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financial
uniniffriat
Bank & Quotation Section
Railway Earnings Section
VOL. 116.
ronirk
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, MAY 12 1923
Electric Railway Sectioff
State and City Sectier
NO. 3020
tion, and Judicial Power to declare legislation unconstitutional, were mentioned; the two last-named
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2093 and 2094.
schools to the Constitution, and there is increased
timeliness--and increased necessity as well—in this
THE FINANCIAL SITUATION.
movement because of the disposition to tinker with
A movement to organize a national body under the the fundamental law. A large number of wild proponame of the Liberal League has been started by a sitions to amend were in the late Congress, little nogroup of prominent men here, among whom are ticed by the country, and the attempts will be reBishop Manning, Dr. Butler of Columbia, R. Fulton newed in the next. One sign is the call by bunch
of
a
Cutting, Congressman Ogden L. Mills, L. F. Loree, radicals, calling themselves Liberals,
for a conferWalter E. Mannard and John G. Milburn. The an- ence on
May 25 for an attack upon transportation,
nounced intention is to create and concentrate pub: under
guise of looking up and enforcing (as they call
lie opinion against post-war reactionary notions and it) the
old La Follette "valuation" of the roads.
against all radicalism, and membership is invited of
Since the three amendments which followed and
"all who wish our American democracy to- remain grew out of
the Civil War four more have been put
true to its high calling as the builder of free institu- through, of
which one (relating to income taxes) was
tions and the guardian of personal liberty." The inadvisable
at the time and has hardly justified itself
movement is to be commended. Organization is nec- by
experience through even the troubled times that
essary in order to rally a sound public opinion and were then unforeseen;
that changing the method of
make it effective in dealing with vital issues. A pub- electing
Senators was most wanton and unfortunate;
lic dinner for formally launching the movement is the prohibition
one was rushed through emotionally
planned in the near future, and a national campaign and has yet
to justify itself; the suffrage amendment
thereafter is intended.
was inevitable, yet even now it is impossible to deter-This recalls, and supplements, the plan of the mine whether it
was or was not a little premature,.
American Bar Association, about three months ago, since its results
upon public policies must remain a
to have prepared a series of articles for doing for the matter of inference.
It must once more be said that
country what the "Federalist" papers did in the the Constitution is
not to be held as an ark of politearly days when the Colonies were struggling to and ical safety upon which no hands
must ever be laid,
into "a more permanent union." Such subjects as but changes in it should
be only upon clearly-shown
the Constitution, Representative Government, Law necessity and only after the profoundest thought—
and Progress, Power and Responsibility of the Indi- not second thought merely, but third and fourth and
vidual Citizen, Property Rights under the Constitu- fifth. The best preliminary safeguard of
the Consti-
hc Thronide.
2050
THE CHRONICLE
[VoL. 116.
tution is to cause it to be studied,for studying it will 791,000 tons last year and a ten-year average of 99,certainly develop respect for it.
633,000 tons. The hay remaining on the farms on
May 1 this year is placed at 13,480,000 tons, which
The early indications for this year's crops are quantity is 13.0% of the crop; it contrasts with 10,fairly satisfactory at this time. The Department of 919,000 tons carried over the previous year. Spring
Agriculture at Washington in its crop report issued plowing completed on May 1 is placed by the Departthe present week and showing conditions as of May ment at 68.9%, as compared with 63.5% a year ago,
1 indicate that the winter wheat crop, sown last and a ten-year average of 71.1%, while spring plantautumn, has suffered quite severely from winter ing shows 58.4% completed on May 1 this year, these
killing. The area planted to wheat last autumn was figures comparing with 53.6% a year ago and 58.3%
very large, however, so that there is a considerable the ten-year average.
acreage remaining, nearly as large as the area of
The outstanding events in European political afwinter wheat harvested last year. The Department
places the area abandoned at 14.3%, which is 6,629,- fairs have been the decision of the British Cabinet to
000 acres, leaving for the harvest roughly 40,000,000 send a separate reply to the latest note of Chancellor
acres. Last year the area abandoned was 14.5%, but Cuno of Germany; the handing to the Russian Sowith a smaller acreage sown the preceding autumn, viet Government of a "virtual ultimatum" by the
the area abandoned was less than that indicated for British Government relative to various alleged violathis year. For the five years 1917-21, inclusive, the tions of international relations, and the sending also
abandonment averaged 12.5%, though for one year, of a British warship to the Murman coast; the im1917, the abandoned acreage was placed at 31.0%, posing upon Dr. Gustav Krupp von Bohlen of a senwhile for 1919 it was only 1.1%. The last two men- tence of 15 years in jail and a fine of 100,000,000
marks, and the assassination at the Lausanne Contioned were very exceptional.
The condition of winter wheat on May 1 this year ference on Thursday of M. Vorowsky, Moscow's obis nearly five points better than it was a month ago, server at that gathering, by Alex Conradi, a young
being 80.1% of normal, as against 75.2% on April Swiss. Very little, if any, progress appears to have
1 and 83.5% the condition of the 1921-22 winter been made at the Conference toward reaching a plan
wheat crop at the corresponding date last year. The of settlement for the most troublesome Near East
ten-year average condition of winter wheat for May 1 problems. The "peace" negotiations in Ireland still
is 87.5%. On the present outlook the indicated yield continue to be largely a farce.
is placed at 14.5 bushels to the acre, or a total production of winter wheat this year of 578,287,000. Last
The cable advices from London all week have not
year's yield of winter wheat was 586,204,000 bushels failed to convey the impression that the British felt
from an area of 42,127,000 acres. The five-year aver- that the French and Belgians were not making
age has been 587,200,000 bushels from an area of 39,- much progress in their handling of the reparations
518,000 acres. As to the loss of acreage in the va- question—in fact, that they were not going at it in
rious States due to winter killing, Kansas, the larg- the right way. According to these advices also the
est winter wheat State, suffered most. The percent- British are willing, and even eager, to help solve this
age of area abandoned in that State is placed at problem. They do not see how they can join with the
28.0%,the area remaining at 8,844,000 acres, and the French and Belgians on their present program. In
condition at 77.0% of normal on May 1, with a prob- a speech at a Primrose League meeting in Albert
able yield of 115,087,000 bushels, the latter contrast- Hall, London, on May 4, Lord Curzon made a plea
ing with 122,737,000 bushels, the yield last year. for "concerted Allied action to solve the reparations
Next to Kansas in yield are Illinois, Missouri, Okla- problem." He said "we can only emerge from a diffihoma, Nebraska and Ohio, and only in Nebraska is cult and anxious situation by concerted action. If
the ratio of abandoned area very large, being 25.0%. the Germans are confronted with the advice, deciFor Ohio it is 12.5%, Oklahoma 9.0%, and for the sions and actions of all the principal Powers conother States a smaller percentage, except in Colo- cerned, the chances for success will be greatly inrado. In that State the yield is not so large and the creased." The New York "Herald" correspondent
ratio of abandoned acreage is 33.0%. For Missouri, added that "Lord Curzon's manoeuvre is regarded as
Indiana and Oklahoma a larger yield of winter wheat a step toward an Allied conference at which a com• this year than was harvested last year is indicated, mon policy will be reached. There is believed to be
the increase for Oklahoma and Missouri being quite no chance of real progress being made so long as the
considerable, the condition in those States being Germans demand the virtual capitulation of France,
above the average, and the same may be said of Texas, and France demands the complete surrender of Gerwhere the estimated yield this year is more than dou- many."
The dispatches from Paris during the next day or
ble that of 1922. For both Washington and Oregon
a much larger yield than in 1922 is indicated. For two did not indicate that the French and Belgians
Nebraska the reduction in yield this year as con- would be ready to participate in such a conference
trasted with 1922 is very large.
soon except upon their own terms. It was definitely
to rye, the forecast made by the Department reported that "up to late last night [May 5] and
As
this week in the May report is for a harvest of 74,- again to-day it was reported that Lord Curzon, Act510,000 bushels, which contrasts with a yield of 95,- ing British Premier, had tried to persuade Premier
467,000 bushels last year and 63,419,000 bushels the Poincare to undertake the framing of a joint Allied
ten-year average. The condition as to rye improved note, but the French Premier, acting in full accord
3.3 points during April and was 85.1% on May 1 this with Premier Theunis, held to the original plan, afyear. The condition of the pastures on May 1 this ter having given England an opportunity to sign the
year was placed at 77.0%, as contrasted with 84.5% note—an opportunity which was not embraced.
a year ago, and the production of hay this year is es- Thus once more France and Belgium have given an
timated at 100,853,000 tons as contrasted with 112,- earnest of their intention to remain in the Ruhr until
MAY 12 1923.]
THE CHRONICLE
2051
paid." The Franco-Belgian answer "was handed to sels of the courtesy by which the British Foreign
Dr. von Hoesch, the German Charge d'Affaires [in Office received a copy of it 24 hours before it was
Paris], at 7 o'clock this evening" [May 6]. In out- sent to Berlin." Stanley Baldwin, Chancellor of the
lining the reply, the Paris correspondent of the New Exchequer,in a speech in the House of Commons on
York "Times" said: "The note to Germany is in M. Tuesday, stated definitely that the British GovernPoincare's usual concise and pungent style. It sets ment would send a separate reply to Germany
forth that the reparations total stands as fixed by the promptly. The New York "Herald" correspondent
London schedule. It denies the German assertion in London cabled that Foreign Secretary Lord Curthat passive resistance is the act of the Ruhr popula- zon was given credit for the more aggressive policy
tion, affirming that it is the act of the German Gov- with respect to reparations which was understood to
ernment. It declares most plainly that France and have been adopted at Monday's Cabinet meeting. It
Belgium will consider no German proposals until became known later that the Chancellor had stated
passive resistance ends." Continuing, he said: "M. that "the Government regretted the precipitancy of
Poincare mentions the fact that France has already the Franco-Belgian reply to the German reparations
advanced 100,000,000,000 paper francs on Germany's note," and further that "there was reason to believe
account and that one-half the reparations of the dev- that Italy was in accord with the British, and conastated regions remains to be done. He asserts that templated similar procedure." In setting forth the
France will never submit to the injustice that, while position of the British Government in greater detail,
Germany does not pay the reparations she owes, she "Mr. Baldwin said the Government regretted the loss
continues to build up her industry at home. He goes of an opportunity of once more testifying to the soliinto great detail in discussing the technical objec- darity of the Allies by a joint communication to Gertions to the German proposal, accusing Germany of many. Great Britain believed there need have been
filling her propositions with 'jokers.'" Regarding no insuperable difficulty in framing a collective rethe question of evacuation of the Ruhr by the French, ply, reserving for separate treatment by France and
the "Times" representative said: "The response to Belgium, if they desired, such questions as arose dithe German demand that the evacuation of the Ruhr rectly from their recent occupation of German terriprecede the negotiations, M.Poincare points out that tory." It was stated that "the Chancellor called atthis would mean that for four and a half years,if the tention to the fact that the German note was adGerman plan were accepted, Germany would pay dressed not only to France and Belgium, but to the
nothing and the Allies would have no guarantees. principal Allied Powers. Therefore Great Britain
He repeats the Franco-Belgian determination to believed that the best and most natural course would
evacuate the Ruhr when the claims of France and have been to return a concerted reply with the GovBelgium are paid, and not before." Finally he ob- ernments of France, Italy and Belgium." In a cable
served that "in his closing sentences M. Poincare dispatch to his paper Wednesday evening the represtates his real attitude toward the German proposals, sentative of "The Sun" in Paris said that "British
the acceptance of which, he says, would mean the end criticism of French and Belgium action in replying
of the Treaty of Versailles. Germany would be rid of to the German reparations proposals without confercountless obligations; the French and Belgians ring with the other Allies is received here with a good
would withdraw from the Ruhr and quit the Rhine— deal of resentment and is regarded as tending to creall in exchange for one more German promise. M. ate an unnecessary rift in an already strained enPoincare urges Berlin to think twice and thereby tente. Lord Curzon's statement that the German
note was received by• all the Allies and should have
understand the rejection of its offer."
been answered jointly is met with the remark that it
As the week progressed additional evidence came is hoped he will be able to make that theory prevail
•to hand of the determination of Great Britain to take in Washington. The British complaint is considered
a fresh hand in bringing about a settlement of the Ill-founded, as the German note, it is contended, was
reparations question. From London came the flat- concerned more with the Ruhr than with reparafooted statement Monday evening that "Great Brit- tions."
ain will dispatch a note to Germany within 36 hours
It seems that at Tuesday's session the French
expressing disapproval of the latest German reparations proposals and urging Germany to present a Chamber of Deputies "wanted to discuss the Ruhr
more practical and liberal solution of the problem." situation, when Parliament reopened, and hear what
The Associated Press correspondent, who made the Premier Poincare had to say; but he stuck to his
foregoing assertion, also said that "the German pro- resolution not to have an immediate discussion, and
posals, as well as the joint Franco-Belgian reply after a lively interchange of views a vote of 498 to 76
thereto, were considered at length by the Cabinet this gave him his own way." The Premier was quoted as
morning. It is understood that, while the Cabinet saying that "there were 'imperious reasons why the
members did not hesitate to express their surprise discussion should not take place just now, but before,
and disappointment at France's failure to consult the end of the month he would give his explanations
with Britain before sending her reply, they agreed of the financing of the occupation to the Chamber's
that this independent action gave the British a freer Finance Commission, and there could be a full-dress
hand to deal with Germany in their own way. It is debate when the necessary credits were requested.
also learned that the discussions brought out sharp He suggested May 22 as the date." The New York
disagreement on many points in the French note."
"Times" correspondent in Paris said that"in reply
Announcement was made in London cable advices to a request for details of the 100,000,000,000 francs
the next morning that "the British Government is which Premier Poincare said in his reply to Chancelexpected to send its separate reply to the German lor Cuno's reparations note France had advanced for
note in a few days. The Cabinet had before it at its the account of Germany the Quai d'Orsay stated that
meeting this morning the French and Belgian an up to the end of 1922 France's expenditures for
swers and sent acknowledgments to Paris and Brus- charges placed upon Germany by the Treaty of Ver-
2052
THE CHRONICLE
sailles amounted to 95,000,000,000 francs. The 1923
expenditures are calculated between 11,000,000,000
and 14,000,-000,000 francs, of which, it is said, enough
has been advanced to the devastated regions to bring
the total to something above the 100,000,000,000
named by Premier Poincare."
[VoL. 116.
upon Ismet said: `Mr. Grew,you know full well that
on the night of Feb.4 you and Mr. Child and Admiral
Bristol came into my hotel room and urged me to
accept the Montagna proposal, and now you try to
go back on what you said.'" The "Times" representative observed that "the effect of his action to-day
has been to bring the United States more deeply into
Paris understands that the French and Belgians the negotiations, since the Washington Government
will soon submit a new reparations plan. The Paris now stands with the Allies as defied by the Turks."
correspondent of the New York "Times" cabled
Wednesday evening that "the new Franco-Belgian
At Monday's session "Greece came to the front in
reparations plan, which is expected to be announced a lively conference session over the Near Eastern sitin about ten days, it is understood, will drop the old uation." The Associated Press correspondent said
scheme of a large international loan for Germany that "Eleutherios Venizelos suddenly convoked a
and will be based on a demand that Germany assume meeting with the Allied chiefs, Sir Horace Rumbold,
the interest and sinking fund charges of the costs of General Pelle and Signor Montagna, and told them
reparations for the devastated regions." The corre- some of the things Greece would not accept when it
spondent said also that "these terms, which, as the came to the signing of the peace treaty." Among
French and Belgians see it, will be a result of the oc- other things, the former Greek Premier "asked for
cupation of the Ruhr, and reparations for the devas- British, French and Italian support in excluding
tated regions would have priority over all other from the Lausanne document the draft provision that
charges against Germany. If the British will do the Athenian Government must extend amnesty to
likewise, the French will be willing to drop claims Greek military offenders. He asserted that this vioagainst Germany for pensions, which would radically lated the sovereign"rights of Greece." According to
reduce the British share of reparations, since pen- the dispatch, "M. Venizelos also warned the Allied
sions make up most of their claims."
leaders that Greece would not pay one cent of repAccording to the correspondent of the New York arations to Turkey. Greece was ready to offset
"Tribune" in London, "although the British note to Greek with Turkish reparations, but there must be no
be sent the end of the week in reply to Germany's re- balance against Greece. Otherwise she would concent reparations offer will recommend that the Reich tinue the war." The Associated Press correspondent
make a new and larger reparations offer, there is added that "lastly, the former Greek, Premier infrank skepticism here as to whether any real good formed his colleagues that the recent seizure of the
will ensue." In an Associated Press cablegram from Bank of Athens in Constantinople was a distinct vioLondon last evening it was stated that "brevity and lation of the terms of the Mudania armistice and
incisiveness are the features of Great Britain's new- should not be tolerated by the European Powers. He
est note to Germany on the reparations question, expressed a desire for an early consideration of the
which now is complete. The document, consisting of problem of reparations, saying that that was a peril
two typewritten pages, avoids technical details, that should be confronted immediately." It was
points out in simple language the inadequacy, from stated also that "hope is expressed in Conference cirthe British viewpoint, of Germany's proposals, and cles that there will be an adjustment of differences
urges her to try again. The note probably will be de- between the Turks and Allies on the question of the
livered to the German Ambassador here to-morrow powers to be granted the foreign legal advisers in
or Sunday, copies meantime being transmitted to Turkey. The Angora delegates are maintaining a
France and Belgium as an act of courtesy."
firm attitude, although Minister Grew has advised
Ismet Pasha of the wisdom of conceding wide powers
Although the British and French delegates to the to these advisers as a Means of quieting the appreNear East Conference at Lausanne have stood to- hensions aroused in foreign circles by the abolition
gether firmly in what they believed the Turks should of the capitulations."
do, and although the American representatives at the
Conference have taken a more prominent and deterSurprise was expressed by those who read a'cable
mined stand than at the first Lausanne gathering, dispatch from Lausanne to the New York "Times"
apparently A has been impossible to make much Wednesday morning, which stated that "Rechad
progress in dealing with Ismet Pasha and his asso- Bey, one of the Turkish delegates, said this [Tuesciates. Early in the week the chief difficulty was day] afternoon that the American Government had
over the question of capitulations. The Turkish advised the Turks that as soon as the Allies had findelegates defiantly contended that "the capitula- ished negotiating the Lausanne treaty Washington
tions were abolished by them in 1914." The New would make another with Turkey. 'The principal
York "Times" correspondent at Lausanne said that lines of this treaty are already laid down,' said the
"the Allies have been trying to get some compensat- Turkish spokesman." The correspondent added that
ing guarantees in return for this abolition." He "Rechad's statement was made in explanation of the
stated also that "one of these proposed guarantees refusal of the Turks this morning to agree that Allies
was the employment by the Turks of four foreign other than those represented at Lausanne should
jurists, who should act as advisers for an interreg- have the privilege of signing the treaty made there.
num of five years." American Minister Grew took He said the Turks wished to negotiate separate treaan active part in the discussion at this particular ses- ties, not only with America but with Belgium,
sion and declared that "America was deeply inter- Czechoslovakia, Portugal and other nations that had
ested in the status of foreigners in Turkey and wished been expected to sign the Lausanne treaty." Accordto see a settlement reached. He urged Ismet to con- ing to the dispatch also,"Minister Grew, when asked
sider the Allied proposal. Ismet replied with a flat about Rechad Bey's statement, was non-committal.
refusal. Mr. Grew persisted in his request, where- It had not been generally believed that the American
MAY 12 1923.]
THE CHRONICLE
diplomats here had been doing much negotiating with
the Turks on their own account."
The sensational development of the week came on
Thursday, and was directly connected with the proceedings of the Near East Conference. According to
Lausanne dispatches yesterday morning, "M. Vorowsky, Moscow's observer at the Lausanne Peace
Conference, was shot dead here to-night [Thursday]
at 9.20 o'clock while he was dining at the Hotel Cecil.
The assassin was a young Swiss named Alex Conradi, who fired six bullets. Besides killing Vorowsky he wounded the latter's Secretary and a young
Russian Bolshevist named Ahrens, who acted as the
Soviet observer here before M. Vorowsky's arrival."
It was also stated that "Conradi, police have learned,
came here from Zurich. Search of his home in that
city has already revealed that he had written a 'confession' of the assassination in advance. Herein he
asserted that two kinsmen of his had been murdered
by Reds in Russia." In an Associated Press cablegram from Lausanne last evening it was said that
Conradi "continues to maintain that he acted alone
in an effort to avenge his father and uncle for the
mistreatment they received at the hands of the BolDiscussing the
sheviki during the 'red terror.'
probable severity of the punishment that would be
meted out to the assassin, the Geneva representative
of the same news association said "in legal circles here to-day it was said that if Conradi is convicted of murder with extenuating circumstances he
will be sentenced to five years' imprisonment and
possibly less. Capital punishment was long ago
abolished in the Canton of Vaud, of which Lausanne
is the capital."
2053
factory'at Essen through Count von Beifel, paymaster of the factory. The Judge-Advocate, in answering the plea of the accused, asserted that the
seven men had been paid by the Krupps for their
work of dynamiting." According to an Essen dispatch to the Chicago "Tribune" Thursday evening,
"opposing the wishes of the Krupp management, 50,000 workers will strike to-morrow in protest against
the prison sentence imposed on Baron Gustav Krupp
von Bohlen und Holbach and seven directors. Work
will be suspended from 11 to 4 o'clock."
The trial of Dr. Gustav Krupp von Bohlen, head of
theKrupp yVorks at Essen,and other directors of the
company, by a French court-martial promises interesting developments. On the second day of the trial
the defense called 22 additional witnesses, making
43 in all. Announcement was made also by M. Moriaud, "chief counsel for the defense, and whom the
Germans regard as the highest Swiss authority on
international law," that "the German directors of
the Krupp Works plan to carry the case to the highest court of appeals in France if they are convicted
by the present court-martial." He said that "the appeal would be based on international law and would
raise the question of the legality of the French commander's order, which the Germans are charged with
violating."
On Tuesday the sentences decided upon by the
court-martial for Baron Krupp von Bohlen and other
officials and directors of the Krupp Works were announced at Werden. pr. Krupp "was sentenced to
15 years in jail and to pay a fine of 100,000,000
marks." Severe sentences were also imposed on the
other defendants.
In the absence of Premier Bonar Law, the British
Cabinet held a meeting on Monday that was characterized in London cable dispatches as "important,"
and at which it was asserted that it was decided to
send "a strong note to Moscow, protesting against
the recent attitude of the Soviet Government." The
New York "Herald" London correspondent declared
that "Anglo-Russian relations have reached a very
critical phase." Tuesday afternoon the Moscow representative of the Associated Press sent word that"a
long note reviewing the numerous British complaints
against Soviet Russia and couched in such strong
terms that it may bring the Russo-British relations
to an iSsue, was handed Maxim Litvinoff, Assistant
Commissar for Foreign Affairs, this afternoon by
the British representative, Robert M.Hodgson." The
dispatch also stated that,."anticipating a break in
relations, the British mission several days ago
warned all Britishers in Russia that, in view of the
delicate situation, they should be prepared to leave
the country on short notice." That evening the note
was made public in London by the Foreign Office.
The Associated Press representative at that centre
cabled that it was a "virtual ultimatum." He explained that "the Moscow Government has ten days
in which to forward a reply complying fully and unconditionally with certain specified demands,failing
which, the note says, Great Britain will recognize
that it does not wish to maintain the existing relations between the two Governments." The dispatch
further stated that "the demands specified in the
note are, first, satisfactory assurances concerning
propaganda; second, admission by the Soviet of liability for various offenses against British subjects
and ships, with an undertaking to pay compensation
for these offenks, and, third, unequivocal withdrawal of the two communications framed by the Soviet Government in reply to the protests handed to
the Moscow Foreign Office by the British representative, Robert M. Hodgson, in connection with the recent religious prosecutions." The following was said •
to be one of the most striking passages: "It is time
the Soviet Government should be made aware that it
cannot with impunity behave toward British subjects
and British shipping in this arbitrary and intolerable manner."
The first German to be condemned to death by the
French authorities since the invasion of the Ruhr,
according to cable dispatches, was "Albert Schlogetter, leader of a gang of seven dynamiters of Ruhr
railroads, on trial by a French court-martial." He
received his sentence at Duesseldorf. "A companion
received a sentence of life imprisonment at hard labor, and five more received sentences from 5 to 20
years." The Chicago "Tribune" correspondent cabled that "there was testimony during the hearing
that the band had received money from the Krupp
That the British Government proposed to be ready
for all emergencies apparently was shown in an Associated Press dispatch from London Thursday evening, which stated that "the British warship Harebell has been ordered to the Murman coast to prevent further Soviet interference with British vessels
outside the three-mile limit, and to use force if necessary in performing this mission, the House of Commons was informed to-day by the Under Secretary
for Foreign Affairs, Ronald McNeill." It was added
that "the statement was received with loud and pro-
2054
[Vol.. 116.
THE CHRONICLE
longed cheers from the Government supporters, the
Laborites answering with loud cries of 'another
war.'"
In a cablegram from Moscow the same evening
announcement was made that "Russia's reply to a
British note protesting seizure of English fishing vessels off Murmansk was handed to the British mission
here by M. Litvinoff last night." It was added that
"the Soviet note defends Russia's right to a twelvemile territoral zone along the Murmansk coast, pointing out that international law does not limit such
zones to three miles. Britain, the Russians point
out, has a nine-mile zone at Ceylon."
920,000 for April 1922. The following table shows
the figures for April and the first four months of this
year compared with the corresponding periods of
last year:
BRITISH IMPORTS AND EXPORTS.
—Mona+ of Aznit--- —Jan. 1 to April 301922.
1923.
1923. ,
1922.
£86,410,000 £80,660.000 £359,975.000 £314.370,000
Imports
62,870.000 58.560.000 248.229.000 241,600,000
Exports. British products
41,113.000 37,960,000
12,420,000 9,190.000
Re-exports, foreign goods
Total exports
£75,290,000 £64.740.000 £389,342,000 £289,560,000
Excess of imports
£11,120,000 £15,920,000
£70,623,000 £24,810,00
. There has been no change in official discount rates
at leading European centres from 18% in Berlin;
/ 0
670 in Denmark and Norway; 51 27 in Belgium and
/ 0
0
0
Madrid; 57 in France; 4127 in Sweden; 47 in
0
Holland, and 37 in London and Switzerland. Open
4
/
market discount rates in London remained at 13 (4
/ 0
1787 for short bills and 270 for three months. Money
on call at the British centre, however, was a shade
/
firmer at 1%70 for a while, and closed at 114%,
last week. At Paris the open market
/
against 118%
/
discount rate continues at 418%,and in Switzerland
.
0
to 17
/
at 34
Word came from London Thursday morning that
"labor will make a strong protest against the Government's threat to sever relations with Moscow.
The leaders of the Parliamentary group of the Labor
Party and of the Trades Union Congress will meet
Friday [yesterday] and decide what steps to take."
The New York "Herald" correspondent cabled that
"the Independent Labor Party, the left wing of the
Labor Party, already has planned a big meeting in
Trafalgar Squire on Sunday [to-morrow]. Thirteen
members of Parliament will address the crowd, the
The Bank of England again added to its gold holdmost prominent speakers being Edmund D. Morel ings, an increase of £1,044 being noted. In total reof Dundee, C. Roden Buxton of Accrington and John serve, however, the gain was £416,000, there having
Wheatley of Glasgow."
been a contraction in note circulation of £415,000.
The proportion of reserve to liabilities advanced to
The so-called "peace" negotiations for Southern 20.1570, which is within 2 points of being the highest
Ireland do not seem to have gone far. No one who level for the current year, and compares with 18%
has given the situation any thought expected they last year and 14.05% in 1921. Public deposits inwould. An Associated Press cablegram from Dub- creased £1,368,000, but "other" deposits were reduced
lin under date of May 9 stated that "correspondence £5,633,000. Temporary loans to the Govermhent deread in the Dail Eireann to-day tended to confirm creased £3,138,000 and loans on other securities dethe general impression that a negotiated peace be- clined £1,516,000. Gold holdings now stand at £127,tween the Free State and the Republicans is impos- 521,944, as against £128,887,939 in 1922 and £128,sible. The documents revealed that neither the Free 363,247 the year before. The reserve amounts to
State authorities nor Eamon de Valera and his Re- £23,498,000, in comparison with £25,746,254 last year
publican followers are ready to make any advance and £18,044,607 in 1921. Loans aggregate £68,614,from their attitude made known a year ago." It was 000, against £75,529,571 and £78,903,266 one and two
explained that "the correspondence read was between years ago, respectively, and note circulation £123,de Valera and Senators Jameson and Douglas, thg 776,000, as compared with £121,591,685 a year ago
latter of whom had accepted the task of acting as and £128,768,640 in 1921. Despite desultory rumors
intermediary. It brought out the fact that de Va- of a possible lowering of the bank's official discount
lera was insistent upon elections by mid-September rate to 21 270, no change was made from 37 Some
.
0
/
and that the Republicans should be permitted to sit bankers, usually, well informed, claim that a downin the Free State Parliament without taking the oath ward revision is unlikely, at least in the immediate
of allegiance. Among other demands were that Re- future. Clearings through the London banks for the
publican arms should be stored under guard of Re- week were £746,489,000. This compares with £811,publican adherents; that all seized property of the 837,000 last week and £798,030,000 a year ago. We
Republicans be restored and that immediately on append herewith comparison of the principal items of
signing of a peace a general amnesty be proclaimed the Bank of England returns for a series of years.
and all political prisoners and prisoners of war be reBANK OF ENGLAND'S COMPARATIVE STATEMENT.
1120,
1919.
1921.
1922.
1923.
leased." In the same dispatch it was claimed that
May 12.
May 14.
May 11.
May 10.
May 9.
Cosgrave, President of the Dail, said the
"William
123,776.000 121,591,685 128,768.640 111.312,935 76,487,085
Circulation
Government not only had refused the terms but had Public deposits
14,602,000 12.179,131 14.880.622 21,428,930 22,807.099
102.003,000 130,259,056 113.560.751 99,404,124 111,479,248
declined to enter into further communication with Other deposits
Governml securities 42.222,1300 58,872,646 49,186,122 38,455,283 46,483,817
• Other secur1tie3-- 68,614,000 75.529.571 78.903.268 80,444,463 77,984,317
de Valera."
The British foreign trade statement for April
showed substantial improvement in comparison with
both March of this year and April of last year. Imports totaled £86,410,000, against £90,020,000 for the
previous month and £80,660,000 for April 1922. Total exports, on the other hand, were £75,290,000,
compared with £70,000,000 for the previous month
and £64,740,000 for April a year ago. The net result
for April was an excess of imports of .£11,120,000,
against £20,020,000 for March of this year and £15,-
Reserve notes & coin 23.498.000 25,746.254 18.044,607 19.655.588 27,536,547
Coin and bullion ___127,521,944 128,887,939 128,363,247 112,518,503 85,573,632
proportion of reserve
16.26%
18%
14.05%
20.50%
20.15%
to liabilities
5%
7%
fIX%
3%
4%
Bank rate
The Bank of France continues to report small
gains in its gold item, the increase this week being
134,000 francs. The Bank's gold holdings, therefore,
now aggregate 5,536,995,275 francs, comparing with
5,527,262,934 francs on the corresponding date last
year and with 5,518,074,306 francs the year before;
of these amounts 1,864,044,927 francs were held
THE CHRONICLE
MAY 12 1923.]
abroad in 1923 and 1,948,367,056 frincs in both
1922 and 1921. During the week silver increased
48,000 francs, advances rose 67,473,000 francs and
Treasury deposits were augmented by 1,030,000
francs. Bills discounted, on the other band, fell
off 677,117,000 francs, while general deposits were
reduced 299,117,000 francs. Note circulation registered the further increase of 61,521,000 francs,
bringing the total outstanding up to 36,966,007,000
francs, contrasting with 36,122,745,350 francs at
this time last year, but with 38,741,679,950 francs
the year previous. In 1914, just prior to the outbreak of war, the amount was only 6,683,184,785
francs. Comparison of the various items in this
week's return with the statement of last week and
corresponding dates in both 1922 and 1921 are as
follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
St
for Week.
May 10 1923. May 111922. May 12 1921.
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
for Week.'
May 10 1923. May 11 1922. May 12 1921.
In France
Inc.
134,000 3,672,950,348 3,578.895.877 3,569,707,249
Abroad
No change
1,864,044,927 1,948,367,056 1,948,367,056
Total
Zoo.
134,000
Silver
Inc.
48,000
Bills discounted_ _ _ Dec.677,117,000
Advances
Inc. 67,473,000
Note circulation_ _Inc. 61,521,000
Treasury deposlts_Inc.
1,030.000
General deposits- _Dec. 299,117,000
5,536,995,275
292,130,400
2.557,668,000
2,196,461.000
36,966,007,000
9.139,000
1,986.658,000
5,527,262,934
282,983.949
2,339.348,920
2,311,290,554
36,122,745,350
12,262,848
2,280,156,230
5,518,074,306
271,755,361
2,628,119,505
2,208.324.989
38,741,679,950
46.272.418
2,964.531,792
Spectacular changes were again shown in the Imperial Bank of Germany's statement, issued as of
April 30. Chief among these was an expansion in
note circulation of 449,931,467,000 marks, which carried the already huge total of outstanding indebtedness up to 6,545,984,346,000 marks. A year ago it
was 139,038,498,000 marks and in 1921 70,839,768,000 marks. Discount and Treasury bills expanded
405,232,037,000 marks, bills of exchange and checks
227,924,613,000 marks, Treasury and loan association notes 100,705,623,000 marks, deposits 182,421,635,000 marks and other liabilities 100,281,406,000
marks. There were smaller increases of 139,490,000
marks in notes of other banks, 11,288,237,000 marks
in advances and 503,313,000 marks in total coin and
bullion, the bank now including aluminum,iron and
other coins in the figures. A reduction of 284,588,900 marks was shown in investments and of 12,595,137,000 marks in other assets. Gold remained unchanged, and is reported at 919,909,000 marks,
against 1,000,867,000 marks in 1922 and 1,091,498,000 marks a year earlier.
From the Federal Reserve Bank statement which
was issued at the close of business on Thursday, it
will be seen that another shift in general conditions
has taken place. In marked contrast with the substantial increase in bill holdings last week, there has
been a contraction in this respect both locally and
nationally. As to gold reserves, the System reported
a gain of $8,000,000, but New York lost gold through
the gold settlement fund to the amount of $25,000,000. An analysis of the combined report shows a decline in rediscounting of all classes of paper and in
open market purchases, with the net result a falling
off in bill holdings of $0,700,000. Earning assets
declined $43,000,000 and deposits $46,000,000. At
the New York Bank an increase in discounts of Government secured paper of $12,000,000 was shown,
with an increase in the holdings of bills bought in the
open market of about $2,000,000, but this was offset
by a reduction in rediscounting of "All other" of
$25,000,000; hence total bills on hand were reduced
$10,400,000, to $255,568,000, as against $89,956,000
last year. For the System the total is $962,009,000,
2055
in comparison with $580,103,000 at this time in 1922.
Corresponding reductions were noted in earning
assets and deposits, while the amount of Federal Reserve notes in circulation fell $5,000,000 at the New
York Reserve Bank. In member bank reserve accounts declines also have taken place-48,000,000
for the twelve reporting banks and $19,000,000 at
the local institution. The reserve ratio at New York
is 83.3%,or 0.6% higher than the previous week, and
for the System,76.1%, a gain of 0.9%.
Last Saturday's statement of the New York Clearing House.banks and trust companies was about as
expected and reflected recovery from the usual
month-end strain. There was a contraction in loans
and discounts of $14,337,000, and this was accompanied by drawing down in net demand deposits of
$12,027,000, to $3,714,683,000. This total is exclusive of $90,392,000 in Government deposits, a decline
in the latter. item of $5,186,000. As against this,
time deposits showed a gain of $10,174,000, to $505,.356,000. Other changes were comparatively insignificant. Cash in own vaults of members of the Federal Reserve Bank expanded $1,025,000, to $51,917,000 (not counted as reserve). Reserves in own vaults
of State banks and trust companies increased $354,000, while the reserves of these institutions kept in
other depositories recorded an addition of $373,000.
Reserves of member banks with the Reserve Bank
remained almost stationary, declining only $76,000.
As a result of the drawing down of deposits, however, surplus reserve was increased $1,918,490, to.
$11,335,810. The figures here given for surplus are
on the basis *of reserves above legal requirements of
13% for member banks of the Federal Reserve System but not including cash in own vaults to the
amount of $51,917,000 held by these banks on Saturday last.
The money market was devoid of striking features.
The tendency of demand loans was toward greater
ease, the renewal and loaning rate dropping to
41 2%. Time money was largely nominal, some
/
/
loans at 514% being reported. During the greater
part of the week the supply of call funds appeared to
be substantially in excess of the demand. No special
reasons were forthcoming for the easier tone of the
money market. It did not seem to be changed by the
withdrawal of $12,000,000 by the Government from
local institutions on Thursday, nor by the announcement by Secretary of the Treasury Mellon of the proposed issue of about $400,000,000 4%% notes,largely
for the redemption of Victory notes bearing the same
rate of interest. The announcement had only slight
effect; if any, on the quotations for Liberty bonds.
The further liqu'dation of stocks on Monday and the
reported decrease in the buying of steel and other
basic commodities, in addition to the deferring of
building projects involving millions of dollars, may
have contributed more to the ease of money than was
generally realized. Of course, if curtailment in these
lines should become general the demand for money
outside of Wall Street would lessen materially. Important interests favor such curtailment as has been
decided upon, particularly in new construction.
Prices for both materials and labor have become absolutely prohibitive for the ordinary individual and
small business concern, and largely so with those
having large sums of money at their command. An
unusual economic situation had developed which
2056
THE CHRONICLE
ought to be adjusted automatically by a moderate
slowing down. This would affect the money market
favorably. Considerable attention was given to Secretary Hoover's assertion that prosperity had come
to stay. While apparently the European political
situation affected the foreign exchange market, it
has not changed in a way to have an appreciable influence on our money market.
[VoL. 116.
Sterling exchange was subjected to some pressure
this week and as a result price levels were forced
down nearly 3 cents in the pound, to 4 59 13-16 for
demand bills, which is the lowest level recorded since
the early part of December, 1922, and about 12 cents
under the high record figure of 4 721 touched in
4
February last. At the close, however, the market
steadied and the final quotation was 4.62. Trading
as a whole was not especially active, and the downDealing with specific rates for money, loans on ward movement was to some extent in response to
call covered a range of 432@5%, which compares a lowering of cable rates in London. Other factors
with 4@6% a week ago. Monday the maximum of importance, however, were a renewal of buying
4
figure was 5%, while 43 % was the low and re- of securities in this market on the
part of foreign
newal basis. On Tuesday no loans were made
interests desirous of placing their funds to better
above 43 % and some were negotiated at 432%;
4
4
renewals, however, continued at 43 %. Wednesday advantage, also steady selling of exchange by
(
1 0
the range was still 432@4Y 7 and 4% the ruling British banks for the purpose of accumulating dolrate, but Thursday and Friday a flat rate of 432% lar. credits in anticipation of the approaching paywas quoted, this being the high, the low and the ment by Great Britain on its war debt to the United
renewal basis on both days. The figures here given States. Sentimentally, at least, the market was
are for both mixed collateral and all-industrials
alike. For fixed-date maturities the situation was adversely affected by the apparent lack of anything
quiet and quotations unchanged. Sixty and ninety even approximating an agreement in the Ruhr emdays and four months' money is still being quoted broglio, also rumors of the possibility of friction
at • 5@51
4%, and five and six months at 53%. between France and England over the former's acThe volume of trading was small. No large indi- tion regarding the recent German offer. While the
vidual loans were reported. The quotations here position of sterling is universally regarded as too
given represent both regular mixed collateral and strong to be
seriously depressed by European politiall-industrials.
cal troubles, the foreign situation was not liked and
Mercantile paper rates continue to be quoted at
5@ 53.4% for sixty and ninety days' endorsed bills dealers everywhere are displaying marked caution
receivable and six months names of choice character, in the matter of making commitments. Even specuthe same as a week ago, while names not so well lators took very little part in the week's dealings and
known still require 53i%. The bulk of the limited the result was a pronounced lack of demand, except
business passing is at the lower igure. Country
sharp concessions. Developments in the Near
banks were the principal buyers, but trading was quiet. at
East were hardly more cheerful; hence the market
fp Banks' and bankers' acceptances were in good
demand by institutions and also individual in- during the greater part of the time was a dull, nomvestors. New York and out of town banks were inal affair, with operators in . a waiting mood
in the market and a fairly large turnover was re- pending the outcome of the Franco-German
ported. The undertone was easy, but quotations struggle.
were at the levels of the preceding week. For
Notwithstanding all this, the general tone of the
call loans against bankers' acceptances, the posted
market continues more or less optimistic and a wellrate of the American Acceptance Council has been
reduced to 4% from 432% last week.' The Accept- defined opinion appears to prevail that, after the cusance Council makes the discount rates on prime tomary diplomatic preliminaries of playing for posibankers' acceptances eligible .for purchase by the tion, steps will be taken which should lead to a
Federal Reserve Banks 43% bid and 4% asked genuine working agreement whereby France and
for bills running for 30 days, 43lig418 for 60 Germany can be brought to terms and the well-nigh
/
%
to 90 days, 4%% bid and 43% asked for 120 days intolerable Ruhr situation removed
as a market
and 43 % bid and 4y% asked for bills running
4
influence. An interesting explanation of the profor 150 days. Open market quotations follow:
nounced drop in sterling values that has taken place
SPOT DELIVERY.
90 Days.
PO Days.
30 Days. in the last few weeks put forth by
at least one finanPrime
4W154
4
FOR DELIVERY wrrinx TIIIRTY DAYS.
cial group was to the effect that sterling values are
mber banks
bid
non-member banks
4.14 bid being allowed to sink to a lower level so
as to facilitate
foreign trade. It is claimed that with sterling so
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule far above Continental rates, British exporters are exof rates now in effect for the various classes of paper periencing great difficulty in competing with their
foreign trade rivals. However, as pointed out a
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
week ago, with money in London at close to 1%, •
MAY 11 1923.
funds will continue to gravitate toward this centre,
Paper Maturing—
and this in itself exercises a depressing influence upon
Alter 90 Alter 6
Days, Out
sterling exchange rates.
but
Within 90 Days.
Within 6 Main 9
FEDERAL RESERVE
Months. Months.
As to the more detailed quotations, sterling on
BANK.
Sects?, by
Com'rcial
Agricui.* Apricot. Saturday last moved within narrow
limits at very
U.S. Bankers' Trade
Apricot
and
and
Accep- Accep- Livestock Livestock close to the levels of the
Govt.
&
preceding day; the range for
!anal.
MUM,
Paper,
Paper. Paper.
lions.
n.e.s.
8
demand was 4 629/@4 62 7-16, for cable transfers
Boston
44
435
414
455
6
62%@4 62 11-16, and for sixty days 4 603i@
4
414
New York
4%
4%
44
Philadelphia
454
4%
44
455
6
4 60 5-16; trading was dull and nominal. Monday's
454
Cleveland
414
434
44
4%
434
44
Richmond
434
4%
44
4%
market was irregular and easier, and quotations deAtlanta
454
44
434
454
454
44
Chicago
434
434
Oi
434
434
clined to 4 61%@4 623/ for demand,4 61@4 62YI
St. Louis
434
44
434
ah
4%
434
4%
454
Minneapolis
414
454
4%
434
for cable ransfers and to 4 593.i@4 609/i for sixty
454
434
Kansas City
44
414
454
454
454
44
454
Dallas
454
4%
454
454
dzv• low r cable rates from London were held re4%
44
454
San Francisco
434
*Including bankers' acceptances drawn for an agricultural purpose and secured
e for the weakness. Increased ease developed
by warehouse receipts. &c.
uesday, which carried demand down to 4161 3-16
MAY 12 1923.]
THE CHRONICLE
2057
for cable
@4 61 9-16, cable transfers to 4 61 7-16@4 61 13-16 francs closed at 5.693/2 for checks and 5.703/2
5.75 and 5.76 a week
and sixty days to 4 59 1-16@4 59 7-16.' Wednesday transfers, comparing with
4
were 0.00243
larger offerings of commercial bills coupled with earlier. Closing rates for Berlin marks
cable transfers. Last week the
practically no inquiry, except at sharp concessions, for both checks and
finished at
brought about a break of about 13/2 cents to 4 59 13-16 close was 0.00273/2. Austrian kronen
/
the high 0.00141 s, the same as a week earlier. Lire closed
for demand-the lowest figure for the 'year;
bills and 4.833
was 4 61%, while cable transfers ranged between the week at 4.823 for bankers' sight
4
4 57 11-16 for cable transfers, as against 4.863 and 4.87% the
4 60 1-16@4 61% and sixty days between
akia fin@4 593. Dulness prevailed on Thursday, though a week preceding. Exchange on Czechoslov
at 0.47%,
better undertone was noted, and there was a frac- ished at 2.973 (unchanged); on Bucharest
0.0022,
4
/
tional advance, to 4 601 s@4 603 for demand, to against 0.48; on Poland at 0.0021, against
against 2.78 last week.
4 60%@4 61 for cable transfers, and to 4 58@4 58% and on Finland at 2.76,
1.433/2
for sixty days. Friday's market was firmer and the Greek drachma closed at 1.423/2 for checks and
comparison with 1.343/2 and
day's range moved up to 4 60 9-16@4 62 3-16 for for cable transfers, in
demand, 4 60 13-16@4 62 7-16 for cable transfers 1.353/2 a week ago.
and 4 58 7-16(4)4 60 1-16 for sixty days. Closing
As to the neutral exchanges, formerly so-called,
quotations were 4 59% for sixty days, 4 62 for
Commercial trading was dull but nervous, and rate variations
demand and 4 62% for cable transfers.
4
sight bills finished at 4 613 , sixty days at 4 59, irregular with sharp losses in Swiss and Spanish curninety days at 4 5834, documents for payment rencies, also Scandinavian exchange. Guilders like(sixty days) at 4 593/2, and seven-day grain 'bills at wise sagged, but the decline was limited to a few
4 61. Cotton and grain for payment closed at points. Swiss francs lost about 10 points; pesetas
nearly 7, while Norwegian krone, after gyrating
4
4 613 .
No resumption of the gold movement was noted, wildly, suffered another drop, this time to 16.55, a
and, so far as could be ascertained, there were no loss of more than 50 points for the week. In the final
engagements of consequence either for export or dealings a general rally took place and recoveries of
several points were noted.
import during the week.
Bankers' sight on Amsterdam finished at 39.00,
39.09, against
Dealings in Continental exchange were featured by against 38.95; cable transfers at
at 38.95, against 38.98, and
irregular weakness and new low records were estab- 39.12; commercial sight
against 38.73 last
lished in no less than four European currencies, commercial sixty days at 38.70,
Final quotations on Swiss francs were 17.9634
namely Norwegian, Swiss and Spanish. Develop- week.
2
and 17.973/ for cable transfers,
ments regarding the Ruhr, and European politics for bankers'sight bills
comparing with 18.04 and 18.05 a week earlier.
generally, were regarded as unfavorable, and French
closed at 18.673/2 and cable
francs, after a comparatively steady opening, sagged Copenhagen checks
transfers at 18.713/2, against 18.6834 and 18.7234.
off to 6.563/2, a loss of 10 points for the week.
finished at 26.54 and cable transReichsmarks were heavy throughout. In the initial Checks on Sweden
against 26.623/2 and 26.663/2, while
4
dealings the rate was 0.00273 ; subsequently there fers at 26.58,
Norway closed at 16.6434 and cable trans2
was a fractional advance to 0.00293/, only to be fol- checks on
against 16.99 and 17.03 a week before.
lowed by a fresh accession of weakness that carried fers at 16.6834,
pesetas finished at 15.2334 for checks and
the quotation down to 0.0024%. Anxiety regarding Spanish
remittances. Last week the close
Germany's precarious financial position led to re- 15.2434 for cable
and 15.243/2.
newed attempts to unload mark holdings, and there was 15.2334
CERTIFIED BY FEDERAL RESERVE
was an almost complete absence of buying support. FOREIGN EXCHANGE RATES UNDER TARIFF ACT OF 1922,
BANKS TO TREASURY
Antwerp currency followed the course of French exMAY 5 1923 TO MAY 11 1923, INCLUSIVE.
change, but Austrian kronen were unaffected by the
Noon Buying Rale for Cable Transfers in Neso.York.
Value in United States Money.
vagaries of marks and remained at close to 0.0014.
_ and Monetar Unit.
op 10. May 11.
May 5. May 7. May 8. May 9.
According to some authorities, Austria has at last
$
5
$
5
5
$
EUROPEturned the corner in her long struggle toward eco- Austria, krone
.000014 .000014 .000014 .000014 .000014 .000014
.0570
.0571
.0569
.0573
.0571
.0576
franc
.007614
nomic recovery and is now definitely on the upgrade. Belgium, ley
.007704 .007729 .0077
007707 .0077
Bulgaria,
.029711 .029706
Czechoslovakia, krone__ .02973 .020749 .029715 .029725 .1866
.1868
.1867
Greek currency was a notable exception to the general Denmark, krone
.1861
.1864
.1867
4.6234 4.6159 4.6091 4.6077 4.6156
pound
rule and displayed pronounced strength, advancing England,markka sterling 4.6258 .027717 .027628 .027636 .027525 .027503
.027761
Finland,
.0660
.0660
.0659
0664
.0660
.0666
France, franc
.000029 .000027 .000027 .000026 .000027 .000025
sharply to 1.47 for checks, which is 24 points above Germany, relebsmark
.013856
.013444 .01365 .014294 013892 .0137
.3906
.3903
.3906
.3911
.3916
.1912
the level recently prevailing; though later some of the Greece,drachma
Holland, guilder
00019 .000194 .000196 .000196 .000194 .000192
Hungary, krone
.0481
.0478
0480
.0485
.0487
.0487
2
gain was lost and the close was 1.423/. The advance Italy, lire
.1662
.1665
.1663
.1684
.1701
.1698
Norway, krone
00002 .000021 .000021 .000021 .000021 .000021
was said to be partly due to reports of negotiations Poland, mark
.0435
.0434
0435
.0439
.0434
.0435
Portugal, escudo
004796 .004797 .004794 004776 .004775 .004785
Rumania,leu
between Greece and Great Britain for a substantial Spain, peseta
.1522
.1521
.1521
.1522
.1524
.1524
.2657
.2656
2658
.2661
.2664
.2665
loan to the former, and to the fact that the law 3weden,krona
.1795
.1796
.1798
.1801
.1805
.1805
Switzerland, franc
.010496 .010525 .010538 .010528 .010528 .01049
requiring foreign currencies received from the sale Yugoslavia, dinar
ASIA
.7604
.7617
.7658
.7667
.7675
.7738
.7556
.7567
of leading export commodities be turned over to the Matta, Chefoo tad
.7608
.7617
.7625
.7688
" Hankow tact
.7404
.7417
.7470
.7486
.7495
.7521
tadl
"
.7663
.7673
Government, had been repealed. The rise is be- " Shanghai
.7717
.7725
.7733
.7792
Tientsin toe!
.5452
.5452
.5479
.5498
.5493
" Hongkong dollar__ .5521
lieved to be the result of the return of foreign balances " Mexican dollar_ __ _ .5411) .5400 .5394 .5396 .5371 .5346
.5429
which had been placed abroad to keep them from the " 71entein or Pelyang .5442 .5438 .5463 .5417 .5400 .5413
dollar
.5479
.5425
.5458
.5471
" Yuan dollar
.5475
.3097
.3102
3107
3109
.3116
Government.
.3118
Unita.rupee
.4917
.4917
.4914
.4916
.4920
.4916
yen
!span.
.5428
.5533
5456
The London check rate on Paris closed at 69.95, Singapore (S. S.) dollar_ .5456 .5456 .5456
NORTH AMERICA.980156 .980711
bills on janada, dollar
.980141 .980039 .9800
.980039
against 69.25 last week. In New York sight
.999938
999875 1.000391 1.00018 .999938 1.00025 .485625
.7.nba. peso
.48395
.484531 .48416 .4850
.4850
4
the French centre finished at 6.593 , against 6.653/2; Weak°, peso dollar
.97781 .978203
.9775
.977578 .977656 .97757
gewfoundland,
SOUTH AMERICAcable transfers at 6.60%, against 6.663/2; commercial trgentina, Peso (gold)._ .8267 .8249 .8215 8204 8155 .8141
.1036
.1040
.1043
.1048
.1056
.1057
eras11. milrels
4
.1283
sight at 6.573 ,against 6.633/2, and commercial sixty Chile, peso (paper)
.1283
.1284
.1290
.1266
.1265
.7984
.8004
.8060
.8099
.8168
.8195
days at 6.54%, against 6.603/2 a week ago. Antwerp Uruguay.peso
2058
THE CHRONICLE
With regard to South American quotations, the
trend was still toward lower levels and Argentine
checks finished at 36.00 and cable transfers at 36.10,
against 36.45 and 36.50 last week. For Brazil the
close was 10.60 for checks and 10.65 for cable transfers, in comparison with 10.65 and 10.70 a week
,earlier. Chilean exchange was firmly held and finished at 13.10, against 12.85 but Preu is still at 429.
Very little change has taken place in the Far
Eastern exchanges. Hong Kong finished at 54%@,
55, against 5474(4)55M; Shanghai, at 74%@75,
against 76(:476Y; Yokohama, 493'i@49M, against
1
48%@49; Manila, 49%@50, against 49%@509/8;
Singapore,543@,54H,against54®54%;Bombay,
31%®31Y, against 31%@31%; and Calcutta, 313/
3
3
()314, against 31%@32.
[VOL. 116.
wage for women and a child labor law (or to prevent
the overturning of State statutes to the same effect)
—a law that cannot be declared unconstitutional by
the Supreme Court. It may be difficult to thus extra-judicially pass upon a law before it is enacted,
but this does not deter those who would set up a Congress the Acts of which cannot be reviewed by a tribunal constituted in the beginning for that very pur
pose. We need not fear the early adoption of this
amendment, but agitation in this direction will go
on. There may lurk somewhere a feeling that the
powers of the States are being minimized by similar
decisions of the Supreme Court, but it will be a long
time before the Legislatures of the States will place
their respective constituencies wholly in the power of
the Congress as this sort of an amendment to the Federal Constitution would seem to do. Many decisions
The New York Clearing House 'banks in their have nullified Acts of State Legislatures, but if Conoperations with interior banking institutions have gress alone is to overcome the Supreme Court decigained $3,630,600 net in cash as a result of the cur- sion, then Congress automatically becomes the surency movements for the week ending May 10. preme power of the land and therein alone lies the
Their receipts from the interior have aggregated field of the true "progressive."
$4,689,400, while the shipments have reached $1,058,The people are aware that year by year the powers
800, as per the following table:
of the Chief Executive are being enlarged. On a
'CURRENCY RECEIPTS AND• SHIPMENTS BY NEW YORK
smaller scale and in the same bureaucratic manner
BANKING
INSTITUTIONS.
the powers of the State Executive are being increased. But we do not find that these Governors
Into
Out of
Gain or Loss
Week eadtzsg May 10.
Banks.
Banks.
to Banks.
are empowered to do more than execute the laws
Banks'interior movement
$4,889.40)
81,058,800 Gain 83,031,800
made by Legislatures, although they, like the PresiAs the Sub-Treasury was taken over by the Fed- dent, are charged with the specific duty of recomeral Reserve Bank on Dec. 6 1920, it is no longer mending legislation within their limited fields. The
possible to show the effect of Government opera- Governors have been meeting together from time
to
tions on the Clearing House institutions. The Fed- time to try to formulate methods for unifying
State
eral Reserve Bank of New York was creditor at the laws, but when they meet to recommend CongresClearing House each day as follows:
sional legislation they go beyond the implied duties
DAILY CREDIT BALANCES OF NEW YORK FEDERAL
RESERVE BANK of the office and constitute an interferenc
e with the
AT CLEARING HOUSE.
form of our representative democracy. Amendments
Saturday, Monday, Tuesday. Wednescry, Thursday, Friday,
Ayyreoate
to the Constitution of the United States are not
May 7.
May S.
May 6.
May 9.
May 10. May 11.
for Week.
_
within the keeping of the Governors of the States.
53,000,000 '2,000,000 51,600,000 130,000,000 11,000,003 58.090.000 Cr.
380,000,000 They have no direct connection with their
inception,
NOW.—The foregoir g heavy credits reflect the huge mass of checks
which come
though they may recommend adoption or rejection
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
however, reflect only a part of the Restrve Bank's operations with the balances, once these amendments have been submitted.
Clearing
Rouge Institutions, as only the items payable In New York City are
represented
What we wish here to consider is the unwarranted
in the daily balances. The large volume of cheeks on- Institutions located
outside
of New York are not accounted for in arriving at these balances, as such
cheeks do activity
not pass through the Clearing House but are deposited with the Federal
of the average office holder. We have grown
Reserve
Bank for collection for the account of the local Clearing House banks.
so, as a people, in the thought that government is the
means of our social and economic welfare that those
The following table indicates the amount of bulwho are chosen to execute the laws take it for
lion in the principal European banks:
granted that this burden falls naturally upon them,
May 10 1923.
The Governor comes to believe that he has "the LegisMay 14 1922.
Banks of
Gold.
Silver.
Total.
Gold.
lature on his hands" even as the President has ConSiker.
i
Total.
--.9
t
£
£
gress. He must do something new and novel in order
6
England _ _ 27.521,944
127,521,944 128,887,939
4
France a_ _ 46,919,054 11,682,03158,601,054 143,155,835 11,280,000 128,887,939 to fulfill his obligation.
It would be unkind to say
154,435,835
Germany - 45,995,501 63,475,40 49,470,900 49,951,58
851,210
Aus.-Hun _ 10,944,00
2,369,
13,313,000 11)944,005 2,369,111 50,802,780 that the' making of a "record"
13,313,000
is also an important
01.019,1 I I 26.536,0001127,555,000 100,886,000 25 57
Spain
, 0,111 126.458,000
:15,479,111 3,033,0001 38,512.000 34,337,000
Italy
moving cause for his activity—but politics is a very
Netherl'd _ 48,433,000
675,COOj 49,158,000 50,491,000 3,041,0:: 37,428,000
465 0
50,958,000
Nat. Bela. 10,757,00
2.463,0
„
10,684.000 1,837,000
Sw1tzerl'd _ 21,373,11: 4,174.000 25,547,000 21,833,0001 4,300,000 12,301,000 real thing with an office holder!
28,133,000
15.191.111
Sweden-..
15,191,000 15,240,000
15,240,000
If it be true that we already have "too many laws,"
Denmark _ 12,679,000
222,000 12,901,000 12,684,000
231,000 12,915,000
Norway-- 8,115.1 I
8,115,000 8,183,0001
8,183,000 the Executive must have his hands full
enforcing
Total week 584,476.49 54,629,400639,105,898 587,307,354 49,
744, 00637,051 554
2
them. Humility should teach him forbearance and
Prey. week 5.58.570,438 54.938.013643,511.451 587,212,793 49,665,700
636,878493
a Gold holdings of the Bank of France this year are exclusive ot £74,561,717
caution. He is not.the guardian of the people but of
held
abroad. b It is no longer possible to tell the amount of silver held by
the Bank
.of Germany. On March 15 1923 the Reichsbank began including In Its "Metal the laws they enact through their
representatives.
Reserve" not only god and silver but aluminum. nickel and iron coin, as
well. The
Bank still gives the god holdings as a separate item, but it3 under the new
praett e His duty begins and ends with the execution of laws.
,
the remainder of the metal reserve can no longer be considered as being silver, there
is now no way of arriving at the Bank's gm:A of silver, and we therefore carry It not the actual making of them.
The reason for "rec
along at the figure computed Nlarch 7 1923.
ommendation" is clearly confined to the fiscal and
economic affairs of the State itself, and does not
STATE GOVERNORS AND THE FEDERAL reach to the domestic and
business affairs of the peoCONSTITUTION.
ple A minimum wage for women and the employWe read that a few so-called progressive Gover- ment of child labor are emphatically economic probnors are to meet in conference to frame an amend- lems, however "humane" these problems may be, and
ment to the Federal Constitution that will give Con- are only admissible to legislative control on the
gress the power to pass a law providing a minimum theory that the State is paternal.
MAY 12 1923.]
THE CHRONICLE
2059
It is therefore wholly consistent with economy to
That. a handful of State Governors should conthe use of sugar. If there be, then, in fact a
ceive it their duty to frame an amendment to the Fed- save in
" if there be an artificial scarcity through
eral Constitution setting Congress above the Court "corner,
the effect of the saving will sooner or
is a form of "progressivism" that savors of socialism. manipulation,
In fact, if scarcity be a cause of
It is using the power of the State to reduce the power later reduce price.
limitation in use will have the same effect
of the State; for if Congress can override one law it high price
discernible. And in either case
can another, and the way is clear for the complete though not so easily
pass without harm. What
domination of Congress over the Legislatures of the the pinch of high price will
world one must do without;
States. Failure to enact these semi-socialistic meas- one cannot have in this
is a long series of econoures by the States is invitation to approach Congress and life for most persons
is when price is high—the
made thus supreme over all. Is it to be forgotten mies. The time to save
into a larger quantity of
that the Supreme Court as interpreter of the dual saving may be transformed
product. Life also is a series
Government is the protector of State against nation some other necessary
balances that the equias it is of nation against States? Such an amend- of compromises—a series of
ed.
ment would at once destroy the co-ordination of the librium of well-being be maintain housewives of the
y movement of the
This voluntar
three branches of the Federal Government as well as
tion of sugar meets
to annul the duality of the entire fabric of represen- country to curtail the consump
as
the approval of Secretary of Commerce Hoover
tative democratic rule.
brings us
direction." And this
We need to insist that our servants in office do not being in "the right
•
to the thought that the buyer always holds the reins
become our masters. Office is not an instrument for
saving in sugar
hubbub over
the enactment of pet theories of government. It is of power over price. A
may create a "scare" that will prevent manipulation
not a personal prerogative or power. It is to be
people will never pay inordifilled according to the letter and spirit of the law, further. But a frugal
substitutes fail or are
not as the means to new laws. Even a legislator, if nate prices for anything. If
in time, will produce the
,
he be true to his representative capacity, must be not easily found, economy
production
and want for a law be- desired effect. The tendency of human
sure there is a popular need
m in price through the maxifore he seeks to put it on the statute books. We are is toward the minimu
the long run he who has the
fast coming to live under an autocracy of office hold- mum in quantity. In
to sell will sell cheapest. Limitation of acreers bent upon ruling the people either by party most
to the greatest good to the greatstrength or political policy. And as for amendments age is thus contrary
est number.
to the Constitution, we need very few of them; and a
By the same token of "consistency" the Federal
more vigorous interpretation of the spirit of the
Government is prohibited from lending the color of
Great Charter as the protector of personal rights.
official sanction to any movement designed to establish price. It ought not to "make" price; it has nothTHE"BOYCOTT" ON SUGAR.
ing to do with influencing price. It is not a monitor
are more over the daily doings of the people. It cannot say
It is contended, sometimes, that women
extravagant than men. A.n idle phrase, certainly, this is frugality, that extravagance. Any color of
unless more exactly defined. The thrifty housewife attempt to establish price in one article of use or
has probably saved more of the wages of labor than consumption is interference in the natural trend tothe worker himself, if we consider the average home ward equilibrium in all prices. The Government that
alone. And those who are willing to throw up their protects the individual in his freedom to live by his
hands and quit for an indefinite time at the behest,of own talents passes beyond its natural and intended
a union; to take a "vacation"; to "cease to work"; jurisdiction when it says this may be eaten in quanmust know that only the toil and thrift of the good tity, that may not. Again—frugality will make
housewife has kept the wolf from the door in many a every people rich.
The word "boycott" is harsh. It seems to imply
struggle. The savings in the home do not always
translate into dollars in the bank. Sometimes the concerted action to coerce. It may be justifiable in
margin of living in a large family is too small. But emergencies, but even then it is questionable. But a
the little economies go to make up the health and voluntary movement to be sparing in the use of an
comfort that are inseparable from continued employ- article of commerce may be without malice. The
ment for the wage earner. The ministrations of the "boycott" takes no note of the interests of those who
tender and tireless hand of the mother are beyond deal in the necessaries of life. If it springs up due
to the spread of false news as to scarcity or quantity
price.
inWe say this by way of preface- to the recent state- it may work great injury to those who have heavy
vestments made with the reasonable expectation of
ment of the President that the women are entirely
tion.
insistent" in refusing to buy sugar until the price continued use at an average ratio of consump
the Perhaps there is no more reason for women's clubs to
comes down. The housewife as buyer holds
a
purse-strings and consequently the price-strings to spread the "alarm" than for Government to advise
is course of action. But a sort of communal resolve by
many an article of daily consumption. There
scarcely anything in use, be it said by the way, for housewives to limit use can hardly be complained of
which a substitute may not be found. Perhaps sugar if done for economy's sake with full knowledge of the
price.
Comes as near being indispensable as any of the home effect this will have on
The important lesson to learn from a circumstance
the human
necessaries. Even so, it is required by
system in relatively small quantities. Sweets in their of this sort is that each person by thrift and economy
for
multiform variety are luxuries. They please the pal- duly practiced at all times exerts an influence
and this withate, and in large quantities are generally held to be good in establishing reasonable price,
ways is
deleterious to health. In the home the housewife out self-harm. Domestic economy in many
fashion controls. Too
measures out the main part of the sugar consumed, almost a lost art. Too much
is
much custom controls. Too many follow life as it
except candies.
2060
THE CHRONICLE
[VoL. 116.
conjecture, awaiting "developments." A part of
those developments is the return of a lot of striking
stone cutters, to submit to "arbitration" (so-called)
their demand for $2 more. As one builder puts it,
the bricklayer is but one in a long procession; the
painter, the plasterer, the plumber, the steam fitter,
the tile-layer, and the rest all fall in, not only piling
up costs, but so delaying work that buildings cannot
be finished according to the time contract; as the
"Chronicle" has pointed out repeatedly, all this mutiny spreads by example, and as the wage exacted
rises the work done decreases. The blame continues
to be passed around. The head of the Building
Trades Council affirms that 63 cents out of the dollar of construction cost go to the makers of building
material and only 37 cents go to labor, and he offers
a pleasant challenge that he will be glad "to propose
to the new Building Trades Council a prohibition of
exorbitant wage scales" if the building material makers and the contractors will take similar action.
What is an exorbitant wage scale is still left open to
HALTING BUILDING OPERATIONS BECAUSE
determination, presumably by those who receive it;
OF INTOLERABLE COSTS.
on the other hand, the head of one concern offers, on
According to the report of the Superintendent of behalf of building material dealers and brick retailthe Bureau of Buildings, the plans for new construc- ers in particular, to open their books to any respontion filed in this city in the first four months of this sible inquiry and return any high profits discovered;
year showed an increase over 1922 of 117 in number he thinks his class of business men would gladly
be
and a little over two millions in cost, but in April limited for the rest of their lives to a guaranteed 5%,
alone there was a falling-off of 20 in number and a and the news story appends the remark that
outside
little over a half-million in cost. Probably a decrease his windows crews were then unloading brick from
is not to be deemed of itself an unfavorable symptom, barges at a wage of $25 a day.
and certainly it should not be if it can be interpreted
Particularly since the war period began, union
as due to a lightening of the feverish desire to crowd labor has been proceeding upon the assumption that
into great cities; but other reasons for it are more world trouble and public extremity meant labor opplainly at hand. What.Mr. Stewart Browne, head portunity; the forcibly closed shop, a periodical inof the United Real Estate Owners' Association, crease in wages, and a periodical decrease in producthinks about the effect of the temporary tax exemp- tion have been its three great objectives; plenty in
tion which was prominent among the emergency laws money and scarcity in all else have been the union
and has been extended by the late session is of inter- idea of union prosperity, and as for the prosperity
est. The intended object of encouraging new con- and welfare of the strike-breakers and the other nonstruction, he says, has been attained to the extent of workers outside of unions, unionism has not cared.
$322,621,385 in such construction, of which $244,- Over and over we have pointed out that all this is
170,325 is tax-exempt, but the other object of prevent- ecohomic falsehood, and have urged—with
reiterated
ing a rise and inducing a fall in rents has been ac- earnestness of late—that the
time has come not only
complished slightly "from the top downward but not for a firm stand against re
-inflation of wages, but
from the bottom up." The higher prices have been for a serious and thoughtful
effort by employers to
cut somewhat, but the lower ones, which were most counteract, by a presentation
of economic truths, this
important in any view of the p pular welfare, as an long mis-teaching by union
leaders. It is encouragemergency objective, have not been touched. Some ing to note indications that a
movement to this end,
speculative builders may have been benefited, "but which doubtless has long been
going on quietly, seems
many have lost their shirts, as they can't sell." The to be taking new force.
At one group meeting, on
doubts as to the real value and permanent expediency Tuesday, of the session of the
U. S. Chamber of Comof coercive emergency measures have not been re- merce, which
has drawn a large attendance to the
moved.
city in the past week, the head of the Bridgeport
A halt in building, moreover, not only seems im- Brass Co., by
talk and by use of series of colored
minent but has begun. On Monday the trustees of blocks, showed
how such topics as the function of the•
Columbia University voted "temporarily" to suspend dollar
in company with buying and selling, in wage
their ten-million building program, and the Thomp- relations
and otherwise, is illustrated to the workers
son-Starrett Company followed by deferring work in his plant. He said this is done, in part,
in reon a large contract until conditions are stabilized; sponse to a desire of the workers to know about such
an orphan asylum similarly laid aside its plans for matters, and said the company is trying to make the
a new building; the telephone company's new 29- worker understand his share in the finished article
story central office and administiation building of product. Why not? Is not this suggestive and
which was to start next month and to cost over 11 also encouraging? If economic truth is absolute,
millions, has been halted, "in the 4
iope that the cost like the truths of mathematics, it must be assumed
of building work may become more reasonable," and that the union member—who does not lose his natthe total of projects which have recently been sus- ural mental ability merely by being deceived into surpended has been veriously entimated as from 21 to rendering it to union control—is capable of seeing
50 millions; whether this kind of "buyers' strike" things when they are shown him. To undo and comwill bring a general halt of building is a matter of bat falsehood, exhibit truth.
made for them by the paramount desires of others.
Tom, Dick and Harry, neighbors and townsmen of
repute, possess this new fad, and so must every one
who would be in "the swim." And the inordinate demand advances the price. Supply will thus to some
extent follow demand up and down the scale. Frugality is thrift; thrift saves and brings increase; and
the spirit of a people to have and to hold the best of
things in moderation tends to keep the prices on an
even keel. If every person would conclude that the
use of sugar on the home table and in the canning
and preserving of fruit is paramount to its use in
candy, the price would not have opportunity to run
away as it does now. Not that this is imperative—
nor even desirable; but it illustrates the relation of
consumption to price. It is the temperate and persistent employment of economy by the individual and
family that holds down and equalizes price. This is
always to be desired.
MAY 12 1923.]
THE CHRONICLE
2061
are some things which
Is it not now time seriously to undertake and carry reasonable enough, yet there
the law forbids and must forbid even a licensed phyon that showing?
sician to do. Judge Knox does not in terms mention
this inconsistency, but he goes back to the Senate
MEDICINAL USE OF ALCOHOLIC
THE
committee report,in 1917, recommending submission
LIQUORS.
of the Amendment,and quotes from it the incidental
Federal Dis- opinion that under it alcohol as a beverage would
The decision of Judge Knox, in the
trict Court, granting the application of a prominent probably disappear in a generation or two,"but its
physician for an injunction restraining the prohibi- use as a medicine and in the arts would not be intertion officers fr6m interfering with the practice of his fered with."
Of course there is always the possibility that a
profession according to his own best judgment, comes
other incidents are converging atten- medicinal use may extend close to or even cross the
at a time when
tion upon the subject. It is a matter of public knowl- vague line between medicine and beverage. The carvedge that physicians have long been restive under the ing-knife may be turned into an offensive weapon;
restrictions laid upon them and have protested the muscular arm may be used for assault or murder;
against them. Going to the amendment itself, we an innocent combination (as was observed,long ago,
find all its provisions limited and qualified by the in the "Northern Securities" case) could be used
three words "for beverage purposes," but the Vol- wrongfully; yet if ability to do wrong is not held disstead law outran the Amendment in a number of par- tinct from and awaiting the doing of wrong everyticulars. To "furnish, receive, have, or possess" in- body is under ban as a potential criminal. The dantoxicating liquors was forbidden; the provisions of ger in this matter, says Judge Knox, must be met by
the Constitution regarding searches have been either regulations; those may be of the most stringent chardisregarded or interpreted with great liberality; and acter. "but must, in my opinion, fall short of an acin respect to the use of alcohol in medicinal practice tual prohibition against the use of liquor to the expharmacists must be licensed to dispense it upon pre- tent demanded by the reasonable necessities of the
scription, physicians must be licensed to prescribe it proper treatment of known ailments."
The case will, of course, go forward to the Supreme
before they can do so, no prescription shall be filled
more than once, and the quantity is limited to a pint, Court, whose action cannot be forecasted. Yet it is
which cannot be ordered for any one person oftener noteworthy already in two respects: it illustrates
than once in ten days. Not all physicians have ob- anew the tangle which excess produces and it is not
tained this license, because not all have faith in the placed upon any point of constitutionality; on the
medicinal value of alcohol, and some regard these in- contrary, it is in line with the dissent of Justice
terferences resentfully, as does the physician in the Sutherland in the ships' liquor case. Each of these
present case.
two jurists does not deny—at least, in terms—the
Knox recognizes that doctors are not agreed power of Congress to go to the lengths seemingly deJudge
as to the medicinal value, and he cites a question- manded by the most zealous of reformers, but holds
naire addressed to some 30,000 of them, who seemed that Congress must make such meaning unmistakby their answers to be closely divided, 51% pro-alco- ably plain and has not yet done so.
hol and 49% against it. So, of course, he offers no
opinion, but grounds his decision upon necessary im- RAILROAD GROSS AND KET EARNINGS FOR
plication of the intent of the Amendment. If, in a
MARCH.
given case, the legitimate and real need of a patient
Returns of railroad earnings for the month of
for more tlian the statutory quantity is denied, "he
compilations further along
is subjected to a prohibition that certainly is not March, as shown by our
g the effects of the bad
within the terms of the 18th Amendment and which, in this article, while reflectin
that month, make a betas easily may be imagined, might subject him to se- weather experienced during
exhibits for the month of
rious consequences, if not to death itself." While ter showing than did the
larger gain in the gross than
use of regulatory power in the public interest fre- February. There is a
and amount,
quently causes individual hardships, he holds that in the month preceding, both in ratio
is this time slight improvement
one chief object is to preserve health, not to destroy and in the net there
. The conspicuor jeopardize it; he therefore feels "that persons are as against a falling off in February
ous feature, nevertheless, is still the great augmentanot to be deprived of the use, when required, of such
medicines as are proper and necessary for their relief, tion in expenses, ascribable very largely to the severe
that
e,
unless authority for such deprivation has expressly winter weather, with this differenc however,
It would not seem to be a whereas in February the increase in the expenses
been conferred. . . .
, in
function of Congress, particularly under the Amend- overtopped the increase in the gross revenues
were, the domain of medical March, on the other hand, the addition to the exment, to invade, as it
authority, and to deprive patients of that which they penses falls somewhat below the gain in the gross,
in
need and on every principle of right and justice are leaving, as already noted, a slight improvement
me it seems reasonably clear that the net, which is to be noted as an encouraging feaentitled to have; to
for
the right of the public to have available for its use, ture, inasmuch as it was supposed the showing
an adequate supply of a valuable March would be fully as unfavorable as had been that
when required,
therapeutical agent transcends the present power of for February. Stated in brief, our March tabulagross
Congress to decree otherwise, upon the basis of ex- tions show an increase of $59,806,190 in the
$56,386,86.6
earnings attended by an augmentation of
pediency or policy."
expressing his satisfaction over the result of the in the expenses, leaving the net better by $3,419,324,
In
of last
injunction application, the head of the Academy of or 3.01%, than in the corresponding month
y good. In tabMedicine calls it "a contradiction in law to license a year, when the net had been unusuall
for the two
doctor to practice medicine and then have the Gov- ular form the comparison of the totals
ernment tell him how he could practice"—a comment years is as follows:
THE CHRONICLE
1922.
Inc.(+) or Dec.(—).
Morahof March(192 Roads)—
1923.
—46 0.02%
235,470
235,424
Mlles of road
$533,553,199 8473,747,009 +859,806,190 12.63%
Grom3 earnings
416,436,077 360,049,211 +56,386,866 15.66%
Operating expenses
[VOL. 116.
As affecting the comparison of tonnage with last
year and also the gross revenues, it should be remembered that the coal movement in March 1922 was
$117,117,122 $113,697,798 +53,419,324 3.01%
,Net earnings
swollen by reason of the prospective strike at the
In nearly the Whole of the northern half of the unionized coal mines throughout the country which
country quite unusual weather conditions were ex- it was known would be a certainty beginning with
perienced during the month the current year. Here April 1 of that year. The result was that the quanin the East in the last week of the month the Weather tity of coal mined was heavily increased, as comBureau in this city on several days reported the low- pared with what it would have been under normal
est March temperature records during its existence. conditions, considerable stocking up in anticipation
And the cold persisted right up to the close of the of the event being done. At the same time business
month. On the night of March 31-April 1, the latter revival was already beginning to make its influence
being Easter, the official thermometer registered a felt, though not to the extent witnessed later in the
temperature of as low as 12 degrees above zero. In year. In reviewing the results for March 1922 we
the past the temperature in this city on Mar. 31 has noted as a new development an increase in the gross
never been below 25. Furthermore, dispatches from earnings, being the first improyement in the gross in
Washington, D. C., reported the coldest 1st of April any month for a long time. The increase was only
ever experienced at many points east of the Missis- moderate, amounting to $16,059,426, or 3.51%, but
sippi River, with the mercury in Washington down this year's gain in the gross is in addition to that gain
to 15 degrees, 7 degrees under the record set April 19 in March last year.
1875, and lower than ever registered after Mar. 21
In like manner this year's improvement in the net,
in any year since the establishment of the Washing- though small, is given added significance by reason
ton Weather Bureau in 1870. On the other hand, in of the very large improvement in the net recorded in
Oregon and the State of Washington, all heat rec- March 1922 and to which the 1923 improvement is
ords were broken the last week of March, with tem- therefore additional. At that time a year ago operperatures at 82 in Portland, Ore., and 8112 at Van- ating expenses were still being contracted in marked
/
couver, Wash., etc. But the cold was not so much of degree, and the gain of $16,059,426 in the gross was
a drawback as the snowfalls and the snow blockades. attended by a reduction of $38,577,773 in the exAdded to the numerous snow storms in February penses, the two together consequently yielding an
which so seriously increased operating costs, more improvement in the net of $54,637,199. The extent
particularly in New England and northern New York, of the improvement thus effected in the net may be
there were other snow storms during March, some of judged when we say that in ratio the increase reached
these in the West attaining the,dimensions of bliz- almost 93%. In view of this large saving in expenses
zards. The result was that virtually everywhere out- last year the rise in the expenses the present year
side of the South, which is in enjoyment of unusual cannot be deemed surprising, especially considering
prosperity, both by reason of the high price of cotton the extra outlays entailed by adverse weather condiand the activity of the iron trade, operating costs tions and bearing in mind also the disposition to inwere heavily augmented. That the addition to ex- cur heavy maintenance outlays so as to have roadbed
penses, because of that circumstance, and also in and equipment in shape to handle the tremendous
face of heavy maintenance outlays, should have traffic counted upon later in the year as a result of
fallen well below the gain in the gross earnings, is an the continued growth in business activity and the
agreeable surprise.
farther revival of trade. Expenditures for mainteWhile the improvement in the gross, as we have nance of equipment in March this year exceeded
already seen, was $59,806,190, or 12.63%, in March, those last year by nearly 19%. As showing that rein February it was only $44,745,531, or 11.18%. sults were obtained from these extra outlays, the
With reference to the gain in both months, it should Bureau of Railway Economics at Washington points
be borne in mind that the 1923 revenues are based on out that during the month the railroads reduced by
lower schedules of freight rates. On July 1 last 9,240 the number of freight cars in need of repairs
year it will be recalled, on order of the Inter-State and by 905 the number of locomotives in need of re
Commerce Commission, the carriers were obliged to pairs. The carriers had some slight benefit from the
put into effect a horizontal cut in freight rates of lower wage cales put into force on July 1 last year
10% applicable to all the railroads of the country in the maintenance of way department and in the
and to all commodities except grain, grain products railroad shops, as well as among some minor groups
and hay in Western territory, where a reduction of of employees. This has been estimated to average
/%
1612 had been operative since Jan. 1 1922. This 7@8%, but it could count for little alongside the
horizontal Cut of. 10% continued through the whole increase in expenses arising out of the other causes
of the last six months of 1922, and, of course, it is mentioned, even supposing that this saving in wages
still in effect, and therefore counts as a factor in the was not neutralized by the disorganization of the
comparisons with the first half of last year. Obvi- force of employees resulting from the shopmen's
ously, except for this cut in freight rates, the addi- strike of last summer,from the effect of which many
tions to gross revenues would have been much larger. roads are still suffering.
Incomplete reports to the Bureau of Railway EcoIn considering the expense accounts, it should be
nomics at Washington indicate that the freight traf- noted, too, that not only were expenses heavily curfic of United States roads in March 1923 approxi- tailed last year but that there was also a substantial
mated 39,000,000,000 net ton miles, the largest for reduction in March 1921, when, to be sure, there was
that month on record, and an increase over March of a tremendous shrinkage in the volume of traffic,
the previous year of about 19%. The significance of owing to the depression in trade, which was then asthat fact in its bearing on rates lies in the fact that suming growing magnitude, but when also the carthe increase in total gross revenues has been, as al- riers were still contending with rising wage schedules—the Labor Board's award of a 20% increase in
ready shown, only 12.63%.
T H I CHRONICLE
MAY 12 1923.]
wages made the previous July not yet having fully
spent its effects. In brief, our tabulations in March
1921, because of the saving in expenses, recorded
$18,656,316 increase in net, in face of $1,483,390 decrease in gross. In March 1920 also our figures had
shown a gain in net, so that, speaking of the roads
collectively, the net has now been rising for four successive years. On the other hand, prior to 1920
March net had been steadily dwindling for a long
period past, until the amount had got down to very
small proportions. For instance, in March 1919
there was a loss in net of no less than $52,414,969 in
face of an increase of $10,676,415 in the gross earnings, and furthermore, March 1919 was the third successive year in which the March expenses had risen
to such an extent as to wipe out the gains in gross
receipts-hence producing a cumulative loss in net.
Thus in March 1918, with $50,484,357 addition to
gross earnings, there was $55,232,827 increase in expenses,leaving a reduction in net of $4,748,470, while
in March 1917 our compilations registered $27,249,215 gain in gross attended by $35,160,455 increase in
expenses, leaving $7,911,240 loss in net. 'For these
three previous years combined, therefore, while gross
earnings rose $88,409,987, expenses moved up in the
huge sum of $153,484,666, thus reducing net (in face
of the great growth in revenues) no less than $65,074,679. In the following we give the March totals
back to 1906. For 1911, 1910 and 1909 we use the
Inter-State Commerce figures, which then were
slightly more comprehensive than our own (though
they are so no longer), but for preceding years, before the Commerce Commission had any comparative
totals of its own, we give the results just as registered by our own tables each year
-a portion of the
railroad mileage of the country being always unrepresented in the totals in these earlier years, owing to
the refusal of some of the roads then to give out
monthly figures for publication.
Grass Earnings.
Year.
Year
Given.
*-
(+)or
(-).
Year
Inc.
Preceding. Dec.
Year
Given.
Net Earnings.
(+)
Inc.
Year
or
Preceding. Dec. (-)•
March.
$
$
1906
129,838,708 116,861,229 +12,977,479 40,349,748 35,312,906 +5,036,842
+63.814
1907
141,502,502 128,600,109 +12,980,393 40,967,927 40,904,113
1908 ___ 141.193,819 162,725,50
21,531,681 39,328,528 45,872,154 -6,543,631
1909
205.700,013 183.509,935 +22.190,078 69.613,713 55,309.871 +14,303.842
1910 ___ 238,725,772 205,838,832 +32,887.440 78,322,811 69,658,705 +8,664,106
1911
227,564,915 238,829.705-11,264.79 69,209,357 78,357,486 -9,148,129
+848,494
1912
237,564,332224,908,654 +12,955,67 69,038,987 68,190,493
1913
249,230,551238,634,712 +10,595,839 64,893,146 69,168.291 -4,275,145
1914
250,174,257249,514,091
+660,166 67,993.951 64,889,423 +3.104.528
1915
238,157,88l253,352,099-15,194,21s 68,452,432 67,452,082 +1.000, 5
30
1916
296,830,408 238.098,843 +58.731,563 97,771.590 68,392,983 +29,378,627
-7,911,240
1917
321,317,560294,068,345 +27.249.215 88,807,466 96,718,7
1918
362,761,238 312,276,881 +50,484,357 82,561,336 87,309,806 --4,748,470
1919 _- 375,772,750 365,096,335 +10.676,41 29,596,482 82,011,451-52 414,969
1020
408,182,407 347,090,277 +61,492,190 40.872,775 27,202,867 -1-13,669,908
1921
456,978,940458.462,330 -1,483,39 58,538,958 39,882,602+18,656,316
1922
473,433,886 457.374.460 +18,059,426 113,468,843 58,831,644 +54,637,199
1923
533,553,199 473.747,009 +59,806,190 117.117,122 113,697,798 +3,419,324
Note.
-Includes for March 96 roads In 1906: 94 in 1907 in 1908 the returns were
based on 152,058 miles of road; In 1909,233,702; in 1910. 239,691; In 1911, 244,081;
In 1912, 238,218; in 1913, 240,510; in 1914, 245,200; in 1915, 246,848; in 1916.
247,363; in 1917, 248,185; In 1918, 230,336; in 1919, 226,086; in 1920, 206,319; in
1921, 234,832: In 1922. 234,986; In 1923, 235,424. Neither the Mexican roads nor
the coal mining operations of the anthracite coal roads aro included in any of these
totals.
Considering now the returns of the separate roads,
we have a long list of increases in the gross, many
of them for large amounts, while the decreases are
few and relatively unimportant. In the net the increases and decreases'are nearly equally divided.
The New England roads again make a very unfavorable showing, the cumulative effect of the snow being
responsible for this. The anthracite carriers as a
group also again have done poorly, the Lackawanna,
the Central of New Jersey and the Delaware & Hudson having all sustained heavy losses, though on the
other hand the Reading continues an exception to the
rule and shows a gain in net as well as in the gross.
2063
As far as other groups are concerned, Southern roads
have done unqualifiedly well, the reasons for this
having already been given, namely the prosperous.
condition of the South as a result of the high price
of cotton and the activity of the iron trade. The
Chesapeake & Ohio and the Norfolk & Western, however, included in this group, have fallen behind in
their net. In the case of roads in the West, the Middle West, the Southwest and on the Pacific Coast
the results are more or less irregular, with certain
systems like the New York Central and the Baltmore.& Ohio, among the trunk lines, and the Atchison, the Southern Pacific and the Milwaukee & St.
Paul among Western trans-Continental lines, showing substantial improvement in the net, while on the
other hand the Pennsylvania Railroad, the Rock
Island, the Burlington & Quincy, the Northern Pacific, and some others, show larger or smaller losses
in the net. The New York Central heads the list of
gains, both in the gross and in the net, with $7,731,123 addition to the former and $2,499,299 to the net.
This is for the Central itself. Including the various
auxiliary and controlled roads, the whole going to
form the New York Central Lines,the result is a gain
of $12,352,895 in the gross and of $3,893,636 in the
net. The Pennsylvania Railroad on the lines directly
operated, both east and west of Pittsburgh, reports
$4,708,066 gain in the gross, but $2,135,999 loss in the
net. For the whole Pennsylvania System, there is
$5,028,971 increase in gross with $2,198,813 decrease
in the net; expenses increased $7,227,784, and of this
$4,903,699 is found under the head of transportation
and $2,066,061 in the maintenance accounts. In the
following we show all changes for the separate roads
for amounts in excess of $100,000, whether increases
or decreases, and in both gross and net:
PRINCIPAL CHANGES IN GROSS EARNINGS IN MARCH.
Increase.
Increase.
New York Central
1$7,731,123 Chic R I & Pacific (2)
-- $280,310
274,902
Pennsylvania RR Co.. a4.708,066 Norfolk & Western
263,633
4,132,531
4,132,551 Florida East Coast
Baltimore & Ohio
247,008
2.668,460 Chicago & Eastern Ill
Illinois Central
243,313
Atch Topeka & S Fe (3)_. 2,472,573 Chic Ind & Louisville
241,927
2,305,471 Rich Fred & Potomac
Southern Pacific (8)237.453
2,216.172 Long Island
Erie (3)
200,960
2.147,651 Chicago Great Western_
Southern Railway
2.004,201 Texas & Pacific
197,086
Michigan Central.
185.349
Chicago & North West_ - 1.755,400 Union RR of Penn
1.622.474 Indiana Harbor Belt_ _ _ _
174,640
Great Northern
165,097
Chicago Milw & St Paul 1.426,451 Detroit Gr Hay & Mflw
Pittsburgh & Lake Erie_ 1.400.076 Central RR of N J
162,556
1,297,905 El Paso & Southwestern
159,835
Atlantic Coast Line
1,085,710 Detroit Toledo & Ironton
159,585
N Y N .fl & Hartford
987,538 Virginian
Philadelphia & Reading_
150.003
974.091 Chesapeake & Ohio
147,112
Louisville & Nashville.
132,998.
925,362 Alabama Great Southern
Clev Cin Chic & St Louis
125.281
843,904 Western Pacific
Chicago Burl & Quincy_
122,931
762.168 Carolina Clinch & Ohio_
Seaboard Air Line
122,767
•
700,435 Rutland
St. Louis-San Fran (3)
120,842
662.044 Norfolk Southern
N Y Chicago & St Louis
118,133
647,824 Duluth Winn & PacificUnion Pacific (4)
117,493
593,402 Cincinnati Northern_ _ _ _
Northern Pacific
116,483
586,500 Georgia
Cin New Orl & Tex Pac108,005
581,634 Gulf Mobile & Northern
Missouri Pacific
576.999 Buffalo Pc Susquehanna_
101,139
Minn St P & S S Marie_
552.804
Boston & Maine
Representing 89 roads
522.577
Grand Trunk Western_ In our compilation...$5S,554,630
520.596
Buffalo Rod & Pittsb- _
h
Decrease.
509,067
Western Maryland
$541,993
Central of Georgia
496.217 Lehigh valley.
301.718
476,599 Colorado& Southern (4)
Pere Marquette
284,389
Bessemer & Lake Erie.- 456,821 Delaware & Hudson_ __ _
244,272
Nashv Chatt & St Louis
453,596 Bangor & Aroostook. _ _
Del Lack & Western
191,523
448,853 Central New England.._ _
St Louis Southwest (2).
160,425
442,767 Ann Arbor
Mobile & Ohio
129,793
409,185 New York Connecting_ _
Toledo St L & Western_
121.892
379,266 Monongahela
Elgin Joliet & Eastern
110,458
373,444 Chicago Peoria & St L._
Los Angeles & Salt Lake
466,084
Wabash
Representing 12 roads
337,731
Mo Ran & Texas (2)...
in our compilation__ $2,086,463
316,017
Note.
-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the separate roads so as to make the results conform as nearly as possible to those
given in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, Pittsburgh Cincinnati Chicago & St. Louis and
Grand Rapids & Indiana), the Pennsylvania RR. reporting $4,708,066
Increase. For the entire Pennsylvania System. including all roads owned
and controlled, the result is an increase in gross of $5,028,971.
b These figures cover merely the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the whole going to form the New
York Central System, the result is a gain of $12,352,895.
PRINCIPAL CHANGES IN NET EARNINGS IN MARCH.
Decrease.
Increase.
$618,706
New York Central
552.499.299 Central RR of N
611,902
Atch Topeka & S Fe (3) 1.785.164 Boston & Maine
552,759
Baltimore & Ohio
1,436,370 Mo Kan & Texas (2)__ .
534,506
Southern Pacific (8)- - -- 1.031,566 Chic R I & Pacific (2)..
Michigan Central
481,655
1.007,827 Cloy CM Chic & St L_ _
Pittsburgh & Lake Erie472,533
909,003 Chicago Burl & Quincy_
Southern Railway
461.674
905.799 Denver & Rio Gr West_
Louisville & Nashville__
380.699
625,623 Missouri Pacific
Chicago Milw & St Paul
378,138
623.587 Chicago & North West_
Atlantic Coast Line
377,428
593.807 Northern Pacific
Philadelphia & Reading_
335,966
414,486 Colorado Southern (4)_ _
Grand Trunk Western
325.345
375.871 NYNH& Hartford__ _
St
-San Fran (3)__ _
310,032
375.244 Chesapeake & Ohio_ _ _
Nashv Chats & St Louis
349.625 Delaware & Hudson__ _ _
291,725
Cin New On & Tex Pac
339,592 Bangor & Aroostook_ __ _
276,892
Toledo St Louis & West..
325.374 Hocking Valley
276,496
Illinois Central
268,263
254.171 Central New England_ _
Bessemer & Lake Erie_ _
262.839
241.678 Union Pacific (4)
240.947 Elgin Joliet & Eastern _
Florida East Coast
231,991
• 224.430
Los Angeles & Salt Lake
197.003 Norfolk & Western
St Louis Southwest (2)162,637 Ann Arbor
194,741
156.064 Monongahela
Erie (3)
194,532
Mobile & Ohio
148.020 New York Connecting_ _
1:73.844
140,564 N Y Ontario & Western_
Central of Georgia
152,421
140,278 Maine Central
Virginian
141.495
132,814 Minn St P & S 8 Marie_
Wabash
122,345
125,449 Chic St Paul Minn & Om
Rich Fred & Potomac._ _
114,673
117.325 Yazoo & Miss Valley_
Western Pacific
111,043
Denver & Salt Lake_ ._ _
107,192
Wheeling & Lake Erie
Representing 42 roads
106,980
In our compilation_ _$15.655.187 Atlantic & St Lawrence_
106,380
Decrease. Chicago & Eastern Ill...
104,017
Pennsylvania RR Co_ _ _a$2,135,999
Representing 43 roads
Lehigh Valley
1,121.645
In our compilation..-$13,285,464
Del Lack & Western... _
724.178
Louis
a This is the result for the Pennsylvania RR. (Including the former
Pennsylvania Company, Pittsburgh Cincinnati Chicago & St. Louis and
Grand Rapids & Indiana), the Pennsylvania RR. reporting 82,135,999 decrease. For the entire Pennsylvania System, including all roads owned
and controlled, the result is a decrease in net of $2,198,813.
b These figures merely cover the operations of the New York Central itself. Including tho various auxiliary and controlled roads,like the Michigan
Central. the "Blg Four." Sm., the result is an increase of 83,893,636. •
Arranging the roads now in groups or geographical divisions, according to their location, we find
what would be expected in view of what has already
been said, namely that every geographical division
shows an improvement in the gross, but that all the
different divisions register a decrease in the net, with
the exception of the Middle Western, the Southern
(including the roads east of the Mississippi and
south of the Ohio River) and the group of roads bordering on the Pacific Coast. In the case of the New
England group the loss in the net is very heavy,
amounting to over 32%, but is nevertheless far better than in February, when the shrinkage in the net
reached over 72%. Our summary by groups is as
"follows:
SUMMARY BY GROUPS.
Gross Earning
Seaton or Group.
1923.
1922.
Inc.(+) or Dec.(-)
March3
Group 1(9 roads), New England
23,395,083 21,912,413 +1,482,670 6.77
Grcup 2(34 roads), East Middle
177,699,646 155,823,138 +20,867,503 13.31
Group 3(27 roads), Middle West __ _ 48,044,102 39,882,546 +8,161,556 20.47
Groups 4 & 5(34 roads), Southern ..._ 77,443,522 67,905,933 +9.537.589 14.05
Groups6 & 7(28 roads), Northwest _ _105,316,032 94,679,165 +11,636,917 12.28
Groups 8 & 9(48 roads), Southwest
73,438,120 68,496,502 +4,941,618 7.22
Group 10 (12 roads), Pacific Coast._ _ 27.225.644 24,047,312 +3,178,332 13.22
Total(192roads)
Seaton or Grirsp-Group No. 1
Group No. 2
Group No. 3
Groups Nos. 4 & 5___
Groups Nos.6 & 7___
Groups Nos.8 & 9-__
Group No. 10
Miles
1923. 1922.
7,472
34.592
15,737
39,012
68,935
54,803
16,873
533,553,199 473.747,009 +59,806,190 12.63
Net Earnings
1922. Ine.(4-)orDec.(-).
1923.
17,480
34,635
15,766
39,032
66,821
54,902
16,834
3,430,973 5,078,734 -1,647,761
37,204,180 33.244,176 -1,039,996
13,185,561 10,777,532 +2,408,029
20,641,480 16,999,335 +3,642,145
20,834,180 .21,947.189 -1,113,009
14,573,170 14,750,875 -177,705
7,247,578 5.899,957 +1,347,621
32.45
2.72
22.34
21.42
5.07
1.20
22.84
TotaL
235,424 235,470 117,117,122 113,697,798 +3,419,324 3.01
NOTE.
-Group I. Includes all of the New England States.
Group II. Includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo, also all of New Jersey, Delaware and Maryland, and
the extreme northern portion ot West Virginia.
Group III. Includes all of Ohio and Indiana, all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined Include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII.combined include the northern peninsula of Michigan, all of
Minnesota. Wisconsin, Iowa and Illinois, all of South Dakota and North Dakota
and Missoart north of St. Louis and Kansas City, also all of Montana, Wyoming
and Nebraska. together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII. and IX'. combined Include all of Kansas, Oklahoma, Arkansas and
Indian Territory. Missouri south of St. Louis and Kansas City, Colorado south
of Denver, the whole of Texas and the bulk of Louisiana, and that portion of New
Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona. and the western part of New Mexico.
at the Western primary markets for the five weeks
ending Mar. 31 1923 were only 30,442,000 bushels,
against 34,748,000 bushels in the corresponding five
weeks of 1922, but the receipts of wheat, oats, barley and rye all ran heavier than a year ago, and for
the five cereals combined the aggregate for the five
weeks this year was 83,136,000 bushels, as against
80,772,000 bushels last year. The details of the Western grain movement in our usual form are shown in
the table we now present:
WESTERN FLOUR AND GRAIN RECEIPTS.
Oats.
Corn.
Barley.
IVheat.
Five wks. end. Flour.
(bush.)
(bush.)
(bush.)
bush.)
Mar. 31 1923.
(551.1.)
(bush-)
Chicago
494,000
1,587,000 1,863,000 15,591,000 7,358,000 1,132,000
1923
819,000 1 430,000
1,298,000 1,339,000 14,288,000 6.269.000
1922
Milwaukee
884,000
251,000 1,778,000 1,970,000
319,000
81,000
1923
264,000
998,000
75,000 2,626,000 2,045,000
109,000
1922
St. Louts
53,000
25.000
461,000 2,710,000 3,424,000 3,518,000
1923
88,000
32,000
467,000 2,810,000 2.578,000 2,330,000
1922
Toledo
272,000
452.000
21,000
381,000
1923
3,000
227,000
373,000
39,000
250,000
1922
Detroit
579,000
193,000
174.000
1923
148,000
270,000
180,000
1922
Peoria
20.000
10,000
129,000 1,864,000 1,481,000
174,000
1923
33,000
19,000
2541,000 1,912,000 1,201.000
316,000
1922
Duluth
102,000 1,970,000
40,000
72,000
2,576,000
1923
173,000 2,123,000
206,000
2,581,000 2,171,000
1922
Minneapolis
805,000 1,893.000 1,358,000 1,036,000
9,946,000
1923
476,000
7,862,000 2,462,000 2,362.000 1,120,000
1922
Kansas City
919,000
5,000 4,194,000 1,721,000
1923
467.000
4,759,000 2,029,000
1922
Omaha & Indianapolis
1,777,000 3,853,000 2,435,000
1923
1,330,000 5,045,000 1,810,000
1922
Si. Joseph
194,000
689,000
610,000
1923
114,000
994,000
786,000
1922
Total of All
2,308,000 24,611,000 30,442,000 20.659.000
1923
2,190,000 22,228,000 34,748,000 17,179,000
1922
Oats.
Corn.
Wheat.
Flour.
Jan. 1 to
(hush.)
(Ibis.)
(bush.)
(bush.)
Mar. 31.
Chicago
3,640,000 5,521,000 42,913,000 18,951,000
1923
2,949,000 3,358,000 72,349,000 18,102,000
1922
Milwaukee
878,000 6,214,000 5,857,000
198.000
1923
248,000 9,180,000 5,921,000
297,000
1922
St. Louts
1,087,000 8,127,000 9,800,000 9.715,000
1923
1,195,000 6,604,009 10,804,000 7,322,000
1922
Toledo
.578,000
842,000 1,120,000
1923
673,000
680,000 1,694,000
1922
Detrott584,000 1,254,000
421.000
1923
564,000
462,000 1,048,000
1922
Peoria
394,000 6,101,000 4,238,000
484,000
1923
479,000 8,558,000 3,472,000
813,000
1922
Duluth
104,000
229,000
10,080,000
1923
848,000
4,085,000 5,369,000
1022
Minneapolis
32,050,000 2,689,000 5,913,000
1923
22,152,000 7,328,000 0,120,000
1922
Kansas City
5,000 14,640,000 5,316,000 2,960,000
1923
17,103,000 5,774,000 2,237,000
1922
Omaha & Indianapolis
5,478,000 13,128,000 6,687,000
1923
3,937.000 17,715,000 5,570,000
1922
St. Joseph
426,000
1,152,000 1,733,000
1923
1,500,000 2,007,000
188,000
1922
3,549,000
3,234,000
3,875,000
3,383,000
Barley.
(bush.)
(bush.)
2,661,000 2,350,000
718,000
2,404,000
2,251,000
2,293,000
1,157,000
635,000
230,000
225,000
83,000
65,000
1.000
4,000
69,000
65,000
79,000
109,000
192,000
' 33,000
3,000
236,000 6,056,000
197,000 3,168,000
3,792,000 4,583,000
926,000
2,299,000
Total of All
5,414,000 79,583,000 89,827,000 56,683,000 9,250,000 14,490,000
1923
5254,000 60,608,000141,826,000 51,017,000 7,531,000 5,613,000
1922
In the live stock movement, Western roads apparently had,a substantial advantage over a year ago.
At all events, at Chicago the receipts for March 1923
comprised 23,821 carloads, against 21,132 cars in
March 1922; at Omaha 11,870 cars, against 8,766,
and at Kansas City 9,223 cars, against 8,032.
The cotton receipts at the Southern outports for
March 1923 were 321,706 bales, against 415,042 bales
in March 1922 and 365,955 bales in March 1921, as
will be seen by the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN MARCH AND FROM
JAN. 1 TO MARCH 31 1923, 1922 AND 1921.
March.
Ports.
bales_
Galveston
Texas City, &e
Orleans
New
Mobile
Pensacola, &c
tarvanrichk
As far as the movement of the leading staples is
3 diZ nn
concerned, the Western grain movement was some- 1,v1i'm e o
l ew p1 r
what heavier than a year ago and the Southern cot- fsic'd°ok t News
ton movement somewhat smaller. The corn receipts Total
[VOL. 116.
THE CHRONICLE
2064
Since Jan. 1.
1923.
1922.
1921.
1923.
1922.
1921.
74,425
26,532
114,196
2,943
763
60,816
214
17,027
9,765
15,025
176,988
29,566
82,486
9,950
1,127
69,788
200
14,844
6,732
23,361
160,274
49,602
87,322
6,181
138
30,448
2,560
4,643
6,078
19,161
148
373,559
152,276
368.695
11,689
3,232
113,486
2,689
43,353
17,379
60,464
483,535
105,820
246,590
30,859
5,458
162,050
2,410
26,034
16,784
61,073
603,674
118,495
356,291
22,308
8,939
121,569
3,221
16,396
14,288
69,894
511
321,706
415,0421 365,955 1,146,822 1,140,073 1,335,586
MAY 12 1923.]
THE CHRONICLE
2065
Indications of Business Activity
pine are straws
THE STATE OF TRADE—COMMERCIAL EPITOME. sales of Western lumber and Southern
showing which way the wind is blowing.
Friday Night, May 11 1923.
The labor problem is regarded by not a few as the canker
Phenomenal cold weather, with storms amounting almost
at the heart of American business. The effect of the 3%
to blizzards in some parts of the country have naturally had immigration restriction law grows more and more plain and
a bad effect on retail trade and have given rise to fears for more and more pernicious as time goes on. There is evithe crops. Fruits and early vegetables and some early corn dently a smaller supply of labor in the country than there
that
are believed to have been injured. Considerable replanting was three years ago. Yet Congressmen openly boast
not be modified. The result is
of the cotton crop will have to be done. Yet despite all this the immigration law will
that wages are mounting and industry is shrinking. Textile
some progress was made in the seeding of spring wheat and
wages are about 140% higher than before the war. Ordithe condition of the corn crop in the Southern States is at
narily high prices for a thing means increased production.
least fair. Warmer weather is undoubtedly needed all over And this restores the equilibrium. But needless to say, with
the country. Corn seeding has been about completed in the a restriction on immigration there can be no substantial or
means
Southwest. Frequent rains, however, have retarded ger- effective increase in the supply of labor. It simply
all drawbacks retail trade is larger that competition for labor increases, wages mount and there
mination. But despite
and
than a year ago. Mail order business is much better than is a vicious circle brought about by higher living costs
But there is no disguising the fact that wholesale successive advances in wages. The supply is not materially
then.
trade is less active. Merchants are disposed to adopt a. increased. It is simply shifted. The big manufacturing
very conservative attitude. Collections are, as a rule, none towns and cities pull labor away from the farming districts.
too good, although in parts of the West they are called sat- That means danger of a falling off in the food and clothing
isfactory. Iron and steel are dull and prices show a down- crops, which must sooner or later react on the cities. Labor
ward tendency. Premiums for prompt delivery are a thing is leaving the Southern cotton fields; it is said to be leaving
of the past. British prices of iron and steel are declining, the farming sections of the West under the incentive of big
and American markets are more or less affected by this city wages. The effect can readily be foreseen. The only
fact. Lead has declined partly owing to imports of the possible remedy seems to be a slowing down of industry until
Spanish product. If prices keep up in this country, imports legislators and labor come to their senses. Farmers, salaof metals are likely to increase as a matter of course. The ried workers and artisans themselves all suffer from the
grain markets have all declined, partly because of better artificial scarcity of labor in this counrty which amounts to
weather and partly from a lack of any large foreign market. little less than a labor corner in many of the great indusCotton has fallen $750 to over $8 a bale. And there is talk tries. Clearly this cannot go on. Some solution of the
that Southern farmers in not a few cases may be inclined to problem must be found and without any great delay or the
sell new crop months at 20 cents. Sugar has advanced be- effect will be to the last degree deplorable upon trade
cause of what many regard as a strong statistical position throughout the United States.
Buyers of labor are beginning a kind of strike, taking a
ancl also because the Federal District Court on Wednesday
denied the U. S. Government's petition for a permanent in- leaf out of the book of labor which is so addicted to strikes.
junction against the New York Sugar Exchange. The action Building expenditures in the United States in April as com2
1
/
of the Court was not at all surprising to people conversant pared with those in March decreased 6 %, it is interesting
with the facts. Provisions and coffee have declined notice- to notice. The revolt or strike against high and uncertain
ably. In fact, the general drift of prices has been lower on snowballing labor costs seems to be spreading. Bricklayers
a long list of commodities. Rubber declined sharply. As re- who in February got $10 a day, in March a bonus in addition
fleeting a decrease in trade, bans clearings in this city have of $1 a day, in April (without notice) $12 a day, then $13,
fallen off. Speculation for a rise has declined very notice- and half an hour later $14, may spoil their own game. Labor
ably. The repeated breaks in the stock market have made wages of $7 to $8 for common labor would be grotesque if
a more or less profound impression in the trading and specu- they were not so serious a matter, and hoisting engineers at
lative world in general, including the commodity exchanges. $12 a day turn farce into something far worse. And now,
From great activity in buying goods at one time there has incredible as it sounds, unloaders in crews of six have been
been a recent decrease which is the subject of remark emptying brick barges at a "fee"—mark the word—of $
25
throughout the country. Pruauction keeps up well in iron per day per man. And this in real life, not in opera bouffe.
and steel and also in textiles. But new business has fallen It is not at all surprising to learn that on the 8th the Thompoff markedly. There are some instances reported, too, of a son-Starrett Co. decided to defer work on a $7,000,000 conrequest for a delay in shipments of goods, ordered some time tract until building conditions are stabilized. This brought
back when the outlook was considered flattering. And there the total of suspensions announced within 48 hours to $21,are even cases, it seems, of actual cancellations of orders. 000,000. Builders later gave $50,000,000 to $60,000,000 as a
That has been feared all along. It was for this reason that probable aggregate of all such suspensions; that is, those not
many buyers even several months ago were cautious about announced and those projects very quietly dropped since
ordering far ahead, and that mills themselves were none too the present protest began against building costs and labor
eager for distant orders, fearing this very thing, that should exactions. Not that builders claim that the building boom
prices decline before delivery time buyers would wish to is over. Contracts are being held back, not necessarily cancancel orders. Cancellations are by no means general. They celed. But "even a worm will turn." The builder is tired
are the exception. It is feared, however, that if prices con- of playing a role which puts him in a false and unnatural
tinue to decline they may become somewhat more general. position. Labor, it is intimated, was beginning to hint that
Meanwhile cotton mills in some cases in New England are it "might modify its demands" in certain contingencies and
running on shorter time, something which offsets the recent a conference of employers and labor is to be held. Later it
rise in wages. The Government grain report was on the was announced that high labor costs have halted work on
whole not so unfavorable as some had expected. There is the $11,200,000 building of the New York Telephone Co.
no great decrease in the crops indicated. Navigation on the Work will not begin on June 1, as planned; that is a 29
Great Lakes has opened and there is a big movement of coal story structure which is to be erected on the block bounded
to the westward. Iron ore is coming eastward on a larger by Barclay, Vesey, West and Greenwich streets. No work
will be done above the foundation "until the cost becomes
scale.
One feature of the week, however, is that the boom in reasonable."
In Boston nearly all of the building trades unions have
building at New York has been checked. Labor has been
driving a willing horse too hard and too long and too far. signed an agreement with the Building Trades Employers'
Builders are tired of it. Signs of a revolt are unmistakable. Association to run for a period of two years, the common
Chicago complains that labor is going too far. Builders are laborers only refusing as yet to sign the agreement and
2
1
/
taking steel structural material on a decidedly smaller threatening a strike for an increase to 82 cents an hour.
scale than recently and a very noticeable decrease in the Some strikes on individual jobs already have been called in
2066
THE CHRONICLE
[VOL. 116.
Boston. The plumbers and bricklayers have agreed, the
Postal Receipts for Fifty Selected Cities.
latter at the highest rate of all, $125 per hour, although
Postal receipts of 50 largest cities aggregated 10.01%
they have questioned the legality of the agreement supposedly to leave a loophole for a contest for still higher wages larger for April 1923 than the receipts for April 1922. The
in times of scarcity. The overtime rate for all of the trades April receipts are considered especially significant. A year
except for marble setters and the getters' helpers is double ago in that month postal business, typical of the nation's
time these two exceptions receiving time and one-half. Each business, began the rise which has continued without intertrade, except painters, who work forty hours a week, will ruption since then. Month after month reported increases
over the corresponding period of the previous year running
work forty-four hours.
Eight Fall River cotton mills closed to-day and will not as high as 18%. Would the line of the business graph hold
reopen until the coming week. They include the Barnard, to its upward trend? April was the test month and April
Cornell, Flint, Granite, Pocasset, Stafford, Tecumseh and shows the line still running upward. Although the 10.01%
Troy. The Barnard, Cornell and Flint have been working increase is lower than the 14.77% increase for March of
on a 4
-day schedule for the past two weeks. The Fall River this year and the 13.18% increase for February of this year,
Bleachery is also curtailing somewhat. About 7,000 opera- the fact that 10.01 is a high point over the first real monthly
tives in all will be affected by the shutdown. One report increase of 1922 shows the business graph line holding steady.
said that some mills closed partly for lack of yarn, but this While only three cities reported increases greater than 20%
Is not believed to have been generally the case. The cause in March, five enter this class in April. The leaders rank
follows:
Was dulness of trade and a disinclination to pile up produc- as
Rank in Percentage
Percentage of Gain Over
of Gain.
April One Year Ago.
tion. At Putnam, Conn., the workers in the Manhasset
First
31.98
Manufacturing Co. mills have gone on a strike for an in- Fort Worth, Tex
Angeles
Second
Los
26.42
crease in wages of 7%. The mill makes automobile cotton Memphis. Tenn
Third
21.28
Fourth
and fine duck. At Rochester clothing workers' wages have Nashville. Tenn
21.05
Dallas, Tex
Fifth
20.34
been increased 10% for those receiving less than $40 a week St. Paul, Minn
Sixth
18.21
and 5% to those getting more than that.
Seventh
Hartford, Conn
17.50
Eighth
17.20
falling off in the demand for lumber. Southern, Kansas City, Mo
There is a
Total receipts from the 50 largest cities for April 1922 were
pine orders have fallen off suddenly. Spot rubber declined
here 3 cents a pound to 27 cents at one time this week, a new $24,373,933 75. The total for April 1922 was $22,155,621,
low for the year and almost 11 cents a pound under the a net gain of $2,218,312 75. The detailed statement follows:
POSTAL RECEIPTS AT FIFTY SELECTED OFFICES
"high" of this year. From 13 cents last fall quotations rose STATEMENT OF YOR
THE MONTH OF APRIL 1923.
to 3714c. Great Britain's quota of 77,342 emigrants to the
1923 1922 1921
April
April
Over Over Over
United States for the year ending June 30 is exhausted, hav1923.
1922.
Increase. 1922. 1921. 1920.
Offices
%
%
%
ing been filled in the shortest period since the American New York. N.Y
4.882.851 18 4.476,00346 406,847 72 9.09 2.7314.33
4,120,112 41 3,769,248 57 350,863 84 9.31 8.46'11.50
immigration law went into effect. That is, we are shutting Chicago, III
Philadelphia, Pa
1,399,075 90 1.315.312 43
83,763 47 6,37 1.34 "6.58
down the pace of some of the most desirable immigrants the Boston, Mass
1.i02.87426 1,034.871 49
68,002 77 6.58 8.55 '1.36
890.497 18
St. Louis, Mo
804,41245
86,084 73 10.70 10.21 *2.07
country could have.
695,159 23
Kansas City,
593,063 22 102,096 01 17.20 12.7713.37
616.944 66
Cleveland,0
572.010 62
44,934 04 7.86 10.96•18.33
Phenomenal weather has prevailed during the week. On Fan Francisco CaL
553.823 30
509,57589
44,247 41 8.68 7.32 5.59
519,976 09
614,194 28
5.78181 1.12 17.31'16.85
the 8th inst. it was down to 36 degrees in Texas, Arkansas Brooklyn. N.Y
Detroit, Mich_
587,982 53
609.026 42
78,956 11 15.51 5.09 *9.77
523.907 02
and Georgia. A May blizzard gripped the Central West, Pittsburgh, Pa_
489,122 09
34,784 93 7.11 11.53'11.84
555.658 06
439.472 83 116.185 23 26.42 12.76 15.32
while a thunder storm swept over New York City, and it Los Angeles, Calif
519,809 35
Minneapolis, Minn_
461,694 24
58.115 11 12.59 18.08 5.09
468,446 83
442,532 23
Cincinnati,
25.914 60 5.88 8.26 •6.74
was 100 degrees at Phoenix, Ariz., the hottest on that date Baltimore. 0
428.027 86
MS
389,496 91
38,530 95 9.89 3.24 •1.09
373,689 64
328.322 70
47,366 94 14.51 10.00 *5.78
for 28 years, and 101 at San Bernardino, Cal., the highest Washington, D.
381,160 20
323.306 33
Buffalo, N. Y
57,853 87 17.89 11.58•11.62
ever known on that date. And further, to show the kinds Milwaukee, Wks
340.821 52
325,258 72
15,562 80 4.79 12.97 .56
290.794 23
278,397 24
Indianapolis,
12,398 99 4.45 13.06 *6.80
of weather that can occur in different parts of the 3,000,000 St. Paul. Minn
313.262 12
265.011 60'
48,250 52 18.21 6.39 11.82
266,066 79
232,295 99
Atlanta, Ga
33.770 80 14.54 8.16 .8.06
square miles of Continental United States, there came sweep- Denver, Colo
242.733 87
223,908 17
18.825 70 8.41 12.88 .42
233,646 92
211.259 02
22,387 90 10.60 2.48 3.47
ing down from the far north, an Alaskan storm of unusual Omaha, Neb
243.658 02
215.923 041
27,734 96 12.84 3.27 4.48
Newark, N J
intensity for the season and struck the Middle West. Illi- Dallas, Tea
247,202 66
205.412 91
41.789 75 20.34 2.83 '7.27
200.609 44
180.863 32
9,746 12 5.11 3.77 *9.65
nois, Kansas and Iowa had snow and sleet, while real snow Seattle, WashLa..... 198.782 90 184,540 92 14,241 98 7.72 3.56 "9.64
New Orleans,
218,999 47
200,510 61
Rochester, N. Y
18,488 88 9.22 4.25 .93
storms were reported In Minnesota and North Dakota. Ash- Des Moines. la
222,245 14
195,719 32
26,525 82 13.55 3.58 •9.64
203,885 63
187,078 30
16.807 33 8.98 10.28 4.85
land, Wis., reported navigation on Lake Superior made dif- Portland, Ore
193,178 04
189,156 92
Louisville, Ky
4,021 12 2.13 16.22 4.16
ficult by a semi-blizzard there. There were snow and sleet Columbus,0
187,454 67
168.943 33
18,511 34 10.96 7.37 '9.30
152,130 70
140.806 27
Toledo.0
11,324 43 8.04 8.96 "8.99
Ky., and as far to the west as Grand Forks, Richmond. Vs
at Owensboro,
144,389 59
130,043 09
14,346 50 11.03 9.21 5.80
141.733 79
127,168 36
14,565 43 11.46 6.25 *8.87
N. D. Several northern Iowa towns reported freezing tem- Providence, R. 1
155.883 07
Memphis. Tenn
128.525 94
27.357 13 21.28 20.52'10.12
peratures. Webster City was treated to a "spring blizzard," Hartford, Conn
143,288 53
121,890 70
21,397 83 17.56 1.99 *6.74
112,27,1 95
105,939 72
6,332 23 5.98 '6.72 •13.54
accompanied by a temperature drop to 30. Opinion was di- Houston. Tel
Nashville, Tenn
126,214 32
104,273 60
21,940 72 21.05 "5.68 8.14
104,045 19
Fort Worth, Tea
147.028 85
47,016 34 31.98 .--- -vided whether Iowa's fruit crop was badly damaged or not. Syracuse, N. Y
116,019 82
110,955 57
5,084 25 4.57 10.18 11.39
,
113,205 30
New Haven, Conn
100,611 29
12,594 01 12.51 2.77 2.23
Ice almost a quarter of an inch thick with the mercury regis- Dayton,
115,417 30
0
109,148 20
6,269 10 5.75 24.23 •9.39
tering 29, was reported from Mason City, Ia. The snow Grand Rapids, Mich_ 105,172 70
99.855 38
5,31732 5.06 12.66 3.48
Jersey City, N. J
96,780
90,304 40
6.476 05 7.17 .22 1.42
storm established a record for that section of the Northwest. Salt Lake city. Utah_ 95,573 45
22
82.402 48
13,170 74 15.98 5.13 .9.29
85,904 19
81,950 19
3.954 00 4.83 1.42 '5.57
A minimum temperature of 25 deg. above zero was recorded Springfield, Mass
104.000 82
Akron, 0
8.60396 9.02 27.65.36.25
95,396 86
Worcester, Mass
79,955 93
4.328 79 5.72 12.39'10.67
75.627 14
at Pipestone, Minn. Watertown, S. D., had 26 above. In Jacksonville.
Fla
68.609 76
8.80239 14.83 •.68 '6.73
59,747 37
southeastern parts of Wisconsin the femperature was be24,373.933 75 22,155,621 00 2,218,312 75 10.01 7.81 '8.24
Total
low freezing; four inches of snow were reported at Birch- •Decrease.
•
Per Cens of Increase.
wood. In New York City, following several days of mild Jan. 1923 over Jan. 1922
18.99 Mar. 1923 over Mar. 1922
14.77
13.18
weather, it was cold enough on the 9th for overcoats. On Feb. 1923 over Feb. 1922
the 10th inst. In New York the thermometer was down to 38
degrees after a thunder storm the night before. It was the
Postal Receipts for Fifty Industrial Cities.
lowest on record for May 10 here. Freezing was reported
For the first time since its establishment in July 1922,
from nearby points. Low temperatures were general over the list of 50 industrial and productive centres in smaller •
Pennsylvania, New York and New England. Buffalo had cities showed a greater increase in postal receipts than the
26 degrees, Philadelphia 38 and Detroit 28. In New Eng- 50 largest cities. Figures for the 50 industrial cities for
land snow fell at many points. Three inches fell at Mont- April announced on May 8 by the Post Office Department
pelier, Vt. Winsted, Conn., and Springfield, Mass., had showed an increase over a similar month of last year of
flurries. Richmond, Va., had the coldest May 10 on record, 11.56%. Fifty largest cities showed a rise of 10.01% for
with a low temperature of 35 degrees. Up the State the mer- April 1923 over April 1922. Eight of the industrial list
cury fell to the freezing point at many places and a snowfall reported increases of more than 20%. Cheyenne, Wyo.,
that reached two inches at several points in the southern leads the 20% plus cities with an increase of 46.98%. Leadtier counties. Jamestown and Hornell had two inches of ers in the increase are as follows:
Rank in Percentage
Percentage of Gain Over
snow, Buffalo one inch and Gloversville a flurry. Yet with
of Gain.
April 1922.
CilpFirst
snow storms, blizzards and high record cold in the East and Cheyenne, WV?
46.98
Second
27.21
WilmingtonLYel
West, in the interior of California it was 104 to 110 Charlmton. w Va
Central
Third
26.46
Fourth
Savannah, Ga
25.76
degrees on the 10th inst. and was so oppressive that the rail- Oakland, Calif
Fifth
23.81
Sixth
21.53
roads put on extra trains to take vast crowds to the sea- Waterbury,Conn
Seventh
Little Hock. Ark
21.18
Eighth
Topeka, Kan
21.11
coast.
MAY 12 1923.]
THE CHRONICLE
2067
The total receipts of the 50 industrial cities for April 1923
Still Another High Record in Railroad Freight
were $2,494,598 07, which is a gain of $258,413 02 over
Car Loading.
April 1922, when the receipts were $2,236,185 05. Full
A new high record for this time of year by the railroads of
details are contained in the following:
the United States, in the number of cars loaded with revenue
STATEMENT OF POSTAL RECEIPTS OF FIFTY INDUSTRIAL CITIES
FOR THE MONTH OF APRIL 1923.
freight was made during the week which ended on April 28,
. . 9`
,
April
April
cars, according to
. for which time the total was 963,694
Increase. over lf!_,
1923.
1922.
Offices1 v6 reports filed by the carriers with the Car Service Division
812,571 57
$135.163 15
8122,591 58
Springfield, 0
1' 25
15,118 42
102.733 60
87,617 18
Oklahoma City. Okla
-C .4.1 of the American Railway Association. This was not only
9,38828
99,622 94
90,254 66
Albany, N. Y
.26
207 27
79,740 52
Scranton, Pa
79,533 25
17.55 the largest number of cars loaded during any one week since
11.58481
77,584 07
65,999 26
Harrisburg. Pa
11.03
9,528 52
77.452 03
67,923 51
San Antonio, Tex
was only approximately
.25 the middle of last November but
190 11
Spokane, Wash
76.450 00
76,259 89
23.81 5% under the record loading in history which was established
18,116 00
94,187 93
Oakland.Calif
76,071 93
17.85
13,623 03
Birmingham, Ala
89,913 94
76.290 94
21.11 during the week of Oct. 14 1920, for which time the total•was
14,956 38
85,787 09
Topeka, Kan
70,830 71
12.74
8,13726
Peoria,Ill
72.000 18
63,862 92
year,
.88 1,018,539 cars. The total for the week of April 28 this
Norfolk, Va
533 17
60.889 40
60,356 23
7.57
4,138 75
Tampa, Fla
58,83797
54.699 22
exceeded the corresponding week last year by 212,583 cars,
13 55
8,983 66
Fort Wayne, Ind
75.30006
66,316 40
16.11 and exceeded the corresponding week in 1921 by 242,610
9,24240
Lincoln, Neb
66.622 71
57,380 31
11.11
5,89012
Duluth, Minn
58.889 31
52,999 19
21.18 cars. There was also a substantial increase over the corres11,510 64
L ttle Rock, Ark
65,851 29
54,340 65
10.60
6,076 01
Sioux City, Ia
63,377 59
57,301 58
14.96 ponding weeks in 1918, 1919 and 1920.
8,022 72
Bridgeport, Conn
61,662 20
53,83948
6.51
Portland, Me
3,18606
51.787 19
48,621 13
The increase over the week before in commodity loadings,
.64
324 08
St. Joseph, Mo
50,447 00
50,771 08
5.07 it is stated, is due principally to an abnormally heavy move2,518 24
Springfield, III
52,211 69
49,693 45
1
..51
'24251
48,19532
Trenton, N. J
47,952 81
27.21 ment for this time of year in merchandise and miscellaneous
10,463 95
38,446 33
Wilmington, Del
48,910 28
1.44
46,846 44
675 81
Madison, Wis
47,522 25
*2.20 freight, which includes manufactured products. This
*1,030 19
South Bend, Ind
47,799 87
46,769 68
10.56 constitutes one of the best indices to business conditions to
4,488 62
42,523 89
47,012 51
Charlotte, N. C
25.76
8,57466
33,288 28
Savannah, Ga
41,862 94
11.37 be found. Loading of merchandise and miscellaneous
4,181 41
36.768 60
40.95001
Cedar Rapids, Ia
26.46
8.824 47
33.355 09
42,179 56
Charleston, W. Va
4.69 freight during the week of April 28 totaled 597,823 cars
1,90991
40,70668
42,616 57
Knoxville, Tenn
19.29
5,443 59
28.226 73
33,670 32
Schenectady, N.Y
of the record
5.67 which was within seven-tenths of one percent
1,71880
30,299 56
32.016 36
Lynn, Maas
18.88 loading for that commodity which was established during
5,29803
28.06591
33,363 94
Shreveport, La
13.30
3,061 99
31,185 47
27.523 48
Columbia. S. C
3.76 the week of October 27 1922, when the total was 602,018
28,60858
1,03783
27,568 75
Fargo, No. Dak
4.18
1,10479
27.507 31
26,402 52
Sioux Falls, So. Dak
21.53 cars. The total for the week was an increase of 7,337 cars
24.222 79
5.21421
29.437 00
Waterbury, Conn
5.43
23,38210
22,177 48
1,20462
Pueblo, Colo
corres10.32 over the preceding week. It not only exceeded the
22,883 14
20,741 56
2,141 58
Manchester, N. la
12.97 ponding week last year by 69,277 cars, but also exceeded the
25,171 04
2.89092
22,280 12
Lexington,Ky
17.81
21,878 26
18.57068
3,30763
Phoenix, Ariz
7.91 corresponding week two years ago by 145,061 cars. Re19,618 93
18,180 30
1,438 63
Butte, Mont
15.44
19,672 75
2,63204
17,040 71
Jackson, Miss
14.33 ports also showed an increased stimulation in ore shipments.
18.285 20
2,29290
15.992 30
Boise, Idaho
2.45
16,716 02
Burlington, Vt
16,316 49
399 53
which was
7.43 Ore loading during the week totaled 24,135 cars
12,144 19
Cumberland, Md
11,304 36
839 83
1.41 an inert ase of 4 232 ears over the week before. Compared
11,635 00
Reno, Nev
161 95
11,473 05
16.85
11.155 20
Albuquerque, N. Mex.__
1,60905
9,546 15
46.98 with the corresponding week last year, there was an increase
Cheyenne, Wyo
13,656 71
4.365 50
9.291 21
11 56 of 10,245, and with the corresponding week two years ago,
Total
$2,494,598 07
$258,413 02
$2,236,185 05
* Decrease.
an increase of 16,359. Further particulars are as follows:
Per Cent
Jan. 1923 over Jan. 1922
Feb. 1923 over Feb. 1922
of Increase.
18.14 Mar. 1923 over Mar. 1922
11.51 I
12.91
The Post Office Department on April 7 also made public
the March statement of postal receipts for the 50 industrial
cities. It should be understood that the figures of postal
receipts for industrial cities are distinct from those of selected
cities, the comparative figures of which latter (the 50 largest
cities in the country) have, as heretofore indicated, been
issued monthly by the Post Office Department since 1900.
The figures of industrial cities have only been available
since last year.
STATEMENT OF POSTAL RECEIPTS OF FIFTY INDUSTRIAL CITIES
FOR THE MONTH OF MARCH 1923.
P.C. 1923
March
. March
OfficesIncrease. over 1922
1923.
1922.
Springfield. Ohio
11.13
314.579 98
8145.567 00
$130,987 02
Oklahoma City, Okla
9.68
9,00458
101.963 22
92,958 84
Albany,
2.44
2.691 81
112.783 60
110.091 79
Scranton; Pa
94,753 19
16.30
13.280 37
81,472 82
Harrisburg, Pa
86,742 45
5.02
4,15358
82.588 87
78,465 76
San Antonio, Tex
12.50
8,718 74
69,747 02
Spokane, Wash
88.25000
11.49
9,096 52
79,153 48
Oakland. Calif
87,868 19
13.28
10,303 58
77,564 61
Birmingham, Ala
101,723 31
25.21
20,478 35
81,244 96
Topeka, Kan
92.135 12
10.48
8.74063
83,394 49
Peoria, Ill
80,257 77
72,216 19
11.13
8,041 58
Norfolk, Va
68.816 39
7.07
63,335 10
4,481 29
Tampa, Fla
62,099 56
55,642 96
11.60
6,456 60
79,265 66
Fort Wayne.Ind
10.42
7.47930
71,786 36
Lincoln, Neb
69,248 65
13.36
8,162 37
61,086 28
64,079 84
Duluth, Minn
12.71
56,852 83
7.22701
72,007 37
Little Rock, Ark
18.41
11.196 69
60,810 68
68.404 33
10,039 75
58.364 58
Sioux City, Is
14.68
69,311 81
22.24
12,609130
56,702 51
Bridgeport, Conn
50,453 38
56,308 02
11.60
5.854 64
Portland, Me
15.00
51,120 83
7,668 33
58,789 16
St. Joseph, Mo
2,227 89
4.82
46.178 37
48,400 26
Springfield, III
6.62
3,184 45
48,072 66
51.257 11
Trenton, N..1
7,76648
42,676 61
18.19
60,443 07
Wilmington, Del
4,326 17
45,211 14
9.57
49,537 31
Madison, Ms
1,389 32
49.718 48
2.79
South Bend, Intl
61,107 80
27.30
11,752 89
43,045 69
54.798 58
Charlotte, N. C
11.74
39,422 11
4,629 77
Savannah, Gs
44,051 88
12.52
4,58585
36,613 85
Cedar Rapids, la
41.199 70
15.28
38,442 23
5,877 70
Charleston, W. Vs
44,319 93
16.00
6,358 90
Knoxville, Tenn
39,743 70
46,102 60
13.28
4,638 04
Schenectady, N. Y
34,930 26
39,568 30
17.24
Lynn, Mass
6,188 27
35,884 63
42,07290
22.56
6,227 50
Shreveport, La
27,601 76
33,829 26
4.29
Columbia,8.0
1,227 82
28.611 11
29,838 93
Fargo, N. D
12.02
4,157 86
38,724 31
34,566 45
Sioux FaUs, S. D
..15
'4824
31,130 56
31,178 80
48.69
36,929 49
Waterbury. Conn
12,094 91
24,834 58
Pueblo, Colo
29,173 31
13.38
3,444 11
25,729 20
Manchester. N. 11
26,096 30
27.49
5,627 18
20.469 12
Lexington, KY
27,923 87
16.61
3,978 80
23,945 07
Phoenix, Aria
24,602 76
4.16
987 93
23,704 82
Butte, Mont
23,617 15
24.19
19,820 65
4,796 50
Jackson. Miss
21.257 79
17.206 80
23.54
4,050 99
Boise, Idaho
21,277 04
18.739 00
13.54
2.538 04
Burlington, Vt
18,833 99
16,612 04
2.221 95
13.36
Cumberland, Md
12,780 89
11,593 29
1,187 60
10.23
11,055 59
Reno, Nev
9.433 37
1,622 22
17.19
12.399 52
Albuquerque, N. Mex.-13.327 00
'92748
*6.95
Wyo
13,421 66
Cheyenne,
9,369 82
4,051 84
43.23
82,714,688 25
Total
$2,404,258 01
8310,430 24
12.91
•Decrease.
Dec. 1922 over Dec. 1021
Jan. 1923 over Jan. 1922
Per Cent of Increase.
7.78% Feb. 1923 over Feb. 1922
(
18.14%1
11.51%
Coal loading totaled 180,127 cars. 365 greater than the previous week.
This was an increase of 104,738 cars over the corresponding week last year
when coal loading was weeny curtailed by the miners' strike then in progress, and was an increase of 36,267 cars over the corresponding week in
1921.
Loading of forest products amounted to 77,255 cars, a decrease of 2.885
under the previous week, but an increase of 18.385 over the same week last
year, and an increase of 29.170 cars over the same week in 1921.
Loading of grain and grain products totaled 36,922 cars. While this was
a decrease of 1,203 cars under the week before, it was an Increase of 724
cars over the same week last year, and an increase of 2,825 cars over the
same week two years ago. In the Western districts alone, 23.711 cars
were loaded with grain and grain products during the week compared with
24,064 'cars during the corresponding week last year.
Live stock loading totaled 31.703 cars, 1,614 under the week before.
Compared with the corresponding week last year, however, this was an
increase of 1,505 cars, and with the corresponding week two years ago, it
was an increase of 1,976 cars. Tabulations showed 24.249 cars loaded
with live stock in the Western districts alone compared with 22,422 during
the same week last year, or an increase this year of 1,827 cars.
Coke loading totaled 15,729 cars. While this was a decrease of 281 cars
under the preceding week, it was an increase of 7,709 cars over the corresponding week last year, and an Increase of 10.952 cars over the corresponding week in 1921.
Compared by districts. increases over the week before in the total loading
of all commodities were reported in the Eastern, Allegheny, Pocahontas.
Northwestern and Centralwestern districts, with small decreases in the
Southern and Southwestern districts. All districts except the Pocahontas,
however, reported increases over the corresponding week last year, while
all districts showed increases over the corresponding week two years ago.
Loading of freight cars this year to date, compared with
those of the two previous years, follows:
Month of January
Month of February
Month of March
Month of April
Total for year to date
1922.
1923.
1921.
3,380,296 2.785.119 2.823,759
3,366,965 3.027.886 2,739.234
4.583,162 4.088.132 3,452,941
3,763,963 2,863.416 2.822.713
15.094,386 12.764,553 11,838,647
The "Railway Age" of this city commenting on these
record loadings, has the following to say in its issue of May 12:
Astonishing Increase in Freight Business.
"Few people realize how great has been the increase in the freight business handled by the railways recently as compared with the corresponding
weeks of previous years," says the "Railway Age." "It has been announced repeatedly that the number of cars loaded with freight has broken
all records, for this time of year, but how completely all previous records
have recently been surpassed is not generally known. One almost begins
to wonder in studying the figures if the productive capacity of the country
h ts any limit. In January, February, March and April the total number
of cars loaded with freight was 15,094.386, an increase over the previous
-that of 1920- of almost 11%. That sounds big enough:
high records
business
but it does not make an adequate impression because the freight
April
has been increasing at an accelerating rate. In the four weeks ended
more than in the
28 the total number of cars loaded was 3,763.963, or 29%
corresponding weeks of 1920.
season in Past
"If care were carrying smaller loads than at the same
tonage
years these figures would not be so significant, but the average
average number of ton
being loaded per car is relatively large. The
than
hauled per loaded car in January was 29 tons. This was larger,
load per
in any previous January except in 1921 and 1918. The average
THE CHRONICLE
2068
oaded car in February was 28.6 tons. This was larger than in any previous February. The American Railway Association in its recent 'Traffic Forecast for 1923." estimated that the number of cars loaded weekly
would reach its peak in the week ended October 20, and would then be
1.080,000 cars. The highest record ever reached was in the week ended
October 14 1920, when it was 1,618,539 cars. If general business activity
should continue to increase as it did until toward the end of April there
would be a demand in October for the loading and movement of approximately 1.250.000 cars a week. Even those who are most optimistic
regarding the amount of business the railways can handle with their existing facilities can hardly believe they can handle that much business.
"Recent movements of the stock market have indicated that the increase
In general business activity may not continue to go on as rapidly as it
has for a few months. Even if it does not, the signs indicate that the railways will have demands made upon them next Fall which will far exceed
their capacity."
Changes in Retail Cost of Food in Leading Cities.
Increases and Decreases Mixed.
The U. S. Department of Labor through the Bureau of
Labor Statistics has completed the compilation showing
changes in the retail cost of food in 17 of the 51 cities included in the Bureau's report.
During the month from March 15 1923 to April 15 1923,
11 of the 17 cities showed increases, as follows: Denver
and St. Louis, 2%; Cincinnati, Detroit, Little Rock, Louisvi]le, Milwaukee, Newark, Norfolk, and Omaha, 1%.
Washington, D. C., increased less than five-tenth of 1%.
There was a decrease in 6 cities. Boston, Fall River, and
Portland, Me., 1%,and Bridgeport, Butte and New Haven,
ess than five-tenth of 1%.
[Vat. 116.
For the year period April 15 1922 to April 15 1923, the 17
cities showed an increase. Bridgeport, 7%; Denver, 6%:
St. Louis, 5%; Boston, Detroit, Fall River, Little Rock.
Milwaukee, Newark, New Haven and Portland, Me., 4%:
Louisville, 2%; Cincinnati, Norfolk, Omaha and Washington, D.C.,1%. Butte increased less than five-tenths of 1%.
As compared with the average cost in the year, 1913, the
retail cost of food on April 15 1923, was 49% higher in Washington, D. C.; 48% in Detroit; 47% in Boston; 45% in Fall
River; 44% in Milwaukee and St.Louis; 43% in New Haven;
42% in Newark; 41% in Cincinnati and Omaha;"39% in
Little Rock, and 33% in Denver and Louisville. Prices
were not obtained from Bridgeport, Butte, Norfolk and Port-year
land, Me., in 1913; hence, no comparison for the 10
period can be given for these cities.
Clothing Workers Wages Advanced in Chicago.
Announcement was made on May 10 in Chicago after
several weeks negotiations that an increase in wages averaging 10% had been granted to workers in the men's clothing
manufacturing trades. Unemployment insurance also will
be provided under the new agreement entered into between
the Amalgamated Clothing Workers and the Chicago,
Industrial Federation of Clothing Manufacturers, the
workers contributing 1%% of their weekly earnings and the
manufacturers a like sum.
1
1
Current Events and Discussions
The Week with the Federal Reserve Banks.
Reductions of $35,300,000 in discounted bills and of
$8,400,000 in acceptances purchased in open market, as
against an increase of about $1,000,000 in United States
securities, are shown in the Federal Reserve Board's weekly
consolidated bank statement issued as at close of business
on May 9 1923, and which deals with the results for the
twelve Federal Reserve Banks combined. Deposit liabilities show a commensurate decline of $46,200,000, while
Federal Reserve note circulation increased by $4,300,000.
Total cash reserves increased by $7,000,000 and the reserve
ratio shows a rise from 75.2 to 76.1%. After noting these
facts, the Federal Reserve Board proceeds as follows:
Smaller holdings of discounted bills are shown by the three Eastern
Reserve banks, also those at Atlanta, Chicago, St. Louis and Minneapolis,
while the five remaining banks show moderate increases in their holdings
of discounted paper for the week under review.
Gold reserves show an increase for the week of $8,300,000. The gold
movement through the settlement fund was away from New York, which
reports a decrease in Its gold reserves of $25,300,000. A decrease of
$3.900,000 is reported by the Richmond bank and smaller decreases
totaling 32.800.000 are shown for the St. Louis. Minneapolis and Dallas
banks. The largest increase in gold reserves, amounting to $15.400,000.
Is shown for the Chicago bank, Boston reports an increase of $7,600,000,
San Francisco an increase of $7,500,000, Cleveland an increase of $5,600,000
and the three remaining banks an aggregate increase of 34,100,000.
Holdings of paper secured by Government obligations decreased during
the week from $362,600,000 to $358,600,000. Of the total held on May 9,
$193,100,000, or 539%, were secured by United States bonds, $2,900,000,
or 08%. by Victory notes, $153,200,000, or 42 %, by Treasury notes,
and $9,400,000. or 2 6%, by Treasury certificates, compared with $206.000,000, 32,900,000. 3142,800,000 and $10,900,000 reported the week
before.
The Week With the Member Banks of the Federal
Reserve System.
Aggregate inveases of $127,000,000 in loans secured by
corporate obligations, shown mainly by member banks in
New York City and Chicago, as against net liquidation of
about $50,000,000 of investments in Government securities,
accompanied by commensurate increases in not demand deposits, are the outstanding features in the Federal Reserve
Board's weekly statement of condition on May 2 of 775
member banks in leading cities. It should be noted that the
figures for these member banks are always a week behind
those for the Reserve banks themselves. Other loans and
discounts, including advances on Government securities, increased about $20,000,000, while investments in corporate
securities show but a nominal increase. Corresponding
changes at member banks in New York City comprise increases of $72,000,000 in loans secured by corporate obligations, of $21,000,000 in other loans and discounts, and of
$6,000,000 in holdings of corporate securities, as against a
decrease of $30,000,000 in Government security holdings.
Further comment regarding the changes shown by these
member banks is as follows:
As against a reduction of $14,000,000 in Government deposits, other
demand deposits (net) show an advance of $129,000,000 and time deposits
an advance of$8,000,000. For member banks in New York City a decrease
of $6,000,000 in Government deposits, as against advances of $68,000,000
in demand deposits and of $10.000.000 in time deposits are noted.
Borrowings of the reporting institutions from the Federal Reserve banks
show an increase for the week from $402.000,000 to $486,000,000, or from
2.4 to 2.9% of their total loans and investments. Member banks In New
York City show an increase from $97,000,000 to $149,000,000 in borrowings
from the local Reserve bank and from 1.9 to 2.8% in the ratio of these
borrowings to total loans and investments.
In keeping with the substantial increase in net demand deposits, reserve
balances of the reporting institutions show an increase of $44,000,000, while
in New
cash in vault declined by about $4,000,000. For member banksnominal
York City an increase of $28,000,000 in reserve balances and but a
change in cash are shown.
The statement in full in comparison with preceding weeks
and with the corresponding date last year will be found on
subsequent pages, namely pages 2101 and 2102. A summary
of changes in the principal assets and liabilities of the Reserve
On a subsequent page—that is, on page 2102—we give the
banks, as compared with a week and a year ago,follows:
figures in full contained in this latest weekly return of the
Increase (-I-) or Decrease(—)Since member banks of the Reserve System. In the following is
May 2 1923
May 10 1922. furnished a summary of the changes in the principal items
+$7.000.000
Total reseries
+$51,600,000
as compared with a week and a year ago:
reserves
Gold
Total earning assets
Discounted bills, total
Secured by U. S. Govt. obligations..
Other bills discounted
Purchased bills
United States securities, total
Bonds and notes
U. S. Certificates of Indebtedness_ _ _ _
Total deposits
Members'reserve deposits
Government deposits
Other deposits
circulation
Federal Reserve notes in
circulation—net liab_
F.R Bank notes in
+8.300,000
—42.700,000
—35,300,000
—4.000,000
—31,300,000
—8,400,000
+1.000,000
+900,000
+100.000
—46.200.000
—8,200,000
—26.500,000
—11,500,000
+4,300.000
—200.000
+83,600,000
Increase(+)or Decrease(—)
—49,700,000
•
Since
April 25 1923. May 3 1922.
+220,400,000
+3147.000,000 +$1.119.000.000
+192,300.000 Loans and discounts—total
—73.000.000
Secured by U. S. Govt. obligations.-- +11,000.000
+28,100.000
—633,000,000
+127,000.000
Secured by stocks d bonds
+161,500,000
—559,000,000
+9,000.000
All other
—49,000,000
+657,000,000
—431,700,000 Investments, total
—274,000,000
—10.000,000
U. S. bonds
112,100.000
—402,000,000
U.S. Victory notes and Treasury notes- —21000000
—319.600,000
+7.000,000
—19,000.000
Treasury certificates
+48,500,000
+1,000,000
—12.000,000
Other stocks and bonds
+58,000.000
+44.000.000
+80,000.000 Reserve balances with F. R. banks
—1.000.000
—4,000,000
—21,700,000 Cash in vaultdeposits
—14,000.000
Government
+62,000,000
—9,800.000 Net demand deposits
+129,000,000
+517,000,000
+82,600,000 Time deposits
+798, 00,000
+8,000,00n
+306,000.000
—72,100,000 Total accommodation at F. R. banks_ +84,000,000
MAY 12 1923.]
THE CHRONICLE
The Proposed Loan to Austria—American Participation
In an Associated Press dispatch from Paris Thursday
afternoon it was said that "progress was reported to-day in
'connection with the Austrian loan conferences which have
been held here since Monday between Thomas W. Lamont
for J.P.Morgan & Co.and an Austrian commission of-three."
Attention was called to the fact that "it is proposed to
negotiate a loan for Austria by June 1 of .!27,000,000, to
mature in twenty years. Before leaving on a motor trip
-to Italy, Mr. Lamont was quoted as saying that "the members of his firm had confidence in the soundness of the
proposed loan. He added, however, "that any decision
regarding American participation 'would necessarily come
from New York." It was stated that "the members of the
Austrian Commission are Baron Franckenstein, Austrian
Minister to London; F. H. Nixon, and Pierre L. Bark,former
Russian Minister of Finance, now representing the AngloAustrian Bank in London.
With reference to the present status of the negotiations,
the "Wall Street Journal," in its issue of last night, had
the following to say:
Negotiations are practically concluded whereby the United States will
participate in placing a share of the forthcoming large loan to the Austrian
Government. Local international bankers confirmed that a substantial
part of the loan could and would be floated here. The loan will probably
be offered by a largo syndicate headed by J. P. Morgan & Co. Thomas
W. Lamont of J. P. Morgan & Co. conferred with European bankers and
Government officials Thursday, In Paris, on the matter.
Austria plans to borrow 650,000,000 gold crowns, about $130,000,000,
the sum estimated by the League of Nations as necessary to enable her
to put through a reform program which will assure a balanced budget by
end of 1924.
Several European Governments will share in the business. One of the
main points to be decided Is the amount of the loan that could be well
placed in this country. It is likely that Thomas W. Lamont will make
this clear while In Europe.
. Pending actual offering of the loan of the Austrian Government, that
country secured temporary advances a few months ago to the extent of
£3,500,000: of which England supplied £1,800,000, and France, Holland,
Belgium, Sweden, and Switzerland the balance. These fall due early
next year. It is proposed to pay these advances out of the proceeds of
the 650,000,000 gold crown loan ($130,000,000), leaving 520,000,000
crowns for covering deficits In the next two years.
When the large Austrian loan was agreed upon, Great Britain, France,
Italy, and Czechoslovakia agreed to guarantee all the 130.000,000 crowns,
which constituted advances made, and 80% of the 520,000,000 balance.
Their guarantee, in about equal proportion, will cover 84% of the
total loan. As for the balance, there is virtual assurance of a Spanish
guarantee of 4%, a Swiss of 3%, a Belgian of 2%, a Swedish of 2%, a
Dutch, of 1%, and probably a Norwegian and Danish of 1%. making a
total of 98%.
Local bankers say an Austrian loan would prove attractive to Investors
In this country because of the several Governments' guarantees behind
the issue. The point is stressed that the issue would not be a "moneymaking" proposition for the bankers.
Hungary Seeking a Foreign Loan.
Hungary, as well as Austria, wants a foreign loan. On
May 4, in Paris, Count Bethlen, the Hungarian Premier,
made a plea to the Financial Commission of the League of
Nations that "permission be given to raise a foreign loan
which would help stabilize exchange, cover the cost of
mports necessary to the economic life of the country and
enable Hungary to make a new start." He added that "in
exchange for this permission he offered to submit the country's finances to the same control as that which the Financial
Commission of the League of Nations exercises in the case
of Austria and to accept the League Commission's advice as
to proposals for reconstruction and the negotiation of a
long-term loan." The Premier informed the Commission
that "the amounts which Hungary needs are, first, a shortterm loan of 50,000,000 gold crowns and, second, a long-term
loan of 600,000,000 crowns.." Continuing, he said that
"taking into account the natural wealth even of the reduced
Hungary these amounts were not large, and they could be
easily covered, and the country would thus have a chance
to recover its financial stability." Going still further the
Premier told the Commission that "the Hungarian position
wasn't by any means so much in need of reform as that of
Austria when the League took it in charge. Hungary has
already made a big step toward economy of national resources
in the reduction of the number of the State employees and
in encouraging the development of sugar and coal
production."
In an interview later the Premier said "the situation
differed from that of Austria in that Hungary, even as she
was, self-sufficient so far as food was concerned. She had
lost, howeyer, mines and forests and had to import iron, salt
and textiles. Hungary had paid interest to date, on the
relief advances which the Powers gave her in 1920 and 1921.
But now she had to borrow to keep herself alive and would
have to ask generous funding arrangements with her
creditors."
2069
Commenting upon the probability of one of the proposals
of the Premier being granted, the New York "Times"
correspondent said, "there is some doubt as to whether a
suspension of the Reparation Commission's claim, as asked
to-day, will be granted. It is understood that the British
would favor this, but both the Italians and the French are
inclined to take refuge behind the objections of their friends
of Little Entente, to whom most of Hungary's reparation
payments are due. These countries argue that the primary
object of the Hungarians' request is to satisfy private
creditors before they pay reparations. The amount of truth
in this claim may be enough to prevent the success of the
Hungarian Premier's mission and to enable the Little
Entente to continue the policy of the isolation of Hungary."
South American Trade Improving, According to
. Manager of Anglo-South American Bank, Ltd.
South American trade, which has been depressed, is
improving, due to the betterment of conditions in a number
of the countries, says W. E. Wells, General Manager of the
Anglo-South American Bank, Ltd., and Chairman of the
Board of Commercial Bank of Spanish America, Ltd., London, who has just arrived in New York for a short stay on
his way home after a five-months' business tour in which
he visited Brazil, Uruguay, Argentine, Chile and Peru.
Mr. Wells states that the Argentine has been suffering
from the slump in the cattle market, although last year's
grain crop was abnormally large and has brought large sums
of money into the country. There are signs of improvement
in the cattle business and a tendency to higher prices. Production has been restricted due to insufficient pasturage
necessary for the big accumulation of stock resulting ftom
lack of demand.
Chile would also appear to have turned the corner. Trade,
as is well known, has been stagnant in the nitrate business
for about two years, thereby causing general depression in
the whole republic with consequent detrimental effects in
the Government's revenue. Nitrate sales, although not up
to normal, are now very satisfactory, says Mr. Wells, and
as this fertilizer is of vital importance to agriculturists, it is
thought the demand cannot fail to be on a steadily increasing
scale. The production of copper has also vastly increased
with the rise in price of this commodity, and this also will
have the effect of increasing the spending power of the
country. There has also been a natural reaction in wool
and as both the Argentine and Chile have large interests in
this, they are benefitting accordingly. With regard to
Peru, although the fall in the price of commodities produced
by that country was greater in proportion than any other,
cotton and sugar have been produced practically without
loss almost throughout the crisis. In view of the recovery
in the price of these two staple commodities of the country,
it should now be in a prosperous condition, and as the export
taxes are based on a sliding scale proportionate to the actual
valuation, the revenue received by the Government will be
automatically improved.
The falling off in revenues which all these countries
have suffered has been in a very great measure due to the
almost complete absence of direct taxation, which in Mr.
Well's opinion is absolutely necessary to enable them to
adjust their budgets. Income tax is especially engaging
the attention of the authorities as that source of revenue is
practically untapped. The heavy stocks of imported goods
left over from the 1921 crisis appear to be practically
liquidated and the demand for manufactured goods should
now revive, but this will naturally be slow as buyers still
have in mind their recent experiences. There is still a feeling
that as Europe becomes more settled prices of manufactured
articles will further be reduced and the tendency for some
time will be to buy only for actual requirements. It was
very noticeable that the banks in all the countries visited
have large surpluses of cash for which they are at present
unable to find suitable outlet, which would indicate that the
public prefer to keep their funds in the bank, even if they
gain no interest, rather than invest in shares or commodities.
Mr. Wells, who has an unusually intimate knowledge of
affairs, has been with the Anglo-South American Bank,
Ltd., for the past 23 years, of which he spent 19 in South
America, where he held the post of Manager of the Valparaiso Branch until 1919, when he was appointed to his
present position. The Anglo-South American Bank and its
affiliations with 63 branches has been established for the
past 25 years and has capital and reserves of over 60 million
dollars.
2070
THE CHRONICLE
FOL. 116.
1,846,293 Germans Slain During the World War.
Finnish Debt Refunding Agreement With United States
Signed and Now in Effect.
The New York "Times" reported the following from Berlin
The following from Washington May. 1 appeared in the April 28:
Germany lost 1,846,293 dead in the World War, according to official
New York "Times" of the 2d inst.:
The debt funding agreement with the Government of Finland was
formally executed to-day and, pending ratification by Congress, became
tentatively operative. The settlement Is the first negotiated with foreign
nations which borrowed money from the United States during the war to
be placed in actual effect.
The agreement was 'signed by Secretary Mellon as Chairman of the
American Debt Commission and by Axel Astrom, the Minister of Finland.
The latter handed Secretary Mellon a check for 89,132, adjusting the
debt to an even $9,000,000 on which the agreement was calculated.
Payments under the agreement will begin June 15, when the first interest
installment is due. Actual reduction of the debt, the payment of which Is
spread over sixty-two years, will start Dec. 15,and,according to information
at the Treasury, the Finnish Government will make semi-annual payments
thereafter, not taking advantage of the three-year lump sum optional
payments permitted by the agreement.
German Law Invoked Against Payment in Paper
Marks—The Case of the Hamburg-American
Line and the North German Lloyd.
On April 1 1923 the two leading German shipping concerns, the Hamburg-American Line and the North German
Lloyd, called for payment of their entire funded debt aggregating approximately 93,000,000 marks. These bonds had
been floated for the purpose of expanding the activities of
the companies in question, and the money acquired from the
proceeds of the loans represented actual gold values which
had been put back into the property. With a rate of about
22,000 marks to the dollar at the time of payment, the companies required about $4,500 in'order to pay off a debt of
more than $22,000,000. A similar policy is being pursued
by other companies as well as by the Government, provinces
and municipalities throughout Germany. According to the
foreign department of Moody's Investors Service, leading
German jurists are raising the question whether the debtor
is privileged to take advantage of the depreciated currency
and pay off his obligations in nearly worthless paper money,
and whether the creditor—that is, the owner of obligations—
has not the protection of the law against such procedure on
the part of the borrower.
A prominent German jurist carefully examines this subject
in a recent issue of "Der Allgemeine Tariffanzeiger." He
refers to the German Civil Code, sections 983, 987, 988 and
989, in accordance with which "the depreciation of a currency is of no consequence to the creditor, because the debtor
is obligated to return the same amount in kind and currency
of the same character and of the same value, as he had
originally received. He is especially obligated to make payment in currency in the same proportion to its inherent value
which said currency had at the time the loan was originally
contracted. In the event that currency of the same value
should be no longer in circulation at the time when payments
come due, the lender is to receive similar currency in such
amounts and in such manner that he will receive such full
value of the obligation as had obtained at the time of its
contraction." Reference is also made to section 1147 of
the German Civil Code, according to which "any and every
enrichment of the debtor is illegal"; that is, "should the payment of an obligation become impossible, the debtor is under
all circumstances obligated to return to or indemnify the
statistics just brought up to date. The number of dependents left by
those who lost their lives is fixed at 1,945,000.
Of the dead, 56,133 were officers and officials, 212,069 non-commissioned
and warrant officers, 1,572,623 enlisted men and 5,568 men whose ranks
were not reported.
The dependents comprise 533,000 widows, 1,134,000 children who
were left partially orphaned, 58,000 orphans, 38,000 parental couples,
and 162.000 parents who were already widows or widowers.
The statistics have been submitted to the Reichstag by the Minister
of Labor.
Krupp von Bohlen and Other Germans Sentenced by
French Court Martial.
Dr. Krupp von Bohlen, head of the famous Krupp works
in Germany, was sentenced to 15 years in jail and to pay a
fine of 100,000,000 marks on May 8 at Werden, by a French
court martial as a result of the trial growing out of the
shooting at the Krupp plant on March 31 of 13 Germans
by French machine gun bullets when the Krupp plant
employees were incited to a manifestation against French
soldiers.
After two hours' deliberation the French court martial
of the Seventy-seventh French Infantry Division pronounced the following sentences:
Baron Krupp von Bohlen und Halbach, 15 years' imprisonment anti
fine of 100,000,000 marks (about $2,725)•
Herr Bruit'', Krupp director, 10 years in prison and 100,000,000 marks
fine.
Directors Hartwig and Oesterlen, 15 years in prison and 100,000,000
marks fine.
Directors Beller, Schripter, Kreple and Kuntz, who fled from the occupied
districts, 20 years' imprisonment and 10,000,000 marks fine.
Herr Gross, chief of apprentices, 10 years' imprisonment and 50,000,000
marks fine.
Herr Muller, six months'imprisonment.
Three motor cycle thieves, two months' imprisonment.
Portugal Accepts Nine-Power Treaties.
It was stated in press dispatches from Washington April
24 that advices had been received that day by the State
Department from Lisbon that the Portuguese Government
had ratified the two Nine-Power treaties negotiated by the
Wlehington Conference on Limitation of Armaments. This
ratification, it is said, completes the approval by the Powers
of the Armament Conference conventions with the single
exception of France. State Department officials believe
that France will ratify the treaties in due course.
Resumption of Trade Relations Between Austria and
Italy.
An Austro-Italian commercial treaty, the first of its kind
since the war, it is stated, was signed on April 28 at Rome by
Premier Mussolini and the Austrian Minister. Supplementary conventions were signed, it is said, to facilitate the transport of Austrian goods through Trieste and regulate economic relations in the Austro-Italian frontier zones.
Danish Trade Treaty with Russia.
The following advices from Moscow, April 23 (copyright),
by the New York "Times":
TITOTP re
The Danish trade agreement was signed to-day by Maxim Litvinoff and
lender to an amount or value which is represented by the Chamberlain Klan, the Danish representative. It must be ratified within
original loan at the time of its contraction so that he shall eight weeks to become effective. It involves:
(1) De facto recognition of the Soviet Government; (2) the mutual exnot have benefited through the loss which May accrue to
the creditor." Again, section 5 of the Civil Code provides
that "law cannot be made r4roactive and can have consequently no influence upon previously arranged contracts
and such privileges and rights as had previously been acquired. In the event that a new currency be introduced,
such currency cannot but create an especially characteristic
medium of exchange pro futuro, but cannot render invalid
obligations which had been entered prior thereto." Continuing, Moody's Investors Service says:
From the foregoing it would seem that the lender has the right to refuse
payment In paper currency for obligations arranged in pre-war currencies,
because "the original purpose and intention of the creditor was to satisfy
the debtor in a currency which obtained at the time the debt was contracted—that ;s, at par of exchange or gold." Thus, "obligations entered
Into prior to the demoralization of a currency are gold loans, having been
contracted in gold with the full knowledge of the contracting parties, and
must be regarded as gold loans irrespective of new laws which may be
introduced subsequent to the depreciation of currencies for tho benefit of
the borrower and the detriment of the lender. The former cannot under
in a depreciated currency if the proany circumstances insist on payment
ceeds of the loan or obligation had been employed in such manner as to
depreciation." It remains, therefore, to be
remain unaffected by such
throughout Germany to compel payment in
seen whether the movement
paper will gain momentum, and how the German
gold instead of worthless
are about to be brought, will manage to
courts, before which certain cases
courts uphold the claims of bondholders, the
evade the law. Should the
course, assume an entirely different aspect.
German debt sithation will, of
change of representatives with diplomatic and consular privileges; (3) full
commercial and economic relations; (4) mutual access to all transportation
facilities, telegraphic, radio, postal and aerial communication; (5) guarantees of the mutual protection of citizens' interests in person and property.
Regarding the burning question of the claims of Danish citizens formerly
in business in Russia for the nationalization of their property, &c., it is
officially stated that the matter is left open; but I have reason to believe
that the Danes have received satisfactory assurance that claimants will receive such business facilities in Russia as will enable them to recoup their
losses within a brief period.
Egyptian Constitution Signed.
The new Egyptian Constitution, declaring the country to
be a sovereign State, free and independent, was signed on
April 19 at Cairo by King Fuad. Some of the salient features
of the document were outlined in Associated Press advices,
which had the following to say:
Succession to the throne shall be hereditary in the family of Mohammed
All; the official religion shall be the Islamic. and the official language Arabic.
One of the outstanding features is an article providing for the obligatory
elementary education of both sexes, to be provided free of charge in public
schools. This marks a great educational stride in Egypt, especially in the
case of the girls.
The document says in part: "The present Constitution Is applicable to
the Kingdom of Egypt. This provision in no way affects Egypt's rights
in the Sudan. . . .
MAY 12 1923.]
THE CHRONICLE
2071
"The title which the King of Egypt shall bear will be established after
No Parleys Till Resistance Ends.
authorized delegations have fixed the definite status of the Sudan."
The note to Germany is in M.Poincare's usual concise and pungent style.
The Premier in a letter to the King remarks that the two articles relative
It sets forth that the reparation total stands as fixed by the London schedule.
to the Sudan appear in the Constitution because of the assurance received
It denies the German assertion that passive resistance is the act of the
from Field. Marshal Allenby. British High Commissioner in Egypt and
the Sudan,"that the British Government do not desire to bring into discus- Ruhr population, affirming that it is the act of the German Government.
It declares most plainly that France and Belgium will consider no German
sion Egypt's rights in the Sudan or her rights to the waters of the Nile."
The Constitution declares that all powers shall emanate from the nation. proposals until passive resistance ends.
M.Poincare mentions the fact that France has already advanced 100.000,The legislative power is to be exercised by the King, concurrently with the
Senate and Chamber, but the King and the Chamber alone will have the 000,000 paper francs on Germany's account and that one-half the reparation
of the devastated regions remains to be done. He asserts that France will
right to create and increase taxes. The King may return any bill to Parliament for renewed examination, but if then approved by two-thirds majority never submit to the injustice that, while Germany does not pay the reparations she owes, she continues to build up her industry at home. He goes
In each house it will become law.
The King is empowered to dissolve the Chamber and to nominate and into great detail in discussing the technical objections to the German
dismiss Ministers. He can also nominate and dismiss diplomatic representa- proposal, accusing Germany of filling her propositions with "jokers.'-'
The response to the German demand that the evacuation of the Ruhr
tives on the proposals of the Minister of Foreign affairs.
precede- the negotiations, M. Poincare points out that this would mean
that for four and a half years, if the German plan were accepted. Germany
Commission Rate on Dealings in Foreign Exchange Cut would pay nothing and the Allies would have no guarantees. He repeats
the Franco-Belgian determination to evacuate the Ruler when the claims
—National City Bank Lowers Fee 50%, Except on
of France and Belgium are paid, and not before.
In his closing sentences M. Poincare states his real attitude toward the
Sterling.
German proposals, the acceptance of which, he says, would mean the end
The following is from the "Journal of Commerce" of of the Treaty
of Versailles. Germany would be rid of countless obligations:
April 24:
the French and Belgians would withdraw from the Ruhr and quit the
Reduction of 50% in commission fees allowed by brokers on trades in Rhine—all in exchange for one more German promise. M. Poincare urges
European exchanges outside of sterling will be made by the National City Berlin to think twice and thereby understand the rejection of its offer.
Bank, effective May 1. To say that this has caused consternation among
The full text of the Franco-Belgian note as published in
the brokers is putting it mildly, particularly as it is thought this action may
the "Times" was as follows:
be followed by other institutions.
To the German Charge d'Affaires:
Practically all banks now allow 3.4' of a point on transactions in French.
I acknowledge the receipt of your letter of May 2 and in the name of
Belgian and Swiss francs and lire, as well as in the case of most other curthe French Government make the following reply:
rencies. Commission rates on Scandinavian and Far Eastern remittances
The Belgian and French Governments cannot allow to pass without
generally range from 3.6 of 1% to 1%; on marks they are 1-16 to ;1 of a
1
contradicting them many observations made by the German Government.
point.
The National City Bank allows a commission of $5 per £10.000 sterling. On the one hand, it is not true that any measures have been taken by,
while the other banking institutions pay 1-16 of a cent, or $6 25 per £10,000. France and Belgium in violation of the Treaty of Versailles; on the other
No change is contemplated on this score, It is announced. All the fore- hand, the proposals formulated by Germany are In several essential points
going figures apply to amounts involved in the trades between banks. In opposition to this Treaty.
The Treaty of Versailles fixed the condition under which the German debt
Two years or so ago the commissions amounted to j of 1% on sterling and
would be calculated and paid. The calculation took
% of 1% to 1% on other usually active currencies.
place at the end of April
1921; the means of payment were decided upon May
Brokers who handle commercial bills exclusively execute orders for their
5 1921; Germany formally accepted at that time the fixing of the sum and
clients so that their commissions are not regulated by banking institutions.
the means of payment.
Brokers in European exchanges have not had much to do formany months Since then she has not kept the engagements she took. A partial moratorion account of the great uncertainty surrounding conditions in Europe, the um was accorded her. She did not even discharge her reduced obligations.
market on frequent occasions having been almost at a standstill. It is The Reparations Commission declared the successive defaults cf which
asserted that from an all-around viewpoint they now receive less in the way Germany had been guilty. It was following this declaration and in the
of commissions for executing orders than any other class of brokers in the execution of the treaty that Belgium and France seized
the guarantees.
financial district. The statement is made that in this connection that the
Contrary to the allegation of the Germany Government. this seizure of
overhead charges of the broker are so heavy that the new commissions to be guarantees was carried out without the slightest violence
on the part oi
put into effect by the big banking institution next week will hardly cover Belgium and France, and if it had been an affair of
only these two powers.
his expenses.
co-operation would have been immediately established In the Ruhr between
Intimations are made that some of the more important brokers intend the industrial chiefs, engineers and workers of Germany
and industrial
to take the matter up with leading interests in the City Bank before deciding chiefs, engineers and workers of the Allies. It was
orders sent from Berlin
on any definite plan of action. Further developments, therefore, are which alone prevented this co-operation.
awaited with lively interest in International banking circles.
Says Berlin Directed Resistance.
The German Government states that the
population responded by pa,sive
Dutch East Indies 40
-Year External Loan in Definitive resistance to the occupation of the Ruhr. Nothing is further from the truth.
It was not the population,It was the German Government which desired and
Form Ready.
organized this resistance. Furthermore, the
German Government recogThe Guaranty Trust Company of New York announces nizes this Simplicity, since it declares to-day that this resistance will cease
only after a settlement on the line of the present proposals. If the resisthat on and after May 15 Dutch East Indies 40
-Year External tance was spontaneous, how could the German Government either halt It
Loan Sinking Fund 6% gold bonds due 1962, in definitive or prolong it?
This
form with coupons maturing Sept. 1 1923, and subsequent Treaty resistance, moreover, is not only passive, but active, whereas the
of Versailles stipulates
attached, will be delivered in exchangefor trust receipts now consider as an act of hostility formally that Germany has not the right to
any sanction taken after the declaration of
default by the Reparations Commission.
outstanding.
The German Government has provoked
not only strikes of functionaries.
but a general and systematic conflict
of aggression,of sabotage and of violations of the common law. The Belgian and French
Definitive Bonds of City of Montevideo Available.
Governments cannottake
under consideration any German proposition
so ions as this resimance ,s kept
Dillon, Read & Co., as fiscal agents, on April 30 notified up. They do not intend that
the lives of their officers, their soldiers, their enholders of City of Montevideo, (Uruguay) temporary 7% gineers, th eircustems officials or their railroad workers shall be exposed to
sinking fund gold bonds, due June 11952, that the temporary attack while the pending issues are being examined. Neither do they intend that the normal operation of
the military control commissions shall
bonds would be exchangeable for definitive bonds at the office remain blocked, and that
the disarmament of Germany shall be put in doubt
of Central Union Trust Company of New York, on and after by the fact that France and Belgium, unpaid, have seized the guarantees to
which they are entitled.
May 11923.
The French and Belgian Governments
must add that the present propositions of Germany are from several points
of view entirely unacceptable.
Text of Franco-Belgian Note Refusing Germany's
25 Per Cent. Entirely Unacceptable.
In the first place, the figures offered
Proposal of Reparations—British Cabinet's Desire
do not represent even ono-fourth of
the sum fixed by the Reparations Commission
for a Joint Allied Note Ignored.
as the total of her debt to the Allies. France and recognized by Germany
and Belgium
Despite the request of the British Cabinet that a joint several times. and they repeat It hero, that they cannot accept have declared
a reduction of
Allied note be framed in reply to Germany's new reparations their own credits and that if they are ready to set a part of them against the
inter-Allied debts they are under material
obligation to collect the rest to
proposals, the French and Belgian Governments formulated recoup themselves for the terrible
disasters inflicted upon them by the Gertheir own reply and on May 6 presented it to Dr. von Hoesch, man invasion.
France has up to the present time advanced
the German Charge d'Affaires, in Paris. It was reported
100.000.000,000 francs for the
account of Germany: Belgium has advanced
15,000.000,000 Belgan trancs,
that Lord Curzon, Acting British Premier, had tried to and there remains for them outside
their ponslon
half
persuade Premier Poincare to undertake the framing of a their damages yet to be repaired. Tho economic charges more than and
interests of France
Belgium,
joint Allied note, but the French Premier, acting in full that the the economic interests of the whole world. Justice itself, command
ravaged countries should no
accord with Premier Theunis, of Belgium, held to the selves in order to favor the enrichmentlonger be condemned to ruin themof their debtor. No more than for
original plan, after having given England an • opportunity France would the sum oftcred permit Belgium,the victim of the most eYaleal
violation of treaties, to restore to-day her
devastated regions.
to sign the note—an opportunity which was not embraced.
Thus, while the regions invaded for
four years by the German
The following summary of the situation with respect to the would be exposed to remaining indefinitely in desolation, Germany armies
would
Franco-Belgian note and the position of Great Britain in continue to build freely in the Ruhr and elsewhere new factories, blast furnaces, dwellings, roads and railways.
Belgium and France are determined
the matter was given in Paris cablegrams copyrighted by not to surfer this
iniquity.
the New York "Times":
Dangerous Elasticity of German Offer.
The Paris Government, while refusing to postpone its reply—and French
The offer of thirty billions made by
the German Government contains beopinion was loudly demanding a prompt refusal of the German offer— sides,
assured the British Government that it would be glad to enter negotiations ity," according to the expression you use in your letter, a factor of "elasticthe danger and arbitrariness of which it is needless to emphasize. The
for an Allied accord when England approved of the French and Belgians
total you indicate would be, according to the German Government, the maxremaining in the Ruler, but stood on its position that inasmuch as an
imum,and it would be easy for Germany to place it again in discussion even
essential part of the French plan was the continued occupation of the
before it becomes a reality.
Ruhr, it thought it unwise to enter into debate with London on this issue
Without doubt the German Government pretends that it is not possiblet o
before replying to Germany.
estimate now the definite sum of Germany's capacity for payment. But
2072
THE CHRONICLE
when they established the London plan of payment the Allied Governments
took account of the justice there might be in this observation, and they postponed the payment of nearly two-thirds of the German debt to an indefinite
period, to be decided according to the state of German prosperity. However, the German Government has not ceased since them to protest against
this uncertainty in regard to part of its debt. It has said time and again
that what kept it from fulfilling its engagements was that it did not know
the definite total. To-day it reduces by more than three-fifths the fixed
part of its debt, it reduces by more than seven-eights the unfixed part of its
debt; but it maintains the uncertainty.
Cannot the Allied Governments have reason to believe that Germany will
soon go back to her first argument and declare that only the fixed part
ought to be paid, under the pretext that she does not know the total amount
of her obligations?
In fact,in the German propositions it is a question of only the nominal and
apparent sum of 30,000,000.000 gold marks. The effective total would be
as of July 1 1927,and for the sum of only 20,000,000,000. It Is, then,a complete moratorium of four and half years which Germany demands, as from
Jan. 1 1923. when the London schedule was put back into force by the
Reparations Commission. The sum of 20.000.000.000. besides, would be
considerably reduced,since up to July 1 1927. interest would be taken from
the product of loans. On a 5% discount basis the present value of 20,000.000,000 falls to 15,820.000.000.
•
Reservations Add to Uncertainty.
These imprecise proposals are accompanied by reservations which would
permit putting everything in question within several months. The German
Government does not even guarantee that the twenty billions or the smaller
sum which It actually offers will be really paid at the indicated date. It
provides, on the contrary, that if they are not covered by loans the unpaid
part will bear the derisory interest of 5% and will form an amortizable
annuity. It offers still smaller guarantees for the two supplementary
parts of five billions, which In principle ought to be paid July 11929, and
July 1 1931. An international commission will decide if these two supplementary loans are to be Issued, and even if the interest from July 1 1923.
is to be paid, such provisions render inpossible a serious estimate of the
real value of the offer.
Besides the French and Belgian Governments agreed at the Paris Conference to put aside the idea of turning over the work of the Reparations Commission to international conamisions, committees of International business
men or arbitral tribunals. In the Treaty of Versailles. Germany solemnly engaged herself to recognize the Reparations Commission as Judge of the
partial remission of her debt and of the adjournment of payments, and it
was specified that no remission could be given except by the unanimous vote
of the creditor Powers. France and Belgium cannot consent to surrender
the guarantees the treaty gives them.
Unsatisfactory German Guarantees.
W'The (Raman Government declares itself to furnish guarantees for the
payments In money and in kind which It offers to-day and which constitute
purely and simply an enormous diminution of Its former promises. But on
the subject of the guarantees it contents itself with giving the vaguest and
most obscure Ideas, and, although the Reparations Commission has studied
for a long time in accord with the Allied Governments all the measures by
the aid of which Germany could stabilize her money, restore her finances
and proceed to borrow abroad;although the Allied Governments have many
times tried to persuade Germany to make sincere efforts to arrive at these
results, the Germany Government indicated to-day neither in what way it
would seek to stabilize its money nor what legislative measures it would
take nor what resources It proposed to apply to the guarantee of the difference ofloans.
Ift Just as vague and just as illusory are the indications given by the German
Government on the guarantees of security It says it is ready to offer
France. It doesn't speak of Belgium, and this omission appears at least
singular when one recalls the manner In which Germany, the guarantor in
1914 of Belgian neutrality, behaved then toward the nation whose Indspendence she had promised to protect.
France and Belgium Want Certitudes.
As a general proposition Belgium and the French Governments have
always been favorable "to pacific international procedure" and "to agreements guaranteeing peace on the basis of reciprocity." But the Treaty of
Versailles is an agreement for guaranteeing peace which reposes on reciprocity. However, the German Government to-day deals chiefly with the
principal causes It contains. In this order ofideas,as in that ofreparations,
France and Belgium will not content themselves with fresh Gorman declarations; they want certitudes.
In exchange for proposals in part unacceptable, in part insufficient, the
German Government pretends that "the basis of negotiations ought to be
that the status quo ante be established with the shortest delay." and.
applying this general condition, it demands notably that regions newly
occupied In perfect conformity with the Versailles Treaty be evacuated;
that the measure taken in the Rhineland by the Interallied High Commission
to assure the execution of the Treaty be repealed; that Germans arrested or
expelled for infractions ofrules regularly laid down be liberated or reinstated
in their homes and their functions.
Thus,during four and a half years— that is to say, during the period when
the French and Belgian Governments have the greatest need of receiving
payment in kind and in money to pay for the restoration ofthe devastated
regions—they shall both wait patiently, without pledges or guarantees, until
it pleases the German Government to take the measures which it sees fit,
tc offer them an undertermined or indefinite amount, and that they ought
to get out of the Ruhr. where they went only to have in their grasp the
guarantees and the pledges to which they had a right and which were refused them.
The Belgian Government and the French Government have decided that
they will withdraw from the occupied territories only in proportion to the
payments made. They find nothing to change in this resolution.
"Revolt Against Treaty of Versailles."
They cannot besides help remarking that the German note from one end to
the other is only a thinly veiled expression of systematic revolt against the
Treaty of Versailles. If it could be taken into consideration, It would lead
surely to the total and definite destruction of this Treaty, to the necessity of
negotiating another and to the moral, economic, political and military
revenge of Germany. On the morrow of the day when the conference of
Ambassadors had once more declared unanimously that Germany was not
fulfilling her disarmament obligations France and Belgium would have to
renounce the pacific sanctions Germany forced them to take. Germany
would be liberated of the expenses which she says are weighing her down and
which she calls unproductive, which appears to mean that she refers to
troops of occupation, and that she wishes to deprive Belgium and France of
the one solid guarantee which assures their security and the respect of the
Treaty.
[Vor.. 116.
The Interallied High Commission must be disavowed and suppressed, or
reduced to helplessness. Germany would be freed of what she calls the political and economic hindrances of the Treaty. The Allies would have to
give her immediately the benefit of the most favored nation clause, which
would permit her to profit by the ruin which she caused In Belgium and
France, to assure rapidly her industrial superiority over the countries which
she ravaged.
The question of reparations would be submitted, not as tho Treaty provided, to the Commission whose decisions Germany engaged to observe,
but to an international commission. Belgium and France would have to
abandon their guarantees. They would have to remain exposed to the
violence of the agents of the German Government. And in return for all
these sacrifices they would receive once more some words on paper. The
German Government,if It will think twice, will not be astonished that they
refused such a bargain.
Attitude of British Government on Action of Fran ch
and Belgian Governments in Sending Note to
Germany on Reparations.
•
The position of the British Government with respect to
the joint Franco-Belgian note sent to Germany on reparations
was made plain on May 8 in identical written statements
read in the House of Lords by Lord Curzon and in the Commons by Stanley Baldwin. They asserted the right of Great
Britain to join in the reply by her Allies to a note which Germany had sent to all of them at her suggestion, and deplored
the "unnecessary precipitancy" of the Franco-Belgian action.
The text of the statement follows:
A German note, which has already appeared in the press, was handed
by
the German Ambassador to the Foreign Secretary on the afternoon
of May 2.
It was a note addressed not merely to the French and Belgian
Governments,
but to the principal Allied Powers. As such, it was the view of His Majesty's Government that the best and most natural course of procedure would be
to return a concerted reply from the Governments of Great Britain,
France.
Italy and Belgium; more so as the German note was in response to a
suggestion which had been made to them publicly and officially
by the Foreign
Minister of the British Government, and as the problem
involved, namely
that of reparations, was one in which the Allied Powers, and not merely
France and Belgium alone, are deeply concerned.
Nor, in the opinion of His Majesty's Government, need any Insuperable
.
difficulty have been experienced in drawing up a collective reply, reserving
for separate treatment by the French and Belgian Governments,
If they so
desired, questions arising directly out of the recent occupation of German
territory by their military forces.
His Majesty's Government have reason to believe that
some of these
views were shared by some of their Allies, and were quite
prepared to make
proposals to this effect, having already communicated
their general idea to
the Allied Governments, when they were officially
informed that the French
and Belgian Governments had already drawn up a joint
official reply from
themselves alone, the text of which was c( mmunicated
to His Majesty's
Government on Saturday afternoon, with the information
that it would be
presented twenty-four hours later to the German
Ambassador.
His Majesty's Government regretted what appeared
to them to be the
unnecessary precipitancy of this step, as well as the loss
of an opportunity
Which, in their opinion. had been presented of once
more testifying, by joint
communication, to the solidarity of the Allied
Entente. They do not,
however, feel dispensed from the obligation of stating
their own views in
reply to the German note, and this they propose, with
the least possible delay, to do.
Repayments Received by the War Finance Corporation.
From April 16 to • April 30, inclusive, the repayments
received by the War Finance Corporation on account of its
advances for agricultural and live stock purposes totaled
$4,200,129, as follows:
Frem•banking and financing institutions
From live stock loan companies
From co-operative marketing associations
$2,276,086
1,119.560
804,483
$4,200,129
The repayments received by the Corporation from Jan. 1
1922 to April 30 1923, inclusive, on account of all loans,
totaled $227,305,248. From April 16 to April 30, 1923,
inclusive, the Corporation approved 31 advances, aggregating
$694,000, to financial institutions for agricultural and live
stock purposes.
Attempts to Influence Stock Market by Bogus Orders
and Checks.
An apparently well organized attempt to influence prices
on the New York Stock Exchange was brought into play
on May 7 as one of the most daring and sensational raids
ever witnessed in the local financial district. Many of the
leading member firms of the New York Stock Exchange
opened their morning mail and found a $15,000 check from
an out-of-town bank or trust company, accompanied by an
order for the immediate purchase of a large block of stock.
The purchase was to be made for the account of a customer
of the bank for delivery through its Now York correspondent.
Several houses executed large buying orders in New York
Central, Chile Copper, American Tobacco, Davison Chemical and other stocks before both checks and letters were
discovered to be spurious by brokers who had taken the
precaution to make inquiries at the financial institutions
named as New York correspondents.
According to the New York "Herald" of May 8:
When it became evident several minutes after the opening of the market
at 10 o'clock that the flood of $15,000 checks and buying orders, which were
MAY 12 1923.]
THE CHRONICLE
received by more than sixty Stock Exchange houses, had been forged the
news was flashed on the news tickers and the stock quotation tickers.
New York Central, which had recorded a gain of 234 points from Saturday's closing price, dropped back sharply, and Chile Copper, which had
made an oponing gain of 1 X points at 27 X , receded quickly on the resale
of shares bought on fictitious orders ranging from 700 to 1.000 shares each.
Corn Products, American Tobacco, American Sugar Refining, American
Car & Foundry and others followed similar tactics. The uneasiness caused
by the episode bad much to do with the heavy selling pressure applied to
the stock market during the remainder of the day, which carried United
States Steel below par, a new low price for 1923. Opinion in Wall Street
was divided as to whether the scheme was destgried for profit on the short
side or the long side of the market, or both.
2073
Governing Committee of Stock Exchange Adopts Resolution Endorsing Plans for New York Jubilee
Celebration.
The Governing Committee of the New York Stock Exchange at a meeting this week adopted the following resolution:
Whereas the City of New York is about to celebrate the 25th Anniversary
of its consolidation; and
Whereas, plans are under way to suitably commemorate the event by
holding a Jubilee Celebration for the purpose of promoting just civic pride,
through familiarizing our citizens with the preeminence of our city in all
branches of human endeavor, governmental, business and cultural;
Be it resolved, That the Governing Committee of the New York Stock
Exchange heartily endorse the plan to celebrate the 25th Anniversary of
the Greater City of Now York, and extend to the committee in charge of
the celebration its good will and cooperation.
$4,001,000 Stock Involved.
It is believed that more than 10f New York Stock Exchange houses in
,
this city, Philadelphia and Boston, received the bogus checks. This
estimate is made from sixty-three local firms which reported the receipt
of as many $15,000 checks, involving a total of $945,000. If the foregoing
calculation is correct the entire operation called for the issuing of about
$1,500,000 in bad checks as part purchase price for between $3,000,00
Resolution Adopted by Governing Committee of New
and $4,000,000 worth of stock.
York Stock Exchange Expressing Appreciation
The letters to sixty-three firms here called for the purchase of 33,426
shares of stock of the following companies, in addition to those aforeto President Cromwell.
mentioned: Tobacco Products Corp., Davison Chemical Co., American
The following resolution was adopted by the Governing
Woolen Co., Baltimore & Ohio RR., Westinghouse Electric & Manufacturing and Anaconda Copper Mining Co.
Committee of the New York Stock Exchange at a meeting
The letters containing the checks and letters were mailed from Allentown, this
week:
Reading, Lancaster, Altoona, Johnstown, Uniontown. York, Harrisburg,
Whereas, The steady development and ever-increasing importance of the
Greenburg. Bethlehem, all in Pennsylvania; Amsterdam, Watertown, Utica New
York Stock Exchange in the financial affairs of the nation have
and Schenectady, in New York State. and Pittsfield. Mass.
brought a growing burden of responsibilities upon the chief executive of
The letters and envelopes were all printed with the names of the particular
this institution; and
bank and trust company purporting to be the sender, and the following
Whereas. During the past year Seymour L. Cromwell, as President of the
were among the New York financial institutions named as New York
Exchange, has met and discharged these responsibilities with an energy.
correspondents:
intelligence and judgment which have excited the admiration of his fellowThe National City Bank, the Bankers Trust Co., the Guaranty Trust
co.. the Hanover National Bank, the National Bank of Commerce, the members; Be It Resolved, That the Governing Committee do hereby
Therefore,
Chemical National Bank. the Mechanic:3 & Metals Bank, and the Seaboard record
their profound appreciation of his invaluable services and express
National Bank.
their gratitude for his conscientious devotion to the welfare of the Exchange.
A Specimen Letter.
The envelopes carried the return address of the sending bank, and were
Jury for Third Trial of E. M. Fuller Fails to Agree.
postmarked as of May 5, from the various cities from which they were
all
sent. The following communication received by the Stock Exchange house
The jury in the trial of E. M. Fuller, head of the bankrupt
of Farson, Son & Co., 115 Broadway, as coming from the Central Union
Trust Co. of Altoona, and signed by W. B. Reed, its Secretary and Treas- brokerage firm of E. M.Fuller & Co.,in the Court of General
urer, was the form used for the letters:
Sessions, for alleged "bucketing" and grand larceny, was dis"Gentlemen:—Enclosed please find check for fifteen thousand ($15.000.00)
charged by Judge Nott at 1 a. m. Thursday, May 10, when
dollars as initial payment on the purchase for our account and risk of the
following stock, which order you will please execute immediately, at the the foreman reported that they were unable to reach a verdict.
market:
The jury was out fourteen hours and since 2 o'clock the pre"Seven hundred shares Chile Conner Co.
"The stock certificate on the above to be made in the name of our client vious day, it is said, had stood 8 to 4 for conviction. Following the discharge of the jury Assistant District Attorney
as follows:
"F. A. Oswald, Altoona.
Hugo Wintner announced, it is said, that the defendant
"We do not wish this transaction handled or the certificates delivered
(draft attached) through any local bank or broker, therefore when you would be called for trial for the fourth time on the indictreceive this stock certificate please notify and deliver same to our corre- ment within ten days. We last referred to the Fuller case
spondent.
n our issue of last week, May 5, page 1956.
"The National City Bank of New York, through whom arrangements
will be made to take it up. You will please confirm this purchase to
our client, name and address as given above.
Senator Key Pittman's Protest Against Director of
"Very truly yours,
Mint Scobey Regarding Proposal to Discontinue
"CENTRAL UNION TRUST CO. OF ALTOONA,
"W. B. REED, Secretary and Treasurer.
Silver Purchases.
Statement by Exchange.
Supplementing his letter to Director of the Mint Scobey
Seymour L. Cromwell, President of the New York Stock Exchange,
protesting against the latter's proposed discontinuance of
issued the following statement:
"Following an attempt- at fraud which developed this morning in the silver purchases under the
Pittman Act, Senator Key
sending ot various orders to purchase stocks, together with checks, to
members of the various security markets, the Stock Exchange has com- Pittman has addressed S. Parker Gilbert, Jr., Under Secremunicated the facts to the Post Office authorities and the Police Depart- tary of the Treasury, in the matter. In the letter toMr.
ment of New York and will make every effort to co-operate with those
Gilbert, Senator Pittman points out what he conceives to
agencies in finding out the origin of the fraud."
The Better Business Bureau of New York put two of its investigators be the provisions and purposes of the Pittman Act and underto work on the case and the American Bankers Association engaged 15 takes to show that the Treasury Department "has violated
men of the William J. Burns Detective Agency in an effort to round up
the spirit of the law and has thereby deceived the producers
the perpetrators of the fraud.
An examination of the letters indicated that their letterheads were all of silver in the United States to their irreparable damage."
in the same size and style of type on identical bonded. paper. This was Senator Pittman in
his adviees to Under Secretary Gilbert
true also of tho checks which bore the double signatures of the President
and the Treasurer or Cashier of the issuing bank or trust company. The states that "the only authority that the Treasury DepartInk and handwriting on the President's signature line were the same on ment or the Director of the Mint have for the use, allocation
every check except that the names differed. This was also true of the or sale of standard
silver dollars for subsidiary coinage is
signatures of the Cashiers or Treasurers. In some cases the man signed
as Cashier had been promoted to President of his bank, indicating that found in the Pittman Act. The learned Comptrollerthe forgers had taken their names from a banking manual at least three General says that he finds nothing in the Act to prohibit it.
months old.
The Act vests no judicial authority in the Treasury Depart-
The following resolution, offering a reward for the appre- ment or the Director of the Mint. Such departments are
hension and conviction of the guilty parties, was adopted by exclusively executive, the acts to be performed are solely
the New York Stock Exchange on May 9:
ministerial and they can do nothing except by direct authority
Resolved, That a reward of not to exceed $5,000 be offered for the appre- of the Act."
Senator Pittman's letter to Mr. Gilbert,
recent
hension and conviction of the person or persons concerned with the
attempt to influence the market by the issue of spurious letters, orders and dated April 23, is given as follows in the "Financial Review"
checks, and that the matter be referred to the Law Committee, with power. of April 28, published by Coleman & Rietze of this city:
With regard to the inquiry begun into the matter, the My dear Mr. Secretary:
On March 30th the Director of the United States Mint, with your approvNew Yorle`Times" on May 9 said:
Clews leading to a downtown bucket shop were found yesterday by detectives Investigating the rigging of the stock market at the opening Monday
morning, when fake buying orders for active stocks were received in the
mails by Stock Exchange houses in New York, Boston, Philadelphia, Pittoburgh and Chicago. The Burns International Detective Agency, representing the American Bankers' Association, received word from a Wall
Street informant that four men connected with this bucket shop had left
New York between the close of business Friday night and the opening
Saturday, and did not return until Monday morning.
A:; the spurious buying orders were mailed from various cities in New
York, Massachusetts, Pennsylvania, Indiana and Maryland on Saturday
and Sunday, it is believed that these four men may have been sent out
from the New York headquarters of the stock manipulators with the
envelopes containing the fake orders and the $15,000 forged checks, one
of which accompanied each order, for mailing in the cities from which the
orders purported to come.
al, Issued a public bulletin announcing that there was approximately
20,000,000 ounces of silver yet to be purchased under the Pittman Act.
This was so at variance with calculations based upon former statements
issued from time to time by the Mint as to silver purchases under the Pittman Act and the balance to be purchased that the last statement was generally questioned by the producers of silver and mining writers. Investigation disclosed that the apparent discrepancy was explained in this way:
The Pittman Act provided not alone for the sale of standard silver dollars
in the Treasury of the United States up to three hundred and fifty millions
of dollars in the form of bullion to foreign governments, but provided for the
sale of such silver dollars in the form of bullion to the Director of the Mint
for the purpose of being coined into subsidiary e0- The purposes of the
111
.
Act, as stated in the Act itself, are as ft:allows:
"An Act to conserve the gold supply of the United States; to permit the
settlement in silver of trade balances adverse to the United States; to Provide for subsidiary coinage and for commercial use; to assist foreign govern-
2074
THE CHRONICLE
116.
ments at war with the enemies of the United States; and for the
above pur- described in a 'White House statement as an
active farmer,
poses to stabilize the price and encourage the production of silver."
who owned and operated his own farm. He is a former
The purpose of the Act was not only to take care of foreign
situations,
but to provide silver for subsidiary coinage and trade balances.
Speaker of the Iowa Legislature and is reported to have been
Under the general authority to melt up and sell a portion of said three
hundred and fifty millions of standard silver dollars for subsidiary coinage, active in farm work for a number of years. Mr. Jones is
the following allocations and sales were made for subsidiary
a member of the Pennsylvania State Legislature and is
coinage:
Date of
Standrad Silver
Fine Ounces Treasurer of the Federal Land Bank at Baltimore. He is a
Allocation.
Dollars Allocated.
Produced.
trustee of Pennsylvania State College, one of the leading
September 7 1918
1,000,000
772,997 89 agricultural institutions
of the East. The Washington
November 28 1919
10,000.0001
7,816,732 24
November 6 1920
correspondent of the "Journal of Commerce' of this city
111.1681
In addition to the foregoing allocations and sales, 6,000,000 fine ounces notes that the appointment
of Mr. Cunningham, who
were allocated and sold on order of the Secretary ofthe Treasury under dates
succeeds the late Milo D. Campbell of Michigan, gives the
of October 18th and December 18th 1920.
The foregoing allocations, under the terms of the Act, consituted a sale Federal Reserve Board a full membership for the first
just the same as the sale of such broken up silver dollars to Great Britain time in more than a year and
makes possible the adoption
for the use of India constituted a sale, and, under the terms of the Act,
must be returned to the Treasury of the United States in the form of stan- of policies for the administration of the system under the
dard silver dollars from the purchase of American silver at one dollar an governorship of D. R. Crissinger. It is planned to consider
01111C43.
general questions of policy when the new members are in
The Treasury Department a long time after these sales for subsidiary
coinage were completed and after the silver dollars had been melted up, office, and it is expected that both Mr. Cunningham and
attempted to revoke such sales in whole or in part so that the Director of G. R. James of Memphis, the new Southern member,
will
thelMint might find excuse not to purchase from the American producer take their seats early
next week.
at a dollar an ounce, as provided in the Act, the amount of such silver so
sold for subsidiary coinage.
On February 11 1922, the Director of the Mint, by authority of the Treas- The Branch Bank Controversy Before
the United
ury Department, revoked the sale of 4,341,753.61 ounces of the
6,000,000
States Supreme Court.
ounces theretofore sold to the Director of the Mint for subsidiary coinage
under dates of October 18th and December 18th .1920.
The branch bank controversy in Missouri has become a
The Secretary of the Treasury,subsequent to November 29 1922.revoked
national issue with the focal point in Washington, before
the sale of 8,589,730.13 ounces of silver sold to the Director of the
Mint
the United States Supreme Court, where ten States have
for subsidiary coinage under date of September 7 1918, November 28
1919
and November 6 1920.
petitioned through their Attorneys-General to be admitted
The total amount of sales revoked by the Secretary of the TreasurY,
as to file suggestions and brief as amici curiae in the appeal
shown above, are 12,931,483.74 ounces.
The question is, did the Secretary of the Treasury have the legal
'
authority of the First National Bank of St. Louis against the State of
to revoke such sales? If he did, then the Government on March
30 was Missouri. On Monday last a suggestion, brief and argucompelled to buy under the Pittman Act from the American
silver pro- ment were filed with
ducer in addition to the 20,000,000 ounces announced
the Court in Washington signed by
12,931,483.74
ounces. making a total at that date of
ten Attorneys-General as follows: Edward J. Brundage for
32,931,483.74 ounces.
revocation of the sale of 4.341,753.61 ounces was
The
made upon the Illinois; Frank E. Healy for Connecticut; George F. Schafer
opinion of the Treasury Department alone. The revocation
of the balance
for North Dakota; John H. Dunbar for Washington; Herman
of the 12.931,483.74 ounces was based upon the opinion of the
Comptroller
General of the United States given to the Secretary of the
Treasury on Nov. L. Ekern for Wisconsin; Ben. J. Gibson for Iowa; J. S.
29 1922, at the request of the Secretary of the Treasury.
Utley for Arkansas; Clifford L. Hilton for Minnesota;
The learned Comptroller General gives the wrong
construction to the
words "over and above the requirements for such puposes."
Ulysses S. Lesch for Indiana; C. B. Griffith for Kansas, and
The requirement did not refer to the necessity for subsidiary coin but
clearly referred William Rothmann of Chicago as amici curiae. The atto the necessity of meeting such allocations, which constituted
a sale or torneys are West and Eckhart.
resale for subsidiary coinage.
When the Secretary of the Treasury determined that a
This step marks the entry of the United States Bankers'
certain number of
ounces was required for subsidiary coinage and directed
that a certain Association Opposed to Branch Banking into the broad field
amount of silver subject to the Pittman Act be allocated
for subsidiary which its founders had in view
when it was organized. This
coinage, then, under Section 2, silver produced by
American miners and
purchased under the Act could only be applied to the return
of the standard association has assumed great responsibilities in uniting the
silver dollars melted up after such allocations and sales
had been settled legal officers of ten States in a general movement to put an
and taken care of. It will be borne in mind that the Pittman
Act treats end to branch banking in States
where it is explicitly proan allocation for such purposes as a sale.
The only authority that the Treasury Department or the
Director of the hibited by law. The attorneys employed are contending
Mint have for the use, allocation or sale of standard silver
dollars for sub- that the United States Supreme Court has no jurisidction in
sidiary coinage is found in the Pittman Act.
the case appealed from Missouri by the First National Bank
The learned Comptroller General says that he finds nothing
in the Act
to prohibit it. The Act vests no judicial authority in the Treasury
Depart- of St. Louis. It bases its contention upon the grounds that
ment or the Director of the Mint. Such departments are
exclusively "the decision sought to be reviewed rests at least in part
on
executive, the acts to be performed are solely ministerial and
they can do
nothing except by direct authority of the Act.
the independent violation of a statute of Missouri." The
The Act authorized the sale by the Treasury Department of such
silver contention is that "since the decision rests on the independent
dollars to the Director of the Mint for subsidiary coinage. The
sales were ground as stated, this Court has no jurisdiction.
completed. The Act expressly provided how such silver
These
dollars so broken
tip and sold for subsidiary coinage should be replaced; namely, by
positions are supported by many citations of decisions in
purchase
of American produced and reduced silver. There is no other
way in which cases where the State Courts had acted upon "independent,
such silver dollars can be replaced.
non-Federal ground. The decision of the Missouri Court
Remember that all of these acts were done with the
approval of the
undoubtedly was based upon just such independent, nonSecretary of the Treasury, and the report just quoted was
made with the
knowledge and approval of the Secretary of the Treasury.
Federal grounds.
I. It will be observed that the opinion of the Comptroller General
holds
In case the U. S. Supreme Court decides it has jurisdiction
that it Is within the discretion of the Treasury Department as
to whether
or not it will cancel such allocations. Under the opinion therefore,
and goes into a hearing, the entire ten Attorneys-General
the
Treasury Department has authority to coin such silver
so allocated into will appear and ask to be heard. The result will be a nasubsidiary coin or to hold it for that purpose.
tional hearing on branch banking questions which will inIrrespective of the legal question involved, it must be obvious
to the
Treasury Department that it has violated the spirit of the
law and has, volve all the States before the finish.
thereby, deceived the producers of silver in the United States to
their irreparable damage.
Federal Reserve Board on Policy Regarding Open
Not until subsequent to March 30 of this year was any notice
given to the
producer of silver that such allocations were going to be revoked and that
Market Operations of Reserve Banks.
the purchase of American silver under the Pittman Act would be reduced
Attention to the rapid expansion of credit demand and
to such extent. On the contrary, the reports theretofore given out by
the
Treasury Department included such allocations in the amount of silver ndustrial production is called by the Federal Reserve Board
to be purchased under the Pittman Act.
in its summary of April business, and it directs attention
I respectfully submit that, without regard to the legal question, It is
the
the new policy adopted by it and the Governors of the
moral duty of the Treasury Department to treat such allocations as
sales to
under the Act and to add such amount to the purchases to be made
under Federal Reserve banks, who recently held their annual
the Pittman Act.
conference
Reference to the announcement of Director of the Mint
Scobey appeared in our issue of April 7, page 1484, and on
April 28, page 1857, we made mention of Senator Pittman's
-protest as contained in his letter to Mr. Scobey.
E. H. Cunningham Appointed as Farmer Member of
Federal Reserve Board.
President Harding has appointed E. H. Cunningham
of Iowa, as the "dirt farmer member of the Federal Reserve
Board, and E.E. Jones of Pennsylvania, as the new member
of the Farm Loan Board. Mr. Cunningham is SecretaryGeneral of the Iowa Farm Bureau Federation, which is
reported to beran organization of 225,000 farmers, and was
in Washington. The Board's new prinspring
ciple deals with open market activities of the Reserve banks
and is to the effect "that the time, manner, character and
volume of open market investments purchased by Federal
Reserve banks be governed with primary regard to the accommodation of commerce and business and to the effect
of such purchases or sales on the general credit situation."
This policy, it is explained, places investment operations of
the Reserve banks on the same general considerations as
those provided in the Federal Reserve Act for the determination of discount rates. It serves also as a gauge for
the Reserve banks as to the degree of adjustment between
the requirements for Reserve bank credit and the amount
in actual use.LIn part the report says:
MAY 121923.]
THE CHRONICLE
2075
in view of
Withdrawals from Federal Reserve System.
The present lending capacity of the country's banking system,
far in excess
the great growth of the reserves at the Reserve banks, is now
The Federal Reserve Board announces the withdrawal of
a situation
of the credit needs of the country's productive capacity. In such
potential the
following institutions:
it is the available supplies of labor and equipment and not the
supply of credit that in the end must fix the limit which may be attained
Metropolitan Trust Co., Boston, Mass.
aggregate national production. As these limits are approached, credit
by
Habersham Bank, Clarkesville, Ga.
conpolicy must be increasingly influenced by careful consideration of the
volume of credit in
tinued effectiveness of further additions to the total
contributing to increased productivity.
Banks Authorized to Accept Drafts and Bills of
The volume of retail trade, taking the country as a whole, is approxiExchange up to 100 Per Cent of Capital and
mately the same now as at this season in 1920,though retail prices are lower.
Surplus.
In certain agricultural sections, however, where hand-to-hand currency is
largely used and where business recovery has been slow and incomplete,
The Federal Reserve Board has authorized the following
of business is still much below the 1920 level, and it is probable
the volume
up to
that in those sections there is a smaller demand for currency. There is also institutions to accept drafts and bills of exchange
at present a much reduced amount of currency held as savings. The extent 100% of capital and surplus:
employment than
of such holdings depends less upon the current volume of
The Citizens National Bank of Boston, Mass.
upon the duration of the period of full employment; in 1920 such holdings
were doubtless at a record figure,since full-time employment and high wages
had continued for several years. During the subsequent period of slack
New Issue of United States Notes.
employment much of the currency held as savings was spent,- and the present
long enough to result
period of fuller employment has not yet continued
The Secretary of the Treasury on May 6 announced a
In similar accumulation.
new offering of $400,000,000 in Treasury notes to complete
Expansion of bank credits is a necessary condition of expansion of businotes, which when
ness operations, but an overexpansion of credit may so increase the purchas- the refunding and retiring of the Victory
in enabling them to bid originally issued aggregated more than $4,000,000,000.
ing power of business men that it will merely result
against one another for limited supplies of goods and materials so as to
bear 44% interest and will mature
force prices above what consumers are willing and able to pay. Bank The new issue will
time made a
credit often expands so rapidly that it lifts the buying or investment power March 15 1927. • Secretary Mellon at the same
of business men out of line with the general buying power of the community. statement on the Government's fiscal situation, in which he
Because of the strategic position, the banks have an unusual duty and an
refunding operations had.worked out
exceptional opportunity to give sound information and counsel to business asserted the Treasury's
be remen. While the relationship between the volume of credit and the volume so successfully that all of the short-dated debt might
of business and the movement of prices is not always simple to interpret, it tired gradually from surplus revenues of the Government
appears to be sufficiently close to make it a matter of first importance that
to the heavy rethe volume and the flow of credit should at all times be tested by the con- prior to 1928 and without embarrassment
year
tribution which additions to the volume of credit which cannot be economic. financing necessary in connection with maturity that
ally validated by a commensurate effect in actual production are speculative of
the Third Liberty loan.
and as such should be subjected to control, so that business and industry
Mr. Mellon predicted that the gross public debt of the can be maintained in a healthy state.
The increased use of credit, which is reflected in the larger loans and tion would be reduced to about $22,400,000,000 by the end
investments of member banks, but not in the earning assets of Federal
of the current f'scal year on June 30, a retirement of about
Reserve banks has been primarily in response to the increased volume of
1921. A
Thus far business expansion has been characterized by a rapid $1,600,000,000 of Federal securities since April 20
production.
increase in the output of basic commodities. In fact, the growth in the the same time, the Secretary asserted there would be a surphysical volume of production since the middle of 1921 indicates a rate of
plus in the Treasury on June 30.of $125,000,000, or $65,000,industrial recovery almost without parallel in American business. Within
twenty-one 000 more than estimated by Director Lord of the Budget,
a year and a half after recovery began the monthly output of
basic commodities, as measured by the Federal Reserve Board's index of who had forecast that Government receipts .for the fiscal
production, increased over 67%.
by $60,000,000.
The volume of goods produced and consumed during the first quarter of year would exceed expenditures
This offering, Mr. Mellon stated, practically completes
1923 probably exceeds that of any similar period in the history of the country. Fuller employment of equipment and of labor has produced the addi- the refunding of the $7,500,000,000 short dated debt as the
tional income from which profits and wages were realized. In fact, profits
connection with the
in many lines of industry have been dependent upon quantity production, usual quarterly offering on June 15 in
the lower production cost per unit more than offsetting the increased cost tax payment will be on a moderate scale. This issue is
of materials. It is partly in consequence of larger output that the prices intended, with the balance of nearly $400,000,000 already
• of manufactured goods have not more fully reflected the increases in prices
notes outof raw materials. Larger payrolls also until quite recently have resulted on hand, to provide for the payment of Victory
chiefly from increased employment rather than from advances in wage rates. standing aggregating about $830,000,000.
These increases in production and employment have thus far economically
Since the issue is a refunding offering the Treasury, he
justified the increases in the total volume of bank credit. For credit extenexchanging
sion does not result in over-expansion so long as the additional credit yields announced, is providing special facilities for
Victory notes for the new notes, without the necessity of
proportionate results in the larger production and marketing of goods.
The current volume of wholesale and retail trade indicates that the
adjustments of interest and with full interest to maturity
goods now being produced are moving satisfactorily into the channels of disabout
700 firms engaged in various lines of wholesale trade and in the case of uncalled Victory notes. There are
tribution. About
representing practically all sections of the country are now reporting their $65,000,000 called Victories still outstanding and about
monthly sales to the Federal Reserve banks. Since the opening of the year
maturing May 15. Mr.
the total volume of sales by these concerns has been about 18% larger $765,000,000 of Victory notes
retail trade the sales Mellon reserved the right to allot additional notes above the
than during the corresponding period a year ago. In
of 306 department stores located in 100 cities throughout the country, $400,000,000 offered to the extent that payment is tendered
have also exceeded the sales of last year by 15%. In March. 1923. sales
of these stores were above the level of March, 1920, in spite of the lower in Victory notes.
retail prices now prevailing.
The new notes will be dated and bear interest from May 15
The board also calls attention to the fact that in 1920 credit expansion was 1923, will be payable on March 15 1927, and will bear interest
more pronounced in agricultural than in industrial communitites, while at
1923, and
4
the present time it is in the large cities that the volume of credit is relatively at the rate of 43 % per annum, payable Sept. 15
larger.
thereafter semi-annually on March 15 and Sept. 15 in
Promotions of Officials of Federal Reserve Bank of
Minneapolis.
Six officials of the Federal Reserve Bank of Minneapolis
were recently promoted, viz.: B. V. Moore, Cashier, was
made Deputy Governor; Harry Yaeger, Field Representative, has become Assistant Deputy Governor; Gray Warren,
Assistant Cashier, has been made Cashier; Harry I. Ziemer,
Manager of the discount department, is now Assistant
Cashier, as are W. C. Langdon, previously Manager of the
collateral department, and A. R. Larson, St. Paul Manager
of the transit department. Mr. Larson, formerly was
connected with the Merchants National Bank, St. Paul,
Minn. S. S. Cooke, resigned as Deputy Governor to locate
in California.
each year. Bearer notes with interest coupons attached will
0
be issued in denominations of $100, $500, $1,000, $5,00 ,
$10,000 and $100,000.
The notes are not subject to call for redemption before
maturity, and will not be issued in registered form. The
following is the Secretary's letter:
Washington, D. C. May 7 1923.
Dear Sir —The Treasury is announcing to-day an offering of 43%%
Treasury notes of Series B-1927, dated May 15 1923. and maturing March
15 1927. This is a refunding offering, and accordingly provides special
facilities for receiving
% Victory notes in exchange for the new Treasury
notes, without the necessity of adjustment of interest in any case and with
full interest to maturity in the case of uncalled Victory notes. The terms
of the offering more fully appears in Treasury Department Circular No.323.
dated May 7 1923. a copy of which is enclosed for your ready reference.
The amount of the new Issue will be $400,000,000, or thereabouts, with
the right reserved to the Secretary of the Treasury to allot additional notes
to the extent that Of% Victory notes are tendered in payment. There
State Institutions Admitted to Federal Reserve System. are still outstanding 451% Victory notes which were called for redemption
and uncalled
The following institutions were admitted to the Federal on Doc.15 1922, to the amount of about $65,000,000.$765,000.000, Victory
making
notes maturing May 20 1923, to the amount of about
May 4 1923:
Reserve System during the week ending
a total of about $830,000,000 of Victory flats now outstanding. The new
Resources.
Surplus.
Capital.
District No. 11—
offering of Treasury notes is intended, with exchange ot Victory notes and
$453,193 the balances
$10,000
$25,000
Slaton State Bank, Slaton, Texas...
already on hand, to provide for the outstanding Victor)" notes
which will be presented for payment and at the same time to cover the
Treasury's other cash requirements between now and the Juno installment
Institutions Authorized by Federal Reserve Board to of taxes.
This offering completes for practical purposes the refinancing of the
Exercise Trust Powers.
Victory Liberty Loan, and it is therefore an appropriate time to indicate
The Federal Reserve Board has granted permission to the the results of the refunding operations which have been in progress- On
following institutions to exercise trust powers:
April 30 1921 the Treasury announced its program for the refunding of the
short dated debt, and it has since been carrying out the policy of orderly
IL The First National Bank of Columbus, Columbus, Ind.
Except
The Globe Nations IBank of Denver, Denver, Cob.
funding and gradual liquidation outlined in that announcement.
2076
THE CHRONICLE
[VoL. 116.
for the issue of about $750,000 of 25 -year Treasury bonds in the fall of to
-30
determine whether these rates should be lowered. Ad—
1922. the refunding has all been on a short term basis, and it has been arranged with a view to distributing the early maturities of debt at convenient dressing the delegation, President Harding said:
Now let me say briefly in reply—it will be very brief—I am just as corintervals over the period between now and the maturity of the Third Liberty
• Loan in 1928, in such manner that surplus revenues might be applied most dially In favor of everything consistently possible to promote agricultural'
effectively to the gradual reduction of the debt. With this object in view prosperity as any of you. I presume I am a mote ardent protectionist
all of the short term notes issued in the course of the refunding have been than any of you. I believe in it with all any heart as an American policy,
• given maturities on quarterly tax payment dates, and all outstanding issues but I rather infer from your presentation of the case that you have not
of Treasury certificates have likewise been reduced to tax maturities. understood precisely the flexible provisions of the tariff law.
Your argument proceeds on the theory that the authority of the PresiThere has been at the same time a substantial reduction in the total debt,
particularly a short dated debt, through the operation of the sinking fund dent, on the advice of the Tariff Commission, Is to lower the tariff, when,
as a matter of fact, the provision was inserted with equal purpose to authorand other public debt retirements chargeeabie against ordinary receipts,
as well as through the application of surplus revenues. The result is that ize the elevation of it.
We were considering a provision to correct the difficulties growing out.
the public debt stands to-day at a much reduced figure and in manageable
shape, with maturities distributed in such a way as to give the Government of world conditions—out of the great difference In exchange—and we
wanted a provision by which we could protect American industry against
adequate control over it and facilitate its gradual retirement.
The comparative figures of the debt as it stood when these operations unfair and destructive competition. So one inspiration of the flexiblecommenced on or about April 30 1921, and as it will stand on or about tariff Is protection, and reduction only in case of excessive rates. It Is.
June 30 1923, when the present refunding will have been completed, show designed to operate either way—to protect the American consumer against
clearly what has been accomplished. On April 30 1921 the gross public inordinate charges, as well as the American producer against unfair comdebt, on the basis of daily Treasury statements, amounted to about 24 petition.
•
You stress your objection to the policy of docketing. A policy has been
billion dollars, of which over 7% billion dollars was short-dated debt maturing in about two years. This included over $4,050,000,000 of Victory agreed upon by the Tariff Commission and the President. We cannot deny
notes, over $2,800,000,000 of Treasury certificates of indebtedness, and the filing of petitions for modifications, but, before action is taken, the.
over $650,000,000 of War Savings certificates of the 1918 series. By June 30 Tariff Commission makes a preliminary survey to determine whether the
1923, it is estimated, the gross debt will have been brought down to about facts justify recommending a hearing on the question.
You cannot forbid surveys. If you undertook to do that you would
$22,400,000, a reduction of about $1,600,000,000, during the period, and
all the old 7% billion dollars of short
-dated debt will have been retired or make the provision of a flexible tariff a dead letter. But I have mut:tined
refunded. In its place there will be a new class of short-dated debt, aggre- the Commission that the Government does not mean "to throw a monkey
gating about 53 billion dollars and maturing over the period of about five wrench Into the machinery" at a time when we are all trying to recoveryears up to the maturity of the Third Liberty Loan, consisting of (1) fully from industrial and agricultural depression. I can tell you surely
$1,100,000,000, or thereabouts, of Treasury certificates of indebtedness, that the President would proclaim no reduction of the tariff unless there
Maturing on various quarterly payment dates within the year; (2) about were very pronounced reasons for it, and the President would be justified in
$4,000,000,000, in the aggregate, of Treasury notes, maturing on various modification either way only on the most striking evidence of the necessity
quarterly tax payment dates in the years 1924, 1925, 1926 and 1927; and of such a change in rates.
(3) about $350,000,000 of War Savings certificates and Treasury Savings
certificates, maturing in moderate amounts, each year. These maturities
are arranged so as to permit their refinancing with the minimum of dis- General Goethals's Resignation as President of the
turbance to business and industry, and with the Government balancing its
Ottoman-American Development Co.
budget each year and showing a reasonable surplus, it should be possible
The most recent development of importance in connection
to retire them gradually out of surplus revenues, in time to avoid embarrassment to the heavy refinancing that will be necessary In connection with with the much-discussed Chester concessions granted to an
the maturity of the Third Liberty Loan,
American syndicate by the Turkish Government is theThis Government,as you probably know,has squarely followed the policy
resignation of Major-General George W. Goethals, U.S.A.,
of balancing its budget from year to year, ordinary receipts agalist
ordiretired, as President of the Ottoman-American Development
nary expenditures, and beginning with the fiscal year 1921 it
has included
as ordinary expenditures for budget purposes the Sinking Fund
and other Co., the company representing the interests that acquired
debt retirements properly chargeable against ordinary
receipts, aggregating the concession. Announcement of MAjor-General
Goethals's
about $422,000,000 for the fiscal year 1921 and about the same
amount
for the fiscal year 1922. This means that any surplus which may
be realized resignation was made on May 7 by C. A. Barnard, counsel
Is after providing for sinking fund charges and similar public
debt retire- for the Canadian interests represented in the syndicate.
ments. For the fiscal year 1923 the returns are not yet
complete. but up There was a' division between
the American and Canadian
to April 30 1923, covering the first ten months of the year,
there was a
surplus on the basis of daily Treasury statements of over
$137,000,000 above interests, he said, over the question of British and French
all expenditures chargeable against ordinary receipts, and the
Treasury's participation in the concession. Mr. Barnard, accordingbest estimates indicate that by the end of the year there will
be a surplus to the press dispatches,
said further with reference to Majorof over $125,000.000, after charging out expenditures for the
Sinking Fund
and other public debt retirements of the same nature to the amount
of about General Goethals's resignation:
$405,000,000. This means that notwithstanding the unfavorable
General Goethals and some of the other directors were of the opinion
prospects
at the beginning of the year the Government will succeed in
closing the year that the magnitude of the concession was such that for political and financial
with a substantial surplus. This fortunate result is due,
reasons, if the concession was to be successful, British and French interests
in large part, to
increased revenues from Internal revenue and customs, and.
to a lesser should be invited to join the American interests.
extent, to decreases in the general expenditures of the
Rear Admiral Colby E. Chester, U.S.N., retired, who secured the conGovernment. It is a
showing which gives much reason for encouragement,
and it means better cession, was very strongly of the opinion, on the other hand, that American
prospects for the future if all concerned will continue to exercise
interests alone should handle the matter. General Goethals did not wish
the utmost
economy in Government expenditure and avoid new projects
that would any conflict of opinion at the present time, so he retired from the Presidrain the public Treasury.
dency of the company, although remaining on the board. Ho took that
The current offering of Treasury notes brings to an end the
first phase action in order to leave the board free to decide between the two opinions.
of the refinancing of the war debt, and it offers a peculiarly favorable
The Canadian interests naturally agree with the views expressed by
opportunity for holders of Victory notes to reinvest in a Government
security of General Goethals, as it is manifest that if British and French interests were
similar maturity and bearing the same rate of interest.
The terms are joined to the American interests the international difficulties would disattractive, and nothing will be more helpful to the general
appear.
situation
the widest possible distribution of the new notes among Investors. than
I am
The Canadian interests are said to control about 10% or
accordingly writing to ask your continued co-operation,
believing that you
the Ottoman-American Development Co., which they pur—
will wish to extend to your customers every possible facility for
subscribing
to the new securities and particularly for exchanging their
Victory notes chased for $50,000. Their identity has never been revealed,
for the Treasury notes now offered.
newspaper accounts say.
Cordially yours,
A. W. MELLON,
Convention Putting into Effect Chester Concession
Secretary ofthe Treasury.
To the President of the Banking Institution Addressed.
Signed at Angora.
A convention putting into
effect the railway development
President Harding's Views on Revision of Tariff
as and mining concessions granted by the Turkish Government
Expressed to Delegation of Southern Tariff
to the American syndicate headed by Rear Admiral Colby
Association.
There will be no reduction in the tariff rates established by
the Fordney-McCumber law unless there are very "pronounced reasons for it"; President Harding told a delegation
of the Southern Tariff Association which called upon him at
the White 118use on May 7. The President dealt particularly
with the flexible provision of the new tariff, stating to the
delegation that he had cautioned the U. S. Tariff Commission, within whose jurisdiction falls the work of studying the
tariff and making recommendations for change in rates,
that the Government does not mean "to throw a monkey
wrench into the machinery at a time when we are all trying
to recover fully from industrial and agricultural depression."
Protection, he declared in his statement to the delegation,
is one of the reasons for the flexible provision and reductions
are to be made only when the rates are excessive. The
delegation is said to have been notable in that every man in
it was a Democratic State officeholders in a cotton State.
The delegation protested against the proposal to lower the
rates on vegetable oils. The Tariff Commission announced
on May 6 that an investigation was about e to be made
M. Chester, retired, was signed on April 30 at Angora.
The Turkish Minister of Public Works affixed his signature
tor the Government, and Clayton Kennedy for the promoting corporation. Commander Arthur T. Chester, re—
tired,a son of Rear Admiral Chester,also signed the document
on behalf of the American syndicate.
Rear Admiral Chester Tells How American Syndicate
Acquired Concessions in Turkey.
Rear Admiral Colby M. Chester, U. S. N., retired, one of
the chief figures in the American syndicate which has obtained extensive grants for commercial exploitation in Turkey, known as the Chester concession, explained on April 21)
how he and his associates had acquired the concessions and
declared that he would fight to keep them against all corners.
"The Chester concession," he said, "is the result of myofficial mission in 1908 for the purpose of getting into the
back door of Asia because we could not get through the.
spheres of influence in China into the front door." Rear
Admiral Chester's remarks were made at a dinner given in
the Hotel Astor for Dr. Ibrahim Fouad Bey,former Turkish
MAY 12 1923.]
THE CHRONICLE
Minister of Health and Welfare, by the Federated American
Chambers of Commerce in the Near East. His address was
quoted at some length in the New York "Times,"from which
we take the following:
Before 200 guests at a cosmopolitan dinner at the Hotel Astor last night.
with a background of the Stars and Stripes and the Turkish crescent and
star over a blackboard map of the Mosul oil fields, Rear Admiral Colby M.
Chester, U. S. N., retired, declared that he and his associates would fight
all corners for the Chester concession. Dr.Ibrahim Fouad Bey of the Turkish National Assembly asserted that no power on earth could make Turkey
withdraw its grant.
Dr. Fouad Bey, who was formerly Minister of Pulbic Health and Social
Welfare, as well as Minister of the Interior of the Angora Government, and
is now here as a special representative of the new Turkish Government, was
the guest of honor at the dinner by the Federated Chambers of Commerce of
the Near East.
Admiral Chester was tho first speaker. He began by telling how he first
became interested in Turkey and made the connections that led to his getting
the concession. Twenty-three years ago he was sent to the Philippines in
command of the U. S. S. Kentucky, but was intercepted by cable at Naples
and ordered to put in at Smyrna. The Turkish Governor of the port sent
word to the Sultan of Turkey that a big American battleship had arrived
and looked as though she were going to "blow the place out of the water."
Next, Admiral Chester said, the Russian Ambassador told the Sultan that
the Kentucky intended to bombard Constantinople and urged him to let the
Russian fleet enter the Bosphorus. Another Ambassador warned the Sultan
against this, and the result was that the Sultan invited Admiral Chester,
then Captain Chester, to call on him. Admiral Chester remarked that during the ten days he spent in Constantinople as the guest of the Sultan he had
"'the time of my life."
"In this way," he continued,"I came to know something of the Near East
question, and since then it has been my constant study."
2077
learned that European assistance in developing their natural resources
was always followed by interference with their political affairs. 4
Neal Dow Becker, the toastmaster, told reporters that!President
Roosevelt and Elihu Root:had been among the original backers of Admiral
Chester.
Conclusion of Pan-American Conference—Message of
Secretary of State Hughes,
The Fifth Pan-American Conference, which opened at
Santiago, Chile, the latter part of March, brought its sessions to an end on May 3. It is stated in Associated Press
accounts that, while it succeeded in reaching agreements
on general questions of commerce, education and hygiene,
it failed to smooth out the difficulties that arose in its discussion of such topics as naval armament, an American
League of Nations, the Monroe Doctrine, and an American
Court of Justice. Consideration of some of these questions,
it is stated in the dispatches, was postponed. A statement
indicative of the disappointment at the results of the meeting was issued as follows in New York on May 8, according
to the New York "Times," by the Committee on Organization of the International Pan-American Committee:
A meeting held yesterday and to-day at the home of one of its members
of the Committee on Organization of the New International Pan-American
Committee was attended by representatives of the United States. Mexico.
Cuba, Central America, Panama and Canada, interested in promoting
continental co-operation and solidarity for the peace and progress of the
Americas and the world.
Worked for Chamber of Commerce.
The Chairman, John Barrett, former Director-General of the PeeAdmiral Chester said that he was sent abroad by the Government again
in 1908— the year he drew up the plan that has just come into fruition— and American Union, was authorized to make the statement that a resolution
was passed to the effect that the opinion of these organizers reflecting actual
that this time he carried a commission from the New York Chamber of Commerce to study.commercial and economic conditions in the Near East and Pan-American public sentiment in the countries named was unanimous
to make a report to that body on his return as to anything that might be in its conclusion that the official Fifth Pan-American Conference, which
had just adjourned at Santiago. while accomplishing some good, was a
done to better trade relations between America and the Near East.
"We did not go out to grab everything in sight and we‘are not doing profound disappointment in the large results achieved, especially for disthat now," the speaker went on. "I was sent abroad to represent the United armament, arbitration of international disputes and other practical PanStates Government at the Ninth International Congress of Geographers at American political co-operation, including Canadian representation at the
Geneva, and the National Rivers and Harbors Commission at St. Peters- next conference.
It proved, the resolution stated, the undoubted need of a new and popular
burg. My mission in Turkey was a commercial venture, started by the
United States to get into the back door because we could not get in through unofficial Pan-American movement and organization to arouse and educate
public sentiment throughout the Americas to more promasive and practhe sphere of influence of the European countries or the eastern front of
China. We had been barred out of all the Eastern Coimtries through tical Pan-American co-operation.
those spheres of influence. Your New York bankers will tell you how they
As to the concluding session May 3, we quote the following
have failed to get into South America because of the same spheres of infrom the Associated Press advices from Santiago May 4:
fluence."
Future Pan-American gatherings will be called upon to take further
American Promises to Turkey.
The speaker intimated that promises had been made to the Turks, in action on various subjects of general interest to the Western nations. The
Pan-American Congress of Jurists, which meets at Rio de Janeiro in 1925.
return for the concession to use American influences to throw off the
"capitulation" of Turkey's sovereign rights in respect of the trial of foreign will be asked to attempt a codification of American international law. To
this gathering also the conference referred the Costa Rican plan for an
nationals in their consular courts, instead of the Turkish courts.
He said he intended to urge on Secretary of State Hughes that "we American Court of Justice.
The conference adopted two treaties, one for the protection of Panare committed by the passage of this Act by the Turkish Parliament last
American trade marks,the other for an agreement under which international
week to give up the capiturations."
"One of our best Secretaries of State," he went on. "once said to me disputes would be investigated by a fact-finding commission.
The Hygiene° Committee, headed by Dr. George E. Vincent. President
that the passage of the Chester project by Turkey would be one of the
best possible reasons for returning to Turkey her sovereign rights. We of the Rockefeller Foundation, brought about the adoption of measures
that will enable international co-operation in stamping out disease. Many
haven't anybody in Turkey, anyhow, except missionaries, and if they
of the delegates believe that this was the most important work of the
can't keep out of the courts they ought to come home."
"There is no reason why Turkey should have to capitulate her sovereign Congress.
The conference also gave encouragement to the prohibition movement.
rights." he said. "Practically every country in the world has been rescued
from the semi-civilized state ot capitulation except some islands in the agreeing to assist in keeping Intoxicants from being exported to the United
States.
Pacific that probably don't know what capitulation means. Have we
Augustin Edwards of Chile. President of the Conference, closed his adany right to hold back this recognition from a State like Turkey that
'has done such magnificent work in tho last year, driving out three foreign dress at the final session with the declaration that "an America united and
conscious of its strength, realizing its true position, is more than a hope:
foes, including Great Britain?"
it is a guarantee for the human race."
Attacks Curzon's Policy.
His speech was one of a half dozen orations delivered by the representaThe Admiral said that the land covered by'the Chester concession was tives of
various countries. In addition to paying tribute to the mothernever part of Mesopotamia. the only title to such a claim, he said, being lands of
America—Spain, England, Portugal and France—Senor Edwards
a treaty that is now "a scrap of paper." Ho attacked the British, especially remarked
that this was the centennial year of the Monroe Doctrine. "WhatLord Curron, over the Lausanne controversy as to letting Mesopotamia ever
Interpret-dions the Monroe Doctrine has received," he said, "none can
remain under Arab rule, under a British mandate. He said sarcastically fell to
recognize the trznseendent importance of this historical fart to Amerthat Curzon wanted the question settled by the League of Naticns,"where ica. The
spirit of President Monroe has spread throughout the compass
the British have six votes to anybody else's one."
of America."
Admiral Chester said that the Prime Minister of Turkey, told recently
The unwillingness of the United States to have the Monroe
by an American capitalist that he and other American capitalists were
Doctrine incorporated in Pan-American treaty because the
"not behind Chester," replied,"No, but the Turkish Government is."
"That's what we're standing on." the speaker said, "and we'll fight North American republic has maintained and will continue
it out on that line against all corners."
to maintain the Doctrine as its own policy, was made
He said that he was called to Washington in 1920 and urged by high clear by Henry
P. Fletcher to the Latin-American nations
officers of the navy to put the matter through before the treaty Was signed. at the
session on the 1st inst., according to the Associated
so that the United States Government could take a share. He added
that ho went to the then British Ambassador, reminded him that he had Press advices that day, which added:
The question arose in the Political Committee of the Pan-American
been urging that everybody put their cards down on the table, and said,
Conference prior to the committee's approval of a resolution to refer to the
-Hero's my hand."
"He told me," Admiral Chester said. "'You can rest assured that the Governing Board of the Pan-American Union Topics 9 and 16 of the
British Government will not make any objection to you going in and agenda. These paragraphs contain Uruguay's proposal for an American
League of Nations and for the adoption of the principle of the Monroe
'taking that concession.' But he was overruled."
Since then, Admiral. Chester said, the most important British oil man Doctrine by all American States.
Before the vote was reached,' Senor Alvarez of Chile vigorously sup'had declared that the Mosul grant was worth a billion in oil, and he was
ported the Uruguayan league proposal, and Senor Etcheverri of Colombia
going "to fight Chester."
severely criticized the efficacy of the Monroe Doctrine.
Briton Promises "a Fair Fight:
Senor Alvarez, who said he spoke for himself and not for the Chilean
.
"The same man," Admiral Chester continued. "told me that it would delegation, expressed the hope that the Pan-American Union would evolve
be a fair fight, and if we had a better claim the British Government would into an American League of Nations, contending that such an organization
.recognize it. I stake my claim on the Turkish Government. nod say would have no difficulty in working harmoniously with the Versailles
that they are going to get their etpitulations back and are going to be as League. Ho said the Monroe Doctrine Was amply safeguarded by Article
21 of the Versailles pact.
independent as we are."
Senor Etcheverri cited historical instances of the alleged failure of the
Ernest B. Filsinger of the Chamber of Commerce said he hoped to see
'the United States and Turkey resume friendly relations and exchange United States to invoke the Doctrine to protect other American nations
from European aggression. Among these cases ho mentioned Spain's
Amabssadors in the near future.
Dr. Found Bey, a short man, with black hair and mustache and an attempt in 1866 to reconquer her colonies on tho Pacific Coast of South
-olive skin, who spoke in Turkish. pausing after each paragraph while an America. He said he thought Latin Americans should take measures
to insure their own protection.
interpreter gave his remarks in English, echoed this hope.
Mr. Fletcher replied:
He said that the Turks welcomed American capital because they believed
the United States had no political and imperialist aims. The Turks
"Article 21 as a definition of the Monroe Doctrine is inept and ITICKa
had become "exceedingly cagey"—the interpreter's use of AnWriCall slang It is not a regional understanding, but is the unilateral natie nil policy of
made the audience laugh—of European capitalists because they had the United States."
2078
THE CHRONICLE
[VoL. 116.
Mr. Fletcher indicated that the decision as to when the Doctrine was
"The Committee does not anticipate that the failure to arrive at more
applicable lay for this reason with the United States. The conarnittee specific conclusions closes the door to further consideration by all the Govagreed not to prolong the discussion, whereupon Mr. Fletcher expressed ernments interested, of the best ways and means of relieving their peoples
his gratification, making it clear that he considered a debate unsuitable.
of the burden of unnecessary armaments," he said.
Although the collapse of the negotiations for a limitation of naval armaReferring to the adoption of the Gondra treaty, providing for investiments in Latin America has caused a strained feeling in the camps of the gation of the disputes before hostilities are declared, he said: "This treaty
Argentine, Brazilian and Chilean delegations to-day,the opinion is expressed reaffirms and presents in concrete form the great American principle of the
In well informed quarters that there will eventually be post-conference pacific settlement of international controversies and prepares the way for
conversations which will result in an amicable settlement.
the adoption of more specific measures for redution and limitation of the
At the present time Brazil strongly favors an A B C conference on burden of armaments as time and circumstances offer."
armament, to which Argentina is opposed. It is believed, however, that
On May 2 the delegates adopted the recommendation of
there is a prospect of separate treaties later, one between Argentina and
Brazil, and another between Chile and Argentina. Furthermore, it is the Political Committee of the Conference for a reorganizaintimated that the Argentine delegation is disposed to negotiate with tion of the Pan American Union and an extension of its
each of these nations senarately. but not together.
sphere of activity. As to this we quote as follows from the
In detailing the recommendations for the adoption of a Associated Press accounts:
code of American international law, including features of
The resolution provides that when a nationfor any reason has no diplothe Monroe Doctrine, embodied in the report prepared by matic representative at Washington it may choose a special delegate to
the Board. The Presidency and Vice-Presidency are made elective.
Alexander Alvarez, Chilean member of the American
The union is now empowered to deal with commercial,industrial, agriculInternational Commission of jurists, created by the last tural and educational problems, and withod may
thers which the Boar
decide to give it jurisdiction over.
conference, the New York "Commercial" in a Santiago
Permanent committees will be appointed to develop economic and comdispatch April 1 said:
mercial relations among the member nations and to study labor conditions.
The proposal represents the views of the jurist after a decade of study of
the problem of establishing a code guaranteeing the New World against
aggression and interference.
Emphasizing American solidarity and the right to adapt international
principles to meet their special needs and aspirations, as differing from
European problems, the code notifies Europe and Asia that a united hemisphere guarantees the defense and maintenance of sovereignty of its territory
against non-American aggression.
The non-American world, particularly Europe, is invited to recognize
the code as an essential part of universal international law.
The draft declares the right of the American States to solve immigration,
naturalization and other peculiarly American problems in their own way.
Impairment of the sovereignty of one American State by another is prohibited by an article denying the right of interference in internal or external
affairs except in a "friendly and conciliatory manner, without effort to
impose the will of one nation upon another."
Nations are given the right to protect the nationals of other lands if their
lives or property are endangered, but foreigners are denied special rights not
given to citizens of the country of their residence. Another article provides
for doubling the three-mile limits of territorial waters.
A recommendation that the Costa Rican proposal to create
an American permanent Court of Justice be referred to the
next Pan American Conference was made to the Juridical
Committee of the Conference on April 28 by Carlos Aldunate
Solar, Chilean reporting delegate,in summing up the projects
submitted under Topic 10 of the Conference program.
The Associated Press advices of that day continued in part:
Although the committee took no action to-day and the United States delegates did not take part in the debate, the committee is aware that postponement of the question meets with strong approval by the United States delegation, which has informed the members of the committee privately that it
could not :rapport the Costa Rican project at this time, as it involved a
question of internal politics.
The Costa Rican project and another by Argentina, declaring for compulsory arbitration of all questions except those involving the provisions of a
nation's constitution, provoked warm controversy. The committee understands that the Argentine proposal likewise lacks the support of the United
States delegation on the ground that the United States Senate had rejected
arbitration of questions involving vital interests of a nation.
It was finally decided by the committee to discuss at its next meeting
whether the conference should m.a.ke a declaration: first, that arbitration is a
principle of American and international public law; second, whether to
advocate a, continenal arbitration treaty or recommend separate treaties
between two or more nations in accordance as they are able to agree; third,
whether to create an American court of justice, and, if so, whether resort
to this court should be compulsory.
The comment was heard to-day that even Argentina's proposal would not
provide for the arbitration of diffictdaties between the United States and
Mexico, since It excepts from arbitration questions involving the provisions
of a nation's constitution.
•
Objection by Argentina to the arbitration provision of the war prevention
treaty suggested by Dr. Manuel Gondra,former President of Paraguay,held
up approval of the treaty by the Armaments Committee to-day. Argentina
declined to subscribe to the article which excepted from arbitration questions
of vital interest to the sovereignty and independence of a nation.
The article was referred to a sub-committeo for redrafting. The committee met to-night and agreed to eliminate the arbitration feature.
Senor Gondra declared himself In favor of eliminating the arbitration
feature entirely,saying that in such caso the treaty would provide only for
a "fact-finding" commission.
The United States delegation reused to assent to the Argentine desire to
have the treaty provide for full arbitration.
No progress was made to-day by the Armament Committee with regard to
a concrete proposition for limiting armaments. It is understood that both
the Argentine and Brazilian delegations have received unfavorable replies
from their Governments on Chile's latest compromise which was proposed
privately a few days ago.
The committee also approved adherence to the Washington treaty fixing
was unable to agree, however, to
the limit of capital ships at 35,000 tons.
adherence to the Washington Treaty against the use of asphyxiating gases
and for immunity of merchants ships from submarine attacks. Colombia's
delegates asked rejection of the proposal to adhere to this treaty on the
ground that the weapons were only recourse for small nations.
Senator Frank B. Kellogg of the United States delegation told the corn'ttee he was horrified that any nation would advocate the use of "these
inhuman methods of warfare."
if
In reporting to the conference on May 3 with regard to
the measures adopted by the conference's Armament Committee Henry p. Fletcher, chief American delegate, said
that while the hope of reaching an agreement on a concrete
proposal to reduce the limit of armament expenditures
had been disappointing "there is, nevertheless, no excuse for
discouragement." In stating this the Associated Press
furthe • said:
Intellectual co-operation will be encouraged, especially through the universities.
The enlargement of the scope of the Pan American Union
to permit the performance of any function conferred upon it
by the Governing Board or by subsequent Pan American
Conferences was proposed in a convention which Dr. L. S.
Rowe of the United States delegation submitted to the
Political Committee on April 4.
A feature of the opening session of the fifth PanAmerican Conference on March 26 was a message
from Secretary of State Hughes, who found it impossible to carry out his plans to accept the invitation extended to him by the Chilean Government to attend the Conference; the invitation and the reply of Secretary Hughes,
in which he expressed the hope that no contingency might
arise to prevent his attendance were given in these columns
Feb. 3, page 479. The message addressed to the Conference
by Secretary Hughes was delivered by Ambassador Henry P.
Pletcher, head of the delegation from the United States.
Secretary Hughes in extending his greetings to the gathering, stated that "this Conference affords a welcome opportunity to dedicate ourselves anew to the ideals of peace."
"In this conference of American Republics," he said, "It is
sought not only to buttress the foundations of amity, but to
take full advantage of its opportunities." "This conference," he continued, "means the practical direction of our
material and spiritual forces to gain for all the American
Republics the prosperity which waits on the friendly collaboration of States secure in their recognized equality, in
their mutual respect, and in the supremacy of the common
sentiment of justice." The following was the message:
It is with the deepest regret that I have found it impossible,in accordance
with the courteous invitation of the Government of Chile, to attend the
opening of the fifth Pan-American conference, and I desire to extend
my most cordial greetings to the representatives of the republics of the
Western Hemisphere who have assembled on this auspicious occasion.
At a time when we witness the economic dislocations, the waste and
impoverishment, and the distrust and hatred that have resulted from the
great war, we have abundant reason to congratulate our peoples that
peace reigns in this hemisphere, and the meeting of this conference affords
a welcome opportunity to dedicate ourselves anew to the ideals of peace.
Present experiences, reinforcing the lessons of history, cause fresh recognition of the futility of mere formal arrangements in the absence of goodwill, and, however important may be the special topics of discussion, the
permanent value of the conference lies in the fact that here are generated
powerful currents of mutual understanding and friendly interest supplying
the motive power through which any remnants of suspicion and distrust
may be removed and the injurious influences of earlier antagonisms may
be overcome.
All problems find solution among those who desire to be friendly and
just, and the present imperative demand of civilization itself is that nations
shall set themselves, with all the resources of their intelligence and skill,
to the elimination of sources of controversy, and shall earnestly and diligently seek for their manifold ills the cures which can only be found in
friendship and good faith.
In this conference of American republics it is sought not only to buttress
the foundations of amity, but to take full advantage of its opportunities.
Our intimate economic relations require many advantageous adjustments
which our fortunate relations make possible. The conviction which has
led to these gatherings is that of a distinct community of Interest among
the responsibilities of this hemisphere. It is no prejudice to other interests
wisely to conserve our own. These republics each appropriately safeguarding its sovereignty and independence voice the sentiment which is
the essence of pan-Americanism—the sentiment of mutually beneficial
Therehappily,no controversies among us that cannot be settled by
c(peratire,
aon
"
the processes of reason. No interest is cherished which could prompt
aggression. There is no nation among us which entertains any ambition
which runs counter to the aspirations of our free peoples. We rejoice
in an expanding life; we are each proud of our traditions and achievements;
we all desire the development of resources, increased facilities of education
and the improvement of the common lot of humanity.
This conference means the practical direction of our material and spiritual
forces to gain for all the American republics the prosperity which waits
on the friendly collaboration of States secure in their recognized equality,
in their mutual respect, and in the supremacy of the common sentiment
of justice.
I trust that your labors may have the happiest results.
MAY 12 1923.]
THE CHRONICLE
2079
In view of the time elapsed since the last meeting, and of the scope of the
program to be discussed, the present conference has a special significance
and is expected to be the most important of those thus far held. For the
first time matters of political character in which the United States has close
establishment of a
While it is undoubtedly true that the Conference will deal with some interest will be discussed. Uruguay proposes the
adoption of a uniform policy in
questions of exclusively American boncern, most of the proposals on the Pan-American League of Nations and the
countries, and Chile presents a plan
agenda read as if they might have been transcribed from the record of foreign relations by all the American
for the reduction of armaments. Uruguay, however, is not expected to
activities at Geneva. The agenda contains nineteen points as follows:
press her league proposal.
1. Results of previous Pan-American Conferences.
The reduction of armaments proposed by Chile under topic XII is
2. Reorganization of the Pan-American Union.
expected to be the most important and practical of the matters to be dis3. Codification of International law.
cussed, the success of which depends, principally, upon an agreement be4. International sanitary control.
tween Argentina, Brazil and Chile, the three leading naval and military
5. Improvement of communication facilities
Powers of South America. The United States already having reduced its
6. Uniformity of customs regulations, &c.
armed force to the minimum under the Five Powers Agreement of 1921,the
7. Standardization of passports.
Present Navy and Army of this country will not be affected.
8. Co-operation along agricultural lines.
Of the nineteen points of the agenda, the United States proposes ten,
9. Consideration of measures tending towards closer association of
commercial agreements among
the Republics of the American Continent with a view to promoting common seeking to bring about a co-ordinated plan of
the twenty-one American republics. Prohibition is brought up by Veneinterests.
zuela under the form of a progressive diminution of the production of
10. Settlement of disputes by judicial process.
alcoholic beverages.
11. Arbitration of commercial disputes.
12. Limitation of armaments.
The delegates were welcomed with the opening of the Con13. Standardization of university curricula.
ference by Arturo Alessandri, President of the Republic of
14. Rights of resident aliens.
Chile, who in addressing the gathering stated that "Pan15. Status of children of foreigners.
16. Consideration of the questions arising out of an encroachment by a Americanism is more than an idea; it is an actual dynamic
non-American Power on the rights of an American nation
force, born from inevitable, geographical, historical and
17. Protection of archaeological records.
18. Alcoholic beverages.
political causes."
19. Future conferences.
The American delegation is headed by Henry P Fletcher, now AmbassaCancellation of Lansing-Ishii Agreement by
dor to Belgium, a former Rough Rider, who has at various times been
Minister to Chile, Ambassador to Mexico and Under Secretary of State and
United States and Japan.
is thoroughly familiar with South American problems. Other members
Announcement of• the cancellation of the Lansing-Ishii
of the American delegation are ex-Senator Kellogg of Minnesota. and exSenator Pomerene of Ohio; both "lame ducks:" ex-Senator Saulsbury of agreement between the United States and Japan, whereby
Delaware; George E. Vincent.President of the Rockefeller Foundation, and
the United States agreed in 1917 to recognize Japan's "special
Dr. L. S. Rowe, Director of the Pan-American Union.
The following regarding the agenda appeared in a
dispatch from Washington to the New York "Evening Post"
Mar. 24:
by the State
In a Washington dispatch Mar. 24 the New York "Times" interests" in China, was announced on April 15
Department at Washington, which stated that announcesaid:
ment of its cancellation was made at the same time by the
The proposal for the limitation of armaments, while considered by many
as the most important topic, will be the twelfth to be called up for con- Japanese Foreign . Office in an identic statement. The
sideration. It reads:
Washington announcement merely made public the text of
"Consideration of the reduction and limitation of military and naval exthe notes exchangel between Secretary of State Hughes and
penditures on some just and practicable basis."
Statistics prepared by the Pan-American Union show the combined mili- Masanao Hanihara, the Japanese Ambassador, in which it is
tary and naval expenditures of each of the twenty-one American republics
according to the latest budget issued by each Government when the data
were gathered. The proportion of military expenditures to total expenditures, the table shows, is highest in Honduras, with military expenditures
44.5% of the whole, and lowest in Nicaragua, where 7.9% of revenue
was devoted to that purpose. The percentage for the United States was
25.4. The table follows:
Total Military
Expenditures in
Latest Annual
Proportion
Budget
to Whole.
Prior to 1923.
15.66
Argentina
$34,256,902
15.9
Bolivia
2,925,498
18.0
Brazil
23,989,498
32.2
Chile
19,568,834
11.8
Colombia
3,981,657
14.1
Costa Rica
1,220,124
Cuba
17.3
9,516,024
Dominican Republic
None
Ecuador
12
21;
2,585,086
Guatemala
28.7
2.218,277
Haiti
_
None
Honduras
44.5
1,811,262
Mexico
40.8
78,254,965
Nicaragua
7.9
223,248
Panama
_
None
Paraguay
16.51
658,883
Peru
19.3
6,955,776
Salvador
25.7
1,727.631
United States
25.4
813,547,931
Uruguay
20.5
7,416,931
Venezuela
19.5
2,378,640
Stated that "the American and Japanese Governments are
agreed to consider the Lansing-Ishii correspondence of
Nov. 2 1917 as canceled and of no further force and effect."
The communication addressed by Secretary Hughes to the
Japanese Ambassador is as follows:
Washington, April 14 1923.
Excellency: I have the honor to communicate to your Excellency my'
understanding of the views developed by the discussions which I have
recently had with your embassy in reference to the status of the LansingIshii exchange of notes of Nov. 2 1917.
The discussions between the two Goverrunents have disclosed an identity
of view, and,in the light of the understandings arrived at by the Washington
Conference on the Limitation of Armament, the American and Japanese
Governments are agreed to consider the Lansing-Ishii correspondnece
of Nov. 2 1917 as canceled and of no further force or effect.
I shall be glad to have your confirmation of the accord thus reached.
Accept, Excellency, the renewed assurances of my highest consideration.
CHARLES E. HUGHES.
The following is the reply of the Japanese Ambassador:
Japanese Embassy, Washington, April 14 1923.
Sir: I have the honor to acknowledge the receipt of your note of to-day's
date, communicating to me your understanding of the views developed
by the discusgions which you have recently had with this embassy in ,
reference to the status of the Ishii-Lansing exchange of notes of Nov.2 1917.
I am happy to be able to confirm to you, under instructions from my
Government, your understanding of the views thus developed, as set forth
In the following terms:
The discussions between the two Governments have disclosed an identity
of view and,in the light of the understandings arrived at by the Washington
Conference on the Limitation of Armament, the Japanese and American
Governments are agreed to consider the Ishii-Lansing correspondence of
Nov. 2 1917 as canceled and of no further force or effect.
Accept, Sir, the renewed assurances of my highest consideration.
M. HANIHARA.
Stating that the Conference assembled on March 26
with the attendance of all of the Republics of the Continent
The Associated Press dispatches from Washington, April 15,
excepting Mexico, Peru and Bolivia, dvices from Washington published in the New York "Evening Post" that day said: referring to the issuance of the above notes, said:
The communications exchanged between the two Governments reveal for
the first time that the negotiations which led to the cancellation agreement
were conducted personally by Secretary Hughes and Japanese Embassy
officials in Washington. Actual consummation of the agreement, however,
was effected in Toldo by former Ambassador Charles B. Warren and the
Japanese Foreign Office officials when they affixed their signatures to the
documents after the negotiations in Washington had been concluded.
This act of cancellation restores a parity of interests on the part of the
Japanese and American Governments in China and gives them an exact
status with those of Great Britain, France, Portugal, Italy, Belgium and
the Netherlands, the other signatory Powers to the nine-Power treaty
negotiated by the arm conference.
The cancellation of the Lansing-Ishii agreement also has the effect of
eliminating all ambiguity of existing diplomatic arrangements by removing
The same advices said:
the controversial language in that agreement by which the United States
The Pan-American conferences were originally initiated by the Govern- recognized that Japan had "special interests" in China.
By this accomplishment nothing remains between the United States and
ment of the United States which, with the express authorization of Congress,
invited the other twenty republics of America to hold a meeting in Wash- Japan that conflicts in any way with the provisions of the nine-Power pact
as they treat the question of the open door and equal opportunity for
ington in October of 1889, to discuss measures "to preserve the peace and
promote the prosperity of the American States." In that first conference nationals or citizens of the Governments signatory to the treaty.
the present Pan-American Union, representative organization of the
On March 30, when it was reported that the cancellation
twenty-one American republics, was created, and in view of the success
of the agreement was about to be formally announced,
of the meeting,from which closer political and commercial relations resulted,
It was decided to hold periodical conferences. The second meeting was in Associated Press advices from Washington said in part:
Mexico City in 1901, the third in Rio de Janeiro in 1906, and the fourth in
Under present plans the official announcement will be made simulBuenos Aires in 1910. The fifth was to be held at Santiago in 1914, but taneously in Washington and Tokyo, as a notice to the world that the
the outbreak of the European war led to its postponement until the present United States and Japan have cleared the slate of the last ambiguity in
time.
the formal agreements bearing on their relation to the problems of China.
Mexico declined to attend the Santiago meeting because she had not
participated in the elaboration of the program, and on account of not
being represented in the governing board of the Pan-American Union.
According to the regulations of the union, only the governments recognized
by the Washington Government have such a representative, and Mexico
has not been recognized by Washington. Peru's absence is due to the
status of her relations with Chile.
Bolivia will not be represented because, according to the reason given
by La Paz. she desires to avoid disagreements within the congress, and
the feeling that her position is not definite owing to Chile's refusal to revise
the treaty of 1904 so as to provide her with an outlet to the sea. Bolivia
adds that this decision is not to be construed as an act of hostility towards
Chile.
2080
THE CHRONICLE
and have reached acomplete clarity of understanding as to equal opportunity
and the open door. . . .
With cancellation of the agreement, American-Japanese relations in
the Far East revert to the basis of parity laid down in the Root-Takahira
agreement of 1908 and reaffirmed and broadened by the Nine-Power
Treaty signed at the Washington Arms Conference by the United States,
Japan, Great Britain, France. Italy, Belgium, The Netherlands, Portugal
and China.
In place of the agreement in the Lanshing-Ishii document that "the
Government of the United States recognizes that Japan has special interest
in China, particularly in the part of which her possessions are contiguous,"
will stand the language of the Washington Treaty, which says:
"The contracting Powers . . . agree that they will not seek, nor
support their respective nationals in seeking, any arrangement which
might purport to establish in favor of their interest any general superiority
of rights."
The Lansing-Ishii agreement was signed by Secretary Lansing and Ambassador Ishii on November 2 1917,in the form of an "executive understand
ing" and as such it became immediately effective without the formality of
ratification. Negotiated with the utmost secrecy on the part of both Governments,it created one of the outstanding diplomatic sensations of the war
days, when news of it first reached the outside world in press reports from
Peking on November 5.
The Chinese Governmenthad not received beforehand the slightest intimation that the agreement had been proposed by Japan to Washington. Its
first information was received from the Japanese Ambassador in Peking,
when he delivered translated copies of 'ale agreement at the Peking Flreign
Office. Its first action was to inquire at the American Legation whether
the reported agreement was authentic, and at that time no legation official
had been informed of what had been done in Washington. The State
Department. however,soon confirmed the report and protests were filed
by direct','i of the Peking Government in both Washington and Tokyo.
. Differ.mem• quickly developed between the Japanese and American trans%Lions, with particular reference to the phrase "special Interests." The
Japanese contended that the United States had recognized Japan's paramountcy in China. Secretary Lansing disagreed with that interpretation
and the differences remained unsettled throughout the life of the agreement.
The controversial phrase was contained in the following paragraph of the
agreement:
"The Governments of the United States and Japan recognize that territorial propinquity creates special relations between countries, and, consequently, the Government of the United States recognizes that Japan has
special interests in China, particularly in the part to which her ..ssia.sions
are contiguous."
Cancellation of the agreement at this time is regarded by American officials as fortunate for the reason that it removes all ambiguity from the
language of existing conventions between the United States and Japan
respecting China. These are the Root-Takahira agreement, which includes
an arrangement that neither Japan nor the United States shall take any
steps with reference to China without consulting each other, and the Nine.
Power treaty, which provides that:
With a view to applying.more effectually the principles of the open door
or equality of opportunity in China for the trade and industry of all nations.
the contracting Powers, other than China, agree that they will not seek.
nor support their respective nationals in seeking:
"Any agreement which might purport to establish in favor of their
terests any general superiority of rights with respect to commercial inor
economic development in any designated region of China:
"Any such monopoly or preference as would deprive the nationals of any
ether Power of the right of undertaking any legitimate trade or industry in
China, or of participating with the Chinese Government. or with any local
authority, in any category of public enterprise, or which by reason of its
scope, duration or geographical extent is calculated to frustrate the practical
application of the principle of equal opportunity. . . ."
Secretary Hoover's Speech Before the Annual Convention of the United States Chamber of Commerce.
The United States Chamber of Commerce held its eleventh
annual convention this week at the Hippodrome in New
York. Many important and notable papers were read during
the sessions on general economic and commercial conditions.
Herbert Hoover, Secretary of Commerce, addressed the convention on May 8, taking for the subject of his speech "Hold
on to Prosperity." Secretary Hoover reviewed the economic development of the country during the past decade
and declared that in the present wave of prosperity he could
see no evidences of inflation. He cautioned, however,
against undue interference in or control over the nation's
business by the Government, making a strong plea for the
expression and application of individual initiative, the keystone on which our social and economic system, he said,
is based. Secretary Hoover discussed the various phases of
commercial and industrial activity in relation to the general
welfare of the country, touching on gold reserves, building
and construction, foreign trade, the railroads, the coal industry, (Src. He stressed the fact that the nation to-day is
living on entirely new standards. "We must get our minds
away from the notion that pre-war standards for living and
volume of business would be normal now. Normalcy is a
vastly higher and more comfortable standard than 1913.
We must not judge the state of business activity by pre-war
figures, but by a hugely increased base." As evidence to
support his assertion, Secretary Hoover cited improvements
which had so elevated standards of living and methods of
production that "we could to-day supply each person the
same amount of commodities that he consumed ten years
ago and lay off about 2,000,000 people from work. The
increased spread in the consumption of conveniences and
comforts does not represent extravagance, but progress."
What seemed to him the danger of the huge accumulation
of gold reserves in the United States, resulting from post-war
trade balances, usually considered as strengthening a country's financial position, was pointed out by Secretary Hoover.
[VoL. 116.
With an increase in the gold reserves of the country from
$2,000,000,000 to $3,000,000,000 since 1920, Mr. Hoover
asserted that this accumulation might be used to produce an
inflation of credit and currency which would mean the
greatest era of speculation and inflation in our history. Such
a result, he said, was expected by many European economists. He predicted, however, that the commercial intelligence of the country would prevent such a catastrophe and
that the surplus of gold would ultimately flow back to Europe
through trade without causing an increase in the price of
commodities and without disturbance of American business
life. "There lies in this situation just one thought," he said.
"We should mentally earmark a considerable part of our
recently acquired gold as temporary, and our banking system
should safeguard against any intrenchment upon it. Moreover, we should look upon gold exports with relief and not
with alarm." Comparing the present situation with 1920,
he said: "This is prosperity and can be preserved; that was
a wasteful boom." Mr. Hoover continued as follows:
I wish on this occasion to review some of the more profound changes in
our economic life during the past few years. which I believe bear directly
upon our present business situation. Many of the violent displacements of
the war and post-war period have now,been liquidated or absorbed into the
economic fabric and no longer trouble us. We have spent $40,000,000,000
upon the war; we have mobilized and demobilized 7,000,000 men; we have
passed the great post-war crisis; we have recovered from an unemployment of
5,000,000 to a surplus of 500,000 jobs. We have become economically
stronger than before the war and this strength has radiated stability to the
entire world. There are still some great shifts in the stream of our economic
life to which we must accommodate ourselves if we would hold to full employment and prosperity.
Immediate Situation.
During the past few weeks there has been a distinct note of caution
at our rapid industrial recovery. I have shared in this, but some have gone
so far as to fear that we are entering a period of inflation or danger of collapse. Caution Is the greatest safeguard to our continued prosperity, but
caution need not be timidity nor exclusive of confidence and courage.
There are some parts of the building trades where there is strong pressure on prices and wages due to our large accumulated deficit in construction. There are parts of the agricultural industry that have not recovered
to the extent of industry as a whole. I will refer to these situations later
on. But, outside of a very few commodities there has been a steady and
rapid movement of all goods from raw material to the hands of the consumer
and consumption is in pace with production. There have been no apparent
large accumulations of goods. Moreover, real inflation begins with large
expectations and these expectations are not present.
There are very definite differences in our present economic position in the
business cycle as compared with the situation prior to the collapse in 1920.
The Government index shows wholesale prices are to-day about 30% below
the crest at that time. This index shows an increase in wholesale prices
of 8% in the last nine months, contrasted with a rise of 20% in the nine
months prior to the collapse in the 1920 boom. Increases in price are a
necessary accompaniment of business recovery. They are the vital stimulent to production. They do not mean inflation unless they continue to
rise after full production is attained or unless they are the result of speculation. We have been steadily increasing our production for the last 18
months. Yet in the two years prior to the 1920 collapse there was comparatively little increase in production. Beyond this again we have had a
very stable cost of living for over a year.
We have no need to go into a period of inflation. We are undoubtedly
in a plane of prosperity and we wish to hang on to prosperity. I am not
one of those who believe that hard times have any special advantage in
'disciplining our souls. We ought to be able to discipline ourselves in prosperity when we have time to do it and having achieved prosperity we ought
to be able to hold on to it.
Safeguards of Prosperity.
The primary safety to continued prosperity will be continued willingness
of our people to save enlarged earnings, to resist extravagance and waste,
to give full individual exertion. Our second safeguard rests upon the indidividual business man in to-day's well developed sense of caution and resistance to the will o' wisp of higher prices and over-expansion and speculation. Our third line of defense is our credit men and our bankers who
can check the dangers of speculative credits. I speak of the credit men
because the bankers are not the first to come in contact with the speculative
buying. The danger point arises when there is an over-ordering of goods
and the actual impact of these orders upon the credit machinery of the
country does not arise for some time after such a movement has been initiated. Our bankers in daily contact with the commercial fabric of the country are fully alive to their responsibilities.
The fourth line of defense, and if possible, a complete defense of prosperity, is in a general comprehension and unity of action in broad phases
of commercial strategy. There is a steadily growing sense of co-operation
In American business—not in restriction of trade—but in a sense of collective thought and action in the broad strategy of employment.production,
distribution and credits and of the interdependence of the whole fabric.
There is a better understanding of the fundamentals which control the ebb
and flow of conunerce. The growth of chambers of commerce, of trade
associations, of trades unions and other public bodies in their enlarging
sense of responsiblity, their great development of economic understanding
and their enlarged co-operation with governmental agencies in dealing with
tho larger phases of commerce and credit, is one of the most profound
changes in the last decade. It is a few of these broader problems that I
particularly wish to discuss.
Our Increased Efficiency in Production.
We must get our minds away from the notion that pro-war standards
of living and volume of business would be normal now. Normalcy is a
vastly higher and more comfortable standard than 1913. We must not
judge the state of business activity by pre-war figures, but by a hugely
increased base. We must not be frightened when our output of steel or
textiles or automobiles, lumber, corn or hogs, or our car loadings amount
to figures far in .exCess of those that would be implied alone in a normal
growth of population.
There has been in the past decade an unparalleled growth of our industrial and commercial efficiency and our consequent ability to consume.
I do not refer to that growth of productivity which should naturally be
expected to accompany the increment of 14 millions In our population
MAY 12 1923.]
THE CHRONICLE
during the lastdecade, nor do I refer to the increase in dollar figures duo
to higher prices. Entirely over and above these contributions to increased
figures, we are producing a larger amount of commodities per capita than
ever before in our history. Precise comparisons are difficult to adduce.
But exhaustive study from many angles of production over acreage periods
ten years apart, before and since the war, would indicate that while our
productivity should have increased about 15% due to the increase in
population, yet the actual increase has been from 25 to 30%. indicating
an increase in efficiency of somewhere from 10 to 15%•
For example, there has been no increase in the number of our farmers
during the last decade, yet the agricultural community not only feeds
an increase of 14 millions of population but has increased its average
exports from about 7% million tons to 174 million tons annually. This
would show that the individual farmer has increased his efficiency in
production by from 15 to 20% in this period. Increase in production
and distribution per person engaged in many other industries can be
similarly adduced. There are many commodities where we have years
since reached a point of saturation per capita and whose industries grow
approximately with the growth of population or increasing exports. There
are other commodities where saturation has not been reached. Increasing
efficiency not only realeases labor and direction for greater production of
these things but enable their wider diffusion over the population. A
selection of such industries shows a growth of 60% in the last decade.
• We have been able to add to our standards of living by the more general
distribution of many articles which were either altogether luxuries ten years
ago or which were luxuries to a large portion of our population. Thus an increased proportion of the population are using electric lights, telephones,
automobiles and better housing, and have added niCcrieS and what not to
their daily routine. A rough estimate would show that we could to-day
supply each person the same amount of commodities that he consumed
ten years ago and lay off about 2,000,000 people from work.
Some people have looked upon these additions of new commodities and
services in the daily expenditure of our people as representing extravagances.
but as a matter of fact they are no entrenchment upon savings. They are
the product of better organized effort.
I wish to impress again that I am not confusing the natural increment that
would arise from increased population, or not confusing the increased &altar
figures duo to higher prices, but that this is an actual increase of commodities
and services per capita in the population. It is due to the increased skill,
the advancement of science,to temperance,to the improvement of processes,
more labor saving devices; but most of all it is due to the tremendous strides
made in industrial administration and commercial organization in the
elimination of waste in effort and materials.
Nor has it been accomplished in imposing increased physical effort upon
our workers. On the contrary actual physical effort to-day is less than ten
years ago. There has been in this period a definite increase in the number
of hours' work weekly with a definite decrease in physical effort due to Improved methods. Nor has it been accomplished by any revolutionary dia°every in science. It is the remit of steady Improvement in management
and method all along the line. It is an accumulation of better prac- ice in
the elimination of waste. It is a monument to the directing brains of commerce and industry and the development in Intelligence and skill of the
American workingman. The result has been a lift in the standard of living
to the whole of our people, manual worker and brain worker alike. This Is
the real index of economic progress.
Building and Construction Industries.
I have already referred to our building and construction industries. The
construction of our buildings, our railways, our plant and equipment generally, naturally tends to expand parallel with the increased demand for consumable goods because people are both more courageous and easier financed
in good times. We have not only the normal growth of the country to
meet, but the long overdue and accumulated deficit. The delays of war
and of post-war slump, and our increasing efficiency in production, all demand more buildings and transportation facilities.
In addition, there is a considerable expansion of Federal, State and municipal construction. Tax free securities lie at the base of a good deal of
this latter. Under these impulses great pressure is being placed upon our
material manufacturers and our labor with a consequent tendency to rising
costs. I recently made a recommendation that we defer all but the essential
Government works and public buildings as much as possible so as to give full
swing to private construction. A representative and able commission of
business men and labor which I requested to examine this question goes
farther and recommends that we should do all our public works In times of
depression, and thereby provide greater continuity of employment and contribute to plane out the valleys of depression and level the peaks of booms.
This deferment of public construction is more important now thah ever, for
we need the full use of labor and material for long overdue private construction. We wish no cessation in this prime necessity. This recommendation
received commendation from hundreds of manufacturers, from labor
organizations and contractors and the press. The inevitable criticism came
from such a minority as to be negligible. Its reception is evidence of the
enlightened and constructive thought of our manufacturers who look to the
long run of prosperity rather than to the joys of short-lived booms. It
would be very helpful if such a policy of construction reserve could be well
established by States and municipalities as well as the Federal Government.
Gold Accumulations.
IPA development bearing on our credit situation is the large accumulation of
gold resulting from our post-war trade balances. Our gold reserve has increased by a billion dollars since the period of maximum credit expansion of
1920—when it stood at about two billion. At that time we possessed a
reserve of about 50% against credits and currency, apparently a safe
enough margin of gold. This additional billion has not been trenched upon
and our present reserve against credit and currency is about 77%. Without
most of it we would still be well above the safety line. Some of this new importation yields no return to us either in earnings or in security. It would
serve us much better if we were getting returns for it by its exports toforeign
countries. If it aided in making foreign currencies convertible into gold it
would also contribute to stabilize foreign exchange and improve foreign
commerce. In fact,for us it contains and element of insecurity. If a castle
of credit and currency were created upon the whole of thisgold it would mean
the greatest era of inflation and speculation in our history. Such action
would increase our price levels to a point which would attract foreign goods
to us and would curtail our exports. It would thus quickly produce an
adverse trade balance and cause this gold to flow abroad with a rush from
under our castle of credit and we should have an unpalleled financial crash.
There seems to be heard a sort of chortle in parts of Europe over the commercial strategy in shipping gold to us. It is assumed that we will incorporate this gold into our credit system and be put out of action by the
price rises resulting from it. If we retain our normal commercial intelligence this will not haapen. I am convinced that the surplus of gold will
eventually flow outward in an orderly way through trade without any necessary increase in price levels and its flow need make no disturbance in our
business life.
2081
At this point I wish to emphasize the fact that our foreign trade balance
sheet does not Consist of the movement of commodities alone, but we must
take into consideration in all our conceptions the tremendous importance of
the invisible items embraced in the inward and outward flow of capital and
interest, shipping charges,remittances by immigrants, tourist expenditures,
and a score of other factors. Whereas in 1922 our exports and import of
commodities showed a balance to our credit of about $700,000,000. yet a
study by the Department of Commerce indicates that if we would add to the
export and import side of the balance sheet the movement of invisible items
we would find that the balance turned one or two hundred millions against
us even without the gold imports. No one can prophesy for the future but
the indications for 1923 make it seem probable that the very considerable
increase in imports due to our increased buying power, the probable larger
volume of immigrant earnings sent abroad from our large employment, and
the increased volume of tourist traffic may again leave us an adverse balance.
I believe that in time those adverse balances will begin to force gold from
us without the impluse of inflation.
There lies in this situation just one thought. We should mentally earmark a considerable part of our recently acquired gold as temporary and our
banking system should safeguard against any entrenchment upon it. Moreover, we should look upon gold exports with relief, not with alarm.
Foreign Trade.
A further change in our whole economy has been fundamental shifts in our
foreign trade. There has been a very large increase in the export of agricultural produce the last ten years which must ultimately be readjusted. I
have already said that our actual tonnage of agricultural exports has increased from approximately 7% million pre-war to an average of about 174
million tons per annum post-war. We must not disguise from ourselves that
the ability of Europe to absorb the bulk of this increase has been due in
lirge measure to the failure of Russia and of the eastern belt of Europe to
maintain their production and exports. As these territories become more
stable they will enter more sharply into competition. While our mann-faCtUrers are dependent upon Europe for a market of only 1% of their output,our farmers now depend upon it as a market for 15% of their production,
and it is, therefore, these exports that to a considerable degree determine
agricul ural price levels.
As Europe gains in stability it will both produce and consume more. Parallel vri h this our own population will increase. What the final balances to
our farmers will be in the action and reaction In this matter no one would
prophesy. I have felt that this problems warranted a searching inquiry by
an able commission assembled by the Department of Commerce to determine
the facts and to suggest policies for the adjustment of our agriculture thereto.
The situation among our farmers Improved greatly during the past year
but not all branches of agriculture have yet caught up with other industries.
It is a truism that we cannot have permanent prosperity without a prosperous agrizul ure.
Another great shift which has taken place in our foreign trade and which
boars on this question is the increase of our imports from tropical countries.
These imports now amount to more than one half of our total imports. We
will al orays be largely dependent on foreign countries for rubber,coffee,
tin,
and a host of other tropical produce. As we grow in our standards
of living
and population we will consume an increasing proportion of these products.
We must have a consequently increasing volume of imports of this
character.
In the long run we should expect a decrease of our exports in agricultural
produce and tt erefore we must increase !lour exports of manufactured goods
if we would maintain our ability to buy tropical and other foreign
supplies
of vital nor,ssity and at the same time cover tourist expenditures
and
emigrant r ,mIttances. 75% of our exports of manufactures go to
destinations outside of Europe and I do not share in the melancholy plaint
that
we ultimo'oly cannot compete with Europe in neutral markets
because
of the handicap of our higher standard of living and wages.
Further Increases in National Efficiency.
We have gone a long way toward overcoming the so-called handicaps
of
our higher standards through our groat increase in efficieocy. Our tremendous domestic market gives us the opportunity for mass production by
.
repetitive methods and enables us to secure unit costs. That we sell 75%
of all the automobiles which move International trade to-day and do so at
real wages three times those of our competitors, is proof thereof.
If we would expand our manufactures to replace the inevitable comparative decrease in agricultural produce we shall need to increase still further
our industrial and commercial efficiency. We have a large field yet for
the elimination of waste, in the still greater improvement and simplification of business methods, in the increase in arbitration of commercial disputes, in the planing out of the business cycle, In the reduction of intermittent operation of industry, in improvements in our internal transportation, in the maintenance of our Institutions of economic and scientific
research, in the training of technologists, in better commercial strategy
and in a score of other directions.
I may cite in passing a type of elimination of waste which bears on
exports. In the Department of Commerce we have instituted a division
of Simplified Practices working in co-operation with the various industries
and your body. The progress of this work has been amazing and I have
recently received a statement from one single group that the savings in
production cost in that trade already exceed 825,000,000 per annum. Nor
does this effort trench upon questions of individuality or quality.
The determination of sizes and grades in paper, textiles, containers,
bricks, furniture and in a hundred other products—all contribute to decrease our costs of production and distribution at home and improve our
position in competition abroad.
The maintenance of vigorous foreign trade, statistical and information
services is likewise of vital assitance to our exporters. That the reorganization of the Department of Commerce in these directions has met with
the approval of our business public is, I feel, fully demonstrated
by the
increase in requests for assistance of one kind or another from an average
of a few hundred daily to over 3,000 daily within a
period of eighteen
months. I do not assume this tremendous addition
to our departmental
work would be called for unless it Was of real service.
The Railways.
One of the greatest wastes In our economic machine is
the shortagi of
transportation. It was the most profound and far-reaching deterren., upon
our growth. It imposes great costs upon production.
I need not point out to you that the periodic car shortage in its real
meaning of insufficient tracks and terminals, as well as rolling stock, Inaposes intermittent stoppages of our industries and intermittent strictures In
the law of supply and demand, influences price levels and creates local
famines and gluts.
It imposes burdens upon us which I believe every year create commercial
losses equal to the entire capital cost at bringing the transportation system
Up to national need. It would be easy to demonstrate that in the additional
price of coal due to insufficient transportation during the past year we have
paid snore than the equivalent of a 50% increase in freight rate on coal. At
times last tall there was a differential of 8 to 15 cents per bushel on export
grain solely because ot inability to secure free movement to seaboard.
2082
THE CHRONICLE
[VOL. 116.
The causes of shortage are not far to seek. While the war contributed
much delay and demoralization, the contained strangulation of railroad
finances alone, before enactment of the present transportation law, could
have brought us only one result.
Nor is this a criticism of the railways, for they have grown in detailed
working efficiency with the rest of the country. In a decade they have increased the movement of goods by 15% with an Increase of3% in personnel.
Moreover, the managers are showing great faith and courage in the undertaking of a large program of expansion. It is not my purpose to discuss the
Ultimate solution of the railway problem here. I have participated with the
President of your Chamber In appointing a series of committees comprising
representation from the railways, the motor industry, the shippers, the
waterways, the farmers and labor. These committees, as you know, are
devoting themselves to a full consideration of the complex Issues involved
and their conclusions will, I believe, be one of the utmost value to the
Government in advancement of solution.
There is a matter of Immediate importance in which the commercial
public can be of the utmose assistance in transportation and at once. Pending a large amount of betterments the railways are overtaxed to handle the
vast volume of commodities we are producing and consuming even to-day.
The continuance of our prosperity depends upon their handling the full load.
With the continuation of business volume their burden will be even greater
next fall than ever before. Therefore, a great service can be given if every
local chamber will definitely organize to co-operate with everyi ocal railway
official toward this end. Particularly can the whole community assist if it
stocks its coal between now and September so as to relieve the Fall and
Winter traffic. This is equally in the interest of the coal consumer, for with
the present volume of business and the crop outlook he would be farsighted who emulates the wise virgin and fills hislamp now instead of clamoring at the Government when there are not enough cars to go around.
Immigration. •
Because of lack of flexibility the present 3% immigration law is not
adaptable to changing conditions. In order to overcome this defect and
at the same time make a distinction between immigrants who can directly
add to the national strength and those who cannot the Chamber advocates
that to the present 3% quota there should be added a possible 2% quota
upon a selective basis. This would provide a flexibility that would care
for proven economic needs up to a maximum of 2% without affecting our
social standards and it is hoped would demonstrate the wisdom of ultimately
placing the entire immigration upon a selective basis. In the opinion of
the Chamber it is in the national interest that the principle of selection
should be a controlling factor in any immigration legislation that may be
passed by Congress. These proposals will tend to insure the maintenance
of a strong, virile and essentially homogeneous people that will permit the
United States to measure up to its economic, political and social possibilities.
Transportation.
In 1920 Congress, through the passage of the Transportation Act,entered
upon a new national policy with respect to transportation; a policy which
is constructive and positive rather than merely restrictive; a policy which
frankly recognizes that the public interest is paramount and equally as
frankly recognizes the reciprocal duties and responsibilities of the public
toward transportation agencies. To this policy the general public are
responding through the manifestation of an Increasing confidence which
makes available for the betterment of railroad facilities during the current •
year additional credit to an aggregate amount of S1,500,000,000. The
railroads, now free to adjust themselves to this new policy, are likewise
responding, and it is believed will soon be able to show increasingly satisfactory results which will still further Justify investors in placing credit at
their disposal, and also justify the expectation of increased efficiency in
service which the public rightfully demands. That a broad, constructive
program may be formulated looking to further progress, to insuring the
The Coal Industry.
uninterrupted flow of commerce in the public interest, to the
There is another direction in which we have great opportunity to improve constant and
adjustments on a scientific basis, equally just to the shippers
national economy. That is in the better functioning of our coal industry. making of rate
the ultimate consumers, to enabling the carriers to provide
If we can reduce the intermittence of operation of the mines and secure their the carriers and
additional facilities and earn a fair return on their Investments,
more even seasonal production we shall be eliminating one-third of the necessary
compensate all loyal and efficient emcapital and labor involved, accomplish three great things of industrial pro- and at the same time reasonably
Conference has been created under the auspices
gress-- give greater stability to the industrY, give better conditions of labor ployees, the Transportation
and has already made distinct progress. Discussions of
and reduce costs to the consumer—thereby effecting possible savings run- of the Chamber
being considered by this Conference have been the outstanding
ning into many hundred millions of dollars. While the solution of the prob- the problems
the Chamber. The annual meeting expresses
lem will be greatly aided by enlarged transportation facilities. The public feature of the sessions of
gratification that this constructive work participated in by representatives
can help by co-operation in storage.
of every group directly or indirectly interested, has been undertaken under
General.
the auspices of the Chamber, and with confidence looks forward to the early
It is not my intention to discuss with you all our major problems of econo- completion of the tasks of the Transportation Conference and tho formulamic strategy and development. There are great questions of electrification, tion by it of a forward looking program for the systematic development
of water way improvement, of merchant marine, of the foreign economic' and co-ordination of all forms of transportation facilities, whether by rail,
water or highway.
situation and our relations to it.
Merchant Marine.
It is necessary for the national defense and the proper growth of foreign
Conclusion.
commerce that the United States should have an adequate
Now all this argument leads me to some general and enlarged conciumons. and domestic
marine, ultimately to be owned and operated privately by
We have reached a stage of national development of such complexity and merchant
citizens of the United States. The Chamber is unalterably opposed to
Interdependence of economic life that we must have a national planning of
Government engaging'in commercial business, for the reason that such
industry and commerce. We have gained a larger prospective than indi- the
course is economically inefficient, is against public interest, and is in
vidual business because individual prosperity is impossible without the a
of the fundamental purposes of the Government.
prosperity of the whole. This is the function of industry and commerce contravention
The Chamber therefore urges upon the President of the United States
itself through collective thought. Government has a definite relationship
and the Shipping Board that, before the Board enters upon the commercial
to it, not as an agency for production and distribution of commodities
-owned ships, further efforts
venture of direct operation of its Government
nor as an economic dictator, but as the greatest contributor in the determinabe made by counsel and collaboration with responsible shipping
tion of fact and of co-operation with industry and commerce in the solution should
United States to evolve a plan by which the ships necessary
interest of the
of its problems. Such strategy in our country must be consummated by
maintenance of essential services. may be operated by private citizens
frank discussion by advanced public opinion and understanding with a full to
of the United States, with a view to their acquisition and ownership by
realization of common goal.
as soon as they can be made self-sustaining.
We have in America an economic and social system based on stimulation of citizens
To this end we ask careful consideration of the possibility of relief of
Individual initiative. Our ideal is to secure and to maintain and equality of
American shipping interests fron inequality in world competition,
opportunity to all. We have honestly sought over years to find methods by private
believing that relief is obtainable through the relaxation or removal of
which we could curb those who would dominate the community, and thus burdensome restrictions without departure from proper requirements for
stifle the initiative and opportunity of the greater numbers. Nor must we
public safety.
relax vigilance in this particular. But we have also in these times to fight
Federal Taxation.
that this initiative shall not be destroyed by those who would divert actual
Under the administrative features of the law respecting income and
production and distribution into the hands of the Government.
internal revenue taxes hardships and injustice may be caused taxThe exact line to be drawn in the curbing of people whose ambition is to other
payers who act in the greatest of good faith. New Legislation should be
Interfere with the law of supply and demand to their profit without return
enacted which would enable a taxpayer to have a prompt and conclusive
of service to the community on the one hand,and the extinction of initiative settlement of tax liability, to the end that business enterprise may not be
by the heavy hand of Government on the other is at all times difficult to
enbarrassed by the appearance of liabilities hitherto unknown to exist and
determine.
which have their origin in revised regulations or in a new interpretation
Our goal in economic life is to do this great thing, to preserve individual
law. Each taxpayer should likewise have an opportunity for an
initiative, an equality of opportunity and thus a constantly advancing of the
impartial hearing of questions arising between him and officials administernational standard of living. Our economic and social system is fundathe law, and such a hearing should be possible without his undergoing
mentally right. It has produced the largest advance in the standard of ing expense and inconvenience. We, therefore, favor the establishment
living to the whole of our people that has ever been witnessed in history. Its great
court of tax appeals, to be appointed by the President, and composed
faults are many but they can and are being corrected without destroying its of a
connected with the Treasury Department, and we ask that
progress. It has brought us steady advances despite the fabulous losses of of citizens not
such a body be authorized to sit in the various centres of the country conwar,and must, therefore, have great inherent vitality. In short, this great
venient of access to taxpayers.
conception of America that every man should be given an equality of opporFundamental as these questions are to the rights of citizens, there are
tunity to take that position in the community to which he is entitled by
problems of taxation which have far-reaching consequences. Existand ability, is the keystone of our structure. We other
virtue of his character
situations tend to create classes of privileged persons who enjoy incomes
must preserve it as the most precious thing we possess, for when all is said ing
free from taxation while withdrawing their money from the ordinary uses
and done the finer flowers of civilization do not grow from the cellars of
industry and commerce, with consequences of inequity in shifted burdens
poverty any more then they grow from the Palaces of extravagance. They of
of taxation and in other ways. Such a situation is caused by the possibility
grow from the bettering comfort and well-being of the whole of great peoples.
exempt from income
of issue of classes of securities the income from which is
taxes. Other problems are caused by the continuance of some war excise
taxes, by rates of tax higher than were ever known outside times of actual
in the law levying taxes, experience
Resolutions Adopted by United States Chamber of war, and by provisions incorporated results contrary to those which were
with which may have demonstrated
Commerce at Annual Convention.
intended.
of
' these problems have had the earlier attention of the Chamber
Resolutions bearing on many important phases of the
meeting. Their'Importance
and some of them have been discussed at this
country's commercial and industrial life were adopted on Is obvious. The annual meeting is therefore, gratified to learn that the
closing session of the 11th annual convention board of directors has already taken action looking toward an immediate
May 10 at the
of the whole field of Federal taxation and asks that the Board
of the United States Chamber of Commerce, held in New examination committee on taxation which it is about to appoint to give
request the
Included in these were resolutions on the special attention to the subjects herein mentioned.
York City.
transportation situation, merchant marine, immigration,
coal industry and Federal taxation.
Julius H. Barnes Re-Elected President of the United
Following is the text of the more important resolutions
States Chamber of Commerce—Other Officers.
Julius H. Barnes was re-elected President of the Chamber
adopted by the convention:
International Court.
of Commerce of the United States on May 11 at a meeting
reiterates its conviction that the United States should held aboard the steamer Washington Irving, while the
The Chamber
provided for the establishment and maintenance of
of the Chamber
adhere to the protocol International Justice, and expresses gratification in delegates to the eleventh annual convention
a permanent Court of
were on their way up the Hudson River to visit the United
are being taken by our Government to that end.
the measures which
MAY 12 1923.]
THE CHRONICLE
2083
States Military Academy at West Point. John Joy Edson, effective remedy with which to meet all unreasonable prices.
Treasurer of the Chamber since its inception, was returned At the same time a letter from President Harding was made
public by Mrs. Welzmiller, in connection with Mrs. Hardto office. Other officers elected were:
Vice-President, Eastern States, A.C.Bedford New York; Vice-President, ing's wire. This was the letter from President Harding to
Vice-President, South
North Central States, Thomas E. Wilson, Chicago;
Mrs. Welzmiller:
Central States, Harry A. Black, Galveston; Vice-President, Western
States, H. M. Robinson, Los Angeles; Honorary Vice-Presidents, Charles
Nagel. St. Louis; William Butterworth, Moline, Ill.; A. B. Farquhar, York
Pa.; Willis Booth. New York, and L. S. Gillette, Minneapolis.
The final session of the delegates was held aboard the
steamer.
I have your telegram of May 3 and have just learned that Mrs. Harding
has written you a letter dealing with this same matter. I am disposed to let
Mrs. Harding's letter stand for both her and myself. Being a woman, and
a highly efficient business woman at that. I think she knows more about
this particular matter than I do, and I am quite in sympathy with what
she is sending to you.
While Mrs. Harding did not write a letter, she sent this
Government Loses Its Injunction Suit Against New telegram:
Mrs. Harding has seen your telegram of May 3. She asks me to say to
York Coffee & Sugar Exchange.
economizing to the fullest possible degree in
you that the White House
The Federal Government on May 9 lost its suit seeking sugar consumption becauseis is felt here that diminished consumption is
it
an injunction against the Now York Coffee & Sugar Ex- the effective remedy with which to meet all unreasonable prices.
LAURA HARLAN,
change on the allegation that a conspiracy had been entered
Secretary to Mrs. Harding.
into by the Exchange and others in restraint of trade. When
the decision was announced Attorney-General Daugherty
Industry
in Washington said that an appeal to the United States Dissemination of Facts Regarding Textile
Urged by National Association of Cotton
Supreme Court would be taken "in the shortest possible
Manufacturers.
time." The application of the Government for a preliminary
Pointing out the importance of the textile industry, a
injunction named the Exchange, the New York Coffee &
Sugar Clearing Association, Inc., and several individuals. recommendation that a wide dissemination of the facts reIt was denied by the "Expedition Court," composed of four lating thereto was contained in the following resolution
United States Circuit Court Judges. During the arguments adopted on April 25 by the National Association of Cotton
it was plainly indicated that the Judges were skeptical of a Manufacturers in convention at Providence:
cotton manuWhereas, The textile industry
complaint charging violation of the Sherman Anti-Trust facture is the greatest portion: in this country, of which
Law and the Wilson Tariff Act, which did not allege any
Is the largest of all industries in the number of wage earners;
Is exceeded only by the iron and steel, and the food industries in the
overt acts tending to restrain inter-State commerce. Secvalue of its products;
tion 73 of the Wilson Tariff Act, it was explained by Colonel
Is second only to the food industries in its importance to the health
William Hayward, United States District Attorney, is "in and comfort of the people;
Is widely distributed throughout a majority of the States in which
effect an application of the rules of the Sherman Anti-Trust
live more than three-quarters of our country's citizens;
Law to importers." It was a rider attached to the Wilson
And is the largest of any of our major industries in the proportion of
Act and, as part of the regulatory provisions of the tariff, individual earnings paid as wages for labor and the smallest of any inand has been carried on unchanged, although the schedules dustry in the proportion paid as salaries for management;
Therefore be it Resolved, That a wide dissemination of these facts and
of the various tariff bills have been altered now and again.
a keen appreciation of these things by our State Legislatures, the Federal
The decision of the Court was set forth in a brief memo- Congress and the public generally should be fostered and thereby develop
randum which read: "The application for a preliminary a wider acquaintance and sympathy with the needs of the industry and
a more active and ready aid—
injunction is denied. A memorandum stating our reasons
In the enactment of laws that while safeguarding that health and welmay be filed later." It was understood that the failure of fare of operatives would not prevent the efficient use by longer daily
of
the Court to state its reasons at this time was due to a operationuse our highly developed and extensive plants;
In the
of our educational system for the better training of the youth
disinclination to appear as critics of the Government and of our land for their future work;
In the solving of our immigration problem in order that both the quality
that the statement of its position would not be amplified
and
quantity of those seeking a home in our land may harmonize
unless Attorney-General Daugherty requested it. It was with the prospective needs of this and other great industries;
the
In the larger development and better synchronizing of our railways.
said that the statement of the Court's reasons would be
motor truck routes, and coastwise and inland waterways with a view to
forwarded to Washington.
cheaper and better transportation for our raw materials,
as cotton,
The Judges who rendered the decision were Henry W. from primary sources to manufacturing centres and forsuch
manufacturing
and Martin T. products as return freight;
Rogers, Charles M. Hough, Julius M. Mayer
In the
Manton. The Government was represented by Assistant ments more efficient use of our State and Federal agricultural departfor improving the production and character of our raw material:
States Attorney-General A. T. Seymour, James A.
United
And in unifying the viewpoint and effort of capital, labor and legislative
Fowler, a special assistant, and United States District bodies in their service for the public in this great industrial field.
Attorney William Hayward.. The defendants were represented by former Ambassador John W. Davis and William
Suggestion for One Meeting a Year of National AssoMason Smith, the latter a member of Van Yorst, Marshall
ciation of Cotton Manufacturers.
& Smith.
. The appointment of a committee to revise the by-laws of
Resolution of National Association of Cotton Manu- the National Association of Cotton Manufacturers so as to
fix the time for the annual meeting in the fall, and making
facturers Urging Agricultural Department to Adopt
the semi-annual meeting optional, is called for in a resoluMeasures to Overcome Boll Weevil Menace.
The United States Department of Agriculture is urged to tion adopted by the Association at its convention in Provido "all in its power to preserve the position of our Southern dence on April 25. A suggestion to this end was made at
States as the leading source of cotton by increased efforts the opening of the meeting on April 24 by Robert Amory,
through scientific research and educational propaganda to President of the Association. The following. regarding Mr.
overcome the boll weevil menace" in a resolution adopted Amory's remarks was taken from the "Journal of Commerce":
This
strength
by the National Association of Cotton Manufacturers at its vitalityis our sixty-ninth birthday. The past year shows the members and
has
of our old but young association. The spirit of its
in Providence April 25. The resolution given us to-day the largest meeting the National Association of Cotton
annual convention
Manufacturers has ever had. Mr. Meserve [Secretaryl has proved to be
states:
a
Whereas, An adequate supply of cotton for the world's needs is dependent
to a large extent upon our Southern States; and
Whereas, Foreign nations are making strenuous efforts to extend the
growth of cotton in other countries;
Resolved, That the Department of Agriculture be urged to do all in its
power to preserve the position of our Southern States as the leading source
of supply of cotton by increased efforts through scientific research and educational propaganda to overcome the boll weevil menace, and to improve
the quality and baling of American cotton.
Diminished Consumption Effective Remedy for High
Sugar Prices, Mrs. Harding Tells New York Housewives Committee—Says White House Is
Economizing.
A telegram from Mrs. Harding stating that the White
House was economizing to the fullest possible degree in sugar
consumption, was made public by Mrs. Louis Reed Welzmiller, leader of the New York Housewives' Sugar Committee on May 7. Mrs. Harding said in her telegram it
was felt in Washington that diminished consumption is the
treasure. Little do some of you know how hard he works and with his
whole heart. His absolute honesty and sincerity of purpose, coupled with
unfailing courtesy and even temper, has had much to do with the success
of the association hi the past year.
In an industry such as ours co-operation through an association is absolutely vital. We must realize that the cotton manufacturing industry is
almost if not quite alone among the great industries in being divided into
many units no one of which can dominate or even lead. It is safe to say
that no one mill or group of mills controls over 5% of the production of cotton goods. The manufacturing of cotton goods is therefore highly competitive.
Must Bury Little Hatchets.
With such intense competition, it is important that some of its bitterness
be avoided by personal acquaintance through co-operation, where possible,
for the general good of the industry. This co-operation is very difficult to
secure, and many of us must bury our little hatchets and work hard and
pleasantly to accomplish our purpose.
An industry can be over-organized as to asgociations, but I think there
is little danger of this occurring in the cotton mill business. Certainly
an industry requires at least one association, and how can we do better than
to get behind the National Association of Cotton ManufacturOrs? If you
have a suggesdo not
agree with its Policy, come and say so, provided you
tion for its correction. The association must be run by the men who run
constructive critithe mills, and the officers are only too happy to receive
cism.
2084
THE CHRONICLE
I would recommend that every cotton mill in the North join as a sustaining member, and I hope the present membership will help to secure the desired result.
I would suggest that we seriously consider the changing of our annual
meeting to the fall and even dropping the spring meeting. We can and
should afford time to meet together once in each year, but twice seems to
be once too many for many of our busiest men. By concentrating on one
meeting, and having that in the fall, it is possible for some of us to attend
the annual meeting of the American Association, which takes place in the
spring. It is also possible for many members of the American Association
to attend our fall meeting. A closer acquaintance between the members
of the two associations is most desirable for co-operation is also vital between
the two great manufacturing districts.
[VoL. 110.
complaint, and in the Government's answer, Judge Knox
said, in the account of his decision given by the New York
"Times":
Whether or not the use of liquor in the treatment of certain known ailments is a valuable therapeutic agent is a controversial subject with which
the Court is not at present particularly concerned. That the subject is
highly controversial is indicated by the results of a questionnaire directed to
upward of 30,003 physicians. Of this number, 51% declare whisky to be
necessary in the treatment of certain diseases and 49% take the contrary
view.
For the purposes of this motion, it is sufficient to accept the allegations of
the complaint, and to consider that Congress itself, in the very legislation
under attack, has recognized that in certain cases liquor has a legitimate
medicinal use, and has specified the circumstances under which it may be
prescribed in given instances. The difficulty is that having done so ConNational Association of Cotton Manufacturers
gress, without reference to the quantity of liquor actually required for the
Believes Flexible Tariff Provisions Should be
proper treatment of a particular ailment from which a patient may be suffering, and irrespective of the good faith, judgment and skill of the physician
Invoked Only Where Necessary.
in attendance, proceeds to
A resolution expressing it as the opinion of members of than a pint within a periodlimit the amount to be prescribed to not more
of ten days.
the National Association of Cotton Manufacturers that the
In passing upon the propriety of such limitation it is necessary to bear
flexible provisions of the Tariff Act "should be invoked in mind the grant of power under which the National Prohibition law and
Its
also to inquire whether, considering the
only where necessary to put into effect the clearly defined endamendments were enacted; andthe bounds of reason and
in view, the statute passes
assumes the
policy of Congress" was adopted by the Association at its character of a merely arbitrary fiat. Purity Extract Co. v. Lynch, 226
U. S. 192; Ruppert v. Coffey, 251 U. S. 264.
annual meeting in Providence, R. I., on April 25. The
The Eighteenth Amendment to the Constitution was designed to bring
following is the resolution:
about the prohibition of intoxicating liquor "for beverage purposes" and was
The National Association of Cotton Manufacturers commends the not.I think,intended to put an end to the use of liquor for purposes
regarded
initial results of the Fordney-McCumber Tariff which, as a revenue pro- by those who proposed the amenment, and by many of the
States that
ducer, has exceeded the predictions ot its most ardent supporters. To ratified it, as justifiable and proper. This view was, in part at
least,
the surprise or those who denounced it as raising an insurmountable barrier entertained by Congress in enacting the Volstead law which
permits the
to export trade our exports for the first five months cf the new Wilt show sale and use of sacramental wines; the use, in bona fide hospitals
or sania gain of nearly 20% over a similar period cf the preceding year. Against tariums of such quantity of liquor as may properly be administered
under
the clann that the increased rates of the new tariff would tend to shut the direction of a duly qualified physician employed therein,
to a person
out imports, the records of the first four months thus far reported show suffering from alcoholism; and the use of industrial alcohol under certain
a gain in total imports of 38% in value over a similar period of the pre- restrictions in arts and sciences.
ceding year.
So far as the sacramental use of wine is concerned, there is no specified
The Tariff Act contains a new administrative provision under which limitation of the quantity that may
be purchased and consumed. Instead
Congress has delegated to the President the power to raise or lower the of manifesting the same solicitude for the physical
well-being of a person
rates of duty within prescribed limits, to change the classification and suffering from a disease (other than alcoholism), the proper
treatment of
the basis on which duties are levied from foreign to American valuation.
which demands more than a pint ofliquor within ten days that It evinced for
Be it Resolved. That it is the opinion of the members of this association the spiritual comfort and welfare
of members of certain religious sects,
that the provisions of this section of the law should be invoked only where Congress restricted in the
manner complained of the medicinal use of
necessary to put into effect the clearly defined policy of Congress, and intoxicating liquor.
that the activities of the Tariff Commission should be confined to petitions
If, as the complaint alleges, the administration to a patient of more than
or applications for relief from the effect of rates improperly adjusted to the statutory quantity of liquor
is necessary for his relief from a certain
prevailing conditions of competition. Any other course would have a known ailment, the inability of
such patient to have his legitimate needs
disastrous effect on Industry throughout the country, and impede the supplied means that he is
subjected to a prohibition that certainly is not
complete restoration of national prosperity.
within the terms of the Eighteenth Amendment, and which easily may be
Imagined might subject him to serious consequences, if not death itself.
While the exercise of regulatory power in the interest of the public at
Annual Election of New York Chamber of Commerce. large frequently brings about Individual hardship, it is to be recalled that,
one of its chief objects is to preserve—and is not to Jeopardize and destroy—
Irving T. Bush, President of the Bush Terminal Co., was the health of its citizens. For this reason, I feel that persons are not to
unanimously re-elected President for another term of the be deprived of the use, when required, of such medicines as are proper
and necessary for their relief, unless authority for such deprivation has
Chamber of Commerce of the State of New York at the expressly been conferred.
All of us recognize that the unregulated use of morphine, cocaine and
155th annual meeting of that organization on May 3.
other habit-forming drugs may have
effects; but
Frederick H. Ecker, Vice-President of the Metropolitan say they should not,in a proper case,bemost baneful a'competentwho would
prescribed by
physician?
Life Insurance Co., was unanimously re-elected Chairman
Of course, the assertion can and probably will be made that the possibiliof the Executive Committee. William H.Porter and Charles ties to which I have referred are a far call from the probability that any
would be brought about through the absence
the
T. Gwynne were re-elected Secretary and Treasurer, re- such resultof any known ailment. It is, however, to beof liquor fromthat
treatment
remembered
spectively. J. Pierpont Morgan and Cornelius N. Bliss Jr. the admitted allegations of the complaint are that the use of more than a
and Jesse Isidor Straus were elected Vice-Presidents to serve pint of liquor within ten days is necessary for the treatment of certain
ailments—the statute admits that the use of liquor may sometimes
until May 1927. Thomas W. Lamont was re-elected Chair- known
be necessary—and "necessary," while it may mean something less than
man of the Committee on Finance and Currency, while indispensable, at least includes that which is desirable, advisable and
Paul M. Warburg and James Brown were also selected to needful.
be true, it would seem not to boa function of the Congress,
If
serve on that committee until May 1926. William E. Peck larlythis the amendoment, to invade, as it were, the domain of particuunder
medical
been re-elected Chairman of the Committee on Foreign authority, and to deprive patients of that which they need, and by every
has
principle ofright and justice are entitled to have. Raving assumed so to do,
Commerce and the Revenue Laws. Other elections include
It would appear that the action does not
appropriate
the placing of Walter D. Despard and Clark Williams on the object sought to be attained throughconstitute legislationamendment.to
the adoption of the
To me it seems reasonably clear that the right of the public to have availthe Committee on Insurance to serve until May 1926, and
when required in the proper treatment of disease, an adeGeorge W. Bacon and Herbert B. Walker on the Committee able for its use,a valuable
quate supply of
therapeutic agent, transcends the present power
Shipping, to serve likewise until May 1926.
on Harbor and
of Congress to decree otherwise upon the basis of expediency or policy.
Under the facts presented by the complaint, the danger that persons bent
upon a violation of the Volstead Law may, through the medicinal use of
liquor, be furnished with a means of procuring intoxicants for beverage
Judge Knox Holds Provisions of Volstead Law Limiting puposes, to be overcome
is
through regulations. These may be of the most
Physicians' Prescription of Liquor Void.
strigent character, but they must, in my opinion, fall short of an actual
Judge John C. Knox in the United States District Court in prohibition against the use of liquor to the extent demanded by the reasonable necessities of the proper treatment of known ailments.
New York on May 9 held void those provisions of the VolSo far as I am informed, the legislation complained of does not purport to
stead Law which limit the amount of liquor a physician may be based upon any finding as to the quantity of liquor that reasonably and
prescribe for a patient to one pint in ten days. He declared properly may be required within a specified period for the treatment of
disease. If otherwise, I should be inclined to dismiss the bill, it being my
in effect that it was for the attending physician, not Con- impression that within reasonable limits the quantity to be prescribed may
decide how much alcohol was needed as a medicine be regulated by Congress. But accepting the complaint as made,the limitagress, to
now imposed seems to be arbitrary and without justification. Should
by a given patient in a given case. The decision of Judge tionproofshow the contrary to be the fact, the complainant of course cannot
the
Knox was handed down in an action brought against Gov- prevail.
As bearing upon what was sought to be accomplished through the instruernment officials by Dr.Samuel W.Lambert, Dean Emeritus
mentality of the Eighteenth Amendment, I quote from the report of the
of the College of Physicians and Surgeons of Columbia Senate Judiciary Committee, date June 111917, in which the adoption of a
University, on behalf of that part of the medical profession concurrent resolution submitted the amendment to the States was recomCommittee in setting forth some of the arguments advanced
which regards alcohol as a valuable therapeutic agent. mended. The of the measure reported the
following:
granted an injunction pendente lite restraining by proponents enacted under an amended Constitution, could prohibit
Judge Knox
"National law,
sale, and
Edward C. Yellowley, who was Acting Federal Prohibition transportation andof power ofin concurrence with like legislation by the
the Nation and the power of the States),
States (the union
Director for New York when the action was started; David thus securing the entire strength of the whole community, could soon put
an end to the traffic. Under such restriction in a generation or two the
H. Blair, Commissioner of Internal Revenue, and William consumption of alcohol as a beverage would practically disappear. Alcohol
sold under the
would still be
Hayward,. United States Attorney, from interfering with appertaining tomanufacturered, distributed andmedicine (italics restrictions
other poisons; and its use as a
mine) and
would not be interfered with.
manufacture and distribuDr. Lambert in the exercise of his professional discretion as In the arts be controlled by like regulation Its those made with reference
as
tion would
and
to the amount of liquor needed to cure his patients. After to dynamite, nitro glycerine,of gunpowder, and the whole family of poiall articles
summarizing the arguments made in Dr. Lambert's bill of sons, and in fact, legitimate usesgreat and dangerous potency which, neverfor the benefit of mankind."
thele,ss, have their
MAY 12 1923.]
THE CHRONICLE
2085
Justice Tierney of New York in the first instance declared the
nalaw unconstitutional, on the ground that it was discrimi
He was overruled by the Appellate Division. The
tory.
case will be carried to the United States Supreme Court.
of
This was indicated during the argument before the Court
counsel for the corporations attacking the law
Appeals when
ns of the
contended that the statute violated certain provisio n and
the law in many States,
Judge Knox here summarizes
Constitution. Attorney-General Carl Sherma
tional Federal
York City
citing court decisions, legislative enactments or constitu
Corporation Counsel George Nicholson of New
ing the liquor traffic excepting for defended the Act. Louis Marshall co-operated with them.
provisions, prohibit
medicinal or sacramental purposes. The regulations differ
al
Commerce
and some States prohibit the sale of liquor for medicin
President of New York Chamber of
tee on
prescription. None declare
purposes except on a physician's
Authorized to Name Special Commit
Agriculture.
the amount that a patient shall use within a specified time.
r of Commerce
Continuing, Judge Knox says:
Under a resolution adopted by the Chambe
g more than
Utah prohibits the prescription of any compound containin
on May 3, the President of the
being used as a of the State of New York
Si of 1% of alcohol by volume and which is capable of
laws as drastic. Chamber is authorized to appoint a special committee of five
beverage, and it is possible that a few other States have
g
ratifyi, States
I think, however, that it is fair to say that as a whole the
s which later "may make reccase of such on agriculture and its problem
to time
did not mean to dispense with the adequate use in a given
therapeutic ommendations and report to the Chamber from time
amount of specified intoxicants as were believed to possess
•
on this subject."
value.
has been said, the
Responsible for Ratification.
and reasonableness
I have little or no doubt that it was the impelling force
that brought about
of the thought expressed by the foregoing quotation
and was responsible
the submission of the amendment to the several States,
for its ratification by 45 of them.
at the prohibition
Again, it is interesting in this connection to glance
the medicinal use
laws of some of the States and to see how they regard
of liquor of alcohol.
It is, however, argued that, irrespective of all that
Caffey, supra, make
cases of Purity Extract Co. v. Lynch and Ruppert v.
decisions give
It necessary to dismiss the complaint. I freely admit those
results in those
me pause. Neverth• less, it is to be remembered that the
legislative and judicial
cases were in no small measure based upon the
local prohibition statutes.
history of many of the States in dealing with
that much support is to be found
Under such a course of reasoning, I feel
summary of legislation
for complainant's contention in the preceding
recognized for many years,
within the States where prohibition has been
which they manifested
to be a proper and desirable policy. The regard
resort to the medicinal
for the preservation of the right of the public to
known ailments, is not
use of intoxicating liquors in the treatment of
n enacted pursuant
without influence in placing a construction upon legislatio
to the limited authority of the Eighteenth Amendment.
that the limitations
From the foregoing. I have reached the conclusion
it lawful to prescribe•
of the Volstead Act, and its amendments, which make
medicinal use of
but one pint of intoxicating liquor for the internal and
treated, requires the
a person whose known ailment, it if is properly to be
n pendente
administration of a greater quantity, are void. An injunctio
lite may issue against the defendant.
New York Chamber of Commerce Wants Pennsylvania
Anthracite Coal Tax Repealed.
A report in which the Chamber of Commerce of the State
as
of New York urges Governor Smith "to take such action
his disapproval and to
express
he may deem appropriate
of
secure a repeal of the tax now being levied in the State
of anthracite coal" was
Pennsylvania upon the production
It is
unanimously adopted by the Chamber on May 3.
that "this tax is of great imporpointed out in the report
tance to the State of New York,for it is estimated that about
16% million tons of anthracite is consumed annually within
this State." We give herewith the report, which was submitted by Delos W. Cooke, Chairman of the Committee on
Internal Trade and Improvements:
To the Chamber of Commerce
Supreme Court Decision Affecting Vessels Entering
The State of Pennsylvania has placed a tax upon every ton of anthracite
is of
coal mined and prepared for market within its boundaries. This tax
American Ports with Liquor.
citizens of the State of New York. for it is estimated
importance to
7, following its greatabout sixteen the one-half millions tons of anthractie is consumed
The United States Supreme Court on May
and
that
recent decision upholding the prohibition of sale of intoxi- annually within this State. of
Pennsylvania's coal tax legislation are being
a repeal
Efforts
cating liquor within the three-mile limit, handed down a made not to secure
State. but also by the mining industry
only by
entering Within the State.those outside the
The Greater Wilkes-Barre Chamber of Commerce in
further decision, which held in effect that all vessels
represents over one thousand business men of the largest
American ports must declare with customs officers all in- particular, which of the anthracite region, is most strongly opposed to taxdecision of the producing centre
first. it
toxicating beverages carried on board. The
ation of this character. Their opposition is based on two reasons:
Court held that masters of arriving vessels must show on threatens the destruction of Pennsylvania's basic indutry; second, it spells
as a whole.
their manifests all articles aboard, including articles the economic disaster for the country tax has been made by Governor Cox
A strong protest against the coal
importation of which is prohibited.
Pinchot of Pennsylvania, in the following
of Massachusetts to Governor
The decision was handed down in an opium case from words:
nia Legiswas held for
"I am informed that while the lower branch of the Pennsylva levies a
Pennsylvania law which
Washington State. The master of a vessel
lature has approved a bill repealing the ton
e coal mined and
% of the
of
to declare smoking opium. His defense was that it direct taxfor market, you value of eachhave of anthracityour firm opposifailure
announced
nevertheless
prepared
was not for importation and that articles denied importation tion to such repeal. One of our State Departments informs me that under
New England and
present rate of consumption at your present tax, and fifty thousand
the
four hundred
need not be declared.
New York would be assessed three million expenses of the State of Penndollars (53.450,000) for the government
anthracite
The Supreme Court on,rehearing reversed the Ninth sylvania, and that Massachusetts's share of this tax upon theand twenty
which its citizens consume would amount to
Court of Appeals, which decided in favor of the five thousand dollars ($825,000) per year. about eight hundred
Circuit
coal, it is to be remem"In addition to this particular tax upon anthracite on, excise and other
skipper. It was the second time the ease had been before
that Pennsylvania collects property, corporati
the Supreme Court. The first time the judgment of the bered as well as royalties from those in the coal industry. I am further
taxes
nia are also beginning to apprelower court was sustained by a tie vote. It was reheard informed that county officials In Pennsylva method of obtaining revenue.
tax on anthracite is an easy
ion and ciate that levying a that Pennsylvania may lead the way in establishing
"I earnestly hope
because of the importance 'of the issue in prohibit
tonnage tax upon
better relations between the States by repealing the direct sure her people
narcotic enforcement.
coal. While Pennsylvania might lose In revenue. I am
realization that they had led
would derive far greater satisfaction in the
precipitate
the way to right settlement of a question which may otherwise
a national calamity."
Trade and
Definitions Given by Internal Revenue Commissioner
In view of these considerations, your Committee on Internal
on Recent United States Supreme Court Decisions. Improvements offers the following resolution:
York urges
Resolved, That the Chamber of Commerce of the State of New
A preliminary interpretation of the recent Supreme Court Governor Smith to take such action as he may deem appropriate to express
of liquor within American territorial his disapproval, and to secure a repeal, of the tax now being levied in the
decision barring sale
waters has been made by Commissioner Blair of the Internal State of Pennsylvania upon the production of anthracite coal.
Revenue Bureau for the guidance of revenue and customs
-Progressive Bloc to Discuss Revaluation of
officers. The new definitions as set out by Commissioner Radical
Railroad Properties at Chicago Conference on
Blair follow:
May 25-26.
carrying about.
Transportation means any real
country.
Importation means any actual bringing in from outside the
A national conference on railroad valuation has been
the regional
Territory as used in the Eighteenth Amendment means
group, of which
claims and called by the so-called radical-progressive
areas of land and adjacent waters over which the United States
leader, to be held in Chicago on May
Senator La Follette is
exercises dominion and control as a sovereign Power.
the first step taken by the
American vessels on the high seas are not territory within this meaning.
on of 25 and 26. This is regarded as
American and foreign vessels within the territorial jurisdicti
Both
with reand the radical-progressives to make known their position
the United States are subject to the Eighteenth Amendment
es. The forthcomspect to revaluation of railroad properti
National Prohibition Act.
nts
ing conference, according to Senator La Follette, "represe
insure proper representaHousing Tax Exemption Upheld by Court of Appeals. the first concerted movement to
tion of the public interest in the valuation proceedings beThe law passed by the State Legislature providing for exce Commission and the courts."
emption from taxes for housing construction was sustained fore tha Inter-State Commer nce is signed by four Senators,
The invitation to the confere
by the Court of Appeals at Albany on May 11.
Governors of States, SenaThe case involving the validity of this Act, which was three Representatives and seven Chairman of the Commitlist as
passed by the Legislature as an emergency measure in 1920, tor La Follette heading the progressive group in Congress.
the
reached the Court of Appeals after the Appellate Division of tee on Transportation of
La Follette said
the First Department had upheld the law. Supreme Court The statement issued by Mr.
2086
THE CHRONICLE
When the Committee on Transportation, created by the conference of Progressives held on Dec. 1 1922, undertook its study of the railroad situation
they were impressed by the fact that the key to almost all the perplexing
problems of transportation NM to be found in the valuation of the roads.
They also discovered that the public interest was not being properly or adequately represented in the proceedings before the Inter-State Commerce
Commission.
They accordingly communicated with a number of Governors, who expressed great interest in this situation in behalf of the people of their States
and agreed to co-operate in bringing about a national conference to discuss
and consider the matter.
In this connection it may be pointed out that the Valuation Act confers
upon the Governors special rights and duties with reference to the valuation
of the roads which traverse their States. The Governors who have signed
this call do not, of course, include all the Governors who are keenly interested in the question and who are expected to attend the conference.
This movement for the equitable valuation of the railroads is not to be interpreted as an attack upon the Inter-State Commerce Commission. Up
to
the present time the Commission has been in the position of having only one
side—the railroads—adequately represented before it.
We propose that in future the public interest shall be effectively and vigorously maintained, so that the committee will not be obligated to bear the
entire burden of protecting the people's rights.
(Vol.. 116.
forth that in that respect they never had opposed an injunction against lawlessness.
As to the Government bill of complaint in support of the application for
a permanent injunction against the activities the defendants in support of the
strike, the letter declared:
'This nation-wide strike no longer exists. • The nation-wide aspect of the
strike ended on Sept. 13 1922, when the General Conference Committee of
the shoporafts settled the strike with a number of roads under the 'Baltimore
agreement,' and thereafter each system federation assumed control of continuing or settling the strike on the various lines, and since then the strike
has terminated on 233 roads operating 190,000 miles of railway and a strike
or lockout conditions remain only in connection with some 67 railroad lines
operating approximately 70,000 miles."
In the latter class, the letter placed the Pennsylvania Railroad; the Atlanta Birmingham & Atlantic, the Missouri & North Arkansas and the Western Maryland, strikes against the latter three roads having been inaugurated
prior to the nation-wide walkout on July 1 1922.
Indications to-day were that when the case comes up for hearing before
District Judge Wilkerson to-morrow, the Government will ask that the
defense be declared in default.
Mr. Esterline issued the following statement:
"The legal significance of the withdrawal from the case of counsel for
the
defendants, and failure of the defendants to substitute other counsel, is
that
the defendants have no defense and will allow the case to go by default.
"This is a decided change in their attitude, as they have persistently
made
charges against the Government representatives that the suit was commenced
and prosecuted from ulterior motives and not in good faith. The final
separation and submission of the Government's case is in the hands of
Jacob
M. Dickinson and Orville J. Taylor, Chicago lawyers, and notwithstan
ding
the withdrawal of counsel for the defendants, we expect to formally begin
and proceed to-morrow.
"The fiasco of the defendants' abandonment of the case is on a par with
the loudly proclaimed attempt to impeach the Attorney-General, the dismal
failure of which is still fresh in the public mind."
The invitation to take part in the conference is signed by
Senator La Follette, Senators Ashurst o" Arizona, Brookhart
of Iowa and Sheppard of Texas; Representatives Cooper of
Wisconsin, Huddleston of Alabama and Logan of South
Carolina, and Governors Hunt of Arizona, Sweet of
Colorado, Kendall of Iowa, Davis of Kansas, Dixon of Montana,
Walton of Oklahoma and Blaine of Wisconsin. Of these men
Senators Ashurst and Sheppard, Representatives
Huddleston and Logan, and Governors Hunt, Sweet, Davis and
Attorney-General Daugherty at Washington on May 1 deWalton are Democrats. The others are Republicans.
The clared that the 'injunction proceedings in Chicago against
invitation asserts that the "Immense public interest
involved leaders of railroad shopmen who were on strike last year
in these valuation proceedings will be evident when it is "must
be carried to a final conclusion in order that univerrealized that the difference between the valuation
contended sal strikes which interfere with the transportation system of
for by the railroads and the basis of valuation which
is be- the country shall be a thing of the past."
ing advocated by responsible public authorities amounts
to
about $10,000,000,000." "Upon that basis," it is added,
"will
President Rea's Letter to the LaborlBoard on
be fixed the railroad rates, which may thus for all
time imEmployees' Election.
pose an unwarranted burden of hundreds of millions
of dolA letter was sent on April 28 to the U. S. Railroad Labor
lars annually upon American industry and agriculture
and Board in behalf of Samuel
Rea, President of the Pennsylthe great consuming public. The total stake involved
is, vania Railroad system
with respect to employee representahowever, much greater, because the theories and
methods of tion on that road.
The letter reiterated the position taken
valuation which are finally adopted with reference
to the by the Pennsylvania,
declaring it free to establish under the
railroads will unquestionably. be applied to all
public utili- terms of
the Transportation Act rules and working condities in the United States. The question is therefore
of Para- tions with its own
employees and to observe contracts enmount interest to every American municipality."
The pur- tered into between
the carrier and its workers. The anpose of the conference is declared to be a final
valuation nouncement was made
following a conference between memwhich will be "just''id equitable alike to railroad
investors, bers of the Labor Board
and E. T. Writer, Vice-President of
shippers, railroad employees and the consuming
public."
the Pennsylvania, in charge of the Northwestern region, and
E. H. Seneff, General Solicitor for the road. The dispute
• Railway Shopmen Drop Defense Against
Government has been in progress nearly two years. In 1921 the Labor
Injunction Suit.
Board ordered the road to hold a new election among shop
On May 1 leaders of the strike of railroad shopmen
aban- crafts to select representatives to deal with the road, and
doned their case in defense against the Federal
injunction ordered the road to have put in nomination the names of
obtained by Attorney-General Daugherty last
September, Shop craft officials, not employed by the road, if members
and announced that their principal contentions in the
case of the crafts desired these officials to represent them. This
had been upheld. The announcement by counsel for
the de- the road refused to do, maintaining that persons or organizafendants coming 24 hours in advance of the hearing
on the tions not employed by the road had no right to represent its
Government's application for a permanent
injunction, caused employees. Chairman Hooper of the Labor Board said after
Blackburn Estreline, Assistant Solicitor-General,
to interpret the conference: "The management of the Pennsylvania
the action of the defense as amounting to a default
which he Railroad is now striking against a decision of e Board, an
termed a "fiasco." After announcing that all
attorneys for Act of Congress and a decree of the Supreme Court." The
the defense had withdrawn at the request of the
officers of reply sent on behalf of Mr. Rea to the Labor Board said in
the Railway Employees' Department of the American
Fed- part:
eration of Labor, Donald R. Richberg, of defense
Under such conditions System Federation No. 90 certainly has
counsel, ex- able grounds for
no nista iclaiming any right to represent the loyal employees
plained that the shopmen were satisfied with the
situation remained in the service, the new employees who after July 1 1922 came who
into
and that the Government might find such
satisfaction as the service, and the old employees who repudiated System Federation No. 60
they could and do as they wished with the case.
and returned to the service.
He made
'luring the previous year, you will recall, the Pennsylvania had
public a letter addressed to himself, Frank L.
devised by
Mulholland of joint action with its loyal employees a successful means of eliminating the
Toledo, Ohio, and James Easby-Smith of
cause of strikes and interruption to transportation. System Federation
Washington, the
No.
attorneys for the defense, by B. M. Jewell,
President of the 90 was invited to participate in that joint action, but refused to do so. Notwithstanding their refusal, the success of the plan adopted is attested by
Railway Employees' Department, and other leaders
the
explain- failure on the part of System Federation No. 90 to make effective their strike
ing their view of the case. The letter was
summarized in on the Pennsylvania.
The success of the plan is further attested by the fact that at
Associated Press dispatches, which said:
subsequent
The letter declared that the case involved the right to strike,
ernment had called the strike a conspiracy and that its primaryand the Govpurpose was
to seek to establish that a concerted refusal to accept wages
conditions as fixed by the Railroad Labor Board was unlawful. and working
In this connection the shopmen's leaders referred to the Supreme Court
decision in the
case of the Pennsylvania Railroad against the Labor Board, in
Court held that it was not compulsory to abide by the Board's which the
decisions,
although holding that there was a moral constraint to do so.
The Supreme Court upholds the contentions of the defendants
in this proceeding, that the legal right of members of railroad labor
organizations to
strike, heretofore repeatedly affirmed by the courts, has not been
destroyed
by the provisions of the Transportation Act providing for the creation of
the
Railroad Labor Board. The defendants are, therefore, assured that
the District Court will not hold in the present case that the strike of July 1 1922
was unlawful in its inception, or was a strike against the Government.
The letter continued that aside from the primary charge that the strike was
illegal• no matter how peacefully conducted, there was a charge that
acts
of lawlessness and violence had accompanied the strike. The shopmen set
elections a large majority of the shop employees voted for the continuatio
n of
the plan.
The Supreme Court in effect approves of the procedure of the
Pennsylvania
in this regard when it says:
"Congress deems it of the highest public interest to prevent the interruption of inter-State commerce by labor disputes and strikes, and
that its plait
Is to encourage settlements without strikes first, by conference
between the
parties."
Again:
"The purpose of Congress to promote harmonious relations
between the
managers of railways and their employees is seen in every
and the importance attached by Congress to conferencessection of this Act,
between them for
this purpose is equally obvious."
And in furtherance of this purpose the Supreme Court
says:
"The statute does not require the Railway Company
to recognize or to deal
with, or confer with labor unions."
I think you will agree with me that a thorough test
of
by the company and its employees for the settlement the method adopted
of controversial flues.
tions was made and not found wanting. By reason
of the harmonious re)a-
MAY 12 1923.]
THE CHRONICLE
2087
that this interest you now show in these people was not manifested
tiona established by this method, the company, as previously stated, was able gretted
the heretofore in the nearly ten months which have elapsed since you persuaded
to meet the abnormal transportation requirements of the public during
quit our employ when your national officers were dissatisstrike while at the same time System Federation No. 90 was doing everything your followers to
fied with the decision of a Government tribunal.
power to cripple the service.
In its
their families
You, of course, as well as I, know how your followers and
We therefore earnestly suhmit that the Labor Board should not advise or
men of Sayre and other communities have sufencourage any dealings with an organization whose manifest purpose was to and the charitable business
strike. But for ten months
unnecessary and unjust
render inefficient in every possible way the transportation service which the fered as a result of this
been that
we have heard nothing regarding their welfare—the one word has
Board is at all times charged with protecting and advancing.
bring the Lehigh Valley to its knees. FortunWhile the conduct of our shoperaft employees during the strike fur- they must stick with you to now, after the strike is over, after we have a
and
nishes what would seem to be conclusive evidence that the methods which ately, you did not succeed
them former followers of yours who have realized
the company and-its employees had jointly devised for the settlement of con- full force of men, many of
with them which we propose to
majority of our employ- their mistake and have a solemn agreement
troversial questions were satisfactory to the great
"terminate conditions as they now exist."
stated in my letter of the 19th ult., we felt impelled to call the repre- keep, you ask a conference to
ees, as
represented
The Federated Shop Crafts organization, which you formerly
sentatives of the employees into conference for the purpose of ascertaining
exists—at least so far as we are concerned.
their attitude toward the whole subject in view of the Supreme Court's deci- on the Lehigh Valley, no longer
protest against the
when it raised no word of
sion that the Labor Board had jurisdiction to render advisory opinions, and It put itself out of the picture
vicious assaults upon many other workers,
your inquiry as to what action we propose to take in view of that decision. murder of Normal Carmel, the property of many of them. There was no
the destruction of the homes and
This we have done.
when our roundhouses, shops and staOn the 5th inst. we called the General Committeemen, some 35 in number, disclaimer from you or your associates showered with stones and fired upon,
representing the shoperaft employees, into conference, and read to them the tions were assailed, when trains were
when the air hoses on hundreds of
correspondence that had passed between us. We at the same time explained when our water supply was dynamited, the most villainous sabotage, enthat the Supreme Court in its decision did not question our right to cars were destroyed and numerous acts of
to them
injury to other workers unconcerned in
negotiate wages, rules and working conditions with the employee representa- dangered and often caused serious
heard only from spokesmen of the ortives selected at the election which the Labor Board condemned, and that the your dispute. On the contrary, we
be paralyzed.
Supreme Court did not hold that the said election was illegal and did not ganizations that transportation was to
individual memPlease do not understand by this that we are blaming the
hold that the contracts negotiated by the employee representatives and the
for the
bers of your organization for these conditions. Most of them worked of the
were void and of. no effect.
management
Sayre Shops at the outbreak
We requested them to confer among themselves and advise us what reply Lehigh Valley long before you went into
not only
a mistake, many of them have
they desired the management to make to your letter because the matter was war. We believe they have made
want to strike at the beginning.
one which seriously concerned them. The committee after due deliberation assured us of this, but told us they did not
militant methods of your
the present plan of employee represen- That they had to do so is to the credit (?) of the
unanimously expressed the desire that
all
willing to strike, but were determined that
tation on the Pennsylvania System be continued in the same manner as in the followers who not only were
should strike.
past.
positions as
To the men with good records the Lehigh Valley has offered
While the general committee felt that they had full authority to act, neverpromise
soon as they can be found for them. We have even gone so far as to
theless, because of the importance of the question, the general committee
individual men and not for your
to have their local committees assembled for the pur- to try and create openings. But this is for
decided after discussion
organization. I think this is generally understood—it has been reiterated
pose of submitting their action to them for their approval or disapproval. many
times. Also, I believe it is understood that no man now working for
Accordingly a general meeting of all committeemen was held on April 6 1923
us is to lose his position as long as his service is satisfactory, and that we are
in Philadelphia, and at that meeting 775 committeemen assembled from all
not going to do anything which would violate in any way the agreement
parts of the system for consideration of the question.
which we have made with the present organization of our employees.
That meeting was addressed by Mr. W. W. Att,erbury, Vice-President in
In view of the fact that these things are so well understood, that you have
charge of operation, who carefully reviewed the history of the proceedings
so long to interest yourself in this matter, and that you have so conwith the Labor Board and then stated to the meeting that as he saw it there waited
part of other employees to
were three courses open to us suggested by your letter, and stated them as sistently sought to break up any efforts on the
nothing to be
we can put out a referendum to our employees asking whether settle this former trouble—it is no longer one—I can see
follows: First,
they want System Federation No. 90 to represent them or whether they de- gained by our meeting with you.
sire the committee now representing them to continue to represent them, or,
second, we can put out a referendum to the employees asking them the plain
question, Is the present system of employee representation satisfactory? or,
Wage Increases Granted by Two Railroads.
third, we can conform to the action of the general committee which met a
few days ago.
The Pennsylvania Railroad Co. on April 22 announced an
It was explained to the meeting that this was a question which the men
in the wages
themselves should settle and thereafter the representatives of the management increase ranging from 1% to 3% cents an hour
withdrew. Later the representatives of the management were again called of common laborers in the northwest region of that system.
into conference with the 775 committeemen and were informed that the action An increase of 3 cents an hour was also announced by the
of the general committee in expressing the desire that the present plan of
and in
employee representation be continued in the same manner as in the past was Boston & Maine for laborers employed on track work
the shops.
unanimously approved.
Having submitted the question at issue to the duly elected representatives
An agreement providing for an increase of approximately
of the shoperait employees for their decision and determination, in view of
Cincinnati
our repeated assertions that we propose to let our employees have a voice in $23,000 monthly for employees of the Cleveland
determining the rules and regulations under which they should work, and Chicago & St. Louis Railway (Big Four), who are reprehaving obtained from them a unanimous expression that they desire that we sented in the
Brotherhood of Maintenance of Way and Railcontinue with the present plan of employee representation without submitting
railto a vote the question of choice as between representation by System Fed- way Shop Laborers, was announced on April 21 by the
eration No. 90 and representation by the committees as now constituted and road. It was said that the increases would raise the wages
elected by employees themselves, we have no choice in the matter except to of the men to
approximately the same amount they received
be governed by the expressed wishes of our employees.
before the wage slash by the U. S. Labor Board in 1921. The
maintenance of way men include mechanics, mechanics'
helpers, section foremen, section laborers, crossing flagmen
and common laborers. Abaut 7,000 men are affected by the
It is futile to try to befuddle the public about what is involved in the case increase.
Commenting upon the ,stand taken by the Pennsylvania,
Chairman Hooper of the Railroad Labor loard declared
that from the standpoint of the public "the attitude of the
carrier's management is extremely regrettable." He added:
at issue. The law asserts that, in order to protect the people from railroad
strikes, the representatives of the railway and the employees shall confer,
and, if possible, negotiate an agreement covering any matter of dispute between them.
In this case it became necessary to negotiate a new agreement as to rules
and working conditions for the shop crafts. The railroad declined to concede
that the Federated Shop Crafts represented a majority of this class of employees and had the right to negotiate the agreement. To test this question,
It was agreed that an election should be held, but the parties disagreed as to
the method of holding it. This resulted in two elections, one held by the
management and one by the employees' organization. In the management's
election only 3,480 men voted for the company's committee out of a total
eligible vote of 38,104. The dispute then came to the Labor Board which
decided that for certain reasons neither election was regular, and ordered a
new one. The railroad refused to abide by this decision of the Board on
the ground that the Board had no jurisdiction to render such a decision.
Mr. Hooper added that the "denial of common, old-fashioned fair dealing to employees will never get us anywhere
in this country."
Injunction Against Mileage Books Granted by
Federal Court in Boston.
The 50 Eastern railroads which sought to enjoin the InterState Commerce Commission's order for issuance of nontransferable and interchangeable mileage books at a 20%
reduction won their fight in the U. S. District Court at Boston on April 23, when an injunction was granted restraining
the Commerce Commission from carrying out its order. Sale
of the mileage books had been ordered by the Commission
beginning May 15. Appeal to the United States Supreme
Court from the decision of the District Court has been determined on by the Inter-State Commerce Commission. The
injunction order was granted at Boston by Judges Mack,
Brewster and Morris in the Federal District Court. The injunction order was issued after a hearing on a petition of 50
Eastern railroads opposed to the Inter-State Commerce Commission ruling. While the ease was brought before the Court
on a petition for a temporary injunction, it was agreed during the argument that the cause should be deemed submitted
for a final hearing. The suit was to annul the Inter-State
Commerce Commission order of Mar. 6 1923 requiring the
railroads to issue at a price of $72 tickets calling for 2,500
miles of carriage in denomination of $90. The Court in its
decision said:
Lehigh Valley Refuses to Meet Strikers.
The request of former shopmen for a conference in which
to compose their differences with the Lehigh Valley Railroad Co. has been denied by the railroad company. F. N.
Hibits, Superintendent of motive power, said in reply to the
Request, which was voiced by Edward Burke, Chairman of
the shop crafts organization which went on strike last July,
that nothing would be gained from a conference in view of
the fact that the road's shop organization had been completely rehabilitated. Mr. Hibbits's reply follows:
It is clear from the record that the Commission proceeded on the assump• I have your letter of April 12 asking another conference with me or my tion that the spirit and theory of the Congressional amendment (approved
at re•
representative, and note that you now express concern regarding the welfare
of our former employees and "generally the welfare of everybody living and
doing business along the Lehigh Valley Railroad System." It is to be re-
Aug. 18 1922) required them to order the scrip ooupons to be issued
duced rates, at least in so Mr as such rates could not be deemed confiscatory. . .
2O88
THE CHRONICLE
In our judgment the amendment is not mandatory. It does not prescribe
that such coupons shall be issued at a reduced rate. Attempts to fix specific
reduced rates by legislation were defeated.
If Congress had intended that some reduction should be mandatory, leaving only the‘amount thereof to be determined by the Commission under the
phrase "just and reasonable," such intent could readily have been expressed
in clear language. The fair and natural interpretation of the language used
by Congress makes mandatory the issuance of such coupons at just and reasonable rates, but the ultimate, if not the original, determination of what
shall be just and reasonable rates for such coupons is placed entirely upon the
Commission. If, therefore, the Commission acted upon a different interpretation of the amendment, an error of law was the basis of its action and order.
If, on the other band, it acted upon the interpretation which we have
found to be the correct interpretation of the amendment, but based its conclusions not upon its own independent judgment but upon what it believed
to be the spirit and purpose of the Act, which if it means something other
than a sound interpretation of the Act must mean some supposed desire of
Congress, it acted contrary to law in abdicating the functions vested in it.
In either case its order is without warrant of law and for this reason it
must be annulled.
The amendment itself is attacked as unconstitutional in that in requiring
the interchangeable scrip coupons it compels an interchange of credit between the railroads and thereby compels a service at the risk of complete
financial loss in case of the insolvency of the road from which the scrip may
have been purchased.
In our judgment the decisions of the Supreme Court upholding the Oarmock amendment (Atlantic Coast Line Railroad Co. vs. Riverside Mills, 219
U. S., 196), the rights of a Legislature to compel the interchange of cars
(Mich. Central RR. Co. vs. the Mich. RR. Co., 236 U. S., 615), and of Congress to compel the establishment of joint rates (St. Louis Southwestern Ry.
Co. vs. U. S., 245 U. S., 138), necessarily involve the determination of the
right to compel an interchange of credits as between the roads despite the
possible loss from such an insolvency.
As the Commission points out, the railroads themselves have maintained
the interchangeable scrip coupons established under Government operation
and have thus voluntarily established a similar interchange of credits over all
roads except electric and short line carriers. Under the present amendment
the extent of such credit interchange is left to the Commission and must, of
course, be reasonable, but in requiring the interchange in respect to the scrip
coupons, the action of Congress must be upheld as a constitutional exercise
of power within the aforesaid decisions.
A permanent injunction will therefore be granted against the order of
the
Commission.
Inter-State Commerce
[voL. 116.
If any strike occurred upon respondent's line which was
or became
effective on or subsequent to July 1 1922, state the following: (a)
Date
when strike occurred; and (b) Number of striking employees,
classified in
accordance with the classes of employees enumerated In "ICC wage statistics, form A."
If any such strike has been settled by agreement with the striking employees as a group, state the following: (a) Date and terms
of settlement;
(b) Whether or not the terms of settlement have been generally
accepted
by the striking employees and the number of employees in each class
who
have returned to work pusruant to the settlement.
If any such strike has not been settled by agreement with the striking
employees as a group, state the following:
(a) How many striking employees in each of the classes on strike had
returned to work prior to April 1 1923: (b) Upon what terms and conditions, if any, is the respondent willing to have the Balking employees
return to work;(c) Upon what terms and conditions disclosed to
respondent.
If any, would the striking employees be willing to return to
work?
Tabulation by months from June 1 1922 to March 311923, showing the
following: (a) For the middle of each month, the number of employees in
each of the classes which went on strike; and (b) Number of employees entering respondent's service within each of such classes during
each calendar
month.
Tabulation by months,from July 1 1921 to March 31 1923, showing the
following: (a) Total amount expended for quarters, lodgings, subsistence
and clothing of employees;and (b) Expenditures for the guarding, patrolling
and policing respondent's property or employees.
Statement by months, from July 1 1922 to.March 311923, showing: (a)
The name of all detective or other agencies under contract with respondent
to protect its property or employees; (b) The total amounts paid to each
agency; and (c) The total amounts claimed by each such agency, but
remaining unpaid.
The railroads named in the order follow:
Boston & Maine
Chicago Milwaukee & St. Paul
New York New Haven & Hartford
Chicago St. Paul Minneapolis & Omaha
Delaware & Hudson
Great Northern
Delaware Lackawanna & Western
Minneapolis St. Paul & Sault Ste. Marie
Erie
Northern Pacific
Lehigh Valley
Oregon-Washington RR. & Nay. Co.
Michigan Central
Atchison Topeka & Santa Fe
New York Central
Chicago & Alton, and W. W. Wheelock
New York Chicago & St. Louis
and W. G. Bierd, receivers, Chicago
Pere Marquette
Burlington & Quincy
Pittsburgh & Lake Erie
Chicago Rock Island & Pacific
Wabash
Denver & Rio Grande Western and JosBaltimore & Ohio
eph H. Yonne, receiver
Central Railroad of New Jersey
Oregon Short Line
Chicago dc Eastern Llinois
Southern Pacific
Cleveland Cincinnati Chicago & St. Louis Union Pacific
Elgin Joliet & Eastern
Galveston Harrisburg & San Antonio
Long Island
Gulf Colorado & Santa Fe
Pennsylvania
Missouri Kansas & Texas and C. E.
Chesapeake dr Ohio
Schaff, receiver; the Missouri Kansas
Norfolk & Western
& Texas,and C. E. Schaff, receiver
Atlantic Coast Line
Missouri Pacific
Central of Georgia
St. Louis-San Francisco
Illinois Central
Texas & Pacific and J. L. Lancaster and
Louisville dr Nashville
Charles L. Wallace. receivers
Seaboard Air Line
Philadelphia'& Reading
Southern
Western Maryland
Yazoo & Mississippi
Carolina Clinchtleld & Ohio
Chicago & North Western
Commission Orders Postponement of Issuance of Mileage Books.
The sale of scrip coupon tickets by the railroads at a reduction of 20% below the regular fare of 3.6 cents a mile will
not be required until Jan. 1 1924, under an order entered on
April 25 by the Inter-State Commerce Commission. The order postponed the effective date of the original order from
May 1 to Jan. 1 The action was taken as a result of the inCommenting on the Commission's inquiry, the New York
junction issued by the Federal Court at Boston against enforcement of the mileage book order as to Eastern railroads "Times" on April 20 said:
The
and an appeal by Western roads for an extension of the ef- one latest order of the Inter-State Commerce Commission directing fiftyof the largest railroads in the country to answer under oat hby May 25 a
fective date.
group of searching questions regarding labor conditions and the state of the
The Commission, in extending the effective date, followed roads' rolling stock will meet with the stubborn resistance of most of the
its usual course of procedure when its orders have been held Eastern carriers, according to informal statements in local railroad offices
yesterday. It was suggested as a liklihood that some roads would
up by the courts. Had it not suspended the effective date, appeal to the courts for protection against an order which, their officials
the Western roads•would have had to comply with the order, contend, would place in the hands of politicians and radical labor union
leaders facts and statistics for which both groups have been clamoring
while the Eastern roads would not have had to do so, and several years. Probably no one order since the Government's decisionfor
to
the result would have been chaotic, as far as passenger busi- assume control of the railroads during the period of the World War has
caused so much discussion in rallrcad circles.
ness was concerned. It is expected that a decision by the
The questions Are causing
Supreme Court of the United States will have been rendered roads which refused to settleuneasiness, particularly in the cases of those
with striking shopmen under the Baltimore
by next January. The order of the Commission also pre- plan or other arbitration schemes of a similar nature.
recent letter of President Harding to the shop crafts of the Central
The
cludes any possibility of travelers recovering reparation on
Railroad Company of New Jersey, expressing sympathy for the men of that
travel between May 1 and Jan. 1 to the basis of the
20% re- road still on strike, wassomething of a shock to railroad executives generally.
duction.
and in the latest order by the Commission there is seen by some officers a
Inter-State Commerce Commission Asks Labor Data
from Railroads—Opposition to Inquiry.
As a part of its inquiry into efficiency and economy of
railroad management the Inter-State Commerce Commission
on April 18 ordered the fifty-one largest railroads to furnish
under oath responses to a questionnaire covering labor conditions in their maintenance departments and the general
situation regarding fitness of their equipment. The companies were given until May 25 to reply. Washington press
dispatches, April 18, said: ,
Each railroad was asked for data as to how the strike of
shopmen had
affected it. and whether any settlement had been made with
the employees
as a body. Where no agreement had been formally reached
the roads were
required to state what the striking employees demanded before
returning
to work.
They also were asked for information on the expenditures made
in fighting
the strike, such as in providing lodging for guards and strikebreakers,
and
to give by months from July 1 1921 to March 31 1923 the total
number of
trains and engines in their service.
Other sections of the questionnaire were designed to cover the
amount of
traffic handled, the number of locomotives and railroad cars in use and
the
records of their serviceability, including locomotive and car breakdowns.
In connection with the number of men employed,the questionnaire sought
pay rates and the record of work accomplished. Details of railroad practices
in contracting out repair work on locomotives and cars also was requested.
In instituting its general inquiry into efficiency and economy of railroad
management, the Commission some weeks ago addressed a general questionnaire to all railroads concerning some of the matters dealt with in a
more detailed fashion in the document to-day.
gradual shaping of a Governmental policy which they fear may be inimical.
Particular significance is also attached to the order because of recent reports
that the present Administration would shortly present a "railroad plan."
The new questionnaire asks whether the terms of settlement for the shop
strike as offered by the railroads have been generally accepted by the
striking employees, and an answer is desired as to "the number of employees
in each class who have returned to work pursuant to the settlement." In
those cases where no settlement has been reached—a division which contains
most of the mileage of the country—the roads aro asked:"Upon what conditions, if any, is the respondent willing to have the striking employees
return to work?" and "Upon what terms and conditions disclosed to the
respondent, if any, would the striking employees be willing to return to
work?"
Doubt Commission's Power.
This series of questions is interpreted by some as an indication that the
Inter-State Commerce Commission may seek to settle the labor question in
its own way, although in other quarters it was questioned as to whether the
Commission possesses the necessary powers and authority.
Another order calling for "the names of all detective or other agencies
under contract with respondent to protect its property or employees, and
the total amounts paid to each such agency" is one around which the
greatest opposition will' develop. Railroad men said yesterday that they
had carefully guarded this information ever since it became necessary because of sabotage to protect their peoperties; that the labor unions had
tried by numerous means to gain the information; that the so-called radical
Congressmen had also been asking for such information, and that to divulge
it would be in effect to take away from the carriers their one best safeguard
against possible destruction of property during labor disturbances.
One railroad president said he doubted very much "whether I will answer
that question and some others." Asked as to how he might avoid it, he
suggested that he might appeal to the courts, but that he would first make
an effort to obtain the consent of the Commission not to answer it.
We also quote the following from.the "Wall Street Journal"
•
Commission asked for the followingi,with:rega.rd to of April 20:
The
Contrary to the impression conveyed by some newspapers, the Commerce
shopmen's strike:
Commission's questionnaire calling on the railroads for a mass of detailed
the
MAY 12 1923.]
THE CHRONICLE
operations, with
information concerning efficiency and economy of their
conditions, is not
special attention to equipment condition and shop labor
instituted a general
a new thing. December 27 1922, the Commission
subject had
Inquiry, "on its own motion," two days after a petition on the
of carriers
been filed by the machinists' union, concerning expenditures
and methods used
for maintenance of equipment, adequacy of equipment
sent out a
In furnishing car service. Early in January the Commission
questionnaire concerning equipment.
months a
That the railroads have been able to handle in the past seven
immediately
volume of traffic breaking all records for the season, and this
to break, is
following a strike of shop men which took about three months
the condition
an indication of the rapidity with which they have restored
of equipment.
loaded
In the last quarter of 1922 the Class 1 carriers moved 12,042,123
over the
cars, an increase of 18% over the same quarter of 1921 and of 6%
record fourth quarter in 1920.
In the first quarter of 1923, these carriers moved 11,330,423 carloads,
an increase of 14% over 1922 and 6% over 1920.
In the six months ended March 31 1923, the roads hauled 23,372,546
carloads of freight, compared with 20,089,148 carloads in the six months
ended same date in 1922 and 21,506,826 In the six months ended March,
1920. Gain was 16.5% over 1922 and 8.6% over 1920.
Further Freight Reductions on Western Railroads.
Reductions in freight rates on goods moving from Chicago
to the Pacific Coast were made last month by a number of
Western railroads. With reference to the matter the New
York "Journal of Commerce" on April 24 said:
Calls It an Occupation Tax.
"We think the tax in its essence is what the act calls it—an occupation
the
tax," said Justice Van Deventer. "It is not laid on the land containing
ore,
ore, nor on the are after removal, but on the business of mining the
surwhich consists in severing it from its natural bed and bringing it to the
indusface, where it can become an article of commerce and be utilized in the
and labor
trial arts. Mining is a well recognized business, wherein capital
Obare extensively employed. This is particularly true in Minnesota.
engaged in that business, and laid on
viously a tax laid on those who are
an occupation
them solely because they are so engaged, as is the case here,is
tax.
plaintiffs, if not
"The chief contention is that mining as conducted by the
therewith
actually a part of inter-State commerce. Is so closely connected
which a State
that to tax it is to burden or interfere with such commerce,
Constitution ofthe
cannot do consistently with the commerce clause of the
companies said
United States," said the Court. explaining that the mining
State and thus went at
practically all of their output was used outside the
18,167,once into inter-State commerce. In 1921, out of a total output of
Minnesota.
370 tons, only 261,622 tons were sold and used within
opinion on this
"Plainly the facts do not support the contention," said the
manufacturing, is a
point. "Mining is not inter-State commerce, but, like
character in this
local business subject to local regulation and taxation. Its
of the prodregard is intrinsic, is not affected by the intended use or disposal
even where
uct, is not controlled by contractual engagements, and persists
commerce. The
the business is conducted in close relation to inter-State
enters inter-State Combusiness on which the tax is laid ends before the ore
It may well
merce, and there is no discrimination against such commerce.
commerce, just as
be that the tax indirectly and incidentally affects that
a forbidden
any taxation of railroad and telegraph lines does, but this is not
These now reductions, which follow those put into effect on April 17,
represent a further effort of the Western trunk roads to compete with the
intercoastal steamship lines.
The new reduction are effective June 1 and will be filed with the InterState Commerce Commission for its approval by May 1. Reductions
ordered run as high as 50% on some commodities, and it is expected in railroad circles that rail rates are thereby brought down to a practical parity
with steamship rates from tho Eastern seaboard and the Gulf Coast.
It is further authoritatively learned that a similar list of rate reductions
is being sought by the Western carriers to obtain from the Pittsburgh and
New York districts, the assent of the Eastern roads to such an arrangement
being necessary. If the Eastern roads in the Trunk Line Association approve such a move it will mean that great savings will be forthcoming to local
shippers. The lower rates will then affect the income of roads in both sectons of the country. The Trunk Line Association reports that it has not yet
received notice of this proposal, but expects it early.
The reductions already declared in effectfrom Chicago westward,included
the Union Pacific, Southern Pacific, Northern Pacific, Great Northern.
Atchison and a large number of other systems and lines which make up the
greater part of the mileage of the country. It is too early to judge of the
financial results of this rate cutting policy, but it is expected by executives
that eventually it will mean a large saving to the railroads involved.
So severe had the competition of the steamship lines become recently that
the Western lines found themselves losing all of their business in certain
commodities. To counteract this, reductions have been ordered from time
to time, but none so drastic as the two recently declared. With the adhesion
of the Eastern lines to this program, it will mean that the railroads of the
country have banded together to make their rates low enough to compete
With those of the steamship companies.
As an example of the rates ordered in effect under the new schedule, the
following are cited on freight coming out of Chicago:
Boiler and radiator rate reduced from $1 50 to $1.
Motorcycles in carload lots, rate reduced from 84 50 to $3 75.
Calcium carbides, rate reduced from 81 20 to 81.
Automobile parts, carload lots, rate reduced to 82 20. Rate for automobile shop and garage equipment cut to $2 25.
Sulphate of ammonia, rate cut from $1 05 to 60c.
Malted milk, rate cut from $2 to $1 70.
Rate on cereal beverages cut from $1 35 to $I 21.
burden or interference.
Re 1
Discusses Uniform Taxes.
the equal protection provision of the Four"The contentions made under
that'taxes
teenth Amendment and under the State Constitutional provision
of classishall be uniform upon the same class of subjects' presents a question
with both provification and have been argued together. Consequently
selecting
sionsthe Legislature of the State may exercise a wide descretion in
select those
the subjects of taxation, particularly as respects taxes. It may
who are engaged in one class of business and exclude all others,if all similarly
dealt
situated are brought within the class and all members of the class are
with according to uniform rules. Here the selection is ofall who are engaged
in mining or producing ores on their own account, that is to say, as owners
or lessees The selection seems to be an admissible one, so we turn to the
objections urged against it."
One of the contentions was that the contractors who stripped the soil, and
who loaded cars, or took ore out of the ground, were not included in the
tax, but the court held that "none of,these are engaged in mining on their
own account," and that their pay was part of the expenses of the business
they were working for.
development
Another objection was that some miners who did extensive
work but removed no ore were not included. The Supreme Court said:
along with
"Equality does not require that unproductive mining be taxed
such
productive mining. Besides, if ore is uncovered or made accessible by
development work the tax will be imposed when the ore is mined.
from the
"Among the deductions which the Act provides shall be made
on
value of the ore before computing the tax is'the amount of royalties paid
the ore mined and produced. The provision is assailed as working a serious
royalties,as
discrimination in favor of those who operate under leases and pay
pay
all the lessees do, and against owners who operate their own mines and
Minnesota's Occupation Tax on Iron Ore Upheld By
United States Supreme Court.
The United States Supreme Court, in an opinion handed
down on May 7, upheld Minnesota's occupation tax laid
on the valuation of iron ores mined and produced in the
State. In the opinion, which was written by Justice Van
Deventer, the contentions of the thirty-seven mining companies that the tax was a property tax, that the levy was in
violation of the commerce clause of the Federal Constitution prohibiting taxes which interfere with inter-State commerce, and that the tax was inconsistent with the Fourteenth
Amendment to the Federal Constitution and the State Constitutional provision that taxes be uniform upon the same
class of subjects, were all denied by the Court. With regard to the matter we take the following Washington dispatch from the New York "Times" of May 8:
The occupation tax laid by Minnesota on the valuation of iron ores mined
and produced in the State was upheld to-day by the Supreme Court in an
opinion handed down by Justice Van Deventer.
The Court held that the tax was not a burden on inter-State commerce as
asserted by thirty-seven ore mining companies which sued to contest the
validity of the Minnesota law. The case came to Washington on an appeal
from the District Court of Minnesota, which held the law valid.
The original suits were brought to restrain and prevent the enforcement
of an act passed by the Minnesota Legislature in April, 1921. levying on
mining within the State an occupation tax of 6% of the value of the ore
obtained during the preceding year, directing that the tax be computed on
the value of the ore where it was mined and requiring reports on production
before February 1 annually.
The mining companies refused to make reports for 1921, holding that the
act was Invalid, as in conflict with the constitutional provision that "taxes
shall be uniform on the same class of subjects." When suits were brought
the District Court dismissed them.
The mining companies contended that the tax was a property tax instead
of an occupation tax, but the Supreme Court disagreed with this view.
2089
no royalties.
pro"This question apparently requires a construction of the particular
Constituvision along with other partsf of the Act, and possibly o fthe State
tional provision.
Denies Discrimination.
deduction
"It is also said that the royalty provision and other respecting
some will be
will work a discrimination as between different lessees, in that
differences in
subjected to a higher tax than others. No doubt there will be
not from
the amount, but they will result from differences in situation and
differences in treatment. . . .
to the royal"But all lessees will have the benefit of deductions adjusted
according to
ties, expenses and taxes actually paid, and the value of the ore,
actual value
the tax which will be computed, will, in each instance, be its
the tax
when it is brought out of the mine,less these deductions. In short,
of the
Is to be adjusted to the value of the output, less the major expenses
business, and this according to uniform rule.
"We,therefore, cannot say that it is intended to, or will work any arbitrary or unreasonable discrimination as between different lessees."
According to a St. Paul dispatch published in the "Times"
of May 8,about $5,000,000 back taxes will become due from
mining companies operating in Minnesota as a result of the
decision.
Federal Trade Commission's Complaint Against
Eastman Kodak Co.
The Federal Trade Commission announced on April 30
that it had issued a formal complaint against Eastman
Kodak Co., Rochester, N. Y.; George Eastman, President.
of the Easman Kodak Co.; Jules E. Brulatour, a distributer
of films, New York City; the Allied Laboratories Association,
Inc., New York City, and the following members of the
Association: The Burton Holmes Lectures, Inc., Chicago;
the Craftsmen Film Laboratory, Inc., New York City;
Kineto Co. of America, Inc., New York City; Cromlow Filni
Laboratories, Inc., New York City; Palisades Film Laboratories, Inc., Palisades, N. J.; Claremont Film Laboratory,
Inc., New York City; Film Developing Corporation, New
York City; Evans Film Manufacturing Co., Inc., New York
City; Republic Laboratories, Inc., New York City; Lyman
H. Howe Film Co., Wilkes-Barre, Pa.; Rex Laboratory,
Inc., Cliffside, N. J.; Tremont Film Laboratories, Inc.,
New York City; Mark Dintenfass, Hudson Heights, N. J.
and the Erbograph Co., New York City. Thirty days are
allowed for the filing of an answer to the complaint; thereafter the case will come on for trial. The Commission's
announcement says:
2090
THE CHRONICLE
The complaint contains averment of a conspiracy among these
respondents, as a result of which it is charged the Eastman company has acquired
a virtual monopoly in the manufacture and sale of cinematograph film
in
the United States; that competition in the manufacture and sale of prints
of motion picture film has been hindered and in some instances eliminated,
and that the prices of positive prints sold to producers of motion pictures
throughout the United States has been fixed and standardized.
Eastman Kodak Co.. the complaint states, is the largest manufacturer
of cinematograph film in the world, and up to March 1920 manufactured
and sold approximately 94% of all the cinematograph film used in the
United States, and manufactured and sold approximately 96% of all the
cinematograph film produced in the United States. Between March 1920
and September 1921, due to competition by American importers of cinematograph film manufactured in foreign countries, the sales by the Eastman company decreased to approximately 81% of the total sales in the
United States.
Respondent Jules E. Brulatour, tile complaint states, is engaged in
New York City in purchasing cinematograph film from the Eastman company and reselling the same throughout the United States. This respondent about March 1920 purchased approximately 81% of all the cinematograph film sold by the Eastman company in the United States.
Allied Laboratories Association, Inc., the complaint states, is a nontrading corporation, organized under the laws of New York, its membership being limited to persons, firms or corporations engaged in manufacturing and selling "prints" of motion pictures. The members of the Association operate manufacturing laboratories in which they manufacture
positive prints from motion picture negatives.
Cinematograph film manufactured by the Eastman company and sold
by Brulatour is of two kinds, known in the trade as "negative stock" and
"positive stock." The negative stock is that used by producers of motion
pictures in the making or photographing of a picture, to effect an original
negative or master stencil; the positive stock is that used to make prints
from a negative, which prints, when run through a cinematograph machine,
project on a screen what is commonly known as a motion picture. The
one
characteristic difference as between negative and positive prints
is that in
the former the blacks and whites are transposed, whereas in the latter
they
appear in the natural state. Any number of prints can be made from a
single negative. These prints, made from the original negative of a motion
picture, are known in the trade as "prints" or "motion picture films,"
and
are the films distributed to exhibitors for showing a motion picture
to the public.
Details of the practices challenged in the complaint which form
the basis
of the Commission's charge that the respondents are using unfair methods
of competition in violation of the Federal Trade Commission
Act may be
summarized as follows:
[Vol,. 116.
for service in the Civil War and with whom he served, and the
retired employees of the Pennsylvania Railroad Company,
who served under him when he was Superintendent. Mr.
Carnegie, it is said, made changes in the list until his death
and transferred steel bonds to a trustee to provide for the continuance of the payments after his death.
Development of LaboriDanks.
Two items have recently come to our notice depicting the
strides of the labor banks, some of which latter have from
time to time been referred to in these columns. One of the•
items referred to appeared as follows in the "Journal of
Commerce" of May 2:
TEN LABOR BANKS ARE NOW IN OPERATION, TWELVE
PROJECTED.
Since the establishment of the Engineers' Co-Operative National Bank at
Cleveland in 1920 there has been a growing interest In labor circles in the
question of labor's control of its own funds. The United States Department
of Labor has made a survey of the number of so-called labor banks now
operating and finds that there are ten such. In addition to these there are
twelve projected which will be in operation soon. The following table
shows the location of the various banks:
Labor Banks in the United States, Established and Projected.
d
Year of
EstabBanks In Existence.
fishOrganizing or
Capital
Name of Bank and Location. meta.
Controlling Body.
Stock.
Reserve.
Mount Vernon Savings Bank,
International AssociaWashington,D.C
1920 tion of Machinists__ $180,000 12,889,182
Engineers' Co-Operative NaBrotherhood of Locomotional Bank, Cleveland,0_ _ 1920 Live Engineers
1,000,000 15,547,402
Peoples' Co-Operative State
Brotherhood of LocomoBank, Hammond, Ind
1921 tive Engineers
50.000
250,000
aEmpire Trust Co., N.Y.City ____
a Same
Amalgamated Trust & Savings
Amalgamated Clothing
Bank, Chicago, Ill
1922 Workers of America__ 200,000 1,291,411
Producers'dr Consumers'Bank
Members of Central LaPhiladelphia.Pa155,831
1922 bor Union
Brotherhood Trust & Savings
Bank, San Bernardino, Cal_ 1922 Railroad workers
200,000
770,000
Co-Operative Bank & Trust
Co., Tucson, Aria
1922 Various labor groups__ _
70,000
282,000
Federated Bank & Trust Co.,
State Federation of LaCo., Birmingham, Ala
1922 bor and locals of Brotherhood of Locomotive Engineers
125,000 •
First National Bank, Three
Forks, Mont
1922 Various labor groups..
Brotherhood Co-Operative National Bank of Spokane,Spokane, Wash
Railroad unions
200,000
40,000
Banks Projected.
, St. Louis, Mo
___ Order of Railway Telegraphers
500,000
Fraternity Trust Co., Harris-Railroad brotherhood &
other unions
burg, Pa
200,000
___ Central Labor Union
, Buffalo, N. Y
, Cincinnati,Ohio......___ Brotherhood of Railroad
and Steamship Clerks. 1,000,000
Transportation Brotherhood's
NatI011111 Bank, Minneapolis, Minn
Railroad workers
Brotherhood Savings & Trust
Pittsburgh, Pa _______
Co.,
"Labor leaders"
500,000
, Los Angeles, Calif_______
, Port Huron, Mich_
Locomotive Engineers' Co-Operative Trust Co., N.Y.City _
Federition'tr. Co., N.Y.City.
Central Trades & Labor
Council, N. Y. State
Federation of Labor__ 1,000,000
,New York City _____ _ _ _ Internan Ladies' Garment Workers' Union. 500,100
,New York City _____
Amalgamated Clothing
Workers of America
It is charged that the Eastman Company and
Eastman, during 1919 induced the respondent Julesits President. George
E. Brulatour to construct two manufacturing laboratories for manufacturing
positive prints,
one known as the G. M. Laboratories, Long Island City,
and
known as the San-Jacq Laboratories, at Ft. Lee, N. J. These the other
tories, together with a third laboratory, known as Paragon, two laboraInc. Ft. Leo,
N.
were then operated by respondent Brulatour at the direction of
the Eastman Company as separate and distinct enterprises,
without
disclosing their true ownership. In the operation of
these laboratories
respondent Brulatour, it is charged, supplied to various producers
of
motion pictures positive prints at prices far below those
at
petitive manufacturing laboratories could supply such prints. which comIn supplying competitors of the Eastman Company
,
film it is charged that the Eastman Company caused with cinematograph
the respondent Brulatour to delay deliveries of film, and in some instances, to shut off
the
supply of these competing manufacturing laboratories.
It
that the Eastman Company caused respondent Brulatour is also charged
to discriminate
as between those laboratories who confined their purchases
to the Eastman Company and those laboratories which purchase
film of
facturers. This was done by extending to the customers of other manuthe Eastman
long terms of credit, which was denied to the others. The purpose it is
alleged was to coerce the various competing laboratories not controlled by
the respondents into confining their purchases to cinematograph film
manufactured by Eastman.
Subsequently, in 1921, it is charged the Eastman
the
three laboratories mentioned above to be transferredCompany caused the
and -signed to
Eastman Company, and immediately thereafter publiclyas
announced to
the trade the purchase of these laboratories, which it already owned, and
that it intended to operate same. This was done, it is alleged, for the
purpose of coercing competing manufacturing laboratories to refrain from
making further purchases of cinematograph film manufactured by others
than the Eastman Company.
The threat by Eastman to operate the three manufacturing laboratories
above named, it is charged, induced and coerced the respondent Allied
Laboratories Association, Inc., and its members to join with Eastman and
Brulatour in the conspiracy, with the result that in September 1921 an
agreement was reached whereby the Eastman Company agreed to close the three
manufacturing laboratories in consideration of which the association members agreed to confine their purchases of cinematograph film to film manufactured in the United States, and to refuse to purchase any cinematograph
film from American importers of foreign-made film. It was understood,the
complaint recites, that the Eastman Company would keep its three manufacturing laboratories in worldng order and would reopen and operate such
laboratories in competition with the association members should any of the
members again purchase or use in their plants cinematograph films imported
from foreign countries.
By reason of this agreement, the complaint states, the association and
its members have confined their purchases of cinematograph film to film
* No information available. a Not organized by labor, but Brotherhood
manufactured by the Eastman Company and have exploited the fact that
no other film is used in their laboratories. A further charge
has purchased an Interest in bank.
various members of the association have falsely announced is made that
to the trade
from time to time that cinematograph film produced by
The other item is from the Washington (D. C.) correcompetitors of the
Eastman Company could not be used to good advantage.
The
statement is made in the complaint that members of the association further spondent of one of the Baltimore papers, and was contained
have consistently sought to coerce outside manufacturing laboratories
to become In a telegraphic dispatch dated April 23, as follows:
members of the association and to agree to purchase cinematograph
film
'from the Eastman Company and to refuse to purchase from
With the granting by the Comptroller of the Currency last week of a
the Eastman
Company's competitors.
national bank charter to the Brotherhood of Railway Clerks' National
Bank in Cincinnati. the number of organized-labor banks in the country
Court of Appeals Rules Carnegie Trust Fund Exempt has passed the dozen mark and promises soon to reach a score or more.
Organized labor's adventure into banking, started only a little more than
From State Transfer Tax.
three years ago, has already grown into a hbalthy plant, which is now shooting tentacles out into every section of the country. Labor now owns banks,
That the State is not entitled to a transfer tax on the
$4,- or is organizing them, in New York, Washington, Chicago, Detroit, Min250,000 trust fund created by the late Andrew Carnegie neapolis, Cleveland, St. Louis, Cincinnati,
Pittsburgh and half a dozen
for the benefit of a large number of beneficiaries was ruled smaller cities.
Making Big Strides in Recent Years.
in a decision handed down on May 1 by the Court orAppeals
The original venture apparently was made here in Washington, where the
at Albany, sustaining the lower Courts. According to the International Association of Machinists
opened the Mount Vernon Savings
"Knickerbocker Press" of May 2, among thr bl
enefioiaries Bank in the Sununer of 1919. with a capitalization of $300,000 and banking
of the fund are: Chief Justice William H.Taft, his daughter, offices in the Machinists' Building. This Bank now has resources of more
than $3,000,000 and its owners, the
Helen H. Taft; Edith Kermit Roosevelt, widow of former Into the large Commercial National Machinists' Union, have also bought
Dank hero to provide an outlet for the
President Theodore Roosevelt; Frances F. Cleveland Pres- smaller bank's investment rands.
The Locomotive Engineers' bank in Cleveland, opened in November 1919,
former President Grover Cleveland, and her
ton, widow of
was the first, however, to strike away
son, Thomas J. Preston, Jr.; David Lloyd George, former ing with a $100,000 capitalization and from historic banking Policies. Starta "co-operative" profit-sharing policy,
Minister of Great Britain; Margaret B. Wilson, It has grown since that time to a capitalization of $1,000,000, and total
Prime
resources of more than $20,000,000.
daughter of Woodrow Wilson; all the survivors, or their
The Engineers' co-operative plan is now being largely followed
widows, or the telegraph corps organized by Mr. Carnegie banks organized since its advent into the field. Under this plan as by labor
develop-
MAY 12 1923.]
THE CHRONICLE
10%. The Cleveland
edlin Cleveland, depositors received all profits above
place of the 3% rate
bank also pays 4% interest on savings deposits, in
instead of semicustomary in Cleveland, and compounds interest quarterly
depositors received
annually. As a result of these three features savings
close to 6% interest last year.
Deposits Now $16,000,000.
the labor nanks'
According to labor representatives here, who are following
from other
experiences, the Engineers' bank ran up against stiff opposition
to force it into
banks in Cleveland at the outset and efforts were made either
the interest rate,
the local Clearing House Association, which was said to fix
this Associaor to frighten depositors away because it was not a member of
deposits of more than
tion. They believe, however,that the bank's present
building
$16,000,000 and its plans to erect a 21-story banking and office
indicate that its success cannot now be checked.
Trust
The same union has recently bought a large interest in the Empire
similar to its
Company in New York, and also proposes to establish a bank
the CleveCleveland property in the metropolis. It has already duplicated
instituland experiment on a smaller scale in Minneapolis. Both of these
tions are National banks, under the strict supervision of the Federal Government,
has a
The Railway Clerks' bank in Cincinnati, also a National bank,
organization
capital of $200,000, of which 51% is held by the national
ard the balance by union members.
Union Own AU Stock.
bank in St.
The order of Railway Telegraphers will open another national
in
Louis in July, having received a charter last month. This bank is owned
the
a similar manner to that of the Railway Clerks, and has purchased
Federal Land Bank building and is now remodeling it.
national
In Spokane, Wash., several railroad unions recently received a
plan, and
bank charter for another labor bank modeled on the Cleveland
in this bank will
expect to open for business in the nextfew weeks. All stock
be owned by the co-operating local labor bodies.
ventures have
Outside of the railroad unions, the most ambitious banking
long held up by
been undertaken by the Amalgamated Clothing Workers,
organization. The
Mr. Gornpers as a "radical and Bolshevistic" labor
and now has
Amalgamated opened a savings bank in Chicago last July,
$1,750,000 on deposit.
savings bank
Last week this union entered the New York field, with a
was deposited behaving a $300,000 capital and surplus. About 8250.000
the bank all
fore the bank opened, and a great crowd which milled about
York reports,
through the opening day added $5,000 more,according to New
What Other Cities are Doing.
profits over
Both of these banks are operated on 'a co-operative sharing of
10%, following the style set by the engineers.
will
The Brotherhood Savings & Trust Company, with $125,000 capital,
individual
open in Pittsburgh on May 1. This institution will be owned by
closely
members of tho various railroad brotherhoods, and will also follow
2091
from
of cotton. Mr. Stenersen has recently returned
Europe where he interviewed a number of prominent bankers
in Paris and London, and studied at first hand financial
conditions in several other European capitals.
of
Henry L. Servass was on March 29 elected a director
Deposit Co. of this city and not, as
the United States Safe
our issue of
erroneously stated by us in these columns in
the United States Mortgage & Trust
April 7, a director of
Co., of which latter institution Mr..Servass is a VicePresident.
following
Announcement was made yesterday that the
have been elected to the board of governors of the New York
for
Chapter of the American Institute of Banking to serve
E.
the three-year period ending May 31 1926: Alfred
F.
r, American Exchange National Bank; Godfrey
Schneide
Department; Henry BillBerger, New York State Banking
Citizens
man, Manufacturers Trust Co.; William Clements,
, Federal Reserve Bank; Jacob
Savings Bank; John Dieckert
ad,
C. Klinck, Metropolitan Trust Co.; William H. Moorehe
Bank; Alfred C. Steele, Farmers Loan &
Chase National
Bank;
Trust Co.; Charles D. Wheelock, Corn Exchange
George W. Wright, Bowery Savings Bank.
the Cleveland model.
and
Labor banks are now being organized by the local unions of Detroit
York
Cleveland and by the New York State Federation of Labor In New
Ind.,
City. Besides these, Birmingham, Ala.; San Francisco, Hammond,
or in
and several smaller cities also have their labor banks, either operating
process of organization.
The newly organized Franklin National Bank of New
York plans to open for business on Monday May 14. The
bank will be located at Franklin and Hudson streets. Reference to its organization was made in our issues of Jan. 27,
page 377, and April 21, page 1725. Arthur P. Smith is to
be President; T. K. Smith, formerly of the National City,
is to be Vice-President; Nelson F. Faitweather, Cashier,
and Edward Sanderson, Assistant Cashier.
•
A special press dispatch to the Brooklyn "Eagle" from
Southampton, L. I., on May 1, stated that W. K. Dunwell
had resigned the Cashiership of the First National Bank of
that place (a position he had held since the founding of the
institution in 1912), and that William T. Huise, heretofore
Assistant Cashier, had been elected in his place. In connection with Mr. Dunwell's resignation the following statement,
signed by John Nugent, the President of the bank, was sent,
it was said, to the stockholders:
To Lend to Fair Firms.
period is intercertain
How successful these ventures will be over a considerable
For some little time there have been differences of opinion as to
been frankly
and other members of the board.
esting officials of the American Bankers Association, who have
have policies of the bank between Mr. Dunwell
resignation, leaving
They point out that those which
surprised at their rapid growth.
differences have culminated in Mr. Dunwell's
supervision, but wond- These
national bank charters arc under close Governmental
and flourishing condition.
downward swing the bank in a sound
er if the others are building up sufficient reserves to meet a
of prices, such as they have not yet experienced.
The Citizens National Bank of New Brunswick, N. J.,
and see a future
Labor circles, however, are elated at the progress made
of
labor will be held under the control
has been organized with a capital of $250,000. The par value
when the savings of all organized
are considered
the stock will be sold at $120
labor banks, to be lent only to borrowers whose labor policies
fal*.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
A New York Stock Exchange membership was reported
posted for transfer this week, the consideration being stated
as $95,000. The last previous sale was at $96,000.
Rumors current during the past week that control of the
stocks of the Lawyers Title & Trust Co. of this city was
being sought were dealt with as follows in the Brooklyn
"Eagle" in its issue of Tuesday (May 8):
There were strong indications to-day that the Lawyers Title & Trust Co.
will remain statu quo. The controlling interests of the company,it appears,
are to remain in control, having resisted offers for the purchase of large
blocks of stock.
The interests that have been bidding high prices—said to have run to
$275 a share for 10,000 shares—have been unable to dislodge enough stock
to gain control of the company, and for the present, at least, there will
no change in the ownership or management of the Lawyers Title & Trust.
of the shares will be $100 and
per share. No officials have yet been chosen, as the charter
has not yet been procured. The following are the incorporators: Geo. F. McCormick, James F. Mitchell,
C. E.
Edmond Hayes, Jessie Straus, August F. Stout,
Saulsberry.
At the close of business April 26 1923 the Farmers Trust
Co. purchased all of the assets of the First National Bank
of Lancaster, Pa, and assumed all of its liabilities. The
on.
First National Bank of Lancaster has gone into liquidati
its officers, name
The Farmers Trust Co. has not changed
nor directors. The officials consist of the following: J.
W. B. Bausman, Chairman; Charles F. Hager, President;
J. Harold Wickersham, Vice-Pres.; Dr. Martin Ringwalt,
Vice-Pres.; Charles A. Sauber, Vice-Pres. & Sec.; William
J. Neuhauser, Treas.; Melo H. Hess, Asst. Treas.; William
K. Dietz, Asst. Treas.
On Wednesday (May 9) Walter N. Vail, Secretary of the
Lawyers Title & Trust Co., issued the following statement
Application has been made for a charter for the Paoli
on behalf of the institution:
National Bank, which will be located at the corner of LanRecently a buying movement in the stock of the Lawyers Title & Trust
Chester, Pa. The folCo. has lead to rumors of a merger with some other institution or control caster Ave. and Valley Road, West
by interests not identified with the present management of the company. lowing are undertaking the work of organization: Edward
These rumors, however, are absolutely groundless. The buying probably
John D.
more F. Bracken, J. Everton Ramsey, Lowell Gable,
commenced by a recognition of the fact that the stock was worth
and the Burns, W. Stewart Paschall, Ellis G.Young. The bank will
than it was selling for, considering the standing of the company
extent of its growing business. Most of the buying was done by Interests have $50,000 capital and $15,000 paid in surplus. The stock
friendly to the company and identified with its management, but the
will be sold at $130 per $100 share. The officials will be:
absorption of or merger with any other institution is not contemplated.
Edward F. Bracken, Pres.; J. Everton Ramsey, Vice-Pres.;
n has been appointed Assistant to the Andrew M. Passmore, Cashier. The bank began business
H. 0. Stenerse
President of the Coal & Iron National Bank of New York. May 1 1923.
He will have charge of furthering the bank's efforts to
Important changes were made on May 7 in the ohicis'
secure new business in the commercial banking field. Mr.
by e
Stcnersen was formerly with the National Bank of Com- staff of the Provident Trust Co. of Philadelphia
President
Assistant Cashier in charge of business development board of directors. A. S. Wing and John Way,
merce as
Provident Trust
in the First and Second Federal ;
Reserve districts. In 1917 and Vice-President, respectively, of both the
Co. of Philahe was the pioneer in introducing the use of acceptances Co. and the Provident Mutual Life Insurance
the Providence Trust in pursuance of
among New England cotton mills in financing the purchase delphia, retired from
2092
THE CHRONICLE
[Vol.. 116.
the original plan for the complete separation from the
Provident Mutual. They retain the same offices in the
latter company, to which they will devote their entire time,
Mr. Wing, however, remaining as a director of the Provident
Trust. J. Barton Townsend succeeds Mr. Wing as President. C. Walter Borton, heretofore trust office, and
Alfred G. Scattergood, heretofore Secretary and Treasurer,
were elected Vice-Presidents of the company. Mr. Scattergood to serve as Vice-President and Treasurer. Carl W.
Fenninger was appoihted Trust Officer, and Howard A.
Foster, Secretary.
According to the Minneapolis "Journal" of May 6, the
Produce State Bank, a new institution with capital of $100,000 and surplus and undivided profits of $30,000, was opened
for business in that city on May 7 at 100 Seventh Street,
North. The officers of the new institution are given as
Sumner T. McKnight,President; C. F. Witt, Vice-President;
R. B. Rathbun (formerly State Superintendent of Banks),
Vice-President and Cashier; and H. D. Bailey, Assistant
Cashier. Several of the directors of the new bank, it is
said, are members of the board of the First National Bank of
Minneapolis.
A new financial institution, namely, the Manheim Trust
Co., is being organized in Germantown, Philadelphia, Pa.,
with the following directors C. E. Beury, W. A. Coale,
A. D'Angelo, W. L. Gruhler ,S. F. Haxton, H. T. Hershey,
H. H. Hucknal, Otto Kessler, H. F. Meixner, Major John
G. Muir, I. D. Mullen, Colonel Joseph K. Nicholls, H. T.
Schlichter, Herman Schwalbe, C. E. Shaw, S. J. Steele Jr.,
L. L. Swope, G. S. Thomas and Hollis Wolstenholme.
The stock will be sold at $60 per share, par $50. The capital
now proposed is $125,000, but it is stated that the amount
will probably be increased to $200,000 before opening.
Harvey L. Elkins is slated for President, Charles E. Beury
for Vice-President, with Lester L. Swope, Secretary-Treasurer. As a new building is now being constructed, the
bank, we are informed, will probably not be opened until
the latter part of the year.
According to the Des Moines "Register" of May 5, Robert
L. Leach, Vice-President of the Adel State Bank, Adel, Iowa,
was on May 4 appointed State Superintendent of Banks for
Iowa to succeed W. J. Murray, who resigned to become a
Vice-President of the Des Moines National Bank, Des
Moines. Mr. Leach took office on the same day,it is said.
According to the Topeka "Capital" of May 5, Arthur J.
Baxter, President of the Vernon State Bank of Vernon,
Kansas,in an effort to escape arrest on May 4 knocked down
and rendered unconscious Russell Howard, a State bank
examiner, who was guarding him following the alleged discovery by the examiner that Baxter had issued three certificates of deposit, totaling $7,500, to R. N. Stout of Kansas
City, Mo., without recording them in the bank's books.
Baxter made good his escape, it is said, while the Sheriff of
Woodson County went to Yates Centre, the county seat, to
The death was announced in Muncie, Ind., on May 7 procure a warrant for his arrest. The "Capital" goes on to
of Hardin Roads, President of the Merchants' National say:
Bank of that city at the age of seventy-five. Mr. Roads
Howard was left with Baxter to guard him. Upon the pretext of being
had been President of the Merchants' National Bank for needed at his home. Baxter persuaded Howard to accompany him to his
home. There Baxter suddenly made a dash for his motor car. Howard
the past 25 years.
climbed on the running board as the car started
A consolidation of the Oberlin State Bank and the Oberlin
Bank Co. of Oberlin, Ohio, has taken place under the name
of the Oberlin Savings Bank Co. The latter has a capital
of $140,000 in shares of $100. It also has $40,000 surplus
and $3,362 undivided profits. The officials of the company
are: F. W. Tobin, Chairman of Board; H. C. Wangerien,
President; E. K. Yocom, J. N. Stone, G. W. Morris, H. L.
Bassett, Vice-Presidents; H. F. Ashley, Cashier; 0. C.
McKee, Secretary and Treasurer.
to move, but was struck
over the head and knocked unconscious.
State bank officials traced Baxter to Neosho Falls. where all trace of the
banker was lost. He was driven to Neosho Falls by his son, who later returned to Vernon and refused to divulge the whereabouts of his father.
The American State Bank, 15th Street and Troost Ave.,
Kansas City, was closed by Louis A. Miller, a Missouri State
Bank Examiner, on April 30 because of the inability of the
directors to supply a $60,000 cash guarantee for doubtful
loans, according to the Kansas City "Star" of that date.
Mr. Miller placed the liabilities at $621,000. The bank
had a capital of $100,000, with surplus and undivided profits
The Calumet State Bank of Calumet, Mich, has consolidated with the Merchants & Miners Bank under the name of $16,000.
of the Merchants & Miners Bank of Calumet, Mich., and
A press dispatch from La Plata, Mo., on April 30, appearthe capital increased from $150,000 to $200,000. The par ing in the Kansas City "Star" of the same date, stated that
value of the stock is $100 and the new shares have been dis- the La Plata Savings Bank, the oldest bank in Macon
posed of at $200 per share. The consolidation became ef- County, had closed its doors on that day. The action,
it
fective at close of business April 30 1923. The officials of was stated, had been taken by the directors of the
institution
the consolidated institution are: Gordon R. Campbell, Pres- because of the sudden and critical illness of the
Cashier,
ident; Thomas Hoatson, Vice-President; W. B. Anderson, H. J. Mairens. According to a later
telegram (May 4)
Vice-President and Cashier; E. H. Manger and W. G. Cud- from Macon, Mo., printed in the St. Louis
"Globe-Demolip, Assistant Cashiers. Sixth Street Branch: Walter Ed- crat" of May 5, the bank
was to be re-opened on May 7
wards, Manager; D. D. MacIntyre, Assistant Manager.
with Senator W. T. Robinson in charge a Cashier. An
audit,it was said, had showed the bank in excellent condition
The North Austin Trust & Savings Bank, a new State
with every dollar accounted for.
bank, opened in Chicago on April 28 at West Division
and Mansfield Avenues. The institution has a capital of
At a recent meeting of the directors of the Mississippi
$100,000 and a surplus Of $20,000. The stock was sold Valley Trust Co. of St.
Louis, C. Hunt Turner. Jr. was
at $125 per share, par $100. The officers are: President, elected Secretary to succeed
Joseph Wassell; Vice-President, A. T.• Perkins; Cashier, Turner had been Assistant the late James E. Brook. Mr.
Secretary of the company since
G. L. Hackley. The following are the directors: I. R. 1906. Reference to Mr.
Brock's death was made in the
Hazen, Albert Keeney, J. S. Deming, A. B. Triryl, E. "Chronicle" Jan. 27
1923, page 379.
Clemenson and P. J. King.
The stockholders of the Water Tower Bank of St. Louis
According to the Chicago "Daily Tribune" of May 3 ratified on April 23 a
proposal to increase the capital of the
Bernard Horwich, President of the Public State Bank of bank from $100,000 to $200,000.
It is announced that the
Chicago, was on May 1 appointed receiver of the failed new stock has been subscribed for at
$100 a share by the
Sixteenth• Street Bank by Judge Charles M. Foell at the stockholders. The institution has surplus
and profits of
request of the depositors' committee, which is seeking to $75,000. The new capital will become
effective June 12
reorganize the institution. The closing of the bank on 1923.
March 20 was reported in these columns in our issue of
•
Joseph S. Hill has resigned as State Commissioner of BankMarch 31.
ing of West Virginia and has been elected Third Vice-PresThe Tucson National Bank, Tucson, Ariz., was closed by ident of the Capital City Bank of Charleston,
W. Va. Mr.
its directors on May 1, owing to the rapid drawing down of Hill had served as Commissioner since 1919. Prior
to that
deposits, according to a press dispatch from that city appear- time he was Cashier of the former
National City Bank and
San Francisco "Chronicle" of May 3. Depositors, the Charleston National Bank.
ing in the
it was thought, would eventually receive their money as the
A condensed statement of the Banque Nationale de Credit,
bank has loans outstanding amounting to about $600,000.
Henry F. Brewer Jr., a national bank examiner, has been Paris, as of Dec. 31 1922, has just come to hand. It shows
placed in charge of the bank's affairs. The bank's capital continued development, with total resources of Fr. 3,182,was $100,000, with surplus and undivided profits of $22,000. 747,453, some of the principal items of which are: French
Government Treasury bills, &c., Fr. 1,627,462,120; debtors
MAY 12 1923.]
2093
THE CHRONICLE
in current account, Fr. 387,441,502; loans, Fr. 264,335,930;
capital uncalled, Fr. 238,034,250; due by banks and bankers,
Fr. 209,233,056, and cash on hand and in Banque de France
and Treasury, Fr. 215,702,867. On the debit side of the
statement deposits are given as Fr. 2,439,911,541; capital as
Fr. 500,000,000 and reserves as Fr. 91,871,836. R. Boudon
is Chairman; A. Vincent, Vice-Chairman, and E. Level,
Manager of the bank. The bank has 442 branches in France.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market has had another bad week. On Monday
the market was flooded with bogus orders accompanied
by fictitious checks. It was one of the boldest efforts to
influence course of prices that has been witnessed for a
long time. Some of these orders were executed by the
Stock Exchange houses that received them, which may in
part account for the difference between the closing prices
on Saturday and the prices at the opening hour on Monday.
An announcement of importance in the international The matter is now under investigation by the postal authorbanking world as indicating the progress that is being made ities, also by the American Bankers Association. The latter
toward a restoration of international financial business was has placed the case in the hands of the Burns Detective
made April 30 to the effect that the old-established banking Agency. When the nature of these spurious buying orders
house of Guinness, Mahon & Co.has arranged to reopen its was disclosed, a bad slump in prices ensued. On Tuesday
offices in London. Guinness, Mahon & Co. and the British and Wednesday the tone improved. Many of the stocks
& Foreign Trust, Ltd., of which Benjamin S. Guinness is that showed unmistakable weakness during the past month
Chairman, will occupy joint offices at 20 Bishopsgate, E. C. gathered strength in early trading. As the week advanced,
They are closely allied with La.denburg, Thalmann & Co. however, there was a noticeable halt in the upward trend
of New York. Founded in Dublin in 1836 the firm of of prices, and while some securities held to their higher
Guinness, Mahon & Co., prior to the war, conducted its figures, there were on the other hand numerous further
foreign banking business chiefly with the United States substantial declines. Twice during Thursday's session
from its old London office at 81 Lombard St. •The firm United States Steel common was pushed down below par,
closed its office in 1916 when international business came to but quickly recovered and closed at 101. Yesterday aftera stand-still owing to the war. In addition to members of noon, however, when the market had another weak spell,
the Guinness family, Walter Pfennell of the merchant the price dropped to 98%. American Locomotive was
banking firm of Wogau & Co. of 4 Eastcheap, London, has prominent in the Thursday and Friday trading and advanced
become a partner in Guinness, Mahon & Co.
several points only to decline again. The recommendation
of the Board of Directors of American Locomotive that the
Andre Hess, New York Manager of the Banco di Roma, two shares of no par value stock be given in exchange for
announces his resignation, effective May 1.
each share of $100 par value undoubtedly had much to do
in stimulating this stock-as also the fact that the quarterly
The New York Agency of the Banco Nacional Ultramarino dividend was raised to $2 50 from $1 50. Friday's closing
is in receipt of a cable from its head office in Lisbon advising quotations indicated a sagging market.
that at the annual meeting of the stockholders a dividend
of 30% was declared for the year 1922 and Es. 3,000,000 was
added to the reserve fund, making the reserve Es. 30,200,000.
COURSE OF BANK CLEARINGS.
The bank has paid 20% for the years 1918, 1919, 1920 and
Bank clearings show an increase over last year, but the
1921, and has a capital of Es. 24,000,000.
ratio of gain is very small, owing, however, entirely to the
large falling off at New York, and this decrease at New York
The Adriatic Bank, Jadranska Banka of Belgrade, temweek after week must be considered significant. Prelimiporary headquarters, Ljubljana, Yugoslavia,announces that nary
figures compiled by us, based upon telegraphic advices
the Manager of its American Department, D. F. Andrice- from
the chief cities of the country, indicate that for the week
vich, will shortly leave for the United States for the purpose
ending to-day (Saturday, May 12) aggregate bank clearings
of strengthening its connections with such banks as it is for
all the cities in the United States from which it is possible
already in direct business relations with and to promote to obtain
weekly returns will show an augmentation of 0.02%
relations with other American banks as well. The bank's as
compared with the corresponding week last year, but as
announcement of April 18 says:
the margin is so small it is quite possible that when the final
We have established our American Department for the service and
in the United States, and figures are at hand this may be changed one way or the other.
convenience of our correspondents and friends
Is gaining wide-spread approbation as the proper medium for handling The total stands at $7,509,341,086, against $7,507,808,598
details which promote close and helpful relations between banks and
for the same week in 1922. Our comparative summary for
individuals. Will you kindly give Mr. Andricevich an interview upon
the week is as follows:
his visit to your city?
Mr. Andricevich's address will be 82 Cortlandt St., New
Per
Clearings-Returns by Telegraph.
York City.
Cent.
1922.
Week ending May 12.
1923.
New York
83,326,000.000
33,585,750,287
-7.2
448,255,838 +20.1
THE CURB MARKET.
Chicago
538,337,875
334.000.000 +12.6
376,000.000
Philadelphia
252.000.000 +20.2
303,000,000
Trading on the Curb Market this week was extremely Boston
+5.0
102,192,812
107,297,452
a
a
dull and price movements erratic. Changes for the most Kansas City
Bt. Louis
Franciscoa
+9.2
112.400,000
Ban
122,700,000
+17.7
part were small. Standard Oil of N. Y., after a fractional Pittsburgh
.111,500.000
131,230,483
78,452,673 +25.9
98,739,743
advance to 413 , sold down to 393% on the announcement Detroit
%
60.447.253 +24.1
*75.000.000
Baltimore
41,781,927 +19.3
of plans for increasing the stock. Standard Oil (Ohio) New Orleans
49,825,181
-0.6
gained five points to 293. The regular dividend
common
55,128,130,734 55,159,380.790
Ten cities. 5 days
+3.0
1,097,126.375
1,129,653,505
of 23/2% on common stock was declared. Prairie Oil & Other cities, 5 days
$6,257,784.239 86,256,507.165 +0.02
Total all cities 5 days
Gas advanced from 206 to 217 and reacted .finally to 207. All
1,251,301.433 +0.02
1,251,556,847
cities, 1 day'
Vacuum Oil, after early advances from 493% to 5134, fell
57.509.341.086 $7.507.808.598 +0.02
Total all cities tor week
to 473% and closed to-day at 48. Humble Oil & Refining
a No longer report clearings. •Estimated.
%
advanced from 303% to 323 . Mammoth Oil declined from
Complete and exact details for the week covered by the
52% to 473%, recovered to 533% and sold finally at 50%.
Exploration eased off at first from 21% to foregoing will appear in our issue of next week. We cannot
Maracaibo Oil
to-day
.
8
20%, then rose to 233/2, with a final reaction to 217 furnish them to-day, inasmuch as the week ends
available
Southern States Oil lost four points to 19 and ends the (Saturday), and the Saturday figures will not be
last day
%
week at 193 . In industrial issues, Durant Motors, Inc., until noon to-day. Accordingly, in the above the
was under pressure and lost about six points to 4532, the of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
close to-day being at 46. Gillette Safety Razor advanced
to-day at 278. present further below, we are able to give final and complete
from 268 to 280, with the final transaction
5. For
American Locomotive new no par value stock made its ap- results for the week previous-the week ending May
%
fell back to 665 . that week the increase is only 1.5%, the 1923 aggregate of
pearance and rose from 68 to 683%,
aggregate
Checker Cab Mfg. was off from 55 to 533%. Del. Lack. & the clearings being $8,769,192,270 and the 1922 increase
to 90. Glen Alden Coal $8,378,873,937. Outside of this city, however, the
West. Co. improved from 853%
decreased
%
lost about a point to 693 , then sold up to 743%, the close is 17.1%, the bank exchanges at this centre having Federal
being at 74. There was a fair business in bonds. 3-2%• We group the cities now according to the this it
to-day
from
Maracaibo Oil 7s advanced from 210 to 2343% and to-day Reserve districts in which they are located, and improveappears that the Boston Reserve District shows an
broke to 225.
District of 20.7%,
A complete record of Curb Market transactions for the ment of 18.8%, the Philadelphia Reserve
District (because of the falling
while the New York Reserve
week will be found on page 2115.
2094
THE CHRONICLE
off at this centre) shows a loss of 2.9%. The Cleveland Reserve District reports an expansion of 24.8%, the Richmond
Reserve District of 23.4% and the Atlanta Reserve District
of 22.3%. In the Chicago Reserve District the increase is
9.1%, in the St. Louis Reserve District 24.5% and in the
Minneapolis Reserve District 13.6%. The Kansas City
Reserve District has added 12.8% to its totals of last year,
the Dallas Reserve District 13.8% and the San Francisco
Reserve District 21.3%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF RA MK CLEARINGS
Week ending May 5 1923.
1923.
Inc.or
Dec.
1922.
[VOL. 116.
Week ending May 5 1923.
Clearings at1923.
1922.
Inc. or
Dec.
1921.
1920.
Federal Reserve Districts.
9
(1St) Boston
11 cities 439,457,858 369,886,140 +18.8 333,671,583 465,097,766
(2nd) New York
9 " 5C61,191,468 5 200,066,066 -2.9 4 160,060,423 4861,197,071
(3rd) Philadelphia _ _ _.10 "
567,041.031 460,834,306 +20.7 420,119,031 517,289,343
(41h) Cleveland
9 "
379,545,874 304,045,118 +24.8 318,694,410 372,141,420
(5th) Richmond
8 "
193,988,766 151,219,545 +23.4 149,258,666 191,397,784
Total(19 citi a) 1,006,398,472 922,587,633 +9.1
(8th) Atlanta
11 "
178,256,411 145,806,217 +22.3 146,993,465 207,034,115
(7th) Chicago
.19 " 1,006,396,472 922,587,633 +9.1 780,369,875 882,909,027
Eighth Fede a I Reserve DM trict-St.Lo tile(8th) St. Louis
7 "
68,898,859 55,329,923 +24.5 50,695,i09 73,466,355 Ind.-Evansv111
:
5,006,114
4,447.607 +12.6
(9th) Minneapolis_ _ _ _ 7 "
121,038,1237 106,510,609 +13.6 106,175,992 121,756,520 Mo.-St. Louis _
a
a
a
(10th) Kansas City__ 11 "
249,293,680 221,043,758 +12.8 242,211,761 349,985,121 Ky.-Louisville 29,654,838
24,410,531 +21.5
(11th) Dallas
5 "
50,970,263 44,786,032 +13.8 48,686,407 89,715,690
Ownesboro_ _ _
530,135
358,008 +48.1
(12th) Ban Francisco. _16 "
463,114,951 381,768,591 +21.3 322,148,482 354,693,666 Tenn.- MemP is
19,780,876
16,021,615 +23.5
Ark.-Uttleflotk
11,434,595
8,038,335 +42.2
Grand total
121 cities 8,769,192,270 8,378,873,937 +4.7 7,078,085,794 8,466,683,881 Ill.-JacksonvillO
648,357
539,306 +20.2
Outside New York Clty
3,795,151,348 3,240,973,937 +17.1 2,974,043,305 3,663,627,331
Quincy
_
1,843,944
1,514,521 +21.7
04011dit.
29 cities 374,555,691
381,666,042 -9.1 376,708,338 429,646,022
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week ending May 5 1923.
Clearings al
I
1923.
1922.
Ant. Or
Dec.
$
$
First FederalI Reserve Dist rim-Boston-%
Me.
-Bangor
720,723
882,412 -18.3
Portland
4,371,924
*2,600.000 +68.2
Mass.
-Boston - 385,000,000 325,000,000 +18.5
Fall River
2,598,193
1,861.104 +39.6
Holyoke
a
a
a
Lowell
1,258,728
1,024,007 +22.9
Lynn
a
a
a
New Bedford _
1,507,283
1,347,309 +11.9
Springfield..._
5,640,410
4,858.198 +16.1
Worcester_ _ _ _
4,982,000
3,643,000 +38.8
Conn.-Hartfort1.
12,315,618
10,457,217 +17.8
New Haven _
_
7,815,979
5,712,893 +36.8
0
R .1.-Pro3
-iden .
13,247,000 *12,500,000 +10.4
Total(11 citi 3)
439,457,858
369,886,140 +18.8
1921.
1920.
$
$
961,306
2.400.000
292,025.455
1,501,939
a
1,113,042
a
1,229,761
4,358,082
3.500,000
9,612,324
6,308.774
10,660.900
1,073.826
2,600,000
401,422,497
3,209,378
a
1,550,625
a
1,829,716
5,586,597
4,567,580
11.934.858
7,368.889
13,953,800
333,671,583
455,097,766
Second Fed r al Reserve D Istrict-New
-Albany._
N. Y.
6,688,734
5,761,067
Binghamton..
e
1,331,000
1,106,087
d
Buffalo
47,485,931
36,939,725
Elmira
_
839,518
792,613
Jamestown_ _ _ c
1,192.055
966,104
New York_ _ _ _ 4,974,040,922 5,137,900,000
Rochester_ _ _
12,880,653
10,706,541
Syracuse
6,061,687
5,191,002
b
Conn.-Stamfo d
b
670,968
N. J.-MontctaIr
692,027
York
+16.1
4,894.517
5,301,759
+20.3
1,046,30(3
1,538,700
+28.5
34,671,131
42.808,116
+5.9
+23.4
-3.2 4,104,042,489 4,793,056,550
+20.3
9,662,046
12,237,009
+16.8
5,230,889
5,537,378
b
b
b
-3.0
513,051
717,559
Total(9 cities)- 5,051,191,468 5,200,056,066
-2.9 4,160,060.4234,861.197.071
Third FadersI Reserve 131st rict-Philad elphia.
-Altoona -_
Pa.
1,644,093
1,072,249 +53.3
Bethlehem_ _ _ _
5,218,629
3,642,071 +43.3
Chester
1,765,550
1,069,274 +65.1
3,040,428
_2,680,983 +13.4
Philadelphia. _ 533.000,000 445.000,000 +19.8
Lancaster___
Reading
4,498,622
3,116,959 +44.3
Scranton
5,894,085
4,783,000 +23.2
Wilkes-Barre_ d
4,033,789
2,600,000 +55.1
York
1.819,346
, 1,362,421 +33.5
-Trenton._
N.J,
6.126,489
4,507.348 +35.9
Del-Wilmington
a
a
a
1,080,193
3,733,305
1,079,441
2,588,796
395,266,106
2,900,060
5,058,827
2,823,078
1,477,386
4,111.839
a
1,522,500
1,644,406
493,579,038
3.793,982
5,320,269
3,112,135
2,738,482
4,403,174
a
469,834,305 +20.7
420,119,031
517.289,343
Fourth Fed r al Reserve D istrict-Ciev eland
Ohio-Akron._ _ d
7,885,0005,886,000+34.0
Canton
5,265,522
8,675,454 +39.3
Cincinnati_ _ _ _
69,002,972
57,136,653 +20.8
Cleveland_ _ _ _. 108,464,000
84,365,732 +28.6
Columbus_ _ _ _
18,029,200
16,129,400 +11.8
Dayton
a
a
a
Lima
489,937
961.894 -49.1
Mansfield _ _ 1
2,109.16"
1,301.024 +62.1
_
Springfield..
a
a
a
Toledo
a
a
a
Youngstown _ _
4.442,513
4,588,961 -3.2
-Erie
Pa.
a
a
a
Pittsburgh_
_ 163,857,565 125,000,000 +31.1
W.Va.-Wheella g
b
b
b
7,880,000
3,588,569
52,645,383
101,063,078
12,988,800
a
958,708
1.288,417
a
a
3,028,728
a
135,272,727
b
. 379,545,874
Total(9 cities)
304,045,118 +24.8
318,694,410
Fifth Federal Reserve Dist rict-Richm ondW.Va.-Hunt'g'1
2 202 843
1,505.740 +46.3
d7,191,351
7,005.242 -9.0
Vs.-Norfolk _ _.
.
Richmond
49,568,000
41,479,482 +19.5
2,004.783
2,222,212 - 9.8
S.C.-Charlesto 1
Md.-Baltimore. 109,552,168
83,118,850 +31.8
-Wash' 1
to
23,469,621
D. C.
20,988,019 +11.8
1,898,965
7,044,108
38,182,029
2,700,000
83.934,087
17,499,477
Total(6 cities).
193,988,766
157,219,545 +23.4
Sixth Federal Reserve Dist rict-Atlant aTenn.-Chatt'ga.
d6,241,255
4,594,264 +35.8
•
Knoxville
3,287,111
2,928,838 +12.2
Nashville
21,525,000
16,472,819 +30.7
51,727,139
Ga.-Atlanta __
39,208,470 +31.9
1,743,907
1.886.453 -7.6
Augusta
1,685.072
1,245,031 +35.3
Macon
a
a
a
Savannah
14,821,012
11,495,660 +28.9
24,285,213
Ala.-Blrm'harn_•
20,776,376 +16.9
b
b
b
Mobile
1,029,382
MI89.-Jack900_ _
782.384 +31.6
296,038
320,063 -7.5
Vicksburg
-.
51,615,282
48,095,859 +12.0
-New Orl'ns_
La.
Total(11 cities)
178,256.411
145.806.217 +22.3
149,258,666
5,088,828
3.548.977
17,234,727
39,578,557
2.408,816
1,499.500a
10,311,993
17,424,454
b
727,585
259,601
48,910,417
146,993,455
1920.
780,369,875
882,909,027
3,989,406
a
22.171,524
453,453
13,665,008
8,410,909
536,778
1,468,631
4,991,122
a
30,511,944
605,440
22,474,219
12,152,985
781,207
1,949,458
50,695,709
73,466,355
Ninth Feder il Reserve Dis trict
-Minn eapolisMinn.-Duluth_ _
d6,655,443
5,363,767 +24.1
5,571,058
Minneapolis.. _
72,406,648
63,670,930 +13.7
62.335,227
St. Paul
34,986,575
30,543,000 +14.5
30,512,231
1,981,245
N. 1)-Fargo..
1,668,348 +18.8
2,000,000
-Aberdeen
1,341,832
S. D.
1,239,903 +8.2
1,298,578
-Billings
Mont.
555,592
035.030 -12.5
958,848
Helena
3,109,302
3,389,631 .-8.3
2,500,000
8,495,026
82,936,754
22,674,401
2,412,813
1,895,625
1,425,630
1,916,271
Total(7 cities)-
88,898,859
55,329,923 +24.5
Total(7 cities) _ 121,036,637 106,510,609 +13.6 105.175,992 121,758.520
Tenth FederaI Reserve Dis trict-Kans as CityNeb.-Fremont_.
d451,579
410,388 +10.0
518,447
964,195
.
Hastings
581,163
675,237 -13.9
589,714
1.013,113
Lincoln
5,417,214
4,910,466 +10.3
4,082,004
6,403,838
Omaha
44,562,217
39,830,665 +11.9
38.812,711
60,002,787
.
Kan.
-Topeka-..
d3,111,984
2,607,001 +19.4
2,774,764
3,415,460
.
Wichita
10,203,000
10,793,086 -5.5
11,292,720
14,017,818
.
Mo.-Kan. City. 139,960,510 120,368,581 +16.3 139.462,302 226,009.875
a
St. Joseph_ _ _
a
a
a
a
a
Okla.-MuSkOgei
a
a
a
a
"r1
Oklahoma City d21,457,061
19,211,699 + 11.7
22,842.477
13,669,418
a
Tulsa
a
a
a
a
1,022,994
-Col. Spgs.
Colo.
1,035.192 -1.2
978,651
1,116,143
21,607,146
Denver
20,412,248 +5.9
19,994,437
22,383,028
e918,812
789,195 +16.4
Pueblo
863,534
990,449
249,293,680 221.043,753 +12.8
Total(11 cities
Eleventh Fed cal Reserve District-Da has-.
1,622,145
Texas-Austin..
1,554,680 +4.3
28,500,000
Dallas
23,401,589 +21.8
d10,100,028
10,266,110 -1.6
Fort Worth
5,903,132
4,819,150 +22.5
Galveston
.
a
a
Ifouston
a
-Shreveport
4,844,958
4,744,503 +2.1
La.
242,211,761
349,985.124
1.384.882
23,865,550
12,310,613
7,118,073
a
3,977.489
1,900,000
36,291,744
19,191,561
6,376,070
a
5,956,315
50,970,263
44,786,032 +13.8
Total(5 cities)
48,686,407
69,715,690
Twelfth Feder al Reserve 13 istrict-San Franci gen35,036,449
Wash -Seattle..
29,463.056 +18.9
27,887,630
41,209,730
10.871.000
10,706,000 +1.5
Spokane
9,698,704
11,678,300
-a
a
Tacoma
a
a
a
1,351,071
1,471,339 -8.2
Yakima
1,171,900
1,971,473
37,494,609
Ore -Portland..
30,542,988 +22.8
29,044,554
35,368,936
14,416,479
12,017,770 +20.0
Utah-S. L. City
12,296.029
16,309.045
a
Nevada-Steno _ _
a
a
a
a
a
Ariz.-Phoenix _ _
a
a
a
a
04,026,641
3,552,322 +13.4
Calif.-Fresno_ _ _
3,238,514
3.410,831
8,908,166
Long Beach__ _
4,511,742 +97.4
3,563,185
3,107,602
Los Angeles... 143,845,000 105,857,000 +35.9
78,665,000
71,861,000
17.978,544
Oakland
14,404,178 +24.8
10,680,351
10,571,733
5,992,126
Pasadena
4,281,102 +40.0
3,076,055
2,141,334
d7,712,022
Sacramento _6,144,526 +25.5
4,684.941
5,168,299
3,987,399
3,242,621 +23.0
San Diego_ _ 2,838,216
3,016,020
San Francisco_ 165,100,000 151,300,000 +9.1 128,100,000 142,606,378
2,279,073
San Jose
1,178,976 +93.3
1.700,593
2,087,385
1,197,282
1,086,671 +10.2
Santa Barbara.
903,810
02,919,100
Stockton
2,008,300 +45.4
4,601,000
4,186.500
a
Total(16 cities) 463,114,951 381,768,591 +21.3 322,143,482 354,693.666
10.934,000 Grand total (
121
8,769,192,270 8,378,873,937 +4.7 7,078,085,794 8,456,683,881
4,962,033
cities)
67,265,412 Outside N Y_-- - 3,795,151,348 3.240.973.937 +17.1 2.974.043.305 3.683.1327.331
121,996,126
13,576,000
Week ending May 3.
a
Clearin at
1,111.386
Inc. or
1,809,236
• 1923.
1922.
Dec. I
1921.
1920.
a
a
$
Canada$
%
$
4.147,417
115,433,373 121,666,787 -5.1
Montreal
150,024,365
a
117,220,899 118,581,560 -1.1
115,434,731
146,339,810 Toronto
83,772,748
62,016,512 +2.8
Winnipeg
57,169,753
b
15.964,575
13,454,808 +18.7
Vancouver
18,211,016
8,278,248
11.576,970 -28.5
17,453,440
372,141,420 Ottawa
7,422,103
6,987,807 +6.2
Quebec
7,949,782
3,145,149
2,959,921
Halifax
+6.3
5,697,643
6,276,923
6,358.309 -1.3
8,729,051
1,743,751 Hamilton
4,524,477
5,291,880 -14.5
7,136.088
10,756,966 Calgary
2,481,520
2,904,939 -14.6
4,204,734
64,428,277 St. John
2,164,244
1,883,871 +14.9
Victoria
2,789,800
5,037,121
4,356,533
3,506.274 +24.3
4,646,729
89,540,962 London
4,500,776
5,019,173 -10.3
5,950,297
19,890,707 Edmonton
3,675,604
3,501.051
+5.0
Regina
4,935,122
605,569
659,318 -8.2
923,037
191,397,784 Brandon
570,136
767,081 -24.7
Lethbridge
933,003
1,517,913
1,779,818 -14.7
Saskatoon '
2,656,592
1,232,363
1.445,932 -14.8
1,705,564
7,466,702 Moose Jaw
972,888
1,002,361 -2.9
1,736,182
3,571.902 Brantford
739,909
881,969 -16.1
William_ _
1,126,029
24,370,676 Fort Westminster
685,4513
728,586 -5.9
851,331
68,397,799 New
289,070
301,588 -4.1
489,920
4,545,679 Medicine Hat _
848,449
779,586 +8.8
1,098,213
*2.750,000 Feterborough- -- 969,229
998,158 -2.9
iherbrooke
2,313,540
a
1,068,187
1,081.285 -1.2
Kitchener
1,551,140
11,999,746
3,647,802
3,321.210 +9.8
Windsor
3,386,178
20,535,186
392,442
Prince Albert-387.969 +1.2
542,762
b
987,045
34oncton
1,080,072 -8.6
797,596
812,061
Kingston
751.247 +8.1
519,312
62,079,517
Total (29 cities) 374,555,691 381,666,042 -1.9 376.708.338 429,646,022
tu .— =03C
3oo. =Oso“.4coo•-•Comma.peoc.n.—co....-4c
—
Total(10 citi ) 567,041,031
1.175,357
1921.
$
$
%
$
$
Seventh Fed Sr al Reserve D istrict-Ch I cagoAllch.-Adrian ._
255,012
294,457 -13.4
300,418
225,000
Ann Arbor_ _ ._
964,351
702,424 +37.3
807,494
698,627
Detroit
134,213,008
99,600,000 +34.7
90,450,769 111,938.559
Grand Rapid 37,065,930
6,893.188 +2.5
5,561,620
7,119,411
Lansing
._
2,578,000
*1,800,000 +43.2
2,602,001
1,703,000
-Ft. Wa se
Ind.
2,689,445
2,036,396 +32.1
1,781,647
2,103,107
Indianapolis ._
21,882,000 *16,050,000 +36.3
15,839,000
17,622,000
South Bend.._
2,791.254
2,395,000 +16.5
2,394,033
2,017,997
Terre Haute_ ._
6,025,064 Not incl. In to tal.
Wis.-Milwauk ee
38,305,221
34,547,599 +10.9
30,154,740
35,278,305
Iowa-Cedar R ip
2,845,774
2,308,494 +23.3
3,276,452
2,468,609
Des Moines_ ._
12,649,321
11,768,545 +7.5
10,027,135
14,108,908
Sioux City._ ._
7,082,333
7,642,159 -7.3
6,166,401
10,795,635
.
Waterloo
1,762,385
1,415,573 +24.5
1,371,099
2,328,337
III.-Bloom'gto 1
1,665,099
1,437,179 +15.9
1,227,851
1,042,973
Chicago
._ 757,268,608 722,020,509 +4.9 598,526.369 657.108,564
Danville_
a
...
a
a
a
a
._
1,527,883
Decatur
1,099,168 +39.0
1,090,149
1,440,933
_
Peoria
5,387.062
5,735,427 -6.1
5,586,704
5,752,114
Rockford _ _ _
2,922,656
2,222,014 +31.5
2,335,579
3,106,493
Springfield _ ...
2,541,130
2,619,501 -3.0
2.761,543
3,260,328
207.034.115
a No longer report clearings. b Do not respond to requests for figures. c Week
ending May 2. d Week ending May 3, e Seek end ng May 4. • Estimated.
2095
THE CHRONICLE
MAY 121923.]
Treasury Cash and Current Liabilities.
Preliminary Debt Statement of U. S. April 30 1923.
The cash holdings of the Government as the items stood
The preliminary statement of the public debt of the April 30 1923 are set out in the following. The figures are
basis of
United States for April 30 1923, as made up on the
taken entirely from the daily statement of the United States
the daily Treasury statements, is as follows:
Treasury for April 30 1923.
Bonds—
Consols 0,1930
Loan of 1925
Panama's of 19164936
Panama's of 1918-1938
Panama's of 1961
Conversion bonds
Postal Sayings bonds
First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938
5599,724,050 00
118,489,900 00
48,954,180 00
25,947,400 00
49,800,000 00
28,894.500 00
11,860,20000
51,951,800,800 00
3.287,981,95000
3,439,454,950 00
6,329,466,850 00
Treasury bonds of 1947-1952
Assets—
Gold coin
Gold bullion
5883,670,230 00
14,988,704,550 00
763,954,300 00
516,636,329,080 00
Total bonds
Notes—
768,640,200 00
Victory Liberty Loan 4/I%,maturing May 20 1923
Treasury Notes—
$311,088,600 00
Series A-1924, maturing June 15 1924
390,681.100 00
Series B-1924, maturing Sept. 15 1924
598,356.200 00
Series A-1925, maturing Mar. 15 1925
330,341,300 00
Series B-1925, maturing Dec. 15 1925
449,212.100 00
June 15 1925
Series C-1925, maturing
616,769,700 00
Series A-1926, maturing Mar. 15 1926
459,040,100 00
Series B-1926, maturing Sept. 15 1926
366,981,500 00
Series A-1927, maturing Dec. 15 1927
3,522,470 60(00
Treasury Certificates—
5209,716,000 00
Tax—Series TJ-1923, maturing June 15 1923_
191,058,000 00
-1923, maturing Sept. 15 1923_
Series TS
154,170,500 00
SeriesTS2-1923, maturing Sept. 15 i923
197,233,500 00
SeriesTD-1923, maturing Dec. 15 1923_
, maturing Mar. 15 1924. 321,196.00J 00
SeriesTM-1924
1,073,374,000 06
•
Treasury (War) Sayings Securities—
War Savings Certificates:
551,218,024 78
Series 1919 a
22,680,506 36
Series 1920 a
13,764,559 18
Series 1921 a
Certificates:
Treasury Sayings
1,923,877 55
Series 1921, Issue of Dec. 15 1921 b
106,721,675 10
Series 1922, Issue of Dec. 15 19216
18,968,794 46
Sept.30 19225
Series 1922, Issue of
106,388,450 21
Series 1923, Issue of Sept.30 1922b
Thrift and Treasury Savings Stamps, Unclas4,598,797 77
sified sales, tic
326,264,685 41
Total interest-bearing debt
Debt on which Interest has ceased
Non-interest-bearing debt
CURRENT ASSETS AND LIABILITIES.
GOLD.
Liabflities-00
311,368.852 59 Gold certlis. outstand'g_ 693.689,999
2,992,556,096 77 Gold fund F. R. Board
(Act of Dec.23'13. as
amended June 21'17)2,259,702,90565
152,979,025 63
Gold reserve
197.553.019 08
Gold in general fund
3,303,924,949 36
Total
3,303,924,949 36
Total
and 51,469,683 of Treasury
Note.—Reserved against $346,881,016 of U. B. notes also secured by silver dollars
are
notes of 1890 outstanding. Treasury notes of 1890
In the Treasury.
SILVER DOLLARS.
Liabilities—
$
Assets—
396,101,213 00
410,501,19500 Silver certifs. outatand'g
Silver dollars
1,469.683 00
Treas. notes of 1890 outSilver dollars In gen.rritl 18.930,29900
Total
Assets—
Gold (see above)
Silver dollars (see above)
United States notes
Federal Reserve notes
Fed. Res. bank notes
National bank notes_
_
Subsidiary silver
Minor coin
Silver bullion
Unclassified (unsorted
currency. Sic.)
Depos. In F. R. banks
Depos. In special depositaries account of sales
of Treasury notes_ _
Depos. in foreign depos.:
To credit Treas. U.EL
To credit of other
Government officers
Devoe.In nat'l banks:
To credit Treas. U.S_
To credit of other
Government officers
522,327,078,565 41 Depos. In Philippine
Treasury:
c71,604,470 26
To credit Treas. U.S.
246,937.100 07
522,645,620,135 74
Total gross debt
a Net cash receipts. b Net redemption value of certificates outstanding. c Includes $66,311.850 principal amount of 44% Victory notes called for redemption Dec. 15 1922.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Jan.31 1923. Jan.31 1922.
$254,546,388 $397,081,272
Balance end month by daily statement, he
Add or Deduct—Excess or deficiency of receipts over
—2.306,297 —12,156.023
or under disbursements on belated items
Total
Balance. deficit(—)or surplus(+)
$3,162,778
47,599,055
65,012,402
143,310,418
Aggregate of Interest-bearing debt
Bearing no interest
Matured, interest ceased
Total debt
Deduct Treasury surplus or add Treasury deficit
$3.383,626
63,510,903
108,511,459
118,387,545
$259,084,653 5293.793,533
—56,844,562 +591,131,716
INTEREST-BEARING DEBT OUTSTANDING.
Interest Jan. 311923.
$
Payable.
Title of Loan—
-J. 599,724,050
Q.
25, Consols of 1930
-F. 118,489,900
Q.
of 1925
Is, Loan
Q.
-F.
48,954,180
28 of 1916-36
25.947,400
Q.
-F.
25 of 1918-38
49,800,000
-M.
Q.
35 of 1961
„500
as, Conversion bonds of 1946-47
J -J. 1,065,394,600
Certificates of indebtedness
Certificates of indebtedness under Pittman Act.J.-J.
.1.4. 1,409,999,550
336s, First Liberty Loan, 1932-47
-D.
J.
10,818,400
4s, First Liberty Loan, converted
-D. 527,490,950
J.
41‘8, First Liberty Loan, converted
3,492,150
second converted...J.-D.
43(5, First Liberty Loan,
DA lc
;
47,001,500
Is, Second Liberty Loan, 1927-42
3.221.427,650
dige, Second Liberty Loan, converted
M. 3,439,835,800
-S.
63(5, Third Liberty Loan of 1928
A.-0. 6,329,956,350
43(5, Fourth Liberty Loan of 1933-38
-D.
J.
Ms, Victory Liberty Loan of 1922-23
763.915,800
{Hs. Treasury bonds of 1947-52
-D. 843,177,150
J.
4365, Victory Liberty Loan of 1922-23
Mat. 290,691,892
Is, War Savings and Thrift Stamps
11,880,200
-J.
J.
236s, Postal Savings bonds
.1.-D 3,522,070,535
53.54 to 5345, Treasury notes
Jan. 311922,
599,724,050
118,489,900
48,954.180
25,947,400
50,000,000
28,894,500
2,081,205,500
113,000,000
1,410,074,050
14,167,900
524,346,550
3,492,150
62,076,850
3,250,531,850
3,591,665,300
6,348,561,950
389,237,650
3,124,469,900
653,687,521
11,830,440
701,897,700
22,358.942,557 23,152,255,341
230,276.736
258,557,254
6,241,300
a114,276,150
22,731,775.960 23,388,773,377
.
(
—6,844,582 +91,131,716
d22,738,620,522 23,297,641,661
Net debt
a Includes $109,951,850 Victory 3H% and 43(% called notes.
c The total gross debt Jan. 31 1923 on the basis of daily Treasury statements
was $22,731,182,374 66, and the net amount of public debt redemption and receipts
In transit, he., was $613.385 79.
d No deduction is made on account of obligations of foreign governments or
other investments.
NOTE—Issues of Soldiers' and Sailors' Civic Relief bonds not included in the
above, total issue to Jan. 31 1923 was $195,500, of which 5167,800 has been retired
682,361,263 40
Total
289,538,308 97
393,122,954 43
682,661,253 40
miscellaneous sources credited direct to appropriations.
•Includes rece!pts fr
,ii(credit of disbursing officers and agencies to-day was
Note.—The amount
are
5803,900.937 10. Book credits for which obligations of foreign Governments
kid by the United States amount to 533,236,629 05.
money for the
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful
retirement of outstanding national bank and Federal Reserve bank notes are paid
Into the Treasury as miscellaneous receipts, and these obligations are made under
the Acts mentioned as part of the public debt. The amount of such obligations
bo-day was /51,184,614.
$1.300,050 in Federal Reserve notes, $418,707 in Federal Reserve bank notes and
$15,236,885 in national bank notes are in the Treasury in process of redemption
and are charges against the deposits for the respective 5% redemption funds.
$252,240,091 $384,925,249
Deduct outstanding obligations:
Treasury warrants
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates
416.501.19500
GENERAL FUND.
Liabilities—
1,931,777 07
197,553,019 08 Treasurer's checks outst.
18,930,299 00 Depos. of Govt. officers: 17,639,347 38
P. O. Department__
1,890,728 00
Board of trustees.
2,171,383 00
Postal Say, System,
467,707 00
5% reserve, law15,540,843 50
6,572.622 80
ful money
12,467,169 94
378,88663
Other deposits
2,830.496 94
the
Comptroller of
18,667,752 29
Currency, agent for
creditors of insolv6,177,490 84
2,340,630 71
ent banks
67,806,300 20
Postmasters, clerks of
disbursing
courts,
35.010,47305
officers Acc
306,656,000 00
Deposits to :
Redemption of—
126,605 30
Fed. Reserve notes
(5% fund, gold)._ 188,705,18322
312,712 89
. R. bank notes
1
(.5% fund, law7,934,104 19
190,796 56
ful money)
Nat.banknotes(5%
1,807,018 93
fd., lawful money) 31,825,608 82
Retirement of additional circulating
1.321,632 30
notes, Act of May
20,480 00
30 1908
.
Exch ges of currency.
4,922,502 74
coin. Ac
Net balance
Total
Public Debt of United States—Completed Return
Showing Net Debt as of Jan. 31 1923.
The statement of the public debt and Treasury sash
holdings of the United States as officially issued iTtial. 31
1923, delayed in publication, has now been received5 and
as interest attaches to the details of available cash and the
gross and net debt on that date, we append a summary
thereof, making comparison with the same date in 1922.
Total
416,501.195 00
TREASURY MONEY HOLDINGS.—The following
compilation made up from the daily Government statements
shows the money holdings of the Treasury at the beginning
of business on the first of February March, April and
May 1923.
Feb. 1 1923. Mar.I 1923. April 1 1923. may 1 1923.
$
$
5
$
356.037,986 367,219,795 350.532,045
Net gold coin and bullion. 340,083.055
37,598,051
36,110,394
37,497,380
34,869.321
Net silver coin and bullion
1,890,728
2.127,624
3.692,509
3,297,796
Net United States notes__
15,540,844
15,328.703
16,791,999
17,354,327
Net national bank notes__
2,171,383
2,217.546
2,856,398
2,257,701
.
Reserve notes_
Net Fed'I
467,707
565,790
543,549
1.011,772
Net Fedi Res. bank notes
12.467.170
12.370.959
12,530,193
12,650,974
Net subsidiary silver
9.007.988
5,036,457
7.088,989
7,494,935
Minor coin, arc
Total cash in Treasury. 419,019.921 437,039,003 440.975.288 429.675,916
152.979,026 132,979,026 152,979.025 152,979,026
Lees gold reserve fund_
Hoklinga In
U. S. Treasury.
Cash balance in Treasury. 266,040,895 .284,059.977 287,996.242 •276,696,890
Dep. In spec. depositories:
187,640,000 126,273.000 412,350,000 306,656,000
ACM certs. of indebt
67,806.300
56,881.723 103,824,049
70,980,837
Dep. in Fed'i Res. banks_
Dep. in national banks:
7,934,104
8,863,075
8.643,353
6,175.009
To credit Treas. U. EL.
21,807,019
20,390,793
21.249.643
30,403,803
To credit dist). officers_
1.321,632
917,322
1.141,828
796,576
Cash in Philippine Islands
439,318
494,53.5
217,085
298,867
Deposits in foreign depts.
Net cash in Treasury
and in banks
Deduct current liabilities_
562,335,987
307,789,599
498.446,609
306,196,136
834,836,016
304,711,717
682,661,263
289,538,309
Available cash balance_
ssa 647 UR
192_250.473
530.124_298
393.122.954
•Includes May 1, $18,667,752 silver bullion and $283049765 minor coins
Ac., not Included in statement "Stock of Money."
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
April 25 1923:
GOLD.
18th inst.
The Bank of England gold reserve against Its note knife on the Wednesprevious
was £125,690,495, as compared with 1125,687.765 on the
day.
2096
THE CHRONICLE
The available gold supplies were divided
between America and Lulls,
the former taking the larger proportion.
Gold valued at $2,250,000 has arrived in New
York from London.
The following were the United Kingdom
imports and exports of gold during the month of March 1923:
Imports.
Exports.
Netherlands
E11,780
£435
Belgium
182
West Africa
88,980
7,023
United States of America
992,501
542.657
Central America and West Indies
2,878
Various South American countries
350
Rhodesia
198,529
Transvaal
3,034,461
British India
4,050,848
Straits Settlements
30.100
Other countries
16,781
4,524
Total
£4,346,442
£4,635,587
India's foreign trade during March was as
follows:
Lacs of Rupees.
Imports, private merchandise
1854
Exports, including re-exports
3263
Net imports of private treasure
719
The balance of trade,including Council bills and
enlaced papers,is Rs.706
lac n favor of India.
The following are the figures for the foreign
trade of British India for the
financial year 1922-23 as compared with the
previous year:
(Lacs of Rupees.)
1922-23.
1921-22.
Imports
23259
26635
Exports
29885
23138
Re-exports
1516
1406
The balance of trade in favor of India was 2,832
lace ofrupees as compared
with an adverse balance of 3,180 lace of rupees
in the previous year.
The "Times of India" thus comments upon
Sir Basil Blackett's pronouncement that in his opinion the time is
not ripe for a reversion Of the
gold standard from a 2s. to a Is. 4d. rupee:
"The
Bombay now is that the 2s. rate is untenable, and majority of opinion in
that there should be no
further delay in reverting to Is. 4d. The
Finance Member's declaration
that he intends to bring a bill before the June
session of the Assembly for
amending the Currency Act so that 12 crores
of emergency currency can
be issued against trade bills, instead of5 crores,
as at present, and that such
currency should be available by installments
when the Bank rate touches
6. 7 and 8%, must be warmly welcomed as
a step in the right direction.
While, however, such a bill will prevent
acute stringency, the anomaly of
a bank rate of3% In London and 8% in
India will only be averted when the
official exchange standard is lowered to Is.
4d., thereby rendering possible
the free and unrestricted movement of
money between London and India "
SILVER.
During the week the tendency of
prices has been upward. The key to
the present situation Is continued
inquiry from China, chiefly directed upon
the American market. The speculative
position In Shanghai (equivalent
to bulling silver) Is really large, and
cannot be considered as founded upon
trade requirements. Possibly some
of the attitude of Chinese Operators
may be ascribed to a measure of
uneasiness as to the political situation, the
tortuous vagaries of which are
perennial.
As a consequence of the market
being bereft of supplies from America,
the moderate orders from the Indian
Bazaars had considerable effect upon
prices. A considerable premium for
immediate delivery is quoted in Bombay-the price for cash is tabled to-day
as 8534d. and for forward delivery
8234cl. per 100 tolas. There has been
some China and Continental selling,
but only at rising rates.
A further purchase of 1,500,000
ounces of silver under the Pittman Act
was announced from Washington on the
13th Inst., making the total amount
bought under the Act up to that date
180,686,995 ounces.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees.)
Mar.31. AlFril 7 April 15.
.
Notes in circulation
17470
17427
17312
Silver coin and bullion in India
8706
8663
8548
Silver coin and bullion out of India
_
Gold coin and bullion in India
2432
2432
2432
Gold coin and bullion out of India
Securities (Indian Government)
5748
5748
5748
Securities (British Government)
584
584
584
No silver coinage was reported during the week
ending 15th inst.
The stock in Shanghai on the 21st inst.
consisted of about 29,200,000
ounces in sycee. 39,000,000 dollars and 410 silver
bars, as compared with
about 29,700,000 ounces in sycee, 37,500.000 dollars
and 1,700 silver bars
on the 14th inst.
The Shanghai exchange is quoted at 3s. 2d. the tael.
-Bar Silver per Oz. Std.Bar Gold
QuotationsCash.
2 Mos.
per Oz. Fine.
April 19
32 5-168.
323d.
88s. 7d.
April 20
3234d.
31 15-16d.
88s, 5d.
April 21
32 3-16d.
324.
April 23
32 7-16d.
323-168.
88s. 8d.
April 24
32 9-168.
32 5-16d.
88s. 8d.
April 25
32 11-16d,
3234d.
88s. 8d.
Average
32.3858.
32.156d
88s 7.2d
The silver quotations to-day for cash and forward
delivery are respectively %d. and 5-16d. above those fixed a week
ago.
ENGLISH FINANCIAL MARKET
-PER CABLE.
The daily closing quotations for securities, &c., at
London,
as reported by cable, have been as follows the past week:
London.
May 5. May 7, May 8. .Nay 9.
May 10. May 11.
Week ending May 11Sat,
Mon,
Tues.
Wed,
Thurs, Fri.
Silver, per oz
d. 32 15-163234
3234
32 4-.16 3234
327-16
Cold, per fine ounce
89
89.1
80.3
89.3
89.6
89.5
5g4
Consols, 2.34 per cents
5934
5934
5834
58
British, 5 per cents
10134
1014
1015-4
101
1004
British, 434 per cents _______
9834
984
984
984
9834
French Rentes (in Paris), fr57.85
57.55
57.45
Holiday 57.65
74.70
French War Loan(inParis).fr74.60
74.90
Holiday 74.85
The price of silver in New York on the same day has been:
Silver In N.Y., per oz.(cts.):
9934
9934
9934
Domestic
9934
9934
9934
(.734
6734
6734
6734
Foreign
6634
6634
[VOL. 116.
TRADE AND TRAFFIC MOVEMENTS.
STEEL PRODUCTION IN APRIL.
-The American
Iron & Steel Institute has issued a statement from which
it appears that the production of steel in April 1923 by 30
companies, which in 1922 made 84.13% of the steel ingot
production in that year, amounted to 3,321,278 tons. This
contrasts with 2,444,513 tons during the same month last
year. By processes the output was as follows:
Open hearth
Bessemer
Another
tons_
April 1923. April 1922. 4 mos. 1923. 4 mos. 1922.
2,594,706
1.997,465 10.112,749
6.572,679
722,719
445,939
1,577,747
2,768,607
3,853
1,109
12.640
3,342
Total
3,321,278
2,444,513
12,893,996
8,153,768
UNFILLED ORDERS OF STEEL CORPORATION.
The United States Steel Corporation on Thursday, May 10
1923, issued its regular monthly statement showing unfilled
orders on the books of the subsidiary corporations as of
April 30 1923 to the amount of 7,288,509 tons. This is a
decrease of 114,823 tons from the unfilled tonnage on hand
March 31 last, but contrasts with 5,096,917 tons on hand
at the close of April 1922. In the following we give comparisons with previous months:
Tons.
Tons.
Tons.
Apr. 30 1923- _ _S7,28,3,509 Sept.30 1919- 6,284,638 Feb. 29 I916___ 8,568,966
Mar.31 1923___ 7,403,332 Aug.31 1919_.. 6,109,103 Jan. 31 1916___ 7,922,767
Feb. 28 1923__- 7,283,989 July 81 1919_ 5,578,661 Dec. 31 1915-__ 7,806,220
Jan. 31 1923___ 6,910.776 June 30 1919___ 4,892,855 Nov.30 1915._ 7,189,489
Dec.31 1922_ 6,745,703 May 31 1919___ 4,282,310 Oct. 31 1915_ 6,165,452
Nov.30 1922-- 6,840,242 Apr. 30 1919___ 4,800,685 Sept.30 1915-- 5,317,618
Oct. 31 1922_ 6,902,287 Mar.31 1919-__ 5,430,572 Aug.31 1915__- 4,908,455
Sept.30 1922_ _ _ 6,691,607 Feb. 28 1919___ 6,010,787 July 31 1915-_- 4.928,540
Aug.31 1922.- 5,950,105 Jan. 31 1919_ 6,684,268 June 30 1915_ __ 4,678,196
July 31 1922_ 5,776,161 Dec.31 1918-_- 7.379,152 May 31 1915_ 4,264,598
June 30 1922___ 5,635,531 Nov.30 1918- 8,124,663 Apr. 30 1915-_- 4,162,244
May 31 1922__ 5,254,228 Oct. 31 1918___ 8,353,298 Mar.31 1915-- 4,255,749
Apr. 30 1922___ 5,096,917 Sept.30 1918-- 8,297,905 Feb. 28 1915-__ 4,345,371
Mar.31 1922___ 4,494,148 Aug.31 1918- 8,759,042 Jan. 31 1915___ 4,248,571
Feb. 28 1922___ 4.141,069 July 31 1918___ 8.883,801 Dec.31 1914___ 3,836,643
Jan. 31 1922___ 4,241,678 June 30 1918___ 8,918,866 Nov.30 1914_ 3,324,592
Dec.31 1921-__ 4,268,414 May 31 1918- 8,337,623 Oct. 31 1914-_- 3.461.097
Nov.30 1921-- 4,250,542 Apr. 30 1918_ 8,741,882 Sept.30 1914___ 3.787.667
Oct. 31 1921- 4,286,829 Mar.31 1918_ __ 9,056,404 Aug.31 1914_ 4,213,331
Sept.30 1921__- 4,560,670 Feb. 28 1918_ 9,288,453 July 31 1914___ 4,158,589
Aug.31 1921- 4,531,926 Jan. 31 1918- 9,477,853 June 30 l014._.4,032,857
July 31 192I___ 4,830,324 Dec. 31 1917___ 9,381,718 May 31 1914_ _ 3,998,160
June 30 1921-- 5,117,868 Nov.30 1917___ 8,897,106 Apr. 30 1914-__ 4,277,068
May 31 1921- 5,482.487 Oct. 31 1917-- 9,009.675 Mar.31 1914_ _ - 4,653,825
Apr. 30 1921__ 5,845,224 Sept.30 1917___ 9,833,477 Feb. 28 1914___ 5,026,440
Mar.31 1921- 6,284.765 Aug.31 1917_-10,407,049 Jan. 31 1914-__ 4,613,680
Feb. 28 1921-_- 6.933,867 July 31 1917-10,844,164 Dee.31 1913- 4,282,108
Jan. 31 1921-__ 7.573,164 June 30 1917_ __11,383,287 Nov.30 1913.,... 4,396,347
Dec.31 1920-- 8,148,122 May 31 1917-11,886,591 Oct. 31 1913.... 4,513,767
Nov.30 1920-- 9,021,481 Apr. 30 1917.-12.183,083 Sept.30 1913-- 5.003,785
Oct. 31 1920.-- 9,836,852 Mar.31 1917_11,711,644 Aug.31 1913_ _ 5,223,468
Sept.30 1920--10.374,804 Feb. 28 1917-11,576,697 July 31 1913___ 5,399,356
Aug.31 l920__10.805.038 Jan. 31 1917_11,474,054 June 30 1913___ 5,807,317
July 31 1920-11.118,468 Dec. 31 1916-11,547,286 May 31 1913_ 6,324,322
June 30 1920-10,978,817 Nov.30 1916___11,058,542 Apr. 30 1913- 6,978,762
May 31 1920-10,940,466 Oct. 31 1916_10,015,260 Mar.31 19i3__ 7,468,956
Apr. 30 1920___10,359.747 Sept.30 1916___ 9.522,584 Feb. 28 1913___ 7,656,714
Mar.30 1920_ _ _ 9,892,075 Aug.31 1916.- 9,660,357 Jan. 31 1913__- 7,827,368
Feb. 28 1920- 9,502,081 July 31 1916- 9,593,592 Dec. 31 1912- 7,932,164
Jan. 31 1920___ 9,285,441 June 30 1916..._ 9,640,458 Nov.30 1912- 7,852,883
Dec. 31 1919__- 8.265,366 May 31 l916... 9,937,798 Oct. 31 1912_ 7,594,381
Nov.30 1919___ 7,128,330 Apr. 30 1916__ 9,829.551 Sept.30 1912_. 6.551.507
Oct. 31 1919-- 6,472,668 Mar.31 1916- 9,331,001 Aug.31 1912__- 6,163,375
)klutracrttal andMiscellittneonsRims
New York City Banks and Trust Companies.
As prices dolkws Pet Oars,
8g
Banks-N.Y. 22
.eh
E
aowelea x---- 4103
tmerry. __
A
Battery Park.
B adwayCen
Bronx SorosBronx Nat_ Bryant Parke
Butch & Drov
Cent Mercan.
Chase
Chat & PhenCedars Exehei
Chemical
115
125
150
140
130
190
345
248
547
7
03lonk rcin: 315
05oal a o_ _ 1 2 7
Columbia-- _ 230
290
Commerce Com'nwealth• 235
Continental _ 135
6
105
r 0 _
01 10 xta . 42
c , E ehn
Ask
Banks
Bid
243 Harriman_ _
350
296 Imp & Trod__ 750
138 Irving Bank
Columbian' 231
iio Manhattan 144
Meeh & Met_ 395
Mutual*
310
159 Nat Amer! 135
138 National CR 347
210 New Neth•
130
350 Pacific •
300
253 Park
415
95 Port Morris_ _ 150
555 Public
295
223 Seaboard
348
Standard 0 - 170
.
240 State*
330
293 Tradesmen's• 200
245 234 Wardo__ _ 270
United
183
412 Wash'nStates* 200
Hts•115 Yorkville
800
Ask
360
755
23.5
148
405
146
351
140
422
160
305
185
350
Trust Co.'s Bid Ask
New York
American....
Bank of N.Y.
& Trust C 460 470
Bankers Trust 353 362
Central Union 454 458
Commercial__ 115 130
Empire
315 320
Equitable Tr.. 184 187
Parma L & Tr_ 515 523
Fidelity Inter 200 210
Fulton
250 280
Guaranty Tr_ 269 273
Hudson
200
Law Tit dt Tr. 175 iia
Metropolitan_ 300 315
Mutual(W
°baster)
120 130*
N Y Trust_ 344 347
394 370
Title Cu &
U Mtg at Tr 310 820
United States 1210 1230
Westchee. Tr 180
202
East River _ 243
19 0
0
Fifth Avenue* 10 0
Brooklyn
252 Coney Island* 155 165
Fifth
1210 First
First
320' 355
Brooklys
2
60 270 Mechanics *- 130 140 Brooklyn Tr- 475 600
Garfield
189 195 Montauk
80
6
Gotham
Klan County 800
170
Nassau
Greenwich'.. 290
225 241) Manufacturer 280
690 People',...... 160
Hanover
People's
390
• gawks marked w th (el are State banks. i New stook.
Hz
-dividend. V Exrights • FC1-100% stock dividend.
New York City Realty and Surety Companies.
au rims dollars per share.
Alliance WIty
Amer SuretySped & M G.
Oity Investing,
Preferred . I
•
Bid
97
95
270
65
92
Ask
102 Lawyers Mtg
97 Mtge Bond__
286 Nat Surety._
88 N Y Title &
158
Mortgage._
Bid
162
110
161
190
Ask Realty REISOO
166
(Brooklyn)..
115
S Casualty..
165 US Title Guar
Westchester
200
Title & Tr.
Bid
160
110
133
Ask
176
iio
210
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Int.
Rats.
Maturity.
June 15,1924.- 534%
Inst. 15 1924-- 534%
dlar.15 1926.. 434%
Mar. 15 19211- 434%
lane 15 1923... 334%
Dec. 151926... 434%
Rant. 15 1923
334%
Bid.
101
loosi
100
100
991,
11
9934
9iPits
Asked
Riallnitp.
Sept.16 1926..._
ung June 15 1925_
1004 Dec. 15 1927.-1004 Dec. 151923...
100
Sept. 15 1"23-__
9934 Mar. 15 1924-__
99"ti
10134
Ins.
Rats.
Bid.
Asked.
434% 989i.
98isor
434% Ohs
994
04% 99
994
MPhil 100
4%
1001o,
434% 100
434% 100
10034
THE CHRONICLE
MAY 12 1923.]
-CHANGES IN TOTALS OF, AND IN
BANK NOTES
-We give below tables which
DEPOSITED BONDS, &C.
show all the monthly changes in national bank notes and in
bonds and legal tendersron deposit therefor.
Amt. Bds. on DeposU to
Secure Circulation for
Fed. Res.
National
Bank Notes. Bank Notes.
National Bank Circulation
Afloat on
Bonds.
$
740,099,541
739,984,523
738,423,517
734.541,173
735,281,275
736.065,365
734,520.475
734,465,283
733.623.525
732.585.640
730,203.870
729,526,13
727.838,90(1
727.465,52
724,480,758
724,235.81
723,023,96
716.304.820
Legal
Tenders.
Total.
27,8)8,731 707,968,272
April 30 1923.. 742,823,590 6,118,700
27,197,981 767,182,504
Mar. 31 1923_ 742,879,540 6,318,700
28.620,187 717,043,704
Feb. 28 1923._ 741,077.590 6,878.700
29.209.789 763,750,982
Jan. 31 1923__ 739,329.840 7,868,700
26,846,812 762,128,087
Dec. 30 1922_ 738,257,440 7,968,700
25.433,762 761,499,127
Nov.30 1922_ 739,018.690 31,468.700
26.158.712 760.679,187
Oct. 31 1922.. 737,660.690 46,488.700
26.285,914 780.751,197
Beet.30 1922._ 737,501.940 56.768.700
26,082.024 759.705,549
Aug. 31 1922._ 735,460.690 67.518.700
25,616,387 758,202.027
June 30 1922._ 734,546,300 84.218,700
25,696.832 755,900,702
May 31 1922.. 733,876.590 87.218.700
25,006.414 754.622.549
AprI130 1922._ 731.693,690 95.568.700
24.840.522 752,679.422
Mar.31 1922.. 730,016.940 102.393.700
24.569,959 752.035,482
Feb. 28 1922_ 729.702.240 110.359,700
25.130.61)9 749,611.367
Jan. 31 1922._ 729,425,740 126.393.700
25,932,109 750,167,924
Dec. 31 1921__ 728.523.240 126,303.700
26.283,132 749.307.097
Nov.30 1921_ 728.351,24 139,393.700
26.984,017 743.288.847
Oct. 31 1921.. 727.512.490 149.768.600
326,620,000 Federal Reserve bank notes outstanding April 30 (of which 53,194,300 secured by United States bonds and 323,421,700 by lawful money), against
$91,363,400 April 30 1922.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve Bank notes and national bank notes on Apri130:
2097
By Messrs. R. L. Day & Co., Boston:
Price.
Price. Shares. Stocks.
Shares. Stocks.
2 Merchants Nat. Bank, Boston_ _30034 2 New Bedford Gas&EdLson Lt. Co.188
United Lt.(4 Rys. Co., 1st prig_ 89
2
254
8 Bates Manufacturing
10234
105-106 5 Hood Rubber Co., pref
30 Lancaster Mills, pref
57
16 Emerson Shoe Co., 3d pref
51
1,873 Earnshaw Knitting Co
45c.
55% 76 New England Oil, corn
15 American Glue Co., corn
208 6 H. H. Franklin Mfg. Co., corn.. 3334
1 Cambridge Gas Light Co
120% 50 Manchester Tr., Lt.& Pow. Co-108A
5 Lawrence Gas Co
$10 lot
50 James Bros. Lumber Co
By Messrs. Wise, Hobbs & Arnold, Boston:
Price.
Price. Shares. Stocks.
Shares. Stocks.
3/.53i
200 Pollock Pen Co
144
5 Ludlow Mfg., ex-div
Southern California Edison Co., •••••
5 Wm.Whitman Co., Inc., pref.__ 95% 10
10134
common, ex-dividend
159 East. Mass. St. By.. corn, scrip 3()
Price.
Bonds.
55%
5 Amerlean Glue Co., corn
$60
10214 $25,000 City of Berlin 48
5 Hood Rubber Co., pref
5As. 1920..J lot
1 Columbian Nat. Life Insurance_1253I 50,000 Russian Govt.
-The following information regarding
National Banks.
the
national banks is from the office of the Comptroller of
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
325.000
-The Peoples National Bank of Linesville. Pa
April 30
1129 N. Highland Ave.,
Correspondent: A. NV. Hecker,
East Liberty, Pittsburgh, Pa.
100,000
May 1-The City National Bank of Piehor. Okla
Correspondent: E. E. Haney, Girard. Kan.
ORGANIZE APPROVED.
APPLICATION TO
_ 50,000
-The Maple Shade National Bank, Maple Shade. N. J J.
May 5
Correspondent: Howard H. Walker, Maple Shade, N.
CONVERT APPROVED.
APPLICATIONS TO
300,000
-The National Bank of Commerce of Greenville, S. C_ _
May 5
Conversion of the Bank of Commerce, Greenville, S. C. 25.000
-The First National Bank of Nordheim, Texas
May 5
Conversion of the Nordhehn State Bank,Nordheim,Tex.
CHARTERS ISSUED.
U. S. Bonds Held April 30 to Secure
50,000
April 30-12365 The Magruder National Bank of Port Clinton,0_
Conversion of the Magruder Commercial & Savings
Deposit to
On Deposit to On
Bonds on Deposit
Ohio.
Bank, Port Clinton,
Total
Secure
Secure Federal
.4 pelt 30 1923.
President. S. A. Magruder; cashier S. A. Magruder.
Held.
Reserve Bank National Bank
50,000
'
May 1-12366 The First National Bank of Lebanon. Ill
Notes.
Notes.
Conversion of the State Bank of Lebanon, Ill.
Preeident, J. F. Reid; Cashier, 0. S. ileineake.
$
J_ - 200,000
4,013,400 584,815,950 588,829,350 May 3-12367 The Bayonne National Bank, Bayonne, N.Reed.
2s, U. S. Consols of 1930
Pratident, Eugene Newkirk;Cashier, Kenneth M.
85,960,300
1.768,000
84,192.300
4s, U.S. Loan of 1925
48,578.600
237.000
48,341,600
CHANGE OF TITLE.
as. Ti. S. Panama of 1936
25,604.040 May 5-56 The First. National Bank of Hamilton, Ohio, to "The First
130,300
25,473.740
2s, U. S. Panama of 1938
National Bank & Trust Co. of Hamilton.'
6,148,700 742,823,690 748.972,290
Totals
VOLUNTARY LIQUIDATIONS.
April 30-9953 The First-Second National Bank of Akron, 0_ _ 31,500,000
The following shows the amount of national bank notes
•
Effective close of business April 30 1923. Liquidating
,
agent: Charles S. Marv l, Akron, Ohio.
afloat and the amount of legal tender deposits April 1 and
Absorbed by the Peoples Savings & Trust Co. of
month
May 1, and their increase or decrease during the
•
Akron. Ohio.
25.000
May 1-6271 Tile First Nations, Bank of Ethoe, Texas
of April:
Effeativc April 25 1923. Liquidating agent: C. E.
National Bank Notes-Total Afloat
3767,182,504
Cregg, Enloe, Texas.
Amount afloat April 1 1923
785,768
Absorbed by the Guaranty State Bank of Enloe, Texas.
Net increase during April
25,0n0
May 5-9469 The White Hall National Bank, White Hall. Md
Liquidating committee:
3767,918,272
Effective May 4 1923.
Amount of bank notes afloat May I 1923
Samuel W. Black and C. Evans Wiley of Towson.
Legal-Tender Notes
327,197.981
Md., and New Freedom. Pa.. respeetivoly.
Amount on deposit to redeem national bank notes April 1 1923
670.750
Absorbed by the White Hall Bank. White Hall, Md.
Net amount of bank notes issued in April
CERTIFICATES ISSUED AUTHORIZING ESTABLISHMENT OF
827,868,731
Amount on deposit to redeem national bank notes May I 1923
AD DIT IONAL OFFICES.
April 28-1499 The Chemical National Bank of New York, N. Y. Permit No.67. At the following places:
-Among other securities, the following,
Auction Sales.
120 Broadway, 1.1111CM Square. 2341 St. & Fifth Ave., 30th St. &
Fourth Ave., 42d St. & Fifth Ave. 57th St. & Fifth Ave..
not usually dealt in at the Stock Exchange, were recently sold
Peonsylvania Station. Times Square, Columbus Circle.
at auction in New York, Boston and Philadelphia:
72d St. & Broadway, 125th St. & Broadway, Brooklyn.
April 28-12213 The Capitol National Bank of New York, N. Y. Permit
By Messrs. Adrian H. Muller & Sons, New York:
No. 68.
Pries.
Price. Shares. Stocks.
Shares. Stocks.
At 0000 Eastern Parkway. 'Borough of Brooldyn, New York.
$125,000 lot
500 Rockland 011 Co
1,200 Wichita Falls Ranger & Fort
N. Y.; Southeast corner Prospect Ave. and Longwood Ave..
Hotel Corp.,
55,000 lot 2,586 Chatham
Worth RR. Co
Borough of Bronx, New York. N. Y.
$190,000
preferred
$2,100 lot
100 Visayan Refining Co_
April 30-539 The Philadelphia National Bank, Philadelphia, Pa. Permit
lot
2,586 Chatham Hotel Corp..
Midwest & Gulf Oil Co., pref.,
800
No.69.
common
420. per sh.
$10 each
In the vicinity of Broad & Chestnut Ste.. and in Kensington.
800 do common,$10 each..400. per sh. 370 Bell Term. Realty Co_ _ _$250 per sh.
City of Philadelphia, Pa.
10c. per ali.
Co
35 Collins Lumber
100 U. S. Metal Cap & Seal Co., com31c. per sh. 190 2-3 Locomotive Pulverized Fuel
mon, $10 each
Sc. per eh.
Co., common
40 Whitney Yeast Corp., "A" pref.,
DIVIDENDS.
no par
$5 lot 47 2-3 Locomotive Pulperized Fuel
$25 per sh.
Co., preferred
1,220 Marine & M111 Supply Corp.
Dividends are grouped in two separate tables. In the
cum. pref
$5 per sh. 385 By Brook Corp., no par_ __SI per sh.
8%
$50 per sh. first we bring together all the dividends announced the cur1,378 Marine & Mill Supply Corp.. 62 Imperial Trust Co
100. per oh. 3,976 El Salvidor Silver Mines Co.,
common, no par
in which
2c. per sh. rent week. Then we follow with a second table,
$1 each
393 Van Blerck Motor Co., $10 each,
$10 per sh 183 Gray Tractor Co., no par_SIO per sh. we show the dividends previously announced, but which
150 International Fur Exchange, Inc..
West India Sugar Finance Corp.,
1,345
Sc. per sh. have not yet been paid.
$30 per sh.
common, no par
.common
The dividends announced this week are:
2,000 Atlas Copper,$1 each_...9c. per sh.
4,287 Woodburn 011 Corp., no par,
50c. per sh. 11 Poors Pub. Co., 1st pref 150 Per eh.
322 West India Sugar Finance Corp., 48 Imperial Tobacco Co., ordinary
Books Closed.
When
Per
$55 per sh.
share, El each
321 per sh.
8% cum. prof
Days Incluelee.
Name of Company.
Cent. Payable.
100 Springfield Body Corp. of N. Y.,
1,190 Manhattan Oil Products, no
10c. per sh.
15c. per sh.
preferred
par
Railroads (Steam).
Bonds.
Price.
4,000 C. D. Durkee & Co., common
Alabama Great Southern, ordinary
June 28 Holders of rec. May 25
trust certificates, $10 each.113 per sh. $55,000 Jackson Motors Corp. reAug. 16 Holders of rec. July 13
Preferred
ceipta
$35 lot
49 C. D. Durkee & Co., common,
aa
CM. N.0.& Texas Pacific, coin
June 26 *Holders of rec. June 8
sh. $5,000 Cleveland Elyria & Western
$3 per
$10 each
Common
*334 June 26 *Holders of rec. June 8
RY. extd. 7% ctfs
6434% Delaware &(extra)
24,614% Cuban Dominican Sugar,
May 21 *Holders of rec. May 11
*2
Bound Brook (guar.)
$9 per sh. $11,500 Habirshaw Elec. Cable, 1935,
common, no par
May 25 May I() to May 20
Si
ctfs. of deposit
40% North Pennsylvania (guar.)
1,9493'l Cuban Dominican Sugar. 8%
Pittsb. Bessemer & Lake Erie. prof
51.50 June 1 Holders of rec. May 15
$50 per sh. $500,000 West India Sugar Finance
non-cum. pref
Pittab. Youngs. & Aslitab.. pref.(guar.) •15a June I *Holders of rec. May 21
Corp. eds. of dep., 1926
100%
700 Atlantic Lobos Oil Co., common.
•1
July 1 *Holders of rec. June 25
Reading Company, 2d Pref.(q
01ar. - )
$5 per sh $20,000 Atlantic Fruit Co.ads., Feb. 1
no par
Holders of rec. May 31
July
50% Southern Pacific (quara
1922
120 Atlantic Lobos 011 Co., preferred.
*6
Toronto Hamilton & Buffalo
June I *Holders of rec. May 286
$18 per sh. $230,000 Durkee & Co. 85, 1931 (cer$50 each
JUly 2 Holders of rec. June la
90% Union Pacific, COM.(quara
tificates)
Scotia Tram. & Power Co.,
202 Nova
10%
$15 per sh. $4,000 Colima Lumber Co. 65
Ltd ordinary shares
Public Utilities.
June I Holders of rec. May 19
American Power & Light, corn.((Mar.)- By Messrs. Barnes & Lofland, Philadelphia:
June 1 Holders of rec. May 19
Common (Payable in common stock)_ Price.
Price. Shares. Stocks.
Shares. Stocks.
June 1 Holders of rec. May 190
Brooklyn City RR.(quar.)
10
15 Phila. Life Ins., par 310
Railway Publi51 75-100 National
Cant. Arkansas Ry.& Lt., pref.(guar.).
June 1 Holders of rec. May 15a
180
Food Co
25 Pratt
50
cation Co
Central Indiana Power. Prof. (guar.)
June I *Holders of rec. May 20
400
25 Philadelphia Nat. Bank
5 Commonwealth Title Ins.& Trust 400
June 1 *Holders of rec. May 15
Cleveland Elec. Blum.,8% prof. (guar.)
273
First Nat. Bank of Phila.
5
99 (rights) Kensington Tr, Co.... 42
May 21 Holders of rec. May 10
Electric Investment Corp., pref. (guar.)
414
15 Penn National Bank
6 United Secur. Life Ins. & Tr. Co-153
Los Angeles Gas dr Elec. Corp.. pf.(MO
May 15 Holders of rec. Apr. 30
340
Trust, par $50
62% 5 Fourth Street Nat. Bank
2 Metropolitan
June 1 Holders of rec. May 18
Mascoma Lt.& Pow.,corn. a: pt.(guar.)
Bank of Camden_233
5 First Nat.State
3 Penna. Co. for Ins. on Lives and
Nebraska Power, Pref.(guar.)
June 1 Holders of rec. May 16
5 First Nat.State Bank of Camden.232A Philadelphia
581
Granting Annuities
June 15 Holders of rec. May 15
Electric, common (guar.)
10 Logan Bank & Trust Co. par $50 60
655
13 Philadelphia Trust Co
June 15 Holders of rec. May IS
Preferred (guar.)
II%
10 Land Title & Trust Co_653-653% 30 Camden Fire Ins., par $5
June 1 Holders of rec. May 16
Rochester Gas & Elec..5% Mid. 9
:9390
70 Penn Traffic
Co, par $50_222
11 North Phila. Trust
Seven per cent preferred (guar.)
June 1 Holders of roe. May 16
65
25 Lumbermen's Insurance
140
5 Colonial Trust Co., par $50
San Joaquin L.& P. Corp.. pref.(guar.)
June 1 Holders of rec. May 31
19834
10 United N.J. RR.dr Canal
284
8 Bank of No. Am. & Tr. Co
1
Prior preferred (guar.)
June 1 Holders of rec. May 3
8
Gilmer Co., pref
20 L. H.
10 Penna. Acad, of the Fine Arts- 26
Holders of rec. May 16
Southwestern Power & Light. PE (2
June
(1.)
$50 lot 40 Bergner & Engel Brew.. corn._322 lot
100 Centerfreze Realty Co
5
1 Library Co. of Philadelphia
Gas,El. Lt.& Pr., pref. 25
16 National
Miscellaneous.
25 John li. Stetson, corn., no par.-100A
May 10 Holders of rec. Apr. 30
2
Price. Alaska Packers Association (guar.)
Bonds.
12 Phila. Bourse, coin., par 350- 12%
Amer. Beet Sugar. Pref, (quar.)
1% July 2 Holders of roe. June 9
92% $2,000 Tri City Ky.& Lt. 58, 1930- 90
35 Abbotts Alderney Dairies, 1st pf.
*114 June 1 *Holders of rect. May 16
American Felt. pref.(guar.)
27 Whitehall Cement Mfg., corn_ 6534 $1,000 Altoona Logan Valley Elec.
*2% June 30 *Holders of rec. June 8
American Locomotive,corn.(guarJ-69
Ry. 4348, 1933
10 Whitehall Cement Mfg., pref._ 50
•Iaa June 30 *Holders of rec. June 8
Preferred (quar.)
$2,000 United Lt.& Ky.6s, 1926 9734 Amer.
50 Superior California Farm Land
•1yj July 2 *Holders of rec. June 1
Sugar Refining, pref.
$1 lot $1,000 Sandusky Fremont & Sou.
(trust certificate)
June 15 Hoiden, of roe. May 21
1
Atlantic Refining, corn.(guar.)
46
5s. 1938
163 Camden Fire Ins., par 150
II%
•
2098
THE CHRONICLE
Per
When
Cent. Payable.
Boots Closed.
Days Inclusive.
[VOL. 116.
Per
When
Books Closed.
Name of Company.
Cent, Payable.
Days Inclusive.
Miscellaneous (Concluded).
Public Utilities (Concluded).
Atlas Powder, corn.(guar.)
June 11 Holders of rec. May 31a North Shore Gas, preferred (guar.)._
3
154 July 1 Holders of rec. June 20
Border City Mfg.(guar.)
13. May 15 Holders of rec. May 2a
Preferred (guar.)
154 Oct. 1 Holders of rec. Sept.20
Brill (J. G.) Co.. common (guar.)
1 May 25 to May 31
13. June
Pacific G.& El., 1st pt. dr orig. pf.(qu.). 134 May 15 Holders of rec. Apr. 30
Brookside Mills
4
May 15 Holders of rec. May 10a Southern California Edison,corn.(guar.) 2
May 15 Holders of
Cabot Manufacturing (guar.)
13 May 15 Holders of rec. May 3a Standard Gas & Electric, corn.(No. 1).. 62c July 25 Holders of rec. Apr. 30
y 15
rec. June 30a
Calif. Petroleum, corn.($100 par)(qu.). •11‘ June 1 *Holders of rec. May 21
TampaElectric Co. (guar.)
May
July 2
of rec. May 3
New stock ($25 par) (guar.)
*43M c June 1 Holders of rec. May 21
Tennessee Electric Power,6% pref.(10.) 134 July 2 Holders of rec. June 9
Preferred (guar.)
*1 m July 2 *Holders of rec. June 20
Seven per cent preferred
234151
Holders of rec. June 9
Century Ribbon Mills, pref.(quar.) -- 1% June 1 Holders of roe. may 15a United Gas Improvement, (quar.)
pro!. (guar.) 8734c. June 15 Holders of rec. May 31a
Chicago Flexible Shalt, pref.(guar.).--- •1% June 1 *Holders of rec. May 21
United Light dr Railwa3sCole Motor Car
May 15 *Holders of rec. May 1
*$5
Participating preferred (extra)
li July 2 Holders of rec. June 15a
Continental Oil (guar.)
*50c. June 15 *Holders et rec. May 25
Participating preferred (extra)
14 Oct. 2 Holders of rec. Sept.15a
Crane Co., corn. (guar.)
1
June 15 Holders of rec. June 1
Participating preferred (extra)
M Jan2'24 Holders of ree. Dm. 15a
Preferred (guar.)
151 June 15 Holders of rec. June 1
United Rys. dr Elm. of Bait., corn.(qu.) 50c. May 15 Holders of rec. Apr. 200
Crescent Pipe Line (guar.)
3734c. June 15 May 26 to June 16
Virginia Ry.& Power, preferred
3
July 20 Holders of rec. Doe. 31
Douglas-Pectin Corp.(guar.)(No.1).-- *25c. July 1 *Holders of rec. June 15
Washington (I). C.) Ry. dr Elec.. corn.. 154 June 1 Holders of rec. May 190
Eastman Kodak, corn. (guar.)
$1.25 July 2 Holders of rec. May 31
Preferred (guar.)
dIM June 1 Holders of zee. May 190
Common (extra)
75o. July 2 Holders of rm. May 31
West,Penn Company, pref.(guar.)
134 May 15 Holders of rm. May la
134 July 2 Holders of rec. May 31
Preferred (guar.)
Wisconsin River Power. pref.(guar.)... IM May 19 Holders of rec. Apr. 30a
Eisenlohr (Otto) dr Bros., pref.(quar.)-- 151 June 30 Holders of rec. June 20
Elk Horn Coal Corp., preferred
75c. June 11 Holders of rec. June 1
Miscellaneous.
25c, May 21 Holders of rec. May 10a Acme Coal Mining (new $10 pat
General Development(guar.)
stock). 20e. June
Holders of rec. May 28
Gen.Fuel Corp.,8% cum.cony.PI.
June 1
((la.) 2
Ahmeek Mining
81.50 June15 Holders of rec. May 2
General Motors Corp.. corn. (guar.).--- 30c. June 12 Holders of rec. May 21
Allis-Chalmers Mfg., corn, (guar.)
81
May 15 Holders of rec. Apr. 240
Six per cent preferred (guar.)
134 Aug 1 Holders of rec. July 9
American Bank Note,corn. (queer.)
$1.25 May 15 Holders of rec. May la
Six per cent debenture stock (guar.)
134 Aug. I Holders of rec. July 9
American Can, corn.(guar.)
154 May 15 Holders of rec.
Seven per cent debenture stock (guar.) 151 Aug. 1 Holders of rec. July 9
Amer.La France Fire Eng.,coin.(guar.) 250. May 15 Holders of rm. Apr. no
May 10
Greenfield Tap & Die. pref. (quar.)- - *2
July 2 *Holders of rec. June 15
American Machine & Foundry (quar.)
1% July 1 Holders of rec. June la
2
July 2 Holders of rec. June Ida
Guantanamo Sugar, pref. (guar.)
Quarterly
1% Oct. 1 Holders of rec. Sept. la
*75c. June 15
Humphreys Oil (quar.)
Quarterly
Jan 1'24 Holders of ree. Deo. la
134
525e. June 15
Extra
American Metal, common (guar.)
750. June 1 Holders of roe. May 180
Heela Mining (guar.)
50c. June 15 Holders of rec. May 15a
Preferred (guar.)
151 June 1 Holders of rec. May
*750. June I May 16 to June 1
Imperial Oil Co., Ltd.(guar.)
American Pneumatic Service, aa pref.-- 50e. June 30 Holders of rec. June 19a
9
_
Internat. Cotton Mills, pref.(quar.)
151 June 1 Holders of rec. May 19
American Radiator, common (guar.).
June 30 Holders of roe. June 15a
- $1
*50c. June 1 *Holders of roe. May 15
International Shoe, pref
Preferred (guar.)
lat May 15 Holders of rec. May la
International Lamp Corp (monthly)-- - _ 525e. Juno 1 •Holders of rec. May 20
Amer. Smelting & Refining, Pref.(guar.) 1% June 1 Holders of rec. May ha
Isle Royale Copper
50c. June 15 Holders of rec. May 9
American Soda Fountain (Qua?.)
114 May 15 Holders of rec. Apr. 300
1
Kuppenhelmer (B.) dr Co., pref.(guar.). • pi une 1 Holders of rec. May 23
American Stores (payable In stock)
e700 June 15 May 29 to June 15
Lancaster Mills, corn.(guar.)
*21.6 June 1 Holders of rec. May 25
American Tobacco,coin. & corn. B (qu) 3
June 1 Holders of roe. May 100
Sheet Glass, corn.(quar.) *500. June 1 Holders of rec. May 22
Libby-Owens
American Woolen,corn, and pref.(guar.) 111 July 16 May 15 to May 18
Preferred (guar.)
*131 June 1 5Holders of rec. May 22
Anglo-American Oil Ltd
4634e. May 15 Holders of coup.No.25
Ludlow Mfg. Associates (guar.)
$2
June 1 Holders of rec. May 2
Associated Dry Goods
Malioning Investment (guar.)
$1.50 June 1 Holders of rec. May 23
First preferred (guar.)
1% June I Holders of rec. May 5
Extra
50c. June 1 Holders of rec. May 23
Second preferred (guar.)
IM June 1 Holders of rec. May 5
Mexican Seaboard 011(guar.)
50e. June 1 Holders of rec. May 22
Auto-Knitter Hosiery (guar.)
75e June 15 June 1 to June 10
Mohawk Mining
$1
June 14 Holders of rec. May 19
Beacon Oil, prof. (guar.)
1.8734 May 15 Holders of rm. May la
National Sugar Refining (guar.)
131 July 2 Holders of rec. June 11
Bethlehem Steel, common (guar.)
134 July 2 Holders of rec. June la
Newmarket Manufacturing (guar.)
2
May 15 Holders of rec. May 9
Seven per cent cum. pref. (guar.).
134 July 2 Holders of roe. June 15a
Niles-Bement-Pond Co., pref. (guar.) _
134 May 21 Holders of rec. May 10a
Seven per cent cum. pref. (quar.)
1% Oct. 1 Holders of rec. Sept. 150
Northern Pipe Line
5
July 1 Holders of rec. June 8
Seven per cent cum. pref. (quar.)
Nyanza Mills (guar.)
154 Jan2'24 Holders of MO. Doe. 15a
1
May 15 Holders of rec. May 3a
Seven per cent non-cum. pref. (guar.) 1% July 2 Holders of rec. June 150
*1'1 June 1
Onyx Hosiery, preferred (Auer.)
*Holders of rec. May 20
Seven per cent non-cum. pref. (guar.) 131 Oct. 1 Holders of rec. Sept. 15a
Osceola Consolidated Mining
$1
June 15 Holders of rec. May 9
Seven per cent non-cum. pref. (guar.) 131 Jan2'24 Holders of rem Dee. 154
Pratt ec Whitney Co., pref. (guar.)._
134 May 21 Holders of rec. May 10a
Eight per cent preferred (guar.)
2
July 2 Holders of rec. June 15a
Producers & Refiners Corp.,corn.(guar.) *al
June 15 *Holders of rec. June 1
Eight per cent preferred (guar.)
2
Oct. I Holders of roe. Sept. 150
Standard Oil (Indiana)(guar.)
.6234e June 15 *Holders of rec. May 16
Eight per cent
2
Jan2'24 Holders of roe. Doe. 15a
Standard Qil (Kansas) (guar.)
500. June 16 Holders of rec. May 31a Bond & Mortgagepreferred (guar.)
Guarantee (qua?.)... 4
Standard Oil (Nebraska)
May 15 Holders of rec. May 8
5
June 20 May 20 to June 20
Borden Co., preferred (guar.)
1% June 15 Holders of rec. June la
Standard 011 of New York (quar.)
350 June 15 Holders of rec. May 21
Bridgeport Machine Co. (guar.)
250. July 1
Standard 011 (Ohio), common (guar.).
234 July 2 Holders of rec. May 25
Quarterly
25e. Oct. 1
Standard Textile Prod., pf. A & B (au). •
.
uly 1 tHolders of rec. June 15
1%
Quarterly
25e. Jan1'24
Todd Shipyards Corporation (guar.) _
June 20 *Holders of
Quarterly
250. Aprl'24
Underwood Typewriter, corn.(quar.)... 234 July 1 Holders of rec. June 1
Brw)swick-Balke-Collender, corn.(au). 1% May 15 May 5 to
rec. June 2
Preferred (guar.)
May 15
151 July 1 Holders of rec. June 2
BuckeyePine Line(
$1.75 June 15 Holders of rec. Apr. 21
U.S. Gypsum, com, and pref. (guar.)._
June 30 5Holders of rec. June
BUDS Bros., COM., 5n,m )
%guar.,
$2.50 May 15 Holders of rec. May is
Valvoline Oil, common (guar.)
*234 June 15 5Holders of rec. June 15
Common B (guar.)
12
50o. May 15 Holders of rec. May la
Wamsutta Mills (guar.)
134 June 15 Holders of rec. May 8
Burroughs Adding Machine (guar.)_ _ _ _ 2
June 30 Holders et rec. June 20
Welch Grape Juice, pref. (guar.)
151 May 31 May 22 to May 31
Butler Brothers (guar.)
*3% May 15 Holders of rec. Apr. 28
White Motor Co. (guar.)
June 30 Holders of rec. June 20
*al
Butler Mill (guar.)
$2
May 15 Holders of rec. May 5a
Whitman Mills (guar.)
*3
May 15 *Holders of rec. May 1
California Packing Corp.(guar.)
81.50 June 15 Holders of rec. May 310
Calumet
$10 June 15 Holders of rm. Apr. 14a
Below we give the dividends announced in previous weeks Campbell& Hecla Mining (guar.)
Soup, preferred
134 June 1 Holders of rec. May 15
1,1 May 16 Holders of roe. Apr. 30a
and not yet paid. This list dour not include dividends Canada Cement, preferred (guar.)
Canadian Converters (guar.)
1,4 May 15 Holders of rec. Apr. 30
announced this week, these being given in the preceding table. Canadian Oil, preferred (guar.)
2
July 1 Holders of rm. June 22
Casein Co. of Alnerica (of Del.)(guar.). 1
May 15 Holders of rec. May 7a
Casey-Hedges Co., corn. (guar.)
214 May 15 Holders of rec. May 1
Per
When
Books Closed.
Checker Cab Mfg.. Clam A (guar.)
$1.25 Aug. 1 Holders of roe. July 16a
Name of Company,
Cent. Payable.
Days Inclusive.
Class A (guar.)
$1.25 Nov. 1 Holders of rm. Oct. Ida
Class A (guar.)
$1.25 ebl'24 Holders of roe. Jan15'24a
Railroads (Steam).
Chicago Yellow Cab (monthly)
33 1-3o June I Holders of roe. May 19
Topeka & Santa Fe (guar.)
Atch.
134 June 1 Holders of roe. May 40
Chill Copper (guar.)
82340 June 30 Holders et rec. JUDO 2
Canadian Pacific, common (guar.)
2% June 30 Holders of rec. June
la
Catawissa, preferred stocks
2% May 22 Holders of rec. May 12a Cities Service
Common(monthly, pay.In cash scrip)
June 1 Holders of rec. May 154
Central RR.of New Jersey (guar.)
2
May 15 Holders of rec. May 9a
Common (payable in corn. stock map) 134 June 1 Holders of rem May 15a
Cleveland & Pittsburgh. guar. (guar.)._ IM June 1 Holders of
rec. May 10a
Prof. and pref.
% June 1 Holders of rem May lfee
Special guaranteed (guar.)
1
June 1 Holders of rec. May 100 Clinclifield Coal, B (Payable in casb)
common (qua?.)
M May 15 Holders of rec. May 10a
Cripple Creek Central. pref. (quar.)
1
June 1 May 16 to May 31
Colorado Fuel
2
May 25 Holders of rec. May 10a
Delaware & Hudson Co.(guar.)
2June 20 Holders of rec. May 28a Consolidated & Iron. pref. (guar.).
Clear Corp.. pref.(guar.). 11( June 1 Holders of rec. May 15a
Illinois Central, Corn. (guar.)
1% June 1 Holders of rec. May 40
75e. May 15 Holders of rm. May 4
Louisville & Nashville
234 Aug. 10 Holders ol roe. July 17a Continental Can, common (guar.)
Norfolk & Western, corn. (guar.)
154 June 19 Holders of rec. May 316 Contina Paper dr Bag Mills,corn.(guar) 134 May 15 Holders of rce. May 80
Preferred (guar.)
Adjustment pref. (guar.)
134 May 15 Holders of rem May 80
1
May 19 Holders of rec. Apr. 301
Coeden & Co., pref. (guar.)
1% June 1 Holders of rec. May 15a
Pennsylvania (guar-)
750. May 31 Holders of
Pittsburgh & West Virginia, pref. (qu.). 1% May 31 Holders of rec. May la Cosgrave Export Brew. (Canada) (Its.) 11.5 May 15 Holders of rec. Apr. 80a
roe. May 9a Davis Mills (guar.)
1% June 28 Holders of rec. June 9a
Reading Company, let pref.(guar.)._
50e. June 14 Holders of reo. May 250
Davel Mills (guar.)
1% July 2 Holders of rec. June 25a
Sharon Railway (send-annual)
$ 1.3734 Sept. 1 Aug. 22 to Aug. 31
Deere & Co., preferred (quar.)
750. June 1 Holders of rec. May 15a
Dominion Bridge (guar.)
Public Utilities.
1
May 15 Holders of roe. Apr. 30a
Dominion Stores, Ltd., common
500. Oct. 1 Holders of rec. Sept. 1
Amer.Elec. Power, pref. (In pref. stock) mlai May 15 May 6 to
May
Dow Chemical, corn. (guar.)
$1
May 15 Holders of rec. May da
Amer. Telephone & Telegraph (guar.)
231 July 16 Holders of rem June 11
20
Preferred (guar.)
1% May 15 Holders of res. May 5a
Am.Wat Wks.dr El.,6%partic pf.(No.1) 1
May 15 Holders of
Blackstone Valley GasekElec., com.(qu.) $1.25 June 1 Holders of roe. May la Ekrenlohr (Otto) & Bros.. corn. (guar.). 114 May 15 Holders of roe. May la
rec. May Ida Fifth Avenue Bus Securities Corp
160. May 16 Holders of rm. May la
Preferred
3
June 1 Holders of rm. May 15a
Firestone Tire & Rubber, 7% pref.(qu.) 1% May 15 Holders of too. May 1
Brazilian Tr., Lt. dr Pr.,ordinary (qu.).. 1
June 1 Holders of roe. Apr. 30
Fleishruann Co., corn. (guar.)
50e. July 1 Holders Of roe. June 15a
Brooklyn Edison Co.(guar.)
2
June 1 Holders of rec. May IS
Common (guar.)
50o. Oct. 1 Holders of roe. Sept. 15a
Cedar Rapids Mfg.& Power (quar.)- Si May 15 Holders of roe.
Apr. 30
Common (guar.)
50o. Jan 1'24 Holders of reo. Dec. 150
Central Arizona Light & Pow.,com.
(qu.) 2
May 15 Holders of rec. Apr. 300 General Asphalt,
preferred (guar.)
11‘ June 1 Holders of rec. May 15a
Preferred (guar.)
2
May 15 Holders of rec.
1% June 1 Holders of rec. May 240
Central Ill. Pub. Serv., pref. (euar.)--- •I.M July 14 *Holders of rec. Apr. 300 General Cigar, pref. (quar.)
Debenture preferred (guar.)
134 July 2 Holders of loc. June 25a
Central hlk-s. val. Moe. Prop.. Pt.(qu.) 134 June I Holders of rec. June 30
May 155 Gillette Safety Razor (guar.)
$3 June 1 Holders of roe. May I
Colorado Power. prof. (guar.).
*2
May 25 *Holders of rec. May 10
Stock dividend
e5
June 1 Holders of rm. May 1
Columbia Gas & Electric (guar.)
$1.95 May 15 Holders
1% July 2 Holders of rm. June 21a
Connecticut Ry.& Ltg., corn.& pf.(qu.) 11.6 May 15 May 1 of rec. Apr. 300 Goodrich (B.F.) Co., Prof.(guar.)
Gamard (H. W.) Co.. coin.(monthly)„
250. June 1 Holders of rec. May 20
Consolidated Gas of N. Y., corn.(guar.) $1.25 June 15 Holders of to May 15
rec. May 10a
Common (monthly)
25c. July 1 Holders of roe. June 20
Preferred (guar.)
87340. May 15 Holders of
Common (monthly)
25c. Aug. 1 Holders of rec. July 20
ConsumersPower(Mich.),7% pref.(qu.) 151 July 2 Holders of rec. Mar.15a
rm. June Ida
Common
no.Sept. 1 Holders of rm. Aug. 20
Six per cent preferred (guar.)
134 July 2 Holders of rec. June 15a Great Lakes(monthly)Dock
Dredge &
2
May 15 May 9 to May
(war.).Detroit United Ry.(quar.)
134 June 1 Holders of roe. May }a
Gulf States Steel, bat & 2d Prof. (guar.) 1% July 2 Holders of rec. June 16
Eastern Mass. St. Ay.,adj. stock
$2.50 May 16 Holders of roe.
15a
First and second preferred (quar.).. 154 Oct. I Holders of rec. Sept. 140
Eastern Shore Gas & Elec., pref. (guar.) 50c. June 1 Holders of rm. May la
First and second preferred (quar.)
131 Jan2'24 Holders of rec. Dec. 144
Eastern Wisconsin Elec. Co., Prof. (qu.) ejai June 1 *Holders of rec. May 15a
May 20 • Hall(C.M.)Lamp Co
5
May 22 Holders of rm. May 154
Federal Light & Traction. pref. (guar.). 111 June 1 Holders of rec.
May 15
Hamilton Manufacturing (guar.)
81
May 15 Holders of rec. May 2
Georgia Railway dr Power,common__ _ $1
June 1 May 21 to June 1
Harbison-Walker Retrace., awn.(gu.)__
114 June I Holders of rec. May 210
Second preferred
June 1 May 21 to June 1
51
g July 20 Holders of rec. July 10a
Preferred (quar-)
Hackensack Water, sommon
750 June 1 Holders of rec. Mayala
Corporation (guar.)
114 June I Holders of roe. May 18a
,
Preferred
8734c June 1 Holders of rec. May 250 Hartman
Hart,Schaffner & Marx, I nc.,com (qu.) •1yi May 31 Holders of roe. May 18
Havana Elec. Ry., L. OC P.,corn.& pref.
3
May 16 Apr. 18 to May 17
Hayes Wheel (quar.)
76e. June 15 Holders of rec. May 310
Illuminating & Power &ear., common
750. May 15 Holders of rm. Apr. 30
Hollinger Gold Mines, Ltd
May 21 Holders of rec. May 3
Preferred (guar.)
154 May 16 Holders of rec. Apr. 30
Holly OH (No. 1)
$1
Kaminkaiquia Power (quar.)
Junedll Holder e of roe. May 31
2
May 15 Holders of rec. Apr. 30
Homestake Mining (monthly)
50e. May 25 Holders of rec. May 19a
Massachusetts Gas Companies. pref
2
June 1 May 16 to May 31
Mills, preferred (quar.)
$2
May 15 Holders of rm. May 5
Middle West Utilities. prof. (quar.).... 151 May 15 Holders of rm. Apr. 30a HOMMC Cotton
Household Produats, Inc.(Ne. 11)..... 750. May 31 Holders of rec. May 15a
Montreal L., H.dr Pow., Cons.(quar,)_
134 May 15 Holders of rm. Apr. 30
Indiana Pipe line (guar.)
$2
May 15 Holders of rec. Apr. 17
2
May 15 Holders of rec. Apr.
Montreal L., H.& Pow. Co.(quar.)
Ingersoll-Rand Co., common (guar.)._ 2
30
8734e May 15 Holders of rec.
June 1 Holders of rec. May 120
Montreal Water & Power, corn
Apr. 300
154 July 1 Holders of rec. June 15a
334 May 15 Holders of rec. Apr. 300 Inland Steel, prof.(guar.)(No. I)
Preferred
Int. Combas. Engineering Corp. (guar.) 50e. Apr. 30 Holders of rm. Apr. 200
$2
May 15 Holders of rec. Apr. 30 International Harvester,
New England Co
pref. (guar.)... 1% June I Holders of roe. May 10a
Niagara Falls Power,common (guar.).- 114 June 15 Holders of reo. June 8
Corporation, coin.(guar.)... 25e. May lb Holders of roe. May la
354 July 16 Holders of roe. June 30a Intertype (Payable in common
Preferred (guar.)
Common
stook). 110
Nov. 15 Holders of re*. Nov. la
Light
.750 June 1 Holders of reo. May
Norfolk Railway &
Ida Iron Products Corp.,Prof.(guar.)
2
May Id Holders of roe. May la
Name of Company.
THE CHRONICLE
MAY 1.2 1923.]
NSW of Compostu.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
2099
Weekly Return of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending May 5. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
Miscellaneous (Concluded).
May 15 Holders of reo. May la
Kelly-Springfield Tire. pref. (guar.)._ _ 2
June 1 Holders of rec. May 210
Kinney(G. R.) Co., Preferred (guard-- 2
4
/ May 31 Holders of rec. May 21a
Lanston Monotype Machine (quar.)--- 11
of rec. may 15a
1
Lee Rubber it Tire Corporation (guard - 50o. June 31 Holders of rec. Apr. 30a
Holders
May
Si
Lehigh Coal it Navigation (guar.)
June 1 Holders of rec. May 15a
Liggett& MyersTob,co m.& com.B(qua 3
June 1 Holders of rec. May 15a
$1
HOUSE RETURNS.
Lima Locomotive Works, corn.(quar.)
NEW YORK WEEKLY CLEARING
la( June 1 Holders of rec. May 150
Preferred (guar.)
[000] omitted.)
4
/
11 Aug. 10 Holders of rec. Aug. 7a
Lindsay Light, preferred (guar.)
(Staled in thousands of dollars-that is, three ciphers
Nov. 8 Holders of rec. Nov. 50
1
Preferred (guar.)
4
/
11 Feb11'24 Hold'rs of rec. Feb.7'24a
Preferred (guar.)
New
I
May 15 Holders of rec. Apr. 28
Loew's Boston Theatres Co., common
Reserve
CapitaliProfits. Loans,
4
/
11 June 1 Holders of rec. May 190
Time Bank
Lord & Taylor, let pref.(war.)
Net
with
localsill, Cash
Week ending
75c. June 1 Holders of rec. May 15
Manhattan Shirt, common (guar.)
De- CircaLegal Demand
in
May 5 1923. Nat'l, April 3 Invest750. June 1 Holders of rec. May 15a
(guar.)
Martin-Parry Corporation
posits. laof rec. May 150
Mar.27 tnettIS, Vault. Deposi- Deposits.
tate,
Holders
1
/
tfon.
May Department Stores, corn.(quar.)_ _ 24 June 1 Holders of rec. Aug. 150
tories.
.Cos.Mar.27 'Sc.
4
1
/ Sept.41
2
(000 omitted.)
Common (guard
July 2 Holders of rec. June 150
Preferred (guar.)
s
sage Average Average Ammo AVire.
rec. Sept. 15a Members of F •.Res. Bank. Average Aver
Oct. 1 Holders of
$
Preferred (guar.)
$
$
3
Bank of N Y
4
/
11 June 1 Holders of rec. May 1
Merrimac Mfg. Co., common (quar.).__
45.360 7,567 _792 6,170
11,813 63,662
Trust Co...... 4,
50o. May 15 Holders of rec. May la
Miami Copper (guar.)
103,480 18,021 2:
:3
2 25
90 13k of Manharn 10,000 13,288 125,564 40 16,196
4
/
11 June 30 Holders of rec. June
2,1306
Midwest 011, pref. (quar.)
145,46
19,38
July 1 Holders of rec. June 20a Mech & Met Nat 10,000 16,894 157,778
93'2,4
Motor Car Corporation, pref. (quar.)-- 1
70,093
71,095 1,391 9.35
5,5is 4,676
75c. July 14 Holders of rec. June 30a Bank of Americ
National Biscuit. common (guar.)
57,245 *553,51 72,326
50,362 514,086 6,824
May 31 Holders of rec. May 173 Nat City Bank_ 40,0
6,559 342
Preferred (guar.)
549 100,09
77
16.438 120,969 1.057 13,620
Chem Nat Bank 4,5
2 1-3 June 1 Holders of rec. May 20
296
1
Nat. Department Stores, 2d pref.
3,760
5,422
of rec. May lla
500
171
4
/
Nat. Enamel. it Stamp., corn.(guarJ- 11 May 31 Holders of rec. June 90 Nat Butch it D
8
8 :5
243 129 7,76 4,596
67
86
5,000 7.662 99,366 1,06 10,951
Amer'Exch Na
June 30 Holders
14,11 .--Preferred (guar.)
32,794
Holders of rec. Sept. 100 Nat Bk of Com_ 25,00 37,511 337,279
4
/
11 Sept. 29
1,232
6
23,62
Preferred (quar.)
24,547 1,101 3,438
Dec. 31 Holders of rec. Dec. lla Pacific Bank ___ 1,000 1,729
123,64 23,393 6,994
Preferred (quar.)
4
/
11 June 15 Holders of rec. May 250 Chat&Phen Na 10,500 9,092 154,911 5.020 17,445
100
National Lead, preferred (quid.)
108.28
306 15,106
rec. May la Hanover Nat Bk 5,000 21,082 120,91
4
/
11 May 15 Holders of
National Refining (guar.)
8
499
4, 79 22,164 153.030 24,655
of rec. May 5
3
National Supply Co. of Del., corn. (qu.) 750. May 15 Holders of rec. May 4a Corn Exchange- 9,075 12,006 174,440
26.473
35,39
21 Holders
1,500 8,511
25c. May
Imp it Trad Na
7.740
New Cornelia Copper Co.(quer)
9
8
3 9 6; 04
831 1334 8 123,153 6,90
May 15 Holders of rec. Mar.310 National Park_ 10,000 23,291 165,59
2
50
New Fiction Pub. Corp., pref. (quar.)
11,725 2,713
1,651
14,66
May 15 Holders of rec. Apr. 30a East River Nat_ 1,000
843
Ontario Steel Products, pref. (guar.)._
422 22,775 163,841 37,596 7,382
of rec. May Sei First National__ 10,
May 15 Holders
55,430 315,724
2
0
11 8
Penman% Ltd., common (guar.)
263,09 33:687 -4,516 34,919
50c. June 30 Holders of rec. June 150 Irving Bk-Col
17,500 10,550 267,10
Phillips Petroleum (guar.)
155
147
7,88
June 30 Holders of rec. June 153 Continental Bk_ 1,0
915
SI
8891,095
• Extra
0
5 6
879
82 889
4,24 38,627 22 2 8
June 30 Holders of rec. June 15a Chase National_ 20,
e50
22,508 331,26
Stock dividend
2,942
62
4
/
21,87
11 May 15 Holders of rec. May 40 Fifth Avenue_ _
500 2,618
389 Phillipsborn, Inc., pref.(guar.)
498 1,218
1 Holders of rec. May' 17
9,93
4
/
11 June
930
400
Commonwealth_
4
9
2
15 3 7
Phoenix Hosiery. preferred (guar.)
0
971
lb:49
406 2,157
June 1 Holders of rec. May 150 Garfield Nat_ _ _ 1,000 1,58
15.53
836
Pittsburgh Steel, preferred (guar.)
16.479
184 2,181
June 1 Holders of rec. May Ila Fifth National__ 1,200
982 20,43
63
Pressed Steel Car, preferred (guar.) - 5
74.484 1,900 412
roe. Apr. 25a Seaboard Nat__ 4,000 7,109 78,23
9,897
75
May 15 Holders of
835
Procter & Gamble Co.,cons.(guar.)._ _ 2
12,841
1,729
62
May 15 Howlers of rec. Apr. 300 Coal & Iron Na
15.22
1,500 1,3
Pullman Company (quar.)
973 28,931 *227,715 30.469
50o. June 1 Mae 11 to June 5
Bankers Trust__ 20,000 22,781 266,35
Pure 011, common (guar.)
45,781 5.264
1
4
/
773 6,163
*21 May 31 *Holders of rec. May
U S Mtge it Tr_ 3,000 4,332 53,72
Quaker Oats, common (oust.)
4
/
11 May 31 Holders of rec. May la Guaranty Trust 25,000 18,289 377.72
1,257 37,735 *366,656 54,345 -Preferred (guar.)
18,206 1.362
332 2,416
May 15 Holders of rec. May 5
22,38
$2
2,000 1,910
Fidel-Inter True
Quissett Mill, common (guar.)
42 15,600 116,142 14,450 -May 15 Holders of rec. May 7
N Y Trust Co__ 10,000 18,062 142,471
Rosenbaum Grain Corp., pref. (guar.)._ 2
3,067 ---34,31
4.626
Holders of rec. May 150 Metropolitan Tr 2,000 3.900 39,928
50
Schulte Retail Stores. cons.(in prof.stk.) m$2 June 1
rec. Aug. 150
468 12.606 •90,421 27,467 Common (payable in preferred stock)_ m$2 Sept. 1 Holders of rec. Nov. 153 Farm Loan it Tr 5,000 15,607 128,747
28,457 2,372 ---684 3,722
Dec. 1 Holders of
2.068 34.431
stock)_ rn$2
Columbia Bank_ 2,000
Common (payable in preferred
Mr.124 llold. of rec. Feb. 15'24a Equitable Trust 20,000 9,190 195,630 1,313 21,268 •195,231 28.0581--Common (payable in preferred stock). m$2
May 16 May 9 to May 16
3
Scotten-Dillon Co. (guar.)
31,841
1 Holders of rec. May 150 Total of averages 288,675435,4504.530,283 50,813496.533c3.646,017
3 1-3e June
Seaboard Oil & Gas(monthly)
3 1-3c July 2 Holders of rec. June 15a
Monthly
31,982
May 22 Holders of rec. May 2
$1
(guar.)
actual condition May 54,505,1631 51,917493.201 c3,610,597447,1
Totals,
Sharp Manufacturing
4
/
11 May 15 Holders of roc. May 40 Totals, actual condition Apr. 284,519.562 60,892493.277c3,622,845437.18231.728
Shell Union 011,6% Prof. alum./
436,24831,883
June 15a
4
/
liams Co., Can., corn. (qu.) 11 June 30 Holders of rec. June 15a Totals, actual condition Apr. 214,484,584! 50,705 505,276 c3,667,620
Sherwin-Wil
1% June 30 Holders of rem
State Banks Not Me misers of Fed'l 'Res ve Bank.
Preferred (guar.)
18,939
rec. Apr. 30
18,668 1,533 1,881
Grethwich Bank 1.000 2,214
Sherwin-Williams Co.. common (quar.)- *50c. May 15 *Holders of rem May 15
2,868 2,088 -373
360
5,7681
883
'1)4 June 1 *Holders of
250
Bowery Bank__
Preferred (guar.)
of rec. Apr. 200
29,800 53,488
2,500 4,750 86,6611 3 470 1,977
Sinclair Consolidated OIL corn.(guar.)._ 500. May 15 Holders of roe. May la State Bank
'
May 15 Holders
2
(guar.)
Preferred
of rec. May 1
51.607 55,602
111,0971 5.363 4,231
Total of averages 3,750
Smith (A.0.) Corporation, corn.(guar.) 250. May 15 Holders of rec. May 15
June 1 Holders
2
Southern Pipe Line (guar.)
51,7176 55,656
May 20 Holders of rec. May 1
1
Totals, actual condition May 5 110,8831 5,596 4.403
(monthly)__ _
Southern States 011 Corp.
of rec. May 190 Totals, actual condition Apr. 28 111.3261 5,508 4,122
52,054 55,530
4
/
Spalding (A. G.) & Bros., let pref. (qu.) 11 June 1 Holders of rec. May 19
51,551 55,388
June 1 Holders
2
Totals, actual condition Apr. 21 110,8211 5,471 4.180
Second preferred (guard
31 Holders of rec. May 190 Trust Companies Not Mom cc of Fed 'I Res'y Bank
4
/
11 May
Standard Milling, common (guar.)
190
2
4
77
35,030 1.7 9
53,7841 1,620 3.651
4
/
11 May 31 Holders of rec. May 210 Title Guar & Tr 10,000 13,20
Preferred (guar.)
16,720
921 1.714
26,465,
50c. June 15 Holders of rec. May
Lawyers Tit & T 6,000 4,9
Standard Oil (California) ((War.)
Holders of rec. Apr. 27
4
/
11 June 1
Standard 011 (Ohio). prof. (guar.)
51,750 2,476
4
/
11 May 16 Holders of rec. May 30 Total of averages 16,000 18,163 80,2491 2,541 5.365
Standard Sanitary Mfg., corn. ((guar.)._
30
4
/
11 May 15 Holders of rec. May 150
Preferred (quar.)
52,310 2,520
Juno 1 Holders of rec. May
2
Totals, actual c ndltion May 5 80,4241, 2,644 5,451
Stern Brothers, preferred (guar.)
51.811 2,470
Holders of rec. Apr. 300
Stewart Manufacturing, corn.(quar.).._ $1.50 May 15 Holders of rec. Apr. 300 Totals, actual c ndition Apr. 28 79,9191 2,378 5,359
50.574 2,739
May 15
79,021 2.350 5,463
Totals, actual to ndition Apr. 21
Stewart-Warner Speedom., cont. (guar.) $2
500. May 15 Holders of rec. Apr. 30a
(extra)
Common
June 1 Holders of rec. May 100 Gr'd aggr., aver. 308,425 461,46 4.721,6291 58,717 506,129 3,749,374 503,11931,841
'2A
Studebaker Corporation, corn. (quar.)
+7,105 +8,1881 +184
1)4 June 1 Holders of rec. May 100 Comparison nal Ii prey. week__ +46,6851 -570 +5,631
Preferred (guar.)
May 15 Holders of rec. May 1
Superior Steel Corp., 1st & 2d pref.(qu.) 2
Holders of rec. July I60 Gr'd aggr., acrl cond'a May 54.696,470 60,157 503,055 3,714,683505.356131,982
90c. Aug. 15
Swift International
June 1 Holders of rec. May 23
Comparison an h prey. week__ -14,337,+ 1,379 +297 -12,027 +1017 +256
Thompson (John R.) Co.. man.(mthly.) 1
750. June 5 Holders of rec. May 190
Timken Roller Bearing (yam)
of rec. Apr. 270 Gr'd aggr., act'l condo Ayr. 28 4,710,807, 68.778502.758 3,726.710495,18231,726
4
/
11 May 15 Holders
Tobacco Produota, Class A (guar.)
63
May 20 Holders of rec. Apr. 30
3
Gr'd aggr., actleond'n Apr. 21 4,674,432 58,526 514,919 3,769,745494,37331,8
Turman 011 (guar.)
1
May 20 Holders of rec. Apr. 30
Gr'd aggr., acrl cond'n Apr. 144,694,202 58.955504,870 3.721,347492.956 32,000
Extra
16
.50c. June 5 *Holders of rec. June 1
Gr'd aggr., acrIcond'n Apr. 74,720.586 60,413495,268 3,727.378491.00631,8
Union Sugar
32,070
4
/
11 June 1 Holders of rec. May 5a Gr'd aggr.,
cond'n Mar .31 4,800,226 57,981 505,225 3,783.615482.388
Union Tank Car,common (guar.)
Holders of rec. May 5a Gr'd aggr., act'l condo Mar.244,718,814 58,369 499,802 3,738,131 481.58832.013
4
/
11 June 1
Preferred (quar.)
rec. May 3I0
4
/
United Cigar Storm preferred (guar.)._ 11 June 15 Holders of rec. May 15
general total
4
/
11 June 1 Holders of
Note.
-U. S. deposits deducted from net demand deposits in the
United Drug, 24 Pref. (qear.)
1
July 2 Holders of rec. June 15a above were as follows: Average total May 5, $93,594,000; actual totals May 5.
United Dyewood, preferred (guar.)
1
Oct. 1 Holders of rec. Sept. 15a $90,392,000; April 28, $95,578,000; April 21, $107,740,000; April 14, 3126,093,000.
Preferred (guar.)
4
/
11 Jan2'24 Holders of rec. Dec. I50 April 7, 5126,126,000. Bills Payable, rediscounts, acceptances and other liabilities,
Preferred (guar.)
$485,$1.50 May 14 Holden; of rec. May 30 average for the week May 5, 5520,736,000; April 28, $477,313,000; April 21,
United Retail Stores (lam A
Actual totals May 5,
of rec. June la
U. S. Cast Iron Pipe & Fdy., prof. Blud jai June 15 Holders of rec. Sept. la 045.000; April 14, $497,665,000; April 7, 5538,473,000.0; April 14, $505,683,000:
34 Sept. 15 Holders
5 .0 7. 5 4
A 23 2 0 35 Ap 08,.
8 0r0 7, 300;. 7 3 0 $537,199,000; April 21,$465,242,00
2
Preferred (guar.)
4
/
11 Dec. 15 Holders of rec. Dee. la
Preferred (guar.)
as follows:
July 1 *Holders of rec. June 20
41
U. S. Playing Card (guar.)
Includes deposits in foreign branches not included in total footings Guaranty
•50o. July 1 *Holders of rec. June 20
Extra
National City Bank, S134,908,000; Bankers Trust Co., 102,697,000;
4
/
11 June 29 May 30 to May 31 Trust Co., $84,993,000; Farmers' Loan it Trust Co., $42,000; Equitable Trust Co.,
United States Steel Corp., corn.(Quar.).
for such
May 1
May 29
Preferred (guar.)
836,881,000. Balances carried in banks in foreign countries as reserve
*25c. June 15 *Holders of rec. May 31
deposits were: National City Bank, $26,881,000; Bankers Trust Co., $1,690,000;
Utah Apex Mining (guar.)
Equitable
15 *Holders of rec. May 31
*250. June
Guaranty Trust Co., 82,052,000; Farmers' Loan it Trust Co., $42,000;
Extra
May 15 Holders of rec. May 12
010
Trust Co.. $4,242,000. c Deposits in foreign branches not included.
Valvoline Oil (payable in stock)
1
June 1 Holders of rec. May 18a
Van Raalte Co., first pref. (guar.)
of rec. June la
500. June 15 Holders
Vivaudou (V.) (ltiar.)
The reserve position of the different groups of institutions
500. Juno 1 Holders of rec. May 23
Wahl Co., common (monthly)
50o. July 1 Holders of rec. June 23
on the basis of both the averages for the week and the actual
Common (monthly)
June 23
July 1 Holders of rec.
Preferred (MAL)
tondit
cablesion at the end of the week is shown in the following two
:
300. May 15 May 1 to May 15
Warwick Iron & Steel
29 *Holders of rec. June 15
& Ilelibroner, common (guar.) *50o. June 20 Holders of rec. May 190
Weber
8125 June
HOUSE BANKS
Wells Fargo & Cs
50o. May 15 Holders of roe. Apr. 30
STATEMENT OF RESERVE POSITION OF CLEARING
Westfield Mfg., common
AND TRUST COMPANIES.
May 15 Holders of rec. Apr. 80
2
Preferred (guar.)
15
e33 1-3 May 15 Apr. 29 to May 15
Westmoreland Coal (in stock)
1 Holders of rec. May
4
/
Averages.
White (3.0.) Co., Inc., pref. (guar.)._ _ 11 June 1 Holders of roe. May 16
4
/
pf.(qu) 11 June
White(3.0.) Engineering Corp.,
1 Holders of Teo. May 15
a
4
/
Reserve
• Cash
White(3(L) Manage't Corp., pf.(qua. 11 June 15 Holders of roe. May la
Surplus
Reserve
25o. May
Total
I
in
Reserve
Will & Baumer Candle, coin. (guar.)
16
Reserve.
Required.
June 1 Apr. 28 to May
Woolworth (F. W.) Co.. corn. (guar.)-- 2
in Vault. Depositaries, Reserve.
to May 31
May
Wrigley (Wm.) Jr. Co.. corn. (monthly) 500. June 1 June 26 to July 1
26
July 2
$
30e•
1
$
Common (monthly)
15a Members Federal
9,199,560
25c. May 31 Holders of roe. May 22
496,533,000 496,533,000 487,333,440
Wright Aeronautical Carp.(guar.)
Reserve banks
304,740
9,289,260
June 1 Holders of rec. May 19
State banks*
Warlitzer(Rudolph)Co., 8% pref. (qu.) 2
5,363,000 4,231,0001 9,594,000 7,762,500
143,500
June 1 Holders of rec. May
.
Trust companies._ _
Yellow Cab Mfg.. °lath B (monthly) - 50c.
2,541,000 5,365,000i 7,906,000
9.647.800
514,033,000 504,385,200 5,088,300
Stock Exchange has ruled that stock
Total May 5
7,904,000 506,129,000
• From unofficial sources. 1 The New York
503.200,700
The
further notice.
Total April 28_ _ _ _
7,791.000 500,498.000 508,289,000 503,857,690 13,009,310
will not be quoted ex-dividend on this date and not until
Total Apr1121_
be quoted ex7,749,000 509,118,000 516,867,000 502.983,390 6,147,610
York Curb Market Association has ruled that stock will not
509,131,000
New
Total April 14_
7,978,000 501,153,000
dividend on this date and not until further notice.
* Not members of Federal Reserve Bank.
of State banks
e Payable In stock.
a This is the reserve required on net demand deposits in the case Reserve Bank
a Transfer books not closed for this dividend. d Correction.
of accumulated and trust
of the Federal
companies, but in the case of members deposits, which was as fodows:
Payable In common stock. g Payable In scrip. h On account
Stock Exchange has includes also amount in reserve required on net time
APr.14,$12,898,440,
dividends. k Subject to approval of stockholders. I N. Y.
May 5,$13,351,230; APr.28,813.102.260; Apr.21,$12,988,650;
pref. stock.
n
ruled stock will be ex-stock dividend• Apr. 18. m Payabla in
4
1
/
4
/
11
4
/
11
4
1
/
4
/
11
4
/
11
4
/
11
4
/
11
4
/
11
4
/
11
4
1
/
4
1
/
4
/
11
4
1
/
4
/
11
2100
THE CHRONICLE
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve banks_
State banks*
Trust companies_
Total
Total
Total
Total
_
May 5
April 28_ _ _
April 21___ _
April 14_ _
Total
Reserve.
Reserve
Remired.
[Vol.. 116.
Boston Clearing House Weekly Returns.
-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
Surplus
Reserve.
5
493,201,000 493,201,000 482,793,010 10,407,990
4,403,000 9,999,000 9,319,680
679,320
5,451,000 8,095,000 7,846,500
248,500
8,240,000 503,055,000 511.295,000 499,959,190
11,335,810
7,886,000 502,758,000 510,644,000 501,226,680
7,821.000 514,919,000 522,740,000 506,743,260 9,417,320
8,048,000 504,870,000 512,918,000 500.424,700 15,996,740
12,493,300
BOSTON CLEARING HOUSE MEMBERS.
5,596,000
2,644,000
*Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of
and trust companies,but In the case of members of the Federal Reserve State banks
also amount of reserve required on net time deposits, which was as Bank includes
$13,415,400; Ayr. 28, 813,115,460; Apr. 21, 513,087,380; Apr. 14, follows: May 5,
$13,049,280.
May 9
1923.
Changes from
previous week.
May 2
1923.
April 25
1923.
$
$
$
$
Capital
60,000,000 Inc. 1,000,000 59,000,000 59,000,000
Surplus and profits
82,985,000 Unchanged
82,985,000 82,985,000
Loans, disc'ts dr investments_ 848,896,000 Inc. 3,989,000 844,907,000 846,520,000
Individual deposits, Incl. U.S 609.152,000 Dec. 2,514,000 811,668,000
614,064,000
Due to banks
118,403,000 Inc. 2,071,000 116,332,000 120,840,000
Time deposits
118,904,000 Inc.
536,000
United States deposits ____ 11,076,000 Dec. 595,000 116,368,000 115,576,000
11,671,000 12,924,000
Exchanges for Clearing House 23,487,000 Dec. 3,557,000 27,044,000 26,395,000
Due from other banks
68,882,000 Dec. 293.000 67,175,000 76,080,000
Res.In Fed. Res.Bank
70,304,000 Dec. 577,000 70,881,000 70,732,000
Cash In bank and F. R.Bank 8,934,000 Inc.
99,000 8,835,000 9,091,000
Reserve excess in bank and
Federal Reserve Bank
2,194,000 Dec. 979,000 3,173,000 3.202,000
State Banks and Trust Companies Not in Clearing
House.
-The State Banking Department reports weekly
Philadelphia Banks.
-The Philadelphia Clearing House
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows: return for the week ending May 5, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES
IN GREATER requirements for members of the Federal Reserve System
NEW YORK, NOT INCLUDED IN CLEARING HOUSE
are 10% on demand deposits and 3% on time deposits, all
STATEMENT.
(Figures Furnished by Stale Banking Department.)
to be kept with the Federal Reserve Bank. "Cash in
Difference from vaults" is not a part of legal reserve. For
trust companies
May 5.
previous week.
Loans and Investments
$788,380,400 Inc. 53,210,100 not members of the Federal Reserve System the reserve
Gold
2,925,400 Inc.
80,000 required is 10% on demand deposits and includes "Reserve
Currency and bank notes
19,360,400 Inc.
396.000
Deposits with Federal Reserve Bank of New York
68,345,100 Dec. 571,500 with legal depositaries" and "Cash in vaults."
Total deposits
827.087.600 Inc. 10,970,600
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City,exchanges and U.S.deposits 769,782,700 Inc.
2,138,500
Reserve on deposits
121,911,200 Inc. 2,827,900
Percentage of reserve, 20.5%.
RESERVE.
-State Banks
- -Trust Companies
Cash in vault
$27,828.100 16.08%
$60,802,800 14.50%
Deposits in banks and trust cos
8,382,300 483%
24,918,000 5.94%
Total
836,190,400 20.91%
885,720,800 20.44%
•Includes deposits with the Federal Reserve Bank of New
York. which for the
State banks and trust companies combined on May 5 was $66,345,100.
Banks and Trust Companies in New York City.
-The
averages of the New York City Clearing House
banks azfd
trust companies combined with those for the State
banks
and trust companies in Greater New York City outsidc
of
the Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST
COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week endedJan. 13
Jan. 20
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Mar. 31
April 7
April 14
April 21
April 28
May 5
Demand
Deposits.
$
5,529,461,100
5,562,902,500
5,522,233.200
5,532,381,800
5,496,199,200
5,492,303,000
5,483,962,900
5,513,445,100
5,475,408,000
5,479,843,100
5,512,494,700
5,537,333,300
5.570,520,000
5,493,107,700
5,468,632,300
5,460,114.300
5,510.009,400
$
4,774,730,400
4,760,083,200
4,734,896,900
4,731,427,200
4.718,679,400
4,722,504,900
4,715,552,100
4,733,493,300
4,644,941,800
4,623,173,900
4,545,082,400
4,507,057,500
4,567,506,400
4,512,461,300
4,512,747,600
4,509,913,200
4,519,156,700
*Total Cash Reserve in
in Vaults. Depositaries.
$
93,343,800
86,646,900
83,614,700
82,113,900
83,018,000
81,336,300
81,328,900
81,535,300
81,540,500
80,732,900
80,172,800
81,393,300
81,957,300
83,888,200
80.217,400
81,096.800
81,002,800
$
642,753,600
637,700,500
622,630,300
627,114,400
624,211,400
631,693,900
627,981,800
831,333,800
0314,759,800
620,097,100
601,462,000
596,099,900
609,873,700
599,800,800
608,409,400
597,7T1,500
605.754.400
New York City Non-Member Banks and Trust
Coinpanies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTI
ONS OF NEW
YORK CLEARING
HOUSE.
(Staled in thousands of dollars-that is, three
ciphers (13001 omitted.)
I Net
Loans
CLEARING
Capital. Profits. Di,Reserve Net
Na
Nat'l
NON-MEMBERS
counts Cash
with Demand Time Bank
Nat.bks.Apr. 3
DeDe- CircuWeek ending State bksMar27 Incest- in I Legal
meats, Vault, epos!, posits. posit*. lation.
May 5 1923.
Tr. cos. Apr. 3 &c.
tortes.
Members of
Average Average1 Average Average Average Average
Fed. Res. Bank. $
$
s
$
$
Battery Park Nat_ 1,500 1,167 $
$
$
11,273
1751 1,121
7,556
497
W.R.Grace dr Co197
500 1,447 10,837
524
261
1,596 7.829
Total
2,000 2,814 22,110
201 1,645
9,152 8,326
197
State Banks NotMembe rs of Federal Reserve
Bank
Bank of Wash. Hts
200
352 5.986
647
311
5,330 1,228
Colonial Bank.._:.
800 2,017 20,581 2,590 1,304
21,700
Total
1,000 2,370 26,567 3,237 1,815
27,030 1,228
_ __ _
Trust Company Not Members of Fed. Reserve Bank
meeh.Tr.,Bayonne
500
348 9,025
358
165
3,300 5,605
_
Total
500
348 9,025
358
165
3,300 5,605
Grand aggregate
3,500 5,333 57,702
Domparlson with previous week.. -954
3,796
+8
3,425 239,482 15,159
-23 +348 -774
5,333 58,658 3,788 3.448 239.134
5,333 58,157 3,772 3,517 239,204 15,933
5,059 57,594 3,856, 3,1328 839,745 15,196
5.059 56,317 3,6581 3,473 a38,502 14,543
13.890
a United States deposits deducted, $284,000.
Bills payable, rediscounts, acceptances and other liabilities, 51,809,000,
Excess reserve, $31,150 decrease.
3r.d aggr., May 5 3,500
'led aggr., Apr.21 3,500
It'd aggr., Apr.14 3,500
Ir'd aggr., Apr. 7 3,500
197
197
197
197
198
Week ending May 5 1923.
Two Ciphers (00) omitted. Ifembersof Trust
FR System Companies
April 28
1923.
Total.
Capital
539,125,0 $5.000,0 544,125,0 544,125,0
Surplus and profits
104,474,0 14,713,0 119,187,0 119,188,0
Loans, disc'ts & investm'ts 728,822,0 44,562,0 771,384,0 767,492,0
Exchanges for Clear. Wee. 34,597,0
827,0 35,424,0 27,948,0
Duefrom banks
101,432,0
29,0 101,461,0 96,961,0
Bank deposits
122,428,0
821,0 123,249,0 122,147,0
Individual deposits
565,179,0 29,282,0 594,461,0 577,653,0
Time deposits
43,801,0
869,0 44,470,0 44,918,0
Total deposits
731,208.0 30,972,0 762,180.0 744.718,0
U.S. deposits(not incl.)17,548.0 18,539,0
Res've with legal deposit's_
3,496,0
3,498,0
4,288,0
Reserve with F. R. Sank_ 59,029,0
59,029,0 57,031,0
Cash in vault*
9.126,0
1,408,0 10,534,0 10,857,0
Total reserve and cash held 68,155,0
4,904,0 73,059,0 72,156,0
Reserve required
59,105,0
4,430.0 83.535,0 62,237,0
Excess res. & cash in vault
9,050,0
474,0
9,524,0
9,919,0
•Cash in vault not counted as reserve for Federal Reserve.members.
April 21
1923.
$44,125,0
119,131,0
769,517,0
29,024,0
105,070,0
122,555,0
588,586,0
45,183,0
756,284,0
20,884,0
4,075,0
58,828,0
10,958,0
73,859,0
62,881,0
10,978,0
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of Nettir York at the close of business May 9 1923 in
comparison with the previous week and the corresponding
date last year:
ResourcesGold and gold certificates
Gold settlement fund-F. R. Board
May 9 1923. May 2 1923. May 10 1922.
$
154,630.623 150,279,725 218,556,000
253,267,203 286,128,629 102,173,000
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
407,897,828
638,076,670
10,328.157
Total gold reserves
Reserves other than gold
436,408,355
638,238,570
7,001,457
320,729,000
799,306,000
10,000,000
1.058,302,655 1,081,648.383 1,130,035.000
14,898.220
26,520,000
13,046,404
Total reserves
_1,071,200,875 1,094,694,787 1,156,555.000
*Non-reserve cash
10,683,187
7,836,113
Bills discounted:
Secured by U.S. Govt. obligations
148,603,029 138,455,754
30,057,000
All other
50,127,112
75,118,358
17,995,000
Bills bought in open market
56,837,860
54,872,513
41,904,000
hand
Total bills on
255,5138.002 265,948,628
89,956,000
U. S. bonds and notes
3,348.750
3,392,750
64,881,000
U. S. certificates of indebtedness
-year certificates (Pittman Act).
One
22,500,000
All other
1,224,000
346,000 125,174,000
Total earning aaseta
260,140,752 269.885,376 302,511,000
Bank premises
11,709.027
11,695,452
8,135.000
5% redemp.fund agst.F.R.bank notes
*
936,000
Uncollected items
124,810,184 140,485,117
99,752,000
resources
An other
1,483,621
1,674.866
4,760,000
Total resources
1,480,007,649 1,526,071,714 1,572,649,000
Liabilities
Capital paid in
Surplus
DepositsGovernment
-Reserve account
Member banks
All other
29,042,900
59,799,523
28,942,350
59,799,523
27,395,000
60,197,000
4.791,821
694,444,674
19,872,476
9,732,254
713,310,002
29,966,927
17,758,000
734,316,000
12,988,000
Total
719,108,972
566,317,615
F. R. notes in actual circulation
F. R.bank notes In cIrcu'n--net liability
102,043,539
Deferred availability items
3,895,098
All other liabilities
753,009,184
571,466,011
765,062,000
619,314,000
16,866,000
79,500,000
4,315,000
Total liabilities
109,400,788
3,453,847
1,480,007,649 1,526,071,714 1,572,649,000
Ratio of total reserves to deposit and
83.3%
F. Ft. note liabilities combined
Contingent liability on bills purchased
9,517,593
for foreign correspondents
• Not shown separately prior to January 1923.
82.7%
83.5%
9,137,621
13,251,642
CURRENT NOTICES.
-Gordon R. McAllister, formerly with Gilbert Eliott & Co., and J.
C. Cottrell, for Many years a dealer in Inactive Securities, have formed
a co-partnership under the firm name of McAllister & Cottrell, speciallzing
in Public Utility and Inactive Securities. They will make their headquarters with Wade, Templeton & Co.
-Dresser & Rachel*, .nvestments, of 115 Broadway, announce that
Tilgham II, Kelper, until recently with Kelley, Drayton & Co.,and J. Maxwell Pringle, formerly with the International Banking Corporation, have
Joined their sales organization.
MAY 12 1923.]
THE CHRONICLE
2101
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, May 10,and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the return for the latest
week appears on page 2068, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL
RESERVE BANKS AT THE CLOSE OP BUSINESS MAY
9 1923
May 9 1923. May 21923. Apr/125 1923. Apr1.1181923 April 11 1923.
April 4 1923.I3far.28 1923. Mar.21 1923. May 10 1922.
RESOURCES.
Gold and gold certificates
[Sold settlement fund, F. R.Board
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
Total gold reserves
Reserves other than gold
Total reserves
'Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought in open market
Total bills on hand
U. B. bonds and notes
U. S. certificates of indebtedness
Other certificates
Municipal warrants
3
323,062,000
706,261,000
5
317,740,000
693,564,000
$
323,822,000
695,630,000
$
326,375.000
659,887,000
$
324,630.000
657,410,000
s
325,484,000
677,216,000
$
320,401,000
653,708,000
$
323,572,000
648.226,000
s
327,387,000
444,752,000
1,029,323,000 1,011,304,000 1,019,452,000 986,262.000 982,040,000
1,602,700.000 974,109.000 971,798,000 772,139,000
2,005,066.000 2,005,998,000 2,007,555,000 2,036,490,000 2,041,503,000 2,013,538,006 2,034,099,000 2,052,103.000 2,172,052.000
54,474,000
63,277,000
57.562,000
.59,870,000
61,103,000
50.400,000
62,210,000
55,586.000
53,257,000
3 088,863,000 3,080,579,000 3,084,569,000 3,082,622,000 3,085.759.000
3,069,495,000 3,063,794,000 3,074.301,000 3,005,294,000
92,557,000
93,809,000
94,473,000
95.920.000
98,680.000 103,522,000 112.494.000 118.323.000 124,523,000
3,181,420.0003,174.388.000 3,179.042,000 3,178,542,000
3.184.439,000 3,173.017,000 3,176,288,000 3,192,624,000 3,129,817,000
67,726,000
61,642,000
70,691,000
67,225,000
•
69,451,000
65,815,000
66,663,000
86,258,000
358,637,000 362,633,000 339,880,000 334,611,000
327,412,000 380,785,000 388.238,000 351,861,000 166,322,000
336,380,000 367,707,000 296,717,000 308.851,000
278,126,000 308,264,000
266,992,000 275,429.000 274,041,000 277,447,000 295.238.000 314.445.000 311,781,000
274,389.000 259,879,000 254,251,000 237,965,000 105,517,000
962,009,000 1,005,769,000
148,960.000 147,993,000
36.854,000
36,779,000
910,638,000
157,030,000
36,780,000
920,909,000
158.910.000
79,097,000
897,039,000
162,828,000
75,328,000
955,109,000
164,586400
74,563,000
954,270,000
172,208,000
77,201,000
867,952,000
163,589,000
128,322,000
580,103.000
261,042,000
81,500,000
40,000
40,000
41,000
41.000
41,000
41,000 274,963,000
41,000
41.000
Total earning assets
1,147,863,000 1,190,581,000 1,104,489,000 1,158.957,000
1,135,234,000 1,194,299400 1,203,720,000 1459.904400 1,197,608.000
Bank premises
50,155,000
50,059,000
49,945.000
49,692,000
39,903,000
49,208,000
48,761,000
48,938,000
48,847.000
5% redemp. fund nest. F. R. bank notes
191,000
191,000
191,000
191.000
7,602,000
191,000
291,000
191,600
191,000
Uncollected items
600,831,000 640,543,060 622,644,000 723.336.000
638,391.000 621,458,000 559,481,000 645,874,000 499,923,000
All other resources
13,811,000
14,199,000
14,065,000
13,871.000
19,961,000
13,627,000
14,439,000
13,433,000
13,588,000
Total resources
5,061,997,000 5,131,603,000 5,041,067,000 5,191,814.000
5.087.348.0005.118,000.000 5.067,930,000 5,131,344,000 4,894,814,000
LIABILITIES.
Capital paid in
109,029,000 108,822,000 103,857,000 103,649,000
Surplus
218,369.000 218,369,000 218,369,000 218,369,000 108,683,000 108,647,060 108.623.000 108,563.000 104,608,000
218,369,000 218,369.000 218,369.000 218,369,000 215,398,000
Deposits
-Government
22,616,000
34.692,000
49,083,000
44,936.000
45,218,000
44,366,000
74,423,000
98,627,600
85,432.000
Member bank-reserve account
1,886,455,000 1,894,651.000 1,853,935,600 1.924,525,000
1,876,414,000 1.894,035.000 1,871,373,000 1,866,475,000 1,806,464,000
Other deposits
28,599,000
19,916.000
40,114,000
21,540,000
20,399,000
38,382,000
20,148,060
19,931,000
19,465,000
Total deposits
1,937,670,000 1,983,843,000 1,903,543,000 1,991.001.000
1,942,131,000 1,988,606.000 1,976.270,000 1,985,033,000 1,889,212,000
F. R. notes In actual circulation
2,231,819,000 2,237,505,000 2,222,588,000 2.220,251.000 2,231,041.000
2,240,951,060 2,232,482,000 2,231,487,000 2,159,186,000
F.R.bank notes In circulation-net liab
2,065,000
2,287,000
2,299,000
2,443,000
2,472,000
2,488.000
74,214,000
2,368,000
2,435.000
Deferred availability items
536,219,000 564,78 i.000 564,398,000 635466,000 569,272.000
544,367.000 515,298.000 572,000,000 430,601,000
All other liabilities
16,826,000
15,972,000
16,025,000
15,135,000
15.380,000
21,595,000
14,572.000
14.453,000
13,524,000
Total liabilities
5,061,997,000 5,131,603,000 5,041,067,000 5,191,814.000
5,087,348,000 5,118,000,000 5,087,930,000 5,131,344,000 4,894,814,
000
Ratio of gold reserves to deposit and
F. R. note liabilities combined
73.91%
72.98%
73.2%
74.67%
73.9%
72.5%
74.23%
Ratio of total reserves to deposit and
72.7%
72.9%
F. R. note liabilities combined
76.1%
75.2%
77.0%
75.5%
76.3%
77.3%
75.5%
75.0%
Contingent liability on bills purchased
75.7%
for foreign correspondents_
33,615,000
33,235,000
33,085.000
34,671,000
Distribution by Maturities1-15 days bills bought In open market_
1-15 days bills discounted
1-15 days U. S. certif. of Indebtedness_
1-15 days municipal warrants
16-30 days bills bought In open market_
16-30 days bills discounted
16-30 days U. El. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought in open market31-60 days bills discounted
31-60 days U. S. certif. of indebtedness_
31-60 days municipal warrants
61-90 days bills bought In open market61-90 days bills discounted
51-90 days U. S. certif. of indebtedness_
61-90 days municipal warrants
Over 90 days bills bought In Open market
Over 90 days bills discounted
Over 90 days certif. of Indebtedness
Over 90 days municipal warrants
Federal Reserve Notes
Outstanding
Held by banks
In actual circulation
$
62,389,000
471,516,000
403,000
40,000
57,365,000
54,385,000
$
65,258,000
507,132,000
515.000
40,000
45,648,000
51,223,000
$
61.703,000
431,439,000
20.000
41,000
41,600,000
46,760,000
$
73,519,000
447,929,000
5.905,000
41,000
44,299,000
41.850,000
ii
80,670,000
433,598,600
1,584,000
41,000
45,052,000
42,008,000
92,420,000
88,544,000
427,000
98,994.000
86,441,000
213,000
96,885,000
83,264,000
670,000
79.702.000
81,027,000
45,511.000
51,337,000
54,889,000
56,365,000
9,277,000
31,235,000
36,024,000
2,610,000
29,179460
36.051,006
$
60,462.000
493,438,000
1,449,000
$
68,201,000
513,267,000
2,819,000
$
66459.000
457.147.000
1,700.000
$
45,039.000
240,500.000
503,000
53,095,000
47,394,000
50.121.000
42,899,000
43,874,000
40,184,000
19,106,000
57,010,000
500,000
67,678,000
73,744,000
41,000
61.977,000
78,906,000
57,897,000
71,245.000
63,421.000
66,358,000
22,060,000
86, ,
443 000
73,385,000
65,005,000
50,585,000
68,510,000
68,045,000
50.435,000
52.691,000
267,000 •
34,000
70,003,000
55,447,000
582.000
52,110.000
45,811.000
54,124,000
5,848,000
24,749.000
36,090,000
11.417,000
22,221,000
72,925,000
14,342,000
20,045,000
72,532,000
18.470,000
45,667,000
30,321,000
732,000
44,966,000
251,754,000
12,944.000
20,609,000
73,710.000
41,000
63.829,000
51,772,000
14,203,000
20,836,000
74,382,600
12,001.000
20,487,000
72,498,000
2,599,266,000 2,599,440,000 2,601,820400 2,595,432,000
2,613.072,000
00
357,447,000 361,935,000 379,232,000 375,181,000 382,031,000 2,618,699.000 2,601.079,000 2.617,539,000 2,541,503. 0
377,748,000 368,597,000 386,052,000 382,317 000
.
2,241,819.000 2.237,505,000 2,222,588,000 2,220,251.000
2,231,041,000 2,240,951,000 2,232,482,000 2,231,487.000 2,159,186,000
Amount chargeable to Fed. Res. Agent 3 447, ,
299 000 3327403,000 3,417,345,000 3,427,962,000 3,443,457,000
,
3,328,808,000
In hands of Federal Reserve Agent
848,033.000 828,463.000 815,525.000 832,530,000 830,385,000 3.447,496,000 3,463,617,000 3,473,336.000 787,305,000
828.797,000 862,538,000 855.797,000
Issued to Federal Reserve banks
2,599,266,000 2,599,440,000 2,601,820,000 2,595,432,000 2
,613,072,000 2,618,699,000 2,601,079,000 2,617.539,000 2,541,503,000
How Secured
By gold and gold certificates
314,899,000 314.899,000 314.899,000 314,899,000
314,899,000
By eligible paper
594,200.000 593,442,600 594,265.000 558.942400 571,563,000 314.899,000 314,899,000 314,899,000 404,714,000
Gold redemption fund
125,819,000 135,068,000 119,082,000 123,761.000 130,285,000 605,161,000 566,980400 :,65,436,000 369,451,000
With Federal Reserve Board
1,564,348,000 1.556,031,000 1.573,574,000 1,597,830400 1,596,325.000 128,082.000 129,141,00, 123444.000 125,141.000
1.570,557,000 1,590,059.000 1.613,660,000 1,642,197,000
Total
2,599,266,000 2.599.440,000 2,601,820.000 2,595,432,000 2.613.072.000
2,618499.000 2.601.079.000 2,617,539,000 2,541,503,000
Eligible caner delivered to F. R. Agent. 927 711 000 962.877400 877,446.000 879.878.000
. .
861.802.000 oln 078 non O07.16() nno R13 671 non 561.338.000
•Not shown separately prior to Jan. 1923.
IISEKLYSTATEMENTOF RESOURCES AND LIABILITIES OF EACH OF THE 12
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 9 1923
Two ciphers (00) mated.
Boston New York Palk. Cleveland Richmond Atlanta Chicago 2
Federal Reserve Bank oft Louis Minneap. Kan. City Dallas Son Fran.
.
Toted
RESOURCES.
$
$
$
$
$
$
$
$
s
s
$
.Sold and gold certificates
$
$
17,487,0 154.631,0 24,316,0 12,583,0 8,194,0 5,895,0 53,871,0
3.495.0 8.007,0 3.117,0 10,577,0 20,839.0 323,082,0
Gold settlement fund-F.R.B'rd 68.326.0 253.267.0 33,828,0 77,809,0 27,914.0 23,337,0
110,450,0 15,732.0 16429,0 31.281.0 9.787,0 37.901,0 706,261,0
Total gokl held by banks
85,813,0 407,893,0 58,144,0 90.392,0 36.108,0 29,232,0 164,321,0
Gold with F. It. Agents
170,288.0 638,077,0 164,150,0206,189.0 37,475,0 91,230.0 362.740,0 19.227,0 24,636,0 34,398,020,364,0 58.790,0 1,029,323,0
58,460,0
Gold redemption fund
7,065,0
10,328,0 6,231,0 2,508,0 3.943,0 3,066,0 7,492,0 2,772,0 46,820.0 43,734,0 12.181,0 173.722,0 2,005,066.0
54,474,0
2,356,0 2,772,0 1,380.0 4,561.0
Total gold reserves
263,166,0 1,056,303,0 228 525,0 269,039,0 77,526,0 123,528,0 534,553,0
,
80,459,0
Reserves other than gold
8,507,0
14,898,0 3,611.0 6,114,0 7,089,0 7,548.0 13,641,0 18,138,0 73,812.0 80,904,0 33,925.0 237,073,0 3,088,863,0
92,557,0
1,007,0 3,598,0 4.365,0 4.041,0
Total reserves
271,673,0 1,071,201,0 232,136,0 305,203,0 84,615,0 131,076.0
548,194.0 98.597,0 74,819,0 84,502,0 38,290,0 241,114,0 3,181,4204
gon-reserve cash
12,454,0
10,683,0 3,805,0 3,617.0 2.500,0 7,142,0 6.921,0 5,211,0
67.726,0
Bills discounted:
1,678.0 3,659,0 4,458,0 5,598,0
Secured by U.S.Govt.obllga'ns 17,495,0 148.603,0 42,
431, 26.012,0 23,981,0 3.809,0
0
0
Other bills discounted
18,245,0
50.127,0 13 740 0 22 655,0 36,219,0 22,559,0 35,417,0 13,664.0 4.010,0 11.661.0 1,621,0 26,933,0 358,637,
. .
.
338.380,0
52,995.0
Sills bought in open market
19.620,0
56,838,0 23,107,0 42,347,0 2,272,0 32,207,0 33,783,0 16,9170 18,340,0 22.305,0 24,091,0 38.118,0 266,992,0
11,796;0
'
271,0
129,0 12,753.0 31,869,0
Total bills on hand
55.360,0 255,568,0 79,278.0 94,014,0 62,472,0 58,575,0
122.195,0 42.377,0 22.630,0 34.155,0 38,465.0 96,920,0 962,009.0
U. S. bonds and notes
5,685,0
4,373,0 24,300,0 12,344,0 1,341.0
541.0 6.893,0 14,8780 14.564,0 33,090.0 3,379,0 27,572,0 148,960,0
U.S.certificates of Indebtedness_
203,0
200,0
348.0 5,495.0
7,0 19,421,0 3,255,0
36.854.0
24,0
1,901,0 6.000,0
tgunloloal warrants
40,0
40.0
Total earning assete
61,248.0 260,141,0 103.966.0 111.853.0 63.813.0 59.123.0
148.509 n an Ain n 57 104 n an 14a n 47.844.0 124.518,0 1.147,883.0
[VOL. 116.
THE CHRONICLE
2102
Co
RESOUiphersRCES(nctuded)(001 omitted.
Two c
lank premises
redemption fund
F. R. bank notes
Incollected items
111 other resources
York
New
Boston
$
S
11,709,0
4,434,0
Phila.
Cleveland Richmond Atlanta
$
712,0
3
8,288,0
3
2,617,0
3
2,516,0
Chicago Si. Louis Minneap./Can. City
3
8,715,0
$
947,0
$
1,152,0
$
4,807,0
Total
3
50,155,0
San Fran.
Dacia
5
1,937,0
5
2,261,0
against
191,0
600.831,0
13,811,0
65,0
100,0
26,0
124,810,0 53,110,0 64,234,0 51,674,0 24,616,0 80,383,0 37,713,0 15,019,0 36,801,0 22,467,0 37,613,0
325,0 1,618,0
998,0 2,233,0 4,527,0
458,0
750,0
1,464,0
543,0
395.0
370,0
52,391,0
125,0
402,325,0 1,480,008,0 394,187,0 493,738,0 205,614,0 224,843,0 793,537,0 203,303,0 131,480,0 200,073,0 117,260,0 415,629,0 5,001,997,0
Total resources
LIABILITIES.
8,068,0
16,312,0
1,525.0
120,378,0
336.0
29,013,0 9,642,0 12,083,0 5,684,0 4,413,0 15,016,0 4,933,0 3,574,0 4,598,0 4,179,0 7,798.0 109,029,0
59,300,0 18,749.0 23,495,0 11,288,0 8,942,0 30,398,0 9,665,0 7,473,0 9,433,0 7,496,0 15,263,0 218,369,0
1,286,0 1,711,0 1,700,0 2,017,0
22,616,0
4,792,0 1,628,0 1,903,0 1,267,0
1,401,0 1,671,0 1.715,0
694,445.0 115,783,0 166,347,0 60,126,0 55,464,0 281,919,0 70,962,0 46,810,0 80,620,0 49,705,0 143,896,0 1,836,455,0
615,0
433,0
28,590,0
19,872,0
955,0
444,0
360,0 1,143,0
223,0
244,0
149,0 3,825,0
122,239,0
Total deposits
r. R.notes in actual circulation._ 205,214,0
C, R. bank notes in circulation
net liability
49,747,0
:Peferred availability items
745,0
111 other liabilities
719,109,0 117,771,0 169,393,0 61,616,0 57,109,0 284,545,0 73,292,0 48,529,0 82,775,0 51,554,0 149,738,0 1,937,670,0
566,313,0 200,383,0 231,465,0 79,562,0 134,593,0 396,131,0 77,206,0 56,153,0 61,253,0 28,127,0 205,414,0 2,241,819.0
"lapital paid In
lurPlus
3eposIts: Government
Member bank-reserve acc't
Other deposits
591,0
1,069,0
405,0
102,043,0 46,486,0 55,872,0 40,688,0 18,860,0 65,101,0 37,256,0 14,633,0 40,135,0 23,601,0 35,793.0
951,0 1,118.0
751,0 1,898,0 1,625,0
3,695,0 1,153,0 1,430,0
926,0 1,755,0
776,0
2,085,0
536,219,0
16,820,0
402,325,0 1,480,008,0 394,187,0 493,738,0 205,614,0 224,843,0 793,537,0 203,303,0 131,480,0 200,073,0 117,260,0 415,629,0 5,061,997,0
Total liabilities
Memoranda.
.
tatio of total reserves to deposit
and F. R. note liabilities com71.5
33.3
58.7
48.1
83.0
73.0
80.5
65.5
67.9
76.1
03.4
76.1
bined, per cent
59.9
'Cl'ontingent liability on bills pur9,513,0 2,843.0 3,570.0 1.719,0 1,355,0 4,595,0 1,451,0 1,124,0 1,421,0 1,190,0 2,347,0
33,815,0
chased for foreign correspon(rts 2,479,0
STATEMENT CIF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS MAY 9 1933.
Boston. New York Phila. Clever d Rtchm'd Atlanta Chicago St.Louis Minn. K. Citg Dallas San Fr.
Federal Reserve Agent at-
(In Thousands of Dollars)
$
Resources92,850
Federal Reserve notes on hand
223,325
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
25,300
Gold and gold certificates
16,938
Gold redemption fund
128,000
Fund--Federal Reserve Board
Gold
53,037
Eligible paper( Amount required
2,323
Excess amount held
$
$
318,340 48,800 31,400 28,630 77,678
732,304 228,717 245,007 87,543 139,972
Total
$
$
$
$
26,190 11.913 22,163 19,709 59.825 848,033
444,175 96,415 59,003 68,927 31,136 242,742 2,599,266
235,531 7,000 13,275
2,400
31,546 13,261 12,914 2,680 3,830
371,000 143,889 180,000 34,795 85,000
94,227 64,567 38,818 50,088 48,742
138,954 7,231 54,449 10,490 9,717
6,481
314,899
11,880 13,052
16,095 3,080 1,768 3.374 1,720 18,563 125,819
346,645 43,500 32,000 40,360 4,000 155,159 1,564,348
81,435 37,955 12,183 25.193 18.955 69,020 594,200
40,746 4,052 10,030 8,959 19,252 27,308 333,511
5
5
S
5
5
110,509
8
541,823 1,921,902'513.465 575,863 214,206 367,339 1,039,598 223,072 139,984 168,976 101,233 572,617 6,380,076
Total
LlaSSittteSNet amount of Federal Reserve notes received from
316,175 1,050,644 277,517 276,407 116,173 217,650 554,675 122,605 70,951 91,090 50,845 302,567 3.447,299
Comptroller of the Currency
170,288 633,077 164,150 206,189 37,475 91,230 362,740 58,460 46,820 43,734 12,181 173,722 2,005,066
Collateral received fromfGold
5,260 233,181 71,798 93,267 60,553 58,459 122,181 42,007 22,213 34,152 38,207 96,328 927,711
Federal Reserve Bankl Eligible paper
541,823 1,921,902 513,465 575.863 214,208 387,339 1,039,596 223,072 139.984 168,976 101,233 572,617 6.380,076
Total
223,325
18,111
Federal Reserve notes in actual circulation
732,301 228,717 245,007 87,543 139,972
165,986 28,334 13,542 7,981 5,379
444,175 96.415 59.003 68,927 31,136 242.742 2,599,268
48,044 19,209 2,850 7.674 3,009 37,328 357,447
205,214
Federal Reserve notes outstanding
Federal Reserve notes held by banks
566.318 209 383 231.485 79.562 134.593
396.131 77.208 56.153 61.253 23.127 205.414 2.241.319
Weekly Return for the Member Banks of the Federal Reserve System.
Following IS the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources and
liabilities of the 775 member banks,from which weekly returns are obtained. These figures are always a week behind those
for the Reserve Banks themselves. Definitions of the different items in the statement were given in the statement of Oct. 18
1917, published in the "Chronicle" Dee. 29 1917, page 2523. The comment af the Reserve Board upon the figures for the latest
week appear in our Department of "Current Events and Discussions" on page 296S.
I. Data for an reporting member banks in each Federal Reserve District at close of business Slay 2 1923.
Federal Reserve District.
Boston
New York
Phila.
Number of reporting banks
Loans and discounts. gross:
Secured by U.S. Govt.obligations
Secured by stocks and bonds
All other loans and discounts
108
8
$
13,301
96,471
249,314 1.743,317
610,035 2,476,453
$
17,507
274,442
338,529
Total loans and discounts
U. S. pre-war bonds
U. S. Liberty Notes
U. S. Treasury Notes
u.s. Victory notes & Tress' notes_
11.8. Certificates of Indebtedness
Other bonds, stocks and securities
872,650 4,316,241
48,535
12,319
79.003 -437,994
33,243
5,284
23,890 488,578
4,489
47,305
172,626 720,339
630,478
10,969
48,968
3.861
51,320
5,606
184,057
Cleveland Richmond Atlanta
55
46
Total loans & chisels & investm'ts, 1,170,261 6,092,235
84,426 644,088
Reserve balance with F. R. Bank
79.777
18,304
Cash in vault
814,834 4,760,984
demand deposits
Net
254,052 919,710
Time deposits
14,178 115,659
Government demposits
Bills payable and rediscounts with
Federal Reserve Bank:
6,673 116,644
Secured by U.S.Govt.obligation's
67.065
22.110
Ott etthor
84
$
$
32,555
10,927
400,180 124,099
087,536 325,304
-1,120,271 460,330
30,335
47,818
31,218
118,325
4,967
6,976
9,468
59,137
3,509
11,714
51,001
288,213
935,257 1,652,484
72,412 110,178
15.428
30,835
711,519 951,836
88,696 556,123
19,886
18,597
20,111
13.592
77
15,051
16.135
590,828
34,608
12,959
329,154
154.763
7,038
15,255
20420
Three ciphers (000) omitted
Chicago Si. Louts Minneap. /Can. Cite
Dallas
.San Fran.
Total
29
77
52
$
$
$
$
15,225
8,712
42,338
7,713
51,447
62,763 592,554 135,381
335,366 1.151,878 305,260 185,711
-405.842 1.786,770 455,866 245.870
25,063
15.322
9,016
14,381
24,041
11,353
94,400
15,051
12,723
8,775
1,219
2,389
24,472
23,502
6,739 113,555
22,716
5,241
2,564
7,443
85,639
29,803
35,692 361,825
$
8,025
76,462
365,241
$
5,260
47,509
202,845
775
$
$
14,993
273,027
165,550 3,923,018
805,921 7,790,079
449,728
12,016
45,932
4,696
21,475
7,755
56,949
255,614
20,193
15,783
2,951
16,829
7,084
11,229
988,464 11,986,124
281,323
35,326
100,668 1,022,714
13.032
100,116
887,660
48,895
140,092
14.666
155,272 2,152,645
487,537 2,417,052
33.228 204,561
53,534
10,091
275,666 1,533,183
168,788 773,251
22,386
8,399
329,463 1,354,323
24,936
92,229
8,826
21,205
225,609 675,228
75,595 611.334
11,620
17,335
16,570,674
1,411,598
276,284
11,284,933
3,996,290
251,320
26,163
10.962
263,279
222.632
39
2,583
9.747
108
38
619,356
42,900
8,346
361,805
181,872
7,613
323,327
21,972
5,647
199,244
85,203
3,261
598,551
46,080
11,282
445,923
126,905
5,350
34,697
8,637
31,180 • 10.395
5,530
4.938
11,445
10.569
490
5.568
66
3. Data of reporting member bank, in Federal Reserve Rank and branch cities end all other reporting banks.
_
Total.
All F. R. Bank Cities P. It. Branch Cities Other Selected Cities.
April 25. May 2. April 25. May 2.• April 25. May 223.Apr.2523 May 3 '22.
315
207
208
31
64
64
775
776
48
258
48
799
258
Number of reporting banks
$
$
$
$
3
$
$
$
$
I
$
$
$
$
Loans and discounts, gross:
49,973
49,234
41,4821 40,814
87,298
76,005
32,456
273,027
171,030
261,817
31,159
345,767
182,331
Secured by U.S. Govt.obligations
1,554,7931,483,0561 457,70" 415,026 2,869,173 2,750,604 563,384 560,391 490,481 485,001 3,923,018 3,795,995 3,290,546
Secured by stocks and bonds
2,163.1882,153,39
682,214 694,290 4,817,483 4,809,823 1,579,125 1,574,341 1,393,471 1,397,211 7,790,079 7,781,383 7,230,890
All other loans and discounts
---925, 11,923,033 11,986,124 11,839,195 10,867,203
394
3,805,279 3,712,451 1,172,375 1,140,475 7,868,987 7,731,4572,191.743 2,184,705 1,
Total loans and discounts
77,180 105,3291 105.309
77,158
37,884
37,884
3,891
98,994
281,323
281,483
3,558
93,838
pre-war bonds
13.8.
370,262 381,884
37,217
610,872 253.900 254,230 168.660j 167,841 1,022,714 1,032,742 1,130,136
37,749
600,154
U. S. Liberty bonds
25,846
22,883
26,059
23,828
22,655
23,312
5,380
100,116
100,466
51,965
5,397
51,169
U. S. Treasury bonds
80.191
675,831 148,409 150,036
82,77' 887,660
908,642
. 87 67
485,330
,101
659,060
70,855
u• S. Victory notes & TreagUrY not& 456,749 463 7
44,16:
23,509
41,673
25,033
.
42,143
51.907
89.385
140,092
158,586
9.363
146,817
9,572
74,910
V.. S. Certificates of Indebtednes5_
423,444 424,251 2,152,645 2,151,772 2,165,142
519, 1513,691 184,244 190,384 1,154,912 1,157,808 574,289 569,71
330
bonds. stocks and c0c'tritis5,
Other
-mans,5,254,959 5,185,432 1,479,571 1.457,790 10,508,030 10,416,310 3,313,2293,305,8802,749,4152,750,698 16,570,674 16.472,886 14,794,628
Total loans At disets & I tt
382 222,946 168,543 166,681 1,411,598 1,367,695 1,353,418
978,068234,
593,004 564,929 141,914 142,252 1,008.671
Reserve balance with F R. lank
58,492
65,613
58.313
77,948
65,214
29,058
142,408
79,603
276.264
30,017
,
280,503
277,202
Cash In vault
4,249,8594,181,968 1, .5811.002,877 7.687,663 7,565,101 1,894,871 1,897,963 1.702,449 1,693,253 11,284,983 11,150,317 10,767,846
051
demand deposits....
Net
657,005 8 6,845 370
4
.105 370,831 1,999,451 1,979,719 1,157,977 1,174,503 838,862 834.561 3,906,291 3,988.783 3,197,954
Time deposits
47,262
50,064
106,155 111,742
11,117
191,282
23,786
24,49
11,741
180,272
251,320
285,843
189,027
Government deposits _
redfuounts with
Bills payable and
F. R. Bank:
57,295
48,642
84,202
94,430
15.637
164,580
31,104
obligations
19,730
174,880
29,824
263,279
243,046
70.405
Seed by U.S. Govt.
38,611
33,308
13,099
22,036
31.111
54,794
96,183
14,502
152,980
29,639
222,682
159,430
101,027
All other
bills payable & rediscount
Kati.) of
total loan
with F. R. Bank to
2.9
2.5
2.5
2.8
1.9
2.5
2.3
2.3
3.1
2.
2.9
2.4
1 0
and tnves
nevued Mazes.
•
New York Mg
Three ciphers (000) omitted.
City of Chicago
May 2. April 25. May 2 April 25. Mat' 2.
.
MAY 12 1923.]
THE CHRONICLE
Vaulters' Gazette.
Wall Street, Friday Night, May 11, 1923.
review of the
Stock Market is given this week on page 2093.
Railroad and Miscellaneous Stocks. The
-
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week ending
May 11 1923.
Stocks.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
403,060;
1,337,026
860,5231
928,800,
1,020,4011
852,0001
State, M.
and Foreign
Bonds.
Railroad.
&c..
Bonds.
Shares, I Par Value.
340,900,000
104.000,000
80,700,000
83,100,000
92,500,000
80,000,000
33 086,500
4 472,000
5 131,000
6 075.500
5 683.500
6,722,000
U. S.
Bonds.
3831,500 35,231,500
1,868,000 8,277,800
1,109,500 5,223,450
1,426,000 8,773,220
1,116,500 4,727,150
632,000 3,380,000
Week ending May 11.
1923.
1922.
1922.
1923.
$73,467,120 $87,895,750 $1,126,325,925 $1,787.326.250
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston
Week ending
May 11 1923.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey, week revised
Philadelphia
Baltimore
Shares. 'Bond Sales Shares. Bond Sales Shares. Bond Sales
.14,680
*21,875
*15,203
*14,388
*13,040
10,244
$18,000
655,800
50,000
228,850
457,050
30,000
3,311
339,700
5,346 1,526,500
4,115
560,200
0,131 1,274,600
7,821
275,000
6,335
71,500
362
730
917
2,913
1,072
513
89,430E1,439,700
33,059 33,747,500
6,507
$209,500
52,869 31,231,050
5,809
$139,100
106,760
5235,800
$25,000
31,600
22,800
53400
21,100
55,600
• In addition there were sales of rights: Saturday 2,902; Monday,7.040; Tuesday,
9,799; Wednesday, 11,606; Thursday, 9,541.
Daily Record of U. S. Bond Prices. may 5 may 7 May 8 May 9 May10 May 1
First Liberty LoanHigh 101 32 101 22 101 32 101,
,
,
22 101 31
,
,
34% bonds of 1932-47_...1Low_ 101.22 101,
22 101 32 101432 101 s2
,
,
(First 345)
tClose 101,
32 101 32 101.22 101122 101 32
,
,
Total sales in $1,000 units__
264
80
237
222
181
Converted 4% bonds of {High
---_
_
____
___. 97 32
,
193247 (First 4s)__ Low_
__
__
____
____
97 32
,
Total sales in $1,000 units___
____
1
____
___Converted 44% bondrigh 971032 97,422 971,32 971,2i
of 1932-47 (First 44s) Low_
972,32 971,22 971,32 971031 971322 971,3,
Close 078'12 971832 97.32 971131
971332 971,32
Total sales in $1,000 units__
29
61
66
53
160
28
Second Converted 414% High
9712
971,32
97 ,,
"
---. 97 a
1
"
boucle of 1932-47 (First Low_
971,32
____
971,32 07",, 971°32
Second 44s)
Close 971,22
____
971132 9711n
971,3t
Total sales in $1,000 units___
1
Second Liberty Loan
fIlgh
---. 971,32
____
971,3:
4% bonds of 1927-42_ _ Low_
-___
971,22
____
971131
(Second 4s)
Close
____
971,22
____
971,3:
Total sales in $1,000 units__ _
_ _ _.
2
!
Converted 44% bonds High 971,32 97,,22 971,32 971,r
611i3; 9- -1;32
7
of 192742 (Second
Low_
972,22 971732 971322 97112
971,32 971,31
44s)
Close 972721 971722 971232 9714
971,23 971.12
Total sales in $1.000 units.... _
426
730
68,
134
495
107
Third Liberty Loan
,422 981032 981,22 98133
1111gb 98
981322 981,32
44% bonds of 1928
Low_
981,32 981,32 981,32 98 22
ogiou
9S 32
,
,
• (Third 44s)
•
Close 98,132 981422 981,32 981,3
981,22 981,22
Total sales in $1,000 units___
3,187 6,180 3,154 9,10,
3,527 2,250
Fourth Liberty 1.oan
High
98 00 97,032 97,132 9720,
,
97 72
971,22
44% bonds of 1933-3S._ Low_
97",
972,32 978032 971,2
971,
3
971,32
(Fourth 44s)
Close 97,122 971132 97183
971,3
97111
971,32
Total sales in $1,000 units_
906
700
595
653
372
50:
Victory Liberty Loan
1111gb 100.00 100122
,
,
,
431% notes of 1922-23_ Low_ 100.00 100300 100132 100 22 100 22 100 32
(Victory 445)(Close 100.00 100'32 100122 100122 100132 100132
100.:2 10041 100132 100 22
Total sales in $1,000 units_
6
14
43
5
21
Treasury
(High 991,
2
99 22
,
99132
,
99 22
9943,
99'31
4)4s, 1947-52
11.0w. 99132
99 22
,
091,
1
99 22
,
99 32
,
99'31
close 99sw
99 22
,
99 22
,
99122
99'31'
99 21
,
Total sales in $1,000 units __ _
495
149
R/I
74
22
508
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
21 let 3I4s
3 1st 448
33 2d 44s
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week ending May 11.
Jan. 110 May 11.
Stocks
-No. shares___
5,538,111
5,401,804
94,645,310
94,729,503
Par value
$482,000,000 $457,262,800 38,748,000,000 S3,669,766.096
Bonds.
Government bonds... 135,613,120 $34,433,750
$770.239,150
$303,569,325
State, mun.,&c., bonds
6,683,500 12,084,500
181,582,200
40,204,500
RR.and misc. bonds
31,170,500 41,377,500
638,174,400
r70,882,600
Total bonds
The range for foreign exchange for the week follows:
Sterling ActualSixty Days.
Cheeks.
Cables.
Iligh for the week
4 bOY,
46231
4 6294
Low for the week
4 57 11-16
4 59 13-16
4 60 1-16
Paris Bankers' Francs
High for the week
6.63
6.68
6.69
Low for the week
6.5131
6.56M
6.6631
Germany Bankers' Marks
High for the week
0.00294
0.002934
Low for the week
0.002431
0.0024%
Amsterdam Bankers' Guilders
High for the week
38.78
39.0431
39.1331
Low for the week
38.62
38.9534
39.01
Domestic Exchange.
-Chicago, par. St. Louis, 154425c. per $1,000
discount. Boston, par. San Francisco. par. Montreal, $19.95 per
$1.000 discount. Cincinnati. par.
5.401.80413482.009.000 331.170.500 86,683,500 335,613,120
Sales at
New York Stock
Exchange.
100",,
62 3d 44s
97 22 to 97 32 1215 4th 4 Sis
,
,
97132 to 971,32
1 Victory 44s
,
98 32 to 981%3
971,32 to 97,833
97,132
Quotations for U. S. Treasury
Notes and Certificates
of Indebtedness.
-See pago 2096.
The Curb Market.
-The review of the Curb Market is
given this week on page 2093.
A complete record of Curb Market transactions for the
week will be found on page 2115.
Foreign Exchange. Sterling
exchange was dull and
prices tended downward, quotations breaking to the lowest
point of the year. The Continental exchanges moved irregularly and new low records were made in four European
currencies on light dealings.
To-day's (Friday's) actual rates for sterling
for sixty days. 4 60 946®4 623-16 for checks were 4 58 7-16@4 60 1-16
for cables. Commercial on banks, sight. 4 and 4 60 13-16@4 62 7-16
days, 4 57 9-16®4 59 3-16; ninety days, 4 56 60 5-1644 61 15-16; sixty
11-16®4 585-16. and documents for payment (sixty days), 4 58 1-15@4
59 11-16. Cotton for Payment,4 60 5-1644 6115-16, and grain for payment,
4 60 5-1504 61 15-16.
To-day's (Friday's) actual rates for Paris
bankers' francs were 6.523444
6.5531 for long and 6.5534446.5831for short. Germany bankers' marks
are not yet quoted for long and short bills.
Amsterdam bankers' guilders
were :38.65314438.71 for long and 38.9031438.
96
Exchange at Paris on London, 69.95 fr.; week's for short.
range, 69.60 fr. high and
70.12 fr. low.
2103
Sales
for I
Week.,
Range for Week.
Lowest.
Highest.
Range since Jan. 1
Lowest. i Highest. •
Railroads.
Par. Shares, 3 per share. 13 per share. $ per share. per share
($
Bangor & Aroos pref_100
100 91
May 9 90
May 9 91
Marl 944 Jan
Bklyn R T waents 1st pd 1,600 164 May 7 17
May 5 1631 Marl 183.$ Apr
Central RR of N J__ _100
Ma 231
200 198
May 5200
May 9 198
Feb
C St PSI & 0 prat_ __100
100 95
Apr
May 8 95
May 8i 95
Mayl 99
C CC & St Louis_ _ _ _100
100 824 Alayll 824 Mayll ' 754 Fe 92
Mar
Duluth So Sh & AU_ _100
loo, 24 May 8 231 May 8. 24 FobI 35144
Preferred
100
200 44 May 7 44 May 7, 314 AP
Feb
Illinois Central pre_ _100 _ _1113
Jan 118 H Mar
May. 9 113
MaY 9 113
Int & Gt No Ry (WI) 100
200 224 May 8 2231 May 8, 22
janI 254 Feb
Manh Elev Mod Gtd 100 2.000 42
May 7 434 May 8, 3931 APII 454 Apr
100
100. 434 Mayll 434 Mayll . 434 Ja
434 Feb
Morris & Essex
50
16 76
MaIl78
Jan
May
May 7 76
Rapid Transit Corp_ _ _ _• 5,500 154 May 71 76
71 164 May10 1534 Apr 1834 Apr
Preferred
100 Loco. 4334 May 7 454 May10 434 Apr49
Apr
West Penn
100 2,500 49
May 5 514 May 9 384 Apr5131 Apr
Preferred
300 80
May 5 81
May
May 7 754 Apr 81
Industrial & Misce10110.
Amalg Sugar lst pref_100
106, 98
May 5 98
Apr 98
.
May 5 95
May
Amer Chain Class A__25 1,000 23
May 7 234 May 8 23
Apr 254 Mar
American Snuff pref_100
100 96
May10 96
May
Ain Teleg & Cable__ 100
100 524 May 8 524 May 8: n
:i
A171128 1 r
1 a
American Woolen rights_ 35,700
4 May 7
4 May gl!
4 Apr
% May
Arnold Constable
•, 400 14
May 5 14% May
14
Ma 18% Apr
Amer Rolling Mill NA®, 500 99
May 5 100
May 8 97
Ap 100% Jan
Auto Knit
•! 6,500 25
May 7 264 May 5 224 Jan) 284 Feb
Auto Sales
- 50, 100 3
May 7 34 May
2
Jan 44 Feb
Preferred
50' 100 1234 Mayll 1254Mayll 12
Ap 1434 Feb
Blumenthal Co
I
100 98
May10 98
May10 98
May
Marl 98
Burns Bros pref
100, 100 1064 May 810631 May 810631 Ma 108
May
Bush Term Bldg pref 100' 200 95
May 9, 95
May 9 924 APIj 954 Apr
Cal Petroleum tern ctt 251 2,500' 2134 May 9 23
May10; 214 May 234 May
9,
Case(J1) Thresh Mach • 200, 38
May
3834 May 9, 284 Ja 42
Mar
Century Rib Mills
500, 34
*
May 7, 3534 May10); 32
Mall 3631 Apr
Cluett Peab & Co p1_100' 10010134 May 7,1014 May
7(1014 Ma 110
Feb
Coca-Cola pref
100
100 95
May 5'
May 5 9231 „la 97
Apr
Columbia G & El, w 1.._•' 2,200 34
May 7 454 May 5 34
May 374 Apr
Conley Tin Foil
• 300 1474 May 7 15
May 7 1431 Apr 224 Jan
Commercial Solvents A.•
300 27
Mayll 28
May 7 25
Apr 46
Apr
Comp-Tab-Record Rts__ 3,500
It May 7
4 May 7
4 Apr
34 May
Cosden & Co, prat_ _.100
800 100
May 7 102
May 9 100
May 10931 Feb
Cuban D
f romlnion Sugar.* 2,100 8
May 5 9 May 7 74 May 124 Mar
Slayl 1 50
100 50
100
Mayll 46
Apr 584 Star
Cuyamel Fruit
• 4,100 6134 May 7 6434 May10 6131 May 69
Apr
118 Horn Coal, pref__50
May10 32
100 32
May10 30
Apr 36
Jan
1 merson-Brant, pref_100
100 26
May10 26
May10 254 Feb 30.4 Feb
1 airbanks Co (The)__25
,
300 84 May 8 84 May 8 84 May 13
Feb
1.idel Phenix Fire Ins_25
21011631 May 9 118
May10 102
Jan 138
Feb
FleLschmann Co
•30,100 444 May 7 474 May 5 374 Jan 4734 May
Foundation Co
• ,
6734 May 7 69
May10 674 May 1134 Apr
Gardner Motor
600 1231 May 9 13
*
May 5 1231 May 1431 Apr
Gen Am Tk Car 2d pf 100
200 9831 May10 99
May 8 9831 May 03% Mar
Gimbel Bros, pref_100
300 9831 May10 99
May10 90
Jan 10234 Feb
Goodyear Tire, pref_100 2,100 5934 May 5 61
May 7 50
Apr 614 Apr
Prior preterred__100 1,700 9654 May 5 9644 May 5 9634 Apr 99
Feb
Great West Sugar, p1.100
200105
May 5 105
May 5 105
Jan 1084 Mar
Guantanamo Sugar, pref.
100 95% May 7 95% May 7 95% May 101
Feb
Hartman Corp
100 1,800 844 Slay 7 87
May 5 834 Jan
Jan
Ious:lVii P; d tem ctts.*12,100 3431 May 8 3634 Stay 7 34% May 954 Mar
nde oe Gas
o
3934
Hydraulic Steel, pret_100
200 13
May 7 14
May 5 10
Apr24
Jan
• 3,000 10
Mayll 114 May 5 10
May 114 May
'nand Site, w 1
• 4,300 39
May 8 404 Slay 9 39
May 4634 Apr
Preferred w 1
100
70010431 May 910434 May 5 10431 May 105
Apr
l nzernational
Ib Tel TelSnoe ___ _• 800 724 Mayll 73
May 8 654 Jan 734 Apr
100 1,900 664 Mayll 68
May 5 6634 May 7134 Apr
eo
c Corporation_• 300 304 May 5 3031may10 2834 Apr
Invincible Oil trust ctfs_•, 300 144 May 9 14% May10 144 May 404 May
14%Slay
Kinney
2,40
0
May10 354 Ap 63
May
MP lenrrred 11) & 100
airi f n (H
Mayll 8034 Mayll 8534 Apr 9
CO-s1 100 8631 May
034 Fob
55
7 334 Mayll 22
Magma Copper
•, 2,500 31
Stay 8 63
May 3634 Apr
Manila Electric
100' 100 894 May'll 894 Mayll 884 Mar 90
Mar
Metrop Edison, pref___•' 300 90
Mayll 92
May, 994 May
MayllI 90
NNNaaatttBcDiaoenpakkt Comm 100
May10 290
1,290
May10,290
Niay'309
Mar
uit, pl_100
900. 941 May 8 9514 Mayl 1 944a.0
4
Feb
St04
&S
Stores
ores
*, 2,806, 3734 May 7 404 Mayll 3634 Aprl 424 Apr
Preferred
100
500 934 May 7 94
Mayll 934 May 9734 May
Nat Enam & Stpg. pf.100
May 7 98
100 98
May 7 95
Apr 102
Feb
NationalSurety ers_ A00
cabbCo
Mayll 1654 Slayl1 163
300164
Mar 165% May
New York
May10 32
2,300 31
SlayllI 31
May 32
May
ing
b
*
100: 13
May
May
12% Feb' 154 Mar
NoY 8American1029,406, 204 May 7 13
rth
81 2231 Mayll 204 May 2434 Apr
0blo H esieuy ply
0h yxFubl Sr p
25
800, 324 May
May
33
314 Apr 67
Mar
• 400 41% May 8 434 May 5 414 May 50
Apr
Otis Steel, prof
100
906, 544 Mayll 57
May 5 47
Jan 724 Mar
Packard Motor, pref..100
100 93
May 81 93 Slay 1 92
Apr 99
Feb
Panhandle P & R, pf_100
2001 60
May 8 60
May
60
Feb 68
Jan
Penn Coal & Coke_ ___50
600 4034 May 7 42 Slay 5 403.4 Apr 4332 Apr
Morris
10
306 164 May 7 1631 Mayll 164 Apr, 194 Mar
PPhhioleipnix
5
2001. 364 M
7 364 May 7 36% May 554 Star
Preferred
100
1001 96
May 9, 96 Slay 9 95
Mar
May 100
Phila. Co,6% pref
50
400, 414 May10) 42
May10 414 May. 454 Feb
Plerce-Arrow, prior pf._•
900, 63
May 7 66
May 9 63
Mar, 724 Mar
Frod & Ref Corp 8 re!_50
i" scorp N j r,1)
.b
200 45
M ay 7 45
May
May 49
4
4
% Mar
%00 8 0102X May 7 103
1
May 7110234 May108% Feb
0
New, common
•
Ry Steel Spring, pref_100 2,7001 464 May 7 4834 MayllI 454 May 514 Apr
200,1174 May 8111734 May 1154 Feb1214 Mar
Reis (Robt) & Co
•
May
144 May 91 14
May, 1934 Mar
Schulte Retail Stores • 2001 14
8,100, 894 May 7 914 May 91 884 MaY, 914
Sid Blum, Prof
May
100 08
98
Mayll 98
May, 98
May
Simms Petroleum ____10 12,600
Jan
104 May 7 12
May61 1054 May, 16
Simmons Co
•19,600 264 May 5 304 Mayl91 244 Jan 3454 Mar
Preferred
100
400 09
May 81 99
May
Apr 101% Mar
8734
Shell Union Oil, pret_100
900 9134 May 71 924 MaY1 91
Mar 984 Apr
Sinclair Oil, pref
100
400 94
May
95
May 9 94
May 9934 Feb
Tobacco Prod, pref_ _100
100 109
May10 109
MaylOi 10454 Feb 1134 Feb
Trans & Williams Steel_•
Apr
300 36
May 8 3734 May10 334 Apr 40
United Cigar Stores_ _ 100
100 210
Feb223
May 8210
Feb
May 8 185
U S Express
100
100 34 May 9 34 May
34 Mar, 83i Feb
U S Tobacco
Feb
• 100 534 Mayll 534 Mayll 534 MaY 69
US Real & Imp,full paid
8 i Feb
Slay 10
45010334 Mayl 1 104
3%
Va-Carolina Chem B
e r,1(
May 91 7x Ipb 16L Feb
34
Van Raalte
Feb
800, 39% May 8
ltru
May 7 39% May 64
West Elm 7% Cum RIghts46.61:112,i "11 41
pf 1; 6e° 8
56
May 5 113
m y 7, 8"
1114 i ta r 1144 Feb
54 Niay
Waldorf System
9
10,..1,1001 374 May 71 3
May 5 3714 May 47
Max
Westlng'se E & M
14 Apr
54 May10
•No par vales.
:
New York Stock Exchange--Stock Record, Daily, Weekly and Yearly
2104
OCCUPYING FOUR PAGES
For sales during the week of stocks usually Inactive, see preceding page.
-PER Si!
ARE, NOT PER CENT.
HIGH AND LOW SALE PR WE
Saturday,
May 5.
Monday,
21fa / 7.
Tuesday,
May 8.
Wednesday, Thursday,
May 9.
May 10.
Friday,
May 11.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 11923.
-share IOU
On basis of 100
Lowest
Highest
PER SHARE
Ranoe for Previous
Year 1922.
Lowest
Highest
-
Per share $ per share Per 'hors
Per share
Par
Railroads
per share Shares
per share $ per share I per share
Per share
$ Per share
k
277 Jan 52 Aug
100 3212 Jan 10 45 Feb 23
,
37
3712 371 .3512 3812 3812 39
3612 3612 37
37
1,100 Ann Arbor preferred
36
9114 Jan 10812 Sept
8 9912 1001s 12,300 Atcb Topeka & Santa Fe_ _100 9818 May 4 10518 Mar 3
3
93 4 9912 9912 10014 9912 997
9914 99% 984 9912
8
545 Jan 95% Aug
100 8712 Apr 30 905 Mar 6
8814 8814 8878 8878
8 873 8814 "8818 89
8
4
Do pref
800
8812 883 883
.88
512 Apr
4
3 Jan
113 Jan 3
314 Feb 21
218
212
212 '2
24 24 '2
24 218
200 Atlanta 13Irm & A tlantio 100
214 '2
'2
,
83 Jan 1247 Sept
100 11014 Jan 17 127 Feb 26
4
1143 115
1137 115
114 115
8
1131s 115
113 113
3,200 Atlantic Coast Line RR
113 113
493
3313 Jan 6014 Aug
100 4018 Jan 17 5618 Mar 21
4
4812 49% 37,500 Baltimore dr Ohio
4712 4814 453 4814 4612 4714 4713 4914 48
4Slay 7 60% Mar 21
524 Jan 8614 Aug
5812 .57% 5813
10(1 553
8 553 .5612 57
563
574 "57
4
500
8
7
54
Do pref
563
57
Jan 29 June
112 Apr 14 1614 Jan 2
6
8 2
15
2 14
218
2
2
21 2 6 4
6618 213 8,500 Brooklyn Rapid Transit. 100
,1% 623
Ps 2%
24
2
8
55, Jan 247 June
14 Apr 16 13 Jan 12
2
4 2
2
13
14 14
214
3 2
15,
Certificates of deposit
2,500
214
100 14014 Jan 17 160 Apr IS 11918 Jan 15138 Aug
15138 152
152 15412 15,500 Canadian Pacific
8
14912 1515 152 1534
3
15018 15012 1485 150
Jan 79 Aug
.11
784 Jan 30
100 6458May
6612
4
8
654 645 654 653 6614 66
6512 6512 65
2,600 Chesapeake & Ohio
100 1005
8MaY 7 104% Feb 23 10053 Dec 10553 Oct
101 101 .10012 101 .100 10118
8
600
8
Preferred
1004 1004 1005 1005 101 101
,
121 May
14 Jan
4
33 Feb 13
218May 1
3
100
214 211
21s 21s
23, 2 8 '24 238 1,200 Chicago & Alton
214 214 *24 214
6% Feb 8
34 Jan 20% May
3% Jan 12
4
412 *313 414
100
4
*31
Preferred
700
4 *334 4
34 33
4 34
133
4
1214 Jan 433 Aug
4
2618 Jan 16 383 Feb 13
29% 31
304 307
3118 33
4
303
33
3014 3014 30
2,900 Chic dr East III RR (new)
32
.
3118 Jan 644 Aug
51 Jan 17 6214 Mar 26
59
5812 59
*57
59
60
5712 5712 *5712 59
900
58
Do prof
58
3% Dee 1034 May
7 Feb 7
4 Jan 18
518 54
514
.5
518
5
5
5
1,400 Chicago Great Western__ _100
512
*5
: 514
51
7 Dee 2412May
813 Jan 18 17 Feb 6
100,
1118 114 1118 1114
1114 1113 1,800
11
11
11
8 11
115
Do pref
11
3638 A01
174 Jar
2112 21
211, 205 2113 9,500 Chicago Mllw & St Paul_100 20 Slay 7 2838Mar
8
2012 214 21
21
2114 20
• 21
29 .far, 554 Sept
100 32% Jan 13 4512 Mar
3714
3614 365
8 364 373 14,000
4
3558 3814 36
Do pref
3614 364 344 36
Jan 951 Sept
59
8Slay 4 88 Mar 5
Wetern_100 767
793
7834 80
79
78
4 7818
7914 79,
3,800 Chicago & North
7712 774 7812 78
Jan 125 Aug
100 113 May 5 11818 Mar 21 100
114 114
Do pref
200
113 113 '112 117 .113 115 .112 115 .112 115
304 Dec 50 Sept
29% 2918 2912 2914 30% 15.300 Chic Rock Isl de Pan
100 28 May 7 37% Mar 21
29
3 28
2914 28% 29
293
29
834 Jan 105 Septi
85 May 1 95 Feb 9
100
8712 8712 *8712 89
87
861 4 8714 '86
8814 8814
89
7% preferred
1,000
"87
7014 Jan 95 Seal
7712 7712
*7714 79
*7712 79
100 77 May 2 85 Mar 5
77
8% preterred
400
4 7714 7714 7714 '76
77
51
Jan 90 Sergi
72 '65
70
100 71 Jan 9 78 Mar 5
*66
72
72
*66
*66
70
Chic St P Minn & Ons
"66
72
*66
38 Jan 5312 Apr
35
35
100 35 May 9 4512 Feb 13
35
35
353
35
4 35
35 4 35 4 *35
900 Colorado & Southern
3
,
.3412 36
8
8
100 103 Jan 11 12413 Feb 13 1004 Jan 14112 Sept
8
10814 11014 111 1114 11112 11112 1117 1117 1123 113
3,400 Delaware de arludson
111 111
Oat
118 11812 11812 11812 118 118
118 118
11414 116
2,100 Delaware Lack dr Weatern_ 50 11512May 4 13012 Feb 8 /08 Feb 143
8
1155 116
18% May
7 Jan
8
100 1012 Jan 18 134 Feb 13
4
103 11
11
1114 7,000 Erie
105 10 4 1013 104 1012 1012 105 11
8
,
1112 Jan 284 Aug
8S/or 21
100 15 Jan 17 205
164 1618 1612 164 1712 1712 17% 1712 174 4,600
prof
4 1618
1612 163
Do 1st
713 Jan 2014 May
.1218 13
1113 12
100 114 Jan 22 15 Mar 5
*1012 1112 .104 1112 1118 12
12
Do 24 prat
1,100
.11
7014 Jan 957 Oct
72% 7214 724 8,600 Great Northern prof
4 72
4
100 7018May 7 80 Mar 5
4 713 723
3
7218 7218 704 7212 70 4 713
5
284 Nov 45 1 Apr
2934May 8 36 Mar 19
3012 30
3014 30
30
2934 30
3018 5,600
30
Iron Ore propertles_Ns par
3018 3012 30
5 Jan 19 May
14 .1314 14
14 .12
14 "12
100 1214 Jan 12 20 Mar 5
14 .12
200 Gulf Mob dr Nor tr etts
1312 II .12
Jan 47 002
10
50
50
50
5114 50
_100 444 Jan 2 62% Feb 21
50
50
pref
50 '47
50
Do
48
'
1,000
50
4
0711 Jan 1153 Sept
111 111 '110 111
100 1083
8MaY 8 11713 Feb 21
109 109
110 110
1,823 Illinois Central
1084 10914 110 111
5 AO
4 Dee
8
3 Jan 4
4 Jan 17
Interboro Cons Corp.. No Par
78 Dec 1238 Apr
% Jan 5
100
la Mar 2
Do pre}
Dec
Mar
-fiI*/ -iira -fit; 1738 18
-1712 _3,400 Interboro Rap Tran w I_100 15 Jan 16 2278 Mar 14 1738 Nov 3214 Aug
,
177 18
304 An
17
3
20
20
203
20
8
3 1,800 Kansas City Southern._.100 1813 Jan 12 2414
203
1918 1958 187 194 1914 2018 20
524 Nov 5911 Apr
4
8
523 523 *52
100 51 Slay 7 573 Mar 5
5212 523 5238 "524 53
3
8
51
53
.5212 54
Do prof
400
2
Jan 2
10 Feb 397 June
3012 30
30
100 30 Apr 19 34
*30
*2912 30
30
30
'29
3112 .2912 30
200 Lake Erie & Western
6/8 Feb 77 Sept
2
74 Mar 28
100 66 Jan 11
70 '68
70
70 "68
"68
70 .68
70
70 "68
Do pref
68
.
5838 Jan 73 Sep/
8
50 GI Slay 4 713 Feb 7
6112 6214 60% 62% 6212 6314 624 6312 6214 635
8 6,200 Lehigh Valley
4
623 624
2
91
4
893 9013 90
453912 140
c8512 8612 89
0O's 90
90% 4,300 Louisville & Nashville__ 100 8512May 7 155 Feb 28 108 Jan 1447 Oat
Jan 58 Aug
35
100 454 Jan 25 60 Apr 17
4 5512 5512 58
593
58 "5412 5812 '55
*54
58
5412 58
366 Manhattan By cuar
444 Aug 5512 Aug
44 Feb 13
Eq Tr Co of NY ctf dep_100 354 Jan 25
34 Jan 11 Mae
814 Jan 23 20 Mar 10
4.514 14 -1334 13l '13 14
11- 7
100
4
123 123. ;1.5- *1212 14
300 Market Street fly
Jan 5014 Apr
*4213 50
17
50
IGO 39 Feb 27 6813 Mar 12
"42
46
50 '43
.42
4
46 .40
50
*40
Do prof
Jan 78 NO7
85
73
73
76
4
4
7218 7212 7112 7212 '73
.734 764 723 723
Do prior prof ______..._100 66% Jan 10 87 Mar 12
800
55, Jan 32 Apr
*33
35
100 2112 Jan 31 5614 Mar 12
35
32
33
33 .32
32
324 .30
35
24 pref
"30
Do
300
tut Feb 13
4
Jan 1412 Apr
4 .612 63
.512 63
5
5% Jan 8
100
7
612 7
7
7
712 3,000 Minneap & St L (new)
4 7
63
55 June 758 00
66 '63
65 '63
65 '63
68
*64
67
6412 65
6714
Minn St P dr S S Marle____100 604 Jan 4 7312Mar 5
Jan 1514 Dec
814 ,epr 26 12 Feb 6
.100
Kansas dr Texas.
Missouri
71 Jan 1638 Aug
12 May 5 17 Feb 15
123, 1238 123, 133 21,100 Mo Kan & Texas(new)
; i2' 12l2 12's 1212 -i374
3
,
12 11
4
244 Jan 483 Aug
33 May 7 4513 Feb 14
3414 3312 3458 3414 3538 3412 3513 35
33
34
3712 9,500
34
Do pre! (new)
15% Nov 2514 Apa
8
153 1512 15
8 1412 15
1518 143 1518 5,200 Missouri Paella trust ctf8.100 1418Slay 7 19% Feb 14
8 1418 147
4
1412 147
4
40 Nov 633 Sept
100 3612Slay 4 49 Feb 10
3812 3912 6,800
8 37% 3814 374 38% 38% 39
37% 387
4
383 39
Do prat trust ctfs
74 May
4 4
%
4,33
21 Nov
44 Feb 15
2% Jan 17
4 4
8 4
*35
3% 3 4 *33
3
4 4
*33
,
3
.4 4
100 Nat Rys of Max 2d prat_ 100
8
s
547 Jan 873 Dec
84 Jan 16 105 Mar 20
95
934 94
96
97
8 91
957
9614 9614 9512 963
95
4 2,800 New Orl Tex & Mex v t e 100
4
723 Jan 10118 Oct
100 9012May 4 10014 Mar 6
93
91% 9238 92
92% 9312 9278 94
9112 91% 9012 94
47,300 New York Central
5118 Jan 914 Ott
Apr 9 84 Jan 29
7714 *73
7914 *73
7814 *73
78
"73
78
7714 7714 *73
100 N Y Chicago & St Louis__.100 7412
4
613 Jan 23 Sept
Feb 17
ego
_100 7613 Jan 2 9012
85 '80
85 .80
85 .80
85
85 .84
85
"80
Do 24 prat
124 Jan 38 Aug
100 1814May 7 2213 Jan 30
164 174 17% 18
175 184 174 1812 9,000 N Y N H & Hartford
8
4 1614 17
4
173 173
1812 Dec 304 Apr
8
1714 1712 1718 1718 1713 1712 1712 177
1812 2,800 N Y Ontario & Western...100 1718May 8 215 Feb 13
8 18
8
175 18
85 Jan 224 June
8
100 14 Feb 1 183 Feb 9
*1212 16
"13
16
16
*13
"13
16
17 '13
4,13
16
Norfolk Southern
9014 Jan 12512 Sept
100 10614May 4 117% Feb 9
4
4
108 10812 2,300 Norfolk & Western
10714 10712 1084 10714 10712 1083 10812 1083 108 108
Jan 82 023
72
IOU 754 Mar 10 78 Jan 29
7714 7714 *77
79
7734 7714 7714 *77
*77
79
79
*77
Do pref
200
73 Dee Was Aug
100 71 May 7 8112 Mar 5
72% 73
73
724 7318 723 734 727 737
4
8
s 71
73 733
8,700 Northern PacifIc
3314 Jan 492 Oct
50 44 May 7 47% Jan 29
4414 44
44% 44
4414 444 4412 4414 4412 8,900 Pennsylvania
444 44
4418
104 Jan 28% Aug
100 10 May 7 17 Mar 21
"10
14
10
•I0
"10
10
13
13
124 1212
"11
400 Peoria & Eastern
Jan 402 Aug
8
19
_100 38 Jan 11 425 Apr 19
4 38% 393
4 3912 40
38% 393
3912 403
8 4013 43
4
395 -,i0"32,900 Pere Marquette
03 Jan 82 Aug
4
100 71 Apr 10 763 Mar 5
pref
'70
71
72 .70
72 .70
72
71
•70
74
Do prior
72
*70
100
6013 Jan 741g Aug
May 7 7013 Jan 9
100 63
63 "63
63
*63
65
63
65
63
"8314 65
65
Do prof
.62
200
23 Jan 4138 Aug
8
100 337 Jan 17 50%Slay 10
43
41% 4318 43
4
444 447 505
493 69,100 Pittsburgh et West va
434 41
8 46
43
Jan 95 Nov
76
100 87 Apr 23 93 Jan 9
91
.89
*88
91
89
91
90 .89
89
.88
Do pret
90
90
300
7118 Jan 8718 Oct
50 7218May 7 814 Feb 7
7218 74% 7314 74
74
7618 743 763
4
8 743 7614 22,000 Reading
7314 74
4
43 Mar 57 May
50 49 May 4 5813 Feb 7
49 '49
pre!
50
49
51
.50
51
51
Do 1st
51
50
51
50
1,600
Jan 5912 May
45
50 50 Apr 3 5674 Jan 30
51
"50
"50
51
5012 5013 52
524 5214 .50
Do 24 pref
.50
53
1,100
1713 Fcb 534 June
4
100 25 May 2 373 Jan 10
32 .26
32 '26
*26
32
32
.26
32 '26
Rutland RR pref
32
.26
3
/Mar 5
2014 Dec 323 Aug
IF etfs 100 2012Stay 7 281
4 2012 21% 2112 2112 21
4
214 2112 22
.213 2214 2012 213
4,100 St Louls-San Fran
4
343 Nov 58 Aug
100 3213 Jan 3 50 Mar 5
4112 414 *41
Do pref A trust ctfs
43
4012, 4118 4014 4014 40% 41
4212 4212 1,300
100 273
3
4May 7 36% Feb 10
203 Jan 36% Nov
Southwestern
29
4
273 2914 29
3018 2914 304 295 314 7,100 St Louis
4
283 284 27%
8
2
3
323 Jan 597 NOV
100 56 Jan 4 834 Mar 21
593
5612 58 .58
4 5712 58
583
Do prof
584 571s 56% 57
58
3,400
5% Jan 2
24 Jan 10 API
713 Feb 10
100
614 612
64 614
4 63
63
4 "612 63
612 612
4
612 64 1,200 Seaboard Air Line
4
41/ Jan 143 Apr
852 Jan 18 134 Feb 14
100
110
.1014 1012 1012 1012 11
11
Do pref
11
4
113 .1.1
,
10 8 11
2 1.700
Ma Jan 9014 Oat
100 87 Jan b 954 Feb 21
8858 88 4 897
8 88
8 885g 894 8914 9018 15,000 Southern Pacific Co
3
884 8812 8714 883
100 24% Jim 6 3514 Mar 20
174 Jan 284 Aug
4
8 32
31% 304 31 18 30% 314 313 3214 3178 323
3314 30,100 Southern RallwaY
31
Jan 71 00
48
100 643 Jan 8 707 Mar 22
8
4
66
Do yet
3
663 665
8 66
6812 654 60
6512 6614 86
3,400
6512 66
AO
36
1838 Nov
100 193 Jan 16 2913 Mar 21
4
2112 213 22
8
4
223 223
4 2212 2213 223 2411 1,500 Texas & Pacific
2112 2112 21
2538 Slay
1312 Nov
100 1411 Jan 10 1914 Feb 10
Avenue
1512 *143 1512 1512 1512 15
4
16
*144
16
16
600 Third
1512 '15
Jan 62111 Sept
34
.100 5314 Jan 10 66 Apr 20
Transit..
64
66
300 Twin City Rapid
6414 "634 6518 6312 6512 654 654 '64
"6414 65
4
Jan 1544 Sept
100 132 May 4 144% Feb 26 125
13412 13612 13,400 Union Pacific
4
134 134% 13212 13414 132% 1333 134 135% 13412 135
714 Jan 80 Aug
100 7114 Apr 21 7612 Jan 6
7212 71% 72 '7214 723
7214 7258 7238
Do pref
7212 '72
4 72
'72
500
1938 Apr
74 Jan
2178 Mar
100 11% Jan 2
1213 12
12
1212 1214 1214 12
13
2.100 United Railways Invest
1214 4,12
1214 1314
.
204 Jan 3612 Apr
100 2612 Jan 17 62 Mar 5
38
8 3712 3814 3,600
383
8
Do pref
3513 35% 355 3812 3612 38
3813 37
3
143 May
Jan
6
100
7 Mar 10 1112 Mar 22
9
93
8% 9
9
9
9
94
9
9
8% 9
4,600 Wabash
Jan 3513 Aug
Ill
100 2314 Jan 17 344 Mar 22
4
2712 27% 285
8 273 284 284 295 21,440
Do pref A
274 2814 2614 273
4 27
1214 Jan 24% Aug
100 lells Jan 18 2213 Mar 22
pref B
1812 19
1812 21
Do
.1813 1912 •1812 21 .
.1812 21
.1918 2112
300
174 Aug
314 Jan
9
11
12
1014 114 1014 104 10% 11
II% 1214 9,400 Western Maryland (gess) 100 1014MaY 5 15 Feb 22
1014 11
Jan 2812 Dec
13
100 22 Apr 2 264 Mar
24
8 2412 244 5,100
247
8
•23
233 23% 23
24
23
22
Do 12d prof
.23
4
133 Jan 24% Apr
100 15 Slay 1 2014 Mar 5
,
PAWL
8 16
1618 '1614 163
15% 157
8 15% 153
4 15 8 16
5
16% 167
4 1,200 Western
1
Mis Mar 847 Sept
8
100 53 May 7 833 Mar 5
53
55
"5514 56 '55
53
56
54
54
.55
5612 53
Do pref
600
6 Feb 184 June
1012 Feb 13
712May
813
8%
8 14
8
8
818
712 8
8
712 712
4,700 Wheeling & Lake Erie Ry_1(10 1234May 7 19 Feb 13
3
914 Jan 295 June
4
100
4 1438 1512 1,500
4
123 123 •13
13
4 134 143
1312 134 133
4
13
Do pref
Ms Mar
Jan
23
100 26 Jan 10 3513 Feb 23
31
32
31
31
31
3114 32
31
304 30% *29
31
800 Wisconsin Central
Industrial & Miscellaneous
Jan 83
Oa
48
100 88 Jan 2 82 Mar 3
75
7112 7112 *71
•7112 75 .
71
7112 75
1.100 Adams Express
23 Aug
101784 Dec.Ja
100 12% Jan 2 1912 Mar 6
13
15
13
•13
"13
13
15 .13
13
14
1,400 Advance RumelY
3012 Aug
100 43 May 8 543 Jan 14
43
43
45
45
*4312 47
43
.41
*43
45
Do pref
200
Oct
4
1.9
4512 Jan 66
4
86
66
663
87
4 663 67 .66
65
"86
6712 1,400 Air Reduction, Inc- _No pat 1171',S= 17
y
n
°
1.
5
9 8: July 18% Apr
1212 13
123
12
1214 1213 4,700 Ajax Rubber, Inc
8 1214 1212 1212 13
May
8
5 Mar 0
4
10
1.4 Jan
3
3
14
14
*14
8
3
8
3
14
'
*14
8
3
400 Alaska Gold Mines
2 May
4
13 Star 9
I Feb 15
11
118
110
*118
114
114
114
•118
118
118 3,300 Alaska Juneati Gold MILL._ 10
9134 Sept
7
,
ir
68% 7012 694 7018 6918 70% 673 0
4 912 667 683 14,400 Allied Chem & Dye____No %s 164 8:ty 11 80 Jan 2
4
1154 Be"
Jan
101
1104 1104 110 110 •110 11014 110 11014 110 110
1,700
Do prof
4
" 51 L)
a
3744 Jan 593 Sept
100 42 May 7 112141‘ alr HI
4212 43 8 43% 44
433 4414 4414 4413 3,400 Allle-Cbalmere Mfg
4
3
43
42
8012 Jan 104 Sept
100 93 Slay 7 9713 Jan 27
94 "92
93
"92
"92
93
93
93 93
93
300
Do pr .f
2
6.27 Juno
8
2714 Nov
100 4 11
2518 25
25
Agricultural Cbena_100 23 SIay 11 367 Feb 21
2112 24
.254 25% 2512 2512 25
1,900 Amer
Jan 7214 Sept
Slay
8
56
687 Feb 21
8 4613 4618 4618 4818 43
475
4812 47
'48
46
2,100
Do pref
Dee
)1
Jan
58
50 77 Jan 8 914 Mar 7
81
84
81
8
81
81
807 804 .81
81
81
500 American Bank Note
8 July 554 Deo
5
9114j i
50 5112 Apr 24 55 Feb 7
•52
54
54
*52
p rgor
54
54 '52
"52
eso ef
54
.52
A romoBriacanok
Jan 49 June
100 36 Jan 31 4912 Feb 13
4112 413 4138 40
8
4014 40
Beet
4114 3,000
3614 3912 39
Zi
-3913 1
4
31 Jan 69 Apr
4112 4378 4138 4312 39
3812 41
42
37
4212 11,600 Amer Bosch Magneto_ _No star 37 Jan 9 60 Mar 6
43
42
884 Sent
Jot
0
.
:
61
83 Mar 21
76
*7413 764 7618 7612 "74
*74
75
76
700 Am Brake Shoe & F.._No 0
75% 7518 73
Oct
113
MO :rr 13 110 Jan 14
I
h
108% 1083 •108 109 "108 lt19
4
100
Do prof
.103 110 '108 109
,
4 108 110
7612 Nov
n
734 Jan 2 100 Mar 6
21
93,
32', Jan
9118 893 943
4
4 92
8912 89
9512 212,200 American Can
4 8714
904 854 883
89
Jan 113% Dec
100 107 Apr 13 115 Feb 20
93',
4
10812 10812
•107 10812 •107 10812 *1073 109
400
Do prof
107% 10712 '167 108
Oa
Jan 201
0
10
171 17314 170 175
189 Mar 7 141
4
167 168% 168 1693 170 173
5,900 American Car & Foundry_100 161627,84s511aoxY
Jan 1281s NOT
189 16912
5
4
22 125% Jan 18 11512 N
121 121
121 121
11914 11914
121
300
Do pref
121 .1104 121 *119% 914
14 MAY
•11912
8
5 2 Jan 30 11 Apr 25
9
No par
9
918 918
'83
4 9
4
83
1,200 American Chicle
812
8
9
9
I
Ex-rights, •Less than 100 shares. a Ex-dividend and rights s Ex-dividend. It Ex-rights (June 15) to subscribe.
sales on this day.
•Bid and asked prices: no Alden Coal CO. at $5 per share and ex-dividend 100% In stock (Aug. 22). c Ex-di% Mend.
of Glen
share kir stare se gods
7114
71
1312
13
45
.42
6612
.63
1218 1212
4
14
'
114
114
3
70% 70 4
110 110
4
43% 433
93
.89
4
*253 26
*4714 4712
,
481
8212
71
7 ar
,2Nar
New York Stock Record-Continued-Page 2
2105
Poe sales during the week of stocks usually Inactive. see second page preceding
HIGH AND WW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday,
May 5.
Monday,
May 7.
Tuesday,
May 8.
Wednesday, Thursday,
May 9.
May 10.
Friday.
May 11.
Sales
for
the
Week.
$ Per share $ Per share $ per share $ per share $ per share $ per share Sh2res
128 1258 1258 1258 1214 123
1212 13
91s 1058 9,400
4 1018 1214
2512 2512 2412 2412 *23
26
*2314 2512 23 2412 1914 2212 1,400
14 5%
512 54
53
2 53e
514 512
*514 53
514 53e 2,000
4
5
117% 11712 116 116
117 11734 121 121. 120 122
119 119
2,100
*9% 10
88 9
2
10
1,200
1012 1012 107 11
10
10
10
53 53
5114 527
53
5318 54
55 *5112 5312 1,600
543 *53
4
9612 95 9614 9614 97
92
9534 963
9678 4.500
96
4
953 96
4, 2
8
84 582
8312 a82
8484 *82
841
4
843 *82 84% *82
4
. 26
287
25% 2618 *254 26
26
4
26% 28
253 26
264 3,800
•1154 1212 *1112 12
1214 1212 1214 1214
1112 1112 12
900
12
28% 2858 26% 273
29
*28
2,200
2658 2714 281 288 287 29
8
*49
51
4512 4834 4612 47
4814 4814 47% 4712 1,000
48
48
128 1287 12534 1283 12818 132
8
13212 13812 13514 13918 13434 137 177,900
11612 11612 *110 115 *112 116 *114 117 *114 117 5115 118
100
46
48
4512 46
4772 2,400
47
4 47
48
4712 48
473 473
4
8212 827
2 82
823 83
4
8218 823
827
3,000
8214 83
8284 83
718 712 2,700
712 714
71
74 714
7
7 14
714 784
714
143 15
1414 15
1484 1484 1412 1584 1434 1558 1484 1518 3,700
593 60% 57 60
4
59% 18,700
5714 59
5984 6012 6878 60% 58
*9812 99
*98 99 59814 99
300
9814 987 *9814 99 *9814 99
*142 148 *RD 145 *141 145 5141 145 *141 146 *140 146
37% 3814 365 375
12,200
4
5
37
3784 3712 38% 3734 383± 373 38
*96 105
10012 1001 100 10014 510014 103 *100 103 *100 103
300
77 77
75
2,400
77
75
76
78
8 77
7614 7614 775
75
10514 10514 *10434 106 5105 106
200
105 4 1053
1
105 105 *105 106
28
265 .26
500
2612 261
27 526
28 *27
274 *2612 28
*535559 *535± 59 *535± 59
59
*5358 59
*53% 59
12218 12212 1218 12284 122 122% 1223± 122% 12214 1227 12258 1227
8,800
8
15134 15134 15014 15384 15018 15114 152 15234 147 150
14812 1481
4,400
*10134 102
700
102 102
10214 10214 *102 10214
1013 10178 *10178 102
8
*15012 15112 148 14914 149 150
2,100
151 15112 147 14812 147% 1477
5 3814 3888 4214 40
3814 3812 38
8,100
4212 41% 417
Ma 37
90 9014 90 90
90 901
89
9014 9014 8914 8914 89
800
563 5812 *5614 59
61
3,200
6112 584 do'
5812 5878 59
61
*941 96 *94 97 *94 97 *94 97
9434 943
200
4 94% 943
9418 947
9318 9414 9012 94
92 94
925± 9412 9314 941 27.900
10412 1041 *10418 106 10412 106
4,600
10412 1071s 1045± 1055± 10512 106
*25
2414 25
24
26
241
24
1,800
25
24% 2412 25 *24
1412 1412 14% 14%
135 135± *1434 15
15
*15
1512 15
400
49
50
49
*48
5012 *49
4912 4912 *49
491
4912 *49
300
455 46'± 453± 4712 46
4612 4734 458 47
473± 4618 47 28,100
7212 73% 69
6 73
4
713
731 74
4 693 723
7114 741
737
7.700
841 84'± 8414 8414 84 84 5
*8312 85 •8312 85
300
84's
89
589 92 *89 92 *90 92 *90 92 *89
92
3189
91
*108 1091 104 108 108 108 108 10912 110 110
1,500
110 110
.
218 214
24 21
*2
234 *2
24 *2
234 *214 213
200
191
18
17
187
19
193
2114 20
19
2134 1912 21
14,900
1412 141
1512 161± 1612 1812 1612 1714 1612 1612 2,100
148 16
119 120 •12013 128 11121 130 *122 129
12334 12334 *125 130
300
*11512 11612 *11512 11612 11512 11512 *11612 11612 11612 11612 *11512 117
200
1512 1512 *158e 167
153 1538 *15
1678
187 •15
1678 515
200
±
26
26
24 8 2513 2412 2572 2612 27
5
2712 2734 4,100
2684 27
83 *7934 8314 .82
*80
8314 *82 8314 *82
834 *82
834
12714 129% 1233 128 12514 128 127 1305 1277 13114 12712 131% 1247600
±
8
*112 11212 *112 11212 112 112 *111 11212 *111 11212 *112 11212
100
*46
49
*46
49 *46
49 *46
49
*4612 49 *46
49
22
2214 2134 2214 2112 22
2112 2112 2,100
2238 2212 *2112 22
•1512 17
15
15
14
14
1412 16 *15
1634 •15
800
1684
3
5
*14
14
14
900
14
14
*14
3
s
3
8
3
8
*14
*14
*52
54
5212 5212 *5112 547
500
57
55 5514 55
56 *53
6812 6812 625 67
8
6418 6612 6612 6912 67 693
6812 7.600
4 67
60
607
s 5814 60
5918 6014 583 603
4
4
4 5572 5812 543 5714 113,200
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range sines Jan. 11928.
On basis of 100-shars lots
Lowest
Highest
PER SHARE
Range for Prestos;
Year 1922.
Lowest
Highses
Indus. & Miscall.(Con.) Far $ Per Oars 1 $ per share I per share $ per share
tagMay 11 20 4 Jan 4
American Cotton 011
1514 Nov 30% MID
1
100
Do pref
331j Nov 61 May
100 1914May 11 3834 Jan 4
518may 2
Amer Druggists Syndicate-10
714 Aug
44 Jan
75± Feb 23
Allter1C8,12 Expreas
100 11514May 2 14312Mar 2 126 June 162 Oct
4May 71 1334 Mar 7
American Hide & Leather_100
101 Dec 171a Apr
2
83
Do pref '
4
58 Jan 741 Sept
100 5114May 7 743 Mar 7
4
78 Jan 122 Sept
American Ice
100 92 May 7 11012Mar 23
72 Jan 9514 Auii
Do pref
100 83 Apr 30, 89 Feb 21
/
1
4
243 Dec 505± June
Amer International CorP-100 24 Jan 301 32 Mar 21
1
91s Jan 14 July
American La France F E...10 1114 Jan 17 13 Mar 1
28 Nov 4212 Oct
American Linseed
100 2612MaY 71 38 Mar 5
Do pref
48 Nov 6412 Oct
100 451•MaY 7j 59 Feb 15
American Locomotive _...100 12018 Jan 17; 1393 Mar 19 102 Jan 1383 Oct
4
3
Do pref
100 115 May 4 122 Feb 9 112 Jan 12214 Dee
44 Sept 5314 Dec
Amer Metal temp ctle.-No pa
2
451884ay 4' 557 Mar 5
American Radiator
25 76 Jan 2; 8812 Apr 19 82 Jan 129 Oct
American Safety Razor
83± Oct
38* Jan
878 Jan 6: 94 Feb 19
2
Am Ship & Comm
51s Jan 241 May
4
14 Apr 23 2138 Jan 5
1 /o pa
,
.
5
Amer Smelting & Refining-10
43 Jan 6712 MaY
53 Jan 17. 6912Mar 2
Do pref
100 7888 Jan 18 102% Mar 6 8812 Jan 10413 Oct
American Snuff
100 140 Jan 10 15214 Feb 14 1094 Jan 159 Sept
Am Steel Fdry tern ctfa_33 1-3 3513 Jan 17 407 Mar 21
8034 Jan 464 Sept
8
Do prof tern ctis
100 100 May 8 10514 Feb 9 91 Feb 10814 Oct
American Sugar Refining_ _100 73%May 4 85 Feb 13
3
5412 Jan 857 Aug
Do pref
100 105 May 9 1083 Jan 3 84 Jan 112 Aug
4
Amer Sumatra Tobacco100 2414 Feb 1 3884 Feb 14
2314 Feb 47 May
Do pref
4
100
Aan 136 65% Feb 13 621 Feb 71 Jan
J pr
Amer Telephone & Teleg_100 16334
2114
12512 Mar 5 1144 Jan 12814 Aug
American Tobacco
100 147 May 10 1614 Feb 13 1294 Jan 1694 Sept
Do prat (new)
101 Mar 16 1074 Feb 2 964 Jan 108% Oct
Do common Class B
100 147 Mayjo 15934 Feb 9 126 Jan 16544 Sept
Am Wat Wks & El v t(7_100 274 Jan 29 4434 Apr 26
6 Jan 334 Nov
Do let prof(7%) v t 0 100 85% Jan 3 93 Jan 16
2
67 Jan 937 Sera
Do partio pf(8%) v t o 100 484 Jan 3 63% Apr 26
1714 Jan 5514 Oct
Amer Wholesale, prof
86 Oct 95 Jan
100 9314 Jan 2 9814 Jan 31
Amer Woolen
100 9012May 7 10952 Mar 21
7814 Jan 105 Oct
Do pre/
100 10312 Apr 28 11144 Jan 3 102 Jan 11114 Dee
Amer Writing Paper pref-100 24 May 8 32 Mar 8
224 Jan 5514 Sept
Amer Zinc, Load & Smelt__-25 1352May
124 Jan 21 Sept
1914 Feb 16
Do pref
25 481s Jan 29 5814 Feb 27
36 Jan 57 Sept
Anaconda Copper Mining_50 454 Jan 18 5312Mar 6
45 Nov 57 May.
Associated Dry Goods
2
100 621 Jan 5 88 Mar 15
48 Jan 707 Dec
4
Do let pre!
100 8212 Jan 18 89 Feb 13
75 Jan 86 Otit
Do 2d pre/
100 8818 Jan
9112 Oct
9313 Feb 26
76 Jan
Associated 011
100 104 May
133 Jan 12
99 Jan 13512 May
Atlantic Fruit
No par
134 Jan 1
313 Feb 14
14 Dec
54 Apr
All Gulf & WI El 13 Line__100 16 May 4 334 Mar 17
1958 Dec 4,34 May
Do pref
100 15 May
27 Mar 19
15 Dec 3114 May
Atlantic Refining
100 119 Jan
1534 Jan 10 117 Dec 1575 Oct
Do prof
100 115 May
120 Jan 18 113 Jan 1194 Dec
Atlas Tack
No par 1518May
2012 Feb 14
13 Feb 224 May
12
Austin Nichols & Co.
-No par 2112Nfay
3512 Jan 12
914 Jan 40% Sent
Do pre/
100 82 May
894 Jan 23
68 Jan 91 Sept
Baldwin Locomotive Wka_100 12338May
14414 Mar 19
9312 Jan 142% 001
Do prat
100 112 Apr 23 11634 Jan 4 104 Jan 118 Oct
Barnet Leather
No par 46 Apr 27 55 Feb 16
67% Sent
40 la
Barnadall Corp. Class A____25 19 May 1 35 Mar 23
19 2 Jan 5814 APT
5
Do Class B
25 14 May 4 22 Jan 2
17 Nov 89 Apr
4 Feb 26
Batopilas Mining
20
itt Mar
12 Jan 2
4 Deo
Bayuk Bros
No par 5012 Feb 7 6214 Apr 4
65 Sept
83 AD
Beech Nut Packing
20 51 Jan 2 8414 Mar 26
5338 Dec
30 Jul
Bethlehem Steel Corp
10
543
4May 11 70 Mar 3
Jan 79 May
51
Do Class B common_ -100 6014 Jan 16 7178 Mar 3
5512 Jan 8214 May
*93
97
*9314 97
__:: *9414 94%
Do pref
100 9314 Feb 1 9612 Jan 2
90% Mar 106 Nov
*10812 109 *iiiiis ice - 10812 10812 *1084 1084 *10712 10812 10712 108
300
Do cum cony 8% pref..100 1078± Feb 2 1114 Feb 9 104 Jan 11652 June
*94% 95
9434 95
9412 943 •9314 - - 9414 9414 04
Preferred new
4
100 934 Jan 31 9712 Mar 9
94'z 1,000
94 Nov 101 041
*47
8 514
453 618 1,000 Booth Fisherlea
41
4 4 2 *434 5
478 478
5
7
5
No par
4 8MaY 11
5
718 Jan 18
4 Nov 101. Aug
*712 814 *74 84
200 British Empire Steel
712 712
100
712 Mar 23
712 712 *74 818 *712 813
972 Mar 2
,an 15 Sept
*6312 70 565
*68
Do let Pre!
70
65
70
*66
56312 66
66 5
66
100 8812 Feb 5 694 Mar 13
58 Mar 7634 Apr
*20
21
400
Do 28 prof
2013 2012 204 204 2014 20% 2034 2112 *2014 2113
100 2018MaY 8 2612 Feb 20
1912 Mar 39 Sept
*1092 11114 10814 109% 10814 1084 110 110
1,800 Brooklyn Edison. Inc
11014 11034 111 111
100 10814May 4 12112 Jan 9 100 Jan 1245 Aug
2
112 112 107 108
1,400 Brooklyn Dillon Gas
109 109
110 110
11014 11014 10312 1071
100 1034may 11 128 Feb 7
70 Jan 12412 Nov
60
6014 58 59
58 591
60 603
5914 5914 6012 60's 2,000 Brown Shoe Inc
100 58 May 7 6578 Apr 2
1
42 Jan 647 Sept
•112
•112 2
*112 2
*112 2
•1% 2
*112 2
Brunswick Term & Ry Sea 100
178 Apr 18
252 Jan 25
112 June
5% June
136 136
134% 136 136 136
900 Burns Bros
13614 1361 137 137 *13614 138
100 134141aY 7 14414 Mar 23 1134 Jan 147 Dee
36% 3814 38 38
37 37
1,800
*3612 3714 3612 3612 *3612 37
Do new Class B own
365± Apr 30 43 Jan 2
2843 Jan 53 Oct
77g 6,600 Butte Copper & Zino v t c.„5
7% 8
7% 8
714 8
75
2
778 8
73
8May 4 1154 Feb 14
64 Mar 1018 Dee
16
16
16
16
16
16
16
16
16
1,000 Butterick
1612 1612 16
100 16 May 3 2134 Jan 4
15 Nov 34 Feb
2734 28
2618 273
2714 28
263± 2714 4,400 Butte* Superior Mining..
2834 28% 274 28
.10 2618May 7 377 mar 1
8
2832 Jan 3514 Oct
5
514 514
51
518 518 *54 54 1,700 Caddo Central 011.12Ref No par
5
518
5
5 14
6 Jan 24
918 Feb 10
6% Dec 154 Apr
*82
8314 81
821
8114 83 583
837
4
8313 823 8314 2,600 California Packing
83
No Par 7913 Jan 24 87 Feb 9
68 Jan 8812 Sept
87% 8838 8314 873
85 863
84% 8714 845$ 91
8912 9312 65,800 California ketroleum
100 8614 Jan 3 102% Mar 22
43 Jan 71% Jan
/
1
4
*97 991
991
96 961
98
96% 98% 983± 102 10052 1027
8 5.660
Do pref
100 94 4 Jan 2 110 Mar 2 83 Jan 9812 AM
1
74 74
4
77
712 77
74 71
734 77
13,400 Callahan Zino-Lead
77.
818
8
10
74MaY
125a Feb 20
54 Feb11% MAY •
58
*56
1156
58 *5512 58
56
56
11554 58
200 Calumet Arizona Mining...10 52 Jan 28 86 M
*5512 56
1
5012 Nov6612 June
*5
77
*5
77
*5
57
77
8 *5
*5
Carson Hill Gold
77
4
1
74 Jan
9 Feb 19
52
614 Dec 1613 Mar
•2'± 21
5212 31
24 21
*212 3
212
212 *212 312
400 Case (J 1) Plow
No par
2
52MaY 3
4 4 Feb 21
3
3 Mar
94 June
83 579
*79
81
*79
83 5
.___ 86 579
80 80
83
100 Cue(J I) Thresh M,pi etf 100 6934 Jan 4 85 Apr 9
68 Feb9314 Aug
31% 317
30% 321
3114 321
3214 321
32
323
4 3118 3214 9,
Central Leather
100 3014MaY 3 40Mar 7
12
291 Jan 444 Sept
4
71
71
70
72
7114 72
71% 7212 7214 7214 72
72
2,200
Do prat
100 675 Jan 8 7954 Mar 7
6338 Jan 8254 Sept
45
4514 4312 44
433 45
4
44% 4512 4414 4512 444 45
/
1
7,100 Cerro de Pasco Copper-No per 424 Jan 17 5013 Mar 28
324 Jan 483 Dec
8
*35
40 537
39 *--- 39 5---- 39
53512 39
Certain-Teed Prod___No par 394 Apr 30 45 Mar 14
_
34 Feb 5318 June
63
6338 6113 64
63 63% 6334 6478 6312 647 *3 14 6
8 4 339% 13.300 Chandler Motor Car-No Par 8172 Feb 1 76 Mar 14
473 Jan 7914 Apr
793
*79
79
77
*7812 79
78
82
8112 8112 '78
81
2,900 Chicago Pneumatic Tool_100 77 May 7 90 4Mar 21
1
60 Jan 89% Sept
2712 27
272 27% 2718 291
/ 27% 2858 28
1
4
2858 275 28 46,100 Chile Copper
8
2618May 1 303 Mar 1
2
1512 Jan 2914 Nov
2434 2434 2434 255± 244 247
2 2458 25
2434 2512 2434 247
2 9,200 Chino Copper
5 24% Jan 29 3178 Mar 2
224 Nov 33% June
1166
67
*6718 6712 66
70
6612 6012 *6712 69% 6712 6712
400 Cluett, Peabody & Co____100 653± Jan 5 7614 Mar 28
43 Jan 704 Dee
7414 7414 73
7412 7318 75% 754 77
76
7612 761s 7714 13,600 Coca Cola
No put 73 May 4 81 Jan 3
41
Jan 8234006
30
28 30
294 30
31
30
3012 2812 29
29
29
6,300 Colorado Fuel & Iron
100 2514 Jan
24 Jan 37 May
10112 104
10312 104
103% 104 10334 10414 10314 104% 10312 10414 6,800 Columbia Gas & Electric-100 10112May 17 3478 Apr 26
7 11334 Feb 15
8314 Jan 1145± Sept
152 1%
1% 138
15s 13
4
13
4
184
112 1%
112 155 2,800 Columbia Graphophone No Dar
14 Apr 31)
278 Feb 6
a714 8
114 Jan
54 June
4
713 10
10
7
71s 714
74 714
Ps 78±
700
Do pref
100
614May 1 1213 Jan
5 Feb21 June
7534 7478 76
7213 74
743 7534 5,000 Computing-Tab-RecordNo par 89 Jan 8 8038 jaa 15
7114 7212 724 741
4 75
3313 A pr 9
3 4314 Jan 791g Afor
28% 28 29
2814 29
2814 294 28
294 29% 30
30
3,200 Consolidated Olgar____No par 275shlay 4
.
185 Feb 4214 Oct
76 76
78
1175
78
78 *76
78 *78
78 *75
78
200
Do met
100 76 May 9 83 Feb 17
•12
47 Feb 874 Nov
3,
•18
3
8
*18
3
8
•18
2,
8
*4
%
100 Consol Distributors,Inc No par
%Mar 7 137 Fab .
% ilm:t 2
2.
0
14 Feb2 Mar
14
Consolidated Gas (N Y)_100 120 Jan 2
8512 Jan 16544 Sept
n
-r35" ifir 61 Ws; 6134 627± 828s 637s -61.14 6234 - lif -81;56 When issued
at
,
No par 60 Jan
69% Feb 7
5772 Dec 623± Dc
11% 11
4 11
1014 10% 10
1014 1014 103
11% 17,000 Consolidated Textlle
1014 10
No par 10 May 7 144 Feb 9
9 July 15% Apr
Can, Inc
100 115 Jan 2 131% Jan 31
442 4484 427 44's 431± 1SCs 4514 453g 44¼ 464 -4$4 ifli 30.400
453± Jan 11514 Dee
s
When Issued
No par 427
8MaY 7 5012 Feb 19
95
1194 96
1192
98 96
95 95 *94 95
1195 08
500 Continental Insurance
25 92 Jan 6 10312 Feb 15
91
86 Jan 9344 Aug
81
834 9ls
9
8
/
9
1
4
94 93
9 18
94 972 10,400 Continental Motors___No par
814May 4 1214 Jan 19
114 Dec 18 3 Dec
5
128 12878 12614 131
4
8
12812 13014 12978 13212 12934 1317 1293 13214 44,500 Corn Products Refining-1
100 113
00 261:N1r; 18
8
5
914 Jan 134 4 Oct
•11814 11712 *11614 11712 11614 11614 *11614 117% *11614 118 .1161 121oo
: , ,4 120,
Do pre'
12214 Feb 2
39 F
%
6 111
4
Jan 122% Nov
467 4758 445± 47
4634 4814 464 484 461
4618 473
/
1
Cosden & Co
No par 44 sMay
5
31% Jan 54 Dee
7014 7134 67
7012 0814 704 7034 7232 69
7112 674 707 61,200 Crucible Steel of America_100 6714May 7 6314 Feb 17
2
1
88 j a 7 8433 Mar 8 52% Feb 98% Sept
2
90
897 8978 587 90
*88 90 58833 9 :113 122gg
9012 9012 90
15
(
Do pre!
Mar
80 Jan 100 sem
1434 1414 1514 1514 1618 1512 1614 Cuba Cane Sugar
1441 1458 14
16
No pa
123 Jan 17 9
3
20412 Feb 13
84 Jan 19% Mar
2
535± 56 33,900
5212 5318 4912 5314 50% 54
535± 555± 5518 57
Do pre!
100
8
1514 Jan 417 MO
3012 32
3134 3314 3318 3334 335± 3458 3255 34% 57,500 Cuban-American Sugar.....10 3718 Jan 17 644 Mar 15
3112 32
2312 Jan 16 37% Feb 13
144 Jan 28 Aug
98
98
596 98
*95 99
599 9912
99
9712 9712 99
Do prof
400
100 98 May 4 106 Apr 5
784 Jan 10212 D415
2518 285± 255± 255± 2734 2734 2712 2814 2612 29% 3,500 Davison Chemical v t c.No pa
*2712 28
2518May
8
2312 Nov 052 Apr
Mar
8
26
5207 2712 2638 2614 26% 26% *2638 2718 52614 26% 26
700 De Beers Cons Mines._No par 2314 Jan 7 3812 Mar 6
24 28
1
1512 Jan 25% SeP1
510612 10712 510612 10712 10612 10612 510614 10612 *10614 10612 510614 10612
100 Detroit Edison
100 10534
11812 Aug
3
4214 4014 42
4014 41
41
405 41
2
40 4012 405 407
4 8.000 D:me aa K081108 c0____N86 r 3954 Apr 30 111 Mar 2 100 8 Jan 464 Nov
EasE dtmu Mines Ltd
,
1
a
Feb 1 4418 Jan 4
1812 Jan
1064 10714 105 108 10714 108 10812 112
108 110
108 110
8,800
70 July 204 Dec
Jaa 12 1453
an 7 3 18 4
,
2
137 1404 140 143 11934 143 137 1414 36,300
14112 143 134 142
Pont de Nem & Co.
4
-100 1084
A pr 28 105 Dec 1691 Nay
Ap 3
893
4
8612 8612 *86 87% •86% 8712 8712 8712 *8618 8712 58618 871
2,900 8% cumul preferred__ _100
80 June 9012 Sent
88 2 Feb 2
812 62
54 Jam 12 6718 mar 21
4
593 6134 8112 61% 6118 624 6112 6214 0184 825
4
3 7,600 Electric Storage BatteryNo par 814 Apr 1
4018 June 58 Dec
/
1
4
1414 1414 1414 1414 1414 15
*1414 15
8
800 Elk Horn Coal Corp
1584 155 *1414 16
1414 Jan 2412 Deo
50 133± Apr 23 2044 Jan 2
$3
5
*3
47
5 *3
5
*3
5
42
7
*4
5
*4
Ea erson-Brtine0a ham
E mmeort_Joangtin
412May 2
100
284 Jan ilia June
74 Feb 20
8914 69
094 6913 6712 6913 68
7018 697 7034 69 4 7014 5,000
3
50 6712may 7 0414 Jab 2
761 Jan 9478 Dec
4
•,,n 1 ,,
*Dm, 133.
'vet
v
11114 ii• •111 123
inn Ill May 2 118 Jan 8 104 Jan 119 Dec
31411116 aliat41 Orwell; no maim on (Ws day.
17a-dlr. and rights. I Assessment paid. •
s 11.1-018. IBZ-000% 'took dia. sPar value $10 Par stars
New York Stock Record-Continued-Page 3
2106
For sales during the week of stocks usually inactive, see third page preceding.
HIGH AND LOW SALE PR10E-PER SHARE, NOT PER CENT.
Saturday,
May 5.
Monday,
May 7.
Tuesday,
May 8.
Wednesday, Thursday,
,
May 10.
May 9.
Friday,
May 11.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range alma Jan. 1 1923.
On basis of 100
-share lots
Lowest
Highest
$ Per share $ Per share $ per share $ per share $ per share $ per share Shares Indu8.8c1diricell.(Con-) Par $ Per share $ per share
No par 25 May 7 31 Jan 10
100 Exchange Buffet
*25
30
*25 III27
*25
30
27
*25
25
25
27
*25
83
6,600 Famous Players-Lasky-NO Par 80 Apr 30 93 Jan 2
813 8212 8212 8412 824 8414 82
4
8012 82
82
82
8May 1 993 Feb 14
4
Do preferred (8%)_ _ _100 913
8
900
8 9514 954 947 9514
*944 953
8
9214 9214 923 94
95
*9212
714May 4 12% Feb 16
Federal Mining & Smelting 100
*7
*712 11
11
*7
73
4
*712 11
*712 11
11
*7
100 44 Jan 23 60% Feb 13
Do prof
400
*49
50 *...._ 50
49
49
4818 48 48
*4812 494 48
8
7 8 Jan 17 10% Jan 2
3
No par
85
8 8 8 1,300 Fifth Avenue Bus
5
84 9
88 9*8
7
4 88
83
4 9
No par 150 Feb 1 21214 Jan 11
Fisher Body Corp
165
.155 185 *155 165 *i88--- - *155 165 *1.55 165 *155 165
99
9878 9818 9818 *98
500 Fisher Body Ohio, gut___100 9618 Jan 24 10112 Feb 19
9914 -9914 *98
8
994 987 99
*99
NO Par 11 May 7 1612 Feb 13
1114 114 1134 1112 1178 1158 117
1138 11
8 6,000 Fisk Rubber
11
1112 12
1312May 4 22 Jan 13
No par
4 15
153
4 1518 153
15
1512 6,000 Freeport Texas Co
1412 145
8 1414 1412 1414 15
5512 4,500 Gen Am Tank Car
54
56
8
No par 5312May 7 717 Feb 20
5514 5312 554 *55
5712 54
5312
57
56
100 3818May 7 U Mar 7
393 4112 393 4112 18.800 General Asphalt
4
8
8 3914 41
3818 4018 394 405
397 41
8
100 73 May 4 83 Mar 7
73
7312 7314 7312 73
Do prof
300
7414 *72
7414 *7112 744 *73
*72
100 814 Jan 4 9458 Mar 14
8518 8518 8512 86
85
2,400 General Cigar, Inc
8314 84
82
84
82
84
84
100 10412 Jan 2 10912 Feb 24
Debenture pref
*10514 10912 *10514 10912 *10514 10912 *10514 10912 "10514 10912 *10712 10812
100 172 May 1 19018 Feb 2
176 1774 175 176
2,500 General Electrio
176 176
1727 1754 175 176
8
175 176
8
1118 1118 2,700
107 11
8
10 107 Mar 9 12 Jan 2
Special
107 11
8
*107 11
8
11
11
11
11
1612 120,500 General Motors Corp._No par 1318 Jan 17 1712 Apr 18
8 16
8 1614 167
163
4 1612 167
8 16
154 167
1612 17
100 83% Jan 20 89 Apr 17
86
8512 *83
86 .83
Do pref
200
*83
86
*83
4
4
8612 863 863
*84
8514 8514 1,600
853 86
4
Do Deb stock (3%)-100 834 Jan 9 90 Apr 7
4
4
4
4 853 853 *853 86
8614 864 8614 863
8
100 967 Jan 10 105 Apr 10
10112 10112 102 102 *10112 102
Do Deb stook (7%)
500
102 102 *10112 102
102 102
No par 41 Jan 3 5112 Apr 24
44
447
8 4514 4512 44
4312 44
4412 2,300 Gimbel Bros
435 44
8
46
*45
9 May 7 123 Feb 9
8
No par
9
9
9
9
9
9
1,500 Glidden Co
9
9
9
9
914 914
518 7,100 Goldwyn Pictures
5
514
778 Mar 9
5
4 8 Jan 2
7
No par
518 512
54
5
4 8 518
7
518
5
3312 34
4
4
4 333 35
4,700 Goodrich Co(B F)___ _No par 3212May 7 4014 Mar 15
337
8 343 353
3312 3412 3212 3314 33
100 84 Jan 3 9212 Mar 6
9014 9012 *89
90
Do pref
904
800
4
8 8912 9018 *893 9012 90
90 8 903
3
8 1,000 Granby Cons M,Sm & Pow100 23 Jan 25 33 Mar 23
2712 264 265
2712 2712 27
263 27
4
28
4
263 263 *24
4
8
*1114 113
4 1112 1112 *10
No par 11 Jan 23 155 Mar 7
11
11.
700 Gray & Davis Inc
113 114 114 1118 11
8
25
254 254 2512 2512 25
25
1,200 Greene Cananea Copper__100 23181Feb 1 3418Mar
25
25
2512 2512 25
814May 4 1412 Feb 14
9
9
83
4 9
88 9
7
3,600 Guantanamo Sugar_ _No par
7
83
4 88
94
84
3
84 9
8412 873
8
8
4 835 87
8 8514 88
27,500 Gulf States Steel tr etfe___100 78 Jan 10 1045 Mar 21
4 8412 857
8 8112 853
854 873
2% Jan 12
13
8 14 *1
118
900 Harbishaw Elea Cab. No par
118
1
112
%Mar 5
1
14
1
114
*I
4
7
4
3712 394 383 4018 383 41
38
100 36 Mar 2 43 8 Apr 20
25,700 Hayes Wheel
3814 37
364
3812 39
1714 *17
18
175
8 1614 164 17
3
*16
500 Headee Manufacturing_ _ _100 1414May 4 23 4 Feb 16
8
*155 18
*154 17
*664 663 *6612 67
4
*6612 67
8
*6612 67
Homestake Mining
100 67 May 4 797 Jan 2
*6612 67
*6612 67
544 57
8
100 50 May 7 78 Feb 16
13,800 Houston Oil of Texas
8 5218 534 535 5412 5214 54
527
4 50
523
52
264 257 2614 12,900 Hudson Motor Car____No par 2334May 4 32 4 Mar 8
8
4
8
,
253 254 2414 254 243 2512 255 2612 26
8
2312 24
4
10 22 May 7 3012 Apr 2
2412 2218 224 223 2412 *2312 24
4,300 Hupp Motor Car Corp._
2414 2414 22
4 23
4 2,000 Hydraulic Steel
23
23
4 23
4
8
612 Jan 8
17 Apr 14
8
No par
27
ic 27
4
23
4 23
212 24
8
*23
4 27
912 10
912
9
95 10
8
83
4 9
5
914
9 May 4 19 Mar 19
4,200 Indishoma Refining
9
914 912
6
*6
7 2 *53
3
6
4 6
8% Apr 6
10
100 Indian Refining
5114 Jan 24
4 64
*53
4 614 *53
4 6
*53
4
4
8
343
4 347 354 353 353 *3414 35
4,600 Inspiration Cons Omer._ 20 33 Jan 18 433 Mar 1
4
3414 3414 34
35 2 38
5
*53
8 7
*514
7
*512 7
*54 7
6 Apr 25 11 Feb 20
*512 7
Internat Agrieur Corp... _100
.512 7
29 41 _ _ _ _ 29
29
29
100 30 Apr 6 39 Feb 23
29
Do pre(
/
1
4
•_ _ _ 29
3914 3814 39
383 391 1 39
4
38
38
39
4,200 International Cement._No par 3412 Jan 2 44 Mar 19
4 38
3952 393
24
24
24
24
2414 24
234 24
No par 23 May 1 27% Apr 6
3,000 Inter Combos Hog.
2313 24
2312 24
8612 2,700 Interaat Harvester (ans)._100 84 May 11 9813 Feb 7
8612 8712 *863 8712 84
4
8
8614 8612 855 8612 8514 86
100 111 Apr 25 1161 Jan 4
Do prof (neeh
100
112 112 *11114 112 *11114 112 *10912 112 *10912 112
/
4
•11114 112
838 1.200 1st Mercantile Marine__ ...IGO
8
4
83, 83
4 *812 83
83
3Nlay 10 II', Feb 14
812 83
8
82, 8 8
85
8 85
5
31
32
314 33
100 30 May 4 47 Jan 5
4 3012 3214 3214 33
Do pref
10,000
3018 313
315 32
8
4 1414 1458 1414 1412 1414 1412 13,100 International Nickel (Toe) 25 13121May 2 16% Feb 16
1414 144 1438 1412 1418 143
7812 7
78
79
100 693 Jan 4 79 May 10
*77
78
4
4
Preferred
4
4 763 764 773 78
812 1,300
4
*763 773
42
4312 413 413
4314 44
8
4May 11 586 Mar 6
100 413
4 425 44
423 443
4
8
4
4412 45
4 4,600 International Paper
68 .67
4
100 663 Apr 23 7518 Jan 5
*67
63
67
67
68
Do stamped pref
*6712 68 .67
200
68
68
143 145 11,900 Invincible Oil Corp _____
8
8
145
8 1412 15
50 1312May 7 191 Mar 7
4 134 1438 14
/
4
4
133 144 134 138
46
8
4 46
14,100 Iron Products Corp__ __ No par 4112 Jan 17 5814 Mar
4712 46
473
8 444 4714 444 4712 473 473
46
83
3
8
3
8 4.700 Island Oil & Transp v t o__ 10
/ Jan 2
1
4
3*
12
'2
8
8
12
3
8
% Feb 24
38
8
8
8
100 175 Jan 24 24 Mar 15
0
2012 2012 2018 2 18 1,900 Jewel Tea, Inc
20
4
2014 193 204 20
20
*2014 21
100 64 May 7 82 Feb 26
6814 6814 68
*6814 70
*68
70
68
68
Do pref
500
6812
72
*68
5718 1,300 Jones Bros Tea, Ins
57
5712 58
100 50 ian 17 633 Mar 16
5712 58
58
574 58
8
584 5818 57
4
4
4
8
100 Jones& Laughlin St. pref-100 107 Mar 19 109 Feb 23
4
1073 1074 *1073 108 *10714 108 *1073 108 *1073 108 *1073 108
7
8
1
7
8Nlay 9
1
78
1
1
118
14
3% Jan 12
10
1
4.400 Kansas dc Gulf
14
•1
32 May 7 45 Feb 23
3512 34
4 35
3418 3318 334 3414 353
/
1
4
32
343
4 2,100 Kayser (J) Co. (sete)--NO Par
35
35
98 Apr 20 104 Mar 23
*98 100
*98 100
98 •98 100 .98 100
98
let preferred (new),_No par
100
*98 100
4912 514 5012 5214 5012 5214 4914 517 44,900 Kelly-Springfield Tire
25 46% Jan 4 6218 Mar 22
8
5314 4812 52
52
100 100 May 7 108 Jan 18
"98 100
Temporary 8% pref
*95 100
*96 100
100
100 100 .95 105
•100 105
98
WO 9.5 May 8 114% Feb 20
1024 10312 102 10212 3,400 Kelsey Wheel, the
10014 103
9512 10012 95
*101 102
8
384 38 8 393
No par 35 Jan 18 445 Mar 3
8
8
8 383 3918 45,700 Kennecott COpper
7
8 385 393
3918 38
4 37
393
39
3
6 May 4 1118 Mar 24
73
4 818
712 8
4
74 8
714 73
63
4 714
718 74
10,200 Keystone Tire & Runner__ 10
100 177 Mar 2 24812 Apr 26
Kresge (13 8) Co
235 *230 250 *225 250 *225 250 *230 250 *234 245
*225
81
8112 8112 824 1,200 Laclede Gas (St Louls)
8012 8012 *804 81
80
100 80 May 7 87 Feb 21
8014 80
80
8May 4 313 Mar 22
4
27
3 27
*2714 274 2712 2712 2714 273
27
1,100 Lee Rubber de Tire_-NO Par 265
2718 2718 27
4
194 Apr 11 2223 Feb 9
Liggett & Myers Toba000..100
*190 200 *190 200 *190 200 *190 200 *190 200
•190 200
8
100 111% Apr 4 11818 Jan 8
4
4
Do prat
300
*113 11412 11318 11318 1127 11278 *1123 114 *1123 114 *112 11214
6614 8838 28:4 0 Lima L000WkateropetfeNo par 58% Jan 17 744 Mar 20
8 8714 ggis 6812 gg
/
1
4 6514 673
8818 6712 644 663
200
80
1712 174 9,900 Loew's Incorporated __ _No par
1712 1714 1738 174 174 174 18
17 Ayr 30 21 Feb 15
1714 1712 17
No par
818 818
818 818
8 Mar 15 11% Jan 5
8
8
818 818
818 84
814 814
50
*484 4918 4912 5012 50
*4912 50
100 4812May 4 8314Mar 2
50
1,000 Loose-Wnea1318cuit
49
49
49
100 15i12May 3 178% Feb 9
159 159
15814 159 *159 160 *158 160
600 LorlIrd(P)
158 158
159 159
100 105 Jan 22 121 Feb 6
Mackay Companies
*112 115 *112 115 *11012 112 *109 112 *108 112 *11012 112
*6712 6814 *6712 6812 *6712 68
8
100 685 Apr 18 704 Feb 16
Do prof
.6712 6814 *6712 6814 *6712 68
834 80
4 82
8314 8314 843
8 81
845
835 19,200 Mack Trucks, Inc
8
80
NO Par 584 Jan 2 9312 Apr 6
8318 84
94
94
94
94
*9412 9512
*9312 95
94
100 9212 Jan 3 9914 Mar 12
94
Do let pref
400
94
94
*84
86
8512 8.512 *84
100 84 Jan 3 92 Mar 5
85
2d pref
gg% 4,2g
8514 71
854 8512 *82
•
6212 63
No par 6118 Jan 8 7112 Jan 20
624 63
63
62
4
Macy
613 63
63
63
355
8 35
3414 34
3312 3412 34
36
10,700 Mallinson (II R)& Co_ _No par 3312 Apr 2 40 Jan 2
3312 34
8
3414 343
66
66
67
8 65 6518 3.700 Manatl Sugar
6612 654 673
67
/
1
100 4312 Jan 17 754 Mar 14
67
.63
67
*80
*75
82
87
*80
87
*80
100 82 Feb 3 90 Feb 26
87
Preferred
87
*80
87
*80
54
54
57
54
55
58
54
8
Manhattan Elea SupplY NOVO
5212 *52
, 511 Jan 3 66 Mar 21
52
.5314 58
1,300
*454 453
4 46
25 4314 Feb 2 477 Jan 5
46
4
8
1,300 m
46% 4523 4614 4512 459 *454 46
46
45
4638 444 4614 4518 47 105000 Marlhatta 3 Shirt
No par 2714 Jan 6 595 Apr 2
8
11
an and 0
4
44% 4514 423 444 4418 45
*8
1012 "8
*8
11
11
No par
*8
10
Marlin-Rockwell
9 4 Apr 30 16 Feb 28
,
12 *____ 12
*8
335 34
8
4
4,100 Martin-Parry Corp.. No par 2712 Jan 31 373 Apr 17
4
323 3418 3212 3318 3338 3438 3358 34
34
34
4
44
473 49
48
4612 4814 4914 50
50
5,400 Mathieson Alkali Works__ 50 44 May 11 8412 Mar 14
49% 5014 47
503
4 494 5112 4812 50
100 41 May 4 6314 Mar 8
4818 49
11,600 Maxwell Mot Class A
4812 4912 484 4814 47
1718 173
4 17
18
17
1412 Feb 1 21 Apr 5
17
9,900 Maxwell Mot ChM 8__No par
1614 1714 1614 17
171 18
8
7212 74
74
73
73
72
8
neeStoree-100 675 Jan 5 7838 Jan 13
72
74 7
5
7014 72
72
72
8 195 193 10,2S rfaratye ingra
17141\lay 2 20 Mar 22
8
i Ze
4
8 194 2018 1912 197
c Dr
8 193 203
'
193 2012 184 197
4
100 265 Mar 2 293 Jan 2
Mexican Petroleum
_ *240 280 *250 280 *250. 280 *250 280
___
*240 280
Preferred
*100 105 *100- 108 - *100 108 *100 108 *100 108 *100 108100 10014 Feb 28 10514 Mar 16
8
16
16
1512 16
153
8May 3 195 Mar 19
Ms 163
157 16
8
8 4,400 Mexican Seaboard 011__No par
1512 16
16
16
1458May 7 19% Mar 20
154 1514 1514 1512 1512 1,700
Voting trust ale
1518 15
15
8
1518 154 145 15
275 277
8
4
8 273 277
28
6 2634 Feb 1 3012 Feb 23
8 2,600 Miami Copper
8
4 28
4 273 273
8
275 274 2712 273
105 104 1012 11
8
10 1012May 8 1214 Jan 12
4
1012 104 103 11
105 11
8
25,600 Middle State] Oil Corp
107 11
s
33% Apr 18
3014 2814 29
:
27 4 ( 118 1? 600 Midvale Steel & Ordnanoe- 60 27 Feb 1
5
21
3,
4 2912 3014 30
297 3015 294 293
8
*6
4May 7 75 Mar 8
100 643
66
*65
6612 66
66
4
300 Montana Power
643 6614 68
67
*6612
8 2218 2314 18,400 MontWard & Canis Corp- 10 2058 Jan 17 26 Feb 13
224 2218 233
215 2212 22
8
23
22
224 23
2714 283 19,600 Moon Motors
NO par
8 2658 28
173 Jan 17 294 Mar 22
4
8
265
4
8 26
8 243 2.57
4
2612 243 257
26
9 8May 4 14 Feb 20
7
104
94 1018 32,500 Mother Lode Coalition_No par
10
1014
104 10
103
8 10
1012 10
10
8
No par 20 May 4 297 Mar 15
*2112 2212 21
21,8 2,0
, li uogoiot :
2 as
2112 *20 . 23
sor co
oct
*21
20
20
22
21
No par 7518 Jan 2 11412 Jan 12
100 102
8
8
8
102 10211 101 10212 1014 1045 1043 1043 *101 104
100 9612 Apr 23 101% Jan 17
*99
9914 99
99
99
99
99
Preferred A
500
9914 99
*99
og
99
60 11 Jan 30 1818 Feb 19
1412 *14
1414 *14
1412 4114
1412
200 National Aome
8
4 143 1412 .14
*1412 143
100 38 Jan 5 43% Mar 19
4
4212 413 43
4
4 403 4112 41
25,100 National Biscuit
4
404 393 404 4014 403
40
100 120 Apr 23 125 Feb 2
120 120 *11912 120
Do prat
500
120 120 *11912 120
120 120 *11912 120
100 55 May 1 6714 Feb 21
5712 5712 58
300 National Cloak & Sult
5512 5512
5712 *56
56 .54
*54
59
*54
, May 2
4
112 Feb 24
700 Nat Conduit & Cable-NO Par
12
3
4
3
4
3
4
5
4
8
4
1
- *34
*34
1
8
4
34
6414 65
4 664 67
7,500 Nat Enam'g & Stamp'g-100 64 May 7 73 Mar 14
8 6512 863
664 6514 655
6613 664 64
4May 7 1361 Mar 20
100 1183
/
4
121 122
12212 1227 12012 122
8
3,400 National Lead
12012 122
4
121 12112 1183 12012
100 110 Mar 7 114 Jan 4
8
Do prof
500
1115 1115 *110 1124 *110 11212 *110 11212
8
110 111
*11118 112
5 135
8May 8 183
4 1414 1412 6,100 Nevada Consol Copper
2Mar 6
1414 134 1412 1438 144 1412 143
14
1414 1414
._No par 265 Jan 2 41 Apr 25
8
3814 373 374 2,500 N Y Air Brake (new)
4
3512 3612 3814 37
3512 3412 3512 35
35
No par 46 Jan 9 511 Feb 13
/
4
4
49
4912 4818 483 *49
4958 1,700
Class A
4812 *4812 50
48
.4812 50
100 2112 Jan 16 26% Mar 16
*22
24
*22
24
*22
24
23
300 New York Doak
23
23
25
25
100 46 Jan 31 5112 Mar 15
Do pref
300
8 4712 4712 *4712 4958 *474 4958
8 474 475
•4712 495 *4712 495
8
50 100% Jan 16 11912 Feb 24
North American Co
60 4 % Jan 17 4812 Feb 14
4
prat
-4
s
711, "iig lig; -iiEs i43 -48" - .- ;iL- 16- 4 -i8T4 16-14 _ -1-;506
Do
146
-iiiii 4
8
200 Nova Scotia Steel & Coal_ _100 2012May 2 297 Mar 3
2212 2212 *2114 2312 *2114 2312 *2212 2312 2212 2212
*2212 232
9 Jan 5 104 Feb 9
/
1
4
Nunnally CO (The)
----No par
4 *94 912
4 *914 94 *94 9
912 *914 912 *914 93
914
618May 11 1018 Jan 29
614
618 8
612 *6
1,100 Ohio Body & Blow_ __No par
6'., .6
614
6
/ 614
1
4
i6i4 612
1% Jan 2
24 212
24 21. 3,700 Oklahoma Prod dcRef of Am 5
212 212
318 Feb 8
24 212
24 212
*212 24
5 Jan 6
714
75
800 Ontario Silver Mining__ _100
74 ____
712 •7
8May 4
712 *7
714
74
714
712 712
1 1712 Jan 5 215 Apr 26
1912 19
3,600 Orpheum Circuit. Ina
1914 1912 19
8
19
8
184 1914 187 19
4
4
193 193
100 127 May 1 153 Feb 16
100 Otis Elevator_
1927 130 *128 131 *12812 131 *127 132
1293 1294 *128 130
4
s Er-dividend. ••• Els-rigbte
•Big tug asked prices: no Wee thiS day. I Leas than 100 shares. a Ex-dividend and Monts
PER SHARE
Rowse for Previous
Year 1922.
Lowest
Highest
per share $ per share
/
4
2612 Dee 311 Oct
7512 Jan 107 Sept
9112 Jan 1073* Sept
1612 May
Jan
9
4
3712 Mar 625 Sept
83 Dec 10% Dec
4
75
Jan 218 Dec
7812 Jan 10314 June
1912 Apr
105 Nov
8
1214 Jan 2714 Oot
Oct
453 Jan 80
4
5
3714 Nov 73 July
69 Nov 111 July
65 Mar 833 Dec
4
94
Jan 109 001
138
Jan 190 Dec
1012 Oct 12 Sept
814 Jan 151 July
4
69
Jan 86 Sent
961 Oct
/
4
878 Mar
4
7914 Mar 100 Sept
384 Oct 451s Oct
9114 Nov
1814 June
434 Dec
81g Oct
4478 May
284 Nov
7912 Nov 91
Apr
22 Nov 35 May
8 Nov
197 May
2
22 Nov 34% May
7 Feb 14% Mar
447 Jan 947 Oct
8
8
3 Jan
4
7
3 8 Mar
15
55
6114
1912
1072
34
314
5
31
Jan
Jan
Nov
Aug
Jan
Feb
Jan
Jan
Nov
-213-3- Sept
4
82 Nov
918 Oct
4
283 Dec
8
26% Deg
14 June
/
1
4
153 Dec
4
11% June
45 June
552 Dec 11% May
/
1
284 Nov 434 Mar
Jan 383 M147
4
26
204 June 304 Sept
7958 Jan 1157 Aug
8
10512 Feb 119 Sept
84 Dec 2718 May
4133 Dec 8788 May
111 Jan 193 Apr
/
4
4
Jan
60 Jan 85
4312 Mar 63% Oct
/
1
4
59 Mar 80 Sept
1218 July 2(114 Apr
24 Jan 53% 000
3 Jan
14 Nov
10
Jan 2212 May
3812 Jan 76% Dec
8
3412 Fob 577 Sept
107 Dec 1093 Dec
/
1
4
8
112 Dec
74 Jan
34 May) 485, Aug
94 May 106la June
3414 Jan) 535 May
904 Jan 107% May
81 Feb 11512 Dee
251 Jan 39% May
/
4
41 Nov 24% May
4
110
Jan 1 89% Nov
43
Jan 94% Aug
2414 Nov 354 Mar
1634 Feb 235 001
/
1
108 Jan 12311 Nov
52 Nov 117% may
1013 Jan 2384 Sept
Jill
1414 May
9
Jan 67% Sept
38
14714 Jan 180 Sept
72 Jan 117 Deb
Jan 70 Nov
57
2
2512 Jan 617 Sept
68 Feb 9412 Dec
Jan 878 Sept
54
4
50 Nov 62 Dee
1512 Jan 40 Aug
3014 Jan 52 Mar
73 Apr 8414 Sept
/
1
4
41 Mar 693 Avr
4
4
32 Mar 688 Oet
1
225 Jan 46% June
8
54 Mar 263 Mar
2014 Jan 3614 June
Jan 54 Noy
22
4114 Nov 74% May
11
Feb 257 June
8
654 Dec 174% Dee
101 Jan 21% Mar
1
1063 Jan 322 Dee
4
7914 Jan 108 Dec
/
4
15
Ost 341 July
12
/
1
Oct 324 July
25 Nov 31% May
16 Apr
it Nov
2818 Dec 4514 may
63 Jan 765 Sept
8
12 Feb 25% Aug
13 Aug 1938 Dec
9% Nov
1214 Dee
17 Dec 34 Mar
/
1
4
70 Deo 625 July
10112 Aug
9 Nov
/
1
4
8
387 Dec
1134 Jan
Jan
26
1 Dec
30% Jan
85 Jan
108 Jan
1312 Nov
211 Nov
/
4
451e NOV
20 Nov
46 Nov
4418 Jan
38 Jan
2013 Feb
8 July
5 Nov
13 Dee
4
412 Jan
12% Jan
Jan
116
108 Dec
2114 Apr
270 Dee
126
Oct
667 Sent
8
41 Apr
/
4
6812 Oct
1294 Dec
/
1
117
Oct
1918 June
41% Sept
5114 Oct
46 June
6812 June
1064 Dec
/
1
47 Aug
/
1
4
40 Sept
12% Mar
1414 Apr
4% June
9% Mar
28
Oct
168% Oct
New York Stock Record-Concluded-Page 4
2107
For sales during the week of stocks usually inactive. ace fourth page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
May .5.
Monday,
May 7.
Tuesday,
May 8.
Wednesday, Thursday,
May 9.
May .0.
Friday,
May 11.
$ per share $ per share $ per share S per share $ per share $ per share
1018 1038
914 1012
98 1014 10
105
1053 1038 1012 10
8
43
4314 404 43 2 4118 427
8 4212 433
,
4438
4 43 8 4412 43
7
34
4
84
7
8
7
8
7
8
4
ki
4
1
3
4
3
1
.76
7612 7512 76
764 7678 77
78
7738 773
8 77
7714
*8
10
1214 *8
*8
10
*8
10
10
*9
*9
10
3712 38
353 3712 363 3712 3718 387
4
2
383 404
4
8 38
39
8 1314 1312 1312 14
138 137
8 134 137
4
133 1418 1312 137
4
68% 7012 693 71
71
70
4
704 7214 703 723
8
4
4 695 72
6612 66
65
6614 67
681
67
667 6814 67
8
4 66
688
*4
5
4
33
4 33
4
4
*334 434 *33
4 43
4 .33
4 43
4
10
*712 10
10
*9
10
*9
*10
11
10
10
10
418 412
4
418 41
41
414
414 412
458
412
438
88
9012 89
91
89
90
8978 90
90 90
885 8912
8
453 46
4
413 46
8
4412 46
46
4612 4584 4614 4534 464
63
*63
*63
68 .63
68
6514 6514 *65
75
*65
75
533 53
8
5014 54
51
53's 5312 5412 5212 543
4 523 53 8
4
7
4 1012 1112 1058 1114
1112 113
1118 1134 *11
111
4 1112 113
4
*2712 233
4
4 243 2814 28
263
4 27% 2953 2912 2912 2712 2712
8
33
4 4
33
4 37
3 4 378
33
4 37
8
37
7
378
37
8 38
8
8
.3212 35
305s 3214 3012 31 4 .32
32
33
,
31
32
31
Sales
for
the
Week.
Shares
1,100
10,200
2,400
1,900
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1923.
On !nes of 100
-,hare lots
Lowest
Highest
PER SHARE
Range for Previous
Fiat 1922.
Lowest
Highest
Indus. St Miscall.(Con.) Par $ per share $ per share $ per share $ per share
Otis Steel
3
2
No par
77 Jan 4 14 4 Mar 21
6 Nov
1612 Apr
Owens Bottle
2
25 3652 Jan 2 513 Mar 28
247 Jan 423 Sept
2
2
Pacific Development
214Mar 5
II Dec 1412 Apr
12 Jan 2
Pacific Gas & Electric
7434May 4 85 Jan 5
100
60
Jan 9112 Sept
Pacific Mail SS
9 May 4 1212 Feb 8
11
Jan
19 June
5
47,800 Pacific Oil
4212 Nov 693 May
2
35 4MaY 7 487 Jan 4
,
2
12,200 Packard Motor Car
10 Dec 21 Nov
10 1012 Jan S 1512 Mar 22
49,600 Pan-Am Pet & Trans
487 Jan 1007 Dec
4May 4 9312 Feb 7
2
50 673
2
7,100
Do Class 13
4012 Feb 95 4 Dee
4May 4 86 Feb 7
3
50 643
300 Panhandle Prod dr Ref_No par
3 Dec 1212 Jan
614 Apr 5
33
4MaY 7
300 Parish & Bingham
1512 Mar 13
712 Nov
No par 10 May
Apr
17
14,900 Penn-Seaboard St'l v t c No pal
21 Dec 133 May
2
6 Apr 4
212 Jan
2
3,900 People's G. L & C (Chic)_200 8712MaY
5934 Jan 99 Sept
9412 Jan 30
4,400 Philadelphia Co (Pittsb)__ 50 4114 Jan
3112 Jan 453 Slept
50 Mar 15
2
100 Phillip-Jones Corp
7314 Oct 1051s Jan
No par 60 Apr 30 SO Apr 4
69,500 Phillips Petroleum
2814 Jan 5914 June
No par 4712 Jan 2 6952 Apr 5
7,600 Pierce-Arrow M Car
1514 Jan 14
8 July 245 Apr
2
No pa
1012May 7
6,200
Do pref
187 July 49
2
Apr
2
100 2434Nfay 7 355 Jan 9
4,600 Pierce 011 Corporation
372 Dec 12
Jan
8 Feb 13
25
33
4MaY 3
Do pref
1,700
Sept 71
Jan 4
32
Jan
100 3012Slay 8 45
Plgg Wigg Stor Inc"A"No pa
39 Nov 5912 Dec
5514 Jan 17 124 Mar 20
*631, 65
6212 6212 63 63
63
64
-e3i2 64 65- -641; 6;i65 Pittsburgh Coal of Pa
2
55 Nov 723 Sept
2
58 Jan 16 677 Mar 7
10
*9852 9912 .
9812 0912 *9812 991
0912 99,
99
99
99
200
Do pref
2 99
904 Feb 10012 Sept
10
Feb 7 100 Apr .5
Pond Creek Coal
144 Feb 41 Dee
1
87722 Fcb 12
4 1 jaa 5
114 1O0' 113 11012 11213 112
113- 1133 11112 113
6552 Apr 120
Oct
7
1
No Par 10119981421\i‘y 134 Feb 6
•110 11314 *110 11314 *110 113 •110 11313 •110 113 4 *110 11212 3,700 Poetuut Cereal
113
8% preferred
10 15
10 Fen 3 11414 Jan 25 10512 Apr 11212 Oct
812 Jab 2
.9112 63
61
61
61
605 61
62
8
61
.6112 6218 .60
500 Pressed Steel Car
10
83 Jan 9514 Sept
*8914 92 •
8914 92
*8914 92 .90
*8914 92
92 .8914 92
Do pref
100 88 Jan 22 99 4 Jan 5
91 Feb 106 Sept
3
445 454 425 4434 44
2
8
45
45
4534 4412 4512 65.800 Producers & Refiners Corp_ 5
464 44
4252INlet 7 5812 Mar 20
y
3 M a. 7
2412 Jan 51 Sept
*9412 97
93
0412 95
9612 9512 9612 3.000 Public Service Corp of N J_10
9512 9512 964 99
Jan 100 Nov
66
104 Mar 21
11912 12012 1164 11914 119 121
12 3 1 21% 120
0 .1'
12112 11912 1205s 10,900 Pullman Company
4
100 11512May 3 134 Mar 8 10512 Jan 1391 Sept
5912 61
5834 61
6012 6314 6212 633
644 6114 6414 36,800 Punta Alegre Sugar
4 63
Jan 5314 June
31
5
43 Jan 18 6914 Apr 19
2514 2512 25
253
8 254 2552 26
8
254 26
2652 255 26
19,800 Pure 011 (The)
2
25 May 7 32 Feb 13
2611 Nov 3852 Jan
.94
*94
98
97
98 .95
9772 977 *95
98
9712 9712
100
8
8% preferred
4
9512May 3 100 Mar 9
10
94 July 1021 Apr
111 111
109 110
111 11212 112 11212 11212 11212 2.100 Railway Steel Spring
109 110
Jan 12814 Sept
10 109 May 7 123 Mar 17
94
*317 327
8
8 315 31 5 *31
8
313 3138 *31
32
8
313 *3112 3214
4
200 Rand Mines Ltd
"Jo par 3012 Mar 27 343 Feb 19
1912 Jan 3612 Sept
2
15
1453 1478 144 147
15
141
8 1412 15
143 154 1412
4
6,500 Ray Consolidated Copper_ 1
19 May
1312 Jan 25 1714 Mar 1
1214 Nov
4012 4012 38
41
41
40
40
4112 4012 401
41
40
2,200 Remington Typewriter v t c100 3312 Jan 11 4812 Mar 8
24 Jan 42 Mar
*93 101
.96 101
*90 101
.90 101
*90 100
*90 100
1st prererred v 1 o
10 100 Mar 5 104 Feb 13
65
Jan 105 Dee
*90
97 .
88
•87
9814 .87
98
93 .87
97 .87
97
2d pre:erred
3
19
100 8
0
n 3 9184 Feb 26
y s 3 14 A pr 14
5012 Feb 80 4 Dec
21 4 2214 20
,
21
2212 19
2018 2178 20
203 22
4
213 23,300 Replogle Steel
8
No pa
21 Nov Het May
53 4 5478 5014 537
,
8 515 53 8 523 544 513 5312 5014 53
4
8
3
2
4,500 Republic Iron OC Steel
100 47 Jan 311 863 Mar 21
4
4312 Nov 7812 Mall
.9214 95
9114 92 .9218 95
*9318 95
93
923 923
93
Do pref
700
4
4
100 89 Jan 9 987 Mar 21
ov
b
r 636095,21 JuneMNST
2
7434
22% 24
2212 2014 2218 21 4 23
20
,
23
25
,2 23
2414 22.600 Reynolds Spring
No par 164
1214 Nov
633 6312 6212 637
8
8
8
8 625 6314 627 6438 64
6518 6414 65 4 14.100 Reynolds(R J) Tob Cl B__ 25 47 Jan 23 2812 Apr 27
,
Jan 10 663 Apr 16
Mar
8
•116 118
116 11612 116 116 .116 11612 •116 1161
116 116
7% preferred
300
11118 Apr 118 4 Oct
IGO 1147 Jan 19 118 Feb
2
,
4712 4812 467 4712 4718 4712 47
8
4714 46 4 4714 464 47
,
5,600 Royal Dutch Co(N y eharee).. 4212 Jan 31 55 Feb 9
en
67 Ju pe
2 ,4 s t
0
16
1918 1914 1914 1914 1918 1914 •19
1914 *19
191
1914 *19
700 &Joseph Lead
10 18 Jan 2 225 Mar 9
2
471 JjJaanann
1238
11
*25
8 3
*252 3
*25
8 3
.258 3
.258 3
.2 4 3
,
San Cecilia Sugar v t e_No par
2 Jan 17
5 Feb 14
94414 i‘lau7g
: z1r
63b
87 Al
2312 2412 2212 23 .24
24 4 *233 2412 24
,
4
24
24 .2312
900 Savage Arms Corp
100 1812 Jan 3 30 AM* 5
593*A eb 247 Apr
2
Fug
83 83
8212 83
804 813
4 82
8312 83
82
831
6.200 Sears, Roebuck & Co
83
100 8018May 7 923 Feb 13
2
•109 113 •109 114 •109 112 *109 111 .109 111 .109 1101
Preferred
100 11014 Mar 23 1134 Mar 12
13
Jan 1224 Aug
91
8
8
8
8
8
8
8
814
84 812
2,400 Seneca Copper
814 81
7 2 Jan 17 1212Mar 3
3
No pat
8
Oct
7
74
,
714
714
74 7 4 *73
*77
8 8
,
•77
8
4
700 Shattuck Arizona Copper__ 10
7 Slay 7 107
4Mar
34n N ol
8 Dee 12 Ju e
%
.37
3812 37
37
*3714 3712 3714 37, .36 4 3712 3614 361
,
300 Shell Transp & Trading_ _ _ £2 343 Jan 31 4114 Mar 2
4
2
7
1612 163
8
4 163 17
16 4 1714
,
1714 1818
1758 18
175 177 32,600 Shell Union Oil
8
No par
1238 Jan 8 187 Apr 9
2
3114 313
1212 Dec 1314 Dec
8
4 285 313
8
2 297 307
8 3012 313
4 303 314 304 31 115,300 Sinclair Cons 011 Corp_No par 265
4
,
sMaY 7 394 Mar 19
4
2412 2532 2318 25
183 Jan 383 June
4
24
2478 2414 26
253 264 254 2614 28.600 Skelly 011 Co
4
10
9 Jan 2 35 Mar 31
52
2
83 Nov 117 Oct
8
.535
534
8 51
52
5312 5312 5412 55 4 52
,
.5314 53
5312 2,500 Sloss-Sheffleld Steel & Iron 100 42 Jan 3 60 Apr 26
3412 Ma
.83
84
541s May
80
SO
.81
84 .
81
86
.81
89
*81
86
Do pref
100
100 68 Jan 13 90 Mar 16
54
86 Mar 58701/4
55
514 517
8 55
56
564 5678 57
56
900 So Porto Rico Sugar
57% 56
100 40 Jan 13 6434 Apr 19
Mar
20
33 Nov
2014 185 195
2018 19
8
4
8 193 204 20, 2012 2012 2012 5,600 Spicer Mfg Co
8
184May
No par
2714 Feb 16
p
15 Nov 2s June4
94 .90
90
.
92
90
90 .90
92 .90
92
92
92
200
Preferred
100 90 Jan 3 9752 Feb 2
Sept
84 Apr
7712 771 .75
78
*75
78 .75
78 •
78
75
•75
1,001 Standard Milling
78
8May 4 9012 Jan 23
100 767
4
52
843 Dec 141 Sept
524 505 525
8
8 5212 5438 535 5418 534 537
8
37,600 Standard 01108 Cal
54
2 53
8
251 495 Apr 23 12312 Jan 2
Oct
913 Jan 135
4
$7
3714 3612 3714 365 3714 373 38
8
375 3814 374 38
8
32,000 Standard 011 of N J
25 3612May 2 4414Mar 3
3812 Dec 25012 Oct
1164 1165 1165 11658 11612 1165 11634 11634 1163 1164 *1167 117
8
8
8
8
4
1,700
Do pref non voting _ _ 100 110 Mar 24
11612 Nov
118
9414 9414 94
944 .933 95
4
9418 9418 *9412 96
95
95
600 Steel & Tube of Am pref_ 100 85 Jan 2 10772 Feb 21 11332 Jan
Jan 12
68 Mar 90 May
59
59
573* 59
5812 583
61
6114 61
5914 59 4 3,200 Sterling Products
4 58
,
No par 57347.lay 7 675
454 May 633 Dee
4
•110 11212 .110 11212.110 11212 110 11212 *110 115 *110 116
.
Stern Bros Drat(8%)------100 10912 Jan 2 115 8Mar 2
Jan 5
Jan 109 De0
81
9314 96
8014 8612 7914 85% 8514 8952 86
9114 854 90
70,500 Stewart
-Warn hp Corp_No par 7914 Jan 2 12312Mar 23
2412 Jan 79 Dee
7118 715
8 643 717
4
8 6514 684 69
73
733
4 7114 7414 70
20,700 Stromberg
3514 Jan 71 Dec
1163 11712 11353 1163 1153 11612 116 1185 1134 1153 1115 11514 24,900 StudebakerCarburetor_No Par 6214 Jan 10 9414Mar 6
8
4
8
8
8
8
Corp (The)._ _100 11152Slay 11 12512 mar 19
4
•114 11412 .114 11412 *114 116 •114 116 .11214 116 .11214 116
7912 Jan 1413 Dee
Do pref
100 112 Jan 4 114 Apr 26 100 Feb 11814 Nov
115 12
8
1072 12
1118 117
113 12
4
14,300 Submarine Boat
8 114 1218 1158 12
No par
87 Nov
8
414
34 Jan
414
414
414 *4
44
8 1,300 Superior 011
4
414 *44 45
412 *414
4 May 3 16 4 Feb 15
7
No par
y 2
5
,
1014 June
r 6
4 Nov
*3012 31
3012 31
31
31
31
31
.304 3112 3014 3014
800 Superior Steel
100
Jan 3912 Apr
26
112 112
142
112 15
112
8
112
14 158
15
8
15
8 14 1,800 Sweets Co of America
1 2 j pr 4
10 29114 Aau 3 3241%1 '2
5 Mai
4 Jan 12
Its Nov
105 105
2
8
8 1014 1052 1014 10 2 1012 1012 1012 105
,
8 1012 103* 4,600 Tenn Copp & C tr etfe_No par 1014May 7 121
4 Feb 21
4
4612 467
84 Nov 121 May
8 4518 463
4 453 463
8
8 4638 463
4 4614 463
4 46
464 49,100 Texas Company (The)__
25 4518May 7 5278 Mar 20
6112 615
42 Mar 5214
8 6014 6184 61
6112 6112 633
6314 624 6318 20,300 Texas Gulf Sulphur
4 62
10 5712 Apr 12 65 Jan 15, 3812 Jan 6743 N
1678 1712 1918 17
1612 174 17
174 1612 1714 1612 17
6,900 Texas Pacific Coal & Oil
May
10 16 .
1512 No, 32% June
•12012 123 •120 123 •120 123 .118 122 .120 124
24 Feb 171
.
121 125
200 Tidewater 011
100 120 Jan 2 144
Oct
3914 404 39
4
41
3914 4
012 397 414 41
8
41
42
4214 53,500 Timken Roller Bearing.No Par 3315 Jan 2 45 Mar 21 1093 May 154
Oct
5614 594 543* 562
Mar 8
35
2812 Sep
3 563
4 555 57
8
53
8 544 56
5412 55 8 39.700 Tobacco Pioducts Corp__ _100 5012
3
Jan
8012 805
8 80
803
4914 Nov 8414 June
4 804 814 795s 8012 80
7,900
8012 7953 80
Do CIA (since July 15) 100 7912May 17 6112 Apt 27
767 Allg 8912 Sept
4
11 85 Mar 2
85
8 9
8 2 87
8
,
83
4 9
94 , 9
84
94
812 914 18,900 Transcontinental 011_ _ _No par
83
7112 7112 72
251ay 1
102 Jan 5
712 Mar 2012 May
72
65
6918 68
69
72
70
3,100 Union Bag & Paper Corp
723* 72
100 64 Feb 5 7712Mar 28
65 Mar 78 Sept
•8
1
14
4.4
*18
14
14
*15
*18
14
1
Union Oil
*12
14
No par
*83
90 •82
Dec 25 June
85
12 Jan 4
14 Jan 3
*83
90 .
83
90
*85
89
90
86
Union Tank Car
•10712 109
100 81 Feb 1 993 Mar 19
1073 1074 .10612 108 .107 108 *107 108 •
Dec 1343 Dec
4
4
4
400
108 108
Prefer'ed
100 10734Slay 7 112 Jan 19 102 Feb 113 Sept
3514 3514 354 3512 3538 33 8 *3512 36
3
357 357 •3512 36
8
600 United Alloy Steel
8
No par 3318 Jan 5 3912 Mar 21
•
78
79
78
Jan 4114 May
78
25
79
8012 804 81
80
3,200 United Drug
80
79
80
*4612 465
100 7714 Apr 12 85 Feb 23
8 4612 4612 4612 4612 .46
Oct
607 Mar 85
2
47
.46
47
47 .
46
200
1st preferred
167 16712 166 167
50 4614 Feb 14 48 Mar I
4112 Feb 617 Oct
2
167 167 .
168 170
16812 16914 168 170
1,100 United Fruit
100 15212 Jan 17 183 Mar 2 119 4 Jan 162
7712 7712 75
Oat
7712 77
3
79
77
7812 78
76
7812 76
, 5,100 United Retail Stores
No par
*27
2714 253 27
4
2
2614 2612 27
4312 Feb 8712 Oct
27
.2612 28
254 26 2 3.000 US Cast Iron Pipe & Fdy_100 643 Feb 1 84 Mar 3
,
65
68
*65
65 .65
2518May 4 3412Mar 2
1612 Jan 39 Aug
67
.65
67
66
66
65
600
95%
Do pref
312 312
100
Jan
34 4
Jan 78 Aug
312 312
60
44 418
4
418
4
418 2,000 U 5 Food Products Corp..100 65 May 7 724 Mar 3
1018 Jan
1712 1712 1712 1712 1712 1814 •173
*1712 18
312Nlay 4
19
612
23 Feb
4
4 1814 18
700 USHoffmanMachCorp
18
5652 5712 5414 5714 553 5714 57
No Par
1712May 4 25 Jan 27
1812 Nov 257k May
4
5812 5614 58 8 57
,
16,000 U El Industrial Alcohol...
58
•9614 100
*9614 100
.i00 5512Nlay 4 7314 Mar 18
9818 9818 .9614 102 .
Jan 727 001
37
2
99 102
.9614 100
100
Do pref
8 9914 1014 100 4 102
1004 101'4 9918 1017
100
101 Mar
7212 Dec 102
Oct
,
1014
s 9,500 U S Realty & Improvement IGO 98 Jan 2 106 Mar 28
2 98 101,
55
56513 524 5512 5314 5514 5412 55% 53 4 101,
5
8812 Jan 24
Jan 937 Oat
58
2
, 545
8 533 .555 29,200 United States Rubber
8
s
10014 10014 10018 10012 10018 10018 10014 101
100 5232May 7 647 Mar 22
2
48 Nov 67Is Apr
.
100 1001a 99
1,90
99%
Do 1st pref
3138 3218 32
33
*32
32
91 Sept 107 July
3212 3234 *3214 3412 .
700 US Smelting, Ref 0 NI__ 100 99 Jan 2 105 Jan 13
3214 34
4
50 313
4414 4414 44
44
2May 7 433 Mar 2
4312 44
2
33 Feb 48114 Oat
44
44
.435 4412 .
8
500
43% 4412
Do pref
102 102 4 993 1017 10014 10112 1004 102
,
s
4
50 4312May 8 4818 Jan 3
4214 Feb 49 Aug
994 101 4 98 4 101, 27,100 United States Steel
,
,
8
4
118 11814 1163 117
Corp_ _100 993
1173 118
4
4May 7 1094 Mar 21
Jan 11112 Oct
11714 118
82
1174 117% 11714 117% 3,100
Do pre!
663 68
684 69
8
663 68
100 1103
4
4May 7 12312 Jan 15 1133 Feb 123 Sept
2
674 68 4 677 684 67% 68 4 9,400 Utah Copper
,
8
,
1818 1914 174 17 4 173 18
,
10 6212 Jan 18 7612 Mar 5
4
1812 1812
59 Nov 7112 Sept
1914 •1812 19
1,900 Utah Securities v t c
1001 15 4 Jan 26 243 Feb 16
3
2
97 Jan 234 Sept
4
3338 345
34
8 32
31 4 3314 33
,
3458 33
34
32
33 4 11,800 Vanadium Corp
,
*88
90 .88
No par 32 May 7 44 Feb 16
•
8814 92
95
3014 Jan 5314 Aug
*88
95 .
88
95
95
Van Hahne 1st prof
*88
1314 1313
13
1312 1212 1418 1314 1358 125
100 90 May 1
98 Jan 25
Oat
Jan 100
92
8 125
8 11 4 125
8 6,300 Virginia-Carolina Chem_ _.100 1134Nlay
,
39
393 4012 *3912 41
4
11 2612 Feb 23
407
234 Nov 367 Mal
8 3914 3914 .
2
3914 40
1,700
3712 3914
Do pref
63
63
62 .61
63 .63
62
100 3514May 3 69 Mar 15
Oct
58 July 63
94
63
600 Virginia Iron, C & C
63
93 .62
90
83
.
100 5312 Jan 31 68 Mar 5
83 - - *83
83
43 Mar 9412 Jan
.83
•
83
100
Preferred
100 80 Jan 29 85 Apr 23
204 20 4 1914 204 1912 2034 2034 203
,
oct
66 Mar 88
4 2012 - 204 20 "2034 7,100 Vivaudou (V)
No par
8 135
13% 134 1312 135 • 8 1334 1378 1378 •133 14
1514 Jan 17 23 Mar 22
16 Dec
64 Jan
4
1312 1312 1,400 Weber & Hellbroner_No
,
4
423 423
4 42 4 423 *4312 454 45
4
Par 1214 Jan 27 153
105 Oct 17 Apr
8
2Mar 8
45
45
45 .
4212 4512
400 Wells Fargo Express
108 109
*1075 1084 103 108
8
100
2
6614 Jan 983 Oct
10914 1093 1093 1093 109,2 110
4
4
4
1,400 Western Union Telegraph _1(10 423 Apr 23 105 Mar 2
4
8418 84
84
844 83
10712May 4 11912 Feb 20
85
,4
89 Feb 1211 Aug
857 86
8
86
864 85
1,700 Westinghouse Air Brake_ _ _
85
56
55 4 554 55
,
554 55 4 555 56
50 85 May
,
80 Mar 114 Dec
8
554 56
5512 55% 17,800 Westinghouse Elea & Mfg_ 50 55 May 4 120 Feb 17
8
26
26,
8
8 255 2614 257 2618 26
7 6718 Feb 16
494 Jan 0518 Aug
263
8 26
4.200
26
26
50 4 53
,
No par 247 Jan 16 303 Mar 20
51
52 4 53
,
5212 5212 5314 52 4 2614 523 524 5,100 White Eagle 011
2
2
25 May 3332 Nov
, 5314
8
White Motor
2 4 24
,
234 3
50 4852 Jan 3 607 Mar 19
27
8 3 • 24 3
8
35% Jan 54 Sept
,
27
8 24
3,100 White 011 Corporation_No par
2s 3
858 9
94 914
23
4N1ay 4
9 4 10
,
57 Feb 19
218 Dec 12 May
8
9,
4 9,
4
914 95
,
8 .938 9 4 1,800 Wickwire Spencer Steel
7,
8 74
5
83
74 73
74 712
812 Nov 217 May
4
4:VlaY 4 134 Feb 17
8
74 712
74
,
73
8
714
7% 15.300 Whys
-Overland (Tha)
6512 655
25
412 Feb 10 May
8 6314 644 6314 65
87 Jan 2
2
65
814 Jan 5
97
.65
661
634 6512 6,200
Do Preferred (neze).... 100 4212 Jan
31, 31,
3012 31
4
4 31
32
24 Feb 4012 July
*32
35
*33
34
33
1,100 Wilson & Co.Inc. v t e_No par 30 May 2 6972 Apr 8
33
*
82 •-*____ 82
2 4'23 Mar 7
823 •--__ 8212 •____ • 821 •____ 8212
4
4
2714 Jan 5012 Sept
Preferred
21512 221
220 220
217 217
100 81 Apr 18 87 Jan 3
Jan 91 Bent
66
21812 2193 219 4 235
4
,
225 23912 10,000 Woolworth Co (F W)
31% 313 *3212 33
*3112 33
2304May 11 137
Jan 223 Nov
100 19912 Jan
4
32 4 3314 33
,
331 .
1,000 Worthington P & M v t c_ _100 304 Jan 24
3112 34
10
1018 1014
1018 1012 103
267 Nov 557 June
2
1
30 3404 Feb 17
8 104 10 8 1912 105
,
8 1052 104 2,800 Wright Aeronautical__ _No par
11 Al)!
814 Jan 17 1034May 11
6
Jan
•Bid and asked Priced: no sales on this day.
Less than 100 shares. f Ex rights. a Ex-dividend and eights
K2-4ividend
Reduced to basis of $25 Part Range Since merger (July 15) with United Retail Stores Corp. I Ex-div. 08 25%
in common stook
Bx-dividend for Westinghouse Air Brake.
,
;144 A
ti , .1.08
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Income and defaulted hurtle
Jas. 1 1909 the Exchange method of fuming bonds WOJ changed and prices are now -ant inures:"--escept for
BONDS.
OCR EXCHANGE
ending May 11
tr
:
44
Price
Friday
May 11
Week's
Range or
Last Sale
51
1, 1
fa
Range
Since
Jan. 1
BONDS
N. Y.STOCK EXCHANGE
Week ending May 11
13
t
Price
Friday
May 11
Week's
Range or
Last Sale
l High
irtiliass 861:
High No.! Loto B
Bid
dek Low
I
Atch Top & Fe—W.731613060
1960 3D 100 Sale 08144 10014 105 9834 119414
Mime of 1910
Cony
,
East Okla Div let g 46._ _1928 MS 9414 94 2 9512 Apr'23 ----' 9334 9612
1 7712 88
8314 80
80
Rocky Mtn Div let 4s........1965 3J 80
3 82 861
4
4
1
/
83
4
1
/
8314 83 83
4
1
/
Trans-Con Short L let 48_1958 J
82
83 880 4 00
2 87: 18868:22
00
60
5"A" 1962 MS 8718 90 0712 1863812
4
/
Cal-Aria lot 63 ref 41
All & Birm 30-yr let g 48_8_1933 MS 6658 72
82
1955 MN 8278
At Knoxv & On Div 48
4
9834 May'23 ----1 983 9912
4
1946 3D 983
At I Knox & Nor lot g M
1
2
8818 90 911s m py8:2138: . 82658 180134
8956 Aa r6 3 :52: _ 898 990
List A 430_1944 J
All & Charl A
4
/
1944• J 9714 991
-year 58 Ser B
let 30
1
/
atl Coast Line let gold 48....01952 MS 864 Sale 96
10622, 18 106 108
10618 10658
1930 M
10
-year secured 7s
4
1
/
7 82 89
8412
1964 3D 8438 Sale 83
8
4
/
General unified 41
79341 28 7612 83
4
1
/
a1952 MS 79 Sale 78
L & N coil gold 4a
8
1
/
3 737 7712
7712
7712
1948 33 754 77
Atl & DatiV let g 4e
1948 33 65 72 6412 Apr'23 ---- 6118 6514
2d 48
80 7718 Feb'23:---- 771 8012
4
/
1949 AO 76
Atl & Tad let g guar 48
9512 Jan'23'---- 95 9512
1941 33 9314
A & N W let 101 g 511
a 9714
4
4
1925 33 95 Sale 943
4e
/
prior 31
Salt & Ohio
1
/
9238 9612 9418 Apr'23 -- --1 9312 944
01925 (4
Registered
_
3 .
28 101_,
A ii 0 757n87 .27, 743 80
7
s
01948 AO 7612 Sale 755
-year gold as
let 50
01948 O 3 7318 7512
Registered
, , 6
7912 81 7732 8212
18
79 Sale 7814
1933
8
4
/
-year cony 41
10
82
8158
.
Refund & gen 5e Series A _1995 3D 10012 Sale 81
Foreign Government.
79 8 78 8
9 13 10171S
Sale 0014
4
1929 33
-year Be
10
3 9
8
93
9314 82 9112 9412
P June & M Div lat g 3;0_1925 MN 9312 94 9314
1027 F A 10214 Sale 10214 10238 133 10014 1031a
Argentine (Govt) 7e
43 73 7912
74
1941 MN 74 Sale 7312
P L E& W Va Sys ref 4e
79121 19 7712 82
Argentine Treasury Sc of 1909___ M S 79 Sale 79
4
9414
8_1925 33 933 Sale 9334
1
/
Southw Div let gold 34
g1946 J D 101 Bale 10012 102 I 100 9114 10212
Belgium 25-yr ont a / 7 8
4
1
/
4
1
/ 12 6116738
2
62
872 80
Tol & Cin Div let ref 4s A.. _1959 33 6212 63 6218
4' 32 93 9838
963
Jan 1925 J J 97 Sale 961
-year 6% notes
5
37 9414 1023
1998• D 5514 6012 57% Apr'23 -4 Battle Cr & Stur let go 3e_
1941 F A 101 Sale 10014 10114
-years f 8s
20
2
4
/
1936
5 10712 10912 Beech Creek let go g 45
J 88 9114 8912 Apr'23 ----I 863 891
4 10914
10812 10914 1083
1846 M N
Bergen (Norway)s f 88
1936 J J 8612 --- - 86 Feb'23 ----I 86 86
Registered
1104 111 111034 1113
4
/
4 12 11012 1131
Berne (City of) a f ge
1936 J3 9412 --- 34 May'16 -9012 138 8912 94
2d guar gold 152
M
64 F il
1947 1W N 9014 Sale 8912
Bolivia (Republia of) Se
1
/ __-Beech Cr Eat let g 334&.._51951 40 684 ____ 60 July'22
4
1
/ 80 6914 83
80
Bordeaux (Cfty of) 15-yr 68 1934 MN 8012 Sale 7834
4
/
0018 Oot'221--....
1923 3D 991
,sellev & Car let 65
9712 137 911 99
4
/
1941 J D 97 Sale 97
Brasil. U S external Se
1
/
844 84 Apr'23 -- 8012 84
1044 3D 80
8312 Sale 8314
4
1
/ 98 80 8614 Big Sandy let 41
83
19523 D
1
/
78
7512 7512
1
/
1955 FA 624 7212 754 Mar'23
B & N Y Air Line let is
10138 19 98 4 104
3
1952 A 0 10034 102 101
89 89
11/41
4
/_
89 Feb'23
9978
4 Brune & W let go gold 48....._1938 33 861 101
10014 92 991 1013
8
4
/
4
/
3 100 1011
Oanada (Dominion of) it 5e 1926 A 0 997 Sale 993
100
00
59 99 102
1937 MN 100
4 100
Buffalo It & P gen gold 5s
8 Sale
2
972
99 1 26 87
58_1931 A 0 997
9214
do
do
Go
1957 MN 89 Sale 9712
Conedl 41
4
/
8
4
/
1017
8 46 100 10212
1929 F A 1011 Sale 101
1
/
3 964 9912
9712
10
-year 5)e
9712
1934 AO 96
Burl C R & Nor ist 58
9914 268 97% 102
9878 Sale 9878
1952 MN
1
90121
58
10414 68 10214 10412
9512
4 94 10012
Chile (Republic) ext o f Se__ _1941 F A 10312 Sale 103
au A 5a__1962 A0 9534 9612
4
/
4
1
/ 45 11212 115
113
1926 A 0 1021 Sale 10212 10234 51 10118 10312 Canada Sou consdeb e f 7s_1940 J o 113 8 Sale 13
External 5
-year a f 138
,
63 I 9332 961 Canadian North
1
/
954 Sale 9512
4
/
96
1942 M N
1
Ts
4 62 110 2 11312
11212 Sale 1238 1133
1946 J
25-year a I deb 634s
4
781, 171 761 8013
1946 M N 10318 Sale 10314 10414 36 1.023 105
-year 3f 83
29
7714
4
/
26 45 523
4 Canadian Pao RY deb 48 stee8___ 33 7834 Sale
46
Chinese (Uukuang By) Scot 1911 J D 4514 Sale 45
1
/
804 90 9212 Sept'22
1932 M
3 107 11212 Garb & Shaw let gold 40
4
1
/
1 ,68 71
1945A 0 109 110 10912 110
Christiania (City) 8 f Ss
71
71 Sale 71
1949
3
'
4 Caro Cent let con g 48
93% 26 8812 943
Colombia (Republic) 6343..._1927 A 0 938 Sale 9278
9314 69 8814 9314
Sale 9012
4 Car Clinch & Ohio 1st 3-yr 53 1938 3D 9314 Sale 92
9112 48 8812 913
-year s I 534o_ _1944 J J 9114 Sale 91
971/4
Copenhagen 25
9638 615189
1952• D 96
4 9014 97
6,3
97
8
1944 M S 953 97 96
Cuba 58
1981 3D 7714 8312 8112 Deo 22 ---2 8712 93
4
1
/ Cart & Ad let gu g 41)
8914 8914
8914
Eater debt of be 1914 Ser A_1949 F A 88
- D 6614 72 7012 Dec'22
1948
33 8118 89
Br 17 P let g 4s
Cent
8312
External loan 434s
1949 F A 8312 85 83
4
/
1
/
574 May'23 --- 561 58
1961 J J 55 56
9912 Cult New Eng let go 48
0914 108 99
5
51/48
2
1 1 9 _ _ _1;
19533 J 9914 Sale 9914
4
1
/
3
1930 M S 90 4 ---_ 93 Dee'22 - - ,-- _58 _9
9312 113 77 9312 Central Ohio 4341, 1930
4
/
9 02
Caechoelovak (Repub of) 8s_1951 A 0 931 Sale 9212
2
100 3 _ - 9
,
0
1st gold 5s ___D1945 F A 100 102 917 May'48 —27.10158 1 1
14 107 10912 Central of Ga
Daniell Con Municipal fie "A"1948 F A 10834 10912 10812 109
9534 Sale 9514
9534'
1945 M N
16 107 10912
Coneol gold 58
1
/
Series B
1946 F A 10834 10914 1084 109
-year temp secur 6s-June 1929 3D 100 Sale
10
4
4
3
.
1945 A 0 111934 Sale 109 . 109 4 131 1073 110
Denmark external s f 138
2 ..7_41! 81
2412
4
1
/
6
7412 ,,2
9 % 08 7 2
978
Chatt Div par moneys 48_1951 3D 73 _
9514 99
30
-year 68
J J 9714 Sale
1942
1946 33 9258 ____
Mao & Nor Div let g 58
-- 9514
9634
Dominican Rep Cons Adm e f 58'58 F A 97 98 87 , May'23 --23 84 100
e3,4
1
32
9514 Jun9122 - 1947 33
& Atl Div bs
Mid Ga
90
88 1
4
1
/
5 8
1942 IN El 8714 Sale
,
4
9658 182 9214 97
Cent RR & B of Ga coil g 58_1937 MN 913 93 4
4
/
Dutch East Indies ext 6o__ _1947 J .1 9638 Sale 961
I 10312 108
3
' 10412 10512 0412 10412
4
1
/
95 271 9214 981 Central of NJ gen gold 5&_.1987
4
/
40
4
1
/
-year(
19621W 8 9514 Bale 95
01987 Q J 10212 10812 03 Apr'23 -___I 103 103
Registered
94 8718 914
9114 2
4
1
/
4e
1
/ trust rota
5
4
1
/
1953 M 8 9034 Sale 903
8514 . 45 79 873
4
Bale 8412
1949 FA 8514
4
1
/
99 299 90 101
4
Cent Pao lst ref gu g 441
9912 Sale 983
French Republic 23-yr ext 88_1945 M S
9012 17 1 90 9112
01929 3D 90 9012 9018
96 393 84 97
Mort guar gold 334e
4
20
-year external loan 7318_1941 J D 9538 Sale 943
7732 8212
Through St L let an 4e. _1954 A0 1133
Ireland(UK of)
14
:2
- - 84
Oer 7928 -- -4
- 8112 APt 16
194121 194 10232 1043
4 Charleeton & Savannah M._ _1936 J J 9514 9612 9612
20
-year gold bond 534e___ _1937 P A 10414 Sale 10378
1
4
1
/ /
3 94 964
0612
Claes & Ohio fund & impt 58 1929 J J 100 1004 9934 100
10
-year cony 51
4e
/
11, 9734 10314
1929 FA 11334 Sale 11312 11418 136 113 116
1
/
19391W N
7914 Sale 7812
7914 94 65 81%
let consol gold lie
Greater Prague 74
8
1
/
1942 IN N
4
1
/
9714 Mar'23 ----I 97 9714
1939 M N 9612
Registered
30 934 98
9312
9412
1
/
Haiti (Republic) Bs
56 807 864
a
1952 A 0 94 Sale
84
1
/
1992 M S 84 Sale 9214
9612' 44 9212 9612
General gold 454e
Italy (Kingdom of) Bar A 6181925 F A_ 9612 Sale 94312
4
/
1
/
1
/
4
/
801 Apr'23 ----I 804 804
1992 M s• 7,1,
Registered
93141 23 92 9412
Japanese Govt—£ loan 430_1925 F A ;9314 Sale 93
8712 78 85
4
/
convertible 434e-1930• A 8,1 .433444 8638 Ape24 _ 7_9_ 8 58 8912
4III
-year
81,2 39 92 933
20
s
8
Second gales 434e
0 95
6
9 14 964
2
931 3 .1 9214 013 81 12
83
19 5 .1 .7 :: 813 92 4 9238
83 .
8
88
A0
-year cony secured 58-1946• j 885 Sale 9312
30
80 8278
Sterling loan 42
9112 9312
1940
9312 473 92 9312
Craig Valley let g Se
Oriental Development ;63_ _1953 IN S 9212 Sale 9218
7814 7814
May'23
j 7614 794
1
/
81 I 63 6914 83
3
Potts Creek Branch let 4a.1946 j j 80 8114 7814 May'23
Lynne(Div 01 la-year es__ A9 4 34 N 8014 Sale 7834
3
1
/
764 78 4
8
763
1989
69 8912 83
8012 Sale 783
81
4
R & A Div lat con g 4a
Marseilles (City of) 15-yr 88_1934 MN
276
76
76 1
76
1989• j 74 _
3914 42 41 May'23 -gold 43
2d consol
1943 aa N
4
/
2
4
/
321 42
Mexican Irrigation 41
891/4
8094 Dec'211 ---- I --- -4
1
8
3 / 47
5758 194 49 5812
Warm Springs V lot g 5a__ _1941 MS 514
Idelloo—Extera loan £ 5e of 1899 Q a 2 57 Sale 57
4
/
4 501 53
1
/ 52 511
52 1
4
/
1949 A0
Sale
4 01110 & Alton RR ref g 33
33 413
Gold debt 42 of 1904
9
1
51
9, 2
2678 27 2:9112
j 2634 Sale 208
1950
1
954; D
1952 D * 839 83
814 Sale
9
8
Railway lot lien 3548
9012 10 85 911
8
Montevideo 78
Sale 80
8
3 7 % 03
8012
48_1949• j 80
/
8
Netherlands 613 (fiat pricel)1972 M 8 995 Sale 9958 1001 , 137 97 10138 chnj Burl & Q—Ill Div 31
4
88 I 25 8512 901
4
1
/
1940• j 87 8838 87
111 Sale 1103
Division 48
4 11112 25 109 1123
Illinois
4
Norway externals I So
1940 A 0
1
96
12
8
Nebraeka Extension as__ __1927 IN N 95 963 96
4
/
9812 83
ioo
60
1052 A 0 98 Sale 971
1
/
9578 Apr'23 —1 9534 954
1927 al N
97 Sale 97 May'23 --- - I 93 9912
Registered
1961 J D
Porto Alegre (City of) Ss
8638 Sale 184
4
/
05541
1958
General 48
Queen3land (State) ext e f 76_1941 A C11 18412 RN: 10
4
/
A
,
4
/
991 1 52, 0638 1011
824
° : 131131 Vi
'
1071 F A 9914 Sale 9812
7
lot & ref 55
.82
1 434
j "
25-year 8a
1947 F
97 Sale 9612
97
11 93 9914 Chic City & Conn Rye 58_ _1927 A 0 57 Sale
Grande Do Sul 88
19413 A 0
7
888::
10312
85; 212' 5769 483 8
Ap116 3.._ _1 105 106
9412 32 90 97
Chicago & East Illinois lot 68.1934 A 0
Rio de Janeiro 25
-year a f 8a 1948 A 0 9412 Sale 94
4
1
/
7912 771 77 8112
4
/
4
/
4
1
/ c 5, D Ill RR (new co) gen 58_1951 MN 78% Sale 781
4
1
/
94341 37 90 97
So
1947 A 0 9412 Sale 941
4
1
/
8918 12, 87 9712
9038 89
1082 IN N 89
4
Chic & Erie let gold 52
1952 IN S 993 Sale
Ian Paulo (City) 8 2 85
5012 86 50 56
9: 1 :3 1 12 1;01:14 Chicago Great West let 48.„1959 M S 50 Sale 50
11 7 2
121
4
99%2 Sale 99981
4
/
58
3
4
San Paulo (State) ext a f 88_1938 J J 88 saje 10:
1
/
1044 107
8
4
/
8714
& Loulsv—Ref 68...1947 J 3 1057 106 1051 Apr'23
89
Chic Ind
1942 J I
Seine (France) ext 7e
5 94 9712
94 1
4
1947.7 .i 9334 95 933
Refunding gold 5e
8712 166
Serbs, Croats & Slovene),88_1962 M N 6612 Sale 6614
8
2 7912 862
80121
4
/
Refunding 48 Series C__....1947 J J 8012 85 8012
8212 41 684 85
1
/
Ai N 811 Sale 8112
1938
SoLuons (City) 68
0
5 9 14 98
8 8412 84
8088
98121
9658
1939 j D 10518 Sale
1968 M N 8012 8112 80
General 55 A
10512 61 10312 196
-year Os
Sweden 20
c1966 .1 J 9512 96
General 65 13
tholes Confereen 20-yr o f Se__1940 J .1 116 Sale 115
78
Jan'23 ---- 78
4
4
/
Ind & Louisville let go 45...1956 J .2 7112 773 78
M S 7614 7712 761
Tokyo City 53 loan of 1912
4
/
811 8412
1
/
-year 46-1956 J J 804 _ _ _ _ 84 Apr'23
Uruguay Republic ext St..,_.i946 F A 104 Sale 104
12 11138 114144 Chic Ind & Sou 50
4
1
/
864 863
1
/
884 Mar'23
43__
/ _1969 J D 8712
Chic L S & East let 41
0 111 11114 11112 11214
1945 A
Mulch (City of) s f Se
1
1
/
9034 19 7,a 6348
6238 22 61 , ,87
623 6918
4 71'8
. _1949 J J 61
D m & puget Sd lat gu 40_ .
I
714 Sale
Ch M & St P gen g 4eSer A.41989 J J 6212
1 62 6514
62141
6314 6214
General gold 334s Ser B_ _31989 .1 J
State and City Securities.
4
o1989 J .1 8014 803
General 434,1 Series C
8
10014 12 100 101
4e_a2014 A 0 593 Sale
1
Gen & ref &rim A 4/
Y City / Corp etock__1960
4e
1
-4
•B 10014 Sale 100
6612 sale
8
1007
10018 10034 10078
Gen ref cony Ser B 5e_._ _02014 F A
401 Corporate stock
1964 M
3 10018 102%
1
/
6574
;
67:
6212
1s 7165265: 6656703: 668775241434
4
1932 J D 644 Sale 658112
4
Convertible 434e
4
/
1011 10212
434s Corporate clock
1966 A0 10018 1003 1013 Mar'23
8112 149 76 84
1
/
10514 1057 108
8
10253 D 804 Sale 797
Jan'23
10714 108
434s Corporate stock
1971 3D
45
4
3
4 91
1 8 6/
38 5
6
91
8
4
1
/
1934 „I J 60 6118 587
4
/
4 105 1071
4
/
35-year debenture 45
1134s Corporate stock_ _July 1987I, 10518 I05 10514 1051
712
9
7
97
4
8 10518 10710
Chic & Mo RI, Div /Ss__ _1926 J J 9558 9814 09
434e Corporate Mock
1965 3D 10518 1053 10512 10512
1 9458 98
90
105 10558 105
F A 9512 9814
105
2 Chic & N'weet Ext (e...1886-1926
•S
4348 Corporate stock
1963
11 105 1073
1
4
/
. .44
4
9338 Jan'23 ---a 931 9 /
4
1
/ 9712
9712
Registered __. __1888-1928 F A 943
N 9714 97
4
/
4% Corporate stook
1959
2 971 10014
70% 74
734
4
1
/
1987 51 N 7214 7512 7312
9712
2
97,
General gold 3 .
4% Corporate stook
2 9712 99%
1958 MN 9714
4
/
6611 --- _ 7318 Deo'22
Registered
221987 Q F
4
1
/
4
N 9714 97 983 Mar'23
1
/
984 1004
4% Corporate stock
1957
1
/
1987 M N 8312 85 83 May'23 -- "Eidi -if4
/
971 Apr'23
General 45
9718 9912
4% Corporate etook reg_1956 MN 9614
8034 8714
1987 M N 8234 87 8312 Apr'23 -- 101
4
Stamped Ile__
4
1043 105
1957 MN 10412 105 1043 May'23
4125
10512
10214, 37
1987 M N 10214 Sale 10114
1
/
General 53 stem eel
2 10412 10712
434% Corporate stock_ _1957 MN 10412 105 10412 1044
4
/
10318 1061
873 885 8914 Apr'23
4
3
Oinking fund 62 ._18794929 A 0 10218 10334 10314 Mar'23 -Ws 91
314% Corporate stock
1954 MN
4 0 101 105 1017 Apr'22 ---8
10218 Apr'23
Registered _ . __I/479-1929
4
/
10112 1031
1981 M
Hew York State-418
if
Apr'23 -- - - i6Oli
10312 Jan'23
Sinking fund 58......_1879-1929 A 0
3
'
10312 10312
Canal Improvement M___ _1961
1879-1929 A 0
10912 Apr'22
Registered
Highway Imprort 634e_ _1063 MS
- 1933 M N 9912 Sale
4
/
1041 Apr'22
Siam/ fund deb Si
4s_
/
vrIghwav Improv't 41 _ _ 1985 M
--• --- y'
552
- - - 2 -5-19412
2
'2
1933 M N 97 9914 884 Ma66 2 ---5 10 - 110 4
1
/
Registered
4
/
3' 72 — - 711 Oct'20
1991
Virginia 2-33
5
:
6
8
10712 M9102.72194,--2-9- 97 197'2
1031) J D 1072
-year oecured 7. g
:
10
63814 101
2 '8 -1 0 , 17812
3 106 111
,
0812
612
7,
M
4
1
-year secured 6/e g_ 1936 j S 7814 8-8 -2 1773
15
Railroad.
41 7614 82
j
P—Raliway gen 48 1999
Chic R I &
u
2 -3 6
4
1
8
4 _ _is- 787 Jan'23 -29-1 7%8 gt
7.08
2
.1 .1 7 /88
3
Registered
4
4
1
/
4
1
/
93 96
Ala Gt Sou let cone A 5& ,1943 .1 D 933 95 4 93 Apr'23
1934 A 0
4
Refunding gold 4s.
4
1
/
4
/
1928 M N 993 102 1011 10138 20 99 10138
4
1
/
Ala Mid let guar gold 56
10012 10212 100 Apr'23 -- 97 10112
19513 D
79
51 78
797
1946 A 0 79 81
8112 chic St I, & N 0 gold fe
99% 9978
Alb & SUM 000? 3345
99 Alt,! '21
J D
8234 83 Mar'23
Registered
83 83
1998 A 0 79
klieg ar West lot g ea go
-'
9231 ----1
792 Mar, -23 7912 7912
1951 J D 77 79
8834 13 8838 90
Gold 3158
1942 IN S 8812 89 8834
Allen Val gen guar g 48
9138 9782
1963 .1 D 05 Sale
Joint let ref 55 Series A
1
65 8
01995 Q J 6214 Sale 62
6212 15 61
8378
Ann Arbor let g da
7
82 83 8 Apr'23 - - 81
1951 I D 81
Memph Div let g le
4
1
/
158 8414 9012
88
A
8
au% Top & S Fe—Gen g 48...1995 A 0 87 Sale 88
1
/
10018 103 9978 May'23 ---- 094 997
1932 A 0
1995
al 82 Sale 82
8 C St L & P let cons g 5a
82
883
1 81
Registered
4
/
4
, 41
7 10 / 1071
4
4
7912 10 7512 824 Chic St P M & 0eon. As
1930 3 D 1053 108 10512 1053
1
/
4
/
01995 Nov 791 84 7818
4
1
/
92
Adjustment gold 4s
1
/
to 334e.—1930 .1 D 89 ____ 924 Mar'23 ----11 9212 982
Cons Its reduced
29 764 827s
1
/
Nov
4
11 9228
Stamped_
2
95'
1
/
1930 M S 95 954 9512
7
'
Debenture 5e
7:12 May'23
1
/
78 824
IIV
Onno gold 4. 1909
1
/
7 764 81
1
/
764
1
/
764
79
h.,. I fi is So East let 58_ 1960 -1 D 7618 78
81
82
81
4 76
19553 D 79
Oonv 46 1905
/Das April a Due May. Due June, it Due July. tDueAug, o Due Oats so Due Nov. s Due Dm. sOptio9 We.
*No price Friday;latest bid and assfed. s Dos Jan
—
High No. Low High
stst Low
Bid
Government.
ty Loan—
.3 101232 1042 00223: 101.90
ID 101233 Sale 1012
f1932-1947
1 972u 98 90
97233
97233
3D 9740., 973382 9711 2 9714.
4% of 1932-1947
: 409 96123399.10
3D 971213 Sale
v 434% of 1932-1947
4 97.00 9900
3D 97.00 98.00 971233 971231
cony 41 of 1932-1947
4%
/
44mnd Liberty Loan
)
4
/
MN 9744. 9714,, 971138 97104: 2521 9611 98.70
6% of 1927-1942
4
/
96311 98.88
MN 971342 Sale 971182 9714,,
Cony 430% of 1927-1942
Third Liberty Loan
1
/
MS 981112 Sale 9842 9821., 25401 97113.99.18
43% of 1928
Fourth Lfberty Loan
32 98 00 3738 9617,1 99.18
AO 97112) Sale 971,
of 1933-1938
4
/
41%
Victory Liberty Loan
100243 159 99212 100.32
4
/
100133 100233 100
J
63)1% Notes of 1922-1923
4
/
A0 9912 Sale 99238 99.3.2150 98122 100.04
Treasury 414e 1947-1952
2 10212 10212
10212 10212
41930 Q J
12 coneol registered
10314 Mar'22
£1930 @ J
80 000001 coupon
10312 10312
2 10312 11.13534
1925 Q F
le registered
10318 Jan'23
10318 10314
1925 Q F
68 ooupcn
100 July'21 ---- —_ -F
Panama Canal 10-30-yr 2&-01936 Q
9412 Apr'23 -- 944 95
1
/
1961 QM
Panama Canal 38 gold
4
/
4
1
/
1981 QM 944 9513 941 Apr'231--- 9312 963
Registered
s
-
12
ni.
7 7:
10147244 3 1?f NI%
4
sr.
.121. sVle
New York Bond Record - Continued-Page 2
BONDS
N.Y.STOCK EXCHANGE
Week ending May 11
k
Prke
Friday
May 11
WOWS
Range or
Law Salo
1 Range
1
Since
ra i I Jan. 1
BONDS.
N. Y.STOCK EXCHANGE
Week ending May 11
2109
Ptfce'Wears
Friday
Range or
May 11
Lan Sale
I II
I 01,
_
r5
Range
Jas. 1
•
Be
Ask Low
High N o .1 Low Mob 01inol2 Central (Concluded)
BO
.441 Low
High'No, Low High
Chic UnSta'n 1st gu 4332A_19631.1
8972 Sale 8812
90
82 8752 9252
Pu chased lines 3 Yie.
/
1
10523 J 78 784 78
78 I
1 77 3* 7i4
SIB
1963•J J 100 Sale 100
100
5 977 10012
2
Collateral trust gold le
2
M N 793 7938 79
7912 15 7734 83
let Ser C 630
19633 J 114 Sale 11334 114
8 11272 11514
NegIstered
1953 M N
82 Aug'22
Ohio & West Ind gen g 65_41932 Q M 10412 _ _ _ _ 105 Apr'23 ___I 10412 105
Ref 88 interim etfs
1955 M N 9834 Sale 984
9854 284 / 9812 99
Congo'50
-year 4e
1952 J .1 7114 Sale 753i
72
24 ' 70 7572
.4-year secured 68
8
1934
J 10C32 1005 10014 10052 67 100 10272
-year 21'730
16
1935M S 10212 102% 102
1025
2
5 10112 10314
15
-year secured 634* g
10714 Sale 10718 10814: 19 10712 111
193131.1
Choc Okla & Gulf cone 55,__ _1952 M N 95% _
96
96
2 9512 97
Cairo Bridge gold 42
8212 Mar'23
808 _
1960
82% 87
0 Find & Ft W 1etgu4sg1923 MN
88 Mar'17
Litchfield Div let gold 3e 1951 J J
89 2 73
3
Cln H & D 2d gold 430
19373 J
8714 Apr'23
-Sill -8'93;
Louisv Div & Term g 330_1053 J J 66 4 725
764 Apr'23 _-__ 7312 797
7' 7
212
CIBtL&Cleg4e
2
11936Q F 8652 8814 8712 Apr'23
864 862
Omaha Div lot gold 3s
4
1951 F A 6734 7112 6834 Mar'23
683 695
4
5
Registered
11936 Q F
. 9012 Oct'22
St Louis Div & Term g 3s 1951 J J 6714 6952 71 Feb'23 ---- 71
71
Cln Lob & Nor gu 4e g
19, MN 82
12
85 4 Mar'23
3
- 3 - 3
E- E4
4
Gold 330
75
75
1 7312 80
1951 3 J 7334
Cln 13 & Cl cons let g 52
1928 J J 955 9912 99 Aug'22
8
Spring( Div let g 330
'
2
8 22
1951 J J 733 ____ 7812 July 1
.. .
g
Clearf & Mah let gu g 58_1943 J •
967 -___ 9012 Jan'22
2
Restero Linea let g 48
1 80
1951 F A 81 82 81
Cleve Cin Ch & St L gen das1993 J D 78 7812 7712
"is 'Eli
7812 ---6
Registered
_ 92 Nov'10
1951 F A
20-year deb 430
1931 J
9114 92
913
4
913
4 9014 9312 Ind & W let pref 49
4
5578
- - 8712
1940 A 0 8312 ____ 857 Mar'23
General 65 Serlee B
1993 J D 9634 9832 963 Apr'23
4
9612 100
ml lIlA Iowa lstg 4*
19503 3 835* 85% 83% Mar'23
831e 8514
Ref & !rapt 65 Series A_1929 3 I 101 Sale 1004 10112 47 100 102 '
/
1
Ind Union Ry 55 A
19653 J
6u0
19413 J 101 ____ 10012 101
2 10012 10114
•ut.& sirens. Nor adjusttla1952 J J 4412 Sale 6112 Dec5712_33_6 .81.2 .975
26
414
24
4.2 3_64 4; 1491
: 7
2
6
7 2
1 9
Cairo Div let gold 45
1939 J J 8534 Sale 804
853
4
3 8012 88
let Mtge 6s
923
4
1952 J J 9134 Sale 8912
Cln W & M Div let g do
1991 J J 76
4 757 Apr'23
7514 78%
TrustCo certificates 3
-year 5s-1-St L Div 1st coil tr g 45
1990 MN 7612 7712 704 Apr'23 ____ 7472 8138 Iowa Central let gold
72 70 May'23_,. 68 7314
13s
19383 D 69
Se& Col Div let g 43
1940 M S 8012
84 Apr'23 _
8212 84
Refunding gold 48
3514
36
5 3514 40
1951 IM B 3514 36
W W Val Div let g 42
8132 Nov'221._-19403 J
COCAlgenconsg6e
0 4
10354 May'23 ____ fails i&iis Samoa Frank & Clear let
658
19343 J 1833
1 83 87
43.._19591.1 D 8212 ---- 83 May'23
Cloy Lor & W con lst g 58
97 May'23 ____ 97 98
1933 A 0 95
CIA Mar let gu g 430
1936 MN 9214
95 Jan'23
_ 95 95
Ka A & 0 R let gu g 0
1938,J J 85% --------------------Cleve & Mahon Vali g 52
1938 3 .1 87
93 Mar'23 __ 93 94
Kan & M Ist gu g 42
8
18 Apr'23 ____ 75 797*
1990 A 0 7918 773
0l&Pgengu4)4sSerA
19423 J 9514 97 91 Nov'21 ____ ---- -243 20
-year 52
2
19271J J 9514 9914 9638 Feb'23 ____ 963 97
Sallee B
1942 A 0 9514 97 104 Dee'15 __. ---- -- K C Ft El & M eons g 82
10 10012 1023
1928 M N 10178 Sale 10112 1017
4
Int reduced to 330
9612
1942 A 0 -___
____ ____
K C Ft 13 &
Ry ref g 4a
7512 11 7352 7912
/
1
1936 A 0 7514 Sale 744
Series C 330
Feb*12- .....- ___ - KC&MR&Blegu5e_1929
194858 N 78 -_-_-_-_ 9012 Dec
'12
*
A 0 92 9614 945* Mar'23 ..--I 925 95
Series D 330
Jan•21 -1950 F A 78 ____ 67
/Kansas City Sou let gold 3s 1950 A 0 6612 Sale 66
6612 48 64 6878
Jleve Shor Line lot gu 4352_1961 A 0 91
92 9012
9012 ---2 -id- "ii"
Ref & lmpt 55
24 83
84
Apr 1950J J 84 Sale 8332
Ms
Sieve Union Term 5342
104
1972A 0 10311 Sale 103
32 101 106
Canaria City Term let 4a____1960 J J 7012 Bale 78
7912 43 7852 834
Coal River Ry let gu 45
*
827 8314 Mar'23
1945 J D 81
83 85
Kentucky Central gold 4s,_ 1987 3 J 81
8112 81
("cloyed° & South let g 4s
92
1929 F A 92 Sale 914
17 903 9312 Kook & Des Moines let
4
8 23
'
.) 5 9 74
75 80 75 May 1 _3 g1
12
Refunding & eaten 430-1935 M N 8314 Sale 82
83141 28 8132 8718 Knoxv & Ohio 1st g 68 52_1923 A 0 101
'Al
1 10034101*.
101
1925 J J
Col& H V 1st ext g 48
1948 A 0 8014 ---- 8312
(201k, Tol lot ext 48
4 Nov'22'____- 1 3- -go; Lake Erie & West let g 55_
1955 F A 8012 __ , 803 Mar'23
4
-3
8234
9412 161 9134 9 12
83
Sale 931
1 1 118 1
2 ;
___1937 J
2 :
7
Cuba RR let 50
-year be 2._1952 J J 83 Sale-, 83
8312
6 82 853
2d gold 52
4
8 12 864
22112
1941 J
1st ref 730
19363 13 104 Bale 103
104 I
8 103 1054 . Lake Shore gold 330
1997 J D 75
75
7612
77
Gay & Mich let cons aNs_ .1931 J J 91 __H 91
9112
5 91
eglstered
9234
/
1
1997 J D 724 7512 7312 Apr'23 ____ I 7312 7312
R
Os/aware & Hudson
Debenture gold 0
I
94 2 9512 9438
5
1928 M
34 ; 92 98
95
let & ref 4e
1943 111 N 87 Sale 8514
87121 83 83% 90
25
-year gold 42
1931 M N 92 9238 9112
9212 20' 90 2 9311
5
-year cony 58
10
1935 A 0 9212 Sale 9214
93
59 9014 98
Registered
1931 M N ---- ---1 8512 July'21
3
itt
1937 M N 99 4 Bale 9814 100
85 98 10212 Lab Val NY 1st gu g 430-.1940 J .1 93 9412 93 May'23
-..-Ii 9214 97
10-year secured 75
19303 D 107 Sale 107
107
4 105 11134
Realstered
1940 J J 8912 --_ 90 Jan'23- ..90 90
OR RR & Sdgelet gu 452
1936 F A 8812 ____ 87 May'22
_--- .... Lehigh Val (Pa) cons a 0_2003 MN 78 gele 764
35 7812 8112
78
(4n & R Or-lst cons g 42..1936 J
724 Sale 72
73
31 72
General cons 430
7534
2003 MN 90 Sale 87
90
40 85 9214
Console! gold 434e
---- 777 77 May'23
2
1936 J
Leh V Term Ry let gu g 55_1941 A 0 10112 ---- 10178 1017
77 80
2
2
5 1007 1017
e
Improvement gold 5s
8414 85 8432
1928.3 D
8432
2 82 88
m O jai_ .--.. 112 Apr'23 _-__ 112 11212
A s
let & refunding 55
3
1956 F A 50 50 4 50
5132 82 4814 58
Len sal iiii 10-yr red211
Registe cell (le_a119281
Sale 10152 103
2 1007 105
2
do Registered
494 Aug'20 --- __-- Leh & N Y 1st guar eld 4s 1945 M 5 78
8714 84 Apr'23__..,8332 854
Bke Tr stmp etre Feb '22 int_
43
4512
4512
3 45 5412 'ex & East let 50-yr 58 gu
1965 A 0 984 Sale 988
99
12 9712 9912
43 53 50 May'23 __- 48 5314 Little Miami 42
Farmers L&Tr reets Aug '55_ 1962 M N 8018 - -- _ 70 Dec'20
__-- _551,
Bankers Tr etre of deP
Long Doerr cense g 62
1935 A 42 1045* 108 10812 Nov'22
-- -do Stamped
-ig- 4812 -50 - May'23 -_-_-_-- "El - -E6-- ----.Long Isid lot cone gold 52_7:1931 Q J 9614 ---- Ws
53*
Am Ex Nat Ilk Feb '22 cite_
4
Mar'23
6
consol gold 0
61931 Q J 8914 -__ _ 9052 Apr'2Apr'23
-9052 - i3let
4
6 52
9
9
do Aug '22 etre
General gold 45
1938 J D 8312 85 83 4
3
831
4
2
Des M & Ft D 1st gu 45
43 -44
43
19353
44
42 - 45
Gold 45
811* ..__ 811 Mar'23
/
4
831 814
8 1% ° 3
Dee Plaines Val lst gn 430 _1947 M S 8814
934 Sept•22
Unified gold 45
/
4
7714
-11 1t ig 77 7712 771
1
5 8312 e%
7612 m
Del & Mack-let lien g 4e
1995 J D 654 _ _
754 Feb'23
754 7512
Debenture gold 5a
1934 1 D 89 92 92 Mar'23
92 94
0010 de
1995 J D 60 70 65 Apr'23
05 65
201yeaep uddng 5: 42_ 1937 e N 84 74 2 8412 May'23
D1 43 rr u m i eb8 1.2
883 76
949 m s 77
2
1 76 83
Del Rio Tun 430
85 4 88 8672 May'23
3
1961 MN
85 90 4
3
Dui Millsabe & Nor gen 52_1941 J J 9914 993 9814 Apr'23
4
9814 99%
Nor Sh B 1st eon g gu 5s_ a1932Q J 90 93 95 Nov'22
Dul & Iron nallgO let 52
/
1
4
9838
9832
3 9818100
1937 A 0 98 100
Louisiana & Ark let g 52
19271M 5 94 9412 9418 May'23 ____ 931g 9412
Registered
9812 Jan'23
1937 A 0
9812 98% Lou & Jeff Bdge Co gu g 4s 1945 M (3 7812 7912 7812
7812
5 77
80
Dul Sou Shore & AU g 58
75 767 76
76
1 75 80
1937 J
Louisville * Nashville 58.-1937/M N 1003 ---- 10014 Apr'23 ____, 100s8 103
s
2
C Minn Nor Div let g 4e1943 A 0 8412
89 Mar'23
Unified gold 42
88 90
/
4
905* 23 8714 92
19403 1 9012 90% 901
E Tenn reorg lien g 58
9112 913
1938 M S 9014 9312 9112 Mar'23
4
Registered _ .
1940 3 3 -------- 904 June'22
98
ETva&GaDivg 52
_ _ _ 99 Jan'23
_ 97 9852
1930
.1
Collateral trust gold 58
1931 M N 97% 9812 9732 Apr'23 __ -1 iia8 ilif
Cone 15t gold 52
98
1 9612 994
10
1956 M N 98 Sale 98
-year secured 75_
/
1
1930 M N 10714 Sale 1074 10712 i9 log 109
Elgin Joliet & East let a 65_1041 M N 9812 10012 9814
9814
5 97% 1004
let ref 548
j 0 103 Sale 10212 1034 11 10114 105
A 3
Erie lit conaold gold 72 ext 1930 M S 10312 Sale 10312 10312
5 103 10434
N 0 dr M lot gold 68
104 104 2 10134 Jan'23 ---. 10138 1013
5
2663
1930
4
let cons g 4s prior
5514 27 644 587
1996 J J 55 Sale 5412
2d gold 6a
2
1930 1 I 98% - - -119112 Feb'23 ---- 9712 10112
Registered
57 Mar'22
st dlcab D&1, es Dld 0 .1980 m A 81
Pa i uis
1998.3 J
M2ingoiv 3 : 946 g s
88 84 Mar'23 --__ 84 84
,3
let consol gen lien a 42_1996 J J 44 88.16 44
4514 140 4312 4912
's
60 61
59% Apr'23 ____ 5938 63
Registered
61
Aug'22
1996 J
L & N & M & hi lot g 430_1945 M 5 9114 9312 93 May 23 ---- 93 96
Penn coil true gold 42_1951 F A -823 - -1- 8314 May'23 _- 82 85%
. 82 4
/5
L drNSzes
/
4
thjoInt M 4s
1952 J J 7612 7714 771
7714
1 75 80
4
50
-year cony 45 Sex A_1953 A 0 4612 Sale 46
4712 66 4114 62
Registered
41952 Q 3 --- - ---I 7312 Apr'23 ---- 734 7312
do Series S
4618
1953 A 0 464 Sale 46
8 4214 52
Louie Cin & Lex gold 4Hs ini MN 9514 973 95 May'23 ---- 95 9712
4
Gen cony0Series D
4914 73 4334 5412
1953 A 0 4914 Sale 47
Erie & Jersey 1st f 132
19563 J 8912 Sale 8914
8912 14 88 89% Mahon CI RR let 52
1934 j 3 981 ____ 9934 Dee'22 -gee & Pitts gu g 330 B
834 Mar'23
19403 3
8334 834
Manila RR (Southern Linea)-1939 MN 63 68 68
Apr'23 --__ 841 71
8
Series C
19403 J
82 Apr'23 ----I 82 8314
Manitoba Colonization 58_1934 J 13 97 Sale 9612
97
11 9538 9714
Evans & T H let gen g 58_1942 A 0
88 Apr'31
Man GB& NW lst 330
1941 J J 7512 82 70 Mar 21 __ --- -Sul Co Branch let a 6a
1930 A 0
Apr'2I
54lcis8
_- 14el I
Internal
g 42_1 37 ra 3 -97 100 1900784 Me ri221 --7 ; ...
9 1M
7
-------77 rDe .10 . ...... .,...c ;-ii;(4
a :
. _
.
Vargo & Sou 62
19243 J -9E1;
9912 Dec'22
_
Cnalentsraticorese
P11 Cent & Pen let ext05._1923 .1 J 9913
9838 May'23 __II 985* 100
Registered
1931 Q rd
let land grant ext g 5a.......1930 .1 .1 8814 98%
de
8612 8812 86 Apr'23 ____ 56 88
1940 3
940
Consul gold 52
19433 J 91':_,__ 91 Mar'23
93
91
Registered
86
7414 Sept'20 __ _ ____ ____
88
Florida E Court let 4301959 J D 85 87 87 Mar'23
/
1
4
8512 89
J L & S let gold 330
1951 M
77
7912 80 Feb'23 __-, 130 SO
Foods J & Glov 434e
1952 MN 70 Sale 70
70
4 85 79
let gold 330
1952 MN 77
771
78 7714
/
4
2 7714 84
Yoe St U D Co Ist g 430_1941 J J 784
/
1
q 79 Apr'23 ___- 79 79
20
--year debenture 45
1929 A 0 9112 91% 9112 May'23 ---- mos 93
Fs W & Den C 1st g 530
19614 D 9814 101 10012 Apr'23
Mid of N J let ext Ega
9934 103
M O 87 91 87 Apr'23
A s
WI Worth & Rio Or let g 42._1928-J J 87 90 8738 Feb'23
87 87
85 875*
LB & West imp g 5a
hillw
199g F A 99 4 100
3
9934 May'23
Bram Elk & Mo V let 6n1933:A 0 1073 10912 107 Mar'23 ____ 107 109
4
984 9918
Ashland Div 1st g 85
10018 ____ 1014 Nos'22 __-- ____
1940
925
()HASA M &P let58
1931 MN 96% 9714 96 Apr'23
9512 9938
Mich Div let gold 68
2
6
0
8
2
1934 .1 D 18 % -- _7_ 1907 Mar'23 ---- 1007 1007
9 4 3 J 0 34 8 2 0018
2d exten 5a guar
8
a
19313 J 9412 9614 9312 Apr'23 ____ 9312 98
Milw & Nor let ext 43is
8 14 9212
8
7 88 88
Only Howl & Rend let 52
_1933 A 0
8834 10 8514 883
Cons extended 430
4
1934 J D 89 91
89% Mar'23..,,.. 8958 90 4
3
Gomm River let a f (is
1957 J 1 3412 85 85%
8514
3 8212 88% Mil Spark, NW let gu 48
52
1947 Itt 8 804 8614 84
84 2
5
1 8412 89
0a & Ala Ry let con
81%
J J 814 Sale 8112
5 7912 13118 Milw & S L let gu 830
1941 3 J 743 88 66% Aug'21I-_ ____ _ .__
4
Ga Car & No 1st gu g 58
_ 90
90
19293 .1 89%
2 90 9112
Apr'23 ____ 101 101
19273 13 102 ____ 101
60 6014 6112 Apr'23 ____ 6034 64% DMus & St Louis In 7e
Ga Midland let 3s
let consol gold 58
72 1 14 513
70
1934 M N 7012 78
76
Gila V 0 & N 1st gu g 55
4
1924 PA N 9914 993 9914 Apr'23 _--- 9914 9912
let & refunding gold 42
1949 M 8 36% Sale 3612
37121
8 36
40
Gouv & Osewgatch 52
19423 D 964 _
Ref & ext 50-yr 52 Ser A_
3712 3712 May'23 ----,1 35 3434
Gr R & Lox let gu g 430
_1962 Q F 37
8812 90
194113 J
- M St P & SS M eon g 42Int
88%
9 , 8458 90
Grand Trunk of Can deb 72_19401A 0 11312 Sale 11312 11338 22 11212 115
it71938 .1 J 8812 Sale 1 87
let cone 58
1938 J J, 9912 Sale I 99%
9918
1 98 100
15-year f 62
issolm s 10414 Sale 104 1044 44, 1024 105
10
-year cell trust 630
1931 M 51 10214 Sale 102
103
22 10112 106
Gray' Point Ter 52
19473 11 8312 -- 10118 Apr'07 --- -I
65 A
1948 J .1 10212 10234 10012 101
12 9958 1654
(Heat Nor Oen 72 aer A
10814 353 10812 11112
19363 J 10812 Bale 107
1st Chicago Term If
let & ref 430 Series A
89 4 Sale 8834
3
89 4
3
7, 87 9212 M 13 S M &A let g0 45__1941 M N 8812 ---_ 92% Dee'22 ____ _ _ _
1901 J
Int gu__1926 J .1 974 - __ - 9612 Mar 23 ____ ieg iii3
2
Registered
1981 J .11 •____ 90 82 00'22
keigdespe Central let &I.__
_1949 J J 8814 92 88% May'23 ---- 8814 90%
9934 156
19523 J 9912 Sale 9812
M K & Okla let g
guar 65_ _ 1942 Al N 9112 92 9212 Apr'23 --- I 92 94
Green Bay & W Deb °Us "A"____ Feb 60 65 65
Apr'23
-151 1157414
6
11-4
Mo Kan & T.T-Iet gold 4s__1990 J D 75 2 Sale 74
7534 130 74
9
Debenture We "B"
5
94 9
/ /
1
1
4
8014
914
1 914 1314
Feb
Columbia Tr Ws of dep
76
Greenbrier Ry let gu a 48_--.1940 M
Apr'23 --- 74 774
8352 857 69 Apr'21
2
do Stamped Dec 1921 int
*7434 ____ 7712 Apr'23 __-- 73 7712
(3011 k, S I let ref At a 52_81952 J J 7812 7912 80
-80
1 -g- -2
lot & ref 45
894 Jan'23 ---- 89 8912
tlarlem R-Pr Ghee let 48___1954 M N 733g 75 7372 Apr'23
2004
724 7812
/
1
6% cents fOr notes "ext"-_.
8234 Mar'23 __-- 82411 83 2
Hooking Val let cons g 430_1999 3 J 844 Sale 8114
.5
8414 12 80 86
MoK &TRy-PrI5aSerA1962 i J 7752 Sale 7612
Reglatered
78
323 7612 835*
1999 J
734 June'18
40
-year 4a Berke B
2
42 63 67
64
H&TC1stg5aintgu
1902 J J 633 Sale 63
12
19373 J 9712 158
974
9712
3 951 if3-4
10
-year ths Series C
9434 134 3214 WM
4
Houston Belt & Term let 88-1937 J J 9012 91
1932 J J 9412 Sale 933
90
90
2 8934 92
Cum adjust 52 Series A____1967 J J 5214 Sale 514
84 1009 5112 53
Hous E & W T Ist g 52
1933 M N 973 9812 971 Apr'23
4
9514 974 Missouri Pacific
(reorg Co)
let guar 59 red
I
1933 M N 973 bids 9412 May'22 -4
let & refunding 58 Ser A___1985 F A 83
8314
8214
3 82 887
Housatonic Ry cone g 58-1937 M N 8172 95 87 Mar'23
2
let & refunding 52 Ser C___1926 F A 95 8314 9514
9612 28 9514 963
9614
Mud & Manbat 63 ger A
4
1967 F A 80 8 Sale 7912
5
79 2 8 7;
80
/ 35 -81i1- -81
1
4
let & refunding 62 filer D__1949 F A 943 Bale 94
95
4
Adjust Income 52
40 9212 99
1957 A 0 5512 Bale 55
557 121 55 6438
2
General 4e
5634 212 56 6314
1
1
IllinoIs Central let gold
1975 3 S 563 Bale 56
2
_1951 J J 8714 90 9012 May'23
90 924 Missouri Pacific
Registered
1951 J J •___ 8812 8318 Sept'21 _
3d 72 extended at 4%
/
1
7812 8012 7912 Mar'23 _.......1 7912 814
let gold 330
1551 J J 78 Salo 78
78
1 771 83
;
Mob & Sir prior lien g Se
,_ _ --1938 JJ 90 -___ 95% Oct'22
1945 M N
Registered
19513 J 76
Oct'22
80
Mortgage gold 42
/
1
4
67 ____ 72 Mar'23 ....- /1 7312 73
extended let gold 330-1951 A 0 78 81 83 Feb'23
83- -i.i - Mobile & Oh10 new gold 65
1 102 10412
2 1023
2
3
1646 3 D 10234 10414 1023
927
Registered
1951 A 0• 76
let ext gold 68
2 1003 1037
4 103
e
4
let gold 3* eterling
51927 Q J 10014 10118 1003
1951 M 8 50 -ii 8312 Mar'22
.
General gold 42
:
5
2 72 2 781
72%
2
725
7252 75
Collateral trust gold 0.--1952 M S 821 83% 824
4
/
1
8312
9 80 -Ili
Montgomery Div let g 52_1248 M A 8912 93 I 9412 Apr'23 ........1 1 904 94se
39 7 F S
Registered
1952
---- 932s (Hong _
St Louis Div
95
ges Apr'23 __-- 1 1 9
4 95 2
1927 J D
let refunding da
'
1955 M N -iii ...-'2 -...1
RA RI 4 8514 42 82 -g3-4 Mob & Ohio coilSe g 4a
12 75 7812
tr
75
2
1938 M 5 7514 757 75
Mob & Mal lilt Ira a 4,8
1
/
1
4
1991 M 1 81
8412 82 Feb'23 __-- / 82 834
/
1
4
•No prim Friday: WON 1116 and asked tale Weelt. a Due Jan.
li Due Feb. e Due June. 5 Due July. n Due Sept. o Due Oct. a Option gale.
1.,
2110
New York Bond Record-Continued
Price
. . 8,
4.
BONDS
iii
Friday
r.t
N. Y.STOCK EXCHANGE
May 11
Week ending May 11...9 kt
Week's
Range or
Last Sate
4
gn,
al 33
Range
Since
Jan. 1
Page 3
BONDS
N. Y. STOCK EXCHANGE
Week ending May 11
Price
Friday
1/00 11
Week's
Range or
Lett Sale
Rang.
811301
13
3 5
Jan. 1
6.i
64 H h
High No,.Lo: . ie..
AM Low
Bid
POODRylVOIllit Co
4
Guar 334s coil trust reg 4_1937 MS 833 ____ 8412 Nov'22 ____ _ _ _ _
4
Apr'23 ---- 813 83
toll trust Sec B_1941 FA 8212 _ ___ 82
Guar 334s
,
85
83 .11113'22
Guar 334s trust ctfe C___1942 J o 82
4
813 -___ 8312 Nov'22
(Soar 334/3 trust Ws D.___1944 J
8
90 s
905
3
-25--year gold 413_1931 AG 9018 91
Guar 15
8
8413 Apr'23 _-_ 8413 87
N 853 86
-year guar 4s ctfs Ser E_1952
40
1 • 7012 78
7212
7213
Peoria & East let eons 45____1940 * 0 7012 72
30
22
26 May'23 - - r r' 21
1990 Apr. 20
Income 43
4
/
9512 Ul 923 977
4
8
Lrere Marouette 1st Ser A bs_.1956 J J 9512 Sale 931
8212
4
/
791 Sale 77
7914 48 77
1956 J
lot Series II 43
.„ 881 9214
4
/
8718 8913 884 Mar'23 1
/
1943 MN
Phila Bait & W lot g 45
37 , 451 49
4
/
46
48 Sale 4514
4
1
/
J
Philippine fly let 30-yr s I 4s 1937
9714
1940 A 0 9413 ____ 9413 May'23 ---- 1 94
,
P C C & St I. gu 435s A
4
1
/
1
/
1942 AO 9412 954 9412 Apr'23 ----' 9112 94
Aeries B 435s guar
9414
9414 Apr'23 -- -- 04
9414 _ _
1942 51 N
Series C 435s guar
8984
4
4
893 Feb'23 ---- I 893 89 4
3
1945 MN
Series D 43 guar
4
1
/
Series E 334s guar gold_..,i149 FA 89 .-. 8413 Apr'23 ----11 8412 8912
4
8912
893 _-..- 89
Feb'23 ---- . 89
1953 J
Series F guar 45 gold
3
8
4
1957 MN 893 -___ 895 Mar'23 --- -', 895 895s
Series G 4o guar
9212 Apr'23 _„ 9212 9453
Series I cons guar 4359___ _1963 FA 9218 95
9212
9212
2 9214 9213
N 9214 __
1964
Series .1 435s
4
/
8
4
/
4
9512 171 935 991
1970 3D 951 Safe 943
General 5s Series A
99 Nov'22
?Me & L Erie 2d g 5e____a 1928 AO 9514 __
1932.7, 10234 ___ 105 Dec'22
Pitts McK & Y let gu 65_
10018 ___. 9514 Itine'20
1934 I
2d guaranteed flo
1 9714 100
4
/
971
1940 * 0 100 _ ___ 9714
FittsSh& Lb let g be
Feb'23 ---- 100 100
J 0612 ____ NO
1943
let consol gold be
8
St N 983 ____ 98 June'22
Pitts Y & Ash let cons Se_ 1927
38
Apr'23 ---- 38
5
385
N 3412 42
1957
Providence Scour deb 48
8
885 Feb'18
1
/
1956 MS 744
Providence Term let 48
1
/
41 824 88
8
88
1997• J 8734 Sale 855
Reading Co gen gold 48
8412
__ 8412
8013 8412
.1 8413
1997
Registered
1
/
854
12 79
85
85 Sale 8312
Certificates of deposit
83
5 80 86
4
1
/
Jersey Central coil g 4s___ _1951 * 0 8312 Sale 82
N 108
Renes A: Saratoga 20-yr 68 _1941
8
9
3
6i -6i98
8
1927 AO 975 9833 - - -- - - - --15t - ;
Rich dr Dan Is
N 6738 ____ 72 Mar'23 -1948
Rich A \leek 18- 58
il 1712 1;
2
4
2
9712
9712
".7 9614 100
1952
Rich Ter 58
85
85
5 84
8414 ___ 85
1939 J
$10 Or Juno let gu be
1012 Dec'22
J
1940
Rio Or Sou let gold 45
1940 33 1218 ____ 1018 Feb'22
Guaranteed_
19 72
74
78
73
4
/
731 76
1939 .1
i41.3 Gr West lot gold 45
8 38 613 68
8
623
1949 * 0
40 A
Mtge A coil trust
4
0 753 81
7614 3
18 72 4
72314
66 8 Sale 653
1934 M
R I Ark & Louis 15t 4358
Jan'23 ----I 70
70
7312 70
1949• 3 65
Rut-Canada lot gu g 4s
Apr'23 ---r 80
8012
5
79 8 80
1941 3, 77
4ratiand let con g 435e
Z 72
72
3
75 4
3
' 7112 7212 72
1947
St Jos dr Grand Isl let g 4s
2
8
9 2
3
1
2
.18y 23 7 5
5
9
8
8538
.s 983 ..9_2_1f 9138 A 1:/r:: 9138 9 114
1996
L Lawr & Adir 1st g be
1990 A0
2d gold 6s
9
81373
7633
4
/
.1 901 ----8834
1931
St L & Cairo guar g 4s
1
4
9512 39 943 9912
5
4 9
St L Ir M AS gen con g 6s_1931 AO
102 July'14
Gen con stamp 1311 g S8__ 1931 * 0
8514
4
16, -F79-3- -Ws
j 8514 Sale 8412
48
1929
Unified & ref gold
86
8
7812 38 76
1933 MN 7838 81110 773
Riv & G Div lst g 4s
96 May'23
99
, 96
99
St L M Bridge Ter gu g 5s _1930 * 0 96
1
St Louis A San Fran (reorg Co)
8
1950 3' 663 Bale
Prior lien Ser A 45
211
8
0
3
1950 3, 80 4 Sale 6 44
Prior lien Ser B 5e
868
8 434 3173
6
1
8
8687571/4 979200'37'
19423 1 885 Sale
534e
' 97 100 3
8° 85713
99
1928 3 J 99 Sale 98
Prior lien Ser C Os
711 80
4
/
8
A 0 725 Sale 72
/11955
Cum adjust Ser A 8s
4
/
611
58
6814
7277
62 8 21642905
4
623 Sale
81960 Oct
Income Series Ad,
4
1
/
4
/
& San Fran gen 8s__1931 3 .1 1021 -- 10352 Apr'23 ---- 10212 103
St Louts
3
1931.7 J 9718 -- 9612 Apr'23 ---- 95118 99 4
General gold 55
1996 J J 8212 - --- 8212 Apr'23 ---- 8212 8212
St L & B 11' RR eons g 4a
_ 90 Feb'22---87
1947 A 0
Southw Div let g ba
Apr'23 ---- -641 1
ielbs
St L Peo & N W let gu 58_ _1948 J J 100 idi 00
..1931 M S 86 -r - 8613 Oct'22 --.•
St Louis Sou lot gu g 4s
11 -iiii -l g 4
7514
74
i 1
7413 75
St L 8 W let g 48 bond ctts_ _ J989 M N
Apr'23 --- - 69
7014
7112
2d g 4s income bond ctfm_p1981) J J 6912 Sale 70
70
81 7312 773
7518
4
1932 J D 7434
Consol gold 49
51
5
614 22 7313 8212
7 3
6
7 18
7434 Sale 74,2
let terminal A unifying 55_1952 3 J
7514 8112
4
763 Sale
St Paul& K C ShL lat 43413_ 1941 F A
1 9114 93
4
/
9112
911
93
91
1933.7 J
it Paul M & Man 4a
Apr'23 ---- 108 10914
4
1933 J 3 10713 1083 08
let cense! g 68
99 Sept'20 --- 4
/
1933 I J 1061 110
Registered
3
32 0
8
1 -Iir; - - -1;1;
4
1
/
053
8
1933 .1 J 953 9612 95
Reduced to gold 43.4e
4
/
1933 1 1 921 - - 97 Aug'22
Registered
7 icili "iii"
4
1
/
89
4
1
/
8
4
P 893 913 89
1937 3
Mont eat let gold 45
91
80 Mar'21
1937 1 D 89
Regtstered
'if' 84
84
- 84
1940 J J 84
Pacific ext guar 4e
8 22 71'4 75
735
4
1
/
8
735 Sale 73
19433 .1
9 A & A Pass 1st gu R 48
99
99
Feb'23
99
-1042 NI S
Santa Fe Flee & Ph 43.9
4 18 7812 8314
803
0 8013 Sale so
1959 A
Han Fran Term! 1st 45
107 107
-- 07 Mar'23
1934 A 0 10514
Say Fla dr W 8s
-- 100 Nov'22
1934 A 0 9912
55
1
/
4
/
8518
1 851 8714
1989 MN 854 Salo 8518
Selo V & N E 1st gu g 4s
1 53
1
/
554
1
/
58
1950 A 0 5414 5512 554
Seaboard Air Line g 49
58
1
/ 11 52
544 .
0 5412 Sale 54
1950 A
Gold 4s stamped
4
3012 175 223 3212
3018 Sale 29
01949 F A
Adjustment 53.. _ .
1
/
434 125 39
48
4
1
/
1959 A 0 4314 Sale 42
Refunding 45
1
/
644; 191 58
4
1
/ 68
1945 M S 5312 Sale 63
let de cons Os Series A
4
/
3
8
1926 I 1 0718 -- 901 Apr'23 -- 03 4 963
& Roan 1st 513
Seaboard
3712 Apr'23 -- 3713 3712
1943.7 0 3614
Sher SI/ & So lot gu g Ss
8
993 10112 10018 Mar'23 -- 98 10114
1938 F A
El A N Ala cons gu g Is
3
4
993 Apr'23'- -- 9612 09 4
Gen cons guar 50-yr Le_
1963 A 0 98 100
8112 21 7712 85
-4e (Cent Pea col) 01949 J D 8113 Sale 8012
So Pac Co
4
/
911 138 9014 92
4
/
4
1
/
9114 Sale 911
01929 M A
-year cony 45
20
4
1934 1 D 100 10(13 100 May'23 -- 100 10212
-year cony Is
20
10114 10114
10114 Apr'23
1937 51 N 10112
So Pao of Cal-Ou g be
4
1
/ 891
4
/
89
4
/
8818 891
19373 J
So Pao Coast lot gu 48 g
8812
1
/
864 78 83
8
865 Sale 8514
1955 J J
So Pao RR lot ref 4s
8
4 78 923 9814
943
4
1994 J J 943 Salo 9312
cons g be
Southern-ist
2 9014 933
4
82
1994 1 1 92 Sale 92
Registered
1
/
664 671 6614 6912
1
/
Develop & gen 48 8er A-1956 A 0 664 Sale 6614
173 100 102
101
0 101 Sale 1001.1
1958 A
Temporary 63.4o
97
90
9214
9214
1008 J J 9012 03
Mem Div let it 4358-5e
4
7514 803
7614 Apr'23
1951 .1 J 7818 81
St Louis div lot g 4s
9934
psis Sale 981e
0818 , 97
.,
5
1929 M N
Bo Car & Oa lot eat 5 348
8312
21 82
82
- 82
1955 1 J 8212
Spokane Internal 1st g 5s
Oct'20 ----I
4
1
/
1913 J D 72 ---- 80
Staten Island Ry 434e
92 May'22.----,
1938.7 3
Sunbury & Lew 45
-95 May'18 Short L let 56 g__ _31930 M 8
Superior
- 2
8 . 921- -95 -12 924
1
/
925
8
Term Aosn of '1 L 18t g 4348_1939 A 0 925 93
99
1 96
96
9712 96
1944 F A 97
let cons gold 551
82
78 Sale 78
5 77
78
1053 J -I
Gen refund a f g 41
4
/
901
4
/
901 Apr'23 ----I 90
19433 J 9018 9.5
Tex & N 0 con gold be
34
34
34
Jan'23'
let gu g Ss .,,,_1943 M S
Texas A Okla
0 9012 96
93 Sale 92
93
2000 3 0
Texas & Pa'. et gold 55
4
1
/ 54
60
54 May'23 ----I 40
52000 Mar 54
2d gold income 54
4
4
1931 3 :1 8518 8912 883 May'23.-- 883 92
La Div 13 L 1st g be
2 903 98
4
1
/
4
98141
9814
Tol A Ohio Cent let gu 55_1935 J J 9712
1
/
1935 A 0 9l 13-- _ _ 9313 Apr'23,----I 024 9/3
Div let g bs
Western
4
1
/ 89
8
4
/
J D 871 1012 875 Mar 23 ----, 87
1935
General gold AS
32
30
Apr'23
- 31
1917 1 11 30
Tol Peo & Weet 4s
1
/
0
. 934 9412
9412 sale 9412
9412
Col St LAW pr lien e 335e-1925 J J
4
1
/ 75
644
69
1950 A 0 69 Sale 69
50-year gold 48
-4
/
1931 J J 9 /
- 951 Nov'22
4
1
5
'Col W V & 0 gu 434e A
1
/
3 9514 9818
9618
1933 .1 .1 954 9814 9613
Aeries B 43513
8
1942 NI S 8114 -,-,- 807 Nov'22-_
Berlea C 4s
82 Mar'23 ---- 7812 82
8
Tor Ham Az Buff let I2 4s_/c1946 .1 D 782 82
9512
,
3 94
9418
9418
:Alter A Del let cons g be._ _1928 1 D 9418 96
70
7212 70 Mar'23,--- -1 86
1952 A 0 62
refunding g 4e
let
4
/
90121 98, 881 9334
4
/
90 Sale 891
1947 J .1
-nlon Pacific lot 4. 48
8813 May'23 ----1 8812 92
8
1947 1 J 855 90
Registered
67 9414 9818
05
9434
1927 .1 J 9413 95
20-5ar cony 'a
58 8018 88
84
52008 M 8 84 Sale 8212
lot A refunding 40
54 100 1053
4
103
4
-year perm secured 85_1928 3 J 1023 Sale 10214
10
6 90
9314
00
90
M A
1944
U N J RR & Can gen 4s
a Option sale
Due De
Sid and asked this week. aDue Jan. •Due Feb. s Dug June. 8 Due July, 0 Due Aug. 0 Due Oct. 12,13us Nov. e
No price Friday; latest
High No. Low High
Ask Low
113id
'
1 10912 111
10912
4
1937.7 J 10912 1113 10912
Mont C let gag .38
1937.7 1 ---- ---- 131114 MaY1351
Registered_
„ 993 101;
-3
8
let guar gold 5s
1937 .1 J 9812 101 12 100 May'23 _ 9 743 78
4
77
8
765
77
2000.7 0 75
MAE lstgu 3352
4
8 985 101
993
8
!Vastly Chatt dr St L lot 58_1928 A 0 9912 Sale 9912
Apr'23 ---- 98 98
1937 F A 98 ____ 98
N Fla dr S let gu g 5s
.
"
_
!Tat Ry of Mex pr lien 4359 _1957J J --------31 Sept 8 ---- ---- -ii5
8
8 23
325
3112 sale 3112
on
July coupon
3112 Apr'23 --__ 29
35
____ 31
So off
2618 Jan'23 __-- 2618 2618
1977 A 0
General 48 (Oct on)
---- - -- ---- --- April coupon on
2912
3 2712 2912
2912
2612 30
on
do
3814 June 22 -lien 4348 _1926 J .1
Sat RR Mex prior
4314
4314 31 28
4
423 4312 4212
JUly coupon on
off
do
Apr'23 -- 27
28
A 0 -------- 28
let consol 48 (Oct on)__ _ _1951
2412 2614
____ ____ 26 Feb'23--April coupon on
2812
2812
__ 2812
2714
1-2 26
oft
do
5 6818 8818
6818
4
/
814 ---- 681
6
1954 MN
Saugatuck lilt lot 40
4
1
/
90
9013 Mar'23 ____ 89
1945.7 J 85_
Sew England cone ba
743
4
8
1 74
4
/
4
1
/ 744
1
/
1045 J .; 741 7E3 7438
Consol4e
Jan'23 ---, 82 82
s
765 ____ 82
19813 F A
S J June RR guar 1st 4s
6 77 8112
7714
8012
'I OA NE let ref &imp 43484'52 J J 77 Sale 77
75
5 7318 793
7612
4
1053 J .0 76
Sew Orleans Term let 4e
10138 27 100 lo1/2
8
101 Sale 1007
11 0 Texa8 A Mexioo let 08 1925 1 D 783 Sale 78
8 42 7718 84
785
4
59 A__ _1935 A 0
Non-cum income
4
1
/ 8912
1945.7 J 8912 9212 8912 Apr'23 ---- 89
c & C Bdge gen gu 434/1
Apr'22 ---, 94 94
9112 ____ 94
,
I Y B A M 13 lot con g 58_1935 A 0 1031 Sale 1013
10312 238 101 1053
4
.1
4
/
68_1935 M N
II Y Cent RR cone deb
8
80
35 761 825
8
4
/
8
795 Sale 783
1998 F A
Con8o1 48 Series A
1
6 8414 884
/
86
1
/
2013 A 0 8512 Sale 954
43513 "A"
Ref &front
4
1
/ 492 927 9834
95
8
8
0 9512 Sale 945
2013 A
Ref & inapt be
I Y Central &Hudeon River
4
773
4
/
741 26 72
74 Sale 7313
1997.7 J
Mortgage 334/1
11/97.7 j --------78 Dec'22
Registered
9018 18 861- -61758
4
2
1934 M N 9013 Sale 883
Debenture gold 4e
_1934 M N -r - - ....„ 8912 Nov'22
Registered
3
5 8412 9014
863
4
/
1
/
1942.7 .1 6512 864 861
-year debenture 4s
80
4
/
711 27 6818 76
7112 Sale 7012
coil gold 334s 1998 F A
Lake Shore
70
73
6818 79
1 70
0
7
1998 F A
Registered
1 7/14 77
8
717
4
/
711
4
/
711 73
Mich Cent coil gold 3348_1998 F A
70
Apr'23 --__ 7012 75
74
71
1098 F A
Registered
4
873 May'23 ---- 83
89
4
1
/ 9014
I I' Chic & St I. let g 4e. _1937 A 0 87
1
/
- - -- 8612 Jan'23 --__ 8618 864
1937 A 0
Kegistered
8
1
/
1 834 887
4
/
861
8618
-,- Sale 8618
1931 MN
Debenture 4,8
4 51 98 1004
993
1
/
4
1931 MN 993 Sale 99
2t186 A
4
1931 M N 9953 993 100 Mar'23 --„ 100 100
2c1 88 13
3
861s
3
8
17 844 884
1
/
1
/
I Y Clmnect let gu 4358 A. _1953 F A 853 863 85 4
1947 u'i N --------87 JUly'22 -...
I Y & Erie let ext g 48
9912
------95
5 95
1023M 8
95
led ext gold 4358
94
94
6 94
94
94
1930 A 0 93
lith ext gold 58
943 Nov'15
4
1928 1 D -:,- 93
5th ext gold 48
75____ 8612 Nov'22
1946 AI N
I Y & Green L gag be
8
4
/
7312 Mar'23 ____ 731 773
4
/
2000 M N 741 77
I 1(& Harlem g 3348
8
4
1
/
1923 F A 997 100 100 Mar'23 ---- 99 100
I Y Lack & Western 50-1930 M S --„- 103 10314 Apr'23 ---- 10314 10312
77 L E & W let 78 oat
2 94
9613
981 1
9612
613 _
1943 J J 9
Dock & Imp ois
,
96 131ay•23 ---- 9434 98i.
614 99
0
1932 F A
1 Y dr Jeroey lot 59
8
1941 M s 853 _ ___ 91 July'22
I Y & Long Br gen g 4/3
'
, Y N H & Hartford1947 s s 46
4
49
473 Apr'23 ---- 473 49
4
4
Non-cony deben 48
47
44
Apr'23 ---- 4318 48
1947 M S 44
Non-cony deben 3345
41
4214 Apr'23 - -_, 4214 47
1954 A 0 40
Non-conv deben 334,3
1
/
444
8
1 44
4
1
/ 5112
1955 .1 .., 447 Sale 4478
Non-cony deben 48
3 43
4618
51
1956 145 N 4512 4612 4512
e deben 49
Non-con
1056 j j 40 Sale 40
4612
5 40
40
Oonv debenture 3358
8
1
/
634 80 615 7314
4
, /
1948 J .1 631 Sale 6212
lonv debenture es
1957 541 N
38
40
4112
40
2 3812 423
4
4% debentures
704 47 6712 813
4
1
/
1925 A 0 6712 Sale 6712
71 European Loan
ill,
63
458 go
1926* 0 62 Sale 6112
711 Franca
44
Apr'23 -- -- 4014 46,
2
1930 F A ---- Cone fty non-con. 48
1954 j j ____ 47 8 501 Dec'22 ---- _- _--- 7
4
/
Non-cony 48
1955 j j --------44 Mar'23 ---- 44
44
Non-cone deben 45
49 Dec'22 ---.
1950 j j ---- 48
Non-cone deben 48
0(9'22 ---- •
4
/
1927 A 0 981 -r -_ 99
Y & Northern lot g be
7722 -di- -i0 8
05
' 70& W ref lot g 48___0:1992 M S 65 8512 8414
_
NI
aegistered 85,000 only__01992 j S -- - - - _ 69 Nov'20
D 56 iE
/955
61 58 Apr'23 ---Genera148
1942 A 0 74 - - - - 83 Atm'13 --Y Prey dr Boston 45
82
4
I 8018 823
4
Y & Pu lot cons gu g 46...A998 A 0 813 82 82
95
Apr'23 ---- 05
95
4
/
1027 M S 951 99
Y & R B let gold Se
go
2 51
55
1937 .1 j 5418 5434 55
Y Suso & W 152 ref be
45
1 42
4953
45 Sale 45
1937 F A
ild gold 4348
47
45 May'23 ---- 45
49
1940 F A 44
General gold 55
4
/
4
1
/
1943 M N 8418 _ __ 841 Mar'23 --, 8458 93
Terminal let gold be
43
56 41
5014
YW'cheser B ist Ser I 4358_ '46 J J 42.8 Sale 4213
0638 6618
8 21 6118 71
1387
1961 F A 64
arfolk Sou let dr ref A 5s
1
/
1941 M N 8612 9014 9014 May'23 ---- 884 9312
crfolk dr Sou let gold be_
106
Apr'23 ____ 107 10813
orf A West gen gold 69._ 1931 M N 106 107 107
4
1
/ __-- 110 Mar'23 ____ 110 110
'
1934 F A
Improvement 63 ertg
4
4
4
1932 A 0 10614 108 1063 Mar'23 --r, 1064 1063
New River let gold
4
1
/
4
8734 23 851 9314
4
/
4
, de W RI' let cons g 4s__ _1996 A 0 87 Sale 863
90
1998 A 0 85 Sale 85
85
1
Registered
85
..
85 May'23 -__, 8238 863
4
Dly'l let lien & gen g 48_1944.7 J 8513 92
107
9 107 108
1938 Si S ---- . _ . 07
10-25 year cony 4356
10914 40 10714 117
M s 10914 Sale 10812
4
1
/
_1929
-year cony 83
10
81314 8518 May'23 -__ 8458 883
8
Pocah C & C joint 4s......1941 .1 D 85
85
83
Jan'23 ---- 83 , 83
nth Ohio let guar g 55____1945 A 0 79
rail;rthern Pacific prior lion 1997 Q j 841
4
/ 85
4
8413 35 818 87
8314
way & land grant g 41
1997 Q j 8212 _. 9312
_ __ 8112 Apr'23 -...„ 81
Registered
4
6013 ea 59 6214
4
/
a2347 Q F 601 Sale 593
„ianeral lien gold 38
4
1
/ 6012 60
4
/
Apr'23 --„. 581 60
a2047 Q F 58
Registered
4
1073
4 81 106 1093
4
2047 1 1 1073 Sale Ion
Ilef & impt Os en B
85
8812 8412
92 823 90
20 47 J J 85
Ref & imp 435s SerA
4
4
043
4 16 0212 100
2047 .1 .2 943 __ _ 9414
be C
95
1
/
4
416 9212 9914
2047 J J 944 Sale 933
bs D
__ 89
Feb'23 ---- 89
89
St Paul-Duluth Diva 48 1996 J 0 85
9812
4
/
4
/
St Paul & Duluth lot 5s_1931 9 F 991 -___ 8414 Apr'23 ---- 981 9812
-1
Jan'23- 8414 8414
4
/
791 ---_
1968 J D
let eonsol gold 48
109
109
2r Pao Term Co 1st g 881933 J .1 100 10912 102 May'23 ___ 108 110
____
Jan'23 ---- 102 102
1938 A 0
2 of Cal guar g 58
_ 118 Nov'18 -.
4
/
1930.7 .1 1031 lot 60
- - - -Ncnth Wisconsin
71
2 -gW
8
60
1948 .1 1 04% 685 66
14
08 L Chain let gu 44 g
4
/
4
/
1943 M S 8814 ____ 861 Apr'23 ---- 881 804
0 do Conn RI 45
1038 J D 9973 ---- 9633 Mar' ---- 9513 9818
23
0 do River RR let g 50
s
1
/
1937 A 0 943 -___ 9512 Feb'23 ---, 954 0512
General gold 513
99
3 984 100
1
/
1927 J .1 99 Sale 99
Ore & Cal let guar g Se
87 May'23 ---- 8434 87 2
8812
,
1946 1 D 87
Ore RR & Nov con g 4:3
Or e Short Line
3 99 10413
1948 j j 100 102 10012 102
IN coneol g 5.3
102
3 99 105
4
1
/
1946 J .1 102 Sale 101
312111* con ba
8
4
/
8
911 43 90
4
1
/ 92
1929 J D 917 Sale 913
luar refund 48
4
/
79
1
/
116 754 82
79 Sale 771
1561 J J
Or Mon-Wash let & ref 45
8
795
3
Co let g 5e_..1940 J D 7813 795 7812 Apr'23 - 77
clfie Coast
8
885
,
83 4 - _ _. 85 May'23 ---- 84
1938 F A
Pao RR of Mo lot ext g 4s
9518 97
1938.7 j 9318 ____ 9512 Mar'23
gold 68
ld extended
91 Slar'23 -gots 91
8
_1955 J J 883
90's
Pa ducah A his let of 4A9_
4
/
7634 .258 gal4 78
4
1
/
1958 F A 75 Sale 751
731rbs-Lyons-Med RR 68
4
_
_
MN --------993 Dec'22
Fe ansylvania RR lot a 48.-1023
9314 Apr'23 ...„
N 9314
1
/
934
1943M
3onsolgold 4e
4
893- 8814
4
1
/ 91
5 87
8814
1948,651N 88
gold 48
7onsol
90
May 1 1908 MN --------89 May'23 ___ 85
e stamped
8
4
5
95 8 Sale 9412
96
67 923 985
19801F A
3.oneol4,34/1
4
1
/
92
4
/
9114 129 88
198513 D 911 Sale 9014
/eneral 4345
8 10012 113 98 10114
196811 D 10014 Sale 995
Jrneral be
10778, 37 1061 110 4
8
4
/
3
1930IA 0 1077 Sale 0818
-year secured 78
0
10814, 148 10838 11118
4
1
/
1938IF A 107 Sale 0714
1&year secured 835e
1
gi
New York Bond Record—continued—Page 4
BONDS
N. Y.STOCK EXCHANGE
Week ending May 11
c
II
Price
Frtdag
May 11
Week'.
Range or
Last Sale
ev2
Raw e
Since
Jan, 1
BONDS.
N. Y. STOCK EXCHANGE
Week ending May 11
2111
r.
r.3
Price
Friday
May 11
Week's
Rang. or
Lan Salo
"
ara
Rang ,
Since
Jan. 1
Bid
Ask Low
80
High No. Low High
.4&k Low
High No. Low High
1926 3 J 9312
Utah & Nor gold be
997s Jan '23
80
9
91
994 99% Crown Cork & Seal Os
FA 90
89
01
4
1%
90 95
1933 3 J 8818 ____ 9112 Apr'23
let extended 44
8
91
913 Cuba Cane Sugar cony is. _ _1943• J 895 Sale 873*
4
19 0
3
55 85 3 94
,
1955 F A 84, ____ 86
Yantis:51a cons g 48 Ser A
Apr 22
8
,
Cony &ben stamped 8%..1930 J I 94% Sale 9'27s
9412 76 9014 93 4
,
Series 13
Consol 4ts
__ 85
1957 M N 8418
85
Cuban Am Sugar let ooll 8s....1931 MI 8 10712 10814 107
87
85
10812 51 10612 10812
Vera Cruz & P let gu 411i..-.1934 J J
3712 Mar'23
34
3712 Cumb T & T
9218 20 91
& gen 5s._ 1937 J 3 9218 Sale 9112
9612
July coupon on
2614 _
Apr'23
38
Denver Cons Trimly 55
34
_ _ 07772 Jun866 0
9 188
8,4
45
1933 10 75
01
'8
7 2
July coupon off
8
Dent Gas & EL let & ref sf g 5.451 MN 847 8614
25 83
/ 90
1
4
1926M S 9712 9814 -98 Mar'23
Verdi V I & W Ist g bs
4
9814 "oi1- Lieu Corp D G 7e
77
64 55
1942 38 S 76
99
Virginia Mid Ber E 53
1926 M S 9718 99
9818 Apr'23
ustrolt Edison let coll It 63_1933 33 97
/ 98'4 97,
1
4
984 9S3
4
4
971 11 944 10012
/
4
/
1
General ris
1936 51 N 97 9712 9712 Apr'23
let & ref 55 ser A
93
977
943
4
33 914 98
8
k1940 MS 94
/
1
Va & So'w'n at gu 63._ _2003 J J 92
9412 93 Mar'23
12
let & tel 6e serles 13
93 9314
01940
194% 34 101 104
10214
1024 Sale
-year Is
1st cone 50
:et United 1st cons g4I88--- 1932 33 825s Sale 8213
1958 A 0 7214 773 78 hlay'231__
4
75% 81
21 81
83
854
Virginian let ba Series A
25 9012 98
1962 All N 941 2 95
95
93 8
,
Diamond Match s deb 7 8-1936 3824 10614 Sale 106
106% 71 105% 10812
Wabash lot gold 55_
3
1939 IN N 95 8 Sale 943
4
95 s 38 9414 99
Distill Sec Cot cony let g 53_1927 10 4812 53
4914
3
2 4914 64
49%
2d gold 5s
85 Sale 8418
1939 F A
8534 29 83
48
4
Trust certificates of deposit___ 9214
50 4 513 Apr'23
3
49
64
let lien 50-yr g term 4a
67
72
1954 J J 07
67
4 67
Dominion Iron & Steel 63____1943 JJ 81 Sale 8038
69
21 80
81
8514
Del & Ch Est let g aa
94 Mar'23 -- 94
97
1941 3 J 90
0612 Donner Steel is
89
7 84
.• 1 89 Sale 8712
348......1936
1942
93
Dee Moines Div 1st g 49_ 1939 J J 663 79
8
733 Jan'23 -- 7314 73% E I du Pont Powder 4
8
8834 Apr'23
3D 8614 00
873 90
4
Om Div let g 3%o
1 63
63
1941 A 0 6112 63
63
6614 du Pont de Nemours & Co 7%e'31 MN 10714 Bale 107
10712 101 1064 108%
/
1
Tol & Ch Div g Co
7234 Apr'23
1941 M S 7014 75
723 727
4
1033
4 69 101 10514
8 Juqueane Lt let & coil 6s___1949 3, 103 Sale 10214
Warren lst ref gu g 3 tie
7018 _
,
7411 Nov'' 2
2000 F A
Debenture 7%5
10714 30 10614 108
1936 J J '10718 Sale 10718
/
1
4
Wash Cent let gold .1.0
80 Mar'23 -- 80
1948 Q M 744 79
East Cuba Sug 15-yr f g 7%01937 MS 10312 Sale 101
10512 427 93 11314
80
W 0 & W lid cy gu 4s
8
Ed EMI Bkn let con g 4s
1924 F A 975 ____ 9714 Aug'22
874 Apr'23
/
1
— 86% 91
1939'.3 844 91
Waal. Term Sat gu 31.0
7712 7912 7612 Mar'23
Ed Eleo III let cone g be
1945
7612 793
8
Apr'23
1995 3 J 9512 102 100
100 101%
let 40
-year guar 48
1945 F A 8212 _ . _ 8434 Nov'22 _ - _
Elk Horn Coal cony 6s
9314 9712 May'23
J O 97
97
9912
W Min W & N B7 let gu be_ _1930 F A 76 8 85
,
871r Mar'23 .
Crapire Gas & Fuel 7%8—A
8314 89
8
9818
1993275 BIN 90 Sale 91276 91
West .laryla d Sat g 4s
6018
109 60
63
1952 A 0 63 Sale
93
95 Mar2
653
9 2,1
95
4 Eq G Light 5.9
95
M
95
Weat N Y & Pa 1st 2 58
963 9612 Apr'23
4
19373 3 95
Fisk Runner 1st 5 f 88
8
9512 100
10718 77 104 10812
M S 1055 10612 10513
Gen gold 45_
753 Apr'23
77
4
:es Smith Lt & 'Pr 1st g 6s
_1943 A 0 75
752 8312
4
_ 70% Mar'23
- 7018 704
199321 Ms 7553
119436
Western Pao 1st Set A 5s
7912 7953
1946 M S 78
80
Framet le Ind A Dev 20-yr 7%s'42 J .1 91 Sale
6 79
85
8314 93
7912
West Shone let dil guar
79%
4 77
'3613 3 771 78
99
83% Francisco Sugar 714e
192
011s 43 100 103
19
1942 MN 101 1011 10134
77
Iteglittered
73
77
78
2391 4 J
6 75
_Sas& El of Berg Co cons g 55 .1949 J
9318 Mar'23
82
91
94
9318 9312
9714 May'23
Wheeling & L E 18: g Se
1928 A 0 9714 99
General Baking let 25-yi (le_ .1936 .1
99
100 1011 1004 May'23
97
894 10112
Wheeling Div let gold 6s._1928 J .1
Feb'23
99
Gen Electric deb g 3%e
AS% 99
10 76% 8012
80
SO
1942 FA 7818 80
8
3
Eaten & Impt gold In
1930 F A 90 4 974 955 Jan 22
10012 36 99 102%
Debenture 53
95% 95%
MS 100 Sale 100
4
50 4912
3
50
7 49% 62
Refunding 4348 Series A.,_1966 NI 5 50
20
1051 Jan'23 _- 105 10518
-year deb Os
Feb 1940 FA
591_ 5812
5914 14 57
RR let coneol 45
1949 M S 59
9834
9 9712 101%
6518 GenRefr lot s I g 63 Ser A 1932
5 • A 0814 Sale 954
Wilk &East let gu glio
19423 0 5314 Sale 52
534 11 50
Goodrich Co 0%5
60
100 4 61 993 102
3
4
1947 J J 190% Sale 10012
Will &13 F let gold be
Jan'23
101
A938 J 0
_ 101 101
Goodyear Tire A Rub let e I Si '41 MN 117 Sale 11512
125 1141 1177
117
/
4
3
WInston-Salem El B let 48___1900 3 J 7634 80
Apr'23
76
8113
10
76
-year s deb g 85
10512 147 99% 106
FA 105 Sale 105
Wle Cent 50-yr let gen 4s____1949 J .1 75% 70
7534
7/
61
4
qranby Cons M & P eon 68 2'28 MN
82
3 74
9212 Apr'23
9112 9212
9
. 31
Sup & Dul MY & term 1st 44'36 NI N 7512 7714 75
7714
15 75
Stamped
80 s
,
92 Feb'23
92
92
1928 MN 931s
1943.3 J
W & Con F,ast lat 4 tis
-_ 65 May'22
543
4
Cony deben Se
97
6 9618 100
9712 9618
1925 MN 97
INDUSTRIALS
Gray & Davis 79
96
Apr'23 ___3 9518 100
_
05
FA Adams Express coil tr g 4s....1948 M S 80
80
14 80
8012 SO
,reat Palle Power let f 58 1942 MN 6J3- _
SON
8
_
97 100
3)
91
97%
93
Alex Rubber Ss
1936 J D 9712 95
12 9512 9912 Hackensack Water 48
80
/ Apr 23 _ _ 8013 32
1
4
1952
J
Alaska Gold M deb Is A__ _ .1925 M S
5
712 518 May'23'____
Havana Elea (mown g
54 8
gi 89% 89
89
2 87
91
...,.1962 FA
Cony deb 69 series B
3
1926 M S
712 6 May'23
6
34 81
84
6 14 Havana ERy L & P gen 58
8314 Sale 8314
8514
M
Amer Chain 63
9713 Sale 971z
973
38 96% 97% Hershey Choc late g 68
45 96 100
98
et
_11994472 MN 9712 Sale 9714
Am Agri(' Chem let Is
1928 A 0 9712 Sale; 9712
9734
6 96 10012 Holland-Amer Line tie (PO
88 4 58 874 92
,
MN 8814 Sal. 88
Ist ref s f 7%s g
1941 F A 102 Sale 102
10212 87 99 10434 Hudson Co Gas 1st g 5s
4
92% 9412
4
1949 MN 923 935 9314 Apr'28
Am Cot 011 debenture be_...1931 M N 7012 Bale 7012
713
4 12 59
97 8 Bale 9712
,
8013 Hatable 011 & Refining 534. _1932 J
98
63 9714 99
Am Dock & Impt gulls
1938,3 .1 108 ---- 1057 Deo'22
%
Illinois Steel deb Ao_
92 1
4 88
9612
_ _ _1940 * 0 92 Sale 32
Amer Republics 68
1937 A 0 90 Sale 89'z
90
39 "kV'
Ind Nat G & 0 53
8112 Oct•22
78
MN 76
Ato• Sin AR let 30-yr be ser A 1947 A 0 8518 8S3 8758
s
8812 129 8418 92
/ Indiana Steel lot 50
1
4
4
4
10018' 45 99 10i12
193 MN 993 Sale 992
52
6
Cis 13
1947A 0 10014 Sale 99 4
3
2
100, 257 995 10012 Ingersoll Rand let gold 5s_ 1935 33
8
96 Nov'221---American Sugar Refining 8s 1937 J .1 102 Sale 10114
149 10012 104
102
ter boro Metrop coil 4148_1956 AO
912 Sale
'ill
am Telep & Teleg coil tr 4a 1929 J J
9112 Sue 9114
57 907 92
92
'2 Apr' 3 4_
/
1
4
8
Certhicates of depoait
' _2 5
9 2.2
912
Convertible le
/ 883 May'23
1
4
8
1936 M S 797 87
80
90
114
Guar Tr Co ctfs 16% stamped_
114
3
7
8
11
/
4
20
-year cony 43411
1933 81 13 100 10212 100
10012
te am re Rap Tran let be___1966
3 100 10212 instrbopu d
6834. 11
6712 Sale 6712
6712 72%
30
-year temp coil tr 53_ _ _1946 J D
174 95 101
93
974
663 Sale 6812
4
6734 55 6612 72
7-year convertible 68
95
1925 F A 11714 Sale 114
115
48 114 11712
10
-year thii
3
2 le 8 3
9512 64 6312 731s
6018 8 1
A 0 6895718 Sale 691:
4m Wat Wka & Elec 58
4 24 82
4
1934 A 0 8412 843 8412
843
75
8614
Sale
8914 94
/
1
4
Am Writ Papers f 7-6s
793
4
80
1939 J J 793 80
18 79
85 2 Lot Agric Corp lot 20-yr 58_ 199332 1‘ N
,
8
79
34 743 8112
4
2111 9
1193( 7812 sale 771
Anaconda Copper 6e
1963 F A
418 96
97
3
97 Bale 965
8
987 Inter Moreau Marine s 6a 1941 A 0 8312 Sale 8212
8334 52 8212 90 4
3
78
8
4
1013 583 100 1043
1938P A 1013 Bale 10034
4 International Paper 58
85 4 89 8314 8812
3
1947 3 j 8512 Sale 88
J
Armour & Co 1st real eat 4 As 1939 3 D 863 Sale 8514
3
8634 78 84 90
1st & ref 5s B
85 Sale 8418
5512 103 83 883
4
Atlantic Fruit cony deb 75 A.1934 J 0 31
Apr'23
40
33
29
4012 Jeff Clear C & I 58
103 ____ 95 June'17
--_- -Trust certificates of depoelt____ ___ _
3$ Sale 347
27 29
33
3912 Jurgena Wks Sc (flat 29120_1927 j 13 823 Sale V 4
413
8360 76
938 4
6
0
83
1 467 J .1 9,4 u8
199
/
1
4
do
stamped
3712 Sale 35
3712 16 31
Kan G & El Os
44
9312 9712
Atlanta Gas Light 53
95
98 Nov'22
1947
Kansas City Pow A Lt 5s
*
8812 23 87
90
1952 M S 883 Sale 87%
95
2
S
Atlantic Refit deb be
9818 Sale 97%
9518 20 97
1937 3 1
993
4 Kayser & Co 78
10513 Sale 105
1053
4 27 1035 107
8
/
1
4
Baldw Loco Works let 5s
10012 10114 1003
101
7 10014 103
4
1940 M N
Kelly-Springfield Tiro 8e
90 Sale8
1309..23 49 1064 110
964
1942 M N 10 ::w
/
1
31 F A
Barnedall Corp e f cony 8% A.1931 1 3 1017 Sale 101 8
8
10214 127 99% 103
,
Keystone Telop Co let 5s__ 1935 J J
9412 July'21 --__
Bell Teleph of Pa a I 78 A__._1945 A 0
_
10712 Apr'23 -7-, 10718 1033
1 Kings Co El L & P 5a
May'23
9614 99
1937 A 0
As
97
/ 159, 954 994
1
4
1948 3 J -91 Bale 97
Purchase money 65
109
9
1 1084 1113
4
1997 A 0 109 10934 10
Beth Steel let est a I be
/
1
4
1926 J J 99 Salo 98
9 4 20 9734 0913
9,
Convertible deb 65
_
1054 Apr'22
—1925 IN S 106 _
let & ref 58 guar A
23, 91
9718 Kings County E let g Is._1940 F
1942 M N 9312 9414 9114
93
71
64
7112
2 71
73
74
A
20-yr pm & imps!511
8 87
19363 2 888 Sale 894
9313
Stamped guar Co
89
'3
71
72
7138 May 23 _- 7114 76
1949 F A
58A
9814 Sale 97
983
8 71 96 loo
1948 F A
Kings County Lighting 5a
74
80
80% Feb'23
- 801s 801s
11154 J
31)8s
913 129 3912 937
4
854e
1953 F A 91 Bale 91
97 May'23
98
/
1
4
97
1964 J .1 97
9912
Booth Fisherios deb a f 68_ _1926 A 0 --- 80
70
/ 7038 Kinney Co 7%3
1
4
7034 Mar'23
1_1; :c8 5.1e ; ,14 mar113 22 9914 10112
00; .65 100 2 10 22
4
5 8,93
,
3
Braden Cop M colt Ire 168._1931 F A 993- Sale 994
8
16 9778 10014 Lackawanna Steel let g ba
99
9034100
1926 j
1933 A
Brier Hill Steel let 54s — _ _1942 A 0 9312 Sale 9314
74 9158 983
94
let cone 55 serlen A
11 89
8,9378
923
4
41'way & 7th Av lot c g 58_ _1943 J 0 663 Sale 663
4
21 62
ime Gas L of St L ref & ext 5a 19341M
69
4
68
94
93
924 9612
9 9 A O 93
5
S
Brooklyn City RR Se
863 85
/ Apr'23 ----1 8512 88
1
4
85
4
1941 J J
Lehigh C & Nay 14
90
Apr'23
A _ _195413 .1 8814 8912 91
9112
Bklyn Edison Inc gen 55 A 1949 J 3 954 Sale 96
05:: 10 :4 37 947 98
96
8
2
Lehigh Valley Coal be
99 10014 10034
1933..1
1003
4
1 99 10214
General es gerlea Il
1023
4 1001. 1041
19303 J 10234 Sale 10238
/
4
4a
89 _ . 834 Oct'21
General 7s series C
1930 J J 10614 10712 1
8 105 10814 Lex Av & P F 1st gu g 55_
- ig 44 Feb'23
9
44
44
193 33 S
9 3 /%1 j
General 7s series D___ .__ _1940 J D 1083 Sale 10712
4
108 4 43, 106 109
,
Liggett A Myers Tobac 75_1914 A 0
8
Sale
8 112 11714
116
Elkin titi Co & Sub con gtd 58_1941 MN
66 Mar'23
60
95l
Its 94
9514
1951 F A 9518 Sale
8012 ____ 7912 Nov'22
let So
5
1941 .1 J
-- Lo41lard Co (P) 7s
6
1 111% 1184
11434
96
1944 A 0 113 115 2 11484
, ,
/
1
Brooklyn Rapid Tran g Sc.. _1945 A 0 7512 Sale 7514
36 55
79
58
753
4 9318 9712
9512 95 4
3
7514 _
Trust certificates
75 8
7534 181 54
,
79
Magma Cop 10-yr cony g 7s_ _1931 F D 114 117 1137
8
11412 11 112 120
1 52 J A
6212
623
4 , 54
64
let refund cony gold 4s____2002 J J
68
Maned Sugar 7, e
1
%
99 Sale 9814
55,96 102
99
1942*
/
1
132,1 87
9-yr 7% secured notes_ __ .3c1921 3 .3 924 Sale 92
93
96
Iaaiiat Ry(NY)cone g 43..1990 A () 617 Sale 617
8
8
4 29 594 64%
623
0
92 Sale 913
Certificates' of deposit _______
114 85 2 9512
4
,
2848
93
55% Apr'23
56
5534 5573
2013 J D 52
8712 Sale 8714
Certfs of &pima stamped _ _.
73 82
331
9518 Manila Elm 78
9712
965 984
974 9712 97t2
8
Bklyn Uu El let si 4-5e
81
82
81
51 8014 85
1950 F . 81
Mantle Elee Ry & Lt s 5e_ 1953
/
4
SI%
/
4
3 811 8514
,
S 81 8 Sale 811
Stamped guar 4-5s
8234
1 8112 844 1.1arket St Sly lot eons Se__ _1942 M N 943 Sale 94
9212 8234
/
1
1950 F A 82
4
4
94
963
/ 24 91
1
4
_1924 M S
Bklyn tin Gas let cons g be_ _1945 MN 9312 Sale 934
23 954 IGO
5
9
4
-year 6% notes
k
98
98
99
99
5 947 99
1024 A
3
78
111 4 101101 3 1167
,
8 Marland 0113 Ids with war'nte '31 A 0 139% Sale 136
1932 M N 110 4 Sale 198
4
13934 31 11112 1613
0
1041
4 102 10514
lat lien & ref 6 Berko A
/
4
MN 10412 105 104
1947
without warrant attached _ __ A 0 10614 Sale 10614
10614 35,100 1074
8
4
1929 M N 110 1103 110 4
3
110 4 _- -11110 117
,
SerB
13712
4 108 159
1931 F A 12618 135 5351.
Buff & Sum Iron e f 53
1032 J 0 901.2 ----79 Au...ill
do without warrants
100 10012 991;
190141 14 911 1017s
/
4
Haab Terminal let 418
8234
9,1 iia" 87
823 82
4
/
1
4
1952 AO 80
Merchants & Mfre Ezell 78_1942
9812 May'231 ____I 95
99
D 93
99 4
3
Consol 5s
84
8512
3 82% 8912 Metr Ed lot&ref g 6s Ser
86
86
1955 J
9712
B
1952 P A 9712 9314 19712
8 9,12100
3
8
9
Building lis guar tax ex
1960 A0 897 Sale 8978
9014
%texican Petroleum
85_ _ _ .15311
1084 45 1063 1094
4
N 108 1084 08
Cal G & E' Corp 53
9514
9412 03 4 Mich State Teleph let bs_ _ _ _1924
,
1937 • N 9512 9734 9514
997g 44 99
4
8
/ 997
1
4
F A 997 Sale 993
Camaguey Bug late 18 78
98
99
/ 44 94
1
4
1942 AO 9812 Sale 98
Midvale Steel & 0 cony f 58_1936
88
53, 865* 907
S 874 88 4 8712
,
Canada SS Linea let coils f 72 1942 MN 9434 Salo 945
12 9213 9712
95
Certificates of deposit
SS Sale 8714
8818 43 8634 883
4
1936
/
1
4
Canada Gen Elec Co6s
8 toil 10312 8411w Else Ry & Lt COW g
1014
1942 FA 99 101 1004
99
Apr'23 --_- 98
58_1926 1-I 9834 90
4 A
99 4
,
____ 9812 98
9 97 100
Cent Me Tel lot 30
98
-year Is. _1943 J
Refunding & eaten tits
8
8912
8 8534 0112
894 Sale 885
-1931
Cent Foundry let of Se
87
0914
9214 hlay'23
1931 AO 9014 93
Gen be A
8
9014
1951 J D 9014 Sale Ms
2 887 92
Cent Leather 213
-year g U....1925 * 0 9818 Sale 9853
lot 58 13
98
% 47, 9812 1004
8312 Sale 8314
/
4
8512 23 811 891s
Cerro de Pasco Cop 8s
136
1931 3 J 135 Sale 13218
Milwaukee Gas L let 4e
4
9334 9418 933
94
3, 9112 9413
Ch Cil L & Coke lst gu g 543_1937 J
903 94
8
,
95 Mar'23 ____1 9514 96 4 Montana Power lit be A
/
1
4
/
1
4
96
199421 3 ND 94 Sale 93
119263 M3
24' 93 994
Chicago Rye let ba
1927 FA
893
9 1.
9278 193 7614 83% Aontreal Tram let & ref ba 1941 J J 893 Sale 8912
8
,
01
80 4 81
3
4
89
/ 411 8812 91
1
4
J
Chicago Tel 54
9912 1001a Morris & Co let e 4 As
1923 3D 99%
1931 J J 7934 Sale 7934
793
88
4 18 77
Chile Copper 10-yr cony 74..1923 MN
1054 May'23 ___..1 10512 12118 Mortgage Bond Is
931 83 Apr 14
1966 A 0 92
-------Coll tr & cony (Is set A._1932 * 0 997 Sale 9914
to
100 4 140 96 10314
,
9018 90
3 9312 Apr'23 _-__. 9112
/
1
Clnein Gas& Mee 1st & ref 55 1958 * 0 964 964 9612
NI
l' 9618 99
/ Mu Fuel Gas let cu g bs
1
4
3
1 9 7 . 0 92
1942 1\3 N
9212 9018 May'03 __
530 Ser 13 due Jan 1
17 9512 9812 Mut Un aid Wisest
1901 A 0 9618 Sale 9614
96%
93%_ 10112 Se1417
5%
I 891 9'
/4
Colo F & I Co gen a f be
8512 il912 Namau Elec guar gold
88 ___
11313 F A
8912 Apr'23
673,
8 58
62
60140
1941 .1 N 6012 62
9 M J
5
Col Indus tot & coil Se gu. _ _1034 F A 77 Sale 7634
754 7 ,
77
8 2 Nat Enam
97
Stampg let 58_1929 J 0 9712 ____ 97
Apro23 _.__ 97
Columbia0& E :at 58
1927
25 95
9612 Sale 9618
97
Nat Starch 20
97
-year deb 58
1930 J .1 9 5*
95 Bept'22----------3
Stamped
1927 .1
9612 Sale 9612
97
13 954 97
National Tube lot 65
6 9712 1014
99%
93 Sale 12834
Col & 9th Av let gu g 55-1993 M
20
15
14
1912 1518 May'23
Kew England Tel Ji Tel 51 1952 ./ N 973 973 973
30' 9534 100
98
952 1"
4
8
Columbus Gas let gold 58...._1932
924
92
1/3
92
-15w Orb fly & Lt gen 4(4e._1935 .1 O
Feb'23
J
Commercial Cable let g 4s
2397 *
1, 70
71
701/ 7112 70
7512 N Y Air Brake lot cony
10118
102 1014
1, ido 10413
Commonwealth Power 61E-1947 M N 8612 87
15 84
13914 N Y Dock 50-yr let g 4s6s_ 1928 M N 10118
8613
87
3, 7412 79
75
F 0 75 Sale 7412
A A
Comp Azu liars 7%s
1937 J 3 100 Sale 100
100
17. 9812 1002
Y Edison let & ref 0
10938 gale 10814
1094 79, 10714 1124
A _1941
1 6
Computing-Tab-Rec
03... _1941 J
98 Sale 9S
9918 NYGEL&Pg 59
9814
5 95
3 9512 100
9712 983 974
9814
1948 J
8
Conn Ry & L let & ref g 4128 19513
84
Feb'23
8734
771 - -__ 84
/
4
Purchase money g 4a
22 794 83%
81
. A 803 81
F j
8
803
4
4
Stamped guar 4 tie
1951 J
7734 81
771 May'23 ____ 77% 834
/
4
Y Mimic Ry let 1 Si A.191161949
76
70
Jan'23
80 ____ 76
Cones Coal of MO lot & tel 58_1950 J D 88 Sale 8512
77 8412 90
86
N Y Q El L P let g 4s
99
96 _ _ _ _ 97
Apr'23 ____ 96
Con CI Co of Ch 1st gu g 58_1930 J
903 91
8
9018
91
2 8912 951
Y Rye let R E & ref 48__A93 ‘F A 3414 Sale 3312
3814
3414 55 30
2
1949 .1 J
Consumers l'ower
1952 M N 88 Sale 87
29 8412 921
88
Certificates of deposit
36%
73 30
34
34 Sale 33
Corn Prcd Reg f g bs
1931 M N 9812 100
99
Apr'23 --1 99
1113-year adj Inc be
99
9
17 5
57
a
1s1 25
-year s f be
1934 M N 98
981z 93 May'23 ____' 98 101
45
22' 44 612
Certificates of deposit
412 Sale
412
__9_2 A 0
_4_ _ __
*No Moo Trial,:lawn Mel and asked. a Dee Jan. 4 Due April. 8 Due Mar. Doe
Mft7. iDue Juno. a Due Jab. 11 thig Mtg.•Due 0114. gDueDS. sOetion le
11
THE CHRONICLE
2112
New York Bond Record-Concluded-Page 5
BONDS
N. Y.STOCK EXCHANGE
Week ending May 11
",
Pried
Friday
May 11
Week's
Range or
Last Said
,
co-
Range
Since
Jan. 1
High No. Low High
gm
Ask Low
63
2 6178 69
6312 63
NT State Rye let cone 445_1962 MN 62
4
/
931 Ap-'23 ___- 9312 (01
ft Y Steam 1st 25-yr 6s Ser A _1947 MN 9212 94
93
39 90 2 94
3
Y Telep let & gen af 430_1939 MN 9212 Sale 9214
8
30
-year deben 5 f 6s_ _ _Feb 1949 FA 10514 Sale 10412 10514 33 10314 1083
10412 108 10112 10714
4
-year refunding gold 68_ _1941 A0 10414 Sale 1033
20
20 9514 101
98
2
Niagara Falls Power let 55...1932 J 2 977 9814 9711
103
4 10112 106
Ref & gen 611
01932 AC) 10234 10312 103
2
981
1 96
2
981
9832 101
1
/
984
!flag Lock & 0 Pow let 55..1954 MN
96
33 92
93
3
No Amer Edison (3a
1952 MS 92 4 Sale 9
92
5 90
95
5
917 91
Nor Ohio Trac & Light 65
1997 MS 91
2 48 87
903
4
1
/ 93
Nor States Power 25-yr 58 4.1991 * 0 90 Sale 8914
3
10112 13 9812 102
let & ref 25
-year (is Ser B /941 *0 10112 Sale 100 4
4 59 10714 10/ 4
1073
4
Northwest'n Bell T 1st 75 A.1941 P A 10732 Bale 10712
4
/
4
NorthW T let kl g 4%s gtd 1939 33 893 - _ _ _ 9113 May'23 --__ 911 9113
4
1
/
4 101 108
Ohio Public Service 7j4s
1946 *0 103 106 10212 102
9414 947 947
e
5
947
3 923 9914
8
4
Ontario Power N F 1st 5e_ _ 1943 P A
93
2 93
96
93 Sale 93
1941 MN
Ontario Tranamiaalon 5s
4
1
/
99
6 97 19112
Otis Steel 85
1941 FA 9812 Sale 9812
94
4
1
/
3
9 90
95 4
8
let 25-yr s f g 7Ms Sor B__ _1947 P A 933 Sale 93
91
26 88
9314
Pacific U & El gen & ref 59._ _1942 33 91 Sale 9014
9214
6 89
4
1
/ 94
92 Sale 92
Pao Pow & Lt 1st & ref 20-yr 5s'30 P A
8
96
957 9612 953
41 9514 993
4
5
1937 J
Pacific Tel & Tel 1st 55
9212
9112 85 88
9114 Sale 91
5s
1952 MN
_
_ 10738 Apr'23 ____ 107 10812
Packard Motor Car 10-yr 85..1931 AC)
8
. .12
/52 Elide 10212 1023
4 11 102 1053
Pan-Amer P & T 1st 10-yr Te_1930 F
94
94
Jan'23
Pat& Passaic0& Elcons g 55 1949 MS 91 __ __ 94
105
7 105 108
Prop Gas & C 1st cons S (is_ _1943 * 0 105 106 105
9312
6 87
5
8814
8814
1947 MS 883 89
Refunding gold 58
4
1
/
3a 104 98 102
100
1944 FA 10014 Sale 0018
Philadelphia Co 65 A
3
76 Sale 75
201 7914 82 4
75
Pierce-Arrow 85
1943 MS
7 94
8
9512
98
1931 S D 9514 953 9514
Pierce 011 5 1 8s
4
1
/
90
Feb"23 ____ 89
S i 8814 ____ 89
Pleasant Val Coal 1st g 515e-1928
5
3
3
3
90 4
90 4
1 9012 943
Pocah COD Colliers 1st a f 5e_1957 J J 90 4 92
1
/
96
3
93 4 Apr'23 ____ 93 954
92
Portland Gen Elmo let 5s_1935
1 8414 88
8612
8
4
/
861 867 8612
Portland By 1st & ref 55
1930 MN
8212 8118 83
8312 11 83 87
Portland By Lt& P 1st ref 55 1942 F A
995
1 93
9812
8
(is B
1997 MN 94 Sale 94
10412 11 104 10714
let & refund 7/4a Sec A__ _1949 MN 10412 Sale 04
__ 0518 May'23 _ ___ 103 10512
Porto Rican Am Tob 85
1931 MN 105
10 123 13312
2312 128
Prod & Ref 51 fis(wItb warnta)'31 ID 124 130
14 106 10834
without warrants attached_ _ _ 3D 107 Sale 10612 107
4 35 8112 86
843
Pub Serv Corp of N J gen 58_1959 * 0 8412 Sale 8312
1167 326 10A2 124
2
4
/
Punta Alegre Sugar 71
1937 3, 1141 Bale 111
2
8
727 Sale 7212
7312 639 781% 743
Rapid 'Fran Sec 6s
1968
8
9412 57 907 9812
Remington Arms 61
1937 MN 93/14 9412 93
9614
17 89
94
RePub I & S 10-30-yr 5s 1_1990 * 0 94 Bale 93
4 30 89
903
9038 Sale 901
9 4
4
/
93
54s
1953 1
I 9612 99
4
/
Robbins & Myers a f 7s
1952 3D 9613 9812 9612 . 961
1
/
8
Roob & Pitts Coal & Iron 5e_ _ 1948 MN 91 __ _ _ 983s Jan'23 __ 983 984
8912
1 5914 93
Rogers
-Brown Iron Co 7s
N 8914 90 8912
1942
77
77 May'23 ____ 77
StJoaRy.L.H&P 55
1937 MN
2
J 8514 ___ 857 Dec 22 ____ -___ __ _ _
St Joseph Stk Yds let g 4%6_1930
8312 May'23 __ 82 85
St L Rock Mt & P5.stmiol.-1955 J J 8218 86
62 Mar'23 ___ 62 62
St Louie Transit 5e
1924 *0
4
102 Sale 1011
4
4 18 10012 1023
/ 1023
Saks Co 75
1942 M
92
2 92
94
St Paul City Cable 5s
1937 J J 92 9212 92
92
9 9112 943
9212 9112
San Antonio Pub Sec 65
4
1952 ii 92
9918 12 9714 104
98 Sale 98
Sharon Steel Hoop let 88 ger 4199i M
2
12
10032
1 I 977 10012
8
Sheffield Farms 6%s
1942 A0 100 Sale 1003
8312
8312
21 8212 8712
Sierra & San Fran Power Ss 1949 P A 8313 86
3
8
100
115 ; 99 10112
Sinclair Cons Oil 15
-year 75-1937 MS 997 Sale 99 4
9814 43 . 973 100
9814 98
2
14
1926 * 0 98
Sinclair Crude 011 5Me
4
1
/
9814 201 i 973 9912
4
65
Feb 1926 P A 9814 Sale 97
8612 184 ; 83
2
8912
1942 * 0 857 Sale 85
Sinclair Pipe Line 55
24 1 99 102
South Porto Rico Sugar 7s
1941 JD 101 Sale 10012 101
_ 112 July'09
_-_.
South Yuba Water 6s
1923 J J 92
3 93 Salo 927
2
94
12 903 9 5
4 54
South Bell Tel & T let 156_1991
9212 91
9114
3 91
92
1947 S i 91
outhern Colo rower 65
ging
99
.5 987 9978
Stand Cue & El cony 5!65_ _ _1926 3D 9834 100
s
4
98
7 953 98
.4
1930 MN 9714 9734 973
Standard Milling 181 58
8
1057
g 61 103 10712
a1931 FA 10512 Sale 1053
Standard Oil of Cal is
102
24 100 100
Steel & Tube gen at 7s ser C_1951 J J 102 Salo 10112
99
44' 98
Sugar Estates (Orient!) 75._..1942 MS 99 Sale 9814
9914
8
Syracuse Lighting 1st g 5s _1951 J D 903 _ ___ 9112 Jan'23 ........1 9112 9113
1
/
844 Apr'23 .._
85
8418 863
Light & Power Co col tr at 58'54 3, 84
8
99
100
2 98 10113
4
1
/
_1951 J J 10018 102
& RR gen 5s
Tenn Coal I
4
/
3
04
Tennessee Cop 151 cony tie___1925 MN 10014 1011 100 4 1053
9
llg 12
1947 J D 9412 Sale 92
Tennessee Mee Power 65
5712
4 20 5712 8213
583
1960 33 5712 58
Third Ave let ref 4s
5412 144 5318 6314
a1960 *0 5412 Sale 5312
AdjIncome 55
96
92 May'23 __2il 102
_. 92
1937 33 92
Third Ave By let a Sc
8
10 14
3
1931 P A 103 Sale 1025
Tide Water 011 6345
4
4 1023 106
412
10
4 °9554
1931 J o 10414 1043 104
Tobacco Products s f 7e
10612 10 10518 1072
4
1941 M S 106 Sale 106
Toledo Edison 7s
9814 18 9712 9912
1925 P A 9812 Sale 98
Tel'Frac, L dr P (Is
1949 M
Trenton0 dc El 1st g be
3
9
' 9012 R 10 9078 9314
Zs jarC
Undergr of London 434s.,....1933
88
Apr'23
4
/
88 881
1998• J 90
Income 65
64
9713 31) 96
99
1942 ▪ N 9712 Sale 9 3
Union Bag de Paper 65
9512
96
4
1
/ 96
111 95
1932 hi S 95
3
97 4
Union Elee Lt & P let g 58
88 Sept'22
74
_
1945 * 0 70
,
Union EMI (Chic) 55
_
2
Apr'23 _ 37 90
983 90
1931 33 96
Union 01155
3
100 4
99 10253
4
1
/
__ 1942 P A 100 Sale 100
Cs
10414
8 10214 104
Union Tank Car equip 7e__ _ _ 1930 FA 104 Sale 10338
11212 13 110 11312
1941 3D 112 Sale 11112
United Drug cony 85
54
9512 19
9512 Sale 99
Fuel Gas let 5 f 8s_ _1938 3
United
9312 .52 8714 9814
9214 Sale 92
United Rys Inv 156 Pitts Issue 1926 MN
4
5812 631s
.1 5915 .593 60
United Rys St L 1st g 4a___ _1939
90 "13 21 8613 93
0
92
5
MN 90
1937
United SS Co lot rots 1313
9912 15 9815 10114
1942 A0 9918 Sale 99
United Stores 65
10112 15 1001a 10312
1932 33 10112 102 101
8 Hoffman Mach 85
100
10 99 101
.1 100 10014 100
US Realty & I cony deb g 5.1_1924
87)122 1
8714 Sale 8612
US Rubber lat & ref 58 ser A _1947
1g
107
P A 10614 Sale 10614
1930
-year 734e
10
4
1003 138 100 102
4
U S Smelt Ref & M cony tie_ _1926 FA 1003 Sale 1017
3
103
211 1003 104
4
4
41963 MN 1023 Sale
S Steel Corpf*Duo
10118
10118 15 100 103
3
1%3
41963 MN
if 10-60-yr Nitres
8218
8212 20
Utah Light A Traction 513_ _1944 A0 8218 Sale
8 22 863 9214
4
/
887
881 Sale 8734
4
1944 P A
Utah Power & Lt 1st 55
95 Marl() ___
Utica Elec L & Pow let sf58 _1950 33 95
89
89
911 89
1 -ii iii;
4
/
.
1957 J
Utica Gas & Elec ref 15e
68 Nov'22 ___.
70
,/ 62
1953
Victor Fuel Co 1st 5 f 58
3 ill.34. i(1/1-4
100
Va-Caro Chem 1st 15-yr 55_1923 3D 100 10014 00
8
995 Apr'23 -9912 1001
4
/
e1924 AO
Cony deb Os
90
4
1
/ 54 88
9012 Bale 9012
98
1947
75
4
/
4
/
7914 Sale 791
801
4 79 7812 981
1937
-year a I 734e
12
4
/
79
791
6 79
7814 79
9313
without warrants attached__ _
72
2118
92
2 92 954
1
/
•S 92 Sale 9
Vs Iron Coal & Coke lat g 55_1949
5
843 8512 85
1934
Vs By Pow 1st & ref 5a
9812 Sale
1942
Vertlentes Sugar 75
5
1941 Jo 1027 Sale
75
Warner Sugar
9812 Apr'23
1939 33 9712 _
194131184:
Wash Wat Powers 1 5s
6 !,
F.
.
i
,
9414
93 4 95
3
9414
Westches Ltg g Ssstinpd gtd _1950 Jo 90 Sale 89
West Penn Power Set A 5s_1946
10018 1004
1
/
-year (is Series C. _ _ 1958
1st 90
14 1034 38 1F3:1844 101:
8(13
5
2C
6
(1 :
e1996 PA 104 1097 11214
let series D 7s
2
4
8
987
9612 963 987
5 196 19912
Western Union coil tr our 5a_ _1938
4
/
4
1
/ 9215
N 901 Sale
11 88
real estate g 430 1950
Fund &
10114 34 106 1117
5
1936 PA 10812 Sale 1 r815
-year axe 11
15
5
10614 81 10512 110
1931 MN 106 Sale 1057
Westinghouse E & M711
8
9414 9238
5 18 923 98
933
'3 93
1935
Wickwire Spen Steel lit 7s
46 883 102
4
*0 98 Sale
Wilson & Co let 25-yr at 68_ _1941 3D
_
92 Sale
9112 9712
1928
-year cony elf 65
10
i: . ,212 96 4 101
9712 Sale '9714
4
98,
1931 PA
Temporary 7945
''14
1033
0 10013 104
1941 *0 10314 Sale 103
Winchester Arms 7148
Due Jan. it Due Apr. el Due Mar. •Dna
'No Woe Friday; lataut Ohl and asked
avg. 'Me Doi. I Due Dee. $ Option lee.
Way. s Due Juno. 5 Doe Ally. 5 Due
13A13
100
4212 ir
g 2 1ii" ..3. 19131.8
.
!
[VOL. 116.
Quotations for Sundry Securities
All bond prices are "and Interest" except where marked "1.*
Standard 011 Stocks Par Bid. Act,
AngleAmerican 011new. £1 *16% 17
Atlantic Refining new __100 125 130
11512 117
Preferred
1°°
100 125 135
Borne Scrymser Co
86
87
Buckeye Pipe Line Co.__ 50 •
Chesebrough Mfg new._100 233 237
113 116
Preferred new
4212
5
° 42
_ __ °
Continental Oil new....12 .
20
50 *19
Crescent Pipe Line Co
Cumberland Pipe Line new_ 111 113
10 105 107
Eureka Pipe Line Co
Galena Signal Oil corn.._100 63 64
100 114 116
Preferred old
100 108 110
Preferred new
166 167
Illinois Pipe Line
97
0
50
Indiana Pipe Line Co_ 10 *95
4
4
1
/ 173
International Petrol (no par) *17
2512
National Transit Co_ _12.50 *25
New York Transit Co_ _ _100 119 121
Northern Pipe Line Co_ _100 If4 105
4
691
25 . / 7013
Ohio 011 new
18
25 •17
Penn Mex Fuel Co
Prairie 011 & Gas new._100 208 211
Prairie Pipe Line new _ _100 10612 10712
100 185 190
Solar Nahum;
99
Southern Pipe Line Co..100 z9S
100 145 148
South Penn Oil
83
Southwest Pa Pipe Ltnes.100 81
5314
Standard Oil (California) 25 *53
*312 33
2
Rights
6012
80
Standard 011 (I ndlana)_ _ 25 *
45
Standard 011 (Kan) new 25 *49
91
Standard 011 (Kentucky) 25 *90
Standard Oil (Nebraska) 100 225 230
2
011 of New Jer_ 25 *3714 373
Standard
0
10 11612 117
Preferred
3914 393
4
Standard 011of New Y'k.25 .
Standard Oil (Ohio) new... 290 299
16
100 *115
Preferred
35
100 30
Swan & Finch
89
Union Tank Car Co_ _ _ _100 86
100 108 109
Preferred
4
*473 4814
Vacuum 011 new
26
10 *29
Washington 011
Other Oil Stocks
31, 3
.
4
1
/
Atlantic Lobos 011 (no ; sr)
18
nj *19
Preferred
3812
Gulf OH (new)
3212
2
5 5
2
Humble Oil dc Ref new 2 :38
*110 111
Imperial
_100
Petroleum
MagnoliaOil25 147 149
8
9
Merritt 011 Corporation_ 10
5 *7
Mexican Eagle Oil
Salt Creek Producers_.,j0 *2072 21
l'ublic Utilities
(/)
Amer Gas & Elec new....
50
Preferred
MAN
Deb 65 2014
Amer Light& Tree,corn _100
Preferred100
Amer Power & Lt,corn_ _100
100
Preferred
Medi
Deb 65 2016
Amer Public Utll. corn..100
100
6% Preferred
BtackltoneValO&E,com 50
Carolina Pow & Lt,corn.100
Cities Service Co. corn_ _100
100
Preferred
Cities Service BankersSbares
100
Colorado Power, com
100
Preferred
Com'w'r h Pow,Ry& T,c _ 100
Com'with Pow.Corp.pref100
Consumers Power pref 100
Elec Bond & Share, pref_100
Federal Light di Tree
100
Preferred
Lehigh Pow Sec_ _ _(no par)
,
Mississippi Rh Pow,com100
100
Preferred
First Mtge 01, 1951..J&J
St g deb 7s 1935_ __MAN
rrefew dc
Nat Porred L, com_(no par)
par)
i
.
(no Jir)
Inc 75 1972
p threrr Ohlo Elm (no par)
Norre erne0
RR. Equipments
-Per Cf.
510 5.35
8
Allan Coast Line tle
5.55 6.25
Equipment 6%s
5.85 5.40
Baltimore & Ohio 65
5.60 5.30
& 5s
Equip 4
5.60 5.20
Buff Roeh & Pitts equip 6
1
Canadian Pacific 44s & 138- 5.55 5.25
5.60 5.30
Central RR of N J 6s
5.85 5.45
Chesapeake & Ohio 65
5.60 5.30
Equipment 6948
5.55 5.30
Equipment 5s
Chicago Burl & Quincy 05.. 5.60 5.30
Chicago & Eastern III 5/4s_. 8.00 5.50
5.40 5.15
Chicago & NW 4Ms
5.75 5.40
Equipment 65
.
3 53 5 30
5..30 6.25
Equipment 6348
Chic R I A Pac 9Ms& Es--5.80 5.40
Equipment 65
5.80 5.40
Colorado & Southern
5.65 5.30
Delaware de Hudson Os
6.35 5.50
Erie 494s A 55
6.40 5.55
Equipment Os
5.65 5.35
Great Northern 6s
5.90 5.45
Hocking Valley as
2
.3
3.50 3 3
Illinois Central 9948 & Se... 5.70 5. 0
Equipment65
.
. 0 .0
35 52
5.30 3 43
Equipment 75 &
Kanawha & Michigan 6s__ _
5.60 5.25
Equipment 4945
Louisville A Nashville be_
8 85 5 0
5..6° 5 2
5
.3
Equipment(is
5.55 5.25
Equipment 6948
Michigan Central 58, Os.... 5.50 5.20
Minn St PA SSM 9948 & 5.1 5.65 5.25
Equipment 094s & 7s... 6.85 5.50
MissouriKansas A Texas 5e 5.85 5.35
5.80 5.40
Missouri Pacific 13s Js
5.75 6.30
Mobile & Ohio 4945.51
5.50 5,25
Nevi York Central 4245,55
5.7.5 5.40
Equipment Os
5.60 5.25
Equipment 78
& Western 4945.... 5.40 5.00
Norfolk
5.55 5.30
Northern Pacific 75
Pacific Fruit Exprees 75....
5..65 5 25
Pennsylvania RR equip Os.. 555 5.25
Pitts & Lake Erie 045
8
56 520
5..80 5:45
Equipment 65
.5
.
5 80 5 3
6.45 6.10
Reading Co 4945
St Louis A San Francisco 58.
& 55_ 6.25 5.75
SeaboardAir Line 494*
Southern Pacific Co 9345__..
555 510
5..98 5..2 0
Equipment 75
:60
8
.
5 65 5
6.5 5 25
Southern By 494s & ro
Equipment 65
.4
.
5 85 5 5
5:40 6 15
Toledo & Ohio Central (is--Union Pacific 7s
4
5373 38
Tobacco Stocks
80
*92 43
American cigar common.100 77
90
9414 9514
100 87
Preferred.
Amer Machine Fdry_ _100 125 150
115 118
22
89
91
British-Amer Tobac ord. Ll *21
Brit-Amer Tobac, bearer El *2112 2212
182 185
60
8212 84
Helm (Gen W)Co.new. 25 *57
100 111 114
Preferred
354 9912
9
4
•193 2012
50
-- Imperial Tob of0 B &
60
100 55
55 Int,(Jig. Machinery
50
& Met_11)11 80 100
73 Johnson Tin Foil
•71
64
67 MacAndrows dc Forbes._100 130 134
100 98 101
Preferred
163 165
32
100 30
70 Mengel Co.
67
85
*1612 17 Porto Rican-Amer Tob.,.100 78
*75 100
22
Scrip
2012
91
Universal Leaf Tob com_100 110 115
94
100 98 100
34
32
Preferred
100 106 110
68
Young (J 5) Co
69
100 105 109
88
85
Preferred
9712
9612
'CO
Rubber Stocks (Cad and Pr IOU)
62
77
70 Firestone Tire A Rub,com.10 *75
68
98
100 97
*2212 234
1
/
6% preferred
96
100 95
7% preferred
2212 25
82 Gen'l Tire & Rub,oom_ _ _50 175 180
80
100
100
9114
90
Preferred
100
02 Goodyear Tire & It, com.100 1534 16
61'
100 60
54912 51
Preferred
*8312 8.5 Goody'r TAR of Can, p1.100 89 _
100 90 93
8612 88 Miller Rubber
100 102 108
•14
15
Preferred
18
100 16
34
35 Mohawk Rubber
70
62
95
Preferred
North States Pow.
21
0 15
94 Swinehart Tire & It,com-111
2 91
10
c°61-1°
Preferred
50
100 40
73
Preferred
e
p fe rrci
Norrefexas Elee Co,COM-100 70
75
100 72
90
Sugar Stocks
1St pref 100 89
Pacific Gus& El,
20
,
43
50 •I8
7 Caracas Sugar
Power Secur, corn__ (co(il() Par)
97
17 Cent Aguirre Sugar corn_ 20 *96
par) •14
Second pre(
75
80 Central Sugar Corp.(no par)
Coll trust (is 1999. SAD
100
52
Preferred
Incomes June 1.94d F&A 148
100 ii0 lig
49 Fajardo Sugar
0 46
0
Puget Sound Pow A Lt_ _ 10
72
79
82 Federal Sugar Ref, com_100 67
m
ee
6% preferred i
5
0
90 ,
100 .16 10
Preferred
100 atilt) 103
preferred
7%
104 10512 Godchaux Bug. Inc_(no par)
G
M7Me
---M&N
92
100 88
14
16
Preferred
Republic RY & Light _100 42
90
45 Great Western Sue new.. 25 *85
100
Preferred
*30
90
103
100
ur red
Sopth CalifEdison,com_100 102 118 Holly Sug Corp.com.(nopar)
88
100
115
Preferred
Preferred
98
0
50
3 *2812 2912 Juncos Central Sugar_ 100110 125
l
Gas
Standard ? & El (Del)
100
*4812 49 National Sugar Refining_100 98
Preferred
103
1612 New Niquero Sugar
Tennessee Flee Pow (no Par) *15
14
(no par) *97 49 SantaCecIllaSugeorP,P1.100 11
2d preferred
57
59
165 Savannah Sus,coin_(no par) •
United Lt & Rys, com__100 160
100 8112 8312
89
85
Preferred
let preferred (8%) - -100
97
33 Sugar Estates Oriente pref. 93
100
Western Power Corp- ..l00 30
60
80 83
West Ilulls SUS tela,com. WO 40
Preferred
Cent
101)
Preferred
-Fe
Short Term Securities
53
eoue 50
9012 02
Am Cot 011 68 1924-M&S2 100% 1003 Indu strial&Miscellan
54
*52
4
Amer Tel A Tel 651929_F&A 10112 1013 American Hardware_._..100
4 Amer Typefoundere,com.100
100
Anaconda Cop Mint/8'29 J&J
79 81
99 101
Preferred
J&J 103 10314
Series B
75 1929
103
172
Was Powder
Anglo-Amer 0117946'25 A.40 10212
25
180
)
E )
issef W
Bipr(erre0Co. new_(no par 16233
Arm'r&Co6s.The15'23JAD15 100
t2
50 '59
_J&D15 100
Deb es J'ne 15'29
115 117
4
/ 0012
Beth St 7% July 15'23J&J15 1001 0014 Borden Company,corn_ _100 100 11)
1
)
2
Preferred
100 ,
65 1929 MAS2 100
Canadian Pee
4
/
10118 011
100
Federal Sug Ref65'29 _MAN 100 s 00 8 Celluloid Company
5
3
Preferred
Hocking Valley 65 1924 MAS 9812
9914 Childs Co,common
2
100 140 142
Interboro B T Ss 1922.MAS 100
3 0052
2
N
100 10812 10915
Preferred
K C Term Ry 64'23 MAJIEJ
10312 0414 fIerculcs Powder
109 104 108
1931
6545 July
4
1
/
93
100 10315 10411
Preferred
Lehigh Pow Sec 68 '27..P&A 93
4
100 781, 90
973 International Salt
Sloss Shelf S & 365'29..F&A 97
1930_F&A 10614 0714 International Silver, pf_ _100 107 110
US Rubber 7945
84
Lehigh Valley Coal Sales, 50 *80
Joint Stk Land Bk Bonds
103 Phelps Dodge Corp
100 182 190
Chic Jt Stk Land Bk 511-1951 102
130 140
102 103 Royal BakingPow,corn
68 1952 opt 1932
99
10912 0513
100 97
Preferred
53.4s 1951 opt 1931
10012 10hi2 Singer Manufacturing__ _100 115 117
413 1952 opt 1932
divi• Per share. / NO par value. 6 Basis. 4 Purchaser also pays accrued
y E1
dend. 6 New stock. I Flat Price. S Last sale. n Nominal. •Ex-div.
rights, t Es-eteek dlv. o Es clash and Mock dividends.
BOSTON STOCK EXCHANGE Stock Record se.B.217...
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday,
Monday,
Hays. I May7.
Tuesday,
May 8.
Wednesday,, Thursday,
May.9. I May 10.
Friday,
May 11.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
2113
Rasps sines Jae. 1 1923.
Lowest
Shares
Railroads
144 145
144 144
14334 14334 14318 14334 14334 1438 144 144
190 Boston & Albany
4
100 143 Apr 3
7918 7914 79
79
7934 79
79
7914 79
7914 791s 7918
434 Boston Elevated
100 79 Apr23;
*963 ____ 9634 97 *963 9732 97 97
4
4
97
Do pref
"9634 973 97
67
2
100 96 Apr16
122 122122 122 •120
13121 122
121 121
Do 1st prof
80
100 118 Jan 2
101 10112 10112 10112 ( N2 1ff- 10112 10112 10012 10012 10112 10112
)
Do 26 pre
202
100 9912 Mar22
.1834 17
163 103
4 1612 1612 17
4
17 *___ 1212 16
17
153 Boston & Maine
100 16 Apr27
26
*24
•24
26 *24
26
+24
26 *24
26
Do pref
100 2112 May2
*____ 26
25
26 *25
26
26 26
-HI If
26
.
26
Do Series A 181 pref
170
100 25 May7
+___ 40 *____ 40 *36
39 •36
39
---Do Series B 18t pref
*36
373
4
100 40 Jan17
*__- 35 •____ 35 *35
36
---- ---35 35
Do Series C 1*tpref_.._100 35 May10
▪
48 *__ 47 *43 47 *45
47
47 ---*45
------ Do Serlee D 1st pref 100 4712 Mayl
*---- 15712
15712 *---- 15712 *____ 157 *____ 157
Boston & Providence
100 157 May3
29
29
281 2812 *2912 31
2912 2912 29
29
29 ---127 East Mass Street By Co_ 100 18 Feb15
29
*6814 69 *6814 69 *6814 69
*6814 69
69
Do 1s1 prat
69
25
100 67 Feb24
05912 62
60 60
5912 5912 ____ 60 .59
-Afti2
Do pref 13
100
82
100 53 Feb24
•z__. 41
40 40 *z___ 41':'x___ 4112'240
22
Do adjustment
4112 40 40
100 3412 Feb13
*138 ____ 37 3812'23712 38
38 39
39
39
38
330 East Mass St Sty (tr ctfs)..100 3412 Feb15
38
30 3014 nO
32 *3112 32
27 Maine Central
May5
100 30
1734 1734 1618 1718 17
1712 1713 178
18
1,385 N Y N H & Hartford
100 1612 May5
2112 75 *7114
12 Northern New Hampshire_100 71 Apr30
•85 90
88 *82
88
------ Norwich & Worcester pref_100 90 Mar19:
75 75
*75
75
7612 7612 .75
75
23 Old Colony
7612 "Fifa 16"
100 73 Jan201
28
*25
*25 28 .
25
28 .25
Rutland prat
28
100 29 Apr26
*____ 87
Vermont & Maaischusette_100 88 Apr26
FROM
PIM REARS
Rased for Previous
Year 1922.
Lowest
149 Jan 9 13014 Jan
Jae 6
84
7312 Feb
100 Mar 6
9414 Mar
122 Mar 7 116 June
106 Mar 5 10112 Nov
2012 Mar 2
14 Jan
27 Feb13
20 Jan
3212 Mar 1
22 Jan
48 Feb 6
36 Jan
42 Mar22
30 Jan
59 Feb 7
40 Jan
16012 Jan25 125 Jan
35 Mar22
18 July
66 Aug
72 Jan16
65 Mar19
51 July
46 Mar22
28 July
45 Mar21
29 July
43 Jan 2 2712 Jan
2212 Jan30
1214 Jan
84 Feb 3 69 Jan
100 Jan 3 58 Jan
81 Feb14
67 Jan
3818 Feb20
16 Jan
98 Janll
78 Jan
HUMP
152 May
8912 &PI
105 Sept
126 Sept
109 Sept
3112 May
37 Apr
4412 Apr
62 May
54 May
7712 May
163 July
2638 July
77 July
80 Nov
47 Aug
47 Aug
55 Oct
347 May
2
98 July
1033 Dec
4
9814 May
Ws June
100 Aug
Miscellaneous
500 Amer Pneumatic Service__ 25
114 May 4
212 Dec
312 Jan 9
414 Jan
40
Do Pref
50 16 Mar 7 20 Jan10
13 Feb 2014 Aug
3,141 Amer Telephone & Teleg_100 12112 may 5 1251 Mar14 11412 Jan 12814 Aug
4
354 Amoekeag Mfg
No par :88 Jan 8 112 Jan 5 104 Jan 121 Dee
41
Do prat
No par 79 May 7 88 Jan 5
91 Aug
80 Nov
Art Metal Construe Inc__ 10 16 Mar 1 1612 Mar14
14 Nov 2012 May
Atlas Tuck Corp
No par 163 Apr23 2018 Feb14
4
13 . Jan 22 May
145 Boston Cons Gas Co, pref..100 105 Jan22 10812 Feb24 10434 Aug 107 Des
2,900 Boston Me!Pet True...No par .10 Jan18 .30 Jan25
---_
.10 Sept
.50 May
1.630 Connor (John 11
7
22 8 227
10 20 Jan13 27 Mar19
1532 Jan 3072 Des
3% 318 1,080 East Boston Land
318 May10
10
4 Jan 2
0 Apr
3 Jan
1012 1012
712 Jan25 14L Mar 5
78 Eastern Manufacturing.-- 5
5
7 Dec 1414 Feb
2,019 Eastern 8,9 Lines Inc
102 105
25 8118 Jan10 12712 Mar22
3812 Jan 891 Oct
16414 165
733 Edison Electric 111um
162
100
May2 172 Jan 3 156 Mar 185 Sept
512 mar 5 107 Jan 2
150 Eider Corporation
No par
3 Mar 13 M41
8
17 Galveston-Houston Eleo__100 17 May 9 2912 Feb 5
28 Dec 39 Aug
50 Gardner Motor
No var 103 Jan 2 153 Mar 3
4
8
0 Nov
161 Ap
4
650 Greenfield Tap & Die
25 17 Apr16 24 Feb10
17 Dec 2714 Feb
280 Hood Rubber
5612 5612
No par 54 Jan 8 6312 Mar13
43 Mar 543 Dec
s
3914 3914
25 Internat Cement Corp_No par 35 Jan 2' 44 Mar19
26 Jan 381 May
2
Internal Cotton Attila
_-_- -50 15 Apr12 22 Feb19
20 Nov82 Jan
80
59
Do pre/
59
100 56 Apr14 7912 Jan10
60 Aug 85 Dec
International Products-No par
2 Jan15
3 Mar20
118 Dec
612 Mar
Do pre!
100
5 Feb27
8 Mar15
612 Dec 17 Apr
82 Libby, McNeill & Libby_ 10
6 kPr/3
8 Apr 6
118 Apr 1112 June
"io 10
178 Loew's Theatre.
25 10 Feb 8 11 Apr26
63 July 13 Jan
8 jan
237 Massachusetts Gas Cal.
4
793 8014
..100 793 May8 8712 Jan 2
9012 Nov
364
Do pre!
6914 70
100 637 May4 73 Jan25
4
62 Jan 74 Oct
55 Mergenthaler Lluotype_100 155 May10 179 Jan 6 130 Jan 181
155 155
Ool
10
73g Jan3U 143 Feb19
1012 1,430 Mexican Investment 1120._ 10
11 Dec 271 June
s
252 Mississippi River Power_100 2274 Apr23 2814 Jan31
13 Jan 34 Aug
501 801:
6
Do stamped pref
100 80 Janie: 84 Feb14
7 24 Dee 8111 On1
512 Jan 155 jan
2
2
709 National Leather
57 578
8
10
53 Apr27, 834 Feb13
8
178 New England 011 Corp
.40 .40
.25 Feb 3' .97 Apr18
5 Jan
.22 Dec
299 New England Telephone-100 114 May10 122 Jan 3 109 Jan 125 Sells
1,650 Orpheum Circuit Inc
1 1712 Jan 6 2113 Apr26
13 Jan 28 Oct
716 Pacific Mills
9314 - 2
93190 May2 190 Jan 2 1504 Oct 192 Dee
1612 1612
55 Reece Futton Hole
10 1512 Jan 4 18 Mar14
1212 A
05
Marar
16 July
Reece Folding Mach
10
2 Janll
314 Mar15
Dec
100 dimme Magneto
5
114 May 8
2 Feb20
7L A21
.50 Nov
104 10412
691 Swift & Co
100 10214 May 7 1094 Jan 6
9214 Jan 11012 Sept
128 Torrington
48 ., 48
25 46 Jan 2 60 Mar 9 289 July 8112 June
Union Twist Drip
5
712 Jan19 11 Mar 7
8
1414 Feb
"4714 lifi _ 5,875 United Shoe Mach Corp__ 25 4472 Jan 2 5534 Mar 8 87 Mar 45 Mar
Jan
2614 2614
262
Do pre1
26 25 Jan25 2814 Janll
25 Jan 2712 July
2514 2512 7,551 Ventura Consul Oil Fields_ 5 25 May 8 30 Jan 2
2178 Jan 33% June
832 Waldorf System Inc
3878 3878
10 36 Jan10 4414 Mar19
2612 Jan 89 Dee
1014 1014
196 Waltham Watch c113 oomNopa
5 Feb15 13 Mar17
214 Nov 143 Apr
4
23 23
42
Preferred trust Mfg
100 1512 Mar 6 29L Mar19
11 Nov 49 Apr
1614 1614
758 Walworth Manufacturing_ 20 1114 Jan 6 171k Feb17
7 Feb 13 Oet
18
294 29% 1,474 Warren Bros
50 2512 Jan31 3412 Mar14
17 Jan 35% Sept
12
Do lst pref
50 33 Jan17 3912 Mar14
8012 Jan 3814 Oct
-___ _--30
Do 26 pref
60 36 Jan25 42 Mar15
31 Feb 4414 July
---_ ___Wickwire Spencer Steel
5 1113 Feb 6 1212 Feb21
811, Nov 21 May
Mining
•.25 .40
Adventure Consolidated__ 25 25 Feb16
1 Mu
.50 Jan
1 Feb28
381 Armtek_
74
7414
26 56 Jan27 87 Mar 1
58 Nov 86 May
*15 .25
100 Algomah Mining
.50 Apr
25 .25 May 3 .50 Mar 2
.03 Sept
2412 2412
95 MMus
2
19 Feb 5 34 Mar 1
19 Dec 32% Jan
*214 234
620 Arcadian Consolidated.
4e8 May
-25
218 May8
414 Mar 5,
2 Mai
1078 1114 2,030 Arizona Commercial
7 2 Jan 6 1412 Mar 2
1
6 Nor 1012 June
17
1,220 Bingham Mines
17
1
1834 Sent
382 385
640 Calumet & Reda
2 285 Jan 9 420 Mar 11 24
18 NovN
32 301 Aug
j
2.130 Carson Hill Gold
578 57
57 Nov 163 Mar
1
512 May7
4
9 8Feb 13
11
11
*10
225 Centennial
25
7 JanI8 15 Mar 1
8 NOv 1318 Feb
3612 37
821 Copper Range Co
25 3584 Jan20 463 Mar 1
4
4
3512 Deo 463 May
410 Davis-Daly Copper
*314 31
914 Jan
10
5 Feb23
21, Jan 5
218 Nov
77
640 Esot Butte Copper Mining_ 10
77
73s May4 1112 Mar 1
712 Nov 1214 Jan
•114 112
380 Franklin
1 Jan18
26
212 Mar 5
33 Apr
7
1 Apr
.
1234 31
Hancock Consolidated,.__ 25
34 Mar
4 Mar 5
214 Jan10
112 Aug
27 27
1,405 Hardy Coal Co
25 2484 Mar28 3012 Apr17
1
•.50 1
1.000 uelsetia
.50 Apr17
b
I% Feb20 --it Dec 2'4 Apr
10714 108% 1,043 Island Creek Coal
1 10112 Jan 4 11512 Apr 7 8
Jan 1163 June
2
*9912 100
41
Do Ord
1 93L Feb15 10012 Mar28
9711 Nov
88
*2413 251
320 Isle Royale CCopper
25 21 Janll 3314 Mar 3
18 Nov 263 May
4
*27
8 3
50 Herr Lake
5
2 4 May9
1
47g Apt
3% Jan 2
3 Feb
.112 133
Keweenaw Copper
25
214 Mar 5
118 Jan 5
31i Apr
1 Feb
.
3
4
50 Lake Copper Co
25
514 Mar 1
3 Jan 9
Mg May
21 Feb
4
•112 2
225 La Salle Copper
Jan29
314 Mar 1
114
25
1 Nov
214 Apr
*2
218
50 Mason Valley Mine
22* Mar27
5
1% Jan 8
1118 Jan
2 4 May
1
212 214
270 Mass Consolidated
33 141 Feb 1
112
4%
IN Apr
312 312
840 Mayflower-Old Colony-- 2
Meb10:
mar
F
:
(ile Apr
25
5
.21711631
.2
3
Michigan
y Apr
July
22 6314 Man 24 747 Mar 2
5412 5412
174 Mohawk
AjaP r 21
y
1
52 Nov 68 June
19
19
810 New Cornelia Copper
3
6 163 Jan 1 2412 Mar 2
1514 Dec 2012 June
New !dila Quicksilver
5 .05 Mar23 .05 Mar23
.05 Dec
212 Mar
*37
*37
36
36 *37 _-__ *37
2 New River Company
100 35 Apr18 40 Apr27
.79
37 Jan 40 Feb
82 11" *8012 ---- *8012 ---- *8012 ____ •37 ---82
4
Do prof
100 77 Mar 5 84 Mar16
612 684
73 Jan 85 Oct
58$ 634 612
534 534
Ms 534
658 5
/
1
4
704 Nipiselng MUM6
512 Jan 4
63 Feb20
4
884 9
814 878
7 Jan
5 July
8% 81
4 *834 9
9
9
814 9
15
83 May8 1214 Mar 1
8
•1% 2
.1% 2
818 Oct 15 Mi7
.1% 2
•138 2
•1L 2
"132 2
590 t th BuM
agway tt
25
laing
114 Janll
238 Mar 5
25
25
25
414 Apr
25
114 Dec
2518 25% .25
26
253 253
4
25
310 Old Dominion Co
4 25
25 1812 Jan 5 3212 Mar 1
34
34
16 Nov 27 Jan
34
36 •234
3314 34
36 *234
*34
38
188
36
25 2912 Jan27 46 Mar 1
8$14 Aug
25 Nov
314 33 .
3
82 33
3
1
43
314 3%
312 1,043 oars i ice Min & Smelting .5
312 313
3
3
3 Jan 9
4 Mar 5
1312 131
1314 131
3% Nov
1314 1314 1314 1314 13
2L June
14
13 *13
310 Pd Creek Pocahontas Co so par 13 May10 1614 Mar23
3814 3814 3814 3814 37
38
38
38
3712
3712 3812 37
248 Quincy
25 32% Jan30 50 Mar 2 lb Nov so May
45 *4312 45 *43
*44
45
44
44
44
4314 4314
45 St Mary's Mineral Land
44
25 39 Jan!! 5312 Mar 1
.70 .70 •.75 .95 •.75 .80
.70 .70
37 Nov 4812 May
.70 .70 •71 .85
120 Shannor.
10 .40 Jan 9
1L Mar 6
•45 .75 •.45 .75 •.45 .75 •.45 .75 ..45 .75 ".45 .75
.25 Mar
13
4
istioth Lake
22 .45 Jan 5 .75 Feb20
1% 1% *2
2
2
21
*2
.25 Dec
114=
21
*2
70
212 •13
4 1711
22
•17
3 2
IL Jan20
314 Mar 3
•178 2
AL July
17
8 17
2
112 Dec
17
2
4 17
8 *2
2 13
300 Superior & Boston Copper_ 10
112 Mar28
.75 .9' .93 .93
334 Feb23
.95 .95
.90 Mar
2 4 Oct
3
.93 .9
•.88 .95
.8.5 .88
960 ynnIty Copper Corp
6 .75 Apr 2
11 Feb15
.35 .37 *.31. .3
gig Apr
•.40 .45
114Deo
.33 .35
.35 .35
.35 .35 1.900 Toulumne Copper
6 .33 May9
478 51
5
5
53
.92 May
8
.40 Nov
5
416 5
434 5 10,472 Utah-Apes Mining24 Jan 9 .65 Feb16
5
5
8
olae 2
04 134 •17$ 2
4 Mar
*13
4 2
6 113 Jaws) 6 Apr13
IL 2
178 2
221 Utah Consolidated
3 Mar 5
.88 .90
I...87 .90 •.85 .90
114 °
1 Erb
311 June
.90 .0
1 4,,
•.88 .90
.88 .88 1.050 Utah Metal & Tunnel
212 Apr
•11s 11
4111 114 .118 11
•113 1l
*118 114
21 IL Fea ll
gis Jan
Mb
•.90 1
.90 .9
•.75 1
2:8 Feb2
8 F 2
85
7
; : 0 Nov
•.90
1
•.90 1
790 10
8
14,
130 WeWria
viinona
25 .66 Jan22
9
•813 9
9
23 eve
.
s
.25 Jan
812 91
14 Mar 5
403 94 .812 912 *812 9 I
100 Wolverine
.- 3N
7% Jan30 13 Mar 1
714 "fly la May
•24$2 as& asked prices; no-talea 00 Ws day. sEs-rignio.
*Et-dividend and Bunts. sgx-dividend. g E2-ermek dividend.
a Amassment paid.
113 13
•17311 18
12112 12214
*9512 96
80
80
*18
17
*15
16
*134 21
2
*134 21
2
*13
4 214
*1612 18 •1634 18 •
1634 18
17% 1714
12112 1221 12112 12214 122 12212 12218 12212
9512 951
9412 96
95 96
95 95
79
79
80 80
80 *79
*79
80
+16
_ *16
17
17
*15
16 ;la" 16 ;B 16 - *15
.
"
16
10612 107 107 107 107 107
106 107
-710 *.05 .10 •.05 .10 •.05 .10 .10 .10
2212 221
2212 23
2212 223
2212 23
4
223 2278
*312 37 312 312
8
312 31
,314 314
1
34 314
1014 10
10
10
10
912 10
10
10
10
107 108
10212 1041 102 105
102 107
10314 105
16412 165
16414 165
163% 185 184 16434 16412 1643
4
is614 612
6
8
6 .
*
6
81
612 *6
7
18 *--__ 18
17
17
17
17
*1312 1412 13
13
*13
133 *13
4
14
1812 19
18
187s 18
18% 1814 1814 1734 1734
5612 57
57
56
56
5618 *5612 57
57
57
*39
49
+38
39
5373 3814 *3812 39
4
*39
40
*13
15 *13
15 •13
15
13
15
*13
15
59
*55
*55
59 •
59
55
58 58
59
5914
.214 3
*214 3
*214 3
*214 3
*214 3
*5
7
*5
7
*5
7
*5
7
*5
7
612 612
*612 1334
612 612
633 633
612 612
4,
210
1012 10
10 *210
1012 10
10 *210
1014
8083 81
804 8014 793 793
4
4 80
8018 80
80
69 69
69
6914 69
69
6914 70
69
69
•____ 164
102 162 *____ 162 •___ 162
155 155
812 934
glg 914
913 913
912 1012 10
1014
24 24
2312 2334 23 2312 2334 24
2412 2412
480
82
*80
8034 803 803 *80
4
4
803 *80
4
8012
512 53
4
53
2 6
6
512 57
6
8
578 6
/
1
4
.50 .50
.50 .50
.40 .50
.40 .40
.25 .50
11513 116
11512 116
115 115
11434 115
114 115
1983 1978 1814 19'8 19
1918 1914 191 *19
191
93
9383 92 931
92 93
9312 93% 9312 931
.1612 17 *1612 17
1612 161 .16
1612 1612 161
.212 234 .212 214 *213 234 *212 234 *212 23
.1
11
.1
114
11
114 •1
112 *1
114
10312 1044 10214 104
103 10312 103 101
10312 104
48
48 .473 48 .
47% 48
4714 471
4 4714 471
•
834 10
*814 10
.814 10
*814 10
• 4 10
87
478 478 4683 4734 47% 4714 4714 481
4 48
487
4
2614 2638 2614 201
27
27
2614 2612 2614 2612
2514 2584 25
2533 25
253
8 25
2514 254 2512
3814 3834 3712 381
3814 3812 3812 383
4 383 383
4
4
1014 101
11
11 .1012 11
103 103
4
4 103 103
4
4
•
23 24
23 23 .23 24
2312 2312 22 22
16
16
1512 161
16
1612 16'4 1614 16
1614
2912 301
29
30
2914 31
30
31
2912 30
•34
36 .34
36 •35
36 *34
36
+35
36
36 36 .36
40 .
36
40
36
36
+36
38
*812 9
.9
912 *93 10
8
*912 10
*9
912
•.40 .50 +.45 .50
.45
A5 *.25 .45
74
74
71
75
73
7312 '.275
73
7512
•.20 .30 •.20 .25 •.20 .30 •.15 77
.25
.25 .25
24
24
24
24
+2312 25
24
24
*24
25
214 212
214 214
218
218
212 212 .218 214
11
1134 11
113
4
4 103 11
11
101
*1712 18
1712 1712 1213 p212 1714 1114 *17 4 1114
171
1714
390 400 385 399
382 390 387 389 385 390
514 64
512 63
4
534 534
53
4 6
578 6
*10
1112 10 10
10 10
10
10
*10
11
3683 3633 3612 3633 36
3712 37 38
37
371
4
513 37,4
318 318 *34 312
4
312 312 *314 31
8
8
7% 8
7% 8
73
4 8
7% 778
*1
11s
114 114
114 1%
13
3 138 *118 118
.21
4 312 •21
4 312 .
2% 312 *234, 312 •214 312
2812 2812 2712 2814 27
2712 274 273
4 27%
4
•.50 .75 *.50 .75
.50 .50 •.50 .75 ..50 273
.75
108 10914 105 108
10612 108
108 10812 108
*9912 10012 *9912 100
9912 9912 993 9934 991 10814
4
4 9914
25 25
24
2412 225 25
2412 24
25
25
•272 3
*27
8 3
.278 3
*234 23 .
4
284 3
•1L 118 •112 133 •112 1% •
112 13 '112 133
8
*3
4
*3
4
*
3
4
34 318 •3
4
112 112
112 12 •112 2
112 113 •112 2
213 218 *2
23
214 •
4 *2
2
214 •17, 214
2
2
*2
2
214
*2
2
21
*
2
212
33
4 3
14
33
4 33
4
3 4 33
3
4 *338 4
312 312
"134 212
n
2 4 *2
3
3
*2
3
54 55
5312 54
5434 55
55
5514 55
5518
1778 18
18
1814 1812 1812 *21814 19
19
19
7.05
-
-,,- ig
18
12212 1227
95 95
79
79
Outside Stock Exchanges
Stocks (Concluded)-
-Transactions in bonds at Boston
Boston Bond Record.
Stock Exchange May 5 to May 11, both inclusive.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Price. Low. High. Amount
Bonds
Am Ag Chem 1st ref 7345'41
AU Gulf dt WI 8.9 L 58 1950 ao
Chic June & U S Yds 48'40
1040 90
58
Co Azucarera Bar 7348 '37
E Mass St RR sec A 4345'48
1948
Series B 58
1936
Hood Rubber 7s
KCM&B income 45_1934
Miss River Power 58_ _1957
New England Tel 58_ _1932
1944 9314
Swift dc Co Is
1937 106
Warren Bros 7348
1932 se
Waders Tel 55
102 102
4934 61
78;4 78%
8934 90
100 100%
70
70
73%
73
101% 101%
88% 86%
9034 91
97
97
93% 9414
104 106
96
95
$1,000
42,000
6,000
16,000
12,000
1,000
2,250
2,000
10,000
8,000
3,000
34,000
40,500
12,000
Range since Jan. 1.
Low.
102
49%
7834
89
100
69
73
10014
86
89
9614
91
104
9
May
May
May
Apr
May
Jan
Mar
Jan
May
Apr
Mar
Apr
May
Mar
High.
102
62
84
95
10034
72
7734
102%
87
95
99%
98
115
98
May
Mar
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Feb
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange May 5 to May 11, both
inclusive, compiled from official sales lists:
Stocks-
[VOL. 116.
THE CHRONICLE
2114
Sates
Friday
Last Week's Range for
Week.
of Prizes.
Sale.
Par. Price. Low. High. Shares.
4
4
4 4
N000.,ft,QQ.lawDOONV.PQN
ON.-.WO2N.000.4000C.W.
Ne0C.N
,
1NM"
0.,
Low,
2734
15
63
78
163
12534
49
40
143
44
69
54
2334
3834
4234
4234
7
2814
534
70
62
35
2714
5434
1
7834
82
44
42
2934
35
334
46
30
0134
8
3534
1
13-4
3834
196
50
553-4
8
55
33
31
34
High.
Jan 3034
Feb 30
Feb 78
Feb 82
Jan 194
May 14234
Jan 91
Jan 45
Feb 2341.4
Mar 49
May 85
Jan 6634
Jan 27
May 5334
Feb 5914
Jan 50
Feb
834
Jan 3434
Jan 1034
Apr 75
May 71
Jan 40
Feb 3314
Apr 58
Apr
1
May 8134
Jan 9334
May 4734
May
Apr
Apr
Jan
Mar
Mar
Mar
Jan
May
Jan
Jan
Mar
Feb
Mar
Mar
Apr
Feb
Mar
Feb
Jan
Feb
Feb
Apr
Jan
Apr
Jan
Apr
Jan
Jan 4534
Apr 3314
Ma; 333-4
Apr
4
Mar 5034
Jan 33
May 67
Jan 1234
Jan 4834
Apr
134
May
234
Feb 4034
May 200
Jan 56
Jan 5634
Jan
9
May 55
Jan 43
Apr 3134
May 3634
Feb
Jan
Jan
Apr
Jan
Feb
Jan
Apr
May
Jan
Jan
Jan
Jan
Apr
Feb
Feb
May
Mar
Jan
Jan
100
Diamond Match
34
•
Earl Motors Co
Eaton Axle & Spring Co_ _• 30
Eddy Paper Corp (The)..' 2834
100 103
Fair Corp (The)
* 24
Gill Mfg Co
• 19
Godchaux Sugar,com
Gossard, H. W,pref._ _100 3134
Great Lakes D & D._ _ _100
Hart,Schaff & Marx,cm 100 108
• 393.4
Hayes Wheel CO
Hibbard, Spencer, Bartlett
25
& Co
10 2334
Hupp Motor
100 2034
Hydrox Corp,pref
100
Illinois Brick
Illinois No Utilities, pref__ __ _ _ ....
734
International Lamp Co....
KuPPenhelmer & Co in5
100
Inc, preferred
Libby,McNeill & LIbby_10
10
Lindsay Light
Lyon & Healy,Inc, pref__
i
McCord Bad Mfg
McQuay-Norris Mfg, w L* 24
Middle West Util, com_100 47
100
Preferred
Prior lien preferred
35
•
Witchell Motor Co
National Leather new
Philipsborn's,Inc,corn_ _ _5 15
85
Preferred
10 21
Pick (Albert) & Co
Pub Ser of Nor III com_100 101
*
Common
100 9334
Preferred
4uaker Oats Co, pref 100 98
10 1834
leo Motor
fears-Roebuck, com_ _ _100
itandard Gas & Electric_50 2834
50 50
Preferred
Ifew-Warn Speed,com_100 8534
100 10334
Isift & Co
15 1874
Iwift International
'hompson(J R),com_ _ _25 4554
Triton Carbide dr Carbon 10 6034
734
Trilled Iron Works v t c_50
fnited Lt& Rys,corn_ _100 158
100 88
1st preferred
Particip preferred__ -100 95
20 r 9 Gypsum
1 S Stores Corp, pre!
esta Battery corp, com_•
• • 50
Tab! Co
Tanner M Cast Mfg CO- •
Tard M & Co, pref._ _100
20 2234
When issued'
• 101
Class "A"
634
resters Knitting Mills..'
• 2634
701ff Mfg Corn
25
Trigley Jr, corn
allow Cab Mfg, CI B....10 265
92
allow Taxi Co
Bondsrmour & Co Del 20-yr
1943
gold 5148
hicago City Ry 55_._1927
Mc C & C Rys 58_ _1927
1927
Margo Rys 58
Mango Telephone 55_1923
ommonw Edison 58..1941
udahy Pack 1st M 55 1946
i So ULU 181 ref 6348_1943
x
8034
8034
87
Int..
OR
OON
N
.
0
.
0
9534
87
99
7134
9834
49
80
10234
10034
103
82
103
10634
83
87
10034
10034
9834
Jan
May 121
134 Feb
Jan
Apr 343.1
Jan 106
May 2834
Jan 2634
Feb 3534
Feb 9434
Jan 108
Jan 4334
Apr
Jan
Apr
Apr
Apr
Feb
May
Apr
66
2934
3234
9634
8634
32
Jan
Mar
Apr
Jan
Mar
Apr
66
100
25
13,880
21
1,290
35
78
10
85
2834 66,410
64
21
1814
60
84
13
Feb
May
Jan
Apr
Apr
May
20
93
93
260
634 634
200
3
3
100
9834 99
3614 1,455
34
25
1,635
22
855
47
45
8134 8314
755
800
9934 100
345
34
34
445
554 6
4,870
18
15
100
85
85
2134 1,923
20
170
101 10134
66
10034 10114
373
9114 9354
140
99
98
1934 11,785
18
20
8154 8134
2834 2,905
27
1,285
4854 50
96 129,500
80
10234 10434 1,637
1834 1914 5,170
4534 4634 1,400
5814 6234 28,850
3,080
634 8
334
145 164
391
89
87
197
95
90
100
66
66
79
9834 9814
370
24
29
44
5034 6.330
100
30
30
140
1113411134
2134 2334 5,895
260
101 101
3,835
4
7
28
4,435
25
735
109 111
3,493
257 271
8634 9534 45,150
93
854
2%
98
3214
22
45
8134
9934
34
634
15
85
20
101
10014
9134
9634
1114
8134
1734
48
79
10254
18
45
5634
6
71
75
90
61
9834
24
44
30
9534
2034
93
4
25
100
223
7034
Jan
Jan
May
Apr
Apr
May
May
May
Mar
Apr
Apr
May
May
May
Mar
May
May
Jan
Jan
May
Jan
Mar
Jan
May
Feb
Feb
May
Jan
Jan
Jan
May
Jan
Apr
May
May
May
Feb
Jan
Jan
May
May
Jan
Jan
Jan
9014
$500
81
10,000
MU 30,000
8034 2,000
9914 10,000
9534 1,000
5,000
87
5,000
93
9 nnn
0211
8834
7634
47
77
9936
9534
86
93
0911
6534
21
1934
78
85
13
9014
8034
5434
8034
9974
9534
87
93
0211
Jan
95
854 Apr
434 Jan
10134 Mar
Apr
39
26
Apr
53
Feb
8634 Jan
104
Jan
234 Feb
834 Feb
38
Jan
9834 Jan
3634 Mar
10334 Apr
10334 Apr
99
Apr
Jan
100
1934 Apr
93
Feb
3234 Mar
5134 Apr
12434 Apr
10934 Jan
2134 Jan
5114 Jan
8734 Jan
'
131 Feb
May
164
Apr
94
997-4 Mar
7534 Mar
9834 May
Mar
36
5834 Jan
Apr
31
11134 Mar
2534 Feb
10454 Apr
1034 Mar
3536 Mar
Apr
114
Apr
296
9834 Apr
Mar 96
Feb 8334
Jan 6534
Jan 8234
Jan 100
May 99
Apr 87
Apr 93
nr
•
Feb
Mar
Mar
Mar
Feb
Jan
May
Apr
T,e.
0/Le
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange May 5 to May 11 both inclusive, compiled from official lists:
Sales
Friday
Last Week's Range for
of Priem.
Sale.
Week.
Par. Price. Low. High. Shares.
110
25
50
10
4
30
24
331
431
123
1,000
82
62
60
11
47
35
284
10
203
35
20
66
237
10
198
17
100
40
197
890
1,093
73
105
41
92
92
86
86
9034 91
9734
97
10134 101%
10634 10634
853i 8515
9734 9754
9214 9234
80
80
100 100
7134 7234
52
5234
7314 7434
9934 100
98
9834
81,000
1,000
10,000
2,000
9,000
12,000
7,000
13,000
6,000
7,000
1,000
51,000
17,000
12,100
31,000
3,000
fa nnn
7Il1‘
7811
High.
Low,
h>.4:3>0.0>0.A>0.NahL
.44)dad4R000,300.3mG
2V4V4.
.VCW222.
4314 4314
98
98
4
4
4134 4134
3434 3434
26
26
10934 109%
70
66
2534 2554
2634 2634
116 11734
104 105
117 11734
86
85
54
51
95
96
4734 473.4
142 14334
4334 433.4
84
8834
54
52
2554 2534
23% 243.4
8434
84
250 250
1814 1834
6034
60
3834 3834
7454 7514
10534 107
134 134
1734 18%
154 155
1034 1034
2934 30
Range sines Jan. 1.
.0
bk>,ANmq=qatl>,NN>.=C4=MO..14. ,
.d
00M444.44d.0,,,a1. 0
gggtIMM."d 00.30 4, 004
=
a
I0
Jan
May
May
Mar
May
May
Apr
Apr
May
Apr
May
Apr
Mar
Apr
Apr
Jan
May
Jan
High.
Low.
25 112
112
34
300
34
3034 2,000
3314 26,125 2234
500 100
10334
2554 6,391 2134
19
225 15
32
3,635 2434
85
115 8134
108
270 98
4014 4,440 37
•No par value.
Apr
StocksApr
Jan Arundel Sand dr Gravel 100
100
Jan
Preferred
100
May Baltimore Brick
00
Jan Bait Electric pref
•
Ian Benesch (I) common
25 26
Jan ' Preferred
Apr Chas & Po Tel of Balt_ _100 109%
25 66
Jan Commertial Credit
25 2514
Mar
Preferred
25 2634
B
Feb
Preferred
Jan Consol Gas E L & Pow_100 116
100
Apr
7% preferred
100
May
8% preferred
Jan Consolidation Coal____100 85
•
Jan Eastern Rolling Mill
100 96
Mar
8%, preferred
25
Equitable Trust Co
50 14334
Fidelity & Deposit
_25
-Record of transactions at Finance Co of America_
Chicago Stock Exchange.
Houston Oil pf tr etts_ _100 88
Chicago Stock Exchange May 5 to May 11, both in- Manufacturers Finance_25 53
25
1st preferred
25
clusive, compiled from official sales lists:
2d preferred
Maryland Casualty Co_ _25
awes
"'may
Mercantile Trust Co_ _50
Range sines Jan. 1.
for
Last Week's Range
Monon Valley Tree pref_25 1834
1Veek.
of Prices.
Sale.
•
MtV-Wood Minspf vtr 100 60
Low.
High.
Par. Price. Low. High. Shares.
StocksNew Amsterd'm Gas Co 100
50
Mar 97
Feb Northern Central
8734 . 235 86
Amer Pub Serv, pref.._ _100 8734 86
Penns Water & Power_100
100 65
65
6534
Apr 74
Jan
American Shipbuilding_100 65
10
pref
9234 1,145 90
Mar 100 - Feb Pittsburgh 011
Armour & Co (Del), pf_100 9234 92
_50 1834
Apr 96
Jan United Ry & Electric__
Armour & Co, prat_ ...l00 8234 8234 8434 1,260 80
Fidelity dr Guar....50
895
8
8
Apr 10
Jan US
8
834
15
Armour Leather
1034
124 83 May 8734 Mar Wash Balt & Annan_ _ _ _50 2914
8314
83
100 83
Preferred
50
Preferred
4
4
300
4
Jan
4
434 Jan
Beaver Board, pref ctfs_ __•
Bonds
20 15
25
20
Jan 25 May
._ _
1st pref ctfs
3554 13,413 2734 Feb 3934 Mar Alabama ConsC&1 581033
29
Bassick-Alemite Corp_ _ _ _• 34
1954
9,410 25
• 28
Jan 3234 Mar Consol Gas gen 4145 1935
2534 30
Borg & Beck
434s
1434 2,245 1334 May 1534 Apr Consol G E L & P
.
Bridgeport Mach, corn.. 8 1434 14
1952
Series E 5348
35
10
10
935 Apr 11
Mar
1949 10134
Bunts Bros
Series A 65
295 86
88
87
Jan 90
Mar
1931 10634
Central Pub Serv, pref.100
Series C 78
400
5
7
Feb 10
6
Mar
sh pi*
1950 8534
Ch City & Con Ry pt _100
Consol Coal ref Trs
3
3
25
3 May
84 Mar
68_1925
Chicago Elec Ry, pref.
75 10
15
15
Jan 2434 Mar Elkhorn Coal Corp ..1931
Chicago Rys part ctf ser 1_
10 300 May 300 May Md Elec RI' 1st 58 581942 9236
300 300
chIcago Telephone Co._ _ _
Jag Monon Valley Trac
ommonwealtia Edison.100 12834 12714 12834 1,011 12734 May 131
Bldg 55_1940
40
6
6
6
Feb
634 Jan Public Service 4&._1949 7134
:3onsumers Co, corn...100
170 63 May 70
63
Feb United Ry & E
63
100 63
1949 6234
Preferred
Income 4s
834 May 12
Jan
834 9% 5,510
9%
1936 74%
Dontinental Motors__ _ _10
Funding 55
130 10934 Apr 115
Feb
111 112
1949 9954
rane Co, pref
65
L'I
10 57 May 6434 Jan
58
58
_ 100
3udahY Paeking,com. 25 27
Va Mid 5th series 58_ _1926
1914 4234 76,000 1934 May 6234 Jan
3aniel Boone Wool Mills • 100
Jan 92 May
50 70
92
92
zn
Decker(Alf)&Cohn,Inc Ft
RA
7144
71
_
•No par value.
Deere & CO.
85
86
9734
61
9834
47
70
99
9934
90
79
99
10234
83
8314
10034
9934
88
112
34
30
2834
103.
2134
19
28
85
10634
37
Range since Jan. 1.
00
0 000
0X=0
00 00
0 0000
0.1.0
0.4.V..N.00000MOWMOOOMMN.9MMMODV ,
C.MONMOOWNNWOR-."0,0C.,
,0 VMN0VNNOC...CONCOVNMW**MNWM.,./(1,0
"""
Bonds
9034
86
Amer Gas & Elee 58-2007 90
86
2007
Small
8634
Bell Tel of Pa 1st 68....1948 9714 9734 9734
65
64
Elec & Peoples tr ars 4s'45 65
9854 9834
General Refractories 65 '52
47
47
Inter-State Rys coil 481943
70
70
Keystone Tel 1st 511_1935
9934 9934
Lehigh Val Coal 1st 581933
1949 9934 9934 9934
Phila Co 1st 58
1966 9634 9834 99
Phila Flee let 55
82
79
1st 4s sinking fund_1969
1947 10034 10034 10034
534s
10334 10334
1941
68
83
83
Reading-Jersey Cent 4s '51 83
87
87
1997 87
General 4s
Tracti:n 68.1933 10034 10034 10034
Reading
9934 100
Spanish-Am Iron 6s_ _1927
93
92
United Rys Invert 58_1928 92
• No par value.
Nwv.,,,00.0.000.00.,0,0C.0.0“,000000
Nel.CMO!..Nst.VeD3NOONVN....NOODC..VM.Q
.grkON ..00M
N
3034 3014
10
Alliance Insurance
American Elea Pow Co-_50 2734 2334 2834
100
6934 7034
Preferred
82
80
American Gas of N J_ -100 82
* 189% 183 191
American Stores
12534 12534
Locomotive.-.100
Baldwin
74
70
100
Brill(JO)Co
4134 4134
50
Cambria Iron
* 23034 215 23434
Inc
Congoleum Co
47
46
Consul Traction of N 3.100 46
6934
69
100
Eisenlohr (Otto)
82
60
Electric Storage Batt'y_100
2434 2434
Erie Lighting Co
100
3834 3934
General Asphalt
*
5234 5434
General Refractories
4734 50
Insurance Co ot N A._ _ _10 50
734 734
734
Keystone Telephone_ _ _ _50
27
27
50 27
Preferred
714
63-4 734
Lake Superior Corp.---100
72
70
50
Lehigh Navigation
63
62
eo
Lehigh Valley
38
38
Transit pref _50
Lehigh Val
30
30
Midvale Steel & Ord.. _50
Penn Cent Light & Pow_ _• 5534 5534 5534
1
1
Warrants
7834 7934
50
North PennsylvaniaSalt Mfg__50 89
8834 89
Pennsylvania
50
44
4434
Pennsylvania RR
Philadelphia Co(Pitts)
4234
42
Preferred (cumul 6%)-50 42
25 3034 30
3034
Phila Electric of Pa
30
3034
25 30
Preferred
314
334 334
Warrants when issued_ _ _
49
•
49
Phila Insulated Wire
Phila Rapid Transit__ _60 3034 3034 3034
6114 6234
Philadelphia Traction__ 50
50
1134 1134
Milli & Western
43
4834
Pittsburgh & West Va_100
134
134
1
Tonopah-Belmont Devel_l
1
134 134
Tonopah Mining
50 39
Union Traction
3834 3934
100
198 198
United Cos of NJ
50 5034 5034 51
United Gas Impt
50 5514 5534 5514
Preferred
8
8
834
Warwick Iron & Steel__ -10
55
55
100
Welsbach Co
36
37
West Jersey & Seashore_50
31
31
50 31
York Railways
34
34
50
Preferred
Range since Jan. 1.
'nosy
MUM
Last Week's Range for
Week.
of Prices.
Sale.
Price. Low. High. Shares.
4534 Mar
Apr
98
536 Mar
4234 Mar
Mar
35
2634 Jan
11034 Mar
70 May
2534 Apr
2734 Jan
Mar
118
Mar
108
Jan
120
98 :Jan
Apr
60
Mar
100
4734 Apr
14434 Apr
4434 Mar
95 . Jan
5734 Jan
2614 Feb
2634 ;Jan
90 1 Jan
Apr
251
1834 Feb
7334 Mar
3834 Apr
77
Jun
10854 Mar
2
Jan
2034 Jan
184
Jan
15
Feb
3134 Feb
93
88
9234
100
1033-4
10834
90
9934
9614
86
100
7434
55
7734
10234
9935
77 LI
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Jan
Apr
Jan
Jan
Jan
Jan
Feb.
Fah
MAY 12 1923.]
TUE CHRONICLE
Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange May 5 to May 11; both inclusive, compiled from official sales lists.
Stocks-
r naay
notes
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Am Vitrified Prod, eom_25
Am Wind Glass Mach 100
Preferred
100
Am Wind Glass Co, pf_100
Arkansas Nat Gas, com-10
Carnegie Lead & Zinc_ ... _5
Exchange Nat Bank
_50
barb-Walk Refrac,com100
Ind%) Brewing, com____50
Preferred
50
Jones & Lauglin Steel, prat
Lone Star Gas
25
Mfrs Light & Heat_ _ _.100
Mat Fireproofing, com 50
Ohio Fuel 011
1
Ohio Fuel Supply
25
Oklahoma Natural Gas_ _25
Pittsburgh Brew, com_50
Preferred
50
Pittsburgh Coal, com_100
Preferred
100
Plttsb & Mt Shasta COD--1
Pittsburgh Oil& Gas_ _ _100
Pittsburgh Plate Glass_ _10
Real Estate Trust C&_100
Salt Creek Canso'Oil
Standard San Mfg,corn 100
Tidal Osage 011
•
Union Natural Gas__ _ _100
LT S Glass
100
Weat'house Air Brake_ _50
W'house El dr Mfg,com_50
WAat.PannT`r.61XIA an,,. Inn
7
434
108
23
524
33
1934
2
99
210
171
1034
79
254
86
5531
Range since Jan. 1.
Low.
7
7
25
7
Jan
83
84
85 79
Feb
93
93
49 91
May
107 108
59 107 May
7
734 2,760
7 May
4
205
434
334 Jan
5 85% Jan
8834 8834
122 122
20 102
Mar
4
4
150
334 Jan
8
834
193
6
Apr
1074 108
659 10641 Mar
23
23
270 23 May
51
5234 1,160 51
May
734 734
50
734 May
15
15
145 15
Apr
32
33
1,046 314 Apr
1934 1934
575 1934 Jan
141 2
120
131 May
544 534
300
534 May
63
63
70 5836 Jan
99
9944
109 97
Jan
200
21e 14,700 16c May
851 84
75
84 May
170 171
273 165
Jan
130 133
110 130
Feb
10
1014 1,320 10
Jan
79
229 73
8034
Mar
10
104
160 10
Apr
25
2531
609 2354 Feb
27
27
200 2414 Mar
834 8634
803 8314 May
5554 56
220 5534 May
IOU Cl IL
OW\ 'In
To
High.
834 Apr
95
Mar
1074 Mar
108
Apr
10
Jan
6
Feb
90
Mar
122 May
4
Jan
951 Jan
10931 Mar
27
Feb
60
Feb
814 Feb
1834 Feb
3634 Mar
27
Jan
254 Jan
8
Mar
6644 Mar
100
Mar
28c Jan
1034 Feb
205
Jan
133 May
1734 Apr
8514 Apr
1344 Feb
2734 Mar
28
Feb
120
Feb
6914 Mar
Cl IL Cl...
•No Dar value.
New York Curb Market.
-Below is a record of the
transactions in the New York Curb Market from
May 5 to
May 11, both inclusive, as compiled from the
official lists.
As noted in our issue of July 2 1921, the New
York Curb
Market Association on June 27 1921 transfer
red its activities
from the Broad Street curb to its new building
on Trinity
Place, and the Association is now issuing an
official sheet
which forms the basis of the compilations
below.
Friday
Sales
Last Week's Range for
Range since Jan. 1.
Sale.
of Prices.
Week.
StocksPar. Price. Low. High Shares.
Low.
High.
Indus. & Miscellaneous.
Acme Coal Mining
1
54e 54c
200 40e Mar 850 Jan
New stock
10
534
44 554 3,800
441 May
534
Acme Packing
10 180
15c 200 21,000 15c May 35c May
Jan
Aluminum Mfrs, pt et _ _ 100
10214 1024
100 100
Feb 10331 Mar
Amalgam Leather, corn _ •
1634 17
1,000 1414 Mar 1914 Apr
Preterred
100
5934 5974
100 4814 Jan 65
Apr
Amer Cotton Fabric, pf.100
101 101
100 9944 Mar 102
Mar
Amer Drug Stores class A.1
14
134 114 1,000 550 Mar
134 Apr
Am G&E,corn. new. w I- _• 38
3741 38
1,300 3234 Feb 4634 Mar
Preferred
50
43
43
100 4134 May 4614 Feb
American Hawaiian 8 8_10 1614 1614 17
400 1514 Jan 254 Mar
Amer Lt & Trac, com_ _100
115 119
40 111
Apr 140
Feb
Amer Locomotive new wi• 6614 6614 6834
4,000 6614 May 6814 May
Amer Pow dc Lt, corn._100 _ _ _ 171 177
20 145
Feb 177
May
American Stores
•
183 183
25 183 may 193
Mar
American Thread, prat_..5
4
4
600
34 Feb
4
Apr
Archer-Daniels-Mid Co •
3334 3941 • 1,300 3814 may 4034 Max
Armour & Co of Del, pf.100
9244 9244 1,500 90
Apr 9934 Feb
Atlantic Fruit Co
*
2
134 2
1,200
24 Feb
114 Jan
Bassick-Alemite Corp
• 3454
400 3044 May 40
Mar
Borden Co. common___100 11714 3044 35
35 110
Mar 122
Jan
Bridgeport Machine Co..' 144 1171411714
14
1451 3,000 14 May 1534 Max
BritgAmer Tob ord bear.41 2131 2134
2134 2,500 1914 Jan 224 Apr
British Int Corp "A" stk.*
1534 1544
100 1444 Apr 174 Feb
Brooklyn City RR
10 10
10
1034 7,200
734 Jan 103-4 Mar
Buddy-Buds,Inc
•
1116
Ms 161 12,900
1sn Apr
151 Feb
Car Lighting & Power__ _25
154
14 144
700 75c Mar
14 Jan
Celluloid Co, corn
100
81
90
90 81 May 100
Feb
Preferred
100
10644 10634
10 10654 May 11031 Mar
Cent Teresa Sugar, cOm_10
114
134 134 1,700
231 Mar
134 Jan
Centrifugal Cast Iron Pipo• 13
1234 13
1,900 10
Jan 15
Feb
Checker Cab Mfg, Class A*
53
55
600 53 May 6334 Feb
Chic Nipple Mfg Class A.10
454
44 454 5,100
254 Jan
554 Apr
Chicago Steel WheeLcom.5
151
14 151 2,600
344 Feb
134 Mar
Preferred
10
6
54 634 19,900
534 May
934 Feb
Cities Service, com-- --100 16334 158 165
1,868 158
May 195
Feb
Preferred
100
6834 69
1,200 67
Jan 70
Cities Serv, bankers' oh..*
16
1634 1.900 16 May 1941 Mar
Feb
Cleve Automobile, corn_ _.* 2934 2934 3034
900 29
Apr 3434 Apt
Preferred
100 87
84
87
130 7941 Apr 90
Jan
Colombian Emerald Synd_
3c
3e
5c 12,000
3c May 45e
Jar
Columbian Carbon v t a_ _• 49
4714 4934 2,600 404 Feb 50
May
Cosgrave Export Brew__10
8
8
9
300
5
Mar
934 Ain
Cox's Cash Stores
5
434
4
5
1,980
8
334 Feb
Mat
Cudahy Packing
100
55
55
10 55
May 60
Mat
Curtiss Aeropl & M.coin_•
834
834 834
800
5
Jan
834 Mar
Del Lack & West Coal...50 90
854 90
425 82
Jan
Apr
Douglas-Pectin Corp.._.' 14
124 1434 2.200 1244 May 9034 Apt
1434
Dubiller Condenser & Rad• 1034
834 1034 8,600
431 Jan 1334 Apt
Du Pont Motors, Inc_ _ •
541
544 654 3,800
544 May
734 Apr
Durant Motors, Ina
• 46
4544 5144 14,000 40
Feb 84
Jan
Durant Motors of lnd...10 12
12
134 4,600 12 May 254 Jan
Eastern Steel Cast, corn_.• 20
20
20
200 18
Mar 204 Mar
Eaton Axle & Spring.
Do • 30
30
3041 27,300 30 May 3034 May
Equitable'fr Co of rip-100
185 187
45 183
Apr 194
Mat
Federal Tel & Tel
434
5
434 454 6,000
314 Apr
7
Jar
Ford Motor of Canada-100
425 429
3" 400
Jan 460
Maz
Gillette Safety Razor__.• 278
268 280
5,355 259
Jan 292
Apr
Glen Alden Coal
• 74
694 7434 6,100
Jan 7514 Apr
Goodyear Tire & R,com100 154 154 1634 11,100 56
934 Mar 1634 Ma)
Great Western Bug,com.25 78
78
78
100 77
Jan 91
Mar
Griffith(D W),Inc. CI A.•
6
goo
534 6
334 Jan
6
May
Hall Switch & Sig, com_100
lyi 134
Hp
234 Mal
134 May
Hanna(M A) Co. pref_100
9214 9314
700 9231 May 102
Jar
Heyden Chemical
•
131
14 134 3,200
14 Jan
246 Pet
Hudson Cos pret
100 14
1344 1434
700 1364 May 1734 Pet
Hud & Man RR,coln_ 100 10
400
931 10
OH May 1234 Pet
Hydrox Corp, corn
• 2034 2014 2134 3,200 20
Jan 25
M at
Imperlal Tobacco of Can_ 5
514 534
300
554 Apr
634 Mal
Imperial To),of G B & I..£1
20
2034
500 17
Jan 2014 Apr
Intercontinental Rubb_100
451
454 431 1,200
441 Jan
64 Jar
Kup'b'mer(B)&Cocom 100
25
26
300 25 May 30
Mar
Preferred
100
92
92
300 92
Mar 9614 Jar
Lehigh Power Securities_• 2234 2234 2234
200 18
Jan 25
Mar
Lehigh Vkllav (-net Sales an
761
YR
All 731
Mons OA
Ion
Week ending May 11.
2115
Friday
Sales
Last Week's Range for
Range since Jan. 1.
Sale.
of Prices.
Week.
Stocks (Co/lauded) Par. Price. Low. High. Shares.
Low.
High.
Libby,McNeill& Libby-10
641 651
614
300
6
Jan
811 Apr
Old stock
14
144 1%
100
1
Feb
1% May
Lucey Mfg, Class A____50
944 10
9%
200
7
Mar 20
Jan
Mercer Motors
50e 138c
• 56c
7,800
50c May
4
Jan
Class A
4
4
4 May
300
4% Mar
Mesabi Iron Co
814 914
•
9%
800
8% May 1214 Jan
Midvale Co
• 15% 14% 16% 5,200 12
Apr 213( Apr
Motor Wheel Corp com_10
1054 11
200 1014 Jan 133( Feb
Munsingwear, Inc
42
• 42
42% 2,100 42 May 42% May
Nat Supp Co(of Del)com 50 68
56% 5954 5,100 54
Jan 70% Mar
New Mexico & Ariz Land _1
334 4
4
400
2% Mar 344%
N Y Canners,Inc,corn. •
500 28
2934 3034
Jan
Mar
NY Telep 644 pret----100 11034 109 11031
825 108% Mar 112
Jan
Nor Amer Pulp & Paper_ _•
1
1
I
Jan
100
1% Apr
Oselda Corporation
5
5
3
200
Apr 15
Jan
Paige-Det Motor Car.. -10
20
20
200 14
Feb 24
pr
Parsons Auto Accessories..
1,200 700 May 800
78c 8lle
Patterson Bros Tel) A. •
1354 1454
200 13% May 15% Apr
Peerless Truck & Motor_50
45% .49
900 4534 May 80
Jan
Prima Radio Corporation_l 57c
4,700 55e Feb
56c 64e
Jan
Pub Serv Corp N J %Pt100
84
100 84 May 84 My
84
1
Pyreure Manufacturing_ _10
9
100
934 9%
Mar 11
Jan
Radio Corp of Amer,corn•
344 Jan
3%
3% 3% 18,600
41.1 Mar
Preferred
314 3
5
21616 Jan
3st,
91. 8,700
3"r. Apr
Reo Motor Car
10 19
18% 1934 4,900 13% Feb 19% Apr
Repetti, Inc
1% 134
5
1
134
500
2
may
Jan
Rosenb'm Gr Corp. pf_50 49% 4844 50
4,300 48% May 54% Mar
Shelton Looms, corn
•
20% 21
273( Mar
600 2044 May
Southern Coal & Iron_ _ _5 26c
24c 290 50,000 20c May
50e Mar
Sun'h. Bell Tel 7% pre:100
10241 10334
600 102% Apr 103% Apr
Springfield Body, Class A.
44
4744
800 4534 Mar 515034%
Standard Gas d: Elec pf_50
49
49
100 484 Feb
Apr
Standard Motor Constr_10
234 234
400
334 Jan
246 May
Stutz Motor Car
1744 18
• 18
1,000 17% May 24% Jan
Swift & Co
102 105%
100
50 102 May 109
Feb
Swift International
15
Feb
1854 18%
300 18
Technical Products Corp..5
7
7
Jan 21
934 Feb
7
600
7
jan
Tenn Elec Power. coin_ •
16
100 1441 Slay
16
Mar
Timken-Detroit Axle..
.10 1214 11
12% 1,300 10
344 Apr
Jae 12
Tob Prod Exports Corp..*
4% 5
4%
644 Mar
3,100
434 May
Todd Shipyards Corp_ _ _• 5114 50
51% 1,125 50 May 5914 Mar
United Bakeries Corp_
*
2844 2854
100 2844 May
Apr
Preferred
. 200 8654 May 93
937
100 8634 8654 8834
A
United Profit Sbar'g, new.'
7
414 Jan
1,000
554
Apr
17n Retail Stores Candy..•
5
Jan
634
5% 6% 5.600
8
Mar
Founders shares
6
9
3% Jan
Mar
• 6
200
6
United Shoe Mach,com_25 48% 4634 484
May 56
300 45
Mar
US Light & Heat,com__10
144 114
7.90
Jan
1%
1
1
234 Apr
Preferred
234 2% 1,100 90c
Jan
10
214
34
Universal Pipe & Rad, WI. 15% 154 174 6,800 15
May
Preferred
3,100 64% May
6434 6434 67
Apr
Utah-Idaho Sugar
3
3
Jan
10
351
200
4% Apr
Wanner Malleable Cast..' 29% 28% 3055 4,800 28% May 31% Apr
Waring Hat Manufacturing 20% 19% 2034
600 19% May 2 31 Ntayan
or
62
2x;4 l
Wayne Coal
141
134 1,700
134 Mar
5
Western Feed Mfrs, Inc.-Apr
5% 641 3,900
5
631
Willys Corp, 1st pref_ -1118
734 854
300
7% May 1114 Jan
Yale & Towne Mfg,new.25 6134 6134 6154
100 5854 Jan 64
Mar
Yellow Taxi Corp, N Y..* 135
13341 138
1,600 100
Feb 152% Apr
Former Standard Oil
Subsidiaries
Anglo-American 011___11
Buckeye Pipe Line
50
Continental Oil, new.. _25
Crescent Pipe L
25
Cumberland Pipe LIne_100
Eureka Pipe Line
100
Galena Signal 011, com.100
nlinois Pine Line
100
Indiana Pipe Line
50
National Transit ..12.50
New York Transit
100
Northern Pipe Line_ _ _ _100
Ohio 011
25
Penn-Mex Fuel
25
Prairie Oil & Gas
100
Prairie Pipe Line
100
Solar Refining
100
South Penn 011
100
Southern Pine Line_ -100
South West Pa Pipe L 100
Standard 011 (Indiana)_25
Standard 011 (Kansas). _25
Standard 011 (Ky)
25
Standard Oil (Neb)_ __100
Standard Oil of N Y----25
Standarll Oil(Ohio)corn 100
Vacuum 011
25
Washington Oil
1651 1644 17
5,800 16
Apr
87
86% 86
230 86 May
42
4031 42
1,000 3851 Feb
9
18
194
65 18
May
1114 111% 11254
80 r85
Jan
106 107
106
320
604 64
490 5744 Jan
168
165 168
40 164
Mar
98
95 • 98
Jan
75 95
2534 2534 2554
600 25
Mar
118 120
150 118
May
104
102 104
17 102
May
6914 67% 6934 1,100 6544 AP
174 18
Jan
200 17
207
20634 217
1,27 198
May
107
10544 10S
1,19 110334 May
18734 1874
1 180
Jan
148
148 153
11 148
May
21)9
99
99
6
97 ,Jan
80
8144
5
6644 Jan
5934 5334 614 120,800 5834 May
45
4334 45
1.600 41% Jan
90% 87
91
7,900 u80
pa
225 225
30 186
Jan
39% 3954 4151 35,300 39 May
293
288 293
135 274
Jan
48
4741 5131 31,700 43% Jo
25
25
10 23
Mar
19%
94
50
26%
168
117
79%
171
103
29
138
110
8554
25
224
333
2124
196
116
884
6914
57
133
285
4954
317
554
28
Jan
Jan
Feb
Feb
Jan
Apr
Mar
Feb
Mar
Feb
Apr
Feb
Feb
Feb
Apr
Jan
Feb
Feb
Feb
Mar
Mar
Feb
Jan
Feb
Jan
Apr
Mar
Jan
Other Oil Stocks.
Ark Natural Gas, com....10
7
Atlantic Lobos Oil, corn._• 35"/
Big Indian 011 & Gas
Boston-Wyoming Oil__ _1
Carib Syndicate
5%
Columbia Petroleum
1
Creole Syndicate
4%
5
Cushing Petroleum
5
Darby Petroleum
Derby 011 & Ref Corp,com• 18
Preferred
• 44%
Duquesne 011
Engineers Petroleum Co_ _1 10c
Equity Petrol Corp, prof.. 14%
Esmeralda Oil& Gas
le
1
Federal 011
71c
General Petrol Corp corn.. 3654
Gilliland 01I, coin
3%
Glenrock Oil
10 90c
Granada 011 Corp. Cl A.10
Gull Oil Corp of Pa
25 5834
Harris Consol Petrol Corp.
154
Hudson 011
1 Ile
Humble Oil & Refining-25 32%
Humphreys 011
35 33
Imperial Oil(Can) coup _25 109
International Petroleum_ _• 1731
Invader 011 of Delaware._
Keystone Ranger Devel_ I 210
Kirby Petroleum
•
151
114
Lafayette Oil Corporation_
254
Lance Creek Royalties_ _ _1
Livingston Petroleum_ _ __ •
1
Lowry Oil Corporation__ -5
Lyons Petroleum
81c
Magnolia Petroleum-- -100 146
Mammoth Oil, Class A_ _ _ _
Alaracalbe Oil Explor_ _ _ _• 5034
2134
Margay 011 Corp
•
Marland Oil
3
Mexican Panne° 011.-10 980
Mexico 011 Corp
10 92c
Midwest Texas Oil
1
Mountain & Gulf Oil
1
Mountain Producers.
...i0 1644
Mutual Oil vot trust Ws__
1154
New England Fuel Oil_
6% 7% 2,700
234 344 4,300
21e 22c
9,000
95e
110 1.700
434 551 11,200
700 70o
200
4
554 31,800
lc
le
1,000
134 144
100
1644 184 2,000
44
4531 2,400
900 90e
100
90 Ile 48,000
14% 1434 1,100
lc
lc
7.000
700 800 24,300
36
700
3634
3% 434 5,900
90c
110 45,600
1% 134
100
56
59
12,300
95c
154
800
be 12c 37,000
3034 3214 2,100
32% 3934
500
108 110
1,975
17% 18% 45.000
15e 20c
2,000
20c 28e 168,800
1% 1%
800
2
231 1.800
2c
20
7.000
90c
1
1,300
750 950
1,600
81c 850
500
141 149
.580
47% 5334 3.100
2034 23% 37,900
1
I
1,900
2% 3
3,900
The
1
1.800
800
1
67.900
170 200
5.000
144 PI
1,500
16
1751 9,700
11
12
58,500
25
25
100
63.4 May
234 May
150 Jan
87c May
441 Jo
65c Jan
24 Jan
lc
Jan
1
Jan
1634 May
44 May
906 May
Sc Apr
144 Feb
lc May
69c
Jan
3534 May
3
Jan
85c May
141 Jan
5554 Jan
75c Apr
10c
Jan
3054 May
30
Feb
108
May
17
May
150 Apr
20c
Apr
1% Apr
134 Apr
2e
Jan
75c
Jan
62c Mar
77c Mar
135
Mar
45
Apr
934 Jan
1
Jan
114 Jan
70c Mar
Jan
80e
5c
Jan
134 Jan
1534 Alm
11
may
25
May
10
Mar
7% Jan
30c Mar
114 Feb
744 Apr
80c Apr
7% Apr
3c
Jan
141 Jan
18% Apr
4944 Mar
2
Jan
25e
Jan
15
Mar
2c Apr
1
Jan
3834 Apr
7% Mar
2116 Jan
3
Feb
684 Mar
21110 Apr
18c
Jan
1431 Mar
3934 Mar
123
Feb
2434 Feb
25c Apr
400 Jan
4
Jan
2% Apr
40 Feb
234 Mar
1% Feb
1% Jan
Jan
168
87
Apr
2314 MaY
1% Jan
331 Feb
Mar
3
24. Mar
300 Jan
A% Mar
20% Feb
1524 Mar
52
Mar
Sales I
Friday
Last Week's Range for '
Week.
of Prices.
Other Oil
Sale.
Stocks (Concluded) Par. Price. Low. High. Shares.
12%
New York Oil
16e
Noble(Chas F)011& Gas_l 16c
10 80c
80c
Omar 011 & Gas
2%
4
•
Peer 011 Corporation
12
10 1234
Pennok 011
1%
2
Pennsylvania-Beaver 011_1
5434 34%
Phillips Petrol new w 1_ _
431
531
Royal Can 011 Syndicate
4
Ryan Consolidated
9%
1031
Salt Creek Consol Oil
2031
Salt Creek Producers_.,i0 21
534
534
Santa Fe Oil & Refining-5
3%
3%
Sapulpa Refining
2%
5
Seaboard Oil & Gas
2c
20
South Petrol at Refining_ _1
10 19% 19
Southern States Oil
in
1.0
1
Southwest 011
4%
Texas Cons 011 Corp
32e
1 320
Teton Oil & Land
1
1
111
Turman 011
22c
Western States 011 Sr Land!
731' 6%
5
Wilcox Oil & Gas
40c
• 40c
Woodburn 011 Corp
10c
'Y" 011 & Gas
13
200
1
4
13
231
36%
6
4%
10%
23%
53/
3%
3%
3e
23
lc
4%
340
1%
22e
734
40e
140
400
34,000
25,100
3,400
9.200
2.500
3,700
9,700
300
1.300
9,100
7,000
3,800
16,500
22,000
17.400
1,000
100
155,000
20,800
2.000
56,700
2,000
5,000
Sales
Friday
Last Week's Range for
Sale,
of Prices.
Week.
Mining (Concluded) Par. Price. Low. High. Shares
Range since Jan.!.
Low.
High.
12% May
18c May
80e May
2% May
9% Jan
1% Apr
34% May
4% May
Apr
4
934 May
Apr
20
5% Mar
2% Jan
2% Jan
2c Mar
13% Jan
be May
434 May
33c May
860 Mar
22e May
6% May
Jan
250
Jan
80
21% Feb
Jan
30c
jIj Mar
Mar
13
14% Apr
Mar
5
41% Apr
734 Mar
6% Mar
Feb
14
25% Feb
Mar
4% Mar
Apr
4
Jan
130
2631 Mar
60c Mar
May
89e Feb
1% Apr
30e Feb
10% Jan
Jan
25c
20c Mar
134 May
5% May
50c Feb
100 Feb
36e Feb
2c Mar
Jan
Sc
40 Apr
Feb
9c
39e May
Apr
15c
900 Mar
2% Jan
Sc Mar
Jan
11c
Apr
2
9c
Anr
50c Mar
15e Mar
2% Ma
Sc
Feb
4% Jan
lie
Feb
62c
Apr
Jan
2c
Apr
2
32e
Feb
2% Jan
20 May
fic May
131 Apr
lo
Apr
30 Feb
Apr
lc
14c Ma
20c Mar
Jan
fic
60., Jan
620 Feb
30e Feb
Apr
Sc
Apr
70
Jan
4e
Jan
29e
Jan
350
4e May
Feb
7c
Jan
Sc
Jan
50
Jan
8
15c Feb
134 Jan
11% Feb
2% Jan
Jan
300
2
834 Jan
950 Apr
92e Ma
52e May
23/ May
2o
Jan
Apr
23e
30 Ma
le Ma
Apr
30
Jan
60
134 Jan
Jan
17c
Jan
100
Jan
lc
Apr
150
Jan
100
16% Jan
2% Jan
162
Apr
300
Jan
5% Jan
Jan
30
Jan
37e
Apr
3
90 Apr
Feb
1
Jan
2c
Apr
5o
Apr
40
100 May
420 May
Apr
lc
50c Mar
Feb
Sc
Jan
14o
4e May
43e AM*
Feb
21e
Apr
900
2% May
40 Mar
390 Apr
lc
Jan
810
Jan
30e Mar
Ma,
1
52o May
24 May
Jan
Sc
Feb
37c May
1% Jan
600 Mar
2634 Jan
75e Feb
Apr
13e
3% Jan
2%
6
134
850
50c
Sc
40
16c
23e
80c
50e
53
4
10c
22c
2%
38c
Mining Stocks.
.•
234
Alaska Brit Col Metals__-1
531
Amal Lead, Zinc & Sm Cor
American Explorationton_ _
Arizona Globe Copper_ _.1 57e
Beaver Consolidated
10e
Belcher Extension
Big Ledge Conner Co- - -5
Booth Mining
Boston & Montana Dev- _5 21e
39c
Boundary Red Mt Min.__
25c
1
Butte & New York
231
1
Butte es West Mln Co
2%
5
Calaveras Copper
1
Caledonia Mining
Calumet & Jerome Cop Co.
2
1
Canario Copper
lie
1
Candalaria Silver
60e
ChMo Extension
28c
Comstock Tunnel
3
Consol Copper Nlines... _ _5
Consol Nevada Utah Corp_
Continental Mines. Ltd.........
120
Cork Province Mines____1
1
68e
Cortez Silver
30
Crackerjack Mining
3%
Cresson Con Gold M & M.1
1
700
Reserve
Crown
10
-Daly Mining
Davis
Denbright Silver
1
Divide Extension
Du
5
Dolores Esperanza
lc
Fl Salvador Sliver Mintm.1
3c
1
Ely Consolidated
1
Emma Silver
1
190
Eureka Croesus
21c
Fortuna Cons Mining
1
Forty-nine Mining
1
Gad a , 0 Jp,r
73c
Gold Coin Mines
Golden State'Mining
Goldfield Consol Mines.10
Goldfield Deep Mines Co Sc 130
.
Goldfield Development _ _
1 440
Gold field Florence
1 42c
Goldfield Jackpot
Sc
Gold Zone Divide
Green Monstet Mining_50c
1
50
Hard Shell Mining
100
Hamill Divide
250
Heels Mining
20e
Henrietta Silver
1 1116
Hilltop-Nevada Mining
Hollinger Con Gold Mines 5 1234
334
1
Howe Sound Co
Independence Lead Min ,J 40c
Iron Blossom Cons Min_l 33e
231
Jerome Verde Develop't_ _1
Jib Conseil Mining
Kelly Extension Mining...
2%
5
Kerr Lake
3e
100
Knox Itivide
5 350
Mines
La Rose
Lone Star Consolidated_ _1
MacNamaraCrescentDev.1
3c
1
MacNamara Mining
150
Marsh Mining
2
5
Mason Valley Mines
McKinley-Dar-Say Min_ _1
1 84e
Mohican Copper
Morington Mining
500 200
National Tin Corp
1
Nevada Ophir
183-i
New Cornelia
3%
New Dominion Copper.._5
100 165
New Jersey Zinc
640
N Y Porcupine Mining_ _ _ _
5%
5
Nipissing Mines
Nixon Nevada Mining Co.
1 670
Ohio Copper
331
Premier Gold
100
Prince Con M & S
1%
5
Ray Hercules. Inc
30
Red 11103 Florence
Reog Div Ann M
Rex Consolidated Mining_ 1
150
Richmond Cop M & Dev__
600
Salida Mines
Kendall
Sandstorm
134
Sliver King Consol
lie
Silver King Divide Reorg-14c
Silver Mines of America
Silver Pick Consol
Silversmith mining
1 360
Simon Silver I.ead
980
Snow Storm Silver Lead__
South Amer Gold es Plat!
12c
Spearhead
1 460
Success Mining
Sutherland Divide
134
1
Teck-H ughes
Temiskaming Mining
lite
Tonopah Belmont Dev__ _1
1 580
Tonopah Divide
1
234
Tonopah EXtenitiOn
1
Tonopah Mining
Tonopah North Star
1 320
Copper
Tuolumne
2
United Eastern Mining-1
United Imperial Mines...! 850
Extension_50
United Verde
134
United Zinc Smelt
190
U S Coot Mines
5
Unity Gold Mines
[VOL. 116.
THE CHRONICLE
2116
2%
6
1
62e
410
3c
20
40
23e
800
25c
6,800
8,500
200
58,200
300
26.500
1,000
1,000
38,100
144,400
1,000
12.810
600
60
60
2,000
lie
lb
2.000
2
211
1.310
lle Mc 89.000
610 600
1.000
23c 300 19,000
3% 8,700
120
be
6.000
4% 534 2.300
130
12e
2,000
640 71c 30.700
30
2c
9,000
331 3% 2.4(10
69c 710
2,300
3% 334
100
2c
20
1,000
7c
70
1.000
1% 1%
6,800
lc
20
3,61)0
3e
30
2,000
lc
lc
5,000
16c 220 87.000
200 230 105,000
1,000
30c 30c
400
650 73c
5.000
700 730
1,000
43c 430
9.0110
90
80
Mc 274,010
10e
8c
14,000
10e
440 460 12,000
42e 43c 23.00(1
Sc
4c
9.000
70
7c
2.000
40
8.000
Sc
Sc 31.000
Sc
2.400
9%
8.000
20e 210
131s 1% 9.200
1,101
12% 12%
3% 10,600
3
350 410 84,000
300 32e 13.000
300
2% 2%
lull 18,800
1
1.300
620 59c
900
231
2,000
30
2c
1.0)10
350 350
Sc 19,010
4c
40
7,000
30
40
2.000
3c
140 150 29.600
1,900
231
2
3.000
170 180
750 890 21.000
2.000
be
lc
16e 2Ic 33,000
150 160 11.000
200
1834
18
7.9(10
331 4
175
164 165%
590 1350 30.600
5,700
5%
2.000
5a
40
680 730 43,800
331 4.400
1,000
10e
10c
1% 18.700
1
40 17.500
30
7,010
7c
60
40
9.000
40
17o 31.000
10c
6,000
420 800
1.000
20
2o
131
6.000
111
110 140 45.000
140 .60 14,000
(30
Sc
2.000
1,000
460 460
5,000
35c 380
1
3.100
900
100
120 130 53,000
46c 460
1,000
90
1,000
90
17,000
1116
1.000
43c 43e
1% 5,100
52c 570 55,400
231 231 9.500
500
Pis
40
40
200
300 370 22.200
2
19,300
4,200
81c 860
1.100
34% 3531
1.100
131
1%
17c 20c 11.000
1,800
4% 5
5%
1
50c
410
30
20
4c
180
39c
250
2
Mar
May
Apr
Feb
Apr
Jan
Jan
Jan
May
May
Mar
Apr
Mar
Feb
Feb
Jan
Jan
Mar
5
0
3
7 9 May
4% Mar
990
4
370
74c
50o
97c
jab
Fen
Jan
Mar
Jan
Apr
Apr
Mar
Jan
n
Jan
Jan
Jan
Jan
Jan
Jan
1r
,
1.0 r
76c
Apr
1511
15c
134
15c
3%
72c
4%
4c
123e%
40
d ar
9
19
510 1Jan
4
3 0 Jan
240
Jan
760 Feb
Mar
5711e9
Jap
100
130 Mar
0%
19c MarAp
Apr
1up,
66c F b
Feb
Feb
14
4% Mar
480 Mar
Jan
38o
3% Feb
1% Apr
Apr
70e
.3% Jan
Apr
70
Feb
40c
Jan
10e
Jan
60
Jan
70
Jan
15e
2% Mar
250 Mar
Apr
93c
40 Jan
Jan
320
200 Mar
24% Mar
4% Mar
180% Mar
Apr
680
0% Mar
80 Feb
1 116 Mar
331 Apr
120 Apr
2% Mar
8.3 Mar
70 Apr
8e Feb
29e
Feb
Apr
73e
Jan
Sc
134 Apr
Apr
250
400 Feb
Jan
90
Jan
530
Apr
50c
Apr
1
4% Jan
14e May
Jan
680
150 Apr
1 it Apr
47c May
Pis Jan
890 Mar
Mar
4
,0 Aa r
234 J pn
67c
2316
890
38%
131
230
5%
Feb
Feb
Apr
Apr
Apr
Jan
Mar
Utah Apex
Valenciana Deep Mines
West End Consolidated-5
Welt End Extension Mm..
Western Utah Copper__ _1
WetRanter Lorrain
White Cape Extension_ _ _ _
White Caps Min Co_ _ _10c
1
Wilbert Mining
Yerrington Cons
Yukon-Alaska trust certifs.
5
Yukon Go3d Co
4%
4%
531
1
1.200
531
800
1
1% 14.600
le
20 12.010
20c 25e
13.060
110 130 20.000
lc
lc
5,000
7e
fie
6.000
50
5c
1,000
lc
lc
2,010
30% 31
325
1% 1% 4,800
30%
5%
Range since Jan. 1.
Low.
High.
Feb
May
Apr
May
Jan
Mar
May
Jan
Jan
Apr
Mar
Jan
6%
5%
1%
60
55e
28c
(30
120
9c
3c
35
211s
Apr
May
Jan
Jan
Feb
Apr
Jan
Jan
Apr
Jan
Apr
Apr
60
Apr
May
70
102% Apr
10534 May
85
Feb
93% Apr
106
May
100
May
98% May
9551 Jan
10034 Mar
103
Apr
101
Apr
102
Mar
8834 Apr
4834 May
653-4 Feb
99% May
10034 May
10234 Jan
May
87
106% May
98% Mar
Apr
100
Feb
106
Jan
94
May
122
May
90
Apr
90
18 May
100% Apr
Apr
105
Apr
97
Jan
98
Jan
105
9834 Mar
9934 Apr
102% Jan
Feb
95
Apr
100
100% Mar
9831 Apr
99% Mar
98% Apr
97% Mar
May
96
94% Mar
Apr
96
10331 Mar
May
102
97% Apr
103% Apr
93% May
Mar
100
10034 Jan
100% Apr
Jan
103
9934 Jan
Mar
86
Jan
95
Mar
105
Apr
98
Apr
95
Mar
100
Mar
84
82% Apr
7(334
84%
104
107
96%
98%
110
10131
100%
9934
101%
104%
103%
103%
96%
62
82%
103
105%
104
95%
110%
9931
101%
108%
97
130
96%
93%
30
1033/
1083/
100
106
107
103%
101%
104
9734
100%
101%
98%
100%
100%
100
99%
98%
9931
105%
105
98
107
9734
10031
102
101
10531
102%
91%
10234
22434
10631
97%
102
86
89%
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Feb
Jan
May
Jan
Jan
Feb
Jan
Jan
Mar
May
Apr
Jan
Feb
Feb
Jan
Feb
Jan
Apr
Mar
Mar
Apr
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Apr
Jan
Apr
Apr
Apr
Feb
Feb
Feb
Feb
Jan
Mar
Jan
Apr
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Feb
May
Jan
Mar
Jan
Feb
Mar
3
534
1
lc
200
4c
IC
20
30
lc
1934
75c
Bonds
Allied Pack cony deb 68'39
1939
8s Series B
Aluminum Mfrs 78_..1925
1933
7s
Amer Cotton Oil Os_..1924
2014
Amer G & E deb 6s
Amer Lt & Trac 68„_1925
Without warrants
Amer Rolling Mill(3s. _1938
Amer Sumatra Tob 78_1938
...1924
Amer Tel & Tel Ss.
Anaconda Cop Min 7s.1929
6% notes Series A..1929
Anglo-Amer Oil 7348..b925
Armour & Cool Del 530'43
Atl Gulf es W 1 SS L 58.1959
1933
Beaver Board 8s
Beaver Products 7348_1942
Bethlehem Steel 78_ _ _1923
1935
Equipment 7s
13oston & Maine RR 681923
2
19
Canadian Nat Rys 78.1935
5.s
Canadian Pacific 68_ _1924
1941
Central Steel Ss
Charcoal Iron of Am 881931
6
6
Cities Serv 78, Ser B._ 1966
1966
7s. Series C
Series D
7s
Columbia G'phone 88.1925
Cons 0,EL & P Balt 68'49
1931
78
1952
534s, Series E
1941
Consol Textile 88
1941
Cuban Tel 7348
1931
Deere & Co 734s
Detroit City Gas Ss.._ 1947
1952
Detroit Edison 68
Dunlop T & Rof Am 7s_1949
Federal Land Bank 4348'42
1924
Federal Sugar 85
1933
199
1 265
Csew 1
Fish r Body Corp 65..19224
6s
Os
1927
(3s
8
2
1927
68
Gair (Robert) Co 78_ _1937
Galena-Signal Oil 7s 1930
1930
General Asphalt 8s
General Petroleum 6s_1028
Grand Trunk RY 6 i8-1938
1937
Gulf Oil of Pa 55
Hocking Vail RR (3s. _1924
Hood Rubber 7% notes '36
Kansas City Term 68_1923
Kennecott Copper 7s_1930
Libby!McNeill& Libby7s'31
Loulsv Gas & Elect 58_1952
Manitoba Power 7s_ ..1941
Maracaibo 011 Exp 78_1925
1930
Morris es Co 7345
Nat Acme Co 7348....1931
National Leather 83..1925
Nebraska Power (3s_ _2022
New On Pub Serv 5s_ _1952
N Y Chicago & St L RR
Settles
Series C 68
NY Lack & W 434s 1973
1952
Ohio Power 58
Pen na P & L 5s B__ -1952
1941
Phila Electric 6s
Phillips Petrol 730_1931
Without warrants
Public Sent Corp 7s w 11947
Pub Sent Elec Pow 08_1948
Sears, Roebuck & Co 7e '23
Shawsheen Mills is...!931
Sloss-Sheffield S & Ills 1920
1927
Solvay & Cie 00
South Calif Edison 5s.1944
Stand 011 of NY 6148_1933
7% serial gold deb._1915
.1928
7% serial gold Sob.
7% serial gold deb.-1927
7% serial gold deli..1929
.1930
7% serial gold deb.
7% serial gold deb _1931
1931
Sun Co 78
1929
65
Swift & Co 55_ _Oct 15 1932
Tidal Osage 011 7s_ _ _1931
Union Oil of Calif Os B.1925
United Oil Produc 88_1931
United Rys of Hay 73-4a '36
1936
Vacuum oil is
Wayne Coal Os
1937
Si
6031 62
$7.000
74
71
73
16,000
103% 10331 103% 25,00(1
105% 105% 105% 31.000
92
92
91
20.000
94% 9434 95
33.000
106 106
2.000
100% 101% 6.000
19,000
9834 9831 99
98% 9734 99% 29,000
100% 100% 100% 52.000
103 10331 37.000
103
38,000
101% 10134 102
12.000
102% 102% 103
90% 90% 90% 203,000
50% 4831 51% 41,000
82% 52,000
8134 80
1.000
9934 9914
3,000
10031 10036
10231 16234 102% 23.000
89% 9,000
87
63.000
106% 106% 108
9931 99% 6,000
39.000
100 100
100
107% 10734 107% 29,000
23.000
96
95
95
4,000
122 122
2,000
9231 93
90
9034 10.000
5,000
18
18
101% 101 101% 6,000
106 106% 9,000
1,000
97
97
98% 98% 99% 13.000
105% 105% 105% 6.000
15.000
10131 101% 102
9934 99% 29.000
17.000
102% 10234 103
97% 96% 9734 90.000
100 100
5.000
101% 101% 101% 17,000
9831 9831 98% 61.000
100% 100% 5.000
99% 25.000
99
99
983/ 9834 6,000
9634 23,000
9634 96
9634 9531 96% 35,000
9631 96% 97% 17,000
104% 104% 104% 10.000
102 103
4,000
9734 97% 17,000
25,000
103% 10314 104
95% 9431 9531 25.000
10031 10034 10034 10.000
101% 10135 6,0110
101
100% 100% 1003-4 6,000
10034 103% 6.000
10334 100% 12.000
8734 8631 873-4 12,000
1,000
98% 9834
210 234% 32.000
225
102% 102 102% 31,000
95% 95% 22,000
100% 100% 10034 16,000
2.000
86
86
59,000
84% 85
85
9931
9634
86% 8531
87
88
103% 103%
101%
101%
98
100%
104%
10534
10331
104%
106%
102%
9134
100%
103%
65
9934 2.000 98
9634
2.000 9631
86% 21,000 84%
88
25.000 86
103% 2.000 102%
10131 101%
10131 101%
97% 9831
100% wog
104% 104%
9731 97%
104 104%
89% 89%
10531 105%
103% 103%
103% 104%
104% 105%
10534 106%
106% 106%
10634 107%
102% 102%
9831
98
9131
91
102% 103
100% 100%
102% 103%
106 106%
106% 107
65
(31
69.000
43,000
59,000
18,000
17.000
17.000
7.000
2,000
24,000
13.000
13,000
4.0(10
5,0)10
1,000
9.000
12.000
10.000
96.000
17.000
9.000
20.000
16.000
26,000
17,000
101%
101%
9734
100%
104
98
104
87
104%
10234
103
103
104
101%
long
101%
97
8934
102%
99%
9631
10431
10634
81
Mar 100% Feb
Mar 96% May
Jan
Apr 92
Apr 90% Jan
Mar 1053-4 Jan
May
May
Apr
Apr
Mar
Feb
Mar
Mar
Apr
Mar
Apr
Apr
Apr
Feb
May
Feb
Mar
Mar
Mar
May
Jan
Apr
Mar
May
10334
104%
98%
101%
10535
08%
10531
97%
107%
106%
105%
107%
11031
10934
110
103
9834
94
103%
10034
106%
107
10731
7334
Feb
Jan
Apr
Jan
Apr
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Mar
Jan
Feb
Jan
Apr
Mar
Jan
Jan
Jan
Foreign Government
and Municipalities
Argentine Nation 7s_ _1923 100% MO
1945 4331 4234
Mexico 48
11%
3s
62% 62%
-year Series A
Os 10
Netherlands (Kingd)6s13'72 99% 99
Russian Govt 634s__ _1919
10Y/
1034
Certificates
10%
Russian Govt 634e....1921
10
Certificates
9
100%
Switzerland Govt 5346.1929 101
1
100%
43%
11%
63
100%
1031
1034
11%
10
101%
56.000 100Jan 1004 Jan
H Jan 44% May
235.000
1131 May
Jan
10.000
6334 May
147.000 55% Ma
54.000 97% Ma 100% Feb
1634 Feb
9% Jan
mono
Jan 16% Feb
9
16,000
Feb
16
9% Jan
17.000
Mar
May 16
9
51.000
Jan
157.000 100% May 104
4
Dollars per 1.000 marks. •Ex 100% stock
Odd lots. •No par value.
dividend. y Marks. k Correction. m Dollars per 1,000 lire flat. I Listed on the
Stock Exchange this week, where additional transactions will be found.. S Ex special
dividend 01 525. 0 Ex extra dividend of $20. o New stock. p Ex special dividend
a Ex 50% stook
of $80 and regular dividend of $3. r Ex 100% stock dividend
dividend. t Ex 200% stook dividend. ts Ex 66 2-3% stock dividend. v Ex stock
div. of 40%. to When issued. SEX dividend. y Ex rights. sEx stook dividend
Y
Investuunt an
gailroati pkiligentge
2117
—•—
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of electric railways
are brought together separately on a subsequent page.
I
ROADS.
I
Latest Gross Earnings.
Week or !Current
Month.
Year.
Jan. 1 to Latest Date.
Previous
Year.
Current , Previous
Year.
Year.
S
I
$
$
$
Akron Canton & Y.. March
216,527 186,966 5609,9871 501.501
Alabama & Vicksb_ March
272,471 262,013
840,688' 731.801
Amer By Express— January
12696179 12838389 12,696.179 12.836,389
Ann Arbor
14th wk Apr 132.332 123,937 1,444,638 1.549.499
Atch Topeka & S Fe March
18551 794 14201 623 47.171,141 38.975,725
Gulf Colo & S Fe_ March
1,817.505 1,717,985 5.511.909 4,831.077
Panhandle S Fe March
652.404 629.522 1,793,4441 1.688,148
Atlanta Birm & Atl-,March
421,797 338.513 1.199,3881 886.352
Atlanta & West Pt.. March
252,381 179,477
047
716 3121 521.
.
Atlantic City
March
791,894
323,165 285,346
722.086
Atlantic Coast Line_ March
8.378.952 7,081,047 22,761.159 18.402,372
Baltimore & Ohio March
22747280 18614749 61,996,643 47,918,181
B &0Ch Term
March
877.9571 678,786
321,439 268.179
Bangor & Aroostook March
668,267 912,539 1,855.3341 2.289.188
Bellefonte Central _ March
13.922
21.857
8.283
1
Belt Ry of Chicago_ March
'554,172 1,797,749 1.486.227
36.214,79
Bessemer & L Erie March
1.231.792 774.971 3.333.719, 1.913.491
Bingham & Garfield March
103,2821
11,183
38,099
30.663
Boston & Maine
March
7,455.326 6,902.522 19,699,485 18,610,969
Bkiyn E D Term_ — March
435.3321 411,672
167.309 169.594
Buff Rods & Pittsb_ 1st wk May 418.841 219.094 6,475.365 4.385.730
Buffalo & Susq
March
275.346 174.207
784.759
538,402
uCanadian Nat Rys 4th wk Apr 5,964,973 4,476,655 72,978,90863,676,602
Canadian Pacific__ _ let wk May 2,976,000 2,842.000 52.882,000 50.390.000
Caro Clinch & Ohio.. March
802.067 879.138 2,182,435i 1.861.348
Central of Georgia_ March
2,478,682 1.982.485 8,796.1671 5.136,559
Central RR of N J_ - March
5.058,274 4,895.718 13,477,88012,910.641
Cent New England_ March
587,282 778.805 1,619,9071 1.922,047
Central Vermont.._ _ March
705.062 608,459 1,924,185 1.628.592
Charleston & W Car March
409,922 351,227 1,027,378.
Ches & Ohio Lines March
7,979,408 7,832.296 22.441.87820,702.483
Chicago & Alton.— March
2,842,6852.763,525 8,205,705 7.752.444
Chic hurl & Quincy March
14813534 1396963043,123,85837,714.246
Chicago & East II1 March
2441.687 2,294,679 7,418.2271 8.438,232
Chicago Great West March
2,198.254 1,997,294 6,204.442 5.373,131
Chic Ind & Loutsv_ iMarch
1.640.998 1,397,685 4,403,909 3.748.235
Chic Mille& St Paul March
14791 287 13364838 41,808,208 34,639.858
Chic & North West..iMarch
13453884 11698484 37.432 757 31.570,385
Chic Peoria & St L-'March
107,835 218.293
369.7061 812,413
Chic River & Ind.. March
672,192
1.879.498
Chic R I & Pac........ March
10119407 9,807,090 29,049,65526.908,041
Chic R I & Gulf March
432,863 464,870
Chic St P M & Om.. March
2,451,641 2,404,940 6,939,322 6.298,608
Cinc Ind & Western•March
417,870 .355,311 1.212,710 1,024,806
Colo & Southern_
March
1,007,339 1,076,475 3.022,175 2,956.833
Ft W & Den City_ March
705,171 778.526 2.084,642 2,128,364
Trin & Brazos Val March
125,743 291,473
419,696 1,083.072
Wichita Valley_ _ March
105.150 100,647
299,458
306,808
Delaware & Hudson March
3,836,136 4,120,525 10,040,306 11.338.241
Del Lack & Western March
7,533,389 7,084.536 20,438.431 19,351,076
Denv & R 0 West_ March
2,430,435 2,488,200 7,458.001 7,014,292
Denver & Salt Lake March
122,450 192,525
441,975
425,453
Detroit & Mackinac March
181,983 143,036
338,253
409,083
Detroit Tol & front_ March
926.335 766,750 2.376,061 1,822.772
Det& Tol Shore L.... March
398,191 381,810 1,042,327 1,011,066
Dul & Iron Range__ March
211,195 124,347
317,417
586.000
Dul Missabe & Nor. March
190,042 153,125
377,810
489,237
Dul Sou Shore & Atl 4th wk Apr 130,403 106,530 1,691,519 1.158.724
Duluth Winn & Pac March
284,035 165.902
482.329
727,39
East St Louis Conn.. March
211,346 283,333
528,448
619,75
Elgin Joliet & East. March
8,762.00 5.204.425
2 465,86312,092,419
.
El Paso & Sou West March
830 883,995 3,019.56 2,428,099
Erie Railroad
March
11057119 9,055128 30,025,753 23,890,456
.
Chicago & Erie March
, .
3,158.830 2,677.263
NJ&NY RR
March
135,260 125.898
377.590
354.403
Evans Ind & Terr H March
138.919 129,916
338.538
435.777
Florida East Coast_ March
2,013.106 1,749,473 5,235,498 4,402.158
Fonda Johns & Glov March
145.405 127,542
408,520
365,388
Ft Smith & Western March
140,124 127,636
344.480
400,985
Galveston Wharf__ _ March
111,783 165,890
371.828
344.380
Georgia Railroad
March
532,995 416,512 1.445,023 1.098.929
Oeorgia & Florida 4th wk Apr
35,309
422,300
29.269
573,252
Grand Trunk Syst 3d wk Ma 2,222.885 1.930,118 23.244.920 20.861.357
Ati & St Lawrence March
342,951 303,880
903,918
969,627
ChnetCan G TJct March
297,355 233.765
616,070
775,747
Det G H & Milw_ March
580,737 415,640 1.443.399 1,060,923
Grand Trk West_ March
1,735.672 1.213.095 4,427,014 3,306.517
Great North System March
9,179.935 7.557.461 24,835.930 19,157.306
Green Bay & West_ March
118.788 147.814
351.312
313,988
Gulf Mobile & Nor_ March
481.341 373,336 1,386,483 1,017,301
Gulf & Shp Island_ March
277.429 239.736
674,680
764,647
Hocking Valley......March
1,257,589 1,229.335 3.889,422 3,228,572
Ill Cent(whole sys)_ March
16677486 13921 149 48,021,594 39,347,119
Illinois CentralCo March
14945775 42277318 42,912,254 34,992,418
Yazoo & Miss Val March
1,731,710 1,643.834 5,109,339 4.354.703
Intern By Co of Me March
318,132 321,700
866,622
962.854
Internat & Gt Nor_ March
1,188,730 1,097,532 3,442.007 3,135.552
Kan City Mox & Or March
141.490 110.480
331,239
351,062
K C Mex &0 of Tex March
139,278 145.981
365.699
372,312
Kansas City South_ March
1,642,123 1,594,550 4,904,694 4.310,475
Texark & Ft Sm.... March
221,491 134.309
478.141
834.08
Total system.. _ _ _ March
1,863,613 1.728,859 5.538,779 4,788.618
Kan Okla & Gulf_ _ .. March
245,803 249,549
647.385
738.672
Lake Sup & Ishpem_ March
10.719
3,402
6.389
29,94
Lake Term By
March
89,804 103.334
272.704
247,62
Lehigh & Hud River March
241,227 272.785
689,94
701.687
Lehigh & New Eng.. March
529.928 472,139 1.316,43 1,213.974
Lehigh Valley
March
6,196.228 8,738.221 18.027,54 17,273.348
Los Aug & Salt Lake March
1,939,672 1,573.588 5,213,82 4,414,308
Louisiana & Arkan_ March
347.613 283,391 1.012,90
739,331
Louisiana By & Nay March
341,809 318,761
985.458
807,905
Louisville & Nazzliv_ March
11608410 10634 319 32.423.027 28.312.387
Loulsv Hand & St L March
294,365 251,488
833,948
664.848
Maine Central
March
1,819,443 1,854,309 4,742,841 4,927,755
Midland Valley
March
392,577 379,410 1,124.791 1,022.891
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Jan. 1 to Latest Data.
Previous I Current
Year. I Year.
Previous
Year.
$
Mineral Rangr.
157.550
66.673
6.953
13,656
4th wk Apr
Minneap & St Louis 4th wk Apr 297,449 260,535 5,587,122 5,109.797
Minn St P & SS M.March
3,814.695 3,237.696 11.207.632 8,326,944
MbmissI ppI Central_ March
469.293
383.438
158.752 134.584
M K&T holeSyst) March
(w
4,612,611 4.342.664 13.345,428 11.932.402
Missouri Kan & Tex March
2,918.201 2,485,790 8.227.312 6.722,082
Mo K & T By of Tex March
1.618,419 1.752,813 4.857,258 4.848,648
Mo & North Arkan_ March
350,896
134,104
Missouri Pacific__ __ March
9,233,402 8.651,768 25,806,872 23,562.176
Mobile & Ohio
4th wk Apr 484.391 438,648 7.075.077 5.567,256
Columbus & Gr March
337.03$
130.204 120.181. 376.293
Monongahela Conn- March
626.123
350,711
229,385 149.722
Montour
443.632
290,334
March
182,841 122.900
Nashv Chatt & St L March
2,184,247 1,730,651 5,933.388 4.688.267
Nevada-Cal-Oregon 3d wk April
71.297
55.506
3,922
3,676
Nevada Northern March
23,1511 183.142
59.421
74,018
Newburgh & Sou Sh March
444,952
502,146
180,303 176.423
New Orl Grest Nor_ March
614.682
691.734
243,484 226,198
N 0 Texas & Mex March
684.600
810.486
276,504 250,114
Beauna S L & W March
567.539
536,218
191,808 202,465
St L Brownsv &M March
427.749 519.476 1,253,870 1.424.599
New York Central March
36898954 29167831 100648229 80$23,570
Ind FIarbor Belt_ March
1,056,041 881,401 2.898,987 2.288.909
Michlgan Central March
8.568.157 8,583,956 23,190.528 17.373.241
Clev C C & St L March
8,298.896 7.373.534 23.765.06 19,890.379
Cincinnati North.. March
918.811
489,229 371,736 1,336,03
Pitts & Lake Erie March
3.758,8992.358.823 10.620.896 5,967,411
N Y Chic & St Louis March
3.966.971 3.304,927 10,706.135 9,000,924
N Y Confleeting_ _ _ March
773.424
715,099
178,032 307.825
N Y N FI & Rant._ March
11288630 10202920 30.478.679 27.504.446
N Y Ont & Western March
1,133.505 1,180.438 2.941.473 2.946.667
N Y Susq & West March
509,192 422,996 1.269,560 1,084,636
Norfolk Southern March
914,108 793.266 2,294.396 1.933,371
Norfolk & Western_ March
7.772.801 7.497.899 21.267.275 19.851.191
Northern Pacific
March
8,201.602 7.608.200 22.624.515 19.455.525
Northwestern Pac March
602,479 561,809 1.645.983 1,544.878
Pennsylv RR Co _ March
60331 996 55623930 165457739 146815998
Balt Chas & AU
March
111.332 109,807
270,320
258,753
Long Island
March
2,490,352 2,252,899 6,894.479 6.037.374
Mary Del & Va.... March
79.248
192.925
80,509
192,882
Monongahela_ _ _ March
452,843 574.735 1.240.625 1.381,403
Tol Peor & West_ March
163,427 141.149
471,308
411,188
W Jersey & Seash March
1.042,262 988.690 2.833,508 2.503,787
Total system.... _ _ March
64270834 59241 863 176242 743 156333034
Peoria & Pekin Um. March
153,124 174,336
452.170
491,102
Pere Marquette_ _ March
3.838.932 3,362.333 10.348.036 8.484.356
Perkiomen
March
82.238
91,277
270.542
263.323
Phila & Reading__ _ March
9.437,962 8,450.424 26.866,527 21.494,750
Pittsb & Shavrznut_ _ March
160,295 145.805
431.070
378,252
Pitts Shaw & North March
136,014 112.908
429,989
315,862
Pittsb & West Va... March
*319,894 *301,307 *829.62
*784.685
Port Reading
March
271,753 307,738
851,636
713,209
Pullman Company_ February 5,101.273 4,216.373 10.673,496 9.639.772
Quincy OM dr K C _ _ March
141,157
95.067
355.188
247,962
Rich Fred & Potom_ March
1,154,636 912.709 2.995.323 2.440,297
Rutland
March
621.240 498.473 1.577,322 1.332.846
Louis-San Fran_ 4th wk Apr 2,327,046 2,008,079 28,426,857 25,610,824
St
Ft W & Rio Grand March
105,393
99.418
315,591
297,696
St L-S F& Texas.. March
114,495 124.024
355,908
382.375
St Louis Southwest_ March
1,939,911 1.567.826 5.556,461 4.123,184
St L SW of Tex
March
627.752 557.070 1.901.875 1.707.180
Total System_
4th wk Apr 687,555 576,072 9,579.536 7,721,536
St Louis Transfer March
74,787 der12,010
223.075
200.077
San Ant & Aran Pass March
399,052 417.627 1,172.313 1.171,226
San Ant Uvalde & G March
87.045
83,516
244,309
215,599
Seaboard Air Line_ _ March
4,886,727 4,124.559 13,916,934 11.122.374
Southern Pac Syst_ _ March
22922089 20446928 63.371.34556,414.936
Southern Pacific Co March
16143649 13910253 43.619,618 37,705,759
.
Arizona Eastern.. March
919.599
616,890
Atlantic S S Lines March
1,181,936 1,018: 49 3.383,599 2,906,863
5
Galv Harris & S A March
1.863,123 1.855,038 5,431,438 5.140.477
Hous & Tex Cent_ March
1.072.968 1,216,165 3.276,162 3,720.394
Hotta Ii & W Tex_ March
265,5361 236,369
703.352
664,476
LouislanaWestern March
406,2391 406.717 1.165.742 1.125,951
Morg La & Texas March
742.168 713,576 2,328.037 1.949,013
Texas & New Orl_ March
773,9781 731,064 2,152.369 2.280,703
Southern Railway.... 4th wk Apr 4,768,296 3.844,974 64,691,115 52.242,430
Ala Great South_ March
942,5371 809,539 2.653,251 2,138,939
011 N 0& Tex P_ March
2,087,368 1.500,868 5,703,311 4,067,427
Georgia Sou & Fla. March
,
1,291,139 1.150,545
New Orl & Nor P._ March
606:5 1 546,490 1,752,732 1,510,556
8
NorthPrrsAla_ _ _ March
135,755 106,104
403,458
274.091
Internat _Intera.Spok March
125.322 102,133
317,659
273,099
Spok Portl & Seattle March
665,995 582,701 1,820,839 1.601,996
Staten Island It T__ March
188,857 202,844
517,480
528.038
Tennessee Central_ _ March
264,728 218,275
739.576
554,820
Term RR Assn ofStL March
431,667 406,869 1.198,779 1,160,800
St L Mor Bdge T.. March
448.743 369;129 1,313,314
985.056
Texas & Pacific_ _ _ _ 4th wk Apr 676,872 549.474 10.116.947 9.425,083
Toledo St L & West.. March
1,230.430 851,164 3.292,732 2.306,632
Ulster & Delaware_ _ March
129,819 129,193
333.952
300,102
Union Pacific
8,828,009 8,351.149 24,562,798 21.921.436.
March
Total system.._ _.March
16109459 15104929 45.139 154 40,850,196
Oregon Short Line March
3,041,9303,148,054 8,749,021 8.299,554
Oro-Wash RR &N March
2,299.8502,232,138 6,613,706 6,214,900
St Jo & Ord IsI'd. March
286,346, 276,970
792,044
749,776
Union RR (Penn)_ _ March
898.809' 713,460 2,614.884 2,020,455.
Utah
March
1 135,258
398,374
382,694
Vicks Shreve & Pac_ March
120,426361,512 310,837 1,047.685
880.589
Virginian Railroad_ March
2.087,197 1.937,194 5.207,344 4.889.487
Wabash RR
March
Western Maryland _ 4th wk Apr 5,501,278 5.163,547 14,983,010 13,998,158
658,5331 343,697 7,488.214 5,700,652
Western Pacific
March
909.8701 784,589 2.567,542 2.312.326
Western Ry of Ala_ _ March
256,4491 201,085
723,135
544,096
Wheel & Lake Erie.. March
1,330,759 1,304,309 3,458,619 3,336,222
Wichita Falls & NW March
77.991 124.062
260.856
363.672
AGGREGATE OF GROSS EARNINGS—Weekly and Monthly.
Weekly Summaries.
Current
Year.
Previous
Year.
$
$
3d week Feb (18 roads)._ --- 12.673.832 12,074.590
4th week Feb (17 roads)_ _ _
15.774.740 13.509.329
1st week Mar (19 roads) _ _ _ _ 15,004.378
2d week Mar (20 roads)_ _ 15,578.825 14.177.334
14,729.358
3d week Mar 15 roads)_..... 15,491,516 14.719.456
4th week Mar 16 roads)_
1st week Apr 16 roads)_ _ 22,271,250 20.482,659
18,152.238
2d week Apr (16 roads)_ _ 20,002.867 15,489.168
16,279 045
3d week Apr (16 roads)_ _
18.538.264
4th week Apr (14 roads)_ _ _ _ 20.367.061 14,746,074
16.429.704
•Grand Ranlds & Indiana and Pitta. Oin. Chic.
& at
b/ Includes Grand Trunk System.
i
Increase or
Decrease.
Current
Previous
Increase or
%
Monthly Summaries,
I
Year.
Year.
Decrease.
%
$
Mileage.
Curr.Yr. Pree.Yr.I
$
+599,242 4.96 June
235.310 234.568 472,383,903 460.007,0811 +12.378.822 2.89
+2.285.411 16.78 July
235,082 234,556 442,736,397 462,696.986 —19,960,589 4.31
+1.727,044 12.18 August
235,294 235.090472.242.561 504.154.075-31,911,054 8.35
+849,469 5.76 September _235,280 235.205
498,702,275 496.978,503 +1.723.772 0.33
4-772 I;6% 5.25 October
233.872
545.759,208 532.684,914 +13,074.292 2.46
+1.788,591 8.73 November ....235,748 232,882 523,748,483 466.130.328 +57.618.155 12.35
235,679
+2.663.070 17.19 December---235.290 236.1211512,433.733 434.698.143 +87,735,590 20.88
+3,723.822 22.87 January —.235,878 235.8271500,816.521 395,000,157 +70.803.472 21.011
+3,792,190 25.72 February _ _ _235.399 235,528 444,891,872 400.
11.18
. .
,
+3,937,357 23.97 Mah
Marc
235.424 23 470 533 5 ,
473,747.009 +59.806300 12.63
Louis included In Pennsylvania RIZ z Lake Erie & Western included In New York Central.
2118
[VoL. 116.
THE CHRONICLE
-Grossfrom Railway- -Net from
1923.
1922.
1923.
$
Southern Pacific Co
March
16,143,649 13,910,253 4.918,633
From Jan 1 43,619,618 37,705,759 11,202,991
Arizona Eastern
March
340,932 • 233,938
134,402
First week of May.
Increase. Decrease.
1923. I 1922.
919,599
From Jan 1
616,890
370.715
Southern Railway
Northern Alabama Railway
Buffalo Rochester & Pittsburgh..
418,841
219,094 199.747
March
135,755
106,104
48,721
Canadian Pacific
2,976.000 2,842,000 134,000
403,458
From Jan 1
274,091
154,128
Total (2 roads)
Virginian Railway
3,394,8411 3.061.094 333,747
2,087,197 1,937,194
Net increase (10.90%)
March
943,983
333,747
From Jan 1 5,207,344 4,889,487 1,941.853
Western Maryland
In the following we also complete our summary for the
2,011,685 1,502.618
March
423,270
From Jan 1 5,447,724 4,480,071 1,119,855
fourth week of April:
-t After interest has been paid.
I" Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the first week
of May. The table covers 2 roads and shows 10.90%
increase over the same week last year.
Fourth week of April.
1923.
Previously reported (2 roads)_ -Ann Arbor
Canadian National Rys
Duluth South Shore & Atlantic_
Georgia & Florida By
Mineral Range
Minneapolis & St Louis RR
Mobile & Ohio RR
St Louis-San Francisco By
St Louis Southwestern By
Southern Railway System
Texas & Pacific By
Western Maryland By
4,190,255
132,332
5,964,973
130,403
35.300
13,656
297.449
484.391
2,327,046
687,555
4,768,296
676,872
658,533
1922.
Increase. Decrease.
3.664,881 525.374
123,937
8,395
4,476.655 1,488.318
106,530
23,873
29,269
6,031
6.953
6,703
260,535
36,914
438,648
45,743
2.008,079 318,967
576,072 111,483
3,844,974 923,322
549,474 127,398
343.697 314.836
Railway- -Net uPer Taxes
1922.
1923.
1922.
$
3,685,390 3,636,914 2,335,572
7,839,039 7.351,958 4,013.242
84,693
189,660
104,997
287,845
60,409
116,765
.43,210
90.624
41,751
139,201
39,158
78,432
844,823 '707,379
803.705
1,947,748 1,628,359 1 654,314
354,250
1,108,653
353,270
919,855
304,250
958,658
ELECTRIC RAILWAY AND PUBLIC UTILITY CO'S.
Latest Gross Earnings.
Name of Road
or Company.
Week or
Month.
Jan. 1 to Latest Date.
Current Previous
Year.
Year.
Current
Year.
$
$
584,874 440.956
608.615 399,411
1771,026 1520.809
2884,341 2428,397
8
1,77,724
1,653,114
3.815,330
5,449,397
Previous
Year.
$
1,361,824
1,222,290
3,155,815
4,974.510
5992.693 5134.27“ 5,992.693 5.134,470
American Tel & TeL January
2852,414 1704,897 8,468,002 5,091,931
rnAm Wat Wks & Sub March
2990.266 2508.872 2.990,286 2.508.872
Appalachian Pow Co.. January
Total (14 roads)
143.550 129.917 *1,958.036 *1,719,880
20,367.061 16,429,704 3,937,357
cArkansas Lt & Power March
Net increase (23.97%)
77.42(1
77.420 73.086
73,086
Asheville Pow & Light January
13,937,357
520.373
241,276 141.221
314,202
Associated Gas & Elec March
106,488 80,999 *1,173,115 *1,073,625
Aug-Aik By & Elec._ March
397,297
131.048 122.158
369.155
Net Earnings Monthly to Latest Dates.
-The table Bangor By & Electric March
4329,771 3937.152 13,880,348 11,429,309
following shows the gross and net earnings with charges and FcBarcelona Tr, L & P March
163,147
145,130
51.820 45.813
Baton Rouge Electric March
179,077
154.641
63,132 54,320
surplus of STEAM railroad and industrial companies Beaver Valley Trac__ March
246,287
301,979
98,195 78,107
Binghamton L,H & P March
reported this week:
385,149 310,264 1,169,461 1,014.250
Blackstone Val G & E March
-Grossfrom Railway- -Net from Railway- -Net after Taxes
3097,259 2868.518 8.798,633 8,237,027
- Boston "L" Railway- March
1923.
1922.
1923.
1922.
1922.
r Brazilian Tr Lt & Pr March 19 4750001 5238,000 55.876,000 44,743000
1923.
Bklyn Rapid Transit.. February 3173.8202962,297 8.905,773 8,303,991
1043,446 1017,139 2.898.645 2,810,428
Bklyn City RR (Rec) March
Baltimore & Ohio
12,838
13.752
7,237
6,530
Bklyn Heights (Rec)_ February
March
22.747,280 18,614,749 5,597,541 4,161,171 4,754,750 3,413,591
410,894 • 396.063
192.998 188,422
From Jan 161,996,643 47,918,181 14,293,565 9,618,729 11,798,531 7,552,166 BklynQC5cSub(Roc) February
395,453
409,683
191,432 188,778
Doney I & Bkln (Rec) February
Bellefonte Central RR
8,800
10.460
4,298
4,954
;Jolley Island & Grave February
March
13,922
8.283
2,410
2.027
72,290
71,907 gassau Electric (Rec) February
750.494
824,584
386,978 356.197
From Jan 1
36,211
21,857
1,812
2,098
71,452
71,738 g Y Consol (Rae).- February 1833,358 1747,393 3.900,584 3,657,531
Carolina Clinchfield & Ohio
147,448
189,790
89,276 72.736
February
3outh Brooklyn
March
802,067
679,136
262,345
229,746
212,306
143,364
169,550
JapeBretonElCo,Ltd March
189.689
53,464 46.940
From Jan 1 2,182,435 1.861,348
625,614
616,037
475,436
495,851
165.555
182.948
182.948 165.555
Ilarollmi Power & Lt_ January
Central of Georgia-.
136,437
146,567
lent Miss Val El Co.. March ' 46.294 42,850
March
2,478,682 1,982,465
1776,487 1313,880 4,779.285 3,794,978
677,841
537,277
550,141
444,337 lilies Service Co-... March
From Jan 1 6,796.167 5,136,559 1,618,768
268,350
255,340
87.324 85,251
lily Gas Co. Norfolk March
958,409 1,281,542
698,698
DitizensTracCo& Sub March
80.754 85,562 *867,671 *756,382
Central RR of New JerseY& East February
52.078 49.144
103,214
109.741
March
5,058,274 4.895,718
793,183 1,411,889
487,096 1.147,951 :neve Painesv Co- March
87.373 82.362 *1.042.183
960,513
)olorado Power
From Jan 113.477.880 12,910,641 1,777,101 2,474,170
863,142 1,694,381
1994.281 1707,947 6,083,384 5.321,981
)olurnbla Gas & Elec March
Chicago & North Western
190,522 160,691
481,911
570,808
)olumbus Electric.- March
March
13,453,884 11,698.484 2,022,134 2,400,272 1,268,841 1,669.317
2441.943 2217.998 7.589.455 6.737,922
From Jan 1 37,432,757 31,570,365 4,968,067 4,193,548 2,711,191 1,991,144 )om'w'Ith.Pow Corp_ March
3130,927 2727,926 9.553.705 8.290.971
3om'w'lth Pr, By & L March
Duluth Winnipeg & Pacific
167,166 141,408
March
418.799
513.027
Join Power Co
March
284,035
165,902
86,680
9,323
1361.624 1123.960 4.236.485 3,481.981
rionsumers Power Co. March
36,677
1,123
From Jan 1
727.392
482,329
171,722
962.709
317.858 283.681
18,961
841.688
101,789
--5,073 )umberland Co P & L March
2817,982 2252.849 8.456.401 6,816,732
Erie
3etroit Edison (Jo... March
11,057,119 9,055,128 1,989,574 1.917,524 1,644,631 1,621,860
1667,256 1380,024 5.087,498 4.246,386
March
3uquesne Lt Co Subs March
1006,553 891,337 2.874.680 2,830,386
From Jan 1 30,025,753 23,890,458 3,606,355 3,548,919 2,645,748 2,784,889
Dastern Mass St By.- March
238,440 212,958 *2.321,263 2,367,181
Eastern Penn Elec Co March
Chicago & Erie
120,784
131,651
42.691 38.696
/ast Sh G&E Co&Sub March
1,189,164
March
984,347
324,433
241.317
271,779
186.250
482,698
162,576 141,034
420.113
last Texas Elec Co March
From Jan 1 3,156,830 2,677,263
641,276
523,425
489,132
367,136
857,124
436.911
143,721 112,572
ild El Ill of Brockton_ March
Illinois Central System
576,555
611,532
206,582 190,021
11 Paso Electric Co March
16,677,485 13,921,149 3.524,517 3,381,389 2,540,263 2,191,219
March
llec Lt & Pow Co of
From Jan 1 48,021,593 39,347,119 10,718,622 9,374,621 7.784,340 5,992,584
92,245
110,499
34,610 28,149
Abington & Rockrd March
Illinois Central RR Co
300,292
399,783
125,581 93,915
Drie Ltg Co & Subs- March
14,945,775 12,277,315 3,330,042 3.075,871 2,456,881 2,004,206
March
230,105
240,658
83,783 76,161
call River Gas Works March
From Jan 1 42,912,254 34,992,416 9,965,300 8,918,129 7,344,015 5,891,666
476,521 445.690 1.474,318 1.355,564
7ederal Lt & Trac Co March
509,693
249,990 200,361
412,920
Yazoo & Miss Valley
i'ort Worth Pow & Lt February
792,991
794,339
272.533 271,572
lalv-Hous Elec Co March
1,731,710 1,643,834
March
194,475
305,518
83,382
187,013
1253.367 1037,022 3,779,993 3,167,904
From Jan 1 5,109,339 4,354,703
;en G & El & Sub Cos March
753,322
458,492
420,325
100,918
282,791
317,512
154.837 138.669
3eorgia Lt Pr & Rys_ February
Lehigh & Hudson River
1367,679 1241.883 4,190,741 3,744,016
1eergia By & Power_ March
241,227
March
272,785
68,433
99,813
58.433
89,635
589.171 598.499 1.859,848 1,822,864
)reat West Pow Syst March
669,943
From Jan 1
701,687
177,950
201,613
145,950
171.079
1085.028 1079,249 3.299.279 3,297.194
Iavana Elec R.L&P_ March
Lehigh Valley
44,126 38.948
131.208
141.126
laverhill Gas Light March
6,196,228 6,738,221
March
367,243 1,488,888
157,402 2:2269 0
33.547 34,845 *413.962 *390,987
1,261,900
:123
0
Ielena Lt & Rye Co_ March
From Jan 1 16.027,545 17,273,348 -896,716 2,960,721-1,525649
237,476
233,399
82,693 85,030
Ionolulu Rapkd Tran March
86
1
Louisiana Railway & Navigation
149,606
152,300
46,778 45,377
loughton Co Elec.__ March
341,809
318,761
49,088
March
999,493 954,751 2.845,725 2,755,544
91,372
ludson & Manhattan March
30,737
74,602
807,905
985,458
161,310
296,754
363.541
120,962 99.578
From Jan 1
Iunting'n Dev & Gas March
138,111
108,528
. 89,287
361,978
390,506
February, 190.277 172.908
daho Power Co
Maine Central
nter Rapid Transit... February 4389,479 4171.667 9,329,634 8,846,059
1,819,443 1,854,309
208,105
March
349,600
109,539
250.184
Subway Division February 2947,812 2790.787 6,265,751 5.922,205
12,478
From Jan 1 4,742,841 4,927,755
677,469 -283,521
379,907
Elevated Division_ February 1441,667 1380,880 3,063,884 2.923,853
Mobile & Ohio
789.918 653.128 2.430.841 2.051.871
Cansas City Pr St Lt. March
1,874,310 1,465,125
471,577
March
323,557
368,896
269,387 'Kan Gas & Elec Co. February
530.604 496.353 *5,178.731 *4,805,818
From Jan 1 5.379,860 4,083,080 1,303,217
821.360 1,030,441
637,349
95,858
103.787
33.107 29.786
Ceokuk Electric Co.... March
New York Central
348.747
383,843
128.630 120,547
Centucky Trac Term. March
Pittsburgh & Lake Erie
552,933
580.863
146,338 137,122
Ceystone Telep Co- April
March
3,758,899 2.358.823 1,178,635
63,650
66,659
269,632
21.881 20.231
975,194
Cey West Electric.... March
191,308
354.457
415,050
From Jan 1 10,620,696 5,967,411 3,273,393 -302,242 2,646,261 --537.347
199.328 166,314
Ake Shore Electric_ _ February
230,452
259.803
53.546 76,369
.exing'n UtilCo&Sub March
New York New Haven & Hartford
48,860
49,358
22,980 23,975
March
11,288,630 10,202,920 2,227,898 2,553,241 1,817,200 2,166,618
,ong Island Electric_ February
1395.572 1325,926 *11985117 '10429870
From Jan 1 30,478,679 27,504,446 3,873,902 5,951,654 2.610,282 4,790.571
Ms Angeles Gas Co.... February
5654.105 493 i 795 5,654.105 4,931,795
,onisv Gas & El(Jo January
Pennsylvania System
331.165
443,293
140.690 103.189
.owell El & Lt Corp_ March
Monongahela Railway
42,987
42,850
20.130 20,566
4anhat Beige 3c Line February
March
452,843
574,735
136,290
330,822
128,340
322,822
58,705 ' 50,739
27,497 24,031
4arkh & Queens Rec) February
351,944
From Jan 1 1,240,625 1,381.403
743.605
322.094
719,605
287.568 284.576 *3,587,564 *3.659,574
4anila Electric Corp_ March
Marquette
Pere
843.173 803,079 2,374,438 2,247,759
larket Street By...... March
March
3,838,932 3,362,333 1,008,898 • 937,892
604.657 507,524 1,856,729 1,540,097
872,159
Metroporn Edison_ March
775,925
From Jan 110,348,036 8,484,356 2,360,401 1,961,570 1,957.639 1,541.256
1973.21C 1698 25; 1.973 21,1 1,69%255
,
411w I,Iee Itv h 1,1wit J .ritiMri
893.772
718.933
269,849 246,004
Rutland Railroadliss River Power Co_ March
830,746
830.746 771,662
771,662
January
621,240
498,473
130,243
March
68,546
105,270
Iobile Electric Co
48,288
998.044
1152.932 998.044 1.152.932
From Jan 1 1,577,322 1,332,846
184,583
74,256
lountain StatesPr Co January
124,121
13,073
446.512
900,879
437.001 214,836
Serv Co& Subs February
lunic
St Louis-San Francisco
567,320
677.815
335,0013 285,929
lebraska Power Co February
7,220,498 6,516,509 1,973.155 1,615,970 1,631,138 1,284,410
March
' 673,598
943,336
369.446 266,913
ievada-Calif Electric March
From Jan 1 20,219,863 18,217,507 5,526,016 4,633,809 4.614,084 3,701,892
989.029
270.351 320.833
Edis Lt March
few Bedf0&
Fort Worth & Rio Grande
975,931
595,239 466,719 1.204.336
few Eng Power Sys.. February
105,393
99.418 -11,576 -24,913 --15,357 --28,778
March
163,824
216,244
67,792 53,079
few Jersey Pow & Lt March
315,591
297,695 -11,386 -69,842 --22,727 --82,168
From Jan 1
St Louis San Francisco St Texas
114,495
124.024
-671
-5,393
March
-3,055
-7,456
355,908
382,375
20,686
19,709
From Jan 1
14,167
13,620
Railway
Southern
13,186,303 11,038,652 3,460,944 2,555.145 2,836,097 2,092,848
March
From Jan 1 36,355,683 29,275,871 8,703,319 5,502,111 7,170,879 4,178,429
Georgia Southern & Florida
401,780
102,637
463,974
62,856
83,118
44,038
March
289,895
167,783
228,028
124,314
From Jan 1 1,291,139 1,150,545
• New Orleans & Northeastern
163,213
546,490
107,533
606.581
105,979
70,881
March
450,850
223.043
99,254
294,875
From Jan 1 1,752,732 1,510,556
Adirondack Pow & Lt March
Alabama Power Co__ March
Amer Bice Pow Co-- February
Am Pr & Lt Co Subsid February
fewpt News & Hump
Ry, Gas & El Co... March
few York Dock Co March
February
i Y Railways
Eighth Avenue.....- February
February
Ninth Avenue
1 Y & Queens (Rae). February
r Y & Harlem (Rec).. February
r Y & Long Island.... February
for Caro Public Serv March
ror Ohio Elec Corp.__ March
for'west Ohio By &P March
r...th Texas El Co..... March
484,621
500.834
168.219 154,382
968,960
838,451
288.327 332,837
648,466 653,634 1,396.729 1,379,487
186,985
183,011
84.897 87,747
84,038
79,619
36,436 39,847
201,803
106,958
49,424 95,446
243,949
250,495
112,463 119,200
69,082
77.290
31,735 35,896
348,790
308,758
116,279 101,343
937,111 744,584 2,688.553 2.205.949
80.778
80,805
43.557 33,272
736.229
788.555
263.075 .280.684
THE CHRONICLE
MAY 12 1923.]
Latest Gross Earnings.
Name of Road
or Company.
Week or
Month.
February
Ocean Electric
Pacific Power & Light February
March
Paducah Electric..
Penn Central Lt &
Power Co & Subs March
Pennsylvania Edison_ March
Phila. Co. & Subsidy
Natural Gas Cos March
Philadelphia Oil Co March
Philadelphia & West.. March
Phila Rapid Transit_ _ March
March
Pine Bluff Co
Portland Gas & Coke_ February
Portland By, Lt & Pr March
Pub Serv Corpof N .1 March
Puget Sound as Co. January
Puget Sound Pr & Lt_ March.
Reading Transit & Lt March .
Republic Ry & Lt Co March
Richm Lt & RR (Ree) February
Rutland By,Lt & Pr.. March
San Diego Cons G&EI January
Sandusky Gas & Elec March
Savannah Elec & Pow March
Sayre Electric Co___ _ March
Second Avenue (ree)_ February
17th St Incline Plane_ March
Sierra Pacific Electric March
Southern Calif Edison March
South Canada Power. March
South Colo Power Co January
Southern Utilities Co. March
Southwestern Pr & Lt February
Tacoma Gas & Fuel_ _ January
Tampa Electric Co_ _ March
h Tennessee Elec Pow March
Texas Electric Ry__ _ March
Texas Power & Light_ February
Third Avenue By Co_ March.
United Gas & El Corp March
UnitedLt&Rys&Subs March
Utah Power & Light_ February
Utah Securities Corp_ March
Vermont Hydro-Elec_ March
Virginia By & Power_ March
Western Union Tel Co February
West Penn Co & Sub. March
Western Pow System_ March
Western States G & El January
Winnipeg Electric By March
Yadkin River Pow Co January
York Hay Wat & Pow March
York Utilities Co...... March
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
15,350 13,083
233,292 235,827
51,646 45,600
30,773
484.794
160,186
27,436
490,211
140,018
271.145 209,535
261,565 206,254
822,405
788,934
619,690
643,637
1635.667 1222.675 4,928.407 4,103,569
283,573
124,364
44,459- 88,029
178.720
197,738
69.128 61,891
3903,356 3611.313 10,945,444 10.198,018
184,915
200.874
62,248 58,116
600.062
603,565
304.090 282.455
923,961 860,631 2,727,285 2,518.731
7021,877 6503,195 21,451,622 19.772,498
168,816
171.329
171,329 168,816
1049,245 891,230 31.199,312 2,726.834
700.754
769,202
274,349 237,852
834.274 661,173 2,494,271 1,993,841
111,739
122,134
56.705 52,702
164.599
178.351
47,542 43,734
3756,665 3866,576 3,756.665 3,866.576
187.779
216.406
82,745 66.694
405,857
404,847
136.607 136,127
49.933
55,579
17.307 15.323
140.988
149,475
69,734 67,773
8.587
8,030
2.898
3,065
221.327
80.529 69.898 250.174
1331.833 1217,561 4,038.063 3,841,164
210,436
238,851
78.189 67,581
1838.666 1758.603 1,838,666 1.758,603
277.985 260,476 .2,495,514 *2,653,097
923,354 823.108 1,891,551 1,688.090
577,227
455.053
455.053 577,227
476.690
565.891
186.575 155,597
2,320,749
800.087
624,017
638.863
221,266 212,705
848.482
968.938
469.164 418,420
1203,434 1179,273 3.400,741 3.315.039
1191.187 1012,686 3.627.694 3.124.396
1065,502 938,422 3,179.765 2,864.165
675.206 561,143 1,382.303 1.168.403
820,728 695,418 *9,168,612 *8,428,901
134.886
186,787
59.095 38,571
875,421 713,693 2,619,640 2,078,328
8366.704 7357,540 17,518.589 15.224,283
1977.305 1244,531 5,864,195 3,721,008
589,171 598,499 1.859.849 1.822,866
2722,134 2553.993 2,722,134 2,553.993
489,242 472,509 1,465,541 1,455,787
140.985
158.637 140,985
158,637
195,652
77,967 72,264
213,922
57.373
22,020 19,831
59,940
a The Brooklyn City RR.is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continue payment of the rental; therefore
since Oct. 18 1919 the Brooklyn City RR. has been operated by its owners.
b The Eighth Avenue and Ninth Avenue RR. companies were formerly
leased to the New York Railways Co., but these leases were terminated
on July 111919.since which date these roads have been operated separately.
e Includes Pine Bluff Co. d Subsidiary of American Power & Light Co.
e Includes York Haven Water & Power Co. .1 Earnings given in milreis.
o Subsidiary companies only. h Includes Nashville By. & Lt. Co. i Includes both subway and elevated lines. 3 Of Abington ,Sc Rockland (Mass.).
k Given in pesetas. I These were the earnings from operation of the properties of subsidiary companies. m Includes West Penn Co. * Earnings for 12
mos. t Three mos. ending Dec. 81. z Earnings for 10 mos. I/ Earnings for
11 mos. e Five mos. ending Nov. 30. s Four mos. n Six mos.
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:
7—Gross Earnings— —Net Earnings—
Previous
Current
Current
Previous
Year.
Year.
Companies.
Year.
Year.
$
$
$
$
aBraz'n Tr, L & P. Ltd_Mar19,475,000 15.238,000 11,811,000 9,297,000
3 mos ending Mar 31-55,876,000 44,743,000 33.560,000 26.453,000
a Given in milreis.
•
Gross
Earnings.
Net after
Taxes.
Fixed
Charges,
Balance,
Surplus.
bAmer Water Wks Mar '23 2,852,414 *1,232,074
408.425
823,649
212,627
& Elec Co & Subs
'22 1.704,897 *745,351
532,724
12 mos ending Mar 31 '23 27,727,253*12,146,874 8,315,983 3,830,891
'22 19,775,641 *8,628.107 5,849,808 2.778.299
Bangor By & Elec Mar '23
38.780
131,048
23.299
62,079
33,068
23,526
56,594
479.322
12 mos ending Mar 31 '23 1,517,079
284,142
763.464
'22 1.432.313.
374.638
658,761
284.123
Mar '23 317,858 133.778
70,460
Cumberland Co
63,318
'22
283.681
60.038
Pow & Light Co
58.727
118,765
787.661
12 mos ending Mar 31 '23 3,588,585 1,520.706
733.045
'22 3,340,653 1,275.421
569,746
705,675
42,691
6,008
Eastern Shore Gas Mar '23
14.650
8,642
'22
38.696
5,256
& Else Co S: Subs
7.689
12.945
512,871
71.712
12 mos ending Mar 31 '23
99,423
171,135
'22
465,779
81.897
164.719
82,822
Mar '23 1,085,028 *574,191
480,913
Havana Electric
93,278
445,157
'22 1,079,249 *534.110
88,953
By, Light & Power
279,841 1.506.376
3 mos ending Mar 31 '23 3.299,279 *1,786,217
'22 3.297,194 *1.677,550
266,923 1,410.627
120,962
30.404
Bimtongton Devel Mar '23
50,537
20,133
99,578
• '22
25.270
19.874
& Gas Co
45,144
282.422
523,250
240.828
12 mos ending Mar 31 '23 1,261,553
'22 1.065,526
215.565
437.759
222,194
146.338
Apr '23
21%883
Keystone Tel Co
42,464
64.347
'22
137.122
14,124
41,957
56.081
580,863
78,960
mos ending Apr 30 '23
174,212
253,172
4
'22
552,933
55,247
165,741
220.988
369.446 *182,111
98,350
83,761
Nevada-California Mar '23
'22 • 266,913 *144,662
66,671
77.991
Electric Corp
mos ending Mar 31 '23 3,614.184 *2,050,582
956.208 1,094,374
12
'22 3,086.029 *1,677.339
779,422
897,917
320,833
47.500
49,794
New Bedford Gas Mar '23
*97,294
'22
270,351
52,992
27,620
*80,612
& Edison Lt Co
646,822
593,289
12 mos ending Mar 31 '23 3,487,237 *1,240.111
'22
168,219
19,749
Newport News & Mar '23
20.648
*40,397
154,382
23.398
27,810
*51.208
Ramp By. Gas & El '22
500.834 *118,936
56,972
'61.964
3 mos ending Mar 31 '23
'22
484,621 *152,590
68.075
84.515
116,279
17,491
14,862
North Caro Public Mar '23
32.353
'22
101,343
16,271
Service Co
13,995
30.266
180,130
176,415
356.545
12 mos ending Mar 31 '23 1,274,019
'22 1,165,787
158.778
326,723
167,945
2119
Gross
Earnings.
Portland Ry, Lt & Mar '23
923,961
'22
860,631
Power Co
12 mos ending Mar 31 '23 10,329.453
'22 9.869,499
800.087
Tenn Elec Pow Co Mar '23
(Inel Nash By & Lt) '22
9 mos ending Mar 31 '23 6,461,610
'22
675,206
Utah Power &
Feb '23
561.143
Light Co
'22
12 mos ending Feb 28 '23 7.338,990
'22 6,669.220
West Penn Co &
Mar '23 1,977,305
Subsidiaries
'22 1.244,531
12 mos ending Mar 31 '23 19,466.278
'22 14,133.269
Net after
Taxes.
Fixed
Charges.
Balance,
Surplus.
375,185
170,218
204,967
333.389
178.015
155,374
3,915.550 2.112,985 1,802,565
3.646.992 2,129,847 1,517,145
319,101
141,007
178,094
2,829,927 1,283,223 1,546.704
*374,903
*288.410
*3,871,000
*3,338,155
*714,516
*409.623
*6,944,058
*4,676,149
162,285
145,587
1,900.051
1,720,563
454,893
318,029
4,800,394
3,186,366
212.618
142.823
1,970.949
1.617,592
259.623
91.594
2.143,664
1,489,783
* Allowing for other income. b Includes West Penn Co.,Potomac Public
Service Corp., Keystone Power & Light Co. and Commonwealth Water &
Light Co.
New York Street Railways.
—Gross Earnings— —Net Earnings—
Current
Previous
Previous
Current
Year.
Year.
Year.
Companies.
Year.
$
$
$
$
173,986
170,905
Brooklyn City RR
Feb 871,349 • 852,862
404.425
375.530
Jan 1 to Feb 28
1,859,274 1,799,056
1.315
813
7,237
Brooklyn Heights (rec)--Feb
6,530
2,278
—3.804
12,838
Jan 1 to Feb 28
13,752
50,794
56,422
Bklia Qu Co & Sub (rec)_Feb 192,998
188.422
16,674
94,274
396,063
Jan 1 to Feb 28
410,894
43,378
48,501
186,778
Coney Isl & Bldyn (rec)-Feb 191.432
95,930
92,652
395,453
Jan 1 to Feb 28
409,683
—1.443
—1,357
4,298
Coney Island & Graves'd Feb
4,954
—2,540
—4,089
8.800
Jan 1 to Feb 28
10.460
78,123
66,017
356.197
Nassau Electric (rec)____Feb 386,978
142,992
161,535
750,494
Jan 1 to Feb 28
824,584
414,502
452,007
NY Consol (rec)(BRT)Feb 1,833,358 1,747.393
915,861
936,648
Jan 1 to Feb 28
3,900,564 3.657,531
28.575
25.244
72.736
South Brooklyn
Feb
89,276
30.045
52.052
147,448
Jan 1 to Feb 28
189,790
—8.261
653,534 —27.458
Feb 648,466
N Y Railways (rec)
Jan 1 to Feb 28
1,396.729 1,379,487 —44,923 —34,232
87,747 --40,451 --39,744
Eighth Avenue RR
84,897
Feb
186.985 --67,491 —38.334
183.011
Jan 1 to Feb 28
39,847 —19,032 —16,987
Ninth Avenue RR
Feb
36,436
84,038 --31.394 --31,282
Jan 1 to Feb 28
79,619
Interborough R T System—
Subway Feb 2,947,812 2,790,787 1,171,183 1.169.875
Division
6,265,751 5,922,205 3,215,006 2.474,908
Jan 1 to Feb 28
277.288
297.275
Elevated Division- ___Feb 1,441,667 1,380,880
632,724
3,063,884 2,923.853 1,246,823
Jan 1 to Feb 28
20,566
783
20.130
--706
Manhattan Bdge 3c Line Feb
42,850
Jan 1 to Feb 28
42,987
2,170
—668
Second Avenue (rec)____Feb
67,773
69.734
—3.250 --10,367
Jan 1 to Feb 28
149,475
140,988
—8,249 —25.866
NY & Queens Co (rec)--Feb
49,424 ' 95.446
—6.222 —13,564
Jan 1 to Feb 28
106,958
201.803 —13,352 —31,232
—956
Long Island Electric..... _Feb
22,980
23,975 —10,870
—2,492
Jan 1 to Feb 28
48,860
49.358 —29,452
Ocean Electric
--1,983
13,083
Feb
15.350
741
Jan 1 to Feb 28
—3.112
30.773
27,438
—623
1,163
Manhattan & Queens(rec)Feb
27,497
24.031
3.291
Jan 1 to Feb 28
1.174
58,705
50,739
9,311
IT Y & Harlem
12,305
Feb 112,463
119,200
--4,086
Jan 1 to Feb 28
25,544
243,949
250.495
2,707
N Y & Long Island
31,735
Feb
35,696 --16,638 —12,827
Jan 1 to Feb 28
69,082
77,290 --36.613 --25,517
Richmond Lt & RR (me)Feb
--5,758
56,705
52,702
3,581
Jan 1 to Feb 28
111,739
5,923 —30.270
122,134
— Deficit.
Note.—Above net earnings are after the deduction of taxes.
FINANCIAL REPORTS.
Financial Reports.—An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
April 28. The hext will appear in that of May 26.
Chicago & North Western Railway Co.
(63d Annual Report—Year Ending Dec. 31 1922.)
The remarks of President W. H. Finley, together with
comparative income account and balance sheet as of Dec. 31,
will be found on subsequent pages of this issue.
GENERAL STATISTICS FOR CALENDAR YEARS.
1919.
1920.
1921.
1922.
Tons revenue freight__ 48,607,124 39,227.758 60,275.207 51.981,263
Tons fr't per ton mile_ --7579553676 6775908469 9559269662 8294482641
33,828.207 35.685.702 40.692,627 37,767,484
Passengers carlied
Passenger miles
1078240761 1184674 220 1444559265 1412671 044
Revenue per ton per mile 1.329 cts. 1.412 cts. 1.156 cts. 1.110 etc
Rev, pass, per mfte
2.706 cts. 2.851 as. 2.493 cts. 2.588 cts.
BALANCE SHEET DEC. 31.
1922.
1921.
1922.
1921.
Assets-Liabilities—.
Road and equipCom.stk.&scrip_145,156,644 145,156.904
ment
455,737,729 463,946,192 Pref.stk.&scrip _ 22,395,120 22,395.120
Investments in
Stock and scrip
affiliated cos_ 2,598,239 2,704.239 owned by to
2,346,832 2,346,572
Other investmls 14,627,147 14,611,325 Special stock
25,000
25,000
Misc.phys.prop.
Prem'ms realized
747.364
658.861
Cash
29,658
29,656
on cap'l stock.
23,014,185 22,240,899
Agents and conFunded debt—
ductors
Held by pub_235,516,700 238,450,600
3,182.105 2,672,173
Mat'l & supplies 11,119,431 12,401,142 Held by co. &
Misc. acets rec_ 4,186,926 4,587,292
due from
Other aseets_ _
52,390,000 52,696.000
trustee
834,486
278,815
Car balances reAcc'ts & wages 7,792,340 6,216,756
ceivable
777,663
603,228 Mat'd int., &c__ 5,362,277 5,367,866
Govt. guaranty_
3.709,185 Accrued interest 2,196,956 2,209,856
Co.'s securities—
Car bal. payable 3,627.030 2,843,927
Capital stock_ 2,346,832 2,346,572 Miscellaneous
497,985 1.549.021
Bonds owned_ 16,890,000 17,208,000 Fax liability ___ 5,742,000 5,061.086
Bonds pledged
depreo_ 32.112,616 29,493.332
Accrued
for 10-year
Balance prem.on
626,593
bonds
615,376
bonds of 1987.
35,500,000 35,488,000
Advs. acct.equip.
Unadius. credits 1,091.681 2,025,394
purchased_ _ _ 2,910,000
Corporate burp_ 2,210,144 2,034,939
Unadjust. debits 3.132,254 3.819,649 Profit and loss__ 58.496.003 58,646.946
Total
577.604,361 577,175,571
—V.116, D. 2002, 1759, 933.
Total
577,604,361 577,175.571
2120
THE CHRONICLE
[VOL. 116.
Chicago St. Paul Minneapolis & Omaha Ry. Co.
The New York Chicago & St. Louis Railroad Co.
(36th Annual Report
-Year Ended Dec. 31 1922.)
(41st Annual Report
-Year Ending Dec. 31 1922.)
This company, formerly a part of the Vanderbilt System,
The remarks of President William H. Finley, together with
a comparative income account for the last two calendar years passed in July 1916 under the control of Cleveland interests,
and a balance sheet as of Dec.31, will be found on subsequent who bought the holdings of the New York Central RR.,
0. P. Van Sweringen becoming Chairman of the Board.
pages.
The report for the fiscal year ending Dec. 31, signed by
BALANCE SHEET DEC. 31.
1922.
1922.
1921.
1921.
President J. J. Bernet, will be found on subsequent pages of
LiabilitiesAssets$
$
$
Road & equipl_ 86.370,096 84,699.409 Common stock.a 18,559.087 18,559,087 this issue, together with the income account and general
Sund..ronstr.,&e
469.286 1,670,687 Preferred stock a 11,259,859 11,259,859 balance sheet as of Dec. 31 1922.
Mise.phys.prop_
Inv.In aril'. cosOther havestmla
Seeur.ln treas.:
Pref. stock.Corn. stock__
Debs. of 1930.
Cash
Agts. & condue_
Matezial & supp.
Traffic and car
balance receiv
Special depositMiscall. accounts
receivable__
Deferred assets_
Govt. guaranty_
Unadjust. debits
321,422
384,008
3,342
1,386,974
2,844.207
4,190,419
737,215
1,782,231
153,855
1,000
303,526 Cap. stk. owned
381,768 by company__ 4,231,181 4,231.181
4,012 Long term debt.b47,435,034 47,701,834
Misc. accts. pay.
154.938
249,296
1,386.974 Car bal. payable
945.571
756.620
2,844,207 Aud. vouch.,&c. 2,257,104 2,044,313
2,700,000 Fund,debt mat_
1.500
1,500
1,969,362 Mat'd int.& div.
70,549
67,989
608,775 Aeon int.& dive. 1.307,005 1,266,934
1,830,742 Tax nobility__ _
506,707
568,476
Accrued depree_ 5,851,278 5,369,428
95,500 Prem. on funded
1.324 debt
236,060
268,506
Unadrs credits_
133,883
396,012
1,157,781 Add'ns to prop.
56,009 through surp_ 1,104,294 1,092,387
648,197 Profit and loss__ 6,696,031 7,285,926
761,574
GENERAL STATISTICS FOR CALENDAR YEARS.
1922.
1921.
1920.
1919.
Passengers carried
335,748
396.845
685,522'
472,418
Pass. carried one mile 43,339,915 43.083,509 46,699.426 68.973,961
per pass. per mile
3.10 cts.
Rate
3.29 cts.
2.82 eta.
2.68 eta.
Earn, per pass. train m_
$1.61
$1.57
$1.83
$2.42
Revenue freight (tons).- 10,784,441
9,084,576 11,784,011 10.068,193
Rev.fgt (tons)1 m.
.
(000) 2,542,358 2,280,491
2,933,782 2,550,874
Rate per ton per mile_ _ _ 1.054 eta. 1.097 cts. 0.880 cts. 0.820 cts.
GENERAL BALANCE SHEET DEC. 31.
1922.
1921.
1922.
1921.
Liabilities3
Assets$
$
3
Road & equip't_ 76,520,844 73,450,616 1st pref. stock_ 5,000.000 5,000,000
774,423
710,522 2d pref. stock__ 11,000,000 11,000.000.
Leased line impInvestments__ 1.969,492 1,507,003 Common stock_ 14,000,000 14,000,000
1,098,606
4,554 Funded debt___ 46,139,000 37,966,000
Misc. investm'ts
Acc'ts dr wages_ 1,672,971
1,313,271
100,750,080 101,119.848 Total
Total
100,750,080 101.119,848 Sinking fund for
108 Interest, div'ds,
137.345
equip. tr. ctfs.
a Includes scrip. b Includes $634 scrip owned by co.
-V.116. p. 2003. Misc.phys.prop_ 2,625.456
932,999 &e., unpaid__
337,713
429,568
2,427,034 1,154,099 Int., dive., &c.,
Cash
-San Francisco Railway Co.
St. Louis
407,083
Inventories _ -- _ 2,361,253 2,356,370 accrued
336,147
Agts.&cond.bal_
480.168 Loans& bills pay
457,120
25,000
60,000
(Report for Fiscal Year ending Dec. 31 1922.)
Special deposits_ 1,791,249 1,883,105 Traffic balances
1,280.451
payable
919,34G
Traffic. &c., bal.
940,129 1,067,919
69,910
The remarks of President J. M. Kurn, together with the Ind.. dIv.. loans
Other liabilities_
138,598
58,615
15,828 Def'd
231,902
82,076
& bills
income account and balance -sheet, will be found under Drafts &reedy_ 1,000,000 1,200,000 Misc. liabilities_ 166.279
accounts.
94,484
depos_
"Reports and Documents" on a subsequent page.
177
1,289 Approp.surplus. 6,928,040 6,812,096
Other aEsets____
803.076
688,656 Unadj. accounts 1,514,723 1,516,538
Misc. accounts_
INCOME ACCOUNT FOR CALENDAR YEARS.
23,754
23,804 Deprec.(equip.) 4,022.585 3.360,173
Advances. &c__
370.065
412,442 Profit and loss
7,741.376 5,321,757
Disc.on fund.dt.
-Corporate-Combined
Other unadj.deb 7,930,428 2,460,568
1922.
1921.
1920.
1919.
5,246
Aver, mileage operated5,256
5,252
5,252
100,363,746 88,350,051
100,363,746 88,350,051
Total
Total
$57,578,629 $59,088,309 $66,338,921 $53,558,494
Freight revenue
Passenger revenue
19,121,518 21,360,570 26,341,511 23,599,251 -V.116, p. 2007, 1893.
1,520,110
Mail revenue
1,943,916
1,586,616
1,553,472
Express revenue
2,299,499
1,943,402 2,352,528
1,973,467
Pere Marquette Railway Co.
Miscellaneous revenue
2.134,467 1,256,390
1,143.346
720,617
Other revenue
353.800
699,996
960,117
797.617
(Report for Fiscal Year Ended Dec. 31 1922.)
Total oper. revenue_ -$83,008,023 $86.292.584 $98,723,039
President Frank H. Alfred, March 31,reports in substance:
maint. of way & struc--$12,449,271 $11,173,741 $18,389,537 $82,202.918
Maint. of equipment_-_ 12,963,789 14,081,244 21187,870 $13,051,814
-The following changes in the funded debt occurred during
Funded Debt.
14,507,582
Maint. of equip.-Depr_ 2.405,897 2,308,146 2,313,669
1,577,653 the year 1922: Equipment 6% Gold Notes Nos. 2 and 17 for
Traffic expenses
1,085.360
$608,500 and $64,800, respectively were retfred.
1,067,089
Equipment 6%
995,109
709,441
Transportation expenses 31,590,514 33,336,212 44,116,333 31,852,974 Gold Notes Nos. 3 to 15, incl., dated Jan. 16, for $608,500
Gen. & misc. expenses_ _ 2,452,098 2.689,653 3,148,968 2,524.107 each, aggregating $7,910,500, issued in connection with the purTransp. for invest.--Cr_
315.198
270.378
264,942
153.947 chase of 40 locomotives and 3,000 freight cars allocated to the Company by
Administration, were canceled. In lieu thereof,
were toTotal oper. expenses_ _262,631,731 $64,385.707 $89,886,545 $64,069,623 the U. S. RR. Equip. 6% Gold Notes, Nos. 31 to 43, incl., there$448.000
for
Net operating revenue.-$20,376,291 $21,906,878 $8,836,494 $18,133,294 ned temporaryto 56, incl., for $159,700 each, and Nos. 67 to 69, incl., for
each, Nos. 44
Operating Charges
each, all aggregating a like total amount of S7,910,500. These notes
Taxes
$3,726,684 $3,672,703 $3,533,514 $2.789,445 $800 serially on Jan. 15 of each year, beginning with 1923 and ending with
mature
Uncoil. railway revenue_
61,142
33,848
43,292
26,373 1935.
Hire of equipment
-net. 1,051,832
427,981
1.926,094
779.325
This re-issuance and separation of outstanding temporary Equip. 6% Gold
Joint facility rents, net.
174,799
237,602
434,029
361.881 Notes was necessary in order to facilitate the delivery of a portion of these
Operating income__ --$15.361,834 $17.534,742 $2,899,504 $14,176,270 notes to the Guaranty Trust Co., New York, and to comply with the request
of Railroads for the stamping of one-third of the
Other income
494,650
397,980
304,723
455,898 of the Director-General lien.
notes, as subordinate in
.
Gross Income
Temporary Equip. 6% Gold Notes Nos. 57 to 69, inclusive, for $800 each,
,
$15,856,484 $17,932,723 $3.204,287 $14,632,168
Deduct
-Rentals
$239,497
$226.934
$241,553
$254,204 aggregating $10,400, were retired Feb. 14 1922.
Misc. income charges_
6% Gold Notes, Nos. 44 to 56, incl., aggregating $2,15,111
171,163
Temporary Equip.
Miscellaneous taxes.16,368
164,984
076,100, and Nos. 18 to 30, incl., aggregating $842,400, a total of $2,918,Sink. & other res. fds245,244
130,865
50,658
40.009 500, were stamped as subordinate in lien. Temporary Equip. 6% Gold Notes,
Separ. op. prop.
-loss
48,990
70,846 Nos. 31 to 43, incl., aggregating $5,824,000, were not stamped.
Pere Marquette RR. Coll. Trust 4s, maturing Jan. 1 1923, amounting to
Bal,for bond int., &c_$15,184,212 $17,394.829 $2,863,086 $14,267,109 $2,618,000, were purchased for $2,681,722.
Interest on
-The following
Securities Acquired and Disposition of Securities Owned.
Fixed charges
$9,887,795 $9,665,879 $9,630,761 $8.894,825
Cum. adjust. bonds
2,431.884 2.391,750 2,340,893 2,326.895 changes occurred during 1922:
,
The company advanced an additional amount of $305,000 to the Flint Belt
Income bonds
2,111,520 2,111,520 2,111,520 2,111,520
RR., to be used for construction work, making a total of $365,000 advanced
Balance ofincome-- $753,013 $3.225,680df11,220,088
$933,869 to Dec. 31 1922. $327,000 was advanced to
the Central Land Co. to be used
An amount of
Note.
-The transactions of the Kansas City Clinton & Springfield Ry,
which company is operated separately, are not included In the above, but to purchase a like amount of Fort Street Union Depot Co. 6% Ext. Gold
the amounts advanced by the Kansas City Ft. Smith & Memphis Ry. to Notes at par. These notes are being held by the Central Union Trust Co.,
meet the Interest on the Kansas City Clinton & Springfield By. bonds have New York, for account of the Central Land Co., subject to the order of the
been charged against Income.
-V. 116, p. 1761, 1650..
c
Pere Mccm pa te Re.
arquetcy r y e
ivo from the Toledo Terminal RR. $52,000 Toledo TerPe'd
The
/
2
minal RR. 1st Mtge. 41s in partial retirement of demand notes and certifiAtlantic Gulf & West Indies Steamship Lines.
indebtedness aggregating $64,009. The bonds were accepted at a
cates of
discount value of 91.78%, or $47,726, the difference of $16,284 being paid
(Report for Fiscal Year ended Dec. 31 1922.)
by the Terminal company in cash. $19,000 of the bonds were deposited with
The text of the report, signed by President Franklin D. the Bankers Trust Co. in lieu of Toledo Terminal certificates of indebtedness
$18,360, which were previously held by the trust company as Trustee
Mooney, the income account for two years, the balance sheet forTheunder Perecc
1st o n
receivedrquette1 t tge.ores
as of Dec. 31 1922, and the statements of capital and bonded
company
amounting to $125,000 from George B.
debt of the allied steamship, oil terminal and other com- Yerkes, in part payment of certain property known as the Detroit Belt Line
land, sold on Dec. 18 1922. One of the notes is for $25,000, and matures on
panies and the amounts thereof'owned by the parent company May 1 1923 ; the other is for $100,000, and matures on May 1
1924. Both
and also their marine equipment as of Dec. 31 1922, is cited draw interest at 6% per annum.
The Reorganization Managers delivered to the Central Union Trust Co.,
in full on subsequent pages of this issue.
New York, for account of the Pere Marquette By. $500,000 U S. Government
CONSOL. BAL. SHEET DEC. 31 (SEE COS. IN REPORT BELOW). 4th Liberty Loan 44% Bonds, which they had been holding as security for
1922.
1921.
loans obtained from them during previous years.
1922.
1921.
Assets$
The company disposed of $2,926,400 U. S. and Canadian Government seShips& equip.,less
Common stock__b14,963,400 14,963,400 curities. These securities were carried on the books at cost, viz. $2,914,860,
deprec'n, shore
Preferred stock.
_
8
c erendo
.13,742,900 and iwide ssld for $2,968,937.
Stocks of sub. cos. 335,795
prop. & equip,
,9i vidends at the rate of 11 % were regularly paid
d 37
331,829
4
Coll, trust bonds.c113,000.000 13,000,000
equit's in term''.
Preference Stock. These payments were made out of surplus,
61,274,361 67,335,087 1st 55 of sub. cos_12,550,000 13,343,000 on the Priord1M $560,O
&c
0i .
and amou n 5 922 a dirOde
oh A priite
Investments
a7,421,000 9.198,383 Pret. Bk. fd. 7s_ _ 3,120,000
nd of 2 2-3% was declared on the 6% Pref. Stock,
.
Inv. in other cos._ 1,087,699 2,306,903 Mar. equip. notes- 1,020.000 3,900,000
1,380.000
dividends for 1922 to May 1 1922, and 1% applying.
Cash in hands of
Marine equip. 7s.- 3,082,000 3,582,000 1 2-3% covering currentfor the
cumulative dividends
year 1921. Quarterly thereafter current divion
45,614
178,619 Pref. mtge. 6%
trustees
4
dends of 11 % and cumulative dividends of 1% were declared. The tote/
franGoodwill,
bonds
1,800,000
12,504,320 12,029,320 Accts. payable_ 4,081,223 5,943,846 dividends declared on the 5% Pref. Stock during 1922 amounting to 7 1-6%.
chises, &c
or $890,745, were paid out of surplus as of Dec. 31 1921. The balance of the
431,445
502,181 Accrued Interest.. 254,995
'
Inventories
281,757
dividend for 1921, amounting to 2%, or $248,680, which had
969,764 1,191,309 Coupons payable. 551,775
Accts.receivable
532,375 cumulative
337,824
Notes payable....919,236 1,308,135 been accrued, was paid on Feb. 1 1923.
Bills receivable
-The profit and loss surplus carried forward from Dec.
Agents' balances__ 1,701,211 1,149,458 Open voyage acct. 2,M9,119 1,824,355
Profit and Loss.
8
Insurance claims__ 1,917,482 2,144,913 Agents
2
238,941 31 1921 amounted to $6,778,427. During the year there was a credit from
155,969 Replace't reserve_ 4,992,468 5,077,346 income of $4,350,560, and there were charged to profit and loss dividends
Misc. securities__ 144,972
Cash on hand__ 2,686,435 2,047,119 Sundry reserves_ 1,480,813 1,733,508 declared out of surplus as follows: Prior Preference Stock 5%, $580,000;
Profit and loss. 17,353,551 22,301,182 Preferred Stock 7 1-6%, $890,745.
Cash for coupon
532,375
551,775
payments
There was also credited to profit and loss in accordance with instructions
Open voyage acof the I.-S .C. Commission, but under protest, an amount cf $3,138,745 in con2,704,414 2,506,564
counts, &c
nection with final settlement with the U. S. Railroad Administration. The
U. S. Ship. Board
net credit of other profit and loss items during the year was $20,815, leaving
& RR. Admin. 1,873,901 1,406,377 Tot.
31 1922 of $12,837,802, an increase during the year of
(each side)_95,652,018 103484,575 a surplus as of Dec.
(net)
$6.059,375.
Corp. and
c After
-The tax accruals amounted to $1,791,795, as compared with $1,Taxes.
a Investments in and advances to Atl. Gulf Oilin treasury.Colombia
$5,036,600 held
Syndicate. b after deducting
408,481 for 1921, an increase of $383,315, or 27.21%. This increase was
deducting 46,257,100 in treasury. d Authorized $15,000,000; issued due principally to U. S. and Canadian Government income and Michigan
us,p. 2010.
State ad valorem staxes.
1,007,419
MAY 121923.]
THE CHRONICLE
;
-During the year charges amounting to $835
Additions and Betterments.
.658 were made to investment in road and $1,740,079 to investment in equipment, the total charge to investment in road and equipment for the year being $2,575,737.
Charges amounting to $172,865 were made during the year to improvements
.on leased railway property. Included in the charges to investment in equipment is $831,889 covering the cost of 500 automobile box cars received during the year from the Western Steel Car & Foundry Co. on contract dated
Dec. 13 1921; also $369.415 covering part cost of 500 automobile box cars
contracted for with the Western Steel Car & Foundry Co. on May 29 1922.
Of the latter equipment, 50 cars were received during 1922. The charges to
investment in equipment also include $855,279 representing the cost of extensive repairs and additions for betterments to equipment.
-At the end of 1922 this road, 8.2 miles in length, on
Flint Belt RR.
which work was begun in 1921, was about 85% completed. The amount
charged to construction at the end of 1922 was $469,023 93.
GENERAL STATISTICS FOR CALENDAR YEARS.
1919.
1922.
1921.
1920.
Average miles operated__
2,232
2,234
2,231
2,217
Passenger revenue
86327.460
14,946,787
86,938,504
85,940,618
Passengers carried
4,220,977
4,404,393
3,258,991
2,390,985
Pass.carried one mile._ • 146.705,763 177.201.307 236,636,874 217,254,526
2.820 eta.
Earns•Per Pass, per nile3.372 eta.
2.932 eta.
3.352 eta.
Earns. per pass. train mile
51.62129$1.6738
$29,7581.81738
Freight revenue
$26,504,204
$29,806,583 $29,21,665
'
Revenue tons carried_
14,783,616
14,855,393
12.786,731
13.910,640
Rev,tons carried 1 m11(3_2,423,036,810 2,172,802,065 2,606,903,408 2.681,739,018
0.988 ets.
Earn.Per rev. ton per mile
1.348 eta.
1.230 eta.
1.141 eta.
Rev,tons per train mile.604.48
584
546
587
Earn, per fght. train mile_
56.0726
$7.45332
57.25712
56.79709
Gross earnings per mile
511,894
513.129
813.445
513.318
INCOME ACCOUNT FOR CALENDAR YEARS.
Corporal
Combined
1921.
y1920.
1922.
1920.
1919.
$
$
$
$
5
Freight revenue
29,853.253 29,424.895 26,079,334 29,754.566 26,504,204
4,946,792 5.940,810 6,098,985 6.938,505 6,127,460
Passenger
Mail '
493,263
462,859
498,497
980,023 • 274,477
779,818
914,828
980,245
583,212
947,988
Express
2,184,563 1,880,849 1,601,791 1,719,475 1,589,007
Miscellaneous
Total oper. revenue.....38,397.933 38,303,029 35,022.787 40,372,814
Maint. of way at structure 4.505.904 4,538,486 4,742,955 5.309,720
7,750.756 8,119,337 7,932,987 9,776,225
Maint. of equipment
614,329
585,770
'Traffic
464,926
561,127
14,716,441 15,441,039 15,971,033 19,667.511
Transportation
1,383,960 1,404,217 1,339.857 1,530,112
Miscellaneous
Transportation for inv.__ Cr.60,125 Cr.52450 Cr.101,216 Cr.112,740
35,443,136
3,495.487
7,132,498
337,974
14,764.362
1,126,998
Cr.8.593
Total oper. expenses-28,911,265 30,036,300 30,350,542 36,731,955 26,848,728
Net operating revenue... 9,486,669 8.266,729 4,672,245 3,640,859 8.594.408
Non-operating income.__ 623,396
690,654 1,761,120
708,302
159.276
Gross income
10,110,064 8,957,383 6,433,365 4,349,161 8,753,684
Taxes
1,791,795 1,408,481
762,283
768,407 1,073,822
Bond interest
1,612,852 1,687.754 1,687,760 1,687,760 1,637.760
Interest on bills Payable
4,587
39,062
57,562
46,671
45,473
Equipment note interest.- 526,310
639,030
505.058
505,058
Miscell. Income charges
16,094
8,522
6,195
7,499
5,109
Hire of equipment
1,010,407
709,045
550.381 1,297,174 1.692.868
Rentals
797.459
839,771
682.725
827,994
730,410
Divs. Prior Pref.(5%)... 560,000
560,000
560,000
Diva. Preferred stock- *890,745
Balance, surplus
2,899,815 3,205,880 1,393,973df1,492,511 4,306,615
•See text above. x During year ending Dec. 31 1920 quarterly dividends of
I.)i% were regularly paid on Prior Preference stock. Payments were made out of
surplus on Dec. 31 1919 and amounted to 5560.000. y The figures shown for year
1920 represent results of operations for the period March 1 1920 to Dec. 311920.
inclusive, also proportion of "Standard Return" assignable to the period Jan. 1
1920 to Feb. 29 1920. during which time the property was operated by the U. S.
Railroad Administration. As the operating revenues, expenses, ace., for the two
months ended Feb. 29 1920 are not included in the above tabulation, the results
from operation during the year 1921 are not comparable with the ten months' period
during which the road was operated by time company in 1920.
The usual comparative balance sheet as at Dec. 31 1922
will be found in V. 116, p. 1412.-V. 116, p. 1650, 1412.
Indian Refining Co., Inc.
(Report for Fiscal Year Ended Dec. 31 1922.)
President Theodore L. Pomeroy, New York, April 17,
reports in substanee:
2121
Lehigh Valley Railroad.
-Year Ended Dec. 31 1922.)
(69th Annual Report
Pres. E. E. Loomis, Phila., April 2, wrote in substance:
Results.
-Abnormal conditions prevailed during most of the year affecting both revenues and expenses, offering little basis for comparison with the
results of other years.
At the beginning of 1922,indications pointed to a prosperous and successful year, but the first three months proved to be the only normal period,
and during that time earnings were satisfactory. The strike of the mine
workers started April 1 and continued more than 5 months, with a consequent ylorf of
eoinp
which resulted in a reduction in gross revenue to the
$12,533,203..5
Rates.-Further adverse effects upon earnings were due to the order of
the I.
-S. C. Commission, effective April 1, increasing by approximately
15% the divisions of rates received by New England carriers on through
business with railroads operating west of the Hudson River. Earnings were
further affected by a 10% reduction in practically all freight rates, ordered
by the I.
-S. C. Commission, which became effective on July 1.
Strike.
-While these factors were serving to reduce earnings, operating
expenses were seriously affected by the national strike of the shoperaft
employees, which not only made it impossible to effect economies to correspond with the decreased business, but increased costs because of the
necessity of building up a new force and housing and protecting new employees and those who remained loyal to your company.
Settlement with Govt.
-Settlement was made during the year with the U. S.
Railroad Administration for use of the properties during the 26 months of
Federal control, company receiving in final settlement of all open accounts
for materials and supplies and maintenance the sum of $4,600,000. Negotiations with the L-S. C. Commission for a final settlement of the guaranty
period accounts are under way, and it is hoped they may be concluded
during the current year.
00
.0 r
yea ,.000 Coll. Trust 48 matured and were paid and cancelFedinadmiauriniti-thel
At the close of the year company held in its treasury the following securities of its own issue, amounting to 516,153,000. which are not included in
unpledged securities amounting to $17.239,685:
$999,000
Consol. Mtge. 4%s
$66,0001Collateral Trust 4s
Consol. Mtge. 6s
108,000IGen. Consol. Mtge. bonds 14.980,000
Since Sept. 30 1903, the date of the General Consol. Mtge., expenditures
of approximately $50,000,000 have been made for additions and betterments to the company's properties and for other capital purposes, against
which no securities have been issued.
The Issue of $6,000,000 Easton & Amboy RR. 1st Mtge. 58 matured on
May 1 1922, and the bonds were paid and canceled. Of this amount $4.112.000 were purchased during the year out of funds in the treasury of the
company, the balance of $1,888,000 having been purchased and placed in
the treasury prior to Dec. 31 1921.
The bonds of the company and its subsidiaries in the hands of the public
as of Dec. 31 1922 amounted to 8132,352,000, bearing an average interest
rate of 4%%. This is a reduction of $5,123.000 as compared with the close
of the previous year and the interest rate also shows a slight reduction.
As a result, fixed charges will be reduced $243.409.
Road and Equipment.
-Expenditures for additions and betterments to
road and equipment, including expenditures on subsidiary railroad properties, during the year amounted to $10,575.547, against which there were
credits representing the sale or retirement of property of $2,973,754, leaving a net expenditure of $7.601.792.
The first unit of Claremont Terminal, the new water and rail terminal
of the company on New York Bay. Jersey City, is substantially complete.
The first ship, carrying a cargo of iron ore, was unloaded in December
There are two ore-unloading machines, an 800
-story freight house
-foot 2
and a 30
-ton gantry crane on this dock, which is more than two-thirds of
a mile long and has 35 feet of water alongside. Most of the largest ships
afloat can be berthed there and when the whole terminal, as planned, is
completed. It will offer approximately 5% miles of docking space for oceangoing craft. More than 10 miles of standard gauge track and 2 miles of
narrow gauge track have been laid at the terminal, and included in its equipment are 5 electric switching locomotives.
Five Mikado type freight locomotives were purchased and delivered during the year and orders were placed for 30 additional engines of the same
tyke. The latter were received after the close of the year.
The policy of rebuilding bridges on the eastern end of the railroad, to
permit the operation of the heaviest freight
t
the entire main
line, was continued during the year. Work engines over
has been completed on 13 of
these bridges and is partially finished on 16 others.
The freight pier station at the foot of East 47th and East 48th Sts., N.Y.
City, which was constructed and placed in service in 1921, develoPed
business in excess of the facilities originally provided, and extensions and
other improvements were made to meet traffic requirements.
Coal Strike.
-The year 1922 will be remembered in history,from the standpoint of the railroads, at least, because of the serious and continued difficulties with union labor. The miners' strike not only tied up anthracite
production completely, but forced a considerable reduction in bituminous
operations for practically five
This seriously reduced transportation ating exr;enses the highermonths. bituminous coal greatly increased
oper earnings and
.
price of
Shopmen's Strike.
-The strike of shoperaft employees had its effects
The abnormal conditions resulting from readjustment of prices following upon Practically all carriers, and brought the repair of engines and cars althe period of inflation ending in 1920 resulted in severe losses for 1921 most to a standstill for 2 or 3 months, causing increased costs later when
ide ofebtthad to be put in good condition promptly to meet the incresing
ulprn ntsine .
throughout the oil refining industry. These conditions persisted in a lesser
ss
degree during the first six months of 1922, as reflected in company's earnings
The shoperaft unions quit work because the U. S. Railroad Labor Board
for that period. The second six months showed a decided improvement,
indicating a return to normal conditions as evidenced by the following state- authorized a reduction in their pay, although that reduction left their wages
ment of earnings: Loss for first six months, $895,818• profit for last six still well above the pay received by men doing
work in other indusmonths, $266.713. The above statement is after charging off for deprecia- tries. So far as this company was concerned,similar
however, a loyal and energetic supervisory force, both in and out of the mechanical department, totion and depletion the sum of $1,451,577.
opere tiwis.
Capital expenditures for 1922 were approximately $1,000,000. and in- gethar onth employees who did not strike, enabled the railroad to continue
cluded the completion of pipe line from Owensboro, Ky., to the refinery at
For more than 2 months after the strike started, Its leaders insisted that
Lawrenceville, Ill., and expansion of marketing facilities.
During the year bank loans and accounts payable were reduced 81,000,- settlement should be made only on a basis which would apply to all the
railroads in the United States, and in view of this attitude the management
000.
Additional cracking units have recently been ordered and others will be proceeded to build up a new force to take the places of those who had left
the service. To obtain the best men possible, new employees were assured
ordered at an early date to balance your refining capacity in this respect.
While these extensions and improvements were made without recourse permanent positions as long as their work was satisfactory, and these men,
to the sale of securities as contemplated a year ago, it is the intention of the together with those who remained loyal, formed an association of their own.
By the time the strike leaders, after a fruitless effort to force their terms
management to provide such additional capital as may be required.
In the meantime the refineries are running to capacity. The completion upon the railroads as a whole, had abandoned this policy and permitted
Of additional cracking units will afford greater flexibility and make it possible settlements with individual roads, this company had a full force and felt
itself bound under its promises and its agreement with its Employees'
to readily meet changes in requirements for refined products.
Association.
The usual comparative income account was published in
Dissolution Decree.
-Progress has been made In complying with the mandate of the U. S. Supreme Court directing company to sever its connection
V. 116, p. 1768.
with the coal-productiag companies which it owns. A segregation Plan
has been approved by the U. S. District Court and a formal decree will be
BALANCE SHEET DECEMBER 31.
entered in due course. As soon as this is done,stockholders will be advised
1921.
1922.
1921.
1922.
and given full information as to their rights under the plan. (Compare
Assets
V. 116, 0.576.)
Oil produe'g PropCap.stock (Central
Transfer of Canal Ownership.
-Negotiations were concluded late in the
cribs, pipelines,
Ref.Co.) held by
Year and a contract made under which on March 1 1923 your company
refineries, dm-113,746,441 13,675,849
outside st'kh'ra:
transferred
Cash
688,404
277,550 & Banking to the State of New Jersey the ownership of the Morris Canal
576,753 7% Pref. stock- 277,550
Co. and canceled its lease of the canal property made in 1871.
Ace'ts dr notes rec.
3.000 The
Common stock(less reserve).- 1,653,828 1,490,281 7% Pref. stock__ 2,296,400 2.296,400 title agreement made with the State permanently established company's
to the "Big Basin" property in Jersey City, on the Hudson -River.
Advance to station
Common stock.._ 7,851,800 7,851.800 an important
terminal site upon which are piers and other facilities. In
agents, &o
165,429
274,469 Accounts payable. 1.092,468 1,274,657 addition,
Inv. of oils, pkges.
35
3 Bayonne,company retains the canal right of way through Jersey City and
Bank loans
2,850,000 3.5a50
reaching a growing industrial section, and part of the canal right
and supplies (at
Notes payable_
of
market or cost)_ 3,918,017 5,092,832 Federal taxes
930,524 of way at Phillipsburg. Company also is relieved of taxes and maintenance
930,524
canal
Adv, to dc invest'ts
Res've for deplet'n 3,260,195 3,022.887 imately Property for which it had no use. This means a saving of approx*300.000 annually. To secure these favorable terms, compani
In other cos.... 365,863
670,042 Capital surplus 34,851,800 4,851,800 relinquished
95,373
Prepaid items_ __
183,561 Earned surplus_def2,071,464df1,422,931 the Hudson the balance of the canal right of way. the "Little Basin" on
River, the water rights of the Canal Company
Corn. stock (new
pa yzith7e8.1tate $875.000. divided into five annual installments.and agreed to
.
(See V.115.
Issue) expenses_ 705,917
704.755
Freight Claims.
-Freight claims paid during the year amounted to $515,Total
21,339.272 22.668,542
Total
21,339,272 22,668,542 746, a decrease
of $657.145 compared with 1921. Decreased handling of
general freight, supplemented by the great progress made in freight claim
Note.
-(a) Insurance fund assets, n hands of trustees, $46,542; leas re- prevention
work, is responsible for this reduction.
serve, $46,542; leaving none, (5) 114 820 shares of unissued Common stock
Taxes.
are held for the conversion of 22.964 shares of Preferred stock outstanding. year. -Taxes were $2,316.100, an increase of 0.52% over the previous
x After deducting $6,087,733 for depreciation. y Being premium on
New Didustries.-Through its industrial department, 109 new industries
Issue of 485,180 shares of Common stock, incl. Preferred stock converted. dirre lside_
weeet ocated in ehnnterritory served by the railroad. Of these 72 have
traek to e
-V.116, p. 1768.
r
2122
THE CHRONICLE
GENERAL STATISTICS FOR CALENDAR YEARS.
1920.
1919.
1922.
1921.
Tons revenue freight_ _ _ 23,071,515 26,377.743 32,103,897 30,934,972
Tons freight, 1 mile_ _ _ _4623665859 5288783188 6558302627 5968348276
Freight revenue
$50,612,722 $62,380,605 861.418,965 $51,607,543
Average rev. per ton_ _ - - $2.19373
$1.91313
32.36490
$1.66826
Aver.rev. p. ton p. mile_ 1.135 cts. 1.220 cts.
.971 eta.
.893 cts.
Passengers carried
4,083,610 4,984.744 6.598,589 6,796.350
Pass. carried 1 mile
218,630,400 235,535.969 278,186.230 262.693,218
Passenger revenue
$7022954 $7.700,392 37,865.780 $6,827,897
Aver, rev, per pass
$1.54481
$1.19204
$1.71979
$1.00464
Av.rev. p. pass. p. mile_ 3.212 cts. 3.269 cts. 2.828 cts. '2.599 cts.
Net op. rev. p.m.of road
$5,356 (def.)$3,643
$2,343
$3,798
INCOME ACCOUNT FOR CALENDAR YEARS.
CorporateCombined
1921.
1920.
.
1,449
1,449
1,447
Average miles operated1;447
$
$
Operating Revenues$
$
Anthracite coal freight- 15.425.980 27,959,183 23,777,484 20,740,261
1,781.949 2.630.066 2,335,476
Bituminous coal freight- 1,907,568
Merchandise freight_ _ _ - 33,279,173 32.639,473 35,011,415 28,531.805
7.022,954 7,700,392 7.865,780 6,827,896
Passenger
399,431
310,438
537,482
Mail
171,851
619,167 1.263,665 1,687,296
1,213.697
Express
2,307,799 2,837.873 2,457,308 2,179,736
Other transp. revenue
---------------312,082 1,552,643
Transp.rev.(waterlines)
951,280
374,299 1,515.536
Incidental revenue
Total oper. revenue__ 62,418,889 74.997.799 75,229,584 65,542,502
Tote(oper.expenses_ __ _ 59.023.940 67.238,068 80.503,974 60,309,198
Net operating revenue ,3,394.949 7,759,731 de15,274,390 5.233.304
1.985,950 2,066.772 2,374.955 1,825.050
Total tax accruals, &cOperating income-- 1,408,999 5,692,959 def7.649,345 3.408,253
1,106,184
Other Inc.: Hire of equip.
224.670
3.081.922 10,299,433 15.532,351
Dividend income
1.188,677
Miscellaneousincome_ _ - 1.750,719 1.937.997 1.470,188 1.413,347
Total other income--Total income
Income Charges
Hire of equipment
Joint facility rents
Rent for teased roadsMiscellaneous rents- _ -IVIlscell. tax accruals-Interest on funded debt_
Int. on unfunded debt
Misc.income charges_ _ _
4.832,641 12,234,300 18.108,723
6,241.640 17.927,259 10,459,378
2.707.931
6,116.185
1,066,941
Cr248,027
1.939,802
331.406
322,884
4.483.531
51,030
285,318
562,668
135,556
2,195,129
343,022
316,667
4,615.601
220,726
286.371
145,149
Cr294,709
2,158,864
341,957
278.023
4.528,726
31,129
687,324
613.513
236.141
2,195,092
366.497
195,696
4.580,839
393,362
281,273
Total deduc.from inc_ 8.232,885 7,876,463 8,862,414 8,675,740
def1,991,247 10,050.798 1.596,963 def2.559,555
Net income
Divs,shown in profit and
loss account
4.245.749 4.245.749 4.245.749 4.699.512
BALANCE SHEET DECEMBER 31.
1922.
1921.
1922.
1921.
Assets
LiabintlesRoad & equip.a. 99,981,770 100,717,598 Common stock- 80,501,700 80,501,700
Preferred stock_
Impts. on leased
106,300
106,300
railway prop'y 1,525.262 1,613,682 Funded debt_..b92,977,000 93,888.000
Miso.phyu.prop. 1,982,088 2,124,912 Traffic,&c.. bal.
153,691
33,437
Acc'ts & wages- 8,186,881 7,712,862
Inv.In Mill. cos.:
61,835,905 54,032,053 Misc.acc'ts Day.
Stocks
139.048
437.254
19,705,058 22.715,655 Int. mat'd,unpd. 419,381
Bonds
413.881
3.798,880 3,831.180 Divs.mat'd.tinp.
Notes
15,962
14,655
22,006428 14,147,444 TInmatured diva.
Advances_
2,419,202 9,851,548 declared
.Other investm'ts
1,081,437 1,081,410
Agents & condue 1,503,539 1,418,700 Fund, debt ma2,000
tured unpaid_
Inventories --- - 8.718.331 6,313,096
1,000
Unmat.int.accr.
Loans and bills
800,852
816,035
2,040 Unmat'd rents
receivable_ _
2,794,579
81,576
84,198 accrued
Special deposits_
311,447
346,458
5,011,102 6,675,602 Other currliabtl.
Cash
850,874
842.890
42,414 1,141,803 Deferred Habit's.
Traffic, &c., bale
801,911 1,657,150
Misc. acc'ts rec.. 2,017,181 1,865,948 Tax liability_
1,076,921 1,122,745
376,767 3,432,565 Accrued depreo. 21,095,858 19,402033
Int. & diva. rec..
70,622 Unadi. credits
13,130
Rents receivable
1,218,134 2,305,346
714,678
476,198 Add'ns to prop'y
Other curr.assets
71,132 3,417,193 through suro_
Deferred assets_
43.061
28,292
565,208
491,722 Profit and loss_ _
Unadj'd debits_
43,531,330
232,943,985 234,223,755 Total
Total
232,943,985 234,223,755
a Represents only road property of Lehigh Valley RR. proper (Phillipsburg, 2. J., to Wilkes-Barre). The total road and equipment investment
of the system, incl. transportation subsidiaries owned by the co., is $228,902.557. b Funded debt is shown after deducting $37,459,000 held in
treasury.
-V.116. p. 1049,615.
Chicego Milwaukee & St. Paul Railway.
(58th Annual Report-Year ended Dec. 311922.)
Pres. H.E. Byram reports in substance:
Results.-The result for 1922 shows a deficit of $6.143,168 as compared
with a deficit of $11.070,609 for 1921. While this result is by no means
satisfactory it does reflect a substantial improvement over the operations
of the previous year, especially when consideration is given to the unusual
conditions that prevailed during the year 1922 which seriously affected
the earnings of the company, viz.:
-The coal miners' strike, taking effect April 1 and con(1) Coal Strike.
tinuing until Sept. 1922, which entirely suspended the operation of coal
mines on the lines and not only deprived the company of the normal earnings
on coal transported for commercial use but greatly increased the cost of
coal used in locomotives, the increased cost of locomotive fuel due to the
strike amounting to approximately $2,195,000.
-The railroad shopmen's strike which took effect
(2) Shopnien's Strike.
July 1 1922 and was settled on this road in Sept. 1922. In addition to the
interruption to traffic because of this strike, and the suspension of
serious
repair work on locomotives and cars, there was an extra expense of approximately $2.225.000 directly attributable to the strike.
(3) Rates and Wages-The reductions in freight rates taking effect in
Jan. and July 1922 reduced the earnings for the balance of the year approximately $12,000,000. This was partly offset by a decrease of approximately $3,705,000 in the wages of employees, taWng effect July 1. 1922;
and which was the cause of the shopmen's strike.
-One of the greatest needs of the company is a more adeFreight Cars.
quate supply of freight cars and locomotives with which to handle the growing traffic, especially during the fall and winter months, and which has a
restrictive effect on the revenues of the company.. With a veiw to overcoming this deficiency as much as possible, the following now equipment
was purchased under equipment trust during the year: 2,580 50
-ton steel
-ton steel frame box cars; 500 40-ton steel frame
frame coal cars; 3,500 40
automobile cars: 25 Mikado type freight locomotives. By contracting for
this equipment before the rise in market price a saving of approximately
$3,500.000 was made as compared with present prices for equipment.
During the year a total of 8,381 freight cars were renewed and strengthened into serviceable condition, to meet the modern requirements of heavier
loading and trains, at a cost of approximately $5,000,000, in addition to the
,
ordinary repairs to freight equipment.
Additions and Betterments.-The net additions to road and equipment for
1922 amounted to $9,966,516. to the amount
of $14,297,702 reported
-In addition
Guaranty Period.
received in 1920 report, further advances were made during 1921, amountS8,137,190. and $676.636 was received during 1922 in settlement of
ing to
claim before the 1.-S. C. Commission for the balance of the amount due
under the guaranty.
-The 1.-S. C. Commission has practically finished its
Federal Valuation.
detailed work in connection with the Federal valuation of the company's
property. Preliminary engineering report giving estimated cost of reproduction new and less depreciation was completed in December and served
on the company shortly thereafter. The land report will probably be re-
[voL. 114.
ceived during 1923. Co-operative work by the company and the Bureau
of Valuation on the final collection and adjustment of quantities was
completed in December and further work of the Valuation Department will
consist of the derivation and application of reproduction costs for comparison with the Commission's figures and the compilation and filing with
the Commission .of objections and criticisms.
Reserve for Accrued Depreciation.
-At the close of the year ending Dec. 31
1921 there was at the credit of reserve for accrued depreciation the sum of
320,727,747. A certain percentage of the total cost of equipment has been
credited to this reserve for the estimated depreciation of locomotives,
p.ssenger train cars, freight train cars and work equipment, accrued during
the year, which, together with other adjustments, aggregates $3,196,938.
There has been charged to this reserve an amount of $702,287 representing the accrued depreciation, previously credited, on locomotives and cars
destroyed, sold or taken down during the year, which results in a net
increase in this reserve of $2,494,652 for the year.
The balance of this reserve, Dec. 31 1922, is $23.222,398, which represents the estimated depreciation of rolling stock from June 30 1907 to
Dec. 31 1922.
Capital Stock.
-No capital stock has been issued during the year 1922.
Funded Debt and Notes.
-At the close of 1921 the funded debt was $574,240,055. It has been decreased during 1922 by 325,340,000 U. S. Government note matured March 1 1922: by $10,400 6% Equip. Gold notes maturing Jan. 15 1923 to Jan. 15 1935; by $12,000 Bellingham & Northern
Ry. 57,; bonds retired and $51,067 European Loan 4% bonds of 1910
replaced by 4% gold bonds of 1925.
The note for $10,000,000 in favor of the U. S. Government bearing
interest at 6% maturing Jan. 1 1923 was paid.
It has been increased during the year by $51,067 4% gold bonds of 1925
issued in place of European Loan 47 bonds of 1910; by note for $25,000,000
in favor of the U. S. Government, bearing int. at 67 maturing March 1
0
.
1927, and by $8,085,000 St. Paul Railway Equipment Trust 5% Gold
certificates, Series "A," maturing serially each year until July 15, 1937.
A new note for $10.000,000 in favor of the U. S. Government, bearing
interest at 6%. maturing March 1 1930. was issued.
The amount of bonds and notes at the close of this fiscal year is $581,962,654, of which $160,257,358 are in the treasury and $421.705,296 have
been issued and are outstanding.
GENERAL STATISTICS FOR CALENDAR YEARS.
x1922.
x1921.
x1920.
x1919.
Miles operated,average..
10,809
10,623
10,647
11,030
EquipmentLocomotives
1,979
2,032
2,007
1,798
Passenger equipment
1,604
1,602
1,604
1,624
Freight, misc., &c.,cars_
64,127
67,781
63,734
65,051
Operations
Passengers carried
13,608,676 14,240,896 15,919,202 15,511,467
Pass. carried one mile--759,338,160 817,189,840 1050521012 1120423017
Rate per pass. per mile
3.195 cts. 3.294 cts. 2.954 cts. 2.712 cts.
Freight (tons)carried- 42,034,285 34,067,136 45,041,277 40,295,220
Frt.(tons)carr. 1 mile-10601913667 8283212410 11384600804 11501514483
Rate per ton per mile_ - _ 1.094 cts. 1.266 ate. 1.029 cts. 0.924 cts.
Average revenue trainload (tons)
543
y493
544
554
Earns,per pass. tr. mile..
$1.3863
$1.7955
y$1.5127
01.7256
Earns, per frt. train mile
35.8383
y$6.2479
35.1233
05.6037
x 1922 and 1921 are corporate statistics, whereas 1920 and 1919 are
Federal and corporate combined. y Figures for 1921 corrected to conform
to present formulas of Inter-State Commerce Commission.
INCOME ACCOUNT FOR CALENDAR YEARS.
-Combined
1919.
1920.
-----Coriwai922.
1921.
l
eOperating Revenues$
$
$
$
Freight
106,288,453 117,183,815 104,894,848 116,005,731
' 30,391,921 31.033,594 26,915,456 24,261,499
Passenger
Mail, express, &c
10,784,581 16.739,598 12,591,667 13.968,081
2,905,440 3,201,726 2,363,795 2,715,317
Incidentals, &c
Total operating rev_ _150,370.394
Expenses
Maintenance of way,&c. 23,144,811
Maintenance of equipm't 40,422,005
1,107,105
Traffic expenses
69,288,819
Transportation
3,924,476
General expenses
Miscellaneous operations 1,178,478
Trans. for investment 0%503,991
168,158,734 146,765,766 156,950,628
28,810,633
41,557,151
1,725,763
86.276,147
5,190,502
1,348,501
Cr.211,577
17,987,292
35,543,850
2,093,164
66,879,327
4,572,616
1,023,185
Cr.142,433
19,798.385
36,987,240
2,231,245
66,068,029
3,754,239
910,583
Cr.153,024
Total oper.expenses-138,561.705 164,697,121 127,957,002 129,596,696
Percent.op.exp.toearns.
(97.94)
(92.15)
(87.18)
(82.57)
11,808,689 3,461,613 18,808,764 27,353,932
Net operating revenue
39,948
283,546
Uncollec. ry. revenues_ _
6,533
6,306.997 x11,872,832 8,762,089 9,654,738
Taxes
Operating income -----Cr.5,501,692Def8,451,167
Non-Operating Income
Rents received
Income from lease of road
Amount accrued guaranty provision
Miscellaneous income
Gross income
9,763.129 17,692.660
930.477
300,575
2,277,797
863,010
835.471
335,382
603,868
14,134.987 19.267,360
Interest on funded debt
Interest on unfunded debt
Rents paid for hire of equip., joint facility, &c__ _
Miscellaneous deductions
18,767,681 18.926,851
180,424
295,576
5,696,590 5,388,103
560,901
799.998
Balance, deficit
Previous surplus
Miscellaneous credits
11.070.608 6,143.168
38,376,167 28,159,042
2,563,949 3,360,193
Total surplus
Miscellaneous debits
29,869.508 25.376,067
1.710,465 2.747,524
Total profit and loss surplus
28,159,043 22,628,543
x Taxes were accounted for during the year 1920 on the basis of accruals.
In previous years taxes were accounted for on the basis of payment during
the year. For this reason year 1920 not only includes taxes paid in that
year but also accruals for current year.
BALANCE SHEET DEC. 31.
1922.
1921.
1922.
1921.
Lir:mutesAssets
Road & equip-671,778,028 861,811,513 Common stock _117,411,300 117,411,300
Stocks affll. cos- 3,973,423 4,472,424 Preferred stock _115,931.900 115,931,900
Naes
522,339
522,339Prem.oncap.stk.
36.184
36,184
110.387 Govt. grant in
Bonds MM.cos. 1,847,000
aid of constr_
32,405
27,002
Advances to affiliated cos. - 5.154,948 22,320,838 Funded debt_ _ _421,705,296 413,982,698
1,395,029 2,575,439
Misc.phys.prop. 3,460,101 3,528,010 Bills payable._
5,881,897 7,729,919 Traffic,&e.,bals. 3,400,513 2,139,067
Cash
Other misc. Inv_ 2,206,329 2,823,058 Payrolls&vouch. 15,111.783 13,828,008
Special dep.- _x21,578,361 1,388,520 Mat.int, unpaid y5,567,431 1,631,314
Miscellaneous _ 2,952,121 1,814,554
Due from agents,
4,455,245 3,384,238 Accrued bond inAc
34.616
48,834 terest, &c__ _ 2,973,955 5,948.405
Loans& bills rec.
815 320 Taxes accrued__ 6,065,324 4,906,112
5 : 64
61
Traffic,&c.,bals. 1,114,382
4,591,895 4,781,392 Ins. res. fund_ _ 3,247,816 3,296.749
Miscellaneous
392,026
364,952
Del. liabilities_ _
814,222
Unmatured intSecs,in his, fund 3.247,816 3,296,749 Accrued deprec.
23,222,398 20,727,747
(equip.)
Other unadJust.
2 170 795
debit items- _ _ 2,923,442 3:093:712 Oth.unadLitems 3,774.109 4.824,740
933,898
991.640
U.S.Comp.accr.
Sink. funds, &c_
22,828,543 28,159,042
Mat.& supplies. 13,330.148 15,480,394 Surplus
712,214
262.496
Deferred charges
747.004,009 737,896,910 Total
747,004.009 737,896,910
Total
x Includes 017,465.020. represent ng securities and advances to subsidiary companies, previously reported as investments, now pledged for
bank credit. y Includes $3,490,661 payable Jan. 1 1923.-V. 116, D.
2006, 1759.
MAY 12 1923.]
THE CHRONICLE
Missouri Kansas & Texas Railway.
(Annual Report
-Year Ended Dec. 31 1922.)
The usual comparative income account table and a comparative balance sheet as of Dec. 31 1922 was given in V. 116,
p. 1405. The road, as reorganized as the Missouri-KansasTexas RR., took possession of the properties on April 1.
The pamphlet report of receiver C. E. Schaffer for 1922
states in brief:
RATE OF RETURN ON PROPERTY INVESTMENT (CAL. YEARS.).
Property
Income Available % of Income on
Property Invest.
for Interea.
Investment.
1913
3.02
$224,201,845
$6,770,748
1914
3.27
228,995.039
7,430,664
1915
3.10
228,431,753
7,072,939
1916
2.34
232,116,018
5,443,019
1917
3.40
236,429,336
8.035,085
1918
2.20
240,355,951
5,292,241
1919
2.85
6.935,411
243,045.363
1920
1.73
4,340,130
250,493,556
1921
5.01
254,256,865
12,739,223
1922
4.24
259,372,014
10,986,588
Average
3.13
$7,504,605
$239,569,774
Rolling Stock.
-During the year expenditures were made for new equipment amounting to $131,170 and improvements to existing equipment
amounting to $173.236.
The value of equipment retired during the year. less replacements, was
$495,399, leaving a net decrease of $190.993 in the value of equip. owned.
Settlement with Government.
-Negotiations with the Director-General for
final settlement covering the operation of the property by the U. S. RR.
Administration during the period of Federal control were concluded during
the year, and by authority of the courts the receiver accepted the settlement
offered. There was received -under the terms of the settlement a cash payment of $1,403,500, and after applying this amount to the credit of the
U. S. Railroad Administration on the lnooks and closing the several open
accounts affected, the credit balance remaining, amounting to $3,691.189,
was by order of the I.-S. C. Commission dated Jan. 25 1922 credited to
profit and loss.
No detailed information was obtained from the Director-General as to
the allowance made in the final settlement for depreciation, under-maintenance and other items included in the claims presented by the receiver.
Negotiations are now under way with the I.
-S. C. Commission to cover
allowance for maintenance of the property during the guaranty period.
covering the 6 months from Mar. 1 1920 to Aug. 311920. but the conclusions in this respect have not been reached.
Strike.
-On July 1 1922 the shop crafts of this company, as well as generally on all railroads throughout the United States, went on strike which
lasted throughout the balance of the year, resulting in a very material increase in the cost of maintenance and operation of the property throughout
the following six months of the year.
-Progress has been made in the mitter of Federal valuation
Valuation.
-S. 0. Commission with the co-operation and asof the property by the I.
sistance of the receiver, and a definite date for the completion of this important work may be anticipated sometime during the year 1924.
COMMODITIES CARRIED FOR YEAR ENDED DEC. 31.
(All in tents.)
Agriculture. Animals.
Mines.
Forests. Mfrs.,&c.
1922
1,895,923 516,412 3,100,008 673,443 4,659,761
1921
2,472.928 438,274 3,265,018 656,272 4,583,827
1920
2,293,846 552.512 3,871,630 844,611 5,789,868
1919
2,463,314 719,028 4,837.662 975.020 4,313,923
1918
2,685,712 704,985 4,510,078 897,862 4,077,230
1917
2,329,886 693,115 4.624,013 944,994 4.218.965
2,452,768 552,106 4,531.497 842,132 2,747,351
1916
GENERAL STATISTICS FOR YEARS ENDING DEC. 31.
• 1922.
1919.
1921.
1920.
Average miles operated_
3,737
3,839
3,784
3.793
Passengers carried
3,918,058
5,605,478 8699,660 8,322,218
Pass. carried one mile...319,162.865 412,495,644 658.772,164 626.535,040
Revenue pass. per mile_
3.43 cts.
2.67 cts.
3.37 cts.
2.94 cts.
Revenue tons carried.- 10,845.547 11.416,319 13,352.467 13.308.947
do 1 mile(000 omit)_ 2,546,598 2,761,318 3,312.953 2,978.281
Rev. per ton per mile-. 1.54 eta.
1.39 cts.
1.59 cts.
1.43 cts.
Rev, per mile of road.-$14.725
$16,106
$16.656
$19,221
The usual cqmparative income account table and balance
sheet was given in V. 116, p. 1405.-V. 116, p. 2007, 1649.
Minneapolis St. Paul & Sault Ste. Marie Railway.
(34th Annual Report-Year Ended Dec. 31 1922.)
President E. Pennington says in substance:
Results.
-The gross earnings, operating expenses, fixed charges, surplus,
&c., are as follows;
Soo Line. Chicago Div. System.
Gross earnings
s.
$28,266,940 $18,840,165 $47,107,105
Operating expenses
21,777,899 14,664,950 36,442,850
Net earning
Income from other sources
$6,489,040 $4,175,214 $10,664,254
1,721,923
1,549,706
172,216
Total income
Fixed charges, taxes,&c
$. .
8 038 747 $4,347,431 $12,386.178
7.539,700 3,851,061 11,390,762
Addition to surplus_
$995,416
$499,046
$496,369
Results of Strike.
-Maintenance of equipment expenses decreased $2.593,827 as compared with the abnormal maintenance expenses of the previous year. A portion of this decrease was due to the interruption of the
maintenance program during July, Aug. and Sept. by a general strike of
the shop crafts. Normal forces, consisting largely of former employees,
were restored early in Oct. At the present time the percentage of equipment out of service requiring repairs is lower than in the early months of
.1922.
The strike resulted in a new organization being formed by the employees
of the mechanical department, and a new agreement has been made with
them which is free from many restrictions and unfavorable working conditions previously in effect.
Funded Debt.
-The outstanding indebtedness was increased $5.509,000
during the year, as follows:
$2,500,000
Minn.St. P.& S. S. M.Ry. Co. jet Ref. Mtge.,Series"A"
3.000,000
do 2
-Year 5%% Gold notes, due Juno 28 1924
9,000
do
Leased Line certificates
The outstanding indebtedness was decreased $3,953,000 during the year,
as follows:
$747,236
Minn.St. P.& 8.5. M.Equip. Trust obligations
3,000.000
1-Year 7% Gold notes
do
6,000
Wisc. Cent. Ry. Co., Marshfield & S. E. Div., P. M.bonds__
199,764
do Equipment Trust obligations
$1,556,000
Net increase during year
Additions and Betterments.
-During the year there has been expended
for additions and betterments to road a net amount of $1,085,376. There
was also expended for additions and betterments to equipment a net amount
of $1,284,694.
-Company has purchased equipment for delivery during
Equipment.
1923 as follows: 1,000 single-sheathed steel-frame box cars: 250 drop-end
50
-ton composite steel gondola cars; 200 single-sheathed steel-frame automobile cars; 4 all-steel baggage and mail cars; 4 all-steel baggage cars:
6 Pacific type passenger locomotives; of which the following have been assigned to the Wisconsin Central Ry.: 500 single-sheathed steel-frame box
cars; 6 Pacific typo passenger locomotives: 4 all-steel baggage cars; 1 altstool baggage and mall car.
-In Feb. 1922 settlement was made with the U. S.
Settlement with Govt.
Railroad Administration of all matters pertaining to the Federal control
period, Jan. 1 1918 to Feb. 29 1920. This settlement, in addition to the
adjustment of open accounts, included expendituies made by the Directorgeneral for additions and betterments to the company's property, the de-
2123
ficiency in the net value of material and supplies turned back to the company, and allowances for under-maintenance of the property and for accrued depreciation of equipment, including the value of equipment destroyed. The settlement of the above items resulted in a credit to the
M. St. P. & S. S. M. Ry. Co. profit and loss account of $1,426,604 82,
and a credit to the Wisconsin Central Ry. Co. profit and 1088 account of
$391,379.
Iii June 1922 settlement was made with the U. S. Government of all mat.
ters pertaining to the guaranty period, Mar. 1 1920 to Aug. 31 1920. This
settlement resulted inn debit to the M.St. P.& S. S. M.Ry.Co. profit and
loss account of $290,766, and a debit to the Wisconsin Central Ry. Co.
profit and loss account of $141,060.
Dividend-5. On Mar. 10 1922 the directors declared dividends of $2 per
share on both Preferred and Common stock, payable on April 15 1922 out
of accumulated surplus earnings of the calendar years 1909 to 1919, inclusive, there being no surplus earnings in 1921. The dividends declared were
made equal on the two classes of stock because.the company's articles of
consolidation provide that after Preferred and Common stock have received
7% each from the earnings of any year, as they had received from the earnings of 1909 to 1919, all further dividends from the earnings of any such
year shall be equal on the two classes of stock, share for share.
On Apr. 12 1922 two Preferred stockholders brought suit in the U. S.
District Court for Minnesota,claiming that the Preferred stock was entitled
to receive the first 7% in dividends declared in any year. regardless of the
source from which they were to be paid. The Court enjoined the company
from paying the dividends pending the decision of the suit. On June 26
1922 the District Court decided the suit in favor of the company, sustaining the action of the directors. The plaintiffs then took an appeal to the
U. S. Circuit Court of Appeals at St. Louis, the injunction against payment
of the dividends remaining in effect.
On Dec. 4 1922 the directors declared further dividends of $2per share
on Preferred and Common stock, payable on Dec. 28 1922 out of accmulated surplus earnings of the years 1909 to 1919, inclusive. Another suit
was then begun by the previously mentioned plaintiffs, claiming the same
rights as in their former suit. Identical questions being involved, in the
two suits. the Court enjoined payment of the Dec. dividends pending the
decision of the suit in which the appeal had been taken.
On Feb. 1 1923 the appeal was argued before the U. S. Circuit Court of
Appeals at St. Louis land a decision against the pref. stockholders has just
been filed. See under "Investment News" below).
Valuation.
-During the latter part of 1913 the 1.-S. C. Commission,
Bureau of Valuation, in accordance with the requirements of the Valuation
Act,commenced work in connection with valuation of the company's properties, which work has been carried on continually since that date and is
not yet completed.
From the 1.oest information available, it is expected that the tentative
valuation on all the company's property will be issued by the Commission
some time during 1923.
The cost to the company of this valuation work as of Dec.31 1922 aggregates $406,686.
GENERAL STATISTICS FOR CALENDAR YEARS.
1919.
1922.
1921.
1920.
Miles operated
3.177
3,326
3.177
3,240
Passengers carried
1,580,239 1,764.028 2,283,019 2,376.314
Passengers carried 1 mile 133,273,855 140.169.914 191.676.651 186,284,115
Av.rev, per pass. p. mile 3.279 eta. 3.455 cts. 2.953 cts. 2.824 cts.
Freight carried,tons__ -- 8.393,798 6,486.214 9.310.850 8,612,781
Tons carried 1 mile__ _1806379971 1431020422 1998783385 1805062235
Av.rev, per ton per mile 1.180 cts. 1.338 cts
1.010 eta.
.1078 cts
INCOME ACCOUNT FOR CALENDAR YEARS.
-Combined- -Corporate1919.
1920.
1921.
1922.
Freight
$18,234.141 $21.548,436 $19,146,851 $21,316,638
Passenger
5.260,436 5,660,662 4.843,143 4,369.799
Mail
339,864
802.572
618,015
644,412
Express
537.695
622.507
685.625
494,852
Miscellaneous
419.807
595,036
639,393
731.830
Incidental, &c
357,252
568.299
545.034
417.154
Total
$25,149,195 $29.797.513 826,185,804 $28,266.940
Maint. of way & struc $4,074.290 $6,025,192 $5,134.837 $4,404,692
Maint, of equipment....5.265.625 6.622.157 5.991.282 4,534,255
Traffic expenses
173,245
330,172
373.241
430,828
Transportation expenses 10,668.277 13.258,891 11.909.087 11,589.080
Miscellaneous operations
145,182
232,977
164,748
162.756
expenses
General
667.096
776,966
778,080
731,709
Transp.for invest
Cr27.268
Cr35,558
Cr25 360
Cr75,418
Total
$20,966,448 $27,210,798 $24,325.915 $21,777,900
Net operating revenue $4,182,747 $2.586,715 $1.859.888 86.489,041
1.903.103 2.136.706
Railway tax accruals
Railway operating income
Non-operating Income
Hire of equipment
Joint facility rent income
Dividend income
Miscellaneous income
def$4.3.214 $4.352.334
$450,612
169,127
357.088
639,192
$754,755
139,507
335.653
319.793
$1,572.804 85.902.041 .
Gross income
Deduct
11,727
Hire of equipment
246,275
Joint facility rents,&c
302,900
53,278
69,484
Miscellaneous tax accruals
3,188,945 3.810,317
Interest on mortgage bonds
1,181.926
1,111.912
Int, on equip, obligations, leased line ctfs., &c.-77,018
86.168
Amortization of discount on funded debt
x297,520
10.487
Miscellaneous income charges
$499.046
Net income transferred to profit and loss.,... _def.$3,472,158
x Includes lap-over items charged and credited to corporation by U. 8.
RR. Administration.
y,
Note.
-In 1921 company paid dividends of 7, each on both the Prof.
and Common stock, amounting to $2,646,714. In 1922 dividends of 4%
on both classes of stock were declared, aggregating $1,512,408. but payment
has been withheld pending Court decision (see text above).
"SOO" LINE BALANCE SHEET DEC. 31.
1922.
1922.
1921.
1921.
LiabilUiesAssets
$
Road & equip-x127,732,158 128,152,597 Common stock_ 25,206,800 25,206,800
Sinking funds__
Preferred stock_ 12,603,400 12,603,400
25,000
Impts. on leased
Funded debt___ 87,147,000 84,647,000
property
908 Gov't grants_ _ _
6,032
2 ,616
Depos. In lieu of
Equip. tr. oblig_ 5,687,000 6,834,000
mtged. prop
12,578 M.St.P.&S.S.
12,578
Secur. of propr'y
Marie Ry.4%
&c.,cos.y22.821,713 23,230,294 leased line ars 11,230,400 11,221,400
Time drafts and
Non-negot'ble
deposits
debt to affilia1,512,408
6_ _
2
MIsc.phys.prop.
9:688 ted companies
730,763
917,204
Cash
4,143,520 3,016,662 Loans& bills pay 2,953,000 3,000.000
Special deposits_ 2,089,709 1,979.555 Traffic,&e.,bals.
828,892
638,343
Unmatured diviVouch. & wages. 3,124,528 4,319,164
dends, &c._
42,442
33,515 Tax liability....1,661,550 1.551,460
Other Investm't.
336,401
63,301 Interest,&c.,due. 3,164.072 1,547,814
Traffic,&c.,bals.
124,766
451,738
245,434 Int.accrued,&c. 488,204
Bal,from agents 1,265,497
666,185
834,723 Misc. seers, Re.
750.938
Material & seep. 4,647,485 7,496,568 Insurance res've
118,271
119,239
Other curr Assets
619,125
349,967
801,136
253,267 0th. unadl. cred
Misc. accounts_ 1.214,045 1,139,015 U. S. Gov't._..
15,236,218
Other deferred
13,249
13,081
0th.def'd items.
debit items__ _
116,585
65,183 Add'ns to proP'Y
U.S. Governm't
65,331
128,590
g12,942,460 through Burp.
W. C. Ry. Co__ 2,590,484 2,460,603 Profit and toss__ 15,958,524 16,054,558
Unadjust. debits 2,116,848 2,958,151
MI
Total
171,872,367 185,513,876
171,872,367 185,513,878 Total
x After deducting reserve for equipment depreciation. $6.812,356.
y Securities of affiliated, &c., companies include as of Dec. 31 1922.
stocks, $19,832,337; bonds, $3,000; W. C. Ry. Co. equip. contracts, $1,450,114; advances, $1,536,262.
z U. S. Govt. acc'ts reflected on bal, sheet are tentative only, and subject
to adjustment when final settlement is made.
-V. 116, p. 516.
'2124
THE CHRONICLE
Pan American Petroleum & Transport Co.
(Annual Report-Fiscal Year ended Dec. 31 1922.)
[Vot.. 116.
Bond & Mortgage Debt.
-The aggregate bonded and mortgage debt was.
during the year, reduced to the extent of $5.176.137. It will have been
noticed that the cash on hand is nearly double the amount necessary to
[The report covers the operations of the Pan American Co. itself and enable the company to call, whenever it desires, all of its outstanding bond
its subsidiary and affiliated companies, viz.: Pan American Petroleum obligations under the terms provided in the bond indentures.
Co, Petroleum Carriers. Ltd. Mexican Petroleum Co Ltd , of Del
The total assets, before deducting reserve for depreciation and depletion
(including that company's subsidiaries. viz: Huasteca Petroleum Co., at the close of the year amounted to $218,912,713, the reserve for depreciaTuxpam Petroleum Co., Tamiahua Petroleum Co.. Mexican Petroleum tion and depletion against that value being $45,199,020, The percentage
(Jo.Mexican Petroleum Corp..
of total indebtedness to total assets at Dec, 30 1922 was approximately
exican Petroleum Corp. of
Inc.)., The Caloric Co., British Mexican Petroleum Co., Ltd.] Louisiana. 14ee %, and to current assets approximately 60%.
INCOME ACCOUNT FOR CALENDAR YEARS.
President E. L. Doheny May 1 1923 says in substance:
1919.
1922.
1920.
1921.
Consolidated Report.
-In view of the fact that this is the first annual
report in which the assets and liabilities of the controlled companies have Profit from operation_ - 348,049,737 $13.490,983 $8.835.535 34.775,360
$205,174
$201,426
$950,261
been consolidated with those of the Pan American company, it is thought Int. & amort.elms.(net) $1,108,622
Depree'n & depletion.. 10,785.178
1,270.677
1,797,637
2,598,812
advisable to present the following remarks:
Federal taxes
600,000
4.580,000
1.000.000
900,000
In the annual report for 1921, reference was made to company's holdings
of stock of the Mexican Petroleum Co. Ltd., of Del.; such holdings at
Net income
331,575.937 $9,041,910 $5,836,472 $2,699,511
the end of that year representing approximately 73)4% of the outstanding
3.891,911
9.120.703 7,151,281
stock of the Mexican Petroleum Co., Ltd. Principally as a result of an Other income
offer made by company to stockholders of the Mexican Petroleum
Total income
831.575,937 318,162,613 312,987,753 $6,591,422
Ltd., whereby the privilege of exchanging their holdings of stockCo..
for Previous surplus
25,457.423 15.560,971 16,159,192
5,020,596
Pan American Common Class "B" stock was extended,
company
acquired additional stock of the Mexican Petroleum Co., Ltd.. with has
the
Total surplus
557.033,360 $33,723.584 $29,146,945 $11,612.018
result that at the claw of the year 1922. the percentage of that stock
x40,000
242,656
held had increased from 735e% to about 96%. leaving but approximately Pref. d[vs.(7%)approx_
Com. dive.. approx_ _(13)6.510.101(12)x6007985 12)x6008000(11)x4995.300
4% held by stockholders other than the Pan American company.
do Class B approx_
4,051,407(12)x2411910 121x1985673
In view of this fact, it has been deemed proper to consolidate with the
do stock
(25)21,231,900
10)6378,385
accounts of the company, the consolidated accounts of the Mexican Petroleum Co.. Ltd., and its subsidiaries; also as a matter of practicability, Invest., &c., adjust _ _ _ _Cr.5,590,170 Cr.153.733 Cr.826,084 Cr.9,785,133
there have been consolidated therewith tho accounts of the Caloric Co..
Profit & loss surplus.y$30,830,122 $25,457.423 315,560.971 $16,159,192
which the Pan American company controls by virtue of its ownership of
x Approximation inserted by Editor. y Subject to stock dividend of
appreedmately 79% of the outstanding shares.
Consolidated Net Profit,
---The consolidated net profit, after making 20%. payable in Class B common stock on Feb. 28 1923 to common and
provision for interest charges, depreciation, depletion and taxes, amounted Class B stockholders of record at the close of business Dec. 30 1920.
to $31,575,937. This compares with $18,162,613 for 1921. an increase
CONSOLIDATED BALANCE SHEET DECEMBER 31.
of approximately $13,400,000, or about 70%.
1921.
1921.
1922.
1922.
This increase over 1921 is a direct reflection of the greater volume of
5
$
AssetsLiabilities5
$
business done during the year. Refined oil business showed an increase Properties_
_x110,404,255 41,739,786 Common stock_ 50,077,700 50,077,450
of about 52% and crude and fuel oil business an increase of about
Corn, stock B._y56,089,778 20,009,250
63%. Investments:
the total volume representing an increase of approximately 62%.
Controlled cos.'
Mex. Pet. Co.
In making comparison between the results for the two years, it should
a2,737,847
stock
of Delaware
58,827.466
be borne in mind that in 1922 companys' profits, for about two months
Other cos_ __. z(I.287.743 4,423,381 Marine equipm't
only were augmented by the greater proprotion of the profits of the Accla
7,330,500 8,886,000
bonds
906,740
Mexican Petroleum Co., Ltd., which accrued to the company by reason Divs. releivable 11,338,870
receivable.
1,124,530 Subsidiary cornof its increased holdings in the company as previously referred to.
panics' bonds_ 8,372.200
Insurance claims
453,770
The consolidated net profit for 1922 is equivalent to approximately
Dep. with Mex.
Purchase money
$20 per share (40%) on the average stock outstanding
412,250 1,899,787
obligations _ _
.
Govt. to proas compared with $12 94 per share or 26% profit for 1921.for the period,
763,383
Acc'ts payable__ 4,149,966
toot minor.Int 1,500,000
Production.
-The combined production of oil from our lands for 1922
30,393,294 2,174,916 Divs. payable__ 4,329,364 2,105,466
amounted to approximately 62,000.000 barrels, or about 85% Increase Cash
Inventories_ _ _ _ 10,713,946
60,444 Res. for tax.Ac. 7,663,350 1,924,049
over 1921, such increase being principally resultant to the
activities carried
b32,550.738 25,457,423
on with respect to lands heretofore undeveloped, or reserves not hitherto Deferred charges 3.095,580 1,499.775 Surplus
drawn upon. The subsidiary companies' production in Mexico up to
173,713,693 111,212,807
173,713,693 111.212,807
Total
Total
Dec. 30 1922 amounted to approximately 230,000,000 barrels,
25% of the total production of Mexico up to that date. representing
a' Oil lands, leases and development, steamships, refineries, marketing
Incidentally. stations and facilities. &c., $155,603 276: less reserve for derciation and
It might be mentioned that the net profits arising from the
payable in
production in California show a very substantial increase over increasing depletion. $45.199,020. y Subject to stock dividend of 20
1921, the Class B common stock on Feb.8 1923 to common and Class stockholders
actual results being about 23e times the profit of that year.
Dividends.
-During 1922. dividends were paid in cash to stockholders of record Dec. 30 1922. z Includes British Mexican Petroleum Co., Ltd.
of the Pan American Company in the sum of $10,561,508, a total of $6 50 (affiliated company), par value. £1,500,000,$5,847.741: bankers & Shippers
per share (13%) on the outstanding capital stock, represented by three Insurance Co., par value $100,000, $250,000; miscellaneous, $170,002
quarterly dividends of $1 50 per share and one of $2 for the last quarter a Includes: Mexican Petroleum Co., Ltd.(of Delaware). Preferred 8% nonof the year. In addition thereto, a stock dividend of 25% was declared cumulative stock, $679.900; common, $1,724.680; Caloric Co. Pref. 8%
on Oct. 23 1922, payable on Dec. 111922. to holders of record as of Nov. cumulative stock. $61,514; Common, 3206,372; Mexican Petroleum Co.
17 1922: also on Dec. 15 a stock dividend of 20% was declared payable (Calif.) stock, $65.381. b Includes 330.830,122 applicable to Pan-Amerlon Feb. 8 1923, to holders of record as of Dec. 3(.1922. In both cases, can Petroleum & Transport Co. and $1.720,616 applicable to minority
dividends were payable In Common Class "B" stock to holders of both stockholders.
-classes of Common stock. The amount Involved payable to the public
The annual report of the Mexican PetroleumCo.of Del.,Ltd.
In each case was approximately $21,232,000 (par value).
The dividends paid during 1922 by the Mexican Petroleum Co., Ltd.. is given under"Investment News" below. V.116,p. 1188, 420.
of Delaware, and of which this company received its proportionate share.
amounted to 36,673.500. representing 8% on the Preferred stock and a
Anaconda Copper Mining Co.
total of 13% on the Common stock.
-Year Ended Dec. 31 1922.)
(Annual Report
Taxes.
-Taxes paid or accruing to the Mexican Government by reason
of companies' production and conunerce. amounted to $15,434,600 for the
The report, dated May 1, signed by Chairman John D.
year. Adding thereto the amount paid or accrued to the United States,
makes a combined amount of $20,809,600, which is equivalent to 23% Ryan and Pres. Cornelius F. Kelley, says in substance:
-The year 1922 was one of unusual importance to the copper
on the par value of the average Common stocks outstanding.
General.
You will note the comparison between the amounts of the dividends Industry as a whole. and to the company. The suspension of operations by
paid by our companies, and the amounts paid for, and reserved for the nearly all of the important American producers in 1921, forced by the
payment of. taxes. The taxes paid to the Mexican Government are 235 inability of the consumptive demand to take the current production of
times the amount of dividends paid by the Mexican Co. The taxes paid copper, and to also absorb the remainder of war stocks of both virgin
by the Pan American company to both Governments is nearly twice the metal and scrap held by the Allied governments, brought about the necessary
amount paid in dividends to its stockholders.
readjustment of the industry. A decrease of about 400,000,000 lbs. in
Another comparison of the taxes to the results obtained by the company stocks held by the producers, in addition to a marked decrease in outside
is that while the net earnings have amounted to approximately 50c. per stocks, made it possible to resume operations in 1922. By the end'of the
barrel, the taxes paid the Mexican Government amount to approximately first quarter practically all of the American copper mines had resumed
25c. per barrel, or equal to 50% of the net profit: the taxes paid to the operating and production continued thereafter throughout the year.
United States Government are approximately 16 2-3% of the amount of
Produrlion.-The approximate production of the world for the year was
net profit
-so that the total taxes amount to 66 2-3% of the net revenue.
1.900.000,000 lbs., and for the United States 1.131.140.000 lbs. (smelter
•
Properties.
-From the consolidated balance sheet it will be noted that production). The market for the year averaged the very low price of
the cost of properties. Including oil lands and leases and development 13.382c. per lb. ("E. & M. Journal"), a figure below the average cost of
thereof; steamships, refineries, marketing stations and facilities, &c., production. It showed, however, a gradual improvement from the low
stand at the amount of $155.603,276. against which the aggregate -reserve average monthly price of 12.567c. in March to 14.074c. in December.
for depreciation and for depletion of oil lands amounts to $45.199,020.
With the general revival of business during the year the demand for the
During 1922, approximately 811,800,000 has been expended on prop- metal improved in a most gratifying manner. Refined stocks showed a
orties, $6.870,000 of which was in respect of additions in Mexico. and further decrease to Jan. 1 1923 of more than 200,000,000 lbs., and the
$2,620,000 in California, the balance of $2,310,000 being in respect of year closed with a large sustained buying movement that carried the price
additions to properties at other points in the United States and South in March up to a high of 17.5c. All manufacturing plants are running to
America.
capacity. with orders booked for months ahead and for the first time since
In regard to the total expenditures for the year. further acquisitions the war, the industry loin a sound economic position, all indications pointing
and development of oil lands account for approximately $4,550,000. At to a prosperous year.
Dec. 30 1922. the companies owned or held under lease approximately
-The present price of copper, about 17c. per lb is high only by
Prices.
1.520,000 acres of land, of which 1,380,000 acres are situated
Mexico comparison with the recent very low price. Copper is feeling relatively at
and 56,000 acres in California, the balance being held in thein
than any basic commodity. The average cost per lb. to the principal
States of
Louisiana, Arkansas and Oklahoma. Of the total acreage held, approxi- less
producers in 1913 was 9.9c.. while the average selling price for that year
mately 95,000 acres were acquired during the current year.
-a margin normally conwas 15.7c., indicating an average profit of 5.8c.
Refineries account for aggregate expenditures of approximately $2.- sidered as representing only a fair return. The average cost of copper
200.000, part of which applies to the construction of a finishing plant produced in the United States in 1921 was 14.34c.. while the average market
located at Tampico, Mexico. The total capacity of all refineries is about price was only 12.7c. per lb., an average loss of 1.64c. per lb. In order to
160.000 barrels per day.
yield a normal profit for the industry, as measured by pre-war years, copper
On pipe line extensions an outlay of $1,700,000 was incurred. At Dec. should to-day be selling at more than 20c. per lb.
80 1922 company owned in Mexico 550 miles of pipe lines, with a daily
-'The most gratifying increase in
Growth of American Brass Co. Business.
.capacity of 130,000 barrels.
operations of the company has come in the remarkable growth of the
Additions to marketing stations and facilities, buildings, tanks, movable the
business of American Brass Co. In 1921 the total output of its manueqeipment, &c., represent an expenditure of 33.350.000.
product etmalled 213.486.566 lbs. of metal, while for 1922 the
There have been three additions to the oil-carrying fleet during 1922, factured
total equalled 412,571,729 lbs.. an increase of 93.3%. The extraordinary
to-wit, the Invoravon, Invergoll and Invergordon, of 10 300 tons each. activity of the business is shown by the bookings of American Brass Co.,
This fleet consists of 47 vessels of an aggregate deadweight tonnage of which equal 136.678.708 lbs. for the first quarter of 1923 as against 45,925.433.276 tons, with a total carrying capacity of 2,871.300 barrels per trip. 470 lbs. for the first quarter of 1921. The total output of the manufacturing
Current Assets.
-Current assets aggregate $53,946.115. being approxi- business of the company, including American Brass Co. and the Rolling
mately 3 1-3 times as great as the amount of all the current
Great Fails, for the first quarter of
174,276.181 lbs..
liabilities,
and nearly 70% greater than the amount of the mortgaged debt and current Mills at 90,802.888 lbs. for the same period 1923 equals
of 1922.
as against
liabilities combined.
The result so far obtained in the increase in volume of business of the
The inventories of crude oil and refined products are represented by Brass company has amply justified the belief expressed by the officers at
actual stocks on hand, the value at which they are stated, viz. cost, being the time when the proposed merger of American Brass Co. was submitted.
very substantially below the selling value. At Dec. 30 1922 cash in
-Operations at Butte were resumed on
Copper Department.-(1) Mines.
banks and on hand amounted to $30,393.294.
number of returning
16, gradually increasing during
-During the year the Class "B" Common stock was Jan. increased. There were mined the year as the of ore and 7,571.95
Capital Stock.
miners
Increased to the extent of 719.811 shares ($35,990,527) such increase being tons of precipitates were produced. 1,983,10(1.07 tons
necessitated by stock issued in exchange for stock of the Mexican Petroleum
(2) Concentrator and Smelter -At the concentrator there were treated
Co.. Ltd.. and the issuance of the stock dividend of 25% which was payable 2.044.506 tons of ore, 81.155 tons of slimes from the ponds, 822,515.36 tons
on Dec. 11 1922.
copper tailings and 91.921 tons of zinc-silver tailings.
1923, the authorized Class "B" Common stock was increased ofThe Leaching plant remained closed throughout the year. The Anaconda
On Jan. 20
to the extent of $80,000,000 so that the present authorized capital is as Reduction Works treated for all companies 2,224,709 tons of ore. Of the
follows:
total amount, 1.878,162 tons of ore 'were produced by the mines of the
Shares.
.Value.0 company;322,918 tons of ore were either purchased from or treated for other
00o, o
lt
o
1,100.000 (par $50) $5a5r
•Oomnion
P
companies. and 23,629 tons of material were shipped from the old plants
3,000.000 (par 50)
Common, Class "B"
150,000.000 at Anaconda and Butte. No copper ores were treated at Groat Falls but
250,000 war 100)
Preferred
25,000.000 a small tonnage of concentrates from Anaconda was used for the fluxing
of zinc plant residue.
Total------------------------------------------------$230.000,000
There were produced 157.346.016 lbs. fine copper, 7.367.859 ozs, silver
of which there is outstanding of the Common,1.001.554 shares (850,077,700) and 26.026.110 ozs. gold. Of this production, 141.741.235 lbs. fine copper,
.
and Common "B" stock. 1,121.795 shares ($56,089,777). No Preferred 6,755,212.19 ozs. silver and 25,719.945 ozs. gold were produced for this
company.
-shares are outstanding.
•
MAY 12 1923.]
THE CHRONICLE
0
2125
(3) Refineries.
-The refinery at Great Falls produced during the year
The usual income account was published in V. 116, p. 2010.
140,901.359 lbs. of cathodes, of which 133,868,138 lbs. were melted into
shapes at that point.
BALANCE SHEET DECEMBER 31.
The Raritan Copper Works at Perth Amboy. N. J., refined for all
[Including assets and liabilities of subsidiary companies.]
companies 300,284,594 lbs. fine copper, 8,086,857.98 ozs. silver and 33,1922.
1921.
1922.
1921.
873,532 ozs. gold.
AndsLiabilities$
5
5
3
(4) Rod and Wire Mill.
-Of the company's production there were rolled
Capital stock isinto rods 68,403.742 lbs. of copper. Of this amount 23.765.134 lbs. were Mines & mining
claims, land,
sued
150,000,000 116,562,500
manufactured into wire, of which 10,598.165 lbs. were made into strang.
&c
123.169,505 119,438,111 Minority interest
Zinc Department
-(1) Mines.
-From the Butte mines of the company
Bldgs.,tnach.,&c.101,689,864 76,285,549 in sub. cos_ 3,781,413 2,486.295.
there wore produced 87.076.08 net tons of zinc ore.
10-year secured
(2) Zinc Reduction Works.-The•plants at Anaconda and Great Falls Invest,in sundry
companies
gold bonds___ 47,749,100 49,201,700
18,553,003 16,495,444
treated 236,322.76 tons of ore and other zindferous material. Of this
Acc'ts & wages
amount 93,241 tons were produced by the mines of the company. 633 tons Material &supp.
Si prep'd exp. 19,258,305 21,989,307
payable and
of material were from the old plants at Butte and 142,449 tons of ore and
Metals in protaxes. &c., acconcentrates were purchased.
sem, &c
44,051,714 13,075,368.
43,672,793 17,817,364
crued
The electrolytic plant at Groat Falls produced 113,475.088 lbs. zinc.
,
Reserve for de5,604.684 lbs. zinc in dross; and residue from which there were recovered Account,. resetsable and cash_ 33,942,614 21,235,831
27,025.771 24,182,834
predation
15,211.699 lbs. lead, 1.937,696 lbs. copper, 3,373.385.65 ozs. silver and
Derd chge .,&c. 3,606,699
71.284,784 67,753,907
Surplus
5.673,904 ozs. gold.
,
Miscellaneous Products-(1) Lumber.
-The sawmills at Bonner and Hope
Total
343,892.782 273,262,605
343,892,782 273,262,605
Total
cut 63,116,499 ft. of lumber and purchased 2.610,171 ft., of which 37.389,765 ft. were shipped to the departments of the
Note.
-In order to comply with the Government income tax require38.047,100 ft.
were sold commercially. 877.826 ft. were used atcompany.for repairs and ments for the purpose of computing depletion, an additional valuation of'
the mills
construction and 2.291,627 ft. were supplied to the factory for manufac- the mining property as of March 1 1913 has been recorded on the books
turing. or a total disposition of 78,606,318 ft.; decreasing the stocks of of the company, but for tho sake of uniformity the result of those entries
finished lumber on hand by 12,879,648 ft., leaving a balance on hand at has been omitted from the current statements.
Dec. 31 1922 of 40,060,865 ft.
For the consolidated balance sheet as after Dec. 31 1922. but after
(2) Coal.
-At Diamondville, Wyo., there were produced 314,328 tons of giving effect to the new financing in connection with the acquisition of'
coal, 149,912 tons of which were shipped to other departments of the Chile Copper Co., Sic., see V. 116,
P. 298.-V. 116, p. 2010. 1896.
company, 140,772 tons were sold commercially and 23.644 ions were
used
at the coal mines.
Standard Oil Company (California).
At Washoe, Mont., there were produced 151,201 ton.s of coal; 65.803
tons were shipped to other departments of the company, 81.208 tons were
(Annual Report for Fiscal Year Ended Dec. 31 1922.),
sold commercially and 4,191 tons were used at the coal mines.
President K. R. Kingsbury reports in substance:
At Sand Coulee, Mont., there were produced 34,131 tons of coal; 21,678
Results.
tons were shipped to other departments of the company, 12,373 tons were
-Net profits for the year after depreciation, depletion, interest
on debentures and estimated income taxes were $27,019,814. or 0.31%
sold commercially and 80 tons were used at the coal mines.
(3) Arsenic.
-As a by-product of copper smelter operations there were on combined issued capital and book surplus of $262,150,578 as ef Dec. 31
produced 3.036,347 lbs. of arsenic, of which 3,007.599 lbs. were refined. 1922 and 13.19% on the issued capital. •
The improvement in general business conditions during the year was
assaying more than 99% arsenious oxide. Sales during the year amounted
to 3,050,942 lbs., at an average price of 7.1c. per lb., of which 224,684 lbs. reflected in a greater volume of sales, but owing to the increased surplus
production of crude oil resulting in a decline in the value thereof the comwere crude and 2,826,258 lbs. were refined.
(4) Sulphuric Arid.
-The sulphuric acid plant at Anaconda produced pany received lower prices for its products, which, combined with the re28,739 tons of sulphuric acid, averaging 60 deg. Beaume. This was duced value of inventories, resulted in a decrease in the net profits for the
year as compared with the previous year.
supplied to the flotation plant.
Crude Oil Production in California.
) Fertilizer.
-The mines at Conde, Idaho, produced 13,006 tons of
-Averaged 314,613 barrels per day
rock, averaging 35% P205. Of this amount 2,875 tons were sold and during Jan. 1922' and gradually increased through large developments in
10,131 tons were shipped to Anaconda. The phosphate plant at Anaconda the southern California fields of Huntington Beach, Signal Hill and Santa Fe
produced 2,413 long tons of treble superphosphate, averaging approximately Springs, until the average production for Dec. 1922 was 497,639 barrels
45% P205. The plant at present operated was built for the purpose of per day, in addition to which there was an estimated production of more
perfecting the process of manufacture and has only a small capacity. than 80.000 barrels per day shut in. Duo to this great increase of proAdditions Are now being made that should result in increased output duction the price of crude oil declined, the company reducing its offered
price for crude oil twice during July.
at a profit.
Pipe Line Facilities, &c.
(6) Metal Roofing.
-The plant at Perth Amboy for the fabricating of
-It became necessary for the company. in order'
copper and zinc shingles commenced operations Feb. 21. and all necessary to handle the surplus production which was offered, to shut in as much of
accessories for complete roof installation were made. The results for the its own production as possible, and this amounted on Dec. 31 to about
year have been satisfactory, and it is expected that an increasing quantity 30.000 barrels per day. It became apparent during the year that enormous
of copper and zinc will be used in this new field, as the public becomes Increases would be necessary in pipe-line and storage facilities to handle
the surplus production which was inevitable, due to the nature of the fieldsbetter acquainted with their many advantages,and ultimate economy.
Butte Anaconda & Pacific Railway Co.
-The railway transported 3.411.686 which were'being developed, and the company made every effort to meet
tons of ore and other freight, and 158.527 passengers. The gross revenues this situation. By Dec. 31 these additional storage and pipe-line facilities
were $1,256.623; rental and miscellaneous receipts $36,808; operating ex- had involved the expenditure of $6,800,000, and
close of the year'
penses $1,145,435; taxes, int. and rental of leased lines $244.459; net loss expenditures for these facilities have been on an since the
even larger scale.
$96,463.
Earnings.
-Earnings for 1922 after deductions for operating and marketInternational Smelting Co.
-The copper plant started operations June 14 ing expenses and inventory losses were $42,822,826. From this there was
and treated 40,193 tons of ore and concentrates, from which there were written off $3,408,612 for depletion and
$9,444,401 for depreciation, and
produced 10.879,094 lbs. fine copper, 825,030.56 ozs. silver and 7,281.455 after payment of $1,750.000 interest on 7% gold debentures and $1.200,000'
ors. gold.
estimated income taxes the net profit carried to surplus was $27.019.813.
The lead plant started operations
Surplus.
-In addition to the net
21 and treated 77.663 tons of ore
was carried
and concentrates, from which there June produced 20,271,233 lbs. of fine to surplus $4,479,040 premium fromprofits of 027,019.813. there$22,629,952'
were
the sale of capital stock and
lead. 1.860,805.62 ozs. silver and 4.297 091 ozs. gold. From the treatment representing the value of oil discoveries and adjustments made during the
of fume and flue dust there were obtained 63.49 tons of crude arsenic. year. From surplus account there was deducted
depletion of'
averaging 94.8% As203.
appreciated surplus, cash dividends of $16.285.659$12,918,438
($4 per share), and there
Tooele Valley Railway Co. handled during the year 211,146 tons of ore was transferred from surplus account to capital account $102,240.935. leavand miscellaneous freight.
ing a balance in the surplus account as of Dec. 31 1922 of' $57,363,306.
Miami (Ariz.) Smelter.
Finances.
-The capital stock was
-The smelter treated 392.277 tons of concentrates
from
to $250,and purchased ores, from which there were produced 188.113,444 lbs. of 000,000 on Dec. 5 1922, and in orderincreasedissued $115,000.000 company
that
capital of the
fine copper, 477 346.98 ozs. silver and 5.820.278 ozs. gold.
might more nearly reflect the value of itsthe
assets a stock dividend of 100%
International Lead Refining Co.
-The lead refinery at East Chicago, was declared and was paid on Dec. 30 1922 to stockholders of record'
Ind.,started operations July 1 and during the remainder of the year treated Dec. 9 1922.
12,843.04 tons of purchased ore and bullion, from which there were proPlant Inrestrnent.-Additions to plant investment during the year were
duced 22,319,149 lbs. common lead, 1,486,552.97 ozs. silver and 3,750.020 $21.932.754.
ozs. gold.
Taxes.
--Company paid
in taxes during 1922 as follows:
The pilot plant at East Chicago operated throughout the year and Federal income tax (1921),$5,323,611 Federal capital stock
$967,509;
tax.
8 550
produced 2,008,535 lbs. zinc oxide, all of which was sold at satisfactory franchises and licenses, $438,318; property taxes, $3,539,233. $37 . ;
prices. The construction of an operating unit of a French process oxide
Inventories.-Inventorles at the end of the year amounted to $58,071,384.
plant, consisting of 20 retorts having a daily capacity of approximately Of this total, petroleum products
material and
and
16,000 lbs. of zinc oxide per day was practically completed at the end of supplies $10.441,091. Inventoriesrepresent $47,630,292 increased $7.704,of petroleum products
the year. A similar plant was in process of construction at Akron,0.
186 during the year. 'while material and supplies decreased $3,921,341, a
Anaconda Lead Products Co.
-At East Chicago, Ind., there were produced net increase of $3.782,845.
15,290.364 lbs. barrelled white lead and 79,721 lbs. pulp lead, all of
Stock Situation.
-Total stocks of all products on Dec. 31 amounted to
which were sold. The plant is now operating on a basis of 25 tons daily.
39.104.000 barrels, an increase
-gallon barrels,
Walker Mining Co.
-Operations at the mine and mill were resumed on or an average of 26,400 barrelsfor the year of 9,636,000 42
per day.
May 22. At the mine, ore broken amounted to 54,482 tons. At the
Crude Oil prices.
-The base price of $1 10 per barrel for heavy crude oir
concentrator there were treated 38,652 tons of ore, averaging 5.62% which the company
copper, producing 9,716 tons concentrates, averaging 21.08% copper, with changed until July had continuously offered since Aug. 3 1921 was un15 1922. when it was reduced 25c, per barrel, with apa recovery of 95.59,
%. Shipments to the smelter amounted to 16,779 tons proximately
concentrates, and 3,046 tons crude ore, averaging 11.6% copper. Con- These prices the same reduction in the prices offered for other grades.
were further reduced 25c. per barrel July 25 1922. bringing
struction at the concentrator to bring the tonnage up to 275 tons per day the base price
was completed, and it is the intention to further increase the capacity to balance of the to 60c. per barrel, which figure obtained throughout the
year.
treat a reasonable proportion of ore newly developed.
Crude Oil Production.
was.
Arizona Oil Co.
-During the year the company produced 379.690 bbls. 25,679,746 barrels, a -Gross production from company's wells with
daily average of 70,355 barrels, as compared
of oil. Due to the bringing in of a large number of new wells in the State 36.696.916 barrels
These
in
of California by various companies operating in that State, the stocks of figures show a decline 1921, a daily average of 100.539 barrels. 30,184
in daily production as compared with 1921 of
unsold oil were greatly increased, with the result that prices rapidly declined. barrels,
approximately 30%.
January
No dividends were disbursed during the year.
and continued throughout the Curtailment of production began in
year until on Dec. 31 there were 387 wells
Andes Copper Mining Co.
-Operations at PotrerIllos, Chile during the shut in, representing
a daily production of about 30.000 barrels. On
year 1922 were confined to mine development, operation of testing plant Dec. 31 company
was actually producing 877 oil wells and 5 gas wells
.
on both oxides and sulphide ores, advance of tunnels on La Ola pipe line Company also
produced during the year 34.128.957.000 Cu, ft. of natural'
and miscellaneous work.
gas, most of which
There was no churn drilling done during the year, but the work was a daily average of came from wells producing both oil and gas. This was
confined to enlarging and finishing the main adit, driving of haulage levels, to gas companies 93.503,902 Cu. ft.. 61.980,520 cu. ft. of which was sold
for commercial and industrial uses and the balance was
defining known ore body, and checking drill holes by upraises and drifts. consumed in company
operations. During the year 73 oil wells and one
The results were highly satisfactory, the drifts frequently disclosing ore of gas well were
complet
and 21 dry holes were drilled and abandoned.
very much higher grade than that indicated by the drill holes originally On Dec. 31
company was drilling 55 new wells and redrilling 16 old ones,
bored.
making a total of 71 strings of tools in operation.
In May the driving of the two remaining tunnels on La Ola pipe lino was
Development, &c.
2,378
-Company
resumed and will be carried on to completion.
acres of leased land at Wheelercarried on wild-cat operations on miles*
Ridge in Kern County, about 18
The experimental leaching plant was operated on oxide ores until Sept. 1 southeast of the
Sunset field. At the end of the year one well had been
with consistently satisfactory results. The experimental flotation plant Tnen which
completed
etedtor the field d an inas y p deiined. of about 265 barrels per day.
showe is not itialetrioduction
was in operation from Sept. 1 to the end of the year, the results obtained
being most satisfactory.
Owing to the development of
prolific deeper sands in Huntington Beach,'
The operation of the Potrorillos Ry. was without incident during the Orange County,
that
year. The property and railroad throughout are in excellent condition.
the year. Company field has been the focus of considerable interest during
has had under lease in that field a total of 1,122 acres:
Santiago Mining Co.
-A shipment of oxide and sulphide ore amounting of Huntington
Beach Co.land, a largo portion of which land is now Proven
to 3,988 tons was sent to the testing plant of the Andes Copper Mining territory. The
Co. at Potrerillos for testing purposes. Other than this there was no ration owning lessor of this land, the Huntington BoachCo., is a corpo1.538 acres of land at Huntington Beach, the oil rightsof
work done at either of the properties of the Santiago Mining Co.
1,263 acres being under
Standard
lease on
American Brass Co.
-At the various plants of the company there were Lit eh co.
Co. acquired a little over a royalty basis. In Dec. 1922 the
62% of the capital stock of the Huntington
produced 412.571,729 lbs. of copper, brass and nickel silver products. At
the present time plants of the company are operating on a basis of 50,000,000
The production in the Santa Fe
Springs field in Los Angeles County has
lbs. monthly.
greatly increased
Since the acquisition of over 99% of the stock of the company during washorizon.65Cbarrelsomp ndue to the discovery and development of a lower oil
17 0
.
y urin erpeceniller production from its leases in this field
' avg age dab y
ds
Feb. 1922 there was purchased the property of the Brown's Copper &
Brass Rolling Mills, Ltd., at New Toronto, Out., Can., excepting the land
Company's holdings of producing and prospective oil property in Caliand buildings, which were leased for a long period. A new corporation
- fornia on Dec.
-all of the stock of which is ownei by are under lease 31 amounted to 103,592 acres. Of these holdings 45,941
Anaconda American Brass, Ltd.
American Brass Co., was formed to conduct this operation and to better In fee and in (5.755 acres acquired during 1922). 22.637 acres are ownect
35.014 acres company owns
serve the-Canadian trade.
California Company (entirely owned by the mineral rights.-During
Standard Oil Co.).
the'
New Financing and Purchase of Chile Copper Co. Shares.
-For details Year the California
regarding the acquisition by the company of 2,200,000 shares, or more ties in that State, Co. extended its operations in Montana to other localithan 50% of the outstanding stock of the Chile Copper Co.and the financing and preparing for and at the close of the year was running 8 strings of tools.
the drilling of 4 additional wells. Two small wells were'
required in connec'ion with the acquisition, as well as the refunding of completed in the
Kevin District with a combined production of 78 barrels.
certain of the company's outstanding obligations, compare V. 116, P. 179, per day.
Company added a total of
acres to its holdings in Mon-298, 406, 939.
n airg a total of 78.575 acres in53,823
Montana as el Dee. 31.
2126
THE CHRONICLE
[voL. 116.
In May 1922 the California Co. qualified to do business in Texas, and ther hampered by restrictions in the indentures providing for the issuance
by its leasing operations during the remainder of the year acquired a total of its outstanding debentures and gold notes, which under existing condiof 45,154 acres of land in Mitchell and adjoining counties in the west central tions were considered by the officers as unnecessarily severe and costly.
It was determined to be of the utmost importance that the business of
portion of the State. At the close of the year the company was engaged
the company should be freed from unnecessary obstructions to its natural
in drilling a well on these lands near Colorado, Mitchell County.
Foreign Producing.—(1) Alaska.—During the year company acquired development and that it should be furnished with additional working
U. S. Govt. prospecting permits in the so-called Cold Bay District, Alaska capital to meet the requirements of its increased business.
After thorough consideration given to the subject by officers and direcPeninsula. A complete outfit for drilling of an oil well was shipped in Aug.
1922. Adverse weather conditions delayed drilling operations until after tors, the principle was adopted of segregating in a new subsidiary, to such
the first of the year. (2) Argentina.—Prospecting permits covering 9,880 extent as should be practicable, the business and properties resulting from
acres of land were acquired during the year. An operating company is such expansion of the company,together with certain other properties which
being formed under the name of the Sociedad Anonima California and 2 would facilitate the financing and administration of its business in order
wells were started soon after the first of the year. (3) Colombia.—There that the new subsidiary might issue securities and with the proceeds furwas acquired during the year 2,670 acres under lease and 3,720 acres in fee. nish this company with funds to retire its outstanding debentures and gold
The Latin America Petroleum Corp. of Colombia, in which the company has notes and with additional working capital as required.
With respect to the type of securities to be issued to the public by the new
a controlling interest, surrendered during the year the Sirniti lease of approximately 750,000 acres. On Dec. 31 the well on the Carmen property company, 1st Mtge. bonds, secured by the real properties not subject to
was drilling at a depth of 2,160 feet and the San Jacinto well was drilling the 1st Mtge. of this company, and Preferred stock which would have no
definite maturity date, and which would leave the new company in the
at 2,465 feet.
Richmond Petroleum Co.(entirely owned by Standard Oil Co.).—Philippine most favorable credit position, were considered most advisable.
Armour & Co. of Delaware was therefore organized as a subsidiary,
Islands.—During the year additional leases were acquired as well as exploratory permits. Two wells which were drilling there had attained depths' and after acquiring the businesses and properties which it was organized
to acquire, it sold 850,000.000 1st Mtge. bonds and 860.000,000 7% Pref.
of 3,520 and 2,382 feet on Dec. 31 and a third rig had been erected.
Richmond Petroleum Co. of Mexico (entirely owned by Standard Oil Co.).— stock, the proceeds of which were received by this company and applied
Mexico.—In 1922 58.796 acres of land were acquired under lease in the to retire its outstanding 1$3,697,2001 debentures and 1659.968,0001 gold
Tehuantepec region of southern Mexico. Richmond Petroleum Co. of notes [called for payment; V. 116, p. 8251, to reduce its floating debt, and
Mexico, S.A., was incorp. on Oct. 5 1922 in Mexico, and this corporation for its other corporate purposes. All of the Common stock of the new
subsidiary was acquired and is owned by this company.
will handle operations in that country.
As a part of the plan and in view of J. Ogden Armour's desire to be reCalifornia Standard Oil Co. (entirely owned by Standard Oil Co.).—
Ecuador.—There was acquired during the year 24,710 acres of land under lieved of the burden of active management, it was determined that instead
lease. Drilling of one well was commenced on Oct. 5 and a depth of 1,480 of a family-owned and managed corporation, it would be preferable if its
feet had been reached on Dec. 31. California Standard Oil Co. was incorp. employees and the public could become the owners of a large portion of
the equity of this company. Accordingly, Mr. Armour became Chairman,
Aug. 11 1922 in Nevada to handle operations in Ecuador.
Pipe Line Department—The enormous increase in the production of crude F. Eason White was elected President, and a finance committee consisting
oil in southern California required extensive additions to the pipe line and of Samuel McRoberts, Albert H. Wiggin, Arthur Reynolds, F. Edson White
and Philip D. Armour was provided for.
storage facilities.
Arrangements were made contemplating the offering of a portion of the
Crude oil purchases during the year amounted to 26.151.155 barrels, or
71,647 barrels per day, from approximately 160 producers. Total runs Common stock of this company to its employees and the public for purthrough the company's pipe lines in 1922 averaged 1.42,002 barrels per day, cnase by them in due course, and in order that the purposes of the plan
mignt be carried out in the meantime, Mr. Armour arranged for the deposit
or an increase of 11,715 barrels per day over last year.
Manufacturing Department.—During the year 26 steel tanks and 4 con- of a portion of the Conimon stock of this company by certain members of
crete lined reservoirs were constructed, which increased the storage facilities tne Armour family with Samuel McRoberts, Albert H. Wiggin and Arthur
-gallon barrels. Company has under way Reynolds as voting trustees until the stock could be disposed of. As the
at the refineries by 6,095,000 42
the construction necessary to equip the refineries with improvements, one stack is sold, such voting trust arrangement terminates.
To further carry out this idea, it was proposed, subject to the approval
of which alone will result in giving the refineries 50% increase in crude-oil
capacity without additional crude stills, as well as a large increase in the of this meeting, that new directors, consisting of men prominent in banking
and business and in other fields, be added to the board (for new directors
yield of finished'products.
Sales Department.—Addition to sales plant in 1922 included 103 sub- see subsequent page).
Tae purchase of the business and properties of Morris & Co. was consumstations and 150 automobile service stations. On Dec. 31 company was
operating a total of 17 main stations, 531 substations and 550 automobile mated on Mar. 28 1923, after prolonged negotiations. The purchase price
was payable $2,750,000 in cash and the balance by the delivery of $.5,000,000
service stations.
Marine Department.—Company transported by its own vessels during the of Prof. stock of Armour .St Co. of Delaware, $9,000.000 of Pref. stock and
year 1922 27,940,764 42
-gallon barrels of oil. In January 8 of the com- $10,700,000 of the Common stock of Armour St Co. of Illinois.
'rue business and properties were acquired by the North American Propany's vessels, representing 89,231 deadweight tons, were laid up. At
the end of the year all ships were in commission with the exception of one vision Co., a subsidiary of Armour & Co. of Delaware, except that certain
barge. Company now has in operation 18 ocean-going vessels with a total fixed assets were taken over from that company by Armour .Sr Co. of 111.
carrying capacity of 1,121.000 42
-gallon barrels. In addition to the ocean- and Armour & Co. of Delaware for cash hi order to improve the current
going fleet, company operates 18 harbor vessels with a total capacity of position of the business.
An additional $10,000,000 of the 1st Mtge. bonds of Armour & Co. of
30,050 42
-gallon barrels. Company contracted during the year for the
Delaware were issued by it and placed through the Morris Interests in order
construction of one new ship.
Motor Vehicle Department.—Company added during the year 267 pieces to effect a reduction in the Morris indebtedness.
of motor equipment to its service, making a total of 2,960. It is estimated
Tne North American Provision Co. was capitalized at $10,000,000 7%
that during year total mileage covered by all cars was 30,000,000 miles. Cumulative Preferred stock, and $30,000,000 of Common stock, all of which
New Office Building
.—Tbe new 22
-story office building on the southwest Is owned by Armour & Co. of Delaware except approximately $8,600,00C
corner of Bush and Sansome Streets was practically completed in 1922 uf tue Preferred stock, which was issued to acquire a like amount of the
Preferred stock of Armour & Co.. required as part of the purchase price.
and a part of the offices occupied.
Employees.—On Dec. 31 employees numbered 19,140. The pay-roll Tao transaction is regarded by officers and directors as a most advantagefor the year amounted to $37,786,745. Payments covering pensions, life ous one. Operating experts and accountants estimate that the economies
Insurance, sickness and disability benefits amounted to $1,101,629, or involved will amount to approximately $10,000,000 annually in operation
and administration.
2.92% of the pay-roll.
It is believed that material benefits will accrue to both consumers and
Employees' Stock Investment and Savings Plan.—The employees' stock
Investment and savings plan on Dec. 31 1922 had been in effect 19 months. producers of meat products from this step, which enables this company to
The number of employees participating is 10,904. On Dec. 31 the em- serve the public more economically and efficiently.
The Conference Board plan with our employees is proving highly satisployees had paid into the plan $5,945.735: company had deposited $2,972,867. which with dividends of $316,139 amounted to a grand total of $9,- factory. It made a wage reduction possible when conditions made lower
234,741. The number of shares issued to the trustees under the plan operating costs imperative, and it has now operated satisfactorily in the
other direction. Within the last few weeks over 35.000 plant employees
e 191,802.
Stockholders—On Dec. 31 company had 10,904 stockholders, an increase requested an increase in their daily wages. The General Conference
Board, representing the employees and the management, considered the
Of 2,574 during 1922.
matter from every angle, and as economic conditions seemed to Justify a
INCOME ACCOUNT YEARS ENDING DECEMBER 31.
wage increase, one was granted. The increase amounts to approximately
0
.500,00
1922.
1920.
1919.
$2Fr0m ev
1921.
.
erynuaild Clint the business of this company is in the best condian stanyp
Earnings after operating
$
S
.
$
& marketing expenses_ 42,822,826 50,530.409 59,413,819 48,566,328 tion it has been in since the early days of the war. We have now been on
8,176,220 tne profit side of the ledger for seven months and there is no reason to doubt
Deduct—Deprec. depl_ 12,853,012 14.192,397
9,798,565
tnat the post-war readjustment is over and that our business is again
Interest on debentures 1,750,000
1,670.782
9.327.339 upon a permanently profitable basis. During the past three months of the
7,960,000
Federal taxes (est.)___ 1,200,000
1,079,000
current fiscal year our results have been very satisfactory. Our subsidiary
Net profit
27,019,814 33,588,231 41.655,254 31.062,768 and auxiliary corporations, notably the Fertilizer Works. the Leather ComCash dividends paid_ _ _ _ 16,285,660 15,499.546 13,912,264 a13,415,397 pany and the South American connections, all report substantial earnings.
Tonnage increases in this country have resulted from the unusually heavy
10,734.154 18,088,685 27,742,991 17,647,367 marketing of live stock which has been taking place for some months past.
Foreign business is showing steady improvement.
Stock premium
4,479,040 3,361.878
(Price, Waterhouse & Co., accountants, say: The consolidated balance
*Discovery apprec.. depl.,
on apprec. stir. & adj.
sheet shows the sition after giving effect to the issue and sale of $50,000.,000,000 Preferred stock of Armour & Co. of Delaware
to surplus of prey. yrs- 9.711,514 dr.9,074,735 36,443,548 22,659,163 000 bonds and
since consummated (V. 116, P.80, 179), and the application of the proceeds
Additions to surplus__ 24,924,708 12,375,828 64,186,539 40.306,534 in payment of gold notes and'debentures of Armour & Co. of Illinois (which
Surplus Jan. 1
134,679,534 122,303,707 58.117,168 17,810.634 have been called for redemption—V. 116, p. 825), and the reduction of
Stock dividend (100%)-102,240,936
other indebtedness as contemplated by the plan of financing. Effect has
not been given in the balance sheet to the purchase of the properties of
Surplus Dec.31
57,363,307 134,679,534 122,303,707 58,117,168 Morris & Co. recently consummated—V. 116, p. 1415.1
INCOME AND SURPLUS ACCOUNT FOR STATED PERIODS.
* Includes enhanced values due to discoveries of oil on company's land
14 Mos.end.
Years Ended
together with corresponding depletion, and is set up on books of company
Dec. 31 '22. Oct. 29 1921 Oct. 30 1920 Nov. 1 191$
in accordance with rules and regulations of the Internal Revenue Dept.
$
a Includes extra dividend of $2 50 per share paid in 3d Liberty Loan lbds.
Not stated 600,000,000 900,000,000 1038000,000
Gross sales
BALANCE SHEET DECEMBER 31.
8. 15:0360
6 6 0 def31709,818 '?5,319,975 14,098,506
27
3
Income for year
Depreciation
1921.
1922.
1922.
1921.
Liabilitfes—
Asseta--'
Previous surplus
63,454,697 80,711,494 80.479,183 69,366,799
$
Plant account_ _200,910,580 180,895.113 Capital stock_ —204,787.272 100,971,111 Reappraisal of plant,
10.yr.7% g.deb. 25,000,000 25,000,000
Investments 1 n
9,625,084 20,000,000
ad ed to surp. acc t
• securities__ __a22,812,679 19,370,738 Accts. payable.. 7,501,030 5,807,435 Losses on foreign exch.,
Inventories -__ 58,071,383 54,288,539 Fell taxes (est.) e,850,986 6,729,987
20,640,522
&c., prior years
Accr. deb. int._
2,000,000
2.000,000 2,000,000
Accounts receiv729,167
729,167 Common div. (2%)3,546,979
3,087,664
986,123
18,312,991 14,340,016 Insurance res've
able
535.831
170,313 Preferred div. (7%)- - 4,434.220
373,615 1,096,158 Merchandise due
Notes receivable
on contract__ 1,467,906
Deferred charges 1,709,060 2,415,555
Balance, surplus
40,376.402 63,454,697 80,711,494 80,479,183
923,226
3,765,545 4,327,003 Suspended earns 1,722,355 1,722,355
Cash
* Earnings and reserves accumulated by the foreign connections and not
Surplus
57,363,307 134,679,534 included in previous annual reports were brought into the statement for the
1919-20 to offset losses in the United States.
Total
305,957,8.54 276,733,126
Total
305,957,854 276,733,126 year
CONSOL. BAL. SHEET DEC. 31 1922 (After Giving Effect to Financing).
a Investment in securities are (at cost) substantially less than the market
[Including Armour & Co. of Ill. Armour & Co. of Del. and their subvalue.—V. 116, p. 1907, 1660.
Anonima La Blanca.]
sidiaries, and 50% interest in Socieilad
$
Liabilities—
II
Assets—
Armour & Co. of Illinois.
7% Pref. stock (III. company) 59,295,400
bidgs., mach'y & fixed
Land,
do (Delaware company) 60,000,000
equipment (aPPralse(i)_ _154,784.620
50,032,000
(Financial Report 14 Months ended Dec. 31 1922.)
CIISCS "A" Common
do not appraised, book
50,000,000
15,767,521 Class "B" Common
values
59,456,594
President F. Edson White reports in substance:
50%int.in La Blanca property 1,959,580 Notes payable
16,762,706
cars, &c
15,272,505 Accounts payable
stockholders
Since the last meeting of affairs of thethere has been a readjustment of Refrigerator leaseholds
887.159
1,651,676 Preferred div. payable
company involving the organiza- Franchises &
financial and corporate
the
33,973,655 1st Mtge.4tie, Ill. company. 50,000,000
Delaware and the issuance by it of $110,000,000 Cs tt
tion of Armour dr Co, of
receivable
56,174,615
do Delaware Co. &lig- 50,000,000
of securities guaranteed by this company (V. 116, p. 80, 179). which has Aotes & acc'ts
_ 1.000,000
Re:erve
placed this company in a very sound financial condition, and also since the Inveltories securities, est. 79,458,568 Surplus for contingencies._. 40,376,402
last meeting we have purchased the business and properties of Morris & Marketable values
17,401,094
realizable
116, p. 1415)•
Co. (V.
advances
Since the issuance by this company in 1909 of its 1st Mtge. bonds, com- Ins,stocks, bonds & Inclu leg 45,975,451
L eferrai charges,
pany has acquired in connection with thealargo expansion of its business
15,390,987
unamortized discount
properties of great value, large portion of which did not
additional fixed
become subject to the lien of its 1st Mtge. Certain of the provisions of the
Total
437,810,271
437,610,271
Total
which had been inserted to meet conditions existing in 1009
mortgage
and in addition, company was fur- --Ir. 116, p. 939 1897
.
.
did not accord with present conditions,
MAY 12 1923.]
THE CHRONICLE
2127
Preferred stocks to patrons and consumers. A total of $7,949.600 of the
subsidiary companies' Preferred stocks was sold or subscribed for, of
which amount $6.640,000 was sold by the electric companies and $1,309.600
by the water works companies.
-Of the 26.000 acres of land which company
California Properties.
owns in the Sacramento Valley, Calif., about 1,600 acres are now planted
In view of the purchase by the company of a number of new properties to orchards, out of at least 12.000 acres. Lemons, oranges, grapefruit.
during the year, and in view of the large interest of the company in the prunes, almonds and olives constitute the principal crops of these orchards,
West Penn companies, the balance sheet, income account and surplus while the other lands of the company are being used for the cultivation
account are submitted in consolidated form for 1922. Heretofore the of rice and general farming and grazing, such operations being carried
company's balance sheet has carried tne securities of the West Penn Co. on partly by company and partly by tenants under lease.
owned by company as an investment, and the company's income account
Dividends.
-Out of the surplus and net profits, four quarterly dividends.
has, in the case of the West .enn companies, only included the dividends each of 14,% on the 7% Cumul. 1st Preferred stock, were paid during 1922.
actually received, no consideration being given to the proportion of the
On March 21 1923, out of the surplus and net profits, an initial diviearnings of such companies which were applicable to the Common stock dend of $1 per share was declared on the 6% Particip. Preferred stock,
held by company.
payable May 15 to stock of record as of May 1 1923.
-On Dec. 31 1922, company's holdings of stock of West
West Penn Co.
INCOME ACCOUNT FOR STATED PERIODS.
Penn Co. were as follows:
Total
P. C.
Owned by
The following income account does not include subsidiary companies.
Outstanding.
A. W. TV. ee E. Co.
of Total.
Year to
6 Mos. to
Year to
Year to
58.054,'700
Preferred stock
PeriodDec. 31 '22. Dec. 31 '21. Dec. 31 '21. June 30'21.
22,500.000
Common stock
$4,668,500'9
16,344,000
5 .64
77 6
2
Co.'s proportion of net
$375,584
The $8,054.700 Preferred stock outstanding is receiving current dividends
$369.097
$586,463
income of sub. cos_ _ _ $718,294
at the full rate of 6% per annum. During the year 12,1% of unpaid Co.'s propor, of net inc.
dividends that had accumulated upon $6.500,000 of this Preferred stock
of oth. subs. (other
which was issued prior to
was liquidated by the payment in cash
than West Penn)
42,508
1914'
of three dividends aggregating 3.N % and the balance (9%) in interest- Divs. on stocks of West
374,863
187,431
bearing warrants payable in equal installments on Feb. 15 and Aug. 15
Penn Cos
413,786
477,971
of 1% Int. on bonds, notes &
1923, and Feb. 15 1924. On Jan. 17 1923, an initial dividend of
539,770
275.160
upon the Common stock of West•Penn Co. was'declared payable on March
551,151
adv. to sub. cos
527,332
315.145
148,192
30 1923. to stockholders of record March 15 1923.
Other income
285,362
366,637
In addition to expenditures for current maintenance and repairs there
was set aside the sum of $1,267,333 for depreciation renewals and replace$979.880 $1,605.362
Gross earnings
$2.132,741 $1,836,762
$288.969
$166,598
ments. Of this latter sum $1,092,333 was charged to and included in Tss expenses and taxes_
$312,304
$349,522
operating expenses.
Less int. on coll. trust
800.125
One of the two additional 30,000 k.w. units installed by the West Penn
400,008
799,966
20-yr. 5% bonds
770,502
381.500
381,500
Power Co. at its Windsor Station has recently been placed in operation, 1st Pref. dive.(7%)
381,500
416,967
and the second is expected to be operating in April 1923. The -Windsor
$516.269
$413,274
Station has, including this addition, a total installed capacity of 180.000
Balance, surplus
$724,493
$1,012,717
k. w. one-half of which is the property of the West Penn Power Co. and
INCOME ACCOUNT OF SUBSIDIARY WATER COMPANIES.
the other half the property of Ohio Power Co.
Construction has commenced on an addition to the Springdale Station
-Years ended Dec. 31- -Years ended June 30Which will contain 2 new units of 35,000 k. w. capacity each, increasing
1920.
1921.
1921.
1922.
the installed capacity of that station to approximately 112,000 k. w.
Gross. earns., all sources $5,998,774 $5,684,188 $5.436,568 $4.876,977
2,680,143
-West Penn Co. has acquired all of the Oper.exp.,taxes & depr_ 3,281,648
West Penn Monongahela Co.
3,216,894' 3,254,946
7% Cumul. Preferred stock ($2.369,000) and 2-3 of 931.830 outstanding
Common shares, of no par value, of West Penn Monongahela Co. the
Net earnings
82,717.126 $2.467,294 $2,181.622 82.196.834
1,689,157
remaining one-third of such Common shares having been delivered to Int. & amortization_ _ 1,855,416
1,767,235
subsid__
1,811.098
former Common stockholders of Monongahela Power & Ry. The West Pref. dive, of
e__ _
114,466
35,476
24.730
Penn Monongahela Co. owns 310,610 shares of the Common stock (par Minority interests
38.803
28,950
34,258
$25) out of a total of 331,887 shares outstanding of Monongahela West
$1.713,886
Penn Public Service Co. (formerly Monongahela Power dr Ry.). The
Net income
most im- Prop'n appl. to stkhldrs- 81,998,832 $1.880,831 $1,806,039
$482,947
Monongahela West Penn Public Service Co. is the largest and
$375,584
$586,463
$718,294
portant electric light, power and railway property in West Virginia. The
territory served by that company and its subsidiaries immediately adjoins CONSOL.INCOME ACCT.(AM. W. WKS. & EL. CO., INC., & SUBS.).
the West Penn territory and has an estimated population of 250,000,
[See note below.] [Including in 1922 West Penn Co. & its Subsids.l.
including the cities of Fairmont, Mannington, Weston, Phillipi, ClarkesYears endedDec. 31 '22. Dec. 31 '21. June 30'21.
burg and Parkersburg. W. Va.. and Marietta, Ohio. The possibilities
$24,351,179 $5,585,341 55,357.427
for the development of this company's business, particularly in the light Gross operating earnings
Operating exp., taxes & maintenance_ 14,085,480
3.353.079
3,305,876
and power field, are very extensive.
25,359
447,581
33,005
Potomac Public Service Co.
-Company's offer made in July 1922, to the Federal taxes
purchase their
Common stockholders of Potomac Public Service Co. to
Net earnings
89,818,118 82,246,460 81.978,988
stock on the basis of $30 per share, provided at least 70% of the outstand- Miscellaneous
649.774
income
903,320
662,819
ing stock of that company was offered, having been accepted by practically
all of the Potomac stockholders. company had acquired by Dec. 31 1922.
Gross income
30,037 shares, out of 30,259 shares (par $50) of Potomac Public Service Interest & amortization of discount $10.721,439 $2,909,279 $2,628,762
$5,728.678 $2,115,053 $2,073,690
Co. Common stock outstanding.
The Potomac Public Service Co. and subsidiaries own and operate Preferred dividends of subsidiaries__ _ 1,300.867
38,803
409,766
69,733
an electric light and power system serving over 40 communities in central Minority interests
1,541,116
and western Maryland, northern Virginia, northeastern West Virginia Depreciation
and adjacent territory in Pennsylvania, as well as street and interurban
Net income
$516.269
$1,741.012
$724,493
railways with 118 miles of track. It is the largest public utility company
Note.
-The consolidated income account for 1922 includes earnings of
Operating in Maryland exclusive of Baltimore and its environs. The the West Penn Monongahela Co. since July! 1922. as of which date control
population served Is estimated to exceed 200,000. embracing such munici- of this property was acquired by West Penn Co., and also includes earnings
palities as Hagerstown and Frederick. Md.: Martinsburg and Charles- of Potomac Public Service Co. (formerly
town, W. Va.. and Winchester, Va. The hydro-electric and steam plants from Aug. 1 1922, as of which date control Hagerstown & Frederick Ry.)
of that company was acquired.
have an installed capacity of 27.475 k. v. a. This system serves a very
statement does not include any revenue from the Commonwealth
fertile and wealthy section of the country where the power business has The
Water & Light Co., Keystone Power & Light Co.. or the Cumberland
increased over 100% in tho past three years.
ontrol of which properties was acquired in December
Edison Power
Williamsport Power Co.
-In October company organized Williamsport 1922 and earlyCo.,1923.
in
.
Power Co., which is building a modern power Station of the most efficient
CONSOLIDATED BALANCE SHEET DEC. 31 1922.
and economical design, located on the Potomac River at Williamsport, Md.
[Including West Penn Co. and Its Subsidiaries.]
The station is designed for an ultimate capacity of over 150,000 k. w.
Foundations for 45,000 k. w. are already completed, and the first unit
Assets1Liabiliiiesof 15.000 k. w. Is now being Installed. The entire output of this station Plant, prop. & investm'ts_x$192,817,199 7% Cumut. 1st Pref. stock_ x$6,650,000
will be purchased by Potomac.Public Service Co.
6% Partic. Pref, stock
Temporary investmentsx10,000,000
624,161 Common stock
Keystone Power & Light Co.
System securities
x10.000.000
-Company has purchased all of the Common
stock (25,000 shares, no par value) of the Keystone Power & Light Co.,
92,552 Pi. stks. of subs, with public 30,415,839
Other securities
which Is a holding company owning as its principal asset all of the Common CashMin. stkhldrs.' int. in Corn.
stock of the Keystone Power Corp. Keystone Power Corp. supplies
stk.& surp. of sub.cos_ 10,262,456
Curr. checking account &
electric Service in the northern part of Pennsylvania centring around
on hand
2,333,067 Collateral Trust 58
14,669.700
Ridgway. Kane and St. Marys and also Bellefonte and State College.
Fd.debtsub.cos. with public 100,256,825
Held by trustees for conThe territory is both an industrial and agricultural one and has shown a
876,796 Accounts payable
3,237,015
struction purposes, &c_
steady and consistent growth. The population erved is approximately
Notes payable
2,433,117
Held by courts pending
65.000.
36,078 Federal taxes
775,161
adjudication of rates ___
Other taxes
1.083,408
With fiscal agents, per
Cumberland Edison Power Co.
-In March 1923 company purchased all
805,769
805,769 Mat.int, pay., per contra__
contra_
of the outstanding Common stock (10,000 shares, no par value) of Cum1,324,244
300,000 Accrued interest payable_ _ _
berland Edison Power Co., which company was formed to acquire and Secured call loans
Divs. seer. on Pref.stocks__
381,060
has acquired all the properties and franchises of Edison Electric Illuminating Accts. due fr. consum., rids.
1.926,743
Consumers' deposits
notes & accts. & accr.int.,
Co. of Cumberland. NM., and Cumberland Electric Ry.
406,768
Other deferred liabilities_ _ _
less res. for bad & doubtful
The Cumberland Edison Power Co. supplies, without competition.
291,984
3,111,241 Deferred credits
electricity for all purposes in the city of Cumberland, Md., and vicinity,
accounts ($183,964)
3,737,900 Res.for deur.,damages,&c_ 10,417,055
and also owns and operates the traction lines in that city. Company Materials & supplies
350,000
4,710,714 Special surplus
has a steam generating station of 9,000 k. w., a large substation and dis- Deferred charges
422,516
Special savings fund
tributing lines throughout the city, and also high tension lines extending
3.285,816
Total (each side)
to Frostburg, Western Port and Piedmont.
509,445,478 General surplus
Commonwealth Water cli Light Co.
-In December 1922 company acquired
CONSOLIDATED BALANCE SHEET DEC. 31 1922.
all of the $500,000 Common stock of the Commonwealth Water & Light
[Holdings in West Penn Co. Carried as an Investment.]
Co. a holding company whose principal asset is the entire $920,000 outAssets
Liabilities
standing Common stock of Commonwealth Water Co. The latter company
:S6,650,000
supplies water for public and domestic use in Union and Essex counties, Plants, prop. & Investm•ts__S85,561,767 7% 1st Pref. stock
N. J serving a population of approximately 65,000 people. In addition Adv. acct. ot Calif. properties 1,455,042 6% Partic. Preferred stock_ _x10.000,000
Common stock
x10,000,000
to adequate pumping stations, reservoirs and distribution systems, company Temporary investments
System securities
867.542 Sub. cos. p1. stks, with public 7,151.923
owns sufficient lands to insure its water supply which is obtained from
Other securities
artesian wells.
92,552 Min. Int. in Common stock &
877,827
surplus of subsid. cos
New Financing.
-During the year company issued and sold $1.200.000 CashCurr. checking account &
Funded debt of company _ _ _ _ 14,669,700
additional 7% Cumul. 1st Preferred stock, and $800,000 additional Common
on hand
stock. In March 192.3 an additional $2,000,000 7% Cumul. 1st Preferred
768,986 Funded debt of subsidiaries 35,917,000
Held by trustees for con980,167
Accounts payable
stock was issued and sold. The proceeds of these sales were, or will be,
struction Purposes, &c
810.363
used to reimburse the company for expenditures made in the acquisition
486,293 Notes payable
Held by courts pending
533,302
of control of Potomac Public Service Co., Cumberland Edison Power Co.,
Accrued taxes
adjudication of rates__ _
228.620
Keystone Power & Light Co., Commonwealth Water & Light Co., and
36,078 Mat.int. pay., per contra
With fiscal agts., per contra
616,579
for other corporate purposes.
228,619 Accrued interest payable.._
134.525
During the year company purchased in the open market approximately Secured call & time loans_
300,000 Accrued dive.on Pref.stocks_
590,037
$1,000,000 Collateral Trust 5% bonds, due April 1 1934, making a total Accts. due fr. consumers, mis.
Consumers' deposits
notes & accts. and accr.int.
46,544
of $1,331,500 of these bonds owned as of Dec. 311922.
Other deferred
less res. for bad & doubtful
-Year 6% Gold debenIn June 1922 West Penn Co. issued $2,500,000 3
Res.for renewals,replace..&c 3,084.424
accounts ($64,493)
327,766
tures, dated June 15 1922. _proceeds of which were used in connection
1,690,327 Deferred credits
with the organization of the West Penn Monongahela Co. and the acqui- Materials and supplies
350.000
844,882 Special surplus
422,516
sition by it of a majority of the Common steck of the Monongahela West Deferred items
1,990,728 Special savings fund
931,524
Penn Public Service Co. The West Penn Co. also paid off and retired
General surplus
Total (each aide)
$299,000 7% Coll. Gold notes, dated June 15 1918.
$94,322,818
During the year there were sold $456,500 1st Mtge. & Ref. Gold 6s,
Series "fl,' due July 1 1942 of the East St. Louis & Interurban Water Co..
x Based on an impartial appraisal by competent experts, the directors
and $344,00 1st Mtge. Gold 5s of the South Pittsburgh Water Co., due authorized the increase of plant, property and investment account to the
figure shown above, and accordingly the Preferred and Common stocks
Aug. 11955.
At the time company purchased the Commonwealth Water & Light, of American Water Works & Electric Co., Inc., are shown at par value
Co., the Commonwealth Water Co. sold $1,500,000 1st Mtge. Gold 5s, Instead of on the basis of the originally declared value as heretofore.
Series "A," due Dec. 1 1947, the principal and interest of which were
Note -The full amount of the dividend accrued on the let Pref. stock
guaranteed by American Water Worics & Electric Co., Inc. The proceeds of Amer. Water Wks. & Elec. Co. Inc., to Dec. 31 1922 has been deducted
were used to cancel and retire the outstanding certificates of indebtedness in arriving at the total surplus' of $4.058,332 as above. stockholders
of the Commonwealth Water Co.
holding 399 shares have not claimed the Common and Preferred stock
Company has continued to obtain funds for extensions and betterments issued in lieu of 18% Preferred dividends down to April 27 1917.
for its subsidiaries, as far as possible,,through the issue and sale of their -V. 116. p. 1652. 1414.
American Water Works & Electric Co., Inc.
-Year ended Dec. 31 1922.)
(9th Annual Report
Pres. H. Hobart Porter, April 6 1923, reports in subst.:
2118
THE CHRONICLE
(Anton) Jurgens' United (Margarine) Works.
(Report for the Year Ended Dec. 31 1922.)
The remarks of the Managing Directors in a summarized
report of the Supervising Directors, together with a balance
sheet as at Dec. 31 1922, and a profit and loss statement for
the year ended Dec. 311922, will be found under "Reports
and Documents" on subsequent pages.
-V. 115, p. 1328.
GENERAL INVESTMENT NEWS
[VOL. 116.
with it any and all rights accruing to said coupons under the mortgage
as fully in all respects as if said coupons were held by the owners of said
bonds, and that the bondholders should not assume that said company
will be willing to purchase future maturing coupons.
-V. 116, p. 74.
Bath & Hammondsport RR.
-Bonds Extended.
-
The I.
-S. C. Commission on May 2 authorized the company to extend the
date of maturity of $200,000 2d mortgage 5% bonds from April 1 1923 to
April 1 1943. All of the bonds are held by the Erie RR., which controls the
company through a subsidiary company. The Erie will avail itself of the
offer of extension and, as a consideration for the acceptance thereof, the
company will pay $1 for each $1,000 bond so extended. The extended
bonds may be redeemed on 30 days' notice at 105.-V. 114, p. 197.
•
Brooklyn Rapid Transit, Co.
-Readjustment Plan for
New York Municipal Ry. Corp. and New York Consolidated RR.
See New York Consolidated RR. below.
RAILROADS, INCLUDING ELECTRIC ROADS.
At the hearings before the Transit Commission objections to the reorplan
owing to the
that under the plan
The following news in brief form touches the high points ganizationwill bewere raisedcompany and fact not be subject to the new
company
a holding
will
the regulain the railroad and electric railway world during the week tion of the Commission. It was intimated that the plan may be changed
ust past, together with a summary of the items of greatest to make the new company also an operating company, to meet the objec-V. 116, p. 2006. 1892.
nterest which were published in full detail in last week's tion.
Carolina Clinchfield & Ohio Ry.-Equipment Trusts
'Chronicle" either under "Editorial Comment" or "Current
'
Authorized-Issue All Sold.Events and Discussions."
•
State of New Jersey Gains $1,000,000 in Tax Fight.
The L-S. C. Commission on March 29 authorized the company to as.sume
---Sixty-four railroads
lose appeal when court decides that N. J. State Board of Taxes and Assess- obligation and liability in respect of $500,000 534% Equip. Trust Certifiments properly applied the average tax rate of $3 44 for 1921 for railroad cates, Series "A." to be issued by the Metropolitan Trust Co., New York,
property assessed that year. Roads contended 1920 rate of 13 26 should and to be sold so as to net company not less than 96.527.
have been applied. The N. J. State Treasury will be increased by about
Dated March 15 1923; due $25,000 semi-annually Sept. 15 1923 to
March 15 1933. Dividends payable M. & S. Redeemable at 102% and
$1.000,000 as a result. "Times" May 5, p. 15.
RR. Clerks Demand Reinstatement of War Wage.
-Clerks of the Boston & div. on any div. date. Metropolitan Trust Co.,trustee. Denom.31,000c*
Albany, New York New Haven & Hartford. Boston & Maine, Maine The certificates will bo secured on ten rebuilt mallet articulated compound
Central and Portland Terminal companies appeal before U. S. RR.Labor freight locomotives.
Board for wage increase of approximately 29%. "Philadelphia News
The certificates have been sold to the Metropolitan Life Insurance Co.,
Bureau" May 8, P. 3.
New York City, through Blair & Co., of New Yerk, as brokers, at 97.527
Pennsylvania RR. Raises Shop Wages as of May 1.
-Altoona men to receive and dividends, allowing the brokers a commission of 1%, which makes the
increase of 3 cents an hour. "Philadelphia News Bureau" May 9, p. 3.
net price to the company 96.527.-V. 115, 13. 2904; V. 116, p. 74.
Michigan United Railways and Michigan Railway Co. Employees Demand
-Motormen and conductors ask increase of 15c. an hour
Wage Increase.
Central of Georgia Ry.-Equip. Trusts Offered.
-Kuhn,
and time and a half for overtime, effective June 1. "Wall St. Journal"
Loeb Sr Co. are offering at 973' and div., to yield an average
May 4, p. 3.
Public Service Corp. of N. J. Faces Wage Increase Demands.
-Men num- of 5.40%,$2,910,000 Equip. Trust 5% certificates, Ser. "0."
bering 10,000 will present wage increase demands averaging 30% on June 1.
Dated June 11923. due $194,000 annually June 1 1924 to 1938. both incl.
"Wall St. Journal" May 9, p. 3.
Divs. payable J. & D. Denom. 31000 c*. Bank of North America &
More Wage Advances.
-Track laborers and all common laborers in main- Trust Co., Philadelphia, trustee. Principal and dividends unconditionally
tenance of way departments and in and around shops and roundhouses, guaranteed by Central of Georgia Ry.
some telegraph and tower operators and shopmen have received increases
There will be vested in the trustee title to new equipment costing not less
varying from 3 to 5 cents an hour on several of the roads, among them being than $3,880,000, including: 20 Mikado type locomotives, 5 mountain type
Lehigh Valley, Buffalo Rochester & Pittsburgh, Chicago & East Illinois, locomotives, 500 steel underframe ventilated box cars. 300 steel hopper coal
St. Louis
-San Francisco, Boston & Maine, Now York New Haven & Hart- cars, 200 composite steel frame gondola cars, 100 steel underframe stock
ford, Long Island and Philadelphia & Reading. "Boston News Bureau" cars, 2 all-steel open passenger coaches, 2 all-steel partition passenger
May 11, p. 5.
coaches, 2 all-steel express cars.
Pittsburgh & Lake Erie Employees Demand Wage Increase Averaging 28%.
The net income of company for 1922. after provision for all taxes including
--Shopmen demand 28% wage increase; machinists, boilermakers, black- Federal income taxes, applicable to the payment of charges (rentals and
smiths, electricians, sheet metal workers and carmen to receive 90
-cent-an- interest) was 15.168,809, while the total of these charges was $3,086,531.
hour minimum against prevailing 70 cents; helpers, 67 cents: car cleaners, For the 3 months ended March 31 1923 such net income was $1,441.959,
65 cents; stationary engineers and firemen, engine-room oilers, boiler-room an increase of more than 60% over the corresponding period of the year 1922.
water tenders and coal passers, a minimum increase of 20 cents an hour.
The issue and sale of the certificates are subject to the approval of any
Higher cost of living and in rates paid mechanics in other but similar lines public authorities.
-V. 116, p. 1639.
of work are assigned as reasons for demands which are expected to be made
Chicago & Joliet Electric Ry.-Bonds Offered.of other roads which settled with the shop crafts instead of organizing
RR. below.
See Joliet
-V. 114, p. 106.
company unions after 1922 strike. "Wall St. Journal" May 10, p. 3.
New York Central RR. Men Announce New Wage Demands.
-Demands for
Cincinnati New Orleans & Texas Pacific Ry.-Eztra
wage increases for all classes of rail shopmen will be made to all railroads
on which last summer's strike has been settled, it was declared by represen- Dividend of 3%%.
-The company has declared an extra
tatives of the New York Central System Federation, in annual convention
in Cleveland. Shop workers in all lines of the New York Central submitted dividend of 3M% on the Common stock, in addition to the
demands for a 20 cents an hour increase. "New York Times" May 11, p.3. regular semi-annual dividend of 3%, both payable June 26
Canadian Grain Rates Lowered.
-Reduction of 2 Si cents per cwt. on
record June 8.
export rates for grain for milling in transit and on flour from Lake ports to holders of in June and Dec. 1922 and Dec. 1921
The company
paid an extra of like
to Canadian Atlantic seaboard effective May 15. "Evening Post" May 10.
amount on the Common stock. This compares with 23 % paid extra in
p. 12.
Locomotive Repair.
-Locomotives in need of repair on April 15 totaled June 1921.-V. 116, p. 1531, 1048.
14,850, which was 23% of the total number on line, according to reports
Cleveland Cincinnati Chicago & St. L. Ry.-Tenders.
filed by the carriers with the Car Service Division of the American Railway
The Central Union Trust Co. trustee, N. Y. City, will until May 16
Association. This was an increase of 398 over the total number on April 1. receive bids for the sale to it of St. Louis Division 1st Coll. Trust Mtge.
'
Of the total, 13.172 were in need of repairs requiring more than 24 hours, bonds, dated Nov 1 1890, to an amount sufficient to exhaust $20,399 at
which was 20.4% of the total number on line. This was an increase of
-V. 116, p. 1892, 1176.
price not exceeding 105 and interest.
371 over the number in need of such repairs at the beginning of the month. a
-Stock Certificates, &c.
Reports also showed 1,678, or 2.6%, in need of light repair, an increase of
Cuba Company.
27 during the same period.
The directors have decided that on and after June 1 the company will
Car Shortage.
-Shortage in freight cars on April 30 totaled 35,282, ac- be prepared to exchange now stock certificate 3 of Common stock, no par
cording to reports filed by the carriers with the Car Service Division of the value, m exchange for the 160 outstandmg shares of Common stock, par
American Railway Association,a decrease, compared with the total shortage $50.000. on the basis of 3,500 new shares for each share of old stock.
on April 22, of 9,017 cars. This decrease in the car shortage took place in
On or alter June 1 the stockholders of the Compania Cubana may exthe face of an increase during the same period of nearly 6,000 in the number change their stock for stock of the Cuba Co. Application will be made to
of cars loaded with revenue freight, which brought the total loading to the ist the new stock on the New York Stock Exchange.
-V.116,P.2006. 1411.
highest point for this time of year in the history of the railroads.
Delaware & Hudson Co.
-Sub Lease.
Shortage in box cars totaled 13.940, a decrease since April 22 of 5,409,
stockholders have approved a sublease of the railway properties of
while the shortage in coal cars totaled 17,634, or a decrease of 3,091 cars.
The
Reports showed that the shortage in stock, coke and refrigerator cars has the Utica Clinton & Binghamton RR. and the Rome & Clinton RR. to the
practically disappeared.
New York Ontario & Western Ry., to continue during the life of the charCar Surplus.
-Surplus freight cars in'good repair totaled 13,556, an in- ters of the respective corporations. The new contract provides for maintecrease since April 22 of 2,494. Surplus in box cars was 4,654, increase 583; nance and payment of taxes by the sub-lessee, which is also to pay rent to
coal cars, 2,849, increase 267; stock cars, 1.832, increase 301; refrigerator the Delaware dc Hudson at the annual sum of $67,000 for the first five years
and thereafter at the annual rate of $83.875.-V. 116, p. 2006.
cars. 3,597, increase 1,394.
Car Loadings.
-During the week ended April 28,963,694 cars were loaded
Denver Tramway Co.
-Denver Tramway Power Bonds.
with revenue freight on the railroads of the United States. This is a new
Forst-seven First Mtge. Improvement 5% gold bonds of the Denver
high record for this time of year.
Tramway Power Co., originally maturing April 1 1923. and extended at
This record was only approximately 5% under the record loading in the
history of the railroads, which was established during the week of Oct. 14 6% to April 1 1924. have been called for redemption May 24 at 105 and
interest at the International Trust Co., trustee, Denver, Colo.
1920, for which time the total was 1.018,539 cars.
-V. 116.
The total for the week of April 28 of this year also exceeded the corresponding week of last year by 212,583 cars and the corresponding week in
6u
P. D m r7 0 (Ia.) Electric Co.
flubuq
-Bonds Called.
1,.21 by 242,610 cars.
All of the outstanding 1st Mtge. 59' gold bonds, due June 1 1925, have
This also was a substantial increase over the corresponding weeks of 1918.
called ea o, ni.-on 116ep 1275 and i
, .a
mt. at the Central Trust Co..
en
lIedforgredemptiv. Jun l t 101
chi
.
1919 and 1920 and exceeded the preceding week this year, which was that
trustee.
ec
of April 21, by 5.951 cars.
The increase for the week of April 28 over the week,before in commodity
Eastern Pennsylvania Railways.
-Merger.
loadings was due principally to an abnormally heavy movement for this
-V. 116. p. 1532.
See East Penn Electric Co. above.
time of the year in merchandise and miscellaneous freight, which includes
manufactured products. This constitutes one of the best of indices to
-Merger of Subsidiaries.
East Penn Electric Co.
business conditions to be found.
This company was incorporated July 6 1922 in Pennsylvania and acquired
Loading of merchandise and miscellaneous freight during the week of control of the Eastern Pennsylvania Railways Co., which controlled the
April 28 totaled 597,823 cars, which was within 7-10 of 1% of the record electric lighting, electric railways, gas and allied interests, in and adjacent
loading for that commodity, which was established during the week of to Schuylkill County, Pa., representing practically all the existing electric
Oct. 7 1922, when the total was 602,018 cars. The total for the week was lighting, electric railway and gas facilities in that section. On March 26
an increase of 7,337 cars over the preceding week.
1923 the subsidiary companies [listed in "Electric Railway Supplement,"
Reports also showed an increased stimulation in ore shipments; ore p. 1111 and the Eastern Pennsylvania Railways Co. were merged into the
loading during the week totaled 24,135 cars, increase 4,232; coal 180,127 Eastern Pennsylvania Power & Railway Co. This is a temporary company
cars, increase 365; forest products, 77,255 cars, decrease 2.885; grain and and plans are under way to merge this company into the East Penn Electric
grain products, 36,922 cars, decrease 1,203; livestock, 31.703 cars, decrease Co., which will be the name of the operating company. The merger will be
.
or ac
ny y
1.614; coke, 5,729 cars, decrease 281.
leted shortly.
c
ok)
Matters Covered in "Chronicle" May 5.-(a) Anthracite development "mPe company acquired in 1923 the entire outstanding common stock of
Th
-address by William H. Williams, Vice-President the Lykens Valley Light & Power Co., Williamstown. Pa., and the Pine
and railway progress
of Delaware & Hudson Co.. p. 1968. (b) Station employees of Boston Grove Electric Light, Heat & Power Co.. Pine Grove, Pa. The Public
& Albany ask wage increase. p. 1969. (c) Waymen on Atchison Topeka Service Commission of Pennsylvania has been petitioned for its consent to
the merger of these two companies into the East Penn Electric Co., and the
Jr Santa Fe get wage increase, p. 1969.
Commission's approval is expected shortly. Compare also V. 115, p.
Baltimore Chesapeake & Atlantic Ry.-Interest, &c,_ 2266; V. 116, p. 934.
The annual report for the year 1922 states:
-Equipment Trusts Sold.
Erie RR.
-Drexel Sr Co.,
The operating revenues for 1922 amounted to $1,564.865, a decrease of
$41,554. due chiefly to decreased freight and passenger traffic. Orating Philadelphia, have sold at prices ranging from 99.64 and
pe
expenses of $1.531,125 show an lucre Ise of $26,584 compared with 1921.
The final result for 1922 was a deficit of $171,021, compared with a deficit int. to 100.48 and int., to yield from 53% to 6.05% accordmaturity, $7,860,000 6% Equip. Trust Gold certifiof $91,443 in 1921.
ing
The increase of $31,850 to $63,125 in interest matured unpaid, is' due
Series "JJ." Issued under the Philadelphia Plan.
chiefly to the failure of company to pay the interest due March 1 and cates
Sept.1 1922 on the $1,250.000 1st Mtge. 5% Coupon Gold bonds. The (See advertising pages.)
coupons maturing on those dates, as well as those maturing on march 1
Bank of North America & Trust Co., Philadelphia, trustee. Dated
Payable $262,000 semi-annually Nov. 1 1923 to May 11938.
May 1 192
1923, were purchased by Penniylvania RR., pursuant to an arrangela3ao
both inc1.3.Denom. $1,000c*. Dividend warrants payable M. & N.
de with that company whereby the purchase by said CO.fli)1Q7 c mrh.s
•
to
MAY 12 1923 ]
.
.
THE CHRONICLE
•
2129
Issuance.
-Subject to the approval of the I.
-S. C. Commission.
Kokomo Marion & Western Tr. Co.
-Bond Redemption.
The certificates are to be issued in part payment for standard railway
All of the outstanding 1st Mtge. 5% gold bonds dated July 1 1903 (reequipment consisting of 2,000 new 70-ton all-steel drop-door gondola cars,
1.1000 new 40-ton steel-frame automobile cars, and 1,000 new 40
-ton steel- cently called for payment) will be redeemed July 1 at 105 and int. at the
-V. 116. p. 1177.
frame box cars, to be constructed at a cost of approximately $10,018.200. Security Trust Co., trustee, Indianapolis. Ind.
The face amount of these certificates will therefore represent about 78%
Lake Shore Electric Ry., Cleveland.
-New Pref. Issue.
of the actual cost of the equipment and less than 75% of its present value.
The stockholders May 14 will vote (1) on reducing the amount of the
The daily, average freight car loadings of the Erie system since Nov. 1922
have been larger than for any corresponding period in its history. The authorized 1st Pref. stock from $1,500,000 to $1,000.000 (the amount outgross revenue of the system for the first three months of 1923 was $33,182.- standing); (2) on authorizing the creation and issuance of 82.000,000 Prior
-J. and having
583, or more than $6,600,000 in excess of the corresponding period of 1922. Pref. stock bearing cumulative 7% dividends payable Q.
preference both as to dividends and assets over the present 1st Pref.. 2d Pref.
-V. 116. p. 2007, 1649.
and Common stock. If the foregoing is approved the authorized capital
stock shall consist of $9.500,000 (par S100), of which 20.000 shares shall be
Georgia Northern Ry.-Equipment Notes.
The I.
-S. C. Commission has authorized the company to issue twelve Prior Pref. stock, 10,000 shares shall be 1st Pref. stock. 20 000 shares shall
notes. each of $1.550. to the American Locomotive Co., to cover deferred be 2d Pref. stock and 45.000 shares shall be Common stock.
Pres. E. W. Moore says: The officers and directors for some time past
installments of purchase price of a locomotive.
-V. 108. p. 2122.
have been convinced of the desirability of a change in the financial structure
of the company so as to
Graysonia Nashville & Ashdown RR.
-Secs. Auth.- charges. In studying decrease the amount of its floating debt and fixed
The 1.-S. C. Commission on May 4 authorized the company to issue
this situation they have been impressed with the
(1) 6,000 shares of Common capital stock, par $100. to be used for the success of various public utilities in this and other States in arranging
permanent
purpose of acquiring certain railroad property, and (2) $300.000 20
-Year employees, financing through the sale of Preferred stock to and through
to patrons and the public in the territory served. The Prior
6% 1st Mtge. bonds, to be pledged as collateral security for a loan or
Mans which it may receive from the U. S. Government. The company Pref. 7% Cumul. stock if authorized will be sold from time to time and the
owns the property formerly owned and operated as a part of the Memphis proceeds used for the purpose of reducing floating debt,retirement of bonds
Dallas & Gulf RR.. sold at a foreclosure sale on Aug. 15 1922.-V. 115. and for improvements, betterments and acquisitiors.-V. 116. P. 2007.
p. 2159.
Havana Elec. Ry., Light & Power Co.
-Annual Report.
Calendar Years1922.
1919.
1921.
1920.
Gross earnings
$12,910,707 $12,882,653 811,477.937 $9,397,352
Oper. expenses & taxes
6,308,968
7,376.344 6.448.452 4,979,685
Net income
86.601.739 $5,506.309 $5,029,485 $4,417,767
Miscellaneous income_ _ _
189,053
122.767
64.538
47.784
Total net income
$6.790.792 $5,629,076 $5,077.269 $4.482,305
Fixed charges
$1,087,008 $1,009.011
$968,759
$979,711
Preferred divs. (6%)_ -- 1,258.613
1.258,709
1,258,709
1.258.709
Common dim (6%)_ 896,871
896.649
896.900
896,904
Deprec. & conting. res- _ 2,900.000
1,923.879
1,222.987
622.121
Balance, surplus_ ._-- 8648,522
$540,606
$729,914
$724,861
-V. 115, p. 1532.
Honolulu Rapid Transit Co., Ltd.
-Annual Report.
Calendar YearsRevenue from transp'n_
Operating expenses
1922.
$973,129
650.877
1921.
8939.624
635,988
1920.
8840.625
580.028
191e.
8754.620
455.695
Net rev,from transp'n
Rev,from other ry.open
$322,253
16.392
$303,636
21,367
$260,597
20,717
5298.926
26.326
Net rev. fr. ry. oper
Interest
Taxes
$338,645
$8,311
107,161
$325,003
$9.350
68,521
$281,314
$9,588
72,858
$325.252
$8,399
64,152
Gross revenue
Credit renew, writ. back
Depreciation reserve_ Cap. stk., s. f. res., &c_
Dividends
Excess profits talc 1917_.
8223.173
Cr48,120
56,473
$247,132
$198,868
3252.700
70,102
118,606
160,000
64,292
114,178
160,000
67.437
118.825
160.000
Bal. to profit & loss_ _
-V. 114, p. 2717.
160,000
19,272
$35,547 def$101,576 det3139,602 di:093,562
Interborough Consolidated Corp.
-Defaulted Rights
Void.
-The committee representing the Interborough-Metropolitan 432% bondholders have issiied a notice to holders
of certificates of deposit who have made default in payment
for Interborough Rapid Transit Co. 6% notes which they
have elected to purchase, declaring forfeited all the rights of
purchase under the plan and stating that the certificates
upon which default has been made are null and void. The
notice says:
Holders of certificates of deposit issued
repreGuaranty Trust Co. reprosenting Interborough-Metropolitan Co. 4by
bonds, bearing notation
of election to purchase new Interborough 4p notes in accordance with
6 o
the Interborough-Manhattan plan of readjustment, but not bearing
notation of payment for said notes, are hereby notified that this committee
has, in accordance with the provisions of said plan and the agreement dated
May 1 1922. default having been made in
purchase
price of said notes when due Dec. 27 1922, the pa.yment of thethe rights
of purchase under said plan of the holdersdeclared forfeited all of deposit
of said certificates
In respect of which default has been made and
also the deposited bonds
represented thereby, and that said certificates
of deposit are null and void
of no effect.
Subject to the prior sale of the securities and
right attributable to the
bonds so forfeited, as to which no further
mittee will consider applications for the notice will be given, the comholders of such certificates of deposit who waiver of this forfeiture from
factory explanation of the delay on their act promptly and give a satispart.
be made to Guaranty Trust Co., New York, the Such applications must
depositary of the committee. No application will be considered
unless
the
certificates of deposit covered thereby in negotiableaccompanied bywith
,
form, together
cash or certified check in New York funds for
new 6% notes, including accrued interest from the purchase price of the
April
the further sum of $1 per $1,000 bond represented1 1922. together with
by such certificates
of deposit.
-V. 116. p. 1760, 822.
International Ry., Buffalo.
-Fare
Sought.
Lehigh Valley RR.
-New Freight Terminal.
The company has just opened.on New York Harbor.at Jersey City, N.
the first unit of what will be a modern freight pier, docks and terminal
yard. It is the first of three piers which are to be built, and the whole will
comprise one of the largest freight terminals of the New York metropolitan
district. (See under "Annual Reports" above and article entitled "New
Claremont Freight Terminal," together with plans and Illustrations, published in the "Railway Review," April 28, pages 726 to 731.)-V.116,p.1049
Los Angeles Railway Corporation.
-Earnings.
Years end. Dec. 311919.
1920.
1922.
1921.
Gross revenue
$11,249,737 $10,241.011 $9.135.151 $7,403.589
Operating expenses
5,579.541
6,515,870
6.646,205
7,316.897
Taxes accrued
373.800
396,000
809,000
480,000
Fixed charges
1,202.325
1.669.532
1.202.400
1.202.400
Balance. surplus
$247.923
$2,125,001 $1,241,714 81.020.880
Note.
-Depreciation not Included.
-V. 116, IL 935.
Lowell Lawrence & Haverhill St. Ry.-To Pay Bonds.
-
All of the outstanding 1st Mtge. 5%
will be redeemed at maturity at par and int. at bonds due June 1 1923
the American Trust Co., trustee.
Boston, Mass.
-V. 108. p. 683.
Maine Central RR.
-Equipment Trusts Authorized.
-
The 1.-S. C. Commission on May 2 authorized
the company to assume
obligation and liability in respect of 31,200,000 Equipment Trust certificates
to be issued by the State Street Trust Co., of Boston.
and sold at not
than 994 in connection with the procurement of certain equipment. less
(See
offering in V. 116, p. 1275).-V. 116, p.2007.
1406.
Manhattan & Queens Tr. Corp.
-Franchise Forfeited.
-
The United States Supreme Court on May 7
Circuit Court of Appeals holding that the New upheld the decision of the
York City Board of Estimate and Apportionment had the right to forfeit the
entire franchise of
the corporation for the construction and
Jackson Ave. and Queensboro Bridge outoperation of a trolley line from
from the old town of Jamaica
to the Nassau County line. The Court held that the
decree of the Circuit
Court of Appeals was final, and the appeal was dismissed.
-V.113, p. 628.
Market Street Ry.-Wages Increased.
-
The company has advanced wages of platform men
cents an hour. Corresponding increases have been from 42 cents to 46
made to other employees.
-V. 116, p. 1644.
Maryland Delaware & Virginia Ry.-Results
, Sale, &c.
The annual report for the year 1922 says:
"The operating revenues of $1.173.967 show a decrease
of 877.204. due
chiefly to decreased freight and passenger traffic. Operating expenses
of
$1.245.599 show a decrease of $39,300, compared with 1921. due chiefly
to reduced operating costs. The final result including interest on funded
debt, which company was unable to pay, was a deficit of 8265,999. cornpared with a deficit of $245,042 in 1921.
"The financial results were so unsatisfactory
company
again
unable to provide for the payment of interest on that$2.000,000 was Mtge.
the
1st
55. and likewise their guarantor, the Baltimore Chesapeake & Atlantic
By. Co.'s financial condition (see above) was such that it was not in a
,
position to meet its guarantee.'
The property, which included 10 bay steamboats. was sold May 7 In
three lots at public auction for $650.000 under foreclosure proceedings
brought by Girard Trust Co. of Philadelphia. A representative :S bmig
olders bought 6 of the vessels for $400,000; E. B. Leas of Phila.m edil h
railroad property and one boat at $225.000, and N. W. Smith ofbid in the
Philadelphia purchased 3 vessels for 825.000. The railway extends from Love Point.
Md.,to Lewes. Del.. about 78 miles. Its vessels ply between Baltimore and
points on the Potomac and Rappahannock rivers. Pennsylvania RR.operates the line.
-V. 116, p. 1533.
Michigan Central RR.
-New Director.
-
Bertram Cutler has been elected a director to succeed the late William
Rockefeller.
-V. 115, p. 2794.
Midland Valley RR.
-Voting Trust-Earnings.
-
The voting trust which expires by Rmitation May 1 1924 (or any time
after May 1 1918) terminated l'vlay 10 1923. Holders of• t. c. for stock
.
certificates should present them for exchange to Girard Trust Co..
Philadelphia, for exchange for btook certificates.
For the calendar year 1922 company reports gross earnings of 84.661 .004
(1921. $4,450,477), net, $1,414,623 (1921. $1,026.808); total gross income.
31.347.891; deductions, $794.828, and net income of $553.463 (1921.
$306.950).-V. 115, p. 869.
The company has applied to the New York increase
mission to increase street car fares in Buffalo, P. S. Commission for yierN. Y.,
cents
4 tickets for 30 cents. The present fare Is 7 cents, to 8ticketscash or
Minn.St. Paul &Sault Ste. Marie Ry.-Dividend Upheld.
for 25
cents. The company states that the new rate Is or 4
Decision has been filed
losses due to the strike of carmen in effect since last necessary to recoup upholding the decision of in Federal Circuit Court of Appeals at St. Paul,
Judge Booth of U. S. District Court in favor of
August, and to oppo- the
sition of illegally operated jitneys. The total loss on
directors in the case brought by
by President Tulley at approximately 85,000,000.-V.the strike Is placed. the 2% send-annual dividend out of the Preferred stockholders opposing
surplus to both the Common and
116, p. 935.
ferred stock in March 1922. This will release $1,500,000 in dividend PrepayJoliet RR.(now Chicago & Joliet El. Ry.).-Extended ments unless the Preferred holders take further appeal. The 2% dividend
declarations were out of surplus earnings of the years 1909-1919. during
Bonds Offered.
-Woodruff Securities Co., Joliet, Ill., is which years the
regular 7% was paid on both Common and Preferred.
offering at 100 and int., $400,000 Joliet RR. (Closed) 1st
Officials of the company state that
paying the two dividends of 2% each no action will be taken with respect to
Mtge. 63% Gold bonds.
on the Preferred and Common stocks
until an offp 5co y of the order has been received
l m icia116p
.
and carefqlly considered.
These bonds, which became due April 30 1923 and
have been extended to May 1 1933. Redeemable on bore 5% interest,
any int, date on
,
60 days' notice at 101. Int. payable M. & N. at Fidelity Trust Co.,
Missouri
-Kansas
-Texas RR.
-Reorganization Syndicate
Portland. Me., trustee, without deduction for any tax which the company
Closed.
-Speyer & Co., J. & W. Seligman & Co., Hallgarten
may be required to pay under any present or
future
States or et the State of Illinois. Denom. $1,000c*. law of the United & Co. and the Equitable Trust
Co., New York, as managers,
Company.-Jollet RR. (now Chicago & Joliet Electric Ry.) operates have
closed the reorganization syndicate, which was formed
the street railway system of Joliet, Ill., and the
line connecting Lockport. for
Lemont, Argo, Summit and Lyons with Chicago.
underwriting the assessment on the stock of the old
been in operation since 1874, and the population The Joliet system has Missouri
now served, exclusive
Kansas & Texas Ry., and distributed the profit.
of Chicago, is approximately 100,000 people.
It is understood that the holders of less than
-cent
Company has a 10
that
fare in the Joliet district, and in 1922 carried
4 %
over 8,500,000 passengers. company failed to exercise the right of subscription for of the stock of
new securities under
CapitalizationAuthorised. Outstanding. the reorganization plan.
-V. 116, p. 2007, 1649.
Jollet RR. Ext. 1st Mtge. 64s,
1933.
,
0
Missouri Pacific RR.
1st & Ref. Mtge, 6s, 1931
-New Director.
1.600,000
5.000,000
Common stock
Secretary
2,300,000 succeeding Herbert L. Utter of New York has been elected a director.
2,300,000
Preferred stock
William H. Lee.
-V. 116. p. 2001.
1,350,000
1,350,000
Earnings Cal. Yrs.1919.
1920.
1922.
1921.
Mobile Light & RR.
Net, before taxes
-Bonds Extended.
$211.937
$307,830
$177,589
8132.532
The $245.000 6% bonds of the Mobile Street RR., due May 1 1923.
Taxes
36.186
43,784
43.925 have been extended until
55.702
May 1 1950 at 6%.-V. 115. p. 2794.
Net, after taxes
$175.752
$264.046
$133,664
$76,830
New Orleans Ry. & Light Co.
Int. on bds. to be extend.
-Off the List.
26.000
26,000
26,000
26,000
The Preferred and Common stocks have been stricken from the New
Management.
--Company is operated by the American Electric Power York Stock
Exchange list. Company has been reorganized as New Orleans
Co. of Philadelphia.
-V.69, p. 905.
Public Service, Inc.
-V. 116. p. 616. 516.
2130
THE CHRONICLE
[vol.. 116.
County Elevated RR. and of Brooklyn Union Elevated RR. The comNew York Central Lines.—Equipment Trusts.—
mittee shall nave power, however, to effect, either before or after the
The directors of New York Central, blicnigan Central and Big Foul; purchase of the properties, a merger of the Muircipal Co. into the Consolhave authorized the execution of a joint equipment trust for approximately idated Co. or a consclidotion of the two companies.
$17,000,000 and application to the I.-S. C. Commission for authority to
Securities to be Issued by the New Rapid Transit Company.
issue certificates thereunder. Orders for the equipment to be pledged
Rapid Transit First & Ref. Mtge. Bonds.—Total authorized amount not
under this trust. costing about $23,000.000, have already been placed. As
deliveries will not be made in quantity until July, it is not expected that to exceed $50.000,000 at any one time outstanding (for description see
B.R.T. plan in V. 116_, p. 1646.)
the certificates of this trust will be marketed at once.—V. 116, p. 176.
Rapid Transit Ref. Mtge. Bonds.—The New Rapid Transit Co. will
New York Consolidated RR.—Readjustment Plan.—
authorize an issue of bonds to be known as its Ref. :Mtge. bonds, limited
The Brooklyn Rapid Transit reorganization committee. Albert W. to such total authorized amount at any one time outstanding as the comWiggin, Chairman, has promulgated a plan for the reorganization of mittee may determine (for description see B.R.T. plan in V. 116, 9._1646)•
Series A 5% bonds of this issue are to be issued by the New Rapid Transit
New York Consolidated RR. and New York Municipal Railway Corp.,
dated April 26 1923. and for adjustment of the respective interest therein Co. in part payment for the properties acquired and cash received, and are
of bondholders, creditors and stockholders of these companies who may to be applied in the reorganization in respect of:
become parties thereto. The plan contains an offer to acquire the out- N. Y. Municipal By. Corp. 1st M. 5% gold bonds (115%).--$68,758,500
standing Preferred and Common stocks of the New York Consolidated RR. Payments in cash aggregating $24,595,350 as fellows:
and to issue in exchange Preferred and Common stock of the reorganized
By stockholders of the consolidated company to the amount of
B. R. T. Company.
$16,000,000 to be applied to the payment of an equal face
Introductory Statement.—New York Consolidated RR. and New York
amount of receiver's certificates of the consolidated comMunicipal Ry. Corp. are New York corporations. The Consolidated
pany and the Municipal company, now outstanding
16,000,000
company owns the elevated lines in Brooklyn, which are operated in
By stockholders of the consolidated company to the amount of
transit elevated and subway lines built
conjunction with certain rapid
$3,595,000 (being the balance of the payments required of
stockholders under the plan) to be applied to the other
by New York City. It also owns all of the ($200,000) issued and outstanding capital stock of the Municipal Co. which by "Contract No. 4.'
cash requirements of the plan
3,595,000
dated March 19 1913, with the City, agreed to contribute certain funds
By the new company to be organized under the B.R.T. retoward the construction of certain subway and elevated lines to be built
organization plan to the amount of 95,000,360, being the
equip those lines, to reconstruct and extend
and owned by the city, to
proceeds of the sale at 97 of bonds of this issue to the face
the then existing elevated lines owned by the Consolidated company, and
amount of
5,155,000
to operate as a single system all of the elevated lines and the new subway
and elevated lines to be constricted. On the same date, the New York
Total
$93,508,500
P. S. Commission granted to the Municipal company two certificates
[The B.R.T. plan provides that all bonds issued under this Mortgage in
authorizing respectively the construction of certain additional tracks reorganization are to be acquired by the new company and are to be pledged
By con- by the new company as security for its Rapid Transit Security S. F.
upon and certain extensions to the elevated lines then
existing*
tracts heretofore entered into with the consent of the city, all of the obliga- gold bonds.]
tions of the Municipal company relating to the operation of the elevated
Capital Stock.—Authorized amount not exceeding 189,000 shares without
and subway lines were transferred to and assumed by the Consolidated par value. Holders ofsuch stock shall be entitled to one vote for each share
company, which also guaranteed the performance by the Municipal com- held, but shall not be entitled to subscribe as a matter of right to any addipany of its construction and equipment obligations under Contract No. 4, tional or unissued stock or to securities convertible into stock.
and assumed the obligations of that company in regard to the construction
The capital stock is to be issued by the New Rapid Transit Co. in part
and operation of the additional tracks and elevated extensions under the payment for the properties acquired and cash received, and is to be applied
allied certificates.
as follows: To stockholders who surrender or exchange
its obligations under Contract No. 4 and allied certificates, in the reorganization
To finance
the stock held by them for a proportionate amount of stock of the New
the Municipal company Issued $60,000.000 1st Mtge. 5% Sinking Fund Rapid Transit Co. and who pay the amount required in such connection
Gold bonds, the payment of the principal. Interest, and sinking fund of
hereinafter provided.
the bonds being guaranteed and assumed by the Consolidated company, as
Readjustments of Interests of Bondholders, Creditors and Stockholders.
the obligations which in such connection were secured by a mortgage on
of its properties. The proceeds of all of the 1st Mtge. bonds have
all
The respective interests of the bondholders, creditors and stockholders
‘
been expended for construction and equipment purposes under Contract of the Consolidated Co. and the Municipal Co., including the holders of
ed
No.4 and allied certificates and all of the bonds except $210,000 acquired claims for materials, supplies and equipment furnished and for injuries
fund) are now outstanding [of the 59,790,000 issued, $57,- and damages sustained in and about the operation and maintenance or
for sinking
-Year 7% notes]. The construction of the property formerly owned or leased to the companies,
735.000 are pledged as part security for B. R. T. 3
Jan. 1 1919 and all subsequent interest and sinking fund payments have shall be readjusted as follows:
been defaulted.
Bondholders.—Holders of New York Municipal Ry. Corp. 1st Mtge. 5s
The properties of the Consolidated company and of the Municipal [31.997,000 outstanding in hands of 'inane] who desire to participate in
company have been in the hands of Lindley M. Garrison, as receiver. the readjustment of their interests under the plan, will receive upon the
since Dec. 31 1918. The receiver has issued and sold $18.000.000 of completion of the reorganization for each $1,000 of bonds (with.coupons
receiver's certificates, the proceeds of which have been expended for maturing Jan. 1 1919 and subsequent coupons) deposited under the plan:
construction and equipment purposes under Contract No. 4 and allied $1,150 in Rapid Transit Ref. Mtge.5% bonds (Series A) and $50 in cash.
certificates. Of the receiver's certificates so issued, $2000000 have been
Stockholders.—Holders of the $5,000.000 Preferred and the $13,900,000
retired out of earnings, leaving $16,000,000 still outstanding. During Common stock of New York Consolidated RR. who desire to participate
receivership there has been expended for construction and equipment in the readjustment of their interests under the plan, will be entitled to
purposes under Contract No. 4 and allied certificates not less than $25.- surrender or exchange their stock for a proportionate amount of stock of
000,000. in which is included the proceeds of the above receivers'certificates. the Now Rapid Transit Co. upon payment of $100 for each share of Pref.
A suit has been brought in the U. S. District Court to foreclose the and $105 for each share of Common stock so surrendered or exchanged.
first mortgage of the Municipal company and the mortgage securing the Stockholders will also be entitled to receive for all payments so made an
obligations of the Consolidated company to guarantee and pay the principal. equal amount of Rapid Transit Ref. Mtge. 5% bonds (Series A).
interest and sinking fund of the bonds. (The sale of the properties covered
Stockholders desiring to participate in the plan must deposit their stock
by the mortgages was scheduled for May 11).
with Chase National Bank, Now York, the depositary, lay the close of
The committee constituted under the plan and agreement dated March business on may 10. or such later date as the committee may fix. Participa15 1923 for the reorganization of Brooklyn Rapid Transit Co. (V. 116, tion receipts will be issued, which will entitle the holder to receive when
p. 1646) has acquired or expects to acquire, directly or through the New issued and ready for delivery, for each share of stock deposited under the
Company to be formed as therein provided, all or substantially all of the plan in respect of which payment shall have been made, as called by the
Preferred and Common stock of the Consolidated company, and all or committee, the following:
substantially all of the 1st Mtge. bonds of the Municipal company, and,
(a) For Preferred stock: 9100 in Rapid Transit Ref. Mtge. 55 bonds
in addition, the committee has acquired or expects to acquire other obliga- (Series A) and 1 share of the Capital stock of the New Rapid Transit Co.
tions of the Consolidated company and of the Municipal company. The
(b) For Common stock: $105 in Rapid Transit Ref. Mtge. 5% bonds
committee desires to purchase the properties and franchises of the Con- (Series A) and 1 share of the Capital stock of the New Rapid Transit Co.
solidated company and of the Municipal company and to vest in a new
Tort and Contract Claims.—It is intended to adjust all tort claims for
corporation called the "New Rapid Transit Company" (being the same personal injuries in accordance with the provisions of the B. R. T. reorgancorporation referred to in the B. R. T. reorganization plan as the "new ization plan. It is also intended to adjust the claims of the general unrapid transit subsidiary") the ownership and control of the properties secured contract creditors in accordance with the provisions of the B. R.T.
and franchises as the same may be acquired by the committee, and to reorganization plan and the terms of the offers which have heretofore been
vest in the New Rapid Transit Company all the rights, privileges and made by the committee under said plan to the general unsecured contract
franchises which at the time of such sale belonged to or were vested in creditors of the Consolidated Co. and of the Municipal Co.
Adjustment of Demand Certificates of Indebtedness.—The demand certifithe companies.
cates of indebtedness of the Consolidated Co. aggregate $14.654,794, on
Digest of Readjustment Plan Dated April 26 1923.
which there is unpaid interest accrued to July 1 1923 of $4,256,557, making
Underlying Bonds Undisturbed (Interest on which has not been defaulted). a total of $18,911,351. It is expected that these claims will be acquired by
$7.000,000 the committee under the B. It T. reorganization plan. In case these
Kings County Elevated RR. Co. let Mtge.4% bonds
Brooklyn Union Elevated RR. Co. 1st Mtge.5% Gold bonds-- 15,967,000 claims are acquired by the committee, it is not intended to issue any bonds,
stock or other securities of the New Rapid Transit Co. In readjustment of
Securities and Claims Dealt with Under the Plan—Total $131,402,267.
these claims under this plan. These claims, however. shall be entitled to
(a) New York Consol.dated RR. Co. ($39.991351)
of the Consolidated Co. and the committee
Common stock (incl. Bklyn. Union El. RR.stock not yet exch)x$13.900,000 participate in the liquidation
RR.stock not yet exchanged) y5,000,000 acting under the B. R. T. reorganization plan as the holder of the claims
Pref. stock (incl. Bklyn. Union El.
Demand certificates of indebtedness
14.654.794 shall be entitled to receive its pro rata share of the proceeds (If any) of
4,256,557 such liquidation, distributable in respect of said claims.
Unpaid interest on same accrued to July 1 1923
Adjustment of Other Securities and Claims.—There may be additional
1,600.000
Tort claims for personal injuries (estimated)
580.000 claims against the Consolidated Co. or the Municipal Co. which may not
Claims of other unsecured creditors (estimated)
be paid by the receiver and which are not specifically provided for in this
owned by B. R. T. or constituent cos.
x Of which $13,430,831
plan. It is nevertheless intended to make adjustments with holders of the
y Of which 94,785,985 owned by B. R. T. or constituent cos.
unsecured debt of the Consolidated Co. and of the Municipal Co. as soon
(b) New York Municipal Ry. Corp. ($673.416)—
(estimated)
Claims of unsecured contract creditors
$406.800 as the status thereof is determined and as soon as practicable to do so, and
Loan from Depreciation Fund Board
207,000 the committee may, in its discretion, make adjustments of or acquire any
Unpaid interest on same accrued to July 1 1923
59,616 indebtedness of or claims against the Consolidated Co. or Municipal Co.,
(c) Joint Obligations of Both Corporations (390.737100)
and for such purpose the committee may use any available cash and (or)
1st Mtge. bonds of Municipal Co. assumed by Consol. Co
$59,700,000 any of the securities presently issuable in the reorganization and not reUnpaid int. on above bonds accrued to July 1 1923
14,947,500 quired for delivery to depositors.
Receiver's certificates (not including interest)
Non-Assenting Security Holders.—The plan makes no provision for pay16.000,000
ment in cash under the terms of any bid at foreclosure or other sale to any
Estimated Application of Cash—Total $27,745,350.
holders of bonds foreclosed (or not foreclosed) who do not participate in
To pay receivers certificates
$16,000,000 the plan. Any securities which would be deliverable under the plan to
To pay or acquire tort claims (without interest)
1.600,0 0 such holders had they participated may remain unissued or be disposed
To pay on account of or to adjust unsecured contract claims
of by the committee for the purposes of the reorganization.
(approximate estimate)
145,000
Estimated Capitalization and Annual Charges after Proposed Readjustments
To pay on account of jet Mtge. bonds to be readjusted by issuOutstanding. Int. Charge.
ance of new securities as provided (5%)
2,989,500
$7.000,000
3280,000
To make provision tor additional cars and other capital require's 5,000.350 Rings County Elev. RR. 1st M. 4s
798,350
15.967.000
Brooklyn Union Elev. RR, 1st M 5s
To pay or adjust claims against the companies and liabilities of
93,508,500 4.675,425
the receivership not otherwise provided for, incl. int. on reRapid Transit Ref. M. 5s, Series A bonds
ceiver's certificates and on underlying elevated railway bonds;
$116,475,500 $5,753,775
to provide for unpaid taxes; to pay expenses of foreclosures
Total
189,000 shs.
and sales and cash expenses of reorganization, incl, such porCapital stock without par value
The figures given above for present capitalization, &c., make no altion of the reorganization expense incurred by the committee
under the B. R.'P. reorganization plan as may be properly
lowance for
chargeable to the reorganization of the rapid transit lines un1st M. bonds of the Municipal Co. issuable against moneys hereder this plan. and any balance to the New Rapid Transit Co.
tofore expenued for construction and equipment purposes under
Contract No. 4 and allied certificates and for retirement of
for working capital and improvemtnts (say)
2,010,500
$9,000,000
$2.000.000 receiver's certificates
How Cash Required for Purposes of Plan Will, It Is Estimated, Be Provided. 1st M.bonds of the Municipal Co. which would be issuable against
From the sale of bonds and stock of New Rapid Transit Co. to
the sale of said bonds at 97 if sold to provide the new money
stockholders
5,155,000
919.595.000
for additional equipment
From sale of $5.155.000 of bonds at 97 to New Company organIf allowance be made for these items, the comparison between the old
5.000.350 companies and the new company would be as set forth below:
ized under the B. R. T.reorganization plan
3.150.000
Cash estimated to be available in hands of receiver
Outstanding. Int. Charge.
Old Companies—
Method of ROOTganiZali(M.—It is intended that all the properties and fran- Bonds, tbc., outstanding, including allowance of
Company and (or) the Municipal
$127,773,794 $6,627,307
foregoing items
chises belonging to the Consolidated and
19.263,673
purchased by the committee, Interest in arrears
Company be sold under foreclosure
the New Rapid Transit Com- Stock
18,900,000
which will vast toe properties so acquired in so formed
will thereupon be
The New Rapid Transit Company
.
pany.
enjoy
$165,937,467
Total old companies
vested with and entitled to exercize an to the all the properties, rights,
New Company—
Privileges and franchises which belongedContractold companies, including
No. 4 and the allied cer- Bonds
8110,475,500 $55,753.77
obligations existing under
the rights and
- -par
lines and other properties
189,000
tificates, and also the elevated however, to the 1st Mtge. now owned by Shares a sioai witbmit0. Vz;lue
bonds of Kings —y. 116, p. 1760, 165
the consolidated Co.. subject,
MAY 121923.]
THE CHRONICLE
New York Municipal Ry. Corp.
-Readjustment Plan.
-
See New York Consolidated RR. above.
-V. 116. p. 1760, 1650.
New York Ontario & Western Ry.-Sub-Lease.-
See Delaware Sr Hudson Co. above.
-V. 116, p. 1760.
Novii Scotia Tramways & Power Co., Ltd.
-Ann. Rept.
Calendar Years1922.
1919.
1920.
1921.
Grass earnings
$1.419,471 51.446,640 51,461,039 51,258.502
Operating expenses
987,676
948,689
1,271,081
1,145,143
Taxes
111,109
98,303
102.328
119,858
Bond & coupon interest193,863
182,500
Sundry interest
144,619
5.802
202,526
3.1181
Amot.of debt disc.&exp.
7,984
19.164
Bal. for res., divs., &c_ _
$113,038 def$23,143 def$114,897
$66.891
-V. 114. p. 1891.
2131
in addition to the above: James FL Farlee, New York; George R. Powell,
Robert M. Green Jr., Philadelphia; Giles Stilwell, Syracuse, N. Y.; Charles
M. Kessler. Fayetteville, Pa.
The plan of reorganization has been approved by the New York P. S.
Commission.
-Successor Cornpany.Syracuse Suburban RR.
-V. 115, p. 2582.
See Syracuse & Eastern RR. above.
-To Increase Capital.
Tampa Electric Co.
The stockholders will vote Jute 8 on incrcasii it the authorized capital
stock from $3,454,800 (all outstanding) to $4,145,700. par $100. If the
increase is authorized, the new stock will be offercd to stockholders for subscription at $100 per share in the ratio of one new share for every five shares
now held. The proceeds will be used to provide funds for additions and
Improvements aggregating $500,000 and for retiring bank debt.
-V
114, p. 2242.
-Bonds Offered.
Tennessee Electric Power Co.
-The
Oregon-Washington RR.& Navigation Co.
-Valuation National City Co., Bonbright & Co., Inc., Halsey, Stuart
& Co., Inc., Hemphill, Noyes & Co. and Marshall Field,
Glore, Ward & Co. are offering at 94% and int., to yield
about 6.45%, an additional $2,500,000 1st & Ref. Mtge.
Peoria & Pekin Union Ry. Co.
-Annual Report.
Calendar YearsGold bonds, Series A,6%, due 1947, bringing the total out1920.
1921.
1922.
Railway operating revenue
$1,803,775 $1,703,053 $1,365,150 standing up to $19,359,600. (FOr description of bonds see
Railway operating expenses
1,620,640
1,506,715
1.417,178
V. 114, p. 2471.)
The I.
-S. C. Commission has placed a tentative valuation as of June 30
1916 of $129,810,913 on the total owned properties of the company, and
$127.357,514 on the total used properties.
-V.114. p. 627.
Net revenue from operation
$386,597
Tax accruals & uncoil, railway rev__ _
$192.084
Non-operating income
Cr.398.135
Deductions
380,322
Net income
-V. 113. p. 961.
$212,326
$196,339 def$255.490
5102.656
$176,475
Cr.459.343 Cr.766,434
424,342
330,241
$148,966 def$16.054
Philadelphia Co.
-Debentures Authorized-Tenders.
-
The stockholders on May 8 authorized the issuance of $10,000,000 15
-Year
% Cony, debentures, which were offered last March (see V. 116, p. 936).
The Bank of North America & Trust Co.,trustee. Philadelphia. Pa.. will
until June 6 receive bids for the sale to it of Consol Mtge. & Coll. Trust
50-Year 5% gold bonds, dated Nov. 1 1901, to an amount sufficient to
iithatist $282,373 at a price not exceeding 10234 and int.-V. 116. p. 2007.
Pitts. Cinc. Chic. & St. Louis RR.
-Bonds.
-
The Philadelphia Stock Exchange on April 30 reduced the amount of
<ihicago St. Louis & Pittsburgh RR. Co. 1st Consol. Mtge. 5% bonds, due
1932 listed to 51.412,000-$17,000 reported redeemed April 18 1923 through
operation of the sinking fund.
-V. 116, p. 1050.
Pittsburgh & West Virginia Ry.-New Director.
-
Clarence E. Tuttle has been elected a director, succeeding Arnold L
Scheuer.-V. 116. p. 1893.
Portland Terminal Co.
-Notes Sold.
-Kidder, Peabody
& Co., Boston, have sold, at price to yield 53%,$1,600,000
one-year 5329 gold notes. Dated April 1 1923, due April 1
1924. Guaranteed by Maine Central RR.
The issue has been approved by the I.
will
-S. C.
provide funds for improvements and extensionsCommission. Proceeds new
in connection with the
freight yards and engine terminals in South Portland, Me., and proposed
Improvements in the freight terminals at Portland. Me.
-V.115. p. 2159.
Reading Co.
-Third Modified Plan.
-
-All First & Ref. Mtge. Gold bonds heretofore issued have been
Listing.
listethon the New York Stock Exchange and application will be made to list
these additional bonds.
Issuance.
-Subject to authorization by Tennessee RR.and P. U. Comm.
Data From Letter of Chairman C. M. Clerk, May 5 1923.
Company.
-Owns or controls and operates an extensive system of properties engaged in the generation, transmission and distribution of electric
energy. The electric light and ',ewer business contributes more than 78%
of the aggregate net earnings, the balance being derived from railway operations. During the past 5 years the hydro-electric stations have supplied
over 95% of the total electric output of the system. The steam plants of the
system are largely held in reserve for operation at periods of peak load or
low stream flow, and to assure at all times continuity of service throughout
the territory served. The field of operations of the system embraces a
large part of the State of Tennessee. extending nearly 200 miles from east
to west and 100 miles from north to south, and includes Nashville, Chattanooga, Knoxville and other cities having a total estimated population of
over 450,000.
-Proceeds will reimburse company for the retirement of certain
Purpose.
underlying bonds and for property expenditures heretofore made, and in
addition will provide a substantial sum for future extensions and additions.
Capitalization Outstanding with Public upon Completion of This Financing,
Common stock
156,000 abs
Second Preferred ($6 par, non-cumulative) stock
50.000 shs.
stock'
First Preferred 6,
a$3.989.400
do
do
7% cumulative stock
, 6,645,600
First and Refunding Mortgage Series A 6s
19,359,600
Bonds of former Tennessee Power Co., due 1962
2.256,000
Bonds of former Chattanooga By. Sr Light Co., due 1956
2,587,000
Nashville Ry.& Light Co. bonds, due variously to 1958
8,002.500
x Includes $472,700 reserved for exchange in the future for a like amount
of Nashville Ry. & Light Co. 5% Pref. stock outstanding with public.
-In addition to the divisional lien bonds shown above to be outNote.
standing in the hands of the public, there are pledged under the 1st & Refg.
Mtge. the following: $10.045,000 Tennessee Power Co. 1st Mtge. 5%
bonds: $3,860,000 Chattanooga By. & Light Co. bonds of various issues:
and $2,338,000 bonds of the Nashville By.& Light Co. All of the divisional
lien bonds outstanding with the public bear interest at the rate of 5% per
annum, except $550,000 underlying bonds of Nashville By. & Light Co.
bearing 6% interest.
Consolidated Statement of Earnings of Properties Embraced in Tennessee
Electric Power Co. System.
12 Months ended March 311922.
1923.
Gross earnings
57,569.549 $8,380,995
Operating expenses,current maintenance & taxes
4.681.871,
4,064.024
The company on May 10 filed with the U. S. District Court for the
Eastern District of Pennsylvania a third modified plan for the carrying
out of the decision of the U. S. Supreme Court rendered May 1922.
The plan brings before the Court the substance of that agreement reached
by the Reading Co. and the Coal company on one hand, and the bondholders' committee and trustee on the other hand, insofar as they can
agree, with the assent of a substantial number of representatives of individual security holders. There are certain security holders who .save not
assented.
In this third modhied pia.' so far as it affects the relative rights of the
stockholders in the segregation proceedings they remain as they were in
the second plan and as approved by the U. S. Supreme Court. The third
Net earnings
'
$3.505,525 $3.699.124
plan contains the same provision for the disposition of the Reading Iron Co. Annual interest charges on $32,205,100 outstanding bonds_ .._ ..
1.809,351
as the second plan.
The second modified plan provided for the division of the lien of the
Balance for depreciation, dividends, &c
51,889.773
Gen. Mtge., two-thirds to the railway company and one-third to the coal
[See
article entitled "Great Hydro-Electric Development Carried
company. The third plan maintains that allocation of indebtedness as Out byalso Tennessee
the
Electric Power Co., together with numerous illusall parties had agreed that it was fair. This third plan provides for new trations, in
the "Manufacturers' Record" of April 26, pages 67 to 74. inmortgages on both properties and that
in bonds be issued by
the coal company to bear 5% interest$31.000,000 present 4% rate, and clusive.1-V. 116. p. 722.
instead of
$63,000,000 bonds be issued on railway property bearing 4;4% instead of4%
Toronto Hamilton & Buffalo Ry.-Dividend.The rail bond will be an open mortgage to conform to modern railroad
The directors have declaied a dividend of 6%,payable June 1 to holders
mortgagee. The exchange a Gen. Mtge. bonds for new bonds will be
provided so that the Gen. Mtge. bondholders will be entitled to receive of record May 25. This is at the same rate as declared a year ago. All
two new bonds, one for two-thirds of their present holdings in 434% bonds the stock of this company is owned by the New York Central Lines and the
of the railway company and one for one-third of their present holdings in Canadian Pacific Ry.-V. 108. p. 1722.
,
5% bonds of the new coal company. The coal company bonds will run
for 50 years, their maturity having advanced 24 years.
Twin State Gas & Electric Co.
-Annual Report (IncludIf the plan is adopted, it will add about $600.000 additional charges to the
ing Subsidiaries).
companies.
A digest of the plan will be given another week.
Calendar Years1922.
1921.
-V.116,p. 1051.823.
51.340.558 $1.162,016
Gross earnings, including merchandise sales
St. Louis
847.964
724.678
-San Francisco Ry.-Acquisition Approved.
Operating expenses,including taxes and deprec'n
The stockholders have approved the proposal to purchase the Birming- Miscellaneous income
Cr.10,838
Cr.12,439
ham Belt RR.
36.614
-V. 116, p. 1761, 1650.
Depreciation
265,926
261,508
Interest, amortized discount and exp. on bonds_ _ _
• Seaboard Air Line Ry.-Bonds.--The
Net income
L-S. C. Commission on May 5 authorized the company c1 to
)
issue $1.957,000 1st & Consol. Mtge. 6% Gold bonds, Series "A.• due Previous surplus
Sept. 11946; $1,212,000 to be pledged with the Secretary of the Treasury
Total surplus
as security in part for loans from the United States, and $745.000 to be
placed in the company's treasury; (2) to indorse, stamp, or otherwise Prior lien dividends
enter into such memoranda of extension or subrogation as may be appro- Preferred dividends
priate and as may be required under the 1st & Consol. Mtge. in respect Common dividends
do
of certain equipment obligations, pledged or deposited, or to he pledged
do
stock
or deposited, with the trustee of the mortgage and against which 1st &
Profit and low surplus
Consoi. Mtge. bonds have been, or may be, issued.
-V,116. p• 1412. 1276.
-V. 115, p. 2687.
Springfield & Xenia Ry.-Reportfor Calendar Year8. -,
1922.
244,267
394,693
$105.608
94,055
6,982
Car miles operated
Pay passengers carried
Gross earnings
Operating expenses
Taxes
•
243,048
434.382
$112,528
101.684
6,421
Net earnings
$4,423
Dividends aggregating 5% were declared and paid on $4,570
the Preferred stock
during the year.
Condensed 'Balance Sheet December 31.
Assets1922.
1921.
1921.
1922.
Liabilities-Coat of road & equip-$640,294 $639,819 Preferred stock
$300,000 $300,000
Cash
5,223
5,891 Common stock
300,000 300,000
Accounts receivable
803
1,388 Depreciation accrued_ 58,638 45,666
Prepaid accounts
6,295
693 Accident reserve accr_
3.528
4,132
Other current assets
40
40 Unadjusted taxes
275
533
Profit and loss deficit_ 12.008
1,639 Other current liabilities 1,311
Total
$664,663 $649,469
105, p. 2367.
Total
$664,663 $649,469
Syracuse & Eastern RR.
-New Co.
-Officers, &c.
-
In furtherance of the plan of reorganization dated Jan. 16 1922 of the
Syracuse & Suburban RR. (V. 114, p. 1064). there was organized in Syracuse on April 28 1923 the Syracuse & Eastern RR.,the successor company.
Officers and directors were elected as follows: Pres., Edward Powell;
V.-Pres., Jonathan M. Stem, Philadelphia; Treas., James
cuse, N. Y.; Seey, Walter W. Cheney Jr., Manlius, N. Y. R. Gere, SYraThe directors.
5237.506
75,842
5151.655
64.803
$313.348
73,070
77.625
19,793
72,900
$216,458
37.991
77,625
25.000
$69.960
$75.842
Union St. Ry. of New Bedford, Mass.
-Wages.
-
The company voluntarAy increased wages of about 500 motormen'and
conductors 6 cents an hour.
-V,116, p. 1651.
-Common Stock Subscription.
United Light 8c Rys. Co.
All holders of 1st Pref, stock and Participating Pref. stock of record May
25 will be given the opportunity to subscribe at par ($100) to an amount of
Common stock equal to 5% of their combined holdings.
All Common stockholders of record May 25 will be given the opportunity
to subscribe at par ($100) to an amount of Common stock equal to 10%
of their holdings.
Subscriptions are payable 50% of the entire amount of Common stock
on or before June 25 1923 and the remaining 50% on but not before Sept. 25
1923.
President Frank T. Hulswit says: "Conipany has determined upon a
plan for a considerable development of the properties, and work thereon
has already been started and will be completed about midsummer of 1924.
Among the larger phases of development are the erection of two electric
power stations, mac located on the Mississippi River in the Tr -City group.
and the other on the Des Moines River at Fort Dodge,Iowa. The construction ol the Fort Dodge plant is already well under way, while a considerable
portion of the larger Units including a 30.000 k. v. a. turbo-generator. has
been ordered for the Tr -City power station, delivery to be made in midsummer of 1924. The funds necessary for the payment of these stations and
for other developments in the gas and electric properties will require approximately 23.000,000. .Of this amount $1,000,000 will be provided for from
earnings for 1923; $1,000.000 will be provided from the proceeds of the sale
of this stock offering, and the balance will be provided at the proper time by
the sale of senior securities. Upon the consummation of this plan there will
be outstanding on Sept. 25 1923 only $4,500,000 Common stock.
2132
THE CHRONICLE
Comparative Consolidated Earnings Statement (Including Subsidiary Cos.).
12 Mos.end. Mar.31:
1923.
1922.
1921.
1920.
Gross earns., all sources-$12.152,961 $11,202.610 $12.118.418 $10,534,834
Operating exps. (mc!.
maintenance & taxes)- 8,212.192 7.779.258
8,839,472
7,504,084
Int. Pref, div. charges,
subsidiary companies"r97,595
860.767
875,036
902.099
Security charges
1.118.507
1,078.421
1,002.220
911.675
Divs., 1st Pref.(6%)
606,947
604.015
603,201
604,284
Divs., Participating Pfd.
187.468
Sur. avail, for amort.
deprec. & Corn. diva. $1.230,252
'
-V. 116, p. 2008. 1277.
$880,151
$798.489
$611,791
United Power & Transportation Co.-Certifs. Reduced.
The Philadelphia Stock Exchange on May 5 reduced the amount of
United Railways Gold Trust Certificates 4s listed to $5,051.700-$331.900
reported acquired by purchase and canceled by trustee.
-V. 116. p. 722.
Virginian Railway.
--Bonds Authorized.
-
The I.-S. 0. Commission on April 28 authorized the company to issue
-year gold bonds, to be sold at not less than 95
41.846.000 first mtge. 5% 50
and interest, the proceeds to be used in making temporary advances for
-construction purposes to the Virginian Terminal By.,a subsidiary.- V. 116.
la. 2002, 2008.
-Interest Payments.
• Western Ohio Railway.
-
The coupon due Nov. 1 1920 on the First Mtge. 5s was paid May 1 1921.
Interest for six months ended April 30 1923 was paid May 1 1923. This
leaves unpaid: Coupon No. 39, clue April 30 1921: Coupon No. 40. due
Oct. 31 1921: and six months' interest due April 30 1922.
The $2.500,000 First Mtge. 58 became due Nov. 11921 but the protective committee (J. P. Harris, Chairman) announced a temporary extension
'
program under which the bonds are allowed to run as past due for the
-V. 114, p. 739.
present at 5% interest.
Wisconsin Central Ry.-Tenders.The United States Trust Co, trustee, N Y City, will until June 1
receive bids for the sale to it of Marshfield & Southern Division Purchase
Money 1st Mtge. bonds, dated May 1 1901, to an amount sufficient to
.exhaust $5,615.-V. 116. P• 1533.
[VOL. 116.
"In the pig iron market, interest centres in speculation as to when buying
for third quarter will start and at what prices. The outlook is for a considerable buying demand for that delivery, but at somewhat lower prices.
as is indicated by continued softening of the coke market and increasing
production of pig iron. Two furnaces have been blown in in the Buffalo
district and one in Detroit and several are scheduled to resume at an early
date. In the extremely quiet market of recent weeks, prices have not been
tested, but further softness has developed this week in some centres.
"Steel scrap is extremely weak, with further reductions of 50c. to $2 a
ton. In the East large consumers are now offering only $20 for melting
steel. or $7 below the high point reached earlier in the year.
"By a conservative estimate, the decision of the United States Supreme
Court sustaining the Minnesota occupation tax on iron ore means the payment of about $2,000.000 for 1921, $2.600,000 for 1922 and $4.000,000 for
the present year. Higher wages and other increases in costs, not including
this tax, nearly offset the higher price for ore announces for this year.
'The Iron Age'finished steel composite price has dropped to 2.789c. per
lb. from 2.810c. last week. This compares with 20.98c. last year and
2.7e4c.
two years ago.
"Pig iron remains unchanged at $30 79.'The Iron Age' composite price
having registered that price for four weeks. This compares with $23 46
last year and $22 80 two years ago."
Oil Production, Prices, &c.
The American Petroleum Institute estimates the daily average gross crude
oil production in the United States for the week ended May 5 as follows:
May 5 '23. Apr. 28'23. Apr. 21 '23. May 6 '22.
(in Barrels)Oklahoma
4/34,300
459,600
450,000
373,650
81,800
Kansas
81.850,050
81,800
71,300
North Texas
68,300
66,200
50,400
Central Texas
127,050
125,550
124,650
149,800
69,750
North Louisiana
69.100
70,350
82,300
Arkansas
111.350
109,750
110.450
36,050
96,750
98,350
Gulf Coast
96,050
109,600
109,000
Eastern
108,000
105.000
119.000
Wyoming and Montana.._
127.000
131.000
126,100
74,850
California
710,000
695.000
715,000
330,000
Total
1.946.500
1,988.300
1,945,850
1.407.450
Coal Production, Prices, &c.
The United States Geological Survey May 5 1923 estimated production
as follows:
"The production of soft coal during the last week of April
Wisconsin-Minnesota Light & Power Co.
-Earnings.
- tically the same as in the week preceding. The total output was was pracestimated
Year ended March 311922.
1923.
at 113,235,000 net tons, against 10,223,000
Gross earnings
42,978,872 $2,80.418 4.175,000 tons In the corresponding week in tons the week before, and
1922. Preliminary reports
•Operating expenses and taxes
1,537,542
1.574,588 of cars loaded in the present week (April 30-May 5) indicate declining
production. This was due to the partial observance of the May Day
Net earnings
$1,441,331 $1,295,830
The gross earnings of the company represent about 307. of the gross holiday at some mines. Loadurg,, on that day totaled 27,359 cars against
.earnings of the combined subsidiaries of the American Public Utilities Co.. an average of about 31,000 on recent Tuesdays.
"Production during the first 101 working
which owns all of the Common stock of the Wisconsin-Minnesota Co.
- net tons. In the corresponding periods of days of 1923 was 179,630,000
the six years preceding it was
V. 116, p. 1413, 296.
as follows (in net tens):
Years of Actions.
Wyoming North & South RR.
Years of Depression.
-Acquisition.
177,783,000 net tons 1919
1917
Wyoming Railway below -V. 116, p. 1277.
140,733,000 net tons
177,925.000 net tons I 1921
1918
130,051,000 net tons
175,803.000 net tons 11022
1920
Wyoming Railway.
144,529,000 net tons
-New Control.
"It will be seen that in point of bituminous production the present year
The Haskell interests have purchased the Wyoming By., extending
from Clearmont to Buffalo, Wyo., 28% miles, and they will make it a Is not only nearly 30% ahead of the average of the three years of depression-1919. 1921, and 1922-but is more than 1% ahead of the average
part of their 320
-mile north-and-south line now under construction from a
connection with the Chicago Milwaukee & St. Paul in Montana to the for 1917. 1918. and 1920. years of great business activity. The present
year closely resembles 192). In that year, however, consumers' stocks
Chicago & North Western in Wyoming.
-V. 114. p. 1409.
on March 1 were at a very low point and demands for coal were insistent.
1 1923 were not at an extremely high point, yet
While stocks
Youngstown & Ohio River RR.
-Report Cal. Years.
- they exceededon March 1920 by 50% and demand for coal has steadily
those in
1921.
1922.
1920.
off. Complete records of consumption dace February are not
Gross earnings
$839,497 fallen
$478.401
$555,806
seems quite clear
Operating expenses
437.233 available, but itmaintained stocks that if the rate of consumption in that
308,833
361,825
been
are perceptibly lower than on March 1.
Taxes and rentals
47,956
50.208 month has
55,200
"Well
-sustained activity marked
Interest on bonds
60,000
60,000 in the week ended April 28. and for the reports of anthracite shipments
60,000
the eighth consecutive week, excluding
only the week of the eight-hour
Net Income
$61,611
$92,056 million ton mark. Reports fromday holiday, the output passed the two$78,782
the anthracite carriers show that 40,458
Condensed Balance Sheet Dec. 31 1922.
cars were loaded during the week. On this basis It is estimated that the
Assets.
ILiabilities.
total output was 2,116,000 net tons, including mine fuel, sales to the local
Cost ofroad & equiprnent_$3,423,855 Preferred stock
$1,000,000 trade, and dredge and washery output. This was an increase over the
Cash
58 Common stock
1.000.000 figure for the preceding week of 51,000 tons. In the corresponding week
Special deposits
18,026 Bonds outstanding
1,200,000 of 1922 there was practically no production of antrhactie owing to the
Accounts receivable
20,619 Account*. payable
23,407 miners' strike.
U.S. Liberty bends
"The cumulative output during 1923 to date stands at 33,718,000 net
65.065 Unmaturcd int. accrued__
15,000
Interest receivable
381 Unmatured rents accrued..
1,000 tons. In comparison with production during the corresponding period
Power house coal
3,968 Taxes accrued
27,362 0( 1922 this was an increase of 11.915.500 tons, or nearly 55%.
Deferred assets
285 Depreciation accrued---_
Estimated United States Production in Net Tons.
159.971
Unadjusted debits
3,448 Accident reserve
42,08l
1923
1922
Bond int. matured. unpaid
Cal. Year
Cal. Year
Divs, matured, unpaid.._..
2,388
BituminousWeek.
to Date.
Week.
to Date.
Deferred liabilities
1,536 April 14
10,401,000
159,172,000
3,656,000
136,71a,000
Unadjusted credits
8.148 April 21
10,223,000
169,395,000
3,575,000
140.354.000
Total (each side)
$3.535,708 Profit and loss
54,713 April 2810,235,000
179,630,000
4,175,000
144,529,000
-V. 114. p. 1409.
Anthracite
2,067,000
April 14
29,537,000
6,000
21.792.000
INDUSTRIAL AND MISCELLANEOUS.
2,065,000
April 21
31,602.000
6,000
21,798,000
2.116,000
April 28
38,718.000
21,803,000
5,000
The following brief items touch the most important develBeehive Coke
421.000
April 14
5.558,000
140,000
2,123,000
opments in the industrial worls during the past week, to- April 21
437,000
5,995,000
94,000
2,217,000
gether with a summary of similar news published in full April 28
424.000
6.419,000
89,000
2,305,000
"Coal Trade Journal" on May 9 reviewed market conditions as
detail in last wek's "Chronicle" either under "Editorial
The
follows:
Comment" or "Current Events and Discussions."
"Despite considerable superficial complaint, demand in the bituminous
Steel and Iron Production, Prices, &c.
trade is in a healthy state. This IS evidenced by the fact that weekly
production continues to top the 10,000.1300-ton mark with heartening
The "Iron Age," May 10, said:
"The volume of new buying of iron and steel is still in sharp contrast regularity and the total output for April was exceeded only once in past
• with the volume of consumption as well as of production. Some mills are April history. Inasmuch as far less than the normal proportion of this
booking orders equal to 50% of current shipments, but they are exceptions, tonnage has been absorbed by the lake trade, the question arises as to
whether other buyers even in the face of current movements, are being
• the average being considerably less.
"There is a further gain in ability to make fairly early deliveries, so that cautious to their own dot_ iment in not placing orders in larger volume.
"For the first time in several weeks, advances in the spot market quo.In large part premium prices have disappeared. Independent steel companies that a short time ago were out of the market are now taking third tations outnumbered reductions. Compared with the week ended ApH1
28, changes appeared in 58.9% of the figures. Of these changes, 53.2%
quarter business, the trend of prices being toward those named by the Steel represented advances
ranging from 5 to 50 cents and averaging 19.3 cents
Corporation. Buyers, with few exceptions, have relaxed In no degree their
per ton. The reductions ranged from 5 to 75 cents and averaged 21.6
demands for shipments on contracts.
"Output of both pig iron and steel is well maintained, and in some dis- cents per ton. The straight average minimum on bituminous coals
$2 33, a
tricts has made an unexpected gain, the loss of labor to out-of-door opera- was maximum decline of 3 cents from the preceding week's figures, but
advanced 11 cents to $2 83. For the second successive
the
tions being less thus far than was predicted.
"Reports from 30 companies indicate a total steel ingot output of 3,947,- week the averages were less than in 1922, when the figures were $2 53
in April, another high record. The recent increase in steel pro- and $2 87. respectively.
800 tons
"Domestic demand has largely disappeared and some of the heaviest
duction is even more marked than that in pig iron, and it is estimated the
the
domestic
present rate is close to 48.000,000 tons a year. The Steel Corporation is reductions ofand week were in particular sizes. This easing off, of course,
excites not
concern. Forward-looking prois seasonal,
running at about 97% of capacity.
are conducting special merchandising campaigns to
"The new rail-buying movement that started last week is the chief market ducers, however,
the seasonal curve in
feature, and it is estimated that about 250,000 tons are represented in flatten out tidewater, both foreign prepared coal movement. A better
and coastwise. has strengthened pier
orders just taken or about to be closed. The New York Central, which is demand at
southern loading ports and this is reflected back in inland
expected to take upward of 100,000 tons, has not advertised as yet, and the conditions at the
quotations.
Pennsylvania is reported to be figuring on 30,000 to 40,000 tons.
"Up to April 29 total cargo dumpings at the lower lake ports were
"Deliveries of the $40 rails, of which nearly 1,500,000 tons were bought
tons. While this compares favorably with April bituminous
just before Oct. 1 last, were limited to the first half of this year. The sales 1,010.199 in preceding years, it has boon a
movement
just made and pending are at $43. and for delivery in the second half. As who banked heavily upon a fast start in this disappointment to shippers
business because of the low
of these rails may not be laid until 1924, some of the present buying is stocks on the docks at the Head of the
many
Lakes. Latest reports from that
to get the benefit of the $43 price, which is out of relation to the market
are to the effect that commercial supplies are down to Youghiogheny
for other forms of steel. Leading Chicago mills have practically all the section
and Hocking screenings. As a result, Chicago last week reported dock
rails they can roll this year.
for all-rail Illinois and Indiana coal.
"Railroad equipment buying has fallen off greatly from the recent pace, inquiry the demand standpoint, the
"From
anthracite situation Is unchanged.
orders amounting to 70 locomotives and 54 cars. However,the
the week's
Some of the local button strikes have been settled, but no one knows
roads are ordering considerable steel, chiefly plates, for the repair of bad where and when others may break out. In addition some big
operators
cars. The Pennsylvania RR, has placed 10.000 tons of car plates for are beginning to complain of a labor
order
shortage, which will probably inMay-June shipment. It is also seeking plates for third quarter.
rather than diminish, during the spring and summer months.
"Structural steel awards of the week were only about 13,000 tons, with crease,
Independent shippers after top prices are able to get $10 50, and in some
The uncertainties of
8 000 tons additional pending. to the certainty of labor costs in building, cases as much as $11 50, for domestic sizes, but steam grades are dragging
increases, are reducing with both company and individual operations.
which more and more amount
structural steel requirements for the year.
the estimates of
"The coke market was fairly steady last week at the reduced figures
"The situation in sheets is easier. Automobile companies are not recently quoted. In the Connollsville district, ovens are trying to hold
pushing for deliveries to the extent that was common six weeks ago and in output down to demand."
Miners Ask Abolition of"Open Shop" in Bituminous Fields.
. some cases have held up shipments. Detroit has made_a few suspensions
-Declare such
abolition would end strikes and eliminate coal shortages by providing unialso in other steel products.
MAY 12 1923.]
THE CHRONICLE
formity of wages and working conditions and regularity and continuity of
employment. "Times" May 7, p. 17.
Head of United Mine Workers Emphatically Declares "Miners Are Out of
the Habit of Accepting Wage Cuts."
-John L. Lewis, President, on return
from Europe states that both anthracite and bituminous coal miners will
fight any suggestion of lower wages. "Times" May 5, p. 13.
Prices. Wages and Other Trade Matters.
-On May 4 McCahan Sugar Co. advanced refined sugar
Sugar Prices.
25 pts. to 9.75c. a lb.; on May 8 Federal advanced 25 pts. to 9.75c.: Arbuckle. 25 pts. to 9.75c. and Pennsylvania 40 pts. to 9.90c.; on May 9
Revere reduced price 35 pis. to 9.90c.
-Great Atlantic
Retail Sugar Dealers Say Boycott Resulted in Loss of Sales.
& Pacific Tea Co., with 7.600 chain stores, reports sales of 21% less sugar
than in corresponding week of 1922. "Boston News Bureau" May 9. p. 3.
Government Loses Injunction Suit Against N. Y. Coffee and Sugar Erchange.
-Application of Government for injunction against trading in futures denied by "Expedition Court" composed of four U. S. Circuit Court
Judges. "Times" May 10. p. 21.
Lead Price Reduced.
-American Smelting & Refining Co. reduced price
from 7.50c. to 7.2.5c. a lb. May 9. "Engineering and Mining JournalPress" May 12. p. 865.
Copper Price Lower.
-Sales at 16.25c. have been reported. "Engineering
& Mining Journal-Press" May 12, p. 865.
Crude Oil Prices Again Reduced.
-The following companies posted 10c.
reductions on crude (the third reduction within 2 weeks): Prairie Oil &
Gas Co., Midwest Refining Co.. Ohio Oil Co., Standard Oil Co. of Louisiana, Sinclair Crude Oil Purchasing Co., Magnolia Petroleum Co. and Texas
Company.
Canadian Crude Price Reduced.
-10c. reduction to 62 68 per bbl. posted.
"Boston Financial News" May 4, p. 8.
Truck Solid Tires Advanced.
--Goodyear Tire & Rubber Co. advances
prices of solid tires for trucks 10% and of cushion type 7 to 13%. "Phila.
News Bureau" May 10, p. 3.
Wage Increase.
-Corn Products Refining Co. advances wages of 2,500
employees Sc. per hour. "Financial America" May 11. p. 7.
Copper Miners Wage Demands.
-Butte (Montana) District Union miners
through new union, the Mineworkers' Independent Union, make demands
for $1 raise. Several months ago the companies in the district refused to
recognize the new union. The men received the 50c. raise along with the
general Increase during March (see V. 116. p. 1414. 1278). "Boston News
Bureau" May 9, p. 5.
-Yak Mining & Tunnel Co. (subsidiary of
Lead Co. Increases Wages.
American Smelting & Refining Co.) announced minimum wage of $4 instead of $3 50. "Engineering & Mining Journal-Press" May 5. p. 814.
-Standard Oil Co. of Indiana increases wages Sc.
Oil Co. Wages Raised.
an hour, affecting 22,000 employees, effective May 16. "Philadelphia
News Bureau" May 9, p. 3.
-Demands made for $5 per week increase,
New England Telephone Wages.
working day of 7 hours and length of service required for reaching maximum
wage reduced from 5 jito 4 years. "Boston News Bureau" May 5, p. 3.
-Conferences on wage question fails.
Building Industry in New York City.
Bricklayers firm for $12 per day, employers for $10 per day with $2 bonus
in certain cases. "Sun May 9, .3
Construction Work Deferred.-Thornpson-Starrett Co. defers work on
$7,000,000 contract until trade conditions are more favorable. "Boston
News Bureau" May 10. P. 3.
Temporary suspension of $60.000,000 worth of new building projects
resulted from trade disturbances. "'firms" May 11, p. 19. advance of
-Fall lines start at $3 retail,
Manhattan Shirt Prices Advanced.
50c. "Wall Street Journal" May 9, p. 3.
Matters Covered in "Chronicle" May 5: (a) Uncontrolled labor demands
-the possibilities and the duty, p. 1944. (b) Combating the rise in
sugar, p. 1945. (c) Remarkable conditions prevailing in building trades
-masons, offended by builders' talk, leave jobs, p. 1949. (d) Paper
mills workers' wages advanced, p. 1950. (e) Offering of $1,500,000 5%
bonds of the Lincoln (Neb.) Joint Stock Land Bank, p. 1954. (f) Offering
of $1,500,000 5% bonds of Virginia-Carolina Joint Stock Land Bank,
p. 1954. (g) Offering of $1,000,000 5% bonds of Pennsylvania Joint
Stock Land Bank, p. 1955. (h) Sugar boycott by women to force down
price-Government's injunction proceedings against N. Y. Coffee &
Sugar Exchange, Inc., p. 1967. (1) U. S. Supreme Court holds income
from mortgage bonds and secured debts is taxable in New York State,
P. 1970.
2133
After payment of Preferred stock dividends and the retirement of an
average amount of $300,000 1st Mtge. bonds each year through action
of the sinking fund, there will remain for dividends on the Common shares
approximately $285,000, or about 20% per annum per share.
Purpose.
-Entire proceeds of this issue will be used for the construction
of the American Furniture Mart Building.
-New Secretary.
American International Corp.
Thomas F. Woodlock has been elected Secretary, succeeding Gordon H.
-V. 116. p. 1896.
Balch. who retains his position as Treasurer.
-To Create No Par Value
American Locomotive Co.
-Common Dividend Increased.
Common Shares
At a meeting held May 10 the directors unanimously resolved to recommend to the stockholders the exchange of the present Common capital
stock, consisting of 250,000 shares, par $100 each, for 500.000 shares of
Common stock of no par value, holders of the present Common stock
thus to receive two shares of the new stock for each share of the old.
The change is believed by all the directors to be beneficial to and in the
Interest of the corporation and its stockholders, and a meeting of stockholders to act upon the recommendation has been called for June 11.
The directors also declared a quarterly dividend of $1 75 upon the
Preferred stack and a quarterly dividend cf$2 50 upon the present Common
stock [compared with 1H% paid quarterly since Sept. 30 19191. both
payable June 30 to stockholders of record June 8. The Common stock
dividend is equivalent to a dividend of $1 25 a share upon the new stock,
-V.116,
should the proposed change be authorized by the stockholders.
p. 1053. 938.
-1922 Results-DiviAmerican Pneumatic Service Co.
dends Resumed on 2d Preferred Stock.
President Clapp says: "The annual report of the Lanreon Co.. a subsidiary,for 1922 will show net earnings of$341,186. as compared with $469.075 for 1921. After deduction for maintenance of mail tubes not in operation during 1922, this will amount to about $2 a share for the 56.328.000,
$50 par,6% non-cumul. 2d Pref. of the American Pneumatic Service Co.
A dividend of50 cents has been declared on the 2d Pref., payable June 20
to holders of record June 9 (V. 116, p. 518). This is the first payment
since March 1918, the year Postmaster Burleson closed the mad tubes.
In Oct. 1922 service was resumed. The entire mileage in New York and
Brooklyn districts is now in operation.
"The falling off in earnings is due almost entirely to the expense of moving
the factory and office organization from Lowell. Mass., to Syracuse, N. Y.
The factory was thus practically non-productive for about three months.
Sales billed during 1922 were $2,995,402, against $3.794.627 in 1921.
"The balance sheet will show that the company has paid off all its outstanding bonds, approximately $300,000, and invested about $425,000 in
new plant without borrowing a dollar. It was able to accomplish this by
liquidating part of the inventories and other quick assets. Business is now
-V. 116. la• 518.
running about 25% ahead of a year ago."
-Stock Dividend.
American Power & Light Co.
The company has declared an extra stock dividend of 2% and the usual
quarterly cash dividend of 2)4% on the Common stock, both payable June 1
to holders of record May 19. Compare also V. 116. p. 724. 1053.
American Tobacco Co.
-Complaint Filed
.Complaints have been issued by the Federal Trade Commission against
the American Tobacco Co., P. Lorillard Co.. Inc., the Ohio Wholesale
Grocers' Association and the Cleveland Tobacco Jobbers' Association.
charging agreements to maintain specified standard prices for certain tobacco products.
-V. 116, p. 1535. 1279.
American Wholesale Corp.
-April Sales.-
Month of AprilSales
-V. 116, p. 1054, 413.
1923
1922.
51,836.283 $2,107.447
Decrease.
5271,164
American Woolen Co.
-Listing.
-
The New York Stock Exchange has authorized the listing on or after
May 18 of $10,000,000 additional 7% Cumul. Prof. stock, par $100.
This stock was offered to holders of Preferred and Common stocks of'
record to the extent of 4 of their holdings. The cash received is to be
-Muscle Shoals Situation.
used for working capital, i.e., current and ordinary business of the company.
Alabama Power Co.
h
The company has issued a pamp let of 80 pages on "The Muscle Shoals -V. 116, p. 1896, 1652.
Situation, giving in detail several facts about the company and its propAmerican Wringer Co. Inc.
-Organized.erties, also the company's offer to the Government to carry out the plan
A Rhode Island charier has been
granted the American Wringer Co..
by which the Wilson Dam at Muscle Shoals may be completed and the
nitrate problem of the Government in connection therewith may be simpli- Inc.. of Woonsocket on the basis of the reorganization plan which has been
fied with.out further advances or expenditures by the Government. The assented to by the stockholders of the old corporation. Compare V. 116.
p. 938.
-V. 116, p. 938.
pamphlet contains numerous charts and illustrations
-New Company.
Allenby Copper Co., Ltd.
See Canada Copper Corp.. Ltd., below.
Allis-Chalmers Mfg. Co., Milwaukee.
-Bookings, &c.
The report for the first quarter of 1923 shows bookings, or new business
at approximately $9,000,000, compared with $5,382.000 in the same
period a year ago. On April 1 unfilled orders amounted to about $12.000.000, compared with $8.215,545 at Dec. 31 1922. New business in March
was heavier than in January and February, and in April the rate had been
largely maintained. Plants are running at 70% of capacity and operations
will be increased when sufficient labor is obtained. Compare V. 116. p.1895,
American Bosch Magneto Corp.-Shipments.Shimionts from the Springfield and Cambridge plants in April totaled
approximately $1,100,000. Compare also V. 116. p. 1895.
Amparo Mining Co.
-Annual Report.
-
Calendar YearsGross earning;
Expenses
1919.
1922.
1921.
1920.
$1.866,513 $1,664,368 51,748.382 *2,146.605
1.595.477
1.344,601
1.516,624
1.231,999
Net profit
$551,128
$521,913
$332,369
$231.757
Misc. charges (net)...,11,986
499
1,332
Cr.11,873
Inventory loss
55,751
36,949
Taxes, &c. (net)
32,167
92.264
21,615
Dividends paid
(17%)340,000 (12)240,000 (20)400.000 (18)360,000
Balance, surplus
1134.878
$137,759
$69,422def.$285,588
-V. 115, p. 2689.
Appalachian Corp.(of Ga.).-New Reorganization Plan.
The -bondholders committee for the 20
-year 6% bonds. F. P. Breckenridge. Chairman, announces that the plan of Oct. 3 (V. 115, p. 2161)
entitled, "New plan of reorganization or readjustment and agreement of
1922.
1923.
Three Months end. March 31$5,460.620 $4.749.600 Appalachian Corporation (superseding the original plan of July S 1922).
Operating revenue
283.279 dated Oct. 3 1922, has been cancelled and definitely withdrawn, and the
599.230
Net income
70.000 zommittee has prepared and adopted a "final plan of reorganization and re76.737
Preferred dividends accrued
adjustment, dated May 7 1923." a copy of which has been lodged with the
$522.492
$213.279 Central Union Trust Co. of New York and the Whitney Central Trust &
Balance, surplus
Savings Bank, New Orleans, La., depositories. Holders of the certificates
-V. 116, p. 2005. 1531.
of deposit shall be deemed to have assented to this final plan of reorganiAmerican Furniture Mart Building Corp., Chicago.- zation unless within 2 weeks after May 7 they shall withdraw the bonds
-Whiting & Co., Chicago, are offering represented by their certificates-V. 115, p. 2161.
Pref. Stock Offered.
-Earnings (Incl. Affil. Cos.)
American Elec. Power Co.
$2,500,000 Cumul. 7% Pref. (a. & d.) stock in units of one
share of Pref. and one share of Common stock at 100 and
dividends (see advertising pages).
Redeemable all or part on any div. date at 110 and divs. on 60 days'
-J. Registrars, Continental & Commercial
notice. Dividends payable Q.
Trust & Savings Bank, Chicago. Equitable Trust Co., New York. Transfer
agents: Whiting & Co., Chicago, and Guaranty Trust Co., New York.
Data from Letter of Gen. W. J. Nicholson. Pres. of the Corporation.
History.-Bullding is now being erected in Chicago to meet the pressing
demand which has existed for many years from manufacturers and distributers of furniture and household furnishings for one great, centrally
located exhibition building large enough to house the permanent exhibitions
of the entire industry. Chicago was selected as the location because
with its 350 furniture factories it is the world's largest furniture manufacturing centre. The Building Corp. will own the American Furniture
Mart Building and the land upon which it stands. The ground area
covers the entire city block containing 113,930 sq. ft. The building when
completed will be 16 stories in height, containing more than 20,000.000
cu. ft. and 1,500,000 sq. ft., or more than 30 acres, of floor space.
-More than 400 of the largest and most substantial firms in the
Leases.
industry are now under contract for long term leases in the American
Furniture Mart Building. Of the 1.250,000 sq. ft. of net rentable exhibition space in the building, more than 900.000 sq. ft. are now leased
under 10-year leases to exhibitors at an average price of $1 22 per sq. ft.
per annum. The remainder of the space will be allotted a srapidly as the
board of governors approves applications for admission.
Earnings.
-The building when wholly leased will have an annual income
of 51,500.000. After payment of all operating charges bond interest,
all Government, State and local taxes, there will be available for Preferred
stock dividends approximately $660,000 per annum, or approximately
3i times the annual dividend requirements of $175,000 on the $2,500.000
Cumulative 7% Preferred stock.
Archer-Daniels Midland Co., Incorporated.
-
Incorporated in Delaware May 2 1923. Compare offering of 55.000,000
7% Preferred stock in V. 116. p. 1896.
Arizona Commercial Mining Co.
-Copper Output.
-
Month ofApr. 1923. Mar. 1923. Feb. 1923. Jan. 1923.
Cepper output (lbs.) __
775.000
789,600
825,750
745,000
- • 116. P. 1897. 1653-.
V
Arkansas Natural Gas Co.
-Annual Report(Incl. Subsid)
Calendar Years1919.
1922.
1921.
1920.
Gross sales
57.577.470 52.123,413
Net income, after taxes_ 64,061,114 52.835,518 $3,625.784
$407,796
$979.466
$1,897.028
Total interest charges__ _
168,578
115,101
45,649
27,406
Miscellaneous charges
29,570
226,407
48.936
138,604
Depreciation charges, &c
109,762
See x
245,117
1,152,665
Preferred dividends (%)
(29%)703588
Common dividends
(4%)541,205 (8)1.082,406
Prem, on pf. stk. retired
236.500
Prem,on bonds retired_ _
110,150
Balance, surplus
$99,886
$994,318
x$1,802,443 def$968,216
x Before deducting depreciation and depletion charges.
-V.115, p.439.
-john
Arkansas Light & Power Co.
-Stock Offered.
Nickerson & Co., New York, and St. Louis are offering at
923/i and divs. $500,000 additional 7% Cumul. Pref. stock.
A circular shows:
The company recently acquired all the property and rights, including the
license recently granted by the Federal Power Commission, of the Caddo
River Power & Irrigation Co.. to develop the water power of the Ouachita
2134
THE CHRONICLE
River. This river, according to the report of Ford. Bacon & Davis. Inc.,
can be developed, at reasonable cost, to produce 100,000 h.p. Plans have
been completed, and the Initial development of 8.000 h.p. has been started
and will be completed early in 1924. This development is adjacent to the
present transmission system of the Arkansas company, and the engineer's
reports indicate that the development of this hydro-electric power will
prove profitable both to the company and to the territory in which it
operates.
Consol. Income Statement (Incl. Pine Bluff Co.) Inter Co. Items Eliminated.
12 Mos. Ending-Feb. 28 '23. Dec. 31 '22. Dec. 31 '21. Dec. 31 '20.
Gross (incl. other
$1,944,403 *1.889,300 $1.694.435 *1,786.996
1,344,121
1.147.949
Operating expenses(a)_.. 1.181.553
1.158.526
Fixed charges (b)
368,689
286.673
409.820
416,767
[voL. 116.
The stockholders also approved a proposition to apply for an amendment
to the company's charter increasing the authorized capital stock to $25.
000,000.-V. 113, p.1891.
(Sidney) Blumenthal & Co. Inc.(the Shelton Looms).
-Listing-Earnings.The N. Y. Stock Exchange has authorized the listing of 52,500,000
7% Cumul. Pref. stock, par $100.
The cbmpany is now operating to capacity. Unfilled orders accepted
will absorb its production until July 1 next. For the year 1923 it is conservatively estimated that net sales will exceed $12,000,000 and that
earnings available for Preferred dividends will be not less than $1,350.000.
Consolidated Income Account-Year ended Dec. 311922.
646,766
Net sales, *8,807.432: cost of sales, $6,160,666: gross
profit52.
$156,204 Expenses, &c., $2,024.984: lass duty paid on imported materials
$320,954
$177,797
Balance
$346.083
Preferred dividends
117,024
applicable to inventories but charged to expense on books,
3146.616
(a) Including taxes, maintenance and that part of depreciation charges Interest. &c.. $294,368: less interest at 6% on new working 1.878,368
226,268
actually expended, but not that part $45,213 in 12 months ended Feb. 28
capital provided March 1923, $68,100
(1923) credited to reserve account. (b) Including Preferred dividends
$542,130
of the Pine Bluff Co.
Adjusted net profit for 1922
(Compare also Shelton Looms in V. 116. p. 947.)-V. 116, p. 1181.
Arkansas Light & Power -No.of Customers- Tons of lee K.W. Hr.
Water.
Sold.
Output.
Electric.
Company--Earnings.
Borg & Beck Co. of Illinois.
5,051
10,041.2 20,743,734
8.647
Dec. 31 1921
ended
amounted to $69.405. For the four
Earnings in
5,640
9,966 x24,829,289 April 30 1923.Aprilnet earnings were $228,258, compared months
10,240
Dec. 31 1922
with $98.197
the
K.W. Hr.
-No.of Customers- Elec. Ru.
in 1922.-V. 116, p. 1653.
Water. Pass.Carried. Output.
Electric.
The Pine Bluff Co.3,378 2.634.808 19,025,490
4,302
-Contract Approved.
Dec. 31 1921
Boston Consolidated Gas Co.
4,596
3,763 2,864,964 x22,520,060
Dec. 31 1922
The Massachusetts Department of Public-Utllities has approved a contract whereby this company will purchase gas from the New England Fuel
Of the k.w. hr. output of the Pine Bluff Co. 13.808,790 k.w. hrs. was & Transportation Co. at 45 cents per 1,000 Cu. ft. The contract will run
sold to the Arkansas Light & Power Co. and is included in the output one year from May 1 1923.-V. 116. p. 2011.
figures of the latter company.
-Capital Reduction, &c.
Brier Hill Steel Co.
-Extension of transmission lines, zco.
Purpose.
The stockholders on May 5 voted to reduce the authorized Common
Authorized Common and Preferred Stocks Increased.
ordered cancellation of the $5.000,000
capital from $12,500.000 to $500 and
The stockholders on March 5 increased the authorized Capital stock Preferred issue. The company has been sold to the Youngstown Sheet &
from *5.750.000 (consisting of $2,750,000 Common and $3.000,000 Pref.0 Tube Co. and the action was a step toward dissolution and the absorption
$100, to consist of $4,500,000 Common and $3,500,00) of its assets by Youngstown Sheet & Tube. The Youngstown Sheet & Tube
to $8.000.000 oar
.-V. 116, p. 1535.
Preferred
has already either exchanged its own Preferred for Brier Hill Preferred or
retired the latter at $105 a share. It is expected that Youngstown Sheet &
-Resignation.
Atlantic Fruit Co.
Tube will call In Brier Hill Steel Common about June 1 for exchange for its
H.B.Mendenhall has resigned as director, the remaining 15 directors have own stock on the basis of four shares of Brier Hill Common for one share of
-V. 116, p. 1764.
been re-elected.
-V. 116. p. 1765.
Youngstown Sheet & Tube Common.
-Common Dividend.
-New Secretary.
Atlantic Refining Co.
(J. G.) Brill Co., Philadelphia.
O'Oonnor has been elected Secretary succeeding W. D.
William M.
The directors have declared a dividend of 1 % on Common stock, par
-V. 116, p. 2010.
Anderson, who has been made a Vice-President.
$100, payable June 1 to holders of record May 24. A like amount was
paid March 1 last, when dividends were resumed on the Common stock
Atlantic Sugar Refineries, Ltd.
-Earnings.(see V. 116, p. 619).-V. 116, p. 1536.
-Calendar Years
--Aril 30 Years-:-To Redeem Debentures.
Brooklyn Borough Gas Co.
1922.
1921.
1919-2 .
1918-19.
-year 73. % Cony. Gold debentures, due Jan. 1
All of the outstanding 10
8990,564 *1,145.935 *2,802,910
Net profits
$986.344
at 105 and int. at the New
-Bond interest_ _ _
59.910
Less
111.133
81.450
85,700 1931, have been called for payment July 1 1923 into Preferred stock expires
476.136
Other interest
1,199.672
131,325
186.856 York Trust Co., N. Y. The right of conversion
Reserved for depreciation
302.618
30,585
721.031
164,397 30 days after April 23 1923.-V. 116, p. 1765. 2011. •
lies, for bad debts, &c
23,934
69,892
-Usual Dividend.
California Petroleum Co.
Repairs, &c
167,111
104,166
The directors have declared the regular quarterly dividend of 1IX% on
Contingent reserve
1,199.013
the Common stock. payable Juno 1 to holders of record May 21. The
dividends
Preferred
(35)808,696(10t4)262500
usual quarterly dividend has also been declared of 1,(% on the Preferred
Common dividends
(2%)119,720
stock, payable July 2 to holders of record June 20. The former dividend
Is payable on both the old Common stock, par $100. and on the new ComBalance. surplus
$127,965 df$1,290,982
$407,591
$375,333 mon stock, par $25. See also V. 116, p. 1898.
At the annual meeting Chairman D. Lorne McGibbon reported that
-Merger.California Telephone & Light Co.
arrangements for the funding of the deferred Indebtedness of the company.
-V. 116, p. 1055.
amounting to 3.724,000, and for providing extra working capital were
See Pacific Gas & Electric Co. below.
proceeding satisfactorily, with all interests co-operating. He also stated
Zinc-Lead Co.
-Shipments:
Callahan
that the "business of the company during the first three months of 1923
April 1923. Mar. 1923. Feb. 1923. Jan. 1923.
Month ofhas been gratifying both as regard.s domestic and export, and the prospects
3,656,000 3,900.000 3.380,000 4,220.000
concentrates (lbs.)
Zinc
for the balance of the year are encouraging."
-V.115, p. 311.
1,756,000 2,130,000 1,940.000 2,400,000
Lead concentrates
22,800
18,430
20,550
16,682
Austin, Nichols & Co.
-New Directors.
Silver (ozs.)
Samuel 0. Dobbs of Atlanta, Ga., John S. Radford of Houston. Texas, -v. 116. p. 1765, 1536.
and Legrand Cannon of New York. Vice-Pres. of the company, have been
-Production, &c.
Calumet & Arizona Mining Co.
-V. 116. p. 1764.
elected directors.
Apr. 1923. Mar. 1923. Feb. 1923. Jan. 1923.
Month of2,998,000 3.738.000
Baldwin Locomotive Works.
Copper production (lbs.) 3,520.000 3.506.000
-Shipments-Orders.
Edwin J. Collins has been elected a director to succeed the late James
The company has delivered 48 engines on the order for 100 placed by
elected
the Pennsylvania RR. last January, making a total of 148 delivered on Hoatson. Thomas Hoatson has been -Tress. 1st V.-Pres. E. J. Collins.
the 475 ordered by that road. Beginning July 1, when the company's 2d V.-Pres. and James E. Fisher, Sec.
The preliminary hearings of the equity suit against the company for $50,plant Is expected to be running at 100%. It is planned to deliver two engines
brought by the Cunningham heirs, is now being cona day to the Pennsylvania until the order has been cleaned up. All are 000.000, which was Commissioner Edwin J. Jones in Tucson. Ariz. This
ducted before U. S.
to be delivered prior to Nov. 11923.
Patrick
April shipments were about 38,500,000, compared with $8.000,000 in suit was begun last fail (V. 116. p. 2162). by the heirs ofand jointCunningowner of
March,$7,000,000 in February and $6.000,000 In January. The company ham, who, it is claimed. was a partner of Martin Costello
guardians
now has about 20.000 men and is operating at 95% of capacity, compared certain claims sold .by Costello to the defendant company. The company.,
16,000 and 75% at beginning of the year. Unfilled orders on books of the Cunningham children are attempting to recover from the belonged
with
original
are slightly under 370.000.000, as company is catching up on orders. alleging that an equal share of the be tried purchase price rightfully
In the U. S. District Court.
With business on hand and in sight the company Is practically sure of to Cunningham. This case will
The stockholders of the Leadville Mining Co. were to vote April 24 on
for the balance of the year while some apace has
capacity operations
selling a part of the company's property to the Calumet & Arizona Mining
-V. 116, p. 1536.
been reserved for 1924 deliveries.
Co. An offer of $75,000 had been made for three patented claims and one
Ariz.
-V. 116. p. 1536, 1416.
Oil Co., Boston, Mass.
-Notes Offered.
-Kidder, unpatented claim, located near Courtland.
,r
-To Increase Capital to
Calumet & Heela Mining Co.
Peabody & Co. are offering at par and int. $1,000,000 6M%
$20,000,000 by Issuance of8 New Sharesfor Each Old Share.
Serial Gold Coupon Purchase Money Notes.
-To provide funds for the purchase from the U. S. Shipping
Purpose.
The stockholders will vote June 4 on Increasing the capital stock from
Board of 2 modern steel tankers of approximately 10,000 deadweight tons *2,500,00. par $25 (of which $1,200,000, or $12 per share, paid in) to
¶2.000.000, par $25.
each.
Earnings.-Barnings In 1922 before depreciation and Federal taxes
The notice sent to stockholders says the meeting is for the purpose of
amounted to 31.961,017. Earnings in previous years were larger than in considering and voting upon the following propositions: "The question of
1922. Indications are that earnings for 1923 wilt be at least equal to awn- increasing the capital stock to the aggregate sum of $20,000 000 and the
ings for 1922- The earnings for 1922 before depreciation and Federal number of shares thereof to the aggregate of 800.000 shares: the question
taxes amounted to over 30 times the interest on the serial notes when the of amending article II to correspond with such increase of capital stock:
to adopt, prescribe and make all necessary provisions for calling in and
entire issue of $1,000,000 is outstanding.
canceling the old and issuing new certificates of stock: to authorize and
Balance Sheet as of Feb. 28 1923.
declare the present outstanding shares of capital stork full paid by reason
effect to issuance of $500,000 Pref.stock and $1.000,000 notes.] of expenditures by the company out of surplus and earnings and profits
After giving
Liabilities
Assetsfrom operations used in the acquiring, development, construction and
$6,843,192 Accounts payable
Property accounts
*342.492 equipment of its property: to authorize and direct the Issue to the stock1,784.775 Notes payable-banks_.- 750,000 holders of the increased capital stock and to declare the same fully paid
Inventories
1,011,914 Notes payable-tank cars 134,768 by reason of such surplus and expenditures: and to consider and vote upon
Cash
Notes payable-collateral 197,600 and to take proper corporate action upon any matters or things relating to
Cash reserved for purchase
1,000,000 Serial purchase mon. notes 1,000,000 such increase of capital stock and number of shares."
of tank steamers
729,947 Mortgages payable
Aebounts receivable
57.000
This is believed to be the first step taken in the contemplated merger of
24,480 Deferred liabilities
79.385 Calumet & Hecla Mining Co. and its four subsidiaries, Ahmeek, Allouez
Notes & trade accep. rec'le
237 Consignment suspense.._..
-V. 116. p. 1653.
in hands of trustees4,807 Osceola and Centennial.
Cash
108.863 Reserves
4,597,290
Deferred assets
-Appraisers Appointed.
Cambria Steel Co.
29,831 Preferred stock
2.891,200
Stock suspense account_ __
George Willing, Philadelphia, and Samuel Dickey, Johnstown, Pa..
Investments aisponee---- 834.045 Common stock (no par
have been appointed appraisers by Judge Martin
value) and surplus
4,011,364 and George W. Geasey.
Pref. stock In treasury_.. 190.000
of the Common Pleas Court No. 5, on the application made two weeks
Beacon Sun Co. Investm't 1,500,000
The petition
Total (each side)
9,522
Organization & developml
514,065.907 ago by Harry V. L. Hager of Johnstown, Pa., a stockholder. determine the
filed by Mr. Hager asked for appointment of appraisers to
-V. 116. P. 1653
.
damages he has incurred by the consolidation of Cambria Steel Co. with
-V. 116, p. 1898, 1536.
--Tenders.
Becker Steel Co. of America, Inc.
Bethlehem Stool Corp.
The company, at its office 154 Nassau St., N. Y. City, will until June 1.
-Sale.
Canada Copper Corp., Ltd.
-Year 6% Gold bonds, dated
receive bids for the sale to it of 1st Mtge. 20
The property was purchased at judicial sale May 7 at Vancouver, B. C.,
June 30 1914, to an amount sufficient to exhaust $25,000 at a price not
Trenholm M. Marshall for $2,000,000 by the reorganization committee.
p. 293.
by
exceeding 102 and Int.-V. 107.
A new company known as Allenby Copper Co., Ltd.(non-personal liability)
--Earnings.
will be organized. it is said. The sale. It is stated, is preliminary to conveyBeech Nut Packing Co.
ing title to the properties to the Granby Consolidated Mining, Smelting
1923.
1922.
Quarter Ended March 31Granby, it is
earnings after charges and before Federal taxes__ -$595,737 $392,291 & Power Co., Ltd.' under an agreement already reached.116, p. 1536.411
Net
-V.
said, will exchange 155,000 shares for Allenby assets.
-Ir. 116, p. 1054, 413.
urBeacon
-Consolidation, &c.
Bertha Coal Co.
-V.116, p. 2011.
See Consumers Fuel Co. below.
-Consolidation.
Bertha-Consumers Co.
2011.
-V.116, p.
See Consumers Fuel Co. below.
1-3%
Bibb (Cotton) Mfg. Co., Macon, Ga.-33 declare Stk. Div.
authorized the directors to
633
The stockholders on May 4 57.590,090 Common stock. par sipp.1-3%
Mock div. on the outstanding
-Earnings.
Canadian Consolidated Rubber Co., Ltd.
1919.
1922.
1921.
1920.
Calendar Years$13,221,575 $14.593,606 $26,675,513 *22,162,978
Net sales
Expenses and interest.._ 13,793,451 15,354.120 25.388.347 20,411,472
210,0001
209.995
210,000
210,000
Preferred dividends..
964,981
Inventory provisions..
Balance, surolus
-sr. 114, p. 2721.
def$781,876df$1.935,495 $1,077,166_ $1,541,512
THE CHRONTCLE
MAY 12 1923.]
-Business.
(J. I.) Case Threshing Machine Co.
Volume of business transacted by the company in the three months
ended March 31 last. it Is stated, was between 50 and 60% ahead of the
corresponding period of last year. Corresponding increases in net earnings
-V. 110, p. 1898.
also were shown.
Central American Mines, Inc.
-New Company.
See El Salvador Silver Mines Co., Inc., above.
-Acquisition.
Central Illinois Public Service Co.
Grand Tower, Ill., has sold Its municipal electric plant to the above
company, and will, it is stated, accept street lighting service in payment
of the entire price of the property. The company has also been granted
-year street lighting contract.
-V.116, p. 1048.
a 50-year franchise and a 10
Central Indiana Power Co.
-Earnings:
-
Year ended March 31Gross earnings
Operating expenses and taxes
1922.
1923.
$5,430,873 35,126.359
3,563,845 3,385.840
Net earnings
31.867.227 31,740.5,18
The company is owned by the American Public Utilities Co., and the
gross earnings of the Central Indiana properties are about 50% of the
gross earnings of the American Public Utilities Co. The Central Indiana
Power Co. has an issue of $5.500,000 7% Pref. stock outstanding and
-S5,000.000 Common stock. All of the Common stock belongs to the
American Public Utilities Co.
-V. 116, p. 300.
2135
-Offer of Coast Counties Gas &
Contra Costa Gas Co.
Electric Co. Accepted.
The stockholders have accepted,subject to the approval of the California
RR. Commission, the offer of the Coast Counties Gas & Electric Co. to
purchase from the Contra Costa Gas Co. all of the latter's properties and to
issue to each stockholder of the Contra Costa Gas Co. one share of 6%
1st Pref. stock of the Coast Counties Co. for each share of the capital
stock of the Contra Costa Gas Co.
-V. 116, p. 941.
-New Directors.
Copper Export Association, Inc.
Stephen Birch, President of the Kennecott Copper Corp., and J. K.
MacGowan, Vice-President of the Braden Copper Co.. have been elected
directors, succeeding Simon Guggenheim and Murry Guggenheim.
V. 116. p. 301.
-Earns.3 Mos. end. Mar.31 1923.
Cushman's Sons, Inc.
Profit for period
Depreciation, Federal and State income taxes
$330,147
114,190
3215.957
Net profit
Note.
-After allowing for dividends for the 1st quarter on the outstanding
7% and $8 Preferred stock at Mar. 31 1923. the amount earned on the
95,240 shares of outstanding Common stock is $148,340,or $1 55 per share.
t rilr
•n
.
The total surplus at Mar. 31 1923. Including capital surplus and s o
!appropriated
.re8d297mptAin of 7% Preferred stock, amounted
5
Io
16 e
. thp
Central Jersey Power & Light Co.
-Mortgage.
-
Davis Sewing Machine Co.
-Receiver.
-
Central Sugar Corp.
-Reorganization Plan.
-
(D. G.) Dery Corp.
-Business Encouraging.-
Following the filing of a creditor's bill by the Westinghouse Electric &
The New Jersey P. U. Commission has authorized the company to issue
a mortgage on its property to the New York Trust Co., trustee.
-V. Manufacturing Co. against the company. the Federal Court at Dayton.
0.. on May 7 appointed Earl T. Turner receiver. See V. 113, p. 2619.
116. p. 1898.
A reorganization plan for Central Sugar Corp. and Central Fe., S. A..
The report of the receivers, filed May 4 with Federal Juge A. N. Hand,
'has been approved by the reorganization managers (Edward C. Delafield, describes the present condition of the company as "distinctly encouraging.'.
The report places total assets at $16,613.614 and liabilities at 316.314.614.
Chairman).
Under the plan Preferred and Common stockholders of the Central
The preliminary survey, according to the report, indicates that the corSugar Corp. are being offered the right to subscribe to 32,000.000 8% poration has a working capital of 3780.633, and that this could be increased
1st Mtge. bonds. A new Cuban corporation is to be formed to take over to $1.500,000 by the sale of real property and the consolidation of the corthe properties. •
poration with the Cedar Cliff Silk Co., the stock of which is owned by the
The holders of the Preferred stock of the old corporation will receive Dery corporation.
According to the report, the Cedar Cliff Silk Co. has a net working
half of a share of new Common stock, and holders a the Common stock
will receive one-tenth of a share of the new Common stock,subject, however, capital of $400.000 and owns 51% of the Terra Realty Co., which owns an
to the provision that the old Preferred and Common stockholders who apartment house at 3 West 75th St., and the Croisic Building, at 200 Fifth
exercise their rights to subscribe to the new 20
-year 8% bonds will receive Ave. Sale of the interest in this realty, the report says, would add 3250.000
five shares of new Common stock and a $100 bond. The new $2,000,000 to the company's capital. Then the report reads:
"In the period extending from Mar.27 to April 30,inclusive, during which
bonds have not been underwritten, but any unsold balance may be offered
to bankers. Proceeds of these bonds, it Is estimated, should pay off the receivers have been in charge of the operation, gross sales have amounted
entire floating debt, including the bank loans. Further details another to $2,515,384, and the advances from factors, which on March 26 stood on
-V. 115. p. 2585.
week.
$1.949.974, had been reduced on April 30 to $505.572 by sales of merchandise consigned to and held by the factors prior to the appointment of
Coast Counties Gas & Electric Co.
-Acquisition.
the receivers.
See Contra Costa Gas Co. below.
-V. 115, P• 649.
"While a sound business policy probably dictates the sale or discontinuance of a small number of plants, in the opinion of the receivers the plants
Cole Motor Car Co.
-Cash Dividend of $5.
as a whole are in a state of good operating efficiency, and the direct manufacThe directors have declared a dividend of $5 a share on the outstanding turing cost compares favorably with that of the company's competitors.
22,000,000 Capital stock, par $100, payable May 15 to holders of record and the mills are well situated from the point of view of labor supply and
May I.
-V. 116, p. 1765.
other conditions and should be able to hold their own in competition with
other manufacturers."
-V. 116. p. 1766, 1537.
Columbia Gas & Electric Co.
-Earnings.
-
Quarter ended March 31Gross earnings
Net earnings
Total income
Surplus after charges
-V. 116, p. 1765, 1653.
1922.
1923.
$6.083.384 $5,321,981
2.800.098
3.339,331
3,222,245
3.805.179
1,806,732
2,367,299
Commercial Solvents Corp.
-Rights.
-
Devoe & Raynolds Co., Inc.-Listing--Earnings.-
The New York Stock Exchange has authorized the listing of $2,000,000
1st Preferred stock, par $100.
Consolidated Income Account
-Year ended Dec. 31 1922.
Net sales, $10,077,924; cost of net sales. $6,147,392; gross profit
from operations
33,930,531
Other income
76,602
Holders of Class A stock and Class B stock of record May 14 1923 will
be offered the right to subscribe at par ($100) for $1.000,000 Preferred
stock to the extent of Yi share new stock for each share stock held. Right
to subscribe expires on May 29 1923. See V. 116. p. 2012.
Total
34.007.134
Deduct-Adm. exp., $940,278; selling, &c.. exp., $1,794.299;
cash discount on sales, 396,606
2,831.183
Computing-Tabulating-Recording Co.
-Listing.
-
Profit from operations
31,175.951
Depreciation, $40,305; bad debts written off, $93.547; pensions,
$11,581; bond & mtge. exp. $2,759; miscall. & gen. exp.,
$29.801; Additional compensation, based on profits, $65,551;
reserve for Federal tax, 1922, $100,714
344,260
Interest paid on loans, mortgages and bonds
126.695
The N. Y. Stock Exchange has authorized the listing on and after May 19
of 19,655 additional shares of its Common stock without par value on official
notice of issuance and payment In full, making the total amount applied
for 150,688 shares. These additional shares are offered to holders of Common stock of record April 27 at $75 per share to the extent of 15% of their
respective holdings.• All cash received from the issue is to be used for
paying off current loans.
-V. 116, p. 2012, 1898.
Consolidation Coal Co.
-Tenders.
--
Net profit
Compare also V. 116, p. 1280, 1654. 2013.
$704,995
-To Retire Notes.
Diamond Match Co.
The United States Mtge. & Trust Co., trustee, will until May 16 receive
It is understood that the company has made arrangements to retire the
bids for the sale to It of 1st Mtge. 5% bonds of the Fairmont Coal Co.
$5,735,200 15-Year 7;4% debentures
to an amount sufficient to exhaust $10,085 at a price not exceeding 105 outstanding and int. Legal notice of this redemptiondue 1935 on Nov. 1
1923 at 105
cannot be made until
and interest.
-V. 116. p. 1272.
-V. 116. p. 1766, 1417,
90 days before the date of call.
Consumers Co., Chicago.
-Notes Offered.-Whiting &
Co., Chicago, are offering at 100 and int. $1,350,000 7%
Gold notes, due Jan. 1 1927. Denoms. $1,000, $500 and
$100 (see advertising pages).
The total net assets of this company are approximately $20.000,000. or
equivalent to about $2,500 for each 31,000 funded indebtedness. The
company is the world's largest distributor of coal. ice and building material
,
The first four months of 1923 show a net gain of 32% in value of tonnage
sold, over the first four months of 1922. The present outlook indicates
that 1923 will be the most profitable in the history of the company.
-V.116,
p. 827.
Consumers Fuel Co., Pittsburgh.
-Consolidation, &c.
-
The stockholders of Bertha Coal Co., Consumers' Fuel Co. and Jewel
,Coal Co. under date of May I were advised that the Governor of Pennsylvania has signed the charter of the Bertha-Consumers Co., which was
formed by a merger of the above three companies. The stockholders of
the companies are now entitled to exchange their stock for stock of the
Bertha-Consumers Co. on the following basis:
The holders of the Preferred stock of the Bertha Coal Co. are entitled to
receive two shares of Preferred stock of the Bertha-Consumers Co.(par $100)
for each share of Preferred stock (par $25) which they now hold: and the
holders of the Common stock of Bertha Coal Co. are entitled to receive
8 shares of the Common stock of Bertha-Consumers Co.(par $100) for each
share of the Common stock (par $100) which they now hold.
The holders of the Preferred stock of Consumers' Fuel Co. are entitled
to receive 1 share of the Preferred stock of Bertha-Consumers Co.(Par $100)
for each 50 shams of the Preferred stock of Consumers' Fuel Co. (par $1)
which they now hold: and the holders of the Common stock of Consumers'
Fuel Co. are entitled to receive 2 7-20 shares of the Common stock of the
Bertha-Consumers Co.(par $100) for each 100 shares of the Common stock
of the Consumers Fuel Co. (par $1) which they now hold.
The holders of the capital stock of the Jewel Coal Co. are entitled to receive 1 share of Preferred stock of the Bertha-Consumers Co. (par $100)
for each share of the capital stock of the Jewel Coal Co. (par $100) which
they now hold.
In order to make the exchange stockholders should forward their stock
of the above mentioned companies which they now hold to D. R. Tomb,
Secretary, Chamber of Commerce
Pittsburgh.
Co. have declared a cash dividend on
The directors of the Bertha CoalBldg.,
the Preferred stock of that company to the amount of 14% of the par value,
and on the Common stock equal to 28% of par value thereof; and the directors of the Consumers' Fuel Co. have declared a cash dividend on the'
Preferred stock of that company equal to 7% of the par value thereof.
These dividends are payable one-half on June 1 1923 and one-half on Nov. 1
1923 to holders of record April 20 1923.-V. 116, p. 2012.
Continental Gas & Electric Co.--Earnings.--
12 Months ended March 311923.
Gross revenue
$3,375,043
Operating expenses,taxes, maintenance and interest 2,390,464
Bond interest
384,352
(I% Preferred dividends
169,232
Balance,surplus
-V. 116, p. 827.
$430,996
-Production.
Dome Mines Co., Ltd.
Month of.1923. Feb. 1923. Jan. 1923.
April 1923. Mar.
Gold production (value)_ $160.111
3259.866
3403,511
3366.415
-V. 116. p. 2013. 1899.
-Initial Div.
Douglas-Pectin Corp., Rochester, N. Y.
The directors have declared an initial quarterly dividend of 25 cents
per share on the outstanding Common stock, no par value, payable July 1
to holders of record June 15. See offering in V. 116. p. 1417. 1766.
-Bonds.
-Drummond InvestmentCo.,Ltd., Montreal.
AU of the outstanding 3570,000
% 1st Mtge. Serial bonds of Drummond Apartment Buildings, due Dec. 1 1923-1929. have been called for
redemption June 1 at 103 and int, at the Montreal Trust Co., Montreal,
Canada. See also V. 116, p.1654.
-Earnings.
Eastern Rolling Mill Co.
The company for the first quarter of 1923 reports net profits of $394,011.
-V. 116. p. 1183.
Eastman Kodak Co.
-Extra Dividend of 75 Cents.
An extra dividend of 75 cents per share has been declared on the COMMOn
stock, no par value, in addition to the regular quarterly dividend of $1.25
per share, both payable July 2 to holders of record May 31. Like amounts
were paid April 2 last on the Common stock.
-V. 116. p. 2013.
Elk Horn Coal Corp.
-Resumes Preferred Dividend.-'
The directors have declared a dividend of 15i% on the Preferred stock.
par ‘50. payable* Juno 11 to holders of record June I.. In February last
action was deferred on the dividend usually paid In March (see V. 116,
p. 726). Quarterly dividends of 1%% each were inid on the Preferred
stock from March 1919 to Dec. 1922, incl.; prior to March 1919 semi-annual
dividends of 3% were paid on this issue.
-V. 116, p. 1418.
El Salvador Silver Mines Co., Inc.-Reorg. Plan.
-
Details of a definite plan of reorganization of this company, now in
receivership, were announced May 10 in a notice issued to the stockholders
by A. J. McAllister, one of the creditors of the company. The petition
for the approval of the plan was formally approved May 10 by Judge
Julian W. Mack of the U. S. Circuit Court.
The plan in brief provides as follows: For the organization of a ner:
corporation in Delaware to be known as "Central American Mines, Inc.,
With an authorized capital of $500.000 (par 31).
That the creditors, subject to the approval of the court baying jurisdiction of the receivership proceedings, are to turn over to the new corporation all of the assets of the company and accept in lieu of their claims
against the company, aggregating approximately 281,000. shares of
stock of the new corporation at par, i.e. approximately $1 per share for
each $1 face value of their respective claims against El Salvador Silver
1922.
Mines Co.
That an opportunity be given to the shareholders of record on Jan. 2
$2.427.875
1,770.324 1923 of El SalVador Silver Mines Co. to subscribe for approximately
294.344 189.000 shares, the proceeds of such sale to constitute additional working
124,184 capital for the new -corporation. May 21 is the last day on which the
shareholders of record Jan. 2 1923 have the right to subscribe for the
$239.022 shares of the Central American Mince., Inc.. the new company, at $1
a share.
2136
[VoL. 116.
THE CHRONICLE
With the consummation of the reorganization plan it is the intention
of the management to proceed to the active operation of the company's
properties which Include valuable producing silver mines and mining
equipment in Salvador.
-V. 115, P. 1326.
Endicott Johnson Corp.
-Lease.
The corporation, which for a number of years has occupied the 10
-story
and basement building at 61 Hudson St., N. Y. City, has leased for a long
term of years the Barron Building in Jersey City, N. J., to which it will
remove on or about June I.
-V.116, p. 1057.
Enterprise Mfg. Co. (Pa.).
-Bonds Called.
All of the outstanding 1st Mtge. 5%% Sinking Fund Gold bonds, dated
Jan. 1 1910. have been called for redemption July 1 at 105 and hit, at the
Provident Trust Co.. substituted trustee, Philadelphia, Pa.
Arrangements have been made whereby the holders of bonds may
present same for payment at any time prior to July 1 1923, at the office
of Brown Bros. & Co., 4th dr Chestnut Sta., Philadelphia. On presentation
at said office, the holders thereof will receive 105 and int. to date of presentation.
-V. 116, p. 1418.
Erie (Pa.) Lighting Co.
-New Control.
See Penn Public Service Corp. below.
-V. 116. p. 1538.
-Par Value of Stock.
Fall River Electric Light Co.
-
The company also nas an authorized issue of 31.200.000 Common stock.
of which $1,000,000 is outstanding. The unissued Common is reserved
for the conversion of the $200,000 Pref. stock.
-Capital Increased, &c.
Gimbel Brothers, Inc.
The stockholders on May 11 increased the authorized Capital stock, &c..
in connection with the acquisition of Saks & Co., as outlined in V. 116.
p. 1901.
Horace A. Saks, William A. Saks and Philip Come have been elected
new directors. This action increased the board from 18 to 21 members.
-V. 116. p. 1901.
-Acquisition.
Glen Alden Coal Co.
The company recently bought the plant and machinery of the Exeter
-V. 116, p. 727.
Machine Co. at West Pittstown, Pa.
-Capital Revision.
Goldwyn Pictures Corporation.
The holders of the outstanding voting trust certificates have approved the
stock revision plan which will scale down the authorized shares from
1.000,000 to 375,000. See V. 116, p. 1901.
-Production.
. Goodyear Tire 8c Rubber Co.
In March 1923 the company produced 1.029,797 tires, compared with
910,711 in March 1920.-V. 116. p. 1901.
-Bonds Called.
Granby Mining 8c Smelting Co.
The company has petitioned the Mass. Dept. of Public Utilities for permission to reduce the par value of the Common shares from $100 to $25.
The company has an authorized capital of$3,550,000. represented by 35,000
and 5,000 shares of employees' stock,
shares of Common stock, par
$100.
par $10. See also V. 116,p. 1900.1766.
One hundred twenty-four 1st Mtge. 5% bonds, dated June 1 1916.
aggregating $104,200. have been called for payment June 1 at the Northern
108, p. 2025.
Trust Co., trustee, Chicago,
Farmers Terminal Packing Co. St. Paul-Receiver.-
For the quarter ended March 31 1923 the company,It is stated, earned
a surplus for the Common stock of $81.000 after all charges including
-V. 116, p. 1901. 1184.
taxes, depreciation, interests. Pref. dividends, &c.
Harry Edmunds, Supt., has been appointed receiver by District Judge
John B. Sanborn at St. Paul, Minn.
Fifth Avenue Bus Securities Corp.
--Stock.
-Earnings.
Gray & Davis, Inc., Boston.
-Officers •
-April Sales (Net)
Hartman Corp., Chicago.
Temporary voting trust certificates representing capital stock may be dcc.Increase.
1922.
1923.
exchanged for the permanent engraved voting trust certificates at the office
$623,356
$1,965.062 31.341,706
of the transfer agent, Guaranty Trust Co., 140 Broadway. N. Y. City.
- Month of April
2,361,499
4,355,875
6,717,374
4 months ending April 30
V. 116. p. 1418.
taxes for the first four months were estimated to be
Net profits after
Fleishmann Co.
-Earnings.
$860,000, which is more than sufficient to cover entire year's dividend
requirements.
Results for Quarter ended March 311923.
Martin L. Straus and David L. May have been elected directors. Mr.
Net profit after expenses, $2,038,573; other income, $263,673:
-V. 116. p. 1419, 1184.
$,302,246 Straus has also been elected a Vice-President.
2
Charges and Federal taxes
283530
-Earnings First Quarter of 1923.
Hayes Wheel Co.
Insurance fund and Preferred stock premium
132.063
$4,553,424
Total sales
Preferred dividend. $21,161; Common dividend, $750,000 '
77161.1
.
$482,530
Profit and loss credits
9,311 Net profits before interest and taxes
V. 116. p. 1654. 1419.
Surplus
$1.124,803
-Bond Issue.
Haytian Corp. of American.
-V. 116, p. 1183, 726.
The Irving Bank-Columbia Trust Co. will act as trustee under agreement
-Year Income
1923, securing an issue of 13,000,000 8% 15
Ford Motor Co. Detroit.
dated Jan. 1
-New Plants, &c.
-V. 116. p. 942.
The company has juseawarded a contract for the building of a 10,000 h. p. bonds.
hydro-electric power plant on the Menominee River, near Iron Mountain,
-Holly Oil Co. Initial Dividend.
Holly Sugar Co.
Mich., to Stone & Webster, Inc. of Boston. Mass., who are also now
The initial dividend of $I per share declared last March on the Holly
starting the construction of a large combined hydro-electric and steam
stock, no par value, is payable June 11 to holders of record
power plant at the High Dam at St. Paul, Minn., for the same company. 011 Co. capital
Stone & Webster are also beginning the design of large manufacturing May 31.-V. 116. p. 1282.
buildings for the Ford Motor Co. adjacent to the High Dam, one of which
-To Reduce Pref.
Hood Rubber Co., Watertown, Mass.
will have 23 acres of floor space under one roof.
The stockholders will vote May 17 on reducing the outstanding Preferred
This work is in addition to the hydro-electric plants at Green Island,
retirement of 1,500 shares. par $100,through the sinking fund.
N. Y., and Flat Rock, Mich.which Stone & Webster recently completed stock by the
-V. 115, p. 1948.
for the Ford company.
-V.
p. 2014.
-Bond Issue.
French-Bayes Petroleum Corp.
-Earnings.
Houston Oil Co. of Texas.
The Metropolitan Trust Co. has been appointed trustee of an issue of
,
3500,000 10
-year 8% Cony. Debenture Gold logind, maturing April 2 1933.
Quarter endim7 March 31Gross earnings from oil
Oper.& gen.exp.,including taxes_ _ _ _
1923.
$641,166
228,103
1921.
1922.
$858,343 $1,020,796144,365
183,582
-Bonds Offered.
Garden Highway Orchard Co.
Bradford, Kimball & Co., San Francisco., and Drake, Riley
& Thomas, Los Angeles, are offering at 100 and int.,$400,000
1st (Closed) Mtge. 7% Sinking Fund Gold bonds.
Net earnings before depr. & deple__
-V. 116, p. 1184, 183.
$413,062
$074.701
3876,431
-Extra Dividend of 1%.
Humphreys Oil Co.
An extra dividend of I% has been declared on the outstanding $15,000,000
addition to the regular quarterly dividend of
Dated May 1 1923. Due May 1 1938. Denom. $1.000 and $500c*. Capital stock, par $25, in
Like amounts were paid March 15 last.
to 2% paid by 3%, both payable June 15.
Int. payable M. & N. Normal Federal income tax UD
1058.
company. Free from personal property tax in California. Callable, all -V. 116, p.
or part. on 30 days' notice at IN and interest. Humboldt Savings Bank,
-Notes
Intercontinental Rubber Products Corp.
San Francisco. trustee.
Bonds are a closed first mortgage on 3,000 acres of river bottom land Offered.
the west side of the Feather River. 13
Convertible Collateral Trust 7% Gold Notes, due
In Sutter County, located along
The holders of the
miles south of Marysville, Calif. The property pledged as security has Oct. 11932. Series"A." are offered the opportunity to subscribe to a further
been appraised at $790,175. or an overage of $263 an acre.
issue of $580.600 53 % Series "B" notes. dated April 11923, and redeemThe company has covenanted to plant not less than 300 acres to fruit able on or before Oct. 11924. at 105 and Interest, and thereafter as follows:
trees, which development alone, In three years, should bring the value of On or before Oct. 1 1925 at 104 thereafter until Oct. 1 1926 at 103; therethe property to not less than $900,000. The company has also taken after until Oct. 1 1927 at 10214 thereafter until Oct. 1 1928 at 102; theresteps to subdivide and sell this land immediately. This land will be after until Oct. 1 1929 at 10114 thereafter until Oct. 1 1930 at 101; theresold at a minimum of $500 an acre, which figure is substantiated by sales after until Oct. 1 1931 at 10014 and thereafter until Oct. 1 1932 at 100.
already made at 3550. All contracts of sale will be put up as additional
The holder of each $100 of notes issued and outstanding under the indencollateral under this mortgage.
ture is entitled to subscribe to $200 of notes of Series "B" at the issue price
Of the proceeds of this issue, $100.000 is to be held as working capital. of 85 and accrued interest. Subscriptions will ho received at Guaranty
or applied in discharge of the interest and pakicipal due on the bonds.
Trust Co., New York, between May 28 and June 29.-V. 116, p. 1902.
-Earnings for First Quarter.
General Asphalt Co.
-
-Substituted Trustee.
International Oil & Gas Corp.
At the annual meeting May 8, President Sewall stated that for the first
quarter of 1923, after all charges, including 5% for depreciation, the company showed a lass of $106,000. This compares with a loss of between
$300.000 and $400,000 in the same quarter of 1922 and a loss of over
$700,000 in the first three months of 1921.-V. 116, p. 1890, 2014.
The Empire Trust Co. has been appointed substituted trustee under an.
Indenture of the International Oil & as Corp. to Citizens' Trust & Savings
dated Aug. 1 1919, securing an Issue of $1,000.000'
Bank„ Chicago.
-Year 7% Cony. Sinking Fund Gold bonds dated Aug. 11919.
1st Mtge. 5
due Aug. 1 1924.
-New President and Chairman of
General Motors Corp.
-The corporation anthe Executive Committee-Dividends.
nounces the resignation of Pierre S. du Pont, President and
Chairman of the executive committee, and the election of
Alfred P. Sloan Jr. to these offices.
The Bankers Trust Co.. trustee. 10 Wall St., N. Y. Olty, will until,
May 24 receive bids for the sale to it of 1st & Ref: Mtge. 5% Sinking Fund
Bonds, Series "A" and "B," dated Jan. 1 1917, to an amount sufficient toexhaust 1105,838 at a price not exceeding 10214 and int.-V. 116, p. 1902.
1655.
Mr. du Pont remains Chairman of the Board and will continue to take
an active interest in its affairs. He also holds the corresponding position
In E. I. du Pont de Nemours & Co., the largest owner of General Motors
Corp. Common shares. He also remains a member of the finance committee and executive committee of General Motors Corp.
The following statement was made by Mr. du Pont: "At the time of my
election to the Presidency in Dec. 1920. It was understood that my term of
office would be limited as to duration and, further, that many of the duties
of the President would fall upon the shoulders of the Vice-Presidents of the
corporation. Pursuant to this understanding Mr. Sloan has assumed the
responsibility of directing the operations of the corporation under the general policies laid down by the executive committee. The greater part of
the successful development of the corporation's opreations and the building up or a strong manufacturing and sales organization is due to Mr. Sloan.
His elevation to the Presidency is a natural and well merited recognition of
his untiring and able efforts and successful achievements."
The directors have declared for the second quarter of 1923 a dividend of
30 cents a share on the Common stock, no par value, payable June 12 to
holders of record May 21 1923: also $1 75 on the 7'7- Debenture stock,
%
°
$1 50 on the 6% Debenture stock, and $1 50 on the 6 Preferred stock,
payable Aug. 1 to holders of record July 9.
Preliminary combined sales of American and Canadian passenger and
commercial car divisions of General Motors for April totaled 73,100 cars
and trucks: this compares as follows:
Number of Cars and Trucks Sold.
1923. 1922.J Month of
1923. 1922.
Month of• 49.162 16,088 March
71,698 34,082
January
55,560 20,869 April
*73,100 40,474
February
•
* This preliminary figure Includes Buick, Cadillac, Chevrolet, Oakland.
-V. 116, p. 2014, 1900,
Oldsmobile and GMO Truck.
-Tenders.
International Paper Co.
-Earnings, ctc.- •
Iron Products Corporation.
Net earnings, after all deductions, for the first four months of 1923, were
$673,737. This amount is not only in excess of the Preferred dividend
requirement for the entire year 1923. but is also substantially greater than
1922 which were $512,780.
the net earnings reported for the entire year months last year of $91.958.
It compares with a deficit during tho first four books non-cancellable conhas on its
It is understood that the companypipe sufficient to keep its capacity busy
tracts from municipalities for water
-V. 116, p. 1655.
for many months ahead.
-Reorganization Plan.
Refining Corp.
Island
adopted and approved
The bondholders' reorganization committee has for deposit under the
The time
the reorganization plan outlined below.Over $4,250,000 of the 35.500,000
until May 24.
plan has been extended deposited. The sale of the property under forebonds have already been
St. Charles,_La.
closure will be held June 5 at Hahnville. Parish of Harold B. Thorne, B.
-Arthur B. Westervelt (Chairman),
Committee.
William H. SandRuckdeschel, Frank Finsthwait, George W. Lawrence, and Hunt Hill &
ford, D. C. W. Birmingham, with A. I. Lozier, Sec.,
Betts, Counsel, 120 Broadway, New York.
-American Trust Co., 135 Broadway, New York.
Depositary.
Digest of Reorganization Plan.
-Company owns approximately 778 acres situated
Present Situation.
Mississippi River,
miles north of the city of New Orleans on the carrying vessels ofwith
25
the
a wharf which is suitable for the docking of oil
topping
largest size, with railway tracks, housings for employees, buildings, topping
and equipment: also through a subsidiary company a
stills, tanks
Oil &
plant at Palo Blanco, Mexico, and certain claims against the Island
Transport Co. and the Massachusetts Refining Co., which the committee
holds are of doubtful value.
-Year Gold bonds.
Present Capitalization.-lst Mtge. 7%• Particip. 10
$5.500,000: Capital stock, $10,000,000 [all owned by Island Oil & Transport
- Corp].
-Initial Div.
General Fuel Corp., Terre Haute, Ind.
-The committee will bid for all or anypart of the properNetv Company.
on the 3200,0008% Cumul.
An Initial dividend of 2% has been declared
ties at foreclosure sale. If the committee's bid shall be accepted the.
Cony. Pref. stock (authorized and outstanding) payable June I to holders committee will organize a new corporation.
of record June 1.
Capitalization of New Company.
100,000 slut.
Capital stock (no par value)
First Mtge. 7% 15-Year Sinking Fund Gold bonds, due
81,500,000
July 1 1938
2,750.000
6% 30-Year Mtge.Income bonds, due July 1 1953
corporation will thereupon acquire all or such part as the
The new
hereinbefore
committee may determine of the property and franchises
enumerated, purchased at the foreclosure sale, giving and paying therefor
-Year Mtge. bonds in and aui the 100,000 shares of
its 82,750.000 6% 30
Capital stock.
Distribution of New Securities.
-The committee will issue for each old
(1) To Assenting Bondholders.
-Year Gold bond with coupon maturing
$1,000 75' 1st Mtge. Particip.• 10
Oct. 15 1922 (and all subsequent coupons attached) deposited under this
-Year Mtge. Income bonds and ten shares of
$500 of the new 6% 30
plan
stock in the new company. [If all assent the new securities issued will be
$2,750,000 Income bonds and 55,000 shares of stock.)
-The new corporation
(2) To Subscribers to New First Mortgage Bonds.
will invite subscriptions by the depositing bondholders to its new 7%
-Year Gold bonds. Each bondholder shall have the right to
1st Mtge. 15
subscribe and receive upon payment therefor. up to 20% of his deposited
,
bonds, paying for new bonds at 92.) . Upon full payment of such subscription, each subscriber will receive from the committee 10 shares of stock
of the company as a bonusfor each $1,000 bond so paid for. [If an subscribe
the new securities Ironed will be $1.100.000 let Mtge. 7s and 11,000 shares
of stock.1
. The distribution of the securities of the new company will accordingly
be as follows if all the cad bondholders assent to this plan and agreement.
--Earnings.
Manufacturers Light & Heat Co.
Quarter ended March 31Gross earnings
Net earnings
Surplus after dividends
-V. 116, p. 830.
-Earnings, &c.
Maxwell Motor Corp.
-Listing.
Metropolitan Edison Co.
The Philadelphia Stock Exchange on May 5 listed 3,259 additional
shares of 7% Cumul. Preferred stock, no par value, being part of 36.321
shares applied for listing in company's application dated Jan. 20 1923.
to be listed upon official notice of issuance full paid, snaking a total of
-V. 116 p. 1769.
49,561 shares of said stock listed.
-Dividend of 50 Cents.
Isle Royale Copper Co.
A dividend of 50 cents per share has been declared on the Capital stock.
payable Juno 15 to holders of record May 9. Like amountn were paid
March 15last and Aug.31 and Dec.221922.-V. 116, p. 829; V. 115.p.767.
-Earnings for First Quarter.
Kennecott Copper Corp.
Alaskan properties. Including railroad and steamship companies_$1.771.045
2,396,465
South American property (Braden)
795,943
Proportion of earnings from Utah & Nevada Consolidated
84,963,453
568,250
Total
Interest on outstanding obligations
$4,395,203
Balance
Production of the South American and Alaskan properties of the company
in the first three months was in excess of 44,000,000 lbs. of copper, an
average monthly rate of nearly 15,000,000 lbs.. but this rate has been
largely increased recently and at present the output is running at approxi-V. 116, p. 2015. 1655.
mately 21,000,000 lbs. per month.
-Annual Report.
Mexican Petroleum Co., Ltd.(of Del.).
Results .for Years ended Dec. 31.
1919
1092
1920
1921
Profit from operations_ _839.360,253 $22,449,427 815.469,733 $11,758,055
79,939
190,839
647,966
732.743
Int. & amort.chgs., net
3.547,676
3,606,246
6,260.776
9,676,346
Depreciation
Income & excess profit
1,150,000
1.898.750
3,00000
3,675,000
taxes, &c
960,000
960,000
960.000
960,000
Preferred dividends(8%)
3,672,506
Common dhidends_(13%)5,713.577(12)5239,950:(8)8S17,939
$18.602,587 $6.340.734 def.S4.040 $2.347,934
Balance, surplus
Tot.sur. end prey. year-S25.151,521 $18,810,787 $3.814,827 $1.466.894
Cr15,000,000Cr15,000,000
in prop.& wkg.cap.
Inv.
P.& L.sur. Dec.31_ _$43,754,108 $25,151.521 818.810.787 518.814,827
x Dividends for 1920 were paid in cash. $4,735,299. and $4.082,640 in
Common stock.
Consolidated Balance Sheet Dec. 31.
1921.
1922.
• 1921.
1922.
McMinn
Assets
M. P. Co. (Del.):
Oil lands & leases,
Common stock_45.730,000 43,165,700
69,499,522 70.277,371
wells, &c
Preferred stock 12,000,000 12,000,000
Inv.in B.M.Petr.
69,261
65.381
2,923,870 M.P.Co.(Cal.) stk.
2,923,870
Co
8,372,200 10,505,300
Bonded debt
Pan Amer. P. &
Accounts payable. 3,370,908 5.320,160
Tr.Co.CI.B stk_ 2,454,327
2,069,084 1.534,806
140,000 Divs. payable
Miscell. Investm'ts 140.000
19,399,576 5,148,695 Reserve for taxes_ 4,457,802 3,514,932
Cash
Accts.receivable_ .11,264,973 11.901,281 Profit and loss__ _ _43,754.108 25,151,521
6.460,998 5.597.037
011 stocks
Malls & supplies_ 4.277,524 3,763,378
Deposit with Mex.
Govt. to protect
1,500,000
min. Int
Tot.(eachside)-119819.483 101261,681
Deferred charges.. 1,898,692 1,510,045
Compare also report of Pan American & Petroleum Co. under "Reports"
-V. 116. p. 419. 303.
above.
-April Sales.(S. S.) Kresge Co.
$5,861,797
85.208.226
-V. 116. P. 1539, 1058*
Increase. 1923-4 Mos.-1922. Increase.
$653,5711$22.756,759 $17,050,067 $5,706,692
-April Sales.(S. H.) Kress & Co.
Increase. 1923-4 Mos.-1922.
1923-Aprit-1922.
$2495,961 82,396,041
- 116. p. 1058.
IV.
$99.920 $9,214,342
$7,996,527
1923.
1922.
1921.
$3.713,337 83,590,111 $3,204.758
1.214.597
855.189
1,073.540
415,055
644,906
774.716
Net earnings for the first quarter of 1923 after taxes, depreciation and
other charges amounted to $1,026.250. compared with a loss of 8611.438
In the corresponding period of 1922. Total sales aggregated $12,414.149.
and the balance sheet at Mar. 31 1923 shows current net assets of 818.211.776, including cash, $3,297.776; bank acceptances and securities. $2,044,255; while current liabilities were 87,023,303. including $2,103,$33 of
Series B notes due June 1 next. (Compare annual report for year 1922 in
V. 116. p. 1408.)
The corporation in April last shipped 8.163 cars, of which 6.771 were
Maxwells and 1.392 were Chalmers. Total shipments in the first four
months of 19238were 22.113 Maxwell and Chalmersears. of which about
64% were made in March and April. On April 15 the company had more
-V.116. 111• 1903.
than 10.000 unfilled orders on hand.
Details of New Bond Issues.
First Mortgage 7s.
-Interest payable semi-annually. Secured by a first
mortgage covering the property. Red. at 105 and int. on any int. day
upon 30 days' notice. New company will pay to the trustee $40,000 on
the first days of January and July, beginning with Jan. 1 1925,for a sinking
fund for the purchase and :etirement of the bonds. Of the $1,500.000
authorized, 8400,000 will remain in the treasury to be used only for the
purpose of paying for new construction of plant or acquicition of property,
and-then only for 75% of the cost once of the same.
Second Mortgage 6% 30
-Year Mortgage Income Bonds.-Intereat payable
semi-annually and shall be non-cumulative, and shall be payable only as
declared by the directors at the rate of 6% per annum, if and to the extent
that the surplus Income as determined and provided to be ascertained and
determined in the mortgage securing said bonds. The mortgage shall
Provide that after the retirement of the 1st Mtge. bonds the new company
will pay to the trustee upon the first days of January and July $40.000 for
a sinking fund, for the partial retirement of these bonds. Callable at
105 and int, on any int. day on 30 days' notice.
-All shares of stock issued are to be deposited under a
Voting Trust.
voting trust, and those entitled to the stock will receive voting trust certificates. The voting trustees will be named in the first instance by the
-V. 116, p. 1902. 829.
reorganization committee.
--1922.
. 1923-April
2137
THE CHRONICLE
MAY 12 1923.1
Increase.
$1.217.815
Lukens Steel Co.--Tenders.-
The Bankers Trust Co., trustee, 10 Wall St., N. Y. City, will until May
-Year 8% Gold bonds,
31 receive bids for the sale to it of 1st Mtge. 20
dated Nov. 1 1920, to an amount sufficient to exhaust $100,391 at a price
not exceeding 10734 and int.-V. 114, p. 2365.
-Stock to Employees.
MacAndrews & Forbes Co.
The stockholders have approved a resolution providing for the issuance
of 7,500 shares of unissued Common stock to employees at par ($100).
Payment for the stock is to be spread over a period of 10 years.
Calendar Years1922.
1919.
1921.
1920.
$1.153,023
*Net earnings
$783,988 81,941,473 $1,422,696
168,936
168.936
Pref. dividends (6%)_ ... 165,834
168,936
Common (cash) divs__?12%)899,508 (8)599,672 (10)624.795 (14)649,780
-Listing-Earnings.
Midvale Steel & Ordnance Co.
The N. Y. Stock Exchange has authorized the listing of 842,655,500
-Year 5% Cony. S. F. gold bonds. due May 1 1936. guaranteed by the
20
Bethlehem Steel Corp. and exchangeable for its Common stock.
The bonds have been guaranteed as to principal and interest by the Bethlehem Steel Corp., which has also guaranteed the payment of the sinking
fund installments required by the provisions of the trust indenture dated
March 1 1916. Such guaranty has been made by supplemental indenture
dated March 30 1923. Of the above amount $31.032,500 have already
been deposited for the purpose of having endorsed thereon the guaranty
of the Bethlehem Steel Corp.
Consolidated Income Account Year Ended Dec. 31 1922.
[Midvale Steel & Ordnance Co.. Cambria Steel Co. and their respective
subsidiaries, excluding operations of the Nicetown plant and other
properties not acquired by Bethlehem Steel Corp.]
Net income before providing for depreciation, amortization and
51.901,325
depletion, and after providing for all taxes
1.425,806
Other income-Int., dirs., &c., miscellaneous Income
Total income
Less interest charges
Provision for depreciation, amortization and depletion
$3,327,131
2,603,121
4,253.628
Net loss for year 1922 after profits applic. to minor. interest_S3,529,618
53,551,936
Surplus, unappropriated, Dec. 31 1921
Less: Amount applicable to the properties that were not acquired
$87.681
$15,381 $1,147,742
Balance, surplus
$603,980
16,461,284
by Bethlehem Steel Corp. or any of its subsidiaries
*Total net earninws from sale of licorice, dyewoocis, box boards, wall
$33.561.034
Surplus, unappropriated, Dec. 31 1922
boards, &c., after deducting all charges, expenses, &c., and provision for
*Consolidated Balance Sheet Dec. 31 1922.
income tax.
Liabilities.
%Balance Sheet December 31.
Assets.
00 000
acct.(less depl.)_x$152.360,079 Capital stock outatand'g$100,0 ,
Prop.
1921.
1922.
1921.
1922.
Inv. in & adv, to aff.cos_ 1,991.783 do of sub. cos. not held 2,019,450
S
3
As3e1s18.549 Guar. stock (see note)._ 8.465,625
Preferred stork. 2,738.100 2,815.600 Funds with trustees_ __ _
Real est., mach.,
34,537,720 Funded & secured debt__ 50.836,900
Common stock. _ 7,195,900 7.495,900 Inventories
trade mks.,good
5,637,732 5,8:51.667 111115 & acc'ts pay. 565,581
507,347 Adv. payment on ores.&c. 1,292.798 Accounts payable, dm__ _ 6.859,536
will,&c
851.601
Marketable securities_ _ 2,848,757 Bond interest accrued.. _ _
229,632
Raw mat.,supp.,&c 4,867,219 7,216,027 Provision for diva. 378.387
1.151.196
Accts. & notes receivabie 10,345,813 Reserve funds
816,144 Prow, for Inc., tax,
Stocks and bonds_ 2,912,218
3.211.744 Surplus approp., &c_ _ _ _ 4.772,345
758,110
depreciation,&e. 2,260.794 2,290,031 Cash
1,374,873
Cash
33,561.034
1,910.445 Unapprop.surplus
482,831 Surplus
1,948,951 1.861,271 Deferred charges
Bills & sects reale 615,672
5208.517,687
Total
Total
$208,517,687
Total
15,407,713 15,199,780
15,407.713 15,199.780
Total
e
e1
'Midvale Steel & Ordnance Co.. Cambria Steel Co. and their respective
-V. 116, p. 1769, 1283.
subsidiaries (excl. Midvale-Cambria Co., Midvale Steel Co. of Phila. &
-Preferred Stock Called, &c.London. Ltd.. properties not acquired from the Midvale company by BethMcCrory Stores Corp.
All of the outstanding Preferred stock has been called for redemption lehem Steel Corp. or any of its subsidiaries and the obligations that were
July 1 at 110 and diva at the Guaranty Trust Co 140 Broadway, N. Y. C. not assumed by it or any of them. x After deducting 822,284,720 reserve
-year leases on two additional business dis- for depreciation, relining of furnaces, &c.
The company has acquired 99
-story and basement
--Cambria Steel Co. guarantees an annual dividend of 4% on the
Note.
trict properties in Youngstown, 0. It will erect a 6
store and office building on the properties just acquired. involving an ex- above, $8.465,625 Cambria Iron Co. stock as rental for property held .
-year lease.
of upwards of 81,000,000. The company recently bought a under the 999
penditure
-year lease in that city on an adjacorner in Warren. 0., and acquired a 99
Exchange of Stock for Bethlehem Steel
Stock.cent corner. It will open a store there within a year. The corporation is
inquiry made May 10 of Midvale Stee1 & Ordnance Co.
In response
Corp.
building a store on a property recently acquired on Euclid Ave., in Cleve- regarding the to
exchange of its stock for Bethlehem Common stock disland, 0., which will bo completed and opened for business this year.
tributable to the Midvale stockholders on the recent sale of its properties.
V. 116, p. 1769.
the statement was made that already more than 1,130,000 shares out of
a total of 2,000.000 shares had been surrendered for exchange up to May
Mackay Companies.
-New Atlantic Cable.
the
President Clarence II. Mackay announces that his companies have com- 8 1923. Attention was called to the fact that the next dividend on
stockholders
Bethlehem Common
pleted contracts for laying a new cable in the Atlantic Ocean which will of record on June 1 stock will be payable July 2 1923 to
1923. Midvale stockholders are accordingly urged
operate directly between New York and London. The new cable. which to have their Midvale
before June
will be the first to be laid in the Atlantic between America and Europet.since 1 1923, so that they stock exchanged for Bethlehem stock dividends on
may receive direct from Bethlehem the
1910. will be laid by Aug. 1.-V. 116. p. 728.
its Common stock to which they will be entitled.
-V.116, p. 2016, 1904.
MahOning Investment Co.
-Extra Dividend.
Midwest Refining
-Ann. Report.
Denver, Colo.
Co.,
President T. A. Dines says in substance: "During 1922 there was but
little addition to the investment in new construction, the facilities of the
company now being adequate for refining as large a volume of crude oil as
present conditions in transportation justify the Wyoming refineries in
Near
-Acquisition.
Marquette Cement Mfg. Co.
handling. Dividends paid during the year aggregated $2,496.324.becom •
thhai an
he
it is stated, has purchased the Cape Girardeau (Mo.) e e lose ooff he year .
11. M. Blacknuir retired as President to
The company,
the
Portland Cement Co. at a reported price of $2,000,000.- V. 109, D. 2444.
The directors have declared an extra dividend of .50c. per share and
the regular quarterly dividend of $1 50 per .;haze, both payable June 1
to holders of record May 23. An extra dividend of the same amount was
-V. 116. p. 1656. 623.
paid March 1 last.
2138
THE CHRONICLE
"J.Pcs than 3,000 shares of the stock of this company remain in the
hands of the public, the Standard Oil Co. (Indiana) having acquired the
stock of all excepting about 100 small stockholders. This has resulted
in a virtual cessation in the transfer of stock by market transactions and
accordingly the New York transfer office has been abolished and all transfers
are now made at the Denver office of the company."
Balance Sheet December 31.
1922.
1921.
1922.
1921.
Assets
Liabilities$
$
Property acct____39,494,632 42,073,844 Capital stock _____ 31,204,050 31,204.050
4,394,972
Cash
631,638 Accounts payable_ 5,946,621 4,290,005
Notes receivable 2,177,838 1,512,583 Notes payable_
3,100,000
Accts.recelvable 13,962,977 8,554,388 Rm.for taxes acer. 1,680,343
421,476
Inventories
9,277,932 9,875,753 Surplus
43,281,344 32,155,658
Deferred charges 1,155.301
284,389
Invest. in oth.cos_11,631,676 8,229,957
Miscellaneous_ _ _
17,023
8,636 Tot.(each side)-82,112,358 71,171,189
-V. 118. p. 522.
'
Mohawk Mining Co.
-Dividend of $1.A dividend of $1 per share has been declared on the stock, payable
June 14 to holders of record May 19. Like amounts were paid in March
and November last.
-V. 116, p. 1904.
Monmouth Lighting Co.(N. J.)
-Bonds & Stock Auth.-
[VoL. 116.
25%. AdvanceTorders for fall delivery already received snow an increase
of more than 24% over like orders received last year.
Consolidated Balance Sheet as at March 31 1923 (After This Financing)
Assets-Liabilities
Cash
3771.822 Notes payable
$2,645,438
U. S. Govt. securities_ _ _
143,450 Acc'tspayable-trade...._
798,800
Customers' notes & acc'ts
Miscel.& accr'd liabilities
559.942
less reserve
2,359,733 Reserve for Fed. taxes__
182,104
Acc'ts receiv.-sundries_
120.905 Miscellaneous reserves__
172,402
Inventories
6,676,010 Prof. stock (sub. cos.)__ 1,400,000
Prepaid expenses
51,537 Minority Common stockNotes receiv., employees'
holders' interest
51,957
Stock subscriptions__
92,288 Capital (200,000 shares,
Investments
7,500 (no par) and surplus__ 7,305.989
Property & plant,less depredation
2,893,387
Total
$13.116,632
Total
$13,118,632
National Department Stores, Inc.
-Sales (Net).-
PeriodMonth of April
3 months ending April 30
- 116, p. 1657. 1540.
V.
1922
1923
53.250.589 $2,878,575
9,197,216 7,408,005
The New Jersey P. U. Commission has authorized the company to issue
New Cornelia Copper Co.
-Production.
$200.000 First Mtge. 5% bonds and $62.000 capital stock. The proceeds
April 1923.
Month ofwill be used to reimburse the treasury for extensions and improvements to Copper production (lbs.) 3,155,615 Mar. 1923. Feb. 1923.
3,181,928 2,660,557
property, made from Nov. 1 1916 to Dec. 31 last.
-V. 105, p. 393.
V.
- 116, p. 1540, 1060.
Montaup Electric Co.
-Organized.
This company, of Fall River, has been incorporated in Massachusetts
with total authorized capital stock of $7.500,000 represented by 15.000
shares preferred and 60,000 common, all of $100 par. Company was
organized to generate, transmit and sell electricity to the Blackstone Valley
Gas & Electric Co., the Fall River Electric Co., and the Edison Electric
Illuminating Co. of Brockton.
The incorporators are Simeon B. Chase, Pres.,and Henry B. Sawyer,
Treas., who, together with Roy F. Whitney, A. Stuart Pratt, and Victor
D. Vickery constitute the dire Aerate. See also Edison Electric Illuminating Co. of Brockton in V. 116, p. 1899.
Jan. 1923.
3,034,093
New England Fuel & Transportation Co.
-Contract.
See Boston Consolidated Gas Co. above.
-V. 115. p. 1541.
New England Power Co.
-Stock Authorized.
-
The Massachusetts Dept. of Public Utilities has authorized the company
to issue $3,000,000 additional Common stock, the proceeds to be used to
pay for construction work already done and for extensions to property, &c.,
-V. 116, p. 1187.
to be made.
-No Call Made for Stock Transfer.
New Jersey Zinc Co.
H. S. Wardner, Treasurer, issued a warning May 8 that an attempt was
being made to defraud stockholders by getting them to endorse their stock
Mother Lode Coalition Mines Co.
-Production.
-for transfer. The details of what officers of the company believe is a fraud
April 1923. Mar. 1923. Feb. 1923. Jan. 1923. were discovered when two stockholders called at the New York office to
Month ofCopper production (lbs.)_ _2,564,971
2,576.219 2,109,144 2,058,097 Inquire about messages they received purporting to come from the Treasurer
-V. 116, p. 1657. 1060.
of the company, asking why they had not endorsed their stock certificates
and forwarded them for transfer.
Mountain Producers Corp.
-Stockholders to Receive
The notice to stockholders says that no such transfer of stock has been
requested, and adds: "With the hope that we may forestall attempts to
Dividend May 15 in New Bedford Oil Co. Stock.
mislead or defraud our stockholders, we wish to caution thorn to remember
See Salt Creek Producers Association below.
-V. 116. p. 1080.
that all authorized communications made by our office to our stockholders
bears our office address,
name of
of our
Mountain States Telephone & Telegraph Co.
- that any reply that ma thenecessaryat least onesent to officers, and specify
be
should be
us at 160 Front St.,
The I.
-S. C. Commission has approved the acquisition of the properties New York City, N. Y."
-V. 116, p. 2017, 1421.
of the People's Telephone Co. The People's company owns and operates
a telephone exchange at Pine Bluffs and a toll line extending from Pine
New York Air Brake Co.
-Earnings.
Bluffs to Albin. a distance of approximately 22 miles, all in Laramie County,
Earnings for the quarter ending March 31 1923, it is reported, were
Wyo. The purchase price is 37,500 cash.
-V. 116, p. 1187.
approximately 5735,000.
Scott R. Hayes, a director, died May 6.-V. A16, p. 1187.
Mullins Body Corporation.
-Earnings.
-
Results for Three Months ended March 31 1923.
Sales, $772,388; lees allowances, $385; net sales
Cost of sales
New York Canners Inc.
-Listing-Earnings.
-
$772,003
691,286
The New York Stock Exchange has authorized the listing of $1,611,600
7% Cumul. 1st Pref. stock. par $100, and 100.000 shares of Common
stock of no par value.
Consolidated Earnings Statement 3 Months Ending March 31 1923.
Net sales, $1,248,103; manufacturing cost,$882,099
$366,005
Expenses: Selling. $165,671; administration, $42,794; Interest,
$14,465; depreciation, $30,000
252.931
Accrd div. to Mar.31 1923 on 'I'. A.Snider Preserve Co. Pf.stk.
11.733
Estimated Federal Income tax
13.000
Gross profit
Admin.,selling & gen.exp.,$46,138:int.& disc%(net).$127;total $80,717
46,265
Net profit
$34A53
Add miscellaneous income, &c
90,096
Total income
$124,548
Surplus Jan. 1 1923
$88.341
Net profit carried to surplus account
1,976,808
V 116, p. 1060.
Total surplus
$2.101,358
-Rights.
Deduct: Adjustment of 1919 Fed, income tax. $9,710; Fed, inNiagara Falls Power Co.
come tax 1922, $612; total
The stockholders of record May 31 will be given the right to subscribe it
10,322
Dividends paid
19,400 par ($100) in the ratio of one new share for each ten shares of either Pref.
or Common held for 22 600.000 new Common stock. Full payment may
Surplus March 31 1923
$2.071.634 be made at time of subscription or in installments of 50 July 2, $25 Oct. I
-V. 116, p. 1904. 1540.
and $25 Jan. 2 1924. Payment must be made in New York funds at
Winslow Lanier & Co., 59 Cedar St., New York; Marine Trust Co., BufMuncie (Ind.) Water Works Co.
-Individual Trustee.
- falo, N. Y.. or Power City Bank, Niagara Falls, N. Y. The issuance of
Clayton E. Stewart of Muncie, Ind., has been appointed individual trus- the stock offered has been authorized by the New York P. S. Commistee under the Gold Mortgage dated Oct. 2 1899, as successor to Omar O. sion.
-V. 116. p. 2017.
Jones, resigned.
-V. 107 D. 14
.
85.
Nipissing Mines Co. Ltd.
-Production.of an
net value of $192,897
The company in April
Munsingwear, Inc., Minneapolis, Minn.
-Stock So'd. and shipped 304.178 tine mined ore silver estimated net value of $204,485.
ounces of
a
-Goldman,Sachs dr Co., Lehman Brothers, New York, and Cobalt output was 37.341 lbs.-V. 116, p.having1284.
1770.
Lane, Piper lc Jaffray,
Minneapolis, have Fold at
$42 per share 90,000 shares
Inc.,f capital stock of no par value
(see advertising pages).
Application will be made to list the stock on the New York Stock Exchange. Central Union Trust Co. of New York. transfer agent. National
Bank of Commerce, New York. registrar.
Capitalization to Be Presently Authorized and Issued.
Capital stock (no par value)
200,000 shares
Data From Letter of Pres. F. M. Stowell, Minneapolis, May 5.
Company.
-Incorporated in Delaware May 9 1923. Will own the entire
Common stock (except directors shares) of Munsingwear Corp. of Minneapolis and at least 98% (also excepting directors' shares) of the Common
stock of the Wayne Knitting Mills of Fort Wayne, Ind.
The Munsingwear Corp. and the Wayne Knitting Mills were founded
more than 30 years ago. The principal product of the Munsingwear Corp.
is "Munsingwear" underwear, and of the Wayne Knitting Mills "Wayne
Knit" hosiery. "Munsingwear" enjoys, undoubtedly, the most complete
distribution of any known line of underwear in the world. It is sold direct
to retail merchants in excess of 10,000 in number. Wayne Knitting Mills
is to-day the oldest successful manufacturer of full-fashioned hosiery in the
United States.
The two corporations which will become subsidiaries of Munslngwear,
Inc., have outstanding stock as follows: (1) Munsingwear Corp.: 7%
Cumul. Pref. stock, par $100. $800,000: Conunon stock, par $100, $1.515,500. (2) Wayne Knitting Mills:6% Cumul. Prof. stock, par $50, 3600,000:
Common stock. par $50, $928,150.
Sales and Prolits.-The fiscal year of Munsingwear Corp.ends on Nov.30
and that of Wayne Knitting Mills on May 31. The public accountants
certify that (a) the combined net sales of the two companies for their
respective fiscal years ending within the calendar years specified, and (b)
the combined profits for such years, after charging management salaries
on the basis of the organization as now arranged, ample allowance for
depreciation of physical properties. Federal income tax for the
in
question on the basis of the present law, dividends on Preferredperiod of
stock
subsidiary corporations and proport on of profits applicable to minority
Common stockholdings, were as follows:
Net Sales. xNet Profits.
Net Sales. xNet Profits.
$9,294,751
$996,620 1920
1917
$18,700,9M $1,222,666
13,085.319
1,212.221 1921
1918
13.974,168 loss434,050
15,287,009
1.497,695 1922
1919
13.328,579
1,222,354
x Before deducting Federal income and profits taxes paid. but after
effect to taxes on the basis of the present law and making the further
giving
adjustments above .specified.
The average ofsuch profits for the last 6 years is equal to more than 34 75
per share on the stock of the new company and for the year 1922 is equal to
more than $6 per share. Present indications are that earnings for this year
will approximate $8 per share. Each of the two constituent companies has
paid dividends on Common stock for many years, and it is expected that the
new company will commence the payment of dividends at the annual rate
of $3 per share.
Indkations for the current business year are extremely encouraging.
Advance spring shipments exceed in volume those of any year in the history
of the business, the increase over the previous high point being in excess of
Ohio State Telephone Co.--Tenders.-
The Bankers Trust Co., 10 Wall St., N. Y. City, will until May 18
receive bids for the sale to it of Cense!. & Ref. Mtge. Sinking Fund Gold
bonds to an amount sufficient to exhaust $19,009, at a price not to exceed
-V. 115, p. 2591.
par and Interest.
Oklahoma Gas & Electric Co.
-Acquisitions.
-
H. M. Byliesby & Co. announce that the Oklahoma Gas & Electric
Co. has acquired control of a considerable group of electric and gas utilities
in Oklahoma, serving a population of about 50,000 in 12 cities and towns.
The companies included in the transaction are: (1) Shawnee Gas &
Electric Co.. supplying electricity and natural gas itsthat city and vicinity;
(2) Oklahoma Light & Power Co. supplying electricity in Ada, Sulphur.
Pauls Valley. Holdenville, Seminole, Maud, Hallo. Konawa, Francis.
Roff and Maysville, and (3) Southern Oklahoma Power Co. (V. 114.
p. 2478), which owns a modern steam turbine station at Byng, capable
of producing 8.000 h. P. These companies were formerly controlled by
the North American Light & Power Co.
The majority of the communities are inter-connected by 123 miles of
transmission lines. with 30 miles of additional line under construction,
which will enable service to additional towns, Besides the utilities. 1,500
acres of gas and oil land are controlled by lease in the Ada district, the
power station at Byng, utilizing natural gas for fuel under a favorable
contract.
It is expected that eventually the properties Just acquired, which have
7,789 electric cus omers and 3,400 as c Is...mem, will be connected with
-mile transmission system of the Oklahoma Gas & Electric Co., the
the 400
largest electric service company in the State, which now serves 49 cities
and towns, the territory having a total estimated population of 277,000.v. 116. a. 1058.
OldDominion Co. (Maine).
-Copper Production.
-
April 1923. Mar. 19 .23 Feb. 1923. Jan. 1923.
Month ofCerer output (lbs.)__ - 2,482.000 2,530.000 2,098,000 2,395,000
, 116, p. 1658.
Onyx Hosiery, Inc., 11. Y.
-Initial Preferred Dividend.
The company has declared an initial dividend of 1 3j% on the preferred
temporary certificates, payable June 1 to holders of record May 20. For
offering of Preferred stock, see V. 116, p. 945, 1905.
-Earnings.Otis Steel Co., Cleveland, Ohio.
1922.
337.077
237.600
3 Months ended March 31Manufacturing profit
General expenses and taxes..kc
1923.
1631,942
241,487
Net profit
Other Income
$390.455 def$200,523
29,103
'29.458
Net earnings
Interest discount, &c
Subsidiary companies' reserves
Net profit before depreciation
-V. 116. 1:.• 1061. 948.
23,176
"113411?
54,146
$248.059 def$365.188
MAY 121923.]
.
THE CHRONICLE
-$1 Dividend.Osceola Consol. Copper Mining Co.
W.A. dividend of $1 per share has been declared on the capital stock, payable
June 15 to holders of record May 9. Like amounts were paid Aug. 7 and
-V. 115, p. 2694.
Dec. 22 1922 and March 15 last.
-Stock Offered.
Owl Drug Co., San Francisco.
The stockholders are offered the right to subscribe to $1,000.000 new 8%
cumulative preferred stock at par ($100) in the ratio of one new share for
each three shares of stock now owned, whether common or preferred.
Rights expire May 25.-V. 112. p. 265..
Pacific Gas 8c Electric Co.
-Acquisition.
The California RR. Commission has authorized the company to acquire
the California Telephone & Light Co. The latter company will continue
to operate under the name of the California Telephone & Light Co. as
a part of the North Bay Division of the Pacific Gas & Electric Co.
The California RRs. Comtnission has approved the Pacific Gas & Electric Co.'s contract with the Truckee River Power Co. for the construction
by the former of an electric transmission line to the summit of the Sierras,
where it will connect with the line under construction by the Truckee
River Power Co. The contract is for 10 years. and provides for the partial
payment of costs of new line by the Truckee River Power Co. In return
for this, the latter company will receive a discount of 20% on future bills.
The Truckee River Power Co. has agreed to use a minimum of$20,000 worth
of power at Pacific Gas & Electric's regular rates.
-V.116, p. 1905, 1770.
2139
Consolidated Income Account for Three Months Ended Mar. 31 1923.
Gross sales
$1,045,039 Interest charges
$59,252
16.323 Idle plant expenses
Deductions
19,731
860,875 Applicable to minor. holdCost of sales
5,719
Selling & admin. expenses
55,542
Balance for period
$33.519
$112,300 Bal., surp., Jan. 1 1923__ 4,000,541
Net profit
Other income
5.922 Proceeds from additional
shares issued
Cr.148.673
Loss on sale ofinv.,&c
Dr.716,011
Total
-V.116. p. 1905, 1658.
$118.222
Surplus Mar. 31 1923_ -53,466.722
-Earnings-Outlook.
-Pierce-Arrow Motor Car Co.
12 Months ended Dec. 31
Gross earnings from operations
Less-Operating expenses
Taxes (excl. Federal income taxes)
1921.
1922.
$21,422,004 $30.853.257
7,222,671 11,204,604
822,507
990,152
President M. E. Forbes in a letter to the stockholders, accompanying
the results for the first quarter of 1923, says:
"In contrast to the report submitted for the first quarter of 1922, which
showed a deficit of $25,226, the showing made so far this year is, to us. most
gratifying.
"The present outlook indicates that net earnings, after deduction for
depreciation, in the first half of the current year alone, should be sufficient
to meet full yearly interest charges on our one-year bank loans, our debentures and our Prior Preference stock.
"These results reflect the constantly broadening market for Pierce-Arrow
passenger cars and trucks, which our entire organization is snaking every
effort to develop into still greater sales."
Results of Operations for 3 Months Ended Maras 31 1923.
Net earnings, after deducting all expenses of operation,including
those for repairs & maintenance but before deductions for
$430,527
depreciation of property and equipment
190,201
Depreciation
Total
Net profit from operations
$8.212,822 $12,027,111
513.209.182 $18,826.146
1.388.257
2,187,325
Net earnings
*Interest equivalent to that on secured notes & debentures,
$136.500: other interest (Cr.) $1.235
$240.323
Gross' income
Less
-Reserve for depreciation and depletion
Reserve for Federal income taxes
$15,395,507 $20,214,403
$3,094.975 $3,153.111
800,000
509,306
Net income for period
Dividends on Prior Preference stock requtre (per quarter)
1105,088
Pacific Oil Co.
-Earnings.
-
'a Other income
135,285
31.500
* Interest during
to $135.265. For the purpose
Surplus income for 12 months ended Dec. 31-$11,792,226 $16.261,293 of clearness, interest the quarter amountedthe reportso as toshow separatepaid has been stated in
ly an amount equal to the fixed interest charges, as they have been since
a Represents principally quarterly dividends of 114% each paid Jan. April 1 1923.-V. 116, p. 2018.
25 1922, April 25 1922, luily 25 1922 and Oct. 25 1922 respectively, on
the stock of the Associated Oil Co., whereas previous year included only
Plains Petroleum Co.
-New Issue of Debentures.
three dividends of 134% each paid April 25, July 25 and Oct. 25 1921
The Empire Trust Co. has been aispointed Trustee for an issue of$250,000
respectively, on the stock of the Associated Oil Co.
-V. 115, p. 2277, 768.
8% 10
-Year Gold debentures dated May 1 1923. due May 1 1933.
Paige-Detroit Motor Car Co.
-Production.
-
1923-4 Mos. end. April 30-1922.
1923
-Month of April
-1922.
6,048 cars
2,657 cars 15,209 cars
5,017 cars
-v.116.13.1658. 1188
'
-Earnings.
Pan American Petroleum 8c Transport Co.
In the annual report for 1922 President E. L. Doheny states that the net
profits for the quarter ending April 1 1923 were $8.392,826, which is at a
slightly greater rate than the net earnings for 1922.-V. 116, P. 1188
.
Panhandle Producing & Refining Co.
-Earnings (Incl.
Subsidiaries).
Quarters Ended March 31.
1923.
1922.
1922.
1923.
Oper. revenues.- _5858,052 $996.755 Other income. _ $2,076 $2,123
Oper. expenses_ _ _ 635,857 787,880
sell. & tax_ 59.005
68,715
Gross income_$165,266 $144.282
21,733
13.257
Deductions
62.838
Pref. dividends__ _ 58,704
Net Inc. avail. for
Net earnings__ 163,190 142,161
cur. & reserves_ $93.305 $59,711
The net income of $93,305 does not include a gain in crude oil inventories
of $93,184, arising from advances in posted prices. The amount will be
held in suspense until the end of the year as there has been a decline of
10c. per bbl. since April 1. and there may be other changes during the year.
Since March 27 the daily net production of crude oil of the company has
--V. 116.
increased 800 bbls. Several additional wells are being drilled.
D. 1770.
Parish & Bingham Corp.
-Plan Approved.
The stockholders have ratified the plan to sell the property and assets
to Midland Steel Products Co. See Sr. 116, p. 2017.
Penn Public Service Corp.
-Harris,
-Bonds Offered.
Forbes & Co. and E. H. Rollins St Sons are offering at 97 and
int., to 34eld over 6.80%,$2,500,000 15-Year 6lA% Convertible Gold debentures dated Mar. 1 1923, due Mar. 1 1938
(see description in V. 116, p. 1.061).
Data From Letter of F. T. Hepburn. President of the Company.
Company.
-Owns and operates a comprehensive electric light and power
system which, together with the properties recently acquired and the Erie
Lighting Co. being acuired (as below), now serves over 75 communities,
including Johnstown. 'Warren and Erie, located in Cambria, Somerset,
Indiana, Clearfield, Centre, Westmoreland. Jefferson, Warren and Erie
counties, in western Pennsylvania. .Also does some incidental artificial
gas and steam heating business and through a subsidiary renders natural
gas service in Johnstown and suburbs. Territory served has an aggregate
population estimated to exceed 600.000..
Purpose.
-Proceeds will be used in part to acquire the Common stock of
the Erie Lighting Co., which acquisition has been approved by the Penn.
P. S. Commission. The remaining proceeds will be used to provide additional working capital.
Consolidated Earnings (including Subsidiary Companies and Erie Lighting
Co.), Year ended March 31 1923.
Gross earnings
$6,417,564
Operating expenses, maintenance and taxes
3.596.479
Net earnings
Bond and debenture interest (including this issue)
Dividend on Erie Lighting Preferred stock
$2.821.085
1,394.225
120,208
-Tenders.
Pocahontas Consolidated Collieries Co.
The New York Trust Co.. trustee, will until June 5 receive bids for the
sale to it of 50
-year 5% Gold bonds. due July 1 1957. to an amount sufficient to exhaust 542.969.-V. 98. p. 1248.
-Improvements.
Pond Creek Pocahontas Co.
The company has contracted for the construction of two concrele-lined
shafts on its property in McDowell County, W. Va., which it is planned
to develop and equip for an estimated annual production of 750.000 tons
of coal. The contract calls for the completion of the shafts on or before
March 11924. Arrangements have been made with the Norfolk & Western
Ry. for the construction of sidetracks and with the Appalachian Power Co.
for the necessary power.
-V. 116. .1541.
-New lss. Proposed.
Porto Rican American Tobacco Co.
The stockholders will vote May 31 on creating an authorized issue of
100.000 shares of Class "B" Common stock, without par value and without
voting power, which the directors may issue in their discretion in whole
or in part as a stock dividend to the holders of the present capital stock
par $100 (which will hereafter be designated as Class "A" Common stock).
The stock provisions will provide that when and not until cumulative
dividends of 7% shall have been paid upon Class "A" Common stock
there may be paid dividends in the aggregate equal to $7 per share on
Class "B' Common stock for the fiscal year. As to all further dividends
that may be declared for the fiscal year, Class "A" Common stock and
Class "B" Common stock shall share equally, share and share alike.
President L. Toro May 10 says: Directors on March 13 recommended
that (1) the authorized capital stock be increased: (2) the conversion of
the present stock into 7% Cumulative Preferred stock: (3) the Issuing of
a like number of shares of Common stock without par value, and (4) disposing of the latter without first offering it to the present stockholders
(see V. 116, p. 1285).
Some of the stockholders strongly insisted that the right to take the
no-par Common stock should be given to the stockholders in proportion
to their holdings of the present outstanding stock. Out of deference to
the views of the stockholders opposing the plan, the directors reconsidered
and rescinded the resolutions caning the stockholders' meeting and definitely
abandoned the plan, and in lieu thereof they are now proposing the new
plan. The board recommends that the charter be amended so as to
authorize the increase of the capital stock, the same being all of one class.
by adding thereto 100.000 additional shares designated as Class "B"
Common of no par value or voting rights, and that there be offered to the
present stockholders one share of Class "B" Common stock at $25 Per
share for each share of the present stock held. It is Cleemea but proper
that you be advised that the entire surplus of the company Was been consumed. It is of great importance that necessary working capital be
provided. and it is for the purpose of raising the same that the company
Is seeking to sell an additional amount of stock of the company.
Due to the several bad years experienced by the company, mainly
attributable to labor conditions in Porto Rico, company in 1921 issued
$3,000.000 10-Year 8% Gold bonds. There'was a provision for a sinking
fund, through which up to the present, something more than the required
number of bonds have been purchased and retired. The bonds are redeemable at any semi-annual interest due date. We submit that the
company should be relieved as quickly as it practicable of continuing to
carry the burden of interest on these bonds. Besides, company needs
additional working capital for the general expansion of its business and
especially for the purchase of the present crop of tobacco, which is of
good quauty.-V. 116, p. 2018. 1906.
Price Bros. & Co., Ltd.
-Earnings.Profit
Bond interest and sinking fund
Note interest
Depreciation and depletion
Dividends
-Year ended Feb. 28- 4 Mos. to
1922.
Feb.28 '21
1923.
$2,338,934 11,327.332 11.135,450
141,992
419,976
419,976
2,000
700,096
341.466
1.067.080
853,664
Balance
$1.306,652
Capitalization Outstanding upon Completion of Present Financing.
Common stock (now paying 4% dividends)
$4,160,300
Balance
$365,197 def5161.724 =1651,992
Preferred stock, 7% cumulative
x5,000.000
651,992
adi.341,347
Preferred stock,6% cumulative
1,509,000 Previous surplus
04% Convertible debentures. due 1938 (including this issue) _ _ •4,000,000
Profit and loss su
$651.992
$706,544
$490.268
First & Refunding Mortgage bonds (three series)
11.600,000 116. p. 625. rplusV.
Underlying divisional and subsidiary bonds with public
y7,994.500
x Sufficient additional of this 7% Cumulative Preferred stock will be reRand (Gold) Mines, Ltd.
-Production.
served to provide for conversion of these 654% debentures. y In addiMonth of1923. Jots. 1923.
tion, $1,535,000 underlying divisional bonds are pledged under the 1st & Gold output (ounces)_ April 1923. Mar. 1923. Feb.
704,970 -764.469
743,651
761,586
Ref. Mtge. bonds.
- 116. p. 1659. 1189
V•
•
-.
Note.
-In connection with its long-term contract covering purchase of
Ray Hercules Mines, Inc.
power from the hydro-electric plant now being constructed by the Clarion
-Capital Increased.
The stockholder: on May 8 increased the authorized Capital stock from
River Power Co. (affiliated), the corporation guarantees payment of principal and interest on $2.700.000 outstanding 654% bonds of the Clarion 16,000,000 to $7,500.000 and changed the par value from $5 to $15 Per
share.
company.
-V. 118, p. 1540, 1081.
It is officially announced that the company is preparing to resume
mining and milling operations in the near future.
Philadelphia Electric Co.
-V. 116.P. 1771, 1659.
-Bonds Retired.
Philadelphia Stock Exchange on May 2 reduced the amount of 1st
The
Republic Motor Truck Co., Inc.
-Sale.
Lien & Ref. Mtge. Gold bonds,6% series, due 1941, listed to 812,380,400:
At the receiver's sale of the properties May 3 two bids were received, one
$119.600 reported retired by operation of the sinking fund on Dec. 1 1922. from the noteholders
covering the entire properties and the other in the form
__Nr. 116, P. 2018.
of a bid for various parcels of the property. The noteholders bid $1.200.No.
while the parcel bids aggregate $1,151.000.
Penn Seaboard Steel Corp.
-Listing-Earnings.
The bid submitted by the noteholders' committee has been accepted
The New York Stock Exchange has authorized the listing of additional conditionally by the master in chancery and so approved by Federal Judge
voting trust certificates (extended to June 26 1926) for 50,000 shares of C. C. Si1110119. The acceptance of the bid, which was for the property in its
capital stock of no par value, on official notice of issuance for stock de- entirety, was made conditional ta pon the stockholders' committee making
r
posited under the voting trust agreement, making the total amount applied good theirb to
y
0
was the stock of the
(or Parcel
or v.t c. for 813,272 shares of capital stock.
Republic Sales Corporation,' held
Par
t
which$1.
2140
THE CHRONICLE
The stockholders' committee is given 10 days by the Court to raise the
money, in which case the bid of the noteholders' committee of $1,200,000
for the property as a whole would be withdrawn and bids for the separate
parcels automatically become effective, according to the agreement among
the bidders. During the 10 days' interval the receiver will retain and
operate the property and operate the plant for account of the ultimate
Purchaser.
-V, 116, p. 1659.
-Annual Report.
Rolls-Royce of America, Inc.
1922.
1921.
calendar Years$4,849
deb.$791,553
Credit balance Jan. 1
294,510
796,402
-Net loss for year ended Dec. 31
Deduct
[VoL. 116.
as all of its present authorized stock has been issued. Under the plan for
the issue and sale of stock to employees which has been under consideration,
it is estimated that not to exceed $10.000,000 of this additional authorized
capital stock will be required for such purpose, and the balance will be held
for general corporate purposes and issued to meet such needs of the company
as may arise in the future in connection with the continuous growth and
expansion of Its business.
The regular quarterly dividend of 35 cents per share has been declared
on the outstanding $225,000,000 capital stock (par $25). payable June 15
to holders of record May 21. This is the same rate as was paid March 15
last following the declaration of a 200% stock dividend.
Earnings Years Ended Dec. 31.
1919.
1920.
1922.
1921.
$34,548.542 $23,373.821 $39,405,631 $43.165,109
xTotal earnings
Depreciation & insurance 11,713,807 10,708,183
2.966,667
3.400,C00
Interest on debentures
$791,553
$1,086,063
Debit balance Dec. 31
-V. 116, p. 1906.
-Plan Carried Out.
St. Louis Coke & Chemical Co.
The reorganization plan, it is stated, has been carried out and the new
$19,434,735 $9,698,971 $39,405,631 343.165,109
Net profits
of operations. The new company. the St. Louis Previous surplus
company is now in charge
167,295,390 170,211,467 142,583,873 111,418,764
Coke & Iron Co., is a Maine corporation. See plan in V. 116. p. 1423.
Net apprec.of cap.assets
221,962
& inv.& res.adjust.,&c 79,179,346 Dr.615,048
-New Company.
Coke & Iron Co.
St. Louis
See St. Louis Coke & Chemical Co. above.
$265,909,470$179,295,390$182,211,467$154.583,873
Total surplus
Cash divs. paid_ _ _ _ (j6%)12,000.000 12,000,000 12,000,000 12,000,000
-Merged With Gimbel Bros.
Saks & Co.
Stock dividend_ _(200%)150,000,000
-V. 116. D. 1906.
See Gimbel Bros.. Inc.. above.
Profit Fe loss surplus_ $103.9t9,470$167,295,3?.02170.211,467$142,583,873
Salt Creek Producers Association. Stockholders to
x Total earnings are after deducting expenses incident to operations,
Receive Distribution in New Bradford Oil Co. Stock.-Consol. including tams (and in 1920 and 1919 also after depreciation and sundry
reserves).
Balance Sheet Dec. 31.
Balance Sheet December 31.
It is announced that stock of the New Bradford Oil Co. will be distributed
1021.
1922.
1921.
1922.
to stockholders of the Mountain Producers Corp. and the Salt Creek
5
8
liabilities3
AssetsProducers Association on the basis of one share of New Bradford for 3% Real cit., mach.
Capital stock-. _225.000,000 75,000,000
shares of Mountain Producers and one share of New Bradford for 2%
_ _126,906,762 137,290,403 7% ser.gold deb_ 30,000,000 30,000,000
and vessels_
shares of Salt Creek Producers. It is understood that the New Bradford Inv. In other co9127.653,853 35,034,538 6I5% gold deb_ 20,000,000 20,000,000
'
Co. owns 1,588.000 shares of the Mountain & Gulf Oil Co. stock and Invent. of mdse. 90,389,366 106,201,731 Deferred credits 1,407,676 2,198,063
645,967 shares of Salt Creek Consolidated Oil Co. stock. The distribution Cash
5,417,677 14,119,749 Current liability 23,405,948 26,292,606
will be made on May 15 to stockholders of record May 10.
10,862,269 10,144,659
Accts.& notes rec 23,422,809 24,331,389 Reserves
4,161,506 2,311,596
Consolidated Balance Sheet as of Dec. 31.
U.S. Govt.secs. 42,527,599 14,072,402 Taxes payable
103,909,470 167,295,390
(Including the Midwest 011 Co., the Wyoming Oil Fields Co. and the Deferred assets. 2,428,803 2,192,102 Surplus
& Refinery Col
Natrona Pipe Lino
418,746,869 333,242,314
Total
418.746.869 333.242,314
Total
1921.
1922.
1921.
1922
Liabilities
Assets-The Mechanics' & Metals National Bank, 20 Nassau St., N. Y. City,
Property & leasee_18,193,882 16,636,258 Capital stock
14,968,598 14,589.487 has been appointed Transfer Agent for the stock of the company. It has
-V.
188,561 also been appointed Disbursing Agent for the payment of dividends.
917,538 Accts. payable_
10,527
Stock la other cos_ 3,051,353
86,983
Cash
3,464,810 2,187.678 Notes payable__
116, p. 526.
175,878
U. S. Liberty bds_ 967,324
994,891 Deferred liabilities 117.238
--Earnings.
Standard Tank Car Co.
13,497,282 9,903,145
Accts.receivable 3,373,503 5,193,355 Surplus
The company reports for the year 1922 a loss of $405,578 before depreNotes receivable__ 1,270,312 3,208,052 Reserve for taxes &
_ _ 1.303,532 2,308,700 ciation, but atter all other charges. Unfilled orders March 31 totaled
contingencies_
Crude oil Inventory
321,919
Cap. stk. Midwest
$6,122,083. In April the company shipped 745 units the greatest producDeferred
assets,
Oil Co. (not
tion in its history.
contracts reedy_
-V. 115. p. 1740.
48.938
437,843 1,766.756
Deferred charges-310,262 owned)
51,880
837,426
Sur. minority lot's.
-Earnings.
Standard Textile Products Co.
For the 12 months ended April 28 1923 the company earned 81.235,000
-Total
30,422,005 29,769.955 after charges. Surplus after Preferred dividends was $632.000.-V
30.422,005 29.769,955 Total
During the year 1922 dividends were paid to the stockholders of Salt 116. p. 1907. 1191.
Creek Producers Association at the regular quarterly rate of 2% and with
Stewart
-Warner Speedometer Corp.-Earnings.
an extra 1% each quarter. An extra dividend of 2% was paid together
1922.
with the regular dividend of 2% on May 1 1923.-V. 116. p. 1542.
1923.
Quzrter Ended March 31$516,419
$2,072,401
Net earnings after expenses, depreciation, &c
San Diego Canso'. Gas & Elec. Co.
64,868
-Bonds, &c.
244.427
Provision for Federal taxes
The company has applied to the California RR. Commission for authority to issue $1,438.000 of 1st & Ref. 6% bonds. $550.000 of 1st Mtge- 5%
$4451,551
$1,827,974
Balance, surplus
7,652.200
bonds and $674,000 of Preferred stock.
11,222.588
Previous surplus, adjusted
-V,116, p. 306.
Shaffer Oil & Refining Co.
-Notes Called.
$13,050,562 $8,103,751
Total surplus
231.948
Sixteen Convertible 8% Serial Gold notes have been called for payment Dividends paid
719,990
Aug. 1 at 105 and int, at the First National Bank, N. Y. City, or, at the Premiums paid on Preferred stock retired
25,374
option of the holder, at the Continental & Commercial Trust & Savings
Bank, Chicago, Ill. The holders of any of the notes called may at their
$12,305,189 $7,871,804
Profit and loss surplus
option surrender same at any time prior to Aug. 1 1923 at either of the above -V. 116, p. 2019, 1772.
offices and receive in payment therefor 105 and int. to the date of surrender.
-Sells Real Estate Holdings.
-V. 116. P. 1906, 1650(The) Streets Co., Chicago.
This company, manufacturers and repairers of freight cars, have sold
their entire real estate holdings amounting to approximately 15 acres to
Simmons Co. Kenosha, Wisc.-Earnings.- •
Peter W.Meyn, President of Gostlin, Meyn & Hastings, Inc., of Hammond,
Four Months lindeil April 301923.
1922.
the
sale was
Net sales
$11.955,449 $6,376,940 Mr. Moyn taking title for an undisclosed purchaser. The$375,818.atThe
rate of 60 cents a square foot or a total consideration of
def3,321
Net after taxes
1.845,000
-V. 113.
Streets Co. has leased the property and will continue operations.
-V.116, p. 1423, 1286.
P. 1990.
Skelly Oil Co.
-Earnings (Including Subsidiaries).
-New Preferred Stock Issue.
Sun Oil Co.
Results for Quarter Ended March 31 1923.
The company is said to be negotiating for the flotation of $5,000,000 7%
$5,378,348 Preferred stock, which it is understood, has been underwritten by a syndicate
Gross earnings
2,872.213 headed by Brown Bros. & Co. The company is successor of the Sun Co.
Expenses, taxes. &c
163.516 by change of name.
Interest and discount
-V. 116, p. 1543.
-Sale.
Supreme Motors Co., Warren, 0.
$2.342.619
Net earnings before Federal taxes
Daily net oil production of company and subsidiaries is approximately
The plant has been sold at publis a”-tion by the trustee in bankruptcy
20,000 barrels.
to George T. Fillius, as agent, for $55,000.-V. 115. p. 1108.
-V. 116, p. 1660, 1286.
--Earnings.Timken Roller Bearing Co.
(A. 0.) Smith Corp.
-To Redeem Notes.
1922.
1923.
Quarter Ended March 31The corporation has called for redemption on June 4 1923 all the outearnings before taxes
$2.364,879 $1,540,720
standing 5
-year 6% Sinking Fund Gold notes at 101 and int. The notes Net
1,348.130
2.069,269
will be payable at the First Wisconsin Trust Co., Milwaukee, Wis. Com- Net earnings after taxes
-V. 116, p. 1063. 422.
pare V. 116. D. 2018. 1772.
Tobacco Products Corporation.
-Earnings, &c.
-New Control.
Southern Oklahoma Power Co.
Net profits of the corporation, exclusive of any dividends or earnings of
-V.114, p. 2478.
See Oklahoma Gas & Electric Co. above.
United Retail Stores Corporation, in the first, quarter. were reported to be
Southwestern Power & Light Co. Annual Report.
100% ahead ofthe corresponding period in 1922. April earnings also showed
an increase of 100%.
1922.
1921.
1920.
Calendar Years (company proper)$2.441.850 $2,130,041 $1,383,718
Gross earnings
Acquires Interest in Tuckett Tobacco Co., Ltd.
34.604
Expenses
-V. 116, p. 2019. 1424.
See that company below.
x1.286,623
Interest and discounts
930,532
609,293
-Sale.
Canada, Ltd.
Tobacco Products Corp. of
307.090
Preferred dividends
307,090
253,027
-V. 111. p. 597.
Second Preferred dividends
See Tuckett Tobacco Co.. Ltd.. below.
54,063
Balance, surplus
$813.533
$862,050
$445,928
x Included in this amount is the unamortized discount and expense on
the 8% Secured Gold bonds, Series A (due 1941). retired during the year.
-V. 115. P. 1108
.
-Capital Increased.
(S. S.) Stafford, Inc.
The company has filed a notice increasing its authorized Capital stock
by $195,700, consistintc of $100,000 of Prof. stock, Class "A," and $95,700
The authorized issue of 2.500 shares of Common
Prof. stock, Class "B.
stock, no par value, remains unchanged. Compare V. 116, p. 1906.
Standard Oil Co. (Indiana). Acquisition.
-V. 116. D. 1286.
See Midwest Refining Co. above.
Standard Oil Co. of Nebraska.
-Usual Dividend.
The directors have declared the regular semi-annual dividend of s% on
the outstanding $3,000,000 capital stock, par $100, payable June 20 to
holders of record May 19. On Dec. 20 1922 an extra dividend of 10% was
paid, in addition to regular semi-annual disbursement. (See also dividend
record since 1912 in V. 115, P. 2279.)-V. 116, p. 1286.
Standard Oil Co., New York. Proposed Capital In-The stockholders will vote May 31 on increasing
crease, &c.
the capital stock from $225,000,000 (par $25) to $300,000,000 (par $25). Higgins says: The directors believe it to be
.
to the best
Secretary 0 36
interests of the comp.aly that the employees generally should be encouraged
company and sharers in its profits, and that
to become stockhoPlers in the
be promoted
of the
thrift on the part savingsemployees should stock in the by aiding them in
to the purchase of
company. Thereof
the application
recommend that the company formulate and adopt
fore. the directors acquisition plan for this purpose. If such a plan an
is
stock
employee's
adopted, it will be necessary to increa.se the capital stock of the company,
-Report.
Todd Shipyards Co.
The corporation and subsidiaries report for year ended March 31 1923,
net profits after charges of $728,074, against $420,387 the previous yeor.V. 115. P• 1207.
-To Foreclose Mortgage.
Tri-State Land Co.
a $1,775.000
The New York Trust Co., as trustee for bondholders underCourt to
forehas brought suit in the Supreme
bond issue dated July 11900,
close the collateral mortgage, alleging non-compliance with terms as to
Benjamin
Parr...Colgato, Payne Whitney, Charles B. Alexander and agreement
Dunnam, as members of a bondholders' committee under an
1912 and a supplemental agreement dated Sept. 15 1921.
dated April 20
named co-defendants, filed an answer joining In the petition for foreclosure
and demanding payment to themselves, as committeemen, of $1,070,262.
.
-V. 115. P. 1439
Tuckett Tobacco Co., Ltd., Hamilton, Ont.-Acquires
Tobacco Products Corp. of Canada-New York Corporation
Acquires Interest
n'es. Howard S. Ambrose states: "The Tuckett Tobacco Co. has completed arrangements for the acquisition of Tobacco Products Corp. of
Canada. This would be of considerable advantage to the Tuckett Tobacco
Co.. as Tobacco Products Corm of Canada controls a large and growing
business. Owing to the Tuckett Company's strong financial position the
issue of additional capital stock will not be necessary. The Tobacco
Products Corp. of New York has secured, by private purchase, a substantial
interest in the Tuckett Tobacco Co., and it is thought this will be a valuable
-V. 112, p. 2314.
connection for the Tuckett Company."
-Unfilled Orders.
United States Steel Corp.
See under "Trade and Traffic Movements" abolv.-V. 116. p. 1889.
For other Investment News, see page 21$6.
MAY 12 1923.]
2141'
THE CHRONICLE
ittports nut
Dornuxents.
CHICAGO AND NORTH WESTERN RAILWAY COMPANY
SIXTY-THIRD ANNUAL REPORT FOR THE YEAR ENDING DECEMBER 311922.
To the Stockholders of the Chicago and North 'Western
Railway Company:
The Board of Directors submits herewith its report of the
operations and affairs of the Company for the year ending
December 31 1922.
Average miles of road operated, 8,403.82.
Operating Revenues:
Freight
$100,700,614 03
Passenger
29,177,833 94
13.479.931 13
Other Transportation
Incidental
2,742,057 66
$146,100,436 76
Operating Expenses(81.58% of Operating Revenues)
119,191,134 17
Net Revenue from Railway Operations
526.909,302 59
Railway Tax Accruals(6.16% of Operating
88.998.099 90
Revenues)
33,830 01
Uucollectible Railway Revenues
9,031,929 91
517,877,372 68
841,067 52
Railway Operating Income
Equipment and Joint Facility Rents—Net Debit
$17.036,305 16
Net Railway Operating Income
Non-operating Income:
Balance amount due from U. S. Government under Guaranty Section of Trans824,335 67
portation Act, 1920
Dr.1,407,654 40
Rental Income
3,980,582 00
Dividend Income
19.29444
Income from Funded SecuritiesIncome from Unfunded Securities and
692,845 63
Accounts, and Other Items
3,309.403 34
Gross Income
Deductions from Gross Income:
Rental Payments
Interest on Funded Debt
Other Deductions
Net Income
Dividends:
7% on Preferred Stock
5% on Common Stock
$20,345,708 50
$20,467 96
11,210,567 14
217,137 55
'
$1,567,650 00
7,257,625 00
Balance Income for the Year
11.448,17265
88.897.535 85
8,825,275 00
572.26085
GENERAL REMARKS.
GUARANTY PERIOD SETTLEMENT.
In the last annual report it was stated that the settlement
of accounts under the guaranty provisions of the Transportation Act, 1920, had not been made. Final settlement was
made with the United States Government in this matter in
June 1922, and your company was allowed $16,533,520 55.
Of this amount $16,509,184 88 was included in the income
account of 1920, and the remainder in the income account of
1922.
BUSINESS CONDITIONS AND TRAFFIC.
A substantial revival of business occurred during the year
1922, as a result of which your company handled a greater
volume of traffic than was handled in the preceding year.
Traffic was relatively light in the first few months of the
year, but increased progressively and at the end was unusually large. On the whole the increase over 1921 in freight
traffic, measured in ton miles, was 11.86%. There was not,
however, a proportionate increase in freight revenue for the
reason that freight rates were lower than during the preceding year. The increase in freight revenue was only 5.24%.
As may be noted by reference to the "Comparative Statement of Revenue Freight Carried," on pages 42 to 45 [pamphlet report], there was an increase of 7.05% in the total
tonnage of products of agriculture handled in 1922 over the
amount in 1921, but the amount of wheat handled in 1922
was 15.53% less than the amount in 1921. while the amount
of corn handled was 17.45% greater in 1922 than in 1921.
The quantity of oats handled was also greater in 1922 than
in 1921 by 17.98%.
The number of tons of animals and animal products handled was 10.23% greater in 1922 than in 1921.
As a result of the coal strike there was a loss of 33.63% in
tonnage of anthracite coal handled. There was a gain, however, of 4.97% in the tonnage of bituminous coal handled,
notwithstanding the strike. This tonnage, however, did not
yield as much net revenue as would have resulted had the
coal been handled in normal uniform quantities throughout
the year, for the reason that extraordinary efforts were required to handle it in the Fall after the strike ended and
extraordinary measures had to be employed to return empty
cars, all of which contributed heavily to increased operating
expenses.
In 1922, 9,150,573 tons of iron ore were handled, compared
with 3,607,582 tons in 1921. The tonnage in 1922 was approximately 65% of the tonnage handled in 1920.
There was an increase of 24.74% in the quantity of clay,
gravel, sand and stone handled. This is made up principally
of gravel and sand, and these items will continue to move in
large volume as long as there is a continuation of activity in
road building and other construction work, where they are
chiefly used. Your company could have handled, and would
probably have had a considerably greater volume of this
traffic this year if it had not been for the restrictions placed
upon the use of the kind of equipment employed in this service when the coal strike was ended.
There is a heavy volume of oil traffic moving from the
Wyoming territory and it is anticipated that this traffic will
continue to be heavy and will increase for some time. It
will be noted that the volume of oil handled was 16.18%
greater in 1922 than in 1921, and 9.76% greater in 1922 than
in 1920.
Other products, used largely in building construction,
moved in materially heavier volume; for instance, bar and
sheet iron, structural iron and iron pipe, increased 76.91%
over 1921; cement, 15.01%; brick and artificial stone,
42.05%; lime and plaster, 40.43%.
The tonnage of agricultural implements and vehicles other
than automobiles increased 23.32% in 1922 over 1921, and
that of automobiles and auto trucks increased 37.74%.
Merchandise, that being the term used to designate all
freight handled in less than carload lots, remained practically the same as in 1921. There was the usual increase
in the volume of those items of this class of traffic which
never move in carload lots, but it was offset by the tendency
to ship many things in carload lots when business conditions
are good that are shipped in small lots when business is
poor. This is a desirable' condition for the reason that commodities handled in carload lots are, on the whole, far more
remunerative than merchandise traffic of equal tonnage, on
account of the expense of handling the latter.
It will be noted that all traffic handled amounted to 43,607,124 tons, and was 23.91% greater than in 1921. In 1920,
however, your company handled 60,275,207 tons. In 1922 the
products of agriculture handled exceeded the amount handled in 1920 by 897,063 tons, and the products of animals
handled in 1922 exceeded the tonnage of 1920 by 86,019 tons,
but the products of mines in the year 1922 were 8,228,371
tons less than in 1920. Products of forests were 1,667,911
tons less in 1922 than in 1920, and tonnage of manufactures
and miscellaneous items in 1922 was
2,127,499 tons less than
in 1920.
RATE REDUCTION.
During the early part of the year the Interstate Commerce
Commission conducted an inquiry and investigation into the
question of whether or not further general reductions in
rates and fares should be required. After
this hearing the
Commission rendered a decision on May 16 1922 which made
permanent the temporary rate reductions on farm products
and live stock, ranging from 10 to 22%,that
had been put in
effect the preceding Fall, and ordered
reductions of approximately 10% in all freight rates not previously reduced or
not previously reduced that much, to
become effective July
1 1922. In the aggregate all reductions
in rates cost your
company about $10,400,000 in 1922, and if they had all been
In effect throughout the entire
year would have cost about
$13,800,000.
The Commission found the existing passenger fares to be
reasonable, and made no reductions therein.
FAIR RATE OF RETURN ON PROPERTY VALUE.
In this same decision the Commission decided that a fair
return upon the aggregate-value of railway proPerty of the
country, which had been fixed by Congress at 6% from the
period of March 1 1920 to March 1 1922 would thereafter be
5.75%.
WAGE DECISIONS—U. S. LABOR BOARD.
During the year the United States Labor Board conducted
a series of hearings on the rates of pay of certain classes of
THE CHRONICLE
2142
railway eniployees, and in May rendered decisions to become
effective July 1 1922 reducing rates of pay of shopmen, maintenance of way employees, clerks, freight handlers and station employees by amounts varying from one cent to nine
cents per hour. By a subsequent order of the Labor Board,
effective October 16 1922, the rates of pay of maintenance
of way employees were increased two cents per hour. All
employees except the shopmen accepted the awards of the
Board. The shopmen are organized into unions representing
various crafts, and as a whole are affiliated with the American Federation of Labor, forming what is commonly known
as the Railroad Department of that organization.
f3HOPMEN'S STRIKE.
On July 1 1922 nearly all the shop crafts employees and
foremen stopped work. Similar strikes occurred on all railroads in the United States. Over 12,000 of the employees of
your company participated in this strike. The strike continued unabated for nearly two and one-half months. Early
in September overtures from the officials of the striking employees were made, and after negotiations the strike was
called off and the men resumed work on September 17 1922.
COST oF LABOR.
The total amount included in Operating Expenses during
the year for labor was $71,467,653. This is comparable with
$77,844,144 included in the year 1921. At the end of the year
the number of employees was 48,564, and this is comparable
with 42,888 for the year 1921.
PENSIONS.
During the year, 171 employees were retired from the service of the company and granted pensions. Of these retirements, 71 were on account of employees having reached the
age of 70, and 100 were on account of employees having suffered permanent physical disability.
On December,31 1922 there were 1,260 retired employees
receiving pensions. The average monthly pension in force
on that date was $33 61. The amount paid in pensions during the year was $492,403 33.
Since the inauguration of the pension system, the total
payments made from January 1 1901 to December 31 1922
•
were $4,736,356 67.
FEDERAL VALUATION.
The Interstate Commerce Commission is continuing the
work of valuation of the property. During the year the Engineering and Accounting Reports of the Commission of
properties of the Chicago and North Western; Pierre, Rapid
City and North-Western; Pierre and Fort Pierre Bridge;
and the Wyoming and Northwestern Railways were received.
Land reports on the Pierre, Rapid City and North-Western;
Pierre and Fort Pierre Bridge; and Wyoming & Northwestern Railways were received. The Land report on the property of the Chicago and North Western Railway has not been
completed by the Commission.
During the year 1922 $211,336 94 was expended by the
company on this work. From the commencement of this
work up to December 31 1922 $2,346,193 01 was expended.
coNsTRucTioN AND MAINTENANCE DURING THE YEAR 1922.
The following is a list of the more.Important pieces of construction work which were carried out during the year:
Chicago Terminal Elevator.—The restoration of this elevator to serviceable condition was completed during the year
and it was put in operation. Portions of plant were put in
operation July 5 1922 and on October 23 1922 the entire plant
was again in service.
Chicago Avenue Engine Terminal.—Dnring the year a
-ton capacity coaling station of reinforced conmodern 500
crete construction was built and placed in operation. This
facility is electrically operated and is capable of hoisting
100 tons of coal per hour and will readily supply coal to 150
engines daily.
The cost of handling coal has been very greatly reduced by
the Use of this facility, and the turning of engines has been
much facilitated.
Two new cinder pits, each 100 feet in length, with a traveling crane hoist for removing cinders from the pits, were also
.constructed.
A new interlocking tower was built, and tracks were rearranged.
Milwaukee, Wisconsin---Grade Separation on Madison
Division.—To carry out the provisions of an order of the
Wisconsin Railroad Commission and an ordinance of the
City of Milwaukee, work was started on the elimination of
grade crossings in the southwest part of the City of Milwaukee on the Madison Division, from the end of the present
elevation at Chase- Yard to Mitchell Yard at Layton Park, a
distance of approximately two miles. The work consists of
lowering present tracks and constructing a third track to
subways and eight viaducts
serve as a switching lead. Two
changing the grade of the
will be built. The work involves
[VOL. 116.
connects with
St. Francis cut-off at its westerly end where it
namely
the Madison Division. The first unit of this project, of the
the 1st Avenue Section, was commenced in the middle unit,
second
year and has been practically completed. The
work
from 1st Avenue to 15th Avenue, IS in progress, and the
will be carried on to completion in the year 1923.
Clinton, Iowa.—The work of grade separation was carried
comon through the year and a subway at 4th Street was
Street.
pleted and work was begun on the subway at 2nd
This project will be completed during the year 1923.
Helenville, Wisconsin.—A viaduct, consisting of concrete
approaches and a steel span over the tracks, was constructed
at this point to comply with an order of the State Highway
Commission. It carries a state trunk line highway over the
tracks of the Madison Division.
Lindwerm, Wisconsin.—Bridge No. 1607-C, Wisconsin
Division.—A bridge, consisting of three 92-foot steel spans
on masonry piers, with timber approaches, was placed under
construction. The foundation work was completed and the
steel work will be erected in 1923. This bridge is over the
Milwaukee River and carries an industry track, affording
access to the Wisconsin Food Products Company. It occupies the site of a former wooden bridge which was burned
some years ago and not rebuilt. The former bridge was
owned by the Chicago Milwaukee and St. Paul Railway
Company and was used by this Company under lease. The
Interest of the Chicago Milwaukee and St. Paul Railway
Company was acquired and the new bridge is the property
of the Chicago and North Western Railway Company.
Ironwood, Michigan.—Work was started on the construction of a viaduct across the yards and tracks of this railway
and the tracks of the Minneapolis St. Paul and Sault Ste.
Marie Railway to carry Mansfield Street across the railways, with approaches extending in both directions in Frederick Street, which intersedts Mansfield Street on the north.
The main viaduct across the yards Is 370 feet long. The approach on Mansfield Street on the south end is about 220
feet long and the two approaches on Frederick Street aggregate 890 feet in length. The roadway is 24 feet in width.
The structure is of concrete and steel. Work was begun on
it in May 1922 and it was about 75% completed at the time
work was suspended for the winter, and will be fully completed in 1923. Each railway company pays for that portion of the structure over its right of way and the City of
Ironwood pays for the remainder.
Manitowoc, TVisconsin.—A 100-ton mechanically operated
coaling station, of steel construction, was erected and put in
service at Calumet Yard.
Chadron, Nebraska.—A 75,000-gallon steel water tank, on
steel tower and concrete foundation, was erected at Chadron.
Nebraska.
NEW EQUIPMENT.
During the year arrangements were made for the construction and acquisition of the following new equipment,
'some of which has been received, but most of which will not
be received until 1923:
PassengerEquipment60 Steel Vestibule Passenger Coaches.
10 Steel Vestibule Smoking Cars.
3 Steel Vestibule Chair Cars.
3 Steel Combination Passenger-Baggage Cars.
19 Steel Baggage Oars.
5 Steel Combination Baggage-Mail Cars.
200 Steel Underframe Milk Cars.
Freight Equipment
4,270 Box Cars.
710 Flat Cars.
510 Stock Cars.
1.050 Gondola Cars.
300 Hart Convertible Ballast Cars.
260 Refrigerator Cars.
800 Ore Cars.
50 Oil Tank Cars.
1 Gas Transport Car.
Locomotives
78 Class J Mikado Type Freight Locomotives.
20 Class E Pacific Type Passenger Locomotives.
12 Class E-2 Pacific Type Passenger Locomotives.
40 Class M-2 Switching Locomotives.
a
MILES OF RAILROAD.
The total number of miles of railroad owned December 318,328.86 miles
1922 was
In addition to which the Company operated under Trackage Rights:
2.02 miles
In the City of Peoria. Illinois
(Peoria & Pekin Union Railway.)
2.80
Churchill to Ladd, Illinois
(New York Central Railroad.)
Broadway Station, Council Bluff's, Iowa, to South
1.
8.73
Omaha. Nebraska
(Union Pacific Railroad.)
24.70 1.
Blair to Omaha, Nebraska
22.79
ElroV to Wyeville. Wisconsin
2.28
In Sioux City, Iowa
(Chicago, St. Paul, Minneapolis and Omaha
Railway.)
11.64
Sioux City to Wren. Iowa
(Illinois Central Railroad.)
Total Miles of Railroad Operated December 31 1922
The above mileage is located as follows:
In
insin
l'tro
" Michigan
" Minnesota
" Iowa
" North Dakota
" South Dakota
" Nebraska
" Wyoming
Total
74.96 "
8,403.82 miles
824.53 miles
2,160.12 "
510.90 "
650.30 "
1,634.09 "
14.28 "
1,230.45 "
1.100.80 "
278.35 "
8,403.82 miles
)iv
12 1923.]
THE CHRONICLE
2143
FREIGHT TRAFFIC.
MAINTENANCE OF EQUIPMENT.
The details of Freight Traffic for the year ending DecemThe charges on accounts of Maintenance of Equipment for
ber 31 1922, compared with the preceding year, were as fol- the year ending December 31 1922, compared with the prelows:
ceding year, were as follows:
Increase
1921.
1922.
Amount. Per Cl.
Freight Revenue_395,687,013 19 $100.700.614 03 $5,013,600 84 5.24
Percentage
of Increase
1921.
1922.
or Decrease.
Tons of Revenue Freight Carried 39,227.758
48,607,124 23.91 Inc.'
Tons of Revenue Freight Carried One Mile
6,775,908,469 7.579,553,676 11.86 Inc.
Average Revenue Received per
Ton
$2 43927
52 07173 15.07 Dec.
Average Revenue Received per
Ton per Mile
1.412 cento
1.329 cents
5.88 Dec.
Average Distance Each Revenue
Ton was Hauled
172.73 miles
155.94 mIles
9.72 Dec.
Mileage of Freight and Proportion of Mixed Trains
17,669,282
17,609,129 . .34_ Dec.
Average Number of Tons of
Revenue and Non-Revenue
Freight Carried per Train Mile
478.80
510.52 6.62 Inc.
Average Number of Tons of Revenueand Non-Revenue Freight
Carried per Loaded Car Mile_
24.16
23.81
1.45 Dec.
Average Freight Revenue per
Train Mlle
*5 42
5.54 Inc.
35 72
Increase (+( or
1922.
1921.
Decrease (-).
Locomotives
314,175,977 81 $12,179,564 47 -81.996.41334
Passenger-train Cars
2,757,869 35 2.416.29874
-341.57061
Freight-train Cars
14,422,388 47 12,048,150 51 -2,374.23796
Work Equipment
346.915 14
314,833 43
+32,081 71
Shop Machinery
278,630 92
318,798 74
-40,167 82
Superintendence
937,504 78
846,402 66
+91,102 12
Sundry Miscellaneous
Charges
220,520 23 2,249,005 63 +2.028.485 40
Total Charges Account
Maintenance of E.quipment
333.056.790 69 330.456.070 19 -'82.600,72050
,The above charges for Maintenance of Equipment for the
current year amount to 25.55 per cent of the total Operating
Expenses, as compared with 25.61 per cent for the preceding
year.
TRANSPORTATION EXPENSES.
The charges on account of Transportation Expenses for.
the year ending December 31 1922, compared with the preceding year. were as follows:
PASSENGER TRAFFIC.
Increase (+( or
Decrease(-).
1921.
The details of Passenger Traffic for the year ending De- Labor
1922.
$43,016,088 03 340.153,33786 -$2,862,75n 17
cember 31 1922, compared with the preceding year, were as Fuel for Locomotives
13,100,585 17 14.604.335 15 +1.503.749 98
Supplies and Miscellaneous .
follows:
items
11,520,100 41 8.299.045 15 -3,221.055
Decrease
--1921.
1922.
Amount.
Passenger Revenue.$33,770,081 94 829.177,833 94 34,592,248
00 11%0
% of
1921.
1922. Dec.(-).
Revenue Passengers Carried
35,685,702
33,828.207 -5.21
Revenue Passengers Carried One Mile 1,184,674,220 1,0'78,240,76
1 -8.98
Average Fare Paid per Passenger
94.632 cents 86.253 cents -8.85
Average Rate Paid per Passenger
per Allle
2.8.51 cents
2.706 cents -5.09
Average Distance Traveled Per
Revenue Passenger
33.20 miles
31.87 miles -4.01
Mileage of Passenger and Proportion
of Mixed Trains
19.669,542
17.933,057 -8.83
Average Passenger-train Revenue
per Train Milo
$2 26
$223 -1.33
26
Total Charges Account
Transportation Exnewts
367,636,773 61 363.056,718 16 -84,580,055 45
The above charges for Transportation Expenses for the
current year amount to 52.90 per cent of the total Operating
Expenses, as compared with 52.39 per cent for the preceding
year.
FUNDED DEBT.
At the close of the preceding year the amount of Funded
Debt Held by the Public was
The above amount has been decreased during the year$238,450,600 00
ending Dec. 31 1922 by Bonds and Equipment Trust
Certificates redeemed, as follows:
M. L. S. & W. Ry. Marshfield Extension
MAINTENANCE OF WAY AND STRUCTURES.
First Mortgage. 5% (including $3_,000 00
=presented and transferred to "Current
Liabilities")
The total Operating Expenses of the Company, for the year
3400.000 00
3238,450,600 00
M.L.S.& W.Ry. Extension and roveending December 31 1922 were $119,191,134 17; of
this
ment Sinking Fund Mortgage, 5 0
57.000 00
amount $19,323,882 72 was for charges pertaining to the C.& N. W.Ry. Sinking Fund of 18 9,5%78.000 00
N. W. Ry,
Maintenance of Way and Structures. Included in these 0.&1933, 5% Sinking Fund Debentures
of
335.000 00
C.
charges is a large part of the cost of 51,828 tons of steel rails, C. & N. W. By. Serial Notes, 541%
400.000 00
& N. W. Ry. Equipment Trust Certificates of 1912,414% (including $15,000 00
the greater portion of which was laid in replacement of rails
Series A, unpresented and transferred to
of lighter weight in 389.26 miles of track; also the cost of
"Current Liabilities"):
Series A
8300.000 00
3,173,252 new track ties.
Series B
300.000 00
Series 0
: The charges for Maintenance of Way and Structures also
399.000 00
999,000 00
Include a portion of the cost of ballasting 31.65 miles of C. & N'. W. Ry. Equipment Gold Notes
of 1920, 6%
664.900 00
track with cinders; the erection, in place of wooden strucTotal Funded Debt Redeemed
tures,of 7 new steel bridges on masonry, and 10 on pile sup82.933,90000
Leaving Funded Debt Held by the Public Dec.31 1922-$235.516,700 00
ports, aggregating 2,210 feet in length and containing 1,022
tons of bridge metal; and the replacement of other wooden
structures with masonry arch and box culverts and cast-iron
pipes, the openings being, filled with earth. The wooden
structures replaced by permanent work aggregate
6,681 feet
in length.
The charges on account of Maintenance of Way and
Structures for the Year ending December 31 1922,
compared with
the preceding year, were as follows:
Coot of Rails:
New steel rails
Usable and re-rolled rails
1921.
1922.
$890,801 69 $1,235.163 69
916,802 46
785,559 19
81.807,604 15 32,020,722 88
Increase(+)or
Decrease (-).
+3344,362 00
-131,24327
+8213,11873
Le.% credit for old rails
and other items
1,154,112 87 1.553,77455
-399.66168
Net charge for rails. -- $653.491 28
3466,948 33 -3186.542 95
Cost of ties
3,763.749 56 3,328,842 74
-434,90682
Cost of ballast
133,643 08
147,717 66
+14,074 58
Cost of other track material 1,000,604 59
886.166 03
-114,438 56
Roadway and track labor
and other expenses
8.746,074 99 8,358,660 01
-387,414 98
Total charges for roadway and track
814,297.563 50 $13,188.334 77 -$1,109,228 73
Other Charges Account
Maintenance of Way it
Structures were asfollows: .
Bridges, trestles and culverts
31.681.342 33 $1.219,065 10 --$462,277 23
Road crossings, fences, &c..
688,833 62
-55,559 28
633,274 34
Signals and interlockers__ _
820,094 94
-82,83889
737,256 05
Buildings, fixtures and
grounds
1.886,132 27
-221,99660
1,664,135 67
Wharves and dodo;
190,124 76
-91.68243
98.442 33
Superintendence
997,752 03
-80.094 68
917,657 35
Roadway tools and supplies
403,678 18
407,101 01
+3,442 86
Sundry miscellaneous
aa charges
453,103 88
+5,212 19
158,616 07
Total charges account
Maintenance of Way
and Structures
$21,418,925 51 $19,323,882 72 -$2,095,042 79
The above charges for Maintenance of Way and Structures
for the current year amount to 16.21 per cent of the total
Operating Expenses, as compared with 16.59 per cent for
tile preceding year.
BONDS IN THE TREASURY AND DUE FROM TRUSTEE
.
At the close of the preceding year the amount of the
pany's =pledged Bonds and Equipment Trust Comcates in the Treasury and Due from Trustee was CertifiThe above amount has been increased during the year 317.208.000 00
ending Dec. 31 1922 as follows:
C. & N. W. Ry. General Mortgage Gold Bonds of 1987,
received, or due from Trustee, in exchange for bonds
redeemed during the year
478,000 00
Other bonds redeemed during the year exchangeable for C.&
N. W.Ry. General Mortgage Gold Bonds of 1987. viz.:
M. L. S. &. W. Ry. Extension and Improvement Sinking Fund Mortgage.5%
338.000 00
C.& N. W. Ry. Sinking Fund of 1879,5%,
78,000 00
C. & N. W. Ry. Sinking Fund Debentures of 1933, 5%
288.000 00
404.000 00
C. & N. W. Ry. General Mortgage Gold Bonds of 1987.
due from Trustee on account of Construction Expenditures made during the year
1.000.000 00
And the above amount has been decreased during the year 319.090,000 00
as follows:
C. & N. W. Ry. Equipment Trust Certificates of 1912, Series C. 434%.
matured and cancelled
$1,000 00
0.& N. W.Ry.Equipment Trust Certificates of 1913. 44%, matured and
cancelled:
Series D
400,000 00
Series E
485,000 00
Series F
115,000 00
C. & N. W. Ry. Equipment Trust Certificates of 1917. 5%, matured and
cancelled:
Series G
422,000 00
Series H
400.000 00
Series I
178.000 00
C. & N. W. Ry. Equipment Trust Certificates of 1920,
%, matured and
cancelled:
Series L
187.000 00
C. & N. W. Ry. General Mortgage Gold
Bonds of 1987, 5%, deposited as part
security for the C. & N. W. Ry. 15
Year Secured Gold
tho preceding year Bonds sold during
12,000 00
2.200,000 00
Total Dec. 31 1922, =pledged
316,890,000 00
The following bonds owned by the Company
are pledged
as security for the C.& N. W.Ry. 10
-Year Secured Gold
Bonds and C.& N. W.Ry. 15
-Year Secured Gold Bonds:
C. & N. W. By, General Mortgage Gold of 1987. 5%
320.500.000 00
C.& N. W. Rs'. First and Refunding Mortgage,6%
15.000.
000 00
Total Dec. 31 1922, pledged
335.500,000 00
FoL.116.
THE CHRONICLE
2144
LANDS.
During the year ending December 31 1922 6,316.30 acres
and 15 town lots of the Company's Land Grant lands were
sold for the total consideration of $193,284 76. The number
of acres remaining in the several Grants December 31 1922
amounted to 246,864.90 acres, of which 28,163.03 acres were
under contract for sale, leaving unsold 218,701 87 acres.
Acknowledgment is made to all officers and employees of
Held by the Public
their loyal and efficient co-operation in the service, and espe$145,156,643 82
Common Stock and Scrip
cially to those who, by voluntarily rendering service outside
22,395,120 00
Preferred Stack and Scrip
25,000 00
of their regular duties, made possible the continued operaSpecial Stock
tion of the road during the strike of the shop crafts.
$167,576,763 82
Total Stock and Scrip Held by the Public
Appended hereto may be found statements, accounts and
Held in Treasury
statistics and the condition of the Company's affairs on
$2,342,997 15
Common Stock and Scrip
December 31 1922.
3,83456
Preferred Stock and Scrip
By order of the Board of Directors.
W. H. FINLEY, President:
2,346,831 71
Total Stock and Scrip Held in Treasury
Chicago, April 24 1923.
$169.923,595 53
Capital Stock and Scrip Dec. 31 1922
CAPITAL STOCK.
There was no change during thp year in the Capital Stock
and Scrip of the Company other than the purchase, by the
Company, of $26000 Common Stock Scrip.
The Capital Stock authorized by the Company is Two Hundred Million Dollars ($200,000,000 00), of which the following has been issued to December 31 1922:
Total
GENERAL BALANCE SHEET, DECEMBER 31 1922.
•
(8,328 861Miles)
ASSETS.
Investments
Investment in Road and Equipment
Balance to Debit of this Account. Dec.
$453,946,191 71
31 1922
Add net additions to "Investment in
Road and Equipm-mt" for the year
ending Dec. 31 1922 (see statement,
1,791.537 67
page 33, pamphlet report)
$455,737,729 38
747,363 56
Physical Property
Miscellaneous
2,598,238 61
Investments in Affiliated Companies
Other Investments
149,200 Shares of Capital Stock of Chicago St. Paul Minneapolis and Omaha
$10,337,152 29
Ry. Co
41,715 Shares of Preferred Stock of Union
3,910,575 93
Pacific Railroad Company
$165,000 C. St. P. M.8c 0. By. Debentures of 1930
158,572 50
$100.000 New York Central & Hudson
River RR. Refunding and Improvement Bonds
91,750 00
$64,000 New York Central Railroad
60.020 00
Consolidation Bonds
69,076 55
Miscellaneous
14,627,147 27
LIABILITIES.
Capital Stock (see statement, page 21, pamphlet report):
3167.576,763 82
Held by the Public
2.346.831 71
Held in Treasury
3169,923,595 5:s
29,657 75
Premium Realized on Capital Stock
Long Term Debt (see statement,page 40,pamphlet report):
$235,516.700 00
Funded Debt held by the Public
Funded Debt held in Treasury and Due
from Trustee:
16,890,000 00
Unpledged
35,500.000 00
Pledged
_ 287,906 700 00
Current Liabilities
21
Traffic and Car Service Balances Payable- 33,627,030 51
7,350.720
Audited Accounts and Wages Payable---441,619 68
Miscellaneous Accounts Payable
938.251 59
Interest Matured Unpaid
11,387 70
Dividends Matured Unpaid
Unmatured Dividends Declared (Payable
4.412.637 50
Jan. 15 1923)
2,196.9M 79
Unmatured Interest Accrued
497.985 09
$4473,710,478 82 Other Current Liabilities
19,476,588 07
$23,014.184 59
Current Assets
Cash
Traffic and Car Service Balances Re777,663 44
ceivable
Net Balance Receivable from Agents and
3,182,105 37
Conductors
4.186.926 24
Miscellaneous Accounts Receivable
11,119.430 77
Material and Supplies
834,486 38
Other Current Asseta
43.114,796 79
Unadjusted Debits
Advances account Equipment Purchased
$2,910,000 00
under Trust Agreement
3,132,253 53
Other Unadjusted Debits
Capital Stock and Scrip, C. & N. W. By.
2,346,831 71
Co., held in Treasury
Clompany Bonds held in Treasury and Due
from Trustee (see statement, page 40,
pamphlet report):
16,890.000 00
Unpledged
35.500,000 00
Pledged
60,779.085 24
Unadjusted Credits
35.742,000 00
Tax Liability
Balance Premium on O. & N. W. By. 5%
615,376 14
General Mortgage Gold Bonds of 1987- _
32,112.615 56
Accrued Depredation-Equipment
1,001,681 07
Other Unadjusted Credits
39,561,672 77
Corporate Surplus
Additions to Property through Surplus__ _ _
and Loss
Profit
60,706,146 73
$577,604,360 85
Total Assets
$2,210,143 55
58.496,003 18
,ho 85
3577,604
Total Liabilities
COMPARATIVE STATEMENT OF INCOME ACCOUNT.
Year Ending
Dec. 31 1921.
Year Ending
Dec. 311922.
Increase.
Operating Revenues:
$95,687,013 19
Freight
"-33.770.081 94
---------------------------------------------------Passenger
12,924,937 70
Other Transportation
2,393,442 69
Incidental
3144.775.475 52
Operating Revenues
Total
129,091,427 62
Operating Expenses
*15,684.04790
Railway Operations
Net Revenue from
3100,700,614 03
29,177,833 94
13,479,931 13
2.742,057 66
35,013.600 84
3146,100,436 76
119,191,134 17
31,324.961 24
$26,909,302 59
$11,225,254 69
$8,464,087 20
18.077 64
58,998,099 90
33.830 01
Decrease.
$534.012 70
15.752 37
Railway Tax Accruals
Uncoliectible Railway Revenues
Total
Railway Operating Income
Equipment and Joint Facility Rents
Net Debit
Net Railway Operating Income
Non-Operating Income:
Balance amount due from U. S. Government under Guaranty Section of
Transportation Act. 1920
Compensation for Lease of Road to U. S. Government
Rental Income
Dividend Income
Income from Funded Securities
Income from Unfunded Securities and Accounts, and Other Items
Total Non-Operating Income
Gross Income
Deductions from Gross Income:
Rental Payments
Interest on Funded Debt
Other Deductions_________________
Total Deductions
Net IncomeDividends:
7 on Preferred Stock
5 0 on Common Stock
Total Dividends
Balance 'Income for the Year, carried to Profit and Loss
54,592,248 00
554,993 43
348,614 97
$8,482.164 84
$9,031,929 91
S549,76507
37,201,883 06
$17,877,372 68
39,900,293 45
310,675,489 62
550.745 68
841,067 52
290,321 84
56.651.137 38
517.036,305 16
$10,385,167 78
$24,335 67
324,335 67
. 568,101 92
Dr.324,993 93
2,577,208 00
20,726 11
1.094 344 65
Dr.1,407.654 40
3,980,582 00
19,294 44
692,845 63
1.403,37400
568,101 92
1,082,660 47
1,431 67
401,499 02
3625.983 41
$3,935,386 75
33,309,403 34
310.586,524 13
$20,345,708 50
39,759384 37
$14,705 33
11.218,007 73
599,243 73
$20,467 96
11.210,567 14
217,137 55
35.762 83
311.831,95679
38.897,535 85
31.567.650 00
7.257,625 00
31,567,650 00
7.257,62500
38,825,275 00
$8,825,275 00
Dr210.070.707 66
372.260 85
1383,784 14
$11,448,172 65
Dr.$1,245,432 66
$7,440 59
382,106 18
310,142.968 51
210.142.968 51
• 2145
THE CHRONICLE
MAY 12 1923.1
CHICAGO.:SAINT PAUL MINNEAPOLIS AND OMAHA RAILWAY COMPANY
FORTY-FIRST ANNUAL REPORT-YEAR ENDED DECEMBER 31 1922.
The charges on account of Maintenance of Way and StrucTo the Stockholders of the Chicago, Saint Paul, Minneapolis
tures for the year ended December 31 1922, compared with
and Omaha Railway Company:
The Board of Directors submits herewith its report of the the preceding year, were as follows:
Increase
affairs of the Chicago, Saint Paul, Minneapolis and Omaha Cost of Rails:
or Decrease.
1922.
1921.
'
Railway Company for the year ended December 31 1922.
New steel rails
$311,613 44 $157.306 76 8154.306 68 Dec.
Operating Revenues:
. Freight
Passenger
Other Transportation
Incidental
Usable rails
$19,602,694 36
6.110,337 40
1,738,680 11
349,295 19
Less value of old rails and
other items
$27,801,007 06
Total Operating Revenues
Operating Expenses (80.20 per cent of Operating Revenues). 22,297,050 84
$5,503.956 22
Net Revenue from Railway Operations
Railway Tax Accruals (5.56 per cent of
$1,545,992 96
Operating Revenues)
13.030 01
lJncollectible Railway Revenues
1,559,022 97
70,449 02
$382,062 46
150,480 80
80,031 78 Inc.
$307,787 56 874.274 90 Dec.
204,083 95 71,370 60 Inc.
275;454 55
Net charge for rails_ _ _ _ $106.607 91 8103.703 61 82,904 30 Dec.
442,762 20 250.133 82 Dec.
Cost of Ties
692,896 02
27,l932 16.407 14 Inc.
Cost of Ballast
10,790 18
224,221 15 54.618 09 Inc.
Cost of Other Track Material 169,603 06
Roadway and Track Labor •
and Other Expenses
1,407,411 14 1,326,063 23 81,347 91 Dec.
Total Charges for Roadway and Track
$2.387,308 31 $2,123,947 51 8263,360 80 Dec.
Other Charges Account
Maintenance of Way and
Structures were as follows:
$3,812,670 60
Bridges. Trestles and CulNet Railway Operating Income
333.114 42 57.370 75 Inc.
verts
275,743 67
Non-operating Income:
Road Crossings, Fences,
$96,400 25
Dividend Income
15,085 47 Inc.
142,246 71
Etc
127,161 24
7.10652
Income from Funded Securities
Signals and Interlocking
Income from Unfunded Securities and
7.70366 Inc.
49,609 79
41,906 13
143,60062
Plants
Accounts, and other items
Buildings. Fixtures and
376.536 98 24.403 07 Inc.
247,107 39
352,133 91
Grounds
Total Non-operating Income
3,151 80 Inc.
4.144 93
993 13
Docks and Wharves
181,582 80 11,174 99 Dec.
$4,059.777 99
192,757 79
Superintendence
Gross Income
Roadway Tools and SupIncome:
Deductions from Gross
94646 Dec.
54,20488
55,151 34
$2,558,514 33
plies
Interest on Funded Debt
323,335 02
Sundry Miscellaneous
Other Deductions
260,911 55 65.273,69 Inc.
195,637 86
Charges
2,881.841 35
Total deductions from gross income
Total Charges Account
$1.177.928 64
Maintenance of Way
Net Income
$3,628,793 38 $3,526,299 57 $102.493 81 Dec.
and Structures
Disposition of Net Income:
Dividends
The above charges for Maintenance of Way and Struc$788,151 00
7% on Preferred Stock
927,835 00
tures for the current year amounted to 15.81 per cent of the
5% on Common Stock
1,715,986 00
Expenses, as compared with 14.87 per cent
Railway Operating Income
Net Rental Deductions
$3,944,933 25
132,262 65
total Operating
for the preceding year.
MAINTENANCE OF EQUIPMENT.
GENERAL REMARKS.
The charges on account of Maintenance of Equipment for
Of the Operating Expenses for the current year $13,291,-452 04, or 59.61 per cent, was paid employees for labor, as the year ended December 31 1922, compared with the preced• compared with $14,282,410 58, or 58.55 per cent, paid during ing year, were as follows:
• Increase
the preceding year.
or Decrease.
1922.
1921.
As a result of orders Issued by the United States Railroad Locomotives
$2,279,187 23 $1,966,614 06 $312,573 17 Dec.
448,484 22 78,371 36 Dec.
526,855 58
Labor Board the wages of shop crafts, maintenance of way Passenger-Train Cars
2,573.059 15 2,211,555 39 361.503 76 Dec.
employees, clerks, freight handlers and station employees Freight-Train Cars
3,751 43 Inc.
43,683 63
39.932 20
Work Equipment
9.944 86 Dec.
84,743 88
74.799 02
were reduced In amounts ranging from one cent to nine Shop Machinery and Tools425 52 Inc.
149,380 66
Superintendence
subsequent order SundryMiscellaneousCharges 148,955 14
cents per hour, effective July 1 1922. By a
70,024 24
116,735 03 46.710 79 Inc.
way emof the Labor Board the wages of maintenance of
Total Charges Account
ployees were increased two cents per hour, effective October
Maintenance of Equip16 1922. As a result of these decreases, and the fact that the
ment
$5.722,757 42 $5,011,252 01 $711.505 41 Dec
-decrease in wages ordered by the Labor Board, effective July
The above charges for Maintenance of Equipment for the
1 1921, was in effect during only a part of the year 1921, current year amount to 22.47 per cent of the total Operating
,
Operating Expenses .for the current year were reduced ap- Expenses, as compared with 23.46 per cent for the preceding
proximately *1,165,000 00, as compared with the preceding year.
year.
TRANSPORTATION EXPENSES.
The average price per ton of fuel for locomotives during
The Transportation Expenses of the Company for the year
the current year was $544 as compared with $621 during
were $12,390,760 79, or 55.57 per cent of the total Operating
.the preceding year, as a result of which there was a reducExpenses. Of this amount $7,395,741 76, or 59.69 per cent,
tion in Operating Expenses of approximately $533,00 00
0 .
was for labor; $3,803,156 69, or 30.69 per cent, was for fuel
On July 1 1922 the shop craft employees of this Company,
locomotives; and $1,191,862 34, or 9.62 per cent, was for
.being dissatisfied with the decision of the United States Rail- for
supplies and miscellaneous items.
road Labor Board reducing their wages, discontinued work.
The total decrease in the charges, as compared with the
About the middle of September they resumed work under an
preceding year, was $1,183,417 15, distributed as follows:
.agreement with the Company by which they accepted the Decrease in amount charged for labor
$368.586 47
reduction In wages ordered by the Labor Board. Notwith- Decrease in amount charged for fuel for locomotives
499,870 81
standing this cessation of work the condition of the equip- Decrease in amount charged for supplies and rril dilaneous
Items
314,959 87
ment at the close of the year was very satisfactory, the num81.183,417 15
ber of unserviceable locomotives and cars being considerably
•
less than at the close of the preceding year.
CONSTRUCTION AND MAINTENANCE DURING THE
In compliance with an order of the Interstate Commerce
YEAR 1922.
Commission drastic reductions were made in freight rates on
Owing to the continued high cost of labor and material,
.grain and grain products, hay and other farm products, effective January 1 1922. At the request of the Commission a construction expenditures were confined almost entirely to
Additions and Betterments incidental to renewal work and
reduction of 10 per cent was made in the rates on all other
expenditures made upon order of some State authority. The
commodities, effective July 1 1922. These reductions dimin- following
were the principal items of work carried out durished the Company's revenue for the year to the extent of ing
the year:
approximately $2,111,000 00.
Jim Falls, Wisconsin.
-The Chippewa Power Company is
On September 20 1922 the Company settled its claim
. against the United States Government for amount due under constructing a dam north of Jim Falls which when completed will flood'a considerable portion of our present line
the Guaranty Section of the Transportation Act, 1920,for the in
that vicinity. By agreement the Power Company comsum of $368,096 82, making the total amount received from
the United States Government on account of guaranty, menced work last Fall on a chUnge of this Company's line
1.6 miles long, to be carried on at its own expense, under the
- *2,460,096 82.
direction of our Engineering Department. While the new
line will be practically the same length as the existing line,
MAINTENANCE OF WAY AND STRUCTURES.
The total Operating Expenses of the Company for the year it will be of better construction and more favorably located.
• ended December 31 1922 were $22,297,050 84; of this amount
Wascott, Wisconsin.
-In accordance with an order issued
$3,526,299 57 was for charges pertaining to Maintenance of by the Railroad Commission of Wisconsin, the station buildWay and Structures. Included in these charges are $103,- ing was replaced with a combination freight and passenger
70361 for steel rails, $442,762 20 for ties, and the cost of re- station of fireproof construction 16 ft. x 46 ft., equipped with
. ballasting 30.72 miles with cinders, also part cost of replac- hot water heat.
ing 4,474 feet of wooden bridging with permanent work.
Humboldt, South. Dakota.
-In accordance with an order
During the year 3,418 tons of new steel rails and 4,802 tons of the Board of Railroad Commissioners the station faciliof usable steel rails were laid in track, a greater portion of ties were replaced with a
combination freight and passenger
which replaced rails of lighter weight; 520,854 ties of all de- station of fireproof construction 20 ft. x 97 ft., with brick
scriptions were laid in renewals.
and concrete platform 14 ft. x 240.ft.
Balance, Loss for the year
$538,057 36
2146
[VoL. 116.
THE CHRONICLE
Hubbard, Nebraska.
-The freight and passenger station
which was destroyed by fire was replaced with a fireproof
station 16 ft. x 48 ft., equipped with hot water heat. An additional brick platform 6 ft. x 72 ft. and sidewalk 8 ft. x 70 ft.
were also constructed.
Dakota City, Nebraska.
-The freight and passenger station which was destroyed by fire was replaced with a fireproof station 16 ft. x 76 ft., with hot water heat and brick
and cinder platforms.
-In accordance with an order
Camp Douglas, Wisconsin.
of the Railroad Commission of Wisconsin an umbrella shelter shed was erected 202 ft. long with roof 11 ft. wide supported on steel posts.
-The track scales at East Minneapolis, East
Track Scales.
St. Paul and Western Avenue, St. Paul, Minnesota, Sioux
Falls, South Dakota and Sioux City, Iowa, were replaced
with 50 ft., 125-ton Fairbanks scales.
-Water tanks, consisting of wooden tubs on
Water Tanks.
steel towers and concrete foundations, were erected at Cable,
Wisconsin, Minneapolis and Lake Crystal, Minnesota, and
two at St. James, Minnesota, all replacing tanks worn out.
-70 ft. turntables were installed at Currie,
Turntables.
Minnesota, and Mitchell, South Dakota, replacing 56 ft.
turntables removed.
During the year the following important bridges were constructed:
-Bridge B-32. A 6 span pile bridge 82 ft. long was
Sydney, Wisconsin.
replaced with a second-hand 60 ft. deck plate girder on concrete abutments.
Bloomer, Wisconsln.-Bridge 641. A 3 span pile bridge 41 ft. long was
replaced with a second-hand 60 ft. I-beam bridge on concrete abutments.
-Bridge No. 1. A 47
-ft. deck plate girder span and
Itasca, Wisconsin.
18 ft. of pile bridge were replaced with a 66 ft. through plate girder on
pile piers.
Hudson. Wisconsin.-BrIdge 414. Work was begun on the filling of
7 pony spans at elst end of bridge and the removal of the steel spans. This
work was completed early in 1923.
MILES OF RAILROAD OPERATED.
The total number of miles of railroad owned December 31
1922 was
1,679 60 miles
In addition to which the Company had trackage rights as
follows:
Northern Pacific Railway (Superior, Wis., to
Rice's Point, Minn.)
1.59 miles
Great Northern Railway (St. Paul to Minneapolis. Minn.)
11.40
Minneapolis and St. Louis Railroad (Minneapolis to Merriam. Minn.)
27.00
Illinois Central Railroad (Le Mars to Sioux
City, Iowa)
25.20
City Bridge Company (bridge across MisSioux
souri River and tracks at Sioux City, Iowa)._ 3.90
Chicago and North• Western Railway (Sioux
City to Sioux City Bridge Company's track)_ .50
BONDS IN THE TREASURY.
On December 31 1921 the amount of the Company's bonds and
Scrip in the Treasury was
$2,700,634 00
This amount was decreased during the year ended December 31 1922 by the sale of Chicago Saint Paul Minneapolis
and Omaha Railway Debenture Gold Bonds of 1930
2.700,000 00'
Total Scrip in the Treasury December 31 1922
$634 09
In addition to the foregoing transactions, Chicago Saint Paul
Minneapolis and Omaha Railway Consolidated Mortgage
6 per cent Bonds of 1880 were issued in exchange for the
following underlying Bonds:
North Wisconsin Railway First Mortgage of 1880,6% - $5,000 00
LANDS.
During the year ended December 31 1922 993.35 acres of
the Company's Land Grant lands were sold for the total consideration of $7,525 39. The number of acres remaining in
the several Grants December 31 1922 amounted to 62,218.38
acres, of which 10,903.03 acres were under contract for sale,
leaving unsold 51,315.35 acres.
CONSTRUCTION.'
The construction charges for the year ended December 31
1922 were as follows:
Sundry Construction:
Bridges, Trestles and Culverts
Betterment of Roadway and Track
Buildings
Assessments for Public Improvements
Miscellaneous Charges
$78,637 51
102,402 31
148.534 39
14,013 31
29486
$343.882 38
Equipment:
Equipment acquired (100 Hart convertible coal
cars)
$186.852 02
Improvement of Equipment
155,750 30
3342,602 32
Less Original Cost of Equipment Retired as
follows:
14 Locomotives
*121,00000
152 Freight Cars
90,401 94
13 Wore Cars
5,796 87
217,198 81
125,403 51
$469,285 89
Total
Through the death of James T. Clark, President, which
occurred September 8 1922, your company lost the services
and support of an able and courageous man who through a
lifetime of untiring effort contributed very greatly to the
success of the road, and his associates were deprived of the
further counsel and advice which can be given only by those
of his years of experience and knowledge.
Acknowledgment is made to all officers and employees of
their loyal and efficient co-operation in the service and especially to those who by voluntarily rendering service outside
their regular duties made possible the continued operation
•69.59 "
of the road during the strike of the shop crafts.
Total Miles of Railroad In Operation December 311922.-1,749.19 "
Appended hereto may be found Statements and Accounts
The above mileage is located as follows:
In Wisconsin
777.55 miles relating to the business of the Company for the year and the
Minnesota
In
473.01 "
condition of its affairs on December 31 1922.
In Iowa
102.04 "
By order of the Board of Directors.
In South Dakota
88.20 "
In Nebraska
308.39 "
.
WILLIAM H. FINLEY, President.
Chicago, Illinois, April 10 1923.
Total
1,749.19 "
In addition to the foregoing, the Company owned 183.03 miles of second
track, located as follows:
In Wisconsin
157.09 miles
In Minnesota
24.23 "
In Nebraska
1.71 "
Total
183.03 "
GENERAL BALANCE SHEET DECEMBER 31 1922.
(1.679.60 Miles.) •
ASSETS.
Investments
-
RESERVE FOR ACCRUED DEPRECIATION ON EQUIP- Road and Equipment this Account, DecemBalance to Debit of
MENT.
ber 31 1921
386.370,096 22
At the close of the preceding year there was a balance to the
credit of the Equipment Reserve Accounts of
$5.369,428 32
During the year ended December 31 1922 there was credited
to the Equipment Reserve Accounts on account of charges
Operating Expenses for Accrued Depreciation
to
609,147 04
above$5.978,575 38
And there was charged during the year against the
amount the Accrued Depredation previously credited this
for Equipment retired or transferred from one
account
class of service to another
127,297 04
Leaving a balance to the credit of the Equipment Reserve
Accounts on December 31 1922 of
$5,851,278 32
CAPITAL STOCK.
The has been no change since the close of the preceding
year in the Capital Stock and Scrip of the Company.
The Company's authorized Capital Stock is Fifty Million
Dollars ($50,000,000), of which the following has been issued
to December 31 1922:
Outstanding:
Common Stock and Scrip
Preferred Stock and Scrip
$18,559,086 69
11,259,859 09
$29,818,945 78
Owned by the Company:
Common Stock and Scrip
$2.844,206 64
Preferred Stock and Scrip
1,386.974 20
4,231,180 84
Total Capital Stock and Scrip December 31 1922
134,050,126 62
FUNI)ED DEBT.
At the close of the preceding year the amount of Funded
Debt, exclusive of Bonds in the Treasury, was
$45 001 200 00
The above amount has been decreased during the year
ended December 31 1922 by Bonds and Equipment Trust
Certificates redeemed, as follows:
Chicago Saint Paul Minneapolis and Omaha
Railway Equipment Gold Notes, 6%.
redeemed
$156,800 00
Chicago Saint Paul Minneapolis and Omaha
Railway Equipment Trust Certificates of
110,000 00
1917, Series "Ec," 7%, redeemed
Total Funded Debt redeemed
266.80000
following$44,734,400 00
And the above amount has been increased by the
Bonds sold during the year:
Chicago Saint Paul Minneapolis and Omaha Railway
2,700.000 00
Debenture Gold Bonds of 1930, 5%
Leaving Funded Debt Outstanding, December 31 1922-$47,434.400 00
Add Sundry Construction and Equipment
. Expenditures for the year ended December 31 1922 (see statement, page 17
[pamphlet report]
Miscellaneous Physical Property
Investments in Affiliated Companies
Other Investments
489,285 89
388,839,382 11
321,422 03
384.007 57
3,341198
$87.548.163 69
Current Assets
Cash
$4,190,419 01
Special Deposit Account Matured Bonds Unprasenteci
1,000 00
Traffic and Car Service Balances due from
Other Companies
153,854 83
Net Balance Receivable'from Agents and
Conductors
737,214 82
Miscellaneous Accounts Receivable
1,007.419 11
Material and Supplies
1,782.231 27-7.872,139 04
Unadjusted Debits
Discount on Funded Debt
$166.246 25
C. St. P. M. & 0. Ry. Common Stock and
Scrip, held in Treasury
2,844,206 64
0. St. P. M. & 0. Ry. Preferred Stock and
Scrip, held in Treasury
1,386,974 20
Consolidated Mortgage Bond Scrip Duefrom
Central Union Trust Company
634 09
Unadjusted Debits
Other
931,725 93-5,329.787 11
3100,750,079 84
LIABILITIES.
Capital Stock (see statement, page 14[pamphlet reportiOutstanding
329.818.945 78
Owned by Company
4.231.180 84-334.050.126 62
Long Term Debt (see statement. page 15[pamphlet report]
the Public
Bonds held by
847,434,400 00
Scrip owned by Company
634 09- 47.435,034 09
Current Liabilities
Traffic and Car Service Balances Due to Other
Companies
*945.570 80
Audited Vouchers and Wages Unpaid
2,257.103 67
Miscellaneous Accounts Payable
154,938 42
Matured Interest and Dividends Unpaid._
70.548 50
Funded Debt Matured Unpaid
1.500 00
Unmatured Interest and Dividends
1,307.004 83- 4.736.666 22
Credits
Unadjusted
Tax Liability
3506.706 87
Premium on Funded Debt
236.059 82
Accrued Depreciation-Equipment
5,851,278 32
Other Unadjusted Credits
133,882 62- 6.727,927 63
Corporate Surplus
Additions to Property through Surplus- --- *1,104,294 06
Profit and Loss
6,696.031 22- 7,800,325 28
3100,750,079 84
MAY 12 1923.]
•
THE
2147
CHRONICLE
COMPARATIVE STATEMENT OF INCOME ACCOUNT
Operating Revenues—
Freight
Passenger
Other Transportation
Incidental
Year Ended
Increase(+)or
Year Ended
Non-Operating Income— Dec. 31 1921. Dec- 31 1922. Decrease (—).
Rental Income Including
Compensation for Lease
•
of Road to U. S. Govern$35.746 08
—$80,815 57
$116,561 65
ment
•
96,400 25
+11.13324
85,267 01
Dividend Income
—$336,400 55 Income from Funded Se7.10652
—2.18543
curities
9,291 95
Income from Unfunded Se53.609 51
+4,725 10
48,884 41
curities and Accounts
54,245 03
+5.621 02
48,624 01
—$102,493 81 Other Items
—711,505 41
Total Non-Operating In+1.541 55
—$61,521 64
$247,107 39
come
$308,62903
—1,183,417 15
—15,414 18
Gross Income
$2,373,978 37 $4,059,777 99 +$1,685.799.62
—82.472 77
Year Ended Increase (+) or
Year Ended
Dec.31 1921. Dec. 31 1922. Decrease (—).
$19,285.657 31 $19,602,694 36 +$317,037 05
—754,942 79
6,865,280 19 6,110,33740
+81.089 17
1,738,680 11
1,657,590 94
+20,416 02
349,295 19
328,879 17
TotalOperatingRevenues$28,137.407 61 $27,801,007 06
Operating Expenses—
Maintenance of Way and
Structures
2$3,628,793 38 $3,526,299 57
Maintenance of Equipment 5,722,757 42 5,011,252 01
409,485 77
Traffic
407.944 22
Transportation
13,574,177 94 12,390,760 79
Miscellaneous Operations_
136,854 27
152,268 45
General
849,810 50
932,283 27
Transportation for InvestCr.27,412 07
ment--Cr
Cr.25,910 35
—1,501 72
Total OperatingExpenses$24,392,314 33 $22.297,050 84 —$2,095,263 49
Net Revenue from Railway Operations'
$3,745,093 28 $5,503,956 22 +$1,758,862 94
Railway Tax Accruals
$1,265.198 06 $1,545,992 96 +$280.794 90
Uncoiledible RailwayRev—$5.677 10
13,030 01
enues
18.707 11
$1.283,905 17 $1,559,022 97
Total
+$275,117 80
Railway OperatingIncome
32,461.188 11 $3,944,933 25 +$1.483,745 14
Equipment and Joint Facility
132,262 65 —$263,576 12
395,838 77
Rents—Net Debit
Net Railway Operating
$2,065,349 34 $3,812,670 60 +$1.747.321 26
Income
Deductions from Gross
Income—
Rental Payments
$4,362 79
Interest on Funded Debt-. 2,478,530 56
Interest on Unfunded Debt
152.226 72
Other Deductions
24.535 70
Total Deductions
Net Income
$2,785 19
2.558,514 33
3.830 35
316.719 48
—$1,577 60
+79.983 77
—148.396 37
+292,183 78
$2.659,655 77 $2.881.840 35 +$222,193 58
Def.$285,677 40 $1,177,928 64 +$1.463,606_04
Disposition ofNet Income—
Dividends—
On Preferred Stock 7%— $788,151 00
$788.151 00
On Common Stock 5%_
027.830 00
927.83500
Total
$1.715,98600 $1,7f5.986 00
Balance Loss for the Year
Carried to Profit and
Loss
$2.001,633 40
.
$.538,057 36.--41463.600 o4
THE NEW YORK CHICAGO AND ST. LOUIS RAILROAD COMPANY
THIRTY-SIXTH ANNUAL REPORT OF THE BOARD OF DIRECTORS—FOR THE YEAR ENDED DEC.31 1922.
GENERAL BALANCE SHEET DECEMBER 31 1922
To the Stockholders of the New York Chicago and St. Louis
ASSETS
Railroad Company:
Inrestments—
The Board of Directors herewith submits its report for the Investment in road and equipment:
Road
$56,354.987 75
Equipment
20,084.210 79
year ended December 31 1922.
General expenditures
81,645 29
The capital stock authorized and issued to Dec.31 1922 was.$30,000.000 00
$76.520,843 83
being the same as at the close of the previous year.
Improvements on leased railway property
774,423 08
$36,930,000 00 Sinking fund for Equipment Trust CertifiThe funded debt outstanding as of Dec. 31 1921 was
It was decreased during the calendar year:
cates of 1917
137.345 40
By the retirement of—
Miscellaneous physical property
2,625,455 52
Equipment Trust Certificates of 1916- - $110,000 00
Investments In affiliated companies:
Stocks
Engine Trust Certificates of 1916
30,000 00
$1,505,400 00
Equipment Trust Certificates of 1917._ 124,000 00
Advances
9.42 42
FirstMortgage Bonds
108,000 00
1,744.820 42
372.000 00 Other investments—Miscellaneous
224.671 87
282.027.55982
Current Assets—
$36,558,000 00 Cash
32.427,033 94
It was increased during the calendar year:
Time drafts and deposits
1.000.000 00
By the issuance of—
Special deposits
1,791.248 75
Equipment Trust Certificates of 1922—$3.510,000 00
Loans and bills receivable
185,430 99
Note to U. S. Railroad Administration_ 1,000,000 00
Traffic and car service balances receivable...940.129 03
4.510.000 00 Net balance
receivable from agents & conduc's
457.120 16
Miscellaneous accounts receivable
803,076 18
$41.068,000 00 Material
Funded debt outstanding as of Dec. 31 1922
and supplies
2,361,252 69
25.651 40
During the year, Second and Improvement Mortgage Bonds Interest and dividends receivable
Rents receivable
20,919 55
17730 10.011.939_99
with a par value of $4,035,000 (Series A, $1,008,000—Series Other current assets
Deferred Assets—
B, $3,027,000) were executed and delivered to the Treasury Working fund advances
$7,259 61
10.287 SO
of the Company, the purpose of the issuance of these bonds Insurance and other funds
Other deferred assets
6,296 50
23.753_81
Company for capital
being to reimburse the Treasury of the
Unadjusted Debits—
2370,065 45
expenditures theretofore made by it. The Series A bonds, Discount on funded debt
Other unadjusted debits
2,846,727 53
with a par value of $1,008,000, and Series B bonds with a par Securities issued or assumed—Unpledged:
Capital stock of The New
value of $381,000, were deposited as security for the $1,000,York Chicago & St Louis
RR Co held in treasury__ $12.700 00
000 note issued to the U. S. Railroad Administration, and
Second & improvement mtge
bonds held in treasury.... 3.682,000 00
the remainder of the Series B bonds were held in the Treas3,694.700 00
Securities issued or assumed—Fledged:
ury of the Company at the end of the year.
Second and improvement mortgage bonds
To provide more adequately for the efficient and economIn Federal Reserve Bank, Cleveland,0—
1 389 000 00 8.300,492 98.
. .
.
ical handling of the Company's traffic, Equipment Trust
*100.363.74640
Agreements were entered into during the year for the purLIABILITIES
Stock—
chase of 150 double deck and 150 single deck composite stock Capital stock:
First preferred
cars, 400 steel underframe refrigerator cars, 1,000 steel un$5,000.000 00
Second preferred
11,000,000 00
Common
derfcame automobile cars, 4 Pacific passenger locomotives,
14,000.000 00130.000 000 00
.
Long Term Debt—
and 15 Mikado freight locomotives, the total par value of Funded debt
urunatured:
Equipment obligations
Equipment Trust Certificates issued under these agreements
$7,348,000 00
First mortgage bonds
17.764.000 00
being $3,510,000.
Gold bonds of 1906
10.000,000 00
Second and improvement mortgage bonds.. 4.956.000 00
As of July 1 1922 the Company entered into a contract with
Second and improvement mortgage bonds
nominally issued
The Lake Erie and Western Railroad Company, which con5,071.000 00
Collateral trust notes—Note to U El
tract was approved by the Interstate Commerce Commission
Railroad Administration
1.000.000 00 45,139,000 00
Current
In Fiance Docket No. 2471, whereby the railroads and prop- Loans andLiabilities—
bills payable
$25.000 00
Traffic
erties of the two companies are operated, managed and con- Auditedand car service balances payable
1.280.451 27
accounts and wages Payable
1,672,970 70
trolled by The New York, Chicago and St. Louis Railroad Miscellaneous accounts payable
166.279 21
34,567 50
Company. This contract provides that all receipts, income, Interest matured unpaid
Dividends matured unpaid
303,145 25
disbursements, expenses and charges of every kind shall be Unmatured interest accrued
407.083 33
Other current liabilities
69.910 12 3,959.407 38
divided between the two companies as of December 31st in
Deferred Liabilities—
Other deferred liabilities
each year, on the same basis, as nearly as may be determined,
58.614 68
Unadjusted Credits—
as such income and expenses would have been divided under Tax liabilitY
$1.209,364 66
Operating reserves
150.000 00
separate operation and management. The usual financ!al Accrued
epreciation--Equipment
4.022.584 91
and statistical statements, which are appended, show the Other unadjusted credits
. .
155,358 46 5 537 308 03
Corporate Surplus—
results from operation of the properties of The New York,
Additions to property through Income and
Chicago and St. Louis Railroad Company.
surplus
The Board takes pleasure in acknowledging the fidelity, Funded debt retired through income and $5,253,225 18
surplus
1,674,814 91
efficiency and united efforts displayed by your officers and
employees in the diScharge of their duties during the year.
Total appropriated surplus
$6,928,040 09
Profit an osa--Balance
7,741,37622 14.669.416 31
For the Board of Directors,
4108.363,74640
J. J. BERNET, President.
[VOL. 116.
THE CHRONICLE
INCOME ACCOUNT.
• Operating Income—
Railway operating revenues
Railway operating expenses
529,056.784 84
21,425,501 46
$7.631.28338
Net revenue from railway operations
•$1,522,969 74
3.573 23
Railway tax accruals
Uncollectible railway revenues- ..
31.526,54297
$6,104.740 41
Railway operating income
No operating Income—
Rent from locomotives__ ..
Rent from passenger-train cars
Rent from work equipment
Joint facility rent income
Miscellaneous rent income
Miscellaneous non-operating physical property
Income from funded securities
Income from unfunded securities and accounts
Income from sinking and other reserve funds
Miscellaneous income
$55.012 28
18,306 47
9,638 87
80,779 36
38,251 32
22,588 23
33,708 33
208,778 55
425 00
2,071 77
$469.560 18
Total non-operating income
---
'Gross income
36.574.300 59
Deductions from Gross Income—
Hire of freight cars—Debit balance
Rent for locomotives
Rent for passenger-train cars
Rent for work equipment
Joint facility rents
Rent for leased roads
Miscellaneous rents
Miscellaneous tax accruals
Interest bn funded debt
Interest on unfunded debt funded debt
Amortization of discount on
Miscellaneous income charges
$160,467 16
5.46905
45,795 00
3.04388
223.698 97
5.689 90
168,914 05
14,303 94
1,709,335 73
50.719 03
44.374 75
22,495 18
Total deductions from gross income
32.454,306 64
84.119,99395
Netincome
Disposition of Net Income—
Applied to retirement of first mortgage bonds.
Dividend appropriations of income
398.226 00
1,499,365 00
81.597,59100
Total sinking fund and dividend appropriations
$2,522,402 95
Income balance transferred to profit and loss account
PROFIT AND LOSS ACCOUNT.
$5.321.75663
Credit balance December 31 1921
Add—
Balance transferred from Income Account__ _$2,522,402 95
Discount on first mortgage bonds purchased
9.774 00
and retired
Discount on equipment trust certificates of
970 70
purchased and retired
1917
7,666 20
Unrefundabie overcharges
17.738 15
Donations
14,727 69
Miscellaneous credits
2.573,25969
37.895.016 32
Deduct—
Loss on retired road and equipment..
Surplus appropriated for investment in physical property
Debt discount extinguished through surplus_ _
Miscellaneous debits
$31,36703
17.71815
79.73632
24.81860
153,640 10
Credit balance December 31 1922
37.741,37622
RAILWAY OPERATING REVENUES.
1922.
Transportation—
Freight
Passenger
Excess baggage
Parlor and chair car
Mail
Express
Other pa.ssenger-train
Milk
Switching
Special service train
Totals
26,800f099 98
1.344.840 11
11.625 17
5.328 58
68.124 05
350.710 35
6.359 10
22,387 19
255.401 45
726 00
28.865,601 98 26,854.143 52 +2.011.45846
Incidental—
Dining and buffet
Station. train & boat privileges
Parcel room
Storage—Freight
Storage—Baggage
Demurrage
Telegraph and telephone
Rents of buildings and other
Miscellaneous
tr
Joint facility—Or
Joint facility—Dr
Totals
Increase(+)or
1921.
Decrease (—).
S
S
25.026.097 55 +1.774,002 43
1,418.822 33
—73.982 22
13.629 56
—2 001 39
4.924 49
+404 09
—5.473 16
73,59721
97,369 38 +253,340 97
3,241 77
+3.117 33
20,676 11
+1,711 08
+60.313 83
2
195,997 9
697 50
+2850
50,483 02
2.648 68
232 15
12.380 28
1.192 29
91.982 86
705 81
34,967 48
2.366 39
507 10
31,015 28
953 71
66,761 00
620 49
+15,51554
+28229
—274 95
18.635 00
+238 58
+25.221 86
+85 32
1.520 00
29,923 26
126 10
11 59
2,42335
36,78978
11544
08
—903 35
—6,866 50
+1066
—11 51
191.182 86
176,51992
RAILWAY OPERATING EXPENSES.
Maintenance of Equipment—
176.488 46
196.267 99
Superintendence
60,228 38
52,879 29
Shop machinery
Steam locomotives:
1,764,197 68 1,640,631 88
Repairs
231,303 25
226,280 63
Depreciation
47.337 00 . *4,108 68
Retirements
Freight-train cars:
2,474.443 29 2,414,842 19
kh Repairs
459,747 96
451.802 22
yi Depreciation
6,557 90
*11,313 52
Retirements
Passenger-train cars:
145,674 10
152.505 26
Repairs
.
24,051 75
24.292 31
— Depreciation
*1,630 91
Retirements
•
Work equipment:
24,238 21
40,845 25
Repairs
11.700 79
11.397 51
Depreciation
3,709 20
681 26
Retirements
35,151 73
29.378 24
to Persons
Injuries
57 26
1,674 91
Insurance
14,281 56
13.838 27
Stationery and printing
joint equipment
Maintaining
1,202 35
926 95
• at terminals—Dr
3.035,258 06 3.040.187 44
Traffic Expenses—
Superintendence
Outside agencies
Advertising
Traffic associations
Industrial and immigration
bureaus
Insurance
Stationery and printing
Other expenses
Totals
—4,929 38
246.697 81
316,601 95
21,168 76
9,668 45
237.287 72
302.918 62
14,556 77
7,601 93
+9,410 29
+13.68533
+6.611 99
+2,066 52
1,00000
94 50
94,261 01
13 00
37 19
114.26620
+1.00000
+57 31
—20,005 19
+1300
689,505 48
Totals
676.666 23
+12,839 25
Transportation Expenses—
436.777 21
453.250 25
Superintendence
296.700 00
288,487 53
Dispatching trains
1.599.477 15 1,010,12848
Station employees
Weighing, inspection and de31.320 20
28,410 37
murrage bureaus
89.829 14
86,245 66
Station supplies and expenses_
251.177 89
269.433 36
Yardmasters and yard clerks
672.365 40
Yard conductors and brakemen 746.588 32
35.804 36
33,011 98
Yard switch and signal tenders
491,491 71
413.302 17
Yard enginemen
507,622 89
460,536 99
Fuel for yard locomotives
21,873 06
21.280 35
Water for yard locomotives
6,513 47
7.487 27
Lubricantsfor yard locomotives
Other supplies for yard loco6,683 21
5,001 67
motives
141.658 32
Enginehouses expenses—Yard.. 163.431 61
8,815 73
10,625 94
Yard supplies and expenses_ _
Operating joint yards and ter124,608 48
143,881 53
minals—Dr
Operating joint yards and ter18.550 81
16.842 13
minals—Cr
832.372 64
880.312 34
Train enginemen
Fuel for train locomotives..... 2,346.879 98 2.015.031 65
86,439 05
89.873 76
Water for train locomotives._
22,245 00
16,541 81
Lubricantsfor train locomotives
Other supplies for train loco10.149 29
12,494 92
motives
293,878 25
Enginehouse expenses—Train_ 371.022 84
1,146.636 46 1.066.455 96
Trainmen
292.369 92
Train supplies and expenses._ 233.686 78
93
.3 6
46 8 6 28
47.153 91
Signal & interlocker operation 228. 0 8
protection
263.748 55
Crossing
22,954 64
25.410 31
Drleg brph ei werp ton
Teawra idge ople ahion
eoperat n
11.671 21
14.470 93
105.023 31
97.630 66
Stationery and printing
6,751 20
9.76843
t.)t eratix gen
Opher enp
joes
joint tracks and
65.247 25
80.297 67
join
Operating —Dr t tracks and
135,206 72
154,675 43
facilities—Cr
Insuranc
671 43
905 02
Insurance
35,611 63
37,967 29
Clearing wrecks
29,027 04
34.725 71
Damage to property
Damage to live stock on right
2,888 95
4.617 84
of way
903,763 94
Loss and damage—Freight _ _ _ 620.233 79
187 24
122 17
and damage—Baggage._
Loss
49.145 88
200,882 89
Injuries to persons
+1.72889
—283,530 15
—65 07
+151,73701
11,152.159 61 10,649.396 71
+502.762 90
78,746 93
57,199 34
+21.547 59
78.746 93
57.199 34
+21,547 59
—25,645 68
—16,473 04
—8,212 47
—10,651 33
+2.909 83
+3.583 48
—18.255 47
+74.222 92
+2.792 38
+78.18954
+47.085 90
+592 71
—973 80
—1,68154
+21,773 29
+1.81021
'+19,273 05
—1.70868
+47.939.70
+331.84833
+3.434 71
—5,703 19
—2,345 63
+77,144 59
+80.180 50
—58.683 14
—350 66
—34.811 69
—2,455 67
—2.799 72
+7,392 65
—3,017 23
—15.050 42
+14.662 94
Total railway oper.revenues 29.056,784 84 27,030,663 44 +2.026,121 40
Totals
RAILWAY OPERATING EXPENSES—Concluded.
Increase (+)or
•
1921.
Decrease (—)
1922.
Maintenance of Way and
Structures—
—8.064 91
66
172.366
164,301 75
Superintendence
+3,704 46
256,449 69
260,151 15
Roadway maintenance
+2.359 72
59.537 32
61.897 04
Bridges, trestles and culverts_ _
+25.307 07
597.485 92
622.792 99
Ties
319.992 82 —101.236 89
• 218.755 93
Rails
+3,271 56
193,550 61
196,822 17
Other track material
+54.26069
99,405 35
45.144 66
Ballast
—13,322 99
813,208 25
Track laying and surfacing__ _ 799.885 26
+8,223 90
23,271 42
15,047 52
Right of way fences
Snow and sand fences and
—375 00
375 00
snow sheds
—4,022 03
69,039 23
73,061 26
Crossings and signs
73.098 72
—1,561 54
74.660 26
Station and office buildings
—424 32
1.976 17
2.40049
Roadway buildings
14.902 49
—7.387 97
22,290 46
Water stations
22.99353
33.364 73
—10.371 20
Fuel stations
66.823 45
72,606 63
—5.783 18
Shops and enginehouses
38.497 98
43.423 41
—4.925 43
Telegraph and telephone lines_
51,19674
—3,891 97
55,088 71
Signals and interlockers
16 00
—16 00
Power transmission systems
34 90
121 21
+8631
Miscellaneous structures
78 65
—78 65
Power line poles and fixtures
8,018 14
5,627 50
+2.390 64
Roadway machines
25.381 48
22.171 20
+3.210 28
Small tools and supplies
24.43078
12,111 59
+12.319 19
Removing snow, ice and sand_
Assessments for public im6,328 13
10,337 06
+4.008 93
provements
25,215 78
21,002 66
—4.213 12
Injuries to persons
7 50
91 37
+83 87
Insurance
4,156 48
+877 15
5,033 63
Stationery and printing
169 70
+16970
Other expenses
Maintaining joint tracks, yards
158,728 11
+40.717 52
and other facilities—Dr-- 199,44563
Maintaining joint tracks, yards
44.342 80
—245 17
44,587 97
-0r_,
and ether facilities
5,494.143 56 5.227,418 36
Totals
Miscellaneous Operations—
Dining and buffet service_ ___
Totals
+19,779 53
—7,349 09
+123.565 80
+5,022 62
+51,445 68
+59,601 10
+7,945 74
+17,871 42
—6,831 16
240 56
+1,630 91
—16,607 04
+303 28
+3,027 94
+5.773 49
+1.617 65
+443 29
General Expenses—
Salaries and expenses of general officers
Salaries and expenses of clerks
and attendants
General office supplies and expenses
Law expenses
Insurance
Pensions
Stationery and printing
Valuation expenses
Other expenses
General joint facilities—Dr...
Totals
175,024 49
200,670 17
442,101 19
435,498 10
+6,603 09
67.766 10
85,028 92
720 82
52.447 72
30,382 89
67.487 79
60.636 47
271 03
53,005 37
122,044 53
366 52
43.921 66
26.576 36
62,893 79
23,017 00
1,318 87
+14.70073
—37.015 61
• +354 30
+8,52606
+3,80653
+4,594 00
+37.619 47
—1,047 84
981.867 42
969,312 37
+12.55505
Transportation for invest6,58648
6,17960
ment--Cr
Total railway operating expenses
21,425,501 46 20,613.593 97
—275 40
+266.725 20 -*Credit.
+19.468 71
—233 59
+2.355 66
—5,698 67
+40688
+811.907 49
MAY 12 1923.]
THE CHRONICLE
2149
ST. LOUIS-SAN FRANCISCO RAILWAY COMPANY
ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31 1922.
To the Stockholders:
Your Directors submit herewith the annual report for the
year ended December 31 1922.
MILES OF ROAD OPERATED.
The mileage in operation at the end of the year, compared
with the previous year, was as follows:
SECURITIES PURCHASED.
During the year the Company purchased $390,000 First
Mortgage Bonds of Kansas & Missouri Railroad Company
which matured August 1 1922 and $1,000,000 First Mortgage
Bonds of Birmingham Belt Railroad Company which Matured October 1 1922.
Decrease.
1922.
1921.
ADDITIONS AND BETTERMENTS.
Main line and branches owned
3.935.94 3,935.94
Leased lines
The amounts charged to Capital Account during the year
1,214.70 1,214.70
Lines operated under trackage rights
95.69
105.39
9.70
for additional main track (described in detail under the
Total road operated
head of "Double Track" [pamphlet report]), other improve5,246.33 5,256.03
9.70
The decrease of 9.70 miles is due to discontinuing the use ments to roadway and structures, shop buildings, etc., for
of Atchison Topeka & Santa Fe Railway Company's tracks the purchase of new equipment and for improvements to existing equipment, were as follows:
between Avard and Waynoka, Okla.
ROAD.
RESULTS FOR THE YEAR.
Widening cuts and fills
$95.724 80
1.
Operating revenue
Operating expenses
Net operating revenue
Taxes
Other operating charges
: 22 2656
01
73
$82, 08
6 031
36
$20,376,291 34
$3,726,683 89
1.287,773 44
5,014.467 33
Operating income
$15,361,834 06
Non-operating income
494,649 61
Gross income
$15,856,483 67
Deductions from income
672,271 64
Balance available for interest, etc
$15,18472172 03
Interest on fixed charge obligations
9.887,795 06
Balance
65,296,416 97
Interest on cumulative adjustment mortgage bonds
2.431,88443
Balance
$2T864,532 54
Interest on income mortgage bonds
2.111.52000
Balance
$753.012 54
Ballasting _______
237.441 16
Rail and other _________ mateical
3M,644 44
Bridges, trestles and culverts---------------------------- 293,34t 25
'runnels and subways
24.320 00
Elimination of grade crossings
3,604 00
Grade crossings and signals
26,517 00
Additional main tracks
1,135.335 54
Additional yard and industry tracks
151.023 95
Changes of grade and alignments
63.815 00
Signals and interlocking plants
29,441 00
Telegraph and telephone lines
495 00
Section houses and other roadway buildings
2.240 12
Fences
35,744 74
Freight and passenger stations
150.075 96
Fuel stations and appurtenances
197,641 09
Water stations and appurtenances
19,191 80
Shop buildings, engine houses, etc
36.339 57
Power plants. shop machinery and tools
253,488 62
Assessments for public improvements
77,491 74
All other improvements
26,577 27
Total Road
$3.217,286 05
During the year there was effected final settlement with
the Interstate Commerce Commission of the Company's
claims under the guaranty provisions of Section 209,
EQUIPMENT.
as Additional units acquired
amended by Section 212, Transportation Act, 1920. A sum- Improvements to existing equipment
(Including
mary of the settlement follows:
cars. 4 passenger cars and 66 locomotives 1,673 freight
rebuilt) less
retirements
$81,313 83
Amount claimed by the Company
2,660.854 38
adjustments:$7,098,934 41
Less the following
Total Equipment
Reduction of amount claimed as allowance for
$2,742,168 21
guaranty period maintenance of road and
Total Road and Equipment
equipment
$5,959,454 26
Reduction of amount claimed as estimated$745,036 02
During the year the Company entered into contract with
liabilities of the guaranty period unaudited
American Car & Foundry Company for 8 steel coaches and 6
at date of filing the claim
192,661 30
Miscellaneous minor reductions
steel chair cars, none of which were delivered at December
20,816 61
Total reductions
958.513 93 31 1922.
Amount determined by the Commission as necessary
to make
MAINTENANCE.
good the guaranty
66,140,420 48
Amount of advances and partial payments received
During the year the property has been well maintained;
by the
Company previous to final settlement
5,083,000 00 its physical condition being better than at any other time in
Amount received by the Company in final settlement
i1,057,420 48 its history.
SECURITIES ISSUED, SOLD OR PLEDGED.
During the year the Company entered into a lease and
agreement constituting St. Louis-San Francisco Equipment
Trust Series AA, under which there were issued $6,000,000
principal amount of Equipment certificates dated September
1 1922, bearing interest at the rate of 5% per annum, payable semi-annually and maturing serially from September 1
1923 to September 1 1937, inclusive.
The notes were disposed of at 96% of their face value and
interest and the proceeds placed in special deposits,
to be
used in payment for 75% of the cost of the following equipment:
15 Heavy mountain type Passenger locomotives.
35 Mikado freight locomotives.
6 Boosters (to equip three of the passenger and three
of the freight
locomotives).
1,500 All steel self clearing 55
-ton hopper coal cars.
1,200 Single sheathed steel underframe and superstructure
40
-ton box cars.
300 Steel underframe stock cars.
On January 13 1922 the Company borrowed from
the
United States Government $3,000,000, giving its
note bearing
interest at 6% per annum payable semi-annually
on March 1
and September 1 and maturing March 1 1930, and depositin
g
as security therefor $4,000,000 Prior Lien
Mortgage 6%
Bonds, Series C.
As stated in the annual report for the year ended December 31 1921, the temporary bank loans aggregating $2,000,000
which were outstanding as of December 31 1921 were
paid
off and the Prior Lien Mortgage 6% Bonds, Series
C, in the
face amount of $2,664,000, which were pledged as
security
therefor, returned to the Company's treasury, thereby increasing the treasury holdings to $10,932,000. Of this
amount $4,000,000 was pledged as stated above and the balance, $6,932,000, was converted into the newly created Series
D, 52 Bonds, dated January 1 1922, maturing January 1
/
1
%
1942, and sold May 8 1922 at 902 and interest.
/
1
During the year $659,300, additional amount of St. Louis
and San Francisco Railroad Company Stock Trust Certificates for The Kansas City Fort Scott and Memphis Railway
Company Preferred Stock.were exchanged under the plan of
reorganization, making in all a total of $14,622,100 acquired
under the plan in exchange for $10,966,575 of Prior Lien
Mortgage 4% Gold Bonds and $3,655,525 of Adjustment
Mortgage 6% Bonds. Stock Trust Certificates amounting to
$256,900 were exchanged during the year for a like amount
of The Kansas City Fort Scott and Memphis Railway Company Preferred Stock, increasing the Preferred Stock of The
Kansas City Fort Scott and Memphis Railway Company outstanding in the hands of the public, to $341,200.
There is shown elsewhere in the [pamphlet] report a
statement of the physical improvement made during the
year.
On July 1 1922 practically the entire personnel of the Mechanical and Car Departments, excluding officers, went on
strike in protest against the decision rendered
by the United
States Railroad Labor Board reducing wages, effective that
date. This action, together with considerable trouble experienced through damage resulting from the strike, seriously
handicapped the movement of freight for a time; this,
however, was gradually overcome. At the
close of the year the
shop forces were normal. The new
employees formed an
association of their own and an agreemen
t was entered into
between them and the manageme
nt October 1 1922. This
agreement is favorable to both the
employees and the Company and is resulting in greatly
increased efficiency and
more economical operation through
the elimination of objectionable rules placed in effect
during Federal Control by
what was known as the National
latter half of the year, as a natural Agreement. During the
percentage of
locomotives and cars out of service result, the
increased to a considerable extent, but this percentag
e
and will be reduced more rapidlyis being gradually reduced
as the new employees gain
more experience and their
efficiency increases.
The program established for
the rehabilitation of rolling
equipment has progressed
throughout the year, resulting in
extensive repairs to many
units. The results accomplished
through the rebuilding
program chargeable to Capital Account are set forth elsewhere
in the [pamphlet] report.
FUEL.
Owing to the strike of
and Summer of 1922, it the coal miners during the Spring
was
open market and at prices necessary to purchase coal in the
had the effect of greatly in excess of contract prices, which
increasing the cost of fuel. This
increase, however, was not
felt to any considerable extent
until after July 1, due to
the large amount of coal purchased
and stored in anticipation
of the strike.
The mines in the Alabama
strike,fuel from that source field not being affected by the
for the maximum tonnage stipulated in contracts was
furnished
There was also the additiona at contract prices.
l cost of handling the stored
coal and in transporting coal
tant points usually supplied from the Alabama fields to disfrom mines in Arkansas, Oklahoma, Kansas and Illinois.
During the last six months of
the year the consumption of
fuel also increased due to the
condition of locomotives resulting from the strike of the mechanica
l forces.
[VOL. 116.
THE CHRONICLE
2150
Other income:
During the early part of the year it was anticipated that a
Rentals
Interest
considerable saving in fuel would result from the greatly imMiscellaneous
conditions on the railroad; this, however, was not
proved
Total other income
as fully as expected on account of strikes referred
realized
to above.
Gross income
Deductions from income:
REDUCTION OF FREIGHT RATES.
Rentals
freight rates on many commodiThrough the reduction of
Miscellaneous tax accruals
Miscellaneous income charges
ties ordered by the Interstate Commerce Commission effecSinking funds
and July 1 1922, and
tive December 27 1921 and January 1
Total deductions from income
which amounted to approximately ten per cent, the company
suffered a shrinkage in its Freight Revenue estimated at
Balance available for interest. &c
Interest on fixed charge obligations
$3,600,000 for the year.
$216,992 64
244,750 06
31,524 96
493,267 66
$18,995,660 00
$232,705 47
16,282 61
175,282 34
225,364 01
Balance
NEW INDUSTRIES.
Interest on cumulative adjustment mortgage bonds
list of the new industries located on the
The following is a
Balance
line during the year:
Interest on income mortgage bonds
Creameries----------------- ------------------------------------ 2
2
Electric pOwer plants•
2
Sand and gravel plants
4
Oil loading racks
6
Oil refineries
5
Compresses and gins
9
Wholesale groceries
10
Grabillelevators
21
Manufacturing plants
23
Oil distributing plants
43
Oil well supplies
30
Warehouses
52
Storage yards
22
Miscellaneous
231
Total
INCOME ACCOUNT FOR YEAR ENDED JUNE 30 1922.
At the time of reorganization, and the preparation of the
Adjustment Mortgage and the Income Mortgage of the Company, the-fiscal year for the making of the annual report to
the Interstate Commerce Commission ended June 30. The
:same fiscal year Was adopted in both the Adjustment Mortgage and the Income Mortgage. This has since been changed
by the Interstate Commerce Commission so that the period
for making the annual reports is now the calendar year
Instead of the year ending June 30, and as a consequence the
annual report filed with the Commission does not show income for the fiscal year ending June 30. The following
statement showing the income account for the fiscal year
ended June 30 1922, as certified by Messrs. Deloitte, Plender,
Griffiths & Company, Certified Public Accountants, is therefore submitted.
Operating revenues
Operating expenses
Net operating revenue
Operating charges:
Railway tax accruals
Uncollectible railway revenues
Hire of equipment—Net
Joint facility rents—Net
Total operating charges
Operatinglincome
649,634 43
$18,346,025 62
9,728,701 22
$8,617,324 40
2,420.406 96
$6.196,917 44
2,111,520 00
$4.085,397 44
Balance
Announcement is made, with profound regret, of the death
on December 25 1922 of Alexander Hilton, Third Vice-President of this Company, in charge of Traffic. Mr. Hilton's
connection with the Company extended over a period of
twenty-two years, during which time his services were both
efficient and faithful. As a Traffic Executive his ability
was recognized throughout the country.
The acknowledgments of the Board are renewed to the
officers and employees for all faithful and efficient service.
By order of the Board of Directors.
J. M. KURN,President.
E. N. BROWN, Chairman.
DELOITTE, PLENDER, GRIFFITHS & CO.
Accountants and Auditors
49 Wall Street, New York.
March 26 1923.
To the Directors of
St. Louis-San Francisco Railway Company,
120 Broadway, New York City.
We have made an examination of the books and accounts of the St. LouisFrancisco Railway Company and its Auxiliary Companies for the year
San
ended December 31 1922.
NaThe Securities owned have been substantiated by certificates received
50
185,484.139
from the various Trustees, or verified by actual inspection. Cash Bal62.453.964 97
ances have been reconciled with the pass books or Statements produced to
us. and we have received direct from the Banks, Bankers and Trust Com$23,030,174 53 panies certificates in support of the sums on deposit with them.
stiffe have satisfied ourselves generally that the charges to Property and
$4.022,968 63
Equipment Accounts for the period were proper charges to Capital Account.
46.862 07
We certify that the accompanying Consolidated General Balance Sheet.
231.051 58
Income and Profit and Loss Accounts, in our opinion, fairly set forth the
226,899 86
combined position of the Companies at December 31 1922, and the result
of theloperations for the year ended that date.
4,527.782 14
DELOITTE, PLENDER, GRIFFITHS & CO.,
Auditors.
$18,502,392 39
CONSOLIDATED INCOME ACCOUNT—YEAR ENDED DECEMBER 31 1922.
Six Months
Ended
June 30 1922.
Six Months
Ended
Dec. 311922.
—Twelve Months Ende
Dec. 31 1922.
5.246.33
Average mileage:operated
Operating Revenues—
Freight ------------------------------- _________________________________ $28,996,027 59 128,582,601 17 $57,578,628 76
19,121,518 17
Passenger _____________________________________________________ 9,063,485 48 10,058.032 69
69,371 93
76,563 58
145,935 51
Excess baggage________________________________________
6.01984
4.891 86
10.911 70
Parlor and chair car_______________________________
735,707 76
784,402 38
1,520,110 14
_______________________________________________________
Mall
1.282,93383
2,299.499 23
Exprs ___ _ ________________________ 1.016,565 40
16,20706
181.898 67
198,105 73
Other passenger &Slit__________________ _______________
134.046 64
106.069 31
240,115 95
_________________________
____ _ _ ___
506,267 57
626,453 93
1,132.721 50
_______________ ______
Switcmns19.933 35
1,30954
21,242 89
Special service train __________________________________________
48.593 29
110,258 80
Station. train and boat ____________ _______________
- _______
61,665 51
42.205 06
. 76.616 03
34.410 97
Storage—Freight ___________________________________•- __________
92,436 55
106,122 00
198,558 55
Demurrage
171.244 63
182,555 06
353.799 69
Other _______________________________________________________________ --183,008.022 6
141,123.656 94 $41.884,365 71
Total operating revenues
Operating expenses—
$6,353,259 94 16,096,010 82 112,449,270 76
of way and structures
Maintenance
6,314,029 85 12,963,789 40
Maintenance of equipment -------------------------------------------------0,849.75955
2.405.896 71
1.239.457 70
Maintenance of equipment—Depreciation -------------- - -1.6,4390_
1.085.360 23
545.271 56
______
540,088 67
______
________________________
Traffic _
16,613,543 04 31,590,514 05
14.976,971 01
Transportation
2,636 70
1.25239
1,384 31
operations
________________________
, Miscellaneous
2.449,461 65
1,226,819 18
General _ _ _ ___ _ _____ ___ _ __________• _____________________________ 1,222,642 47
315,198 24
167.404 98
)47.793 26 •
Transportation for investment—Cr _____________
162,631,731 2
$30.767,934 59 $31,863.796 67
Total operating expenses_______________________________________
120,376,291 3
$10,355,722 35 110,020,569 04
Net operating revenue _________________________________
Operating charges—
12,055.876 22 $1,670,807 67 $3.726,683 89
Railway tax accruals_____________ _ ________________________________
61,141 98
31.163 38
29.978 60
Uncollectible railway revenues
1,051,831 98
1,103,912 18
52.080 20
Hire of equipment—Net—Dr_
174.,799 48
44.621 39
130.178 09
rents—Net—Dr
Joint facility
15,014,457 3
12.850.504 62
Total operating charges_____________________________________________ 82,165,952 71
$15,361.834 0
Operating income _____________________________________________________ $8.191,769 64 $7.170,064 42
Non-operating income
255.5,456
494,649 6
239,075 05
Other income ____________________________________________________________
$15,856.483
Gross income ________________________________________________________ 18,430.844 69 17.425.638 98
Deductions from income—
1239,497 29
71
1118.856 58
Rentals _____ _ _______________ ___________________________ _ _______________ 1120.640 27
16,367 98
3,78571
12,582
______________________________________
Miscellaneous ______ ___
171,162 84
100,870 57
70,292 27
Miscellaneous income charges________________ _____________________________
245,243 53
126.202 20
119.041 33
___________
other funds_______________________ _
Sinking and
1672,271
'
1319.136 76
Total deductions from income _____ ____________________________________ _ 1353.134 88
$15,184,212
17,106,502 22
Balance available for interest. &c__________________________________________ $8,077.709 81
9,887,795
4.870.320 94
5.017.474 12
Interest on fixed charge obligations
, 15,296,416
10
• Balance________________________________ $3,207,388 87 $2,089,028 04
2.431.884
1,213.982
Interest on cumulative adjustment mortgage bona;______________________________ 1.217.902 39
____________________________________
. 12,864,532
48
__
11.989,486
1875.04606
Balance _ _ _ ______ __ _ _ __
. 2,111.520
1.055,760 00
1.055.760 00
on income mortgage bonds
Interest
.
$763,012
1180,713 94
Balance ___________________________________________________________ ,... 1933,726 48
net includ
Note.—The transactions of the Kansas City Clinton & Springfield Railway Company, which Company is operated separately, are City Clin
amounts advanced by the Kansas City Fort Scott & Memphis Railway Company to meet the interest on the Kansas
in the above but the Company Bonds have been charged against income.
lic Springfield Railway
MAY 12 1923.]
THE CHRONICLE
21E51
(X)Ni,i()LII)ATEI) PROFIT AND LOSS AC(X)I1N9C---ICEAI1 ENDED DE(3E1%113E11 31 1922.
CREDIT.
Balance at credit, Jan. 1 1922
Balance of income account for the year
Donations, account industrial tracks (see contra)
Miscellaneous adjustments (Net)
54.585,881 70
5753,012 54
119.778 80
1,579.565 84
2.452.357 18
57.038 238 88
DEBIT.
5119.778 80
940.848 48
Surplus appropriated for investment in physical property (see contra)
Debt discount extinguished through surplus
51,060.627 28
$5,977,611 60
Balance at credit. Dec. 31 1922
CONSOLIDATED GENERAL BALANCE SHEET—DECEMBER 31 1922. COMPARED WITH PREVIOUS YEAR.
ASSETS.
1921.
Investments—1922.
Investment in road and euimn:
5300,250.716 21 5297,065,264 58
Road----------------------------------------------------•
70,960,891 43 68,204,318 15
Equipment
Sinking
funds:1922.
1921.
5954,574 26 5832,841 12
Total book assets
Issues of the railway at par
954,000 00 829,000 00
Cash
Sepcial deposits to pay for equipment under contract for purchase
Deposits in lieu of mortgaged property sold
Miscellaneous physical property
Investments in affiliated companies:
Stock (pledged)
Notes
Advances
Other investments:
Stock
Bonds—U. S. Gov. Liberty Loan Bonds and U. S. Treasury Certificates of
Indebtedness at par
Notes
Advances
202,334 33
98,262 15
134,516 87
Decrease.
3,841 12
40,458 51
1,013,272 54
53,266 86
8.069,152 52
12.582 79
274,030 74
202,334 33
105,331 43
7.06928
134.516 87
200
100
1 oo
145.650 00
132,618 35
6,787 46
462,650 00
84.846 61
36.404 31
47,771 74
317.000 00
29.616 85
5380,793,788 68 5367,218 822 58 513,574.966 10
Total investments
Current Assets—
Cash
Time drafts and deposits
Special deposits
Loans and bills receivable
Traffic and car service balances receivable
Net balance receivable from agents and conductors
Miscellaneous accounts receivable
Material and supplies
Interest and dividends receivable
Rents receivable
55.373,641 52
2,500,000 00
416.368 48
1,266 22
747.446 96
644,922 11
2,575,410 37
7.346,131 56
12,423 60
903,98
Total current assets
51.383.620 56
56.757,262 08
52,500.000 00
535,566 37
134,127 74
688,282 00
722,498 81
3,595,642 59
8,085.507 05
9.822,78
119,197 89
132.861 5259,16496
77.576 70
1.020.232 22
739,375 49
2,60082
903 98
519.618,514 80 520,528,709 42
Deferred Assets—
Working fund advances
Insurance fund:
Total book assets
Issues of the railway at par
5910.194 62
$65,778,01
$51.521,64
514.256 37
107,24037
593.432 17
128,25021
148,307 17
445,12500
5766,450 55
5328,079 02
5438.371 53
1921.
1922.
5369.240 37 5268,250 21
262,000 00 140,000 00
U. S. Gov. Liberty Loan Bonds (at par) and cash
Other deferred assets
Total deferred assets_
Unadjusted Debits—
Rents and insurance paid in advance
Other unadjusted debits
Securities issued or assumed:
Unpledged
Pledged
574 26
8,069,152 52
53,041 30
739.241 80
Increase.
$3.185,351 63
2,756,573 28
595,33947
531,67760
$21,009 84
563.661 87
Total unadjusted debits
3,749,30162
2.984,45657
764,84505
53.844.641 09
1921.
1922.
5170,000 00 58,438.195 00
4,000,000 00 2,664,000 00
53,016.134 17
5828.506 92
$405,023,395 12 5391,091.745 19 513.931,64993
LIABILITIES.
Stock—1922.
1921.
Capital Stock:
Common
550,447,026 00 550.447,02600
Preferred
7.841.20000
7.584,300 00
Total capital stock
Long Term Debt—Funded debt unmatured:
Equipment trust obligations
Mortgage bonds:
Book liability
Held by or for the railway
Actually outstanding
Collateral trust bonds
Income mortgage bonds:
Book liability
Held by or for the railway
Actually outstanding
Miscallaneou=
- $58,288,226 00 $58,031,326 00
1921.
1922.
$196,078,640 00 5196,920,365 00
12.071,19500
5,186,000 00
1921.
1922.
581.167,623 00 581,162,298 00
200,000 00
Increase,
Decrease.
5256, ---50
-0
90
5256.900 00
$18,585.10000 $14,345,60000 $4,329.50000
190,892.640 00 184,849.170 00
3.048,000 00
71,000 00
80,967,623 00
101,091 65
6,043,470 00
2,977,000 00
5194,67500
142.71756
81,162,298 00
243.809 21
Total long term debt
$293,594,454 65 5280,671.877 21 512,922.577 44
-Current Liabilities—
Loans and bills payable (secured)___ _
32.000,00000
52,000,000 00
Traffic and car service balances payable
$335.56656
51.028,194 98
692,628 42
Audited accounts and wages payable ___
53,375 88
6 786,489 86
6.839.865 74
Miscellaneous accounts payable.......
285,814 51
398.619 29
684.433 80
Interest matured unpaid ___ _________
206,310 38
3,988,115 64
3,781,805 26
Funded debt matured unpaid
2,000 00
10,000 00
12,000 00
Unmatured interest accrued___________
3,409,503 02
91,397 19
3,318,105 83
Unmatured rents accrued _____________ ------------------------------14,020 84
14,020 84
-------Total current liabilities
$1,707,91626
$15.634.94363 517.342,85989
Deferred Liabilities—
Other deferred liabilities-----------------------------------------------------3123,721 23
Total deferred liabilities---------------------------------------------5123.721 23
Unadjusted Credits—
Tax liability
$2,204,605 81
Insurance reserve------------------------369,240 37
Operating reserves------- _ --------------------1,098,701 36
Accrued depreciation—road--- _
478,596 03
Accrued depreciation—equipment
21.985,264 82
Other unadjusted credits
2,808,047 16
Total unadjusted credits--------------------------------- ----------- 528,944,455 55
Corporate Surplus.—
Additions to property through income and surplus
5961,408 20
Funded debt retired through income and surplus
541,000
Sinking fund reserve----------------------954,57400
26
Profit and loss—balance
5,977,611 60
Total corporate surplus
58.437.594 06
$5,000 00
5118,721 23
55.000 00
$118.721 23
51,976,398 03
268,250 21
786,372 11
441.455 27
21.466,58809
3,295,448 30
$228.207 78
100,990 16
312.329 25
37,14076
518,67673
$28.234,51201
$709,943 54
3846,447 26
541,000 00
832,841 12
4,585,881 70
$117,960 94
$487.401 14
121,733 14
1,391,729 90
56,806,170 08 $1,631,423 98
$405,023,395 12 5391,091,745 19 513,931,649 93
Note.—The transactions of the Kansas City Clinton & Springfield Railway Company,
separately, are not included in
,the above, but the amounts advanced by the Kansas City Fort Scott & Memphis Railway which Company is operated
Company to meet the interest on the Kansas City Clinton
•& Springfield Railway Company Bonds have been charged against Income.
2152
THE CHRONICLE
[Vim- 116.
ATLANTIC GULF AND WEST INDIES STEAMSHIP LINES
ANNUAL REPORT—FOR THE TWELVE MONTHS ENDING DECEMBER 31 1922
New York, April 27 1923.
To the Stockholders:
Your directors present herewith the Consolidated Balance
Sheet of-your company and its subsidiaries as at December 31
1922, together with the Consolidated Income Account and
Profit and Loss Account for the year ended that date.
These statements do not include the figures for Atlantie
Gulf Oil Corporation, Colombia Syndicate nor Agwi Petroleum Corporation, Limited, inasmuch as your company does
not own substantially the entire capital stock of these enterprises.
The year through which your company has just passed
was one of the worst in the history of the shipping industry.
Your management, after carrying this business through the
unusual difficulties which have prevailed since 1920, is still
confronted with many problems, but is confident that any
improvement in the shipping business will be favorably
reflected in your own situation. Difficulties were multiplied
by reason of the competition of your own Government whose
steamships were employed in some of the same trades as
those of your company. Notwithstanding these handicaps,
your management applied itself to the task of meeting unusual conditions, and through the practice of strict economy
and the improvement of business conditions towards the
close of the year is able to present a statement which indicates that all expenses, including interest, have been promptly met and a substantial amount earned towards depreciation.
REVENUE AND EXPENSES.
The operating revenue for the year 1922 shows a decrease
of $8,769,892 21 from that of 1921, reflecting the extreme
period of depression in ocean transportation as well as the
low rates which ruled throughout the year. Operating
expenses show a decrease of $3,079,466 73, though not
enough to overcome the decrease in gross income. The decrease in operating expenses is largely accounted for by
economies made by your operating 'subsidiary companies.
There has been, however, an increase in the maintenance
expenses occasioned by repairs to the various units of the
fleet and by depreciation on the tankers recently delivered to
your company.
No reserve for Federal taxes has been set aside as the
Consolidated Income Account and Profit and Loss Account
show no taxes owing.
MARINE EQUIPMENT.
The last two of the twelve tankers contracted for by your
company were completed and delivered in the early part of
the year. Three of the tankers were laid up at the shipyards during the greater part of the year, owing to the lack
of demand for their services. Since the beginning of the
current year, however, these three vessels have been placed
in commission, and now the entire fleet of tankers is in
operation. The majority of the tankers will be used for the
balance of the current year in transporting oil from California to United States Atlantic ports via the Panama Canal.
During the year the steamships Lenape and Pawnee, and
the river steamer City of Jacksonville, belonging to Clyde
Steamship Company, have been converted into oil burners.
The steamships San Jacinto and Medina, owned by Mallory
Steamship Company, have also been converted into oil
burners, as well as the steamship Mexico, of New York and
Cuba Mail Steamship Company. A refrigerating system
for the proper transportation of fruits and vegetables has
been installed in the steamship San Lorenzo, of New York
and Porto Rico Steamship Company. Considerable expenditures have been made throughout the year, necessary to
maintain in good condition the vessels of your various fleets.
The steamships Cherokee and New York, of Clyde Steamship Company, the steamships Rio Grande and Sabine, of
Mallory Steamship Company, and the steamships Coamo
and Santurce, of New York and Porto Rico Steamship Company, have been sold, as they had become obsolete and were
of no further use in the services. Since the beginning of the
current year, the steamship Bayamo, of New York and Cuba
Mail Steamship Company, has also been sold because this
vessel could no longer be profitably operated. The steamship Porto Rico was purchased by New York and Porto Rico
Steamship Company and is now in operation betwe'en New
York and Porto Rico. Two new freight ships have been
purchased for Clyde Steamship Company and two similar
ships for Southern Steamship Company.
Plans and specifications for the building of a new freight
and passenger vessel for New York and Porto Rico Steamship Company have been prepared and submitted to ship
builders, and the building of additional freight and passenger vessels for Clyde Steamship Company is also contemplated.
FINANCES.
During the year 1922 considerable progress was made
towards placing your company in a better financial position.
There have been issued $1,800,000 Seven Per Cent Marine
Equipment Trust certificates in connection with the payment for the two tankers built by Newport News Shipbuilding & Dry Dock Company, and this constituted the only
transaction which has increased the bonded indebtedness of
your tankers. Reductions have been made in the tanker
obligations through the operation of the sinking funds. The
original bank loan of $6,000,000 has been reduced to $1,020,000. Liabilities in connection with the French enterprise have been practically liquidated.
ATLANTIC GULF OIL CORPORATION.
Much has been said during the past year on the subject.
of salt water intrusion in the most important Mexican fields.
One well was recently drilled by this company into salt
water, and all of our producing wells have suffered decreases
in daily production. Nevertheless, this company has, up
to the present time, been comparatively fortunate in this
regard. The bulk of our production still comes from Wells
Nos. 3 and 5 located in the Amatlan fields, where salt water
has made heavy inroads on production. Your company's
wells are practically the only exceptions, but it is too much
to hope that these wells will much longer escape the fate
which has overtaken practically all the others in this area.
Notwithstanding the reduction in the average daily production, the company has succeeded in showing an operating
profit for the year. This, however, has been absorbed by
the necessarily heavy depreciation.
The topping plant was operated during only a portion of
the year, owing to the greater profit produced in selling crude
oil.
During 1922, Atlantic Gulf Oil Corporation produced
7,309,375 barrels of crude oil and purchased from other companies in the field 461,244 barrels. The maximum daily
production at any one time during the year was 35,695
barrels and the minimum 12,733 barrels. The average daily
production throughout the year was 20,026 barrels. The
company exported a total of 7,081,446 barrels of crude oil.
During the year, the refinery treated 926,247 barrels of
crude, from which were produced 779,252 barrels of fuel oil
and 137,165 barrels of distillates. During the same period,
910,878 barrels of fuel oil and 136,921 barrels of distillates
prig h d
were xoporttee .
ue
year, Atlantic Gulf Oil Corporation has paid
off loans and accrued interest amounting to approximately
$1,800,000. In addition to the foregoing, the company
paid the arrears of interest on its-First Lien 6% Gold Bonds
and purchased $500,000 of the same bonds. Since the beginning of the current year, an additional $700,000 of these
bonds have been purchased and in April $1,000,000 of such
bonds were canceled through the operation of the sinking
fund.
Efforts are being made to secure new sources of oil supply
and drilling is now in progress.
AGWI PETROLEUM CORPORATION, LIMITED.
All of the authorized one million shares of Agwi Petroleum
Corporation, Limited, have been issued. Final payment has
been made on account of your company's subscription for the
stock of this British company. Out of the total of 650,000
shares of one pound each, originally acquired, your company
has disposed of 400,000 shares, proceeds of which were used
to meet pressing needs. Your company still owns 250,000
shares of the stock.
CUBAN-AMERICAN TERMINAL COMPANY.
Cuban-American Termin'al Company has acquired under
long term lease the water-front property located in the
harbor of Havana, Cuba, adjacent to the Railroad Terminal.
Under the present construction program over $250,000 was
expended during the year. Improvements consist of new
bulkhead, new and enlarged terminal and warehouse facilities, as well as a new projecting pier, to meet the growing
demands of business at that port, with ample provision for
expansion as conditions require. The new terminal is about
fifty-two per cent complete.
MAY
COLOMBIA SYNDICATE.
Final payments have been made in connection with your
.company's investment in Colombia Syndicate, which consists of 450,000 shares out of a total of 2,000,000 shares.
The process of development to prove up the Syndicate's
lands is under way, but no oil in commercial quantities has
yet been discovered.
GENERAL.
Marked financial progress has been made during the past
.year and with the return of better conditions generally it is
•confidently expected that your company will recover from
the trying period through which it has been passing. Your
management faces the future believing that those problems
remaining, in time and with patience and hard work, will be
satisfactorily met.
This report would not be complete without mention of the
loyal co-operation of the entire organization, to all of whom
the Management makes grateful acknowledgment.
By order of the Board of Directors.
FRANKLIN D. MOONEY, President.
ATLANTIC GULF AND WEST INDIES STEAMSHIP
LINES AND SUBSIDIARY COMPANIES.
COMPRISING THE FOLLOWING:
Clyde Steamship Co., Mallory Steamship Co., New York & Cuba Mail
Steamship Co., Compania Cubana de Navegacion, New York & Porto
Rico Steamship Co. Coe Maine), United States & Porto Rico Navigation
Co.. the New York & Porto Rico Steamship Co.(of New York), Southern
Steamship Co., International Shipping Corporation, Jacksonville Lighterage Co., the Tampa Towing & Lighterage Co., Clyde Steamship Terminal
Co., Carolina Terminal Co., Cuban American Terminal Co., San Anthe Santiago Terminal Co., the
tonio Docking Co., San Antonio
Santiago Warehouse Co., Wilmington Terminal Co., Agwi Trading CorCo.'
poration and Agwi Transportation Co.
COMPARATIVE CONSOLIDATED INCOME ACCOUNT FOR
YEARS ENDED DECEMBER 31 1921 AND 1922.
Increase (±) or
1922.
Decrease (-).
1921.
Operating Revenue
31.947,882 72 40,717,774 93 -8,769,892 21
Operating Expenses:
Maintenance (incl. deprec'n) 8,150,785 58
TraffIc
907,277 93
Transportation
19,559,485 11
General
3,005,545 37
Charter
818,112 18
Taxes
129,773 32
Operating Expenses
2153
THE CHRONICLE
121923.]
6,290,608 45 +1,860,177 13
-46,113 21
953,391 14
23,334,437 23 +3,774,952 12
3,414,589 90 -409,044 53
1,474,690 61 -656.57843
52,955 57
182.728 89
32,570.979 49 35,650,446 22 -3.079,466 73
Net Operating Income
'Cther Income
Gross Income
*623,096 77 5,067,328 71 -5,690,425 48
803,258 70
492,639 57 +310.619 13
CONSOLIDATED BALANCE SHEET DECEMBER 31 1922
ASSETS.
Capital assets.
Fleet in commisston, at value based on appraisal December 1918, plus cost of addi$73,704,170 39
tions since (net)
6,168,980 29
Shore property and equity in terminals
$79,873,150 68
18,598,789 52
Less: Reserve for depreciation
$61,274,361 16
12,504,320 37
$73.778.681 53
Investments in and advances to associated companies:
Atlantic Gulf Oil Corporation and Colombia Syndicate
a $7,421,000 00
1,087,699 04
Other associate companies
8,508,699 04
45,613 56
Cash in hands of trustees
Expenditures for account of unfinished voyages and business 2,704,414 01
Current assets:
$431,444 85
Supplies and repair parts
337,624 31
Bills receivable
Accounts receivable:
Agents
$1,701,211 25
Insurance claims
1,917,482 49
Others
969,763 89
U. S. Shipping Board and
Railroad Administration
(net)
1,873.901 10
6.462,358 73
Marketable securities
144.971 57
Cash on hand and in banks
2,686,434 96
Cash for coupons payable
551,775 00
10.614,609 42
Good•will and franchises
$95,652,017 56
LIABILITIES.
Capital stock of Atlantic Gulf & West Indies Steamship Lines:
Common Stock-Authorized and Issued__$20,000,000 00
Deduct: Stock in Treasury
5,036,600 00
Outstanding
$14,963.400 00
Preferred Stock-Authorized and Issued__520,000,000 00
Deduct: Stock in Treasury
6.257,100 00
Outstanding
13,742,900 00
$28,706,300 00
Interest of minority stockholders of subsidiary companies__
335,795 34
Bonded debt:
Atlantic Gulf & West Indies Steamship
Lines Fifty-Year 5% Collateral Trust
Gold Bonds
-Authorized. $15,000,000:
issued
$13,000,000 00
Preferred Mortgage 7% Sinking Fund Marine Equipment Gold Bonds
3,120,000 00
First Lien 1/arine Equipment 6% Gold
1
Notes
1,020,000 00
Marine Equipment 7% Trust Certificates_ 3.082,00000
Preferred Mortgage 6% Gold Bonds
1.800,000 00
$22,022,000 00
First Mortgage 5% Gold Bonds of Subsidiary Companies
-Outstanding
12.550.000 00
34,572,000 00
180,161 93 5,559,968 28 -5.379,806 35
Deductions:
Interest on Bonds,Notes,&c. 2,108,628 59 2,052,474 16
Rentals and Miscellaneous
Items
1,654,269 78 1,455.998 34
Loss on Liberty Bonds
270.158 59
$63,614,095 34
_ 2.219.448 62
Receipts on account of unfinished voyages and business_
Current liabilities:
Notes payable
+198.271 44
$919,236 01
Accounts payable, general__ _$4,061,222 81
-270,158 59
Agents
204,412 45
-15,732 72
Total Deductions
4.265,635 26
3,762,898 37 3,778,631 09
Interest accrued on bonded debt and notes_
254,995 22
Coupons payable
Net Income for the Year_ __*3,582,736 44 1,781,337 19 -5,364,07363
551,775 00
5,991,641 49
Reserves:
Ship replacements
54.992.468 14
'CONSOLIDATED SURPLUS AND PROFIT AND LOSS ACCOUNT.
Miscellaneous reserves
1,480,812 79
Balance January 1 1922
$22,301,182 41
6,473.280 93
Debits:
•
Surplus
17,353,551 18
Loss on sale of Vessels. &c.._$2,055.522 52
Sundry Adjustments
249,999 00
$95.652.017 56
$2,305,521 52
Less:
Interest on Bonds. Notes and
We have examined the books and accounts of the Atlantic,
Loans
$731,110 83
Sundry Adjustments
226.247 90
Gulf and West Indies Steamship Lines and its subsidiary
957,358 73
1,348,162 79 compames for the year ending December 31 1922, and
Income for the year
+56,15443
$20,953,019 62
*3582,73644
$,370,283 18
17
Deduct: Common dividends on stock of subsidiary comnot held by A.G.W.I.SS. Lines
16,732 00
Balance per Balance Sheet
* Deficit
$17,353,551 18
R. C. MacBAIN, Treasurer.
subject to provision for the additional income and profits
taxes payable, the amount of which is not yet ascertained,
we certify that, in our opinion, the balance sheet fairly sets
forth the financial position of the combined companies at
December 31 1922.
PRICE, WATERHOUSE & CO.
56 Pine Street, New York,
April 17, 1923.
'CAPITAL STOCK OF ATLANTIC GULF AND WEST INDIES STEAMSHIP LINES AND SUBSIDIARY COMPANIES DECEMBER 31 1922.
Duration
• o Char; r.
CompanyA. G. W.I. S. S. Lines. Incorporated in Maine Nov. 25 1908
Perpetual
Common
Preferred
Perpetual
Clyde Steamship Co. Incorporated in Maine Feb.7 1906
Mallory Steamship Co. Incorporated in Maine Oct. 31 1906
Perpetual
N. Y. & Cuba Mall S. S. Co. Incorporated in Maine March 6 1907
Perpetual
Perpetual
N. Y. & Porto Rico S. S Co. Incorporated in Maine April 8 1907
The N. Y.& Porto Rico S. S. Co. Incorporated in N.Y. Oct. 11 1890_ __ -69 years
Perpetual
Southern Steamship Co. Incorporated in Delaware Jan. 7 1903 '
International Shipping Corpn. Incorporated in Maine March 10 1916___ _Perpetual
U. S. & Porto Rico Nay. Co. Incorporated in N. J. Dec. 7 1900
Perpetual
99 years
Jacksonville Lighterage Co. Incorporated in Florida April 2 1908
50 years
The Tampa Towing & Lt. Co. Incorporated in Florida May 5 1909
99 years
Clyde Steamship Terminal Co. Incorporated in Florida July 7 1909
Perpetual,
Carolina Terminal Co. Incorporated in Maine Dec. 13 1911
Cuban American Terminal Co. (Cia. Terminal Cubana-Americana, S. A.).
Incorporated in Cuba June 15 1920
Unlimited
San Antonio Docking Co. Incorporated in N. Y. May 19 1906
Perpetual
San Antonio Co. Incorporated in Maine Nov. 5 1906
Perpetual
The Santiago Terminal Co. Incorporated in Conn. Jan. 4 1910
Perpetual
'The Santiago Warehouse Co. Incorporated in Conn. Aug. 27 1915
Perpetual
Wilmington Terminal Co. Incorporated in Maine July 25 1913
Perpetual
Agwi Trading Corpn.(Agwi Cia. Comerclal S. A.). Incorporated in Cuba
Jan. 12 1920
Unlimited
Agwi Transportation Co. Incorporated in Maine July 29 1919
Perpetual
Compania Cubana de Navegacion. Incorporated in Cuba Oct. 3 1906
20 Years
Atlantic Gulf 011 Corpn. Incorporated in Va. April 17 1919
Perpetual
Held by
Public.
Perpetual
Issued.
Owned.
$20,000,000
20,000.000
7.000,000
7,000,000
10,000,000
5,000.000
50,000
160.000
100,000
2.000
50,000
35.000
100,000
100,000
$20.000,000
20,000.000
7.000,000
7,000.000
10,000,000
4,000,000
50,000
90,000
100,000
2,000
50,000
35,000
100,000
100,000
$5,036,600
6,257,100
6,955,600
6,999,800
9,947,100
4,000,000
50,000
90,000
100,000
2,000
50,000
35,000
100,000
100.000
1,000,000
1,000
50,000
200,000
200,000
100,000
877.250
1,000
50,000
100,000
100.000
100,000
877.250
1,000
50.000
69.200
32,500
100,000
10,000,000
6,000,000
1,000,000
20,000,000
25.000
2,269.000
365,600
20,000,000
25,000
2,269,000
365,600
10,750,000
9,250.000
$108,148,000
Agavi Petroleum Corpn., Ltd. Incorporated in England March 27 1920
Authorized,
592,414.850
$54,262,750
$38,152,100
£1,000,000
£1,000,000
£250,000
.£750,000
$14,963,400
13,742,900
44.400
200
52,900
30,800
67,500
2154
{vol.. 116.
THE CHRONICLE
BONDED INDEBTEDNESS OF ATLANTIC GULF AND WEST INDIES STEAMSHIP LINES AND SUBSIDIARY COMPANIES
DECEMBER 31 1922.
A. G. ot4t . -T- 5. Lines:
C ipapyf .
.
Issued.
Authorized.
Cancelled.
Owned.
Held by Public.
Collateral Trust Bonds. Dated Dec. 9 1908. Due Jan. 1 1959. Int.
Rate 5% J. & J
515,000,000
Mar. Equip. Trust Certificates. Dated Jan. 15 1921. Due serially
Jan. 15 1923, 1924 and 1925. Mt. Rate 7% J. &J
4,000,000
Mar. Equip. Gold Bonds. Dated May 1 1921. Due May 1 1931.
Int. Rate 75 M & N
3,900,000
First Preferred Mortgage 6% Gold Bonds. Dated May 1 1922. Due
May 1 1927. Int. Rate 6% M.& N
1,800,000
Clyde Steamship Co. Bonds dated Feb. 8 1906. Due Feb. 1 1931. Int.
Rate 5% F & A
6,000,000
Mallory Steamship Co. Bonds dated Nov. 15 1906. Due Jan. 1 1932.
Int Rate 5V,, J. & J
6,000,000
N. Y. & C. M. S. S. Co. Bonds dated Mar. 18 1907. Due Jan. 1 1932.
Int. Rate 5% J. & J
12,000,000
N. Y. & P. R. S. S. Co. Bonds dated May 1 1907. Due May 1 1932.
Int. Rate 5% M. & N
5,000,000
Clyde S. S. Term. Co. Bonds dated Oct. 1 1909. Due Oct. 1 1934. Int
Rate 5% A. & 0
700,000
Carolina Term. Co. Bonds dated Nov. 1 1912. Due Nov. 1 1937. int.
Rate 5% M.& N
1,000,000
San Antonio Company. Bonds dated Dec. 1 1906. Due Dec. 1 1956.
Int. Rate 5% J. & D
250.000
313.000,000
313.000,000
4,000,000
918,000
3,900,000
390,000
390,000
6,000,000
3,130,000
332,000
5,374,000
2,591,000
364,000
2,419,000
12,000,000
6,388.000
209,000
5,403.000
4,470.000
1,924,000
1,262,000
1,284,000
635,000
220,000
700.000
180.000
3,082,000
3,120,000
1,800,000
.
1,800,000
2,538,000
415,000
29,000
250,000
491,000
250,000
$55,650,000
552.129.000
$15,741,000
$2,836,000
Atlantic Gulf Oil Corp.:
1st Mortgage Bonds. Dated June 1 1919. Due June 1 1929. Int.
Rate 6% J. & D
$10,000,000
2nd mortgage Bonds dated June 1 1919. Due June 1 1929. jut.
6% J. & D
2,500,000
$7,000,000
$2,000,000
$5,000,000
1,000,000
1,500,000
$68,150,000
561,629.000
317.741.000
38.836.000
335.052,000
2.500,000
$33,552,000
MARINE EQUIPMENT OWNED AND OPERATED BY ATLANTIC GULF AND WEST INDIES STEAMSHIP LINES AND SUBSIDIARY
COMPANIES
-DEC. 31 1922.
Gross RegGross
Gross RegNo. of
Registered
istered
No. of
No. of
D. W. T.
istered Tons
Lighters.
Tons.
Tons.
Freight Ships.
Tugs.
Shim.
Pass. Ships.
Atlantic Gulf & West Indies Steamship Lines
148,792
12 •
Steamshi . Co
Clyde
36
11,225
2
185
23
28,060
32,182
MallorySteamship Co
24
8,375
2
186
35,635
15
18,790
New York & Cuba Mail Steamship Co
32
6,557
1.061
53,090
6
18
40,158
Cia. Cubana de Navegacion
4,070
30
1
136
New York & Porto Rico Steamship Co
33,800
13
17.895
Southern Steamship Co
3
8,212
Jacksonville Lighterage Co
2,471
16
113
_
San Antonio Co
20
The Santiago Terminal Co
500
.5
84
109,025
307.589
MISCELLANEOUS EQUIPMENT.
Launches and Motor Boats 9
Barges 1
Coal Holsters 3
MARINE EQUIPMENT OWNED AND OPERATED BY ATLANTIC,
GULF AND WEST INDIES STEAMSHIP LINES AND SUBSIDIARY COMPANIES
-DECEMBER 31 1922.
Atlantic, Gulf and West Indies Steamship Lines.
Vessel.
D. W. T.
Vessel.
D. W. T.
Tankers:
Tankers:
Agwibay
12,623
Agwipond
12,623
Agwihavre
12,900
Agwisea
12,623
Agwilake
12.623
Agwismith
15.050
Agvrimars
10.600
Agwistone
15,050
Agwimex
Agwisun
12,900
10,600
Agwimoon
Agwiworld
10.600
10,600
Clyde Steamship Company.
Passenger Vessels.
G. R. T. Freight Vvessels.
D. W. T.
Algonquin
2.382 Altamaha
3.540
Apache
4.145 Cheppewa
3.100
Arapahoe
4,145 Delaware
1,800
Comanche
3,856 Inca
2,065
Huron
3,318 Kiowa
2.990
Iroquois
3,601 Katandin
3.100
Mohican
Lenape
2.570
41' 41 73 Norfolk
5 29
:6
Mohawk
2,515
459 Pawnee
City of Jacksonville
1,800
Osceola
474 Philadelphia
2,515
Yaque
2,065
Mallory Steamship Company.
2,934 Agwidale
Comal
7,410
Concho
3,724 Alamo
2.885
6,063 Lampasas
Henry R. Mallory
2.885
6,069 Medina
San Jacinto
7,000
Nueces
3,290
Ocmulgee
3,540
Ossabaw
3.540
San Marcos
2,865
Santiago
2,220
New York and Cuba Mail Steamship Company.
4,764 Agwistar
Esperanza
7,410
6,362 Antilla
Mexico
5,355
4,729 Bayamo
Monterey
4,816
Morro Castle
6,004 Camaguey
5,355
7,582 Cauto
Orizaba
4,970
7,582 Guantanamo
Siboney
5,060
Yucatan
3,135 Manzanillo
2,800
Matanzas
4,185
Panuco
4,970
Santiago
5,370
Yumuri
2,800
CURRENT NOTICES.
15
Dredges 1
1.701
143
,
New York and Porto Rico Steamship Company.
3,506 Carib
3,512 Choctaw
6,576 Corozal
4,301 Isabela
Manta
Mariana
Montoso
Ozama
Sioux
Southern Steamship Company.
Algiers
G. H. Flagg
Shawmut
SERVICES
-DECEMBER 31 1922.
Clyde Steamship Company.
Boston-Charleston-Jacksonville (Freight)
New York-Wilmington-Brunswick (Freight)
New York-Charleston-Jacksonville (Freight and Passengers)
New York-Santo Domingo (Freight and Passengers)
New York-Haitian (Freight)
New York-Virgin-Windward-Leeward Islands (Freight)
New York-Guianas (Freight)
Jacksonville-Miami (Freight)
Jacksonville-Sanford-St. John River (Freight and Passengers)
New York-Baltimore (Freight)
Ponce
San Juan
San Lorenzo
Porto Rico
33,198
3,000
3,000
4,700
4,700
3,000
4,700
4,700
3,000
3,000
2,500
3,800
1,912
Mallory Steamship Company
New York-Tampa-Mobile (Freight)
New York-Key West-Galveston (Freight and Passengers)
New York and Cuba Mail Steamship Company
New York-Nassau (Freight and Passengers)
New York-Havana (Freight and Passengers)
York-Cienfuegos
New
-Guantanamo-Manzanillo-Santiago de Cuba
(Freight)
New York-Havana-Progreso-Vera Cruz-Tamipco (Freight and Passengers)
New York-Havana-Progreso-Vera Cruz-Tampico-Puerto Mexico (Freight)
-Havana, Calbarien-Cardenas-Matanzas-Sagua-Nuevitas-AnNew Orleans
tilla, etc. (Freight)
New Orleans-Havana-Cienfuegos-Manzanillo-Ouantanamo-Santiago de
Cuba, etc. (Freight)
-Tampico-Vera Cruz-Progreso-Tuxpam-Puerto Mexico. etc.
New Orleans
(Freight)
New Orleans-Vera Cruz
-Tampico (Freight and Passengers)
New York and Porto Rico Steamship Company
New York-Porto Rico (Freight and Passengers)
New Orleans-Porto Rico (Freight)
•
Southern Steamship Company
Philadelphia-Houston (Freight)
-R. F. De Voe & Co., Inc., announce the opening of a branch office at
Street, Albany, N. Y., in charge of William J. Maier, resident
-Robert R. Forgan,formerly Vice-President of the National Gity Bank 50 State
Vice-President.
of Chicago, and John R. Gray, formerly Manager of the bond department
-Stanley L. Phraner who has been on the "Wall Street Journal" for
of the National City Bank, announce the organization of Forgan, Gray &
Co.. Inc. The new company will do an investment banking business and several years. covering steel equipment and other industrial companies,
has joined the staff of the N. Y. News Bureau Association.
has its offices at 105 South La Salle Street, Chicago.
-Irving Bank-Columbia Trust Co. will act as trustee under agreement
,-Arthur F. Bonham,formerly with Theodore L. Bronson & Co., is now
securing an issue of 83,000.0008% 15-year income bonds
In charge of the bond and unlisted securities department of Billings, Olcott dated Jan. 1 1923,
of the Haytian Corporation of America.
& Co.
•
Russell, Miller & Carey, members of the New York Stock Exchange,
-A. V. Howell. formerly Vice-President and Manager of the bond department of the Winters National Bank 01 Dayton, Ohio, has be3n ap- have prepared an analysis of Cuba Cane Sugar Corporation with particular
reference to its present position and future prospects.
pointed Sales Manager of Stearn Bro.. & Co., Kansas City.
- B. IIathaway & Company, dealers in motor and tire stocks have
R.
-Guaranty Trust Co. of New York has been appointed Registrar for
their offices to 5 Nassau Street.
the Common Class "A" stock of The Duz Company, Inc., consisting of removed
-Bankers Trust Co. has been appointed Registrar of the 7% Cumu200,000 shares without nominal or par value.
Preferred and Common Stock of Andersen, Meyer & CJ., Ltd.
-H.Hentz & Co. announce the removal of their office to the 17th floor lative
- M.Bancroft has been appointed Manager of the buying department
E.
of the new New York Cotton Exchange Building, Hanover Square. 'Phone
of the H. D. Fellows Company, Chicago.
Bowling Green 3940.
-Tobey & Kirk announce that Frederick W. Ingalls has become assoThe United States Mortgage & Trust Co. has been appointed Transfer
ciated with the sales department of the firm.
Agent of capital stock of The Duz Company, Inc. •
-Charles G. Duryee has become associated with the bond department 11-John B. Thayer has become associated with the Union National
Corp., municipal bonds, 67 Wall St., New York.
of Lage & Co.
2155
THE CHRONICLE
MAY 12 1923.]
ANTON JURGENS' VEREENIGDE FABRIKEN
(Anton Jurgens' United (Margarine) Works.)
A Limited Company incorporated under the Laws of the Netherlands.
SUMMARIZED REPORT OF THE MANAGING DIRECTORS TO THE SUPERVISORY DIRECTORS.
into 1922, and as
The depression shown by the economic and political conditions during 1921 continued'uninterruptedly
had a considerable influence on the commercial barometer.
was to be expected,
affected and the
So long as the purchasing power of the people in the greater part of Europe continues to be adversely
factors, it cannot be expected that we shall see a return to the muchvalue of money remains one of the most unreliable
desired normal development of trade.
paths, were cerIn the past year Trade and Industry, which during the last few years have had to tread very uneven
tainly not free from difficulties.
the Margarine
We are, however, pleased to report that the difficulties felt by our Subsidiary Companies engaged in our Subsidiary
industry were not due to general stagnation in trade. The sales of margarine in all the countries in which
Companies are carrying on business were satisfactory.
successThe measures taken to avoid the risks of loss in connection with the fluctuation in the rates of exchange were debased
a
ful, so that the desired object of calculating the selling price of margarine on a gold basis, even in the countries with
currency, was achieved.
the raw
During the second half of the past year a gradual improvement took place in the ratio between the cost price of
materials required for the margarine business and the selling price of the finished product.
reorganized
The manufacturing and administrative organizations of our Subsidiary Companies have been very radically
future
and adapted to the changed conditions of trade. The results only partially affect the accounts now presented, but the
will gradually show a greater reduction in expenses.
DirecThe Extraordinary General Meeting of all Shareholders held on the 30th May, 1922, empowered the Managing
conditions
tors to make an issue of Fl. 40,000,000 of Convertible Secured 6% Debentures redeemable within 25 years. The
placed
of this Debenture issue are contained in the Prospectus relating thereto. Messrs. White, Weld & Co. of New York The
Fl. 30,000,000 and Fl. 10,000,000 were placed by Messrs. Hope & Co. and the Rotterdamsche Bankvereeniging.
Trustee of this issue is N. V. Nederlandsch Administratieen Trustkantoor of Amsterdam. We propose to write off against
the Reserve Funds, Fl. 4,816,715.32, Discount on and Expenses in connection with this issue.
The vacancy in the Managing Directorate of the Company caused by the retirement as.from 31st December, 1921, of
Mr. Gerard Jurgens was filled by the appointment at the following General Meeting of Ordinary Shareholders of Mr. Emile
Jurgens, who has occupied a prominent position in the management of the Company for a number of years.
We must again express our thanks to the Managers of our Subsidiary Companies for the efforts put forth to further the
interests of the Company.
We now beg to submit to you the Balance Sheet and Profit and Loss Account,from which it will be seen that the
6,422,311.25
1,680,667.75
Sterling Equivalent.
s. d.
535,192 12 1
140,055 12 11
8,102,979.00
675.248 5 0
Florins.
Company's operations have resulted in a net profit of
To which has been added the amount brought forward from last year (after deduction of tax on Dividends 1921)
Which it is proposed to allocate as followsFl. 1,716,600.00 £143,050 0 0
6% Dividend for the year 1922 on the 6% Cumulative Preference shares
"
0
6% Dividend for the year 1922 on the 6% Cumulative Participating B" Preference
"2.059,488.00
171,624 0 0
shares
6% Dividend for the year 1922 on the 6% Cumulative ParticIpating"C" Preference
" 1,200,000.00
100,000 0 0
Shares
4,976.088.00
414,674 0 0
Fl. 3,126,891.00
.
Leaving a Balance of
£260,574 5 0
We propose not to declare a dividend.on the Ordinary Shares but to carry forward the above-mentioned balance to next
year.
Provision has been made for the Tax on Dividends 1922.
The results of the first few months of 1923 are satisfactory, but it has been decided not to pay any interim dividends.
REPORT OF THE SUPERVISORY DIRECTORS TO THE SHAREHOLDERS.
We are sure that the Shareholders will be pleased to see from the Directors Report that our subsidiary undertakings
are gradually returning to more satisfactory conditions, with the arrangements which have been made to meet the altered circumstances of trade.
We agree with the proposal made by the Directors that Fl. 4,816,715.32 Discount on and Expenses of the Issue of the
6% Debentures should be written off out of the Reserve Funds and we recommend that you should approve such proposal.
You will see that the Directors recommend that no dividend should be declared upon the Ordinary Shares and this proposal meets entirely with our approval.
Thanks are due to the Managing Directors for their excellent administration of the Company's affairs.
We much regret that our colleague, Mr. A. D. de Maxez Oyens, has indicated his desire to retire, owing to his advanced
age.
We are loath to lose his valuable co-operation and advice, and we are sure that the shareholders, in accepting his resignation, will join with us in our expression of thanks to Mr. de Marez Oyens for his past services and the willingness he has
always shown to forward the Company's interests on every occasion and give it the benefit of his ripe experience.
BALANCE SHEET 31ST DECEMBER 1922.
CAPITAL AND LIABILITIES.
Florins
Nominal Capital
40,000 6? Cumulative Preference Shares of f. 1.000 each
40,000 6 0 Cumulative Participating "B"Preference Shares off. 1,200 each
ar
40,000 6 Cumulative Participating"C"Preference Shares off. 1,000 each
60,000 Ordinary Shares off. 1,000 each
100 Priority Shares off. 1,000 each
Sterling Equivalent
s. d.
6 8
0 0
6 8
0 0
6 8
40,000,000.00
48,000,000.00
40,000,000.00
60,000,000.00
100,000.00
188.100,0)0,00
Issued Capital
28,610,000.00
28,610 6 Cumulative Preference Shares of f. 1,000 each
28,604 8 Cumulative Participating "B"Preference Shares off. 1,200 each 34.324,800.00
20,000 6% Cumulative Participating"C"Preference Shares off. 1,000 each 20,000,000.00
32,627,000.00
32,627 Ordinary Shares off. 1 000 each
100,000.00
100 Priority Shares off. 1, 00 each
6% Debentures, 1922__________________________________________________
Sundry Creditors _______________________
Reserve for Interest on Ur; beientures 1922
Dividend and Interest Coupons and 5% Debentures 1906 unpaid
24,779,143.6.3
Reserve Funds
-eziWs, ii% tietientiures 1452
issue hXp
4.816,715.32
-- o
Less Discount
S. d.
3,333,333
4,000,000
3,333,333
5,000,000
8,333
15,675.000 0 0
2,384,166
2,860,400
1.666,666
2,718,916
8,333
115,661,800.00
40,000,000.00
450,070.50
1,400,000.00
103.250.27
19,962,428.31
13
0
13
13
6
4
0
4
4
8
2,064,928 12 9
401,392 18 10
9,638,483
3,333,333
37,505
116,666
8.604
6
6
17
13
3
8
8
6
4
9
1.663.535 13 11
935,415.77
8,102,979.00
77,951 6 3
675,248 5 0
Fl. 186,615,943.85
ASSETS.
Shares in various undertakings ______________________________________
114,816,201.22
Factory: Buildings, Machinery, &c ________________
1,400,000.00
_
Balance of Accounts with Associated Companies
56,310,508.97
Debtors-Dividends and Interest due __________________________________ 5.644.917.91 '
8,405,644.59
Bankers
38,671.16
14.089.233.66
Sundry
£15.551,328 13 1
Reserve for Deprechition Factory Buildings, Machinery, &c
Profit and Lass Account
Fl. 186.615.943.85
9,568,016 15 4
116,666 13 4
4,692,542 8 4
470.409 16 6
700,470 7 8
3,222 11 11
1.174,102 16 1
£15,551.328 13
2156
THE CHRONICLE
[Vor,. 116.
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER, 1922.
Florins
To Expenses
" Interest on 5% Debentures, 1906
" Interest on 64 Debentures, 1922
Less Interest Received from Subscribers Thereto
1,400.000.00
18,333.33
" Interest on Loans
" Reserve for Depreciation Factory: Buildings. Machinery, &c
" Balance Net Profit
153.684.86
33.750.00
1,381,666.67
Sterling Equivalent
d.
s. d.
f2,807 S 6
i
2.812 10
116.666 13 4
115,138 17 9
1,527 15 7
1,093,995.67
82,750.00
8,102,979.00
Fl. 10,848,826.20
91,166
6,895
675,248
E904,068
6 1
16 8
5 0
17 0
By Balance Brought Forward from 1921
Deduct Tax on Dividends 1921
2,062,366.72
381,698.97
Sterling Equivalent.
s. d.
171,863 17 10
31,808 4 11
By Balance of Income Account
1,680,667.75
9,168.158.45
140,055 12 11
764,013 4 1
Fl. 10,848,826.20
£904.068 17 0
Fl. 8,102,979.00
£675,248 5 0
Florins.
By Balance
HARTE VAN TECKLENBTIRG,
ANTON JURGENS,
Audited and found correct.
A. D. DE MAREZ OVENS,
Supervisory FRANS JURGENS,
Managing
BOARD OF SUPERVISORY DIRECTORS.
W. WESTERMAN,
Diredors. RUDOLF JURGENS, Directors.
HARTE VAN TECKLENBURG,
C. E. TER MEULEN,
EMILE JURGENS.
Chairman.
I. IJSSEL DE SCHEPPER.
(For the purpose of arriving at the Sterling equivalent the exchange has been taken at 12 Guilders (florins)= £1.)
tr United Dyewood Corp.-New Officer, &c.
-
De Witt Clinton Jones has been elected Vice-President, succeeding A. S.
Blagden.
Le Roy W. Baldwin of the Empire Trust Co., B. C. Fuller and George
P. Thomas have been elected directors, succeeding August S. Blagden,
F. N.B. Close and Edward R. Tinker.
-V. 112. p.2743.
U.S. Finishing Co.
-Annual Report.
Calendar Years
Year ended
1922.
1921.
1920.
June 3020.
$8,273.226 37.745,311 810,616,128 812,805,007
7,404,869 6,863.828 10,278,813 10,514.155
Net
$868,357 .$881,483
$337,315 $2.290,853
Other income
181.979
55,089
144,939
207,480
Total income
$1,050,336
$936.572
$482.254 $2,498,333
General taxes
141.132
144,750
143,858
130,022
Bond interest
91,412
96,569
99.142
100,350
Loss on Liberty bonds_ _
57,637
57,120
Federal taxes
83,729
38,815
256,421
9.558
Net profit
$734,063
$656,438
$172,059 81,954,420
-V. 116. p. 1424, 86.
PeriodGross income
Cost of operation
United Verde Extension Mining Co.
-Production.
Month of-
April 1923. Mar. 1923. Feb. 1923. Jan. 1923.
Copper output (lbs.)- - 3,759,160
3,621,074
3,083,500
3,220,306
-'V. 116, p. 2019, 1661
Vacuum Oil Co.
-Employees May Purchase Stock.
-
The directors have approved a plan. effective May 16,
are permitted to purchase stock in the company up to whereby employees
of their annual
salaries, the amount to be deducted in installments from20%weekly pay-roll.
the
For each dollar subscribed by the employee the company will subscribe
50 cents. The plan will operate for 5 years (see also V. 115,
p. 1848).V. 116. p. 1661.
Van Sveringen Co.
-Notes Called.
-
The company will redeem and pray on June 1 $275.000 of the outstanding
let Mtge. & Coll. Trust 7% Gold notes, dated June 11922. at 101 and int.
at the Guardian Savings & Trust Co., trustee, Cleveland, 0.-V. 115.
v. 2169.
Victor Talking Machine Co.
-Annual Report.
-
President Eldridge R. Johnson says in substance: The results of operations for 1922 were truly remarkable when the quantities of instruments
and records dumped on the market at cost or less by competing concerns
in financial difficulties Is taken into consideration. The financial condition of the company is strong, and in the opinion of the directors warrants
proceeding with long-planned extensions. One of these extensions, the
erection of a new record pressing plant
-an 8
-story building of reinforced
concrete, 435 ft. long, is in course of construction and expected to be
ready for occupancy by July 1.
The most noteworthy change in the balance sheet Is the capitalization
of the major portion of the surplus (by the declaration of a 600% stock
dividend) as authorized by the stockholders Oct. 23 1922.
The directors look forward to 1923 with great confidence that the
growth of the company's business and earnings will continue satisfactory.
Balance Sheet Dec. 31.
1921.
1922.
1022.
1921.
Assets
Plants, mach.,dec_11.415,164 12,301,188 Stock:
Parts & tory rts__
1 Preferred (7%).
1
1.900
1,900
Matrices
1
1 Common
34.998,000 4,999,000
Investments
4,568,127 1,611,084 Accts. pay. incl.
Trust funds (cash
prov. brine. taxa6,916,644 7,074,830
& investments) _ 167,110
167,110Surplus
3,818,348 31,351,024
Deferred charges__ 330,441
309.915
Inventory
8,086,692 13,061,268
Notes & accts. rec _ 6.270,077 8.102,647
Marketable secure. 6,261,901 3,648,905
Cash
8,635,377 4,224,636 Tot.(each aide).45,734,892 43,426,755
a Includes the remaining amount payable on call on subscription to
capital stock of the Gramophone Co., Ltd. (£637,500, converted at the
prevailing rate of exchange as of Dec. 30 1922.
pa Note.
-Common stockholders of record Oct. 31 1922 received a 600%
stock dividend in Common stock.
-V. 115, p. 2805.
Weber & Heilbroner.-New Directors.
-
Jules Leeds, Vice-Pres. of the Manhattan Shirt Co., and Irwin
Heilbroner have been elected directors -V. 116. p. 1424.
Washington (D. C.) Gas Light Co.
-Bonds Offered.
Harris, Forbes & Co. and National City Co. are offering at
par and interest $4,000,000 10
-Year 6% Mortgage Gold
Bonds, Series A. (See advertising pages.)
Dated April 2 1923. due April 1 1933. Int. payable A.az
and Washington. D. C., without deduction for any normal0.in New York
Federal income
tax to an amount not exceeding 2%. Non-callable. Denom. $1,000 and
$500 c*. Riggs National Bank, Washington, D. C., trustee.
-Authorized by District of Columbia P. U. Commission.
Issuance.
Data from Letter of Ord Preston, Vice-President of the Company.
Company.
-Does entire gas business in District of Columbia except
to the extent that its subsidiary, the Georgetown Gas Light Co., similarly
serves that portion of the District known as Georgetown. In addition,
company directly or indirectly controls certain small companies which
supply gas to several adjacent communities in the States of Maryland and
Virginia. Business has been established for more than 74 years and the
presentjopulation served directly and through affiliated companies is
estimot
to exceed 475,000, owns 2 gas manufacturing
plants having a
combined daily rapacity of about 25,000,000 Cu. ft.. from which gas is
distributed through over 574 miles of gas mains serving 82,691 meters and
through 128 miles of subsidiary companies' mains serving 9,868 meters.
Earnings Year Ended March 31 1923.
Gross earnings
$4,871,525
Net, after operating expenses, including maintenance dr taxes
985,660
Annual interest charges on funded debt,including present issue_
499,975
,
0
Balance
$485,685
CapitalizationAuthorized. Outstanding.
Capital stock (par $20) paying 18% dividends---- $2.600,000 $2,600.000
General (now 1st) Mtgo. 5s, 1960
Closed
x5,199,612
10-year 6% Mtge. bonds (this issue)
15,000,000
4,000,000
x Including $112 of non-interest bearing scrip.
Purpose.
-Proceeds will be used in part to provide for the redemption
on July 1 1923 at 103 and int., of 31,200,000 7 Si% gold notes now outstanding and in part to provide the sum of 61,000,000 which will be deposited with the trustee under the new mortgage and which may be drawn
upon from time to time by the company to reimburse it for expenditures
made subsequent to Feb.28 1923 for additions and extensions to its property.
The remaining will be used to reimburse the company for expenditures made
prior to Fob. 28 1923 for additions and extensions to its property not
previously made the basis for the issuance of bonds, and for other corporate
purposes.
-V. 115. p. 2280.
West Side Lumber Co., Tuolumne, Calif.-Pref. Stock.
The stockholders will vote June 25 on creating an issue of $3,000,000
Preferred stock, par $100. The company at present has an autnorized issue
of $1,500,000 Common stock (all outstanding).
White Motor Co.
-New Director.
-
Robert W. Woodruff has been elected a director.
-V. 116, P. 1661.
White Oil Corp.
-Earnings (Incl. Subsidiaries).
Results for Quarter Ended March 31 1923.
Revenue
Expenses, taxes, &c
Interest
Net earnings before depreciation, depletion, &c
-V. 116. p. 2020.
$1,091,339
840,549
44,717
$206,073
Whitman Mills of New Bedford, Mass.
-Div. Increased.
The directors have declared a quarterly dividend of $3 per share, payable
May 15 to holders of record May 1. On Feb. 15 last a dividend of $250
-V. 116, p. 190.
per share was paid.
(C. H.) Wills Co.
-Sale Ordered.
The sale of all the property of this company, makers of Wills St. Claire
cars, has been ordered by Federal Judge C. C.Simons to take place June 6
at Marysville. Mich.
-V. 116, p. 1908.
Willys-Overland Co.
-Notes Reduced Since March 31
1923 to 6,943,000
-New Bond Issue Authorized-Results for
Quarter.
The stockholders were told at annual meeting that $14,059,575 1st
Mtge. & Coll. Trust 7% Gold notes, due Dec. 1 1923, have been reduced
by two payments since March 31 1923 to $6,943,000.
The stockholders have authorized an issue of $15,000,000 bonds.
Results for First Quartet of 1923.
Estimated earnings for the quarter
$2,729,469
Overlands.
Knights.
Cars sold for period
28,168
10,862
Comparative Balance Sheet.
Mar.31'23 Dec.31'22
Mar.3123 Dec.31 '22
Assets$
Lia5lIftles$
Real estate, mach.,
Preferred stock __ _22,049,500 22,049,500
eic
x27,366,184 29,509,327 Common stock. __ 53,999,606 53,999,606
pats.,&c
Goodwill,
1
1 Pref, stock of sub.
Inv.in Mill. & 0th.
219,400
companies
219,400
1,790,936 1,314,976 Gold notes
14,059,575 15,968,900
companies
Inventories
27,816,594 24,171,209 Stock perch. cont_ 1,069,380 1,069,380
Miscell. notes &
Notes payable_
825,000
accounts rec _ _..
22,550
284,995 Accounts payable. 8,061,193 1,093,465
1,039,361
Trust fund
47,770 Payrolls
108,056
287.009
Notes & accts. rec. 4,240,510 2.798,948 Dealers' deposits.. 503,863
500,192
6,082,217
272,054 Price adjust., &c._ 173,083
Cash
353,082
238,420 Other liabilities_ _ 1,022.989
Deferred charges
205,982
422,070
Deficit
40 505,670 43,231,300 Taxes,int.accr.,&c. 625,103
261,049
Res. for coining 3,590,0 6 3,611,786
Inventory reserve.. 1,705,851 1,208,560
Total
108,119,000 101869,000
Total
108,119,000 101869,000
x Land, buildings, machinery, equipment. &c., $39,153,485, less
$13,883,227 for depreciation and allowance for loss.
-The company was reported contingently liable as endorser on
Note.
notes, acceptances, &c., at March 31 1923 in the amount of 814,851,769.
Dividends on the 7% Cumul. Pref, stock of the company have been paid
to Oct. 1 1920, the accumulated dividends amounted to $3.858,663 at
March 31 1923.-V. 116. p. 1773, 1661.
(F. W.) Woolworth Co.
-April Sales.
-
l93
-April
---l922. Increase. I 1923-4 Mos.-1922. Increase.
$1/,3 940.314 $13.439,278 $501,0361$52,002,813 $44.900,755 $7,102,058
-1 116, p. 1661, 1079.
CURRENT NOTICES.
VERY COMPREHENSIVE TABLES OF BOND. VALUES.
-The
"Acme Tables of Bond Values," just published by the Financial Publishing
Co. of Boston, cover an unprecedentedly wide scope, the combining in a
single volume both progressions of yields
-.05 and 8ths-with semi-annual
maturities to 75 years and 5-year periods 75 to 100 years. Values are carout to six decimal places, thus affyrding a degree of accuracy adequate
ried
for amortization and actuarial work
2157
THE CHRONICLE
MAY 12 1923.1
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-ETC.
-WOOL
-DRY GOODS
PETROLEUM-RUBBER-HIDES-METALS
COMMERCIAL EPITOME.
The introductory remarks usually appearing here will be found
to-day in an earlier part of the paper, immediately following the
editorial matter, in a new department headed "INDICATIONS OF
BUSINESS ACTIVITY."
Friday Night, May 11 1923.
COFFEE on the spot quiet; No. 7 Rio 113/2c.; No. 4
Santos 15@153/e.; fair to good Cucuta 15%@15%
lc. Fu2
tures declined early in the week with lower Rio and Santos
cables and depression in stocks, grain, cotton and other commodities. Firm offers were lower. On the 8th inst. prices
declined with Rio Janiero lower and longs here selling freely.
Later prices declined under lower cables and further liquidation in a narrow market. Coffee does not lack bullish
features of supply and consumption but it does lack speculative interest. It is to all appearance a trader's affair for the
time being. To-day prices declined under lower cables and
further liquidation. Some have an idea that Government
stocks are being sold in Brazil at lower prices. No. 7 Rio
was said to be offered at a decline for prompt shipment. On
the other hand a private business dispatch said "New crop
late. Arrivals until the end of June will be premature falling off trees and damaged, also unripe." Of course this is
given for what it is worth. The visible supply in the United
States is now only 581,806 bags against 1,230,000 a year ago,
and 1,950,000 a this time in 1921. During the past 10
month, it is pointed out, deliveries of Brazilian coffee have
averaged 579,000 bags a month. Closing prices show,
however, a decline for the week of 61 to 82 points.
Spot (unofficial)_ - _11% July
9.48+ nom December _ 8.00+ 8.01
May
9.48+ nom September 8.28+ 8.29 I March _ _ -- 7.97+ nom
SUGAR.
-Cuban raws advanced later but were dull early
in the week at 63(c., with refined slow at 9%c., as against
53'c. a year ago. Speculative markets in general were falling sharply. There was a certain degree of suspense in regard to the outcome of the U. S. Government's effort to secure a permanent injunction against the Sugar Exchange,
the hearing on which came up on May 7. But the "Mercurio" of Havana estimated the Cuban crop at 3,604,000
tons, as against that newspaper's recent estimate of 3,745,000
tons, although seemingly with little effect.
Late last week the retail price of refined sugar fell in one
case to 8c. in 5-lb. lots. More than 2,000 delegates of the
New York City Federation of Women's Clubs, representing
the sentiments of a half million membership, voted to use
a minimum of sweets and called upon President Harding to
see that his sugar investigation went to the bottom of the
question. The New Jersey State Federation of Women's
Clubs, with 40,000 members, also voted to shun sugar. A
minimum sugar pledge was distributed to delegates from 250
women's organizations at a meeting at the City Hall.
On the 8th inst. futures advanced on the idea that the Government had failed to make out a case at the hearing on the
7th in the matter of a permanent injunction against the Exchange. Cuba sold at 63c., c. & f., and Porto Rico about
due at 7.78c., c. i. f., or equal to 6c. for Cuba. Cuban has
the preference over duty-free raw sugars because of the
drawback on export sales of refined. On the 9th inst. Cuban
raws sold up to 63sc. Foreign markets were strong. Late
/
in the day it was announced that the Court had denied the
U. S. Government's suit for a permanent injunction against
the Sugar Exchange. It was rumored tfiat 10,000 tons had
been sold to Italy; 2,000 tons were sold, it was said, on the
8th inst. at 7.75c., f. a. s. Receipts at Cuban ports for the
week were 105,049 tons, against 122,622 tons in the previous
week, 196,905 in the same week last year and 131,891 two
years ago; exports, 107,801, against 121,104 tons last week,
161,648 in the same week last year and 48,493 two years ago;
stocks, 753,403 tons, against 756,155 in the previous week,
1,032,548 in the same week last year and 1,155,255 two years
ago. Centrals grinding numbered 55, against 87 in the previous week, 148 last year and 195 two years ago. Eight
more sugar mills in Cuba have stopped grinding, it was reported on the 9th inst. This makes 134 stopped out of a
total of 182 which began the campaign. At this time last
year 53 mills ceased work. Of the last 8 to close, 6 made
outturns below the estimates, while the other two reported
slight increases. To-day prices on futures declined 34
points. There were rumors that subpoenas had been issued
for the books of some sugar commission houses. The Government may appeal the case in the matter of the injunction.
Cuban raws on the spot were sold, it is said, quite freely at
63'c., with Porto Rico at 8.28. Refined was quiet at 9.75o.
to 9.90c. During the week futures have made a net rise of
38 to 40 points. Prices closed as follows:
lirot(unoffit14
6.21+ 6.23[December _ 5.70+ 5.71
ay
tember 6.26+ 6.28 I March
Y
- 4.57+
LARD lower; prime western, 11.35@11.45c.; refined to
Continent, 12.50c.; South American, 12.75c.; Brazil in
kegs, 13.75c. Futures declined with fears of,receipts liberal,
cables weaker, cash trade only fair, export demand slow,
and long liquidation large enough to have an effect. Later
prices rallied momentarily despite large receipts and lower
prices for hogs. The rise in grain told. So did covering
and the buying by commission houses. Packers sold.
On the 10th inst. prices fell with those for wheat. To-day
prices declined slightly. They show a net loss for the week
of 42 to 45 points.
DAILY CLOSING PRICES
Sat.
May delivery
cts_10.85
July delivery
11.00
September delivery_
11.25
OF LARD FUTURES IN CHICAGO.
Mon. Tues.
Wed. Thurs. Fri.
10.52
10.57
10.80
10.60 10.55
11.65
10.70
10.72
10.97
10.75
10.90 11.00 11.17
10.97
10.95
PORK steady; mess $27 to $27 50; family 832 to $33;
short, clear $22 50 to $27 50. Beef quiet; mess $16 to $17;
packet $17 to $17 50;family $19 50 to $21; extra India mess
$32 to $35; No. 1 canned roast beef, $2 25; No. 2, $4 05; 6
lbs., $15; sweet pickled tongues, $55 to $65 nom per bbl.
Cut meats quiet; pickled hams 10 to 20 lbs., 14 to 171 0.;
/
pickled .bellies 6 to 12 lbs., 1443.; bellies, clear dry salted,
boxed 18 to 20 lbs., 123 c.; 14 to 16 lbs., 133c.; 12 to 14 lbs.,
4
133'c. Butter, creamery, seconds to high scoring 42 to
413/2c. Cheese, flats, 223/ to 29c. Eggs, fresh gathered,
4
trade eggs to extra 25 to 32c.
OILS.
-Linseed quiet and easier. July-October raw oil,
it is said, could be had on a firm bid at $1 03 pr bbl. in carlots, cooperage basis. Spot carloads, 31 14 to $1 17; tanks,
$1 12; less than carloads, $1 20; less than 5 bbls., $1 23;
boiled, tanks, $1 14; carloads, $1 19; 5 bbl. lots, $1 22; less
than 5 bbls., $1 25. Cocoanut oil, Ceylon, bbls., 103. ®
103/20. Cochin, 10%c. Corn, crude, tanks, mills, 10c.;
spot, New York, 123'©123'c.; refined, 100 bbl. lots,
133 @l3%c. Olive,$1 15 to $1 17. Lard,strained winter,
New York, 133.jc.; extra, 130. Cod, domestic, 68 to 700.;
Newfoundland, 71 to 74c.; spirits of turpentine, $1 08 to
$1 10. Rosin, $6 10 to $7 95. Cottonseed oil sales to-day,
24,700, including switches. Crude, S. E., 9.750. Prices
closed as follows:
ay
June
1.3o@t
11.20
11.20
=
r
bel- R1 § 8.75
2
7
t..13:8110:8
( o
qct
-_-_ Septemoer-10.73 10.74 December_ 8.63 8.65
PETROLEUM.
--Crude oil is still weak. Some people
think that the bottom has been reached, while others look
for lower prices. Stocks continue large, and consumption
is below expectations. Gasoline consumption is increasing
and underlying conditions have improved somewhat. Export business, however, is sluggish. Bunker oil in better
demand and steady at $1 70 to $1 75. Kerosene quiet at
14c. in tank wagons to store. Export trade is light. New
York prices: Gasoline, cases, cargo lots, 28.25c.; U. S.
Navy specifications, bulk, per gal., 15c.; export naphtha;
cargo lots, 17.50c.; 63-66 deg., 19.50c.; 66-68 deg., 20.50c.;
kerosene, cargo lots, cases, 15)'c.; motor gasoline, garages
(steel bbls.), 223/2c. Crude oil prices are still falling. On
the 7th inst. the Ohio Oil Co. reduced prices of Wyoming
and Montana grades 10c. a bbl. All grades of North
Louisiana and Arkansas crude oil except Bellevue and
Smackover below 29 gravity, were cut 10 cents a bbl. by the
Standard Oil Co. of Louisiana on May 8.
P81111
$3 50 Ragland
$207
$I 10 Illinois
Corning
200 Wooster
Cabell
2 16 Lima
Somerset._
2 20 Indiana
Somerset. light --- 2 45 Princeton
2 15
228
2 08
2 07
thichton
Currie
Plymouth
Mexia
1 65
220
1 45
1 70
RUBBER declined for a time in sympathy with London.
The break in stocks here also had a depressing effect. Fac-
2158
THE CHRONICLE
tory demand is absent, and there is more disposition to sell
on the part of speculative operators than to buy. Early in
the week rumor had it that the restrictions were to be reMoved, but this was emphatically denied by London.
Smoked ribbed sheets and first latex crepe spot May and
/
June at one time were 2738c.; July-September, 273'8c.;
October-December, 2834e. Later, with London up, New
York advanced with May 28 Mc., June 283c., July-September 283/20. and October-December 290., with buyers
ready, it was said, to take hold more freely at Me. under
these prices. A new "low" for crude rubber was made on
the 7th inst. Spot smoked sheets were quoted at 293c.
Some business was reported at 29 Mc., a new low price on
the current movement. In London on May 7 rubber was
off )4d., with business at 1434e. for plantation standard.
A further reduction of 1,519 tons was made last week in
the London stocks, which, according to official returns, are
57,004 tons against 58,523 a week previous, 68,934 tons a
year ago and 69,172 in 1921. In London on May 8 prices
fell to 133/20., it was said. On the 10th inst. London advanced to 14 Md., or /d. higher.
HIDES--Frigorificos were dull and weak. The River
A
Plate reported sales of 6,000 La Blanca at $46, or 185 c.c & f.
Common dry hides were in moderate demand here and about
steady. Bogotas 22 to 223/20. Heavy dry hides have been
in rather better demand. Domestic hides as a rule have
been quiet; City packers dull; also country hides. Later
prices showed a downward drift, 26,000 frigorificos steers
sold at 1734c. Chicago was dull and rather depressed.
The Department of Commerce announced the total number
of cattle hides held in stock on Mar. 31 1923, by packers and
butchers, tanners, dealers and importers (or in transit to
them) amounted to 6,749,130 against 6,649,639 on Feb. 28
1923, and 5,662,09,7 on Mar. 31 1922. The stocks of calf
and kip skins amounted to 3,699,835 on Mar. 31 1923,
against 3,716.656 on Feb. 28 1923, and 3,880,864 on Mar.31
last year. Goat and kid skins numbered 7,779,359 on Mar.
31 1923; 7,960,484 on Feb. 28 1923 and 8,044,079 on Mar. 31
1922. The stocks of sheep and-lamb skins on Mar. 31 1923
amounted to 8,509,528 against 9,058,455 on Feb. 28 and
11,094,723 on Mar. 31 last year. Later hides in general
were rather weak. The River Plate reported sales of 4,000
Artiga frigorifico steers at 1834'c. c. &'f. At Chicago the
market was dull after the decline last week of Mc. on April
branded sole leather hides. Country hides there were
weaker. Northwestern lots of 45 lbs. and up hides were offered it seems at 123/2c. selected and extremes at 13 Mc. selected
delivered at Chicago. But the demand was slack.
OCEAN FREIGHTS were quiet and rates somewhat
depressed. The United Kingdom steamship lines have reduced rates 15 to 25% on some commodities and adopted
a new policy of secret rates, eliminating the services of
freight brokers.
CHARTERS included coal from Atlantic range to French Atlantic
port, 83 16, May loading; grain from Atlantic range to west coast of Italy
at 183ic.. option Montreal loading, 20%c., late May loading; lumber
from Gulf to Buenos Aires. $16 ICI. June loading; coal from Hampton
.
Roads to Montreal, $1 30, May loading: coal from Atlantic range to
Piraeus, $4 75, May loading; coal from Atlantic range to Marseilles, $3,
May loading; coal from Atlantic range to Antwerp, $3 25, May; sugar
from Cuba to United Kingsom, 22s., late May; coal from Hampton Roads
to River Plate. 17s. 6d., May; one round trip in New York and west coast
South America trade, $2. May; 12 months time charter in general trades.
-ton steamer. $1. May; one round trip in intercoastal trade, $1 50,
4.332
May; ore from Chile to New York, 20s., May; ore from Demerara to
north of Hatteras port, $4 50. May;coke from Atlantic range to Antwerp.
$4 86. May; coal from Atlantic range to rench Atlantic port, $3 25.
May; coal froin Hampton Roads to Rio Janeiro. $.3 50, Welsh form, May;
coal from Atlantic range to French Atlantic. $2 75, prompt; one round
trip in United States west coast South America trade. 1,584-ton steamer,
$1 40, delivery Gulf for May loading.
TOBACCO has recently been firmer with a rather better
demand,and supplies in not a few cases more or less depleted.
Not a few are looking for a better trade in the near future.
Things seem to encourage that expectation. Buyers have
been holding off for a good while. Their supplies must have
become reduced. Before very long the new crop will be
moving in quantity. The trade is awaiting this event with
no small interest. Most of the 1922 crop of Pennsylvania
has been sold-that is, some 90% of it-which is doing
better than last year. At the first four sales in Holland and
Amsterdam, it is stated, high record prices were obtained,
averaging about 20% above those of 1922.
-At New York tide water prices have been deCOAL.
clining. Holders were asking for bids. Exporters on the
other hand were inquiring for 30,000 to 40,000 tons. Pier
Pool No. 1, Navy standard, $6 50 to $6 75. Anthracite
f. o. b. mines, company broken, $7 75 to $8 35. Connellsvile coke was weak; standard furnace was selling at $5 50
on the Pennsylvania and $6 on the Baltimore & Ohio; foundry about $6 75. Later on, though, the market was quiet,
it had a more hopeful tone. Hampton Roads was active.
Not a few are looking for a better export trade. Pool No. 1,
Hampton Roads, is now $6 75, with a good deal of business,
it is said, at higher prices, i. e., $6 85 to $7.
0
[voL. 116.
COPPER quiet and lower. Electrolytic is quoted at
163/2e. by most producers, while second hands, it is said,
/
are willing to do business at 163go. London has also been
declining. The demand from fabricators is disappointing,
owing to labor troubles and a falling off in new business.
Copper exports are very small. Thus far this month they
are less than half those up to the same time last month.
Later electrolytic declined to 164c. Sales, it is said, were
made to Germany and France during the week at this price.
TIN declined both here and in London. Drastic declines
in other non-ferrous metals and also in rubber, which is
also a product of the Malay States, have all 'helped to
%
depress the tin market. Spot Straits, 437 c.
LEAD quiet and lower. On the 9th inst. the American
Smelting Co. reduced its price of lead $5 per ton to 7.25c.
per pound in New York. This is the fourth time that that
company has made such a reduction since April 19. But
Spanish lead has been offered quite freely at 7.25 to 7.30c.
at New York previous to this reduction. East St. Louis,
7.10 to 7.15c.
ZINC, like other metals has been quiet and lower; spot,
New York, 7.15 to 7.20c.; East St. Louis, 6.95 to 7c.
STEEL has been none too steady after some recent easing
of prices, but it is in less demand. Production is gaining as
demand subsides. Prompt steel premiums are a thing of
the past. New buying is either light or on only a fair scale,
as in the case of plates, shapes and bars. Independents,
however, are disposed to meet prices recently named by the
U. S. Steel Corporation. Consumption is still large; new
business is another matter. It is said that the foreign steel
situation has no small effect on the steel business on this side
of the water. Buyers' aloofness here is declared in some
quarters to be due to declining prices in London for instance.
And towards the close of the week prices in this country
were reported drifting downward. New orders fell off. Black
sheets dropped $3 a ton at Pittsburgh; now 3.85c. Steel
bars also fell $3 at Chicago; now 2.69c. Bars at Pittsburgh
2.50c. Iron and scrap steel prices are down. But railroads
are buying steadily, taking plates, cars, locomotives, &c. It
is in other directions that demand lags.
PIG IRON has been dull and yet output increases. New
buying is much smaller. It seems that more furnaces have
resumed or are about to do so. The Hanna Furnace Co.
at Detroit resumed work after a two or three weeks idleness,
due to an explosion. Two furnaces have just been blown in
in the Buffalo district. Meanwhile, the transportation situation is but little better. Shipments to New England
points are much delayed by embargoes. The labor supply
in the iron industry keeps up better than was expected.
And prices have been as a rule maintained. Many furnaces,
it seems, are busy, and none are too anxious about new orders at the moment. The composite price has remained at
$30 79 for a month past in the face of declining steel price
composites. Eastern Pennsylvania and Birmingham centres have been especially firm. Buffalo, however, quoted at
The Chicago
$29 minimum as against $30 a few weeks ago.
district's maximum is now $32, against $33 recently.
WOOL at New York has been quiet and irregular. Some
crossbreds weakened somewhat. Some small advance in
territory wool was reported. Buenos Aires high quarter,
low quarter and Lincolns eased a little with demand small
fine
for artificial Astrachan. Ohio and Pennsylvania here560.;
delaine, 56 *to 58c.; XX, 52 to 54c.; 3/2-blood, 55 to
%-blood, 52 to 53c.; Yi-blood, 50 to 51c. Territory, clean
basis, fine, fine medium staple, $1 45 to $1 50; clothing,
05 to
$1 33 to $1 36; 34-blood, staple, $1 35; Vs-blood, $1 super,
1 -blood, 96 to 99o. Pulled, scoured basis, A
$1 09; 4
86c.;
$1 20 to $1 24; B super, $1 02 to $1 07; C super, 80 to clean
domestic mohair, best combing, 78 to 85c. Australia,
basis, in bond, 64-70s, combing, $1 19 to $1 21; 64-70s,
carding, $1 10 to $1 14. New Zealand, grease basis, in
bond, 56-58s, super, 50 to Mc.; 50-56 super, 47 to 49c.
Buenos Aires, greasy basis, in bond, III (higher quarter),
30 to 32e.; nr (low quarter), 22 to 260.; V Lincoln, 19 to
20e.
In London on May 4 joint offerings were 12,600 bales.
Demand brisk. Last week closed with greasy merinos 10
to 15%, scoured grades 5 to 10% and practically all the
greasy crossbreds 10% above the March price, with slipe
crossbreds fine, 5 to 10%, and medium to coarse, 10 to 15%
higher. On May 4, Sydney, 1,376 bales; greasy merinos,
23d. to 3634d.; scoured, 40d. to 5334d. Queensland, 684
'
bales: merinos,.greasy, 2434d. to 3434d.; scoured, 413/2d. to
573/2d. Victoria: 3,568 bales; best greasy merino, 35d.;
comeback, 33d.; crossbred, 28d. Adelaide: 1,220 bales;
scoured merino, 463/2d. to 5234d.; piece, 16Md. to 403/sd.
New Zealand: 4,518 bales; chiefly greasy crossbreds, 83/2d.
to 22d. The bulk of the merinos went to the Continent,
the crossbreds being bought by British operators. In
London on May 7 joint offerings were 11,000 bales. Demand
and attendance good. British and Continental interests
bought. Americans bought suitable lots. Prices firm
except for medium greasy crossbreds, which were irregular.
Sydney, 2,369 bales: merinos, greasy, 21d. to 23d.; scoured,
20d. to, 513/2d. Queensland, 584 bales merinos; greasy,
best, 333/2d. to 55d. Victoria, 1,970 bales, chiefly greasy
crossbreds, best, 253/sd. New Zealand, 2,460 bales, chiefly,
greasy crossbreds, best, 223/sd. Cape, 2,482 bales; best
greasy, 27d.; snow white, 50d. Several withdrawals owing
2159
THE CHRONICLE
MAY 12 1923.]
The exports for the week ending this evening reach a tota,
to limits. In London on May 8 14,800 free grades were
good. Prices touched the highest point of 51,269 bales, of which 2,790 were to Great Britain
offered. Demand
destinations, exports
of the present series. Sydney, 2,990 bales; greasy merino, 1,522 to France and 46,957 to otherBelow are the
22d. to 35d. • Queensland, 1,172 bales; scoured merino, for the week and since Aug. 1 1922.
4010. to 57d. Victoria, 2,151 bales; greasy merino, 28d. to
From Aug. 1 1922 to May 11 1923.
Week eating May 11 1923.
Exported to
36d.; scoured, 313/2d. to 49d. New Zealand, 3,768 bales;
Exported toExports
coarse greasy crossbreds; bulk to Yorkchiefly medium to
fromGreat
shire at 10%d. to Mid. Cape, 1,603 bales; best greasy,
Main France Other. Total. Britain. France. Other. I Total.
27d.; scoured, 49d., mostly withdrawn owing to firm Galveston _ _
1.522 17,6501 19.172 416,117 296.41 1.082,1531.794,685
limits. Puntas, 2,940 bales; greasy crossbred in sellers' Houston _ _ _
3,551 3,551 234.633 144,23 324.3561 703,228
3,765
3.765
Texas City_
favor, best, 253id.
11,145 11:54- 191,876 69,932 459.2911 721,099
New Orleans
28,759 57,303
4.74
In London on May 9 12,800 free grades were offered. Mobile
124 23,799
124
675
6001
75
Demand excellent from British, Continantal and American Jacksonville
8.820
860
_
7.96
110.9041 243,032
interests. Many. neculative lots, however, were with- Pensacola _ _
4,41
127,718
Savannah
.
(1,287 6,287
6,650 27.907
21.25
drawn owing to limits. Prices firm. Sydney, 1,502 bales; Brunswick
28,8761 60,398
,6436 30,428
5;656 5scoured merino,303/2d. to 53d.;lambs,26d. to 40d. Queens- Charleston 70,800, 82,400
11,600
_
Wilmington.
37,104; 133,731
92
2:406 4,850 95,704
2.150
land, 787 bales; greasy merino, 21 Md. to 31d.; scoured, 42d. Norfolk..
133,9451 229,822
New York__
516
524 1,040 53,877 42.
7,041
to 523/2d. West Australia, 1,056 bales; greasy merino, 26d. Boston
3.898
3,143
1.646
167i
1,479
to 33 Md. Tasmania, 8,364 bales; crossbreds, greasy, 9d. Baltimore _ _
1.512
1,403:
Philadelphia
to 27d.; scoured 133/2d. to 38d.; slipe merino, 25d. to 323/2d.; Los Angel
3.9251 18.899
1,97
12.997
68.3371 68.537
slipe crossbred, 11 Md. to 28d In London on May 10 San Fran _ _ _
8,882
8,882,
joint offerings were 14,650 bales. Promptly taken, except Seattle
Cape. That had mostly to be withdrawn owing to the
566,044 2,374,675 4,173,382
Total
2.790 1.522 46,957 51,2691,232,663
limits. Prices sustained. Sydney, 2,829 bales; greasy Total
628,540 2,921.8144,934.393
2
merino, 24d. to 343.d.; crossbred, 123/d. to 20d. Queens- Total'21-'22 35,458 14,737 61,088 111,2831,384.019 476.8602.366.9584.236.330
'20-'21 15,748
_ 48,048 63,796 1,392.512
300 bales; greasy merino, best, 29 Md.; crossbred, 26d.
land,
the
NOTE.
-Exports to Canada.
-It has never been our practice to include in the
all
Victoria, 300 bales; greasy merino, best, 35d.; crossbred, above table exports of cotton to Canada, the reason being that virtually returns
to the Dominion comes overland and it
bales; scoured merino, 383'd. to 44.3'd.; cotton destined same from week to week, while reports is impos ible to getdistricts
24d. Adelaide, 695
from the customs
concerning the
lambs, 23d. to 333,d. New Zealand, 4,324 bales; cross- on the Canadian border are always very slow in coming to hand. In view, however.
we will say
scoured, 34d. Capes, 2,673 bales; of the numerous Inquiries we are receiving regarding the matter,available) thethat for
bred, best greasy, 24d.;
exports
returns are as yet
the crop year from Aug. 1 to Max. 31 (no
barely 1,000 sold; best greasy, 27d.; snow white, 50d. The to the Dominion the present season havelater 159.481 bales. In the corresponding
besn
will say in its issue of May 12: period of the preceding season the exports were about 136,240 bales.
Boston "Commercial Bulletin"
In addition to above exports, our telegrams to-night also
The wool markets of the world are generally steady, although here and
there, especially on the lower grades or inferior wools there is some unus the following amounts of cotton on shipboard, not
steadiness. Limits have been lowered in certain sections of the West, we give
hear,from the extreme prices paid a week ago, which have given the Eastern cleared, at the ports named.
cheapest
dealers considerable food for thought. Boston continues to be the
market in the world.
11111)Rumors of cancellations at the mills have been somewhat disquieting,
although not taken too seriously as yet.
On Shipboard, Not Cleared for
May 11
COTTON.
Friday Night, May 11 1923.
THE MOVEMENT OF THE CROP,as indicated by our
•
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
35,332 bales, against 28,589 bales last week and 35,743 bales
the previous week, making the total receipts since the 1st
of August 1922, 5,429,875 bales, against 5,277,984 bales for
the same period of 1921-22, showing an increase since Aug. 1
1922 of 151,891 bales.
at
Galveston
New Orleans_ _
Savannah
Charleston
Mobile
Norfolk
Other ports s_ _
Ger-Other CoastGreat
Britain.' France.' many. ICont'nt. wise.
600
523
2,300
907
2.000
2,592
3,124
3,228
2,500 10,524
175 7,425
1,000 1,000
270
1,000
2,000
1.500
1,700 2,045
3,400 3,400
500 12,500
75
7,500
Total.
Total 1923_ _
8,698 4,207 6,592 8,122
Total 1922.... 41,832 11,383 14,161 27.968
Total 1921... 63,768 10.904 26.309 63,509
•Estimated.
Leaving
Stock.
70,546
93,417
30,331
35.383
308
47,237
94.262
9.275 36,894 371,484
8.405 101,749 788,665
3.800 168.290 1.399.313
Speculation in cotton for future delivery had been active,
with fluctuations again taking a violent swing. On the whole
Total.
Sat.
Wed. I Thurs. Fri.
Mon. I Tues.
the drift has been downward, owing as much as anything to
a falling off in speculative confidence due to dulness of the
Galveston
1,220
4761 2.855 1,303 1,187 1,109 8,150
3,551 trade in cotton goods most of the time and also to the slow90
1
3,4611
Houston
New Orleans_ _ _ _
1,165 1,007 1,664 2,8171 1.766 1,008 9,427 ness, as a rule, of spot business. It is true that on Wednes825 2.245
50
495
25
Mobile
850
301 5,544 day there was some improvement to all appearance in the
2431 1,432
Savannah
1,056
313 2,199
108
108
Brunswick
cloth business and also In the trade of spot cotton at the
2,086 4.254
II
88
Charleston
1,146
933
134 South, where the total sales for the day exceeded 8,000 bales.
9
40
311
21
Wilmington
33
68 - 791 That had not been reached, much less exceeded, for many a
332
Norfolk
63
15
139
174
26
1
New York
26
956 long week. But dulness was the rule. And back of it all
98
Boston
167
35
331
269
56
146
146
•
Baltimore
was the decline in stocks, grain and some other commodities,
5.7001 8.707 7.1011 A 17.1. A 01111 A 740 38.332 including provisions and coffee, as well as some of the metTotal this week_ _
general trade was slow.
The following tables shows the week's total receipts, the als and rubber and the fact that big cancellations in the
the
total since Aug. 1 1922 and stock to-night, compared with Also, not a little was said about recently, it seems, to some
building trades here, amounting
the last year:
$60,000,000, because of the high cost of labor. And Thurs-
day afternoon it was announced that several cotton mills at
Fall River would close for the rest of the week in order to
This Since Aug This Since Aug
stop the output in a dull market. This meant no lengthy
Week. 1 1922. Week. 11921.
1922.
1923.
stoppage, of course; in fact, only a day and a half. But for
8,150 2,259.000 28,261 2,258,714
Galveston
81,070 203,744 all that it
had a depressing effect. On that day the weather
6,028
Texas City
69.790
1,332
164
27.367
3,551 706,003 26,812 411.300
Houston
map was better. So, in the main, was the forecast. There
Port Arthur, &c
10,305
but nobody seemed to believe
New Orleans
9,427 1.295,886 26.486 1,071,597 100,842 228.312 had been days of cold weather,
that any serious damage had been done. Another thing
Gulfport
8.123
5,727 which
2,245
84,706 2,762 134.710
Mobile
2,353
had no very good efect was the fact that the refusal
Pensacola
8.820
2,045
1,787 of the Court to grant the U. S. Government a permanent in9,149
32
Jacksonville
3.260
3.460
83,456 junction
Savannah
5,544 406,843 13,918 645,997
31,331
against the New York Sugar Exchange fell prac3,099
400
Brunswick
25,663
108
28,020
260
71,062 tically flat. That is to say, though there was a rise in sugar
Charleston
35,383
4,254 114,019 8.148 117.631
Georgetown
It was comparatively small. And as regards cotton, the
25,721
89,760 2.624
WilniltUitton
91.499
134
11,580
85.172 technical position on the 10th inst. was found to have been
Norfolk
50,637
791 262,706 10,024 319.261
N'port News, &c_
583
considerably weakened by heavy covering on previous days.
Now York
26
74.532 156.984
6.561
1,077
25.637
10.226 Also, after a rise since Monday of some 150 to 200 points
Boston
956
10.072
858
39.211
66,652
4,022 there was
2,475
146
Baltimore
55.755
17,018 1,279
naturally a good deal of profit-taking. New specu5,076
4.219
4,942
____
Philadelphia
29.326
lation was not large. The recent violent fluctuations in
Totals
35.332 5.429.875 124.013 8.277.984 4118 378 890.414 cotton have had a tendency to make a good many people cauIn order that comparison may be made with other years, tious. In such circumstances trading has naturally assumed
much of the aspect of a professional affair. Bullish statiswe give below the totals at leading ports for six seasons:
tics seem to be ignored. Small supplies are for the moment
met by small trade and speculation. Some big interests in
1918.
1923.
1922.
Receipts at
1921.
1920. I 1919.
as to
7,665 Wall Street and the West are supposed to be skeptical
8.150
28,261
69.203
Galveston_ -11,299
29.758
1.394 the possibility of a sustained rise at this time. Speculation
3,551
1.332
Texas City,&c
2,234
2.536
3,959
1922-23.
Receipts to
May 11.
New Orleans
Mobile
Savannah_ Brunswick - - Charleston,&c
Wilmington - Norfolk
N'port N.. &c
All others_ ___
9.427
2,245
5.544
108
4,254
134
791
1.128
Tot.ris",week
35.332
1921-22.
Stock.
30.058
27,140
747
14,185
5.000
2,574
1.538
3.671
57
1.565
24.324
363
11,071
5.747
3,072
7,402
27
2.162
22,9871
869.
11,278
500
616
386
2,0021
38
1.702
124,013
138.041
54,2131
90,194
48,490
26.486
2,762
13,918
400
8,148
2.624
10,024
23,247
2,012
22,935
801
496
614
1.8.52
Since Aug. 1_ _ 5,429,875 5.277.984 5,498,245 6.425.498 4,665.178 5,327,758
has received a rude check in the recent decline of 7 cents
and the fact that rallies do not hold. An advance of roughly
150 to 200 points after the bad break of the 7th inst. was followed on Thursday by a reaction from the "high" of that day
of 150 points. And most of the time the next crop has hung
back. To all appearance the advance during the week was
due more to technical conditions than anything else, though
it is true that the very cold weather of the 9th inst. whipped
a good many shorts into line.
THE CHRONICLE
2160
[Vol,. 116.
NEW YORK QUOTATIONS FOR 32 YEARS.
But the very bad break of the 7th inst. itself had a more
6.25c.
11.90c. 1899
25.30c. 1915
9.85c. 1907
or less demoralizing effect. From the high of that day there 1923
6.38c.
11.95c. 1898
20.15c. 1914
13.00c. 1906
1922
was a decline of 156 to 167 points on the old crop, and 100 to 1921
7.75e.
8.150. 1897
13.15c. 1913
12.00c. 1905
8.250.
13.750. 1896
41.150. 1912
11.70c. 1904
112 on the next crop. This was due to good weather, favor- 1920
6.750.
11.30c. 1895
28.90c. 1911
15.90c. 1903
1919
able crop advices, a decline in stocks and foreign exchange 1918
7.31c.
9.62c. 1894
27.85c. 1910
15.80c. 1902
7.81c.
8.12c. 1893
20.00c. 1909
11.20e. 1901
as well as in other commodities, dulness of the spot and 1917
7.31c.
9.88c. 1892
13.10c. 1908
10.90c. 1900
1916
goods markets, smallness of the exports and, in a word, a
MARKET AND SALES AT NEW YORK.
generally unfavorable condition. Worth Street and Fall
River were both very dull and quite depressed. The South
The total sales of cotton on the spot each day during the
sold heavily. Indeed, it has been selling steadily all the week at New York are indicated in the following statement.
week on bulges. And the long interest here proved to be For the convenience of the reader we also add columns which
far larger than most people had suspected. On the 7th inst. show at a glance how the market for spot and futures closed
cotton sympathized keenly with the break in stocks when it on same days.
became known that forged checks had been used in stock
SALES.
Spot.
Futures
buying orders sent to some 50 or 60 Stock Exchange firms
Market
Market
here from different parts of the country. It had no necesClosed.
,
Closed.
Spot. Contet. Total.
sary relation whatever to the cotton market. But that fact
Saturday...- Quiet, 10 pts. dec__ Barely steady_ _
did not prevent an almost hysterical market, in which large Monday _ Quiet, 125 pts. dee_ Barely steady_ _
-866
500
blocks of cotton were thrown over at any price. Stop orders Tuesday --- Steady, 45 pts. adv_ Steady
Wednesday_ Steady, 50 pin. adv_ Barely steady.._
1.600 1,600
were caught in huge volume. Naturally they accelerated Thursday _ _ Quiet, 90 pts. dec.. Easy
900
900
Quiet, 35 pts. dec.- Barely steady
the already swift pace downward. And on that day the Friday
sugar case was up for a hearing before the Federal District
3,000 3,000
TotalCourt here. Nobody knew how it would turn out. The GovFUTURES.
-The highest, lowest and closing prices at
ernment sought an injunction against trading at the Sugar
Exchange in futures. A decision favorable to the Govern- New York for the past week have been as follows:
ment's petition might conceivably have had a bad effect on
Saturday Monday, Tuesday. Wed'clay, Thursd'y, Filday,
the other exchanges, especially after the rccent affirmance
May 5, May 7. May 8. May 9. May 10. May 11. Week.
of the constitutionality of the Grain Futures Act by the U S
Supreme Court. There was a feeling of nervousness and May
26.53-.90 25.231.90 24.951.83 25.701.52 25.45120 24.92-152 24.92-190
Range
unsettlement in the air. It affected not only the Stock Ex26.65-.68 25.40 -25.80-83 26.39 -25.45-.50 25.11-.12-- Closing
change and Cotton Exchange, but also the Chicago Board of June
25.50 - - 24.50-150
-25.00-.50 24.501.20-- - Range
Trade, and the Coffee and Sugar Exchange. Prices had
25.95 -24.75 -25.20 -25.78 -24.83 -24.48 - - Closing
advanced from 20 cents last fall to 31% cents by Mar. 14. July25.27-.65 24.051.61 23.85171 24.631.40 24.20-20 23.65439 23.65465
Range
Since that time there had been a decline of 7 cents. Nobody
Closing ._
25.39-.40 24.20-25 4.63-.69 25.17-.20 24.20.130 23.86-.88- what was coming next. The word was stand from August
knew
23.30-.50 23.00-178
24.70
24.25-.78 3.00-.55
Range
under or "sauve qui pent." The effect was disastrous on
Closing__ 24.65 -23.45 -23.85 -24.20 -23.35 -- 23.15 ----- -prices. The market did not really recover from the shock September-24.00 -- -22.851'00
23.40-.60 2.85-20- Range
-- except for a moment during the rest of the week. Then
Closing...-. 24.05 -23.50 -23.75 -24.00 -23.15 -22.90 -- depression set in again. The South's persistent selling on October
23.75/.02 22.80e.92 22.82e.33 23.15-.50 22.65e.60 22.26-.75 22.26402
Range
bulges is taken to mean that it believes the crop is going to
Closing_ _ 23.80-84 22.90-25 3.17-20 23.36-.38 22.65-.72 22.30-25--be much larger than last year's.
November
22.65e70
,23.70
Range
2.65
Yet early on the 9th inst. liquidation suddenly ceased and
Closing__ 23.60 -22.70 -22.97 -23.15 -22.47 -22.15 -- - shorts finding contracts scarce became alarmed and covered December
23.23-.58 22.43-.44 2.45-89 22.72e.05 22.30e.15 21.90-138 21.90 e58
Range
on a big scale, lifting prices some 70 to 80 points on this
Closing.... 23.33-.39 22.50-.52 2.77-.78 22.93-25 22.30-28 22.00-.03- crop and about half that much on the next. The technical January
23.08-.30 22.14e.10 2.20-.60 22.48-.83 21.901.88 21.63-112 21.63 ell)
Range
position was found to be much better. Texas, Georgia and
Closing- _ 23.08-1022.29.22 22.50 -22.65-.67 21.90120 21.65-.70- - Arkansas had temperatures as low as 36 degrees. There Februaryi
-22.57
22.68
Range
22.57-.68
was a flood of telegrams from the South saying that the crop
Closing....- 23.08 -22.20 -22.50 -22.05 -21.93 -21.07 - -had been damaged, that a great deal of replanting had to be 'larch23.10-24 22.2008 22.25-.55 22.57-.75 21.951.81 21.63-110 21.63 e24
Range
done and that the season was anywhere from two to three
Closing.... 23.10 -22.20 -22.55 -22.85 -21.05 -21.70 -- weeks late. Also, an optimistic speech by Secretary of Com12000 125.00 e23.00 122.00.
124,00
merce Hoover had not a little effect, especially as he eviTHE VISIBLE SUPPLY OF COTTON to-night, as made
dently deprecated undue interference on the part of the Government with business. Liverpool and Japanese interests up by cable and telegraph, is as follows. Foreign stocks, as
were good buyers. The weekly Government report was not well as the afloat, are this week's returns, and consequently
so favorable as expected. There was a rumor that the Amer- all foreign figures are brought down to Thursday evening.
ican consumption in April was 576,000 bales against 623,105 But to make the total the complete figures for to-night
in March, 446,843 in April last year and 409,247 in April (Friday), we add the item of exports from the United States,
1921. Spot sales increased somewhat. In fact, on the 10th including in it the exports of Friday only.
1923.
1922.
May 111921.
1920.
inst. Liverpool sold some 10,000 bales on the spot. But on Stock at Liverpool
bales_ 649,000 903,000 990,000 1,205,000
that day the old weakness here reappeared after an early Stock at London
1.000
2,000
11000
59,000
59,000
99,000 199,000
advance of some 50 to 55 points on the old crop and 15 to 25 Stock at Manchester
on the new. From this point there was a drop from the high
Total Great Britain
709,000 962,000 1,091,000 1,415,000
Stock at Hamburg
35,000
28,000
14,000
of the morning of 150 points on the old crop and of 85 to 95 Stock at Bremen
93,000 310.000 175.000
57,000
on the next, due to renewed liquidation and a falling off in Stock at Havre
102.000 153,000 150,000 334,000
Stock at Rotterdam
10,000
6,000
11,000
the demand from the shorts, as well as lower markets for Stock at Barcelona
104,000
78,000
84,000 123,000
stocks and commodities very generally.
Stock at Genoa
20,000
26,000
37,000 169.000
Stock at
2,000
2,000
To-day prices fell 30 to 55 points early, the latter on July, Stock at Antwerp
Ghent
10.000
10,000
34,000
then rallied 50 to 75, the .latter again on July, and then
Total Continental stocks
341,000 626,000 558,000 652,000
dropped some 40 to 45 points from the high of the day, winding up barely steady. Cotton sympathized with a decline in
Total European stocks
1,050,000 1,588,000 1,649,000 2,067.000
Europe...
stocks, grain, sugar and coffee. It was also affected by re- India cotton afloat for for Europe 103.000 102,000 69,000 114,000
ADIeriCan cottoa afloat
ports that eight Fall River cotton mills will close to-day until Egypt Brazil, &a.,afloa.for Eur'e 125,000 325,000 263,976 309,115
66.000
63,000
81,000
49.000
Stock in Alexandria. Egypt
229,000 290.000 261,000 113,000
next week. Also rather pessimistic advices from Liverpool Stock in Bombay,India
749,000 1,184.000 1.297,000 1,196,000
and Manchester chilled by New York's recent decline. And Stock in U. S. ports
408.378 890,414 1.567.603 1,115,686
540,812 898,218 1,543,406 1,100,890
spot markets gave way. Dry goods reports were not favor- Stock in U. S. interior towns
27,360
U. S. exports to-day
6.443
28,116
able. The trade bought cotton futures. But Wall Street
Total visible supply
3,271,196 5,367,992 6,738,428 6,092,807'
and uptown sold freely. The ending was at a decline for the
Of toe above, totals of American and other descriptions are as follows:
week of 140 to 165 points, the old crop suffering the most.
American
On the spot here middling closed at 25.30c., a decline for the Liverpool stock
bales 332,000 516,000 600,000 930,000
Manchester stock
37,000
42,000
83,000 178,000
week of 165 points.
Continental stock
270,000 543,000 476,000 550,000
125,000 325.000 263,976 309,115
The following averages of the differences between grades, American afloat for Europe
408,378 890,414 567,603 1,115,686
U. S. port stocas
as figured from the May 10 quotations of the ten markets U. S. interior stocss
540,812 898,218 1,543.406 1,100,890
27,360
6,443
28.116
designated by the Secretary of Agriculture, are the differences U. S. exports to-day
from middling established for deliveries in the New York
Total American.,
1,713,190 3,241,992 4,540,428 4,211,807
East Indian, Brasil, ctc.market on May 17 1923.
Liverpool stock
390,000
317,000
Middling fair
.91 on
Strict good middling
.68 on
Good middling
47 on
Strict middling
.26 on
Strictlow middling
.27 off
Low middling
66 off
*Strict good ordinary
1 18 off
1 70 off
"Good ordinary
*Strict good mid."yellow" tinged .40 on
Good middling "yellow" tinged__ Even
Strict middling "yellow" tinged._ .38 off
Middling "yellow" tinged
93 off
*Strict low mid."yellow" tinged-1.38 off
*Low middling "yellow"
off
Good middling "yellow" tinged- -1•88 off
statue& .66
"Strict mid."yellow" stained____1.24 off
'Middling "yellow" stained
1 71 off
"Good middling "blue" stained__ .95 off
*Strict middling "blue" stained__1.33 off
"Middling "blue" stained
1.73 off
•These ten grades are not deliverable
upon future contracts.
London stock
Mancnester stock
Continental stock
India afloat for Europe
Egypt, Brazil, Sm., a lout
st
in Alexandria, Egypt
Stock in Bombay,India
387,000
275.000
2,000
1.000
17,000
11,000
22,000
16,000
83,000
21,000
82,000 102,000
71,000 102,000
69,000 114,000
103,000
63,000
81.000
66,000 290,000
49.000
229,000 1,184,000 261,000 113,000
749.000 981,000 1,297,000 1,196,000
Total East India, &c
Total American
1.554,000 2,126,000 2,198,000 1,881,000
1,713,190 3,241,922 4,540.428 4.211,807
Total visible suopiy
3,271,193 5,367,922 6,738,428 6,092.807
7.48d. 26.40d.
11.58d.
20.15c.
12.65e. 41.150.
20.25d. 18.50d. 86.30d.
18.25d. 13.00d. 12.00d. 50.00d.
11.50d. 16.55d.
7.55d. 22.10d.
12.66-1. 11.506.
8.05d. 23.10d.
Middling uplands.
The official quotation for middling upland cotton in the Middling uplands,Liverpool _ _ _ 14.08d.
New York_
25.30c.
Egypt, good sakel, Liverpool.... 16.80d.
York market each day for the past week has been:
New
Peruvian, rough good. Liverpool_
May 5 to May 11Middling uplands
Sat. Mon. Tues. Wed. Thurs. Fri.
26.85 25.60 26.05 26.55 25.65 25.30
Broach fine, Liverpool
Tinnevelly, good, Liverpool
AEA
2161
THE CHRONICLE
MAY 12 1923.]
Continental imports for past week have been 83,000 bales.
The above figures for 1923 show a decrease from last week
of 156,515 bales, a loss of 2,096,802 from 1922, a decline
of 3,467,238 bales from 1921 and a decrease of 2,821,617
bales over 1920.
-that is,
AT THE INTERIOR TOWNS the movement
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 to Afay 11 1923.
Movement to May 12 1922.
,---
Week ending
May 11.
Galveston
New Orleans
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock
Dallas
Port Worth
Closing Quotations for Middling Cotten on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
24.80
26.15
26.05
25.50
25.10
26.35
25.00
25.50
26.00
25.50
25.50
26.50
25.00
25.50
26.00
25.50
25.50
26.50
24.75
25.00
25.60
25.00
25.00
25.60
24.25
24.75
25.00
24.88
25.00
26.00
25.00
26.25
25.50
25.50
26.50
25.00
25.25
26.00
25.50
25.00
26.25
26.00
26.00
27.00
27.00
27.00
27.50
24.85
25.25
26.00
25.45
25.00
26.50
24.75
25.75
26.25
25.75
25.75
26.75
23.85
24.25
25.15
24.65
24.20
25.40
24.25
25.15
24.65
24.25
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
markets for the past week have been as follows:
Ship- St044
Receipts.
Ship- Stocks.
meats. May
ments May
Saturday. Monday, Tuesday, IWednesday, Thursday, Friday,
Week. I Season. Week. 12.
May 11.
Week. il.
May 10.
May 9.
May 8.
May 8.
May 7.
1,213 7,043
40,:.
2801 30,35
68
37. 5.182
Ala.,Birming'm
bid 24.74 -24 24.5025.80 bld 24.68 bld 25.03-25.0&25.56
80 2,795 May
5,942
___
23.80-23.85
3,400
Eufaula
8,30
25.30-25.34 24.18-24.21 24.57_24.6o25.08-25.11 24.16-24.20 21.80-21.83
304 46,820 1,277 18,892 July
' 58.78'
7,012
Montgomery.
22.64-22.65 22.84-22.85 22.19-22.22
October
1571 39,44! 1,243 6,538 December_ 23.26-23.27 22.42-22.45 22.26-22.2822.47Selma
54,233
1,718
21.81-21.85 21.47-21.49
31
22.85-22.87 22.09-22.11
301 12,121
Ark., Helena
891 31,02.
34,451
4
34 10.294
January.._ 22.71 bid 21.99 bid 22.13 bid 22.39 bld 21.73 bid 21.37
Little Rock
541 24,345 2,308 175,19- 2,70 48,696 March_ _ 22.64 bid 21.92 bid 22.08 bid22.39 bid 21.72 bid 21.32-21.37
20 170,13
I
396 49,725
1521 120.161
1,40 130.28
Pine Bluff
2,26: 33,171
Tone
1,923
348
6,016
2,109
..._..I 89.961 1,800
Ga., Albany
...
6,25
Steady
.Steady I Steady
Quiet
Quiet
Quiet
28,388 Spot
7401
1.114 17,914
Athens
44,8
29
,
Steady Barely st'y Barely WS
Steady
Options__ _ Steady
Steady
Atlanta
331 270.021 5,081 42,692 3.2761 217,404 3,218 31,073
3,.: 25.070 9,973 343.56 13,096 105.474
2,82 282,53
Augusta
-Reports to
WEATHER REPORTS BY TELEGRAPH.
52,079 1,676 10.243
69
1,12: 122,791 2,12 6,600
Columbus_
34,92: 1,05 10.409 us by telegraph from the South this evening indicate that
45
72 11,778
Macon
4: 55.11 •
131 9,812
29.94
1
5,162
3
Rome
43.871
38
been
60,213 4,700 30,200 in almost all sections of the cotton belt the weather has
2
ii 1,600
La., Shreveport
72,. Ii
611 2,272 somewhat too cool. In the central and eastern portions of
19.732
14
2,308
24,67,
Miss.,Columbus
2,2'' 30,989
130,25
2
2,473 28,956
27. 127,80
Clarksdale,.1
western sec427 89.793 2.233 24,953 the belt rainfall was rather heavy, but in the
411 26,120
11 106,188
.
Greenwood_
8.490 tions it was light.
433 32,362 1,90
3,173
31
11 34,02
Meridian_ __
144 31,211 1,521 8,349
182 3,945
Natchez ----------32,41
Mobile.
-There has been little rain during the week and
426 6,885
,
41 26,24
344 4,958
: 23,0
Vicksburg_ __ .....
702 10,292 farm work has made good progress. Abnormally cool
11 30,151
18 10,522
28,109
Yazoo C11y__
9,166 744,19: 9,34 25,867 weather has retarded the growth of cotton, but good stands
7,524 14.197
Mo., St. Louis_ 7,395 687,87
552 54,911 3,131 16,032
2.41 24,842
II C.,Cre'nsboro
273 104,42
387 are reported.
911
903 11.233
187
11,10
Raleigh
801 6,500
82.49
161
4,484
102.72 •
Okla.. Altus
Texas.-Cotton planting has made very good progress,
428 5,151
129 58,732
1,299
73
8 81,36.
Chickasha_ _ _
688 12.692 and the condition of cotton is fairly good. The cool nights
280 60,51:
3,735
1.37
.
- . 78,09
Oklahoma _ _ _ . __
S.C.,Greenville 1,27! 164,371 3,28 44,573 3,62 148,58. 2,854 30,957 have retarded growth.
___ 9.230
13,736
-_
7,260
8,101
Greenwood
Thermometer
Rain. Rainfall.
Tenn.,Memphb§ 8,167 1,060,881 9,41 73,397 8:58: 839,64 19,463135.305 Galveston,Tex
high 86 low 62 mean 74
dry
____ I 664
02
328
291
Nashville____ ......
2 days 0.84 in. high 82 low 46 mean 63
279 Abilene
81.179_
58
45.79
---186
Texas, Abilene_
1 day 0.03 in. high 86 low 55 mean 71
I
iii 3.449 Brenham
1
118 13,139
3.883
27 18,401
Brenham._
1 day 0.06 in. high 88 low 64 mean 76
331 Brownsville
_
848
27.21 ___
2' 35,616
Austin
Corpus Christi
1 day 0.02 in. high 88 low 62 mean 75
1,981 21,615
118 4,866
869 163,25
4: 83,04
Dallas
high 84 low 46 mean 65
dry
___ 11,403 Dallas
__
110
19,70
Honey Grove
Henrietta
1 day 0.15 in. high 85 low 38 mean 62
Houston _ _ _. 5,331 2.645,22 13.86 74,545 27,2812,432,303 55,841 141,601 Kerrville
high 87 low 45 mean 66
drY
742
668 4.118 Lampasas
16.
Paris
71,63
428 51,138
I day 0.50 in: high 91 low 48 mean 70
946
___
San Antonio_
15249288
I 41,14
---- • •
Longview
high 69 low 45 mean 57
dry
227 3,415
Fort Worth_
167j 63,11
643 62,432 1,287 6,127 Luling
1 day 0.12 in. high 88 low 56 mean 72
Nacogdoches
1 day 0.06 in. high 85 low 46 mean 66
Total, 41 towns 30.407 7.035.509 60,319540,812 72.8136.558.802 140.450898,218 Palestine
high 84 low 48 mean 66
dry
Paris
high 85 low 41 mean 63
dry
The above total shows that the interior stocks have de- Sa. Antonio
high 93 low 55 mean 74
drY
low 52
dry
creased during the week 29,912 bales and are to-night 357,406 Taylor
Weatherford
1 day 0 02 in. high 81 low 42 mean 62
bales less than at the same time last year. The receipts at Ardmore, Okla
1 day 0.04 in. high 84 low 38 mean 61
1 day 0.16 in. high 83 low 37 mean 60
all towns have been 42,408 bales less than the same week Altus
Muskogee
3 days 0.35 in. high 83 low 36 mean 60
last year.
Oklahoma City
2 days 0.43 in. high 77 low 40 mean 59
Brinkley, Ark
3 days 0.47 in. high 83 low 39 mean 61
3 days 0.74 in. high 83 low 40 mean 62
OVERLAND MOVEMENT FOR THE WEEK AND Eldorado
Little Rock
3 days 0.46 in. high 80 low 43 mean 62
SINCE AUG. 1.
-We give below a statement showing the Pine Bluff
3 days 0.65 in. high 84 low 49 mean 67
I day 0.30 in. high 86 low 50 mean 68
overland movement for'the week and since Aug. 1, as made Alexandria, La
Amite
2 days 0.17 in. high 82 low 42 mean 62
high 83 low 46 mean 65
dry
results for Shreveport
up from telegraphic reports Friday night. The
Okolona, Miss
2 days 0.53 in. high 80 low 41 mean 61
the week and since Aug. 1 in the last two years are as follows: Columbus
2 days 0.64 in. high 86 low 41 mean 64
2 days 0.87 in. high 84 low 41 mean 63
-1921-22- Greenwood
-1922-23-Vicksburg
2 days 0.32 in. high 81 low 47 mean 64
Since
Since
May 11Mobile, Ala
2 days 0.35 in. high 83 low 50 mean 68
Week. Aug. 1.
Week. Aug. 1.
ShippedDecatur
4 days 0.80 in. high 81 low 40 mean 61
7,524 664,285
9,345 727,085 Montgomery
Via St. Louis
4 days 2.04 In. high 83 low 46 mean 65
3,600 224,268
2,926 327,057 Selma
Via Mounds, Ste
5 days 0.15 in. high 83 low 41 mean 64
7.4467,858 Gainesville. Fla
53
Via Rock Island
4 days 1.01 in. high 84 low 44 mean 64
71,902 Madison
270
53,521
Via Louisville
1,55
3 days 0.71 in. high 83 low 45 mean 64
3.246 151,747
6.197 218,620 Savannah, Ga
Via Virginia points
3 days 0.72 in. high 80 low 47 mean 70
8.359 386.887
6,461 352,118 Athens
Via other routes. dm
4 days 2.10 in. high 82 low 39 mean 61
Augusta
5 days 1.14 in. high 81 low 44 mean 63
23,052 1,488,154
Total gross overland
26,252 1,704,640 Columbus
4 days 2.03 in. high 85 low 43 mean 64
Deduct Shipments
Charleston,S.C
5 days 4.29 in. high 77 low 33 mean 55
Overland to N. Y., Boston, &c__ _ 1,128
95,593
3,214 154,909 Greenwood
6 days 1.79 in. high 78 low 40 mean 59
630
23.344
23,921 Columbia
Between interior towns
640
low 42
5 days 1.33 in.
4,941 441,342
3,503 335,011 Conway
Inland, &c.,from South
2 days 0.99 in. high 83 low 43 mean 63
C
Charlotte,
3 days 0.98 in. high 81 low 40 mean 60
6,699 560,279
7,366 513.841 Newbern N.
Total to be deducted
1 day 0.92 in. high 81 low 41 mean 61
1 day 0.44 in. high 82 low 38 mean 60
16,353 927,875
18.886 1,190,799 Weldon
Leaving total net overland*
Dyersburg, Tom
3 days 0.96 in. high 80 low 41 moan 61
Memphis
3 days 0.20 in. high 80 low 44 mean 62
*Including movement by rail to Canada.
Towns.
Receipts.
Week. Season.
The foregoing shows the week's net overland movement
has been 16,353 bales, against 18,886 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 262,924 bales.
-1922-23- -1921 22
since
Since
In Sight and Spinners'
Aug. 1.
Aug. 1.
Week.
Week.
Takings.
35,332 5,429,875 124.013 5,277,984
Receipts at ports to May 11
18,886. 1,190,799
027,875
16,353
Net overland to May 11
74.000 2,842,000
Southern consumption to May Ila 98,000 3,361,000
149,685 9,718,750 216.800 9.310,783
179,423 *67,665 *219,030
*20,912
Total marketed
Interior stocks in excess
149,234
Came into sight during woek_ _119,773
9,898.173
Total in sight May 11
9,091,753
30,763
1.800,049
North. spinn's' takings to May 11 29.083
2.144,309
*Decrease during week and season. a These...figures are consumption;
takings not available.
Movement into sight in previous years:
Week
1921
-May 13
1920
-May 14
1910
-May 16
Bales.) Since Aug. 1234.102 1920
-21-May 13
134.774 1919 -May 14
-20
147,734 1918 -May 16
-19
Bales.
0.574,697
10,982,227
9.808,768
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through the
outports.
Week
end
Receipts at ports.
1923
Feb.
23._
Mar.
2_
9_
16_
23_
30_
April,
6__
13__
20...
27_
May
4_
II__
83,
1922
1921
Stocb at Interior Towns.
1923. 1
1922.
1921.
76,26 84,623 943,66911.391.4861.737 4
96,3261 86,81
83 36 84,833
82,0O5123,593
68,044!l02,69l1
62,631 90,932
88,116 876,944,360,134c,716,02
92,890 835,17511.047,828 1,702,642
75,364 1,800,678 1,261,591 1.697.139
72.898 775,517 1,230,152 1,666,593
92.968 742.998 1.203,182 1,663,791
Receiptsfrom Plantation/
1923
9,
29.60
41,596
47,
43,543
30,11
1922
1921
49,092 98.849
55.485
44 416
65.467
71,259
63,062
66.687
79,515
63.3
58
42.352
90.163
63,854 115,1 103.288
34,990114.106 95,437
34,681 101,9991 99.803
35,743 88,760117,984
690,625 1,145,068 1,646,686 11,481 56,988 86,080
665 834 1,096,517 1,623,685 10,19 65,555 72,536
871 48,571 8.5.832
631.756 1,043,089 1,609,714
604 345 1,008,857 1,568,716 10,436 52,528 76,986
29,589 94,45 133,247 572,660 965.883 1,545,200
51,484 109,731
35,332 124,01 138.041 540.812 898.218 1.543.401 5,420 55,348136,247
QUOTATIONS FOR MIDDLING COTTON AT
The above statement shows: (1) That the total receipts
-Below are the closing quotations for from the plantations
OTHER MARKETS.
since Aug. 1 1922 are 5,499,603 bales;
middling cotton at Southern and other principal cotton in 1922 were 4,961,830 bales, and in 1921 were 6,179,710
bales. (2) That although the receipts at the outports the
markets for each day of the week:
[VOL. 116.
THE CHRONICLE
2162
SHIPPING NEWS.
-As shown on a previous page, the
past week were 35,332 bales, the actual movement from
plantations was 5,420 bales, stocks at interior towns having exports of cotton from the United States the past week have
decreased 29,912 bales during the week. Last year receipts reached 51,269 bales. The shipments in detail, as made
from the plantations for the week were 56,348 bales and up from mail and telegraphic returns, are as follows:
Total Bales.
for 1921 they were 136,247 bales.
-To Venice
-May 3 Clara. 374
NEW YORK
374
-May 4
To Liverpool
-Cedric.354: Caron's, 129
483
WORLD'S SUPPLY AND TAKINGS OF COTTON.
-May 4 Archimedes, 33
To Manchester
33
The following brief but comprehensive statement indicates
-May 4
Bremen
To
-President Fillmore, 100
100
-May 7
-Welsh City, 50
To Danzig
50
at a glance the world's supply of cotton for the week and NEW ORLEANS
-To Genoa
-May 4
1--Scantic, 550....,,May 7
since Aug. 1 for the last two seasons, from all sources from
Son,3,286
3,836
-May 4-Africanic, 1,050
To Gothenburg
1,050
statistics are obtainable; also the takings, or amounts
which
-May 7 Evanger, 6.242
• To Bremen
6,242
of sight, for the like period.
gone out
-Cartago,3
-May 9
To Colon
3
1922-23.
Cotton Takings.
Week and Season.
1921-22:
Season.
Week.
Week.
Season.
3.427,705
5,499.118
Visible supply May 4
3,760.450
6,111,250
.
Visible supply Aug 1
119,773 9,898,173 149,234 9.091,753
American in sight to May 11- _
80.000 3,075,000
71,000 2.826,000
May 10Bombay receipts to
9.000
276,550
179,000
4,000
Other India ship'ts to May 10__
17,000 1,317.800
649,000
5.000
Alexandria receipts to May 9..__
311,000
10,000
9.000
314,000
Other supply to May
3,663.478 18,641,973 5.737.352 19.168,003
Total supply
Deduct
Visible supply May 11
3.271,190 3,271.190 5,367,992 5,367,992
392,288 15.370,783 369,360 13,800,011
Total takings to May ll_a
219,288 10,149,233 231,360 9.923,911
Of which American
173.000 5,221.550 138,000 3.876,000
Of which other
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
total embraces since Aug. 1 the total estimated consumption by
a This
Southern mills, 3,361.000 bales in 1922-23 and 2,842.000 bales in 1921-22
-and the aggregate amounts taken by Northern
takings not being available
,
and foreign spinners 12,009,783 bales in 1922-23 and 10,958,011 bales in
1921-22. of which 6,788,233 bales and 7,081,991 bales American.
b Estimated.
-May 9
To Barcelona
-Infanta Isabel, 414
GALVESTON-To Barcelona-May 5
-Infanta Isabel, 2,200
To Bremen
-May 6 Noccalula, 3,481_ May 8
-Nord
Schleswig. 869
To Hamburg May 6 Noccalula, 150
To Venice
-Casey, 2.340
-May 5
-May 9-Warkworth, 1,522
To Havre
-May 9
To Vera Cruz
-Mexican Lady, 1,670
-May 9
-Volunteer, 4,805
To Japan
-May 9
To China
-Volunteer, 300
-Son. 1,835
-May 10
To Genoa
-To Japan
-May 7-Yiefuku Marti, 5,000
CHARLESTON
-To Bremen-May 5
HOUSTON
-Nord Schleswig, 3,411
-Nord Schleswig, 50_ _ _May 9
To Hamburg
-May 5
-Clucks
burg. 90
-May 3-Coahoma County. 78
MOBILE-Liverpool
To Manchester
-May 3-Coahoma County, 46
-To Manchester
-May 4-Conehatta, 400
NORFOLK
To Liverpool
-West Quechee. 600_ ..May 10
-May 8
-Rhode
Island, 1,150
-May 8-Ningchow, 2,400
To Japan
-To Japan-May 9-Meiyo Maru, 2,000
SAVANNAH
-May 10-Bradavon, 4,287
To Bremen
414
2,200
4,350
150
2,340
1,522
1,670
4,805
300
1,835
5,000
3,411
140
78
46
400
1,750
2.400
2,000
4,287
51,269
-Current rates for cotton from
COTTON FREIGHTS.
New York, as furnished by Lambert & Burrows, Inc., are
COTTON MOVEMENT FROM ALL PORTS.
- as follows, quotations being in cents per pound:
INDIA
High StandThe receipts of India cotton at Bombay and the shipments
High StandHigh Standard.
ard.
Density. ard.
from all India ports for the week and for the season from Liverpool_ __.20.c 32c. Stockholm Density. 65c. Bombay DensUy. 65c.
500.
_50c.
cabled, for three years, have been as follows:
Aug. 1, as
____ _ _ __
Vladivostok
Manchester_ _20c. 320.
65e.
50e
Trieste
1922-23.
1921-22.
Since
Week.lAug. 1.
May 10.
Receipts at
Since
Week.lAug. 1.
1920-21.
Week.
Since
Aug. 1.
80.000 3.075.000 71,000 2,826,000 70,000 2,126,000
Bombay
For the Week.
Since August 1.
I
Great
Grect Conti- Japan&
Beitain. nent. China. Total.' Btitain.
Esports.
Bombay
-23.
1922
1921-22_ _
1920-21 _ _
Other India-23_ _
1922
1921-22 _ _
1920-21..
13,000 64.001 77,000 103,00
30,
11,000 29.11: 40,000
16,000 83,00 102.009 22,00
9,000
4,000
2,000
9,000
4,
2,000
• Total all-1922-23._
1921-22_ _
1920-21_
76,000
44,000
104,000
22,1.1 64,
15,000 29,
18,000 83,
62,00
9,00
21,
Continear.
Japan &
China.
Total.
551,5 1,
0
65,0 0
710,50012,3
402,000 1,410,0001,851.000
434,000 806,000 1,262,000
214,5.50
152,000
164,000
18,000
27,000
276,550
179,000
212,000
165,000 166,05011,710,50012,641,559
39,0001 554,0001,437,000 2,030,000
43,0001 598,000 833,
1,474,000
According to the.foregoing, Bombay appears to show an
.
increase compared with last year in the week's receipts of
9,000 bales. Exports from all India ports recOrd • an increase of 32,000 bales during the week, and since Aug. 1
show an increase of 611,550 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive a week.y cable of movement of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years.
Alexandria, Egypt.
May 2.
1922-23.
1920-21.
85,000
6,581,771
50,000
4,942.794
130,000
3,934.285
Since
Week. Aug. 1.
Exports (bales)
Liverpool
Manchester, &c
Continent and India_
America
Since
Week, Aug 1.
Since
Week. Aug 1
---_ 215,510
- 156.921
9,000 2'2,285
- 204,737
5,000 142,266
5,000 119,051
7,750 183.248
2,500 156,255
91,099
71,005
4:466 114,842
39,573
This statement shows that the receipts for the week ending May 2 were 85,000 cantars and the foreign shipments
9,000 bales.
-Our report received by
MANCHESTER MARKET.
,cable to-night from Manchester states that the market in
both cloths and yarns is quiet. Demand for India is improving. We give prices to-day below and leave those for
previous weeks of this and last year for comparison:
. 1921-22.
1922-23.
Mar. d.
2 22
9 2234
18 23
23 234
29 2334
Apr.
6 2334
13 2354
20 224
27 2234
May
4 2234
11 2134
84 lbs. Shirt- Corn
ings, Common Mid.
Upl's
to Finest.
0
0
0
0
@
234
24
2434
2434
17
17
17
17
1
1
1
1
a. d.
017 3
017 6
017 6
017 6
017 8
d.
d.
10.44 17
16.60 17
16.55 17
16.08 17
14.80 174
0
0
0
0
0
d.
184
184
is is
184
184
834 lbs. Shtrt- Cot'n
-Ws, Common Mid.
to Finest.
Upt's
-a. d.
s. d.
d.
15 14019 14 9.98
15 14016 14 10.57
15 534(416 3 10.75
15 434(416 3 10.69
15 44016 3 10.69
@
0
0
0
244
244
2334
244
17 0
17 0
17 0
17 0
017 6
(017 4
(all 4
617 4
15.88 174
1,1.951734
15.18 1734
15.46 1734
0
0
0
0
184
184
184
184
15 44016 3 10.45
15 44016 3 10.23
15 44016 04 19.11
15 44016 0 10.21
© 2334 16 6
6 2234 16 0
@172
Oa 16 4
14.761734
14.081834
®
Ss
194 15 74016 3
193415103498166
d. a. d.
2234 16 7
650.
65e.
00e.
Mc.
650.
65e.
Gothenburg_ _50e.
20e.
Bremen
Harnburg_ _ _ _20c.
600.
Plraeus
60c.
Saionlea
650.
30e.
30e.
754.
75a.
LIVERPOOL.-B cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
April 20. April 27.
31,000
41,000
23,000
15,000
6,000
7,000
52,000
46,000
749.000 728,000
392,000 365,000
19,000
27,000
4,000
5,000
91,000
75,000
12,000
8,000
Sales of the week
Of which American
Actual export
Forward'ecl
Total stock
Of which American
Total imports
Of which American
Amount afloat
Of which American
May 4. May 11.
35,000
33,000
17,000
15,000
5,000
2,000
47,000
50.000
688,000 649,000
356,000 332,000
4,000
31,000
2,000
2,000
76,000
68,000
11.000
11,000
The tone 'of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Monday.
Moderate
demand,
Wednesday. Thursday.
Fridczy,
Moderate
demand.
Quiet.
Quiet.
14.79
ROLL.
DAY.
14.09
14.13
14.62
14.08
8,000
mid.1Jerds
Bales
Tuesday.
Good
inquiry,
Saturday.
Market, I
12:15 3
P. M. l
7,000
6,000
10,000
4,000
Futures.
Market 5
opened l
Quiet,
Steady
Quiet
Quiet
Firm
9 to 15 pts. 2210 36pta. 2 to Opts. 27 to 4Opts. 35 to 42pta.
decline,
decline,
advance.
advance.
decline.
Market, I
4
3
P. M. I
Very sPdy Steady
Barely sty Steady,
Weak
17 to 23pts. 5 to 29pts. 4 to 9pts. 17 to 28pts. 50 to 53pts.
decline,
decline,
decline,
decline.
advance.
I
32s Cop
Twin.
Sat.
May 5
to
May 11.
11.00
11.58
May
June
July
August
September...
October
November..
December
January
February
March
April
Mon.
Tues.
Wed.
Thurs,
Fri.
124 124 124 4:00 124 4:00 124 4:00 124 4:00 124 4:00
p. m . m. p. m. p. m. p. m. p. m p. m. p. m p. m. p. m.p. m.p. m.
d.
9,000 859.453 20.250 600,840 4 400 316,519
Total exports
Egyptian bales weigh about 750 'ha:
Note. A canter is 99 lbs
32s Cop
Twist.
50c.
Flume
50e.
Lisbon
75e.
Oporto
Barcelona _ _40c.
Japan
500.
Shanghai- _ _ _ 50e.
Prices of futures at Liverpool for each day are given below:
Receits (cantars)This week
Since Aug. 1
To
To
To
To
1921-22.
Antwerp __224c 354e.
Ghent
224c.374e.
Havre
Rotterdam _ _224c.3740.
30e. 3540.
Genoa
Christiania _ _374c.60e.
d,
HOL1DAY.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
14.14 13.78 13.44 13.51 13.48 13.5813.97 13.8 13.43 13.35.
13.8913,54 13.1813.2 13.23 13.34 13.74 13.62 13.2 13.09
13.86 13.51 13.18 13.24 13.22 13.32 13.72 13.60 13.18 13.08
13.6 13.30 13.01 13.07 13.0 13.15 . 13.40 12.99 12.88.
13.2 12.97 12.68 12.81 12.75 12.85 13.18 13.07 12.69 12.57
12,8312,62 12.28 12.41 12.37 12.47 2.78 12.66 12.29 12.15
12.5812.29 12.05 12.18 12.14 12.25 2.5 12.4312.06 11.92
12.47 12.19 11.94 12.12 12.08 12.17 2.46 12.3 11.9911.84
12.37 12.09 11.85 12.03 . 12.07 2.3 12.24 11.89 11.74
12.30 12.03 11.8011.97 11.93 12.01 2.2912.18 11.83 11.68
12.23 11.9711.7511.92 11.8811.96 2.2312.13 11.78 11.63
12.18 11.9211.70 11.87 11.8311.91 2.18 12.08 11.72 11.58
BREADSTUFFS
rriday Night, May 11 1923.
Flour has been quiet and at times noticeably weak with
wheat and other grain declining. To make matters worse
for holders, stocks here are large. Holders have been offering more rfeely. Buyers are cautious, not to say timid.
Prices, it was intimated, were continually being shaded.
That of itself naturally had an unsettling effect. Mills seeing more freely. Buyers are cautious, not to say timid.
flour on the market. Competition was sharp in a narrow
trade. The result may readily be imagined. All that prevented larger offerings, it seemed, was the knowledge that
buyers were in ninny eases well supplied and offering at
lower prices would simply injure the market to no 'purpose.
Also, the break in wheat hurt export trade. Europe with-
MAY 12 1923.]
THF CHRONICLE
2163
still absorbing rather freely
drew, expecting still lower prices. In short, the tone of the erally quiet. The Continent is
and requirements of Continental countries are considered
market here was quite the reverse of cheerful. It was in- heavy." To-day prices declined in spite of some unfavorable
deed distinctly unsatisfactory, with supplies abundant and weather reports from the West. For in the main they were
both foreign and domestic trade dull and unpromising. At better. Besides, the Liverpool cables were off %d. and
Minneapolis prices declined with trade dull. Prices f. o. b., beneficial rains fell in India and Australia. Buenos Aires
Wincarlots, best family patents, $670'to $7; first patents, $650 dropped %c. It was rather warmer in the Northwest.
however, as exporters were buying
to $670; bakers, $6 U0 to $6 50; first clears, $5 40 to $5 50; nipeg was not very weak,
cash and May wheat there. At Chicago closing prices show
second clears,$370 to $385. Rye flour, 15 to 25c. lower than a decline for the week of 21 1 to 3c.
/
10 to $4 25.
recently. White rye, 4 16 to $4 35; medium, $4
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
At Kansas City there was a small increase of business with
Sat. Mon. Tues. Wed. Thurs. Fri.
1444 1444 144%
144
cts_1434 141
prices reported unchanged. Carlots, per bbl., bulk basis, No. 2 red
CHICAGO.
PRICES OF WHEAT FUTURES IN Thurs. Fri.
hard wheat, short patent; $605 to $620; long patent, $550 DAILY CLOSING
Sat. Mon. Tues. Wed.
us% 117% 118% 118 116%
cts_115
May delivery In elevator
$580; straight, $530 to $5 50; first clear, $440 to $4 60; July delivery in elevator
to
117% 1174 117% 115%
1174 116
September delivery In elevator_ - 1154 114% 116 1164 116 114%
second clear, $3 to $360; low grade, 315 to $3 30.
Indian corn turned downward with wheat in the fore part
Wheat declined early in the week 2% cents with stocks off
falling, on
on May 7, Cotton down 100 to 125 points, coffee of the week, when everything else seemed to be
1 to 4%%
the Chicago Board of Trade and outside. On the 5th prices
and sugar also lower, and wheat liquidation heavier. Also,
fell some 3%c. at one time on heavy liquidation. Bulls had
the reopening of Lake navigation, the expectation of larger become tired. May corn was found to be at a premium of
receipts, the lower cables and better crop accounts all had an 1 cent over May rye at one time. This looked a bit abnoreffect. Foreign demand, too, subsided on the Lake announce- mal in existing circumstances. It suggested that corn was
ment, especially as Liverpool weakened. Only a fair export relatively too high. No. 2 yellow corn, too. was 18c. higher
trade was reported. The break in corn on the 5th inst. was than a year ago; May corn was 12c. higher than then, whereconsidered suggestive. If the longs in corn had become tired as cash wheat was 7 to 32c. lower than a year ago and rye
why not those in wheat? Offerings increased. A decrease was also noticeably cheaper than then. But some things faof 827,000 bushels in the American visible supply mattered vored corn for all that. For instance, the primary receipts
little. Support.was lacking. Liverpool continued to give were small. The American visible supply decreased last
way with world's shipments last week no less than 13,440,- week no less than 3,280,000 bushels. And May deliveries
000 bushels, and an increase in the quantity on passage to on the 7th inst. reached the insignificant total of 31,000
Europe for the week of 2,504,000 bushels. It did not seem bushels. The visible supply in the United States decreased
to mitigate the effect of such figures much that 6,583,000 last week 3,280,000 bushels, against 2,856,000 in the same
bushels were American. Much of it, of course, was Mani- week last year. That leaves it 19,059,000 bushels, against
toba. May was conspicuously weak. Its premium over July 32.708,000 a year ago. Exporters on the 7th inst. took 200,dropped %c., though, to be sure, this was partly attributable 000 bushels. In Kansas corn planting was retarded by rains,
to rather heavy covering by July shorts on the eve of what but it is beginning in western Kansas. In other parts 60%
was expected to be a bullish monthly Government report on of it has been done. In Iowa some planting has been done
the 8th inst. Chicago wired May 7 that rains over the South- and a normal acreage is expected. Receipts at primary
west improved crop conditions last Week. The Santa Fe points continued to be very small. Cash markets were firm.
road's crop report shows improvement in western Kansas. The trouble was the demand was as a rule light. To make
where at first it was thought that the moisture came too matters worse the estimate of the Argentine crop was inlate.. The Government report in a sense cut both way. Some creased 20,000,000 bushels. On the 10th inst. corn advanced
features were bearish; others were bullish. It shoWed that with wheat. Chicago, moreover, was shipping freely. James
68.9% of spring plowing had been done to May 1, compared H. Patten on his 71st birthday on the 10th inst. declared
with 63.5% a year ago, 68.9% of spring planting completed himself a bull on corn. To-day prices sympathizing with
against 53.6% at this time last year. The area, however, is the rest of the list moved lower, despite the continued smallsmaller, the Government reporting the acreage to be har- ness of the primary receipts. The last prices showed a devested at 39,750,000 acres, or 14.3% less than was planted cline for the week of 1% to 1%c.
last autumn and 5.6% less than a year ago. The condition
DAILY CLOSING PRICES OF CORN IN NEW YORK.
was given as 80.1% on May 1 against 75.2% a month ago
Sat. Mon. Tues. Wed. Thurs. Fri.
as% 100% 1004 1004 1004
cts_102
No. 2 yellow
and 83.5% in May of last year. Based on these figures the
CORN FUTURES IN CHICAGO.
indicated crop would be 578,287,000 bushels, against 586,204,- DAILY CLOSING PRICES OF Sat. Mon. Tues. Wed. Thurs. Fri.
000 bushels last year and the average of the preceding five May delivery in elevator
78% 784 78% 78%
77
cts 78
78% 77% 78% 79% 79% 78%
years of 565,905,000 bushels. That is to say, with the acre- July delivery in elevator
78% 794 78% 77%
77
September delivery in elevator_ _ 78
age smaller the crop promises at this time to be about 8,000,Oats dropped with corn and wheat, as might have been
000 smaller than last year and about 12,500,000 more than
offerings were small.
the five-year average. In western Europe and Spain crops expected. Yet at one time country
reare said to be doing generally well and the weather has been And the technical position seemed in no bad shape after
fine. In Italy the outlook is favorable. A Parliamentary cent liquidation. But on the 7th inst., with everything on
committee is proposing a wheat import duty of two gold lire the speculati've list falling, oats could hardly remain unafper quintal. In North Africa a good harvest is forecast. In fected. And as a matter of fact they fell 1 to 1%c. under
Austria-Hungary and the Balkans good weather has pre- general selling. The American visible supply decreased last
vailed and crop prospects are considered generally favor- week 1,392,000, against 630,000 last year. It left the total
able. From Russia reports are somewhat more optimistic. 20,540,000 bushels, against 55,198,000 a year ago. To-day.
In West Australia and South Australia good rains have In sympathy with other grain, prices were lower. Trade still
fallen and prospects are regarded as normal. In Victoria kept within a narrow groove. Features of special interest
h
and New South Wales light rains have fallen, but further were lacking. Closing prices were 1 to lc. lower for the
precipitation is needed. The visible supply in the United week.
States decreased last week 827,000 bushels, against 277,000 DAILY CLOSING PRICES OF OA,S FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
iii the same week last year. The total is 43,694,000 bushels, No. 2 white
56
56
554 554
56
cts_ 56
against 31,003,000 in 1922. A decline of 1 to 11 4c. on the 7th DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
,
Thurs. Fri.
Sat. Mon. Tues. Wed.
inst. was partly in sympathy with a sharp break in stocks
May delivery in elevahir
eta_ 434 424 434 43% 43% 434
and cotton. The need of a larger European demand was also July delivery in elevator
44% 4314 434
4334 43
44
felt. On the 9th inst. prices advanced.on frost and generally September delivery in elevator_
424 42% 4334 42% 42
43
cold weather, tending to hurt both the winter and the spring
Rye declined very sharply with other items on the grain
wheat belt. The winter wheat crop is already late.. And list. In two days the downward drift was 4 cents. For
most of the wheat in Omaha, it is said, has been sold for ex- longs sold out. They had bought on the idea that rye was
port. Chicago sold a cargo to go to Buffalo. The Greek relatively cheap. Also at one time there was talk of a better
Government wanted offers on 1,000,000 bushels. There was export demand. But the results were disappointing. The
some export demand. But with better weather .later on visible supply in the United States decreased last week 448,prices fell. It was warming up at the West. True, the ex- 000 bushels, against
409,000 last year. The total is now 19,port sales on Thursday were estimated at 500,000 to 750,000 011,000 bushels,
against 6,754,000 last year. And on the
bushels, mostly Manitoba, but including a fair quantity of 7th inst., under the circumstances, May rye ended at lc. unhard winter wheat at the Gulf. Kansas wired: "What der May corn, I.
e. at 76c., against 77c. for May corn. On
wheat is left in western Kansas is in fair condition. Wheat the 8th inst. however, the tone was firmer. with export sales
uver the entire State except western Kansas is in very fine estimated at as
high as 1,000,000 bushels. When May rye got
condition and gives promise of an'excellent crop." Chicago down the next day
to 21 c. under May corn there was some
,
wired: "Weather in Iowa is favorable; winter wheat doing
buying on this fact alone, although export business fell off
nicely; seeding of spring wheat making satisfactory progvery noticeably. Exporters, however, took 300,000 bushels
ress; planting of oats about completed. Area estimated
in the latter part of the week, influenced by lower prices.
about 95%." Liverpool cabled: "The United Kingdom has
evidence of
been impressed by the declines in America and Argentina; To-day rye fell with other grain. There was no
week
Indian offers of wheat are increasing and are being put for- any active demand. Final prices show a decline for the
ward at lower prices. Stocks of wheat in the United King- of 5% to 6% cents.
RYE FUTURES IN CHICAGO.
dom are 'still very light, and it is believed that millers must DAILY CLOSING PRICES OFSat. Mon. Tues. Wed. Thurs. Fri.
soon resume buying, although good supplies are looked for May delivery in elevator
764 76% 75% 78
cts_ 78% 76
784 73
79
78
SO% 78
from early Montreal shipment; the present demand is gen- JulY delivery in elevator
76%
79
September delivery in elevator.__ - 81% 78% 7934 80
2164
VITE CHRONICLE
The following are closing quotations:
GRAIN
Oats
No. 2 white
55%
$1 444
No. 3 white
1 33U
54
Barley
Feeding
;
.1
1 00 ,
Nominal
Malting
86%
81@82
FLOUR
$6 25187 00 Barley its c
Spring patents
019Winter straights, soft- 5 65
No. 1, 1-0, 2-0
5 80
$575
Nos. 2,3 and 4 pearl_ 650
Hard winter straights_ 6 00
625
Nos. 3-0
First spring clears
5 500 6 00
590
Nos. 4-0 and 5-0....
Ryeflour
4 750 5 10
6 00
Oats goods
Corn goods, 100 lbs.:
-carload:
Spot delivery
2 10@ 2 20
Yellow meal
277M @2873i
215@ 220
Corn flour
Wheat
No. 2 red
No.2 hard winter_
Corn
No. 2 yellow
-No.2
Rye
The statements of the movements of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
,
Receipts al-
Piaui.
Wheal.
Corn.
Oats.
Barley.
Rye.
, Is.196lbs. bush.60 lbs. bush.56 lbs bush. 32 lbs. bush.48lbs.bush.56Ibs
357,000
971,001 1,048,000
248,000
Chicago
84,000
1,212,000
49,0''
200,000 111,000
MinneaPolls105,000
779,000
Duluth
25,000 419,000
39,000
99
14,000
mmeaukee
389,000
187,000
34,000
64,111
47,000
44,000
Toledo
5,000
40,000
37,
52,000
Detroit
73,000
500,
Indianapolis_
242,000
104,000
468,'''
623.00
678.000
8f(19
St. Louis_ _
45,000
2i6,liu
15.000
40,000
170,000
Peoria
3,000
387,111
912.000
258,000
Kansas City_
259,000
327.101
260,000
Omaha
108,001
163,000
68,000
St. JosephTotal wk. '23
Same wk. '22
Same wk. '21
406,000
380,000
351,000
4,309,000
5,139,000
4,839,000
3,445,000
5,770,000
3,677 000
3,407,000
3,574,000
3,002,000
418,000
411,000
546,000
613,000
617,000
713,000
Since Aug.1.
1922-23_ _ _ 19.426.000362,727,000256,766.000 187,998.00033,170,00045,018,000
1921-22_ _ _ _ 17,155.000291,495,000 316,637,i 1 i 167,573,00024,078,000 18,360,000
1920-21_ _ _ 22,401,000 280,906.000 180,495,000 185,795,00023,455,000 16.143.000
.
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday May 5 1923 follow:
Receipts at-
Flour.
Wheat.
I
Barrels.
Bushels.
158,000
New York-__
277,00
Portland, Me_
35.000
389,00
Philadelphia _
51,0001
205,000
Baltimore_ _ _
151,000
38,0001
Newport Ne
7,000
Norfolk------2,0001
295,000
New Orleans.
91,'''
66,000
Galveston_
125,011
Montreal ____
357,000
40,0001
308,1 • i
St John,N.B.
.
57,000
Boston
28,000
3,000
Corn.
Oats.
Barley,
Rye.
Bushels.
Bushels.
Bushels, Bushels.
30,000
100,000
80,000
6,000
50,000
299,000
154,000
214,000
1,000
26,000
24,000
17,000 114,000
130,000
38,000
7,0''
178,000
58,000
86,000
[VOL. 116.
The visible supply of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard
ports Saturday, May 5, was as follows:
GRAIN STOCKS.
Wheat,
Corn,
Rye,
Oats,
United States
-bush.
bush.
bush.
bush.
New York
731,000
829,000 1,121,000
372,000
Boston
7,000
27,000
2,000
Philadelphia
238,000
248,000 1,245,000
87,000
Baltimore
322,000
230,000
177,000 1,513,000
Newport News
41,000
New Orleans
916,000
621,000
232,000
136,000
Galveston
981,000
104,000
Buffalo
1,099,000
467,000
421,000
124,000
afloat
"
722,000
162,000
Toledo
733,000
122,000
311,000
11,000
Detroit
10,000
27,000
42,000
15,000
2,754,000 11,756,000 4,580,000 1,021,000
Chicago
" afloat
260,000
Sioux City
374,000
174,000
301,000
45,000
Milwaukee
132,000
542,000
762,000
181,000
Duluth
13.650,000
289,000
586,000 11,179,000
Joseph, Mo
St.
815,000
200,000
168,000
Minneapolis
13,778,000
70,000 7,807,000 3,748,000
St. Louis
477,000
431,000
453.000
105,000
Kansas City, Mo
4,369,000
842,000
753,000
95,000
Peoria
10,000
74,000
Indianapolis
132,000
458,000
181,000
1,000
Omaha
1,704,000
332,000 1,137,000
86,000
On Lakes
96,000
581,000
175,000
On Canal and Riven'
381,000
10,000
Barley,
bush.
414,000
4,000
42,000
10,000
168,000
1,000
254,000
10,000
168,000
561,000
5,000
480,000
13,000
18,000
32,000
Total May 5 1923
43,694,000 19,059,000 20,540.000 19,011,000 2,160,000
Total Apri128 1923_44,521,000 22,339,000 21,932,000 19,459,000 2.334,000
Total May 6 1922_31.003,000 32,708,000 55,198,000 6,754,000 1,327,000
Note.
-Bonded grain not Included above: Oats, New York, 207,000 bushels:
Baltimore, 123,000; Buffalo, 512,000: Duluth, 35,000; total, 877,000 bushels, against
1,098,000 bushels in 1922. Barley, New York, 232,000 bushels; Duluth, 59,000:
total, 291,000 bushels, against 387,000 bushels In 1922. Wheat, New York,632,000
bushels; Boston, 2,000; Philadelphia, 804,000; Baltimore, 501,000; Buffalo. 391,000:
Duluth, 276,000; Toledo,81,000; Chicago, 1,223,000; Chicago afloat,259,000; total,
4,189,000 bushels, against 3,888,000 bushels in 1922.
Canadian
Montreal
2,652,000
206,000
598,000
159,000
276,000
Ft. William St Pt. Arthur.38,937,000
8,020,000
4,056,000
Other Canadian
406,000
220,000
232,000
Total May 5 1923._ _41,995,000
159,000
206,000 6,838,000
Total April 28 1923._ _ _41,816,000
234,000 6,835,000
107,000
Total May 6 1922_ _ _29,909,000 2,438,000 8,066.000
88,000
- Summary
American
43,694,000 19,059,000 20,540,000 19,011,000
Canadian
41,995,000
208,000 6,838,000
159,000
4,564,000
4,587,000
2,610,000
2,160,000
276,000
• Total May 5 1923..._85,689,000 19,265,000 27,378,000 19,170,000 2,438,000
Total AprI128 1923_ _ _86,337,000 22,573,000 28,767,000 19,566,000 6,901,000
Total May 6 1922...J30,912,000 35.146,000 63,264,000 6,842,000 3,937,000
WEATHER BULLETIN FOR THE WEEK ENDING
MAY 8.
-The general summary of the weather bulletin
issued by the ]Department of Agriculture indicating the
influence of the weather for the week ending May 8,1is
as follows:
The outstanding features of the weather during the week ended May 8
were the heavy rains in much of the Southeast, the dry weather and excessive
sunshine from the Ohio Valley and Middle Atlantic States northward and
the unseasonably low temperatures which overspread the northern Great
1922.. _
391,0001 2,846,000 2,223,000 1,841,000 537,000 416,000 Plains at the close of the week. The lack of appreciable rain in the West
Week
ShiceJan.1'22 8,670,0001 54,662,000 71,383,000 15,886,000 4,129,000 6,544,000 Gulf section was favorable for agriculture, but there was too much rain
*Receipts do not Include grain passing through New Orleans for foreign ports for field work and the nights were rather too cool for best developments of
on through bills of lading.
vegetation in the Southeast. The soil was dry and rainfall badly needed
The exports from the several seaboard ports for the week In the Ohio Valley northward but conditions were excellent for field work
Saturday, May 5 1923, are shown in the annexed in that area, except that it was too dry for plowing In some localities,
'ending
The moderately warm weather, sufficient sunshine and generally ample
statement:
soil moisture made conditions unusually favorable between the Mississippi
River and Rocky Mountains, where all vegetation made good advance
Wheat.
Corn. Flour.
Exports fromOats.
Rye. Barley. Peas.
and field work progressed favorably. There was very little precipitation
Bushels. Bushels. Barrels Bushels. Bushels. Bushels. Bushels. west of the Rocky Mountains, but the warm weather favored rapid growth,
1,567,135 314,731 173,403 256,524249,022 219,715
New York
and ideal conditions prevailed generally for field work.
389,000
Portland, Me
50,000 35,000
299,090
152,000
Boston
The nights were too cool for best germination and growth in much of
60,000
864,000
60,000 31,000
Philadelphia
26;6645 --- -- the South and there was some frost in the upper Ohio Valley while frost
735,000
92,000 14,000 145,000 334,000
Baltimore
-_ ------ did some damage in Western Colorado, Utah and locally in Oregon. More
295,000
Norfolk
2.000
__
warmth and sunshine was needed at the close of the week in the east Gulf
Newport News_
7,000
7,000 21,000
Mobile
14,000
---------- States and northwestern Great Plains.
141,000 306,000 34,000
New Orleans
43458 : -_
:
-_
COTTON.
-Cool weather prevailed in cotton States, particularly in
374,000
Galveston
-- -------- the extreme lower Mississippi Valley,
308,000
and sunshine was deficient in much
57,000
Bt. John, N. B_
86,000
,
of the central and eastern portions of the belt. Rainfall was frequent
Total week 1923.- 4,825,135 889,731 374,403 415,524 951,022 305,715
many localities heavy to excessive in much of the central and eastern
and in
1,526,384 1,596,867 193,183 536,473 1104173 104,176
Week 1922
portions of the belt, but it was light in the western portion. Field work
The destination of these exports for the week and since made good progress as a rule in Texas but cotton made slow growth because
of cool nights, although its general condition was fairly good. Planting
July 1 1922 is as below:
was about completed except in the northwest portion, and a few wet areas
Flour.
Wheal,
elsewhere. Planting was delayed by rain and wet soil in Oklahoma, howCorn.
•
Exports for Week
ever, although fairly good progress was made and the early planted cotton
Week
Week
Mae
and Sipce
Since
Week
Since
was coming up generally to a good stand.
May 5
May 5 July 1
July I
July 1 toMay 5
July 1
There was much cloudy weather in Arkansas with considerable rainfal
1923.
1922.
1923.
1922.
1923.
1922.
and planting made slow progress in most eastern and central sections, but
Bushels.
Barrels. Barrels.
Bushels. Bushels, Bushels.
was very good elsewhere. It was too cool and cloudy in Louisiana for best
782,028 83,790,954 411,230 27,917,899
United Kingdom_ 93,039 4,705,607
223,944 6,127,914 3,765,107 189,062,073 464,501 50,625,383 growth of the crop but while the plants are small the stands are fairly
Continent
The frequent rainfall and
433,332
31,000
So.& Cent. Amer_ 7,000
399,000
37,000 good; cultivation was hindered by wet soil.
33,000 1,196,800
32,000
West Indies
14,000 1,578,700 cool nights were very unfavorable for cotton in most of Mississippi, Alabama
completed was further retarded
3,000
__
Brit. No.Am.Cols
37,700 and Georgia and planting where not
825,600
267,000 2,765,830
Other countrieo.._ 17,420
18,000 considerably.
While rainfall was frequent in Tennessee, planting continued without
374,403 13,292,253 4,825,135 276,049,857 889,731 80,214,682 serious interruption and the early planted cotton was doing well. There
Total 1923
193,183 12,383,345 1,526,384 240,782.887 1,596,887 127,611712 was too much soil moisture in northwestern South Carolina, but elsewhere
Total 1922
conditions were mostly favorable. The progress of the
The world's shipment of wheat and corn, as furnished by In that State but considerable replanting was necessary because ofcrop
the
was fairly good
Broomhall to the New York Produce Exchange for the week unfavorable effect on germination of previous cool nights: chopping out
was general except in the western portion. Cotton was late in North
ending Friday, May 4, and since July 1 1922 and 1921, Carolina and the early planted was slow in germinating, while there was
still considerable planting to be done.
are shown in the following:
-Winter wheat needed moisture rather badly in the Ohio
WHEAT.
Wheal.
Corn.
Valley States, where the progress of the crop was slow, although some
improvement was reported from Kentucky. This crop made satisfactory
1921-22,
1922-23.
1922-23.
Exports.
progress in the trans-Mississippl States under favorable weather conditions.
1921-22.
Excellent growth was made in Missouri where the plants were reported as
Since
' Week
Sinoe
Week I
knee-high on most low lands and pointing. With ample soil moisture and
Since
Since
May 4. I July 1.
July I.
Mall 4.
moderate temperature wheat made excellent growth in Nebraska and also
July 1.
July 1.
In the eastern half of Kansas. Some of the plants were in boot in the
Bushels,
Bushels.
Bushels.
Bushels.
extreme southwestern portion of Kansas. Further substantial rains fell
Bushels.
Bushels.
Pm
North A mer_ 6,5g3,000 2,606,000358,668,000 1,147,000 83,715,000136,873,000 in the western third of Kansas and wheat that survived the drouth tereh
70,000 5,098,000 13,081,000 grew well although the plants continued very small.
Russ. St Dan. 300,0001 8,275,000 3,904,000
A
. __
The crop made very good progress in Oklahoma and was heading in
ArgentIna...._ 4,445,000 115,738,000 87,727.000 1,564,000 98,888,000 99,732,000
1,200,0001 40,020,000 96,368,000
central and southern portions, but conditions continued very unsatisfactory
712,000
. in the extreme northwestern part. Showers benefited igrain crops in the
912,000 10,068,000
India
4,751,000 11,840,000 central Rocky Mountain States, particularly in Southeastern Colorado,
Oth. oountr F
while warmer weather favored growth in many sections of.the more western
13,440,00 5'34,705,000 545.379.000 2.781.000 192,450.000 261,526,000 States.
Total
2,000
49,000
Total wk. '23 482,0001 2,201,111
399,000
801,000 241,000 420,000
ShiceJan.1'23 9.300,000 74,707,000 27,204,000 12,333,000 3,442,000 14,593,000
MAY 12 1923.)
THE CHRONICLE
Field work made generally good progress in the spring wheat States.
Seeding advanced rapidly in Minnesota and was completed in the southern
and well along in the northern portions although retarded somewhat on
lowlands. Early sown spring wheat was up to a good stand in North
Dakota where seeding was well advanced, while conditions were generally
favorable in South Dakota, although there was some wheat yet to be
sown in the latter State. Seeding was nearly completed in Montana and
germination was satisfactory. The unseasonably cold weather over the
spring wheat belt at the close of the week was unfavorable.
OATS.
-It was too dry for oats in most sections of the Ohio Valley and
rain was much needed for germination of late seeded oats and barley in
southern and eastern Iowa. Oats were late but improving in Nebraska,
but the crop continued in poor to only fair condition in Kansas. Rye was
heading as far north as Kentucky and oat harvest was beginning in extreme
southern Georgia.
Some ground was prepared for flax in Montana and some flax was seeded
in South Dakota. Considerable rice was planted in Louisiana. Seeding
progressed more favorably in Texas. Early sown rice grew slowly in
California because of cool weather.
CORN.
-Preparation of corn ground progressed favorably in most
Northern States and planting was being done northward to central Penna, while this work was general in Indiana and Illinois, and was well
In Iowa. Planting was generally delayed in Ohio because of dry
soil and moisture was badly needed in southern and eastern Iowa. Planting
was nearly done in Missouri where the early planted was coming up to a
good stand, and was well under way to northern Kansas; but little was
planted in Nebraska. Corn made generally fair progress in Oklahoma
where early planted was being cultivated, except where the soil was too
wet, and the early planted crop made very good growth in Texas. Planting,
replanting, and cultivating corn was hindered considerably in east Gulf
States because of frequent rainfall, but the additional moisture was beneficial in Florida. Germination was satisfactory in Tennessee and generally
good stands were reported from Arkansas, but the early crop in the latter
State was badly in need of cultivation.
=
AGRICULTURAL DEPARTMENT REPORT ON
CEREALS, &c.
-The report of the Department of Agriculture showing the condition of the cereal crops on May 1
was issued on the 8th inst. and is as follows:
The Crop Reporting Board of the Bureau of Agricultural Economies.
United States Department of Agriculture, makes the following forecasts
and estimates from reports of Its correspondents and agents:
On May 1 the area of winter wheat to be harvested was about 39,750,000
acres, or 6,629,000 acres (14.3%) less than the acreage planted last autumn
and 2.377.000 acres (5.6%) less than the acreage harvested last year, viz..
42,127,000 acres. The average of the past ten years was 38.416,000 acres.
The 10-year average per cent of abandonment of planted acreage is 9.8.
The average condition of winter wheat on May 1 was 80.1, compared with
75.2 on April 1, $3.5 on May 11922, and 87.5, the average for the past ten
years on May 1. A condition of80.1% on May 1 is indicative of a yield per
acre of spin oximately 14.5 bushels, assuming average variations to prevail
thereafter. On the estimated area to be harvested, 14.5 bushels per acre
would produce 578.287.000 bushels, or 1.4% less than in 1922, 3.7% less
than in 1921, 5.3% less than In 1920. and 2.0% less than the average of the
past ten years. The final outturn of the crop may be larger or smaller than
the amount given above according as conditions developing during the remainder of the season prove more or less favorable to the crop than the
average.
Details for winter wheat States follow:
I
State.
Acreage 1923.
Price
Condition
May 1.
May 1.
Forecast
Per i Acres
Produaion
1923
Cent Remaining Te n
1922. Produaion
titan- to be
Year-1922. 1923. (Dec. est.) ram May 11922.1923.
don'd Harvested. As.
Condition.
Bushels. Cts. Cis.
Bushels.
8,678,000 8,157.000 130 130
1,540,000 1,288,000 140 131
25,234,000 21.109.000126 127
1,5811,000136 125
1,766,1 i
9,537,000 8,156,000135 127
10,375.000 9,915,001 139 132
000 136 137
2,760,000 2,736,
'
5,503,000 5,837,006 149 147
1.320,000 1,874,000210 170
1,520,000 2,047,000 176 161
35.224.000 31,300,000 129 124
29,754,00 30,293,001 127 124
53,025,000 52,751,00t 121 119
14,196,000 15,488,000 125 124
1,798,000117 13
1,767,i i
1,691.00(1 1,409,000 135 110
15,847.000 15,179,000 i14 105
0
38,750.0001 43,086,00 120 115
670,000 125 97
1,824,0001
33,671,000112
57.159,0001115,087,000123 104
105
122.737,000
7.475,0001 7.092.000136 31
4,484.0001 4,629,000 140 135
.212,000 167 185
218,000
59,000 175
80,
000
9,992,000 21.733,000121 111
31,350,0001 42.293,000109 103
882,000 125 120
1,118,00
6,
369,000 5,153,000 122 100
408,000 108 98
646,000
16,406.0001 13,741,000 99 100
225,00
374,000 133 120
1,274,000 1,157,000 170 125
2,226,0001 2,377,000 95 100
71,000 126 143
59,000
8.658,0001 8,677,000 105 100
23,244,0001 33,468,000 126 106
10,880,0001 18,800,000 107 113
15,308,000 13,691,000 118 114
United States_ 14.3 39,750,00 87.5 83.5 80.1586,204.000 578,287.000121. 109.1
The average condition of rye on May 1 was 85.1, compared with 81.800
April 1, 91.700 May 1 1922, and 90.6 the average for the past ten years on
May 1. Tho condition on May 1 forecasts a production of about 74,510,000
bushels, compared with 96.497,000, last year's estimated production
61.675,000 the 1921 estimated production, and 63,419,000 the average for
the past ten years.
The average condition of meadow (hay) lands on May 1 was 87.0, compared with 90.1 on May 1 1922, and a ten-year average on May 1 of 90.2.
The expected hay acreage in 19.es is about 76,031.000 acres (00,203,000 tame
and 15,778,000 wild). The May 1 production forecast is 100,853,000 tons.
compared with an estimated production of 112,791,000 Wild in 1922 and
97,770,000 in 1921. The ten-year average is 99,433.000 tons.
Stocks of hay on farms on May 1 are estimated as 13,480.000 tons(12.0%
of crop), against 10,919,000 tons (11.2%) on May 1 1922, and 12,069,000
tons (12.0%), the five year average on May 1.
The average condition of pastures on May 1 was 77.0. compared with
84.5 on May 1 1922, and a ten-year average on May 1 of 85.9.
Of spring plowing 68.9% was completed up to May 1, compared with
63.5% on May 1 1922, and a ten-year average on May 1 of 71.1.
Of spring planting 55.4% was completed up to May 1, compared with
53.6% on May 1 1922, and a ten-your average on May 1 of 58.3.
W. A. sCILOILNFh)L11, Chairman,
Approved:
W. F. OALLANDER, S. A. JONES,
C. W.PUOSLEY,
G. K.17101.,ME5,
Acting Secretary.
L. M.HARRIilDA."(31"R'
j N.
Crop Reporting Board.
slew York _
slew Jersey __
P'ennsylvanla.
Delaware __
44aryland____
Virginia
West Virgin!
gorthCaroli
3outh Caron
Deorgia
Dhlo
Indiana
Wino's
Michigan ___ _
Wisconsin.. _ _ _
Minnesota
Iowa
Missouri
South Dakot
Nebraska.,_
Kansas
Kentucky_
Tenn01see_ _
Alabama
MississiPPI-- _
Texas
Oklahoma _
Arkansas _ _ ...
Montana
Wyoming
Colorado
New Mexico Arizona
Utah
Nevada
Idaho
Washington
Oregon
California._ _
3.21 415,000
3.0
73,000
2.5 1,303,000
3.0 102,000
3.2 537,000
2 5 838.000
3.5 234.090
2.0; 603.015)
2.0 175,000
5.0 208,000
12.5 2,291,000
6.0 2,088,000
5.5 3,224,000
4.5 068,000
4.0,
90,000
15.0'
86,000
5.6 734.000
1.8 3,076,000
40.0
49,000
25.0 2,645,000
28.0 8,844,000
3.6 620,000
2.5 442,000
7.0,
21,000
8.01
4,000
8.0 1,559,000
9.0 3,397,001
4.0'
82,000
18.0 367,000
17.01
24,000
33.0 1,057,000
60.01
33,000
8.
42,000
2.51 139,000
2.0
3,000
4.01 393,000
s.oI 1,383,000
3.01 853,000
8.0 748,000
.Ct.P.Ct. P.C1
90 86 84
89 91 84
89 03 81
88 88 89
88 88 83
91 91 86
91 00 79
90 92 88
82 66 83
85 75 82
87 89 69
86 89 78
85 89 81
84 84 80
86 84 85
86 82 78
88 95 88
87 87 87
88 93 76
88 82 67
85 74 77
88 95 86
88 93 88
85 85 82
87 87 84
77 71 85
86 75 83
91 88 86
89 85 78
94 90 81
91 80 65
85 50 63
91 92 95
04 93 90
05 90 95
94 88 92
91 85 88
95 91 95
82 90 88
1
1
Addendum and Revision.
-On the basis of later and fuller
information, the Crop Reporting Board has increased the
estimate of acreage of winter wheat planted in the autumn of
1922 by 102,000 acres for Ohio and 208,000 for Nebraska, a
total increase of 310,000 acres for the United States.
2165
THE DRY GOODS TRADE
Friday Night, May 11 1923.
All markets for textiles have ruled quiet during the past
week, and first hands see more than seasonal dulness in
some recent market events. The sharp decline in prices
for raw cotton, while not altogether unexpected, seems to
have had far-reaching effect upon buyers, particularly of
cotton goods. An atmosphere of uncertainty has also developed in markets for woolen and worsted goods and more
talk is heard of uncertainty about values being passed on
to consumers. Some agents for men's wear mills report that
lines withdrawn in January have been opened to the extent
of inviting new business, while cancellations and revisions
of orders have been reported. Furthermore, the cold weather
which has prevailed throughout the country has had a tendency to halt retail distribution at a time when primary
merchants were hoping for a lead from more active purchasing by consumers. The falling off in demand for goods has
resulted in considerable mill curtailment, and during the
latter part of the past week eight of the Fall River mills announced that they would shut down for a week due to lack
of orders. Most of the Fall River mills have been operating
under contracts which expired recently or will expire in the
near future, and it is understood that the manufacturers
do not intend to fill their storehouses with finished products,
and purchases of small lots will not use up the complete
production. Many merchants, however, are beginning to
question whether a price basis as low as that touched on
some lines will be maintained for any great length of time
unless there is a further reaction in raw material prices.
Some manufacturers have already declared that it was inevitable that under existing market conditions they would
hardly be able to obtain contracts at a price to meet their
operating costs as increased by the recent wage advance.
DOMESTIC COTTON GOODS: The further decline in
raw cotton has restricted the buying of domestic cotton goods
during the past week, and markets have been dull. The
weather has also been against the market. It was conceded
that with snow reported in many places during the week it
was'hard weather in which to stimulate sales of sheer wash
fabrics and other strictly hot weather goods. The disadvantage of low temperatures at this season of the year is that
it affects retail distribution at a time when primary merchants had been hoping for a cue to come to them from consumer buying that would point the way to future distribution at wholesale. There are some large mills who are now
said to be willing to take on business for June, July and
August that would not consider business for those months
until cotton fell off and signs of accumulations of May
goods began to be seen. Markets for sheetings developed
weakness during the week. Owing to the absence of bids,
many quotations have been held on a high nominal basis in
relation to raw cotton, but now that cotton is actually down,
some of the new prices seem very low. Stocks of goods in
mill hands, strictly speaking, are not suggestive of immediate overproduction, but the lack of a spot market for cloths
makes the limited accumulations appear very large. The
new wash goods demand has been of a restricted character,
as retailers have confined purchases to a few of the good
selling novelties in crepes, ratines and printed specialties.
They have not yet started to cut up general lines of wash
fabrics freely and are only placing re-orders for the few new
lines that sell well. Print cloths, 28-inch, 64 x 64's construction, are quoted at 7%c., and the 27-inch, 64 x 60's at 714c.
/
Gray goods in the 39-inch, 68 x 72's, are quoted at 11Y and
4c.,
the 39-inch, 80 x 80's, at 13c.
WOOLEN GOODS: Owing to the unsettlement and
downward tendency of other textile markets, woolens and
worsteds also developed more or less uncertainty during the
past week, and the usual revisions of orders that occur in
wool goods channels whenever there is any hesitation in
business are now being magnified in some quarters. It is
stated in authoritative circles, however, that cancellations
have not yet reached a point where they need to be considered as having any significance of wide trade import. The
cancellations so far received are said to be merely of a seasonable nature and do not involve any appreciable volume
of goods.
FOREIGN DRY GOODS: Linens, like other textiles,
failed to develop any activity during the past week. Sales
have been small and confined to small lots for filling in
purposes. The dulness in the trade has been uniform
throughout the country with no sections standing out as an
exception. Although a number of special inducements have
been made to encourage special sale events, re-orders failed
to materialize to any great extent. Both household and
dress linens have been inactive. Burlaps, owing to weak
advices from Calcutta, have been very quiet, with the undertone easy. Light weights are quoted at 5.65 to 5.75c., and
heavies at 7.30 to 7.40e,
[VOL. 116.
THE CHRONICLE •
2166
ffitate anti Tity pepartuxent
NEWS ITEMS.
Rhode Island.
(North Smithfield]
Towns.
SouthfKingtsown]
[Bristol]
Tiverton
Cumberland
Warren
Jamestown
Warwick
Lincoln
West Warwick
North Kingston
North Providence
Connecticut.
Danbury
New Hartford
Cities.
[Darien]
[Newington]
Ansonia
[Derby]
[Newtown]
Bridgeport
East Haddam
Norfolk
Bristol
East Hampton
Norwich
Danbury
East Hartford [new]
Hartford
[Old Saybrook]
East Haven
Orange[new]
Meriden
East Lyme
Middletown
[Plymouth]
.
East Windsor
Portland [new]
New Britain
[Enfield]
Redding
New Haven
Essex
New London
[Saybrook]
Fairfield
Preston [new]
Norwalk
Farmington
Southington
Putnam
Glastonbury
South Windsor
Skelton [new]
Greenwich
Stamford
[Stamford]
Groton
Waterbury
(Thomaston]
Guilford
Vernon
Willimantic
(Hartford]
Watertown
Harwinton]
West Hartford
Towns.
(Kent]
estport]
Berlin
illingly]
ersfield]
[Bethel]
Litchfield]
Wilton]
[Bloomfield]
Manchester
Windsor
Branford [new]
Fire Districts.
Meriden
(Brooklyn]
East Hartford
Montville
Canton [new]
Watertown
Naugatuck
Clinton
[Windsor]
New Canaan
Colchester
* Less than 5,000 Inhabitants within the district, therefore only bonds issued
prior to June 8 1908 are legal.
a This department has been unable to learn of any incorporated district in Massachusetts the net indebtedness of which Is It excess of the limit prescribed by law.
Mies.
Cranston
Newport
Pawtucket
Providence
E
-Occupational Tax on Iron Ore
Minnesota (State of).
-The United
Held Valid by United States Supreme Court.
States Supreme Court has upheld the tax levied by the State
of Minnesota on all iron ore mined in the State. For further
details see our department of "Current Events and Discussions."
-On May 1
-Legislature Adjourns.
Nebraska (State of).
the State Legislature adjourned sine die.
-Legislature Adjourns
New Hampshire (State of).
-The 1923 session of the State
Gasoline Tax Bill Passed.
Legislature came to an end on May 4. On the last day
of the session the House, concurring in Senate amendments,
passed a tax bill providing a levy of one cent a gallon on
gasoline for the remainder of this year and two cents a
gallon thereafter.
-Legal Investmentsfor Savings
Massachusetts (State of).
-We publish in full below a list issued by the State
Banks.
Bank Commissioner on Feb. 1 1923, showing the bonds and
notes which, in the opinion of the Banking Department, are
now legal investments for savinga banks in Massachusetts
under the provisions of clauses second, third, fourth, fifth,
sixth and seventeenth of Section 54, Chapter 1681 General
Laws. Clause second, relating to investments in public
Legally authorized bonds for municipal purposes, &c., of
funds, has been applied only to those counties, cities, towns the following cities outside of New England:
and districts which appear to have bonds or notes outstand- Akron,0.
Peoria. III.
[Hamilton, 0.]
Philadelphia, Pa.
Hammond, Ind.
ing, and from which debt statements could be obtained. Albany, N. Y.
Pittsburgh, Pa.
Harrisburg. Pa.
Allentown, Ps.[new]
Clause third is the general law relating to railroad bonds, as (Altoona, Pa.]
Pontiac, Mich.
Hazelton, Pa.
Racine, Wis.
amended by the addition of subdivision "o," continuing Amsterdam, N.Y.
Highland Park, Mich.
Reading, Pa.
Indianapolis, Ind. •
[Auburn, N. Y.
as legal investments bonds of certain railroads during the [Baltimore, Md.]
[Rochester, N. Y.]
Jackson, Mich.
period of Government operation. Clauses fourth, fifth and Battle Creek, Mich.
Rockford, Ill.
Jamestown, N. Y.
Saginaw. Mich.
N.
sixth relate to investments in street railway bonds, telephone Bay City, Mich.[new] Jersey City,Pa. J.
St. Joseph, Mo.
Johnstown,
company bonds, and gas, electric and water company bonds, Binghamton, N. Y.
St. Louis, Mo.
Kalamazoo, Mich.
Buffalo, N. Y.
St. Paul, Minn.
Kansas City, Mo.
respectively. Clause seventeenth provides that issues which Camden, N. J.
San Francisco, Calif.
Kenosha, Wis.
pids,
O.
complied with the old law shall continue, under certain Cedar Rapids,
Scranton. Pa.
jKokomo, Ind.]
Seattle, Wash.
[La Crosse, Wis.]
conditions, to be legal investments, and that banks may Chicago, Ill.
Lakewood, 0.
Sheboygan, Wis.[new]
not only continue to hold such bonds but may further invest Cleveland, 0.
Lancaster, Pa.
Sioux City, Ia.
Columbuti. 0.
In them. In this list the bonds which do not comply with Council Bluffs Is.
Lansing, Mich.
South Bend, Ind.
[Lima, 0.]
Spokane, Wash.
clauses second and third, but continue legal through clause [Danville, Ill.]
Lorain, 0.
Springfield, Ill.
Davenport, Ia.
seventeenth, are printed in italics, the reason in each case Dayton, 0.
Los Angeles, Calif.
Springfield, Mo.
Louisville, Ky.
Springfield, 0.[new]
Decatur, Ill.
being explained in the footnotes.
Madison, Wis.
Superior, Wis.[new]
Investments in bonds or notes of cities, towns and districts Des Moines,Ia.
Milwaukee, Wis.
Syracuse, N. Y.
Detroit, Mich.
mentioned in the list should not be made, the Bank Com- Dubuque. Ia. [new] Minneapolis, Minn.[new]Toledo, 0. .1.
Moline, Ill.
Trenton, N.
Duluth, Minn.
missioner says, "without further inquiry, as both their [East St. Louis, Ill.]
[Troy, N. T.
Muskegon, Mich.
Utica, N. Y.[new]
Newark, N. J.
indebtedness and their valuations for the assessment of Easton, Pa.
[Waterloo, Ia.]
Newburgh, N. Y.
[Elm ra,. N. Y.]
Erie,ipa
taxes are constantly changing."
Watertown, N. Y.
New Castle, Pa.
Wilkes-Barre, Pa.
New Rochelle, N. Y.
The issues added to the latest list are designated below by Evanston. Ill.
[Niagara Falls, N. Y.] Williamsport, Pa.
of the word "new" in black-faced type, while those Flint, Mich.
means
[Wilmington, Del.]
Norristown, Pa.
Yonkers, N. Y.
Oakland, Calif.
that have been dropped are placed in black-face brackets.
moth
.
Ft W
Gary,
York, Pa.
Omaha, Neb. •
!ch.
w
pIds
Grreeannd
G
Youngstown, 0.
Oshkosh, Wis.[new]
FUNDS.
PUBLIC
Bay,
Paterson, N. J.[new]
(Covering counties, cities, towns and districts which appear to have bonds or notes outstanding, and from which
RAILROAD BONDS.
debt statements could be obtained.)
BANGOR & AROOSTOOK SYSTEM.
Publicfunds of the United States and of thefollowing States:
rVeth
California
Connecticut
Delaware
Illinois
Indiana
Iowa
Maine
Massachusetts
Michigan
Minnesota
Missouri
Nebraska
New Hampshire
New Jersey
New York
Ohio
Oregon
Pennsylvania
Rhode Island
Vermont
Washington
Wisconsin
Dist. of Columbia
Bonds or notes of the following counties, cities, towns and
districts in New England:
Courage+.
Androscoggin
Cumberland
Kennebec
Mies.
Augusta
Bangor
Bath
Belfast[new]
Biddeford
Brewer [new]
Calais
Eastport '
Ellsworth
Lewiston
[Old Town]
Portland
Rockland
Saco
South Portland
COVIU1C3.
Coos[new]
ntE9boroughj
E
[Rockingham.'
[Berlin]
Concord
Dover
Franklin
Keene
Laconia
Counties.
wiushington
Cates.
Barre
Bennington [new]
Maine.
Waterville
Westbrook
Towns.
[Anson]
Auburn [new]
Bar Harbor
[Boothbay Harbor]
Camden
[Caribou]
East Livermore
East MIllinocket
Fairfield
Fort Fairfield
oulton
Kit ery
Lisbon
Lubec
Madison [new]
Mars Hill[new]
Millinocket
Milo[new]
New Hampshire.
Manchester
Nashua
Portsmouth
Rochester
Towns.
[Ashland]
Charlestown
Claremont
Derry
Jaffery
Littleton[new]
Vermont.
Burlington
Montpelier
Rutland
St. Albans
[Vergennes]
Mt. Desert
[Newport]
Norridgwock
[Presque Isle]
[Sanford]
Old Orchard
[Thomaston]
Waldoboro
[York]
Water Districts.
*Anson
Augusta
Bath
Brunswick & Topsham
East Livermore Falls
[Gardiner]
Kennebec
[Madison]
[Portland]
Milford [new]
[New Market]
[Newport]
Northumberland
Pembroke
Pittsfield
Raymond {new]
Salem
Stratford [new]
Walpole
Wolfeboro
Towns.
Brattleborough
Ilartford
[Richford]
Rockingham [new]
Swanton [new]
Massachusetts.
city, town orineOrporated district(4 of She COM.
Bonds or notes of anycouaty;
monwealth of Massachusetts.
Bangor & Aroostook RR. 1st 5s, 1943
Piscataway Div. 1st 5s, 1943
Van Buren Ex. 1st 5s. 1943
Medford Ex. 1st 55, 1937
Aroostook Northern RR. 1st 5s, 1947
B. & A. RR, cons. ref. 4s, 1951
Washburn Ext. 1st 5s, 1939
St. Johns River Ext. 1st 511, 1235
North Maine Seaport RR.
RR, and term. 1st 65. 1935
BOSTON & MAINE SYSTEM.
[Connecticut River ER.-]
[Boston & Lowell
[Plain, 330, 1923]
Plain, 3H5, 19233
[Plain, 4s, 1943]
Plain, 345. 1925]
Connecticut & Passumpale Rivers RR.
Plain, 48, 1928
1st 48, 1943
Plain, 4$, 19271
[Fitchburg mt.Plain, 4$, 1929
Plain, 48, 1926
Plain, 45, 1932
Plain, 4s, 1927
Plain, 4548, 1033]
Plain, 45, 1928
Plain. 58, 1936]
Plain, 440, 19281
[Boston & Maine RR.-]
Plain, 454s, 1932
3345. 1923]
Plain, 440, 1933
Plain, 3448, 1925]
Plain, 5e, 1934]
Plain, 45, 1926]
Plain, 45, 1937]
Plain, 4145. 1929]
(Portsmouth Great Falls & Conway RR.
Plain, 4.9, 1937]
'Plain, 45, 1942]
roy193B
(Troy & 7Oston RR. 1st Is, 1024
Plain. 4545, 1944]
.plain, Is, 1950]
Vermont & Mass. RR. plain, 340, 1923
Sullivan Co. RR. plain, 45, 1924
68, 1930)
'Mortgage.
[Worcester Nashua & Rochester flit.-]
'Mortgage, 88, 1929
lst 45, 1930]
(Mortgage, 7s, 1931
5
: 34
lt t 4s
Iait 48 193
/
i
MAINE CENTRAL SYSTEM.
European & No. Amer. Ry. 1st 45, 1933
[Maine Central RR.-]
[Wash. Co. fly. let 3145, 1954]
Collateral trust 55, 1923]
Portland de Rumford Falls fly. consolirefunding 4545, 1935]
1st &
dated 48, 1926
tat & refunding 5s, 1935]
[Maine Shore Line RR. lot 88, 1023] [Port. & Ogd. RR. 1st 434s, 1928]
Dexter dr Pieentanuls RR. 151 4s, 1929 [Somerset fly.-] 1950]
[Consolidated 48,
[First and refunding 45, 1955]
e 111,1-930
Cm' 4
UpperMortgags R
Extension mortgage 4348, 1930
t
NEW YORK NEW HAVEN & HARTFORD SYSTEM.
Boston &Providence RR.,Plain ,6s, 1923 Old Colony RIt
Plain. 4s, 1924
Holyoke & Westfield RR. tat 4148, 1951
Plain, 4s, 1925
Norwich& Worcester RR.deben.4s, 1927
Plain, 40. 1938
Prov. & Worcester RR. 1st 45, 1947
Plain, 3348, 1939
ATCHISON TOPEKA & BANTA FE SYSTEM.
Chicago Santa Fe & Cal. fly. lit 5i, 11137
Atchison Topeka & Santa Fe fly.
Hutchinson & Southern fly. 1st 5s, 1928
General mortgage 48, 1995
San Francisco & San Joaquin Valley Ity.
Trans. Short Line 1st 48, 1958
1st 58. 1940
Oklahoma 1st 40, 1928
East
Rocky Mountain Div. 40, 1965
THE CHRONICLE
MA.x. 121923.]
ATLANTIC COAST LINE.
Atl. Coast Line RR.of So.Caro.45. 1948
Northeastern RR. consol. 68, 1933
Alabama Midland By.58. 1928
Brunswick & Western RR. 45. 1938
Charleston & Savannah By. 78, 1936 -Savannah Fla. & Western By. 68, 1934
Savannah Fla. & Western By. 58, 1934
Sanford & St. Petersburg RR.1st 48. 1924
Florida Southern RR. 1st 43, 1945
Atl. Coast Line RR. 1st cons. 45, 1952
Rich. & Pet. RR. consol. 448. 1940
Petersburg RR. 55, 1926
Petersburg RR. 68, 1926
Norfolk & Carolina RR. lot 55, 1939
Norfolk & Carolina RR. 2d 58, 1946
WIim. & Weldon RR. gen. 55. 1935
Wilm. & Weldon RR. gen. 48, 1935
Wilm. & New Berne RR. 45. 1947
BALTIMORE & OHIO SYSTEM.
(Baltimore & Ohio RR.-]
[Cleveland Lorain & Wheeling Ry.-]
Refund. & gen. M.6s, 1995]
[Consolidated 58, 1933]
Refund. & gen. M. 55, 1995]
General 55, 1936]
........!
Convertible 448, 1933]
Refunding 448, 1930]
Prior lien 34s. 1925]
Cleve. Term.de Valley RR.1st 48, 19951
[First 4s, 1948]
Hunting.& Big Sandy RR.1st 6s, 1922]
itts. June. & Mid. Div. 34s, 1925] Ohio River RR. 1st 5s, 1936314 4,..1.4
itts. L. Erie & W. Va. re/. 4s, 1941] (General 58, 1937]
'
S. W. Div. 34s, 1925]
(Ms. Cleve. & Tol. RR. 1st 6s. 1922]
(Central of Ohio RR. 1st 445, 1930]
Schuylkill Rtv. E. S. RR.1st 4s. 19251
W. Va. de Pittsb. RR. 1st 45, 1990]
[
rS
CENTRAL OF GEORGIA SYSTEM.
Central of Georgia Ry.I Central of Georgia By.. Macon & North1st 5s, 1945[new]
I ern Division 1st to, 1946 [newji
Mobile Division 1st 55, 1946(new] I Chatt. Rome& So. Div.Ist 55,'47[new]
CENTRAL OF NEW JERSEY SYSTEM..
Central RR.of N. J. general 5s. 1987.
CHICAGO & NORTH WESTERN SYSTEM.
Chicago & North Western Ry.Princeton & N. W. By. 1st 340. 1926
1st & refunding 68, 2037
Peoria & Northwestern By.lot 34s,1926
[Man. & New Ulm By. 1st 34s, 1929]
General 340, 1987
Fremont Elkhorn & Missouri Valley BE.
General 48, 1987
cons. 68, 1933
General 58, 1987
Minn. & So. Dak. By. 1st 3345, 1935
Extension 45, 1926
Iowa M.& N. W. By. 1st 348, 1935
Sinking fund mortgage 58, 1929
Sioux City & Pacific RR. 1st 348. 1936
Sinking fund mortgage 6s, 1929
Manitowoc Green Bay & N. W. By.
Debenture 58, 1933
Milwaukee Lake Shore & Western By.
- 1st 345, 1941
Milw. Sparta & N. W. Ry. 1st 48, 1947
Michigan Div. 1st 68, 1924
St. L. Peoria de N. W. By. 1st 58. 1948
Ashland Div. 1st 6s, 1925
Des Plaines Valley By. 181 448. 1947
Ext. & imbt. mortgage 55, 1929
Milw. & State Line By. lot 348, 1941
Wisconsin Northern Ry. 1st 48. 1931
St. Paul- Eastern Grand Trunk By.
Boyer Valley By. 1st 334s, 1923
1st 44s. 1947
Minn. & Iowa By. 1st 34.s, 1924
CHICAGO BURLINGTON de QUINCY SYSTEM.
Chicago Burlington & Quincy RR.(Con.)
Chicago Burlington & Quincy RR.Nebraska Ext. mortgage 48, 1927
General 4s, 1958
Illinois Div. mortgage 34s. 1949
Mortgage 4s, 1049
CHICAGO ST. PAUL MINNEAPOLIS & OMAHA SYSTEM.
Chic. St. Paul Minn. & Omaha Ry.- I Northern Wisconsin By. 1st 6s, 1930
Consolidated 348, 1930
Consolidated 68. 1930
CHICAGO MILWAUKEE & ST. PAUL SYSTEM.
•
[Chicago Milw. & St. Paul Ry.-]
[Fargo & Southern By. 1st 6s, 1924]
General & refunding 448, 2014] [Milwaukee & Northern RR.-]
General & refunding cony. 5s, 2014] [Extended 44s, 1934]
European Loan 4s, 1925]
[Consol. extended 44s, 1934]
Convertible 448, 1934
(Chicago Milwaukee & Puget Sound By.
Debenture 45. 1934)
lot 48, 1949]
General 340, 4s. 448, 1989]
Chic. & Mo. Ely. Div. lot As, 1926]
1
DELAWARE & HUDSON SYSTEM.
Del. de Hudson Co. 1st ref. 45, 1943 iSchenectady & Duanesb.RR.1st 6s,1924
}Albany & Susq. RR. cony. 348, 1946
Adirondack By. lot 44s. 1943
DELAWARE LACKAWANNA & WESTERN SYSTEM.
Morris & Essex RR.1st ref. 345,2000
GREAT NORTHERN SYSTEM.
Great North. By. lot & ref. 4348. 1961 Montana Central By.
First 58, 1937
St. Paul Minn. & Man. Ry.Consolidated 48, 1933
First 68, 1937
1933
Consolidated 448,
Willmar & Sioux Falls By.
Consolidated 6s, 1933
First 5s, 1938
Montana ext. 48, 1937
Spokane Falls & Northern BY.
-Pacific ext. 4s, 1940
First els, 1939
Eastern By. of Minn.
Northern Division 4s, 1948
ILLINOIS CENTRAL SYSTEM.
Illinois Central RR
-Illinois Central (Con.)
Refunding 4s, 1955
St. Louis Div. 1st 3s, 1951
Sterling extended 48, 1951
St. Louis Div. 1st 3345, 1051
Gold extended 34s, 1950
Purchased lines 1st 3348. 1952
Sterling 38, 1951
Collateral trust 1st 345, 1950
Gold 4s, 1951
Western Lines, 6, 1st 48, 1951
Gold 34s, 1951
Louisville Div., b, lot 348. 1953
Gold extended 345, 1951
Omaha Div., b, 1st 38, 1951
Springfield Div. 1st 3345, 1951
Litchfield Die.,• lot 38, 1951
Cairo Bridge let 48, 1950
Collateral trust. d, 45, 1952
LEHIGH VALLEY SYSTEM.
Lehigh Valley RR. 1st 4s, 1948.
I Penn.& N.Y.Canal de RR.(Con.)
Penn. & N. Y. Canal dc RR.Cons. 44s, 1939[new]
Cons. 4s, 1939[new]
Cons, 58, 1939[new]
LOUISVILLE & NASHVILLE SYSTEM.
Louisville & Nashville RR.Mobile & Montgomery 448, 1945
Unified 4s, 1940
N.0.& Mobile Div.$5,000,000 lot 68.'30
First 58, 1937
Nashv. Flor.& Sheffield By. lot 58, 1937
Trust 5s, 1931
So. & No. Ala. RR. 1st cons. 58. 1936
Louisv. Chs. & Leg. By. gen. 448, 1931 Lox. de East. By. lot 58, 1965[new]
Southemat & St. Louis Div. 68, 1971
MICHIGAN CENTRAL SYSTEM.
Michigan Central RR. 1st 34s, 1952
M. C.
-Joliet & Northern Indiana RR.
M. C.
-Mich. Air Line RR. lot 40, 1940
*1st 48, 1957
M.C.
-Detroit& Bay City RR.1st 58,1931 M. C.
-Kalamazoo elt South Haven RR.
M. C.
-Jackson Lansing de Saginaw RR. *1st 55, 1939
lot 34s. 1951
MINNEAPOLIS ST. PAUL & SAULT STE. MARIE SYSTEM.
Minn. St. P.& S. S. Marie Ry.Minneapolis Saulte Ste. Marie& Atlantic
1st cons. 4s, 1038
By. 1st 43, 1926
lot cons. As. 1938
MOBILE & OHIO SYSTEM.
Mobile & Ohio RR.let mtge.6s, 1927.
NASHVILLE CHATTANOOGA & ST. LOUIS SYSTEM.
Nashville Chan. de St. Louis Ry.-lot consol. 58, 1928
NORFOLK & WESTERN SYSTEM.
Norfolk & West. By. consol. 45, 1996
Scioto Valley & New England RR. lot
Norfolk & Western RR.45, 1989
General 68, 1931
New River 68, 1932
Improvement & extension 65, 1934
2167
NORTHERN PACIFIC SYSTEM.
St. Paul & Nor. Pao. By. 65, 1923
Northern Pacific Ry.St. Paul & Duluth RR. 1st 5s. 1931
Ref. & impt. Series A 448, 2047
Consolidated 4s, 1968
Ref. & impt. Series B 6s, 2647
Ref. & impt. Series C 5s, 2047[new] Washington & Columbia River Ry. 1.4
40, 1935
Ref. & impt. Series D 5s, 2047.[new]
General lien 3s, 2047
St. Paul & Duluth Div. 48. 1996
Prior lien 48, 1997
NEW YORK CENTRAL SYSTEM.
N.Y.& Nor.By. 1st As, 1927
N.Y. C. & Hudson River RR.
N. Y.& Putnam RR. 1st cons. 4s. 1993
Debenture 48, 1934
Little Falls & Doldgev. RR. lot 38, 1932
Debenture 45, 1942
Kal. & White Pigeon RR. 1st 5s, 1940
Consolidation 4s, 1998 "M
Pine Creek By. 1st 6s, 1932
Ref. & impt. 44s, 2013'
Chicago Indiana & So. RR. 45, 1956
Ref. & impt. 58, 2013[new]
Jamestown Franklin & Clearfield Bit.
Ref. & impt. Os, 201.3 egg
1st 4s, 1959
Mortgage 34s. 1997
Ind. Ill. & lows RR. lot 48, 1950
S. D. & Pt. M.RR. 151 348, 1959
Cleveland Short Line By. lot 44s, 1981
Lake Shore coll. 334s, 1998
Sturgis Goshen & St. L. By. 1st 3s, 1989
Michigan Central Coll. 348, 1998
(spas & Grand Rapids RR.
Kalamazoo Al
Lake Shore & Mich. Southern By.
*1st 58, 1938
First general 348, 1997
Mahoning Coal RR.*1st 58, 1934
Debenture 4s, 1928
Pittsburgh McKeesport et Youghioghesy
Debenture 48. 1931
RR. 1st *68. 1932
Beech Creek RR. 1st 45, 1936
Boston & Albany RE.
Mohawk & Malone By. 4s, 1991
Plain, 34s, 1952 Plain, 448, 1937
Consol. 34s,2002
9e1
Plain. 3345, 1951 Plain, 58. 1938
N. Y.& Harlem RR.,e, Mtge.34s,2000
Plain, 5s, 1942
Plain, 4s, 1933
Carthage Watertown & Sackett's Harbor
Plain. 53. 1963
Plain, 45, 1934
RR. cons. 5s, 1931
Plain, 45. 1935
Carthage & Adirondack By. lot 48, 1981
Oswegat. RR. 1st 5s, 1942
Gouverneur &
PENNSYLVANIA SYSTEM.
United N. J. RR.& Canal 00.
Pennsylvania RR.
General 48, 1923
Consolidated 4s, 1943
General 49, 1929
General 55, 1968
General 48, 1944
General 44s, 1965
General 48, 1948
General 68, 1970 [new]
General 3345, 1951
Consolidated 34s, 1945
Cleveland & Pittsburgh RR.
Consolidated 4s, 1948
General 448, 1942
Consolidated 445. 1960
General 3340, 1942
Sunbury & Lewistown By. 1st 43, 1936
General 348, 1948
-B. By. 1st 5s, 1928
Sunbury Has. & W.
General 34s, 1950
2d68. 1938
Clearfield & Jefferson Ry. 1st 68, 1927
W.Penn. RR. cons. 4s, 1928
Pitts. Va.& Charleston By. 1st 45, 1943 Pennsylvania & Northwestern RR. general 58, 1930
Junction RR. gen. 348, 1930
Delaware River RR.dtBr. Co. *1st 45. 1936 Hollidaysburg Bedford & Cumberland
RR. 1st 48, 1951
Erie & Pittsburgh RR. *gen. 334s. 1940
Harrisburg Portmnouth Mt. Joy & LanAllegheny Valley By. gen. 4s, 1942
caster RR. 1st 45, 1943
Cambria & Clearfield RR. lot 58, 1941
Cambria & Clearfield By. general 48.
1955
PHILADELPHIA BALTIMORE & WASHINGTON SYSTEM.
Phila, Balt. Cent. RR. let 4e. 1951
Phila. Bait. & Wash.IRR.!4.s.11943
Wilmington & Baltimore RR.
General 6s, 1960 11.1
taial
4s, 1926
Debenture 4s, 1923
4s, 1932
Debenture 48, 1924
Col.& Port Deposit By. 1st 4s, 1940
READING SYSTEM.
Philadelphia & Reading RR.lot 58,1933.
SOUTHERN PACIFIC SYSTEM.
Northern California Ry. lot 58, 1929
Southern Pacific RR. lot ref. 48, 1955
So. Pacific Branch By. lot 68, 1937
consol. 55, 1937
Northern By. lot 5s, 1938
UNION PACIFIC SYSTEM.
Union Pacific RR. 1st Mtge. 40. I947.1Union Pacific RR.lotlient ref.48„ 2008.
MISCELLANEOUS.
New London Northern RR. lot 48. 1940 Bridgeton gc Saco Ely.RR.eons.45, 1923
Portland Terminal Co. lot 48, 19131
Boston Terminal Co., 1, 1st 345, 1947
BOUM Revere Beach ck Lynn ARR., a, Portland Terminal 1st 54, 1961
New York et New England R11.lot 448. 1927
Boston Terminal, 1, 1st 4s. 1939
4
•Secured on less than 100'miles of railroad.
a Dividends paid for insufficient number of years.
S Bonds do not cover 75% of the railroad owned in fee at the date of the mortgage
by the railroad corporation on the railroad of which the mortgage Is a lien.
c Not guaranteed by endorsement.
d Railroad covered by one of the issues pledged as collateral is not operated
by Illinois Central RR.
Legalized by special Act of General Court.
STREET RAILWAY BONDS.
BOSTON & REVERE ELECTRIC STREET RAILWAY CO.
Boston & Revere Electric Street By. Co. ref. lot Mtge. 55, 1928.
FITCHBURG & LEOMINSTER STREET RAILWAY CO.
Fitchburg & Leominster St. By. Co. coml. M. 7s. 1920.
UNION STREET RAILWAY CO.
Union Street By.Co. mortgage 43.45, 1934.
WEST END STREET RAILWAY COMPANY.
[West End Street By. Co.(Cast.)]
[West End Street By. Co.]
Debenture 58, 1.9361
Debenture 44s, 1923]
Debenture As, 1944
Debenture 4345, 1930]
Debenture 4s, 1934
Debenture 70, 1924
Debenture 55. 1934
Refunding 634s, 1927]
•
Debenture 7s, 1947]
[
TELEPHONE COMPANY BONDS.
American Telephone de Telegraph Co.- New England Tel. de Tel. Co.Collateral trust 4s, 1929
Debenture 4s, 1930 (new]
Collateral trust 58, 1946
Debenture 55, 1932[new]
1st mtge. gold 58. 1932[new]
•
GAS AND ELECTRIC COMPANY BONDS.
Amherst Gas Co. 1M 5s, 1924[new]
Arlington Gas Light Co. lot 58,'27inew
Brockton Gas Lt. Co. 1st As, 1928 new
Boston Elm. Lt. Co. 1st As. 1924 new
Central Mass. Elec. 1st 6s, 1924 new
Clinton Gas Lt. Co. lot 4348, 1925 new
Dedham & Hyde Park Gas & Elec. Light
Co. lot 6s, 1938 [new]
East. Mass. Elec. Co. 1st 6s, 1933(new]
Edison Elec. Ilium. Co. of Brockton 1st
As, 1930 [new]
Greenfield Elec. Light & Power Co. 1st
58, 1923 [new]
Lawrence Gas Co. 1st 7s, 1940[new]
Leominster Gas Lt. Co. lot As,'32[new]
Leominster Elec. Light & Power Co. lot
434s, 1926 [new]
Marlboro-Hudson Gas Co. lot 548, 1937
[new]
Milford Elec. Light & Power Co. 1st 58,
1929[new]
Northampton Elec. Lighting Co. 1st As,
1927[new]
New Eng. Pow, Co. 181 55, 1951 [now]
New Bedford Gas & Elec. Light Co.
1st 68. 1928[new]
1st 55, 1938 new
1st 648, 1938[new]
lot 7s, 1928[new]
Newburyport Gas & Elec. Co. 1st 53.
1942[new]
Plymouth Electric Light Co.
1st 55, 1923 [new
lot As, 1924 new
1st 55, 1925 new
Pittsfield Elec. Co. 1st 6s, 1933[new]
Quincy Elec. Light & Power Co. lot 58.
1947[new]
Spencer Gas Co. lot 58. 1929[new]
Turners Falls Power & Elec. Go. lelt 58.
1952[new]
West Boston as Co. lot 70, 1926 new
lot 548..39 new
Gas Lt. Co.Wrcest
Worcter Gas Lt. Co. lot 68,'39 new
Worcest
Webster & soutbbri4a Gas & Elec. Co.
1st 50, 1929[new]
2168
New York State.—Legislature Adjourns—Action on Important Measures.—The 1923 session of the Legislature
adjourned sine die at 2:08 a. m. May 5. Toward the end
of the session the Assembly, and then the Senate, passed a
bill providing for submission to the voters of a $50,000,000
bond issue for State hospitals. It must meet with approval
at the 1924 session of the Legislature before going to the
voters for ratification. This bond issue was urged by
Governor Smith in a special message, delivered after the
Ward's Island fire—V. 116, p. 847. The proposed Constitutional amendment which would authorize a $45,000,000
bond issue for payment of a bonus to World War veterans,
also favored by the Governor, is another bond measure
passed at the session. This measure was approved in 1922,
and is now ready to go on the ballot at the general election
this fall—V. 116, P. 965. Another amendment to the
Constitution which will be passed upon by the people
in November is the Home Rule Amendment, granting to
cities and villages the right of self-government. The
Legislature also voted in favor of Constitutional amendments
consolidating 187 agencies of the State Government into 20
departments, and establishing the short ballot, making the
Governor, Lieutenant-Governor and Comptroller the only
elective officers. These must pass in 1924 before they
can be submitted to the people.
On May 6 the Governor issued the following summary of
action taken by the two branches of the Legislature on
recommendations made in his various messages to the lawmakers:
Reorganization of the State Government.
Legislation Proposed.
Senate Action.
Assembly Action.
Constitutional amendment to conAmended in confersolidate 187 agencies of State
ence with Governor
Government into 19 departments
to 20 departments
Passed.
and to establish a short ballot_ __
and Passed.
Must be repassed in
1924 and submitted
to the people.
Constitutional amendment to create
an Executive budget fixing on
Governor responsibility for financial policy of the State
Passed.
Defeated.
Constitutional
amendment
to
lengthen Governor's term to four
years
Passed.
Defeated.
Reorganization of Department of
Agriculture
Passed.
Defeated.
Map of highways as proposed by
Commissioner of Highways
Passed.
Passed as amended.
Legislation to consolidate by statute
over 100 departments and
State agencies:
Abolishing Motion Picture Censorship Commission
Passed.
Defeated,
Abolishing West Side Commission
Passed.
Passed.
Abolishing State and Federal
Commission on Taxation
Passed.
Passed.
Abolishing Armory Commission..
Passed.
Defeated.
Abolishing Board of Geographic
Names
Passed.
Passed.
Consolidation of Public Works
agencies — Superintendent of
Public Buildings, Commissioner of Highways, Superintendent of Public Works
Passed.
Passed.
Geneva Agricultural Station to
Cornell University
Passed.
Passed.
Tuberculosis Hospital for Incipient Tuberculosis at Raybrook
Department of Health
to
'Passed.
Passed.
Other consolidations of health
activities
Passed.
Defeated,
Secondary agricultural and vocational schools put under Department of Education transferred to Education Dept
Passed.
Passed
Consolidation of other educational activities
Passed.
Defeated
Consolidation of agencies dealing
with prisoners
Passed:
Defeated
All other consolidations proposed
Passed.
Defeated
Preservation of Political Individual, State and Local Rights
Restoring to localities their riilits
over their agreements with public
utilities corporations
Passed,
Defeated
Legislation giving New York City
Defeated by a welleright to own,construct, operthought
-out plan to
ate and regulate its transit
retain State superfacilities
Passed.
vision over contracts and franchise
agreements made
between municipalities throughout the
State and public service corporations.
Giving New York City right to
name two commissioners to the
Port Authority
Passed.
Defeated.
Home Rule amendment submitted
to Legislature for second time__
Passed.
Passed.
(To be voted on at Fall election.)
Directprimaries
Passed.
Defeated.
Bi-partisan Election Boards
Passed,
Defeated.
Corrupt Practice Act
Passed.
Defeated,
Permitting the people to initiate
constitutional amendments
Passed.
Defeated.
Repealing motion picture censorship
Passed.
Defeated.
Repealing law requiring teachers to
submit to loyalty test
Passed.
Passed,
Repealing law requiring license and
supervision for private schools
Passed.
Passed.
Petition to Congress to liberalize
the Volstead Act
Passed.
Passed.
Proposing referendum on amendments to Federal Constitution
Passed.
Defeated.
Commission to investigate defects
in the law and its administration_
Passed.
Passed.
Legislation permitting water power
opment by the State
Passed.
Defeated.
AttorneyAppropriation to permit
General to defend State's rights
Passed.
to water power resources
Passed.
Welfare Legislation.
Restoring Labor Department to
efficient operation by means of
Passed.
Passed.
adequate appropriations
Amendments to Workmen's Compensation law:
To prevent direct settlements between companies and injured
Passed.
Defeated,
workmen
[VOL. 116.
TUE CHRONICLE
Legislation Proposed.
Amendments to Workmen's Compensation law—(Concluded):
Reduction of non-compensated
waiting period
Other amendments to strengthen
this law
Establishing wage boards to fix
living wage for women and
minors in industry
Establishing a 48
-hour week for
women and minors in industry_
Assembly Action.
Senate Action.
*Passed.
Defeated.
Passed.
Defeated.
Passed.
Smothered in Rules
Committee.
Passed.
Smothered in Rules
Committee.
Act to permit State to avail itself of
Federal subsidy for maternity
and infant welfare
Passed.
State aid for public health work in
rural counties
Passed.
Extending system of Health Department laboratories
Passed.
Betterment of Rural Education system
Passed.
State aid for special classes in public
schools
Passed.
Authorization of bond issue of
850.000,000 for construction of
State institutions
Passed.
Appropriations to decrease fire
hazards in State institutions_
Passed.
Amendments to child welfare laws
extending their operation
Passed.
State subsidy to counties doing
child welfare work
Passed.
Establishing a Housing Board
Passed.
Extending tax exemption and emergency rent laws
Passed.
Exemption of incomes of $5,000 or
Abandoned because
less from State tax
of abnormal deficiencies in appropriations made last
year.
Passed. •
State bonus to soldiers
Establishing military memorial hosPassed.
pital
Revising automobile licensing and
regulationsPassed.
Passed.
Establishing State system of parks_
ishing
Passed.
Establishing a conservation fund
Permitting unappropriated State
lands to be sold
Passed.
Elimination of grade crossings_ _ _ _
Passed.
Passed.
Human labor not a commodity__
Passed.
Passed.
Passed.
Defeated.
Passed.
Passed.
Passed.
Passed.
Defeated.
Passed.
Passed.
Defeated.
Passed.
Passed.
Defeated.
Passed.
Passed.
Passed.
Passed.
Defeated.
Changes in Savings Bank Investment Law.—In our issue of
last week, p. 2038, we referred to bills amending the savings
bank investment law which were passed by the Legislature
and signed by the Governor during the session. These
laws, as we stated last week, extend the period of grace
exempting bonds of railroads not meeting the legal requirements as to dividends from two to four years from the time
following the cessation of Government control of railroads,
allow savings banks to invest in bankers' acceptances and
bills of exchange accepted by investment companies as well
as banks and trust companies, and amend Subdivision 3 of
Section 239,Chapter369,Laws of 1914,which furthe- provides
that obligations of any State issued since Jan. 11878, to be
legal investments for savings banks, must not have been in
default, as to principal or interest, for more than ninety days
at any time ten years prior to the investment, so as to except
from this provision obligations issued to refund or adjust
indebtedness originally contracted or in existence at the date
named or prior thereto.
The result of the extension of the period of grace to railroad companies is that bonds of such companies as the
Baltimore & Ohio and the Chicago Milwaukee & St. Paul
railroads, which have not been paying the dividends required by paragraph (i) of Subdivision 7, Section 239 of
Chapter 369, Laws of 1914, are still considered eligible for
investments for savings banks. It is understood that the
amendment to Subdivision 3 of Section 239 of the banking
Jaw makes bonds of the State of Virginia legal investments
for savings banks.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
ADAMS, Gage County, Neb.—BOND ELECTION.—An election will
be held on May 15 to vote on the estimation of issuing 86,000 electric light
bonds. Interest rate not to exceed 6%. W.F.Beardsley, Village Clerk.
AITKIN COUNTY (P. 0. Aitkin), Minn.—BOND SALE.—The following 5 ISS1189 of ditch bonds, aggregating $215,821 63, offered on May I
(V. 116. p. 1923) were awarded to Ballard Sr Co. of Minneapolis, at 99.50.
as 5115, a basis of about 5.27%:
811,959 56 County Ditch No. 33 bonds.
61,945 82 County Ditch No. 34 bonds.
9.569 76 County Ditch No. 35 bonds.
31,000 00 County Ditch No. 36 bonds.
101,346 49 County Ditch No. 37 bonds.
Date March 1 1923. Due on March 1 as follows: 816,821 63. 1929:
813,000, 1930; 814,000, 1931; $12 000. 1932; 815,000, 1933: 813.000,
1934; $15,000, 1935; $14.000, 1936; 815.000, 1937: $14,000, 1938; $15,000,
1039; 814,000, 1940; $15,000. 1941. 1942 and 1943.
ALABAMA (State of).—BOND OFFERING.—William W. Brandon,
Governor (P. 0. Montgomery), will receive sealed bids until 12 m. May 31
for $3,000,000 43i% coupon or registered Series "B" highway construction
bonds. Denorn. $1,000 or multiples. Date June 11923. Prin. and semiann. Int. (J. & D.), payable at the fiscal agency of the State in N. Y. City.
Due $500,000 yearly on June 1 from 1943 to 1948, incl. Legality approved
by Storey, Thorndike, Palmer Sr Dodge of Boston. A cert. check for 2%
of the par value of bonds bid for, payable to the State Treasurer. required.
Notice of this offering was given in V. 116, p. 1923; it is given again as additional data have come to hand.
ALABAMA CITY, Etowah County, Ala.—BOND OFFERING.—Bid
will be received until May 15 for the purchase of 835,000 public impt. bondss
ALAMEDA, Los Angeles County, Calif.'—BONDS VOTED.—At an
election held on May 1 the voters approted the issuance of 8750.000 bonds
for the construction of a nen high school building. The vote was 4,681
"for" to 632 "against" the issuance.
ALMA SCHOOL DISTRICT (P. 0. Alma), Waba nsee County,
Kan.—BONDS VOTED.—A special telegraphic dispatch Am our Western
representative advises us that an issue of $60.000 school bonds has been
voted.
APPLETON, Outagamie Count, Wisc.—BOND OFFERING.—Sealed
bids will be received until 2 p. m. June 6 by E. L. Williams, City Clerk,
for $425,000 4Y1% coupon Junior High School bonds of 1922. Date Dec. 1
1922. Denom. 8500 and $1,000. Prin. and semi-ann. int, payable at the
MAY 12 1923.]
THE CHRONICLE
2169
-BOND ELECTION.
-A
BRUNSVILLE, Plymouth County, Iowa.
special election will be held on May 22 to vote on a proposition to issue
$7,000 bonds for the erection of a municipal electric lighting system plant.
CADDO PARISH SCHOOL DISTRICT NO. 14 (P. 0. Shreveport),
serial
La.
-At an election held on April 17 575,000
-BONDS VOTED.
school impt. bonds were favorably voted. Date July 1 1923. C.E.Byrd,
Supt. of the Parish School Board.
-BOND OFFERING.
CALCASIEU PARISH (P.O. Lake Charles),La.
-Sealed bids will be received until 12 m. June 5 by W. Floyd Pulley, Clerk
navigation channel bonds. Date Oct. 1
of the Police Jury, for $2,750,000
1922. Int. rate not to exceed 06%. Prin. and int, payable at the Mechanics & Metals National Bank, N. Y. City. Due on Oct. 1 as follows:
$10,000, 1923: 515,000, 1924: 525,000. 1925 :540,000, 1926: 550.000, 1927;
$55,000, 1928: 560,000, 1929: 565,000. 1930 and 1931: 570.000, 1932
$75,000, 1933 and 1934; 580,000, 1935; $85,000, 1936: $90,000, 1937:
595,000, 1938 and 1939; $100,000, 1940; 5105.000, 1941; $110,000, 1942;
5115,000, 1943: $120,000, 1944; 5125.000, 1945: 5130.000, 1946: $135.000
1947: 5140.000, 1948; 5145,000, 1949: $150,000. 1950; 5160,000. 1951
and $165.000, 1952. A cert. check for 1% of amount of bid, required.
Bonds are offered subject to approval of John C. Thomson. N. Y. City,
and Wood & Oakley of Chicago. Blank bonds will be furnished by the
Parish.
-Joseph Waugh,
-BOND OFFERING.
CANTON, Fulton County, 111.
City Clerk, will receive bids until 7 p. m. May 15 for the following two
issues of 5% bonds:
$30.000 water bonds. Denom. $500. Due $1,500 yearly on July 1 from
1924 to 1943, inclusive.
12,000 fire department bonds. Denoros. 20 for $500 and 20 for $100.
Due 5600 yearly on July 1 from 1924 to 1943. inclusive.
Date July 1 1923. Principal and annual interest (July 1) payable at the
City Treasurer's office. Bonds are redeemable at city's option after
July 1 1933. Certified check for $1,000 required. Purchaser to furnish
blank bonds.
-Little, Vardaman
CASSVILLE, Barry County, Mo.-BOND SALE.
& Bitting, Inc., of St. Louis. purchased during April 515,000 53.6% school
bonds at 101.50 and 52,500 6'7 city bonds at par. Denom. $500. Date
0
May 1 1923. Int. M. & N. Due school bonds 2 to 20 years, and city
bonds $500 yearly after 5 years.
-Sealed
CECIL COUNTY (P. 0. Elkton), Md.-BOND OFFERING.
bids will be received by Edwin S. Dorcus, Clerk Board of County Commissioners, until 12 m. May 15 for $25.000 5% road bonds, issued, it is
stated, under the virtue of Chapter 117, Acts of 1920. Denom. $500.
Date July 1 1920. Principal and semi-annual interest (J. & J.), payable
at the County Commissioner's office at Elkton. Due July 1 1965. A
certified check for 10% of the bid required.
CHAMBERS COUNTY ROAD DISTRICT NO. 4 (P. 0. Anahuac),
BENTON COUNTY SCHOOL DISTRICT NO. 13 (P. 0. Prosser), Tex.
-BONDS DEFEATED.
-At the election held on April 28 (V. 116,
-Bids will be received until 11 a. m. May 26
-BOND OFFERING.
Wash.
% road bonds failed to carry.
by Ivan Macy, County Treasurer,for $7,000 school bonds. Denom $1,000 P. 1804) the proposition to Issue $100,000
County Treasurer's office. Bidder
Prin. and annual int. payable at the
CLAY COUNTY (P. 0. Brazil), Ind.
-The 572,000
-BOND SALE.
to name rate of int., not to exceed 6%. Due 51,000 yearly from 1932 to 5% C. S. York et al. road in Brazil Township bonds, offered on May 51938, hid. A cashier's check for 1% of bid required.
V. 116. p. 1924
-have been awarded to the Brazil Trust Co. of Brazil
- for $72,620, equal to 100.86, a basis of about 4.825%. Denom. $600.
BERTIE COUNTY (P. 0. Windsor), N. Caro.
-BOND OFFERING
-G.W. Kenney, Clerk, Board of County Commission- Due $3,600 on May 15 1924 and $3,600 semi-annually thereafter until
DATE CHANGED.
ers, will offer for sale at public auction on May14(date changed from May 7 all are paid. Other bidders were: Riddell National Bank of Brazil,
-see V. 116, p. 1683)525,000 534% coupon road bonds. Denom. 5500. par and $447 premium: Thomas B. Sherrin & Co. of Indianapolis, par
Due $5,000 yearly on Jan. 1 from 1926 to 1930, inclusive. A cert. check and $295 premium;Gavin L.Payne & Co.,Indianapolis. par and $297 prem.
on a bank in North Carolina for $500, payable to the County Treasurer,
CLAYTON SCHOOL DISTRICT(P.O. Clayton),St. Louis County,
required. Bidders must satisfy themselves about legality and tax pro- Mo.-BOND ELECTION.
-A special election will
on June 4 to
visions before bidding and must agree to pay for the bonds within ten days vote on issuing $185,000 new grade school bonds. be held
after the sale is completed; and the purchaser shall furnish the form of
-Otis &
CLEVELAND, Cuyahoga County, Ohio.
-BOND SALE.
bonds to be issued and bear the expense of preparation of the bonds and all
resolutions required to be adopted in connection with the issuing of same Co. of Cleveland and Blake Bros. & Co. of Boston, were awarded the
following four issues of 4 Ji% coupon (with privilege of registration) bonds,
after the sale thereof.
offered on May 9-V. 116. p.
-at 100.28. a basis of about 4.465%:
BEVERLY,Essex County, Mass.
-The Bever- $300,000 tuberculosis hospital1684
-TEMPORARY LOAN.
bonds. Due yearly on Sept. 1 as follows
ly National Bank of Beverly, on May 3 was awarded a temporary loan of
$13,000, 1924 to 1945 inclusive. and $14,000, 1946.
$100.000 on a 4.19 discount basis plus a premium of $1 25. Date May 3
320,000 (city's portion) sewer bonds. Due yearly on Sept. 1 as follows:
1923. Due Nov. 6 1923.
516,000, 1929 to 1931 inclusive, and $17,000, 1932 to 1947 incl.
-BOND SALE. 850,000 garbage disposal bonds. Due yearly on Oct. 1 as follows:$77.000.
BOUNDARY COUNTY (P. 0. Bonners Ferry), Ida.
1924 to 1931 inclusive, and 578,000. 1932 to 1934 inclusive.
-John E. Price & Co. of Seattle have purchased $100,000 534% road and
500,000 electric light bonds. Due yearly on Sept. 1 as follows: $35,000.
bridge bonds at 101.52.
1924 to 1927 inclusive, and $36,000, 1928 to 1937 inclusive.
BOWLING GREEN SCHOOL DISTRICT (P. 0. Bowling Green),
Denom. $1,000. Date March 1 1923.
Pike County, Mo.-BOND OFFERING.
-W. E. Kleppisch. Secretary
The bonds are now being offered to investors at prices to yield 4.35%,
Board of Education, will receive sealed bids until 5 p. m. May 15 for 4.30%, and 4.25%, according to maturity.
bonds. Denom. $1,000. Date July 1 1923.
575.000 5% coupon school
-The
CLINTON COUNTY (P. 0. St. Johns), Mich.
-BOND SALE.
Afrin. and semi-ann. int. (J.-..„ payable at the National Bank of Commerce. St. Louis. Due on July 1 as follows: $2.000 1925 and 1926;$3,000 following bids were received for a $30,000 issue of 53 % Covert road bonds:
Premium. Price.
1927 to 1932. incl.; $4.ii00 1933 to 1937, incl.; $5,000 1938 to 1941, incl.;
100.383
Sidney Seltzer & Co
$115
56.000 1942. and $7,000 1943. A certified check for $7,500 required.
100.183
Trust
55
BRADLEY BEACH SCHOOL DISTRICT (P. 0. Bradley Beach), Detroitbid of Co. and Stacy & Braun
The
Sidney Spitzer & Co. being the highest, the bonds were so
Monmouth County, N. J.
-BOND OFFERING.-Edward Zarnall, awarded.
District Clerk, will receive bids until 8 p. m. May 17 for the purchase at
not less than par of an issue of 6% school house addition bonds not to
CLINTON SCHOOL TOWNSHIP (P. 0. Clinton), Vermillion
exceed $125,000. no more bonds to be awarded than will produce a premium County, Ind.
-BOND SALE.
-The 57,000
school bonds offered on
of 51,000 over $125,000. Denom. $1,000. Date June 1 1923. Due April 30(V. 116, p. 1684) were awarded to the5% National Bank of ClinFirst
yearly on June 1 as follows: 54.000 1924 to 1948. Incl., and 55.000 1949 ton, at par and accrued int, plus a premium of $70, equal to 101. a basis
to 1953, incl. Certified check on an incorporated bank or trust company of about 4.79%. Denom. $500 and $200. Date
1923. Due
for 2% of amount of bonds bid for, payable to the Board of Education, $700 yearly on Aug. 1 from 1924 to 1933, inclusive. April 30
required.
CODY, Cherry County, Nebr.-BONDS VOTED.
-At an election
BRISTOL, Washington County, Va.-BOND SALE.
-The 5150,000 held on April 20 a proposition
-20-year
$24,000 6% electric light 10
school bonds dated Apr. 1, 1923 and the $23,500 refunding bonds dated (opt.) bonds carried by a voteto issueto
of 107
4.
July 1 1923 offered on May 9(V. 106, p. 1923) were awarded as 5Jis to the
COLLINGDALE(BOROUGH)SCHOOL DISTRICT (P.O. CoilingFirst National Bank of Abingdon at 101.30. Denom. $500 and $1,000.
-BOND OFFERING.-Seated bids will be
BROOKFIELD TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. dale), Delaware County, Pa.
Brookfield), Trumbull County, Ohio.
-Sealed received until 7 p. m. (Eastern Standard Time) May 18 13,y W. H. Mull.
-BOND OFFERING.
bourne,
bids will be received by L. S. Marshall, Clerk Board of Education, until as to Secretary (P.O.817, Andrews Ave.),for $100.000 4A% (registrable
1 p. m. May 23 for the purchase at not less than par and accrued interest Int. principal) coupon school bonds, Series H 1923. Date April 1 1923.
semi-annually. Due $33,000 on April 1 1933 and April 1 1943. and
0(
526,000 5% school construction bonds issued under the virtue of Section
for
7630-1 of the General Code. Denom. $1,000. Date June 11923. Prin. $34,000 March 31. 1953, incl. A certified check for 2% of amount bid of
will be required. Both principal and interest, it is said, are to be free
and semi-ann. int. (A. & 0.), payable at the Western Reserve Bank of all tax or
Commonwealth of Penntaxes now or hereafter levied by the
Warren. Due yearly on Oct. 1 as follows: $1,000 1924 to 1934, incl.:
52,000 1935, $1,000 1936 to 1946, incl., and $2,000 1947. A certified sylvania, except succession or inheritance tax.
check for $1,000. payable to the above official required.
-Bids
CORONA, Roberts County, So. Dak.-BOND OFFERING.
BROOKLINE, Norfolk County Mass.-TEMPORARY LOAN.
-It will be received until 2 p. m. May 17 by 0. M. Maynard, Town Clerk, for
'
Is reported that the town has awarded a temporary revenue loan of$200,000. 58.000 6% electric light bonds. Date May 1 1923. Due May 1 1938.
dated May 7 and maturing Oct. 23 1923, to R. L. Day & Co. on a 4.14% payable at the First National Bank of Minneapolis. A cert, check for 5%
of issue, required.
discount basis.
BROOKLYN HEIGHTS (P. 0. Brooklyn Heights R. F. D. No. 2),
-J. L.
CORPUS CHRISTI, Nueces County, Texas.
-BOND SALE.
-A. F. Goldenbogen, Arlltt & Co., of Austin, have purchased $2,000.000 5% sea-wall and break-BOND OFFERING.
Cuyahoga County, Ohio.
Village Clerk, will receive bids until 12 m. May 21 for the purchase at not water construction bonds. Denom. $1,000. Date April 10 1923. Prinless than par and interest of the following three issues of 534% coupon cipal and semi-annual interest (A. & O. 10) payable at the Battery Park
National Bank, New York City. Due on April 10 as follows: 540.000.
sewer bonds:
$15,782 80 special assessment West 11th Street bonds. Denoms. $782 80 1924 to 1932, inclusive: $100.000. 1933 to 1941, inclusive: $140,000, 1942,
and 51.000. Due $78280 April 1 1925. 52,000 yearly on and $150,000, 1943 to 1946. inclusive. These bonds are part of a total
issue of $2,500,000, offered unsuccessfully on Feb. 17 (V. 116, P. 967).
April 1 from 1927 to 1932, inclusive, and $1,000 April 1 1933.
28,764 57 special as.sessment Schaaf Road bonds. Denoms. $764 57 and We are advised by J. L. Arlin & Co. that the Attorney-General has only
$1,000. Duo yearly on April 1 as follows: $3,764 57. 1925: approved $2,000.000 of the total offered on Feb. 17. The official circular.
$3,000. 1926 to 1932, inclusive, and $4,000, 1933.
in which these bonds are offered to investors by the above firm at prices to
19,174 62 village's portion bonds. Denoms. $174 62 and $1,000. Due yield 4.75%, states that these bonds are "protected. under Constitution.
yearly on April 1 as follows: $2.174 62, 1925; 52,000, 1926 to statutes and Supreme Court decision of State of Texas by a direct, continu1932, inclusive, and 53.000, 1933.
ing donation for 25 years of State taxes collected in seven counties having
Date April 1 1923. Principal and semi-annual interest (A. & 0.) Pay- an estimated.population of 70,000 and combined assessed valuation of ov.er
able at tho Pearl Street Savings & Trust Co., of Cleveland. Certified check 553,000,000.
for 10'7 of amount of bonds bid for, payable to the Village Treasurer,
CORRY, Erie County, Pa.
-Sealed bids sou be
require/
-BOND OFFERING.
BROUNWOOD, Broun County, Texas.
-Our received by C. B. Porter, City Clerk until 8 p. m. May 14 for the following
-BONDS VOTED.
Western representative advises us in a special telegraphic dispatch that the two issues of 5% (registerable as to, principal) coupon bonds, aggregating
$30.000:
$60,000 5% school bond issue carried at the election held on May 5(V. 116, $14.000 street
improvement bonds. Due yearly on July 2 as follows:
P. 1683).
55,000, 1924 to 1928. inclusive: $1,500, 1929 to 1934. inclusive;
BROWNSTOWN TOWNSHIP SCHOOL DISTRICT NO. 4 (P. 0.
51.000. 1935 and 1936, and $500, 1937.
Rockwood), Wayne County, Mich.
-BOND SALE.-Bumpus, Hull &
16,000 fire department bonds. Due yearly on July 2 as follows: $500,
Co. of Detroit have purchased 535.000 5% school bonds. Following is a
1924 to 1928, inclusive; 51,500, 1929 to 1934, inclusive; $1,000.
Bat of the bids received:
1935 to 1938, inclusive, and $51111, 1939.
payable
Premium. Price.
Date July 2 1923. Principal and semi-annual interest (.. &
Bumpus, Hull & Co
100.64 at the City Treasurer's office. A certified check for 1% a the amot bid
amount
$225
Thos. Stackpoolo
100.57 for required.
200
Matthew Finn
100
100.30
Detroit Trust Co
.55
100.16
CRESCENTA SCHOOL DISTRICT,'Los'Angeles County, Calif.Keane, Iiigble & Co.. discount
BOND OFFERING.
98
700
-Sealed proposals will be received by A.M.McPherron,
City Treasurer's office. Due serially 1 to 16 years. A cert. check on a
national bank for $5,000 required.
-BOND OFFERING.
ASHE COUNTY (P. 0. Jefferson), No. Caro.
Sealed bids will be received until 3 p. m. May 21 by 0. S. Neal, Register
of Deeds. for 5310.000 registerable as to prin., road bonds. Date Feb. 1
1923. Denom. 51.000. Prin. and semi-ann. int (F. & B.), payable in
gold at the U.S. Mtge.& Trust Co.. N.Y.City. Due on Feb. 1 as follows:
59,000, 1933 to 1937. incl.: $13,000, 1938 to 1942. Incl.; $16,000. 1943 to
1947, incl., and $20,000, 1948 to 1953, incl. Bidder to name rate of int.
Certification of bonds by the United States Mtge.& Trust Co., N. Y. City.
Approving opinion of Chester B. Masslich, N. Y. City. A good faith
deposit of $6,200 required.
-It is
ATTLEBORO, Bristol County, Mass.
-TEMPORARY LOAN.
stated that the City Treasurer has sold a temporary revenue loan of$75,000.
dated May 10 and maturing Nov. 9 1923. to the First National Bank of
Attleboro on a 4.24% discount basis.
BARNESVILLE SCHOOL DISTRICT (P. 0. Barnesville), Belmont
County, Ohio.
-BOND OFFERING.
-Sealed bids will be received until
May 10 by H. H. Murphy, Clerk of the Board of Education, for the pur% sanitary
chase at not less than par and accrued interest of $16,000
equipment bonds.
BATH SCHOOL DISTRICT (P. 0. Bath) Steuben County, N. Y.
BIDS.
-Following is a list of the bids received for the 5225.000 434% school
bonds, awarded on April 30, to Sherwood & Merrifield-V.116, p. 2039:
Name.
Rate Bid. Amount Bid.
Sherwood & Merrifield, New York
5229.680
102.08
William R.Compton Co.,New York
228,575 25
101.588
Bath National Bank
101.393
Union National Corp, New York
100.61
O'Brian, Potter & Co., Buffalo
101.237
Bonbright & Co., New York
101.17
George B Gibbons & Co., New York
101.925
Farson Son & Co., New York
101.288
-An election
BEATRICE, Gage County, Neb.-BOND ELECTION.
will be held on May 15 to vote on the issuance of $6 000 electric light plant
bonds.
-On April
-BOND SALE.
BELLEFONTAINE, Logan County, Ohio.
11 1922, the State Industrial Commission was awarded $42,000 534%
"property owners'" share, street impt. bonds at par. Denom. $500 and
$200. Date ($17.700) Sept. 1 1922, and ($24,300)March 1 1923. Int.
M. & S. Duo Sept. 1 1924 to 1932, inclusive.
BEND AND HARPER UNION HIGH SCHOOL DISTRICT (P. 0.
-BOND ELECTION.
-An election will
Bend), Deschutes County, Ore.
be held on May 19 to vote on the question of issuing $188,000 schqol bonds.
2170
T1TE CHRONICLE
[VoL. 116.
Deputy County Clerkl(P.0.Los Angeles) until 11 a. m.May 14 for $45,000 will be prepared under the supervision of the United States Mtge. & Trust
5% school bonds. Denom. $1,000. Date June 1 1923. Prin. and int. Co. of N. Y.. and the validity of the bonds will be approved by Reed,
payable in lawful money of the United States, at the County Treasurer. Dougherty & Hoyt of New York.
Due on June 1 as follows: $2,000, 1924 to 1943, incl.. and $1,000, 1944
EL
to 1948, incl. A cert. or cashier's check for 3% of issue, payable to the BOND MONTE SCHOOL DISTRICT, Los Angeles County, Calif.
Chairman. Board of County Supervisors, required. Payment for and by A. OFFERING -Until 11 a. m.May 14 sealed proposals will be received
M. McPherron, Deputy County Clerk ((P. 0. Los Angeles) for
delivery of bonds will be made in Supervisor's office. The assesed valuation of the taxable property in said school district for the year 1922 was $65.000 5% school bonds. Denom. $1,000. Date June 1 1923. Prin.
$1,744,940. and the amount of bonds previously issued and now outstand- and semi-ann. int. payable in lawful money of the United States, at the
Due on June 1 as follows: $3,000. 1924 to 1_928, incl.,
County
ing is $33,000.
and $2,000, 1929 to 1953. incl. A cert. or cashier's check for 3% or
Treasury*
CRISP CONSOLIDATED SCHOOL DISTRICT,Edgecombe County, payable to the Chairman. Board of County Supervisors, required. issue.
Pay-BOND SALE.
-The $25.000 6% coupon school bonds offered ment for and delivery of bonds will be made in the office of the Board of
No. Caro.
on April 26 (V. 116. p. 1451) were purchased by Sidney Spitzer & Co. of Supervisors. The assessed valuation of the taxable property in said school
Toledo, at a premium of $1,050, equal to 104.20. a basis of about 5.55%. District for the year 1922 was83,033.340. and the amount of bonds previousDate Jan. 1 1923. Due on July 1 as follows: $1,000, 1926 to 1932, inel., ly issued and now outstanding is $66,000.
and $2,000. 1933 to 1941. inclusive.
EMMET COUNTY (P. 0. Estherville), lowa.-BONDS DEFEATED.
-BOND ELECTION.
CROCKETT COUNTY (P. 0. Oyona), Tax.
- -At the special election held on April 19-V. 116, P. 1328
-the proposition
An election has been called for June 2, at which time a proposition to issue to issuo $20,000 county home construction bonds failed to carry.
$20.990 5% 40-year serial road bonds will be submitted to a vote. Tom
EMPIRE IRRIGATION DISTRICT (P. 0. Bancroft), Bannock
Clerk.
Nolan, County
County, Ida.
-BONDS VOTED.
-The proposition to issue $2,500,000
CROTON-ON-HUDSON, Westchester County, N. Y.
-BOND reservoir bonds submitted to a vote of the people at the election held on
-Sealed bids will be received until 3 p. m. (daylight saving Apri121 (V. 116.9. 1571) carried.
OFFERING.
James E. Regan, Village Treasurer, for the purchase
time) May 18 by
EUCLID, Cuyahoga County, Ohio.
--BOND OFFERING.
-Sealed
at not less than par and accrued interest of $15,000 434% registered highway bids will be received until
12 m.
Improvement bonds. Denom. $1,000. Date June 1
Int. J. & J. Clerk, for the purchase at not less May 21 by Charles H. Cross, Village
than par and interest of the following
July 1 from 1925 to 1939 Incl.1923'
A certified check Issues
Due $1,000 yearly on
coupon special assessment bonds, issued under the authority
of 534%
for 5%, payable to the Village Treasurer, required. The opinion of of Section 3914 of the Revised Statutes
of Ohio:
John C. Thomson, New York, will be furnished the successful bidder.
$20.580 00 Abbey St. paving bonds. Due yearly on Oct. 1 as follows:
COUNTY HIGH SCHOOL DISTRICT NO. 1 (P. 0. West
CUSTER
12,500. 1924 to 1929 incl.; $2,580. 1930, and $3,000. 1931.
-The International Trust Co. of Denver has
-BOND SALE.
Cliff), Colo.
16,291 40 Eastlawn paving bonds. Duo yearly on Oct. 1 as follows:
purchased $25,000 5% school building bonds at 103.05. Date May 1 1923.
$2,000, 1924 to 1930 incl., and $2,291 40. 1931.
3,724 00 Fern paving bonds. Due yearly on Oct. 1 as follows: $224,
DAVISON COUNTY (P. 0. Mitchell), So. Dak.-BOND OFFERING.
1924, and $500. 1925 to 1931 inclusive.
Sealed bids will be received until 10 a. m. May 16 by J. B. Till, County
16,660 00 Garland paving bonds. Due yearly on Oct. 1 as follows:
Auditor, for $25,000 5% coupon bridge bonds. Denom. $500. Date
$2,000, 1924 to 1930 incluslve, and $2,660, 1931.
July 1 1923.
6,270 00 Orchid paving bonds. Due yearly on Oct. 1 as follows: $500,
DEARBORN COUNTY (P. 0. Lawrenceburg), Ind.
1924: $770, 1925: $500, 1926; $1,000. 1927 and 1928;'$500,
-BOND SALE.
The $49,200 5% coupon Jacob Hoffmeier et al. free gravel road In York
1929, and $1,000, 1930 and 1931.
Twp. bonds offered on May 3(V. 116, p. 1684) were awarded to the People's
19,600 00 Ormiston paving bonds. Due yearly on Oct. 1 as follows:
National Bank of Lawrenceburg at 101.175, a basis of about 4.72%. 13e82,900, 1924, and $2,500, 1925 to 1931 inclusive.
porn. $410. Date Apr. 2 1923. Due $1,640 each six months from IVIay 15
9,604 00 Marigold paving bonds. Due yearly on Oct. 1 as follows:
$1.104. 1924; $1,000, 1925: $1,500. 1926; $1,000, 1927; $1,500.
1924 to Nov. 15 1938 incl.
1928: 81.000. 1929 and 1930 .and $1,500, 1931.
-BOND ELECTION.
DEPORT, Lamar County, Tex.
-An election
39.559 60 Monterey paving bonds. Due yearly on Oct. 1/as:follows:
will be held on May 26 to vote on the question of issuing $52,000 water
84.559. 1924, and $5,000, 1925 to 1931 inclusive.
light plant 6% bonds. L. E. Hayes. City Secretary.
works and $18,000
39,559 60 Naumann Ave. paving. bonds. Due yearly on Oct. 1 as follows:
DEVIL'S LAKE SPECIAL SCHOOL DISTRICT (P. 0. Devil's
$4.559 60, 1924. and $5,000, 1925 to 1931 inclusive.
39,559 60.11enwood Ave. paving bonds. Due yearly on Oct. 1 as follows:
Lake), Ramsey County, No. Dak.-BOND ELECTION.
-On May 17
$4.559 60. 1924, and 85.000, 1925 to 1931 inclusive.
a special election will be held for the purpose of voting on issuing $70,000
38,480 75 South Lake Shore Blvd. paving bonds. Due yearly on Oct. 1
5% school bonds. Denom. $1,000. Int. J. & J. Due as follows: $20,000
as follows: $4,480 75, 1924; 85,000, 1925; $4,500, 1926; $5,000.
In 5 years, and $25,000 in 10 and 15 years from date. A. E. Parshall,
1927; $4.500, 1928, and $5,000, 1929 to 1931 inclusive.
District Clerk.
19,600 00 Tyronne Road paving bonds. Due yearly on Oct. 1 as follows:
EAST PALESTINE CITY SCHOOL DISTRICT (P. 0. East Pales$1,600, 1924: $2.000, 1925; $3,000, 1926 to 1928 inclusive;
tine), Columbiana County, Ohio.
-BOND SALE.
-The $OK, 5%
82.000. 1929 and 1930. and $3,000, 1931.
coupon school building bonds offered on May 7 (V. 116. P. 2041) were
1.700 00 Arms Ave. sewer and water curb connection bonds. Due
awarded to Breed, Elliott & Harrison of Cincinnati for $95,125 and accrued
yearly on Oct. 1 as follows: $700, 1924, and 81,000 1925.
Interest, &mai to 100.13. Denom. $500. Dated May 7 1923. Interest
1,700 00 Bayard sewer and water curb connection bonds. Due yearly
A. & 0. Due 1924 to 1944.
on Oct 1 as follows: $700, 1924, and $1.000. 1925.
3,700 00 Bell Ave. sewer and water curb connection bonds. Due
EAST ROCKAWAY, Nassau County, N. Y.
-BOND SALE.
yearly on Oct. 1 as follows: $700, 1924, and $1,000, 1925 to
The $105,000 434% registered paving bonds offered on May 10 were
1927 inclusive.
awarded to the Lynbrook National Bank of Lynbrook at 100.763, a basis
2,600 00 Cuslunan sewer and water curb connection bonds. Due Yearly
of about 4.41%. Denom. $1,000. Date June 1 1923. Due $5,000
on Oct. 1 as follows: $600, 1024, and $1,000, 1925 and 1926.
yearly on Nov. 1 from 1923 to 1943 inclusive.
3,000 00 Eastbourne Ave. sower and water curb connection bonds.
EASTON SCHOOL DISTRICT (P. 0. Easton), Northampton
Due yearly on Oct. 1 as follows: $1,000, 1924 to 1926 inclusive.
-BOND SALE.
County, Pa.
-The two Issues of coupon (with privilege of
1,600 00 Evergreen sewer and water curb connection bonds. Due
registration) school bonds offered on May 4-V. 116. p. 1924
yearly on Oct. 1 as follows: $600. 1924, and $1,000, 1925.
-were
awarded as follows:
1,200 00 Iddings Ave. sewer and water curb connection bonds. Due
$200,000 431% bonds to the First National Bank of Easton at 102.26
vf3arly on Oct. 1 as follows: 3200, 1924 and $1,000, 1925.
and interest, a basis of about 4.02%. Due $50,000 on
4,500 00 Mallard sewer and water curb connection bonds. Due yearly
May 1 in each of the years 1928, 1933. 1938 and 1943.
on Oct. 1 as follows: $500, 1924, and $1.000, 1024 to 1928 incl.
50.000 434% bonds to Robert Glendenning & Co. of Philadelphia at
7,000 00 Naumann Ave. sewer and water curb connection bonds. Due
102.31 and interest, a basis of about 4.14%. Due $25,000
yearly on Oct. 1 as follows: 81.000. 1924 to 1930 inclusive.
May 1 1928 and 1933.
5,700 00 Nicholas Ave. seNter and water curb connection bonds. Due
Denom. $1,000. Date May 1 1923. A list of the bids received follows.
yearly on Oct. 1 as follows: $700, 1924, and $1,000, 1925 to
For $200,000 For $50,000
1929 inclusive.
Issue.
4,500 00 Oriole sewer and water curb connecting bonds. Duo yearly
Edward Lowber Stokes & Co
101.39
on Oct. 1 as follows: $500, 1924, and 51.000, 1925 to 19213 incl.
101.39
Biddle & Henry
101.44
4,500 00 Shore View sewer and water curb connecting bonds. Due
102.05
A. B. Leach & Co
101.33
yearly on Oct. 1 as follows: $500, 1924, and $1,000, 1925 to
102.03
Stroud & Co
101.533
1928 inclusive.
102.073
Edward B. Smith & Co
101.76
2,300 00 Gilmore water main bonds. Due yearly on Oct. 1 as follows:
101.76
Graham, Parsons & Co
101.04
1200, 1924 to 1926 inclusive; $300, 1927; 8200. 1928 and 1929;
100.44
Lewis & Snyder
101.1678
300. 1930; $200. 1931 and 1932, and 8300, 1933.
101.1678
Robert Glendenning & Co
101.485
3,900 00 . 257th St. water main bonds. Due yearly on Oct. 1 as
102.31
First National Bank
follows: $350, 1924 to 1929 inclusive; $500, 1930; $350.
2.12
The Northampton National Bank submitted a bid of 100.67 for $50,000
1931 and 1932, and $550. 1933.
of the $200,000 Issue.
2,900 00 Forest View water main bonds. Due yearly on Oct. 1 as
follows: $200, 1924, and 8300. 1925 to 1933 inclusive.
EAST WASHINGTON (P. 0. Washington), Washington County,
6.700 00 E. 257th St. sidewalk bonds. Due yearly on Oct. 1 as follows:
-The Union Trust Co. of Pittsburgh, has Purchased
-BOND SALE.
Pa.
, 1924 and 1925; 81,000, 1926 and 1927: $700, 1928 and
the $85,000 434% coupon street impt. bonds offered on May 7(V. 116. p.
"MOO, 1929 to 1931 inclusive.
1924) at a premium of$2,970, equal to 103.49,a basis of about 4.25%. Date
4,312 00 uclid Ave. sidewalk bonds. Due yearly on Oct. 1 as follows:
1923. Due on June 1 as follows: $2,000, 1930 to 1935, incl.:
June 1
1500, 1924 to 1930, and $812, 1931.
$4,000, 1936 to 1951, incl., and $9,000. 1952.
3,600 00 Forest View sidewalk bonds. Due yearly. on Oct. 1 as follows:
EDGEWOOD, Van Sandt County, Tex.
-BOND SALE.-Breg,
300. 1924;. $500, 1925 to 1927 inclusive; $300, 1928, and
Garrett & Co. of Dallas, have purchased $40,000 water works and $15,000
500, 1929 to 1931 inclusive.
electric light plant 6% bonds. These bonds were voted at the election
2,389 24 Lloyd sidewalk bonds. Due yearly on Oct. 1 as follows:
held on April 28-V. 116. p. 1570.
$289 24. 1924, and $300, 1925 to 1931 Inclusive.
3.500 00 Gilmore grading and sidewalk bonds. Due yearly on Oct. 1 as
ELAM CREEK DRAINAGE DISTRICT (P. 0. Corinth), Alcorn
follows: $200, 1924; $300, 1925, and $500, 1926 to 1931 incl.
-BOND SALE.
-The $5,500 6% 1-20-year drainage bonds
County, Miss.
Dated
offered unsuccessfully on Dec. 8(V. 116, p. 2711) have been purchased by for 10% date of sale. All bids must be accompanied by a certified check
of the gross amount of bonds bid for, payable to the Village
Tigrett & Co. of Jackson, at 94.
I. B.
Treasurer, upon the condition that If his bid be accepted the bidder will
ELDRED TOWNSHIP (P. 0. Brookville), Jefferson County, Pa.- call and pay for such bonds purchased within 10 days from the notice of sale.
-On April 17 $14.000 434% road construction bonds were
SALE.
BOND
EVERETT, Middlesex County, Mass.
-The
awarded to the Jefferson National Bank of Brookville, at par and accrued Everett Trust Co. of Everett. on May -TEMPORARY LOAN. loan
awarded a temporary
Interest. Denom. $500. Date March 15 1922. Int, March 15 and of$400,000 on a 4.225% discount basis. 3 was bidders were:
Other
Sept. is. Due $LOW yearly on Dec. 31 from 1923 to 1936 inclusive:
Name.
DIM.
Prem.
optional March 15 1928.
First National Bank of Boston
4.32
C.L. Edwards & Co. of Boston
4.35
$200
(P. 0. Goshen), Ind.
ELKHART COUNTY
-BOND OFFERING.- Old Colony Trust Co.of Boston
4.25%
Roy M. Stark, County Treasurer, will receive bids until 10 a. m. May 18
EXCELSIOR SPRINGS SCHOOL DISTRICT (P. 0. Excelsior
the purchase at not less than par of the following 434% coupon road
for
bonds:
Springs), Clay County, Mo.-BOND ELECTION.
-A special election
$64.000 Josiah Cripe at al. Elkhart Township Unit Road R bonds. Denom. to vote on the question of issuing $215,000 new high school building bonds
$400. Date Dec. 15 1922. Due $1,600 each six months tram will be held on May 15.
May 15 1924 to Nov. 15 1943 inclusive.
FACEVILLE CONSOLIDATED SCHOOL DISTRICT (P. 0. Face5,000 David Stickel et al. Olive Township Unit Road Z bonds. Denom.
$125. Date April 15 1923. Due $125 each six months from villa), Decatur County, Ga.-BOND SALE.-J. H. Hilsman & Co. of
Atlanta. have purchased 525,0006% school bonds. Denom.$1,000. Date
May 15 1924 to Nov. 15 1943 inclusive.
20,000 Geo. W.Thornton et al. County Unit Road No.8 bonds. Denom. Jan. 1 1923. Prin. and annual int. (Jan. 1) payable at the Mechanics
$500. Date April 15 1923. Due $1,500 each six months from & Metals National Bank, N. Y. City. Due $1,000 yearly on Jan. 1 1928
to 1952, inclusive.
15 1924 to Nov. 15 1933 inclusive.
•
cow May Stickel at at. Bongo Township Unit Road Z bonds.
David
Denom.
FAIRFIELD INDEPENDENT
$150. Date April 15 1923. Due $150 each six months from field), Jefferson County, Iowa SCHOOL DISTRICT (P. 0. FairBOND SALE.-Ringhelm, Wheelock
May 15 1924 to Nov. 15 1943 inclusive.
& Co. of Des Moines, have purchased the $150,000 school bonds offered
16,000 Henry Weaver et al. County Unit Road No. 34 bonds. Denom. on May 2(V. 116, p. 1925) as 434s at a premium of $100, equal to 100.06,
$400. Date April 15 1923. Due $800 each six months from a basis of about 4.49%. Date May 1 1923. Due on May 1 as follows:
May 15 1924 to Nov. 15 1933 inclusive.
$10,000, 1927: $3,000, 1928 to 1938, incl.; $8,000, 1939 to 1942, incl.. and
52.000 Andrew Frank et al. Bango Township Unit Road A-1 bonds. $75,000, 1943.
Denom. $80 for $500 and 40 for $300. Date April 15 1923.
Due $1,300 each six months from May 15 1924 to Nov. 15 1943
FARIBAULT COUNTY INDEPENDENT SCHOOL DISTRICT NO.
Inclusive.
7 (P. 0. Winnebago), Minn.
-BOND SALE.
-The Northwestern Trust
Interest May 15 and Nov. 15.
Co. of St. Paul, purchased the $30.000 434% school bldg. bonds offered on
April 30(V. 116, p. 1925) at par and accrued int. Date May 11923. Due
-BOND OFFERING.
ELIZABETH, Union County. N. J.
-Sealed bids on May 1 as follows: 82.000, 1928 to 1937. incl., and $10,000, 1938.
will be received until 11 a. in. May 24 (Daylight Saving Time) by Dennis
FORT MEADE SPECIAL TAX SCHOOL DISTRICT, Polk County,
F. Collins, City Comptroller for the purchase at not less than par of$808,000
Int.
-BOND OFFERING.
-J. A. Garrard, Chairman, Board of Publlc
(coupon or registered) temioorary loan bonds. Prin. rate not to exceed Fla.
and semi-ann. Int. Instruction. (P. 0. Bartow) will receive sealed bids until 11 a. m. May 15
434%. Denom. $1,000. Date May 1 1923.
(A.& N.), payable at the National State Bank of Elizabeth. Due May 1 for $6,500 5% school bonds. Due In 10 years. A cert. check for 2% of
1929. A cert. check for 2% of the amount purchased required. The bonds bid, payable to the above Chairman, required.
MAY 12 1923.]
THE CHRONICLE
2171
-The $45.000 of the notes, will be filed with the Old Colony Trust Co., where they may
FOSTORIA, Seneca County, Ohio.
-BOND SALE.
5% Union Street impt. bonds offered on April 30(V. 116, p. 1685) were be inspected. Notes will be ready for delivery on June 1 1923.
awarded to N. S. Hill & Co. of Cincinnati. Denom.$1,000. Date March
HARDEMAN COUNTY SCHOOL DISTRICT NO.18 (P.O. Quanah).
1 1923. Due $5,000 yearly on March 1 from 1925 to 1933, incl.
Texas.
-BOND ELECTION-An election will be held to-day (May 12)
-year (serial) school
-W.L. Slayton & Co. of Toledo, was awarded the 9 issues to vote on the question of issuing $10,000 6% 40
BOND SALE.
of 534% special assessment street impt. offered on May 2(V. 116. p. 1805) . building bonds.
at a premium of $706 80, equal to 100.523, a basis of about 5.40%. They
HARRISON SCHOOL TOWNSHIP (P.O. Terre Haute), Vigo Co.,
are described as follows:
-Bids will be received by John M. Masselink
-BOND OFFERING.
$18,000 bonds. Denom. $1.000. Due $2.000 yearly on Sept. 1 from Ind.
School Trustee, at No. 32154 Ohio St., Terre Haute, until 10 a. m. June 1.
to
inclusve.1924
for the purchase at not less than par and accrued int. of $29.500 5% coupon
34,000 bonds. Denom. $500. Due $4.000 in the even years and $3,500 school funding bonds. Denom. $500. Date June 1 1923. Prin. and
in the odd years from Sept. 1 1924 to 1932, inclusive.
Citizens' Trust Co. of Terre
of
3,975 bonds. Denom.$500. except one for $475. Due yearly on March semi-ann. int. payable at the office andthe equal amount annually therean
Haute. Due $3,500 on June 11924,
1 as follows: 3475, 1925, and $500, 1926 to 1932, inclusvie.
4.000 bonds. Denom. $500. Due $500 yearly on March 1 from 1925 after.
to 1932, inclusive.
HAYWARD SCHOOL DISTRICT (P.O.Hayward),Sawyer County10,750 bonds. Denom. $500, except one for $750. Due yearly on Mar. Wis.-BONDS VOTED.
-By a vote of more than 2 to 1 an issue of$40,0W
1 as follows: $1,250, 1925: $1,500, 1926; $1.000, 1927 and 1928; high school erection bonds was voted at a recent election.
$1,500, 1929; $1,000, 1930 and 1931; $1,500, 1932, and $1,000
HIGHLAND PLACE (P. 0. Waco), McLennan County, Tex.1933.
-An election will be held on May 19 to vote on the
6,300 bonds. Denom. $700. Due $700 yearly on March 1 from 1925 BOND ELECTION.
question of issuing $24,000 school bldg. bonds.
to 1933, inclusive.
-Sealed -BOND OFFERING.
19,650 bonds. Denoms. 18 for $1,000 each; 2 for $500 each and 1 for
HIGHTSTOWN, Mercer County, N. J.
$650. Due yearly on Sept. 1 as follows: $2.650. 1924; $2,000. bids will be received until Sp. m. May 22 (daylight sa'ng time) by George
1925 to 1927, incl.; $2,500, 1928; $2,000, 1929 and 1930; $2,500, P. Dennis, Borough Clerk, for the purchase at not less than par of an issue
1931, and $2,000, 1932.
of 434% coupon (with privilege of registration as to principal only or both
17,500 bonds. Denom. 11,000, except 1 for $500. Due yearly on Sept. prin. and int.) water bonds not to exceed $88,500, no more bonds to be
as follows: $2,000, 1924 to 1931. incl., and $1,500, 1932.
awarded than will produce a premium of $1,000 over amount stated.
20,800 bonds Denoms. 36 for $500 each; 8 for $300 each, and 1 for $400. Denom. $500. Date May 1 1923. Prin. and semi-ann. int. (M. & N.)
Due yearly on Sept. 1 as follows: $2,400, 1924, and 52,300, 1925 payable in lawful money of U. S. at Hightstown Trust Co. of Flightstown.
to 1932, inclusive.
Due on May 1 as follows: $2,500, 1925; $3,000. 1926 to 1931 hid.: $4,000.
Date March 1 1923.
1932 to 1948 incl. A cert, check for $1,000, payable to the Borough.
FRANKLIN COUNTY (P.O. Columbus), Ohlo.-BOND OFFERING. required.
-BOND OFFERING.
-Sealed bids will be received until 9 a. in. (Central standard time) May 21
HILLSBORO, Orange County, No. Caro.
by Ralph W. Smith, Clerk of the Board of County Commissioners, for the Sealed proposals will be received until 12 m. May 22 by H. G. Coltman,
purchase at not less than par and accrued interest of the following 5% road Town Clerk for $60,000 6% coupon street impt. bonds. Denom $1,000.
impt. bonds issued under virtue of Sections 6906 et seq. and 6929 of the Date April 1 1923. Prin. and semi-ann. int. (A.. & 0.), payable in gold in
.
General Code:
New York. Due $3,000 yearly on April 1 from 1924 to 1943, incl. A cert.
$14,000 Harrison Road impt. bonds. Due yearly on Nov. 15 as follows: check on an incorporated bank or trust company (or cash) for 2% of bonds
82,000 1924 to 1928 Incl.; $1,500 1929, and $1,000 1930 to 1932 incl. bid for, payable to the Town Treasurer, required. These bonds are to be
61,000 Hard Road impt. bonds. Due yearly on Nov. 15 as follows: prepared under the supervision of the4Inited States Mortgage & Trust Co..
New York City, which will certify as to the genunineness of the signa17,000 1924 to 1930 incl. and $6,000 1931 and 1932.
Denom. $1,000. Date May 15 1923. Principal and semi-annual int. tures of the Town officials signing same, and the seal impressed thereon.
(M. & N. 15) payable at the County Treasurer's office. A certified check The approving opinions of Chester B. Masslich. New York City, and J.
for 1% of the amount of bonds bid for required.
L. Morehead, Durham, N. C., will be furnished the purchasers: Deat
BOND OFFERING.
-Sealed bids will be reteived until 9 a. in. May 29 livery on or about May 29 1923. in New York City; delivery elsewhere on
Bides to be made
by Ralph W. Smith, Clerk Board of County Commissioners, for the pur- purchaser's expense, including New York exchange. trust company. Bids
chase at not less than par and accrued interest of the following two issues blank forms to be furnished by above Clerk or said
of 5% road lmpt. bonds, issued under the authority of Sections 1178 to for less than par and accrued int. will not be considered.
1231-4. inclusive:
-BOND OFFERING.
HOLMES COUNTY(P.O. Millersburg), Ohio.
$118,000 I. C. H. No. 5, Section "G." road impt. bonds. Due yearly on Sealed proposals will be received until 1:30 p. in. May 17 by T. D. Glasgo,
Nov. 15 as follows: $14.760 1924 and $13,000 1925 to 1932 incl.
"it,.
Auditor, for the purchase at not less than par and accrued int. of
County
71,000 I. C. H. No. 5, Section
'
road impt. bonds. Due yearly on $25,000 5
coupon funding bonds issued under the authority of Sections
Nov. 15 as follows: $7.100 1924 and $8.000 1925 to 1932 incl.
and 6956, incl. Denom. $25,000. Date May 1 1923. Due $5,000
Denom.$1,000. Date May 151923. Prin. and semi-ann. int.(M•& N. 6906 1 1924 and $2.500 each 6 months from Mar. 1 1925 to Sept. 1 1928,
Sept.
15) payable at the County Treasurer's office. All proposals must be ac- ind. All bids must be accompanied by cash or a check on some solvent
companied by a certified check (or cash) in an amount equal to 1% of the bank in Holmes County, in the sum of 5% of the aggregate amount, paypar value of all bonds bid upon, drawn on a solvent national bank or trust
official. Bonds to be delivered and paid for within 10
company and made payable to the order of the Board of County Com- able to the aboveof the award.
days of the time
missioners of Franklin County. Ohio.
the County Auditor is receiving bids for the purchase
Bids will be received until 10 a. m. May 24 by Ralph W. Smith, at At the same timeand interest of $34,400 534% coupon special assessment
not less than par
Clerk of the Board of County Commissioners, for the purchase at not less Millersburg-Charm Road impt. bonds issued under authority of Secs.
than par of the following two issues of 5% Sewer District bonds:
Denom.$3,440. Date May 1 1923. Int. M.& S.
119.000 bonds. Denom. $1,000. Due yearly on Nov. 15 as follows: 6906-6956, Gen. Code. folloWs: $6,880. Sept. 11924. and 13,440. March 1
Due each six months as
$1,000 1924 and $2,000 1925 to 1933 inclusive.
Bonds to be
1 1928
7,500 bonds. Denoms. 7 for $1,000 and 1 for $500. Due $500 Nov. 15 1925 to Sept.paid for incl. Cert. check for 5% required.
within 10 days from date of award.
delivered and
1924 and $1,000 yearly on Nov. 15 from 1925 to 1931 incl.
Date May 15 1023. Prin. and semi-ann. int. (M. & N. 15) payable at
HORNELL CITY SCHOOL DISTRICT (P. 0. Hornell), Steuben
-BOND OFFERING.
-Sealed bids will be received until
the County Treasurer's office. Cert. check on a solvent national bank or County, N. Y.
trust company for 1% of amount of bonds bid for, payable to the Board 7 p. in. May 21 by Gertrude L. Elkin, District Clerk, for the purchase at
delivered and paid for not less than par and accrued interest of140,0006% school bonds. Denom.
of county Commissioners, required. Bonds to be
in Columbus.
11.000. Date July 1 1923. Due $5,000 Yearly on July 1 from 1928 to
accompanied with a certified check
-The 1935. inclusive. Each bid must be trust
FREMONT COUNTY (P. 0. Sidney), Iowa.
-BOND SALE.
bank or
company, payable to the order
$47,000 6% Missouri River Bank Protection District No. 1 drainage bonds drawn upon an incorporated for
21 of the face value of the bonds bid for.
of Lin- of said Board of Education,
offered on April 25(V. 116, P. 1805) were awarded to Woods Bros.
The approving opinion of Clay & Dillon, attorneys, of New York City, will
coln, at par.
be furnished to the purchaser without charge.
•
GALLATIN AND BROADWATER COUNTIES JOINT SCHOOL
-BOND
HUDSON SCHOOL DISTRICT,Los Angeles County, Calif.
DISTRICT NO. 24 (P. 0. Three Forks), Mont.
-BOND OFFERING. SALE.
-R.H. Moulton & Co.of San Francisco, have purcnsea the $45.000
3. M. Dolan, District Clerk, will receive bids until May 28 for $30.000 6% 5% school bonds
offered on May 7(V. 116. p. 1926) at a premium of 1315.
school bldg. bonds. Denom. $500. A cert. check for $1,000, required.
equal to 100.70, a basis of about 4.94%. Date MEW 1 1923. Due on May
GANADO INDEPENDENT SCHOOL DISTRICT (P. 0. Canada), 1 as follows: $1,000, 1924 to 1938, incl., and $2,000, 1939 to 1953, incl.
Jackson County, Texas.
-BOND SALE.
-The Citizens State Bank
HUME SCHOOL DISTRICT NO. 1 (P. 0. Fillmore), Allegheny
of Ganado has purchased $40,000 school building bonds at par.
County, N. y.
-BOND OFFERING.
-Sealed bids will be received until
-BOND OFFER- 8 p. In. May 16 by L. C. Main, President Board of Education,for the purGARFIELD HEIGHTS, Cuyahoga County, Ohio.
MG.
-Sealed bids will be received Tv Herman Bohning, Village Clerk, chase at not less than par of $100,000 414% coupon school ponds. Denom.
until 8 pp. in. May 15 for the purchase at not lass than par and accrued int. $1.000. Date May 1 1923. Int. J. & D. Due yearly on Dec. 1 asfollows:
of $37,203 71
% coupon Blythe Road pavement special assessment $2,600. 1923 to 1932 incl.; $3.000, 1933 to 1937 incl.; $4,000, 1938 to 1947
bonds, issued under the authority of Sections 3812 and 3914 of the General incl.. and 15.000. 1948 to 1952 incl. A certified check for 2% of amount
Code. Denom. $1,000. Date May 1 1923. Due yearly on Nov. 1 as bid for required. Legal opinion of Clay & Dillon of New York.
follows: $3,203 711924; $4,000 1925 to 1927 incl.; $5,000 1928; $4,000 1929
-BOND SALE.
HUMPHREYS COUNTY ROAD DISTRICTS, Miss.
to 1931 incl., and $500 1932. All bids must be accompanied by a certified check for 1% of the amount bid for, roayable to the Village Treasurer, -The 1115.000 6% coupon Northern Separate Road District bonds offered
on May 7 (V. 116, p. 1926) were purchased by the Bank of Commerce &
upon the condition that the successful bidder will take bonds as above set
Trust Co. of Memphis. Date May 15 1923. No report has come to hand
forth within 10 days of award.
as yet as to what was done with the $400,000 Central Separate Road
GRAHAM COUNTY SCHOOL DISTRICT NO. 6 (P. 0. Safford), District bonds offered at the same time.
Ariz.
-BOND VOTED-At the election held on April 28-V.116, p.1925
-BOND SALE.HUNTINGTON BEACH, Orange County, Calif.
the 130.0006% school bonds were voted. W.F.Preston, District Clerk.
The $300,000 5% municipal bonds offered on April 30 (V. 116, p. 1806)
GRAND RAPIDS SCHOOL DISTRICT (P. 0. Grand Rapids). were awarded to the Security Co. and the Citizens National Bank of Los
Kent County, Mich.
-BOND SALE.
coupon Angeles. jointly, at a premium of $1,560, equal to 100.52-a basis of about
-The $361,000 Oi
school improvement bonds, offered on May 7-V. 116, p. 125
-were 4.94%. Date May 1 1923. Due $15,000 yearly on May 1 from 1924 to
awarded to the Detroit Trust Co. of Detroit. Denom. $1,000. Date 1943, inclusive.
•
March 11923. Due Sept. 1 as follows: $111.000 1936 and 3250,000 1937.
HUNTINGTON PARK CITY SCHOOL DISTRICT, Los Angeles
The purchasers are now offering this issue to investors at prices to yield
County, Calif
.-BIDS.-The following is a list of the bids received for
4.30%.
the $90.000 5% school bonds on April 30:
Financial Statement.
$1,807
$970 California Securities Co
Assessed valuation
$210,556,986 Bank of Italy
1,227 ICitizens Nat.Bk.and Sec. Co_ 1,157
Total bonded debt
3,320.000 Cyrus Peirce & Co
*2.230
1,3681 First Securities Co.,eta!
Population
137,634 R. H. Moulton Co
2,011
- Harris Trust & Savings Bank_ 1,368 California Co
GRANITE COUNTY (P. 0. Phillipsburg), Mont.
-BOND SALE.
The $45,000 negotiable coupon highway bonds offered on April 30 (V, 116.
* Successful bid; for previous reference to same, see V. 116. p. 2042.
p. 1686) were awarded to Ferris & Hardgrove of Spokane, as Pis at par.
HUNTINGTON PARK UNION HIGH SCHOOL DISTRICT, Los
Date Jan. 11921. Due Jan. 1 1931; optional, 1 year before maturity.
Anigeles,
bonds offered
-BOND SALE.
-The $500,000
GRANVILLE COUNTY (P. 0. Oxford), No. Caro.
-BOND OFFER- on May 7Calif. P. 1926) were awarded to the5% schoolNational Bank
(V. 116,
Citizens'
ING.
-C. G. Powell, Clerk Board of County Commissioners, will receive of Los Angeles, and associates at a premium of $12,857. equal to 102.57.
June 11 for $30,000 6% coupon public road impt. a basis of about 4.81%. Date June 1 1923. Due on June 1 as follows:
sealed bids until 12 in.
bonds. Denom. $1,000. Due June 11 1943. Int. semi-ann. A cert. 19,000. 1926 to 1940, incl.; $13.000, 1941 to 1945, incl., and $20,000, 1946
•
check for $500 required.
to 1960. inclusive.
•
GREENWOOD COUNTY(P.O. Hamilton),Tex.
-BONDS VOTED
IOWA (State
-W.J. Burbank, State Treas-BOND OFFERING.
By a vote of 351 "for" to 55 "against" the voters approved the issuance of urer(P.O. Des of).
Moines), will receive sealed bids until 11 a. m.June 2for the
$65000, school building bends at an election held on May 1.
purchase of $22,000,000 State soldiers' bonus bonds. Date Dec. 1 1922.
GREENWOOD COUNTY RURAL HIGH SCHOOL DISTRICT NO.8, Prin. and semi-ann. int. (J. & D.) payable at the State Treasurer's office.
(P. 0. Hamilton), Kans.-BONDS VOTED.
-At an election held on May Interestrate notto exceed.5% to be named by bidder. Due $1,100,000Treas1 an issue of $65,000 school bldg. bonds was voted by a count of 351 "for" on Dec. 1 from 1923 to 1942 incl. A cert. check, payable to above yearly
nor,for 2% of amount of bonds bid for, required.
to 55 "against."
CORRECTION,
-.A report to the effect that the State of Iowa would reGUNNISON COUNTY SCHOOL DISTRICT NO. 30 (P. 0. Soiner
offer on
-BOND ELECTION -BOND SALE.
set), Colo.
-Subject to being voted offered June 14 as 4345 the $22,000,000 414% State Soldiers' Bonus bonds,
unsuccessfully on April 16, was printed by us last week, on page
to be held soon, 140,000 534%1 1-20
buildat an election
-year serial school
2043. But our Western representative now advises us in a special teleing bonds have been awarded to the International Trust Co. of Denver.
graphic dispatch that this report was
HAMPDEN COUNTY (P.0. Springfield), Mass.
OFFERING. IRONDEQUOIT, Monroe County,inaccurate. SALE.
-LOAN
-The $8,000
-BOND
N. Y.
-Proposals will be received by Fred A. Bears°. County Treasurer, until registered bonds
-were awarded as 158
11 a. in. May 22 for the purchase of 1500.000 5% registered notes. dated to Sage, Wolcott offered on May9-V. 116. p. 2043 basis of about 4.87%.
and payable Jan. 1 1924 at the Old Colony Trust Co.of Boston. Denom. $500. & Steele of Rochester. at 101.127, a on April 1 from 1921
June 1 1923
Date May 1 1923. Due $500 yearly
These notes are authorized by the Acts of 1915. Chapter 252,and are exempt
from taxation in Massachusetts and will be engraved under the supervision to 1943, inclusive.
-BOND SALE.
of and certified as to their genuineness by the Old Colony Trust Co., which
JASPER COUNTY (P. 0. Ridgeland), So. Caro.
will further certify that the legality of the issue has been approved by Sidney Spitzer & Co. of Toledo have purchased the iSSIle of 6% road bonds
$8,510. The bonds
Ropes, Gray, Boyden & Perkins of Boston. All legal papers incident to offered on May 9-V. 116. P• 2043
-at a premium of
this issue, together with an affidavit certifying to the proper execution were offered in an amount between $50,000 to $100,000.
2172
THE CHRONICLE
[VOL. 116.
JEFFERSON SCHOOL DISTRICT,'Los Angeles County, Calif.
- $35.000 fire engine house bonds, payable $2,000 May 1 1924 to May
BOND OFFERING.
-A, M. McPherron, Deputy County Clerk (P. 0. Los
1938. Incl., and $1,000 May 1 1939 to 1943. incl.
Angeles). will receive sealed proposals until 11 a. m. May 14 for 831.0005%
21,000 First Street Boulevard construction bonds, payable 83,000 May 1
school bonds. Denom. $1.000. Date June 1 1923. Prin. and semi-ann.
1924 and $2,000 May 1 1925 to 1933. incl.
int. payable in lawful money of the United States, at the County Treasury.
7,700 Washington Park Playground bonds, payable $500 May 1 1924 to
Due on June 1 as follows: 82.000, 1924 to 1929. incl., and $1,000, 1930 to
1938,incl., and $200 May 1 1939.
1948, incl. A cert. or cashier's check for 3% of issue payable to the Chair3,500 Richmond Avenue Park bonds, payable $500 May 1 1924 to 1930,
man, Board of County Supervisors, required. Paymeat for and delivery of
incl.
bonds will be made in the office of the Board of Supervisors. The assessed
Denoms. $1,000, $500 and $200. Date May 1 1923. Prin. and semivaluation of the taxable property in said school District for the year
was $1,215,625, and the amount of bonds previously issued and now 1922 ann. hit.(M. & N.) payable at the First National Bank of Boston.
outstanding is 829,500.
MACOMB COUNTY (P. 0. Mount Clemons), Mich.
-BOND SALE.
JEFFERSON WATER CONSERVANCY DISTRICT Jefferson -The $200,000 Michigan highway improvement bonds offered on May
-were awarded to Sidney Spitzer & Co. as 5),45 at
County, Ore.
-STATE IRRIGATION COMMISSION DECLINES TO 2-V. 116, p. 1928
CERTIFY BONDS.
-According to the "Oregonian" of May 2 the State 100.135.
Irrigation and Drainage Commission has declined to certify the $5.000,000
MADISON INDEPENDENT SCHOOL DISTRICT NO. 1 (P.O. Madbonds voted by this district and of which $4,910,000 were purchased by the ison), Lake County, So. Dak.-BOND SALE.
-The $45.000 school bonds
Morris Brothers Corp. of Portland, as stated in V. 116, p. 1807. The offered on April 27 (V. 116, p. 1807) were awarded to the Northwestern
"Oregonian" continues:
Trust Co. of St. Paul, as 54, at a premium of $2,555, equal to 105.67, a
C. Cunningham, President of Morris Bros., Inc., of Portland, who basis of about 3.75% if called at optional date, and 4.57% if allowed to
recently executed a contract with the Jefferson Water District for the sale run to maturity. Date April 1 1923. Due April 1 1943; optional, April
of the remaining $4.910.000 bonds, appeared before the Commission and I 1928. No report has come to hand as yet as to what was done with the
said that his corporation was ready to dispose of the securities at any time $65,000 issue offered at the same time.
the State would express a willingness to certify the bonds and guarantee
MALDEN, Middlesex County, Mass.
-TEMPORARY LOAN.
-The
the interest for 2)4 years. Without such assurance, he said, it would be
First National Bank of Boston, on May 3 was awarded a temporary loan
Impossible for any bond
at present,
of $200,000 on a 4.22% discount basis. Date May 4 1923. Due Nov. 2
'Under
adihe district. 1923.
the bond corporation was to receive the securities at 85 cents on the dollar.
Recently the Commission demanded that Morris Bros. submit tangible
MANCHESTER, Hillsborough County, N. H.
evidence that they would be able to finance the district in compliance with The $100,000 4% sower bonds offered on May 7-V.-BOND SALE.116, p. 2043
-were
their contract. This evidence was not presented to-day, further than the awarded to Merrill, Oldham & Co. of Boston at 97.69, a basis of about
word of Mr. Cunningham, who said his corporation had received commit- 4.29%. Date April 11923. Due $5,000 in each of
ments sufficient to cover the bonds now available for sale. This evi- to 1943, incl. Other bidders were: R. L. Day & the years from 1924
Co., 96.78; Harris,
dence was not considered satisfactory by the Commission.
Forbes & Co.. 96.69; Blodget & Co.
"It was also brought outat the meeting that instead ofcosting $5,000,000, and E. H. Rollins & Sons, 96.43. and A. B. Leach & Co., jointly, 96.56,
the district, upon completion would represent an expenditure of more than
-BOND SALE.
MARION, Marion County, Ohio.
-The $200.000 5%
810.000.000. Without any assurance that the additional $5,000,000 of
bonds can be sold, several members of the Commission expressed them- coupon water and sewage bonds offered on May 5 (V. 116. p. 1928) were
awarded to the State Industrial Commission at par. Denom. $1,000.
selves as skeptical of proceeding with the undertaking at this time."
Date May 5 1923. Due yearly on Sept. 1 as follows: $9,000 1924 to 1931
JERRY KILPATRICK SPECIAL ROAD AND BRIDGE DISTRICT incl. and 38.000 1932 to 1947 incl.
Hernando County, Fla.
-BOND SALE.
-W.K. Terry & Co. of Toledo,
MARYLAND (State of).
-CERTIFICATE OFFERING.
-John M.
have purchased the $75,000 6% road and bridge bonds offered on May
(V. 116, p. 1807) at 95. Due 33,000 yearly from 1924 to 1948, inclusive. 7 Dennis, State Treasurer, will receive proposals until 12 in. June 7 for
81.650,000 4)4% coupon (registerabie as to principal) "Lateral, Post Road
JOHNSON COUNTY (P. 0. Franitlip), Ind.
-BOND OFFERING.- and Bridge Loan of 1922,1 certificates of indebtedness. Denom. $1,000.
Sealed bids will be received until 10 a. m. May 17 by Jesse D. Ellis, County Date June 15 1923. Interest J. & D. 15. The principal will be payable
Treasurer, for the purchase at not less than par and accrued int. of $11.500 upon the serial annuity plan. as follows.
4)4% Skoggs et al., road in Pleasant Township bonds. Denom. $575. Series.
Amount.
Amount.
Redeemable.
edeemable. Series.
Date May 15 1923. Due $575 each 6 months from May 15 1924 to Nov.
$96,000
June 15 1933
$130,000
June 15 1926 "U"
15 1933, inclusive.
101,000
137,000
"0"
June 15 1927 "V"
June 15 1934
44pre
106,000
June 15 1928 "W"
June 15 1935
143,000
JOPLIN SCHOOL DISTRICT (P. 0. Joplin), Jasper County, Mo.109,000
June 15 1929
June 15 1936
149,000
BOND SALE.
-The $75,000 5% high school bldg. bonds
1
114,000
June 15 1930 "Y"
June 15 1937
157.000
(V. 116, p. 1807) were awarded to the Conqueror Trustoffered on Mayat
Co. of Joplin,
120,000
"8"
June 15 1931 "Z"
June 15 1938
163.000
100.40, a basis of about 4.91%, if called at optional date and
4.95% if
125.000
June 15 1932
allowed to run to maturity. Date May 11923. Due May 1 1933; optional "T"
Each bid must be accompanied by a certified check upon some responsible
May 1 1928.
banking institution, drawn to the order of the Treasurer of Maryland for
JORDAN SCHOOL DISTRICT (P. 0. Sandy), Salt Lake County, 5% of the par value of the amount bid for. The certificates awarded will be
Utah.
-BONDS VOTED.
-At an election held on "%lay 1 an issue of school delivered to the successful bidder upon receipt of the amount of the sucbuilding bonds, amounting to $60,000, was voted by a count of 376 to 89.
cessful bid on June 15 at the office of the State Treasurer, Annapolis.
KALAMAZOO TOWNSHIP (P.0. Kalamazoo), Kalamazoo
MAYFIELD RURAL SCHOOL DISTRICT (P. 0. Gates Mills),
County, Cuyahoga County, Ohio.
Mich.
-BOND SALE.
-The $75,000 431% coupon highway and bridge
-BOND SALE.
-The $31.099 98 534%
bonds offered on May 5-V. 116, p. 1927
coupon school improvement bonds offered on May I-V. 116. p. 1928
-were awarded
the First
National Bank of Kalamazoo at par. Date May 15 1923. to
Co. of Toledo for 831,109 98 and int.,
Due $5,000 were awarded to W. L. Slayton
yearly on'May 15 from 1924 to 1938 inclusive.
and to pay "cost of turn
bonds printed and delivered." Denom.
Date March 6 1923. 'Due yearly on Oct. 1 as follows: 82.099 98.
$1.000.
KENT, Portage County, Ohio.
-BOND OFFERING.
-Sealed bids will
be received until 12 en. May 15 by Frank Bechtle, City Auditor, at his office, 1924: $2,000, 1925 to 1931 incl., and $3,000, 1932 to 1936 incl. The
No. 132 So. Water St., for the purchase at not less than par and accrued Milliken & York Co. of Cleveland submitted a bid of $31,120 98 and Int.
int. of 88.000 coupon water works bonds issued under the authority of
MERCER COUNTY (P. 0. Celina), Ohio.
-BOND SALS.-The Pint
Secs. 3939 and 3942 of the Gen. Code. Denom. $500. Date March 1 National Bank of Celina, was awarded on April 23 an issue of $2,500 534%
1923. Prin. and semi-ann. int. (M. & S.), payable at the City Bank of Eifert Road impt. bonds at par and accrued interest. Denom.$500. Date
Kent. A cert. check for 1% of the amount bid for is required.
April 11923. Int. A. & 0. Due yearly on Oct. 1 as follows: $500, 1924;
$1,000, 1925, and $500. 1926 and 1927.
isa
KIEF, McHenry County, No. Dak.-BOND OFFERING.
-Bids were
MERCED SCHOOL DISTRICT (P. 0. Merced), Merced County,
received until 2 p. m. May 11 by Andrew Ravruka, Clerk Board of Educa-BOND ELECTION.
-Our Western correspondent advises us in
tion. for 814,000, more or less, 5% funding bonds. Denoms. and date of Calif.
bonds at purchaser's option. Int. J. & J.
a special telegram that an election will be held on June 2 to vote on issuing
u
1,4M school bonds. 0 Peru),
0
IA
KIMBLE COUNTY SCHOOL DISTRICT NO. 11 (P. 0. Junction $2010, 0OI
Ind.
Texas.
-Sealed bids
-BOND OFFERING.
-BOND ELECTION.
-An election will be held on May 19 to vote
will be received until 11 a. m. May 23 by C. E. Reyburn,County Treasurer,
on the question of issuing $60,000 5% school bldg. bonds.
for the purchase at not less than par and accrued int. of88.6404)4% coupon
KINDERHOOIC.,Columbia County N.Y.-BOND SALE.
$15,000 J. E. Faurote Free Gravel Road No. 7 Allen Township bonds. Denom.
-The
5% registered bonds offered unsuccessfully on April 2 (V. 116, p. 1572) $432. Int. M.& N. 15. Due $432 each six months from May 15 1924 to
have been awarded to Farson, Son & Co. of N.'Y., at 103.11, a basis of Nov. 15 1933. incl. If the bonds are not sold on day of offering they will
about 4.51%. Denom. $1,000. Date Sept. 1 1923. Due $1,000 yearly
offered from day to day thereafter until sold.
on March 1 from 1924 to 1938, inclusive. The following is a complete list be
MIDDLETOWN, Butler County, Ohio.
-BOND OFFER/NO.-Sealed
of bids received at the second offering of the bonds:
bids will be received until 12 m.(standard time) June 1 by Alberta Brenner,
• •
Name.
City Auditor, for the purchase at not less than par and accrued interest of
Parson, Son & Co., N. Y._ ...103.11:1 Geo. B. Gibbons & Co., N.Y.101.
$46,908 5% bonds for the purpose of paying the property owners' portion
Nat. Un. Bk., Kinderhook_ _102.
Sherwood & Merrifield, N.Y.100.62
Stephen & Co., N. Y
100.10 of various street improvements, and are issued under Sections 3812 3814
101.578 Union Nat.Coro.. N.Y
and 3914 of the General Code. Denoms.90 for $500 and 9 for $212. Date
O'Brian, Potter & Co.. Buff_101.188 Manufacturer's Nat. Bk.,Troy100.
May 11923. Principal and semi-annual interest (M. & S.) payable at the
KING CITY, Gentry County, Mo.-BONDS VOTED.
-On April 17 National Park Bank, New York. Due $5.212 yearly on Sept. 1 from 1924
an issue of $70,000 water works bonds was voted by a count of 426 "for" to 1932, inclusive. All bids must be accompanied by a certified check for
to 208 "against" at an election held on that day. At the same time $57,500
payable to the City Treasurer. Bonds to be delivered and paid for
grade school building bonds were voted by a count of 427 "for" to 185
days from the time of award. The proceedings leading up
tento
'against.
issuing of these bonds have been under the supervision of Peck, Schaffer
00
the
& Williams,
KIRKSVILLE, Adair County, Mo.-BOND SALE.
Trust furnished toattorneys. Cincinnati. whose opinion as to the validity will be
-The Union
the purchsaer without charge. Purchasers are required to
Co. of East St. Louis, Ill., and the National City Co. of St. Louis have
jointly purchased $260,000 4)4% water-works bonds at 98.57-a basis of satisfy themselves as to the validity of these bonds prior to the bidding
about 4.67%. Denom. $1,000. Date May 1 1923. Principal and semi- therefor, and only unconditional bids will be considered.
-The issue of $12,000 5% water works bonds offered on
annual interest (F. & A.) payable at the City Treasurer's office. Due as
BOND SALE.
-was awarded to Poor & Co. of Cincinnati for
follows: $65,000 Aug. 1 1928, and $13,000, Feb. 1 1929 to 1943, inclusive.
April 27-V• 116. p. 1687
$12.067 27 (100.56) and interest, a basis of about 4.90%. Date May 1
KNOX COUNTY (P.O. Vincennes), Ind.
-BOND SALE.
-J,P. Wild 1923. Due $1,000 yearly on Sept. 1 from 1924 to 1935, incl.
& Co. of Indianapolis, recently purchased $80.0004N% tax free road bonds.
At the same time the city disposed of three other bond issues. One,
Denom. $1,000. Date March 10 1923. Due $4,000 semi-ann. from May
$18,000 sewer bonds, was awarded to N. S. Hill & Co. of Cincinnati for
1924 to Nov. 1933. inclusive.
818,195 90,equal to 101.088. The other two went to Poor & Co.. who paid
Financial Statement.
a premium of $101.47, equal to 100.375. for $27,000 street impt. bonds
Assessed valuation of District
$63,865,394 anda premium of $33 73, equal to 100.374, for $9,000 sidewalk, curb and
Total debt,including this Issue
301.250 gutter b
bonds.
wimLs
LADDON1A, Audrain County, Mo.-BONDS VOTED.
--The
COUNTY (P. 0. Glenwood), Iowa.
-BOND OFFERING.of Laddonia authorized the issuance of $40,000 bonds for a newcitizens
school
building.
Ralph D. Linville, County Treasurer, will offer at public acution on May
at 2 p. m.8149,000 funding bonds. Denom. $1,000. Date Jan,2 1923.
15
LARCHMONT, Westchester County, N. Y.
-BOND SALE.
-The Int. rate not to exceed 5% payable M. & N. Due on May 1 as follows:
our issues of coupon bonds offered on May 7-V.
1927
-were
awarded as 4.40s to Geo. B. Gibbons & Co. of New 116, p.at 100.27, a 815.000. 1924; 810.000. 1925 and 1926; $5,000 1927 to 1920 incl.• $2,000,
York,
1930: $8,000, 1932: 85.000. 1933 and 1934; $2,000. 1935: $8,060, 1936;
basis of about 4.28%. They are described as follows:
$13.000 Hall Ave. sewer bonds. Due $1,000 yearly on June 15 from 1928 82.000, 1937: $3,000, 1938: 85.000, 1939 and 1940; 825,000, 1941, and
$29.000. Jan. 1 1943. A certified check for $2.500 required. Lithoto 1940, inclusive.
graphed bonds to be furnished together with the legal opinion of Chapman,
10,000 Monroe Ave. improvement.bonds. Due 81,000 yearly on June
15 Cutter & Parker of Chicago, by the County.
from 1928 to 1937, inclusive.
13,000 Chatsworth Ave. to Railroad Ave. bridge paving bonds. Due
MISSISSIPPI COUNTY LEVEE DISTRICT NO. 11 (P. 0. Charles
$1,000 yearly on June 15 from 1928 to 1940, inclusive.
-Little, Vardaman & Bitting. Inc., of St. Louis,
ton), Mo.-BOND SALE.
65,000 Chatsworth Ave. to Larchmont Ave. paving bonds. Due $2,600 have purchased $100,000 5)4% bonds. Denom. $1,000. Date May 1
yearly on June 15 from 1928 to 1952, inclusive.
-N.), payable at the National Bank
1923. Prin. and semi-ann. int. (M.
Date June 15 1923.
of Commerce, N. Y. City. Due on May 1 as follows: 81.000 1928 and
LAREDO INDEPENDENT SCHOOL DISTRICT (P. 0. Laredo), 1929, $2,000 1930, 83,000 1931 and 1932, $4,000 1933, *5,000 1934, $6,000
Webb County, Texas.
-PURCHASER.
--The purchaser of the $75,000 1935 and 1936. $7,000 1937. 88,000 1938, $15,000 1939, $16,000 1940,
bonds disposed of as stated in V. 116, p. 1454. was Caldwell & Co. of Nash- $17.000 1941 and $6,000 1942.
Date Apr. 11923. Due Apr. 1 1963: optional Apr. 1 1943.
ville.
MONACA (BOROUGH) SCHOOL DISTRICT (P. 0. Monica)
LARIMORE SPECIAL SCHOOL DISTRICT NO. 44 (P. 0. Lan.i
County, Pa.
-BOND SALE.
-The $115,000 coupon school bonds
more), Grand Forks County, No. Dak.-BOND ELECTION.
-A special offered on May 2 (V. 116. V. )928) were awarded as 4)4s to The Upton
election will be held on May 17 to vote on the question of issuing $20,000 Trust Co. of Pittsburgh. Denom. $1.000. • Date June 1 1923. Due on
school bonds. A. P. Lord, Clerk.
-year
5% 10
June 1 as follows: $10,000. 1928: $5,000. 1930, 1932 and 1934; $5.000. 1936
LINCOLN COUNTY SCHOOL DISTRICT NO. 19 (P. O. Afton), to 1938, inclusive; 35,000, 1940 to 1948. inclusive: $10,000, 1949: 35,000,
-At the election held on May 1 (V. 116. p• 1687), 1950 and 1951. and 810.000, 1952. Bidders had the choice to bid on
Wyo.-BONDS VOTED.
three different maturities and also two interest rates, viz.: 431% and 4 4°,•
Z
the proposition to issue $100,000 school-building bonds carried.
-BOND SALE.
LOWELL, Middlesex County, Mass.
MONEY SCHOOL DISTRICT (P. 0. Money), Leflore County, Miss.
-On May 8 the
-BONDS SOLD.
four ISSUOS Of 431% coupon bonds, aggregating $67,200, which -BONDS VOTED
following
-At an election hold on March 31 an
were offered on that date (V. 116, p. 2043) were awarded to R. L. Day & Issue of $27.500 school bonds was voted. The issue was disposed of on April
2.
Co. of Boston at 100.78, a basis of about 4.13%:
"x"
MAY 12 1923.]
THE CHRONICLE
2173
-BOND
OYSTER BAY (P. 0. Oyster Bay), Nassau County, N. Y.
MONTCLAIR, Essex County, N. J.
-BOND OFFERING.
-Harry
-Sealed bids will be received until 3:30 p. m. Mar 15 by Edw.
Trippet. Town Clerk, will receive sealed bids until 4 p. m.May 22(Daylight OFFERING.
J. Conlin, Town Clerk, for the purchase at not lees than par and acc.iint. Saving Time) for an issue of 444% coupon or registered Passaic Valley
sewer bonds not to exceed $121.670, no more bonds to be awarded than of $330,000 coupon (registerable as to both principal and interest) Locust
will produce a premium of $1,000 over $121.670. Denom. $1.000 and Valley Water District bonds at a rate not to exceed 6%. Denom. $1,000
1 for $670. Date June 11923. Prin, and semi-ann. int. (J. & D.), pay- and $625. Date May 15 1923. Prin. and semi-ann. int. (M. & N. 15)
able in gold at the Bank of Montclair or at the Town Treasurer's office. Payable in lawful money of U. S. at the North Shore Bank of Oyster Bay.
A certified check for 2% of bonds bid for, required. Due on June 1 as Due $20,625 on May 15 from 1928 to 1943 incl. The successful bidder will
Hoyt of New
follows: $3.670 1924, $3,000 1925 to 1950, incl., and $4.000 1951 to 1960, be furnished with the opinion of Reed, Dougherty &town, payable York
in the
that the bonds are binding and legal obligations of the
incl. Legality approved by John C. Thomson, N. Y. City.
first instance from assessment and not from a general town tax, which, how-BOND SALE. ever, may be levied if there is a shortage in the primary fund. The bonds
MONTGOMERY COUNTY(P.O. Clarksville), Tenn.
-The $woon
coupon Cumberland River road and bridge bonds will be prepared under the supervision of the U. S. Mtge. & Trust Co. of
offered on May 9-V.116. p.2044
-were awarded to the American National New York, which will certify as to the genuineness of the signatures of the
Co. of Nashville. at A premium of $5,775, equal to 105.775, a basis of officials and the seal impressed thereon. A certified check for 2% of the
about 4.64%. Date June 1 1923. Due June 1 1953.
amount of bonds bid for, payable to the town, is required
MORROW COUNTY (P. 0. Mount Gilead), °Mo.-BOND OFFER-BOND ELECTION.
County, Calif.
PASADENA,"'Los
ING.
-Sealed bids will he received until 11 a. m. May 17 by M. A. Goff. An election will be heldAngeles 7, it is reported, to vote on the question of
on June
Clerk of the Board of County Commissioners, for the purchase at not less issuing $3,500,000 bonds for a city hall.library and municipal auditorium.
than par and seemed interest of $116.812 50 5% Mt. Gilead-Galion Road
I. C. H. No. 206. Elections "G" and "L." bonds issued under the authority
PERINGTON SCHOOL DISTRICT (P. 0. Fairport), Monroe
of Section 1223 of the General Code. Denores. $5.000 and $2,812 50. County, N. Y.
-Sealed bids will be received by
-BOND OFFERING.
Date June 1 1923. Int. M.
-S. Due on Sept. 1 as follows: $12.812 50 1924 L. W. Baumer, Clerk Board of Education. until 8 p. m. May 15 for the
and $13.000 1925 to 1932. incl. Certified check required on a solvent purchase at not less than par and accrued interest of $375,000 434% school
bank, payable to the Treasurer of said county for 5% of the amount of bonds, issued under the authority of Sec. 467 of the Educational Laws of
bonds bid on upon the condition that if the bid is accepted, the bidder will New York State. Denom. $1,000. Date June 1 1923. Principal and
receive and pay for said bonds as may be issued as above set forth within semi-annual interest (J. & D.), payable at the Fairport National Bank of
ten days from the time of the award. Transcript of proceedings will be Fairport. Due yearly on Dec. 1 as follows: $5,000 1923 to 1932. incl.;
furnished successful bidders, and sufficient time allowed, within ten days $10.000 1933 to 1944. incl.; $15,000 1945 to 1952. incl.; $20,000 1953 to
from the time of said award, for the examination of such transcript by 1956. incl. and $5,000 1957. A certified check for $10,000, payable to
bidders' attorney, and hide may be made subiect to the approval of same.
the Board of Education, required. Legality approved by Clay & Dillon,
'
Place of delivery, office of the County Treasurer of Morrow County, New York City.
Mt. Gilead, Ohio.
-On
-BOND SALE.
PERTH
-BOND May 4 the AMBOY, Middlesex County, N. J.
MOUND SCHOOL DISTRICT, Ventura County, Calif.
issue of 5% coupon (with privilege of registration as to principal
SALE.
-The $22.000 5I4% school bonds offered on May 2(V.116, p. 1928)
to the Union
were awarded to Freeman. Smith & Camp Co. of Los .Angeles. at par plus and interest or as to principal only) school bonds was awarded bonds, equal
National Corp.
ew
a premium of Villst 50. equal to 103.175. a basis of about 5.13%. Date June to 103.827, a of N- York on a bid of $30,110 for $29.000 May ll too
no 23
9t .
basis of about 4.68%. Denom. $1,000. Date
11923. Due $1,000 yearly on June 1 from 1924 to 1945,inclusive.
Due $1,000 yearly on May 1 from 1925 to 1953 incl. In giving
MOUNT PLEASANT (P. 0. Pleasantville), Westchester County, of the offering of these bonds in V. 116. p. 1809, we inadvertently gave
N. Y.
-130N7) OFFERING.
-Sealed bids will be received until 4 p. m. $50,000 as the amount of bonds offered.
May 17 by Chas. J. Mire, Town Clerk, for the purchase at not less than
,The$125,000
-BOND SALE
PHOENIXVILLE.Chester County,Pa.
par and accrued interest of $22.000 44% fire district bonds. Denom.
% coupon (with privilege of registration and in int. or prin. only) high
x1.000. Date June 1 1923. Principal and semi-annual interest payable
in New York exchange at the Mount Pleasant Bank of Pleasantville. way impt. bonds offered on May 8 (V. 116, p. 1809) were awarded jointly
Denom. $1,000. Date June 1 1023. Dee yearly on June 1 as follows: to Townsend, Whelin & Co. and Robt. Glendenning & Co., both of Phila$2,000 from 1924 to 1930 inel $3,000 1931 and $1.000 1932. A certified delphia. at a premium of $2,715, equal to 101.81, a basis of about 4.09%.
Date May 1 1923. Due $5,000 yearly on May 1 from 1924 to 1953,incl.
check for 3% of the amount of bonds bid for is required.
-A
MOUNT VERNON, Knox County, Ohlo.-BOND ELECTION.
-Sealed bids
PIONEER, Williams County, Ohio.
-BOND OFFERING.
special election will be held on May 29 to vote on the question of issuing will be received by W. W.Conlon, Village Clerk. until 12 m. May 28 for the
$185,000 bonds for purchasing a site and erecting a new high school building. purchase at not less than 'oar and accrued int. of $4,700 535% fire equir
ment bonds.
MULTNOMAH COUNTY SCHOOL DISTRICT NO. 1 (P, 0. Port- Due yearly. Denom. $500 and $200. Date April 1 1923. Int. A. &the
A cert. check for 2% of the amount of bid, payable to
-CORRECTION.
-In V. 116. p. 2044 we reported on the au- Village
land), Ore,
Treasurer, required upon the condition that the purchaser will
thority of a telegraphic dispatch from R. E. Fulton, School Clerk, that the receive and pay
for bonds within 10 daysfrom award. al
school bonds, aggregating $2,862,000. which were offered on May
4 issues of
1, had been awarded to Clark. Kendall & Co. of Portland: Halsey, Stuart &
PLANO, Collin County, Texas.
-An election
-BOND ELECTION.
Co.. Inc., and the Wm.R. Compton Co. as 4ls,at 100.18, a basis of about will be held on May 28 to vote on the proposition to issue $65,000 bonds for
4.73%. Upon the return of our questionnaire we find that only 2 /ARUM school-building purposes.
aggregating $1.424.000, were sold to the above syndicate as 444s, at 100.18.
POINSETT COUNTY (P. 0. Harrisburg), Ark.
-WARRANT SALE.
No report has come to band ns yet as to what was done with the other 2
-J. L. Arlltt & Co. of Austin, have purchased $100,000 general obligation
issues, aggregating $1,438,000.
warrants and are now offering them to investors at prices to yield 6.25%•
NASHVILLE SCHDDL DISTRICT (P. 0. Nashville), Nash County, Denom. $1,000. Date April 24 1923. Due Jan. 10 1924
No. Caro.
-BOND OFFERINO.-Sealed bids will be received until May 19
PORTLAND, Ore.
-BOND OFFERING.
-Sealed bids will be received
(to be opened May 21) by (Mrs.) T. 0. Coppedge. Secretary of District.
for $75,000 5%% school bonds. A certified check for 2% of amount until 11 a. m. May 22 by Geo. R. Funk, City Auditor. for $500,000 4%
water bonds. Denom.$1,000. Date March 1 1923. Prin. and semi-ann.
bid for required.
int.(M.
-S.), payable in gold at the City Treasurer's office or in N. Y. City.
NATCHITOCHF.S PARISH ROAD DISTRICT NO. SO (P. 0. Natch- Due $25,000 yearly on March 1 from 1934 to 1953, Incl. A certified check
itoches), La.-BOIVI) SALE -The Inter-State Trust & Banking Co. of for 5% of amount bid for required. Legality approved by Storey. Thorn
New Orleans. and L. IC. French & Co. of Alexandria, Jointly, purchased the dike. Palmer & Dodge of Boston. Bidders are requested to submit separate
6125.000 6% road bonds offered on May 7 (V. 116. p. 1688) at par plus a or alternate bids based upon the place of delivery of the bonds.
.
premium of$35,762.50. equal to 104.61.. Date March 1 1923. Due serially
BOND OFFERING.:=Geo. R7 Plinr(5ity Auditor, will receive maieu
- - - 1924 to 1943. Inclusive.
bids until 11 a. m. June 5 for the purchase of 32.200,000 refunding water
NEVILLE TOWNSHIP SCHOOL DISTRICT (P. 0. Coraopolis), bonds. Denom. $1,000. Date July 1 1923. Interest rate not to exceed
-J.), payable in gold at the City TreasAllegheny County, Pa.
-BOND SALE.
-The $75.000 4X% coupon 5%. Prin. and semi-ann. int. (J.
school bonds offered on May 1-V. 116. p. 1688
-were awarded to the urer's office or in N. Y. City. Due $110,000 yearly on July 1 from 1934 to
Union Trust Co. of Pittsburgh for $75,619. equal to 100.82, a basis of 1953, incl. A certified check for 5% of amount bid for, payable to the
about 4.18%. Denom. $1,000. Date June 1 1923. Due yearly on city required. Legality approved by Storey, Thorndike, Palmer & Dodge
June 1 as follows: $3.000, 1930 to 1934 incl., and $4.000, 1935 to 1949 of Boston. Bidders are requested to submit separate or alternate bids
based upon the place of delivery of the bonds.
incl. Other bidders were:
Prem.
NamePrem. I NamePORTSMOUTH, Scioto County, Ohio.
d-7-1
-BOND OFFERIN. Sea ed
Graham, Parsons Co., Phila. $22 50'Deo. Applegate and Glover
purchase
bids will be received
Redmond & Co..'Pittsburgh_ 495 001 & McGregor
$331 00 at not less than paruntil 12 m.May 25 by the City Auditor for the
and accrued interest of $40,000 5% "Debt Extension
Mellon Nat. Bank, Pittsb___ 540 On!Pennies Say. & Trust Co.,
Bonds." Denom. $2,000. Date April 1 1923. Principal and semiJ. IT. Holmes & Co.,Pittsb__ 115 001 Pittsburgh
501 00 annual interest (A. &
0.), payable at the City Treasurer's office. Due
NEW ORLEANS,La.
-ROM)OFFERING.
-Sealed bids will be received $2.000 yearly on Oct. 1 from 1924 to 1943, incl. Each bid must be accomunil 12 m. June 15 (date changed from June 12; see V. 116. p. 2044) by panied by a certified check for 2% of amount of bid.
R. M. Murphy. Commissioner of Public Finances, for $600,000 Public
RAMSEY COUNTY (P. 0. St. Paul), Minn.
-BOND OFFERING.
Belt Railroad bonds, legality approved by Wood & Oakley of Chicago. Sealed proposals
will be received until 10 a. m. May 28 by Geo. J. Ries,
A certified check for 1% required.
County Auditor, for $1,000,000 road and bridge bonds. Interest rate
NORWALK Srtic,DI, DISTRICT (P. 0. Norwalk), Huron County, nboontdstobeir
certified check, or man. for 2% a amount of
for
-BOND OFFERTNG.-Senled bids will be received by John A. StrutOhio.
ten until 12 m. May 18 for the purchase at not lass than par and accrued
BOND OFFERING
--DATE EXTENDED.
-Sealed bids will be received
interest of the following two issues of 5% school bonds:
until 10 a. m. May 28 (date extended
14, see V. 116, P. 2045)
68,000 bonds issued under Sections 7629 and 7630 of the General Code. by Geo. J. Ries, County Auditor, for from Mayspecial bridge bonds. A
$870,000
Due $500 yearly on Oct. 1 from 1923 to 1929 incl.
certified check (or cash) for 2% of amount bid for required.
18,000 bonds issued under Sections 5656 and 5658 of the General Code.
RAYMOND, Pacific County, Wash.
Due $1.000 each six months from Oct. 1 1924 to Oct. 1 1932 Incl.
-BOND SALF,.-The First
Denom. $500. Date May 11923. Prin. and semi-ann. Int. (A. & 0.) National Bank of Raymond purchased on April 18 $10,700 8% Fell District
No. 2 bonds at par and accrued interest. Denom. $100. Date Mardi 28
payable at the District Treasurer's office at Norwalk. A certified check
for 10% of the amount of bonds bid for, payable to the Board of Education, 1923. Interest Aug. 1. Due Aug. 1 1925.
must accompany each bid.
RED WILLOW COUNTY SCHOOL DISTRICT NO.4, Nebr.-BOND
-During the month of April the State of Nebraska Purchased
NUNDA, Lake County, So. Dak.-BOND SALE.
-The $5,000 6% SALE.
electric light bonds offered on March 19-V. 116, P. 1215
-were awarded 313.000 5% school house bonds at par. Date April 21 1923. Due July 1
to Petters & Co. of Minneapolis, at a premium of $150, equal to 103, a 1924.
basis of about 5.60%. Date May 1 1923. Due May 11933.
RENO SCHOOL DISTRICT NO. 10 (P. 0. Reno), Washoe County,
OKLAHOMA CITY SCHOOL DISTRICT (P. 0. Oklahoma City). Nev.-BOND SALE.--Geo, W. Vallery & Co., of Denver, have purchased
-The $1,900.000 school bonds 630.000 5% serial school bonds at a premium of $156 and to furnish blank
Oklahoma County, Okla.-1101VD SALE.
offered on May 9(V. 116. p.2045) were awarded to A. J. McMahan and C. bonds. Date July 1 1923. Due $2.000 yearly beginning July 1926.
Edgar Honnold of Oklahoma City,at a premium of 339,140. equal to 102.06.
RICE COUNTY (P. 0. Faribault), Minn.
-The
-BOND SALE.
Interest rate not stated.
$12,000 ”.1% County drainage be
offered on May 2(V. 116. p. 1929)
OKMULGEE SCHOOL DISTRICT NO. 1 (P. 0. Okmulgee), Ok- were awarded to Ballard & Co. of Minneapolis, at par and accrued int.
Date 0 ct 1 1a2d D 0. n 0
. .
. .5
mulg.e County, Okla.
-BOND OFFERING.-Sealed bids will be received 31. 00 1931. 9n2 32 7o19 c,. 1 as follows: $1,000, 1923 to 1930,1inci;
32
until 7.30 p.m. May 22 by the Board of Education for $195,000 5% school
bonds. Denom. $1.000. Date June 1 1923. Prin. and semi-ann. Int.
RITTMAN SCHOOL DISTRICT (P. 0. Rittman), Wayne County,
payable at fiscal agency of the State or at the National Reserve Ohio.
-BOND OFFERING.
be received until 12,m.
Bank in N. Y. City. Due serially 1 to 20 years. A deposit of $1,000 May 15 (Central Standard -led bids will Clerk Board of Education,
Time) by Ed.1Schor,
required. The official circular offering these bonds states that there is for the purchase at not
less than par and accrued int. of $50,000 5% coupon
litigation pending or threatening the corporate existence school bonds
no controversy or
issued under the virtue of Secs. 7630-1 of the Gen. Code.
or the boundaries or this municipality, or the title of its present officials to Denom. 31,000. Date
&O.).
their respective offices, or the validity of these bonds or any other out- payable at the Rittman April 1 1923. Prin. and semi-ann. int. (A.Oct. 1
Savings Bank of Rittman. Due yearly on
standing bonds. All interest and principal on bonds previously issued as follows:
62,000,
have been paid promptly at maturity. Bonds will be ready for delivery incl., and $3,000, 1924 to 1934, incl.: 63,000. 1935; 32,000. 1936 to 1946,
1947. The bonds will be sold by unconditional bids.
when approved by Attorney-General.
Transcript approved by a reputable attorney will be furnished to purOLNEY INDEPENDENT SCHOOL DISTRICT (P. 0. Olney), chaser, who must pay attorney's fees and printing of bonds. A cert, check
-BONDS VOTED.
Young County, Texas.
-By a vote of 219 "for" to upon a solvent bank or trust company other than the bidder, payable
157 "against," an issne of $40,000 school-building bonds was voted at an to the order of the Board of Education, for 2% of the amount of the bonds
bid for must accompany each bid as an evidence of good faith. No bid will
election held on April 28.
ORANGE CITY INDEPENDENT SCHOOL DISTRICT (P. 0. be considered unless made on the blank prescribed therefor, a copy of which
may be obt oned
-A special of woostor.ainto. by application to the County Superintendent of Schools
Orange City), Sioux County, lowa.-BOND ELECTION.
election will be held on May 15 to vote on the question of issuing $60,000
new school building erection bonds.
ROCKINGHAM,IRichniondlCounty, No.ICaro.-BOND OFFERING.
,
OSKALOOSA,Mahaska County,lowa.-BOND SALE.
-R.M.Grant -sealed bids will be received until 2 p. m: May 24 by W. C. Nichols. City
& Co.,of Chicago. have purchased $70,000 water-works bonds at a premium
nly bonds
foyhe followingooupon (with privilege of registration as to minClerlk
c. pa
I
of $2,450, equal to 103.50.
OWATONNA, Steele County, Minn.
-The $28.000 3100,000 street 'rapt. bonds. Due yearly on Apr. 1 as follows: 36,000
-BOND SALE.
1924 to 1933 incl. and $4,000 1934 to 1943 net
water works reservoir system bonds offered on May 1-V. 116. p. 180925,000 water bonds..Due $1,000 yearly on April 1 from 1926 to 1950 Incl.
v/ere awarded as 411s at par, plus a premium of $201, equal to 100.71, to
Denom. $1,000.. Date,Apr. 1 1923. Prin. and semi-ann. int.(A.A.O.)
the Minnesota Trust Co. of Minneapolis. Denom. $1,000. Date July I
Payable.in gold in New York. Bidder to name rate of interest not to exceed
-J. Due serially.
1923. Int. J.
2174
THE CHRONICLE
[Vol.. 116.
6%. A good faith deposit of 2% required. Approval of legality by Ches- $1,500 Bowie Co. C. S. Dist, No, 47e10.000 Minden Indenendent S. Dist.
ter B. MasslIch, N. Y. City, and J. L. Morehead of Durham. Preparation
2,000 'Bowie Co. C. S. Dist. No, 9 137.500 Ranger Ind. Sch. Dist.
and certification of bonds by U. S,. Mtge. & Trust Co., N. Y. City. De1,500 Freestone Co. C. S. D.No. 18 2,500 Taylor Co. 0. S. D. No. 23.
livery on or about June 15.
4,000 Freestone Co. C. S. D. No. 17
3,000 Freestone Co. C. S. D.No.45
ROYAL OAK TOWNSHIP SCHOOL DISTRICT NO. 5 Oakland
-BOND SALE.
-A special teleTOPEKA, Shawnee County, Kan.
County, Mich.
-Following were the bids received for an
-BOND SALE.
graphic dispatch from our Western representative advises us that $200,000
issue of 3155,000 5% school bonds:
fair ground bonds have been purchased by the Brown-Crummer Co. of
Prem.
Name.
Price.
Wichita.
Royal Oak Savings Bank
$656
100.42
1st St. Bank of Royal Oak_
565
100.364
TOWNS OF flri.AFIELD AND MERTON AND VILLAGE OF
Rumpus Hull & Co
29
100.02
HARTLAND JOImT SCHOOL DISTRICT NO. 3, Waukesha County,
The issue was awarded to Royal Oak Savings Bank on its bid of 100.42.
Wisc.-BOND OFFERING.
-Sealed bids will be received by E. F. Chapman, District Clerk (P. 0. Hartland), until 6 p. m. May 28 for 350.000
ST. JOSEPH, Buchanan County, Mo.-BOND OFFERING.
-W. S. 5% school-building bonds. Denom. $1,000. Date Aug. 1 1923. PrinWillard, City Comptroller, will receive sealed bids until 4 p. in. May 31 cipal and annual interest (Feb. 1) payable at the District Treasurer's office.
for the following 5°7 coupon bonds:
Due on Feb. 1 as follows: $2,000, 1925 to 1929. inclusive; $3.000, 1931 and
$750,000 city hall bonds. Due $50.000 yearly on May 1 from 1927 to 1932; $4,000, 1933 to 1936, inclusive, and 35,000. 1937 to 1939, inclusive.
1941 inclusive.
TRENTON, Hitchcock County, Neb.-BONDS VOTED.
-An issue
195,000 city hospital bonds. Due $13,000 yearly on May 1 from 1927 to
of $6,000 ice plant bonds has been voted, it is reported.
1941 inclusive.
Denom. $1,000. Date May 1 1922. Prin, and semi-ann, int, payable
-BOND OFFERING.
TROY, Rensselaer County, N. Y.
-Sealed bids
at the National Bank of Commerce, N. Y. City. A cert. or cashier's check will be received until 10 a. m. May 14 by Win. A. Toohey, City Compfor 2% of issues required. Bidder to pay attorney's fees.
troller, for the purchase at not less than par and accrued interest of 340.000
-BOND SALE.
-The 44% coupon or registered School District No. 14 building bonds. Denom.
ST. LOUIS COUNTY (P. 0. Duluth), Minn.
$1,500.000 5% gold coupon road bonds offered on May 8 (V. 116. p. 1810) $1,000. Date June 1 1923. Due 52.000 yearly on June 1 from 1924 to
were awarded to a syndicate composed of Redmond & Co.. Kissel. Kinnicutt 1943. inclusive. All bids and proposals shall be accompanied with a
& Co. and Hamilton A. Gill & Co., all of New York, and the Metropolitan certified check, payable to the order of the City of Troy, for not less than
National Bank of Minneapolis at 101.40-a basis of about 4.78%. Date 1% of the par value of bonds. Bonds to be delivered and paid for within
five days after notice is given by the Comptroller.
Jan. 1 1921. Due Jan. 1 1931.
ST. LOUIS COUNTY INDEPENDENT SCHOOL DISTRICT NO.
TUSCOLAMETTA DRAINAGE DISTRICT, Newton and Scott
-BOND OFFERING.-WIlliam Olds Jr., Clerk Counties, Miss.
0. Ely), Minn.
12 (P.
-Sealed bids will be received until
--BOND OFFERING.
Board of Education, will receive sealed bids for the purchase of $400,000 12 m. May 17 by the Board of Commissioners(R. H. Day. Secretary. P.O.
school bonds until 8:30 p. m. May 17. Denom. $1,000. Date June 1 Decatur), for $10,000 6% drainage bonds. Denom. 51,000. Due serially.
exceed 554%. A certified check for $10,000. A certified check for $3,000, payable to the Commissioners, required.
1923. Interest rate not to
payable to the District Treasurer, required.
-An election
TYBEE, Chatham County, Ga.-BOND ELECTION.
SANFORD SPECIAL SCHOOL DISTRICT FOR THE COLORED
has been called for June 4 to vote on the question of issuing $110,000 bonds
-BOND OFFERING.
RACE (P. 0. Sanford), Lee County, No. Caro.
- for paving purposes.
Sealed 'proposals will be received by A. L. Boykin. Chairman of the District
Committeemen, until 12 m. May 21 for 512.500 6% coupon (registerable
-A
UNIVERSITY CITY, St. Louis County, Mo.-BOND SALE.
as to prin. and int.) school bonds. Denom. $500. Date May 1 1923. syndicate composed of Stix & Co., the Wm. It. Compton Co., Mercantile
-N.), payable in gold at the National Park Trust Co. and Liberty Central Trust Co., all of St. Louis, has purchased
Prin. and semi-ann. int. (M.
Bank, N. Y. City. Due $500 yearly on May 1 from 1930 to 1954, incl. $470,000 454% school bonds. Denom. $1,000. Date May 11923. Prin.
A certified check upon an incorporated bank or trust company (or cash) and semi-ann. int. (M. & N.), payable at the St. Louis Union Trust Co.
for 2% of amount of bonds bid for, payable to the School Committeemen, of St. Louts. Due on May 1 as follows: 510,000, 1928; $12,000, 1929;
required. Purchaser to pay accrued int. from date of bonds to date of $14,000, 1930: 516.000, 1931: 318.000. 1932; 120,000, 1933: 322,000, 1934,
delivery. A like aniount of bonds was offered on April 30-V.116, p. 1810. $25,000, 1935; 328,000, 1936: $31,000 1937: 534.000. 1938; 037,000, 1939;
SAVANNAH SCHOOL DISTRICT, Los Angeles County, Calif.- 340,000, 1940: 543,000, 1941; $50.000. 1942, and $70,000, 1943. This
-The $64,000 5% school bonds offered on May 7(V. 116. p. bond issue which is composed of 050,000 city hall, $209,000. park, $45,000,
BOND SALE'.
1930) were awarded to E. H. Rollins & Sons of Los Angeles at par plus a fire protection; $136,000, sewer; $35,000. road and $4,000, bridge, was
premium of 3656 50, equal to 101.02, a basis of about 4.90%. Date June 1 voted at the election held on April 3.-V. 116. p. 1097.
1923. Due on June 1 as follows: $3,000 1924 to 1927 incl. and $2,000 1928
UNIVERSITY CITY SCHOOL DISTRICT (P. 0. University City),
to 1953 incl.
-The $147,000 coupon school
St. Louis County, Mo.-BOND SALE.
SCOTT TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Cale- bonds offered on May 3 (V. 116, p. 2046) were awarded to the Lafayette
Southside Bank of St. Louis and the Harris Trust & Savings Bank of ChiR. D.), Marion County, Ohio.
donia
-BOND OFFERING.
-Sealed bids
will be received by C. A. Rowe, Clerk Board of Education, until 6 p. m. cago jointly as 4315 at a premium of 3896 70, equal to 100.60, a basis of
Date
May 31, for the purchase at not less than par and accrued interest of about 4.69%. 1930 June 11923. Due on June 1 as follows: $5,000 1926;
incl.; 57,000 1931 to 1933 incl.' $8,000 1934 and 1935;
$10.000 534% school bonds. Denom. $500. Date March 1 1923. Due $6.000 1927 to
'
$1,000 yearly on March 1 from 1924 to 1933, inclusive. A certified check $9,000 1936 to 1938 hacl.; $10,000 1939 and 1940; 011,000 1941 and 1942
and $12,000 1943.
for 2% of the amount bid for, payable to the above official, required.
VALIER, Pondera County, Mont.
-BOND SALE.
-The $35.000
SCURRY COUNTY (P.O. Snyder),Texas.
-BONDS VOTED.
-At an
election held on April 21 the voters approved the issuance of $50,000 water works and water supply bonds offered on April 25 (V. 116, p2 1333)
were awarded Jointly at par and accrued int. to Wells-Dickey Co. of Minnehospital bonds by a vote of 712 to 527.
apolis. and Ferris & Hardgrove of Spokane. Date Feb. 15 1923.
SEATTLE. Wash.
-BOND SALE -During the month of April the City
VALLEY VIEW DRAINAGE DISTRICT (P. 0. Ordway), Crowley
of Seattle, issued the following 6% sewer impt. district bonds:
-BONDS VOTED
-BOND OFFERING.
-At the election
County, Colo.
Dist. No.
Amount.
Date.
Due.
held on April 7 (V. 116, p. 1457) the 3100,000 6% serial drainage bond
3276
33,128 15 April 16 1923 April 16 1935
3560
1,289 73 April 20 1923 April 20 1035 issue carried. District Secretary, will receive bids until May 26 for
375,John H. Abel,
3576
2,343 62 April 20 1923 April 20 1935
000 of the $100,000 voted. A cert. check for $2,500 required. Legal
Bonds are subject to call yearly en date ofIssue.
opinion of Pushing, Nye. Fry & Tallmadge of Denver, will be furnished by
SELMA, Dallas County, Ala.
-BOND SALE.
-The $100,000
the District.
coupon school bonds offered on May 2(V. 116, p. 1930) were awarded to5%
the
-BONDS VOTED
-BOND
VAN ALSTYNE, Grayson County, Texas.
City National Bank of Selma, at par and accrued int, and to pay"24% on
-At the election held on April 23 (V. 116, p. 1690), the 310.000
SALE.
deposits, daily balances guaranteed not less than $700."
554% sewer bonds were voted by a count of 123"for" to 9"against." Since
•
SENECA SCHOOL DISTRICT NO. 63 (P. 0. Seneca), Oconee being voted the bonds have been sold at a premium of $65, equal to 100.65.
County, So. Caro.
-BOND OFFERING.
-Sealed bids will be received by E. P. Williams, Mayor.
Dr. E. A. Hines, Chairman Board of Trustees, for $50,000 5% school bonds
-BOND SALE.
-The $3 576.22
VAN WERT,Van Wert County, Ohio.
until 11 a. M. May 17. Due in 20 years. A cert. check for $500 required.
5% Main and Washington Streets impt. bonds offered on April 27 gr. 116,
SIOUX CITY INDEPENDENT SCHOOL DISTRICT (P. 0. Sioux p. 1931) were awarded to the Peoples' Saving Bank of Van Wert.
enom.
City), Woodbury County, Iowa.
-BOND SALE.
-W. A. Harriman & $400 and $376 22. Date April 10 1923. Due Sept. 1 1932.
Co.. Inc.. of New York, have purchased $125,000 44% coupon school
-BOND SALE.
-The
COUNTY (P. 0. Raleigh), No. Caro.
WAKF.
bonds at 100.289-a basis of about 4.48%. Denom. $1,000. Date June 1
1923. Principal and semi-annual interest (J. & D.) payable in New York 550.000 54% (with privilege of registration) funding bonds offered on May
at a premium
City. Due on June 1 as follows: $12,000, 1934 to 1938, inclusive, and 9(V. 116. p. 1691) were awarded to Durfey & Marr of Raleigh,June
1 1923.
of $2,890, equal to 105.78, a basis of about 4.94%. Date
013.000. 1939 to 1943, inclusive.
Due $10,000 on June 1 in each of the years 1928:1933, 1938, 1943 and 1948.
SOUTH PASADENA CITY SCHOOL DISTRICT, Los Angeles
-BOND SALE.-DurIng the month of April
WALLA WALLA, Wash.
County, Calif.
-BOND OFFERING.
-A. M. MePherron, Deputy County
Clerk (P. 0. Los Angeles), will receive sealed proposals until 11 a. m. May the city of Walla Walla issued $104,000 6% impt. District No. 259 to 271,
14 for $85,000 5% school bonds, Denom. $1,000. Date June 1 1923. incl., bonds at par. Date April 2 and April 6 1923. Due in 12 years;
Prin. and semi-ann. int. nay
-able in lawful money of the United States optional, on any hat, paying date.
at the County Treasury. Due $5.000_yearly on June 1 from 1929 to 1945,
WARREN,Trumbull County, Ohio.
-NO BIDS RECEIVED.
-The 2
incl. A cert. or cashier's check for 3% of issue payable to the Chairman, issues of 5% coupon "city share" street leapt. bonds offered on May 4 (V.
Board of Supervisors, required. Payment for and delivery of bonds will 116, p. 1457) were not sold as no bids were received.
be made in office of Supervisors. The assessed valuation of the taxable
WARRENSBURG SCHOOL DISTRICT (P. 0. Warrensburg),
property in said school District for the year 1922 was 38,686,610, and the
Johnson County, Mo.-BONDS VOTED.
-At the election held on
amount of bonds previously issued and now outstanding is $161.000.
May 6 (V. 116„__p. 1811) the $200,000 school bond issue carried, we are
SOUTH PASADENA CITY HIGH SCHOOL DISTRICT,Los Angeles advised by our Western correspondent in a special telegraphic dispatch.
County, Calif.
-BOND OFFERING.
-Sealed proposals will be received
WATERTOWN, Middlesex County, Mass.
-LOAN OFFERING.
until 11 a. m. May 14 by A. M. McPherron, Deputy County Clerk (P. 0.
Los Angeles). for $110,000 5% school bonds. Denom.$1,000. Date June Bids will be received by the City Treasurer until 3:30 p. in. May 14 for a
11923. Prin, and semi-ann. int._payable in lawful money of the United temporary loan of $150,000. of which $50,000 matures Nov. 28 1923 and
States at the County Treasury. Due on June 1 as follows: $7,000. 1929 $100,000 Jan. 30 1924.
to 1938, incl.: $6,000, 1939 to 1943, incl., and 55.000, 1944 and 1945. A
-BOND OFFERING.WHITE COUNTY (P. 0. Monticello), Ind.
cert. or cashier's check for 3% of issue payable to the Chairman, Board of Sealed bids will be received until 10 a. In. May 16 by E. B. Steely, County
County Supervisors, required. Payment for and delivery of bonds at the Treasurer, for the purchase at not less than par and accrued int. of 08,000
office of the County Supervisors. The assessed valuation of the taxable 5% George R. Clayton et al., road in Monon Township bonds. Int M.
propoerty in said high school district for the year 1922 was $13.078.550, and &
15. Denom. $400. Date April 15 1923. Due $400 each 6 months
the amount of bondureviously issued and now outstanding is $202,000._ from May 15 1924 to Nov. 15 1933, Inclusive.
-BONDS VOTED.
-At an
WHITESBORO, Grayson County, Texas.
SPENCERPORT, Monroe County, N. Y.
-The
-BOND SALE.
026,000 street impt, bonds offered on May 8-V. 116, p. 1930
-were election held on April 30, 350,000 6% serial sewer bonds were voted. These
awarded as 4.25s to the Security Trust Co. of Rochester at par. Denom. bonds had been sold to Dreg. Garrett & Co., of Dallas, subject to being
01.000. Date June 1 1923. Due $2,000 yearly on Sept. 1 from 1926 to voted at said election. Notice of the election and sale was given in V. 116.
1938,Inde
STEUBEN COUNTY (P. 0. Angola), Ind.
WILSON COUNTY ROAD DISTRICT NO. 1 (P. 0. Floresville),
-BON SALE.-Tlie'City P.'1811.
Trust Company of Indianapolis. has been awarded and is now offering to Texas.
-On May 29 an election will be held to vote
-BOND ELECTION.
investors at a price to yield 44%, $44 000 5% County unit road bonds. on a proposition to issue 3215,000 road bonds to bear interest at a rate
Denom.$750 and $700. Date March 23 1923. Due $2.2C0 each 6 months not to exceed 534%. J. E. Canfield, County Judge.
from May 15 1924 to Nov. 15 1933, inclusive.
WINCHESTER, Middlesex County, Mass.
-LOAN OFFERING.
SUGAR CREEK TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. According to reports, the town of Winchester will receive proposals until
Wooster), Wayne County, Ohio.
-BOND SALE,
-The $85,000 5% 4 p. m. May 14 for the purchase at discount of a temporary revenue loan
coupon high school bonds offered on May 3(V. 116, p. 1690) were awarded of $100,000, dated May 14, and maturing Nov. 24 1923.
to The First National Bank at par and accrued int. Denom. $1,000.
WINCHESTER, Frederick County, Va.-BOND OFFERING.
-Sealed
Date April 11923. Due yearly on Oct. 1 as follows: 34,000, 1924 and 1925
5500, 1926;$6,000. 1927:35,000. 1928. 1929 and 1930: 36.000. l931;15,000, bids will he received until 2 p. in. May 21 by W. T. Barr, City Treasurer,
$200,000 44% registerable as to prin., water and sewer bonds. Date
1932, 1933 and 1934: 06.000. 1935: 15,000. 1936. 1937 and 1938; $6,000, for
May 1 1923. Denom. $1,000. Prin. and semi-ann. int. (M. & N.),
1939: $5,000. 1940, 1941 and 1942, and 56.000, 1943.
payable at place of purchaser's choice. Due on May 1 as follows: $3,000,
TEANECK TOWNSHIP SCHOOL DISTRICT (P. 0. West Engle- 1924 and 1925; 54.000, 1926: 55.000. 1927 and 1928: $7,000, 1929 to 1936,
-BOND SALE.
wood), Bergen County, N. J.
-The $18.500 coupon incl.; 38,000. 1937 to 1917, incl.; 56,000, 1948 to 1953, incl. Preparation
(with privilege of registration as to prin. and int. or prin, only) school bonds and certification of bonds by the U. S. Mtge. & Trust Co., N.Y. City.
offered on May 8(V. 116. p. 2046) were awarded as 5s to B.J. Van Inger)& Legal opinion of John C. Thomson, N. Y. City. A cert. check for 2% of
Co. of New York, at 101.29. a basis of about 4.87%. Denom.$500. Date amount bid for, required.
-At a recent
Date June 1923. Due yearly on Juno 1 as follows: 31.000, 1925 to 1942,
WINFIELD, Henry County, lowa.-BONDS VOTED.
incl., and $500, 1943.
election an issue of $160,000 bonds to erect a new school building carried by
-BONDS PURCHASED BY STATE.
TEXAS (State of).
-In addition a big majority, the vote being 297 "for" to 60 "against."
WOBURN, Middlesex County, Mass.
-TEMPORARY LOAN.-Th•
to the sales reported by us in V. 116, p. 1810. the following were also purchased by the State Board of Education at its regular monthly meeting First National Bank of Boston has been awarded a temporary loan of
$250,000 on a 4.26% discount basis plus•$3 premium.
en Ariel. 9:
MAY 12 1923.]
2175
THE CHRONICLE
-J. C. Mackintosh & Co.
-DEBENTURE SALE.
LUNENBURG, N. S.
-PURCHASER.
WOODBURY COUNTY (P. 0. Sioux City), Iowa.
-year debentures at a price of 100.81,
The purchaser of the $98,000 431% funding bonds awarded as stated in V. have been awarded $38.500 534% 20
the money costing the town approximately 5.43%•
Ringhelm, Wheelock 8t Co. of Des Moines.
,
-was
116. p. 2047
-The four issues
-BOND
WYANDOT COUNTY (P. 0. Upper Sandusky), Ohio.
MOOSE JAW,Sask.-,DEBENTURE SALE. -were awarded of coupou
to C. C.
-Sealed bids will be received until 11:30 a. in. May 19 by debentures offered on May 2-V. 116, p. 1933
OFFERING.
Anthony Kraus, County Auditor, for the purchase at not less than par and Cross & Co. of Regina at 102.35. They are described as follows:
accrued interest of $6,687 61 534% coupon bonds, issued for the purpose $3,702 6% water connections debentures. Date June 1 1923. Due
of paying the compensation, damages, costs and expenses of constructing
June 1 1933.
Salem Township Road Improvement No. 114; bonds issued under the
3.698 6% sewer connections debentures. Date June 1 1923. Due
authority of Section 6929 of the General Code. Denom. $800 and one for
June 11933.
x
ica1e.
t
$287 61. Date April 1 1923. Prin. and semi-ann. int.(A. & 0.) payable 26,500 6% electd 1932 tension debentures. Date May 1 1922. Due
to the County Treasurer. Due yearly on Oct. 1 as follows: $287 61,
May
1924. and $800, 1925 to 1932 incl. A certified check for 5% of the face
6,600 634% cement sidewalk debentures. Date June 1 1923. Due
value of the bonds required.
June 1 1938.
York payment.
Alternative bids were called for Canadian and New
YUBA CITY, Sutter County, Calif.
-BOND ELECTION-An but the bonds were finally awarded for the Canadian market. The money
election will be held to-day (May 12) to vote on the question of issuing is costing the municipality approximately 5.98%. Other bids were:
$40,000 bonds to pay for the extension of the municipal water system and Gairdner, Clarke & Co., 101.54, and Wood. Gundy & Co., 101.11.
the purchase of street cleaning apparatus. Of the $40.000 to be voted
-Bids will be received
upon, $32,000 is to be used for the water system and the remainder for
ROCK ISLAND, Que.-BOND OFFERING.
the street cleaning apparatus.
until 12 in. May 14 by the School Commissioners for $25,000 534% bonds.
years and are redeemable after 10 years from
Denom. $100. Due in 40
date of issue-at not more than 105.
ST, MADELEINE D'OUTREMONT, Que.-DEBENTURE OFFERBOGOTVILLE,Que.-DEBENTURE OFFERING.-According to news- ING.
-Tenders will be received up to May 15 for the purchase of $60,000
paper reports, the corporation of the town of Bagotville will receive tenders 6% debentures, payable June 1 1933. Denom. $100 and $500.
until 4 p. m. May 22 for the purchase of 534% debentures amounting to
SAINT DOMINQUE DE JONQUIERES,Que.-DEBENTURE OFFER$60.000 in the denomination of $500. or multiples of $100, maturing
purchase of
-Tenders will be received until 10 a. m. May 22 for the issue in the
Nov. 1 1925. The tenderers have also the option of making an offer ING.
debentures; each
for 10
-year bonds, leaving a total of 5511,200 redeemable at par in 10 years, one issue of 534% debentures and one of 6%
amount of $100,000, dated Nov. 1 1922, and maturing serially from 1923 to
but with interest at the tate of 6%. These bonds are issued for the consolidation of a floating debt of the town. The same town also seeks tenders 1942, inclusive.
for the purchase of $150,000 $100 5 % bonds maturing May 1 1923, or
SAINT LAURENT SCHOOL DISTRICT, Jacques Cartier County,
tenders for 10
-year serial bonds, leaving a total amount of $125,200 re- Que.-BOND OFFERING.
-The school municipality of the village of
deemable at par in 10 years, but with 6% interest. These bonds are St. Laurent will receive tenders until 5 p. m. May 15 for 575.000 534%
issued for the construction of an electric light and motive power plant bonds. Denom. $100 at option of purcnaser. Data June 1 1923.
for the requirements of that municipality.
-It is stated that
SAULT STE. MARIE, Ont.-DEBENTURE SALE.
-It is stated that Wood, Gundy & Co. were recently awarded $28.500 54% bonds due 1953
BUCKINGHAM QUE.-DEBENTURE OFFERING.
Tenders will be received up to May 21 for the purchase of 865,000 5% an re
wed
bonds due 1950, paying a price of 101.268. Tenders
nds
debentures. redeemable May 1 1950. Bonds are in denom. of $100 each
al follgws
S eP I 5 %
:
and are payable at Buckingham.
Wood, Gundy & Co
101.268 Gairdner, Clarke.& Co _ --- 99.37
98.67
-issues of 514% de- Municipal Bankers Corp_ _ _ _100.73 McLeod, Young. Weir & ---- 98.31
-Two
-DEBENTURE SALE.
BURNABY, B. C.
Ames
A. E.Am & Co
100.64 Bird, Harris & Co
bentures have been sold as follows:
98.08
100.57 Aemilius Jarvis & Co
debentures to Pemberton & Sons of Victoria at a basis of Bell, Gouinlock & Co
$70,000 school
98.06
Bain, Snowball & Co
100.53 C. H. Burgess & Oo
about 5.75%. Due in 20 years.
-Mackay
99.50
70.000 sidewalk debentures to Waghorn, Gwynn & Co. of Victoria. Mackay
-The $25,000
Due in 15 years.
STAMFORD TOWNSHIP, Ont.-DEBENTURE SALE.
-W. Rees Alger & Co. hydro-electric and $22,000 school debentures authorized recently (V. 116,
-DEBENTURE SALE.
DRUMHELLER, Alta.
as 530 at
Co. of
have been awarded 350.000 7% 20 annual installment sewer debentures,it is p. 2048) have been awarded to Wood, Gundy & were: Toronto
stated,at a price of95.75, the money costing the town approximately 7.55%• 101.59. a basis of about 5.31%. Other bidders
Bank. Corp., Ltd_101.507 McLeod, Young, Weir & Co_ _100.81
Municipal
-The Mun- R. A. Daly & Co
100.80
ETOBICOKE TOWNSHIP, Ont.-DEBENTURE SALE.
101.365
100.73
icipal Bankers Corp. has been awarded an issue of bonds amounting to A.H.Ames & Co
101.20 Bell, Gouitilock & Co
100.71
$50.539. bearing interest at 534 and 6%. and repayable in 20 and 30 annual Bain. Snowball Co
101.187 Housser, Wood & Co
installments at a price of 103.302, or a cost basis of 5.30% for the lot. C. H. Burgess & Co
100.56
101.17 Macnell, Graham & Co
Other bide were: C. H. Burgess & Co.. 103.24: A. E. Ames & Co., 102.77: Gairdner. Clarke & Co
101.132 Dyntant, Anderson & Co ___ -100.56
Macneill, Graham & Co., 102.64: Matthews & Co., 102,48; Gairdner,Clarke R. C. Mathews & Co., Ltd--101.11 MacKay Sr MacKay
100.50
& Co., 102.332: Bain, Snowball & Co., 102.228, and Dyment. Anderson Nesbitt,Thomson & Co.,Ltd_100.97 Imperial Bank of Canada _ _ _100.18
& Co., 102.15.
100.82 Harris, Forbes & Co
Murray & Co
GREENFIELD PARK, Ont.-DEBENTURES VOTED.
-According to
THREE RIVERS SCHOOL COMMISSION, Que.-DEBENTURE
the Montreal "Gazette" of May 7, by a vote of 117 to 4, Greenfield Park OFFERING.
1°Cili
-It is reported that the School Commissioners for the c1tyof
voters have expressed themselves in favor of a by-law providing for the Three Rivers, will receive tenders for the purchase of $60,600 bonds until
sewers 4 p. m.May 21. Dated May 1 1923, and redeemable in 30 years. Tenders
borrowing of $70.000 to be used for the installation of water and
on the four centre streets of the town.
may be for bonds bearing int. at the rate of 5% or 534%.
HEALEY,Sask.-DEBENTURE OFFERING.
-Tenders will be received
-According to
TORONTO TOWNSHIP, Ont.-DEBENTURE SALE.
sidewalk deben- newspaper reports, an issue of bonds amounting to $50.000, bearing interest
by A. Holm, Clerk, up to May 21. for $3,500 7% cement
tures, repayable in 15 equal annual installments of principal and interest at 54% and repayable in 30 annual installments, was awarded to Gairdner.
combined. Debenture by-law has been approved by the Local Govern- Clarke & Co. at 102.432, a cost of 5.28%. Other bids were:
ment Board.
102.41 Bird. Harris & Co
Wood, Gundy & Co
102.26 Dyrnant, Anderson &Co..,.. -101..683
1 70
HULL, Ont.-DEBENTURE SALE.
-According to the Toronto A.E. Ames & Co
102.23 Macneill. Graham & Co
101.67
"Globe" of May 9, an issue of 534% 30
-year bonds, amounting to $88,000, C. H. Burgess & Co
Municipal Bankers Corp----102.222 McLeod, Young, Weir & Co_101.57
has been awarded to Wood. Gundy & Co. at 100.59, a basis of 5.42%.
102.126 Dominion Securities Corp_ _ _101.07
Other bids were: Matthews & Co., 100.48; Gairdner, Clarke A: Co., 100.43. Matthews & Co Co
101.95
Bain, Snowball &
and McLeod, Young, Weir & Co., 99.67.
WELLAND, Ont.-DEBENTURE SALES.
-During April two blocks
-It is stated that the corJONQUIERES, Que.-BOND OFFERING.
were awarded to C. H. Burgess & O.of Toronto as
,
poration of the town of Jonquieres will receive tenders until 12 m. May 22 of 534% debentures
with authorization obtained
for the purchase of $46.200 bonds in accordance
100.44.
in
°
g13 ws:
ha April 1917. Denom. $100 and $500. Due yearly from 1924 to 1950 ib11 ,000 Library debentures at 100.44. Due in 20 years.
Due
10 year:.
15,000 Market debentures at
fuel. Bids are asked on bonds bearing 5%, 534% or 6%.
CANADA, its Provinces and Municipalities.
We Specialize in
City of Philadelphia
3s
23
31/
4s
/
41 45
/8
41 2
5s
51As
28
51/
Biddle & Henry
104 South Fifth Street'
Philadelphia
Primo; Wire to New York
Cell Canal 8437
BALLARD & COMPANY
Mewaers New York Sleek Exelsourge
HARTFORD
Connecticut Securities
NEW LOANS
BOND CALL
$4,000,000
NEW LOANS
City of Independence, Kansas
Harris County Navigation District
Bonds
Bids will be received by tho undersigned at
10 A. M. MAY 21st, 1923, for the sale of
$4,000,000.00 Harris County Navigation District
Bonds, embracing the entire county, with right
to reserve $1,000,000.00 from sale: bonds dated
April 15th, 1923. $1,000.00 each. maturing
$130,000.00 for first five years and $134,000.00
for next twenty-five years, interest 557, semiannual,coupons, payable New York and Houston.
Financial statement furnished by H. L. Washburn, County Auditor, Houston. Texas. Certified
check 1% of bid, usual conditions. No bid for
less than par and accrued interest. All rights
reserved.
E. A. PEDEN, Chairman,
Houston, Texas.
$60,000
FREDERICK, MARYLAND
45% WATER BONDS.
Sealed proposals will be received by John T.
White, City Register of Frederick, Maryland.
until 7:30 P. M. MAY 16, 1923, for the whole
or any part of $60,000 Water -Works, sinking
fund, coupon bonds, dated May 1. 1923, due
May 1, 1953. redeemable, at the pleasure of the
Corporation of Frederick, on or after May 1.
1943. Denominations $1,000 each. Interest
434%, payable semi-annually May and November 1st. Tax-free. A certified check for 5% of
the par value of bonds bid for. payable to the
Mayor and Aldermen of Frederick, must accompany each bid. Purchaser to pay accrued interest.
Right to reita_anY and all bids is reserved.
THE MAYOlt AND ALDERMEN OF
FREDERICK. by LLOYD C. CULLER,
Mayor.
JOHN T. WHITE,
City Register.
BOND CALL,
TO WHOM IT MAY CONCERN:
Whereas, on February 1, 1909, the City of
Independence. Kansas. issued a series of general
sewer bonds in the sum of Forty Thousand Dollars ($40,000), consisting of forty (40) bonds of
One Thousand Dollars ($1.000) each, bearing
interest at the rate of 5 per cent per annum, due
February 1. 1939, with a reservation or option
written therein that said city might call in and
retire said bonds at any tune after ten years from
the date thereof; and
Whereas, the Board of Commissioners of said
city have elected to declare and do declare said
bonds due and payable on may 1, 1923: now.
therefore,
All persons concerned are hereby notified that
said city has exercised the said option to retire
said bonds after ten years from the date thereof,
and that it will pay said bonds and interest thereon then due on May 1, 1923. at the fiscal agency
of the State of Kansas, at the office of the State
Treasurer in the City of Topeka. Kansas, on said
date, and that interest on said bonds will cease
on said first day of May, 1923.
By order of The Board of Commissioners.
J. G. FOWLER, Mayor.
Attest:
G. H. Krienhagen, City Clerk.
United States and Canadian
Municipal Bonds
Itp,NDON,GORDav.
130 - WADDELL
Ground Floor Singer Building
New York
89 Liberty Street
Telephone Cortlandt 3183
B. W. Strassburger
SOUTHERN INVESTMENT SECURITIES
Montgomery, Al..
2176
THE CHRONICLE
[Vor,. 116.
fiankerss attb 38rakersi Outoibe Petn Vork
PHILADELPHIA
E.W.ClarkEiCo.
PHILADELPHIA
NORFOLK, VA.
MOTTU & CO.
„ofAcz
ae
1)
.1.
Established 1892
BONDS
BANKERS
Investment Bankers
NORFOLK, Va.
Correspondents, Livingston & Co.
NEW YORK
$21 Chestnut St., Philadelphia
NORTH CAROLINA
EstaUished 1837
Municipal
Wachovia Bank & Trust Company
Members New York and Philadelphia
BOND DEPARTMENT
Railroad
Stock Exchanges
North Carolina Municipal Notes and Bead*
Southern Corporation Securities
Public Utility
Winston-Salem, N. C.
Industrial
BOLESPhila.,Stock,ExchanSe
E- WESTWOOD
Membefs
INVESTMENT
SECURITIES
Land.Title WA,Philadeljitia.
PHONE,LO -UST 4723
Durfey & Marr
RALEIGH, N. C.
HARRISON, SMITH &CO.
INVESTMENT SECURITIES
121 SOUTH 5th STREET
PHI LADELPH!Ai
Southern
Industrial Securities
North Carolina's Oldest
Strictly Investment House
NORTH CAROLINA
Municipal Bonds and Notes
Cotton Mill Preferred Stocks
LOMBARD 0100
Purchase or sale of cotton mills negotiated
AMERICAN TRUST COMPANY
Pennsylvania Tax Free Bonds
WARREN A. TYSON & CO.
PAUL & CO.
BOND DEPARTMENT
CHARLOTTE
• •
NORTH CAROLINA
Investment Bonds
SPARTANBURG, S. C.
1427 Walnut Street
PHILADELPHIA
dismhcrd Philadelphia Stock Exchange
A. M. LAW & CO., Inc.
Pennsylvania Building
PHILADELPHIA
DEALERS IN
SPRINGFIELD. ILL.
Stocks and Bondy
Southern Textiles a Specialty
DALLAS, TEXAS
Matheny, Dixon & Co.
SPARTANBURG, S. C.
SPRINGFIELD, ILLINOIS
BREG, GARRETT & CO.
Dealers in
Municipal and Corporation Bonds
and Illinois Farm Mortgages
Municipal Bonds
Farm and City Mortgage,
Texas and Oklahoma
111•13 Magnolia Bldg.
THE ROBINSON-HUMPHREY CO.
DALLAS, TEXAS
Established 1894
MUNICIPAL AND CORPORATION
BONDS
NA.SHVILLIC
American National
Company
ATLANTA
Texas Municipal Bonds
and Warrants
ATLANTA
GEORGIA
Railroad and Corporati Securities
Tennessee Municipal Bonds
Distributors of Entire Issues
yielding from 0% to 7%.
solicit inquiries from dealers,
banks and Investors.
AUGUSTA
CEO. L. SIMPSON & CO.
JOHN W. DICKEY
DALLAS
NASHVILLE, TENN.
Augusta, Ga.
We
Southern Securities
Established 1886.
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mind for use when the occasion arises.
Frederick Peirce
&Co.
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