-. Dividend. 7% — ' , Ea'nmvi. — No Action on directors have taken no action on the quarterly dividend usually paid April 1 on the Cumul. Preferred stock, "the directors, it Is stated, will not meet again until April 1, at which time action will probably be taken. V. 114. p (43 — 1 — — directors S% The company, — Steel Co. V. 113. p. 1777. ncome tax not exceeding 2%. ata from Letter of E. G. Connette, Vice-President of the Company. Business. Does the entire gas business In City of Houston. Texas, and suburbs, population over 180.000. Plant has daily rated capacity of about Distribution Fy.-tem embraces over 249 miles of pipe 10,000.000 cu. ft. — Defers Preferred Div. have taken no action on the 7% divldoud, usually paid 1 on the 7% Cumul. Preferred stock. Quarterly distributions of have been made on this Issue from March 1917 to Dec. 1921 Incl. The March Gas &Fue\ Co.— Bond--< Oj'fend.—Buvns, (Tex.) Forbes & Co. are offering at Improv. (First) Mtge. 5% & Interstate Iron • Hollinger Consolidated Gold Mines, Ltd. Resumes. Although the company has resumed production of concentrates. It will take about three months before any .sizable copper proilucitiou is .attained. The mill is divided into 20 sections. Four are now running, after 9 months idleness. ("Wall Street Journal.') V. 114. p. 633. — . 953 .', ' .. I I .\ < not iillowisl to opiT^iic the 'tie value «if the factory :iiid iii.u wiiy of profit" r l«- ' *"' wud.. i: id-liiii,: .iiij F,.v.or. TT •. Tr .iuw I,, i>,^ '-"•?',»- Bro. pi mt. liln.r tiilt«sl l)ruii I ' ( o. nnd I/<iiiIh i|«ii ' iiiid uiie<iiidltli>n»lly giiitrunpnynii'iit <if lalnk- The li> Ihein. Drug <'i>.'h ci>nsnlli|iite<| not i.iiii l.lggeit <"o nre llnlilo fur thin I f till 1 mill li»m»t (inis>|>l lug I'iMleral lliHii I .' IIiim'i I h« l"l. or i. ..i Mils U'liie il rei|illieiii' t\n iklinvn di "I liken |i.e liikIII' hist rivit ) I , .III. or iiiorii slnUlM^t rii.id i<H|iilreineiilk iiiMiKil Interest I iilHsl K • (Hf.if,„l'l<n.> Iniori'sl K. Liggett <'o. unciMiilh liinally giiitraiil<M>d iliiliiim . more " . ,f * I ' r .' ( *!(!( I r... 1 1..- . . < ..1,1. I t,i/ r. . «,! I.<iuIm Um. ble fur ISx ' I il, tllAli of [", V. hv of prlnelpiil riiwiieiil (mtttttit ly. loi.fl \- II I. p H Tie ,-. , iiiai.liiiiiiii and II. . . .! rpptirt o U lie tcWrn on a IfTPcndlng puffe VM .1 l»r rf (• It" •'utiinilnr > iin i l'.!*'! In — THE CHKONICLE We Lima Locomotive Works, Inc. — Earninps. — — 954 1920. 1921. Calendar Years income.Manufacturing, admin. Gros.s & $12,528,154 $12,047,657 other exp., incl. deprec. 10,716,562 10,488,927 $1,811,592 120,000 555,000 Eeserve for Federal income and profits taxes Net income Preferred dividends (7%) Common dividends (7%) $1,556,730 120,000 360,000 $1,136,592 $200, .550 304,500 Profit.. Interest on bonds $1,078,730 $200,550 — — During 1921, like all other raw products, crude oil experienced a very heavy decline ui price, Mid-Continent oil selling down to $1 from $3 .50 In spite of this period of great depression in the oil trade, the I)er barrel. corporation has kept free from any kind of uidebtedness: has, besides paying its own expenses, distributed among its stockholders 15% in ca.'-h as dividends, and has also been able to make a considerable increase in assets. X Consolidated Income Account for Calendar Year 1921. Oil and gas income, .$8,687,961: interest and miscellaneous income, $29,748; total $8,617,709 Deduct Field operations and new construction, $1,663,828: lease rentals, $103,679; admin. % gen. exps., $556,310: total 2,323,817 — Net earnings from operations $6,293,892 Dividends paid 3,774,580 Dividends paid minority interests in Dominion Oil Co., Texas Chief Oil Co. and Ranger Texas OU Co 208.576 $2,310,735 160,000 Reserves, including Federal taxes Net $2,150,735 X This consolidation embraces income Number Seventy-seven Oil Co., Number One Oil Co., Ranger Texas Oil Co., Dominion Oil Co., Texas Chief Oil Co., Corona Oil Co., and includes subsidiary companies, proportionate Interests in earnings and expenses of Veters Oil Co., the entire capital stock of which is owned by Middle States Oil Corp. and subsidiaries. The consolidated balance sheet Dec. 31 1921 gives capital assets and investments as $67,790,141: ca.sh, $392,954: accounts receivable (chiefly oil runs not collected), $1,299,416: bills receivable, $167,849; oil on hard at market price, $220,000, and warehouse material^and equipment, $282,000, making total assets of $70,152,361, an increase of $17,720,421 over 1920, with liabilities as follows; Middle States stock outstanding. $14,7,50,000; subsidiary slocks not owned, $1,426,931; accounts payable, $25,000; and reserves (incl. Fed. taxes), $160,000, leaving a con.solidated surplus of $53,790,430, the Middle States equity therein being $51,257,080. V. 114, p. 744, 635. — Middle West Utilities Co., Chicago.— .Vo^es Paid Off.— 1 paid off the last of its 3-year 6% Coll. gold notes The company March put out during the war to provide money for extensions to property. These notes originally aggregated $5,100,000 and were paid off as follows: July 1 1920, Sept. 1 1920, Nov. 1 1920, and Jan. 1 1921, 51,000,000 each: Sept. 1 1921, $800,000: March 1 1922, $300,000. With the retirement of the last of these notes, the company has no obligations maturing until March 1 1924, when a small issue of $2,496,000 5-year Convertible gold notes is to be paid. V. 114, p. 312. 7% Midwest Engine Co. — Reorganization Plan. — The reor- ganization committee (which is also the creditors' committee see below) has approved a plan and agreement of reorganization dated Jan. 9 1922 for the Midwest Engine Co. of Indiana and the Midwest Engine Co. of Delaware. Under the plan the Common stockholders of both companies and the Pref. "B" stockholders of the Indiana company receive nothing. Over 85% of the creditors have consented to the plan and a group of Indianapolis busine.5s men have subscribed for a substantial block of the new bonds and the stockholders' committee is endeavoring to raise the balance within the time set March 4. Data from Letter to Creditors of Midwest Engine Co. of Ind., Feb. 15. Conclusions Arrived at. The creditors' committee after investigation — — — has concluded (1) that it is no longer practicable to continue operations under the creditors' extension agreement of .June 27 1921. (2) That the extension agreement does not provide for adequate working capital. (3) That the bank creditors are justified in refusing further advances for working capital. (4) That unless a complete reorganization be consummated, introducing substantially $1,000,000 new working capital, it would be advisable to liquidate under a receivership. What the Plan Accomplishes. (a) It introduces about $1,000,000 cash working capital. (W It maintains the same relative position as to priority of lien of the several interest.s first mortgage bondholders, preferred creditors, general — — creditors and preferred stockholders, receive Preferred stock (par $i00) with interest to Dec. 27 1921. Creditor.-!' Committee. Howard S. Creditors will for the face value of their claims (c) — York; Mott, Chairman, V.-Pres. Irving John R. Washburn, V.-Pres. Continental & National Bank, New Conunercial National Bank, Chicago: Elmer W. Stout, V.-Pres. Fletcher American National Bank, Indianapolis; Homer McKee, Homer McKec Advertising Co., Indianapolis, and C. ly. A.smann, Cincinnati, with Oscar E. Stevens, Secretary, Indianapolis, and Morris, Plante & Saxe, 27 Pine St., New York, counsel. Irving National Bank, New York, and Fletcher Savings Depositaries. & Trust Co., Indianapolis. Data from Circular to Preferred Stockholders- — Two outstanding features are: general creditors, including general bank claims (aggregating over $4,000,000, but not including preferred bank claims), waive their prior rights over the present stoclcholders by accepting Preferred stock in satisfaction of their debts. Furthermore, the Preferred stock which the creditors receive will not have cumulative dividends for three years. (&) The previous owner of the majority stoclc of the present company is surrendering to the Preferred stockholders of the pre.sent company and to the providers of the new money the control of the company. The i)resont stockholders, to prevent creditors from foreclosing (which would mean the elimination of the stock of present stockholders) are asked to provide .?1 ,000,000 for treasury purposes, by purchasing that amount of First Refunding Mortgage bonds on the basis of not less than 35% of their pre.sent holdings, with which subscription they will receive a bonus of 50 shares of Common stock of the reorganized company for each $1 ,000 (a) All , of bonds mirchased. Preferred Stockholders' Committee. —Thomas T,aggart, W. J. Mooney, H. W. Griffith, Secretary. Data from Letter of President John G. Wood to Stockholders. The company operates two manufacturing plants, one at Indianapolis and one at Anderson, Ind. Products of the Indianapolis ])lant con.sist of a line of four sizes of engines for use in tractors, trucks, motor busses, &c. The Anderson plant manufactures a complete line of pumps and steam and Leo M. Rappaport. The leading product is the gasoline engine. Custotuers include Allis-Chalniers Mfg. Co., Bates M.achine & Tractor Co., Huber Mfg. Co., Lau.son Mfg. Co., Dill Tractor Mfg. <^o.. Service Motor Truck Co., American Motor Truck Co., Pittsburgh Motor Truck Co., Fifth Avenue Coach Co., Trackless Transportation Co., &c.: Swift & Co., Armour & Co., Libby, McNeill & Libby, &c.. &c. ^.^ turbines. plant a capacity of $1 ,000,000 per year. It is not expected that either plant will be running to full capacity during the next 12 months. However a reasonably favorable view of the situation leads us to believe that the combined plants should be doing a volume of business close to $5,000,000 for the next 12 months, with gross earnings of $680,000 and liquidation of $700,000 of inventories. Reorganization Plan Dated Jan. 9 1922. Neic Compami. A new corporation [Midwest Engine Corp ] is to be formed in Delaware (or such State as determined) to acquire the property assets and plant of the Midwest Engine Co. of Indiana, and all the assets of the Midwest Engine Co. of Delaware (e.fcept a claim against the Indiana corporation and the stock of the latter owned by the Delaware company) subject to $1,046,950 Prior Lien Mortgage bonds originally executed bv Atlas Engine Works in 1912. Capitalization of New Company. Ref. Mtge. bonds, payable in 15 years. Red. at 102H and int. Sinking fund of 25% of net earnings (after sinking fund for underlying bonds) accrues one year from date of issue .$3,000,000 7% Pref. (a, & d.) stock, cumulative after three years (par $100). Red. at 105 and div. Will have voting power and shall elect a majority of the directors until divs. on Pref. stock .shall have been paid for 2 successive years, when voting power shall cease 5,000,000 Co mon stock, no par value 125,000 shs. Table of Exchange. Outstanding Will Receive Existing Claims, Ac. (About). 7 7o Bonds. 7% Pf. Stock. Com. Shs. Creditors (extension notes 7% Middle States Oil Corp., N. Y. Armual Report. President P.. D. S.iklatvala, New York, Feb. 28, says in substance: — believe that the mmimum volume of business on all of our products that will be obtiiined during the coming yeir will amount, to $:i.500 000 on which the company would expect to realize a gross earning of .S'245 OOO' and would expect to liquidate $490,000 of inventories. The Indian ipolis p ant has a capacity amounting to $8,000,000 per year, and the Anderson — $631,541 $878,180 Balance, sm-plus Profit and loss surplus $2,470,994 $1,839,452 The balance sheet of Dec. 31 1921 shows Cash, $873,649, and inventories, $1,189,683: accounts payable, $203,285: p & 1. surplus, $2,470,994. The company has received an order for 5 consolidation locomotives from the "Clover Leaf" and an order from the B. C. & Q. for 8 heavy mounV. 113, p. 2727. tain locomotives. — [Vol. lU. m — A and B) $842,787 $842,787 Creditors (ext. notes C). b3, 921,223 Fletcher Am. Co. (claim) c86.273 Other cl.iims To be sold for cash MidwestCo.(Del.)oblig. $3,921,223 91,215 d309.664 x55.000 shs. yl5,646sh. e50,336 xl, 100,000 3,911,484 5,033,600 Preferred stockholders.- Total $13,795,367 a$l, 942,787 $4,322,102 zl20, 982 sh. a In addition $1,046,9,50 are reserved to retire a like amount of underlying bonds and the balance ($10,263) are held subject to corporate purposes. b Represents the face value plus interest of Series "C" Creditors' Extension notes (but does no include $2,894,614 Midwest Engine Co. of Del.). c Claim of Fletcher American Co. on note of Midwest Engine Co. of Del. endorsed by Midwest Co. of Indiana. d Of this amount $114,119 is reserved to be issued on deficiency of discounted paper by agreement between holders of said paper and reorganization committee and $195, .545 is reserved to be issued for claim of Group B noteholders, being notes formerly held by Merchants National Bank, now held by James A. Allison, trustee. e To be issued to the 43,143 outstanding Preferred shares (par $100) of Midwest Company of Del. and to the holders of Series A Pref. stock of Midwest Co. of Ind., being 7,680 .shares (par $100) less 487 shares held by the Delaware company, one share for each Preferred share. X For each $1,000 7% bond purchased 50 shares of Common stock will be issued as a bonus. y To be issued on account of indorsement by and obligations of Midwest Engine Co. of Del. totaling about $3,911,484, to the holders thereof, one share for each $250 of such indorsement. z The remaining 4,018 shares of no par value stock may be issued, used, sold or otherwise disposed of, for acquisition of property, for services, rendered or to be rendered, or for other corporate purposes, including compensation of management, creditors' committee or reorganization committee, in such manner and upon such terms as the reorganization committee may see fit. Approximate Balance Sheet Based on Statement of Nov. 1 1921. [Miawest Engine Company of Indiana] . Prior to Reorg. S Assets — Cash 12,380 65,812 341,566 Notes receivable,. Accts. rec, less res. Securities owned.. Prior to Reorg. After Reorg. S 1,025,976 LlabUUies— Accts., notes 1,.342 $ S ac- 175,516 139,251 Accrued taxes, &c. First Mtee. bonds. 1,046,950 175,516 139,251 1,046,950 1,942,897 ceptances pay'le 44,904 261,772 33, .342 Inventories 2,814,022 Prepaid expense,. 128,685 Designs & paten ts. 2,006,438 Realest., lessdepr. 5,096,722 & After Reorg. 1,908,239 76,845 2,006,438 5,096,722 ReJ. Mtse. bonds. Creditors' claims. -x8, 175,287 Pref. stock "A",.. 768.0001 4,322,102 972.400/ Prer. stock "B"... Common (See a) stock,,. 1,500.000 Total (ea. side). 10,466,969 10,454,239 Profit and loss. .def 2,310,435 2,827,523 a Common stock, nopar val., 125.000 shires (see table of exchange above) X Creditors' extension notes. Series A and B with interest to Dec. 27 1921. approximately $842,787; Creditors' Extension notes. .Series C (incl. $2,894,614 held by Delaware Co.) wth int. to Dec. 27 1921, approx. $6,931,621: other claims with interest to Dec. 27 1921, approximately $400,879. Compare v. Ill, p. 1188, 195. • National Tranist Co. — Extra Dividend of 4%. % An extra dividend of 4 has been declared on the outstanding $0,362,500 Capital stock, p<ar $12 50. pavable March 15 to holders of record Feb. 28. A dividend of 4% was paid extra in Dec last; in Sept 1921 and Sept. 1920. S*^; each were paid extra: in March and June last, and in March and June 1920 extras of 4% each were paid: and in Dec. 1920, 6%.— V. 113, p. 2318. New York Shipbuilding Corp. Results for Calendar Years— Net profit from operations Other income credits — Annual Report. — 1921. 1920. $4,733,723 165,948 $4,899,672 Gross income Pro-si.siou for claims Amortization of plant property Federal income and profits ta.^es.x Loss on sale of investments Miscellaneous. $4,321,417 77,342 $4,398,759 14o.o59 .$3,223,395 $1,040,000 .$443,000 1,943,387 ^ l^iH^o,, $3.077,8.36 $2-40.881 966. .593 }^'?-815 o35,297 ..... 394,851 309.382 466,725 486, .501 $2,155,96i $1,007,432 600,000 .$2,853,111 $2.003,3.56 $2,046. .560 800,000 $^,395,403 800,000 .$1.246. .560 $1,595,403 4.218,078 2,6;.'2,676 $467,432 2,155,243 xS5,464,638 $4,218,078 $2,622,676 Total Net incomo.III.I IIII.I Dividends declared and paid Sui-plus for the year. Pre'i'ious surplus . Surplus Dec. 31 X Subject to liability for Federal income and profits taxes accrued to Dec. 31. Federal taxes paid have boon applied against the year in which thev accrued; previous statements showed the charge in the year in which V. 113, p. 2191. the" taxes were paid. — North American Co. — Dividend Increased. — issued the following statement regarding the dividend declared on the Common stock on Feb. 28; "The dividend on the Common payable on Apr. 1. stock declared Feb. 28 was a quarterly dividend of 2 'i of which 1!^% is payable in cash and 1% in Preferred stock. The 1% payable in Preferred stock was not an extra dividend and the company expects to maintain dividends on its Common stock at the rate of at least 2yt% quarterly in the future." ,,,,~. , „i. The companv in Oct. 1921 and in Jan. last paid divndends of 1 )^% each This compares mth di\-idends paid at tne in cash on the Common stock. quarterly) from 1910 to July 1921, incl., on rate of 5% per annum (1 1 n IVV\ '.-•"). s'cyl-- - V 1 _ the old emir ^^ ^ The companv % . H% 1 1 1 Old Dominion Co., Maine. — Consolidation. — . ' • '! steps have been taken with a view to effecting a consolidation of the Old Dominion, Arizona Commercial, Superior & Boston and Iron Cap Copper companies. A director and one of the Larger stockholders of Superior & Boston has suggested in writing to the heads of the companies in question the advisability of a merger of all these properties, which lie contiguous to ne another in" the Globe district of jVrizona. Negotiations thus far have ot assumed any tangible form, but the parties in interest have all^ac- Mauoh THE CHKONICLE 4 1922.] and also (e) prof It and loss deficit. $4,422,165. against $4,641.546 surplus on Doc. 31 1920. Walter G. Kimball. Vice-President of the Columbia Trust Co., has been elected a director. V. 113, p. 2S27. kaowledKod that they are opon to such a proposition, provided an equitable $1.2,50.000; In effect. If a consolidation results the tnerRed basis could 1)0 work-ed out entity would have the facilities for a production of about GO.OOO.OOO pounds ("Boston News Bureau" March 1) V. 113. p 542. of copper a year. — — Trustee — Bonds. — Old Dominion Garment Co., Inc. airreeThe Irving National Bank has been appointed trustee under an Debenment coverUiK an issue of $7.i0.000 H'7o 10- Year .Sinking Fund Gold Circuit, Inc. Earnings. $3,391. 9i8 5.580 1.642.721 $598,402 $1,168,657 - def. 113, p. 2511. 575.000 to stock dividend declared last December. Common stock shares are now being mailed to all certificates and warrants for fractional stockholders of record Dec. 31 1921, in payment of the extra 2% Common stock dividend (compare V. 113, p. 2623). V. 114, p. 636. 2% — Penn Central Light & Power Larger Dividend. Co. — declared a quarterly dividend oif 81 per share on the outstanding 32 .000 shares of Preference stock, no par value, payable April 1 as registered Mar. 10. This compares with 90c. per share paid quarterly from April 1 1921 to Jan. 2 1922 incl. on the Pref. shares. V. 114, p. 745. The companv has — — Pennock Oil Co. Resumes Dividends. The company has declared a dividend of 4%. payable in quarterly installments of 1<^ each, on March 31, June 30, Sept 30, and Dec 30 to holders of record March 15, June 15. Sept 15. and Dec. 15. respectively. This is the first dividend on this issue since Nov. 1919, when the company made a distribution of 2H %. V. 113, p. 2319. — — John Stock Offered. offering at 100 and div. Cumulative Pref. (a. &. d) Pennsylvania Edison Co. Niekerson, Jr., New York are Pref. par value) stock. Divs. $8 per annum, payable Q. -J. (see ad vg. pages). Data from Letter of President W. S. Barstow, Feb. 1 1922. "Company Incorporated in Pennsylvania June 22 1921 and acquired 13, .500 shares (no — by merger the properties, franchises. &c — Co. Earnings. — Calendar Years— 1921. 1920. 1919. 1918. Gross earnings... $795,312 $1,645,483 $1,.379.788 $1,023.,576 Net earnings 306.786 940.885 461.594 727,933 Surplus after dividends. 162.177 125.705 79.319 110. ,599 The balance sheet as of Dec. 31 shows cash, $127,597; inventories, $107,256: accounts and bills receivable, .$62,164: Liberty bonds, (at cost) .$60,700; bills and accounts payable, $306,549; totalp. & 1. surplus Dec. 31, $302,463. V. 113. p. 300. — — Pacific Gas & Electric Co. Stock Dividend. The company has secured authority from the California RR. Comm. distribute the & Gas Pittsburgh Oil S889.144 104.000 Balance surplus.. —V. 1920. $ir>.,">6i.814 15.791 1.367.755 Taxes Minority interest Dividends Action Postponed. Div. directors have postponed resumption of dividends on the Cla.ss "A" Cumulative stock until May. at which time, it Is understood, favorable action will be taken by the bo.ard to restore the stock to a $1 per annum basis. The company in August 1020 paid an initial dividend at the rate of $4 per annum, covering accrued dividends to June 1 1920; none since. V. 114. p. 313. — 1921. $13. 30."). 971 Total income Net earnings after depreciation, etc Wiggly Srores, Inc. Pigerly The ture bonds: also as agent of voting trustees under a voting trust agreement covering the deposit of 40.000 shares of capital stock. Orpheum 956 of the Pennsylvania Utilities Co. System comprises an extensive system for the generation and distribution of electric light and power in Easton. Nazareth. Stroudsburg. Pa Phillipsburg. N J and 14 other communities: gas manufacturing and distribution svstems for syppljing Easton, Nazareth, Pa.. Phillipsburg. N. J and suburbs, and a steam heat system in the business section of Easton. Gas business established in 1850. Population about 100,000. Main generating station located in Ea.ston, capacity. 23. .500 k. w.: an Porto Rican-Amerlcan Tobacco Co. Calendar Years— 1921. Annual 1920. Net income... ..a$2,392.363 Income & exc. prof. tax. Report. bS998.948 — 1918. 1919. C$137,934 $910,933 202,554 (6)298.612 (13)593.228 Dividends (3%)149,306 (12)597,224 Int. on bonds, scrip, &c. 312,032 Bal.. sur. or def.-.def.$2. 8.53.701 sur. $401, 724def.S160.078sur.$115, 151 Profit & lo.ss surplus d$399.042 Sl.959.343 $1,557,619 $1,718,297 a Loss for the year, incl. writing do\vn of inventories. b Net profits after deducting all charges and expenses of operations and providing for income and excess profits taxes. c Net income for 1919 very small because of strike in Porto Rico. d After adding capital adjustment effected through partial re-appraise- ment of good- will, brands. &c. The dividends above include scrip payments as follows: 1921, 3%; 1920. 12%; 1919. 6%: 1918, 9%.— V. 113, p. 1896. Procter & Gamble Co. N^otes Paid. The $5,000,000 ~% notes due March 1 were p,aid off at office of the Guarantee Trust Co. of New York. This leaves S5.000.000 due March 1 — 1923 still outstanding of an original issue of $25.000.000. Public Service Co. of Northern Results for Calendar Years — 1921. Total operating revenue Oper expenses & deprec Taxes and uncoil, rev — V. Illinois. 113, p. 845. Earnings. — 1919. 1920. $12,213,315 $11,415,087 7,930.826 7,633.997 718,620 466,662 $9,086,226 5,560,783 347,188 $3,563,869 466,151 $3,314,428 234,853 $3,178,255 239,687 $4,030,020 2,450.484 518.817 785.457 S3. 549. 281 2,183.505 464.770 781.139 $3,417,942 2,071,736 455.280 781.191 $275,262 $119,867 $109,735 . (V 112.P 2757) Net operating income Other income . . . additional unit of 10.000 k. w. capacity will be installed during 1922. Three hydro-electric plants located at Stroudsburg, Pa Columbia. J., and Easton. Pa, aggregate 2.020 k. w capacity. Transmission system about 109 miles in length, operated at 33.000 and 11.000 volts. Generating Water ^as plants located in flants produced 80.285.253 k w h in 1921. aston and Nazareth. Pa distribution system comprises SO miles of high and low pressure mains. 3 holders with a joint storage capacity of 647,000 cu. ft. Gas sales in 1921, 271.6.57,200 cu. ft. Capitalization after this Financing Authorized. OutstandingCommon stock (no par) (owned by Metropolitan Edison Co ... 30.000sh. 25.1603-7sh. Preferred stock (no par) 14.777 sh. 30,000sh. N , Total income Interest charges. &c Preferred dividends. Common — — Pure Oil Co. Production of Casinghead Gasoline. The company's production of casinghead gasoline in Jan. was : — dividends Surplus V. 112, p. 939. gallons, an average of 61.640 gallons a day. This gallons, or 13% over Dec. last, when production 1.849.194 was an increase of 217.138 was 1.632.056 gallons, an average of 54,000 gallons a day. In Jan. 1921 the output of casinghead gasoline was 1,378,513 gallons.— V. 114, p. 637. ) Subsidiary Gas Companies' bonds x $755,000 Ist Mtge bonds April 1 1946 $50,000,000 y4. 182.900 10-year secured notes (closed) 1.050.000 X None of the authorized but unissued bonds will be sold to public. y In addition $211,600 are held alive in Sinking Fund and $163,000 are in the Treasurj-. Of the outstanding amount $3,760,900 bear 5% and 6% $422,000 Interest Earnir^s Twelve Months Ended Dec. 31. 1921 1920 1919. Gross earnings (Incl. other Income) $2,465,089 $2,313,135 $1,835,101 Oper exp (maint., deprec., rentals, & taxes) 1,723.479 1,759,113 1,271.122 Net Income $741,609 $554,022 $563,978 Fixed charges 372,.'J90 Balance available for divs. &c $369,219 , —V. 114, p 860 Pennsylvania Water The Mt«e. I'r (ui.sh. and the proImprovements and bettcrraent.s of the property. iDunt of said bond* listed Feb. 25 $10.039, 000. n i..ns. maV i, - 1 ^. il • Phillips-Jones Corp. tl,. f/.r H.il.-, r.n.iilliL; ..Ir f-Jnrning/!. ,..,,Hi,(r n..<- -^l — 10>1 .vrri- 'ciOA'' *1 prof grOSS ttion anil de- r duf-: T Cash. $612,231: .706: manufactun-d raw m.iU-rlal and supplier. .rits payable. $707,708; sur,• aero ; . Koti' $1.1 plu.t, ^ 1 I . '.i.'jZ'l - V 1 I .1. p I s'M., . . •^.J, Phillips Petroleum Co,, Bartlesville, Okla. Eamingn.f'eriod d'.tJl) i^tQunr. :irtniiar. Vr/ir 1021 'J'l (Junr. MhQuar. — • Net . earnlnK-i...$91.3.,3.36 a After all »8.VJ.20.> eiixinvsi. taxct $779,014 and accru'^l IntoroMt. $1,375,377 — V. $.'J.947.'J.)3 114, p. 745. Pierce-Arrow Motor Car Co. —Ann. Report —Director. Calmdnr Yean — 1921. Not stated. Gro«i^ lalf-" Nm j pn)flt .ri l'mH$l. 810.408 Ion ti, 2.210.87.'; ' - »r f>p« " 'n^' 1.) Ex<i-«.i 11 ir pn.nis 1920. Not itut«d. - Not (Utod. $41.3M.1UI x$1.987.688 S3. 161. 122 been organized and has expressed willingness to co-operate with the representatives of the note ana stockholders. Separate committees are being organized to represent each class of stock. The supplement, dated Fob. 15 1922. to plan and deposit agreement of Wt Oct. 31 1021. states in brief: The commit (ce constituted by the plan and deposit agreement dated Oct. 31 1921 shall represent hereafter the holders of the notes alone. •«" .\ny holders of voting trust certificates for I'rcforrcd and (or) Common stock issued under voting trust agreement dated Nov. 1 1921 may at any time witlidraw fn)ni the plan and agreement upon the surrender of his voting trust rcrt ificatrs. It Is further provided that if notice Is not given of a plan of extension or roorganiziitlon or If the original j)lan is siipplenicntcd is not abiiiuloncd by the committee i)rinr to the expiration of IK montlis rn)m Feb. 15 1922. the plan and rleposii agreement, as supplemented, shall terminate automatically f t)ii .Nug. 15 1023. and not before. mil Commillrr. The conimltli><) which shall now represent the noles only (', King, with li. CI. consl.sts of M. N. Iliiclincr. C'. IJ. ('anipl>ell and I';. I'uge. Sec. 10 Wall .St.. N. Y. City. Hroed, Al)lH)tt & Morgan. 32 Lllwrtv .St.. N. V. f'lly. cfinnsel. Hankers Trust Co., dejiosltary; First Trust &, .SavlngH Hank. Chicago. muI> driio.>itary. The voting trustc<'s named In the voting trust nprc<'ni('iit dat<>d Nov. I 1921 have modified the voting Irtist agn'rnient to conform to the provisions of the Rupplement iComparo original plan. &c.. In V. 113. p. 2319. 1990.)- V. 11:J. p. L'«25. — $4,273,172 — Diviilnid Ivrrrnfr,!. (R. J.) Reynolds Tobacco Co. DIvldcndH of 75c per Hhare i^ have been decl.irod both on the Common and (;laitii"U" ('oniMKiii stix'k. par $2,5, nayable April to IioUIith of record March 15 Qu>irl4Tly dlNtributloiiH of 2%i each have boon mudu on thoae iwueH from Oct 1020 to Jan 1922 Incl —V. 1 14, p 313. '',',,) 1 4.11/7,022 2M.000 600,000 St. 1.200,000 'I'Ihi , ' i*...defM.2M,396 •^••i f 1.737.688 t2.M1.122 216.886 /I0,200 $3,073,172 ^ "oa \ llft.044 J 10 5 Maurice Paper Co. n!i.f.Mrr> :''i0 ri<<'oril Corp. A'"!'" mi ' — Fli'ctrlr liiTi" .lollic I \i ...... < ,4r',"" '••'. ..urp f'n- - ,1 ... roar.diTM.Mn.?!! It I.I l'revlou« (4.irplu* Total p. * I $M>7 , •' 4,MI,6<I6 ^'irp « Afipr tii.iUlMu MM.'' 10.-, (ir. ^ 3.671.' . 1 1 I. Ji. Sfi.irn, dp(irr<'liii|>in i.f of I 1 of 5 000. proniiMiory nottw. ixi \ MiKiil 1 1 :>,''). .SI. I. Roflhuck Si Co., Chlc.nco. -Frhruiiry SalcH.— nmiiinr. J Af(M i9'2l. 11.730 t29.<lUl. 065 $2.UtlU.33A !> t».VII..Mr, ' 1,0 nrliig <'o. A- . Bttl March linN Mild (lie entire XriMH >V Tool Co. of ('hlcopno IMN ( oip. |iir » I'ouNidi'i'iil ion of $1 .MKI.IHHI. v uti tli« liUHlneoM of iiianiifiici iirliig NiMirtlnii iif >rirn|>nii Comm/iii tllvldnnd paid. -Diviilrml Dulr.-- dix-larcd la«t week, will be pnynblo Marcli 4. Oojnparo V. 114, |). HOI. qii.irt4'rly illvlrlend, to liold'TH of .frotui •'' Plan such plan and deix>sit agreement as so supplemented unless they exercise their right of withdrawal within 20 days from date of notice (Feb. 28 1922]. Holders of voting trust certificates may withdraw at any time. The holders of more than 75%. of the First Mtpe. notes have deposited their notes or assented to the plan and deposit agreement dated Oct. 31 Further deposits of noles under the deposit agreement as supple>1921. mented will ba received until March 20 1922. The conunitlce. however, has made no arrangement for the payment of the coupons which matured Nov. 1 1921. appertaining to undeposited notes which are not deposited on or Inifore March 10 1922. A committee representing the unsecured creditors of the company has .ii\<X lnrr,mo taxesi to . 1918. 1919. Supplement — — Deposit Agreement Separate Committees for Slocks, Credr itors and Serial Noles. The committee, of which Mortimer N. Buckner is Chairman, has supplemented the plan and deposit agreement dated Oct. 31 1921. relating to First Mtge. & Coll. Trust 7', Serial gold notes. Preferred stock and Common slock. An announcement says in brief: Holders of certificates of deposit for notes will be irrevocably bound by I M — Listing. $245,000 additional First Fund ceicl V. Co. Exchitnge on Feb. 25 listed gold bonds, reponwl sold for k-' .'i & Power Republic Motor Truck Co., Inc. an 2911 i- tl.. ' 1 '•<• "••f' 'M 31 1021 pihowii in;"'!, Tiii. lotJil nmHiln of i-,.i.,.i..« wiih I:; I..V»') :'. ..liM,... , ! I Sonoc.a AKalnat $1,201 .r,38; (e) I'rcf»Tr«?<J •tork. !|10.<KKi fKK!. 'di < o'mnuin bUmI:. Copper Corp. Stork - fhrertnr.t . Iv iiiinoiini'i d itiiil till' ronipiinv lian cotiipleled llm MiloTnf "f no iinr viiliiK Hlork lit $1(1 n fiiiri', niid lliiil |iHyiii<'til hn* Tlioro nrn tw^'ii iiiKi" III mil. I'IiIk Ikkiiii niiN mil li<irl»-d In Jiiiki 1921. iiulliorl/«'(l and oiiiiiiniidlMg ;Uiii.<,'(NI klinrra of nu par vuluo mock, of V U.tl.Oi' It miw . THE CHKONICLE 956 which 25,000 sbaras have been reserved for the conversion of $500,000 Convertible »% Debenture bonds due in 1925. R. M. Atwater Jr. of Ladenbarg, Thalmann & Co.; Robert Linton, President of the North Butte Mining Co., and George A. Tomlinson of Cleveland, Ohio, have been elected directors, succeeding Frederick Lewisohn, HamUton Fish Jr. and E. C. Westervelt. V. 114, p. 6.30, 417. — — Reported New Financing. Sinclair Consol. Oil Corp. diiicussing with bankers an issue It is reported that the company — of i.s $30,000,000 or more of loner-term bond,s. the proceeds to be used for retirement of approximately $45,000,000 convertible 7-2% notes, due May 19 1925. Official announcement of details of the transaction .ire expected in a few days.— V. 114, p. 313. — — Sloss-Sheffield Steel & Iron Co. Defers Dividend. The directors on Mar. 2 decided to defer action on the regular quarterly % usually paid Apr. 7% non-cumul. Preferred stock. An official statement says in substance: "The directors, in view of the existing situation in the pig iron market, decided it was in the interest of the dividend of Ji 1 1 on the company to conserve its cash resources and accordingly decided not to take V. 113, p. 858. action on the Preferred dividend at this time," — Southern California Edison Co. Against City's Power Bond Issue. — — Second 872.— V. 114. p. 861. Southern Counties Gas Co. — Bonds Offered. — & — Standard Gas & Electric Co. Bonds SoId.~ll. M. Byllesby & Co., Inc., Hambletou & Co. and Federal Securities Corp. have sold at 95 and int., to yield over 7.50%, $3,000,000 Conv. Secured 7% Gold bonds'. Dated Mar. 1 1922. Due Mar. 1 1937. Callable all or part at any time upon 30 days' notice. Int. payable M. & S. New York and Chicago without deduction for normal Federal income Penna. 4-mill tax refunded. Chase National tax not in excass of 2%. Bank, New York, trustee. Denom. .fl.OOO. $.500 nad $100 (c*). before maturity at 105 and int. in Data from Letter of Vice=President A. Company. — Company and its Huey, Chicago, Feb. S. 27. operated utility companies comprise one of the large public utility organizations in the United States, embracing the Operated operating, management and engineering of utility properties. companies furnish service for 578 communities with a population of- 2,250,000 in 16 States. Utility service is 70.2% electric light and power, 23.2% Company owns $9.gas, 3.7% street railway, and 2.9% miscellaneous. 665,000 bonds and notes, $16,476,000 Preferred stock, $26,664,700 par value and 294.571 shares no par value Common stock. Holdings include a controlling interest in Shaffer Oil & Refining Co. Purpose. Proceeds of this issue, together with funds already provided, will be used to retire $5,000,000 Mis.sissippi Valley Gas & Electric Co. Coll. Trust 5s, due May 1 1922. Secured by pledge of $4,500,000 Pref. stock and $2,500,000 Security. Common stock of Louisville Gas & Electric Co. (now pledged as collateral for the Mississippi company's bon'ls) $1,200,000 Common stock of Northern States Power Co., and $500,000 notes of public utility companies in which company has large interests. AuDiorized. Outslandinq Capitalizotion after This Financino Closed $3,000,000 Conv. Secured 7% gold bonds (this issue) 1 '41 Closed 3,4.50.200 Secured 7}^% Sinking Fund bonds due Sept. .$.30,000,000 6.291.000 Convertible 0% bonds, due Dec. 1 1926 Closed Notes, due Oct. 1 1935 15,000,000 6% Gold 887.200 15,000,000 7% Gold Notes, due Nov. 1 1941 30,000,000 12,379,850 8% Cumulative Preferred stock 15,000.000 10,600,000 Common stock. Earnings for Twelve Months Ended Dec. 31 1921. Gross revenue (not including earnings retained by operated com$3,892,200 panies for reserves and undistributed surplus 68,556 General espen.ses and taxes — — , — $3,823,645 Net revenue $846,225 Annual interest charges on $12,741,200 secured fimded debt The bonds may on 10 days' written notice to the trustee Convertibility be converted into 8% Cumul. Pref. stock on basis of $1,000 bond receiving $50 cash anil $1,000 8% Cumul. Pref. stock. Sinking Fund. A sinking fund paj^able quarterly shall begin June 1 1922 and for the first two years shall amount to $100, OOO per annum: commencing with the quarterly payment due June 1 1924 such payments shall be in amounts equal to one-quarter of 3% of the bonds outstanding on the respective dates of payment. -V. 114, p. 530. — — — — — Standard Milling Co. Listing. The New York Stock Exchange has authorized the listing of $50,000 additional 5% 1st Mtge, gold coupon bonds now outstanding, with author- add $1,400,000 additional on official notice, from time to time, of Issuance in exchange for an equal amount of 1st Mtge. gold bonds of HeckerJones-Jewell Milling Co., a subsidiary, making the total amount applied for $4,376,000.- V. 113, p. 1672. ity to Standard Oil Co. of Indiana. Calendar Years— 1921. — Earninqs, &c. — 1920. 1919. $23,2^H,348 $61,377,803 $34,604,416 $43,263,877 Fed. taxes-- 2,000,000 20,404,319 9.796,624 20,000.000 (16%)15,686, 123(28)9116,678(24)7200, 000(24)7200.000 Resra-ve for Surplus. $5,602,225 $31,856,806 $17,607,792 $16,063,877 Balance Sheet Dec. 31. 1920. 1921. Llahttilles— .$ S 14.202, .M5 Capital stock. -.107,380,455 1921. — Assets Real estate 15,747,182 Plant, less depr. 91,703,702 Personal prop'ty 7.187,942 Investments 76,972,671 6,170,321 In other cos 106.241,888 55,326.798 36,069,220 72,093,143 8.836, 0.'SB 14.3.'J0,1S8 Becur.&lnvest'ta 12,043,835 9,588,434 13,574.106 4,136,464 .305,675,841 —Total p. .2828 V. 113. P'irst Accta. receivable Cash Standard Steel Car Co. Mortgage bonds 110,500 Accts. payable. 24,123,057 Reserves 14,469.205 Capital li.ibllitie.s 16,.389,9I3 Capital surplus- 50,995.493 Surplus 92.227,218 237,634,658 Merchandlae 5% Total. 1920. S 88,038,313 184,000 13,177,215 20,404,319 29.2b5.826 86,624,991 305,675,841 237,6.34.658 — To Increase Capital. — — Studebaker Corp. of America. We Made — 1921 Banner Year. — 1021 Our Banner Year," I'resident A. R, Erskine has an article in the .lanuary issue of the "Dodge Idea." See also Boston "News Biu-eau" Feb. 13.— V. 114, p. 206. Temtor Corn & Fruit Products Co. — — Protective Com.. In view of the appointment of a receiver (V. 114. p 851) the committee u.amed below have agreed to act as a protective ronimittee in the interests of all holders of the Class A stock who shall deposit their shares with the committee. Stock certificates, duly endorsed, may be forwarded to any of the following depositaries: Bankers Trust Co 16 Wall St., New York: Central Trust Co of Illinois, 125 We.st Monroe St Chicago. 111.; Mlssi,'^ sippi Valley Trust Co and International Trust Co., Denver. St Louis: Committee. Samuel L Fuller, Chairman. Ki.ssel, Kiunicutt & Co New York; Paul H Davis, Paul H. Davis & Co Chicago, III Hume Lewis, Boettchor, Porter & Co Denver, Colo.; Harry Potter, Potter, Kaufman & Co St. Louis, Mo with G. E. Hendee, Sec 14 Wall St and Shearman & Btorllng, Counsel. 55 WaUSt .N. Y. City.— V. 114. p 861. , , — , , , ; , , , , — Tobacco Products Corp. — Annual Report. — Calendar Years — 1921. 1920. Net income-a $2,148,431 Pref. dividends (7%).-. 560,000 Common di vs. do do (3%)527,916 (cash) (scrip)--(6%)l,127,703 Balance, surplus Previous surplus Exc. prof, tax prev. year 1918. 1919. $2,023,882 560,000 (3)546,000 $2,072,886 $3,276,283 .560,000 566,016 " ^ (3).527. 948(1 J^)240,000 (3)527,948(4.^)720,000 .$460,728 $389,966 2,662,620 181.370 435,000 2,536,595 263,941 $456,989 3,393,188 1.313,583 $1,760,267 3,361,533 128,611 Total p. &1. surplus.- $2,506,978 Div. paid in Com. stock Jan. 15 1919 (10%)-- $2,662,620 $2,536,595 $4,993,188 re.serve 1,600,000 Final surplus Dec. 31.-- $2,506,978 .$2,662,620 $2,536,595 $3,393,188 a No reserve has been set up for Federal taxes for 1921 or 1920. The balance sheet Dec. 31 1921 shows: Cash, $1,732,838: bills and accounts receivable, .$902,983: bills and accounts payable, $1,916,249; surplus, $2,506,978.— V. 114, p. 313. — — Union Oil Co. (Calif.). Union Oil Associates. The Union Oil iVssociates, consisting of largo (California) stockholders who are desirous to create the Union Oil Co. of California Holding Co.. in order that the latter may control a majority of the st«ck and keep control of the company in California, in a letter to the stockholders states that the Holding Company committee now has signed agreements and written and verbal pledges from more than 700 stoclcholders, committing more than 40% of all the outstanding stock of Union Oil Co. of California to the Holding Company, but desires to immediatel}' increase this percentage to 50% The circular letter says: "The Holding Company movement is purely mutual. -\11 who enter it are on exactly the same basis: there is no controlling or dominating personal influence in it. The Holding Company's watch- over . wordsare: 'Preserve Union Oil Co. of California as a California institution'. "The Holding Company's articles of incorporation will contain in substance the following: 'No sale or other disposal can at any time be made of the shares of the Union Oil Co. of California owned by the Holding Company except en bloc and uiwn written assent of the holders of or vote represent-ing two-thirds of the out.standing stock of the Holding Company." " — — V. 114, p. 733. Union Oil Co. (of Del.). —Present Status of Company, &c. —Vice-Pres. William H. Allen a to the stockholders in letter Feb. 15 says: The stockholders Nov. 17 1921 ratified and approved the execution of the contract between Anglo-Saxon Petroleum Co.. Ltd., and Union Oil Co., dated Oct. 19 1921, providing for the consolidation of certain of the properties of both corporations (V. 113, p. 2193). Similar action in respect to the execution of this contract had previously been taken by the stockholders of Anglo-Saxon Petroleum Co., Ltd. On Feb. 8 1922, in accordance with the terms of the consolidation contract. "Shell Union Oil Corp." was incorporated in Delaware, with an authorized capital stock of 10,000,000 shares of no par value, which corporation has since acquired all of the property and assets which it was agreed should be acquired by it under the consolidation contract, and. also as provided in said contract, has Issued 8,000.000 shares of its non-par value stock, of which 5,760,000 shares have been issued to Anglo-Saxon Petroleum Co.. Ltd., and its nominees, and 2.240,000 shares have been i.s.sued to Union Oil Co. In addition to the issue of said shares of stock to Union Oil Co.. there has been paid to Union Oil Co. by Shell Union Oil Corp. the .sum of $1,3,52.117 50 and Shell Union Oil Corp. has agreed to pay to Union Oil Co. as soon as certain audits are completed the balance of the cash payable under the consolidation contract, wliich Is estimated to be approximately $250,000. Assets of Union Oil Co. at Present Time (Feb. 15 1922). 2.240.000 shares of stock of Shell Union Oil Corp.: 171 shares of Prof, stock and 3.231 sha:-es of Common stock of Central Petroleum Co.: (3) Producing properties in West Virginia, average annual net income about $75,000: (4) Producing properties in Kentucky, average annual income about $8,000; Two 10.000 d. w. ton oil tankers; (5) (6) Cash, $632,800; (7) accounts receivable, $2.50,000. Union Oil Co. has a bank indebtedness of $3,5.50.000 and it is estimated will require approximately $1,500,000 to pay Federal taxes, the expenses of the consolidntion not chargeable to Shell Union Oil Corp., and airrent liabilities. This indebtedness it is planned to liquidate as soon as possible so that distribution may be made to stockholders of Union Oil Co. of the stock of Shell Union Oil Corp. which it holds. There are at the pre?ent time 1.389,288 shares of stock of Union Oil Co. issued and outstanding. [A balance sheet of Shell Union Oil Corp. is in pi^eparation and will be sent to the stockholders when available. 1 V. 114, p. 637. (1) (2) — — — New Officers. Robinson, former Chairman of the executive comuiiuee and J D. Tomfor the past year acting President, has been elected President. linson. Vice-President of the American-Hawaiian Steamship Co.. has been V. 112, p. 2650. elected Vice-President. R. H. Lines, Inc. M. . — — Guaranty— Report. — —„ — — Bondholders Food Products Corp. U. — Candv Stores, Inc. — Annual Report.— U. R. United Drug Co. See Liggett-Winchester-Ley Realty Corp. above. The annual report for 1921 is given on a precedmg page. S. See Distillers Securities Corp. above. ,,, .,o V. 114, p. 41». Active. V. 114, p. 637. S. George Wattley. Feb. 27, says in brief: "During the vear 1921 the company opened 14 additional stores and inAt Dec. 31 1921 thwe were in operastalled soda fountains in 14 stores. tion 37 retail stores (of which 17 are equipped with soda fountams). "Net sales of the retail stores and the wholesale sales of the factories toTreasiu-er Pittsburgh press dispatches state that the stockholders will vote May 2 on increasing the capital stock from $5,000,000 to $.50,000,000. The purposes of the big increase in the capital are not stated. V. 112, p. 2544. Under the caption "How — Acquisition. — of the Mobile Shipbuilding Co. Mobile, Ala., for the establishment of a new branch plant. This property of the Mobile Co. was sold by order of the U. S. District Court and pui^ chased for $128,500. By judicial sale of the U. S. District Court, enormous quantities of lumber, rail, metal and woodworking machinery, ship supplies, contractors' equipment, four units of ship-propelUng machinery, &c., &c of the Mobile Co. are to be sold at public auction by Pitzoatrick-Till Auction Co., Inc., on Mar. 13 to Mar. 18, incl. V. 113, p. 1049. United American 1918. Net earningb Dividends Todd Shipyards Corp. Filed Miller, Inc., and Blvth. Witter & Co.. San Francisco, are offering at 90 and int. to yield about (i,60% $400,000 20-year 5>A% 1st Sink. Fund Gold bonds of 1916, due May 1 1936.— V. 113, p. 1879. Mtgo. Girvin [Vol. 114. The company has acquired property Contingency Suit Another suit attacking the validity of Los Angeles' $13,500,000 bond issue for the purchase of the distributing system of the company was filed Feb. 15 in the Sui)erior Court by Edward Nittinger against the City of CSee "State and City Department" In last week's "Chronlios Angeles. icle," p. — . "Net earnings for the last quarter of 1921, after all charges, hicludlng taxes and depreciation, were $154,203. Consolidated Income Account Dec. 31 1921. $97,320 Net loss resulting from operations for year Reserve for doprec. $236,704: loss on adj. of inventories, _4rfd 1,009,432 total $549,958: adj. of good-wlU account, $222,770; — Total loss Deduct Profit on capital stock retired Surplus Dec. 31 1920... ^^•^9§'In? 46 ,594 — IG.S'l Deficit Doc. 31 1921 - — —V. 113, p. 1163. United Retail Stores Corp. ^Defers Dividend $1,043,288 Action. — directors Fob. 28 dofcrrtHl action on the quarterly dl^^idend dua April 1. The company in July, Oct. and Jan. la-st, paid dividends of $1 50 V. 114, p. 852per share each on all classes of Common stock. The — Virginia Western Power Co. The Central Trust Co. of (^hicago. — Bond Offering. — 111., are associated with the Chicag* & Ref. Mt«». <s. series A. Trust Co. in the offering of the SS 0,000 1st For details see V. 114, p. 861. _ _ , For other Investm New see Page 96T. • Marcu THE CHRONICLE 4 1922.] 957 %cpoxls and ^ocnmtnts. AMERICAN TELEPHONE & TELEGRAPH COMPANY ANNUAL REPORT OF THE DIRECTORS TO THE STOCKHOLDERS FOR THE TEAR ENDING DEC. New York. March 1, 1022. To the Stockholders: The .year ending Dec. 31. 1021 was a year which on review shows good progress in the things which we consider most constructive Our stock issne added materially to the strength of our financial structure. We approached more nearly to the abUity to fill promptly new applications for service. The quality of both exchange and toll service steadily improved. The efficiency of the whole operating force increased and l3 increasing. The development of the art of telephony by research Invention, and by their application to the construction oi)eration of plant, was exceptionally noteworthy. and and While our gross earnings did not show as great an increase as might have been exi)ected had general business been normal, our net earnings more than held their own. We increased and broadened our efforts to bring about a better and more sympathetic understanding of our policies, problems and practices by all of the elements making up the public which we serve. Our Associated Companies continued their presentation of cases in which revenues were inadequate and have in general been granted relief. Some cases are still pending. Upon the Bell Telephone Sy^em ^that is, upon this Company and its Associated Companies the country depends for one of its indispensable services. Xo other agency undertakes to give a nation-wide telephone service. The responsibility is upon us not only for the present but for the future of that service. We must provide the organization and the equipment to extend it to keep pace with the growth of the nation. Some utilities can give complete service to present users without extensions, but complete telephone service for present users involves the possibility of communication with — — new users. As the nation grows, therefore, the equipment must be extended, not only that people who want telephone service may have it, but that those having service may have complete service. Financial retralte of the business must l)e such as to attract a flow of capital to the enterprise adequate in amount to provide ample extensions in plant. Anything less must inevitably result in some degree of failure to give service. Home part of the capital for extensions may come througli the investment by the Company of its undivided profits and reserves, but the large part must come from the sale of bonds or other obligations and the issue of additional capital stock. The security for the bonds and Company's debts represented by Its otJier like olili^ntions is in its earning ixMvcr and in the proiMjrty Ix-hind these se<jurlties. Therefore, new money put into the Company by the shareholders and inTCHtf-d in earning itrojxTty Htreni^thens Its outstanding bonds and other like obligations, because it Increases both the earnings and the prop<;rty back of thera. Hound financing iiiv«<lv»'H a safe proportion between capital and debt, he recognition of this prlndph: In the financing of the IMl Hystem Ix-fore the war enabled the Company durlriic the war |>eriod, when eori<lltl<inH pni'tbally precluiled new sKx-k lusues, to finance Us exten.slons almost entirely by lmrea>«-K in debt. Ueturn to the established principle, pruwnted during r.»i;l the queMtlon of offering an 'i M'ldlllonal luMue of cupllul Mt*j<k to the KhareholderM. fnder the lawn of the State of .New York a new 31. 1021. stockholders' equity in the business and would certainly not be considered an excessive return. That rate had been earned with a margin for a number of .years and the prospects for the future were good. Due weight was given to the belief that the higher market price of the stock consequent upon a higher dividend rate, if fully justified by earnings, would react favorably in the cost of bond issues and other borrowings of the whole Bell System. The conclusion was that 0% should be established as the dividend rate. The event has justified the conclusion. An announcement was made at the annual meeting that the directors intended to make 0% the regular rate. This was followed May 10, 1021, by an offer of one share in five, making the total offering .$S0,810,.500. Of this amount $83,700,200 was subscribed and paid for by the shareholders. The balance unsubscribed, $6,020,300. was sold in the open market at an average price of $112.54 per share. During the year $15,123,000 in stock has been Issued in conversion of convertible bonds, making the total issued capital stock, Dec. 31, 1021, $548,185,300. FINANCIAL RESULTS. In previous reports to stockholders, the statement has several times been made that an actual appraisal conservatively made of the telephone properties of the Bell System companies would show values greatly in excess of the amount at which these properties are carried on the books. An example of what we believe to be fairly typical of all Bell System property, is an appraisal completed recently by engineers of a Public Utility Commission, covering approximately one-half of tlie property of one of the Associated Companies. In this case the Commission, after taking into consideration the average prices for labor and material during tlie past ten year.s, arrived at a reproduction cost of the property 23% in excess of the cost value of the property as carried upon the books of the company. A consideration of unit prices based on average prices for labor and material during the past five years, led to a figure 37% in excess of the book figures, while unit prices based on prices for labor and material during 1010, resulted in a figure 76% in excess of book figures. The investment of the Bell System in plant and equipment, including construction in progress, as carried on the books of the companies, as of Dec. 31, 1921, aggregates $1,560,000.000, but the true value of this investment as indicated in the preceding paragraph is much greater than its book cost. In 1021, the Associated Companies earned 5.2% on the book cost of their plant, which is con.siderably Ik'Iow what is considered by regulatory bodies and the i)ul)lic to be a fair return. Due, however, to the con.servative financial structure of the System, with this rate of return on the telejtlione proi)erty of its .\Ksociated Companies, tlie AuK'rican Telephone & Telegrai)li ('onii)any earned, including its equity in the undivided profits of the Associated Companies. 12.0% on its outstanding; stock. As all of the net profits of its .Vssociated Companies were not dlstiihuted to the Hl<M'kholders of those comitanles, your Company shows earnings for 1021 of 11. IM on The following abli' for its oulstiMnlltig caijital Ht(MJt. shows the earnings i)vr share avalldividends on the stock for each year since lOOt) 11)10 table tin :tt 10.01 I'.m, Mil. •1 sr, iMi:i •I IIM 'I . :,'M MM'.i .IS, I'lJII t . »H.77 ».AH 1M»7 10.05 11.72 11.10 Your <'ompnn.v has conKlHtenlly followed conservative and business policies during Its entire history. Depreriiitlon reserve.s have been aeeinnulaled and Invested In Ihi' biislneMs; In the aggregate more than $,IH,(KK).(XN» In Issue financial could not Ik- made at Ichh than i)ar. Obviously then to make •n IfMue mitct-HMtMl the dividend must he enough t(» make the Btfxk atlrartive a premium, but an.v «llvid«-nd rate mujrt apjH-al t«» the public an reaitonable It niUMt Im« earned with a fair margin and with n jtrosiMw-t of oonlimuinee. excess of m ; The Htoekhr)lderH' «sjiilly In fh<- buslneMs Mbare; $0 p<.r was about year per Mhnre wnn lew than .*»% $J(KI per uptm the piir hiiN iN'en piilil Into the treasury In eash by the HtockliolderH; at no lime have all of the net profits b«s>n {uiid out In dividends, but ii portion thereof has iM-en relaln<'<| In the liuslnt-HH iind ln\esle<| in proiM'ily. As a result of them- polieles. a financial MlnndhiK ban b4>4>n »««tabllHbe4J for the THE CHKONICLE 958 borrow part of the money rethe business through the sale of its bonds and Company which enabled it to quired in other interest-bearing securities at rates of interest well below the dividend rate. Furthermore, it is not necessary, in respect of a substantial part of the Company's assets, represented by the investment bf reserves and surplus, to pay either interest or dividends, thereby making it possible, even with relatively low telephone rates and a low rate of earnings on telephone property "used or useful" in the service of the public, to earn the dividend on your stock, with a margin for surplus. An understanding of these facts is fundamental to a correct understanding of the financial strength of your Company and the stability of its dividend rate. BELL TELEPHONE SECURITIES COMPANY. CVoi^ 114. chief executive position successively in three educational institutions and had specialized in economics, particularly in banking and taxation, has become its President. has the usual broad charter rights of an investment or company. The purpose of its organization was as stated. In the It securities services it may render for the benefit of this Company, by its charter rights. All of its stock will be limited only it is owned by your Company. PRINCIPAL CORPORATE CHANGES IN THE BELL SYSTEM DURING 1921. During the year the New England Telephone & Telegraph Company acquired the property of the Providence Telephone Company operating in the State of Rhode Island, of which company it previously owned all of the capital There is, relatively speaking, a widely distributed ownership of the Bell System. The savings of several hundred thousand men and women throughout the Union have contributed to the building of the System. There were at the end of 1921 more than 186,000 owners of stock of the American Telephone & Telegraph Company. Tliere are many other thousands of individuals who are financially interested through ownership of your Company's bonds and notes and through holdings of the securities of the Associated The Ohio Bell Telephone Company and The Ohio State Telephone Company merged into a new corporation retaining the name of The Ohio Bell Telephone Company. For Companies. many years We believe that a wide distribution of the securities of the System geographically and among individuals, is ad- vantageous both to the public and to the System. securities furnish The investments, yielding reasonable rates of return; with a wide financial foundation, better understandings and relationships result. Recent events have made it clear that there is a large volume of income which might be saved and applied to constructive development if many more people, especially those of small means, could be afforded the opportunity and incentive to save and to invest wisely. This view is emphasized by the result of the recent study which indicates that of an estimated national income in 1919 of $66,000,000,000 nearly 70% went to individuals who would not ordinarily be considered as possafe sible investors. It is our desire particularly to interest telephone users financially in the System. They can acquire stock of the American Telephone & Telegraph Company in the market and in some cases they can secure preferred stocks of the Associated Companies. We are inviting them to become partners in the business. This is more than a plan to lay wider financial foundations for the Bell System, to raise some of the money needed for extensions of the service, or to create better relationships. It will contribute to the promotion of national thrift, to the spread of a broader knowledge of investment, and to the development of machinery to assist investors. It will facilitate and strengthen the activities of all sound and helpful investment agencies. The nation is our customer. Whatever promotes the prosperity of the nation promotes our prosperity. The attainment of our object will require continuous, intelligently directed effort. We have felt the need of an organization whose functions should be to disseminate information about Bell System securities to the public, especially to Bell telephone subscribers, and when desired, to advise intending investors and to facilitate their transactions in our stocks and securities. The Boll Telephone System occupies a unique position, and one not generally understood, because it differs so widely in form of organization and in relation to the public and the investors, from other enterprises to vi^hich it might be expected to be similar. In the annual reports, which have grown to be vehicles of information to the public as well as to the stockholders, we have attempted to set forth the reasons why the structure of the System is what it is. what the relations of the parts are to each other, and all the other facts which should be available to present and prospective investors in the seBut the annual report is a periodcurities of the System. ical, while the history of the progressive utility must be a continuous story. No single issue of the report can tell the whole story without frequent repetition and continually increasing bulk. Therefore, with the conviction that it may, helpfully to the System, perform these services, we have organized the Bell Telephone Securities Company. Mr. D. F. Houston, who served in the Federal Government for eight years, first as Secretary of Agricultur.e and then as Secretary of the Treasury, and who before going to Washington had held the stock. The Ohio Bell Telephone Company acquired the property Ohio preriously owned and operated by the Chesapeake & Potomac Telephone Company of West Virginia. This transaction was a purely intra-system in the southeastern part of transaction. there has been Bell telephone service and nonBell telephone service generally throughout the State of Ohio, with the result that subscribers paid for two telephones to get full service or with one telephone got only partial That condition was satisfactory neither to the service. public nor to us, but in accordance with the Company's set forth in a letter to the Attorney-General of the United States under date of November 19 1913, and quoted in full in our annual report for 1913. it seemed to be commitment we were powerless to remedy. However, the Legislature of the State of Ohio memorialized the Congress of the United States asking for such legislation by Congress as would permit a unification of the serThis legislation was enacted, a merger completed and vice. a condition the unification is in progress. Of the present Ohio Bell Telephone Company, this Company owns all of the common stock and a majority of the preferred stock. TELEPHONE PLANT AND STATION DEVELOPMENT. During the past ten years, the investment in plant and equipment, including construction in progress, of the Bell System devoted to rendering telephone service has increased from $672,-500,000 to $1,569,000,000. or 133%, and as compared with the investment in 1900. the increase has been more than 750%. The chart appearing above [pamphlet report] shows the uniformity with which the several classes of plant have grown and gives evidence of the well balanced yearly construction programs which have governed this development. This growth has also proceeded steadily throughout all sections of the United States an indication of the gradually increasing dependence of the American people on the telephone as an indispensable necessity, both in social life and in the conduct of business. During the past five years this denumd for telephone facilities has been particularly heavv, resulting in net plant additions during 1921 costing more' than $180,000,000. The Bell System companies have at all times endeavored to meet the increasing demand for service with an adequate plant, including a margin of spare The scarcity of construction labor and materials facilities. during the latter years of the world war. together with the greatly increased demand for facilities, however, resulted in an unavoidable, although temporary, reduction of the normal margin of spare facilities, particularly cable plant and central office equipment in certain localities, but these margins are rapidly being restored and the necessary fundamental plant is being provided to meet all demands for — service. At the end of the year, there were over 13,380,000 owned and connected stations in the BeU System— nearly twoPractically any thirds of all the telephones in the world. one of these 13,380,000 telephones can be connected with any other telephone in the Bell System. During 1921 alone, the net gain in owned and connected telephones was 778,284 and, viewed from the standpoint of the value of the service to tlie u.ser, this means that from each telephone conne<'ted with the Bell System it was possible, at the end of 1921, to reach over three-quarters of a million more homes and places of business than at the beginning of the year. In 1JK)0 tliere was one Bell telephone station to every 90 people in the United States, at the end of 1921 there was one such station to every S people. The expansion of the telephone business in the United States since the beginning of the twentieth century, has March THE CHRONICLE 4 1922.] been verv much more rapid than either the growth in popuactivity lation or the growth in volume of general business During that period our population has inwhole. as a creased 45%, the volume of general business according to numthe best data available has expanded lOO'/c while the ber of telephones has grown from 1.350.000 to 14.000,000 an increase of 900%. This remarkable growth of the telephone business also bears eloquent witness of the worth of telephone service. American standards of service and equipment, perfected under a scheme of organization so constructed as to direct the progress of the industry along the most efficient business lines, have produced a development of that industry far superior to that in any other country in the world. Forty-five years after the invention of the telephone, Europe has only one telephone to each 100 of the populaWith only one-sixteenth of the population of the tion. world, the United States has two-thirds of the world's telephones. There are more telephones in New York City than In the whole of any foreign country, excepting only Great Britain and Germany. Chicago has more telephones than France. Spain and Portugal combined. The Bell System is adding as many new telephones each year as there are in all France. As for rural telephones, practically the only farm telephones in the world are in the United States, where the number is now over 2.-500,000. Elsewhere, this field of service has been almost wholly ne- 959 They are produced in quantities we specify in fire-proof buildings where every precaution is taken to insure continuity of production. They are of uniform standards so that the cost of maintenance and repairs is at a mmimum. The relation which has grown out of the contract and financial interest established in 1882 has therefore provided for the Bell Telephone System a controlled source of supply of the apparatus and material needed in the construction, maintenance and operation of its plant. The apparatus, designed especially for its requirements, can be specified by our engineers with regard only to efficiency and economy. There is ample protection as to patent rights, prices and continuity of supply. The expense of selling is eliminated. The use of apparatus is determined solely by its merit and there is afforded an opportunity for the greatest economy in the routines of purchase and distribution. The sales billed by the We.stern Electric Company during the year 1921 aggregated $189,800,000. of which $135,000,000 were to the Bell companies and $54,200,000 were to other customers. This is an increase over the previous year of 19% to Bell companies and a decrease of 41% to other customers. It fairly indicates, on the one hand, tlie activity of the telephone companies in providing additional plant and. on the other hand, the severe depression that characterized the electrical jobbiug business during 1921. nance of operation. The compan.v reduced glected. telephone plant and station development, afford substantial proof that the telephone service in the United States is the best and cheapest in the world. WESTERN ELECTRIC COMPAXT, I^'CORPORATED. In the very beginning of the business of giving telephone service over forty years ago it was foreseen by the management that in connection with the use of the telephone there would be developed many varieties of auxiliary and related apparatus and that unless this development was controlled the.se necessary devices would be likely to be produced by different manufacturers and patented by them, leaving the operating telephone companies in time at their mercy. To avert this danger, and as stated in the annual report of 1882 "to insure the highest standards." a combination was arranged of some of the manufacturers of that time into what became the Western Electric Company, of which The American Bell Telephone Company, our predecessor company, owned the control, and going beyond this. a contract was made between the companies through which the control fo patents, present and future, was vested in The American Bell Telephone Company. The contract also specified that the manufacturing company should sell to all licensees (the Associated Companies) at uniform prices which should not be unreasonable. There was no requirement of the Associated Companies that they should buy anything of the Western Electric Company, so that what was accomplished was to make the manufacturing company depend upon the operating companie.s rather than to make the operating companies depend upon the manufacturing company. Starting from that beginning, the Western Electric Company gradually became the manufacturer of nearly all of the apparatus rerjuired in the Bell System. That fundamental work has been of inestimable value in tlie development of the Bell Sy.«tem. Out of it have grown the advantagr-s foreseen and others equally valuable unforeseen. The clo.seat co-operation through more than a generation has made the WeMtem Electric Company virtually a depurtmoiit of the Bell Sv>fffm exercising the function of manufacturer, purchjint and «torckfep«'r. Its ••ompcnsatious have b«'cn fix basis <»f reasonable but src.-idy return on Investment rather than that of the liigli but fluftuating profit on the Huh-s of an uncontrolled manufacturer. No public utility has paid less proportionately In profitH to the manufaffiin*rs of Its e<juli)ment and .such jjn.fits as Jiave b€*en paid. fhrou;:h our sff^k ownership, nmain in the IJell Hystj-m for the advanfi'mcnt of the utility. Volume of sales and profits Ihfrefrom, the goal of most nuinufacturerH, were of Hiconrlary Importance, whib* the needs of the service became the predominant factor In working out the Sf^lution of the problems which confronted the Hell System. The telephone u.sers have been materially beneflfecl by this arrangement. •^ ' ne central offlr-e well desluneil Is houseil '" » ' Mined to fit the Bwltrhboard. The swltch- These facts, in respect of — — i- floating its indebtedness during the year by $14,000,000 and increased its ca.sh on hand by $5,400,000, a total improvement of about $19,400,000 in its financial position. Its unfilled orders on hand at the end of the year aggregated about $76,000,000. as compared with $83,000,000 on Dec. 31, 1920. Its estimates indicate a volume of business in 1922 substantially the same as in 1-921. BELL SYSTEM STATISTICS AND FINANCIAL DATA. At the end of 1921. there were approximately 10.300 separate telephone companies in the United States. Of them 26 are Associated Companies of the Bell System, and 9,264 are independent companies whose stations are connected with the Bell System. There were also a large number of rural lines and associations not rated as companies but operated mainly on a mutual or co-operative basis, and of these over 20,000 were connected with the Bell System at the end of the year. The number of telephone stations at the end of 1921, owned by and connected with the Bell System in the United States, was 13,380,219. Of these -stations 8,914,155 were owned by the 26 Associated Companies of the Bell System and 4.460,004 by local, co-operative, and rural independent companies or associations having sublicense or connection contracts, the so-called connecting companies. The development of the Bell System at the end of the year and its growth during the year, are set forth in the following tables TELEPHONE STATIONS. Number end of Year. • Ben Owned Increase during Year. 8.914. l.'iS 198,108 13.380.219 Total TELEPHONE .580.176 4.466.064 Bell Connecting 778,284 CONNECTIONS— BELL-OWNED EXCHANGES. Exchange Connections ConnecUons Areraoe Nxtmber Daily during Year. 33,671.000 1,356,000 :u Toll Total... 35.027.000 The daily average of 35,027,000 exchange and toll connections during 1921 exceeded by 1,865,000 the daily average during 1920, and by nearly 11,000,000 the daily average of ten years ago. EMPLOYEES. Number on December 31 1921 221.288 The number of employees in the service of the Bell System at the end of r.t21 compared with th(» number on Dec. :n. 1020. .shows a dci nnisc of 7.02S. MILES OK WIKK AT KNI> OK YKAK. Under- — nrll (hrntd '""'""" pnny are c gr.-ntPst wom.mie-^ Western Kl.-etrlc foni requirements with a view fo the 'f-s of file ' ,r in construction of plant and In malnte Per Cent. Increase nfCopfjer Diirlna \lire lo >>nr. Tot. Wire 2,177.710 96.4 264.707 91.9 ground. 23.7K2.I78 1,457,91.1 4.037,1143 17.019.000 27.819,821 2,412.417 461.500 7.620.187 2.679.728 Totn! — .10.199.016 lu: Tolnl. 16,1(11. 1191 12,3.33 Aerial. RK'ImnKe Toll iQ Toll : lK;ard Itwif Ih a foni[)ll(nted and exin-nslve apparatus requiring two or three years for Its mannfaefure and In'ffnlla tlon. It must ln' capable of exteuHlon and of o|)eratlon In connertlon with other slinllar swIlrhboanlK In other officcH. m» that earh purebn<«' of a swKelibonrd Is a virtual foni ""' '" "•*^ tiirer for extenxlotm nnrl other '"!'* ''• "^^iier or less extent this Is true of all of ibe Hp(»arnfiiH ^oing Int*. our si-rvlro. The ndvantngo of a control In the Interest of ee(,nf)my In construction and '»peratlon, over the patent rights and prbes of the manu fneturer mii«t tx ni.fiarenl. Fnrthertiior. ti ,, |h fbo ndvnntnife of control over pro- at thi.1% of the Hell-owned wire mileage 95.8 — excluding that In iiiidergroiind caliles. This percentage has i»t«'adlly Increased from '.W/r, at the end of 1000. The iiiideruroiiiKl conduits npiescnl n cost of I.'!(», 700.000 afid the i-ables In the conduilH .'<;2(i2,7(iu.lHt(i, n loinl In uiuler ground plant of ^T!9, lOd.OOO. submarine cable Is In .^i NKT PLANT ADDiriONt*— UKLI.-oWNKIi Added n.-.il r.lnto It • I l.luoi... < '•"''•'""•. 'onatruriloD tlie ......... ............ . Work TnUI The in 1031 $19,977,555 • In I'rniiraM HIT I..'.St,. -m. (Mill. 522 21.911,447 21.565,127 »1KII. (1.19.218 niKtve amount of net plant addltlonn oompares with additions of the previous nltielei>n years as follows; : THE CHKONICLE 960 NET PLANT ADDITIONS DURING 1902 1903 1904" 1905 1906 1907 1908""' ; : - 20-"VEAR PERIOD. $54,871,000 $37.336,50011013 .35,368,700 1914 33,436,700 1915 50.780.900 1916 79,366.90011917 52.921. 400 1918_ 26,637,20011919..-- 28,700,10011920... - " "" 50, 045, .300 32.863.700 66.224,700 1 -" 118. 599. .500 --- 77.922.600 73,446,000 147,882.100 1 1909'" 1910"" --- 180,039.200 —— ,53,582.80011921 191ll 1912 — - 55.660.700 75,626.9001 $1,331,313,800 Total BELL SYSTEM EARNINGS AND EXPENSES. The consolidated Bell System income statement, from which all inter-company duplications have been eliminated, appears below. This income statement represents the telephone business of the System as a whole, i.e. the business of the American Telephone & Telegraph Company and its It Associated Companies, in its relations to the public. does not include data for connecting, independent, or subThe Bell Telephone Company of Canada and the Western Electric Company, Incorporated, except as interest and dividends from the.'Je companies are included in non-operating revenues. license companies, or BELL SYSTEM INCOME STATEMENT FOR YEARS ENDING DECEMBER 31 1920 AND 1921 (DUPLICATIONS EXCLUDED). Increase. 1921. 1920. Exchange Revenues $301,282,599 $343,133,098 $41,850,499 4..575.717 141,883.485 146,4,59,202 1.219,902 7,495,933 6,276,031 Toll Revenues MisceUaneous Revenues tToL. 114. All intangible assets have been excluded in the above balance sheets so that the combined Surplus and Reserves are shown in an amount considerably less than the aggregate of these items as they appear on the books of the separate companies. The assets of the Bell System show a total increase of $268,260,968 during the year. Of this amount approximately $191,000,000 represents investment in permanent assets, while the remainder represents working assets of which a considerable part remains available from new financing during 1921, as described below. Pending its use for permanent investment purposes during 1922, the major part of these surplus working assets is represented by cash on hand or invested temporarily in United States securities. The capital stock, bonds and notes payable of the Bell System outstanding in the hands of the public at the close of the year 1921 were $1,301,326,508, a net increase of approximately $193,900,000 over similar obligations outstanding at the end of 1920. The book cost of the net assets devoted to earning a return on these outstanding securities amounts to over $1,807,000,000, while the actual value thereof is considerably in excess of this figure. The more important items of new financing (excluding inter-company financing) by the Bell System during the year are (a) The issuance of $89,819,500 capital stock by the American Telephone & Telegraph Company, under the offer of May 10, 1921 (6) The sale in February, 1921, by the Northwestern Bell Telephone Company, of .$.'iO,000,000 First Mortgage Twenty-Year 7% Gold Bonds, ; Total Operating Revenues. .$449,442,115 $497,088,233 $47,646,118 Depreciation 47,831,6.50 5,127,002 3,396.019 2.624,781 2.756.378 23,563,499 3.063.4.^6 .S363, 687.283 $16,867,666 65,731,071 70,8.58,073 Current Maintenance 69,665,080 Traffic Expenses 145,848.181 Commercial Expenses -15,07.5.273 General and MisceUaneous Expenses 20,500,013 73,061.099 148,372,962 Total Operating Expenses.-,. -.$346,819,617 Net Operating Revenues $102,622,498 $133,400,950 $30,778,452 Uncollectible Revenues. ._ Taxes Operating Income... Non-operating Revejiues —Net Total GrosB Income. $635,164 6,671,145 $1,843,962 34.512,479 $1,208,798 27,841,334 .$97,044,509 $23,472,143 13,651,814 1,959.204 $73, 572. .366 11,692,610 $85,264,976 $110,696,323 $25,431,347 Rent and Miscellaneous Deductions $5,755,808 31.724,103 .$6,497,642 .$741,834 Interest Deductions 36,773,998 5.049.895 Total Deductions $37,479,911 $43,271,640 $5,791,729 Balance Net Income Deduct Dividends $47,785,065 39,999.579 $67,424,683 $19,639,618 7,848,815 47,848,394 Balance for Surplus $7,785,486 $19,576,289 $11,790,803 During the year, the plant and equipment of Bell System companies have been currently maintained in good operating condition and adequate provision has been made out of earnings to provide for depreciation and obsolescence. These charges a.gainst the companies' earnings amounted to $143,919,172 representing the case of current maintenance 5.3% on the average plant in service, and for depreciation and obsolescence ,5.2% of the cost of plant. It has been — the policy of Bell System companies to make periodic charges against earnings for depreciation and obsolescence. Plant is used up in furnishing service so that it;^ cost, less net salvage, is, during the period of its service life, a part of the cost of rendering the service and must be reflected in the company's operating costs through annual charges for depreciation. Federal, State, and local taxes char.geable against the earnings for the year amounted to .$34,512,479, an increase of $6,671,145 over taxes for 1920. This charge against earnings represents an average of $4.00 for each telephone .station in service during the year. Adequate provision has been made for taxes chargeable against the earnings of 1921, but not payable until 1922. Interest and dividend payments were $84,622,392. leaving as surplus earnings $19,576,289 after meeting .all expenses and charges for capital. These surplus earnings together with unexpended reserves are invested in the telephone business, and to that extent it is unnecessary to provide an equivalent .imoant of new capital for the business?. and is BALANCE SHEETS. The following are the combined balance sheets of the Bell System in the United States for the vears ending Dec. 1920 and 1921 BELL SYSTEM BALANCE SHEETS 1920 J\ND EXCLUDED). Assets— Telophono Plant Supplies. Tools. Liabtlities — Capital Stock (including Installments) Mortgage Bonds Col latcr.i Trust Bonds Convertible Bonds and Not«6. 1 Debentures Threiv and Flve-Y ear Gold Notes Bills P.ayable Tot.al Capital IJabilitles. Accounts Payable Accrued Liabilities not due Employees' Benefit Fund Surplus and Reserves Total 41,399,285 />r. 31 1921. ,.5 13. 865. .545 47,944.435 126,202,011 74.720,690 52,133,110 .57 .644.707 ...$1,634,249,533 $1,902,510,501 $511,493,407 213. ,571, 750 1 04 396 1 00 80,405.900 37,330,325 90,000,000 10,130,141 .$632.216,2,53 $1,107,417,623 36.216,049 37,213,443 $1,301,326,508 39.478,986 46,095,881 9.485,910 _ Temporary Cash Investments Cash Total (DUPLICATION s Oec. 31 1920. $1,363,826,327 47.442.043 &c Stocks nnd Bonds Receivables 1921 31. 115.2.30,719 66.351,159 .__ . . 9,.363,215 $1 302,7.53,115 1 63 502 500 . . 74,3.85.800 36, .598,875 89„500,000 2,369,665 444,039,203 .506.123.216 $1,634,249,533 $1,902. 510. .501 Series A ; The Refunding Mortgage TwenGold Bonds, Series A, by the New York Telephone Company (d) The issuance in September, 1921, of $9,902,647 of preferred stock and the assumption of debt obligations amounting to $14,634,000 by The Ohio Bell Telephone Company, in connection with the consolidation of the properties of the former Ohio Bell Telephone Company with the propertiea of The Ohio State Telephone Company. (c) ty-Year sale in October, 1921, of $50,000,000 6% These major items of new financing, together with the conversion of bonds into capital stock the sale of capital stock to employees; minor issues of common and preferred capital stock to the i)ublic the retirement of bonds through sinking funds and otherwise, and the liquidation of certain debt obligations, explain the changes since Dec. 31, 1920, in capital liabilities reflected by the balance sheet. At the end of 1921, the amount of mortgage liens on the telephone plant of the Bell System was less than 20% of the cost of such property. The combined Surplus and Reserves of the Bell System, after excluding all intangible assets from the balance sheet .shown above, are $506,123,216, an Increase of $62,084,013 over the corresponding figure for 1920. They represent approximatel,y 27% of the total assets, and have been invested in productive property. On this investment no capital charges accrue for either interest or dividends. ; ; FINANCIAL STATEMENTS OF THE AMERICAN TELEPHONE & TELEGRAPH COMPANY. EARNINGS. A comparative statement of the earnings and expenses of the American Q'elephone & Telegraph Company for the years 1920 and 1921 is shown at the end of this report. The usual comparative table of net revenues, dividends, appropriations for contingencies, and additions to surplus account since 1900 is also shown. The financial and statistical statements of the telephone service of the Bell System are shown on page 30 and subsequent pages [of the pamphlet report]. The earnings of the American Telephone & Telegraph Company as shown for the years 1920 and 1921 include, in addition to the earnings of the long-distance lines, dividends on the Company's investment in stocks of its Associated Companies, interest on bonds and notes of and advances to Associated Companies, interest and dividends from investments in other companies, earnings under the general service contracts with associated and other companies for the furnishing of instruments and services, and other miscellaneous revenues. The disbursements under the head of Expenses comprise oxponses incurred in operating the long-distance lines, conducting the general service organization whereby instruments and services are furnislied associated and other companies under contract, taxes, and other items of expense The incident to conducting the affairs of the Company. disbursements of Interest and Dividends represent the charges on the securities issued by this Company mainly to finance the Associated Companies and the long-distance lines. The Company, in 1921. after meeting all operating charges and making adequate provision for depreciation and obsolescence, and for Federal and other taxes chargeable against 1921 earnings but payable in 1922, had available for interest and dividends. $73,523,812.77. Interest charges were $19,521,109.05, an increase of .$6."35.420.61 over similar charges lor 1920, and dividends paid to stockholders at the rate of $8.00 per share per year for the first quarter and $9.00 per share per year for the last three-quarters of 1921, amounted Of the resulting balance, there was apto .$42,674,403.00. propriated for contingencies .$3,000,000 and the remainder ($8 ,328,.300. 72) was carried to the Surplus Account. The Company and its predecessor have paid dividends to the public at the rate of at least $7.50 per share each year March THE CHRONICLE 4 1922.] years— for the past forty j'oars; during the past fifteen qiiart(M- of 1921— the rate was iinit'ormly through tho first quarter of $8.00 per sliaro; and l)e^'inninfr with tho second per 1921. tlie dividend rate has been establislied at .$9.00 year. share per BALANCE SHEET. balance sheet of tho American Teleplioiie \ comparative & Telegraph Company for Dec. 31, 1920. and Dec. 31. 1921. During the year invesfis given at the end of this report. in stocks of As.sociated Companies increased $Sr).lS2.ments This increa.sed stoclv investment represents for the 242.31. most part the acquisition of stock, by way of permanent hi vestment, in place of notes of the Associated Companies Investments in bonds and notes of and theretofore held. net advances to Associated Companies decreased .'^25.312.689.23. The balance of $165,236,355.07 at Dec. 31, 1921, represents the net outstanding loans by this Company to tlie Associated Companies for the e.xtension of their telephone properties, after deducting the amount of $13,573,532.26 temporarily invested by this Company for Associated Companies until required by them. Investment in stocks of other companies consists of stocks of the Western Electric Company. Incorporated; The Bell Telephone Company of Canada the Central Union ToU^ phone Company; the 195 Broadway Corporation, which owns the land and building in which this Company's offices in Xew York are located, and the 205 Broadway Corporation, which owns real estate adjacent thereto; the Cuban American Telephone & Telegraph Company, which owns and operates the telephone cables connecting Key West and Havana; the Bell Telephone Securities Companj', which is referred to on page 14 [pamphlet report] the Atlantic and Pacific Telephone & Telegraph Company; and the Kadio Corporation of America. Special Demand Notes amounting to $2,523,000 are notes of the Atlantic and Pacific Telephone & Telegraph Company. The investment in Telephones, representing telephone receivers and transmitters, which are furnished by this Company for the use of the Associated Companies, increased $3,086,589.19 during the year. The Company's investment in Real Estate, amounting to $8,422,092.57, consists of a building in Indianapolis and real ; ; estate in Xew York City, the latter constituting the laud, and building now in course of construction, for additional office headquarters. The Long Lines plant increased $6,810,303.83. representing additions made during the year to the plant of this Company to care for the growth of its long-distance telephone business. The item of $1,866,025.38. Trustees— Employees' Stock Punha.se Plan, repre.seuts the balance owed this Company on capital stock in the liands of the Trustees for delivery to employees upon completion of their installment payments under the Second Stock Purcha.se Plan made effective early in 1920. During the year the outstanding capital stock increased $105,35: t,9(XJ. Of this $cS.'{.71 10.200 was is.sucd. for ca.sh at par. in accordance with tlie terms of the offer to stockholders of record at Slay 20. 1921 $6,445,800 was sold for cash at a premium of $7(^445 over par; and $15,123,900 was i.ssiied in exchange for convertible bond.s. The item of Capital 8to<jk Installnient.s, amounting to .$3,199,913.09, represents installment i>ayments by employees, together with accumulated interest, on capital stcxk of this Company subscribed for by employees under the Employees' Stock Plan dated ; May the $548,185,300 par value of capital stock $580,670,698.04 has been paid into tho treasury of the Company the $38,491,3;»8.t^t in excess of par value represents premliiinH ou stock which are included as part of the Company's MUn>lUS. 1 he 5% ct^llaterul truHt bonds maturing in 1946 were reduced during llie year in the amount of $89;5,(WO by retirement.t through the sinking fund. $1,177,900 of tlio convertible 4'/^% gold bonds of 19.33 were converted info Hto<-k during the year at the ratio of $120 of Imnd.H, or $1(K) of bonds and $_'0 i>T cash, for one share of «to<k. 'i'lK-re remained outHlamiing at the end of the year fll.020.:;(XJ of these bonds out of a total of $67,000,000 IsI'or •ued held less than 100 shares each; from KM) to 1,(M)0 shares each; 319 held from 1,000 to 5,000 shares each; 12 held 5,000 shares or more each (omitting brokers, holders in investment trusts, etc.). Of the holders of less than 100 shares each, 5 shares or less each «K>,857 held 147.991 held 25 shares or less each. The average number of shares held was tw^enty-uine. There aie more women shareholders than men. At the end of 1921, about 91/0% of the stock was held by trustees, and about GV2VC of the stock was in the names of brokers. About 1% of the stock was held in Europe. Of the 186,342 stockholders of record, approximately 25,700 are employees of the Bell System. Including employees who are already stockholders of record, there are now over lT(i.0."s5 9,912 held 128.000 employees of Bell System companies and their subsidiaries, wlio are paying for stock at the rate of a few dollars per month under the Second Stock Purchase Plan made effective early in 1920. and the Employees' Stock May Plan dated In 1913. 1921. 1. Of all American corporations, your Company is first in the number of holders of its stock, and it has the widest distribution of ownership of any corporation. The average number of shares held ten years ago was 67: to-day it is 29. or an average holding of $2,900. The funds supplied by these investors in the stock and other securities of your Company, have been used for the building and extension of telephone plants in every section of the United States. For the Directors. H. B. 1920 AND 1920. $34,800.46.5 51 12,969,756 16 Dividends Interest Telephone Operating Revenues. _ Miscellaneous Revenues 1 49 46. 141 ,1. iT. aiK-.-fi the «, I " (.ompanys b.ug T""."' during "'"! "''"'•"«" t"h,j''.nr * tiTni in.|.|,(,.,|ne.Hs and 37.218.959 61 570.686,904 10 18,865.688 44 $73,523,812 77 19, .521, 109 05 $51,S21,215 66 35,376,792 88 $5-1,002,703 72 Deduct Dividends-Balance Appropriated for Contingencies... $16,444 422 78 8.000.000 00 $11 ,328,.300 72 $8.^144.422 78 S8. 328 .300 72 Net Earnings Deduct Interest... Balance... Balance for Surplus .-. -- or OAIMTAI, STOCK. Net Year— 1900 1901 1902 1903 1904 1905 1906 1907 1908 Rerenue. .$5.486,0,58 7,:J98,286 7,835,272 10.564.665 11.275,702 - 13,o;54.038 .- 19')9 1910 --1911 12,970,937 16,269.388 18.121,707 23.005,389 26,855.893 27,733.265 32.0(.2,945 1012 1913 1014 1015 -IOI6 1917 Dividends Appropriated for Paid. Conlinomcies. $4,078,601 $937,258 5,0.50,024 1,377,651 6. ,584, 404 522,247 8,619,151 72/<.140 9,799,118 586,149 9,866,3.55 1,743.295 10,195.233 1.773,737 10.943.644 3, ,500. 000 12,4,59.1,56 3.000.000 17.036,276 3,000.000 20,776,822 3,000.000 22.169,4.50 2.S0O,000 26.015„588 2,800.000 32,920.090 27, .572, 675 29, 100. ,591 :14.61S,638 3S,013,277 - 31,122,187 32,481,614 5,000.000 5.000,000 8,000,000 3.000,000 2..500.00*) 35.3,56 334 44.395.701 51,821,216 - 2„500,(K)0 .?5. 229, 699 ---38.471,106 -43,901,322 1019 1920 1921 2. ,500. 000 2,.5(M).000 2, .500. 000 27,4,5i,()37 .- 32. .3.34,8 14 35,376.793 42,674,403 .54.002.704 BALANCE SHEET DECEMBKU 31 1920 AND 'ion '-..ntlnne* to That hi- more generni Added to Surplus. $470,199 970.611 728.621 1.217.374 890.135 1.424,388 1,001,967 1,825.744 2,662,551 3,059.113 3.079.071 2,763.815 3.247,357 2.966.053 2,262,13q 3,018,047 4,391, 09o 3,4S9.49o 3.671,02^ 4,0;i9.4.57 K,144,42j 8.328.:i0'i 1921. ASSETS. Dec. 31 1920. $524.445,9.51 92 Rtock-s of Awiooliited Companle.'s lioodH and Notes of and Net Advances 190.5-19,044 30 to AKso<l.it<-d tJompanlcs 57.990,057 22 Stocks of Other Companies Special Demand TiMi'phonr's 7, .587, 035 NotCH TriiNHMis — Kraplo.vc-iis' 95.1.3C,:t61 47 ., Dec. 31 1921. $609,028,197 23 165,236.3.55 07 65,:i43.2S5 25 2, .523, 000 00 26,063,100 79 8,122.092 57 520.408 00 101.946.665.30 Purchase .Stoclc 737,68115 Plan Current Arrounu KccelvabhU. H. Cerliricatuior ludubtuOneaa _ . OH 23, 876, .520 60 3.775.407 74 4.35.492 48 |{.-:il Kslale ofrici- Furnlturo and Fixtures l,<in« MncM IMunt and K(|ulpinent 8,097.431 03 _ . .. 20.6;i6.:i00 . 24 1,866.025.38 8.7,58,081 75 29,391,070 78 20,732,364 04 $9:10.808,240 15 $1 .0.50.:i:i0.002 06 LIADILITIES. lire. 31 1020. lyec. 31 1021. •> 7 ' 2 I : $51N.IH5„I00 00 3,i«o,oi:i 09 78.000, OOOIHl 75,5r.7..500 00 9H5.000 00 2.5H0.OO()O0 11.020.30000 :il.o:iH 100 00 4 9.,500. 000 00 40, (too. 000 00 12. 200, 200 50 0.700.478 17 '() 2,000,000 00 $442,825.400 00 '"npH'il Hfoolt i • 78.000.000 00 .1020 1<, 1 HM6 KiKl 1 (II llnndN, il.li. ll.iMd«, lO.lll I' ; 70.461.10000 O.OS.'i.OOO 00 2.5S'(.(MIII 00 i2.i'.»H.:!oo 00 4K.I0.5.7«M) 00 1032. ... . 50."(l'l ... oon .,t 1)1 (10 "0 .^ I.NolDuti.. t, Hum 4(1 (> li. c. Kir 4 i w III! iJi prM l.iUi<ii uu<l SurpUM 67.015.152 00 . (iocluUlBff r>.0Hi.7:i;i :t3 OontloKcn- rli-* "'•"'•••''"'••••'•H of w.'.?ik!'''';'!'"'" was IH....|^. nn"[lh»rea«. of I6,8!»4 r.Monl on D.k-. 31. 1021. during the year 3.000,000 00 C. A. Heiss, Comptroller. l(i I»I.^Kint;TI(>N- 42,674.403 00 ANNUAL EARNINGS AND DIVIDENDS. . by 729 KM (M». '""n.-,t.d with oulstandlng iH.nd cl.urged off to corporate surplus 17 92 33.260.083 98 all taxes) r. $16" 70 5103,946.988 08 SIIO.742.772 38 Total ciation ' nnd refirements during the year 59 Expenses (including provision for depre- Diirlng the year the H'/c thre.- y.-ar gold notes «.f 1922 oiUstandlnK In the hands of the public were reduced $.-,<)o. '"!""'»'"'"'"' 1921. S38.&80,672 13.803.052 58,268.539 90.507 50.030,624 92 $14,157,<;^)0 of The*w President. 1921. Earnings: C?nBh the seven-year 07c convcrtlblo gold bonds maturing Aug. 1. 1925 (which Ix-came convjTtible into slo-k arf«T Aug. ]. 1920;, were cofivertcd into Htock during the y»r on the basis of $1(K) <,T bond.s an«l .f6 of ninU for omHhiire of HU^k. Of lUt'Hf bonds, th.-re remained outstaudlug as of Dee. .'n. 1921. n total of $.'{4.0:{8,100. THAYER, STATEMENT OP EARNINGS AND EXPENSES FOR THE YEAR& lfll8 1921. 1. ttGl CaplUl Mlock 03.550.403 13 44 IOS.001.008 74 I'rwuMil liim*) > l(. 15 $1,050 apis-ars fnun (.;. A. ili.i'iM, OompO 'ili'-i iC. — s • THE CHKONICLE 962 [Vol. 114. REPUBLIC IRON & STEEL COMPANY YOUNGSTOWN, OHIO. TWENTY-SECOND ANNUAL REPORT— FOR THE FISCAL YEAR ENDING DECEMBER & Company: The Board of Directors submits herewith its TwentySecond Annual Report of operations for the fiscal year ending Dec. 31 1921, together with a Financial Statement and General Report on the condition of the property at the close To the Stockholders of the Republic Iron Steel Add: Provision for Depreciation and Renewal of Plants _ ._. . $1,026,874 40 Provision for Exhaustion of Mmerals 159,796 84 Interest on Bonds and Notes 806!974 35 Reduction of Inventory Values Below Cost. 2,478^918 18 Loss on Sale of Liberty Bonds, etc 383,558 18 of the year. INCOME EEPORT. ture of the business situation affecting operations was the general collapse in demand which occurred in the early part of the year, which situation became intensified during the second and third quarters of the year. Price declines occurred tliroughout the year on an increasing scale, but the fall, in price was out of all proportion to cost reductions. General conditions affecting operating results can be best summarized by the statement that the tonnage shipped during 1921 decreased about 68 per cent as compared with the tonnage shipped during 1920, whereas selling prices for the principal Iron and Steel products, as tabulated by trade .journal authorities, declined from the high point of 1920, approximately, 50 per cent. Our total tonnage for the year was adversely affected by the unprecedented depression in the Agricultural Implement Trade, and also by subnormal demands from the Railroads, Railway Equipment Trade, and other constructive enterprises vsing such heavy Iron and Steel products as Bars, Plates and Shapes, which pi'oduets represent about one-half of our finishing capacity. In other departments of our business, such as Sheets and Tubular products, the demand was relatively better. As a result of this unbalanced condition of trade, our total production and shipments for the year were only approximately 25 per cent of our normal capacity. The total Earnings for the year ending Dec. 31 1921 were .S685,010 21, from which amount there was deducted on account of Idle Plant Expenses, Depreciation, Inventory Shrinkage and other miscellaneous items, the amount of $6,350,252 35, and as a result the Net Loss for the year ending Dec. 31 1921 was $5,665,242 14. Earnest efforts were made during the year to effect economies in all directions; common labor rates were reduced about 40 per cent, with relative adjustments in all other labor and salaries, and substantial reductions in other items of cost were also effected, but as price reductions were necessarily made before cost reductions were possible, operating losses followed; furthermore, the limited demand for our products made an economic operation impossible. Freight charges, a large item of cost in Iron and Steel (due to the fact that it requii'es five tons of inbound material for the production of one ton of outbound shipment) ivere maintained throughout the year on a war basis, these rates being about double pre-war rates; in consequence of this abnormal condition, freight charges now represent about 50 per cent of the cost for producing crude products of Iron and Steel, and until this blockade against further cost reductions is lifted by freight rate reductions, neither normal costs nor normal demand for Iron and Steel can be expected. In view of the liberal charges heretofore made for Provisional Funds, the Board of Directors were of the opinion that these charges for the year ending Dec. 31 1921 should be reduced. Ample expenditures, however, were made for proper upkeep of the plants and property, and we are therefore in position to take advantage of any improvement in demand which may occur. In addition to these expenditures, over $3,000,000 was expended during the year, completing prior years' appropriations, for improvements and extensions to property and equipment, the most important items being increased Sheet Steel finishing capacity, and for additions to our Northern Mineral Properties. Di^^dend payments on the Preferred Stock of the Company were continued throughout the year, because the Board of Directors wore of the opinion that the Accumulated Surplus justified sucli payments. As a result of these various expenditures, Worlcing Capital has been necessarily reduced, leaving, however, a balance of Net Quick Assets as of Dee. 31 1921 of $15,180,064 10. Reductions were also made in the Surplus Account through the absorption of losses in(iurred and Dividends paid, leaving the Net Balance as at Dec. 31 1921 of $29,570,329 35. Dividends Dividends Balance $685,010 21 1,494,130 40 $809,120 19 $1,750,000 00 450,000 00 2,200,000 00 $29,576,329 35 to Balance Sheet BALANCE SHEET DECEMBER 31 1921. ASSETS — Capital Assets Property Accounts: Cost of Properties December 31 1920 $95,638,266 63 Net additions for the year ending December 31 1921 3,029,450 18 , $98,667,716 81 , , Investments: In Potter Ore Company Investments in and advances to other com- $401,000 00 companies 1,498,954 01 Total Capital A^ots 1,899.954 01 $19o!567!670 82 — Cash DeposUed with Trustee For redemption of 10-30- Year Gold Bonds in addition to bonds of a par value of $7,365,000 00 retired in terms of the Trust Deed, per Contra — Current Asset Inventories of Manufactured Products, Materials, and Supplies on Hand $15,231,804 Ore Contract Payments, represented bj' Ore at Docks 1,487,152 Accounts and Notes Receivable after deducting Reserve for Doubtful Accounts 3,686,144 Cash in Banks 1,292,436 10 000 00 09 35 37 99 Deferred Charges to Operationsexpenditures for Explorations, Stripping at Mines, Advanced Royalties, etc., chargeable to future operations ^ ^ . . Net Current Assets ^^ Capital Stock 21,697.537 80 1.451.968 26 $123,727,176 88 $15,180,064 10 LIABILITIES. — Common —300.000 shares of $100 each $30,000,000 00 Preferred 7% Cumulative 250,000 shares of $100 each 25.000.000 00 — — 10-30-ycar 5% Sinking Fund Mortgage Gold Bonds (Total authorized issue, $25,000,000). Total issued $19,869,000 00 Less: Bonds Purchased for Sinking Fimd 7.365.000 00 Mortgage 6% Serial Gold Bonds Outstanding on Bessemer Mines Nos. 1 and 2 Potter Ore Company Bonds: $164,000 00 Outstanding First Mortgage 57o Bonds guar- $55,000,000 00 12,504.000 00 First anteed jointly with Tennessee Coal, Iron & Railroad Company, less that Company's proportion Bonds Outstanding on the Martin Coke Works Property. _ Current Liabilities Accounts and Bills Payable $4,190,638 98 Federal, State and Other Taxes 1,691.398 81 Accrued Bond Interest 177.447 91 Provision for Dividend Payable Jan. 2 1922 437.500 00 Unclaimed Dividends 14.488 00 — Reserves — 700.000 00 82,000 00 71,000 00 6,517.473 70 For Exhaustion of Minerals and Mining Emiipment $4,237,777 68 For Depreciation and Renewal of Plants 12.675.923 76 For Relining and Rebuilding Furnaces 949,823 16 For Fire and Accident Insurance 752,188 87 For Contingencies 660,660 36 Surplus — 19,276,373 83 Balance December 31 1921, per attached statement 29, .576, 329 35 $123,727,176 88 WORKING CAPITAL following statement covers items affecting Working Capital from organization of the company to December 31 1921 and is followed by Comparative Statement of Net Worldng Assets, as shown by the books of the Companv as at December 31 1919, 1920 and 1921: Working Capital, May 3 1899 $6,500,000 00 The Collateral Notes Issued, October 1 1904 7.000.000 10.000.000 110.000 19.869.000 1.475.000 4,583.100 2,809.000 Bond --Issue. October 1 1904. Preferred Capital Stock Sold -10-30-Yc^r Bonds Issued... MortKage Notos on Hascllon Property Additional Preferred Stock Sold Adaitional Common Stock Sold... Amounts Resor-\ed out of l*rofits for Depreciation newals, Insurance and Contingencies Net Profits, May 31 1899 to December 31 1921 and Re- Bonds Retired.. Hasellon Notes Paid Bond Sinking Fund Investments, etc. (loss Potter Bonds) Prepaid Mining Expense, etc New Con.struction & Plants (less 7,5,53.472 7.000,000 17,365.000 1.475.000 10.000 1.817.954 1.451.968 00 00 00 00 00 01 Net Current Assets per Balance Sheet 315.231.804 1.487.152 3.686.144 1.292.436 09 35 37 99 S21.697..537 80 Less Current Liabilities Net Current Assets 00 $36,293,936 87 26 48.()80.031 49 Deferred Payments) 8.218.785 32 Ore Contract Payments Accounts and Bills Receivable Cash 00 00 00 00 00 00 19,276,373 83 73,423,738 22 $145,046,212 05 EXPENDED Dividends on Preferred Stock Dividends on Common Stock Collateral Notes Paid Consisting of: Inventory. _. sTfifiT"9Zm 37441 571 49 1"" S31.776;329 35 Net Surplus Carried Net Earnings from operations .ifler deducting charges for maintenance and repairs of plants, amounting to .$1,800,36073 Interest and Income from Investments Less: Idle Plant Expenses 1. Preferred Stock — 7% onon Common Stock iyi% Propcrtv $511,528 14 173,482 07 . Deduct^"'"''""- INCOME ACCOUNT AND STATEMENT OP SURPLUS FOR THE YEAR ENDING DECEMBER 31 1921. V. $4,856,121 95 Total Loss for the Year Surplus at December 31 1920 The operating results for the year ending Dec. 31 1921 were decidedly the worst in our history, notwithstanding the Company's growth with respect to diversity of product and The outstanding feafacilities for economic manufacture. 31 1921. 6.517.473 70 $15,180,064 10 129.866.147 95 $15,180,064 10 March THE CHRONICLE 4 1922.] COMPARATIVE STATEMENT OF NET WORKING ASSETS 963 PROVISIONAL FUNDS. For Depreciation SSrSst^^s i&mM i:^^u 8,023.1 '9 80 ^''"^" ^- c^"^ 5 174.41144 ?nrtBrds°' °--!::"-"-'-"-"-"- $21,697,537 80 $35,670,337 04 $32,096.629 39 8.486.024 83 Less Current Liabilities.. 6.517.473 70 10.076.459 10 $15,180,064 10 525,593,877 94 $23,610,604 56 Current Assets. Year Ending Year Ending Dec. 31 1920. Dec. 31 1919. Net Earnings from Operations, after deducting charges for Maintenance and Repairs of Plants, amounting to: Dec.3r21.Sl,800,360 73 .^ ^.- „^, ^_ „ ^_ , _^ S511.528 14 $13,825,521 77 .- _ ACCOUNT. . New Construction Property .\dditions Property Sold Unexpended Balance of Provision for Depreciation and $5,031,837 69 $1,992,516 80 $2,478,918 18 "^^neiewaWmntr 1.026.874 40 508,061 86 460.905 30 .812.835 00 315.112 46 _°^ -I Contingencies ° . _ Loss on Sale of Liberty Bonds, etc S5. 819. 674 16 $8,354,489 42 $2,874,599 72 Bonds & Not es 806.974 35 737.966 97 733.403 03 $7,616.522 45 $2,141.196 69 Interest on ''Di^dS:'^^"?!^!!.%S5.665.242 14 $1,750,000 00 450.000 00 51.750.000 00 1,800.000 00 $1,750.000 00 1.632,68< - Net Surplus Carried $3,382.687 00 $3,550.000 00 .$2,200.000 00 to „, „ * Deficit. INVENTORIES. Inventory Values suffered lieaw shrinkage on account of the general collapse in all commodity values which occurred throughout the world. The gross volume or tonnage of .Xorth— tho.se particular products. ('oiis'Tvative values have been fixed for all products inventoried, the basis being cost or market price, whichever was lowest, and the shrinkage represented by declines in market prices for these various products has been charged to Profit and Loss for the year. ClassiflraHon— /)er. IJlwrns. HUb«. «r, 1. .173..Via 2.'..fi02 62 65 ' ; 52S.W)1 20 6.437.29131 37H.767 02 *C.. Or«5H Scrap Ferro Man({an«ie Fuel ' 73.77129 Oommlwiary fluppllai MUcelUneowi 74.0.X3 ,- ,^ . - 2.' . 116.1HHH4 346.495 87 .19 18-J.6.'..'j .-.'.> 7»0..ii*7 t>7 26-» .165 40 127.218 04 I,»4«.731 76 Htorf* . 1.2-.. 4.'')7,31S4« RoIIk. MolfJjiaiid Stoota of 69 $2 .9.19. 000 06 1.2M.4!)5 65 90.069 91 l.H3.(H)7 7;i 106. 200 13 662.920 18 118.984 23 JtlLnOaKl 227.074.19 1.790.12701 l.-)3.4(l3 67 .140.3 16 25 tl. OK ISrOMK. V / 'ng Orr«< ProriU. l> / n and CharKo* N - ... ^ • Yrar rnriing Ihr -.W 1920 ;1. 19 $14.l74.1t'.3 95 '14 I) 1 A 6. .1.17. 61 I nn - I. -'0 1 00 2.1 tl.lH'i 3.3.H2.t.H7 69 00 -x.iw^i.yn (K) 2.8it().r,4l (H) \'> •i.2n.4(rt) .(1 :U.tSH(),97 91 37.141.17149 3.1 1 GROSS VOLU.MK OF BUSINESS. '21 l> 69 $.1,031 .H:»7 13 4.1 ;M.'.ii.(KKI '14 V .18 Yrnr Ending /><T.31 1919. 7.616,1:^2 1 i\<H». f.!'! .",..!!" 7'.<l.71« r,o i-'.2l9 HI'. ,'..:: 4ri,KV2.344 . 10,754 241 447 197 27 951 Furnacc-s 860 1,044 1,178 429 Commis-saries 52 518 52 Total South. 2,476 2.608 Orand Total. 13.230 11,784 5,623 .582 1.619 882 6.093 9,176 TOTAL E.'CPENDED FOR L.VBOR. Amount. Year Ending December December 31 31 DcfiiibiT 31 n(..<«-inb<T 31 Di-rember 31 December 31 December 31 Man- .\teragc per .$9,638.950 77 28.972.720 15 17, .174, 480 .16 1,822 1,619 1.211 12.778..836 21 979 8.558.574 01 1920. 1919 lOlS 1917 1916 1915 $1,714 2.190 21.466.605,16 23,747.260 97 1921 771 UNFILLED ORDERS AND BUSINESS OUTLOOK. COMPARATIVE HTATEMFNT OK RARNIN08 AND DISPOSITION I Year Ending Dec. 31 1919. 912 Souths Ore Mines Coal Mines and Ovens. of Drr. 31 1919. tl6.231.804 00 $18,761.278 43 $15.943.2.39 31 Total Year Ending Dec. 31 1920. 667 1.689 981 7.417 4,711 Total North As /Vr. 31 1920. S3,S51 .71S .57 2.302 05167 311921. $3.92t.l.Vi Flnlnhcl PrwJuct PtK Iron Puddle Mill ITo'liirtd HIII.;tH, of Year Ending Dec. 311921. 195 763 366 Furnaces Works production in As 79,918,410 06 3.447 Ore Mines Coal Mines and Ovens commodities carried in Inventory-, however, is in excess of This situawhat might befermed normal for this period. tion is due to the following causes: 1. On account of exce.ss stocks of Iron Ore carried over from the season of 1920, which, owing to lack of demand, could not be consumed. 2. To increased stocks of Tubular Products and Sheet Steel, which increa.se was the natural result of our growth of As 83,737,096 37 AVERAGE NUMBER OP MEN EMPLOYED. $29,576.329 35 $37,441,57149 $33,880,97191 Balance Sheet 987,675 23 85,991,793 05 eliminated the war period custom, with its basic eight-hour daj- and punitive rate for overtime. As a result of these changes in rates and working conditions, labor costs were reduced about 40%. Our present labor scale of 30c. per hour for common labor represents maximum rates now paid for labor in the central and western Iron and Steel Districts, although in some other Districts rates as low as 20e. On acper hour for common labor have been established. count of the fact that advances in wages occurred at various periods during 1920, and reductions in wages were made at various times dui-ing 1921, comparative average earnings The following table, however, apare not fully reflected. I^roximately reflects the average earnings per man per year. $40,991,571 49 on Pref. Stock on Com. Stock on Pref. Stock on Com. Stock on Pref. Stock on Com. Stock 1,156,849 84 working $37,441,571 49 Surplus Dec. 31 1920 $33,880,971 91 Surplus Dec. 31 1919...$35.122.462 22 Surplus Dec. 31 1918--.^ S31.776.329 35 541,497,494 36 $37,263,658 91 Deduct: .„. „„„ „_ o0o,922 87 Amt. written out of Surplas Divs. Divs. Divs. Divs. Divs. Divs. 774,753 50 result of this general situation, labor prices verj^ generally deehned in the principal Iron and Steel making Districts, and to protect our competitive position, we subsequently made relative reductions in both labor and salaries, and also Add: Deduct: Year Ending Dec. 31 1919. $2,746.888 60 1,560,062 81 LABOR -\ND EMPLOYMENT. As stated elsewhere in this Report, the year ending Dec. 31 1921 was one of necessary readjustment, as a consequence of the general collapse in values for Iron and Steel. As a S2. 157. 237 97 Profits for the Year.. Year Ending Year Ending Dec. 31 1921. Dec. 31 1920. $2,246.57120 $4,632.449 18 782,878 98 470,237 52 140,018 50 of Property Ac- count 383. .558 18 S4. 049. 147 60 *$4. 858. 267 79 1 Year for Net Balance 1.381.220 21 159,796 84 "^oTMfnVa'ls^.^,"^"!""" Provision for Excess Profits Renewals 1.506.260 50 ' $48,680,031 49 SUMMARIZED COMPARATIVE STATEMENT OF PROPERTY Less: Net 630,044 61 o75,496 24 1,494,130 40 *S809, 120 19 $14,174,163 58 , Idle Plant Expenses Total Profits for the Year. '"'™:^ ADDITIONS. Miscellaneous S4.4o6.341 45 348,64181 173,482 07 $685,010 21 Less '°" "' 788,942 84 1.464,996 80 Total. Dec.31'20, 5,928,626 67 Dec.3119. 4,707,709 50 Interest and Di\-idends Received °'^Il^f 820,721 26 1,472,585 14 .\dditions to the Property Account during the year aggregated .?3.029,450 18. The total New Construction to date, Dee. .31 1921, is: Blast Furnaces ..$11,761,924 99 Steel Plants. Rolling Mills and Factories 23.649.290 13 Ore Mines, Coal Mines, Coke Ovens and Quarries 12,638,771 76 COMPARATIVE STATEMENT OF INCOME Year Ending Accident For Insurance. Contingencies $ $ 752.188 87 660,660 36 NEW CONSTRUCTION AND PROPERTY Net Dec. 31 1921. and — 1.223.74800 1.44375288 1:292:43699 For Fire For Year Relining and Renewal of Ending Minerals. Furnaces. of Plants. Dec. 31 $ $ $ 1921... 12,675,923 76 4,237.777 68 949,823 16 Doc. 31 1920. ..11.901, 170 26 4,078.294 64 919,294 98 Dec. 31 1919--. 10.757. 188 37 3,570,232 78 532,158 93 i^-^i\^ ^- For Exhaustion .15 Present prices for Injii and Stfc'l would s(>em to suggest that the period of liquidation and readjustments is about over, as current i)rices for tiic i)rincipal Iron and Steel i)r()diicts average but littler over ])rc-war levels. Norma! conditions of business in Iron and Steel, however, are not c.xix'cted iinlii after substantial reductions have been made in freight rates, aiul of !al)or eo.sts in the Coal Mining and Building Tra<le.s, for in these iiidiistries war schedules an> still maintained, notwithstanding the reductions made in the g(>neral cost of living and of hibor costs in most all other fi(>lds of activities. Stocks of Iron and Steel are w<«ll licpiidated, and demand is slowly inipro\ing, but oi)era)ions at )(resent are far from n(»rinal, as not o^cr 10% of (lie ('nuntrs's total (•:i|iacit.\' is eniplo\e<l. While m(» expecl (;iiiiiiial iniprov(>nient ill the volume of business with tlii> opening of S)>ring rude, yet the outlocjk for tiie iminedi.ile future is not oneouraging. The Malanee of Onlers on hand as of Dee. 31 1921 as eoml)ared %villi the Halanee on lliind for the two preeediiig yeura i.s HH followH: KINMHIim) SKMI I'l N IMII r I) I WD > \r,'ll \U<.I '^ TO CftsTOK KIto.M I'KOI ITM KOU i:. l>KClii'.ri,\ri<)N, Tons. 07.731 10J.900 . Dim. Dim. -IP. 1" n r I ,1 I'.I.'U l)....inl.<T 31 llll'l I AND f»'niKl .AI, \ .„r KI.NDH. I- „,l.,.,i /' R<^palra nn'l Mnlnr^finnrp ' 'h«rKn« ffFT Uri.r>' i;tilo>n and Unn«n»,i| ),r i'l iii'<< I 31 l>i«'<'ii,b<T 31 'I v» I 40 Dii'i'iiiliitr :il My Order I 1 •7.t.i-t.HM/ 1/ V),0Hh,U2it VI Kxhauatlon of 1M>.7MM Ending ri<.<'i'iiitMir n,l,t,g : %2.hii,24''i 13 T'lr Yriir \,„r .VIM.Ofll HO 100.005 :<0 :W.i.r,2-\ I'Ui ll(<i.\. /.nn. J1,K.'«) lO.'l !• " I II' of .,.? 'ii.s.i.l llii< IJward of DueeloiM. ^'llllr- respeelfullv, .I()ll\ \. TOl'I'IN'Ci. tViun '""" THE CHRONICLE 964 [Vol. 114. THE NORTH AMERICAN COMPANY THIRTY-SECOND ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER Newark, N. J., February 9 1922. To the Stockholders: On behalf of the Board of Directors there is submitted herewith a report on the operatious of The North American Company and its subsidiary companies for the vear ended December 31 1921. The books of account, vouchers, securities and cash of the Company have been examined and verified by its Auditors, Messrs. Price, Waterhouse & Co., Chartered Accountants, who also made similar examinations of the subsidiary companies during the year. Unless a change is made 'in the date of the Annual Meeting, there is not sufficient time for an audit of the subsidiary companies' books as at December 31 and consequently the practice has been adopted of having audits of the subsidiary companies made as at September 30 (being the close of the last quarter prior to the end of the year). Certificate of the Auditors is appended hereto. , There are also appended comparative Statement of Earnings for the years 1921 and 1920 and comparative Consolidated Balance Sheet as at December 31 1921 and 1920, of The North American Company- and the companies whose entire outstanding common stocks are owned' by it or its subsidiaries. (I.) INCOME AND UNDIVIDED PROFITS. Gross Earnings of subsidiary companies for 1921 amounted to $38,853,189 99, a decrease of $757,972 18 or 1.91^^0 compared with 1920. Of these Gross Earnings 2.5.19% was derived from railway, 58.39% from electric and heating, gas, and 10.74% from coal operations. Operating Expenses and Taxes amounted to $26,791,255 73, a decrease of $3,319.094 94 or 11.02%. Net Income from Operation increased $2,561,122 76, or 26.96%, to $12,061,934 26, of which 15.39% was derived from railway, 75.20% from electric and heating, 5.31% from gas, and 4.10% from coal operations. Balance for Depreciation, Di\adends and Surplus amounted to $6,711,141 97, an increase of $1,314,853 64, or 24.37%. 30 1923, at their option, to additional (II.) BALANCE SHEET. increase of $9,714,094 66. The net increase in total capital liabilities of subsidiary companies was $6,975,350, of which $3,705,750 was funded debt and $3,269,600 additional Preferred Stocks. Net working capital, or excess of Current Assets over Current Liabilities, amounted to $8,120,090 62, an increase during the year of $1,203,194 57, or 17.39%. Reserves amounted to $19,824,110 28, an increase of $3,179,213 09, or 19.10%, and Surplus amounted to $12,776,356 67, an increase of $1,712,726 70, or 15.48%. The subsidiary companies have adhered to the long established policy of maintaining their pro])erties at the highest standards. Expenditures during the year for renewals and replacements amounted to $4,170,631 25, in addition to which substantial credits were made to Reserves for Depreciation. (III.) CAPITAL STOCK. A special meeting of the stockholders was held on August 26 1921 for the purpose of voting upon the proposed Amendment to the Certificate of Organization of the Company to classify its stock into shares of Six Per Cent Cumulative Preferred Stock of $50 par value and shares of Common Stock of $50 par value, to increase the authorized capital stock to $60,000,000, consisting of $30,000,000 par value of Preferred Stock and $30,000,000 par value of Common Stock, and to issue one share of Preferred Stock and one share of Common Stock in exchange for each share of old stock of $100 par value then outstanding. Notwithstanding the necessarily short time allowed for the return of proxies, and the absence of many of the stockholders because of the Summer season, the holders of about three-fourths of the outstanding stock voted in favor of the proposed Amendment. The classification of the stock accordingly became effective immediately and the old stock of $100 par value became , non-existont and was soon thereafter removed from the list of the New York Stock Exchange, the new Preferred and new Common Stock being added in its stead. This classification involved no increase in the total par value of stock outstanding. Common Stockholders of record on December 15 1921 were offered the right to subscribe for additional Common Stock in total amount of $10,422,400 par value, or 70 per cent of the Common Stock then outstanding. This total amount of additional stock was offered in four installments, of which the first installment of $2,233,350, or 15 per cent, was offered for subscription on or before Januarj' 3 1922. Subscribers to the first installment received Option Warrants of Series A entitling them to subscribe at par on or before December 30 1922, at their option, for additional Common Stock in amount equal to 133 1-3 per cent of the original Upon the exercise of the O])tion Warrants of subscription. Series A subscribers will receive Option Warrants of Series B which will entitle them to subscribe at par on or before June Common Stock in to that subscribed for under the Option VVarrants of Series A, and upon the exercise of the Option Warrants of Series B subscribers will receive Option Warrants of Series C entitling them to subscribe at ])ar on or before December 31 1923, at their option, to additional Stock in amount equal to 75 per cent of that subscribed for under the Option Warrants of Series B. $1 272 300 par value, or 56.97 per cent, of the first installment was sub- amount equal Common scribed on or before January 3 1922, and the balance was taken up at par in accordance with the contract with the Under^\Titers, Messrs. Dillon, Read Co. Mr. Harrison Williams, Chairman of the Board of Du-ectors of vour Company, had a substantial participation in the underWTiting. As the stockholders were advised, for the performance of the obligation which the Underwriters assumed they received a commission of $3 75 per share on the first installment of stock and also received the Option rights attaching to the stock taken up by them. & (IV.) DIVIDENDS. Since the classification of the stock two quarterly di\'idend8 each of 13^% have been paid on the Preferred Stock and quarterly dividends on the new Common Stock were inaugurated at the same rate. The combined dividends on the Preferred and Common Stocks therefore represent an increase of 1 per cent per annum over the rate paid on the old stock. 5.68% from Investment in Property and Plant of subsidiary companies amounted to $129,218,529 23 on December 31 1921, an 31 1921 (V.) SUBSIDIARY COMPANIES. (A.) WISCONSIN GROUP. The Milwaukee Electric Railway and Light Company. Gross Earnings of The Milwaukee Electric Railwav and Light Company for the year 1921 , amounted to $18"',463,- 532 19. a decrease of $600,802 92, or 3.15%, compared with the year 1920. The decrease in gross earnings was the result of a faUing off in all classes of utilitv business, the number of passengers carried decreasing from 213.243,993 to 199,555,491, or 6.42%, electric energy sales from 249,248,313 to 226,789.404 kilowatt hours, or 9.01%, and steam sales from 712,908,414 to 043,168,840 pounds, a decrease of 9.78%. The number of electric customers increased from S3, 361 to 94,797, or 13.72%. Construction expenditures in 1921 amounted to $3,702,502 05, principally for power plant and substation equipment, extensions to the electric transmission and distribution systems and customers' services. Expenditures for additional power plant cara^ity were greatly reduced because of the lease of the new } la it of the Wisconsin Electric Power Company in which tie second 20.000 kilowatt unit was installed during the j-ear. With the approval of the Railroad Commission of Wisconsin, the Company acquired the property of North Milwaukee Light and Power Company in December. This acquisition will not affect the operations of The Milwaukee Electric Railway and Light Companj' as it formerly sold to North Milwaukee Light and Power Company the energy distributed by it in the Village of North Milwaukee. In December the Company entered into an agreement with Wells Power Company for the direct operation of that Company's plants, formerly operated in conjunction with those of The Milwaukee Electric Railway and Light Company. This arrangement will permit certain economies in operation and insure continuity of service. At a special meeting held on May 18 1921, and adjourned meeting on May 25 1921, the stoeldiolders authorizixl amendments to the Articles of Incorporation to provide for cumulative dividends on the $4..500,000 of Sbc Por Cent NonCumulative Preferred Stock and for the preference of such stock over the Common Stock in the distribution of assets, to create a new issue of Preferred Stock, Issue of 1921, in the authorized amount of $15,500,000, and to increase the number of directors of the Companv from nine to twelve. $3,000,000 par value of the new Preferred Capital Stock, Series, was thereupon authorized and Issue of 1921, offered to the Preferred stoeldiolders for subscription at par. The new Preferred Stock not so subscribed for was offered for sale by the Companj' direct to its customers and the residemts of the territorj' served by it, and at December 31 1921 $1 ,661 ,900 par value had been sold, on $88,300 of which installment payments had not then been completed. At a special meeting held on June 15 1921, the stockholders authorized the creation of the Refunding and First Mortgage of the Company, under which bonds may be issued under such terms and conditions as to interest rate, maturity and rt^ demption as the Board of Directors may deterrnine from time to time. Bonds in amount of $5.0(X),000, designated as Series A and bearing interest at 7J4%. were initially issued, of which $50,000 were retired by Sinking Fund on December 1 1921. The creation of the new issue of Preferred Stock and the Refunding and First Mortgage has placed the Company in a position to most advantageously finance a substantial part of its capital requirements for some time to come. 8% I Mauch THE CHRONICLE 4 1922.] 965 On July 1 1921 $150,000 of 5% Serial Notes matured and were paid, and $109,000 atjgregate principal amount of Ten Year 8% Sinkinp Fund Equipment Trust Gold Certificates was retired by Sinking Fund in two installments on April 1 and October 1 1921. 7.57%. Sales of electric energy were 427.3C3,438 kilowatt hours, an increase of 3.89%, and the number of customers increased from 125,830 to 137,497, or 9.27%. Additions to property and plant, consisting principally of power i)lant equipment and transmission and distribution Under the provisions of the Company's rate schedules substantial reductions in charges for electire service automatically became effective during the past year as fuel costs On December 23 1921, the Company announced decreased. a voluntary reduction in charges for electric service furnished On January 13 1922 the Raih-oad to the City of Milwaukee. Commission of Wisconsin ordered further reductions in electric rates in anticipation of larger volume of business and decreased operatiig expenses expected to result from lower costs of coal, materials and labor. Wisconsin Gas & Electric Company. Gross Eamiags of Wisconsin Gas & Electric Company for the year 1921 amounted to 83,166,246 62, a decrease of $219,178 47, or 6.47%. Sales of gas amounted to 712,711,OOO cubic feet, a decrease of 16.99% compared with the preceding vear, and electric energy sales amounted to 36,276,397 kilowatt hours, a decrease of 6.79%. 2,956,186 passengers were carried on the Company's street railway system in the City of Kenosha, a decrease of 26.54%. The number of gas omtomers decreased from 22,906 to 22,870, or .16%, and the number of electric customers increased from 13,918 to 15,612, or 12.17%. Construction ex"penditures in 1921 amounted to S779,954 33, chiefly for additions to gas production plant, and extensions to gas and electric transmission and distribution systems. Sales of Preferrc d Ca >ital Stock were continued during the rear and the balance of $442,700, of the amount authorized iy the Board of Directors, was disposed of at par by the facilities, Company direct. On June 5% Bonds of Water1921, the First Mortgage Electric Company, of which §100,000 principal imount was outstanding, matured and were paid. The electric energy distributed by the Company is purihased from The Milwaukee Electric Railway and Light I^ompany and its schedules similarly provide for automatic idjustments of charges as coal prices vary. As a result of he operation of these provi.sions and other reductions voluntarily made during the year the Company's customers lerived substantial benefits. Further voluntary reductions lave been announced to become effective coincident nith lecreases in rates of The Milwaukee Electric Railway and 1 & x)wn Gas Company recently ordered by the Railroad Commision of Wisconsin. Effective about September 1 1921, the 'ompany voluntarily made a reduction of 10 cents per thouand cubic feet in the rat*s for gas sold in the territory served ly its Lake Shore Division. On Januarv- 21 1922, the lailroad Commission of Wiscon.^in ordered further gas rate eductions of 15 cents per thousand cubic feet in Kenosha, nd 10 cents per thousand cubic feet in the other territory of he Lake Shore Division. North Milwaukee Light and Power Company. Gross Earnings of North Milwaukee Light and Power Company for the year 1921 amountf;d to S.54,290 10, an ncrease of 17.00%, and .sales of electric energy were 1,188,02 kilowatt hours, a decrease of 28.70%. The property of the North Milwaukee Light and Power Company was acquired in December, 1921, bj' The MilRle<'tric Railway and Light Company with the of the Railroad Commission of Wisconsin. Jght . Wells Power Company. Gross Earnings of Wells Power Comj^any for the year 1921 mounted to $421 ,8.30 88, a decrea.se of G.'A %. Electric nergy .sales '' the year amounted to 3,828.044 kilowatt ours, an of 14.51%. and steam sales increased - i .10% to 21.'s,Mr.<,(KH) j Decemlx-r. 1921, ipany entero<l into an agreewith The .Milv.;iiikj'e Electric Rjiilway and Light pany for the rijxratiori of its plants by that Company. Wisconsin Electric Power Company. The first unit of 20,(JO0 kilowatts installed in the Coinanv's new generating stalion was pla<red in ofMration in r, 1920. .\noth<T unit of 20,fX)0 kilowatts was in July, 1921. The Htalion is designed frjr an '•apa/:ity of 2rX),fXX) kilowatts. The year 1921 was - full twelve month.s' period of the Company's oporafn ' ' ' i< 'ti ' plant haH attnu;t*<<l attftntion of the f-nginoerinp profrom the fa<rt that it is the first new cfiitral station 'lusivflv for the use of puKcrized fuel. over the first year of oitcration justify in the results obtained, and even (freater ' ' • I jMHiUyl ill the future. property invcslment at Dcs^emher 31 1921 41. Ah Htat<-d in the last Annual l{c[)ort, I — . ii jr ,1- operat«K| ii.u: .' r SLVl.OOf) , ' . A. two 7 by Tln> .Milwauke«> Hinount of j^Vr. of the iniitnllrnentH ( 'oi/iiianv 1921. On May 1 1921. .$600,000 of JMissouri Electric Light and Pov.er Company Bonds matured and were paid, and against their retirement 8000,000 of the Company's Refunding and Extension Mortgage Bonds •will be issued and placed in the Treasurj^ .Lower coal costs were an important factor in the reduction of direct operating expenses, as the water power service received in 1921 was only 64% of the total energy measured at the sA\-itchboard. Increased generating capacity and largely reduced fuel consumption resulted from the substitution of two new 20,000 kilow^att turbines for two 12,000 kilowatt machines of older type. Substantial reductions in charges for electric service were made in 1921 through the provisions in the Company's schedules for automatic adjustments of rates consistent with variations in costs of fuel and labor. Though more than one-third of the potential working time in 1921 was lost because of lessened demand for coal. Union Collierv^ Company (the entire capital stock of which is owned by Union Electric Light and Power Company) produced 392.234 tons, an increase of more than 20% over the 1920 production. Marked improvement in operating efficiency, reflected in an increase of nearly 45% in output per working day, was made possible by underground development which permitted the utilization of a greater productive force during the periods in which the mine was in operation. The mine is electrically equipped in accordance with the most modern practice, and now has a capacity of 900,000 tons per annum. 6% 5% The St. Louis County Gas Company. Gross Earnings of The St. Louis Countv Gas Company for the year 1921 amounted to 8662,216 97, an increase of 9.66%. Sales of gas amounted to 414,599,100 cubic feet, an increase of .8')%. and the number of customers increased from 13,569 to 14,79) or 9.00%. Construction expenditures during the year amounted to 891,303 41, principalh' for extensions to the distribution sj-stera, new service connections and the installation of a waste heat boiler with auxiliary electrical equipment which resulted in substantial economy in fuel consumption. The Company sold at par direct the remaining 881 ,800 of the authorized amount of its Five- Year 634% Bond Secured Gold Notes. Gas rates were reduced 15 cents per thousand cubic feet, effective August 1 1921, in conformity with the Company's agreement ^\ith the various munici;)alities served, providing for adjustments necessary to produce a reasonable return. WEST KENTUCKY COAL COMPANY. Gross Earnings of West Kentucky Coal Company (C) for 1921 to 83,014,102 06, a decrease of 29.40 7oProduction droi)i)ed to 768,106 tons, a decrea.se of 15.35%, due ta falling off in demand for coal. This decrease, however, is considerably less than that experienced l>y coal comjianies in general, the 1921 production of all com])anies being less than in 1913. The Company's ability to .serve a wide market with its water trans])ortation facilities contril)ute<l largely to what may be regarded as very satisfactory results under the stagnant conditions which existed in the coal industrv' throughout almost the entire year. The Company's mines have a i)rosent annual rapacity of more than 1 ,300, 000 tons. Since tht? clf)se of the year imixirtant additions hav(( been made to the river fleet. amounted OTHER INVESTMENTS (VI.) The North Re]>ort, princi])al .AnH-rican is change in tlw other investments of The Comi)any d(scril)e<I in th(> 1920 Annual the purchase at par of 81 .'?l,47J.t)(K) r)f Extended First of a total issu(< of s";, Moiids of Lin<lell ,.3tl2,0(K) Mortgage Railway ^'onipany, the most ini|)firtant utiit of the system of United Hnilways Coinnany of St. Louis. The KxteiuhMl First .Mortgage 4'.',' Monds of the Liiidell ( '(unpiiny matured on .\ugust 1 i92l. and U))on a])))ro\!il of the Ueciivor, th«t United SUiles District (^ourt and the Public Service ConimiKsion of .Missnuri. were again extended, with interest at H';, to October I 192.3. N'o iilan of reorgjini/.alion for the United l{;iilw.'iys Comjiany of St. Louis has yet been effected, and the valuation of that Coiniiany's projii-rty in still un<ler consideration by the Public Servic«» ("ommisHion of .MisHouri. The earningM of The Detroit lOdi.soii Company were sulmtiintinliy larger than for the pre<'eding I ,|,^| '^ *1W21. : urid»T lease ( 'oTni)any. aggregated $1,145,426 57. During the year the Company sold loeallv $1,400,300 additional 7% Preferred Stock, on $76,000 of which installment payments had not been completed on December 31 Mortgag*' wi-m ritirid by P'irst on Aprif 15andOctob<r m) MiNflonRf oRoinUnion F.tectrlc Ll(ht and Power Company. <^)roM Earnings of Union Kh-ctric Light and I'owir <'orii»riy for 1921 axnuwxxUA U) «10.97S.I3r) 12. an increjwe «»r ^'omjiiiny puid in dendn, em-h at the regular rttt<( of <lee|jire<| hikI I'.rji, for 1921 yeiir. four (jiiarterly That «Iivi- 'I'/c- GKNFR.M, (VII.) 1921 Wat* marked by eoutinuanee of the depre*sion which vit.ally affe«'te<| all lniMineNH in the last half of 1920. Throughout the greulir i>art of the >ear, denuui<lH for utility servieigi were far helow those of the i-orreHpotidiiig inontliM r)f The year THE CHRONICLE 966 1920, as vast productive facilities of the country remained Decreases in gross revenues resulted from the falling off in business, but net earnings increased with reductions in expenses, in which declining coal prices were a principal Through automatic adjustments for charges for factor. electric service heretofore described in this report, customers derived the benefits of the major portions of the savings in operating costs, the resultiug rate reductions, which were substantial in amount, being reflected in the earnings for the year. A large part of the funds required for the construction needs of the subsidiary companies was provided by their At the close of the year upwards of direct sales of securities. $18,000,000 of their securities were held by more than 22,000 residents of the territories they serve. The policy which has been followed for many years of reinvesting in operating property substantial proportions of the subsidiaries' earnings has largely increased the values of their properties and has reduced to a minimum the amount of idle. [Vol. 114. financing required to be done by the issue of securities. The allowance of a reasonable rate of return on property values established by appraisals of the regulating authorities and subsequent actual cash expenditures, would produce earnings considerably in excess of those achieved during the year 1921. The subsidiaries have entered upon the new year with their properties in the best operating condition and capable of economically furnishing service in greater volume than is likely to be required of them. Their charges for the various classes of utility services have been reduced with declining costs and are as low as, or lower than, rates for similar services in effect in larger cities. Some slight improvement was noted in the late months of 1921 in certain sections of the territories served and it is to be expected that the subsidiaries will enjoy further increases in earnings with revival in industrial activity. By order of the Board of Directors. HARRISON WILLIAMS, ChnirTnan. THE NORTH AMERICAN COMPANY AND SUBSIDIARY COMPANIES COMPARATIVE STATEMENT OF EARNINGS. Year Ended Gross Earnings Operating Expenses and Taxes Year Ended Dec. 31 1921. $38,853,189 99 Dec. 31 1920. $39,611,162 17 30,110,350 67 26,791,255 73 Net Income from Operation Other Net Income $12,061,934 26 307,195 79 Total $9,500,811 50 208,673 38 ' $12,369,130 05 $4,603,113 90 684,564 66 370,309 52 Total Deductions Balance for Depreciation, Dividends and Surplus . $4,313,196 55 $6,711,141 97 Minority Interest in Wisconsin Group $3,459,304 43 525,905 69 327,986 43 $5,657,988 08 Interest Charges Preferred Dividends of Subsidiary Companies $9,709,484 88 $5,396,288 33 THE NORTH AMERICAN COMPANY AND SUBSIDIARY COMPANIES CONSOLIDATED BALANCE SHEET. ASSETS'. December Property and Plant— General Account Treasury Securities Cash on Deposit with Trustees Investments Stocks and Bonds of Other Companies Sundry Investments 31 1921. December $129,218,529 23 31 1920. $119,504,434 57 31,(X)0 00 40,988 31 38,827 92 : $3,313,012 95 330,793 94 $4,664,033 23 578,927 13 3,643,806 89 5,242,960 36 Current Assets Cash Notes and Bills Receivable : $3,093,734 118,128 4,713,886 5,274,253 2,370 Accounts Receivable Material and Supplies Sundry Current Assets 33 00 47 $3,102,085 57,985 7,537,892 5,513,422 70,785 65 00 78 36 32 42 23 13,202,372 45 Inter-Company Accounts Prepaid Accounts Open Accounts Bond and Note Discount Premium on Investment Securities 138,983 54 3,131,873 00 4,815,11128 LIABILITIES. December Cent Cumulative Preferred Stock December $14,896,650 00 „ „„ $30,000,000 00 : $30,000,000 00 Authorized Outstanding Preferred Stocks of Subsidiaries Minority Stockholders' Interest in Capital of Subsidiary-Controlled Company Funded Debt of Subsidiaries Less Securities deposited with Trustees $29,793,300 00 8,638,600 00 15,033,200 00 11,908,200 00 . and Surplus 2,156,433 75 2,025,335 21 $87,012,813 98 18,864,113 98 $95,271,450 00 23,417,000 00 68,148,700 00 71,854,450 00 Current Liabilities Notes and Bills payable : ^ Accrued Liabilities Total 763,20107 9,365,275 06 5,082,281 83 : $835,090 988,999 531,876 32,100 Taxes Accrued Interest Accrued Dividends Accrued Sundi-y Accrued Liabilities Reserves Surplus ^ .„ $6,442,562 47 2,159,511 52 $1,752,422 23 2,439,734 98 890,124 02 Accounts Payable Sundry Current Liabilities ^ Open Accounts 31 1920. $30,000,000 00 Outstanding Stock 18 21 48 : Authorized Common 31 1921. 11 80 08 $148,598,564 63 $155,788,657 78 Total Six Per 16,282,171 110,521 108,728 1,205,906 2,808,448 4,862,559 .__ :::::::::". -- . :::::::::: $652,39144 75 91 83 30 1,080,619 02 436,419 00 66,002 07 2,388,067 79 „ „^. .„, .„ 2,235,431 53 552,29113 19,824,110 28 12,776,35667 $155,788,657 78 97 11,063,629 i? J^,^ll1';?!^i^ $148,598,564 63 •March THE Cn^ONTCLE 4 1922.] Oontlnenrrxl Kiirope. eK-.. Price \Wiierhouse. I'eatA Co. South America, Trice, Walerhouso. Poller Also Great Britain, W. B. Peat & Co. CO. United States. Canada, Mexico, Great Britain. Co. &, WATERHOUSE & PRICE. 967 56 Pine Street, New York, February 2 1922. The North American Company, 60 Broadway, New York, N. Y. Wc have audited the books and accounts of The North Amerinan Company for the year 1921 and have been furnished with the reports of the subsidiary companies as at that dale, and certify that the attached consolidated balance sheet and statement of earnings are in accord therewith. We have accepted the valuations of the investment securities as they are carried upon the books of The North American Company. The books and accounts of the subsidiary companies were audited by us at September 30 1921 and as a result of such audits we found the accounts to be well and accurately kept; the treatment of the propertj' accounts was correct and conservative, and the re.serves made for depreciation as an aggregate were, in our opinion, fair and reasonable. On the foregoing basis we certify that, in our opinion, the consolidated balance shoot shows the financial position of the combined companies at December 31 1921, and the statement of earnings is a fair and correct statement of the results of the operations for the year ending on that date. PRICE, WATERHOUSE 4 CO. Universal Leaf Tobacco Co., Inc., N. Y. mon Dividend. — — — Henry L. Doherty & Co have opened a Newark office in the Robert Treat Hotel The opening of this branch office signalizes the active interest of this investment house in Northern New Jersey The territory served by the .Vewark branch, which will be in charge of Philip B Sawyer. "will extend as far south as Trenton "In establishing this branch," explained one of Com- Initial An initial dividend of .3% has been declrxred on the Common sto^k. par $100, aloHET with the regular quarterly dividend of 2% on the Cumiil. Pref. irch 22. stocic. par $100. both payable April 1 to holders of record This company was incorporated Feb. l.S 191H in Virginia and are ecporters and importers of leif tobicco. Capitalization: authorized. S 10.000 000 Common and $10,000 000 Preferred, of which there i'; outsrrmdin? S.5..'-i79.300 Common and .59.500 000 Preferred stock, par SIOO. The officers are: T. B. Yuille. Pres.: C. M. Dozier. Sec and R. L. Gordon. Treas. M — — West India Sugar Finance Corp. Defers Pref. Div. on the of the quarterly dividend of 2"^ usually paid March 8% Cumul. Pref. stock has l>pen deferred. The (luarterly dividend of Payment 1 IH'^r on the Comman stock, due Sept. 1 1921 was passed in Aug. V. 113. p. 968. We3tin?hou3e El. M?g. Co.—Suh. Co. Sale.— See Savage Arms Corp. atove. V. 114, p. 746, 638. & Wevman-Bruton — Co. — Larqer Common Dividend. last. — on the outstanding directors have declared a quarterly dividend of $7 .948. .520 Common -stock, par $100. and the re-.?ular quarterly diviilend of IH.'^c on the outstanding $4.0.3« 800 Preferred stock, par SIOO. both payable April 1 to holders of record March 13. Quarterly distributions of 2'A% have been made on Common stock from Jan. 1919 to Jan. 1921 Incl. Compare annual report in V. 114, p. 735. Corp.— A/a5^ Willys — Sell Plant. See H. H. Franklin Mfg. Co. above.— V. 114, p. 531, 207. — — fell due Mar. 1, have been extended another three montiis. thereby artviiis; the company additional time in which to complete arrangements for permanentl.v financing them. The banking committee h.ns practically completed the details of a plan provirline for a $25,000 000 First Mortgage bond i.vsue. of which about In addition, a revolving credit S18.O0O,O(J0 would be sold immediately. of .several million dollars w(>\ild i>e created. Some interests in the compan.% are understood to be oppposed to a boi d Lssue at thi.'^ time and directors hivp not ra'ified the plan proposed by th^' banking committee. A group of Toledo banks is .said to be desirous of taking over all Willys-Overland b.ank debts, but Is not in position to handle such a large amount. ( Wall Street Journal. ) Charles D. Wilson, formerlj' Vice-I'resi'k-nt in charge of operations, has m.iger. I.inwood .\. Miller has been elected .Sec y. been elected General The following directors have been elected: Wm. W. Knight. Charles Bunting and EdwanI Ft. Tinker, the latter two respectively to succeed James E. Kcpperlj and George .Spencer. r»-«ignefl. The full boanl now consists of. John .V. Willys. I'res.; Charles B. Wilson, Vice-Pres. & Gen Mgr.: .1. R. Harbeck. K. It. Tinker and Elisha Walker. New York: Rathbun Fuller, W. W. Knight, Charles E. Hunting. W. L. M Milner. Henry L. Thompson. George M. Jones and Gordon V. Mather, all of Toledo. The company s executive offices, which were maintained at 32 Vanderbllt Con'-ourse Building. New York, are to be closed and moved to Toledo, rjiiio— v. II-*. p. 802. & Wilson f Co.. Inc. -r„,_, . — „f r-,. Tender.'^. in:.' \ . 1 ; a price not exceeding 10.3H $1..500, 20.5 at 1, ;^. 4 IV. ' Winnisimmet Ship YardsTlnc, Chelsea, Mass. — Sale. The rtwelvem have ordered V I. 2 and 3. — beheld Mar. the .sale 111. p \Vi . (,'i,in Wi - « of Co and i«t Mlwrviki , and the sale was of the entire plant 24.33. Wisc<"nsin Telephone Co. Fir-' — Prrfprrrd h-i« fi"".; OffTino. Sto'-k a ini7<-<l to :pilons for new Issue i>ck at par and ac- invf -A" of telephone exrhnnges, Incl'ides all the but all cltle* of W '.n ' Iloth bankers and 'lie "Ucve tnat by thU co-^/peraUon the iKKue will receive no" COrr wl.l T > w. , . t f . . 1 •'ic Hta .v. i 31 1031 w«Tn $?7.08.'»,2fil. of which »2n.m-^.\Xt \h d rarrlwl on the book* at coitt. The $1 1 .000.000 of J In A publication of special interest to all holders and possible purchasers of railroad equipment trust bonds is the liook recently issued by Evans Stillnian & Co. of 60 Broadway. That these Iwnds are in greiit demand by astuie investors, is shown by the fact that $132,000,000 were sold by the United States RR. Administration during the latter part of 1921. ' The lK)nds were placed on the market by various groups of tonkers throughout the country. The new lx)okIet entitled "Equipment Trust Securities" supplements the Iwoklet published by Evans. Stillman & Co. in 1921, and brings up to date the essential details of the more important equipment trusts. — Noble & Co.. Inc.. and Morris & Pollock have consolidated under the of Pollock, Reid & White. Inc., with offices at 165 Broadway. The firm will engape in a general brokerage business in foreign exchange, foreign securities and foreign currency. name — According to cable advices from London, an Issue of £5.000.000 6% bonds of the Paris, Lyons & Moditerrano:in Railway, offered by J. Henry Schroder & Co. and Baring Brothers, was many tltnes over-subscribed. The subscription list remained open for only one hour. — Parri.sh & Co., 1500 Walnut Street, Philadelphia, memliers New York and Philadelphia Stock Exchanges, annoimce the opening of a departn ent M. C. Ilewson for the purpose of dealing Telephone Spruce 1020. charge of Harry in curities. ; Edward Lowber Stokes announces the formation of a i>artner«hlp under the name of Edward Ix)wl>er Stokes & Co., with offices at 20 Pouth 15lh St., Philadelphia. Boston. and Reading, Pa. The iwrtners are Edward I>iwl>er Stokes and W. Standley Stokes. The Columbia Trust Co. has been designated Registrar of the capital stock of the Public National Bank of New York. The.trust company wil al.so act as agent to receive aud deliver the certificates. , The First Wisconsin Co. <if Milwauke«>, Wis., nnnounco the appointment of I^^stcr W. Masse as Chicago reprosonutivo, with offices at 1 ^outb Iji .Salle St.. Chicago. Bown & Co. announce the opening of offices In tbe'Lnf&yette Building, Philadelphia, under the management of llerlwrt G. Bown. They wUl do a genenil Investment business In high class bonds. Frank Dunne A Co., 27 William Street, New York, nnnounco that H Thoma.s McTa-igue has l)ecome a mumljor of their firm. Mr. McTeague wan formerly with <'arrutnors. I'ell & Co., now SI<>ano, Poll & Co. The Equitable Tru.it Co of New York has been appointed Rogl.strar — 1 — — . ridloR la all owned by the American Telephone of the Flrit Preferred. Preferred A llons Ihal III id the a lij ric ii.<'<i :i.. i ipi'al In- of Ibo facllllliM of the — Cheittnut Htn'«<t, I'lilladelphln, nnnounco N. Ilackelt nnd ll«rl><Tt V. 11. Gallia\e Ihm.o admitted nn general luirliierH In llielr firm. ft AlexiiniliT C. laiikfiT coti <' K <'o.. CUBRTNT Tri riiir Aril NOTICI. * Co l)i-nl«oii V m< will 1« I'll, ' " thn •1 found the 72r"1 II* iiffili/.ii Ifith niitujiil Co. (Olli I I.lfn ,,,...1,. ' — ki . niiiiiiiil : • ; . xtiiii-iiii'iit IHJl. )f.ir liimirnMrr ..,.. •• ' «l « ilitHia arri' •I Thnrtiim rr<ciiily •'"• cnleiidiir ' ••-. '' nnd of lloiiton, dnalern In Uiiltiwl Stat4«i, nmniclpai their ruinoval (o 150 Congruw Hlreo^. announce McTunguo, fiirnierly witn Carruihorii, Tell ft Co., and relurnod from Europe, baa lioconin a ninnilxir «if the firm of Frank Duiino ft Co. II ^ ,3(m Yiirnall, Wiildo ,ind public utility iMindji, . Fulls Brooks. Vle«vPr(?<«ldent of the InduHtrlal Management Corp., N Y City, has iMUed a booklet on helpful bunlucM suKgMcopy of (.imc can be obt.iltied U|>on roijueMl -Rellly. Itrork c net Iln Oswego 74 Wall Street. 71-. cr.- of the —H W It /; A. and Cuuunon stocks Corporation. T.I llri in unlisted se- — 1 21 — — — S'a'p-wlde group of cni' A John Nickerson Jr. is offering a new issue of 13.500 shares of Pennsylvania Edison Co. Cumulative Preferred stock at $100 a share. The stock is entitled to preferred dividends of $8 a share. The PennsyU-ania Edison Co.'s system supplies electricity t« the cities of p;aston. Nazareth, Stroudsburg. Pa., Phillipsourg, N. J., and fourteen other communities. It supplies gas in Easton, Pa., and Phillipsburg, N. J., and steam heat in Easton. Total population served is approximately 100.000. After this financing, {•referred stock will have an appraisal \-alue of $361 per share. Net earniuKs for the .vaar ended Dec. 31 1921 were $,360.220 mere than three times the dividend requirements, including the stock now t)eing issued. — ^n) „n,ii ^ar. 13 receive bi'ls for the .gFnn-IOS; C;ol<l bonds due Dit. 1 1928. to , and — V y an financial institutions." — — Willys- Overland Co. Loans Extended Directors. The company's bank lo^ns of appro.timately $16,000,000. which TV-, sal pl.in — 3% The of the New York office. "Doherty & Co are c;irrying out a which has been under consideration for a long time, and is now put into effect because we recognize the significance of the rapid development of Northern New Jersey The Doherty interests ar« particularly pleased at having secured Mr Sawyer for ctiis important Newark office, as he is a bond man of broad experience He has been long and well known in New England and western New York, where he was associated with several large members the J ..m of Ti>lal The BankiTM Trust Co. o. ^(-n|illnl for mmUT \UJI) fiirrr Ki t-IH, hw bwni appolnt<Hl Agoiit the Voting for TrUHlnm for capllnl «t4>rk of Kllno \ llrniin. Inc. -Tim CI. cMiriiKTHlilpof .MiindH. Kogi-ni ft Hiackixiln lmaaxpln<d ,1 , 'I ffU'M UtniH It.-' nf the Vrw York Htocb Fichnngo. and mhI IliK r< 1 byllinlta- <.f ' I lie I ho Chl- iinnin nf and liMeat (CiM Of ' <. ion, $470..M)3.I27 land, fi.niinrly wllU .M... Weill U'l A Co, >» . with WUJu of Now IC. U York < ni ^ •er ft «?o,. Is now auorlntfid Now Jomoy iHH-urltlm. «y City, iidio n«iw a»- ork la THE CHKONICLE 968 COMMERCIAL EPITOME New York, Friday Night, March 3 1922. still conservative, business shows life. For one thing, business in iron iind steel has increased, though at lower prices. Collections And the prolonged drought in the are somevvliat better. winter wheat belt has been broken by copious rains and general snow, the very thing needed. It is true that retail trade has been hampered in the Southwest, and also to some extent here in the East, by storms. Unusually cold vt'eather has penetrated to Southern Texas, necessitating replanting of early cotton. But the forecast is for warmer conditions Beneficial rains have fallen, not only in in the Southwest. the Kocky Mountain States and in the Missouri Valley, but also generally east of the Mississippi rtiver, something which tends, among other things, to put the soil in good condition for field work and spring planting. The rise in wheat has for the moment been halted by the breaking of the drought. But the European demand continues, and it is believed must continue as long as Russia is not, as in the old days, an exporter. And it looks as though she would not be an exporter for several years to come. Europe is buyRussia, it is said, will want ing flour as well as grain. 1,000,000 bushels of rye per month, as well as other grain and food supplies. Meanwhile, our farm I'eserves of wheat, corn and oats are much smaller than at this time last year, so that there is believed to be a very steady underpinning for the grain markets. Prices of livestock have recently advanced materially also. In fact, the West is not unnaturally greatly encouraged by a rise within 30 days in its farm product to the estimated value of $700,000,000. It is of interest to observe that May wheat has during the week reached a point only a small fraction below $1 50 per bushel, or within about 13 cents of the price a year ago. May and July corn is within 4 cents of the price at this time last year, and the same is true of oats. Pork products are also but little below the quotations then current. So that it is not difficult to understand the jubilant reports from Chicago and other parts of the West. The upward tiend of foreign exchange, of course, favors exports. And the activity in stocks and bonds tends to inject greater confidence into the mercantile world. It is hoped that the quietus will be given to mischievous bonus legislation. There are indications of an expanding jobbing trade for the spring. Meanwhile, it is believed that stocks of merchandise are, as a rule, down to a low point in almost all branches of trade throughout the country, so that with a return of confidence many look for a noticeable increase in buying, which is exi)ected to come about gradually as the year advances. It is believed that the tide turned as regards bank clearings in February, Cotton has remained steady. And the last Government wool sales to be held brought unchanged or slightly better prices. A bituminous coal strike is threatened, but there is said to be a supply large enough to last a month and a half in case a strike actually occurs. And, in any event, non-union miners are not expected to go out. Meanwhile the cotton mill strike in parts of New England continues. But the Rhode Island mills are to reopen, it seems, and give the workers a chance to return under military protection. Labor charges continue high, and, among many other industries, are impeding bulhling operations. They keep up raili'oad freights and coal prices, and, in fact, the prices of many necessaries of life and production. But the liquidation of labor costs will be brought about gradually under the pressure of economic law. wliicli is not to be resisted in the long run. ileanwhile the tone of American business is gradually improving. Perhaps one of the most significant features of the week is the increased trade in some descriptions of iron and steel, after a long period of stagnation. In the past iron and steel have been regarded, not without reason, as a barometer of Ameri- tone is some signs of returning Tlioiigli tlio can business, Montgomery Ward & to $5,781.(585, Co.'s sales for an increase of $322,836, February amounted Car loadings for the week ending Feb. 18 totaled 780,924, against 788,412 the previous week, but 88,917 more than a year ago. Sears, Roebuck & Co,'s Feb, sales showed a decrease of 11.35%. Sales for two months show a decrease of 10.13%. In the "Review of Credit and Business Conditions," published by the Federal Reserve Agent at New York, a decline was noted of 8% in the dollar value of department store sales in this di.strict during January. Sales reports received by this bank from 90 representatives, wholesale dealers in 10 principal commodities in this district, show that January sales compared somewhat more favorably with the previous vear than did the December sales. Net sales of Boston department stores during .January were but slightly more than half as large as in the preceding month, and were about 9% lower than during January 1921, according to the Boston Federal Reserve Bank, Department stores in other New England cities experienced nearly as large a curtailment. An analysis of the referendum voted bv the Chamber of Commerce of the TTnited States on the subject of veteran legislation shows the cash bonus was opposed by business organizations having a total membership of 282,273, and [Vol. 114. favored by organizations with a total membership of 92,455. States for the bonus were generally west of the Mississippi River. Some exceptions were Texas, Utah, Arkansas, Idaho, Montana and California, which voted against the bonus, while in the East, Vermont and Mis.sissippi voted for it. At I'rovidence, R. I., on Feb. 28, representatives of the manufacturers an(} of botli unions involved in the strike in cotton mills in Rhode Island rejected the proposal of the State Board of Mediation and Conciliation, that the wage controversy be submitted to Judge J. Jerome Hahn, Chairman of the Board, as sole arbiter. It is now stated that the mills in Rhode Island will be reopened for the 20.000 workers to return, if they see fit. under the protection of the Arbitration plans having failed, the open shop militaiTwill be tried. No mediation move is i^ending in New Hampshire with regard to an adjustment of cotton mill wa.ge differences, and the Governor and Council refused last week to call a special session of the legislature to consider the enactment of a 48-hour law for mill workers, on the ground that a bill for such a purpose was decisively defeated by the last regular session, and its success at a special session was improbable. In cloth print works the tendency is clearly towards the open shop, following a recent strike of workers and its failure. But even with recent reductions accepted, the plants of the United States Finishing Co. printing^ cloths will be paying from 8% to 10% above the pinces current for similar work in some of the large printing plants in Southern Massachusetts. The trend is toward the open shop. The United States Finishing Co. is doing as much work as it can secure under present market conditions, but even after all readjustments have been completed labor costs will still range from 96% to 105% above those of 1914. Through more efficient work, following changes made, it is hoped to bring the percentage down, and the elimination of the obstructive type of union cloth printer, it is stated, is going to help greatly. Clothing men are firm on the labor issue. Rochester and Chicago are to fight for the right to run their own shoiis. Definite action is to be taken by both sides shortlj'. Negotiations in Rochester may lead to a struggle between manufacturers in Chicago and Baltimore. The open shop is strong in Rochester. Prime Minister Lloyd George announces that the British protectorate over Egypt has been terminated. The English cloth trade has been to ,some extent affected by fear of a change of Ministry, Llo.yd George having threatened to resign. The first move toward a revival of reciprocity with Canada was made in Wa.shlngton on Wednesday, at a conference between President Harding and the Canadian Minister of Finance. Serious conditions of Indian unrest are emphasized by the London "Time.s" correspondents from various localities in India. East India, it is said, will increa.se duties 11% to 15%. Lancashire is gloomy over this report. Some 35% of Russia's textile manufacturing plants, it is said, are now working, and increasing their productive capacit,y as new machinery is installed. On Feb. 28 a heavy snow and high wind-storm struck Kansas, Missouri. Oklahoma, Northern Arkansas and the in its wake left temperatures near Train service into Kansas City from the storm-bound country was generally three hours late. While no point reported over eight or nine inches of snow, large drifts were encountered in cuts and passes. The Rock Island to El Paso was completely tied up by drifts in the Panhandle. In Kansas, the great wheat belt benefited greatly by the heav.v blanket of snow. Houston, Texas, reported on March 1 the coldest March weather in 30 .vears, i.e. 29.5 degrees above zero. San Angelo and Abilene. Texas, had 10 degrees, and even San Antonio was down to 20 degrees, and Corpus Christi around 30, Some early cotton will have to be replanted. Brownsville. Texas, wired March 2 that smud.ge pots throughout the lower Rio Grande Valley citrus groves were set going the previous night, following a Weather Bu- Texas Panhandle, and zero. reau forecast of a freeze to the coast. Grape-fruit trees are in bud there, and the freeze endangered the entire fruit crop of next season, farmers said, adding that more than 4.000 acres of beans would be given up for lost in event of freeze. It came. A northeast gale, bringing with it sleet and finall.v snow, hit New York Wednesday night, and the temperature fell to 17 degrees. The snowfall was not very heavy, however, stopping ITiursday at 5 a.m. LaRD higher; prime Western 12.85^^12. 95c., refined to Continent 14c., South American 14.25c., Brazil in kegs Futures advanced with j^ain and hogs and a steady 15.25c. demand and a slow increase in the supply of product. But on Mar. 1 deliveries on March contracts were 6,850,000 lbs. of lard and 800 bbls. of cottonseed oil. A break in grain and hogs hurt lard. Hogs on Mar. 1 were 10 to 15 cents lower. To-day lard advanced and ended 35 to 38 points higher than last Friday. DAILY CLOSINO PRICES Sat. March delivery May (iol ivory July delivery PORK cts.11,72 ILS.-i ---12.02 LARD FL'TITRES IN CHICAGO. Fri. Mm. Tvrs. Wed. Tliurs. Of^ 11.92 12.00 12.20 12 10 12 20 12..S7 11.87 12.00 12.17 11.9.5 12.02 12.12 12.30 1212 12.30 quiet; mess $2r)@,?26 50, family $27@$29, short 50@.?;2r) 50. closed $21 25, a rise this week clear $22 Beef dull; of $1. Mav mess $13@$14, packet $13@$15, family $15@.$16, extra India mess $24@$25; No. 1 canned roast beef $3 25; No. 2, $5 25; six lbs., $15 50. Cut meats quiet; Makch THE CHRONICLE 4 1922.] piokied hams, 10 to 20 lbs., 23^4@23Hc.; pickled bellies, 10 to 12 lbs., 15H@16}^e. Butter, creamery extras 34® Cheese, flats 193^@24c. Eggs, fresh-gathered ex39o. 29@33c. on the spot steady; No. 7 Rio 8J^@9e.; No. 4 Santos 12T^@13c.; fair to good Cueuta 12@12>^e. Futures have dechned somewhat in a dull market, with scattered tras. COFFEE Some stop orders were caught. Tired bulls liquidation. seem to be selling out, disappointed by the failure of the speculation to wake up and develop the advance that was Since that time Brazil has been predicted late last year. a steady seller at current quotations. But on Thursday prices advanced on a trade demand and also under the stimulus of higher private cables. It is said that trade in Santos coffee here is hampered bj' a scarcity of good selecSome, it seems, are taking spot tions of No. 4 or under. Cueuta instead of the high-priced Santos. Believers in higher prices recall that the deliveries of Brazil coffee in the United States during February- were comparatively small, which they contend means the reduction of invisible supphes and should soon result later in a better demand. They maintain that present prices are low and upon an\' indica.tions of a decrease in receipts, more acti\'ity and higher prices would be likely. The total deHveries in the United States during February v.-ere 336,3.52 bags of Brazil and 345,036 of railds, a total of 681.386 bags against 723.431 bags last year. To-day prices advanced on higher cablegrams and trade buying. They close 7 to 8 points higher than a week ago. March S,69(?? 8.70, September -.8.76(5.8.78 .S.72®8. 73 Dec-ember. ..8. SO® 8. 82 9c.IMay .Spoi unofficial 8.57@nom|Julj- SUGAR . 1 —Spot raws have met with quite a brisk demand Refiners took Cuba, Porto Rico and Sau Also refined sugar was in good demand. ('ul)a sold early at 2^^c., c.i.f., March shipment; San Domingo for the second half of March at 2 5-32c., c.i.f.; San Domingo at 2 3-32e., c.i.f., delivered afloat, c.i.f. delivered New York, and Hayfian centrifugal, prompt shipment, at 2 3-32c., c.i.f., to a Canadian refiner. Ilimely estimates thf actual Cuban crop at 3,580,571 tons. A Havana dispatch said that it is generally considered a little too high there. Later Cuban raw sugar advanced to 2 J^c, cosj and freight, on a sale of 30,000 bags for March shipment. Also an advance. at Domingo freely. some 40,000 bags of Porto Rico sold for March shipment supposedly for Boston. And one refinery advanced granulated from 5.10 to 5.20e. for delivery after March 2.5. The export demand for refined was sharp with ihr- price up to 3.50c. According to Washington advices, negotiations to secure lower tariff duties for Cuban sugar, conditional on a restriction of output, have been abandoned. Receipts at Cuban ports for the week were 161,667 tons, against 123,331 tons last week, 155.305 in the same week la.«t year and 162,623 in 1920; exports, .55,421 tons, against 42,140 last week, 71,998 in the same week last vear and 132,248 in 1920; stock, 414.512 Ions, against 308,266 last week, 499,518 in the same week last year and 38:3,296 in 1920. <'entrals grinding were 172, against 168 last week, 186 in the same week last year and 18f) two years ago. To-day futures advanced slightly, ending 5 points higher than a wf«-k ago. Spot raws weakened 1-1 6<'.; new and old-crop Cuba .sold at 2 3-lGc. for 75,000 bags for prompt and March at 3.77c., c.i.f., 3hif)ment. UQof^lcUI...3.79c.l^fay 2.22<%2.24 (July Sprj'. March 2.42»-2.4.3lflcpteinbfr ..2.7R(&-2.77 2.62(«;2.6.3lUecember. ..2.74(&2.70 — OILS. Lin.sced quiet but steady. Most buyers are not inclined to purchase on any great scale at i)resent prices. English oil is fimj owing to thf* streneth of foreijm cxfliange. On the other hand, paint rted to be inf|uiriiig more freely. Aii Is are exjucUd to enter the mark»'t in the near future. February carloads, S^ic; les.s than carloads, 89<'.: five bhis. or less, 93e. Cocoanut oil, Ceylon bbls., H'\(i*.i}it;.; Cofrhin, 9?iC«10Kc. Com.fTude,83^4C. Olive. SI 19. Soyabean, edible, bbls., \<)} ^Oi l\c. I^ard. Hlruined wintr-r. New York, 92c.; extra, H7c. Cr-d, dmncstii 'lundlan*!, 4U(u'AU:. CottonHerd oil s.ilc-; to-<l Crude, S. Fi., 10.2.V. bifl. S|»iriis of luryjentine, H.H,'. iio.sin, ' i . %r, :V)(a,^7 .V). Pric. r-l.rscd a-i .i M ..y Spot II 7r,r.i March 1 1 7Hw,1 n fVX'i.ll h.MJiily April I 1 r..!l.,A 1 wl Juno :>r, to r.- 12 11. I'KTHOI.Ki;.\I .(Hulitions are And !,< f while it <I. ri...i,,l n,H ve ..line i r low , irue a rule is iov, some good is very , H5 d. I nal'-n <le wrrk, thin are piirHiiitiK (iasoiine in rather Ixller dernand. ''• iiric i^ o'' at a 19c. in .1 to Iw iK)li*'y, icrad«' : Kniall. rs I'd ' ' li' pric.., |..fi#|in<' . York. I'.x|«iri ' , • < • ' ' ' ' ' ' urn . fnnl Mc.; Ic. .III, .1 MJUl. ''-n.) dronpf.fl •rl». The I>iii iiii: .lanu.'iry a<'<'ording irvcy, rcmdied the to liii:li(M' the <laily l>b|i. oviT the neon! daily rale 'Vlw dnily cf)n>iurnplion (deiivcriim l«» nciri- ' for .Mujr stocks held by refineries and other consumers nor by producers east of California, increased in January more than 9,000,000 bbls. On Jan. 31 unfilled crude oil tankage on tank farms and along pipe lines east of California amounted to 08,286,000 bbls. The total domestic production in Januars' was 43,326,000 bbls., against 41,957,000 bbls. in Dec. 1921 and 37,959,000 in .January last year; imports in January 13,096,000 bbls., against 13,7.53,0tK) in December last year and 13,192,000 bbls. in January last year; January consimiption 45,882,000 bbls., against 47,785,000 in Dec. 1921 and 49.444,000 in Januarv last vear; stocks 195,444,000 bbls., against 183,890,000 in Dec. 1921 and 124,256,000 in January last year; production by fields 35,111,000, against 35,680,000 bbls. in December and 36,709,000 in Ja'nuarjlast year. Pennsylvania S3 25IIndiana 1 90|Princetoa ?2 28|Corsicana, heavy SO 75 "' 2 27 Electra 2 26 CabeU 2 11 Illinois 2 27 Strawn 2 2.5 Somerset, light... ]90l Plymouth 165 TbraU 2 25 Ragiand 1 00 Kansas and OklaMoran 2 25 VVooster homa 2 70 2 00 Henrietta 2 25 Lima 2 48lCorsicana. light.. 1 SOICaddo. La., light. 2 00 Oorriias 1 I RUBBER stead.v after declining early in the week. Holders are not only resisting a further decHne, but arc asking fracOn the whole, however, actual busitionally higher prices. Smoked ribbed sheets spot and March deUvness is small. ery 14^^40.; April-May-,June, 15J4e.; Julj--Sept., 163<iC.; •Tuly-Dec, 17c.; and Oet.-Dee. 17J^c. Para quiet; up-river fine 17 lie; coarse, 13c.; island fine, 16e.; coarse, 7}^c. HIDES ha^'e at times been in rather better demand. At Prices appeared at least the inquiry increased somewhat. one time to be rather steadier, too. Common hides met Anth more attention. Exporters were said to be looldng around, although the truth is that they did not seem to be buying much. City packer hides, it is stated, met with a somewhat better inquiry. In fact, much of this kin<l of talk was heard in the market wdhtout its being backed up by any considerable increase in actual business. Bogata has been quoted at 15Hc- Recently some 1,800 hidc^. it car of Jersey City Octoberis stated, sold at that price. November butt brands, it seems, sold at 15c. In the leather trade inquiry here and there is reported somewhat better. But it does not appear that actual business has increased materially. Later it was stated that packer hi;les were weaker with pretty largo stocks and little trade. FREIGHTS have been qiiiet but steady. It is said that a shortage of deadweight cargo space out of Galveston led some shippers to pay a bonus for room late in February. The shortage was caused, it seems, by the ease with which foreign vessels were able to get full cargoes of grain on the North Atlantic seaboard or sugar in Cuba at rates higher than those qnoted at Galveston on part shipments of deadweight cargo. Charters for March sailing, however, are reported to be much larger than the number of vessels cleared at Galveston in February. President Harding laid before Congress his plans for direct and indirect subsidies to American shipping. He puts the first year cost at fifteen to thirty millions. It is announced that the Emergency Fleet Corporation has 39 boats, totaling 151,000 deadweight tons on bareboat charter. f'hariers included trrain from Atlantic raiipo to Antwerp. Rotterdam or A OCEAN liamlmrK, 18c. one l)ort, March 10-25 load inp: happed prain from Atlantic ranpe to the Black Sea ;i.")C. if Feb. 28, .'Mc. if Mar. piain frojii .-itlantic ranpe tf) .Vntwcrp- Ham burp ranpe 17c. one i)ort. «irly March; trip uj) and one rotind trip in V.'est Indies trade (1.400 Ion .steamer). .'*1 75 pronijit de livery In Cula: siipar fr^m Cuba lo IIa\Te or London 27s. (id.: option of other ports, at 27s.: time charter. l..'>20ton stivimer. trip iiii and one round trip In West Indies trade. .'SI 75 promjjt dclhery in Cuba: napped prain from .\llantic ranpe to Baltic. ,'iOc. early Marcn; 27.0(^0 <irs. pra In from .Mlanllc ranpe to two ports In Irlcinid, Is. fid. prompt; .'15.000 qrs. prain from Atlantic ranpe to Antwerp llamburp ranpe. ISc. one jxirt, lOc. two IHirls. Mar. .'H cancelllnp; prain In Imps frotn Atlantic ranpe to the HIack Sea. .'i.'ic. March; supar from CuIki lo I'niled Kinpdoiu, $5 75 March; from (iuanlanamo to New York or l'lill:i(lcl|)lila 18c. prompt; prain from Culf to iCollerdam, 23c. cairly March (Loiulon); fnim Atlantic ranpo to Conti '.i: . ncnt . INC. one jKirt t',<).fK)0 bbln.. with a coiiii«ry> stocks of cnid< niiirhf i.il ,1. n<ii in uK and M»c. two [xirts March. TOBACCO has been in fair demand for some grades with a moderate or light trade in others. Prices are saitl to be steady. ('onsunuTs are re|)ortcd to l»e showing rather more interest in some cas(<s and this has naturally im])arte(l a ratlii-r more che<«rrii[ tone, although no striking features h!i\e appejiri'd. — COI'PKU. There iK a better fetiling in the market. Better thiiigH are looked for after a period of (luliiess of about 00 days. Kleetrolytic luis been l'2'^.i(ii\\'2'' itC Early in the week 2,(KK) Ions of copper sold lo Kr.'Uice. Some are looking for 15 to Hk-. cojiper Ijcfore long. To-day some were qnoling i:{f., with reports of a better demand. Tin has lullerl,\' weakened Hornewlial Singapore has droppi-d lo the same |)lane as Strait*. Kp«)t here. 29J<i<'. The total vinible Hii|)ply on Feb. 2S was 25,017 tonn. agHiiiHl 26,21(> Ions on Jan. 2H and 17,071 tons on M.arch last year. Tola! Feb. 2S w.-re 13.712 Ioum. a tirop «)r ,'2U) tonM. iin;Hpol, New ^'ork, •1.70('( 1.75«<.; ,S| l/oniH. A.'.'t'tOi 1.10. IiHpiiries .'iri' beinj^ made rather freely, iind nroMpeets are encoiiriigiiic. Zinc, like lead, Ih firm; hi"'!. New York. 4.«()(Oi4.H5<«.; St. Louis. 4.45(rt l.rtOo. I'FU IRON has been in better demand at lower pri><In eaxtern PentiHylvania Felini.iry iron H<ild, it is iimlerMlood. at $19 .V) an<i then raised the price in Home ca.seM lo ?J() after Halcx of about lO.tKK) Ioih. <)iie riirnace pnl the (|iiolalion at ?.*') .V) bane, with 50 e<«nlM different ifil between llie oilier Nilicon grades. M wan stated at one time Ilia* lhi< lia>4e |irici> in oaNiern I'onnsylvnnia rantfcd from $1U to $'M 50. . 1 ' detiuitid in IhIIit. '. There arc qiiiti- a f«'W inniiiricH friftii larirc buy«TH, liui (heir v'wwn are not in m-conl with tli'.«' of holdi-nt. ^ ^o^k ])ri<TH anmAiw, earv'o lots. '•.; U. K. Navy lioriM, bulk. 17c.: xiMjrt riaptha. '"' ' " deg.. -J]York. ' 909 '\ ri I . . STKKIi nri' platen. The I " ' u for b orpor.'i' ' • plates, iind tin 'o be operating 9 THE CHRONICLE 970 at 60 to 65% and independent concerns at around 50, with the average for trade about 55%. Tin plate mills in the Pittsburgh district are operating at G5 to 75%, sheet and The pipe mills at 60 to 70% and strip mills at 50 to 60%. most conspicuous feature in the business is buying by railroads of passenger cars, refrigerator ears, locomotives, spikes, bolts, angle bars, tie plates and last, but of course But much of the business is emergency far from least, rails. It had to be done. Also there are fears of a coal buying. Yet some express the hope of a bettor strike on April 1. business than at any time since in the last two years. At Youngstow^n heavy melting scrap, after selling at $16, dropped to S15 50. Line pipe has dropped at Pittsburgh; wire rods are irregular there at $34 50 to $36. Building steel there is selling somewhat more readily and heavy melting steel has been firmer at $14 to $14 50 Bundled sheets are slightly higher in that market and billet crops sold, it is stated, at $17 50 to $18. WOOL has been dull and the lower grades have recently declined. Other grades have been none too steady. Mills and speculators have been holding aloof. Thursday's Government sales at Boston showed prices unchanged to higher at least than the previous sale. London cabled that wool stocks owned by the Government, now in the hands of the British Australian Wool Realization Association for sale, aggregate 1,225,578 bales. The quantity sold in 1921 amounted to 471,354 bales, exclusive of Australian-owned wool under control of the Realization Association. According to a report of the U. S. Department of Agriculture, large stocks of wool e.xist in practically all leading wool-producing countries, but the supply in the principal consuming countries is insufficient to meet the present demand. Stocks of wool in the United States are probably lighter than in a decade. Stocks in Great Britain, France and Germany are also estimated as lighter than any time during the past 10 years. The Commonwealth of Australia reports wool exports for the month of January at 177,000 bales, as against New Zealand's wool ex106,000 bales for .January 1921. ports in January are reported al 111,000 bales, against 10,000 bales in January 1921. The Kaiional Wool Growers' Association is urging upon the Inter-Slate Commerce Commission the necessity of lower railroad freights on wool, declaring that wool was discriminated against when a reduction of 20% was made The second series of Lonin freights on live stock last fall. 5% don Colonial wool auctions approximate quantities to will begin on March 7. The offered are 55,000 Australian, 30,000 New Zealand, 15,000 Cape, all on behalf of the Realization Association, and 71,000 Australian, 38,500 New l:)e Zealand, 3,000 Cape and 9,500 South American free wools. At Antwerp on Feb. 24 prices at the wool sale closed firm and in not a fev\' cases higher. Cape snow white grades were as an exception 4% above the London January parity. Not quite 2,500 bales were withdrawn from a total offered of 18,2.''>0 bales. Adelaide, South Au.stralia, cabled that at the auction on Feb. 24 25,000 bales were offered and 95% sold. English interest bought the most, but Australian mills competed America took little. Prices compared with those freely. ruling at the previous sale were lower, super di'opping 15%. good wools 10% and burry clips 20%. Topmaking 64s sold The next sale at at an average price of 33d. clean scoured. Offerings will be 20,000 Adelaide will be held on March 31 bales. At Christchurch, New Zealand, Feb. 23, 18,000 Attendance good, but bales were offered and 13,500 sold. demand not entirely satisfactory. Merinos greasy superior, 18Md.; medium, i3M to 163^d.; inferior, 10 to 13}id.; Corriedale, 103^ to 153^d.; crossbreds, greasy 56-58s, 11 to to 12^d.; 46-4Ss, 16d.; 50-56S, 10 to 153^d.; 48-50s, 5J^ to lOd.; 40-44s, 4}4 to 6d. Cable dispatches from Melbourne on Feb. 28 said that at the auction there 3,700 bales were offered, the selection being a poor one, mostly crossbreds. Except for coarse crossbreds, prices were 10 America operated sparto 15% below the sale of Feb. 9. ingly. At the New Zealand wool sale on March 1 20,000 Competition was bales were catalogued and 16,000 sold. irregular and prices slightly easier than at the January sale. In Boston on Marcli 2 the Government sold its last wool holdings. Prices v/ere very irregular. Australian and New Zealand wools, however, were said to be fully 5% higher than at the last sale. South American wore irregular but in the main steady. Scoured wools were about unchanged. The wools were fairly well distributed among manufacturers . m 40%, sold February at 32 Kc, sold on March 2 at 37c. Bahia Blanca second clip carding, 50s. and 58s., bulk, 56s., few burrs combable, shrinkage 45%, sold February 26e. and on Thursday the same. Montevideo carding, 56-50s., second clip percentage short lambs, shrinking 38%, sold December 31 He., February at 31c., March 2 at 32c. R. H. Wolfe, in charge of the Government wool sales at Boston, said after the sale on Mar. 2, the eighteenth and last auction sale of Government owned wool: "The first purchase of wool for account of the War Department and the Council of National Defense was made by the Committee on Wool, of which Jacob F. Brown was Chairman, in August, 1917, and this committee in ten weeks' operations bought between five and six million pounds of wool suitable for War Depart- ment uses. During the existence of these operations, arrangements were also made for the purchase of 200,000 bales of Australian merino. Following the subsequent steps covering the negotiations regarding South American wool, the licensing of importations and other matters, it appears that in February, 1918, in order to supply the demands which the War Department anticipated would be made in order to provide sufficient clothing for 5,000,000 men during the year 1918, the number of men decided upon as America's part in order to win the war, it became necessary to take over the entire possession and administration of wool, and on April 25 1918 the War Department acquired overnight the entire stock of wool in the United States, whether in the hands of merchants or growers, sheared or unsheared, and through the licenses of importation, all wools imported, from low 46s to 56s inclusive. There had been purchased by the Wool Administrator by Nov. 11 1918 674,157,554 po'unds of wool at a cost of .$478,928,123 34. There had been distributed to manufactuerrs of this wool the amounts necessary for their operations, so that at the time of the Armistice there was on hand approximately 525,000,000 pounds." COTTON. Friday Night, March 3 1922. CiFlOP, as indicated by our telegrams from the South to-night, is given below. For the wook ending this evening the total reeei )ts have reached 86 8 7 bales, Jigainst 76,269 bales last week and 82,273 bales the proAious week, maldng the total receints since Aug. 1 1921 4.199.933 bales, against 4,474,325 bales for the sanf^ -poHod of 1920-21, showing a decrease .since Aug.l 1921 THE MOVEMENT OF THE 374 392 bales. of Receipts at Sat. Galveston No withdrawals were made. The American Wool Co. was the largest individual buyer, taking 502,000 lbs.; Browne & Howe were the second heaviest buyers, taking 431 ,000 lbs.; the other 10 largest buyers were Winslow & Co., 401,000 lbs.; S. E. Hecht Co., 261,000 lbs.; Webb Co., 244,000 lbs.; Willoy & Co., 212,000 lbs.; F. N. Graves Co., 206,(X)0 lbs.; Bigelow Hartford Carpet Co., 197,000 lbs.; Draper & Co., 187,000 lbs., and Ryder Brown Co., 150.000 lbs. Punta Arenas fleece combing, 50s., some 50s., shrinking 48%, sold in February at 34c.; on March 2 at 33c. Punta Arenas and Santa Cruz combing, 56-50s., mostly iiCs., shrinking 49 ^^ good lot sold in October at 20c., in November at 21^0-. in December at 23 H^-, in January at 28c. and February at 34c. and on March 2 33 Kc- Punta Arenas coming fleece, 50-56s., shrinking 45%, sold at 37c. in PVbruary, including some tender wool brought 3(ic. on March 2. Punta and Santa Cruz combing, 46-50s., good lot, shrinking dealers. , , Mon. Tues. Wed. 10.958 Thurs. Fri. Total. 39,194 4,078 472 443 187 17,563 2.673 5,50 769 146 29 4,380 1.530 3,4.32 50 570 10.511 3,748 180 4,004 ,5.50 6,451 .999 3.191 472 4,005 1,8.50 2.423 13,734 43 90 78 7,59 1.116 6.795 Texas City New Orleans Mobile 1 _ 283 . Pens;icola Jacksonville " 1,348 111 1,365 3.113 168 170 1.066 "".348 24 209 "'141 :::;;: 83 16,142 21,137 4,00G 38 312 48 Wilmington Norfolk Now York Roston R:ilt imot'C I'Uiladclphia . Totals this week. 570 86 1,543 ("Charleston The "" " " Savannah 10.017 59 673 802 374 1.227 533 826 "307 1,324 1 .550 319 "l'23i 50 14.980 11,439 274 13,102 86,817 following table sliows the weelc's total receipts, the and stocks to-night, compared with total since Aug. 1 1921 the last year: 1921-22. 1920-21. Slock. Receipts to This Week. JMareh 3, Since Aug 1 1921. This [Since Aug Week. 1 1920 1922. 1921. 39,194 1.919.319 19.4.52 472 306.970 10.616 317.582 4.186 New 17,563 273.243 419.083 Mobile 2,673 570 550 13,734 13.947 "f3".564 SH and [Vol. 114. Oalveston Texas City Houston I'ort Arthur, &c.. Orleans Gulfport Pcnsacola ,)acksonville Savann.ih Hrunsw ick ""533 Charles! on O eorsptow n WilminKton Norfolk-.N'port News, &c. 1,070, 2,.582 502,7511 10,4.52 16,226' 58.045, 4.524 447.880 965 10.4,50 1.184 54.708 "75",867 6"0,96S 6,795 260,199 583 191,489 826 "r.i49 4.466 37 662 10,708, 1,5.50 24.765i 46,6,50 274 27.573 1 .324 86.817 4,199.933 Totals ""129 """7.59 New York Boston Baltimore Phi laUelphia 40.669 2.140.489 18.293 304.9.54: 296.902 5,848 46..3.50 10.305 479 809,903 19,849 1,041.865 4.819 8,123 68.823 100,738 414 ' V.766 152.273 782 81.602 "31", .569 "2",658 156.093 337 245.636 2"4'494 132,281 84.463 "7"6".329 m'.osi 6,835 1.649 5.506 10,965 5,661 4,878 1.437 7.56 25.039 20.445 990 67 34.721 5.123 88.116 4,474.325 1,095,308 1,413.031 In order that comparison may be made with other years, give below the totals at leading ports for six seasons: we Receipts at — Galveston Texas City.&c New Orle.'ins. Mobile Savannah 1922. 40.669 6,327 19,849 414 533 1.1S4 1,149 Norfolk N'port N.. &c. All others Total this wk. 10,4,52 965 I^runswlek (Charleston Wilininifton .. 1921. 39.191 472 17.563 2 6."3 13.734 7.' 6.795 "4"544 4,466 37 2,604 86.81: 88,116 1920. ,53.034 15.796' 31,0131 2,3781 1919. 1918. 25.684 18,497 .9661 723 31.544 1 24.8571 1917. 27.668 1.849 17.398 2. .5-13 2. .521 845 17,991 2,.500 10.233 2,389 1,500 2.310 274 4.424 2.7901 3.256 2.559 5.166 78 1.659 38.472 100 2.050 3.010 7.007 108 6.155 133.449 78r501 109.187 65.068 39' 500 1.157 489 6.915 168 4,690 Since Aug. 1.. 4.199.9.33 4.474,325 5,467,746 3.816.490 4.621,051 5,601.128 March THE CHRONICLE 4 1922.] exports for the week ending this evening reach a tota' 79,842 bales, of which 9,107 were to Great Britain, Below 7,998* to France and 62,737 to other destinations. The of week and since Aug. are the exports for the Week endino March Eiponed to —3 Bzpons from — 1 1921 to Mar. 3 1922. Ezporttd to From Aug. 1922. \ Britain. France. 7,998 5.511 . Other. Britain. Total. 439.930 72,248 29,926 43.435 HnlLStOD Tesas City. 201.988 36.830 20.582 22,190 1.608 Orleans Mobile 500 570 Pensacola 500 570 2,925 Jacksonville 2.925 BruDswIck 976.008 179.190 5.142 2.589 460.790 29.998 500 770 254.326 256.094 53,516 Wilmington. Norfolk ""966 "5.634 "o'.gii New York Philadelphia Los Augeles ' - 1 Bo*'ton 8"7,248 6,004 '"306 107,918 14,978 18.643 9.000 65,527 19,733 45.853 494 59 424 200 1.088 63.9.-.0 200 1.000 50 64i: 16.8931 45.5251 59.0201 2O.6O5! "V.OCO "3",6c6 1.150 Ore Total..-. 9,107! Totar20-'2i 22.338 Total' 19-'20 .55.931 304.954 5.142 8.123 750.026 72.832 500 1.070 40S.097 14.978 80..308 143.324 74.676 6.6S2 1.409 1.115 28.771 45.525 59.020 20.005 1.150 6.188' Tacoma Portl'd .672.032 73.047 50.917 San Fran... Seattle 165 1 46.4.50 • ""356 11,678 1,288 '59'. "2',50d 8.500 4.850 4.026 Total. Other. France. "5"..5.34 riiilfnort New — Great 'Oreat Galveston 1921: 1 7.998 62.737 79.842 1.005.284 469.191 2.289.9143.764.389 ,634 79.976 113. OSS 1.179.726 72.861 128.812 2.369.940 414.836 1.823.047 3.417.609 443.463 1.668.0754.481.478 1 1 In addition to above exports, our telegrams to-night also give us the followng amounts of cotton on shipboard, not add similar figures for cleared, at the ports named. We New York. On Shipboard. Not March 3 at Great Britain. France. — 5.151 8.140 6,6.55 Galveston New Orleans.. Savannah 6.2:^3 Cleared for — Ger- OLher Conn. wise. 13 .805 846 2,000 61 Total. Stock. 43..508 263 .402 1.641 251.W- 22.700 11.412 7.S56 12.700 10.000 Leaving Coast- many. 129.573 •: Charleston Mobile 1,600 450 200 2.000 ""'260 Norf;jlk Other ports *.. Totjl 19?2-. 25.606 To.lI 1921.. 27.01.S al 1020-. 111,725 To 15.013 6.618 10 639 SI ,602 7.744 '"300 4,153 1.000 6.203 800 5.000 131.4,il 1..500 27.621 47.766 99.912 5.833 107.824 995.39'-. 1.-305. 207 29.211 20..S,S9 200 ""i.")5 300 .30.891 121.514 2.46I 129.09' 16..599 -91.371 1.I35..5_3 * £.stimate. Speculation in cotton for future delivery has died down and (liictuations have been irregular within uiirrower limit-s, tbouj;h slightly hii^her. At times lower prices have shown a rallyinj? tendency which has excited remark. I'rices have declined latterly, owing to some pass8oniew)iat. in LiveriMJol. where the .spot sales dropped to Manchester has been selling there. Egyptian cotton ul.so has shown a certain weakness in Liverpool. And Manchester has been .souiethiii'.; of a wet blanket. That In;; weakness COOO hale.s. was becau.se of the reported increase in the Ka.st Indian An excise duty on tariff on textile goods of 15% to 20%. cotton goods, or apparently an Internal tax. has been raised from .'{'/j% to T'/j'/e. .Manchester has felt the effects. Also English p<^>!ifics has been more or less disturbed. Tremier Lloyd il)lainin<_'. it seems, of a lack of support from 11, has threatened to resign, not. i)y the way, for the first time. This time, however, it seems to ' t bave cauM'U a cortahi uneasiness, and proverbially Knglish is affected by p^^ilitical questions to a degree greater, perhai».s, than iwdlticis bifluence prices In this country. And «pot markets on this side have Ix-en rather cjiiiet and sag giiig wimewhat. They liavi- certainly l;i<kcd snap. Now and tiien, too. Japanese interests have solil .July heavily. And the South has b^t-n a jiretfy heavy Heller. Also the West has w>ld .May an<l .July from time to time on a rather large wale, coincident with reactions In wheat, notably on Wednesday, when it broke 4 cents per bushel. Wall Street and uittowii Inferests have als<i .sold ratin-r hi-avily from " to time. .\nd while tin- refent eold wave in Suuthern trade as will nec«»HHitalf a 'crlain amount of n-plantiim, thai n«'W. Kvery fwason there Is more or b'ss replant Ing. The South Atlantic has Iwen selling .May and July here. And from -North f'arolina hnve come reports that nuU'H of fcitlllzern were larire. This llatly coiihadids sfuiKother rejKirfs, fo Iw sure, hut there are thos4' who iM-llcve rllll/.tTH this year under the sMiiiulus of 'fit pilecH for cotton ^^ ill be larger than ' of the pcMHiMii-its went inclined to believe. AIho some lit the Idea of i,n\ wrlous wracity IIiIm year. They Im-tievp that the carry over Info next wnHoii on July .'51 will 'f 'XHJ to 4..VlO,0(K) bales, and that the crop be at lejiKt would U" ;,l,|y Increased under the Hpiir of Hiirli '" I" 4 •<) l»er hale, to Huy notiiing <<T .tl<H». for V' '*'•' "f "le Southern farmers are Maid to be lioldlni;. er, there are wforleM fluit cotton \n to be kIiIpimmI to rk for di'llvery on .March contraefM. I'redl<l<'.| large noli, en for lant .Monday did n*.t, It Is true, niipear. .\nd on ^'^-Mlny they reached only l..'i(»0 Union. ?5ut on W^'dnendav Is nothing • V mounted at to nearly .'js (itk) l.'..(HK» haJtM. hales. and at rme time were enfl They depreswd prices no for n lime. And there are Ihr.m' who IM-Ileve thai Die predlr riotm of l.'ifxiO hnlex or more to come fritm the Sr)Ufh for delivery nn .March are made gfKMl. the effect mav bn nil the morn perceptible. On ThurHdnv If wnn notlce«l If 971 that the premium on March and May over later months off somewhat. Whether this is a forerunner of a further drop in the premiums remains to be seen. All that is clear is that the distant months stood up better that day than the near months. And spote sales of late have dwindled to moderate proportions. Exports, too, have been either only moderate or actually small. The New England strikes continue. Neither side will agree to arbitration. Of course this affects the sale of raw cotton to a certain extent. Silver in London has latterly declined somewhat, and now and then foreign excliange. Texas and Oklahoma have recently had beneficial rains, especially in the southwestern section. Judging from the news in the grain market, the Texas drought has been effectually broken. That seems to be the tenor of the Government advices also. And looming ahead is the menace of a gigantic coal strike in the United States among the union workers. It may not come. President Harding is already making attempts to avert it. But the danger is there. Coal operators employing union men are being undersold by non-union mines, and they refuse to meet the union men for discussion. Not a few. too. look to see a more prolonged textile strike in New Flugland than was at first expected. Mill owners there say there is nothing to arbitrate striker.s. it seems, will not abritiate. The struggle is entering on its fourth week. And, however beneficial the ultimate economic outcome may be for the great textile industries in that part of the United States, the strike does tend for the time being, at least, to restrict the market for spot cotton. Meantime, four Rhode Island mills, employing 1.500 hands not in the strike, have decided to curtail operations to four days a week. It is, of course, an indirect cut in wa.ses. Yet prices have shown a power of resistance that might well excite remark. In fact, in both .\ew York and Liverpool the rallying capacity has been very noticeable. The trade has been "calling" here steadily. There has been a hard freeze in Texas, apparently clear to the Gulf Coast. It will necessitate a certain amount of replantin.g. An early fell ; had been made in Southern Texas. Of course such temperatures as 20 to .SO degrees, and even lower, tend to spoil it. In the central and northerly sections, moreover, the weather has been so cold that field work has been delayed. And heavy rains have fallen in the Eastern belt. They put a good season into the ground, to be sure, but at the same time they delay field work. What the cotton belt needs is an earl.v spring, a good increase in the acreage, and a crop 4.000.000 to 5.000.000 hales larger than the last one. Time alone will determine whether such requirements will be met. One report the other day was to the effect that the acerage is not likely to he increased more than 1%. Of cour.se such reports at this early stage of the .season are valueless. But they may have a certain moral effect at the South. Beyond question an effort will be made to induce farmers either to reduce their acreage or to keep any increase within very moderate bounds. Judging from many of the reports, banks do not encourage any material increase. It is said tliat the area will he augmented in Texas because of the partial failure of the wheat crop in that State, due to the prolonged dromrht. but this is not altogether clear. Meanwhik> most of the reports as to the sales of fertilizers are that they are small. Fanners are too poor to buy freely. The .sales of mules and imiilemenfs are also said to be restricted. .Meanwhile notices for Marcli close to tOOOO bales in a single day had ;ift(>r all but a passing effect. The outstanding feature of Wednesday's trading, the day on whicji they appeared, was that the market recovered lialf of an earl.v decline of 30 points or more, that the premium on March over May of .30 points was maintained, anrl that May increased its premium over July from 70 p(dnts on the previous d.-iy to ."^O. To not a few that looked rather sugL'estive. I'.ig interests are said to be in control of .March and .May. l>evelopmcnts in these monihs will be watched with more than tlie usual interest also the we;ither and talk about the coming crop. The Wjishiii-'ton Department of .\i;rlcnlture, in a statement made piililic last night, snvs the Indications are fm* one of the greatest boll weevil .-^tart ; infestallniiH in ilu« history of the cotton belt, and that thi.s fact slioiild be taken Into account by tiie iilaiil<'rs when tli(>y come to decide the question of reduced or Increased acreage The Government cotton in Invesllgatlon Indicates that at lime there are more than five times as many live wocvils In the liilH>rnnti<iii than In any year slnr-e lOLI. Under tlir' clrr-iimHtanceH. the acrea^'e jier plow for 11)'-".' should l»o reduc«'d to an absolute minimum If the farmer is to experience safely, "ays the statement. Today prices ended slightSjMit hoiisi's sohl May freely ly lower. Its premium over July fell l<i <W points. I'riceH clo«'d to 7 pidrits hlirher than lust Friday. Spot cotton ended at IH.n.'ic, or 5 pointH higlHT than a week ago. tills .'{ I \ <|UolalioM for il rl <\ Snl. NKW YmKK I 4 I ' I i M Mon. iH.rA I 101, 1 1 II I I IM«| 1 1 <Ki H 00 I I ' I MM (Ill iwm. IW7. 'I ... 1 1 . . : 'iM N *, 'inf. 'M ur,\ 1 I 'HI .T» YEA lis. 1 • • I'lii ' I mm ii..ir,HH\){) in u •I (III ' I'll (10 1 m<i |Mll3 lMn2 0.&(i|i8gi tht been: Wn,i, Thiirn. IK. 70 IH 70 (,»n<)TATION;s I'. eolf.ori linM I iKso ' loin igiA for ciicli (|ji\' M I'l' ' ni! PrI. IH.fifl — . . — - • . THE CHRONICLE 912 THE VISIBLE SUPPLY OP COTTON to-night, as made Foreign stocks, as telegraph, is as follows. well as the afloat, are this week's returns, and consequently all foreign figures are brought down to Thursday evening. But to make the total the complete figures for to-night (Friday), we add the item of exports from the United States, including in it the exports of Friday only. 1922. 1920. 1921. 1919. March .S— up by cable and Stock at Liverpool Stock at London Stock al Manchester 998. COG 1,027,000 1,067.000 2.000 10,000 3,000 50.3,000 178,000 83,000 .1,075,000 1,130,000 1,255,000 601.000 ...bales. 75.000 100,000 l.'i.OOO FUTURES. — The highest, lowest and closing prices New York for the past week have been as follows: Saturday, Feb. 25. 37.000 296,000 7,000 132.000 19.0C0 17,000 191,000 193,000 14,000 99,000 43.000 28.000 661,000 568,000 15:i,0C0 Genoa.. Stock at Ghent. .Stock at Monday at Tuesday, Wed'day, Tnursd'y,\ Friday, , Feb. 27. Mar. Feb. 28. Mar. 1. Mar. 2. Week. 3. | — March Range 1 1 18.17-.55'18.35-.76 18.25-.62 18.24-.50 18.15-.37 18.17-.36 18.15-.7fl 18.50-.52,18.44-.45 18.54 ,18.38-.40 18. 35-. 37 18.23 Closing AprilRanee Closing Mai/ 18.35 — Range Total Great Britain Stock at HambucgStock at Bremen Stock at Havre Stock at Rotterdam, &c Stock at Barcelona [Vol. 114. — 18.29 — 18.39 — — 18.23 — 18.21 — 18.07 — 18.07-.39 ' . . , 17.88-i25 lS.04-.46 17.93-J20 17.94-J23 17.86-111 17.90/09 18.20-.24.18.14-.16 18.24-.26 18.08-. 12 18.07-. 10 17. 94-. 96 17.941.26 Closing June— — 17.76 — ^ — 17.68 — 17.70 — 17.60 17.86 — Range 17.22-.59 17.31-.71 17.18-.57 17.14-.44 17.22-.38 Closing 17.56 — 17.44-.48 17.4S-.49 17.2817.34-.38 17.26 — — Avijust — __ — 16.80-.85 Range 1».25 — 'l6.80j.25 Closing 17.28 — 17.16 — 17.20 — 17.00 — 17.06 — 16.98 — September— — — Range Closing 17.02 — 16.88 — 16.96 — ;16.81 — 16.8 — 16.78 — — October Range 16.5316.57-.86 16.47-.80 16.45-.70 16.58-.75 16.45J.02 Closing 16.S5-.87 16.70 — 16.78 —,16.63 — 16.69 — 16.60-.62 November— 10 05 Range Closing 16.76 — 16.61 — 16.70 — 16.54 — 16.60 — 16.54 — Decc7Hher — Range 16 16.46-.88 16.54-.64 16.36-.55 16.32-.50 16.31-.57 16.31-.88 — — Closing — 16.68 — 16.53 — 16.62-.64 16.45 — 16.50 — 16.44 Jamiarij — — — 16.74 — 16.55 — — — — 16.44 — 16.44-.74 Range — — — — — — Range 300.000 77". 665 195,000 154.000 5.000 91,000 59,000 572,000 309,000 Closing 17.88 Juli/ 17. 10- .38 17. 10- .71 .32 . Total Continental stocks Total European stocks 910,000 1,736,000 1,698.000 1.827.000 India cotton afloat for Europe 54,000 .54,000 18,000 74,000 American cotton afloat for Europe 2.^0 000 334.461 535,080 304.757 Egypt, Brazil. &c., afloat for Eur'e 62,000 69.000 32.000 81.000 Stock in Alexandria, Egypt 251.000 1.57,000 312.000 396,000 Stock in Bombay, India 995.000 891.000 985.000 1.117,000 Stock in U. S. ports 1.0>5.30S 1.413,031 1,426.894 1.362.448 Stock in U. S. interior towns 1,360 134 1.716.020 1,266,918 1,520.370 U. S. exports to-day 8,319 21,849 19,374 6,138 1 . . ' 1 1 .91 16.63-.;02 1 to 0«i 1 Total visible supply.. ..6,031.580 6.521.831 6,353,741 5,453.949 Of the above, totals of American and other descriptions are as follows: American — 1 Liveniool stock Manchester stock Continental stock 568,000 51,000 560 000 250,000 bales. American afloat for Europe U. S. port stocks U. S. interior stocks IT. S. 877,000 145,000 507,000 536,080 645,000 84.000 470.000 334,461 301,000 +274,000 1,360 134 1,736,020 1.266.918 1,520.370 6,138 21,849 19,374 8,319 — 3,830,580 4.670.831 4,780,741 3,834.949 430,000 2 000 24.000 101. COO 74.000 81 COO 312.000 Egypt, Brazil, &c., afloat Stock in Alexandria, Egsrpt Bombay, India 1,117.000 Total East India, &c Total American 190,000 10,000 33,000 65,000 54,000 69,000 157,000 995,000 382,000 3,000 16,000 98.000 54,000 62,000 251,000 985,000 202,000 15,000 30.000 *35,000 18,000 32.000 396,000 *891,000 2.141,000 1,851,000 1,573,000 1,619,000 3.890 580 4,670,831 4,780,741 3,834,949 Total visible supply-.. ..6,031.580 6,521.831 6,353,741 5.453,049 Middling uplands, Liverpool 9.P8d. 6.56(1. 29.15d. 16.24d. Middling upland. New York 18 5.=ic. 26.45c. 11.50c. 40.90d. Egypt, good sakel. Liverpool 20 OOd. 14.00d. 86.50d. 30.,58rt. Peruvian, rough good, Liverpool. 13 OOd. 14.00d.32.00d. 49. OOd. Broach, fine. Liverpool O.OOd. 6.90d. 14.71d. 24.10d. Tmnevolly. good. Liverpool 14.96d, 9.90d. 7.40d. 24.35d. * Estimated. Continental imports for past week have been 62,000 bales. The above figures for 192? show a decrease from last week of 144,815 bales, a loss of 490.251 bales from 1921, a decline of 322,161 bales from 1920 and a gain of 577,631 bales over 1919. AT THE INTERIOR TOWNS movement— that the is, the receipts for the week and since Aug. 1, the shipments for the week and the stocks to-night, and the same items for the corresponding periods of the previous year is set out in detail below: — Movement Toims. Ala. Blrm'g'm.a Eufaiila Montgomery. Solma Ark.. Helena.. Rock.. Pine Bluff... Ga., Albany... Athens Atlanta. Augusta Columbus .. Macon Rome La.. Shrfvoport Miss., Columbus Clarksdale March Receipts. Week. Little to . Greenwood . . Meridian Natchez Vlcksburg Yazoo CJlty.. Mo., St. Louis. N.CGr'nsboro Raleigh Okla., Alius... Chlckasha Oklahoma... S.O.. Greenville Greenwood . Tenn. .Memphis Nashville. . Tex., Abilene.. Brenham Austin 6 Dallas Honey Grove Houston Paris San Antonio. Fort Worth.. Season. 3 1922. Shipm-nt^. Slockx Movement to March 4 1921. Shipments. Receipts. March Week. 8. 25.526 794 10..579 5,023 200 3,525 82 43,940 370 28,209 290 37,826 462 13,041 32 354 14,040 30.14S 2,79G 154.610 4.485 62.441 1,515 107,602 3,197 58.019 25 5.926 125 3,069 89S 81.895 1,280 43.898 3,199 185,383 4,881 46.658 10,390 271,494 11,033 124,.549 1,848 45,195 1,902 21,521 862 29.447 1,094 14.078 82 2S,0S5 414 10.771 56,013 1,200 600 43.000 112 17.947 30 5.144 218 126,895 1.044 60.423 524 87.323 2,376 40..585 284 29.605 1,429 15,784 1.30 29.030 178 11,332 100 25,182 400 11,220 49 29.846 747 14.793 14,373 647.377 15.297 28,287 42..553 1,229 1,235 22,910 124 7,617 1.50 271 683 76,880 1,934 13,879 631 54,5,57 1,026 8,395 423 56.470 2,277 18,126 2,904 119,830 3,690 35,108 11.948 90 295 8,212 709.692 20.243 207,143 12, .369 308 55 727 78,106 693 330 1,202 11,313 -- . 4,.325 226 25,985 226 341 1,715 154,606 3.877 45,6.50 19,700 11.403 40.130 2,133,481 42,898 273,403 5.50 48,197 926 8,700 42,503 3,147 1,232 77S 997 55,409 1,486 11.500 Week. 227 200 200 71 212 1,078 2,701 3.129 74 2.788 3,393 4.115 504 680 510 433 104 1,448 22 242 76 73 138 17..572 C49 25 2.193 1.202 1,049 3,113 298 22.586 Season. 17.700 8.421 46.494 30.5,57 Week. 300 400 123 869 Stocks March 4. 5,.534 5,004 196 32,078 205 18,060 1,261 17,778 2,792 63,996 3,407 80.410 44,018 152,367 84.400 35 10,409 6, .520 117.292 2.408 60,998 111.299 4,108 32,549 288.595 8.637 1.53,.502 350 33,735 35,493 34,845 1.137 17.709 4,53 25.079 8,306 74,502 310 06,494 250 2,779 8,342 101,941 4,200 76,032 87,429 2,474 51,266 245 13,248 22,579 17,296 4. 804 12.108 268 12,503 27,630 1,227 15,754 497,618 16.637 29,827 14,055 347 6,464 100 3,.526 178 59,894 1.920 17,139 48,731 1.929 10,822 717 55,982 9„826 52,251 1,970 19.837 17.008 298 12,438 671,111 24,464376,0.30 946 1,091 104,582 10,316 22,850 36.564 21.100 39,903 2,1,55,094 86.453 1.469 314 37,347 2.204 95,001 1,344 1,50.3; 73 500 1,103 2,525 4,411 11,000 17,666 8,390 47,335 365,779 1,785 15,.8,33 441 3,498 2,101 23,801 200; Total, 41 towns 103,4,'>5 5.751,151 134,7,87 1300134 110.6.57 5,349,225 138,080 1710020 Last year's ilgurea are Hu?o. OlUa. The above 6 Last year's figures are for ClarksvlUe, Tex- the interior stoclcs have decreased ,332 bales and arc to-night 355,886 bales less than at the sam.> p.sriod last year. The receipts at all; towns have been 13,202 bales less than the same Aveek show during the week 31 last .year. totals tliat Closing .53,000 304.7,57 .1.095:;!08 1,413,031 1,426,894 1,362,448 exports to-day Total American East Indian, Brazil, &c. Liverpool stock London stock Manchester stock Continental stock India afloat for Europe •Stock in j .44- .67 I 16.54 16.47 16.39 16.30 16.35 16.31 j 17c. 18c. MARKET AND SALES AT NEW YORK. The total sales of cotton on the spot each day during the week at New York are indicated in the following statement. For the convenience of the reader we also add columns which show at a glance how the market for spot and futures closed on same days. Spot Market Saturday Steady. 30 pts. adv. Quiet. 5 pts. dec Steady, 10 pts. adv . Quiet, 15 pts. dec . Tuesday Wednesday Spot. Closed. Closed. Monday SALES. Futures Market Steady Total. Contr't. . Finn . Steady Steady . 1.700 600 . 1.700 600 2,300 ._ 2.300 Thur.sday .. Quiet, unchanged.. Very steady Quiet. 15 pts. dec. Steady Friday Total OVERLAND MOVEMENT FOR THE WEEK AND 1. —We give below a statement showing the SINCE AUG. movement for the week and since Aug. 1, as made up from telegraphic reports Friday night. The results for the week and since Aug. 1 in the last two years are as follows: overland -1920-21- 1921-22 March 3 Shivpcd— Via Via Via Via Via Via St. Since Week. 15.297 3,070 Louis Moimd> Rock Island Louisville Virginia points other routes, &c .54 831 4.824 5.299 Total gross overland Auri. Since Wcek. 16.637 7.205 1,550 2,082 2,431 9,946 1. 627.844 276,813 7,719 54.636 167.548 285.690 10,550 85.328 18.040 193,441 413,044 14,019 296,809 20,383 1,007,206 26,432 725,932 Total to be deducted 8,992 Leaving total net overland 1. 480.609 174,757 23,831 43,307 87,793 212.444 40,451 1,022.741 29 .375 1,420,250 Deduct shipments — Overland to N. Y.. Boston, &c..- 3,974 422 Between interior towns 4, .596 Inland, &c., from South.. Aug. * 2.475 114.756 18.305 279,983 994 movement by rail to Canada. The foregoing shows the week's net overland movement this year has been 20,383 bales, against 26,432 bales for the week last year, and that for the season to date tlie aggregate net overland exhibits a gaia over a year ago of 281,274 bales. * Including -1920-21Since Aug. 1. Week. 88.116 4,474,325 26.432 725,932 46,000 1,816,000 -1921-22- In Sight and Spinners' Since Week. 86.817 20,383 Southern consumption to Mar. 3. a 52.000 Takings. Receipts at ports to March 3 Net overland to March 3 1,59.200 sight during Total in sight 1. 7.400.139 242.886 7,016,257 856.079 160. .548 ..*31,332 »21.429 Total marketed Interior stocks in excess. Came into Aug. 4.199,933 1.007.206 2,193.000 week. .-127, 868 March 3 139,119 --- 7,872,336 7,643,025 - 31,983 North.spinners' takings to Mar. 3 42.348 1,663,864 * Decrea.se during week, takings not available. a These figures are consumption; Movement into sight in ])re\'ious years: Week— 1920— M.arch 1919— M.arch 1918— March Bales. 221.1.57 5.. 7 8 Since Aug. 1 1919-20— March 5 ;?a 174,751 1918 186,254 1917 19— March 18—March 1,189,558 Bales. 7... 8 .9.196.160 8.098,866 9.237,572 QUOTATIONS FOR MIDDLING COTTON AT OTHER MARKETS. — Bolow are the closing quotations for middling cotton at Southern and other principal cotton markets for each day of the week: Closing Quotations for Middling Cotton on Week ending March 3. Galveston New Orleans Mobile Savannah Norfolk Baltimore Saturday. 18 17 16 17 00 13 75 75 17. 63 Monday, Tuesday. Wed'day. Thursd'y, Friday. 90 25 75 75 17 63 18 25 1800 1825 17 17 16 17 Hoi. Hoi. 17.75 17 75 17.50 17.85 17.00 10.75 17 63 17 38 1825 1825 18. 25 i7r2'5 17. 50 18 00 17 25 1700 1675 16 75 17 63 17 50 1763 Philadelphia ... 1875 Augusta 17 .50 i7"4"4 i7"5'0 if's's i7"3'8 Memphis 17. 50 17 .50 1750 17.50 Houston 18 00 17.25 17.50 18.00 17 25 17.15 17.15 18 00 17.85 l.,ittIo Rock Dallas Fort Worth 17. 25 — 17 25 17.30 17. 25 17.75 1700 i7'o"o 17.20 17.10 17.20 1700 1700 17.00 March THE CHRONICLE 4 1922.] — NEW ORLEANS CONTRACT MARKET.— The closing quotations for lending contracts in the New Orleans cotton raark'dts for the past week have been as follows: 973 l LIVERPOOL. By cable from Liverpool wo have tlie folowing statement of the week's sales, stocks, &c,, at th at port: Feb. 10. week Of which American. Sales of the I itonday, I Saturdnv, Feb. 25. Feb. 27. March 17.12-17.13 17.13-17.17 16.85-16.88 July 16.15-16.18 October December., 15.97-15.9S May rone Spot 17.06-17.07 17.05-17.07 16.71-16.73 16.00-16.03 15.78 Firm Mar. Mar. — 1. Friday, Mar. 2. 3. 116.76 16.87 16.88 16.90-16.931 16.89-16.92' 16.78-16.81 16.52-16.55' 16.58-16.59 16.52-16.5 115.96-15.98 15.88-15.91 15.90 bldl 15.75 bid 15.69-15.70 15.70 HOLIDAY Steady Steady Steady Options.. Wednesday,, Thursday, Ttiesdav, Feb. 28. Steady Steady Steady Steady Quiet Steady Actual export Of which American. Total imports or which American. .Amount afloat or which American. WEATHER REPORTS BY TELEGRAPH.— Our reports telegrajih from the South this evening denote that rain has been quite general during the week and temperature Mobile reports fertiUzer shipments brisk and large lower. Farm work is being retarded by rains. sales are indirated. Mar. Feb. 24. 45,000 56.000 26,000 33.000 7,000 5,000 48,000 .52,000 1,009.000 1,024,000 530.000 .594,000 63,000 71.000 41,000 .37.000 168.000 142.000 86,000 62.000 1,000 43,000 993.000 550,000 43,000 22,000 185.000 100,000 Forwarded Total stock The tone Feb. 17. 29.000 21.000 3. 38.000 25.000 2,000 47,000 908,000 568,000 27,000 9,000 1.30,000 62,000 market for spots and futures each day of the past week and the daily closing prices of spot cotton have been as follows: of the Liverpool by Rain. Rainfall. Galveston, Texas Abilene Brownsville 3 5 Corpus Christ! 4 Dallas Del Rio 3 days days days days days 1 day .5 San Antonio Taylor Shreveport Mobile, Ala Selma 4 Savannah. Ga 3 6 Charleston, S. Charlotte, N. C C 28 32 30 33 days days days days days days days days 3 3 3 6 Palestine 19 4 10 54 1 98 116 3 03 2 36 3 50 160 70 103 high high high high high in. in. in. in. in. in. in. in. in. In. in. in. in. in. in. -ThermometerT) 72 low 32 mean 52 low low low low low low low low low low low low low low fiO 84 74 56 high 52 high 58 high high high high high high 67 74 74 79 75 71 18 58 52 37 mean mean 52 45 29 Friday. Moderate Quiet. Quiet. demand. demand business doing. 10.02 9.87 9.98 6,000 8,000 A 10.29 HOLED.W Futures, 8,000 50 Market, 19®21 { f 62 54 66 60 48 but comprehensive statement indicates The at a glance the world's supply of cotton for the week and since Aug. 1 for the last two seasons, from all sources from follo-nang brief amounts ( M. 1921-22. pts. ad v-ince Hsible supply Feb. 24 V^i-sjble supply .\ug. 1 6.111.250! 12y,868; 7,6-{3.025 65,0001 2,006,0001 4,000 107,0001 10,000 5.54.950 613,000 6220,0001 to Mar. , 3. March 3-Bombay receipts to March 2 Dther India ship'ts to March 24.1cxandria receipts to March 1. 3ther supply to March 1 • American in sight to 139,1191 7,872.3.^6 75,000! 1,.301. 000 8.000 179.000 439.000 233.000 9,000! 15,0001 — — MANCHESTER MARKET.— Our report by received from Manchester states that the market for ioth cloths and yams is quiet. Manufacturers are having «ible to-night We giv^e prices lifficulty in disposing of their stocks. and leave those weeks for previous to-day and of this last comparison: im-n. SH I"* tmji. TteUt. to d d. 4 1920-21. Corn! .'"Ml. Cnmmom a 8 ifUt.\ 92iCop UvT'l nnett. TvM. a 1. a d d 1 4 '»»• ShirtCommon W Fine$t. Corn MUl. (fifft. 1. d. •. 917 11 04 214 « 20^ 10 921 6 9 24 4 10 14 10.71 22H 917 9 9 24 H 196 921 4 20 9 lOH 15 A 916 A lO.IS 204 9 25 4 18 4 920 17 17 9 10 15 3 914 3 0.26 204 9 254 18 8 W20 reb( 3 IflH 9 18« 15 3 918 3 0.35 10 H 9 25 18 920 10 1«W 47 10 914 9 I7K 9 24 17 6 910 6 17 9 18 M B MISO 10 01 18 918 6 9 224 17 24 17 9 18>i 15 916 I0J25 144 9 194 le 6 918 G Aar. 3 17 9 184 15 m9iA m 98 10K 9 204 16 9 17 SHIPPINE NEWS.—Shipments in detail Upl-l d. a. 7 18 18 9.04 9.04 8 35 8.11 }f, —Feb. 24— Hcattle Maru. -To Japan t To To To To M ' " ' '7 m. d. p. I m.p. d. iTaiitiH. I.6H8..... .. l.tlHH 14.3;h >H 'I 7.(I1"H r,h-, . n I li.'iii , v,3.7.',0 , 10O K Hurlngn. 2.400. 3.e22...Feb. 27— Norruliihi, 3.7.MI -y. . "— ir«b. ......... — 2ft , ..., <;o<ly. _ <iy. 1 ' , " |fK) .....i.ido •-......do 2.40<) lOOi '. ; Fob. 27 < :irlf.!lcj 1.140 • n. Wodt HnnihAW, 1,2^9. MurKhnw, .36fl I OIS .. 1. 488 1.2<1» :ir.i» 4.01 X UK) 'I 'I'I'I t <• NOKi I fikrionn, 400 lliiii. .'.(HI ,VJt.r. orxi . iilan. l.tiKH I i.r, lo.iipan ! February m.(p. d. I 4 12!.i| m. I p. d. m. p. m 12H' p. d. i \12H m.p. m. p. 4 m m.p. 1241 d. d. d. 4 p. m.'p. m. d. 10.19 10.10 March 10.08 9.89 9.92 9.86 9.72 9.89; 9.91 9.85 9.72 9.97 9.061 9.91 9.77 9.95 9.92 9.90 9.7G ,10.22 10.13110.11 9.95 9.92 9.90 9.76 llO.lSI 10.0410.02' 9.86 9.83 9.Sli 9.67 9.96 9.901 9.871 9.71 9.70 9.67 9.56 9.88 9.821 9.79 9.63 9.62 9.59 9.48 9.80 9.74 9.701 9.54 9.53 9. .50 9.39 9.74 9.681 9.04' 9.48' 9.47 9.44 9.34 9.68 9.621 9.58i 9.42' 9.41| 9.38 9.28 9.55' 9.39' 9.38' 9.351 9.25 il0.21' 10.12 10.211 10.11 10.08 HOLlD.'^.Y 110.26! 10.16|l0.14 10.22J 10.13 10.11; I ! i November December I January February I ' 9.92 9.90 9.94 9.93 9.93 9.84 9.72 9.64 9.55 9.50 9.83 9.88 9.82; 9.87 9.85 9.90 9.841 9.89 9.841 9.89 9.77| 9.82 9.651 9.70 9.571 9.02 9.481 9.53 9.43 9.48 9.44] 9.37 9.42 9.41 9.34! 9.30 ' I.OHH 2rNi t'vii.21 liakiita .Maru. 3,000 wants American flour. Only the rapid fluctuations in wheat and the corresponding changes in flour militate against tr.ide. Wheat advanced further on exi)or( demand and (he genon big rains and snows. Early in tlie week e.\'i)ort sales were estimated at about ."lOO.OfX) bushels, including Manitoba, Durum and .\nieri(!au hard wheat. Great Britain was also said to have purchased si.x cargoes in Argentine and three in Australia. There were inquiries here for 3,700,000 bushels of .Manitoba from Portugal .iiid a Cln^ek order was said to be in tlif market for l.tiOO.OtK) l)iishels. TIh* visible supply in the United States decTeuscd S1I,000 busliels for the w«h>1< erally bullish outlook. But finally ended lov.-er , 1.17 S.-'iOO on, n,.)7S. l;> 6.50 g.37r, fi.374 'in.S.nOO K' 6 7"ota/ Balcx. -71 ' 8 27 6.76 2.fi2fi...Feb. lr».2.H.'rf) I! NEW IK A 10.17 10 85 2f/ GAI.'. Frl. Friday Night, March 3 1922. Flour has been in somewhat better demand at times, owing to the firmness of wheat. That seemed to have made domestic buyers rather uneasy. And offerings have been smaller, both at first and second hands. Moreover, the recent rise in Canadian markets has to some e.xtent lessened competition from that quarter. There has been at times a good export inquiry for first clears here and for a certain amount of low gi'ades and soft winter straights. The trouble however was that export limits were in the main well below current quotations here. Yet there is some export business being done almost daily. The demand for soft Avinter wheat flour is said, in fact, to be increasing. On Wednesday, it is true, jirices were somewhat unsettled by the decline in wheat. But on Thursday came an advance of 2 cents per bushel, and this had a more or less stead\'ing effect. Domestic buyers are as a rule inclined to go slow, fearitig that wheat may decline. But, as already intimated. Euroi)e evidently March 3 .a iUCov Thurs. BREADSTUFFS 6,521.831 1 I'car for decline. 6,031,580 6.521,831 6.031,580 364.683ll0, 610.6451 250.191 8,4.58.762 Of which .American 243. 6«3 7.826.H75I 175. 191 6.186,762 Of which other 121.000! 2.7-N3.970I 75,000 2.272,000 * Embracer recupus in Europe from Brazil. Sm.\xna. West Indies. &c. a This total embraces since .\ug. 1 the total estimate con.«umption by Jouthem mills, 2,1''3,000 bales in 1921-22 and 1,816,000 bales in 1920-21 ;aking.s not being available and the aggregate amounts taken bv Northern ind foreign spinners 8.417.645 bales in 1921-22 and 6,642.762 bales in 1920-21, of which 5.633,675 bales and 4.370.762 bales American. 6 E.stlmated. jelow, advance. 6,396.263 16, 612, 225, 6.772,022 14,980.593 Total supply Deduct ITisible supply March 3Potal takings to Steady. 2 to 4 pts. pts. day arc given below: Wed. Tues. 4 12H\ 12^1 12Kj p. October 4.956,257 3® 3@6 decline. decline. Men. Sat. August September Season. --- 6,525,9031 ,176.395| - Week. Season. Quiet, but Very st'dy, pts. steady. Feb. 25 July Week. 18®23 Prices of futures at Liverpool for each June 1920-21. advance. Easy, .st'y, 1 l@4pt3. pts. fair Barely st'y, Quiet but 7® 10 pts. steady, 2 to decline. 7 pts. adv. Quiet, decline. Barely May Cotton Takings. 4@7 pts. 10® 12 P. 6,000 7.000 Quiet, advance. April Week and Season. 10.16 Quiet, f Market opened WORLD'S SUPPLY AND TAKINGS OF COTTON.— svhieh statistics are obtainable; also the takings, or »one out of sight, for the like period. Thursday. Good Sales 37 41 mean mean mean mean mean mean Wednesday. Mid.Uprds 18 22 24 20 32 39 30 Tuesday. f 12:15 .\ P. M. I 35 mean mean mean mean 10 32 30 Monday. Saturday. Spot. Market, •t.rKNi Tfrt«l 70. M2 and the total .Vmcrican visible, iucliKliiig bonded wii(>at in the rnilcd .Stales and th<^ Caiiadi.-iii visible, detTeased 3,(>02,00(J bushels. The European demand is exjx'ctcd to continue. Russia being out the of running, American, .\rgentiiia aiwl Australia must for a lime su])i)ly deficit. f,al(T in I!(22 Kurop(* is expeded to Eurojx^'s i)e more on its own harvests. Wheat has iidvanced nearly '/)',', from tlie low pric(«s of Nov 1, when .May in Chicago was at J11.02'''h. Early this we<<lc it was close to iiidei)eiideri( The visible Hiipi)lv in the ni)ile<! States is now SI ."iO. •11,278,000 buHholH. airainHt 2S,1.')S.(K)() a vear ago. R««fw'lions have occiirred on rains and snows in Texas. Oklalionia and elsewhere. They caused si-iliiig of .Inly. Besid«>H |)ti''is (luring r'ebrniirv rose .'>0 to '.H'w.. A ri'.'ielion wa.s ti.iiiir.il. Hut Liverpool anri liiieiniH Aires, MinnenpoliH and \\inMii)eg, early in the week moved in the niiiin expected upward. The worhl'H (^on-iumption irt In tread chwely on the ho<>lM of the world'H (TopH iim long an Ifii i.i is not an exporter. The wheal farmer is in better although he luiH nol b(>nerilled greatly b.v lh(< ii<lviince 'ill" the IunI four TinintliM. Much of (he rise look pitu-e in 111 he bulk of Imn Kebriniry long afh-r the rarnier Iwul sold I wheat. Had sp<*<>iilatioii in of bruitded oa aunietliing wheat lik<' '• i<nconnLge<|, iiiHtead •liiuu if uuL actually just Ii(«mi —— @ THE CHEONICLE 974 would not have been so great. have bought, but legislation was levelled at him and he withdrew to the great loss of the Western farmer. On March 1 wheat in Chicago fell 4e. in an over-bought market. Heavy selling occurred despite the fact that some reports suggested farm reserves of wheat of around 125,000,000 bushels, compared with 217,000,000 bushels last year, that, the decline in 1921 The speculator would while Snow estimated total holdings in all positions at 247,000,000 bushels, compared with the Government estimate of 327,000,000 bushels two years ago. July led the decline, and at one time was about 24 cents under May, the widest discount so far. Winnipeg fell 5 cents under Chicago. Export demand fell off. The weekly report of the Weather Bureau publication, of which has been resumed "The long and severe drought that has prevailed in said: the southwest portion of principal wheat area, extending back to time of seeding last fall, was brought to an end by generous precipitation during the week in most districts. At the close of the week the entire State of Kansas was snow covered and Oklahoma had moderate to heavy general rains, which were beneficial to wheat and promised material improvement to the crop. Unseasonably cold weather had overspread these States at the close of the week. Most of the grain districts in central Rocky Mountain States were benefitted when considerable snow fell. On the whole, weather east of the Mississippi River continued favorable for winter grains and additional moisture was helpful in lower Missouri Valley. A severe ice storm early in the week in parts of the Lake region and extreme upper Mississippi Valley was harmful to grains." Yet Snow had estimated farm stocks of wheat on March 1 at 118,000,000 bushels or 15.9% of his estimate of last year's wheat crop. Taking the revised Government estimate of the crop as a basis, the present farm reserve would be 125,000,000 bushels, against 217,000,000 last year. Taking the apparent farm reserve on the Government basis and analyzing the supply and distribution of the year by an examination of p>irely official reports supplemented by a report of mill grindings, there appears a wheat supply on March 1 in all positions of 247,000,000 bushels. To-day prices advanced then reacted and ended lower. May ended %e. higher and July 2J^c. lower than a week ago. Washington wired that the severe drought in the winter wheat belt has been broken by generous rains and snowfalls. _ DAILY CLOSING PRICES OP WHEAT IN NFW YORK SfU. Man. Tiics. Wed. Tfnirs- Fri. No^2_red-„ .cts.lfiS 151 153 K 152H 154H 15.5 !daily~closing prices of wheat futures in CHICAGO. Sat. Mon. Tues. Wed. Thvrs. Fri. May delivery in elevator cts 147 H 147 147?4 143K H6i4 U^Vs July delivery in elevator 126 125 124M 120% 122% 1225^ Indian corn advanced with wheat, despite heavj' selling at times on the recent rise of over 10c. in a fortnight. Export business was not heavy but buying on speculation was more activ'e on reactions. The receipts of corn from the country were small, arrivals at Chicago on a single day beingonly 250 cars. Bids of 50c. per bushel were made at and Iowa The eastern demand was rather small, it is true. No. 2 grades on track sold at 62@63c. or 534^@5 3^c. under May. Holders of corn are encouraged by the rise in hogs, which are $4 higher than the low point. On Tuesday the top was $11 35 and bulk of sales at $10 90 $11 25. This is cited as showing one of the factors underneath the market. Higher hogs, it is computed, makes the feeding value of corn some 85c. per bushel. Later prices fell with wheat, regardless of the fact that Goodman estimated farm reserves at 1,459,000,000 bushels, compared with 1,565,000,000 bushels last year, the disappearance during the winter being the largest on record. Snow estimated the farm reserves at 1,360,000,000 bushels, or on the basis of Government revised crop figure, 1 ,341 ,000,000 bushels, or 43.5% of the crop. This is 231,000,000 bushels less than last year's farm stocks. Farm disat)pearance and domestic and foreign takings have been at the larjicst rate ever reported. The total disappearances from Nov. 1 to March 1 aggregate 2,018,000,000 bushels, against 1,788,000,000 for the same period last year. To-day prices declined, ending, however, 5^ to J^c. higher for the week. Illinois —— . points. _ daily closing prices of corn in NFW YORK. No. 2 yellow. Sat. cts. 79Hi ~t)AILY closing prices OF Mon. 80 Tups. 79H CORN FUTURES Sal. May delivery in elevator cts. 68?< July delivery in elevator 70% September delivery in elevator 72 Mon. Tves. Wed. 78 Thtirs. 79K Fn. 79 IN CHICAQO. Wed. 66% 68% 70% Thvrs. Fri. 67% 69% 71% 66% 69 71% Oats have advanced at about the same pace as corn, but have shown no great life. Farm reserves, according to some estimates, going as low as 352,000,000 bushels, are only about half as large as they were a year ago. But on the other hand the demand for export has not been active. It is true there was some talk of an export inquiry, and some business was said to have been done. But the estimates did not run above .50,000 bushels, or in other words, a mere bagatelle. Moreover, tlie visible supply increased in this countrjr last week 2,614,000 bushels, against a decrease in the same week last year of 326,000 bushels. This 67% 70% 71% 6S 70M 72% leaves the total visible 70,471,00 bushels, or fully double that of a year ago when it was only 34,142,000 bushels. But receipts have latterly fallen off. Snow estimated farm reserves at 371,000,000 bushels, or on the Government figures of the crop 391.000,000 bushels, against 684,000,000 last year. The disappearance of the crop since Aug. 1, he [Vol. 114. about the same as last year, the smaller size of the crop apparently having no effect up to this time in forcing economies in use. To-day prices declined but they end 14 to Hg. higher for the week. says, totals daily CLOSING PRICES OF OATS IN NEW YORK. Mon. Sat. No. 2 white Tves. Wed. TImrs. Fri. 50 49% 50 49K 50 50 OATS FUTURES IN CHICAQO. -..cts. DAILY CLOSING PRICES OjH' Sat. Mon. May delivery in elevator cts. 43 43 Tues. Wed. Thurs. Tues. Wed. Fri. 42% 41% 42% 41% 44% 44% 44% 43% 43% 43Ji 44% 44% 45 44 44% 43% Rye advanced for a time and then reacted. The visible supply increased last week 72,000 bushels. This makes the total 7,345,000 bushels, against only 1,978,000 busbels a year ago. So that the statistical position does not look over favorable. Prices have fluctuated for the most part with wheat. The market has lacked indi\idual characteristics of a decisive kind, whether for or against the price, aside from the fact that the statistical exhibit was of course unfavorable, so far as the visible supply is concerned. It is true there were rumors of export sales on Wednesday's decline. Norway bought, it is said. Russia, it wts said, on Thursday wants 1,000,000 bushels a month. Prices raUied on this. On Feb. 28 there was considerable liquidation, which was not without some effect on prices, at least for the time being. On March 1 too, there were further evidences of liquidation and on that day prices gave way 3 to 4c., followed by a rally, however, on the 2d inst. To-day prices advanced 2 to 23^c. on export talk, but reacted later. They end to 2)^e. lower for the week. daily closing prices of rye FUTURES IN CHICAQO. July delivery in elevator September delivery in elevator , M Mon. Sat. May cts-109 delivery In elevator July delivery in elevator The 98% Thurs. Fri. 108% 105% 106% 106% 109 99% 98 95% 94 95^ following are closing quotations: grain Wheat No No Oats No No $152% 162% 2 red 2 hard winter.. Coru No. 2 yellow 50 48% Nom. Barley Feeding SO 79 Rye- 2 white 3 white Malting.. No. 2 ...77 (q*81 1 14 FLOUR Spring patents S8 Winter straights, soft 6 Hard winter straights 7 First spring clears 5 Rye flour.. 6 Corn goods, 100 lbs.. Yellow meal 1 Oiirn flour 1 00® 25® 50® 75® 25® 70® 75® — Portage barley $8 50 Barley goods No 1 6 75 Nos Nos Nos 8 6 50 7 00 ( $6 50 6 50 6 60® 6 75 3 and 4 pearl 2-0 and 3-0... 4-0 and 5-0. .. 2. —Carload spot delivery 66A 40® 660 Oats goods 1 1 75 80 6 The statements of the movement of breadstuffs to market indicated below are prepared by us from figures collected by The receipts at Western the New York Produce Exchange. lake and river ports for the week ending last Saturday and since Aug. 1 for each of the last three years have been: — Corn. Wheat. Flour. Receipts at 223,000 Rye. . 1,8.')4,000 Milwaukee 26.000 Toledo Detroit St. St. Barley. 60 lbs bush .5fi Ibf! bush. 32 lbs bushAfilbs bush.56lbs. 349.000 7,067, 000 1,686,000 180,000 71,000 893, OOO 583,000 51,000 90,000 314 000 25.000 100.000 150.000 922 000 481,000 31.000 122,000 86,000 116 000 71.000 102.000 18,006 82 000 53.000 44,00C 303 000 22,000 172,000 683,000 1,0,57 ,000 718.000 19,000 23,000 328.000 35.000 785 ,000 5,000 1.000 616 ,000 742.000 1,784.000 801 ,000 206.000 401.000 846 .000 286,000 99.000 hbls.l^eihf: bush. ChlciEO Minneapolis. Dulnth Oats. Joseph 91,000 62,000 Louis reorla Kansas City.. Omaha Indianapolis. Total wk. •22 Same wk. Same wk. Slnce Aui? 402,000 222.000 458,000 •21 •20 5,704,000 13,802,000 7,494,000 5,083,000 4,401.000 2,740.000 5,199,000 416.000 355.000 472.000 350.000 405.000 661,000 1- , 5. .527. 000 4,057,000 13,101,000249,025,000 263,138,000137,743,00018.874.000 12,998.000 18, .502,000 238,076.000 128,787.000126,770.000,18.730,000,11,583.000 14, 159,000349, 184,000'123,066,000143,243,00022,2I4,00023,I24,000 1921-22. 1920-21. 1919-20 Total receipts of flour and grain at the seaboard ports for week ended Saturday, Feb. 25 1922, follow: for the — Barlry. Flour. New York Portland. Me. Philadelphia.. Baltimore Newport News New Orleans. Galveston Montreal Wheat. Corn. Oats. Barrels Receipts at Bvsh'ls. Bushrls Bushels. 195.000 31,000 68.000 10,000 2,000 74.000 595.000 712,000 1,016,000 351.000 85.000 122.000 234,000 640,000 794,000 479,666 Bush' 342.000 19.000 24,000 360.000 532,000 4, .563.000 3.755,000 455.000 Total wk. "22 Since Jan. 1*22 3,634,000 29,603,000 37,382,000 782.000 5.188,000 Boston 1.000 156,000 10,000 197.000 30,000 32,000 250,000 85,000 28,000 39,000 Bushels. 43.000 133.000 1.649.000 275.000 473.000 "8",o5c; St. .lohn U Rye. 7,000 67,000 2.50.000 480.000 1,311.000 2.245,000 513.000 105,000 358.000 3.921,000 2,443.000 5,964,000 • Receipts do not Include grain passing through New Orleans for (orelgn porta on through bills of lading. Week 1921... Since Jan. 1*21 1.246,0001 1,279.000 509.000 3.64S,000' 37.153,000' 10,737,000 The exports from the several seaboard ports for the week ending Saturday, Feb. 25 1922, are shown in the annexed statement: Wheal, Ezporls from- Ncw York Portl.and, Me Boston. Philadelphia. Baltimore Newport News New Orleans Galveston St. John, N. B Total week Week 1921 Corn, Bushels. Bushels. Flour, Oats, Barrels. Bushels. 787.152 1U,.546 487.636 31.000 19.000 3.000 487,000 3.52.000 2.000 1,113,000 330,000 2.112.000 10.000 360.000 2.000 184.000 563,000 18.000 2.000 276.000' 489.000 250,000 640,000 275,000 28,000 522,020, 712.0001 Peas, Barley. Rye, Bushels. ^Bushels. Bw;hei*. 57,000 47,318 .133.000 197,000 3.900 75.000 I 67,000 254,000 372,318 4.264,020 4,938,1.52 205,546 758,636 3,953.629 l,613,581i296,174 1 14.000 4,982.683 60.902 3,900 1 March The Julv THE CHRONICLE 4 1922.] destination of theso exports fo rthe 1921 is as below: 1 week and to return to work and his final decision relative to hours to be accepted by both sides to the controversy. since and wa^es 'J'he Rzporls for Week. Week and since Feb. 25 Julv 1 10 1922. 10,000 Indies Brit. No. Am. Cols. Other Countries.. V8.766 Total ... 205,546 296,174 Total 1920-21 . 1^ Feb. 25 1922. Week Since Julv 1 1921. Since Julv 1 1921. Feb. 25 1922. Bushds. Bushrl.i. Bushels. 59.795.831 1,553.896 24.117.867 2,334,069 146.901,456 3,340.256 62.088.351 18.000 2,044,416 2.663,637 728.410 26.000 5.000 Bushds. BaTTils. Barrett. United Kingdom. 126.618 47.168 Continent 3.000 So. & Cent. Amer. West Week Since Julv 1 1921. — 3.944.115 3,591.984 403.835 G74.042 6.100 422.843 1.929.951 mill mill 1,525,566 "iV.SOS 9.102.919' 4.264.020 210.891.424 4,938,152 89.S9S.552 9,067,045 3,953.629 251,758,585 1,613,581 13.390,898 The world's shipment of wheat and corn, as furnished by Broomhall to the New York Produce Exchange for the week ending Friday, Feb. 24, and since July 1 1921 and 1920, shown are in the following; Com. Wheat. 1920-1921. 1921-1922. Ex-pOTtX. Week 1921-1922. Week Since Julv 1- Since July I. Bushls. Bushds. I Bushds. Bushels. Since Julv 1. Since July 1. Feb. 24. Feb. 24. 1920-1921. i \ Bushrls. \ Bu.ihds. 6.797.000 301.349.000 !05.723.000| 5,511.000; 90.8.52.000: 15.744.000 1.879.0U0 3.006.000 160,0001 11,035,000, 16.000 Danube 4.8.54,000 41,034.000 45,313.000 1,495,000, 89,751,000, 80,031,000 Argentina.. 31.9S6.000| 2,472,000 66.584.000 Australia .. 7,1,36.0001 712,000 India 175.000i 2,204,000 5,357,000 230.0001, Oth. countr'9 North Amer I I I I 14.139.000 412.775.0001390.548,000! 7.181.000 196.995.000' 105.8-58,000 Total. The visible suppl}' of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard ports Saturday, Feb. 25, was as follows: GRAIN STOCKS. Whiat, bush United State* Neiw York 1.200.000 63.000 1.154,000 1,067.000 Boston Philadelphia Baltlnjore Newport N'ews New 3, 147. 666 afloat Toledo afloat Detroit Chicago afloat. Milwaukee afloat Duluth Minneapolis Louis Kannas City Peoria Indianapolis Bt. St. Joseph. Oats, bush. 1.272,0C0 27,000 245.000 159.000 Kve, bush. Barley bush. 161.000 9G.000 000 1.000 47.0(;0 4.000 151.000 1. 1.720.000 17.000 238,000 14 1 .666 2,172.000 2.824.000 2.312.000 3. .576.000 910.000 1,446.000 3,352.000 988.000 205,000 526.000 114.000 115.000 20.000 121.000 190.000 2,538.000 10.158.000 18.230.000 2,.563. 000 4.808.000 118.000 2,059,000 1.376,000 1,171,000 2.611.000 4.668.000 5,8,33.000 7.347.000 1,494.000 22,316.000 1 .448.000 1.430.000 906.000 10.222.000 2.2.58.000 2,783.000 131.000 202.000 8.53.000 207.000 356.000 63 .000 2.2.50.(JO0 1,.563. 000 2.807.000 747.000 562.000 211.000 Orleans Galveston Buffalo Omaha Corn, bush. 1.615.000 764.000 868.000 3.271.000 173.000 1.553.000 92.000 313.000 522.000 28.000 1 Mo 18.000 382.000 2.000 14.000 674,000 124,000 126.000 150.000 000 106.000 843.000 4.000 1..5.54. 1.080.000 83.000 60.000 19.000 6.000 Total Feb. 25 1922 Total Feb. 18 1922 Total Feb 26 1921 41.278.0OO 40.812.000 70.471.000 7..345.000 2.002.000 42.092.000 37.2.54.000 67.8.57.000 7.273.000 2.182.000 2i.l.58.000 22.328.000 34.142.000 1.978.000 2,508.000 Note. Ilonflfd erain not inrlucUd atmve: Oats. 272.000 bushels New York. liiift.ik). 22.000 lloston. 87.000 rifloat. total. 897.000 1.078.000 bushr-l.s. acalnst r ,. v,.,i York. 101 .000 bushrl.i. Huffalo 150.000. Duluth 10.000. 414.000ln I'l^' total. 261.000 184. (K)0 bushels In 1921: anfl wheat. 1.041.000 New York. 2(Kt.(K,^ ,7.000 Uulfalo. 671.000 Philadelphia. 421.000 Boston. 130.000 TolKlo. 2.330.000 oa Lakes: total. 9.671.000 bushels In 1922. — ' • Canadian MonUeal Ft. WlUiam A 768.000 066.000 Pt. Arthur. 24 .432. 000 afloat 350.000 OUmt Canadian Tnf .» I I '-. , 3.229.000 in>9 434.000 3,758.000 21.000 2.542.000 160.000 1.489.000 726.000 ur.i. fi/»n T 'I • /I) Including private atocka. Summary Am>Tlcan Canadian 41.278.000 40.812.000 70.471.000 &.734.0fX) 7.345.000 21.000 2.002.000 2.375.000 70.057.000 41.778000 77.205.000 7I.V i."' '.HI'.i.OOO 74.h90.0O0 ',:',<4.00<l 46.729.000 49. 7.366.000 7.293.000 1.981.000 4, ..91. 000 2.S.779.0<J<J Total Feb. 25 1022 Total Feb 18 \Sti2 Tot»l Feb. 26 1921 {KW.fXlO 4.377.000 4.877.000 THE DRY GOODS TRADE. Kew York, Friday Nli/hl, Afarrh 3 1922. tone to the market generally tlirouKli'>ut the week, uiid ii noniial ainonnt of hiiHinf>s.s h/iH he«'n tnwiHactffl, there iipiK-ars Id \k' a Krowiii^ feclin;; of npprehi-ii.sioM throughout lie irntlre indUHtry over the critical Htatc of the textile iiiduHtry in New Kii;;1mih1. .\ larfcp nunitM>r of l>!iyerH Ih In the loeal innrketH, iiiiil mill nRi'iit-H me ner epf in;; their ordiTH when offered timl are While fhorp haH bcfii a Htroiij: I V ^n fur liiiyerH have e.'tiKTl'<! dellverle.«, II and they me Heriiijn;,' the miiterlalH \vhi<h they liavo plaeetl orderM for, hut there I.m a Krowlni; teiideiiey to Ink'- 'I •iiaK'' of »iiy Koodx which are offere«l for prompt or ni' V prompt delivery. OhnerverH feiir lluil the tfXtll.'•. whl'li hfi h pmaly'/.ed IMiode iMJmnrH «»tton textile millM. niirl cry liidii'iit ion of Hprejiiliii;; to hi! f well, vMll Hcrloiisly Impiilr the Miipply of a v.. r the new ni-ii"i>n'H «|eil\ ci leH. In oppo aitioii ther>ry In the Miiiioiiiieeinent of the Fall Itlver mniiiifai 111 iTJt that thi«y were rediK-Ini; their mliediile of WorklnK houru on neroiint of thi* «lnekrie>iM of hiHlrie^n. An attempt wn-* made in I' e, It. I.. iIiIh week hy the . , . I FllKKle "" '' : I'.onrfl Isl;tii4< • I havlii nn th« <.f fallen to such an e.xtent, the manufacturers said that a radical reduction in wages throughout the industry was imperative. With the exception of the textile strikes, the week has been a normal one, and a fair amount of business has been done iu all local markets. DOMESTIC COTTOX GOODS.— The demand during the week, on a wide variety of constructions, has stiffened perceptibly, and while there have been only moderate advances iu price so far, the entire market has had a stronger underThis is attributed in t:one than for some time in the past. part to the numerous buyers here at present, and also to the attitude some dealers take of the cotton textile strike situation, who are prone to look on the dark side of the situation, and see no more production coming from New En.aland for some time. With the larger volume of orders being placed there is a noticeable retrenchment shown on the part of agents, who are not over-anxious to book business for more than two months in the future on the present basis of prices. The position of sheetings during the week has strengthened. The export business for this construetiou has not developed to any extent, substantial foreign orders still remaining a matter of speculation, but on account of domestic demand there has been a stronger showing. The buyers here are in many cases taking small lots of early spring delivery in voiles, fine goods and specialties, and this class of trading is becoming larger each day as the season ad\ances. The converters are in the market for fine goods and are becoming increasingly active. (Mngham mills have received all the orders they are willing to accept on the price basis. In fact, they have gone farther into the future than an.v other makers, possibly with the exception of sheeting makers. Mills located in the South report sufficient orders from export and domestic sources to keep them running on full time. Retailers throughout the country are not optimistic over the spring outlook. They say that the trade a .rear a.go was better than they expect to develop this season, and in the ma.jority of cases they are buying as sparingly as possible to keep their shelves stocked for an openin.g. At present gray goods, in the 3SV2-iucli, (i4 x (>l's. are quoted at S%c, and the 3!)-inch. (58 x 72's. at Oc. Three-yard brown sheetings are selling at IQi^c, and four-yard at U%c. WOOLEN GOODS.— The 1.000 725.000 3.000 strikers refused the proposal, as did the manufacturers. The manufacturers who signed included some of the largest cotton manufacturers. They stated that tlie question could not be submitted to arbitration, as it was one of supply and demand and was unalterable. Prices on cotton goods have Corn. Wheat. Flour. 975 nnd ronelllatl-.n to end irrTM and MlrlkeiM allLr- ae i,,n of the dlMputc; thu wurkvr<4 woolen goods division of the doing a better business. In the women's section, .just at present particularly, there is strength. The American Woolen Company has withdrawn many of the constructions which it recently displayed at its opening. Tweeds are the .genuine rage. One manufacturer said that they were no longer the rage, but had become a "craze," and predicted that the coming season would find dealers overstocked on this class of material. At all event.s. both the men's and the women's sections of the market are quick to secure all of the material that is on offer. Ketail reports in woolens are still such as to worry the clothing manufacturer. lie says that his road men are not sending in enough orders, and that the retailer still seems to have little confidence in the purchasing ability of the public. At the same time a visit to the New York manufattiirerR will show a picture of activity, and many of them are placing repeat orders with doih manufacturers daily to keep up with tlieir re(|iiirenients. The i)lait back overcoat, which swept the '•oimtiy during the retail sea.son Just pas.st>d. Is going to he a feature of the next one, according to the buyers, and manufacturers are handling orders of some magnitude on this garment. IJetailcrs in the metropoliian disirict have iiliniil (oiiii)leted the .series of sales which has featured the past month. They offered remarkable values in some instjiiiccs. !(iid report that the response of the piihlic was gratifying. The hold-over from the past season will he small after all, and the general feeling among retailers nppeara to he more oi»timlslic, 'J'liey are anxious to .see the reaction of the consumer, when the full swing of the ciiri-eiil sjiring market is .sea.'^on Is In evidence, KOUKIG.V DltYCOOhS,— A Htrengllieiiiiig in demand ban Hteadied burlaps som(>what during the week, MaiuifacliirerM appear to be in the marl>et in coniieclion with bug iiiaklng. and there has generally been more Im.viiig than the market hiiM si'en for the past few weeks. There Is little demand or liading In fiitiireH. All advU-es frrmi Calcutta hIiow the market th(>ro to he on a par with this, and kI ron^ on the rhe In Klerling. Mills in India are still on a fourday ii ueek schedule, and there is no iiroNpecl, according to rcportM, of any liiiprr)vemeiit. Sliipmcnls from India to ihl* country continue to be up to the inerage of thin season at Spot llghtwelghtM are ijuoled at -1,I).V to 4.10Q, the .year. ami Hpot hcnvIeK at ri,ir»c to r».2(ie. Trading In llniMiN conlinueH to nhow Nom<> Improvement, and the only drawback to the Mitiiatlon. n<corillng to deal (he Mitiiatlon in linen |iroduc|iig coiinlrleH. which ta not HO favorable. The NpriiiK trade for linen gnrmeniM hat liroii:.:]it forth eonl ieuiillv tiinun'r dcm/iiKJ eiN, |h .'i — . THE CHEONICLE 976 [Vol, Newark, N. J.— Decision Poiver Plant Our records show that municipal bond issues placed last month reached a total of $67,863,119. This compares with $65,226,768 in the corresponding month last year, and with $108,697,116 in January 1922. The largest issue during the month of February was by the City of Philadelphia, Pa., 4M% 20-30-year bonds to a which disposed of $9,000,000 syndicate composed of Drexel & Co., Brown Brothers & Co., both of Philadelphia; Union Trust Co. of Pittsburgh and the Guaranty Company of New York at par. Other large issues included in the total are: Pittsburgh School District, Pa., $5,000,000 4.30% school bonds, av/arded to the Union Trust Co. of Pittsburgh at 100.79, a basis of about 4.225%; Massachusetts (State of), $4,000,000 military service loan uotes awarded to the First National Bank of Boston on its bid of 4.023% interrest for $3,000,000 notes interest for $1,000,000 notes; Georgia (State of) 6.85% school fund warrants to a syndicate .$3,000,000 & Southern Bank of Atlanta at par; 514% and 6% bonds, consisting of 11 separate issues for various municipal improvements, to A. T. Bell & Co. of Toledo and Geo. B. Gibbons & Coof New York at 105.183, a basis of about 4.88%; Philadel- headed by the Citizens Akron, 6., $1,616,300 phia School District, Pa., $1,500,000 (.$2,000,000 offered) registered school bonds to the Loan Tax Fund and the Insurance Fund of the district at par; Brown Countj', Wis., highway improvement bonds to a syndicate $1,200,000 headed by the Continental & Commercial Trust & Savings Bank of Chicago at 102.254, a basis of about 4.74%; and Wichita City School District No. 1, Kan., $1,000,000 school bonds to Brown, Crummer Co., of Wichita at 99. .50. Short-term securities disposed of during February amounted to $43,740,000. This includes $38,445,000 revenue bills and corporate stock of New York City. In Canada $8,195,386 long-term bonds Avere sold during February, including $5,000,000 debentures, by the City of Montreal, Quebec. In the following we furnish a comparison of all the various forms of obligations put out in February of the last five years: 4% 5% 4M% 5H% 1922. Permanent loans (U.S.) 67,863.119 Temporary loans(U.S.) 43,740.000 8,195386, Canadian loana(perm't) Bonds oi U.S.Possess'na Total 1918. 1920. 1919. 1921. 6.5,226,768 31,704,361 30,927,249 22,694,238 37.041,600 44,155.000 56,597,000 49,830,413 9,306,646 5,807.623 8,526,874 7,091,086 None None None None None 119,798,505 111„575,014 81,666,984 96,051,123 79,615,737 Includes temporary securities is.sued by New York City, 838,445,000 In Fct). 1922, $23,395,000 in Feb. 1921, 525,000,000 in Feb. 1920, §47,162,000 In Feb. 1919, $35,886,818 in Feb. 1918. The number of municipalities emitting permanent bonds and the number of separate issues made during February 1922 were 362 and 435, respectively. This contrasts with 285 and 364 for February 1921. For comparative purposes we add the following table, showing the output of long-term issues in this country for February and the two months for a series of years: MOTUfi of February. 19221921.. 1920.. 1919.. 1918.. 1917.. 1916.. 1915.. 1914.. 1913.. 1912.. 1911.. 1910.. 1909.. 1908.. 1907.. S67,8fi3,I19 65,226,768 31,704,361 30,927,249 22,694,236 25.956,360 37.047,824 42,616,309 37.813,167 27,658,087 29,230,161 22,153,148 18,604,4,53 - Owing 17,941.816 60,914,174 37,545,720 Month For the of Febrvaru. Two Months. $176^560.235 1906 151,566,968 1905... 115,234,2.52 1904 .56.017.874 1903 40.754,354 1902 66,029,441 1901 87,223,923 1900 76,919,397 1899 122,416,261 1898 58,072,526 1897 .54,495,910 1896 100.663,423 1895 34,023.931 1894 47,260.219 18.33 71,8.57,142 1892 47,705,868 $28,390,655 9,310,631 7,951,321 5,1,50,926 12,614,459 4,221,249 5,137,411 7,038,318 9,308,489 12.676,477 4,423,520 5,779,486 11,966,122 5,071,600 7.761,931 For the Two Months. S.36,698,237 17,746,884 31,795,122 21,092.722 23,530,304 13,462,113 25,511,731 13,114,275 17,456,382 23.082,253 10,931,241 16,111,587 19.038,.389 crowded condition of our columns, we are obliged to omit this week the customary table showing the month's bond sales in detail. It will be given later. Kingdom — of the Netherlands (Holland). Bonds Sold in the United States. A syndicate headed by Dillon, Read & Co. Lee, Higginson& Co. Blair & Co. , Inc. and White. Weld & Co., offered this week, and quickly sold, the 75,000,000 guilders 10-50-year sinking fund bonds of the Kingdom of the Netherlands. These bonds are part of an issue of 150,000,000 guilders, 75,000,000 of which Avere offered in the United States and 75,000,000 in Holland. The price at which the bonds were offered by the above syndicate was .$940 per bond of 2,500 guilders, yielding about 6.15% to maturity and 6.30% if called in 1932. Further information relative to this offering may be found on a preceding page of this issue in our Department of "CuiTent Events an4 Dis- — , . 6% cussions." Syllabus of Opinion. In the syllabus of his opinion Ju.stice Bergen said: "Where a statute authorizes a municipality to require a referendum vote on the question whether it shall acquire within or witliout the city a plant for the manufactm-e of gas, electricity and steam for supplying li^ht heat and power, or two or all. and that the city may by resolution require such a referendum, according to which the ballots must be prepared the resolution must definitely state the character of the plant necessary 'and clearlv indicate (he purpose of the referendum, .so that a distinct "proposition is presented on which the voter may vote yes or no. "A resolution which requires a referendum whether the citv shall acquire a plant to manufacture gas, electricity or steam, or both or all doas not set out any distinct proposition to the voter as required by the statute Whether the plant shall be within or without the city or whether the lighting shall be by gas or electricity, are. imder the statute, distinct proposition! when the only answer the voter is allowed to give is by voting yes or no." As indicated in the syllabus the Court's decision is based upon defects in preparing the referendum ballot, rather than upon the more iniuortant underlying questions raised during the argument. The fact that the statute authorizes a municipality to establish a plant to supply light, heat or power, or two or all of them. Justice Bergen pointed out, does not justify a goverriing body in submitting to the voter the question whether two or all shall be sanctioned. Justice Bergen added: "If a voter should take this ballot prepared according to the resolution and vote yes. what would he be voting for? It could not be said he was voting alone for light, or in like manner for beat and on the question of Eower would it mean, steam or electricity? Surely such a vote could not e counted as a vote in favor of two or all of the puriwses or means of power. "One might intend voting for a heating plant, another for a lighting plant and still another for lighting and heating, and another for heating and jiower, and another for all three. It seems very clear that this resolution did not justify the clerk in formulating the question as he did and therefore it never was properly submitted to a referendum. "The resolution was defective and the question authorized by the clerk in preparing the ballot did not follow the resolution even if that was sufficient. AVhether the title of the Act of 1917 is sufficient to justify legislation relating to the activities of a municipality eps-'^aging in a private busmess is questionable. It is not for the general public necessity, but to supply power to a class of manufacturers, and has no relation to the activities of a municipality but this question is not necessary to determine." , Nash County, N. C. Municipal Finance Act Upheld by Supreme Court. The Raleigh "News & ObserA^er" under date of Feb. 23 said: An opinion which, it is believed, dissipates all doubts as to the validity — of the North Carolina Municipal Finance .^ct as passed by the General Assembly in special session in 1921, was filed by the Supreme Court yesterday in the first batch of opinions on the spring term. The issue in question came to the Court in the case of William Edwards vs. Nash County Board of Commissioners, an injunction suit in which it was alleged that the pas.'^age of the Act providing for road tax in Nash was faulty by reason of faulty passage. In the opinion of the Court re-affirmed its position in Brown vs. Commissioners. 173. N. C, 599 upon which the Attorney-General, the Governor and attorneys for several municipalities are relying in their contention that the 1921 Municipal Finance Act is valid. In the case of Brown vs. Commissioners the bill under fire passed its first reading in the House of Representatives was referred to a committtie who reported a substitute. Judge Brown in that opinion said: "The substitute was only an amemndent to the organic bill, which had already passed fir.st reading on the twenty-second of January. Con-sequently, when the substitute passed second and third readings on different days, and the ayes and noes were duly recorded on both said readings, the requirements of .Article II, Section 14 of the Constitution were complied wth." •Judge Hoke Writes Opinion. case against Nash County Board of Commissioners in the nature of an injunction to restrain the Board from the levy of a road tax in Nash was appealed by the plaintiff from the dissolution of the injunction by Judge Allen. ".\gainst the constitutionality of the .\ct referred to," As.sociate Justice AV. A. Hoke stated in his opinion yesterday, "the plaintiff urges his contention that the bill did not pass the three several readings on three different days. This bill. H. B. 92. was introduced in the House of Representatives on January 16 1919 and referred to the appropriate committee: and on Feb. 19 the committee reported the bill favorably and recommended the adoption of a substitute; on Feb. 20, H. B. 92 was reached on the calendar and the substitute was adopted and the bill passed its second reading: on the day following, the .substitute for House Bill 92 pas.sed its third reading. On each reading the yeas and nays were entered in the joiu-nal. The bill or substitute was then sent to the Senate and Avas pa.^sed bv that body in conformity with the constitutional requirements: and on March 3 was It may now be observed signed by the presiding officer of each house. that the plaintiff's specific and dominant objection is that when H. B. 92 was tabled, the sub.stitute became an entirely new bill: that the adoption of the substitute was its first reading and that the first and second readings of the new bill occurred on the same day. It is here that Justice Hoke cites the former decision of the Court in Brown vs. Commi.ssioners. Assistant Attorney-General Frank Nash declared yesterday afternoon, that ho was satisfied that the opinion in the Nash Coimty case dearly established the validity of the Municipal Finance Act had there been any grounds for questioning it. The San Paulo (State , — Bonds of), Republic of the United States — & Blair Co., Sold in the United Slates. Inc., of NeAV York, offered this Aveek, and quickly sold, 30-year coupon external secured sinking $4,000,000 fund gold bonds of the City of San Paulo, United States of Brazil. The bonds AA'ore offered to iuAestors at 100 and Information concerning this issue will be found on interest. an earlier page in our Department of "Current Events and of Brazil. ITEMS. —A A declsiori handed down by the Supreme Court to-day set aside the proceedings under which the Newark City Commission ordered a referendum vote on the question of establishing a municipal plant for supplying light *^^ j a i^ y. ^ heat and power. The decision is based upon the irregular form in which the referendum was sul^mitted to voters as. the Court ruled, it did not afford an opportunity to voters to pass upon all the questions involved. The Court, however in the opinion, which was written by Justice Bergen, does not pass upon the imderlymg question, whether the title of the Act of 1917 was sufficient to justify the grant of legal authority for a municipality to engage in nri^-ate r o o i, business. 10,510,177 14,113,931 to the NEWS by State Supreme Court that City Vote is Invalid. dispatch to the Newark "Evening News" from its Trenton Bureau, dated Feb. 21, had the folloAving to say regarding this matter: MUNICIPAL BOND SALES IN FEBRUARY. and 4.23% U4, 8% Discussions." — Swift Curlent (City of), Sask., Canada. Bank Awarded Judgment Against City Interim Receiver Appointed. A Canadian ])ress dispatch from Regina to the Montreal — — "Gazette" dated Feb. 23 said: An interim receiver was to-day appointed for the city of Swift Current bj' Mr. Justice Embury in King's Bench Chambers, and judgment given against the citv in favor of the Canadian Bank of Commerce for $2!>7 .359 59. together with interest on S251,000 at 7% from Jan. 7 1922. David Sheath, (Mty Treasurer, of Swift Current, was appointed receiver to collect all moneys raised by assessment or levy in the years 1915 to By order 1920, inclusive, except school taxes for the years 1918 to 1920. of the Court he is to preserve the assets of the city until a point in dispute regarding the portion of the taxes on which the Canadian Bank of Commerce has a first charge, is determined either by the Coiu-t or by agreement ^«(B between the applicants and the defendants. The manager and accountant of the Canadian Bank of Commerce at Swift Current and the Mayor of the city are to be inspectors in connection with the receivership. The receiver will be bonded to the extent of $15,00 .. Makch THE CHRONICLE 4 1922.] hit (J. Sc J.) payable at the Guaranty Tnist Co., N. Y. Optional Jan. 1 1932. Financial Statement. Real value, estimated _ $1 ,300 ,000 .\.s.sessed valuation, 1920 1,723,810 Total bonded debt. Including this ls.sue 94,000 Population, estimated. 4.200. Due week have been as follows: (P. O. Crowley), La.— BOND SALE.— yi. W. Rook, was awarded an issue of Sl"7,000 road bonds at par plus a premium of S2,50 equal to 100.14. ADAMS COUNTY (P. O. West Union i, Ohio.— BOA'D OFFERIXG.— Smith. Clerk of the IJoard of County Commissioners, will recalvo Guv bonds. Denom. •sealed proposals until 1 p. m. March 13 for Stjg.OOO UHte April « 1922. Prin. and semi-ann. int. payable at thR $1 000 Due yeirly on Aoril 6 as follows: .54,000 from Treasurer's office. Co'untjCertified check for 192.3 to 1929 ind., and $.5,000 from 1930 to 1937 incl. ,5% of the amount bid for, payable to the County Treasurer, required. Purchaser to pay accrued interest. 23 BOXD SALE. The following four issues of 4 ^'~'c bonds offered on Feb.Old (T. 114. p. 7.58) were sold at par and accrued interest, the first to the First National Bank and Adams County Bank, the second and third to the the fourth to the People's Loan and Trust Co. $4,960 John Felty, macadam road, Wabash Twp., bonds. Denom. S248. 4.480 Z. B. Biberstein, macadam road. French Twp. bonds. Denom. ACADIA PARISH Elklns & Co.. of Liltle M BENTON COUNTY SCHOOL DISTRICT BOiVD building offered on that —On Feb.were sold S20.000Spokane & bonds,NO. Wash.—date 18 the 648 — to the Eastern Trust Co. of Snokane 114, V. p. for $20,021 (100.10) 1922. Date Feb. 1 Int. P. 1922. & BITTER ROOT IRRIGATION DISTRICT (P. O. Hamilton), Ravalli Mont.—BO.VD SUBMISSION Ai7ri/0R/2ED— Newspapers state that the Commissioners of this district have authorized the submission to land owners of the proposition to bond the district for SI. 140. 000. and of that amount $75,000 will be issued to pay the purchase price of the canal The balance of the bonds ^vill be used to reconto the Ravalli Water Co. struct the system. Calo.—BOND bonds were sold at par Denom. .51,000. of Denver. BLACKWELL KAY COUNTY, Okla.— BO.VDS DEFEATED.—At the A. on Feb. 21 the 820,000 water bonds defeated by a vote of 212 "for "' to 242 "against." election held ALAMO HEIGHTS COMMON SCHOOL DISTRICT NO. 4S, Bexar County, Texas. BOMO SALE. —We are informed by J. E. Jarratt & Co. /joupon bonds offered on Feb. 1.5 V. 114. p. 216. were sold to the Mier State Bank of Ligonier at par and accrued interest, plus a premium of Sl.llO Date Feb. 15 1922. Due SI. 000 equal to 104.625. a basis of about 5.25 "^ceach .six months from Feb. 15 1924 to Aug. 15 1935, incl. The following ^Ids were received Premium. Bidders. Mier State Bank, Li^onicr $1,110 Fletcher- American Co., Indianapolis 1.100 Hanchett Bond Co., Chicago S617 50 ALLEN COUNTY — dated July 1 1908-11-12 and aggregating $22,500. Address: Chas. ICingsley, Clerk Board of Trustees, quoting price. The official notice of this icill be founa on a subseQuent page of this week's — — —were BOISE CITY INDEPENDENT SCHOOL DISTRICT NO. 1 (P. O. Ada County, Ida.— DISTRICT IFA.VrS TO SELL SOME OF ITS BONDS. This district is lookin:? for a buyer for .some of Its bonds, Bois» City), O. Fort Wayne), Ind.— BO.VD SALE.— The $140,000 5Hj" tuberculosis hospital bonds offered on Feb. 22 V. 114, p. 540 were sold to the Lincoln National Bank at par and accrued interest. Date l)lus a premium of .$2,840. equal to 102.028. a basis of about 5.23% Feb. 1 1922. Due $7,000 yearly on Nov. 15 from 1922 to 1941, incl. ALTOONA SCHOOL DISTRICT (P. O. Altoonal, Blair Caunty, Pa.— BO.VD.S OFFERED BY BAXKERS.—\n issue of S330.000 4^4% coupon (with pri\iIeKe of registration) buildinsr bonds is being offered to investors by the Mellon National Bank of Pittsburgh. Denom .$1,000. Date March 1 1922. Prin. and semi-ann. int. (M. & S.) payable at the Central Trust Co. in Altoona. The maturity and the prices at which the bonds are l>eing offered at are as follows: (P. 114, p. 758 Further details are at hand relative to the sale of the $56,539 10 improvement district bonds, awarded on Jan. 17 to Keeler Bros. & Co. of Denver as alreadv stated in V. 114. p. 326. Interest rate 7%. Tax-free. Denom. 112 for $.500 and 1 for $539 10. Date Jan. 1 1922. Prin. and semi-ann. int. (J. & J.) payable at the Chase National Bank, N. Y. Due Jan. 1 Redeemable in niunerical order by call of the City Treasurer on 1932. any interest paying date. 6% $24,000 — — V. BOISE CITY, Ada County, Ida.— DESCR/PTJO.V OF BONDS.— of .San Antonio that they hive purchased .S55.000 ALBION, Noble incl.; County, (opt.) 6% bonds. County, Ind.— BO.VD SALE.—The Due yearly as follows: S500, 1925 to 1928 incl.; $1,000, 1929 to $1,500, 1933 to 1936 incl.; $2,000, 1937 to 1340 incl.; optional after 5 years. 1932 .S272. 53, and interest for 5Hs. Denom. $500. Date March 1 and semi-ann. int. (M. & S.) payable at the County Treasurer's Prin. office. Date Feb. 15 1922. NO. 7, SALE. S224. 4,160 Harry Ray. macadam road, Mary's Twp. bonds. Denom. .5208. 5.440 Wm. H. Brodbeck, macadam road, Mary's Twp. bonds. Denom. — 1942. 1 BEDFORD — ADAMS COUNTY SCHOOL DISTRICT Jan. UNION FREE SCHOOL DISTRICT NO. 7 (P. O. Bedford), Westchester County, N. Y.—BOND SALE.— The $115,000 4H7o coupon (with privilege of regi.stration) school bonds offered on Feb. 27 (V. 114, p. 758) were sold to Harris. Forbes & Co. of New York at 100.32. a basis of about 4.48%. Date March 1 1922. Due yearly on Dec. 1 as follows: S5.000, 1925 to 1947 incl., and S6.000, 1948 to 1952 incl. 5H% SALE. On Jan. 15 Sl.5.000 6% 15-30 year and Interest to Bosworth. Chmute & Co. and .semi-ann. Prin. BOND PROPOSALS AND NEGOTIATIONS this 977 . Amount. 1. March Price. 100. ,53 $10,000 10.000 -- 10.000 10,000 10.000 10.000 10,000 10,000 10.000 10.000 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 Amount. 1. 1933 1934 1935 1936 1937 1938 1939 1940 New York City. BOONVILLE. Cooper County, Mo. FRIENDLY SUIT IS FILED TO LEGALIZE BOND ISSUE. —The St. Louis "Globe-Democrat on Feb. fellow of " 25 said: 101.05 101. ,54 102.01 102.4fi $10,000 10.000 20,000 20.000 20.000 20,000 25,000 25.000 25.000 25.000 102.89 103.31 103.70 iai.09 1941 104.45 1942 5H% "X friendly mandamus proceedings was filed in the Supreme Court on Feb. 24 to compel .\uditor Hackmann to register $.50,000 of city bonds by Boonville to con.struct an approach to a bridee across the Mis,souri River at that city. The suit was filed by John T. Cosgrove and City Attorney Charles W. Journey of Boonville. "For some time there has been a popular movement on foot at Boonville to build a bridge across the Missouri River there for vehicles and utilize it as the official cros-sing of the Old Trails As.sociation. and something like The city of Boonville .$,500,000 has been raised by popular subscription. could not vote bonds to directly aid the bridge company, so the bonds bridge and under the authority of the were issued for an approach to the extension of city streeets. The suit filed here is to quiet any doubts as to the legality of the bonds." These bonds were voted during December last— V. 113, p. 2841. BOSSIER CITY, Bossier Parish, La.— BO.VDS VOTED.-With only one dissenting vote, a proposition to issue $50,000 in bonds to erect a school building was carried. Price. issued 104.81 105.14 105.47 105.78 106.08 106.36 106.64 106.90 107.15 107.39 ARBUCKLE UNION SCHOOL DISTRICT, Colusa County, BOND SALE. —The First National Bank of Colusa lias been $30,000 BOONTON, Morris County, N. J.— BO.VD OFFERJ.VG.—Albert P. Smith, Town Clerk, will receive sealed bids until March 16 for S134,000 water bonds. Leeality will be approved by Hawkins, Delafield & Long- Maturities — Malurilies March issue. Calif.— awarded school bonds for $30,432, equal to 101.44. ARTESIA, Eddy County, N. Mex.—BO.VD ELECTION.— An $.50,000 sewer bonds will be .submitted to the voters water repair bonds may also be voted upon. on April issue of .\n issue of 4. ATLANTA, GA.— BO.VD SALE.— The BOWEN DRAINAGE No sale was made on 5% followlni? four Issues of 16 year Caver.) coupon tax-free (with prhHeze of registration) Improvement 1>ond.s offered on Feb. 28 V. 1 14, p. 75S have been awarded to a sj-ndicate BRIDGEPORT, — — r' '•— • • '-"" -'• -lal to 102.71 a basis of about It bonds. i 4. 76'i .. from 4.65' -^ r 1925 to 1951, Incl. Prin. and semi-ann. 1 City. Denom. $1,000. The bonds are by the above syndicate at prices to yield Kissel. Kinnicutt i- ning ri'M.r-d i In 13,000 w I 20.000 I- 1H,.500 fr••' I Denom (rtd for, Due ' 93..VX) yearly I I' . 1.1.1 bondx. Duo yenriy on April $.500 yearly on April - Duo In 20 BUCKS COUNTY ,,iii.,l, ;.• Ii I .,r il... (P. — ls.suo of .$23,000 Knglnocrlng Co. O. Doylo.town), Pa. -BfDS. -Tho following In ."n % coupon on Fob. 21 for ho $160,000 4 ration) tax free funding bonds of 1922: liiilsroi-plvod 1 I. I Doylostown Trust Co 101 (i:<l 103.28 103.222 103.19 . 'iprll I 1922. Cflrt. chock for 2"^ of the njnouni pa>.xble to Ibe li^jrouKh, required. Purchjinrr to pay accruml S 1LE.- An l)oon sold to llio lloiiningson yo.irs. optional after 5 years. from 1 104.201 105.090 County, Mass.— TE.AfPO/IABY LOAN tin- Plymouth County Dale Feb. 27 1922. bonds Ins clfctric light of Oinahii. on April ;. Due $1,000 bondt. 105.090 National City Co K. H. Rollins it Sons . 1 05.070 BRULE, Keith County, Neb.— BO.VD n';; ii'l 1 - lomjiorary loan of .$_'00.000 was sold on Feb. 24 to Trust Co. of Brockton on a 4.225% discount basis. Duo Nov. fi 1922. and ilpmcnt bondi. fir 20,000 Due bondH. 104.670 and Esta- Co. A , l'^24 Ki Jva... incl. Due Fob. 1 1947. The following bids Oldham & Co 105.279 Merrill. BROCKTON, Plymouth "irly on ,\pril 1. as fi.llowH $2. .".00 from 1936 «o 1961. Ind. $1,000 yearly on Ai>rll 1 from 192^1 to t - & Co do A: Puli\:im k brook fiCtt J. BOND OFFF.RINO — AVONBY-THE-SF.A, Monmouth County, N.14. for the following two 8<Aled hidji will Ix March tmum of f,% bonds Ktate<l Ivlow $-' 758, have been sold. Harris. Forbes A Co. Thomson. Ferris it (^o. and 104.628 Koy T. H. Barnes & Co.. 105. 26(1 Goodwin. Beach & Co. and KIdredge * Co 104. .5.50 R. h. Day &, Co. and Con- I 1«9,000 «ew(- i). Dale Feb. 1 1922. 105.279, a basis of about 4.16%. are being offered to iiivej^tors at 106.22. Fob. 27 for those bonds: were received by the city on — i,.|'1 V. 111. in The bonds AUBURN TOWNSHIP SCHOOL DISTRICT (P. O. Chaerin Falls R. F. D.), Cuyahoga County. Ohio.- fiO.VO .S.lLE The ?«,000 6'"; coupon sfhool bondn off'Ted on Feb 25 (V 114, p 872) were Sf)ld to the c. ,,r f'h.igrin FallH at par nnd accrued Interest Chagrin K..1' T: plus a pri basis of alKjiit 5 75''; Date Nov 1 Du 1921 .from -Mar 1 1923 to Sept. 1 1928 Incl Thi-s wa.s th'; om;. Minn.— BO.VD SALE.—The County, Wilkin BRISTOL, Hartford County, Conn.— BO.VD S,4LE.—The $200,000 A',i"r. c<)Ui)on (with privilege of registration) water bonds offered on Feb. 27 —V. 11 I. p. 872— were sold to Kissel. Kinnicutt & Co. of New York at to I.W,;, according to maturities. ;. — V. 114, p. 540. paving bonds. 6'"; $5,000 armory bonds mentioned >rk now Ming bonds serial Va.— BO.VD OFFERING. Town Garrett. BREC ENRIDGE, . bnnibi. ;>••' .-• Int. (J. J.I . for $37,000 rLs. ^ioikLs. 1 6% Harrison County, W. Recorder, will receive sealed bids until 12 m. March 21 Denom. $500. Date Jan. 2 1922. Due yearly on Jan. 2 I>eginning 1923, subject to call at any time. Cert, check bid required. for 5% of H. composed of the Cu.iranty Co., Estabrook & Co., Bankers Trust Co.. Bond Sc Goodwin and Hannahs, Ballin & Lee. all of New York and the Atlanta National Hank of .Mlanta and the Security Sales Co. of Atlanta at P^- M DISTRICT, Colo.— BO.VDS NOT SOLD.— Feb. 24 of the $55,000 .V 103.056 102.913 102.08 i Co Kolllv, llrock West Co.. _ llundcrNon .Ni'wbiirger, ii lAU'h 101.79 the nurrensful bid. for prevluuH refuronco to aaroe, aoo "Chronof Fob. 'jr,. p. 873. BUFFALO. N. Y.~-BO.V/>. During Keln-unry tho Sinking Fund ThU wa« • icle" SALE— f Due Uul4] 4% iMindH n( par. 1 1922. Dale Kob. 1921 1 Duct from Fob. I ,U>U N UISI KIC r, Lassan County. Calif. ^',11.000 (>';, Utx-trtv coiipon (j„-vln* Mill!*, Inc..— V. 114. p. 32U -wot fi.r 95. >'u liiOllllll., nurL luctl 111 il I NO. ttlll noVD Kans, ( Mich. 'y. I $.',«f) r;'/i ; ,. ,.M I Htt\i) I A . , III. ;, iiiirriON.—Thn I , . r. h.-,. A I ,. ,1 II,.. I il;, |.i 1,1 [in HI' I I ».'. ' I \i ' 'J r *.' f*ir>rr»f. ......•»,. f- *« il i(JlI.]lli.il| t'J I .Ill (|Ulr<-<l. "I cAi.n ii ,,.p ., '. . .! /';„ ' ' -i-i , : ! ' CANHY. V ^ l> iSato .fan. I 1022! I j n i.'i2 . . , ! ^ ' -- Ijimila ' -\ii ..' H to , II r,i. VIII iHiun of Ium bonn auld In contructorii r/ov. • . .|i|...il..>i ill III an rollnwi -.1 Hnwor Dwlrlot nn. V . am IKK). ro" liondii. "1 . I ikll Th" thf »K(n»l« Harry County, So. p. m. 19, be ri'coUoil nnlll V II I O Fob. 15 '1 I 1936 »« m • II Jan. ,,1, ' Mill" Duo Thn lU.p. OIH fU>. •BAY 1922. .S'.U.E. -V. ly aulh(irl/.4.| 1 1923, ili<- v. ' Date Fob. ImjiiUm. III bo \;ili County, Or*.— no.VD.S >i.Mid.« nlll VOrKIK—On Vn\t. 21 at not osoondtuc (j% IniflroHl worn voted by — — — — THE CHKONICLE 978 CANNON BALL SCHOOL DISTRICT BOND Dak. SALE. NO. Sioux County, No. Jan. — OiirinKDakota1922 $2,000 Date building 1922. were Ijonds 4% at par. North Jan. Due 3, 1 sold to the State of Jan. 1 1942. Bond.s are not subject to call but may be redeemed at any time from date. after 2 year.s (P. O. Miles City), Mont.— BO.VD S.4/.7?— An funding bond.s has been sold to the Bankers Trust Co Issue of SI 00.000 of Denver. Financial Statement. Actual value of taxable property _ Assessed valuation of taxable property 19^1 Total ix)nded debt (including this issue) (P. O. Carneijie), AUe^Henv 4M% coupon bonds offored S.SOO.OOO on Feb. 27 (V. 114, p. 649) were sold to the Mellon National B ink of fittsbursh at 10.'.04, a basis of about 4. .34%. Date Mir. 1 1922. Due on Mar. 1 as follows: SIO.OOO 1927, -SI 000 1929. .$10,000 yearly from 19n to 19.38 incl., $1.5,000 ye.irlj from 10!9 to 1942 innl. and .$20,000 yearly from 1943 to 1949 incl. The followin'j bids were received: Glover & McGregor 102.04 1101.719 Lewis & Snyder Mellon National Bank H. Holmes & Co Graham, Parsons & Co J. Redmond & Co j CEMENT TOWNSHIP, Caddo On March 7 --1100.883 "r.102.022 County, Okla.— ROATD ELECTION.— 849.000 (>% road imiirovement bonds will be voted upon. CENTRAL DRAINAGE DISTRICT (P. O. Central), Graham County, Ariz. BOND SALE —The $24,000 Cy% drainaptc bonds offered on Jan. 21(V.114,p 217) have been sold to Jas. H. Causey & Co of Den- ver. CHANDLER, Maricopa County, Ariz.— BOATD SALE. —On Feb. 20 6% street improvement bonds were sold to Twohv Bros. fo. $93,612 39 Date Feb. 20 1922. at par. Inclusive. Int. J. & J. Due yearly from 1923 to 1932, light _ ... twnds "" _ -$4 000 000 2'oil'oon 2''5'oOO "_ 1000(30 Net bonded indebtedness 6% CARNEGIE SCHOOL DISTRICT Water and Less: CARBON COUNTY County, Pa.— BOND SALE.— The [Vol. 114. """ "' Population, 1920 census, 2,395. «inn (\nn **""•""" CROMWELL, Middlesex County, Conn.— BO.VD OFFERING.— Beaumont Town Treasurer, vrill receive .sealed bids until 3 d. m. coupon school bonds, Denom. .SLOT). Bate ?;'l''^'^-^,^^;^r. ^^^V^ ^'i% Feb, 1.1 1922. Pnn. and semi-ann. mt. (A. & P.) payable at the OH Colony Trust Thomas vy. Co. m Boston. Due yeirly on August 15 as follows $0 oiO 19:>4$2,000 from 1925 to 1947. incl. and $3,000 in 1948. Cert, check drawn ui)on an incorporated bink or trust company for 2% of the amiunt bid for and payable to the above treisurer. re aired. The bonds will be nrepared under the supervision of the Old Colony Trust Co.. Boston Massachusetts whose certificate as to legalitv will be signed thereon. Tlie le'ality of the bonds will be ev.amined by Messrs. Ropes, Gray, Boyden and Perkins of Boston. Massachusetts, whose favorable opinion will' be furnished to the purchaser. Bonds will be delivered at the office of the Town Treasurer C;romwell. Connecticut, or the Old Colony Trust Co., Boston Massachusetts, at purchaser's option, on or about March 10 1922. Bids are desired on forms marked "Proposal for Bonds," and which mav be obtained from the Town Treasurer. No bid for less than par and accrued interest or for less than the entire issue ($55,000) will be considered. Financial Slatemenl. Refunding bonds due 1930 $20 000 Temporary loan in anticipation of taxes due June 1 1922 -.1171 II 20.000 Temporary loan to bo paid from proceeds of this issue 5!000 i CHARLESTON, Charleston County, So. Caro.— BO.VD OFFERING. be received until 12 m. Mar. '?5 by M. Kutled'je Rivers, Port Utilities Commission (care of the Olerl; of the City Council, Charleston), for .152, .500. 000 4 ') % tax-free coupon (wiih privilege Denom. $1,000. D ite -Iiiii. 1 19'' of registration) port utilities bonds. Prin. and semi-ann. int. (J. & J.) payable in any le;?il tender of the United States in New York City or Charleston, at option of holder. Due Jan. 1 1942. Cert, check for S2..'j00 reciuired. Pur1962. redeemable Jan. chaser will he furni.shed with the opinion of Jno. O. Thomson. N. Y. City. CHAUTAUQUA COUNTY (P. O. Mayville), N. Y.—BOND SALE.— The $2.50. 000 .5*^ coupon hi-jhwav bonds offered on M.irch 1 (V. 114. p 7.')0) were .sold to the Western Rcs-rve Sac ipitios C^o of JvTiJstown .it 102 968, a basis of about 4 31% D ite April 1 1922. Dae 3200.000 April 1927 and $.50.0()0 April 1928. The followine bids were re(xM\cd; 102 908 Sherwood & Merrifield Western Reserve Se(^ (-o 102.34 Geo. B. Gibbons & Co 102.51 (Harris, Forbes & Co 102.081 — Sealed bids the Chairman of will I 1 I I CHERRYVILLE, Gaston County, No. Caro. BOND 6% couiKin (with privlleu'e of rerlstration) local $110,000 — S.\LE. —The iinprovenient bonds offered on Feb. 23 V. 114. p. 759 — have been awarded ro .lohn J. Geort-'e at par and accrued interest. Date March 1922. Due \earlv on 1 March 1 as follows: $6,000 1925 to 1934, inclusive; $7,000, 1935 to 1910, inclusive, and $8,000 1941. CHESTER, Delaware County, Pa.— BONDS OFFERED BY BANK- ERS. —Thr. Mellon National Bank of i'irtsbunrh is offeiiuK $91,000 lionds of a total issue of $400,000 4 H % coupon (with privilege of registration) Denom. $1,000. Date Julv 1 1919. Semi aiin. int. (J. bonds. J.) payable at the CUv Treisiirer's office. Due $100,000 on .lulv 1 in 1924 Legality approved by Moorhead & Kiiox of Pitts1929. 1934 and 1939. burgh. .<: CHICAGO SOUTH PARK DISTRICT OFFERING— 1. F. Neil, (P. O. Chicago^, Cook Sec'y of the Park C^ommism. Atar. 15 at 57th Street and Cottage Grove Ave, in Chicago, for the purchase of $1 .500,000 4 third issue Lake Front improvement bonds. Due $25,000 yearly on July I. Cerl. check for $25,000. payable to the South Park Comnii.«sioners. required. County, I'l.— 730.YD sinners, will receive sen led bids until 12 "'r. , CHICKASHA, Grady County, Okla.— BO^'D OFFERING.— VnxU 8 .. March 9, the City Clerk, will receive scaled bids for $30,000 bri(l',<e $40,000 water works evtension ani $10 ()'):) sewer 6% b^nds recently voted V. 114. p. 217 Denom. $1 .0'n. Dite Jan. Pi 1922. Int. .1. & J, Bonded debt (incliKllni» these bonds) Jan. 15 1922 ?'il0.000. Floating Sinkino; fund .$279. .548. (add) $118,503. debt Assessed value 1921 Total tax rate (per $1 .000) $3^.70. $8,2.53.167. Hatioden County, Mass.— LOAN 0FFERTNG.—1-,o\}\<> CHICOPEE. M. Dtifault, City Treasurer, will receive sealed bids until 12 m. March 6 for the purchase on a discoimt basis of a $200,000 temporary loan which will be denominations of 6 for $25,000; 4 for $10,000 and 2 for $5,000 each and duo Nov. 13 1922, These; notes will be en'-'raved under the supervision of the Old Colony Trust Co.. Boston, which will guarantee the sigmtures and will certify that the notes are issued by virtue and in pursuai\ce of .m order of the T?oard of Aldermen the validity of which order h:is been approved by Messrs. Storey. Thortidlke. Palmer and Dodge of Boston. The legal papers Incident, to this issue will be filed with the Old Colony Trust Co., where they may he Inspected CLARK COUNTV (P. O. Jeffersonville), Ind.— BOND OFFERING. O. B. Fif. County Treisurer. will receive sealed bids until 10 a. m. Mar. 6 for the following two issues of road bonds, aggregating .$20,400: $17,000 5% I.o'.'an Ciooinbs et al. (?harlestovvn Twp. bonds. Denom. Dte Feb. 6 1922. Due .$425 e:ich six months from $425. May 15 19"3 to Nov. 15 1942 incl. 3.400 6% VViri, W. Woolum et al. Charlestown Twp. bonds. Denom. Diie Sept.. 28 1921. Due $170 each six months from $170. May 15 19?3 to Nov. 15 1932 incl. Sale to be continued from day to day if not -sold on Mar. 6 Int. M. <k N. p. m — — — & Merrick County, Nsh.—BOND .S.4/.B.— Wachob, Klaiiscr Co. of Omaha have been awarded $8,706 92 6% paving and intersoclion CLARKS, bonds. BOND — SALE. An issue of .$8,262 .50 sold to the Peters Trust Co. of Omaha. 6% intersection bonds has been CLARKSVILLE, Habersham County, Ga.—BOND OFFERING.— F. M. Reeves, Mayor, will receive seiled bids until Mar. 15 for SiO.OOO 6% water and sewer bonds. Denom. $1,000 and $500. Date Apr. 1 1922. CLAY COUNTY (P. O. Liberty), Mo.— BOA'D SALE.— On .Tan. 10 $500,000 4>^% tax-free refunding road bonds were sold to the Fidelity National Bank & Trust Co., ihc Commerce Trust Co.. Stern Bros. & Co. and the Guaranty Trust Co., all of Kan.sas City, at 95.531, a bisis of about 5.10%. Denom. $1,000. Date Feb. 1 1922. Prin. and semi-ann. int. (F. & A.) payable at the Fidelity Nat. Bank & Trust c;o., Kansas City. Due $50,000 yearly on Feb. 1 from 1927 to 19.36 incl. The notice of this sale was given in V. 114, p. 541 It is given again because of the additional data available. . . Financial Statement. Actual value of property (estimated) Asses,sod valuation, 1921 Present outstanding debt, including this issue Population (1920), 20,455. .$70,000,000 47,98l>,252 1,031,000 CLINTON COUNTY (P. O. Frankfort), Ind.— BOA^D SALE.— The $100,000 5% hospital bonds offered on Feb. 11 (V. 114. p. 327) were sold to the Bank of I'rankfort at par and accrued interest. are the same Ixmds offered on Jan. 23 V. 1 14, p. 217. — COLEMAN, Coleman County, Texas. Kansas Cily, and Bosworth. Chanute chased $160,000 67o water bonds on Feb 26, & Co , BOND & Apparently these — S.ALE Stern Bros Co., Denver, jointly pur- No. —CONNORS SCHOOL DISTRICT NO. 50, McLean County,$4,000Dak. was BOND SALE.— of 4% funding bonds amounting to All issue acquired during January 1922 by the State of North Dakota at par. Date July 1 1920. Due July 1 1940. Bonds are not subject to call Dut may be redeemed at any time after two years from date. CORONA HIGH SCHOOL DISTRICT, Riverside County, Calif.— S-^LE R II Moulton & Co and Bond & Goodwin & Tucker, both of Los Angeles, were awarded on Feb 27 the $150,000 5H% 17 1-6 year (aver ) .school bonds, dated April 1 1922 V. 114, p. 759 for $160,129 50, equal to 106 75, a basis of about 491%. BOND — — — COOKEVILLE, Putnam County, Tenn.— BOA'^D S/H-E.— Caldwell & Co., Nashville, have purchased $75, Denom. 6?; coupon school bonds. Date Jan. 1 1922. Prln. and semi ann. int. (J. & J.) payable $1,000. at the Chase National Bank, N. Y, City. Due Jan. 1 1942. WO ^ Town Grand $45,000 .. List $2,132,(5.54 CUYAHOG4 COUNTY (P. CEIVED—BOND SALE —The when Feb 25 offered on received: — V. Ohio.— ATO O. Cleveland), following 114, p 873 two 6% BfD.S RE- issues of coupon bonds, not sold, as no bids were — were assessment bonds, Denom 1 for $130 25 and 6 for $250 Due $130 25 O-t 1 1921 and $2.50 yearly ou Oct 1 from each 1922 to 1927. inclusive 3.260 50 county's portion bonds Denom 1 for $260 50 and 6 for $500 each Due $260 50 Oct, 1 1921 and $500 yearly oa Oct 1 from 1922 to 1927. inclusive The bond< were later sold at a private sale to the Refinancing & Mortgage Co at p ir and accrued interest, $1,630 25 .special CYPRESS SCHOOL DISTRICT, Orange County, Calif.— BO.VO — Kricu. Miriin ,% Co. of Lm Ansreles hive been aw.irded S.!1,000 6% bonds, due from I9>3 to 1911 incl.. for $22,365, equ to 10 >.50. D\LLAS COUNTY ROAD DISTRICT NO. 1 (P. O. Dallas), Tex.— SALE. il BO.VD OFFER I Nil .—Stiii\e<l bids will be received until 10 a. in. Mar. 6 by Chas, K. fiross. County Auditor, f .r ,S1,700,000 r,i^'7^ 30-voar serial bonds. Denom. $1,000. Date Feb. 10 1922. I'rin. and semi-ann. int. \ <t O.) payable at the Chase Nationil Bank. N. Y.. at the office of State Treasurer or at the office of County Treasun-r, at option of holder. Cert, check for $10,000, payable to Arch C. .Vllen. Cnunty Judje. required. These bonds have been approved by the Attoruoy-Generil of Texas and the ( . piirch.iscr will be given the le-cal opinion of .liio. C. Thomson of N. Y. Official circular says "This district has never dijrmlleil in the pa.vinent of its interest or principal on its bonded debt, and has at this time enou'jh funds in the county depository to pay the soiui-aniiuul interest and rotirtjall bonds that will be due .\pr. 10 1922." any of DANVILLE GRAMMAR SCHOOL DISTRICT O. (P. Danville), Contra Costa County, Calif.— BOVD ELECriO.V— An issue of $20,000 March 24. DAYTON SCHOOL DISTRICT (P. O. Daytonl, Montgomery County, Ohio.— BO.VO OFrER!XG.—C. J. Schmidt. Jlerk of the Board of Education, will receive scaled bids until 12 m. Mir. I'i for 31 ,000 000 5% coupon school bonds. Denom. $1,000. Date Mar. 16 1922. I'rin. and semi-ann. int. (M. & S.) payable at the Nritiou tl I'ark B ink in N. Y. City. school bonds will be submitted to the voters on Duo yearly on Sept. 16 as folio vs: .$42,000 1923 and 19'4; $41,000 1925: $42,000 1926 and 9-^7; $41 .000 I9>8: $42,000 19.'9and 1930; $41,000 1931, f12.000 1932 and 19 J3: $;1 .000 19:i4: $42,000 19{5and 1936; $11,000 1937: «-;-2,000 1938 and 1939; $41 .000 1910; $42. )00 1941 and 1012; .$4 .000 1943 12,000 1914 and 1945, and .$41,000 in 1946. Cert, check for 5% of the 1 1 ib amount bid for, p.iyable to the Bo ird of Ediic;ition, required. The proceo:!ings leading up to the i.ssue of these bonds hive been supervised by S^;uire, Sanders & Dempsey. bond attorneys. Clevelind, Ohio, and their favorable ceriificate as to the validity of the bodns will bo furnished to ourchiser. The official announcement st.itos th it the entire issue ($1,000,0001 has been offered to the Boird of Commissioners of the Sinking Fund of the City School District of Diyton, Ohio, and to the Industrial Commission of Ohio, and declined. Purchaser to pay accrued interest. Statislicx. 1.52..5.'50 Population Dayton School District (19>0 Census) Tax valuation. Dayton School District (1921) .$239,886,420 00 Bonds outstanding Feb. 1 19-2 2,085,000 00 Par valiK! of Bo ird of iSducation Sinking Fund Investments Feb. 1 1922 $72,000 00 Cash i)alance. Sinking Fund, Feb. 1 1922 12.776 48 84.77(^48 Total Sinking Fund assets Proposed issue 1 .000.000 00 None Amount of bonds issued since Sept. 1 1921 1,000,000 00 Bonds last i.ssued. Mar. 3 1921 School tax rate for 1921 7.312 mills. Amount to be levied in 1922 for interest on bonds issued since June 2 1911 (incl. this $1,000,000 issue) 1.53,10000 Amount to be levied in 192? for Sinking Fund to — retire bonds issued sime Juno 2 1911 (includ87,000 00 ing' this $ 1 ,000,000 issue) Total for interest and bond retirement piirjioses on is-sues .since June 2 101 1 (including this $1 ,000,000 issue) Amount to bo levid In 1922 fo- interest and maturing --- None to bo levied in 193''.-- $240,100 00 bonds issued prior to .fune2 1911 Tl>^ d fo- .II sinkin'T Fund 240.100 00 ')U''00-;^5 DECORAH INDEPENDENT SCHOOL DISTRICT (P. O. Decorah), Winneshiek County. Iowa.— BO.VO S \LE —On Feb 28 the Sl.oOOOO 5% 12 1-6 year school building bonds V 114. p 759 were sold to Geo- — and — M interest, a basis Bcchtel'.^ Co of Davenport for $151,754 (101 16) Due yearly on Nov 1 as follows: of about 4 87%. Date March 1 1922 $5 000. 19>3 and 1924; $6,000, 1925 to 1927 incl 57,000, 1928 and 1929: and $8,000, 1930 to 1935 incl $9,000. 19.36; $10,000, 1937 to 1940 Incl A bid of $151,753 was also received from the Drake$11,000, 1941. Ballard Co of Minneapolis. Norfolk County, Mass.— BO.VD SALE.— An Issue of $130,Co. of Boston school bonds was recently sold to Arthur Perry 000 '4 basis of about 4.03%. at 101.782, a ; ; ; DEDHAM, 1 & % DELANO UNION GRAMMAR SCHOOL DISTRICT, Kern County, Calif.— BO.VD .SVILB, -On Feb. 20 the $10,000 6% 15'4-yoar (aver.) coupon school bonds, offered on that date— V. 1 14. p. 7.59— were sold to the First National Bank of Delano for $43,213 (10S.03) and interest, a, basis Date Jan. 30 1922. Due yearly on Jan. 30 as follows of about 5.23%. $2,000 1920 to 1938. incl., and $4,000 1939 to 1943. incl. The followhig bills received „ .,„/.7o<o First Nat. Bank. Delano. $13,213 001 Bank of Italy. San Pr.an . .$42,672 4U Growers Security Co.. De- „„„„„„ Security Trust Co.. Ba41.000 00 lano 42.S.3920| kersfield are the I DELAWARE COUNTY (P. O. Media), Pa.— BOVD OFFERING.— George T. Wadas, County Controller, will receive scaled bids until l.i mMarch 7 for $400,000 4 '4% coupon Series No. 1 bonds. ,Dat,e .Marcti l Due March 1 1952. The opinion of Townsend. Elliott & Miiuson 1922. bidder. of Philadelphia .approving these bonds will bo furnished the successful DETROIT, Wayne County, Mich.— BO.VD OFFERI NG.—Hcni-y Stefm. Mar. tor fens .Ir., City Comptroller, will raceivo se.ile.l bids until 11 a. bonds, agTivgating $1 1.500.000: the following general public improveni'-nt (school) bonds, $6,000,000 yearly on Jan. 15 from 1935 to 1942 incl 4.000.000 5% 5% 5% public sewer bonds. 1935 to 1942 incl. Due 7 r-rm nnn uue 5/5U,UUO- , = , „^ $500,000 yearly on Jan. 15 from ml "I Mxncn THE CHRONICLE 4 1922.] 4^% Duo S:? 12. 000 Keneral public ininroveiiient (parkl bonds. yearly on Jan. 1.5 from lOS.O to 19:^8 inrl. and $313,000 yearly on .I.m. I."! from 1950 to 1942 inrl. improvcmont (police he.idquartersl bonds. 1 000 000 4J4% pononil public Due ^IS.I.OnO vearlv on .Jan. l,"") from 193.'i to 1942 incl. Due .Jan. 1.5 1932. public utility (street railway) bonds. 1.000.000 Date -Ian. 15 1922. Legiliiy approved by .John O. Thomson of N. Y. These are the simo bonds thit were tentatively sold to the Sinlcini; Olty Fund at par on Jan. 20 (V. 111. p. 327). At that time all the issues were 12 • 000 TjOO • • 4H% offered a.s 4^s. VOTE ON CHARTER AAfENDyfENTS AND TO PURCHASE DETROIT UNITED RV.— With reference to this subject the Detroit savs: "Free-F*ress" of March "At a special election April 17 the Voters will be asked by Mayor Coiizens 1 ERIE COUNTY (P. O. Buffalo), N. Y.—BOND SALE.— The following two issues of 4>!i% bonds offered on Feb. 18 (V. 114, p. 760) were sold to Luupoi-l, Barker <& .lennings. Inc. and lelke. Hood vVi Co.. both of New ^o•^-. :it their joint bid of •«.-l79 408 M04.072) b .sis of aboiU. 4.18%. JfSOO.OOO penitentiary bonds. Int. F. & A. Duo 8.50.000 j'early on Feb. 1 from 1924 to 1951 Incl. 345.000 highway bonds. Inf. F. & A. Due $35,000 yearly on Feb. 1 from 1927 to 1935 incl.. and S30.00() on Feb 1 1936. Denom. SI. 000. Date Feb. 1 1922. Prin. and semi-ann. int. payable at the Fidelit.v- Trust Co. in Bnfi'.lo. These bonds ,ire being offered to investors at prices ranging from 101. '<4 to 107.64, ac'oi-ding lo maturities. We are infonned that these are the first bonds is.sued bv the county since 1916 and that the county debt is less than 3-10 of 1 % of the assessed valua- — ESSEX COUNTY bonds light plant DODGE COUNTY 23 be vo ed upon. will O. Mantorville), VHnn.—BOND SALE.— On Feb. 24 S58.368 A9 4'A% trunk highway reimbursement bonds were sold Oai««. White & Co. of St. Paul at par and accrued interest to date of to delivery. Denom. $1,000. Date Dec. 1 1921. Int. J. & D. Due Doc. 1 1941. DOLGEVILLE, Herkimer County, N. Y.— BONDS NOT SOLD We are advised by E C Rice, Village Clerk that the S5.030 8,5 piving bonfis off;'red on Feb 27 V. 1 14. p S74 have not yet been sold and that the s;ile is being held open. The above Clerk adds: "Two bids which were received for these bonds l.icked the required certified checks We may sell the bonds to one of the bidders (Hanchett Bond Co of Chicago) which l)id pir ami accrued interest, plus a SI77 75premium, " or we may ro-advertise the bonds EAST BATON ROUGF. PARISH ROAD DISTRICT NO. 2 (P. O. Baton Rouge), La.—HIDS REfECTED TO BE RE-OFFERED— T\\e: $175,000 Series "J" bonds orfered on Feb. 23— V. 114. p. 700— were not sold as all bids received were rejected. The bonds will be re-adverti.sed (P. — — — — to bear 5'?'r interest. EAST CLEVELAND, Cuyahoga County. Ohio. BONDS NOT SOLD —The $1.50.000 5!^% school boiidd offered on March 1— V. 114. p 760— were not sold EAST LIVERPOOL SCHOOL DISTRICT (P. O. East Liverpool), — E J Gaston. ClorU bids until 12 m March Columbiana County, Ohio.— BO.VD OFF/?RfivO of the Board of Education, will receive sealed 9 for $26,000 6% bonds Deiiom $1,000 Due March 1 1<>22 Prin and Rcml-ann Int (M * S payable at the office of the Treas\irer of the Boanl of Education Due yi;,irly on March as follows $5,000. from and $6,000 In 1927 1923 to 1926 IncI Certified check for 5% of the ) I . amount — Peter 21 F March Bergen County. N. J.— BOND OFFERING O'Brien. Bor«>iigh Clerk, will reopive sealed bids until ,S p m for the following two iiMueH of coupon or regiaterod bonds not to exceed the amour' ,'' $485,000'-onstrucrlon bonds Due yearly on M.irch 1 as follows: $ 1923 to 1911 Incl and $29,000 In 1942 5U ',; wwcr bonda Due $2,000 yearly on March 1 from 1923 to 24.000 1931 Incl ... ^^,rch Denom $1.0(K) 1932 TVIn and scml-ann Int (M & fl ) pay:ible at the Trust Co In Etlgcwater The bf>nds will be preparerl under fhon of the U S MnrW. ^irr- V Trust Co of - xn 1 1- f.'itv. wi offlcl.il.s and r.ti.- .11 .' • I to the th'Teon of igii.itiires g' ly ii- .ipprovi-<| -liiiruid Head. D ,.-:.....,.. .1. .:,..' Vcw York. by W.ikeli-.v T and the li-gjity of the iiccond Imuo approved by Wakelue, Taornall Jfc Nrw York EEL RIVER SCHOOL AND CIVIL TOWNSHIPS. Allen County. Ind.— no.VO OFFEKlXd fhaln-s .MIIIit. Trust. <. will receive neilcd Wright, of m bid" nnill 2 p. March IS at this homo (K. It. No. 3. Churubusco) for bonds. Purchawr lo pay accrued Intflrotit. $16. .'/)0 5H% ELDOR & f'o. works I EXETER GRAMMAR SCHOOL DISTRICT (P. O. Exeter), Tulare County, Calif.— BO.Vn ELEl^TION.-Oii March 14 $88,000 grammar school building bonds will be voted upon. FARM SCHOOL DISTRICT nOXn of V TT have been awardod. ' SALE— Cm. M County, lowm.— BOND '\n : in It Bivh'el water 5% atated, $40,000 boi.'. ELMIRA SCHOOL DISTRICT, Alamance Coun» No. L.ll r,' "h 7 BOM) OFFKHINd. .Sealc^l I. I, Swri-iary linnrd of I'l rh'Ki) bnlMli.g bond*. r)«' Pliilf-i. I couiMin PrIn aid NO. WelU County, 19, No. 1% .S3. 000 Dak.— building bonds were sold North Dakota at [lar. Daie.luly 1 1020. Due .hily 1 1940. Bonds are not subject to call but may be re(leemed at any time after 2 years from date. 1922 | FOLLANSBEErStx^ke'County, W. VaT^BO^VD .S'MLE.— The " — 6% refunding bonds V. n'.i, p. 2213 Bank of Follansbee. Citizens FORT PIERCE, — SSO.OOO have been awarded at par to the Lucie County, Fi a.— CORRECTION .—r>ue to & amount Of the 0% public utility bonds awarded to S'iener Bros, of Binninghim as stated in V. 114, p. 87'., was given as SJfi.OOO. The correct amount is 5_'0.000. St. i.vpograpliical error, the FRANKTOWN MAGISTERIAL DISTRICT, Northampton Co"irnt7, be received until March 8 by Geo T. Tyson. Clerk Board of Supervisors (P. O. Eastville) for 85.000 coupon bonds. Denom. .'?500. Date April 1 1922. Priu. and int. iiayable at the County Treasiirer's office. Due April 1 1942. optional April 1 Bidders to name rate of interest. 1927. Va.— BO.VD OFF£«/.VG'.— Sealed bids will . FRIENDSHIP, Crockett County, Tenn.— BOJVDS VOTED.—The Memphis ".Appeal" of Feb. 26 .-aid: ".All election yostcniay to decide whether or not the corporation of Fiii!-idshi|i would sell school improvement bonds, resulted in a victory for the bonds b.v a vote of four to one. Strong opposition has been manifested and the is.sue was warmly contested, but election morning brought quite & change in sentiment, resulting in overwhelming majority for the bonds." ^i GERMANTOWN. Tenn.— BO.YD OFFERING.— County, Shelby Sealed bids will be received until 7 p. m. Mar. 4 by J. M. Thompson, flity Clerk, for SI 5.(1110 6"r iax-frcn water and light plant biuuls. Denom. Date Sept. 15 1921. Due in 30 years, callable in 15 years. $l,0()0. Prin. and interest payable in Memphis or New York City. Cert, check for ?li)0 reiiuirod. Bonds offered subject lo the opinion of purchaser's aLtorne.v. GLENDORA JOINT SCHOOL DISTRICT, CaVif.-BOND SALIi^ An 6% new school bonds has been sold to Freeman, Smith Co. of San Francisco. Denom. SI. 000. Date Aug. 20 1920. Duo Sl.OOn yearly on Aug. 20 from 1924 to 19;{1 incl. A. issue of :?.8.000 * Camt) Int. F. 1% GLENWOOD SCHOOL DISTRICT NO. — BOND sold. SALE.— An Denom. S500. 53, Catron County, N. Mex, issue of .?;iO,OflO 6%. school building bonds has been Date Dec. 1 1921. Int. J. D. Due Dec. 11941. & optional 1931. Financial Statement. As.se.ssed valuation Total b<Mi<le<l debt Population. 800. $567,340 30.000 GOREE INDEPENDENT SCHOOL DISTRICT — BOND County, Texas. (P. O. Goree). Knox .SALE. .1. L. Arlitt of Austin advises us that he recently purchased $ I.1, 000 6% school Ixmds dated May 1 1921 ;'nd nialiirinrl. These lx>nds were rogislered with iiig .<375 yearly from 1922 to 1961 the State f\->inptroller of Texas on Nov. V. 113. p. 2100. SCHOOL DISTRICT (P. O. Grafton), Walsh County, No. Dak.— BO.VD OFFERING —.J K Gray, C^lcrk Bo:ird of Kducation. will receive .scaled bids until h p m Mar 7 for $40,000 5% coupon school Denom $1,000 Prin and semi-ann int (J A.J) pivubleat bonds Due Jan.' 1 1932. the -American h^xchange Natiotial Bank. N Y. , 1 — GRAFTON GRAND RIVER DRAINAGE issue of S600.000 5 Coinpton ( of St "o. H 'v DISTRICT. Mo.— BOND SALE.— Aa drainage Ixmds Ixniis at 96. 10, . is it sold to the William R. h;iK l)eeu report o<l. , GRANVILLE CONSOLIDATED SCHOOL DISTRICT NO. SB (P. O. " Granville), McHenry County, N ,VD .S.ILE —The $26,000 DnU.-BOi'' - — - 650 have been sold. GREGORY COUNTY (P. O. Burke), So. Dak.— BOA'D ELECTION. .An issue of .$100,000 bridge Ixuids will lie submitted to a votooftho people funding bonds mentioned in V 1 14 p on M:irch 2H. GUIDE ROCK. Webster County, Neb.— BOND OFFERING —VntW 21 C F Cl.irk. \ill;igc Clerk, will reccMvo sealid bids for the S12.000 6% IO-20-year (opt electric liglil bonds inontloiicd la V 114, p 761. Mar ) — HANCOCK COUNTY (P. O. Greenfield), Ind. BO,V/> OFFERING. -^Grover Van Ouyii, <\>unly Treasurer, will receive sealed bids until 10 Mar H for Si'i.9l)0 .5% I'arUs 1.. Cro.sslcv el al. Vernon Twp. bonds. a. m Denom. $348. Dalo Feb 15 1922. Int. M. & N. Due $348 each six months from May 15 1923 to Nov. 15 1(132 Incl. HANCOCK COUNTY (P. O. Findlny). Ohio.— BOA'D SALE.—Tho rollii\\liig two Issues of ()'; dllcli Inii.rovcnicni IkukIs, niinrregiH Ing $7,500. wilt.' •ffrnd on Icb. IS (\ 111. p. 761) wcrti Hold cui that dale to at par and ai'crucfl lnteri«t . I I due $3. on Caro. by Sam — During January .S.4/.B. to the State of . N Y issue of | bid for. payable to the District Treasurer, required EDGEWATER, SALE.— An O. Salem), Mass.— N^OTE (P. SSO.OOO floating bridge temporary renewal loan. Act of 1921 notes, offered on Feb. 27. was sold on that date to the Gloucester Safe Deposit & Trust Co. on a 4.18'^ discount basis. Denom. SIO.OOO. Date March 1 1922. Due July 1 1922 at the Commonwealth Trust Co. in Boston. The following bids were received: Gloucester Safe Deposit & ICape Ann National Bank 4.27% Trust Co 4. 18% Grafton Co.. Boston 4.29% Gloucester National Bank 4.26% Merchants National Bank 4.50% . Mayor Couzens a.sked the the company's city holdines for .?19.S.'.0.000. Council to call the election for Saturday. April 15. explaining that he believed this would be a better day to hold an election, as many offices would be closed and more voters would be able to turn out. The Council. however, did not consider Saturday a proper day for an election and decided to hold it on the Mondav followins Easter. "The Mayor does not know definitely what simi he will ask the voters to appropriate as a down pa\Tnent for the Detroit United Ry. purchase. but it will not exceed $4,000,000. The initial payment for the companv's lines, shops, bams and real estate is S2. 770. 000. but the city \vill also buy the material on hand necessary for operating the lines, the total cost At this special election Cuy L. of which has not vet been determined. Ingalls. City Treasurer, will also offer two amendments to the City Charter. One of these amendments will he to make the double tax pajTnent amendment, adopted last fall, workable. This amendment was forced on the ballot by the Board of Commerce, which declined to alter it before the election, although the Corporation Counsel held that it did not conform with State laws. Mr. In<rnlls was prepared to eo ahead and put the two Installment system of collecting taxes into effect, but Henry Steffens, City Comptroller, threatened to institute court proceedings to prevent him doing so. This stand was taken by Mr. Steffens because he believed some question might he raised later on which might invalidate the collection of tax<!S. The second amendment which the Treasurer will offer will be to extend the time for sale of tax titles on proijerly of persons unable to meet their civic oblisratioiis. from one to two ye.-irs. At present the TreasPersons urer is required to sell the tax titles one year after the ta.xes are due. buying these titles, loniwn as 'tax title sharks." are permitted at present to charge the owners \m)9r of the taxes if they fail to redeem the titles within one year. Under Mr. Tngalls's proposed amendment the period would be extended to two years. In explaining this aniendjnent to the Council. Mr. Ingalls pointed out that during periods of depression, such as have prevailed in Detroit during the pa.st ye;ir. many persons have been unable to pay their ta.xes. His amendment would help these people, who are now forced to deal with the 'tax title sharks'." DODGE, Dod^e Countv, Neb.— BOND ELECTION .—Or\ Mar. i tion. approve of the plan to purchase the citv svstem of the Detroit Utu'ted Ry. and to appropriate funds approximatins $3,500,000 for the initial payments. Two charter amendments also will be voted on. On request of "the Mayor the City Council. Tuesday, voted to call a special election to have the people pa.ss on the contract bv which the Mayor hopes to buy to $14,000 979 hcnom O'r. < .<:|.00() >tuirly on Jan. 16 In 1023 and 1024 and $1..500 192,'). \r. .1.111. 4,000 Ixinds. due » 1 .000 yearly Date S.'iOd. .Ian. |5 on Jan. 16 from 1923 to 1026 Inclunlve. 1922. HARLAN CITY SCHOOL DISTRICT (P. O. Harlan), HorUn "• K- — BO.V/> .s,4/./;. The t.lJ.dUO 6% couix.n school Improvo- V. Ill, p. 1150) were awiinli-d .m Keb. 5 to Well. Uotli .V Co. a(. par (iIum n prtMiiluiii of f.'itii), <)i|uiil lo 101 ,56. Denom. 1 Iiin. III ti" •'" • , MitMlli'b, ch' !'•'• ini'i 1 IM- N. Y. V 1 1 (' J ' I y »i[ I fi»" II tf iri . Dollvory oa or about ' 1 1 rii' 1 .'ijijff II '. i'< 1 l> I,' ni \T I-.', I t V ' Ml" r 'T IV • 21 at plaro of purclwiHor'n ounly, No. C.mro.--BO\n OFFER irifll I \% March t.v .lull. I .•, 192L<. liit.J.&J. I:ii\li W/ . afiitr yrairly leu yeiirH from date, (P. O. Lilllngton), No. Cnro. BOND .'<AI.E.— Co. of Dclroli have pun Ii.imiI 'JI .MI.iMIO road niid brUlRo HARTLAND SCHOOL DISTRICT 11 Due 12.000 1925 and $1,600 optional COUNTY 'IIkIiIu<.V loil I !! I. II r I nil l>oiidH niiilure, \.. NO. BO, Ward County. No. Dnk. Iviic nf .?7.(HI0 t"„ building liondN was Mild In thn III I into pur during .liiini.uy I'ljj. Mjiy I 1920. iiiU ari< not i.ubjcct ti> all but miiy lii) ruduuiiicd at I 1 from diitn. ounly, tJhIo.— «nW/).«J .11. 711 '/ . follows: 91 .000, Itf-Jil to 19.30 Incl. II 60.1' Hi I ,,,,.,1 .1 illd >h <k. 111 I'lll l> r,0O . r buiiU ."ully oil Jail. 24 — V. Hi. p. 7tiO. (.III II <l " K. Lancaster County. Neb. of Oiniiha has l>«oii nwiirdiKl tho In ,,.! Ilk' .lOLH.—This lU i.,i..-,^i I A NOT follown: $1,000, ..Ill r 10 >• ly on Nov I 7«f»VM .•»4f,r— Tlio Oinalm two Imum of O')';; fi.llowliiic from \Vi'2 to 1041 Inrl <)p- .11^ HAZLKTON, LusTna County, Pm.~ BOND % city liondu, ofTcriMl on Kob. 5»— V. IM. p. HALK.- Thn IZ.'.O.OOO fl-W -wnrt' mild to lb* — — — — . — — — — THE CHKONICLE 980 & Trust Co of Hazleton at 109. 67. a basis of about 4.34% Date Feb 1 1921. Int. F. & A. Due $10,000 1941 $1,000. and $30,000 yearly from 1942 to 1949 incl. American Baak • IMPROVEMENT DISTlfirT^Nn t^? n^^^'^ T,9^I^^Vf^ ^^^^ SALE.— The "GarrX*! D ^/^- 9- *^'"« Bluff), Ark.-BOND of Little Rock, under date of Feb. 23 says- Denom. HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 9 (P. Freeport), Nassau County, N. Y. BOND OFFERING— XjeonarA ^ir zette •• Bonds of the .Jefferson and Grant Counties Road Improvement District ^^^S ^Z^^^^ \?~^^Ir^^- ^^^^^ James Gould for 92.30 cents on the The bond.s bear 6% interest, and are retirable in from two to 20 ^°"° ""'''' ^?. ''^'^y?^ }^^^'^ 1924. The amount will not be less than «Q-''A^o .S3.D 000 nor more than $40,000, to be determined by the commissioners, ^"""'^^ '^"^ ^" ^- Goldsmith and O. L. Phillips of • O. ^ S. ^ u dollar. Mabee. Clerk of the Board of Education, will receive sealed bids until Denom. $1,000 Date 4 30 p. m. Mar. 14 for $50,000 school bonds. Mar. 1 1922. FYin. and semi-ann. int. (J. & J.) payable at the Citizens' National Bank of Freeport Due $5,000 yearly on Jan. 1 from 1924 to 1933 incl. Cert, check for 5 % of the amount bid for, payable to the Board of Education, required. [Vol. 114. Jefferson^Counf-''"" — JONES=WALTON DRAINAGE DISTRICT, County Miss BOND SALE. The Bank of Commerce & Trust DefloreMemnhis'has oiirCo. of chased the $58,000 drainage bonds offered on PebV 18— V 114. p. 435. Purchaser to name Interest rate desired. — HICKORY, Catavba County, No. Caro.— BOND OFFERING.— VI. G. Henry. City Clerk and Manager, will receive sealed bids until 7 p. ra. Mar. Denom. $1,000. Date Apr. 1 1922. 21 for $45,000 6% funding bonds. Due serially for 30 Prin. and semi-ann. int. payable in New York City. 1 Legality proceedings and preparation of bonds under the superyears. vision of Bruce Craven of Trinity. Ijegality approved by Caldwell & Raymond, N. Y. C. Cert, check for of bid payable to the City Treasurer, required. KANSAS CITY, Mo.— AO BIDS RECEIVED.—^o bids were received Feb. 23 for the $80,451 33 6% park fund certificated, series "A- 15"— 114, p. 651. . KENMORE, Summit County, Ohio.— BOTV^D SALE.—The followin" three is.sues of bonds offered Feb. 15 (V. 114. p. 435) were soldlS Otis & Co. of Cleveland, at the prices given below: $29,000 sanitary .sewer bonds at 100.25. a basis of abovit 5 45% Due yearly on Feb. 1 as follows: $2,000 1523 and $3,000 from 19''4 to i-/--! 1932, inclusive. 22,000 Southwest sanitary sewer bonds at 100.06, a basis of about 5 43% Due yearly on Feb. 1 as follows: $4,000. 1923 to 1925, incl' and $5,000, 1926 and 1927. 12.000 Wesier Allotment .sanitary sewer improvement bonds at 100 06 a basis of about 5.43% Due yearly on Feb. 1 as follows $2 600' 1923 to 1925 Incl.. and $3,000, 1926 and 1927. Denom. $1,000. Date Feb. 1 1922. 2% 5H% HINCKLEY SCHOOL DISTRICT (P. O. Hinckley), Pine County, Minn. BOND S.ALE. — An issue of $20,000 school bonds has been sold to . the State Investment Board of the State of Minnesota. HOMESTEAD, Dade County, F\a..—BOND OFFERING.— Sealed bids be received until 7:30 p. m. Mar. 6 by R. E. Edwards. Town Clerk, for S15.000 6% street-improvement bonds. Denom. $.500. Date Aug. 1 •will ' and semi-ann. int. payable in gold at the XJ. S. Mtgo. & Trust Due yearly on Aug. 1 as follows: $500 1927 to 1930 incl.: •Co.. N. Y. The bonds will be prepared .$2,000 1931 to 1935 incl., and $3,000 1930. under the supervision of the U. S. Mtge. & Trust Co., N. Y. City, which will certify to the genuineness of the signatures of the officials and the seal imprassed thereon. The legality will be approved by C. B. Masslich. E.sq.. N. Y. City, whose approving opinion will bo furnished the purchaser without charge. Bids must be accompanied by a certified check payable to the order of the above Clerk for 2% of the bands for which bid is submitted. Bonds will be delivered at N. Y. City, Miami or Homestead. HOWARD COUNTY (P. O. Kokomo), Ind.— BONDS NOT SOLD.— The three issues of 5% highway bonds, aggregating $21,760, which were offered on Feb. 21 (V. 114, p. 761) were not .sold. INGLEWOOD CITY SCHOOL DISTRICT, Los Angeles County, (P. O. Kent), Portage CounOhio.— BOA'ZJ OFFERING.— F. W. Bowers, Clerk of the Board of Education, will receive sealed bids until 12 m. March IS for $22,000 6% school bonds. Denom. $1,000. Date Jan. 1 1922. Int. J. & D. Due yearly on Jan. las follows: .$2,000 in 1923 and 1924, $4,000 1925, and .$2,000 from 1920 to 1932 incl. Cert, check for $500 required. —Sea.\ea bids will be received until 11 a. L. E Lampton. County Clerk (P O Los Angeles) for $39,000 Denom .Sl.OOO Date March 1 1922 Prin and 5}-^% school bonds semi-ann. int payable at the County Treasurer's office. Due March 1 as follows: $2,000, 1923 to 1928 incl .$3,000. 1929 to 1933 incl., and Certified check for payable to the Chairman $4,000, 1934 to 1936 incl. Board of County Supervisors, required. Coxe, City Auditor, will receive sealed bids until 8 p. m. March 6 for $10,000 6% sewer bonds. 1920. Calif. Prin. . KENT VILLAGE SCHOOL DISTRICT ty, KEYSTONE SCHOOL DISTRICT BOND — m BOND OFFERING March 6 by KIMBALL, Brule County, 3% It is IRON COUNTY SCHOOL DISTRICT, Utah BOND SALE.— Benwell. Phillips & Co.. of Denver, have been awarded .$6,000 5% tax-free school bonds. Denom. $1,000. Date April 1922. Prin. and .semi-ann. int. (A. & O.) payable at the National Bank of Commerce, New York. Town N. — awarded to —have been $2,000, equalthe to premium of 1 1921. Due $4,000 yearly IRVINGTON SCHOOL DISTRICT (P. O. BONDS VOTED. — By a vote of Calif. Irvington), Alameda 163 to 13, this di.strict recently authorized $51,000 new school building bonds. County, ISANTI COUNTY (P. O. Cambridge), Minn.— BO A'D SALE.— On Feb. 21 the $38,500 drainage bonds were sold to the Minneapolis Trust Co. of Minneapolis for .$.'58,,^OS (100.17) for 5s, a basisof about 4.98%. Denom. Date March 1 1921. Due yearly from 1928 $1,000, except one for $500. to 1942 incl. In giving the notice of the offering of these bonds in V. 114. p. 650, we incorrectly stated that the.v would bear 6% interest. Minn.— B02VD ITASCA COUNTY — Newspapers say that(P. O. Grand Rapids), No. 10 bonds OFFERING. $34,000 County Ditch be offered for sale on March will 7 ITASCA COUNTY INDEPENDENT SCHOOL DISTRICT NO. 2 BOND SALE. —The $250,000 coupon high (P. O. Coleraine), Minn. school building bonds offered on Feb. 17 — V. 114, p. 650— were sold on Feb. 21 to the First National Bank of Duluth on its bid of par and int.. less an allowance of $2,775 for blank bonds, attorney's fees, &c., for 53^s. Denom. $1,000. Date Feb. 1 1922. Int. F. & A. Due yearly on Feb. 1 1926to 1930 incl. .and $.50,000, 1931. This report corone given in V. 114, p. 875. The following is a complete list of asfollowK;.'!;40.000. rects the the bids received: Premium Rate of Inter- Offciid. & Co., Chicago Drake-Ballard Co. Minn First National Bank. Duluth First National Bank, Duluth Fir.st National Bank. Duluth Wells-Dickey Co., Minneapolis Minneapolis Trust Co, Minneapolis Powell, Garard , est $260 00 1 1 00 4,160 00 705 00 6% 6% 6% (*) 4,261 00 753 60 Bid. KORNMAN DRAINAGE 5J^% 6% 6% OFERING.—Se:i\ecL bids will be received until 3 p. ni. M.nrch 7 by Frank 11. Owen, Ch.-.irman of the City Commission, for $2,000,000 5% coupon improvement bonds. Denom. $1,000. Date April 1 1921. Prin. and semi-ann. int. (A. & O.) payable in gold coin in Jacksonville, or at the fiscal agency of the city in New York City, at option of holder. Due Ai^ril 1 1931. Certified ciicck The for 2% of bid, on some bank doing bu.siness in Jacksonville, required. legality of the bonds will be approved by Attorney John C. Thomson, of New York, whose opinion as to the loglaity, or a duplicate thereof, will be delivered to the purchuser or, if more than one purchaser, to cch of the purchaser.s. Printed circulars containing more definite and detailed information, and blank forms for bids, may be had on application to E. P. Owen, .Jr., Secrotar.v of the City Commission, Jack.sonville, Fla. Delivery of bonds to be made at the Commission's office on March 8 at 10 a. ni. Notice of this offering was .already given in V. 114, p. 875. It is given again as additional data have come to hand. JEANNETTE, Westmoreland County, Pa.— BOA'D.S OFFERED BY BANKERS. —The McUon National Bank of Pittsburgh is offering to inve.stors an issue of $150,000 4!4% coupon or registered improvement bonds. Denom. $1,000. Date Nov. 1 1919. .Semi-ann. int. (M. & N.) payable 1 in O. Jefferson). Wise— BO.VD OFFERING. R. D. Uoyce, County Highway Commissioner, will receive sealed bids on or before 2 p. m. Mar. 9 for the purchase of .^855, 000 5% highway bonds. Denom. $500- Date April 1 1920. Int. semi-aun. JEFFERSON COUNTY — (P. DISTRICT, Colo.—BIDS REJECTED.— KOSCIUSKO COUNTY (P. Ed. Poulson. County Treasurer, O. Warsaw), Ind.— BOND OFFERING.— will receive sealed bids until 2 p. m. March 15 for the following two issues of 5% road bonds. Denom. $275. $5, .500 Millard G. Stookey et al. Prairie Twp. bonds. Denom. $610. 12.200 Daniel Martin et al, Prairie Twp. bonds. Date Feb. 15 1922. Int. M. & N. Due one bond of each issue semiannually from May 15 1923 to Nov. 15 1932. incl. BOND OFFERING.— Sealed bids will also be received until the above time by the above treasurer for $62,200 5% E. W. Gre-sso et al. Lake Twp. bonds. Denom. 20 for $610 and 100 for $500 each. Date Sept. 15 1921. Int. M. & N. Due $3,110 each six months from May 15 1923 to Nov. 15 1932, incl LAGRANGE, Fayette County, Texas.— BOATD.S VOTED. At an election held on Jan. 30 an issue of $25,000 5hi% bridge con.struction bonds was carried by a vote of 246 "for" to 10 "against." Due in 40 years optional in 20 years. — GRANGE COUNTY (P. O. Grange), Ind.— Hoff. will receive sealed bids until —L.\ W. for theCounty Treasurer,La highway bonds aggregating $181,000. G. p. m. March 15 following coupon BOiVD OFFERING. ' 1 al County Unit Road No. 3, Eden, Clearspring, Clay and Newbury Township bonds. Denom. $870. Roy Perkins etal County Unit Road No. 7. Milfordand Springfield $69,000 .Tohn Keinn et 49,600 5% Township bonds. Denom. $620. I. Miller et al County Unit Road No. 4, Clay and Newbury Township Iwnds. Denom. .$430. 28.000 John S. Hawk et al (bounty Unit Road No. 0, Springfield Township bonds. Denom. $350. Date Apri 15 1922. Int. M. & N. Due two bonds of each issue each Purchaser to pay six months from May 15 1923 to Nov. 15 1932, incl. 34,400 Levi accrued interest. LAGUNA JOINT SCHOOL DISTRICT, Calif.— BOA'D SALE.— & Camp Co., of San Francisco, have been awarded $19,000 school bonds. Denom. SI ,000. Date July 20 1921. Int. J. & J. $1 ,000 yearly on July 20 from 1924 to 1942, incl. Freeman, Smith 6% new Due Polk County, Fla.— BOND SALE.— The $200,000 6% bonds offered on Feb. 24 V. 114. p. 762 have been awarded Sawyer Co., of Jacksonville, at 93. Date Jan. 1 1922. LAPORTE COUNTY (P. O. Laporte), Ind.— BOND S.ALE— The $263,962 48 6% D W. Place et al. bonds offered on Feb. 25 (V. 114, p. Date Dec. 542) were sold to the Fletcher-American Co. of Indianapolis. 5M% Due $30,000 on Nov. — — LAKE WALES, Less an allowance of $2,775 for blank bonds, attorney's fees, &c. JACKSON COUNTY (P. O. Ripley), W. Va.— BOA'D OFFERING.— Enoch Staats, Clerk of the Couiit.v C'oiu't, will receive sealed bids until 2 p. m. March 18 for $109,200 5% coupon tax-free Riplev Di.strict road Date Nov. 1 1920. Prin. and semi-ann. int. bonds. Denom. $1,300. (M. & N.) payable at above officials office or at the National City Bank. N. Y. City, at option of holder. Due .'55,200 yearly on Nov. 1 from 1922 Certified check for 5% of bid, payable to the County Court to 1942 incl. of Jackson County, required. at the People's National Brink in Jeanuette. 1924, 1929, 1934, 1939 and 1944. — — street impt. to the G. B. * JACKSONVILLE, Duval County, Fla.— BOjVD in Bids received for an issue of drainage bonds, amounting to about $40,000, were reiected. The Bankers Trust Co. and Benwell, Phillips & Co., both of which are located at Den\'er, were the bidders. & , unofficial — Y.—BOND OFFERING.—Wil- bonds offered on Feb 28 V. 114, p. 875 Security Trust Co Rochester, at par, plus a Date Oct. 102.50, a basis of about 4 60%. on Oct. 1 from 1923 to 1942, inclusive. H. 4 (P. O. International Falls), Minn. BOA'^D SALE. On Oct. 15 5% school bonds were sold to State of Minne.sota. Denom. Date July 1921. Int. annually. Due $10,000 yearly on $10,000. July 1 from 1932 to 1941 inr-1. The.se, together with $150,000 6% 10-yoar school bonds which were purchased on Nov. 7 by the Drake-B lUard Co. of Minneapolis at 100.06. a basis of about 5.99% V. 113, p. 2531 complete the sale of a total issue of $250,000. $8,000,000 00 20,000,000 00 315,192 50 IRONDEQUOIT UNION FREE .SCHOOL DISTRICT NO. 3 (P. O. Irondequoit), Monroe County, N. Y.—BOND SALE. — The .580.000 5% Dickey County, No. BOND OFFERING. —G. Dak. $100,000 Town W. 7, KOOCHICHING COUNTY INDEPENDENT SCHOOL DISTRICT liani a. Titus, Clerk, will receive sealed bids imtil 2 p. m. March 13 for $40,000 registered North Goodman Park Water District bonds at not •exceeding interest. Denom. $2,000. Date March 1 1922. Prin. and Due -$2,000 yearly on semi-ann. int. (A. O.) payable in Rochester. N. Y. April 1 from 1923 to 1912, incl. Cert, check for $750. paj-able to Channcey Porter, Supervisor, required. Purchaser to pay accrued interest. 5% So. NO. 1 IRONDEQUOIT, Monroe County, 4% (P. O. Klamath Falls), Ore.— —KLAMATH COUNTY bonds carried. indicate that aBONDS VOTED. reported that figures special election on Feb. 21 $800,000 road ; Due April 1 1925. Financial Statement. Assessed valuation, 1920 Real valuation, estimated Total bonded debt, including this issue Population, census 1920, 5,787. No. Dak. SALE. An issue of .^o.OOO school building bonds was sold during Jan. 1922 to the State of North Dakota at par. Date .July 1 Due July 1 1940. Bonds are not subject to call, but may be 1920. redeemed at any time after 2 years from date. — 15 1921. LAS ANIMAS COUNTY SCHOOL DISTRICT NO. 102, Colo.— BOND .K\LE. — lienwoli. I'hillips & Co. of Dciiner have purchased $1,300 8% tax-free school-bldg. bonds. Denom. $100. Date Oct. 15 1921. Principal payable at the office of the County Treasiu-cr, and somi-ami. int. payable (April 15 and Oct. 15) at the office of County Treasurer or at the tanking house of Kouutze Bros., N. Y., at option of holder. Due Oct. 15 1941, optional Oct. 15 1931. Financial Statement. ..-$138,270 Assessed valuation 1920 1,300 Total bonded debt (this issue only) Population, estimated, 100. LAVA HOT SPRINGS, Bannock County, Ida. BOND SALE. — 6% coupon water works purchase bonds offered unsuccess» Of the $65,000 $47,000 have been sold. (P. O. Lawton), Comanche County, Okla. BOND OFFERIXC.:. J. S. Kuntz, Clerk Board of F.dtication. wiU receive scaled bid.s until March 15 for the $239,000 5% school bonds reV. 114. p. 762. cently voted LEBANON, Wilson County, Tenn.— BOND OFFERING.—Bids will lie received at any time by the City Commis.sionors for an issue of $200.'^00 5% water and sewer txinds. Denom. $1,000. Date Aug. 1 1921. Thus item was incoiTecti.v reported in last weiesk's issue, page 879, under the caption "Wilson County, Tenn." fully on July 16, V. U.J. p. ,5.')0. LAWTON SCHOOL DISTRICT — — LEECHBURG, Armstrong County, Pa.— BOA'D OFFERING.— .lohn Hill, .Secretary of the Borough Council, will receive sealed bids until improvement bonds. Denom. $1,000. 5 p. in. Marcli 6 for $25,000 Date Fob. 1 1922. Due .'^5.000 in 1927. 1932. 1937 and $10,000 in 1942. A. 5% Certified checkfor $500. payable to the Borough Council, required. LENAPAH TOV/NSHIP, Okla.— BOA'D .S.4I,B— Reports say that S35.000 road bonds have been sold to an Oklahoma City firm. LENOIR CITY, Loudon County, Tenn.— BOA^D S.-ILB— Caldwel 6 Co of Nashville, have purchased the $1.50.000 6% sewer bonds recently voted V. 113. p. 2426. They are described as follows: Denom. $1,000. — I X</^W«J U.AKC;C1 eJan 1 1932 MANCHESTER. and setnl-ann Int (J. -J), payable at the National Due Jan 1 1912. Financial ^lalenienl. «i oi« * 9!;o n-io nnn -- Priii. Bank. N. Y. Oily. r «sod valnatUn. bonded debt ulatlon 1920 MARICOPA COUNTY SCHOOL DISTRICT NO. Texas.— EONARD. Fannin County.bonds was BOARDS VOTED.— On Feb. 20 voted. of $50 000 school-bldK. DISTRICT NO.. 12 (P. O. EWIS & CLARK COUNTY SCHOOL $1,500 fi% funding Wds. ^rvilleK Mont.— BO.VD SALE.— The to the State red on De" 10— V. 113. p. 2334— have IJeon sold at par Date Dec. 10 1921.^ Due Dec. 10 1940 MARIN COUNTY SANITARY DISTRICT NO. .ssue Laiid C<)n^iissionei4. ^ of Dec. 10 1924 or at any interest i)aying date thereafter at option of ional )ol district. County, No. Dalv.— INDEN SCHOOL DISTRICT NO. 1, Cavalier bonds during January, ''D SALE.— Tliis district sold S5.000 49^ bldg. Date Dec. 31 1920. Due Dec. to the SUte of North Daliota at par. "940. Bonds are not subject to call but may be redeemed at any tune '> r two years from date. ISBON SCHOOL DISTRICT 4% SALE.—Xn Ransom County, No. Dak.— NO. 19, bidg. issue of .?5.000 \^D 2 to the State of North Dakota at par. 0. Bonds are not subject to call but bonds was sold during January Date Oct. 1 1920. Due Oct. 1 may be redeemed at any time alter years from dat«. Lockwood), Dade County, OCKWOOD SCHOOL DISTRICT (P. O.school bids, bonds was voted of $45,000 —BOXDS VOTED.— An issue Feb. 21. County, CaMf.— ODI SCHOOL DISTRICT, San Joaquin issue was approvedBONDS by the FED —A tors by a vote $90 000 new school building bond of 575 to 47 at a recent election, it is reported. County, ODI UNION HIGH SCHOOL DISTRICT, San Joaquincarried by election §250,000 bonds 40 votes, a recent stated. it is ANGELES, Calif.—C/TF COMPLIES WITH STIPULATTON \'TAI\ED I\ BID.— In—V. 114, p. 543—we stated that a bid. which must and interest, with a stipulation that the delivery of bonds or before Feb. 27. together with Jno. C. Thom.son-s approval sroup a non-litigation certificate, and submitted on Jan. 26 by a bankins bv the Harris Trust & Savings Bank of Chicago for the S13. 500.000 5% accepted on Jan. 28. •trie light niant purchase and impt. bonds had been are now advised through official sources that the city has complied with The bonds are stipulation contained in bid, thus completing the sale. Tibed as follows: Tax free coupon bonds with privilege of registration as Denom. .?1.000. Date Aug. 1 1921. Prin. and Principal and interest. the li-ann. int. (F. & A.) parable in Los .\ngeles or New \ ork City at Due S375.000 yearly on Aug. 1 from 1926 to 1961, ion of the holder. Official announcement states that these bonds are a legal investment lOS .337 made on New York, Massachusetts^ and The Hams inecticut and eligible to .secure Postal Savings Deposits. Boston st & Savings Bank of Chicago and the New York office and ce of same, under Harris, Forbes & Co., and Harris, Forbes & Co., Inc.. )ectivelv. together with E. H. Rollins & Sons, the Contmental & Comand •cial Tnist & Sa^-ings Bank of Chicago, Lee, Higgin.son & Co., kin.son & Burr, Curtis & Sanger, Arthur Perry & Co. and Edmunds Savings Bank-s and Trust Funds «.. all of Boston, are now in bonds to Investors as follows: offering these MATURITIES AND PRICES. Due. outU 5 006 Aug. 1 1926 5000 Aui. 1 1927 5000 Aug. 1 1928 5 000 Aug. 1 1929 5 000 Aug. 1 1930 5000 Aug. 1 1931 5000 Aug. 1 1932 siOOO .\ug. 1 1933 5.000 Aug. 1 1934 5,000 Aug. 1 1935 5,000 Aug. 1 1936 5.000 Aug. 1 1937 5,000 Aug. 1 1938 5.000 Aug. 1 19.39 5,000 Aug. 1 1940 5.000 Aug. 1 1941 5 OfK) Aug. 1 1942 5.000 Aug. 1 1943 Due. Yield. Amount. 4.75% 5375,000 Aug. 1 1944 4.75% 375.000 Aug. 1 1945 375.000 Aug. 1 1946 4.75% 4.75% 375,000 Aug. 1 1947 Price. 100.9S 101.18 101.37 101.55 101.72 101.88 102.45 102.63 102.80 102.96 103.12 103.83 103.99 104.15 104.30 104.44 105. 26 375.000 375.000 375,000 375.000 375,000 375,000 375,000 375,000 375.000 375.000 375.000 375,000 375.000 375,000 4.757o 4.75% 4.70% 4.707<, 4.70% 4.70% 4.70% 4.65% 4.65% 4.65% 4.65% 4.65% 4.60% 4.60% 105. 41 Aug. Aug. Aug. Aug. Aug. Aug. Aug, 1 .\ug. 1 1955 1 19,56 1 Price. 1957 1958 Aug. Aug. Aug. Aug. Aug. Aug. 1 1 19,52 1 19,53 1 19,54 1 1 1 1 19.59 1960 1961 Yield. 105.56 105.70 105.83 105.96 106.08 106.20 106.31 106.41 10*. 38 107.49 107.60 107.69 107.^9 107.89 107.97 108.06 108.14 108.22 1948 1949 1950 1951 1 1 4.60% 4.60% 4.60% 4.60% 4.60% 4.60% 4.60% 4.60% 4.5,i% 4.55% 4.5.2% 4.55% 4.55% 4.55% 4.55% 4. ,5,5% 4. 55% 4.55% $828 ,695,820 53.2o9.403 ..$20,808,1,50 as water debt. 866, .93 «« sinking fun«i .„. .„. ai,o84.520 et debt Census. 576.673. •opulatlon, 1020 ^ ^ ide« $124,096,742 operative property which is not taxed, being owned by )»ublic Utility Companies, a percentage of whose Inpald to the State. in 27 (V. to the p Date Apr 10 1922. Int. A. & O.. following description: Denom. SI, 000. pavabie at the Continental & Commercial National Bank of Chicago. Due serially. Bonded debt. ,$289,000; sinking fund. $9,551 64; assessed valua^ E. E. Lewis. County Judge. tion. 34.114,159; total tax rate, $12 50. MARYSDALE SCHOOL DISTRICT, Madera County, Calif.— BOND OFFERING.—t.. W. Cooper. County Clerk (P. O. Madera) wiU receive sealed bids until 10 a. m. March 6 for .?1,500 6% school bonds. Denom. $500. , . . til nil ,^ ,. , i,.„ , 12 1 m. Mar<b Ih 19:i2. office. ,...,. llin. I 111'- "•'< for .$225,000 and 'K»0 5H % .^-iiii-ann. Int. yearly on April 1 Board of 'ble to the Cert, cjierk for SI 7, incl. t. Purchaser to pay arcri. Se.ilod .-UCAS COUNTY (P, O, Toledo). Ohio.— BtJ.WU OFF£'«/.VG M will be rercivfyl until 10 30 .t ni Nftrch 13 h" ^<^r\,U\•' K Schmitt, r<.-<l. — of the Bo ird of 1.944 83 w.ilcr suji; rk 1 Duiiom . , Iroiu April 1 in loliows 192S, Inclu-lv.-. -!','! ^ 1 ontv ApHI T 1 r ''",, payable , 1922 » irabi' ' I !> ' '. at the I*r; 'H' • 'I'l ' Ill '' for. 'nt LYSIAN CONSOLIDATED SCHOOL DI.STRICT. Sumter County. 'I'Ik- %.';i;im r/: \i; :, r, vr 'nvtr -f-honi ixinda -.1 . ••' •'ii'w.'l'.'.- (State of).— The following five of registered serial gold bonds, aggregating $1,075,000. wbuch were offered on March 3 (V. 114, p 876), were sold to Merrill, Oldham & Co and R L Day & Co at their joint bid of 103 089 for the entire $1,075,000. which is equal to a basis of about 391%: 832,000 4 P^% 16 1-3-year (aver.) metropolitan water loan bonds. Due $1,000 j'early on Jan. 1 from 1923 to 1954, inclusive. 100,000 4% 18-year (aver ) metropolitan .sewerage ioan, Soutlj Sv.stem.loan, Due yearly on Sept 1 as follows: $3,000, from 1922 to 1941. incl.. and $2,000 from 1942 to 1961. inclusive. 213,000 4)^% 18 1-5-year (aver.) metropolitan sewerage loan. South System bonds. Due yearly on Sept 1 as follows: $6,000 from 1922 to 1944, inclusive, and $5,000 from 1945 to 1959, inclusive. 230.000 4k^% 11 5-6-year (aver) metropolitan park loan, series No. 2 Due $10,000 yearly on Jan. 1 from 1923 to 1945. inclusive. bonds. 19J^-year (aver ) metropolitan water loan bonds. Due yearly 500.000 on Jan. 1 as follows: S13.000 from 1923 to 1942, Inclusive, and $12,000 from 1943. to 1962. inclusive. The following bids were received: Merrill. Oldham & Co and R. L. D.ay. & Co 103 089 for the entire issue Blake Bros & Co., White. Weld & Co. and Eldredge & Co., 102. 071 for all or none 101 72 for all or none. Harris, Forbes & Co Curtis & Sanger and Blodget & Co.. 101. 32. 101.07165Lee, Higginson & Co Watkins & Co 102 373 for all or none. National Citv Co and E. H. Rollins & Sons, 101 63 for all or none. Old Colony Trust Co and Edmunds Bros.. 100 52 for $600,000 bonds; 101 92 for all or none. & Co 101 935 for all or none 100 61 for $600,000 Esta brook bonds; 102 21 for $262,000 4)^% bonds: 105 15 for $213,000 4 W 7o I)onds. F. S Mosely & Co. and Guaranty Co of N. Y., 102 137 for all or none. R Grant <k Co 101. 841 for all or none. Kidder. Peabody & Co 102 0149 for all or none: 100 4909 for $600,000 4% , , DI«;TR!CT / . - • -.-... ' . • ..(,, M . . bonds Ludwig. Eisiraim rn iiol & Co 100 82 for . bonds; 106 2910 for $213,000 all 4% 4H% or none. MAYWOOD SCHOOL DISTRICT (P. O. Mnywood), Berren County, — The issue of 6"^;, coupon or rogistcred Ixnids offered 114, p. 651) was sold to the New Jersey Fidelity & Plate Glass Insurance Co. at Its bid of SI8.3'H for 36 Ixinds ($18,000), which is Date Mar. 1 1922. Duo $6,000 ofiual to 101.91, a Ixasis of about 5.60%.. N. SALE. fiO.XI) J,, on Feb. 20 (Y. on Mar. in 1924, 1925 and 1926. A bid of $18,201 was received from J. G. White & Co. MERCEDES, Hidalgo County, Texas,— BO.VD S.ALE Wo are advised by J L Arlitt, of .\ustln, that he recently purchased $100,000 6% Dato Feb. 1 1922. Duo yearly on Feb. 1 street Improvement bonds. as follows; $3,000 1925 to 1936 incl and $4,000 1937 to 195^ Incl. MERIDIAN SCHOOU DISTRICT, Sutter County, Calif.— BOiVn 1 — 6 an issue of $21,000 6% lionds, niaturlng 1923 il. Is reported. OI-il.niSG.Uu March incl.. will Ik- offered for .sale, \'.y.',', MESERVEY CONSOLIDATED INDEPENDENT SCHOOL DIS(P. O. Mescrvoy), Ccrro Gordo County, lown COMPLETE TRICT ft/;7 on R.V.S. f l"el>. -The roinpleKi 17 (V. 114, relurns on the $60,000 building bonds, defoiitod S76), are 115 •for" to 1 10 "against." i>. ItOXD ELECTION.— \t an MEXICO, Audrain County, Mo. held Ih' oil Ajir. 4, MIDDl.KSnORO, $7„'iOO ineiiieralor |>lanl voted \ 14, p. 1 . 651 MILES CITY. Cuairr County, Mont. or; IO-;!f>-y<«r 'opt wen- > W.ilii r !' Miiri'h 7 Ml. 1,1 h TY I.Ar lilor. I t.'.ii'i . MIIWAIIKFF., Ami' ifi'i (>'i:.il -/IO.V/> .S'.4/.B.— Tho $ir«3„'.00 — receive Ke:Iii| hlil.s until 11 a. m. IkiikK Di'Moiii. SI, (MM). Dale viarlv on Miii-.li 1 as follows SIO.OOO '1, incl., uMil $10,000. 19:<6 and 1937. III of Iknuo reijiilnx!. i'urcliiuier to n|iiilloil. TO .HIIHMIT THREE BOND ISSl'EH IN Wl«, • • I. , '11, Cedar nnd ....,„,.. ,. Itlddio 1.1. I w 111 U'hiiliinlKed to (he voteni April 4. HIrootj), 1.,. 26 Kuld Fell .,11 Ml. (1(10 I ' $150,000 will Dm ' i: ,SVW./;.— Tho Hold. 1km.iii riiiiitliiK ; .11.. elec- voted upon. offered <m Feb. 27 V. Ill, p. 3,10 Co. of Denver. 'P, O, Mllncn). Minn. BOND OFFKRINO.— I '.I Ixt 'rrilNl < llliM. — have Umdh, runcliiig Hold to tin will iMiiid.s BONI> County. Ky. Bell iicliool lioiuls n'leiiliy for i 4H% bonds; 102 0238 for $262,000 'I IMtH« 4% 4% . MILLE I (P. O. McCook), Redwillow County, 111 of $100/(00 h". Junior IliKh HcIkk.I Thlx of Llii'-nln Ihi) Lincoln Tnixt Co ' .njiinv lll.p 13li, undiT r;ipllon" Mc-CrM>k. Nfb TY (P. O AnH.r*nn>. Ind. nOXU .S\/./;— Thn )I. BOND SALE— MASSACHUSETTS VU.M.IIi 21,111 (P. O. Mason Gordo County, Iowa.— BOA'D OFFERING.— W. G. Bag- is.sues Co. yrly. ... yearly from 1933 to 1925 incl. for required. Board of School Directors, will receive sealed bids imtU 3 p. m. Mar. 7 for 8100,000 5% 20-year school building bonds. Date April 1 1922. Due Apr. 1 1942. Cert, check for $1,006 Int. semi-ann. required. tion to nfjXfi sAt.r amount bid of the MASON CITY INDEPENDENT SCHOOL DISTRICT City), Cerro ' and 10% ley, President to !, • ' April 1 Mi Incluxlve, Oatfl "" 19^6 to inHiwIvo: J.272 82 local sanl' Dciiorn . ' 1 Due S500 semi-ann. Int. Certified check for ' .OUISVILLE VILLAGE SCHOOL DISTRICT fLoui.ville), Stark uniy.Ohio. f.ox I) fiFFr'ftl .\rj — O. \V. Krabill. < lerk of the Board of 1. (P. O. Jefferson), Texas.— BOARDS TO BE OFtax-free road — The 543) are to5!-^% coupon a short time bonds voted on Jan. -5500,000 be offered Tbey answer 114, . Lccrued Interest to be added, Financial Slatement. isessed valuation for taxation Issue >tal debt, including this • San O. FERED .OS i (P. 1 Anselmo). Calif. BOND OFFERING.—J. K. Manning. .Secretary of the Sanitary Hoard, will receive sealed bids until 8 p. m. March 7 for 8200.000 6% sewer lx)nds. Denom. 81,000. Date -\pril 1 1922. Int. A. & O. Due .?5,000. yearly on April 1 from 1923 to 1062 incl. Certified check for S5,000, payable to the district, required. MARION. Marion County, So. Caro.— BOiVD OFPBK/iVG.— Sealed bids will be received until 12 m. M.\r. 15 by the Town Oouucil for the following 5% improvement bonds, aggregating $100,000: $68,000 street and sidewalk bonds. 12.000 sewerage bonds. 15,000 drainage bonds. 5,000 electric-light system bonds. Denom $1,000. Date Feb. 1 1922. Prin. and semi-ann. Int. payable Due $5,000 yearly on Feb. 1 at any bank or banks of purchaser's choice. from 1923 to 1912 incl. Cerl. clieck upon an incorporated bank or trust company for 81,000 required. The official announcement says: "Nolitlgation ttireatened or question raised as to validity of proposed issue." Financial Statement. Total bonded debt (including tills i^sue) $140,000 Floating debt None Assessed value of property. 1921 1.630.000 Actual value, about 5,000.000 Tax rate (per $100), 15 mills. Population 1920. 4.000: population now estimated. 4,500. MARION COUNTY BONDS VOTED. —At if. lajorlty of Ariz.— BOND 31. — S.ALE. James H. Causey & (Jo. of Denver have been awarded $35,000 6% school building Ijonds. Dcnom. $1,000, Date May 1 1920. Total bonded debt (including this issue). §40,000. Assessed value. $1,107,525. 4 "in ^-'" - H.— BO.VD OFFERNIQ.— 4% bonds. Hillsborough County, N, Sealed bids will be received until 2 p in March 7 for $600,000 Dato March 1 1922 Due yearly from 1923 to 1942. inclusive. ..1. ..... 'I'lie 12./iOO.O(H): liwiie» new I.:..,.. . • . iir«i for (lieae Ilolloii ,, iHK) Hlrt<ot ' not :'-r< Mitt '•i-n.—nnsi* ^ " "•^<? of Dnnoin $I.O(JiJ 102 uo I iiHi it Inl 'I .'( Thn (linalin Tni»f Ion linn and I'l.rMK) ii M. ill,|i.|>- "I Inane I'liel MimIi hnvlnk' nmirly till 1111.1I111 Atiierli-iili liii Ifi IkkiiixI, to thn Ave, A vliiK nil llin riiiidM Ih niiifle ll|i Tlieni -^ehool |iiir|>niii>ii of only M'-o-lied (he lliiill of I ';;, of F'i — — — 982 "There are included in the budget for 1922 bond issues for the following purposes which do not have to be submitted to the voters for approval: "Grade crossing abolition on the Northwest and South sides, SI, 000, COO; municipal electric light plant, $500,000: completion of the street lighting distribution system, 3200,000: sanitary sewer bonds, $300,000; park bonds, $350,000; addition to South View Hospital, .S50.000. "These bond issues contained in the Dudget already have been approved by vote of the people: "Cedar-Bidclle Street bridge, 8600,000; harbor improvement, .$500,000; and two natatoria in the 4th and 16th wards and in the 9th, 19th or 22d wards, $200,000. "The total amount of bond issues included in the 1922 budget, to be voted on, which do not require a vote or which have been voted, is r7,600,000. The people also will vote m April on the levying of a }4 mil! tax, which will amount to approximately $;54O,O00, for the public land commission. If carried, the city annually can appropriate whatever part of this amount It sees fit for the expenses of the public land commission, including the purchase of land for street widening, civic centre or other public uses." MISSOURI (State of). BOND SALE. On March 1 the $15,000,000 5% tax-free gold coupon (with privilege of registration as to principal only er as to both principal and interest) "World War Soldier Bonus bonds" V. 114, p. 877 were sold at 103.77 and interest, a basis of about 4.55% to a syndicate managed by Estabrook & Co. and consisting of the following other members: Remick, Hodges & Co., Redmond & Co., IClssel, Kinnicutt & Co., White, Weld & Co., the First National Bank, New York, Hornblower & Weeks, Clark, Dodge & Co., Ctu'tis & Sanger, Hannahs, Ballin & Lee, Blodget & Co., R. L. Day & Co., Kauffman, Smith, Emert & Co.. Inc., St. Louis, National Bank of Commerce, St. Louis, Prescott fz Snider, Kansas City, and Minton, Lantert & Co., Chicago. Dcnom. SI. 000. Date March 1 1922. Prin. and interest payable in .Jefferson City, Mo. Interest dates March 1 1923 and semi-annually thereafter on March 1 and Official Sept. 1. Due $1,500,000 yly on Mar 1 from 1928 to 1937, incl. announcement states that these bonds are a lo?al investment for savings banks and trust funds in New York, Massachusetts, Connecticut and other In an advertisement appearing on a preceding page of this issue States. these bonds are being offered to investors as follows: — — Maturities and Prices. Yield. One. Amount. Price. 102..57 4.50% 1933 .$1,.500. 000 Amount. Due. 51.500.000 1928 103.24 1,500,000 1929 103.98 1 ..WO.OOO 1930 104.39 1,.500. 000 1931 104.99 1,500,000 1932 Accrued interest to date of 4.45% 1934 4.40% 1935 4.40% 1936 45^% 1,.')00.000 1.500.000 1,500.000 1937 1..500, 000 Price. 10.0.38 105.99 106.37 107.27 107.64 Yield. 4%% 4.35% 4.35% 4. .30% 4.30% .$4, 920. 926, 179 Assessed valuation (1921) Certificates of indebtedness 4.398.839 16,200,000 Total bonded debt (including this issue) Population, 1920 Census, 3.404,055. * These certificates are registered an non-negotiable and non- transferable. They are held in trust by the State for the benefit of State Schools. COUNTY (P. O. Freehold), N. Bonds, registerable as to principal in N. Y. City, will be prepared an certified as to genuineness by the U. S. Mtge. & Trust Co., New The legality of the bonds will be approved bv Caldwell & Raymond Yorl bon attorneys, of Ne\y York, whose approving opinions will be furnished pu chasers without charge. All bids must be upon blank forms which will t furnished by the above Clerk or said trust company. The bonds will t delivered at the office of the U. S. Mtge. & Trust Co. in New York on AprU 1922, or as soon thereafter as the bonds Banner smn passed on second m. bonds not to exceed the amounts Denom. $1,000. Date Mar. 15 1922. Prin. and semi-ann. int. (M. & S.) payable at the County Treasurer's office. Bonds may be registered and if they are the principal and interest will be remitted by mail at the request Cert, check for 2% of the amount bid for, payable to the of the holder. County Treasurer, required. Bonds will be prepared under the supervision of the U. S. Mtge. & Trtist Co.. which will certify as to the genuineness of the signatures of the officials and the seal impressed thereon. The validity of the bonds will be approved t)y Caldwell & Raymond of New York. Purchaser to pay accrued interest. MONROE COUNTY (P. O. Monroeville), Ala. BOND SALE. The $250,000 refunding Iwnds offered on Feb. 20 V. 114, p. 652 wereawarded on that day as 5s to J. C. Mayer & Co., Cincinnati, at par. Denom. $1,000 Date Feb. 1 1922. Int. F. & A. Due in 30 years. COUNTY (P. O. Crawfordsville), Ind.— BOND OFFERING. Charles H. King, C!ounty Treasurer, will receive sealed bids Marion A. Davis et al. Sugar until 10 a. m. March 7 for $10,800 Creek and Franklin Township bonds. Denom. .$540. Date Feb. 15 1922. Due $540 each six months from May 15 1923 to Nov. 15 Int. M. &. N. — — — MONTGOMERY 4H% incl. MORRIS COUNTY O. Morristown), N. J BOND OFFERING.— William H. Hosking, Clerk Board of Chosen Freeholders, will receive sealed bids until 2 p. m. Mar. 8 for the following issues of 4 J^ % coupon or registered bonds not to exceed the amounts stated: $1,126,000 improvement bonds. Due yearly on Mar. 1 as follows: $62, COO from 1923 to 1930 incl. and $63,000 from 1931 to 1940 incl. 258,000 road bonds. Due yearly on Mar. 1 as follows: $28,000 from 1923 to 1925 incl. and $29,000 from 1926 to 1931 incl. Denom. $1,000. Date Mar. 1 1922. Prin. and semi-ann. int. (M. & S.) payable at the First Nat. Bank in Morristown. Cert, check for 2% of the amount bid for, payable to the Coimty, required. Successful bidders will be fui-nished with the opinion of Hawkins, Delafield <t Longfellow of N. Y. City that the bonds are valid and binding obligations of Morris County. The bonds will be prepared under the supervision of the V. S. Mtge."& Trust Co.. N. Y. City, which will certify as to the genuineness of the signatures of the city officials and the seal impressed thereon. MOULTON TOWNSHIP, Auglaize County, Ohio.— BOND OFFERING. Edgar R. Mertz, Clerk of tlie Township Trustees, will receive sealed bids until 12 m Mar. 6 for $7,750 6% Fred Garber et al. Moulton and Noble Twps. road bonds. Denom 9 for $750 and 1 for $1,000. Date Apr. 1 Due $1,500 each six months from Apr. 1 1923 to 1922. Int. A. & O. Cert, check for 2% of the Oct. 1 1924 incl and $1,750 on Apr 1 1925. amount bid for, payable to the Township Treasurer, required. Purchaser (P. ' — to pay accrued interest. MT. STERLING SCHOOL DISTRICT (P. O. Mt. Sterling), Montgomery County, Ky —BOND ELECTION An election will be held — of issuing to-day (Mar. 4) to vote on the question $30,000 Improvement bonds. Due $1,500 yearly for 20 years. NASHVILLE, Davidson County, Tenn. . Ave. between Broadway and Church streets." NEBO SCHOOL DISTRICT NO. 8, Oliver County. No. Dak °' North Dakota S?^'^ 4% building bonds at par. Date Oct. during Jan 1922 acquire $3,000 ^^H^-^'^^\^^''J'^ 1 1920 Due Oct Bonds are not subject to call but may be redeemed at anv time 1 194( after years from date. NEW BEDFORD, County, Mass.— T^MPOB/IRY Bristol LOAN temporary loan of $500,000 was recently sold to Salomon Bros & Hut on a 4.19% di.scount basis plus $10 premium. Date Feb 27 192' lor Due Nov. ' 9 1922. NEW MEXICO SALE—We (State of).— BOND are advised by telegraphic dispatch from Charles U. Strong, State Treasure! that the $1,000,000 5% 10-30- year (opt.) state highway bonds date Jan 1 1922. offered at 10 a yesterday V. 114. p 544 were sol to Keane, Higbie & Co Detroit: Barr, Schmeltzer & Co New York an Stern Bros. & Co.. Kansas City, at 101. 7946 and interest (Santa I special — m — , , delivery). — NEWPORT, Newport County, R. I. LOAN OFFERING. F. I FuUerton, City Clerk, will receive sealed bids until 5 p. m. March 7 for tl purchase on a discount basis of a temporary loan of $100,000 to be date March Bank 9 and due Sept. 6 1922. Denom. $10,000. The notes will I and will be delivered at, the First Nation Legality approved by Roeps, Gray, Boyden & Perkii of Boston. of Boston. — NEW PRAGUE, of $98,000 Le Sueur County, Minn. BOND SALE. Kn issv improvement bonds has been sold at par to the Nort! 6% western Trust Co. of Minneapolis. CITY, N. Y.— TEMPORARY LOANS.— liyirlns: the mont of February he city issued $38,445,000 short-term securities, consisting corporate stock notes and revenue bills, as follows: NEW YORK 6% school BOND OFFERING. —Sealed bids will be received until 2 p. m. Mar. 14 by S. H. McKay, City Clerk, for the following improvement bonds, registerable as to principal: $178,000 5% street opening and improvement bonds of 1917, issued for the purpose of opening, widening, extending and paving streets and alleys. Date Mar. 1 1920. Prin. and semi-ann. int. (M. & S.) payable at City Treas. office or Irving Nat. Bank, N. Y., at Due yearly on Mar. 1 as follows: $1,000 1923 holder's option. to 1925 ind.; $2,000 1926 to 1932 incl.; $3,000 1933 to 1938 incl.; $4,000 1939 to 1943 incl.; .$5,000 1944 to 1947 incl.; $6,000 1948 to 1950 incl.; $7,000 1951 and 1952; $8,000 1953 to 1955 incl.; $9,000 1950 to 1958 incl., and $10,000 1959 and I960. $130,000 6% general improvement bonds of 1922, issued for the purpose of providing means to pay the city's share of the cost of certain street improvements. Bonds dated Apr. 1 1922. Prin. and semi-ann. int. (A. & O.) payable at City Treas. office or Irving Nat. Bank, N. Y., at holders' option. Due yearlv on Apr. 1 as follows: $8,000 1927 to 1937 incl. and $10,000 1938 to 1942 incl. $170,000 6% street improvement bonds of 1922, i.ssued for the purpose of providing means for payment of not exceeding two-thirds of the estimated cost of certain street improvements. Bonds dated Apr. 1 1922. Prin. and semi-ann. int. (A. & O.) payable at City Treas. office or Irving Nat. Bznk, N. Y., at holder's option. Due $34,000 yearly on Apr. 1 from 1923 to 1927 incl. Denom. $1,000. Cert, check upon a national bank or any bank or trust company in Tcnnes-see for 2% of bid required. The official announcement says: "There has never been any default or compromise in the payment of any of the city's obligations, nor has any previous issue of bonds or notes been contested. There is no controversy or litigation pending or threat- i Corporate Stock Notes Aggregating $14,745,000. Dock. Amount. Various Municipal Purposes. Maturity. Datesold. Amount. IruRale. Maluriln. Date sol Aug. 1 1922 Feb. 1 $3,000,000 iVi% Aug. 1 1922 Feb. or before! Feb. 4 4>i%/On 600,000 4>i%/On or before! Feb. \Feb. 4 1923/ !Feb. 4 1923/ June 15 1922 Feb. 8 300.000 4?^% Aug. 1 1922 Feb. 4:%% Aug. 21 1922 Feb. 21 700.000 'iH% Dec. 21 1922 Feb. or before! Feb. 24 Dec. 15 1922 Feb. 20.000 \Feb. 24 1923/ Reyenue Bills of 1922, Aggregatii Water. $23,700,000. June 1 1922 Feb. 1 1.000.000 Auc. 1 1922 Feb. 4S^% Aug. 1 1922 Feb. 1 3.500,000 4?^% June 1 1922 Feb. 4>i%/On or before! Feb. 4 1,000,000 Dec. 1 1922 Feb. IFeb. 4 1923/ 2.000.000 Aug. 1 1922 Feb. Oct. 2 1922 Feb. 4?i% June 15 1922 Feb. 8 2,200.000 Aug. 11922 Feb. 21 2,000.000 Sept. 5 1922 Feb. 45^% Dec. 21 1922 Feb. 21 1,000.000 July 14 1922 Feb. Aug. 21 1922 Feb. 21 1,500,000 Aug. 15 1922 Feb. 4?^% July 1 1922 Feb. 21 500,000 Dec. 15 1922 Feb. 4>i%/On or beforelFeb. 24 2,000.000 4»4% July 17 1922 Feb. \Feb. 24 1923/ 4.000,000 4?^% Aug. 15 1922 Feb. Dec. 15 1922 Feb. 27 3,000,000 July 17 1922 Feb. Int. Rale. 8300.000 100,000 70.5,000 370.000 1,000,000 55,000 745.000 300,000 incl. 1932, prepared. reading, Monday night (Feb. 20) ordinances autho izing the issuance of $300,000 street and general improvement bonds 1 carry out the permanent street paving program this vear under the abuttir property tax law. Another ordinance authorizing the i.ssuance of $180 0( street improvement bonds was passed on first reading The proceec from tlie sale of this issue will be used in widening the sidewalks on Eight $432,000 road bond.s. Due yearly on Mar. 15 as follows: $18,000 from 1924 to 1932 incl. and $27,000 from 1933 to 1942 incl. 20,000 bridge bonds. Due $1,000 yearly on Mar. 15 from 1924 to 1943 — may be County. TeiM^i.-ORDI NANCES PASSED.of Feb. 21 says: "The City Council in called sei mu'^^.5T"X."^f^^'rP^^''^.^°" The Nashville J.— BOND OFFERING. will receive sealed bids until 11 a. for enmg concerning the validity of these bonds, the corporate existence of tt ™^."'C'Pality or the title of the preesnt officers of the city to their respecti-( I Financial Slalemeril. G. Asa Francis. County Treasm-er, —MONMOUTHfollowing 4M% coupon the Mar. 8 - [Vol. 114. certified as to genuineness by. added to the above prices delivery to be —— — — — — THE CHKONICLB 310.000 2.000.000 3,300.000 630,000 30,000 200,000 80,000 i%% 4^% iH%IOn i%% 4H% 4H% 4H% iH% 4%% iH% 4H% 4H% 4H% 4«% 4H% 4K% 4H% NORTH HEMPSTEAD O. Manhasset), Nassau County, N. Y.BOND OFFERING. William N. Mullen, Town Clerk, will receive seale bids until 2 30 p. m. March 13 for $25,000 coupon Manhasset- Lakevill Water District bonds at not exceeding 5% interest. Denom. $l.O0C Date May 1 1922. r*rin. and semi-ann. Int. (M. & N.) payable al th First National Bank of Manhasset. Due $5,000 yearly on May 1 froi — (P. 2% 1926 to 1930 incl. Certified check for to the town, required. of the amount bid payabi for. NORWALK SCHOOL DISTRICT Ohio. sale, the district did was (P. O. Norwalk), Huron Count; to an error in the preparation of tt school bonds whic issue of $20,000 BONDS NOT SOLD. — Due not sell an 6% to be offered on Feb. 21. OBERON SCHOOL DISTRICT NO. 16, Benson County, No. Dak.BOND SALE. —An issue of .^lO.OOO 4% building bonds was sold durii Due May Jan. 1922 to State of North Dakota at par. Date May 1 1920. Bonds are not subject to call but 1940. 2 .years from date. may be redeemed at any time afti OKEECHOBEE, Okeechobee County, F\a.— WARRANT SALE..S30.000 7% coupon water and .sewer time warrants offered on Jan. 10Da The — V. 113, p. 274,5 have been awarded to the Bank of Okeechobee. April 1 1921. Due $3,000 yearly on April 1 from 1923 to 1932, inclusive. ONEIDA, Madison County, N. Y.—BOND SALE— An issue 5% sewer bonds was recently sold to Sherwood & Merrifleld New York at 100 33, a basis of about 4. 94%. Date Feb. 1 1922. Di i $5,245 ( $524 60 yearly from 1923 to 1932 ORANGE, Orange incl. County, Texas BOND SALE. —W. L Slayt< of Toledo have purchased $240,000 wharf bonds at par plus a pr mium of $3,100, equal to 101.29. (P. O. Paoli), Ind.— BO .YD OFFERING.John L. Teaford, County Treasurer, will receive scaled bids until '2 p. i Mtirch 6 for $17,500 5% coupon bonds. Denom. $875. Date March li)'2 & N. Due semi-annually. The county will also sell Inl (ho same time two issues of 5% coupon bonds in the aggregate amount .917,600. details of the offering of which appeared in our issue of Feb. 2 page 877. & Co ORANGE COUNTY M i ( OSHKOSH SCHOOL DISTRICT (P. O. Fessenden), Wells Count; Feb. 14 S25.000 6% funding bonds we Denon sold to the Minne.sota Loan & Trust Co. of Minneapolis, at par. Date .Ian. 1 1922. Int. J. & J. Due Jan. 1 1932. .$1,000. (P. O. Spencer), Ind.— B0.VD5 NOT SOLD.—Tl $16 790 5% O. L. Cable et al. Montgomery To\Tnship bonds and IB $14.'300 5% J. W. Kellcy et al. Marion Town.ship bonds offered on Feb. ^ V. 114, p. '763 were not sold as no bids wore received. No. Dak. BOND SALE.— On OWEN COUNTY — — NO. PALM BEACH COUNTY ROAD AND BRIDGE DISTRICT FenB' Fred. E. (P O West Palm Beach), Fla.— BOA'D OFFERING.— Clerk Board of County Commissioners, will receive sealed bids unl March 6 for $78,000 6% road and bridge bonds. Denom. §1,000. (P. O. PALMYRA TOWNSHIP SCHOOL DISTRICT BONDS P"'"/'" WIU^ N J.— BONDS NOT SOLD— ^ Rb>ADVERTI SED —The two issues of 5% bonds not to exceed IISUAH. Burlington County, offered on March 1 {W 114, p 877) were not sold as aU rejected The bonds will be re-advertised. bias we, . Calif. PARADISE IRRIGATION DISTRICT, Butte County, wicl BOND SALE.—The $140,000 6'c bonds, offered, but not95.U/.on at V. 113, p. 443 Juiy a- — have been sold to M. H. Lewis & Co. PARLIER SCHOOL DISTRICT, Fresno County, Co.'|/--;^,?j^" Olei 0//'A'«/.V(;.— Until 2 p. m. March 10, D. M. Barnwell County (WO. Fresno), will receive bids for $120,000 5% school ''O""''-. "e?'<S at w Date Feb. 14 1922. Prin. and semi-ann. Int., pa.rame 19J^ $1,000. from County Trea.surcr's office. Due $6,000 yearly on I'fb. 14 the Ohairmi Certified check for $6,000. payable t« 1942, inclusive. Board of County Supervisors reqtiired. , PASADENA, Los department 192?. SALE.—The Calif.— BO.VD County, An^^eles Oalltornia f'o. of I^s Angeles, Iws been ;iwarded $40,000 The Date Feb. 1 Denoin. 20 for $1,000 and 40 for S."00. int. (P. & A.), payable at the office of the Due $2,000 yearly on Fob. 1 from 192,3 to 1942, incliLsive. boiuls. &Co.. and semi-ann. I'rin. City Trea.surer. National Bank, Seattle... Northwest Trust & State Bank, Seattle Wm. P. Harper & Son. .Seattle Cyrus Peircc& Co., Seattle Financial Statement. Assessed valuation Actual value (estimated) Total bonded debt (including this issue) Population (1920 census). 389.273. Debt limit, — Essex County, Mass. TEXfPORAnY LOAN. A temporary loan of S200.000. offered on Feb. 27. was sold to Blake Brothers & Co. ofBoston. on a .20% discount basis, plus a premium of .?2. Date Feb. 28 Due Nov. l.'j 1922. The following bids were received: 19'>2 Blake Brothers k Co.. 4.20%, plus .S2. Colon V Trust Co.. 4.25%, plus .31 75. Old Bond & Goodwin. 4.33%. PELHAM, Westchester County, N. Y.—BOXD SALE.~Th<? S92.000 on Feb. 27 6% coupon (with privilese of registration) park bonds, offeredYork, at their V 114. p. 763 were sold to Geo. M. Gibbons & r-o. of New Date Dec. 1.5 1921. bid of $104,246 fll3.3108). a ha.sis of about 4.80%. Due S4.000 yearly on Dec. 15 from 1925 to 1948, inclasive. The folloiving bids were received: S104.24f- 00 Geo. B. Gibbons & Co.. New York 104.107 20 Pelham National Bank. Pelham, N. Y 104.081 44 J. B. Walker & Co.. New York 102.3.50 00 Sherwood A: Merrifield. New York 101.478 ''0 Clark. Williams * Co.. New York 100. .556 00 Parson. Son & Co.. New York 100.302 40 Peoples Bank for Savintrs. New Rochelle. N. Y PERRY SCHOOL AND CIVIL TOWNSHIPS, Allen County, Ind.— BOXD OFFERING. Charles H. Hartims. Trustee, will receive sealed bids imtU 2 p. m. March 18 at his hom* in Huntertown for .S60.OOO 5K% REDSTONE TOWNSHIP SCHOOL DISTRICT (P. O. BOND OFFERING. — E. K. Seeman. REDWOOD CITY, San Mateo County, CaUt.—QUESTION OF PURCHASING LOCAL WATER PLANT TO BE VOTED UPON.— The question of purchasing the plant of the Redwood City Water Co. by the town is to be submitted to the electors at a municipal election in April. The price asked is $30,000. Due yeirlv Int. J. & .1. T>-\.*e M-irch 1 1922. .$.500. as follows: -MOOO from 1923 to 1932. incl. and So.OOO from 1933 Purch.iser to pay accrued interest. REVERE, Suffolk County, Mass.—BOA^D SALE.—An issue of $250,000 4'i% coupon .school lx>nds was recently sold to C. D. Parker & Co. Due from Feb. 15 1923 to Feb. 1.5 1942. RICHLAND PARISH ROAD DISTRICT NO. 1 (P. O. Rayville), La. BONDS VOTED —\t an election held on Feb. 14 an issue of $70,000 6% 25-year road bonds was carried by a vote of 11 "for" to "against." RIPLEY COUNTY (P. O. Versailles), Ind.— BOA'/) S.4LB.—The 512.000 4,'-;% Anthony Meyer et al.. Jackson Township Ixjnds. offered on Feb. 18 (V. 114. p. 764) were sold at par and accrued interest to Anthony Mever. Date Feb. IS 1922. Due 5600 each six months from May 15 1923 to Nov. 15 1932, inclusive. There was no other bidder. Incl. —WM B March PHILADELPHIA, Pa.— BO .VD OFFERING Hadley. City 27 for ?1, 050, 000 m will receive .sealed bids until 12 — 4M% coupon or reeistered tax-free (opt ) bonds. Denom SI .000 in coupon form or $100 and its multiples when in registered form. Date March 16 Due March 16 1972. with the option to the Citv to Int J k J 1922. redeem them at par and accrued interest at the expiration of 20 years from March 16 1922. or at any interest period thereafter upon 60 days' notice by public advertisement Negotiable interim certificates will be issued if desired, pending engraving of permanent ceetificates. , PHILIPPINE ISLANDS 'G^vernment o^).—ADDITIONAL INFORMATION. — The following uddifional information has come to hnnd bonds on March 6 — V. 114. o. 877: Each bid must be accompmied by a bank draft or certified check for 2% of the par value of the bonis bid for, said b.ink draft or check to be pa.vahle to the Chief. Bureau of Insular .\ffairs, in New York Cit.v funds. Accepted subscriptions will be payable on M^rch 14 1922 at a bank in New York City to be desienated by the Bureau of Insular .Affairs, War Department, and RIVERTON DRAINAGE DISTRICT, — the hank so designated rr\\\ m^ke delivery- of the bonds, or, if necessio'. Interim certificates e.xchangeable for the definitive bonds as soon as they can be issued. PICKAWAY COUNTY ^ALE.— (P. O. Circleville), Ohio.— BO.YD followint? trvo issues of coupon .spe.~ial as.sessment bonds offered p. 6.52) were sold to Richards. Parish & Lamson of Cleveland, at their bid of par and accrued interest, plus a premium of $2,028 (103.38), a basis of about 5.22% for the first is.sue and par and accrued interest, plus a premium of $1,352 (10.338), a ba.sis of about 5.22% for the second: 6% The — 860,000 Cincinnati-Zanesville Road Tmpt., Section '"K" bonds. Due each six months as follows: .S3. 000 from Sept. 1 1922 to March 1 1932, inclusive. Run Road Impt. No. .34 bonds. Due 52.000 each months from Sept. 1 1922. to March 1 1932. inclusive. Denom. $1,000. Date March 1 1922. 40,000 Clarks TAX SCHOOL DISTRICT NO. PINE LEVEL SPECIAL 23, County, Fla.— BO.VD OFFERING.— VntW six De Soto 12 m. March 14 P. G. Shaver. Superintendent of the Board of I»ublic Instruction (P. O. -Arcadia) will receive proposals for $10,000 6<7f school coupon bonds. Date Sept. 1 1920. Int. M. tc .S. Due on Sept. 1 as follows -SI 000. I'i25 and 1930. and ?2.00O In each of the years 1935. 1940. 1045 and 19.50. Certified check for 2%, of bid re^iuirerl. A like amount of bonds was offered on May 2 1921 V. — — 112. p. 14.36. PORT CHESTER, Y.— BO.VD OFFERING.— Westchester County, N. — Frederick G. Schmidt. Village f'lerk. will ri,-<;eiv« sejiled bids until H p. m. 9 for the followinor 5' cold bonds in the ae^retrate amount of <;S3.000 $.50,rX)0 reKlst«Ted incjncrifor bonds. Denom. SI .000. Due S2.000 .vearlv on .\pril from ri23 to 1017 incl. f:eri!ficd check for 3'': refiuired. 25 000 rjl ?_' rax nli.-f bonds. Di-nom. SI. 000. Due April 1 1925. chtyk for 5% r<!f|Uired. bonds Due «2 000 yearly on .Vpril 1 from 1923 to March ,' I "% rofjuirod. f:erflflod ch 'J.-, jiwi. Date April ITin n 1922. ,n Int. (\. A O.) payable in gold at the Fir^t National flank of ter. All certlfi'^d checks must be drawn \\p<>n an lncr>rporaUrd bank .<r trust companv and muat be payable to the \ lllage Tr^Jisurcr. I*urcha.scr to pay accrued interest. ' Mar - • i " ' . _ ,^ PORTER COUNTY (P. HOXft St/,/-,' . . .. — • Ind.— ROND SALE. ''• - ' ' '•'• • - Due .... * r,,,. '.fffrf-d '.n I'< Ii niyth. WliKir b/m'l t,, Nov of O. Kin« County. - SoattUl. Wash ' — TAX SCHOOL DISTRICT NO. 11 m OFFERING PIta-cii. — Uldscluick Cert will SAN ANGELO, Tom Green County, Texns.y I 1 ! |<', Tl. /<O.V/).S APPROVED— Thi- Diill.is "News of Feb. 24 s:iv«: .\ng(4os $1 50.000 strc<'t ixivlnc U)n(l Iksuo. voted Nov. ( p. 2.5;M). was given Tuesday by (". It. Wood. CIllc.'VKo lx)ndlng not Ici- to this I'ffci'l U'lng rpcelve<l by the City ( 'ommlNNion. .,<.v lieniTiil of Texas had pruvloiLsly iipprovetl the Itond.s. but " f)»kley of Chlciiifo. wuh sourlil to (five slreni^lb to the the HiiiuiilsNloii of bldx Hubjis't to ihti appnivnl of the ".Xpimival of .M. bo rec«>ivod Aiiril 4 for $20,000 school bonds for $250 rofurther iiiforin:itiou ,iddres.s I'arki'r & Thoin;iH. attorneys. or K. E Smith, Supt Hoard of Public Iiistructlou. Ft Pierce. IU}\DS OFFERED. "I $413 15 uiilll H) a 'nilr<Ml For Fort bonds offercl wore rocolvod. ,.-. Donom bonds M (P. -I'l. P. D. S:. not wjld. .1. / PORT OF SEATTLE (P. ADIHI lONAI. DATA I- „n th« .) . Twp May ST. LUCIE COUNTY SPECIAL O. Fort Piorcoi, Flu. — «O.V/) -Thf'. rr-r,.,j Walker al Due $1,239 each six mouths from 15 1922 1923 to Nov 15 1932 incl A N. Purcha.ser to pay accrued Interest Date Feb Int ' ^ to I'lCl. _ . O. Valparaiso). 4'-i% ''baric- \V Flal' Feb. 21— V. IM. p 7<.2 w<r f-, Clllrr-n^ SiTlnr'< -V T-;$9" L.. Nov 15 193'? Incl 24.780 Thomas K Mull et (P. Thi- ^1 25.0f)0 sold Ifi Mldnev Dale March $18.0«")0 at 1.5 m. M PORT CLINTON EXEMPTED VILLAGE SCHOOL DLSTRICT O. Porf Clintoni, Ottuwn Coun'v, Ohio .\ Denom $458 Date Mar 1 $18,320 Kov Sw-ii.i (!t al Posey Twp bonds 1022 Duo S910 each six months from May 15 1923 to Nov. 15 1932 Incl. Wls.slng et al. Walker Twp. bonds Denom $456. 18.240 .lohn Date Feb 15 1922 Due $912each six mouths from May 15 1923 1 «*" SpiII'' Frazo(^ County Treasiucr, will receive sealed bids until 2 p. for the following 5 '^r bonds: Charles • : — ; — I ' Wyo.— BO.VD SALE.—On Dec. 1 last year, Schwabacher & Co. of San Francisco purchased 5150.000 6% bonds at 90. Denom. 51,000. Date July 1 1921. Int. J. & J. Due yearly beginning July 1 192G. ROBSTOWN, Nueces County, Texas. BOND S.ALE. We are informed by J. E. .Tarratt & Co. of San Antonio that they and the Title Guarant<>e & Trust Co. of Cincinnati, jointly, recently purchased $40,000 sewer and 540,000 paving 6% bonds. ROCHESTER, N. Y.—NOTE OFFERING— 3. O Wilson. City Comptroller, will receive sealed bids until 2:30 p m. Mar. 9 for 5400.000 revenue notes which will be payable in three months from Mar 14 1922 at the Central Union Trust Co at 80 Broadway, New York City, where the notes will Bidder is to name interest be delivered to the purchaser on Mar 14 1922 rate, designate denominations desired, and to whom (not bearer) notes shall be made payable. No bids for less than p;ir will be considered. ROCKINGH\M, Richmond County, No. Caro.— BO.VD.S VOTED BOND OFFERING.— \t the election held on Feb. 14— V. 114. p. 331 the 5100.000 high school building bonds were votfld by a count of 286 "for" to 6 "asrainst." Due serially for 30 years. Int. rate not to exceed 6%. The bonds will be offered for sale on March 24. The official name of the " place issuing these bonds is "Rockingham Graded .School District. ROPER, Washington County, No. Caro.— BO.VD OFFERING:^ Sealed bids will be received until Mar 14 by G J Bell, Town Clerk, for $15,000 6% funding bonds. Denom. $500. Date Mar. 1 1922. ROSEBUD, Falls County, Texas. BOND S.ALE. J. K. Jarratt & Co. of San .\ntonio inform us that thev and the Title Guarantee & Trust Co. of (Cincinnati, have jointly purchased the $30,000 6% water improvement bonds offered on Jan. 24— V. 114. p. 331. Denom. 51.000. Date Feb. 1 I'rin. and semi-ann. int. pavable at the National Bank of Com1922. merce, N. Y. Due $1,000 yearly from 1923 to 1952 incl. ROSEDALE SCHOOL DISTRICT, Kern County, Calif.— BOA/^D S.-\LE. On l''ob. 211 the S'1S..50() ti' S's vear (-iver) coupon school bonds V. lit. n. 764— were sold to the Securilv" Trust Co. of BaktTsfield for 519. 362.90 (104. ti6) and Interest, a basis of about 5.3125%. Date Jan. :50 1922 Due yearly on Jan. .30 as follows $1,500 1925 to 1935. incl., and $2,000 There were no other bidders. 1936. RUSH COUNTY (P. O. Rushville), Ind.— BO.VD OFFERING relative to the offering of 'ho 5-5.000,000 on Feb. 27 (V. 114. Republic), Secretary of School District, will receive sealed bids until S p. m. Mar(di 11 for $200,000 5% school bonds. Due 550,000 on April 1 1929 and April 1 1934, and -«100.000 on April 1 1942. Certified check for $4,000, payable to the District Treasurer, required. Denom. Comptroller, : Fayette County, Pa. — to 1937, of aaaessed vabLTtion. ; : — .Ttilv 1 609.829,698 7,888.000 3% — . bonds. $.304,914,848 READING SCHOOL DISTRICT (P. O. Reading), Berks CountyT Pa. BOND OFFERING. Oscar B Heim. Secretary of the Board of School Directors, will receive sealed bids until 8 pm. March 28 for S490.000 5%, tax-free bonds. Denom SI. 000 Date .July 1 1921 Due .yearly on July 1 as follows: .58,000 from 1922 to 1926 incl $10,000, 1927 to 1931 incl 515.000, 1932 to 1936 incl S25.000. 1937 to 1941 incl.. and $,50,000 from 1942 to 1945 incl. Certified check for 2% of the amount bid for. pavable to the District, required. Bonds may be registered as to principal only, or as to both principal and interest, at the holder's option. The bonds will be issued .subject to the favorable opinion of Townsend, Elliot & Munson of Philadelphia. Purchaser to pay accrued interest. ) on ~1 99.05 97.69 95.61 95.03 94.00 Seattle Se.attle Financial Statenient. S86.729.16.T -Assessed valuation (1921-22) 2,172,37.) (including thi.s issue) Bonded debt Population. 1920 Federal Census, I,"). 300: present estimated ponula'n.50.000 Date of incorporation. 188fi. (Bonded debt, appro.'dmately only 23^% of assessed valuation.) PEABODY, follo'wing are the bids received Continental & Commercial Tr. & Sav. Bk., Chicago; IT«lon Natl. Bk.. Seattle: Baillargeon, Winslow & Co., Seattle; Blyth, Witter tax-frcd firo .")% " S.'iii '. M liM- l"r til' sale of Ihn bonds will be opened liv the CominlsNlon to o'clock Friday iiiornInK, .March 10, It wiin unnouiicisl Ial4i Tuiwday i'-<l ati'l ' .1 . . The lYIn '«• iTIn of W irm. Int . •ri . S Y A: I) fl'-,- I.) I JD." Ixinds are dcMcrlbiil n\i\ c:'-m\ .iriri Int follows: iiM Denom $I.OitO Oiite Jiin 2 1022. J piiyablintt the .Heaboiinl Nut Uank.N Y O. "TrciHurer. Austin, or at the Clly TriMHurcr'sofflco I>u<' III 30 years, with the pnvllcHi' of rnliMiiplliiii (J ) Still / I • I rn.j r: IT,, Willi all ( .. The I ,\ (Icpo'ill of $,5.01)0 Ih r(«iiliri«l K ilite iifler 15 ye.irs i'lic li-Kallty of I li« bonds will be approved hv (1 Ii Wood, IioikIh will bo printed at llin expcii.si' of the clly 1 I1I1I1 'hlr.iito SAN BENITO, Camsmn County, : rrr./ii ho> M liiu iri ii ) I'ljj Ui' <> l»<i I— t],", llll^• $100 I 111 iif Taxas. liOND SALE. The followd'' bniiroVKiiii'iil lioiidi offfrisl mi Fob. '20 -V. II, p. 22-1 lo Will l(. Coiiiploii < 'o nt <.).S ilns'l pnvliiif (loinN at US 11 IiiimIs of nlxiut 0.48%. I I ' . ) "Pacific Ilank'T." of I'ort- null I I \ jil low Hank, nnlllarcrnnn WInu 1,1, 1 I I'M.'MMI < <^ I III '•'.M Aug. r I Till I M l>ur« v'«»rlv on Full, I IU22 »|.0(K), Ill'JH to 1932. Incl.; Incl $H.O(K). Ili.'lH 1. 1 |<H2. Incl. Im'IhI'. Ill OH II IiiihIn of iilioul t) |.S''; Opnom. Duo $.'iOO yoiirly on Aug. 1 from 1922 1921 1. 1.. : ^ . .|: Ftir %'in flOfl ttrn^t-imrlng r toll (;o.» "t ' hnndt. tOHOO ; . rv I hf •Iiino IjiiiitI I . .irn il.k!' \':H,^. Inrl. <1 Juiti'. I I'JJO. ttliU liLilun ' (o r<il . bid . (m kbovo). Uu u-tic«itiMiiii d. Co ,V «'o . . m 00 97 20 on 60 — — — . THE CHKONICLE 984 SANDUSKY, Erie County, Pa. BOND OFFERING.— $500. Date April 1 1922. Prin. and semi-aun. int. payable at the City Treasurer's yearly on April 1 from 1923 to 1937 incl. Cert, check Due .$5,000 office. for 10% of the amount bid for, payable to the City, required. Purchaser to pay accrued interest. Bonds to be delivered at Sandusky. SATICOY SCHOOL DISTRICT, Ventura County, Calif.— BOA^D — L. E. Hallowell, County Clerk (P. O. Ventura) will receive sealed bids until 2 p. m. March 7 for SIC, 000 6% school bonds. Denom. OFFERING. Date March Financial Statement. Assessed valuation taxable property Actual valuation taxable property (est.) Assessed valuation real property As.sessed valuation special franchises O. Shelbyville), Ind.— BONDS NOT SOLD.— bonds, aggregating $33,340, which were offered on Feb. 21 {V. 114, p. 764). were not sold as no bids were received. (P. funding bonds — , $383,000 200,000 Population, 1920 Census, 9,175; present population, estimated, 12,000. Net debt BONDS VOTED. —At a SIGOURNEY, Keokuk County, Iowa.—BOA'D SALE.— On March 1 SICILY ISLAND, Catahoula Parish, La. recent election an Issue of $60,000 bonds was voted for the construction of an agricultural high school. the $31,000 liberty memorial and $24,000 city-hall 5% bonds offered on that date V. 114, p. 438 were sold to the Northern Trust Co. ofChiciigo. — — SOUTH BOSTON, Halifax County, \ a.— BOND SALE —Frederick & Co E. Richmond, have purchased the $200,000 5J^% refunding and Improvement bonds offered on Feb 28 V 114, p. 878 at 100 63, a basis of about 5 44%. Date Feb. 1 1922. Due Feb. 1 1942. Nolting of — — Conn.— BOA^D SALE. —The 847,000 4}^% coupon (with privilege of registration) school bonds, offered on Feb. 24— V. 114, p. 764 — were sold on that date to Conning & C;o. at The bonds are described as follows: 106.29, a basis of about 4.14%. Denom. $1,000. Date Jan. 1 1922. Prin. and semi-ann. int. (J. & J.), payable at the Southiugton Bank & Trust Co. in Southington, Conn. Due Jan. 1 1952. The following bids were received: 106.29 (Kissel, Kinnicutt & Co Conning & Co 105.89 106.28 |R.L.Day&Co Putnam & Co 105.59 106.131 IGoodwin-Beach & Co Thomson, Fenn & Co 105.53 106.13 Harris. Forbes & Co SOUTH VALLEY SCHOOL DISTRICT NO. 11, Rolette County, No. Dak. — BOA'^D SALE. — During Jan. 1922 $3,000 4% bldg. bonds were sold SOUTHINGTON, Hartford County, | at par to the State of North Dakota. Date July 1 1920. Due July 1 1935. Bonds are not subject to call but may be redeemed at .any time after two years from date. SPRINGFIELD, Hampden County, mass.—TEMPORARY LOAN. — According to "Financial America," a temporary loan of $400,000 was recently sold to J. P. Morgan & Co. at 4.12%. STANLEY COUNTY (P. O. Fort Pierre), So. Dak.— BO A'D ELECTION. On March 28 the voters will decide whether they are in favor of issuing $160,000 funding bonds. STATESVILLE, Iredell County, No. Caro.— BOA^D SALE.—The Hanchett Bond Co. «f Chicago, has purchased the $150,000 5 J4 % 15)i;-year V. 114, p. 765 at par. plus a (aver.) school bonds offei-ed on Feb. 27 premium of $423, equal to 100.28, a basis of about 5.48%. Date Jan. 1 1922. Due yearly on Jan. 1 from 1923 to 1952. STEELE COUNTY SCHOOL DISTRICT NO. 30 (P. O. Ellendale), Minn. BOA'D ELECTION .—An issue of $75,000 building bonds will be voted upon on March 7. — — — — STEVENS POINT, Portage County, Wis.- BOA'DS VOTED.— An election resulted in a vote of 1,457 to 162 in favor of issuing $200,000 bonds to purchase and improve a water plant STRATTON, Hitchcock County, Neb.— BOA'D OEFEK/ATG.— Until m. March 15 W. L. Best, Village Clerk, will receive bids for the $12,500 6%> electric light bonds— V. 114, p. 765. Date March 1 1922. Due March 1 1942. Optional March 1 1932. Interest semi-annually 7.30 p . SULTANA SCHOOL DISTRICT, Tulare County, Calif.—BOA'DS NOT SOLD. —The $44,500 6% school bonds offered on Feb. 16— V. 114, p. —were not sold on that date because the 545 proceedings were found to be Irregular. COUNTY (P. O. Akron), Ohio.—BOA'jD OFFERING— SUMMIT Sealed bids will also be received until Atarch 23 by the Board of County. Commissionei-s (L. M. Kauffman is Clerk of *he Board) for the $252,000 bridge bonds which wore voted on Nov. 8 (V. 113, p. 2007) SUPERIOR. Douglas County, Wis.— BOA^D OFFERING.—M. G. Beckley, City CJlerk, will receive sealed bids until 12 m. March 7 for $75,000 6% auditorium installment bonds. Date Feb. 1 1922. Int. semi-ann. SUSSEX COUNTY (P. O. Georgetown), Del.— BO ATD OFFERING — Proposals for the purchase of $200,000 5% gold ta.x-free highway bonds, maturing $5,000 yearly on Jan. 1 from 1931 to 1970, incl will be received until 1 p. m. March 21 by W. Elwood Wright, Secretary of County Highway Date Jan. 1 1922. Prin. and semiImpt. Commission. Denom. $1,000 ann. lut. (J & J ), payabloin U S gold coiuat the Farmers Bank of Georgetown. These bonds are scheduled to mature as .shown above, but the county reserves the right to redeem any bonds not matured by Jan. 1 1932, Cert, check on any interest paying date thereafter at not more than 105 for 5% of amount of bonds bid for, pay.able to the County Treasurer, , required. Essex County, Mass TEMPORARY LOAN.— temporary loan of $100,000, which was offered on Feb. 24, was sold to the Webster & Atlas National Bank on a 5.20% discount basis. Date Feb. 24 SWAMPSCOTT, 1922. Due Nov. Gloucester County. N. J. BOA'D S.ILB. The $150,000 5% bonds offered on Feb. 28 (V. 114, p. 765) were sold to Geo. B. Gibbons & Co. of New York, Date Jan. 1 1922. Duoycarly on Jan. 1 at 100. 31. a basis of about 4 98%. as follows: $3,000 from 1923 to 1942, Inclusive, and $4,500, from 1943 to 196'J, inclusive A bid of 100 20 was submitted by the Security Trust Co of Camden, N. J. — — received: 1 C^N. Malone& Co. ,.A.shvl. , 101.7101 TIFFIN, Seneca County, Ohio. — — BOA'^D SALE. The $19,000 6%, refunding: bonds offered on Feb. 23 (V. 114. p. 6,54) were sold to the N. S Talhott Co. of Dayton at par and accrued interest, plus a premium of 8414 20, equal to 102.18. a ba.sis of about 5.39%. Date March 1 1922. Duo $4,000 Sept. 1 1924. and $3,000 yearly on Sept. 1 from 1925 to 1929 incl. The following bids wore received: Seasonsood & Mayer, Cincinnati, Ohio. Par, accrued int. &. $210 prem .\. T. Bell & Co., Toledo, Ohio. Par. accrued int. & .$307 prem. Sidney Spitzer & Co.. Toledo, Ohio.^Par, accrued int. & $128 prem. Wm. Slayotn & Co.. Toledo, Ohio. Par, accrued int. & $229 90 prem N. S. Hill & Co., Cincinnati, O. Par. accrued int. & $142 50 prem. The N. S. Talbot Co.. Da.vton. O. Par, accrued Int. & $414 20 prem. City Nati onal Bank, Tiffin, Ohio. Par, accrued int. & no prem. TIPPECANOE COUNTY (P. O. Lafayette), Ind.— BOA^D SALE.— The $7,000 5% J.^nes E. Marshall et al. Shelby Township bonds offered on Feb. 20 (V. 114. p. 6.54) were sold at par and accrued interest to George W. Henderson. Date Dec. 10 1921. Due $350 each six months from May 15 1923 to Nov. 15 1932 incl. — — — —— — TIPTON, Tillman County. Okla.— BOAJ'DS DEFEA TED —Recently $49,000 water works bonds were defeated by a vote of 48 "for" to 80 'against." O. SOLD. — TRUMBULL COUNTY (P.sewerWarren), Ohio.—BOARDS NOT 114. p. The $130,000 5% bonds offered on Feb. 23 (V. 654) were not bid was received. as no sold, sanitarjlegal TULE IRRIGATION DISTRICT, Lassen County, Calif.—PfffCE — The price at which the syndicate led by Girvin & Miller, Inc. acquired the $806,000 6% ta.x-free coupon bonds— V. 114, p. 3;^2 — was 95. TWIN BUTTE SCHOOL DISTRICT NO. 1, Bowman County, No. Dak. BOND SALE. —During January, 1922. $2,000 4% school bldg. PAID. repair bonds were acquired by the State of North Dakota at par. Date Dec. 31 1920. Due Dec. 31 1940. Bonds are not subject to call but may p*> be redeemed at any time after two years from date. .»•.im ttx *< TYLER, Smith County Texa8.—B0A''DS OFFERED BY BANKER^^ Stern Bros. & Co. of Kansas City, Mo., are offering SIOO.OOO 5'A% taxfree sewer bonds to investors at prices to yield from 5 50 to 5 25% according to maturities. Denom. $1,000. Date Jan. 1 1922 Principal and semi-annual interest (J.-J ). payable at the Metropolitan Trust Co.. New York City. Due serially on Jan. 2 from 1923 to 1952, inclusive. Financial Statement. Actual value, estimated $12,000,000 A.ssessed valuation 9.023.356 Total bonded debt ._ 620,600 Less water works debt $246,000 Less sinking fund 32,452 278,452 , Net debt _ Popu lation 1920,12,085; present population, estimated VALLEJO, Solano County, Calif. TTATER PROJECT. Francisco "News Bureau," in one of its recent issues said: — $342,048 15,000 —The San "Permit to incorporate and sell stock was issued to the Vallejo Emergency Water Corporation in Sacramento. Vallojo is forced to provide an auxiliary water system guaranteeing Mare Island that demands to the extent of 1,500,000 gallons of water daily can be delivered. "The Gordon Valley water project, for which $1,250,000 was recently voted by Vallejo, will not be ready to guarantee this amount of water on July 1 and to meet the emergency a corporation has been formed to pump water from wells at Soscol, ten miles north of Vallejo. The project is estimated to cost $60,000." «|*jmS!.,», iixi*: .,»»,,.».". i „ , VANDENBURGH COUNTY (P. O. Evansville), Ind.—BOATD OFFERING. Walter Smith, Countv Tre.asurer, will receive sealed bids until 10 a. m. March 16 for $8,080 43-$% William O. Sullivan et al. Knight Town.ship bonds. Denom. $202. Date March 16 1922. Int. M. & N. Due $202 each six months from May 15 1923 to Nov. 15 19 12 incl. BOND OFFERING. Bids will also be received until 10 a. m. March 13 bv the above official for $28,200 4 ]•;% John Reese et al. German Township bonds. Denom. $705. Dale March 13 1922. Int. M. & N. Due $705 each si.'c months from May 15 1923 to Nov. 15 1942 incl. BOND Of'FER/A'G.— Sealed bids will be received by the above named August Willenberg et al. official until 10 a.m. March 25 for $12,600 4,'^ Knight Township bonds. Denom. S315. Date Marcli 25 1922. Int. 1\I. & N. Due .$315 each six months from May 15 1923 to Nov. 15 1942, — — ';; Purchaser to pa y accrued inlorest. VAN WERT"C0UNTY (P. O. Van Wert), Ohio.- BOA'D OFFERING. N. E Stuckcy CAerk of the Board of County C^immissioners, will receive sealed bids until 12 m. March 23 for $142,000 5'^%, coupon I. C. H. No. Denom. $1,000. Date March 1 1922. Prin. and 430, Section K bonds. Due semi-ann. int. (M. & S.) pavable at the County Treasurer's office. yearlv on Sept. 1 as follows: $15,000, 1923 and 1924, and $16,000, 1925 to 1931 incl. Certified check for 5% of tbe amount bid for, payable to the Board of County Commissioners, required. Purchaser to pay accrued Int. VENICE, Los Angeles County, Calif.— BOA'D ELECTION. Reports .sav that the Venice Board of Trustees on Feb. 23 ordered a $250,000 sewer bond issue to bo placed on the ballot at the general election April 10. - incl. " — . , — VICKSBURG, Warren County, Miss.- BOA'D ELECTION.—An May elec- 9 to vote on the question of issuing $620,000 tion will be held on various niuiiicipal iiniirovomenl bonds. (P. O. Terre Haute), Ind.— BOA'D SALE.— The VIGO COUNTY Fletcher .Vmcrican Co., Indianapolis, ha-s purchased the $17,000 Geo B. Ilartnian et al. Nevins Township bonds offered on Jan. 9 v at par plus a premium of $.53, equal to 100 31. p. 104 — — , 5 b 114, (P. O. Raleigh), No. Caro.— BOATD SALE.— The $390,000 23!4-year (aver.) coupon (with privilege of registration as to principal or principal and interest) road and bridge gold funding bonds offered on Feb. 28— V. 114. p. 765— have been awarded to Wm. R. Compton Co.. N. v., and Baker. Watts & Co., Baltimore, as 5Ks, at their joint bid Dale March 1 1922. Due yearly on of 101.17. a basis of about 5.16%. March 1 as follows: $8,000, 1925 to 1938 incl.; $10,000. 1939 to 1943 incl.. and $12,000, 1944 to 1962 incl. The bonds are now bemg offered by the WAKE COUNTY 10 1922. SWEDESBORO SCHOOL DISTRICT (P.O. Swedesboro) .school Successful bid (as above) -..$102. 165 First Nat. Bk., Thomasville.$101, 655 Prudden & Co., Toledo. O.. 102,076 Sidney Spitzer& Co., Toledo 101 628 OF BONDS PUR- (opt.) tax-free " " Caro. BOND SALE bonds offered on Feb. 27— V. 114, p. 654— have been awarded to Persons, Campbell & Co. of Toledo at a premium of 52.165, equal to 102.16. a basis of about 5.81%. Date March 1 192'' Due $4,000 yearly from 1927 to 1951 mcl. The foUowing bids were The SIOO.OOO {>% The of Denver- V. 114, p. 54.5— was Date March 15 $120,000. They are described as follows: Denom. $1,000. 1922. Prin. and semi-ann. int. (M. & S.) payable at the Chemical National Bank. N. Y. Due March 15 1952, optional March 15 1932. Financial Statement. Actual valuation estimated $1 5,000 ,000 Assessed valuation, 1921 9,829,093 Total bonded debt, including this issue $583,000 Less water debt $375,000 Sewer sinking fund 8,000 _ FHOMASVILLE, Davidson County, No. 814,000, 1942; $15,000, 1943 to 1945 incl.; $27,000, 1946. Certified check for $11,500, payable to the Chairman Board of County Supervisors, required. & Co. . sigs ,506 455 00 200'boo'obb 00 i78'06'^''Hq6 00 lo'444'o,59 00 Bonded debt, includins this and other issue sold same day 16021 01 fi 70 lo.y^i.jio /w Water bonds, included in above 4,390,000 00 Water bonds (excluding refunding issue) issued since Jan. 1 1908. Included in above gYs'.bbb'oo Population, census 1920, 171,717. Fresno County. Calif.— BOA'D OFFERIIVG.—V. M. Barnwell, County Clerk (P. 6. Fresno), will receive sealed bids until 2 p. m. March 10 for $230,000 5% Denom. $1,000. Date Feb. 14 1922. Prin. and semi-ann. school bonds. Int. (F. & A.) payable at the County Treasurer's office. Due yearly on as follows: .S3,000, 1924 and 1925: $4,000. 1926 and 1927: $5,000, Feb. 14 1928 and 1929: 86,000, 1930 and 1931; .$7,000, 1932: $10,000, 1933 and 1934; $11,000, 1935 to 1938 incl.; $12,000. 1939 and 1940; $13,000, 1941; purchased by Benwell. Phillips in registered form if so int payable at the The bonds will be due semi-ann New Yo?konApruTl922. SELMA UNION HIGH SCHOOL DISTRICT, AMOUNT '^o'l gold coin yearly beginning April 1 1923. Certified check for 2% of the amount bid for payable to the above Comptroller required Bids must be on forms to be furnished by the Comptroller. The bonds will besubmitted engraved under the supervision of the City Comptroller and the legality will be examined bv Caldwell & Raymond of New York, whose favorable opinion will be furnished to the purchaser. Purchaser to pay accrued interest. P'^''^^^^' ^' ^^^ Equitable Trust Co. in SEATTLE, Wash.— BJD ACCEPTED.— In V. 114. p. 437, we stated that there had been one bid on Jan. 21 for the $1,005,000 6-20-year serial coupon municipal light and power plant and system bonds, it coming from Carstens & Earles, Inc.. Jno. E. Price & Co. and li. M. Grant & Co. We are now unofficially informed that the bid has been accepted. The bid was as follows: "We offer to purchase such bonds bearing 5% interest on a 6% yield basis, plus accrued interest and a premium of $100." SHERIDAN, Sheridan County, Wyo. CHASED. —The amount of 6% 10-30-year PM'"^^^??oV*k?'^y be obtained T^'"*^"!? P'o„n'^hi»-^''*°A?"'-^ i^^^V^™: Equ table Tru.st Co. .>n New York, in Prin. required. SHELBY COUNTY three issues of 5% H*"" H„??'' and scmi-ann. int. payable at the County Treasurer's office. Due $1,000 yearly on March 1 from 1923 to 1932 Incl. Certified check for 2% of the bid, payable to the above clerk, 1922. 1 [Vol. 114. SYRACUSE, Onondaga County, N. Y.—BOND OFFBB72VG .—Neal Brewster. City Comptroller, will receive sealed bids until 1 p. m. March le 1"^!'''°^ ^^^° '^^Ves of coupon gold bonds: i°o:, «^rS. ^P Due serially 1 to 25 years S^n nXR * -" " F^<i? crossing commis.sion bonds 940,000 municipal improyement 1922 bonds. Due serially 1 to 20 years Bidder to name intj!rest rate, the bonds of fais issue are to bear in multiples of i^ of 1 %, not exceeding 6% per annum. Award is to be made at lowest interest rate and highest price on such lowest H. D. Kunz. a y coupon wat«r-works filtration plant until 12 m. bonds. 23 for $75,000 % Treasurer, will receive sealed bids refundins March Denom. $1,000. — — A . March ONICLE THI 4 1922.] above companies t« investors at prices to yield from 5.10% . (according to maturities) Financial Statement. $ - 3-5% 1 of assessed valuation Population, 1920 cens 12 (P. O. Wallowa) 7 .S47,500 new school building brinds . WALLOWA COUNTY SCHOOL DISTRICT NO. Ore.— BOA'Z? ELECTION.— On March be voted upon. will WALWORTH COUNTY bids — SealedClerk, County O. Elkhorn), (P. Wise—BO.VD OFFERING. be received until 12 m. March 1.5 by Grant D. Harrinnrton for SI. 100,000 ,0% hishway construction bonds. Derom. Int. semi-ann. Due on April 1 as follows: S150.000 in -ach $1,000. years 1923, 1927, 1929. 1933, 19.31. 1936. 1938 and $.50,000. 1940. of the Certified check for 5% of the amount bid for. payable to the County, Legality approved by Wood & Oakley of Chicago. required. will WARREN COUNTY (P. O. Williarasport), Ind.— BOiVD SAL^-:.— follo\ving two issues of coupon road bonds offered on Feb. 25 (V. 114, p. S79) were sold at par and accrued interest to the Warren County 5% The Bank and the Williamsport State Bank. 54,520 Robert E. Cottingham et al. Medina Twp. bonds. Denom. $226. 16,800 James Pra.sch et al. Adams Twp. bonds. Denom. S840. Date Feb. 6 1922. Int. M. & X. Due one bond of each issue eacli six months from May 15 1923 to Nov. 15 1932, incl. WARREN SCHOOL DISTRICT NO. 5 (P. O. Warren), Macomb County, Mich.— 5L'/r FILED TO STOP SALE OF BO\DS. The S juth Bend., Ind., "News-Times" on Feb. 16 said: — "Albert Strieker and Albert Brender of Warren, Mich., have fil id a suit in the Circuit Court against the school board of District No. 5 of Warren and Thomas P. Staclcpole. a Detroit broker, alleging irregula.ities The in the sale of $125,000 school bonds of the district, recently voted. complaint alleges some sort of an imderstanding between the broke' and the members of the school board, whereby the bonds would be sold tielow After a preliminary hearing, Jud.ge Black, of Flint, s tting their value. on the circuit bench here, issued an iniunction restraining the school board from selling the bonds to Stackpole until the issue is heard in court. Alembers of the board named in the compahnt are Otto Henkel, Roy J. Stei'hens, Peter J. Spieler, Alfred Forester and Alfred Laduc." WASECA COUNTY ^P. O. Waseca), 21 $60,547 21 road construction stated. On March it is Minn.— BO.VD OFFERTYG.— bonds will be offered fo' sale, WASHINGTON COUNTY (P. O. Bartlesville), Okla.— BO.VD — We arethe Washington County Commissioners M. receive advised by special telegram from Neva Scott, Clerk, that OFFERING County bids on a will March 7 for road bonds (amount not given) WASHINGTON COUNTY O. St. George), Utah.— BO.VD —On Feb. S56.000 Co., of 10-20-year City and thebonds were sold SALE. road to the 5H% Salt Lake Bankers Trust Co. of Halloran-Judge (P. (opt.) 21 Tru-st Date March Denom. $1,000. it is reported. semi-annually, jwyable in New York. Denver, at 97, 1 1922. Int. WASHINGTON COUNTY (P. O. West Bend), Wise— BO.VD OFFER— Additional details arehighway improvement bonds (V. on March 14 at hand relative to the offering coupon of the 114. p. 879). ING. S700.000 5^c Proposals for these bonds will be received untU 10 a. m. on that day by R. G. Kraemer. County Clerk. Denom. $500. Date April 1 1922. Int. A. & O., payable at the County Treastirer's office. Due on .\pril 1 as follows $100,000. 1924, and $1,50.000 in each of the years 1927, 1930, 1933 and 1936. Certified check for .52.500. payable to the County Treasurer, required. Legality approved by Chapman. Cutler & Parker, of Chicago. WAUKENA UNION SCHOOL DISTRICT, Tulare County, Calif.— BONDS NOT SO£,D.— No sale was made on Feb. 16 of the .$36,000 6% school bonds —V. — on account of the proceedings being irregular. O. Goldsboro), No. Czro.—CORRECTION.— 879. we gave .the maturity of the S200.000 5.'^ 9c coupon 1 14, p. .546 WAYNE COUNTY {P. In V. 114. p. (with privilege of registration as to principal or principal and interest) funding bonds to be offered on March 6 as June 1 1937. are now Informed that this maturity is an error. The correct maturity is March We 1 19.37. WELLINGTON, ColUngworth County, Texas.- BOA'D SALE.— $.50,000 6% coupon tax-fre-c light plant bonds offered on Feb. 20 have been purchase<I by the Guarantee Trust Co., Kansas 114. p. 054 City, Mo., at $.50,030 (100.06). Date Jan. 10 1922. Due $1,000 in odd years and $1..500 in even years for 40 years. The following is a complete list of the. bids received: Hidrlfr Price Bid. Price Did. Bidder ' $48,2.50 ^ai above) $.50,030 Prudden & Co., Toledo The — V". — • — \ ' ! | Co.. ToImJo 48.M.5 Sidney Spit/.er & Co., Toledo 47.100 Co.. Chi'igo 18.1351 W. L. Slayton & Co., Toledo. 46, .500 aoove bidders offered accrued interest. - fi liifj WEST PARK. Cuyahoca County, Ohio.— BO.VD OFFERING.-^ bifls until 12 m. Mar. 21 bond.s. Denom. $1,000. Date Jan. 1 -inn. Due $10,000 on Jan. 1 1927, 1932, 1937, 1942 and eck for .5'/; of the amount bid for, payable to the City Fred. Kf-ufhUT. c;lty Auditor, will receive scaled "' for $.50,00') (',"/, coupon water main - — WHITNEY POINT, Broome I'urrhastT to •I p.-iy accrued Interest. NEW LOANS County, N. Y. —BOVD SALE. — The $16,000 5% coupon or registered bonds offered on Feb. 24 (V. 114, p. 654) were sold to the Chanango Valley Savings Bank at its bid of $16,318 40 (101.09), a basis of about 4.72%. Date March 1 1922. Due $1,000 yearly on July 1 from 1923 to 1938. inclusive. The following bids were received " Chenango Valley Sav. Bk.S16,318 40 O'Brian, ~ Potter & Co $ 6,047 36 Sherwood & Merrifield.-- 16,113 60 FirstNat. Bk.of WestPt. 16,016 00 Geo. B. Gibbons & Co 16.084 40 Binghamton Savings Bank 16,000 00 P. W. Brooks & Co 16,080 00 WICHITA CITY SCHOOL DISTRICT NO. 1 (P. O. Wichita City) Sedgwick County, Kans. PRICE PAID. The price paid on Feb. 14 by the Brown-Crummer Co. of Wichita for the .$1,000,()00 school bonds offered on that date V. 114, p. 76.5 was 99.50 (and to pay accrued Interest from March 10 1922) for 4 Ms. Bids were also received from the following: Northern Trust Co.. Chicago; Prescott & Snider, Kans;vs Citv; D. E. Dunne & Co., Wichita; Veruon A. Branch, Wichita; Stearn Bros. & Co., ICansas City; Commerce Tru.st Co., Kansas City., and Fidelity National Bank & Trust Co., Kansas City. ' " — — — WILSON COUNTY (P. O. Wilson), No. Caro.— BO.VD SALE.— .?217.500 S-year (aver.) funding bonds offered om Feb. 22 V. 114. have been purchased as 5Ks by Clairborne, Royall & Co., Goldsboro, for the account of the Bankers Trust Co., N. Y., at par plas a premium of $1..505 (-$219. 005) equal to 100.69. a basis of about 5.68%. Date March Due yearly on March 1 as follows; .S12.000, 1923 to 1926 incl.; 1 1922. $15,000. 1927 to 1931 incl.; $20,000, 19.32 to 1935 incl., and S14,.500. Due to a tjijographical error the maturity of these bonds was 1936. ujcotrectly reported in V. 114, p. 765. The follo^vlng bids were received; The 765 p. — — RovaU & Clairborne For Co., 6% Bonds. & Tr. $221,720 Co.. Cinn $219,875 Co., Cinn 219,509 Spitzer, Rorick & Co., Tol. 220,007 Hanchett Bond Co., Chi... 219,675 Stacy C& Braun, Toledo 220,197 BranchBk.&Tr. Co. .Wilson 219,675 Sidney Spitzer & Co., Toledo 221,035 For Bonds. Successful bid (as above)-..$219,005|.'V.merican Trust Ce $218,848 Provident Sav. Bank Goldsboro Weil, Roth & oH% WINDSOR, Windsor County, Vt.— BOA^D SALE— An issue of $40,000 5% bonds was sold on March 1 to Merrill, Oldham & Co. of Boston at 101 19, a basis of about 4.76%. YAD IN COUNTY (P. O. Yadkinville), No. Caro.—BOJVD SALE.— The 560.000 6% road bonds offered on Feb. 25 (V. 114, p. 655) have been & Co., of Toledo, at par plus a premiiun of $2,900. equal to 104.83 a basis of about. 5.78%. Date Feb. 1 1922 Due in 30 years. The following bids were received Sidney Spitzer & Co.. Toledo..S62.900l W. L. .Slayton & Co., Toledo.$61,578 Bankof \adkm, \adkinvllle. 61,600 W. K. Terry & Co., Toledo . 62,142 Persons,Campbell&Co.,Tol-. 62 .587 [Durfee, Niles & Co., Toledo. 60,250 awarded to Sidney Spitzer — YATES COUNTY~(P. O. Penn Y^^^lTNT'YT^BdND^SALEi^'Th^ $88,000 5% registered Federal aid Highway No. 114 2U-vear (average) bonds offered on Feb. 25 (V. 114. p. 655), were sold to Sherwood & Merrifield, of New \ork, at 100.68, a basis of about 4.71 %. Date March 1 1922. Due $22,000 yearly on March 1 from 1923 to 1926, inclusive. ^^— CANADA, its Provinces and Municipalities. HAMILTO>^, Ont.—DEBENTURE S.ALE.— Of the four issues of debentures offered on Feb. 27 (V. 114, p. 880) the following three issues »vere sold to a s.\ndicalo composed of Gairdnor. Clarke & Co.. Canada Bond Corp. and Dyment, Anderson & Co. at their bid of 101.53. a basis of about 5.(j3%. $365,000 6%, highway entrance debentures. 42.5.000 6% public school debentures. 250.000 5% sewer debentures. KITCHENER, Ont.— .W.VD DE!^CRrPTION.—Tbe $248,000 6% municipal bonds reported sold to Aemilius .larvis & Co. at 103.41, a basis of about 5..>l';f, in the "Chronicle" of Feb. 25. p. .S.SO. are dasc-ribed as follows: Denom. $1,000. Date March 1 1922. Priu. and annual int. (March 1) payable at the City Treasurer's office. Due yearly from March 1 1923 to March 1 1942 uicl. , MANITOBA m I 'I Ail WEST SIDE IRRIGATION DISTRICT (P. O. Traoy), San Joaquin :ounty, Calif.— BO.VD SALE.— On Feb. 21 the $1.50,000 6% bonds V. 1 14. p. 765) were sold to the City Bank of Stockton for $46,251 (102.78) nd interest. Denom. S500. Date Jan. 1 1920. Int. J. A; J. Due early from 1937 to 1939, inclusive. WHITE COUNTY (P. O. Monticello), Ind.— BOARDS NOT SOLD. The county was imsuccessful on Feb. 21 in disposing of an issue of $4,400 5% highway bonds, as no bids were received. , As-sessed valuation, 1921 Net debt Net debt 985 (Province of).— BOATD OFFERING —'Edward Brown Provincial Treasurer (I*. O Winnipeg), will receive sealed tenders untU March 8 for $2,500,000 refunding bonds. These bonds are Issued to 12 obtain money enough to redeem an issue of bonds which are duo in New York City on April 1 The issue to be refunded wa.s floated 5 years ago. The following three alternative bids will be considurod; .5-year 6% bonds payable in New ^'ork City. (1) (2) (3) 20-year r)\^.% bonds pavable In Canad:i 20-year 5H bonds payable lu New York Olty. % FINANCIAL FINANCIAL BALLARD & COMPANY We specialize In Members New York United States and Canadian Municipal Bonds HARTFORD City of Philadelphia 3s Stock Exchange Connecticut Securities Ground 4s i'Uior Siiiycr ItuiUttttD 89 Liberty Street New Tolephoiio Cortlnndt MISS York 5s A BUSINESS EXECUTIVE 5M« Biddle & nd capable head any on* of your Departments can be obtained by inserting a small ad In the Classified Department Henry 104 .South Fifth Str««t Philadelphia fruou WUrt to Ntm Yort Call Canal iM37 for BfUmCIPAL BONDS OiMtarwrltlns maa <ltotrU>utl;is na'.lre lunet •! Mty (V>untr. Bclloel IMatrlot knd Uead DIalrtct i9oA» ef ToiM. Itmmtan' logulrlea aud t-fTisr^amt A EM tod Circular* on requ* HAROLD HOUSTON •Ubilihpd IflC of the WANTED TO BUY BONDS ln(l«p««d«nl •ctoool nrliool Hond« dat«l July Di^'rirt |, I't'n of I |.|-J Holm Clly for pr«wni. larBBtnifnt, af $2:i.fcOO. Ad.lr.=;«: flrrk. l>f TrTi«f »<»<«. Il«lw(. Id.ihv. 'luoiina prlr«i. (ioard WISE COMPANY TSJCAS G. FINANCIAL CHRONICLE Ou# CUsaHlsd l>*partm«nl ! laalds baoh oovar. •• tlM H. M. CHANCE (ilntna Knatn*««* and &. CO. Ciaologle^n COAL ANI> MINFRAL PROPERTIES Riamtnad. Managed, Appialaad Birfa PHlLAUKUrHI* Ur*««l Classified D* J >artment ; '"; I I INVESTMENT MEN WANTED POSITION? vvAfiT^p IS New York municipal bond secure a New England representative with headquarters in Boston. For particulars address Box dealer desires Doremus 64, Broad Street, to & Company, 44 New York City. Inquirers are requested to state something of their previous experience and general qualifications for the posi- POSITIONS ii7iipi'iirf jTiiTTnT^BBl^M WANTED THERl who can representing a good N. use a good trader, 28 yea by experience to inauguj velop new business or to lost. used to big n. the price for trial period, qualified nt, to facilities. Address cle, 90 Pine St., Box New -J s. - t Ui..l. de- low being u can set have the U Chron- Am . YoiU" BOND TRADER— You) ears' cole in trad- lege education and 2 y< ing in rails, public utili sires position. Former. trials, Stock Exchange U-12, Financial Chronii \- 1 Box N. Y. -ess •t.. ACCOUNTANT de- New by . York tion. ([ Western Europe Competent Banker, with extensive experience and wide connections, shortly returning to Europe, wishes to represent a first-class Bank, Finance or Trading Corporation or American capitalists Interested In industrial reconstruction and development in Western Europe. Address Box R-31, Financial Chronicle, 90 Pine Street, New York City. : LOANS WANTED New York Mi LOAN WANTED dealer desires A prosperous Industrial Corporation operating in Pennsylvania, assets four to one, paying regular quar- vices of expert BOND MAN nt. . A man thoroughly i • No brokers. Don't reply unless you can qualify. Banking references exchanged. Address Box No. U-20, Financial Chronicle, 90 Pine invited. New York ser- t Only thoroughl'y axpti .laced men should app'v by letter to Box 58, £_: „,, & Company, 44 Efoci Sr.-. oet. New York City, stating age, experience and salary desired. dividends, unfilled orders on hand, strong, able management, desires to borrow on First Mortgage on its entire property SBO,000 for one year. Will pay 8% interest and bonus of 7%. Value of property in excess of $200,000. Rigid examination terly St., bond icipal - City. experienced bond business, with wide acquaintance and excellent in the standing in the Middle West, would be interested in making a connection to represent a house handling a full line of high grade bonds. Address Representative, Box T-6, Financial Chronicle, 90 Pine St., New York City. TRADERS WANTED. STATISTICIAN AND SECURITY ANALYST. A Statistician and Security Analyst statistician experienced in analysis of securities, iveparation of circulars, and all phases of financial statistics, desires connection with investment organization, preferably in buying department. Extensive training in investigation preliminary to new issues, Oemplete accounting training. Box U-19, Piaancial Chronicle, 90 Pine St., N. Y. KNOWN WELL Investment Security House with excellent connections with local Banks and Trust Companies, wishes capable trader to specialize in either Public UtUity or Railroad Bonds. Will make a most satisfactory arrangement with one controlling or initiating business along these lines. Address Box S-20, Financial Chronicle, 90 Pine St., New York. MONEY BROKER WANTED. ESTABLISHED business wishes to engage services of experienced time money broker. Address "Money," P. O. Box 372. City Hall Station. New York City. BOND TRADER The advertiser is a successful bond trader whose work especially qualifies him to select securities for a dealer to distrubute to investors and Institutions of the highest type. He has keen discrimination as to the relative value of bonds and would assuitae re. sponsibilities of a trading department with a firm which has a good selling organization. Address Box K-18, Financial Chronicle, tO Pine Street, New York Hang Out a If "I Sign!I you hung a sign on your building: have need for, or I am seeking a TRADER SALESMAN CASHIER OF A BANK OR THE LIKE," would attract the attention of someone who could satisfy your wants. But why not hang that "sign" before everyone in the banking and investment field the world over by inserting an advertisein My past performances are open. Prefer connection with firm having wire connections and local (if any) or N. Y. Stock Exchange membership. Please give outline, or details, of your idea in reply, for quick action. Address Box U-1, Financial Chronicle. 90 initiative. STATISTICIAN ment Brokers, Investment Houses, United States and Canada TRADER, experienced N. Y. City and Middle A West, now in N. Y., is opien to offers from any reputable, live house, any city. Am married, an American Christian, possessing "pep" and position as, a possibly City. Pino St., New York. THREE it the Department? Financial Chronicle Classified (opposite inside back cover.) This will insure your getting an "above the ordinary man." If you have occasion to "hang out a sign," draw up and send or telephone an appropriate ad to our Classified Department. Do it now. expexienced traders (30 years age average) individually or collectively desire connection with substantial wire house, preferably N. Y. Stock Exchange members. Can cover all classes stocks and bonds. Will consider any basis space and Please clearance, salary or percentage, or both. state in reply what you are open for, if possible. Box U-13, Financial Chronicle, 90 Pine St., — New York. KXP3RIENOED FOREIGN BXOHANGB TRADER AND ARBITRAGI8T wishes ta new connection with ftaanclal instituAddress Box B-17, Fhianclal Chronicle, 90 Pine Street, New York City. secm'e tion of standing. EXPERIENCED BOND SALESMAN with New York clientele in Buffalo and Western desires connection with large investment house with variety of offerings. Address Box T-11. York. Financial Chronicle, 90 Pine St., New fl