The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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
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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
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Dul MIssabe A Xor gen 53... 1941 J
1937 A
Dul A Iron Range Ist 53
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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
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YLEA
1996 j
4s prior
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..1996
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iBt consol gen Uen g 4s.. 1996
1996
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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
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1961 j
1952 J
Temporary 5 Ws
1933 j
A Man 4«
8t Paul
1033 J
1st con9ol g 69
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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
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1937 J
1st guar gold 5^1
1937 J
Will A S F Ist gold 5a. . . 1938 J
A'
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1951
1051
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gold 3s aterllDg
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1952
1952
1955
Pnrebased lines 3Hs
1952
1053
L O * Texas gold 4s
1953
Rsdstered
1934
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lft-ye«r secured A Hs g
1036
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lat refUDdlDg 48
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1934
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1949 IW
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1951 IW
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con g 43 Int gu.'38 J
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1938
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1944
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2004
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cents of deposit...!
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1938 J
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60
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I
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97
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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
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16
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sUusUet.
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7OI4
79S
OA
77"ii
l|D««
04
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Mil
.
0-J>4
30
U11I3
25
Ifil'i
•
I
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101
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I
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XA
11 OHls
7>'.l|
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|.,,
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
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A
I
J
M
1
F
.
J
J
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,
60
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75
J
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I
J
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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
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Q
Q
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.
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
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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
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1(111
'ii
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M
U
M
MO
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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
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s
.
m
un«4
.
I
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HO
10
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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',
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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
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and
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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
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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
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not iillowisl to opiT^iic the
'tie value «if the factory :iiid iii.u
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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:
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.
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r
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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
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1
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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
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IjiiiitI
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.
.irn il.k!'
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<1
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I
I'JJO. ttliU liLilun
'
(o
r<il
.
bid
.
(m
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,V
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.
.
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
@FedFRASER