Full text of Commercial and Financial Chronicle : May 13, 1922, Vol. 114, No. 2968

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V O L .

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114.

S e c tio n

R a ilw a y &

In d u str ia l S e c tio n

S e c tio n

B a n k ers’ C o n v en tio n
S A T U R D A Y ,

M A Y

S e c tio n
13,

1922

E le ctric R a ilw a y S e c tio n
S tate

and

C ity

S e c tio n

N O .

2 9 6 8

loan is in money or goods or whether coming from
“associated Governments or individual Govern­
PUBLISHED WEEKLY
ments” is immaterial, but “we m ust have something
Terms of Subscription—Payable in Advance
For Ono Year_____________________________________________ $10 00 concrete in return for our recognition of debts, some­
For Six Months___________________________________________ 6 00
European Subscription (Including postage)_____________________ 13 50 thing different from the vague proposals of the Al­
European Subscription six months (Including postage)---------------- 7 76
Canadian Subscription (including postage)_____________
11 60 lies.” Behind this extraordinary language seems to
N O T IC E —O n a c c o u n t o f t h e flu c tu a tio n s In th e ra te s o f ex c h a n g e ,
be the consciousness of Russia’s possession of vast
re m itta n c e s for E u ro p e a n s u b s c rip tio n s a n d ad v e rtis e m e n ts m u s t be m ad e
In N ew Y ork F u n d s .
natural wealth underground, greatly desired by oth­
S u b s c r ip tio n in c lu d e s fo llo w in g S u p p l e m e n t s —
Bank and Quotation (monthly) I Railway & iNDUsTiuAL(seml-annually) ers ; and the reported statem ent went so far as to say
Railway E arnings (monthly)
I Electric Railway (somi-annually)
that “the Allies must grant in principle Russia’s
State and City (semi-annually)
I Bankers' Convention (yearly)
Terms of Advertising
right to nationalize property without indemnifica­
Transient display matter per agate line---------------------------------45 cents
Contract and Card rates_______________________________ On request tion and to settle frontier questions directly with the
Chicago Office—19 South La Salle Streot, Telephone State 5591.
nations concerned.” As if this were not startling
London Office—Edwards & Smith, 1 Drapers' Gardens, E. C.
enough, the German Government has taken occasion
WILLIAM B. DANA COMPANY, Publishers,
F r o n t , P in e a n d D o p e y s te r S t r e e t s , N ew Y o r k .
to repeat with renewed emphasis what it has said
P u b lis h e d e v e ry S a tu rd a y m o rn in g by W IL L IA M I i. D A N A C O M P A N Y . P r e s i­
many times before, namely that while Germany has
d e n t, J a c o b S e ib e rt J r .; V ic e -P re sid e n t. A rnold O . D a n a ; B u sin ess M a n a g e r, W illia m
D . R iggs; S e c re ta ry , H e r b e rt D . S e ib e rt. A d d re ss of a ll. O ffice of th e C o m p a n y . the utmost good-will, it is impossible to impose fresh
taxes of G billion marks to meet im portant pay­
O
CLEARING HOUSE RETURNS.
ments due in foreign currency, w ithout the help of a
R eturns of Bank Clearings heretofore given on loan; in order to pay her debts she must be perm itted
this page will hereafter appear in a subsequent p a rt to borrow further, when she will cheerfully allow
of the paper. They will be found to-day on pages the most rigid investigation and will do her best.
There has been a hint in W ashington reports th at
208G and 2087.
while the A dm inistration still stands with the
Hughes memorandum, it is ready to recognize the
THE FINANCIAL SITUATION.
Soviet Government if and when the nations in the
The probable outcome of the Economic Confer­ Conference do. Most probably; to recognize Russia,
ence a t Genoa is becoming an increasing factor in officially and in every sense of intercourse and
affairs. The past week has shown growing confu­ trade, is what we all desire. B ut Russia must re­
sion, with reports of dissensions and last words of spect property rights and show th at she can be
warning and irreparable breaks ju st a t hand, fol­ trusted. Demanding fresh unsecured loans, as a con­
lowed by some contradictions of such reports and dition of confessing and in general terms promising
qualifications of alleged bitterness of speech. I t to try to settle existing loans, is not according to the
has been said th at Belgium may soften her stand world’s practice. Neither from Governments nor
concerning property in Soviet hands; th at France from private capital, associated or otherwise, will
will not modify her position; th at when Lloyd George money come in answer to such an invitation. Nor
declared England and France are a t or near the tu rn ­ ought it to come, for the selfishness of any owners
ing-point of their relations he spoke “not aggres­ of capital agrees in this m atter with th at enlightened
sively but sadly,” and so on; the currents and coun­ selfishness which really longs to help others; lending
ter-currents seeming more sharp than heretofore. on such conditions would harm “borrower” as well
Out of it all it is impossible to draw any definite de­ as lender. Lord Leverholme, a prom inent B ritish
duction, and plainly impossible to venture any m anufacturer ju st arrived on a visit here, not only
prophecy; it seems, however, th at the Conference is commends the practical wisdom and reserved kindli­
a game with heavy stakes, and th at the players care­ ness in the “aloofness” of this Government as to the
fully say a little more than they mean, watching one Conference, but justly adds th at “if the Russians
another keenly, each hoping for a slip whereby some are sincere and right in their views they will work
vantage may be won.
out their own salvation, and if not, they will fail;
The debts, including the problem of foreign-owned Russia is doomed to everlasting poverty unless the
property in Russia, come into increased distinctness Government changes its theories regarding private
as the centre of the readjustm ent struggle. In the ownership.”
mid-week we were told th at the Soviet Government,
This is strictly and fundam entally correct, and
such as that is, will demand a loan of a billion, with Russia must herself work out her self-imposed prob­
recognition of the right to “nationalize” property lem. The extreme communism originally put into
(certainly a convenient term) and that whether the execution upon private property and individual




C lx fo n id c

2056

THE

C H R O N IC L E

rights by the Lenin regime has already been some­
what modified, by the same grim teacher and dis­
poser which is sure to continue its work, namely
suffering poverty. The unfortunate people of Rus­
sia m ust react upon and put their Government into
concrete and better form ; they must do this, because
only by doing it can they come out of their misery.
Because they must, and will gradually realize more
and more th a t they must, they will do this. And
while we here need not believe the Genoa struggle is
to break up, we may feel confident th at if it does
break up it will re-gather. F or the turm oil is only
what was inevitable, and through something like that
Europe m ust get again upon her feet.
W inter wheat made very satisfactory progress
during the past month, as indicated by the May re­
port of the Crop Reporting Board of the Departm ent
of A griculture at W ashington, issued on Tuesday,
and the indicated yield at this time of the 1921-22
crop is nearly as great as th a t of the 1920-21 winter
wheat crop—notw ithstanding the May 1 condition
this year is over five points below the May 1 condi­
tion a year ago, and the acreage abandoned on ac­
count of w inter killing and for other reasons, of this
year’s crop of w inter wheat, is more than three times
as great as the acreage abandoned of the 1920-21 win­
ter wheat crop. The May 1 condition of this year’s
winter wheat crop is 83.5%. This contrasts with
78.4% , the condition a month ago, a t the close of the
winter months, an improvement during April of 5.1
points. The condition of winter wheat on May 1 last
year was 88.8% and the ten-year average for that
date is 87.1%. The indicated yield of the growing
winter wheat crop is 584,793,000 bushels on the basis
of the May 1 condition of 83.5. This contrasts with
587.032.000 bushels, the indicated yield of the 1920-21
winter wheat crop, and 587,200,000 bushels, the aver­
age yield of w inter wheat for the past five years.
The area abandoned out of this year’s crop, due to
winter killing, is estim ated at 6,446,000 acres. This
contrasts with only 2,062,000 acres abandoned out of
the area planted to wheat the previous year, and a
five-year average of 5,298,000 abandoned acreage.
The area sown to w inter wheat last fall is officially
given as 44,293,000 acres, which is somewhat less
than was sown to w inter wheat in the preceding
three years, and nearly 540,000 acres below the fiveyear average, and with the abandoned acreage this
year, the estimated acreage for harvest is nearly 4,­
600,000 acres less than the estimate for the 1920-21
winter wheat crop. The improvement in the condi­
tion during the past month has added practically
15.500.000 bushels to the estimated yield this season.
The im portant States of Kansas and Nebraska, the
two leading w inter wheat States, suffered most se­
verely in abandonment of area, although the percent­
age of abandonment in Oklahoma and Texas was also
high. In Kansas the percentage was 27.0, but the es­
tim ated yield is nevertheless put at 106,238,000 bush­
els, which contrasts with 128,564,000 bushels, the
yield of the preceding crop. In Nebraska the area
abandoned is placed a t 12.0, and the estimated yield
at 54,218,000 bushels. The 1920-21 w inter wheat
crop in Nebraska was 57,559,000 bushels. In Okla­
homa the percentage of abandonment is 24.0 and in
Texas 41.0%; and the estimated yield of the two
States together is considerably less than the esti­
mated yield last year in Nebraska alone. In none of
the other States does the abandonment exceed 6%
and the estimated yield in Illinois, Ohio, Missouri,



[V ol. 114.

Indiana and Pennsylvania promises a winter wheat
crop in those States considerably above th a t har­
vested in 1921.
'
An improvement during April is also shown in the
latest Government report, in the growing crop of rye.
The May 1 condition of rye this year is placed a t
91.7%. This contrasts with 89% a month ago and
92.5%, the May 1 1921 condition last year. I t will
be recalled th at all grain crops showed very marked
deterioration before the harvest last year, and the
production was very much below the early estimates
of yield. This may not follow as to this year’s crops;
in fact, it is to be hoped that such will not be the case.
The condition on May 1 promises a yield of 79,152,­
000 bushels of rye this year, this estim ate contrast­
ing with a final yield last year of only 57,918,000
bushels, and a five-year average of 69,585,000 bush­
els. The area planted to rye last fall was placed at
5,184,000 acres, more than 20% in excess of the acre­
age planted to rye for the preceding crop.
The average condition of meadow (hay) lands on
May 1 this year was 90.1%, which compares with
91.5% on May 11921 and a ten-year average of 89.8%
and the production of hay this year is now estimated
at 103,579,000 tons, which contrasts w ith an esti­
mated production of 96,802,000 tons in 1921. Stocks
of hay on the farms on May 1 this year are estimated
at 10,792,000 tons, 11.1% of the crop of last year, and
this contrasts with a carry-over of 17.8% (18,777,000
tons) from the preceding year, and a five-year aver­
age of 12.1%. Of spring plowing, 63.5% was com­
pleted up to May 1 this year, which compares with
77.8% on May 1 1921 and a ten-year average of
70.0%, and 53.6% of spring planting was completed
on May 1 this year, which contrasts with 63.5% on
May 1 1921 and a ten-year average of 57.8%.
The Economic Conference waited nearly all week
for the reply of the Russian delegates to the state­
ment of terms stipulated by the Allied representa­
tives (which the French and Belgians did not sign).
The reply was presented in revised form on Thursday
and made public that evening. Even the most op­
tim istic of the delegates was unable to find much of
a practical or workable character in the document.
Some delegates were quoted as expressing the opin­
ion th a t it made the Russian situation hopeless for
the time being, so far as the rendering of outside
help was concerned. The French delegation issued
a statem ent yesterday afternoon in which it was as­
serted th at “Russia’s reply is utterly impossible.”
In the British statement, while it was declared th at
the terms of the document are “very stupid from the
viewpoint of Russian interests,” it was added that
G reat B ritain is “not prepared to adopt the view th at
Europe is to be denied peace or the Russian people
further consideration in their misery simply because
of a stupid argum ent.” The Genoa correspondent of
the Associated Press said last evening th at “Prem ier
Lloyd George of Great B ritain and Signor Schanzer,
Italian Foreign Minister, have used all their influ­
ence with the chief of the French delegation, M. Barthou, to impress upon him th a t the Russian note, al­
though not as favorable as was hoped, still leaves the
door open for profitable discussion, and perhaps for
general agreement. They urged him to reflect this
opinion in his dispatches to his Prem ier.” The pre­
vailing opinion a t Genoa last evening appeared to be
th at this idea would be adopted and th at the Confer­
ence might be continued indefinitely.

May 13 1922.]

THE CHRONICLE

The Genoa advices early in the week gave little
hope of the Economic Conference lasting for more
than a few days. Premier Lloyd George was still
holding on tenaciously, hoping to accomplish at least
some of the objects for which the gathering was defi­
nitely called. The Russian delegation was said to
be working more for an outside loan than for any­
thing else. The French delegates were determined,
according to the cable dispatches, not to accept what
they would regard an evasive reply to the Allied
note. A week ago this morning the New York
“Times” correspondent described the situation in
the following figurative language: “The Genoa Con­
ference is very sick, very sick. All hope has not been
abandoned, but they are discussing plans for the
•funeral.”
Louis Barthou, head of the French delegation, re­
turned to Genoa a week ago to-day, and was said to
have “informed Mr. Lloyd George that France was
going to stand by Belgium in her demand for the re­
turn of foreign-owned private property nationalized
by the Bolsheviki.” The correspondent added that
“France and Belgium, Russia’s two biggest credit­
ors, did not sign the Powers’ conditions to Russia.
M. Barthou suggested to Mr. Lloyd George to-day
that there be written into the conditions a formula
which will satisfy Belgium, which France would
then accept, which is natural enough, seeing that
Belgium is France’s ally, if not her agent.” It was
reported that “the British Prime Minister answered
that it Avas too late now, that it was impossible to
withdraw the statement of thirty Powers to Russia,
and that the only thing to do was to wait and see
what the Russians answered to the propositions,
which were not strong enough to suit the French.”
The correspondent further stated that “the Russians
will reply Monday or Tuesday. It is generally be­
lieved that their reply will specify that nothing in it
counts unless the Soviet gets a loan. It will then
neither accept nor reject the Powers’ conditions. It
will accept one and reject another. It will not accept
frankly the private property provisions dictated by
Mr. Lloyd George.”
.
In a cablegram Monday morning the “Times” cor­
respondent outlined the situation in part as follow s:
“It is understood to be the opinion of Premier Lloyd
George to-day that the main purposes for which the
Conference here was called cannot be accomplished.
These purposes were three: First, a general settle­
ment with Russia by all the European nations; sec­
ond, the reintroduction of Germany into good inter­
national society, and third, a Pan-European treaty
of non-aggression for a definite number of years.”
Continuing, he observed that “the first appears to be
blocked by the Russian demand for a big Government
loaii and the French demand for restitution of pri­
vate property nationalized by the Soviet. The sec­
ond has been blocked by the German-Russian treaty
made behind the backs of the other powers. The third
will have been blocked by the impossibility of a gen­
eral Russian agreement and by the refusal of the neu­
trals and Germany to accept French insistence on the
clause stating that they have a right to act as they
see fit as regards military action against Germany
to enforce the Treaty of Versailles.”
One of the big obstacles to a general agreement be­
ing reached by the leading Powers appeared to be the
insistent demand of the Russians for a tremendous
loan. According to one dispatch, they had placed
the amount at four billion gold rubles. The New
York “Times” correspondent declared that “if M .




2057

Tchitcherin asks a loan of $100,000,000 or some such
sum there is a chance that the British Prime Minis­
ter could find it. But billions—that is impossible,
and the Russians talk only in billions.”
In an interview with the British and xVmerican
correspondents on Sunday, M. Barthou, head of the
French delegation, was reported to have asserted
that “Russia must answer ‘Yes’ or ‘No’ without de­
lay, but accompanied the statement with optimistic
allusions to France’s and his own desire for the suc­
cess of the Conference.” In a Genoa dispatch to the
London “Times,” its editor, Henry Wickham Steed,
was reported to have said that he understood that “in
an interview with M. Barthou Saturday, Davi'd
Lloyd George spoke violently, telling M. Barthou
that the Entente between Great Britain and France
was ended; that Great Britain considered herself
henceforth free to seek and cultivate other friend­
ships, and that the British Government felt the con­
duct of France very deeply.” According to the dis­
patch also, “the Premier was said to have added that
his advisers long had urged him to make an agree­
ment with Germany, even at the cost of abandoning
British claims for reparations. He had stood by
France Avhen public feeling in England Avas against
him, but now he must look in another direction.” In
reply to questions in the House of Commons the
same day, Austen Chamberlain said that he had been
authorized by the Prime Minister to say that the
published account in the “Times” Avas a “deliberate
and malicious irn’ention.” M. Barthou, head of the
French delegation to the Genoa Conference, replying
to a request of Lloyd George “for his testimony re­
garding the inuch-commented-upon comersation on
Saturday,” is reported to have Avritten: “You did
not say that the Entente Avas at an end, nor that your
advisers Avere pressing you to come to an understand­
ing Avith Germany. You did not pronounce the
Avord Avliich could be interpreted as expressing an in­
tention to break the friendship Avhich unites our two
countries, and I retain all my confidence in that es­
sential union.” In an interview on Monday at the
UniAr
ersity of Genoa, the British Prime Minister
made the same denial and elaborated it as folloAvs:
“It is a willful and malicious iirvention in every
phrase. It is the Avork of a man avIio is mad and in­
sane to Avreck the Conference. The official notes of
the conversation taken by Sir Maurice Hankey were
compared Avith the notes of the French reporter and
found accurate. There is no word of Lord Birken­
head, no Avord of anything the dispatch recites.” In
commenting upon the Russian reply, that Avas ex­
pected within a day or so, he A v a s reported to have
“made it plain that there is no possibility of either a
direct cash loan to Russia or immediate de jure rec­
ognition of the present GoAr
ernment.”
A neA angle to France’s attitude toAvard Russia
V
Avas reported by the Paris correspondent of the As­
sociated Press on Monday evening. He asserted that
a high French Government official said that “France
Avill not recognize the Russian Soviet Government
until the United States does. France has kept a free
hand in this matter, and it makes no difference what
action the Genoa Conference may take.” From
Genoa came word that “Prime Minister Lloyd George
of Great Britain and Foreign Minister Schanzer of
Italy addressed to-day a strong appeal to the Rus­
sian representatives at the Conference here, urging
them to accept the Allied memorandum in its main

2058

THE CHRONICLE

points and promising Russia an international loan,
with the understanding that the lending countries
would thus provide funds for the reconstruction of
Russia.” It was further explained that “the Allies
would claim the right to make sure, however, that
the money loaned was actually invested in the work
of reconstruction. It was asserted that altogether
the proposed loan would amount to 300,000,000 gold
francs. It has been declared that the Russians were
asking for 3,000,000,000 gold rubles, or twenty-five
times as much as the Allied offer.” M. Litvinov of
the Russian delegation was quoted as having stated
that “we really have no official advice as to the ex­
act position of France and Belgium and naturally we
must know definitely the position of those two Pow­
ers before we make reply. Until we get a definite
written reply on this subject we cannot submit a for­
mal answer to the memorandum.” According to
earlier dispatches from the seat of the Conference, it
had been expected that the Russians would make
their reply not later than Tuesday.
It became known through cable advices from
Genoa Wednesday afternoon that “the Russian re­
ply to the Allied memorandum, which was ready for
presentation this [Wednesday] forenoon, was not
delivered to the Allies, as expected, since at the last
moment, after a conversation between Foreign Min­
isters Tchitcherin of Russia and Schanzer of Italy it
was decided that the reply would have to undergo
some alteration.” The head of the Soviet delegation
left Genoa in the afternoon for “Santa Margherita to
consult the other members of the Russian delegation.
It was not expected, therefore, that the reply could
be presented until tomorrow” (Thursday).
According to the New York “Times” correspond­
ent, the Italian Minister spoke substantially as fol­
lows to M. Tchitcherin : “This reply would mean the
end of the Conference. The French Cabinet meeting
yesterday shows clearly that France will not accept
it. It does not even go as far as the concessions you
have previously made. If you submit it and stand
on it you break up the Conference. Take it back and
make changes in it.”
The following day it was reported in Genoa dis­
patches that M. Tchitcherin had presented to For­
eign Minister Schanger of Italy the reply of the Rus­
sian reply in revised form. Signor Schanzer was
said to have intimated that he regarded the document
satisfactory as a basis for negotiations with the va­
rious Powers represented at the Conference. The
note was delivered to the Italian Foreign Minister in
his room at Palazzo Reale. According to the Asso­
ciated Press correspondent, “the only other person
present was Francisco Giannini, the Italian finan­
cial expert.” The correspondent added that “a
friendly conversation of 45 minutes followed, in
which M. Tchitcherin stressed the fact that the an­
swer had been prepared under direct instructions
from Moscow. M. Tchitcherin repeated assurances
of his good will and his desire to co-operate with the
other delegations.”
The Genoa dispatches yesterday morning gave the
Conference situation a more serious aspect. Most of
the correspondents conveyed the impression that the
Conference was likely to break up soon. They de­
clared positively that opinion among the delegates
from the various Powers was widely divided. The
representative of the New York “Herald” said: “The
Russian reply to the Allied memorandum made to­



[V ol. 114.

day would have smashed the Genoa Conference had
the lines of the conferees been more tautly drawn.
As it is, the British delegates declare the Tchitcherin
document demands an answer, the Italians alone are
with the British, while the French and the Belgians
are plainly triumphant, claiming that the discursive
quality of the Soviet answer justifies all their cau­
tion leading up to the memorandum and justifies
Louis Barthou’s demand for a plain ‘Yes’ or ‘No.’ ”
The New York “Times” outlined the situation as
follow s: “The entire month’s work of the Genoa
Conference was wiped out to-day when, after the
Powers had refused the demand of the men from
Moscow for a billion-dollar loan, the Russian delega­
tion sent a reply to the Powers’ conditions which
makes it practically impossible to effect a financial
and economic settlement with Russia at Genoa. The
Russian reply is not a flat no, but it is a 90% no. The
10% yes consisted in a proposal that a commission
of experts be named to review the Russian financial
situation and in a proposal that the Russian delega­
tion should nevertheless remain at Genoa and dis­
cuss other questions of the agenda, including the
compact of non-aggression. Not one of the condi­
tions imposed by the Powers as the price of resuming
commercial relations with Russia was accepted.”
The following are the chief features of the reply,
as outlined by the New York “Times correspondent:
“The Russian note asks outright that the Allies trust
the Soviet good faith, though it repudiate the debts
of former Governments in principle and character­
izes the compensation of private property holders as
an act of grace done for the price of credits during
negotiations, rather than as a matter of righf. It
cites various French and American precedents for
this attitude, including the Alabama case, as making
the Allies liable for the cost of the Denekine, Admiral
Kolchak and other invasions of Soviet Russia. The
note charges the Allies, in advancing private prop­
erty claims, with forwarding ‘capitalistic individual­
ism’ as a political system, against collectivism. It
insists that no aid for the reconstruction of Russia
through credits to private traders can be effective
without aid to the Russian Government itself, and
suggests a committee of experts to examine the fi­
nancial problems of Russia’s situation. It chides the
Allies for demanding the return of Rumanian gold
without considering Bessarabia, and demanding
peace in Asia Minor after refusing Russia’s request
that Turkey be invited to the Conference. It defends
the rights of revolutionaries, quoting the French con­
vention of Sept. 22 1792: ‘The sovereignty of a peo­
ple is not bound by the treaties of a tyrant.’ And
says that the French not only repudiated the treaties
but the public debt of the old regime. It cites many
international precedents, including American, for
the seizure of enemy property, and for the non-re­
sponsibility of Governments for damages to prop­
erty during the Civil War, and claims reciprocity on
all such obligations under the Cannes resolution. It
excepts war debts, for which is says Russia is not
responsible because she disassociated herself from
the war.”
In a Central News cablegram from Genoa yester­
day forenoon the situation was represented as being
still more hopeless than indicated in the earlier dis­
patches from that centre. The dispatch said: “Se­
rious consideration of the reply of the Russian dele­
gation to the conditions laid down in the memoran­
dum of the Powers has resulted in a general revul­
sion against its contents on the part of the Allied

May 13 1922.]

THE CHRONICLE

representatives. The general feeling is that even
neutrals will declare the answer of the Soviet envoys
to be an impossibility. One authority described the
reply of the Russians as ‘most idiotic.’ British Pre­
mier David Lloyd George, after talking with Louis
Barthou, head of the French delegation to the Eco­
nomic Conference, is credited with saying that it
would be useless to continue discussions Avith the
Russians inasmuch as successful negotiations A 'ith
A
them appeared to be hopeless.” In a London cable­
gram Thursday afternoon, Sir Robert Horne, Chan­
cellor of the Exchequer, was quoted as having an­
nounced in the House of Commons that “Great Brit­
ain is not prepared to make a loan to the Soviet
Government.”
President Millerand of France returned to Paris
Wednesday from a tour of the French colonies in
northern Africa. After conferring with Premier
Poincare he presided over a meeting of the Cabinet.
Paris advices the next morning stated that it “con­
firmed Premier Poincare’s instructions to the Genoa
delegation. It discussed various eventualities, nota­
bly that of modification of Article VII of the memo­
randum to Russia, relating to property, made Avitli a
vieAV to insuring the adhesion of France and Bel­
gium, but the Government resolved to admit no com­
promise on this subject.”
On Wednesday the Allied Reparations Commission
in Paris received the reply to its note of April 13
from Herr Fisher, President of the German War Bur­
dens Commission. The New York “Times” corre­
spondent at the French capital cabled that the folloAving were the most important points: “It is im­
possible before May 31 to comply Avitli the demand of
the Reparations Commission for an increase of taxa­
tion amounting to 60,000,000,000 marks” and “the
German Government regrets that, oAving to the ab­
sence of several of its members at Genoa, it is impos­
sible to observe some time limits laid doAvn by the
Reparations Commission. 2. Willingness to discuss
Avitli the Commission ways and means by Avliich its
demands will be carried out. 3. The definite state­
ment that in vieAV of the German economic situation
and financial obligations abroad it is inevitable that
the important payments due by Germany in foreign
currency cannot be met without the aid of foreign
loans.” The correspondent added that the “most
significant of all from the standpoint of European
affairs, is the fact that there is no direct reference to
the Commission’s demand for Allied control of Ger­
man finances. The reply does say ‘the German Gov­
ernment notes Avitli satisfaction that the Commission
desires to support Germany in regulating her fi­
nances. To this end the German Government will be
prepared to afford the Reparations Commission all
the facilities for investigation asked for by the Com­
mission.’ ” Thursday afternoon the Reparations
Commission met to consider the note. According to
the Paris representative of the NeAv York “Sun,”
there is “the best authority for stating that in Com­
mission circles the German note is regarded as fa­
vorable and as affording the possibility of averting
the clash which would be caused by military meas­
ures in the Ruhr district.”
The principal political development in Ireland, of
which mention Avas made in the cable advices from
the chief Irish centres, Avas the official announce­
ment that “the peace committee of the Dail Eireann,



2059

which has been making efforts to find a ground upon
Avliich the factions in Ireland could unite, has failed
to reach a basis for a settlement.” Commenting upon
this development and conditions in Ireland, the Dub­
lin correspondent of the New York “Times” sa id :
“Meamvhile the condition of the country is getting
Avorse, as is indicated by the continuance of murders,
burnings, the holding up of newspapers and a new'
agrarian campaign for the possession of land with­
out Avaiting till the Government tackles the problem.
The frequency of verdicts of murder against a per­
son or persons unknown is a bad sign.”
<
In the British House of Commons, Austen Cham­
berlain, Government leader, replying to a question,
“admitted that a grave issue was before the House—
Avhether the Government should decide if the great
experiment in Ireland had been tried long enough,
and Avhether the Government acting under a sense of
horror at certain murders, should declare the treaty
at an end and step in and assume once more the duty
of preserving law' and order throughout Ireland. He
had thought deeply about these outrages, but begged
the Parliament to think of the larger issue, and even
amid the pain and anguish of these incidents keep
their eyes fixed on the great result which might yet
be obtained and wdiich w'ould mean accession of unity
and strength to the Empire.”
There Avas another session of the Dail Eireann on
Thursday. It lasted less than an hour. A dispatch
from Dublin yesterday morning stated that “the re­
ports from the various participants in the peace con­
ference revealed a break on fundamentals. The Re­
publicans Avill not agree to a settlement of the situa­
tion on any terms Avhich involv'e their admission that
the Anglo-Irish treaty is acceptable to the people or
that its endorsement by the Dail Eireann has altered
the situation.” The correspondent also said that
“there Avas an almost complete agreement in the Dail
Eireann for an adjournment for a week in order to
alloAV the peace committee to try again to smooth
over the difficulty. Nevertheless, the opposition to
adjournment showed the Republican section itself
divided into more moderate and more extreme sec­
tions.”
The British trade statement for April disclosed a
decrease in British exports of £9,080,793, in com­
parison with March of this year and of £4,367,585
in comparison Avith April of last year. Imports were
£7,219,424 less than in March 1922 and £9,335,504
smaller than in April 1921. The excess of imports
Avas £2,824,981 larger than in March and £5,634,257
smaller than for April a year ago. The figures for
April of this year and for the four months ended
April 30 compared Avith the corresponding periods
of last year follow:
------ M o n t h
1922.

o f A p r i l ------------- J a n .

1921.

1922.

1

30----1921.

to A p r i l

Im p o r ts............................ 80,660,000
lJritl.sh exports________ 55,500,000
R e-exports....................... .. 9,190,000

89.995,504 314,369,547 397,508,794
59,867,585 241,562,852 287,654,371
8,523,662 37,976,638 35,371,089

T otal exports.............. .. 64,690,000
Excess im ports................. 15,970,000

68,391,247 279,539,490 323,025,460
21,604,257 34,830,057 74,503,334

Official discounts at leading European centres
continue to be quoted at 5% in Berlin, Belgium,
France, Denmark and SAveden; 6% in Rome, Nor­
A
way and Madrid; 4 l % in Holland; 4% in London,
and 33^2% in SAvitzcrland. Call money in London is
still quoted at 1J^%, unchanged, w'hile the open mar­
ket discount rates at the British centre are noAv at
2j^@2 5-16% for long and short bills, as against
2%@2 7-16% last week. Open market discounts in

2060

THE CHRONICLE

[V ol. 114.

In its statement issued as of April 29 the Imperial
Paris and Switzerland remain at 4% and 1^8%, re­
Bank of Germany again registered sensational
spectively.
changes. Discount and Treasury bills continue to
A further small gain in gold was shown in the Bank increase and mounted up 8,532,074,000 marks.
of England’s weekly statement, amounting to Deposits expanded 1,844,408,000 marks. Treasury
£14,061, while total reserve expanded £514,000, as a and Loan Association obligations increased 275,931,­
result of a cut in note circulation of £499,000. There 000 marks, advances 102,532,000 marks and other
was an advance in the proportion of reserve to lia­ assets 237,463,000. Gold gained 999,000 marks and
bilities to 18.07%, from 17.27% last week. For total coin and bullion $29,000 marks. Among the
the week before that the reserve ratio stood at declines were 5,482,000 marks in notes of other
19.35%, but in the corresponding week of 1921, it banks, 75,164,000 marks in bills of exchange and
was only 14.05%, and in 1920, 16.26%. Public 569.791.000 marks in other liabilities. A phenomenal
deposits decreased £2,177,000 and other deposits expansion was recorded in note circulation, namely,
£1,435,000. Loans to the Government decreased another 7,792,298,000 marks.
Late in the week another German Bank statement
£4,670,000; but loans on other securities registered
an increase of £561,000. Threadneedle Street’s was received, as of May 6, which showed a further
stock of gold on hand aggregates £128,887,939. huge increase in note circulation, amounting to
Last year it stood at £128,363,247 and in 1920, 2.043.564.000 marks, but a cut in deposits of 3,230,­
£112,518,503. Total reserve amounts to £25,747,000, 620,000 marks. Other notable changes included a
which compares with £18,044,607 in 1921 and £19,­ decline in Treasury and Loan Association obligations
655,568 the year before, while loans are now £75,­ of 540,221,000 marks, an increase of 180,720,000
529,000, as against £78,903,266 a year ago and marks in bills of exchange, a contraction in discount
£80,444,463 the year before that. Circulation stands and Treasury bills of 540,418,000 marks and a
at £121,591,000. This contrasts with £128,768,640 falling off in other assets of 432,970,000 marks.
last year and £111,312,935 in 1920. Clearings Other liabilities were curtailed 216,630,000 marks.
through the London banks for the week are £798,­ Gold gained 798,000 marks, so that the Bank’s stock
030,000, against £803,173,000 last week and £619,­ on hand is given as 1,001,665,000 marks, which
922,000 a year ago. The bank’s minimum discount compares with 1,091,496,000 marks last year and
rate continues to be quoted at 4%, without change. 1.091.680.000 marks in 1920. Owing to the recent
We append a tabular statement of comparisons of spectacular additions to note circulation the volume
the principal items of the Bank of England’s returns: outstanding has reached the astounding level of
142.463.621.000 marks. In the corresponding week
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1922.
1921.
1920.
1919.
1918.
of 1921 the total stood at 71,114,579,000 marks and
M a y 10.
M a y 11.
M a y 12.
M a y 14.
M a y 15.
£
£
£
£
£
Circulation............... 121,591,000 128,708,640 111,312,935 76,487,085 49,976,550 the year before 48,372,880,000.
Public deposits____ 11,518,000 14,860,622 21,428,930 22,807,099
Other deposits____ 130,258,000 113,560,751 99,401,124 111,479,248
Government secur.. 58,873,000 49,180,122 38,455,283 46,433,817
Other securities___ 75,529,000 78,903,260 80,444,4G3 77,984,317
Reserve notes & coin 25,747,000 18,044,607 19,655,568 27,536,547
Coin and bullion__ 128,887,939 128,363,247 112,518,503 85,573,632
Proportion of reserve
to liabilities.........
18.07%
14.05%
16.26%
20.50%
Bank rate.................
4%
6>3%
7%
5%

41,457,354
133,820,229
57,316,732
105,552,431
30,181,037
61,708,187

17.20%
5%

The Federal Reserve Bank statement, made public
Thursday afternoon, indicates a substantial addition
to gold holdings, both loeally and nationally, accom­
panied by a diminution in rediscounting operations.
The combined system reports a gain in gold of
$11,000,000 and a decline in bill holdings of $36,­
000,000, bringing the total down to $580,103,000,
as against $2,111,994,000 in the corresponding week
of 1921. Earning assets arc smaller by $28,000,000,
while Federal Reserve notes in actual circulation
have declined $14,000,000. Deposits show a reduc­
tion of only $3,000,000, but there is an advance in
the reserve ratio to 77.3%, as against 76.7% last
week. In the New York institution the gain in gold
has been still larger, being $21,000,000. Bill holdings
have diminished in amount of $23,900,000, to $89,­
956,000, in comparison with $677,440,000 a year ago.
Total earning assets are down $22,000,000, but there
has been a small gain in deposits, namely, $1,100,000.
The output of Federal Reserve notes in circulation
declined $4,000,000. Here also there was a small
increase in the ratio of reserve— 1.6 to 83.5%.

The Bank of France continues to report small gains
in its gold item, the increase this week being 160,000
francs. The Bank's gold holdings, therefore, now
aggregate 5,527,262,950 francs, comparing with
5,518,074,306 francs on the corresponding date last
year and with 5,586,767,135 francs the year before;
of the foregoing amounts, 1,948,367,056 francs were
held abroad in both 1922 and 1921 and 1,978,278,416
francs in 1920. During the week silver increased
111.000 francs, advances rose 44,240,000 francs and
Treasury deposits gained 323,000 francs. On the
other hand, bills discounted fell off 625,172,000 francs,
while general deposits were reduced 153,795,000
francs. Note circulation registered a contraction of
55.531.000 francs, bringing the total outstanding
down to 36,122,745,000 francs. This contrasts with
38,741,679,950 francs at this time last year and with
38,138,078,740 francs in 1920. Just prior to the
outbreak of war in 1914 the amount was only 6,683,­
Last Saturday’s statement of New York Clearing
184,785 francs. Comparisons of the various items
Llouse banks was in line with general expectations
in this week’s return with the statement of last week
and corresponding dates in both 1921 and 1920 are and reflected the return of funds into their regular
channels. Deposits were again expanded, but loans
as follows:
BANK OF FRANCE’S COMPARATIVE STATEMENT.
declined $19,803,000, while owing to a large increase
C hanges
---------------------- S ta t u s a s o f ------------------- —
.
fo r W eek.
M a y 11 1922. M a y 12 1921.
M a y 14 1920in the reserves of member banks at the Reserve Bank,
Gold H o l d i n g s —
F ran cs.
F ra n cs.
F ran cs.
F ran cs.
In France-............Inc.
160,000 3,578.895.894 3 ‘569,707,249 3,608,287,719 surplus showed a substantial gain.
Net demand
Abroad...................
No chango
1,948,307,050 1.948,367,050 1,978,278,410
deposits increased $33,669,000 to $4,061,896,000.
T o t a l ........................ I n c .
160,000 5 ,5 2 7 ,2 6 2 ,9 5 0 5 ,5 1 8 ,0 7 4 ,3 0 6 5 ,5 8 0 ,7 0 7 ,1 3 5
S l i v e r ...........................In c .
111.000
2 8 2 ,9 8 3 ,4 9 5
2 7 1,755,361
2 4 0 ,8 4 3 ,3 8 9
This is exclusive of Government deposits to the
Bllla d i s c o u n t e d ...D e c . 62 5 ,1 7 2 ,0 0 0 2 ,3 2 9 ,3 5 9 ,0 0 0 2 ,6 2 8 ,1 1 9 ,5 0 5 1,9 9 6 ,3 9 5 ,9 4 7
A d v a n c e s __________I n c . 4 4 ,2 4 0 ,0 0 0 2 ,3 1 1 ,2 9 0 ,0 0 0 2 ,2 0 8 ,3 2 4 ,9 8 9 1 ,833,473,411
amount of $60,562,000. In net time deposits there
N o te c ir c u la t io n ..D e e . 5 5 ,5 3 1 ,0 0 0 3 6 ,1 2 2 ,7 4 5 ,0 0 0 3 8 ,7 4 1 ,6 7 9 ,9 5 0 38,1 3 8 ,0 7 8 ,7 4 0
T r e a s u r y d e p o s its .I n c .
32 3 ,0 0 0
16,263,000
4C,2 72,418
4 2 ,0 2 9 ,3 6 8
was a sharp falling off to $302,885,000, to wit,
G e n e ra l d e p o s it s ..D e c . 1 53,795,000 2 ,2 8 0 ,1 5 6 ,0 0 0 2 ,9 6 4 ,5 3 1 ,7 9 2 3 ,6 4 1 ,2 4 9 ,3 3 0
$11,466,000. Cash in own vaults of members of



May 13 1922.]

the Federal Reserve Bank was increased $1,067,000
to $61,818,000, but this is not counted as reserve.
An increase was likewise noted in the reserves of
State banks and trust companies in own vault, namely
$292,000, and also an increase of $914,000 in the
reserves of these same institutions kept in other
depositories. As noted above, member banks heavily
increased their reserves with the Reserve Bank, in
amount $20,224,000, and the result was an addition
to surplus of $17,324,200; thus bringing the total
of excess reserves up to $30,736,020. The above
figures for surplus are on the basis of 13% reserves
above legal requirements for member banks of the
Federal Reserve System, but do not include cash in
vault amounting to $61,818,000, held by these banks
on Saturday last.
There was still greater ease in the local money
market, although just after mid-week a little more
firmness in time money was reported in some circles.
Call loans renewed yesterday at 3%%, the lowest
since April 30, and throughout the afternoon the
prevailing rate was 334%* These low quotations
were especially significant, because they were recorded
on Friday and particularly because next Monday the
usual mid-month interest and dividend disbursement
will be made. These will include approximately
$70,000,000 by the Government in payment of
interest on Liberty bonds, of which it is estimated
that $21,000,000 will be disbursed by the New
York Federal Reserve Bank. Whatever preparations
may have been necessary for these and other dis­
bursements to investors, they had no effect whatever
upon the local money market. The Federal Govern­
ment did not announce this week any large with­
drawals from local depositaries. Announcement that
the $75,000,000 434% Farm Loan bonds recently
offered had been (oversubscribed and that an addi­
tional $42,000,000 had been sold by the Government
to the same group of bankers that brought out the
original block, and had also been disposed of to the
public, furnished further evidence of the extent to
which funds are available for investment in high-grade
securities. It is currently reported in bond circles
that dealers are very well supplied at the moment,
by reason of the heavy offerings of new issues.
Brokers’ loans could not have been increased greatly
this week, because during the greater part of that
period liquidation and professional selling were sup­
posed to have represented a considerable part of the
total volume of business. The steel industry appears
to be holding pretty close to the rate of production
that has prevailed for several weeks. In other lines
of business activity the improvement has not been
marked, but continues nevertheless. The demand
from the banks from these sources for funds has had
no appreciable effect upon the available supply.
Little or nothing has been said recently about the
requirements of Western and Southern farmers.
Regarding money rates in detail, call loans covered
a range during the week of 334@434%* Last week
the range was 334@5%. Monday 434% was the
highest quoted, with 4% the low and the rate for
renewals. On Tuesday a single rate of 4% was
quoted. Renewals were again put through at 4%
on Wednesday, the minimum figure, but a maximum
of 434% was touched at the close. On Thursday
there was a lowering to 334% for a brief period; re­
newals, however, continued at 4%, while the high



2061

THE CHRONICLE

was 434%. Friday’s range was 334@334% and
334% the renewal basis. The figures here given are
for loans on both mixed collateral and all-industrials
alike. For fixed date maturities the market was dull
and inactive. Few if any large loans were made and
although funds were in fair supply, the inquiry was
light. Nominally the quotation remains at 434%
for all periods from sixty days to 6 months, the same .
as last week.
Mercantile paper continues to be quoted at 434%
for sixty and ninety days’ endorsed bills receivable
and six months’ names of choice character, with
names less well known at 434% >unchanged. A fairly
good inquiry was noted, with more disposition on the
part of the banks to enter the market as buyers than
for quite some time. Offerings, however, are not
any more plentiful, so that transactions in the ag­
gregate were only moderate.
Banks’ and bankers’ acceptances were moderately
active at the levels previously current and the turn­
over was larger than a week ago. Both local and
country banks figured in the dealings. For call
loans against bankers’ acceptances the posted rate
of the American Acceptance Council is now 334%>
against 4% last week. The Acceptance Council
makes the discount rates on prime bankers’ accept­
ances eligible for purchase by the Federal Reserve
Bank 334% bid and 334% asked for bills running
for 120 days; 334@334% for ninety days; 334®
334% for sixty days and 334@334% f°r thirty days.
Open market quotations were as follows:
SPOT DELIVERY.
30 D a y s .
3X @ 3X

60 D a y s .
90 D a y s .
3X @ 3X
Prime eligible bills................. .................... 3X @3H
FOR DELIVERY WITHIN THIRTY DAYS.

____ 3 X bid
........ 3 X bid

Ineligible bank bills________

There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve Banks:
D ISC O U N T R A T E 8 O F T H E F E D E R A L R E S E R V E B A NK S
IN EFFECT MAY 12 1922

F ed era l R eserve
B a n k of—

Boston
-r _____ ___
New York
_______
Philadelphia__________
C leveland- _______ ____
R ichm ond_________ ___
A tlan ta_______________
c ih le a g o _________ ____
•It, L ouis_ _________ _
M in n e a p o lis ...........
Kansas C i t y . . . . . . . . . . .
D allas__ _____ ________
3an Francisco_________

D is c o u n te d
b ills
m a tu r in o
w ith in 90 d a y s (i n c l . m e m ­
b er b a n k s ’ 16 -d a y co lla tera l B a n k er t*
T rade
a c c ep ­
n o te s) se cu re d b y —
accep­
ta n c es
d ls c ’ted
ta n c es
O th er­
T r e a s u r y L ib e rty
m a tu r in g
fo r
w is e
b on ds
n otes a n d
m em ber
w ith in
secu red
and
c e rtific a te
ba n k s
90 d a y s
and
o f in d e b t­ V ic to r y
unsecu red
n o tes
ed n e ss

4X
1! t
4X
4X
4X
4H

4X
4X

4X
4X
4X
4X
4X
4X
4X
4X

4'A

4X
4X
4X
4A

4X
4X
4X

4X
4X
4X
4X
4X
4X
4X
4X

6
6

6
6
6

6
6
8

6
6

4X

4X

4X

4X

6

6

A g ric u l­
tu r a l a n d
lic e stock
paper
m a tu r in g
91 to 180
days

4X
4X
4X
4X
4X
4X
4X
4X

4X
4X
4X
4X
4X
4X
4X
4X

4X

4X

6
6
6

6
6
6

In the sterling exchange market the most note­
worthy feature of an otherwise dull and uneventful
week was a rise in the quotation for demand bills to
445, which not only constitutes another new high
record on the current upward movement, but is the
highest price named in nearly three years.
While the advance was not sustained, and subse­
quently prices sagged off, it was established on a very
moderate volume of trading. It must be borne in
mind, however, that offerings of bills continue very
light, a factor which naturally looms large as a
stabilizing influence, while money conditions, both
local and foreign, continue decidedly easy. Some
dealers are still of the opinion that the market would

3062

THE CHRONICLE

[ V ot, 114.

not be able to withstand the onslaught of a heavy the Stavangerfjord approximately $1,030,000 gold
selling movement and therefore predict a reaction bars and coin from Norway. From South
downward in the event of an increase in the volume American points several small shipments have
of our exports, although others persist in the belief been received. The General Geo. W. Goethals
that sufficient buying support, owing to the smaller arrived with 12 gold bars and 1 box of gold from
export balances, would be forthcoming to prevent Colombia; the Santa Ana, 4 pkges. gold from Corinto;
serious losses.
the Santa Teresa, 5 cases gold and silver currency
The Genoa Conference, of course, continues to from Valparaiso and the Poloa, 6 pkges. gold and
attract widespread attention; although the market currency from Port Limon.
for sterling seemed less under the influence of its
many cross-currents than was the case with the
Movements in the Continental exchanges were
Continental exchanges. Early in the week, following somewhat less erratic than in the week immediately
a firm opening, weakness set in on rumors that preceding, and the undertone, despite continued
France had threatened to withdraw altogether from hesitancy and uneasiness over the progress of affairs
the Conference. Later on, indications were that a at Genoa, was fairly steady. Undoubtedly, the most
compromise might be effected and prices responded important element in sustaining rates was the better
accordingly. It would probably be more accurate feeling at London which showed itself in higher cable
to say that London was the dominating influence, quotations from that centre, also persistently light
since prices on the local market moved largely in offerings of commercial bills in this market. As a
sympathy with the rates cabled from that centre. matter of fact, trading was of almost negligible pro­
Not a few bankers, though unwilling to express portions, and rates at times were hardly more than
views for publication, appeared to be of the opinion nominal. Speculative interests were in evidence,
that any actual break between the French and but their operations were of a sporadic character and
English Governments was highly improbable, anc restricted in volume. Operators are not only
the feeling appeared to be that a way would be found awaiting the outcome of the Genoa Conference, but
out of the present bog of misunderstanding and are beginning to concentrate attention upon interna­
uncertainty, trading was dull and lifeless prac­ tional banking conferences now being planned, and
r
tically throughout the entire week, with most of the J. P. Morgan’s movements during his stay in London
business emanating from foreign sources, and was will likely be closely watched. Individual fluctua­
said to be of speculative origin. Operators are said tions showed some irregularity. French francs, after
to be evincing a lively interest in the results of selling up to 9.16 for checks, broke 19 points to 8.97,
Mr. J. P. Morgan's trip to London and to be awaiting then recovered to 9.17. Belgian currency moved
further developments incidental to the arrangement in sympathy, ranging between 8.17 and 8.38.
of the coming international banking conference.
Reichsmarks hovered alternately above and below
As to the more detailed Quotations, sterling ex­ 0.3334, while Austrian kronen wore heavy and ruled
change on Saturday last was a shade easier; demand practically throughout at 0.017, with a break to
bills were marked down fractionally to 4 44@4 44%, 0.011234 at the close. Greek exchange opened
cable transfers to 4 44% @4 44% and sixty days to firm, but broke to as low as 4.10. However,
4 42@4 42%; the market was inactive and featureless. practically all trading in drachma in this market is for
On Monday unsottling foreign news was responsible account of Greek nationals for the purpose of making
for a sharp break and although trading was quiet, remittances, as drachma are not dealt in at any of
quotations broke about 2 cents in the pound, with the banks. The understanding here, although no
the range 4 40@4 42% for demand, 4 42%@4 44% definite advices to this effect have as yet been re­
for cable transfers and 4 40@4 42% for sixty day ceived, is that the banking consortium which had
bills. Rates were well maintained on Tuesday at arranged to peg Greek exchange at 4.50, has not had
practically unchanged levels and the range for de­ sufficient funds at its disposal to maintain the quota­
man was 4 43%@4 44, for cable transfers, 4 44%@, tion and consequently been forced to seek a lower
4 44% and for sixty days, 4 41% and 4 42. Wednes­ level. Czechoslovakia and the other Central Euro­
day strength developed, and gains were noted which pean exchanges were well maintained.
carried demand up to 4 45; the low was 4 44%; cable
The London check rate in Paris finished at 48.73,
transfers ruled at 4 44%@4 45% and sixty days at compared with 48.50 last week. Sight bills here on
4 4234@4 43; light offerings and higher cable rates the French centre closed yesterday at 9.10, against
from London were mainly responsible for the im­ 9.10; commercial sight bills at 9.11, against 9.17;
provement. Dulness characterized Thursday’s trad­ commercial sight bills 9.08, against 9.14, and commer­
ing and the tendency was reactionary, so that demand cial sixty days at 9.02, against 9.07 on Friday of
bills declined to 4 44%@,4 44%, cable transfers to last week. Closing quotations for Antwerp francs
4 44 9-16@4 4534 and sixty days to 4 4234@4 42%. were 8.30 for checks and 8.31 for cable transfers,
On Friday less encouraging advices from Genoa which compares with 8.38 and 8.39 last week.
brought about weakness and fractional declines, with Reichsmarks finished at 0.3434 for checks and
the range 4 43%@4 44% for demand, 4 44%@4 44% 0.3434 for cable transfers, as against 0.34% and
for cable transfers and 4 41%@4 42% for sixty days. 0.3534 a week earlier. Austrian kronen closed the
Closing quotations were 4 4234 for sixty days, 4 4434 week at 0.011234 for checks and 0.011734, in compari­
for demand and 4 4434 for cable transfers. Commer­ son with 0.0120 and 0.0125 the previous week. Lire
cial sight bills finished at 4 37%, sixty days at 4 31%, finished at 5.2534 for bankers’ sight bills and 5.2634
ninety days at 4 3034, documents for payment (sixty for cable remittances. A week ago the close was
days) 4 31% and seven-day grain bills 4 35%. Cot­ 5.35 and 5.36. Exchange on Czechoslovakia closed
ton and grain for payment closed at 4 3734. An in­ at 1.94, against 1.95; on Bucharest at 0.71, against
creased amount of gold was received this week, 0.6934; on Poland at 0.0250, against 0.0255, and on
although the movement is still light. The Oscar II Finland at 2.10, unchanged from Friday of last
brought $1,287,000 gold bars from Sweden and week. Greek exchange is understood to be 4.10 for



2063

THE CHRONICLE

May 13 1922.]

checks and 4.15 for cable transfers,
close was 4.45 and 4.50.

Last week the 29%@30, against 28%@29, and Calcutta, 30@30%,
against 29@29%.

Dealings in the exchanges on the former neutral
centres were as limited as ever and rate variations
continue to be relatively unimportant. A generally
good undertone was observed and guilders were
strong, moving up to a new high point of 38.64 for
checks. Swiss exchange was fractionally lower, but
pesetas and the Scandinavian exchanges were firmly
held.
...
Bankers’ sight on Amsterdam finished at 38.60,
against 38.38; cable transfers at 38.65, against 38.43;
commercial sight at 38.55, against 38.33, and com­
mercial sixty days at 38.19, against 37.97 a week ago.
Final quotations for Swiss francs were 19.26 for
bankers’ sight bills and 19.28 for cable transfers.
This compares with 19.31 and 19.33 last week.
Copenhagen checks finished at 21.25 and cable trans­
fers at 21.30, against 21.20 and 21.25. Checks on
Sweden closed at 25.65 and cable transfers at 25.70,
against 25.87 and 25.92, while checks on Norway
finished at 18.60 and cable transfers at 18.65, against
18.62 and 18.67 a week earlier. Spanish pesetas
closed at 15.51 for checks and 15.56 for cable remit­
tances, as contrasted with 15.50 and 15.55 on Friday
of a week ago.
F O R E IG N E X C H A N G E R A T E S C E R T IF IE D B Y F E D E R A L R E S E R V E
B A N K T O T R E A S U R Y U N D E R E M E R G E N C Y T A R IF F AC I ,
M A Y 0 1922 T O M A Y 12 1922, I N C L U S I V E .________________

The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $4,088,617 net in cash as a result of the cur­
rency movements for the week ending May 11.
Their receipts from the interior have aggregated
$4,969,217, while the shipments have reached $880,­
600, as per the following table:
C U R R E N C Y R E C E I P T S A N D S H IP M E N T S IVY N E W Y O R K B A N K IN G
IN S T IT U T IO N S .

B a n k s ’ In te rio r m o v e m e n t........ ..............

G a in o r L o s s
to B a n k s .

Out o f
B a n k s.

I n to
B anks.

W ee k e n d in g M a y 11.

$ 880,600 G a in S 4 ,08 8 ,6 17

$4,9 6 9 ,2 1 7

As the Sub-Treasury w*as taken over by the Fed­
eral Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government opera­
tions on the Clearing House institutions. The Fed­
eral Reserve Bank of New York was creditor at the
Clearing House each day as follows:
D A IL Y C R E D I T B A L A N C E S O F N E W Y O R K F E D E R A L R E S E R V E B A N K
A T C L E A R IN G H O U S E .
S a tu r d a y ,
M a y 0.

T u esday,
M a y 9.

M onday,
M ay 8 .

W e d n e sd 'y ,
M a y 10.

T h ursday,
M a y 11.

F r id a y ,
M a y 12.

A gyre gate
f o r W ee k .

S
$
S
$
$
S
S
C r . 2 6 9 ,7 0 0 ,0 0 0
4 0 ,8 0 0 ,0 0 0 4 9 ,3 0 0 ,0 0 0 4 1,100,000 4 4 ,500,000 4 5 ,8 0 0 ,0 0 0 4 8 ,2 0 0 ,0 0 0
N o t e .— m e lo re g o in g n e a v y c re u u s
•*— ~ — ,
to th e N ew Y o rk R e se rv e B a n k fro m a ll p a rts of th e c o u n try , In th e o p e ra tio n of
th e F e d e ra l R e se rv e S y s te m ’s p a r c o llectio n sc h em e . T h e s e InrKe c rc d lt b a la n c e s ,
h o w ev er, sh o w n o th in g as to th e re su lts of th e R e se rv e B a n k s o p e r a t lo n s w ith t h e
C le a rin g H o u se I n s titu tio n s . T h e y re p re s e n t o n ly o n e sid e of t
1•
d ra w n o n th e R e se rv e B a n k Itself a re p re s e n te d d ire c tly to th e b a n k a n d n e v e r
go th ro u g h th e C le a rin g H o u se .

N o o n B u y in g R ate f o r C a b le T r a n s fe r s in N e w Y o r k .
V alu e i n U n ite d S ta te s M o n e y .
C o u n try a n d M o n e ta r y U n it.
M ay

EUROPE—

ustrla, krone__________
elglum, frano_________
lulgurla. lev___________
Izcchoelovakla, krono___
>enmark. krono-----------Ingland, pound..................
Inland, markka.................
'ranee, franc.................. -lemiany. reichsmark-----Irecco. drachma............ lolland, florin or guilder..
lungary, krone-----------taly, lira— ------ ---------ugoslavta. krone----------Norway, krone-------------’olaud, Polish mark...........
’ortugal. escuda-----------lumanla, leu----------------lerbla, dinar----------------Ipaln. peseta----------------Iweden. krona--------------Iwltzcrland, frano---------A S IA —

llilna, Chofoo tael.............
•• Hankow tael-----Shanghai tael-----•• Tientsin tael...........
•• Hong Kong dollar.
", Mexican dollar----•• Tientsin or Pelyaug
dollar------------" Yuan dollar-------ndla, rupee.............. .........
rapan. yen.................... ..
llngaporo, dollar.......... ..

6 . M ay

8 . M ay

9. M a y 10. M a y 1 1 . M a y 12.

s
$
s
S
S
$
.0C0124 .000124 .000123 .000123 .0 0 C120 .000117
.0834
.0831
.0830
.0829
.0837
.0829
.006783 .0008
.000783
000775 000817 .0068
.0193
.019211 .019114 .018908 .019078 .019353
.2130
.2129
.2130
.2129
.2126
.2123
4.4474
4.4440
1.4491
4.4422
4.4403
4.4397
.020813 .020838
.0209
.020903 .020875 .0208
.0914
.0914
.0911
.0910
.0909
.0910
.00341
.003341 .003460 .003499 .003452 .003453
.0421
.0421
.0423
.0449
.0449
.0435
.3854
.3840
.3865
.3843
.3837
.3839
.001299 .001279 .001289 .001282 .001269 .001279
.0532
.0530
.0526
.0535
.0530
.0530
.003075 .003004 .003097 .003009 .003054 .003042
.1804
.1873
.1802
.1870
.1805
.1878
.00025
.000248 .000250 .000251 .000249
.00025
.0787
.0787
.0793
.0802
.0792
.0800
.006909 .006953 .000959 .006959 .000953 .007022
.014729 .014671 .014771 .011686 .014021 .0140
.1554
.1155
.1555
.1554
.1553
.1553
.2503
.2502
.2575
.2584
.2573
.2575
.1929
.1930
.1929
.1932
.1929
.1931
.8007
.8007
.7721
.8117
.5070
.5600

.8125
.8125
.7730
.8175
.5070
.5018

.8083
.8083
.7739
.8142
.5087
.5620

.8150
.8150
.7780
.8208
.5695
.5650

.8100
.8100
.7780
.8150
.5703
.5670

.8183
.8183
.7811
.8233
.5707
.5655

.5750
.5675
.2821
.4731
.5042

.5790
.5090
.2834
.4728
.5058

.5707
.5683
.2855
.4728
.5050

.5858
.5708
.2887
.4733
.5075

.5850
.5750
.2881
.4729
.5117

.5817
.5725
.2800
.4720
.5092

.984153
.491875
.931875

.983833
.99775
.4918
.981563

.9851.39
.997875
.492031
.983125

.985993
.9930
.49365
.984141

.980764
.998375
.492969
.984088

.986764
.9985
. I'M'.)
.984688

.8218
.1388
.7956

.8214
.1394
.7953

.8215
.1373
.7962

.8213
.1300
.7987

.8215
.1379
.7974

.8210
.1377
.7977

N O R T H A M E R IC A —

Canada, dollar-------------luba, peso........................ .
Vloxlco. p e so .............. —
N ew foundland, d o lla r-----S O U T H A M E R IC A —

Argentina, peso (gold)----Brazil, mllrels.................
Uruguay, peso............ ..

As to South American exchange, the situation
remains about the same, with quotations fractionally
lower in most cases. The check rate on Argentina
finished at 30% and cable transfers at 36%, against
36% and 36%, with Brazil at 14 for checks and 14%
for cable transfers, the same as a week ago. Chilean
exchange was steady at 12%, against 11%, and Peru
at 3 73, the same as in the previous week.
Far Eastern exchange continues to move higher,
especially the Chinese currencies, which have been
affected by the war in China and consequent dis­
turbances to the silver market. Hong Kong fin­
ished at 57%@57%, against 56@57; Shanghai,
79%@80, against 77%@78; Yokohama, 47%@47%,
against 47%@47%; Manila, 49@49% (unchanged);
Singapore, ; 2@52%, against 51%@52; Bombay,




The following table indicates the amount of bullion in the principal European banks :
M a y 12 1921.

M a y 11 1922.
G o ld .
£

E n g la n d . .
F ra n ce a . .
G e rm a n y A lls .- H u n .
S p a in _____
I t a l y _____
N e th e rl’ds.
N a t . B e lg .
S w tlz erl’d .
Sw eden_
_
D e n m a rk .
N o r w a y .. .

128,887,939
143,155,835
4 9 ,9 5 1 ,5 8 0
10.944.000
1 0 0 ,8 8 6 ,0 0 0
3 4 .3 8 7 .0 0 0
5 0 .4 9 1 .0 0 0
1 0 .664.000
2 1 .8 3 3 .0 0 0
15.240.000
12.684.000
8 ,1 8 3 ,0 0 0

S lo v ir .

|

T o ta l.

£
. _____ 128,887,939
11,280.666:154,435,833
851,2001 50,8 0 2 ,7 8 0
2,369,000! 13,313,000
2 5 .5 7 0 ,0 0 0 1 2 6 ,4 5 0 ,0 0 0
3,041,0001 37,4 2 8 ,0 0 0
40 5 ,0 0 0 5 0 ,9 5 0 ,0 0 0
1,037,000' 12,301,000
4 ,3 0 0 ,0 0 0 26.1 3 3 ,0 0 0
15.240,000
23 1 ,6 6 6 12,915,000
________ | 8,1 8 3 ,0 0 0
£

G o ld .

|

£

128,383,247,
142,788,290
54,574,800,
10.944.000,
9 9.310.000,
32.892.000,
5 0 ,4 9 5 ,0 0 0
10,0 0 2 ,0 0 0 ’
21,741,000:
15,658,000!
12,043,000!
8.115,000,

S ilv e r .

T o ta l.

£

£

------------- 128,363,247
10,840,000 153,628,290
2 85,500 5 4 ,8 6 0 ,3 00
2 ,3 0 9 ,0 0 0 13.3 1 3 .0 00
2 4 ,2 4 3 ,0 0 0 1 23,561,000
3 ,0 0 0 ,0 0 0 3 5 .8 9 2 .0 0 0
1 ,101,000 5 1 .6 5 6 .000
1.4S7.000 12.1 4 9 .0 00
4 ,4 4 6 ,0 0 0 2 0 .1 9 0 .0 0 0
............... - 15.058.000
177,000 1 2 .8 2 0 .000
8 ,1 1 5 ,0 0 0
-------------

6 3 6 .2 0 5 ,837
7 4 4 2001)37,051,554^588,105,337 1
T o ta l w eek 587,3 0 7 ,3 5 4 4 9 .6 6 5 :7 0 0 0 3 6 :8 7 8 ,4 9 3 5 8 8 ,4 3 0 ,1841 4 8 ,0 1 0 ,5 0 0 0 3 5 ,9 0 7 ,0 3 4
49
4 7 ,4 7 1 ,4 5 0
P r e v . w eek 587,2 1 2 ,7 9 3

GOVERNMENTAL ECONOMIES EFFECTED BY
THE PRESIDENT UNDER THE
BUDGET SYSTEM.
There has been a great deal of muddled discussion
in Congress relative to savings effected by the inau­
guration of the budget system. These periodical de­
bates arise out of motives of pure partisanship and
not from any sincere desire either to understand
what is being done or to give the public the actual
facts. It is a sort of guerilla warfare—a method of
combat well known in the House of Representatives.
On February 9, Representative Byrns, veteran
Democrat of Tennessee, introduced a resolution call­
ing upon the President to explain in detail to Con­
gress the where, when, what and how of the alleged
savings reported to have been effected by him with
the Bureau of the Budget. The motive behind the
resolution was, of course, of a partisan nature. It
did not pass the House, and had no chance of even
being considered by a committee, but the President
took it in good faith. He asked General Dawes to
prepare a detailed report of economies effected in the
actual expenditure of public moneys since the estab­
lishment of the Bureau of the Budget last July. This

2064

THE CHRONICLE

[V ol. 114.

report was made public on May 8, and covers the billion that the application of business methodsfirst nine months of the fiscal year 1922. It contains could be made. The body of the report is devoted to
92 pages of tables and statements on folio size paper. showing in detail the actual economies effected un­
It must be clearly borne in mind that this report der the direction of the President by the Bureau of
has nothing to do with the budget for 1923. It deals the Budget. This amount is given as $250,135,000.
entirely with appropriations made by Congress be­ The element of indirect savings, due to centralized
fore the Bureau of the Budget came into existence, business control for the first time in our history, isbut which went into effect at the same time the Bu­ entirely omitted, since it cannot be calculated in dol­
reau had begun to be organized, that is to say, July 1 lars and cents. Yet there is no doubt that the psy­
1921. The savings mentioned in the report are econ­ chological influence of Executive pressure for econ­
omies effected by the President in the administration omy constantly exerted by the President—in person*
of these appropriations.
at business meetings of the Government, through his
But first let us ask—in order to clear the atmos­ Cabinet officers (for the first time put in the posi­
phere of fog—what is a saving of money by the Gov­ tion of business aides), and through the Director of
ernment ? This question is answered in the report of the Budget—has resulted in a saving of public
General Dawes for the first time in a public docu­ moneys greater in amount than the total sum re­
ment. Governmental savings must be judged by the ported. There has been developed in the Govern­
standards of private business. It is a matter of busi­ ment service an esprit de corps, a new loyalty to the
ness administration. Congress cannot save money President as the business head of the Government.
in this sense. Congress determines the policies upon The President is leading his administrative officers
which the Goverment must enter and Congress makes to put themselves in the place of the taxpayers. They
the appropriations of public money to carry them are now for the first time asking the question: How
out, but the President must execute these policies little of the public moneys under my control can I
and spend the money appropriated. The confusion spend to do the work required of me ?
in public discussion has heretofore resulted from
The basis of determining actual savings in the re­
a failure to distinguish clea-ly between the de­ port is a comparison with the business procedure of
termination of policy and the administration of previous years, that is, with the practice before the
policy.
adoption of the budget system. A saving is there­
Congress can refrain from determining upon a cer­ fore considered to be made where under the ordinary
tain policy, the which, if undertaken, would cost the practice certain money would be spent but which,
people a large sum of money, but that would not be under the budget practice, remains unexpended and
a saving. Congress can retrench upon or abandon yet the desired public service is rendered. It is a
policies previously enacted though still in force, but perfectly fair way by which to determine the econom­
that also would not be a saving in the business sense ic value of administration under the budget system.
of the word. Economies can only be effected by the On this basis the actual demonstrable savings for the
Executive branch of the Government, and that alone nine months were $250,135,000. As a matter of fact,
through the application of business methods of econ­ the total savings—including indirect economies due
omy and efficiency. It is possible to have an extrava­ to Executive pressure—were far in excess of that fig­
gant expenditure of public moneys from appropia- ure, possibly close to double the amount given. This
tions made by Congress no matter what policies Con­ is certainly a handsome justification of the Presi­
gress may retrench upon or reject, and no matter dent’s efforts.
what reductions of appropriations, as compared with
Let us take a simple specimen of the kind of sav­
previous years, are made. On the other hand, it is ing effected. Under ordinary Governmental prac­
possible to have economical expenditure of public tice, when a department desired to have supplies or
moneys with Congress entering upon new policies equipment moved from one building to another a con­
and expanding old ones. This rule does not apply, tract was made with a private transfer company.
of course, to policies involving the donation of money Many thousands of dollars were spent in this way.
from the public Treasury. No business saving is pos­ Now, under co-ordination, the Government does all
sible there. Nor does it apply to such fixed charges of its own moving. It uses Army trucks or other ve­
as the interest no the public debt.
hicles already in the possession of the Government
Going back to the figures of the report, it is shown which may be available at the moment. A co-ordina­
that the expenditures for the fiscal year 1922 will be tor for motor transport knows where all the trucks
$1,600,000,000 less than those for 1921. This amount are and requests for moving are made to him.
is not given as a “saving.” Most of it is due to the
As the budget machinery of the President is grad­
abandonment of war policies and the consequent re­ ually perfected, still closer economies no doubt will
trenchment by Congress. Whether this retrenchment be found feasible. When that stage is reached, com­
is too great or too little, whether it should have been petent critics think it will be demonstrated that the
done more rapidly or more slowly—these are poli­ business operations of the Government have been run
tical questions regarding which the President may in the past at a loss—in times of peace—of probably
recommend but which must be decided by Congress thirty-three cents on the dollar.
alone. It has nothing to do with business adminis­
tration, the only phase of the financial program
which comes within the purview of the Bureau of the PRIVATE PROPERTY THE KEYSTONE OF
Budget.
GOVERNMENT—ANARCHIC RUSSIA
THE PROOF.
General Dawes shows in this report that out of to­
tal estimated expenditures for 1922 of $3,922,372,000
It may startle some of those who entertain the po­
only $1,765,875,000 relate to the operating expenses litical belief that the Government of the United'
of the Government and are subject, therefore, to Ex­ States should exercise a major control over our in­
ecutive control. The rest, $2,156,497,000, constitute dustrial life to say that one of the chief obstacles, to­
fixed charges which must be paid as a matter of day, to a quickly reconciled world, is the negation
course. It is only to this amount of less than two and abolition of the rights of private ownership ini



May 13 1922.]

THE CHRONICLE

2065

property, an ownership that carries with it initiative, tended by no overthrow of Government, has been par­
operation, growth. Yet this is literally true. And tially countenanced by the Monarchy and Govern­
the proof is evidenced in Russia (one-sixth the land ment, and that this triumph in “part in management
surface of the globe, one hundred and eighty millions and control” is yet to be worked out to completion in
of people) Russia—and Soviet, Communistic, Rus­ that country. I s Italy driving toward Russia? Here
sia, at the Genoa Conference. The United States is the crux of the whole matter. This Soviet Repub­
cannot continue indefinitely to feed a starving peo­ lic, though it assume a collective or communistic
ple thousands of miles away. Despite all the Soviet ownership of physical properties, has proven incom­
leaders’ boldness and bombast, their so-called “gov­ petent to maintain them. The workman without
ernment” is only a rotting carcass, its faint, expiring tools can produce nothing. Since goods by the Soviet
life galvanized by the tyrannic power of a few men workman are the only possible form of taxes, there is
capable of mustering a military force and possess­ neither means nor power anywhere to pay a loan
ing a sort of fiendish ability to theorize in economics, once made. The granting of concessions and hun­
morals and trade. Europe cannot be rehabilitated dred-year leases to outsiders to come in and by in­
with this vast menacing shadow lowering upon its vestment develop native resources is an acknowledg­
eastern border—the shadow of a corrupt death. This ment (though a devious one) that private property
under private operation alone can maintain itself
is the terrible fact at the Genoa Conference.
We quote, now, from proceedings, published last and thus support the Government} the State, through
week at page 1961, a part of a resolution adopted by revenue derived from levies upon values and earn­
the Sub-Commission on Credits of the Economic ings. Destroy the private ownership of property,
and the private control in operation thereof, and the
Conference, as follows:
“ (1) The restoration of Europe depends largely State perishes and the people die. And we doubt not,
on conditions under which private credits can flow if the truth could be ascertained, that though the es­
from countries in a position to make loans to coun­ timated half a million communists are able to terror­
tries having need of outside help. Such loans should ize by the use of an army the peasantry of Russia and
be made from Government to Government only in ex­ force them to pay tribute, in actual fact private own­
ceptional cases. In order to determine the flow of ership in lands by individuals and small co-operative
private credits it is necessary that all countries put communities does at this day exist in the “prov­
their public finances and currency in order and that inces,” though without sanction of law.
How can great credits exist, and pass, by forms
countries seeking loans should offer sufficient guar­
the acumen of men has developed, from one people to
antees.” Note now that Soviet Russia refuses to re­
store private property of foreigners therein confis­ another, when there is no solid earth beneath a pro­
cated by this so-called Government, because, and ducer’s feet— and none because he owns no tools of
note the reason, it cannot and will not restore private trade, no lands and houses, no rights to the results of
property to its own citizens, that being in absolute his own toil, no opportunity to advance himself in
violation of the principle of communistic ownership operation of hand and machine or tool, no means by
upon which the present Government is founded. This which he can contribute to the general welfare, no se­
is the contention, whatever be the final concession curity under law and Government of the means to
and compromise. Also, the Soviet will not revive or sustain himself. This—though ostensibly professing
repay the foreign loans made in behalf of the Czarist to own all. And when there is no man, how can there
regime—on the ground that revolutions cancel all be a State? Can an empty sack stand? Can a fiction
debt obligations and are bound by no former con­ of Government levy taxes to pay loans upon a phantracts. But alongside this astounding declaration tasmic man who can earn nothing unless driven by a
comes the demand for a loan of 3,000,000,000 gold tyranny that is composed of Bolshevik bands of rob
rubles—some accounts put the sum at a much larger bers who own nothing and profess to want to own
figure! The enormity of the absurdity is patent to a nothing? No—Russia proves—that civilization, gov­
ernment, law and order, are impossible without
tyro.
Here is a Government, that, owning everything, recognition of the rights in and of private prop­
__ _________________
owns nothing. That, having laid its thievish hands erty !
upon the industrial enterprises of a people has oper­
HENRY P. DAVISON.
ated them only to their own destruction, first using
The career of Mr. Davison, too soon ended, leaves
the existing momentum of industrial plants, their
raw materials on hand at the time of violent seizure, further cumulative evidence of the stimulative fact
laying by nothing for upkeep and collectively devour­ that success comes not from heredity or easy condi­
ing all profits by those in actual possession, has sim­ tions, but from character, which makes its own way
ply worn down both machinery and men until wtyere and conforms circumstances rather than being
chaos does not exist, desolation and detritus stare pushed on by them. He was one more of the long line
from ruined walls and abandoned wheels. The pol­ of country-born youth who have come to New York,
icy of communistic ownership has resulted in nothing with a determination which obstacles could not
at all that is real, tangible and successful to own! daunt. His choice of a career was made early; he
If, then, the Government refuses to permit private would be in banking, and he would allow no second
property that might pledge itself to secure a loan, choice. After a few years in local banks in his own
and only possesses the power to destroy actual phys­ little native town and in Bridgeport, Conn., he
ical property which it seeks to operate, how can thought he saw his opening in the proposed organiz­
credits be granted to the Government or to the peo­ ing of the Astor Place Bank here, and he persistently
ple of Russia, and how can the restoration dependent sought a place as teller, until he won, after several
upon such loans come about without universal ac­ rebuffs, his recommendations being the character
knowledgment of the rights of private ownership in which shone through a personality that never in all
his life failed to make its unconscious impression.
property?
We read that the partial seizure of factories in His progress was rapid and steady. In five years
Italy and their operation by former workmen, at­ more, at 32, he became head of the Liberty National;




3066

THE

C H R O N IC L E

[V ol. 114.

from that connection he went to the vice-presidency
of the First National, and his next and final official THE NEXT GREAT PROBLEM, AFRICA AND
HER PEOPLE.
change was in joining the Morgan house, a little more
than thirteen years ago. The announcement of this
The distinguished French General Nivelle, in view
forthcoming change, made to him in the guise of a of the important service to France of the Sudanese
mere commonplace reminder, astonished him mo­ soldiers, and the great extension of French colonial
mentarily; but Mr. Morgan, always an unerring territory as the result of the war, has recently felt
judge of men, had been watching him, and knew that called upon to refer to the intimate knowledge lie
the time and the man had met.
gained of the people of Central Africa during his
Prior to 1900, Mr. Davison’s most marked achieve­ long service there as a young Lieutenant.
ments had been his organizing of the Bankers Trust,
He speaks of them as a numerous people of various
a company of bankers for bankers, and his singularly tribes not at all to be confounded with the negroes of
valuable services in helping to hold the finances the Coast or those with whom we are familiar. They
steady during the crisis of 1907. Since then he came are men of strong features in many shades of color,
most prominently into public view as head of the inhabiting rich and salubrious territory with ad­
American Bed Cross, the most Christlike work pos­ vanced agriculture and arts, dwelling in well-kept
sible on this unhappy earth. To that he gave himself communities and towns and possessed of a definite
completely for more than two years, and he proved and established civilization, with no lack of evidence
the man of all men for it, bringing to it a practical of their mental and moral ability. There is nothing
enthusiasm which never faltered, a businesslike effi­ about them to lead one to think that when their day
ciency, a directness of movement from means to comes they will not be able to take their place and
ends; this work took him several times to the front, contribute their part to the common humanity. They
and some of his friends think his unfortunate near­ give no impression of native inferiority to men of any
ness to an exploding shell gave a shock which may other race.
have been the start of his fatal disease.
From time to time through the long years of Amer­
The very crudest notion about banks is that they ican negro slavery men have appeared of a type en­
are unsafe, and for the keeping of one’s savings are
tirely superior to the ordinary slave. They have been
much inferior to old stockings, the edges of mat­
regarded as belonging to some interior people raided
tresses, and holes under floors; the next in crudity is
by the terrible Arab slavers and brought to the Coast
that a bank borrows, without interest, money to lend
to be sold with the poor wretches in whom they dealt.
out at interest, sometimes even to those who furnish
Once fastened in the bonds of slavery over here these
it; the next in crudity (and the one still too prevalent
men found small chance to be known for what they
in districts remote from centres) is that a banker is
just a money-lender, fattening upon the labors of the were, beyond the fact that they furnished the occa­
mass. This last is underneath the current and per­ sional instances of slaves whose features and ability
•
sistent misconception of Wall Street as a mere soul­ perplexed their owners.*
To-day, coincident with this testimony of General
less mart of money-changers and credit-sellers. The
truth is that while banking does handle credits Nivelle and the opening up of Central Africa which
against commodities and could not do its work oth­ the French are energetically undertaking witli rail­
erwise, that is only a small part of its services. It way and air-plane, attention is called to the rising
selects men for public opportunities, supplies the strength of a new spirit, not merely of unrest, but of
necessary underwriting for them, and not infre­ hostility, definite and aggressive, among the more
quently makes the opportunities by seeing them in intelligent American negroes, directed against exist­
vision. Reduced to one statement, the banker, more ing conditions, particularly in their relations to the
than all other men, is at once leader and pusher of State and to the whites.
There has always existed a small group of asser­
development, for he does not fill his place unless he
is constructive; insight, breadth of view, largeness tive negroes whom Booker Washington was never
of conception, and powers of action, are all in his able to bring to his point of view. This group was
composed mainly of college bred men of liberal cul­
proper equipment.
Measured by this standard, Mr. Davison was ture who Avere unwilling to compromise their intel­
among the leaders. He shared the international fi­ lectual integrity by surrendering the abstract claim
nancing in which his firm was the foremost partici­ of political rights. They could not tolerate the sug­
pant. His foresight was nearly unerring; his deci­ gestion of political inferiority Avhicli his program
sions were almost instantaneous; his influence was implied. Even his control of political patronage Avas
always on the side of justice, helpfulness and prog­ not sufficient to convert the more stubborn of these.
ress. He was among the first three or four men in The man Avith the theory ahvays has in abstract dis­
Aer
the banking field, and, to human judgment, he seems cussion the advantage Or the man Avith the thing.
to have been taken, not only at the height of liis pow­ Professor Kelly Miller of Howard University, com­
ers, but just when they were especially needed. He menting on this, says “this group has of late gained
knew Europe, he had faith, and he had vision. N oav the ascendency in dominating the thought and opin­
that the world is struggling to regain its feet in an ion of the race, but lias not been able in the least de­
after-war which in some respects is as dark and as gree to realize the rights and recognition so vehe­
difficult as even the term of active war, he would mently demanded.”
have brought to the arranging of the huge debts
* I t is a d istre ssin g fact th a t A byssinia, th e o n ly rem ain in g free n a tiv e
which are the core, or close to the core, of the situa­ S ta te in A frica, alm o st as la rg e as F ra n c e an d G erm an y com bined, an d th e
tion, the same traits that have marked his career. hom e of an a n c ie n t C h ris tia n c iv ilisa tio n , w ith n a tu ra l resources in u n lim ­
His deatli is a distinct and a grievous public loss, a ited q u a n tity , is fa s t relap sin g in to b a rb a rism sin ce th e deatli of th e ab le
E m p ero r M enelik. I t is th e on ly lan d w hich keeps aliv e th e slave tra d e,
loss to mankind, but it imposes on his surviving con­ ra id in g th e s u rro u n d in g co u n try in its su p p o rt, for w hich it is su p p lied w ith
temporaries the duty of more courage, more faith, arm s an d a m m u n itio n exclusively from A m erica— E n g lan d , F ra n c e an d Ita ly
more patience, and an ever growing and a steadily h av in g bound them selves n o t to do so. Of these, in a d d itio n to th o se now in
use, la rg e supplies a re rep o rted as w a itin g on th e coast fo r tra n sp o rt to th e
exalting manhood.
in te rio r. ..



May 13 1922.]

THE

This ju st now is the significant fact. When both
ends of the African Continent, Egypt and South
Africa, are a t the boiling point of political unrest,
and the W est Coast from Liberia as a centre is exten­
sively moved by active propaganda from America;
and Central Africa, with its limitless resources, ag­
ricultural and mineral, and its teeming population,
is being opened up and exploited, the twelve million
colored people in America Avith their two and a half
billion dollars worth of farm property, the G ,000
OO
homes they own, their banks, insurance companies,
new co-operative enterprises and more than 300 pciiodicals, are having preached to them with growing
seriousness a doctrine of hate by men of their own
blood educated a t H arvard and Yale. And this at a
time when 85 per cent of their number still live amid
the scenes of their former slavery at the South; and
in the N orthern cities, to which thousands of them
have come of late seeking better conditions of life,
they find themselves still compelled to live under re­
strictions, social and economic, which, if not actually
more burdensome, are often more obnoxious because
of the contrasts about them, than Avere those from
which they came.
Whatever, then, may be the policy which America
maintains Avith regard to keeping aloof from foreign
affairs, here is a relation where Ave are becoming the
centre of development and the source of propagation
of much of the new force Avliich, whether evolutionary
or revolutionary, is to go far in creating the new
world, and, Ave hope, the ucav humanity which is in
store. Surely in the convulsive movements which
are daily headlined in the papers none challenges at­
tention more worthily than this of the Negro, his
race and his continent.
There is much of this that Avould be neAV and inter­
esting, from the days of K ing Solomon’s mines to the
story of the African dynasty which conquered E g y p t
some three centuries before Christ and supplied the
gap in the line of K ings of Egypt, as recently learned
from the Harvard excavations in upper Egypt. For
it is Avritten: “When the history of Negroland comes
to be told in detail it may be found that there Avas the
home of the races Avho inspired, rather than received,
the traditions of civilization associated for us with
the name of ancient E gypt.”

B ut our immediate concern m ust be Avith the ne­
gro noA with us. A neA book from the press of Mac­
V
V
millan, “A Social H istory of the American Negro,”
by Benjamin Brawley, gives the history of “the prob­
lem which, though slavery has ceased to exist, is Avith
us to-day.” I t covers in particular the 19th century
and the current tAvo decades of the 20th, with its de­
velopment, its groAving definiteness, the heroism it
aroused in the Civil W ar, the many terrible experi­
ences that have since ensued, and Avitli all the great
advances th at have been made. I t claims to be a true
record, and certainly its account of “The Vale of
Tears,” “1890-1910,” must be kept in mind if A
ve
Avould rightly appreciate the unparalleled groAvth
and the outlook to-day.
The Civil W ar furnished the record on the ShaAV
monument in Boston, of the negro volunteers; “They
gave to the Nation Undying Proof that Americans of
African Descent Possess the Pride, Courage and De­
votion of the P atrio t Soldier. One Hundred and
Eighty Thousand Such Americans Enlisted under
the Union Flag in 18G3-1865.”
The daAvn of a ucav day came with the new century
in the appearance of a neA spirit and purpose in va­
V




3067

C H R O N IC L E

rious Southern Avhite public men and the co-opera­
tion of the Southern and the General Education
Boards Avith both the Peabody and the Slater Funds.
A new consciousness also aAvoke in the colored race,
of Avliich Booker Washington Avas a most effective
promoter. Disfranchisement, almost complete in the
South, finally failed in Maryland in 1911 and in A r­
kansas in 1912. In 1915 the disfranchising act in
Oklahoma Avas declared unconstitutional by the
United States Supreme Court and highest legal au­
thority Avas noAV available for the side of the Negro,
though for some years the course of the National
Government Avas unfriendly, and there Avas much in­
justice and violence. Meanwhile a strong migration
to the North set in, and some 750,000 negroes Avent
North Avithin the four years 1915-18, with inevitable
inconvenience and hardship and Avith results both
North and South by no means as yet adjusted.
Then came the Avar, in which nearly 400,000 ne­
groes enlisted, one-half of whom saAv service in E u ­
rope. Negro Avomen served as nurses, canteen Avorkers and in charge of hostess houses. Three hundred
and fifty men were Y. M. C. A. secretaries and G
O
Avere chaplains. The soldiers fought with valor, en­
tire regiments were cited for exceptional courage
and, Avith not a feAV individuals, made high record.
NotAvithstanding this they Avere exposed, the author
asserts, to a most flagrant and persistent defamation
both abroad and at home; in part, the author thinks,
from fear lest the Avar Avould change their social stat­
us when they should return home. He gives prom­
inence, however, to trivial incidents. For instance,
he finds cause for offense in the fact that they were
given no place in the great victory parade at Paris.
Accordingly, he thinks that the Avar and the inci­
dents connected Avith it have led to the Negro’s ques­
tioning more bitterly than ever the real disposition
of the Government toAvard him.
Meanwhile he gained in the Avar a neAV sympathy
with the problems of his brothers the world over.
They saw the Avhite Avorld tearing itself to pieces and
colored men everywhere stirred with undreamed-of
hopes. This may explain some of the antagonism
which is in evidence to-day. I t serves to call atten­
tion to the fact that the phrases “ the Avhite man’s
burden” and “ the lesser breeds without the law ” be­
long to a category no longer to be regarded as true.
The real leadership of the Avorld is not a matter of
race, nor of present attainment, but of principle and
of that superiority Avhich shall come alone of reli­
gion pure and undefiled revealed in men’s and na­
tion’s liA^es and conduct.

NESTORS FOR COUNSEL.
On Sunday last “Uncle Joe” Cannon reached the
ripe though not necessarily decrepit age of 86, and
on Monday the felicitations which Avere given him,
a year ago, Avere repeated in the House, mingled Avith
regret oat * his announced decision not to stand
ci
again for re-election. He has stood successfully
many times. He Avas not in the 42nd Congress, and
so Avas unable to join the 96 against the “bonus of
1873,” but he Avas among the 70 who stood out re­
cently against the Fordney bonus. He entered Con­
gress (the 43rd) in 1873; for reasons not im portant
now, he skipped the 52nd (1891-93) and also the 63rd
(1913-15), yet his record is of 23 terms and 46 years’
service, Ju stin S. M orrill of Vermont standing next
to him Avith only about tAvo months short of 44 years,
counting his time in both branches of Congress.

2068

THE

C H R O N IC L E

Other than these, the longest service seems to have
been in the Senate, where George F. Edmunds sat
from 18G6 to 1891, his fourth term being cut short by
death. Charles Sumner served from 1851 to his death
in 1872, but W illiam H. Seward served only two
terms. The record Senatorial term is still th at of
Thomas II. Benton, now almost gone.from memory,
who went in 1820 as Missouri’s first Senator, filled
five terms and was able to relate “My Thirty Years
in the U. S. Senate.” For some reason, the country’s
first half-century had quite brief service terms in
Congress, and it is possible the great weight of the
South in W ashington during several decades ending
in 18(50—a weight beyond the merely numerical—
came partly from the habit of sending back men who
had shown aptitude for political influence.
However this may be, one of our errors in the last
few decades may have been the failure to send back
to Congress men who have shown ability to see and
character to stand for wise national policies. The
young man conceives th at a course in politics is his
most direct way to get o n ; it is his right to think so,
and it is fair th at he have a trial, yet the param ount
right is th at of the people to the best service. When
the new man has settled into the routine and lias won
or tried to win his spurs, he may begin to see that to
strive for the general welfare is not only plain duty
but a better insurance of being sent back than any
bids for votes in campaign hustings. It is for the
people, in their turn, to recognize those who have
shown the right marks, instead of allowing the bosses
to pin on labels for November and then to follow
those labels, as m arionettes might do. I t is for the
people to select the instrum ents for their service,- in­
stead of letting themselves be made pawns on the
shuffle-board of partisan politics and personal tra d ­
ing. We blundered miserably with the Seventeenth
Amendment, whereby we lowered further the charac­
ter standard in the Senate. Now there is a call for
weeding out the faithless and sending a better type
for Congressmen; shall we meet that call six months
hence?
We should hold our Nestors to the last, and hold
also to those who show themselves Nestors in the
making. Our one Congresswoman, Miss Robertson of
Oklahoma—and the one woman in the British House
of Commons also—indicate to us th at we need not
worry overmuch about what women may do in gov­
erning and th at they can hardly do worse than men
have done. We might join Miss Robertson (who was
of the 90, not the 333, on March 23rd) in the wish
th at Mr. Cannon may consent to run again, after
resting two years. Why not? Why might he not
even revise his decision to retire now and renew
his old aim to come up with the distinguished
mark of Gladstone’s 53 years in the House of
Commons?
If one may use a colloquialism which has real
expressiveness, it is “up to” us, plainly and se­
riously.

CROP AND BUSINESS CONDITIONS IN CAN­
ADA—MOISTURE ADEQUATE IN
WESTERN CANADA.
Ottawa, Canada, Mai/ 12 1922.
W heat seeding throughout Saskatchewan and
p arts of A lberta and Manitoba is now general and
many districts have completed the process. The
writer, during a recent journey through W estern
Canada, found that moisture conditions were excel­




[V ol. 114.

lent; indeed, the best since 1903, especially in the
ordinarily arid belt of Alberta. Moisture indeed has
overdone its office, for some large districts have yet
much water over the low lands, but such areas are
drying up quickly. Seeding conditions have been
nearly ideal, taking the West as a whole, but strange
to say, farm labor is not very plentiful, although the
W estern m unicipalities have been supporting bread
lines through the w inter months. There are to-day
hundreds of idle workmen in W innipeg and other
centres who refuse to touch farm work except a t the
“six-dollar-a-day” rate to which they were accus­
tomed in the war years.
The P rairie W est of Canada stands badly in need
of an invigorating tonic. A big 1922 crop at nothing
better than 1921 prices would prove of small service.
'A few days ago Honorable C. M. Hamilton, M inister
of A griculture of Saskatchewan, declared th at care­
fully prepared statistics showed the average per cap­
ita loss of Saskatchewan farm ers in 1921 to be $1,885.
This meant, of course, th at m aturing loans and in­
terest payments were not met in thousands of in­
stances and the farm ing fraternity as a whole were
“carried” by banks, mortgage companies and retail
and wholesale merchants.
The most critical element in W estern agriculture
is the poor condition of live stock after a w inter’s
feeding on meagre rations. A very heavy loss of cat­
tle and horses has resulted. The ill luck of a late
spring and several snow storms cut down the live
stock inventory quite beyond anticipation. The late
spring losses were the worst. Hay advanced from
$14 ->0 last fall to $35 in April this year and was dif­
ficult to get at that.
In the E astern provinces of Canada, the situation
is much better. Adverse weather has not been such
a factor and stores of stock feed generally were am­
ple. Dealing with conditions throughout Quebec a
few days ago, a report of the Canadian M anufactur­
ers’ Association declares th at “business is in a
healthier condition than six months ago and a steady
improvement in all sections may be expected.”
C u rre n t

a n d IJ i& a ts s im is

WEEKLY RETURN OF FEDERAL RESERVE BA NILS.
Aggregate gains of $10,500,000 in gold reserves, accom­
panied by declines of $28,300,000 in earning assets, of $3,­
100,000 in deposit liabilities and of $14,300,000 in Federal
Reserve note circulation, are indicated in tho Federal Re­
serve Board’s weekly bank statement issued as at close of
business on May 10 1922, and which deals with the results
for the twelve Federal Reserve banks combined.
Gold holdings of tho Reserve banks for the first time aro
shown in excess of three billions, the gain since Jan. 1 of
the present year amounting to slightly ovor $130,000,000
and the gain for the past twelve months to about $642,­
000,000. Discounted bills on hand decreased by $34,800,­
000 and acceptances bought in open market by $1,800,000,
while Government securities show a further increase of
$8,300,000. As against an increase of $31,700,000 in mem­
ber bank deposits, Government deposits show a decrease
of $28,100,000 and other deposits, composed largely of
Cashier’s checks and non-members’ clearing accounts, a
decrease of $6,700,000. All Reserve banks, except those
at Cleveland and San Francisco, report smaller figures of
Federal Reserve note circulation than the week before.
The reserve ratio, in consequence of tho above changes,
shows a rise from 76.7 to 77.3%. After noting these facts
the Federal Reserve Board proceeds as follows:
A s t h e r e s u l t o f t h e l a r g e a c c e s s io n o f g o l d f r o m w i t h o u t a n d t h o i n t e r ­
b a n k m o v e m e n t, th e F e d e ra l R e s e rv e B a n k o f N e w Y o r k s h o w s a n In c re a s e
o f S 2 0 .3 0 0 .0 0 0 i n i t s g o l d r e s e r v e s . S a n F r a n c i s c o r e p o r t s a n i n c r e a s e o f
$ 7 ,2 0 0 ,0 0 0 . w h i l e s m a l l e r I n c r e a s e s a g g r e g a t i n g $ 3 , 0 0 0 ,0 0 0 a r e s h o w n f o r
A t l a n t a , U i c h m o i u l a n d D a l l a s . P h i l a d e l p h i a r e p o r t s th o l a r g e s t d e c r e a s e

May 13 1922.]

THE

i n g o ld r e s e r v e s f o r t h o w e e k , v i z . , $ 7 , 1 0 0 ,0 0 0 , w h i l e s m a l l e r d e c r e a s e s
t o t a l i n g $ 1 3 ,5 0 0 ,0 0 0 a r e s h o w n f o r t h o r e m a i n i n g r e s e r v o b a n k s . T h o
l a r g e s t i n c r e a s e in g o ld r e s e r v e s s in c e t h o b e g i n n i n g o f t h e p r e s e n t y e a r ,
v i z . , $ 6 3 ,7 0 0 ,0 0 0 , is s h o w n f o r A t l a n t a ; N e w Y o r k w i t h a n i n c r e a s e o f $ 4 8 ,­
8 0 0 ,0 0 0 a n d R i c h m o n d w i t h a n i n c r e a s e o f $ 2 3 ,7 0 0 ,0 0 0 f o llo w in g n e x t i n
o r d e r . B o s t o n r e p o r t s t h e l a r g e s t d e c r e a s e i n g o l d r e s e r v e s s in c e J a n . 1,
v i z . , b y a b o u t $ 5 3 ,0 0 0 ,0 0 0 , w h i l e s m a l l e r d e c r e a s e s , a g g r e g a t i n g $ 1 2 ,4 0 0 ,­
0 0 0 , a r e sh o w n fo r th e S t. L o u is a n d S a n F r a n c is c o b a n k s .
H o l d i n g s o f G o v e r n m e n t p a p e r s h o w a d e c li n e f o r t h o w e e k f r o m $ 1 9 0 ,­
5 0 0 ,0 0 0 t o $ 1 6 6 ,3 0 0 ,0 0 0 . O f t h e t o t a l h e l d , $ 1 3 8 ,7 0 0 ,0 0 0 , o r 8 3 . 4 % , w e r e
s e c u r e d b y L i b e r t y a n d U n i t e d S t a t e s b o n d s , $ 8 ,7 0 0 ,0 0 0 , o r 5 . 2 % , b y V ic ­
t o r y n o t e s , $ 1 2 ,4 0 0 ,0 0 0 , o r 7 . 5 % , b y T r e a s u r y n o t e s , a n d $ 6 ,5 0 0 ,0 0 0 , o r
3 . 9 % , b y T r e a s u r y c e r t i f i c a t e s , c o m p a r e d w i t h $ 1 5 0 ,9 0 0 ,0 0 0 , $ 8 ,7 0 0 ,0 0 0 ,
$ 1 8 ,5 0 0 ,0 0 0 a n d $ 1 2 ,3 0 0 ,0 0 0 r e p o r t e d t h o w e e k b e f o r e .

Tho statement in full in comparison with preceding weeks
and with tho corresponding date last year will be found on
subsequent pages, namely, pages 2093 and 2094. A sum­
mary of changes in the principal asset and liability items of
the Reserve banks, as compared with a week and a year
ago, follows:
In crea se

(+ )

o r D e c r e a s e (— ) .
S in c e

3 1922.
4 - $ ll,0 0 0 ,0 0 0
+ 1 0 ,5 0 0 ,0 0 0
— 2 8 ,3 0 0 ,0 0 0
— 3 4 ,8 0 0 ,0 0 0
— 2 4 ,2 0 0 ,0 0 0
— 1 0 ,6 0 0 ,0 0 0
— 1 ,8 0 0 ,0 0 0

M a y 11 1 9 2 1 .
+ $ 5 9 2 ,0 0 0 ,0 0 0
+ 6 4 1 ,7 0 0 ,0 0 0
- 1 ,1 8 1 , 5 0 0 , 0 0 0
- 1 ,5 6 0 ,8 0 0 ,0 0 0
— 7 5 1 ,4 0 0 ,0 0 0
— 8 0 9 ,4 0 0 ,0 0 0
+ 2 8 , 9 0 0 ,0 0 0

+ 8 , 3 0 0 ,0 0 0
— 4 ,4 0 0 ,0 0 0

+ 3 5 0 , 4 0 0 ,0 0 0
+ 2 3 5 , 3 0 0 ,0 0 0
— 1 5 6 ,3 0 0 ,0 0 0
+ 2 7 1 , 4 0 0 ,0 0 0
+ 1 5 5 ,8 0 0 ,0 0 0
+ 1 1 8 ,5 0 0 ,0 0 0
+ 3 0 , 6 0 0 ,0 0 0
+ 6 ,7 0 0 ,0 0 0
— 6 4 5 ,7 0 0 ,0 0 0
— 7 5 , 7 0 0 ,0 0 0

M ay

T o t a l r e s e r v e s ______________________________
G o l d r e s e r v e s _____________________________
T o t a l e a r n i n g a s s e t s . . : _____________________
D i s c o u n t e d b i l l s , t o t a l ___________________
S e c u r e d b y U . S . G o v e r n m e n t o b l i g ’n s
A l l o t h e r ________________________________
P u r c h a s e d b i l l s ____________________________
U n i t e d S t a t e s s e c u r i t i e s , t o t a l ___________
B o n d s a n d n o t e s ______________________
P i t t m a n c e r t i f i c a t e s __________________
O t h e r T r e a s u r y c e r t i f i c a t e s ___________
T o t a l d e p o s i t s ______________________________
M e m b e r s ’ r e s e r v e d e p o s i t s _______________
G o v e r n m e n t d e p o s i t s ____________________
O t h e r d e p o s i t s _____________________ ______
F e d e r a l R e s e r v e n o t e s in c i r c u l a t i o n . -----F . R . R a n k n o t e s in c i r c u l a t i o n , n e t l i a b i l .

— 1 .6 0 0 ,0 0 0

+ 1 4 ,2 0 0 ,0 0 0
— 3 ,1 0 0 ,0 0 0
+ 3 1 , 7 0 0 ,0 0 0
— 2 8 , 1 0 0 ,0 0 0
— 6 ,7 0 0 ,0 0 0
— 1 4 ,3 0 0 ,0 0 0
— 3 , 2 0 0 ,0 0 0

WEEKLY RETURN OF TILE MEMBER BA NKS OF
THE FEDERAL RESERVE SYSTEM.
Aggregate increases of $28,000,000 in corporate security
holdings and of $41,000,000 in loans supported by such
securities, also a further addition of $36,000,000 to the in­
vestment in Government securities, as against a total re­
duction of $19,000,000 in loans secured by Government
obligations and commercial loans proper, are shown in the
Federal Reserve Board’s weekly statement of condition on
M ay 3 of 800 member banks in leading cities. It should be
noted that the figures of these member banks are always
a week behind those for the Reserve banks themselves.
For member banks in New York City increases of $31,000,000
in corporate securities, of $26,000,000 in loans supported
by such securities and of $16,000,000 in United States
securities, as against a reduction of $38,000,000 in other
loans, are noted.
Government deposits of the reporting banks fell off about
$19,000,000, while other demand deposits (net) increased
by $92,000,000 and time deposits by $14,000,000. Total
borrowings from tho Reserve banks increased from $159,­
000,000 to $180,000,000, or from 1.1 to 1.2% of the report­
ing banks’ aggregate loans and investments. For member
banks in New York City an increaso from $8,000,000 to
$28,000,000 in total borrowings from the local Reserve bank
and from 0.2 to 0.6% in the ratio of these borrowings to
total loans and investments is shown.
Resorve balances, in keeping with the substantial increase
in doposit liabilities of tho reporting institutions, show an
increase of $28,000,000, of which $5,000,000 ropresonts the
increaso at the New York City banks. Cash in vault shows
a nominal decline. On a subsequent pago— that is, on page
2094—we givo the figures in full contained in this latest
weekly roturn of tho member banks of tho Reserve System.
In tho following is furnished a summary of tho changes in
tho principal items, as compared with a weok and a year ago:
Increase
April
L o a n s a n d d i s c o u n t s , t o t a l _________________
S e c u r e d b y U . S . G o v e r n m e n t o b l ig ’n s .
S e c u r e d b y s t o c k s a n d b o n d s ____________
In v e s tm e n ts .to ta l
...... .......................
U n i t e d S t a t e s b o n d s _____________________
U n i t e d S t a t e s T r o a s u r y n o t e s ----------------T r e a s u r y c e r t i f i c a t e s ...........................................
O t h e r s t o c k s a n d b o n d s _________________
R c s o rv o b a la n c e s w ith F e d e ra l R e s . b a n k s
C a s h In v a u l t ------------------------------------------------G o v e r n m e n t d e p o s i t s ______________________
N o t d e m a n d d e p o s i t s _________ ______ ______
T i m e d e p o s i t s . ----------------------------------------------T o ta l a c c o m m o d a tio n s a t F e d . R e s . b a n k s




or Decrease (—
Since
1922.
May 4 1 9 2 1 .

(+ )

2069

C H R O N IC L E

)

26
+ $ 2 2 , 0 0 0 ,0 0 0 — $ 1 ,3 8 5 ,0 0 0 ,0 0 0
— 8 ,0 0 0 ,0 0 0
— 3 9 8 ,0 0 0 ,0 0 0
+ 4 1 , 0 0 0 ,0 0 0
+ 2 8 7 , 0 0 0 ,0 0 0
— 11 n n n n n n .— i 9 7 a n o n n o n
+ 6 4 , 0 0 0 ,0 0 0
+ 5 9 8 ,0 0 0 ,0 0 0
+ 2 6 3 , 0 0 0 ,0 0 0
+ 3 0 , 0 0 0 ,0 0 0
— 1 0 0 ,0 0 0 ,0 0 0
+ 7 , 0 0 0 ,0 0 0
+ 1 1 ,0 0 0 ,0 0 0
+ 3 9 7 , 0 0 0 ,0 0 0
— 1 2 ,0 0 0 ,0 0 0
— 6 0 ,0 0 0 ,0 0 0
+ 2 8 , 0 0 0 ,0 0 0
+ 9 8 , 0 0 0 ,0 0 0
+ 9 2 , 0 0 0 ,0 0 0
+ 2 8 , 0 0 0 ,0 0 0
— 1 ,0 0 0 ,0 0 0
— 5 0 ,0 0 0 ,0 0 0
— 2 1 ,0 0 0 ,0 0 0
— 1 9 ,0 0 0 .0 0 0
+ 9 2 , 0 0 0 ,0 0 0
+ 5 5 4 ,0 0 0 ,0 0 0
+ 1 4 ,0 0 0 ,0 0 0
+ 2 5 7 , 0 0 0 ,0 0 0
+ 2 1 , 0 0 0 ,0 0 0 — 1 ,3 5 3 ,0 0 0 ,0 0 0

GREAT BRITAIN PAY S UNITED STATES $19,672,500
ON SILVER BOUGHT DURING WAR.
Tho following from Washington appeared in the New
York “Tribune” on April 16:
P a y m e n t o f $ 1 9 ,6 7 2 ,5 0 0 b y G r e a t B r i t a i n a s t h e s e c o n d i n s t a l l m e n t o n
t h o d o b t o f $ 1 2 2 ,0 0 0 ,0 0 0 c r e a t e d b y t h a t G o v e r n m e n t ’s p u r c h a s e o f s i l v e r
d u r in g th e w a r w a s r e p o r te d to th e T r e a s u r y to -d a y b y th o F e d e ra l R e s e rv e
B an k of N ew Y o rk .
*
T h e p a y m e n t c o n s i s t e d o f $ 1 8 ,3 0 0 ,0 0 0 o f p r i n c i p a l a n d $ 1 ,3 7 2 ,5 0 0 o f
i n t e r e s t . A f u r t h e r i n s t a l l m e n t o f $ 1 2 ,2 0 0 ,0 0 0 o n t h e d e b t is d u e M a y 15
w h i c h w ill c u t G r e a t B r i t a i n ’s d e b t in h a l f .
U n d e r th o a r r a n g e m e n t fo r p a y m e n t b y G r e a t B r i ta i n o n t h e s ilv e r p u r ­
c h a s e s t h e d e b t w ill b e l i q u i d a t e d in M a y 1 9 2 4 , t h e s e p a y m e n t s b e in g e n ­
t i r e l y a p a r t f r o m t h e $ 5 , 0 0 0 ,0 0 0 ,0 0 0 o f w a r l o a n s d u e t h o U n i t e d S t a t e s
fro m G r e a t B r ita in .

HOUSE PASSES RESOLUTION AUTHORIZING
$5,000,000 LOAN TO LIBERIA.
A loa,n by the United States of $5,000,000 to the Republic
of Liberia is authorized in a resolution passed by the House
on May 10. The resolution was adopted after the House
had defeated a motion to recommit it to the Ways and Means
Committee with instructions to report the resolution forth­
with with an amendment providing that no part of the amount
loaned should be used in paying the indebtedness of Liberia
incurred prior to Aug. 1 1914.
REPORTS OF JUGOSLAVIA LOAN.
On May 11 an Associated Press dispatch from Belgrade
stated:
J u g o s la v G o v e r n m e n t, i t w a s a n n o u n c e d to -d a y , h a s a c c e p te d th e c o n ­
d i t i o n s o f a n A m e r i c a n b a n k i n g s y n d i c a t e f o r a l o a n o f $ 1 0 0 ,0 0 0 ,0 0 0 a t 8 %
i n t e r e s t , i s s u e d a t 8 5 . T h e m o n e y w ill b e e x p e n d e d in t h e i m p r o v e m e n t o f
c o m m u n i c a t i o n s , i n c l u d i n g t h e c o n s t r u c t i o n o f a n e w lin o t o A d r i a t i c p o r t s .
T l i e l o a n is g u a r a n t e e d b y a c u s to m m o n o p o ly .

Reports of similar purport came earlier in the week in
press advices from Vienna and Paris. Moody’s Invest­
ment Service made public on the 12tli inst. the following:
T h o M in is te r o f F in a n c e o f th e K in g d o m o f J u g o -S la v ia h a s a u th o r iz e d
a n i n t e r n a l l o a n o f 1 , 0 0 0 ,0 0 0 ,0 0 0 d i n a r t o b e o f f e r e d f o r p u b l i c s u b s c r i p t i o n
s h o r t l y a c c o r d i n g t o i n f o r m a t i o n m a d o p u b l i c y e s t e r d a y b y t h e F o r e ig n
S t a t i s t i c a l D e p a r t m e n t o f M o o d y ’s I n v e s t m e n t S e r v ic e . T h e l o a n w ill b e a r
i n te r e s t a t t h e r a t e o f 514 % a n d t h e b o n d s a r e r e d e e m a b le a t a p r e m iu m o f
1 >4 % .
I n a d d i t i o n t h e r e w ill b o f o u r a n n u a l d r a w in g s , a n d b o n d s s o d r a w n
w ill b o e n t i t l e d t o p a r p l u s a p r e m i u m r a n g i n g u p t o 1 , 0 0 0 ,0 0 0 d i n a r .
H o ld ­
e r s o f A u s t r o - H u n g a r i a n p r e - w a r o b l ig a t io n s m a y u s e s u c h b o n d s in p a y m o n t fo r th e n e w lo a n , a t p a r . b u t o n ly u p to 2 0 % o f th e a m o u n t s u b s c r ib e d ,
t h o r e m a i n i n g 8 0 % t o b e p a i d in c a s h .

FORTHCOMING LOAN TO BOLIVIA.
• The “Journal of Commerce” yesterday (May 12) said:
A n is s u e o f $ 2 4 ,0 0 0 ,0 0 0 8 % t w e n t y - f i v o - y e a r b o n d s o f t h e R e p u b l i c o f
B o l lv a is e x p e c t e d t o b e b r o u g h t o u t h e r e e a r l y n e x t w e e k .
N e g o tia tio n s
h a v e b o o n u n d e r w a y fo r s o m e m o n th s , i t w ill b e r e c a lle d . T h e s y n d ic a te
m a n a g e rs a re e x p e c te d to m a k e a fo rm a l a n n o u n c e m e n t e ith e r to -m o rro w
or M onday.
_______

GERMANY PAYS FIRST INSTALLMENT UNDER REP­
ARATIONS TERMS OF MARCH 21.
It was announced on April 22 that the German Govern­
ment had on the previous day (April 21) paid the Allied
Reparations Commission the first monthly installment on
the new schedule of payments fixed by the Commission on
March 21 in pursuance to decisions of the Allied Finance
Ministers. The installment paid April 21 was 18,000,000 gold
marks and subsequent payments are to be 50,000,000 gold
marks monthly. The terms announced by the Reparations
Commission March 21 were referred to in our issue of March
25, page 1236.
_______________________
GERMANY'S REVENUE FROM TAXES IN 1921 90
BILLION MARKS.
Associated Press advices from Berlin April 28 sa id :
S p e a k in g a t a c o n fe re n c e o f S t a te F i n a n c e M in is te r s a t W u r z b u r g to -d a y ,
I m p e r ia l M in is te r o f A g r i c u l t u r e H e rm e s a n n o u n c e d t h a t G e r m a n y ’s r e v e n u e
fro m t a x e s ,, e tc ., in 1 9 2 1 a m o u n te d t o 9 0 ,0 0 0 ,0 0 0 ,0 0 0 m a r k s , a n e x c ess o f
3 4 ,0 0 0 ,0 0 0 ,0 0 0 o v e r t h e e s tim a te s .

RUSSIAN SOVIET SAID TO HAVE DECIDED TO DIS­
CONTINUE USE OF GOLD RUBLE AS UNIT.
Moscow press advices May 4 are authority for the follow­
ing:
T h e S o v ie t G o v e r n m e n t h a s d e c id e d , i t is a n n o u n c e d , t o r e f r a in in f u tu r e
f ro m u s in g t h e g o ld r u b le a s t h e c a lc u l a t i n g u n i t.

T h e d iff e re n c e i n e x ­

c h a n g e b e tw e e n p a p e r a n d g o ld h a s b e e n in c r e a s in g s o r a p i d l y t h a t f e a r s a r e
e x p re s s e d in f in a n c ia l c ir c le s t h a t t h e w h o le e x is t in g w a g e a n d p a y m e n t s y s ­
te m m ig h t h e s h a tt e r e d .
O n e p la n u n d e r c o n s id e r a tio n is t h a t o f a d e c re e d e te r m i n i n g a g o o d s i n ­
d e x a s th e c a lc u l a t i n g u n i t .
v a lu e of t h e g o o d s.

T h is in d e x w o u ld d e te r m in e t h e w a g e s a n d t h e

2070

THE

C H R O N IC L E

RUSSIA AUTHORIZES FREEDOM OF MERCANTILE
BUSINESS.
An Associated Press dispatch from Moscow May 7 sa y s:
C o m p le te fre e d o m of m e r c a n ti le b u s in e s s in R u s s ia h a s b e e n a u th o r iz e d b y
t h e C o u n c il o f C o m m is s a rs . T h e C o u n c il h a s iss u e d a d e c re e w h ic h m a k e s it
p o s s ib le t o o p e n s h o p s w i t h o u t p e r m its .
I t is n e c e s s a ry o n ly to r e g i s te r w ith t h e p o lic e , w h o m u s t c o n s e n t to t h e
o p e n in g o f a p la c e o f b u s in e s s im m e d ia te ly , e x c e p t in c a se o f w in e s h o p s , fo r
w h ic h s p e c ia l p e r m i ts w ill b e r e q u ir e d .

AMERICANS EXCEPTED FROM TERMS OF RECENT
FORCED LOAN IN GREECE.
The following advices wore published by the Department
of Commerce at Washington in “Commerce Reports” of
April 24:
A m e ric a n c itiz e n s in p o s s e s s io n o f G re e k c u r r e n c y a r e n o t in c lu d e d in t h e
te r m s o f t h e fo rc e d i n te r n a l lo a n la w f o r 1 ,6 0 0 ,0 0 0 ,0 0 0 d r a c h m a s e n a c te d by
t h e G re e k G o v e r n m e n t on A p r il 7 1 9 2 2 . A c a b le d i s p a t c h o f A p r il 11 fro m
A th e n s s ta t e s t h a t t h e G re e k G o v e r n m e n t r e q u e s ts t h a t , in o r d e r t h a t f r a u d
m ig h t b e a v o id e d , t h e L e g a tio n o f t h e U n i t e d S t a te s in G re e c e p a s s u p o n th e
a m o u n ts a n d d e s ig n a tio n s in t h e p o s s e s s io n o f e v e ry A m e ric a n in G r e e c e :
F i r s t , o f b a n k n o t e s ; se c o n d , o f b a n k d e p o s i t s ; a n d t h i r d , o f d e b ts o w ed by
G re e k s to A m e ric a n s a n d f a l l in g d u e w i t h in t h e n e x t t h r e e m o n th s .
The
G re e k G o v e r n m e n t w ill t h e n d e p o s it f u n d s e q u iv a le n t to th e t o t a l c a n c e le d
h a lv e s of b a n k n o te s in v o lv e d . T h e A m e ric a n C h a r g e d ’A ff a ir e s a t A th e n s is
a p p o in t i n g a c o m m iss io n , a n d s im il a r c o m m iss io n s w ill b e a p p o in te d in Sal o n ik i a n d P a t r a s to p r e p a r e l is ts o f a ll A m e ric a n s a n d t h e a m o u n ts c la im e d
in e a c h case. T h e G re e k G o v e r n m e n t h a s a ls o a r r a n g e d to te l e g r a p h i t s r e p ­
r e s e n t a t i v e in W a s h in g to n to a r r a n g e f o r t h e h a n d li n g o f G re e k b a n k n o te s
h e ld b y A m e ric a n c itiz e n s in A m e ric a .

On April 20, a press dispatch from Washington stated that
the Greek Government had ruled that debts owed American
citizens by Greeks which were contracted before April 7 and
payable within three months from that date were now pay­
able in “Stavros notes” by the Greek debtor, who must as­
sume any loss involved, according to a cablegram to the
Commerce Department from the American Legation at Ath­
ens. It was added:
T h e S ta v ro s n o te s , s o -c a lle d , a r e t h e h a lf o f t h e G re e k b a tik n o te s b e a r in g
t h e p i c t u r e o f S ta v ro s , t h e fo u n d e r o f th e N a t io n a l B a n k of G re e c e. B y th e
te r m s of t h e i n te r n a l lo a n la w o f A p r il 7 1 9 2 2 a ll G re e k b a n k n o te s a b o v e t h e
v a lu e o f 2 d r a c h m a e m u s t b e c u t in tw o , t h e S ta v ro s h a lf b e in g d e c la r e d le g a l
t e n d e r a t h a lf t h e v a lu e o f th e fo rm e r n o te , a n d th e o t h e r h a lf b e a r i n g th e
C ro w n b e in g c o n v e rte d i n to a b o n d , p a y a b le w i t h in 20 y e a r s a t 6 V £ % . T h e
G r e e k G o v e r n m e n t w ill b e a r a n y lo ss c o m in g in c a s e b a n k n o te s a n d b a n k
d e p o s its a r e t h e p r o p e r t y o f A m e ric a n c itiz e n s .

[V ol. 114.

OFFERING OF £9,000.001) UNITED STATES OF BRAZIL
COFFEE SECURITY LOAN.
While details of the offering of the £9,000,000 issue of
United States of Brazil 71j % coffee security loan were given
/
in these columns last week (page 1957), pressure of other
matter prevented our giving certain information, made pub­
lic by Dillon, Read & Co., summarized from the prospectus
prepared by its London associates in the offering, and which
we annex herewith:
P a y m e n t o f p r in c i p a l a m i i n te r e s t o f t h e lo a n is t h e d i r e c t o b l ig a t io n of
t h e G o v e r n m e n t o f t h e U n ite d S ta te s o f B r a z il a n d w ill b e s e c u r e d b y :
1. T h e g e n e ra l b o n d o f t h e G o v e rn m e n t.
_
2. T h e f i r s t h y p o th e c a tio n o n a b o u t 4 ,5 3 5 ,0 0 0 b a g s o f c o ffe e , b e in g t h e
w h o le o f t h e G o v e r n m e n t’s s to c k o f c o ffe e , t h e m a r k e t v a lu e o f w h ic h , o n t h e
b a s is o f p r ic e s n o w c u r r e n t, h a s b e e n c e r t if i e d b y t h e B r a z ilia n W a r r a n t
C o m p a n y , L t d ., to e x c ee d £ 1 3 ,0 0 0 ,0 0 0 . T h e w a r r a n t s fo r t h is co ffe e w h ic h
is w a re h o u s e d in S a n to s , R io , V ic to r ia , N ew Y o rk a n d L o n d o n a n d th e i n s u r ­
a n c e p o lic ie s c o v e rin g t h e s a m e , w ill b e d e p o s ite d w i t h t h e b a n k e rs is s u in g
t h is lo a n o r w ith t h e i r a g e n ts a b r o a d u n t i l t h e c o ffe e is s o ld a s m e n tio n e d
b e lo w .
3. T h e u n d e r t a k in g o f t h e G o v e r n m e n t a lw a y s t o m a i n t a i n in t h e h a n d s
o f th e b a n k e r s a q u a n t i t y o f c o ffe e t h e v a lu e o f w h ic h a t 8 0 % o f i t s c u r r e n t
p r ic e , to g e t h e r w i t h t h e m a r k e t v a lu e o f a n y o t h e r s e c u r i ty in t h e h a n d s o f
tiie b a n k e rs , s h a ll b e e q u a l in t h e a g g r e g a te to t h e p a r a m o u n t o f t h e b o n d s
o u t s t a n d in g , to g e t h e r w ith o n e y e a r ’s i n te r e s t o n su c h b o n d s.
In o r d e r to c o n tr o l th e s a le s o f t h e c o ffe e t h e B r a z ilia n G o v e r n m e n t h a s
c o n s ti tu t e d a c o m m itte e d o m ic ile d in L o n d o n c o n s is tin g o f fiv e m e m b e rs , o n e
r e p r e s e n ti n g th e G o v e r n m e n t, o n e r e p r e s e n ti n g th e B r a z ilia n W a r r a n t C o m ­
p a n y , L td ., a n d th r e e r e p r e s e n ti n g t h e b a n k e rs . T h e c o m m itte e is e m p o w ­
e re d to s e ll in e v e ry y e a r a t l e a s t 4 5 3 ,5 0 0 b a g s o f t h e c o ffe e , o u t o f t h e p r o ­
c e e d s o f w h ic h t h e r e d e m p tio n o f th e b o n d s w ill b e p r o v id e d . T h e c o m m itte e
is a lso e m p o w e re d to s e ll in e v e ry y e a r f u r t h e r c o ffe e s u f f i c i e n t to p r o v id e
th e s u m s n e c e s s a ry to p a y on e y e a r ’s i n te r e s t o n t h e b o n d s o u t s t a n d in g a n d
w a re h o u s e , in s u r a n c e a n d o t h e r e x p e n se s in c o n n e c tio n w ith t h e c o ffe e w a r e ­
h o u s e d e ls e w h e r e t h a n in B r a z il, a n d a ll s u m s p a y a b le b y o r d u e to t h e c o m ­
m it te e . T h e G o v e r n m e n t h a s u n d e r ta k e n to p a y o u t o f its o w n r e s o u rc e s t h e
w a re h o u s e a n d in s u r a n c e c h a rg e s o n tiie c o ffe e w a re h o u s e d in B r a z il.
T h e p ro c e e d s o f t h e s a le s w ill b e p a id o v e r to th e b a n k e r s a n d t h e b a la n c e
a f t e r p r o v id in g fo r t h e a b o v e -m e n tio n e d c h a rg e s , w ill fo rm a fu n d f o r t h e u l t i ­
m a te r e d e m p tio n of t h e b o n d s a n d w ill b e te m p o r a r i ly in v e s te d in B r i ti s h G o v ­
e r n m e n t s e c u r itie s o r in b o n d s o f t h is lo a n , o r w ith th e u n a n im o u s a p p ro v a l
of t h e c o m m itte e , in t h e p u r c h a s e o f c o ffe e . I f, h o w e v e r, a t a n y t im e th e r e
is in t h e h a n d s o f t h e b a n k e rs a su m s u f f i c i e n t in t h e i r o p in io n t o re d e e m th e
o u t s t a n d in g b o n d s a n d i n te r e s t to b e c o m e d u e th e r e o n , t h e p ro c e e d s o f t h e
f u r t h e r s a le s o f t h e c o ffe e w ill b e p a id to t h e G o v e r n m e n t. T h e G o v e rn m e n t
lia s u n d e r ta k e n t h a t t h e fre e e x p o r t of t h e c o ffe e f o r m in g p a r t o f th e s e c u r ­
i ty o r th e lo a n s h a ll n o t b e h in d e r e d .
.

U. S. OF BRAZIL EXTERNAL GOVERNMENT STERLING
LOAN OF 1913.
P. IV. Chapman & Co., Inc., of New York and Chicago call
GREECE—METHOD OF PAYMENT OF CUSTOMS DU­ attention to the desirability, as an investment, of the 5%
United States of Brazil external Government Sterling Loan
TIES ASSESSED IN GOLD.
The following cablegram from Commercial Attache Paul of 1913. The firm states:
T h e lo a n o f 1 9 1 3 w a s £ 1 1 ,0 0 0 ,0 0 0 , a n d w a s iss u e d to p ro v id o f u n d s f o r th e
L. Edwards, Athens, under date of March 31, was reported w o rk s a n d im p r o v e m e n ts o f th e p o r ts a n d r a ilr o a d s in B ra z il.
T h e b o n d s a r e a d i r e c t a n d g e n e ra l o b lig a tio n o f t h e U n ite d S t a te s o f B ra z il
by the Department of Commerce at Washington:
T h e M in is te r of F i n a n c e h a s s u b m i tt e d to t h e G re e k L e g is la tu r e a law
w h ic h p ro v id e s t h a t d u t ie s a sse sse d in g o ld s h a ll b e c o lle c te d in p a p e r a t th e
d a il y r a t e o f e x c h a n g e a s f ix e d b y th e c o n s o rtiu m ( a t p r e s e n t, 4 p a p e r
d r a c h m a s t o 1 g o ld d r a c h m a ) .
A f u r t h e r a m e n d m e n t b y t h e M in is te r of
F i n a n c e p ro v id e s t h a t t h is la w s h a ll b e m a d e r e t r o a c t iv e f ro m J a n . 14 1 9 2 2
on g o o d s n o t c le a r e d a n d s o ld p r io r t h e r e to .
W h e a t, w h e a t f lo u r a n d p e tr o le u m a r e n o t s u b je c t to t h e n e w c u s to m s d u ­
tie s , b u t w ill c o n tin u e to b e c o lle c te d in p a p e r c u r r e n c y a t t h e r a t e o f 1 .4 5
p a p e r d r a c h m a s t o o n e g o ld d r a c h m a .

a n d i ts f u ll f a i t h a n d c r e d i t a r e p le d g e d to w a r d t h e p a y m e n t o f b o t h i n te r e s t
a n d p r in c i p a l .
T h e r e is n o m a t u r i t y d a te o n t h e b o n d s , b u t a c u m u l a ti v e s in k i n g fu n d o f
1 % p e r a n n u m h a s b e e n p r o v id e d to r e t i r e th e b o n d s e a c h s ix m o n th s , b e g in ­
n in g A u g . 1 1 9 2 7 a t n o t o v e r p a r a n d i n te r e s t.
•
S e llin g a t 6 0 a t t h e p r e s e n t r a t e o f e x c h a n g e , th e s e b o n d s y ie ld a n a n n u a l
r e t u r n on t h e in v e s tm e n t of o v e r 7 .3 5 % . T h e b o n d s a r e r e d e e m a b le a t p a r
a n d in te r e s t, t h e r e fo r e th e h o ld e r o f a b o n d w o u ld r e c e iv e , a t p a r o f e x ­
c h a n g e , $ 9 7 2 f o r e v e ry £ 2 0 0 b o n d , fo r w h ic h h e h a d p a id $ 6 0 0 , in a d d itio n
to th e a n n u a l r e t u r n t h a t h e h a s o n h is m o n ey . A t th e p a r o f e x c h a n g e th e s e
b o n d s w ill s h o w a n a n n u a l r e t u r n o n t h e m o n e y o f o v e r 8 % a t 6 0 .
W e feel t h a t s te r li n g e x c h a n g e h a s n o w re a c h e d t h e p la c e w h e re t h e s p e c u ­
la tiv e e le m e n t is e n ti r e l y re m o v e d , a n d c a n s tr o n g ly re c o m m e n d th e s e b o n d s
a s a m o st a t t r a c t i v e a n d c o n s e r v a tiv e in v e s tm e n t.

RUMANIA'S REGULATIONS FOR PAYMENT OF CER­
TAIN EXPORT DUTIES IN GOLD.
The bonds are in denomination of £100.
From Trade Commissioner L. E. Van Norman, Bucharest.
March 18, the Department of Commerce at Washington an­
DOMINICAN REPUBLIC BONDS OF 1921 CALLED FOR
nounced the follow ing:
B y a d e c is io n of th e R u m a n ia n C o u n c il o f M in is te r s M a rc h 1 6 , e x p o rt
REDEMPTION.
t a x e s o n c e re a ls a n d b y - p r o d u c ts , v e g e ta b le p r o d u c ts , o il p r o d u c ts , a n d lu m ­
The Equiatble Trust Co., as fiscal agent, announces that
b e r m u s t b e p a id in g o ld o r in f o re ig n d r a f t s o n t h e c o u n tr ie s to w h ic h tiie
the four-year 8% customs administration sinking fund bonds
g o o d s a r e b e in g e x p o rte d , e ff e c tiv e A p r il 1. I n t h e c a se o f th o s e c o u n tr ie s ,
h o w e v e r, in w h ic h R u m a n ia n le i a r e q u o te d a t a p r e m iu m ( G e r m a n y , A u s ­ of 1921 of the Dominican Republic have been called for re­
t r i a , P o la n d , H u n g a r y , R u s s ia a n d B u l g a r i a ) e x p o r t ta x e s a r e p a y a b le in lei.
demption on June 1 next at 105 and accrued interest. Pay­
ment will be made at the trust company upon presentation
AMERIC AN-SLOVAK BANKi, PRESSBURG (CZECUO- of bonds and interim certificates.
SLOVAKIA) COMPLETES FIRST SUC­
CESSFUL YEAR.
The American-Slavok Bank, Pressburg (Czechoslovakia),
which was incorporated a little over a year ago, for the pur­
pose of fostering trade between America and Czechoslovakia,
ended its first year of business on Dec. 31 1921 with a net
profit of Kc 2,537,608. A dividend of 8%, equivalent to Kc 10
per share, was declared on the capital stock. After adding
Kc 250,000 to the reserve fund and upon payment of a Direc­
tors’ Bonus, there was left a surplus of Kc 110,227. Total
reserves of the bank at the end of the year aggregated Kc
12,500,000. Information to this effect comes to us from the
foreign statistical department of Moody’s Investment Ser­
vice.




GOVERNOR HARDING OF FEDERAL RESERVE BOARD
ON USE OF BANKERS’*ACCEPTANCES IN DE­
VELOPMENT OF INTERNATIONAL TRADE.
The use of bankers’ acceptances in financing international
trade was dealt with by W. P. G. Harding, Governor of the
Federal Reserve Board, in an address at the spring meeting
of the American Acceptance Council, held at the Metropoli­
tan Club, this city, on May 5. Governor Harding declared
that “the volume of prime bankers’ acceptances, whether
drawn in dollars or in sterling, or in any other currency, is
directly related to the volume of the world’s trade, which in
turn is affected by financial and economic conditions.” It
follows, therefore, he added, “that anything that can be done

May 13 1922.]

THE

C H R O N IC L E

properly to improve and stabilize these conditions abroad,
will have an important bearing upon domestic commerce and
industry.” Governor Harding referred to the fact that “a
large part, probably 40%, of the world’s gold stock is held in
this country, and much interest naturally attaches every­
where to any question as to how the banking resources of
the country can be utilized, without detriment to domestic
interests, in bringing about a gradual restoration of more
normal conditions abroad.” Governor Harding, in pointing
out that “the essential principle of the Federal Reserve Act
is liquidity” and that the Federal Reserve banks “are not
permitted to invest in long term securities except notes and
bonds of the Government of the United States, nor are they
authorized to invest in obligations of foreign Governments, ’
observed that “it may well be, however, that the Federal Re­
serve System can render effective aid to foreign countries by
maintaining a strong banking position.” He argued that
“the marketing of foreign issues in this country is effected
far more readily in the present circumstances when the po­
sition of the Federal Reserve banks is strong, than was the
case two years ago, when the situation was the reverse.” I
have no doubt,” continued Governor Harding, “that the fi­
nancial interests of this country recognize the great benefits
which would accrue to American agriculture, commerce and
industry from the economic and political stabilization of the
world, but the destinies of nations are, after all, in their ovvn
hands.” Governor Harding also had something to say re­
specting the recent regulation issued by the Board ( m o ­
tioned in our issue of April 1, page 1358) under which the
responsibility for passing upon the eligibility of bankers ac­
ceptances offered for rediscount or purchase rests upon the
Federal Reserve banks themselves, and in stating that the
Board had reached the conclusion that detailed regulations
are no longer necessary, he said that it was felt that “the
promotion of foreign trade, with the resulting benefits to
those agricultural and commercial interests which are so
largely dependent upon foreign markets can best be effected
at the present time by substituting plain and simple regula­
tions applicable to acceptances in export and import trans­
actions, in place of those hitherto in effect.” The following
is Governor Harding’s address:
T h e b a n k e r s ' a c c e p ta n c e , lo n g re c o g n iz e d a b r o a d a s e s s e n tia l in f in a n c in g
i n t e r n a t i o n a l t r a d e , is a c o m p a r a tiv e ly n e w i n s t r u m e n t in A m e ric a .
P r i o r to t h e p a s sa g e of th e F e d e ra l R e s e rv e A c t, l a t e in D e c e m b e r 1 9 1 3
n a ti o n a l b a n k s w e re n o t a u th o r iz e d to a c c e p t b i ll s o f e x c h a n g e , a n d a lth o u g h
c e r t a i n 's t a t e s h a d fo r som e y e a rs a u th o r iz e d b a n k s o p e r a t in g u n d e r a S t a te
c h a r t e r to a c c e p t, th e p r iv ile g e w a s n o t a v a ile d o f t o a n y g r e a t e x te n t a n d
a c c e p ta n c e s of d o m e s tic b a n k s w e re , th e r e fo r e , a m in o r f a c t o r in b a n k in g in
t h T h e " F e d e r a f R e se rv e A c t, a s o r ig i n a ll y e n a c te d , a u th o r iz e d m e m b e r b a n k s
to a c c e p t b i ll s of e x c h a n g e g r o w in g o u t o f t r a n s a c t i o n s in v o lv in g th e im p o r
t a t i o n a n d e x p o r ta tio n of go o d s. A f t e r th e p u b l ic a ti o n o f t h e B o a rd s f i r s t
S a t S
o n 't h e s u b je c t ( R e g u la tio n D o f 1 9 1 5 ) , t h e r e b e g a n in t h is c o u n ­
t r y a g r a d u a l d e v e lo p m e n t of t h i s p h a s e o f b a n k in g
T h e f i r s t p u r c h a s e of b a n k e rs a c c e p ta n c e s m a d e b y a F e d e r a l R e s e rv e b a n k
w a s m a d e o n F e b . 19 191 5 a n d p u r c h a s e s d u r in g th e r e m a in d e r o f t h a t y e a r
a v e ra g e d a b o u t 9 5 ,0 0 0 ,0 0 0 m o n th ly u n t i l D e c e m b e r, w h e n t h e v o lu m e i n ­
c re a s e d m o re r a p i d l y , p u r c h a s e s d u r in g t h e m o n th o f D e c e m b e r 1 9 1 6 r e a c h in g
a t o t a l of n e a rly $ 6 7 ,0 0 0 ,0 0 0 .
A n e v id e n c e of th e slow g r o w th o f t h e a c c e p ta n c e b u s in e s s i n t h e b e g in n in g
is t o b e f o u n d in t h e f a c t t h a t o n S e p t. 2 1 9 1 5 , w h e n t h e l i a b i l i t y o f m e m b e r
b a n k s o n a c c e p ta n c e s o u t s t a n d in g w a s f i r s t sh o w n s e p a r a te ly in t h e a b s tr a c t s
of c o n d itio n r e p o r ts of m e m b e r b a n k s b y t h e C o m p tr o lle r o f t h e C u r r e n c y ,
t h e a g g r e g a te a c c e p ta n c e l ia b i li ty o f a ll m e m b e r b a n k s w a s o n ly $ 1 3 ,0 8 5 ,0 0 0 .
T h e in c r e a s e in t h e a c c e p ta n c e l i a b i l i t y o f m e m b e r b a n k s w a s p r a c t ic a l ly c o n ­
tin u o u s f ro m t h a t d a te u n t i l M ay 4 1 9 2 0 , w h e n $ 0 7 3 ,8 5 2 ,0 0 0 , t h e m a x im u m
a c c e p ta n c e l i a b i l i t y of m e m b e r b a n k s , w a s r e p o r te d .
T h e A c t o f S e p t. 7
1 9 1 6 a u th o r iz e d m e m b e r b a n k s , u n d e r c e r t a in c o n d itio n s , t o a c c e p t b i ll s of
e x c h a n g e g r o w in g o u t of t r a n s a c tio n s in v o lv in g t h e d o m e s tic s h ip m e n t of
g o o d s, a n d t h is a m e n d m e n t to th e o r ig in a l la w a c c o u n ts f o r a p a r t o f t h e i n ­
c re a s e in t h e a c c e p ta n c e l ia b i li ti e s o f m e m b e r b a n k s .
S in c e M ay 1 9 2 0 th e r e h a s b e e n a g r a d u a l d e c lin e a n d o n M a rc h 1 0 192 2
t h e a c c e p ta n c e l i a b i l i t y of a ll m e m b e r b a n k s w a s $ 2 9 6 ,1 9 9 ,0 0 0 . T h is d e ­
c lin e is, o f c o u rs e , c o in c id e n t w ith t h e g e n e ra l d e c lin e in t h e p r ic e le v e l a n d
in t h e f o re ig n t r a d e of th e U n ite d S ta te s . I t is n o te w o r th y , h o w e v e r, t h a t
t h e p e a k , b o th in th e v o lu m e o f b a n k e r s ’ a c c e p ta n c e s p u r c h a s e d m o n th ly b y
th e F e d e r a l R e s e rv e b a n k s a n d in t h e v o lu m e o f t h e i r h o ld in g s , c a m e s o m e ­
w h a t e a r l ie r , t h a t is, in D e c e m b e r 1 9 1 9 , w i t h $ 3 9 5 ,6 2 7 ,0 0 0 p u r c h a s e d d u r in g
t h e m o n th a n d $ 5 6 6 ,3 6 9 ,0 0 0 o n h a n d o n t h e l a s t d a y o f t h e m o n th . T h is d e ­
c re a s e in t h e r e l a ti v e a m o u n t o f a c c e p ta n c e s f in d i n g t h e i r w a y to t h e F e d e ra l
R e s e rv e b a n k s is n o d o u b t a c o n s e q u e n c e o f t h e b r o a d e n in g m a r k e t f o r su c h
p a p e r a m o n g b a n k s , in s u r a n c e c o m p a n ie s a n d o t h e r in v e s to rs . T h e s m a lle s t
a m o u n t of a c c e p ta n c e s p u r c h a s e d b y th e F e d e ra l R e s e rv e b a n k s in a n y m o n th
s in c e t h e p e a k in D e c e m b e r 1 9 1 9 W as $ 4 6 ,6 7 0 ,0 0 0 in J u l y 1 9 2 1 . A t t h e en d
o f t h a t m o n th t h e a g g r e g a te h o ld in g s o f t h e b a n k s a ls o r e a c h e d t h e i r lo w e s t
m o n th - e n d le v e l ( $ 1 7 ,9 7 7 ,0 0 0 ) s in c e t h e p e a k in D e c e m b e r 1 9 1 9 .
C o in c id e n t w ith th e g r o w th in t h e v o lu m e o f a c c e p ta n c e s o f m e m b e r b a n k s
o u s ta n d in g , t h e r e h a s b e e n a p a r a lle l d e v e lo p m e n t o n t h e p a r t o f n o n -m e m b e r
b a n k s a n d b a n k e rs . N o r e l i a b l e d a ta a r e a v a ila b le r e g a r d in g th e v o lu m e of
a c c e p ta n c e s of n o n -m e m b e r b a n k s o u t s t a n d in g , b u t a n e s ti m a t e m a y b e m a d e
fro m th e v o lu m e o f s u c h a c c e p ta n c e s p u r c h a s e d a n d h e ld b y F e d e r a l R e s e rv e
b a n k s , w h ic h r e a c h e d a m a x im u m o f $ 1 2 0 ,8 7 1 ,0 0 0 a t t h e e n d o f D e c e m b e r
1 0 1 9 a n d s to o d a t $ 2 2 ,4 5 2 ,0 0 0 a t th e e n d o f M a rc h 1 9 2 2 . I t is e s tim a te d
t h a t t h e t o ta l a m o u n t of b a n k e r s ’ a c c e p ta n c e s o u t s t a n d in g , o f b o th m e m b e r
a n d n o n - m e m b e r b a n k s , re a c h e d i t s m a x im u m a t a b o u t $ 1 ,0 0 0 ,0 0 0 ,0 0 0 in
D e c e m b e r 1 9 1 9 . T h e a m o u n t o u t s t a n d in g a t th e e n d o f 1 9 2 1 h a s b e e n e s ti ­
m a te d a t a b o u t $ 6 0 0 , 0 0 0 , 0 0 0 , w h ile t h e a m o u n t a t th e p r e s e n t t im e is d o u b t­
less s o m e w h a t less.




3 0 71

I t is o f i n te r e s t a ls o to n o te t h a t t h e a v e ra g e m a t u r i t y of a c c e p ta n c e s p u r ­
c h a s e d b y t h e F e d e r a l R e s e rv e b a n k s h a s d e c lin e d fro m 5 5 5 d a y s m J a n u a r y
1 9 1 9 , w h e n t h e a v e ra g e m a t u r i t y w a s f i r s t c a lc u la te d , t o 3 3 .9 d a y s m M a rc h
1 9 2 2 , a l t h o u g h t h r o u g h o u t t h e g r e a t e r p a r t o f 1 9 2 1 t h i s a v e ra g e w a s a r o u n d
2 5 d a y s. T h is s h o r t e r m a t u r i t y in r e c e n t m o n th s is d o u b tle s s a n i n d ic a ti o n
o f t h e e x te n t t o w h ic h a c c e p ta n c e s h a v e b e e n ta k e n fro m i n v e s tm e n t h o u se s
a n d b i ll b r o k e r s u n d e r 1 5 -d a y r e p u r c h a s e a g re e m e n ts r a t h e r t h a n o f a s h o r t e r
a c tu a l m a t u r i t y o f t h e a c c e p ta n c e s th e m s e lv e s .
. . . .
R a te s c h a r g e d b y F e d e r a l R e s e rv e b a n k s o n a c c e p ta n c e s p u r c h a s e d i n t h e
o p e n m a r k e t h a v e b e e n a t o r s li g h tl y a b o v e th e p r e v a i li n g m a r k e t r a t e , a n d
h a v e u s u a ll y b e e n lo w e r t h a n th e a v e ra g e r a t e o n p a p e r r e d is c o u n te d f o r m e m ­
b e r b a n k s . R a te s of e a r n in g s o f F e d e ra l R e s e rv e b a n k s o n a c c e p ta n c e s p u r ­
c h a s e d w e re 2 .3 6 % in 1 9 1 0 , 3 .2 6 % in 1 9 1 7 , 4 .1 4 % in 1 9 1 8 , 4 .3 0 % in 1 9 1 9 ,
5 .6 6 % in 1 9 2 0 , 5 .7 0 % in 1 9 2 1 , a lt h o u g h t h e r a t e f o r t h e m o n th o f D e c e m ­
b e r of t h a t y e a r w a s o n ly 4 . 5 0 % , w h ile t h e a v e ra g e r a t e d u r in g t h e m o n th s
of F e b r u a r y a n d M a rc h 1 9 2 2 h a s b e e n s li g h tl y u n d e r 4 % . M o re re c e n t, p u r ­
c h a s e s h a v e b e e n m a d e a s lo w a s 3 .2 5 % .
I t is o f i n te r e s t to n o te t h e e x t e n t to w h ic h t h e g r o w th o f a c c e p ta n c e s h a s
c e n tr e d in N e w Y o rk C ity . S in c e J u n e 3 0 1 9 1 9 , w h e n s e p a r a te f ig u r e s of
a c c e p ta n c e l i a b i l i t i e s of m e m b e r b a n k s in N e w Y o rk C ity h a v e b e e n a v a il ­
a b le in p u b lis h e d r e p o r ts , t h e l ia b i li ti e s o f th e s e b a n k s h a v e c o n s ti tu t e d o v e r
5 0 % o f t h e l i a b i l i t i e s o f a ll m e m b e r b a n k s a n d t h i s p e r c e n ta g e h a s in c r e a s e d
v e ry a p p r e c i a b l y s in c e J u n e 1 9 2 0 . T h is m o v e m e n t is a ls o r e f le c te d in t h e
e x t e n t o f t h e p u r c h a s e s o f a c c e p ta n c e s b y t h e N ew Y o rk F e d e r a l R e s e rv e
B a n k n o t o n ly f o r i ts o w n a c c o u n t b u t f o r o t h e r F e d e r a l R e s e rv e b a n k s a s
w e ll, a l a r g e p a r t o f w h o se h o l d in g s o f a c c e p ta n c e s h a v e b e e n a c q u ir e d in t h e
N ew Y o r k m a r k e t.
,
B a s e d u p o n t h e c la s s o f a c c e p ta n c e s p u r c h a s e d b y F e d e r a l R e s e rv e b a n k s
d u r in g t h e p a s t t h r e e y e a rs , i t a p p e a r s t h a t p r o b a b ly t h r e e - f o u r th s of t h e
a c c e p ta n c e s a r e d r a w n in c o n n e c tio n w i t h t h e im p o r ta t io n a n d e x p o r t a ti o n o f
g o o d s, o f w h ic h s o m e w h a t t h e l a r g e r p o r ti o n a r e b a s e d u p o n i m p o r ts .
.
D is c o u n ts o f b a n k e r s ’ a c c e p ta n c e s h a v e b e e n m a d e o n a v e ry m u c h s m a lle r
s c a le t h a n p u r c h a s e s in t h e o p e n m a r k e t. T h u s t h e v o lu m e o f su c h d is c o u n ts ,
w h ic h w a s $ 1 ,5 7 7 ,0 0 0 in J a n u a r y 1 9 1 9 , a m o u n te d to o n ly $ 9 2 ,0 0 0 in F e b r u ­
a r y 1 9 2 2 , h a v in g r e a c h e d a m a x im u m o f $ 6 2 ,2 4 6 ,0 0 0 in D e c e m b e r 1 9 1 9 ,
w h ic h m o n th a ls o m a r k e d t h e p e a k o f a c c e p ta n c e s p u r c h a s e d . A s o p e n m a r ­
k e t r a t e s o n p r im e a c c e p ta n c e s a r e g e n e ra lly lo w e r t h a n t h e a u th o r iz e d d i s ­
c o u n t r a t e , t h e r e is n a t u r a l l y a te n d e n c y to o f fe r f o r d is c o u n t o n ly a c c e p t ­
a n c e s o f t h e o f f e r in g b a n k , w h ic h F e d e r a l R e s e rv e b a n k s t a k e o n ly a t t h e
fix e d r a t e a u th o r iz e d fo r t h e d is c o u n t o f c o m m e rc ia l p a p e r.
T h e F e d e r a l R e s e rv e B o a r d , r e c o g n iz in g th e f a c t t h a t in m a k i n g a c c e p t ­
a n c e s A m e ric a n b a n k s w e re e n te r in g i n to a n e w a n d u n t r i e d f ie ld f o r th e m ,
d e e m e d i t w is e a t t h e o u t s e t to p r e s c r ib e b y r e g u la tio n c e r t a in r e q u ir e m e n ts
in c o n n e c tio n w i t h t h e d is c o u n t o r p u r c h a s e o f a c c e p ta n c e s b y F e d e r a l R e ­
s e rv e b a n k s w h ic h w e r e n o t m a n d a t o r y u n d e r t h e te r m s o f t h e F e d e r a l R e s e rv e
A c t.
_
T h e o ld r e g u l a ti o n s , w h ile n o t r e q u i r in g s h ip p i n g d o c u m e n ts c o v e rin g
g o o d s in t h e p ro c e s s o f s h ip m e n t t o b e a tt a c h e d to d r a f t s d r a w n f o r t h e p u r ­
p o se o f f in a n c in g t h e e x p o r t a ti o n o r i m p o r ta t io n of g o o d s, n e v e rth e le s s d e ­
c la r e d i t to b e e s s e n tia l to e l i g i b i l i t y e it h e r t h a t s h ip p i n g d o c u m e n ts o r a
d o c u m e n ta ry e x p o r t d r a f t b e a tt a c h e d a t t h e tim e t h e d r a f t w a s p r e s e n te d f o r
a c c e p ta n c e o r if t h e g o o d s c o v e re d b y t h e c r e d i t h a d n o t b e e n a c tu a l ly s h ip p e d
t h a t t h e r e b e in e x is te n c e a s p e c if ic a n d b o n a f id e c o n tr a c t p r o v id i n g fo r t h e
e x p o r t a ti o n o r i m p o r ta t io n o f s u c h g o o d s a t o r w i t h in a s p e c if ie d a n d r e a ­
s o n a b le tim e a n d t h a t t h e c u s to m e r a g re e t h a t t h e a c c e p t in g b a n k w o u ld b e
f u r n is h e d in d u e c o u rs e w i t h s h ip p i n g d o c u m e n ts c o v e rin g s u c h g o o d s o r w i t h
e x c h a n g e a r i s in g o u t o f t h e t r a n s a c t i o n b e in g f in a n c e d b y t h e c r e d i t.
T h e s e r e q u ir e m e n ts , w h ile n o t in th e m s e lv e s u n r e a s o n a b le , w e re n a tu r a ll y
m o re e a s ily u n d e rs to o d a n d c o u ld b e c o m p lie d w i t h m o re r e a d ily b y d o m e s ­
t ic s h ip p e r s t h a n b y fo re ig n e r s . D u e in la r g e p a r t t o th e u n c e a s in g e ff o r ts
o f t h e A m e ric a n A c c e p ta n c e C o u n c il, t h e a c c e p ta n c e b u s in e s s e x p a n d e d a n d
fo r a tim e f o re ig n d e a le r s w e re w i l li n g to p u t th e m s e lv e s t o t h e in c o n v e n ie n c e
o f h a v in g t h e i r b i ll s c o m p ly w i t h th e s e r e g u la tio n s , m a in ly b e c a u s e o f t h e
a d v a n ta g e o f s e c u r in g t h e r e b y d o l la r e x c h a n g e , w h ic h w a s n o t s u b je c t t o t h e
w id e f lu c t u a t i o n s w h ic h p r e v a ile d f o r go m a n y m o n th s in t h e m a r k e ts f o r
s te r li n g e x c h a n g e . I n t h e c o u rs e o f t im e i t d e v e lo p e d , h o w e v e r, t h a t t h e r e
w a s a n e v e r- in c r e a s in g d is p o s itio n t o u s e s te r li n g b ills , n o t o n ly o n t h e p a r t
o f fo re ig n d e a le r s b u t b y A m e ric a n s a s w e ll. S t e r l in g e x c h a n g e f o r s e v e ra l
m o n th s p a s t h a s n o lo n g e r b e e n s u b je c t t o e x tr e m e f lu c t u a t i o n s a n d h a s
sh o w n s te a d i ly a d v a n c in g te n d e n c y . I n a d d itio n , th e s e b i ll s c o u ld b e s o ld
a t lo w e r r a t e s o f d is c o u n t in t h e L o n d b n m a r k e t t h a n d o l la r b i ll s c o u ld b e
s o ld in N e w Y o rk a n d i t b e c a m e e v id e n t t h a t , u n le s s a ll t h e e ff o r ts w h ic h
h a v e b e e n d e v o te d f o r s e v e r a l y e a r s p a s t t o b u i ld i n g u p th e a c c e p ta n c e b u s i ­
n ess in t h i s c o u n tr y w e re to g o f o r n a u g h t, t h e r e g u l a ti o n s o f t h e F e d e r a l
R e s e rv e B o a r d m u s t m e s im p lif ie d .
I m a y s a y t h a t t h e r e is n o d is p o s itio n o n t h e p a r t o f t h e F e d e r a l R e s e rv e
B o a rd to a t t e m p t to m o n o p o liz e t h e a c c e p ta n c e b u s in e s s fo r t h is c o u n tr y , n o r
a n y t h o u g h t t h a t i t c o u ld d o s o , f o r i t is r e c o g n iz e d t h a t t h e s t e r l i n g b i ll ,
w h ic h f o r so m a n y g e n e r a tio n s p a s t h a s p la y e d so i m p o r ta n t a p a r t in f in a n c ­
in g t h e c o m m e rc e o f t h e w o r ld , is a n i m p o r t a n t a n d n e c e s s a ry i n s t r u m e n t ,
b u t t h e r e is a f ie ld f o r b o t h d o l la r a n d s t e r l i n g e x c h a n g e a n d t h e tw o g r e a t
E n g lis h s p e a k in g n a tio n s c a n r e n d e r b e t t e r s e rv ic e to t h e w o r ld ’s c o m m e rc e
b y p a r t i c i p a t i o n o n t h e p a r t o f b o th t h a n W o u ld b e t h e c a se i f e i t h e r w e re
e x c lu d e d .
I n v ie w o f t h e f a c t t h a t th o s e A m e ric a n b a n k in g i n s t i t u t i o n s w h ic h h a v e
h a d l a r g e d e m a n d s f o r a c c e p ta n c e c r e d its in f o re ig n t r a n s a c t i o n s h a v e h a d
n o w s e v e ra l y e a r s e x p e rie n c e in t h is f ie ld , t h e B o a rd r e a c h e d t h e c o n c lu s io n
a fe w w e e k s a g o t h a t d e ta i le d r e g u l a ti o n s a re n o lo n g e r n e c e s s a ry . I t f e l t
a ls o t h a t t h e p r o m o tio n o f f o re ig n t r a d e , w i t h t h e r e s u l ti n g b e n e f its to th o s e
a g r i c u l t u r a l a n d c o m m e rc ia l i n te r e s t s w h ic h a r e so la r g e ly d e p e n d e n t u p o n
f o re ig n m a r k e ts , c a n b e s t b e e ff e c te d a t t h e p r e s e n t tim e b y s u b s t i t u t i n g
p l a i n a n d s im p le r e g u l a ti o n s , a p p li c a b le to a c c e p ta n c e s in e x p o r t a n d i m p o r t
tr a n s a c t i o n s , in p la c e o f th o s e h i t h e r t o in e ffe c t.
T h e B o a r d , a c c o r d in g ly , o n M a rc h 2 9 1 9 2 2 issu e d i ts R e g u la tio n A , S e rie s
o f 1 9 2 2 , s u p e r s e d in g R e g u la tio n A , S e rie s o f 1 9 2 0 . T h e n e w r e g u l a ti o n d e ­
f in e s a s e lig ib le f o r r e d is c o u n t b y a F e d e r a l R e s e rv e b a n k a n y d r a f t o r b i l l
o f e x c h a n g e b e a r i n g t h e e n d o rs e m e n t o f a m e m b e r b a n k a n d h a v in g a m a t u ­
r i t y a t t h e t im e o f d is c o u n t o f n o t m o re t h a n t h r e e m o n th s , e x c lu s iv e o f d a y s
o f g r a c e , w h ic h h a s b e e n d r a w n u n d e r a c r e d i t o p e n e d f o r t h e p u r p o s e o f c o n ­
d u c ti n g o r s e t t l i n g a c c o u n ts r e s u l t i n g fro m a t r a n s a c t i o n o r tr a n s a c t i o n s i n ­
v o lv in g t h e s h ip m e n t o f g o o d s b e tw e e n t h e U n i t e d S ta te s a n d a n y f o re ig n
c o u n tr y , o r b e tw e e n t h e U n i t e d S ta te s a n d a n y o f i t s d e p e n d e n c ie s o r in s u l a r
p o sse ssio n s, o r b e tw e e n f o re ig n c o u n tr ie s .
N o c h a n g e h a s b e e n m a d e in t h a t p a r t o f t h e r e g u l a ti o n w h ic h r e l a te s to
d o m e s tic a c c e p ta n c e s . T h e B o a r d ’s a c tio n in is s u in g th e n e w a n d s im p lif ie d
r e g u la tio n d o e s n o t a f f e c t t h e r u li n g m a d e s o m e tim e a g o t h a t F e d e r a l R e ­
s e rv e b a n k s m a y p u r c h a s e a n d s e ll in t h e o p e n m a r k e t b a n k e r s ’ a c c e p ta n c e s
h a v in g n o t m o re t h a n s ix m o n th s s ig h t to r u n , e x c lu s iv e o f d a y s o f g r a c e ,
w h ic h g ro w o u t o f t r a n s a c t i o n s in v o lv in g t h e i m p o r ta t io n o r e x p o r t a ti o n o f
g o o d s.
A s th e o ld d o c u m e n ta r y r e q u ir e m e n ts r e l a te d b o th to r e d is c o u n ts a n d p u r ­
c h a se s of b a n k e r s ’ a c c e p ta n c e s , t h e s im p lif ie d r e g u la tio n a p p lie s lik e w is e to
b o th . I t s h o u ld b e u n d e rs to o d , h o w e v e r, t h a t t h e B o a r d ’s a c ti o n in is s u in g
t h e n e w r e g u l a ti o n d o es n o t im p ly a n y c h a n g e o f v ie w a s t o t h e m e a n in g o r

3073

THE

p r o p e r c o n s tr u c ti o n o f t h e la w , o r a s t o t h e b r o a d p r in c i p le s w h ic h s h o u ld
g o v e rn t h e e x e rc ise o f t h e a c c e p ta n c e p riv ile g e .
T h e B o a rd h a s n o t rev e rse d
n o r i n a n y w a y m o d if ie d a n y o f i ts f o r m e r r u li n g s a s t o b a n k e r s ’ a c c e p ta n c e s
g r o w in g o u t o f th e i m p o r ta tio n o r e x p o r ta tio n o f g o o d s in so f a r a s th e s e
r u lin g s h a v e b e e n i n te r p r e ta tiv e o f th e la w , o r h a v e la id d o w n b r o a d g e n e ra l
p r in c ip le s , t h e o b s e rv a n c e o f w h ic h is , a s a r e s u l t o f lo n g e x p e rie n c e in t h e
f ie ld o f in te r n a tio n a l b a n k in g , re c o g n iz e d a s e s s e n tia l in th e p r o p e r c o n d u c t
o f t h e a c c e p ta n c e b u s in e s s .
T h e B o a r d ’s a c t i o n i s i n t e n d e d m e r e l y t o a l l o w
g r e a te r l a t i tu d e to F e d e ra l R e s e rv e b a n k s fo r t h e e x e rc ise , e a c h in i ts w a y ,
o f t h e i r d is c r e tio n a n d ju d g m e n t, o b s e rv in g a lw a y s , o f c o u rs e , th e e x p re s s
a n d im p lie d l im it a ti o n s o f th e la w .
U n d e r t h e n e w r e g u la tio n , th e re s p o n s ib ility fo r p a s sin g u p o n th e e lig ib il­
ity o f b a n k e rs ’ a c c e p ta n c e s o ffe re d f o r re d is c o u n t o r p u rc h a s e r e s ts u p o n th e
F e d e r a l R e s e rv e b a n k s th e m s e lv e s a n d t h e B o a r d e x p e c ts e a c h F e d e r a l R e ­
se rv e b a n k to s a tis fy its e lf , in w h a te v e r w a y i t d e e m s a p p r o p r ia te , t h a t th e
a c c e p t a n c e s c o n f o r m t o t h e r e q u i r e m e n t s o f t h e l a w a n d t h e B o a r d ’s r e g u l a ­
tio n s .
A n o r g a n iz a tio n s u c h a s t h e A m e ric a n A c c e p ta n c e C o u n c il, w h ic h h a s a l ­
r e a d y d o n e so m u c h to s ta n d a r d iz e th e b a n k e r s ’ a c c e p ta n c e in t h i s c o u n tr y
a n d to m a k e k n o w n its m e r its a s a s h o rt tim e in v e s tm e n t, is r e lie d u p o n c o n ­
f id e n tly to d o i t s p a r t in p r e v e n tin g a n y a b u s e o f th e n e w re g u la tio n .
It
c a n th u s re n d e r a m o s t u s e fu l a n d , I m ig h t s a y , in t h e l ig h t o f p o s t-w a r d e ­
v e lo p m e n ts , a m o s t n e c e s s a r y s e rv ic e .
T h e v o lu m e o f p r im e b a n k e rs ’ a c c e p ta n c e s , w h e th e r d ra w n in d o lla rs o r
in s te r lin g , o r in a n y o th e r c u rre n c y , is d ire c tly r e la te d t o th e v o lu m e o f th e
w o r l d ’s t r a d e , w h i c h i n t u r n i s a f f e c t e d b y f i n a n c i a l a n d e c o n o m i c c o n d i t i o n s .
I t f o llo w s , th e r e f o r e , t h a t a n y t h i n g w h ic h c a n b e d o n e p r o p e r l y to im p r o v e
a n d s tb iliz e th e s e c o n d itio n s a b r o a d w ill h a v e a n i m p o r ta n t b e a r i n g u p o n d o ­
m e s tic c o m m e rc e a n d in d u s tr y .
T h is c o u n try , w h ic h b e fo re th e w a r w a s a
d e b t o r o n t h e w o r l d ’s b a l a n c e s h e e t , i s n o w a l a r g e c r e d i t o r n a t i o n a n d a s
s u c h is a f f e c te d , f in a n c ia lly a s w e ll a s c o m m e rc ia lly , b y c h a n g e s in c o n d i­
t i o n s a b r o a d . A l a r g e p a r t , p r o b a b l y 4 0 % , o f t h e w o r l d ’s g o l d s t o c k i s h e l d
in t h is c o u n tr y a n d m u c h in te r e s t n a tu r a lly a tta c h e s e v e ry w h e re to a n y q u e s ­
tio n a s t o h o w th e b a n k in g re s o u rc e s o f t h e c o u n tr y c a n b e u tiliz e d , w ith o u t
d e tr i m e n t t o d o m e s tic i n te r e s ts , i n b r in g i n g a b o u t a g r a d u a l r e s t o r a t io n o f
m o re n o rm a l c o n d itio n s a b ro a d .
S u c h a s u b je c t is e n ti r e l y to o c o m p r e h e n s iv e t o a d m i t o f a n y d is c u s s io n o n
t h is o c c a s io n , a n d I m u s t c o n te n t m y s e lf, th e re fo re , w ith s a y in g t h a t th e
F e d e ra l R e s e rv e B o a rd h a s a f u ll a p p re c ia tio n o f t h e im p o r ta n c e a n d m a g n i­
tu d e o f th e w o rk t h a t m u st b e d o n e. I m a y a d d , h o w ev er, t h a t b o th th e F e d ­
e ra l R e s e rv e B o a rd a n d th e F e d e ra l R e srv e b a n k s m u s t o b se rv e th e lim it a ­
tio n s im p o s e d u p o n th e m b y t h e s ta tu te s u n d e r w h ic h th e y o p e ra te , a n d t h ? t
th e f u n c tio n s o f th e F e d e ra l R e se rv e B o a rd a r e m a in ly s u p e rv is o ry r a th e r
th a n a d m in is tr a tiv e .
T h e p o w e rs o f th e F e d e ra l R e se rv e b a n k s , w ith r e s p e c t
b o th t o d o m e s tic a n d fo re ig n tr a n s a c tio n s , a r e c le a rly d e fin e d i n t h e F e d e ra l
R e s e rv e A c t.
S u b je c t to t h e a p p ro v a l a n d r e g u la tio n s o f th e F e d e ra l R e se rv e B o a rd , e a c h
F e d e r a l R e s e rv e b a n k h a s p o w e r “ to d e a l in g o ld c o in a n d b u llio n a t h o m e o r
a b r o a d , t o m a k e lo a n s th e r e o n , a n d to c o n tr a c t f o r lo a n s o f g o ld c o in o r b u l ­
lio n , g i v in g th e r e f o r , w h e n n e c e s s a r y , a c c e p ta b le s e c u r ity , in c lu d in g t h e h y ­
p o th e c a tio n o f U n ite d S ta te s b o n d s o r o th e r s e c u r itie s w h ic h F e d e ra l R e s e rv e
b a n k s a re a u th o r iz e d to h o ld ,” a n d “ to o p e n a n d m a in ta in a c c o u n ts in f o r ­
e ig n c o u n tr ie s , a p p o in t c o rr e s p o n d e n ts , a n d e s ta b lis h a g e n c ie s i n s u c h c o u n ­
t r i e s w h e r e s o e v e r i t m a y b e d e e m e d b e e t f o r th e p u r p o s e o f p u r c h a s in g , s e ll­
in g a n d c o lle c tin g b ills o f e x c h a n g e , a n d t o b u y a n d s e ll, w i t h o r w ith o u t i ts
e n d o rs e m e n t, t h r o u g h s u c h c o rr e s p o n d e n ts o r a g e n c ie s b i ll s o f e x c h a n g e ( o r
a c c e p ta n c e s ) a r is in g o u t o f a c tu a l c o m m e rc ia l tra n s a c tio n s w h ic h h a v e n o t
m o re t h a n 9 0 d a y s t o r u n , e x c lu s iv e o f d a y s o f g r a c e , a n d w h ic h b e a r t h e s ig ­
n a tu r e o f tw o o r m o re r e s p o n s ib le p a r tie s , a n d t o o p e n a n d m a i n t a i n b a n k in g
a c c o u n ts f o r s u c h f o re ig n c o r r e s p o n d e n ts o r a g e n c ie s .”
T h e se a r e t h e p o w e rs g r a n te d F e d e ra l R e se rv e b a n k s b y th e F e d e ra l R e se rv e
A c t w ith r e s p e c t to fo re ig n f in a n c in g .
T h e F e d e r a l R e s e rv e b a n k s m u s t a lw a y s b e p r e p a r e d t o r e d is c o u n t f o r t h e i r
m e m b e r b a n k s a n d , a s t h e i r n a m e im p lie s , th e y a r e e s s e n tia lly “ re s e rv e
b a n k s .”
T h e y h o l d t h e e n t i r e l e g a l* r e s e r v e s o f t h e i r m e m b e r b a n k s a s w e l l
a s th e g o ld re s e rv e s a g a in s t F e d e ra l R e s e rv e n o te s in a c tu a l c ir c u la tio n , w h ic h
a m o u n t n o w t o a b o u t $ 2 , 1 5 0 ,0 0 0 , 0 0 0 .
T h e y a r e n o t p e r m itte d to in v e s t in
lo n g te r m s e c u r itie s e x c e p t n o te s a n d b o n d s o f th e G o v e rn m e n t o f t h e U n ite d
S ta te s , n o r a r e th e y a u th o riz e d to in v e s t in o b lig a tio n s o f fo re ig n G o v e rn ­
m e n ts . T h e e s s e n tia l p r in c ip le o f th e F e d e r a l R e s e rv e A c t is l iq u id ity .
I t m a y w e ll b e , h o w e v e r, t h a t t h e F e d e ra l R e s e rv e S y s te m c a n r e n d e r e ffe c ­
tiv e a id to fo re ig n c o u n trie s b y m a in ta in in g a s tr o n g b a n k in g p o s itio n .
The
m a r k e ti n g o f f o re ig n is s u e s in t h is c o u n tr y is e ff e c te d f a r m o re r e a d ily in t h e
p r e s e n t c i r c u m s t a n c e s , w h e n t h e p o s i t i o n o f t h e F e d e r a l R e s e r v e b a n k s is
s tr o n g , t h a n w a s t h e c a se tw o y e a r s a g o , w h e n t h e s it u a ti o n w a s th e re v e rs e .
I h a v e n o d o u b t t h a t th e f in a n c ia l in te r e s ts o f th is c o u n tr y re c o g n iz e th e
p 'e a t b e n e fits w h ic h w o u ld a c c ru e to A m e ric a n a g r ic u ltu r e , c o m m e rc e a n d
in d u s t r y f ro m th e e c o n o m ic a n d p o l it ic a l s ta b i li z a ti o n o f t h e w o r ld , b u t t h e
d e s tin ie s o f n a tio n s a re , a f t e r a ll, in t h e i r o w n h a n d s . W h e n th o s e th in g s a re
d o n e w h ic h a re n e c e s s a ry to w in th e c o n fid e n c e o f A m e ric a n in v e s to rs , i t w ill
b e fo u n d t h a t n o t e v e n t h e tra g e d ie s o f th e W o rld W a r c a n c h a n g e th e im ­
m u ta b l e l a w t h a t m o n e y a n d c r e d i t a lw a y s t e n d t o f lo w in t h e d ir e c ti o n
w h e r e t h e y c a n b e m o s t s a fe ly a n d p r o f i ta b l y e m p lo y e d .

FEDERAL

R E SE R V E BO ARD ON CONDITION
CEPTANCE M A R K E T IN APRIL.

OF AC­

A ccording to a sta tem en t issu ed by th e F ed era l R eserve
B oard on M ay 2 th e accep tan ce m ark et during th e p a st re­
porting period h a s been m arked w ith d u ln ess and in a ctiv ity .
T he dem and fo r bills, th e Board says, w a s ligh t, but s till w as
grea ter than th e supply a v a ila b le in m ost d istricts. I t a d d s :
D i s tr ic t N o . 2 (N e w Y o rk ) a tt r ib u t e s t h e f u r th e r d im in is h e d v o lu m e o f th e
m a r k e t s u p p ly o f a c c e p ta n c e s in p a r t to th e c o n tin u e d te n d e n c y o f E u r o p e a n
p u r c h a s e r s o f A m e ric a n g o o d s to p r o v id e s ig h t r a t h e r t h a n t im e c r e d it, in
v ie w o f th e in s ta b ility o f th e e x c h a n g e s , w ith th e r e s u lta n t in s t a b il it y o f f o r­
e ig n p r ic e s o f im p o r te d g o o d s a n d c o m m o d itie s .
D is tr ic t N o. 3 ( P h ila d e l­
p h ia ) n o te s a s lig h t in c re a s e in th e v o lu m e o f b ills a r is in g la r g e ly fro m t r a n s ­
a c tio n s in fo re ig n tr a d e .
T h e d e m a n d fo r b ills in p r a c tic a lly e v e ry d i s t r ic t w a s lig h t.
D is tr ic ts N o
1 ( B o s to n ) a n d N o . 2 (N e w Y o r k ) , N o . 4 (C le v e la n d ), a ll s ta t e t h a t th e r e
w a s a d e c re a s e d d e m a n d fro m c o u n tr y b a n k s a n d p r iv a te in v e s to rs .
T hese,
a c c o rd in g to D is tr ic t N o . 1 (B o s to n ) fo u n d c o m m e rc ia l p a p e r m o re a t t r a c ­
tiv e to t h e i r n e e d s, w h ile in D is tr ic t N o . 2 (N e w Y o rk ) fu n d s w e re d iv e rte d
to s h o rt- te r m G o v e rn m e n t o b lig a tio n s , w h ic h w ith t h e i r ta x - e x e m p t f e a tu re
o f f e r e d b e t t e r r a t e s to* d o m e s t i c i n v e s t o r s .
B e c a u s e o f lo w r a t e s p r e v a ilin g
in th e m o n e y m a r k e t, a c c e p tin g b a n k s p r e f e r re d to c a rr y t h e i r o w n b ills
T h is te n d e n c y c o n tr a c te d th e a m o u n t o f b ills in t h e m a r k e t a n d c o n s e q u e n tly
th e h o ld in g s o f d e a le r s d e c lin e d in m o s t d i s t r ic t s w i t h t h e e x c e p tio n o f N o
1 ( B o s to n ) . T h e s e s u rp lu s b ills w e re m o v e d to t h e N e w Y o rk m a r k e t w h e re
th e y w e re a b so rb e d .
R e p o rts fro m t h e p r in c ip a l a c c e p tin g b a n k s in D i s tr ic t




\

[V ol. 114.

C H R O N IC L E

N o . 12 (S a n F r a n c is c o ) in d ic a te a d e c re a se o f 5 5 .3 % in th e a m o u n t o f a c ­
c e p ta n c e s b o u g h t in M a rc h a s c o m p a r e d w i t h F e b r u a r y . T h e r e w a s n o s h a r p ly
d e fin e d d e m a n d fo r a n y p a r t i c u l a r m a t u r it y , b u t b ills w ith 9 0 -d a y m a t u r it y
w e re fa v o re d in m o st d is tr ic ts e x c e p t in D is tr ic t N o . 1 (N e w Y o r k ) , w h e re
b ills o f s h o rte r m a tu r itie s w e re p re fe rre d .
I n D is tr ic t N o . 1 1 (D a lla s ) th e
v o lu m e o f o u t s ta n d in g a c c e p ta n c e s d e c lin e d s h a r p ly .
T h e re w a s in c re a se d
a c ti v it y in a c c e p ta n c e s in D i s tr i c t N o . 1 0 ( K a n s a s C i ty ) , w h e r e t h e h o ld in g s
o f lo c a l b a n k s e x p a n d e d c o n s id e r a b ly .

NEW ISSUE OF $ 7 5 ,0 0 0 ,0 0 0 FEDERAL LAND BANK
BONDS—$ 4 2 ,0 0 0 ,0 0 0 ADDITIONAL ALSO
DISPOSED OF.
F or th e second tim e th is y ea r a n ation -w id e offering o f
$ 7 5 ,0 0 0 ,0 0 0 10-20-year F ed era l L and B a n k b on d s h as been
flo a ted . T h e earlier issu e w as p u t o u t in F eb ru ary an d , as
sta te d in th ese colu m n s (F eb . 11, page 5 6 8 ), th e b on d s bore
5% in terest. T h e b on d s offered th is w eek carry 4J^%
in terest an d th e y are th e first in three years to bear th is
rate. In n o tin g th is S ecretary of th e T reasu ry M ello n , in
a sta te m e n t m ad e pu b lic M a y 8 said:
T h e s o b o n d s w ill b e f o r s a le a s h e r e to f o r e b y t h o F e d e r a l L a n d B a n k s ,
F a r m L o a n a s s o c ia tio n s a n d b o n d d is tr ib u tin g h o u s e s th r o u g h o u t th e
c o u n tr y , a n d w ill b e s o ld a t p a r a n d a c c r u e d i n te r e s t , t h e b o n d s b e in g
d a te d M a y 1 1 9 2 2 . d u o M a y 1 1 9 4 2 , a n d c a lla b le b e g in n in g M a y 1 1 9 3 2 .
T h i s is t h e f i r s t is s u e o f 4 K % b o n d s m a d e b y t h e F e d e r a l L a n d B a n k s f o r
n e a r ly th r e e y e a rs , a n d th e f ir s t iss u e o f b o n d s b e a rin g t h a t r a t e w ith th o
1 0 -y e a r c a ll p e r io d , p r e v io u s 4 > S % is s u e s b e in g c a lla b le 5 y e a r s f ro m th o
d a te o f iss u e .
W h ile t h e is s u e is la r g e , b e in g t h e m a x im u m p o s s ib le f o r
s e v e r a l o f th o b a n k s , a n d th e r a t e lo w e r t h a n fo r s o m e tim e , th o p r e s e n t
s a tis f a c to r y m a r k e t a n d th e g ro w in g a p p re c ia tio n o f th e s o s e c u r itie s b y th o
n v e s tin g p u b lic s h o u ld a s s u ro th e ir p r o m p t a b s o r p tio n .

T ho b onds w ere offered on M o n d a y , th e 8 th in s t., a t 100
and in terest, to y ie ld 4 )^ % . N o t o n ly h a v e th e entire
$ 7 5 ,0 0 0 ,0 0 0 b een su bscribed, b u t an ad d ition al $ 4 2 ,0 0 0 ,0 0 0
4 X % b onds w hich F ed eral F arm L oan C om m issioner
A
L obdell an n ou n ced on M a y 11 h ad b een sold b y th e F ed eral
L and B a n k s, h a v e b een d isp osed of b y th e sy n d ica te m an ­
agers. S u b sta n tia lly all of th e proceeds of th ese $ 4 2 ,0 0 0 ,0 0 0
w ill be used to retire 5% F ed eral L and B a n k b onds now hold
b y th e T reasu ry. In an n ou n cin g C om m issioner L ob d ell’s
sta te m e n t of th e 11th , W ash in gton ad v ices pub lish ed
y esterd a y (M a y 12) in th e N e w Y ork “ C om m ercial” said:
M r . L o b d e ll m a d e th e f u r th e r s ta te m e n t t h a t th e F e d e ra l L a n d B a n k s
a n d th e F a r m L o a n B o a rd w e re s a tis fie d , a fte r a c a n v a s s o f th o s itu a tio n ,
t h a t a la r g e p a r t o f t h e o v e r s u b s c r ip tio n c o u ld b e fille d w i t h o u t d i s tu r b in g
t h e m a r k e t o f a f u tu r e o ffe rin g , a n d t h a t in a s m u c h a s e a c h o f th o F e d e r a l
L a n d B a n k s h a s b e e n b y t h e s a lo p r o v id e d w i t h a d e q u a t e f u n d s t o o n a b lo
i t t o c lo s e lo a n s u p t o c a p a c i t y f o r a s u b s t a n t i a l p e r i o d , i t w o u ld b o h i g h ly
d e s ir a b le fo r th e b a n k s to a v a il th e m s e lv e s o f th is o p p o r tu n ity to r e p u r c h a s e
fro m th o T r e a s u r y a s u b s ta n tia l v o lu m e o f th e b o n d s w h ic h th o T r e a s u r y
n o w h o ld s , a s th e T r e a s u r y b o n d s b e a r 5 % a n d th e n o w issu e o n ly 4 H % .
T h e b a n k s h a v e , t h e r e f o r e , s o ld a n a d d i t i o n a l $ 4 2 ,0 0 0 ,0 0 0 o f 4 H % b o n d s ,
s u b s ta n t ia l ly a ll o f w h ic h w ill b e u s e d t o r o tir e 5 % F e d e r a l L a n d B a n k b o n d s
n o w h o ld b y t h e T r e a s u r y , th e b a n k s m a k in g a c a ll o n th e S e c re ta ry o f th e
T r e a s u r y f o r th o b o n d s , a s th e y h a v e t h e r ig h t to d o u n d e r th o la w .

T h e follow in g bankers h ead ed th e d istrib u tin g group of in ­
v e stm e n t b an k in g hou ses th ro u g h o u t th e U n ite d S ta te s of­
fering th e bonds: A lex. B row n & S on s, B row n B roth ers &
C o ., T h e N a tio n a l C ity C o m p a n y , H arris, F orbes & C o .,
L ee, H iggin son & C o. and th e G u aran ty C om p an y of N e w
Y ork. T h e b o n d s, coupon an d registered (in terch an geab le),
are in d en om in ation s of $ 1 0 ,0 0 0 , $ 5 ,0 0 0 , $ 1 ,0 0 0 , $500, $100
and $ 40. In terest is p ayab le M a y 1 an d N o v . 1 a t an y
F ed eral L and b an k or F ed eral R eservo bank; principal is
p ayab le a t th e b an k of issu e. F rom th e official circular w e
ta k e th e follow ing:
T h o S u p re m e C o u r t o f th e U n ite d S ta te s h a s h e ld , (a) t h a t th e s e b a n k
w e r e le g a lly c r e a te d a s p a r t o f th e b a n k in g s y s te m o f th o U n ite d S ta te s ,
a n d (6 ) t h a t t h e b o n d s i s s u e d b y t h o b a n k s a r e i n s t r u m e n t a l i t i e s o f t h e U n i t e d
S ta te s G o v e r n m e n t a n d a r e e x e m p t f r o m F e d e r a l, S ta te , m u n ic ip a l a n d lo c a l
ta x a tio n .
Is s u e s o f o u ts ta n d in g b o n d s d a te d p rio r to M a y 1921 a re re d e e m a b le
f iv e y e a r s f r o m t h e d a te o f is s u e .
I n o rd e r to m e e t th o d e m a n d fo r lo n g e r
te r m s e c u r itie s . C o n g re s s e n a c te d a s ta t u to a u th o r iz in g th o r e d e m p tio n
p e r io d o n n e w is s u e s t o b e g in in t h e e le v e n t h y e a r f ro m d a te o f iss u e I n s te a d
o f in th e s ix th , a s h e re to fo re .
T h o b o n d s n o w o ffe ro d a re Issu e d u n d o r th is
a u th o rity .

I s s u in g B a n k s.
T h e tw e lv e F e d e ra l L a n d B a n k s w e re o rg a n iz e d b y th e U n ite d S ta te s
G o v e r n m e n t w i t h a n o r ig in a l $ 9 ,0 0 0 ,0 0 0 c a p it a l s to c k , w h ic h h a s s in c e
in c r e a s e d t h r o u g h t h e o p e r a t io n o f t h e s y s te m t o o v e r $ 3 1 ,0 0 0 ,0 0 0 .
'

S e c u r ity .
T h e s e b o n d s , in a d d itio n t o b e in g o b lig a tio n s o f th o F o d e r a l L a n d B a n k s ,
a ll t w e lv e o f w h ic h a r e p r im a r i ly lia b le f o r i n t e r e s t a n d u l t i m a t e l y lia b lo f o r
t h e p r in c i p a l o n e a c h b o n d , a r e s e c u r e d b y c o lla te r a l c o n s is tin g o f a n e q u a l
a m o u n t o f U n ite d S ta te s G o v e rn m e n t b o n d s , o r m o rtg a g e s o n fa rm la n d s
w h ic h m u s t b e :
(o )
F i r s t m o r tg a g e s , t o a n a m o u n t n o t e x c e e d in g 5 0 % o f t h e v a lu e o f t h o
la n d a n d 2 0 % o f th o v a lu e o f th e p e rm a n e n t im p ro v e m e n ts a s a p p ra is e d
b y U n ite d S ta te s a p p ra is e rs :
(6 ) L i m i t e d t o $ 1 0 , 0 0 0 o n a n y o n e m o r t g a g e :
(c ) G u a r a n t e e d b y t h o l o c a l N a t i o n a l F a r m L o a n A s s o c i a t i o n , o f w h i c h
t h e b o r r o w e r is a m e m b e r a n d s to c k h o l d e r .
T h e s to c k o f th e s o a s s o c ia tio n s
c a rr ie s a d o u b le lia b ility :
(d ) R e d u c e d e a c h y e a r b y p a y m e n t o f p a r t o f t h o m o r tg a g e d e b t.

V a lu e s .
T h e [ c o n s e r v a ti s m o f a p p r a i s a l s m a d e f o r t h e F e d e r a l L a n d B a n k s is in d i ­
c a te d b y t h e f a c t i t h a t , d u r in g th o y e a r e n d e d N o v . 3 0 1 9 2 1 , 4 ,7 2 5 f a r m s

THE

May 13 1D22.]

a g a i n s t w h ic h t h e b a n k s h a d m a d e lo a n s t o ta l in g le s s t h a n $ 1 5 ,0 0 0 ,0 0 0 w e r e
a c t u a l l y s o ld f o r o r o r $ 4 5 ,0 0 0 ,0 0 0 .
O p e r a tio n .

I n f o u r y e a rs o f a c tiv e o p e ra tio n th e 12 F e d e r a l L a n d B a n k s h a v e b e e n
b u i l t u p u n t i l o n M a r . 31 1 9 2 2 t h e i r c a p i t a l w a s $ 3 0 ,5 9 9 ,7 0 5 ; r e s e r v e .
$ 1 , 9 4 3 , 0 0 0 ; u n d i v i d e d p r o f i t s , $ 3 , 5 9 0 , 5 4 9 ; a n d t o t a l a s s e t s , $ 5 5 5 . 1 5 7 ,.5 4 ,) .
A ll t w e lv e b a n k s a r e o n a d i v id e n d p a y i n g b a s is a n d e v e r y b a n k s h o w s a
s u r p lu s e a r n e d fro m its o p e ra tio n s .
A c c e p ta b le

T h e s e b o n d s a re a c c e p ta b le b y

by

T reasu ry.

th e U n ite d S ta te s T r e a s u r y a s s e c u rity

fo r G o v e r n m e n t d e p o s its , In c lu d in g p o s ta l s a v in g s f u n d s .
L eg a l fo r

T ru st F u n d s.

T h e F e d e ra l F a r m L o a n A c t p r o v id e s t h a t th e b o n d s s h a ll b e la w fu l in ­
v e s tm e n ts fo r a ll f id u c ia r y a n d t r u s t fu n d s u n d e r th o ju ris d ic tio n o f th e
U n ite d S ta te s G o v e rn m e n t.
T h o y a r e e lig ib le u n d o r t h e la w s o f m a n y o f
t h e S t a te s fo r i n v e s tm e n t o f a ll p u b lic a n d p r iv a t e f u n d s a n d h a v e b o o n
o f f ic ia lly h o ld e lig ib le f o r i n v e s t m e n t b y s a v in g s b a n k s in 3 6 S t a t e s .
T h o U n i t e d S t a t e s G o v e r n m e n t o w n s o v e r $ 5 ,5 0 0 ,0 0 0 o f t h e c a p it a l s to c k
o f t h e b a n k s a n d t h e U n i t e d S t a t e s T r e a s u r y h a s p u r c h a s e d o v e r . $ 1 8 3 ,0 0 0 , ­
0 0 0 F e d e ra l L a n d B a n k b o n d s.
T h e b a n k s th e m s e lv e s a re u n d o r th e d ire c ­
tio n a n d c o n tro l o f th o F e d e ra l F a r m L o a n B o a r d , a B u r e a u o f th o t r e a s ­
u r y D e p a r tm e n t o f th e U n ito d S ta te s G o v e rn m e n t.

_

T ho follow in g is th e co n so lid a ted sta te m e n t o f co n d ition
o f th e tw e lv e F ed eral L ands B an k s a t th e close of b u sin ess
M arch 31 1922 (as o ffic ia lly rep o rted b y tho F ed eral Farm
Loan B oard ):
A SSE T S.

N e t M o r t g a g e L o a n s ________________________________________________ $ 4 8 8 , 2 2 0 , 1 4 5 6 4
7 ,3 2 2 ,1 7 3 9 0
A c c r u o d I n t e r e s t o n M o r t g a g e L o a n s ( n o t m a t u r e d ) -----------5 1 ,4 3 8 .2 4 9 7 5
U . S . G o v e r n m e n t B o n d s a n d S e c u r i t i e s ----------------------------- —
3 9 0 ,0 9 0 2 9
A c c ru e d I n te r e s t o n B o n d s a n d S e c u ritie s (n o t m a t u r e d ) - 1 ,0 8 0 ,7 0 0
00
F a r m L o a n B o n d s o n H a n d ( u n s o l d ) ----------------------------- ------------Accrued i n t e r e s t o n F a r m L o a n B o n d s o n H a n d ( n o t
2 4 ,2 6 1 9 2
m a t u r e d ) __________________________________________________________*
1 5 .9 5 4 9 7
O t h o r A c c r u e d I n t e r e s t ( u n c o l l e c t e d ) -----------------------------------------4 3 6 ,9 5 5 0 6
N o t e s K c c o i v a b l o . A c c e p t a n c e s , & c -------------------------------------------3 ,8 5 8 ,9 7 3 7 6
C a s h o n H a n d a n d i n B a n k s . - ----------------------------------------------------7 2 ,4 9 2 15
A c c o u n t s R e c e i v a b l e -----------------------------------------------------------------------1 ,0 1 4 .0 3 5 7 3
I n s t a l l m e n t s M a t u r o d ( I n p r o c e s s o f c o l l e c t i o n ) ..............................
.
3 8 9 ,4 4 1 4 3
B a n k i n g H o u s e s --------------------------------------------------------------------------------1 5 6 .4 7 1 18
F u r n i t u r e a n d F i x t u r e s -------------------------------------------------------------------- .
.
7 3 7 , 3 9 9 11
O t h o r A s s e t s --------------------------------------------------------------------------------------$ 5 5 5 ,1 5 7 ,3 4 4 8 9

T o t a l A s s e ts

LIABILITIES.
C a p ita l S to c k , H o ld b y :
U n i t o d S t a t e s G o v e r n m e n t ------------N a t io n a l F a r m L o a n A s s o c ia tio n s
B o r r o w e r s t h r o u g h A g e n t s __________
I n d i v i d u a l S u b s c r i b e r s ______________

.$ 5 ,6 4 2 ,8 4 5
.2 4 ,8 4 6 ,7 3 0
1 0 5 ,2 1 0
4 ,9 8 0

00
00
00
00

T o t a l C a p i t a l S t o c k ______________________________________________ $ 3 0 , 5 9 9 , 7 6 5
1 ,9 4 3 ,0 0 0
R e s e r v e ( f r o m E a r n i n g s ) __________________________________________
F a r m L o a n B o n d s a u t h o r i z e d a n d i s s u e d ------------.-------------------- 5 0 6 , 9 9 3 , 5 7 5
1 0 ,0 7 9 ,7 3 5
A c c r u e d I n t e r e s t o n F a r m L o a n B o n d s ( n o t m a t u r e d ) ------U . S . G o v e r n m e n t D e p o s i t s ____________________________________
2 6 3 ,9 5 0
N o t e s P a y a b l o ........................... ............................ ......................................................
3 4 8 ,3 9 4
D u o B o r r o w e r s o n u n c o m p l e t e d l o a n s __________________________
4 9 9 ,1 2 6
A m o r t i z a t i o n I n s t a l l m e n t s p a i d i n a d v a n c e ___________________
M a tu r e d In to r e s t o n F a rm
L o a n B o n d s (co u p o n s n o t
9 4 .0 2 5
p r e s e n t e d ) ---------------------------------------------------------------------------------------2 1 8 ,0 6 2
R e s e r v e d f o r D i v i d e n d s u n p a i d ______________________, ____________
5 2 7 ,1 6 0
O t h e r L i a b i l i t i e s -------------------------------------------------------------------------------3 ,5 9 0 ,5 4 9
U n d i v i d e d P r o f i t s ............................................ .. ......................................................

00
00
00
98
00
44
56
80
20
64
37

T o t a l L i a b i l i t i e s -----------------------------------------------------------------------------$ 5 5 5 , 1 5 7 , 3 4 4 8 9

F edoral Land B a n k b o n d s, it is sta te d , h a v e b eep o fficially
held eligib le for in v e stm e n t b y sa v in g s ban k s in tho follow in g
S tates:
A la b a m a , A rk a n s a s , C o lo r a d o , D e la w a r e , F lo r id a , G e o r g ia , I d a h o ,
I n d ia n a , K e n tu c k y , L o u is ia n a , M a in o , M a ry la n d , M in n e s o ta , M a s s a ­
c h u s e tts , M is s is s ip p i, M is s o u ri, N e b r a s k a , N e w H a m p s h ir e , N o w J e rs e y ,
N o r t h C a r o lin a , O h io , O k la h o m a , O re g o n , P e n n s y lv a n ia , R h o d e I s la n d ,
S o u th C a r o lin a S o u th D a k o t a , T e n n e s s e e , T o x a s , U t a h , V e r m o n t, V ir­
g in ia , W a s h in g to n , W e s t V ir g in ia , W is c o n s in , a n d W y o m in g .

B esid es tho tw o issu es o f $ 7 5 ,0 0 0 ,0 0 0 offered th is year
$ 0 0 ,0 0 0 ,0 0 0 of F ed eral L and B a n k b on d s w ere floated last
O ctober (referred to in “ C h ron icle” of O ct. 8 1921, p age
1518) and $ 4 0 ,0 0 0 ,0 0 0 th e p reviou s M a y .
O F F E R IN G OF C H I C A G O J O I N T S T O C K L A N D
B A N K BONDS.

K issel, K en n eou tt & C o . o f N e w Y ork and C h icago,
offered on M a y 10, a t 1 0 3 % and in terest, to y ie ld a b o u t
4 .0 0 % to 1932 and 5% th ereafter, a $ 5 ,0 0 0 ,0 0 0 issue of
F ir st J o in t S tock L and B a n k of C h icago, 5% farm loan
b o n d s. I t w as an n ou n ced la ter in tho d a y th a t tho books
h a d b een closed , the bon d s h a v in g b een oversu b scrib ed .
T ho b o n d s, w h ich are issu ed under tho F ed eral F arm L oan
A c t, and are exom p t from all F ed eral, S ta to , m u n icip al and
local ta x a tio n , are d atod M a y 1 1922 and aro duo M a y 1
1952. T h oy aro redeem able a t th e o p tio n of tho b an k a t
par an d accrued in torest on M a y 1 1932, or on a n y in terest
d a te thereafter. In cou p on form of $ 1 ,0 0 0 an d $ 1 0 ,0 0 0
d en om in ation s, tho b on d s aro fu lly registorablo and in ter­
ch an geab le. P rincipal an d som i-an n u al in te r e st, (M a y 1
and N ovom b or 1), are p ayab lo a t tho b an k of issue or a t tho
C on tin en tal & C om m ercial B an k in C h icago, or a t th e C hase
N a tio n a l B ank in N ow Y ork C ity , a t th e lioldor’s o p tio n .
T h e b an k op erates in Illin ois and Io w a . In form ation su m ­




3073

C H R O N IC L E

m arized from th e F ed eral F arm L oan A c t, an d a letter from
P resid en t G u y H u sto n , em bodied in th e circular, states:
T h e s e b o n d s a re d ire c t o b lig a tio n s o f th e F ir s t J o in t S to c k L a n d B a n k
o f C h a ic a g o , a n d s e c u r e d b y d o p o s it w ith t h e R e g is tr a r o f th o I a r m L o a n
B u re a u o f th e U n ite d S ta te s T r e a s u r y D e p a r tm e n t, o f U n ite d S ta te s G o v e rn ­
m e n t b o n d s o r f ir s t m o rtg a g e s u p o n im p r o v e d f a rm s , n o t e x c e e d in g 5 0 %
o f a p p ra is e d v a lu e o f f a rm la n d s a n d 2 0 % o f th e a p p ra is e d p e r m a n e n t
I n s u r e d i m p r o v e m e n t s t h e r e o n . In t h e S t a te s o f I llin o is a n d I o w a , a d m i t ­
t e d l y t h e f in e s t a g r i c u lt u r a l s e c tio n in t h e c o u n tr y .
A ll o f t h e m o r tg a g e s h a v e b e e n a p p r o v e d b y t h e F e d e r a l F a r m L o a n
B o a r d b a s e d u p o n t h e a p p r a i s a l s o f t h e i r o w n a g e n ts o p e r a t in g in t h e i r
re s p e c tiv e t e r r it o r i e s .
I n a d d itio n to G o v e r n m e n t in s p e c tio n o f t h e p r o p ­
e rtie s , th e b a n k h a s h a d in d e p e n d e n t a p p ra is a ls m a d e b y th e ir o w n e x p e rts .
A ll b o n d s o f t h e B a n k o r e p r o te c te d n o t o n l y b y a n e q u i t y r e p r e s e n t e d b y
a t l e a s t 1 0 0 % o f a d d itio n a l la n d v a lu e , b u t a ls o b y t h e p a id - in c a p ita l
s to c k o f t h e b a n k c a r r y in g d o u b le l ia b ility , a n d t h e a c c u m u l a t e d s u rp lu s
a n d rese rv e s.
T h e B a n k ’s s t a t e m e n t o f A p r i l 3 0 1 9 2 2 , s h o w s a p a i d - i n c a p i t a l s t o c k o r
$ 2 ,0 0 0 ,0 0 0 a n d s u r p l u s a n d r e s e r v e s o f $ 1 0 3 ,1 9 6 9 1 .
T o t a l a s s e ts a r o n o w in e x c e s s o f $ 3 0 ,0 0 0 ,0 0 0 .

O ffering of bon d s of F irst N a tio n a l J o in t S to c k L an d B a n k
of C h icago, h a v e b een referred to in th ese co lu m n s, S ep t 1/
1921, p age 1204; N o v . 12, p age 2035; J a n . 2 8 , 1922, p age
36 0 , and M arch 2 5 , p age 1239. In our issu e of A pril 8 ,
p age 1476, reference w as m ad e to an offerin g o f $ 7 0 0 ,0 0 0 of
ca p ita l sto ck of th e F irst J o in t S tock L and B a n k of C h icago.
O F F E R IN G OF B O N D S OF F I R S T J O I N T S T O C K L A N D
B A N K OF C H E Y E N N E , W Y O .

A t 102 an d in terest, to y ie ld a b o u t 4 .7 5 % to op tio n a l
m a tu rity and 5% th ereafter, Barr & S ch m eltzer of this
c ity , offered on A4ay 8 $ 1 ,0 0 0 ,0 0 0 F irst J o in t S tock Land
B a n k of C h eyen n e, W y o ., 5% F arm L oan b o n d s. T h is
bank w as chartered A pril 18 1922 and op erates in th e S ta te s
of C olorado and W y o m in g . T h e b on d s are d a ted M a y 1
1922, and are d u e M a y 1 1952. T h e y are ca lla b le a t par
on M a y 1 1932, or a n y in terest d a te th erea fter. T h e bon d s
are in coupon form in d en om in ation s of $ 1 ,0 0 0 ea ch , fu lly
registerable and in terch an geab le, and in terest (M a jr 1 and
N ovem b er 1) is p a y a b le a t B a n k of Issu e or a t C h ase N a tio n a l
B a n k , N e w Y ork.' T ho o fficial a n n ou n cem en t also says: .
T h e s e b o n d s a re a d ir e c t o b lig a tio n o f th o F ir s t J o in t S to c k L a n d B a n k o f
C h e y e n n e , W y o ., a n d a r e s e c u r e d b y d e p o s it o f a n e q u a l a m o u n t o f f ir s t
m o rtg a g e s o n fa rm la n d s o r U n ite d S ta te s G o v e rn m e n t s e c u ritie s .
The
m o rtg a g e s a re lim ite d b y la w t o 5 0 % o f t h e a p p r a is e d v a lu e o f t h e f a r m la n d
a n d 2 0 % o f th e a p p ra is e d p e rm a n e n t, in su re d im p ro v e m e n ts th e re o n .
A ll
f a r m m o rtg a g e s a re a p p ra is e d n o t o n ly b y e x p e rie n c e d la n d e x a m in e rs
a p p o in te d b y th o F e d e ra l F a r m L o a n B o a r d , b u t b y a lo c a l L a n d B a n k
a p p ra is e r.
A d d i t i o n a l s e c u r i t y is p r o v i d e d b y a n e q u i t y r e p r e s e n t e d b y a t
le a s t 1 0 0 % o f a d d itio n a l la n d v a lu e ; b y t h e p a id - in c a p it a l s to c k o f t h e b a n k
c a r r y in g d o u b le lia b i li ty a n d b y t h e a m o r t iz a ti o n p la n w h ic h r e q u ir e s t h a t
a b o rro w e r m u s t a u to m a tic a lly r e d u c e t h e p rin c ip a l o f h is lo a n b y s y s te m a tic
a n n u a l o r s e m i-a n n u a l p a y m e n ts .

.

T h e follow in g are th e officers and d irectors of th e F irst
J o in t S tock Land B an k of C heyenne:
C.

L . B e a tty , P re s id e n t.

A ls o S e c r e t a r y a n d M a n a g e r U n i o n T r u s t C o .,

C heyenne, W yo.
, _
.
P.
J . Q u e a ly , V ic e -P r e s id e n t.
A ls o P r e s i d e n t F i r s t N a t i o n a l B a n k ,
K e m m c r e r, W y o ., a n d V ic e -P r e s id e n t o f F i r s t N a t io n a l B a n k o f R o c k
S p rin g s , W y o .
_ _
,
J o h n W . H a y , V ic e -P r e s id e n t.
A ls o P r e s i d e n t R o c k S p r in g s B a t io n a l
B a n k , R o c k S p r in g s , W y o .; P r e s i d e n t A m e r ic a n N a t io n a l B a n k o f C h e y e n n e ,
W y o ., a n d P r e s id e n t F i r s t N a t io n a l B a n k o f L a r a m ie , W y o .
H.
P . R o th w e ll, V ic e -P r e s id e n t.
A ls o P r e s i d e n t F i r s t N a t io n a l B a n k ,
T h e r m o p o lis , W y o ., a n d P r e s id e n t F i r s t N a tio n a l B a n k o f B u f f a lo , W y o .
A.
D . J o h n s to n , S e c re ta ry .
A ls o C a s h i e r F i r s t N a t i o n a l B a n k o f
C h e y e n n e , W y o ., a n d V ic e -P r e s id e n t U n io n T r u s t C o ., C h o y e n n e , W y o .
H .
R . W e s to n , T re a s u re r.
A ls o V ic e -P r e s id e n t A m e ric a n N a t io n a l
B ank, C heyenne, W yo.
A.
J . C u n n i n g h a m , P r e s i d e n t C a s p e r N a t i o n a l H a n k , C a s p e r , > V y o .,
P r e s id e n t F i r s t N a t io n a l B a n k , S h o s h o n i, W y o ., a n d P r e s i d e n t o f R i v e r t o n
S ta te B a n k , R iv e rto n , W y o .
U S tG . E . A b b o t t . P r e s i d e n t F i r s t N a t i o n a l B a n k , C h o y e n n e , W y o . ; P r e s i ­
d e n t U n io n T r u s t C o ., C h e y e n n e . W y o ., a n d V ic e -P r e s id e n t W y o m in g
N a tio n a l B a n k , C a s p e r. W y o .

O F F E R IN G OF L I N C O L N J O I N T
BONDS.

STOCK L A N D

BANK

A $ 2 ,0 0 0 ,0 0 0 issu e o f L incoln J o in t S to ck L and B a n k
(L in coln , N e b .) 5% bonds w as offered on M a y 11 b y W illiam
R . C om p ton C o ., H a lse y , S tu a rt & C o ., In c ., an d H arris,
F orbes & C o. T ho price a t w h ich th e b on d s w as offered
w as 101.75 and accrued in terest, to y ie ld a b o u t 4 .6 0 % to
op tion al m a tu r ity and 5% th ereafter. T h e b o n d s, w h ich
are issued under th e F ed eral F arm L oan A c t, are d ated
M a y 1 1922, are d u e M a y 1 1942 an d aro op tio n a l M a y 1
1927. T h e b on d s (cou p on ), fu lly registerab le an d in ter­
ch an geab le, are in d en o m in a tio n of $ 1 ,0 0 0 . In te r e st is
p ayab le sem i-an n u ally M a y 1 an d N o v . 1, an d principal
and in torest are p a y a b le a t th e L incoln J o in t S to ck L and
B a n k , or cou p on s m ay b e p resen ted for co llectio n th rough
a n y office of th e offering h o u ses. T h o circular p o in ts o u t
th a t th e b on d s are ob ligation s of th e L in coln J o in t S to ck
Land B an k an d are co llaterally secured b y eith er first m ort­
gages on farm lan d s or U n ite d S ta te s G overn m en t b on d s or
certificates of in d eb ted n ess. T h e lia b ility of th e b a n k ’s
shareholders is d ou b le th e a m o u n t o f th eir sto c k . T h e

2074

THE

[V ol. 114.

C H R O N IC L E

ca p ita l sto c k of th e b an k is $ 1 ,2 2 1 ,0 0 0 , on w h ich 8% d iv i­
dends h a v e b een regularly p a id , a n d , it is sta te d th a t it is
plan n ed to increase th e c a p ita l w ith in a sh ort tim e. T h e
surp lu s a t presen t is $ 4 0 ,2 5 0 . In clu d in g th e bon d s now
offered , th ere w ill be $ 2 0 ,1 0 0 ,0 0 0 bon d s o u tsta n d in g . T h e
ban k len d s on farm lan d in Iow a and N eb ra sk a . A ll loan s
h a v e been m ad e on th e am o rtiza tio n p lan , w h ich provides
for tho p a y m en t o f su b sta n tia lly eq u al a m o u n ts each six
m o n th s, a portion o f eacli p a y m e n t b ein g in terest and th e
balance red u cin g th e p rin cip al o f the lo a n w h ich is en tirely
retired a t th e end o f th e p eriod. T h e fo llo w in g is th e sta te ­
m en t o f tho L incoln J o in t S to ck Land B a n k as o fficia lly
reported M arch 31 1922:
Acres of real estate loaned upon.______ ___________ ______
228,240
Total amount loaned----------------------------------------- ---------- $14,684,250 00
Appraised value of real estato security___________________836,965,584 00
$16196
Appraised value per aero____________________1__________
864 34
Amount loaned per acre________________________________
Percentage of loans to appraised value of security________
39.75%
A number of farms have been sold sinco tho loans were made. From
official records of sales wo have compiled tho following summary:
Total acres sold_______________________________________
26,801
Total consideration............... .............................................. ..........$4,881,884 00
Appraised value of land sold________ ___________________ 4,269,561 00
Total amount loaned on land........................... .......................... 1,873,500 00
Averago sale price per acre.................................................. ........
$182 15
Amount loaned per acre on land sold____________________
$69 90
Percentage loaned to soiling price______________________
38.30%
Percentage loaned to appraised value___________________
43.87%

I t is sta te d th a t th e L in coln J o in t S to ck Land B a n k is
n ow th e secon d in size in tho en tire sy s te m . P reviou s bond
offerin gs of th e ban k h a v e been n o ted in th ese colu m n s
D oc. 31 1921, F ob. 4 1922, F eb . 25 1922 and M arch 25 1922.
O F F E R IN G OF F I R S T C A R O T I N A S J O I N T S T O C K L A N D
B A N K BONDS.

n e s s o f A m e ric a is t h e p r o d u c tio n a n d d i s t r i b u t i o n o f a g r i c u l t u r a l c o m m o d i­
tie s , a n d s ix ty o r n in e ty - d a y f in a n c in g d o e s n o t a d e q u a te ly m e e t th e m a r k e t ­
in g n e e d s of th e p ro d u c e r.
W e c a n p r o fita b ly s tu d y E u ro p e a n b a n k in g m e th o d s , b u t w e n e e d n o t
s la v is h ly im ita te th e m .
W e m u s t a d o p t w h a t is h e lp fu l a n d s e rv ic e a b le to
A m e r ic a n b u s in e s s , a g r i c u l t u r a l , i n d u s t r ia l , a n d c o m m e r c i a l ; b u t w e m u s t,
o n th e o th e r h a n d , m o d if y f o re ig n b a n k in g c o n c e p tio n s to c o n fo rm to th e
n o r m a l p r o c e s s e s in v o lv e d in t h e p r o d u c tio n a n d d i s t r ib u t io n o f o u r b ig
b a s ic c o m m o d itie s i n A m e ric a .
L a s t y e a r ’s c o l l a p s e i n a g r i c u l t u r e , a n d i n
th e b a n k in g s itu a tio n in g r ic u l tu r a l d i s t r ic t s , w a s p a r t i a l l y d u e to a n a tt e m p t
to c o lle c t lo a n s o n f a r m c o m m o d itie s in to o s h o r t a p e rio d .
T h e in e v ita b le
re s u lt w a s to fo rc e o n th e m a r k e t a n a b n o rm a lly la r g e v o lu m e o f p ro d u c ts in
a n u n u s u a lly s h o r t p e rio d o f tim e .
P r o d u c tio n a n d c o n s u m p tio n c a n n o t r e s p o n d to t h e e c o n o m ic d o g m a o f a n y
s c h o o l o f f in a n c ia l th o u g h t.
F a i lu r e t o r e a liz e th is , a n d t h e a r b i t r a r y a p p li ­
c a tio n o f p r in c ip le s w h ic h a re n o t a d a p te d to A m e ric a n a g r ic u ltu r a l a c ti v i ­
tie s , p r o d u c e d a b re a k - d o w n in th e m a c h in e ry .
W e m u s t fre e o u rse lv e s f ro m
th e o r e tic a l f in a n c ia l d o c tr in e s a n d a p p ly th e r u le s o f c o m m o n se n se . W e m u s t
h a rm o n iz e th e m a c h in e r y o f f in a n c e w ith th e u s u a l p ro c e s s e s o f p r o d u c tio n
a n d c o n s u m p tio n .
W e p ro d u ce o n e c ro p a y e a r a n d w e c o n su m e it th ro u g h ­
o u t th e y e a r. T h e f in a n c in g m u s t b e r e la te d to th e s e fu n d a m e n ta l fa c ts . O u r
g r e a t s ta p l e c ro p s a n d o u r liv e s to c k a r e n e it h e r p r o d u c e d n o r c o n s u m e d in
9 0 d a y , a n d w e s h o u l d n o t e x p e c t t o m a r k e t a y e a r ’s p r o d u c t i o n i n 9 0 d a y s .
T h e n e e d f o r l o n g e r t e r m f i n a n c i n g f o r o u r a g r i c u l t u r a l t u r n - o v e r is p a r t i a l l y
r e c o g n iz e d b y t h e F e d e r a l R e s e rv e S y s te m , in t h a t p r o v is io n is m a d e f o r r e ­
d is c o u n tin g a g r i c u lt u r a l p a p e r f o r s ix m o n th s .
B u t o u r f in a n c ia l s y s te m a s
a w h o le d o e s n o t a d e q u a te ly re c o g n iz e th e n e c e s s ity o f c o r r e la tin g a g r i c u l ­
t u r a l f in a n c in g w ith th e n o r m a l p ro c e s s e s o f p r o d u c tio n a n d c o n s u m p tio n .
B a n k d e p o s its in t h is c o u n tr y , a s in E u ro p e , a r e la r g e ly d e m a n d d e p o s its ,
a n d a c o n s id e r a b le p o r tio n o f th e m m u s t b e in v e s te d in s h o r t tim e p a p e r so
t h a t th e y w ill re v o lv e in a w a y t h a t w ill m e e t w ith th e d e m a n d s o f d e p o s it­
o rs.
I t is t im e , h o w e v e r, to d r a w a s h a r p d is t in c t io n b e tw e e n s h o r t t im e b a n k
p a p e r a n d th e q u e s tio n o f th e l iq u i d it y o f th e s e c u r ity t h a t u n d e r lie s b a n k
p a p e r , lo n g o r s h o r t.
I m a i n t a i n t h a t t h e s ix a n d n in e m o n th s ’ lo a n s o n
w h e a t a n d c o tto n , m a d e b y th e W a r F in a n c e C o r p o r a tio n to c o -o p e r a tiv e
m a r k e ti n g o r g a n iz a tio n s , a r e a s liq u id , fro m th e p o in t o f v ie w o f th e s e ­
c u r ity , a s th e 9 0 - d a y p a p e r r e p r e s e n tin g a d v a n c e s to m e r c h a n ts a n d m a n u ­
fa c tu re rs .
L o n g tim e p a p e r m a y b e m o re liq u id a s to s e c u r ity th a n s h o rt
tim e p a p e r.
I t m a y n o t b e a s w e ll a d a p te d a s a n in v e s tm e n t fo r a ll o f a
b a n k ’s f u n d s , r e p r e s e n t i n g d e p o s i t s p a y a b l e o n d e m a n d , b u t t h e e x p e r i e n c e
of th e W a r F in a n c e C o rp o ra tio n d e m o n s tra te s th a t , w h e n a d e q u a te f in a n c in g
f o r th e tim e n e e d e d is p r o v id e d , s ta p le a g r i c u lt u r a l c o m m o d itie s a r e liq u id a te d
in a n o r d e r l y w a y a n d , i n f a c t , t h e l i q u i d q u a l i t y o f t h e s e c u r i t y i s e n ­
h a n c e d b y a m o re g r a d u a l m a r k e tin g p ro ce ss.
T h e s e lf-liq u id a tin g q u a lity
o f p a p e r d e p e n d s u p o n th e o r d e r ly m a r k e ti n g o f th e c o m m o d itie s u n d e r ly in g
i t f a r m o re th a n u p o n th e d u r a tio n w r itte n on its face.
D u r in g th e p a s t y e a r i t w a s c le a rly sh o w n t h a t c o m m e rc ia l p a p e r d e p e n d s
fo r its liq u id ity on t h e o rd e rly b u y in g o f th e m a n u f a c tu r e d g o o d s, a n d t h a t
t h is o r d e r ly b u y in g , in t u r n , d e p e n d s la r g e ly u p o n a p u r c h a s in g p o w e r b a s e d
u p o n th e o r d e r ly m a r k e tin g o f o u r b a s ic a g r i c u lt u r a l p r o d u c ts .
W e n e e d i t to d e v e lo p a f re s h o u tlo o k .
W e n e e d to re v is e o u r f in a n c ia l
c o n c e p tio n s.
A n d w e n e e d t o d o i t i n t h e f r e e d o m a n d in t h e l i g h t o f c o m ­
m o n s e n se , in s te a d o f in s la v is h a d h e r e n c e to th e o r e ti c a l p r in c ip le s b a s e d u p o n
t h e n e e d s o f a b u s in e s s g o v e rn e d b y d i f f e r e n t c o n d itio n s .
O u r f in a n c e n e e d s
A m e ric a n iz a tio n .

W atk in s & C o. of N e w Y ork a nd B o sto n , offered on M a y 11
a $ 1 ,0 0 0 ,0 0 0 issuo o f F irst C arolinas J o in t S to ck Land
B an k 5% F arm Loan B on d s a t 102^2 an d accrued in te r e st,
to y ie ld a b o u t 4 .7 0 % to 1932 and 5% th ereafter. T h is
■J o in t S to ck Land B a n k , w h ich op erates in N o r th and S ou th
C arolina, h a s ju st b een form ed under tho P resid en cy of
A sb u ry F . L over, form erly of th e F ed eral F arm Loan
B oard , an d its organ ization is referred to under an oth er
h ead in g in th is issuo o f our paper. T h e b o n d s, w h ich aro
issu ed under tho F ed eral F arm L oan A c t, are d a ted M a y 1
1922 an d aro due M a y 1 1952. T h e y are cou p on b on d s,
$ 1 ,0 0 0 ea ch , and are registerab le an d in terch an geab le. G O V . R . A. C O O P E R N A M E D T O S U C C E E D A S B U R Y
P rin cip al and sem i-an n u al in terest (M a y and N o v em b er 1),
LE V E R ON F E D E R A L F A R M LO AN BOARD.
are p a y a b le a t C h em ical N a tio n a l B a n k , N e w Y ork , or F irst
P resid en t H ard in g on M ay 11 nom inated R obert A. Cooper,
C arolinas J o in t S to ck L and B a n k , C olu m b ia, S . C . T h e G overnor of South C arolina, to be a m em ber o f the F ed eral
bonds are redeem able a t par an d accrued in terest on M a y 1 Farm Loan B oard to succeed A sbury F. Lever, w ho recently
1932, or an y in terest d a te th ereafter. T h ey are exem p t from resign ed to becom e P resid en t o f the F ir st C arolin as Join t
all F ed eral, S ta te an d local incom o taxes.
Stock Land B ank. Mr. Cooper’s term a s G overnor exp ires
A le tte r from A ir. L evor, P resid en t, is sum m arized as n e x t January.
follow s in tho official circular:
Secured by deposit of first mortgages on approved farm lands, or United
States bonds or certificates of indebtedness. Pledged mortgages protected
by an equity represented by at least 100% of additional land value. Bonds
further protected by $250,000 paid-in capital stock carrying double liability
and $25,000 paid-in surplus.
Bank operated under a charter granted by the Federal Farm Loan
Board, which exercises rigid supervisory powers over the Joint stock as
well as tho Fedoral Land banks. Tho Farm Loan Board approves all
loans beforo authorizing tho issuanco of bonds against them, appoints
registrars who aro custodians of the securities, and appraisers, and pre­
scribes tho terms and form of bond issues and examines tho condition of
tho banks as frequently as occasion requires and not less than twice a year.
Provisions of Federal Farm Loan Act and regulations of Federal Farm
Loan Board rigidly prescribe tho investments of tho banks, tho amortization
of loans and tho accumulation of reserves or surplus.
Territory served, North and South Carolina, ono of tho richest, oldest
and most thoroughly established agricultural territories in tho United
States and ono of tho most fertilo fiolds for Stock Land bank operation.
Bank exceptionally favored through having an unusually strong manage­
ment consisting of men who have had long and successful experience in tho
mortgage and banking field in its operating territory.
E U G E N E M E Y E R , JR., A R G U E S F O R L O N G E R T E R M
FINANCING AC CO U N T OF A G R IC U LT U R E .

In a statem en t before th e H ou se C om m ittee on B anking
and C urrency on M ay 3 r ela tiv e to b ills bearing on agricu l­
tu ral fin a n cin g now pending in'C ongress, E ugene M eyer, Jr.,
M anaging D irector o f the W ar F in an ce C orporation, argued
for lon ger term fin a n cin g fo r our ag ricu ltu ra l turnover,
sayin g in p a r t :
T h e r e is o n e g r e a t tr o u b le w i t h th e f in a n c ia l s y s te m o f t h is c o u n tr y , a s I
se e i t in th e l ig h t o f m y e x p e rie n c e d u r in g t h e p a s t y e a r .
S p e a k in g b ro a d ly ,
i t is t h i s :
O u r f u n d a m e n ta l f in a n c ia l c o n c e p tio n s a n d a tt i tu d e s a re b a s e d
u p o n th e im p o rte d E n g lis h a n d C o n tin e n ta l c o n c e p tio n s o f w h a t c o n s titu te s
s o u n d n e s s in b a n k in g .
T h e f ia n c ia l m a c h in e r y o f E u r o p e w a s d e v e lo p e d to
m e e t t h e r e q u ir e m e n ts o f i t s o w n i n d u s t r ia l a n d c o m m e r c ia l b u s in e s s , a n d a
s ix ty o r n in e ty - d a y b a n k in g f a c ility is e x a c tly w h a t is n e e d e d to f in a n c e im ­
p o r ts o f fo o d s tu ffs a n d ra w m a te ria ls , th e m a n u f a c tu r e o f ra w m a te ria ls in to
fin is h e d g o o d s, a n d th e e x p o rt o f m a n u f a c tu r e d g o o d s.
B u t th e b a s ic b u s i­




A S B U R Y F. L E V E R R E T I R E S F R O M F E D E R A L F A R M
LOAN B O A R D TO H E A D F IR S T C A R O L IN A S
JOINT STOCK LAND BANK.

A sbury F. L ever h a s resigned from the F ed eral F arm Loan
Board, h avin g become P resid en t o f the F ir st C arolin as Join t
Stock Land Bank, ch artered at Columbia, S. C., to operate
in both N orth and South C arolina. Mr. L ever w as form erly
a mem ber of C ongress fo r over 18 y ea rs and w a s ch airm an of
the H ou se C om m ittee on A gricu ltu re for six y ea rs and dur­
ing the w ar; he d rafted th e L ever Food C ontrol A ct and the
Lever County A gen t Act. H e w as appointed to the F ederal
Farm Loan B oard in 1919 by P resid en t W ilson and h is term
o f o fice w ould n ot exp ire until Aug. 1 1924.
Am ong the other m em bers o f the d irectorate o f the F ir st
C arolin as Join t S tock Land Bank a re:
J . P o p e M a tth e w s , V i c e - P r e s id e n t,
B a n k o f C o lu m b ia , S. C.

P r e sid e n t

of

th e

P a lm e tto

N a tio n a l

II.
E . W a y , S e c re try -T re a s u re r, fo rm e rly S e n io r L a n d B a n k E x a m in e r of
th e F a r m L o a n S y s te m , in c lu d in g b o th F e d e r a l a n d J o in t S to c k L a n d b a n k s .
A.
W . M cL ean , fo rm e rly a la r g e b a n k e r a n d m o rtg a g e in v e s to r in N o rth
C a r o lin a , a n d n o w a D ir e c to r o f th e W a r F in a n c e C o r p o r a tio n a n d P r e s id e n t
o f th e N a tio n a l B a n k o f L u m b e rto n , N . C.
W . B . D r a k e , J r . , P r e s i d e n t o f t h e R a l e i g h B a n k i n g & T r u s t C o ., t h e M e r ­
c h a n ts N a tio n a l B a n k , a n d th e M e c h a n ic s S a v in g s B a n k , a ll o f R a le ig h , N . C.
A.
M. L u m p k in , a m e m b e r o f th e f ir m o f T h o m a s & L u m p k in , A tto rn e y s
a n d C o u n s e llo rs a t L a w , C o lu m b ia , S . C. ; b e e n e n g a g e d f o r o v e r 3 0 y e a r s in
th e in v e s tig a tio n o f f a r m lo a n m o r tg a g e s in th e t e r r it o r y in w h ic h th e F i r s t
C a r o lin a s J o i n t S to c k L a n d B a n k is to o p e ra te .

A s noted in anoth er item , A ngus W. M cLean lia s tendered
h is resign ation a s a m em ber o f the W ar F in a n ce C orpora­
tion. T he F ir st C arolinas J o h n Stock Land Bank h a s a
paid-in ca p ita l o f $250,000, carrying double lia b ility , and a
paid-in surplus o f $2,000. An o fferin g o f bonds of th e bank
($1,000,000) is referred to elsew h ere in th is Issue.

May 13 1922.]

THE

C H R O N IC L E

A N G U S W. M cL E A N TO R E S IG N F R O M W A R F IN A N C E
C O R PO R A T IO N TO H E A D J O IN T S T O C K LA N D BA N K .

T he inten tion o f A ngus W. M cLean to resign from th e W ar
F in an ce C orporation w as m ade know n on A pril 25. Mr. Mc­
L ean h as become id en tified w ith th e m anagem ent o f the
F ir st C arolin as J o in t Stock Land B ank to w h ich w e refer
above.
CHARTERS GRANTED FOR FIRST JOINT STOCK LAND
B A N K OF N E W YORK, A N D N E W Y O R K A ND N E W
JERSEY JOINT STOCK LAND BANK.

On M ay 2 th e F ederal Farm Loan B oard granted charters
to the F ir st Jo in t Stock Land Bank o f N ew York and the
N ew York and N ew Jersey Jo in t Stock Land Bank.
ORGANIZATION OF K E N T U C K Y JOINT STO C K LAND
BANK.

The K entucky J o in t Stock Land B ank o f Lexington, Ky..
w as recently organized by lead in g bankers o f L exington and
the surrounding com m unity, w ith a cap ital stock o f .$250,000
and a paid in su rp lu s o f $50,000. T h e o fficers of th e bank

2075

w h i l e $ 0 , 7 2 5 ,0 0 0 r e p r e s e n t s
E d g e L a w b a n k a c c e p ta n c e s .

re p a y m e n ts o n

e x p o rt

lo a n s f in a n o e d

th ro u g h

R e p a y m e n ts o n a c c o u n t o f a g r i c u lt u r a l a n d liv e s to c k lo a n s a g g r e g a te
$ 2 0 , 7 7 4 ,0 0 0 .
O f t h i s a m o u n t , $ 1 7 , 2 7 8 ,0 0 0 w a s r e p a i d b y b a n k i n g a n d f i ­
n a n c i n g i n s t i t u t i o n s , $ 2 , 5 8 3 ,0 0 0 b y l i v e s t o c k l o a n c o m p a n i e s , a n d $ 6 , 9 1 3 , ­
0 0 0 b y c o -o p e r a tiv e m a r k e ti n g a s s o c ia tio n s .
A ll r e p a y m e n ts h a v e b e e n v o lu n ta r y a n d a c o n s id e r a b le p a r t o f t h e to ta l
r e p r e s e n ts r e p a y m e n ts b e fo r e d u e d a te s .

A D V AN C ES APPROVED BY W AR
CORPORATION.

FINANCE

Tho War Finance Corporation announces that from M ay 4
to M ay 6 1922, inclusive, it approved 57 advances, aggregat­
ing 81,785,000, for agricultural and livestock purposes, as
follows:
$ 5 0 ,0 0 0
5 2 7 .0 0 0
1 0 2 .0 0 0
1 2 .0 0 0
2 ,0 0 0
2 4 .0 0 0
2 4 .0 0 0
4 7 .0 0 0
1 0 0 .0 0 0
9 0 .0 0 0
30 000
1 3 4 .0 0 0

in
in
in
in
in
in
in
in
in
In
in
in

A rk a n sa s
C o lo ra d o
G e o rg ia
Id ah o
In d ia n a
Io w a
K ansas
K e n tu c k y
L o u is ia n a
M in n e s o ta
M is s is s ip p i
M o n ta n a

a r e :

3 6 .0 0 0
1 8 .0 0 0
6 5 .0 0 0
6 8 .0 0 0
7 6 .0 0 0
2 6 .0 0 0
7 8 .0 0 0
1 0 .0 0 0
1 2 8 ,0 0 0
7 2 .0 0 0
6 6 .0 0 0

in
in
in
in
in
in
in
in
in
in
in
in

N eb rask a
N e w M e x ic o
N o r t h C a r o lin a
N o rth D a k o ta
O k la h o m a
O re g o n
S o u th D a k o ta s
T en n essee
T exas
W is c o n s in
W y o m in g o n liv e s to c k
W y o m in g a n d C o lo r a d o .

During the week ending M ay G 1922 the War Finance
Corporation approved a total of 139 advances, aggregating
83,550,000, for agricultural and livestock purposes.
On M ay 11 the Corporation announced that from M ay 8
T he three fir st nam ed are o ffic e r s o f the S ecu rity T ru st
to M ay 10 1922, inclusive, it approved 61 advances, aggre­
Com pany o f L exington, Ky. T h e location o f the bank w ill
gating 83,033,000, for agricultural and livestock purposes,
be on the ground flo o r o f the Secu rity T ru st Company B u ild ­
as follows:
C . N . M a n n in g , P r e s id e n t.
J . D . V n n llo o s e r , V ic e -P r e s id e n t.
S . A . W a lla c e , S e c r e ta r y a n d T r e a s u r e r.
V . II. K n g e lk e n , M a n a g e r.

ing.

____________ _

ORGANIZATION OF LOUISVILLE JOINT ST O C K LAND
BANK.

W alter H ow ell h a s resigned a s P resid en t of the F ed eral
Land Bank of L ou isville to become P resid en t o f the L ouis­
ville Jo in t Stock Land Bank, ju st form ed and ca p ita lized at
$250,000. T h e incorporators include Mr. H ow ell, F. M. Saclcett, John W. Barr, Jr., L. W. B otts, H en n in g C ham bers, Attilla Cox, S. A. C ulbertson, J. C. Engelhard, W. H. K aye, W.
C. M ontgom ery, J. D. S tew a rt and J. B o ss Todd.
T he L o u isv ille “C ourier-Journal” o f M ay 2 qu otes Mr.
H ow ell a s s a y in g :
T h o a d d itio n o f th e L o u is v ille J o i n t S to c k B a n k to th e g r o u p o f C i ti ­
z e n s U n io n N a tio n a l B a n k , th e F i d e lity & C o lu m b ia T r u s t C o m p a n y , a n d th e
C itiz e n s U n io n F o u r th S t r e e t B a n k g iv e s to L o u is v ille a n d th e s u r r o u n d i n g
t e r r i t o r y o n e o f t h e s t r o n g e s t b a n k i n g g r o u p s in t h e U n i t e d S t a t e s a n d i n ­
s u re s to t h e a g r i c u lt u r a l a n d b u s in e s s i n te r e s t s o f t h i s s e c tio n , a f in a n c ia l
s u p p o r t a n d b a c k in g w h ic h s h o u ld b e in v a lu a b le .
T h e i n s t it u t io n is o f th e g r e a t e s t i m p o r ta n c e to f a r m e r s o f K e n tu c k y a n d
I n d ia n a , a s i t g iv e s th e m f a c ilitie s fo r f in a n c in g t h e i r f a r m s a n d f a r m in g
o p e r a tio n s w h ic h h a v e n o t h e r e to f o r e e x is te d .

$ 1 5 ,0 0 0
2 0 .0 0 0
1 3 5 ,0 0 0
9 8 .0 0 0
1 ,5 1 4 .0 0 0
2 0 .0 0 0
4 2 .0 0 0
1 0 .0 0 0
6 4 .0 0 0
5 5 .0 0 0
1 0 .0 0 0

in
in
in
in
in
in
in
in
in
in
in

A la b a m a
A rk a n sa s
C o lo ra d o
G e o rg ia
Id ah o
Illin o is
Io w a
K ansas
M in n e s o ta
M is s is s ip p i
M o n ta n a

4 7 .0 0 0 in N e b r a s k a
4 0 .0 0 0 in N e w
M e x ic o o n liv e ­
s to c k in A riz o n a a n d N e w
M e x ic o .
3 1 5 .0 0 0 i n N o r t h C a r o lin a
8 1 .0 0 0 in N o r t h D a k o t a
3 9 .0 0 0 in O k la h o m a
1 9 3 .0 0 0 in S o u th C a r o lin a
2 0 .0 0 0 in T e n n e s s e e
1 9 2 .0 0 0 in T e x a s
1 2 3 .0 0 0 in W y o m in g

J O H N M c H U G H C H A I R M A N OF B O A R D OF D I S C O U N T
C O R P O R A T IO N OF N E W
YO RK-O TH ER
OFFICIAL CH A N G ES.

A t tho annual m eeting of tho D iscount Corporation o f
N ew York on M ay 10, Ernest C. Wagner, formerly VicePresidont, was elected to the Presidency to succeed John
M cH ugh, who became Chairman of tho Board. Jerom e
Thralls, formerly Secretary and Treasurer, was elected to
tho Vice-Presidency, w ith tho title of Vice-President and
The new institution will temporarily locate in the Colum­ Treasurer. D udley H . M ills was advanced to the position
of Secretary; ho was formerly A ssistant Secretary. Tho en­
bia Building; with the completion of the Inter-Southern
tire board of directors was re-elected and M r. W agner was
Building, it will be housed in the new structure.
added to tho membership.
M r. M cH ugh, following tho m eeting, gave out tho folORGANIZATION OF M INNEAPO LIS-TRUST JOINT
owing announcement:
STOCK LAND

BANK

OF M INNEAPOLIS.

On M ay 2 the F ed eral F arm Loan Board a t W ashington,
D. C., granted C harter No. 41 to the M inneapolis-T rust Join t
Stock Land Bank of M inneapolis, w hich h as been organized
by the M inneapolis T rust Company. T he cap ital is $250,000
and its surplus $25,000. A t the organ ization m eetin g on May
3, the follow in g w ere elected as d irecto rs: F. A. Cham ber­
lain, II. C. Clarke, E. C. Cooke, E. J. G rim es, I. H a zlett. C. T.
J a ffr a y , W. A. L ancaster, F. W. L ittle, W. G. N orthrup, J. U.
V anD erlip, B. W. Webb and F. G. W inston. A t th e fir st
m eetin g o f the B oard o f D irectors the fo llo w in g w ere elected
o ffic e r s of the new bank: E. C. Cooke, C hairm an ; ltob'ert
W. Webb, P resid en t; C. T. J a ffra y , V ice-P resid en t; E. J.
G rim es, M anaging V ice-P resident and T reasu rer; and A. O.
D ieson, Secretary. T he bank is to operate in M innesota and
N orth D ak ota. Its banking rooms are in the o ffic e s o f the
M inneapolis T ru st Company, w hich is a ffilia te d w ith the
F ir s t N ation al B ank in M inneapolis.
REPAYMENTS
TO
WAR
FINANCE
CORPORATION
S I N C E J A N . 1 O F O V E R $01,000,000 A D V A N C E S .

T h o o x c c u tiv o o fflc o o f C h a i r m a n o f t h e B o a r d h a v in g b e e n c r e a t e d ,
J o h n M c H u g h w a s to -d a y m a d o C h a irm a n o f th o D is c o u n t C o r p o r a tio n
a n d E r n e s t C . W a g n e r w a s a d v a n c e d fro m t h e V ic e -P re s id e n c y to t h e o ffic e
o f P re s id e n t.
J e ro m o T h r a lls , h e re to fo re S e c re ta ry a n d T r e a s u r e r o f th e
c o rp o r a tio n , w a s m a d o V ic e -P re s id e n t a n d T r e a s u r e r .
D u d le y H . M ills ,
fo rm e rly A s s is ta n t S e c re ta ry , w a s e le c te d S e c re ta ry , a n d M , G re a c e n
B rig g s a n d G e r a ld F . B e a l w e re e le c te d A s s is ta n t S e c re ta rie s .

T he following comprise tho board of directors: George W .
D avison , President Central U nion Trust Co.; Francis L.
H ine, Chairman First N ational Bank; Gates W . M cGarrah, Chairman M echanics & M etals N ational Bank; John
M cH ugh; Charles E . M itchell, President N ational C ity
Bank; J. P. M organ, J. P . M organ & Co.; Seward Prosser,
President Bankers Trust Co.; Charles H . Sabin, Chairman
G uaranty Trust Co.; A . H . W iggin, President Chase N a ­
tional Bank; Ernest C. Wagner; James H . Perkins, President
Farmers’ Loan & Trust Co.

J

. -. . . . . . . . . . . .—
.

GO V ERN O R H A R D I N G OF F E D E R A L R E S E R V E B O A R D
D E N IE S IN TE R PR E T IN G RESERVE A C T RESPECT­
IN G AGRICULTURAL LOANS.

In the Senato on M ay 4 Senator Simmons caused the
insertion in tho “ Congressional Record” of a letter from

E ugene M eyer, Jr., M anaging D irector of the W ar F in an ce
Governor Harding of tho Federal Reserve Board in which
C orporation, on M ay 8 m ade public the fo llo w in g sta te m e n t:
R e p a y m e n ts re c e iv e d by th e W a r F in a n c e C o r p o r a tio n fro m J a n . 1 to M ay
3 , i n c l u s i v e , a g g r e g a t e d $ 0 1 , 5 0 7 ,0 0 0 .
O f t h i s s u m , $ 7 , 2 3 0 ,0 0 0 r e p r e s e n t s
re p a y m e n ts o n a c c o u n t o f lo a n s m a d e u n d e r th e w a r p o w e r of th e C o rp o ra ­
tio n . O f th e l a t t e r a m o u n t, $ 2 0 8 ,0 0 0 w a s r e p a id o n c a tt le lo a n s a n d $ 7 ,0 2 8 ,­
0 0 0 o n r a i l r o a d a n d p u b lic u t i l i t y lo a n s .
R e p a y m e n ts of e x p o rt a d v a n c e s d u r in g th e p e rio d in d ic a te d to ta l $ 2 7 ,­
5 5 0 ,0 0 0 ,
o f w h i c h $ 1 0 , 8 2 0 ,0 0 0 w a s r e p a i d b y e x p o r t e r s , $ 1 ,7 6 0 ,0 0 0 b y c o ­
o p e r a t i v e m a r k e t i n g a s s o c i a t i o n s , a n d $ 8 ,2 5 1 ,0 0 0 b y b a n k i n g i n s t i t u t i o n s ,




tho latter denied th at ho had recently interpreted the
Federal R eserve A ct in the m atter of agricultural loans.
In subm itting tho letter Senator Simmons said in explanation:

A d a y o r tw o a g o I m a d o s o m e g e n e ra l o b s e rv a tio n s w ith re fe re n c e to th e
W a r F in a n c e C o r p o r a tio n a n d c e r t a in b ills w h ic h h a v e b e e n in tr o d u c e d In
th o S e n a to , o n e b y m y s e lf, p r o v id in g f o r l a r g e r b a n k in g f a c ilitie s f o r a g r i ­
c u lt u r is t s a n d liv e s to c k r a is e r s in t h e c o u n tr y t h a n a r e a ff o r d e d t h r o u g h t h e
W a r F In a n c o C o rp o ra tio n .

2076

THE

O H E O N IC L E

I n th e c o u rs e o f m y ro m a rk s I c a u se d to b o re a d fro m th e d e s k a n In te r­
v ie w w i t h M r . H a r v e y J o r d a n , w h ic h a p p e a r e d in t h e R a le ig h “ N e w s a n d
O b s e r v e r.”
I n th e in te r v ie w M r . J o r d a n s ta te d t h a t th e G o v e r n o r o f th e
F e d e ra l R e s e rv e B o a rd . M r . H a rd in g , h a d m a d e a f u r th e r ru lin g a g a in s t
lo a n s to o n a b le f a r m e r s a n d s to c k r a is e rs t o h o ld t h e i r p r o d u c t s o ff t h e m a r ­
k e t fo r th e p u rp o s e o f a m o re o rd e rly m a r k e tin g o f s u c h p ro d u c ts .
I a m n o w in r e c e ip t o f a l e t t e r f r o m G o v e r n o r H a r d in g , d a te d M a y 2 ,
w h ic h w a s r e a l ly c a lle d t o m y o i t e n t i o n o n ly t h is a f t e r n o o n , in w h ic h h e
r e f e r s to th e in te r v ie w o f M r . J o r d a n a n d s ta te s t h a t h e w a s in c o r r e c tly
q u o t e d , t h a t h o h a d m a d o n o s u c h r u l i n g , t h a t t h e B o a r d o f w h i c h h e Is t h e
h e a d h a d m a d e n o s u c h r u lin g , a n d t h a t t h o B o a r d d id n o t h o ld t h e o p in io n
w ith re s p e c t to th e m a t t e r s ta te d in th e in te rv ie w w ith M r . J o rd a n , a n d re ­
q u e s tin g t h a t so m o p u b lic ity b e g iv e n t o th o d e n ia l.
H e a ls o d is c u s s e s in t h e l e t t e r to s o m e e x te n t t h e q u e s tio n o f a g r ic u ltu r a l
c r e d its , a n d c le a r ly in d ic a te s t h a t b o th h e h im s e lf a n d t h e F e d e ra l R e s e rv e
B o a r d a r e in f a v o r o f s o m e s y s te m w h ic h w ill a d e q u a t e ly p r o v id e c r e d its
a n d b a n k iD g f a c ilitie s t o f a r m e r s a n d t o s to c k r a i s e r s .
H e a ls o m a k e s i t
c le a r t h a t h e d o e s n o t t h in k i t w o u ld b e a d v is a b le to a t t e m p t to a c c o m p lis h
th is th ro u g h a m e n d m e n ts to th e F e d r r i l R e s e rv e A c t.
T h o l e t t e r , I t h i n k , is v a l u a b l e i n its o lf , a n d G o v e r n o r H a r d i n g is e n t i t l e d
to h a v e it m a d e p u b lic .
I s h a ll a s k th o S e c re ta ry to r e a d a ll o f th e l e t t e r
e x c e p t o n e p a r a g r a p h , w h ic h th e G o v e r n o r m a k e s c o n fid e n tia l.
I w o u ld
l ik e v e r y m u c h t o h a v e t h a t p a r a g r a p h r e a d , b u t b y r e a s o n o f h is d e s iro t h a t
i t s h . l l b o t r e a t e d in c o n f id e n c e , £ a s k t h a t t h e S e c r e t a r y e li m in a te i t .
I
d e s ir e t o h a v e t h e l e t t e r r e a d b e c a u s e T t h i n k G o v e r n o r H a r d i n g is e n t i t l e d
t o h a v e i t r e a d , a n d J t h i n k t h o S e n a t e is e n t i t l e d t o k n o w w h a t h e s a y s u p o n
th is v e r y in te r e s tin g a n d v e r y im p o r ta n t s u b je c t:

T h e le tte r fo llo w s.
FED ER A L

RESERV E

BOARD.

Washington, May 2 1 9 2 2 .
JUon. F. M . Simmons, United Slates Senate, Washington, D. C.
M y Dear Senator — I n t h e c o u r s o o f y o u r r e m a r k s w h i c h a r e p u b l i s h e d
o n p a g e s 6 6 7 7 to 6 6 8 0 o f th o “ C o n g re s sio n a l R e c o rd " o f M a y 1 1 9 2 2 , y o u
r e f e r r e d t o a n d c a u s o d t o b o in s e r to d in t h e “ R e c o r d ” a s t a t e m e n t ta lc o n
f r o m t h o R a le ig h ( N . O .) “ N o w s a n d O b s e r v e r ” o f A p r il 2 7 1 9 2 2 , b y M r .
H a r v ie J o r d a n , N a t io n a l S e c r e ta r y o f t h e A m e ric a n C o t to n A s s o c ia tio n .
A s t h i s s t a t e m e n t is u n t r u e is s o f a r a s i t r e f e r s t o m e , I a m ta k i n g th e
lib e r ty o f a d d re s s in g t h is le tto r to y o u .
I h a v e re fe re n c e to th o p a rtic u la r p a r t o f th o s ta te m e n t w h ic h ro a d
a s fo llo w s :
"*
*
*
G o v . W . I \ G . H a rd in g , o f th e F e d e ra l R e s e rv e B o a rd ,
r e c e n t ly i n te r p r e t e d th o la w o f t h e F e d e r a l R e s e rv e b a n k in g s y s te m to
th o e ffe c t t h a t a g r ic u ltu r a l lo a n s b a s e d o n f a r m p r o d u c ts a s c o lla te r a l c a n
n o t b o re d is c o u n te d fo r th o p u rp o s e o f h o ld in g s u c h p r o d u c ts o f f th o m a r k e t,
t h e in fe r e n c e b e in g t h a t f o r f a r m e r s t o b o r ro w m o n e y f o r th o p u r p o s e o f
h o l d in g c o tt o n o r o t h e r s ta p l e p r o d u c t s o f f t h e m a r k e t is s p e c u la tio n .
“ T h is in te r p re ta tio n o f th e F e d e ra l R e s e rv e L a w m e a n s t h a t w h e n s ta p le
f a r m p r o d u c t s a r e r e a d y f o r m a r k e t th o y m u s t b e p r o m p t l y s o ld w h e t h e r
m a rk e ts a re s ta g n a n t o r n o t.
I t m e a n s a n e n c o u ra g e m e n t o r e n fo rc e m e n t
o f th e d u m p in g m o th o d o f m a r k e tin g , w h ic h h a s a lw a y s c a rrie d th e p e n a lty
o f lo w p r ic e s to t h o g ro w e rs .
T h e p o lic y n o w b e in g g e n e ra lly a d o p te d b y
f a r m e r s t o m a r k o t t h e i r p r o d u c t s s lo w ly a n d in a n o r d e r ly m a n n e r to
r e g u l a t o s u p p li e s t o m e o t t h o n e e d s o n l y o f l e g i t i m a t e c o n s u m p t io n w ill
m e e t a d e a th b l o w i f th o la w a s i n t e r p r e t e d b y G o v e r n o r H a r d in g Is e n f o r c e d .”
I d o s ir e to s a y in t h e f i r s t p la c e t h a t I h a v e n e v e r a t t e m p t e d t o i n t e r p r e t
t h o la w o r m a k o r u lin g s fo r t h e F e d e ra l R e so rv o B o a r d .
E v e ry in te rp re ta ­
t i o n o r r u l i n g is m a d e a n d a d o p t e d b y t h e B o a r d a s a w h o le .
I n th o s e c o n d p la c e , I w is h t o p o in t o u t t h a t t h e F e d e ra l R e s e rv e B o a rd
h a s n o v e r i n t e r p r e t e d t h o F e d e r a l R e s e rv e A c t in t h o m a n n e r s u g g e s te d in
th e s ta te m e n t in q u e s tio n .
O n th e c o n tr a ry , th e F e d e ra l R e se rv e B o a rd
in its r u lin g s , a n d o n e v e ry a p p r o p r ia te o c c a s io n , h a s ta k e n th e p o s itio n
t h a t s u c h h o l d in g o f a g r i c u l t u r a l p r o d u c t s a s is i n c i d e n t t o o r d e r l y m a r k e t i n g
is a l e g i t im a t e a n d n e c e s s a r y p a r t o f th o b u s in e s s o f a g r ic u ltu r e , a n d t h a t
a lo a n m a d o t o a p r o d u c e r o r f a r m e r fo r th o p u r p o s o o f fin a n c in g s u c h
h o l d i n g is c le a r ly a n a g r i c u l t u r a l l o a n w h i c h is e li g i b le f o r r e d i s c o u n t b y
F e d e ra l R e s e rv e b a n k s w ith in 6 m o n th s o f m a tu lr ty .
F u rth e rm o re , th e
F e d e r a l R e s e rv e B o a r d a n d th o F e d e ra l R e so rv o b a n k s h a v o re c o g n iz e d t h a t
i n d e t e r m i n i n g t o w h a t o x t e n t t h e h o l d in g o f a g r i c u l t u r a l p r o d u c t s is i n c i d e n t
t o o rd e rly m a rk e tin g th e c o n d itio n o f th o m a rk e t fo r s u c h p ro d u c ts , o r
th e m a r k e t d e m a n d , m u s t b e ta k e n in to c o n s id e ra tio n , a n d t h a t re n e w a l
lo a n s m a d o n o c c ss a ry b y r o a s o n o f in a b ility to d is p o s e o f p r o d u c ts a t a
r e a s o n a b le f ig u r e a n d in a n o r d e r ly m a n n e r d u r in g t h e p o rio d o f t h e o r ig in a l
l o a n m a y a ls o b e e lig ib lo .
I n o th e r w o rd s , in d ire c t c o n tra d ic tio n o f th e
p u b lis h e d s ta to m o n t o f M r . J o rd a n , th o F e d e ra l R e s e rv o A c t h a s b e e n
in te r p re te d b y th e B o a rd so a s to p o rra lt th e g ra d u a l a n d o rd e rly m a rk e tin g
o f a g r i c u l t u r a l p r o d u c t s a s a n d w h e n th o r o is a d e m a n d f o r t h o r n , i n s t e a d
o f r e q u ir in g th o f a r m e r s t o m a r k e t t h e i r p r o d u c ts b y t h e s o -c a lle d “ d u m p in g
m e th o d .”
I h a v e r e a d y o u r r e m a r k s a s p u b lis h e d in t h e “ C o n g re s sio n a l R e c o r d ”
w ith m u c h in te re s t a n d I a g re e e n tire ly w ith y o u , a s I a m s u re th e o th e r
m e m b e r s o f t h o F e d e r a l R e s e r v e B o a r d w o u ld a ls o , t h a t t h e r e is g r a v e n e e d
f o r a d d itio n a l c r e d it fa c ilitie s a v a ila b le to a g r i c u lt u r e , a n d t h a t i t w o u ld
b e I n a d v is a b le to a t t e m p t to p r o v id e s u c h f a c ilitie s th r o u g h a m e n d m e n ts
to th e F o d e ra l R e s e rv e A c t.
S e n a to r n e f l i n , w h o a d d re s s e d th o S e n a te
a f t e r th o c o n c lu s io n o f y o u r r e m a r k s , in fe r re d t h a t t h o F o d e r a l R e s o rv o
B o a r d “ w ill f i g h t ” a n y l e g i s la t io n i n t e n d e d t o p r o v id e s u c h a d d i t i o n a l
c r e d it f a c ilitie s .
I d e s ir o t o a s s u r o y o u t h a t s u c h is n o t t h e c a s e .
Y ou
a r e n o d o u b t f a m ilia r w i t h S e n a te B ill 3 0 5 1 . w h ic h w a s r e c o m m e n d e d b y
t h e J o i n t C o m m is s io n o f A g r ic u ltu re I n q u ir y a s a m e a n s o f a ff o r d in g
a d d it i o n a l c r e d it f a c ilitie s f o r a g r ic u ltu r a l p u r p o s e s th r o u g h th o e n la r g e m e n t
o f th e p o w e rs o f th o F c d o ra l L a n d b a n k s .
T h e C h a ir m a n o f th e S o n a te
C o m m itto e o n B a n k in g a n d O u r o n c y r e f e r r e d t h is b ill to t h e F e d e r a l
R e s e r v e B o a r d , a n d In a l e t t e r d a t e d J a n . 2 6 1 9 2 2 t h e B o a r d e x p r e s s e d i t s
a p p r o v a l o f t h e b ill In t h e fo llo w in g te r m s :
“ W h ile t h e p r o p o s e d b ill d e a ls m a in ly w ith t h e F e d e r a l F a r m L o a n
S y s te m , th e a d m i n i s t r a t io n o f w h ic h d o e s n o t , o f c o u rs e , c o m o w ith in th o
j u r i s d i c t i o n o f t h e F e d e r a l R e s e r v e B o a r d , t h e B o a r d is g la d o f t h o o p p o r ­
t u n i t y t o s a y t h a t t h e b ill h a s i t s c o rd ia l a p p r o v a l a n d s u p p o r t .
T h o B o a rd
■ b e l ie v e s t h e b i l l t o b o s o u n d a n d c o n s t r u c t i v e l e g i s l a t i o n t h a t i s w e l l d e s i g n e d
to a ff o r d m u c h n e e d e d re lie f to a g ric u ltu r a l a n d liv e s to c k in te r e s ts b y a d d in g
t o t h e i r a v a ila b le c r e d it f a c ilitie s , w h ic h a t t h e p r e s e n t tim e a r e n o t a d e q u a to
fo r th e ir re q u ir e m e n ts .”
F o r y o u r i n f > rm a tlo n a c o p y o f t h a t l e t t o r is In c lo s e d h e r e w it h .
ft T h e F e d e r a l R e s e r v e B o a r d h a s n o t h a d o c c a s i o n t o c o n s i d e r t h e b i l l
in tr o d u c e d b y y o u , S . 3 3 9 0 , a n d I a m n o t f a m ilia r w ith its d e ta ile d p r o ­
v isio n s .
(■ I n o r d e r t o c o r r e c t t h o e r r o n e o u s i m p r e s s i o n t h a t
»
s ta t e m e n t w o u ld c re a te , I r e q u e s t y o u to g iv e th e
l e tte r t h a t y o u h a v e g iv e n to th e a rtic le c o n ta in in g
Y o u rs v e ry tru ly ,
W . P. G. H

M r . J o r d a n ’s p u b l i s h e d
s a m e p u b lic ity to th is
t h a t s ta te m e n t.
A R D IN G ,

Governor.

T h o le tte r w hich G overnor H ard in g en closed w ith th e
•ab ove, an d w h ich ap p roved th o b ill recom m en d ed for
en a c tm e n t b y th e J o in t C om m ission o f A gricu ltu ral In q u iry,
\w as g iv e n in our issue o f A pril 8 , p age 1477.




[V ol. 114.

R U S S I A N D E L E G A T E S TO G E N O A C O N F E R E N C E PRO­
POSE
M IXED
COM M ITTEE
TO
DEAL
W ITH
R U S S IA N PROBLEMS— NO BRITISH LOAN.

T h e rep ly o f tho R u ssian d eleg a tes p a rticip a tin g in th e
G enoa C on feren ce to th e m em orandum o f tho A llies d ealin g
w ith th e term s w h ereb y it w as proposed to u n d ertak e th e
recon stru ction o f R u ssia w as h an d ed to F oreign M in iste r
Schany.er o f I ta ly on th e 11th in s t., a fte r a ten se w e e k , in
w h ich th e co lla p se of th e C onference seem ed m om en tarily
im m in en t. T h e rep ly (w hich w e g iv e in fu ll elsew here in
th ese colu m n s to -d a y ) is a le n g th y one; it p o in ts o u t th a t it
w as u n an im ou sly agreed w ith th e su m m on in g of th e C on ­
feren ce, “ th a t R u ssia w as th e S ta te w hoso econ om ic recon ­
stru ction w as of th e g rea test in terest to E u rop e an d th e
w h ole w o r ld .” In their com m u n ication to th e A llies th e
R u ssian s also sta te:
T h e R u s s ia n d e le g a tio n , in c o n fo r m ity w ith th o C a n n e s in v ita tio n , a r r iv e d
a t G e n o a w ith a n u m b e r o f s c h e m e s a n d p ro p o s a ls r e s p e c tin g c re d its a n d
lo a n s n e c e s s a r y f o r R u s s ia in e x c h a n g o f o r r e a l g u a r a n t e e s a n d t h e e n u m e r a ­
tio n o f le g a l g u a r a n t e e s a lr e a d y b r o u g h t in to b o in g In le g is la tio n .
R u s s ia
In te n d e d to in s u r e f o re ig n n a tio n a ls d e s ir o u s o f b r in g in g to R u s s ia t h e i r
te c h n ic a l s k ill a n d c a p it a l, r e s p e c t fo r t h e i r p r o p e r t y a n d t h e r ig h t s a n d
p ro fits o f th e ir u n d e r ta k in g s .
F in a lly , th o R u s s ia n d e le g a tio n in te n d e d
to p r e s e n t a lis t o f i n d u s tr ia l, m in in g , a g r i c u lt u r a l a n d o t h e r c o n c e s s io n s
w h ic h I t w a s w illin g t o g r a n t f o re ig n e r s .
B u t u p to th e p r e s e n t th is m a tte r , th e m o s t im p o r ta n t o n e o f th o R u s s ia n
p r o b le m a n d o f t h e e c o n o m ic w o rld p r o b le m , h a s n o t e v e n b e e n to u c h e d .
E f fo r ts m a d e b y th e R u s s ia n d e le g a te s to b rin g th is q u e s tio n b o fo ro th e
c o m m itte e o f e x p e r ts a p p o in t e d to e x a m in e tin R u s s ia n q u e s tio n h a v e b e e n
m e t b y im p la c a b le o p p o s itio n .
T h e c o m m itte e o f e x p e rts la id d o w n a s a
c o n d itio n p r e c e d e n t to a n y e x a m in a tio n o f th e s o q u e s tio n s th e o b lig a tio n
o n th e p a r t o f R u s s ia to a c c e p t lia b ility fo r a s e ttle m e n t o f G o v e r n m e n t
d e b ts a n d t h e c la im s o f in d iv id u a ls .

A s to th e su b ject of cred its it sa y s in part:
I n a l e t t e r a d d r e s s e d to M r . L lo y d G e o rg o o n th o 2 0 th o f A p ril t h o R u s ­
s ia n d e le g a tio n m a d o s o m e i m p o r ta n t c o n c e s s io n s, a t t h e s a m e tim o p u t t i n g
fo rw a rd th o q u e s tio n o f c re d its a n d lo a n s to b e g r a n te d to th o R u s s ia n
G o v e rn m e n t.
A t th e f ir s t s ittin g o f th e o x p e rt c o m m itte e th o R u s s ia n
d e le g a tio n a s k e d fo r a d e ta ile d e x a m in a tio n b y e x p e rts o f th is q u e s tio n .
B u t th e c o m m itte e o f e x p e rts , a s w e h a v e a lr e a d y s a id , r o jo c te d th is p r o ­
p o s a l.
N e i th e r d o e s t h is q u e s tio n o f s o c o n s id e r a b le a n I n te r e s t f o r R u s s ia m e e t
w ith a n y a n s w e r in t h e m e m o r a n d u m o f t h e 2 d o f M a y .
I n s te a d , c re d its
a re to b e g r a n te d t o t h e R u s s ia n G o v e r n m e n t, th o p r e a m b le o f th o m e m o ­
r a n d u m s o ts f o r th , c r e d its w h ic h v a rio u s G o v e r n m e n ts a ro p r o p a r e d to
g r a n t to th o s e n a tio n a ls o f o th e r S ta te s w h o w is h to tr a d o w ith R u s s ia , b u t
th is q u e s tio n , h o w e v e r in te re s tin g it m a y b o fo r th e p r iv a te tra d e r s o f
o t h e r c o u n tr ie s , h a s n o r e la tio n t o th o q u e s tio n p u t b y t h e R u s s ia n d e le ­
g a tio n .
•
•
»
*
*
*
*
*
*
I t is n o t w i t h o u t a s to n is h m e n t t h a t t h o R u s s ia n d e le g a tio n o b s e rv e s t h a t
in th o m e m o r a n d u m o f t h o 2 d o f M a y g e n e ra l c o n s id e r a tio n s c o n ta i n in g n o
d e fin ite p ro p o s a ls a rc p u t fo rw a rd w ith re g a rd to th o m a in q u e s tio n o f
th e re lie f o f R u s s ia , w h ile th e q u e s tio n o f th o s e ttle m e n t o f in to r -G o v e rn m e n t a l d e b ts a n d p r i v a t e c la im s Is p u t f o r w a r d in t h o f o r m w h ic h a im s a t
fo re s e e in g t h e s m a lle s t d e ta ils .

T h e readiness o f R u ssia to co n sen t to im p o rta n t con ces­
sion s “ in order to assure su ccess and agreem en t” is in d ic a te d ,
“b u t u p o n th e a b so lu te con d ition th a t con cession s eq u iv a len t
to an d corresponding to th ese con cession s aro m ado in
favor of th e R u ssian p eop le b y th e oth er con tractin g p a r tie s.”
In proposing “ a m ixed co m m ittee o f exp erts to d eal w ith th e
m a tter” th e rep ly states:
A n o th e r m a tte r o f im p o r ta n c e s u g g e s te d b y th e d iff ic u ltie s o f th o s it u a ­
t io n w o u ld b o m u tu a l c a n c e lla tio n o f c la im s a n d c o u n te r -c la im s o r ig in a tin g
fro m t h e p a s t a n d s ta n d i n g b e tw e e n R u s s ia a n d th o o th o r P o w e r s .
B ut
h e re a ls o t h o R u s s ia n G o v e r n m e n t is d e te r m i n e d t o r e s p e c t t h o i n te r e s t s o f
s m a ll b o n d h o ld e rs .
I f , n e v e rth e le s s , t h e P o w e r s w is h t o c o n s id e r a s o lu tio n o f th o f in a n c ia l
d if f ic u ltie s o u t s t a n d in g b e tw e e n th e m s e lv e s a n d R u s s ia , ta lc in g i n t o a c c o u n t
th e f a c t t h a t th is q u e s tio n n e c e s s ita te s , fro m th o n a tu r e a n d o x te n t o f th o
c la im s p r e s e n te d t o R u s s ia , a s tu d y m o re p r o fo u n d a n d a n a p p r e c ia tio n
m o r e j u s t o f t h e c r e d i ts a v a il a b le f o r h e r , t h is t a s k c o u ld b o e n t r u s t e d t o a
m ix e d c o m m i tt e e o f e x p e r t s n o m in a t e d b y th o C o n f e r e n c e .
T h o la b o rs o f
t h i s c o m m itte e ? w o u ld h a v e t o b e g in a t a d a t e a n d a t a p l a c e t o b o d e t e r ­
m in e d b y c o m m o n a g re e m e n t.

C om m en tin g on th e R u ssian rep ly , th e N o w Y ork “ T im es”
G en oa cablegram M a y 11 (cop yrigh t) said:
I t w a s to ld in th e s o d is p a tc h e s th o f ir s t w e e k o f th e C o n fe re n c e t h a t
R u s s ia h a d c o m e t o G e n o a f o r tw o p u rp o s e s :
F irs t, m o n ey ; se co n d , reco g ­
n itio n .
F a ilin g to g e t m o n e y , s h e n o w s e e k s re c o g n itio n — w ith o u t p a y in g
t h e p r ic e h e re to fo r e d e m a n d e d f o r i t .
.
T h e r e h a s n e v e r ' b e e n a d a y s in c e th o C o n f e re n c e o p o n e d w lio n t h o
P o w e r s c o u l d n o t h a v e h a d M . T c h i t c h o r i n ’s s i g n a t u r e t o a l m o s t a n y
a g r e e m e n t i f t h e y p a id t h e p r ic e , t h a t p r ic e b e in g a lo a n o f $ 1 ,0 0 0 ,0 0 0 ,0 0 0 .
T h e P o w e r s w o u ld n o t c o n s id e r t h i s lo a n , a n d , th e r e f o r e t h e R u s s ia n s w ill
n o t re c o g n iz e th e ir o b lig a tio n s .
S h o r n o f i ts v e r b o s ity th e r e is n o th in g
e ls e t o t h o R u s s ia n n o te o f t o - d a y .
T h o R u s s ia n r e p ly w ith d ra w s e v e ry o ffe r o f c o n c e s s io n s th o R u s s ia n s h a d
m ado.
I t g o e s b a c k to th e c o n d itio n s o n th o f ir s t d a y o f th o C o n fe re n c e
a n d e v e n f u r t h e r t h a n t h a t : fo r in a c c e p tin g th o C a n n e s I n v it a ti o n th o y
h a d a g r e e d t o t h o p r i n c i p l e o f r e c o g n i t i o n o f R u s s i a ’s d e b t s .
T h o a g re e ­
m e n t t o d r o p t h e i r a b s u r d 5 0 ,0 0 0 .0 0 0 ,0 0 0 g o ld r u b lo c la im a g a in s t t h e
A llie s a n d th o U n i t e d S t a t e s is t o r n u p a n d t h e y g o b a c k t o r e c i p r o c i t y ,
u n d e r w h ic h , a c c o rd in g t o th o R u s s ia n id e a s , t h e y o w o n o o n o a n y th in g .
M . R a k o v s k y s a id to - n ig h t t h a t th e S o v ie t w o u ld h e n c e f o r th s ta n d o n
th is p rin c ip le .

A declaration on th e p art o f M . T cliitcb erin th a t a billion dollar loan w ou ld bo d em an d ed , w as con tain ed in th e
A ssociated P ress ad v ices from L ondon M a y 9 , w hich sta ted :
" O u r n o t e w i l l d e m a n d a l o a n o f a b i l l i o n d o l l a r s , e i t h e r In m o n e y o r In
g o o d s ,” G e o rg T c h ltc h o r ln , h e a d o f th o R u s s ia n D e le g a tio n to th o E c o n o m ic
C o n f e r e n c e , is r e p o r t e d t o h a v e s a id t o t h e c o r r e s p o n d e n t i n G e n o a o f
“ T h e D a ily H e r a ld .” th o la b o r o r g a n .

2077

THE CHRONICLE

May 13 1922.]

Reminded b y the correspondent of D avid Lloyd George’s declaration
that a Government loan was Impossible. Tcbltcherin is quoted as having
r8 “ Wo do not care whether it comes from banks of associated govern­
m ents or individual governm ents. Wo m ust h a v e something concrete in

return for our recognition of debts— something different from the vague
PrEP
mphasbfing°thatetho Russians aro conciliatory and sincerely desirous
for a continuation of the negotiations, Tchitcherin said th at nevertheless
Russia Insisted that the Allies must grant in principle Russia.afright to
nationalize property without indemnification and to settle fonder quest o
directly with the nations concerned.
.
“ Our frontiers w ill not be subjected to general negotiations,
T c h it c h e r in .

o^id
sa
.

Coincident with the reply of the Russian delegates the
Now York “Times” printed the following (copyright) from
London May 11:
.t
T he British Government is not prepared to make a loan to 'th e so vi
Governm ent. T his announcement was m ade In the House of < ”1
?°
r
this afternoon by Sir Robert Ilorno In reply to a question. His ans
was received with loud cheers.
t to the
A memorandum. Sir Robert added, had been sent on M ay 3 to tuo
Soviot delegates setting forth tho proposals the British Government wa.

to present a list of industrial, mining, agricultural and other concessions
which It was willing to grant foreignors.
_
.
B ut up to tho present this m atter, the most Important ono of tho Russian
problem and of tlie economic world problem, has not even been touched.
Efforts made by tho Russian delegates to bring this question before th e
com m ittee of experts appointed to examine the Russian question have been
m et by implacablo opposition. Tlie com m ittee of experts laid down as a
condition precedent to any examination of these questions the
on the part of Russia to accept liability for a settlem ent of Government
debts and the claim s of individuals.
. T his method could only condemn to sterility the most im portant part o
tho work of the Conference. Instead of beginning with an exam ination or
those aspects o f tho Russian problem which would provoke th e l e ^ t r o u b le .
the com m ittee of experts, as well as tho memorandum o
. fc
in the forefront a question which by its com plexity not only politically but
legally is bound to excite the m ost lively discussion.
t
which
As a consequence of this original mistako, problems o
interest the whole world have been subordinated to *n
accorclwhich touch only certain groups of foreign subjects.
' 1
,,
t«
ing to which recognition of the foreign debts of former uss a
eoiiaboraand all claims by individuals are to be essential conditions for tho £ bab
tion of foreign capital in tlie resuscitation of credit in ne
,
tradictcd by tho fact th at many foreign capitalists hav 0
.
.
settlem ent of the question of debts before bringing their

PrS ir rjo h n ‘ B u tc h e r tried to g e t Sir R obert to go further hy asW ngjdm
for a n assurance that th e r e would not only bo no direct l'a o t h R 2 “ rt
but also no In d ire c t loan in th e form of a gr;to t o f c r e d it. Sir R o b ^
avoided an explicit reply by saying: " 1 am afraid that is a q u e s tio n wr
would requiro definition.’’
.
D
_

It is not this or th at solution of this question which can niakecapital Low
into R ussia, but instead guarantees which the Russian Gov^ n m en t can
give for tho future and international stabilization o
a
<
which would result from do jure recognition.

As indicating tho attitude of tho Allies toward the Russian
reply wo quote tho following from last night’s Associated
Press advices from Gonoa:
sitting
France w ill nover agree to the project for a.m ixed conl”J
affairs
indefinitely, while tho conference is going on to s t u d y Russia
according to a statem ent issued by tho French delegation this noon.
A leading member o f tho delegation predicted that the con t
^ tJonal
soon adjourn after, perhaps, suggest'ng the appointm ent o f an
^ havinK
com m ittee to examino tho Russian question, without the I •
a place on tho com m ittee, which m ight report to s«,me later confero
The French spokesman expressed tho hope that the Unite . bo represented on such a com m ittee as suggested.
f
l)i0
tho
A spokesman for the Italian delegation said Italy
£ vo able to too
appointm ent o f a mixed commission o f experts, but considere ^
on{cd
bo useless to name such a commission unless tho Buss a
conference
on it. M eanwhile, according to the Italian tdewpoInit,. the conference
should continuo its discussion on clause 11 o f tho non-aggresslon
regarding tho Russian claim s for damages, and also on tho non aggression

S u s p ic io n

C a l le d I n t e r e s t e d -

Tho suspicion which It is sought to im pute to th e a t t i t u d e o f th e Russ
Government as regards future creditors of Russia because
is
. .
to subscribe blindfold to propositions which aro too onerous is entire y
interested. R epudiation of debts and obligations ° ° ntrac^ d *
ancient regimo, abhorred by tho people, cannot in a n y manne P
tho attitudo of Soviet R ussia, issue of the revolution, toward *bose
would coino w ith their capital and their technical knowle go
revival. On tho contrary, tho fact th at th e Russian delegation in tho
question of fcho settlem ent of debts takes into most s c r R u s s i a
interests of tho Russian people and the econom ic poss 11
proves it desires only to assume engagements which
s s
*

C“" t V to bo observed th at more than one among the States repre«mted a t
the Conference o f Genoa have in tho past repudiated debts and « bb^at "
’
contracted by it. M ore than ono State has o o n f i s t a t e d ^ .^ n e s t r a t e d
tho property of foreigners or its own nationals withou
.
‘
Jected on th at account to tho ostracism a p p l e d to Sov c
Tho insistence shown by certain Powers in excluding Russia
national economic and political lifo, and in refusing ier
mont, is difficult to explain by failure to satisfy certain demands o f a Hna
cial character. If ono considers how much this attitudo has ^ s t t b e w .rid.
PaThc British announced that they agreed w ith the
Russian has cost tho States which inaugurated it, has cost Russia hers
tho appointm ent o f a mixod commission l)y the conferencei to<■
nearly five years has suffered tho dreadful consequences, ono would w ith
credits debts and the treatment o f foreign private
difficulty believe that it is only the interests of bondholders and the ownc ■
suggested by tho Russian reply, but would not cons“ ‘ t? between Russia of nationalized property which aro concerned.
.
notion
mont unless a general non-aRgresslon truce was agree l
' commission
The incident o f tho last few days, especially w ith regard to O e
and tho other European countries to Insure that the n o
o f nationalized property to its former owners, show clearly th at on to
would not bo hindered by the danger o f further aggression.
qu est’on wh'ch In itself is purely material has been graf < ■ I
:
Among the mattors of concern bearing on tlie Conference question. The struggle which is taking place a t < « a “™u n d ^ e KusMan
3<?
was tho report of a threatened break between Lloyd George problem has a more d'stant and mere elevated objective. PoUtJca^a a
which
countries
and M . Barthou, to which we expect to refer another week, social react'on Russia In m ost represents followed the years o f wa • ■
defeat Soviet
which
the collective tonden
­
along with other features incident to the Russian reply organization and com plete tho triumph o f capi a !C . introduce into tho
The Soviet delegation has refused and still r e f u s e s t o
whioh lack of space prevents our giving this week.
current discussion any kind of political tendency.
t
r ^ c ia i
from pointing out that this effort to make the p r o g r a m o f a party o r soc a
systom trium ph at Genoa is contrary to the letter and spirit o f the first
T E X T OF S O V I E T R U S S I A N R E P L Y TO A L L I E D
POWERS A T GENOA CONFERENCE.

The reply made by Soviet Russia to the memorandum of
tho Allied Powers at the Genoa Conference, which had laid
down terms on which the reconstruction of Russia would
bo undertaken was delivered to Foreign Minister Sohanzor
of Italy on May It. Tts main features are outlined in
another item in this issue of our paper; below we give the
full text of the reply as reported in a copyright cablegram
l im n G e n o a to ill!. N
. ti
Of th e articles of tho memorandum
, ^ 0 Hven^ u o ^ c T a n d transm itted w ith a letter from Signor
signed by a gr l
political Sub-Commission, to th e Russian
Schanzer, I resul
Hussian delegation, to its groat regret, Is obliged
delegation on M ay ,
.
while not offering tho equitable solution
to observe th at this
expected, constitutes in some
of tho Russian P™b»°“
conditions offered to Russia in the
S S o n t o f ’tho' Villa <?Albertis of tho 20th of April and even from tho
memorandum of London Itself.
randunl o f tho 2d o f M ay rovcal a
Moreover, the con
out for the Conference of Gonoa by
marked doviation from tho lines i.uu w .
“
S
I S
s u m m o n in g R u s s i a t o t h o p r e s e n t C o n f e r e n c e a t
th e s a m e tim e w ith o th e r S ta te s , g a v e a s th e i r m o tiv e t h e n e c e s s ity o f “ t h e
e c o n o m ic r e c o n s tr u c tio n o f C e n tr a l a n d E a s te r n E u r o p e .
I t w as u n a n i­
m o u s ly a g r e e d t h a t R u s s i a w a s t h e S t a t e w h o s o e c o n o m i c r e c o n s t r u c t i o n
w a s o f t h o g r e a t e s t i n t e r e s t t o E u r o p e a n d t h e w h o le w o r l d .

In Its first memorandum replying to tho memorandum o f London, tho
Russian delegation drew the attention of tho Conference to th e fact that
ho problem of the reconstruction of Russia ought to lie at tho foundation
of its labors. The Russian delegation declared its willingness to consider
tills fundamental problem in concert w ith other 1 owers. It is his problem
whoso solution would glvo to tho world's industries 140,000,000 consumers
and an immense quantity of raw materials, and so contribute to the relict
of tho crisis o f unem ployment and misery created by tho '\ orld \\ ar,
intervention and tho blockade.
R u s s ia n P la n s N o t H e a rd -

T h o R u s s i a n d e l e g a t i o n , In c o m f o r m i t y w i t h t h o C a n n e s i n v i t a t i o n ,
...•riv .' i -it G e n o a w i t h a n u m b e r o f s c h e m e s a n d p r o p o s a l s r e s p e c t i n g c r e d i t s
a n d lo a n s n e c e s s a ry fo r R u s s ia In e x c h a n g e fo r r e a l g u a r a n te e s a n d th o
e n u m e r a tio n o f le g a l g u a ra n te e s a lr e a d y b r o u g h t in to b e in g In le g is la tio n .
R u s s i a i n t e n d e d t o i n s u r o f o r e i g n n a t i o n a l s d e s ir o u s o f b r i n g i n g t o R u s s i a
S
t e c h n i c a l s k il l a n d c a p i t a l , r e s p e c t f o r t h e i r p r o p e r t y a n d t h e r i g h t s
a n d p r o fits o f th e ir u n d e rta k in g s .
F in a lly , t h e R u s s ia n d e le g a tio n i n te n d e d




to the general wish for an agreement, piaco the interests 01 ^
groups above tho common interest of Europe.
A llie d A rg u m e n t I s D e r id e d .

T he Russian delegation points out th at the
of the 2d of M ay seeks to establish tho view th at a
of economic isolation for Russia would only l“ J’“r®h ®
r
a
* from
tim e the remaining European countries would find^^ a n s of
from
their economic troubles. Tho object of th is declaration is clearly tn .
Russia who needs tho collaboration of other Powers for her economic
c o T r y . must'atone m d - tho - c r t l t a . that
T his declaration is contrary to tho general opinion w hich Jby
work_
of com petent men and by repeated m anifestations ° n t h o p
substitu te
imz classes lias shown th at Russia cannot bo replaced by any subst
T d S u t o ' ^ n c o f r o m tho .o r ld
no artifice can rem edy. T he place of Russia cannot bo taken by any o
U The E o S o n of Russia has political c o n s c ie n c e s not
economic consequences. T he security of
^ o f af t a i r f As
world call for tho suppression of th is abnormal cond Ion c,f aftairs. ^
lontr
Russia remains in a sort of economic and politic^ ^ c
stato'of affairs cannot but encourage military adventunirsin ce
n
^
tries, whether near or far from Russia, who, assuming
of European civilization ,” seek to trouble tho peace and socuro tho tern to y
and w ealth of Russia and other Soviet republics.
o,ivaDCe by
For th is reason tho solution of th e Russian problem w ill not advance oy
a single inch unless the Powers assembled at Genoa accept tho
<
tho sacriflces they demand from Russia must find their counterpart in anal­
ogous sacrifices on their own part.
T h e Q u e s tio n o f C r e d its .

In a letter addressed to M r. Lloyd George on ^ ^ ^ t i m e ^ u t t i S
slan delegation made some important concessions,
forward the question of credits and loans to be gran ted to 1
ihe Russia:n
em inent. At tho first sittin g of tho experts com m ittee th e B w r i t a i dcieg
gation asked for a detailed examination by experts of ^
tho com m ittee of experts, as we have already said re je c te d
N either does this question of so considerable an intci s
credits aro
w ith any answer in tlie memorandum of tho 2d of M ay. ln «
^ memoranto be granted to the Russian Government, the preamble of tho memo
dun. sets forth, credits which various Governments are p r e ^ r e d to gra
those nationals of other States who wish to ^ a d e w ith Russia,
question, however interesting it m ay be for the b; ^ aTe
\
dew ati on.
countries, has no relation to the question put by the R ^ I a n de egatiom
M oreover, these private merchants and manufacturers ca
f tho
credits to tho full extent if too Russian Government is not assured or *

3078

THE CHRONICLE

m

* * • Productive p „ ™

[V ol. 114.

„ t th e com ,try.

W illin g

to

C o n s id e r R e c ip r o c ity .

N ono tho less, in a spirit of conciliation and w ith the view of reaching
I f the Russian Government lacks financial resources or credits to assist
industry and agriculture, restore the means o f transport and e sta b llh a
rubles f o r a g e b y St° pping the issuo o f continually depreciating paper
M e T td T r T f w ^ Z
rolations o f any magnitude will be m et by very
great cUfficultiee. M oreover, measures aimed a t th e relief o f Russia can
up In advance
c L f e r e n le such ,

in t C t 3
fc
CanleaU
RUSSla haS acccI5tcd the principles contained
T h ^ r e S r l S n i t h ^ t s T ° U COmUtl0n that “ b0 raad0 reciprocal.
.
further— that is to say the obligation resting on every

doivUTn the lff?e°imiP07 at0 l0SS CaUSCd by its acts or n e g lig e n c e -w a s laid
d°'™ i
l ®fficlal juterpretations of tho third Cannes resolution which
refT ed tG in the first Russian memorandum.
M aking exception of war debts, which, being of quito specific origin

^
° r accorcUng to a schem e drawn
, 1111831:111 delegation had intended to put before the
Gd ° Ut by COmpcten‘ scIen« fic and indus-

from t h e nS ^ £ i bh
T f faCt that Russia having dissociated herself
, , hav‘ng takon no Part I0 the division of Its resulting
d S S n has°deel T l
HS cxponsos 011 hor shoulders, tile R ussian
deiogation has declared itself prepared to accept liabilities for tho paym ent

in til® DOt wltho,ut astonishm ent that the Russian delegation observes that
L
°
f ^ 2d ° f M a y 86neral conslderations containing ^
1
relief^of r I iT I n
« t o r w a r , d With rcgard to the main question of the
d eb tsa n d ^ v a V o
? fluestion o f the settlem ent of inter-governmental

b j r b £ £ ’m o m c S S ”

obtoto thcS? ^ ™ ° ! - K>tL
0n
“ »■ Proposition o vein attem pt to
B ut that ?s
IC b y Russ,a of treaties concluded by other States.
T
I n S r S te d Powers
interested Powers a t an qUeSti° n Which ent
opportune mom Russia is ready to discuss w ith the

Intervention and blockade on the part o f tho Allies and neutrals against

by f rt;Ua P0W0rs' T h ^ C T r s n°otonly tTok
a direct part m the civil war but are its authors
r Rpt la its desl'rc to reach a practical agreement the Russian delegation as
T 0 V!l,a d ’Albertis cntcr« i on concessions o f the
Is cmmterT
i C
'CClarod ltself dixPosod conditionally to renounce
n evnhT ?l f
S and accpPfc the engagements of tho former Government
mnnri lT T & nuiTlbero f concessions on tlio part o f tho Powers, tho most
r r i
l r
?
? p,aced at th0 ,,ispasal ° f the Russian Govern­
ment amounting to a sum to be determined in advance.

Ihe 0 d°d(2 h ed friendShlP WUh Turkey’ would havo contributed to obtain
enS
nCUlrality which the memorandum of M ay 2
w ar which is being waged on Turkish territorv

c e n u i ^ Z T n Z T h ° t f r iC t

i °im **uss*a in

.n d

are nublisho U tA 0n ^
d
P a H ° ffic,al acts of war.
Docu.nents wllich
th it ree rhlnf?
1 ° f th® first Rllssian memorandum clearly prove
“
a
c !
Th ^ “ “ " “E v o l u t i o n a r y armies wore such only in
app aranco and that tho real commanders were foreign Goncrals sent

T u rk e y a t C o n feren ce.

in S
m e m o r S , m ! ^ ati0n T ° V 8,1 e^ )r^ s its surprise a t seeing raised
C
in s n h ^ n ^ r
w ° due8tion o f Peace in Asia M inor, all the more as
Conference^I t
7 ° “ Russia that Turkey should be invited to the
ence of^T u r k e v ^ h e n P
WaS oxcluded- Indeed. it is precisely the presation o f pozee^n V S a
that would havo contributed to the restor
...
* !?ozce in Asia M inor. Russia on her side, having regard to hpr re-

if

by

C
m iK
S r dC
",8,T °r C0Utt of A v S i o n « “
i
S e s s
ion nn f ‘? 'm s
-C h ° roat I3ritain had t0 pay « 10 U nited
b am l which
o • ? w Ca,USed t0 that COUntry by th0 Privateer Alat t o 1M.or C 'y “ W" b ct"rccn ,h 0 N ° r*h« " “ «• S«Ml,«rn S to .e .

Is provided ?or
“ ‘f Cia” y ‘P roduced into th e memorandum
^ E
otesH on r n r T 13 “ " “ S ta tio n s betw een Rumania and Russia.
W e s t io n s a t l s u e h ^ w
th° Whol° pol“ ical- territorial and other
arately
betw een Russia and Rumania, it cannot be examined sepW a n te d

1° ~ *

C la t a ^ o f t o e \? Z a n d C nte^ laif S ar° infinltely better Justified than the
r
S l o m i b i S t v for ,o” d 6 “
na,S'. i>ractico and theory agree in imposing
responsibility for^ losses caused by intervention and blockade on Govern­
ments which institute them . W ithout quoting other cases wo shall lim it

P o w e r s ' E n g a g e m e n ts N o t K e p t .
U n fo r tu n a te ly th is e n g a g e m e n t b y th o P o w e r s h a s n o t b e e n k e p t.

agreementoand
!?
‘f S surpriscd to see that in th is financial
S
now have ! T
h0ad ° 5 ,a]1 lts Causes are political clauses which
other d e l e g a t i o n s . t h° RuSSian dclegatlon's discussion with

to thclr
“
“ " i,h K“ “ '“ '»*'• ■
>
tb° 8a“ ® tvay the memorandum entirely defers tho question o f war
R « h f h cancellation was one of the conditions o f renunciation by
n ° f her counter-claims. The memorandum similarly loaves for d l l
cuss ion a moratorium and thc cancellation of interest on pre-war dobts
rem itting the final decision o f this question to tho competence of an arbitral
tribunal instead o f fixing it in agreement itself, contrary to that which is
provided even in the London memorandum.

P o S c a ? h r r in ”d
anH ^
° Ut from those Cannes conditions which have a
s and Wh,ch aro Otherwise accepted b y th e Russian Governglves it a newamoan<
i'n"dIt!i)n'
? fth ’ concerning subversive propaganda,
the RiLsIan ^ ? - ^ !
T ? makcs “ a unilateral obligation o f Russia. Y et
v e r s lv ^ n r o D ^ a n ^ ^ ? nt
domonstrated more than once th at true subhas been a t l r e r k f o
or alllf ation and dispatch o f armed bands
deed.

ncigllborlng upon Ru£* ia - and- in-

T h ^ ^ R u ^ a T h o u l'd R?Vin" * U?,W oxte,lslon o f this Cannes condition, asks
‘ uussla should suppress all attem pts in its territorv to assist rovn

~ I P t b ° s a n l° w a y ‘ h ° s i g n a t o r ie s o f t h e m e m o r a n d u m in f r e e in g t h e m s e lv e s
In to K i° n n e T t o gni ^ ^
ho {
|- , T
,,
i
)0 r r

s z i Z t o S * * s * ? - b™ ir
z :
organizations the n „ T i prohibIt tho activ ity o f political parties or labor
the a ctiv ity iii n u J d to l
de,Pgation cannot accopt such prohibition unless
In tho s ! L Question is contrary to th e law o f tho land.
any artlon w M c h ^ ^ memorandum asks that Russia should refrain from
othcr S t a L
8 6 diStUrb th ° t0rrItorlal a« d Political status quo of
c o m p ile d T o T b r e r r e t o l f T tb ° momoraPdl» » the Russian delegation is
is to e p r e d ic t
th ?, gonoral tenor o f the claim s set out therein
n° Produc® o f changos produced by the Russian revolution.
P re c e d e n ts o f O ther R e c o lu lio n s.

people 'before Tn
De,fegation to justify tb ,s ^ e a t act o f the Russian
history more than ^
y f ? ° 'VCrs among which many count in their
to rerellTiTrino o a r f y° Il,tIon: but the Russian D elegation is obliged
u n to w t
f r right’
that revolutions which aro a violent

3

S

™ * ne” *M t k U

* “» »•«»»>

rev?”u to m T ,T n n V 'L Sy'! T r S ° f S°vcrnment which have emerged from a
have lapsed
Th(> T ^ nd)lt< 10SPeCtIthL‘ obIigat,ons o f governments which
)^
too legitim ate a h t Rrencb C onvention, o f which France considers herself
" t L £ S ? n t v e r ° r\ Pr0,Cla,med on the 22(1 o f September 1792. that
co n fo n n itl with t T Pf ° plos
I10t bound by tho treaties o f tyrants.” In
political treaties J t h T T
'’" ev o lu tio n a ry France not only tore up the
ite natfonM d lb t
«h,
,rCS” 'l° Wlth fore,gn countries but also repudiated
oppoI T ism tn n a T on y consented. and that from m otives o f political
K S T n w Tega'7 t° t thlr<1- , Th,s was thc tfers consolide, on which
nineteenth century.
h0 r<?gular,y P;dd at tho commencement o f the
e m ™ l PI a I ™

T , ? elevated to the rank

of

a doctrine by

The

t o ^ T w d Mn \ f * y S n ? t h l n g d e r i n U o c o n c e r n i n g t h o c r e d i t s w h i c h t h o s i g n a X S
l ! ° U ,d b 0 f a d y t o ^ a n t t h e R u s s i a n G o v e r n m e n t , a n d t h e c r e d i t

n o t w is h V

S

th ® ° p p o s ito p a r ty is e q u a lly fr e e d fr o m t h e m .
iS n e g o t i a t i o n s w h i c h r e s u l t e d i n a g r e e m e n t a t

h a V °i

r C tld e r e d v a i n -

T h o R u s s ia n d e le g a tio n d o e s

a n t c a ll T f l l
£
l owers th« responsibility for this rests, but in
any caso it is not upon Russia.
cerTlinnt ga T ! f T nS ^ 7 ° d®0” made sti11 nloro difficult by tho obstinacy of
certain states in seeking to impose upon Russia by Article 7 obligations
S h R to n s W
*
S° Cial SyStCm and " ith the fIrst artlcl° of ‘ho Cannes
CJauso 7 begins by a fine preamble recognizing the sovereign right of
R- i a - ° ' BanZ? aS Sll° thlnks fit in her own territory her system ofp rop cla 7 sehi l t o f i n° miC, Sy:SrCrn. f nd her G°veram ent, but even the text o f the
too R i.l / d
Contradlctfon wi‘h tho preamble. The sovereignty or
r ild d d r 8 ,e b?C T ° s the sport o f for‘uno. I t can bo put in check by
°
R i.T d d T n aTi'.XT a<;hUral tribunal composed of four foreigners and one
to ho r ,nI T r
r
1 ” 9 ° Iast resort ir ‘he interests of foreigners are
to bo repaired, returned or indemnified.
o f d ilm ito s T f
to V r e T
f T
to d lv f d

to ® R u s ‘ / ? n d e !e g a t io n m u s t o b s e r v e t h a t in e x a m in a t io n
s
I 1” 11 p a r t i c u l a r d i s a g r e e m e n t s w i l l r e s u l t i n f a t a l l y o p p o s -

t o T r Cri > 0 f° ,r " ) S. o f p , 'o p u r l y ' ‘ h o a n t a g o n i s m o f w h i c h a s s u m e s
W

c o n d itio n s t h lr e
n
T c Z n Z l t
th s h o u ld
le a d

to

to o

i U/

T h l s ‘ o r y ;l r e a l a n d p r a c t i c a l c h a r a c t e r .
In th e se
b e n o q u e s tio n o f a n im p a r tia l s u p e r -a r b ite r , a n d .

S 0 ‘ Lm ° f c l a u s e 7 ’ ‘ h ° r o l e o f s u p e r - a r b i t e r w o u l d i n e v i t a b l y

w o l l d h o T n u T H n t t ° n ° f fo r o ig n c r s ln ‘ h e in t e r n a l a ffa ir s o f R u s s ia a n d
t o d i l . t o , e Qu I v a l t n t t o s u p p r e s s i n g i n p r a c t i c e t h o i n v i o l a b i l i t y o f t h o e x i s t ­
in g s y s t e m o f p r o p e r ty in R u s s ia r e c o g n iz e d a t th e b e g in n in g o f c la u s e 7 .
C la u s e C a lle d

U n p r a c tic a l.

F u r t h e r , t h o R u s s ia n d e le g a t io n c o n s id e r s t h a t th e r e Is n o p r a c t ic a l c h a r ­
a c te r m c la u s e 7
T h e p r e s e n c e of t h i s c l a u s e i n t h e memorandum o f the
2 d o f M a y c a n o n ly b e e x p la in e d b y a d e s ir e to s a t is f y c la s s o r p a r ty fe e lin g s
X

S

T

m

Z

S Z

R u S f" ” ' “ 1

r“ " ‘ “ r • * — ••• * » » « « « •

“.

r . W i‘ t b o l “ m e n t i o n i n g t h e e v e r l a s t i n g d i s p u t e s t o w h i c h t h i s c l a u s e w i l l g i v e
r is o b e t w e e n c l a im a n t s a n d ( lie R u s s ia n G o v e r n m e n t a n d b e t w e e n t h o l a t t e r
a n d fo r e ig n P o w e r s , c la u s e 7 . fa r fr o m c r e a t in g b e t w e e n th o S o l i e t r e g im e

t t o goods o f the n ?
,°n ° / pcaco treaties have not hesitated to seize
t e r r i S " axT even w ? £ t r e T g n ^ i “
^
^

and

th e

c a p ita lis t

r e g im e

th a t

m u tu a l

fe r ti e c o lla b o r a tio n , w ill o n ly e n v e n o m

to le r a n c e

w h ic h

is

a

c o n d itio n

or

th e r e la tio n s b e tw e e n t h e s e v a r io u s

° ®
nter R uss,a- no‘ as a r08U> of friendly agreement
‘
a n y T e T n T n S iltv 'T T P^ ed”n t- Rll88la cannot be compelled to assume dith too
to thfnhliw ? T
? T nme'“ to work undcr ‘ho protection o f Russian laws,
inent T Ptho D u lto cT p lT 'T T r 181^ 0''^ 1S and the,r llationals for thc anhul- but in virtue of a decision of tho mixed arbitral tribunal, would soon feel
Thero is a further « bt .•U f° r h° ,lationahzation o f private property,
that there was general hostility opposed to them.
respolsibio fo T .
QnCSti0n o f rIght' 18 the Government o f Russia really
O n it s s id e th o R u s s ia n G o v e r n m e n t in o r d o r to m a k e i t p o s s lb lo fo r
I X n S b v r e a S w I h Cai m d tG property rights and interests of foreigi. and t o ^ T I'V , l ” atit o al,zed pi',)p,:l'‘y to apply their technical knowledge
U
b T th is G o v I r n Z n r
\
other than tho3t‘ which havo been caused aad
caP“ al to the economic reconstruction of Russia and for their
of cieot and tthe T
'! T (f
oi debl I n i o o nationalizationS: f property?
o that is to 8ay- other than tho annulment own advantage, has recognized that they m ust enjoy preferential rights in
firm
*
"
proporty is Krantcd as a
in
rnentr0 ‘ h u - dicial„doctrinc ;s entirely in favor o f the Russian Govern- toe form o f a lease or in tho form of a mixed company concession eitherthe
S
he
formed between
forco maieure1 d °n ’ T a 1 ° thoi‘ g r c : x t P°Pu,ar m ovements being akin to State and foreign capital, or in any other form providing for the partici­
K to to d e m n ifr 8 m Copfer, uP °n ‘ho.se who have suffered from it any pation of foreigners.
demand f ^ t h r n r l ^ ni 0re gn Citizeus suPPar‘c'l l>y their Government
W a y ‘ I10 R u s s i a n d e l e g a t i o n t a k e s n o t o t h a t t h e i n t e r e s t e d
rom the ° zarist Government repayment o f losses caused by tho p J T t h °
JS2
for d a m a n s to its

Srre S r e gfo

1 905- ° 6 thG la tt° r TOjectcd their d e m a n ^ a n d
consideration that not having accorded paym ent

*** ^

^

Unable t0 P,ace

. jfbu s/ ™ m the jo in t o f view o f law Russia is in no w ay bound to pav
debts o f tho past, to mako restitution o f property or to com pensated to
u m
Z f Lnyr mT ° than 8he is bound to Pay l o m p e n s S T r other
Russia had c h o s f n T r / f 1 natlo.n s- olthci' as the result o f legislation which

[ "

as a result^o^h^o e v e n tsd fth T n w T u tio m ° Vere*gI1




* * *

‘ ° 8 ‘V° h°rSOlf ° r

11

i i- /
r i ' T 7 V irI f a I 1 t h o i r
c a p it a lis t s a n d w h ile d is p la y in g a n

fo r a s m a ll g r o u p o f fo r e ig n
in e x p lic a b le d o c tr in a ir e in tr a n s ig e n c e .

to Vr S?m flCed ,Very many roa,i"n capitalists desirous of profiting from
(he facilities and guarantees which the Russian Government lias given to
them to return to their work in Russia.
The Russian delegation takes noto also that tho interested Powers have
sacrificed at the same tim e the interests o f a mass of small holders of
Russian loans and the interests also of a mass o f sm all foreign owners,
whoso property has been nationalized o- sequestered, and whom the Russian
Government Intended to include among tho claimants of Justice and the
good foundation o f whoso claims it recognized.

2079

THE CHRONICLE

May 13 1922.]

T h ere seem s to m e lit t le
T he

R u s s ia n

d e le g a t io n c a n n o t r e fr a in f r o m

e x p r e s s in g it s su r p r is e t h a t

been

d o u b t t h a t d u r in g

c o n s id e r a b le d is in c lin a t io n

in

th e p a s t th r e e y e a r s th e r e h a s

G erm any

to

fa ce

fa c ts;

th a t

a

flig tito i

P o w e r ? lik e F r a n c o , w h e r e a r o to b o fo u n d t h e m a j o r it y o f s m a ll h o ld e r s o f

c a p it a l o f c o n s id e r a b le v o lu m e w h ic h , to a c e r t a in e x t e n t a t le a s t , c o u ld n a v e

S
i n
lo a n s , s h o u ld h a v e in s is te d m o s t s tr o n g ly o n
p r o p e r ty w h ile s u b o r d in a tin g tlio in te r e s ts o t s m a ll h o ld e r s o f R u s s ia n
?
:?_ I n t h o s e o r c e r t a i n g r o u p ? w h o d e m a n d r e s t i t u t i o n o f t l i e i r p r o p e r t y .
T h J°bS
< S S n » t P e n t it s r e p r e s e n ta tiv e s to th e G e n o a C o n ­
s

b een

p r e v e n te d , h a s b e e n p e r m itte d

have

b een

fe r e n c e

a p p e a r s t o m e to b e e x tr e m e ly lim ite d .
I d o n o t b e lie v e t h a t G e r m a n y is e c o n o m iz in g t o

in

t h e h o p e o f o b t a i n i n g t h e r e w i t h o t t o ' S t a t e s r e P r e s J te^ ^
w h ic h , w it h o u t in f r in g in g o n th o p o lit ic a l a n d s o c ia l ic „

a g reem en t
e s ta b lis h e d
r e n u ls e 'l

as

th e

w o u ld

r e s u lt

b r in g

of

th o

about

r e v o lu tio n

not

and

in te r v e n tio n

a g g r a v a tio n

but

.

v ic to r io u s ly

im p r o v e m e n t

of

m ade

by

s e llin g

to

ta k e p la c e ;

G erm any

sh o rt,

but

th a t som e

to -d a y ,

la r g e

w ith

a

or

s u b s ta n tia l

b a la n c e o f tr a d e a g a in s t h e r , a n d w it h th e d im in u tio n th r o u g h lo s s o
t o r y a n d o t h e r w i s e o f h e r p o w e r o f p r o d u c t i o n , G e r m a n y ’s c a p a c i t y t o

th in k

th e

th a t

th e r e

is

im p o r ta tio n s o f

not

s u ffic ie n t

lu x u r ie s c o u ld

c o n tr o l

over

th e

pay

,
, ,
th e e x te n t sh e m ig

b e m a te r ia lly
im p o r ta tio n

c u r ta ile d ,

of

raw

f

T

and

ia

m a te r ia ls

bu ,

e c o n o m ic a n d f in a n c ia l s it u a t io n o f R u s s ia a n d w h ic h w o u ld a t t h e s a m e t im e

w ith

n n e ii t h e w a y to im p r o v e m e n t in th o e c o n o m ic s it u a t io n o f E u r o p e .

o f t h e in s t a b ilit y o f h e r c u r r e n c y , t o p u t h e r o w n h o u s e in o r d e r a n d t o m a

" S it

s u S

a

r e s u lt im p lie d

a r m e d i n t e r v e n t i o n in
h e ld

b etw e e n

quered.
w as

conqueror

Tho

th a t

o n ly

w h ic h

th a t

and

la n g u a g e

is

th e

th o

conquered,
w h ic h

la n g u a g o

to

im p o r ta n t c o n c e s s io n s

c o n d itio n

P ow ers w h o

to

R u s s ia

w o u ld

h e ld

fo o tin g o f e q u a lity .
R u SS!a i s s t i l l r e a d y , i n o r d e r t o
sen t

fo r e ig n

R u s s ia w o u ld c e a s e to h o ld to w a r d
not

r e s u lt in

b e tw e e n

had

been

com m on

S ta te s

con ­

s io n , b u t u p o n

agrem en

n e g o tia tin g

on

fo r e ig n

P ow ers,
and

but

upon

th e

c o r r e s p o n d in g

to

th e

p e o p le

of

R u s s ia

c o u ld

not

accept

an

M u tu a l C a n c e lla tio n o f C la im s .

a ls o

th o

R u s s ia n

R u s s ia

and

o u ts ta n d in g

b e tw e e n
to

R u s s ia ,

resp ect

and

a c c o u n t th o f a c t t h a t th is q u e s tio n n e c e s s ita te s ,
o f th o c la im s p r e s e n te d

to

c o n s id e r a s o lu t io n

th e m s e lv e s
a stu d y

th e

th e

th e r e fo r e

w e ll

be

th a t

le ss

th a n

w o u ld

o f th e fin a l su m

have

not

ta k e

th o se

th e m

r e s p o n s ib le

on

f a ith

a fte r th e y

fo r

and

th e

tr u st

h a le ;

th e y seem

w ar

have repu­

and

its

th e m ; th e y

hor­

cannot

t o fe e l t h a t t h e y a n d A u s tr ia h a v e a m o n o p o ly

a n d th e v th in k t h a t

th e y

a re b e in g h a r s h ly
of

“

in te r e s ts

ta k in g

and an

does

u n a b le t o u n d e r s ta n d w h y
p ow er

a n d p a r tic u la r ly
little

s p ir it o f

w i ’h
t

a ll th a t. I

e v id e n c e is a ll
r e c e iv e d w a s
and

in to

saw

of

th e o ld

to th e e ffe c t th a t G erm a n y

th a t

th e G erm an

a re g e n e r a lly

p e o p le

th e

tr e a te d

U n ite d

S ta te s

can

appre­

r e v iv e

th a t

not

in
is

th a t th e

n o t fo r th -

s p ir it

and

m ake

if

T h e o n ly

th e m

a g a in

th e

in

fo r n o

The

im p r w s io n

te r m s o f
o th e r

rea so n , th a n

t h in g , in m y o p in io n

a

m enace

to

w o r ld

of

o x p e r ts

n o m in a te d

la b o r s o f th is c o m m it t e e w o u ld h a v e t o

b e g in

by

th e

C o n fe r e n c e .

Ihe

a t a d a te a n d a t a p la c e

o

to

is h o p e ­
sa lv a ­

b o d e te r m in e d b y c o m m o n a g r e e m e n t.
fed’ T h e R u s s i a n d e l e g a t i o n t a k e s n o t e t h a t t h o g r e a t o b s t a c l e a g a i n s t w h i c h

tio n

t h e C o n fe r e n c e h a s s o fa r c o m o is t h is , n a m e ly , t h a t th e id e a o f r e c ip r o c ity

o f tr a d e w it h R u s s ia t h a t h e r e c o n o m ic s t a b ilit y c a n b e r e sto r e d .
r h ^r e
n o th in g in c o m m o n b e tw e e n th e h a r d -h e a d e d G e r m a n b u s in e s s m a n a n d th e

th o

P ow ers.
th a t

have

H ut

th o

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w ay

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have

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R u s s ia

d ra w n th e m

a n T h o ° R fu s s i a n d e l e g a t i o n i s o f t h o o p i n i o n t h a t t h e d i f f e r e n c e s w h i c h h a v e
th o

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B O H IF F

W O U L D

O N

P R E S E N T

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R E L A T I O N S H I P

I N D E B T E D N E S S

tio n s

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th e s e c o u n tr ie s .

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.

.

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im i s u i t e s S e n a t e i n t h e p o l i t i c a l s t r u c t u r e o f t h i s c o u n t r y .
Sh e m ay not
> "
tn e n f o r c e h e r o w n w i s h e s a n d m a k e h e r v i e w s c o n t r o l l i n g , b u t s h e
. ®
p o w e r o v e r th o s e o f o th e r c o u n t r ie s in v o lv e d .
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it

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in

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I

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F r a n c e a n d G e r m a n y , a n d t h a t is w h e r e t h e s o lu tio n m u s t b e fo u n d .

France

m u st p ro v e h er h o n e sty

of

p u rp o se a n d m u s t p a v w ith in th e fu ll m e a su r e o f h e r c a p a c ity .
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is ,

I t w ill b e a s lo w
am

o p tim is tic

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th is

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a c c o m p lis h e d ?

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b e lie v e

th a t

e v e n tu a lly

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th in k

com m on

n r e v a il a n d a p o lic y o f r e a so n w ill b e fo llo w e d .
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in d e b te d n e s s w it h

a v ie w

m anent

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a ll

P o te st

in r e s to r in g

t h e w o r l d ’s f i n a n c i a l e q u i l i b r i u m .
P a y m e n t e v e n to a lim it e d e x t e n t , o f o u r lo a n s t o t h e A llie s c a n b e m a d e
o n ly

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t h is m e a n s m o r e im p o r ts a n d

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W h ile

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im m e d ia te r e c o n s id e r a tio n

e x p o r ts fo r u s , a

con­

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of

th is

w h o le p r o b le m ,

1 be­

lie v e th a t p e n d in g fin a l d e te r m in a tio n o f o u r p o lic y , w e m u s t a d o p t te m p o ­
r a r y m e a su r se w h ic h w ill g iv e th e b e n e fit o f o u r a s s is ta n c e in t h e s o lu tio n
o f th o p r e s s in g e c o n o m ic p r o b le m s t h a t c o n fr o n t E u r o p e .

1

F r a n c e " w a n ts ta n g ib le p r o o f th a t sh e is g o in g t o b e g u a r d e d a g a in s t a t
t i c k - h e r m ilit a r is m is d u e to la c k o f c o n f id e n c e a n d t o a f e e l i n g t h a t i t is
n ecessa ry

to p r o t e c t h e r s e lf a t a ll c o s ts .

r e m e d ie d

o n ly

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sh e

fe e ls

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C a n B e o f H e lp .

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e

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i

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t h a t e c o n o m ic b a r r ie r s m u s t b e r e m o v e d a n d is p r e -

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w m r la n d
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o f p o lic y r e g a r d in g
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p r o p e r ty
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m o v e a n o th e r o f t h e e le m e n ts o f u n c e r t a in t y w h ic h t o -d a y so s e r io u s ly a f f e c t
th e

fo r e ig n

exchanges

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P f C a p ita l is p r o v e r b ia lly t im id , a n d w ill n o t g o w h e r e th e r e is n o a ssu r a n c e

r e a l u n d e r s t a n d i n g o f e a c h o t h e r ’s p r o b l e m s a n d t r u e c o - o p e r a t i o n

o f p r o te c tio n a n d s t a b ilit y , a n d a s w e w a n t t o b e su r e th a t su c h p a r t o f o u r s

it s fin a n c ia l a n d

in d u s tr ia l le a d e r s , a n d

th is c o n tin u a l c o n ta c t

a s is in v e s te d
C o n d itio n s in

I t is d if f ic u lt to fo r m
so m e

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ta k e th e

to th e co m m o n a d v a n ta g e .

are

w here

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d e te r m in a tio n

th is .

o th e r c o u n tr ie s , a n d p a r tic u la r ly
b e tw e e n h er G o v ern m en t a n d h er

of

p e r m a n e n tly

c a p a b le
^ F n g l a m M s c o n v in c e d

end

w h ic h

som eb od y

c o m m o n s e n s e , c o u r a g e , a n d c la r -

us

g a r d in g it s d ip s p o s itio n .
. . .
.
4
.
S u c h g r o u n d s a s th e r e w e r e fo r th e se iz u r e o f t h a t p r o p e r ty , a s a p r o te c t 1 e
w ar

E n g la n d
E n g la n d

to

p r o p e r ty s t i l l h e ld b y t h e A lie n P r o p e r ty C u s to d ia n .
I t i s 'p e r h a p s n o t g e n e r a lly r e a liz e d t h a t to -d a y .

s e c u r e d , s h e is b e g in n in g to r e c o g n iz e t h a t s u c h p a y m e n t c a n b e m a d e o n ly if
r e a s o n a b le

lis te n

and

T h e m o r a l a u t h o r it y o f A m e r ic a is e x tr a o r d in a r y in
S e c o n d , w e s h o u ld m a k e a p r o m p t d e t e r m in a t io n

a s w r itte n , a n d

w ill

f a ith

a n d t h a t s o m e a lt e r n a t iv e m u s t b e t r ie d .
* W it h a ll t h a t , e v e n in F r a n c e , I fo u n d
V e r s a ille s c a n n o t b e e x e c u te d

and

th e go o d

of

T rea ty o f

A m e r ic a ,

g iv in g o u r d is in te r e s te d c o u n s e l a n d a d ­

o r w h e n sh e se e s th a t a p o lic y o f fo r c e w ill n o t a c h ie v e a n y s a tis fa c to r y r e s u lt

P

ta k e

o f a m o d e r a te

as

s t a y , a t le a s t fo r

is b e in g d is c lo s e d a t G e n o a a n d b y t h e t im e t h e

to m e b e tte r to d efer ju d g m e n t.
M u ch is b e in g s a id a n d w r it t e n

R E V I E W E D

’s i t e d E n g l a n d , F r a n c e a n d G e r m a n y , t h e l a t t e r f o r t h e f i r s t t i m e s i n c e

ti

have

u n t il w e a r e b e t t e r in fo r m e d a s to w h a t c a n r e a s o n a b ly b e e x p e c t e d , i t s e e m s

The belief that “we should review our whole relationship
to the inter-allied indebtedness with a view to having it set­
tled not temporarily, but on a permanent basis, in-keeping
with sound finance, practical economies, and all our moral
obligations,” was expressed by Mortimer L. Schiff, of the
bankin'' firm of Kuhn, Loeb & Co., of this city, before the
Bond Club of New York last week (May 5). Mr. Schiff, who
has just returned from Europe and spoke on present day
conditions on that Continent, had the following to sa y :
r

1^

to g e th e r

o f t h e S o v ie t G o v e r n m e n t, b u t i t s e e m s f a ir ly c le a r t h a t th e r e is o n t h e

w h ile

C O N D IT IO N S

can n ot w ork

I n e h a n d a k e e n d e s ir e t o r e s to r e e c o n o m ic r e la t io n s w it h t h e o u t s id e w o r ld ,

c o n feren ce
L .

d e v e lo p m e n t

t h e ir c o m m o n e c o n o m ic n e c e s s itie s w h ic h

o f a m o n a r c h ic a l r e s to r a tio n o r e v e n

m u n is ts a t h o m e .
M O R T IM E R

th a t p o litic a lly

th e

in e n t is la u g h e d a t b y th o s e w h o s h o u ld k n o w a b o u t w h a t t h e y a r e t a lk in g .
O p in io n s d iffe r e d g r e a t ly a s t o t h e s in c e r it y o f t h e r e c e n t c h a n g e o f p r o ­

th e

c o n s o lid a tio n o f p e a c e .
R u s s ia c a m e to th o C o n fe r e n c e w it h c o n c ilia to r y in te n tio n s .
She
h o p o s t h a t h o r e f f o r t s in t h i s d ir e c t io n w i l l b o c r o w n e d w i t h s u c c e s s .

th ro u g h

to g e th e r .
S o v ie t G o v e r n m e n t W i ll L a s t S o m e T im e .

fa r a s c a n

p o s­

s ib ilit y a n d n e c e s s it y o f a s o lu tio n h e r o in G e n o a o f o th e r p r o b le m s in ­
te r e s tin g a ll c o u n tr ie s a lik e , a n d . in th e fir s t p la c e , p r o b le m s to u c h in g
r e c o n s tr u c tio n

te a m

it is o n ly

is o n ly

W h ile I d id n o t g o to R u s s ia , th e r e s e e m s t o b e a g e n e r a l f e e lin g t h a t ,

a p p e a r e d '^ in t h e c o u r s e o f t h e s o l u t i o n o f t h e f i n a n c i a l d i f f i c u l t i e s b e t w e e n
ts e lf a n d

sh e fe e ls th a t it

c o m m u n is t o f R u s s ia ; i t i s a

p o in tin g
been

S o v ie t

in m y o p in io n , i t is n o t fo r t h e p u r p o s e o f a n y o f f e n s iv e o r d e fe n ­

s iv e a llia n c e , b u t b e c a u s e

t o W h ic h a t t e n t i o n i s c a l l e d a b o v e , is n o t y e t s u f f i c i e n t l y r e c o g n iz e d b y a ll
out

but

s itu a tio n

is

le s s a n d t h a t th e r e is n o t h in g l e f t to th e m b u t d e s p a ir a n d r e v e n g e .
I s i t tr u e th a t G e r m a n y lo o k s to R u s s ia fo r m u c h o f h e r u lt im a t e

c o m m itte e

fe e l th a t th e ir

th e

c ia tio n m o r e ju s t o f th o c r e d its a v a ila b le fo r h e r , th is ta s k c o u ld b o e n tr u s te d
to

m ix e d

l

fig h tin g

tr e a t th e m

a

a s t o m a k e th e m

m ilita r is m .

and

th in k in g

a g a in s t a m ilit a r is t ic p o lic y ,

in su c h a w a y

G erm an

is d is a r m e d

are

t h a t t h e v h a v e fo u n d i t d o e s n o t- p a y .

fr o m th o n a tu r e a n d e x te n t

m o re p r o fo u n d

w o r ld

fr o m

Rut

.
o f th o fin a n c ia l

R u s s ia ,

rem oved

th
ey

le m s m

th e o th e r P o w ers.

G o v e r n m e n t is d e te r m in e d

o f s m a ll b o n d h o ld e r s .
I f, n e v e r th e le s s , th o P o w e r s w is h t o
d iffic u ltie s

m ig h t,

a s s is t a n c e o f ^ h e w o r ld

tio n w o u ld b o m u t u a l c a n c e lla t io n o f c la im s a n d c o u n te r -c la im s o r ig in a tin g
b e tw e e n

and

o f s u ffe r in g

A n o th e r m a tte r o f im p o r ta n c e s u g g e s te d b y th o d iffic u ltie s o f th e s itu a ­

hero

it

r e la iz e w h y t h e y s t i l l h a v e t o e a r n t h e ir p la c e in t h e c o m i t y o f n a t io n s ,
th e y d o n o t a p p e a r to r e a liz e th a t o th e r c o u n tr ie s h a v e q u it e a s s e r io u s p r o b ­

s p o n d in g a d v a n ta g e s .

s ta n d in g

and

y e a r s w o u ld b e s u b s t a n t ia lly

T h e G e r m a n S ta t e o f M in d .
T h e G e r m a n p e o p le s e e m
rors

th o p a s t a n d

n o r m a l b a s is ,

a b s o lu te

th ese co n ­

a g r e e m e n t in w h ic h th e s e c o n c e s s io n s w e r e n o t b a la n c e d b y r e a l a n d e o r r e -

fr o m

e

to b e p o stp o n e d u n til m o r e n o r m a l c o n d itio n s a re r e sto r e d .

p a r tie s .

of

m ore

fo r th o s e th e r e a fte r a n d t h a t t h e d e te r m in a tio n

d ia te d

m ass

a

r e p a r a tio n p a y m e n ts fo r t h e n e x t fe w
a

c e s s io n s a r o m a d e in f a v o r o f t h e R u s s ia n p e o p le b y t h e o t h e r c o n t r a c t in g
great

is u n a b le , b e c a u s e

a ssu re su c c e ss a n d a g r e e m e n t, to co n

t h a t c o n c e s s io n s e q u iv a le n t to
Tho

is th a t to -d a y G erm a n y

a b u d g e t w h ic h d o es n o t c h a n g e fro m d a y to d a y .
.
H e r u lt im a t e c a p a c ity m u s t b e ju d g e d n o t b y p r e s e n t c o n d itio n s o f d e p r e s­

R u s s ia la n g u a g e

h a v in g

a

o r g a n iz e d

a ll th a t , th e b a s ic d if f ic u lt y

c o n flic tin g

an a c c u r a te p ic tu r e o f

im p r e s s io n s ,

but

one

th e G erm a n

th in g

t h a t i s t h a t G e r m a n y ia t o - d a y r e a l l y h a r d u p .




m u st

G erm an y.

seem ed

to

s it u a t io n ; th e r e
m e

c le a r ,

and

g iv e

in

fo r e ig n c o u n tr ie s is s a fe

c o n s tr u c tiv e

le a d e r s h ip

in

fr o m

s e iz u r e

e s ta b lis h in g

and

beyond

p r in c ip le o f t h e s a n c t it y o f p r iv a te p r o p e r ty .
T h ir d w e s h o u ld m a k e o u r o w n c a p it a l a v a ila b le t o

c o n fis c a tio n , w e
p e r a d v e n tu r e

t h e m a x im u m

th e

d egree

fo r in d u s t r ia l a n d e c o n o m ic r e h a b ilit a t io n t h r o u g h o u t t h e w o r ld , n o t th r o u g h

2080

THE CHRONICLE

inter-Governmental advances, for we want Governments to keep out of busiaess, but through our investors buying foreign securities.
~ 7 ------

.

DEATH OF HENRY P. DAVISON.
I he heatli on Saturday last (May 6) of Henry Pomeroy
Davison of J. P. Morgan & Co., came as a decided shock to
the multitudes in and outside of financial circles, who had
followed the course of his health since the operation of
August 12 1922. The apparently satisfactory results
attending that operation had encouraged the idea of a similar
successful outcome of the second operation, which it was
announced on May 5 he was to undergo the succoding day.
A brief statement announcing that Mr. Davison’s death had
followed the conclusion of the operation was issued as fol­
lows by the attending physicians early last Saturday after­
noon:
D avison died to-day upon the conclusion o f an operation upon an
infiltrating tumor which could only be partially removed.

1 he first operation, which Mr. Davison had undergone last
August, was performed at Roosevelt Hospital this city with
a view to relieving the pressure of a tumor on the brain.
This operation, which had been suspended after three hours
because of the flow of blood, was said to have accomplished
the purpose sought. Mr. Davison remained at the hospital
two weeks at that time, and with his removal to his home
at Peacock Point, Glen Cove, it was stated that his early
and completo recovery was expected. Mr. Davison had
since taken a trip to Thomasville, C.a. His return from
there occurred about April 1; it was understood that his con­
dition had improved as a result of this trip, and the announce­
ment on tlm 5th inst. that “unexpected developments”
in his condition had nado a second operation necessary,
was as unlooked for as was his death the following day. It
is reported that in the second operation it was planned
completely to remove the tumor, which was described as
about the size of a man’s thumb. The decision to operate
a second time, was reached, it is said, only 24 hours before,
immediate action having been called for because of the rapid
development of tho tumor. What followed last Saturday’s
cutting by the surgeons was described as follows in the Now
York “Times” Sunday morning:
As soon as a section of tho skull had been removed it became apparent to
the surgeons and physicians, it was said, th at tho operation could not be
successful
The tumor, which rested on the auditory nerve, had penetrated
m .t hn it r T OVT a co 1 f iderabl° a™a - Part o f tho tumor could be cut
n
out, but its filam ents could not be ontirley removed w ithout destruction of
Drain tissue.

J a° , h ,ap')arent 1yt been increasing steadily since the operation of
last A ugust, but th at operation, in slightly olovating part of tho skull, g ive
more room to the brain. Tnis increased space alowed tho tumor to grow
tT,™
™
rec.c n.., 'ri Producing such pressure as to cause severe sym p­
tom s. T his p o s s iillty was anticipated a t the first operation, and the
banker had been under constant scrutiny of physicians, hoping that tho
condition would gradually improvo until a cure could bo effected, but being
ready to operate im m ediately if it appeared th at the tumor was making
adverse progress.
®
Im m ediate op ira ’Ion was also indicated in order that tho patient should
have the benefit of the reserve of strength which had been slowly built up
while tho tumor had been seemingly inactivo. A period o f sovero suffering
would have quickly consumed the spare strength o f tho patient, leaving no
hopo th at ho could survivo a sevore ordeal on tho operating table.
1

[Y ou 114.

it, had served continuously as a director and .as Chairman of
its Executive Committee. In commenting on Mr. Davison’s
death, Seward Prosser, President of the Bankers Trust Co.
on May 7 said:
To Henry Pomeroy D avison tho Bankors Trust Oo. owes its incoption
and to his active service both as a Director and as Chairman of its Exec­
utive Com m ittee, it owes much or its success. Mr. Davison suggested the
organization of tho company in 1903 and it started business in the quarters
th at had been vacated at 143 Liberty 8t. when tho Liberty N ational
Bank moved to 139 Broadway. Tho Board of Directors was made up
alm ost exclusively of Presidents or Vico-Presidonts of largo commercial
banks in Now York and of several important banka outside of th is city .
Tile association between theso original members of tho Board, which
organized tho company, became close and intim ate in the m any meetings
that followed and this was tho beginning of a newer and bettor relationship
between the banks represented which developed into a fine co-operativo
spirit, which has been m ost helpful to them and to tho com m unity which
th ey serve.
N o formal resolution of our Board can adequately convoy the sense of
personal bereavement of tho Directors and Officers of tho Bankers Trust
C°; caused by tho death of M r. D avison. N or can any recital of his
official connections with this company, to which much of its success has
been due, fully express the sentim ent of affectionate friendship and loyalty
which all of us felt for him or our admiration for his groat qualities anil
his lino ideals, which were tho inspiration for his pro-ominont success in
business and his distinguished public service.
Notw ithstanding his many activities and responsibilities, M r. Davison
was keenly alert to tho possibilities of new mon with whom ho came in
contact and to this quality many men now successful in banking or business
owe their opportunity to accomplish big things. I would not dwell on m y
great personal loss in tho death of Mr. D avison beyond saying that ho was
an affectionato friend whoso placo can never bo filled.

In 1908 Mr. Davison had been seleotod by the National
Monetary Commission, appointed by Congress, as the export
to make an investigation and report on tho financial system
of England, France and Germany. In 1915 lie helped to
negotiate the 8500,000,000 Anglo-French credit. Mr.
Davison gavo unsparingly of his time during tho war toward
the relief of humanity; President Wilson in croating in 1917
the Red Cross War Council chose Mr. Davison as its Chair­
man, and Mr. Davison in accepting stated that all the
facilities of his firm would stand bohind the Rod Cross for
tho duration of the war. One of tho many tributes to him
has come from John Barton Payne, Chairman of the Red
Cross, who on May 6 said:
Henry P. D avison’s contribution to liis country and to hum anity tlirougli
his masterly direction of Red Cross activities in tho world’s greatest crisis
will endure as a splendid monument to his memory. A master of organiza­
tion, ho gave untiring, unselfish servico to tho oxpanding of a work that
grew as necessity called and produced results from its very Incoption.
ith an alm ost infallible judgment, ho choso his associates and gavo
them tho instant inspiration of his confidence and his co-operation. W ith
profound appreciation of tho work to which President Wilson called him ,
lie gavo
that was in him to its accom plishment. N o man over wrought
more valiantly. N o man has over left a more glorious rocor.l of unselfish
service.

Eliot Wadsworth, Assistant Secretary of tho Treasury,
who was Vice Chairman of tho Red Cross War Council, also
eulogized him on the 6th inst., saying:
When M r. D avison answered tho call of tho President o f tho United States
he brought with him an experience in the conduct of groat concerns th at
stood him in good part when ho took upon hinmoir tho greatest burden any
organization had over faced. During ovory hour from the day of his
appointm ent to the armistico he labored unceasingly and created a now
ideal of the Red Cross. When the actual conflict was ondod ho was not
content to givo over his task, but through his leadership in tho creation of
tho Leaguo of Red Cross Societies, mado available to tho nations of tho
world the practical methods and high ideals th at tho American Red Cross
had developed during tho stern experiences of war. Tho civilized world is
richer for all tim o because of his vision and his dovotlon,

Besides tho announcemnt of Mr. Davison’s death (which
occurred at 1:30 p. m .) made at his home, where tho second
operation took place, tho following notico was placed on the
Among many other expressions of regrets at Mr. Davison’s
doors of tho Morgan offices early in the afternoon:
death we quote the following:
6

W 22

de° P rCgr0t W° announce the doath o f our Honry P . D avison, M ay
(Signed)

J. P. M ORGAN

&

CO.

Mr. Davison, who was born in Troy, Pa., in 1807, had
risen rapidly to tho fore among the country’s financiers
following his coming to New York in 1891. Starting at the
ago of 19 in his uncle’s bank in his native city, ho came
to New York two years later, but his quest for an opening
thon proving unsuccessful, ho located in Bridgeport, entering
tho Pequonnock National Bank, which he served in a
minor capacity for three years. With his return to New
York in 1891 he entered the Astor Placo National Bank as
teller. He next affiliated himself (in 1894) with the Liberty
National Bank of this city, and in a few years rose to tho
presidency after serving successively as Assistant Cashier,
Cashier, and Vice-President. Later, for six vears, Mr
Davison had been a Vice-President of tho First National
Bank of this city, retiring from that post with his admission
as- a partner (on December 31 1908) to tho firms of J. P.
Morgan & Co., Drexol & Co. of Philadelphia, and Morgan,
Harjes & Co. of Paris. To Mr. Davison was duo also tho
organization in 1903 of the Bankers Trust Co. of this city.
A special mooting of tho board of directors of that institu­
tion was called for May 10, to take appropriate action
regarding the doath of Mr. Davison who, besides organizing




Albert H . W iggin, Chairman of the Board and President of tho Chase
N ational Bank: “ Ho was a wonderful man and mado a most romarkablo
record. Ho died comparatively young, but had reached tho pinnaclo of
success. N obody has dono more for his country and ills city than ho has.
N obody leaves a larger number of sincere frionds. His loss is irreparablo
Gates W. McGarrah, Chairman of the Board of the Mechanics and Metals
National Bank: “ I have known Mr. Davison for many years. He was one
of the ablest financiers in the country. In a way lie was a genius and was
an excellent judge of character. lie was one of the group of bankers who
came up together and among whom there was a deep bond of friendship aside
from ail business relationship.”
Mortimer L. Scliiff of tho banking firm of Kuhn. Locb & C o.
The
death of Mr. D avison Is a great loss to the ontiro country. ITo was one oJ
tho constructive and public-spirited mon who can 111 bo spared
All will
mourn his loss.”
f • Hanal‘or ° f K uhn, Loob & Co.: “ I am greatly grieved at tho
unexpected nows of Mr. D avison’s death. Ho has sacrificed his lifo in a
work that has saved several hundred thousand American boys who were
risking their lives in tho same causo for which ho died."
Howard E lliott, Chairman of the Northorn Pacific Railroad: “ II. p .
Davison and I had been closo friends for fiftoon years, and ills doath comes
as a deep, personal loss. Ho had a splendid record of accomplishment- ho
did a man s work, and his romarkablo ability was onhanood by his power
of winning tho regard of thoso w ith whom he d ea lt.”

that Air. Davison’s death is similarly doplorod abroad is
evidenced by tho following, reported by a copyright cable­
gram to tho New York “Herald” from London May G by
Edward Charles Grenfell, Director of tho Bank of England
and Vice-President of the International Mercantile Marine:
.i
I>-_Pav*
son was one of tho m ost romarkablo men we h a v e aeon In a long
tim e. His tact, notably in the financial conference* in tho early days o f the

May IS 1922.]

THE CHKONICLE

consortium, distinguished him in I.ondon, P a n s and Berlin. T he qu^iMo
he showed in New York wore greatly appreciated, especially in London,
during tho early days of the war, when he took an active part in arranging
for buying supplies in America for tho Allies.
Ho also was well known for handling on behalf of Morgan the Allied loans
in America
Ho may bo considered to be alm ost tho chief of the late Morgan
i£ ! S
present M organ’s lieutenant. His work as President of the Amencan
R„.i fVnw w>s known throughout Europo as well as America. His deatn is
a seve^ loT s to th7 world of finance and to his numerous friends on both
sides of the Atlantic.”

F. J. Barthropo, Associated Manager of the London
County, Westminister and Parr’s Bank, said:
"I deeply regret to learn of M r. D avison's death.
horo as one of the world’s foremost bankers."

2081

firm, it seemed desirable to some creditors to file a petition in bankruptcy
in order to conserve the assets of the firm and for tho protection of the firm s
customers and others interested.
.
It is quite probable that the firm ’s affairs will be liquidated in a very
satisfactory manner and continuation is contemplated as soon as arrange­
ments can be made to dispose of the difficulties arising under the presen
situation.
_

Besides its main office and uptown branch at
r litn
Avenue, tho firm maintained offices in New Haven (Conn.)
and Pittsfield (Mass.). It was admitted to membership in
tho New York Stock Exchange on Feb. 15 1919.

He was recognized

E. D. DIER (fc CO.’S BOOKS WITHHELD FROM DISTRICT
ATTORNEY BANTON UNTIL TUESDAY M A Y 16.
According to the New York “Journal of Commerce” of
May 12, Judge Learned Hand in the United States District
Court on Thursday of this week (May 11) signed an order
J. P . M organ, Edwin T . Stotcsbury, W illiam Pierson Ham ilton, Charles restraining District Attorney Banton from obtaining posses­
sion of tho books of the failed firm of E. D. Dier & Co. unti
Stool William H. Porter. Thom as W . Lamont, Horatio G . Lloyd, Dwigh
W. Morrow, Edward It. Stettinius, Thomas Cochran, Junius S. M organ. Tuesday next (May 16). The order was the outcome, it
E lliott C. Bacon, George W hitney. Thom as Gates, E. C- Gfonrell. Viviai
Sm ith, Charles F. W higham, Col. II. H . Ilarjcs, John Ridgely Carter and is understood, of a motion made by E. D. Dier & Co. s
counsel to extend the time of surrendering the books to r.
N . Doan Jay.
;
.
Tho active pallbearors were the following associates of Banton for two more weeks. It was contended )y t le
attorneys for creditors of the firm, who opposed the g ianting
Mr. Davison in tho office of J. P. Morgan & Co..
W illiam M . M ead. S. D ucan M arshall, E lliot C. Hodgkinson, John J. of the motion for a two weeks’ extension, that the granting
B ennett Jr.. M alcomb D . Simpson. Edwin D . Shaw, Charles M ott and of the potition would delay “final adjudication of the proceed­
Leonhard A . Koyes.
ing until tho October term of the Federal District Couit.

The funeral services on Tuesday morning (May 9) were
conducted at the Episcopal Church of St. John of Lattingtown, near tho Davison homo at Locust Valley, L. I.
The honorary pallbearers were:

POST BROTHERS & CO. OF THIS CITY, ASSIGN.
The failuro of tho brokerage house of Post Brothers & Co.,
52 Broadway, this city was announced from the rostrum
of tho New York Stock Exchange on Monday morning of this
woek.May 8. Inability to meet its obligations was given as
the reason for the firm’s embarrassment. An involuntary
petition in bankruptcy was filed against the firm m the
Federal District Court on tho morning of May 8 by the fol­
lowing creditors: Hugh Jones, 840,000; G . Waring Stobbms,
81 848, and Warren A Mayon, $697. Later in the day
Judge Knox appointed Albert W. Putnam receiver under a
bond of $25,000. Prior to the filing of the bankruptcy peti­
tion, Post Brothers & Co. had made an assignment for tho
benefit of its creditors to John S. McCloy, after which the
following notice was postod on tho doors of the firm s offices:

,/. M. TALLEY &,C0., N EW YORK, IN BANKRUPTCY.
Josse M . Talley, a member of the firm of J. M . Talley
& Co., 80 Wall S t., on May 11 filed a voluntary petition m
bankruptcy in tho Federal District Court for the firm_.
In the petition he stated that Walter T. Ott, his co-partner,
had refused to join him in the petition and asked that he
(Ott) bo served with a subpoena to show cause why the
firm should not bo adjudicated bankrupt. Th® Petition
gave the firm’s liabilities as $78,644 and its assets as $24,600.

C A. HASKELL & CO., BOSTON, FAIL.
i.
On Monday of this week (May 8) the failuro of George A.
Haskell & Co., members of the Boston Stock Exchange,
was announced from the rostrum of tho Exchange. The
Tho firm o f Post Bros. & Co. has ruado an assignment for tho benefit of
firm, it is said, had been in existence less than a year, having
creditors to J. S. M cC loy, who has taken possession o f all assets. 1 ho busi­
taken over the business of Allen, Arnold & Co. of Boston.
ness of tho firm is suspondod.
,
„ .
Later one of tho firm’s members issued a statement, a stoi- The following announcement was issued by a committee of
lie firm’s creditors:
YVe completed on Saturday an examination o f our books and after consul­
tation with our attorneys, Cadwaldor, Wiclcorshani & T aft, havo deemed it
necessary for tho protection o f our creditors to make a general assignment
without proferonco for tho bonofit or our crodilors to J. S. M cC loy, attorney
associated with that firm.

According to the Now York daily papers of May 9 the
firm’s liabilities aro estimated at $1,500,000. While tho
assots aro estimated at only $1,000,000, it is said the potition
for tho appointment of a receiver stated that the face value of
securities held by tho firm or plodged by it with banks as
security for loans is approximately $2,000,000. The failed
firm was admitted to tho New York Stock Exchange on
November 23 1903. It consisted of the following members:
John Gibbons, Charles M .P ost, Morgan B. Post, Henry M.
Post (tho floor member) and James F. Mathews, the last
named being a special partner.
CARPENDER, CAFFRY & CO., NEW YORK, SUSPEND.
The failuro of Carpender, Caffry & Co. of this city was
announced on tho Now York Stock Exchango shortly after
tho Exchange opened for business Tuesday morning, May 9.
Lator an involuntary petition in bankruptcy was filed against
tho firm in tho Federal District Court and Judge Knox
appointed Roger B. Wood receiver under a bond of $25,000.
In the bankruptcy potition the firm’s liabilities were placed
at $300,000 and its assets at $250,000. The firm, whose
main office was at 74 Broadway, was composed of Noel L.
Carpendor (the floor member of tho Exchango), Charles W.
Caffry, and E. Waring Wilson. Mr. Wilson, it is under­
stood, was formerly counsel for E. D.. Dier of the defunct
firm of E. D . Dior & Co. (whose failure occurred on Jan. 16
and was referrod to in our issue of Jan. 21, p. 246, and sub­
sequent issuos), and was one of tho witnesses examined
regarding business relations betweon tho failed firm of E. D.
Dior & Co. and Carpendor, Caffry & Co. at tho recent hear­
ing of the Dior bankruptcy case held before Refereo Seaman
Miller. A statement issued by Joseph W. Spencer, attorney
for Carpendor, Caffry & Co., as printed in the May 10 issue
of tho Now York “Herald,” read as follows:
Becauso o f tho unfavorable comment in connection with the Dior bank­
ruptcy and the action o f tho Now York Stock Exchange in suspending the




George A. Haskell & Co. aro unable to meet their obligations as they
nature and havo placed their affairs in the hands of a ^
0 ! ^ ° s tr e e t
c it in g the creditors, consisting of W illiam II. Garland. 53 State Street,
Harry N . Guterman of the firm of Guterman & Guterman, and Dexter B.
\attlson of tho firm of Pattison & Thomason.

George A. Haskell, the floor member, became a member
if'the Boston Stock Exchango on March 4 last, Mr. Arnold
bolding his seat until that time. Following the firm s
suspension from the Boston Stock Exchange, the New lo r k
Curb Market Association announced its suspension as an
associate member of that organization.
$440 000 LIBERTY BONDS, STOLEN FROM CHASE
NATIONAL BANK, RECOVERED.
The $500,000 in Liberty bonds which were stolen on
April 17 from the Chase National Bank of this city, as
mentioned in our issue of April 29, page 1846, have been
in great part recovered and four arrests have been made.
$440 000 of the bonds were located in a safo deposit box
in tho Bank of St. Augustine at St. Augustine, Fla., where
they had been placed by John V. Vardeman, a former em­
ployee of the Chase Bank, and the rest, it is declared, has
also been located.
.
.
.
Arthur F. Chase, watchman in the registry department
of tho bank and formerly a member of tho Arizona Terri­
torial Police for eleven years; John V . Vardeman and Vardeman’s wifo were arrested on Wednesday, while the fourth
arrest came on Thursday when Henry Ilirsch, a jeweler,
was apprehended on the strength of a confession by Arthur
FT Chase”that" Mrs. Vardeman had visited Hirsch prior to
the disappearance of the bonds, asking him if ho could sell
some Liberty bonds for her. Until Wednesday New York
and Pinkerton detectives, working together on the case,
know nothing more than that it was an “ inside job” worked
in conjunction with some confederate on the outside.
Tho insurance companies that benefit by the recovery
of tho bonds are Lloyds of London and tho National Surety
Co., who underwrote most of the risk on the bonds while
in the possession of the bank. The securities wore insured
for full value, but no payment was made ponding positive

2082

THE CHRONICLE

determination whether they were stolen in the bank or
abstracted en route, in which case another set of insurance
companies would have been liable. The insurance com­
panies now responsible are said to be the American Surety
Co., the Hartford Accident & Indemnity Co. and the Aetna
Insurance Co.

[V ol. 114.

m o S u i gu t iS z e d fv ? h Sr ‘lng WaX’ and a" the m apy articles and comrealized8ln*each case.
G° V°ram ent to*ether wIth * * amount of saving
e , , ^ t BUdget ? iT. e C t ° r further reP°rted that the savings reserve against
E e L s C a f T . o ? , 11?'000,000864 UP by ^ e departments and estabn ~ ? nmw f f i ? 21* in reSponse to executive request, had been$70m i 000 o f ^ l .
g rc'a PProPriations by Congress o f more than
s ififlJ n n n
for othor purposes ‘° the approximate sum of
not postnSSed ^
P an ° f -theSe reductions as are real savings and
ings he added.
were
lded
th° generaI estlm ate of sav*

PRESIDENT HARDING I N RESPONSE TO HOUSE
RESOLUTION ON BUDGET SAVING.
a f tin ^ ? ter reduction' Director D aw es declared that the present estlAccording to a report by Director of the Budget Charles
G
e
f
r
^
th° operat,on of tho routine
C. Dawes, made public at the White House on May 7 C o J ™ a n t ^ ^ tfreS6,r r . ^nat,ng oxpenditures of $7,500,000 business of the
o^Z rL
authorized by
Government expenditures for 1922 will be approximately the UnUed
10n,,? th ° blKlgefc providi"8 f°r representation o f
fillm ent of thp f \ ° ^ raZi'ian centennial exposition, seed loans and ful$1,600,000,000 less than the actual outlay for the^preceding
b u Z f Z L bL f y T 1 C° l0m bia' as compared with the December
year. The report was transmitted by President Harding 758 375 672 o Z m
“ 6XCess of onIy *25.767.457 on a total of $1.to the House Appropriations Committee in answer to a °2,’u 75,672, a discrepancy of only about 1J^%
w h Z e e ren.t Z m deZ Z C
thro
Vby Dircctor Daw es as an effort to determine
resolution of Representative Byrns, of Tennessee, asking year! h
1 Savlngs of tho Government had been during the current fiscal
tno 1 resident to give the House some details of the direct
T
saving of $32,000,000 and the indirect saving of $104 000 000 agent*” S Z D a w n ? ® ® Udfm ^ an, ,mperSOnal and non-partisan business
become T
oT
* particua,r report whore
ates m ay
to the Government which the President announced in should be b a snJL r l o tT t enV? in an ;ipPro'lching political Its estimits figures
co
T
contest
February had been effected through the new budget system. p r Z n t but . Z h o Z aDd T et the tCSt of examination, not only In the
« ' , r hen 0Xisting parti8an differences are forgotten
Reference to these reported economies was made in our issue K ' r l r f
fs considered 1
mpar‘laI ‘V and non-partisanship of the Budget Bureau
J\®b - 18’ Paff0 685’ and in these columns March 18 (page X
X
X
y
“ '"O ° r ">» Government
1131) we noted that in accordance with Representative
It will be noted that the Director of the Budget out of total estimated
Byrns s resolution, President Harding had asked Director
? f 2 “ f°r ,022/
U M jm S gZ
Dawes “to give whatever details are possible, not only a business*o?tho ®
ubJect to Executive control in tho operation of the routine
Government These figures compare with actual expendi­
statement of such helpful savings as have been estimated, S r
but m addition thereto the estimate of the Bureau of the tures under tho same categories in 1921 of $2.67.3,435,079 segregated out o f
o r S ™ ^
indirect savings which have been made possible by the m ent eenpr'illv anHi / ° 5
o p e r a tio n
routine business of governinauguration of the new method of conducting routine 1921 will be ^he f fiCt i° Dxccu Ivo control in 1922. as compared with
a L 'Z
he- therefore, in the neighborh.od of $907,500,000.
business of Government.” In his letter of transmission to
s a ^ L s Z f d Z , eZ rm0US t,°tal reduc“ on - the estim ate of economies and
Chairman Madden, of the House Appropriations Committee, m Z a i exnin m
tb° "ow ,mposi“ on of Executive control over govern2 . r tlm ated by the Director of the Budget in
President Harding stated that the actual cost of the routine Z s report
that t h i s Z t L f T r SUm f *250,134,8.35. He feels reasonably assured
business of government has been reduced by $907 500 000 ia an ! l
H ,° economies and savings attributable to the now system
of which sum $250,000,000 may be accredited to more ngs a X e o n ‘ m ? 0, bu* "?a t ‘,f 0 n 0 r has been made ln this regard the sav80 larg0 as to vindicate it. and will, at the same
efficient and economic administration of the Government’s tim ea emnhasi*mlfn
S u m ares e o n ?
t I,ndlsPensable policy of the Budget Bureau to have its
business. Presenting figures that “will fully convey to the estim ates conformable to the principles of business conservatism.
Congress tho helpful results attending the inauguration of a a n ^ r o lK m e ^ H 8 Z D,lrector of ‘ he Budget has found It impossible to make
more efficient business system ,” the President’s letter said: dent to the e Z ! ? ? ° f SOme lndefinite general savings, such as thoso incl-

Z v e r Z e n f h m sr tem ° f Purchasille which has been established in the
Pi r i n d acoufrmJ r “ “ Petition between departments and the overlapof the n r iZ .T
f ° fJ‘““ ccessary surplus has been avoided. On the b asis
ments t h Z h Z T
8 " Z ? by tbe difforont departments and estabiishin vn h e fT n i?
bu fD f hm inatcd- after due consideration of the facts
n i l ' in “ l0 neighborhood of $150,000,000 claimed economies.
s a v ilZ r
S tabu!ated ^
S250.000.000 estimated economies and.
T r a n s Z ? Ternm<5ntal bUSin0SS for tbe fis“ 1 year 1922 as follows:
m ent ?3 fi2q Z r T rtyi ~ W
,ar D epartm ent. $11,597,594: N avy DepartM?r n f n 629,682 ’ Shipping Board. $275,854; ship transfers. $11,151,461:
M ar‘"eC orp s. *65.494: Public Road Bureau. $489,375.
$228 O'll . “ "0mIes~ G o -o rdina tors’ reprts. $1,209,466: State Departm ent,
e
rior $2 162
SI ’526’488J VVar’ 51 >-022.001: N avy. $41.791.740; Inte2
I’ost Off c I ' S f m n u ' n i , *35.160; Labor. $181,227; Justice. $250,000;
business. Of this sum about « io non non
*
° r tbc G overnm ent’s tendent nf hnM ?.'9 0 '0 , ' Library of Congress. $642,000; office ofsuporlnP r Z i Z o ? r Z Z f anodgn.0Unds’ Library of Congress, $2,020; Government
r
2 t : $1; 78V
000: Civil Sorvl“ Commission, $7,500; Executive
m ent l i n i f ! ' ° 5 5 f
superintendent of State. VVar and N avy DopartV e r e r it Z n g ' 8 1 O
805: In‘er-State Commerce Commission. $88,265;
n a S
$40 < 'c H 5 8 ? 7 ’' 001 ? ati0Dal Advisory C ommittee for Aero^
!
[r
Ke S ’ l i
n P,P il g c °o
ar(1' *96.407.509; Railroad Administration.
8 7 a m ,
kZ ? ' S1’8f ’372; Em ployees. Compensation Commission
*SJ7. and Cohunbia Institution for the D eaf, $6,000.
“ “ .h e a c.„ a , o u il.y
y ^ 1 * 0 .0 0 0 .0 0 0 k »
1
a c Z m H n Z Z 1 rf pects to ‘h0 Present "archaic system of governmental
?
figures%n
reLnteHI!daA)I° *° “ ?imate savlngs and economies w holly on the S n Z n r L r ' dM!larl” g ‘hat th0 public can i m
b0 fully informed as to the
s a X iT u s ? Of n e c e l T CSJ n,making its appropriations. Economies and S i c m a r Z Z ° f the Government until it is reformed. He criticised
S
tho loan
tb° prescnt systom of Government accounting, which calls
T h f p r T ™ f o r ? ^ L b6 br°i!ght about through adm inistration,
in
and increased economies resulted loaned I ‘r J Z T ? ?
rallr°,ads an ‘oxpeilse*’ and th e return of money
°r fd
C ; t Z
0peratlops be said. almost upset the estim ated figrent fiscal year o f over $ n V o o o n n n
° f t h e appropriations for th e cur- urts Cora t
tor this year to tho extent of about $393,000,000
An accounting situation liko th is,” ho asserted, "might bo regarded as
fi
be no‘ed ‘hat
ic deM ; S
6

the expenditures of the Government for the current
- I T . ' after eIiminat,n« the estimates for the pub-

x r, — z " " '* 5 to,y
ro b

T his reveafs th e p o ^ f b S r ^ t h l ° T f $ 7 ’000’000 ° f th« original reserve

m Z ta T ^ u n S

highly gratifying not o n l v Z l

„ w Z f ^dgCt D ‘rCCt0r explalned in detail th e relaion of deficiency and supd S Z o ar Pr atl0DS t0 the budgot ustim ates, and said th at the total
ypfi Z o
C nlates subm itted by tho Budgot Bureau, amounting to $507 S
m itte n
5 Z number of resubmissions— item s which liavo been sub-

efficient methods in th e f u t u r f ?

Z

? th° n° Wly adoptcd methods to be
f la,rge savings through still more

r

“ iS n° thlng sh° rt of a caIamlty ln govera*

s? S Z d r a T a r e r r tir te n0t PrO
Vided fO by ™
T

riatl0ns —

agaI“

a m ou ifl ^“ uhmissions emountod to $75,958,001. which reduced th e net
asserted ? th estlm ates subm itted by tho bureau to $431,806,451, he
.

appropriiati°ns made by Congress during the period covered by the
CP° ^ fT
29> 1921 ’ to March' 20 1922, are shown to total $374,­
691.040, of which $6,842,431 is payable from tho postal revenues and
*
C°n ^ u UOntly does not rePresent withdrawal of money from tho Treasury
tor th e current C n n Z Z f Z Z .th° total expenditures from tho Treasury authorized by
s a ir i n a w ? defmiency appropriations during tho period to $367,848,609."
922.366. will be a t l e a s A t l 550 33fi?p?ember budget estim ates as $3,967.,
expenditures so authorized by Congress do not, however.
«r « Co,Tesponding increase in tho expenditures as estim ated by th e
b e d ? 26? 62h2 % o d g
' th ° Decomber budget, since of tho amount authorof oxoonrVi?n^7 r9
ipcluded bV ‘ he Bureau of the Budgot in tho estim ate
f ,®*P?“ (Vt
for the f,scal year 1922, as shown in thc Decomber budgot.
n „ IhIS ,oaves a total of authorized oxponditm-es from tho Treasury in
«fin nm °nno°S . f St^ ated In tho budgot of *103,214,812. Of this amount
r
i T r o f tho $80,000,000 provided in tho highw ay A ct of N ovember 9
1921, is expected to remain unexpondod at tho beginning of tho next fiscal
rierfn’ n Z m ngr t0 statem ents made by tho Departm ent of Agriculture, and*
Z
deducting this from tho $103,214,812 leaves tho sum of $43,214,812 which
represents the possible amount by which supplem ental and deficiency
appropriations granted by Congress during this period may increase th*

in
m PlT S dispatches
?
m further detailing the report, said:

Washington, M ay 7,

IW s s s l



1922nZ e ? t L KOnCral fUnd in th° Treasury durll>g the fiscal yellr
offset b T r e d u e t S l estin,a‘°t of *3.967,922,366. an amount more than
OHset by reductions In expenditures uuder other appropriations."

May 13 1922.]

THE CHRONICLE

Reprcsonlative Byrns of Tennessee (Democrat) spoke in
adverse criticism of the report, and Representative Mondell in
qualified defense of it.
FEDERAL RESERVE BOARD REPORTS INCREASED
ACTIVITY IN BASIC INDUSTRIES.
In reporting that pronounced increase of activity lias been
characteristic of many basic lines of industry during April,
the Federal Reserve Board states that “but for laboi disturb­
ances the industrial outlook would be pronounced definitely
good with evident promise of improvement even in those
directions, such as foreign trade, in which heretofore pros­
pects have been unsatisfactory.” The following are the ob­
servations of the Board in its review (made public May 2)
of general business and financial conditions throughout the
several Reserve Districts in A pril.
Pronounced increase of activity has been characteristic of many basic lines
of industry during the past month. It has been particularly noticeable in the
metal working industries, while metal mining operations have also reflected
«,e tendency to an upward movement. In steel and iron manufacture it is
now estimated that, taking the industry as a whole, about 70 /o of plant ca­
pacity is being utilized. The reopening of many of the important copper
mines is partly the result of the great reduction in surplus copper stocks and
partly the outcome of increased demand, both domestic and foreign. There
has been a decided increase in physical output of zinc and some advance in
lead ore prices. The automobile trade has shown a very decided gain, the
March output both in trucks and passenger cars being more than o0 / „ ahead
of that for February, while many plants are reported as fully e,,'P|0^ lL
Active demand for building materials has had a favorable effect not o y
upon the metals, but also upon other lines of industry. The total value of
building permits for March was almost twice as great as that for February
and more than twice as great as that for March 1921. The lumber industry
has notably expanded operations.
.
o ,
In cotton textiles the month has been much less encouraging. 1 here has
been a reduction in mill activity, largely due to the widespread strikes in
the New England districts. On the other hand, demand for cotton goods has
been fairly well sustained. In the Southern districts mills generally continue
to operate a level close to full capacity, although with some tendency to ac­
cumulation of stocks. Boots and shoes have shown great irregularity as be­
tween different producing districts. Very much the same is true of the
woolen manufacture. A conspicuous development has been the sm iting ot
demand from worsteds to woolens.
, ., , .
Leaving out voluntary unemployment, the result of strikes, a decided in­
crease in the number of employees at work is noted. There has been a 2..» /0
increase during the month in the number of workers employed by firms re­
porting to the U. S. Employment Service. The improvement noted will,
however, be offset to some extent by the widespread unemployment in the
coal mining industry as well as in the New England textile centres.
Wholesale and retail trade have reflected to some extent the improvement
in industrial conditions. Such improvement is in part seasonal, but also con­
tains an element of growth due to better business conditions. Figures com­
pare favorably with those of a year ago, particularly in hardware lines, which
are affected by the greater activity in building. In the retail trade also a
very general advance has taken place, in spite of the late Easter and the bad
condition of the roads in the rural sections. Agriculturally, the month has
not been altogether promising. Spring planting has been retarded by the
cold weather and continued rains.
Prices continue relatively stable. The Federal Reserve Board’s wholesale
price index for March advanced one point. Few conspicuous changes in the
prices of entire groups of commodities are indicated.
Financially the month shows the same tendencies as during March and
February. Foreign exchange has been much more stable. Interest rates have
continued on a very low basis, with slight tendencies to decline. An appar­
ent shrinkage of commercial credit has been indicated by further falling off
in the rediscounts of the Federal Reserve banks, although an upward move­
ment is again to be noted in the loans and discounts of member banks in
many parts of the country. A more promising outlook in export trade is ap­
parently indicated by another growth in our favorable balance, although it
is still uncertain whether this is due to temporary causes or to a general re­
vival of European demand.
But for labor disturbances the industrial outlook would lie pronounced
definitely good, with evident promise of improvement even in those direc­
tions, such as foreign trade, in which heretofore prospects have been unsat­
isfactory.

FEDERAL RESERVE BANK OF NEW YORK ON CREDIT
CONDITIONS—DECLINE IN LOANS OF
MEMBER BANKS.
In reviewing credit conditions in its monthly bulletin
dated May 1 the Federal Reserve Bank of New York points
out that the loans of the New York City member banks have
declined $1,20-1,000,000 since they reached maximum on Oct.
10 1919. At the end of 1920, it states, loans of New York
City banks and of banks in other principal cities, exclusive
of investments, amounted to about 95% of deposits. At pres­
ent, the loans of New York City banks are about 75% of de­
posits and the loans of banks in other principal cities about
82% of deposits. It is also noted that bankers’ bills and
short Treasury Certificates now amount to $2,200,000,000—
some $1 ,2 5 0 ,0 0 0 ,0 0 0 less than a year ago, while bank loans to
commercial customers are $19,000,000,000 or thereabouts.
We quote the following from the review:
The outstanding development in the money market during the month was
the issue on April 15 of $150,000,000 of Treasury certificates, maturing in
six months, at 3%%. ThIs is the lowest rate since 1917 and compares with
the 4*4% rate carried by the one-year certificates issued in March. The
lower rate fairly reflected the current yields prevailing in the open market
both for stiort Treasury certificates and for bankers’ acceptances.
While there was a slight casing in rates in the open market for commercial
paper, rates charged by banks on commercial loans to their customers re­
mained unchanged.




3083

The disparity between the present rates for certificates and bills on the
one hand and the rates for loans by banks to their commercial customers on
the other, is due in part to inherent differences between the two classes of
loans and in part to a special condition prevailing at this time.
The inherent differences may be summarized as follows: First, Treasury
certificates and bankers’ bill, which may be purchased at w ill or instantly
sold without ihdorsement in the open markets, represent, as has often been
stated in the “ Review,” a class of temporary investment for banking and
other short time funds combining minimum risk with immediate converti­
bility ; whereas the loans a bank makes to its commercial customers involve
tile usual commercial risk and may be converted only with indorsement at
Federal Reserve or other banks. Second, such loans are usually made to suit
the convenience of the borrower as to time and amount; whereas bills and cer­
tificates are purchased at the bank’s convenience. Third, the volume of
bankers’ acceptances and short Government obligations is small compared with
the great mass of commercial loans made by banks. This is common to
both the English and American money markets. In this country these com­
mercial loans take the form of promissory notes, while in England they are
carried as cash advances in open account similar to overdrafts. Before the
war the volume of prime bills in the English market ran perhaps as high as
£500,000,000 as compared with many times that amount of advances in
open account. Now, such bills, together with short Government bills, amount
perhaps to £1,200,000,000 and their proportion to the cash advances made
by English banks has probably not changed materially. In the United
States bankers’ bills and short Treasury certificates now amount to about
$2,200,000,000, some $1,250,000,000 less than a year ago, while bank loans
to commercial customers are $ 19 ,000,000,000 or thereabouts.
The special condition referred to above, which accentuates the present dis­
parity in the rates for these two classes of loans, arises out of the large vol­
ume of foreign-owned money now seeking temporary investment in New 4 ork
and other American cities. For in addition to the balances which foreign
banks ordinarily maintain here the proceeds of such of the foreign financing
recently placed in this market as have not been utilized immediately, have
found temporray investment in bills or certificates. This demand, coming at
a time when the amount of these classes of paper has been shrinking rather
than increasing, has tended to depress the rates at which they 6ell. In the
first three months of the year foreign financing in this country amounted to
over $300,000,000, or about $220,000,000 more than the credit balance of
the United States in foreign trade during those months, after taking into ac­
count the import and export movement of gold and silver. About half this
sum represents March transactions, and foreign financing has continued on an
even larger scale in April.
__
The falling rates for certificates and bills which the 3 Y i % certificate issue
recognized stimulated further activity of Government bonds and notes in the
market, and all issues of Liberty bonds reached points fractionally above or
below par. Other bonds have risen correspondingly.
Stock Exchange loans were made at easier rates also. Since the middle of
April call money has ruled at or near 3%% and time money at 4 % to 4%.
The activity of the stock market was stimulated further by the progressive
ease of money and trading during April and was in larger volume than at
any time in the last two years. Increased demands from the security mar­
kets for loans have substantially offset the liquidation which has continued
in other forms of bank credit.
In aggregate the loans of New York City member banks have declined $1,­
204,000,000 since they reached maximum on Oct. 10 1919. In the early
stages of the decline, deposits moved downward with loans, since they were
created to a large extent by borrowing. But about the middle of 1921 de­
posits began to increase as customers’ bank balances were built up, and since
that time have risen about $400,000,000. As loans were declining during
this period, the ratio of loans to deposits, which is frequently used as an
index of banking conditions, has been rapidly lowered. At the end of 1920
loans of New York City banks and of banks in other principal cities, exclu­
sive of investments, amounted to about 95% of deposits. At present the
loans of New York City banks are about 75% of deposits, and the loans of
banks in other principal cities about 82% of deposits.
The reduction of bank loans in this country in the past few months has
been most marked in agricultural districts and has been reflected in further
reductions in the discount rates of some of the Federal Reserve banks. In
nine of the twelve districts the rate is now 4*£%. Chicago reduced its rate
from 5 to 4%% on March 25, St. Louis on April C, and Richmond on April
14.
"
The Bank of England reduced its discount rate on April 13 from 4»/2 to
4%, the lowest since the outbreak of the European war in 1914. The open
market rate for bankers’ bills in London is now 2^4%.
It has been pointed out above that the amount of bankers’ and Govern­
ment bills in both England and the United States is relatively small as com­
pared with the great volume of ordinary commercial borrowings. In the
United States the official discount rates relate not only to bankers’ bills and
Treasury certificates, but also to the great bulk of the loans made to carry
on commerce and agriculture, which being in the form of promissory note9,
are available for rediscount at the Federal Reserve banks. In England, how­
ever, the official discount rate relates only to advances from the Bank of
England against the relatively small volume of prime commercial and Treas­
ury bills, since the ordinary advances to industry and agriculture, being in
the nature of overdrafts, are not available as security for such advances.

SENATE RESOLUTION CALLING FOR INQUIRY INTO
PROPOSED MERGER OF STEEL COMPANIES.
The U. S. Senate adopted yesterday (May 12) the resolu­
tion introduced by Senator La Follette on May S calling for
a Federal inquiry into reported plans for a “merger of seven
of the largest iron and steel corporations, namely, the
Midvale Steel & Ordnance Co., Republic Iron & Steel Co.,
Lackawanna Steel Co., Inland Steel Co., Youngstown Sheet
& Tube Co., Steel & Tube Co. of America and Brier Hill
Steel Co., having a total annual capacity of more than
10,000,000 tons of steel.” The resolution, from which the
foregoing is quoted, calls for the following information from
the Attorney-General and Federal Trade Commission:
R e s o l v e d , T hat the. Attorney-General of the United States and the Federal
Trade Commission be requested to inform the Senate as soon as possible
what stops they have taken or propose to toko to ascertain the purposes
and probable effects of the proposed merger; w hat have been the results of
any investigations which they may have conducted, and what actions they
have instituted to protect the public interest.
I l e s o l c e d , T hat the Attorney-General be further requested to inform the
Senate whether or not if is advisable, in his opinion, to proceed under the
appropriate provisions of the Sherman Law and the C
'Layton Law to prevent
and restrain this impending combination.

2084

THE CHRONICLE

[V ol. 114.

riio resolution, among other things, declares the con­
by the 500,000 union shop men on the contract question
summation of the plans “will create a complete monopoly
according to shop men officials. The dispatches add:
of the steel industry in the hands of two gigantic corporations
At the shop crafts unions’ recent convention hero a strike ballot was
resulting inevitably in the suppression of such competition ordered on the contract question and on tho elimination of time and oneas now exists in the manufacture and salo of this essential naif for overtim e—a rule eliminated by tho Board last fall.
i icsident Smith of the New York Central, in his statemon!
product and in the restraint of trade and commerce among
the severe,1 States and the District of Columbia with foreign of the 11th inst. said:
The facts In the case are th at tho mon emp'oyod in these shops notified
nations.”
the Labor Board that thoy were satisfied with tho wages and working con­
ditions and protested against any interference on the part of the Labor
Board. Futhermore the averag wages, which thoy are now receiving, are
in excess of the wages prescribed I y the Labor Board as just and reasonable.
„,e .StnklnS: poln t• however, is t iat the results show an increase of 40% in
efficiency as compared with the operation of the shops by the railroad com ­
pany under rules and regulations prescribed by tho Labor Board. The
management of the railroad is charged by the Transportation A ct w ith the
duty of efficiently and economically operating its properties
The Transportstion Act gives the Railroad Labor Board in cases of dispu t ie power to fix wages and working conditions of railroad em ployees.
In this particular case tho Labor Board has gone far beyond tho provisions of
tho Transportation Act and has undertaken to fix tho wages of mon employed
t ie Burnham Car Company and against tho unanimous protest of such
employees.
Tho decision of (ho Labor Board, which attem pts to nullify tlio contract, is
in our opinion contrary to tho provisions of the Transportation A ct. Its
consequences are far reaching and stiko at tho very vitals of economic and
efficient railroad operation.

U. S. LABOR BOARD RULES AGAIN ST “FARMING OUT"
'
OF r a i l r o a d - p r o t e s t b y r a i l r o a d s .
The decision on Wednesday last (May 10) of the U. S.
Railroad Labor Board at Chicago, in which it is held that
tho practice of contracting shop repair work to outside firms
by a railroad company is a violation of the Transportation
Act is to be contested by the railroads. A. II. Smith,
President of the Now York Central RR., indicated this on
t ie 1 l(h ins!., when Robert E. Woodruff, regional Manager
o f the Erie RR.—every shop of which, it is stated, is operated
■on (ho leasing ystem—also made known the intention to
carry the case to the courts. The decision, which is tho first
of a series to be handed down on disputes over “farming out”
F. D. Underwood, President of the Erie R R ., stated that
laihoad labor, was made in tho controversy between the
union shop crafts and tho Indiana Harbor Belt RR. The (lie Erie s policy had been adopted by the directors in the
interest of the stockholders and that nothing had yet come
Board in its pronouncement said:
N o more Important disputo has ever como before this Board for adjudi­ to his notice warranting a change in that policy. Mr.
cation. It goes to tho vitals of tho Transportation Act. If the carrier L nderwood said :
T
the inn** ym th ° th 'nl? Which has been done undcr these contracts, then
d°
0 m n TTe ,rr,a States set atAct can bo nullifiotl and the will of the Congrcs
0„
or the United " !POrtaHon naught.
rtf I v 0n.0 f laff o f employees can thus be taken from under the applicatioi
/ ,
In
m ro ‘ a ? iS n ° S0Und roason why oach and ovcrr railroad employe.
m JS
%
ca“ "ot be - lvon ^
treatm ent. One class of employ
m ent londs itself as readily to this mothod as another.

rile Board also in its findings of tho 10th held as illepa
contract provisions conflicting with the wages and working
rules laid down by the Railroad Labor Board. The Assodi.s Pat, hes from Chicago had the following tc
c
say regarding the decision:

“ I havo been a railroad man for forty years, and when I came to tho busi­
ness it was customary for railroads to let out work on contract. N oarly all
the railroad mileage in tho United States was built by contract, and nearly
all^the equipm ent, existing and retired, was built by contract.
I lie present policy of tho Eirie Railroad is not new, because work was let
on contract long before the existence of the Railroad Labor Board. In fact,
if you will inquire of any law yer, I think he will toll you that the law of con­
tract was in existanco bef.ro the U il ed States Oonstitu ion ”

CONFERENCE OF RAILROAD HEADS WITH
PRESIDENT HARDING M A Y 20
At tho invitation of President Harding fifteen leading
transportation executives will attend a dinner at tlio White
House on Saturday next (May 20) to dismiss tho railroad rate
question. Regarding the forthcoming Conference the press
dispatches from Washington May 9 said:

c o ^ r n ^ J 1 n d0CiSl0,n app, led only to th0 one road, which last September
h
l
contracted its repair work to tho Burnham Car Repair Co. tho genera
W \ U 8 >Venl a " subsequent decisions.
There are noxv
j r . y * * such cases pending before the Board. Involving seventeen railroads,
but tlir* nrinf'i v,woy?y’ wdl 1)0 decided on Its merits, the Board announced,
but tho principle® o f tho Indiana Harbor B elt decision would stand.
It is understood the President will ask tho transportation chiefs to con­
fnr ; d6L th? doc‘?Ion’ thousands o f former railway employees now workhip
bark nndrr o ’ n
"
Vf ying from ‘ho Labor Board scale are brought sider the possibility of adjusting railroad freight rates downward as a volun­
tary m atter, because the Inter-State Commerce Commission membership
b t fhn n ,
Board Ahirrsdrction. Rules varying from those laid down
r
in o f r c e t - declared illegal, and the contractors’ is said to have concluded that It cannot legally compel reductions to an
extent satisfying to sections of public and business sentim ent.
'n l/n
. !orf d to thc i r k i n g rules promulgated by tho Board,
1ho Administration, accordingly, is said to havo decided to resume again
from m T • d0C f Cd th"t if’a railroad company could rem ove its employees
tlio mothod oi treating directly with thc railroad organizations to considor
Belt r - ! l o
J u n o f ‘he Board, as was contended in the Indiana Harbor
of ho C o *
!° ® r° 1 raiwportatlon Act can be nullified and tho will what can ho obtained in the way of a satisfactory rato policy. Similar con­
nt
■oi m o Congress sot a t naught."
ferences were held last summer and fall.
T w o semi-judicial government bodies havo Jurisdiction in railroad regula­
prese,nt
various roads have contracted to independent com-the Railroad Labor Board, as well as the Commorco Commission— iri
1 anics the work o f shop men. maintenance o f way laborers, clerks, firemen tion-—
and or ers hostlers and signal men, and tho Board declared that if ono class tho fixing of wage rates which enter into operating expenses. President
«m ld be taken out from under the Transportation A ct, "there is no sound Harding, however, is said to have concluded, as ho did last fall, th at the
reason why each and every railroad employee in tho United States cannot Executive m ight bo of some service in dealing with the problem, though not
be^
given like treatm ent.”
interfering with the judicial standing of the two tribunals.
1 lie Commerce Commission has discussed for weeks ill It chambers tlio
. ri.bo ol,ject o f the Transportation Act was to prevent Interruption of
,. j° - 8 ro" "'ft out o f disputes between carriers and thoir em ployees,” decision to be reached by it in tho general investigation of transportation
,, ( ° (f,,on sald’
,
®ucb controversies had for years periodically harassed rate levels. T his investigation was instituted last Novomvor and continued
tn e p u b P e , Mocked commerce, stagnated business, destroyed property throughout the winter, nearly overy industry and locality in the country
and v ,tcd gr, at inconvenience and suffering upon m'llions of people. being represented by a demand for somo degree of relief from freight charges
o
end® rod to provido a mothod o f adjustment for railway labor as they stand now, with war and post-war increases Included.
av°
President Harding has been told that the Commission, in adjusting rates,
m sputes m the Transportation Act by providing for conferences between
is obliged to give "reasonable return” by ('diet of law to capital Invested ln
em ployer, and omploycos. When the Act speaks o f employees it undoubr
necessary railroads under efficient and economic management, and th at this
«io railroadsP atOS
0Dgaged ln thc customary work o f operatin
requirement, notwithstanding recent increases in railroad earnings, ties the
hands of the Commission in attem pting to lower rates. Although no longer
®
tfik° by the employees o f a contractor or contractor-agent of a carric
required to fix rates which would assure railroads a 6% return on capital,
the h w ° fec m y rC6U,t ,n the interruption o f traffic as if the men wer
the direct employees of tiio carrior."
that provision of law having expired this spring, tho “reasonable” require­
m ent still governs.
, J bV 3- y d Peintcd cut that tho public would bo deprived o f protectio
In addition, there was presented to tho Commission, notably by Secretary
r.8‘
Ktr,k<A 'f employees o f a contractor were not placed trader tli
Hoover, tho suggestion that it might meet, economic requirements in trans­
Hoard s jurisdiction as well as bona fide railway em ployeet.
portation matters by radical revision of transportation schedules, on the
n AT® ' Prt;'.na ITarbor B elt case was ono o f the first to come before th
principle of cutting sharply charges levied on basic raw materials and bulky
a d, the first contract being let by tho road oil Jan. 29 1921. Subsequen
low priced commodities, while leaving alone or oven Increasing tariff on
^ ° r ^ Xt°nded operaWons o f the repair company until a contract o
expensive finished goods.
wept. 16 1921 gavo tho repair work to tho Burnham company. Meanwhile
similar cases appeared on the Erie. N ew York Central. Missouri Kansas i
texns Michigan Central and numerous other roads. Some o f tho con
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
tracts havo resulted in strikes and all havo brought protests to tho Board.
ie urnham company put its employees on a piece-work basis, th
Ono share of Chemical National Bank stock was sold at
ontpany contending that tho employees earned more money per hou
auction this week. No sales of trust company stocks were
thereby than uncler the hourly rate fixed by tho Board. The unions ad
rutted (hat. the compensation amounted to about the same, although the:
made either at tho Stock Exchange or at auction. The
“ ,
in elimination o f punitive overtim e and tho advantages o
Chemical National Bank stock sold at 51(5, an advance of
working rules granted by (lie Board. The union complained tlia
50 points over the last previous salo, in June 1921, at 400.
ie Burnham contracts were merely subterfuges to evade tho Transportatloi
the decisions o f the Board, and wore not mado in good faith. Thi
S h a re s. BANK.
h o w . H i y h . C lo s e .
C a s t previous s a l e .
toard sta ted , however, that these charges were not substantiated.
1 Chemical N a t’l B ank--------------510
516
516
June 1921— 400
ho Indiana Harbor Bolt is specifically enjoined and tho Burnham shop
men are placed under tho Board's jurisdiction by the decision and directec
A New York Stock Exchange membership was reportod
cation "P th° mattor o f refnstatcm eut o f any former employee upon appli
Neither road nor union officials would comment to-night w ithout lm vim
seen a copy o f thc official order. Tho unions had made throats o f striking
lo iic ifr , unless tho Board restored tho rights hold by railway shopmer
o tho contractors’ employees. It is estim ated that about 150,000 shop
men are now in tho ojnploy o f contractors. A strike voto on the contracl
question is now boing taken by six shop crafts unions.

According to Chicago press dispatches May 11, the decision
of (he Labor Board will not; hall the strike vote boing taken




posted for transfer this week, tho consideration being statod
as $98,000, an increase of $3,000 over tho last preceding salo.

Announcement was made on May 10 that 1). Irving Mead
has resigned as Vice-President of tho Irving National Bank,
to bocomo President of tho South Brooklyn Savings Insti­
tution. His resignation takes effect May 13.

May 13 1922.]

THE CHRONICLE

Tho Board of Trustees of the Bowery Savings Bank of
Now York on May 8 elected Milton W. Harrison a member
of tho board to fill tho vacancy caused by the death of Henry
A. Schenck. Mr. Harrison has boon affiliated with savings
banks for twelvo years. He was Secretary of tho Savings
Bank Section of the American Bankers’ Association for six
years and subsequently Executive Manager of the Savings
Bank Association of tho State of New York. For the past
two years he has been Secretary-Treasurer of tho National
'Association of Mutual Savings Banks. Mr. Harrison is also
editor and publisher of the “Savings Bank Journal.’’ In
addition to his close association with savings bank activities,
he is Vice-President of tho National Association of Owners of
Railroad Securities and Secretary-Treasurer of tho National
Railway Service Corporation.

2085

According to a special dispatch from Loogootee, Ind., on’
April 27 to the Indianapolis “News,” the White River Bank
of that place was obliged to close its doors on that date be­
cause of depleted reserves. The institution had a capital of
$40,000 with surplus and undivided profits of $35,000 and
deposits of $430,000. Walter Hays was Precrident.

The Union Trust & Savings Bank of Dubuque, la., is about
to erect a handsome bank building at the southeast corner of
Central Avenue and 14th Street, that city. The building
will be of granite terra cotta with a polished granite base of
approximately 5 feet in height. The Union Trust Company
opened for business on Jan. 1 1887 with a capital stock of
$50,000. To-day its capitalization exceeds $450,000 and its
resources are in excess of $3,250,000. Its officers a r e : C. H.
Berg, President; A. F. Heeb and L. H. Brede, Vice-Presi­
The offico of the Secretary-Treasurer of the New- York dents ; *N. C. Gindorff, Cashier, and B. J. Schwind and R. A.
Group, Investment Bankers’ Association, is now at 37 Wall Shannon, Assistant Cashiers.
Street, caro of Callaway, Fish & Co.
According to a special press dispatch from Guthrie, Oklu.,
Samuel C. Thompson, heretofore Teller, has been made
to the “Oklahoman,” under date of April 25, Lyman J. Gray,
Assistant Treasurer of The Dime Savings Bank of Williamsthe former President of the defunct Oklahoma State Bank,
burgh, Brooklyn, N. Y., to succeed Charles Richards Craij.
has been charged with the receiving of deposits when he
who has retired after 35 years of service with the institu­
knew the bank to be in a condition of insolvency. At a pre­
tion. Mr. Craig has served as Assistant Treasurer for the
liminary hearing on April 25 before County Judge A. H.
past 15 years. Mr. Thompson has been with the bank for 15
Boles, it is said, Mr. Gray was held for trial ia th e District
years.
Court under a bond of $2,500.
A charter has been issued by the Comptroller of the Cur­
An application to organize the National Bank of Com­
rency to the Totowa National Bank, of Paterson, N. J. The
now institution will have a capital of $200,000 and surplus of merce of Asheville, N. C., has been approved by the Comp­
$50,000. Its stock (par $100) was disposed of at $125 pet- troller of the Currency. The new institution will have a
share Walter It. Hudson is President; William Harris, capital of $100,000. Its stock in $100 shares is being disposed
Frank It Jackson and John R. Morris are Vice-Presidents; of at $125 per share. The hank plans to begin business about
John R Parmelee is Cashier, and Edward Acorn is Assistant July 15. The officers a r e : Burnham S. Colburn, Chairman
of Board; Junius G. Adams, President; It. H. McDuffie,
Cashier. The bank will begin business May 15.
Vice-President; Wm, M. Redwood, Active Vice-President.
A special dispatch from Cumberland, Md., to the Washing
ton “Post” on April 27 reported the closing of the Peoples
A charter has been Issued by the Comptroller of the Cur­
Bank of Keyser, W. Va., on that date, after J. S. Hill, the
State Banking Commissioner, had taken charge of its affairs. rency to the Commercial National Bank of Wilmington, N. C.
Mr. Ilill alleged, it was said, that Thomas D. Leps, the Cash­ The institution is a conversion of the' American Bank &
ier of that institution, had issued certificates of deposit ag­ Trust Co. of Wilmington to the national system. The change
gregating $1 0 0 ,0 0 0 , of which there was no record and about was made April 20. The Commercial National has a capital
which the directors knew nothing. Mr. Leps, it was further of $200,000.
stated, resigned his position on April 22. The dispatch also
Following the issuance by the Comptroller of the Currency
r e p o r t e d Mr. Hill as saying;
.
, , of a charter to the Carolina National Bank of Anderson,
TViorc w i stronsr possibility that the situation may be cleared up in a short
r any event all depositors probably will be paid in full. It seems
that the certificates of deposit issued by Leps were in payment of loans made
by him without authority and in payment of securities issued by him without
authority.
t

A later press dispatch from Cumberland (May 4) printed
in the Baltimore “Sun” May 5 reports the arrest on that
date of Mr. Leps on a warrant sworn out by Mr. Hill. Mr.
Leps, it is said, waived a preliminary hearing and was held
under a bond of $8,000, pending the action of the grand jury
in June.
p D Beatty, Cashier of the Exchange National Bank of
Pittsburgh, recently announced that tho institution would
move on May 15 to the offices formerly occupied by the
Peoples National Bank on Wood Street, where it will main­
tain temporary quarters, pending the erection of a modern
six-story home on the present site of the Exchange National
Bank at 240 Fifth Avenuo. The new building will be mod­
ern in every detail. A fire and burglar proof vault of the
most modern type is included in the plans. In commenting

S. C., the new institution began business April 24. It has a
capital of $200,000 in shares of $100. The officers Of the
bank are: E. P. Vandiver, President, Anderson, S. C .; JW Norwood, Vice-President and Chairman of the Board,
Greenville, S. C.; John A. Horton, Vice-President, Belton,
S. C .; T. S. Banister, Cashier, Anderson, S. C., and Donald E.
Brown, Assistant Cashier, Anderson, S. O.
The Birmingham Trust & Savings Co. of Birmingham, Ala.,
on May 8 took possession of Its new home, in which in­
creased facilities and conveniences have been provided for
its patrons. Access to the bank is from both 20th Street and
Second Avenue. The savings department occupies the Sec­
ond Avenue building. The officers’ quarters are on the right
hand side of the lobby, as are the Loan and Discount, Ex­
change and Collection departments. The Safe Deposits De­
partment is in the basement and the Trust Department on
the balcony floor.

Parker, h e r e t o f o r e in charge of the statistical and
department of tho First National Bank of Richmond,
V-i was recently made a Vice-President of the institution.
Twenty years ago Mr. Parker entered the employ of the First
National Bank as a runner and rose by successive stages
until in 1918 he was elected an Assistant Cashier. Subse­
r°aThTExchange National Bank is one of Pittsburgh’s his­ quently he was promoted to the position he held prior to
toric institutions. It was organized in 1836 as the Exchange his election as Vice-President.
Bank and began business in a small building on the north
side of Second Street (now Second Avenue) between Market
The directors of the Phoenix and Third National Bank of
and Ferry streets. Shortly after the bank moved to its r exington Ky., and the Phoenix and Third Trust Company
present sito. William Robinson Jr. was its first President. have called a meeting of the stockholders of the institutions
On April 8 1865 tho institution was chartered under the to ratify action of the directors in consolidating the two in­
United States laws and its title changed from the Exchange stitutions under the name of the Phoenix National Bank and
Bank to the Exchango National Bank of Pittsburgh. The Trust Company, and increasing the capital of the bank to
institution enjoys tho distinction of being the oldest bank of $1 000,000. Par value of the stock is $100 a share. The new
issue in Pittsburgh, not merged nor consolidated.
issue of $100,000 of capital stock is being sold to the present

Up o n t h e n e w
e x p a n s i o n . W e have been
1 ho m ove s n
P g
merabio period. We could not conscienS S S K S d m K e w . a T d S th at the building situation following
tho\var was abnormal. N ow that building is coming back to a normal and
healthy basis, our directors have decided to proceed w ith the erection of
our new homo, which will in every way be in keeping w ith our growing




A

c re d it

K .

208G

THE CHRONICLE

stockholders at $120 per share. The Trust Company is being
liquidated on the basis of $151 per share. It is expected that
the new capital will go into effect soon after July 1.
At a meeting on May 3 of the directors of Security Trust
Company of Lexington, Ky., the following officers were re­
elected for the ensuing year :
0. N. Manning, President.
R. T. Anderson, Vice-President.
George K. Graves, Vice-President.
S. A. Wallace, Secretary and Treasurer.
J. Robt. Smith, Assistant Secretary and Treasurer.

[V ol. 114.

^ Carl S. Kelty, VicePresident of the Lumbermen’s Trust
Company, Portland, Oregon, has resigned that postiion and
has been elected Vice-President of Freeman, Smith & Camp
Co. of San Francisco and Portland, in which he has acquired
an interest. Jointly with Edgar A. Seymour, formerly of De­
troit, he will establish the business of Freeman, Smith &
Camp Co. in .Los Angeles. Mr. Kelty has been associated
with the Lumbermen’s Trust Company since it was organ­
ized ten years ago and before that was with the Lumber­
men’s National Bank.

J. D. Van Hooser was elected a Vice-President. Mr. Van
Hooser was formerly Manager of the Bond Department of
the Security Trust Company and will continue to have active
charge and supervision of the Bond Department.

COURSE OF BANK CLEARINGS.
Bank clearings continue their upward course. Preliminaiy figuies compiled by us. based upon telegraphic advices
from the chief cities of the country, indicate that for the
week ending to-day (Saturday, May 13) aggregate bank
• I? 5 n ? x r k ? Trust Co- of Dallas’ Tex-> announced
in the Dallas Now of April 22 that it had become a Guar­ clearings for all the cities in the United States from which
anty Fund Bank and had taken over the Homo Trust & it is possible to obtain weekly returns will show an increase
Savings Bank, heretofore been located at Tenth St., Oak of 14.5% over the corresponding week last year. The total
Cliff, a Dallas suburb. A building at 1806 Main St’, has stands at $7,274,603,505, against $0,354,708,578 for the same
.
been romodoled and is tho now quarters of the enlarged week in 1921. This is the eighth successive week in which
bank. Hugh W. Ferguson is President; A. L. Slaughter our weekly aggregates have shown an improvement as con­
trasted with last year. Our comparative summary for the
Active Vice-President; William H. Atwell, Albert T. Wal- week is as follow s:
raven and J. D. Rose, Vice-Presidents, and E. P. Gaston,
vvjxsliior.
C le a r in g s — R etu rn s by T e le g r a p h .
W ee k e n d in g M a y 13.

1922.

1921.

P er
C e n t.

_
N ew
k_
- refinancing plan looking towards one of the largest C h ic aY o r....................................................—
$ 3 ,5 8 5 ,f>00,000
$ 2 ,9 5 8 ,0 2 7 ,2 2 3
+ 21.2
go
•148,255,838
4 1 0 .8 4 0 ,3 0 0
+ 7.*
bank mergers of recent years was announced at Los Angeles P h ila d e lp h ia ___________” .........................
3 3 4 .0 0 0 .
000 3 1 0 ,2 8 8 ,0 0 0
+ 7.6
Bouton ................. ........... *........... ....
2 5 2 .0 0 0 .
000 22 7 ,1 7 1 ,8 0 8
+ 10.9
on May 3 by Ilenry M. Robinson, President of the First Na­ K a n s a s C i ty ...............
102,192,812
118,008,402
— 13.9
st.
n
n
tional Bank of Los Angeles, the Los Angeles Trust & Savings ! S a n Louis........ .......
a
F ra n cisc o * _________ ’
145.000. 000
121,000,000 + 21.9
ank and the First Securities Company. The merger, which P ittsrboui rg h * ___________' I I I I I I I I I "
111,5 0 0 ,0 0 0
100,1.30,317
+ 5.1
D et
t _________________I
7 8 ,4 5 2 ,0 7 3
73,2 3 5 .1 4 4
+ 7.1
is to follow the refinancing, when complete, will affect nine B a ltim o re _______________
0 0 ,4 4 7 ,2 5 3
0 1 ,4 8 7 ,8 2 8
— 1.7
N ew O rle a n s ____
4 1 ,7 8 1 ,9 2 7
3 9 ,1 0 4 ,8 9 5
+ 0 .9
State or savings banks and seven national banks, in addition
T e n cities, five
S 5 .159,130,503
to the First National Bank of Los Angeles and the Los An­ O th e r cities, five dd a y .s ._
$4,4 3 2 ,5 0 0 ,0 3 7
+ 10.4
ays
9 0 3 ,0 8 9 ,0 8 5
8 0 3 ,0 7 3 ,8 4 5
+ 4.6
geles Trust & Savings Bank. Completion of this proposed
T o ta l all cities, five d a y s ___________
$0 ,0 0 2 ,2 1 9 ,5 8 8
$ 5 ,2 9 5 ,0 4 0 ,4 8 2
+ 14.5
m etier is expected about July 1 next. The savings banks All cities, on e d a y ______ ______
1,212,44.3,917
1 ,059,128,090
+ 14.5
we are advised, will probably be taken over first, and this __T o t a l all cities fo r w e e k _____________ $ 7 ,2 7 4 ,0 0 3 ,5 0 5
$ 0 ,3 5 4 ,7 0 8 ,5 7 8
+ 14.5
♦ E s tim a te d 7
step is expected to be followed by the consolidation of the
a N o lo n g e r r e p o r t s c le a r in g s .
national banks. The financial institutions to be included
Complete and exact details for the week covered by the
in the consolidation are:
foregoing will appear in our issue of next week. We cannot
B ank of S an ta M a ria ;
furnish them to-day, inasmuch as the week ends on Satur­
The C om m ercial T ru s t k Savings B ank, S a n ta B arb a ra •
day and the Saturday figures will not be available until noon
The f id e lit y T ru s t k S avings B ank, F re s n o ;
T he F ir s t N atio n al B ank of H o lly w o o d ;
to-day, while we go to press late Friday night. Accordingly
The H ollyw ood S avings B ank ;
in the abo\e the last day of tho week has in all cases had to
T he A lh am b ra Savings k C om m ercial B ank ;
| be estimated.
The F irs t N atio n al B an k, R e d la n d s ;
T he R edlands Savings B a n k ;
In the elaborate detailed statement, however, which we
The N atio n al B ank of T u la re ;
present further below we are able to give final and complete
T he S avings B ank of T u lare ; ’
The F ir s t N atio n al B an k of V isalia ;
results for the week previous—the week ending May 6. For
T h e P ro d u cers Savings B ank, V isalia ;
that week the increase reaches 18.4%, the 1922 aggregate of
T he F ir s t N atio n al B ank, O x n ard O xnard S avings B ank ;
the clearings being $8,349,079,048 and the 1921 aggregate
T h e C ity N atio n al B ank, L ong Beach •
$7,051,679,335. Outside of this city, however, the increase
L in d say N atio n al B ank.
’
is only 8.9%, the bank exchanges at this centre recording a
gain of 25.2%. We group the cities now according to the
o r S e Pr the S T SO,'<tatl0naSavings Bank of • ' Bank
n
« ' Pasadena
Of iasadeua, r n
Union Trust & th0
Federal Reserve districts in which they are located, and
B a n k n fp ? ani Ian n ° NatIonaI Bank of San Pedro, and the from this arrangement it appears that in the Boston Reserve
District the increase is 10.0%, in the New York Reserve Dis­
geles Trust^^a^ingiT Bank.^ bC
C°me * ^
° f the Los A“* trict (including this city) 25.0% and in the Philadelphia
stoek'of h!1° J!lar' V U'n0UnC0(1 by ^ “lent Robinson, the Reserve District 12.0%. In the Richmond Reserve District
stock of the First National Bank, the Los Angeles Trust & the increase is 5.8%, but in the Atlanta Reserve District
Sa\ mgs Bank and the First Securities Company will be de­ there is a decrease of 0.6% and in the Cleveland Reserve
posited with a corporate trustee, and the trustee will issue District a decrease of 4.0%. The Chicago Reserve District
: a“
h0ldei* a Beneficial Certificate, which will rep- and the St. Louis Reserve District both record improvement
escnt the interest of the stockholder in all three institutions the former to the extent of 18.2% and the latter 9.1%. The
10 the total
C°mptr0ller °f the CuiToncy on March Dallas Reserve District records a decrease of 8.0% and the
10 the total capital, surplus and undivided profits of the Kansas City Reserve District a decrease of 8.7%. The Min­
o? caes inandT T
$18’S42’02G• T^ ough a declaration neapolis Reserve District has an increase of 1.2% and the
of cash and stock dividends, it is intended to refinance these San Francisco Reserve District enjoys a gain of 19,1%.
tlnee institutions and to provide the funds necessary to com­
In the following we furnish a summary by Federal Re­
plete the merger with the outside banks, giving the three in­ serve D istricts:
stitutions, after the outside banks have been taken in, com­ ________
SUMMARY OF BANK CLEARINGS.
bined capital assets of some $18,600,000. The First National
ln c .o i
Bank of Los Angeles, the Los Angeles Trust & Savings Bank
W ee k e n d in g M a y 6 .
1921.
D ec.
1920.
1919.
and the First Securities Company have for years been the
F e d e r a l R e s e rv e D i s t r i c t s
3
S
%
$
(1st) B o s to n .......................9 cities
323,010,683 + 10.6 441,143,966 335,618,072
leading financial institutions of the Pacifc Southwest and (2 n d ) N e w Y o r k _______ 7
4,160,060,423 + 25.0 4,861,197,071 3,879,098,12*
have engaged in the financing of crop movements and the (3 rd ) P h ila d e lp h ia _____ 9
415,306,285 + 12.0 515,766,843 393,036,233
( I th ) C l e v e la n d ..............lo
323,499,339 — 4.6 377,724,639 288,209,36*
building up of outside territory. The proposed merger is an (5 th ) R ic h m o n d _______ 5
146,558,668 + 5.8 186,360,663 146,549,852
(o th ) A t l a n t a .................. I I
143,654,417 — 0.6 202,210,807 149,599,782
enlargement of this policy. During the past two years a (7 th ) C h ic a g o ...................19
780,369,875 + 18.2 882,909,027 706,480,992
( 8 th
_________ 7
50,695,709 + 9.1
thorough study has been made of general conditions prevail­ (9 th )) S t.inL o u iso lis _____ 7
73,466,355
46,015,386
M neap
105,175,912 + 1.2 121,756,520
68,041,867
ing in Southern California, and as a result of this study and (1 0 th ) K a n s a s C i t y ____ 11
242,211,761 — 8.7 349,985,124 310,451,289
(l 1 th) D a l l a s ....................... 5
44,786,0)2
48,686,107 — 8.0 09,715,690
51,652,231
survey the Boards of Directors have authorized this plan for ( 12 th ) S a n F ra n c is c o ___ 15
372,010,269 312,449,778 + 19.1 343,018,366 253,394,707
the development of branch banking within this economic
G ra n d t o t a l -------------110 c itie s 8 ,349,079,018 7,051,679,335 + 18. 8,425,255,071
zone.
O u ts id e N ew Y o rk C i t y ...............J3 ,211, 179,0*8 2,947,636,846 + 8.9 1,632,198,521 6,628,147,886




C a n a d a ---------------------- 28 cltlc 3

344,911,795

--------------1
376,708,338 — 8.4

2,789,338,098

429,646,022

336,446,038

THE

May 13 1922.]

2087

C H E O N IC L E

Wo now add our detailod statement, showing last week’s
figures for each city separately, for the four years:_______

W e e k e n d in g M a y 6.
C le a r i n g s a t —

W e e k e n d in g M a g 0.
C le a r in g s a t—

In c . or
D ec.

First Federal R e s e r v e D l s t
8 8 2 .4 1 2
Maine—Bangor..
* 2 .0 0 0 0 0 0
Portland...........
Mass.—Boston.. 3 2 5 .0 )0 0 0 0
1 ,8 0 1 .1 0 1
Fall Ulver----a
Holyoke...........
1 .0 2 4 .0 0 7
Lowell...............
1 ,3 4 7 .3 0 0
New Bedford..
4 ,8 5 8 .1 9 8
Springfield----3 .0 0 0 ,0 0 0
Worcester........
1 0 .4 5 7 ,2 1 7
Conn.—Hartford.
5 ,7 1 2 ,8 9 3
Now H aven...
r .I.—Providence

1 ,1 1 3 ,0 1 2
1 ,2 2 9 .7 6 1
4 .3 5 8 .0 8 2
3 .5 0 0 .0 0 0
9 ,0 1 2 .3 2 4
6 ,3 0 8 ,7 7 4

%
— 8 .2
+ 83
+ 11.3
+ 2 3 .9
a
— 8 .0
+ 9 .6
+ 11.
+ 2 .9
+ 8 .7
— 9 .4

1 ,0 7 3 .8 2 6
2 ,0 0 0 .0 0 0
4 0 1 ,4 2 2 ,4 9 7
3 ,2 0 9 ,3 7 8
1 ,5 5 0 ,6 2 5
1 ,8 2 9 ,7 1 0
5 ,5 8 6 ,5 9 7
4 ,5 6 7 ,5 8 0
1 1 ,9 3 4 ,8 5 8
7 ,3 6 8 ,8 8 9
a

7 3 3 ,8 8 7
2 ,4 3 7 ,5 5 0
3 0 5 ,2 9 4 ,1 6 5
2 .3 1 7 .2 5 0
a
1 ,1 5 6 ,9 7 6
1 ,7 6 5 ,9 6 0
3 ,6 4 4 ,2 7 6
3 .8 0 2 .2 5 0
8 ,8 9 5 ,6 3 5
5 ,5 7 0 ,1 1 7
a

3 3 5 ,6 1 8 ,0 7 2
4 4 1 ,1 4 3 ,9 6 6
3 2 3 ,0 1 0 ,0 8 3 + 1 0 .6
3 5 7 .3 4 3 ,1 4 0
a l R e s e r v e I) i s t r l c t — N o w Y o r k
4 ,3 5 1 . 2 8 5
5 ,3 0 1 ,7 5 9
4 .8 9 4 ,5 1 7 + 17.7
5 .7 0 1 .0 0 7
1 ,0 5 0 0 0 0
1 ,5 3 8 ,7 0 0
+ 5 .7
1 .0 1 0 .3 0 0
1 .1 0 0 .0 8 7
2 2 ,1 0 2 ,633
4 2 ,8 0 8 .1 1 0
+ 6 .3
3 4 .0 7 1 .1 3 1
3 0 ,8 3 8 .7 2 5
7 9 2 .0 1 3 N o t In c lu d e d In t o t a l
5 ,1 3 7 .9 0 0 .0 0 0 4 ,1 0 4 .0 1 2 ,4 8 9 + 2 5 .2 4 ,7 9 3 .0 5 6 ,5 5 0 3 ,8 3 8 ,8 0 9 .7 8 8
8 ,5 8 8 3 5 5
1 2 ,2 3 7 ,0 0 9
1 0 ,7 0 3 ,5 4 1
9 ,0 0 2 ,0 1 0 + 10.8
3 ,7 4 9 ,8 5 6
5 ,5 3 7 ,3 7 8
— 0 .7
5 ,1 9 1 .9 0 2
5 ,2 3 0 ,8 8 9
a
a
4 4 6 ,2 0 8
7 1 7 ,5 5 9
( 9 2 .0 2 7
5 1 3 ,0 5 1 + 3 4 . 9

Total (10 cities)
Second Feder
N . Y.—Albany..
Binghamton-. .
Buffalo--------Elmira.............
Now York----Rochester____
Syracuse-------Conn.—Stamford
N . J.—Montclair
Total (7 cities).

r lc t— B o s to n
9 0 1 ,3 0 0
2 .4 0 0 .0 0 0
2 9 2 .0 2 5 ,4 5 5
1 ,5 0 1 ,9 3 9

5 ,1 9 8 ,1 9 0 ,3 4 9 4 ,1 6 0 ,0 0 0 ,4 2 3

+ 2 5 .0 4 ,8 0 1 ,1 9 7 ,0 7 1 3 ,8 7 9 ,0 9 8 ,1 2 5

R e s e rv e D ls t r l c t — P h lla d c lp h la
9 2 4 ,1 4 2
1 .1 7 5 ,3 5 7
— 0 .7
1 .0 7 2 ,2 4 9
1 ,0 8 0 ,1 9 3
— 2 .4 N o t In c lu d e d In t o t a l
3 ,0 4 2 ,0 7 1
3 ,7 3 3 ,3 0 5
Bethlehem----a
a
a
Chester..
1 ,2 9 1 0 1 4
1 ,6 4 4 ,4 0 0
+ 3 .0
2 .5 8 8 ,7 9 6
2 .0 8 0 .9 8 3
Lancaster........
5 ,9 5 3 .731
Philadelphia . . 4 4 5 ,0 9 0 0 0 0 3 9 5 .2 0 0 .1 0 0 + 12.6 4 9 3 ,5 7 9 ,0 3 8 3 7 2 ,8 7 3 ,951
3 ,7 9 3 ,9 8 2
+ 7 .5
2 .9 0 0 .0 0 0
3 ,1 1 3 ,9 5 9
Reading...........
4 ,2 0 2 .151
5 ,3 2 0 .2 0 9
— 5 .5
5 ,0 5 8 .8 2 7
4 .7 8 3 ,0 0 0
Scranton...........
2 ,3 3 7 ,3 0 0
3 ,1 1 2 ,1 3 5
— 8 .0
2 .8 2 3 .0 7 8
Wllkes-Barro. . b * 2 .6 0 0 .0 0 0
2 ,4 4 8 .0 0 2
2 ,7 3 8 ,4 8 2
— 7 .8
1 .4 7 7 ,3 8 0
1 .3 0 2 .4 2 1
York. . .
3 ,0 0 5 ,8 1 6
4 ,4 0 3 ,1 7 4
+ 9 .6
4 ,1 1 1 ,8 3 9
4 .5 0 7 .3 4 8
N. J.—Trenton..
a
Del.—Wllmlngt’n

Third Federal

Pa.—Altoona . . .

Total (9 cities).

Total (10 cities)
F ifth F e d e ra l

(V. Va.—Hunt'n
7a.—Norfolk ...
Richmond . . .
), c . —Charleston
Sid.—Baltimore.
->.C.—Wash’ ton

4 1 5 ,3 0 6 ,2 8 5

4 6 5 ,1 2 2 ,9 0 0

Fourth Feder a l R e s e r v e D
5 .9 8 0 .0 0 0
■Ohio—Akron___
8 . .7 5 .4 >l
Canton.
5 7 .1 3 0 .0 5 3
Cincinnati___
8 4 .3 0 5 .7 3 2
Cleveland.........
1 6 .1 2 9 .4 0 0
Columbus.........
Dayton.............
9 0 ’l ,8 9 4
Lima.................
* 1 ,3 0 0 .0 0 0
Mansfield.........
Springfield----T oledo.............
4 ,5 8 8 ,9 0 1
Youngstown . .
Pa.—Erie.............
Grcensburg —
Pittsburgh---- b l 2 5 .0 0 0 . 0 0 0
4 ,4 2 6 ,5 2 0
W.Va.—Wheeling

+ 1 2 .0

I s t r l c t — C le v e la n d
7 ,8 8 0 .0 0 0 — 2 4 .0
3 ,5 8 8 .5 0 9 + 141 .8
+ 8 .5
5 2 .0 4 5 .3 8 3
1 0 1 .0 5 3 .0 7 8 1 — 1 6.5
1 2 ,9 6 8 ,8 0 0 + 2 4 .4
a
+ 0 .3
9 5 8 .7 0 8
+ 1 .0
1 ,2 8 8 ,4 1 7

3 0 8 ,5 7 0 .0 2 0

5 1 5 ,7 0 6 ,8 4 3

3 9 3 ,0 3 6 ,2 3 3

1 0 .9 3 4 .0 0 0
4 ,9 0 2 ,0 3 3
6 7 ,2 6 5 ,4 1 2
1 2 1 ,9 9 6 ,1 2 0
1 3 .5 7 6 .0 0 0
1 .1 1 1 ,3 8 6
1 ,8 0 9 ,2 3 8

8 .7 4 6 .0 0 0
3 ,0 9 9 .2 5 4
5 2 ,7 0 9 ,5 0 9
8 4 .0 7 5 ,2 0 5
1 2 .0 5 1 ,0 0 0
a
1 .0 7 5 .0 0 0
1 ,1 5 6 ,7 7 6

3 ,0 2 8 ,7 2 8

+ 5 1 .5

4 ,1 4 7 ,4 1 7

4 ,2 8 0 ,9 7 3

1 3 5 .2 7 2 .7 2 7
4 ,8 0 1 ,9 2 9

— 7 .6
— 7 .9

1 4 6 ,3 3 9 ,8 1 0
5 ,5 8 3 ,2 1 9

1 1 7 ,3 1 0 .5 2 1
3 ,6 4 5 ,1 2 2

3 2 3 ,4 9 9 ,3 3 9

- 4 .0

3 7 7 ,7 2 4 ,6 3 9
1 ,7 4 3 .7 5 1
1 0 ,7 5 6 ,9 6 0
0 4 ,4 2 8 ,2 7 7
c
8 9 ,5 4 0 9 6 2
1 9 ,8 9 0 .7 0 7

................... D
1 1 .8 1 1 .0 ) 5
4 6 ,9 1 0 ,0 0 0

+ 5 .8

1 8 8 .3 6 0 ,6 6 3

1 4 6 ,5 4 9 ,8 5 2

S ix th F e d e ra l

renn.—C h atfga
Knoxvlllo----Nashville----3 a.—Atlanta . .
Augusta.........
M acon...........
Savannah........
Fla.-Jacksonville
Ala.—Blrmlng'm
M obile...........
Miss.—Jackson.
Vicksburg----L a . — NewOrl’ns
Total (11 cities)

1 5 5 .0 7 0 ,6 4 3

1 4 0 ,5 5 8 .6 6 6

R e s e rv e D ls t r l c t — A t l a n t
a
5 4 8 ,9 7 7
2 3 4 .7 2 7
.5 7 8 ,5 5 7
4 0 3 ,8 1 0
,4 9 9 ,5 0 0
,3 1 1 ,9 9 3
.4 2 4 ,4 5 4
.7 4 9 ,7 9 0
7 2 7 .5 8 5
2 5 9 .0 0 1
4 8 ,9 1 0 .4 1 7
1 4 2 ,7 6 1 ,5 0 3

a
— 17.5
— 4 .4
—0 .9
— 217
— 17.0
a
+ 1 1.5
+ 1 9.2
— 11.4
+ 7.
+ 2 3 .3
— 5 .8

1 4 3 ,6 5 4 ,4 1 7

— 0 .6

S e v e n th F e d e r a l R e se rv e D i s t r lc t — C h i c a g o —
2 9 4 ,4 5 7
2 2 5 ,0 9 0 + 3 0 9
Mich.—Adrian . .
7 0 2 .4 2 4
+ 0 .5
0 9 8 ,6 2
Ann Arbor----9 9 .6 0 0 .0 0 0
9 0 ,4 5 0 .7 0 9 + 10.1
Dotrolt.............
0 .8 9 3 ,1 8 8
5 ,5 6 1 ,0 2 0 + 2 3 .9
Grand Rapids.
* 1 .8 0 0 .0 0 0
+ 5 .7
1 .7 0 3 .0 0 0
Lansing...........
2 ,0 3 8 .3 9 6
1 ,7 8 1 ,6 4 7 + 14.3
Ind.—Ft. Wayne
+ 1.3
* 1 0 ,0 5 0 ,0 0 0
I n d ia n a p o lis ...
1 5 ,8 3 9 ,0 0 0
2 .3 9 5 .0 0 0
2 .3 0 4.033 + 0 .0 4
South B en d ...
3 1 ,5 4 7 ,5 9 9
3 0 .1 5 4 ,7 4 0 + 11.0
yyls.—Milwaukee
2 .3 0 8 .4 9 4
— 0 .5
2 .4 6 8 .6 0 9
la .—Cedar Rap.
1 1 ,7 0 8 .5 4 5
1 0 ,0 2 7 .1 3 5 + 17.4
Dos M oines...
7 ,0 4 2 .1 5 9
+ 2 3 .9
6 .1 0 6 ,4 0 1
Sioux City----1 .4 1 5 ,5 7 3
+ 3 .2
1 .3 7 1 .0 9 9
W a t e r l o o ...........
1 ,1 8 2 ,7 3 5
— 3 .7
111.— B lo o m in g to n
1 ,2 2 7 ,8 5 1
7 2 2 ,0 2 0 ,5 0 9
6 9 8 ,5 2 0 .3 6 9 + 2 1 .3
Chicago
a
a
Danville
1 ,0 9 9 ,1 0 8
+ 0 .8
1 .0 9 0 ,1 1 9
Decatur-----6 ,7 3 5 ,4 2 7
+ 2 .7
5 .5 8 0 ,7 0 4
Peoria_______
2 ,2 2 2 .0 1 4
— 4 .9
2 .3 3 5 ,5 7 9
Rookford-----2 ,0 1 9 .5 0 1
— 5 .1
2 ,7 0 1 ,5 4 3
Springfield

Total (19 cities)

0 2 2 ,3 3 3 .1 8 9

T o t a l (1 1 c itie s )

7 8 0 ,3 6 0 ,8 7 .

+ 18.2

7 0 0 45,6 1 7
1 7 ,7 8 3 ,1 1 4

1 1 .9 9 9 ,7 4 0
2 0 ,5 3 5 ,1 8 6
2 ,6 4 3 ,3 9 4
7 9 7 .5 9 6
5 1 9 ,3 1 2
6 2 .0 7 9 ,5 1 7

3 ,1 0 6 ,4 1 1
1 6 ,5 9 8 .9 0 0
5 1 ,7 1 0 ,5 3 0
4 .0 0 ’ .470
1 .5 3 0 .0 0 0
a
7 , 8 4 0 ,0 0 '’
1 1 ,4 2 0 .9 7 0
1 ,8 2 3 .4 0 0
0 0 3 .8 8 7
4 0 9 .0 M
5 0 ,5 3 4 .0 3 0

2 0 2 ,2 1 0 ,8 0 7

1 4 9 ,5 9 9 ,7 8 2

3 0 0 .4 1 6
8 0 7 ,4 9 4
1 1 1 ,9 3 8 .5 5 9
7 .1 1 0 ,4 1 1
2 ,0 0 2 ,0 0 1
2 ,1 0 3 ,1 0 7
1 7 ,0 2 2 ,0 0 0
2 .0 1 7 ,9 9 7
3 5 ,2 7 8 ,3 0 5
3 ,2 7 5 ,4 5 2
1 4 ,1 0 8 ,9 0 8
1 0 ,7 9 5 ,6 3 f
2 ,3 2 8 ,3 3 7
1 ,9 4 2 ,9 7 3
6 5 7 ,1 0 8 ,5 6 4

1 0 3 .1 2 2
4 0 1 .3 2 0
8 0 .6 0 3 .7 8 9
5 ,5 0 3 ,6 6 6
1,4 8 7 ,0 .3 3
1 ,6 4 5 ,5 0 5
1 3 .1 1 7 .0 0 0
1 ,4 0 0 ,0 0 0
3 1 , 6 8 3 .0 ’6
2 ,0 7 2 .0 3 0
1 1 .0 2 4 ,7 5 7
1 0 .7 0 0 .0 0 0
1 .7 8 4,050
1 ,4 0 3 ,9 5 3
5 3 1 ,5 9 3 ,0 8 1

1 ,4 4 0 .9 3 3
5 ,7 5 2 ,1 1 4
3 ,1 0 6 ,4 9 3
3 ,2 0 0 .3 2 8

1 ,2 5 7 .1 0 5
6 ,5 8 5 ,1 0 2
1 ,0 7 5 ,0 2 9
2 ,4 1 2 ,3 1 4

8 8 2 ,9 0 9 ,0 2 7
4 ,9 9 1 ,1 2 2
3 0 ,5 1 1 ,9 4 4
6 0 5 .4 4 0
2 2 ,4 7 4 ,2 1 9
1 2 ,1 5 2 ,9 6 5
7 8 1 ,2 0 7
1,9 4 9 ,4 5 8

1 0 ,1 2 5 ,1 8 0
1 ,1 8 9 ,1 6 9
1 7 ,5 7 3 ,0 1 7
4 ,8 0 3 .5 5 0
7 7 4 ,7 0 2
1 ,5 2 4 ,2 7 8

6 5 .3 2 9 ,9 7 3

No.D.—Fargo..

S o . D .— A b e r d e e n
M o n t . — B illin g s

L llolona..........
|

T o t a l (7 c itie s )

+ 9 .1

7 3 ,4 6 6 ,3 5 5

4 6 ,0 1 5 ,3 8 0

R e s e r v e D ls t r l c t — M i n n e a p o t t s
5 .3 6 3 .7 0 7
5 .5 7 1 ,0 5 8
— 3 .7
0 3 .0 7 0 .9 3 0
0 2 ,3 3 5 ,2 2 7
+ 2 .1
3 0 .5 1 2 ,2 8 1
+ 0
3 0 .5 4 3 .0 0 0
2 .0 9 9 .0 0 9 — 16 0
1 .0 6 8 .3 4 8
1 ,2 9 8 .5 7 8
—4 5
1 .2 3 9 .9 0 3
9 5 8 .8 4 8 — 3 3
0 3 5 .0 3 i
2 ,5 0 0 .0 0 0
+ 35 0
3 .3 8 9 .6 3 1

8 ,4 9 5 ,0 2 6
8 2 ,9 3 0 ,7 5 4
2 2 ,6 7 4 ,4 0 1
2 ,4 1 2 .8 1 3
1 ,8 9 5 ,6 2 5
1 .4 2 5 .0 3 0
1 ,0 1 6 ,2 7 1

0 ,3 3 1 .5 9 8
3 7 ,7 0 7 ,1 1 1
1 6 ,0 6 6 ,4 1 8
2 ,0 3 0 ,6 0 0
1 .7 2 3 ,3 2 7
1 .5 2 3 .0 7 1
2 .0 5 0 .0 4 2

+ 1.2

1 2 1 ,7 5 0 ,6 2 0

6 8 .0 4 1 ,8 5 7

1 0 0 .5 1 0 ,6 0 9




1 9 ,2 1 ,6 9 9

2 2 ,8 4 2 ,4 7 7

1 3 ,6 6 9 ,4 1 8

1 1 ,0 4 4 ,9 9 9

1 ,0 3 5 ,
2 0 ,4 1 2
789

9 7 S .6 5 1
19 ,9 9 4 ,4 3 7
8 6 3 ,5 3 4

+ 5 .7
+ 2 .1
— 8 .6

1 ,1 1 6 ,1 4 3
2 2 ,3 8 2 ,1 2 8
9 9 0 .4 4 9

9 8 6 ,5 1 5
2 2 ,8 1 4 ,3 3 4
8 2 8 ,4 4 6

2 4 2 ,2 1 1 ,7 6 1

— 8 .7

3 4 9 ,9 8 5 ,1 2 4

3 1 0 ,4 5 1 ,2 8 9

1 ,9 0 0 .0 0 0
3 6 ,2 0 1 ,7 4 4
1 9 ,1 9 1 ,5 6 1
0 ,3 7 6 .0 7 0

2 2 1 ,0 4 3 ,7 5 8

E l e v e n t h F e d e r a l R e s e rv e D I s t r lc t — D a li a s —
1 ,3 8 4 ,6 8 2 + 1 2 .3
T e x . — A u s t i n ____
1 ,5 5 4 ,6 8 0
— 1.9
2 3 ,8 6 5 ,5 5 0
2 3 ,4 0 1 .5 9
D a l l a s ........... ..
1 2 ,3 4 0 ,6 1 3 — 1 6.8
1 0 ,2 6 6 ,1 1 0
F o r t W o r t h ___
7 ,1 1 8 ,0 7 3 — 3 2 .3
4 ,8 1 9 ,1 5 0
G a l v e s t o n ...........
H o u s t o n ___
3 ,9 7 7 ,4 8 9 + * 9 . 3
4 ,7 4 4 ,5 0 3
L a .— S h r e v e p o r t .
T o t a l (5 c i t i e s ) .

4 4 ,7 8 6 ,0 3 2

3 7 2 ,0 1 0 .2 6 9
T o t a l (1 5 c itie s )
G r a n d t o t a l (116
c i t i e s ) ................ .. 8 .3 4 9 .0 7 9 .0 4 8
O u t s i d e N e w Y o r k 3 .2 1 1 .1 7 9 .0 4 8

5 0 .6 9 5 ,7 0 9

1 0 5 ,1 7 3 .9 9 2

3 1 2 ,4 4 9 ,7 7 8

+ 19.1

5 ,9 5 6 ,3 1 5

3 ,6 0 4 ,8 0 6
2 3 ,7 9 5 ,0 8 5
1 5 ,5 8 5 ,9 8 8
5 ,7 9 2 ,8 0 0
a
2 ,8 7 3 ,5 5 2

6 9 ,7 1 5 ,6 9 0

4 8 ,6 8 0 .4 0 7

T w e lf th F e d e r a l R e se rv e D I s tr lc t— S a n F ra n c !
+ 5 .7
2 7 ,8 8 7 ,6 3 0
2 9 ,4 6 3 ,0 5 6
W a s h .— S e a t t l e . .
S p o k a n e _______
T a c o m a ..............
1 ,1 7 1 ,9 0 0 + 2 5 .5
1 ,4 7 1 ,3 3 9
Y a k i m a _______
+ 5 .2
2 9 ,0 4 4 ,5 5 4
3 0 .5 4 2 ,9 8 8
O r e .— P o r t l a n d . .
— 2 .3
1 2 ,2 9 6 ,0 2 9
1 2 ,0 1 7 ,7 7 0
U t a h — S . I ,. C i t y
N evada— R eno . .
A r lz .— P h o e n i x . .
3 .2 3 8 ,5 1 4 — 3 8 .9
* 4 ,5 0 0 ,0 0 0
C a l if .— F r e s n o . . .
3 ,5 5 3 ,1 8 5 + 2 6 .6
4 ,5 1 1 .7 4 2
L o n g B e a c h ___
7 8 ,6 6 5 ,0 ) 0 + 3 4 .5
1 0 5 .8 5 7 .0 0 0
L o s A n g e le s ...
1 0 ,6 8 0 .3 5 1 + 3 4 .9
1 4 ,4 0 4 ,1 7 8
O a k l a n d ..............
3 ,0 7 6 ,0 5 5 + 3 9 .2
4 ,2 8 1 ,1 0 2
P a s a d e n a ...........
+ 3 1 .2
4 ,6 8 4 ,9 4
6 ,1 4 4 .5 2 6
S a c r a m e n t o ___
2 ,8 3 6 ,2 1 6 + 1 4 .3
3 ,2 4 2 ,6 2 1
S a n D i e g o ____
1 2 8 ,1 0 0 .0 0 0 + 1 8 1
1 5 1 .3 0 0 .0 0 0
S a n F ra n c is c o .
1 ,7 0 0 ,5 9 3 — 3 0 .7
1 ,1 7 8 ,9 7 6
S a n J o s e ........... ..
9 0 3 .8 1 0 + 2 0 .2
1 ,0 8 6 .6 7 1
S a n ta B a rb a ra .
4 ,6 0 1 ,0 9 0 — 5 6 .4
2 ,0 0 8 ,3 0 0
S to c k to n ...

5 1 ,6 5 2 ,2 3 1

4 1 ,2 0 9 ,7 3 0

3 3 ,9 7 1 ,1 2 0

1 ,9 7 1 ,4 7 3
3 5 ,3 6 8 ,0 3 6
1 6 ,3 0 9 ,0 4 5

9 4 6 ,9 9 0
2 8 ,1 2 .3 ,6 1 7
1 3 .4 7 3 ,7 4 3

3 .4 1 0 ,8 3 1
3 ,1 0 7 .6 0 2
7 1 ,8 6 1 .0 1 0
1 0 ,5 7 1 ,7 3 3
2 ,1 4 1 ,3 3 4
5 ,1 0 8 ,2 9 9
.3 ,0 1 6 ,0 2 0
1 4 2 ,6 0 6 ,3 7 8
2 ,0 8 7 ,3 8 5

2 ,5 9 9 ,2 4 0
1 ,5 0 1 ,6 6 4
3 9 ,3 3 7 ,0 0 0
8 ,0 3 2 ,4 4 2
1 .4 8 0 .0 0 0
4 ,3 8 8 ,4 0 5
1 .9 0 0 .0 0 0
1 1 4 ,3 4 5 ,5 5 4
1 ,2 8 4 ,8 4 1

4 ,1 8 6 ,5 0 0

1,980,091

3 4 3 .0 1 8 ,3 6 6

2 5 3 ,3 9 4 .7 0 7

+ 1 8 .4 8 .4 2 5 ,2 5 5 .0 7 1
+ 8 .9 .3 ,6 3 2 .1 9 8 ,5 2 1

a N o lo n g e r r e p o r t c le a r in g s o r o n l y g i v e d e b i t s a g a i n s t I n d iv i d u a l a c c o u n t s , w i t h
n o c o m p a r a t i v e f ig u r e s f o r p r e v i o u s y e a r s , b R e p o r t n o c le a r in g s , b u t g i v e c o m ­
p a r a t i v e f ig u r e s o f d e b it s : w e a p p l y t o l a s t y e a r ’s c le a r in g s t h e s a m e r a t i o o f decrease
( o r I n c r e a s e ) a s s h o w n b y t h e d e b i t s , c D o n o t r e s p o n d t o r e q u e s t s f o r f ig u r e s .
* E s tim a te d .
W e e k e n d in g M a y 4.
C le a r in g s a l—

1
1922.

C anada—
M o n t r e a l ___________
T o r o n t o ..................—
W i n n i p e g .- ................
V a n c o u v e r _________
O t t a w a ........................
C a l g a r y ____________
V i c t o r i a .........................
Q u e b e c .........................H a m i l t o n ............. ..
’ V l m o n to n ...................
H a l i f a x ........................
S t . J o h n ........... ............
’ o n d o n ................. —
R e g i n a _____ _______
S a s k a t o o n ...................
M o o s e J a w ................
L e t h b r i d g e ................
B r a n d o n __________
B r a n t f o r d ...................
F o r t W i l l i a m ---------V ow W e s t m i n s t e r .
M e d l in e H a t ...........
P e t e r b o r o u g h ...........
S h e r b r o o k e ................
K i t c h e n e r ...................
v i n d s o r ........................
P r in c e A l b e r t _____
M o n c t o n ___;_______
K i n g s t o n . ...................

1921.

S
1 2 1 ,6 6 6 .7 8 7
1 1 8 ,5 8 1 ,5 6 0
2 6 .0 1 6 ,5 1 2
1 3 .4 5 4 ,8 0 8
1 1 ,5 7 8 .9 7 0
5 .2 9 1 .8 8 0
1 .8 8 3 .8 7 1
6 .9 3 7 .8 0 7
6 .3 5 8 .3 0 9
5 ,0 1 9 .1 7 3
2 .9 5 9 .9 2 1
2 .9 0 4 .9 3 9
3 .5 0 6 .2 7 4
3 ,5 0 1 .0 5 1
1 ,7 7 9 ,8 1 8
1 ,4 4 5 .9 3 2
7 5 7 .0 3 1
6 5 9 ,3 1 8
1 ,0 0 2 .3 6 1
8 8 1 .9 9
7 2 8 .5 8 6
3 0 1 .5 8 8
7 7 9 .5 8 6
9 9 8 .1 5 8
1 ,0 8 1 ,2 8 5
3 .3 2 1 .2 1 0
.
3 8 7 .9 ' 9
.
1 ,0 ’ 0 0 7 2
.
7 5 1 ,2 4 7

S
1 3 6 ,5 1 1 .7 3 7
1 0 2 ,4 0 7 ,6 7 6
5 1 .7 5 4 ,8 8 3
1 5 ,2 3 6 ,4 2 7
1 1 ,5 3 3 .9 1 4
7 ,0 9 4 ,2 8 3
2 ,5 3 0 .2 4 2
5 ,5 4 2 .4 3 4
7 .1 7 2 .8 5 1
5 ,7 3 8 .5 9 5
3 ,7 3 0 .6 1 1
3 ,5 3 2 ,2 0 5
4 .0 2 2 ,3 6 4
3 .9 2 6 .1 8 1
1 ,6 3 4 .1 8 0
1 ,2 3 9 ,5 3 4
7 4 5 .4 0 1
7 4 4 .4 1 3
1 ,4 0 5 ,8C9
9 0 0 .4 8 3
6 9 5 ,6 6 3
4 2 7 .5 1 5
8 4 7 .6 8 5
1 ,1 6 5 .2 0 1
1 ,1 2 7 .1 6 6
3 ,4 4 0 7 9 5
397 912
1 ,1 4 5 .0 2 7
N o t ln c l.ln

T o t a l C a n a d a .................- . 3 4 4 .9 1 4 .7 9 5 3 7 6 ,7 0 8 .3 3 8

In c . or
D ec. i

1&20.

$
— 10 9 150 .0 > 4.365
115.434,7311
+ 1 5 .8 1
— 4 9 .7 5 7 ,1 9 ,7 5 3 |
— 1 1 .7 1 8 ,2 1 1 .0 1 6
+ 0 4 1 7 .4 5 3 .4 4 0 ,
7 ,1 3 9 .0 8 8
— 2 5 .4
— 2 5 .5 , 2 ,7 8 9 ,8 0 0
7 ,9 4 9 ,7 6 2
+ 2 6 . li
8 .7 2 9 .0 5 1
— 1 1 .4
— 12.5; 5 ,9 5 0 ,2 9 7
— 2 0 7i 5 ,« 9 7 ,6 4 3
4 ,2 0 4 .7 3 4
— 1 7 .8
4 ,6 4 9 .7 2 9
-■ 2 .8
—1
4 ,9 3 5 ,1 2 2
— 1 0 .8
2 .6 5 6 ,5 9 2
+ 8 .9
1 ,7 0 5 .5 « 4
+ 12.11
9 3 3 .0 0 3
+ 1 .6
9 2 3 ,0 3 7
— 114
1 ,7 3 6 ,1 8 2
— 2 8 .8 !
1 ,1 2 6 .0 9
— 2 .7
8 5 1 ,3 3 1
+ 4 .7
439 920
— 29.51
1 ,0 9 8 ,2 1 3
— 8 .0
— 1 4 .3 , 2 ,3 1 3 .5 4 0
1 ,5 5 1 .1 4 0
— 4 .1
3 ,3 8 6 ,1 7 8
— 3 .5
5 4 2 ,7 6 2
- 2 .5
_____
— 5.71
to ta ls .
..............
%

‘

1919.
S
1 3 3 ,7 2 5 ,1 9 6
7 9 .5 6 9 0 7 0
4 4 ,9 9 9 ,0 8 6
1 2 ,4 0 2 ,4 5 3
1 2 ,3 9 8 ,8 5 3
5 ,8 7 8 ,2 8 3
2 ,3 9 6 .9 5 2
5 ,9 3 8 ,6 8 3
5 ,9 8 5 ,6 2 7
4 ,1 3 9 ,0 9 5
5 ,2 3 1 ,9 7 5
3 ,2 3 8 .8 4 5
3 ,7 8 2 ,2 8 0
3 ,7 8 8 ,4 5 1
2 ,1 1 1 .1 7 6
1 ,6 0 4 .8 0 0
7 6 2 ,9 8 4
5 8 2 .7 4 8
1,03 7 ,1 1 3
7 7 7 . 5 '6
5 8 3 .9 0 7
553 9 '9
874 7' 6
1 ,0 2 3 .3 ) 8
9 6 2 .6 )2
1 ,7 5 6 ,3 0 6
3 S 9 .7 2 4

— 8 .4

......
..............
'3 6 .4 4 6 .0 3 8

ERROR IN APRIL TOTALS OF CLEARINGS.
Som e unfortu n ate errors occurred la st w eek in Riving the
totals of clearin gs for the m onth o f A pril for som e o f th e
Federal R eserve D istr ic ts and a lso in reporting the grand
to ta ls of clearin gs for the d iffe r e n t R eserve D istricts com ­
bined. W e accordingly reproduce below a ll th e group totals
w ith th e errors e lim in a te d :

3 ,9 0 5 ,3 9 4

N in th F e d e ra l
M in n .— D u lu th .
M in n e a p o lis ..
S t . P a u l ...........

9 3 3 ,0 8 6
6 5 5 ,3 0 5
5 ,3 5 0 ,1 1 6
5 4 ,0 8 6 ,7 2 8
3 ,4 4 7 ,7 0 1
1 2 ,4 9 5 ,9 7 7
1 9 7 ,8 0 8 ,1 0 2

S U M M A R Y O F B A N K C L E A R IN G S .

F e d e r a l R e s e r v e D I s t r l c t — S t . L o u l s ---4 ,4 1 7 .6 0 7
3 .9 8 9 ,4 0 0 + 1 1.5
a
a
2 4 ,4 1 0 .5 3 1
2 2 ,1 7 1 ,5 2 4 + 10.1
3 5 8 .0 0 8
4 5 3 ,4 5 3 — 2 1 .0
O w e n s b o r o -----1 6 .0 2 1 .0 1 5
1 3 .0 0 5 .0 9 8 + 17.2
Tonn.— Memphis
8 .0 3 8 ,3 3 5
— 4 .4
8 ,4 1 0 ,9 0 9
Ark.—Llttlo H'ck
5 3 9 ,3 5 0
+ 0 .5
5 3 0 ,7 7 8
111.—Jacksonville
1 ,5 1 4 .5 2 1
1 ,4 6 8 ,0 3 1
+ 3 .1
T o t a l (7 c i t i e s ) .

9 6 4 ,1 9 5
1 ,0 1 3 ,1 1 3
6 ,4 0 3 ,8 3 8
6 0 ,0 1 2 ,7 8 7
3 ,4 1 5 ,4 6 0
1 4 ,0 1 7 ,8 1 8
2 2 3 ,0 9 9 ,8 7 5

7 0 6 ,4 8 0 ,9 9 2

3 ,5 7 1 .9 0 2
2 4 .3 7 0 ,6 7 0
6 8 ,3 9 7 .7 9 9
4 ,5 4 5 ,6 7 9
* 2 .7 5 0 .0 0 0

E ig h th

Ind.—Evansville
Mo.—St. Iritis..
Ky.—Louisville. -

1920.

$
t r l c t — K a n s a s C ity
5 1 8 ,4 4 7 — 1 0 .8
5 8 9 ,7 1 4 + 1 4 .5
4, 0 8 2 ,0 9 1 + 2 0 .3
+ 2 .6
3 8 ,8 1 2 ,7 1 1
— 6 .0
2 ,7 7 4 ,7 6 4
— 4 .4
11 ,2 9 2 ,7 2 0
139 ,4 6 2 ,3 0 2 — 13.7

$
R e se rv e
410,
675
4 ,9 1 0
3 9 ,8 3 0
2 ,6 0 7
1 0 ,7 9 3 ,
1 2 0 ,3 6 8 ,

2 8 8 ,2 0 9 ,3 0 0

R e se rv e D ls t r l c t — R lc h m o n d —
1 .5 7 9 .2 9 2
1 .8 9 3 .9 0 5 — 16.8
7 .9 0 5 0,90
7 .0 1 4 .1 0 8 + 12.2
4 1 .4 7 9 .4 8 2
3 0 .1 8 2 .0 2 9 + 14.6
c
c
— 10
8 3 .1 1 8 .8 5 0
8 3 .9 3 4 0 8 7
2 0 .9 8 8 .0 1 9
1 7 .4 9 9 ,4 7 7 + 1 9 .9

Total (5 cities).

T e n th F e d e ra l
N e b .— F r e m o n t . .
H a s t i n g s ..............
L i n c o l n ________
O m a h a ................
K a n .— T o p e k a . .
W i c h i t a _______
M o .— K a n . C l t y .
S t . J o s e p h ____
O k l a .— M u s k o g e e
O k la h o m a C ity
T u l s a ...................
C o lo .— C o l . S p g s .
D e n v e r ................
P u e b l o ________

I n c . or
D ec.

1921.

1922.

In c . or
D ec.

M o n th o f A p r il

( 1 s t)
(2nd)
(3 rd )
( 4 th )
( 5 th )
( 6 th )
( 7 th )
(8 th )
( 9 th )
( 1 0 th )
( 1 1 th )
( 1 2 th )

%

F e d e ra l R e se rv e D is tr ic ts .
. 1 2 c itie s 1 ,4 4 3 ,7 7 3 5 2 2 1 ,2 9 1 ,2 2 7 ,9 0 0
B o s t o n .........................
1 9 ,0 2 1 ,3 1 7 130 15 ,7 8 5 ,5 5 6 .9 7 0
“
N e w Y o r k ................. ........... . . . 1 1
.8 2 7 ,7 4 8 ,1 5 5
1 ,8 7 0 ,9 1 1 5 7 2
"
P h i l a d e l p h i a ............ ...................... 13
,4 4 2 ,6 0 2 .0 8 4
1 ,2 8 7 ,2 4 0 163
"
C l e v e l a n d ................... ...................... 15
6 3 2 .8 0 3 .3 1 7
6 1 3 .2 2 1 7 8 1
__________ 10 “
R i c h m o n d .................
5 9 4 ,2 9 3 .3 6 2
5 7 0 ,8 9 3 4 1 1
........... 15
“
A t l a n t a ____________
,9 2 5 ,2 8 4 .0 4 9
3 ,0 4 4 .6 9 4 6 4 7
. J .................2 7
”
C h i c a g o ......................
2 2 9 ,9 8 8 .1 7 0
2 3 2 ,0 5 4 .3 5 9
... 9 ”
S t . L o u i s ...................
4 7 9 ,3 6 5 .8 3 1
4 2 5 ,2 5 7 .1 8 0
“
M in n e a p o l is ............. " 1 ...............13
,1 0 9 .5 8 3 .6 9 5
9 2 8 ,4 9 9 .8011
....................13 •’
K a n s a s C i t y ..............
2 4 4 ,7 0 5 ,9 0 9
2 2 2 ,1 8 4 ,2461
..............1 0
"
D a l l a s ..........................
1 ,4 7 3 ,5 2 6 .1 9 5 1 ,3 8 1 ,2 9 5 ,8 6 8
“
S a n F r a n c i s c o ------ ..................... 21

+ 1 1 .8
+ 2 0 .5
+ 2 .4
— 1 0 .8
— 3 .1
— 3 .9
+ 4 .1
+ 0 .9
— 1 1 .3
— 1 6 .3
— 9 .2
+ 6 .6

.1 6 9 c itie s 3 1 ,1 3 3 ,5 7 4 .0 0 7 2 7 .9 4 4 .4 5 5 .3 1 0
1 8 .7 5 9 .0 4 4 .3 5 5 1 5 .5 3 5 .8 1 5 .1 4 1

+ 1 1 .4
+ 2 0 .7

G r a n d t o t a l ____________
N e w Y o r k C i t y .....................

O u t s i d e N e w Y o r k C i t y ............................................ 1 2 .3 7 4 .5 2 9 ,6 5 2 1 2 .4 0 8 ,6 4 0 .1 6 9

2088

THE

C H R O N IC L E

THE ENGLISH GOLD A N D SILVER MARKETS.
W e rep rin t th e follow in g from tho w e e k ly circular o f
Sam uel M o n ta g u & Co. o f L on d on , w r itte n und er d a te of
A pril 2 7 1922:
GOLD.
T h e B a n k o f E n g l a n d g o ld r e s e r v e a g a i n s t I ts n o t e i s s u e Is £ 1 2 7 ,0 5 2 .2 8 5
a s c o m p a r e d w i t h £ 1 2 7 .0 5 0 ,0 8 5 l a s t w e e k .
T h e p r ic e o f g o ld o n t h e 2 5 th
i n s t . r e a c h e d a f r e s h l o w r e c o r d s i n c e S e p t e m b e r 1 9 1 9 ( w h e n d e a l i n g s in
e x p o r ta b le g o ld w e re r e c o m m e n c e d ) , n a m e ly 9 3 s ., w h ic h r e p r e s e n ts a
p r e m iu m o f 9 .6 % o v e r t h e B a n k o f E n g la n d p r o -w a r b u y in g p r ic e .
Tho
* ™
b le s u p p lie s o f g o ld w e re ta k e n o n a c c o u n t o f I n d ia .
G o ld v a lu e d a t
$ 2 ,0 0 0 ,0 0 0 h a s a r r i v e d in N e w Y o r k f r o m L o n d o n .
T h o m o n th ly tra d e
f ig u r e s fo r I n d ia ( in c lu d in g b u llio n a n d r u p e e p a p e r m o v e m e n ts ) s h o w
a b a l a n c e in f a v o r o f t h a t c o u n t r y f o r M a r c h l a s t o f 1 ,4 2 la c s o f r u p e e s
a s c o m p a r e d w ith a n a d v e r s e b a la n c e o f 5 9 la c s in F e b r u a r y .
I n o u r l e t t e r o f J a n . 5 l a s t w e g a v e a n o ffic ia l e s ti m a t e o f t h e U n ite d
S ta te s g o ld p r o d u c tio n fo r 1 9 2 1 .
O w in g p r o b a b l y t o a te le g r a p h ic e r r o r
t h o n u m b e r o f o u n c e s w a s i n c o r r e c t ly s t a t e d , a n d s h o u ld h a v e b e e n 2 ,3 7 5 ,4 7 9
o u n c e s i n s t e a d o f 2 ,2 7 5 ,4 7 8 o u n c e s .
T h e v a lu e re m a in s u n a lte r e d , n a m e ly
* 4 9 .1 0 5 .5 0 0 .
T h e p r o d u c t i o n o f g o ld in t h e U n i t e d S t a t e s o f A m e r ic a f ro m
d r e d g i n g is s u b s t a n t i a ) .
F r o m t h e b e g in n in g o f t h e i n d u s t r y , in 1 8 9 6 ,
t o t h e e n d of 1 9 1 9 , t h e t o t a l v a l u e i s r e p o r t e d t o b e * 1 6 3 , 3 4 2 , 0 4 8 .
The
g o l d r e c o v e r e d b y 91 d r e d g e s i n 1 9 1 9 w a s w o r t h $ 1 0 , 3 4 6 , 2 1 6 a n d f r o m 9 3
d r e d g e s in 1 9 1 8 $ 1 0 ,3 4 2 ,1 0 0 .
I t is i n t e r e s t i n g t o f i n d t h a t d r e d g e s h a v e
b e e n o p e r a t i n g in t h e P h i li p p in e I s l a n d s ; in 1 9 1 9 g o l d t o t h e v a lu e o f $ 2 1 7 4 5 5
w as th u s o b ta in e d .
T h o b a n k s in A u s t r a l i a ( o t h e r t h a n t h e C o m m o n w e a lt h B a n k ) d o n o t
d i s c r i m i n a t e in t h e i r r e s e r v e s b e tw e e n g o ld a n d s i l v e r c o in a r d b u llio n
f o r t h i s r e a s o n w o w e r e u n a b l e t o d e c l a r e t h e i r g o l d h o l d i n g s In t h e t a b l e in
o u r a n n u a l l e t t e r h e a d e d “ T h e E m p ir e s V is ib le S to c k s o f G o l d . ”
A c o rre ­
s p o n d e n t in A u s t r a l i a h a s b e e n k i n d e n o u g h t o f u r n i s h u s w i t h t h e f o llo w in g
I n fo r m a tio n : " I n th e F e b r u a r y 1 922 n u m b e r o f th e A u s tra la s ia n I n s u r a n c e
a n d B a n k i n g R e c o r d , a s u m m a r y is g iv e n o f t h e s w o r n b a n k r e t u r n s f o r
A u s t r a l ia f o r t h e q u a r t e r e n d in g D e c . 31 1 9 2 1 :
C o i n e d g o l d , s i l v e r a n d o t h e r c o i n e d m e t a l s _______________________ £ 2 1 , 2 0 2 ,7 0 1
G o l d a n d s i l v e r i n b u l l i o n a n d b a r s ________________ _________________*
5 8 g !8 0 7
T o t a l ................................ ............................................................_ _ _ ................... ..............£ 2 1 , 7 9 2 , 5 0 8
“ T h e f ig u r e s f o r g o ld , s il v e r a n d b r o n z e c o in s a r e n o t s h o w n s e p a r a te l y
in t h e b a n k r e t u r n s , so i t w o u ld b e d i f f ic u l t t o s a y w h a t t h e a m o u n t o f th o
g o ld c o in a c tu a l ly is , p r o b a b l y a b o u t 17 o r 1 8 m il li o n s ."
S IL V E R .
D u r i n g t h e s p e c u la tiv e a c t i v i t y in C h in a l a s t w e e k , t h e o v e rs o ld p o s itio n
i n s t e r l i n g o x c h a n g e ( t a n t a m o u n t to o v e r b o u g h t in t a e l s , i. e . s il v e r ) is s a id
t o h a v e r e a c h e d £ 2 .5 0 0 ,0 0 0 — s a y a n e q u i v a l e n t o f 1 6 ,0 0 0 .0 0 0 o u n c e s o f
s ilv e r.
P e n d i n g d e c is i v e d e v e l o p m e n t s in t h o s t r a i n e d p o l i t i c a l a f f a i r s o f
t h a t c o u n tr y , s p e c u la tio n h a s n o w q u ie te d d o w n , a n d th e re fle x o f th is
c o n d it i o n o f a f f a ir s h a s b e e n f e lt in t h e s il v e r m a r k e t .
T h e b u ll s ilv e r
p o s i t i o n n a t u r a l l y is n o t a n e le m e n t o f s t r e n g t h , a n d t h e r e is a l w a y s a
p o s s ib i li ty o f s o m e s p e c u l a to r s c u t t i n g t h e i r lo s s e s , b u t i t s h o u ld b o ro m e m b e r e d t h a t s to c k s in S h a n g h a i a r e In c lin e d t o s h r i n k , a n d t h a t s o m e
r e v i v a l o f t r a d e h a d s e t in r e c e n t l y — a r e v i v a l w h i c h i n f a v o r a b l e c i r c u m ­
s t a n c e s m i g h t b e a c c e n t u a t e d t o w a r d t h e c lo s e o f n e x t m o n t h , w h e n t h e
s ilk c r o p s w ill n e e d f in a n c in g .
I n d ia h a s b o u g h t o c c a s io n a lly d u r in g th e w e e k , b u t t h e m a in s u p p o r t h a s
c o m e fro m " b e a rs "
T h e m a r k e t h a s n o t b e e n a c tiv e , o w in g to s o m e s h o r t­
a g e o f s u p p lie s — w h ic h h a v e n o t b e e n a s s is te d b y a n y e a g e rn e s s o n th e p a r t
o r A m e ric a n o p e r a t o r s to s e ll, a lth o u g h th e U . S . e x c h a n g e h a s b e e n , o n th e
w h o le , f ir m in t e n d e n c y , a n d f r e e o f f e r in g s o f s il v e r t h e r e f o r e m i g h t h a v e
b een e x p e c te d .
T h e T o r o n t o c o r r e s p o n d e n t o f t h e “ T i m e s " s t a t e s u n d e r d a t e o f A p r il 18
l a s t t h a t a b ig s il v e r " s t r i k e " h a d b e e n r e p o r t e d in t h e Y u k o n a t K e n o H ill
o n th e E ric k s o n G u lc h .
T h o v e in a v e r a g e s t h r e o t o s ix f e e t in w i d t h w ith
o r e y ie ld s a s s a y in g 5 0 0 o u n c e s to th e to n o n t h e a v e r a g e , w h ile in s o m e
c a s e s a s m a n y a s 6 ,0 0 0 o u n c e s h a v e b e e n t a k e n fro m o n e to n .
IN D IA N
(In

CU RR EN C Y

R ETU R N S.

Lacs of Rupees.)

Mar.

31.

S i lv e r c o in a n d b u llio n o u t o f I n d i a .
G o l d c o i n a n d b u l l i o n in I n d i a ______
G o ld c o in a n d b u llio n o u t o f I n d i a .

Apr.

7.
17470
7745

Apr.

15.
17410
7686

2 -4 3 2

2432

66^8

6538
641
200

5<5
2C0

N o s i l v e r c o in n g o w a s r e p o r t e d d u r i n g t h e w e e k e n d in g 1 5 h I n s t .
T h e s t o c k In S h a n g h a i o n t h e 2 2 d I n s t , c o n s i s t e d o f a b o u t 3(1 1 0 0 0 0 0
o u n c e s in s y c e e , 3 8 .0 0 0 .0 0 0 d o l la r s a n d 1 6 0 s li v e r b a r s , a s c o m p a r e d w ith
3 7 .6 0 0 .0 0 0
o u n c e s in s y c e e , 3 8 ,0 0 0 ,0 0 0 d o l l a r s , a n d 3 6 0 s il v e r b a r s o n th o
1 3 th In s t.

[VoLu 114.

TRADE AND TRAFFIC MOVEMENTS.
U N F I L L E D O R D E R S O F S T E E L C O R P O R A T IO N .—
T h e U n ited S ta te s S te e l C orporation on W ed n esd ay, M a y 10,
1922, issu ed its regular m o n th ly sta te m e n t sh ow in g unfilled
orders on th e b ook s o f th e su b sid iary corporations as of
April 30 1922 to th e a m o u n t o f 5 ,0 9 6 ,9 1 7 to n s. T h is is
an in crease o f 6 0 2 ,7 6 9 ton s over tho unfilled ton n ag e on
hand M arch 31 la s t an d con trasts w ith 5 ,8 4 5 ,2 2 4 tons on
hand a t th e close o f A pril 1921. In th e follow in g w e g iv e
com parisons w ith p reviou s m onths:

Tons.
Tons. I
Tons
A p r . 3 0 1 9 2 2 . . . 5 ,0 9 6 .9 1 7 M a y 31 1 9 1 8 . . . 8 ,3 3 7 .5 2 3 M a y 31 1 9 1 4 . . . 3 .9 9 8 ;i f i 0
M a r . 31 1 8 2 2 . . . 4 .4 9 4 .1 4 8 M>r. 3 0 1 9 1 8 . . . 8 .7 4 1 ,8 8 2 j A p r . 3 0 1 9 1 4 . . . 4 ,2 7 7 0 5 8
F e b . 2 8 1 9 2 2 . . . 4 ,1 4 1 .0 6 9 M a r . 31 J 9 1 8 - - - 9 .0 5 5 .4 0 4 M a r . 31 1 9 1 4 . . . 4 ,6 5 :L 8 2 5
J a n . 31 1 9 2 2 . . . 4 ,2 4 1 ,6 7 8 F e b . 28 1 9 1 8 — 9 ,2 8 8 ,4 5 3 F e b . 2 8 1 9 1 4 ___ 5 ,0 2 8 .4 4 0
D e c . 31 1 9 2 1 . . . 4 ,2 6 8 ,4 1 4 J a n . 31 1 9 1 8 . . . 9 .4 7 7 .8 5 3 J a n . 31 1 9 1 4 . . . 4 ,0 1 3 ,5 8 0
N o v . 3 0 1 9 2 1 . . . 4 .2 5 0 .6 4 2 D e c . 31 1 9 1 7 . . . 9 .3 8 1 ,7 1 8 D e c . 31 1 9 1 3 .
4 2 8 2 108
O c t . 31 1 9 2 1 . . . 4 .2 8 6 .8 2 9
i
N o 30 9 1
4 96 4
S e p t . 3 0 1 9 2 1 . . . 4 .5 6 0 .6 7 0 n £ tV' ? ? J o 1 ? — 8 ,8 9 7 ,1 0 0 | O c tv . 31 1 9 1 33 . . . ,6,33 ,7.37 7
O c . 31 1 9 7 — 9 .0 0 9 ,6 7 6
.
1
___4 1
6
A u g . 31 1 9 2 1 . . . 4 ,5 3 1 .9 2 6 S e p t . 3 0 1 9 1 7 . . . 9 ,8 3 3 ,4 7 7
J u l y 31 1 9 2 1 . . . 4 ,8 3 0 ,3 2 1 A u g . 31 1 9 1 7 . .. 1 0 .4 0 7 , 0 4 9 S e p t . 3 0 1 9 1 3 . . . 5 ,0 0 3 .7 8 5
A u g . 31 1 9 1 3 . . . 6 ,2 2 3 .4 6 8
J u n e 3 0 1 0 2 1 . . . 5 ,1 1 7 .8 6 8 J u l y 31 1 9 1 7 . .. 1 0 ,8 4 4 . 1 6 4
J u l y 31 1 9 1 3 . . . 5 ,3 0 9 ,3 5 0
M a y 31 1 9 2 1 . . . 5 ,4 8 2 .4 8 7 J u n e 3 0 1 9 1 7 . .. 1 1 .3 8 3 , 2 8 7
A p r . 3 0 1 9 2 1 . . . 5 ,8 4 5 .2 2 4 M a y 31 1 9 1 7 ...1 1 ,8 8 6 .5 9 1 J u n e 3 0 1 0 1 3 . . . 5 .8 0 7 ,3 1 7
M a y 31 1 0 1 3 . . . 0 ,3 2 4 ,3 2 2
M a r . 31 1 9 2 1 . . . 6 ,2 8 4 ,7 6 5 A p r . 3 0 1 9 1 7 . .. 1 2 ,1 8 3 , 0 8 3
A p r . 3 0 1 9 1 3 . . . 0 ,9 7 8 .7 6 2
F e b . 2 8 1 9 2 1 . . . 6 .9 3 3 .8 0 7 M a r . 31 1 9 1 7 . .. 1 1 .7 1 1 , 0 4 4
M a r . 31 1 9 1 3 . . . 7 .4 0 8 .9 5 0
J a n . 31 1 9 2 1 . . . 7 .6 7 3 .1 6 4 F e b . 2 8 1 9 1 7 . .. 1 1 .5 7 0 , 6 9 7
F e b . 2 8 1 9 1 3 . . . 7 ,6 5 0 ,7 1 4
D e c . 31 1 9 2 0 . . . 8 ,1 4 8 .1 2 2 J a n . 31 1 9 1 7 . . . 1 1 .4 7 4 .0 5 4
J a n . 31 1 0 1 3 . . . 7 .8 2 7 ,3 6 8
N o v . 3 0 1 9 2 0 . . . 9 ,0 2 1 .4 8 1 D e o . 31 1 9 1 6 . .. 1 1 .6 4 7 , 2 8 0
D e c . 31 1 9 1 2 . . . 7 .9 3 2 .1 0 4
O c t . 31 1 9 2 0 . . . 9 ,8 3 6 .8 5 2 N o v . 3 0 1 9 1 0 . . . 1 1 ,0 5 8 .6 4 2 N o v . 3 0 1 9 1 2 . . . 7 .8 5 2 ,8 8 3
S e p t . 3 0 1 9 2 0 . . . 1 0 .3 7 4 .8 0 4 O c t . .11 1 9 1 0 . .. 1 0 .0 1 6 . 2 0 0 O c t . 31 1 9 1 2 .
7 ,5 9 4 3 8 1
A u g 31 1 9 2 0 . .. 1 0 ,8 0 5 . 0 3 8 S e p t . 3 0 1 9 1 0 . . . 9 .5 2 2 .6 8 4 S e p t . 3 0 1 9 1 2 . . . 0 .5 5 1 .5 0 7
J u ly 3 0 1 9 2 0 ...1 1 .1 1 8 , 4 6 8 A u g . 31 1 9 1 6 . . .
9 ,0 0 0 .3 5 7 i A u g . 31 1 9 1 2 . . . 6 ,1 0 3 ,3 7 5
J u n e 3 0 1 9 2 0 ...1 0 .9 7 8 .8 1 7 J u l y 31 1 9 1 0 . . .
9 .5 0 3 ,5 9 2 J u l y 31 1 9 1 2 . . . 6 .9 5 7 .0 7 3
M a y 31 1 0 2 0 . .. 1 0 ,9 4 0 . 4 6 6 J u n e 3 0 1 9 1 6 . . .
9 .6 4 0 .4 5 8 J u n e 3 0 1012
6 807 349
A p r. 3 0 1 9 2 0 . .. 1 0 .3 5 9 . 7 4 7 M a y 31 1 9 1 0 . . .
9 .0 3 7 ,7 9 8 M a y 31 1 9 1 2 .”
6 .7 5 0 ,0 8 6
M a r . 3 0 1 9 2 0 . . . 9 .8 9 2 .0 7 5
3?
9 ,8 2 0 .5 5 1 ! A p r . 3 0 1 9 1 2 . . . 6 ,0 6 4 .8 8 5
F e b . 2 8 1 9 2 0 . . . 9 .6 0 2 .0 8 1 M a r . 31 1 9 1 0 . . . 9 .3 3 1 .0 0 1 M a r . 31 1 9 1 2 . . . 6 .3 0 4 .8 4 1
J a n . 31 1 9 2 0 . . . 9 .2 8 5 .4 4 1 F e b . 2 9 1 0 1 6 . . . 8 .5 0 8 .9 6 0 F o b . 2 9 1912
6 454 201
D e c . 31 1 9 1 9 . . . 8 .2 6 5 .3 6 6 J a n . 31 1 9 1 0 . . . 7 ,9 2 2 .7 6 7
J a n . 31 1 9 1 2 . . . 6 .3 7 0 .7 2 1
N o v . 3 0 1 9 1 9 . . . 7 .1 2 8 .3 3 0 D e c . 31 1 9 1 5 . . . 7 ,8 0 0 ,2 2 0
D e c . 31 1 9 1 1 . . . 6 ,0 8 4 ,7 0 5
O c t . 31 1 9 1 9 . . . 6 .4 7 2 .6 6 8 N o v . 3 0 1 9 1 5 . . . 7 .1 8 9 .4 8 9
S e p t . 3 0 1 9 1 9 . . . 6 .2 8 4 ,6 3 8 O c t . 31 1 9 1 5 . . . 6 .1 0 5 .4 5 2 N o v . 3 0 1 9 1 1 . . . 4 .1 4 1 .9 5 8
O c t . 31 1 0 1 1 . . . 3 ,6 9 4 .3 2 7
A u g . 31 1 9 1 9 . . . 0 .1 0 9 .1 0 3 S e p t . 3 0 1 9 1 5 . . . 5 .3 1 7 ,6 1 8
S e p t . 3 0 1 9 1 1 . . . 3 .0 1 1 .3 1 5
J u l y 31 1 9 1 9 ___ 6 .6 7 8 .6 6 1 A u g . 31 1 9 1 5 . . . 4 .0 0 8 .4 5 5
A u g . 31 1 9 1 1 . . . 3 .6 0 5 ,9 8 5
J u n e 3 0 1 9 1 9 . . . 4 .8 9 2 .8 5 5 J u l y 31 1 9 1 5 . . . 4 .9 2 8 .6 4 0
J u l y 31 1 0 1 1 . . . 3 .5 8 4 ,0 8 8
M a y 31 1 9 1 9 . . . 4 ,2 8 2 .3 1 0 J u n e 3 0 1 9 1 5 . . . 4 .6 7 8 .1 0 0 J u n e 3 0 1 0 1 1 . . . 3 .3 0 1 .0 8 7
A p r 3 0 1 9 1 9 . . . 4 .8 0 0 .6 8 6 M a y 31 1 9 1 5 . . . 4 .2 6 4 .6 0 8
M a y 31 1 9 1 1 . . . 3 .1 1 3 .1 6 4
M a r . 31 1 0 1 9 . . . 6 ,4 3 0 .5 7 2 A p r . 3 0 1 9 1 5 . . . 4 .1 0 2 .2 4 4
A p r . 3 0 1 9 1 1 . . . 3 .2 1 8 .7 0 0
F e b 2 8 1 9 1 9 . . . 6 ,0 1 0 .7 8 7 M a r . 31 1 9 1 5 . . . 4 .2 5 5 ,7 4 9
M a r . 31 1 0 1 1 . . . 3 .4 4 7 .3 0 1
J a n . 31 1 9 1 9 . . . 6 .6 8 4 .2 6 8 F e b . 2 8 1 9 1 5 . . . 4 ,3 4 6 .3 7 1
F e b . 2 8 1 0 1 1 . . . 3 .4 0 0 .6 4 3
D e e . 31 1 0 1 8 . . . 7 .3 7 9 ,1 5 2 J a n . 31 1 9 1 5 . . . 4 ,2 4 8 ,5 7 1
J a n . 31 1 0 1 1 . . . 3 .1 1 0 .9 1 9
N o v . 3 0 1 9 1 8 . . . 8 .1 2 4 .6 6 3 D e c . 31 1 9 1 4 . . . 3 ,8 3 6 .6 4 3 D e c . 31 1 9 1 0 . . . 2 .6 7 4 .7 5 0
O c t. 31 1 9 1 8 . . . 8 ,3 6 3 ,2 9 8 N o v . 3 0 1 9 1 4 . . . 3 .3 2 4 .6 9 2
N o v 3 0 1 9 1 0 . . . 2 ,7 0 0 .4 1 3
S e p t . 3 0 1 9 1 8 . . . 8 ,2 9 7 .9 0 5 O c t . 31 1 9 1 4 . . . 3 .4 0 1 .0 9 7
O c t . 31 1 9 1 0 . . . 2 .8 7 1 ,9 4 9
| A u g . 31 1 9 1 8 . . . 8 ,7 6 9 .0 4 2 S e p t . 3 0 1 0 1 4 . . . 3 .7 8 7 .6 0 7
S e p t . 3 0 1 9 1 0 . . . 3 .1 4 8 ,1 0 6
J u ly 31 1 9 1 8 . . . 8 .8 8 3 .8 0 1 A u g . 31 1 9 1 4 . . . 4 .2 1 3 .3 3 1
A u g . 31 1 9 1 0 . . . 3 ,6 3 7 ,1 2 8
J u n e 3 0 1 9 1 8 . . . 8 ,9 1 8 .8 6 6 J u l y 31 1 9 1 4 . . . 4 .1 5 8 .6 8 0 J u l y 3 1 1 9 1 0 . . . 3 .9 7 0 ,9 3 1
J u n e 3 0 1 9 1 4 . . . 4 .0 3 2 .8 5 7

S T E E L P R O D U C T IO N -IN A P R I L .— T ho A m oricau Iron
& S teel In stitu te h as issu ed a sta te m e n t from w hioh it appears
th a t th e p roduction o f steel in A pril 1922 b y 30 com p an ies,
w hich in 1920 m ad e a b o u t 8 4 .2 0 % of the stool it g o t pro­
d u ction in th a t y ear am ou n ted to 4 ,8 7 8 ,4 9 2 ton s. T h is
con trasts w ith 1 ,2 1 3 ,9 5 8 ton s during th e sam e m on th la st
year. B y processes th e o u tp u t w as as follow s:
_
_
^
O p e n H e a r t h ................................
B e s s e m e r .......................................
A ll o t h e r ................ .......................
T o t a l ................. - ......................

April

1922.
1 ,9 9 2 168
4 4 5 ,9 3 9
1 ,1 0 9

2 ,4 3 9 ,2 4 0

April

1921.
1 ,0 0 0 ,0 5 3
2 1 1 ,7 5 5
2 .1 5 0

1 ,2 1 3 .9 5 8

4

Mos. 1 9 2 2 . 4 Mos. 1 0 2 1 .
6 .5 6 7 ,4 1 2
6 .0 6 2 ,7 8 8
1 ,5 7 7 ,7 4 7
1 ,6 6 3 .8 3 2
3 .3 4 2
1 0 .9 7 9
8 ,1 4 8 ,5 0 1

6 ,7 3 7 ,5 9 0

L A K E S U P E R IO R IR O N O R E S H I P M E N T S .— T h e
sh ip m en ts o f Lake Superior iron ore during A pril 1922
am ou n ted to 130,161 tons, a decrease of 4 0 ,0 5 0 ton s from
th e sh ip m en ts for th e corresponding m on th la st year
B elow w e com pare th e sh ip m en ts from th e differen t p orts
for A pril 1922 and 1921:
Port—
1922.
F s e n n a b a ............... . t o n s . 4 0 2 1 9
M a r q u e t t e ______________
A s h l a n d .................................. 2 4 .5 5 5

V

1921.

Port—
1022 .
S u p e r i o r .....................t o n s . 6 2 .3 8 7
9 .1 4 9 T w o H a r b- o........................... 1 9 .0 0 0
i a ___

P

] 9 2 i.
1 1 1 ,8 6 8
2 7 .4 3 1
27 7 8 3

T h e S h a n g h a i e x c h a n g e is q u o te d a t 3 s. 4 R d . t h e ta e l.
_
, ..
Bar Silver,
Quotations—
Cash.
A P r l1 2 1 ............................................................... 3 4 R d .
2 2 - ............................................................ 3 4 R d .
2 ‘*.................................................... ...........3 4 3 d .
4
25
...........................................................3 4 'Ad.
26
.......................................................... 3 4 R d .
27
-------------------------------------------- 3 4 R d .
A v e r a g o ............... ................................................3 4 . 5 3 2 d .

per Oz. Sid.
6 Mos.

Bar Gold,
per Oz. cine.

34R d.
34R d.
34R d.
34 R d .
34 R d .
34R d.
3 4 .6 2 6 d .

93s. 5 1 .

'9 3 s . 5 d .
9 3 s.
93s. 3 d .
93s. 3 d .
9 3 s . 3 .2 d .
T h e s i l v e r q u o t a t i o n s t o - d a y T or c a s h a n d f o r w a r d d e l i v e r y are r e s p e c t i v e l y
R d . a n d f id . b e l o w t h o s e f i x e d a w e e k a g o .

® o r o r o e r c t a l a t u l I U i s c e lU v w e o x t s f l e m v
■
*

.-u -c .T <j.
-un .-v^

wvyvx

-

Breadstuffs figures brought from page 2152.— T h e
sta tem en ts below aro prepared by us from figures collected by
the N ew Y ork Produco E xch an ge. T h e receipts a t W estern
lake and river ports for th e w eek en d in g la st Satu rd ay and

c in r » h

A line

1

o n n lt

^P

*.l

_______

i

x

J

Receipts at— j Flour.

ENGLISH FINANCIAL MARKETS—PER CABLE.
T h e d a ily closin g q u o ta tio n s for secu rities, & c., a t L on d on ,
a s reported b y cab le, h a v e been as follow s th e p a st w eok: *
London,
Week ending May
S l iv e r , o e r

Sat.,
Mon., Tues.
Wed., Thurs., Frl
12.
Mag 6. Mag 8. Mag 9 . Mag 1 0 . Mag 11 Mag '12
o z ............................. d . 3 5
35R
35R
35R
35%
35R
‘

G o l d , p e r fin e o u n c e ................... 9 3 s . 3 d . 9 3 s . 3 d . 9 3 a . 4 d . 0 3 a . 5 d . 9 3 a . 6 d . 9 3 s 7 d
C o n s o ls , 2 R p e r c e n t s _______5 8 ) 4
68 R
68 R
68 R
58R
68 R
B r i t i s h , 5 p e r c e n t s ____________ 9 9 R
99 R
99 R
99R
99R
99 R
B r i t i s h , 4 R p e r c e n t s ........... .. O C R
96 H
96 H
90
96 R
06 R
F r e n c h R e n t e s (In P a r i s ) . . f r . 57
5 6 .9 5
5 6 .7 5
5 6 .2 5
i 60
5 5 .6 0
F r e n c h W a r L o a n (in
P a r i s ) ..................................... f r . 7 8 .2 5
7 0 .2 7
7 6 .6
7 6 .2 5
70 55
7 6 .4 0
3 v e r I d N . Y ., p e r o z . ( c t s .) :
D o m e a t , e ..................................... 9 9 R
F o r t l * u .......................................... 6 9




99 M
69 R

99R
69R

99R
70R

99R
70R

99 R
70R

C h i c a g o ...........
M i n n e a p o l i s ..
D u l u t h ..............
M il w a u k e e ___
T o l e d o ..............
D e t r o i t ..............
I n d i a n a p o l i s ..
S t . L o u i s ____
P e o r i a ................
K ansas C ity ..
O m a h a .............
S t. J o s e p h . ..
T o t a l w it. ’22
S a m e w k . '2 1
S a m e w k . '2 0

Wheat.
Corn.
Oats.
Barley.
Rye.
bbis.mibs. bush. 6 0 lbs. bush. 5 6 lbs. bush. 32 lbs bush.48 lbs bush.56 lbs
2 4 5 ,0 0 0
i i " 666
..............
7 8 .0 0 0
4 3 .0 0 0

3 8 0 .0 0 0
3 5 1 .0 0 0
2 0 6 .0 0 0

1 .1 8 4 .0 0 0
1 .0 9 0 .0 0 0
6 8 0 .0 0 0
2 5 .0 0 0
4 4 .0 0 0
3 8 .0 0 0
5 9 .0 0 0
3 7 2 .0 0 0
1 0 .0 0 0
1 .0 8 0 .0 0 0
4 2 2 .0 0 0
1 3 9 .0 0 0

2 ,0 4 6 .0 0 0
2 2 0 .0 0 0
1 1 1 ,0 0 0
5 8 8 .0 0 0
4 0 .0 0 0
7 4 .0 0 0
2 1 2 .0 0 0
5 1 4 .0 0 0
5 3 6 .0 0 0
4 8 1 .0 0 0
7 4 0 .0 0 0
2 0 2 .0 0 0

1 ,4 0 1 .0 0 0
3 7 7 .0 0 0
1 1 7 .0 0 0
4 2 4 .0 0 0
3 4 .0 0 0
3 4 .0 0 0
1 9 2 .0 0 0
4 2 4 .0 0 0
3 0 3 .0 0 0
8 6 .0 0 0
1 6 6 .0 0 0
1 6 .0 0 0

5 .1 3 9 .0 0 0
4 .8 3 9 .0 0 0
3 .6 8 2 .0 0 0

5 .7 7 0 .0 0 0
3 .6 7 7 .0 0 0
2 .7 5 8 .0 0 0

3 .5 7 4 .0 0 0
3 .0 0 2 .0 0 0
3 .4 5 3 .0 0 0

0 5 .0 0 0
1 7 3 .0 0 0
1 3 7 ,0 0 0

7 7 .0 0 0
6 8 .0 0 0
4 1 0 .0 0 0
6 0 .0 0 0
7 ,0 0 0

3 .0 0 0
3 .0 0 0

2 .0 0 0
3 ,0 0 0

4 1 1 .0 0 0
5 4 6 .0 0 0
6 3 3 .0 0 0

0 1 7 .0 0 0
7 1 3 .0 0 0
9 5 2 .0 0 0

S in c e A u g . 1—
1 9 2 1 -2 2 ____ 1 7 .1 5 5 .0 0 0 2 9 1 .4 9 5 .0 0 0
•3 1 6 .6 3 7 .0 0 0 1 6 7 .5 7 3 .0 0 0 2 4 .0 7 8 .0 0 0 1 8 .3 6 0 .0 0 0
1 9 2 0 -2 1 ____ 2 2 .4 0 1 .0 0 0 2 8 9 .9 0 0 .0 0 0
1 8 0 .4 9 5 .0 0 0 1 8 5 .7 9 5 .0 0 0 2 3 .4 5 5 .0 0 0 1 6 .1 4 3 .0 0 0
1 9 1 0 - 2 0 ____ 1 6 .4 4 2 ,0 0 0 ; 3 8 4 .1 8 9 .0 0 0 1 5 8 .7 0 3 .0 0 0
1 7 5 .1 0 6 .0 0 0 2 7 .6 3 4 .0 0 0 3 0 .1 7 1 .0 0 0

T o ta l receipts of flour and grain a t tho seaboard ports for
th e w eek ended S atu rd ay M a y 6 1922, follow :

May 13 1922.]

T H E

Flour.

Wheat.

Barrrls.

Receipts at—

Bush'Is.

2 1 2 ,0 0 0
1 ,0 0 0
3 5 .0 0 0
1 5 .0 0 0
7 2 .0 0 0

N ow Y o r k ...
P o r tla n d , M e .
P h ila d e lp h ia —
B a l t i m o r e ____
N e w O rle a n s *
G a l v e s t o n ____
M o n t r e a l ____

4 o*,6o 6
6 ,0 0 0
2 0 .0 0 0

Com.

|

I
1 ,0 8 5 ,0 0 0 ,
1 6 .0 0 0
5 4 1 ,0 0 0
5 1 .0 0 0
4 5 .0 0 0
1 7 ,0 0 0 ,
1 ,0 1 8 ,0 0 0

Oats.

Bush'ls.

Barley.

Bushels. \ Bushels.

2 2 7 ,0 0 0
4 3 ,0 0 0
4 3 1 ,0 0 0
6 9 ,0 0 0
6 8 ,0 0 0
............
1 ,3 8 4 ,0 0 0

C H R O N IC L E

9 8 6 .0 0 0
5 3 0 .0 0 0
6 1 ,0 0 0
1 3 .0 0 0
2 8 .0 0 0

520.000

Rye.

6 5 .0 0 0

*3*666

::::::
2 7 .0 0 0

1 7 6 ,0 0 0

445.066

7*5*666

3 9 1 ,0 0 0
T o t a l w k . ’22
8 1 n ce J a n . 1 ’22 8 ,6 7 0 ,0 0 0

2 ,8 4 6 .0 0 0
2 ,2 2 3 ,0 0 0
5 4 ,6 6 2 ,0 0 0 7 1 ,3 8 3 .0 0 0

1 ,8 4 1 ,0 0 0
1 5 ,8 8 6 ,0 0 0

5 3 7 ,0 0 0 1 4 1 6 ,0 0 0
4 ,1 2 9 ,0 0 0 , 6 ,5 4 4 ,0 0 0

5 2 3 ,0 0 0
8 ,4 7 6 ,0 0 0

5 ,1 0 8 .0 0 0
1 ,6 7 1 ,0 0 0
6 5 ,7 3 4 ,0 0 0 2 7 ,6 0 2 ,0 0 0

1 ,4 4 1 ,0 0 0
1 0 ,1 1 1 ,0 0 0

6 6 8 ,0 0 0
6 3 7 ,0 0 0
5 ,4 5 3 ,0 0 0 9 ,0 4 9 ,0 0 0

« R e c e ip t s d o n o t I n c l u d e g r a i n p a s s i n g t h r o u g h N e w O r l e a n s f o r f o re ig n p o r t s o n
t h r o u g h b i ll s o f l a d i n g .

T ho exports from th e several seaboard p orts for th e w eek
ending S atu rd ay, M a y G 1922, are show n in th e annexed
statem en t:
Exports from—
N e w Y o r k . ................
P o r t l a n d , M o -------B o s t o n ...........................
B a l ti m o r e ..................
N e w O r l e a n s ..............

Wheat.
Corn.
Flour.
Oats.
Rye. Barley. Peas.
Bush Is. Bush is. Barrels. Bushels. Bushels. Rush' Is: Bushels.
5 8 8 ,3 8 4
1 6 ,0 0 0

1 1 1 ,8 6 7 1 1 0 ,1 8 3
4 3 ,0 0 0
1 ,0 0 0
2 1 ,0 0 0 1 9 ,0 0 0
8 3 1 ,0 0 0
427^000
o io o o
1 6 3 ,0 0 0 4 7 ,0 0 0

5 7 2 .0 0 0
3 8 .0 0 0
6 0 .0 0 0
2 5 2 ,0 0 0

4 4 9 ,4 7 3 1 0 5 ,1 7 3
3 0 ,0 0 0
2 0 ,0 0 0

8 6 ,1 7 6

fil 0 0 0
8 5 2 !0 0 0

1 8 ,0 0 0

8 6 ,0 0 0

S t . J o h n , N . B ------

..............

3 7 ,0 0 0

6 ,0 0 0

T o t a l w e e k _____ 1 .5 2 6 ,3 8 4 1 .5 9 6 ,8 6 7 1 9 3 ,1 8 3
V feck 1 9 2 1 ........... ..
7 ,9 7 9 ,1 2 2 2 ,3 2 6 ,9 3 4 4 0 8 ,8 9 7

All prices dollars per share.

1 6 2 ,0 0 0

3 7 ,0 0 0
1 6 0 .0 0 0

W eek 1921. . .
S in c e J a n .1 '2 1

New York City Banks and Trust Companies.

Bush'ls.

1 ,6 6 6

9 3 ,o o o [

2089

5 3 8 .4 7 3 1104173 10-4,176
4 0 2 ,5 3 8 .6 1 9 ,1 3 9 -4 0 2 ,5 2 6

6 ,9 0 0

T ho d estin ation of th ese exp orts for tho w eek and since
J u ly 1 1921 is as below :

■Jaitk t—N.Y
Bid Aik
A m erica • ____ 1 9 0
193
t m e r E x c h ... 2 5 0
255
U la n t i c ........... 2 1 0
220
l a t t c r y P a r k . 135
144
J o w e r y * ____
430
450
iro s d w a y C e n 130
145
I r o n i B o r o * . 125
5 ro n x N a t . .
160*
150
B ry a n t P a r k * 140
155
3 u t c h & D r o v 130
135
e n t M c r c a n . 180
b a 3 # ..............
290
295*
b a t A P h e n . 244
248
'b e le e a E x c h *
75
85
b e n d c a l ____ 5 1 0
520
'o a t A I r o n . . 195
205
'o lo n l a l * ___
300
'o l u m b l a * . .
170
190
’o m io e r e e . _. 2 5 9 • 2 6 2
'o m 'n w e a l t b * 2 1 5
225
'o n t l n e n t a l . . 130
145
C o rn E x c h * . . 3 7 0
375
n o s ro o p ’t a n * .
90
100
..
? a st R iv e r.,
170
f if th A ven u e* 92 5
975
f i f t h ................
160
170
f i r s t ................... 1010 1030
l a r f l e l d ............ 2 2 5
____
J o t b a m _____
185
180
I r e e n w lc ta * .. 250
265
l a n o v e r .......... 5 4 0
560
f s r r l m a n ___
400
390
Im p A T r a d .. 520
530
I n d u s t r i a l * . __ 150
160

2 4 0 ,7 8 2 .8 8 7 1 ,5 9 8 .8 6 7 1 2 7 6 1 1 7 1 2
2 0 8 ,7 5 4 ,4 1 4 2 ,3 2 6 ,9 3 4 3 5 ,9 2 3 ,7 6 9

T ho w orld’s sh ip m en t of w h eat and corn, as furnished by
B room hall to th e N ow Y ork Produce E xchango for th e w eek
ending F rid a y , M a y 5 , and since J u ly 1 1921 and 1920,
are show n in tho follow ing:
Corn.
Exports.

1 9 2 1 -1 9 2 2 .

1 9 2 0 -1 9 2 1 .

Week
May 5 .

Since
July 1.

Since
July 1 .

Bush'ls.

Bush is.

Bushels.

N o r t h A m e r . 3 .1 7 5 .0 0 0 3 5 7 .2 0 9 .0 C 0 3 7 7 ,6 7 7 X 0 0
1 2 8 ,0 0 0
3 ,9 0 4 .0 0 0
2 0 0 ,0 0 0
R uas. A D a n .
A r g e n t i n e . . . 1 .7 1 6 .0 0 0 8 7 .7 2 7 .0 0 0 7 0 ,6 1 9 ,0 0 0
A u s t r a l i a ------ 2 .6 6 4 .0 0 0 9 6 .3 8 8 .0 0 0 0 0 ,9 4 2 ,0 0 0
7 1 2 ,0 0 0 1 1 0 ,0 5 2 ,0 0 0
I n d ia
___
2 3 0 ,0 0 0
O t h . C o u n t r ’s
T o t a l ...........

7 ,6 8 3 ,0 0 0 5 4 5 ,9 8 0 ,0 0 0 '5 1 9 ,7 2 0 ,0 0 0

1 9 2 1 -1 9 2 2 .

Week
Man 5 .
Bushels.

1 9 2 0 -1 9 2 1 .

Since
July 1.
Bushels.

1 .8 3 4 .0 0 0 2 3 0 .1 0 1 ,0 0 0
2 5 5 ,0 0 0 1 3 .1 5 2 .0 0 0
1 .0 6 5 .0 0 0 9 0 .5 3 2 .0 0 0

Since
July 1.
Bush i s '
3 7 .5 8 0 .0 0 0
1 1 .3 4 3 .0 0 0
9 1 .6 2 7 .0 0 0

*22*2*666

8*,"oV5*,666

G R A IN S T O C K S .
U n ite d S ta te s —
N e w Y o r k ..................................
B o s t o n .................................. —
P h i l a d e l p h i a .............................
B a l t i m o r e _____ ___________
N e w p o r t N e w s ..................... -N ew O r l e a n s .............................
G a l v e s t o n ..................... ............
B u l f a l o .......................................
“
a f l o a t ........................
T o l e d o ________ ____________
D e t r o i t _____ _______ ______
C h i c a g o ........... ...........................
"
a f l o a t ____________
M i l w a u k e e ................................
D u l u t h .......................................
S t . J o s e p h , M o .....................
M i n n e a p o l i s ..................... —
8 t . L o u i s . . . .............................
K a n s a s C i t y .............................
P e o r i a ------ --------- --------------I n d i a n a p o l i s ..............................
O m a h a ...................................... O n L a k e s ................... - ............

Wheat,
bush.

Corn,
bush.

4 8 1 ,0 0 0
_______
6 0 4 ,0 0 0
3 3 1 ,0 0 0
_____ _
1 ,5 8 4 .0 0 0
2 .1 2 3 .0 0 0
2 ,1 8 0 ,0 0 0
.............
6 1 5 .0 0 0
1 2 ,0 0 0
3 ,7 8 3 ,0 0 0

7 3 3 .0 0 0
1 .3 0 5 .0 0 0
1 .5 6 2 .0 0 0
2 .6 3 3 .0 0 0
1 7 0 .0 0 0
3 2 0 .0 0 0

1 .0 5 3 ,0 0 0
2 7 2 .0 0 0
1 0 8 .0 0 0
8 5 .0 0 0
1 2 .0 0 0
1 2 4 .0 0 0

2 .6 4 6 .0 0 0

1 .9 6 1 .0 0 0
1 .1 7 3 .0 0 0
4 0 4 ,0 0 0
■
9 2 ,COO
1 6 ,8 2 6 ,0 0 0
1 ,7 4 9 ,0 0 0
7 1 0 ,0 0 0
5 ,9 9 7 .0 0 0
4 0 .0 0 0
1 9 ,4 5 8 ,6 0 0
4 3 2 ,0 0 0
1 ,7 6 5 ,0 0 0
1 5 4 .0 0 0
1 0 2 .0 0 0
2 ,3 3 5 ,0 0 0
3 4 6 ,0 0 0

l'c*7*,666
4 ,3 6 1 ,0 0 0
5 5 9 ,0 0 0
5 ,3 0 3 ,0 0 0
1 ,0 1 8 ,0 0 0
5 ,7 0 7 .0 0 0
9 5 ,0 0 0
' 1 0 0 ,0 0 0
9 5 8 ,0 0 0
1 ,0 7 8 ,0 0 0

1 5 8 .6 6 6
7 7 .0 0 0
7 .8 6 5 .0 0 0
3 5 6 .0 0 0
1 .1 7 6 .0 0 0
5 .2 6 9 .0 0 0
4 3 6 .0 0 0
1 .7 5 4 .0 0 0
6 2 8 .0 0 0
3 .0 7 1 .0 0 0
8 1 .0 0 0
2 2 8 ,0 0 0
1 ,1 9 4 ,0 0 0
9 8 3 .0 0 0

Oats,
bush.

R
ut,

bush.

Barley.
bush.

5 0 .0 0 0
1 .0 0 0
2 3 .0 0 0
7 2 7 .0 0 0

6 2 ,0 0 '
1 ,0 0 0
3 ,0 0 0
4 9 ,0 0 0

20.666

iV .6 6 6

1 6 .0 0 0
5 7 7 .0 0 0

5*o’,6 6 6

2 8 ,0 0 0
1 9 .0 0 0
8 0 5 .0 0 0
53*666
2 ,6 3 6 ,0 0 0
2 000
4 0 6 .0 0 0
2 6 .0 0 0
4 9 ,0 0 0

" *2*.666

10* 666
2',
iV e .o o o
2 4 0 .0 0 0
8 , 00
5 0 2 .0 0 0

'Y ,6 6 6
0 9 3 .0 0 0
6 1 6 ,0C0

3 5 .0 0 0
1 4 0 ,0 0 0

T o t a l M a y 6 1 9 2 2 . .- .3 1 . 0 0 3 ,0 0 0 3 2 .7 0 8 ,0 0 0 5 5 ,1 9 8 ,0 0 0 6 7 5 4 0 0 0
1 3 ‘>7
T o t a l A p r . 2 9 1 9 2 2 . . . .3 1 ,2 8 0 ,0 0 0 3 5 ,5 6 4 ,0 0 0 5 5 .8 3 7 0 0 0 8 163 0 0 0
1 611
T o t a l M a y 7 1 9 2 1 . . . . 1 2 . 4 2 3 , COO 1 9 ,1 0 0 .0 0 0 S o i u s io O O l l f f i o O
USS
V o te .— B o n d e d g r a i n n o t In c lu d e d a b o v e : O a t s . N e w Y o r k , 5 2 .0 0 0 b u s h e ls :
B u f f a l o , 4 0 1 ,0 0 0 : B o s t o n , 3 8 ,0 0 0 ; o n L a k e s 5 5 0 .0 0 C ; t o t a l , 1 ,0 4 7 .0 0 0 b u s h e ls ,
a g a i n s t 5 7 ,0 0 0 In 1921: b a r l e y , N e w ^ o r k S OOO b u s h e ls ; D u l u t h , 1 1 ,0 0 0 : B u f f a l o .
3 1 ,0 0 0 ; t o t a l , 4 7 ,0 0 0 b u s h e ls , a g a i n s t 1 9 9 ,0 0 0 b u s h e ls In 10 2 1 : a n d w h e a t N e w Y o r k
3 7 5 ,0 0 0 : B a l ti m o r e , 1 1 8 ,0 0 0 ; B u f f a lo , 2 ,4 9 0 .0 0 0 ; P h i l a d e l p h i a , 5 8 3 ,0 0 0 ; B o s t o n !
1 9 2 ,0 0 0 ; o n L a k e s , 0 1 8 ,0 0 0 ; t o t a l , 4 ,6 8 2 ,0 0 0 b u s h e ls In 1 9 2 2 .
C a n a d i a n —■
M o n t r e a l ................ ....... ............ 1 ,5 7 3 ,0 0 0 2 ,4 3 8 ,0 0 0
8 5 2 .0 0 0
8 8 ,0 0 0
2 5 6 .0 0 0
F t . W illia m A P t . A r t h u r . 2 6 ,8 0 3 .0 0 0
.............. 5 .6 9 8 .0 C 0
_______
2 .0 6 3 ,0 0 0
O t h e r C a n a d i a n __________ 1 ,5 3 3 ,0 0 0
..............
1 ,5 1 6 ,0 0 0
291 0 0 0
..............
T o t a l M a y 6 1 9 2 2 ____ 2 9 ,9 0 9 ,0 0 0 2 ,4 3 8 ,0 0 0 8 ,0 6 6 0 0 0
1 ,6 0 4 ,0 0 0 8 ,1 2 6 .0 0 0
T o t a l A p r . 2 9 1E 22 ____ 3 1 ,7 1 5 ,0 0 0
T o t a l M a y 7 1 9 2 1 . . . . 1 6 ,8 2 1 ,0 0 0
3 7 4 ,0 0 0 1 6 ,7 9 0 ,0 0 0
S u m m a ry —
A m e t l e a n ...................................3 1 ,0 0 3 ,0 0 0 3 2 ,7 0 8 ,0 0 0 5 5 ,1 9 8 ,0 0 0
C a n a d i a n ...................................2 9 ,9 0 9 .0 0 0 2 .4 3 8 ,0 0 0 8 .0 6 6 .0 0 0




Aik

88 000
1 5 ,0 0 0
5 8 ,0 0 0

2 ,0 1 0 .0 0 0
2 ,2 4 2 ,0 0 0
2 ,8 5 2 ,0 0 0

6 .7 5 4 ,0 0 0
8 8 ,0 0 0

1 .3 2 7 ,0 0 0
2 ,6 1 0 .0 0 0

6 ,8 4 2 .0 0 0
8 ,1 7 8 ,0 0 0
1 .7 8 0 ,0 0 0

3 ,9 3 7 ,0 0 0
3 ,8 5 3 ,0 0 0
4 ,6 3 5 ,0 0 0

T r u s t C o . 's

New York

A m e r i c a n ____
B an k ers T ru s t
C e n t r a l U n io n
C o l u m b i a ____
160 C o m m e r c i a l ..
332
E m p i r e .............
135 E q u i t a b l e T r .
500 F a rm L A T r
F id e lity I n te r .
413* F u l t o n ______
275
G u a r a n ty T r .
292
H u d s o n ____
260
L aw T it A T r
290
M e tro p o lita n
. M u tu a l (W est
C h e s te r _____
270
N Y L ife I n s
250
_____
A T r u s t...
____ N Y T r u s t T itle G u A T r
U S M tg A T r
U n ite d S ta te s

155
250
80
100
125
220
155

165
260
100
110

Bid

Ash

3*25**
375
300
100
295
273
440
205
245
200
170
45
270

329*
380
305
125
305
276
445
208
255
202
180
150
280

115

130

015
325
343
300
1 025

630
329
347
310

415
700
225
305

425

I N ew

Brooklyn
B ro o k ly n T r .
K in g s C o u n t y
M a n u fa c tu re r
P p n p ta'fl

3*1*0**

1*6*6"

s to c k . * E x - d lv I d e n d

80
68
240
56
90

All prices dollars per share.
Bid Ask R e a l t y

90
70
245
02
95

;

v E x -rig h ts

L a w y e r s M tg e
M tg e B o n d ..
N a t S u r e ty ..
N Y T itle A
1 M o r tg a g e ..

150
98
205

155
101
210

140

145

A sso c
(B r o o k ly n ) .
U S C a s u a lty .
U S T itle G u a r
W e st A B ro n x
T itle A M O

Bid

Ask

126
165
100

129
166
110

165

165

Chicago Stock Exchange.— R ecord of tran saction s a t
C hicago S to ck E xch an ge M a y 6 to M a y 12, b o th in clu siv e,
com p iled from official sales lists.
S to c k s —

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

A m e ric a n R a d i a t o r _____100
A m c r S h i p b u l l d 'n g _____100
A r m o u r & C o p r e f _____ICO
9654
A im o m L e a t h e r ...... ............. 15
12 K
P r e f e r r e d _____ ________100
B e a v e r B o a r d ................
C e r t n i o a t e s ................
36
B o o t h F is h e r ie s p r e l - . 1 0 0
C a s e ( J I ) ..................................
454
C h ic C & C o n R y p t s h c o m
IX
P r e l e r r e d ........... ....................
C h i c a g o K ie v R y p r o . 100
7X
C h ic a g o R y s P a r t C tf S e t 2
P a i t C t f S c r ie s 3 ________ _______
C o m m o n w ’t h E d I s o n . . 100 1 3 0 H
6K

8A

3*.6*7*3*,666

T h e visiblo su p p ly of gram , com prising tho stock s in gran­
ary a t principal p oin ts of accu m u lation a t lak e and seaboard
p orts S atu rd ay, M a y 6, w as as follow s:

Ask
194
280
370

Brooklyn

97A
72
96 A
12A
85
7A
5
35

4A
IA
7A
7A
5
1A
no a
6

62

3 ,3 7 6 ,0 0 0 3 5 0 ,8 0 0 ,0 0 0 1 1 4 ,2 2 3 ,0 0 0

Bid
191
250
365
600
150
326
125
485
300
409
265
285
230
285
200
250
235
155
325
420

New York City Realty and Surety Companies.
.l l l a u c e R ’l ty
m e r S u r e ty
<ond A M O
i t y I n v e s t in g
P re fe rre d .

T o t a l ..................... 1 9 3 .1 8 3 1 2 .383.341,
T o t a l 1 9 2 1 -2 2 ____ 4 0 6 ,8 9 7 1 2 ,3 3 2 ,0 3 0

1

C o n e y I s la n d *
F i r s t ...................
H o m e s t e a d * ..
M e c h a n ic s ’ * .
M o n ta u k * . . .
N assau
__
P e o p le ’s ______

• B a n k s m a r k e d w i t h (* ) a r e S t a t e b a n k s .

Bid

U n ite d K in g d o m .
C o n t i n e n t .................
8 o . & C e n t. A m c r.
W e s t I n d ie s _ . .
B r l t . N o . A m .C o lS O th e r C o u n tr ie s ..

B unks
I r v i n g N a t oi
N Y ............
M a n h a tta n *.
M e cb A M e t.
M u t u a l * _____
N a t A m e ric a n
N a t i o n a l C i ty
N ew N e th * _ .
N ew Y o r k ...
P a c lflo * ..........
P a r k _________
P u b l i c ...............
S e a b o a r d ____
S t a n d a r d * ___
.S ta t e * ________
jT ra d c s m e n ’s *
23d W a r d * ...
U n io n E x e b —
U n i t e d S t a te s *
W a s b 'n H ’t s *
Y o r k v llle * ___

E a r l M o t o r s .............................
D e e r e A C o p r e f ..............101
G odschaux S u g ar c o m ...
G o s s a r d H W p r e f ____ 101
G r e a t L a k e s D A D ------ 10C
H a r t m a n C o r p o r a t i o n . . 100
H u p p M o t o r ........... ...............1C
Illin o is B r i c k . . ................ 10
I n l a n d S t e e l _____ ______ 1 0 0
L i b b y M c N e il l A L i b b y . 10
L i n d s a y L i g h t ............... . . 1 0
M id d l e W e s t U t t I c o m . 100
P r e f e r r e d ............................100
P r io r p r e f e r r e d __________
M it c h e ll M o t o r C o ..............*
N a i lo n a l L e a t h e r ................. 10
v 'a 'l o n a l L e a th e r , n e w ____
O r p h c u m C i r c u i t I n c ____ 1
P e o p l e ’s G a s L t A C o k e . 100
P ic k ( A lb e r t) A C o ..............*
P lg g ly W ig g ly S t o r e s , I n c .
“ A " ------------------*
P u b S e r v o f N 111, c o m . 100
P r e f e r r e d ............................100
R c o M o t o r .............................. 10
R e m o ld s S p ln g C o .
S t a n d a r d G a s A E l e c ____ 50
P r e f e r r e d ..............................5 0
S te w W a r n S p e e d , c o m . 100
S w if t A C o ........................ . 1 0 0
S w if t I n t e r n a t i o n a l _____ 15
T h o m p s o n , J R , c o m ------ 2 5
U n io n C a r b i d e A C a r b o n . 10
U n i t e d I r o n W o r k s v t c .5 0
U n i t e d L i g h t A R y s ____ 100
P r e f e r r e d _________________
V e s t a B a t t e r y .........................*
W a h l C o ......................................*
W a r d .M o n t g A C o , p r e f . 100
W h e n I s u e d . ....................2 0
W e ste rn K n ittin g M il ls ..*
W rlg lc y J r , c o m ................... 25
Y e llo w M a n u f a c t u r i n g . . 10
Y e llo w T a x i ........................ .......
B onds—
C h ic a g o C i t y R y 5 s . . . 1927
C h ic C l ty A C o n R y s 5 s 1927
C h i c a g o R a i l w a y s 6 s . . 1927
5 s , S e r ie s " A ” ...............1927
4 s , S e rie s ’’B ” ............... 1927
A d j u s t I n c o m e 4 s ___1927
P u r c h a s e m o n e y 6 s _____
C h i c E l R y n o t e s ................
C h i c a g o T e l e p h o n o 5 s . 1923
C o m m o n w E d is o n 6 s . . 1943
M e t r W S id e K ie v 1 s t 4 s ’3 8
P e o G L A C r e f g 6 s . . 1927
W V W a t A E le c 6 X s . 1942
' N o p a r v a lu e ,

354
*14 X
26
92
93
18X
_______
58
3
4X

49A
75
9&A
6
2M

9X
____ _
27
44 K
. . . ___
92 U
_______
40
17

46'A

40
101X
20 A
49
58 A

67 A

_______
_______
64
____
21X
_______
102
202
72 A

8A

65
3

77
14A
25 A
92
92

_______
_______
17M
90 A

..............
z E x - d lv l d e n d .

125
50
680
1 ,4 4 1

7A
5

75
250
552
60
300
155
2 ,3 4 0
7C0
600
1 ,0 8 5
655
55
2 ,9 3 0
225

8
6

36
454

1A

9

11
5
154
13054

6A

62

854
65
354
78
1454
27
93
£3
19
71
58
3
5
4954
75
99
654
254
954

17A
70 A
55 A
2A
4A
29 A
74
98 A
5A
2A
9A
20 A 20 A
8 7 A 7854
27
2754
44
9854

5454
9 9 54
93
2454
40
4154
17
1754
46
47
37A 405-6
101A 102A
20
2154
47 A 5 0
55A 5854
7
754
63
6854
7 8 5 4 8 154
35
35
6 3 A 67
95
95
2054 2 2 A
8
854
104
102
195
202
7 0 )4 7 7

92 A
23 A

82
52

_______

A

97 A
75
96 A
12 A

82
5254
8 354
76
76
52
52
28
28
53
54
17 A 19 54
9 9 »4 9 9 5 4
9 8 A 106
63 A 64
91A 9154
100
100

82

A

200

8,100
125
50
1 ,1 5 5
225
135
6 ,1 7 5
50
1 ,0 5 0
9 ,0 4 6
230
6 ,1 7 5
960
405
950
35
1 ,4 9 7
50

100
1 ,3 5 0

Range since Jan.
Low.
83
70
91

Jan
A pr
Jan
12
Feb
83
M ar
4
A fa r
5
A pr
M ar
34
Jan
3
A Jan
4A J a n
1A J a n
1A J a n
A pr
IX
Feb
114 X
5
Feb
Feb
59X
5
Feb
65
Jan
2 A Jan
60
Feb
Feb
25 A M a y
81 A J a n
Jan
81
10A J a n
56
Feb
48 A M a r
2A A p r
3A M a r
27
Jan
53
Jan
82
Jan
354 F e b
Jan
IX
8X Jan
12 X J a n
Jan
62X
19
Jan

1
0

6 9 ,1 0 0
23 X
170
80 A
210
88 X
955
1354
680
3454
925
13
5 .0 3 0
42
6 ,2 3 5
24
1 ,3 5 0
91X
8 .4 2 5
17
2 .0 2 5
40
1 9 ,6 5 0
43
125
6
5 ,6 0 0
29
1 ,5 4 0
70
125
27
4 ,2 6 5
50
40
76
4 ,0 8 5
12X
3 ,8 0 0
5
1 ,2 0 0
97
4 3 8 X125
1 0 ,1 0 0
67X
J 1 .0 0 0
1 3 .0 0 0
1 2 .0 0 0
2 .0 0 0
2 ,0 0 0
2 ,0 0 0
8 .0 0 0
4 2 ,0 0 0
1 1 ,0 0 0
1 9 .0 0 0
3 .0 0 0
3 ,0 0 0
1 1 .0 0 0

M ar
Jan
Jan
Jan
A pr
Jan
Jan
Jan
Jan
A pr
Jan
Jan
Jan
Jan
M ar
M ar
Jan
Jan
Jan
Jan
M ar
M ar
Jan

Jan
67
A pr
49
67
Jan
4954 F e b
Jan
33
17
Jan
33 X F e b
17 X M a y
98X
Jan
98 X M a y
52
Jan
87 X A p r
100
M ay

1.

Hion.
99
96
S8 X
12X

88
12U
7
36 X

6
2X
9 U

12
6
IX
132X
6X
62
9

68
6
78
18
28 X
106
103
1«X
75
58
7X

6

49 X
70
99
6X
2X
<1 H

21

87 X
28 A

A pr
M ar
M ar
Feb
A pr
M AT
M ar
M ar
M ar
Feb
Pah
r CU
M ay
M ar
Feb
A pr
M ay
M ay
A pr
Feb
Jan
M ay
M ar
M ay
Feb
M ar
A pr
M ar
M ay
Feb
M ar
M ay
A pr
A pr
M ar
Jan
Jan
M ay
M ay
A pr

54 A M a y
M ar
101
M ar
95
25 X A p r
41 A M a y
19X A pr
47
A pr
A pr
42X
108 X F e b
23 X F e b
51 a A p r
59 A M a r
Feb
' 9X
68 X M a y
8 1 X M ay
A pr
40
7 1 X A pr
95
M ay
22 X A p r
8X M ay
Feb
lio x
240
Feb
82 A M a r
84
63 X
84 X
70
52 X
32
54
19X
99 X
106
64 A

92

100

Api
A pr
A pr
M ay
M ay
A pr
Nf ehj
M ay
M ay
M ay
M ay
M ar
M ay

THE

3090

A u c t io n S a le s .— A m on g oth er secu ritie s, tlio follow in g,

not usually dealt in at the Stock Exchange, w ere recen tly sold
a t a u ctio n in N o w Y ork , B o sto n and P h ilad elp h ia:
B y M essrs. A drian I I . M u ller & S on s, N e w Y ork:
Shares.

S to c k s.

P r ic e .

Shares.

S to c k s.

P r ic e .

4 K i n g P h i li p M i l l s ___S 142 p e r s h .
I n d i a n O r c h a r d M i l l s _____ S 6 l o t
2 5 0 S t e i n , W e il A M e n a s , I n c .
D i a m o n d M a t c h ____5 1 1 3 p e r s h .
S 1 0 .0 0 0 l o t
C h f m ic a l N a tio n a l B a n k . . $516
1 ,4 0 8 N e w E n g . F u e l O il, S 5 e a c h
C u b a D i s ti ll i n g , p r c t - 8 7 2 p e r s h .
S-10 t o $ 4 4 M p e r s h .
S
C o l o n ia l M i n . , L t d . , S I e a c h
3 0 0 U . S . & M .P e t r o l . , S 1 0 e a .$ 2 4 l o t
5 3 0 0 lo t
10 F o r e ig n T r a d e B k g . C o r p .
1 0 0 N a t 'l D r y D o c k A R e p a i r
SO p e r s h .
C o . , p r e f ____________S 0 0 p e r s h .
B o n d s.
P er c e n t.
125 A m e r. M e r . M a r . In s.S O O p e r s h .
S 7 .0 0 0 C a r o . C l in c h . A O h io R y . 1 s t
2 ,3 0 9 C o l u m b i a G r a p h o p ’n e F a c ­
5 s , 1 9 3 8 .................................................... - 9 0
t o r i e s , p r e f ............- . . $ 2 6 p e r s h .

121
15
1
400
1 0 0 ,0 0 0

B y M essrs. W ise, H ob b s & A r n o ld L B oston :

Shares.

Stocks.

$ per sh.

Shares.

S lo c k s.

[V ol. 114

C H R O N IC L E

S per sh .

1 H a v e r h il l G a s L i g h t , p a r $ 5 0 - . 8 0
1 G r i n n e l l M f g .........................................134
1 I o w e ll E l e c t r ic L i g h t C o r p ____ 18144
10 U . S . W o r s t e d , 1 s t p r e f -----------444
5 W ic k w lr e S p e n c e r S t e e l , p r e f . , 73
2 I o w e ll E l e c t i t c L i g h t ___________ 181
3 0 D r a p e r C o r p o r a t i o n s ___________ 151
10 M e r r l m a c C h e m ., p a r $ 5 0 .8 4 4 4 -8 4 4 4
2 -1 0 A m e ric a n M f g ., c o rn , s c r i p t
9 44 4 - 1 0 A m e r i c a n M f g ., r o m . s c r i p . , 9 5-1 0
10 M e r r lm a c C h e m i c a l ................ ....... 8 5
2 A m e r i c a n M t g . , p r e f ........................ 81
2 2 F i s k R u b b e r , 1 s t p r e f e r r e d ____ 8 244
3 M e r r l m a c C h e m ic a l , p a t $ 5 0 . - 8 444
100 M e lo n e s M i n i n g ________________ 5 5 c .
2 0 A m e r i c a n U r le k , p r e f ., p a r $ 2 5 . 16
1 W . M . L o w n e y , p r e f e r r e d _____ 2 0
11 A m o r lc a n B r i c k , c o m ., p a r 5 5 , .
1 44
5 0 M e r r l m a c C h e m i c a l _____________ 8 444
1 F i t c h b u r g G a s A E l e c ., p a r $ 5 0 . 804 4

B y M essrs. R . L . D a y & C o .. B oston :

S per sh.
Stocks.
S per sh Shares. Slocks.
5 0 r i g h t s T a m p a E l e c t r i c C o ____
7 %
2 5 H i g h l a n d T r u s t , S o m e r v i ll e ,
8 0 U n i t e d R e f in e r ie s , p r e f _______\ S 2 5 0
M a s s _________________________ 6 0
2 4 0 U n i t e d R e f in e r ie s , c o m m o n . . / lo t
14 G u a r a n t y T r u s t , C a m b r i d g e ,
1 ,5 0 0 A r k a n s a s D i a m o n d C o r p . ,p a r
M a s s ...................................................9 7
S 1 0 .............................................. $ 1 0 0 l o t
7 -1 0 A m e r i c a n M a n u f a c t u r i n g ___9 5-1 6
100 M e t a l T h e r m i t C o r p .................. 4 0
1 W a m s u t t n M i l l s ............................113
2 0 E m e r a l d O il C o r p . , p r e f ...........\ $ 100
2 0 H a m il t o n M a n u f a c t u r i n g ______7 3
2 0 E m e r a l d OH C o r p . , p a r S 2 5 . . / lo t
2 C o n t o o e o o k M ills , c o m ________ 2 5
6 0 I v e s L e e C o ., p r e f ........................\S 6 0 0
15 C a n a d i a n C o n n . C o t t o n M ills ,
120 I v e s L e e C o ., c o m m o n ............. / l o t
p r e f e r r e d . . .......................
7 044
5 0 U n d e r w ’d C o m p .M a c h ., p f .\ S 3 ,0 0 0
14 N a s h u a M f g ., p r e f ................ 9 9 A d iv
125 U n d e r w ’d C o m p t . M a c h . , . . /
lo t
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100 O 'B a n n o n C o r p . , p r e f ..............5 1 0 lo t
p a r $ 1 0 ........................................ 0 4 4 -6 4 4
9 H a m i l t o n W o o l e n ................................7 9 44 1 0 0 A m e ric a n G l u o .................................10944
4 -1 0 A m e r i c a n M a n u f a c t u r i n g ____
944
1 B o s t o n A t h e n a e u m , p a r $ 3 0 0 ,5 0 0
6 C o n v e rse R u b b e r S h o e, p r e f .8 9 -9 0
3 W e s t P o i n t M a n u f a c t u r i n g . . 121 44
5 r i g h t s T a m p a E l e e t i l c C o ___
7 44
6 0 U . S . W o r s t e d , 1st p r e f ..............4 - 4 4 6
7 H o o d R u b b e r , p r e f .........................9 8
3 C o n n . A P a ssu m p a le R iv e rs
2 L o w e ll E l e c t r ic L i g h t _________18144
R R . , p r e f ..................................... 7 1 54
1 G r a t o n A K n i g h t M f g ., p r e f . 5 0 %
2 0 W o r c e s te r S u b u r b a n E l e c ____ 13046
6 S u l li v a n M a c h i n e r y .....4 6 4 ( - 4 6 44
2 B o s t o n B e l ti n g C o r p . , p r e f .,
1 C e n tra l A g u irre S u g a r, p a r$ 2 0 6546
p a r $ 5 0 .................. ...................... 32
5 F i r s t N a t i o n a l B a n k , B o s t o n .3 0 3 44
10 B a n ;e r s I n v . T r u s t o f A m e r .,
2 0 U . S . W o r s t e d , 1 st p r e f ...........
p r e f e r r e d .............. ....................
100
4
Bonds.
Per Cent.
3 W h it l o c k C o ll P i p e C o . , p a r
$ 2 5 ........................................................ 31
$ 3 ,0 0 0 E a s t e r n M a s s . P t . R y . 4 t 4 s ,
3 L a n d e rs, F ra y A C la rk , p a r
194 8 , S e rie s A .......................... . 6 H I A I n t.
$ 2 5 ..................................................... 5444 $ 1 5 0 E a s t e r n M a s s . S t . R y . 7 s , 1 948
S e r ie s D .............................................. 7 9 A l n t .
5 R o c k p o r t G r a n i t e ........... ................2 8 '4
2 5 M e r r lm a c H a t , p r e f ., p a r $ 5 0 . 224 6 $ 1 0 0 E a s t e r n M a s s . S t . R y . 6 s , 1929
2 0 B o sto n R R . H o ld in g ,
p r e f _4 3
S e r ie s H. C .................................. 9 6 4 4 A i n t .
3 0 C o l l a t e r a l L o a n C o ................. ..1 0 0 4 4 5 2 ,0 0 0 E a s t e r n M a s s . S t . R y . 6 s ,
2 F is k R u b b e r , 1 st p r e f ________ 8 246
1 9 2 8 .......................................... ............ 9 8 A l n t .

Shares.

N a m e o f C om pany.

P er
C ent

M i s c e l l a n e o u s (C o n c lu d e a )
F a m o u s P l a y e r s - L a s k y C o r p ., c o m . ( q u .)
2
F a y (.1. A .) A E g a n C o ., p r e f . ( q u a r . ) . .
144
I n t e r n a t . C o t t o n M ills , p r e f . ( q u a r . ) .
144
I n t e r n a t . H a r v e s t e r , p r e f . ( q u a r . ) ____
144
M a c A r t h u r C o n c r e t e P i le A F o u n d a t i o n
2
C o . , I n c . , p r e f e r r e d ( q u a r . ) ......................
*1
M c C ro ry S to re s C o rp ., c o m m o n ( q u a r .) .
N a t l o n a l R e f in i n g , c o m m o n ( q u a r . ) ____
144
N a t i o n a l S u g a r R e f in i n g ( q u a r . ) ________
1 44
O g ilv le F l o u r M il ls , p r e f e r r e d ( q u a r . ) ___ *144
6
O ld D o m i n io n I r o n A S t e e l ______________
2
N y a n z a M ills ( q u a r . ) . .......................................
*50c
P h i l l i p s P e t r o l e u m ( q u a r . ) . , ........................
3
P i t t s b u r g h D i s t r i c t E l e c ., p r e f e r r e d ____
S a n J o a q u i n L i g h t A P o w ., p r e f . ( q u a r . ) .
144
P r i o r p r e f e r r e d ( q u a r . ) ........... .......................
144
S o u th e rn C a lifo rn ia E d is o n , c o m . ( q u .) .
2
S t a n d a r d G a s A E l e c . , p r e f . ( q u a r . ) ____
S t a n d a r d O il ( I n d i a n a ) ( q u a r . ) ................... ‘ $1
3
S t a n d a r d O il ( K a n s a s ) ( q u a r . ) _________
S t a n d a r d O il ( O h io ), c o m m o n ( q u a r . ) . . *3
C o m m o n ( e x t r a ) ............................................... *1
T l m k e n - D e t r o i t A x le , p r e f e r r e d ( q u a r . ) .
144
U n d e r w o o d T y p e w r i t e r , c o m m o n ( q u a r .)
244
P r e f e r r e d ( q u a r . ) .............................................
144
SI
U n io n C a r b i d e A C a r b o n ( q u a r . ) ................
U n ite d C ig a r S to re s , p re fe rre d ( q u a r . ) . .
144
*1
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* 1 )4
P r e f e r r e d ( q u a r . ) ______________________
V a lv o lin e O il ( q u a r . ) _____________________ *244
2
W a i n s u t t a M il ls ( q u a r . ) ..................... ............
W o o lw o r t h ( F . W .) C o ., p r e f . ( q u a r . ) . .
*144
Y o r k M a n u f a c t u r i n g _____________________ *6

N a m e o f C om pany.

R a ilr o a d s ( S te a m ).
\tc h . T o p e k a A S a n ta Fe. co m . (q u a r .).
C a n a d i a n P a c if i c , c o m . ( q u a r . ) ..................
C a t a w l s s a . 1 s t A 2 d p r e f ................ ..................
C e n t r a l R R . o f N . J . ( q u a r . ) ........................
C le v e la n d A P I t t s b .. r e g . g u a r . ( q u a r . ) . .
S p e c ia l g u a r a n t e e d ( q u a r . ) ........................
C r ip p le C r e e k C e n t r a l , p r e f ........................
D e l a w a r e A H u d s o n C o . ( q u a r . ) -----------Illin o is C e n t r a l ( q u a r . ) .....................................
N . Y . C h l e . A S t . L o u is , 1st p r e f . ( q u a r .)
F i r s t p r e f e r r e d ( q u a r . ) ................ .................
F ir s t p r e f e r re d f q u o r . ) .......................... .......
N o r f o lk A W e s t e r n , c o m m o n ( q u a r . ) . . .
N o rfo lk A We-< t o . a d j . p r e f . ( q u a r . ) . . .
P e n n s y l v a n i a ( q u a r . ) ---------------- --------- —
t’l t t - l i u r g h A W e s t V a ., p re f. ( q u a r .) . .
R e a d i n g C o . . 1 s t p r e f . ( q u a r . ) ......................

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P r ic e .

M is c e lla n e o u s .
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A t l a s P o w d e r , c o m m o n ( q u a r . ) _________
B r o o k s id e M i l l s ......................................................
C a b o t M a n u f a c t u r i n g ( q u a r . ) ........................
C e llu lo id C o . , p r e f e r r e d ( q u a r . ) ...................
C e n t r a l A r i z o n a L . A I’ ., c o m . ( q u a r . ) . .
P r e f e r r e d ( q u a r . ) .......................................
C l e v e la n d E lc o . I li u m . 8 % p r e f . ( q u a r . ) .
C o n t i n e n t a l O il ( q u a r . ) .....................................
C r a n e C o ., c o m m o n ( q u a r . ) ...........................
)< P r e f e r r e d ( q u a r . ) ............................................
C r e s c e n t P ip e L in e ( q u a r . ) .............................
D o w C h e m ic a l , c o m m o n ( q u a r . ) ................
!► P r e f e r r e d ( q u a r . ) ............................................
E a s t m a n K c d a k , c o m m o n ( q u a r . ) ........... ..
t> P r e f e r r e d ( q u a r . ) .............................................
E s s e x C o m p a n y ....................................................




Shares.

S lo c k s.

Juno
Ju n e
3
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2
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*144 J u n e
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344 M a y
144 M a y
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144 J u l y
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5

1
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10
15
15
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15
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H o ld e rs
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H o ld e rs
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M ay
M ay
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A p r.
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M ay
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June
Ju n e
M ay
M ay
M ay
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20
22
31a
8
4
29g
29
29
15a
25
1
1
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5
5
31
31
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M ay
Juno
M ay
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Ju n e
Ju n e
M ay
Ju n o
Ju n o
Ju n o
Ju n o
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Ju n o
Ju n o
J u ly
J u ly
Ju n o
J u ly
J u ly
J u ly
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Ju n o
Ju n e
Ju n e
Juno
J u ly
June

H o l d e r s o f ro c .
M a y 11
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H o l d e r s o f re o .
H o ld e rs o f re c .
H o ld e rs
♦ H o ld e r s
H o ld e rs
H o ld e rs
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H o ld e rs
H o ld e rs
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M a y 21
H o ld e rs
H o ld e rs
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H o ld e rs
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W hen
P a y a b le .

1 44 J u n e
244 J u n e
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144
5 4 P h l l a . G e r m a n t o w n A N o r . R R .1 2 1 1 4
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9 7 F .llz. A T r e n t o n R R . , p a r $ 5 0 . . 2 9
3 4 B ig B l a c k C r e e k I m p r o v e m e n t . 17
C o l u m b u s R y . , P . A L ., p r e f . " A " —
144
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8 C i ti z e n s P a s s e n g e r R y ........................ 2 2 0 44 C o n n e c t i c u t R y . A L t g ., c o m . A p f. ( q u .)
F e d e ra l L ig h t A T r a c ., p re f. ( q u a r . ) . . .
1 44
13 B a n k o f N o r t h A m e r i c a ............. 28044
6 P e n n . A c a d e m y o f F in e A r t s . . . 30
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144
7 F i r e A s s n .o f P h l l a . , p a r $ 5 0 . 3 1 8 -3 1 8 t$
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144
2 V i c to r y I n s u r a n c e , p a r $ 5 0 ____ 103
p a r $ 5 0 ............
93
N o r f o lk R y . A L i g h t ......................................... *3
12 P e n n N a t i o n a l R a n k ...................... 3 5 3 4 4
2 0 W h a le n - C r o s b y E l e c ., p r e f . . . $ 1 0 lo t
T a m p a E l e c t r ic C o . ( q u a r . ) ..........................
244
B onds.
P e r C e n t.
2 P h i l a d e l p h i a N a t i o n a l B a n k . . .3 7 0
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144
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$ 1 ,0 0 0 I l e s t o n v l l l e M a n t u a A F a i r 15
N e w Y o r k L ife I n s u r a n c e A T r u s t ____
m o u n t P a s s . R y . 5 s , 1 9 2 4 ............... 9 7
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M is c e lla n e o u s .
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A m e r. B e e t A S u g a r , p r e f . ( q u a r . ) _______
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144
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3
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26c.
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T ho d ivid en d s annou n ced th is w eek are:
A m e r. W a t e r W o rk s A E le c ., p f. ( q u . ) - 144
A s s o c ia te d D r y G o o d s , f ir s t p r e f . ( q u a r .)
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Per
W hen
Bocks Closed.
144
2
B e a c h R o y a l ti e s C o r p . ( m o n t h l y ) .............
Name o f C om pany.
Cent. P ayable .
D a ys In clu sive.
B e th le h e m S te e l, c o m m o n ( q u a r . ) .............
144
C o m m o n B ( q u a r . ) .........................................
141
R a ilr o a d s (S te a m ).
2
8 % c u m . c o n v . p r e f . ( q u a r . ) ...................
A l a b a m a G r e a t S o u t h e r n , o r d i n a r y ...........
344 J u n e 2 9 H o l d e r s o f r c c . M a y 31
7 % n o n - c u r n . p r e f . ( q u a r . ) .....................
P r e f e r r e d .......................................................—
144
344 A u g . 17 H o l d e r s o f r e c . J u l y 13
4
B o n d A M o r t g a g e G u a r a n t e e ( q u a r . ) -----C h e s t n u t H ill ( q u a r . ) ....................................... .. *144 J u n o 5 ♦ M a y 21
to
Ju n e 4
B r a n d r a m - H e n d e r s o n , L t d ., c o m m o n . .
C h i c a g o A N o r t h W e s t e r n , c o m m o n ____
*244 J u l y 15 ♦ H o ld e r s o f r e c . J u n e 15
2
B r o o k ly n E d is o n C o . ( q u a r . ) ........................
P r e f e r r e d .................................................... .......... *344 J u l y 15 ♦ H o ld e r s o f re c . J u n e 15
N o r t h P e n n s y l v a n i a ( q u a r . ) .......................... S I
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M a y 25 M a y 11
to
M a y 19
P h l l a . G e r m a n t o w n A N o r r is t o w n ( q u .) *3
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J u n e 5 ♦ M a y 21
to
Ju n e 4
50c.
P i t t s . B e s s e m e r A L a k e E r ie , p r e f -------1 H o l d e r s o f r c c . M a y 15
S I .50 J u n o
50c.
P i t t s . Y o u n g s . A A s h t a b u l a , p r e f . ( q u a r .) *144 J u n e
1 ♦ H o ld e r s of r e c . M a y 2 0
3 44
B u t le r B r o t h e r s ( q u a r . ) .....................................
S o u t h e r n P a c ll l c C j . ( q u a r . ) ........................
1 H o ld e rs of rec . M a y 3 1 a
1 44 J u l y
2
U n i o n P a c if i c , c o m m o n ( q u a r . ) ............. ..
B u t l e r M ills ( q u a r . ) ............................................
1 H o ld e rs o f rec . J u n e
l
244 J u l y
$ 1 .6 0
C a l if o r n ia P a c k in g C o r p . ( q u a r . ) .............
S t r e e t a n d E le c tr ic R a ilw a y s .
C a n a d a C e m e n t , L t d ., p r e f . ( q u a r . ) -----144
R o c h e s t e r G its A E le c . C o r p ., p r e f . ( q u .)
1 H o l d e r s o f r c c . M a y 15
144 J u n o
141
C a n a d i a n C o n v e n e r s ( q u a r . ) ........ ...............
B anks.
H a n o v e r N a t i o n a l ( p a y a b l e in s t o c k ) ____ c6 6 2-3 J u n o 6 M a y 3
'a s e y - H e d g e s C o ., c o m . ( q u a r . ) ---------244
to
Ju n e 6
44
M o n t a u k ( B r o o k ly n ) ( q u a r . ) ____________
C e lla r R a p i d s M fg . A P o w e r ( q u a r . ) . . .
1 M a y 20
to
Juno
1
144 J u n e
S to c k s.

J u ly
1
M a y 20
June
1
Ju n o
1

D o c k s C lo s e d .
D a y s I n c lu s iv e .

of
of
of
of
of
of
of
of
of
of
of
of
of

re c .
re c .
re c .
rc c .
re c .
rc c .
rcc.
rcc.
rec .
rcc .
rec .
re c .
rec .
to
o f re c .
o f rec .
o f rec .
to
of rec .
of re o .
o f rec .
o f reo .
o f rc c .
o f rec .
o f re o .
o f rcc.
o f rec .
o f re c .

Juno
M ay
M ay
M ay

15a
20
18
10a

M ay
M ay
M ay
Ju n o
M ay
M ay
M ay
June
M ay
M ay
M ay
A p r.
M ay
Ju n e
M ay
M ay
M ay
Juno
June
Ju n o
Juno
M ay
Ju n o
Ju n e
Ju n e
June
Ju n e
M ay

5
20
1
12
22
16
4
15
22
31
31
30
31
14
31a
26
26
1
3
3
7
31a
15
15
9
9
10a
16

B elow wo g iv e tho d ivid en d s announcod in provious w eeks
and n o t y e t p aid . T h is list does not in clu d e d ivid en d s
announcod th is w eek .

B y M essrs. B arn es & L ofland, P hiladelphia:

Shares.

When
P a y a b le

• a 44
C o m m o n ( m o n t h l y , p a y a b le In s c rip )
C o m m o n ( p a y a b l e In c o m . s to c k s c rip ) M l 44
P r e f . A p r e f . B ( m t h l y . p a y . In s c r i p ) . M 44
C i n c in n a t i T o b a c c o W a re h o u s e ( q u a r ) . $1
2
C o l o r a d o F u e l A I r o n , p r e f . ( q u a r . ) -----C o l u m b i a G a s A E lo o tr le q u a r . ) ................
144
C o n s o l id a t e d G a s , N o w Y o rk ( q u a r . ) . . .
144
C o u t i n e n t a l P a p e r A B a g M ills , c o m .( q u .)
144
144
*144
D a v is C o t t o n M ills ( q u a r . ) ............................. *1 4$
D a v o l M ills ( q u a r . ) ....................................... ..
*144
75c.
D e e r e A C o ., p r e f . ( q u a r . ) -------- --------2
D ie m A W in g P a p e r , p r e f e r r e d ( q u a r . ) . .
144
1
D o m in io n B r id g e ( q u a r . ) ..................................
2
E a s t e r n S h o r o G a s A E le c ., p f. ( q u a r . ) . .
K ls rn lo h r ( t ) t t o ) A B ro s c o m . ( q u a r ) .
1 4(

June
Juno
Ju n e
June
J u ly
M ay
M ay
Juno
M ay
M ay
Juno
M ay
M ay
M ay

1 H o ld e rs o f re c . M a y
30 H o ld e rs o f rec . J u n o
19 ♦ H o ld e r s o f r c c . M a y
15 H o ld e r s o f r c c . M a y
1 H o ld e r s o f r e c . M a y
1 H o ld e r s o f r c c . M a y
1 H o ld e rs of rec . M a y
2C H o l d e r s o f r e c . M a y
1 H o l d e r s o f ro c . M a y
30 H o l d e r s o f r e c . J u n e
3 0 H o ld e rs o f r e c . 8 e p t .
30 H o ld e rs o f rec . D eo.
to H o ld e rs o f re c . M a y
Ml f lo ld i rs of re c . A p r
31 H o l d e r s o f r c c . M a y
31 H o ld e rs o f re e . M a y
8 H o ld e rs o f rc c . M a y

la
5
10a
10a
10a
15
27a
5a
19a
19a
19a
31a
29a
la
3a
23a

1 H o ld e rs
1 H o ld e rs
1 H o ld e rs
1 H o ld e rs
1 H o ld e rs
15 A p r . 3 0
15 H o l d e r s
1 H o ld e rs
15 A p r 21
16 H o ld e rs
l • H o ld e rs
15 H o ld e rs
15 H o ld e rs
16 H o ld e rs

M ay
M ay
M ay
M ay
Ju n o
M ay
M ay
M ay
M ay
A pr
M ay
M ay
M ay
M ay

16
15
15a
15a
15
15
8a
15a
18
30
15
8*
1
1

H o ld e rs o f rc c . J u n o

la

J u n e 10
M ay
M ay
J u ly
M iiy
M ay
M ay
J u ly
O c t.
D ec.
Juno
M ay
A ug.
Ju n e
M ay
June
J u ly
Ju n e
M ay
Ju n e
M ay
J u ly
J u ly
J u ly
J u ly
M ay
D eo.
Ju n o
June
M ay
M ay
M ay
M ay
M ay
Ju n e
M ay
M ay
M uy
M ay
Juno
Ju n o
Ju n e
M ay
M ay
M ay
Ju n o
M tiy
M ay
Ju n e
Ju n o
J u ly
Ju n o
hint*
M ay
M ay
Ju n e
M ay

B o o k s C lo s e d .
D a y s I n c lu s iv e .

15
IS
1
15
13
16
1
1
31
30
16
1
1
15
I
1
1
15
I
1
15
I
1
1
1
15
1
1
15
15
15
15
15
15
16
16
16
15
15

of
of
of
of
of
of
of
of
of
of
of
of

ro c .
ree .
re c .
rec .
rc c .
to
rc c .
rcc .
to
rec .
re c .
rec .
rcc .
rcc .

H o ld e rs o f r e c .
H o ld e rs of r e e .
H o ld e rs o f r e c .
H o l d e r s of re c .
H o ld e rs o f r e c .
H o l d e r s o f re o .
J u n e 17
to
S e p t 17
to
D e c . 17
to
H o ld e rs o f r c c .
H o ld e rs o f rc c .
H o ld e rs o f ro c .
M a y 16
to
H o ld e rs o f r e c .
•H o ld e rs of rcc .
♦ M a y 16
to
H o ld e rs o f rc c .
H o ld e rs o f r c c .
H o ld e rs o f r e c .
H o ld e rs o f re c .
H o ld e rs o f r c c .
H o ld e rs o f rc c .
H o ld e rs o f r e c .
H o ld e rs o f ro c .
H o ld e rs o f re c .
H o ld e rs o f re c .
H o ld e rs of re c .
H o ld e rs of re c .
H o ld e rs o f r e e .
H o ld e rs o f r e e .
H o ld e rs o f r e c .
H o ld e rs ol r e c .
A p r. 30
to
H o ld e rs o f re c .
H o ld e rs o f r e c .
H o ld e rs o f r e c .
H o ld e rs of r e c .
H o l d e r s o f ro c .
H o ld e rs o l r e c .

1 ♦ H o ld e r s
1 ♦ H o ld e r s
I •H o ld e rs
in H o ld e rs
25 H o l d e r s
15 H o ld e rs
16 H o l d e r s
15 H o l d e r s
15 H o l d e r s
1 ♦ H o ld e r s
24 ♦ H o ld e r s
1 ♦ H o ld e r s
1 H o ld e rs
15 H o ld e rs
15 H o l d e r s
15 H o ld e rs
i H o ld e rs
10 H o l d e r s

of
of
of
of
of
of
of
of
of
of
of
of
ol
of
of
of
of
of

re c
rec .
rec .
re e .
rec .
rec .
rec .
rec .
rec .
re c .
ree .
rcc .
rec .
re o .
re c .
rec .
rec .
rec .

5a

A p r. 24a
A p r. 28a
J u n e 10a
A p r. 29a
M ay 3a
M ay
la
J u ly
1
O e t.
1
D e c . 30
J u n o 15a
M ay
la
Ju n o 30a
M a y 24
A p r . 30
M a y 31
M a y 31
M a y 10
M ay
la
M a y !3 u
M a y 13a
A p r. 29
J u n o l;>a
J u n o 16a
J u n o 15
J u n o 15
M ay
8
N o v . la
M a y 19a
A p r . 21
M ay
la
M ay
la
M ay
la
M a y 15
M ay 5
M ay 31a
A p r. 30
A p r . 29
M uy
1
A p r. 30
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
Ju n e
Juno
M uy
M ay
M ay
A p r.
M ay
M uj

15
15
15
2a
10«
3a
10a
8
8
15
10
24
15a
31fl
1
29
15
1

May 13 1922.]

THE
P ei
C ent

N a m e o f C om pany.

W hen
P a y a b le .

B o o k s C lo s e d
D a y s In c lu s iv e .

M i s c e l l a n e o u s <C o n c l u d e d ) —
M a y 15 H o l d e r s o f r e c . A p r . 2 9
F a m o u s P l a y e r s C a n ’n C o r p ., p r e f . (
.)
2
Ju n o
1 H o l d e r s o f r e c . M a y 16
F e d e r a l U t i li ti e s , p r e f e r r e d ( q u a r ) .
-l 'A
M a y 15 H o l d e r s o f r e c . M a y
1A
F i r e s t o n e T i r e i t R u b b e r . 7 % p re f. ( i.)
1
■ G eneral A s p h a l t , p r e f . ( q u a r . ) ...........
-1X
H o l d e r s o f r e c . M a y IGa
-134
G e n e r a l U ig u r , p r e f ., ( q u a r . ) _______
H o ld e rs o f re e . M a y 2 4 a
1 H o l d e r s o f rec, J u n e 2 4 a
..
1 34 J u l y
D e b e n t u r e n r e f ( q u a r .) ________
__ 2 5 c .
G e n e r a l D e v e l o p m e n t ______________
H o l d e r s o f r e c . M a y 10a
G i b s o n A rt C o —
10
C o m m o n , e x t r a tin c a s h ) __________ . .
H o ld e rs o f re c M a y
G i l l e t t e S a f e t y R a z o r ( q u a r . ) ........... — . . $.3
J u n e 1 H o ld e rs o f rec . M a y
1
s 2 Vi J u n e
1 H o ld e rs o f rec . M a y
S t o c k d i v id e n d (d e c la re d A p r il 1 2 ) . . . .
1
1 H o l d e r s o f re o M a i
S t o c k d i v id e n d ( d e c la re d J a n . 1 1 ) .. . . *'2H J u n e
I
1 H o ld e rs o f r e c . J u n e 21 a
G o o d r i c h ( B . F .) C o ., p r e f e r r e d ( q u a r ) 134 J u l y
2
■ G reat L a k e s D r e d g e A D o c k ( q u a r . ) . . . .
M a y 15 M a y 9
to
M a y 15
Ju n o
1 H o ld e rs o f re c . M a y 20 a
I la r b l s o n - W a l k R e f r a c t ., c o m . ( q u a r ) IA
I M J u l y 2 0 H o l d e r s o f r e c J u l y 10a
P r e f e r r e d ( q u a r .) ..................................... - *i
M a y 31 • H o l d e r s o f r e c . M a y 18
H a r t , S c h a f f n e r A M a r x . c o m . ( q u a r .) . .
H a r t m a n C o r p o r a t i o n ( q u a r . ) ................... - • H o l d e r s o f r e c . M a y 18
H o l l ln g e r C o n s o l id a t e d G o ld M i n e s . . . .
i ■ M a y 2 0 H o l d e r s o f r c c .d M a y
H o m e s t a k e M in i n g ( m o n t h l y ) . .............. . .
2 5c . M a y 25 H o ld e rs of re c . M a y 20
H o o s a c C o t t o n M ills , pr< ( e r r e d ( q u a r .) . .
2
M a y 15 H o l d e r s of r e c . M a y
5
2
I n d i a n a P i p e L in e ( q u a r . ) -------------------- . .
H o l d e r s o f r e c . A p r 24
E x t r a ------------------------- ----------------------H o l d e r s o f r e c A p r 24
*25c
I n l a n d S t e e l ( q u a r . ) ........................................
• H o l d e r s o f r e c . M a y 10
I n t e r n a l . H a r v e s t e r , p r e f . ( q u a r . ) ____ - 1 • H o l d e r s o f r e c . M a y 10
134 J u n e
I n t e r t y p o C o r p o r a t i o n ( q u a r . ) ________ - - *S1
M a y 15 • H o l d e r s o f r e c . M a y
1
I r o n P r o d u c ts C o r p .. p r e t . ( q u a r . ) ___ . .
2
M a y 15 H o ld e rs o f r e c . M a v
K a m l n l s t l q u l a P o w e r ( q u a r . ) ................... - 2
M a y 15 H o l d e r s o f r e c . A p r . 3 0
-2
M a y 15 H o l d e r s o f r e e M a y
L a n s to n M o n o ty p e M a c h in e ( q u a r .) . - M a y 31 H o l d e r s o f r o c . M a y 2 2
1A
L e o R u b b e r A T i r o C o r o , ( q u a r >____ - 50c J u n e
1 H o l d e r s o f r e c . M a y 15a
L e h i g h C o a l & N a v i g a ti o n ( q u a r . ) ___
M a y 31 • H o l d e r s o f r e c . A p r . 29
L i m a L o c o m o tlv o W o rk s , c o m . ( q u a r . ) 1 H o l d e r s o f r e c . M a y 15a
134 J u n o
L l g g c tt A M y c r s T o b . , c o m .A c o n
.)
3
Ju n e
1 H o ld e rs of re c . M a y 15a
.)
1
M a y 15 H o l d e r s o f r e c . M a y
1
L o r d A T a y l o t . 1st p re f. ( q u a r ) .......... *1A
Ju n e
1 • H o ld e rs o f rec . M a y 20
L u d l o w M a n u f a c t u r i n g A s s o c ia te s ( q u 2
June
1 H o ld e rs of re c . M a y 3
50c J u n o
1 H o l d e r s o f r e c . M a y 16
Juno
1 H o l d e r s o f r e c . M a y 16
- - f '2 A
M a r t i n - P a r r y C o r p . ( q u a r . ) ................
-50c J u n o
l H o ld e rs o f r e c . M a y 15a
M a s s a c h u s e t t s G a s C o s ., p r e f e r r e d .
-2
Ju n e
1 M a y 16
to
M a y 31
..
2
Ju n e
1 H o l d e r s o f r e c . M a y 15a
C o m m o n ( q u a r . ) ....................................
S e p t , l H o l d e r s of r e c . A u g . 15a
C o m m o n ( q u a r . ) __________ _______
H o l d e r s o f r e c . N o v . 15a
P r e f e r r e d ( q u a r . ) ..........................." !
J u ly
1 H o l d e r s o f r c c . J u n e 15a
P r e f e r r e d ( q u a r . ) _____ ______
H o l d e r s o f r e c . S e p t . 15a
M e r r i m a c k M f g ., c o m m o n q u a r . ) !
V*
H o ld e rs of re c . M a y 2
M o x lc a n S e a b o a r d O i l .............................
M a y 15 H o l d e r s o f r c c . M a y 10
M ia m i C o p p e r ( q u a r . ) _____
. 50c
M a y 15 H o ld e rs o f r e c . M a y
1«
.
2
M a y 15 H o l d e r s o f r e c . A p r . 3 0
134 J u l y 15 H o l d e r s o f re o . J u n e 3 0 a
P re fe rre d ( q u a r .) .
M a y 31 H o ld e rs o f ro c . M a y 17a
134 J u n e 3 0 H o l d e r s o f rc c . J u n e 10a
P r e f e r r e d ( q u a r . ) ____________________ ! 154 S e p t . 3 0 H o l d e r s o f r e c . S e p t 9o
_
P r e f e r r e d ( q u a r . ) _ . , . ” ” " ” 11!
D eo 3 0 H o ld e rs o f ro c D e c
9
N a t i o n a l L e a d , p r e f e r r e d ( q u a r .) I
134 J u n o 15 H o l d e r s o f r e c . M a y 2 6 a
N o w C o r n e li a C o p p e r C o . ( q u a r . ) . . . ” - 2 5 c .
M a y 22 H o l d e r s o f re c . M a y 5 a
N e w Y o r k S h i p b u il d in g ( q u a r . ) ................ 50c J u n o
1 H o l d e r s o f r e c . M a y 10a
N ile s B e m e n t P o n d , p re fe rre d ( q u a r .)! M a y 2 0 H o l d e r s of r e c . M a y 3 a
1A
O n t a r i o S te e l P r o d u c ts , p r e f e r re d ( q u a r >
M a y 15 H o l d e r s o f re c . A p r 2wn
Ida
P a c if i c O . A K ., 1 st p f. A o r lg . p f. ( q u )
M a y 15 H o ld e rs o f r e c . A p r 2 9 a
IA
P a t t e n T y p e w r i t e r ( q u a r . ) ___ ■
...........
M a y 21 H o l d e r s o f r e c . M a y
- *2A
P e e rle s s T r u c k A M o t o r ( q u a r .) ..............
J u n o 3 0 H o ld e rs o f reo . J u n e
P e e rle s s T r u c k A M o t o r ( q u a r . ) . . ”
7 5 c . S e p t . 3 0 H o ld e rs o f re o . S e p t
la
P e e rle s s T r u c k A M o to r ( q u a r . ) ____ I ” 76o. D e o . 31 H o ld e rs o f r e c . D e o .
la
P e n m a n s . L t d ., c o m m o n ( q u a r . ) ”
2
M a y 15 H o ld e rs o f re o . M a y 5
P lg g ly - W lg g l y S t o r e s , c la s s A ( q u a r . ) I " - *$I
Ju n o
l • H o ld e rs o f r e c . M a y 2 0
P i t t s b u r g h S t e e l , p r e f . ( q u a r . ) ............. .. 134 J u n e
1 H o ld e rs o f r e c . M a y 15a
P r a t t A W h it n e y C o ., p r e f . ( q u a r . ) . " . 1A
M a y 20 H o ld e rs o f re c . M a y 3
P r e s s e d S te e l C a r , p r e f e r r e d ( q u a r . ) ___ 154 J u n o
1 H o l d e r s o f r e c . M a y 11a
P r o c t e r A G a m b le C o ., c o m . ( q u a r . ) . ” 5
M a y 15 H o l d e r s o f r e c . A p r . 2 5 a
P u l l m a n C o m p a n y ( q u a r . ) ...........................
M a y 15 H o l d e r s o f r c c . A p r . 2 9 a
P u r e O il, c o m m o n q u a r . ) ..................... .......
Ju n o
1 M a y 11
to
Ju n e 5
Q u a k e r O a t s , p r e f e r re d ( q u a r . ) ...................
M a y 31 • H o l d e r s o f r e c . M a y
1
Q u l s s e t t M ill, c o m m o n ( q u a r . ) _________
M a y 15 H o l d e r s o t r e c . M a y 5
S a l m o n F a l ls M a n u f a c t u r i n g .....................
June
1
H o ld e rs o f r e c . M a y 24
S h a r p M a n u f a c t u r i n g , c o m m o n ( q u a r .) 2
M a y 2 2 H o ld e rs o f r e c . A p r . 29
S h a w m u t M ills , c o m . ( q u a r . ) ...................... - * I A
J u n e 3 0 * H o ld e rs o f r e c . J u n e 2 0
P r e f e r r e d ( q u a r . ) .......................................... - * 134 J u n e 3 0 *
e rs o l r e c . J u n e 2 0
S i n c la i r C o n s o l. O il, p r e f . ( q u a r . ) ........... 2
M a y 31
23
to
M a y 17
S o u t h e r n P i p e L in e ( q u a r . ) ........................... 2
Ju n e
1 H o ld e rs o f b e e . M a y 15
S m i t h (A . O .) C o r p .. p r e f . ( q u a r . ) ____ 134 M a y 15 H o l d e r s o f r e c . M a y
I
M a y 31
P re fe rre d ( q u a r .) .
l A
M a y 31
SI
l u n c 15
S t a n d a r d O il o f N e w Y o rk ( q u a r . ) .
J u n e 15 *
S t a n d a r d O il ( O h io ), p r e f . ( q u a r .)
Ju n o
l
D4
A pr 28a
M a y 15
M ay 4
P r e f e r r e d ( q u a r . ) .....................
154 M a y 15
M ay 4
S te rn B ro th e rs , p re f. ( q u a r .) .
Ju n e
1
M a y 15a
P r e f e r r e d ( q u a r . ) .....................
S e p t. 1
A u g 15a
M a y 15 *
A p r . 29
7 5 c . M a y 15
A p r. 29 a
S t u d e b a k e r C o r p ., c o m . A p r e f . ( q u a r .)
154 J u n e
1
M a y 10a
S u p e r io r S t e e l , 1st A 2 d p r e f . ( q u a r . ) . . .
M a y 15
M ay
la
T o b a c c o P r o d u c ts C o r p ., c o m . ( q u a r .) ..
IA
M a y 15
M ay
la
T u r m a n O il ( m o n t h l y ) .....................................
M a y 20
M o n t h l y ...... ..................................................._!
lu n o 20
M o n t h l y ..............................................................
J u ly 2 0
E x t r a ................ ............................................. ..
J u ly 20
U n io n T a n k C a r , c o m . A p r e f . ( q u a r . ) .
154 J u n o
1
M a y 5a
•U n ite d D r u g , 2 d p r o f, ( q u a r . ) .....................
lA
Ju n e 1
U n i t e d D y e w o o d . p r e f e r r e d ( q u a r . ) ____
l
134 J u ly
P r e f e r r e d ( q u a r .)
................................
154
J e t.
1
U n i t e d G a s I m p t . , p r e f . ( q u a r . ) ................... 8 7 H e .
[u n o 15 1
U n i t e d P r o f i t S h a r in g , ( q u a r . ) ................
3440
Ju ly
|
U n i t e d R o y a l ti e s ( m o n t h l y ) ..........................
3
M ay 25 I
A p r. 5
E x t r a ......................................................................
M ay 25 i
A p r. 5
j,
U . S . S to o l C o r p ., c o m m o n ( q u a r .) ...........
134
lin e 2 9 5
I
to
M a y 31
P r e f e r r e d ( q u a r . ) ---------------------------------134
M a y 29
M ay 2
V a c u u m O i l ..............................................................
3
M ay 31 I
E x t r a ..........................................- .........................
3
M ay 31 1
M ay
I
V a n U a a l t c C o . , I n c . , p r e f . ( q u a r . ) ...........
134 . u n o
1 1
W a h l C o ., c o m m o n ( m o n t h l y ) _________
60c
. uno 1 1
C o m m o n ( m o n t h l y ) ------------------------------ 5 0 c .
, u ly
1
l
P r e f e r r e d ( q u a r . ) ---------------------------------154 . u ly
1 l
W a rw ic k I ro n A S t e e l ..........................................
30c.
l a y 15 A
to
M a y 15
W e lc h G r a p o J u i c e C o ., p r e f . ( q u a r . ) . . .
134
l a y 31 I
W e lls . F a r g o A C o ............................................ ..
H , u u e 20 1
W h i t e ( J . G .) A C o . , I n c . , p r e f . ( q u a r . ) . d l A
■uno
1 I
W h i t e ( J . G .) e n g i n e e r i n g , p r e f . ( q u a r . )
154 . u n o
1 I
W h lt o ( J . G .) M a n a g c ’t C o r p .. p f. ( q u .)
134 • u n o
1 I
W il l A B a u m e r C a n d l e , c o m m o n ( q u a r .) .
2 5 c . l a y 15 1
W i s c o n s in R i v e r P o w e r , p r e f e r r e d ( q u a r .) *154
l a y 2 0 »I
W o o lw o r t h ( F . W .) C o ., c o m . ( q u a r . ) . .
. une
1 It
M a y 17
C o m m o n ( e x t r a ) ...................- ............ ............
. uno
1 it
M a y 17
W r i g h t A e r o n a u ti c a l C o r p . ( q u a r . ) ...........
25c . M ay 31 1
Y e llo w C a b M fg . ( m o n t h l y ) _____________
♦00c .. u n o
1 *1
M o n t h l y ...................................... .........................
•H O o l.J u ly
l *F

1

2

*
2

1

1

2

2
2
2
•2

2
1
1
1
2

2

W eek ly R e t u r n o f N e w Y o rk C ity C le a r in g H o u s e
B a n k s a n d T r u s t C o m p a n ie s .
T h e follow in g sh ow s th e co n d itio n of the M *w York C ity
C learing H ouse m em bers for tho w eek en d in g M a y 6 . T h e
figures for the sep arate ban k s are th e averages o f the daily
resu lts. In tho case o f the grand to ta ls, we also sh ow th e
actual figures of co n d itio n a t the#uid of the w eek.
NEW

YORK

• F r o m u n o f fic ia l s o u rc e s ,
t Th
w ill n o t b e q u o t e d e x - d i v t d e n d o n t h i s d a t e a n d n o u T n t i ? 'f u r t h e r ’n o t i c e ™ a T r a n s f e
f c o o k s n o t c lo s e d fo r t h is d i v id e n d , b L ess B r i ti s h In c o m e tax^
d C o r r e c tio n
e P a y a b l e In s to c k . / P a y a b l e In c o m m o n s t o c k , a P a y a b l e In s e r i n
h o .
a c c o u n t o f a c c u m u l a t e d d i v id e n d s
i P a y a b le In L i b e r t y o r W e t a r * L m n t o n d s
) P a y a b l e In N ew Y o rk f u n d s
t P a y a b le In C a n a d i a n f u n d s
t h o H t h L o o d V F r b la y H o l i d a y . 'V' <1<ln‘1 ° D A P r" , 3 t h - U l° 151,1 b e ,n *
'o
* T w o s to c k d i v i d e n d s o f 2 A % e a c h w e re d e c la r e d o n G i l l e t t e S a f e t y R a z o r s to c k
1 8 2 2 a “ d t h ° ° t h e r ° a A p r “ 12, m a k l n g 5 % 1,1




a n d b o th p a y -

W EEKLY
N et

C L E A R IN G

H O USE

RETU RN S.

L
oans,
R e
eser
. C
ash w
Net
e B
ank
Inast- In Lith D and Tim Circu­
eg l
a
De­
m
ents, V D post■Dem posits la­
ault r
eposits.
&
c.
lories
tion.
. A
verage Av ra Av ra A
i ge - ne verage A
verng i eg*.
S
S
S
i $
% $
37.42
658 3,91
.

W eek e n d in g
M . y 6 19 2 2 .

N a t ’l,
S ta te ,
T r .c o s ,

(000 o m i t t e d . )

M em b ers o f F e d . R es.
$
Bk of N Y , N B A
2 ,0 0 0
B k o f M a n h a t 'n
5 .0 0 0
M t c h A M e t N a t 1 0 .0 0 0
B a n k o t A m e ric a
5 .5 0 0
N a t C i t y B a n k . 4 0 .0 0 0
C h e m ic a l N a t . .
4 .5 0 0
A t l a n t i c N a t ___
1 .0 0 0
N a t B u tc h & D r
500
A m er E x ch N a t
5 ,0 0 0
N a t B k o f C o m m 2 5 .0 0 0
P a c if ic B a n k ___
1 .0 0 0
C h a t A P h e n N a t 1 0 ,5 0 0
H anover N a t..
3 .0 0 0
C o rn E x c h a n g e .
8 .2 5 0
Im p A T ra d N a t
1 .5 0 0
N a t i o n a l P a r k . . 1 0 .0 0 0
E a s t R iv e r N a t .
1 .0 0 0
F irs t N a t i o n a l . . 1 0 .0 0 0
I r v i n g N a t i o n a l 1 2 ,5 0 0
C o n t i n e n t a l ___
1 .0 0 0
C h a s e N a t i o n a l . 2 0 ,0 0 0
F ifth A v e n u e ..
500
C o m m o n w e a lth
400
G a r f ie ld N a t ___
1 .0 0 0
F ifth N a tio n a l.
1 ,2 0 0
S e a b o a rd N a t .
5 4 .0 0 0
C o a l A I ro n N a t
1 .5 0 0
U n io n E x c h N a t
1 ,0 0 0
B k ly n T r u s t C o
1 .5 0 0
B a n k e r s T r C o . 2 0 .0 0 0
U S M lg e A T r
3 .0 0 0
G u a r a n t y T r C o 2 5 .0 0 0
F i d e li ty - 1 n t T r .
1 .5 0 0
C o lu m b ia T r u s t
5 .0 0 0
P e o p le s T r u s t . .
1 .5 0 0
N e w Y o rk T r u s t 1 0 .0 0 0 1
L in c o ln T r u s t . .
2 .0 0 0 !
M e tro p o lita n T r
2 .0 0 0
N assau N a t, Bk
1 .0 0 0
F a rm e rs Ln A T r
5 ,0 0 0
C o lu m b ia B a n k
2 .000!
E q u i t a b l e T r u s t 1 2 ,0 0 0

)
J
)

125,7 P
146.54
50.99( l
460,76
113,14;
16.43f
5.46
98.43*
329,73
22.3651
139.55' i
116,53 '
174.42*
35,12'
156.68
13,0 If
259.031
190.965
7.17C
329.99.
21,541
8.495
15.285
14,883
71 979
14,90S
16,483
34,21!
255.97C
54.686
382.141
19,431
79.589
40.671
142,605
22,283
33,513
15,618
126,281
26.783
141.923

1.809
7.270
1.321
7.510
1,014
355
111
1.070
941
l.O'iO
5,088
982
5,809
012
874
328
443
4.17
114
6,997
640
50!
434
285
1,064
532
6.32
827
863
56 y
1,165
353
849
1,265
414
424
461
362
416
5.33
1,50!)

14.4.3
18.96
7.48!
57,69'
13.84.'1
2.0 S
I
62
11.63
38 0 5;
3..34:1
16.520
13,607
24.991
3.71 !
16 970
1.610
24.97<
25.522
925
41,70'
2.8S0
1,213
2.033
1.857
9.13!
1.54!
2.285
4.16!
30.124
6,754
42.546
2.601
9.853
3 919
16.908
3.0 >7
3.9 -9
1.381
13.350
.3.503
21.2M

28.29!
107,37.
138.62!
55.003
•537.287
102.49!
15.621
4.0
87.10
292.81!
23.4'C
115,87!
101 0 7
164.60!
28.231
129 93
11,65'
187.88"
19.3.733
5.9S(
312.688
21.46C
8.95C
14.78C
13.854
68.274
11.822
17,294
30.783
•241.250
5 1 /9 0
•421.318
19 0 0
7.3.837
39,53.3
131.62.8
21.395
30.1.30
13.682
•97.680
26.946
•183.932

97 1,970
14.30 ) . .
3.77
995
1.22
37.471 1,776
2.84' 1 348
77,
241
1
297
4,61. 4,960
5,24’
24! .
17,29" 5,416
100
1S.41C __
49
2,00 5,450
1,692
50
19,68£ 7,466
4,087 2,525
85
19,865 1,095

39
671
1.576
552
342
3.244
13.963
1.923
35.819
656
5.131
1.502
3,463
688
1,440
158
19.859
1.039
6.484

397
248
69
413
394

50
—

T o t . o t a v e r a g e s . 2 7 8 ,3 5 0

4,374,819 61,683 526.94 5 c 3 .945..501 253.184 34,309

T o t a l s , a c t u a l co
T o ta ls , a c tu a l co 1
T o ta ls , a c tu a l co
S ta te B an k s
G r e e n w ic h B a n k
B o w e ry B a n k . .
S t a t e B a n k ____

4.375,459 61.818 551 701 c3 954.028 253.31.3 34.250
4.399.486 60.751 531.477 •3 924 922 264,881 34.205
4.331.856 G1,714 524.5 >9 c 3 .910.310 248.866 34.C04
o f F c d ’l R cs’vc H an k .
18.652 1,6.32 1.89>
19 0 >9
50
5,263
600
.301
5.0 9
79,910 3,298j 2.119
29.495 48.078 —

T o t. o f avera g es.

103.825

T o ta ls , a c tu a l co n d P lo n
T o t a l s , a c t u a l c o jn d l ion
T o t a l s , a c t u a l c o n d i io n
T r u s t C o m p a n |e s N o t
T itle G u a r A T r
L aw y ers T 1 A T r
T o ta l o f a v e r a g e )

4.315

53.59.3 4S.12S

103.691 5.696 4.351
103.863 5,528 4.348
103.777 5 562 4.207
r s o f Fed 1 R e s ’v B ) >k
51.657 1,287| 4.091
25.605
8-50 1.802

5.530

53,425 4.8,125
53 933 4,8,155
53,630 48,115

U ,5 0 0 ; 1 9 .3 9 8

77,282

2,137

'T o ta ls , a c t u a l co n d l t l o n M a y 6
T o t a l s , a c t u a l co n d l t l o n [A p r. 29
T o t a l s , a c t u a l co n d l tl o n A p r . 22

78.867
74.471
75.073

2.145
2.011
2,038

—

35.193
16 980

1.041
377

—

5.805

52.173

1.418

—

6.249
5.43.8
5.441

54 443
49.387
50,015

1.447
1.315
1.303

—

G r ’d a g g r ., a o g \ 2 9 3 .6 0 0 4 6 8 .8 6 2
C o m p a r i s o n w it h p r e v j w e e k . .

1,555 90 1 69.3505 7.5.066 4.051.267,3 02,73034.309
+ 23.255| —1,3031+5.018 + 3 4 ,179| + 884| + 159

G r ’d a g g r . , a c t 'l o n d ’n M a y 6
C o m p a r i s o n w it h p r e v . w e e k . .

1.558.017 69.659,562.301 1 051.891 302.885<3 4,250
— 19 803 + 1 359| + 2II38 + .33 669j- 11 466 + 45

G r ’d
G r ’d
G r ’d
G r ’d
G r ’d

1,577,820
I.51C.715
.484,585
.452.007
.460,10’

a g g r.,
a g g r.,
a g g r.,
a g g r.,
a g g r.,

a c t 'l
a c t 'l
a c t 'l
a c t 'l
a c t 'l

•o n d ’n
■ond’n
■ond’n
■ond’n
e o n d ’n

N o te .-

it
e a s f° llo w s :
An°rO a2 ' * 5 3 : g w n 'r v ? 9 '
A p r il e , 5 5 3 ,3 o 9 ,0 0 0 .
a v e r a g e fo r t h e w e e k

A p r. 29
A p r. 22
A p r . 15
|A p r
A p r.

08.3C0 541.I63
69.344.534.2 0 T
70.298 r 22.333
71.361 528.0l:>
66 0 '9 09

1.0 >8.227314,351 34,205
1 01.3 987,298.284 34.004
3 981.825 286.402 33.954
3 9 >9 .309 270.184 33.916
1 Oil m*} OA7 *>^3 3 3 766

. “
u e m a u i •!•.•» .!
i . i t h e g e n e ra l t o ta l s ;
A v e r a g e fo r w e e k M a y 6 . $ 9 2 ,8 5 9 ,0 0 9 ; a c t u a l t o t a l s M a v 6
S
" 7 ,0 ? ? 1
2 2 ’ * 7 9 .4 1 3 ,9 9 9 ; A p ril 15. $ 4 6 ,7 5 6 ,0 9 0
B ills p a y a b l e , r e d i s c o u n t s , a c c e p t a n c e s a n d o t h e r l i a b i li ti e s
M a y 6 , 5 3 0 2 ,1 4 1 ,0 0 0 ; a c t u a l t o t a l s M a y 6 $ 3 1 9 213 o o o '

$33r4 .7 2 6 0 0 0 3 4 ’ 1 ° ,0 0 ° : A P r “ ^

S 2 9 1 ’4 3 5 ’0 0 0 : A P "

S 307 0 9 5 .0 0 0 ; A p r il 8 !

* I n c l u d e s d e p o s it s in f o re ig n b r a n c h e s n o t I n c lu d e d In t o t a l f o o ti n g a s fo llo w s :
N a t i o n a l C i t y B a n k , 5 1 0 5 ,. 8 ,0 0 0 : B a n k e r s T r u s t C o . , 3 1 3 ,4 0 1 ,0 0 0 ; G u a r a n t y
t r u s t C o . , $ 9 7 ,6 0 3 ,0 0 9 ; F a r m e r s ' L o a n A T r u s t C o . , $ 9 4 ,0 9 9 ; E q u i t a b l e T r u s t
C o ., 5 2 1 ,3 6 2 .0 0 0 .
B a la n c e s c a r r ie d ln b a n k s In fo -e lg n c o u n t ies a s r e s e r v e f o r s u c h
d e p o s it s w e re : N a t i o n a l C i t y B a n k , $ 3 0 ,6 1 5 ,0 0 0 ; B .a n k e s T r u s t C o . , $ 8 8 1 000G u a r a n t y T r u s t C o ., $2 ,6 1 7 ,0 0 0 ; F a r m e r s ’ L o a n A T r u s t C o ., $ 9 1 ,0 0 0 ; E q u i t a b l e
T r u s t C o ., $ 3 ,2 5 1 ,0 0 0 . c D e p o s i ts In f o re ig n b r a n c h e s n o t in o lu d o d . g A s o f
A p r il 1 1 9 2 2 . h A s o f M a r c h 3 1 1 9 2 2 .

T ho reserve position of tho different groups of in stitu tio n s
on th e basis of b oth tho averages for the w eek and the a ctu a l
con d ition a t tho end of the w eek is show n in the follow in g tw o
tables:
4 T A T E M E N T O F R E S E R V E P O S IT IO N O F C L E A R IN G
________________________ A N D T R U S T C O M P A N I E S .

HO USE

BANKS

A v erag es.

2
2

■ a b l o T u n e 1! U

3091

C H R O N IC L E

Cash
Reserve
In Vault.
M e m b e rs F e d e ra l
R e s e r v e b a n k s ____
S t a t e b a n k s * ................
T r u s t c o m p a n i e s ____
T o ta l
T o ta l
T o ta l
T o ta l

M ay
6 ____
A p r il 2 9 ____
A p ril 2 2 ____
A p r il 1 5 ____

Reserve
in
D e p o s it a r i e s

Total
Reser-e.

Reserve
Required.

S
*
$
$
*
................... 5 2 6 ,9 4 5 .0 0 0 5 2 6 .9 4 5 ,0 0 9 5 2 0 .5 1 0 .6 5 0
5 .5 3 0 .0 0 0
4 ,3 1 5 .0 0 0
9 .8 4 5 .0 4 9
9 ,6 4 6 ,7 4 0
2 .1 3 7 .0 0 0
5 .8 9 6 .0 0 0
7 .9 4 3 ,0 9 0
7 ,8 2 5 .9 5 0

Surplus
Reserve.
6 ,4 3 4 ,3 5 0
1 9 8 ,2 6 0
1 1 7 ,0 5 0

7 .6 6 7 .0 0 0 5 3 7 ,0 5 6 .0 0 0 5 4 4 ,7 3 3 .0 9 9 5 3 7 ,9 8 3 .3 4 0
6 ,7 4 9 ,6 6 0
7 .6 1 6 .0 0 0 5 3 2 .0 2 8 .0 0 0 5 3 9 .6 4 4 .0 0 0 5 3 3 .4 5 8 .0 4 0
6 .1 8 5 .9 6 0
7 .7 0 3 .0 0 0 t>36.2 2 9 .0 0 0 5 4 3 .9 3 2 .0 0 0 5 2 9 .8 1 3 5 0 0 1 4 .1 1 8 .5 0 0
7 .8 2 4 .0 0 0 1 5 .3 b .3 ) 9 .0 0 0 l5 4 1 .1 8 3 .0 0 0 5 2 4 .6 6 9 ,1 4 0 1 0 .5 1 3 ,8 6 0
* N o t m e m b e rs o f F e d e r a l R e s e r v e B a n k
a T h i s is th o r e s e r v e r e q u i r e d o n n e t d e m a n d d e ix i s lt s in t h e c a s e o f S t a t e b a n k s
a n d t r u s t c o m p a n i e s , b u t In t h o c a s e o f m e m b e r* o f t h e F e d e ra l R e s e rv e B a n k In ­
c lu d e s a ls o a m o u n t In re s e r v e r e q u i r e d o n n e t t i m e d e p o s li s w h ic h w a s a s fo llo w s:
M a y 6 , $ 7 ,5 9 5 ,5 2 0 ; A p r i l 2 9 , $ 7 ,5 7 0 ,9 8 9 ; A p r i l 2 2 , $ 7 ,3 8 0 ,7 5 0 ; A p r i l 1 5 , $ 6 ,8 4 3 ,2 7 0 .

B o s t o n C le a r in g H o u s e W e e k ly R e t u r n s . — In the fol­
lowing we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:

A c tu a l F ig u re s .

M e m b e rs F e d e ra l
R e se rv o b a n k s ____
S t a te b a n k s * .......... ..
T r u s t c o m p a n lo s ____
M a y 6 ____
A pril 2 9 ____
A pril 2 2 ____
A pril 15 ___

b

R eserve
in
D e p o s ita r ie s

C ash
Reserve
in V a u lt.

T o ta l
T o ta l
T o ta l
T o ta l

[Y ol. 114.

THE CHKONICLB

2092

S u r p lu s
R eserve.

R eserve
R eg u ire d .

T o ta l
R eserve.

7.84 1 .0 0 0
7 .5 4 9 .0 0 0
7.630.000
8 0 0 3 .0 0 0

5 0 2 .3 0 1 .0 0 0
54 1 .1 0 3 .0 0 0
53 4 .2 0 7 .0 0 0
52 2 .3 2 3 .0 0 0

3 0 ,7 3 0 ,0 2 0
13.411,820
8,8 7 0 ,2 7 0
1 ,946,410

53 9 ,4 0 5 ,9 8 0
5 3 5 ,3 0 0 ,1 8 0
532.9 0 0 .7 3 0
5 2 8 ,3 7 9 ,5 9 0

570.1 4 2 .0 0 0
54 8 .7 1 2 .0 0 0
541.8 3 7 .0 0 0
530.3 2 0 .0 0 0

B O S T O N C L E A R IN G H O U S E M E M B E R S

S
3 0 ,0 7 7 ,9 7 0
4 3 0,500
2 2 7,550

S
S
5 5 1 ,7 0 1 ,0 0 0 55 1 ,7 0 1 ,0 0 0 52 1 ,6 2 3 ,0 3 0
9 ,6 1 0 ,5 0 0
4 ,3 5 1 ,0 0 0 10,047,000
5.69 6 .0 0 0
8 ,1 6 6 ,4 5 0
8 ,3 9 4 ,0 0 0
6,2-J9,000
2.145 .0 0 0
$

S

* N o t m em b e rs of f e d e r a l R e se rv e B a n k .
b T h is Is th e reserv e req u ired o n n o t d e m a n d d e p o s its in th e ca se of S t a te b a n k s
a n d t r u s t c o m p a n ie s, b u t In th e ease of m em b e rs of th e F e d e ra l R eserv e B an k in-(dudes also a m o u n t o f reserve re q u ire d o n net tim e d e p o sits, w hich w as ns follows:
M a y 6 , $ 7 ,599,390; A pril 29, $7 ,9 4 0 ,4 3 0 ; A p ril 22, $ 7 ,4 0 5 ,9 8 0 ; A p ril 15, S 7 ,113,750

State Banks and Trust Companies Not in Clearing
House.—The State Banking Department reports weekly

M a y 10

1922.
$

M ay 3

$

A p r i l 20

1922.

C h a n g es fr o m
p r e v io u s w eek.

1922.

$
5 9 ,3 5 0 ,0 0 0 5 9 ,3 5 0 .0 0 0
8 7 ,5 1 8 .0 0 0 87,5 18,000
7 8 0 ,3 9 1 .0 0 0 7 7 2 ,0 7 7 ,0 0 0
58 0 ,0 7 8 .0 0 0 58 1 ,1 31,000
121,249,000 1 19,384,000
9 1 ,5 3 8 ,0 0 0 9 0 ,3 98.000
14,382.000 10,931.000
2 0 .3 8 9 .0 0 0 23,4 73.000
0 0 ,8 1 5 ,0 0 0 7 5 ,423,000
6 9 ,8 1 0 ,0 0 0 0 9 ,1 58,000
9 ,0 1 8 ,0 0 0 10,048,000
$

5 1 2,000
S u rp lu s a n d p r o fits _________
86,9 7 0 ,0 0 0 D ec.
874.000
L o an s, d lse ’ts A In v e s tm e n ts . 787,265,000 fn c.
In d iv id u a l d e p o s its , ln c l. TJ.S. 579,2 5 5 ,0 0 0 D e c . 7 ,4 2 3 ,0 0 0
D uo to b a n k s . . ........................... 117,470,000 D e c . 3 ,7 7 3 ,0 0 0
754.000
T lm c d e p o s I t S - ._____________ 9 2 ,2 9 2 .0 0 0 In c .
0 9 6 .OOC
13,080.000 D ec.
U n ited S ta te s d e p o s its ..........
E x c h a n g e s for C le a rin g H o u se 2 1 ,4 7 7 ,0 0 0 D ec. 4 ,9 1 2 ,0 0 0
D u e from o th e r b a n k s . ............ 0 3 ,0 8 0 ,0 0 0 D ec. 3,1 3 5 ,0 0 0
750,000
R e s e rv e In F e d . R es. B a n k . . . 0 9 ,0 0 0 ,0 0 0 D ec.
9 ,575,000, D ec.
4 3 ,000
C ash In h a n k a n d F . R . B a n k
R e se rv e excess In h a n k a n d
20 1 ,0 0 0
3 ,5 7 2 ,0 0 0 D e c .
F e d e ra l R e s e rv e B a n k ____

3 ,8 3 3 ,0 0 0

2,427,006'-

P hilad elp h ia B anks.—Tho Philadelphia Clearing House
figures showing the condition of State banks and trust com­
panies in New York City n o t i n th e C l e a r i n g H o u s e as follows: return for the week ending May 6, with comparative figures
S U M M A R Y OF STATE BANKS AND TRUST COMPANIES IN GREATER

NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(F ig u re s F u r n is h e d b y S ta te B a n k in g D e r a il m e n t .)
M a y 0.
Loans and investments_________________________$053,107,900
5,017,300
Gold......................... ..............- ____ ______________
Currency and bank notes____ _________________
10,132,800
Deposits with Federal Reserve Bank of New York. - 54,049,500
Total deposits________________________________ 687,903,600
Deposits, eliminating amounts due from reserve de­
positaries and Irom other banks and trust com­
panies in N. Y. City exchanges and U. S. deposits. 643,555,600
Reserve on deposits___________________________ 100,658,400

P e rc e n ta g e of rese rv e , 2 0 .1 % .

D ifferen ce s fro m
F revtou s iVeek.

inc. $4,930,100
Inc.
3,100
Dec.
31,500
Inc. 1,201,500
Inc. 9,453,000
Inc.
Inc.

2,945,200
5,324,900

Cash In vault........................................*$25,985,700 15.90%
Deposits in banks and trust cos____ 8,354,500 5.11%
Total..........................................

$34,340,200

21.01%

$49,813,900
22,504,300

13.78%
0.14%

$72,318,200

19.92%

* Includes deposits with the Federal Reserve Bank ot New York, which for the
State banks and trust companies combined on May 6 were $54,049,500.

B a n k s a n d T r u s t C o m p a n ie s i n N e w Y o r k C ity . —Tho
averages of the Now York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
RESU LTS

OF BANKS AN D TR U ST
G REA TER NEW YORK.

W eek en ded —

4
i i .........................
IS ..........................
2 5 ..........................

|1
18...........................
2 5 ......................... .

April 1ft
A pril 2 2 ...........................
April 90
M a y 6 ...........................

C O M P A N IE S

D em ahd
D e p o s its .

$
5 ,073.132.000
5.08-1.073,400
5,05 0 .8 0 3 ,7 0 0
4,993,95-1.100
4,98 4 ,4 8 1 ,0 0 0
4.95 0 ,9 6 3 .7 0 0
4.99 7 .0 3 4 .1 0 0
5.02 1 ,0 5 9 .3 0 0
5.03 4 ,1 0 1 .2 0 0
5 ,0 8 7 ,9 9 1 ,9 0 0
5.0 8 0 ,SI 9.300
5,14 1 ,2 2 6 ,1 0 0
5,180, ,822,800
5 ,20 9 ,0 1 3 ,9 0 0

$
4 ,403,981.500
4 ,415,930,800
4 ,4 3 7 ,1 3 9 ,8 0 0
4,4 2 2 ,1 4 4 .4 0 0
4 ,4 2 5 ,7 2 6 ,9 0 0
4 .4 1 0 .4 9 0 .7 0 0
4 ,4 8 2 ,2 2 7 .3 0 0
4 ,4 4 5 .1 3 9 .8 0 0
4.404 0 3 1,200
4 ,5 5 5 ,2 9 7 .2 0 0
4 .5 7 7 .1 8 2 .3 0 0
4 ,6 1 9 ,8 0 0 ,9 0 0
4 ,0 5 7 ,0 9 8 ,4 0 0
4 ,6 9 1 ,8 2 2 ,0 0 0

In V a u lts.

$
91,150.400
9 3 .782.400
9 3 ,1 3 4 ,9 0 0
9 3 ,0 0 3 .4 0 0
9 2 ,1 7 4 ,9 0 0
9 2 .3 7 1 .0 0 0
9 0 ,4 2 8 .3 0 0
9 0 .7 3 9 ,3 0 0
9 1 .4 0 7 ,8 0 0
9 1 ,8 1 0 .0 0 0
9 4 .1 8 9 .3 0 0
9 1 ,8 5 3 ,2 0 0
9 2 ,4 3 1 ,5 0 0
9 1 ,1 0 0 ,1 0 0

R eserve in
D e p o s ita r ie s

$
5 9 2 .2 9 1 .COT
590,810.501
599.0O0.50l
580.400,600
598.610,500
596.5 3 0 .4 0 0
02 4 ,8 0 2 .4 0 0
588.3 0 0 ,1 0 0
589,7 3 4 .7 0 0
00 8 .5 0 4 .8 0 0
01 2 .1 7 7 ,5 0 0
6 2 3 .4 0 4 ,9 0 0
011,5 8 3 ,0 0 0
62 1 ,9 7 4 ,3 0 0

N e w Y o r k C ity N o n -M e m b e r B a n k s a n d T r u s t C om ­
p a n i e s . —The following are the returns to the Clearing House

by clearing non-member institutions and which are not in­
cluded in the “Clearing House Returns” in the foregoing:
R E T U R N O F N O N - M E M B E R I N S T I T U T I O N S O F N E W Y O R K C L E A R IN G

HOUSE.
(S ta te d In th o u s a n d s o f d o lla r s — th at i s , th re e c ip h e r s [0001 o m itte d .)
N et

N a t'l
B ank
C ir c u ­
la tio n .

A verage A verage A verage A vera g e A verage A vera g e

1,500

W. R . G ra c e * C o.
_
Y ork v llle B a n k _

600
200

T o t a l ...................

2.400

$

1.497
813
1,195
848

S
9 ,983
11,309
5,371
18,717

$

$

$

$

142
256
20
400

1,182
1,029
270
1,017

7.083
11,386
934
9 ,5 0 5

247
078
3 ,0 1 0
9 .9 5 2
13,917

$

19.8

4,354 4 5 ,380

878

4 ,704

2 9 ,508

S ta te B an k s
N o t Me nnbers
4,191
B ank of W a sh .H ts
351
200
1,0-17 17,326
800
C o lonial B a n k ____

463
2,264

260
1,392

4 ,1 5 9
18,915

30 ______

1,998 21,517

2,727

1,652

23,074

30

1,000

T r u s t C o m p a n ie s N o t Me m b e rs
580
M e c h .T r.,B a y o n n e
200

C a p i ta l........................... ...........
S u rp lu s a n d p r o fits ______
L o an s, d lsc ’ts A In v e s tm ’ts
E x ch an g es for C le a r.H o u s e
D ue from b a n k s .......... .........
B an k d e p o s its ____________
In d iv id u a l d o p o s its .............
T im e d e p o s its ____________
T o ta l d e p o s its ........................
U S d e p o sits (n o t I n c h ) ..
R e s’vo w ith legal d e p o s it’s
R e se rv e w ith F. R . B a n k . .
C a sh In v a u lt* ................. .. - T o ta l rese rv e a n d cash held
R e se rv e re q u ir e d .......... .........
E xcess res. & cash In v au lt

$ 3 9 ,6 7 5 ,0
107,949,0
6 * 6 ,9 9 0 .0
2 7 ,8 8 7 ,0
8 9 ,5 6 2 .0
115,919,0
516 ,2 2 5 ,0
16,507,0
6 4 8 ,7 1 1 ,0
9 ,4 7 1 ,0
3 ,0 7 6 .0
5 3 ,1 5 9 ,0
9 ,6 3 1 ,0
779,0
6 5 ,8 6 6 ,0
3 ,8 5 5 ,0
5 4,965,0
3,4 3 0 ,0
10,901.0
425,0

5 3 ,159,6
8 .8 5 2 ,0
62 ,0 1 1 .0
51,535 0
10,476,0

A p r i l 22

1922.

1922.

T o ta l.

$4 ,5 0 0 ,0
13,832,0
3 7 ,1 4 9 ,0
5 4 9,0
17,0
3 5 0 ,0
22 ,9 3 6 ,0
4 5 9 ,0
2 3 ,7 4 5 ,0
9 ,4 7 1 ,0
3 ,0 7 6 ,0

$3 5 ,1 7 5 ,0
94 ,1 1 7 ,0
60 9 ,8 4 1 ,0
27 ,3 3 8 ,0
89 ,4 4 5 ,0
115.569.0
493.2S9.0
10,108,0
6 2 4 ,9 6 6 ,0

3 9 ,4 7 5 ,0
$ 3 9 ,0 7 5 ,0
108.501,0 108,501,0
6 4 2 ,2 5 8 ,0 6 3 9 .0 6 7 ,0
28 .521,0
2 7 ,3 4 9 ,0
9 6 ,955.0
8 9 ,7 7 1 ,0
114,738,0 1 1 0,130,0
5 0 8 ,7 5 2 ,0 5 0 9,3 8 2 ,0
1 5,509,0
15,809,0
6 3 9 ,2 9 9 .0 6 4 1 ,0 2 1 ,0
12,281,0
10,193,0
3 ,0 7 0 .0
3 ,0 7 4 ,0
5 2 ,2 1 2 ,0
5 0 ,7 2 9 ,0
10,755,0
10.337,0
0 0 ,0 3 7 ,0
6 4 ,1 (0 ,0
5 3 .8 9 5 ,0
54,02 4,0
1 2 ,742.0
10,110,0

* C ash In v a u lts n o t co u n ted as reserv e for F ederal R eserve m em b ers.

— The following shows the condition of tho Federal Reserve
Bank of New York at the closo of business May 10 1922, in
comparison with the previous week and tho corresponding
date last year:
.1[ a y 10 1922. M a y 3 1922. M ay 11 1921.
R esou rces—

G old a n d gold c e rtific a te s______________
G o ld s e ttle m e n t lu n d — F . R . B o a rd ____

214,5 5 5 ,0 2 1
102,172.801

2 1 8 .2 1 3 ,1 9 9
8 2 ,0 2 0 ,7 9 0

2 9 8 ,382,000
2 5 ,3 7 4 ,000-

T o ta l gold held b y b a n k _____________
G old w ith F ed eral R eserv e A g e n t______
G old re d e m p tio n f u n d __________________

3 2 0 ,7 2 8 ,4 8 3
79 9 ,3 0 5 ,9 7 8
10,0 0 0 ,0 0 0

3 0 0 ,2 3 3 ,9 9 0
7 9 9 ,5 3 0 ,5 7 8
10,0 0 0 ,0 0 0

3 2 3,756,000
2 9 7 ,074,000
3 6 ,000,000

T o ta l gold re s e rv e s ___________________1,130,034,461 1 ,1 0 9 ,7 0 4 ,5 7 4
Legal te n d e r n o tes, s ilv e r, & c__________
2 6 ,520,131
2 6 ,7 2 3 ,1 5 1

656,8 30,000
102,281,000

T o ta l re s e rv e s _________________________ 1 ,1 5 0,554,592 1 ,1 3 0,487,720
B ills d isc o u n te d : Secured b y U . 8 . G o v ­
e rn m e n t o b lig a tio n s— for m e m b e rs___
3 0 ,057,271
4 8 ,0 5 5 ,1 8 5
.......................
F o r o th e r F . R . b a n k s ............................................................
All o th e r— F o r m e m b e rs______________
17,994,713
2 0 ,1 1 0 ,0 1 0
B ills b o u g h t In o p e n m a r k e t_____________
4 1 ,9 0 4 ,2 6 4
4 5 ,6 7 0 ,8 7 0

7 5 9 .111.000

198

295

195

3,243

1 1 3.842,065
0 8 ,4 8 8 ,8 5 0

67 7 ,140,000
1 ,005,000

2 2 ,5 0 0 .0 0 0
125,174,000

2 3 ,5 0 0 .0 0 0
118,669,500

5 5 ,276,000
2 ,57 8 ,0 0 0

T o ta l e a rn in g a s s e ts __________________
B an k p rem ise s.............................•----------------5 % red e m p . fu n d a g s t. F . R . b a n k n o te s .
U ncollected Ite m s ______________________
All o th e r reso u rc e s---------------------------------

30 2 ,5 1 1 ,5 9 8
8 ,1 3 4 ,6 1 5
930,060
9 9 ,7 5 2 ,4 5 5
4 ,759,782

32 4 ,5 0 0 ,4 1 5
8 ,1 3 3 ,2 7 7
98 6 ,0 0 0
111,145,003
5 ,0 2 4 ,7 9 3

736.299.000
4 .9 1 8 .0 0 0
1.929.000
116.510.000
3 .403.000

1 ,5 7 2 ,649,104 1 ,5 8 6,277,275 1,6 2 2 ,170,000

Liabilities —
27,394,750
C a p ita l p aid In _________________________
60,197,127
S u r p lu s ------------- -----------------------------------141,841
R ese rv e d to r G o v ern m en t. F ra n ch ise T a x
D ep o sits:
17,757,603
G o v e r n m e n t _________________________
M e m b e r b a n k s— R e se rv e a c c o u n t____ 734,316,278
12,988,440
All o th e r __________________ ___________ _____________

60,197,127
106,807

26,886,000
56.4 1 4 .0 0 0
13.932.000

39,8 0 8 ,8 0 9
701.127,075
10,949,743

2,701,000
666,330,000
15.597.000

T o ta l d e p o s its ________________________
F . R . n o tes In a c tu a l c irc u la tio n ________
F . R . b a n k n o tes In c lrc u l'u — n e t lia b ility
D e fe rre d a v a ila b ility ite m s ____________
All o th e r lia b ilitie s _____________________

76 3 ,8 8 5 ,6 2 9
62 3 .9 0 0 ,1 3 5
1 8 ,490,200
8 8 ,3 1 3 ,7 4 0
3 ,9 9 8 ,0 2 5

6 8 4 .628.000
72 5 .430.000
21.489.000
8 6 .163.000
7,228,000

295

195

3 ,243

5,556

G ra n d a g g re g a te . ' 3,000 6,933 7 5 ,700
C o m p a riso n w ith
prpvlo us week — 1,205

3 ,9 0 0
— 155

6,551 a5 5 ,8 2 5 19,503
+ 05
+ 266
+ 585

198
—1

Gr*d
G r ’d
G r ’d
G r’d

4,0 5 5
4.081
4,127
3 ,869

6,285
0 ,448
6,55-1
6 ,552

199
lo t
191
193

765,062,322
61 9 ,3 1 3 ,7 9 9
1 6 ,866,200
7 9 ,560,440
4 ,1 7 2 ,6 2 1

27.3S 5.550

T o ta l lia b ilitie s .............................................. 1,5 7 2 ,0 4 9 ,1 6 4 1 ,5 8 6 ,2 7 7 ,2 7 5 1 ,6 2 2,170,000
8 3 .5 %

8 1 .9 %

5 3 .8 %

13,251,642

1 4 ,755,148

1 2 ,. 15,593

5,556 ...........

8,863

10.000,000

26 4 .364.000
37,2 05,000

<89,956,248
0 4 ,8 8 1 ,3 5 0

R a tio o t to ta l rese rv e s to d e p o s it a n d
F . R . n o te lia b ilitie s c o m b in e d ______
C o n tin g e n t lia b ility o n bills p u rch ased
lo r fo reig n c o rre s p o n d e n ts .......... ............

3,8 6 3

36 4 .8 71.000

T o ta l b ills o n b a n d ______ ______
U . S. b o n d s a n d n o te s __________________
U . S, c e rtific a te s of In d eb ted n ess—
O n e -y e a r c e rtific a te s ( P ittm a n A c t ) - .
A l l o th e r .......... ...................................................

T o ta l resources.

L o a n s,

R eserve
N et
N et
C a p ita l, P r o fits . D i s ­
C L E A R IN G
co u n ts, C ash
w ith D e m a n d T im e
N O N -M E M B E R S
D e­
in
Legal
D e­
N a t.b k s .M a r.1 0 I n v e s t­
W e ek e n d i n g
S ta te b k sM arlO m e n ts, V a u lt. D e p o s i ­ p o s its . p o s its .
to r ie s .
M .y 6 1922. T r . cos. M a r. 10 & c .

$

T ru st
F .R . S ystem C o m p a n ie s

IN

* T h is Item Includes gold, s ilv e r, leg al te n d e rs , n a tio n a l b a n k n o te s a n d F e d e ra l
R e se rv e n o te s .

M e m b e rs o f
K e d ’l Res. B a n k .
B a tte ry I’a rk N a t .

A p r i l 29

(00) o m itte d . M em b ers o f

C o n d it io n o f t h e F e d e r a l R e se r v e B a n k o f N e w Y o r k .

* T o ta l C ash

fjo a n s a n d
I n v e stm e n ts.

F eb .
F eb .
F eb .
Feb.
M a r.
M a r.
M a r.
M a r.
A pril

W eek e n d in g M a y 6 1922.
T w o C ip h e r s

RESERVE.
-------- S late B a n k s ---------— T r u s t C o m p a n ie s —

C O M B IN E D

for the two weeks preceding, is given below. Reserve
requirements for members of tho Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. “Cash in
vaults” is not a part of legal reserve. For trust companies
not members of the Federal Reserve System the reserve
required is 10% on demand deposits and includes “Reserve
with legal depositaries” and “Cash in vaults.”

200

T o ta l ...............

a g g r.
a g g r.
a g g r.
a g g r.

A pril
A pril
A pril
A pril

29
22
15
8

3.000
3.018'
3,006
3.600

580

0.9 3 3
0,93.1
6,931
0,933

76,965
75.02E
75,410
74.407

a 5 5 .2 4 0
a55,473
a 5 5 ,‘ () 1
2
a5 4 ,4 7 4

19,438
19,525
19,565
19,596

a U . S. d e p o s its d e d u c te d , $378,000.
B ills p a y a b le , re d isc o u n ts, a c c e p ta n c e s a n d o th e r lia b ilitie s, $ 4 0 1 ,0 0 0 .
E xcess re s e rv e , $ 4 3,350 Increase.




C U R R E N T N O T IC E S .
— Robert S. R oss, Tbom as D . Conroy and Ilow lott A. Soaloy havo formed
a co-partnership to transact a general investm ent business at 66 Pino S t.,
N . Y. C ., under the firm name of Robert S. Ross & Co. Tho now firm
takes over tho business of Robert S Ross, Inc.
— Warren A. T yson, Howard G. M itchell and O- Ross Morrell have asso­
ciated them selves under tho firm name of Warren A. Tyson & C o., for tho
transaction of a general bond and Investment business ab 1427 Walnut S t.,
Philadelphia. Telephono Locust 7090.

*093

THE CHRONICLE

May 13 1922.]
W

E E K L Y

R E T U R N

O F

T H

E

F E D E R A L

R E S E R V E

B O A R D .

The following is the return issued by tho Federal Reservo Board Friday afternoon May 12, and showing the condition
of tho twelve Reserve Banks at the close of business the previous flay. In the first table we present the results for the system
as
The
Accounts „_________
„
„
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 2 0 6 8 being the first item in our department of “ Current. Events and Discussions."
C o m b in e d

R esou rces

L ia b il it ie s

and

ok

t h e

F ederal

R eserv e

B anks

at

th e

C lose

B u s in e s s M a y

o p

M a y 10 1922. M a y 3 1922. A p r . 26 1922. A p r i l 19 1922 A p r i l 12 1922 A p r il 5 1922. M a r . 29 1922

8

8

S

HE S O U R C E S .

3 2 6 ,3 8 1 ,0 0 0
‘111,261.000

G old a n d gold c e r t i f i c a t e ....................
G old s e ttle m e n t, F . R . B o a r d ..........

326,6 3 8 ,0 0 0
‘153.974,000

32 6 .6 2 5 .0 0 0
5 0 9 .6 1 9 .0 0 0

7 8 0 .6 1 2 ,0 0 0 8 3 6 ,2 4 4 .0 0 0
76 7 ,6 4 2 .0 0 0
77 2 ,1 3 9 ,0 0 0
2 ,1 7 2 ,0 5 2 ,0 0 0 2 ,1 6 9 ,7 3 0 ,0 0 0 2 ,1 5 4 .5 1 0 ,0 0 0 2 .0 9 4 .3 6 2 .0 0 0
6 0 ,0 80,000;
6 0 .3 1 7 .0 0 0
5 7 ,3 9 8 .0 0 0
0 1 ,1 0 3 ,0 0 0

T o ta l gold nein b y n a n u s ...............
G o ld w ith F e d e ra l R e s e rv e a g e n ts .
G old re d e m p tio n f u n d _____________

3 2 6 .3 4 5 .0 0 0
5 0 9 .3 6 9 .0 0 0

325.9 5 5 .0 0 0
519.3 3 2 .0 0 0

10

1922

M a r . 22 1922. M ay 11 1921

3 2 2 .4 2 9 .0 0 0
49 7 .3 2 2 .0 0 0

3 2 1 ,4 9 9 .0 0 0
5 1 4 ,2 0 2 ,0 0 0

377 10,000
4 '0 .5 8 4 ,0 0 0

82 8 .1 9 4 .0 0 0
8 3 5 ,7 1 4 ,0 0 0 8 45.287,000 S 1 9.751.000 8 3 5 ,7 6 1 ,0 0 0
,0 9 1 .8 4 4 ,0 0 0 2 .0 4 6 .4 7 9 ,0 0 0 2 ,0 6 5 .9 9 2 .0 0 0 2 ,0 6 1 ,3 0 1 .0 0 0 1 ,3 7 4 ,1 3 8 ,0 0 0
161.2 2 1 .0 0 0
8 9 .6 1 2 ,0 0 0
7 9 ,5 8 1 ,0 0 0
9 1 .4 3 5 .0 0 0
5 8 ,1 8 0 ,0 0 0

2 ,9 9 5 ,2 0 2 ,0 0 0 2 ,9 9 0 .9 2 3 .0 0 0 2 ,9 8 5 ,7 3 8 ,0 0 0 2 ,9 8 3 ,2 0 1 .0 0 0 2 ,9 7 5 .3 5 5 ,0 0 0 2 ,9 7 6 ,7 0 3 .0 0 0 2 ,3 6 3 ,5 5 3 ,0 0 0
1 7 4,220,000
129,637,000, 128,742,000
128,024,000
127,907,000
126,400.000
126.285,000

T o ta l gold r e s e r v e s ..........— ................... 3 ,0 0 5 ,2 9 4 ,0 0 0
124,523,000
L egal te n d e r n o te s , silv e r, & o______

3 ,1 1 2 ,0 2 3 ,0 0 0 3 ,1 0 9 .6 0 1 ,0 0 0 3,1 0 3 ,3 7 9 .0 0 0 3 ,1 0 4 ,6 1 0 ,0 0 0 2 .5 3 7 .7 7 3 .0 0 0

T o ta l re s e rv e s ........................... .................. .
B ills d isc o u n te d :
S ecured by U . S . G o v t, o b lig a tio n s ...
All o t h e r ............... ............. .............................
B ills b o u g h t in op en m a r k e t.....................

210,656,0001
3 6 2 .8 8 4 ,0 0 0
9 3 .6 1 1 ,0 0 0

242.7 9 7 .0 0 0
393,155,01X1
102.691.000

2 2 7 .1 3 8 .0 0 0 9 1 7 ,6 9 7 ,0 0 0
3 8 8 .7 6 9 .0 0 0 1.1 1 7 .6 6 0 .0 0 0
7 6 ,6 3 7 ,0 0 0
8 7 ,0 4 5 ,0 0 0

6 6 7 .1 5 1 .0 0 0
2 6 1 .5 8 5 .0 0 0

7 2 3.273.000
227.0 6 4 .0 0 0

738.6 4 3 .0 0 0
2 0 0.325.000

20 8 .9 6 8 .0 0 0

2 ,1 1 1 ,9 9 4 ,0 0 0
2 5,708,000

8 7 ,5 0 0 .0 0 0
163.8 7 6 ,0 0 0

T o ta l bills on h a n d ___________________
U . S. b o n d s a n d n o te s ---------------------U . S. c e rtific a te s of Ind eb te d n e ss:
O n e -y e a r c e rtific a te s ( P ittm a n A c t)._
All o t h e r . ..................................................
M u u lc tp a l w a r r a n ts _________________

240,2 0 5 .0 0 0
3 8 4 .6 8 9 ,0 0 0
9 8 ,3 7 9 ,0 0 0

8 7 ,5 0 0 .0 0 0
148.196.000

8 9 .0 0 0 ,0 0 0
151.635.IXX)

9 0 ,5 0 0 .0 0 0
1 4 3.096.000

23 7 ,8 7 5 ,0 0 0
3 ,5 5 8 ,0 0 0

T o ta l e a rn in g a s s e ts ______________
B a n k p re m ise s______________________
6 % red e m p . fu n d a g s t. F . U . b a n k no tes
U ncollected Ite m s ----------------------------All o th e r re s o u rc e s ------------------ --------

3 9 .4 4 6 .0 0 0
7,7 2 7 ,0 0 0
5 9 6 .1 2 0 .0 0 0
17.608.000

102,000

102,000

102.000

102,000

1,1 8 0 ,2 1 4 ,0 0 0 1 ,186.135.000 1 ,1 7 9,605.000 1 ,1 4 6,218,000 2 ,3 7 9 ,1 3 5 ,0 0 0
2 3 .0 0 7 .0 0 0
38,339,01X) 3 8 .2 3 7 ,0 0 0
3 8 ,9 2 8 .0 0 0 ; 3 8 ,8 2 0 .0 0 0
11.374.000
7 ,7 5 7 .0 0 0
7 .8 0 6 .0 0 0
7 .8 1 1 .0 0 0
7,7 4 2 .0 0 0
47 0 ,4 4 9 .0 0 0 5 2 1 ,6 5 0 ,0 0 0 53 2 ,7 7 6 ,0 0 0
5 4 6 .3 5 1 .0 0 0 ' 50 7 .5 8 6 ,0 0 0
11.886.000
15,306,000
1 6,322,000
16.9 5 9 ,0 0 0
10.2«0.000

4 ,8 9 4 ,8 1 4 ,0 0 0 ^ ,9 2 8 ,0 0 7 ,0 0 0 4 ,8 6 0 ,0 7 2 ,0 0 0 4 ,9 5 2 ,9 2 0 ,0 0 0 4 ,9 0 2 ,2 8 6 ,0 b 0 |4 .8 6 6 ,144,000 4 ,8 1 5 ,8 5 1 ,0 0 0 4 .8 3 3 .8 2 7 ,0 0 0 5 ,4 9 5 ,9 5 1 ,0 0 0

T o ta l re s o u rc e s ----------------------------L IA B IL IT IE S .

C a p ita l pa id I n ----------------- -----------------S u r p lu s ................................................................
R e se rv e d for G o v t, fra n c h ise t a x ..............
D e p o sits— G o v e r n m e n t................. ...............
M e m b e r b a n k s — reserve a c c o u n t----All o t h e r ............................. .............................

1 03.993.000
103,9 6 1 .0 0 0
1 02,033,00#
1 0 4.221.000
1 04.531.000
1 0 4.311.000
1 0 4 ,1 09,000| 1 0 4,005,000
2 1 5 .3 9 8 .0 0 0 2 1 5 .3 9 8 .0 0 0 2 1 5 .3 9 8 .0 0 0
2 1 5 .3 9 8 .0 0 0 2 1 5 ,3 9 8 .0 0 0
202.0 3 6 ,0 0 0
2 1 5 ,3 9 8 ,0 0 0 215.3 9 8 .0 0 0
2 .1 4 7 .0 0 0
1,9 8 2 .0 0 0
1,8 2 9 .0 0 0
32,5 2 8 ,0 0 0
1 ,839,000
2 ,3 0 8 ,0 0 0
2 ,213,000!
2 ,075.000
5 6 .0 3 1 .0 0 0
6 8.359.000!
1 3 ,799,000
37.S 3 3 .0 0 0
7 2 .4 2 2 ,0 0 0
4 5 ,1 9 4 ,0 0 0
38.634,0001
3 5 .5 4 2 .0 0 0
1 ,7 7 4 ,8 0 2 ,0 0 0 1 ,7 4 8,755.000 1,7 6 0 .9 4 2 .0 0 0 1 ,7 2 6 ,0 1 0 ,000; 1 ,7 2 9.603.000 1 ,7 0 8 ,7 8 2 .0 0 0 1 ,6 6 7 .8 4 2 ,0 0 0 1.6 8 7 ,9 8 5 ,0 0 0
40.323.0001
4 0 ,3 8 2 ,0 0 0
3 1 ,6 6 0 ,0 0 #
45, tOS.OOO
3 9 ,2 8 1 ,DIM);
5 4 .0 8 5 .0 0 0
3 8 ,3 8 1 ,0 0 0
3 9 ,2 9 9 ,0 0 0

T o ta l---- -------- ------------------------------F . R . n otes In a c tu a l c irc u la tio n -----F .R .b a n k no tes In c irc u la tio n — n e t llaD.
D e fe rre d a v a ila b ility Ite m s....................
All o th e r lia b ilitie s — --------- ------------

1.8 9 2 .3 3 2 .0 0 0 1 .8 3 3.230.000 1 .852.860 000 1 ,S 0 3 ,031.000 1.804,444.000 1,805,138 ,<XX)!1.774.583 ,(HHI 1,7 3 3 ,4 4 4 ,0 0 0
2 .1 7 3 .4 3 6 .0 0 0 2 ,1 5 7 ,5 6 8 .0 0 0 2 ,1 8 1 .0 9 0 000 2 ,2 0 0 ,3 0 5 ,0 0 0 2,1 9 8 .0 7 2 ,0 0 0 2 ,1 8 1 .8 4 3 .0 0 0 2 ,1 8 3 ,3 7 4 ,0 0 0 ;2 ,80 4 ,9 3 3 ,0 0 0
1 4 9.894.000
80.353.0001
7 8 ,8 6 3 ,0 0 0
79.497,0001
8 0 .3 0 4 .0 0 0
" ..............
8 2 .0 0 5 .0 0 0
8 1 .0 8 2 .0 0 0
409,333.0001 4 5 8 ,3 7 7 ,0 0 0 4 4 1 .9 5 0 .0 0 0
4 4 9 .3 4 7 .0 0 0 4 9 8 ,9 2 1 .0 0 0
4 7 7 ,2 5 8 ,0 0 0 443,3 1 3 ,0 0 0
29,1 3 3 ,0 0 0
17.813,000,
1 7 ,442,000
18,413,0001
17.979,000
17.9 0 7 .0 0 0
17,755,000

T o ta l lia b ilitie s ............................... ...........- 4 ,8 9 4 ,8 1 4 ,0 6 0 4 ,9 2 8 .6 6 7 ,0 0 0 4 ,8 6 0 ,0 7 2 ,0 0 0 4 ,9 5 2 ,9 2 0 ,0 0 0 4 ,9 0 2 ,2 8 6 ,0 0 0 4 ,8 6 8 .1 4 4 ,0 0 0 4 ,8 1 5 ,8 6 1 .0 0 0 4 ,8 3 3 ,8 2 7 ,0 0 0 5 ,4 9 5 ,9 5 1 ,0 0 0
R a tio of gold reserves to d e p o sit a n d
7 4 .2 %
5 2 .1 %
7 5 .2 %
7 4 .1 %
F . R . no te liab ilities c o m b in e d ----------7 4 .8 %
7 3 .6 %
7 5 .1 %
7 4 .0 %
7 4 .5 %
R a tio of to ta l reserves to d e p o sit an d
7 7 .3 %
5 5 .9 %
7 8 .4 %
7 7 .3 %
F . R . n o te lia b ilitie s c o m b i n e d ...
7 6 .7 %
7 7 .8 %
7 8 .3 %
77.7 %
7 7 .7 %
D is tr ib u tio n by M a tu r itie s —
1-15 d a y s bills b o u g h t In open m a r k e t.
1-15 d a y s bills d is c o u n te d -. - - - - - - - - ­
1-15 d a y s U S. e c r tlf . of In d eb te d n e ss
1-15 d a y s m u n icip al w a r r a n ts ................. 16-30 d a y s bills b o u g h t In open m a r k e t.
16-30 d a y s bills d isc o u n te d ...........................
16-30 d a y s U . 8 . c e rtlf. of In d eb te d n e ss.
16-30 d a y s m u n icip al w a rra n ts ....................
3 1-60 d a y s bills b o u g h t In open m a r k e t.
31-60 d a y s hills d isc o u n te d --------31-60 d a y s U. 3 . c e rtlf. of In d eb te d n e ss.
31-60 d a y s m unicipal w a r r a n ts .................
61-90 d a y s bills b o u g h t In open m a r k e t.
61-90 d a y s hills d iscounted . . . . . . - - - - ­
61-90 d a y s U 8 . c e rtlf. of In d e b te d n e ss .
O v er 90 d a y s bills b o u g h t In open m a rk e t
O v e r 90 d a y s bills d is c o u n te d ...------------O v e r 90 d a y s c e rtlf. of In d e b te d n e ss-----F ederal Reserve N o tes —
O u ts ta n d in g ____________________________
H eld b y b a n k s --------------------------------------

$

4 5 .0 4 9 .0 0 0
2 4 0 ,5 0 0 ,0 0 0
50 3 .0 0 0

4 5 .9 2 6 .0 0 0
2 7 2 ,7 4 5 ,0 0 0
5 .1 5 5 ,0 0 0

2 7 .910.000
250,5 7 9 ,0 0 0
1,900.000

31.0 3 1 .0 0 0
29 3 ,4 7 4 ,0 0 0

ToVioa'ooo

102.000

2,200.000
102.000

2 0 ,4 7 8 * 6 6 6

1 5 .688.000
5 0 .9 0 1 .0 0 0
5 0 0,000

14.5 2 4 .0 0 0
6 4 .4 0 2 .0 0 0
5 0 0,000

S
3 5 .9 8 7 .0 0 0
30 3 .1 5 1 .0 0 0
4 ,1 1 4 .0 0 0
5 1 .000
2 0 .1 7 1 .0 0 0
0 6 .1 6 0 .0 0 0

3 9 .7 3 1 .0 0 0
3 4 2 .0 5 1 .0 0 0
5 .7 0 7 .0 0 0
* 1 * 9 ,9 1 2 * 6 6 6

4 8 ,7 4 6 ,0 0 0
3 2 .2 2 7 .0 0 0
3 3 7 ,0 2 2 ,(M 1 ,2 3 0,466,009
X)
4 ,0 9 8 ,0 0 0
17.117.000

46.8 5 6 .0 0 0
3 5 0 .5 0 6 .0 0 0
17.595.000

2 2 ,0 8 0 ,0 0 0
8 6 .4 4 3 .0 0 0
7 3 .3 8 5 .0 0 0

2 2 .8 6 5 .0 0 0
8 8 .5 2 2 .0 0 0
5 4 .6 6 0 .0 0 0

* 2 2 ,4 * 8 0 .6 5 6

* 2 * 1 .3 9 8 .6 6 6

92.6 9 3 .0 0 0
4 6 .0 9 6 .0 0 0

9 8 .0 9 2 .0 0 0
4 1 .2 2 9 .0 0 0

51.000
2 0 ,9 0 7 ,0 0 0
1 0 1.975.000
6 0 0,000

2 0 ,4 0 3 .0 0 0
106.449.000

*15,877*006
7 0 .0 1 3 .0 0 0
1,700.000
102,(XX)
23.892.0tX)
105.603.000

1,000,000

2,000.000

1 8 .4 7 0 .0 0 0
4 5 .6 6 7 .0 0 0
3 0 .3 2 1 .0 0 0
7 3 2,000
4 4 .9 6 6 .0 0 0
2 5 1 ,7 5 4 ,0 0 0

1 7 .0 5 3 .0 0 0
5 0 .8 5 1 .0 0 0
2 9 .6 4 2 .0 0 0
9 5 8 ,0 0 0
4 3 .1 3 5 .0 0 0
2 5 4 ,2 7 9 ,0 0 0

1 5 .775.000
54.,222,00
7.4 3 7 ,0 0 0
6 5 9,000
39.6 4 2 .0 0 0
2 6 1 ,0 1 5 ,0 0 0

18.603.000
5 9 .4 1 7 .0 0 0
7 .5 7 0 .0 0 0
1.171.000
3 7 .3 0 8 .0 0 0
2 2 6 .5 5 8 .0 0 0

15.217.000
6 4 .0 7 6 .0 0 0
4 0 .2 2 9 .0 0 0
1,239,000
3 5 .1 7 8 .0 0 0
20 1 ,5 3 3 .0 0 0

16.985.000
72.863.000
3 5 .9 1 1 .0 0 0
1,348.000
34.1 1 9 .0 0 0
190.878,000

14.201.000
7 4 .2 9 9 .0 0 0
3 1 .7 8 5 .0 0 0
1,865.1X10
3 5 .6 3 0 .0 0 0
187,455.000

5 7 .0 1 0 .0 0 0
5 0 0 .0 0 0

2 ,5 4 1 ,5 0 3 ,0 0 6

3 8 2 ,3 1 7 ,0 0 0

5 4 .1 2 3 .0 0 0

2,000,000

69.412.0001

2.200.000
102.000

17.0 9 6 .0 0 0
7 3 .5 4 0 .0 0 0
13.0 3 3 .0 0 0

14,652,000
2 1 9 ,0 5 7 ,0 0 0
2 ,1 0 8 ,0 0 0

2 3 .0 0 4 .0 0 0
100.5 5 1 .0 0 0
2 .7 0 0 .0 0 0
102,O )
CX
12.187.000
69.IH8.01X)
2 0 .0 6 4 .0 0 0
2 .5 3 1 .0 0 0
3 5 .7 4 0 .0 0 0
1 81.282.000

9 .9 8 2 .0 0 0
3 2 8 ,4 1 9 ,0 0 0
9 .9 2 6 .0 0 0

2 ,5 3 7 .2 6 2 ,0 0 0 2 ,5 3 6 ,8 9 5 ,0 0 0 2 ,5 3 4 ,0 9 7 ,0 0 0 2 ,5 3 2 ,8 5 3 ,0 0 0 2 ,5 2 9 .6 0 2 .0 0 0 2 ,5 1 8 .5 1 6 .0 0 0 2 ,5 2 3 .3 7 4 .0 0 0 3,1 4 7 ,3 0 4 ,0 0 9
33 1 ,5 3 0 ,0 0 0 3 3 6 ,6 7 3 ,(XX) 3 4 0 .0 0 0 ,0 0 0 34 2 ,3 7 1 ,0 0 #
3 8 3 ,8 2 6 ,0 0 0
379,3 2 7 ,0 0 0 35 3 ,9 0 7 ,0 0 0 33 2 ,5 4 8 ,0 0 0

I n a c tu a l c irc u la tio n --------------------------- 2 .1 5 9 .1 8 3 ,0 0 0 2 ,1 7 3 ,4 3 8 ,0 0 0 2,1 5 7 .5 0 8 ,0 0 0 2 ,1 8 1 ,0 9 0 ,0 0 0 2 ,2 0 0 ,3 0 5 ,0 0 0 2 ,1 9 8 .0 7 2 ,0 0 0 2,1 8 1 ,8 4 3 ,0 0 0 2 ,1 8 3 .3 7 4 ,0 0 0 2 ,8 0 4 ,9 3 3 ,0 0 0
A m o u n t c h a rg e a b le to Fed. R es. A gent 3 .3 2 8 ,8 0 8 .0 0 9 3 ,3 2 6 .4 9 3 .0 0 0 3 ,3 3 5 ,0 5 8 ,0 0 0 3 ,3 5 2 ,0 7 3 ,0 0 0 3 ,3 5 4 ,7 6 9 ,0 0 0 3 ,3 5 1 ,0 1 8 .0 0 0 '3 ,372,4 4 7 .0 0 0 3 .3 9 7 .5 7 0 ,0 0 0 3 ,9 3 1 ,5 9 1 ,0 0 #
In h a n d s of F e d e ra l R eserve A g e n t-------- 7 8 7 ,3 0 o ,0 0 0 i 7 8 9 ,2 3 1 ,0 0 0 79 8 ,1 6 1 ,0 0 0 81 7 ,9 7 6 ,0 0 0 8 2 1 ,9 1 6 ,0 0 0 821,416,0001 85 3 ,9 3 1 .0 0 0 8 7 4 ,1 9 6 ,0 0 0 78 4 ,2 8 7 ,0 0 0
Issu e d to F e d e ra l R eserve b a n k s -------- 2 ,5 4 1 ,5 0 3 ,0 0 0 2 ,5 3 7 ,2 8 2 ,0 0 0 2.5 3 6 ,8 0 5 ,0 0 0 2 ,5 3 4 ,9 0 7 .0 0 0 2 ,6 3 2 ,8 5 3 ,0 0 0 2 ,5 2 9 ,6 0 2 .0 0 0 2 ,5 1 8 ,5 1 0 .0 0 0 2 ,6 2 3 ,3 7 4 ,0 0 0 3 ,1 4 7 ,3 0 4 ,0 0 0
N o te S ecu red —
233.8 5 3 .0 0 0
B y gold a n d gold c e rtific a te s ----------------- 4 0 1 .7 1 4 .0 0 0 4 0 4 ,7 1 4 .0 0 0 40 4 .7 1 4 .0 0 0 40 4 .7 1 3 .0 0 0 40 3 .7 1 3 .0 0 0 40 3 .7 1 3 .0 0 0 403,7 1 3 ,0 0 0 4 0 3 .7 1 2 .0 0 0
3 3 9 .4 5 1 .0 0 0 3 6 7 ,5 2 0 .0 0 0 38 2 .3 8 5 .0 0 0
440.8 3 5 .0 0 0 4 4 1 .0 0 9 .0 0 0 4 8 3 .1 2 3 .0 0 0 45 2 .5 2 4 ,0 0 0 4 6 2 .0 1 3 .0 0 0 1 .7 7 3 .166.000
By eligible p a p e r............... ..............................
1 17.383.000
123.271.000
125,141.000! 1 3 2 :9 2 i:0 0 0
128,603,000; 126.217.0IX)
127.002.000
118.361.000
133.791.000
Q o ld re d e m p tio n fu n d --------------------------W ith F e d e ra l R e se rv e B o a rd ---------------- 1,642,197 ,000 1 ,0 3 2 ,0 9 8 ,0 0 0 1,610,005,000 1 ,5 7 1,288,000 1 ,6 6 1,129,000 1 .5 1 4 ,1 6 3 ,0 0 0 ,1 ,5 3 6 .0 6 2 .0 0 0 1,5 3 4 ,3 7 8 ,0 0 0 1.0 2 2 .9 0 2 .0 0 0

2 ,5 1 1 ,5 0 3 ,0 0 0 2 ,5 3 7 .2 6 2 ,0 0 0 2 ,5 3 6 ,8 9 5 ,0 0 0 2 .5 3 4 .9 9 7 ,0 0 0 2 ,5 3 2 ,8 5 3 ,0 0 0 2 ,6 2 9 ,6 0 2 ,0 0 0 2 ,5 1 8 .5 1 6 .0 0 0 2 ,6 2 3 ,3 7 4 ,0 0 0 3 ,1 4 7 ,3 0 4 ,0 0 0

T o ta lE lig ib le p a p e r deliv e re d to F . R . A g en t.

561.3.18.000

5 0 7 .8 8 6 .0 0 0

5 6 0 .3 8 0 ,0 0 0

6 2 3 ,9 5 1 .0 0 0

6 4 5 ,5 9 7 .0 0 0

6 9 8 .1 5 9 000;

71 0 .26«.BOO

6 7 6 .6 3 0 (Xin 2 ,0 5 9 ,2 5 9 ,0 0 0

W E E K L Y S T A T E M E N T O F R E S O U R C E S A N D L I A B I L I T I E S O F E A C H O F T H E 12 F E D E R A L R E S E R V E B A N K S A T C L O S E O F B U S IN E S S M A Y 10 19M
T teo c ip h e r s (00) o m itte d .
F ederal R eserve Hank o f —

B o s tm .

R ESO U RCES.

9

N e w Y ork.

P h lla .

D a lla s .

S a n F ran.

T o ta l.

C h ica o o .

S

S
2 3 ,3 8 9 ,0
6 4 ,2 7 1 ,0

$
8 ,0 9 2 ,0
9 ,5 3 6 ,0

S
8 ,2 0 3 ,0
2 5 ,6 4 7 ,0

2 ,3 4 0 ,0
2 4 ,1 0 6 ,0

3 4 ,2 7 6 ,0 8 7 ,6 6 0 ,0
9 8 ,3 2 4 ,0 3 5 3 ,6 )2 ,0
1,6 5 1 ,0 11,652,0

17,628,0
7 1 ,5 4 4 ,0
7 9 7 ,0

3 3 ,8 5 0 ,0
3 1 ,9 1 4 ,0
1,917,0

26 ,4 4 6 ,0
47 ,2 9 5 ,0
1,499,0

17 ,8 9 7 ,0 5 4 ,1 3 3 ,0 7 7 2 ,1 3 9 ,0
2 0 ,2 2 2 ,0 214 ,9 9 6 ,0 2 ,1 7 2 ,0 5 2 ,0
4 ,0 7 0 ,0
6 1 ,1 0 3 ,0
1 ,7 2 8 ,0

T o ta l gold re s e rv e s ------------------ 184,141,0 1,1 3 0 ,0 3 5 ,0 2 2 0 ,9 4 4 ,0 2 4 8 ,5 5 8 ,0
2 1 ,2 6 9 ,0
2 6 ,5 2 0 ,0
Legal te n d e r n o te s , sliv e r, & c—
6 ,0 8 0 ,0
6 ,4 4 6 ,0

8 8 ,4 9 9 ,0 134,251,0 4 5 2 ,9 2 4 ,0
7 ,2 2 9 ,0
4 ,6 8 7 ,0 15 ,8 8 2 ,0

8 9 ,9 6 9 ,0
17,160,0

0 7 ,6 8 1 ,0
6 7 0 ,0

75 ,2 4 0 ,0
6 ,2 8 7 ,0

3 9 ,8 4 7 ,0 273 ,2 0 5 ,0 3 ,0 0 5 ,2 9 4 ,0
6 ,2 2 1 ,0
124,523,0
6 ,0 7 2 ,0

T o ta l r e s e r v e s ................................ 2 0 5 ,4 1 0 ,0 1 ,156,555,0 2 2 7 ,0 2 1 ,0 1 5 5,004,0
Bills d isc o u n te d : S ecured by
3 0 ,0 5 7 ,0 3 6 ,7 9 2 ,0 2 4 ,3 6 8 ,0
9 ,9 2 5 ,0
U . S. G o v t, o b lig a tio n s-----1 7 ,995,0 11,167,0 2 5 ,7 3 1 ,0
All o t h e r . . . ........................ ........... 13,C53,0
8.599-.0
4 1 ,9 0 1 ,0 17,901,0
Bills b o u g h t In op e n m a r k e t-----3 ,1 4 4 ,0

9 5 ,7 2 8 ,0 138,938,0 4 0 8 ,8 0 0 ,0 107,129,0

G old a n d geld c e rtif ic a te s ............
G old s e ttle m e n t fu n d — F . R . B'cl

3 ,6 3 1 .0
19,458,0

T o ta l gold held by b a n k s _____ 3 3 ,0 8 9 ,0
G old w ith F . R a g e n ts .................. 139,338,0
G old re d e m p tio n fu n d ----------------- 11,714,0

s
3 ,5 0 0 ,0
5 1 ,5 9 0 ,0

C le ve la n d R ic h m o n d

S t. L o u is M in n e a p . N a n .C ity .

A tla n ta .

S
2 1 8 ,5 5 0 ,0
102,173,0

8
1 2 ,889,0
3 9 ,3 8 0 ,0

S
3 ,0 2 6 ,0
3 6 ,0 4 6 ,0

5 ,3 7 4 ,0
2 8 ,9 0 2 ,0

3 2 0 ,7 2 9 ,0 5 5 ,0 9 0 ,0 5 2 ,2 6 9 ,0
7 9 9 ,3 0 6 ,0 16 0 ,4 6 4 ,0 19 2 ,9 4 7 ,0
10,000,0
5 .3 9 0 ,0
3 ,3 4 2 ,0

3 9 ,0 7 2 ,0
4 2 ,0 9 0 ,0
7 ,3 3 7 ,0

$
8 ,2 8 0 ,0
9 ,6 1 7 ,0

$

2 0 ,1 0 7 ,0
3 4 ,1 0 6 ,0

9

3 2 7 ,3 8 7 ,0
44 4 ,7 5 2 ,0

6 8 ,3 5 1 ,0

8 1 ,5 2 7 ,0

4 5 ,9 1 9 ,0 179,426,0

3 ,1 2 9 ,8 1 7

18,701,0
3 5 ,8 0 5 ,0
1,471,0

6 ,0 1 0 ,0
2 8 ,9 5 1 ,0
1 ,089,0

1 9 ,100,0
4 9 ,0 3 5 ,0
2 3 ,8 7 2 ,0

7 ,0 1 0 ,0
1 4 ,689,0
1 ,342,0

2 ,0 8 6 ,0
2 3 ,6 6 8 ,0
.............

3 ,4 8 7 ,0
21 ,7 0 7 ,0
2 9 ,0

1,7 9 5 ,0
2 9 ,5 0 0 .0
15,0

6 ,3 1 0 ,0
3 6 ,9 6 3 ,0
6 ,0 9 1 ,0

1 6 6,322,0
3 0 8 ,2 6 4 .0
105,517,0

3 0 ,6 5 0 ,0 9 ,067,0
137,0 3 4 ,9 2 9 ,0

2 3 ,0 4 7 ,0
11,581,0

25 ,7 5 4 ,0
7 ,0 1 8 ,0

2 5 ,2 2 3 ,0
2 8 ,8 9 9 ,0

3 1 ,3 1 0 ,0
2 ,8 1 6 ,0

4 9 ,3 7 0 ,0
0 4 ,5 0 0 ,0

5 8 0 ,1 0 3 ,0
2 6 1 ,0 4 2 ,0

8 ,6 6 7 ,0
5 3 ,8 1 5 ,0

3 ,5 7 1 ,0
1 2 ,499,0

4 ,0 0 0 ,0
3 ,4 6 6 ,0

4 ,3 2 1 .0
8 ,8 4 3 ,0

1,9 0 0 ,0
2 5 0,0

5 ,3 3 2 ,0
2 7 7,0

8 1 ,5 0 0 .0
27 4 ,9 6 3 ,0

4 3 ,5 2 3 ,0 1 8 9,478,0

5 0 ,6 9 8 ,0

4 0 ,2 3 8 ,0

6 7 ,2 8 6 ,0

T o ta l bills on h a n d ................. ..
U . S . b o n d s a n d n o te s ----------------U . 8 . c e rtific a te s of Indebtedness
O n e -y e a r c tfs . ( P ittm a n A c t).
All o t h e r _____________________

3 1 ,5 7 7 ,0
4 ,4 7 6 ,0

8 9 ,9 5 6 ,0
6 4 ,8 8 1 ,0

6 5 ,9 2 0 ,0
2 3 ,5 5 3 ,0

5 3 ,2 4 3 ,0
2 7 ,1 1 9 ,0

5 5 ,9 8 0 ,0
1,2 3 3 ,0

6 ,9 5 0 ,0
3 9 ,5 4 6 ,0

2 2 ,5 0 0 ,0
125,174,0

8 ,0 0 0 ,0
7 8 3,0

6 ,0 0 0 ,0
3 0 ,2 7 9 ,0

3 ,5 6 0 ,0

T o ta l e a rn in g a s s e ts ___________

8 2 ,5 4 9 ,0

3 0 2 ,5 1 1 ,0

9 8 ,2 5 6 ,0 110 ,6 4 1 ,0

6 0 ,7 7 3 ,0




S

0 ,6 9 9 ,0
31 ,0

3 6 ,2 7 6 ,0 10 9 ,3 7 9 .0 1 ,1 9 7 ,6 0 8 ,0

3094

THE CHRONICLE

R E S O U R C E S iC o n clu d ed )—
T w o c ip h e r s (00) o m itte d .

B oston .

B a n k p rem ise s.....................................
fund a g a in s t F e d ­
e ra l R e se rv e b a n k n o te s ______
U nc o lle c ted Ite m s ............................
All o th e r re s o u rc e s ______________
L IA B IL IT IE S .

P h ila .

S

S

8 .1 3 5 .0

4 2 2.0
4 6 .5 6 4 ,0
8 2 3 .0

9 3 6 ,0
9 9 ,7 5 3 ,0
4 .7 5 9 .0

6% re d e m p tio n

T o ta l r e s o u r c e s ._____ ________

N e w Y ork.

$
5 .2 0 3 .0

C le ve la n d R ic h m o n d

A tla n ta .

S

$

[V ol.

C h ica g o .

6 0 0 ,0

4 .9 5 7 .0

2 ,5 7 1 ,0

$
1 ,2 6 4 ,0

7 0 0 .0
4 6 ,0 1 9 ,0
6 2 7 .0

5 3 9 ,0
4 5 ,2 1 0 ,0
1.3 0 5 .0

1 8 8,0
4 3 ,5 3 9 ,0
2 5 9,0

4 6 8 .0
2 2 ,2 4 5 ,0
135.0

S I. L o u is M in n e a p . K a n . d t p

S

$
7 .3 2 4 .0
7 2 1,0
6 2 ,6 6 9 ,0
1.5 9 0 .0

San F ran .

D a lla s .

114.
T o ta l.

S

9 0 8 .0

8
9 1 4 .0

3
4 ,9 5 1 ,0

$
2 .0 9 1 .0

9 8 5 .0

3 9 .9 0 3 .0

2 ,0 2 3 ,0
3 0 ,8 6 6 ,0
61 8 .0

2 6 4.0
13 ,1 0 6 ,0
1,365,0

9 1 6 .0
3 3 ,4 6 3 ,0
9 9 4.0

146,0
2 2 ,6 3 7 ,0
2 .0 2 0 .0

27 9 .0
3 3 ,8 5 2 ,0
5 ,4 6 6 ,0

7 ,6 0 2 ,0
4 9 9 ,9 2 3 ,0
19.961.0

3 4 0 ,9 7 1 ,0 1,5 7 2 ,6 4 9 ,0 3 7 3 ,2 2 6 ,0 4 2 3 ,6 5 6 ,0 2 0 3 ,0 5 8 ,0 2 0 6 ,5 7 3 ,0 7 3 0 ,5 8 8 ,0 192,242,0 124,238,0 189,137,0 109,089,0 4 2 9 ,3 8 7 ,0 4 ,8 9 4 ,8 4 1 ,0

C a p ita l paid In ........................... .........
7 ,9 8 2 ,0
S u r p l u s ................................................... 1 6 ,483,0
R e se rv e d for G o v t, fra n c h ise ta x .
2 2 8.0
D e p o sits: G o v e r n m e n t....................
3 ,7 1 5 ,0
M e m b e r b a n k — rese rv e a c c 't . . 1 6 ,7 1 9 ,0
8 1 5 ,0

2 7 ,3 9 5 ,0
8 ,9 1 4 ,0 1 1 ,541,0
6 0 ,1 9 7 ,0 17,9 15,0 2 2 ,5 0 9 ,0
142,0
24 8 ,0
17 ,7 5 8 .0
2 ,1 2 6 .0
1.8 9 1 ,0
7 3 4 ,3 1 6 ,0 105,736.0 1 4 0,003,0
1 2 ,988,0
8 7 0 ,0
1.0 1 2 ,0

5 ,5 3 9 ,0
1 1 ,030.0
3 9 4,0
1 ,4 6 1 ,0
5 4 ,2 8 2 .0
295,0

4 ,2 6 4 ,0 1 4 ,565,0
9 ,1 1 4 ,0 2 9 ,0 2 5 ,0
411,0
2 ,1 2 3 ,0
2 ,4 2 0 .0
4 9 ,6 2 5 ,0 2 5 6 ,7 3 0 ,0
297,0
1 ,8 5 8 ,0

4 ,6 6 7 ,0
9 ,3 8 8 ,0
42 ,0
2 ,1 4 4 ,0
6 9 ,0 3 6 ,0
6 4 2,0

3 ,5 6 8 ,0
7 .4 6 8 .0
3 0 1 ,0
2 .7 4 0 .0
4 2 ,4 2 8 ,0
3 1 6,0

4 ,6 0 7 ,0
9 .6 4 6 .0
26 7 ,0
2 .2 5 3 .0
7 0 ,5 9 9 ,0
4 6 1,0

104,6 0 8 ,0
7 ,3 7 9 ,0
1 5 ,199,0 215,3 9 8 ,0
3 5 ,0
2 ,0 7 1 ,0
1.8 6 2 ,0
3 ,8 7 3 ,0
4 4 ,3 6 6 ,0
4 5 ,5 0 2 ,0 1 2 l[4 8 8 [o 1,806146416
148.0 1 8 .650,0
3 8 ,3 8 2 ,0

T o ta l d e p o s its ..............................
1 2 1,249,0
F . R . n o te s In a c tu a l c irc u la tio n . 150 ,3 6 1 ,0
F . R . b a n k n o tes In c irc u la tio n —
n e t lia b ility ............................. .........
6 ,6 5 3 ,0
D e fe rre d a v a ila b ility Ite m s _____ 3 6 ,9 9 2 ,0
All o th e r lia b ilitie s ______________
1,023,0

7 6 5 ,0 6 2 ,0 108,732,0 112,906,0
6 1 9 ,3 1 4 ,0 1 8 3,860,0 1 9 9,346,0

5 6 .0 1 8 .0 5 2 ,0 1 5 ,0 2 6 1 ,0 0 8 ,0
8 8 ,1 2 2 ,0 117,744,0 3 6 3 ,7 8 3 ,0

7 1 .8 2 2 ,0
7 2 ,6 4 0 ,0

4 5 ,5 1 4 ,0
5 0 ,9 3 7 ,0

7 3 ,3 1 3 ,0
5 9 ,5 8 9 ,0

4 7 ,5 1 2 .0 144,011,0 1 8 8 9 ,2 1 2 ,0
2 6 ,8 1 6 ,0 2 2 6 ,6 7 4 ,0 2 ,1 5 9 ,1 8 6 ,0

3 ,0 8 0 ,0
3 7 ,9 6 3 .0
8 9 2 ,0

3 ,2 1 6 ,0
2 9 ,7 3 2 ,0
73 5 ,0

3 ,6 0 0 ,0
11,850,0
1 ,000,0

7 ,4 4 5 ,0
3 3 ,4 7 4 ,0
7 9 6 ,0

2 ,8 2 3 ,0
1 8 .521,0
1,836,0

6 .8 6 6 ,0
7 9 ,5 0 1 ,0
4 ,1 7 2 ,0

7 ,5 6 0 ,0
4 5 ,0 2 3 ,0
9 4 4 ,0

5 ,4 7 0 ,0
4 0 ,4 5 5 ,0
1,4 2 9 ,0

5 ,2 3 6 ,0
16,950,0
8 0 3 ,0

8 ,1 2 2 .0
4 9 ,7 3 1 ,0
4 ,3 5 4 ,0

4 ,1 8 7 ,0
7 ,3 9 4 ,0

4 ,1 4 3 ,0
3 0 ,4 0 9 .0
1 ,537,0

7 4 ,2 1 4 ,0
4 3 0 ,6 0 1 ,0
19[524,0

T o ta l lia b ilitie s ______ _________ 3 4 0 ,9 7 1 ,0 1,5 7 1 ,6 4 9 ,0 3 7 3 ,2 2 6 ,0 4 2 3 ,6 5 6 ,0 2 0 3 ,0 5 8 ,0 2 0 6 .5 7 3 ,0 7 3 0 ,5 8 8 ,0 1 9 2,242,0 124,238,0 1 8 9,137,0
1 0 9,089,0 4 2 9 ,3 8 7 ,0 4 ,8 9 4 ,8 1 4 ,0
M evm rn n da.
R a tio of to ta l rese rv e s to d e p o sit
a n d F . R . n o te liab ilities com b ln e d , per c e n t ........................
C o n tin g e n t lia b ility on b ills p urch a se d for foreign e o rrn s p o n d 'ts

75 .6

8 3 .5

77.6

7 4 .5

6 6 .4

8 1 .8

7 5 .0

7 4 .2

70 .9

61 .3

6 1 .8

75 .4

77 .3

2 ,4 8 4 ,0

1 3 ,2 5 2 ,0

2 ,7 2 2 ,0

2 ,7 9 0 ,0

1 ,6 6 7 ,0

1 ,2 2 5 ,0

4 ,0 5 0 ,0

1 ,5 9 9 ,0

9 1 9 ,0

1 ,5 8 5 ,0

8 5 9 ,0

1 ,5 1 9 ,0

3 4 ,6 7 1 ,0

S T A T E M E N T O F F E D E R A L R E S E R V E A G E N T S A C C O U N T S A T C L O S E O F B U S IN E S S M A Y 10 1922.
F ederal

Reserve

a t—

A gen t

B o s to n . N e w Y ork

P h ila .

C leve.

R lc h m 'd A tla n ta

C h ic a g o .

S t. L .

M i n n . K .C ity . D a lla s . S an F r.

5
S
5
28 2 ,2 1 0 40,220 3 0 ,8 8 0
83 0 ,4 2 8 211,911 2 1 6,685

S
3 0 ,404 6 4 ,201
9 5 ,444 123,043

S
9 9 ,660
397,367

$
2 6 ,2 5 0
8 5 ,139

$
11,235
5 3 ,410

S
20,700
6 9 ,331

$
S
S
19,215 5 1 ,780 787,305
2 9 ,910 202,960 2,54 1 ,5 0 3

3 5 6,925 ........... 13,375
4 1 ,381 11,075 11,572
40 1 ,0 0 0 149,389 165,000
3 1 ,1 2 2 51,447 23,738
5 0 ,372
5 ,698 29,361

§
( I n T h o u s a n d s o f D o lla r s )
F e d e ra l R e se rv e n o tes on h a n d _____ ___________________ 110,550
F e d e ra l R e se rv e n o tes o u ts ta n d in g ............... IIIIIIIIIII 165,875
C o lla te ra l s e c u rity for F e d e ra l R eserv e n o te s o u ts ta n d in g
G old a n d gold c e rtific a te s _ __
_
5 ,300
G old re d e m p tio n f u n d ______ _______________________ 11,038
G old fu n d — F ed eral R eserv e R o a r d _______________ 123,000
E lig ib le p a p e r) A m o u n t r e q u ir e d .............
26,537
/ Excess a m o u n t h e ld ........ ........................
5 ,0 4 0
R esou rces —

2,295
39,795
5 3 ,354
2,024

2.400
3 ,4 2 4
92 .5 0 0
21,719
11,778

14,968
33 8 ,6 4 4
4 3 ,755
4 8 ,3 1 2

5 ,900
3 ,2 8 4
6 2 ,3 0 0
13,595
9 ,4 5 2

13,052
2 ,8 6 2
16,000
21,496
3 ,861

3 ,935
43,360
22,036
3,187

404,714
7 ,7 0 2
125,141
2 ,520 13,787
10,000 201,209 1,642,197
9 ,('8 8 47,964 369,451
2 1 ,622
191,887
1,180

S

T o t a l ..................................................................
44 7 ,3 4 0 1,993,438 469,740 493,611^223,316 322,065
L ia b ilitie s —
N e t a m o u n t of F e d e ra l R e se rv e n o te s rec e iv ed from
C o m p tro lle r of th e C u rre n c y ____
276,425 1,112,638 252,131 247,565 125,818 187,244
C o lla te ra l received f ro m )G o ld ............
139,338 799,300 160,464 192.917 42,090 0 8 ,3 2 1
F e d e ra l R e se rv e B a n k (E lig ib le p a p e r ______
31,577
81 ,4 9 4 5 7 ,1 4 5 | 53,099 5 5 ,378 36,497
T o t a l ........ ..........................................

F e d e ra l R eserv e no tes In a c tu a l c irc u la tio n .

W

E E K L Y

R E T U R N

942,706 2 0 5,980 121,916 162,549 100,657 578,880 0,06 2 ,1 9 8
497,027 111,389 6 4 ,645
35 3 ,6 1 2 71,541 31,911
92,067 23 ,0 47 25,357

44 7 ,3 4 0 1.993,438 4 6 9 ,7 4 0 |4 9 3 ,6 1 1 123,316 3 2 2,065

F e d e ra l R e se rv e n o tes o u t s ta n d in g ...................... ....
F e d e ra l R e se rv e no tes held by b a n k s ___________________

F O R

15,514
150,361

T H

E

M

83 0 ,4 2 8 211,911 215,685
211,114 28,051 17,339

B E R

B

A N

K S

O F

T H

E

90,031
47,295
25,223

49,125 314,740 3 ,3 2 8 ,8 0 8
20.222 211,996 2,172,052
49,144
501,338

31,310

94 2 ,7 0 3 2 )5,980 121,916 162,549 100.657 5 7 8,880 6 ,0 6 2 ,1 9 8

9 5 ,4 4 4 121,043
7 , ) 2 2 l 5,299

397,367
3 3 ,5 8 4

61 9 ,3 1 1 1 8 3,860 199,346' 8 8 ,1 2 2 117,744

E M

T o ta l.

8 5 ,139 ~5 3 c tl0
12,499
2,473

363,7831 7 2 ,640

F E D E R A L

50,937

69,331
9,742

29,910 262,960 2,541,503
3.0 9 4 36,286 382,317

5 9 ,589

23,816 226,674 2 ,159,186

R E S E R V E

S Y S T E M

.

Following is tho weekly statement issued by the Federal Reserve Board, giving tlio principal items of the resources and
liabilities of the 800 Member Banks, from which weekly returns are obtained. These figures aro always a week bohind those
for the Iteservo Banks themselves. Definitions of tho different items in tho statement wero given in tho statement of Deo.
^ l-QW, published in the Chronicle Dec. 29 191/, pago 2523. The comment of the Reserve Board upon the figures for the
latest week appear % our Department of “ Current Events and Discussions” on page 2068.
n
1. O a r a f o r n il r e p o r t i n g m e m b e r b a n k s In e a c h F e d e r a l R e s e rv e D i s t r i c t a t c lo s e o f b u s in e s s M a y 3 1922. T h r e e c i p h e r s (000) o m i t t e d .
F ed era l Reserve D is tr ic t.

B oston .

_
N u m b e r of re p o rtin g b a n k s . _
L oans a n d d isc o u n ts . Including b ills red isc o u n te d w ith F. R. b a n k :
L oans sec. by U . S . G o v t, o b lig a tio n s .
L o a n s secu red b y sto c k s a n d b o n d s _
_
All o th e r loans a n d d isc o u n ts _______
T o ta l loans a n d d isc o u n ts________
U . S . b o n d s .................................. .
U . S . V ic to ry n o te s __________________
U . S . c e rtific a te s of In d e b te d n e ss ______
O th e r b o n d s, s to c k s a n d s e c u ritie s ______

N e w York P h lla d tl. C le ve la n d

49

R ic h m 'd .

106

57

85

$
S
2 0 ,426 120,966
209.011 1,522,198
55 8 ,5 3 0 2 ,3 5 0 ,3 8 8

S
32,031
211,379
31 8 ,0 3 8

$
34,307
3 26,252
6 3 0 .2 9 0

787,967 3 ,9 9 3 ,5 5 2
6 9 ,621 461,544
2 , / 4t)
45,636
10,696 250,029
6,9 1 2
53,277
148,070 7 8 4,938

56 4 ,4 4 8
4 8 ,319
9 ,3 7 0
15,306
6 ,3 9 7
174,920

A tla n ta .

81

T o ta l lo an s, d isc 'ts A In v e s tm e n ts , lncl.
bills red isc o u n te d w ith F. R . B a n k ___ 1,026,011 5,5 8 8 ,9 7 6
R e se rv e ba la n c e w ith F . R . B a n k .............
8 3 .209 6 4 4,187
C a sh In v a u lt ....................
16,373
88,523
N e t d e m a n d d e p o s its _____ . .
772,043 4,9 0 0 ,0 9 3
T im e d e p o s its ......................
200,526 576,462
G o v e rn m e n t d e p o s its ___
16,044
71,707
Bills p a y a b le w ith F e d e ra l R e se rv e B a n k :
S ecured by U . 8 . G o v t, o b lig a tio n s ___
2 ,0 8 1
3 3 ,435
All o t h e r ...............
Bills re d isc o u n te d w ith F . R . B an k :
S e c u re d by U. S . G o v t, o b lig a tio n s
94
1,043
8 ,6 2 1
11,953

C h ica g o . S t. L o u is M in n e a p . K a n . C ity

42

D a lla s .

B an F ra n

T o ta l.

109

37

35

79

52

3
13,726
111,746
3 06,641

S
s
10,006
5 9 ,321
54,969 4 4 4,860
2 8 5,908 1,066,650

$
13,322
124,311
276,347

8,263
29,979
196,684

11.607
65 ,3 7 9
34 8 ,2 3 3

4 ,931
43,781
189,875

345 767
10,861
143,681 3,29 0 ,5 4 6
703,757 7 ,2 3 1 ,3 4 1

9 9 0.849
132,120
7,316
22,680
10,354
270,378

4 32,113
55,177
1.083
4 ,618
2,458
49,737

35 0 ,8 8 3 1,570.831
24,577 108,849
598
6 ,0 2 2
1,691
4 9 ,100
4 ,6 5 5
17,890
32,744 3 8 7,694

4 1 3,980
27,219
3,701
6,267
5 ,817
74,373

234,926
21,397
414
8,163
6 ,5 0 0
21,801

4 2 5,219
4 4 ,462
1,654
5,359
5 ,9 6 8
5 1 ,448

2 3 8,587
32 ,0 9 3
955
3 ,6 5 ,
5,9 2 0
7 ,5 6 3

8 6 4,299 10,867,654
104.758 1,130,136
9 ,2 6 0
8 8 ,7 5 4
19[210
.390,809'
20,436
146,584
161,407 2 ,1 6 5 ,1 4 2

818,769 1,433,697
6 8 ,799
92 ,5 8 2
14,388
2 8 ,532
6 5 9,725 8 0 6,264
50,339 47 3 ,6 8 2
13,254
18,197

545,186
33,433
13.882
311,247
134, 20
5,807

415,151 2.1 4 0 ,3 8 6
3 0 ,851 188,777
8,961
52,732
239,086 1,381,752
145,337 6 6 2,026
4,701
24,043

531,357
43,769
6 ,8 3 7
315,093
101,068
6,7 6 9

293,201
19,783
5 ,804
180,908
77,318
6 ,778

534,110
4 6 ,751
11,874
40 0 ,4 1 2
109,962
3 ,774

28 8 ,7 6 9 1,179,466 14,795,079
2 2 ,484
78,793 1,353,418
9 ,2 0 2
20,094
2 7 7 ,2 0 2
2 0 5 ,3 3 2 595,891 10,767,846
64 ,2 7 2 5 42,842 3 ,1 9 7 ,9 5 4
14,074
3 ,879
189,207

851
141

2,316

295

3 ,365
239

2 ,U 8

169
6 ,1 7 5

10
3,2611

213
10,855

9,436

3 ,8 1 3
20

7,256
500

802

10,118

2,759

250
5 ,038

117
16,218

340
15,334

116
4,047

365
12,557

101
3 ,9 4 4

68

800'

7 0 ,5 8 7

100,121

^ D » t a o f r e p o r t i n g m e m b e r b a n k s I n F e d e r a l R e s e rv e B a n k a n d b r a n c h c i t i e s a n d a ll o t h e r r e p o r t i n g b a n k s .
T h ree c ip h e r s (600) o m itte d .

N e w Y ork C ity .
M ay 3.

A p r . 26.

N u m b e r of re p o rtin g b a n k s
65
66
L o a n s a n d d isc o u n ts , lncl. b ills redlsc o u n te d w ith F . R . B ank:
S
S
L o a n s sec. by U. S . G o v t, o b llg ’ns 108,967 115,510
L o a n s secured by sto c k s & b o n d s . 1,343,495 1,316,687
All o th e r loans a n d d isc o u n ts ____ 2 ,0 6 8 ,2 1 0 2,0 9 8 ,7 5 3

C ity o f C h icago.
M a y 3.

50
S
4 8 ,1 9 2
3 2 8 ,2 8 2
6 8 3,971

A ll F . R . B ank C itie s F . R . B ranch C itie s . A llO lh c r R ep o rt. B ks.

A p r . 26.

50

M a y 3.

272

A p r . 26.

273

M a y 3.

211

A p r . 26.

211

M a y 3.

317

T o ta l.

A p r il 26. M a y 3 ’22. A p r . 2 6 ’22 M a y 4 ’21.

317

800

T o ta l loans a n d d is c o u n ts _____ 3 ,5 2 0 ,6 7 2 3 ,5 3 0 ,9 5 0 1,060,445 1,026,633 7 ,1 9 4 ,4 5 2 7 ,1 6 6 ,6 5 0 1,921,033 1,914,908 1 ,7 5 2 ,:6 9 1,764,551
10,867,654
U . S . b o n d s _______________________
411,149 40 3 ,1 5 0
49,641
6 1 8 ,5 8 1
3 8 ,8 9 2
6 2 3,604 244,255 239,498 237,300 237,363 1,130,136
U . 8 . V ic to ry n o te s _______________
4 1 .600
36,416
4,227
4,046
6 3 ,998
5 7 ,855
13,665
12,115
11.091
12,127
8 8 ,7 5 4
U . S . T r e a s u r y n o te s .
238,570 236,320
2 2 ,088
2 9 ,222
308,460
300,496
5 4 ,474
5 3 ,624
3 3 ,875
31,659
3 0 6,809
_
U . S . c e rtific a te s of In d e b te d n e ss_
47,353
4 8 ,756
10,267
14,652
9 2 ,346
101,464
37,305
3S.S09
16,233
18,652
146,584
O th e r b o n d s, sto c k s a n d s e c u r itie s .. 5 9 5,654 5 6 5,100 174,047 177,728
,1 93,845 1,165,538 58 9 ,4 6 3 590,439 38 1 ,8 3 1 3 8 1,317 2 ,1 0 5 ,1 4 2
T o ta l lo an s A d isc ’ts A In v e s t'ts ,
ln cl. bills re d ls c 'te d w ith F . R . Ilk . 4 ,8 5 7 ,9 9 8 4 ,8 2 0 ,6 9 8 1,327,849 1,284,039 9 ,5 0 1 ,6 8 2 9,4 1 5 ,6 0 7 2 ,8 6 0 ,1 9 5 2 ,8 4 9 ,3 9 3 2,4 3 3 ,2 0 2
2 ,445,069 14,795,079
R e se rv e b a la n c e w ith F . R . B a n k . .
5 9 9,605 5 9 5,347 134.470 124,446
9 9 7,254
976,339 2 0 2,762 199,461 153,402 149,540 1,353,418
C a s h In v a u lt ..................
7 6 ,264
7 7 ,4 4 0
29,112
3 0 ,370
150.647
152,323
5 3 ,762
54,331
7 2 ,793
2 7 7,202
7 0 ,984
N e t d e m a n d d e p o s its ______________ 4,4 1 1 ,5 2 1 4 ,3 8 3 ,2 8 6 96 3 ,4 8 5 91 6 ,0 7 0 7 ,5 8 8 ,2 3 8 7 ,4 9 4 ,0 6 6 1,678,139 1 ,662,282
1,501,469 1,519,999 10,767,816
T im e d e p o s its ___
38 2 ,5 7 3 3 7 9,448 31 2 ,8 8 5 310,959 1,503,998 1,494,167 97 8 ,9 4 2 9 7 4,151 715,014 715,427 3 ,1 9 7 ,9 5 4
G o v e rn m e n t d e p o s it s ...........
67,312
74,257
17,428
19,415
137,809
151,433
35,945
3 8 ,977
15,273
17,255
189,027
B ills p a y a b le w ith F . R . B a n k :
S e c 'd by U . S . G o v t, o b lig a tio n s ..
23 ,8 9 0
4 ,5 5 0
2 ,618
1,325
43,041
2 3 ,584
16,878
17,723
16,668
15,890
76,587
All o t h e r ...............
239
342
667
660
906
Bills rcd lsc o u n to d w ith F . R . B a n k :
S e c ’d by U . S. G o v t, o b lig a tio n s ..
1,006
1,052
300
1,802
1,784
300
608
694
408
527
2 ,818
All o t h e r ............
3,656
2,450
4 5 ,393
1,835
4,1 3 0
4 1 ,420
19,678
2 4 ,615
3 2 ,214
3 5 ,0 5 0
100,121
R a tio o f bills p a y a b le A red isc o u n ts
\.
w ith K. R B an k to to ta l lo a n s __
(p
a n d I n v e s tm e n ts per cen t
____
.6
.2
.5
.3
1.0
.7
1.3
1.5
2.2
2 .0
(W 1.3




801

821

S
5
s
S
s
•S
r i
-n
w
47,811
242,919
250,086
54,072
5 4 ,055
4 8 ,776
4 9 ,689
3 4 5,767
310,389 2 ,3 8 9 .7 8 6 2,3 4 6 ,3 1 5 472,527 4 6 8,909 4 2 8,233 434,586 3,2 9 0 ,5 4 6
6 08,433 4,5 6 1 .7 4 7 4,5 7 0 ,2 4 9 1,394,434 1,3 9 1 ,9 4 4 1,275,160 1,280,270 7,2 3 1 ,3 4 1 7 ^2 12[469 8 ,504,993
10.846,109 12,252,691
1,100,465
866,633
' 82,007
189,431
3 8 5,770
158,925
206,401
2 ,137,294 2,06 6 ,7 9 3
4 ,710,669 15,582,009
1,325,346 1,260,955
327,314
277,638
10,676,347 10,214,260
3 ,1 8 3 ,7 4 5 2 ,9 4 1 ,2 3 8
207 [665
210,380
67,197

469,628

3 ,0 0 5
98[249

i -< sfl
ISO ,175
875,979

• B 1.1

S i”

THE CHRONICLE

May 13 1922.]

3095
M ay

I to r r h e v tf
First Liberty Loan
(High
354% bonds of 1932-47—(Low.
(First 3 *48)
(Close
T o t a l s a l e s i n $1,000 u n i t s . .
Converted 4% bonds of (High
1932-47 (First 4s)___ (Low.
_ ,
Iciose
T o t a l s a l e s i n $1,000 u n i t s
Converted 4*4% bonds (High
of 1932-47 (First 4**s)(Low.
LClose
T o t a l s a l e s i n $1,000 u n i t s
Second Converted 4*4% (High
bonds of 1932-47 (First-j Low.
Second 4*4s)................(Close
T o ta l s a l e s i n $1,000 u n i t s . . .
Second Liberty Loan
(High
4% bonds of 1927-42.. J Low.
(Second 4s)
(Close
T o ta l s a l e s i n $1,000 u n i t s . . .
Converted 4*4% bonds (High
of 1927-42 (Second
(Low.
4*4s)..............
(Close
T o t a l s a l e s i n $1,000 u n i t s __
Third Liberty Loan
(High
4*4% bonds of 1928
Low.
(Third 4*4s)
(Close
T o t a l s a l e s i n $1,000 u n i t s . . .
Fourth Liberty Loan
(High
4*4% bonds of 1933-38 Low.
(Fourth 4*4s).............. (Close
T o t a l s a l e s i n $1,000 u n i t s . . .
Victory Liberty Loan
(High
4*4% notes of 1922-23 (Low.
(Victory 4*48)............ (Close
T o t a l s a l e s in $1.000 units. . .
3*4% notes of 1922-23 (High
(Victory 3*4s)
(Low.
(Close
___Total sales in $1,000 u n i t s . . .

6. | M

99.50i!
99.40
99.40
83
___
___
—

ay

8.

99.46
99.30
99.40
588
99.60
99.60
99.60
1
99.92
99.70
99.82
320
—
—
-----

M ay

0.

M ay

99.44
99.32
99.36
1,168
; __

10.

99.42
99.34
09.40
266
99.60
99.60
99.60
1
99.92
99.80
90.80
43
—
—
- —-

M a y ll. M ay

99.36
99.08
99.14
304

12.

99.36
99.24
99.30
425
___

Wall Street, Friday Night, May 12 1922.
M isc e lla n e o u s S to c k s. —One of the
. . . .
interesting characteristics of the security market this week
—
—
___
has been a substantial reduction in the volume of business.
99*92
9*9*80
99*88 99*88
N ot since the last week in March, until now, has the daily
99.74
99.70
99.76 99.76
99.80
99.76 99.82
99.90
movement of stocks fallon below 1,000,000 shares, and
74
182
246
104
—
—
—
—
during much of that time 20 millions or more of bonds have
—
—
—
' ..—
ohanged ownership daily on the Exchango, but on Thursday
—
—
—
—
only about 775,000 shares of stocks and bonds to the amount
99.44 99.48 99.48 99*52 9*9*42 9*9*50
99.26 99.44 99.48 99.52 99.42 99.50
of $16,000,000 were traded in. During the week prices for
99.36 99.48 99.4S 99.52 99.42 99.50
10
10
2
5
2
5
both bonds and stocks have been irregular and generally
99.54 99.60 99.64 99.64 99.58 99.64
declined. When at the lowest, all the active railroad stocks
99.46 99.50 99.52 99.56 99.50 99.50
99.54 99.52 99.60 99.56 99.52 99.56
showed a loss averaging from 2 % to 3% points and the
769 1,088 1.541
707 1.031 1,564
99.82 99.84 99.84 99.84 99.82 99.88
industrials were from 2 to 6 points lower than at the close
99.72 99.74 99.78 99.78 99.76 99.78
99.74 99.80 99.84 99.78 99.80 99.90
last week.
155 2,500 2,461 2,365 2,672 2,221
Thursday’s market was stronger and more active, how­
99.90 99.96 99.76 99.94 99.94 99.94
99.84 99.86 99.70 99.90 99.86 99.86
ever, and these conditions have continued to-day.
99.86 99.90 99.92 99.00 99.90 99.92
529 1,058 1,587
714 1.404 1,972
This could hardly be otherwise, in view of the fact that
100.60 100.44 100.58 100.60 100.58 100.60
orders on the U. S. Steel Corporation’s books increased over
100.56 100.42 100.56 100.56 100.54 100.54
100.58 100.56 100.58 100.56 100.56 99.58
602,000 tons during the month of April and are now reported
384
24 3.124
753
559
553
100.04 100.04 100.00 100.02 100 04 100.02
to bo larger than at any time since Jan. 1920, that, not­
100.02 100.02 100.00 100.02 100.02 100.02
100.02 100.02 100.00 100.02 100.02 100.02
withstanding a greatly restricted coal traffic, the number of
165
20
52
207
119
10
freight cars loaded is steadily increasing, .that Sterling
Note.— The above table includes only sales of coupon
Exchange has gone to a new high figure and that the Federal
bonds. Transactions in registered bonds were:
Reserve Banks now hold over threo billions of gold, or 100 1st 3 14s------------------- 99.20 to 99.921188 3d 4*4s__________ 99.66 to 99.90
28 lst4*4s------------------- 99.48 to 99.52 357 4th 4*4s__________ 99.70 to 99.76
about 40% of the world’s supply of that metal.
1 2d 4s---------...9 9 .1 2
165Vlctory4**s________ 100.40 to100.46
99.36 to 99.641
The following are sales made at the Stock Exchange this 67 2d 4*4s____
weok of shares not represented in our detailed list on the Q u o t a t i o n s f o r U . S . T r e a s . C t f s . o f I n d e b t e d n e s s , E t c .
I n i.
I n i.
pages which follow:
R a ilro a d

and

M a lu r lly .

STOCKS.
W e e k e n d in g M a y

12.

R ange fo r W eek.

S a le s
fo r

L o w e st.

W eek

R a ge s in c e J a n .

H ig h e st.

L o w e st.

8 p e r sh a re . S p e r sh a re
P ar Shar
All America Cables.. 100 300 114*1 May fi 115 May 8
Am La Franco Eng,pf 100
100 95** May 10 95 54 May 10
American Snuff, pref. 100
100 94** May 0 94*6 May 6
12 61** May 9 62 May 11
American Tel & CablelOO
Atlas Powder---------- 100
100 125 May 12 125 May 12
Brooklyn Edison rights.. 3,680 2 H May 10 2 X May 6
200 89 May 12 89*4 May 6
Brown Shoe, prof___ 100
Burns Bros, pref___ 100
300 9(5 May 11 97 54 May 6
C hStPM & O m , pf.100
100 97 May 9 97 May 9
Cluctt, Peabody, pf.100
100 95 May 11 95 May 11
Continental Can, pref 100 200 103** May 8 103*4 May 8
200 77 May 7 80 May 8
Deere & Co, pref___ 100
D u rh a m H osiery M ills —

Preferred.......... .. 100 500 72
Eastman Kodak, new 100 3,000 76**
23 108**
Preferred, new-----100
Emerson Brant, pref. 100 500! 2 8 X
100102
General Cigar, pref.. 100
100, 97 X
Gulf States St 1st pf. 100
Hydraulic Steel, pref. 100 300 30
Iowa Central---------- 100 200 9
100113
May Dept Stores, p f-100
300, 11X
M oK & T , pref------ 100
Nat Enam AStpg, pf.100 200 8834
200 49 X
Ohio Fuel Supply........ 25
75 90
Orpheum Circuit, pf.100
100 97J4
Otis Elevator, pref.. 100
200 61
Otis Steel, preferred.100
100 9 7 X
Penney (.) C), pref.. - 100
Phillips Jones, pref.. 100 100 90
100, 44
Producers & Ref pref- .50
Robt Reis & Co----------* 100. 18*4
V»
Reploglc Steel rights---- 32,300
100 94**
Superior Steel 1st pref 100
100 109
Un Cigar Stored pref. 100
X
White Oil rights.............. 1,100
Woolworth & Co pref 100 1,700120

H ig h e st.

$ p er sh a r
107
Jar
9554 Ma\
90
Fel
54
Jar
120
Ap
54 Ap:
89 Mav
94
Feb
83
Feb
85
Jar
10054 Jan
61
Feb

* n e t sh a re .
116 May
95 54 May
9054 Apr
70
Mar
125 May
254 May
9254 Apr
9914 Apr
9854 May
95 May
104
Mar
80 May

May 8 81
Mayl 77 54
May 9 10856
May 9 2854
May 11 102
May 11 9754
May 9 33
May 9 9
May 10 113
May 9 12
May 8 92*4
May 9 50
May 11 90
May 12 9754
May 11 62
May 10 9754
May 9 90
May 6 44
May 12 18*4
May 6 256
May 10 9454
May 8 109
May 9
54
May 12 120

May 11 72 May 81
May 12 76*4 May 77 54
May 9 108*6 May 10856
M ayll 23
Feb 33 54
M ayll 10054 Mar 102 54
M ayll 90
Mar 9754
M ayll 30
Apr 35
May 9 6
Feb 11
May 10 10754 Jan 115
May 6 1154 Jan 12
M ayll 81
Mar 9254
May 10 47
Jan 50
M ayll 90 May 90
May 12 93
Jan 9754
May 10 42 54 Jan 6654
May 10 9054 Jan 99
May 9 8856 Mar 93 54
May 6 39
Jan 4554
Mayl2 854 Jan 21
May 8
*4 May 256
May 10 9454 May 9454
May 8 *104*4 Feb 11054
May 9 I .01 Mar
54
May 12 117
Jan 120
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.

W ee k e n d in g
M a y 12, 1922.

R a il r o a d ,

•See.,
S h a re s.

Saturday.................
Monday...................
Tuesday............—
Wednesday--------Thursday-----------Friday.................. Total__________
S a le s a t
N e w Y o r k S to c k
E xch ange.

P a r V a lu e .

B o n d s.

1.

S la t e , M u n
a n d F o r e ig n
B on ds.

574,165 $46,942,100
950,125 83,762,500
941,518 72.122.000
774,204 59.466.000
1,096,599 92.008.000
1,201,500 102,982,200

84,450,000 $1,121,000
7.067.000 2,325,000
7,900,500 2.450.000
7.435.000 2,150,500
7.302.000 2.223.000
7.223.000 1.815.000
5,538,111 $457,262,800 $41,377.500
W e e k e n d i n g M a y 12.
J a n . 1 to M a y
1922.
|
1021.
1922.

May
May
May
Mar
Mar
May
May
Apr
Apr
May
May
May
May
May
Apr
May
Apr
May
Apr
May
May
Feb
Apr
May

U . S.
B on ds.

32,165,000
6.445,000
7.321.000
5,113,250
6,485.500
6.904.000
12.
1921.

5,538,111
4,723,404
Stocks—No. shares.. .
94,729,503
69,077.682
Par value.............- - ­ $457,262,800 $336,152,200 $8,669,766,096 $5,050,789,821
B o n d s.
$34,433,750 $25,568,500
Government bonds.. .
$770,239,150
$667,631,300
8,759.500
State, mun., &c., bonds 12.084.500
246,204,500
98,392.600
RR. and misc. bonds.. 41.377.500 20,497,500
770,882,600
337,718,000
Total bonds_______ $87,895,750 $54,825,500 $1,787,326,250 $1,103,741,900
■Includes $34,000 State and municipal bonds
DAILY TRAN8AOTIONS^AToTHE^BOSTON,^pfijLADELPHIA AND
B o s to n .
W eek e n d in g
M a y 12 1922.

Saturday...............
Monday_______
Tuesday________
Wednesday_____
Thursday. .
Friday.................
T otal.. .

S h a res.

|

B o n d S a le s

P h ila d e lp h ia .
S h a re s.

B o n d S a le s

B a ltim o r e .
S h a re s.

B o n d S a le s

10,641
27,175
23,705
19,784
26.050
20,729

$112,150
131,600
90,450
35,150j
41,500
14.000

4,724
7,380
11,095
9.967
11.847
10,345

$23,500
116.900
190.900
171,100
68,100
46,000

900
1,148
1,487
2,785
1,515
993

$183,000
114,200
172.400
61,000
111,400
78,000

128.084

424.850

55,358

616,500

8.828

720.000




June
Aug.
Sent.
Sept.
June

15
1
IS
15
15

R a te .

1922___
1922___
1922___
1922___
1924___

B id .

5**% 1001 fs
5**% TO ’
O
inn5*
5X %
4**% 100 x
5?*% 102K

A sked

100Vf
100**
inn'U
100 H
1U3H

M a tu r ity .

Sept.
’Ape.
June
Mar.
Mar.
Mar.

15
15
15
15
15
16

1924___
1922___
1922___
1925___
1926___
1923___

R a te .

B id .

102K
100**
100
101**
4**% 1011**
100*5
4X %
SX<7,
4X V
4X %
4H %

A sk ed .

103
pin1**
IO Jfc
O
101**
101H
100 J*

Foreign E xchange.—The market for sterling exchange
continued dull and nominal, though strong, with the quota­
tion at the highest point reached in many years. Conti­
nental exchange moved irregularly, without definite trend.
T o-day’s (Friday’s) actual rates for sterling exchange wero 4 4156®
4 42*6 for sixty days. 4 43 H @4 44*6 for'chocks and 4 44 54 0 4 44*6 for
cables. Commercial on banks, sight, 4 36 54 0 4 3856: sixty days. 4 30 56
0 4 32 56: ninety days, 4 29 56 @4 3156. and docum ents for paym ent (sixty
days), 4 3 1 5 6 0 4 32*6. C otton for paym ent, 4 3656@ 4 3856. and grain
for paym ent, 4 36 54 0 4 38*4.
T o-day’s (Friday’s) actual rates for Paris bankers’ francs were 8.9856®
9.04J4 for long and 9.O45409.1O54 for short. Germany bankers’ marks
are not yet quoted for long and short bills. Amsterdam bankers’ guilders
were 38.14@ 38.23 for long and 38.50@ 38.59 for short.
Exchange at Paris on London, 48.73 fr.; week’s range, 48.67 fr. high and
48.90 fr. low.
The range for foreign exchange for th e week follows:
Sixty D
S te r lin g A c tu a l—
S i x t y D a y s.
Cables.
C h ecks.
ITigh for the w eek__________________4_ 43 43
4
4 45
4 455*
Low for the w eek.................. ......................4 4 1 ] K
.
41
4 42
4 42**
P a r is B a n k e rs’ F ra n c s—
ITigh for the week..........................
. 9.09
9.17
9.18
Low for the week____________________- 8.9856
8.98J*
9.06H
9.07 J*
G erm a n y B an kers' M a rk s—
Fllgh for the w eek____________
0.35
0.35*6
Low for the w eek_____________
6.33 Ji
0.34
A m s te rd a m

B a n k e r s ’ G u ild e r s —

ITigh for the w eek___________________.38.23
38.23
38.64
38.69
Low for the week____________________.37.98
37.98
38.35
38.30
D o m estic E x ch a n g e .— Chicago, par. St. Louis, 1 5 0 2 5 * . per $1,000*
discount. Boston, par. San Francisco, par. M ontreal, $21,875 per
31,000 premium. C incinnati, par.

The Curb Market.—Business in the Curb Market this
week fell off considerably from last week’s totals and prices
in the fore-part of the week showed an easier tendency,
though changes generally were not large. Later, in sym­
pathy with the Stock Exchange, the market was firm, though
trading continued only moderate. Oil stocks continue
prominent. Standard Oil (Indiana) lost almost five points
to 102%, but recovered to 106%. Standard Oil of N . Y .
dropped from 416 to 403 and sold back to 413. Olus Oil
was off from 330 to 315. Prairie Oil & Gas weakened from
615 to 605. Carib Syndicate declined from 7% to 6% and
closed to-day at 6%. Internat. Petroleum from 22% to
20% and sold finally at 21%. Kirby Petroleum receded
from 12 to 10%. Mexican Seaboard Oil dropped from 45%
to 42, but recovered to 44%. Salt Creek Producers declined
from 19% to 17% and sold finally at 18%. Shell Union Oil
Pref. stock was introduced to Curb Market trading this
week and after early advance from 97 to 97% fell to 95%,
and sold to-day at 96. Trading in industrials was stimu­
lated by the introduction of several new issues, of which
Daniels Motor was actively dealt in down from 11% to
10% and up to 12, with the close to-day at 11%. Cuban
Dominion Sugar, another new issue, was active and rose
from 8 to 11%, the final transaction to-day being at 11 %•
Beechnut Packing weakened from 39 to 37%. Brooklyn
City RR. was active and gained over a point to 9%, the
close to-day being at 8%. Glen Alden Coal declined from
51 to 49 and ends the week at 49%. Bonds continue in
good demand and about steady.
A complete record of Curb Market transactions for the
week will be found on page 2105.

N e w Y ork S t o c k E x c h a n g e — S t o c k R e c o r d , D a ily , W e e k ly arid Y e a r l /

8 0 9 6

OCCUPYING FOUR PAGES
For sales during the week of stocks usually Inactive, see preceding page
H IG H

AN D

VOW

SALE

P R IC E — P E R

SHARE,

NOT

PER

CENT.

S a le s

12.

H ap

6.

M ap

8.'

M ay

9.

M ay

10.

M ay

11.'

M ay

5 p er sh a re S p e r sh a re $ p er sh a re * p e r sh a re S p e r sh a re S p er sh a -e S h a re s
Railroad*
Par
16% 16% *16% 19
*16% 18% *16% 177*
10 Ann Arbor_____________ 100
*10% 19
*16% 19
46% 44% 45
*46% 47
46
900
46% *46
47
44% 44% 44
Preferred.......................... 100
99% 99
99% 11,800 Atch Topeka A Santa Fe._100
99% 100% 99*1 100% 99% 100% 99% 100% 99
*91
91% 91
91
91% 91% 91% 91% 91% 91% 91
91
1.500
Do pref........._............... 100
3% 3%
3% 3%
3% 3%
2% 3%
3% 3% *3% 3% 3.300 Atlanta Blrm A Atlantic.. 100
*102 103
100 I'M
100% 1003*
700 Atlantic Coast Lina R R ..100
102% 102% 101% 101% 101 101
467* 45% 46% 45% 40% 19,800 Baltimore A Ohio_______ 100
17% 47% 40% 47% 46% 47
46
*60% 61
60% 60% 60% 60% *60
60% *60
60% 60% 60%
700
Do prof_______ _____ 100
*61
61% 62
02
62
*62
*61 .... J *61
130 Buffalo Roch A Pitts____ 100
65
25% 26
2S
25% 24% 25% 25% 267* 25% 20% 25% 26% 39,300 Brooklyn Rapid Transit..100
21% 22% 21% 22% 21
22
22% 23% 21% 22% 22
22% 13.500
Certificates of deposit..
141% 142% 141% 142% 141 141% 139% 141
133 139% 139% 140% 11.800 Canadian Pacific.................100
*185 190 *185 195 185 185 rl84 184 *175 185 *175 183
200 Control RR of N J.............100
64% 647* 65
65
05% 65
65% 64% 051,1 64% 64% 64
8,000 Chesapoake A Ohio.............100
77* 8%
8
8
8% 8%
8% 8%
8% 8%
7% 8
4,500 Chicago A Alton________ 100
15
17
15% 157* 16% 2.200
Preferred_____ _______ 100
17% 17% *17% 17% 17% 17% 17
3/7* 387* 37
39
37% 37% 37% 18.709 Ohio A East HI RR (new)___
39
39% 38% 30% 38
55% *54% 56
58% 68% 58
3,000
58t.t 57% 57% 55% 55% 55
Do ore!________________
*8% 8%
8
8
8% 8% 5,400 Chicago Great Western__ 100
8% 8%
8% 8%
8%
8
201. 21% 21% 4.30C
*22% 22% 21*4 221.. 21% 21% 20% 21% 20
Do pref............ ..............IO
C
27% 27% 20% 27% 25*4 20% 25% 26% 24% 25% 25
26
9.70C Chicago Mllw A St P a u l..100
44
44
41% 42% 41% 42% 10.20C
43
431, 42% 43
42% 43
Do pref...........................100
74*4 75
74*4 75
74
74% 74
74% 73% 73% 73% 73% C.90C Chicago A North Western. 100
109*1 109*4 *108 111) 109% 109% 110 110 *108 110
40C
*108% 110
Do pref...........................100
*
421* 431. 48.900 Chtc Rock Isl A I’ao_____ 100
44% 45
43% 44% 43% 43% 42% 43V 42% 43
95% 95% 96% 95% 95% 95% 951* 95% 95% 95% 95 % 95% 1,300
7% preferred_________ 100
81% 81% 81
81
81
80% 81
81
80% 8!
1,900
81% 82
0% preferred...... ...........100
65
67
67
07
67
68% *00
65
68
68% 07
67
1.200 Chic St P Minn A Oin___ 100
66% 00% 66% 66% *65% f)6
*63% 65% *63% 65
*64
65
500 Clev Cln Chio A St Louis.. 100
*87% 89
*88
87
88
88
87% 87% *86% 87
*88
89
200
Do p r e f.......................100
49% 49% 49
49
48% 48% 487* 48
48
48
47% 47% 1,400 Colorado A Southern____ 100
*61
♦61
63
*01
03
63
61
100
62
*61
61
62
*60
Do 1st pref....... ........... 100
*120% 122 *120% 122 *121 122 *121% 122 *121% 122
121% 121%
100 Delaware A Hudson...........100
116 110 ■115*4 116
118% 117% 116 117 ‘ 115% 117
116% 117
3,900 Delaware Lack A Western. 50
**
•4*
534 *1*4 5% *6
4% 4*4 *4% 5
5% *4% 5%
200 Duluth 8 S A Atlantic___ 100
*9 % 10
*9
10
*9
10
10
100
9% yi-. *9% 10
*9
Do pref..____ ______ 100
13% 13-% 13% 13% 13% 13% 13% 13% 12% 13
12% 13% 10,900 E rie.................................... .100
21V* 8,300
22% 22% 207* 22
23
23% 23
23% 22% 23
21
Do 1st pref__________ 100
*
15
15
15
14% 14V 14% 14% 1,700
15% 15% 15% 15% 15
Do 2d p r e f..................100
74% 73% 74% 74
75% 75% 75% 75% 74% 75% 74
74% 0,000 Great Northern pref_____ 100
39% 39% 39*s 39% 38% 39% 38% 39
38% 39% 39% 41% 25,400
Iron Ore properties.N o p a r
15
15
900 Gulf Mob A Nor tr c tfs ...l0 0
16*4 16*4 10
16*4 15% 15% 15
15% 15% 15
37
36% 38
*36
38
*37
37
35
38
38
35
8001 Do pret...........................100
38
104% 10-1% 101 104% 103% 104% 2,700 Illinois Central__________ 100
105% 105% 104% 105*8 104*4 105
2% 2%
2% 2%
27* 3
2% 2%
2% 2%
2% 27*
11.900; Intorboro Cons Corp. . N o p a t
*
6
6%
6
6% 6
5% 5%
5% 0% 27.SOO
Do pref........ ................. 100
5*> 5V
s
«%
27% 27% 26% 27% 26
26% 27% 10,400 Kansas City Southern___ 100
27
28
28% 27% 28
Do prof .........................loo
57% 58% 58
67% 57% 57% 67% 57
1,300
58
57
*57*1 68
*7
*7
Keokuk A Dos Moines___ 100
*7
9
9
9
*7
9
*7
9
*7
9
800 Lake Erie A Western____ 100
17% 17% 17% 17% 107* 16% 16% 16% 16% 16% *15% 16%
24% 34% 34*8 34% 34
34% 33% 34% 331.4 33% 33% 33% 1,400
Do pref_____________ 100
62% 60% 62% 60% 61% 60% 01
62% 62*4 62
61
61% 8,700 Lehigh Valley....................... 50
400 Louisville A Nashville___ 100
*118 119% 119 119 1187* 118% 117 118% *116 119 *116 119
51% 62% 50
50% 51% 49% 50% 50
50% 8,000 Manhattan Ry guar_____ 100
51% 50% 51
7%
7% 7%
7% 7% *7
7%
500 Market Street Ry_______ 100
7% 7% *7
7*4 7*4
30
36
600
38 38
35
35% 35% 35% *31
30
*31
36
Preferred_____________100
*02
63
Prior preferred................ 100
60% 01% 007* 01% 60% 61% 2,700
61*4 62% 60% 61
26% 27% 20*4 22
*27% 28
21
21% 22
231. 23
23% 2,400
2d preferred..................100
13% 13% 12% 13% 12% 13
12% 12% 11% 12% 117* 127* 9,300 Mlnneap A St L ( n e w ) ___ 100
60
61%
00*4 60*4 60% 60*1 59% 59% *59
60
60% *00
400 Minn St P A S 8 M arie... 100
11% 11% 11% 11% 11% 11% 11
11
11
11
2,700 Missouri Kansas A Texas. 100
11% 11
17% 17% 17% 17% 17% 17*
17% 177* 17
17% 17% 17% 21,800 Mo Kan A Texas (new)-------39% 40% 40
40% 39*» 40
39% 40% 38% 391. 39
39% 4,900
Preferred (now)....................
21
21
20% 20% 20% 20% 21% 21% 21% 21% *20
Part warr 1st asst patd.........
22
500
*20
20%
23% 24
11,400 Missouri Paclllo trust ctfs.100
23% 23% 23% 23% 23% 23% 22% 23% 22% 23
547* 55% 55
557* 9,300
56*4 57% 66% 67% 55*4 66% 55% 57
Do pref trust otfs.........100
5% 5%
*5% 5*4
5i.t 5% 1,400 Nat Rys of Mex 2d pref...100
5% 5%
5%
5% 5%
67
*66
67% 67% 67
67
67
67
05% 65%
700 New Orl Tex A Mex v t C..100
65% 66
90% 8!)** 90% 88% 89% 88
90% 90% 89
89% 88% 89% 14,300 New York Central_______ 100
68% 69
69
68% 68% 68
68
68% 69% 69
68% 69
2,600 N Y Chicago A St Louis...100
80
♦79
83
77% 77% *75
*78
83
*79
83
83
*79
100
Second preferred______ 100
28% 29% 28% 30
28% 30% 29% 30% 28% 29% 28% 29% 151,100 N Y N II A Hartford.........100
26% 27% 267* 207* 4,100 N Y Ontario A Western.. .100
27% 27% *27% 28
28
28% 27*8 28
18% 18% 17
18*4 18*4 ♦18% 19
19
181* *18
*18*4 19
100 100% 105% 105% 105% 105% 3,306 Norfolk A Western...........100
•106% 107% 107 107% 100% 107
*74
76
*74
70
76
*74
*76
80
*76
80
76
70
too
Preferred...........................100
75% 74% 75% 74% 75% 14,100 Northern Pacific.................100
76% 77
75% 76% 75
77
77
41*4 42
14,500 Pennsylvania......... ............. 50
41% 41% 41% 41% 41% 41% 40% 41% 40% 40
*10
*14
15
15
*11
13
13
*13
15
*13
131. *10
13,300 Pere Marquette v t 0____ 100
31% 32% 30% 31% 30% 31% 30% 31% 30% 31% 30% 31
75
75
74
74% 74% 74% 74% 75
75
800
74% 74% 74
Do prior prel v t 0___ 100
68
67% 67% 68
68
68% 68% 68% 67% 68
*07% 68% 1.200
Do pref v t c .................100
35% 22,700 Pittsburgh A West Va.......100
34% 35% 35% 36% 34% 35% 34
35% 33% 34% 34
*87
89
89
100
♦86% 89
*87
89
88 *87
Do prel_____________ 100
♦86% 89
88
77% 767* 77% 28,200 Reading...............................50
77% 78% 77% 78% 76*4 78% 76% 77% 70
300
*44% 45
Do 1st pref.....................50
*43%
44% 45
*4414 44% *44% 44% 44% 443*
500
47
Do 2d pref__________ 60
46
46
*46% 47
46
46% 46% 46% 47
46% *40
*35
38%
*36
*35
39
*35
39
♦35
39
39
*35
39
28% 29% 15,770 St IxjuIs 8an Fran tr otfs.. 100
30% 30% 30*s 30% 29% 30% 29% 297* 28% 29
500
Preferred A trust ctfs..,100
*51
52
*51
51U 50
51
*50
51%
50
50
50
60
30% 30% 29% 30% 287* 29% 29
29% 28% 29% 28% 29% 6,500 St Lolls Southwestern___ 100
47% 48
Do pref_____ _______ 100
47
47% 47
47i* 4S78 407r 46
40% 3,050
47*4 48
2.800 Seaboard Air Line_______ 100
7% 7%
6% 6%
6
6%
6
7
7<i 7%
6*4 7
Do pref...........................100
900
•11% 12% 11% 11% *11
12
10% 10% 10
10% 10% 10%
90% 38,400 Southern Pacific Co_____ 100
91% 92% 90*4 91*8 90% 91% 90
91% 89% 9C% 90
24% 24% 23
18,600 Southorn Railway_______ 100
25
25 % 24% 25% 24% 24
24
23% 24
Do prof_____________ 100
57% 58
67% 57*4 66*4 57% 56% 57
63
50% 3.300
56% 57
34
12,950 Texas A Pacific...................100
34% 34% 34
34% 33
33
33% 31
32% 317* 32
23% 22% 24
23
23% 23
23
23
22% 23
22% 23% 4,200 Third Avenue_____ ____ .100
341. 34% 36
37% 3,100 Tol St 1, A West Series B .........
33
33
37
33% 33% 33% 33% 34
40
Preferred Series B------------46
1,400
*45
45*4 45*4 45*4 *44% 45% 45% 46% 45% 40
47%
48% 48% *48% 50 *40
200 Twin City Rapid Transit.. 100
*48% 49
47% *10
*48% 4!)
138% 138% 137% 138% 137% 137% 137 137% 135% 136% 137 1377* 8.750 Union Pacific.......................100
74% 74% 747* 74
74% 74% 74% 74
74
•74% 73
74
Do pref........ ..................100
1,200
16
15% 15% 15% 157* 2,700 United Railways In vest... 100
16% 10% 16% 16% 16% 16% 16
30% *29% 31
000
*31% 32% 31% 31% 31% 31% 307* 30'* 30
Do pref_____________ 100
11% 11% 11
:
10% 10% 10% 14,200 Wabash.................................100
11% 10*4 11% 10% 1 1 % 10
32% 32% 31% 32
31
31
30% 31% 29% 30% 30% 307* 16,300
Do pref A......................100
*21% 22
*21
21
21
*20% 21% *19% 21
22
*19% •21
100
Do prel B____ ______ 100
10% 10% 10% 10% 10% 10% 3,000 Western Maryland (nets) ..100
11*8 11*8 11% 11% 10*4 11
20% 20% 19% 20
19% 20
18% 19% 18% 18% *17% 19
1,900
Do 2d pref__________ 100
22
22
21*4 22
20% 21% 20% 21% 3,800 Western Pacific_________ 100
*22
22*4 21*4 213
62% 82% 03
63% 60% 02% *01% 63
61% 61% *61% 63
1,100
Do pref...........................100
12% 12% 12
12% 11*4 12% 11% 11% 10% 11% 11
11% 9,800 Wheeling A Lake Erie Ry.100
22% 23
22
23
22% 22
22
*20
21
21% 1,600
23
23
Do p ref..____ ______ 100
*28% 30
29
29
28
28
*28
300 Wlconsln Central_______ 100
28% 28% *28 29% *28
66
•17
*46
54%
17%
*%
*1%

67%
*107%
48%
*97%
40%
68
*88

65
18%
49
64*4
17%
%
1%

♦65*4
*17
*46
. 54%
10%
*%
1%

66%
68
107% 107%
48% 48%
98% •87%
39
40%
67%
08
*08
71

66
66%
05*4 65*4 66
18% 17% 17% 16% 16%
*45
49
49
*45% 48
53% 53%
54*4 *63*4 54
17% 16% 17% 16% 17%
7*
%
%
%
%
1%
1%
1%
1%
1%
67% 65% 007* 60% 66%
107% *107% 108 *107% 108
48*4 48% 48'% 48% 49%
*977* 98%
98% 97% 98
39% 39% 40
39% 39%
67% 667* 08
67
67%
*08
*68
71
71
71

66
*16
*45
53
16%
%
1%

65%
107%
47%
977*
38%
66%
*68

66
18
50
63%
107*
%
1%

r05%
*16
*47
♦53%
16%
%
1%

60% 653*
107% *107%
48% 48%
977* 977*
39% 38%
67% 953*
71
*08

L o w est

9 p sr sh a re
10 Jan 3
287* Jan 26
91% Jan 3
84% Jan 3
% Jan 14
83 Jan 9
33% Jan 27
62% Jan 11
60 Jan 4
0 Jan 4
0% Jan 11
119% Jan 0
184 Mar 31
64 Jan 10
1% Jan 24
3% Jan 25
12% Jan 26
32 Jan 30
6% Jan 11
14% Jan 31
17% Jau 9
29 Jan 10
69 Jan 9
100 Jan 9
30% Jan 11
83% Jan 10
70% Jan 9
61 Jan 10
64 Jan 4
72% Jan 3
38 Jan 10
65 Jan 16
106% Jan 4
108 Feb 14
2% Jan 27
3% Jan 7
7 Jan 9
11% Jan 9
7% Jan 10
70% Ian 10
31% Jan 6
5 Jan 4
16 Jan 5
07% Jan 3
1 Jan 10
3% Jan 6
22% Jan 11
62% Jan 3
5 Jan 17
10 Feb 2
26% Feb 8
56% Jan 3
108 Jan 9
35 Jan 6
3% Jan 28
17 Jan U
35% Jan 7
5% Jan 9
5 Jan 6
59% Apr 20
% Jan 16
7% Jan 11
24% Jan 27
10'* Jan 30
9% Jan 10
16 Jan 10
44 Jau 10
3 Jan 28
547* Jan 10
72% Jau 4
oUg Jan 5
61% Jan 5
12% Jan 5
19% Jan 9
8% Jan 3
06% Jan 9
72 Jan 9
74% Jau 10
33% Jan 3
10% Jan 14
19 Jan 10
63 Jan 17
60% Jan 0
23 Jan 27
70 Jau 13
71% Jan 3
43 Mar 27
45 Jan 27
171** Fob fi
20% Jan 16
36 Fob 1
20% Jan 3
32% Jan 10
2% Jan 4
4% Jan 13
78% Jan 10
17% Jan 10
40 Jan 10
24% Jan 6
14 Jun 6
14 Jau 24
22% Jan 20
34 Jau 12
125 Jan 10
71% Jan 7
7% Jau 0
20% Jau 9
0 Jan 30
19 Jan 25
12% Jan 25
8% Jan 30
13 Jan 17
14% Jan 30
51% Feb 1
6 Feb 2
9% Jan 4
25 Jan 10

H ig h e s t

s

PER SH A R E
R a n g e f o r p r e v io u s
g e a r 1921
L ow est

H ig h e s t

t p er sh a re
S p e r s h a r e 3 p e r s h a t*
207* Mar g
8 Mar 12% Feb
51% Mar 24
20 Apr 32% Deo
102 Apr 20
77% June 94 Dee
91% Apr 22
76% Jan 88 Nov
5% Apr 17
7% Jan
1 Deo
103 Apr 20
77 Apr 91 Nov
49% Apr 18
30% Mar 42*8 May
61% Apr 17
47 Mar 66% Nov
62 May 6
49% Deo 72% Mai
27%May 5
0 Deo 14% Jan
23% Apr 7
3ij Sopt 10 Jan
145 Apr 17 101
June 123% Nov
192 Feb 17 180 Oct 209 Mar
66% Apr 10
40 June 65% May
4 Nov
9% Apr 10
8% Jau
19% Apr 10
0% Dec 12 Apr
397*May s
13i* Deo 10% No*
59 Apr 28
83i* Doo 37 N ot
9% Apr 29
9% Ma 7
6% Doo
23% Apr 12, 14 June 20% May
29% Apr 18
Jan
17% Deo 31
47 Apr 18
89i* Deo 46% Jan
767* Apr 20
00% Apr 71 Jan
112% Apr 17
06 July 110 Jan
48% Apr 20
22% Mar 35 Sept
97 Apr 28
08% Mar 89% Deo
837* Apr 20
60i* Juno 77 Dee
68%May 0
50 June 63 Jan
68%May 6
32 June 67% Doe
90 Apr 18
00 Feb 75 Deo
53% Apr 24
27 Jan 40% Nov
49 Jan 69 Deo
60 Mar 23
122% Apr 8
00 Apr 110% Nov
119% Jan 5 93
Aug 249 Mail
4% Jan
6 Apr 25
1% Mar
7% Jan
10% Apr 18
3% Nov
14% Apr 20
10 Dec 15% May
25 Apr 20
15% Deo 22% May
167* Apr 26
10 Dec 16% Jan
80% Mar 14
00 June 70% Deo
45% Apr 13
26% Juno 34% Nov
18%May 2
4*4 Doo 11% May
397* Apr 26
15 Deo 20 Fab
1097* Apr 18
86% Mar 100% Nov
1% Deo
6% Jan
5 Apr 8
3U Deo 10 Jan
12% Apr 8
30% Apr 25
18% Fob 28% May
59% Apr 26
46>a Jan 56 Nov
4% Nov
0% May
9 Apr 29
20% Apr 27
10 Mar 14% Jan
39 Apr 27
17% Aug 30 Dee
65% Apr 10
47% Juno 00% Deo
121% Apr 25
97 Apr 118 July
657* May 3
32 Doo 58% Jan
11 Mur 14
7 May
2*4 Dec
60% Apr 11
12 Aug 18% May
67 Mar I t
27 Aug 46% May
32 Apr 10
8% May
4% Aug
14% Apr 29
5% Doo 14% May
71% Fob 27
03 Aug 74% Nov
12% Apr 29
1 Dec
3% Nov
0% Dee
18% Apr 28
8 Deo
43% Apr 28
22% Deo 20% Dee
22% Apr 28,
21 May 1
25% Apr 18
10 Mar 23% May
69% Apr 17, 33% Mar 49% Nov
6% Apr 211
2% Deo
0*8 Fob
69 Apr 20
40 June 77% Feb
927* Apr 171 134%June 76 Deo
09%May l
39 Juno 01% Sept
64 June 08% Sept
77%May 6
30%May 10
12 Nov 23% Jan
10 Mar 23% Sept
29% Apr 10
20% Apr 3
8% Sopt 13% May
108 Apr 25
88% June 104% Feb
76 Apr 20
02 Juno 74% Deo
01 %June 88 Jan
82% Mur 15
43 Apr 7
32% June 41% Jan
8 Nov 12 Jan
19% Mar 9
327*May 0
15*4 Mar 23% May
76% Apr 20
50 Apr 05% Doo
08% Apr 25
35 Jan 60% Deo
23 Oct 32 Jan
35%May 8
70 Mar 80 Deo
90% Apr 25
80% Apr 10
00*4 June 89% Jan
30% June 56 Feb
43% Jau18
51% Jan 20
38% Aug 67% Jan
4112 Apr 25
31% Apr 29
19% Mar 25% Aug
52 Apr 22
27% June 39% Nov
32% Apr 21
19% June 30% May
50% Mur 3
28 Juno 41 Jan
10 Apr 15
2% Oot
7% May
14% Apr 15
3 Deo 12% May
92%May 5
07% Juno 101 Jan
25% Apr 26
17% June 24% Jan
59% Apr 24
42 June 60 Jan
36 Apr 21
16% Jau 27% Deo
25% Apr 25
12% Aug 20% Mar
37%May 12
40%May 10
50% Apr 18
31% Doo 66% Apr
140% Apr 18 111 Juno 131% Nov
767* Apr 21
02% July 74% Deo
0 Aug 12% Mar
197* Apr 11
17 Aug 20 Mar
36% Apr 11
9 May
U%May 3
0% Deo
34% Apr 17
18 Mar 24% May
12% Mar 15% Nov
22 Apr 24
12 Apr 29
8% Dec 11% May
14% Dec 21 May
21 Apr 29
247* Apr 24
15 Dec 30% May
61% Deo 70% Jan
64% Apr 21
0% Deo 11% May
13 May 1
12% Doo 19% May
24 Apr 29
23 Oot 37% May
33% Mar 13

Industrial A Miscellaneous
48 Jan 12 09 Mar 29
66
800 Adams Express...................100
11)7* Jan 1 ) 19% Apr 24
1
18
700 Advance Rurnely________ 100
31% Jan 12 50 Anr 12
50
46% Jan 3 67% Mar 28
54
800 Air Reduction, Ino___ N o p a r
13% Jan 10 18% Apr 25
17
12,000 Ajax Rubber Inc...............50
% Jan 13
7*May 10
% 9,700 A lask a Gold M in e s ............. 10
% J a n 24
l%May 10
1% 20,500 Aluska Juneau Gold Mln’g 10
56% Jan 3 09 >8 A p r 0
60% 12,300 Allied Chem A Dye___ N o p a r
108
300
Do prel...........................100 101 J a n 3 109% Mar 24
52 A p r 22
37% J a u 4
481. 9,500 Allls-Cbalraers Mfg.............100
700
D o p r e f ................. .......... 100
86% Jan 5 100 Apr 21
98
38% 1,800 A m er A g ric u ltu ra l Chem.. 100 29% J a n 3 417* Mar 10
Preferred....................... 100
60 Jan 10 69 M a r 10
00
2,200
American Bank Note...........60 68% J a n 7 77% Apr 7
71

* B and asked p
id
rices; no sales on this day. i E
x-rigbts. | L than 100sbaros. a E
ess
x-dividend and rights,
hare ter share to stock ot G A G C at 55 p sbaro and ox-dlvldend 100% In stock (A 22).
len lden oal o.
er
ug.



PER SH A R E
R a n g e s i n c e J a n . 1 1922
O n h o s ts o f 1 0 0 - s h a r e lo ts

STOCKS

th e
W eek.

__^

20% Jan 63% Doe
10% Deo 19% Jan
31% Deo 52% Feb
30 June 60 Deo
15% Deo 39% Jan
1% Fob
% Deo
1% Feb
% Oct
34 Aug 69% Deo
83 June 103% Doo
28% Aug 39% Dee
67% Aug 90 Deo
20% Aug 05% Jan
61 Aug 90 JaD
60% Dee

E
x-dividend. 6 E
x-rights (June 1 1 to su n
5
b rrltoe

New York Stock Record—Continued— Page 2

8097

F o r t a l c s d u r i n g t h e w e e k o f s t o c k s u s u a l l y I n a c t iv e , s e e s e c o n d p a g e p r e c e d i n g
H IG H

AN D

S a tu r d a y ,
M a y 6.

LOW
M on day,
M a y 8.

SALE

P R IC E — P E R

T u esday,
M a y 9.

SH ARE,

W edn esday.
M a y 10.

NOT

PER

T h u rsday,
M a y 11.

CENT

S a le s

F r id a y .
M a y 12.

fo r
the
W eek.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SH A R E
R a n g e s i n c e J a n . 1 1922
O n b a s i s o f 1 0 O -sh a r e lo ts
L ow est

H ig h e s t

t p er sh a re
S r>er s h a r e % v e r s h a r t S h a re s Indus. Sc Mlscell. (Con.) P a r S per share
Am Bank Note prof..............50 52 Jan 12 54 Mar 3
*511 .55
2
*5112 55
Y.iioo American Beet Sugar____ 100 31*4 Jan 3 43% Mar 15
38% 38*4 38
39 "
Do pref...........................io
o 61 Jan 11 72 MarlO
*72
82
*72
82
31% Jan 31 49 A p ril
43
4412 43% 44% 3.700 AmorBosch Magneto..Wo p a r
fe
1.300 Am Brake Shoe < F __ N o p a r
50
00% *60
61
51 Jan 4 63% Apr 22
Preferred........................... 100
100
98% Jan 18 106% Mar 17
*103 108 *101*2 106
45% 47
47
477g 19.800 American Can________ 100 32% Jan 5 50% Apr 11
900
Do prof.......................... 100 93% Jan 3 105% Apr 22
101» 104% *103 105
2
156*2 160
158 15812 2,100 American Car & Foundry 100 141 Jan 10 164 Apr 15
Do pref.......................... 100 115% Jan 6 120% Feb 23
200
*119% 120 *119% 120
2.700 American Chicle.......... N o p a r
12% 12'4 12% 13
7 Jan 27 14 May 5
25% 25% 25
25% 3.100 American Cotton Oil____ 100
19% Jan 10 27% Mar 17
200
Do pref........................ 100 41 Jan 11 58 May 4
*55
57
*55
57
6% Jan 23
5% 5%
5% 5% 6,192 Amer Druggists Syndicate. 10
4% Jan 13
300 American Express............... 100 127*4 Feb 1 143% Apr 22
136% 136% *135 139
1,000 American Hide & Leather. 100 12 Jan 18 17% Apr 13
14% 14%I 15
15
65% 66'4 66% 67% 1.900
Do
pref.......................... 100 68 Jan 3 72% Apr 13
102% 104UI 101 102% 102% 101% 5.100 American Ice____________ 100 78 Jan 12 114% Mar 22
Do
pref.......................... 100 72 Jan 13 82% Feb 14
80% 80%' 80% 80% 80% 80% 1,600
43% 44% 9,400 Amer International Corp 100 38% Jan 5 48 Apr 17
44% 43% 44% 42*4 44
45*g 45% 4 % 45% 44
12% 127S 8.700 American La France F. E_. 10
9% Jan 16 13%May 9
12% 12% 12 % 12% 12% 13% 127 13% 12 % 13
32% 32*4 2,000 American Llnsoed________100 29% Jan 10 36% Apr 6
33
33
33's 33
34% 34% 33
33
32*4 33
*52
800
55
53*2
Do pref................... ...IlO O 54% Mar 11 59% Jan 17
56% 60% 56% 55% 541- 54% 53% 53% *62
116 110 t2 1I47« 115% 114 114% 113% 114% 1 11 % 113% 113 11478 12.800 American Locomotive____ 100 102 Jan 5 117%May 2
800
Do prof..................... ...1 0 0 112 Jan 12 118 Mar 13
110*4 116*4 116*4 116*4
*110 116*4 *116 117
116 116% *116*4 117
3,800 American Radiator_______ 25 82 Jan 30 99% Apr 28
93% 95% 98
96
93*8 95% 93
95
97
96
97*4 96
67S 678 4.300 American Safety Razor__ 25
8*4 7
8% Apr 6
3*4 Jan 31
7% 7*8
7% 7%
7% 7*s
7% 7%
17% 18% 167s 10% 17% 12.900 Am Ship A Comm....... N o p a r
6i* Jan 3 18% Apr 26
17% 17
17% 18% 17% 17% 17
58
. 57% 57% 58% 58% 57% 58% 56% 58*4 5478 56% 50% 977 12,400 Amer Smelting - Refining. 100 43% Jan 0 59% Apr 17
s 3,325
98% 97%
Do pref...................
100 86% Jan 4 98% Mar 21
98% 98% 98% 98% 98% 98% 97% 98% 98
200 Am Smelt Secur pref ser A. 100 87 Feb 8 93 Apr 12
*92% 93
92% 92% *92% 93
*92% 93
*92% 93
*92% 93
300 American Snuff....................100 109% Jan 3 138 Feb 10
132% 132% 132 132 *132 133%
134 134 *132 134*4 ♦132 134
38*1 37% 38% 37*4 38*4 11,600 Am Steel Fdry tom ctfs.33 1-3 30*4 Jan 26 40% Apr 24
39
38
39% 39% 38% 39% 38
500
100 91 Feb 8 100 Apr 24
Pref tem ctfs_____ _
99% 99% 99% *97% 99%
*98 100
08% 98% 99% 99% *98
73% 74% 72% 73*4 73% 74*s 11.100 Araorlcan Sugar ReflnlngllOO 54% Jan 4 76% Apr 21
74*4 75% 73% 74% 73% 74
400
Do pref— s ................... 100 84 Jan 3 103 May 6
102% 102% *101 103
*102% 105
103 103 *103% 110
102*4 102*4
33% 5.500 Amer Sumatra Tobacco__ 100 23% Fob 14 36% Apr 18
32% 33*4 32
35
35% 34*4 31*4 33% 35% 33% 34
300
63%
Preferred.....................
100 52% Jan 27 71 Jan 16
64 ' *80
*60
60
62% 62% *60
65
60% 60% 60
121% 121*1 8,009 Amer Telephone A Teleg.,100 114% Jan
121% 122
121% 122
124% Mar 14
122% 122% 12I7» 122% 121*4 122%
144%May 8
142 143% 142% 144*4 142% 143% 139 141*8 136% 137*4 1387 13978 9,200 American Tobacco_____ 100 129% Jan
1,949
Do pref ( n e w ) ......... IIIlOO 96% Jan
102% Mar 1
101 101% 101*8 101% 101 101% 100% 101
101% 101% 101 101
7.500
139%May 8
Do common ClassB . . . 100I 126 Jan
139 139*4 138% 138% *135% 136% 134*4 134% 135 136*4
138% 139
500 Am Wat Wks A El v t O ...100
*12% 13
12% 12% 12% 12% *12% 13
6 Jan 7 14 Apr 17
12% 12% *12% 13
100
82
let pref (7%) v t o . .........100
*80
*80
82
84 Apr 13
84
80
80
67 Jan
84
84
*80
♦80
*80
1,000
31
Partlc pref (6%) v t O ...100 17% Jan . 32% Apr 12
*30
31
31
♦30% 31
30% 32
321- *30*4 32
*31
100 78% Jan 10 95% Apr 17
91% 17,800 Amer Woolen______ .
91
89% 91
92
93% 93% 02% 93% 91% 92% 91
700
Do pref............................100 102% Jan 11 108% Mar 8
103 106
1067 106% *106% 107
106% 106% *166 106% 106 106
800 Amer Writing Paper prof.. 100 22% Jan 13 37% Apr 15
33
*32
33
33% 34
33
33
33
*32
33
33
33
19% Apr 24
18% 17% 18% IS 18% 2.700 Aner Zinc, Lead A Smelt. 26 12% Jan
18% 18
*18% 18% 18% 18% 18
S00
Do pref...............
26 36 Jan 18 44% Apr 24
44
44
4434 44*4 43*4 43% 43*4 43*1 43*4 43*4 43% 43*4
30,300 Anaconda Copper Mlnlngl 50 47 Jan 31 54% Apr 17
52% 63
62% 53% 52% 53*4 52% 53% 51*4 52% 52% 63
537 54% 1,900 Associated Dry Goods___ 100
8
57% Mar 17
54
43 Jan
54% 54% 54
*65
58
55% 65% 54% 55
Do 1st preferred___7.11100 75 Jan
83
83% Apr 19
*81
84
83
*81
*82
84
*85
*82
88 *82
88
300
Do 2d preferred............100 7
84
84
6 Jan 17 86 May 9
*84
86
*84
*83
85
86
85
86
86
127 128% 122 125
122 123% 120% 121% 121% 126% 6,500 Associated OH...................... 100 99 Jan 31 135%May 3
121% 123
14,200 Atlantic Fruit____
N o par
5% Apr 17
2% Jan
3*4 4
4
37s 4%
4
4% 4%
4%
4%
4% 4%
36% 37'- 35% 36% 351* 36% 34% 35% 35% 35 % 9,100 Atl Gulf A W I S8 L in e ...100 23% Mar _ 38%May 3
36*4 38
Do pref ......................... 100 18% Mar 6 27%May 3
24% 1,700
24
24
24
20
26% 25% 20% 25% 25% 23% 25
Atlantic ReflnlDg_________100 900 Mar
1145 May 1
*1000 112C *1070 nor *1070 1100 *1080 11 C *1080 1105 *1080 1105
0
100
Preferred....................
100 113 Jan 9 117 Feb 28,
114% 114% *114 115 *114 115 *114 115 *114 115 *114 115
600 Atlas Tack---------------- N o p a r 13% Feb 28 22%May 4|
20%
*20
*20
21% 21% 20% 21
21
*20
20% 20
20
25% 8,800 Austin Nichols A Co__ N o p a r
28 Mar 25
9% Jan
26% 26% 26% 20% 25% 26% 25% 25% 24% 25% 25
800
Preferred____ _________ 100 68 Jan
85
85 Mar 16
*83
84
84
86
85
*83
85
*83
84% 84% *83
5
Auto Sales Corp_______
50
*4
7 Mar 17
*4
*4
5
3% Jan
*4
6
*4
5
*4% 5
Preferred....................I II IlO
15% Mar 16
12 May
*12 15 *11 13 *11 13
15
*13% 15
*13% 15
*13
113% 115% 114% 11078 78,200 Baldwin Locomotive Wks. 100 93% Jan 13 120 May 2
117% 118' 116% 117' 114% 116*4 11 1*8 117
500
Do pref...........................100 104 Jan 13 112%May 5
%
% %
112 112 '112% 113 112 112 112 112% *110 112 *110 112
% %
100 Barnet Leather............. N o p a r
4
9 *48 50 *48 50
49
40 Jan 19 52 Apr 22
49
60
62
52
*60
*50
8
*88
90
*88
96
*8 95 *8 93 *88 93*i *85 93 53.500 Preferred....................... 100 89 Apr 12 98 Mar 16
8
Barnsdall Corp, Class A ...2 5
19% Jan 16 56% Apr 28
42*4 49% 43% 46% 44l.t 46% 44% 45% 44% 45%
48*4 53
0,800
Class B ______
25 19% Jan 9 39 Apr 27
33% 33% 34
32
34% 32 % 34
33
13
32*i 31% 32%
1%Mar 23
1
*1
1
% 1,100 Batopllas Mining..................~ 2 0
% Jan 14
1
1% *1
1*8
1% *1
1% 1% *1
850 Bayuk B r o s .................N o p a r 33 Apr 28 50 May 10
48
47
50
46
48
48
48
46
*43
44
43
43
3,500 Bethlehem Steel Corp___ 100
74
51 Jan 10 79 May 12
74% 74% 73% 73% *73
73*4 73*4 76% 79
*73% 75
Do Class B Common.. 100 55% Jan 3 82%May 12
78% 82% 83.500
77% 78% 77*8 78% 76% 79
78% 79
7 7 7h 79
800
99
101 Apr 15
Do pref...........................100
0
90% Mar
100 1 0 *99% 100
99
99
99
*99% 100
*93% 100
1,100
112 112% 111*4 112% 114 114
Do cum conv 8% pref. 100 104 Jan _ 114 May 12
%
112% 113 ♦ 112 114
113 113
500 Booth Fisheries____ t . N o p a r
9% Feb 10
*61* 7
7
4*4 Jan 10
7
*0
6*.| *6% 7
*7
7*4
100 British Empire Steel........... 100
13
8% Jan 9 13 Apr 15
*10 11 *11 12
01
*11 13
10*4 1 * *10 12 *11
200
*71
76% *70
1st preferred......................100 58 Mar 2 76*4 Apr 15
75
75
*70% 75
77
75
75% 75% *75
400
*26% 27
28
19% Mar 17 29% Apr 12
‘26
2d preferred............... ...1 0 0
26
26% 26%
27
28
27
27
27
125 Brooklyn Edison, Inc____ 100 100 Jan 3 110 May 5
107 107
109*4 109*4 *107 109 *107 109 *107 109 *107 109
2.500 Brooklyn Union Gas...........100
1% 0
104 104% 10 1 2 10 % 10
70 JaD 31 103%May 5
0 1% 101*4 102
104*4 105
105% 106
800 Brown Shoe Ino....................100 42 Jan 16 51 Mar 20
45%| 45% 46
*47
48
47*4 47*4 46% 40% 46% 48% 45
400 Brunswick Term A Ry Sec. 100
4% 4%
4
4%May 1
*4
4*4
2%Mar 3
4
l
*4
6
4
♦4
5
132
33% 133 133% 7.200 Burns Bros............................100 113% Jan 10 138 May 4
136% 137% 135% 136% 133% 135% 132*4 135
40% 0,400
New class B com_________
28% Jan 19 43%May 3
41% 39% 40% 39% 40% 39
39*4 39
41% 41*4 41
300 Bush Term Bldgs, prof___ 100
96% 93% 967* 97
87% Jan 3 97%May 1
*90% 97
*96% 967g
*9 % 97 *96% 97
0
7% Apr 24
5% Mar 1
6*8
6*4 6*8 6*4
0% 6% 2,800 Butte Copper A Zlno v t 0.
6% 6*4
♦6% 7
*6*8 7
1,600 Butterlck.............................100
27
2
7 26*4 26*4 26 26%
27
27 May 9 34 Feb 3
27% 27% 27% 27*4 27
29% 30% 28*4 31% 30% 31% 12.500 Butte A Superior Mining.. 10 20% Jan 4 31% Apr 22
30
30% 29*4 30% 29% 30
10% Jan 11 15% Apr 15
12% 12% 3,900 Caddo Central OllARef N o p a r
12% 12*4
13% 13% 13
13% 12% 12*4 12*4 13
2,600 California Packing___ N o p a r l 68 Jan 11 S0% Apr 25
79
79
*78% 79
78% 78% 78% 78% 78 78% 77*4 79
43% Jan 10 59%May 3
57
57% 56% 57% 55% 66% 55*4 56*8 54% 55*4 55% 56% 12.900 California Petroleum_____100
97
97
97
800
Do pref...........................100
97
83 Jan 3 98% Apr 17
96% 96% *93
97% 97
96% 90 % 97
8%
8%May 9
7*8
5% Feb 14
7*8 8%
7% 7*4
7% 8 35,198 Callahan Zinc-Lead______ 10
7% 7%
7*4 8%
100 Calumet Arizona Mining__ 10 57% Apr
62% Apr 17
61%
58
*59
*58% 60% *58% 01% *68 58% 58
♦69 . 60
800 Carson Hill Gold________
14% *14% 14% 13*4 14% *13% 14
11 Jan 3 16% Mar 29
15
16% *13
•14
15
5
5
5%
400 Case (.1 1) Plow........... N o p a r
6% Apr20
3 Mar 8
4*4 4% *4% 5%
6% *5
*5
5% *5
83
200 Case (JI) Thresh M, pf ctf.100 68 Feb 21 88 May 1
83*1 83*4 83
*82
89 1
*84 89
*84
89
36% .30" 37% 9.000 Central Leather....................100 29% Jan 10 40% Apr 12
37% 37% 37% 37% 36% 37% 36% 36% 36
70
70% 39
2,300
Do prof............................100 63% Jan 6 74 Mar 17
69
68% 69
09
*70*4 71% 70% 70% 70
30% 36% 36% 30% 30
2.700 Cerro dc Pasco Copper. Wo p a r 32% Jan 4 37% Apr 24
36% 37
37
37% 37*4 36% 37
200 Certain-Teed Prod___ N o p a r
34 Feb 14 49*4May 2
45
46
46*8 46*8 *45% 48% *45% 46*4 45
*44
*46% 48
73*4 71% 73
47% Jan 5 79% Apr 6
73% 74% 72*.| 73*8 72
73% 22,000 Chundler Motor Car__ N o p a r
72
73*4 75
68
65
80% *07
700 Chicago Pneumatic T ool.. 100 60 Jan 14 71 Apr 6
*85
08
*67 68
68
*65
*66% 68
19% 20% 191.1 19*4 18% 19% 19
10% 20
19% 18,600 Chile Copper____________ 25 15% Jan 5 20%May 3
19% 20
..
.
5 25% Feb 21 29% Apr 17
28
28% 27% 28% 27*8 28% 27% 27*4 27% 28% 5.900 Chino Copper
28% 28*
55
55
55
700 d u ett. Peabody A Co.........100
*54
55% 54
43 Jan 11 60% Feb 3
67
57% 55
54
•57
68
N o par
41 Jan 5 58*4 Apr 24
55% 65% 65*4 58*4 56% 58% 66% 57% 56% 58 28,900 Coca C ola................
66
60
32% 31% 32% 32% 35% 20,100 Colorado Fuel A Iron.........100 24 Jan 10 35%May 12!
32*4 33% 32
35
33% 34% 34
87% 88% 80
87%I 87% 87*4 16.500 Columbia Gas A Electric.. 100 64% Jan 4 89%May 8
88% 89*g 87% 89
89% 89*4
4% 4%
4% 4%
5% Apr 26
1% Jan 26
4% 4%
4% 4*4
4% 4% 25.200 Columbia Grapbophone Wo p a r
4% 4%
16% 17
6 Feb 9 20% Apr25
Do pref............................100
16*4 10*4 *16
17% 17% 16% 17
18% 1.000
*17% 18
72
69
72% 66
63% 06% 64% 661 55.300 Computing-Tab-Record N o p a r
55% JaD 3 79*4 Apr 26
74
76% 71% 76*4
*20
28% *27 28% 27*4 27*4
29
18% Feb 10 30% Apr 11
200 Consolidated Cigar___ N o p a r
28% 28% *20
♦27 29
*05
68
68
*60
68
*60
Do pref............................100 47 Feb 27 65 May 6
500
♦80
68
*85
80
62% 65
%
%
2% Mar 16
% Feb 17
*4
v.
500 Consol Distributors,IncWo p a r
*%
*4
*%
;
*1
;.
119*i 120*s 117*4 ll'J7 117*4 110% 115% 117*4 114*4 116% 116 116*4 30,330 Consolidated Gas (N Y )..100 85% Jan 30 120%May 6
*
12 Feb 16 15% Apr 19
13% 25.800 Consolidated Textile...W o p a r
13% 13*4 13% 13% 12% 13% 12% 13% 13
13% 13%
64
65% 62
64% 64% 65% 4,400 Continental Can, Ino____ 100
60
45% Jan 4 69 Mav 2
66% 07% 65
*66% 68
72
72
*72% 74
*72
73
*73
74
100 Continental Insurance.........25 06 Jan 20 72 Apr 15
*72
73
*72
73
99 101% 99% 100% 99% 100% 99*4 101% 55.800 Corn Products Refining.. . 100 91% Jan 4 108% Mar 31
102% 102*4 101% 102*4
115*4 115% 116 116
Do pref_____________ 100 111 Jan 10 117 May 10
1,000
116% 110% *115 116% 116 116% 117 117
43% 52.300 Cosden A Co................... N o p a r 31% Jon 10 45%May 4
43*4 44% 42% 44% 42% 43% 42% 43*4 41% 42% 42
68% 5% 101,60 Crucible Steel of America. 100 52% Feb 27 75%May 12
68*4 67% 60% 67% 69
66% 6711 66 08*g 67
93% 93% 93% 93% 94% 94%
Do pref............................ 100 80 Jan 17 95 May 2
04
900
94% 95
93% 93% 04
15% 15% 15% 5.700 Cuba Cane Sugar........... Wo p a r
8% Jan 11 19*4 Mar 15
15% 16% 15% 16*8 16% 15% 15% 15% 15
32% 33% 33% 33*4 5,000
Do ore!............................100 16% Jan 3 40*4 Mar 15
33% 32% 32% 33% 34
♦33% 34% 32
21% 21% 21% 20% 21% 20*4 21% 5.100 Cuban American Sugar____ 10 14% Jan 3 26*4 Mar ’5
21% 21% 21% 21% 21
♦92
94
*93
94
93
94
Preferred. _____
100 78% Jan 17 94% Apr 18
*92
94
94
500
*94
04% 94
69% 65% 57% 56% 58% 22.300 Davison Chemical v t o.no par 48% Jan 10 65% Apr 6
58
59% 57
50% 60% 68% 60
20*4 20% 6.100 Ve Beers Cons Mines..Wo par 16% Jan 3 28%May 2
21% 21% 20% 21% 20% 21% 20% 20*4 20% 21
107% 107% 106% 106% 107 107
600 Detroit Edison................... 100 100% Jan 11 108% Mar 21
*107 109
107*4 107*4 107 107
* Bid and aakod prtcos. d Ex-dlvldend and righto, e Assessment paid. * Ex fhfhts. z Ex-dlvldond. 0 Par value 810 per share.




PBR SH A R E
R ange fo r p r e v ie w
y e a r 1921
L ow est

H i o h e tt

$ 1te r s h a r e I p e r s h a r e
43% Jau 50% Dec
24% Oct 51 Feb
54% Dec 74% Jan
29% Aug 65% May
42 Jan 56% Dec
88*4 Jan 100 Dec
23% June 35% Deo
76*4 June 97 Dee
115% June 151% Dee
108 May 116% Dec
6t* Nov 29 Jan
15% June 24*4 Nov
35% July 67 Apr
4 June
8*4 Jan
114 July 137 Dec
8 Apr 16 Deo
40% Feb 02% Deo
42 Jaa 83% Dec
57 Jan 73% Nov
21% Aug 53% May
7% Aug 11% Apr
17% Aug 82% Jan
Jan
39% Aug 93
73i* June 110 Dec
98% June 115 Dec
66% Jan 91 Nov
3% Aug 10 Jan
4% Aug 14 Jan
29% Aug 47% Dec
63% Aug 90 Dee
63 Jan 88 Dec
95 Jan 114% Deo
18 Aug 35 Dec
78
Aug 95% Dee
Jan
47% Oet 96
67% Oct 107% Jan
23% Dec 88 Mar
64*4 Nov 91% Feb
95*4 Jan 119% Nov
111% June 138% Deo
86 Aug 99% Dec
110 Jan 131% D«e
4 Sept
6% Oo*
48 Sept 66% Dec
8% Sept 20 Dec
57 Feb 83% Dee
93 Feb 104% Dee
20% Aug 39% Jan
14% Dec
6*4 Sept
22% Aug 40% Deo
31% Aug 50% Dee
24 Jan 50% Dec
55*4 Jan 76% Dec
45 Jan 78 Dee
91 Sept 107% Mar
9 Jan
1*4 Oct
18 June 76 Jan
15*4 June 4419 Jan
a820 June alI25 May
103% July 113% Nov
12% Deo 20 Apr
8% June 13% Jan
60% Atlg 70 Jan
5% Dec
2i* Sept
10 Apr 15 Jan
62% June 100% Dee
95 June >105 Dee
29 Jan 41 Aug
70 Jan 86 Deo
20 Dec 27 May
14% June 35 Jan
1 Jan
% Aug
27 June 29 June
39% Juno 62% May
41% Juno 65 May
87 June 93% Jan
90 June 112 Bept
3 Aug
7% Dec
9 Dec
8% Deo
65 Dec 68% Dec
22 Dec 23% Dec
88 Jan 101 Doc
51 Jan 78% Nov
3 Feb 46% Nov
3
6% Jan
2% Aug
81% Jan 122% Dei
31% Dec 33% Dee
zS7% Doc 90 Nov
3% Aug
6% Dec
14% Jan 33% Deo
10% June 22 Dee
7% Aug 19% Apr
53% July 74 Nov
25 Jan 50% Dec
68% Jan 88 Dec
7% Jan
3% Ang
41% Jan 60 Dec
11 Dec 16% Nov
3 Nov 10% Apr
63 Dec 85% Feb
22% Aug 43% Jan
57% Aug 96 Jan
23 Mar 36% Dec
22 Aug 44 Jan
38% Oct 86 Apr
47 Aug 70% Jan
9 Mar 16% Dec
JS% Mar 29% Dec
30% June 62% Jan
19 Feb 43ij Dec
23 July 32% May
52 June 57% Dec
2% Aug 12% Jan
8% Dec 62% Feb
28% June 58% Dec
13% Dec 69% Jan
63 Dec 80 Feb
%Sept 10 Mar
77% Jan 95 Nov
12% Aug 21% Jan
34% Aug 66 Jas
58% Aug 73 Dec
69 June 89% Dee
96 June 112 Dec
22% Aug 43% Apr
49 Aug 107% Jan
77 June 91 Jan
6% Oet 26 Feb
68% Dec 13% Feb
10% Oct 33*4 Feb
68 Oct 96 Feb
23 Mar 69% Nov
Jan
18% June 21
93% Nov 100 Oot

«

3098

New York Stock Record—Continued—Page 3

P o t i s l e s d u r i n g t h o w e e k o f s to c k s u s u a ll y I n a c t iv e
H IG H A N D

LO W S A L S P R IC K — PBH S H A H S , N O T P B S C B N T .

Saturday,
M a y 6.

M onday,
M a y 8.

3 ver share

S per share
27% 28%
§765 765
172
*171
20*4 20%
*0i2
8
83% 84
111% 111%
80% 81%
*94% 95
12*2 12%
4 4 1 44%
* llS *a 120
*96
97
18% 19%
18% 18%
3*
®
s
077*
65
0 U 2 03
*95 100
72% 72%
*99 100%
16312 164
127* 13
813*
81
813* 82
95U
94
14
14
41
41%
*89% 90
263* 27
17% 17%
31
31
*11
11%
z 8312 86%
2%
2%
21
21
72% 72%
731.1 81%
1S% 19
7%
7%
4%
4 ‘>
g
87g
8*4

23
74

2734
57(54 764
*17012 m %
*20
21*4
Vs
778
837s 84
* m i 2 112
817g 8 2 1
8
*9412 95
*12'.t 13*2
44
44*2
12034 12034
*96
97
19
19*|
18l2 19
+lo
»4
*63
65
623s 63
♦96 101
73
73
100
*98
163
163
1234 1278
83
*81
81
81%
935* 93%
1412 147S
41 >8 41*8
8934 89 34
27
27
1712 17*2
*3112 317g
U l 2 111?
84*2 8 534
2*2
2
♦21
2 1 14
*70
72%
81*8 83
18*8 1834
734
4%
4 i2
8
8 i2
4034 4078
11
11
41
41
367g 38*3
*2614 27
*9534 90
*112*2
2434 25%
83*2 8 4 12
173a 18
82*2 82*2
513t 52*4
6 7 i2 68
17's 18
303!
29
1
Us
21
2 1*2
71
*69
4112 41*2
5
6 's
*110
42
46
IO II 102

'2

*1
72

2

5212
107 %
*85
•101%
33I2
23'2
142
59
*09"

2

40*2
*11
*41%
37%
26
99%
*112*2
22*4
82%
17%
*80%
51
68
17%
29%
1
20%
69
40%
47*
*110
45%

1
11
7,8

•7 8
21U
*45
*74
6 Hi
3 9 l2
303,i
*22
31*2
29
711
8
21 Ig
120
I8 '2
128*2
877g
29%

13
44

37 ig
7278
21%
31
*19%
150
1191?
39 U
3
40
93*8

*110

17
791?
337*
*59
*17
58%
42
7*4
*30
*1034

12*2
3'8

8*2

23
04

140
14*2

10
1

47%
1027*

51
107
84

52%
107
84
103
33*4
24*8
141
61
71%
34
167
112%
110%
112
17%
137*
48%
153
113
92*4
60%
50'%
88

W ednesday.
M a y 10.

per
27%
§755
170
20%
*6%
82%
*112
79%
94%
12%
43%
117
96
18%
18
to
64*8
61%
94%
71%
*99%
163%
12*s
*81
81%
94
137*
40%
89%
26%
16%
31
It
81%
2*8
20
72
77%
18%

Th u rsd a y,
M a y 11.

hare $ per share S per share
27% 27*4
27
27%
27*i
735 5769% 770
172*4 169 172
167 170
19%
20%
20
20
19
*6%
8
8
8
8
83%
82
8 3 ti
80% 82
114
111
112% 111
111
797g 81
81%
79% 80%
04% *94% 91*4
94
94
12% *11% 12
* 11 % 12
44
43*4
41% 41%
43
116
116
115 115%
118
96
*95
*95
98
97
18%
17% 18%
18%
18
19%
18% 18%
18*8 19%
*%
l2
l2
%
%
64%
64
65%
63% 63%
62
60
62*8
59% 61
*91
96
100
94*4 94*72
*72
75
70
71
100% 10 % 100% *100% 101%
162 I I
162 162%
166
1278
12% 127S
12% 12*i
82
*81
82
81% 81%
82
81% 31*4
81*4 817s
94
94% 94%
94
94
137? *14
14
14
14 V
40%
40% 40%
39% 40
89%
87
85*4 85%
87
27
26% 26%
25% 26
16%
17
17
16*i 16*4
31
30*4 30*4 *30
30%
ll
11% 11%
10*4 11%
84
81
83%
79% 83
2%
2
2%
2*8
2*8
21
*19
20
*19
20
72
*71% 73%
71% 71%
70% 78
80%
77*4 79'%
187g
17*4 18%
18% 18%
7% 7%
7%
7%
7%
7%
4%
4%
4%
4%
4*8
4%
9
8
8%
8%
8
8*8
41%
40
40
40%
39% 40
11% *11
11%
10*i 10*4
H%
40% 4078 40% 40%
40% 40%
36% 37%
37
37'%
35*8 37
25*8 26
25% 25%
25*8 25%
96
96
97%' 97*4
95*8 97%
112*4 112*4 *111%. 116 *111% 112*|
24%
23
21% 22%
22% 24
82
827g
82% 83%
80*8 Sl'%
r.
17% 17%
17%
16% 17
82%
77% 77%
80% 80% *77
50
49% 51
51*8
48% 49*8
67%
67% 67% *67
67% 67%
17
17% 18
17% 17%
17*4
29
30%
29
30%
30% 30%
1
1%
1%
%
1%
1*8
20% 20%
20% 21
*20
20%
69
69
39
69
*69
70
41% 42%
41
42
40% 42%
47g
4%
17S
5%
5%
5%
*110
*120
44
40*4 43%
451*2
% 45*4
101% 101% 103 103
103 103
51%
50% 51%
50
48% 50
107 107*4 107 107
107 107
*83
*83
86
*83
85*4
88
101 101% 100
95
95
33
33% 33%
% 31% 32%
22*4 23%
20*4 23%
20*8 21%
139 139% 139%. 139% 138 138
58*| 59%
S8*t 60
57% 66
74
72% 75
75
75% 80
3 2 7 33*8
8
33
32% 33
*169 171 *169 171 *168 171
*113 114% *113 114% 113 113
109 109% 108% 110
107 108%
*109%> 11 Hi *109 114 *109 l i t
1678
10
16% 16%
18
16*8
13% 13%
13% 13%
13% 13*8
46
46
47%
46%
41*i 46 s
*149% 151% 150 150
148 149*i
110
*110 113 *110 113
113
927s 93
93
93
*92% 93
*65
*65
67
66%
66*2 *65
45% 47
47
48%
47% 48*4
85*1 89*4 85% 86%
87
87%
8

64
6

1

4
3

F riday.
M a y 12.

43
103

4
4

103

Lowest

W eek.

S per share Shares
27
4 ,100
27%
34
171 171
2 ,8 0 0
19% 19%
1,300
8
800
8
81% 82
6 ,3 0 0
111
111
700
79*8 81
15,860
94
94
400
2 ,100
*11% 12
1,900
42
42
115 116
1.000
100
*95% 98
18% 18*s 17,700
18% 19% 35 ,7 0 0
1
2
1,500
%
63
3 ,400
33
61
81'% 2 1 ,6 0 0
*91
95
200
1,400
71
71
*100% 101%
100
7,712
162*8 163%
12*8 12*i 7 9 ,700
82
*81
600
3 ,8 0 0
81% 81%
94
4
4,6 0 0
*14
14*i
900
40
40%
4 ,6 0 0
86
*85
1,000
20% 28%
7,0 0 0
16*i 17%
1,100
600
30*4 30*4
11%
*11
500
81% 86% 4 0 ,600
2
2 ,6 0 0
2%
400
20
20
*70
71
400
77% 78% 2 1 ,600
7,200
17% 18%
9 ,400
7^8
6 ,9 5 0
4%
4%
4 ,400
8%
8%
6 ,3 0 0
39*i 40%
700
10*4 11
700
40
40
36% 37% 2 0 ,0 0 0
25% 20% 12,200
1,900
96*i 97*4
100
*111% 112%
22% 23% 2 0 ,2 0 0
81% 82*i 2 2 ,2 0 0
167 17 - 2 0 ,8 5 0
8
500
*78
85
49% 51% 16, 00
07% 67*4
1,000
17% 17*i 29 ,4 0 0
30% 32% 11,135
1%
1% 5 5 ,9 0 0
3 ,3 0 0
20% 21
69% 71%
1,200
5 ,000
42% 42%
47
s
5>8 19,400

84
*

P tilt S H A R E
Ranye since J a n . 1 1922

STO CK S
NEW YORK STO CK
EXCHANGE

H ighest

I n d u s . & M ls c e ll. (C o n .) Par
D o m e M in e s, L t d ________ 10

S per share
18% J a n

4

E le ctric S to r B a t te r y _____ 100
Ellt H o rn C o al C o r p ______ 50
E r o e rs o n - B r a n tln g b a n ____ 100
E n d lc o tt-J o b n s o n _________ 50
D o p re f.......................... ..1 0 0
F a m o u s P la y e rs-L a sk y .W o par
D o p rc le rre d ( 8 % ) ____100
F e d e ra l M in in g * S m e ltin g 100
D o p r e l................................100
F lsb er B o d y C o r p ____N o par
F ish e r B o d y O h io , p r e l____100
F isk R u b b e r ______________ 25
F re e p o rt T e x a s C o ____ N o par
G a s to n , W A W . I n o ___N o par
G en Am T a n k C a r ____N o par
G e n e ra l A s p h a lt___________ 100
D o p re f_______________ 100

125
Jan
14% J a n
2% J a n
76% J a n
104 J a n
75% J a n
91% J a n
9
Jan
37% M a r
75
Jan
76% J a n
11% J a n
12% J a n
% Jan
45*4 J a n
65% J a n
90
Jan

18
25
4
10
5
10
28
3
14
5
6
10
24
20
14
26
10

G e n e ra l C ig a r, I n c ________ ICO
D e b e n tu re p r e l _________ 100
G e n e ra l E l e c t r i c . . ............... .1 0 0
G e n e ra l M o to rs C o r p ..W o par
D o p r e l...................... ......... 100
D o D e b sto c k ( 6 % ) ___100
D o D e b s to c k ( 7 % ) ___100
G U d d en C o ____________N o par
G o o d rich C o B F ) ____ N o par
D o p r e l_______________ 100
G ra n b y C o n s M .S r a A I ’owlOO
G ra y A D a v is I n c _____ N o par
G reen e C a n a n e a C o p p e r .. 100
G u a n ta n a m o S u g a r ____N o «
G u ll S ta te s S teel t r c tl s ___1 ■
H a rb lsh a w E lec C a b .W o p •
H en d ee M a n u la c tu r ln g ___ 10
llo m e s ta k e M in lu g _______ 100
H o u sto n Oil o l T e x a s _____ 100
H u p p M o to r C a r C o r p ____ 10
H y d ra u lic S t e e l ..............N o par
In d la h o m a R e fin in g ______
5
In d ia n R e fin in g ____________ 10
I n sp ira tio n C o n s C o p p e r .. 20
I n te r n a l A grlcul C o rp ____100
D o p ro l_______________ 100
In te rn a tio n a l C e m e n t..W o par
I n te r C o m b u s E n g _____N o par
I n te r n a t H a rv e s te r (n e to ) ..1 0 0
D o p re l (n e w )_________ 100
I n t M e rc a n tile M a rin e ____ 100
D o p re l_____ _____ ____ 100
I n te r n a tio n a l N ick el (T h e ) 25
P rc le rre d ................................100
I n te r n a tio n a l P a p e r _______ 100
D o s ta m p e d p r e l______ 100
In v in c ib le Oil C o rp _______ 50
Iro n P ro d u c ts C o r p ____N o par
Isla n d Oil A T ra n a p v t o__ 10
Jew el T e a , In o ______ _____ 100
D o p ro l______________ 100
Jo n e s B ros T e a , In o ______ 100
K a n sa s A G u l l ____________ 10

05 M a r 3
04
Jan 4
136
Jan 9
8% J a n 5
69
J a n 24
67*4 M a r 0
79% M a r 8
137s M a y 9
34% J a n 4
80% J a n 7
26 A p r 3
12
Jan 3
25% F o b 27
7 F e b 10
44*8 J a n 9
% Ju u 20
15 J a n 12
55
J a n 14
70
Jan 0
0 78 J a n 0
3% F e b 9
^ Cl J a n 27
5
J a n 20
37% F e b 11
7% J a n 6
33
J a n 16
26
J a n 23
22% M a r 3
79% J a n 3
1051* Fob 14
13% J a n 4
62% J a n 4
11% J a n 0
00
Jan 4
43% M a r 8
59 M a r 9
127i J a n 5
24
J a n 19
% A pr 6
10 J a n 4
38i» J a n 4
34% Fob 1 1
47g M a r 21
HI
J a n 17
34 M a y i
94 M a y l

6 0 ,8 0 0 K a y s c r (J) C o , n o w ____N o p a r
1st p re fe rre d n e w ____N o p a r
2 ,1 0 0

PBR S H A R B
Range fo r previous
Lowest

10
1

10
3
3

3*
31

49%
107
*83
*93
32%
21%
139
71%
79
33%
*168%
*113
108%
*1091-.
157S
13
*45
1487
s
*110
92%
*65
46%
*86

2

2

21
3,1

6* 6*
84 84

2
0

24
*

71
93

♦ Bid a a d a s J w d p tlc e s;




no laled on this d a y .

I

Lees

than 100 sh a re s,

a E x -d lv Id e n d a n d rig h ts ,

z E x -d iv id e n d .

•*

H ighest

per share
3 per share f per s ta rs
2 8 % M ay 2
10% J a n
21% Apr
800
A pr 15
179% A pr 15
124% D ec 124% D ec
22% A p r 25
16
Jan
25% M ay
9 M ar 8
97g M ay
2% D ec
87% A pr 19
62
Jan
81
D ec
112%M a y 4
87
J a n 106% D ee
85% M a r 13
44% J u ly
82% A pr
99
J o n 14
74% J u ly
97
D ec
14 A p r 24
51.) J u t'e
13% D ee
4 0 78 A pr 26
21 S e p t
43*2 D ec
127% A pr 20
75 J u n e
90
Jan
9 9 73 A p r 25
57 S e p t
84
Dee
1912 A pr 25
8% Aug
19% M ay
1978 M a r 8
9 >2 AUg
20% J a n
1% M a r 16
% O ct
67*8M a y 8
397* O ct
59% D ee
67 A p r 7
39% A ug
78% M a y
103% A p r 7
77
A ug 117% M a y
70% A pr 20
54
Jan
70% D ec
102% J a n 18
80% A p r
95% D ee
166% M a y 10 1091* Aug 143% Deo
13% A pr 0
9% Aug
81% M a y 3
75
D ee
82 M a y 8
95% M ay 8
89
A ug
16 M a y 4
4 2% M a y 1
28% J u n e
44% J a n
91 A p r 22
021* J u n e
80
Doe
30*1 J a n 25
15
Aug
34% N o v
19% Apr 8
16% M a r
9% J a n
3 2 % M ay l
.19 J u ly
29% D ee
14% M a r 15
D ec
16% J a n
90% J a n 20
35 J u n e
37» M a r 16
% N ov
13% J a n
2278 M a y 2
13 J u n e
26% Apr
75 A pr 11
49i* M a r
01 M a y
83% M a y 5
40% Aug
86 M a y
19% A pr 25
10% J u n e
16% M a y
9*i M a r 17
0
D ec
20% J a n
4% M a y 1
2 Ju n e
7% J a n
0 F e b 20
15% J a n
6% D ec
42% A p r 17
29% M a r
42% D ec
1 l% M a y 4
6
A ug
13% J a n
43 M a r 15
31
D ec
57
Jan
33% M ay 8
21 J u n e
29 N o v
28% A p r 11
98 A p r 3
87% A ug 100% F e b
112% M a y H
99% J u n e 110
Jan
27 % M ay 3
7% A ug
17% J a n
87% M a y 3
36
A ug
19% A p r 24
11% Aug
17 M a y
85
J a n 20
60
D ec
85 M a y
5 1 % M ay 3
38% Aug
73% M a y
71
Jan 5
67
Aug
75% N ot
20% A p r 17
6% Aug
26
Jan
35 F e b 17
40
Ju n
22% S e p t
3
J a n 25
2 Sept
4% J a n
2 2 % M ay
4
Jan
12% D ee
73 M a y 2
46% N ot
8% J a n
43% A pr 24
14% J a n
7% J a n 3
9 N ot
4% O ct
110 M a y 5
08 M a r
SB
D ee
4 7 % M ay 8
103 M a y 10
3

50% 2 5 ,0 0 0 K e lly -S p rln g lleld T ire ...........26
34% J a n i
53% M a y 5
984
107%
T e m p o ra ry 8 % p re f____ 100
90% J a n 4 107% M ay 9
85
100
0 % p re fe rre d ______________
85 M a y 3
71% J a n 3
98
600 K elsey W heel I n c ________ 100
01 F e b 9 111
A pr 6
*
%
33%
33% 28, 00 K e n n e c o tt C o p p o r____N o par
2 5 lj J a n 4
34% M a y 2
23
2 4 % M ay 4
15% J a n 3
22% 33 ,3 0 0 K e y sto n e T iro A R u b b e r .. 10
141
139
800 K resge (S S) C o ......................100 110
Ju n 3
J a n 10 174
7 8% M a y 12
78*i 129,600 L a e k a w a n n n S te e l................. 100
59*4
44% J a n 4
82
71
4,5 0 0 L acled e G a s (S t L o u is)____100
82 M a y 12
43
J a n 13
3 ,8 0 0 Lee R u b b e r A T i r e ____N o par
20% J a n 6
35% M a r 10
33%
33%
167
171
100 L ig g e tt A M y e rs T o b a c c o . 100 153% F e b 18 171 A p r 20
114%
112%
200
D o p re f...............................100 108 J a n 10 110 M a r 7
110%
2 ,700 L im a L oeom W ks I n c _____ 100
109%
91
J a n 3 115 A p r 13
*110
113
1115% A pr 13
163*
16
18% A pr 17
10,600 L oew 's In c o r p o r a te d ___N o par
11% J a n 20
1*3*
1,600 Loft I n c o r p o r a te d .......... N o par
13%
9
Jan 9
14% M a y 3
48
40
1,200 L o o se -w ile s B iscu it t r c t l s . 100
51% A pr 15
30
Jan 7
*150
150
1,800 L o rlllard ( P ) ............................1 0 0 147% J a n 6 153% M a r 8
113
♦111
109 J a n 13 1 15 M a r 10
93 M a y 9
92*4
92%
1,500 M a c k a y C o m p a n ie s .............100
72
Jan 5
66%
6 0 ' M ay 8
100
D o p r e l ............ .................. 100
67
J a n 13
66%
53 M a y 4
49
8,500 M a c k T ru c k s, I n c .......... N o par
25% J a n 13
47'8
88 M ay 8
877*
88%
1,600
D o 1st p ro f......... .............. 100
68% F e b 27
79
79% *76
79% *78
54
Jan 0
78%
200
D o 2d p r e f ____________100
7 9 % M ay 4
79*2 *77% 79% *78% 79%
20% 20% *20% 21%
1,800 M a llln so n (11 It) A C o ..W o par
21
21%
10% J a n 16
22% M a r 17
20*4 21
2 1 la 217* 22%
45
*44
40
*42
301) J a n 3
46
*44
46
200 M a n a tl S u g a r _____________ 100
46
45%. 45*4 *44
62 M a r 13
74
*72% 75
*72
P r e f e r r e d ............................. 100
74
*71
74
200
73% A p r 3
74
80 M a r 21
76
74
74
59% 61
58% 58*4
56
41 M a r 13
5G%
4 ,2 0 0 M a n h a t t a n E le c S u p p ly N o par
6H (
58% 59%.
/3458 56%
893* 40%
39% 40
40%
39*1 40
4,6 0 0 M a n h a tta n S b l r t ___________25
32 M a r 6
39*8 39%
42% F eb 0
40
39%
3 1 7g 31% 31*8 17,900 M a rlu n d O H .
31
30% 30%
............ no par
22% J a n 0
30
31
30% 30*1
3178M a y l
31
5% M a r 4
20
20
20*i 20*4
20
20
400 M a rlln - I to c k w e ll.............N o par
♦22
20
20% M a r 27
22
20
30% 30%
30
30%
0 ,9 0 0 M a rtin - P a r ry C o r p ___ Wo par
30% 31%
20% J a n 4
34
F eb 7
30*4 31
321
8 31% 32%
*27
29
27% 28% *27
M a th tc so n A lkali W o rk s _ 50
_
*27
29
29
400
29
29
22
J a n 1 1 34% M a r 22
*27
72% 4 2 ,6 0 0 M a x w e ll M o t C la ss A _____100
67%
69%
68
4 8 M a r 17
70
71%
08
70%
7 2 % M a y 12
71*4
213.1
11 F e b 15
% 21%
20% 20*4
20% 22% 19,800 M axw ell M o t, class IL .W o par
19% 20%
22 % M ay 12
21*4 21%
117 *117% 119
120% 119 119% 117 118% 117 117% 116
2 ,2 0 0 M a y D e p a r tm e n t S t o r e s .. 100 101
J a n 3 122%M a y 3
183j 19%
10,100 M c In ty re P e r M in e s _________
18
18%
17*4 18%
17*4 18
1S78
18% 18%
21% M ar 23
1277g 130*4 9 9 ,0 0 0 M exican P e tro le u m _______ 100 106% J a n 10 I3 5 ts A pr 15
127 129
131
128% 130
128% 130% 127*4 132
91
600
P re fe rre d ................................100
87% 87% *87% 91% *88
88%
88
7 9 'i J a n 12
92
Apr 18
88
88%
88
4 ,3 0 0 M iam i C o p p o r____________
6
28
28%
28
28%
291*
26% F e b 16
29*8
29
2S% 28*4
29% A pr 17
28% 28*i
14%
14% 14% 42 ,3 0 0 M id d le S ta te s OH C o rp ____10
141? 14%
14
16 A pr 17
15
14*;t 14%
14% 15
1 1% J a n 11
30*2 37%
36% 36*8 7 0 ,700 M id v a le S te el A O rd n a n c o . 50
39 M a y 1
37
36% 37
35% 38
20% J a n 0
38
38
727*
2 ,8 0 0 M o n ta n o P o w e r. . . . . . . 100
71% 72%
70% 72
74 M a y 2
72
73
72
71
71%
03
Jan 4
71
20% 21*i
20% 21%
22% A p r 26
213* 22%
21% 22%
12 F e b 11
20*4 21% 34 ,1 0 0 M o n t W ard A Co Ills C o rp N o par
22*s
30% 30%
2,7 0 0 M u llin s B o d y ............ .......N o par
34 M a r 31
30% 31%
19% J a n 7
31
29*4 31*t *30% 31*4
29*4 30
*18
19
•2 ,1 0 0 N a tio n a l A om o.........................50
19% 19%
21% A pr 25
20% 20%
19% 19*4
18% 19
10% J a n 9
2 0 's
700 N a tio n a l B is c u it.................... 100 123% J a n 4 157 M a y 1
145% 145%
143 146 *146 148
146
140
150
148 148
400
D o p r e l....... .............. ......... 100 113% J a n 4 121% A p r 26
121 *119% 120 *119% 120 *119% 120
U 9 * t 119*4 119% 120
100 N a tio n a l C lo a k A S u it. . 100 26 J a n 17 44% M a r 1
40
40
*39% 40
*39
41
*39
*39% 40
3914 *39
4% A pr 13
1% J a n 16
27* 3
3
2% 2% *2% 2*1 *2l.i 2*4 1 ,300 N a t C o n d u it A C a b le ..W o par
2*4
39% 40%
4 ,700 N a t K n u m 'g A S ta m p ’g ___100
43% F e b 16
30% J a n 11
39% 39%
38% 39*8
39% 40%
38*4 39%
40%
94% A p r 19
85
J a n 12
92
92*8 92% 92*i 5 ,500 N a tio n a l L e a d .........................100
94
92% 93%
93
93%
93*3 94%
100
111) 110
D o p r e l .......... .....................100 108 J a n 10 113% F eb ’3
113 *110 113 *110 113 *110 113 *110 113
13% F e b 10
16% 16%
4 ,300 N a v a d a C onsol C o p p o r____ 6
18% A p r 17
10% 17%
16% 16*4
16% 16%
16% 16%
17
76
76
76
76
76
1,300 New Y ork Air B ra k e .............100
68
Jan 3
80 Apr 27
79
79
76
77
75
333| 35^4
34% 35
5 ,400 New Y ork D o c k . . ................. 10(1
28 M a r 10
35% A pr 21
337*
34% 35%
33*4 34
*32% 33*)
53% J a n 17
200
61
A p r 24
60
5978 *57% 5778 *57% 58
D o p r e l................................10C
60
*69
59
59% *56
20
17
*17
500 N Y S h ip b u ild in g .............N o par
13 J a n a
19
*21
32%
19% 19% *19% 20
19
25 F e b 28
573t 58%
44% J a il 1 60% A p r 22
57% 57*4
0,400 N o rth A m erican C o _______ 6C
57*i 58%
571.1 57*i
57% 58
68*2
427* 43*s
43% 43%
3,900
42*2
43
43%
43% 43%
38 J a n 7
4 3 % M a y 11
43% 43%
D o p re f______ _________ 6C
4, 0C
8
7%
7%
3% J a n 13
7%
R i g h ts ............ ......... .....................
8% J a n 23
7%
7%
7*4
7 's
Vs
7%
7*4
30C N o v a S c o tia S teel A C o a l. . 10C
28
20*i F e b 2fi
32
32
26% 27% *27%. 30
25% 25% *25
38% A pr 12
*31
*10*8 12
*1078 12
100 N o rm ally Co. ( T h e ) ___N o par
12
9% M a r (i
12% M a r 30
11 11
*107 12
s
*10*4 12
1,600 O hio B ody A B low .......... N o par
14% A pr 17
11*1 12
10% 12
11
J a n 1C
12*2 12% 12% 12% 12% *12
2'% 3
11,200 O k la h o m a P ro d A R e lo lA m 6
3*g A p r 29
3
3
2% 3
2% F e b 24
3%
3%
3%
3%
3*4
2,100 O n ta rio S ilv er M in in g _____101
9% M u r 25
87*
8% 8%
8
♦8%
8%
8%
8%
8
4% J a n C
8%
8%
20
20
7 ,000 O rp h c u m C irc u it, I n c ..........
i
12% J a u C 2 1 % M ay 4
20*4
19*4 20% 20
2HS 203* 21% 20% 21
136
136 137
800 O tis E le v a to r _____________ 10(
137
116
J a n 4 143% M a r 30
140 *137% 143
138% 140 *137 140
143) 147*
1134
14% 14%
1378 14
14
15%
7 ,6 0 0 O tis S te e l...........................Wo par
14% 14*4
10% A p r 11
9% J a n 7

53*4
107*2
88
102
337s
24
142
60
71
34*4
165 171
112*| 11414
*1101? 112
* 100 •> 1121?
173s
137* 137s
49%
*48
1521? 1521?
">110 113
92%
92
*0412 69*2
513S
51
87% 8734

31
44

41
12
42
383,1
267*
97
____
243)
837*
18
83
52
68
18
30
1%
21
69%
41%
5%

T u esd a y,
M a y 9.

Sales
fo r
the

se e t b lr d p a g e p re c e d in g

H x -rlg h ta,

32% A ug
70% M a y
70 M a y
35 M a r
16 M a r
8% J a n
130
Jan
33 J u n e
40
Jan
17% J a n
138% J a n
97% J a n
64
Aug
8 7 lf A ug
10 J u n e
7% Aug
30
Aug
136
Feb
69%
56
25%
63%
64
10
21
92
18
12%
5
13
11%
38
8
65%

Jan
Ju n e
O ct
O ct
O ct
Jan
O ct
Jan
Ju n e
A ug
O st
Sept
Aug
Ju n e
Ju n e
Jan

84% A ug

547,
94
80
69
277,
177*
177
58%
67%
30
104
110
102
100*4
21%
12%
42
164%
111
72
62
42
70

M ay
JaD
Ju n e
N ov
D ee
M ay
D ee
Jau
M ay
D ee
D ee
N ot
D ee
D ec
M ar
Jan
Jan
Feb
D ee
D eo
D eo
M ay
Jan

64% Apr
18 Sept
89% F e b
93
Jan
36%
307*
19%
22
24
45%
16%
114

Deo

N ot
Jan
Deo
N ov
D os
D eo
Deo

107% Jan

16% J a n
10 J u ly
22 Ju n o
43
A ug
12% D ec
17*4 J u ly

38
16%
33%
64%

D eo
N ot
Jan
D ec

15
%
26
67%

36% J a n
6
Jan
66
Feb

25 May
28 7* j an

10% Deo 30
Jan
102 Jan 128% Dec
105 Aug 120 Jan
S ep t
S ep t
A ug
J u ly

87
100 June 108
0 M ar
47% Aug

20% Feb
45
Jan
13
Dec
32% Aug
317* Aug
% Dec
80% N ov
8% M a r
7% N ov
1% M ay
3% Aug
14
D ec

87

Aug

8

N ov

Dec

M ay
16% Deo
89
Fob
39 M a y
57% M ay
33
Fob
40
Deo
41% Mot
% Deo
39 M a r

I27 Jsd
s
11% Dan

4
0
30%
148

10

Jan
M ay

Apr

M ay

Jan

New York Stock Record—Concluded—Page 4

*099

F a r t a l e s d u r i n g t h e w e e k o f s to c k * u s u a l l y I n a c t iv e , s e e f o u r t h p a g e p r e c e d i n g
lllO H

AND

S n lu rd u y ,
M ay] 6 .

L O W S A L E P R IC E S — PE R S H A R E , N O T PER C E N T

M on day,
M ay 8 .

T u esday,
M a y 0.

W edn esday.
M a y 10.

T h ursday,
M a y 11.

S ales
lo r

the

F r id a y ,
M a y 12.

W ee k .

- PER S H A R E
R an ge s in c e J a n . 1 1922
O n b a s is o f 100-»5ar« lots

STO CKS
N E W YORK STO C K
EXCHANQE

H ig h e st

PER S H A R E
R an ge lo r p re vio u s
y e a r 1921
H ig h e st

$ per sh are I per sh are J p e r share Shares I n d u s . Jk M ls c e ll. (C o n .) P a r
5 per s t a r s
36*2
35% 30
30
30%
35*2 35% 3,1 0 0 O w ens B o ttle _______________25
54% Jap
10%
9% 10
9,3 0 0 P acific D e v e lo p m e n t.I I I I "
9% 10
9*2
9%
19*4 Jan
71
70*2 70%
2,7 0 0 P acific G a s * E le c tr lo .I I I I lO O
69
70
09% 70%
68
Dec
15
*13% 15
*13*2 15
*14
15
Paelflo M a ll S 3 . .
5
17% Jan
65% ' 64*8 60*t
62% 34%
03% 05% 145,000 Pacific O i l . . . ..................- - - - - 50% Dec
62% 04*4 61*4 64
03*2
“ 11,100 P an -A rn P e t * T r a n s . I I I . 50
62% 63%
79% Feb
56
50
57%
55
50
8,200
D o C la ss Ti .......... ............ao
55% 57
71*4 Jan
8
*7%
8
2,000 P a n h a n d le P ro d * R ef.'JfM p a r
8
7%
7*2
13% Dec
13
12% 12*3 *12% 15
800 P a ris h A B in g h a m ........... N o p a r
*12*i H
15% Apr
10%
10*4 10%
10
10% 10% 12*8 5 3 ,800 P e n n -S e a b o a rd S t'l v t c N o p a r
17
Jan
87
87
87
2,000 P e o p le ’s O L A C (C h ie )._ 1 0 0
80
SO
85*2 80
64% Der
39*8
4,100 P h ila d e lp h ia C o (1‘ltts b )
38% 39
38
38%
38% 38%
fiO
2 0 % Aug
35% Jan
00
200 PlilIM p-Jonas C o r p ____N o p a r
*87
90
*86% 90
*87
89%
37% Apr 105*8 Dec
42%
41*2 12%
4 2 's 43% 18,300 P h illip s P e tro le u m . N o p a r
41
42%
16 June
34% Dec
21% 22%j 20*2 21% 19% 21
21%
2 0 .700 P lcroo-A rrow M C a r . . . Wo p a r
9% Aug
42% M ay
43%
42% 44% I 42% 43%
12.700
38% 42
D o p re f...................
io o
21
Oct
88 M ar
11%
7 8 ,320 P ie rc e OH C o r p o r a tio n .
10*2 11 | 10*s 11
10% It
25
5% Aug
14% Nov
60
3 ,2 0 0
*57
59*2
58
60 I 59
59
D o p r e f ......................
xoo
30*a A uk 78
Jsn
64
0,735 P itts b u rg h C o a l o f P a ...........100
63
63%
63
33%
62*8 63%
52 July
00
Dec
*94% 95
94*., 94*
94*2 95
95
95
400
*94% 95
*94*2 95
D o p r e f ................................. io o
82% Jan
93 Dec
21
21%
21%
21
20*i 21
1,900 P o n d C re e k C o a l ..
20*4 20*
19
195*
io
20*., 20%
12*8 M ar
10% M ay
78
79*2
78
79
77% 79*?
76% 78
75*4 765*
70*2 77*: 12,900 P o s tu m C e r e a l...........I ” N o p a r
106*2 106* 106% 108
108 108% 107*, 10,8% 107% 107*. 107*2 108
8,4 0 0
8 % p r e f e r re d ____
io o
*79
80
79*i 79%
78
7.3%
77*, 78
1,000 P re sse d S teel C a r ......................io o
79
78
76% 77
48 Aug
96
Jan
*99 100% 100 100
100 100% *99*n ioo*: *97% 99
300
OS':
*97
D o p re f............................ 1 . 100
S3 June 104
Jan
37*., 39*
38% 39
37
36% 38%
38%
3-3
36*4
30% 37'. 2 6 ,3 0 0 P ro d u c e rs A R e fin e rs C o r p . 50
34% Dec
20 % O ct
■ 8 9 * i 89%
87% 89%
88*2 8 9 ',
87
87
7 ,300 P u b lic S e rv ic e C o rp o f N J .1 0 0
89
87
85
87%
84
Jan
70% M ay
122*.| 123% 122*2 123% 121*2 122*2 120*2 122*; U S *, 120': 120 122%
9 ,600 P u llm a n C o m p a n y ________ 100
89% Aug 114% N o .
39% 40*2
39% 40
39
40
5,100 P u n t a A leg re S u g a r .
39
38% 40
3 9 ';
38*2 39
60
24% Oct
61% Jan
33% 33%
33% 33*
33
33%
33% 21 ,5 0 0 P u r e Oil ( T h e ) ............................25
32% 32%
32
31*4 32%
21% Aug
40% Dec
102
102% 102 102
101*4 102*2 *101% 102*. 101% 101% 101% 101*4
800
8 % p r e f e r r e d I I I I 100
101*2 101*2 100*2 101
99*2 100*4 100 101
2 ,7 0 0 R a ilw a y S te el S p r in g ____
ro 100
99% 100
100
99% Dec
67 July
*26% 27
*25% 26*8 *25% 26*2 *25% 26%
300 R a n d M in e s E t d . .......... N o p a r
25*2 *25% 20%
Apr 20*4 Sept
19
16% 16%
16% 10%
15% 16
15% 10%
16% 16%
16
0 ,9 0 0 R a y C o n s o lid a te d C o p p e r . 10
16%
16 May
11 M ar
*33
36
*33
35
*33% 34
33
*32
34
33
200 R e m in g to n T y p e w r ite r v t clOO
34
*32
17% June
38*4 May
*60
75
*00
75
*06
*05
75
*60
75
75
75
*66
1s t p refe rre d v t c ______ 100
47% Nov
Jen
80
*55
*55
63
63
*55
57*"
*51
63
63
*53
63
*53
2 d p re fe rre d ________
io o
47*4 Nov
75 M ay
31% 34
31% 33%
31% 33% 49 ,0 0 0 U cploglo S te e l.............’ N o p a r
33% 34*
31% 32%
31% 3 3 '"
18 June
39% Jan
64% 66
64% 08*2 01,-' 0 R e p u b lic I ro n A S te e l.......... 100
64*., 07%
64% 65%
65
63% 67%
41*8 June
73% Jan
*89
90
90%
90
90
91
89% 89*4
4,2 0 0
89*i 91%
89% 90
D o p re f........ ..................... io o
75% Oct
90U Ma?
8
8*2
8%
8%
8%
S
2 ,1 0 0 R e p u b lic M o to r T ru c k .W o p a r
8%
8
8
8
8%
8%
5 Dec 24*i Jan
45% 40*8
45% 46*2
45% 46
45% 45*4
9 ,700 R e y n o ld s ( It J ) T o b C l B ._ .2 5
45% 45%
45*8 45%
113
*112*2 113 *112*2 113 *112 113 *112% 113
200
112*2 112*2 *__
7 % p r e f e r re d ____
100
62% 63*4
02% 63% 3 3 ,2 0 0 R o y a l D u tc h C o (N Y s h a re s ) .
63*4 643,
64%
31*4 62%
03
63*4 64%
69% May
*14% 15
14% 14%
14*2 14%
*14*, 15
15
900 S t Jo s e p h L e a d ______
15
14*2 14%
Jo
14% Dec
*4%
4%
4
4%
4
4%
3%
2 ,0 0 S a n C ecilia S u g a r v t o . Wo p a r
1
4%
3*4
3*4
*3*4
5*2 Feb
*19% 20% *19% 19% *19*2 19%
20% 20*8
19
*18% 19%
19
200 S a v a g e A rm s C o r p ...................io o
23% Jan
3%
3
3%
3%
3%
3%
3%
3
3
3*8
2 ,6 0 0 Sax o n M o to r C a r C o r p . N o p a r
3%
3%
6*4 Apr
75% 75%
73% 74% 10,400 S e a rs, R o e b u c k A C o . .
75
75*,
72% 74%
74*2 75%
74% 75
.1 0 0
98*4 Jar*
*102% n o *103
111) *102*2 105 *102% 105 *102*2 105 *102%* 105
P re fe rre d ________________ io o
104 June
*13% 13%
12*, 13%
13
13%
13% 13*4
13% 13%
13
13*4
3 ,1 0 0 S en eca C o p p e r .......... .......N o p a r
25*2 N o t
9
*8%
8*2
*8%
9
9
9
9
8%
8*4
8*4
*8*,
500 S h a ttu c k A rizo n a C o p p e r___10
9% Dec
*46*, 48
46% 40% *46
47
4()*4 47
46% 46*2
46*2 47
1,200 Shell T r a n s p A T r a d in g . £2
49 May
31% 32% 110,100 S in c la ir C o n s OH C o r p . Wo p a r
3 2 ', 33%
30% 31%
32%
31% 32%
30% 32%
31
28% M ay
44
44
44
44%
43
49*, 14,500 Sloss-Sheffleld S te el A Iro n 100
46
44% 45
43
43% 43*4
56
Jan
*75
*75
85
*75
85
♦75
85
85
85
*75
*75
85
D o p re f.................................io o
75 N o t
45
45
45
*42
*44
47
16*4 *42
46% *42
45
45
300 So P o r to R ico S u g a r .............100
103
Jan
18% 18%
18% 18*4
18% 18% 18,200 S p ic e r M fg C o _____________ N o p a r
18
18%
17*| 18*2
18% 19%
*84
no
90
90
89
89%. *85
89
♦84
89*2 *84
89
200
P r e f e r r e d ............... ..............io o
127 *122 126 *122 127
*122
127 *123
122 122
125 125
200 S ta n d a r d M illin g ..................... 100
119 Dec
115% 1 16'% 111% 114% 111*2 113*2 113 115% 110 113*4 110*4 114% 3 3 ,4 0 0 S ta n d a r d OH of C a l_________ 25
98*2 Dec
18 7 190
186*4 189% 185*2 188*4 184 186*, 185 188% 14,000 S ta n d a r d o i l of N J .................. 25
189 190
192% Dec
*15% 115% 115%
116
116% 115*4 116
116*4
115% 115% 115%
110
3 ,400
D o p ref n o n v o tin g ___100
114*2 Dec
*8'
85
85
•84
85
85
81*4 84*i
84
84*2 84*2
84
<>00 S teel A T u b e of A m p r e f . . 100
85% Dec
48% 48%
49% 49*4
48% 43%
48% 49*4 ♦48
47% 47%
50
5 ,200
104 104 *103 100 *103 106 *103*2 106
•1 0 2
107 *102 107
S te rn B ro s p ref (8 % ) .......... 100
81 Ja n 3 106 M ay 4
81
Oct 119 Aug
39
39*., 39*.,
39
37*i 39
39*2 39*4
40
40
38% 40
S te w a rt-W a rn S p C o rp .W o p a r
24*2 Ja n 5 42% Apr 18
21 June
37
Jan
54*.
53
54% 55*2
53
53
50% 52*4
54*8 54%
51% 53*,
4 ,5 0 0
35% Jan 6 59% Apr 12
25% Aug 40
Apr
119% 121
118*4 120% 118% 119*2 1115% 118% 114*8 116% 114% 118% 182,800 S tro m b e rg C a r b u r e t o r . N o p a r
S tu d e b a k e r C o rp ( T h e ) . . . 100
79*a Jan 5 124*" Apr 23
42*8 Jan
93% Ap:
112 112 *110% 112*2 *109 112*2 *109 112
112 112 *111% 112%
D o p re f....................................
100 Feb 17 112 M ay 5
S3
Jan 103*4 Dec
5%
5
6%
4%
6%
5*.|
5%
5*.|
5*2
4*,
5*2
5 ,000 S u b m a rin e B o a t................ N o p a r
3*2 Jan 31
7 M ar 13
3
Oct
10% Jan
7
8
7%
8*2
7*2
7 4
8*?
7%
7%
8%
7%
7% 10,500 S u p e rio r O il...................... N o p a r
8%M ay 5
5 Feb 2C
3*4 Aug
13% Jan
36
35
35*4
*35
34
36
*35
34
36
37
35
S u p e rio r S te e l............................ 100
39% Apr 7
26 Jan 3
20 June
48
Jan
3%
3%
3*2
3*2
3%
3%
3%
3%
3%
3*4
3%
3%
5 ,0 0 0 S w ee ts C o of A m e ric a ______ 10
5 M ar 14
*2*2
2h
2*1
2*2
2*2
*2*2
2*2
*2%
*2*2
2*4
2*i
300 T e m to r C A F P , cl A ..W o p a r
1*4 Feb 11
6*4 Feb 1
2 Dec 25*4 Jan
11% 11*.,
11% 11%
11% 11*1
11% 11%
*1% 11%
11% 11%
7 ,300 T e n n C o p p A C t r c tfs.W o p a r
9*4 Ja n 13
12*2 Apr 17
0% Aug
11
Dec
47
46*4 48
48*4
49
46% 17%
48
48*4 49%
18% 48
9 3 ,300 T e x a s C o m p a n y ( T h e ) ____ 26
42% Ja n 10 50*»May 4
29 June
48
Dec
42
43%
43
43
42% 43%
42
43% 43*2
43
42% 42l*»
T e x a s G u lf S u lp h u r .......... ........10
38*2 Jan 4 z 46*4 M ar 1 z32% Dec 42% Dec
28
28% 29%
29*i
29
30
27% 28%
30
30%
28*2 29?s
T e x a s P acific C ool A O i l . . 10
23 Ja n 9 31%May 4
15*4 Aug
36% Jan
135% 136% 135% 130% *135*, 130
136 136% 135 136
♦136 139
T id e w a te r OH............................ 100 109*4 M ar 17 137%M ay 4 119 Sept 175 M ay
66*4 66*2
66% 67
65
67% 67%
66*.,
07*4 68%
67% 68% 12,600 T o b a c c o .P ro d u c ts C o r p ___100
57% M ar 2 71% Apr 17
45 M a" 72 Sept
94
*92
*92
94
94
*92
*92
94
*92
94
*92
01
D o p re f_____ ___________100
88 M ar 2 95 Feb 10
76% June
91
Jan
12%
13
12
13%
12*,
13
13*4
11%
11% 11*,
13*4 14% 180,100 T r a n sc o n tin e n ta l O il___N o p a r
7% M ar 3 14% M ay 12
6 Aug
13 A jl
40*z 40*2 40% 40*2 40
*42% 43
42% 42%
40%
42% 43 '
T ra n su e A W illiam s S t.W o p a r
33 Ja n 16 45*8 Apr 4
28 June
44% Apr
*63
64
65
65
67
67
*03
07
65
67*2
05
*03
U n ion B ag A P a p e r C o r p . . 100
65 M ar 25 71% Jan 5
67 Sept
75
Jan
22*4 22<8
22*4
22
21*4 22*2
23% 24
22% 23%
21*2 22*4 5 0 ,0 0 0 U n ion O il__________________ N o p a r 17% M ar 4
24 M ay 6
15% Aug
25% M ay
102% *102 103 *100 102
*99 103
*102
103
101
*96
102
U n io n T a n k C a r .....................100
96 Jan 13 103 Apr 24
87% Sept 107 M ai
105% 100% 105*8 105% 105 100 *105 100
105% 105*.i *105% 107
5001
P re fe rre d .................................
102 Feb 9 107%May 2
92
Oct 104 Nov
35*4 36
35
30%
35
34% 34%
34*, 35%
30
36
397$ 10,100 U n ite d A lloy S te e l____Wo p a r
25 Jan 11 39% M ay 12
19 June
34
70
70*,
70
68% 70
71
71
701, 71% *70
71*" 72 ~
U n ite d D r u g ........ ............
100
60% M ar 3 73%May 1
46 Sept 100
Jan
45*4 *45
♦45
46
45% 45% *45
45%
46*8 *45
451 j
45
1st. p re fe rre d ............................50
41% Feb 18 46% Jan 10
36% July
47
Feb
140 *139% 140
139
139*4
141% 138% 1381)
*140
142 *140 142
U n ite d F r u i t .............................. 100 119*4 Jan 4 148 Apr 1 z96*4 June 207
Jan
*16% 19*4 *16i2 19*., *10% 19*i *10% 193j
19
*16*2 19*4 *16
U n ite d P a p e rb o a r d C o ____100
14% A pr 21
19%May 3
51*2 53%
51% 52%
50*i 54*,
52% 53*2
62*2 53*4
55% 58
0 8 ,3 0 0 U n ite d R e ta il S to re s ___ N o p a r
13% Feb 28 58 M ay 12
46% Aug 62% M ay
33% 34% 33*.t 34% 32*, 33*4 33*4 3vjl*>
34*. 35
33*2 34*2
U 8 C a s t Iro n P ip e A F d y . 100
16% Jan 13 38*4 M ar 15
11% Jan
19 M ay
07*4 67% *66
*07
6.3*2 08*2
68
68% 68%
69
69
00
D o p r e f ______ _________ 100
50 Jan li
72 Apr 15
38 Aug
67*2 Nov
♦611 6*2
6*2
*6%
6*2
0%
6%
6%
0%
*6*8
*6%
200 U S E x p re ss .............................. 100
6 F eb 1
6*2 M ar 3
5% June
Jan
7
4*,
5
4% 4*4 *4
4% 5 ,8
*5%
5*2
5*8 5%
U S Fo o d P ro d u c ts C o r p . . 100
2*4 Feb 8
10% Jan 3
8% Sept 27% Jan
49%
48
47*2 49
49% 50%
47*., 48
48% 49*,
■17% 40* 1
U S I n d u s tr ia l A lco h o l____100
37 Jan 6 51% M ay 1
74% M ay
35% Nov
*91
93
95
*91
*92
*92
95
*92
95
93
*01
D o p re f............................... .1 0 0
90 Ja n 9 96% M ar I
84 July 102 M ar
60 % 68%
67*., 69%
66% 68%
65*,
66
68%
66% 0778
U S R e a lty A Im pcovcm cntlO O
56 Jan 3 09% M ay 10
41% M ar
63% Dec
06% 65% 04% 05*, 63*2 64*2 63*4 64% 62% 03*i 03
04 ~
U n ite d S ta te s R u b b e r _____ 100
61% Jan 9 67*2 Apr 17
40% Aug
79*4 Apr
104*4 104% *103*4 104
101% 105
105*4 105% 104% 105
103% 1035s
D o 1st p re f___________ 100
99 Feb 7 106 Apr 12
74 Aug 103% Jan
39
39*2
39%
38% 39%
40
40
39
*39*2 40
39*2
U S S m e ltin g , R e f A M ____60
26 Apr
33 Feb 27 42 Apr 24
38% Dee
46
*45
10
45% 45% *4.5 ”
46
*45
45*2 45% *45
D o p r e f . ............................. 50
42% Feb 9 47 Apr 5
37 Aug 44% Jan
97% 98%
06% 97*,
97*4 98%
07% 98*2
97*4 99
97*8 9S7g
U n ite d S ta te s S te el C o r p . .1 0 0
82 Jan 6 100% Apr 20
70% June
86% M ay
118% 118*4 118% 118% 118% 118% 118*4 118*4 118*2 118*2 118 118 ~
D o p re f.................................100 114% Ja n 3 120 Apr 23 105 June 115
Dec
65
65%
66%
65% 66
05% 05*4
65
03*2 64%
64
05*4
U ta h C o p p e r........................... 10
60% Jan 5 68 Apr 17
41% Aug
66% Dee
17% 17%
16*4 17%
18% *8%
18% 19
17% 18*2
1711
17
7 Aug
9% Jan 18 19%M ay 4
12% M at
47
45
46% 48%
44% 18% 401*. 487* 82^400
45% 47%
43% 45%
30% Ja n 10 48%May 12
41
25% Ju n e
Jan
96
96
♦94
90
96
96
*94
96
96
90
*94
00*2
400
92 Jan 17 90 Apr 15
72 M ar
88% D e c
34
*34
35
34
33% 33% 33% 33% 33% 33*2 311"
V lrglnla-Carollna C h e m ..l0 0
27% JaD 16 30% M ar 13
20*4 July
42*2 Jan
79
78
78
77% 77'.,
79%
78%
78
77*2 78
73*4 77*1
3 ,049
Do pref..... ....................__100 67 Jan 31
82 Apr 10
57*4 July 102*4 Jan
54
54
54
55%
54
54
54
53% 54
54%
54*2
69 Aug 96
Jan
73
72% 71% 71% 71% 71% 71*? 58% 2 ,5 0 0 Virginia Iron. C A C ___ 100 43 M ar 27 94% Jan 18
*70
72*2 72*2 *70
Preferred ..............
100 66 M ar 13 72%May 6
13% 14
12*, 13% 12% 13*2
12% 13%
13% m t
1318 133s 11,400 Vlvadou (V )......... .......... N o p a r
14 M ay 8
6*« Jan 6
9*4 M ay
6% Mar
15% 15*2
14% 15%
15
15*2
14% 15%
15% 1534
14* t
Weber A llellb ro n er__ N o p a r
17 A pr 24
10% Jan 16
8% Jan
13*2 Oct
♦77
79
79
*75
79
79
*77
*70
*75
70
Wells Fargo Express_____ 100
66% Ja n 4 85% Feb 15
49% Jan
72
Jan
99% *97*2 98% 90% 9 7
*98% 99
99
98% 99
0731
W estern Union T elegraph. 100 89 Feb 8 99%May 9
76 Aug 94 Apr
*95% 95%
95
93% *95*8 95%
96
95
96
95% *043t
WestlDghouso Air B rako__ 60
SO M ar 16 100 Feb 21
81% Sept
96% Jan
62
62*4
61% 63
62% 03%
61% 0 2 '"
61% 62%
01*1
W estlnghouse Elec A M fg. 60 49% Ja n 4 64 Apt 10
38% Aug 52% Dec
26%
25*4 27
26
25*, 26
25
26% 26'%
25
25%M ay 4 27 M ay 5
47% 47*2
48
49
47% 48
49%
47
*48
17*2
47
35% Jan 6 50 M ay 4
29% June
44 M ay
10% 10*4 10% 10% 10% 10*2 10% 10-’s 10
10%
10
7*2 Jan 30
12 M ay 5
7 July
17% Jan
10% 17
16% 17%
10% 17
16% 18%
16% 17%
18% 217* 5 3 ,000
13% M ar 22 21%M ay 12
8 % Nov
18*4 Dec
8
8
8
7*4
8%
7*4
7*, 8
8*8
7%
7%
4*2 Feb 17
4% Nov
9*4 M ar 22
10*2 M ay
39%
38*2 39
39
39%
38% 38*2
*39
39*2 *39
38%
Do Preferred (n e w ) ___ 100
24 Feb 17 44*2 M ar 21
23 Aug
42 M ay
44% 44% 44*s 44% 44 '
45
45*4
43*4 45
*45% 46%
Wilson A Co, Ino, v t o . N o p a r
27*4 Jan 4
27*2 Nov
47
Jan
49% Apr 26
85
85
*83
*83
85
*81
*83
*83
85
85
85
Preferred.................... ........100
66 Jan 10 85 A pr 24
65
Oct 89% Feb
160 160
ICO 161
159*4 159*4 156
58*, *157
*160*2 161
137 Jan 6 167*4 M ar 27 105 Aug 139*4 Dec
*51
52
52
62% 53
52
52*., 52*|
50
51%
51
51
43% Jan 4 54% Apr 3
30*2 Aug
66% M ay
94
94
*92
*92
91*2 *92% 94% *93
♦92*2 94% *92
0 U2
Do pref A _____________100
83 M ar 31
94 M ay 4
70% Aug
85 Dec
78
79
78
79
78*4 78*, *78
*77*2 79
79
*78
70 “
Do pref B ........................100
64*4 Jan 9 79 M ay 9
64 Aug
70 Nov
8*.,
8*2
8*.,
9
8%
*8
8*2
9
*8*4
8%
8*4
8%
800
6 Jan 27
0*2 M ar 17
6*2 Ju n e
9% Ns*
36%
10
70*4
*13%
65%
63%
57
8
*13%
10%
88
39%
*90
43%
21%
44%
10%
60
64

36%
37
10%
10%
71
71
15
*13*4
67
64%
64%
63%
57
57%
8
10*8
15
13*8
10*4
11*8
86*4
88
39%
38%
*90
93
43%
42*4
22%
21%
44
45
10%
10*4
61*2
59*2
64%
63%

37
36*2
10*2
9%
70*4
71
*13*4
15
66* t . 63%
64%
63
58
55%
10*2
7*2
12%
13%
10%
11%
87
86%
30
38
93
88
41%
43*2
22
21%
44%
42%
10%
11%
61
59%
04
63

ioo

io
o

• Bid and aiked prloos; no sals* on this d ay .




{ r.?ss than 100 shares,

t

Ex-rights,

a

Ex-dlv. and rights,

z

Ex-dlvldend.

e

Reduced to basis of 825 p ar.

3100

New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1009 the Bechance method of ynotino bond* was changed and prices'are now— “and interest"— except for income and defaulted bonds.

BONDS
T. STOCK EXCHANGE
Week ending May 12
U. S. Government.
First Liberty Loan—
3 H% or 1932-1947...................
Conv 4% of 1932-1947.............
Conv 0 4 % of 1932-1947.........
2d conv 4H % of 1932-1947...
Second Liberty Loan—
4% of 1927-1042.......................
Conv 0 4 % of 1927-1942.........
Tbird Liberty Loan—
I H % of 1928............................. M
Fourth Liberty Loan—
4 H % of 1933-1938...................
Vlotory Liberty Loan—
A«i% Notea of 1922-1923___
3 H % Notea of 1922-1923----3a consol registered_______<11930
3a consol coupon_________ d 1930 Q
i s registered........................ ..1925 Q
4a coupon....... ......................... 1925 Q
Panama Canal 10-30-yr 2 s..*1936 Q
Panama Canal 3a g_______ 1981,Q
Beglstered________ ____ _196l|Q

P r ic e
fid a u
M a y 12
B id

W e e k ’s
R an ge or
L a s t S a le

A sk L ow

H ig h

Range
S in c e
Jan. 1
Low

99.30 Sale 99.08 99 50 2834 94.84
2 95 70
_________99 < 0
3
99.60
99.82 Sale 99 70 99 92 960 96.04
96.82
.................. 100.00 Apr’22
99.2o
99 50 Sale 99.46

H ig h

100 06
99 70
100 03
10100

99 52 34 95 76 99 66
95.64 0700 95 32 99 84

99 .90 Sale 99.72

99.S8 12324 96 74 100 06

99.92 Sale 99.70

99.96 7264 95 86 100.00

100.58 Sale 100.42 100.60 5397
100.02 Sale 100.00 100 04 573
102% Apr’22
___
103*4 Mar’22
____ 105 105*8 Mar’22
■105
105*8 Feb’22
100 July’2l
21
79
83Dec”
79 Fcb’22

100.02 101 00
99 90 100.30
102*4 103*4
103*4 103%
106 105
104 105*1
79

79*8

Foreign Government.
99 102*4
Argentine (Govt) 7s...............1927 F A 101*s Salo 101*8 101*3
_
85%
87
77 87*4
Argentine Internal 6a of 1909___ |M S 86 87
103% 109%
Belgium 25-yr ext s f 7Hs g._ 1945 J D 107*2 Sale 107% 108*2
1033.1
94*2 104»g
6-year 6% notea____ Jan 1925 J ' 103*8 Sale 103
1041* 108%
29-year 3 I 8a...................... 1941 F A 106% Sale 106% 107*4
110*
105 111*4
Bergen (Norway) s f 8a____ 1945 M N 110 Salo n o
100 114
Berne (City of) * 8 s.......... .1945 M N 112*2 113*2 112*2 113*2
87%
80*s 90
Bordeaux (City of) 15-yr 6S..1934 M N 87 Sale | 87
103 108
Brazil, U S external 8a_____ 1941'J D 105% Salo !105% 106%
99%
06 101
Canada (Dominion of) g 5a.. 1926 A O 99*8 Salo | 98%
9933
91*4 100*8
do
do
do 5a.. 1931 A O 98% Sale | 98%
101%
95*8 101%
10-year 554s.............
1929 F A 100% Sale 100
100*8 106
Chile (Republlo) ext s f 8 s ... 1941 F A 105*.t Sale 104% 10534
8 102*2
08% 103%
External 5-ycar a f 8a____ 1928 A O 102*2 Sale 102*
100 106
25-year s f Sa____ _______ 1946 M N 105% Sale 105% 106
54%
57
44
Chinese (Hu{tuang Ry) 5s of 1911 J D 1 54 Sale 52%
106 112*2
Christiania (City) s f 8s____ 1945 A O 111 1U% 111*8 111%
85% 93*2
93*4
Copenhagen 25-ycar a f 5H s. 1944 J J 92 Sale > 92
84% 90*2
90*2
Cuba—External debt 5a of 1904.. N 8 90 Sale ' 90
1
89% 89*2
89%
77 90%
E xterdebtof5s 1914aerA. 1949 F A 89
78
70 80%
External loan 4H*............... 1949 F A 78 79*2 77%
9834
97 100%
Czechoslovak (Rep of) 8s___ 1951 A O 97% Sale 97%
110 Sale 110
112
105% 114
Danish Con Munlcipa 18s “A” 1948 F A
112
105 113
Series B................................. 1946 F A 110 Salo HO
107% 112*3
Denmark external a f 8s_____1945 A O 110% Sale 110*2 111%
98%
00*4 99%
20-year 6s............................ .1942 J J 98 Sale 97*2
9.%
92*2
85% 93
Dominican Rep Cons Adm s f 5s'58 F A *91% 92
95% Sale 95*4
97
96%
94
Dutch East Indies ext 6s___ 1947 J J
96*2
94% 97
40-year 6s........................ 1962 M S 96*2 Sale 95*4
99% 10S%
French Republic 25-yr ext 8s. 1945 M S 103% Sale 103% 10434
04 106
20-year external loan 7Ha. 1941 iJ D 101 Sale 100% 102
Great Brit A Ireland (U K of)— |
102% 334 96 103*2
20-year gold bond 5H s____1937 F A 102% Sale 102
459 98% 109
10-year conv 6H s................1929 F A 108*4 Sale 107% 109
3-year conv 5 Ms_______ pl922 F A 108% Sale 107*8 10.S38 493 100 108%
6 92% 96*2
96*2 96
96*4
Italy (Kingdom of) 8er A 0 Hs 1925 F A 96
90% 322 86% 91%
Japanese Govt—£ loan 4H s. 1925 F A t 90*2 90-% 90*2
8934 44 86%
89*4
Second series 4 H s_______ 1925 J J t 89*2 90
108 72% 78*2
77
Sterling loan 4s................... 1931 J J t 76% Sale 76*2
190 80% 90
88
Lyons (City of) 15-year 6 s ... 1934 M N 87 Sale 86%
180 80% 90
88
Marseilles (City of) 15-yr 6s. 1934 M N 87 Sale 87
67% 185 54
70*2
Mexico—Exter loan £ 6s of 1899 Q J t 65 Salo 64%
8
57*2 226 39% 62
Gold debt 4s of 1901........... 1954 J O 53*2 Sale 53 *
701 94
97
97*2
Netherlands s f 6 s ................. 1972 M S 95*2 Sale 95*2
111% 75 , 107% 115
Norway external s f 8s.......... 1940 A O 111*2 Sale 111
103*2 12, 102% 105
Porto Alegre (City of) Ss___ 1001 J D 102*2 Sale 102
70 105% 111
Queensland (State) ext s f 7s. 1941 A O 109*2 U0>2 109*2 III
83, 99 103
103
25-year 6s............................ 1947 F A 102 Sale 102
Rio Grande Do Sul 3s______ 1946 A O 102*2 Sale 102*2 103% 74| 99 105*4
-Rio do Janeiro 25-year a f 8 s.. 1946 A O 104 Sale 103*2 104*1 220 99% 105*2
104% 36 101 106%
San Paulo (City) s f 8s...........1952 M S 104*2 Sale 104
49 10 % 1 6
0 0
San Paulo (State) ext s f 8 s .. 1936 J J 104 104*2 103% 105
412 ; yo% 98
95
Seine (France) ext 7s_______ 1942 J J 93% Salo | 93*2
101*2
102*4 148, 94 103
Sweden 20-yoar 6s................... 1939 J D 102% Sale 1117
118
120 112% 120*2
Swiss Confeder'n 20-yr s f 8s. 1940 J J 117*2 Sale
71% 73*2 71%
73
H I 67
76**
Tokyo City 5s loan of 1912...........M S
Uruguay Republlo ext 8s___ 1946 F A 108*2 Salo 106*2 108*2 29 102% 108*2
67 106 114%
Zurich (City of) s f 8a............ 1045 A O 112*2 H3% 112% 114
( T h e s e a r e p r i c e s o n th e b a s i s o f 35 to £)
State and City Securities. I
98 103
N Y City—4Ks Corp stock.. 1960 M S 100% 101*2 100% 100%
97% 102*2
4 Hs Corporate stock____ 1964 M S ___ 103*4 102*4 102*4
99
99>*
4 tls Corporate stock____ 1968, A O ___ 103 ' 99*2 Mar’22
103% 108%
*Ha Corporate sto ck ____ 1971----- ____ 107*2 107*2 May'22
107*4 107 Apr’22
103% 107*2
4)4s Corporate stock.July 1967 J J
103 107*2
106
106*4
444s Corporate stock____ 1P05' J D ___ 107
107 May'22
103 107*2
444s Corporate stock ......... 1963 M S ___ 107
93% 98*2
9 9 * 2 ------- 98% May’22
4% Corporato stock_____ 1959. M N
93% 90
4% Corporate stock_____ 1958 M N 9 9 % ____ 96 Apr’22
9 9 % ------ 96 Mnr’22
93** 96%
4% Corporate stock...........1957 M N
96
94
95*4 Feb’22
4% Corporate stock reg__1956 M N «____100
103** 107%
106*4
New 444s............................1967 M N *___ 107% 100*4
103% 107%
444% Corporate stock___19o7iM N *____ 107 100*4 108*4
84% 90
90
90
844% Corporate stook___1954 M N 89% 91
90 Dec'20
N Y State—4s ...................... 1981 M 8
89 Sept’20
Canal Improvement 4o___1961 J J
109% Apr'22
109% til)
Highway Improv't 444s...1963 M S
104*2 104*2
104*2 Apr’22
Highway Improv’t 44<s...l965 M S
Railroad.
4 58% 80
72*4 69
72*4
Ann Arbor 1st g 4a_______ *1995 Q J 70
88% 104 85 90
Atob Top A 8 Fe—Gen g 4 s .. 1995 A O 88*4 Sale 88
87*4 Feb’22
87% 87*4
Registered___________ 1095 A O * 8 5 * 2 ___
82%
~~b
77 ** 83%
83
Adjustment gold 4s_____ *1905 Nov 82*2 83
3 78% 84
3
83
82*2 82
Stamped..........................*1995 Nov 82
82%
82% 16 76 83
Conv gold 4a___________ 1955 J D
7 91% 101
101
Conv 4s Issue of 1910......... I960 J D 98 101*2 99
5 91*4 93*4
93%
East Okla Dlv 1st g 4s_ 1928 m a 93*8----- 93*2
_
2 78 83*4
82
83
Rocky Mtn Dlv 1st 4a_ 1065 j j 79% 83
_
5 79% 86%
81*4
Trans-Con Short L 1st 4a.. 1958 j j 84 85* 84
24 86% 92*2
92
j
Cal-Artz 1st A ref 444s "A" 1962 jv n 92 Sale 90*8
1 87*4
88% 44 85 90
Atl Coast Line 1st gold 4a ..*1952 m s
10 1041* 107
104% 106
10-year secured 7s_______ 1930 M N
7 83% 88%
88
87%
General unified 444s_____ 1964 J D 86*4
O
Ala Mid 1st guar gold 5s. .1928 M N 9 8 % ------- IC May’22 . . . . 98% 1 0
88%
86 88%
88%
Bruns A W 1st gu fold 4a.. 1938 J J 88% 91
82*1 21 78 83
L A N coll gold 4s______ al962 M N 81*4 Salo 81*4
93*2 92 88% 94
Balt A Ohio prior 344a_____ 1926 J J 93*4 Sale 93
91 91
Jan’22
Registered...................
*1925 Q J 91*8 »3*: 91
82 ’*75 76% 83
1st 50-year gold 4a______ *1948 A O 81*2 Sale 81
75
Registered___________ *1948 Q J ____ 79*i 76 Jan'22
84
81*2 Sale 81*4
82*8 255
10-year conv 444s.........
1933
129:
85*4 Sale 85
88
86
Refund A gen 6s Series A .. 1905
194 94% 100
99% Sale 99%
100
Temporary !0-year6a____ 1929
91%
e| 87 93%
P June A M Dlv 1st g 344a. 1926 M N 91% 92*; 91%
80*2 50 72% 82*4
P L E A W Va Sys ref 4 s.. . 1941 M N 79 Sale 79*2
30 86 92
91
90*2 90* 90*2
Southw Dlv 1st gold 3 44s.. 1925 J
1
99
98*2 97%
97*8
Clev Lor A W con 1st g 5a. 1933 A O 97
98
Ohio River RR 1st g 6s___ 1936 J D 96% 99 | 96% May’22
96 ” ‘ il
96% 1 90
98
General gold 5s................1937 A O 90
68*2 10 62% 70
8*. 1 68
Tol A Cln dlv 1st ref 4s A .. 1959 J J 68
98% 100*2
Buffalo R A P gen g 5s...........1937 M S 100*3------ 100*2 Apr’2?
91
88** 91
90*2
Consol 444s...............
1957 IWN 90% 91
82*8 82*8
A 1 A West 1st K 4s gu___ 1998 A O 84 ------ 82% Mar’22
1
90*2 90*2
Clear A Mah 1st gu g 5s__ 1943 J J 93 ------ 90*2 Jan’22
100 100*2
RoCb A Pitts Pen 1st g 6s. 1022
100*4___ 100*4 100*4

BONDS
Y. STOCK EXCHANGE
Week ending May 12

P r ic e
E r id n y
M a y 12

W e e k ’s
R ange or
L a s t S a le

ta n a s
S in e s
Jan. 1

B id
A s! L ow
H ig h N o .f L o w
H ig h
98%
9S*s 98
Canada Sou cone gu A 5s___ 1962'A O 98
98*3
4' 93
Canadian North deb e f 7s___ 1940 J D 112% Salo 112% 113% 19 108% 115
25-years f deb 6 Vi s .............. 1946.1 J 111% Sale 111% 112*4 54 107*2 114
80
Canadian Pac Ry deb 4s stock__J J 79 Sale 79
31H 77% 81
(L
I
91% 90
Car Clinch A Ohio 1st 30-yr 5s 1938j J D 91
01'4
14 83
102
Central of Oa 1st gold 5s__ pl945| F A 100% 101*2 102
S 95*2 102*8
Consol gold 5s__________ 1945 M N 97% Sale 97%
99*a 28 89% 99%
99 99% 99*4
100
10-year temp secur 6s.June 1929
52 04 100
79% 81%
Chatt Dlv pur money g 48.1951 J D 77%___ 81% May'22
93
96*2
Mao A Nor Dlv 1st g 6s__ 1946 J J 95%___ 96*2 Mar'22
Mid OaA Atl Dlv 5s...........1947 J J 95% . . . . 83*4 Deo’21
Mobile Dlv 1st g 63______ 1946 J .1 95*8 . . . 83 Apr’21
88*2 94%
Cent RR A B of Ga coll g 5s. 1937 M N 94 94% 94*2 May’22
Central of N J gen gold 5s__ 1987 J J 106*4 Salo I06*i 107*2 * 1 2 103% 110*2
Registered___________ A1987 Q J 105*8 107*8 106% 106%
2 105 107
107 107
Am Dock A Impt gu 5s___ 1921 J J 105 108% 107 Mar’22
80 Aug’21
N Y A Long Br gen g 4 s ...1941 M S 91 . . .
90% 98
ChesA Ohio fund A lmpt 5 s.. 1929 J J 96 ____ 95% May'22
1
94*« 101%
1st consol gold 5s________ 1939 M N 100 Salo 100
78% Juno”
20 11
Registered____________ 1939 M N ____ 98
V
88* a 19 82% 88%
General gold 4H s_______ 1992 I 1 S 87*2 87% 87*2
86% Nov’2l
Registered...................
1992 M S
88% 205 82*2 91
A 87*2 Sale 87*4
20-year convertible 4 H s__ 1930
91*8 Sale 9l*s
92
306 84*4 92*3
30-year conv secured 5a__ 1940
82
82% 77 Mar’22
7(1% 77
Big Sandy 1st 4s________ 1944
82 Apr’22 . . . . 78
82
82% 88
Coal River Ry 1st gu 4s__ 1945
88% . . .
80 Nov’21
Craig Valley 1st g 6s..........1940
78
A p r ’22
71
78
77*4 . . .
Potts Creek Branch 1st 48.1940
83*2
83*2 96% 83*2
4 82*4 83%
R & A Dlv 1st con g 4s___ 1989
76% 80*2
8 0 * 2 ____ 80*
2d consol gold 4s..............1989
2|
Greenbrier Ry 1st gu g 4 s .. 1940 M N 7 8 % ------ 69
Warm Springs V 1st g 5a__ 1941 M S 88%----- 80% Dec’21
59%
00
A O 59*2 60
10 62% 61%
Chle A Alton RR ref g 3a___ 1949
47
48% 59 37% 50%
48*2 S ale
R a il w a y 1st lien 3 Ha_____ 1950 J J
81%
J 8 1 's 83*s 81%
1 77% 85
Chic Burl A Q—1 1 Dlv 3H8-1949
1
90*41 2 87% 91%
Illinois Division 4s_______ 1949 J J 88% 90*2 90*4
95% 25 03
96%
Nebraska Extension 4s___ 1927 M N 9 5 % ------- 95%
90% Oct’19 ___ I
.
Registered____________ 1927 M N
88*2 68 86% 91
General 4s______________ 1958 M S 88*3 Sale 88
98% 34(1 96*8 99%
Temporary 5 s ......................1971 F A 98*2 Sale 98*8
34*4 Dec’21
Chic A E 1 1 ref A Imp 4s g . . . 1955 J J
1
I 33% 83%
33% Jan'22
U 8 Mtge A Tr Co otfs of dep..
105
“
105%
2 102 105%
1st consol gold 6s------------- 1934 A O 105*8
104 Deo’21
General consol 1st 5a_____ 1937 M N
103% Jan’2‘!
103 103%
U S Mtge A Tr Co ctfa of dep
84
Jan’22
81
84%
Stamped............. ...............
104% 104%
105 Feb’22
Ouar Tr Co ctfs of deposit..
84 654 68 84
OA F, 11 RR ( n e w c o ) gen 6s. 1051 M N 82 Salo 80*2
1
02% 71 69 64%
Chicago Great West 1st 4s— 1959 M S 62 Salo 01
104
8 101 107
Chic Ind A Loulsv—Ref 0 s .. 1947 J J 104 Salo 104
4 87% 96%
J 9 5 % ------- 95%
Refunding gold 5s_______ 1047
J 81 ------ 75*2 Jan'22 . .
75
81%
Refunding 4s Series C____ 1946
75
- - J 81*2
75 76
Ind A Loulsv 1st gu 4s___ 1956
J 83%------ 83*2 Apr’22
81% 85
Chic Ind A Sou 50-year 4s— 1958
88
88
D 87*s
i 88 88
Chic L 8 A East 1st 4H s___ 1969
78 | 32 71*2 78*4
J 70*8 76% 75%
Cb M A St P gen g 4s 8er A.«1989
69
J 66% 68*4 66*2
4 64
69%
General gold 3Hs Ser B_.«1989
86*8 78
85*2'
J 85
19 79
88
General 4Hs Series C___ «1989
66*2 105 54*2 98
O 61*2 Bale 64*4
Gen A ref Series A 4H s__ O2014
75% 163 62
A 74*8 Salo 73%
76
Gen ref conv Ser B 6«___ a2014
72*2 244 80
D 70*2 Hale 70
73
Convertible 4H s________ 1032
80*2 207 69% 81%
D 79*4 Halo 79*4
1925
Permanent 4s.............
J 63% Salo 63%
66*2 67 54 67
25-year debenture 4a_____ 1934
97*2
J 97 ------- 97%
9 92 97*2
Chic A Mo Rlv Dlv 5a___ 1926
73
75*4! 27 63*2 77
J 72% 73
C M A Puget 8d 1st gu 4 s .. 1949
D 86 ------ 84*3 Mar'22 . . . . 84*2 84*2
Mllw A Nor Istext 4HS---1934
857s
D 87% - -- 85% May’2 2 ___ 85
Cons extended 4H s.........1034
95*8 Apr’2 2 ___ 92% 961*
Chic A N’weflt Ext 4s ..1888-1926 F A 93*4 95
93*4 93%
Registered_______ 1888-1926 •' A * 9 4 % ------70 1
81
General gold 3H s............... 1987 M N 76 Salo 75*2 Dco’211 15 72
Registered___________ pl987 Q F ___ 75*2 70
! 6 82*4 85%
General 4s______________ 1987 M N 85*3 80% 85*2
81*2 84%
Stamped 4s___________ 1987 M N 83*s 85*2 84
4 99% 105
General 5s stamped______ 1987 M N 104*2 105 104
— -I 102 103
Sinking fund 6s..........1879-1929 A O 101%----- 103
1 101 101%
Registered_______ 1879-1929 A O 101%-----90*2 90%
Sinking fund 5s_____ 1879-1929 A O 97*4 98
;” j
Registered_______ 1879-1929 A O 9 6 % ------99%
3 90 100
Sinking fund deb 5s______ 1933 M N 9 8 % ------- 99
Registered____________ 1933 M N 95 ------- 96 N o v ’21 _1
32 106 108%
10-year secured 7s g_____ 1930 J ® 108 109 107*2
13 106 109%
16-year secured OHs g ___ 1036 M 3 108% Salo 108% 109*4
Des Plaines Val 1st gu 4Hs 1947 M S 86%------ 101%
105% 107%
Frem Elk A Mo V 1st 6S..1933 A O 108*2------Man O B A N W 1st 3HS--1041 J J 74%-----72%-----Mllw A S L 1st gu 3Ha___ 1941 J J
98% 98%
Mllw L S A West Imp g 5s. 1029 F A 9 9 * 2 ------Ashland Dlv 1st g 6s ___ 1925 M S 101*8------ 09
ioi% 101 %
Mich Dlv 1st gold 6s ___ 1924 1 J
87%
13 85*4 88
MU Spar A N W 1st gu 4s.. 1947 M 9 87% 90
. . 96 102%
St I, l’eo A N W 1st gu 5a.. 1948 J J 100% 102*2 100
1 91 79 84
Chic R I A P— R a il w a y gen 4s. 1988 J J 83*4 Salo 83*4
79*4 82*2 ' '
. . . 78 81%
Registered. . . __________ 1988 J
315 75*2 84
Refunding gold 4s_______ 1934 A O 81% Sale 81%
58 76% 82%
R I Ark A Louis 1st 4HS-.1934 M 9 81*8 Salo 81*4
90
98
Burl C R A Nor 1st 5s___ 1934 A O 98 ------C II I F A N W 1st gu 5S . . 19 2 1 A O
93 ------80~ 91%
Chic Okla A Gulf cous 5s__1952 M N
2 72 91
Keok A Des Moines 1st 5s. 1923 A O 88*2 80% 90
82% 81*2
20 78 85
St Paul A K C Sb L 1st 4H sl941 F A 82
3 104*2 107%
Chic St P M A O cons 6s___ 1930 J D 107 107*2 107
90
87
. . . . 87
90*3
Cons 5s reduced to 3 H s__ 1930 J D
95
2 01% 90%
Debenture 5s....................... 1930 M S 93*8 05
___
North Wisconsin 1st 63___ 1930 J J 105*4------U8
..
Superior Short L 1st 5a g..«1930iM 9 94*2 ------- 05 :
83*8 84*.| 84%
6 73% 80%
Chic T H A So East 1st 5a__ 1960| J D
1 103 104%
Chic A West ind gen g 6s...«1932 Q M 104*4_____104*4
74
80 68*2 76
Consol 50-year 4a_______ 1952 J J 73*8 74
32 99% 102%
15-ycar s f 7H s_________ 1035 M S 102*4 102% 102*4
87*2 89*4 87
85
89%
Cln II A D 2d gold 4 H s........ 1937 J J ..................I 88 :
'ill"
C Find A Ft W 1st gu 4s g. 1923 M N
90*4 90%
Day A Mich tst cons 4H s. 1931 J J
0
2 76% 83
CleveCln Ch A St L gen 4S..1993 J D 8 % 80*2 80*2
91
88*8
12 86
20-year deb 4H s________ 1031 J J 88% 89
99
2 80% 99
97*2 09
General 5s Series B............. 1093 J
46 95 100%
99*4 100 10)
Ref A lmpt 6s 8erles A___ 1929 - ­
85% Salo 85%
4 79% 86*4
Cairo Dlv 1st gold 4s____ 1939 J
4 76 80
79*2 80*2 80
Cln W A M Dlv 1st g 4 s ... 1091 J
___ 77*3 82%
8 0 % ------- 81%
St L Dlv 1st coll tr g 4s___ 1990 M N
___
8 5 * 2 ------- 77 ,
Spr A Col Dlv 1st g 4s___ 1040 M S
___
82% 85*2 78
W W Val Dlv 1st 8 4s.........194(1 J J
___ *86% *86*%
C l St LA C 1st g 4s.........*1936 Q F 8G%___
___
Registered___________ *1930 Q F ____86*2
___ 04
94*2
Cln S A Cl cons 1st g 5s___ 1928 J J 9 4 * 2 ____
.
104 105%
C C C A I gen cons g 6s____ 1934 J J 105% 106*4
..
Ind B A W 1st pref 4s___ 1940 A O 9 0 ------- 75 :
85*8 -----O Ind A W 1st prof 5s____dt038 Q
80
8*0**
0 *70% "
Peoria A East 1st cons 4 s...1940 A O 78*2 79*2 *79%
30
4 22% 35
Income 4s____________ 1990 Apr 21 26% 29
03
93
94*j
8 90
94
Cleve Short Line 1st gu 4H s. 1901 A O 93
92
1 84% 93
92*2 92
Colorado A South 1st g 4 s .. . 1929 F A 9 2
81% 89-%
!
e
Rebinding A exten 4H s— 1035 IY N 87*2 88*4 88 1
I
105
j ___ 101% 105
Ft W A Den C 1st g 5% ..1961 J D
S
83 Sale 83
Cuba RR 1st 50-year 5s g ...l9 6 2 J
1 11 77 85
4 44 100 103%
1st ref 7 H s............................1930 J D 103*4 Salo 102*2
2 ___ 77% 80%
D L A W—M A E 1st gu 3HZ2000 J D 8 0 * 2 ------ 80 1
4
1 98*2 90%
N Y Lack A Western 5 s ... 1923 F A 9 9 % ------- 99%
1
4 ia 97
99%
98%
Terminal A luiprove’t 4s 1923 M N 08% 90

N o p rice F r id a y ; la te s t b id a n d a s k e d . a D u e J a n . d D u e A p ril. e D u e M a y . g D u e J u n e . AD ue J u ly . tD u o A u g . o D u e O c t. p D u e N o v . fD u o D e c . s O p tio n sale.




2101

New York Bond Record—Continued—Page 2
P rice
F r id a y
M a y 12

BONDS
a . Y. STO CK E X C H A N G E

W eek en d in g M a y 12

W e e l' t
R ange or
L a s t S ale

s§

R angt
S in ce
Jan. 1

BONDS
N . Y . STO CK E X C H A N G E
W eek e n d in g M a y 12

P r ic e
F r id a y
M a y 12

iV e e f t
tto n g c or
L a s t S ale

s*

H ange
S in ce
Jan. 1

A t l Low
H ig h N o . Low B i o t
B id
L e h V al C o a l C o 1st g u g 5 s . .1 9 3 3 j J 100 101*4 90% A p r ’2 2 ------ 90% 987s
106
O c t’131------R e g is te re d _________________ 1933
J
1s t In t re d u c e d to 4 s _______ 1933
07% 9934
9934 ____ 99*4 A p r ’22 __
J * 9 0 % ____ 83% O c t’21
J
83% A p r ’2 2 ------ 83% 83%
82% 80
64 83% 91%
L eh A N Y 1st g u -. » 4 s ______ 1945
s
89%
91
9 0 Sale
N
A p r ’2 2 ,------ 95% 98
9 6 % ____ 97
42 89*4 99
L ong Isld 1st co n s goiu 's _ .A 1931
96
96%
J
96*8 S a le
O
107
in'*
89 ------- 82% J u n e ’21
1st. wODSol gold 4 s________ ft 1931
109
107*4 109 107
J
<j!
83%
7 7 ' 83%
8 3 % ____ 83%
81
G e n e ra l
4 s ___________ 1938
D
81
81
80% 83
l | 76%
99*4 F e b ’22
99*4 9934
F e rry go ld 4 M s ___________ 1922 M 8
10734 . _ .
-- —I
99% O c t’06
82 . . .
8 4 ! 73
81%
G o ld 4 s ........ ................................1932 J D
81
78% 7934 78’%
D e n A R G r— 1st eons g 4 s . .1 9 3 8
78
A p r ’_2
73"% 78 '
76% . . .
4 8 1 76% 84
U n ified gold 4 s . ....................... 1949 !Y 8
I
83=8
8 2 % ____ 82%
C onsol gold 4 Ms .......... ..........1936
i
91%
91% A p r’22
88
94 . .
77; 74% 85
D e b e n tu re gold 5 s _________ 1934 J D
82%
82
82% Sale
I m p ro v e m e n t gold 5 s ---------1928
84%
82
82% 82
75*4 8 3
52%
2071 42
2 0 -y e a r p m d e b 5 s _________ 1937 IK N
48
49%
4 8 S a le
1st A refu n d in g o s ............... 1955
79%
72
78%
78%
78% 79
12 40% 47
G u a r re fu n d in g gold 4 s ____1949 IK ft
43%
43
T r u s t C o co rtifs of d e p o s it. .
87
J u ly ’21
91% . . .
6' 80% 88%
N Y B A M B 1st eo n g 5 s . 1935 A O
88%
88% 90% 88
R io O r J u n o 1st gu 5 s ........... 1939
A p r’21
95 ____ 83
_ _1
_
N Y A R B 1st gold 5 s ____1927 M S
____ 14% 61% A p r’ 11
R io G r Sou 1st gold 4 s -------1940
92%
89% 92%
9 1 % ____ 92%
.
10% 10%
N o r Sh B 1st con g gu 5 fl.o l9 3 2 Q J
10% F e b ’22
____
h
G u a r a n te e d ..........- - --------}940
90
90
90
89
93
78
13 73*4 79%
L o u is ia n a A A rk I s t g 6 s --------1927 M S
79%
79
79% 79%
n l o G r W est 1st gold 4 s . ..1 9 3 9
99% N o v ’20
22 62% 70
69
L o u isv ille A N a s h v gen 6 s — 1930 J D
67% 07*4 67%
M tg o . A coll t r u s t 4s A . .1 9 4 9
98% 102
102
O o ld 5 s ...................... ................1937 rm n 101 ____ 102
62% O c t’21
71% 77
O e t A M a ck — 1st Hen g 4 s . . . 1995
91% S a le
90
91%
8712 92
U n ified gold 4 s ......................... 1940 j J
60 M a y ’21
66
78
G o ld 4a.......... .............................1995
81% O c t’21
89%
8 82
88
R e g is te re d _______________1940 j j
85% 88
"88*4
D e t R lv T e r T u n 4 M e ..............196 1
97
98% 96% M a r ’22
95% 96%
95% 100
C o lla te ra l t r u s t go ld 5 s ------1931 M N
9 8 % ------ 100 M a r ’22 . . . .
D u l M lssa b e A N o r gen 5 s . . . 1941 J
107% 107% 107
108
106% 109
1 0 -y ear secu red 7 s _________ 1930 !W
98*4 99% 99% A p r’22 - - - - 95% 100%
D u l A Iro n R a n g e 1st 5 s........... 1937 A
103
101 104
10512 Mar'08
1 st ref 5 M s________________2003 A O 102*4 S a le 192*4
R e g is te re d ......................— 1937 A O
9634 ____ 97% M a y ’22
9334 97%
87
L C ln A Lex gold 4 M s ------ 1931 M N
82=8 8334 *80
A p r '2 2 ____
D u l Sou S h o re A A tl g 5 s ------ 1937 J J
103*4 A p r’22
104*4 107
102% 103*4
99*4
N O A M 1s t gold 6 s ............ 1930 J
9 8 % ____ 99
99 |
l
illg ln J o lie t A E a s t 1st g 5 a . .1 9 4 1 m N 104% 104*8 10438
98% A p r’32
99*4 102
98% 98%
105 1 192 00% 107
2 d gold 6 s _______________1930 i
E rie 1st consol cold 7a o x t_ .1 9 3 0 M S
Feb"22
8 3 % ____ 81
80
82
8234 ____ 803s A p r ’2 2 ------ 80% 82%
P a d u c a h A M em D lv 4 s — 1946 F A
N Y A E rie 1st e x t g 4 a------ 1947 M N
61%
01 % 61*4 61%
53
62
I
S t L ouis D lv 2d gold 3 s . . .1 9 8 0 IV S
98>4 9978 98>s
9 8 i8
1 96*4 98%
M S
85%
3 rd e x t gold 4 M s ---------------1943
8 4 % ____ 85%
79% 86
923s
A tl K n o x v A C ln D lv 4 s . . . 1955 rn N
eo ‘2 Mar"22___ 90% 90%
O
4 th e x t gold 5s........................ 1930
9 9 % ____ 98*4 A p r’22
98*4 98*4
9134 N o v '1 6 ____
8134 ____
A tl K nox A N o r 1st g 5 s . .-1 9 4 6 j 0
D
6 th o x t gold 4 s . . . . . . 1 9 2 8
OO S c p t’21
98% A u g ’ 1 9 ____I
H e n d e r B d g e 1st s f g 6 s . . . 1931 M SI 101% . . .
N Y L E A W 1st 7s o x t . . 1930 M S 102 ___ 03
79% 8434
8 2 % ____ b2% A p r ’22
“
043g 82 54% 65%
K e n tu c k y C e n tra l gold 4 s . 1987 J J
63M S a le
J
E rie 1st cons g 4s p rio r------ 1998
93 100
98*4
98*4
97% 100
57
67
57
Mar'22___
Lex A E a s t 1st 5 0 -y r 5s g u . 1965 A O
J
R e g is te re d ............ ................1998
02%____ 84% N o v ’2 i
5434 121 39% 66%
54 Sale
5312
L A N A M A M le t g 4 M S.1945 M S
J
1st consol gen lien g 4 s . . 1996
74
80
80
A p r ’22
79% 81
____ 5578 39
A u g '2 1 ____
L A N S o u th M Jo u n t 4 s . . . 1952 J J
J
R e g is te re d ......................... 1996
95
F e b ’Ot
873S .15 79 " 89 "
8778 8 8 7s 8712
R e g is te re d _____________ ft 1952 Q
A
P e n n coll tr u s t gold 4 S ..1 9 5 1
100% 100%
100%
*99% 100% 100%
34% 52
4812 49 | 48>2
5014
N F la A 8 1st gu g 5 s.............1937 F
O
6 0 - y e a r conv 4s S er A — 1953
89
A p r ’22
89
89
88
...
51
32
50
49
49*2 49
N A C B d g e g en g u 4 M s . . -1945 J
O
do Series B .......... ........... 1953
96 102
IOD 4 102 101*4
101*4
3434 64
4834
5134
50 Sale
0 A N A la cone gu g 58------1936 F
o
O cn conv 4s Series I ) -------1953
99%
*98
98% 99%
95% 99%
94
80
9234 94U 92%
92=8
G e n co n s gu 5 0 -y r 6 s ------1963 A
C h ic A E rie 1st gold 5 s ------ 1982 M N
81*8
77
82
81%
81*8 Sale
90% 90%
92 ____ 90% J a n ’2 2
L a A J e f B d g e C o gu g 4 s ------1945 M
J
C levo A M a h o n V ail g 5 s . . 1938
77
Mar’10
78% 96%
9 6 14
96
9612 90
M ex I n te r u a l 1st co n s g 4 s — 1977 M S ____ 30
3
E rie A J e rse y 1st s f 6 s ____1955
75
Nov’10
79% 97
95%
93>2
9512 S a le
S ta m p e d g u a r a n te e d ............1977 M S
J
O en essee R iver l e t s f 6 a . . . 1957
99
J u ly ’20
97 J u n o ’2 l
D
M id la n d T e r m — 1st s f g 5 s . . 1925
O 10534 . . .
Long D o ck consol g 6 s ____ 1935
103% A p r ”22
01 103%
9 9 ____ 100
A p r’2 2 ------- 100 * i o o '
M in n 8 t L o u is 1st 7 s .................. 1927 J D 103% 101*4 79%
C o a l A R I l 1st c u r g u 6 s . . . l 9 2 2 M N
79% 81
81%
69% 82
83% D e c '21
91%
1 st consol gold 5 s _________1934 M N
J
D o ck A I m p t 1st e x t 5 s ____ 1943
46
49%
46*4 Sale
88
88*"
31
50
88
F e b ’22
885s . . .
1st A refu n d in g go ld 4 s ------1949 IK 8
B Y * G re e n L gu g 5 s ____1946 M N
46%
46 S a le
49*s
50%
54
70%
30
68%
69
68% 09
R e f A e x t 5 0 -y r 5s S e r A . . -1 962 Q f
J
W Y S u s q A W 1st ref 5 s . . . . 1937
56
57%
56 S a le
57%
47% 52
38
52
52 •
D e s M A F t D 1st gu 4 s . .-1 9 3 5 J J
52
56
A
_
2d gold 4 M s____• ______ 1937
81
82% S ale
82*4
82*4
38% 00
70
59
59
52
59
Io w a C e n tra l 1st gold 5 s . . 1938 J D
G e n e ra l gold 5 s ________ 1940 F A
48%
4,7% Sale
46*4
50%
32
83% 83%
83% F e b ’22
M S
R e fu n d in g go ld 4 s . . ------ 1951
8 6 % ____
T e rm in a l 1st gold 5 s ____1943 M N
87%
89
8 8 % S a le
85% 90
N nv’1 9 ___
M S t P A 8 8 M co n g 4 s I n t g u . 38 J J
8 5 % ____ 72
A O
M id of N J 1st e x t 6 s ..............1940
100%
96% 104
99*4 100% 100
53 " 73 "
73 M ay '22
1 st co n s 5 s _________
- -} 9 3 8
6134 73
D
102
102%
W llk A E a s t 1st gu g 5 s ____1942
100% 103
Apr’2I
1 0 -y ca r coll t r 6 M s------------ 1931 M S
D e c ’2 i
a ? an B A T H 1st gon g 5 s . . -1942 A O 1 0 5 % ____ 69% Apr'21
8 S % ____ 85
1 st C h ic T e r m s f 4 s --------- 1941 M H
97
M t V ernon 1st gold 6 s ........... 1923 A
96*4
95% 97
94% 96%
M 8 ft M A A 1st g 4s In t g u . 26 J J
69% A p r’21
S ul C o B ra n c h 1st g 6 s ____1930 A
85%
82*4 85%
8 5 % ____ 8234
80% 87%
86%
M ississip p i C e n tra l 1st 5 s . . -1949 J J
86% 92% 86%
80%
F lo rid a E C o a s t 1st 4 M s_____ 1959 3
81%
81% Sale
73
83%
M o K a n A T e x — 1st gold 4 s . 1990 J D
A pr'21
66
77% . . .
ffo rt S t U D Co 1st g 4 M s .-.1 9 4 1 J J
60*4 M a y ’2 2 ]------ 48% 68%
63% 6 6
78 " ’85”
8334
83*1
84
85
2 d gold 4 a ________________C1990 F A
F t W o rth A R io O r 1st g 4 s . . 1928 J J
67% M a y % 2 ! ..
63% 6 6
48% 68
83
89%
88
T r u s t C o ctfa of d e p o s it------87% S9% 87%
G a lv H o u s A H e n d 1st 5a____1933
62 ____ 55%
55*4
8 35% 55*4
108% 1U78
114
1 st e x t gold 58...........
1944 M N
113 S a le 112%
G ra n d T r u n k of C a n d e b 7 s . . 1040
86%
84
87% 8 0 % A p r ’22
73
105
104*4
1 st A re fu n d in g 4 s .................. 2004 M S
104 S a le 10334
16-year u f 6 s _____________ 1936
78% F e b ’22
72% 75
107% 109*4
109%
T r u s t C o c e rtfs of d e p o s it
10834 Sale 1083.1
G re a t N o r G e n 7s se r A _____ 1936
67
67%
62% S4%
91%
90*4
G e n sin k in g fu n d 4 M » -------1838
90
9034 90%
1st A ref 4 Ms S eries A______ 1901
6 2 7» A p r ’22
67
73
52% 67%
T r u s t C o c e rtfs of d e p o s i t . . .
, 82% Oct'21
R e g is te re d ______ ________ 1961
29*j J a u ’2 2 ------ 27
29%
99%
99*4 339 96% 100
8 t L o u is D lv 1st re f 4 s ------2001
997s Sale
T e m p o ra ry 5 M s---------------- 1952
77
A p r ’22
68% 77
90% 91
91 M ar’2i
5 % secu red n o te s “ e x t” — 1916’. . . .
91% 94
S t P a u l M A M a n 4a_______1933
90%
80
105% 109%
D al! A W aco 1st gu g 5 s . . . 1940 M N "i)0% "95’ " 90% M a y ’22
110%___ 109% A pr’22
1st consol g 6 s __________ 1933
71% J a u ’22
70% 71%
75=8
99 Sept’20
K a n C ity A P a c 1st g 4 s . . . 1990 F A
R e g iste re d ------------------- 1933
83
M a r ’22
83
77
93’% ’9534
M o K A E 1st gu g 5 s --------1942 A O
J ’ Jo"" 96% 96% A pr’22
R ed u c e d to gold 4 M s — 1933
88%
78% 88%
88*8 ___ 88%
95
95
M K A O k la 1st g u a r 5 s . . . 1942 M N
95 M ar'22
3
R e g iste re d ..................
1933
____ » 4 % M a r ’22
89%
84%
77
91%
91%
" J l " *92% 91%
M K A T of T 1st g u g 5 s . .1 9 4 2 M S
D
M o n t e x t 1st gold 4 s ____ 1937
_ _ 32 M a y 21
10
H her Sh A So 1st gu g 5 s . . -1 9 4 2 J O
SO M ar'21
D
R e g iste re d ------------------ 1937
34%
34%
1 '734 '" 4 %
34% 39
T e x a s A O k la 1st g u g 5 s . . 1943 M 8
83
M a r”20
J
P acific e x t g u a r 4 s . . ......... 1940
83
83%
102 7 G84 86%
83U Sale
88
89*4
89% 0034 89% Apr'22
M o K & T R y — P 1 5s S er A . . 1962 J J
O
B M in n N o r D lv 1st g 4 a .. l9 4 8
69
69%
26 62
09% 70
7 0 7s
9934 ____ 99
M ar’22
4 0 -y ea r 4s S eries B ------------- 1962 J
J
J
M in n U nion 1st g 6 s .............1922
96
96*4 193 89
96% d ale
97%
109% 109%
1 0 -y ear 6 s S eries C ------------- }932 ■
* ,
J 108% ____ 109% J a u ’22
M o n t C 1st gu g 6 s ................ 1937
65%
67 1160 43*4 5934
56% Sale
136% M ay’06
C u m a d ju s t 5s Series A ------1907 J J
J
R e g iste red .............................. 1937
99
99
Feb '2 2
M isso u ri P acific (reorg C o )—
I
3 100%____ 99
1st g u a r gold 6 s --------------1937
88% 88
88%’ 38 84% 89%
99% 10034
1st A refu n d in g 5s Ser A . . 1905 F A, 88
9 9 * s ____ 99% A p r ’22
D
W ill A S E l i t gold 6 s . . .1 9 3 8
1 0 0 I 30 97% 100
07% 70%
70% A p r ’22
1st A refu n d in g 5s Ser B .a l9 2 3 F A 100 100% 100
70
75
Feb
G re e n B ay A W D e b ctfa " A " —
96
97 ! 17 00% 97%
97 Sale
6% 11*4
1st A. refu n d in g 5s S er C ..1 9 2 6 F A
10 S a le
10
10%
F eb
D e b e n tu re otfs " B ” . . . . . . . . .
99*4
100 Sale
1 0 % 263 99*4 100*8
72
79
74
78% 77% A p r ’22
6 s, s e r D ............................... F A
G u lf A 8 I 1st ref A t s 5 s . .61952 J 3
63%
65% 323 69*4 67%
64 Sale
81% 87%
85%
86%
85% Sale
G e n e ra l 4 s -------------------}"'•? M8 ,
H o oking V al 1s t cons g 4 M S - - 1999
53
O c t’18
M isso u ri P a c 40 y e a rs 4 s ..............1945
I
------- 84% 73% J u n e '18
R e g is te re d ................. - ..............J99J
82
82
2 76% 82
78
78
80% 84% 7 8
F o b '2 2 . . .
3d 7s e x te n d e d a t 4 % ------- 1938 M N "79% 83_
C ol A II V 1st e x t g 4 s .......... 1948
74%
747s M a y ’2 2 ____'j 74
72
76
78% 79%
SO
. . . | 79% M a r ’2 2 1
C e n t Hr U P 1st g 4 s ............1948, J D
C ol A T o l 1st oxt 4 s . . . . . . 1955 F
86
89*4 93
91% 94% 9 2
A p r’22
P a c R of M o 1st e x t g 4 s — 1938 F A, 85*4 87% 90 M a r ’2 2 ------- \ 83% 86
H o u sto n B elt A T e rm 1st 6 s . 1937 J
A p r ’22 ------ 92
97%
96
99%
83% 89
2 d e x te n d e d gold 5 s ..........1938’J
J
89% . . . ! 89
A p i ’22
Illin o is C e n tra l 1st gold 4 s . . .1 9 5 1 J
97%
975*
25 9 4 % 9 8 %
S t L Ir M A S gen con g 5 s . 1931! A O, 97% 98
83% S c p t'2 1
R e g is te re d .................................. 1851 J
102 J u l y '1 4 -----76% 70%
76%
70%
80% :: ::
O c n con s ta m p gu g 5 s . . 1931:A O.
1st gold 3 M s..............................J®®} J.
87%
T 78% 89
"85% "87% 85%
84
N o v ’16
U n ifie d A ref gold 4 s -------1929 J J
R e g is te re d ------- -------- - - - } „ ; } •;
82
82%
45 75*8 84%
82*4 Sale
R lv A O D lv 1st g 4 s ____ 1933 rit N
O c t’21
797s ____ 72
E x te n d e d 1st gold 3 M s ------1961 A O
M a r ' 2 2 ____ 90% 93
U3%
V erd i V I A W 1st g 5 s____ 1926 M 8
R e g i s t e r e d . .. ......................}951 A O
105 ____ 103% M a y ’2 2 _____ 101% 103%
____ 80
J u ly ’09
M o b A O h io new gold 6 s ............ 1927;J D
1st gold 3s sterlin g
.......... }951 M S
99*t
16 97% 99*s
80% 95
81% 84% 33*4
84%
1st e x t gold 6 s ____________ftl9 2 7 ;Q J 100 100% 99
C o lla te ra l tr u s t gold 4 s ------1952 M B
74
76 M a y '2 2 ____ 67% 76
77
G e n e ra l gold 4 s ...............— 1938] M S
R e g is te re d .............................}952 A O ..................... I 96*s S e p t’ 19
89*4 ____ 89% A p r ’2 2 ____ 8 6 % 89%
8
’2'% 89 "
M o n tg o m e ry D lv l s t g 5 s . . 1947 F A
86
86% 8534
87%
1st refu n d in g 4 s .......... ........... 1955 M N
91*4
2 87% 91*4
90% 91*4 91*4
76% 78%
76% 78*4 76% M a y ’22
S t L o u is D lv 5 s -----------------1927 J D
P u rc h a s e d lines 3 M s--------- 19'»2 J J
89% 89%
90 |
12 81
88
90
38 78% 83%
82%
8 t L A C a iro g u a r g 4 s -----19311J
J
81 Sale
80*4
L N O A T e x a s gold 4 a ------1953 M N
100%'
97 103%
N a s h v C h a t t A S t L i s t 5 s . . . 1928 A O 196 100% 100
D e c ’2 0 -----08
R e g is te re d .............................J963 M N
_ 100 100
100
A p r'2 2
96*4 102*4
J a s p e r B ra n c h 1st g 6 s ------ 1923 J J
101% Saio' 101% 102*4 147
16-yoar seoured 6M *--------- 1934 J J
-) 2 1 % 45
39%
45
99% 111
110%
N a t R y s of M ex pr lien 4M B-1957 J J
1 5 -y e a r secured 6 M s 8 ------ 1936 J
J 1097s Sale 109'4
29% F e b ’22
29% 33
30%
8 D4 8 D4
G u a ra n te e d g e n e ra l 4 s ------1977 A O
8 2 % _____ 81*4 Fet)'22
C a iro B ridge gold i s --------- 1950 J D
31*8 M a r ’22
28
32
63% 67%
N a t of M ex p rio r Hen 4 M s — 1926 J J
6 8 7s ____ 67% A p r’22
L ltchricld D lv 1s t gold 3 s . . 1951! J
2 1 % 21*4
73»i 7434
77 . . _ 74*4 F e b ’22
1 st consol 4 s ______________ 1951 A O " 3 0 " 30% 2 1 % M a r ’22
L oulsv D lv A T e rm g 3M S-1953 J
84 ” 37 79
83*4 Sale
83*4
86
60
67%
6 7 % ____ 07%
N O A N ’E 1st ref A Im p t 4 Ms A ’52 J J
07%
O m a h a D lv 1st gold 3 s ------1961
25 70% 78%
76%
76% ftale
78%
63*8 67%
N ew O rlea n s T e rm 1st 4 s -----1953 J
J
68% ___ 67% A p r ’22
S t L ouis D lv A T e rm g 3 s . . 1951
99%
2 0 05% 101
99%
99% S ale
76% 77
76% . .
N O T e x A M exico 1st 6 s ___ 1925 J D
76% M a r ’22
G old 3 MS............................. 1951
69
70
n o 62
72
77 ____ 80% N o v ’ 16
N o n -c u m in co m e 5s A --------1935 A O . 69*8 Sale . . . .
..
.
S p rln g f D lv 1st g 3 M * - - - - - 1 9 5 l
103
217 98 104%
101%
82
83%
82*4 85% 82% A p r’22
W eotcrn Lines 1st g 4 s _____ 1951
51 105 108
107
N 10 year1 coH t? 7s ^
68' " ' 1930 M S ’ »«*■ ?««7* 1 0 6 %
92 N o v ’10
R e g is te re d ..................
1951
84%
82%
17 78% 84%
82% 83
0934 9934
C o n so l 4s S eries A __________1998 F A
99
99*4 A p r ’22
Bellev A C a r 1st 6 s ------------ 1923
34 85% 83%
85*4
87
85*4 Sale
85%
R e f A Im p t 4M « “ A ” --------- 2013 A O
73
M a r ’ 19
C a r b A S h a w 1st gold 4 s . . . 1932
95
98 1303 04% 90%
95% Sale
’99 " io*2%
1 0 1 % 10312 02
AO
R e f A Im p t 5 s ______________ 2013
102%
Ohio S t L A N O gold 5 s . . . 1951
1
99
A u g '2 l
N ew Y o rk C e n t A H u d R iv e r— |
I
R e g is te re d .............................. 1961
18 74% 78
77
77%
77% Sale
70 ____ 65*4 D ec'2 1
M o rtg a g e 3 M s ------------------- 1997! J J
G old 3 M s --------- -------------1951
76% A p r ’22 ____1 75
76%
76% 77
90% 97
94% 9534 94%
R e g is te re d ---------------------- 1997 J J
95%
J o in t 1st ref 5s S eries A . 1983
58 84
8 8 % 89*8 8 8
90
90*4
78*4 82
30% 83
D e b e n tu re gold 4 s _________1934 M N
82
82
M e m p b D lv 1s t g 4 s . . .. 1 9 5 1
74%
R e g is te r e d ______________ 1934 M N *89% 8934 6 6 % J u n e ’20 ____ 72
65
N o v ’ 17
R e g iste re d ............ ............} 95 l
88
89
89 I
28 83
90
M
3 0 -y e a r d e b 4 s ____________ 1942 J J
84%
80 8 e p t’21
B t L ouis Sou 1st gu g 4 S ...1 9 3 1
73% *76% 73%
73*4
30 69% 76
84% _
85
86
L a k e S h o re coll g 3 M s.......... 1998 F A
85% M a r ’22
n il 111 A Iow a 1st g 4 s . . . . . . } 9 5 0 J
74%
7 0 % ____ 72 M a y ’2 2 ____ 72
99% 99%
97
99%
R e g is te re d --------- -------------1998 F A
I n t A G r e a t N or 1st g e x t 7 s . . 1922 M N
73%
74%
22 71% 74%
73% 74
80% 85
84 ___
M ic h C e n t coll gold 3 M 8 ..1 9 9 8 F A
84
84
J a m e s F r a n k A C le a r 1st 4 s . . I960 J D
R e g is te re d ______________ 1998 F A ____ 73% 74% J a n ’2 2 ____ 74% 74%
67% Sale
63
69
69
67%
K a n s a s C ity Sou 1st gold 3 a .. 1950 A
62 M a y '2 2 ____ 60
62
59% 61
A
B a ttle C r A S tu r 1st gu 3 s . 1989 J D
O c t'0 9
78
88%____ 88 Apr'22___ 84*4 8 8
84
89
B e e c h C re e k 1st gu g 4 s — 1936 J 3
87% 87% 87%
88%
R e f A Im p t 5 s .................A p r 1950 J
t 6 % J u l y '2 l |____
793s 84
81
R e g is te r e d ______________ 1936 J 3
82
81%
83
K a n s a s C ity T e rm 1st 4 s ------1960 J
104 M a y ’1 6 ____
S0%
91% 92
2 d g u a r go ld 5 s _________1938 J 3
85
92%
92%
92
L a k e E rie A W est 1st g 5 s ------1937 J
09%
59 J u n e ’2 l | ____
85
77
86*4
B e e c h C r E x t 1st g 3 M s .61951 A O
88% 8. %
86%
2d gold 6 s .....................- - - - } £ } ' J
80% 84% 82% M a r ’2 2 ____ 82% 9 0
72
C a r t A Ad 1st gu g 4 s _____ 1981 J O
77
68 68%
A
083s F e b ’22
N o r th O hio 1st g u a r g 5 s . . 1945
95%
92*4 93% 93*4
92% 94%
K a A A O R 1st gu g 5 s . .1 9 3 5 J J
93*4
L eh V al N Y 1st gu g 4 M « ---1 9 4 0 J
80% '
2 76% 80*s
80
80*8 80
L a k e S h o re go ld 3 M s.......... 1997 J D
80 J u ly ’21
R e g is te r oxl.............................. 1940 J
74% 79%
72 ____ 1 74% M a y 2 2 ____
R e g is te r e d __________ . . . . 1 9 9 7 3 D
83
83% 83
77*4 90
84
L ehigh Val (P a) co n s g 4 fl---2 0 0 3 M N
91% '4 5 89% 95%
93% 94% 13%
92% 91
D e b e n tu re gold 4 s ______ 1928 M S
91
85
92%
92
G e n e ra l eons 4 M s.................. 2003 IH N
9 1 ’*
92% 4 8 8 8 % 93%
91% 93
2 5 -y e a r gold 4 s __________ 1931 M N
101 102 102
98% 102
102
L eb V T e rm R y 1s t gu g 5 s . . . 1941 A
85% J u l y '2 1 ____ j_____ ______
ll
____
R e g is te r e d ____________ 1931 M N
113 M a r ’ 12
*1)9%
R e g is te r e d ............ ..
1941 A
M o h A M a i 1st gu g 4 s ------1091 M » ’ 84% *85’% 82% Ih d ’2 2 ____ 82% 82%
103
’ l l 100% 103%
102*4 Snl« 102*4
L e b V a R R 10-yr coll f ls ..« 1 9 2 8 .
H iyh
.45* Low
74% A p r ’22
75% 77%

B id

A

No

Low

B iO t

74% 74%

-

D el L a c k A W e ste rn ( ConcX .) —
W a rre n 1st re t gu g 3 M s— 2000 F
D e la w a re A H u d s o n —
l e t Hen e q u ip g 4 H e ______ 1922%
1st A ref 4 s _______________ 1943 M
3 0 -y ea r co n v 5 s___________1935 A

88

10
0
88

88

• N o price F'rlday; latest bid a n d a s k e d th is w e e k ,




a D ue Jan .

6 D u o F 'e b .

0 D ue June,

ft D u e J u ly ,

n D u e 6 e p t.

0 D u e G o t.

*

e a ts .

3103

New York Bond Record—Continued-Page

BONDS
W. Y . STO CK EX C H A N G E
Week ending M ay 12

P r ic e
F r id a y
M a y 18

W eek's
R an ge or
L a s t S a le

Rang*
Sin e*
Jan. 1

B O ND S
N . Y . STO C K EX C H A N G E
Week ending M ay 12

N Y C ent 4 H H R R (C o n )—
B id
A s k L o to
H i g h No L o w
H ig h
B id
A sk L ow
H ig h H o . L o w
H ig h
M ahon C ’l R R le t 6 s ___ 1 934'j J
97 % ____ 90 M a r ’2 2 ,____ 90
90
P itt - Sh A L E 1st g 5a______1940
97*i------ 100 M a r’22 -------- 95*4 100
M ichigan C entral Sa............1931 M Si 9 7 * 4 ____ 90>* J u n e ’21
1st consol gold 5s________ 1943
.....................
96*8 ------ 97*4 Deo’1 7 ------■
R egistered.......................... 1931 ,Q 1*1 .................... 981* Nov* 18
R eading Co gon gold 4s_____ 1997
85 Sale , 81*8
85*4 191 80
86
*8- - - .................................1940'J J 87*4-------- 8 7 i2 A p r’2 '2 ------ 82*4 87i2
R egistered....... .............. ........ 4997
82
A p r’J 2 ------ 82
Registered......................1940'J J
7414 S e p t’20
Jersey C entral coll g 4 s . I I I 1951
80*8____ 87*8
J L & 8 le t gold 3 Vis___ 1951 M S
87*4
1, 8Uj
76 *2 ___ 0018 M a r ’20
A tlan tic C tty guar 4s g ____ 1951
787g ____
U t gold 31*8 ------- I I I I 1942 M Ni 80*8 ----- 78
A p r’2 2 ------ 70*4 80
S t Jos A G rand Isl 1st g 4 s . . . 1947
74*2
Apr’2 2 ---- Ij 657g 74
20-year d ebenture 4 s___ 1929 A O
90^3 91
90*8
9 0 ’s
* 86 *s 91
S t Louis A San F ran (reorg C o)—
N J Juno R R guar le t 4 a . . .1930 F A| 70 U ___ 70*4 A p r’21 - ­
i960
Prior Hen Ser A 4s_____
72*4 Sale 72*2
737 212 68
7434
N Y * Harlem g 3 Via......... 2000 IH N
7S3s 80
0 8 J u n e ’21
P rior lien Scr B 5s___ •
1950
87*2 Sale 87
88 I 82 82
N Y * N orthern 1st g 5 a .. 1923 A O. 98*2____ 95
88*2
D e c ’21
P rior lien Ser C 6 s ____
1928
99 Sale 98*4
99*3 430 94*8 100
N Y A P u 1st oona gu g 4a. 1993 A O 83l2 84
84
84ig
771* 84
C um a d ju st Sor A 6 s . . . 7,1955 A O 80*2 Sale 80
81*4 240 71
Pine Creek reg guar fla___ 1932 J O 107 ____ 113 M a y ’15,
82*4
Incom e Scries A 0 s............A1960 Oct
68 Sale
697 328 54
8
E W 4 O con 1st ext 5 a . . . #1992 A O 997 ___ 997g
71*8
997s 1
s
no'l* ~99*7g 8 t Louis A San F ran gen 0S..1931 J J 103*2____ 67*2
103*8 A p r ’22 ------ 101*4 103*8
R utland 1st con g 4 Via___ 1941 j j
80 83
78*4 A p r ’2 2 ------ 78
83
G eneral gold 6 s .................... 1931 J J
9 7 1 ,____ 97*4
97*4
1, 95
98*2
O g * L Cham 1st gu 4a g . 1948 J jj 74 ____ 7 0
A p r ’2 2 ------ 66
71*2
S t L A S K R R cons g 4 s . . . 1996 J J
80 ------ 07*4 O ut’2 0 ------1 ...................
R ut-C anada 1st gu g 4s. 1949 J J
72 75
60
F e b ’21,
Southw Dlv 1st g 5s____1947 A Q 95*2____ 90 Feb’22 ----- 90 90
8 t Law r A Adlr 1st g 6a __ 1990 J J
88*8----- 85U D ec’2 1 1-----K C F t S A M cons g 6 s . . . 1928 M N 102*8 103*2 10l7g
10173
5 101 104
2d gold 6 s .......................... 1990 A O
92 ___ 103 N o v ’1 6 -----K C F t S A M R y ref g 4 s . . 1930 A O 79
79*4 79
99l2 ____ 991* A p r’2 2 ------ 9914 9912
80*2
48 72*4 807»
U tica A Blk R iv gu g 4 s_ ..1 9 2 2 J J
K C A M R A B 1st gu 5s. 1929 A O 91*4
92
A pr ' 2 2 ------ 88*4 92
P itta * L E rie 2d g 5 s____ a l9 2 8 A O 975 ----- 97
s
A p r’2 2 ------ 97
97
S t L S w 1st g 4s bond c t f s . . . 1989 M H 78«4 78*4 78
78*2 20 72*4 79
P itts M cK A Y 1st gu 6 s . . 1932 J J 105*4 - . . 1301s J a n ’09
2d g 4s Income bond o tfs. v 1989 J J
07*2 68
67*4
67*4
2d guaranteed 6 s...............1934 J J
04*2 07*2
99'4 ,
95*4 J u n e ’2 0
Consol gold 4a...................... 1932
D
7512 76
14 68*2 77*8
7512
7078
West Shore 1st 4a g u ar____2361 J J
81*4 82 tjj 81*4
81*4
78*2
1s t term inal A unifying 5 8.1952
J
80*2 8 H 2 8 0
18 71
82
R egistered........................... 2301
Jj
84
80
81
80
80
76*s
G ray ’s P t T e r 1st gu g 5S..1947
o
84 .
I 98*2 J a n ’13
N Y C Lines eq tr 5 e . . . 1920-22 M N
9 9 i _ F e b ’ 19
2
S A A A P ass 1st gu g 4s......... 1943
74
76*2 76*2
J
12 70
7C7S
E quip tru s t 4 V ia ... 1920-1925 J j! ------ -------- 1 67*2 J u n e ’20
79*2
Seaboard Air Line g 4s........... i960
o
61
63 , 58*4
10 50
58*2
N Y Chic A S t T, 1st cr 4s___ 1937 A O 76*8 8S12 8 G!2
8 6 l2
63
82*4 88
Gold 4s stam p ed _________1950
o
56*2 58*4 50>s
9 48
69 12
01
Registered.............................. 1937 A O i ____ _____ | 85 N o v ’l 7
A djustm ent 5e____ _____ ol949
A 25 Sale | 24
20
260 13*2 30
M84
N
D ebenture 4a........................... 1931
85*2 84
80
R efunding 4s........................ i960
42 Salo 41*2
o
105 31*8 40
42*4
N Y C onnect 1st gu 4Via A . . 1953 F A 89 ____ 89
8 U2
1st A cons 0s Series A ......... 1945 M S 58 Salo 57*2
58*2 296 41
N Y N H A H artford— ..................I
63*4
Atl A Blrm 30-yr 1st g 4a.«1933 M S 73
73*2 74*8
2 5912 75*2
N on-conv deben 4s.................1947
1* OUs 65
1'
s
*4*8
Go's M a y '2 2 ----- 45
62
C aro C ent 1st con g 4s___ 1949
66
82
J
63
F eb ’2 2 ------ 03
N on-conv deben 3 Via.......... 1947 Hi si 52l2 55
52*2
521" i
1 44
03
56
F la C ent A Pen 1st ext 6 s . . 1923
J
98*2 99
90
J a n ’22 . . . . 90
N on-conv deben 3Vis_____ 1954 A O 5U 2 55
90
52i«
52i2l
3 38*4 5512
J
88 ____ 89 A p r’2 2 ------ 89
le t land g ra n t ext g 6S..1930
N on-conv deben 4s________ 1955
J J59
!
00
89
571 M a y ’2 2 ------ 40l2 60's
2
Consol gold 6s ...................1943
J
80*8____ 89*s A pr’22 ------ 82*2 80*8
Non-conv deben 4a.................1950
1*1N |
59
58
59
59* ;
4
9; 41
60
G a A Ala Ry la t con 5 s . . .01945
J
80 ____ 75
A p r’2 2 ----- 71
51
Conv debenture 3 Via............. 1056 j j
52
75
S ll 2 5112
37*8 521*
G a C ar A No ls tg u g 5 s . . . 1920
90 ____ 00
J
90
4 84
Conv d ebenture 6 a................1948 J j |
91
80
84
83*s 80
57
85
Seaboard A R oan 1st 5 s ...1 9 2 0 J J
8912
95 M a y ’2 2 ------ 87*4 05
Cona R y non-conv 4a......... 1930 F a I
50 O ct’17
Southern Paclllo Co—
Non-conv deben 4s......... 1955 J J
60 Ju ly ’18
Oold 4s (C ent Pao c o ll).. . *1949 J D
8212 837g 82*2 83
8 | 78
83
Non-conv deben 4 a .........1956 J j
47i 2 51 I 38*2 M ar’22
38*2 381*
R egistered....................... *1949'J D
72 N o v ’21
54
50 7S 54
4% d e b e n tu re s ....................1957 M N
116 31
58
57
20-year conv 4 s________ 01929 M 8 *91*4 S a fe ' 90*4
91*2 414 « r 'oT*i
Harlem R -P t Cbea 1st 4 a .. 1954 !« N
76*4 80 | 7918 A p r ’2 2 ------ 71
79is
20-year conv 5 s ................... 1934 J D 104*2 Sale 102
103*8 , 44 96*2 103*8
B A N Y Air Line 1st 4 a . . . 1955 F A 70
75 1 69 M a y ’2 2 ------ 59
70
C ent P ac 1st ref gu g 4 a . . . 1949 I1 A 87 Sale I 85*4
’
87
433 8 U 4 877g
601* 66*4 60
C ent New Eng 1st gu 4 s . . . 1901 J j
67i2
61U 68
R egistered........................... 1949 F A
82*2 S ept’1 0 -----,
H ousatonlc R y cona g 6a . . 1937 M N
82J2 ____ 80
D ec ’21
M o rt guar gold 3 V is ...* l9 2 9 J D 89
89*s 88*4 A p r ’2 2 ---- 86
6 5 '2 ____ 87 J u ly ’14
N augatuck R R 1st 4a......... 1054 m n
88*4
T hrough S t L 1st gu 4 s .. 1954 A O 807S 82
82*2
82*2
4 78*4 87*4
N Y P rov A Boston 4s___ 1942 A O
72
| 83 Aug’13
G i l A S A M A P 1st 6 s . . .1931 M N 907S 98 ’ 97*4 M ay ’2 2 ------ 94*4 98
N Y W ’chesA B 1st Her 14V4s’40 j
454 33
57 >s Sale 50*4
59
59l 2
2d exten 5s g u ar.................1931 J J 94 ____ 94
94 1
1
New England cons 5a......... 1945 J
98
83 >8 ------ -------G ila V O & N 1st gu g 5 s . . 1924 M N 97*3____ 97*2 A p r’2 2 ------!
Consol 4a............................1945 j
68 ------ 70 S ept’17
9713
Hous E A W T 1st g 5s___ 1933 M N
94*4
.
94
A p r ’2 2 ------ j !
Providence Sccur deb 43 . . . 1957 iv> N
54 ------ ! 47
94
51!,
26
511,
90 ____ 86 M ar’21i----- _ ______
1st guar 5s re d ...................1933 M N
Providence T erm la t 4 a . . . 1950 iw a
7U 2 ------ 1 8 8 *a F eb’18
H A T C 1st g 5s Int g u ___ 1937 J J
97*s 98
93*4 A pr’22 ---- 1 93*4 93*4
1
W A Con E a st le t 4 Via___ 1943 J j
63 -------! 60
M a r’22!----60
A A N W 1st gu g 58............ 1941 J J 90*8 - - . 80*4 F e b ’2 2 ------!I 86*4 82*4
N Y O A W ref 1st g 4a___ 01992 M 8
74
75*2 74i 2
74i 2
4
77
N o of Cal guar g 6 s ...............1938 A O 90*2____ 101 A p r’22 -1 90 103*2
1
Registered *5,000 o n ly ._ .0 l9 9 2 M 8 -------------- ' 69> N o v'20|----2
Ore A Cal 1st guar g 5 s____1927 J J 98*4 99 1 98*4
99 I 48 96*4 100
G eneral 4s.......................... ..1 0 5 5 J I)
68
70 I 70 M a y ’2 2 ------ 651* 70
So P ac of Cal—Gu g 5s____1937 M N “ 8 J * A p r i V - i : io iij io tu
Norfolk Sou 1st A ref A 5 a . . .1001 F A 66*4 6 8 l2 671j
08 I
3 60
70
90*4
So Pac C oast 1st gu 4s g . . . 1937 J
Norfolk A Sou 1st gold 6 s___ 1941 m n
0 n ,‘ 91
90
91
3 88*2 92*a
87*4 8 8 87*4
87*il
1 7914 8873
Tex A N O con gold 6 s ____ 1943 J
0 0 * 8 ____ 00*4 J a n ’221- - ' 89
N ot! A W eet gon gold 0 :___ 1931 m N 108 Sale 106«2 A pr 2 2 ------ 105*8 1077*
90*4
So Pao R R 1st ref 4s............ 1955 J
87*a 88
87
87*4 144 83*s 887S
Im provem ent A ext t
...1 9 3 4 f a 108'4
- - 106
J a n ’2 1 l____
San Fran Term! 1st 4s____ 1950 A O 82*4 Sale 82*4
83*2 10 80
New R iver 1st gold ......... 1932 A O 107*8 I08l2 104*4 M a r ' 2 2 ___ 104*4 IO0I4
84*s
Southern— 1s t cons g 5s.......... 1994 J
05*2 Sale 95
95*4 445 87*8 90*4
8 8 I 49 847* 89'4
W A W R y la tco n p g 4S ...1 9 9 0 A O 8 6 *s 87!, 85'4
R egistered........................... 1994 J
90 A pr’2 2 ------ 88*4 90
R e g iste re d ......................... 1990 A O 8 113 . . . 74
O ct’20
D evelop A gen 4s 8 er A . . . 1950 A O 07 Sale 65*2
281 61*4 08
D lv’l 1st 1
1 A gen 8 4 a . 1944 J J
86 I 8 831* 801*
86% Sale 80
Tem porary OVis......... ........ 1.1950 * O 99*8 Sale 99
09*2 382 9414 10914
10-25-yc j conv 4a......... 1932 J D
80
F eb ’2 2 ------ 80
80
M ob A Ohio coll t r g 4a___1938 M S 73*4 74
74*2
• - 1 60*4 75*4
74*2
10-20-v s r conv 4a......... 1932 M S
02*4 A pr’211-----M em Dlv 1st g 4Vis-5s____1990 J J
93 > 94
s
0 89
93*8
10-2.,-- ear conv 4V40-..1938 M S lOOis------ 106
93*8
94
A pr’2 2 ------ 921* 106'*
78*2 80*8 78*4
S t Louis dlv 1st g 4a______ 1951 J
80 | 10 73
10 y -r conv 6 s ................1929 M S 107 107*4 107*4
.
109 | 87 103U 110
80*8
A la G t Sou 1st cons A 6 s . . 1943 J
94*8 98 I 91*3 A p r '2 2 ------ | 94*j 94*2
—
Pocah C A C Joint 4S ...1 9 4 1 j o
84i2 80*4 86*4 M ay ’2 2 ------ 84
‘
86*4
Atl A Chari A L 1st A 4 V is.l944 J
92*8 94*4 90
O C A T 1st guar gold 6 s . . 1922 J j .................. 99
Dec’21 - - ­
1 87
90*8
1st 30-year 6 s Ser B ___1944 J
96*8 97*2 90
.
98 I 20 91 100
Sclo V A N E la t gu g 40..1989 M N 8 6 U 87*4 87 M ay ’2 2 ------ 831* 87
A tl A D anv 1st g 4a........... 1948 J
6 72
7 6 * 8------ 1 78
78 I
N orthern Paclflo prior Hen rallj
78
2 d 4 s...................................1948 J
60 ------ oo
- - 60
A p r’22
way A land g ran t g 4a...........1997 Q J 80i2 8 ale 86U
60
871s1 103
89
80 I 78
A tl A Yad 1st g guar 4 s . . . 1949 A O 79
. __ 76*4 82
R egistered.......................... 1997 Q J - ................. 84
J a n ’2 2 ----- 1
84
E T Va A G a Dlv g 6 s____ 1930 3 J
97
97*8 97
- - 93*4 97*2
62i2
General lien gold 3a.............a2047 Q F 62<2 Salo
63*81 60
64
Cons 1st gold 6 a . . ............ 1950 M N 97 ------ 971
— 93
Registered........................ o2047 Q F _________ 60*2 F eb’22 - - t
07*4
601*
E Tonn reorg lien g 6 s ____1938 M 8
94% 96
95
12 03*8 95
Ref A Im pt 0s aer B .............2047 J J 1057g Sale 105*4
106*8 la7, 106*4 n o
G a M idland 1st 3 s.................1940 A O 61*8 62*2 63
1 68
Ref A Im p 4 Via Ser A _____ 2047 J J 8 6 *s 88*8 88
03
l 8fl
9 9 '4
Knoxv A Ohio 1st g 0s___ 1925 3 J
99*8 101*4 99*4 F ob’2 2 ------1 987g 99U
8 t P aul-D uluth D lv g 4 s ..1996 J D
84i2 _ 841, A Po?,2 ’ " i 1l 791a m u
84*2
84j2
M ob A Blr prior Hen g 6 s . . 1945 3 J
H
74*8 70
75*8 Aug ’2 1 -----1
N P -G t N or Joint 0 Vis___ 1930 J J, 105*4 Sale 105*8 106i2 1385 i 64.4 i 09 2
2
M ortgage gold 4s.............. 1945 3 J
1 73*2 75
8 t P A N P gen gold 6 s ___ 1923 F a | _________
74*8 74*8
nn ^ pr.'2 2 -----Rich A D an deb 5s strap d . 1927 A O 96*8 ------ 93's D ec ’21
Registered ce rtific ate s.. 1923 Q a '
—
100 M ay’2 1 ------ ,100U 101
Rich A Meek 1st g 6 s ......... 1948 M N
64*4____ 60
' I 66 ' '6 6 "
St P aul A D uluth 1st 5 a ...l 9 3 i;Q f
66
99*4___
ADZ'?,2 **5il
Vo'ii
97U 99
So C ar A G a 1st oxt 5 Vis. 1929 M N
3 94
la t consol gold 4s..............1968 J D
82*2-----97*4
97U 1
99
33*4
98 ____ 98 M ay ’22
Virginia Mid Ser E 5a......... 1926 M S
Wash C ent 1st gold 4a___ 1948 Q M
84 8514 S4 a , ay ’2 2 ----- II 82,4 85*4
--I 97
84 M 8? 2 31|l 82
flsi.
08
82
90 ____ 9078 Dec’21
Series F 5s........................... 1920 M S
N or Pao T erm Co la t g 6 a . . . 1933 J j 107*8____ IO8 I4 A pr’2 2 ----- 1 107
108*4
90 lg ____ 98 M a y '2 2 ------ 95*2 98
G eneral 6 s ................
1930 M N
81i2 Sale 81
Oregon-Wash 1st A ref 4a___ 1961 J J
82 I 223 77
82
Va A 8 0 ’w’n 1st gu 5s......... 2003 J J
90 ____ 91*2
Paclflo C oast Co la t g 6s ___ 1940 J D
7 9 U ------ 79*4
97
80
97
81 I 55 75
81
1st cons 50-year 6 s ......... 1958 A O
81*2 83*4 82
90 ____ 00 A p r’2 2 ----- 1 90
Paducah A Ills 1st s f 4 Via__ 1955 J J
82
74
83
90
W O A W 1st oy gu 4s___ 1024 F A
95*4 00*4 95*4
Parls-Lyons-M ed R R 6 a..........1958
82>2 Salo 82
90
94*2 90
83*8 80S 83
85
78 ____ 77*8 M a r’2 2 ----- 77*8 77*8
Spokane In te rn e t 1s t g 6s ___ 1955 J J
9S7g
Pennsylvania R R .ls t g 4 a ....1923 M N 98*4___
987g
96*4 P9
Term Assn of S t L la t g 4 Vis. 1939 A O 92*8 92*2 92*8
95
Consol gold 4s.......................1943 M N 89
91*2
92*8
91*2
02
00
87** 9 U 2
957 ------ go
8
1st cons gold 6 s ........... 1984-1944 F A
89i2 ____ 90*8
Consol gold 4s...................... 1948 M N
96
91*2
88*8 96
85*8 91*2
Gen refund s f g 4s................ 1953! J J
80
817g 8o*4
Consol 4 Vis...........................1960IF A 95*8 9634 96 >
8178 '
4
98*2
76ia 83*2
92***103
S t L M Bridge T er gu g 5s. 1930 A O
------ 93*4
General 4Vis...........................1965 J D 00*2 Sale 89*4
91
90*2 91*2 Texas A Pao 1st gold 6 s ......... 2000'J G, 94*4 Sale , 95*4 A pr’2 2 ------- 93*i 93*2
0 o *4
General Es_______________1908 J D 98*s Sale 98U
95*4
99*2
87*2 *100
93** 100*2
2d gold Income 6 s ............... ? 2 0 0 0 !M ar
66 -------1 50
10-year secured 7o............... 1930 A O 107*2 108*2 108
F eb ’2 2 ------ 50
109*2 ,?2 105*. 1091,
50
Too 2.
La Dlv B L lat g 5s.......... 193i J J
85*s------1 85 M a r’2 2 ----- 70*8 89
16-year secured 6 Via........... 1936 F A 109*8 Sale 108*8
109*2’ U 7 103*8 110
W Min W A N W lstgu 63.1930 F A 75*4 77*2 88 A p r’2 2 __ - 88
87
Alleg Val gen guar g 4a___ 1942 M 8
88*8____
_ __
88
A p r’22
80
87*4 Tol A Ohio Cent 1st gu 6 a ... 1935 J J 95
D R R R A B’ge ls tg u 4a g . 1930 F A 87 ------- 87
97*2 90*4 A pr’2 2 ---91
87
95*4
87
87
Western Dlv 1st g 6s.........1935 A O 92*8 05 1 90 J a n ’221 ---Pennsylvania Co—
90
General gold 5s....................1935 J D 80*2 ------ 82*2 A pr’2 2 ------ 81*8 90
G uar 3 Via coll tru s t reg A . 1937 M S 77*8------ 72 N ov’2 1 ___
85
Kan A M 1st gu g 4s..........1990 A O 31 -------1 80 A p r '2 2 ____ 76*2 78
G uar 3 Vi a coll tru s t Ser B . 1941 F A 81 ------- 70*8 A p r’2 2 ------ 72*4 76*8
2d 20-year 5s.............
1927 J J 95*8 05*8 95*8 M ay ’2 2 ___ 01
G uar 3 Vis tru s t otfs C ___ 1942 J D
7 8 * 8 ------- 70*2 A pr’22!----76*2 70*2
Tol P A W 1st gold 4 s ...
1917 J J
757s ------ 70
G uar 3 Vi s tru s t ctfe D ......... 1944 j D
' 23*2
A pr’2 1 ----Tol St L A W pr lien g 3Vis.l925 J J 90*4 92*2 92*2
2 84
G uard 15-25-year gold 4 a .. 19311A O
89*2
91
2 84** 91
92*2
92*2
50-year gold 4s................... 1050 A O 08*a 087g 08%
CO-year guar 4a ctfs Ser E _ . 1962 M N *83*i I I I ! 83*4
22 60
83*4
4 80
08~8
69
83*4
Coll trust 48 g Ser A........... 1917 F A
Cln Leb A N or gu 4s g ___ 1942 M N
16*4 Ju n e’2 l
83 ------- 8078 M ay 2 2 ------ 80's 8678
Trust co ctfs of deposit
Cl A M ar 1st gu g 4Vis___ 1036 M N
31*8 Feb'22
90*8____ 88*2 D ec’21
24
31*4
Tor Ham A Buff 1st g 4 s ...*1940 J
7978 8 - *4 ' 77*2 Jan'22 —
4
Cl A P gen gu 4V is8er A ..1942 J
9 4 * 8 ------ 91 N o v ’21
77*| 70i2
Ulster A Del 1st cons g 5s___ 1928 J
907g ____ 90
Series B ...............................1942 A
A p r’22 —
94*8____ 104 D ec’15
89
90
1st refunding g 4s.............. 1952 A
62*2 70
05
A p r’22 . . . . 05
I n t reduced to 3 V ie -.-1942 A O 77*2------ 90U F eb’12
65
Union Paclflo ls tg 4s............1047 J
142 86
Series C 3 Vi a................... 1948 M N 7 8 * 8 ------- 90*8 D ec’12
90*4
92
92
Registered........................1047 J
Series D 3Via................... 1950 F
89*s F eb ’22 ___ I 88
7 8 * 8 ____ 67
J a n ’21
89*1
20-year conv 4s................... 1927 J
94 Sale 9378
Erie A P itta gu g 3Via B ...1 9 4 0 J
94*2 80 89
8 1 * 2 ____ 85
A pr’20
95
1st A refunding 4s.............02008 M S 80*2 Hale 85%
Series C . . . ........................1940 J
80 81*2 80*2
87
79*8------ 79U M ay’19
10-year perm secured 6s . . 1928 J J 103*4 Salo 103
Q i R A I ex la t gu g 4 V ia.. 1941 J
27i 102 104
10-4
*., 91
80
J a n ’22
80
86
Ore RR A Nav con g 4a . . . 1940
87*2 80
Ohio C onnect la t gu 4s___ 1943 M
87*2 A pr’22
8 2 * s ------- 80 S ept’20
83*4 87*3
Ore Short Line 1st g 0s___ 1922
P itta Y A Aah la t cona 5 s .. 1927 M N 95 ------ 93 M ar’10
9978 A pr’22 . . . J 98 100*4
101 Sale 101
1st consol g 5s................ 1940I
J
3! 06*2 *103
Tol W V A O gu 4 Via A . . . 1931 J
92*4------ 92*8 A pr’22
101*4
92*8 03
101 Sale 100*2
Temporary 6s_________1940|J
150 97 103*2
Series B 4 Vis....................1933,J .
92
94
101*2
82
Deo’20
91*4 91*2 91*4
Guar refund 4s.............. 1029 J
Series C 4s........................ 19421M S 79*8____ 77 8 e p t’21
91*2 99 86*2 02*2
98*2____ 98 M a r '22 . . . . 96*8 98
Utah A Nor gold 6s........ 1920 J
P C C A S t L gu 4V4s A — 1940 A O 0 3 * 4 ------- 94 A pr'22
88*2 94
91
937S 80*2 F eb ’22 . . . . 86*2 86
1st extended 4s.......... 1933'J
Series B 4 Vis g u ar........... 19421A O
9 3 * 2 ____ 93*2 M a y ’22
8 8 ** 93*2
Vandalla cons g 4s Ser A ___ 1005'F
86*8 87*8 80
Series C 4 Vis g u ar........... 1942,M N
A pr'22 —
93 *2 ------ 91*8 A pr'22
78*4 86*2
89*8 91*8
Consols 4s 8 erlcs B.............1957 M N 85*2 . .
Series D 4s g u ar................1946, M N 8 8 * 4 ------ 881* A p r’22
72*2 Jan'21
84*4 91*2
Vera Crui A P 1st gu 4 V is... 1934'J J 45
46*2 47*4
Series E 3Via g uar g o ld .. 1949, F A 8 4 * 4 ------- 8 8 N ov’21
■
47*4 40 20
47*4
Virginian 1st 5s scries A ......... 1902 M N 95*4 Salo 95
Series F guar 4s gold___ 1953 J D
96
97 88*4 97*8
8 9 * 4 ------- 84
J a n ’22
84
84
Wabash 1st gold 5 s . . . ...........1939 M N 97*2 Sale 97
Series G 4s g u ar................19571M N
14 9378 98
98
8 8 * 4 ------ 80 M ay'21
2d gold 6 s ............................. 1039
86*8 88
86
Series I cons guar 4 V is.. 1963,F A 93*4 94
87% 20 81*2 88*2
89*2 F eb ’22
89*i 89
D eb en tu re scries B 0s.......... 1939
O eneral 5e Series A ____ 1970 J D
9 ,*4 Sale 97*4
90 A u g '18
97*4
90
98
1st lien 60-yr g term 4s___ 1954
6734 ____ 02
O S t L A P 1st cons g 5 s . . . 1932 A O 9 6 * 4 ____ 100 M a y ’22
F eb’21
99 100*8
D e t A Ch E x t 1st g 5s___ 1941
96 ____ 91
P hlla B alt A W 1st g 4 a ...1 9 4 3 M N 90 ------ 91*2
J a n '22
91
91
91*2
94
92
D es M oines D lv 1st g 4a__ 1939
74 ____ 74 :M ay’22 . . . . 74
U N J R R A Can gen 4 s . . . 1944 M S 8 8 * 4 ------ 80>* J u n e ’21
74
Ora Dlv 1st g 3 Vis..............1941
06*8 697a 607* D ec ’21
Pare M arq u ette la t Ser A 6a . . 1956'j J
96
90*2 96
97
88*2 98
Tol A Ch D lv g 4 s.................1041 M S 76*4 707j 70
1st 8 erlca B 4a.................... 1950 J J
A pr’22 • • • • 09
81
81
78
75
81
Wash Term l ___________________ F A
1st gu 3Vis.......... 1046
79*s 807g 80 Apr'22 . . . . 72% 80
Phllllpplne R y la t 30-yr a f 4a 1927 J J
65*2 66
56
66*4
4*1, 59
1st 40-yr gimr 4s____ ...1 9 4 5 F A 84*4____ 85 F eb'22 ___ 1 85
86
• N o price F riday; la test bid an d asked, a D ue J a n . 5 D ue F eb . *'D u/»*une
a r>..» Ju l------ 1'
,------—
--------------— ----- -------- ------“ =■----------0
. v un m o u .
u u e uuv. a D u e JU‘y . * D u « A u g .
D ue O ot. v D ue N o t . * D ue D ec. * O ption aale-




74

68

.--1

88

0

2103

New York Bond Record— ConciudetMage 4
P ric e
F r id a y
M a y 12

BONDS
H. Y. STOCK EXCHANGE
Week ending May 12

B id

West Maryland lBt g 4a___ ,.1952 a O
w est N Y A Pa 1st g 5a____ 1937 j J
Gen gold 4a_____________ 1943 A O
Income 5a.............
pl943 Nov,
Western Pac 1st scr A 5s-----1946 r.i 9,
Wheeling & L E 1st g 5a.........1926 A 0 :
Wheel Dlv 1st gold 5s____ 1928 j Jj
Exten A Impt gold 5s------ 1930 F A|
Refunding 4 Ha series A . . . I960 M S
RR 1st conHol 4s.............--1945* M s
Winston Salem 8 B let 4s__.19G0 j j
wih Cent 60-yr lBt gen 4s-----1949 j
j
Sup A Dul dlv A term 1st 4s 86 M N
Street Railway
|
ttrooklyn Rapid Tran g 5s . 1945 A O
lat refund conv gold 4a-----2002 J J,
«-yr 7% secured notes-----*1921 j J
Certificates of deposit. . - - - - - Certfs of deposit s t a m p e d - ----Bklyn Un El 1st g 4-5s-----1950 F A
Stamped guar 4-5a.. . .. - -1960 F A
Kings County E 1st g 4a..1949 F A
Stamped guar
A
Nassau Elec guar gold 4a.. 1951! J J
Chicago Rys lat 6 s._ -------1927jF A
Oonn Ry A L 1st A ref g 4 X s 1951 J J
Stamped guar 4 X s........._.1951 j j
Dot United 1st cons g 4X*---1£32 J J
Ft Smith Lt A Tr 1st g 5s-----1936 M 8
Hud A Manhat 5s ser A.........195',F A
Adjust Income 5 s ................19o7|
N Y A Jeraoy 1st 5a._....... .1932 F A
(nterboro Metrop col! 4X0--195O A O
Certificates of depoalt-----luterboro Rap Tran 1st 5 s .. . 1966 J J
Manhat Ry (N Y) cons g 4 s .. 1990 A O
Stamped tax exompt...........1990. A O
2d 4 s ...................................2013) J D
Manila Elec Ry A Lt! f 5 s._1953,M S
Market St Ry 1st cons 5a-----1924 M 5
5-year 6 % notes...................1924 A O
Metropolitan Street Ry—
B'way A 7th Av lat c g 5a. 1943 J D
Col A 9th Av 1st gu g 5a. .1992 M S
' Lex Av A P F lat gu g 5s...1993 M S
Mllw Elec Ry A Lt cons g 58-1926 F A
Refunding A exten 4 Ha— 1931 J J
Montreal Tram l 8t A ref fis ..1941 J J
New Orl Ry A Lt gen 4X8-.1935 J J
U y Muulclp Ry lat s f 5a A . 1966 J J
71 Y Rys lut R E A ref 4a,..1042 i
Certificates of deposit......................
S0-ycar adj Inc 58__.----- -01942 A O
Certificates of deposit.............
N y State Rys 1st cona 4X8-1982 M N
Portland Ry 1st A ref 5s........ 1030 M N
Portland Ry Lt A P lat ref 5s 1942 F a
Jat A refund 7X8 Set A— 1046 M N
Portland Gen Elec 1st 5a. _1935 J J
Third Ave lat ref 4a.............-I960
Adj Income 6s-------------- al060
Third Ave Ry 1st s 5 a ...........1937
Trl City Ry A Lt let o f 58...1923
Undorgr of London 4X 8------1933
1948
Income 6 a.................
United Rya Inv 5a Pitta Issue 1926 M N
United Rya St L lat g 4a-----1934 J J
8t Loula Transit gu 5a-----1924 A O
va Ry Pow 1st A ref 5a____ 1034 J J
G ai and Electric Light
8 klyn Edison Inc gen 6a A ..1949 J J
General 6a series B ----------- 1930 J J
General 7a aeries C...........-1930 J J
General 7a ecries D ----------1940 J p
Bklvn Un Gas 1st cona g 5a. .1945 M N
Clncln Gas A Elec lat A ret 5a 1956 A O
Columbia G A E let 5a--------1927 J
Stamped____________ — 1927 J
Oolumbua Gaa 1st gold 5a..-1932 J
Consol Gaa 5-yr conv 7s.........1925 Q F
Detroit City Gag gold 5a-----1923 J J
Detroit Edleon lat coll tr 68.-1933 J
lat A ref 5a ser A-----------^ a
lat A ref 6a series B .......... *1040 * .
Duqueano Lt 1st A coll 6s -----1949 J
Debenture 7 Xa ..................1936 J
Empire Gas & Fuel 7X 8-- --1937 M N
Havana Elec consol g os------ 1952 F A
Hudson Co Gas 1st g 5a.........1949 *» N
Kan City (Mo) Gas 1st g 5 s .-1922 A O
Kings Co El L A P g 58........... 1937 A O
Purchase monur 6a............. 1997 A O
Convertible deb 6s.............1925 M S
Ed El 11 Bku lat con g 4s. 1939 { J
1
Lac Gas L of St L ref A ext 5a 1934 A O
Milwaukee Gas L lHt 4s.........1927 M Nl
W Y Edison 1st A ref 8 X 8 A . 1941 A O
N Y G E L A P g S s ............... 1948 J *
>
Purchase money g 4h_____ 1949 F A
Ed Eleo 111 1st cons g 5s__ 1995 J J
Pacific O A E Co—Cal G A E— I
Corp unifying A ref 5s. __1937'M N
Pacific G A E gen A ref 5 a ... 1942 J J
Pac Pow A Lt 1st A rof 20-yr 5a '30 F A
Peop Gaa A C 1st cons g 0s 1943 A O
Refunding gold 6s.
1947,M S
Ch G L A Coko 1st gu g 5sl 1937 J J
Con G Co of Ch let gu g 6s. 1936 J ■
*
Mu Fuel Gas 1st gu g 5a 1947 M N
Philadelphia Co conv g u s._I 1922 M N
Stand Gas A El conv a f O >1920 J D
h
Syracuse Lighting 1st g 5s_._l951 J I*
Trenton O A El 1st g 5s.........1949 M 8
Union Eleo Lt A P 1st g 5a. .1932 M 3
United Fuel Gaa 1st a 1 6s 1936 J J
Utah Power A Lt 1st 6a........ 1944 F A
Utica Gas A Elec ref 5s.......... 19571J J
Miscellaneous
Adams Ex coll trg 4 s .._ .........1948 M H
Alaska Gold M deb 6s A___ 1925 M S
Conv deb 6s series B........... 1926 M S
Am Wat Wks A Eleo 5a........ 1934 A O
Armour A Co 1st real e st4 X s l9 3 9 J D
Atlantic Fruit conv deb 7s A . 1934 J D
Atlantic Refg deb GXs--------1931,M s
Braden Cop M coll tr s f 6s_. 1931 F a
Bush Terminal lat 4 s .. ........ 1»62'A O
Consol 5s______________1965 J J
Building 6s guar tax ex-----1960, A o
Oerro do Pasco Cop 8s.......... 193 l (J J
Ohio UnSta'n 1st gu4X aA _. 1963 J J
lat Ser C 6X8 (otfs)..- — WJ8,J J
Chile Copper 10-yr conv 7 s .. 1923, M N
Coll tr A conv 6a ser A-----1932 A O
Oomputln>4-Tab-Reo a f 68.. -1941] J J
Granby Cona M 8 4 P con 8a A 28 M N
Stamped_ ____ - - - - - ___1928 M N
_
Conv deben 8a__________ 1925 M Is
Great Falla V n w lat a f 5a
lodiVMw

R ange
S in c e
Jan. I

A sk Low

H ig h

N o .' L o w

H ig h

057 Sale
8
97'4 98*2
76i.i 80 |
23 >4____
87*2 Sale
96*8 97
93*8____
86% 91
68*4 68i2
73
74
80 ___
81% 81%
80 80%

65-%
661.4 112 58% 671.1
9812 Apr'22
95 98%
80% May’22
72% 80%
36
Oct’ 171
87
87%
84% "88%
96*8 Apr'22
92% 96*8
91% Jan’22
91% 91%
9G Mar* 17
%
68
68%
*52 " "6'8%
73
73
62 76
80
77 80
81
82
74% 82
79%
81
75% 81

64
64%
G
O 60%
87% 88%
87% 88%
85% 85%
86
86%
86 Salo
72
74
71% 74
49% 51
82% Sale
74%

64
64
60
60
85%
83
85%
87
81%
83
86
86
86
86
71*8
71*8
71*8 Apr’22
•19%
50
82%
84
75 Apr’22
73 Apr'22
82%
49
83
58 Jan’20
83%
84% i i
62
63% 356
1
95%
95%
15
18% 533
15
1G% Nf()
73%
75% 1700
11
07%
70
09% Apr’22
55 May’22
77% Apr’22
89%
90%
94
94

82% Sale
58 ____
83
83%
63% Bale
16% Sale
15% Salo
74% Salo
67% 69%
62
80
84
90 Sale
93% 94%

31
35%
68
68%
54
75
75%
64

64
60
88
87
83
86%
86
75
71*8
51
85
75
70% 73
63% 85

’76” “86%
47% 66%
92 96
9% 21
7% 18%
54 75%
57% 70
57% 65%
48% 57
64% 77%
81 92
90% 97

64% 66
67 Apr’22
60 67
23% 2 % 24
24
17% 25
50
53
48 Apr’22
39 50
96%
75% 8ept’21
86 Sale 86
79% *86 *
86
87% 88
87%
88
83 88
58
50 Feb’21
64
34 Dec’21
40% 40% 40%
25% 44%
43*8
40% 41% 40%
24 44
43
13 Pale 13
5% 15
15
11% Sale 10%
4% 13%
13%
71 Sale 71
61% 72%
72
87
87 May’22
81 88
89 Sale 89
90
78% 9 J
105%
105
105%
102 105%
88%
90% Feb’17
66
66% 66%
67%
"66’% 68 "
61 Sale 60%
62%
44% 6234
93% 96
96 May’22
88 90
100 10 > h 100
90 1003*
100%
76
73 Jan’22
73
73
60%
60% Apr’22
60 64%
86% Salo 86%
75 88%
86%
60
70
60
61% 60%
60%
56
58
57
60 67
57
79
79% 80
72 80%
80%
94 96
95
95%
3 89% 95%
102% 103% 102
103% 14 100 103%
105% 106 105% 107
25 102 107
107 Sale 106% 107% 18 106% 108%
9o% 953i 95
87% 96%
96
95% 95% 96
92
97%
96
93% 94
93%
94
88% 94i4
____ 93% 93%
93%
88 93%
S3
75 Sept’2J
11 ,% 117 115% 118% 239 103 iis%
99
993.t 99
4 , 93
99%
99%
9.8 98% 98
3 93 99%
98
95% 96
95%
9534 18 1 89% 97
102 Sale 102% 103% 81 99% lo t
104 Sale 102% 103% 142 100 104
106 Sale 106
42 104% 107
107
98% Sale 98%
9834 391 98% 98%
87% 88% 84
87% 14 77% 89%
88 —
87 Feb’22
85% 87
97% Sept’21
_ 1
96% _ ^
Apr’22 . . . . 91% 91%
111% ------- 111 May’22
106% 110
111 4
105%
***«•
,nKI Apr’22 . . . . 98 107
83%
82 May’22
81% 83%
90% 93
91
91 I 1 86
93ii
.87
92% May’22 . . . . 87% 92%
110 Halo 109% 110 % 261 105% 11034
97% 97% 07
98
61 92% 98
82% S.alo 82%
83 . 18 76
83%
100% —
100% May’22 . . . . . 100% 100%
li
94
95%
3 93
96%
91% Salo 91%
43! 87 92%
92
91%
91%
91%
7,| 87% 94
103% 106 103% Apr’22 ---- | 101% 103%
91
91% 91
6 ! 85 92
92
95
91 Mar’22
89
91%
92 Sale 92 Apr’22
92
92
90 ___ 78% Jan’22
78% 78%
99% Apr’22
99%
99% 100
02% 96%
96% 96% 90 May ’22
89% ___ 85 Mar *22
85
80
86% ___ 73 June'21
_
_ 04%
93
94%
90% 94%
94% 95% 94*8 Apr’22
93% 97
91
92%
91%
87% 93%
8434 Feb’22
87 —
84% 84%
75
15 75
75
75 76
78
9%
9%
9% 11
1 9 12%
9
9
9
8
10%
2 6
51 70 80
79 Sale 79%
80
92
91% 91
23 86% 94
91
46
86! 23% 50%
42% Sale 43%
32 102% 105
103% 101 103% 104
98%
99
16 93 99%
98% 99
82 Feb’22
7(i% 83
80 85%
92% '*!<> 82% 92%
92% Sale 91%
91
14 80% 92%
89% 90% 90%
116
212 110 110%
114% 8ale 115
92% 43 87% 93
92
90 92
113% 11
113% 114% 12 111% 115
83 09 103%
103
102% Sale 102
-90% 254 84 9134
00% Sale 00
95% 06% 96%
12
97
97
8 5 * 8 ____ 88 Mar’22
88
86%___ 88 May’22
88
91 96
08
97% Apr’22
98
07
9«

BONDS
N . Y STOCK EXCHANGE
Week ending May 5

P r ic e
F r id a y
M ay 5
B id

W e e k 's
R an ge or
L a u S a le

A sk L ew

H ig i

F

R ang*
S in c e
Jan. 1

NO. Low

H ig h

94% 251 a I'* 94%
1947 M N ',i2% Sale 91%
IIolland-American Line
99% 273 89
99%
Inter Mercan Marine rff 6a. . 1941, a O 98% eale 97%
11 84% 98%
96
Invincible Oil 8s .....................1931 M S 95% !)5% 95
105% 40 90 106
Marland Oil s f 8a with war'ts 1931 A o 104% 105 105
53 99 106
Mexican Petroleum b I 8s___ 1936 M N 10o34 Sale 105% 106
96% 81 93 96%
Montana Power 1st 5s A___ 1943, J J 9534 Sale 95%
87% 14 78 87%
87% 87
Morris A Co 1st s I 4X a........ 1939 J J 87
6 76
78%
79%
N Y Dock 50-yr 1st g 4a........ 1951 F A 78% Sale 78%
17 94 100
Niagara Falls Power 1st 5 s .. 1932 J J 99% Sale 9534 IOJ
Ref & gen 6a....................._al932 A O 102%___ 102% 103% 10 100% 103%
94%
2 95
95%
Nlag Lock A O Pow 1st 6a.. 1954 M N 94% Sale 94%
92% 14 88% 93
U 2 h 91%
Nor States Power 25-yr 5a A. 1941 A O 90
96S
4
8 90 99
Ontario Power N F 1st 5s___ 1943 F A 96% 96% 96%
Jan’22
85%___ 79
79
Ontario Transmission 6s___ 1945 M N
79
100%____ 99% 10U‘S 19 94% 100%
Pan-Amer P A T 1st 10-yr 7s 1930
D 9984 Sale 99% 100% 49 94% 100
Pierce Oil s f 8 s .____ _____ 1931
D 102% Sale 107% 108% 26 99 108%
Prod A Refining s f 8s______ 1931
84% 32 73
4
)
85%
Pub Serv Corp of N J gen 5s. 1959 A O 833 Sale 83 s
Sinclair Con Oil conv 7X8 --192.ri M N UH% ©ait R)4% 104% 347 98 106%
993s 100% 587 98 100%
100 Sale
15-year 7s..................
1937' M
106% 78 105% 107%
!
Standard OH of Cal 7s........... a l9 3 ! F A 100% 106% 106
97
2 92% 99
98
97
Tennessee Cop 1st conv 6s__ 1925 , M N 97
15 100 103%
Tide Water Oil 6X 8............... 1931 F A 10234 lu 3 10234 103
104
35 101% 105
Union Tank Cnr equip 7s___ 1930) F A 103% S ale 103
i)934 ____ 95% Apr'22
96
95
Wash Wat Power 8 f 5s-------- 1939) J J
89
89%
West Penn Power ser A 5s__ 1946 i M 8 92% ___ 89 Mar’22
1 103% 104
1st series D 7 s ....................cl94fiI F A 103% 104 103% 103%
157 93 100
Wilson A Co 1st 25-yr s f 6 s .. 1941 A O 99*8 Sale 99% 100
95% l ft4 S4
925*
10-year conv s f 6s_______ 1928 J D 9 4% Sale 92%
106
240 94l2 107*2
Temporary 7X 8................... 1931 F A 105 Sale 105
M anufacturing and Industrial
117 99% 103
Ajax Rubber 8s.................— 1936 J * 102% Sale 100% 103
>
95
95% 23 81% 981*
95
98
Am Agrlc Chem 1st c 5s____ 1928 A O
52
1st ref 8 f 7X8 g_________ 1941 F A 102% Sale 102% 104% 154 100 105
92%
92 Sale 89%
81 92%
Am Cot Oil debenture 5s___ 1931 M N
92% 75 86% 92*2
Am 3m A R 1st 30-yr 5s ser A 1947 A O 9 l34 Sale 91%
325 97% 101
101
Amerlenn Sugar Refining 6 s .. 1937 J J 100% Sale 100
55 S0% 88
88
Am Writ Paper s f 7-6s........... 1939 J J 87<8 Sale 86%
105% 107% 31 102 107%
Atias Powder conv 7 X 9 g ___ 1936 F A
3 99% 102
101*4 102* 101% 102
Baldw Loco Works 1st 58___ 1940 M ^
102% 136 102 102%
Canada Gen Elec Co 6s.........1942 F A 102 Sale 102
84%
8-1%
1 73
84%
Cent Foundry 1st a f 6s____ 1931 A O
97% 37 93% 98
97%
Cent Leather 20-year g 5s-----1925 A O 97% 97
99%___ 05 Apr‘22 __ 96
98
Corn Prod Refg s f g 5s_____ 1931 M N
34 98 100
100
1st 25-year 8 f 6 s . . . ........... 1934 M N 9934 Sale 99
84% 30 60
87
Cuba Cane Sugar conv 7 s .. . 1930 J J 83 Sale S3
84 Sale 82%
85% 127 64*2 89%
Conv deben stamped 8%.
Cuban Am Sugar 1st coll 8s. .1931 M 8 10434 105 104% 105% 22 Il01>2 105s.
107% 10734 11J7>
108% 33 107 110%
2
Diamond Match s f deb 7X8-1930
41 44
41
46%
7 33
53%
Distill Sec Cor conv 1st g 5s. 1927 A O
87% May’22
87% 87%
E I du Pont Powder 4X s___ 1936 J D 85 90
du Pont de Nemours A Co 7 X 8 '31 M N 107 Sale 106% 1U7% 161 1031, 108
i
Fisk Rubber 1st s f 8s.............1941 M S 106 106% 105% 107% 57 997 107*4
99% 6al» 99
100% 132 99 102%
Framerlc Ind A Dev 20-yr 7% *42 J
a
97 Apr‘22 ___ 93% 97
General Baking 1st 25-year 6sl936 J D 98% . . .
78% 77 May’22 ___ 70% 79%
Gen Electric deb g 3X 8_____ 1942 F A 77
100
25 95 100
Debenture 5s........................1952 M S 99% Sale 99
* 14 103 108
20-year deb 6s...............Feb 1940 F A 106 Sale 105% lUli3
115% 116%
Goodyear Tire A Rub 1st s f 8s ’41 M N 116 Sale 102% 103% 216 110% 116%
352 97% 103%
10-year a f deb g 8s...........el931 F A 103 Bale
80% 48 72% 82
7934 80
Int Agrlc Corp 1st 20-yr 5S..1932 M N 111 Sale 78%
.102 109
Iuternat Cement conv 8a___ 1926 J D
9, 88 88*2
International Paper 5s-------- 1947 J J 85% Sale
H I 83% 87%
1st A ref 5s B----------------- 1947 J J 10 4 Sale
97j 102 105
Kayser A Co 7s..............
1942 F A
85 (101% 109%
Kelly-Sprlngfleld Tire 8s___ 1931 M IS 109 Balt
114
73 112 115%
Liggett A Myers Tobac 7s. _. 1944 A O 11334 Sale
u5%
51' 91% 97
5s...........................................1951 F A 114 Sale
61112 116
Lorlllard Co (P) 7a.................1944 A O 94% 94%
23 i 92% 97
5s........................................... 1951 F A
56 100 100%
Manati Sugar 7X s------------ 1942 A O 100 Sale
96 ____
-----| 92% 95
Nat Enam A Stampg 1st 5a.. 1929 ■ D 88% . .
*
J
Nat Starch 20-year deb 5 a ... 1930 J __ 99% 99%
National Tube 1st 5a.............1952, M N
N Y Air Brake 1st conv 6 a ... 1928 M JJ 107 " Sale
Packard Motor Car 10-year 8s 1931 A O
Porto Rican Am Tob 8a.........1931 M ^ 101% 101%
99
Sharon Steel Hoop lat 8a aer A1941 51 S 98% Sale
9934
South Porto Rico Sugar 7a__ 1941 J D
Standard Milling lat 5s...........1930 M N 96% 97
101% Sale
Steel A Tube gen s f 7s ser C . 195l!J
10234 .03
Tobacco Products s f 7 s ------ 1931«J D 10434 105
Union Bag A Paper 1st 5a__ 1930 J
United Drug conv 8a-----------1941 J *> 108% Sale
U 8 Realty A I conv deb g 5a. 1924 * J 9534 Sale
U 8 Rubber 5-year aeo 7a___ 1923 J D 102 ____
89% Bale
1st A ref 5s series A______ 1947 J
10-year 7X 8......................... 1930 F A 107% 108
U 8 Smelt Ref A M conv 68.. 1926 F A 100% 106
98-'%Sale
Va-Caro Chem 1st 15-yr 5a_.1923 J D 9734 Sale
Conv deb 6s___________ 61924 A O
12-year a f 7X s................... 1932 M N 101 Sale
100%
West Electric 1st 5s___ Deo 1922 J J 100% Sale
Weatlnghouae E A M 7s.........1931 M N 10734
Wlckwlre Spcn Steel 1st 7s. .1935 ----- 98% Sale
Coal, Iron and Steel
I
9334
95% 100
Beth Steel 1st ext 8 f 5s...........1926 J J 98% 96-34 98%
89% 98%
1st A ref 5s guar A----------- 1942 M N 96% Sale 96%
93%
93
88 9434
20-yr p m A Imp 8 f 5a____ 1936 J J
88 ----- 78
Buff A Susq Iron a f 6a...........1932 J D
Debenture 5s. ...........
al926 M 8 90% 91 100
90
Colo F A I Co gen s f 5s.........1943 F A
Col Indus 1st A coll 5s gu___ 1934 F A 78 78% 7SX
88
Cons Coal of Md 1st A ref 5s. 1950 J D 86 88
-Elk Horn Coal conv 6s...........1925 J D 95% - 91% 102%
91
Illinois Steel deb 4X a............. 1940 A O 91
99% 99%
Indiana Steel 1st 5s-------------1952 M N 99% 100 99%
Lackawanna Steel 1st g 5s— 1923 A O 92% Sale 9934
89%
1st cons 5a series A______ 1950 M S
LchlghC A N a v s f 4X H A ...1954 J J 91 ----- 90 :
90
Midvale Steel A O conv 8 f 5s 1936 M S 102 Sale 89%
Sale 102
Otis Steel 8s....................... ...1941 F A
Pocah Con Colliers 1st a f 5s. 1957 J J 92%----- 91 :
95%
Repub I A S 10-30-yr 5s s f._1940 A O 96 97
St L Rock Mt A P 5s8tm pd..l955 J J 84% 86)2 84% I
99
Tenn Coal I A RR gen 5s_..1 9 5 1 J J 97% 99
U S Steel C orp\coup..........<11963 M N 101% Sale 101
101
a t 10-6 U-yr 5a/reg.............<11963 M N
92 ]
Va Iron Coal A Coke 1st g 5a. 1949 .M S 90 92
Telegraph and Telephone
91% Sale
86% 9134
AmTelep A Teleg coll tr 4s__ 1929 J J
80% 86%
Convertible 4s----------------1936 M S 86% 88
9534 103
20-year conv 4X 8----------- 1933 M S 100% Sale
91% 99%
30-year temp coll tr 5s___ 1946 J D 97 Sale
108 116%
7-year convertible 6s...........1925 F A 114% Sale
84 107% 112
Bell Teleph of Pa s f 7s A___ 1945 A O 108 Sale
4 97% 9934
Cent Dlst Tel 1st 30-year 5s. . 1943 J D 98 34 -----12 72
75
Commercial Cable 1st g 4 s . . . 2397 Q J 73% Sale
6 j 88% 94%
Cumb T A T 1st A gen 58___ 1937 J J 93% 94
2 3 '9 434 99
Mich State Teleph 1st 5s___ 1924 F A 98% 99
116 ; 88% 93%
N Y Telep 1st A gen a f 4X e. 1939 M N 93 Sale
15 101% 106
30-year deben s f 6s__ Feb 1949 F A 105% Sale
149 101% 105
20-year refunding gold 6s._ 1941 A O 10434 Salo
191 107 108%
Northwest’n Bell T 1st 7a A . 1941 F A 106% Sale
96% 903*
40, 9 1 7 t 98
Pacific Tel A Tel 1st 5s_____ 1937 J J
28 93
95%
South Bell Tel A T 1st 8 f 5s. 1941 J J 94% 94%
8 1 90% 100
Western Union coll tr cur 5 s .. 1938 J J 99% 9934
11 I 88% 94%
Fund A real estate g 4X 8..1950 M N 91 91% 91*
110 Sale >110
26 106% 110%
1 * vear flUn g ....................1936

•No price F
riday; lateet hidandasked. oDue Jan. dD A cD M «D M tfD June. ftD July. *D A oD O tfD D ^O
ue pril, ue ar. uc ay. ue
ue
ue ug. ue ct. ue eo. ption sale.




B O STO N STOCK E X C H A N G E — Stock Record, J E K

2 1 0 *
a ia a

— PER

S FI A R E , N O T P E R

CENT

146*2 147
82 i 2 83
100

29
—
40
58
*40
74
—
*8
*130
*91
—
28 7s
*83
*83
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—
*38
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51
62

100
2 9 I3

____
40
58
48
74
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—
29
—
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95
38 78
95
61*4
62

312
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10412 10412
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274
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103 103
163
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147*2
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105 1051? 105*4 10534 103*4 105'i
83*i 8311 831.1 8 3 'i
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2 4 l2
81
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4
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13
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102
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20
31
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13
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29
351 2
40
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1
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1 14
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2'4
1>3 1 %
1112 11*2

* Hid a n d m iked price*; n o sa le s o u th is d a y .




T h u rsday,
U a y 11.

.25
*.30
.45 *.25
.45
*.30
.45
*.25
.45
.15
L a s t S ale .15 A p ’22
♦.09
.15
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.15
20
20
20' 1
____ ____
20*4
20
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? ?
5
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412
4 i2
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434
111
2
11
11
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66
6512 04
65
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6412 0 5 '2
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47
40
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40
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170
169 169*4 169 169*4 109 169*4 169 109*4
107* H>78
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14
13*4 13*4 *13*2 14
131. 1 3 '. ____ ____

1
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W edn esday.
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148
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33
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39
38
57 >2
571.
53
____ ____
47
50
42
73
70
71
____ ____
____ *150
____ *150
12
L i s t S il e 6
M a r ’22
____
L i s t R ile 13( M a y ’22
95
—
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____ ____
42
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37*2 371? *___
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50
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5014
50
50*4
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60
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147
33
98
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p r ic k

T u esday,
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147 147
147
82
83
81
*98 100
98
29
2 9 l2 23
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39
39
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57
68
57
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74
74
73
153 153
____
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28*4 30
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97
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61
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.35
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5
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60
66
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170 170
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2212
3078
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sa le

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82
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L a s t S ale 30

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691?
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L a s t S ale

S a le s

sto ck s

the
W eek.

EXCHANGE

S hares

a n d

S a tu r d a y .
U a y 0.

R a ilro a d 4
*
B o sto n * A lb a n y ________ 100
B o sto n E le v a te d ________ 10T
D o p r e f ........................ ..
UK
B o sto n & M a in e __________ lOf
D o p r e f ______________ lo t
D o S eries A 1st p re f. lo t
D o S eries B 1st p r o f . lo t
D o a e rie s C 1st p r e f .. 10(
D o Series D 1st p r o f.. lo t
B o sto n & P r o v id e n c e ___ IOC
B o st A W ore Elec p ref .Wo p a r
C tilc J u u c B y A U S Y ___ 10C
D o p r e f _______________ to t
M a in e C e n t r a l ........................ 10C
N Y X fl A H a r tf o r d .......... 100
N o rth e rn N ew H a m p s h ire . 100
N orw ich <k W o rcester p re f. 100
Old C o lo n y _______________ 100
R u tla n d p r e f _____________ 100
V e rm o n t A M a s s a c h u s e tts . 100
W est E n d S t r e e t _________ 50
D o p ro f_______________ 50
M is c e lla n e o u s

81
1.32S
32
1,632
50
119
70
80
13-5
1
22
.30
3,431
12
8
218
35
11
1,070
3S9

Ita n y e sin c e J a n
Loroest

345 A m er P n e u m a tic S e r v ic e .. 25
302
D o p r e f ............ .................. 50
1,633 A m er T e lep h o n o A T e l e a . . 100
479 A m oskcaz M fg ________ N o p a r
14
D o p ro f...................... N o V ar
A rt M e ta l C o n stru o In o _ . 10
A tla s T a c k C o rp o ra tio n N o p a r
210 B oston M ex P e tTnirtte.eeW onar
C e n tu ry S teel of A m or I n c . 10
C o n n o r ( J o i n T ) _________ 10
E a s t B oston B a n d ................. 10
_
E a s te rn M a n u fa c tu rin g _
5
E a s te rn SS L in es In c ............ 25
D o p r e f ............................... 60
E d iso n E le ctric Iliu m _____ 100
E ld e r C o rp o ra tio n _____ N o p a r
G a rd n e r M o to r _______ N o p a r

980
435
720
1,431
42
317
8 ,410
235

598 G reen field T a n A D io ____ 25
2 ,6 3 8 I n te r n a t C e m e n t C 'orp.W o p a r
22
75

r,C
D o p ref. _____________ 100
I n te r n a t P r o d u c ts .......... N o p a r

IOC
10
It
25
101
lOt
IOC
lo t
It
lo t
101
It

z E x -rig h ts,

1*4
3
10

0 E x -d lv ld e u d a n d r ig h ts .

x E x -d lv ld e n d ,

R a n i* fo r p r e tio u s
Lorcest

B lo h e s t

130U
73
04*i
14
20
22
30
30
40
135
3*i
130
8 0 's
27*a
1 >i
69
58
57
15
78

Jan 4
F e b 2C
M ar
J a u 1C
Jan £
Jau 5
J a n 17
Jan 9
J a n 12
J a n 12
J a u 2(1
J a n 18
Jan 9
J a n 30
Jau 3
J a n 10
J a n 17
Jau 6
J a n 20
J u n 23

149 Apr 27
119
A pr
S D s M iy 2
103 M iy 6
78
Jan
30 A p t 23
1 3 'i Deo
37
A pr 8
101s N ov
4 4 t. A pr 20
19
Aug
69 Apr 20
27 N o v
51'2 4(>r 20
24
N ov
7 7 i2M a y l
36
N ov
153 M ly l
3*4 J a n 27
3*4 J a n
130 M a y 19
130
Feb
95*4 M i y 11
031s J u n t
48
A or 15
30*2 M a y 10
S 3 '2 M ly 9
00
A pr
89 M ly 12
51
N ov
97 M i y 8
50
O ct
4 1 '2 Vor 2 )
15
A pr
9 3 l2 M :iy 11 1 69 N o v
48>i J u n 6
52 M a r 10
57 M a r 1 02>8M a y 5
40
Jan

2*4
13
114*8
104
z80*j
14*2
13

F eb
Feb
Jan
Jau
Jan
Feb
Jan

Ft i y lif ti

133
79

N ov
N ov

25<i F e b
30
Jan
33
Jan
47
Feb

.15
A pt
.05 J a n
15*i J a n
3
Jan
0<4 J a n
3 8 ij J a n
42
Jau
160 M a r
3 M ar
10
Jan

4*.t J a n
17 J a n
124*4 M a r
117
Jan
85
Jau
18 M a r
22 M a y

27
10
14
24
10
10
4

27
.50 M ay
2t
.15 A pr
1 2 3 !sM ar
4
0 A pr
19
14 *4 Fob
4 08*2M a y
7
47*2 A pr
2 175 A pr
14
12!2M a y
12
10*4 A pr

4
27
3
21
10
3
IS
10
11
0

19 J n n 3 0
20
J a n 20
28 M a r 25
0412 A p r 4
8U J a n ti

27*i F e b 27
.32*8M a y 0
78l» J a n 0
0 i2 M a r 25
17 A pr i
3
J a n 24
7*8 M a r 2
13 J a u 16
9 7 i2M a y l
09 A pr
156 M a y
2 0 '2 A pr
2012 . ay
M
82
Feb
11*8 J a n
5
Jan
118 A pr
14 M a r
2 1 * iM ay
174C M a r
82 M a y

8
10
12
5
25
21
28
13
16
3
11
12

14*2 F eb 21
7'a A p r 6
1087s F eb 23
70 A pr 21
14U Feb 3
45 M a r 24
27
J a n 21
31*8M ay 12
.31
J a n Z6
11*4 A pr 20
117 A pr 7
8
327s M u r 21
37 M a r 20
4U2 M a r 20
20 M a y 12
l*i J a n 4
l

r\
U

15
23
29
1
25
7
26
20
15
1(1
17
20
16
24

578.May
6U Apr
2*i A pr
2 >4 A pr
4*4 A pr
5*8 A pr
7 A pr
00>2 M a r

6
13
17
21
1.3
5
13
17

19
J a n 23
2>8 M a r 23
40 Fob 9
78>2 A p r 7
7 Jan 4
14U J a n 21
4 'a A p r 15
27
J u n 25
371^ J a n 26
47*4 M a r 20
48 M a r 17
U 2 A pr 13
.9 0 A pr 17
3 78 Apr 15
2 A p r 15
3>8 A p r 3
.84
Jan 3
4 M a r 22
3'4 A p r 17
2*2 A p r 13
2>S J a u 30
2*4 A pr 15
13*4 A p r 6

Jan
F eb

12*4 D ec

75
76

Feb
Jan

21
78

Jan
D eo

01

D ec
J All

84U Duo
16 Sopt
20
A pr

.15 J u ly
9 's J u ly
3
O ct
9 'a O c t

177» D eo
4is F e b
42
45

D ee
D ec

17

Jan

43
142Q
3
9*8

N ov
O ct
N ov
Soot

19

J u ly

74
2

D eo
Sept

86 " M a r
13
Jan

2
6'*
e8i«
73
a.3*i
5 8 is
117
I3ia
11

Sept
Deo
Deo
Ju n e
H ept
O ct
Sept
Sopt
Sept

4 7s M a r

130’ N ov
8S>8 A pr
14*i M ar

7

J u ly

112*4 Deo
11*4 Deo

2314 A p r
U
Ion

29

N ov

92>i Fob
83
Jac

.412 D ec

146
Jan
7 8 'i N o v
12*2 A p r
8 8is J u ly
17 J u n e
10
Doc
22Q
10Q
167j
0
8
11
17
10
S
.35

A pr
J u ly
Jan
D ec
Sept
A pr
A ug
O ct
J u ly
O ot

171
87

Deo
F eb

9Q M a y
105*t J a n
01
F eb
25is D ee
2 4 's Deo
17
17
22>t
331s
36»i
18Q
1*1

Jao
Feb
A pr
D ee
D ee

Jan
Deo

.4 M a r
Aug

.7 6 M m

16
A pr
Ds Sept
0 7i J a n

2 4 ii N ov
3*i J a o
10
A pr

40

1512 A pr
285 J a n
16«« M u r
13>i F eb
46>i J a n
2»i M a r
9>i J a n
12*i J a n
3 7s Apr
3Q M ar
2Q A pr
114 A pr
9-112 M a r
2 6 >1 J a n

Jan
Feb
Feb
D ec
Feb

16*a N ov
1 191. N ov

A pr 15

32i? J a n 26
4 A pt 13
9 7s M a r 17

133
3*i
130
8 2 is
43 is

0

4
20
3
10
17
20
7

1,455 Isla n d OH A T r a n s p C 'o rp .
.6 2 A p r 15
1,897 L ib b y , M oN oill A L l b b ..
1*8 Apf 24
61 I.o ew 's T h e a tr e s _________
8*s J a u a
Tjast S a le
M c E lw a ln (W 11) 1st p ref.
81
J a n 24
71*2 72
243 M a ss a c h u s e tts G a s C o s . .
63
Jau a
08
68
149
62
Jan 3
D o p r e f .............. ..........
155 155
30 M e rg e n tb a le r L i n o ty p e . ..
130 J u n a
24
25
1,518 M e x ic a n In v e stm e n t I n c .
20 M u r 27
23
200 M ississip p i R iver P o w e r ..
2414
13 J a n 6
*80
81
23
72*2 J a n 1
]
D o s ta m p e d p r e l_____
9*i
9'2
8 Jan 4
550 N a tio n a l L e a th e r ________
3*4
3*4
805 N ew E n g la n d Oil C o r n ____
2*i M a r 15
115l2 110
248 N ew E n g la n d T e le p h o n e . l o t 109 J a n 4
L a s t S ale
O h io B ody A B lo w er___N o p a r
1 1«» J a n 11
197s 20
3,033 O rp h e u m C irc u it I n c ______
I
13 J a n 10
♦162
164
110 P acific M ills.............................
*162 A p r 20
*80
—
12 P la n t (T h o s G ) p re f______ 1 0 c
78 F e b 2 ll
____ *14
*14
5 R eece B u tto n H o le _______ 10
121. A p r 18
4*2
47
8
41.
*41.
75
6
S im m s M a g n e to __________
3 F e b 20
101
911 Sw ift A C o _______________ IOC
92*i J a n 3
101*2 1 0 H 2 101*i
07
07
07
171 T o r r ln g to n ________________ 25
0 7 12
60 J a n 3
10*1 I t
10*4 10*|
830 U n io n Tw ist D r ill...............
6
8 M a r 29
4 0 '. 41
1,359 U n ite d S h o e M a c h C o rp ._ 25
40*2 4 2 's
34 M a r 3
*25*i 20
197
25*2 20
D o p r e f ....... ......... .............. 25
25
Jan 3
301. 3 11.4
31
217i J a n 27
31=8 27.0S8 V e n tu ra C onsol OU F ie ld s . 5
28
28
28
730 W ald o rf S y stem I n c ______ 10
28*2
26*2 J a n 4
11
10
l l '$
830 W a lth a m W a tc h __________ 100
7 Jan 3
11*4
11
680 W a lw o rth M a n u fa c tu r in g . 20
7*2 F e b 7
11*8
28
28
29
29
625 W a rre n B ro s______________ 50
17*2 J a n 3
*35
35*2
35
35
55
30*s J a n 4
D o 1st p re f_____ _____ 60
40
40
40
D o 2d p ro f................. ....... 60
3 3 is F e b 18
1012 161?
10's 20
190 W lckw tro S p e n c e r S te e l___ 6
13*i M a r 27
L a s t S ale H i M a r ’22
...5
1 Jan 9
M in in g
*.00
1
*.00
1
110 A d v e n tu re C o n s o lid a te d .. 25 .50
J a n 31
59
59
CO'? 001 .
09 A hrneek __________________ 25
69 M a y 11
.40 A n '2 2
25
*25l2 20
26
20
250 AU ouz.......................................... 26
22 J a n 9
312
3'4
3<2
2 ,0 2 3 A rc a d ia n C o n s o lid a te d ____ 25
3*2
2 M a r 10
9
9
*9
91.
6
840 A rizo n a C o m m e rc ia l______
8*i F e b 20
*15
15*2 *14*4 153s
300 B in g h a m M in e s ___________ 10
13 J a n 6
270 270
208 27 0
77 C a lu m e t A H e c la __________ 25 205
Jan 6
1312 14
3 ,720 C a rso n Hill G o ld __________ 1
10>i J a n 4
*13*s 1334
*10l2 12
11
11
09 C e n t e n n ia l................................ 25
0*2 J a n 10
•10C| 40>2
1,703 C o p p e r R an g o C o ............... 25
40*8 41
37*2 J a u 3
2
2
*2
40 D u ly -W c s t________________ 21)
1 A pr 6
2 ,1 8 5 D a v ls-D a ly C o p p e r_______ 10
8
8*2
8'2
8'4
6*2 J a n 3
1 0 '. 11
107* 107*
025 E a s t B u tte C o p p e r M in in g 10
10 M a r 27
*23S
072 F r a n k lin ______ ____________ 25
21.
2 '1
2 '2
1 A pt 11
*3
3 '2
*3
20 H an co ck C o n s o lid a te d ____ 25
3'4
2 J a n 13
*1'2
150 H e lv e tia .................. ................... 26
*1'2
1*4
1*1
1U M iy
3
no
11012 11012 1131.
3 ,0 3 7 Isla n d C re e k C o a l.................
1
81<i Ju n 10
93
93
D o p r c l ........................
93
93
50
Feb 14
1 88
*23
45 Isle R oy ale C o p p e r______
23*4 *23*8 24
25
22*8 F e b 28
31* M a v ’22
5
730 K ew een aw C o p p e r ..
1 F e b 24
25
2*4 2 %
2*4
2*4
4
499 L ak e C o p p e r C o .......... ............ 25
*3
2 'i Feb 18
4*4
3*2
2 6 5 La Salle C o p p o r...................... 25
2
1*2
1*2 F eb 0
1*2
*1*8
441 M a so n Valley M in e _______
*2
2
5
1*8 J a n 4
1*4
2*4
595 M a ss C o n s o lid a te d _______ 25
2 M a r 24
31?
3'2 2 %
3'2
5
* 5 I|
5 l2
350 M a y flo w er-O ld C o lo n y ____ 26
2>i J a n 20
5*2
1,744 M ic h ig a n _________________ 25
3
3
l*t J a n 16
3
2*4
47 M o h a w k .................... ................ 25
58
58
*57
571.
63*2 J a n 7
000 N ew C o rn e lia C o p p e r_____ 5
17 Fob 21
18
18
17*4 17*i
100 N ow Id ria Q u ic k silv e r_____ 5 .40 M a r 7
* 1>2 2
*1'4
1*8
37
Jau 0
*37
140 N ew R iv e r c o m p a n y _____ 100
37
37
270
D o p r c l............... ................ 100
73
Jan 7
757« 75'$
7578 75'$
5
5*i J a n 20
015 N lp lssln g M in e s.......... ...........
0
0 's
6 's
0*8
1,102 N o rth B u t te _____ _________ 15
11 F e b 15
12
121.1
12 is 12«2
3
2*8 J a n 20
3
3
1,759 O JIbw ay M in in g __________ 25
278
23
Jan 4
24
24
23
115i O ld D o m in io n C o ________ 26
2 3 '2
(35 O sc e o la ___________________ 25
*34
35
*34
35
3 0 is Jan 6
44
43
01 Q u i n c y ...................... ................ 25
43
42 F e b 20
*43
*44
451.
85 8 t M a ry ’s M in e ra l L a n d ___ 25
41*3 J a n 9
45*2 *44
25 M a r 10
*.85
.95
350 S h a n n o n __________________ 10 ■
1
.95
*.75
1
100 S o u th L a k e ______________ 25 .50
J u n 31
*.8 0
1
130 S u p e r io r _____ _____________ 26
2 M a r 29
* 3 l2
3*4
*3*8
3*4
1SS
.9 0 M ur 31
1*4
1*1 2 ,415 S u p e rio r A B o sto n C o p p e r . 10
1*4
6
8 ,0 2 0 T rin ity C o p p e r C o r p ______
1*1 M a r 0
1*4
1*4
1*4
1*4
5 .4 9 M a r 7
3 ,3 0 0 Toulum ne C o p p e r ________
.60 ' .06
.60
.00
545 U ta h -A p e x M in in g _______
5
3
3
3
3
2** J a n 10
1
*2
2
270 U ta h C o n s o lid a te d _______
2*?
1 F e b 21
2'4
1
900 U tu h M e ta l A T u n n e l_____
1 F e b 15
1*8
1*4
1*8
1*4
* 1*4
2
100 V ic to ria _______________ . . . 25
lVfi J a n 6
178
17S
.25 J u u 16
1*4
158
I'h
178 2,271 W lu o n a __________________ _ 25
142 W o lv e rin e .................................. 26
12
12U
13
13
10 F eb 10
1*2
2*4
10

1.

8
310
11
7
27
1*8
6Q
7
1*8
Us

M ar
A pr
D eo
Jan
Jan
N ov
M ar
A ug
A pr
Sept

76

Jan

2
1*4
lit
.56
2*s
1>1
4 3 ii

Jan
Jan
Jan
A pr
A ug
A ug
Jan

12>t S e p t
.40 N o v
40
Feb
74
D eo
4 J u ly
8 M ar
1 A ug
16*8 J a n
21
A ug
3 3 ij A ug
28
Jan
.76 J a n
.35 N o v
2 Sept
1 Ju n e
l*As J u ly
.34 Aug
1*1 A ug
IQ N ov
.05 J a n
.40 M a y
.36 J a n
8 is J u ly

14
280
10>8
10
40*4

O ot
Deo
Jan
Jan
Deo

l l * i Dec
3is J a n
V $ N ov
8 « t| Dec
0o>i Deo
24*2 Deo
311 Deo

2 ti Keb
2 Sept
3*8 J a n
6>i J a n
3ls M a y
69
Deo
18*i Deo
2
D eo
67 M ay
95 M a r
Sis J a n
14>t D ec
2 's Deo
25*i N ov
8 6 l | Deo
40
Deo
46
Deo
1 % Deo
2
Jan
4is F eb
2 >t F e b
4 's N uv
.86 D ee
3 ij O ot
5
Jan
2 lit Jan
2*1 F e b
.80 M a t
U
Feb

3 10 5

THE CHRONICLE

May 13 1922.]

F r id a y
L a st
W e e k ’s R a n g e
o f P r ic e s.
H ig h .
P r ic e . L o w .

Outside Stock Exchanges
Bonds (C o n c l . ) —

Boston Bond Record.—Transactions in bonds at Boston
Stock Exchange May 6 to M ay 12, both inclusive:
F r id a y
W e e k ’s R a n g e
L a st
o f P r ic e s.
S a le .
H ig h .
P i ic e . L o w .

Bonds—
U S Lib Loan 3 M s-1932-47
1st Lib L'n 4 Ms .1932-47
2d Lib I/n 4 U s. _1927-42
3d 1,1b Loan 4 M s.. .1928
4th Lib L'n 454s. 1933-38
Amcr Tel & Tel 5s__ 1946
. 1929
ah r .A W T S S I, 5s. .1959
Chin Jot Rv & U S Y 4sl940
.1936
. 1926
K C Mem * Birm 5s. _1934
1931
.1929
Miss River Power 5s. .1951
N E Telephone 5s— . 1932
. 1944
_1932
Western Tel& Tel 5s. .1932

___

6254
8054
9854

9254
97 54
96 54
IO T A

S a le s
fo r
W eek.

R a n g e sin c e J a n .

1.

H ig h .

Low .

Apr
99.04 99.40 S 16,400 94.04 Jan 100
99.54 99.64 3,550 95.94 Jan 99.74 Apr
99.34 99.78 16,700 95.26 Jan 99.00 Apr
99.54 99.94 18,750 96.24 Jan 100.10 Apr
Apr
99.64 99.98 52,100 95.64 Jan 100
Mar
99.40100.60 15,450 99.54 Ma ylOl
Feb 98 M Apr
9754 97 54 3,000 94
91
9154 11,000 86 54 Jan 9154 May
Mar 65 May
6254 65 147,000 47
80
8054 3,000 74 54 Feb 80 H Apr
6,000 95 H Jan 99 M Apr
9854 99
Jan 112 May
40,000 101
109 112
8554 85 54 3,000 SOM Jan 85 M May
7,000 86
Jan 91 May
90 54 91
•Tan 92 M Jan
9254 92 54 1,000 86
Jan 93 M May
93
18,000 88
92
17,000 93
Jan 98 M Apr
97 54 98
Jan 96 % Apr
96 54 96 54 7,000 91
Apr
107 'A 108 'A 20,000 9754 Feb 109
Jan 95 M Apr
9454 95 54 10,000 90

. of transactions at
Pittsburgh Stock Exchange M ay 6 to May 12, both inclusive,
compiled from official sales lists.
Stocks—

Bar.

F r id a y
W e e k ’s R a n g e
L ast
o f P r ic e s.
S a le .
P r ic e . L o w .
H lg n .

Am Vitrified Prod, com.50
Am Wind Glass M ach.. 100

82

Arkansas Nat Gas, com. 10
Barnsdall Corp Class A ..25

HM

Carnegie Lead & Zinc-----5
Consolidated Ice, pref.. .50
Duauesne O il...................
Harb-Walk Ref rac.com. 100

24
2M

IndepBrewlng.com

.50

Lone Star Gas. _____ 25
Mfrs Light & Heat____ 50
Nat Fireproofing, com . 50

2554
50 M

Ohio Fuel Oil. . ______ l
Ohio Fuel Supply........... .25
Oklahoma Natural Gas. .25
Pittsburgh Brew, com. _.50

50 M

Pittsburgh Coal, com. .100
Preferred__ . . . . . 100
Pitts & Mt Shasta Copp .. 1
Pittsburgh Oil & Gas
.5
Pittsburgh Plate Glass. 10C
Salt Creek Consol Oil. 10

95
22c
8M

Transcontinental O il.-----*
Union Natural Gas-----10C

12654

West’house Air B rake...50
W’house El A Mfg, com.5C
West Penn Itys, pref.. . 10C
W Penn Tr&W P, pref. 100
Bonds—
Pittsburgh Coal deb 5s 1931
* No par value.

254

94 54

S a le s
fo r
W eek.
S h a res.

11
11
82
83
89 M 89 54
11
1154
44
49 M
33
33
3M 354
24
24 M
2M m
102 102
101 101
254 254
7M 754
26
25
49 54 50 54
854 9
19 54
19
19 M 19 54 .
49 54 50 M
22 M 23
2 54 254
5M 5M
63
63
94 M 95
22c 24c
8M 9M
155 155
13 54 14
13 y% 1454
1254 13 54
126 M 127
52 54 63
9454 95
6154 63 M
79 M 80
85
85
96

96

R a n g e s in c e J a n .
Low .

81.000

95

Jan

Jan

Philadelphia Stock Exchange.— Record of transactions
at Philadelphia Stock Exchange, M ay 6 to May 12, both
inclusive, compiled from official sales lists:
F r id a y

L ast

Stocks—

P a r.

All la nco I nstirancc.-----1 0
American Gaa of N J— 100
American lta lways------50
Preferred— ...............100
Ametlcan Stores............
1st preferred.............1 0 0
2d preferred.............100
Cambria Iron................... 60
Cambria Steel------------ 60
Consol Traction of N J . 100
Elec Storage Battery.-.IOO
New (w l)................... *
Krlo Lighting, pref----General Asphalt...........100
Insurance Co of N A-----10
J O Brill Co................... 100
Koystone Telephono-----50
Lake Superior Corp-----100
Lehigh Navigation.........50
Lehigh Valley...................60
Llttlo Schuylkill..............-60
Mlnchlll & S II— - - — 60
Pennsylvania Salt Mfg_-o0
Pennsylvania----------- --50
Ponn Cent Lt & P, pref. *
Philadelphia Co (Pitts) 50
Pref (cumulative 6%)-50
Phlla Electric of Pa------ 2o
Preferred.........- ............ *5
Phlla Germ & Ncr RR--50
Phlla Insulated Wire-----Phlla Rapid Transit-----50
Philadelphia Traction.. -50
Phlla & Western, pref---50
Radio Corp of America.--Reading, 1st pref----------50
13th & 15th Sts Pass, pf-50
Tono-Belmont Hovel-----1
Tonopah Mining............. -1
UnionTrac, 31754 pd---50
United Gas Impt............. 50
Preferred___________ 50
Win Cramp & Sons___ 100
York Railways................. 50
Bonds—
U S Lib Loan 3548-1932-47
1st Lib Loan 48.-1032-47
2d Lib Loan 454s.1927-42
3d I.lb Loan 4 M s.-.1928
4th Lib I/n 4^8-1933-38
Victory 4 Ms___ 1922-23
Amcr Gas <c Elec 5s__ 2007
S
do
small___ 2007

S a le .
P r ic e .

41
120
159
157




0
1154
7454
7354
38
28 54
2954
36
34 54
66

154
43
45
5354
54
2454

85

V e e k 's R a n g e
o f P r ic e s,
ow .
H ig h .

S a le s
fo r
W eek.
S h a res.

R a n g e s in c e J a n .
Low .

1.

H ig h .

10854
84
69
70
10054
47
35
10254
10054
8354
73 H
99 54
92 54
92
99
99
10354
104
8554
86
86 54

7,000
15,000
25,000
13,000
7,000
5,C O
O
4,000
3.0C0
2,000
5,000
1,000
1,000
8,000
3,000
41,000
2.60C
52,000
2,100
13,000
500
9,000

R a n g e s in c e J a n .

1.

H ig h .

Low .

10754 Feb
Jan
71
Jan
64
Jan
63
98 ■Jan
37541 Jan
Jan
30
Jan
101
10054 May
Mar
68
64
Jan
9854 Mar
86 54 Jan
8754 JaD
Jan
93
94
Feb
10C54 Jan
10054 Jan
8054 Jan
86 May
7154 Mar

109
84 54
72
70
101
47
37
103
10054
8354
7354
100
93
92
9954
100
104
104
8554
86
87

Feb
Apr
Apr
Apr
May
May
Apr
Apr
May
May
May
May
May
May
May
May
May
May
Apr
May
Apr

Baltimore Stock Exchange.— Record of transactions at
Baltimore Stock Exchange, M ay 6 to M ay 12, both in­
clusive, compiled from official sales lists:
Stocks—

F r id a y
IFffVs R a n g e
L ast
o f P r ic e s.
S a le .
H ig h .
P a r . P r ic e . L o w .

Baltimore Brick, pre(..100
Baltimore Tube............ 100

24 M Apr
85
Apr
90
1254 Apr
55 M Apr
38 M Apr
4M Mar
25
Feb
3 Vs Feb
102 May
101 May
2M Feb
8
Mar
26 May
50n May
954 Apr
21
Apr
20
Jan
50M May
26M Apr
Mar
3
654 Jan
65
Apr
95 May
31c Mar
9M Apr
Apr
155
14 M May
14 M Apr
1354 May
128
Mar
Apr
53
loo M Feb
69 M Apr
Apr
80
86 54 Apr
97

107 J4 10754
83
6854 6854
6854
IC 54 10054
O
47
35
35
10254 10254
10054
8354
7354
9954 9954
92
92
98
98
08
98
10354 103
10354
8454 8454
86
8654 8654

Arundel Sand & Gravel. 100

l.

H ig h .

200
8
Feb
140 64 M Jan
Jan
125 84
4,025
854 Mar
Feb
425 21
Jan
10 20
270
2M Jan
Jan
200 23
1,900
254 Jan
Jan
10 91
Jan
10 70
225
1M Jan
140
6 54 Feb
Jan
730 20
Jan
1,020 45
325
6M Jan
Jan
185 15
Jan
203 16
1,734 44M Jan
Jan
1,930 19
200
154 Jan
Feb
6
100
Jan
50 60
190 90 M Mar
4,000 22c May
Feb
6
45C
Jan
37 130
1,855
8H Jan
1 Jan
925 1
954 Feb
700
22 115 M Jan
Jar
55 40
215 80 M Mar
885 49 M Jan
6(
69 M Jan
Jan
25 72

Bell Tel of Fa 1st 7 s .. .1945
Cons Trac N J 1st 5s .. 1932
Elec & Poop tr ctfs 43.1945
do
small___ 1945
Eqult Ilium Gas Lt 5s. 1928
Inter-State ltys coll 4s.1943
Lake Superior Corp 5s.1924
Lehigh Valley coll tr 6sl928
Consol 6 s ________ 1923
N Y N H & II deb 6 s .. 1948
Peoples Pass tr ctfs 4s. 1943
Philadelphia Co let 5s. 1949
Cons & coll trust 5s. 1951
do
smpd s f & red 1951
Phlla Electric 1st 5s__ 1966
do
small___ 1966
6s..................... ..........1941
Small.........................1941
Reading gen 4s______ 1997
Extension 4s_____ 1937
United Rys Invest 5s. 1926
* No par value.

S a le s
fo r
W eek.

Benesch (I)____________ *
Prefcired___________ 25
Celestlne O i l . ________ 1

3454
2554
60

Preferred___________ 25 2554
Preferred B _________ 25
2754
Consol Gas, E L & Pow.100 108
Preferred.. ...............100 115
Consolidation Ccal___ 100
4 54
Cosden & Co, pref______ 5
Elkhorn Coal Cotp., pref.50
IIous OH pi el trust ctfs.100
Manufacturers Finance.25
Mt V-Woodb Mills v t r.100
Pcnnsylv Wat & Pow__100 107
United Ity & Electric. .50 14 54
Wash Balt A Annap. ..50 _____
Preferred.......................50 3254
Bonds—
Alabama Co gen 6s__ 1938
Balt Elec stamped 5 s .. 1947
Central Ry cons 5s_ .1932
CltyASub(Wash) 1st 5sl 48
Consolidated Gas 5s. .1939
Cons G, E L & P 454s. 1935 8754
7s________ _____ 1931

10554
8854
10054

Elkhoin Coal Corp 6S.1925
Georgia Sou & Fla 5 s .. 1945
Knoxville Traction 5s 193,4
Mary’d Elec Ry 1st 5s. 1931

98

Monon Vail Trac 5s. .1942
7s
..................1923
Seaboard A Roan 5s. .1926
United Ry A Elec 4 s .. 1£5£

73

77
Funding 5s_______ 1986
do
small___ 1936
6s (w 1).....................194( 100
5% notes______ ______
99 54
6% notes_____________ 100
Wash Balt A Annap 5s 1941 82
Wash A Vandem 4 548.1947
* No par value.

3954 3954
£2
92
28
30
19
19
4854 50
3454 35
2554 2554
.60 .65
51
5154
2554 2554
2654 2754
107 lu8
11454 115
84 54 8654
4 54 454
595s 5954
3554 3554
85
8554
4454 4 5
19
19
1254 1354
7554
107 10754
1454 1454
18
18
3254 32J4
83
9454
99
8254
9954
8754
108
10054
10554
8854
1C054
10054
98
87’
88
9354
73
8154
9854
9354
7254
5654
7654
7654
99
9954
100
82
87

S a le s
fo r
W eek.
S h a re s.

R a n g e s in c e J a n .
Low .

1.

H ig h .

Jan 40 May
641 26
Mar 92 May
50 86
50 2254 Apr 30 May
Jan
50 19 May 25
80 46
5754 Feb
Mar 35 May
210 25
Jan 2554 Apr
15 24
.74 May
.35 Jan
780
87 49
5154
Jan 2654 Feb
292 25
Apr
64 25*4 Jan 28
Apr
Jan 109
160 91
Jan 115 May
282 105
Jan 8654 May
2S8 80
2,179
454 Apr
454 Jan
50 59 54 May 5954 May
8 3554 May 3554 May
Feb 8554 May
80 78
Jan 4554 May
50 41
50 1854 Feb 19 May
Jan 1754 Apr
180 10
2 72
7554 Apr
143 9254 Jan 10754 Apr
Apr
9
Jan 15
1,225
Apr
140 1454 Jan 19
JaD 3454 Apr
200 29

83
$3,000 SO
94 %
5,000 88
yy
1,000 9654
82 54 1,000 78
9954 2,000 S3
87 H 1,000 8554
109
5,500 106
10054 1.C00 9954
10554 48,000 10154
89
21,000 86
10054 5,000 9654
101
17,500 9854
9854 21,000 9454
87
2,000 83
88
1,000 85
9354 7,000 86
73
1,000 73
8154 4,000 75
9854 21,000 95
9354 1,CCC 9154
73
62,000 6654
57
37,000 46
7754 47,000 66
600 66
7654
100 272,00C 9854
99 54 6.00C 9854
100
15.00C 98
82 54 39.00C 7854
87
1,000 83

Mar
PJan
Mar
Feb
JaD
Jan
Jan
Feb
Jan
Feb
Jan
Mar
Mar
Feb
Jan
Jan
May
Feb
Jan
May
Jan
JaD
Mar
Mar
Apr
Mar
Jan
Mar
Apr

8554
94 54
99
8254
10054
8954
10954
10054
106
8954
10054
101
9854
8754
88
94
73
8254
99
6354
74
57
78
7754
100
9954
10054
8254
87

Apr
Apr
May
May
Apr
Mar
Apr
Jan
May
Jan
Mar
May
May
Apr
May
Apr
May
Apr
May
May
Mar
Apr
May
Apr
May
May
Apr
Apr
May

Apr
22 54 22 54
Jan 23
5 19
68
75
Jan 75 May
607 47
8
Mar
9
Jan 10
4
75
Mar
Jan 43
40M 41
15 26
Jan 120 May
113M 120
6,124 83
151 159
Chicago Stock Exchange.— T h is w e e k 's r e c o r d o n
Jan 159 May
435 114
157 157
Mar 157 May th e C h ic a g o S to ck E x c h a n g e w i l l be f o u n d o n p a g e 2089.
7 123
39
110 37 M Apr 3954 May
39 54
85
Apr
85
10 73 M Apr 85
54
54
Jan 5654 Apr
25 44
New York Curb Market.— Official transactions in the
172 172
Jan 17954 Apr
15 120
42M 43
195 37 M Mar 4554 Apr New York Curb Market from May 6, to May 12, inclusive.
2654 26 54
50 2554 Apr 27 May
S a le s
F r id a y
60
60
2<fo 5554 Jan 6654 Apr
R a n g e s i n c e J a n . 1.
IVsfJt’s R a n g e f o r
L a st
35
Jan 3554 Mar
250 30
35 5
4
W eek.
o f P r ic e s.
S a le .
43
Apr
45
Mar 47
170 36
H ig h .
Low .
H ig h . S h a re s.
P r ic e . L o w .
Stocks—
P a r.
9
Mar
Jan 10
954
110
7
954 1154 2,410
654 Jan 1154 Apr
Industrial & Mlscell.
74
75
381 6654 Feb 7754 Apr
154 Apr
154 154 24,600 90c Mar
154
61
Apr Acme Coal Mining--------1
62
Jan 65
92 57
44c 53c 37,100 20c Mar
7 54 Mar
44c
38
Apr
38
Apr 38
40 38
Jan 1754 Mar
400 15
16 54
1654 16
50
50
Feb 50 May Aluminum Mfrs, com-----*
16 48
11
754 Feb 1354 Apr
1254 1,400
73
Apr Amalgam Leath, com-----*
124 6954 Jan 74
73 54
2 May
7,900
154 May
2
154 2
4054 42
4,072 3354 Jan 4354 Apr Amcr Drug Stores class A . .
Mar
22
300 1954 Jan 24
22
55
65
10 4854 Jan 5554 Apr
310 11354 Feb 147 54 Apr
14254 14554
Jan 3954 May Amer Lt & Trac, com .. 100 143
3854 38 54
20 3254
Feb
3
200
554 Apr
454 454
38
39
Jan 3954 Mar
1,084 36
6,800 3754 May 4154 Apr
2854 2854 3.466 23
Feb 2954 Apr Beechnut Packing.........100 3754 3754 39
Apr 31 May
100 27
31
31
31
29
30
2,010 2754 Jan 30 May
Apr 19 May
200 18
19
2054
2054
119 119
Jan 119 May
7 115
4,000 1254 Feb 18 May
1754 18
36
Mar 5054 Jan 8rlt-Amer Tob ord bear.£l
433 30
3754
May
8
954 6,600
454 Jan
854
32J4 35
16,090 1754 Jan 35 May Brooklyn City RR_____ 10
Apr
154 1% 28,000 45c Jan
154
66
06
Jan 6854 Apr
130 58
May
900 56c Feb
1
1
Iks
33
33
Apr
Jan 33
10 29
Mar 111 May
10 104
110 11 i
Celluloid Co pref_____ 100
454 554 5,350
554 May
454 May
Mar
10 0954 May 70
44 M 4454
Jan 46 54 Feb Cent Aguirre Sug Cos— 20 6954 6954 6954
100 44
300
154 154
354 Feb
154 Jan
147 147
130 147 May 147 May Cent Teresa Sug com ..10
4
Feb
400
354 Mar
354 354
154 1‘Re
250
154 Mar Chalmers Motors ctfs........
154 Mar
Jan
1
2 May
600
154 2
154
1 54
Feb
154
2
860
154 Jan
2,000
154 Apr
354 Jan
254 3
Chicago Nipple Mfg cl A1G
41 Vi 43
Jan 43 May
1,447 34
300
154 May
354 May
154 154
4454 4554 2,711 38
Jan 4554 Mar
May
1,225 158
Jan 242
230 240
53
5354
76 E 50)4 Jan 5354 Apr Cities Service com____ 100 235
Jan 67 54 May
730 61
6554 6554 67
54
54
Jan 54 May
35 40
Apr
6
6
6
200
4 54 Jan
2454 26
Jan 26 May
1,380
9
Jan 2454 Apr
Cities Serv Bankers' ah..* 2354 2354 2454 2,330 17
Mar
Jan 33
2,300 20
2954 31
99.25 99.36 $52,000 94.32 Jan 99.92 Apr Cleveland Automobile— • 3054
Jan 8354 May
40 50
82
8354
99.60 99.60 1,000 99.60May 99.60 May
Mar
71c 90c 11,900 500 Apr 51
99.52 99.62 14,600 95.70 Jan 100.50 Apr Colombia Emerald Synd.. 90c
Feb
2
100
154 May
154 154
154
99.78 99.84 124,350 9G.U4 Jan 100
Apr Columbian Syndicate____
Mar
Feb 15
1,200 10
1254 1254 14
99.76 99.95 114,250 95.92 Feb 100
Apr
654 Feb
954 May
854 854 5,000
Continental Motors-----10
854
100.46 ioo.5e 43,100 99.90 Jan 100.92 Mar
8 May 1154 May
8
1154 95,500
85
86
Feb Cuban-Domlnican Sug w 1 * 1154
7.0C0 81
Jan 86
Apr
7
300
254 Jan
554 554
84
84
Feb Curtiss Aeropl A M com ..*
300 82
Jan 85

n

3106

THE CHRONICLE
F r id a y
F ast
W e e k 's R a n g e
S a le .
o f P r ic e s ,
H ig h .
F r Ice. t .o w .

Stocks (C o n c lu d e d )

Daniels Motor common.
11%
Davies (Wm A) Co Inc_.
Denv * Rio Grande pf. 100 56c
Dort Motor Car............ * 20
Dubller Condenser&Radlo*
8%
Durant Motors Ino___ « 114%
Durant Motors of Ind__ 10
14%
/Eastman Kodak,new com*
{Elec Stor Bat now w I. *
Empire Steel & Iron.. _100
Frontenac Motor w 1
Gardner Motor Co...........*
Garland Steamship_____ *
Gillette Safety Razor___ * 210
Glen Alden Coal_______ * 49 %
Ooldwyn Pictures______ •
8%
Goodyear T A R com .. 100 13 %
Preferred.............. ..... 100 3 7
Prior preferred...........100
72 H
Grant Motor Car_____ 10 80C
Heyden Cbem
Hocking Val Products.. 10
Hudson Cos pref_____ 10O
Hudson A Man RR com 100
Prefen e d ...................100
Hudson Mot Car of Mlchwl
111 Cent RR con ser A w l .
Inland Steel__________ 25
Intercontinental Rubb 100
LelUgh Power Securities. .*
Libby. McNeill A I.lbby. 10
Lincoln Motor Class A. 50
Mengel Co.....................100
MerccrMotors....................*
Voting trust ctfs.............
Morris (Philip) Co.. Ltd. 10
19%
National Leather new__ 10
OH
Unstamped
2 'A
New Mex & Ariz Land.. .1
2H
N Y Transportation___ 10
North Amer Pulp& Paper *
2%
Packard Motor Car com. 10 12 %
Peerless Trk A Mot Corp 50
Plggly-Wlggly Stores A stk *
Pub Serv Corp of N .1 pf 100
Pyrene Manufacturing.. 10
Radio Corp of Amer
Preferred____________ 5
Reo Motor Car_______ 10
Republic Rubber
Rotterdam Rank
Schulte Retail Stores com. *
Southern Coal A Iron . . . 5 90c
Standard Motor Constr.10
4%
Swift International.........1 .
Tenn fly, L A P , com .. 100
Preferred....................100
Tob Prod Exports Corp..*
Todd Shipyards Corp .. •
Torbenson Axle Co com ..*
Union Carbide A Carbon .*
United Prof Sharing new 1
Cfn Retail Stores Candy _•
US Hoffman M com v t c *
20% 22%
D S Light A Heat com .. 10
Preferred ............... ...1 0
U S Metal Cap A Seal
U 8 Ship Corp________ 10
U 8 Hteamshlp________ io
Van Raalte Co, Inc_____ *
Wayne Coal...............
6
West End Chemical . __1
Western Knitting M ills..*
Willys Corp common___ *
Wlllys Corp com stk dep..
First preferred_____ 100
World Film 2d pref
Rights
Illinois Central___

66c

Other Oil Stocks
Aetna Cons Oll.
Alcon Oil Corp_________ 5
Allen Oil.
Allied OH.
10
_•
Big Indian Oil A Gas.

11

10%

34c
.6 12c
.1 82c
Brazos Oil Corp.................*
Brlt-Amer Oil Ltd_____ 25
Carlb Syndicate.
m
Carib Trading.
Columbia Petroleum.
Continental Petroleum__5
Continental Reflnlng.
Cosden A Co, pref............. 5
Creole Syndicate. _. . . . 6
Cushing Petroleum Corp.
Dominion Oil...................10
Engineers Petrol Co____ 1 53c
Esmeralda Oil A Gas____1
Federal Oil____________ 6
2Vii
Fenstaod Oil_____
14%
Gilliland Oil, com.
6%
Gienrock Oil.......... .......... 10
m
Granada Oil Corp cl A .. 10
Harvey Crude Oil.........-.1
Hudson OH......................... 1 29c
Imperial Oil (Canada) coup 116
Internat Petrol.
21%
Keystone Ranger D evel..l 52c
Kirby Petroleum.
10 %
Lance Creek Royalties__ 1
8c
Livingston Petrol.
1%
Lyons Petroleum.
04c




1 0 'A

25
38c
20

7%

22%
8%
66
35
16
10%
11
5Gc
169

219
103

Other Oil
Stocks (.C o n c lu d e d )

H ig h .

May
Jan
Jan
Apr
Apr
Jan
Jan
Feb
Fob
May
Apr
Jan
May
Jan

12
34
75c
20%
9
38%
16%
79
45
16
11%
16%
85c
223

\

1
i

N
M
i
i
t

/
M
i
1

J
t

Jan
Fob
Feb

2
Feb
5% Jan
8% Jan
1% Jan
1% Feb
19
Mar
2
Jan
5% Feb
33% Feb
35
Mar
99
Mar
9% Feb
2% Jan
2
Jan
18% Jan
20c Feb
75% May
33
Apr
75c Jan
3% Jan
17% Apr
1
Feb
10
Jan
3
Jan
69% Apr
24 > Apr
2
44
Jan
5
Mar
4% Jan
20% Apr
76o Jan
960 Feb
1
Jan
4c Mar
10c Jan
40
Jan
85o Mar
66r Fob
0% Apr
10c May
14 May
6
Mar
lc May
8,700

Former Standard Oik
Subsidiaries
Anglo-American Oil____ £1
21%
Buckeye Pipe Line____ 60
Continental Oil______ 100
Crescent Pipe Line.........60 1____
Galena-Signal OH com 100 59
Illinois Pipe Line.......... 100|____
Indiana Pipe Line_____ 50 100
Northern Pipe Line___ 100..........
Ohio O il.......... 251 315
Prairie Oil A Gas...........100_____
■
Prairie Pipe Line.......... 1001 230
South Penn Oil________100 219
219
Southern Pipe Line___ 100..........
103
Standard Oil (Ind)
251 103%
Stand Oil (Ky) new w 1. 100‘ 8244
Blair A Co Interim rects.
Btandard Oil of N Y. . . 100 413
Swan A Finch................100
Vacuum Oil................... 100

1.

R a n g e s in c e J a n
Low .

5,100
2C
5C
195
78C
3C
95
2C
225
xc
130
16
10
86,800
13,320
4,320
195
100
590

1,400
13,800
11,000
2,000
200
10% 11% 2,000
3,600
10% 11
34c 34c
1,000
14c 70,100
11c
80c 85c 87,500
300
1% 1%
32 % 33%
400
57,300
100
7,700
100
3,100
2,400
6,000
6,000
100
58.300
5,100
138,500
14,500
2,300
51,500
1,400
3,000
91,000
111% 119% 3,055
20% 22% 90,200
52C 60c
0,50!)
10,% 12
3.900
5c
6c 20,000
1% 1% 15,700
90c 9 to 35.709

65c
10%
84%
125
28
40
161
84
90
257
520
224
173
77
83%
76
76%
341
34
299

May
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Apr
Apr
Jan
May
Jan

Jan
Jan
Mar
Apr
Jan

90c
22
100
149
36
62
198
108
no
332
635
245
234
104
109%
85
83
427
35
442

May
May
Apr
May
May
May
Apt
Mar
May
May
May
Feb
May
May
May
May
Apr
May
May
May

Apr
1% May
Apr
3% Apr
Fob 60c Mar
Jan
4o Jan
Apr
3
Jan
Feb 13
Apr
Jan 12 May
Jan 350 Apr
80 May
290 J&
I
57o Mar 9lo Apr
2% Feb
1% Jan
29
Jan 33% May
3% Jan
8% May
5 May
5 May
2
Mar
1 % Mar
5 % Jan
17
Mar
4
Mar
144 Feb
4
Mar
5
Feb
3 % Apr
1% Jan
3c Jan 12c Mar
8
Feb 11
Apr
50o JH
U 72o Jan
3c Jan
4c May
I
Jan
l l5
%May
9
Mar 14% May
4
9% Apr
Jan
83o Feb
1% Joi
3% Apr
2 44 Jan
2c Jan
9c Jan
7o Jan 50o Vl».
97% Mar 120 May
14
Mar 23 % May
470 May
1% Jan
.
10% May 28% Feb
4c Mar 10c
.Ian
1 % Jan
1% Mur
Jan
1% M .i
.
1%
2%
30c
2c
1%
8%
8
30c

[V ol. 114.

Par

Maracaibo Oil Explor___
Marino Oil...... ..................
Mnrland O il....................
Meridian Petroleum___ 10
Merritt Oil Corn............. 10
Mexican Eagle Oil____
Mexican Panuco Oil___ 10
Mexican Seaboard OH__
Mexico Oil Coro............. 10
Mid-Colombian O A D ___
Midwest Oil common___ 1
Mountain A Gulf O il.. .
Mountain Producers . 10
Mutual Oil____
Nat Oil or N J com......... 10
New England Fuel OH___
New York Oil_________
Noble Oil A Gas_______ 1
Preferred...... .............
Noco Petrol, com_____
Preferred_____ _______
North American Oil......... 5
Northwest Oil................... l
Ohio Ranger_________
Omar Oil A Gas............... io
Pennock Oil....................... 5
Premier Ref A Mfg______
Red Bank Oil......................
Red Rock Oil A G a s ...I ll
Ryan Consol__________ •
8alt Creek Consol Oil........
Salt Creek Producers_ 10
_
Sapulpa R efining............ 5
Seaboard Oil A Gas_____ 5
Shell Union Oil w 1_______
Simms Petroleum........._.*
Skelly OH. . . . ______in
Southern Oil A Trans__ 10
South Petrol A Refln..
Southwest Oil__________ l
Spencer Petrol Corp___ 10
Stanton Oil...... .................. 5
Texon Oil A Land__
I
Tidal Osage Oil.......... . .*
Non-voting stock............
Turman OH....................... i
Ventura Cons Oil Fields..5
Victoria Oil___ . . . . . . 5
Western States Oil A Gas. 1
Whelan Oil...................
1
Wilcox Oil A Gas............... 6
Woodburn Oil Corp____ •
Woodly Petrol_________
•Y" Oil A G a s............... 1
Mining Stocks
Alaska Brit Col M etals... 1
Alvarado Min A Mill__ 20
Amer Com M A N ............
American Exploration
Anglo-Am Corp of S Af w I
Big Ledge Copper Co___ 5
Boston A Ely.................. .1
Boston A Montana Corp 25
Boston A Montana D ov..6
Calumet A Jerome Cop. .1
Canada Copper Co...........6
Candalarla Silver____
Cash Boy Consol_____
Combination Fraction___
Consol Arizona______
Consol Conner Mines___ 5
Consol Nevada-Utab..
Copper Canyon............
Cortez Silver__________ 1
Cresson Con Gold M A M . )
Davis-Daly Min..........
Divide Extension______
Dolores Esperanza..___ 6
El Salvador Silver Mines. 1
Emma Silver................. __1
Eureka Croesus________ 1
F'rsl Nat Copper............... 5
Gadsden Copper_____
Golden Cyclo M A R . .
Goldfield Consol Mines. 10
Goldfield Florence______ 1
Goldfield Kewanus______
Gold Zone Divide______ 1
Bard Shell Mining____ i
Uarinlll Divide_______ 10c
Hecla Mining................ 2Lc
Howe Sound Co________ 1
Independence Lead Min.
Iron Blossom..................10c
Jerome Verde O erel.___ 1
Jim Butler Tonopah........ i
Jumbo Extension................I
Kerr Lake __________ 6
Knox Divide..................10c
La Rose Consol Mines__ 5
MacNarnara Mining__
Magma Copper________ 6
Marsh Mining_________ 1
Mason Valley Mines____ 6
McKInley-Darragh-Sav.. 1
Mother I-ode Coalition... *
Mother Lode Copper__ io
National Tin Corp.........50c
Nevada Onhlr____ _____ 1
Nevada Silver Hills............
New Cornelia___________
New Dominion Copper___
Nlplsslng Mines................. 6
Ohio Copper..................... 10
Ray Hercules Inc_____
Rex Consolidated Min__ 1
San Toy Mining_______ l
Silver Dale Mining.............
Silver Pick Consol___ ___ 1
Simon Silver-Lead............. 1
South Amer Gold A P lat.. 1
Standard Silver-Lead___ I
Stewart Mining________ 1
Success Mining................. 1
Superior A Boston_______
Superstition Mining........ 1
1'eck Hughes.....................
t'onopah Belmont Dev__ 1
ronopah Divide_______ 1
t'onopah Extension_____ 1
t'onopah Mining_______ 1
Tonopah North Star____ 1
Trl Bullion S A D .......... .5
Tuolumne Copper..............1
ult-d Eastern Mining. .1
United Verde Exten__ 50c
United Zlno Smelt___ ,.
U S Continental Mines, now
Unity Gold Mines............. 5
Utah Metal A Tunnel .

F r id a y
I sa le s
W e e k 's R a n g e '
fo r
L a st
o f P ric e s.
W eek.
S a le .
H ig h . S h ares
P r ic e . IjOW.

23%
1
64

Sc

13%
44 Vs
3%
3%
3
1
16c
8%
"43%
28
27 c
3%
2lHe
m

5%
2%
23c

"5%
13%
18
■3%
1%
96
10
8%
.....
3c
29c
90c

60c
35c
5%
13
17c

27c
95
20c
21c
40c
27c
5c
2c
1%
1
96c
2%
17c
2%

2
25c
19c
lie
6%
3%
43c
3%
8c
3%
31c
29%
18c
2
30c
9%
50c
26c
7c
2%
5 Vs
1%
9c
14c
18c
4%
20c
12c

71c
1%
1%
17c
iy

28 4
141
50c
IB

23
1
4%
8c
13%
15%
2
42
■M

2%
3
1
15%
8
50c
43%
26
24c
60c
3%
3
1%
25c
7c
1%
2%
23c
50o
5%
13%
17%
3%
1%
95%
9%
7%
%
75c
3c
1%
23c
80c
14
11%
30
55c
35c
43c
4%
65c
12%
16c
3%
6%
8c
1%
20%
•23c
92c
73c
19c
21c
40o
20c
5c
2c
7c
m

6c
80c
90c
2%
7%
10c
1%
60

lo
24c
75c
1%
80c
7c
20c
2o
11 c
15c
10c
6%
3%
34c
21c
3%
8c
6c
3%
4c
28c
8c
29
16c
1%
28c
9%
15
49c
25c
6c
17%
2%
5%
8c
1%
9o
5C
lie
15c
04c
4%
19c
10c
4c
1%
3c
51c
1%
73c
1%
4c
17c
65c
1%
2843
1%
48c
2%
1%

24
1,700
1% 3.000
6% 51,200
9c 12,000
14% 8,200
15%
100
2% 1.000
45% 41.600
3% 47.400
3%
400
3
100
l ’ s 11,000
d
17% 20.300
8% 52.700
50c
1.009
45% 4,900
31% 3,300
31c 80,0 0
60c
100
4% 1,600
3%
700
2% 4,7 0
25c
2.000
7c
2.000
2% 129,210
5% 1,000
3% 1,800
30c 96.000
50c
100
0
1.600
14% 9.600
19% 13.300
4% 3.709
1% 2.600
97% 1.400
16,009
11
8% 41.700
2
200
1% 14.600
3c
1,000
300
1%
29c 23.000
99c 319,400
14%
500
12
300
1% 9,B 0
31 %
250
65c
1,000
50c 15,006,
43c
1,000
5% 26,500]
G5o
100
13
1,10!)
18c 18.000

14.700
6%
200
9c . 7.000
2% 3.600
22 43 2 300
27C 101,090
95c
500
l
76.300
21c 84.500
21c
3.000
50c
15.900
29c 30 000
6c
13.000
2c
11.000
7c
1.000
1% 15.800
9c
10,000
1
0,300
96c 28,100
2% 5.600
100
7%
18c 17.000
2% 27.300
7o
8,000
2o
8.500
27c 07.900
75c
900
% 2,200
80c
100
7c
1,000
25c 21.800
2c
3.000
13.000
11c
7.000
19c
12c 31.000
0% 2.000
3% 1.600
37c 88.000
22c
3.000
3%
1.700
8c
2.000
5c
1,000
4%
1,600
4c
7.000
31c
9.000
9c
5.800
29%
1.400
21c 122 000
2% 3.000
32c 20,100
10
87.000
15%
900
54c 22,200
38c 27,500
8c 40.000
200
18
2% 1.400
6% 3.500
3 000
9c
1% 6.300
10C 61.000
1.000
50
15c
13.000
19c
9.000
67c
2.300
4% 10,200
24c 25,100
12C 52.000
4c
1.000
100
1%
3c
1,000
60c
4,700
1% 1.500
8(c
15,3 0;
1% 2.800
1% 3,200
5c 10.000
2,000
17c
900
700
18,400
2
100
2.8%
700
143
7.500
55c
300'
3
143

R a n g e s in c e J a n . 1.
Low .

H igh.

18% Jan
1
Feb
1
Jan
80 Apr
8 44 Jan
14% Mar
1 H Feb
28 44 Feb
1 % Jan
*J
244 Feb
244 Feb
70o Jan
9% Jan
5% Jan
50o Apr
40 May
11% Mar
t3o Jan
36c Mar
1% Apr
3 May
1% Apr
15c Jan
So Jan
67c Mar
4% Jan
2 % Apr
14c Apr
30c Jan
4 % Fob
10
Apr
12% Jan
2% Feb
80e Mar
95% May
9% Jan
4% Mar
1
Jan
75o May
lc Feb
75c Feb
3c Jan
400 Jan
10
Jan
10
Apr
l i f e Apr
23
Jan
6O
0 Apr
22c Mar
2.5e Mur
2% Jan
O o Jan
O
12% Apr
I60 Fob
1% Jac
5
Mar
5c Apr
I % May
II % Apr
15o Mar
50c Feb
05c Apr
160 Apr
13c Jan
9c Mar
19o
Jan
Feb
Apr
Jan
97o Mar
2c Feb
80c May
84e Jan
2% Jan
6 % Jan
Ho Mar
82o Feb
2c Mar
lc Mar
18c Jan
60o Fob
59c Mar
8O Mar
0
3o Jan
15o Jan
2o Jan
8c Mur
12o
Jan
10.' M ay
4% Jan
2% Jan
60 Jan
10c Mar
2% Jan
60 Jan
Jan
2c
Mar
8
3c Jan
25o Jan
60 Jan
26% Jan
4c Jan
1% Jan
11c Jan
6% Jan
11% Jan
27c Mar
25o May
2o
Jan
17% Jan
2
Jan
5% Apr
7c Mar
1
Feb
60
Jan
lo
Jan
2o Jan
20 Jan
49o Fob
4% Apr
lOo Jan
2e Jan
lc Mar
lVfj Mar
3o Apr
20o
Jan
1% Jan
40o Mar
1% Feb
ltfi Jan
2c Fob
5c Mar
46c Mar
1% Apr
27
Mar
1% May
42c Apr
2% May
144 Apr

5
8
10c
3%
24%
29c
90c
5
91c
35c
65c
34o
6c
2c
10c
2
9c
1
980
3
7%
21 n
2%
8c
4c
32o
1
1.38
87c
120
30o
5c
15o
48c
17c
6%
3%
37o
32c
G
lOo
6c
4%

May
Jan
Apr
Apr
Mar
Jan
May
Jan
Jan
Feb
Apr
Apr
Jan
Apr
Apr
Apr
May
Mar
Mar
Jon
Mar
Jan
May
Mar
Mar
Jan
Apr
Apr
Mar
Apr
Apr
Feb
Apr
Mar
Feb
Feb
Mar
Apr
Jan
Feb
Feb
Apr
Apr
60 Mar
03c Mar
14c Mar
32% Feb
23o May
2% Apr
40o Apr
10 May
15% May
65c Apr
52o Mar
80 May
18% Jan
2% Jan
0% Mar
14o Apr
1% May
l2o May
10c Mar
16o May
23o Mar
90o Apr
5% Jan
24o May
10c Apr
4c Apr
1% May
6c Apr
62o Apr
1% Mar
85c
Jan
1 % Feb
l'%c Feb
5o Jan
20c Apr
80c Jan
2% Jan
29 44 Jan
1% May
55c Jan
5% Fob
1% Apr

THE

M ay 13 1922.]

S t o c k s ( C a r te l .)—

P ar.

F r id a y
W e e k 's R a n g e
la s t
o f P r ic e s,
S a le .
H ig h .
P r ic e . l o w .

S a le s
fo r
W eek.
S h a res.

R a n g e s in c e J a n .
Low .

3 10 7

C H R O N IC L E
1.

H ig h .

Quotations for Sundry Securities
r
a.
A ll b o n d s p r ic e s a r e “ a n d I n t e r e s t " e x c e p t w h e r e m a t k e d “ f . ”
a rc “ a n d I n te re s t" ex cep t

A s k . J<
B id .
9934 1 0 0 k
*21k 2 1 k O
1 0 2 k 103
5s 1961 o p t 1 9 3 1 . ..
1080 1100
10212,103k
99c
53 1952 o p t 1932 . . .
P re fe rre d _____________ 100 11334 115
3c
10434 1 0 5 k
3c
6 )48 1951 o p t 1931.
3
B o rn e S c ry m se r C o ..........100 370 : 90
51c
B a s is .'
R R . E q u ip m e n ts —
99
*98
B u ck ey e P ip e L in e C o ___50
5c
5.5 0 5 .2 0
A
200 205
C h eseb ro u g h M fg n e w . . 100
1
5 .6 0 5 .3 5
A
P re fe rre d n e w . ................100 109 112
6 .6 5 5 .3 5
B
C o n tin e n ta l O il.................. 100 143 146
5 .4 5 5 .0 0
37
B
B onds—
A pr
C re sc e n t P ip e L in e C o . . 50 *35
85
Jan
59
$5,00C
82
80
5 .5 0 5 .2 5
8 1 )i
E q u ip m e n t 6 s -----------------Allied P a c k c o n v det> 6s 39
A pr
C u m b e rla n d P ip e L in e . .1 0 0 140 145
64
Jan
50 X
62
8.00C
01
5 .6 0 5 .2 0
C e rtific a te s of d e p o s it .—
C
E u re k a P ip e L in e C o . . .1 0 0 100 103
9 6 )4 A p r
70
Feb
3 ,0 0 0
91
91
6 .0 0 5 .5 0
A llied P a c k 8s S er B w 1 39
60
C
58
G a le n a S ig n a l O il c o m . . . 100
2,000 100)4 J a n 103)4 M a y
5 .7 5 5 .4 0
103)4 103)4
A lum inum M frs 7 s . . . 1926
C
A pr
P re fe rre d o l d ................... 100 108 112
3 ,0 0 0 I 02 H F e b 106
5 .5 0 5 .2 0
________
lwoo 105)4 105)4 106
C
P re fe rre d n e w ..................100 102 105
9 9 )4 A p r
Feb
93
5 .6 0 5 .2 5
98 )4 98)4 9 9 .0 0 0
98)4
A m or C o tto n Oil 68 -1924
C
Illin o is P ip e L in e ...............100 190 194
J a n 107 )4 A pr
96
5 .5 0 5 .2 0
105)4 106)4 83 .0 0 0
A m er L ig h t A T r a c e s . 025
E q u ip m e n t 5 s .
•99 102
M ar
I n d ia n a P ip e L in e C o ___50
99 M J a n 101
6 .5 0 5 .7 0
Am er T e l A T e l 6 s ------1922 100)4 10 0 ) 4 100 Vs 5 6 .000
In te r n a tio n a l P e tr o l. (no p a r) * 2 1 k 2 1 k C
99)4 J a n 101 k A pr
5 .5 0 5 .2 0
101)4 101) 4 101)4 66.000
31
C.
M ay
•3 0
17.000 1 01) 4 J a n 103
6 .4 0 5 .7 0
102) 4 103
A m e ric a n T o b a c c o 7 8.1923
c
177 ISO
103)4 A pr
Jan
6.7 5 5 .4 0
A naconda C o p M in ?n 1929 103 K 103) 4 103)4 5 2.000 10 0 ) 4 J a n 100)4 M a y
C
107 109
96)4
5 .6 0 5 .2 0
10 0 )
43 4.000
100 Vs
X
n % n o tes S eries A . . 1929
C
*316 320
Feb
J a n 104
5.5 0 5 .0 0
A nglo-A m cr O il 7)4*- -1925 103) 4 103) 4 103)4 7 2.000 10 2 ) 4 J a n 104 X
32
C
•30
A pr
P e n n M ex F u e l C o _____ 25
5 .6 0 5 .2 5
445 .0 0 0 101) 4
104)4
A rm our A C o 7 % n o te s .'3 0 1 0 4 ) 4 10 1 )
E q u ip m e n t 6 s A 6 ) 4 s -----610 6 2 0
6 5)4 M a y
5 7)4 A p r
5.65 5 .2 0
63
65 )4 116,000
63
A tl G u lf A W I S 3 L 5s 1959
C
229 232
124.000 100 H J a n 105)4 M a y
5 .6 0 5 .4 0
B ethlehem S te e l 7 s — 1923 101) 4 104) 4 105
C
?60 370
103 H A p r
105.000 100)4 J a n
5 .5 0 5 .3 0
E q u ip m e n t 7 s . ------1935 102) 4 102) 4 103
L
xlOO 103
96
M ay
M ay
96
10.000
5 .9 0 5 .5 0
96
98
96
C a n a d a S 3 L in e s 7s w 1. 42
E
220 225
M ar
104)5 F eb 110
5 .6 0 5 .3 0
C a n a d ia n N a t R y s 7 a . 1935 109)4 108)4 109)4 2 4.000
65
C
63
9 9 )4 M a r
9 8 )4 M a y
5 60 5 .3 7
98 )4 98)4 111.000
9814
5s w I................. - - — 1925
• 1 1 2 k 1 13k! E
A pr
gs
F e b 100
5 .6 0 5 .2 0
C e n tra l S teel 8 s w I — - 1941 103) 4 103 X 104)4 2 3.000
*106*8 1 0 6 k I
9 9 )4 A pr
9 2 )4 M a r
5 .45 5 .2 0
9 7)4 98)4 15.000
98
C h a rc o al Iro n 8 s . -.1 9 3 1
E q u ip m e n t 7s A 6 H « -----560 570
72
M ay
6 9 )4 A p r
7 5.000
5 65 5 .4 0
71
71
C h M il A S t P franc 5s 1925
83
E
•8 2
A pr
98
Feb
87
1,000
5.50 5 .1 0
98
98
C itie s S erv dob 7s sor C .'6 6
I
I 190 200
M ar
49
Jan
22)4
10.000
5 .3 0
5.4
40
45
c o l O ra p h o p h o n e 8 s . . 1925
E q u ip m e n t 6s A 6 k s -----188k
M ar
, *188k
40
A pr
31
16,000
5 .6 0 5 .30
39
36
C e rtific a te s o f d e p o s i t . . .
) 115*4 I I 534 ; J
F e b 10 1 H J a n
5 .7 0 5.35
1 00) 4 101)4 15.000 101
"onsol G a s N Y 7s
1922
) 412 415 l I
J a n 105)4 M a y
102)4
5 .7 0 5 .35
C o n s G E L & P B a lt 7 s ’31 104)4 10 4 ) 4 105)4 68.000
A pr
) 465 475 1 E q u ip m e n t 6 M s A 7o-----99
Feb
94
12,000
6 .0 0 5 .50
98
99
98
C onsol T e x tile 8 s .......... 1941
r
) *116 118
Jan
J a n 103
12,000 101
5 .9 0 5.37
1 0 2 X 102)4
C o p p e r E x p A sail 8 S ..1 9 2 3
33 1 1
A pr
)
23
19.000 102) 4 J a n 103) 4
5 .7 5 5.35
102) 4 103
8% n o tes F e b 1 5 . . . 1924 102)4
102
E q u ip m e n t 6a A 6 k » -----M ar
) 1 96
6,000 10 3 ) 4 Fo b 105
6 9 0 5 .50
103) 4 104)4
8% n o te s F e b 15 — 1925
I
M ay
3 105 106
J a n 107
23.000 102)4
5 .6 0 5 .1 0
107
C u b a n T e l 1st 7 ) 4 s . . . l 9 4 l 106)4 106
3 42 5 43 0 1 J
1,000 100)4 J a n 101)4 A p r
5 .4 5 5 .2 5
101) 4 101)4
C u d a h y P ao k 7 s ............ 1923
E q u ip m e n t 6s A 7a.
30 '
3 *20
F e b 101 'A A pr
95
0 00 5 .6 0
100)4 62.000
Del A H u d C o 5 )4 h . . .1937 101)4 101
I1
101 X A p r
9 2 )4 M a r
5 .5 0 5 .0 0
E m p ire G a s & F uel (is . 1924 101)4 1 01) 4 101)4 133.000 102)4 F e b 1 0 4 ) 4 A p r
]
O t h e r O il S to c k s
5 .4 0 5 .2 0
103)4 104)4 45.000
F e d e ra l L a n d B a n k 5s 1941
E q u ip m e n t 6 a .
5 *115 117
M a y 100 H M ay
100
5 .4 5 5 .2 0
4 ) 4 s 1942 w 1---------------- 100)4 100 100 'A 173.000 100)4 A p r 115)4 M ay
3 165 170 ! ]
139.000
5 .5 0 5 .2 0
105) 4 112
F re e p o rt T e x a s C o 7 s . 1937 108)4
A pr
98
3 *13*;• 1 3 k 1
Feb
95
5 .4 0 5 .0 0
9 7)4 97)4 0 7.000
97 X
G a lr (R o b e rt) C o 7 s .tc .'3 7
A pr
> *151!! 17 11
M e x ic a n E a g le O il______
11.000 100) 4 J a n 104
5 .5 0 ' 5 .3 0
G a lena-S ignal O il 7 s . . 1930 103)4 103) 4 104
E q u ip m e n t 6 s .
A pr
3 • ------J a n 107
7 .000 102
5 .5 0 5 .2 0
105)4 106
1
G en e ra l A sp h n lt 8 s— 1930
J
96)4 J a n 100)4 A pr
56.000
5 .3 0 5 .1 0
99 )4 100)4
G oodrich (B F ) C o 78.1926 100)4
M ar
J a n 106
:
T o b a c c o S to c k s
26.000 102
5.75; 5 .5 0
105
106
G ra n d T r u n k l t y 6 )4 8 .1 9 3 8
70
|
10 4 ) M a y 4
3 65
J
5 .7 0 5 .5 0
4 16,000 102) 4 Fa n
104)4
G ulf O il C o ro 7 s ------- 193a 104)4 10 4 )
87
|
e b 1 0 5 ) 4 A pr
3 83
103)4
6 .0 0 5 60
104)
4 11,000
101)4
H e lm ( II J ) C o 7 s ------1920
250 il
F e b 103)4 M a y
0 220
1.000 100
5 .5 0 5 .1 0
102) 4 102)4
H o rsh e y C h o c o la te 7 ) 4 s '30
1
129 132
A pr
J a n 100
95
5.40- 5.15
9 7 ) 4 98)4 41.000
98
H ood R u b b e r 7% n o tes ’38
E q u ip m e n t 7 s ........................
17k
I *17
09)4 J a n 101)4 M a y
31.000
5 .7 0 5 .40
H u m b le Oil A R e f 7 s_ . 1923 101)4 1 0 1 ‘4 101)4 1270000
95
M ay
1 7 k 1 o u th e rn R y 4 k s , 6a A 68— 5 65 5 .30
Jan
1 *17
72
9 2)4 95
9 3)4
I n te r b R T 8s J P M re c ts .
14
11
T o le d o A O h io C e n tra l 6 s — .
99
M ay
Jan
76
C o n ley F o il ( n e w ) ..( n o p ar)
58.000
5 .3 5 5 .1 0
98
99
98
7 % n o te s ----------------- 1921
145 150
U n io n P a c ific 7 s ______
67
M ay
A pr
56)4
H elm e (O eo W ) C o . com . 100
5 .7 5 5 .4 0
6 2 )4 65)4 220.000
62)4
I n t A G r t N o r l t y 5 s . . 1914
V irg in ia n R y 6 s --------9 7 ) 4 A pr
95 )4 A p r
P re fe rre d ............ .............. 100 108 112
9 6 (4 96)4 9 0.000
98)4
K a n sa s G a s A E l 6s w 1 1926
•1234 13U
P u b l ic U t i l i t i e s
Im p e ria l T o b o f O B A Ire
3 3.000 101) 4 J a n 106)4 A p r
163
105)
4 108
K e n n e c o tt C o p p e r 7 0.1930
85
95
A m e r G a s A E leo, 00 m . . 60 158
M ar
99
96)4 M a r
J o h n so n T1 d Fo il A M e t. 100
46 k
98
98)4 26.000
K ings C o L tg 8M s w I
98 X
P re fe rre d ..............................60 •4 5 k 144
M ay
9 4 F e b 100
M a cA n d rew s A F o r b e s .. 100 103 106
90.000
9 9 )4 100
100
L aclede G ao L ig h t 7s
A m e r L ig h t A T ra o , c o m .100 142 100
9 8)4 A p r 101)4 A p r
57.000
P re fe rre d ........ ................... 100 96 100
9 8 ) 4 99
98
L lb b y M c N e lllA L lb b y 7 s '3 i
98)4
39
P re fe rre d ............................ 100
37
M a r 101)4 A pr
98 X
11.000
M e n g el C o ________
100
118
9 8)4 101
L lg g e tt-W ln c h este r 7s 1942 101
62
A m er P o w er A L t, e a r n . . 100 114
67
J a n 100
M ay
89
P o r to R lc a n -A m c r T o b . . 100
6 0,000
90
100
97)4
86 k 88
M a n ito b a P o w er 7 s . . . 1941
75
P re fe rre d ______________ 100
•6 5
M ay
S c r ip ..............................
2,000 102)4 J a n 107
17
105
105
14
M o rris A C o 7 )4 o .......... 1930
A m e r P u b lic U til, c o m . . 100
•6 5
75
A pr
92
M ar
98)4
R e y n o ld s (R J ) T o b a c c o . 25
35
97
97 )4 22,000
97
32
N a t A cm e C o 7)4 a— .1931
P re fe rre d ............................100
36
95
J a n 103)4 M a y
S c h u lte R e t. S to re s (no p ar) •34
5,000
N a t C lo ak A S u it 8 s . . 1930 103)4 1 0 3 ) 4 103)4
B la c k sto n e V a lO .A E .so m 50 <fr,8k 7 0 k
127 131
A pr
96)4 J a n 10
U n iv ersal Leaf T o b c o m . 100
99
100)4 22,000
99)4
43 | 4 6
N a tio n a l L e a th e r 8 s . . 1925
C a ro lin a Pow A L t , c o m . 100
9 8 )4 M a y
68)4 J a n
P re fe rre d _____________ 100 102 103
9 8 )4 133,000
234
97
97)4
« Y N H A H a r tf 4 s . . 1922
C itie s Serv ice C o . 00 m . . 100 232
85
80
85. M ay
72)4 A p r
Y oung (J S) C o ...................100
84 )4 85 i 6 7,000
85
6 5 k 66
600 fra n c b o n d s .................
P re fe rre d ............................100
98
92
M ar
92 )4 M a y
77
P re fe rre d ______ _______ 100
92
9 4)4 543,200
92
17
16
7 s w 1............................. 1925
C o lo rad o P o w er, c o m . . .1 0 0
78
M ay
64 )4 M a r
78
3050000
70
76)4
500 F r a n c bonds
8 4 k 88
P re fe rre d ..................
100
9 2)4 M a y
93
M ar
R u b b e r S to c k s ( C le t e l a n d v r Ire*)
9 2 )4 92)4! 171,000
33
92)4
N o r th A m er E d is o n Cs 1952
31
C o m 'w 'th P o w , R y A L t.1 0 0
82
75
A pr
F ire s to n e T ire A R u b .c o m . 10
68
65
P b lta E le c tric e s ------- 1941 103)4 103)4 103)4 67,000 100>» J a u 103)4 M a y
P r e fe r re d ........................-1 0 0
93
F e b 115
111
115
3 5 ,000 101
6 % p re fe rre d .................. 100
96
95
P h illip s P e tro l 7 k o . — 1031 115
91 " Elec B o n d A S h a re , p r e f . 100
90
99
A p r 103)4 M a y
7 % p re fe rre d ...................100
100)4 103)4 102,000
25
24
W ith o u t w a r r a n t s . - - - - - 103
F e d e ra l L ig h t A T r a o . . . 100
Feb
J a n 102
G e n 'l T ire A R u b , c o m . . 100 206 225
101) 4 101)4 10,000 1 0 1 X
74
72
P ro c te r & G a m b le 7 s . - 1923
P re fe rre d ..................
100
92 100
A pr
60,000
9 6 )4 F e b 104
P re fe rre d _____________ 100
101
102
P u b lic Berv C o rp 7* w 1 1941 101)4
2 1 k 23*2
M ississip p i R lv P o w .co m 100
12»4 1
95
M ay
95
M ay
1,000
95
95
G o o d y e a r T ire A R , c o m .100
81
80
R e m in g to n A rm s 6s w 1 37
P re fe rre d ............................ 100
95 X M ay
9 0 )4 M a y
96
9 6)4 32.000
P re fe rre d ............................100 3 6 !2 3 7 k
93
92
S t L A S a n F r a n 5)43 1942
73
F irs t M tg e 6 s, 1951—J A J
27.009
98 )4 M a y 1 0 0 ) 4 A p r
P rio r p re fe rre d ................100 72
9 8 ) 4 100
9 9)4
S a k s A C o s f 7s - - . 1 9 4 2
8 f g d e b 7s 1 9 3 6 . . . M A N 100 102
75
9 8 )4 J a n 101) 4 A pr G o o d y e a r T A R of C a n pf 100
11
*10
S e a rs , R o eb u ck A C o 7s 22 1 0 0 ) 4 1 0 0 ) 4 100)4 29.000
8 5 * N o rth e rn O h io E le o .(n o p a r)
82
102
A pr
97
101)4 4 0.000
M ille r R u b b e r .....................100
40
7 y , ser n o te s .- O c t 16 23 101) 4 101
38
95
P re fe rre d _____ ________ 100
94
105
A pr
P re fe rre d . — ............
101) 4 103) 4 104)4 11.000 101
90
88
dhaw shecn M ills
94
N o r tn ’n S ta te s P o w , 00 m . 100
106)4 M a y
10 4 ) 4 105)4 31.000 102)4
M o h a w k R u b b e r ------------100 88
93
flo lv a y A C le 8 s . . . — .1 9 2 7 105
91
35
P re fe rre d ...........................100
103)4 A p r
S w ln e h a rt T ire A R ,c o m . 100
97
S o u th w Bell T e lep 78.1926 10 2 ) 4 102) 4 102)4 48.000 100)4
94
N o r T e x a s E lec C o , c o m . 100
Jan
85
S ta n d Oil of N Y d e b 6 )4 s 33 106)4 106)4 106)4 19.000 106)4 M a r l o a n
83
P re fe rre d ______________100
A pr
J a n 106
106
106
8,000 104
S u g a r S to c k s
7 % s e r g old d e b . - -- 1 9 2 5
88
87
•14
18 'P a c ific G a s A E l. 1st p ref 100
Jan
106
9 .0 0 0 104
Jan
105) 4 106
C a ra c a s S u g a r .......................50
44
7% aerial gold d e b . . 1926
P u g e t S o u n d P o w A L t . . 100 4 2
69
Jan
7 .0 0 0
C e n t A g u irre S u g a r c o m . 20 •6 7
10 5 )
4 105)4 1 0 4 k F e b 106 k
83
81
7 % ser gold
6 % p r e f e r re d _________100
• *4
lk
7 .000 106
F e b 1 06) 4 J a n
1 06) 4 106)4
C e n tra l S u g a r C o rp .(n o p ar)
7% serial gold d e b . .1928
7 % p re fe rre d _________ 100 103 104
4
2
J a n 4 P re fe rre d _____ ________ 100
106)
4 6.000 105)4 M a r 1 0 7 )
107
7 % se ria l gold d e b . . 1929
104 k 106
G en M 7 k s 1 9 4 1 ...M A N
60
40
F eb
3 .000 106
A p r 108 k
1 0 7 ) 4 107)4
C u p e y S u g a r c o m m o n .. . 100
7% se ria l gold d o b . .1 9 3 0
16 k 17 k
R e p u b lic R y A L i g h t . . . 100
50
70
109)4 20.000 107)4 M a r, 1 1 0 k J a n
P re fe rre d _____________ 100
60
7% eer gold d e b . — 1931 109 M 109
47
P re fe rre d ...................... . . 1 0 0
60
58
108
109)4 11,000 100)4 J a n 1 1n o 'k M a y
, 09 '
F a ja rd o S u g a r __________ 100
S te w a rt W a rn e r 8 s ------1926
9 7 k 101
S o u th C a lif E d is o n , 00 m . 100
7 .0 0 0
F e d e ra l S u g a r R e f, c o m . 100 100 106
9 8 k J a n 101)4 M a y
S u n C o 7 a . . . .................. } «3i 101)4 101) 4 101)4
P re fe rre d .......... .................100 114 117
100 105
Ja n 1 0 1 k Jan
101) 4 101)4 4 3.000 100 k
P re fe rre d ............................100
18
S w ift A C o 7 8 —
- 1 9 2 6 101)4
S ta n d a rd G a s A E l (D e l). 60 •17
19
102) 4 102)4 2 3.000 101
J a n 103 k A p r
G o d c h a u x Su g In o — (no p a r) •16
47
7a
.............A ug 15 1931
P re fe rre d ............................. 60 •4 6
80
70
P re fe rre d ............................ 100
21k
2
T e x a s C o 7 % n o t e s . . . 1923 101)4 101)4 101)4 4 1.000 100)4 F e b 102 k A p r
T e n n e s s e e R y . L A P ,c o m .100
189 190
A pr
103
103)4 2 8.000
103
J a n 104 k
99 H
G r e a t W e ste rn S u g . c o m . 100
T i d a l O sa g e O il 7 s ------1931
1 7 k 18
P re fe rre d ....................— 100
13.000 103)4 J a n 107)4 M a y
P re fe rre d ............................100 101 106
68
64
T o le d o E d iso n G o 7s w 1941 106)4 106)4 107
U n ite d L t A R y s , c o m . . . 100
16
M ay
101)4 121,000 101
M a y 102
H o lly Su g C o rp .co m (no p ar) *13
82
U n io n Oil of C a l 6 s — 1942 101)4 101
80
1st p re fe rre d __________ 100
45
40
A pr
108
108)4 111.000
90
Fo b 110
P re fe rre d ............................100
U n ite d O il P ro d u c e rs 8s 31 108)4
31 k 32
100
W e ste rn P o w er C o r p ------100
50
A pr
105
105)4 3 7.000 100
J a n 108
J u n c o s C e n tra l S u g a r — 100
U n ite d R y s o f H a v 7)4* 36
7 8 k 80
P re fe rre d ............................100
5 1.000 106
J a n 107 k F e b
N a tio n a l S u g a r R e fin in g . 100 135 137
106)4 106)4 107
V a c u u m O il 7 s ------------1936
16
S h o r t T e r m S e c u r i t ie s — P e r C e n t
13
99 k M a y
9 9 ) 4 9 9)4
2.000
9 9 )4 M a y
S a n taC e cllla S u g C o rp .p f.lO O
99 )4
V a lv o lln e O U 6 sS e r A w l . 37
98k
98
Am C o t O il 6s 1924. .M A S 2
37
33
9 9 )4 100
54.000
94 k
F eb 1 0 0 k A pr
99)4
S a v a n n a h S u g , c o m .( n o p ar)
W a rn e r S u g R e f 7s w 11941
A m er T e l A T e l 6s 19 2 4 .F A A 101 U 101*2
84
87
108)4 38 ,7 0 0 103)4 J a n
109 k M ar
108)4 108
P r e f e r r e d . . ....................... 100
W e s te rn S ta te s O A E 6s'47
6 % n o te s 1922.............AA O l o o k 100k
100
60
101)4 80.00C
9bx
M ar 1 0 1 k M ay
W e st In d ia S u g F in , c o m . 100
W in c h R e p e a t A r'm s7)4s,41 101)4 101
Am T o b 7% n o tes '2 3 .M A N 102^4 103
65
55
P re fe rre d ............................100
A n a c o n d a C o p M In 6 a '2 9 .J A J 100U 100*2
I n d u s t r i a l& M ls c e ll a n e o u s
F o r e ig n G o v e r n m e n t
78 1929 Series B .......... J A J 103*4 103*2
A m erican H a rd w a re ------100 164
a n d M u n ic i p a li ti e s .
A nglo-A m er O il 7 H a '2 5 AAO 103*2 10334
50
99 )4 100)4 262,000
Ja n 1 0 0 k A pr
07
A m er T y p e fo u n d ers.c o m . 100
A rg e n tin e N a tio n 7 s . . 1923 100)4
A r m 'rA C o 7 s J u ly l5 '3 0 J A J 1 6 10438 1 0 4 k
100
M ay
90
98 )4 100
193.000
98
M ay
98)4
P re fe rre d ............................ 100
B razil (U S o f) C o ffe e 7 )4 s ’52
D e b 6s J 'n e 15 '2 2 . J A D 16 100
98 )4 99
99
M ay
9 .0 0 0
9 8 )4 M a y
B liss (E W ) C o , n e w .(n o p ar) *30
7>4s (£500) w 1........... 1952
D e b 6s J ’ne 1 5 '2 3 .J A D 1 5 100
98)4 98)4 18,000
98 k M a y
9 8 k M ay
P re fe rre d ........................... 60 •56
7 )4 s (£1 ,0 0 0 ) w 1 — 1952
D e b 6s J 'n e 15 '2 4 .J A D 1 5 100
106
M ay
100
100
3 .000 100
M a y 100
B o rd e n C o m p a n y . c o m . . 100
B ra z illa u T r , L A P 6 s . . . .
B e th S t 7% J u ly 15'2 3 JA J1 5 104*4 104k
99
95 k M a y
95)4 95)4 10,000
9 5 )4 M a y
P re fe rre d ............................100
B u e n o s A ires (C ity ) 6s 1926
C a n a d ia n P a c fis 1924.M A S2 101*4 101k
105
6 k A pr
5 ) 4 5)4 0105000
4 )4 A pr
5H
C ellu lo id C o m p a n y .......... 100
A Elborfeld 5 s .......... .1932-52
F e d e ra l8 u g R e f 6 s '2 4 .M A N 100 100k
57)4 57)4 0 5 .0 0 0
Jau
46
6 1 k A pr
C h ild s C o , c o m .......... . . . 1 0 0 109
F re n c h G o v t 4 s --------- 1943
9978 100*8
G o o d r1 ch (B P )C o 7s'25.A A O
M ar
77
77
2.000
80
77
M ay
P re fe rre d ...................... . . 1 0 0 105
5 s ..........................
1980
H o ck in g V alley 6 s 1924 .MAS 1 0 0 k 100k
J a il
101
2,000
6 )4 6 )
6 )4 M a y
9k
d u P o n t ( E I ) d e N em A C o . 100
6)4
^ H a m b u r g A m c r4 ) 4 s
99*2
98
In te rb o ro R T 7s 1 9 2 1 .M A S
79
45
A pr
4 5 )4 4 7 ) 368.000
45)
62 k A pr
D e b e n tu re s to c k ..........100
M exico 4 s ......................... 1040
K C T e rm R y 6s '2 3 .M A N 1 5 101 101k
M ay
20.000 103)4 M a r 105
103)4 105
H a v a n a T o b a c c o G o ____100
Philippine G o v t 6s------19o2
102 104
6 k s J u ly 1931----------- J A J
M ay
2,000 103)4 J a n 108
107)4 107)4
P re fe rre d ............................100
5 U s .................................1941
. ,.
. 7s
L acled e G a s -r.. J a n 'Ofl .F A A
’2 9 "VAr A 9 9 k 9 9 k
A pr
23
26
12.000
30k
1 3 k Jan
1st g 6s, J u n e 1 1 9 2 2 .J A D
25)4
R u ssian G o v t 6 )4 * — 1919
8 8 k 89
65
L ehigh Pow Sec 6s ’2 7 .F A A
A pr
60
19
23)4 3 2.000
26 k
1 3 k Jan
In te r n a tio n a l S a lt.............100
19)4
C e rtific a te s .....................95
93
Sloes S heff 8 A 1 «s '2 9 .F A A
A pr
28
20
22)4 22.000
13)4 J a n
I n te r n a tio n a l S liv e r, p ref 100 • 9 4 k 9 7
21
5 ) 4 s ................................. 1921
8w1ft A C o 7 % 1 9 2 5 .A A 0 1 6 101k 101k
77
A pr
80
1,000
20
20
15 k F e b
26 k
L ehigh V alley C o al S ales. 50
C e r tif ic a te s ...............
1 0 .k 102k
170 1 8 0
A pr
7 % n o tes Aug 15 1 9 3 1 ...
25 ,0 0 0
0
4 )4 M a r
5)4
5)4
P h e lp s D o d g e C o r p .......... 100
5 )4 s 1926 F A A -------T e x a s C o 7s 1 9 2 3 ...........MAS 101 k 101k
88 k A p r
R o y a l B a k in g P o w , c o m . 100 100 1 0 7
85)4 85)4 110.000 86 k M a r
85)4
S olssons (C ity ) F ra n c 6s '36
U 8 R u b b e r 7 k » 1 9 3 0 .FAA 107 14 108
91
94
95 k
J a n 107 k M a r
P re fe rre d ............................100
S w itz e rla n d G o v t 6)48 1029 102)4 102 k 1 0 2 k 1178,000
99
U ta h Sec C o rp 6 s'2 2 .M A S 1 5 100 100k
97
S in g er M a n u fa c tu rin g ___100
W ent Eleo co n v 7s 1926.A A O 108 1 08k
♦ N o p a r v a lu e
t O dd lo ts . I L iste d on th e S to o k E x c h a n g e th is w eek, w here
a d d itio n a l tra n s a c tio n s will be fo u n d . 0 N ew s to c k , w W hen Issu ed , s E x -d lv l• P e r share,
Basis.
Purchaser also pays accrued dividend,
New Stock<tt«nd. y E x -rtg h ts . t E x-sto ck d iv id e n d , t D o lla rs p e r 1,000 lire; f la t. { D o lla rs
Flat price.
Last sale, a Nominal. cEx-dlv.
Ex-rtghU. Ex-stock dlv.
1,000 p e r m a r k s , g M a rk s . * C o rre c tio n .

V olcano M in in g -----------W e st D o m e C o n s o l-----W est E n d C o n so lid a te d 5
W h ite C a p E x te n sio n ._ 1 0 c
Y ellow P in e M in in g --------Y e rrtn g to n C o n s o lid a te d .
Y u k o n G o ld C o . . . .............5




46c

44c
14c
95c
3c
51c
3c
1

47c
15c

17,000
24,000
7 ,300
6,100
1,000
18,000
500

44c
14c
70o
2c
51c
2c
96c

M ar
M ay
Fob
A pr
M ay
A pr
A pr

55c
15c
1%
3c
51c
5c

M ar
A pr
M ar
Apr
M ay
M ay
1)4 J a n

S t a n d a r d O il S t o c k s

P a r,

100

2

h

*

t

t

e

2108

S
i
RAILROAD GROSS EARNINGS

T h e fo llo w in g table sh ow s th e gross earnings of variou s S T E A M roads from w h ich regular w eek ly or m o n th ly returns
. can be o b ta in ed . T h e first tw o colu m n s of figures g iv e th e gross earnings for th e la te st w eek or m o n th , and th e la st tw o
colu m n s th e earn in gs for th e period from J a n . 1 to and in clu d in g th e la te st w eek or m o n th . The returns of the electric railways

are brought together separately on a subsequent page.
ROADS. .

Latest Gross Earnings.
Week or
Month.

Current
Year.

Previous
Year.

Jan . 1

to Latest Date.

Current
Year.
$

$

ROADS.

Previous
Year.

A k ro n C a n t& Y o u n j% a rc h
M
1 8 6 ,9 6 3
93+7 3
5 0 1 .5 0
2 6 6 .4 3 3
A la b a m a & V ic k s b M a r c h
2 6 1 ,4 4 3
2 7 7 ,6 0 .
7 3 1 ,1 1 ,
8 5 9 ,4 0 1
A n n A r b o r . . _____ 2 d w k A p
8 5 .4 7 ,
9 0 ,2 7
1 .3 3 5 .7 0 ) 1 ,2 7 6 ,2 5 5
A tc h T o p e k a & S F M a rc h
1 4 2 0 1 6 2 , 1 5 1 8 5 2 6 1 3 8 .9 7 5 .7 2 5 4 4 ,4 0 5 ,0 0 3
G u lf C o lo & 8 F e M a r c h
1 , 7 1 7 , 9 8 5 2 , 3 7 2 ,0 2 !
4 ,8 3 1 ,0 7 7 7 ,0 0 0 ,9 2 5
P a n h a n d le S F e . M a rc h
6 2 9 ,5 2 ,
7 5 8 ,8 8 1
1 ,6 8 8 ,1 4 i 2 ,0 7 7 ,0 4 6
A tla n ta B irm & A tl M a rc h
3 3 8 ,5 1 1
1 3 2 ,3 5 1
8 8 6 .3 5
8 0 7 ,5 4 3
A tla n ta & W e st P t M a rc h
1 7 9 ,4 7 '
2 2 5 ,3 4 1
5 2 1 ,0 4 7
6 4 1 ,4 1 0
A t l a n t i c C i t y ___
M a rc h
2 8 5 ,34(
3 0 1 .3 5 ;
7 2 2 ,08(
7 0 5 ,2 0 2
A tla n tic C o a s t L in e M a rc h
7 ,0 8 1 ,0 4 ' 7 ,0 9 4 ,1 3
1 8 ,4 0 2 ,3 7 1 1 9 . 9 6 3 .5 0 4
B a ltim o r e & O h io .. M a rc h
1 8 6 1 4 741 1 6 2 1 7 3 9 1 4 7 ,9 1 8 ,1 8 1 4 8 , 2 3 8 , 9 1 0
B & O C h T e r m .. M a rc h
2 6 8 .1 7 1
2 2 0 ,9 0 1
6 7 8 ,7 8 1
6 1 4 ,6 8 2
B a n g o r & A r o o s to o i M a r c h
7 4 6 ,1 4 !
9 1 2 ,5 3 1
2 ,1 1 4 ,3 8 4
2 ,2 8 9 ,1 8 !
B o lle f o n to C e n t r a l . . M a r c h
8 ,2 8 1
6 ,8 7 ‘
2 1 ,8 5 1
2 0 ,9 4 9
B e lt B y o f C h ic a g o . M a rc h
5 5 4 .1 7 2
4 3 1 ,0 3 !
1 ,4 8 6 ,2 2 '
1 ,2 6 1 ,2 0 5
B e s s e m e r & L E rie . M a rc h
7 7 5 ,1 6 ! :
6 5 4 . 7 5 ,'
1 .9 1 4 .3 5 0
2 ,5 1 3 ,6 5 2
B i n g h a m & G a r f ie lc M a r c h
1 1 ,1 6 2
2 3 ,5 5 1
3 0 ,6 6 ;
6 7 ,6 4 6
B o s t o n & M a i n e ___ M a r c h
6 , 8 6 2 ,6 6 4 6 . 3 9 4 , 8 1 ! 1 8 , 5 5 7 , 9 6 ; 1 8 , 2 9 3 , 8 3 8
B k ly n E D T e r m . . . M a rc h
1 6 9 .5 9 4
1 4 8 .5 3 1
3 3 8 ,0 3 1
4 1 1 ,6 7 i
B u f f R o c h & P itts b .. 1s t w k M a j
2 2 3 ,6 9 4
2 7 9 ,2 7 !
2 , 9 8 9 ,1 9 . ' 2 . 6 5 6 . 2 7 4
B u ffa lo & S u s q .
. . M a rc n
1 8 3 ,6 2 -:
1 7 4 ,2 0 7
5 3 8 ,4 0 1
6 2 1 .8 8 6
C a n a d i a n N a t R y s . 1 s t w k M a y 2 , 2 7 8 ,2 7 7 1 , 8 4 8 , 4 2 ! 3 5 ,8 5 7 ,9 5 - 5 4 3 , 0 7 5 ,6 5 1
C a n a d i a n P a c i f i c ___ 1 s t w k M a y 2 , 8 4 2 ,0 0 0 2 , 9 2 5 ,0 0 1 5 0 ,3 9 0 ,0 0 1 5 7 , 4 0 4 , 0 0 0
C a r o C lin c h & O h io . M a r c h
6 7 9 .1 3 6
5 8 0 .4 1 S
1 .8 6 1 ,3 4 ! :
1 .7 5 3 .2 7 5
C e n tr a l o f G e o r g ia . . M a rc h
1 , 9 8 2 ,4 6 5 2 , 0 1 8 , 2 9 ; 5 , 1 3 6 , 5 5 £ 5 . 5 9 3 . 5 0 4
C e n tra l R R o f N J . . M a rc h
4 . 8 9 5 ,7 1 8 4 , 2 5 9 , 0 1 9 1 2 ,9 1 0 ,6 4 1 1 2 , 2 7 1 ,4 0 1
C e n t N ew E n g la n d . M a rc h
7 7 8 ,8 0 5
8 2 2 ,0 2 5
1 , 9 2 2 ,0 4 7 2 , 1 9 6 , 2 4 2
C e n t r a l V e r m o n t ___ M a r c h
5 7 0 ,5 0 4
5 4 9 ,6 0 7
1 ,5 2 2 ,0 5 0
1 ,4 7 3 ,8 8 5
C h a r l e s t o n & W C a r 'M a r c h
3 5 1 ,2 2 7
3 3 4 ,1 1 7
8 3 9 ,1 4 1
8 4 8 ,4 6 4
C h e s & O h io L i n e s . . M a r c h
7 , 8 3 2 , 2 9 6 6 , 3 6 7 , 3 4 4 2 0 . 7 0 2 , 4 8 3 1 8 , 7 6 4 .5 3 1
C h i c a g o & A l t o n ___ 'M a r c h
2 .7 6 3 ,5 2 5 2 ,4 6 3 ,8 3 1
7 ,7 5 2 ,4 4 4
7 ,2 4 8 ,3 5 8
C h ic B u r l & Q u in c y M a rc h
1 3 9 6 9 6 3 0 1 3 7 5 3 2 7 8 3 7 ,7 1 4 ,2 4 6 3 9 ,8 7 9 ,7 5 0
C h i c a g o & E a s t 1 11. . M a r c h
2 ,2 9 4 ,6 7 9 2 ,1 1 9 ,2 6 4 6 ,4 3 6 ,2 3 2 6 ,7 9 2 ,8 8 0
C h ic a g o G r e a t W e s t M a rc h
1 ,9 9 7 ,2 9 4 2 ,0 6 0 ,5 2 6 5 ,3 7 3 ,1 3 1 5 ,9 0 9 ,4 6 6
C h ic I n d & L o u i s v .. M a rc h
1 ,3 9 7 ,6 8 5 1 ,2 6 6 ,4 9 8 3 ,7 4 8 ,2 3 5 3 ,5 8 6 ,9 4 1
C h ic a g o J u n c ti o n . . M a rc h
4 3 9 ,5 1 2
4 8 1 ,1 6 6
1 ,3 0 7 ,9 6 0 1 ,2 3 5 ,7 1 7
C h ic M ih v & S t P a u l M a rc h
1 3 3 6 4 8 3 6 1 1 9 9 5 6 8 1 3 4 ,6 3 9 ,8 5 8 3 3 ,7 3 5 ,5 8 2
C h ic & N o r th W e s t. M a rc h
1 1 6 9 8 4 8 4 1 2 3 5 3 7 3 4 3 1 ,5 7 0 ,3 6 5 3 4 .8 0 0 ,2 0 7
C h ic P e o ria & S t L . F e b ru a ry
2 0 2 .9 4 3
1 5 0 ,1 2 3
3 9 4 ,1 2 0
3 3 4 ,0 6 3
C h ic R I & P a c if ic .. M a rc h
9 , 8 0 7 , 0 9 0 1 1 2 6 1 7 6 0 2 6 , 9 0 8 ,0 4 1 3 1 , 0 9 7 , 3 2 7
C h ic R I & G u lf . . M a rc h
6 0 7 ,8 0 2
4 6 4 ,8 7 0
1 ,3 7 1 ,9 8 3 .1 ,7 4 9 ,8 7 8
C h ic S t P M & O m . M a rc h
2 ,4 0 4 ,9 4 0 2 ,4 2 2 ,6 3 3 6 ,2 9 8 ,6 0 8 6 ,8 8 7 ,4 6 9
C in e I n d & W e s te rn M a rc h
3 5 5 ,3 1 1
2 8 6 ,5 6 5 1 ,0 2 4 ,8 0 6
8 2 9 ,1 2 7
C o l o & S o u t h e r n ___ 4 t h w k A p r
5 0 2 ,8 1 6
6 5 1 ,0 0 0 7 ,1 0 7 ,6 5 0 8 ,6 8 6 ,2 7 0
F t W & D en C ity . M a rc h
7 7 6 ,5 2 6
9 3 7 ,7 3 0 2 ,1 2 8 ,3 6 4 2 ,7 4 3 ,2 3 5
T r in & B ra z o s V al M a rc h
2 9 1 ,4 7 3
1 9 5 .5 9 8 1 .0 8 3 .0 7 2
6 1 6 ,4 6 9
W ic h ita V a l l e y . .. M a rc h
1 0 0 ,6 4 5
1 7 0 .1 7 0
4 4 9 ,9 8 2
2 9 9 ,4 5 8
C u m b V a il & M a r t . M a rc h
1 0 1 ,3 8 8
9 0 ,1 4 8
3 5 0 ,0 8 9
2 9 3 .7 0 6
D e la w a re & H u d s o n M a rc h
4 , 1 1 9 , 2 7 4 3 , 6 3 0 , 5 5 5 1 1 , 3 4 0 ,8 8 3 1 1 , 2 9 1 , 3 1 8
D e l L a c k & W e ste rn M a rc h
7 . 0 8 4 . 5 3 6 7 . 1 2 7 . 0 8 4 1 9 , 3 5 1 .0 7 6 2 0 , 2 3 0 . 9 4 5
D e n v & R io G r a n d e M a rc h
2 ,4 6 8 ,2 0 0 2 ,3 7 1 ,2 2 1 7 ,0 1 4 ,2 9 2 7 ,7 6 5 .7 0 7
D e n v e r & S a lt L a k e M a rc h
1 9 2 ,5 2 5
1 9 7 ,8 3 5
5 6 7 ,4 4 5
4 4 1 ,9 7 5
D e tro it & M a c k in a c M a rc h
1 6 9 ,6 8 3
1 4 3 ,0 3 6
3 3 8 ,2 5 3
4 1 0 ,9 1 0
D e tro it T o l & I r o n t. M a rc h
7 6 6 ,7 5 0
4 2 3 ,8 3 7
1 , 8 2 2 ,7 7 2
8 6 2 ,4 3 4
D e t & T o l S h o re L . . M a rc h
2 1 7 ,6 0 3
3 8 1 ,8 1 0
1 ,0 1 1 ,0 6 6
6 0 8 ,4 4 7
D u l & Iro n R a n g e .. M a rc h
1 2 4 .3 4 7
2 4 7 ,8 1 0
3 1 7 ,4 1 7
7 0 7 ,0 7 8
D u l M is s a b e & N o r . M a rc h
1 5 3 ,1 2 5
2 2 2 ,4 7 1
3 7 7 ,8 1 0
6 4 7 ,6 5 1
D u l S o u S h o re & A tl 4 th w k A p r
1 7 4 .2 2 1
1 0 6 ,5 3 0
1 , 1 5 8 ,7 2 4
1 , 5 8 0 ,7 8 1
D u l u t h W in n & P a c M a r c h
1 6 5 .9 0 2
2 8 8 .1 7 1
4 8 2 .3 2 9
9 3 7 ,3 1 8
E a s t S t L o u is C o n n . M a rc h
2 6 3 .3 3 3
1 7 8 .4 6 1
5 2 6 ,4 4 8
4 3 5 ,2 3 6
E a s te rn S S L in e s .. M a rc h
2 6 9 ,8 4 3
2 0 0 ,2 9 8
7 3 9 ,5 0 8
5 2 5 .3 1 3
E lg in J o lie t & E a s t . M a rc h
2 ,0 9 2 ,4 1 9 1 ,6 5 3 ,2 7 7 5 ,2 0 4 ,4 2 5 6 ,4 1 2 ,5 9 7
E l F a so & S o u W e st M a rc h
8 8 3 , 8 1 5 1 . 0 4 4 .5 4 9 2 , 4 2 4 , 3 0 5 3 , 1 6 1 . 8 9 7
E r i e R a i l r o a d ________ M a r c h
9 ,0 5 5 ,1 2 8 8 .4 0 9 ,1 7 3 2 3 ,8 9 0 ,4 5 6 2 4 ,8 9 4 .1 8 7
C h ic a g o & E r i e . . M a rc h
9 8 4 . 3 4 7 1 , 0 1 3 ,2 9 1 2 , 6 7 7 , 2 6 3 2 , 6 8 5 , 2 5 0
N J & N Y R R ___ M a r c h
1 2 5 ,8 9 6
1 1 8 .4 6 2
3 5 4 ,4 0 3
3 4 0 ,3 8 2
F lo rid a E a s t C o a s t. M a rc h
1 , 7 4 9 ,4 7 3 1 , 6 1 1 ,0 7 8 4 , 4 0 2 , 1 5 8 4 , 8 3 1 , 2 9 0
F o n d a J o h n s & G lo v M a rc h
1 2 7 ,5 4 2
1 2 3 ,0 7 0
3 6 5 ,3 8 8
3 3 7 ,6 1 8
F t S m ith & W e s te rn M a rc h
1 2 7 ,6 3 6
1 5 5 ,8 2 7
4 8 2 .0 6 9
3 4 4 ,4 8 0
G a l v e s t o n W h a r f ___ M a r c h
1 6 5 ,8 9 0
1 9 4 .0 6 2
3 7 1 .8 2 8
6 3 8 ,3 6 4
G e o r g i a R a i l r o a d ___ M a r c h
4 1 6 ,5 1 2
4 9 0 , 8 7 8 1 , 0 9 6 ,9 2 9 1 , 3 3 9 , 0 4 9
G e o rg ia & F l o r i d a .. M a rc n
1 2 5 .9 0 2
1 4 5 ,5 4 3
3 1 9 ,0 5 4
3 4 1 ,9 6 3
G r a n d T r u n k S y s t . . 1 s t w k M a y 1 ,6 5 6 ,7 3 1 1 , 7 8 8 ,3 1 0 3 1 , 8 7 7 , 9 0 7 3 3 , 5 2 1 ,1 1 1
A tl & S t L aw re n c e M a rc h
3 0 3 ,6 6 6
2 6 5 ,8 7 5
9 0 3 ,9 1 6
9 7 9 ,0 0 8
C h D e tC a n G T J c t M a rc h
2 3 3 ,7 6 5
1 8 3 ,2 0 0
6 1 6 .0 7 0
5 6 9 ,9 0 4
D e t G I I & M ilw . M a rc h
4 1 5 ,6 4 0
3 0 9 , 9 3 2 1 , 0 6 0 ,9 2 3
9 4 6 ,8 8 6
G ra n d T rk W e s t. M a rc h
1 ,2 1 3 ,0 9 5
7 7 0 , 2 7 9 3 , 3 0 6 , 5 1 7 3 , 0 3 • ,3 7 9
G r e a t N o r th S y s te m M a rc h
7 , 5 5 7 ,4 6 1 7 , 0 6 9 , 7 3 3 1 9 . 1 5 7 .3 0 6 1 9 , 2 1 3 ,4 5 5
G re e n B a y & W e s t- M a rc h
1 4 7 ,8 1 4
1 3 1 ,7 7 1
3 5 1 ,3 1 2
3 6 5 ,8 0 1
G u l f M o b ile & N o r . M a rc h
3 7 3 ,3 3 6
3 4 4 , 3 0 8 1 , 0 1 7 ,3 0 1
1 ,0 7 1 ,4 3 6
G u l f & S h ip I s l a n d . M a rc h
2 3 9 ,7 3 6
2 5 3 ,1 8 7
6 7 4 ,6 8 0
7 1 0 ,2 1 4
H o c k i n g V a l l e y _____ M a r c h
1 ,2 2 9 ,3 3 5
8 8 3 ,2 3 7 3 ,2 2 6 ,5 7 2 2 ,5 3 6 ,0 5 8
I l l i n o i s C e n t r a l _____ M a r c h
1 2 2 7 7 3 1 5 1 1 3 7 8 7 6 3 3 4 , 9 9 2 ,4 1 6 3 5 , 0 4 4 .1 9 2
I n t e r n a t & G r t N o r . M a rc h
1 ,0 9 7 ,5 3 2 1 ,4 9 9 ,4 4 5 3 ,1 3 5 ,5 5 2 4 ,6 5 7 ,3 5 6
I n te r n a t I ty o f M e . . M a rc h
3 2 1 ,7 0 0
3 7 2 ,2 4 6
8 6 6 ,6 2 2 1 ,0 6 6 ,5 6 7
K a n C ity M e x & O r M a rc h
1 1 0 ,4 0 0
1 6 4 ,2 7 1
3 3 1 ,2 3 9
4 1 8 ,9 9 1
K C M e x & O o f T e x V la rc h
1 4 5 ,9 8 1
1 8 8 ,0 6 0
3 6 5 ,6 9 9
4 9 1 ,7 0 0
K a n s a s C ity S o u t h . M a rc h
1 , 5 9 4 ,5 5 0 1 , 6 0 4 ,0 2 1 4 , 3 1 0 , 4 7 5 5 , 0 1 0 , 4 2 1
T e x a r k & F t S m . . V la rc h
1 3 4 ,3 0 9
2 0 6 ,2 7 3
4 7 8 ,1 4 1
5 9 5 ,2 2 3
T o t a l s y s t e m _____ M a r c h
I,
1 ,7 2 8 ,,75 9
8 0 8 8 4 0 4 ,7 8 8 ,6 1 6 5 ,5 8 5 ,7 9 7
K a n s a s O k la & G u lf M a rc h
2 4 9 ,5 4 9
1 8 4 ,3 7 7
6 4 7 ,3 8 5
6 9 1 ,8 8 3
L a k e S u p & I s h p e m . M a rc h
3 ,4 0 2
6 ,9 7 7
6 ,3 8 9
2 4 ,6 7 8
L a k e T e r m i n a l R y _ _ M a rc h
1 0 3 .3 3 4
1 2 7 ,2 4 8
2 7 2 ,7 0 4
4 0 3 .9 9 7
L e h ig h & H u d R iv e r M a rc h
2 7 2 ,7 8 5
2 8 2 ,5 1 3
7 0 1 ,6 8 7
7 9 5 ,9 2 8
L e h ig h & N e w E n g . M a rc h
4 7 2 ,1 3 9
3 6 1 ,4 0 2 1 ,2 1 3 ,9 7 4
9 8 7 ,8 4 6
L e h i g h V a l l o y ............. M a r c h
J , 7 3 2 , 2 3 9 5 .0 6 9 .0 8 5 1 7 ,2 6 0 ,5 3 8 1 7 , 6 2 2 ,8 7 5
L o s A n g & S a lt L a k e M a rc h
1 .5 7 3 ,5 8 8 1 . 7 6 8 ,5 1 4 4 . 4 1 4 . 3 0 6 4 , 9 6 3 , 8 2 2
L o u is ia n a & A r k a n . M a rc h
2 8 3 ,3 9 1
2 6 5 ,2 7 6
7 3 9 ,3 3 1
8 6 9 ,1 1 1
L o u is ia n a R y & N a v M a rc h
3 1 8 ,7 6 1
3 3 3 ,8 8 2
8 0 7 ,9 0 5
9 7 4 ,9 9 5
L o u is v ille & N a s h v . M a rc h
1 0 6 3 4 3 1 9 1 0 0 2 7 7 0 4 2 8 , 3 1 2 ,3 8 7 1 8 , 6 9 0 ,0 6 5
L o u is v H e n d & S t L M a rc h
2 5 1 ,4 8 8
2 5 8 ,1 8 0
6 6 4 ,6 4 6
7 3 7 ,0 4 7
M a i n e C e n t r a l ___ _
_ M a rc h
, 8 5 4 , 3 0 9 1 .9 5 8 .0 8 6 4 , 9 2 7 , 7 5 5 5 , 6 5 8 , 1 3 8
M i d l a n d V a l l e y _____ M a r c h
3 7 9 ,4 1 0
4 1 1 ,5 7 0
1 , 0 2 2 .8 9 1
1 , 1 8 4 ,9 4 1
M i n e r a l R a n g e ___ _
_ :t h w k A p r
6 ,9 5 3
1 1 ,7 6 3
6 6 ,6 7 3
1 5 6 ,2 1 2
M in n e a p & S t L o u is s t w k M a y
2 8 2 ,8 3 5
2 7 8 ,4 5 5 5 ,3 7 8 ,0 6 6 5 ,4 8 2 ,6 6 8
M i n n S t P & S S M . M a rc h
, 2 3 7 , 6 9 6 1 ,3 2 2 ,5 6 9 8 , 3 2 6 , 9 4 4 9 . 5 9 0 , 8 7 2
M i s s i s s i p p i C e n t r a l , jM a r c h
1 3 4 ,5 8 4
8 7 ,6 4 9
3 6 3 .4 3 8
2 6 1 ,7 7 2
M o & N o r t h A r k a n . :F e b r u a r y
d e fl3 3
9 9 ,6 5 9
d e f6 5 4
2 2 5 ,0 1 7
M is s o u r i K a n & T e x M a rc h
2 , 4 6 5 , 7 9 0 1 ,7 4 8 ,8 4 7 6 , 7 2 2 , 0 8 2
8 ,1 6 1 ,3 2 5

L a te s t G ro ss

Week or
Month.

Earnings.

Current
Year.

Previou.
Year.

Jan . 1

to Latest Date.

Current
Year.

Previous
Year.

%
8
$
$
M o K & T R y o f T e x M a rc h
1 , 7 5 2 ,8 1 3 2 , 4 3 1 , 5 2 1 4 , 8 4 6 , 6 4 8 6 , 9 9 2 , 2 8 3
T o t a l s y s t e m ___ _ M a r c h
4 , 3 4 2 , 6 6 4 5 . 3 8 5 , 5 9 1 1 1 , 9 3 2 ,4 0 1 1 5 . 7 6 8 ,6 2 9
M i s s o u r i P a c i f i c ___ _ M a r c h
8 ,6 5 3 .6 0 1 8 ,9 5 8 ,8 5 4 2 3 ,5 4 3 .5 3 6 2 6 ,8 6 7 .8 3 7
M o b i l e & O h i o ___ . 4 t h w k A p r
4 1 7 ,9 4 3
5 2 3 ,0 7 4 5 ,4 9 3 ,8 7 8 6 ,3 6 0 ,8 9 6
C o lu m & G re e n s . M a rc h
3 3 7 .0 3 3
1 2 0 .1 8 2
4 6 2 ,2 6 6
1 6 4 ,4 0 5
M o n o n g a h e l a . ___ . M a r c h
5 7 4 ,7 3 5
2 6 1 ,5 1 7 1 ,3 8 1 ,4 0 3 1 ,0 2 7 ,7 0 4
M o n o n g a h e la C o n n . M a rc h
1 4 9 ,7 2 2
1 9 4 ,0 1 6
4 9 ,6 3 3
3 5 0 ,7 1
_
__ M a r c h
M o n t o u r ___ _
3 1 9 ,8 9 1
1 2 2 ,9 0 0
1 0 2 ,0 6 3
2 9 0 ,3 3 1
N a s h v C h a tt & S t j M a rc h
1 , 7 3 0 , 6 5 1 1 ,8 0 8 ,2 4 ) 4 , 6 8 8 , 2 6 7 5 , 1 9 1 , 6 9 2
N e v a d a - C a l - O r e g o n | 4 t h w k A p i4 ,5 6
5 ,1 7
5 5 ,5 9 1
8 9 ,5 4 0
N e v a d a N o rth e rn . . M a rc h
1 5 4 ,3 2 6
2 3 ,1 5
5 2 ,6 9
5 9 ,4 2
N e w b u r g h & S o u S ii M a r c h
1 7 6 .4 2 3
1 0 4 .0 2 1
3 8 1 .3 7 6
4 4 4 .9 5 1
N e w O rl G re a t N o r M a rc h
6 4 5 ,8 0 2
2 2 6 ,1 9 3
2 2 4 , 99<
6 1 4 ,6 8 1
N O T e x a s & M e x . M a rc h
7 8 0 ,3 4 2
2 5 0 ,1 1 1
2 2 9 ,2 1 1
6 8 4 ,60(
B eaum S L & W
M a rc h
5 3 6 ,2 1 !
6 8 0 ,9 7 0
1 6 0 ,6 2 ;
2 0 2 ,4 6 .
S t L B ro w n sv & A M a rc h
1 ,4 2 4 ,5 9 < 1 ,6 3 6 ,0 5 4
5 1 9 ,47(> 5 7 7 ,9 0 !
N ew Y o rk C e n tra l.
M a rc h
2 7 5 9 8 7 4 . 2 6 3 2 6 6 2 1 7 6 . 7 8 1 .6 5 0 7 7 . 3 4 4 . 5 5 9
I n d H a rb o r B e lt. M a rc h
8 8 1 ,4 0
2 ,2 8 1 .8 5 7
7 6 0 ,0 4 1
2 , 2 8 8 ,9 0 0
L a k e E r ie & W es . M a rc h
7 6 9 ,9 5 ;
2 ,1 7 2 .0 7 3
7 4 1 ,0 5 0
2 ,1 5 2 ,6 6 0
M ic h ig a n C e n tr a 1 M a r c h
6 ,5 6 3 ,9 5 1 5 , 6 5 0 ,4 3 2 1 7 , 3 7 3 ,2 4 1 1 6 , 4 9 4 , 4 7 7
C l e v C C & S t L . . 1M a r c h
7 . 3 7 3 . 5 3 ­ 6 , 9 4 9 ,3 0 0 1 9 , 8 9 0 ,3 7 0 1 9 . 6 7 3 , 7 0 4
C in c in n a ti N o r th . ' M a rc h
7 8 0 ,4 0 2
2 8 8 ,5 4 1
3 7 1 ,7 3 1
9 1 8 ,8 1 1
P i t t s & L a k e E ri< M a r c h
2 . 3 5 8 , 8 2 ; 1 , 9 9 0 ,4 4 0
5 ,9 6 7 .4 1 1
7 ,1 5 5 ,8 2 0
T o l & O h io C e n t . 1 a r c h
M
9 0 9 ,7 7 4
2 ,4 1 2 ,6 2 7
7 6 8 , 8 6 0 2 , 5 4 3 ,2 4 £
K a n a w h a & M ic h M a r c h
3 4 8 ,8 9 ;
3 3 9 ,7 4 2
9 9 3 ,2 3 4
9 9 9 ,2 5 0
N Y C h ic & S t L o u is M a r c h
2 , 5 3 4 ,9 7 4 2 , 2 7 7 ,0 4 8 6 , 8 4 8 ,2 6 4
6 ,4 8 7 ,7 4 7
N Y C o n n e c t i n g ___ M a r c h
3 0 7 ,8 2 5 I 2 7 8 ,5 6 1
8 6 2 ,6 7 4
7 7 3 ,4 2 4
N Y N H & H a r tf .. M a rc h
1 0 2 0 2 92C ,9 ,8 3 1 . 9 3 6 2 7 . 5 0 4 ,4 4 0 2 6 , 6 4 5 , 7 8 7
N Y O n t & W e ste rn M a rc h
1 , 1 8 0 .4 3 8 1 , 0 5 3 ,1 7 2 2 , 9 4 6 . 6 6 7 2 , 9 8 2 , 1 4 0
N Y S u sq & W e s t.. M a rc h
4 2 2 , 9 9 6 1 3 3 0 , 0 0 6 1 , 0 8 4 ,6 3 0
1 ,0 4 1 ,9 9 9
N o r f o lk S o u t h e r n .. M a rc h
7 9 3 ,2 6 0 1 7 4 4 ,7 0 0
1 9 1 2 ,8 9 7
1 . 9 3 3 ,3 7 1
N o r f o lk & W e s te r n . M a rc h
7 . 4 9 7 .8 9 9 6 . 1 4 9 , 7 1 0 1 9 , 8 5 1 ,1 9 1 1 9 . 2 4 6 , 0 4 7
N o r t h e r n P a c i f i c ___ M a r c h
7 ,6 0 8 ,2 0 0 7 ,0 1 8 ,5 5 7 1 9 ,4 5 5 ,5 2 5 1 9 ,2 4 8 ,8 0 7
N o rth w e s te rn P a c . . M a rc h
5 8 2 ,8 1 3
5 6 1 ,6 0 9
1 .5 4 4 ,8 7 8 1 ,5 3 6 ,7 3 7
P e n n s y lv R R & C o . M a rc h
45346950 42370128 120028773 124594915
B a lt C h es & A t l .. M a rc h
3 2 0 ,3 5 4
1 0 9 ,8 0 7
1 2 7 ,0 4 9
2 5 8 ,7 5 3
C in e L e b & N o r . . M a rc h
8 4 ,5 9 5
2 2 8 ,7 4 9
2 7 2 ,6 6 3
8 8 ,9 7 0
G ra n d R a p & In d M a rc h
8 1 1 .9 9 3
6 9 5 , 3 1 6 1 , 9 7 1 ,6 2 1 2 . 0 3 1 . 6 5 9
L o n g I s l a n d ______ M a r c h
2 .2 5 2 .8 9 9 1 .9 9 5 ,9 4 8 6 ,0 3 7 ,3 7 4 5 ,4 9 1 ,6 5 1
M a ry D e l & V a__ M a rc h
8 0 ,5 0 9
1 9 2 ,8 8 2
9 1 ,8 9 6
2 3 4 ,1 5 6
N Y P h ila & N o r f M a rc h
6 0 6 ,4 0 1
5 2 3 .2 3 4 1 ,5 2 6 ,0 0 0 1 .5 9 6 ,6 4 0
T o l P e o r & W e s t. M a rc h
1 4 1 ,1 4 9
4 1 1 ,1 8 8
4 4 2 .5 1 4
1 4 0 ,7 5 7
W J e rs e y & S easb M a rc h
9 8 8 .6 9 0
9 1 6 .8 8 3 2 ,5 0 3 .7 8 7 2 ,4 9 3 ,3 2 2
P itts C C & S t L . M a rc h
8 ,6 2 4 ,8 8 5 9 3 7 4 3 3 4 2 2 2 .5 0 8 .2 2 2 2 5 .2 1 7 .6 7 3
P e n n s y lv a n ia S y s t. . M a rc h
59241863 56672353 156333034 103409779
P e o r ia & P e k in U n . M a r c h
1 7 4 ,3 3 6
1 6 5 .2 5 1
4 7 1 ,6 3 2
4 9 1 .1 0 2
P e r e M a r q u e t t e _____ M a r c h
3 ,3 6 2 ,3 3 3 3 ,0 6 5 ,9 4 0 8 ,4 8 4 ,3 5 6 7 ,7 0 4 ,9 9 8
P e r k i o m e n .................. ... M a r c h
9 1 ,2 7 7
7 5 ,5 9 0
2 6 3 ,3 2 3
3 5 1 .1 8 9
P h i l a & R e a d i n g ___ M a r c h
8 ,4 5 0 ,4 2 4 6 ,6 6 5 .9 2 3 2 1 ,4 9 4 .7 5 0 2 1 .1 2 3 ,0 0 0
P itts b & S h a w m u t. . M a rc h
1 4 5 ,8 0 5
1 2 7 ,8 8 1
3 7 8 ,2 5 2
4 0 6 .1 1 2
P itts S h aw & N o rth M a rc h
1 1 3 .0 0 8
9 7 .8 5 7
3 1 5 .9 6 2
2 9 8 ,9 0 9
P itts b & W e s t V a ._ M a rc h
3 0 1 ,3 0 7
7 8 4 ,6 8 5
2 0 9 .2 3 5
6 8 4 ,7 9 5
P o r t R e a d i n g ________ M a r c h
3 0 7 ,7 3 8
6 5 5 .5 1 5
7 1 3 ,2 0 9
1 9 1 .2 1 9
Q u in c y O m & K C . . M a rc h
9 5 ,0 6 7
3 3 1 ,9 9 8
2 4 7 .9 6 2
1 1 9 ,3 1 4
R ic h F r e d & P o to m . M a rc h
9 1 2 .7 0 9
9 8 9 ,0 5 2 2 ,4 4 0 ,2 9 7 2 ,7 0 0 ,8 6 6
R u t l a n d _____________ M a r c h
4 9 8 ,4 7 3
1 ,3 3 2 ,8 4 6 1 ,4 0 0 ,4 2 9
4 7 4 ,0 5 7
S t J o s & G r a n d I s l ’d M a r c h
2 7 6 ,9 7 0
7 5 9 ,9 7 7
7 4 9 ,7 7 6
2 5 6 ,6 2 8
S t L o u is S a n F r a n _ . M a rc h
6 , 5 1 6 , 5 0 9 6 , 9 8 6 , 0 0 7 1 8 , 2 1 7 ,5 0 7 2 0 , 6 9 6 , 1 6 7
F t W & R io G ra n M a rc h
4 0 2 .1 1 2
9 9 ,4 1 8
1 3 1 ,1 9 6
2 9 7 ,6 9 5
S t L -S F o f T e x a s M a rc h
1 2 4 ,0 2 4
4 3 8 ,1 8 8
1 1 5 ,4 2 3
3 8 2 ,3 7 5
S t L o u is S o u th w e s t. M a rc h
1 ,5 6 7 ,8 2 6 1 .3 9 7 .5 3 4 4 ,1 2 3 ,1 8 4 4 ,2 1 4 ,0 6 9
S t L o u is S W o f T e x M a rc h
5 5 7 ,0 7 0
6 2 5 ,1 0 3 1 ,7 0 7 ,1 8 0 1 ,8 8 4 ,3 0 3
T o t a l s y s t e m _____ 3 d w k A p r
4 5 9 ,6 4 0 6 .9 3 2 ,4 2 4 7 .4 4 1 ,0 1 7
3 8 2 ,7 2 7
S t L o u is T r a n s f e r .. M a rc h
d e f l 2 ,0 10
3 0 3 ,0 3 2
8 0 ,7 7 1
2 0 0 ,0 7 7
S an A n t & A ra n P a ss M a rc h
4 5 4 ,1 6 3 1 ,1 7 1 ,2 2 6 1 ,3 5 4 ,5 7 7
4 1 7 ,6 2 7
S a n A n t U v a ld e & G M a rc h
8 1 ,3 7 2
8 3 ,5 1 6
2 1 5 ,5 9 9
2 5 6 ,4 3 8
S e a b o a rd A ir L l n e .. M a rc h
1 , 1 2 4 ,5 5 9 4 . 0 0 5 . 5 3 4 1 1 , 1 2 2 .3 7 4 1 2 , 2 0 0 , 7 9 7
S o u t h e r n P a c i f i c ___ M a r c h
1 3 9 1 0 2 5 3 1 5 9 2 6 3 2 4 3 7 ,7 0 5 ,7 5 9 4 4 ,2 5 9 ,0 5 3
S o u th e r n P a c if ic C o M a rc h
2 0 4 4 6 9 2 8 2 3 0 0 0 5 9 0 5 6 , 4 1 4 ,9 3 4 6 4 , 7 2 9 , 8 7 5
A tla n tic S S L in e s M a rc h
1 ,0 1 8 ,5 4 9 1 ,0 2 2 ,0 8 4 2 ,9 0 6 ,8 6 3 2 ,7 1 5 ,5 3 3
A riz o n a E a s te r n . M a rc h
2 3 3 ,9 3 8
3 1 5 ,9 4 3
6 1 6 ,8 9 0
9 5 2 ,8 4 8
G a lv H a r r is & S A M a rc h
1 , 8 5 5 ,0 3 8 2 , 3 7 5 , 0 5 9 5 , 1 4 0 , 4 7 7 7 , 0 4 4 , 2 2 0
H o u s & T e x C e n t. M a rc h
1 . 2 1 6 , 1 6 5 1 , 0 8 1 ,4 0 5 3 , 7 2 0 , 3 9 4 3 , 1 0 6 , 8 4 2
H o u s E & W T e x . M a rc h
2 3 6 ,3 6 9
2 1 4 ,8 8 0
6 6 4 ,4 7 6
6 7 8 ,6 9 6
L o u is ia n a W e s te r n M a rc h
4 0 6 ,7 1 7
2 8 6 , 2 9 0 1 , 1 2 5 ,9 5 1
1 .1 2 2 .6 6 0
M o rg L a & T e x a s M a rc h
7 1 3 ,5 7 6
8 1 0 .2 1 9 1 ,9 4 9 ,0 1 3 2 ,3 0 3 ,1 0 3 .
T e x a s & N e w O rl. M a rc h
7 3 1 ,0 6 4
7 5 2 ,2 5 4 2 .2 8 0 .7 0 3 2 , 2 3 8 .5 9 6
S o u t h e r n R a i l w a y . . 1 t h w k A p r 3 , 8 3 2 ,6 6 6 1 , 0 6 8 ,9 8 9 5 1 , 9 5 7 ,7 5 8 5 5 , 4 4 3 . 0 5 9
A la G r e a t S o u th . M a rc n
8 0 9 .5 3 9
7 9 0 ,7 5 9 2 ,1 3 8 ,9 3 9 2 , 4 7 4 ,7 8 8
C i n N O & T e x P . M a rc h
I,
1 ,5 0 0 ,,2 6 8
5 0 3 8 0 7 4 ,0 6 7 ,4 2 7 4 ,4 5 3 ,9 1 4
G e o r g ia S o u & F l a M a rc h
4 0 1 ,7 8 0
3 7 5 ,5 3 7 1 ,1 5 0 ,5 4 5 1 ,1 7 4 ,3 8 8
N e w O rl & N o r E M a rc h
6 0 7 ,8 4 9 1 ,5 1 0 ,5 5 6 1 ,7 4 2 ,8 5 5
5 4 6 ,4 9 0
N o r t h ’n A l a b a m a V l a r c h
1 0 6 ,1 0 4
7 2 ,1 5 9
2 7 4 .0 9 1
2 5 5 .1 9 0
S p o k a n e I n t e r n a t ’l . M a r c h
1 0 3 ,1 8 4
2 7 3 ,0 9 9
1 0 2 ,1 3 3
3 0 4 ,8 5 2
S p o k P o r tl & S e a ttle M a rc h
5 8 5 ,4 5 5 1 ,6 0 1 ,9 9 6
5 8 2 ,7 0 1
1 .6 6 1 .1 9 3
S ta te n Is la n d R T . . M a rc h
2 0 5 ,8 5 9
2 0 2 ,8 4 4
5 2 8 ,0 3 8
5 6 7 ,9 4 5
T e n n A l a & G e o r g i a 2d w k A p r
2 ,6 9 8
2 ,6 6 7
2 9 ,2 1 1
3 3 ,3 9 1
T e n n e s se e C e n tr a l. . M a rc h
2 2 9 .2 2 8
2 2 6 ,6 3 8
5 6 9 ,0 0 8
5 9 7 ,0 8 1
T e r m R R A s s n o f S t L V la rc h
3 8 1 ,4 5 0 1 ,1 6 0 ,8 0 0 1 ,1 2 4 ,3 7 0
4 0 6 ,8 6 9
S t L M e r B d g e T . M a rc h
2 9 2 ,9 8 6
3 6 9 ,1 2 9
9 8 5 ,0 5 5
8 8 4 ,3 9 7
T e x a s & P a c i f i c _____ 1 th w k A p r
8 1 6 , 2 5 7 9 , 3 5 4 , 9 1 3 1 2 , 4 2 1 ,7 2 2
5 2 0 ,4 2 0
T o l e d o S t L & W e s t . V la rc h
8 5 1 ,1 6 4
7 2 3 ,5 9 3 2 ,3 0 6 ,6 3 2 2 ,1 7 7 ,4 6 8
U l s t e r & D e l a w a r e . _ V la rc h
1 1 5 ,4 1 8
1 2 9 ,1 7 2
2 9 9 ,4 3 5
2 6 8 ,5 2 3
U n i o n P a c i f i c ________ V l a r c h
3 , 1 5 1 , 1 4 9 ! L 5 4 0 , 3 5 3 1 1 , 9 2 1 ,4 3 6 53 3 , 9 8 2 ,0 4 4
T o t a l S y s t e m ------- V l a r c h
5 1 0 4 9 2 9 1 5 5 4 2 1 9 6 1 0 ,8 5 0 .1 9 6 3 . 3 2 2 , 9 4 7
O r e g o n S h o r t L i n e V la rc h
3 , 1 4 8 , 0 5 4 . 2 , 8 6 4 ,6 1 3 8 , 2 9 9 , 5 5 4 7 , 9 4 7 , 9 9 8
O re -W a sh R R & N
v la rc h
J,
2 6 8 ,1 3 8
2 ,3 3 2 ,7 1 7 . 6 , 2 1 4 , 9 0 0 6 , 4 2 9 , 0 8 3
U n i o n R R ( P e n n ) . . V la rc h
7 1 3 .4 6 0
7 8 9 ,2 4 4 2 ,0 2 0 .4 5 5 2 .6 9 2 ,5 4 3
U t a h __________________ M a r c h
1 1 0 ,5 4 1
1 3 5 ,2 5 8
3 8 2 ,6 9 4
3 2 3 .0 2 2
V ic k s S h r e v & P a c . . M a rc h
3 0 9 ,1 2 1
3 3 1 ,6 5 7
8 7 8 ,7 4 7 1 ,0 3 5 ,5 2 2
V ir g in ia n R a i lr o a d . v la rc h
1 ,9 3 7 ,1 9 4 1 , 1 7 7 ,6 0 7 4 , 8 8 9 , 4 8 7 4 , 0 0 1 , 1 3 9
W a b a s h R R ...............
V la rc h
5 , 1 6 3 ,5 4 7 5 ,1 8 9 .7 5 1 3 , 9 9 8 , 1 5 9 4 , 3 3 7 , 5 7 3
W e s t e r n M a r y l a n d - 1 st w k A p r
3 1 5 ,1 9 1
3 5 5 .5 9 0 4 ,7 9 9 ,0 6 4 5 ,0 5 2 ,7 9 8
W e s t e r n P a c i f i c _____ V l a r c h
7 8 4 ,5 8 9
9 4 0 ,1 1 2 2 ,3 1 2 ,3 2 6 2 .7 0 6 .1 9 3
W e s t e r n R y o f A l a . . V la rc h
2 0 1 ,0 8 5
2 0 6 ,9 1 6
5 4 4 ,0 9 6
5 9 5 ,4 0 1
W h e e l & L a k e E r i e . V la rc h
1 ,3 0 4 ,3 0 9
9 9 0 .9 6 4 3 .3 3 6 .2 2 2 2 ,8 6 4 ,2 3 8
W ic h ita F a lls & N W M a rc h
1 2 4 ,0 6 2
2 0 5 .2 2 8
3 6 3 ,6 7 2
6 1 5 .0 2 2
Y a z o o & M is s V a lle y M a r c h
1 ,6 4 3 ,8 3 4 1 ,7 2 4 ,1 2 3 4 . 3 5 4 . 7 0 3 5 , 3 3 6 , 3 1 7

AGGREGATE OF GROSS EARNINGS—Weekly and Monthly.
W e e k ly S u m m a r ie s .
w eek
w eek
w eek
w eek
w eek
w eek
2nd w e e k
3d w e e k
4 th w eek
1 st w eek
4 th

1st
2d
3d
4 th
1st

Feb
M ar
M ar
M ar
M ar
A pr
A pr
A p ril
A p ril
M ay

(1 5
(1 7
(1 9
(1 9
(1 6
(1 4

r o a d s ) _____
r o a d s ) _____
r o a d s ) _____
r o a d s ) _____
r o a d s ) ___
r o a d s ) _____
( 1 4 r o a d s ) _____
( 1 3 r o a d s ) _____
( 9 r o a d s ) _____
( 9 r o a d s ) _____




C u rr e n t
Y e a r.
$
1 2 ,1 8 3 ,5 9 0
1 3 , 0 2 6 ,8 7 1
1 3 ,4 2 9 ,6 4 4
1 3 ,4 2 6 .3 1 5
1 8 ,2 6 5 ,0 5 8
1 2 , 0 7 1 ,0 8 6
1 1 ,5 1 5 .9 0 8
1 1 , 1 2 6 ,8 9 1
8 .4 9 5 ,5 4 1
7 ,2 8 3 ,5 3 7

P r e v io u s
Y e a r.

In c re a se or
D ecrea se.

%

$
$
1 2 ,8 6 3 ,5 5 5
— 6 7 9 ,9 6 5 5 .2 9
1 3 .8 7 5 ,0 6 0
— 8 4 8 , 1 8 9 0 .1 1
1 3 ,7 8 8 ,7 8 3
— 3 5 9 ,1 3 9 2 .6 0
1 3 ,7 0 2 ,9 2 4
— 2 7 6 , 6 0 9 2.0 2
1 8 , 6 1 7 ,4 5 1
— 3 5 2 ,3 9 3
1 .8 9
1 2 , 9 7 1 ,0 5 3
— 8 9 9 ,9 6 7 0 .9 4
1 2 . 5 8 7 .5 8 5 — 1 , 0 7 1 , 6 7 6 8 . 5 2
1 2 .1 4 1 .5 8 5 — 1 ,0 1 4 ,0 9 4 8 .3 6
9 , 7 3 2 , 2 5 4 — 1 , 2 3 6 ,7 1 3 1 2 .7 1
7 ,1 1 9 ,4 7 1
+ 1 6 4 ,0 6 6 2 .3 0

Monthly Summaries.

Current
Year.

Curr.Yr. Prev, ,Yr. I
J u n e .................2 3 5 . 2 0 8
2 3 6 , 0 5 9 4 0 0 , 5 8 2 ,5 1 2
2 3 0 4 1 0 4 6 0 9 8 9 .0 9 7
J u l y ................... 2 3 0 . 9 9 1
A u g u s t ............. 2 3 3 . 8 1 5
233 0 6 7 5 0 4 5 9 9 , 0 0 4
S e p te m b e r ..2 3 5 ,1 5 5
2 3 4 5 5 9 4 9 0 7 8 4 .0 9 7
O c t o b e r ------- 2 3 5 , 2 2 8
2 3 4 0 8 0 5 3 4 , 3 3 2 ,8 3 3
N o v e m b e r ..2 3 0 .0 4 3
2 3 4 9 7 2 4 0 4 4 4 0 ,4 9 8
2 2 4 7 8 4 4 0 0 8 6 4 ,0 5 5
D e c e m b e r . . . 2 2 5 ,6 1 9
J a n u a r y _____2 3 5 , 3 9 5
234 ,6 3 6 3 9 3 , 8 9 2 , 5 2 9
F e b r u a r y . . .2 3 5 ,6 2 5
2 3 4 8 8 0 4 0 0 , 4 3 0 ,5 8 0
M a r c h ______ 2 3 1 , 9 8 6
2 3 4 2 0 2 4 7 3 , , 4 3 3 ,8 8 6

Previous
Year.

Increase or
Decrease.

4 9 4 ,1 0 4 ,6 0 7
5 2 7 . 3 9 0 .8 1 3
5 5 4 ,7 1 8 ,8 8 2
0 1 7 ,5 3 7 ,6 7 0
0 4 0 ,2 5 5 ,2 0 3
5 9 0 ,4 6 8 ,1 0 4
5 2 7 , 4 8 0 ,0 4 7
4 6 9 ,1 9 5 ,8 0 8
4 0 5 ,2 0 3 ,4 1 4
4 5 7 ,3 7 4 ,4 6 0

$
— 3 3 .6 8 2 ,0 9 5
6 6 .4 0 7 ,1 1 0
6 0 .1 1 9 ,2 1 8
- 1 2 0 ,7 5 3 ,5 7 9
— 105922430
— 126027 660
- 1 2 0 ,6 1 5 .9 9 2
— 7 5 ,3 0 3 ,2 7 9
— 4 .7 7 2 ,8 3 4
+ 1 6 , 0 5 9 ,4 2 6

Mileage.

0 .7 9
1 2 .6 9
9 .0 3
1 9 .6 5
1 6 .6 4
2 1 .3 4
2 2 .8 7
1 0 .0 5
1 .1 8
3 .5 1

THE

M ay 13 1922.]

Latest Gross Earnings.

Latest Gross Earnings by Weeks.— In th e ta b le w h ich
follow s w e su m u p sep arately th e earnings for th e fir st w eek
of M a y . T h e tab le covers 9 roads an d sh ow s 2 .3 0 % increase
Increasc. Decrease.

1921.

1922.

First Week of May.

S
5 5 ,5 8 4

S

$
2 7 9 ,2 7 8
1 ,8 4 8 ,4 2 8
2 ,9 2 5 ,0 0 0

1 , 6 5 6 ,7 3 1

1 ,7 8 8 ,3 1 0

2 8 2 ,8 3 5

2 7 8 ,4 5 5

4 ,3 8 0

7 ,2 8 3 ,5 3 7

B u f f a lo R o c h e s te r & P i t t s b u r g h .
C a n a d ia n N a tio n a l R a ilw a y s —
C a n a d i a n P a c i f i c ------- -----------------r
G r a n d T r u n k o f C a n a d a ----------- 1
G r a n d T r u n k W e s t e r n ------D o t G ra n d H a y & M ilw —
C a n a d a A t l a n t i c — ---------------M i n n e a p o l i s & S t L o u i s -----------I o w a C e n t r a l ---------------------------

$
2 2 3 ,6 9 4
2 ,2 7 8 ,2 7 7
2 ,8 4 2 ,0 0 0

7 ,1 1 9 ,4 7 1

4 3 4 ,2 2 9
1 6 4 ,0 0 6

4 2 9 ,8 1 9

8 3 ,0 0 0
1 3 1 ,6 7 9

N o t in c r e a s e ( 2 .3 0 % ) -

2 7 0 ,1 6 3

i ’lt J l JJA 1U U 1
SU
------------- ---- ---------- -In our “ Railtvay Earnings” Section or Supplement, which accompanies
to-day’s issue of the “Chronicle,” we give the March figures oj
earnings of all steam railroads which make it a practice to tssue
monthly returns or are required to do so by the Inter-State
Commerce Commission. The reader is referred to that Supple­
ment for full details regarding the March results for alt the
separate companies.
,

In the follow in g w e g iv e all sta te m e n ts th a t h a v e com e
in th e present w eek . W e also add th e returns of th e in d u s­
trial com p an ies received th is w eek .
— C r o s s f r o m R a i l w a y -------- N e t f r o m R a i l w a y —

1921.

1922.

6 ,8 7 4

20,949

*490,87S
From Ja n 1 *1,096,929 *1,339,049

—

19 2 1 .
S

1922.

S

S
B e l le f o n te C e n t r a l H R —
M a r c h _____
8 ,2 8 3
F ro m J a n 1
2 1 ,8 5 6
G e o r g ia H R —
M a r c h ........... * 4 1 0 ,5 1 2

2 ,0 2 6
2 ,0 9 7

1920.

S

5,232
—79,474

— 4 ,3 5 3
— 6 ,8 3 5

* 5 0 ,5 1 7
* 5 8 ,1 7 1

* 2 6 ,4 0 6

*79,328

a Ue r ‘ f n o f f

1 ,9 0 0
1 ,7 3 7

4 ,1 5 2

* 0 3 ,6 0 6

1922.
$

*20,442
'— 97,490

_____

* C o r r e c t e d f ig u r e s .

_ _

ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
Name of Road
or Company.

Week or
Month.

A d ir o n d a c k P o w & L l M a r c h
A la b a m a P o w e r & L t . M a r c h
A in e r P o w e r & L ig h t- F e b r u a r y
A m e r i c a n U y s C o -------- M a r c h
A p p a la c h ia n P o w C o . M a r c h
A rk a n sa s L t & P ow er M arch
A s h e v ille P o w e r & L t M a r c h
A t l a n t i c S h o r e l t y ____M a r c h
B a n g o r K y & E le c C o M a r c h
k B a r c e lo n a T r , L & P M a r c h
B a to n I to u g e E le c tr ic M a r c h
B e a v e r V a lle y T r a c .. M a r c h
B i n g h a m t o n L . II & P M a r c h
B la c k s to n e V a l G & K M a r c h
/B r a z ilia n T r , L t & P M a r c h
B r o o k ly n R a p id T r a n
n B U ln l l e i g h t s ( R e c ) F e b r u a r y
B k ln Q u C o & S u b . F e b r u a r y
C o n e y Isl & B k l n .. F e b r u a r y
C o n ey L l & G raves F eb ru ary
F eb ru ary
N a s s a u E le c tr ic
N V C o n s o lid a te d . F e b ru a ry
S o u th B r o o k ly n ... F e b ru a ry
C a p o B r e to n E le c G o M a rc h
C a r o lin a P o w e r & L t . M a rc h
C e n tr a l M is s V a l E le c M a rc h
C h a tta n o o g a R y & L t M a rc h
C i t v G a s C o , N o r fo lk M a rc h
C it lo s S e r v ic e C o . . . M a rc h
( l i t i z e n s '1 r a c & s u b s i d M a r c h
C l o v e l ’a i n e s v & E a s t M a r c h
C o lo r a d o P o w e r . - - - - M a rc h
C o lu m b ia G a s & E le c F e b r u a r y
C o lu m b u s E le c t r ic .. - M a rc h
C o m ’ w ’l t h P , R y
E t M a rc h
C o n n e c tic u t P o w e r .. M a rc h
C o n su m e r s P o w e r G o M a rc h
M a rc h
C lim b C o P o w & L t
D a y to n P o w & L ig h t. M a rc h
M a rc h
D e t r o it E d is o n G o —
D o t r o lt U n ite d l t y - - - M a rc h
D u lu t h - S u p e r io r 1 r a c M a rc h
D uquosne L t G o su b s
lig h t a n d p o w er co s M a rc h
M a rc h
E a s t S t L o u is & S u b
E a ste r n S h o reG a so s E l M a rc h
E a ste r n T ex as E le c . - M a rc h
M a rc h
E d i s o n E l 111 o f B r o c k
E l P a so E le c tr ic
- - ­ M a rc h
E le c L & P o w o f A b in g t o n & R o c k la n d M a rc h
E r ie L t C o & s u b s id - - M a rc h
M a rc h
F a ll R iv e r G a s W o rk s
M a rc h
F o r t W o r th P o w & L t
G a lv -llo u s E le c tr ic .- M a rc h
G e n G a s & E l& S u b G o s M a rc h
G r e a t W e ste r n P o w e r M a rc h
H a v a n a E le c R y & L t M a rc h
H a v e r h ill G a s L t C o . M a rc h
llo n o lu lu R T A L a n d M a rc h
H o u g h to n C o E le c L t F e b ru a ry
H o u g h to n C o E l L t . . M a rc h
H u d s o n & M a n h a tta n M a rc h
H u n tin g 'll D o v & G a s M a rc h
I d a h o P o w e r C o ----------- M a r c h

I l l i n o i s 'F r a c t i o n ______ M a r c h

In to r b o r o R T S y ste m M a rc h
K e o k u k E l e c t r i c ----------- M a r c h

K e y s to n e T e le p h o n e . M a rc h
K e y W e s t E le c tr ic C o M a rc h
L a k e S h o r e E le c R y . . M a rc h
L o n g Is la n d E le c tric . F e b ru a ry
L o w e ll E le c L t C o r p . M a rc h
M a n lia t B d g o 3 c L in o F e b r u a r y
M a n h a tta n & Q u een s F e b ru a ry
M a n ila E le c tr ic C o r p . M a rc h
t M a r k o t S tr e e t R y - - M a rc h
M a rc h
M e t r o p o lit a n E d is o n
M ilw E le c l t y & L ig h t M a r c h
M a rc h
M is s R iv e r P o w e r C o
M u n ic ip a l N orv & su b M a rc h
N a s h v ille lt y A L t C o M a rc h
N e b r a sk a P o w e r C o - - M a rc h
N o v a d a - C a lif E le c tr ic M a rc h
F e b ru ary
N o w E n g l ’d P o w S y s
N e w J e r s e y P o w & L t M tirc h
M a rc h
N ’p ’t N & H a m p R y




Current
Year.
S
4 4 0 ,9 5 6
3 9 9 ,4 1 1
2 1 7 0 ,1 1 0
1 5 8 7 ,8 8 8
2 3 6 ,2 8 3
7 3 ,3 5 7
7 2 ,6 8 2
2 0 ,2 5 9
1 2 2 ,1 5 6
3 9 3 7 .1 5 2
4 5 ,8 1 3
5 4 ,3 1 9
7 8 ,1 0 6
3 1 0 ,2 6 4
15238000

3 8 2 ,8 0 6
3 7 8 ,8 2 2
2 2 0 4 ,3 2 0
1 5 9 8 ,7 8 5
1 8 9 .8 0 4
7 3 ,6 0 9
6 8 ,8 3 3
2 0 .7 1 5
1 1 6 ,2 7 1
2 8 9 1 .7 4 3
4 6 ,0 6 1
6 2 ,4 8 1
7 1 ,4 3 6
2 7 8 .5 1 1
13102000

Jan . 1

s

to Latest Date

Current
Year.

Previous
Year.

Previous
Year.

$
1 ,1 8 6 ,9 8 0
1 , 3 6 1 ,8 2 3
1 ,1 5 7 ,8 8 8
1 ,2 0 1 ,2 9 0
4 , 4 3 0 ,0 4 7 4 , 4 9 1 , 8 2 6
4 ,7 1 7 ,1 0 1 4 , 8 3 2 , 0 9 2
5 9 5 ,6 9 2
7 0 8 ,2 9 8
* 1 , 0 8 3 ,2 9 0 * 1 , 2 0 9 , 3 6 7
* 8 6 3 ,0 4 3
* 8 2 8 ,5 2 6
5 8 ,6 6 7
5 3 ,6 7 3
3 5 7 ,3 1 3
3 6 9 ,1 5 5
1 1 , 4 2 9 ,3 0 9 9 , 4 0 0 , 1 2 2
* 5 6 1 ,5 2 4
* 4 9 7 ,8 1 1
1 5 4 ,6 4 1
1 8 7 ,6 2 0
* 9 4 0 ,6 9 6
* 8 2 0 ,4 6 5
* 3 , 8 0 1 ,8 9 7 * 3 . 3 2 6 , 4 4 6
4 4 ,7 4 3 ,0 0 0 3 7 .9 1 8 ,0 0 0
1 2 ,8 3 8
3 9 6 ,0 6 3
3 9 5 ,4 5 3
8 ,8 0 0
7 5 0 ,4 9 4
3 ,6 5 7 ,5 3 1
1 4 7 ,4 4 8
* 6 7 8 ,4 3 8
* 1 .7 2 4 ,8 8 8
* 5 3 0 ,4 1 6
* 1 , 4 3 5 ,3 8 1
2 6 6 ,3 5 0
3 ,7 9 4 ,9 7 7
2 4 1 ,5 9 6
1 5 6 ,7 6 9
* 9 6 0 ,5 1 3
3 ,6 1 4 .0 3 4
* 1 ,8 5 2 ,3 6 0
8 , 1 0 7 .8 0 4
* 1 , 5 4 5 ,1 1 9
3 ,6 9 8 ,1 4 5

1 1 .7 2 1
2 5 8 ,0 4 3
3 6 8 ,7 1 4
8 ,6 1 0
7 3 1 ,4 1 7
3 ,3 9 2 ,5 9 0
1 4 0 ,8 0 8
* 6 7 2 ,5 8 2
* 1 . 6 4 2 ,8 5 9
* 4 9 8 ,3 1 4
* 1 ,3 4 0 ,8 7 9
2 8 0 .6 3 6
4 ,5 2 0 ,4 7 2
2 6 3 ,9 5 6
1 7 3 ,6 1 9
* 1 , 1 5 5 ,8 5 2
2 ,9 9 2 .7 1 3
* 1 ,5 8 4 ,0 7 0
8 .0 9 0 .7 1 2
* 1 , 4 8 4 ,0 7 2
3 .6 8 9 .9 4 3

1 ,1 9 3 ,8 6 8
5 .2 5 8 ,3 3 4
4 .9 9 0 ,0 9 9
4 2 9 ,4 6 4

1 3 8 4 ,7 0 4 1 4 0 7 ,6 1 1
3 3 5 ,6 8 5 3 2 9 ,4 2 7
4 5 ,1 1 1
3 9 ,6 2 5
1 4 1 ,0 3 4
1 4 3 ,1 3 0
1 1 2 ,5 7 2
1 0 1 ,5 0 0
1 9 0 ,0 2 1
1 9 5 ,8 7 9

4 .2 5 9 ,1 4 7
* 3 ,7 4 7 ,0 7 7 ,
1 1 1 ,0 3 3
" 1 , 6 5 4 ,6 7 4
“
* 1 ,2 9 9 ,4 5 6
* 2 ,2 9 4 ,2 0 0

* 3 5 7 ,8 2 3
* 3 5 6 ,9 9 3
3 0 4 ,7 6 9
3 0 0 .,2 9 2
* 9 3 2 ,2 7 5
* 1 , 0 0 8 ,,0 4 1
6 8 0 ,4 2 3
6 1 8 ,,7 9 1
* 3 ,5 3 2 ,,4 3 7 * 3 , 9 4 9 , 1 3 8
2 , 9 9 0 ,6 2 6 2 , 8 8 7 , 6 7 0
* 7 ,2 6 4 ,,3 8 8 * 6 , 9 9 1 , 9 2 4
3 , 2 9 7 ,1 9 4 3 , 1 7 8 , 9 7 7
* 4 5 6 ,0 4 8
* 5 3 4 .1 7 1
2 2 4 ,9 2 3
2 3 7 ,4 7 6
1 0 8 .4 8 2
1 0 4 .2 2 9
* 5 8 9 .1 5 6
* 5 4 6 .3 3 9
* 2 , 7 5 5 ,5 4 4 * 2 , 5 8 9 , 7 2 4
2 9 6 ,8 1 1
2 9 6 ,7 5 4
5 0 4 .7 9 0
5 2 1 .1 7 6
5 ,7 7 8 4 7 9 5 .6 6 4 ,1 5 4

648
1 1 9 ,6 9 3
1 7 2 ,2 6 0
4 ,0 3 3
3 4 1 ,3 3 3
1 6 3 2 ,6 4 1
7 2 ,2 2 6
5 1 .0 3 4
1 3 3 .6 6 9
4 1 ,0 2 1
1 0 6 ,0 7 7
8 8 ,4 4 3
1 4 4 0 ,7 5 1
8 4 ,0 4 2
6 0 ,2 4 0
9 8 ,6 3 6
1 3 9 4 ,5 7 7
1 4 5 ,4 7 7
2 6 1 3 ,3 1 5
1 1 6 .5 0 1
1 1 6 3 .0 4 9
2 6 7 ,7 7 7
3 6 6 ,3 2 2
1 6 2 3 ,0 2 0
2 0 8 4 ,1 9 6
1 6 0 ,6 1 0

2 1 0 ,6 7 7
1 6 3 4 ,8 2 8
2 4 1 ,8 0 8
2 0 9 ,2 1 0
3 1 8 ,4 2 9
2 5 3 ,4 4 3
2 7 0 ,2 4 1
4 0 3 ,1 9 2
3 6 ,2 9 5
2 1 7 ,5 7 5

Jan . 1

Current Previous
Year.
Year.

to Latest Date.
Previous
Year.

Current
Year.

66,201

E le c tr ic R a ilw a y a n d O th e r P u b lic U t i l i t y N e t Eariuin p 3 .— T h e follow in g tab le g iv e s tlie returns of b L h L 1 lU U
railw ay and oth er public u tility gross and net earnings w ith
charges and surplus reported th is w eek:
-------- Gross

* 3 8 0 ,7 4 3
* 3 6 1 ,7 8 1
4 3 3 .9 7 0
4 1 5 ,8 1 0
* 2 6 9 .0 7 5
* 2 5 6 ,3 1 1
6 1 0 ,4 8 9
5 1 0 ,6 3 0
4 9 ,3 5 8
4 2 ,9 7 1
* 1 , 2 1 2 ,4 3 9 * 1 , 2 2 1 ,0 0 5
4 3 ,7 3 0
4 2 ,8 5 0
4 6 ,4 9 7
5 0 ,7 3 9
2 ,2 4 7 ,7 5 8
0 8 1 ,4 2 7
7 2 5 ,1 8 4
4 ,0 1 2 ,7 6 0
4 ,8 1 9 ,2 3 3
* 2 . 7 5 4 ,0 8 7 * 2 , 8 3 2 ,5 8 1
6 5 7 ,8 3 7
6 5 7 ,1 8 7
9 6 4 .1 9 7
1 . 0 2 8 .9 1 4
8 1 4 ,2 3 7
8 4 0 ,3 5 8
7 6 4 ,6 7 7
6 7 3 ,5 9 7
* 5 ,5 5 2 ,4 5 0 * 5 , 8 9 4 , 0 4 2
1 1 3 ,3 9 7
1 6 3 .8 2 1
6 8 3 ,0 8 4
4 8 4 ,6 2 0

Current
Year.

Companies.

Earnings------------------ Net Earnings
Previous
Current
Previous
Year.
Year.
Year.

T
T, Tt(1
M a r * 1 5 2 3 8 0 0 0 * 1 3 ,1 0 2 ,0 0 0 * 9 ,2 9 7 ,0 0 0 * 6 ,5 2 2 ,0 0 0
B riZ J a n ^ l ’to M a r 3 U .* 4 4 ,7 4 3 ,0 0 0 * 3 7 ! 9 1 8 ! 0 0 0 * 2 6 ,4 5 3 ,0 0 0 * 1 8 ,4 1 8 ,0 0 0
S o u th w e s te r n
(s u b s id ia r y
A p r 1 ’2 1
* G iv e n In

P o w e r & L ig h t
cos o n ly ).M a r
7 8 4 ,5 1 2
t o M a r 3 1 2 2 - - 9 , 7 5 3 , 2 iO
m ilre is .
_

Gross
Earnings.

s

C itie s S e rv ic e C o

>2

«■«

3 5 3 ,8 2 7
4 ,6 2 5 ,9 0 0

3 1 3 ,6 3 8
3 ,5 3 1 .0 6 2

Net after
Taxes.

Fixed
Charges.

Balance,
Surplus.

S

1 .3 1 3 .6 7 9

C le v e la n d P a in e s M a r ’2 2
v illo & E a s t
21
3 m o s e n d in g M a r 31 22
M a r ’2 2

1 2 m o s e n d M a r 3 1 ’ 22
_
E a s t e r n S h o r e G a s M a r ’2 2
& E le c & S u b s
'2 1
12 m o s e n d i n g M a r 3 1 22
E r ie L t C o & S u b

8 0 5 ,6 5 1
9 ,8 8 3 ,9 2 0

1 , 4 o ,7 5
M” 1
l:«4 0,7 5 1i 5358:18
311 M S ? ® J 5 3 I ®

C itiz e n s T r a c C o
M a r 22
& S u b s id ia rie s
_21
12 m o s e n d in g M a r 31 22

E a s t e r n I ’o n n a
2 6 ,3 6 4
8 8 ,9 2 9
7 6 ,2 7 8
2 0 5 ,1 6 0
3 1 6 .4 6 4
9 3 5 .7 4 6
6 1 4 ,9 1 6
1 0 5 5 ,0 3 0
3 0 ,3 4 4
7 8 ,9 6 3
5 1 ,9 0 5
4 6 ,4 7 9
8 9 8 ,9 1 9
8 7 ,9 7 4
1 5 3 ,0 0 2
1 8 3 6 ,8 5 7
4 9 3 3 ,6 3 3
2 8 ,4 1 8
1 4 5 .0 0 8
2 2 ,9 8 3
2 0 5 ,5 7 4
2 0 ,3 6 6
9 6 ,0 7 2
2 0 ,5 4 2
2 1 ,7 5 3
2 9 8 ,1 5 8

Week or
Month.

S
S
3 6 8 ,0 5 3 5 2 2 ,1 0 9 1 ,0 6 0 .7 5 0 1 ,5 8 5 .9 4 9
N ew Y o rk D o c k C o .. M a rc h
2 7 1 ,2 4 4
2 5 0 ,4 9 5
1 1 9 ,2 0 0 1 2 7 ,4 8 5
N Y & H a r l e m ------------F e b r u a r y
7 6 ,3 9 6
7 7 ,2 9 0
3 5 ,9 7 2
3 5 ,6 9 6
N Y & L ong I s la n d .. F e b ru ary
1 7 6 ,0 9 1
2 0 1 ,8 0 3
8 0 .7 3 4
9 5 ,4 4 6
N Y & Q u e e n s C o u n ty F e b ru a ry
1 , 4 5 4 ,3 5 1
6 5 3 ,5 3 4 6 7 9 ,9 3 7 1 ,3 7 9 ,4 8 7
5 N Y R a i l w a y s ------------F e b r u a r y
1 7 7 ,1 0 4
1 8 6 ,9 8 5
8 1 ,8 5 6
8 7 ,7 4 7
b E ig h th A v e R R — F e b ru a ry
8 3 ,2 5 5
8 4 ,0 3 8
3 8 .2 4 1
3 9 ,8 4 7
5 N in th A v en u e R R F e b ru ary
1 0 2 ,6 4 2
9 4 ,0 7 5
3 6 ,8 3 6
3 3 ,2 7 1
N o r O h io R y & P o w e r M a r c h
6 5 ,8 0 6
6 0 ,8 0 4
3 3 ,0 1 8
2 9 ,4 5 4
N o r O h io R y & P o w e r F e b r u a r y
2 8 0 ,6 8 4 3 2 9 ,8 7 3 * 3 ,3 6 7 .3 3 9 * 3 ,9 7 3 ,3 2 3
N o rth e rn T e x a s E le c . M a rc h
2 0 ,6 3 2
2 7 ,4 3 6
9 ,7 2 0
1 3 ,0 8 3
O c e a n E l e c t r i c ------------F e b r u a r y
6 7 3 ,3 0 2
7 1 0 ,7 1 0
2 2 0 ,4 9 9 2 0 7 ,8 6 6
P a c if ic P o w & L t C o . M a r c h
* 4 9 5 ,6 7 0
* 5 3 5 ,6 7 1
4 3 ,0 8 8
4 5 ,6 0 0
P a d u c a h E l e c t r i c ------- M a r c h
* 5 4 1 .2 9 9
* 5 7 0 ,4 6 6
4 8 .5 7 5
4 6 ,3 4 5
P a lm e tto P o w & L t . . M a rc h
6 0 0 ,6 8 2
6 4 4 ,5 2 2
1 8 7 ,5 8 0
2 1 9 ,0 7 3
P e n n O e n t L t & P & S u b M a rc h
6 5 3 ,8 1 4
6 4 3 ,6 3 6
2 0 6 ,2 5 4 2 0 1 ,2 4 2
P e n n E d is & S u b C o s . M a rc h
P h ila d e lp h ia C o a n d
1 2 2 2 . 6 7 5 1 0 8 3 ,6 4 1 4 , 1 0 3 , 5 6 8 4 , 0 0 3 , 2 8 9
N a tu ra l G as C o s -3 9 0 ,4 1 4
2 8 3 ,5 7 2
6 8 ,9 8 6
8 8 ,0 2 9
P h ila d e lp h ia O il C o . .
1 8 4 ,5 8 3
1 7 8 .7 2 0
6 5 ,7 8 1
6 1 ,8 9 1
P h i l a & w e s t e r n --------3 , 6 1 1 3 1 3 3 7 5 7 . 5 0 8 1 0 , 1 9 8 , 0 1 8 1 0 ,5 8 3 .2 3 1
P h ila R a p T r a n s i t C o
1 8 7 ,8 6 5
1 8 4 .9 1 4
5 8 ,4 9 4
5 8 .1 1 6
P i n e B l u f f C o _________
9 4 7 ,1 7 8
8 8 7 ,6 7 3
2 8 7 ,6 1 1 3 2 7 ,9 6 0
P o rtla n d G a s & C o k e .
8 6 0 ,6 3 1 8 6 2 ,4 2 5 * 9 .8 6 9 ,4 9 9 * 9 ,9 1 5 ,9 3 4
P o r tla n d R y , L t & P _
8 9 1 ,2 3 0 9 0 2 ,8 5 9 * 1 0 0 5 5 8 2 1 * 1 0 1 4 0 2 3 9
P uget Sd Pow & L t..
7 0 0 ,7 5 4
7 2 3 ,8 4 5
2 3 7 .8 5 2 2 5 1 ,4 4 4
R ead T r & L t Co & Sub
6 4 2 .0 9 8 6 6 4 ,9 9 6 1 ,9 3 1 ,0 4 3 2 ,0 6 1 ,9 4 4
R e p u b lic R y & L t C o
1 2 1 ,1 4 2
1 1 1 ,7 3 9
5 9 ,1 8 5
5 2 ,7 0 2
R ic h m o n d L t & R R ..
* 5 6 1 ,3 2 7
* 5 8 4 ,1 8 6
4 4 ,3 1 3
4 3 .7 3 4
R u tla n d R y . L t & P r .
2 1 3 ,2 0 7
2 0 5 ,0 7 0
6 6 ,6 9 4
S a n d u s k y G a s & E le c
* 6 8 6 ,7 5 3
1 3 6 ,1 2 7
S a v a n n a h E le c & P o w
4 9 .9 3 3
5 4 ,2 3 0
17", 3 5 9
1 5 ,3 2 3
S a y r e E l e c t r i c C o ------1 4 0 ,9 8 8
1 3 0 ,2 6 3
5 9 ,6 9 5
6 7 ,7 7 3
S e c o n d A v e n u e -----------9 ,0 2 9
8 ,5 8 7
3 ,3 3 5
3 ,0 6 4
1 7 th S t I n c l P la n e C o
* 7 8 0 .8 3 3
* 8 9 3 ,1 1 9
6 3 ,6 6 9
6 9 .8 9 8
S ie rra P a c if ic C o . —
1 1 2 6 ,4 8 7 3 , 8 4 1 , 1 6 2 3 . 4 7 5 , 7 2 4
1 2 1 7 ,5 6 0
S o u th e rn C a lif E d is o n
1 2 4 .0 6 6
1 4 4 ,3 3 2
6 0 ,0 2 8
7 0 .2 3 8
S o u th C a n a d a P o w e r7 8 4 , 5 1 2 8 0 5 ,6 5 1 * 9 , 7 5 3 , 2 7 0 * 9 , 8 8 3 , 9 2 9
S o u t h w e s t 1* & L t C o .
* 1 ,7 4 5 ,7 0 6 * 1 ,5 3 7 ,5 3 3
1 5 5 ,5 9 6 1 4 9 ,1 0 3
T a m p a E le c tric C o . .
6 2 4 .7 8 3
6 1 9 ,2 7 2
2 0 8 ,6 3 9 2 0 8 ,3 1 4
T en n essee P o w er C o .
1 , 7 4 8 ,5 3 0
5 7 0 ,4 7 5 5 4 8 ,8 9 5 1 .7 4 2 ,3 4 5
T en n essee R y , L t & P
1 . 1 8 2 ,7 9 3
1 ,0 6 1 .1 8 7
2 1 2 7 0 5 2 4 2 ,9 1 0
T e x a s E le c tric R y —
3 9 6 ,9 3 6 3 9 9 .9 5 0 1 ,2 4 5 .4 1 8 1 ,3 3 9 ,8 3 3
T e x a s P o w e r & L ig h t.
1 1 7 9 ,2 7 3 1 1 3 7 ,2 1 4 3 ,3 1 5 ,0 3 9 3 ,1 7 2 ,3 5 8
T h ird A v e R y S y s —
1 0 5 3 ,3 1 6 9 8 3 ,6 7 5 3 ,2 5 7 .7 2 6 3 .0 3 3 ,9 8 5
U n ite d G a s & E le c C o rp
1 ,7 7 4 ,5 2 8
1 ,7 1 5 ,7 8 9
5 4 7 ,3 8 6 5 2 8 ,7 0 4
U ta h P o w er & L ig h t.
6 9 5 ,4 1 8 6 9 4 ,2 7 6 2 ,1 4 5 ,9 4 5 2 ,2 4 8 ,0 4 4
I U ta h S e c u ritie s C o rp
1 3 5 ,6 5 7
1 3 4 ,8 8 1
4 2 ,6 1 0
3 8 .5 7 0
V e rm o n t Ily -E l C o rp
7 1 3 ,6 9 3 8 5 1 .7 3 4 2 ,0 7 8 ,3 2 8 2 .5 7 8 ,2 0 0
V ir g in ia R y & P o w e r .
7 3 5 7 , 5 4 0 8 0 0 1 . 2 7 7 1 5 . 2 2 4 .2 8 3 1 6 , 8 5 9 , 1 4 5
W e ste rn U n io n T e l C o
1 ,4 8 7 ,5 7 9
1 ,4 5 5 ,7 8 7
4 A 2 ,’5 0 a 5 0 4 . 6 2 4
W in n ip e g E le c tr ic R y
‘ 7 S oq9
* 1 ____ 3
8 6 , 3 2 6 ____ . 1 2 2 , 3_9 — : * 9 5 6 . 8 7 8
Y a d k i n R i v e r P o w e r . M a r c h _________ 9 8.984
a T h e B r o o k l y n C i t y R R . Is n o l o n g e r p a r t o f t h e B r o o k l y n R a p i d T r a n s i t
S v s te m
th e re c e iv e r o f th e B ro o k ly n H e ig h ts R R . C o . h a v in g , w ith th e
a p p r o v a l o f t h e C o u r t , d e c lin e d t o c o n ti n u e p a y m e n t o f t h e r e n t a l , t h ^ e f o r e
s in c e O c t. 1 8 1 9 1 9 t h e B r o o k l y n C i t y R R . h a s b e e n o p e r a t e d b y H s o w n e r s .
& T h e E ig h th A v e n u e a n d N in th A v e n u e R R . c o m p a n ie s w e re fo rm e rly
e a s e d to t h e N e w Y o r k R a ilw a y s C o ., b u t th e s e le a s e s w e re t e r m in a t e d o n
J u l y 11 1 9 1 9 r e s p e c t i v e l y , s i n c e w h i c h d a t e s t h e s e r o a d s h a v e b e e n o p e r a t e d
s e p a r a te ly ,
c In c lu d e s M ilw a u k e e L i g h t. H e a t & T r a c t i o n C o
d In e lu d e s a ll s o u rc e s ,
e I n c lu d e s c o n s titu e n t o r s u b s id ia ry c o m p a n ie s .
/ E a r n i n g s g iv e n In m ilre is .
0 S u b s id ia ry c o s. o n ly ,
h In c lu d e s T e n n e s se e
R a itw a v L ig h t & P o w e r C o . th e N a s h v ille R a ilw a y & L ig h t C o . t h e
T e n n e s se e P o w e r C o . a n d th e C h a tta n o o g a R a ilw a y & L ig h t C o .
i In ­
c lu d e s b o t h s u b w a y a n d e le v a te d lin e s .
) O f A b ln g to n & R o c k la n d ( M a s s .) .
k G iv e n in p e s e ta s . I T h e s e w e re t h e e a r n in g s f ro m o p e r a t io n o f t h e p r o p e r f l S o f S u b s id ia ry c o m p a n ie s.
* E a r n in g s fo r tw e lv e m o n th s ,
t S ta rte d
• p e r a tlo n s A p ril 1 1 9 2 1 .
_

4 ,4 2 9 ,7 4 9
4 ,3 8 2 ,9 7 9
1 2 5 ,2 8 7
* .......................
1 ,6 8 1 ,6 1 6
* 1 ,2 7 1 ,6 2 2
* 2 ,0 4 5 ,2 4 4

2 8 ,1 4 9
9 3 ,9 1 5
7 6 ,1 6 1
2 0 5 ,8 7 1
2 7 1 ,5 7 2
2 7 3 ,9 7 2
5 9 8 ,4 9 9
1 0 7 9 ,2 4 9
3 8 ,9 1 8
8 2 ,2 4 2
4 7 .9 6 9
4 5 ,3 7 7
9 5 4 ,7 5 1
9 9 ,5 7 8
1 5 9 ,1 9 8
1 9 4 4 ,1 0 5
4 8 0 8 ,7 9 3
2 9 ,7 8 6
1 3 9 ,4 7 3
2 0 ,2 3 1
1 8 6 ,1 7 2
2 3 ,9 7 5
1 0 3 ,1 8 9
2 0 ,5 6 6
2 4 ,0 3 1
2 8 4 .3 1 5
8 0 3 ,0 7 9
2 3 8 ,2 2 0
1 5 6 8 ,5 6 6
2 4 6 ,0 0 4
2 1 3 ,7 9 6
3 4 2 ,2 3 8
2 7 3 ,0 3 8
2 6 6 ,9 1 3
4 6 6 ,7 1 8
5 3 ,0 7 8
1 5 4 ,3 8 2

Name of Road
or Company.

1 ,1 0 4 ,0 5 5
4 .7 8 1 ,8 6 3
5 .9 1 7 ,6 7 5
4 5 9 ,0 5 8

7, ,2 3 7
i 8 s ; ,4 2 2
1 8 6 ,7 7 8
4, 2 9 8
3 5 6 ,1 9 7
1 7 4 7 ,3 9 3
7 2 ,7 3 6
4 6 ,9 4 0
1 5 2 ,2 3 0
4 2 ,, 8 5 0
1 2 3 ,.9 8 6
8 5 ,,2 5 1
1 3 1 3 .6 7 9
8 0 ,0 5 4
5 3 ,5 5 5
8 2 ,3 6 1
1 8 1 4 ,7 2 1
1 6 0 ,6 9 1
2 6 6 6 ,7 5 8
1 4 1 ,4 0 8
1 2 0 3 .0 9 1
2 8 3 ,6 8 1
3 8 5 .3 4 7
1 7 7 8 ,2 0 1
1 7 5 8 ,1 2 9
1 5 3 ,1 1 0

2109

C H R O N IC L E

M a r ’2 2

12 m o s e n d in g A la r 31
•
F o r t W o rth P o w er M a r
& L ig h t
12 m o s e n d in g A la r 31

’2 2
'2 1
'2 2
'2 1
'2 2
'2 1

G re a t W e ste rn
A l a r '2 2
P o w e r S y s te m
'2 1
1 2 m o s e n d A l a r 3 1 '2 2
'2 1
H a v a n a E le c R y
A l a r '2 2

H o n o lu lu R a p id
A l a r '2 2
T ra n s & L an d
'2 1
3 m o s e n d i n g A l a r 3 1 ^22
H udson &
A l a r '2 2
M a n h a tta n R R
21
3 m o s e n d A l a r 3 1 '2 2
'2 1
I n to rb o ro R a p id
A l a r '2 2
T ra n s it C o
'2 1
9 m o s e n d i n g M a r 3 1 '2 2
'2 1

2 9 .8 5 1
8 0 ,0 5 4
2 7 ,5 6 6
8 4 ,0 4 2
3 0 0 ,6 8 0
9 2 8 .2 8 7
2 6 6 ,0 8 3
1 , 0 3 8 ,6 5 2
1 4 ,4 4 2
5 3 ,5 5 5
1 3 ,2 3 2
6 0 ,2 4 0
4 0 ,4 3 6
1 5 6 ,7 6 9
4 1 ,3 9 0
1 7 3 .8 1 9
7 1 ,2 0 8
2 1 2 ,4 3 6
6 0 ,5 0 2
1 9 3 .7 3 5
7 3 6 ,5 7 9
2 ,3 5 6 ,6 7 8
5 1 9 ,6 7 0
2 ,0 2 7 ,9 2 8
1 2 ,4 4 5
4 5 ,1 1 1
9 ,9 3 0
3 9 ,6 2 5
1 6 1 ,2 5 0
5 3 9 ,7 7 1
1 1 2 ,4 9 8
5 1 0 ,2 8 9
3 8 .8 5 2
9 3 ,9 1 5
2 6 ,5 0 6
8 8 ,9 2 9
3 9 7 ,9 1 2
1 ,0 0 6 ,9 3 5
4 1 6 ,0 8 7
1 , 2 1 3 ,3 2 7
* 1 0 6 .8 2 9
2 0 5 ,8 7 1
* 9 7 ,6 6 7
2 0 5 .1 6 0
2 .4 9 9 ,0 0 4 * 1 ,2 7 9 ,2 0 2
2 ,8 2 8 ,4 6 4 * 1 ,0 5 6 ,5 0 9
3 6 3 ,8 7 4
5 9 8 ,4 9 9
3 7 8 ,0 8 8
6 1 4 ,9 1 6
4 ,5 2 3 .9 3 6
7 ,2 6 4 ,3 8 8
4 ,0 9 1 ,1 3 7
6 ,9 9 1 ,9 2 4
* 5 6 4 ,7 5 8
1 ,0 7 9 ,2 4 9
* 4 5 5 ,3 1 2
1 ,0 5 5 ,0 3 0

2 6 ,2 0 8
2 8 ,9 4 5
8 2 ,2 9 8
7 3 ,9 6 7
4 3 4 ,0 1 0
3 8 2 ,3 7 7
1 ,2 3 5 .3 5 9
1 .0 7 7 ,0 6 7
1 , 8 3 0 ,0 2 4
1 , 5 9 3 ,1 9 7
lA O lO J lO l
4 1 ,1 8 9 ,1 3 5 1 2 ,4 2 1 ,9 3 6
8 2 ,2 4 2
7 8 ,9 6 3
2 3 7 .4 7 6
2 2 4 ,9 2 3
9 5 4 ,7 5 1
8 9 8 ,9 1 9
2 ,7 5 5 ,5 4 4
2 ,5 8 9 ,7 2 4
4 ,8 0 8 ,7 9 3

«
8
1 ,0 9 0 ,7 4 5
1 8 5 ,9 9 8
_______ „
1 ,2 2 3 ,4 6 3
1 7 5 ,8 9 4
2 ,1 3 7 ,1 4 4 1 0 ,1 3 6 ,9 4 5
1 ,9 5 4 ,0 8 1 2 0 ,3 5 9 ,3 4 1
2 0 ,6 3 2
9 ,2 1 9
1 8 ,5 9 9
8 ,9 6 7
1 9 1 ,8 0 5
1 0 8 ,8 7 5
1 6 3 ,7 0 0
1 0 2 ,3 8 3
767
1 3 ,6 7 5
— 653
1 3 .8 8 5
— 594
4 1 ,0 3 0
155
4 1 ,2 3 5
4 7 .0 9 4
2 4 ,1 1 4
3 5 ,5 2 9
2 4 ,9 7 3
4 4 4 ,7 3 7
2 9 1 ,8 4 2
2 2 2 ,9 5 5
2 9 6 .7 1 5
4 ,1 0 7
8 ,3 3 8
2 ,2 5 2
7 ,6 7 8
6 3 ,4 4 0
9 7 ,8 1 0
2 9 ,1 6 4
8 3 ,3 3 4
2 4 ,3 0 9
1 4 ,5 4 3
1 1 ,2 1 1
1 5 ,2 9 5
2 1 2 .7 5 3
1 8 5 ,1 5 9
2 3 4 .9 5 9
1 8 1 ,1 2 8
8 8 ,5 1 7
1 8 ,3 1 2
8 1 ,2 5 2
1 6 ,4 1 5
1 ,0 7 6 ,6 1 8
2 0 2 ,5 8 4
8 6 1 ,1 2 7
1 9 5 ,3 8 2
1 1 3 ,3 9 8
2 5 0 ,4 7 6
1 4 5 ,8 3 9
2 3 2 ,2 4 9
1 ,5 5 0 ,9 6 4
2 ,9 7 2 ,9 7 2
1 , 5 3 7 ,6 2 7
2 .5 5 3 ,5 1 0
2 4 8 ,7 5 5
3 1 6 ,0 0 3
1 5 1 ,7 7 9
3 0 3 ,5 3 3
8 3 4 .0 9 4
9 4 9 .6 1 3
4 6 2 ,1 2 0
9 1 7 ,3 7 4
1 7 ,8 0 4
8 ,4 0 4
2 2 ,0 7 4
6 ,8 7 1
6 0 ,7 5 9
2 1 ,5 3 9
5 2 ,3 5 5
2 1 ,6 1 2
9 1 ,0 6 0
3 4 2 ,9 5 0
4 5 ,0 7 3
3 3 7 ,3 0 4
2 1 3 ,7 1 9
1 ,0 6 1 ,6 4 0
6 6 ,2 9 9
1 ,0 1 0 ,7 6 8
* 1 7 ,3 5 1
1 ,8 1 2 ,6 7 2
1 8 7 ,7 4 4
1 ,7 8 0 ,9 4 0
1 6 :3 8 2 ;p 3 * - 2 .3 7 i;5 9 2
1 5 .9 8 2 ,0 ( 6 — 3 ,5 6 0 ,1 4 0

2110

THE
Gross
Earnings.

Net after
Taxes.

Fixed
Charges.

Balance,
Surplus.

The New York Chicago & St. Louis Railroad Co.

$
$
1 8 6 ,1 7 2
4 1 ,3 6 1
2 0 5 ,5 7 3
2 7 ,1 3 2
5 4 0 ,6 3 0
1 0 9 ,2 5 7
6 1 0 ,4 8 9
6 5 ,6 8 5
2 1 3 ,7 9 7
7 7 ,6 9 3
2 0 9 ,2 1 0
6 6 ,2 1 8
2 ,4 7 2 ,4 4 7
8 7 5 ,7 2 9
2 ,5 8 5 ,9 7 6
6 6 1 ,3 7 8
2 7 3 ,0 3 8
* 1 1 0 ,2 8 0
2 5 3 ,4 4 3
* 8 3 ,0 4 6
3 ,1 1 8 ,6 5 9 * 1 ,2 4 0 .6 7 9
2 ,9 8 9 ,0 9 2
* 9 4 0 ,4 5 1
1 5 4 ,3 8 2
* 3 7 ,7 6 3
2 1 7 ,5 7 5
* 3 8 ,1 7 7
4 8 4 ,6 2 0
* 1 1 0 ,2 3 7
6 8 3 .0 8 4
* 1 1 4 ,3 2 1

4 2 9 ,7 2 3
2 7 ,8 1 0
2 8 ,9 9 6
8 4 ,5 1 4
8 6 ,1 2 8

$
6 ,6 9 1
— 7 ,9 4 1
5 ,0 5 6
— 3 9 .2 1 1
3 8 ,5 6 4
2 8 ,2 0 7
4 0 5 ,6 5 9
2 3 0 ,5 1 8
6 0 ,1 9 1
3 7 ,5 2 6
6 4 5 ,9 8 3
5 1 0 ,7 2 8
9 ,9 5 3
9 ,1 8 1
2 5 ,7 2 3
2 8 ,1 9 3

9 ,8 7 2 ,8 8 3
3 ,8 5 8 ,9 1 5
8 ,7 1 9 ,8 4 3
3 ,5 2 6 ,3 8 7
2 2 0 ,4 9 9
* 8 9 ,1 1 1
2 0 7 ,8 6 6
* 8 9 ,4 4 7
2 ,9 0 3 ,8 2 8 * 1 ,3 4 8 ,6 9 1
2 ,6 3 2 ,0 3 5 * 1 ,3 1 0 ,9 8 5
2 1 9 ,0 7 3
9 0 ,4 9 1
1 8 7 ,5 8 1
7 1 ,9 4 2
2 ,4 0 0 ,2 3 8
9 5 0 ,8 9 6
2 ,3 9 5 .7 3 9
7 6 1 ,0 9 0
2 8 7 ,6 1 1
* 8 6 .7 5 0
3 2 7 ,9 6 0
* 6 0 ,2 8 8
3 ,3 7 2 ,3 2 7
* 9 7 0 ,5 8 4
2 ,9 4 6 ,4 2 8
* 9 6 4 ,5 9 6
1 ,2 1 7 ,5 6 0
7 4 1 ,6 0 2
1 ,1 2 6 ,4 8 7
7 1 1 ,0 0 4
1 7 ,0 1 1 ,1 6 0
9 ,9 4 1 ,8 5 2
1 5 ,5 3 9 ,1 5 8
8 ,9 9 2 ,5 7 2
S o u th e rn U tilitie s
M a r ’2 2
2 6 0 ,1 0 1
4 5 ,7 3 8
Co
’2 1
3 2 7 ,4 3 2
1 0 0 ,7 1 0
1 2 m o s e n d M a r 3 1 '2 2 2 , 6 1 6 , 3 6 6
5 0 4 ,8 2 8
’2 1 2 , 7 7 0 , 8 7 3
5 1 5 ,2 8 1
T exas P ow er & L t
M a r ’2 2
3 9 6 ,9 3 6
1 1 4 9 ,5 8 7
. ’2 1
3 9 9 ,9 5 0
* 1 1 1 ,5 1 3
1 2 m o s o n d i n g M a r 3 1 '2 2 4 , 7 7 6 , 4 3 2 * 1 , 8 5 9 , 1 6 4
’2 1
5 , 1 4 9 , 2 7 5 x l. 4 3 6 , 2 5 ')

1 ,3 9 1 ,7 1 5
1 ,3 2 6 ,8 3 6
5 6 ,8 1 9
5 5 ,0 5 7
6 7 8 ,0 9 0
6 0 9 ,3 8 8
2 9 ,7 4 3
2 9 ,5 0 8
3 5 7 ,8 9 2
3 3 4 ,5 4 0
3 6 ,0 3 5
3 7 ,8 9 1
4 5 4 ,8 0 6
3 8 5 ,9 3 1
3 1 7 ,9 8 2
2 8 3 ,0 3 5
4 ,0 6 0 ,3 1 7
3 ,2 4 5 ,3 9 3
2 5 ,6 8 8
2 0 ,5 7 2
2 7 7 ,1 8 0
2 2 4 ,2 9 7
6 1 .5 0 5
6 0 ,3 9 5
7 5 6 ,6 0 4
7 0 6 ,3 5 3

2 ,4 6 7 ,2 0 0
2 , 1 9 9 ,5 5 1
3 2 ,2 9 2
3 4 ,3 9 0
6 7 0 ,6 0 1
7 0 1 ,5 9 7
6 0 ,7 4 8
4 2 ,3 7 4
5 9 3 ,0 0 1
4 2 6 .5 5 0
5 0 ,7 1 5
2 2 ,3 9 7
5 1 5 ,7 7 8
5 7 8 ,6 6 5
4 2 3 ,6 2 0
4 2 7 .9 6 9
5 ,8 8 1 ,5 3 5
5 ,7 4 7 ,1 7 9
2 0 ,0 5 0
8 0 ,1 3 8
2 2 7 ,6 4 8
2 9 0 ,9 8 4
8 8 ,0 8 2
5 1 ,1 1 8
1 .1 0 2 ,5 6 0
7 2 9 ,9 0 1

L a k e S h o re E le c
; M a r '2 2
R y S y s te m
’2 1
3 m o s e n d i n g M a r 3 1 ’2 2
’2 1
M u n ic i p a l S e rv ic e
M a r ’2 2
& S u b s id ia r ie s
’2 1
1 2 m o s e n d i n g M a r 3 1 ’2 2
’2 1
N e b r a s k a P o w e r C o M a r ’2 2
’2 1
1 2 m o s o n d i n g M a r 3 1 ’2 2
’2 1
N e w p o rt N ew s &
M a r ’2 2
H am p R y, G as & E l
’2 1
3 m o s e n d M a r 3 1 ’2 2
’2 1
P a c ific G a s & E le c tric —
3 m o s e n d M a r 3 1 ’2 2
’2 1
P a c i f i c P o w e r Sc L i t M a r ’2 2
’2 1
1 2 m o s e n d i n g M a r 3 1 ’2 2
’2 1
P e n n C e n t L i g h t & M a r ’2 2
& Pow er & Subs
’2 1
1 2 m o s e n d i n g M a r 3 1 ’2 2
’2 1
P o rtla n d G a s &
M a r '2 2
Coke
'2 1
1 2 m o s e n d i n g M a r 3 1 ’2 2
'2 1
S o u th e rn C a lif
M a r ’2 2
E d is o n
'2 1

$
3 4 ,6 7 0
3 5 ,0 7 3
1 0 4 ,0 2 1
1 0 4 ,8 9 6
3 9 ,1 2 9
3 8 ,0 1 1
4 7 0 ,0 7 0
4 2 4 ,8 6 0
5 0 ,0 8 9
4 5 ,5 2 0

x A f te r a llo w in g f o r o t h e r in c o m e r e c e iv e d .
— D e f ic it.
* E x c lu s iv e o f a c c r u a ls u n d e r t h e p r o v is io n s o f C o n t r a c t N o . 3 w ith th e
c ity a n d r e la te d c e rtif ic a te s .
.
N e w Y o rk S tr e e t R a ilw a y s .

Companies.

Gross EarningsCurrent
Previous
Year.
Year.

S
B k ln C ity R R ( R e c ) - .F o b
8 5 2 ,8 6 2
J a n 1 t o F e b 2 8 ________ 1 , 7 9 9 , 0 5 6
a B k l n H e i g h t s ( R e c ) ___ F e b
7 237
J a n 1 t o F e b 2 8 ________
1 2 ,8 3 8
B k ln Q C o & S u b (R e c )._ F e b
1 8 8 ,4 2 2
J a n 1 t o F e b 2 8 ________
3 9 6 ,0 6 3
C o n e y Is l & B k ln ( R e c ).F e b
1 8 6 ,7 7 8
J a n 1 t o F e b 2 8 ________
3 9 5 ,4 5 3
C o n e y Is l & G r a v e s e n d ..F e b
4 ,2 9 8
J a n 1 t o F e b 2 8 ................
8 ,8 0 0
N a s s a u E le c tric ( R e c ) ._ .F e b
3 5 6 ,1 9 7
J a n 1 t o F o b 2 8 ________
7 5 0 ,4 9 4
N Y C o n s o l id a t e d ( R e c ) . F e b 1 ,7 4 7 ,3 9 3
J a n 1 t o F e b 2 8 ------------ 3 , 6 5 7 , 5 3 1
72 736
S o u t h B r o o k l y n ..................... F e b
J a n 1 t o F e b 2 8 ................
1 4 7 ,4 4 8
N Y R a i l w a y s ( R e c ) ____ F e b
6 5 3 ,5 3 4
J a n 1 t o F e b 2 8 ................ 1 , 3 7 9 , 4 8 7
8 7 ,7 4 7
E i g h t h A v e n u o R R _____ F e b
J a n 1 t o F o b 2 8 ________
1 8 6 ,9 8 5
N i n t h A v e n u e R R _______ F e b
3 9 ,8 4 7
J a n 1 t o F e b 2 8 ________
8 4 ,0 3 8
H u d so n & M a n h a tta n R R F o b
6 1 8 ,9 3 9
J a n 1 t o F e b 2 8 ________ 1 , 3 0 0 , 7 9 8
I n te r b o ro R T S y s te m —
S u b w a y D i v i s i o n _______ F e b 2 , 7 9 0 , 7 8 7
J a n 1 t o F o b 2 8 ................ 5 . 9 2 2 , 2 0 5
E l e v d t e d D i v i s i o n ______F e b 1 , 3 8 0 , 8 8 0
J a n 1 t o F e b 2 8 . ............. 2 , 9 2 3 , 8 5 3
M a n h a t B d g e 3c L in e ..F e b
2 0 ,5 6 6
J a n 1 t o F e b 2 8 ................'
4 2 ,8 5 0
S e c o n d A v e n u e ( R e c ) _____F e b
6 7 ,7 7 3
J a n 1 t o F e b 2 8 . .............
1 4 0 ,9 8 8
N Y & Q u een s C o u n ty ..F e b
9 5 ,4 4 0
J a n 1 t o F e b 2 8 ................
2 0 1 ,8 0 3
L o n g I s l a n d E l e c t r i c _____ F e b
• 2 3 .9 7 5
J a n 1 t o F e b 2 8 ................
4 9 ,3 5 8
O c e a n E l o c t r i c ........................ F e b
1 3 ,0 8 3
J a n 1 t o F e b 2 8 ________
2 7 ,4 3 6
M a n h a t & Q u e e n s (R e c ).F o b
2 4 ,0 3 1
J a n 1 t o F e b 2 8 ________
5 0 .7 3 9
N Y & IIa rle m (O ity L in e )F e b
1 1 9 .2 0 0
J a n 1 t o F e b 2 8 ________
2 5 0 ,4 9 5
N Y & L o n g I s l a n d _______F o b
3 5 ,6 9 6
J a n 1 t o F e b 2 8 ________
7 7 ,2 9 0
R ic h m L t & R R ( R e c ) ..F o b
5 2 ,7 0 2
J a n 1 t o F o b 2 8 ______
111,739

a

b
b
b

------- Net
.

$
7 9 8 ,1 2 5
1 ,7 0 7 ,7 3 0
5 ,6 4 8
1 1 ,7 2 1
1 1 9 ,6 9 3
2 5 8 ,0 4 3
1 7 2 .2 6 0
3 6 8 .7 1 4
4 ,0 3 3
8 ,6 1 0
3 4 1 ,3 3 3
7 3 1 .4 1 7
1 , 6 3 2 .6 4 1
3 ,3 9 2 ,5 9 0
7 2 ,2 2 6
1 4 0 ,8 0 8
6 7 9 .9 3 7
1 , 4 5 4 ,3 5 1
8 1 ,8 5 6
1 7 7 ,1 0 4
3 8 ,2 4 1
8 3 .2 5 5
5 9 4 ,4 3 9
1 , 2 5 9 ,2 2 1

Earnings------Current
Previous
Year.
Year.

$
1 7 0 ,9 0 5
3 7 5 ,5 3 0
813
— 3 ,8 0 4
5 6 ,4 2 2
9 4 ,2 7 4
4 8 ,5 0 1
9 2 ,6 5 2
— 1 ,4 4 3
— 4 ,0 8 9
6 6 ,0 1 7
1 4 2 ,9 9 2
4 5 2 ,0 0 7
9 3 6 ,6 4 8
2 5 ,2 4 4
5 2 .0 5 2
— 8 ,2 6 1
— 3 4 ,2 3 2
— 3 9 .7 4 4
— 3 8 ,3 3 4
— 1 6 ,9 8 7
— 3 1 ,2 8 2
2 5 7 ,8 4 0
5 5 9 ,1 0 5

$
4 4 ,6 6 6
9 4 ,2 4 5
816
2 ,0 3 9
4 ,6 3 8
1 0 ,5 7 4
1 1 ,6 3 7
2 2 ,4 9 5
— 2 ,3 4 7
— 4 ,8 3 3
1 6 ,2 3 0
3 9 ,8 5 3
1 7 9 ,7 7 5
3 8 6 .6 9 6
2 7 ,4 7 8
3 9 ,1 3 7
— 6 9 ,8 4 8
— 1 1 3 ,2 6 1
— 3 2 ,0 8 0
— 1 1 ,9 8 0
— 1 6 ,2 1 2
— 2 6 ,1 9 0
2 2 3 .6 9 6
5 0 6 ,1 6 5

2 ,8 2 1 ,5 1 3
6 ,0 8 3 ,4 5 2
1 .5 2 3 .5 9 6
3 ,2 0 2 ,6 5 3
2 0 ,5 4 2
4 3 ,7 3 0
5 9 ,6 9 5
1 3 0 .2 6 3
8 0 ,7 3 4
1 7 6 ,0 9 1

1 ,1 6 9 ,8 7 5
1 , 0 4 3 .0 1 1
2 ,4 7 4 ,9 0 8
2 .2 8 6 ,4 2 0
2 9 7 ,2 7 5
2 3 1 .7 9 4
6 3 2 ,7 2 4
4 9 7 ,5 0 0
783
— 511
— 668
347
— 1 0 ,3 6 7
— 1 9 ,4 0 2
— 2 5 ,8 6 6
— 3 5 ,4 6 1
— 1 3 ,5 6 4
— 3 7 ,2 2 3
— 3 1 ,2 3 2
- t - 7 9 .6 1 8
2 0 ,3 6 6
— 956
— 6 ,1 7 9
4 2 .9 7 1
— 1 5 ,4 3 1
— 2 ,4 9 2
9 ,7 2 0
— 1 ,9 8 3
— 649
2 0 ,6 3 2
— 3 ,1 1 2
— 2 ,8 9 0
2 1 ,7 5 3
1 ,1 6 3
— 2 ,0 6 5
4 6 ,4 9 5
1 ,7 7 4
— 506
1 2 7 ,4 8 5
1 0 ,5 5 9
1 2 ,3 0 5
2 7 1 ,2 4 4
2 5 .5 4 4
2 5 .4 5 9
3 5 .9 7 2
— 1 2 ,8 2 7
— 7 ,3 5 3
7 6 .3 9 6
— 2 5 ,5 1 7
— 2 2 ,2 7 3
5 9 ,1 8 5
— 5 ,7 5 8
— 1 3 ,6 3 8
______
1 2_____
1 ,1 4 2
— 3 0 .2 7 0
— 2 7 ,5 5 6
AU
a b ? v e n e t e a rn in g s a r e a f te r d e d u c tin g ta x e s .
a „ a »T h 0 B r o o k ly n C i ty R R . is n o lo n g e r p a r t o f th o B ro o k ly n R a p id T r a n s i t
S y s te m , th e re c e iv e r o f th o B r o o k ly n H e ig h ts R R . C o . h a v in g w ith th o
°if a hi o ? ? w h d n c l l n ,e ? t o c o n t i n u e p a y m e n t o f t h e r e n t a l ; t h e r e f o r e ,
h m SPuV
t h e B r o P k,l.v n C i t y R R . h a s b e e n o p e r a t e d b y i t s o w n e r s .
? T h ® f’ s d i t h A v e n u e a n d N i n t h A v e n u e R R . c o m p a n i e s w e r e f o r m e r l y
J
n m ? 4 i b i o f o e„
!
X
0 '# C o ” b u ,t t h e s o l e a s e s w e r e t e r m i n a t e d o n
h a v e ^ b e e n ^ o jm r a te d Ps e i? a ra te ly :

S l" Ce W W c h d a t e t h e s o r o a d s

FINANCIAL REPORTS
Union Pacific Railroad.
(25th Annual Report— Year Ending Dec. 31 1921.)
T h e te x t of tho report, sign ed b y C hairm an R ob ert S .
L o v e tt, togother w ith th e corporate incom e accou n ts com ­
p arative b alan ce sh eet, and oth er sta tistica l tab les, w ill be
found on su b seq u en t pages of th is issu e .— V . 114, p. 1 7 6 7 .

Missouri Pacific Railroad Co.
(5th Annual Report—
-For Year ended Dec. 31 1921.)
T h e rem arks o f P resid en t B . F . B u sh , togeth er w ith th e
incom e acco u n t and balance, sh eet, w ill bo found on a subse­
q u en t p a g e.— V . 114, p. 2013, 1766.




[V ol. 114.

C H K O N IC L E

(35 th Annual Report— Year ended Dec . 31 1921.)
T h is co m p a n y , form erly a p art of th e V an d erb ilt S y ste m ,
p assed in J u ly 1916 under tho con trol of C levelan d in terests,
w ho b o u g h t th e h old in gs o f th e N e w Y ork C entral R R .,
0 . P . V an Sw eringen b ecom in g C hairm an of th e B oard .
T h e report for th e fiscal y ea r en d in g D e c . 3 1, signed b y
P resid en t J . J . B ern et, w ill be fou n d on su b seq u e n t pages of
th is issu e , togeth er w ith th e sum m ary of op eration s for th e
years 1918 to 1921 and the gen eral balan ce sh eet as o f
D e c . 31 1921:
GENERAL STATISTICS FOR CALENDAR YEARS.
1921.
P a s s e n g e r s c a r r i e d ______
3 9 6 .8 4 5
P a s s , c a r r ie d o n e m i l e - - 4 3 ,0 8 3 ,5 0 9
R a te p e r p a s s , p e r m ile _ _
3 .2 9 c ts .
E a rn , p e r p ass, tra in m .
$ 1 .5 7
R e v e n u e fre ig h t (to n s ). _
9 ,0 8 4 ,5 7 6
R e v .f g t . ( to n s ) 1 m . (0 0 0 )
2 ,2 8 0 ,4 9 1
R a t o p e r t o n p e r m i l e ___
1 .0 9 7 c t s .

1920.
4 7 2 ,4 1 8
4 6 ,6 9 9 ,4 2 6
2 .8 2 c ts .
$ 1 .8 3
1 1 , 7 8 4 ,0 1 1
2 ,9 3 3 ,7 8 2
0 .8 8 0 c ts .

1919.
6 8 5 ,5 2 2
6 8 ,9 7 3 ,9 6 1
2 .6 8 c ts .
$ 2 .4 2
1 0 ,0 6 8 ,t9 3
2 ,5 5 0 ,6 7 4
0 .8 2 0 c ts .

1918.
7 8 2 ,6 1 6
7 8 ,0 7 8 ,0 5 4
2 .3 5 c t s .
$ 2 .1 6
1 1 ,7 3 7 ,9 9 2
2 ,9 6 3 ,7 3 0
0 .6 7 9 c ts .

GENERAL BALANCE SHEET DEC.

31.
1921.
1920.
1921.
s
S
Liabilities—
$
R o a d A e q u l p m 't - 7 3 ,4 5 0 ,6 1 6 7 2 ,0 4 6 ,1 4 4 1 s t p r o f , s t o c k ------- 5 ,0 0 0 .0 0 0
L e a s e d l in e I m p t s .
7 1 0 ,5 2 2
6 4 2 ,9 2 3 2d p r e f . s t o c k ------- 1 1 , 000,000
1 ,5 0 5 ,0 0 0 C o m m o n s t o c k . . .1 4 , 0 0 0 ,0 0 0
I n v e s t m e n t s ---------- 1 ,5 0 6 ,0 0 3
M ls c . i n v e s t m e n t s .
. 4 ,6 6 2
.
F u n d e d d e b t --------- 3 7 ,9 6 6 ,0 0 0
M ls c . p h y s . p r o p . .
9 3 2 ,9 9 9
8 6 5 ,9 6 3 A c c o u n t s A w a g e s . 1 ,3 1 3 ,2 7 1
C a s h ....................
1 ,1 5 4 ,0 9 9
1 ,3 7 4 ,8 4 5 I n t e r e s t , d i v i d e n d s ,
I n v e n t o r i e s ----------- 2 ,3 5 6 ,3 7 0 2 ,4 8 6 ,3 7 1
A c ., u n p a i d ____
4 7 9 .5 6 8
A g e n ts A c o n d .b a l.
4 8 0 ,1 6 8
5 4 7 ,3 2 2 I n t . , d i v s . , A c .,a c o
3 3 6 ,1 4 7
S p e c ia l d e p o s i t s . . . 1 ,8 8 3 ,1 0 5
1 ,5 9 0 ,7 9 9 L o a n s A b ills p a y .
6 0 ,0 0 0
T r a f f i c , A c ., b a l s . 1 ,0 6 7 ,9 1 5
9 7 9 ,1 9 2 T r a f f i c b n l ., p a y ’le
0 1 9 ,3 4 0
I n d ., d lv ., lo a n s &
O th e r l i a b i l i t i e s . ..
1 3 8 ,5 9 8
b ills r e c e i v a b l e . .
1 5 ,8 2 8
_______ D e f e r r e d l i a b i l i t i e s
8 2 ,0 7 6
D r a f t s A d e p o s i t s . 1 ,2 0 0 ,0 0 0
1 ,1 0 0 ,0 0 0 M lf c e il . a c c o u n t s .
9 4 ,4 8 4
O t h e r a s s e t s ........... ..
1 ,2 8 9
5 ,6 0 7 A p p r o p . s u r p l u s . . 6 ,8 1 2 ,0 9 6
M ls c e ll . a c c o u n t s .
6 8 8 ,6 5 6 • 9 2 7 ,8 0 6 U n a d j u s t e d a c c ’t s . 1 ,5 1 0 ,5 3 8
A d v a n c e s , A e -----2 3 ,8 0 4 8 ,1 7 0 ,6 6 8 D o p r e c ’n ( e q u i p . ) . 3 ,3 6 0 ,1 7 3
D is c , o n lu n d . d e b t
4 1 2 ,4 4 2
4 5 4 ,1 5 5 P r o f i t a n d l o s s ____ 5 ,3 2 1 ,7 5 7
O th e r u n a d ju s te d
d e b i t s ...................... 2 ,4 6 0 ,5 6 8 6 ,8 9 3 ,6 4 8

Assets—

T o t a l ............. .. .8 8 ,3 5 0 .0 5 1 9 9 ,5 9 0 ,4 4 4
— V . 114, p . 1651. 1534.

1920.
s
5 ,0 0 0 ,0 0 0
1 1 .000,000
1 4 ,0 0 0 ,0 0 0
3 8 ,3 5 6 ,0 0 0
2 ,0 2 9 ,8 7 0
7 6 2 ,1 6 1
3 4 1 ,2 3 4
6 0 ,0 0 0
9 7 2 ,1 1 1
3 0 8 ,7 5 6
1 0 ,9 5 1 ,9 9 5
1 2 9 ,2 7 8
6 ,7 1 1 ,0 0 5
1 ,9 8 4 ,4 2 8
2 ,6 7 5 ,9 2 8
4 ,3 0 7 ,0 9 0

T o t a l ..................... 8 8 ,3 5 0 ,0 5 1 9 9 ,5 9 0 ,4 4 4

Minneapolis St. Paul & Sault Ste. Marie Ry. Co.
(33d Annual Report— Year Ended Dec. 31 1921.)
T h e report w ill bo cited m ore fu lly in a su b seq u en t issu e.
COMBINED CORPORATE AND FEDERAL STATEMENT OF EARNINGS
FOR CALENDAR YEARS.
■Combined-Corporate1918
1919
1920.
1921.

F r e i g h t ----------- -------- ---------- $ 1 6 , 5 8 9 , 5 2 0 $ 1 8 , 2 3 4 , 1 4 1 $ 2 1 , 5 4 8 , 4 3 0 $ 1 9 , 1 4 6 , 8 5 1
F a s s e n g o r -------------------------4 ,0 0 4 ,6 5 5
5 ,2 6 0 ,4 3 6
5 .6 6 0 ,6 6 2
4 ,8 4 3 4 4 3
M a i l . . --------------3 1 7 :8 9 9
3 3 9 ,8 6 4
8 0 2 ,5 7 2
6 4 4 ,4 1 2
E x p r e s s .........................................
4 4 8 ,8 9 7
5 3 7 ,6 9 5
6 2 2 ,5 0 7
4 9 4 ,8 5 2
3 5 5 ,4 9 9
M i s c e l l a n e o u s _________
4 1 9 ,8 0 7
5 9 5 ,0 3 6
6 3 9 ,3 9 3
I n c i d e n t a l ------------------------3 9 5 ,1 9 5
3 5 7 ,2 5 2
5 6 8 ,2 9 9
4 1 7 ,1 5 4

„ r T !ot.a L ; --------- -----------------$ 2 2 , 1 1 1 , 6 6 6 $ 2 5 , 1 4 9 , 1 9 5 $ 2 9 , 7 9 7 , 5 1 3 $ 2 0 , 1 8 5 , 8 0 4
M a i n t . o f w a y & s t r u c . . $ 3 ,3 9 9 ,6 7 9
$ 4 ,0 7 4 ,2 9 0
$ 6 ,0 2 5 ,1 9 2
$ 5 ,1 3 4 8 3 7
M a in t. o f e q u ip m e n t...
4 ,9 0 3 ,4 3 8
— 1
5 ,2 0 5 ,6 2 5
6 ,6 2 2 ,1 5 7
5 , 9 9 1 ,’2 8 2
T r a f f i c e x p e n s e s _________
2 0 3 ,5 7 8
1 7 3 ,2 4 5
3 3 0 ,1 7 2
3 7 3 ,2 4 1
T ra n sp o rta tio n ex p en ses
9 ,4 4 3 ,1 5 5
1 0 ,6 0 8 ,2 7 7
1 3 , 2 5 8 ,8 9 1
1 1 ,9 0 9 ,0 8 7
M is c e lla n e o u s o p e r a tio n s
8 7 ,4 3 0
1 4 5 ,1 8 2
2 3 2 ,9 7 7
1 6 4 ,7 4 8
G e n e r a l e x p e n s e s _________
4 9 9 ,7 9 5
6 6 7 ,0 9 6
7 7 6 ,9 6 6
7 7 8 ,0 8 0
T ra n s p o rt, fo r i n v e s t ...
Cr.2 2 , 9 9 3
Cr. 2 7 , 2 6 8
C r .3 5 ,5 5 8
Cr. 2 5 , 3 6 0
T o ta l.
----------------------- $ 1 8 , 5 1 4 , 0 8 2 $ 2 0 , 9 6 6 , 4 4 8 $ 2 7 , 2 1 0 7 7 9 8 $ 2 4 , 3 2 5 , 9 1 5
N e t o p e r a t i n g r o v e n u o . . $ 3 ,5 9 7 ,5 8 4
$ 4 ,1 8 2 ,7 4 7
$ 2 ,5 8 6 ,7 1 5
$ 1 ,8 5 9 ,8 8 8
R a i l w a y t a x a c c r u a l s , $ 1 , 8 9 9 , 0 6 9 ; u n c o i l , r y . r e v . , $ 4 , 0 3 3 _____$ 1 , 9 0 3 , 1 0 3
_
_
O p e r a t i n g d e f i c i t __________________________ . .
N o n - o p e r . i n c o m e ( a ) h i r e o f e q u i p . , $ 4 5 0 , 6 1 2 ; ( 6) j o i n t f a c i l i t y
r e n t i n c . , $ 1 6 9 , 1 2 7 ; (c ) d i v i d e n d I n c o m e , $ 3 5 7 , 0 8 8 ; ( d ) m i s c e l l .
T JC Sm R R 11 A d m P) " ° $ 6 3 9 t 1 9 ^ S c h a r g e d & c r e d i t e d t o c o r p . b y

$43~214
’

1 ,6 1 6 ,0 1 8

D G r o s s l n c o m e ------------------------------------------------------------------------------------------ $ 1 , 5 7 2 , 8 0 4
J o i n t f a c i l i t y r e n t s . $ 2 4 6 , 0 1 3 ; m i s c e l l a n e o u s r e n t s , $ 2 6 2 ________
M i s c e l l a n e o u s t a x a c c r u a l s ________________ _________ ______________
I n t e r e s t o n m o r t g a g e b o n d s __________ _
I"
I n t o n e q u i p - o b l i g . , $ 4 0 2 , 7 9 1 ; i n t . o n M i n n . a t . 1’ . Sc S a u l t
S te . M a r i o R y . O o . le a s e d lin o c c r t i f . , $ 4 4 8 ,6 8 6 ; i n t . o n

unfunded debt, $330,449__________________________________
A m o r t i z a t i o n o f d i s c o u n t o n f u n d e d d e b t _________________________ .
M is c e ll. in c . c h a r g e s ( in c l. la p - o v e r ite m s c h a r g e d a n d c r e d i t e d
t o c o r p o r a t i o n b y U . S . R R . A d m i n i s t r a t i o n ) ___________________
N e t d e f ic it t r a n s f e r r e d to p r o f i t a n d lo ss
— V . 114, p . 1890, 1766.

_

$ 2 4 6 ,2 7 5

53 278
3 1 8 8 94 5
’
1

’
181

qoft

' 7 7 0 18
’
2 9 7 ,5 2 0

S 3 4 79 1 x a
..................... .................W . 4 7 ^ , 1 6 8

Minneapolis & St. Louis Railroad Co.
(Annual Report for the Year ended Dec. 31 1921.)
P resid en t W . II. B rem uer sa y s in subsfcanco:
Business Depression Affects Tonnage. - T h o b u s i n e s s d e p r e s s i o n w h i c h
c o m m e n c e d in th o fa 1 o f 1 920 c o n tin u e d th r o u g h o u t 1921 a n d t h e t o n n a g e
h a n d le d b y th e r o a d in c o m m o n w itli o th e r r a ilr o a d s w a s a d v e rs e ly a ff e c te d
tn e rc D y .
Financial Condition.— I n s p i t e o f t h o b u s i n o s s d e p r e s s i o n a n d t h o c o n s e ­
q u e n t d e c re a s e d e a rn in g s , th e f in a n c ia l c o n d itio n a n d th e o u tlo o k fo r th e

b a n k l o a n s f r o m v a r i o u s b a n k s i n N o w Y o r k , M i n n e a ’p l o i s a n d P e o r i a
a g g r e g a t in g $ 5 0 5 ,0 0 0 .
T h e s e m a tte r s a r e n o w b e h in d u s — th o b a n k lo a n s , w ith th o e x c e p tio n o f
o n e fo r $ 2 5 ,0 0 0 . w e ro p a id a n d t h e c o lla te r a l t h u s r e le a s e d w a s u s e d w ith
o t h e r c o l l a t e r a l t o s e c u r o a l o a n o r $ 1 , 3 8 2 , 0 0 0 f r o m t h o U . 8 . Government
w ith w h ic h to n a y t h e P a c if ic E x te n s io n b o n d s ; th o lo c o m o tiv e s w e re
f in a n c e d t h r o u g h th o m e d iu m o f a g e n e ra l c a r t r u s t a g r e e m e n t o f t h e
N a t io n a l R a ilw a y S e r v ic e C o r p . (V . 1 1 3 , p . 1 8 3 , 2 9 3 ) .
W e faco 1922 w ith
n o m a tu r in g o b lig a tio n s o f a n y c o n s e q u e n c e .
Freight Traffic.—Tho r e v e m i e . f r o m f r e i g h t f o r t h e y e a r w a s $ 1 3 , 1 3 1 , 3 4 2
a d e c r e a s e o f $ 2 2 9 ,8 3 3 , o r 1 .7 2 % .
T h e re w a s a d e c re a s e in re v o n u o fre ig h t
t o n n a g e o r ig i n a ti n g f r o m t h o lin o o f 4 6 3 ,9 8 6 to n s , o r 1 1 .8 2 % , a n d a d e c r e a s e
in r o v e n u o f r e i g h t t o n n a g e r e c e iv e d f r o m c o n n e c tin g H u e s o f 6 4 5 ,8 6 5 to n s
o r 1 9 .3 0 % .
'I h o t o t a l t o n s r e v e n u e f r e i g h t h a n d l e d w a s 6 ,1 6 2 ,9 0 s a d«v
c r e a s e o f 1 ,1 0 9 ,8 5 1 , o r 1 5 .2 6 % .
Passenger Traffic.— T h e r e v e n u e f r o m p a s s e n g e r s c a r r i e d d u r i n g t i l e y e a r
d e c r e a s e d $ 4 7 4 ,8 9 6 , o r 1 7 .5 5 % .
P a s s e n g e r r a te s w h ic h w e ro in c re a se d o n
A u g . 2 6 1 9 2 0 . w e re g e n e ra lly m a in ta in e d , b u t , b e c a u s o o f th o g e n e ra l
b u s in e s s c o n d itio n s in th o t e r r it o r y , th o ro w a s a d e c r e a s e In t h o n u m b e r o f
r o v e n u o p a s s e n g e r s c a r r i e d o f 6 5 3 ,4 7 2 . o r 2 7 . 6 9 % . a n d a d e c r e a s e in t h o
t o t a l n u m b e r o f p a s s e n g e r s c a r r ie d o n o n d l o o f 2 5 ,9 7 6 ,5 3 8 , o r 2 8 .9 0 % .
Rates.— D u r i n g t h e y e a r t h e r e w a s a c o n t i n u e d a g i t a t i o n f o r l o w e r f r e i g h t
r a te s a m i m a n y r a te s w e re re d u c e d , a n d o n J a n . 1 1922 h e a v y r e d u c tio n s
w e r e m a d e in t h e r a t e s o n a ll f a r m p r o d u c t s , in c lu d in g a r e d u c t io n o f 2 1 . 7 %
in t h e r a t e s o n c o r n , r y e , o a ts , a n d b a r l e y , a n d a r e d u c t io n o f 1 3 % in t h e
r L t<: £ ? ' V Vl?,e a t ,a n d c o r n p r o d u c t s , a n d r e d u c t i o n o f 1 0 % i n r a t e s o n l i v e
s to c k a n d o th e r f a r m p r o d u c ts .
T h e I .- S . C . C o m m is s io n is n o w c o n d u c tin g

THE

M ay 13 1922.]

a n in v e s tig a tio n to d e te rm in e to w h a t e x te n t o th e r r a te s m a y b e re d u c e d ,

g o v e rn iiig

the

Of i 8 n 2 J £ 3 £ S &
and
e m id o y m e n t o f la b o r w h ic h r a m e ^ o

p a y * a v e ra g in ^ V o r*^1

of

t t ls » r o b a b l e t h a t a fU r th e r

deS o i i WT h e fe r h a s te n
d u r in g 1 9 2 1 in t h e p r ic e
n d m a te ria ls u s e d .
S o , w h ile p r o s p e c ts a r e y e t f a r fro m
n n p m a f Uw S e n w e c o m p a r o o u r c o n d i t i o n n o w w i t h t h e s i t u a t i o n a s i t w a s i n
19 21 w o fe e l t h a t m u c h lia s b e e n a c c o m p lis h e d a n d t h a t w e c a n g o f o rw a rd
i ^ l ’i o o o ™ itv, t h « e x n e c t a t l o n o f f a v o r a b l e r e s u l t s .
,
1 1 Dprfraspinh Operating Expenses — 'T h r o u g h o u t t h e y e a r 1 9 2 1 vve h a v e
pursued a p o l i c y o f t h e m o s t d r a s t i c e c o n o m y , . w h i c h r e s u l t e d i n a d e c r e a s e
Pn n n p l n H n f f e x n e n s e s a s c o m p a r e d w i t h t h e p r o v i o u s y e a r , o f 8 2 , 9 2 8 , 9 2 8 ,
l? tn P ,m h o u P ? e P e n u e d e c r e a s e d o n ly 8 9 6 5 ,9 5 0 .
O n ly a p p ro x im a te ly
8 5 5 0 ,0 0 0 o f t h is d e c r e a s e in e x p e n s e s c a n b e a t t r i b u t e d t o t h e w a g e r c d u c t l0 T o () °Mtwt^Governrn'ent and State, Ac., Regulations.— T h e P r e s i d e n t o f t h e
T T n ite d S t a t e s h a s a p t l y s a i d t h a t t h e r e s h o u l d b o m o r e b u s i n e s s i n g o v e r n m P i t and l e s V g o v e r m n o n t i n b u s i n e s s a n d o f a l l l i n e s o f b u s i n e s s t h e r e i s
“ one i n w h i c h t h e h a n d o f g o v e r n m e n t i s f e l t m o r o t h a n i n r a i l r o a d m a n a g e m ^ P ro m n t h o Pt i m o w h e n r a i l r o a d s w e r e l o o k e d u p o n a s p r i v a t e e n t e r p r i s e s
n o t s u b j e c t to g o v e r n m e n t a l r e g u l a t i o n , t h e p e n d u l u m h a s s w u n g t o o f a r
a n d to - d a y w o a r e c o n fr o n te d w ith a m a s s o f r e g u la to r y la w s a n d b o d ie s
w h ic h tio o u r h a n d s a n d le a v e little sc o p e fo r m a n a g e m e n t.
T o e n u m e ra te
111 o f t h e f u n c t i o n s w h i c h a r c c o n t r o l l e d b y F e d e r a l l a w w i t h o u t r e f e r e n c e
to S t a t o s t a t u t e s , w o u ld r e q u ir e to o m u c h s p a c e a n d I o n ly c a ll y o u r a t t e n ti<O u r ° l n c o m r *is“ e g u l a t e d " b y ™ t h e I . - S . C . C o m m i s s i o n a n d 6 0 % o f o u r
o p e r a t i n g e x p e n s e s u n d e r p r e s e n t c o n d it i o n s a r e c o n tr o l le d h y t h o U - |j .
L a b o r B o a rd
T h e s e la w s s h o u ld b o a m e n d e d so a s to r e s to r e t o t h e r a i l ­
r o a d s th e p o w e r to in itia te p a s s e n g e r a n d f r e ig h t r a te s s u b je c t t o re v ie w
b ^ t h o I -S O . C o m m is s io n a n d to f ix r a t e s o f p a y fo r e m p l o y e ^ s u b je c t
t o r o v le w b y t h e L a b o r B o a r d a f t e r b e in g p u t i n to e ff e c t.
U n le s s th e
t r e n d t o w a r / s c o m p le te g o v e r n m e n t r e g u l a ti o n Is s to p p e d a n d t h e ]
s t a r t e d in a b a c k w a r d c o u r s e , w e w ill c e r t a i n l y d r i f t i n t o g o v e r n m e n t
o w n e r s h ip .
T h e c h a n g e c a n o n ly b o b r o u g h t a ljo u t th ro u g h th e fo rc e
p u b lic s e n tim e n t a n d th is s e n tim e n t c a n o n ly b o a w a k e n e d b y a c ti v it y o n
^ h o p a r t o f in d iv id u a ls w h o a r e in te r e s te d .
.

ROLLING STOCK OWNED—BRIDGES, BALLAST, RAILS, DEC. 31.
Work
-Locomotives----------- Passenger —Freight Equivalent
nr
Equip.'
v ,,
( iinacitu.
Capacity.
Tractive Power. i s * , . No.
No.
358
1 9 2 1 _____x 2 2 9
1 9 2 0 _____2 1 9
1 9 1 9 _____2 1 9
1 9 1 8 _____2 1 9
1 9 1 7 _____2 2 9

7 ,1 6 2 ,5 8 0
6 ,4 3 5 ,7 1 0
6 ,4 4 5 ,6 9 0
6 ,4 3 4 ,3 9 0
6 ,5 5 5 ,7 7 0

lb s.
lb s.
lb s .
lb s.
lb s.

% '£ •
139
145
145
142

3 0 0 ,9 0 5
3 0 5 ,3 7 0
3 0 0 ,7 3 0
2 9 3 ,5 2 5
3 1 3 .4 .0 5

8 ,6 4 0
8 ,8 0 0
8 ,7 9 3
8 ,6 6 8
8 .8 0 9

to n s
to n s
to n s
to n s
to n s

366
347
357
372

CLASSIFICATION OF FREIGHT-PRODUCTS OF (TONS).
Agriculture. Animals .M in e s ^ Forests. Manufac. Miscell.
2 9 3 ,4 4 2
3 1 0 ,3 4 8
3 3 3 ,6 2 3
3 2 0 .5 7 0
2 6 1 ,0 1 9

2 ,1 0 9 ,9 9 8
2 , 7 2 5 ,1 6 1
1 ,6 9 8 ,8 2 0
2 ,0 7 1 ,7 6 9
2 ,3 0 1 ,1 3 4

New Orleans Texas & Mexico Ry. (Gulf Coast Lines).

R
eport—

(6th Annual
Year ending Dec. 31 1921.)
P res. J . S . P y e a tt, H o u sto n , T e x ., A pril 19, sa y s iu su b st.:
‘
Settlement with U. S. Railroad Administration .— A s e t t l e m e n t w a s r e a c h e d
I n J u lv 1921 b y w h ic h th e c o m p e n s a tio n fo r t h e 26 m o n th s o f F e d e ra l
c o n t r o l w a s f ix e d T t $1 5 0 0 0 0 0 p . a . i n s t e a d o f S I .0 6 1 0 0 1 t h e n e t a m o u n t
c la im e d b y t h e A d m in is tr a tio n b a s e d u p o n t h e a v e r a g e n e t in c o m e o f th e
te s t p e rio d .
T h e fin a l s e ttle m e n t r e s u l t e d i n a n e t p a y m e n t to y .th e i U ^ 8 .
R R . A d m i n is tr a t io n t o t h e c o m p a n y o f $ 8 0 0 ,0 0 0 , b e in g t h e b a a n c e d u e
a f t e r t a k i n g i n t o a c c o u n t v a r i o u s a d v a n c e s m a d e 1 y th e ^ ^ A d m ln is tr a tlO T
b
rin rin p * F f ^ r tp ra i r n n t r n l c o s t o f a l l a d d i t i o n s a n d b e t t e r m e n t s , a n c l t x t i n
g iiis h fn g c la im s p r e s e n t e d b y e a c h s id e o n a c c o u n t o f a lle g e d u n d e r o r o v e r
m G ^ m n tvP eriod
&

— N o s e ttle m e n t h a s a s y e t b e e n m a d e o f th e g u a ra n ty
no i r & c h
l t i A u g 31 1 9 2 0 .
T h e T r a n s p o r ta tio n A c t p r o v id e s t h a t
! a n a g r e e m e n to n c o m p e n s a tio n fo r th e .F e d e r a l c o n tr o l p e rio d a o t o m a ^ U y
fix e s t h e c o m p e n s a ti o n f o r t h e g u a r a n t y b c r io d
U n d e r a n o r d e r ^ u e a Dy
t h e I . S . C . C o m m is s io n , a c c o u n tin g f o r t p u ^ c t i o n s a p p llc a b to t o ^ n e
g u a r a n t y p e r io d w a s d e f i n i te l y c lo s e d D e c . 3 1 1 9 2 1 , m p u r s u a n c e i o f v v m cn

b ° F u r th e r a p p lic a tio n w a s file d w ith th e
t o a id in f in a n c in g t h e u n d e r - n o t e d e q u ip m e n t t h r o u g h t h e N a t u r a l K a n w a y

u p p e r f r a m e g o n d o la c a r s , 5 0 5 0 - to n

^ ^ o ^ e c ^ e

3 3 5 ,1 0 1
5 2 3 ,6 4 1
3 0 8 ,1 4 3
2 9 4 ,6 9 8
3 9 8 ,1 3 5

8 2 3 ,9 6 9
1 ,0 6 8 ,8 6 6
8 0 7 ,3 7 1
8 5 0 ,4 8 9
1 ,0 0 2 ,8 9 0

6 5 0 ,7 7 8
8 1 7 ,4 6 3
7 1 4 ,4 2 7
6 1 3 ,7 9 4
9 3 8 ,1 5 6

ttie ^ io a n ^

1 0 ,0 5 0

.

th e re

w as

^ 1 , ^ 9 .O M ^ h r o u g h ^ t h e N ^ a tto n a fR ^ U v m y S e r v iw

^ T g ’ to s l t h i s t o f r e w e r ^ e d ^ e w O r l ^ f f e l l s X M e x i c o R y . c o n d i ­
a
tio n a l s a le p u r c h a s e n o te s , p a y a b lo s e m i- a n n u a lly o n A p r il a n d O c t. 2 6
1 9 3 6 . in a m o u n t $ 3 ,4 0 1 ,1 8 6 , c o v e r i n g p r i n . a n d l n t . a t r a t e o f 6 2 3 % P - ^
a m o u n t e d t o & C 3 0 ) M 3 5 ea s f o H o w ^ ( 1 ) F u n d m l i d e b t i n c u r r e d ^ d u r i n g ^ e a r j
Funded

x I n c l u d e s 15 f r e i g h t l o c o m o t i v e s l e a s e d from the N a t i o n a l R a i l w a y S e r ­
v i c e C o r p . u n d e r E q u i p m e n t T r u s t , S e rie s “ A " le a s o , b a s is .

1921
.1 ,9 4 9 ,6 2 0
1 9 2 0 __________ 1 , 8 2 7 , 2 8 0
1 9 1 9 ________2 . 0 5 9 . 5 5 1
1 9 1 8 __________ 1 , 8 9 4 , 5 9 5
1 9 1 7 __________ 1 , 7 0 6 , 3 1 0

3111

C H R O N IC L E

D e b t re tire d d u rin g y e a r; N .

O . T . S c M .R d a . Uo.

b e rio s

.

a d j u s t m e n t a c c o u n t n o n - c u m . 5 % I n c o m e b o n d l ia b i li ty . $ 6 4 ,5 0 0 .
f u n d e d d e b t D e c . 3 1 1 9 2 1 , $ 2 3 ,4 6 5 ,9 9 4 .
.
..
. A rn n e te d t h e l a t t e r
Valuation.— A n n o u n c e m e n t o f t e n t a t i v e v a l u a t i o n I s e x p c c t e a i n

V Rat°e A d ju s tm e n ts T h r o u g h o u t t h e
&
r a t e s h a v e b e e n c o n s i d e r e d a n d adopted

u n t i l t h e at^ P j g f

iK llt r e v e n u e .

STATISTICS FOR CALENDAR YEARS.
1 9 2 1 .,
A v e r a g e m ile s o p e r a t e d - .
U §60
------- lJOb./fso
P a s s e n g e rs c a rrie d
P a s s , c a r r ie d o n e m il e — 6 3 ,9 l.» ,4 /u
R a t o p e r p a s s , p e r m i l e . - 3 .4 9 1 c t s .
R e v e n u e fre ig h t to n s
- 6 .1 0 2 ,9 0 8
R e v . f g h t . c a r r . I m . ( 0 0 0 ) 1 ,0 5 0 ,1 1 9
R a t e p e r t o n p e r m i l e . . - - 1 .2 5 0 c t s .
E a rn s, p er p ass. tr. m le . .
SI 28
E a r n s , p e r fg h t. t r . m ilo . .
5 4 .. 2

1920.
1 ,6 5 0
2 ,3 6 0 ,2 5 7
8 9 ,8 9 2 ,0 1 7
3 .0 1 0 c ts .
7 ,2 7 2 ,7 5 9
1 ,3 3 1 ,0 0 7
1 .0 0 4 c t s .
8 1 .6 1
S 1 .3 2

1919.
1 ,6 4 7
2 .4 0 7 ,7 7 4
9 5 ,0 8 1 ,1 8 2
2 .8 7 6 c ts .
5 ,9 2 1 ,9 3 9
9 6 7 ,1 0 9
1 .0 3 4 c ts .
$ 1 .4 8
$ 3 .9 7

1918.
1 .6 4 7
2 ,0 1 7 ,5 4 7
8 0 ,2 3 4 ,2 6 2
2 .5 5 4 c ts .
6 ,0 4 5 ,9 1 5
1 ,0 2 1 ,8 3 8
0 .9 1 3 c ts .
$ 1 .1 6
$ 3 .5 1

o f tr a f f ic a n d in o th e r c a se s to m e e t w a te r a n d o th e r c o m p e titio n .
^P a s s e n g e r r a t e s h a v e a ls o b e e n r e d u c e d t h o u g h < n o t t o t h e
f r e i g h t , b u t t h e t o t a l r e d u c t i o n i n r a t e s , c o u p l e d w i t h t h e MCime i n
tr* iffio t h e r e s u l t o f s e r io u s d e p r e s s io n t h r o u g h o u t t h e c o u n t r y , ^ * P

" a d lq u V tfto tm n S n in v 3 ^ p f t il" ° ^ t o m p la S d b y V e Transporta-

COMBINED FEDERAL AN D CORPORATE INCOME ACCOUNT FOR
° CAL YEARS 1 9 1 8 . 1 9 1 9 AN D 1 9 2 0 . AND CORPORATE FOR 1 9 2 1 .
(R o a d o p e ra te d b y U . 3 . R R . A d m in , fro m J a n . 1 1918 to F o b . 2 9 1920:
w i t h g u a r a n t y t o A u g . 3 1 1 9 2 0 .1
1918.
1919.
1920.
$ 2 ,0 4 9 ,0 9 3
$ 2 ,7 3 4 ,7 2 3
$ 2 ,7 0 5 ,9 5 5
P assenger S
$ 2 ,2 3 1 ,0 7 3
9 ,3 2 6 ,1 9 2
1 0 ,0 0 2 ,8 4 3
1 3 , 3 6 1 ,1 7 4
F re fg h t
: : : : ____________ 1 3 , 14 3 .2 2 5
6 5 3 ,0 1 5
6 4 7 ,3 0 5
1 ,0 7 0 ,5 4 7
M a i f , e x p r e s s , A c -------------8 1 0 ,8 3 0
T o t a l o p e r . r e v e n u e - 1 1 6 , 1 8 5 , 1 3 0 $ 1 7 ,1 3 7 ,6 7 7 $ 1 3 ,3 8 4 ,8 7 1 $ 1 2 ,0 2 8 ,3 0 0
a sir, b o b
Expenses— _____ .
M a in t e n a n c e o f w a y , A c . * 2 ,4 8 5 ,6 9 6
M a in t. o f e q u ip m e n t- - 3 ,7 U 3 ,4 .5 «
T ra n s p o rta tio n ex p en ses
7 , 7 4 X ,« » 2
T r a f f i c e x p e n s e s --------------

$ 3 ,2 5 6 ,0 9 6
4 ,5 1 2 ,5 3 2
9 ,2 7 1 ,3 5 5
2 5 1 ,7 0 4
5 1 1 ,0 7 4
7 3 7 ,5 5 4

$ 2 ,3 4 7 ,5 8 8
3 ,4 6 2 ,6 0 4
6 ,7 1 0 .2 8 7
1 2 9 ,8 4 9
4 0 9 ,1 7 6
6 2 1 ,9 9 0

$ 2 ,1 2 8 ,7 2 4
2 ,9 8 9 ,5 7 4
5 ,7 9 2 ,7 9 4
1 5 0 ,8 9 1
3 3 2 ,7 1 8
6 7 1 ,5 9 2

S fcffi_____________________
T o ta l m m a n d ta x e s
$ 1 5 ,5 6 0 ,3 2 1 $ 1 8 ,5 4 0 ,3 1 5 $ 1 3 ,6 8 7 ,4 9 4 $ 1 2 ,0 6 6 ,2 9 3
N e to jp o r a U n g ^ o v o n u e I
$ 6 2 4 8 0 9 d f $ l ,4 0 2 .6 3 8 d e f$ 3 0 2 6 2 3
d e f$ 3 7 .9 9 3
D Iv s. o n s to c k o w n e d - - •
4 .1 4 4
a r v l ’o l ' i
0 4 '™
o ftirc m
N e t r o n t,le a s o o f ro a d ,& c
2 t0 ,4 4 1
3 0 2 ,9 4 3
2 4 .3 ,2 7 6
- 61 ,o 3 6

STATISTICS FOR CALENDAR YEARS.
1921.

A v e r a g e m ile s o p e r a t e d .

l Es f ,fclafr rji eB sn a mei l er : Ba s
d o e
R ev . p er p ass, p er m i e .
O p e r a tin g re v . p e r m ile .

d e f$ 5 5 ,2 0 3

$ 2 ,0 5 9 ,5 4 2
2 5 ,9 7 1
2 8 9 ,5 0 1
0 .2 6 8 ,7 4 8

$ 2 ,2 8 5 ,0 5 9
$ 3 ,3 8 0 ,6 1 0

$ 2 ,4 2 3 ,6 0 9
$ 2 ,4 7 8 ,8 1 2

$ 2 ,1 0 6 ,2 6 6
$ 1 ,8 7 8 ,5 7 9

1 9 1 9 <joo
920

19189 2 0

9 0 ,6 9 5 ,2 7 4
2 .6 9 c ts .
$ 1 0 ,1 1 4

7 7 ,9 5 3 .9 0 3
2 .6 1 c ts .
$ 8 ,7 1 3

COMBINED FEDERAL AN D CORPORATE I ^ O M E STATEMENTS
FOR CAL. YEARS 1 9 1 8 . 1 9 1 9 A N D 1 9 2 0 , A N D CORI . I OR 1 9 2 1 .
(R o a d o p e ra to d b y U . S . R R . A d m in , fro m J a n . 1 1 9 1 8 to M a rc h 1 1 9 2 0 .
.

S t. L . B ro w n s. A M e x

Ky

B eaum ont

$ 2 2 7 ,6 8 7

$ 2 ,0 4 0 ,4 7 9
5 3 ,0 8 8
3 3 3 ,8 2 3
0 .3 .7 8 1

1920.
^21

6 7 .0 6 2 .4 8 o 1 1 2 .2 7 2 ,8 6 b
3 .4 1 c t s .
2 . J3 c ts .
$ 1 2 ,0 3 2
$ 1 4 ,5 8b

W l( i n d U aN . n 0 . T e x - T M e x 1 9 ^
S 8 9 9 ,3 9 4 df-S 1 , 0 9 5 ,5 5 1
T o t a l n e t I n c o m o ______
Deduct—
„ „„„
$ 2 ,0 7 9 ,2 1 8
I n t e r e s t o n f u n d e d d o b t . $ 2 ,1 1 6 ,0 6 9
2 7 ,9 1 2
l n t . , d i s c ’t St e x c h a n g e . .
5 2 ,6 7 0
3 1 6 ,3 4 6
M is c e lla n e o u s c h a r g e s ...
3 4 0 ,4 6 /
Cr. 1 6 8 , 4 1 7
H ire o f e q u ip ., b a la n c e ..
2 2 0 ,4 1 1

921

T o t a l f i x e d , A c ., c h g s . $ 2 ,7 3 5 ,6 1 6
B a l a n c e , d e f i c i t . ................. $ 1 , 8 3 6 . 2 2 3

BALANCE SHEE T DECEMBER

31.

1921.
1920.
1921.
1920.
L i a b t it U c s —
s
8
A s s e ts —
S
$
C a p i t a l s t o c k -------- 2 5 .7 9 2 .6 0 0 2 5 ,7 9 2 ,6 0 0
C o at o f r o a d , f ra n .,
F u n d e d d e b t ..........x l 0 ,0 1 8 ,2 3 1 4 5 ,8 3 1 ,8 0 1
e q u ip . A c leas
r e s e r v e ) .............. .6 3 ,0 1 6 ,4 6 1 6 2 .9 3 7 ,8 3 5 U . S . G o v t . 10 y r .
6 % l o a n ................ 1 ,3 8 2 ,0 0 0
S e c u r i t ie s o w n e d . .
6.81,285
3 6 9 ,4 3 5
8 3 2 ,2 8 2 B ills p a y a b l e -------- 4 ,4 9 0 ,0 0 0 4 ,5 7 0 ,0 0 0
3 9 6 ,0 4 0
C a s h - ................ ..........
1 .6 4 4 ,1 0 6
5 1 8 ,1 2 9 A u d i t e d v o u c h e r s . 2 ,0 9 4 ,4 5 7
A g e n t s A c o n d u o ’r s
3 4 9 ,9 8 5
5 5 6 ,2 2 2
8 0 4 ,7 3 8
I n d i v i d u a l s A c o s . 1 ,4 4 3 9 0 6
1 ,2 2 8 ,1 6 2 U n p a i d w a g e s -----4 4 ,2 0 8
4 0 ,S 6 0
U .S .P . o . D e p t..
4 1 ,1 4 1
1 0 0 ,9 0 1 A g e n t s ’ d r a l t s -----5 9 7 ,4 4 5
7 6 4 ,2 0 0
L o a n s & b ills r c c . .
1 7 2 ,8 2 6
1 6 6 ,8 2 8 M ls c . a c c ’t s p a y ’le
M a t ’d l n t . u n p a i d .
1 4 8 ,6 7 4
1 5 5 ,8 8 4
T r a ff ic A c a r s e r ­
v ic e b a l a n c e ) . .
3 9 1 ,6 4 0
3 3 2 ,0 1 8 T r a f f i c A c a r s e r ­
v ic e b a l a n c e ) . .
3 0 8 ,4 2 8
2 8 4 ,2 6 1
1 ,3 4 0 ,5 0 2
M a te r ia l A s u p p .
1 ,6 8 2 ,7 7 2
5 0 ,8 3 3
U n a d j . f g t. c l a l m s .
1 2 6 ,5 2 1 U . S . I n t . R e v e n u e
D e p t, w a r ta x
In su r.
p re m iu m s
5 7 ,2 7 5
4 2 ,8 9 9
a s s e s s m e n t s ------— ,—
3 ,1 4 6
p a id In a d v a n c e
3 ,4 5 3
9 7 ,9 2 9
W o r k , f u n d s * iu lv
9 5 ,9 6 2 U . S . G o v t , d e f .l la b . 6 ,0 2 6 ,7 1 6 6 ,0 0 0 ,8 0 1
5 1 2 ,1 8 6
5 8 8 ,1 2 3
3 9 ,8 2 8
O p o r. b a lla s t p lts .
2 6 .1 0 5 T a x e s a c c r u e d ____
4 9 3 ,6 3 6
4 7 6 ,0 4 5
U n m a t . i n t . a c c r ’d
E s t . t o r w . I n te r li n e
3 5 9 ,8 6 4
3 8 0 ,2 4 0
7 5 ,0
f g h t . u n s e t t l e d ......................-0-0
7 5 ,0 0 0 O p e r . & o t h e r r e s .
17,331
1 6 ,7 6 8
U . S . O o v t . a c c ’t - - 3 ,2 8 0 .6 7 4 3 ,3 4 4 ,9 2 1 M ls c . d e f ’d c r e d i ts
R e h a b ilita tio n a n d
U . S . G o v t., s ta n d 6 4 ,1 5 6
6 4 ,1 5 0
a d j u s t m e n t a c c ’t
a t d r e t u r n ( b a l .) 2 ,9 7 .),1 5 3 2 ,9 7 5 ,1 5 3
U . 8 . G o v t , g u a r y 2 ,8 7 2 ,s i J 3 ,3 6 2 ,8 1 9 A d d ’n s t o p r o p e r t y
2 0 ,9 3 3
1 4 ,5 3 1
t h r o .I n c .& su rp .
D e p . w ith E m p ir e
67 7 ,3 4 4 2 ,6 2 0 ,5 4 0
P r o fit a n d lo ss____
T r . C o ., t r u s . In
lie u o f m o r t g a g e d
6 ,5 0 0
p ro p e rty s o l d . . .
r5!),278
M ls c . d e l ’d c h g e s . 2 ,2 8 8 ,5 3 0
U n e x t ln g . d i s c ’t o n
s e c u r i ti e s sold.. 1 0 ,6 9 3 ,2 8 6 1 0 .6 0 7 ,7 9 8
T o t a l __________ 8 9 ,9 0 5 ,0 3 4 8 9 ,8 6 3 ,8 1 1

T o t a l ................... .8 9 ,9 0 5 ,6 3 1 8 9 ,8 6 3 ,8 1 1

x K u n d c d d e b t , $ 5 0 ,8 2 8 ,2 7 6 . le s s $ 4 ,8 1 0 0 4 4 r e f u n d i n g a n d
.% b o n d s h e l d b y o r f o r c o m p a n y — V . 1 1 4 , p . 1 4 0 7 . 1 0 b 3 .




e x te n s io n

^ecenue~ ____ $ 5 ,5 1 6 4 * 6 8 $ 6 . ^ 2 7 5 S 9 ® .° 7 0 6
P a s s e n g e r ------------------ - - 2 .0 3 9 .4 8 8
2 .4 3 9 .0 2 3
3 ,2 8 4 .2 7 4
M a U e x p r ^ s s ; A c - : .................
4 5 8 .0 5 7
4 9 8 .1 5 9
7 5 9 .2 6 6

$ s !l5 9 .4 4 4
2 ,2 8 4 ,9 4 1
6 4 5 .7 1 6

T o t a l o p e r . r e v e n u e s . . . $ 8 , 0 1 3 .< 1 3
M a i n t e n a n c e o f w a y , A c . 1 .3 6 5 . <30
M a i n t e n a n c e o f e q u i p ’t . . 1 . 5 0 1 . 3 8 1
T r a f f i c e x p e n s e s . ...................
1 1 2 .6 9 1
T r a n s p o r t a t i o n ------------------- 2 , 4 8 8 , 3 5 2
G e n e r a l ..................................
2 9 3 ,8 7 9

$ 9 , 1 6 1 , 4 5 7 $ 1 3 , 4 3 5 , 2 4 6 S l l . 0 0 0 .1 0 1
1 ,1 ) 9 9 ,0 9 8
2 ,1 0 3 ,4 7 9
1 ,7 6 7 .8 4 4
1 .7 4 8 ,3 4 9
3 1 1 ,5 5 5
1 1 ,1 4 1 .0 3 4
1 4 1 ,5 0 5
3 .6 9 7 ,1 6 0
2 ,9 0 9 .1 2 0
4 3 9 ,8 1 8
3 7 3 .1 6 4
__________ _______________

T o t a l o p e r . e x p e n s e s — $ 5 ,7 6 2 ,0 3 3
N e t e a r n i n g s ....... ................... . $ 2 , 2 5 1 , 6 8 0
T a x e s , A c ---------------------------2 6 9 ,3 7 3

$ 7 2 7 5 .6 1 8 $ 1 1 ,1 4 1 ,0 3 4
$ 8 ,2 1 5 ,4 7 3
l l $ 5 :8 3 9
$ 2 :2 9 4 ,2 0 S
$ 2 ,8 7 4 ,6 2 8
2 7 4 ,7 7 0
3 8 2 ,9 6 0 .
4 3 1 ,3 7 8

O p e r a t i n g I n c o m e --------- $ 1 , 9 8 2 , 3 0 7
$ 1 ,6 1 1 ,0 6 9
E q u i p m e n t r e n t s ( n e t ) . ----------------------------------------------

$ 1 ,9 1 1 ,2 5 0
5 8 2 .1 2 6
3 2 0 ,6 9 4

$ 2 ,4 4 3 ,2 4 9
4 5 ,9 5 5
2 5 5 ,5 8 6

.
.
.

.$ 1 ,0 0 8 , 4 3 0
1 8 3 ,5 3 6
1 1 .6 4 5

.

3 6 ,8 8 6
4 6 ,7 3 2
6 1 2 ,3 8 9

$ 2 ,1 4 1 ,7 0 8
7 2 1 ,0 3 3
1 8 ,8 2 5
1 9 ,4 8 2
4 6 ,8 1 1
3 6 .4 3 7
1 9 ,3 5 9

$ 8 9 1 ,1 8 9
$ 1 ,8 9 9 ,6 2 1
5 3 ,7 5 1
1 . 0 6 0 .5 8 2
4 ,9 2 3
4 2 ,3 1 5

$ 8 6 1 ,9 4 6
$ 3 ,0 0 3 ,6 5 5
5 5 ,5 5 6
1 ,1 1 4 .3 9 0
9 ,6 1 2
1 0 ,8 2 9

$ 1 ,1 6 1 ,5 7 1
$ 7 3 8 ,0 5 0
2 9 7 ,3 7 0
6 9 4 ,2 1 0

$ 1 ,1 9 0 ,3 8 6
$ 1 ,8 1 3 ,2 6 8
8 9 0 ,8 4 8
3 2 3 ,1 0 7

B a l a n c e t o p r o f i t a n d l o s s ----------------------------- ---------- d e f $ 2 5 3 , 5 3 1

$ 5 9 9 ,3 1 2

M i s c e l l a n e o u s r e n t I n c o m e -------------D i v i d e n d I n c o m e — .................................
In c o m e fro m fu n d e d s e c u r itie s ...
In c o m e fro m u n f u n d e d s e c u ritie s .
M i s c e l l a n e o u s i n c o m e ..............................

.

T o ta l n o n - o p e r a tin g in c o m e .
)
I n te r e s t o n fu n d e d d e b t —
In te re s t o n u n fu n d e d d e b t.
M i s c e l l a n e o u s c h a r g e s ---------

'
.

Dividend appropria

.

a I n c l u d e s a d j u s t m e n t s a p p li c a b le t o t h e s ix m o n t h s e n d in g A u g . 3 1 1 9 2 0 .
b F o r c o m p a r a tiv e p u r p o s e s t h e e n ti r e in c o m e f o r t h e y e a r 1 9 2 0 , s h o w in g
r e s u l ts if th e r e h a d b e e n n o c h a n g e in fo rm o f c o n tr o l d u r in g t h e y e a r is u s e d .

2112

THE

CONSOLIDATED BALANCE SHEET DECEMBER
1921.

1920.
8
$
- 3 8 ,7 6 6 ,8 9 7 3 6 ,1 1 9 ,5 1 7

Assets—

.
O th e r In v e s tm e n ts .
C a s h ...... .......................
T im e d r a f ts A d e p .
L o a n s & b ills r e c . .
S p e c ia l d e p o s i t s ___
B a l. fro m a g ts ., & c
M a te r ia ls A
O th e r a s se ts
T r a f f i c , & c ., b a l . .
M ls c . a c c ts . r e c e lv .
I n t . & d i v a , r e c ___
O t h e r d e f ’d a s s e t s .
U . 8 . U Il. A d m in .

1 9 ,9 9 0
1 8 8 ,1 1 0
1 ,7 9 4 ,5 3 2
9 6 5 ,1 2 1
8 3 3 ,0 4 2
8 5 0 ,0 0 0
774
1 8 2 ,8 9 5
1 8 7 ,9 8 5
1 ,1 6 6 ,1 8 7
9 9 ,2 8 9
9 6 ,3 7 5
1 ,4 2 1 ,8 4 3
2 7 ,2 0 8
5 2 ,6 6 6
1 ,1 8 3
2 ,3 8 4 ,7 8 4

3 ,7 1 6
1 4 2 ,2 2 2
1 ,7 8 7 ,1 5 6
7 6 9 ,1 8 9
1 ,2 8 9 ,3 4 5
5 ,0 0 0
2 ,6 1 1
4 3 7 ,3 2 3
2 9 1 ,3 6 1
1 ,9 2 1 ,6 0 5
1 0 4 ,1 6 9
1 ,2 2 6
1 ,4 6 7 ,1 6 5
2 ,7 9 1
0 0 ,3 6 3
5 ,2 6 9 ,0 7 5
3 ,9 1 3 ,8 7 9

4 9 ,0 3 8 ,8 8 0 5 3 ,6 4 7 ,7 1 3

Liabilities—

S
S
C a p i t a l s t o c k ........... 1 5 ,0 0 5 ,3 0 0 1 5 ,0 0 5 ,3 0 0
1 s t M tg o . b o n d s . . 5 ,8 7 0 ,0 0 0 5 ,8 7 0 ,0 0 0
In co m e b o n d s 5%
n o n - c u m u l a t l v e . 1 3 ,5 7 9 ,5 0 0 1 3 ,6 4 4 ,0 6 0
E q u lp . t r u s t n o te s
2 2 4 ,0 0 0
3 3 6 ,0 0 0
U . S . L o c o m o ti v e
100,000
1 1 2 ,5 0 0
— V . 114, p . I ll

C H R O N IC L E

31.

1921.
S

Liabilities ( Con.
C . & F . C o . p ass.
c a r s _____________
1 5 0 ,0 0 0
T r a f f i c , A c ., b a l . .
1 6 1 ,6 8 0
A c c o u n ts & w a g e s
u n p a i d ................
1 ,1 7 1 ,1 1 1
M ls c . a c c t s . p a y ’le
3 4 4 ,4 5 8
I n te r e s t m a tu re d _
1 8 9 ,0 5 6
In te r e s t a c c r u e d ..
3 8 3 ,4 0 7
N o n - n e g o t ’Io d e b t
a f f i l i a t e d c o s ___
4 3 ,0 4 6
D l v s . m a t 'd A a c c r
7 4 ,1 6 7
O t h e r l i a b i l i t i e s ___
3 9 ,4 9 4
C o n d ’l s a l e p u r c h .
n o t e s ____________ 3 ,3 0 8 ,4 9 5
U . S . G o v t. a d v _ .
2 3 4 ,0 0 0
D e f e r r e d l ia b i li ti e s
7 3 3 ,8 8 5
U . S . R U . A d m in .
2 0 ,7 3 0
T a x l i a b i l i t y _____
7 9 ,1 8 7
O p e r a tin g re se rv e s
1 5 6 ,8 5 3
A c c r u e d d e p r e c ’n .
9 7 7 ,3 5 1
U n a d ju s te d c re d its
6 4 3 ,2 5 1
A d v . o n c o m p e n s 'n
5 0 0 ,0 0 0
A d d . to p ro p . th ro .
In c o m e & s u r p l u s 1 ,9 2 0 ,9 6 0
A p p r o p ’d
s u rp lu s
n o t I n v e s t e d ____
2 3 5 ,0 0 0
2 ,8 9 3 ,9 5 1

200,000
1 ,7 9 9 ,1 6 4
2 2 0 ,9 8 8
2 1 0 ,3 7 2
3 8 1 ,8 2 0
4 3 ,0 4 6
2 9 7 ,3 7 0
1 7 9 ,9 2 9

5 1 7 ,3 0 4
6 ,4 1 0 ,4 1 9
7 5 ,3 7 8
9 6 ,0 0 3
6 1 9 ,1 0 3
6 4 7 ,9 4 0
2 ,7 1 8 ,8 5 0

2 3 5 ,0 0 0
2 ,2 9 1 ,2 3 3

1921.)
F. Steinhart,
sheet, will be
409.

A tla n tic G u lf & W est In d ie s S te a m sh ip L in es.

{Report for Fiscal Year ended Dec. 31 1921.)
The text of the report, signed by President Franklin I)
M ooney, the income account for two years, the balance sheet
as ot Deci. 31 1921 and the statements of capital and bonded
debt ot the allied steamship, oil terminal and other com­
panies and the amounts thereof owned by the parent company
and also their marino equipment as of Dec. 31 1921, will bo
iouncl cited in full on subsequent pages of this issue.
^

CONSOL. BAL. SHEET DEC. 3 1 (SEE COS. IN REPORT BELOW).
1921.
19 2 0 .
1921.
1920.
Assets—
$
S
Liabilities—
$
S
S h i p s & e q u i p .,
le s s d e p r c c 'n .
sh o re p ro p . A
e q u i p . , e q u l t ’s
In t e r m ’l, A c . 6 7 ,3 3 5 ,0 8 7
L ib e rty b o n d s ..
___
I n v e s t m e n t s . . . a l). 1 9 ^ 3 8 3
I n v . in o t h e r c o s. 2 ,3 0 6 ,9 0 3
C a s h In b a n d s o f
t r u s t e e s .............
1 7 8 ,6 1 9
G o o d w ill, fra tv
c h ls c s , A c ____ 1 2 ,0 2 9 ,3 2 0
I n v e n t o r i e s ____
5 0 2 ,1 8 1
A c c ’t s r e c e l v ’l e .
1 ,1 9 1 .3 0 9
A g e n t s ' b a la n c e s
1 ,9 4 9 ,4 5 8
I n s u r a n c e c la im s 2 ,1 4 4 ,9 1 3
M ls c . s e c u r i t i e s .
1 5 5 ,9 6 9
C ash on h a n d ..
2 ,0 4 7 ,1 1 9
C ash fo r co u p o n
p a y m e n t s ____
5 3 2 ,3 7 5
O pen voyago ac­
c o u n t s , A c ___
2 ,5 0 6 ,5 6 4
U . S . S h ip . B o a rd
A ItR . A dm .
( n e t ) ...................
1 ,4 0 6 ,3 7 7

6 0 ,5 4 1 ,6 1 8
2 .1 4 3 ,3 0 0
8 ,4 6 0 ,7 3 0
1 ,3 2 0 ,9 4 3

1 2 ,0 2 9 ,3 2 0
7 0 7 ,6 9 4
2 ,5 3 7 ,6 1 8
3 ,6 7 8 ,7 0 2
1 ,7 0 6 ,2 9 4
2 3 7 ,9 9 9
2 ,8 5 3 ,2 0 0

4 ,1 9 6 ,2 5 1

C o m m o n s t o c k . e l l , 9 6 3 ,4 0 0
P r e f e r r e d s t o c k . d l 3 , 7 4 2 ,9 0 0
S t o c k s o f s u b .c o s
3 3 1 ,8 2 9
C o ll, t r u s t b o n d s e l S , 0 0 0 ,0 0 0
1 st 5 s o f s u b .c o . 1 3 ,3 4 3 ,0 0 0
P r e f .s k .f d .7 s _ .
3 .9 0 0 .0 0 0
L t l ie n e q u i p . 7s
1 .3 8 0 .0 0 0
M a r i n e e q u i p . 7s 3 .5 8 2 .0 0 0
B a n k l o a n _____
A c c o u n t s p a y ’le . 5 ,9 4 3 ,8 4 6
A c c r u e d I n te r e s t
2 8 1 ,7 5 7
P ie f. d iv id e n d s .
C om m on d lv s ..
C o u p o n s p a y ’l e .
5 3 2 ,3 7 5
N o te s p a y a b le ..
1 ,3 0 8 ,1 3 5
O p e n v o y 'g o a c c t 1 ,8 2 4 ,3 5 5
A g e n t s ............. ..
2 3 8 ,9 4 1
R c p l a c e ’t r e s e r v e 5 ,0 7 7 ,3 4 0
U . S . G c v t . I te m s .
_______
R e s . F e d .t a x ( e s t )
___
S u n d ry reserv es.
1 ,7 3 3 .5 0 8
P r o f i t a n d l o s s . . 2 2 ,3 0 1 ,1 8 2

1 4 ,9 6 3 .4 0 0
1 3 ,7 4 2 ,9 0 0
3 6 0 ,3 2 9
1 1 ,0 4 8 ,5 0 0
1 3 ,5 6 9 ,0 0 0

2 ,0 0 7 ,3 3 3
4 ,5 6 8 ,5 4 8
5 8 0 ,8 4 6
1 7 1 ,7 8 6
.7 4 8 ,1 7 0
4 ,2 0 6 ,6 4 9
6 3 2 ,7 7 2
5 ,0 0 3 ,0 6 1
1 ,1 8 0 ,4 3 8
9 0 ,0 0 0
3 ,1 0 2 ,9 4 8
2 4 ,4 3 6 ,9 9 0

T o t a l ................ 1 0 3 ,4 8 4 ,5 7 5 1 0 0 ,4 1 3 .6 7 1

i n f t S S i ? . i i a n d a d v a n c e s to a s s o c ia te d c o m p a n ie s ,
c A f te r d c d u tc « ?„ A °' / '
fr
tre a s u ry ,
d A f t e r d e d u c ti n g $ 0 ,2 5 7 ,1 0 0 in t r e a s u r y
A u th o r iz e d $ 1 5 ,0 0 0 ,0 0 0 , is s u e d $ 1 3 ,0 0 0 ,0 0 0 .— V . 1 1 4 p . 2 0 1 0 , 1 4 1 1 . Y

e

,

I n te r n a tio n a l C em en t C o rp o ra tio n .

^ (3d Annual Report— Year ended Dec. 31 1921.)
. V 1 roP01't °f President Ilolger Struckmann, together
®
with the comparative income account and balance sheet,
will be found on subsequent pages.— V. 114, p . 1540, 1293.
T h e M id w est R e fin in g Co.

{8th Annual Report— For Fiscal Year Ended Dec. 31 1921.)
•
annual report is cited in full on a subsequent pago,
including remarks of President H. M. Blackmer anti the
balance sheot as of Dec. 31 1921.
is i n c o r p o r a te d u n d e r t h e la w s o f M a in e a n d i ts c a n ita l
s t o c k a u t h o r i z e d i s $ 5 0 , 0 0 0 , 0 0 0 ; i s s u e d a n d o u t s t a n d i n g $ 3 1 2 0 4 050■ s h a r e s
p a r v a lu e $ 5 0 e a c h .
I n J u n e 1 9 2 1 t h e S t a n d a r d O i l <5o. o f I n d i a n a o f f e r e d
s ? o c W m r « m Sf n ^ f ° r ¥ i d " r c s j; d e f i n i n g . t o c k i n t h e r a t i o o f o n e M i d w e s t
s
s to c k ( p a r 5 5 0 ) f o r tw o s h a r e s o f S t a n d a r d O il C o . ( p a r 8 2 5 ) .
I t w a s a ls o
n e e d t h a t t h e S t a n d a r d O il C o . o f I n d i a n a o n O c t . 1 to o k o v e r tiio
o p e ra tio n o f th o p la n ts o f th e M id w e s t C o . a t C a s p e r G ro v b u ll a n d I a ra n iln
"

^
f

!

^

^
l

, nL ° £
i
T

far
M, d w e S t

( l l ° r b f i n in g r
* S S S

COMPARATIVE BALANCE SHEET DECEMBER 3 1 .
1921.
1920.
,
1921.
1920.
A s s e ts —
S
S
Liabilities—
s
$
P r o p e r t y , le a s e s A
C a p i t a l s t o c k -------- 3 1 ,2 0 4 ,0 5 0 3 1 ,2 0 4 .0 5 0
c o n t r a c t s ...............1 1 ,4 7 2 ,1 4 2 1 2 ,7 5 8 ,9 3 6 N o t e s p a y a b l e ____ 3 , 100,000
..
C o n s t r u c t i o n ........... 3 0 ,6 0 1 ,7 0 2 2 5 ,4 0 1 ,8 2 6 A c c o u n t s p a y a b l e . 4 ,2 9 0 ,0 0 5 6 ,8 6 2 ,7 4 8
I n v e s t m e n t s ............. 8 ,2 2 9 ,9 5 7 7 ,7 6 9 ,5 2 2 D e f e r r e d c r e d i t s ...................... ..
1 ,5 7 4 ,2 6 4
......................
6 3 1 ,6 3 8 5 ,2 6 4 ,5 4 2 R e s e r v e d f o r t a x e s
4 2 1 ,4 7 6 3 ,8 9 8 ,0 3 8
A c c t s . r e c e i v a b l e . . 8 ,5 5 4 ,3 8 8 1 0 .6 6 7 ,0 8 5 S u r p l u s .........................3 2 ,1 5 5 ,6 5 8 3 3 ,9 5 7 ,4 7 6
N o t e s r e c e i v a b l e . . 1 ,5 1 2 ,5 8 2
1 ,4 0 6 ,1 8 0
R e f l n . p r o d ’t s , A c . 4 ,4 4 7 ,2 4 4
~
~
7 ,4 5 3 ,8 2 1
D e fe rre d c h a r g e s ..
2 8 4 ,3 8 9
3 5 5 ,6 2 9
S u p p l i e s ...................... 4 ,0 5 5 ,2 6 2 4 ,7 9 4 ,5 8 1
C r u d e o i l ................... 1 ,3 7 3 ,2 4 8
1 ,5 5 8 ,4 2 2
M ls c . s e c u r i t i e s . . .
8 ,6 3 6
5 ,3 3 2
T o t a l e a c h s ld e .7 1 ,1 7 1 ,1 8 9 7 7 ,4 9 6 ,5 7 5
— V . 114, p. 2021.

S lo ss-S h e ffie ld S te e l & Ir o n C om p any.

{‘ 2nd Annual Report— Year ending Dec. 31 1921.)
2
President J. W. McQueen, April 1922, says in substance:
S 2 / 2 9 3 , 7 7 9 ~ f o r ° l 9 2 0 ™ ° ^ f ° C t h ° y e a r w e r o * 6 1 4 ’3 5 7 ' a s c o m p a r e d




T

a » ° a ^ o T

i S

r ° ’ a l U ‘ S h i p m e n t S a t t h ° rat0 o f s e v e r a l t h o i i s a n d
° U r C° m p e t , t i o n

in

N o rth e rn

and

N ow

T h0 y i c !d s ° f b y - P r o d u c t s f r o m y o u r p l a n t h a v o m o r e
th a n m e t o u r e s tim a te s a n d e x p e c ta tio n s .
I n fa c t, c o m p a ra tiv e s ta te ­
m e n ts s h o w t h a t th e s e y ie ld s h a v o r a re ly b e e n e q u a le d b y o th e r b y - p ro d u c t
d M P b L V L t IUS; - C 0 U n t r y - T hl s P ‘a n t w a s o p e r a t e d w i t h o u t i n T o r r a p t m n
d u u n g t l i e e n t i r e y e a r , a n d t h o c o k e p r o d u c e d is o f s p l e n d i d q u a l i t y .
•i<M n
'
i
h a v e , b y th o e x c h a n g e o f la n d s a n d th e p u r c h a s e o f
a d d i “ o n a I o re b e d s , n o t o n ly m a d e m o ro a v a ila b le i m p o r ta n t o re b o d ie s o f
o u r o w n , b u t h a v o s u b s ta n tia lly in c re a se d o u r o re reso rv e s.

INCOME ACCOUNT FOR YEARS ENDING DEC.

31.

Calendar Years—
1921.
O p e r a t i n g p r o f i t s .............. x $ l , 1 5 0 ,2 8 9
C o k e o v e n l o s s ____________
In te re s t
------------------------3 3 4 ,6 0 0
D e p r e c ia tio n & d e p le tio n
3 0 1 ,4 3 2
L i b e r t y b o n d l o s s _______
F e d e r a l t a x e s _____________
_____
S t a t e t a x e s ________________
_
P ro f, d iv id e n d s ( 7 % ) . . .
4 6 9 ,0 0 0
C o m m o n d i v i d e n d s . (1 ^ % ) 1 5 0 , 0 0 0

1920.
$ 3 ,8 4 7 ,3 6 4
4 6 5 ,0 5 7
3 5 2 .5 0 0
5 8 7 ,9 6 8
1 5 8 ,0 6 0
4 0 0 .0 0 0

d e f.$ l0 4 ,6 4 3
7 ,9 3 3 ,0 4 7

$ 8 2 4 ,7 7 9
7 .0 8 8 ,2 6 7
3 5 ,0 0 0

$ 1 ,0 2 5 ,8 2 6
6 ,2 2 7 ,6 4 2

$ 4 5 3 ,0 7 1
5 .7 4 1 ,3 1 4

2 5 ,0 0 0

9 4 ,9 9 4
4 9 ,9 0 5

3 3 ,1 6 6

T o t a l s u r p l u s _________ - $ 8 , 0 11,8 6 8
In v e n to ry a d ju s tm e n ts
1 , 6 2 7 ,7 7 4
R e s . fo r c o n tin g e n c ie s ..
A d d 'l F e d . t a x e s , 1 9 1 9 . . .
A d d ’l F e d . t a x e s , 1 9 1 8 .

$ 7 ,9 7 3 ,0 4 6

$ 7 ,3 9 8 ,2 6 7

$ 6 , 2 2 7 ,5 4 1

T o t a l p . & l . s u r p l u s . . $ 6 ,3 8 4 .0 9 4

$ 7 ,9 3 3 ,0 4 7

do
do
do

fo r F e d . t a x e s ..
b a d a c c o u n t s ___
r e s e r v e s ................. -

1919.
$ 3 ,2 7 6 ,1 9 7

1918.
$ 6 ,1 9 5 ,5 2 7
2 ,5 0 2 ,9 5 9
1 4 2 ,5 0 0
5 7 7 ,9 9 7

2 5 9 ,1 5 8
5 0 2 ,2 1 3

3 8 5 .0 0 0
1 . 000,000
3 5 ,0 0 0
1 6 9 .0 0 0
4 6 9 ,0 0 0
( 6 )6 0 0 ,0 0 0 (1 0 i2)1 0 5 0 0 0 0

y

4 6 9 .0 0 0
( 6 ) 6 0 0 ,0 0 0

1 8 3 ,4 6 4

3 1 0 ,0 0 0
6 ,5 9 7
3 3 ,4 0 2
$ 7 ,0 8 8 ,2 6 9

$ 6 ,2 2 7 ,6 4 1

x O p e r a tin g p r o f its a f t e r a d d in g m is c e lla n e o u s in c o m e a n d d e d u c tin g a ll
o x p e n se s o f o p e ra tio n , in c lu d in g a d m in is tr a tiv e e x p e n se s , r e p a irs m a in to n a n c ° , re n e w a ls , A c .
y T h o $ 3 5 ,0 0 0 ro so rv o s e t a s id e in 19 1 9 fo r s t a t e
o f A la b a m a ta x e s h a s b e e n re s to re d to th e s u rp lu s o f 1920.

BALANCE SHEET DEC.
1921.
1920.
s
§
P r o p e r t y a c c o u n t . 2 7 .2 0 7 ,3 S 5 2 7 ,2 3 4 ,2 1 0
S e c u r i t ie s o w n e 'd . .
2 6 3 ,8 8 5
3 3 8 ,0 1 8
7 7 7 ,1 2 0
C a s h _____ ________
1 0 0 ,4 8 7
P i g i r o n , c o a l, A c . 3 ,6 9 8 ,5 7 8 2 ,5 0 1 ,0 8 3
d o c o n s ig n e d ...................... ..
3 0 2 ,1 3 0
B y - P io d u c ts . . .
3 0 ,7 2 9
7 5 ,2 3 3
F u r n .A m i n e s u p p .
8 6 1 ,6 8 9
8 6 7 ,6 2 7
M d s e .a t r e t a i l s to r e
9 8 ,9 6 4
1 7 0 ,7 7 9
N o t e s , A c ., r e c e l v .
9 4 ,7 5 3
5 3 ,7 7 8
A c c o u n t s r e c e l v ’l e .
7 1 3 ,1 6 1
7 7 0 ,2 5 7
N o te d isc . A e x p . .
3 2 8 ,3 5 8
3 7 1 ,6 5 8
P re p a id a c c o u n ts .
3 3 7 ,9 1 5
2 84,69*'
O t h e r a s s e t s ..............
2 6 3 ,4 3 3
3 0 0 ,8 4 6

Assets—

T o 'a l .....................3 4 ,6 7 5 ,9 7 6 3 3 ,3 7 0 ,8 0 3

31.

Liabilities—
P re fe rre d s t o c k . . .
C om m on s to c k ...
10 y e a r 6 % g o ld
n o t e s ........................
A c c o u n ts p n y a b le .
N o t e s p a y a b l e ____
A c c ru e d a c c o u n ts .
R e s e r v e lo r w a r
ta x e
( e s t . ) ____
R e s. fo r In v . a d ju s .
D e f e rr e d I n c o m e . .
O t h e r r e s e r v e s ____
P r o f i t a n d lo s s ------

1921.
1920.
$
j
6 ,7 0 ,0 0 0 6 ,7 0 0 ,0 0 0
1 0 ,0 0 0 ,0 0 0 1 0 ,0 0 0 ,0 0 0
5 ,4 0 0 ,0 0 0
4 7 6 ,52S
3 ,3 5 5 ,0 0 0
4 1 1 ,4 3 6

5 ,7 0 0 ,0 0 0
1 ,7 9 7 ,4 9 7
2 6 0 ,4 0 6

.
4 0 0 ,0 0 0
1 ,6 2 7 ,7 7 4
4 ,6 8 7
5 ,2 8 0
3 1 6 ,4 5 7
5 7 4 ,5 7 3
6 ,3 8 4 ,0 9 1
7 ,9 3 3 ,0 4 7

T o ta l.................34,075,976 33,370,803

Note.

I ho lia b ility o f th o c o . fro m la w s u its p e n d in g , c o v e rin g p e rs o n a l
, e e l n ns- e & c ” U " 'a s r e p o r t e d , w o u l d n o t e x c e e d $ 2 6 , 0 0 0 . — V . 1 1 4 p
l o o l , 'J o b .

A m erican B e et S u g a r Co.

T o t a l ................ 1 0 3 .4 8 4 .5 7 5 1 0 0 ,4 1 3 ,6 7 1

e n d ?s^ S n e e r n ^ 1 ^
m e n t S(sCe°enCve n n (k , f

K

1 ,5 9 3 ,4 7 3

H avan a E lec tr ic R a ilw a y , L ig h t & P ow er Co.

{Report for Fiscal Year ending Dec. 31
The text of the report, signed by President
together with the income account and balance
found on subsequent pages.—V. 114, p. 2011,

a n d ^w oC it n r i Ctdh ^ S ^ ait l 0 n s a t ? l a ? ? r o f ,o u r P l a n t s w o r e s u s p e n d e d e n t i r e l y ’;
fm
an ci w e f o u n d t h a t p ig iro n p r o d u c tio n fo r th o y e a r w a s t h e s m a lle s t s in c e
ni. b e I n P o n l y 1 5 % O f t h e t o n n a g e n i a r . u f a c t u r e d i n l ^ O
i
^
Hfttes and fticer 7 ransportation.— E x c e s s i v e a n d u n e c i u a l i z e d f r e i g h t
t b n e n i r m ! r , re n SO n o f t h e n - p a r t i c u l a r o p p r e s s i o n o f i r o n m a n u f a c t u r e r s i n
V r m 'O K h a m .d i .A H c t . h a v e f o r t h o l a s t i s m o n t h s p r a c t i c a l l y c u t u s o f f
nthZ ! H ° ^ S U m nn g c e n t r e s
N e w E n g la n d a n d th o M id d le W e s t, a n d fro m
0 !.hCr f m i l *k t )t.s -w h e r e o l l r p r o d u c t s h a v o h e r e t o f o r e b e e n s o l d .
W o have as
a n o f f s e t t o t h is a t o u r S h e f fie ld a n d F lo re n c o f u r n a c e s , a r r a n g e d fo r b a rg in g
o u r p r o d u c t o f iro n d o w n t h e T e n n e s se o R i v e r to O h io R iv e r ju n c tio n p o in ts
a n d a r e - s h ip m e n t v ia th e r a ilro a d s to d e s tin a tio n , a t m o ro f a v o r a b le r a t e s ’

0r S v S p

E n g I a tn d S U f i f s t i n e d f° r d e d

T o t a l ......................4 9 ,0 3 8 ,8 8 0 5 3 ,0 4 7 ,7 1 3

f

A b n o r m a l c o n d itio n s w h ic h b e g a n d u r in g th o f a ll o f 1 9 2 0 c o m n le te lv
d e m o r a liz e d t h e iro n t r a d e a n d b r o u g h t b u s in e s s to a s ta n d s t il l c a r l y h T t h o
T h o r n 11w n s r ,? f S9 2 1 ;
1 h i s < : o n ( l it io n c o n t i n u e d t h r o u g h o u t t h o e n t i r e y e a r
I h e ro w as n o b u y in g o f c o n se q u e n c e .
O u r o u t p u t w a s , o f n e c e s s ity

1920.
S
1 4 2 ,4 5 9

[V ol. 114.

w ith

{Report for Fiscal Year ended March 31 1922.)
Pros. H . R iem an D u v a l, N . Y ., A pril 28, w ro te in su b st.:
Market Renew.—-Tho history of 1921 is a continuation o f th at of the latter

part of 1920, with an unbroken tnovomont toward normal pre-war condi­
tions. It covers a period ol falling prices, largo losses, liquidations and
readjustments.
A t the beginning of the fiscal year raw sugars, then at $6 02 duty paid
with but few interruptions continued a downward courso until the last of
December, when the price reached S3 35 duty paid, or $1 75 in bond— the
lowest duty paid price since 1914 and the lowest in bond prico In 19 vears
as compared with tho peak in M ay 1920 of $23 57 in bonds
’
C a n o r e f i n e d . w h i c h w a s $8 s e a b o a r d b a s i s A p r i l 1 1 9 2 1 , d e c l i n e d t o $ 4 8 0
s e a b o a r d b a s is b y D e c . 2 9 1 9 2 1 , w ith b e e t r e f in e d c lo s e ly fo llo w in g a s c o m ­
p a r e d w i t h t h e p e a k i n M a y 1 9 2 0 o f $ 2 6 6 0 p e r 1 0 0 p o u n d s , seaboard b a s i s
t Sugar t inance Committee.— C r e a t e d b y t h e P r e s i d e n t o f C u b a o n F e b 11
1921 to c o n tr o l th o s a le a n d s h ip m e n t o f t h e u n s o ld p o r tio n o f t h e C u b a n
p r o d u c tio n , w a s d is s o lv e d , e ff e c tiv e J a n . 1 19 2 2 , o n i ts o w n r e c o m m e n d a tio n
T h e e m e rg e n c y ta r if f w h ic h p a s s e d t h e H o u so o f R e p r e s e n ta tiv e s A p ril 15
1921 a n d b e c a m e a la w o n M a y 2 7 1 9 2 1 , a d v a n c e d th o d u ty o n C u b a n ra w s
f r o m $1 t o $1 6 0 p e r 100 p o u n d s , b u t t h i s i n c r e a s e w a s q u i c k l y a b s o r b e d
In t h e irr e s is tib le d o w n w a rd s w in g o f t h e m a r k e t.
Improvement in Price, &c.— J a n . 1 1 9 2 1 , w i t h t h o n o w c r o p i n c o u r s o o f
p r o d u c tio n , b r o u g h t w itli i t a r e c o r d c a rr y - o v e r o f C u b a n s u g a rs e s tim a te d
a t 1 , 200.000 l o n g t o n s , o u t o f a p r o d u c t i o n o f n e a r l y 4 , 000,000 l o n g t o n s
T h o U n ite d S ta te s b e e t s u g a r in d u s tr y a t t h a t tim e h a d a c a rry -o v e r o f
< 0 0 ,0 0 0 l o n g t o n s , o u t o f a p r o d u c t i o n o f 9 0 0 , 0 0 0 l o n g t o n s .
T h e d o m e s tic
t r a d e , w i t h o u t s u p p lie s o f r e f in e d , e x c e p t fo r i m m e d ia te n e c e s s itie s r e a liz in g
t h a t p r ic e s w e re c o n s id e r a b ly b e lo w c o s t o f p r o d u c t i o n , a n d b o lie v in g t h e y
c o u ld n o t lo n g c o n ti n u e s o , c o m m e n c e d in J a n . to a n t i c i p a t e t h e i r r e q u ir o m e n t s b y p u r c h a s in g in a la r g e r w a y .
E u r o p e a n a n d o th e r c o u n tr ie s ,
o b lig e d to r e p le n is h t h e i r s to c k s , b e g a n d r a w in g u p o n C u b a , th o c h e a p e s t
o f t h e w o rld s m a r k e ts , w ith th o r e s u lt t h a t tlic ro h a s s in c e b o o n a m o v e m e n t
o r C u b a n s u g a r s la r g e in v o lu m e a n d m a t e r i a l i m p r o v e m e n t in p r ic e f ro m
t h e lo w o f $ 3 3 5 d u t y p a id t o $ 3 8 6 , t h e p r e s e n t m a r k e t; c a n o r e f i n e d a d ­
v a n c e d d u r in g th o s a m o p e rio d fro m $4 8 0 p e r 100 p o u n d s to $ 5 50 s e a ­
b o a r d b a s is .
Shipments Shoio Increase.— S h i p m e n t s o f C u b a n r a w s a n d U n i t e d S t a t e s
r e f in e d d u r in g t h e f ir s t th r e e m o n th s o f th e y e a r to c o u n tr ie s o th o r t h a n th o
U n ite d S t a te s r e a c h e d t h e im p r e s s iv e t o ta l o f a b o u t 6 5 0 ,0 0 0 o n g to n s , a s
c o m p a r e d w ith a p p r o x i m a t e ly 9 0 0 ,0 0 0 lo n g t o n s f o r t h o o n tir o y e a r 1 9 2 1 ;
t h u s is b e in g a c c o m p lis h e d a r a p i d e q u a li z a t i o n o f th o s u p p li e s o f t h e w o r ld
t h o t o t a l p r o d u c t i o n o f w h i c h i s 1 6 , 5 0 0 ,0 0 0 l o n g t o n s , p r a c t i c a l l y 2 , 0 0 0 0 0 0
to n s le ss t h a n th o p r e - w a r p r o d u c tio n o f 19 1 4 .
World's Beet Sugar Production, e t c . — A s a r e s u l t o f t h o G r e a t W a r , t h e
w o r l d s b e e t s u g a r p r o d u c t i o n , d u o e n tir o ly to s lir in k a g o in E u r o p e d e ­
c r e a s e d f r o m n e a r l y 9 ,0 0 0 ,0 0 0 lo n g t o n s in 1 9 1 2 -1 9 1 3 t o 3 ,5 0 0 ,0 0 0 lo lig to n s
r ' r i i n m n 9f 0 .
T h is p r o d u c tio n is a g a in o n th o u p - g ra d e , r e a c h in g n e a rly
5 ,0 0 0 ,0 0 0 lo n g to n s in 1 9 2 1 -1 9 2 2 .
C a n o p ro d u c in g c o u n tr ie s , e n d e a v o rin g
t o o v e r c o m e t h i s g r e a t f a llin g o f f , in c r e a s e d t h e i r p r o d u c t i o n f r o m 9 ,2 5 0 ,0 0 0

l ongm°^S,iU 1^127ASi3. ' A 0.0 * ° ° 1
n
9
,on« tons 1917-1918, and to 11.500,­
000 long tons In 1921-1922; this development being largely in Cuba where
the production was increased from 2,500,000 long tons in 1913-1914 to an
average of nearly 3,900,000 long tons in the past three years.
, „ L n o
Past
b a g s ( 9 0 0 ,0 0 0 lo n g
to n s) o n M a rc h 31
a ° in n o n ^ e a r a g o ’
4 1 0 ,0 0 0 b a g s , c o m

f e a s ? n . ? d o m e s t i c b e e t s u g a r p r o d u c t i o n o f 2 0 , 200,000
t o n s ) , t h e r e r e m a i n s u n s o ld 5 ,7 0 0 ,0 0 0 b a g s ( 2 5 0 .0 0 0 lo n g
1 9 2 2 , c o m p a r e d w i t h o v e r 1 0 , 0 0 0 . 0 0 0 b a g s ( 4 5 0 ,0 0 0 l o n g
t h 8 c o m p a n y c a r r y in g o v o r i n to t h o n o x t fis c a l y e a r
p a r e d w i t h 5 2 4 ,0 0 0 b a g s l a s t y e a r .

THE

M ay 13 1922.]

Income Account— R e c e i p t s f r o m s u g a r d e c r e a s e d $ 2 , 3 1 8 , 2 0 6 a n d e x ­
p e n s e s I n c r e a s e d $ 2 5 3 ,6 2 9 .
,
, . .
.
.___
.
R e c e ip ts p e r b a g o f s u g a r d e c re a s e d $ 4 5 6 ; e x p e n se s b e r b a g o f s u g a r
d e c r e a s e d $ 2 8 0 ; n e t e a r n i n g s p e r b a g o f s u g a r d e c r e a s e d $ 1 7 6 [ i. o . , f r o m
c r e d i t o f 3 7 c e n t s t o n e t l o s s o f $ 1 3 9 .1
. , .
W o b r o u g h t o v e r f r o m 1 9 2 0 - 2 1 . 5 2 4 ,0 0 0 b a g s a n d p r o d u c e d 1 ,4 4 3 ,0 9 4
b a g s , a t o t a l o f 1 ,9 6 7 ,0 9 4 b a g s .
T h e r e w e r e s o l d d u r i n g t h e y e a r 1 , 5 5 7 ,0 J 4
b a g s l e a v in g a c a r r y - o v e r t o n e x t y e a r o f 4 1 0 ,0 0 0 b a g s .
T h e a v e r a g o c o s t o f s u g a r s o ld , in c lu d in g f r e i g h t a n d o t h e r s e llin g e x p e n s e s ,
w a s $ 7 3 2 p e r b a g o f 100 p o u n d s , a s c o m p a r e d w i t h $10 12 p e r b a g l a s t y e a r .
T h e n o t W a m o u n t i c t t o $1 3 9 p e r k g . a n d , i n c lu d in g lo s s f r o m f a r m
a n d liv o s to c k a n d o t h e r s o u r c e s , le s s e a r n i n g s f r o m s a le o f d r ie d p u i p a n a
i n te r e s t a n d d is c o u n t r e c e iv e d , a m o u n te d to $1 6 9 p e r b a g , c o m p a re d
w ith a p r o f it o f 12 c e n ts p e r b a g in 1 9 2 0 -1 9 2 1 .
.
. ,
Reduction in Price of Dried Pulp .— B e c a u s e o f t h e c o n t i n u e d d e c l i n e i n
t h e v a lu e o f a ll f a r m c r o p s u s e d f o r f e e d in g p u r p o s e s , t h e d e m a n d fo r d r ie d
p u lp w ith in th e p a s t tw o y e a r s h a s b e e n g r e a tly r e s tr ic te d ,
l o r tn a c
r e a s o n t h e s e llin g p r ic o w a s r e d u c e d in o r d e r t o m e e t t h e c o s t f n H ) a f n
p ro d u c ts .
T h e a v e r a g e a m o u n t r e c e iv e d d e c lin e d f r o m $ 2 l b p e r n a g in
1 9 2 0 - 1 9 2 1 t o $1 2 1 p e r b a g d u r i n g t l i o c u r r e n t y e a r .
~
Loss from Live Stock.— W i t h t h e c o n t i n u e d d e c l i n e i n t h e p r i c o o f a l l f a r m
p r o d u c t s , in c lu d in g liv e s to c k t h e c o m p a n y h a s a ls o s u ffe re d ; its c o m b in e d
lo s s in t h e s e o p e r a t io n s f o r t h e y e a r a m o u n t e d t o $ 6 5 3 ,8 7 8 , a s c o m p a r e d
w i t h a lo s s o f $ 5 5 3 ,4 7 5 in t h e p r e c e d in g y e a r .
, nw npH
O f t h i s lo s s , $ 4 2 8 ,8 5 2 w a s o n a c c o u n t o f o p e r a t io n s o f w n d s o w n e d ,
$ 3 3 ,3 4 6 o n a c c o u n t o f le a s e d l a n d s a n d $ 1 9 1 ,6 8 0 w a s o n a c c o u n t^ o f lo s s e s
iii tlio s a le o f liv o s to c k o n h a n d , w h ic h h a d b e e n i n v e n t o r ie s a t t h e p r e v a i li n g
m Dis%fe^C fA f L l n d 2
o Z
Eicept that Best Adapted to Beet l

th e s e a b n o rm a l a n d u n f a v o r a b le c o n d itio n s , th e o p e ra tio n s o f fa rm s o v n e d
lia v o b e e n r e d u c e d to l a n d s m o s t p r o d u c tiv e a n d b e s t a d a p te l to b e t
r a is in g , a n d a ll le a s e s o n u n o w n e d la n d s h a a o b e e n .
r„ „
p ira tio n .
A s f a s t a s m a r k e t c o n d i t i o n s w a r r a n t e d , a l l o f f<Led a n d r a n g e

i n t h e A r k a n s a s R i v e r , t h e c o m p a n y s d i r e c t lo s s e s t h c r e t r o m

a m o u n tin g

CONSOLIDATED BALANCE SHEET DECEMBER

M a rc h 31 1922 th e re s e rv e fo r w o rk in g c a p ita l a n d d e ­
p r e c i a t i o n r e s e r v e f u n d a m o u n t e d t o * 3 , 9 9 2 . 6 3 ; , o f 'i v h i c h t h e r e i s p e r m a
n o n t ly in v o s to d in c u r r e n t a n d o t h e r o p e r a t in g a ^ o t s , v a r y i n g m o r e o r lo ss
d u r i n g e a c h c a m p a i g n , $ 1 ,9 2 4 ,3 7 1 ; p a v i n g n o t l a
< a ? id lia s u n d e r e a se

1^

a ^ O
f l i P o T t ^ 1 2 M 3 'a c r e s a ^ T e l d ^ ^
M a c r o s a ? o h e k l n e a r R a ^ r , w h ic h in t h e p a s t h a v e b o o n u s e d f o r g r a z in g
liv e s to c k b u t t h e s e w ill n o w b o v a c a t e d a s r a p i d l y a s t h e le a s e s e x p ir e ,
" b h r i n e t h e c o m i n g v o i r 11 10 1 a c r e s w i l l b o f a r m e d b y t h e c o m p a n y a n d
7 7 «V a c r e s w 0 1 t )0 f a n n e d b y t e n a n t s .
O f th o b a la n c e , w h ic h in c lu d o th o

' f f f i S T arc undovoloped’

r a ^ i h M a n d s ' t o b e Sf a r m e d , 73 , 9 3 3 a c r e s w i l l b o p l a n t e d . t o b o o t s , 6 , 5 9 0
a c r e s t o a l f a l f a an d o t h e r h a y c r o p s , a n d 8 , 3 5 9 a c r e s w i l l b o p l a n t e d t o
b a J n C o l o r a d o o n a c c o u n ^ o f r e d u c t io n in p r ic o o f fe r e d t o f a r m e r s fo r b o o ts ,
c o n t r a c t i n g ^ f o r t h e i ? e x t c a m p a i g n h a s b e e n s lo w a n d is s t i l l I n c o m p l e t e .
T ??s c x n c c t c c l U n i t 18 1 0 0 a c re s w ill b o s e c u r e d f o r t h e R o c k y F o r d f a c t o r y ,
0
a s c n * m n a re d w ith 19 891 a c re s h a r v e s t e d l a s t y e a r .
In N e b ra s k a , w h ere
n o r m a l ^ c o n d itio n s p r e v a i l, 5 ,9 6 9 a c r e s lia v o b o o n c o n t r a c t e d .
I n C a li­
f o r n i a 1 b e c a u s e o f h is s e s s u s ta i n e d b y f a r m e r s g e n e r a lly l a s t y e a r in th o
L 'r m v i n v o f a l c l a s s e s o f c r o p s a n d t h o h i g h s p e c u l a t i v e p r i c e s f o r b e a n s ,
H .O a c r e a g e s o f a r s e c u r e d i s b e l o w n o r m a l , a n d , t o d a t o b u t 1 3 , 6 8 1 a c r e s
h a v e b e e n c o n t r a c t e d , a s c o m p a r e d w ith 2 6 ,2 0 7 a c re s h a r v e s t e d l a s t y e a r .
S p h o s f a to m e n t o f fa c to rie s , la n d s o w n o d a n d p r in c ip a l irr ig a tio n c a n a ls
K i n s u n c h a n g e d fro m la s t re p o rt.
See V . 112, p . 2 0 8 1 )

OPERATIONS FOR YEARS ENDING MARCH
P r o d u c t i o n ( b a g s ) ................
S a l o s ( b a g s ) --------- -----------A v e ra g o c o st p e r b a g - - U n s o ld M a rc h 31 (b a g s ).

1 9 2 1 -2 2
1 . 4 4 3 ,0 9 4
l '5 b G 0 9 4
8 7 -1 2
4 1 0 ,0 0 0

31.
1 9 1 9 -2 0 .
1 9 1 8 -1 9 .
1 ,0 7 7 ,7 4 0
9 1 8 ,5 6 2
1 .3 2 5 ,0 3 0
8 4 2 ,8 6 9
$871
$798
4 1 0 ,0 3 9
1 6 2 ,7 4 9

1 9 2 0 -2 1 .
1 ,4 6 1 ,7 9 9
1 ,1 0 0 ,5 4 8
$ 1 0 .1 2
5 2 4 ,0 0 0

INCOME ACCOUNT FOR YEARS ENDING MARCH
G r o s s s u g a r s a l o s .............- -

1 9 2 1 -2 2 .
1 9 2 0 -2 1 .
1 9 1 9 -2 0 .
$ 9 ,2 3 1 ,5 1 0 $ 1 1 ,5 4 9 ,7 1 5 $ 1 3 ,5 7 5 ,4 0 3

31.
1 9 1 8 -1 9
$ 7 ,4 7 1 ,3 8 3

$ 9 ,3 4 6 ,9 9 6
6 1 7 ,3 4 4
5 1 4 ,5 1 9
3 6 9 ,8 8 1
x 6 8 5 ,1 9 8

$ 4 ,7 7 0 ,3 2 5
5 4 5 ,9 1 8
7 3 1 ,9 0 1
3 7 2 ,5 5 1
x 3 1 0 ,3 1 3

T o t a l e x p e n s e s _________ $ 1 1 , 3 8 9 , 3 8 6 $ 1 1 , 1 3 5 , 7 5 7 $ 1 1 , 5 3 3 , 9 3 9
N o t e a r n i n g s ! ............... l o s s $ 2 , 1 5 7 , 8 7 6
$ 4 1 3 ,9 5 8
$ 2 ,0 4 1 ,4 6 4

$ 6 ,7 3 1 ,0 0 7
$ 7 4 0 ,3 7 6

F a c t o r y k p f s u g a r s o l d $ 8 ,6 0 4 ,0 3 8
S e ll.e x p . ( fg t.,d is c .,& c .)
1 ,2 4 0 ,3 2 4
A d m in is tra tio n , i n t . , & c .
,) 2 7 ,1 .) 9
D e p r e c i a t i o n ............ ..............
3 9 3 ,9 0 0
2 2 3 ,9 6 5
F a c to r y a n d c o rp . ta x e s .

$ 8 ,2 6 8 ,6 5 4
1 .0 4 7 ,9 8 9
1 ,2 0 8 ,9 4 9
4 0 1 ,3 1 5
x 2 0 8 ,8 4 8

1 9 ,3 2 8
2 5 1 ,5 0 2
2 2 2 ,5 5 7

4 7 ,7 1 0
1 0 2 ,0 8 6
2 0 0 ,7 3 2

d e f ' 5 f g ’^
1 0 ,8 4 5

d e f .1 1 4 ,1 8 1
5 .1 4 n
r' 1'l 0

9 7 ,3 5 6
1 2 ,4 7 8

N e t in c o m o
_____d e f $ 2 , 6 3 4 , 0 4 6 d e f . $ 1 3 3 , 5 0 8
P r f c & d i v i d e n d s (6 % )
$ 3 0 0 ,0 0 0
$ 3 0 0 ,0 0 0
C o m m o n d i v i d e n d s (8 %)
------- D e p r e c ia tio n & a d d itio n s
2 1 , 1 0 9 ____ 2 3 3 , 1 7 0

$ 2 ,4 2 5 ,8 1 0
$ 3 0 0 ,0 0 0
1 '? 2 n 'n , r
5 7 3 ,9 4 5

$ 1 ,2 0 0 ,7 3 9
$ 3 0 0 ,0 0 0
1 , 200,000

P o t a s h renc X t s T . ................
P n l n r e c e i p t s ( n o t ) ______
I n te r e s tA A lls c h r o c o iv e d

d c f . l 1 ,8 0 1
8 0 ,3 4 9
1 1 4 .5 0 1

^ o p e r a t i o n s ? n e °t)
M is c e lla n e o u s in c o m o —

d c f . 5 ,3 4 3

d c f.3 ,6 8 0
1 1 2 ,3 7 9
1 5 3 ,4 8 1

R a la n c o s u r o r d e f - d f .$ 2 ,9 5 5 ,4 5 5 d o f .$ 3 9 9 ,6 6 2 s u r .$ 3 5 1 ,8 6 5 d e f .$ 2 9 9 ,2 6 1
x N o t in c l u d i n g f a r m a n d liv o s to c k t a x e s

CONDENSED BALANCE SHEET MARCH
1921.

31.

623,797

1921.
S
Common stock. __ 15,000,000 15,000,000
Preferred stock__ 5,000,000 5,000,000
Accounts payable. 211,877
301,549
Hills payable____ 2,095,000 0,805,000
Accrued taxes.. .
84,501
81,087
Acer. Covt. taxes.
___
7.773
Dividends declared
75,000
75,000
Res'vo for deprcc'n 1,949,317 1,527,273
Approp. for add’ns
and Improves..
9,300
400,013
Res. for work. cap. 2,043,318 4,284,380
Surplus.............
091,923

Total ................ 27,008,439 34,234,004

T o ta l.................27,008,439 34,234,004

1922.

Assets---

$
nn

S

Factories, lands,
equipment, A c. 2 0 ,0 0 0 , 0 0 0
Cap. stock A sccur.
of other cos___
289,210
Cash.................-- - 2,088,213
Secs, of U .8 . Govt. 750,219
Unsold sugar (cost) 1,779,331
AcctS.& bills rec_. 505,539
Comm’l livo stock.
22,706
Materials & supp. 1,480,799
Adv. account next
campaign_____
154,356

,

nnn

2 0 0 0 0 ,0 0 0

289.474
2,339,221
1,988.319
4,231,498
1,401,834
500,740
2,859,714

Liabilities—

1922.

13,078,921 13,018,586

A m erican S a fe ty R azor C o rp o ra tio n .
Y e a r e n d i n g D e c . 31 1921.)
Pres. Josopli Kaufman, Brooklyn, Apr. 12, reports insubst
(R eport fo r F iscal

Results. —

A f t e r m a k i n g a d e q u a t e p r o v is io n f o r d e p r e c i a t i o n , o b s o le s c e n c o ,
ta x e s , A c . , a n d a f t e r s o tt in g u p a s p e c ia l r e s e r v e o f $ 1 0 0 ,0 0 0 t o c o v e r p o s s ib le
r e d u c t io n in t h o v a lu e o f i n v e s t m e n t s in a f f i li a te d a n d s u b s id ia r y c o r p o r a
tio n s , c o m p a n y m a d e a n e t p r o f i t d u r in g t h o y e a r 1 9 2 1 o f $ 1 5 4 ,6 1 8 .
Financial Condition.— C o m p a n y i s i n a v e r y s o u n d f i n a n c i a l c o n d i t i o n
F o llo w in g t h e g e n e ra l b u s in e s s d e p re s s io n , c o m p a n y s in c o O c t. 1921 h a i
m a d o s te a d y a n d s u b s ta n t ia l m o n th ly g a in s .
1 9 2 2 Operations. T h o f i r s t q u a r t e r o f 1 9 2 2 s h o w s s a t i s f a c t o r y r e s u l t s
A f te r m a k in g p r o v is io n f o r d e p r e c i a t i o n , n e t p r o f i ts i n J a n u a r y w e r e $ 1 3 4 ,­
6 2 0 F e b r u a r y $ 6 3 ,4 3 1 , M a r c h $ 1 3 4 ,5 8 8 , m a k in g a t o t a l n o t p r o f i t f o r th o
f i r s t q u a r t e r o f 1 9 2 2 o f $ 3 3 2 , 5 3 9 , o r a t t h o r a t e s l i g h t l y i n e x c e s s o f $ 1 66
P ° T h e s o <n r o f i t B a r e e x c l u s i v e o f t h e r e s u l t s o f t h e B r i t i s h - A m c r i c a n S a f e t y
R azor C o
L t d . . a n d th o C a n a d ia n S a f e ty R a z o r C o . , L t d . , th o tw o fo re ig n
s u b s id ia rie s (a ll o f th o s to c k o w n e d ) , a n d a ls o e x c lu s iv e o f t h e r e s u l t o f th o
L ig h t f o o t S c h u ltz C o . (a m a j o r it y o f th o c a p ita l s to c k o w n e d ).
Outlook__ S i n c e O c t . 1 9 2 1 , t h e s a l e o f t h e n e w d o l l a r ( $ 1 ) m o d e l r a z o r h a s
b e e n e x c e p tio n a lly s a tis fa c to ry .
T h is d is tr ib u tio n p r e s a g e s a v e r y c o n s id e r ­
a b le in c re a s e In th e d e m a n d fo r th e c o m p a n y s b la d e s , a lr e a d y o v id e n c c d b y
th o re s u lt o f th o fir s t q u a rte r.
I t is r e a s o n a b le to a n ti c ip a t e t h a t th o
b u s in e s s fo r t h o r e m a in d e r o f t h o y e a r 1 9 2 2 w ill b o a t l e a s t a s g o o d a s th o
r e s u l ts o b ta in e d in t h e f ir s t q u a r t e r .




T o t a l ......................1 3 ,0 7 8 ,9 2 1 1 3 ,0 1 8 ,5 8 6

a S u r p l u s d o e s n o t I n c l u d e c o r p o r a t i o n ’s p r o p o r t i o n o f t h o s u r p l u s o f t h e
f o llo w in g a f f i l i a t e d c o m p a n ie s : J a y & J o h n s o n B o x C o r p o r a t i o n , 5 2 3 ,< 5 3
L ig h tf o o t S c h u ltz C o ., $ 2 7 ,2 9 7 .
b C o n t in g e n t lia b ilitie s : I n p u r c h a s in g g o o d - w ill, t h e c o r p o r a tio n a s s u m e d
a c o n tin g e n t o b lig a tio n to m a k e a d d itio n a l p a y m e n ts u p to b u t n o t e x ­
c e e d i n g $ 1 , 200 , 000 , a g a i n s t w h i c h t h e r e i s a c a s h r e s e r v e o f $ 1 , 0 0 0 , 0 00 .
Note.— C a p i t a l s t o c k : A u t h o r i z e d a n d i s s u e d , 8 0 0 , 0 0 0 n o n - a s s e s s a b l e
s h a r e s o f p a r v a lu e o f $ 2 5 e a c h u n d e r la w s o f V ir g in ia a s fo llo w s : 4 0 0 ,0 0 0
s h a r e s f o r c a s h a t $ 1 8 p e r s h a r e , $ 7 ,2 0 0 ,0 0 0 , 4 0 0 ,0 0 0 s h a r e s f o r g o o d - w ill
c a r r ie d a t $ 3 ,6 0 0 ,0 0 0 — V . 1 1 4 , p . 1 6 5 5 .

K e n n e c o tt C opp er C o rp o ra tio n .

(7th Annual Report— Year ended Dec. 31 1921.)
Pres. Stephen Birch, N . Y ., M ay 1, wrote in substance:
Operations.—

D u e to c u r ta ile d o p e r a tio n s th e o r e m in e d a t K e n n e c o tt
a n d L a t o u c h o a m o u n t e d t o o n l y 3 9 7 .8 6 7 t o n s , m a d e u p a s f o llo w s :

Tons.

K e n n e c o t t ........................ .....................................2 2 9 , 8 0 9
L a t o u c h o _______________________________ 1 6 8 , 0 5 8

% Copper.

Copper Content.

7 .6 6
1 .8 3

1 7 ,6 0 6 .3 0 t o n s
3 ,0 7 5 * 4 6 t o n s

T o t a l ............................................- ..............- . 3 9 7 , 8 6 7
5 .2 0
2 0 ,6 8 1 .7 6 t o n s
P r o d u c ti o n f o r s h ip m e n t t o s m e l te r t o t a l e d 5 4 ,3 1 9 .8 t o n s , c o n ta i n in g
3 7 ,0 7 2 ,5 8 0 p o u n d s o f c o p p e r , d i v id e d a s f o llo w s :
Tons.
% Copper.
Tons Copper.
K e n n e c o t t ________________________ 3 7 , 1 1 2 . 8 1
4 2 .8 4 0
* o ’§ o o o 5
l a t o u c h o ___________- ______________1 7 , 2 0 7 . 0 0
1 5 .3 3 3
2 ,6 3 8 .3 4
T o t a l _____________ _______________ 5 4 , 3 1 9 . 8 1
3 4 .1 2 4
1 8 ,5 3 6 .2 9
S h ip m e n ts to s m e lte r r e p r e s e n te d 8 9 .6 3 % o f c o p p e r c o n te n t o f o r e m in e d .
Development.—A t K e n n e c o t t 1 1 , 4 8 3 f t . o f d e v e l o p m e n t w a s d o n e , i n
a d d it i o n to 8 ,3 4 3 f t . o f d ia m o n d d r illin g .
A t L a t o u c h e 6 ,1 6 4 f t . o f d e ­
v e lo p m e n t w a s d o n e .
,
Labor.— W a g e s w e r e r e d u c e d $ 1 p e r d a y o n J a n . 1 0 a n d w e r e f u r t h e r
re d u c e d b y 3 5 c e n ts p e r d a y o n S e p t. 15.
Production of Copper, &c.— R e c e i p t s a t t h o s m e l t e r a m o u n t e d t o 4 0 , 2 7 1 , ­
7 2 9 lb s . o f d e liv e r a b le r e f in e d c o p p e r a n d 3 9 0 ,0 1 2 o z . o f r e t u r n a b l e s ilv e r ;
3 2 4 0 4 9 8 5 l b s . o f c o p p e r a n d 3 9 0 .0 1 2 o z . o f s ilv e r w e r e s o ld d u r in g t h o y e a r
a n d ta k e n in to p r o fit a n d lo ss.
T h o a v e r a g e p r ic o r e a liz e d d u r in g t h e y e a r
f r o m t h e s a lo o f c o p p e r w a s 1 3 .1 0 c e n t s p e r p o u n d .
.
.
C o s t o f p r o d u c i n g c o p p e r , d e liv e r e d t o c o n s u m e r , a f t e r c h a r g in g in d e p r e ­
c ia tio n a n d ta x e s a n d c r e d itin g s ilv e r a m o u n t e d to 9 .9 7 c e n ts p e r p o u n d .
Alaska Steamship Co.— N e t e a r n i n g s , a f t e r t a x e s , d e p r e c i a t i o n a n d a l l
o t h e r c h a r g e s , a m o u n t e d t o $ 2 3 4 ,7 9 3 .
T h o c o n s tr u c tio n o f th e 6 ,0 0 0 -to n
m o to r s h lp K e n n e c o tt w a s c o m p le te d in th e e a r ly p a r t o f tn o y e a r a n d
p la c e d in th e A tla n tic -P a c ific C o a s t tra d e .
T h e s te a m s h ip A la s k a w a s
w re c k e d A u g . 6 1921 a n d a b a n d o n e d to th e u n d e rw r ite r s .
F u ll in s u r a n c e
h a s s in c o b e e n c o lle c te d .
Q u a r te r ly d iv s . o f 1 ^ % e a c h w e re p a id in 1 9 2 1 .
Copper River & Northwestern Ry.— O p e r a t i n g i n c o m e w a s $ 2 4 8 , 5 8 5 .
General.— T h o b e g i n n i n g o f t h e y e a r 1 9 2 1 f o u n d c o n d i t i o n s i n t h e c o p p e r
in d u s tr y m o st u n s a tis fa c to ry .
T h e re w a s l ittle d e m a n d fo r th e rn e ta l a n d
th o a l r e a d y l a r g o s u r p l u s s to c k s w e re b e in g s te a d i ly i n c r e a s e d .
T h e s e llin g
p ric e o f c o p p e r w a s ra p id ly n e a rin g a p o in t w h e re it w a s e x c e e d e d b y th e
c o s t o f p ro d u c tio n o f m o st o f th e c o p p e r p ro d u c e rs , a n d to fa c e th is s itu a tio n
p r a c tic a lly a ll th e c o p p e r m in in g c o m p a n ie s , in c lu d in g t h e K e n n e c o tt C o .
a n d its a f f i li a te d c o m p a n ie s , w e ro o b lig e d e a r ly in t h e y e a r e it h e r to s h u t
d o w n th e ir o p e ra tio n s e n tir e ly o r d r a s tic a lly to c u r ta il p r o d u c tio n .
(V .

11 A s a r e s u l t c o p p e r p r o d u c tio n in t h e U . S . f o r D e c . 192 1 w a s b u t s li g h tl y
in e x c e s s o f 2 0 % o f t h e J a n . 1921 p r o d u c tio n , a n d c o p p e r s to c k s a t th o e n d
o f th o y e a r w o re f a s t a p p ro a c h in g n o r m a l.
T h e d e m a n d f o r c o p p e r ( in
p o u n d s ) d u r in g t h e y e a r is r e f le c te d in th o s a le s b y q u a r t e r l y p e rio d s a s

f°l i f Quarter.

2d Quarter.

3d Quarter.

\th Quarter.

3 6 4 3 ,138 lb s .
5 .8 9 9 ,4 8 0 lb s .
5 .4 8 9 ,2 2 6 l b s .
1 7 . 3 7 3 ,1 4 1 l b s .
I n p a r t i c i p a ti o n w i t h o t h e r c o p p e r p r o d u c e r s , t h i s c o r p o r a ti o n , in F e b .
1 9 2 1 , d e liv e r e d t o t h e C o p p e r E x p o r t A s s o c ia tio n f o r e x p o r t s a lo 2 0 ,2 4 0 ,0 0 0
P °[T h o c o n s o lid a te d in c o m e a c c o u n t o f B r a d e n C o p p e r C o . a n d
C o p p e r M in e s C o . w a s g i v e n in V . 1 1 4 , p . 2 0 1 7 .)

B ra d e n

Tho income account was published in full in V . 114, p.2020.
KENNECOTT COPPER CORPORATION— BALANCE SHEET DEC.

$

— V . 114, p . 1066.

31.

1920.
1921.
1920.
Liabilities—
$
S
Assets—
S
Cash___________
319,755 Capital stock (see
note)_________ 10,800,000 10,800,000
Notes receivable..
850,000
300,000
366,685 Notes payable___
Acc’ts receivable..
183,567
Accounts p ay ab le239,828
Inv. of mdse.—at
15,549
Miscellaneous___
27,800
cost of market,
784,772 Stock subscriptions
whichever lower 842,137
Hritish-American
99,166
Supplies on hand..
134,079
Safety Razor Co.,
30,568
Prepaid items___
10,600
54,810
Ltd........................................
mAccounts with ei
57,241
Taxes__________
31,800
Accounts with em­
58,500
550,000
134,642 Mortgages______
ployees, &c___
,000,000 Due to affiliated
,000,000 1
sshrcs.con.liab. 1
21,761
companies------1,936
158,440
97,471
Due from affil.cos.
Reserve for depre­
Investments:
ciation of inven­
Affiliated cos.,
100,000
tory__________
(book value)__ 1,206,208 1,216,763
*77,15*
16,500 Surplus________ a 1,027,551
14,500
Mortgage_____
Real estate, bldgs.,
1,889,076 1,784,499
equipment, Ac
234,578
196,427
Deferred charges..
6,873,262 6,872,217
1921.
$
167,120
8,610
639,431

^ in a n c ia L -O n

S

2 113

C H E O N IC L E

Assets—

1921.

1920.

S

S

Liabilities—

1921.
S

31.

1920.
S

Mining property bO,821,247
9.50S.810 Stated capital-_al5,000,000 15,000,000
Constr. & equip. 1, 024,851
1,268,199 Capital suiplus-c87,523,156 87,516,541
248,728
214,555
Investments__x99,635,657 100,019,302 Acc’ts payable..
Acer. int.& taxes
489,249
533,726
Metals on hand
1 -year 7% gold
0
and in transit
bonds______ 15,000,000 15,000,000
at cost........... 3,289,797
4,651,175
Deferred liabll’s.
11,718
41,635
Ore and concen202,599 Treatment refin­
36,327
trates (at cost)
ing & delivery
Material on hand
chgs.fnot due)
501,660
615,077
951,662
793,928
and In transit .
632,018 Copper. Export.
984,258
Acc’ts collectible
Assn. suspense
38,934
----------Loans to affil.cos 15,488,985 12,950,000
735,800 Undivided profit
Deferred acc’ts.
746,430
(after depl’n). 15,733,818 16.094,693
2,441,417
Marketable sec’s 3,289,622
1,655,247
Cash................... 2.436,160
T o ta l.............134,547,263 135,016,229
T o ta l.............134,547,263 135.016,229
a R e p r e s e n ts 2 ,7 8 8 ,2 1 3 6 -1 3 o u t s t a n d i n g s h a r e s o f n o p a r v a lu e ; t o t a l
a u t h o r i z e d is s u e , 3 ,0 0 0 ,0 0 0 s h a r e s ,
b I n 1921 n e t b o o k v a lu e a f te r d e p le ­
tio n d e d u c tio n ,
x I n c l u d e s in 1 9 2 0 6 1 6 ,5 0 4 s h a r e s U t a h C o p p e r C o . s to c k ,
v a lu e d a t $ 4 3 ,2 9 5 ,2 0 9 , 2 ,5 6 6 ,4 1 6 s h a r e s B r a d e n C o p p e r
$ 3 9 ,4 8 3 .­
9 4 5 ; $ 2 3 , 0 2 0 , 0 0 0 p a r C . R . A N . IV . R y . C o . b o n d s , $ 1 4 , 4 0 8 , 6 0 8 ; 4 8 , 1 7 4
s h a r e s C R A N . W . R y . C o . s to c k , 2 3 ,8 5 4 K s h a r e s A la s k a S S .,C o . s to c k ,
$ 2 ,3 8 5 ,4 1 2 ; 5 0 0 s h a r e s A la s k a D e v e l o p m e n t A M i n e r a l C o . s t o c k , $ 6 2 ,4 8 0 ,
a n d 1 s h a ro C o p p e r E x p o r t A s s o c ia tio n , I n c ., s to c k .
c I* ro m c o n v e rs io n
o r b o n d s a n d e x c h a n g e o f s t o c k a n d a c q u i s i t i o n o f m i n i n g p r o p e r t y ( le s s
c a p ita l d is tr ib u tio n s ) .— V . 114, p . 2 0 2 0 , 1659.

In d ia n R e fin in g C o., In c.
F i s c a l Y e a r e n d e d D e c . 31 1921.)
Pres. Theodore L. Pomeroy, April 5, wrote in substance:
(R eport fo r

Results.— T h o r e s u l t o f t h o o p e r a t i o n s o f y o u r c o m p a n y a n d i t s s u b s i d i a r y
f o r t h o y e a r 1 9 2 1 s h o w s a lo s s o f $ 3 ,8 3 5 ,1 0 9 .
.
T h o c o m p a n y s ta r te d th e y e a r 1921 w ith a c o n s id e ra b le in v e n to r y o f b o th
c ru d o a n d r e fin e d p r o d u c ts , w h ic h w a s w r itte n d o w n to c o s t o r m a r k e t,
w h ic h e v e r w a s lo w e r.
T h is w a s th o b a s is p e r m itte d b y th o G o v e r n m e n t fo r
t a x p u r p o s e s , a n d , t h e r e f o r e , c o u ld n o t a n t i c i p a t e t h e d r a s t i c d e c lin e in
p r ic e s w h ic h to o k p la c e l a t e r in t h e y e a r .

3114

THE

D e c lin e i n P r ic e o f C r u d e O il .—1 ho price of emdo oil declined at the rate
T
of about 50 cents per barrel monthly during the first five months of the year
out during the samo period tho selling prices of our finished products de­
clined even moro rapidly, resulting in losses, not only from tho oils carried
over Irom tho preceding year, but also from crude oil purchased during tho
period.
C a p it a l E x p e n d itu r e s .—Total capital expenditures during tho year were
less than 5500,000, covering only necessary improvements at stations and
retineries and the starting of construction of a pipe line to transport KenJucky oils to our refineries. Based on present freight rates, it is estimated
that this line [expected to bo in operation to Owensboro, Ky., at end of
April] will effect an annual saving of 50% of its cost. This pipe lino should
bo extended to Bowling Green, Ivy., as soon as now capital is available.
t r a c k i n g P r o c e s s .— One unit of a cracking process to increase tho yiold
ot gasoline has been completed and tho results of its operation havo been
very satisfactory. When company is in position to install sufficient units
to crack all of its production of gas oil at the two refineries, the resulting
increased yield of gasoline should materially strengthen its earning capacity.
R e f in e r ie s .
The condition of tho two refineries has been improved and
thoy can now handle efficiently upwards of 17,000 bbls. of crude oil per day
with practically no increase in cost of operation.
, O u tlo o k .—Tho gallonago marketed for the last half of the year was on an
increasing scale and at the present time is materially greater than in any
corresponding period in tho history of the company. The present outlook
for prices is thought to bo toward an increasing margin between tho price of
crude oil and that of rofined products. If this bo realized, tho present
highly satisfactory volume of sales will enable your company to obtain full
advantage trom tho now prices.
A d v a n c e s to a n d I n v e s tm e n ts i n O ther C o m p a n ie s .—Tho item of 5037,327
increase in advances to and investments in other companies represents socured advances made in connection with a proposed plan to extend tho
company’s operations into new territory west of the Mississippi. In return
for tlioso advancos, the company obtained an option on a controlling inter­
est in the properties and the right to supervise the management for a test
period. The arrangement was mado in the fall of 1920 and became effective
In March 1921. At the expiration of the option, neither the results of the
test period nor your company’s own situation warranted it in exercising tho
option, which was allowed to lapse. The indebtedness in believed to be
adequately secured and steps have recently been taken to collect it.
W a g e s .—Company has for soveral years been paying an annual bonus to
employees, based on salary and term of service. On account of unsatis­
factory business conditions, this bonus was discontinued in 1921.

[C om pare also official sta tem en t under “ In v e stm e n t N e w s ”
b elow . 1
I N C O M E A C C O U N T FO R C A L E N D A R Y E A R S .

1921.
1920.
1919.
1918.
Net earns, from oper.loss 53,557,117 52,663,072 $3,398,968 53,703,988
D e d u c t —Interost p aid ..
277,991
353,744
118,172 Not shown
Doprec. & depletion..
8 12 ,8 16 1
2,500.000
T a x es_____________
_____
285,000
725,000
Inventory shrinkage. .
_____
281,431
Cent. Refg. Co. (loss).
_____
60,250
Dry holes, leases, &c..
written off. . . .
_
339,536
Pref.divs. (7% p .a .).
180,177
197,902
210...........
,0 0 0
210,00 0
Common dividends__
_____ (16)721,170 (12)360,000 (12)360,000
Bal., surplus-------- def.54,015,285
$424,039 81,172,980
$633,988
Profit A lass surplus, .def.51,425,931 52,592,354 $2,168,316
;
$995,335
C O N S O L I D A T E D D A L . 1N C E S H E E T D E C . 31.
1921.

1920.

1921.
S
1 ,2 7 4 ,6 5 7
3 ,5 4 5 ,3 5 0
3 7 ,5 0 0
9 3 0 ,5 2 4
3 ,0 2 2 ,8 8 7

Assets—
S
S
Liabilities—
G a s h ........... ..................
5 7 6 ,7 5 3
7 5 2 ,4 5 3 A c c o u n t s p a y a b l e .
A c c ’t s A n o t e s rc c .
B a n k l o a n s ................
(less r e s e r v e ) ___ 1 .4 9 0 ,2 8 1
2 ,2 9 8 ,3 0 0 N o t e s p a y a b l e ____
A d v a n c e to s ta tio n
F e d e r a l t a x e s _____
a g e n t s , A c ______
2 7 4 ,4 6 9
2 0 5 ,8 4 7 R c s ’v e io r d e p l 'n . .
I n v . o f o ils , p k g e s .
C a p . s t k . ( C e n tr a l
& s u p p li e s ( a t
K e f. C o .) h e ld b y
m a r k e t o r c o s t ) . 5 ,0 9 2 ,8 3 2 8 ,5 1 8 ,8 9 9
o u t s i d e s t k h ’rs:
A d v . t o A I n v e s t ’ts
7 % P r o f, s t o c k .
2 7 7 ,5 5 0
in e t h e r c o s ____
6 7 0 ,0 4 2
3 2 ,6 1 5
C o m m o n s to c k .
3 ,0 0 0
O il p r o d u c . p r o p ’s
7% P r e f . s t o c k . . . 2 ,2 9 0 ,4 0 0
p i p e l in e s r e f i n ­
C o m m o n s t o c k . . . 7 ,8 5 1 ,8 0 0
e rie s A c ----1 3 ,6 7 5 ,8 4 9
1 3 ,9 8 5 ,7 6 0 C a p i t a l s u r p l u s . . . y 4 ,8 5 1 ,8 0 0
P r e p a i d i t e m s ____
1 8 3 ,5 6 1
---------- 8 E a r n e d s u r p l u s .d e f 1 ,4 2 2 ,9 3 1
1 7 7 .5 6
C o m . s t o c k (n e w
is s u e ) e x p e n s e s .
7 0 4 ,7 5 5
6 9 7 ,7 0 5
T o t a l ..................... 2 2 ,6 6 8 ,5 4 2 2 6 ,6 6 9 ,1 4 7

1920.

5

2 ,1 1 9 ,1 9 0
2 ,5 3 0 ,0 0 0
2 0 7 ,5 0 0
1 ,2 1 4 ,6 0 4
2 ,6 8 4 ,8 8 4

2 7 7 ,5 5 0
3 ,0 0 0
2 ,2 9 6 ,4 0 0
7 .8 5 1 .8 0 0
4 .8 5 1 .8 0 0
2 ,5 9 2 ,3 5 4

T o t a l ...................... 2 2 ,0 6 8 ,5 4 2 2 0 ,0 6 9 ,1 4 7

x Insurance fund assets, in hands of trustees, $38,156; less reserve,
538,156; leaving n o n e , y Being premium on issue of 485,180 shares of
Common stock, inch Pref. stock converted.
N o te . — 114,820 shares or unissued Common stock are held for tho con-,
version of 22,964 shares of Preferred stock outstanding.- V. 1I t, p. 2020,
1658.

C h ile C o p p e r C o m p a n y ,
(6//t Annual Report— Year ended Dec. .11 1921.)
‘
P res. D a n iel.G u g g en h eim , N . Y ., M a y 6 , w rote in su b st.:
W o rld 's C o p p e r I n d u s t r y .—The copper mining industry as a whole faced
in 1921 the most disastrous year of its history. Due to the conservative
financial policy adopted over since tho Armistice, which marked the be­
ginning of the depression in tho copper industry, and to constantly improv­
ing operations, resulting in constantly decreasing costs of production, your
companies havo concluded this year 1921 with what we consider a splen­
did operating record and balance shoot under tho unfavorable business con­
ditions of this period. Not only in the copper industry, but in almost
every industry, 1921 has been a business year not of profits but dovoted to
reducing losses to a minimum, and in this thankless task wo havo had our
share of success.
F is c a l R e s u lts .—Tho operating profit of Chile Exploration Co. was $1,­
934,749, while other receipts amounted to $846,702, making a total income
for the year of $2,781,451. The not loss carried to tho surplus account,
after interest, taxes and miscellaneous charges, was $983,S32. In addition
to this loss proper entries wero mado in the books of the country in accord­
ance with the regulations set up by tho Internal Revenue Department to
cover depreciation of plant and depletion of oro reserves.
As of Dec. 31 1921 your companies had on hand in cash and marketable
securities $8,799,708. In addition to this there were in storo 34 936 223
lbs. of copper of a value of $4,541,709, taken up at a price of 13 cents per
pound. 14,334,000 pounds of this copper wero at that time contracted
for sale.
During the yoar 1921 Chile Exploration Co. Increased its Investment in
Chile Steamship Co. by $2,678,817.
O re R e s e r v e s .— Fred Ilclimann, Consulting Mining Engineer, April 27
1922 wrote in part:
“The oro reserves in tho mine stand without change as roported as of
Dec. 31 1920, save for a reduction in the amount of oxidized oro, correspond­
ing to tho tonnage mined during tho year, namely, 1,676,217 tons.
“Tho reserves as of Dec. 31 1921 were therefore as follows:
Oxidized o r e ------------------ 327,629,889 tons of an average value of 1.91%
Mixed o r o ----------------------151,000,000 tons of'an averago value of 2.98%
Sulphido o r o ------------------ 210,000,000 tons of an averago valuo of 1.84%

T o t a l--------------------------688,629,889 tons of an averago valuo of 2.12%
“Tho re-calculation of the ore reserves has not been completed and tho
final results are not as yet available.”
O p e r a tio n s .—Chile Exploration Co. produced during tho year 54,008,065
pounds of marketable copper. Tho actual cost of producing copper deliv­
ered to purchaser, exclusive of depreciation and depletion, was 10.8 cents
per pound, as compared with 10.7 cents per pound during year 1920, not­
withstanding tho fact that tho production for 1921 was loss than half of
that for 1920.
After six years’ continuous experimentation, under the direction of E. A.
Cappelen Smith, Consulting Metallurgical Engineer, an improved anode
has been developed for use in the production of electrolytic copper at Chuquicamata. Production of the old typo of anode has been discontinued,
and tho whole plant should be completely equipped with tho now anodes
beforo tho end of 1922.




[V ol. 114.

C H R O N IC L E

At tho end of Feb. 1922 15% of the total copper was being produced by
means of the new anode. Results so far indicate that, with tho new anode
completely installed, the cost of producing copper will bo reduced by ap­
proximately three-quarters of a cent per pound.
As a result of tho process employed in tho treatment of its ores, your en­
terprise possesses a unique operating advantage in its ability to regulate
its production on comparatively short notice. This was strikingly demon­
strated recently. In Dec. 1921 and for several months preceding, an aver­
age production of 2,000 tons of copper per month was maintained. On
Jan- 12 1922 instructions were given to Increaso tho production, without
unduo haste or at tho sacrifice of economy, to 4,000 tons of copper per
JRonth. In Jan: tIle production was increased to 2,697 tons, in Feb. to
3,441 tons, and in March to 4,161 tons. In each caso tho tonnage stated
was in tho form of finished wiro bars of tho highest quality ready for fabri­
cation. It is estimated in tho industry as a whole that tho period required
tor the production of finished wire bars from tho time that tho oro is mined
varies from 90 to 100 days. In the caso of Chile Exploration Co. tho time
required is about 12 days.
Tho cost of production in March 1922, including dolivery and selling ex­
pense, but exclusive of depletion and depreciation, had beon reduced to the
low figure of 7.8 cents pet1pound.
O il F u e l S u p p l y a n d P u r c h a se o f T a n k e r s .— During tho year the contract
mado by Chile Steamship Co. for tho construction in British yards of the
2 tankers was carried on as rapidly as possible, but with some unavoidable
delays on account of the British labor and coal strikes. Tho first of those
tankers was launched in March 1922, and is now on its first trip to Chile
with fuel oil for the power plant. Tho second tanker will bo launched in
June 1922. The total cost of these tankers will be about $3,200,000, of
which approximately $2,200,000 was paid during 1921 from curront funds
of Chile Steamship Co., obtained by the salo of its stock (all of which is
now owned by the Exploration Co.) to the Exploration Company. Tho
balance of these current funds has been used to buy Eondon exchange at
favorable rates.
Through the ownership of those tankers your companies will control the
means of delivering fuel oil to the power plant in Chilo.
P la n t E x te n s io n .—In order to be prepared for a business revival, tho direc­
tors at the beginning of 1922 authorized tho following improvements, which
will be completed beforo tho end of 1922: (a) Enlarging docliloridizing plant
(6) additional tracks to provido for extending tho mine development;
(c) 50 additional ore cars; (d) water conservation; (e) minor and compara­
tively inexpensive improvements which experience has shown will add to
tho efficiency of the crushing, leaching and smelting units. The plant
capacity will then bo 190,000.000 to 200,000,000 pounds of copper per ann.
O u tlo o k .—Should the results so far obtained with tho now anode be con­
firmed, as may be confidently anticipated, it is estimated that, when the
tank house shall be completely equipped with tho now anode and with
only minor additions beyond those already authorized, tho property will
have a productive capacity of 220,000,000 to 230.000,000 pounds of copper
per annum.
C O M B I N E D I N C O M E A C C O U N T FO R C A L E N D A R Y E A R S (.I N C L .
C H I L E C O P P E R C O . A N D C H I L E E X P L O R A T I O N C O .).

1921.
1920.
1919.
1918.
Copper produced (IDs.)_ 54.008,065 111,130,224 76.717,872 102,136,658
Copper sold &deliv.(lbs.) 67,823,964 96,498,116 54,656,229 84,695,299
Gross price delivered__ 13.7993 cts. 18.354 cts. 18.972 cts. 24.71 cts.
Operating revenue.........$9,359,266 $17,711,021 $10,350,167 $20,931,071
Operating costs_______ 6,595,449
8.490,961
7,643,991 10,098,692
Dellv., selling, &c., exp.
829,06S
1,714,802
1,085.965
2,315,976
Dividends Chilo SS. Co.
Int. & disc, received___
Other income_________
Federal taxes, &c_____
Int.on Chile.C.Co. bds.
Deprec’n plant & equip.
Miscellaneous________
Amortization_________
Plant superseded or aban­
doned _____________

$1,934,749
100.000
678,211
68,491

$7,505,257
250,000
824,903
94,964

$1,620,211 $8,516,404
500,000
343,7841
25.094/
437,263

$615,284
3,150.000
2.984.115

$8,675,124
$433,211
3,157.690
2,754,749

$2,489,089
$395,557
2,823,043

$8,953,667
$595,877
2,422,419

140,000
1.338,520

140,000
1,904,411

140,000
1.355,508

181,118
140,000
2,132.583

232,474

41,441
65,639
133,690
$151.994df$2,290,658 $3,440,229
B A L A N C E S H E E T D E C . 31 ( I N C L . C H I L E C O P P E R C O .
A N D C H I L E E X P L O R A T I O N CO. )

Balance, surplus...def.85.678,942
C O M B IN E D

19 2 1 .
Assets—
S
P r o p e r t y i n v e s t . a 9 9 , 1 5 3 ,0 2 6
C o n s t r . A e q u i p . b 2 1 , 6 6 4 ,7 6 5
I n t . <n s t e a m s h ’s 3 ,7 5 2 ,7 7 5
D e te rre d c h a rg e s
fo r d e v e l., A c .
7 7 2 ,6 3 0
M a t ’I s ,s u p p .,A c . 7 ,0 7 5 ,5 2 2
C o p p . E x p .A s s n .
I n c . s u s p ____
1 0 1 ,3 4 5
U n d l s t r i b . Ite m s
In t r a n s i t ____
3 3 ,9 3 5
D e f e rr e d a c c ’t s .
2 6 0 ,5 0 0
B ills r e c e i v a b l e .
A c c ’ts r e c e i v a b l e
1 ,3 9 9 ,5 1 9
C a ll l o a n s ........... ..
2 ,8 5 0 ,0 0 0
O ro A c o p p e r In
p ro c e s s ( c o s t ) .
9 3 0 ,9 8 7
C o p p .E x p . A ssn
I n c . 8 % n o t e s 3 ,0 2 4 ,3 0 0
C o p p e r In t r a n s i t
( a t c o s t ) _____
3 ,6 1 8 ,6 3 2
C a s h ........... .............
9 2 5 ,4 0 9
L i b e r t y b o n d s . . 2 ,0 0 0 ,0 0 0

1920.

LiabilhUs—

S

1921.

S

19 2 0 .

$

9 9 ,1 4 6 ,8 5 9
2 3 ,4 8 0 ,6 2 5
1 ,0 7 3 ,9 5 8

C a p i ta l s t o c k . . 9 5 .0 0 0 .
0 0 0 5 5 ,0 0 0 ,0 0 0
7 % b o n d s _______ 1 5 .0 0 0 .
0 0 0 1 5 ,0 0 0 ,0 0 0
6 % b o n d s _______ 31 9 9 4 ,5 0 0 d 3 4 ,9 8 3 ,2 5 0
A c c ’t s p a y a b l o . .
5 4 5 ,0 4 2
8 5 8 ,7 8 7
1 ,0 4 7 ,8 2 0 C h ile S S . C o .
8 ,3 1 0 ,0 6 6
loan.. .........
3 0 ,0 0 0
...................
U n p a id
(h a lts
(n o t d u o ) ____
6 0 3 .7 8 0
1 ,9 5 7 ,2 8 a
U n p a id e x p en ses
7 1 ,8 8 9
on co p p er n o t
2 5 8 ,9 7 7
3 2 3 ,0 9 6
d u o ............
4 5 0 ,0 0 5
2 ,4 2 5 ,8 8 1 A c c r u e d I t e m s . .
7 0 0 ,0 0 0
7 0 0 ,0 0 0
1 ,2 2 2 ,8 9 5 R e s e r v e fo r E o d ■
o ra l t u x e s ____
5 ,8 5 0 ,0 0 0
9 4 ,2 3 0
D e te rre d c re d its
1 ,0 1 0 ,1 6 3
In su sp e n se . .
2 7 3 ,0 0 9
2 5 5 ,3 9 0
D e p l e ti o n r e s 'v o e 7 , 0 0 1 ,0 5 4
5 ,5 2 3 ,5 5 7
D e f i c i t ................... 6 ,9 0 6 ,7 3 5
3 1 9 ,7 1 8
7 ,4 6 5 ,7 5 1
1 ,1 1 6 ,8 2 7

2 , 000,000

T o t a l ................ 1 4 7 ,5 6 3 ,7 4 7 1 5 4 ,4 8 1 ,7 8 7 1

T o t i i l ................. 1 4 7 ,5 6 3 ,7 4 7 1 5 4 ,4 8 1 ,7 8 7

a Represents in 1921 property investment by stock issued, $94,984 065
and by cash, $4,168,902. b After deducting in 1921 $13,467,655 deprecia­
tion reserves, d After deducting $5,500 deferred subscriptions receivable,
e After deducting $1,435,000 unamortized discount on bonds. In the
balance sheet for 1921 the company deducts tho total profit aiul loss surplus
as of Doc. 31 1921, $6,906,735. from tho doplotion reserve, $8,436 054, be­
foro deducting the $1,435,000 unamortized discount on bonds leaving a
balance of $94,320.— V. 114, p. 1290.

GENERAL INVESTMENT NEWS
R A IL R O A D S , IN C L U D IN G E L E C T R IC R O A D S .
G e n e r a l R a ilr o a d a n d E le c tr ic R a ilw a y N e w s .— Tho
follow ing table sum m arizes recent railroad and electric rail­
w ay new s of a moro or less general ch aracter, fa ll details
concerning w hich are com m on ly p ublished on preceding
pages under the heading “ C urront E v e n ts and D iscu ssio n s”
(if n ot in the “ E ditorial D ep a rtm en t” ), either in the w eek
th e m atter becom es public or shortly th ereafter.
T r a n s it

with map.

Commission's P r o g r a m f o r
“Sun” May 11, p. 1.

Blinding.—Full details

N ew Subw ay

R obert I . T o d d , P r e s id e n t o f A m e r ic a n E le c tr ic R a ilw a y A s s n . , M a k e s
O p tim is tic R e p o r t .—Seas electric railway companies emerging from depres­

sion.

“Times” May 7. Sec. 2, p. 4.

I n te r - S ta te C o m m erce C o m m is s io n P la n o f C o n s o lid a tio n f o r P e n n s y lv a n ia
S y s te m .—Details of plan with map. "Financial America’’ May 8, i>. 1.
N e w E n g la n d R a ilr o a d C o n s o lid a tio n P l a n .—New scheme Involved by

John E. Oldham, of Merrill, Oldham & Co., Boston.
way Review” May 6, p. 640 , 614.

Full details in “Rail­

P r e s id e n t H a r d in g C a lls R a ilr o a d E x e c u tiv e s lo D is c u s s R a ilr o a d M u t te r s .—

Sixteen officials invited to White IIouso May 20.

“Timas” May 11, p. 24.

R a ilr o a d L a b o r B o a rd R u le s “ F a r m in g O u t" S h o p R e p a ir W o rk V io la tio n
o f T r a n s p o r ta tio n A c t . — “Times” May 11. p. I.

THE

M ay 13 1922.]

Raikoads Will Fight “Farming Out” Repair Ruling— BeUety p w

2115

C H R O N IC L E

a jte th a fc

C en tr a l R R . o f N. J .— Equip. Trust Application.— ..........
T h e c o m p a n y h a s a p p li e d t o t h e I .- S . C . C o m m is s io n t o is s u e $ 2 ,0 0 0 ,0 0 0
I ru st
C o . o f N e w J e rs e y .— V . 114, p . 946, 737.

6 % E q u ip m e n t T r u s ts u n d e r a n e q u ip m e n t le a s e w ith th o H u d s o n

^Judge IW \r$'. Ba^r^Fed^S^IHstrie?Court at Wheeling, W. Va., Enjoins
j
Unions from Interfering with Western Maryland RIl.— O u t g r o w t h o f s t r i k e
° nWalker1 IHnrs]'Fornw^JMrewtor-General of Railroads, Declares Repeal of
1)
Transportation Act Would Result in Breakdown of Roads — P h i l a . N e w s

C h ica g o E lev a ted R ys. C o lla ter a l T r u s t.— Over 85%

of Notes Deposited— Merger Application Pending.

C h a r le s E . M itc h e ll, C h a irm a n o f th e n o te h o ld e rs ’ p r o te c tiv e c o m m itte e ,
i n a l e t t e r t o t h e 2 - y e a r 5 % S e c u re d g o ld n o te s a s e x te n d e d , s a y s in b rie f:
T h e U . 8 . S u p r e m o C o u r t in a d e c is im i h a n d e d d o w n o n N o v . 2 1 19 2 1
d is m is s e d f o r w a n t o f j u r is d ic tio n t h e litig a tio n i n s t i t u t e d b y t h e c it y o f
C h ic a g o t o s e c u r e r e v e r s a l o f t h e o r d e r s o f t h e I • U . C o m m is s io n g r a n tin g
i n c r e a s e d f a r e s t o t h o s u r f a c e a n d e le v a t e d lin e s .
T h e e ff e c t o f t h i s d e c is io n
Cto 7w d t o » W
J*VrfffW Rates Before parliament When Special 1 9 1 9 Legislation
in t h e o p in io n o f t h o c o m m i tt e e , h a s b e e n t o c o n fir m t h e a u t h o r i t y o f t h e
Exvires July 6 l" 9 2 2 .— * * W till S t . J o u r n o ! lYIciy 1 0 , p . 2 .
S t a te C o m m is s io n w ith r e s p e c t t o th o r e g u la tio n o f r a t e s a n d f a r e s o f p u b lic
h Cars Loaded.— T h e t o t a l n u m b e r o f c a r s l o a d e d w i t h r o v o n u o f r c i h h t
s e rv ic e c o r p o r a tio n s in Illin o is .
. . .
_________ . ,
d u r i n e t h e w eek e n d e d A p r i l 2 9 w a s 7 5 8 , 2 8 6 c a r s , c o m p a r e d w i t h 7 1 4 , 0 8 8
I n c o n n e c tio n w ith fa ro p r o c e e d in g s in v o lv in g t h e e l e i a t e d lin e s , t h e
d u r i n g t h e p r e v i o u s w eek, o r a n I n c r e a s e o f 4 4 , 1 9 8 .
T h s w a s a n In c re a se
P.
U . C o m m is s io n , a f t e r a d e ta ile d i n v e s tig a tio n a n d a p p r a is a l o f t h e o p ­
o f ‘17 2 0 2 o v e r t h e c o r r e s p o n d i n g w e e k i n 1 9 2 1 , b u t a d e c r e a s e o f 4 2 , 6 7 4
e r a tin g p r o p e r tie s fo r th o p u r p o s e o f e s ta b lis h in g a
v a lu e a n d a
c o m p a r e d w ith tlm c o rr e s p o n d in g w e e k in 1 9 2 0 .
T h e p rin c ip a l c h a n g e s
f a ir r a t e o f r e t u r n u p o n w h ic h c o u ld 6 e p r e d ic a te d p r im e r r a t ^ ^ f a r e ,
c o m n a r e d w i t h t h o w e e k b e f o r e f o llo w : C o a l , 7 5 ,6 3 2 c a r s , in c r e a s e 1 2 ,1 8 7
e n to r e d a f o r m a l o r d e r a n d d e c is io n in w h ic h i t f o u n d t h e f a i r r a t ^ - m m o n g
ftliis* w a s a d e c r c a s o o f 6 8 , 2 2 8 b e l o w 1 9 2 1 a n d 9 3 , 0 8 6 b e l o w 1 9 2 0 ) ; c o k e ,
s.
7
9 5 2 cm
i n c r e a s e 3 4 3 ; o r e , 1 4 , 0 5 3 c a r s , i n c r e a s e 4 , 2 8 3 ; g r a i n a n d g r a i n v a l u e o f t h o o p e r a t i n g p r o p e r t i e s c o m p r i s i n g t h e e l e v a t e d 1!no_
2 5 0 ,0 0 0 .
O n t h e b a s is o f i ts f in d in g s , t h e C o m m is s io n a u th o r iz e d ^ a f a r e
w n d u e t s ‘i d '3 9 8 c a r s I n c r e a s e 3 , 1 2 7 ; l i v o s t o c k , 3 0 , 4 8 8 c a r s , i n c r e a s e 2 , 3 7 4 ;
s c h e d u le o f 10 c e n ts c a s h w ith 4 tic k e ts fo r 35 c e n ts ,
‘ijh
F o re s t p r o d u c t s , 5 9 ,1 1 2 c a r s , in c r e a s e 3 ,2 5 3 ; m e r c h a n d is e a n d m is c e lla n e o u s
t in n e d in e ff e c t.
A s a re s u lt o f th e h ig h e r fa re s , th e e a rm n g s o f th e p ro p ­
e rtie s h a v e in c r e a s e d a n d th e ir p r e s e n t c o n d itio n w ith r e s p e c t to c a s h w o rk ­
f r I d l e * Cars— F r e i g h t c a r s 'i d l o t o t a l e d 5 2 9 , 6 5 8 c a r s o n A p r i l 3 0 , c m n p a r c d
in g c a p i t a l is e x c e l l e n t .
H o w e v e r, d u e t o so m e d e c re a s e in
tr a fric
w ith 529 884 o n A p ril 2 3 , o r a d e c re a se o f 2 2 6 c a rs .
O f t h a t t o t a l 3 7 1 ,5 3 8
a n d to e x tr e m e ly h ig h o p e r a tin g c o s ts , p a r t i c u l a r l y w a g e s e a rn m g s h a v e
w e r e s e r v ic e a b le f r e i g h t c a r s , w h ile t h o r e m a in i n g 1 5 8 ,1 2 0 w e re in , n e e d o f
b y n o m e a n s sh o w n a s h ig h a r e tu r n o n th e v a lu a tio n o f th e p ro p e rtie s a s
re p a irs
S u r p l u s c o a l c a r s t o t a l e d 2 3 5 , 0 7 7 . I n c r e a s e 5,185 o v e r w e e k e n d e d
t h a t t o w h ic h t h e C o m m is s io n s ta t e d th e y w e re e n ti t le d .
.
,
.
A p r il 2 8 - c o k e c a r s 5 3 8 7 , in c r e a s e 1 ,7 1 8 ; b o x c a r s , 9 4 .6 5 3 , d e c r e a s e 3 ,7 5 3 ,
W h ile p l a n s f o r t h e f u t u r e d e v e lo p m e n t o f t r a n s p o r t a t i o n f a c ilitie s In
s t o c k c a r s l 5 , 1 9 1 , 'd e c r e a s e 9 2 3 ; m l s c e l l . f r e i g h t c a r s , 4 , 8 9 1 , d e c r e a s e 1 , 4 4 9 .
C h ic a g o a r e a s y e t u n s e tt le d a n d i t is im p o s s ib le a t t h is d a te t o f o re c a s t
Idle Cars on or about ls £ of Month, on April 8 '2 1 ( Peak) an don A pr. 2 3 1 9 2 2
t
f
w
e
s
ce i
y
Apr 3 0 . Apr . ' 2 2 M ar.'22 Feb'22 Jan.'22 Dec. ' 21 Apr-.8 Jan- 2 1 w li inaet d c o m obni n a n ieovne rot h eslue b s , a iyt s ia n tdh ee l b v laiteefd oof r t h u r*fca o m lmn ietst e m 'a h a b,o wd iet the ra­
m
up
,
s
s
e
e
e t
t
G o o d o r d e r .P 3 7 2 P 2 0 7
245
331
471
283
507
198
r e t u r n t o m o ro n o r m a l o p e r a t in g c o n d itio n s , h a v in g in m in d p a r t i c u l a r l y
H a d o rd er
158
161
173
159
148
*
c o s ts o f o p e r a t io n , t h e o le v a te d p r o p e r t ie s w ill b e m o ro n e a r ly a b le t o a p
Matters Covered in''Chronicle" May 6 — ( 1 ) U . S . D i s t r i c t C o « r t a t C h i ­ p t o a c h s u c h a f a i r r e t u r n i n t h e i r e a r n i n g c a p a c i t y .
_ ,
_
c a g o r u le s in fa v o r o f P e n n a . H R In q u e s tio n in v o lv in g ju ris d ic tio n o r k m .
T h e c o m m itte e lia s d e e m e d i t e s s e n tia l t o d e fe r a n y d e fin ite a c tio n u n til
L a l im r B o a r d , p . 1 0 6 9 .
(2 ) S u p r e m o C o u r t o f M ls s i s s l p p ^ e s t h a t U S .
a v a lu a t io n s h o u ld b e d e te r m in e d b y t h e C o m m is s io n , a n d a p e rio d o r a c tu a l
H R . L a b o r B o a r d d e c i s i o n s a r e b i n d i n g a s l a w a n d m a y » b e e n f o r e w .,
o p e r a tio n e x p e rie n c e d u n d e r th o n e w c o n d itio n s r e s u ltin g f ro m t n e e s ta b ­
n 1970
(31 B e n W . H o o p e r e l e c t e d C h a i r m a n o f U . S . R R L a b o r B o a r a ,
lis h m e n t o f s u c h v a lu a tio n .
C o n c u r r e n t ly , i t h a s b e e n d e e m e d a d \ isa o ie
S
1970
(4) R a i l r o a d e m p l o y e e s r e j e c t “ O n e B i g U n i o n , ” p . 1 9 7 0 . t o u n d e r t a k e t h e m e r g e r a n d c o n s o l i d a t i o n o f t h e o p e r a t i n g p r o p e r u o s l n
?5) S t a n d a r d i z a t i o n o f f r e i g h t c a r s a n d c e n t r a l i z a t i o n o f d i s t r i b u t i o n r e c o m ­
th o in te r e s t o f g r o a to r e ffic ie n c y in o p e r a tio n a n d th e p r o p e r f u tu r e d e v e l­
m e n d e d b y J o i n t C o m m is s io n o f A g r ic u ltu r a l I n q u ir y , p . 1 9 7 2 .
o p m e n t o f t h e p h y s ic a l p r o p e r ty a n d e q u ip m e n t.
____
A f te r e x te n d e d c o n s id e r a tio n o f th e s u b je c t, a c o n s o lid a tio n a g re e m e n t
A m o r ic a n C itie s C o
.—
,
..
h a s b e e n p ro p o s e d b e tw e e n th o th r e e p rin c ip a l o p e r a tin g r o a d s u n d e r a u ­
H o ld e r s o f r e c o r d M a y 16 1 9 2 2 o f P r e f e r r e d s to c k o f c o m p a n y h a v e t h e
t h o r i t y o f t h e i r r e s p e c tiv e b o a r d s o f d ir e c to r s , a n d a j o in t p e ti t io n t o tn o
r i g h t , u n t l ? c l o s e 1o f b u s in e s s o n M a y 3 1 1 9 2 2 . t o p u r c h a s e f o r $ 2 4 2 5 0 in
I llin o is C o m m e r c e C o m m is s io n h a s b e e n f ile d r e q u e s t in g t h e a u t h o r i t y o f
c a s h fo r e a c h f u ll 2 0 s h a r e s o f s to c k s o h e ld b y t h e m o n M a y 16 1 9 2 2 , 7
t h e C o m m is s io n to e ff e c t t h e c o n s o lid a tio n .
I f t h e p r o p o s e d c o n s o lid a tio n
s h a re s o f th e C o m m o n s to c k w ith o u t n o m in a l o r p a r v a lu e a n d $ 1 0 0 o f
is a p p r o v e d b y t h o C o m m is s io n , i t m a y b o p o s s ib le t o f o r m u l a t e a p l a n o r
5 0 -Y e a r 7 % In c o m e b o n d s o f N a tio n a l P o w e r & L ig h t C o .
S u b s c rip tio n s
re o r g a n iz a tio n in t h e I n te r e s ts o f y o u r n o te s .
_
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s h o u ld b o d e li v e r e d t o N a t i o n a l P o w e r & L i g h t C o .. 71 B r o a d w a y ^ e w
A t t h o p r e s e n t t l m o o v e r 8 5 % o f t h e o u t s t a n d i n g $ 1 4 , 000,000 o f n o t e s
Y o r k o r to I s id o r o N e w m a n & S o n , N o w O rle a n s , L a ., a c c o m p a n ie s u y
h a v e b e e n d e p o s ite d w ith t h e c o m m itte e , a n d if y o u h a v e n o t a lr e a d y
p a y m e n t o f 2 0 % o f t h e s u b s c r i p t i o n p r i c e ( i n N o w Y o r k o r N ® Wo ? i q o o
d e p o s ite d y o u r n o te s y o u a r e u r g e n tly re q u e s te d to d o so p r o m p tly .
F in d s a s th o c a s e m a y b o ) b e fo r e t h e c lo s e o f b u s in e s s o n M a y 31 1 9 2 2 .
V . 114, p . 2 0 11.
C o m p a r o r e o r g a n iz a t io n p l a n in V . 1 1 4 , p . 7 6 .— V . 1 1 4 , p . l m o .

Lee^Wce-fircsident Eastern Region, Pennsylvania System, in Address
Before” Transpmda ti on *Club of New York, Discusses Motor Competition—

.— Subscription Rights

A r k a n s a s V a lle y R y ., L ig h t & P o w e r C ° .— V ew A W .
T h e s to c k h o ld e rs o f th is c o m p a n y h a v e v o te d to c h a n g e th e n a m e o i tn e
c o rp o ra tio n to th e S o u th e rn C o lo ra d o P o w e r C o .
T h e n 0 w n a m e w c iu
c u la t e d t o i n d ic a te m o re d e a r l y t h e e x te n t a n d lo c a tio n o f th o t e r n r o r y
s e rv e d b y t h e c o m p a n y , w h ic h c o m p r is e s f iv e c o u n tie s c o v e re d b y s u m t
o f t r a n s m i s s i o n s y s t e m c e n t e r i n g i n P u e b l o . — V . 1 1 3 , p . l o 7 .J .
A s h t a b u la (O .) R a p id T r a n s it C o ^ A u v r o v c s Purchase.

T h e c i t i z e n s o n A p r i l 2 4 a p p r o v e d t h e p u r c h a s e o f thei p r o p e r t y D y t o e
c it y f o r t h e p ric o o f 8 1 5 0 ,0 0 0 .
T r a n s f e r o f t h e p r o p e r t y , i t Is e x p e c i o u ,
w ill t a k o p la c e b y J u l y 1 .— Y . 1 1 4 , p . 1 2 8 5 .

A t c h is o n T o p e k a & S a n t a F e R y .—-To Lease fload.
T h e c o m p a n y h a s a p p l i e d t o t h e I . - S . C . C o m m i s s i o n f<
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T h e B e a u m o n t & G r e a t N o r t h e r n R R . a n d t h e T r i n i t y A S a b 0 , y i)
r e c e n t l y p u r c h a s e d b y R . O . D u f f o f H o u s t o n , Tex., f r o m 1 t h e M o . K a n . &
T o x a s R y . . i t is u n d e r s t o o d , w ill b o m e r g e d u n d e r tile n a m e iM r u e i r i m e v
N e c h e s & S a b in e R y .
A s s o o n a s t h e p r o p e r t i e s ^ \ “ | r^ B ^ u m o n t &
t h a t t h e T r i n i t y & S a b i n e i s t o b e e x t e n d e d t o J a s g ^ m W o l d o n t o W aco
G r o a t N o r t h e r n fro m L iv in g s to n to B e a u m o n t, a n d fro m w c iu o n io v v aco .
S eo V . 114. p . 1532.

B o s t o n E le v a te d R y .— New Legislation, <fcc.—
T h e t r u s t e e s h a v e p e ti t io n e d t h e M a s s . P u b lic U tilitie s O g m m ta to n fo r
a u t h o r i t y t o u s e $ 1 , 9 5 6 , 0 0 0 . o f t h e p r o c e e d s o f t h e s a e1 o f . t h e C a m b r i d g e
s u b w , y to t h o S t a te fo r r e t i r e m e n t o f o u t s t a n d n g o b lig a tiim s .
A lu ll h a s b e e n in tr o d u c e d In t h o M a s s . L c g ls la tu r e Oy K o p r ^ o n ^ u v o
R i c h a r d s ( H o u s e C h a i r m a n o f S t r e e t R a i l w a y C o m m l t t ^ to ^ u n i f y ^ t h e
s t r e e t r a i l w a y lin e s in t h e m e t r o p o l i t a n B o s t o n ^ H i c t i m u e r ^ t n e c o n tr o l
o f a M e tr o p o lita n T r a n s i t C o m m is s io n
t h e B o s to n B le v a te a to .ic q u h e
tw o d iv is io n s o f th o E a s te r n M a s s a c h u s e tts S tr e e t
u ju o 1 a rk
a n d W e s t R o x b u r y d iv is io n a n d t h o C h e lz e a - R e v o r e d iv is ro n .
M a y o r C u r l e y h a s g o n e o n r e c o r d in v ig o ro u s o p p o s itio n t o t n e m n .

Plans Preferred Stock Issue .—

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T h e c o m p a n y h a s file d a n a p p lic a tio n w ith th e
m e n t o f P u b lic U tilitie s fo r a p p ro v a l o f a n iss u e

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a n d 8 1 2 , 0 2 9 , 8 5 0 2 d I T e f . s t o c k , t o b e < « c l » " $ £ Y « w t c d Va t t h e e x p i r a t i o n
s to c k in th o t a k i n g o v e r o f t h a t p r o p e r t y b y t h e M o n v tc a t tn o e x p in ith m
o f t h e le a s e o n J u n e 10 n e x t.
( F o r f u ll t e r m s o f t h e m t r g e r a c t s e o v . J .i,
P 'J o h n F . S te v e n s , a m e m b e r o f t h e B o a r d o f T r u s te e s , d ie d In R o x b u r y .
M a s s ., M a y 1 1 — V. 114, p . 2 0 1 1 .

B r id g e to n & M illv ille T r a c t io n Co —-Operations.—
T h e c o m p a n y w ill c e a s e o p e r a t io n s M a y 15b o n d s , & e ., s e e V . 1 1 4 , p . 1 4 0 5 .

F o r te rm s o f e x c h a n g e o f

C a n a d ia n P a c if ic Ry.—President Beatty's Statement at
Annual Meeting .-—At tho annual m eetin g held in M on treal
on M nv 3, P resident E . W . B e a d y . K . C v m ade an address
to the shareholders, w h ich w ill be found in full on a subsc
q u e n t p age.— V . 114, p . 1400.
C a p e B r e t o n E le c tr ic C o ., S y d n e y , N . S. —Wage Cut.—
A g e n e r a l w a g e c u t o f a p p r o x i m a t e l y 1 2 % w a s p u t i n e f f e c t o n A p r i l 1.
T h e n e w s c a le o f w a g e s is a s f o llo w s :
1st 6 m o n th s , 3 5 c e n ts a il h o u r ;
2 d 6 m o n th s , 3 6 c e n ts ; 2 d y e a r 3 8 c e n ts ; 3 d y e a r a n d 4 t h , 4 0 c e n ts ; 5 t h a n d
6 th y e a r , 4 2 c e n ts ; t h e r e a f t e r 4 4 c e n ts a n iio u r.
V . 1 L -, i>. 2 5 3 6 .

C h e s a p e a k e & O h io R y .

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O o m m w clalT ru st C o. (P h ila. t r u s t e e .- ( V . 114, p . 1764.




C in c in n a ti L a w ren ceb u rg & A urora E le c tr ic S t. R y.
— 7 o Ij% Receivership...Jt
H o ld e rs o f t h e 5 % b o n d s a r e r e q u e s te d to c o m m u n ic a te w ith th e U n io n
S a v in g s B a n k & T r u s t C o ., t r u s t e e , P h i la ., r e g a r d in g t h e i r h o ld in g s , a s
p la n s a r c b e in g c o n s id e r e d t o r a is e th o r e c e iv e r s h ip a n d r e - f in a n c e t h e p r o p ­
e rty .— V . 113, p . 2504.

C lev e la n d & Erie R y .— To Issue Receiver’s Certificates.R e c e iv e r A O . C h a p in h a s a p p lio d t o t h e E r ie D i s tr i c t C o u r t f o r a u th o r i ty
t o i s s u e r e c e i v e r ’s c e r t i f i c a t e s , n o t e x c e e d i n g $ 1 1 ,0 0 0 .
i T o c e e d s . i t is
s ta t e d , w ill b o u s e d to p u r c h a s e p o w e r f ro m t h e N o r th w e s te r n E le c tr ic
C o .— V . I l l , p . 1 277.

C lev ela n d (E lectric) R y .— Wage Cut Rejected.—
T h o e m p l o y e e s o n M a y 4 v o t e d , 1 ,5 5 7 t o 6 4 2 , a g a i n s t a c c e p t i n g t h e
p ro p o s e d 1 0 % w a g e c u t.
T h e e n ti r e a g r e e m e n t w ill b e s u b m i t t e d t o
a r b i t r a t i o n , a n d in th o m e a n tim e t h e e m p lo y e e s w ill b e p a i d a t t h e
n o w r a te , ra n g in g fro m 50 to 5 5 c e n ts a n h o u r.
T h e d e c is io n b y t n e
a r b i t r a t o r s w i l l b o r e t r o a c t i v e t o M a y 1 . — V . 1 1 4 , p . 10 0 J .

C rip p le C reek C en tra l R y .— Capital Distribution.—
A c a p i t a l d i s t r i b u t i o n (N o . 13) o f l7 o h a s b e e n d e c la r e d o n ^ th e P r e f w r e d
s t o c k , p a y a b l e J u n e 1 t o h o l d e r s o f r e c o r d M a y 1 5 o u t oUf u n d s h e r e t o f o r e
r e a liz e d f r o m s a le o f c a p ita l a s s e t s .”
T w e lv e p re v io u s q u a rte rly d is tr ib u
t l o n s o a c li o f 1 % h a v e b e e n m a d e f r o m c a p i t a l a s s e t s , N o . 1 J u n e l l 9 1 J
a n d N o 12 o n M a r c h 1 1 9 2 2 .
T h e p r e s e n t d i s t r i b u t i o n , i t is u n d e r s t o o d ,
w ill r e d u c e t h e fa c e v a lu e o f th o P r o f s h a r e s t o $ 8 7 .
S ec a d v e rtis in g p a g e s
i n “ C h r o n i c l o ” o f A p r i l 2 9 -:— V . 1 1 3 , p 2 0 7 9 .

C u m b erla n d E lec tr ic R y .— M e r g e r .
S eo E d is o n E le c tr ic
V . 113, p . 2079.

Illu m in a tin g

C o.

-

. , „_

under

In d u s tr ia ls

b e lo w .

E a ste r n M a ssa c h u se tts S t. R y .— Against Municipal Bill.
T h e t r u s t e e s a r e o p p o s e d t o ( lie s t r e e t r a i l w a y b ill
M a s s a c h u s e tts L e g is la tu r e to c re a te th e M e tr o p o lita n T r a n s it D is tr ic t.
T h e y s a y th o te r m s o f th e b ill if c a rr ie d o u t w o u ld d is m e m b e r t h e p r o p ­
e r t i e s o f th o c o m p a n y , l o p p in g o f f t h e lie s t p a y in g l in e s , r e s u l ti n g in u n
ra im e s s to H d e rs a n d s e c u r ity h o ld e rs
U n d e r t h e p ro p o s e d ™ » s u r e ^ th o
s to c k h o ld e rs w o u ld h a v o n o v o ic e in th e m a tte r .
(S ee B o s to n E le v a te d
R y . a b o v e .) — V . 114, p . 1 8 9 0 , 1765.

F o rt W o rth & D en ver C ity RR — Equip. Trusts.—
T h e I -S . O . C o m m is s io n h a s a u th o r i z e d t h e c o m p a n y t o a s s u m e lia b i li ty
f o r p a y m e n t o f $ 7 5 0 ,0 0 0 5 1 4 % , e q u ip , t r u s t c « r t l f j » t e s is s u e d b y F i r s t
N a t io n a l B a n k . N o w Y o r k , t o b e s o ld a t n o t lo ss t h a n 9 8 .6 1 t o f in a n c e
th e p u rc h a s o o f n o w e q u ip m e n t.— V . 114, p . 1 "6 5 .

F r a n k lin & P itts y lv a n ia R y .— Sale.—
T h is r o a d , w h ic h jo in s R o c k m o u n t t o G r e tn a . \ a . , h a s b e e n s o ld to r
$ 6 ,0 0 0 t o N . I’ . A n g lo , R o c k m o u n t , V a . , s u b j e c t t o c o u r t a p p r o v a l .
( lv j .
R e v ie w .” ) — V . 1 1 4 , p . 1651.

F re sn o (C a lif.) T r a c tio n C o.— New Franchise.—
T h e C a l if o r n ia R R . C o m m is s io n o n M a y 4 a u t h o r i z e d t b o c 'in i p a n y t o
s u b s t i t u t e f o r e x is tin g fra n c h is e s a re s e t! c m e n t f ra n c h te e a n d to o b j e c t
t h o l a t t e r t o t h e l i e n o f a n o u t s t a n d i n g b o n d m o r t g a g e a g g r e g a t i n g SO bU.UUU .
■ V . 114, p . 78.
—
_

Georgia. R a ilw a y & P ow er C o.— Contract ( ipheld
T h e G e o r g ia S u p re m o C o u r t M a v 1 h a n d e d d o w n a d e c is io n u p h o ld in g
a s v a lid t h o c o n t r a c t s o f t h o C i t y o f C o lle g e P a r k a n d t h e t o w n o f D e c a tu r
w i t h th o G e o rg ia l t v . & P o w e r C o , r e q u ir in g t h e m a in te n a n c e o f a 5 -c e n t
s t r e e t c a r f a r e . 1 'T h i s i s t h e s e c o n d t i m e i n 8 m o n t h s t h a t t h e S u p r e m e
C o u r t h a s u p h o l d t h o v a l i d i t y o f t h o c o n t r a c t s . .W h e n t h e f i r s t * d e c W to tt
w a s r e n d e r e d in t h e c a s o l a s t f a ll, t h e c o m p a n y r e d e e m e d a ll r e b a t e c h e c k s
o u t s t a n d i n g w h i c h w e r e g i v e n t o t h e p a s s e n g e r s t o co v e r t h e 2- c e n t d i f f e r e n c e
in f a r e p o n d in g a f in a l d e c is io n b y t h e S u p r e m e C o u r t .
„
. .
f
T h e 'c o m p a n y lia s a p p li e d t o th o G e o r g ia R a i lr o a d C o m m is s io n f o r
a u t h o r i t y t o is s u e $ 9 8 3 ,0 0 0 1 s t & R e f . 5 s o f 1 9 1 4 , s a m e t o b e u s e d t o r e i m ­
b u r s e th o t r e a s u r y fo r a d d itio n s a n d e x te n s io n s m a d e d u r in g p e r io d J a n . 1
tl> T h o * c o i n p a \ i'y 1 l a s a l s o a p p l i e d f o r a u t h o r i t y t o i s s u e $ 2 , 1 1 7 , 5 0 0 1 s t &
R e f . M t g o . b o n d s , s a m e t o l ie u s e d i n t h e a c q u i s i t i o n a n d c o n s t r u c t i o n o f
a d d itio n a l p r o p e r t y , e x te n s io n s a n d im p r o v e m e n ts p r o p e r ly c h a r g e a b le to
c a p ita l a c c o u n t, th o c o n s tr u c tio n a n d a c q u is itio n o f w h ic h h a s a lr e a d y
b e g u n .— V . 114, p . 1 7 65. 1407.

G rea t N o r th e r n R a ilw a y .

Bonds Called.—

T h o N e w Y o r k S to c k E x c h a n g e h a s a u th o r i z e d t h e l is ti n g o f $ 3 0 ,0 0 0 ,0 6 0
G e n . M t g o . 5 H % B o n d s , S e r i e s B, d u o J a n . 1 1 9 5 2 ( s e e o f f e r i n g i n V . 1 1 4 ,
P *8 e o N o r t h e r n P a c i f i c R y . b e l o w . — V . 1 1 4 , p . 2 0 1 1 .

I llin o is C en tr a l R R .— Terminal Plans.—
P r e s . M a r k h a m is q u o t e d :
" T h e r e h a v e b e e n m a n y c o n fe re n c e s b e tw e e n
e x e c u tiv e s o f C h ic a g o r a ilro a d s o c c u p y in g d if f e r e n t te r m in a ls h e ro , a n d I
a m c o n f i d e n t t h a t p la n s a r e a f o o t, a lt h o u g h n o t m a t u r e d , t h a t w ill b r in g

2116

T H E

C H R O N IC L E

t r u e m y d re a m o f a g r e a t la k e f ro n t te rm in a l n e a r T w e lfth S t., o u r p re s e n t
h e a d q u a rte rs .
I t is b e y o n d t h e b o u n d s o f c o m m o n s e n s o t o e r e c t t h r e e
o r f o u r g r e a t c o s tly te r m in a ls w h e r e v a s t p r e lim in a ry p h y s ic a l c h a n g e s
w o u ld b o n e c e s s a ry to p r o v id e fo r th e ir a c c o m m o d a tio n m b o t h tr a c k a g e
2 0 1 1 S ta ti° n S p a c e ‘

N ew J er se y & N ew Y ork R R .— Obituary.—
H e n ry P . D a v is o n , o f th e firm o f J . P . M o rg a n A C o . a n d a d ire c to r o f
th o N . J . & N . Y . R R ., d ie d M a y 6 — V . 9 0 , p . 9 1 4 .

° u r sifce I s i d e a l f o r a t 0 r m l n a l p r o j e c t . ’* V . 1 1 4 , ~
—

N ew O rlean s T exas & M exico R y .— Authority to Issue.

I n t e r b o r o u g h R a p id T r a n s it C o . —Notes Underwritten.
— A n underw ritin g sy n d ica te com p osed o f K idder, P ea b o d y
& C o ., G u aran ty C o ., J . & W . S eligm an & C o. and G rayson
M . P . M u rp h y & C o. lias been form ed to u n derw rite tho new
issu e o f $ 1 0 ,5 0 0 ,0 0 0 6% 10-year n o tes to be issued under
rea d ju stm en t p la n .
[In c o n n e c tio n w ith th e r e a d ju s tm e n t p la n o f th e In te rb o ro u g h -M a n
h a t t a n r e l a t i o n s a n n o u n c e d i n l a s t w e e k ’s “ C h r o n i c l o , ” t h r o u g h a t y p o
g r a p h ic a l e rr o r i t w a s s ta te d t h a t n o d iv id e n d s s h a ll b e p a id o n th e I n te r
b o ro u g h s to c k b e fo re J u ly 1 1 9 6 2 .
T h i s s h o u l d r e a d J u l y 1 1 9 2 6 .1
C o m p a re V . 114. p . 2011.

K a n s a s C ity O u te r B e lt & E le c t r ic R y .— Sale .—
A u th o r iz a tio n to p r e p a r e a n o r d e r p r o v id in g f o r t h e s a le o f t h e p r o p e r t y
l o c a t e d in K a n s a s C i t y , K a n . , h a s b e e n g iv e n b y J u d g e C . P o llo c k in t h e
K a n s a s C ity , K a n ., F e d e ra l c o u rt.
A . L . B e rg e r, a tto r n e y fo r T h o m a s
A . B ig g e r, re c e iv o r fo r th o r o a d , s a id h o w o u ld im m e d ia te ly p r o p a r o th e
a p p lic a tio n a n d o rd e r.
T h o r o a d m u s t b r in g $ 1 7 5 ,0 0 0 , w h ic h is t h o e x t e n t
o f o u ts ta n d in g o b lig a tio n s a n d ta x e s t h a t m u s t b e p a id .
A s im ila r s a le
w a s a u th o r iz e d tw o y e a rs a g o , b u t it n e v e r w a s c o m p le te d , d u o to f a ilu re
o f b id d e rs to ra is e th o n e c e ssa ry m o n e y fo r p u rc h a so .
( “ R y . R e v ie w .” )
— V . 109. p . 2439.

K a n s a s C ity S o u t h e r n R y .— New Directors.—
M o ritz R o s e n th a l. M a s o n B . S ta rr in g a n d P ie rp o n t V . D a v is , a ll o f N o w
Y o r k , h a v o b e e n e le c te d d ire c to r s , s u c c e e d in g B . S . G u in n e s s , W . I I .
W illia m s a n d J o h n F . H a r r is .
T h o r e s ig n a tio n s o f M e s s rs . H a r r is a n d
W i l l i a m s r e s u l t e d f r o m t h e “ i n t e r l o c k i n g d i r e c t o r a t o ’’d e c i s i o n . — V . 1 1 4 , . p 5 2 1

L a k e E r ie & W e s t e r n R R .— Pref. and Common Stock­
holders Offered Same Terms for Their Stock as New York
Central.— T ho W estern C o ., through O. P . V an Sw erin gen ,
P r e s., in a n otice to th e Preferred and C om m on stock h old ers,
sa y s in sub stan ce:
O n A p ril 26 1 922 w e m a d e a n a g re e m e n t to p u rc h a s o fro m N e w Y o rk
C e n t r a l R R . 5 9 ,3 0 0 s h a r e s o f t h e P r e f . s to c k a n d 5 9 ,4 0 0 s h a r e s o f t h e
C o m m o n s to c k o f L a k e E r ie & W e s te rn R R .
T h e se sh a re s o f P re fe rre d
a n d C o m m o n s to c k c o n s titu te m o ro th a n a m a jo rity o f th o to ta l o u ts ta n d in g
c a p ita l s to c k o f th o L a k e E r ie A W e s te rn R R .
A t th o tim e o f m a k in g s a id a g re e m e n t w ith th o N o w Y o rk C e n tr a l R R .,
w o lik e w is e a g r e e d t o a n d w i t h t h o N o w Y o r k C e t n r a l R R . t o o f f e r t o
p u r c h a s o a n y a n d a il o f t h e b a la n c o o f t h e P r e f e r r e d a n d C o m m o n s to c k o f
th o L a k e E r ie A W e s te rn R R . a t t h e s a m o p r ic e a t w h ic h w o p u r c h a s e d t h e
m a jo r ity s to c k , to w it: 3 3 5 p e r s h a re fo r th o P r e f e r r e d s to c k a n d 3 1 5 57
p e r s h a r e f o r t h o C o m m o n s t o c k , p a y m e n t t o b o m a d e a s f o llo w s (a ) F o r e a c h s h a r o o f P r e f e r r e d s t o c k 3 5 8 5 in c a s h a n d t h o b a la n c o a s
f o l l o w s : ( 1 ) .35 8 5 o n o r b e f o r o o n o y e a r f r o m A p r i l 2 6 1 9 2 2 ; ( 2 ) 3 2 9 0 o n
°.r
2 y e a r s f r o m A P r il 26 1 9 2 2 ; (3 ) 3 2 9 0 o n o r b e fo ro 3 y e a r s f ro m
A p r il 2 6 1 9 2 2 : (4 ) 3 2 9 0 o n o r b e fo r o 4 y e a r s f r o m A p r il 2 6 1 9 2 2 ; (5 ) $ 1 4 6 0
o n o r b e fo re 5 y e a rs fro m A p ril 26 1922.
(b) F o r o a c h s h a r o o f C o m m o n s t o c k , 3 2 6 0 i n c a s h a n d t h o b a l a n c o a s
f o l l o w s : ( 1 ) .$2 6 0 o n o r b e f o r o 1 y e a r f r o m A p r i l 2 6 1 9 2 2 ; ( 2 ) 3 1 2 9 o n
o r b e f o r o 2 y e a r s f r o m A p r i l 2 6 1 9 2 2 : (3 ) 3 1 2 9 o n . o r b e f o r o 3 y e a r s f r o m
A p r il 2 6 1 9 2 2 ; (4 ) 31 2 9 o n o r b e fo r e 4 y e a r s f r o m A p r il 2 6 1 9 2 2 ; 5 ) $ 6 5 0
o n o r b e fo re 5 y e a rs fro m A p ril 26 1922T h e d e f e r r e d p a y m e n t s w ill b e a r i n t e r e s t a t t h o r a t o o f 6 % p e r a n n u m
f r o m A p r il 2 6 1 9 2 2 , p a y a b le o n A p r il 2 6 a n d O c t. 2 6 in o a c h y e a r .
W o h e re b y o ffe r to p u rc h a s o s h a re s o f th o P r e fe r re d a n d C o m m o n s to c k
o f L a k e E r io A W e s te r n R R . a t th o p r ic e s a n d u p o n th o to r m s o f p a y m e n t
a b o v e s e t fo rth .
I n o r d e r to a v a il th e m s e lv e s o f th is o ffe r s to c k h o ld e rs m u s t d e p o s it th e ir
c e r tif ic a te s o f s to c k w ith U n io n T r u s t C o . a t C le v e la n d , ( )., n o t la te r th a n
J u n o 1 1922.
U p o n d e liv e r y o f c e r tif ic a te s o f s to c k , p a y m e n t o f th o
a m o u n t o f c a s h s p e c ifie d a b o v e in r e s p e c t to o a c h s h a r e o f P r e f e r r e d a n d
C o m m o n s to c k w ill b e m a d o a n d t h o t r u s t c o m p a n y w ill is s u e t o s u c h
s to c k h o ld e rs tr a n s f e r a b le c e r tif ic a te s o f p a r tic ip a tio n Iss u e d u n d o r a n d
a c c o r d in g t o th o to r m s o f a g re e m e n ts b e tw e e n t h e W e s te r n C o . a n d U n io n
T r u s t C o ., a s tr u s te e , d a te d A p ril 26 1922.

New Officers and Directors.—
O ffic e rs a n d d i r e c to r s , r e p r e s e n ti n g t h o N . Y . C e n t r a l L in e s , h a v e ro
s ig n e d a n d t h e f o llo w in g n o w d ire c to r s a n d o ffic e rs h a v e b e e n e le c te d
N e w Directors.— O . P . V a n S w e r i n g e n , M . J . V a n S w e r i n g e n , J . J . I l e r n e t ,
O tto M ille r , W . A . C o ls to n , J . R . N u t t , J o h n S h e rw in , I I . V a n V e c h te n
a n d C . L . B ra d le y .
N e w Officers.— O . P . V a n S w e r i n g e n , C h a i r m a n ; J . J . I l e r n e t , P r e s i d e n t ;
M . J . V a n S w e r in g e n , C . E . D e n n e y , J o h n S h e r w in a n d J . R . N u t t , V ic e ­
P r e s i d e n ts ; W . A . C o l s to n , V .- P r e s . A G e n e r a l C o u n s e l; L e w is A . B o ll
C o m p tro lle r, a n d C . C . C o llin te r, S e c re ta ry a n d T re a s u re r.
T h o d ir e c to r s a d o p te d a r e s o lu tio n lo c a tin g t h e p r in c ip a l o ffic e o f t h e
c o m p a n y a t C le v e la n d in s te a d o f N e w Y o r k .— V . 11 4 , p . 1 8 9 0 .

L o u is v ille (K y .) R a ilw a y .— Wins Fare Case.—
T h o U S . C i r c u i t C o u r t o f A p p e a ls h a s h a n d e d d o w n a d e c is io n u p h o ld in g
a n in ju n c tio n iss u e d b y U . S. D is tr ic t J u d g e W a lte r E v a n s r e s tr a in in g th o
c i t y o f L o u is v illo f r o m e n f o r c in g a 5 - c e n t fa r o o r d in a n c e a g a i n s t th o c o m ­
p a n y a n d r e s t r a i n i n g t h o c i t y f r o m i n t e r f e r e n c e w i t h t h e c o m p a n y ’s c o l l e c t i o n
o f a 7 -c e n t fare .
T h e c a s o is r e m a n d e d t o t h e C o u r t b e lo w f o r f u r t h e r p r o c e e d i n g s a n d
w i t h o u t p r e ju d ic e to th o r i g h t o f t h e c it y o f L o u is v ille t o a p p ly f o r m o d if ic a ­
tio n o f th o in ju n c tio n .— V . 1 1 4 , p . 1063.
.

M id la n d V a lle y R R . — To Issue Bonds.—
, T h o I -S . C . C o m m is s io n h a s a u th o r iz e d th o c o m p a n y t o is s u e 3 5 4 1 ,0 0 0
1 s t M tg e . 5 % g o ld b o n d s , t o b e s o ld a t n o t le ss t h a n 7 5 % , o r to b e p le d g e d
a n d r e p le d g e d a s c o lla te r a l s e c u r ity fo r s h o r t- te r m n o te s .
T h e C o m m is s io n in i ts o r d e r s a y s :
“ A lth o u g h n o d e fin ito a r r a n g e m e n ts
f o r t h o s a lo o f t h o b o n d s h a v o b e e n m a d e t h e a p p l i c a n t c o n te m p la t e s s e llin g
t h e m in t h e o p e n m a r k e t , o r t h r o u g h b r o k e r s , a t n o t le s s t h a n 7 5 a n d i n t . ,
w i t h a s o ilin g C o m m is s io n o f n o t t o e x c e e d 2 % .
O n th is b a s is , th o a n n u a l
c o s t to t h e a p p lic a n t w o u ld b e a p p ro x im a te ly 7 6 % o f th o p ro c e e d s o f th o
bonds.
U n til t h e y a r e s o ld , h o w e v e r , t h e a p p li c a n t d e s ir e s t o u s e t h e m
a s s e c u r ity fo r s h o rt- te r m n o te s .” — V . 11 3 , p . 1251.

M ilw a u k e e E le c tr ic R y . & L ig h t C o .— Fares.—
T h e c o m p a n y o n A p ril 10 p la c e d in e ffe c t a n e w c o m m u ta tio n r a t e a n d
m o d if ie d th o c o n d itio n s u n d e r w h ic h c o m m u ta tio n r a t e s fo rm e rly in e ffe c t
c o u ld b o iss u e d .
S e e “ E le c tr ic R a ilw a y J o u r n a l ” M a y 6 , p a g o 7 6 9 .—
V . 114, p . 1890.

M is s o u r i P a c if i c R R . —New Directors— Annual Report.—
O re n R o o t, P r e s id e n t o f th e H u d s o n A M a n h a tta n R R ., a n d I I . L . U tte r
h a v o b e e n e le c te d d i r e c to r s t o fill tw o v a c a n c ie s .
S e e a ls o a n n u a l r e p o r t u n d e r “ R e p o r ts a n d D o c u m e n ts ” o n a s u b s e q u e n t
p a g e .— V . 1 1 4 , p . 2 0 1 3 .

M o n o n g a h e la P o w e r & R y . C o .—Proposed Merger.—
S e e W e s t P e n n T r a c t i o n A W a te r P o w e r C o . b e lo w .— V .
183.

113, p . 2185,

N ev a d a -C a lifo rn ia -O r eg o n R y .— Annual Report

Calendar Year—
O p e r a t i n g r e v e n u e ..............
O p e r a t i n g e x p e n s e s _______
R a ilw a y ta x a c c r u a ls , & c .
O p e r a t i n g i n c o m e _____
T o ta l n o n -o p e r. in c o m o .
I n t. o n fu n d e d d e b t, & c .
B a la n c o , d e fic it.
p.

* V. I ll,
—

990.




1921.
3 4 3 1 ,2 9 9
4 5 1 ,2 1 0
3 2 ,9 2 6

1920.
$ 4 1 8 ,3 0 4
4 1 0 ,6 0 6
1 9 ,4 2 2

1919.
$ 3 4 8 ,9 6 6
3 7 0 ,6 1 7
1 5 ,0 2 4

def$52,837 def$l 1,724 def$36,676
16,941
30,314
2,121
def$35,896
$18,589 def$34,555
63,472
60,051
58,109
$99,367
$41,462
$92,664

1918.
$ 2 9 3 ,5 1 0
2 7 4 ,9 4 9
1 8 ,5 6 7

def$7
5,624
$5,617
53,881
$48,264

[V ol. 114.

T h e I .- S . C . C o m m is s io n h a s a u th o r i z e d t h e c o m p a n y (1 ) t o p r o c u r e
a u t h e n t i c a t i o n a n d d e liv e r y t o i ts T r e a s u r e r o f n o t e x c e e d in g $ 4 5 7 ,4 0 0
1 s t M tg e . b o n d s , S e r ie s A ; a n d (2 ) t o is s u e n o t e x c e e d in g $ 9 9 1 ,1 0 0 1 s t
M tg o . b o n d s , S e r ie s A , t o b e s o ld a t n o t le s s t h a n 9 8 , o r t o b o p l e d g e d o r
re p le d g e d a s c o lla te r a l s e c u r ity fo r c e r ta in n o te s w h ic h m a y b o iss u e d .
— V . 114, p . 1180.

N ew p o rt N ew s & H a m p to n R y., G as & El. Co.

■Earns.

Calendar Years—
1921.
G r o s s e a r n i n g s _____________ $ 2 , 5 5 0 , 2 6 8
1 ,7 0 4 ,4 1 4
O p e r a t i n g e x p e n s e s ______
T a x e s ---------------------------------1 0 7 ,3 3 3

1920.
$ 2 ,7 6 5 ,1 9 8
2 ,0 6 7 ,6 1 5
8 5 .C 6 8

1919.
$ 2 ,7 1 8 ,8 3 7
1 ,8 8 1 ,4 7 7
1 0 4 ,7 6 2

1918.
$ 2 ,1 6 8 ,4 8 7
1 ,4 7 2 ,6 9 8
8 4 ,7 5 5

N o n - o p e r a t i n g r e v e n u e -.
o t h e r i n c o m e ______

$ 7 3 8 ,5 2 1
6 ,1 4 9
9 ,9 8 0

$ 6 1 2 ,5 1 5
1 ,2 6 3

S 7 3 2 .5 9 8
1 3 ,9 0 3

$ 6 1 1 ,0 3 4
8 ,3 9 9

D e d u c t — I n t . o n b d s . & c:
O th e r d e d u c tio n s .
D e p r e c i a t i o n ______

$ 7 5 4 ,6 5 0
3 3 3 ,4 7 0
1 7 .3 7 1
2 2 4 ,4 4 1

3 6 1 3 ,7 7 8
3 2 8 .2 0 6
1 9 ,0 2 9
2 0 8 ,1 3 0

$ 7 4 6 ,5 0 1
3 0 1 .5 2 4
4 ,1 2 0
2 0 8 ,7 3 4

$ 6 1 9 ,4 3 3
2 4 9 ,4 5 3
5 ,8 5 2
1 7 7 ,9 2 5

$ 1 7 9 ,3 6 8

$ 5 8 ,4 1 3

$ 2 3 2 ,1 2 3

$ 1 8 6 ,2 0 3

N e t p r o f i t ---------------------— V . 112, p . 1360, 2528.

N e w Y o r k & Q u e e n s C o u n ty R y .— Double Fare, & c .—
T h e s it u a ti o n in c o n n e c tio n w ith t h e a f f a ir s o f t h is c o m p a n y m a y b o s u m ­
m a r i z e d a s f o llo w s :
(1 ) A p p o in tm e n t o f S . W . H u f f a n d R o b e r t C . L e o a s r e c e iv e r s o n A p r il 2 7
f o r t h e S t e i m v a y R y . ( t h e p r i n c i p a l p a r t o f t h o c o m p a n y ’s s y s t e m ) .
(2 ) T h o im p o s itio n o f a d o u b le 5 - c e n t f a r o o n b o t h p a r t s o f t h e s y s te m ,
a g a in s t t h o o r d e r s o f t h o T r a n s i t C o m m is s io n .
(3 ) T h o T r a n s i t C o m m is s io n c e r t if i e s t h o a c ti o n o f t h o r e c e iv e r s a n d
c o m p a n y in p u t t i n g i n t o e ff e c t a d o u b le f a r e a s a v io la tio n o f t h e P u b lic
S e rv ic e L a w a n d f o rw a rd s t h is c e r tif ic a te to D a n a W a lla c e , D i s tr i c t A t ­
t o r n e y o f Q u e e n s , r e q u e s tin g t h a t c rim in a l a c tio n b o ta k e n o n t h e g r o u n d
t h a t t h e tw o c o m p a n ie s w e re g u i lt y o f m is d e m e a n o r .
(4 ) D i s t r i c t A t t o r n e y W a lla c o e x o n e r a t e d t h o o f f ic e r s o f t h o c o m p a n y
fro m a n y c rim in a l in te n t.
M r . W a lla c o s t a t e s h o w ill c o n d u c t a n in v e s t i ­
g a ti o n t o d e te r m i n e w h e t h e r a n y c rim o h a d b e e n c o m m i tt e d , a n d w ill
e x a m in o t h o r e c e iv e r s fo r th o S t e in w a y lin e s .
S ee V . 114, p . 1891.

N e w Y o r k R a ilw a y s .— Sale Adjourned:—
T h e s a lo o f t h e c a r b a r n p r o p e r t ie s s i t u a t e d in th o b lo c k f r o m 3 2 d t o 3 3 d
S ts . a n d L e x in g to n a n d F o u r th A v e n u e s , s c h e d u le d fo r M a y 4 , h a s b e e n
a d j o u r n e d u n t i l J u n e 8 .— V . 1 1 4 , p . 1 7 6 6 , 1 5 3 5 .

N o r fo lk & W e s t e r n R y .— I Equipment Trusts.—
T h o c o m p a n y h a s a p p lie d to th o I .- S . C . C o m m is s io n fo r a u t h o r i t y to
g u a r a n t e e t h o p a y m e n t o f p r in c ip a l a n d i n te r e s t o n $ 6 ,7 0 0 ,0 0 0 e q u ip m e n t
t r u s t c e r t if i c a t e s , to b o is s u e d a n d s o ld in c o n n e c tio n w ith th o a c q u is itio n o f
7 d in in g a n d 4 ,0 0 0 f r e ig h t c a r s .
T h o s e c u r i ti e s w ill b e is s u e d a n d s o ld b y
t h o V ir g in ia H o ld in g C o r p . a t n o t le s s t h a n 9 7 .7 5 a n d i n t . ( if a o p r o v e d ) ,
a n d t h o h o ld in g c o r p o r a ti o n w ill b u y th o e q u ip m e n t a n d Iea so i t t o th o c a r ­
rie r.— V . 114, p . 1766. 1400.

N o r th e r n O h io T r a c . & L ig h t C o .— Listed— Wages.—
T h o N e w Y o r k S to c k E x c h a n g e M a y 5 a d m i t t e d to th o l is t $ 9 ,1 2 8 ,0 0 0
G e n . A R e f . M tg e . 6 % G o ld B o n d s S e r ie s “ A , " d u o M a r c h 1 1 9 4 7 .
T h o c o m p a n y a n d its A k r o n ( O .) c i t y e m p lo y e e s h a v o a g r e e d t o c o n ti n u e
th o p r e s e n t w a g e s c a lo .
T h o m e n h a d d e m a n d e d a n in c ro a s o in w a g e s o f
7 c o n ts a n h o u r , w h ile th o c o m p a n y h a d c o u n te r e d w ith a p r o p o s e d c u t
in w a g e s o f 3 c e n ts a n h o u r .
T h o p r e s e n t s c a lo o f w a g e s o f c i t y c a r m e n is a s f o il w s :
43 c e n t s a n h o u r
f o r 1s t y e a r , 4 5 c e n t s f o r 2d y e a r a n d 4 8 c o n ts t h e r e a f t e r .
T h e p rese n t
i n t e r u r b a n s c a l e is 1 s t y e a r 4 8 c e n t s a n h o u r , 2 d y e a r 5 0 c e n t s a n il 3 d y e a r
53 c e n ts .— V . 114, p . 1891.

N o r th e r n P a c if ic R y —Bonds Authorized— Bonds Called.
—The I.-S. C. Commission has approved tho issuance of
$115,534,000 5% Refunding & Improvement M tge. bonds
to be sold at not less than 90 and int. The proceeds will
bo used to redeem the Northern Pacific-Great Northern
Joint 15-Year 6K % Conv. gold bonds, dated July 1 1921
(about $100,500,000 outstanding), which havo been called
for payment July 27 at tho office of J. P. Morgan & Co.,
23 Wall St., N . Y. City, at 103^ and int.
T h e h o ld e r s o f s a id J o i n t 1 5 - Y e a r 6 ) 4 % C o n v . G o ld lx m d s m a y c o n v e rt,
t h e s a m o i n to R e f . & I m p t . M tg e . 6 % lx m d s . S e r ie s “ l i " , o f th o N o r t h e r n
P a c if ic R y . C o ., d u o J u l y 1 2 0 4 7 , a t a n y tim e u p to a n d in c l. J u l y 1 2 , 19 2 2 .
T h o C o m m is s io n s a y s in p a r t :
“ T h e lx m d s a r e c a ll a b le a t a n y tim e
a t 103 bj a n d i n t. u p o n 7 5 d a y s ’ n o tic e .
If so c a lle d th e h o ld e r s w ill h a v o
t h o r i g h t t o c o n v e r t t h e m i n t o S e r i e s ‘B ’ 6 s .
T o e x te n t, h o w e v e r, th a t
s u c h h o l d e r s s h a l l b o u n w i l l i n g s o t o c o n v e r t t h e i r J o i n t O K s , i t w i l l lie
n e c e s s a r y t h a t th o a p p li c a n t b o p ro p a re il to p a y t h e m .
I t p r o p o s e s to
ra is e th o c a sh n e c e s s a ry fo r th is p u rp o s e b y d ra w in g , u n d e r its R e f. A Im p t.
M t g e . a n d s e l l i n g a t 9 0 a n d i n t . . S e r i e s ’( ’ ’ 5 % b o n d s ( I n t . p a y a b l o s e m i ­
a n n u a l l y J a n . 1 a n d J u l y 1 ), m a t u r i n g J u l y 1 2 0 4 7 , a n d r e d e e m a b l e a s a n
e n t i r e t y o n o r a f t e r J u l y 1 1 9 5 2 , o n a n y in t. d a to a t 105 a n d in t.
A s p a r t o f th e a rr a n g e m e n t fo r th o u n d e r w r itin g o f th o c o n v e rs io n
r e d e m p ti o n a n d s a lo t h e a p p l i c a n t w ill p a y a c o m m is s io n o f 1 % o f th o
p r in c i p a l a m o u n t o f th o j o in t o u t s t a n d in g lx m d s.
" A p p lic a n t r e p r e s e n ts t h a t r e tir e m e n t o f th o J o in t 6 K s , a s p ro p o se d
w ill m a t e r i a ll y r e d u c e i ts f u tu r o i n te r e s t p a y m o n ts a n d t h a t th e r e f o r e ’
in j u d g m e n t o f i t s o f f ic e r s , d i r e c to r s a n d f in a n c ia l a d v is e r s , i t is w is o s o
to r e tir o th e m .
I t m a y l ie t h a t , a t s o m e f u t u r o t i m e , s u c h r e t i r e m e n t c o u l d
b e e ff e c te d o n m o re f a v o r a b le te r m s a n d w i t h g r e a te r in te r e s t s a v in g s
B u t c o r p o r a te p o lic y , in a c a s o o f t h is k in d , m u s t bo d e te r m i n e d b y th o
c a r r ie r s d ire c to r s .
A n d , s in c o r e s p o n s i b i l i t y f o r t h a t d e t e r m i n a t i o n r e s t s
w ith t h e m , w o d o n o t fee l t h e s u b s ti tu t io n o f o u r .ju d g m o n t fo r th e ir s w o u ld
bo w a r r a n t e d .” — V . 1 1 4 , p . 2 0 1 3 .

O r e g o n S h o r t L in e R R .— Construction.—
T h o I .- S . 0 . C o m m is s io n h a s a u th o r iz e d th o c o m p a n y to c o n s tr u c t a n
e x te n s io n o f its I lo m e d a lo b r a n c h , f ro m its p r e s o n t t e r m in u s a t llo m e d a lo
I d a h o , in a s o u t h e a s t e r l y d i r e c ti o n a d i s t a n c o o f 7 3 4 m ile s in O w v lie o
C o u n ty , Id a h o .— V . 114, p 1891, 307

P a r is -O r le a n s R R . — Compagnie du Chcmin de Fer de
Paris a Orleans, France, Bonds Called.—
T w o h u n d r e d ( f r . 2 0 0 ,0 0 0 ) 6 % lx m d s ( F o r e ig n S e r ie s 1 9 5 6 ) h a v o b e e n
c a lle d fo r p a y m e n t J u n e 1 a t p a r a n d in t. a t th o o ffic e o f A . Iso lin A C o .
3 6 W a ll S t ., N . Y . C i ty .
H o ld e rs w h o d o n o t w is h to c o n v e r t t h e i r f r a n c s in to d o lla r s a t th o p r e s e n t
r a to o f e x c h a n g o m a y r o in v e s t th o p ro c e e d s o f th e lx m d s c a lle d fo r re d e m p ­
tio n in b o n d s o f th o s a m o o r o t h e r F r e n c h in te r n a l is s u e s .
S e e o ffe rin g o f
lx m d s in V . 11 2 , p . 6 5 3 .

P e n n s y lv a n ia R R . — Chicago Court Rules in Favor of
Company in Question Involving Jurisdiction of RR. Labor
Board— Appeal.—
S e e " C u r r e n t E v e n t s ” in “ C h r o n ic le ” o f M a y 6 , p . 1 969.
T h o a p p e a l f r o m th o r e c e n t d e c is io n o r J u d g e P a g e , r e f u s in g to v a c a t e
t h o t e m p o r a r y i n j u n c t i o n a g a i n s t t h o L a b o r B o a r d , w ill b o h e a r d b e f o r o
C o u r t o f A p p e a ls o n J u n o 2 .— V . I l l , p . 2 0 1 3 , 189 1 .

P e n n s y lv a n ia - O h io P o w e r & L ig h t C o .— Contract.—
T h e c o m p a n y o n A p r il 2 2 s ig n e d a 1 0 -y e a r s t r e e t lig h tin g c o n tr a c t w ith
th e c ity o f S tru th e rs .
I n s t a ll a ti o n o f th o s tr e o t lig h tin g s y s te m in F a r r e l l.
P a . , w ill b o c o m p l e te d in t h e n e a r f u tu r o .
a
s< ll?'v c c l a u I n c r o a s o o f o v o r 2 2 % c o m p a r e d w i t h
A p r i l 1 9 2 1 .— V . 1 1 4 , p . 8 0 .

TJl°1R^putJ or,A pril

P u g e t S o u n d P o w e r & L ig h t C o .— Bill Defeated —
T h e c itiz e n s o f S e a ttle M a y 2 , b y a v o to o f 3 to 1, d e fe a te d C o u n c ilm a n
E r ic k s o n s b ill p r o v id i n g f o r a 3 - c e n t f a r o a n d fo r t h o p a y m e n t o f a ll o p e r a t -

M

a y

THE CHRONICLE

1 3 1 9 2 2 .]

inc expenses not covered by tho fare.

T he present faro, it is stated, is

8 1-3 cents.— V. 114. p. 1892.

R a p id T r a n sit in N. Y. C ity .— C o n s tr u c tio n f o r B u ild in g
3234 M i l e s o f N e w S u b w a y s a t E s tim a te d C o st o f $218,000,000
A n n o u n c e d b y T r a n s it C o m m i s s i o n .—

2117

Tide Water Power Co.— N e w

P r e s id e n t. —
E. Fitkin has been elected President succeeding Hugh M acR ae.
E . Fitkin, President; IV. C. H arty, Vice­
President; F . A . M attliis, E xecutive Secretary: H. C. M cQueen, .1. V.
Grainger, C. E. Taylor, IV. B. Cooper, F. W . D ick, T . W . D avis, Walker
Taylor and M . J. C orbett. Thom as B . Willard w ill continuo as Secretary
and Treasurer.— V. 114, p. 1892.
A.

N e t v D i r e c t o r s a n d O f f i c e r s . — A.

Announcement o f a construction program for the building o f ' \ 2 ' A miles
o f now subways at an estim ated total cost o f $218,000,000 was made
United Rys. of Havana.—O m its C o m m o n D i v i d e n d . —
M ay II bv tne T ransit Com m ission. Tlio Commission estim ated that
T he directors have voted to om it the interim dividend usually declared
$100 000 000 more would bo needed to supply the equipm ent, 'lho lloaru on tho Common stock at this tim e.
o f E stim ate w ill bo asked to supply; the m oney.
.
An official statem ent says in substance: “The directors ,in view of the
Tne program o f now construction is tho first to bo put forward definitely large sums still owing to the company in Cuba, consider it advisable to
sinco construction began under th e dual subw ay contracts in 1913. Seven continuo to conserve cash resources, and not to pay an interim dividend
now routes arc proposed. Listed in the order in which tho Commission on tlio ordinary stock in respect of tho current year.
believes thov should be put under construction, they aro as follows.
“Conditions in Cuba show signs of improvement, whicli should facilitate
(1)
T he extension o f tho Corona lin e, in N orth Queens, from Corona to
the collection of outstanding accounts; while reductions in expenditures
Flusliing; estim ated cost, $2,800,000.
, , ..
should in a largo measure offset the drop in receipts shown by the published
(21 Tho extension o f the crosstown subw ay in 42d St., M anhattan,
w ith m oving platform equipm ent connecting w ith each o f tho present ana traffic statem ents.”— V. 113, p. 2615.
futuro north and south rapid transit lines, both subway and elevated,
U. S. Railroad Administration.—F in a l S e ttle m e n t .—
T he U . S. Railroad Administration has announced th at final settlem ent
estim ated a w t, ^ ’in d ’ tunnel, to connect w ith tho 4th Avo. subway, in
of all claims growing out of the 26 months of Federal control have been
Brooklyn, and with the various steam and trolley lines 111 Staten island, made with the following roads: W abash R lt., $1,500,000: International &
estim ab^
’of*tho Broadway-7th Avo. lino o f the Brooklyn Rapid Great Northern, $100,000; Richmond Fredericksburg & Potom ac, 894,000;
Richmond Fredericksburg & Potom ac
R . as
W ashington
T ransit System from 59th S t., M anhattan under Central la r k West, Southern. $187,500; Lexington Union RStation,successor of Wood River
$17,000;
110th St. and 7th Avc. to 155tli St.; estim ated cost, $26,500,000.
Branch, $1.— V. 114, p. 1768, 1409.
(51 A Brooklyn crosstown lino from tho Queenslwrough lla z a in Long
Island C ity to a point o f connection w ith tho Brighton Beach Lino, at or
United Traction Co., Albany, N. Y .— A n n u a l R e p o rt,.—
near Franklin Avo. and Fulton S t., Brooklyn; estim ated cost, $24,000,000.
Seo Delaware & Hudson Co. under "Allied Trolley L ines,” issue of April
(61 A new subway and East River tunnel to connect the l'ulton St.
Elevated Line, in Brooklyn, w ith the Broadway-4th Ave. Line at tho 22 1922, page 1778.— V. 114. p. 411C ity Hall Station in M anhattan; estim ated cost, $28,000>000.
Virginian Railway.— N e w D i r e c to r .—
(7)
A now trunk lin e subw ay to run from downtown M anhattan to James
of the
W ashington Heights, following, in tho main, 8 th and Amsterdam A ves., has been II Perkins, PresidentV. 114, Farmers’ Loan & Trust Co. of N . Y ..
elected a director.—
p. 1654.
* ST hototo^actiw l'cost)oT construction of tho 7 proposed lines is estim ated
hv the Commission at 8174 000,000. With the addition to th is figure of
tho overhead costs o f adm inistration and engineering and tlio amounts of
interest on tho funds em ployed paid during c o n s le c tio n est mated at
$44,000,000 in all, tho total cost o f the lines w ill bo $218,000,000. (See
also Now York “T im es” M ay 12.— V . 114, p. 307, 301.
S t. L o u i 3 -S a n F ra n c isc o R y . — N e w D ir e c to r s .—
B F Yoakum of San Antonio, T ex., who was prom inently identified
with th e romnanv for many years prior to the receivership and reorganiJation, Ind A PG yB eckw o f Chicago have been elected directors, succeeding
T . I). Ilccd and Lorenzo Semple.— V. 114, p. 2013.
S ix th A ven u e R R . — R e c e iv e r A p p o i n t e d .—
Federal Judgo M ayer on M ay 12 appointed Job E . Hedges receiver of
tho company, by oxtending the original order designating a receiver for tho
N ew York Railways. Tho designation was made on tlio application of the
Sixth Avenue It It. in connection witli an equity proceeding instituted by the
American Brake Shoo & Foundry Co. against tho N ew York Itys. _
Ilonry V Poor, counsel for the company, said: ‘Judge M a y er s order
was for technical and financial reasons and in no w ay affected tlio prosent
operation of the Sixth A venue lin e.”— V. 106. p. 822.
S o u th e r n C olorad o P ow er Co .— N e w N a m e .—
See Arkansas V alley Railw ay, Light & Power Co. above.
S ta rk E lec tr ic R R .— W a g e s R e d u c e d .—
A new wago scalo has been effected w ith tho employees providing for a
cu t or 5 conts an hour. Tlio maximum pay will bo 50 conts an hour,
minimum 46 conts for intcrurban men and 47 cents maximum and 4 - conts
minimum for city lines.— V. 114, p. 1892.
S y ra cu se (N. Y .) & S u b u r b a n R R .— R e je c ts W a g e C u t .—
Employees recently voted to reject the proposed wage cut of 3 cents an
hour. Tho presont .scale is 45 conts. T he men had asked for an lncroaso
o f 15 conts an hour.— V. 114, p. 1064.
T e n n essee R y. & L ig h t & P ow er C o. — C o n s o lid a tio n
P la n — T e r m s O ffe r e d to S to c k h o ld e r s . —President C. M . Clark,

Philadelphia, in a lottcr to tlio Preferred and Common stock­
holders of this company states that they aro advised that the
deposits of securities and other preliminaries to declaring
that plan of April 10 (V. 114, p. 1653), operative have
reached a point which makes it possible to submit the terms
on which tho available securities of the Tennesseo Electric
Power Co., the new company may, upon the consummation
of the plan, be acquired in exchange for Preferred and
Common stocks of the Tennesseo Iiy. Light & Power Co.
F u r t h e r D a t a fro m L e t t e r o f P re s . C la r k

D a te d M ay 6.

M a t u r i t i e s B e c o m in g D u e . — On or before June 1 next there will mature
obligations of this company amounting to $3,561,000 and this company
l i a s guaranteed the paym ent of $400,000 of Tennessee Power Co. notes
an d '$750 000 Chattanooga Ry. & Light Co. notes maturing Juno 1 next
Practically all of the available assets of this company are pledged as security
for tho above obligations and guarantees, in addition tho subsidiary
companies have floating indebtedness amounting to $1,365,907 as of
M arch 1 1922, which also must bo provided for.
,
,

P l a n I n v o l v e s S a le o f A s s e t s . — rI h o c o n s u m m a tio n o f p la n w ill in v o lv e
th o sa le o f all the a sso ts o f th is c o m p a n y in c o n s id e ra tio n o f th e p a y m e n t
o r a s s u m p tio n o f all its d e b ts a n d o b lig a tio n s , a n d in f u r th e r c o n s id e ra tio n
o f p ro c u rin g tlio follow ing o ffers o f s e c u ritie s o f tlio now c o m p a n y to tlio
P r e f e r r e d a n d C o m m o n s to c k h o ld e rs o f th i s c o m p a n y ;
T e r m s o f O f fe r o f E x c h a n g e t o S to c k h o ld e r s

U n d e r P la n

(11 To holders of Preferred stock: Tlio right to exchango oacli share of
Preferred stock of tho Tennesseo Ry. Light & Power Co. for (a) A share

Wabash Railway.— F in a l S e tlle r n e n t. —
See U . S. R R . A dministration above.— V. I l l , p. 2007.
W ashington Ry. & Electric Co.— P r o te s t D i s m i s s e d .—
Tho W ashington (D . C ) P . U . Commission lias dismissed the protest
of tho com pany against the authorization of a motor bus lino by tho Wash­
ington Rapid Transit Co. The railways protested against tho new company
on the ground of unfair com petition, alleging it was not a public u tility in
the meaning o f the law , &c.
. .
,
„
. .
..
In dismissing the protest as not well founded, the Commission said
in part: “ M otor bus transportation lias become an im portant question
in the D istrict of Columbia. The Commission believes motor bus lines
should lie authorized whenever public convenience and necessity justify.
— V. 114, p. 1892.
West Penn Traction & Water Power Co.— T o Acquire
M o n o n g a h e la P o w e r & R y .—
Tlio company has offered to holders of tho Common stock of Monongahela
Power & R y. an opportunity to dispose of their holdings under a plan
which, if consummated, will give the W est Penn interests active control
of tho M onongahela properties in the Fairmont and Parkersburg district
in W est Virginia. Should the plan go through, the W est Penn and M onon­
gahela system s w ill be connected by high-tension transmission lines, re­
sulting in substantial operating improvements to both companies.
Tiio stockholders o f the M onongahela company are offered $7 50 in
cash for oacli share of their stock, together w ith ono share o f Common
stock of a new holding company to be organized under the law s o f W est
Virginia and Delaware.
Pres G M . Alexander of the M onongahela company, in a lottcr to the
stockholders, says that the offer was made to all stockholders or any
part thereof representing not less than 78% o f the total outstanding and
that already more than 80 % o f the stock has been accepted.
Tho stock sold is to bo deposited w ith E quitable Trust C o., N ew York.
Stockholders are given until June 10 to accept the offer, although the
W est Penn company has tho option o f extending the tim e for an additional
20 days, and m ay extend the offer for 15 days to non-assenting .stock­
holders after the required proportion o f shares has been deposited w ith the
The new corporation is to have a epaitalization of i % C um ulative
Preferred and Common stock o f no par value. Its Preferred stock is to
bo issued in an aggregate amount only equal to the aggregate par amount
paid under the terms of the offer to tho Monongahela stockholders, plus
such additional amount as m ay be required for organization expenses.
Three shares o f tho no par stock of the new corporation are to bo issued
for each share o f the Common stock of tho M onongahela Co. acquired.
T he offer provides for the purchase of about 331,160 shares of Common
stock of tne M onongahela C o., par $25, making the par valuo o f the total
outstanding stock $8,279,666. The 171,000 shares, par.$2o. Prof, stock
are not to bo disturbed, and no chango is to oe made in tlio aggregate
am ount outstanding pending the consummation of the deal. \ . 114, P*
2014.
York (Pa.) Rys.— N e w C o n tr o llin g I n t e r e s t s .—
D ay & Zimmerman, Inc., announco that through the purchase from
Brown Brothers & Co. of the controlling interest in the Common stock of
the company tiio affairs and operations of this company w ill be brought
under their general supervision.
, ,
J
. .. „
The purchaso was made after they had made an examination of the prop­
erty and satisfied them selves as to values and as to the company s future,
which th ey beliovo to be m ost promising. They also state th at the com ­
pan y’s financial condition is excellent.
N o financing is contem plated for tho present, tho purchase having been
m-ulo because of their belief that tho Common stock is a good investm ent
and is bound to Increase in value in the future. T he purchaso of Brown
Brothers & C o.'s stock, it is stated, involved 27,000 shares.— V . 114, p. 855-

INDUSTRIAL AND MISCELLANEOUS.
General Industrial and Public Utility News.—The

the now company at the rate of >>16 per share of new 2d Prof, stock
following table summarizes recent industrial and public
(2)
To holders of Common stock: T he right to exchange oacli share of
Coin stock of Tennesseo R y. Light & Power Co. for (a) 15-100 sliaro Com.
utility nows of a general character, such as is comm only
vitoclc of the now company w ithout cash payment; and (6) with each share
(.n exchanged, tlio privilege of subscribing for an additional 1-10 share of treated at length on preceding pages under the caption
Coni, stock of tho new company a t tho rato of $5 per sharo of new Com.
“ Cuuftmt E vents and D iscussions” (if not in the Editorial
St Tlio basis upon which the stockholders Iiavo tlio privilege of acquiring
t.he 2d Prof, and Com. stock of the now company has boon determined by
the amount of $500,000, which must be realized from tlioir stocks and not
as at all indicative of tlio yaluo of tho stocks offered.
Tho directors consider the above offers not only tlio best th at can be
secured but also as highly satisfactory in affording very favorablo terms
o n which tlio stockholders may continuo their ownership of tho equities
now held and also acquiro tlio equities in tho C hattanooga & Tennesseo
U n d e r w r i t i n g o f B o n d s a n d S t o c k o f N e w C o m p a n y . — In order to assuro
the success of tlio plan, E . W . Clark & C o., Bonbright & C o., II. M .
B vllesby & Co. and Ilodonpyl, Hardy & C o., have agreed to assumo largo
obligations in participating with other well known bankers in tho purchase
or underwriting of $8,000,000 (more or less) 1st & Ref. M tgo. bonds of
tho now company, and not less than 17,500 shares of 7% 1st l ’ref. stock,
and in connection with tho latter acquiro an option on 40,000 shares of tho
same stock to bo issued by tlio now company as part paym ent for tho
C hattanooga A Tennesseo River 1 ower Co.
Thov iiavo also agreed to underwrite w ithout compensation tin purchaso
at the offering prico (aggregating $500,000) o f tho 2d Pref. and Coin, stock
o f the now company offered for subscription to tlio stockholders of the
T oniesseo Ry. Light A Power Co. and not taken by the stockholders.
Tiio stockholders of Tennesseo Ry. Light & Power Co. will vote M ay 19
1022 on selling all tho assots of the company and on approving tho plan.
Compare plan and term of offer to different bondholders in V. 114, p. 1653.

Terre Haute Indianapolis & Eastern Trac. Co.—F a r e s .
The weekly pass plan, recently applied for to tho Indiana P. U . Commis­
sion, went into effect M ay 1 }n,
u r° n i aUt% i J ho unlimitedrido transferable wockly pass Is2sold for $1. V. 114, p. 739.




D epartm ent” ), either concurrently or as early as practicable
after the m atter becomes public.
S t e e l a n d Iro n P r o d u c t io n , P r ic e s , & c .
S T E E L A N D I R O N M A R K E T S . — “ Iron Ago”
E f f e c t o f C o a l S t r i k e . — ’ The steel industry has
“

M ay 11 says in substance
gone for another week at
substantially tho average rate of operations established in April. It is
still drawing on tho coal stocked before April 1. A t the same tim e it con­
tinues to bring largo supplies from districts that are not ordinarily feeders
of Central W estern coke ovens. M ills in certain lines are less able to
Pr/>rices.— “ l ’ig iron has advanced sharply this w eek in the Pittsburgh dis­
>
trict basic by $2 aud Bessemer by S3 per ton.
. , .
“ Prico changos at Pittsburgh: Billets and sheet bars are $1 per ton higher
than a w eek ago, w ith tho available supply so scant th at higher prices
•inneir likolv
For early shipm ent several makers of sheets ask $5 per ton
advance . C o l d rolled strips h a v e sold at 4c.. against 3J55a as the regular
market and 3.50c. as the basis of running contracts. On steel bars 1.60c.
is now common for specified delivery.
' “ Following tho recent buying of pig iron by radiator and casM ron pipe
companies, the tonnage of tho latter aggregating about 75,000 of Southern
at a substantial concession in price, the market is not so active, but a num­
ber of nrico advances iiavo been recorded, including 50c. on Southern iron,
which is now on a basis of $17 50, Birmingham, $2 to $3 on steel-making
iron at Pittsburgh and $2 on silvery of ono maker. One Cleveland com­
pany advanced foundry pig iron $2. or to $24. The outlook is. however
th at tho advance in quotations will not continuo unless the strike should
nrovo much moro serious in the near future, for Buffalo iron is now to be
had at $22 base for third quarter delivery, or som ewhat lower than recent
quotations for prompt delivery.

31181

THE CHRONICLE

JW r o d u c t i o n .— “ Steel ingots show a gain of 11% over M arch in tlio daily
P
rate, March in turn having gained 20% over February. April operations
wero at a yearly rate of 36,000,000 tons, whereas tho country’s total ca­
pacity at the end o f 1913 was 35,000,000 tons and the output in that year
only 30,000,000 tons.
D e m a n d . — “ The leading feature of tho finished steel market a t Cleveland
is the unexpected a ctiv ity in Lake ship building. A 610-ft. freighter has
just been placed a t Toledo, calling for 4,500 tons o f steel. Other contracts
are ponding, tw o or three of which are about to bo closed. A total of 35,000
tons o f steel is involved. Reports from motor car works have been in
creasingly favorable, following an April output th at in some cases camo
near to capacity. Tho Ford schedule for June is set a t 130,000 cars, while
tho estim ato for M ay is 110,000 to 115,000.
F o r e i g n O r d e r s . — “ Japan is making a new record as a buyer of rails from
tho U nited States. An order for 10,800 tons of 75-lb. rails and accessories
placed in the past week is the third for tills year, and a further inquiry
for 10,600 tons is ponding.”
C o a l P r o d u c t io n , P r ic e s , & c .

Tho “ Coal Trade Journal” M ay 10 stated, briefly:
C o a l S t r i k e . — "The end o f the fifth week of tho coal strike found tiio pro­
ducers in a relatively stronger position than a t the close o f April. Tho
union held its ground in tho old Central com potitivo field, In M ichigan
Iowa, M issouri and W yom ing, but mado no gains in non-union fields.
P r o d u c t i o n . — “Bitum inous production last week, according to preliminary
figures, was in tho neighborhood o f 4,000,000 tons, or close to the pre­
ceding week’s output o f 4,150,000 tons. W hile this tonnage is nearly
33 1-3% below the pre-striko estim ates o f non-union possibilities and only
about 40% or less of normal output, it represents about 57% o f tho output
a year ago. Analysis o f the latest operating statistics shows th at it is lack
of demand which is still holding down tho tonnago. ‘N o markot’ losses in
somo fields range as high as 60 and 70% o f capacity. Aside from dredge
recoveries of river coal, estim ated at 6,000 tons, anthracite operations
continue a t a standstill.
P r i c e s . — “Spot quotations for the week ended last Saturday showed a
predominance o f advances and further withdrawals o f all prices for certain
fields. Comparing theso figures w ith those reported for the preceding
week, changes aro shown in 55.2% o f tho quotations. Of these changes
74.5% represent advances. The average increaso was 30 cents per ton and
the average reduction 22.2 cents. Except for increases in pier prices at
N ow York, tho changes generally represented a stabilizing m ovem ent
rather than a runaway market.
D e m a n d . — “ The major demand for coal at this tim e comes alm ost wholly
from the industrial side of tho market, w ith tho influence o f tho steel interests
strong in K entucky and W est Virginia. D om estic coals are so backward
that m any of tho mines in the heart of tho strongly organized Central com­
p etitive field still have prepared sizes on track. Tho general no-bill situa­
tion, however, has improved. During the last week o f April tho total
number of cars held (including 1,042 cars o f anthracite) was 18,750, as
compared with 23,917 tho week preceding. T his last- total included 1,254
cars o f anthracite. On M ay 4 a group of six carriers in tho Northern
Appalachian field reported 1,896 no-bills, or 40% of tho number held on
April 6. One o f the features o f tho trade has been tho increaso in waterborno m ovem ent from H am pton Roads to Now York, Philadelphia and
M ontreal and loadings for shipm ent to Pacific Coast points. Dumpings
a t the Virginia piers last- month, while below M arch, wero, w ith that ex­
ception, tho largest since last A ugust.”
e s tim a te d
B itu m in o u s —

U n ite d

S ta te s

P r o d u c tio n

in

T on s.

1921-

-1922W eek.

April 15 -- . __ -3,656,090
April 2 2 ________ .3,575,000
April 29 ________ .4,150,000
A n th r a c ite —
6,000
April 1 5 - _ _____ .
6,000
April 22 ________ .
6,000
April 2 9 ___ __ .
B e e h iv e C o k e —
140,000
April 15_____94,000
April 22________ .
87,000
April 2 9 __
-- .

C a l. Y r . to D a te .

W eek.

136,778.000
140,354,000
144,504,000

6,528,000
6,815,000
6,984,000

113.852.000
120.467.000
127.151.000

22,780,000
22,786,000
22.792,000

1,885,000
1,903,000
1,945,000

27.154.000
29.057.000
31.002.000

2.701.000
74,000
2,124,000
2.274.000
2,216,000
73,000
2.850.000
2,304,000
76,000
N o H e a d w a y M a d e a t W a g e C o n f e r e n c e . — Representatives o f anthracite
minors roject proposal th at next agreement bo mado for 4 years w ith read­
justm ent of wages every year. T he union demands a 2-year contract
w ith fixed wages. “Times1’ M ay 10, p. 21.
C o a l P r o b l e m A n a l y z e d a s T o o M a n y M i n e s a n d M i n e r s a n d T o o V a r ie d
C o n s u m p t i o n . — Views gathered from leading coal mining engineers by

[V ol. 114.

w om en and minors bo 48 hours per week; and th at question o f 20% wage
reduction be subm itted to State Board for conciliation and arbitration,
“ Boston N ew s Bureau” M ay 11, p. 3.
E n g lis h
T e x tile
W o rkers
W a g e s C u t 10% .— Wages of 250,000 textile
operatives in W est Riding of Yorkshire, Eng., 'will be reduced 10% next
m onth due to fall in index of cost of living. Cut will am ount to 3 shillings
per week for men and 2s. 6 d. for women. “Phila. N . B .” M ay 10, p. 3.
P a p e r S t r i k e S e t t l e m e n t a t H a n d . — International Brotherhood of Paper
M akers (skilled workers) and Newsprint M anufacturers’ committeo reach
agreement, but the International Brotherhood of Pulp, Sulphite & Paper
M ill Workers (unskilled labor) is not included in agreement. "Tim es”
M ay 11, p. 25.
I n d u s t r i a l S t r i k e s i n R a r i t a n R i v e r ( N , J , ) D i s t r i c t . — Wago increase de­
mand of 30-45 c. an hour refused brick makers and employees of smelters.
“Boston Financial News" M ay 10, p. 3.
W a r i n B u i l d i n g T r a d e s i n C h i c a g o R e s u l t i n B o m b i n g s a n d A r r e s t s .—:
“T im es” M ay 11, p. 1.
A u t o m o b i l e O u t p u t G r e a t e s t i n H i s t o r y . — N ational Automobilo Chamber
of Commerco figures approximate 213,000 cars and trucks were produced
by all makers during April, an increase of 35% over April 1921.— “Boston
Financial N ow s” M ay 4, p. 3.
.
Director of Government B udget D awes reports 5907,500,000 saved in
adm inistration of affairs for year.— “Tim es” M ay 8 , p. 1.
D r o p S e c o n d C o u n t i n “ C e m e n t T r u s t ” C a s e s . — Alleged efforts to restrain
commerce ruled out by Federal Judge John C. Knox. "Tim es” M ay 10, p.
“ S u g a r T r u s t ” S u i t A g a i n s t A m e r i c a n R e f i n i n g C o . b y U . S . C l o s e d .—
Company m ay not increase its holdings in allied concerns nor elect as its
officers any officials, connected with smaller companies. "Sun” M ay 9,
U . S . S u p r e m e C o u r t D e c i d e s T a x o n T r a n s f e r o f P r o p e r l y I s V o i d .—
‘Wall St. Journal” M ay 6 , p. 6 .
M a t t e r s C o v e r e d i n “ C h r o n i c l e ” M a y 6 .— (1) Listings on N . Y . Stock E x­
change for 1921, p. 1951. (2) Bill for extending War Financo Corporation
to July 1 1923 passed by Senate unanimously, p. 1956. (3) Offerings of
foreign bonds: ( a ) £9,000,000 United States of Brazil coffeo security, p.
1957; ( b ) 5.OOO.OO0 Kroner Kingdom of Norway, p. 1957.
(4) Other bond offerings: ( a ) 8700,000 Liberty Joint Stock Land Bank
(Kansas C ity, M o.), p. 1957. ( b ) 8500,000 Virginian Joint Stock Land
Bank (Charleston, W. V a.), p. 1958. (c) 81,000,000 Southern M innesota
Joint Stock Land Bank (Redwood Falls, M inn.), p. 1958.
(5) Advances approved by War Finance Corporation, p. 1958. (6 )
Failures: ( a ) Raabo Glissman & C o., Inc., p. 1963; ( b ) Waters & Cook, p.
1963; (c) Raynor, Nicholas& Truesdell, p. 1963; ( d ) A rthur.!. Horne, p.1963;
(e )
Lyon, Singer & C o., p. 1963; (/) Clark, Childs & Co. involved in failure
of Chandler Brothers & C o., p. 1963.
(7) Victory notes: ( a ) D ate for purchase by Federal Roserve banks ex­
tended to M ay 15, p. 1963; (b ) notes totaling 648 million retired In M arch,
p. 1963; (c) notes in coupon form (at par) to bo acceptable for income and
profits taxes, p. 1963.

Add-Index Corporation.— A c q u i s i t i o n , & c .—
This com pany, chartered in Delaware April 28 last with an authorized
capital of 84,500,000 8 % 1st Pref. stock. $2,500,000 7% 2d I’ref. stock and
200,000 shares (no par) Common stock, has acquired the assets of tho
adding m achine and cash register division of the American Can C o., and
also of tho W attcr’s Corporation of St. Louis.
Add-Index Corporation was recently formed to acquiro these and other
properties manufacturing devices for uso in offices and stores. Tho com­
pany has acquired manufacturing plants in Grand Rapids and St. Louis,
with branch offices in 54 cities. E xecutive offices will be in Now York.
The American Can Co. is understood to hold a controlling interest in the
newly organized corporation.
Directors are: Robert L. Houston (director C omputing-TabulatingR ecording), Pres.; II. W. Phelps (V.-Pres. American Can), Chairman;
I1 Rudolph, Chicago; Frank A. R uf and W. C. D ’Arcy, St. Louis, and
'.
K. S. Breckenridge, C. E. Green, Fred l ’chlps and J. B . Hayward, N . Y .
Ajax Rubber Co., Inc.— R e s u lts f o r F ir s t Q u a r te r .—
W . A . Harriman & Co. have been advised that in contrast to tho heavy
losses experienced in 1921, due to inventory adjustm ents and abnormal
market conditions, the company since Jan. 1 last has been operated at a
profit which in tho first quarter was over tw ice tho amount required to
satisfy tho bond interest accrued in th at period. Shipments now being
mado, based on accurate costs and business on order and in prospect, it is
stated, aro at a rate which should create not earnings applicable to tho bonds
of a minimum of $1,700,000 or more than 7 times tho annual interest charge
on tho bonds and over 4 tim es tho year’s interest and sinking fund requirom ents.— V. 114, p. 1655, 856.

American Institute of M ining and M etallurgical Engineers. "Tim es”
M ay 7, Sec. 2, p. 16.
Alvarado Mining < Milling Co.— N e w P r e s i d e n t. —
fc
U.
S . A c t i n g i n S t r i k e . — Bill reported by House Labor Com m ittee pro
Louis E. Stoddard
vides Governmental action to determine cause of striko. “ Sun” M ay 5, p. 2. Quatters.— V. 114, p . has been elocted Presklont, succeeding A. J. M c1537.

M i n e r s ’ F a m ilie s E v ic te d f r o m C o m p a n y H o u s e s in
D i s t r i c t . — T ent colony will bo established for 41 famillos.
C o a l O p e r a to r s P r e d i c t E a r l y E n d o f S t r i k e . — .1. D . L.

K e ttle

C reek

(JPa.)

“ Sun” M ay 9 ,p .3.
M orrow, Vico-Pres.
of tho National Coal Association, says that in W est Virginia “ practically as
mucli coal is being mined by non-union men during this striko as was mined
during a similar period by both union and non-union mines in tho State in
1920.” Prediction is that “striko w ill be smashed before July 1.” “ Phila.
N . B .” M ay 10, p. 3.
,
,
„ .
„

Oil P ro d u c tio n , P rices, &c.

T e a p o t D o m e O i l F i e l d C o n t r o v e r s y . — N aval oil reserve field taken over by
Government during President T a ft’s Administration now leased to private
concern. Accuracy o f statem ent th at field was menaced by drainage into
Salt Creek field will bo fought out in Congress. “ T im es” M ay 7, Sec. 7. p .l.
H u n k e r O il P r i c e A d v a n c e d . — Standard Oil Co. o f N . J. and Sinclair Consol.
Oil Co. both raise price 10 c. to $1 26H a barrel at N ew York. “ Boston
Financial News" M ay 8 , p. 7.
G a s o l i n e P r i c e s R a i s e d . — Standard Oil (La.) tank wagon prico advances
lc . to 22c.; service station now 25c. “ P o st” M ay 10, p. 10.
Standard Oil (N . J.) raises prico lc . to 26c. "Phila. N . B .” M ay 10, p. 3.
Standard Oil (N . Y .) tank wagon prico now 27c. though rato war with
Sinclair is on near Poughkeepsie and S. O. is reported as 4c. below that
quotation. “ Boston Financial N ow s” M ay 9, p. 7.
Sinclair Consolidated Oil Co. now quotes 27c. tank wagon price. "Bos­
ton Financial N ow s” M ay 9, p. 7.
Louisiana Rofining Co. raises tank wagon price to 23c. and filling station
to 26c. “Wall St. Journal” M ay 11, p. 1.
Jenney M fg. Co. raised tank wagon prico lc . to 27c. “ Boston N . B .”
M ay 11, p. 10.
T exas Company, Hawkoye (subsidiary o f Producers & Refiners Corp.)
and Standard Oil (Indiana) have each raised price o f gasoline lc . per gallon.
Standard Oil (Indiana) has also raised naphtha price lc . a gallon.
S ir H e n r y W . A . D e te r d in g , M a n a g in g D ir e c to r o f th e R o y a l D u tc h -S h e ll
G r o u p , D e n i e s R u s s i a n O i l D e a l . — “Boston N ew s Bureau” M ay 11, p. 8 .

P r ic e s , W a g e s & O t h e r T r a d e M a tte rs .

American Can Co.— S a le o f A d d i n g M a c h in e B u s in e s s , tfee.
See A dd-Index Corp. abovo.— V. 114, p. 1410, 732.
American Manufacturing Co.— B a la n c e S h e e t. —
Tho balance sheet of Dec. 31 shows: Cash, $1,757,891 (1920, $1,803,­
639); merchandise, 85,225,800; accounts and notes receivable, $2,088,709:
dobts, 85,466,751 (1920. $4,021,745); profit and loss surplus, 85,833,350
11920, $6,255,702); total assets and liabilities, 823,340,091 (1920, $23.577,447).— V. 114, p. 1410.
American Shipbuilding Co . — L i s t i n g . —
Tho New York Stock Exchango has authorized the listing of additional
$7,900,000 Common stock, par $100 each, on official notico of Issuance,
in exchango for outstanding certificates of deposit for Preferred stock, or
on official notico of issuance and paym ent in fu ll, making tho total amount
of Common stock applied for listing $15,500,000.
The Common stock is that offered for subscription at par to Common
stockholders of record April 12 1922 in tho ratio of 1 3-76 shares per share
(and tho proceeds applied to retirement of Preferred stock at par) and in
so far as not subscribed by them on or before M ay 9 1922, is to bo exchanged
at par for par for certificates of doposit for such Preferred stock of tho
com pany as m ay bo deposited under a “ Plan for Cliango of Capital Stock
and Retirement of Preferred S tock ,” U p to April 26 1922, $6,770,000 o f
Preferred stock had been so deposited for exchango out of $7,900,000 out­
standing.— V. 114, p. 1655.
American Stores Co., Philadelphia.— L i s t i n g .—
Tho Philadelphia Stock Exchango on M ay 6 listed 5,277 additional shares
Com. stock, no par value, reported Issued in exchange for 3,347 shams 1st
Pref. stock, anti 612 shares 2d I’ref. stock, cancelled, making a total o f
169,183 shares of Com. stock listed at this date and reducing tho am ount
of 1st Pref. and 2d I’ref.stock listed to $1,988,5 0 0an tl$718,000 respectively
— V. 114. p. 2016.
American Sugar Refining Co.— D is s o lu tio n D e c r e e
M a d e F i n a l . —Tho Government’s suit, under tho Sherman

C o m m o d i t y P r i c e s . — High points in wholesale cash prices in Now York,
week ending M ay 11 follow: W heat, M ay 11, $1 56M: coffee, M ay 8 ,
IlM c .; lard, M ay 8 , and 10, 12c.; steel, M ay 8 , S32; copper, M ay 8 , 13c.; Anti-Trust Act, started in November 1910 against this
cotton, M ay 8 , 20.15c.; print cloths, M ay 10, 6 %c.
company and other sugar companies, came to an end May 9,
R e f i n e d S u g a r P r i c e A d v a n c e d t o 5.35 b y A r b u c k l e B r o s . — “ Phila. News
Bureau” M ay 10, p. 2.
when Circuit Court Judges Rogers, Hough and Manton
S h i p y a r d W a g e s R e d u c e d A p p r o x i m a t e l y 32% f r o m P e a k o f 1920.— “ Wall
filed a dissolution and injunction decree.
St. J .” M ay 6 , p. 6 .
The decision had been held up pending tho rulings of the U . S. Supreme
W a g e R e d u c t i o n s o f 15 a n d 16% P r o p o s e d f o r S t . L o u i s S h o e W o r k e r s . —
400 cutters affected and com m ittee appointed to confer with firms. “Boston Court in tho Steel and Harvester Trust cases, which wero earlier prosecu­
tions on similar charges.
Financial N ow s” M ay 6 , p. 3.
Tho final decree in the sugar case says that sufficient of tho allegations
L y n n ( M a s s . ) S h o e D i s t r i c t D e v e l o p m e n t s . — Lynn Council United Shoo
Workers of America, voted M ay 8 to accept arbitration plan o f Mayor of tho original petition “ have been proved to entitle tho complainant to
decree as herein provided:
,
,
,
M cl’hetrcs for wage question. “Boston Financial N ew s” M ay 9. p. 3.
“ T hat tho American Sugar Refining Co. and certain other defendant
P r o d u c t i o n o f S h o e s .— D epartm ent of Commerco reports 29,686,011 pairs
corporations were, when tho petition was filed, and had been for somo tim e
put out during M arch. “ Boston Financial Nows" M ay 9, p. 3.
theretofore, engaged in an unlawful combination and conspiracy to restrain
D e v e l o p m e n t s i n T e x t i l e S t r i k e . — (a) N o important change in situation in
15th week o f strike, (b) Operators remain firm for 20% cut. So-called trado and commerco among tho several States and Territories of tho U nited
compromise offer of 10 % cut mado last week by I’atchoguo-l’lymouth mills States and with foreign nations in refined sugar, and to monopolize tho same;
is no factor in general situation, because o f com paratively small size of but during tho pending of tho action tho defendants, tho American Sugar
plant and difference in class of goods produced. “ Wall St. J .” M ay 8 , p. 8 . Refining Co. and tho other defendant corporations, have abatulonod their
(c) Members of Lawrence C ity Government vote confidence in humanitarian combination and conspiracy to restrain trado and commerce and to monopo­
work of William M . Wood for employees o f American Woolon and for lize tho same, and have coascd to carry on tlioir business pursuant thereto.”
Tho decree further says that “ the stockholding of tho American Sugar
Lawrence in general. "Boston Nows Bureau” M ay 11, p. 3.
Refining Co. in other corporations and tho personnel of tho officers of tho
(d)
Recommendations mado by State Labor Commissioner D avio were
accepted by committee representing textile strikers in Now Hampshire corporation, and the conditions of tho commerco in refined sugar have so
cities, but rejected by representatives o f Pacific M ills. Commissioner’s changed that full relief against tho unlawful combination and conspiracy
recommendations wero: T hat strike bo declared off: that all operatives and attem pt to monopolize intor-Stato and foreign commerco will bo ob­
be re-instated without prejudice or discrimination; th at hours o f labor for tained by the several inhibitions heroin sot forth.”




T he injunction decrco in conclusion says:
“ Each and every ono o f the defendants, the American Sugar Kenning
Co N ational Sugar Refining Co. of N ow Jersey, Groat Western Sugar
Co. and M ichigan Sugar Co. aro perpetually enjoined from further commit­
ting any of tlio acts described in the petition, tho effect of w hich would bo
to prevent full and free com petition between tho American Sugar Refining
Co N ational Sugar Refining Co. of Now Jersey, Groat Western Sugar Co.
and’ M ichigan Sugar C o., and from further agreeing, combining among
them solves, to restrain inter-Stato and foreign trade and commerce in said
products, or oither or any of them , and from hereafter com m itting any act
pursuant to tho aforesaid combination and conspiracy to restrain and to
monopolize inter-State and foreign commerce in refined sugar.”
[The com pany’s judgm ent for $15,839, tho full amount claimed in its
suit against W . C. Frederick, ice cream manufacturer of Baltimore, involv­
ing 300 barrels o f refined sugar, which tho defendant refused to accept under
22M c. contracts ontored into during 1920, has been affirmed by tho U. a .
D istrict Court of Appeals in Richmond, Va. Tho company has brought
6 more suits (in which recovery is sought for an aggregate of more than
$45 000) in tho U. S. District Courts for the Eastern and Southern districts
of N ew York and in the Supreme Court of N ew York C ounty.1 V . 114, p ­
—
1183.

Ames H olden McCready, Ltd.— Protective Committee —
T he com m ittee named below has been formed to protect tho holders ot
the 30-year 6 % 1st M tgo. bonds, duo April 1 1941. Tho com m ittee says.
“ Tho company has defaulted in tho paym ent of tho interest on the above
bonds which became due on April 1 1922 and has announced th at some
general schoine of reorganization is necessary in order to provide additional
working capital to enable it to continue in operation.
.
“ The company is largely interested in Ames Holden Felt C o., L td ., and
in Amos Holden Tiro C o., L td., both o f which have been operated as sub­
sidiaries. These companies have outstanding issues of 1st M tgo. ponus
and aro largoly indebted to trade creditors. Tho bonds of the subsidiary
companies aro guaranteed to principal and Interest by tho parent company.
•It would seom apparent that a general plan of reorganization must in voi\o
botii the parent company and its subsidiaries.
different
“ Protective com m ittees have been formed to represent the duicreiit
classes of bondholders of each of the three companies interested. in e
ordinary creditors of each company will also be represented by committees.
“ P r o t e c t i v e C o m m i t t e e .— Edwin Hanson, Hanson Bros, Montreal: James
Hutchison, C A. (Riddell, Stead, Graham & H utchison), M o n tr ^ l, and
John M Mackio, M ontreal, with Stanley M acPherson, Sec., 804 Bank ot
Toronto B ldg., St. James S t., M ontreal.
*Bondholders aro requested to deposit their bonds with tho April 1 ILL
oupons
depositary
and all subsequent coupons attached w ith tho R oyal , Trust C o., « “Yi-ink of
>»*^i mo
r
y
at its offices in M ontreal, 'loronto, Quebec or W innipeg, °r. BanK or
M ontreal, 47 Threadneedle S t., London, E .C ., as agonts for tho Royal
Trust C o .”— V. 114, p. 2016.

A ppalachian Power Co.—Accumulated Dividends —

Plans aro under consideration to provido for tho 74% accumulated
dividends on the ordinary Preferred stock. Tho Prof, has paid no d M
donds since Oct. 1912.— ,rChicago Econom ist ’ M ay 6 ) — V. 113, P u o u .

A rchbald C onsolidated Coal Co .— Sale.—

The Bankers Trust C o., as trustee for $540,000 Collateral Trust serial
7% Sinking Fund gold bonds dated Oct. 1 1919, wni offer for sale at public
auction, by Adrian II. M uller A Sons, Auctioneers, a t tho
Rooms, N os. 14 and 16 Vesey S t ., N ew York, M ay 24. tho securities pledged
under tho deed of trust.

Arizona Commercial M ining Co.: Productionc— J)rcg.
not yet
lagcmont,
avauam o, win snow a suusiauviai nicicuou u vu .»«■
V.'.:..,,,,.,. n month
it is stated, plans to produce 800,000 to 1 ,000,000 pounds of copper a month
—-V. 114, p. 1769.

A ssociated P roducing & R efin in g Co.— Receivership.

Gustav L. Anderson of Illinois and other stockholders have appealed to
Federal Judge Morris a t W ilmington, Del . to appoint a recei y er lor tl us
company. Mismanagomont is charged. T he com p an y was incOTporated
in Delaware witli an authorized capital of $50,000,000 and is alleged to have
liabilities of $41,000,000 and assets of $32,000,000- Argument will >'«
heard M ay 23-

A tlan tic G ulf Oil Corp.— Oil Production {in Barrels).
1922------ A p r i l ------ 1921.
1 055,325
1,763,991
— V. 114, p- 1656, 1067-

D e c r e a s e .)

708,6661

1922— 4 Afos.—-1 9 2 1 .
3,292,447
9,753,193

D ecrease.

6,460,740

A tlas Crucible Steel Co. - Financing Program— Status.—

Carbaugh & Co. (formerly Parsons, Carbaugh & Co ), Chicago, In a
recent letter to the "Chronicle” state in brief: ,
“ The mortgage under which the 1 st M tge. 10-Year 8 % Sinking Fund
gold bonds (dated July 1 1921) are issued, provided for an authorized issue
of sft 000 000 $2,000,000 maturing in ono year and $4,000,000 maturing
hi 10 years- $2,000,000 of the $4,000,000 authorized being for the retire­
ment nf tho $2 000,000 one-year bonds.
m “ The financing program of th e company (V. 113, P 1678) was not entirely
carried out
Tlio mortgage was closed at $1,650,000, and these bonds were
sold hv the company. Approximately $1,000,000 of the bonds sold were
taken h v the banks and are one-year bonds. Tho balanco arc 10-yoar bonds.
"T he affairs of the company havo shown a very material improvement
during the past few months. Ample working capital was provided through
th e C ?eit on or a revolving credit. Tho orders booked from Jan. 1 to
M arch 1 1922 are equivalent in poundage, to thoso booked from M ay 1 1921
tn n ..r 11 1921 and tho largest year the company experienced averaged
m onthly bookings of 1 ,200,000 pounds Tho company is now booking,
n , r lm m w lfito d e liv e ry , approximately 700,000 pounds per month.
"C o skl-rablo economies have been effected which have greatly reduced
nnnrntlng costs and the company is in excellent position to bonofit quickly
froinU u ? improving conditions of tho steel industry.”- V . 114, p. 951.

A tlas Portland Cement Co.—-Suit.
Tho Federal Court at N ew York has dismissed tho second count of tho
Sherman Law indictment against this and other cem ent companies, alleg­
ing^efforts to restrain commerco
It also ruled th at tho A llentown Port­
land Cem ent Co should bo acquitted.(tho inclusion having been an error
of the G overnm ent). (See also N . Y . Times" M ay 10.)— V. 114, p. 1290.

A utom atic R efrigerating Co., In c., H artford, Conn.^ T h e directors on April 27 having voted to Issue 2,500 shares (par $106)
additional of the capital stock, tho stockholders o f record M ay 1 are ottered
the right to subscribe for ono share of new stock for each 4 shares of stock
held ” T he new stock is to bo paid for in fu ll on or before June 2 1922.
S tockholders of record Sept. 1 1922 arc to h av e tho rig h t to subscribe
for 1 sh are n now S o c k for each 5 shares o f th e ir th e n sto ck holdings or
r e c o r ( l s u c h m " v s t o c k t o be paid for in fu ll on o r before Oct. 2 1922 and
t0 Officers 1mv^'urthei^alilliorized to sell for not less than par as m ay seem
’
to them for the best interests ot the company, any of the stock not su b ­
scribed and paid for In accordance with cither■oll the, foregoing privileges.
Books for subscription have been opened a t the office of Putnam & Go.,
6 Central Row Hartford, Conn., and all subscriptions to tho first allotm ent
of th e new stock in tho ratio
L1C ti2 c? n 1 4 share? °1 old stock
,. t'nP
m ust be filed and paym ent in full mat o at t lu u office on or before June 2
1922. All fractional rights w ill be adjusted between stockholders at tho

The directors have declared a regular quarterly dividend^ of 2% from
tho surplus earnings payable Juno 1 1J~2 to stockholders o f record M ay
on i cwo
“ The company, builders of autom atically controlled refrigerating and icom-iUlnv plants lias its main office and works at Hartford, Conn.
Tim company lias developed and thorough y tested a refrigerating equip
mont adapted to dom estic use. Ih is equipment is on new principles
entirely different from anything hcretotoro produced.

Bair Oil Co.— Receivership Peyton.—

After ten days presentation of the evidence by the Omar Oil & Gas Co
on its application for receivership for the Bair Oil Co. in th e U . 8 . D istrict
Court at Cheyenne, W yo., final hearing was sot for Aug. 21 1922. Tho
petition for a receiver was refused by Judge Kennedy a t this tim e on
account of Insufficiency o f ovidonce-




2119

THE CHRONICLE

May 13 i'9'22.]

B atavia (N. Y.) R ubber Co.— Receiver.—

Federal Judge John R. Hazel of Buffalo has appointed John Woodward.
Buffalo, receiver. A ssets are estim ated at $500,000 and liabilities at
$662,000.
This is tho second tim e th at a receiver has been appointed for the com­
pany, but tho last tim e the creditors were paid off in full w ith interest.—
V. 108, p. 1062.

B eacon Oil Co.— Preferred Stock Offered.— Kidder, Pea­
body & Co. are offering at 100 and div., S I,500,000 7}^%
Ouniul. Pref. (a. & d.J stock, par S100.

D ividends payable Q.-F. Callable in whole or in part at 110 and div.
Preferred stock is w ithout voting power unless four quarterly divs. are in
arrears, in which event holders of Pref. stock are entitled to one vote for
each sharo owned until all accumulated divs. on the Pref. stock have been
paid. N o mortgage or lien upon the fixed assets shall be placed, without
the consont of two-thirds of the holders of the Pref. stock then outstanding.
C a p i t a l i z a t i o n . — Preferred stock (auth., $2,500,000), issued, $1,500,060.
Common stock (no par value), 140,000 shares.
D ata from L etter of H. L. W oolen b erg. V .-P res. & G en. Mgr.
C o m p a n y . — Owns and operates a modern oil refinery, located in tho C ity
of E verett, M ass., with extensive deep tidewater frontage. Site embraces
approxim ately 100 acres, of which about 50 acres are being occupied. Plant
has capacity for refining 12,000 bills, of crude oil per day and producing
therefrom gasoline, kerosene, gas oil, fuel oil and asphalt. 1 he plant also
has capacity to process 10,000 bbls. of crude oil, producing therefrom gaso­
line and fuel oil only. Extensions to the plant aro now actively under
construction. Company owns and operates 200 tank cars, and leases and
operates 110 additional tank cars.
E a r n i n g s . — During the 21 m onths of operation from July 1920 to March 31
1922, profits, before depreciation and Federal taxes, have been at an average
annual rate equal to over 15 tim es tho dividend requirements on tho above
Preferred stock.
S i n k i n g F u n d . — Company agrees to pay to tho trustees am ounts equal to
20% of all dividends hereafter paid on th e Common stock, such sinking fund
paym ents to bo oither in cash, or Preferred stock, or both: and the trustees
w ill apply such monoy to the purchase or redemption of Preferred stock at
not exceeding $110 and dividend.
__ „ ,
„
F u r p o s e . — To provide funds for tho purchase of 50% o f the voting com­
mon stock of tho Beacon Sun C o ., which is being organized to tako over the
entire holdings of tho Sun Co. in Venezuela, comprising 55 concessions
embracing moro than 1,750,000 acres chiefly in tho Maracaibo basin region.
T he monoy invested by the company in this project is to be expended en­
tirely in tho further developm ent of the Venezuelan property, and princi­
pally in the drilling of w ells. The control of the Beacon Sun Co. w ill be
vested equally in tho Sun Co. and tho Beacon Oil Co. through each owning
50% of tho voting common stock.— V. 113, p. 1363.

B eth lehem S teel Co.— Bonds Offered.—Parsly Bros. &
Co. and West & Co. are offering at 100 and int. §500,000
Cornwall Ore Banks Purchase Money Mortgage 5 \A % Cold
bonds (see advertising pages).
D ated M ay 1 1921. duo M ay 1 1941. Int. payable M . & N . D enom .
$1,000 (c*). Red. all or part at 100 and int. on any int. date after at least
8 w eeks’ published notice. Penna. Co. for Ins. on Lives & Granting
Annuities, Ph ila., trustee. Free of Penna. State tax.
D e s c r i p t i o n o f P r o p e r t y . — The Cornwall Ore Banks and M ine Hills,
located in Lebanon C ounty, l ’a., comprise the only known large deposit of
iron ore in th e eastern part of the United States. Ih e property has been
in operation for over 150 years, and contains a very large tonnage ot high
grade ore. In recent years the Bethlehem Steel Co. lias, through various
purchases, acquired ail of the interests in the Cornwall Ore Banks and
M ine Hills properties, and is now tho sole owner of the property, with the
exception th at the Robesonia Iron C o., L td., is entitled to ore for one
" E W . — These bonds, of which $1,877,000 have been authorized and
issued, are a direct obligation of the Bethlehem Steel C o., and are secured
by a Purchase M oney M tge. on 19-96ths of the Cornwall Ore. Banks and
M ine Hills property, subject to the above right of the Robesonia Iren C o.,
Ltd. T his mortgage is a first lien thereon and there can be created no
mortgage liens prior thereto.
,
S i n k i n g F u n d . — Bethlehem Steel Co. covenants th at it w ill on M ay 1
of each year, other than 1922, 1923 and 1924, set aside for the redemption
of bonds at 100 and in t. a sum equal to l-17th of the entire issue. Redemp­
tion is to be made by lot. All bonds redeemed wall be cancelled. V. 11~,
p. 2540.

B eth lehem Steel Corp.— To Acquire Lackawanna Steel
Co.—Formal announcement was made May 11 that an
agreement had been reached for the acquisition of the
Lackawanna properties by tho Bethlehem Steel Corp.
.

O f f ic ia l A n n o u n c e m e n t R e g a r d in g M e rg e r.

“ E. G. Grace Pres. Bevlilehem Steel Corp., M oses Taylor, Chairman of
the board of directors of the Lackawanna Steel C o., and the com m ittee
appointed by it to deal with the matter, announced last evening [M ay 11]
th at they hail reached an agreement as to terms to recommend to their
respective boards o f directors and stockholders for the purchase by B eth­
lehem o f tho Lackawanna properties.
___ _ _
.
“ The transaction involves the use o f Bethlehem i % 1 referred and
Class B Common stock in paym ent for the properties.
•‘The derails are lining prepared for prompt presentation to the stock­
holders of tho respective companies. ’
.
Commenting on tno merger, tho New York Times says in part
‘The announcement, entirely unexpected in the financial district, was
a surprise to independent steel makers, and especially to the other ind e­
pendents who hail been counting upon both Lackawanna and Betnlehem
as probable component parts of the ’seven company com bination.
In
W all Street it was not generall known that such a merger would take
1)1 “ Directors both companies w ill meet M ay 16 to settle the final details
of tho deal
It is said, however, that all matters pertaining to the con­
solidation have been agreed upon, but that these could not bo mado public
until formal action is taken by the officials of both companies.
“ N ext Tuesday is also the day on which conferences w ill begin at the
offices of Kuhn, Loeb & Co. regarding the proposed merger of tho seven
independent compa-nics. in wnich. until yesterday it was expected the
Lackawanna Steel Co. would take part.
“As all of tho authorized capital stock o f tho Bethlehem Steel Corp.,
except $30,000,000 Class B Common, reserved for conversion of the 8 %
Prof, is outstanding, it w ill lie necessary for tne stockholders of the BetlileLackawanna deal. Should there be any need for underwriting new secur­
ities, it is understood that this w ill bo done by the Guaranty I r u s t Co.
and tho Bankers T rust C o., bankers for the Bethlehem.
“Mr Graco said that tlio acquisition o f the Lackawanna not only would
givo tlio Bethlehem a gateway to the markets in N ew England and tho
Eastern States, but it ‘also fits in nicely w ith the plans that Bethlehem
has for the future.’
,
.
.
. ~ ... .
, ....
,
"Tho Lackawanna acquisition, he said, gives the Bethlehem additional
capacity for commercial bars, which the company ’would have had to spend
money to develop at Sparrows P oin t.’ It also gives the Bethlehem an
opportunity to extend its operations, as the Lackawanna, w ill supply the
Now England and Lake States w ith steel rails, the product in which it
specializes whilo tho Bctuleliem can continue to supply tho Southern
markets, ’it also gives Betnlehem a market for structural plates in territory
w hich heretofore had not been reaheed.
“Tho combined companies w ill have an ingot capacity of about 5,000.000
tons annually, or which 1,800,000 tons is credited to Lackawanna and
3 200,000 tons to Bethlehem. T his compares w ith a capacity of about
22 000 000 tons for the United States Steel Corp. It is also less than the
capacity of tho six other companies m entioned in tho proposed ‘sevencom pany’ merger.
................ .
,
,
, ..
..
“The bankers connected with the ‘seven-com pany com bination said
that tho exclusion of tho Lackawanna would in no way upset their plans
•uid that, tliov would go ahead and combine the six companies. These
includo the Youngstown Sheet A Tube, Republic Iron & Steel, M idvale
Steel & Ordnance, Brier H ill Steel C o., Inland Steel C o., and Steel & Tube
00 “Th<fimtsttmdIng capitalization of the Bethlehem consists of $45,000,000

Class B Common stock and $14,862,000 regular Common stock; $14.­
908 t'OO 7% non-cumulative Preferred stock and $30,000,000 8 % Cumuiativo Preferred stock. The funded debt of the corporation is $137,508,892.

2120

THE CHRONICLE

‘Tho Lackawanna Steel Co. has an authorized capital stock o f S60,000,CO
O
Common, o f which there Is outstanding $35,168,500. while its funded debt
amounts to $18,249,000, o f which $10,862,000 matures April 1 1923.”—
V. 114, p. 1894.

B oston Chamber of Commerce R ealty T rust.— Pref.
Stock Offered.—B. T . Baker & Co., Inc., Boston, are offering
at 100 and div. $1,500,000 7% Cum. 1st pref. (a. & d.)
stock (see advertising pages).
D ividends payable Q .-F. Callable on any dividend date at 110 and div.
First N ational Bank of Boston, registrar.
C a p ita liz a tio n ( U p o n C o m p le tio n o f F in a n c in g ) .
.
--------------------------------------------------------- $3,600,000
First M ortgage.
7% C um ulative First Preferred Stock (par $100)____________ 1.500.000
7% Second l ’referred Stock__________________________________
700,000
xCommon Stock (no par value), 10,000 shares_______________
100,000
x Purchased by the Chamber o f Commerce for $100,000.
The First Preferred stock is tho only security offered to tho public in
connection w ith tho erection and financing o f the now building.
A group o f Boston banks has arranged to advance $3,600,000 for con­
struction of tho building, pending tho placing o f a permanent mortgage.
1 ho First Preferred stock we have arranged to purchase. Tho Second Pref.
stock has been subscribed by members o f tho Chamber o f Commerco and
tho 10,000 shares o f Common stock have been purchased by the Chamber
for $ 100 , 000.
The First Pref. stock w ill be preferred as to assets (subject only to the
$3,600,000 abovo referred to) valued at about $6,000,000, consisting of
land located in the heart o f tho downtown business district of Boston with
a frontage on Franklin, Federal and Congress streets, and a 12-story office
building of modern steel construction to bo erected thereon. T he two
upper stories w ill be occupied by tho Chamber of Commerco and tho other
ten stories w ill bo leased as offices and stores at profitable rentals. Tho
property w ill bo am ply protected by insurance.
N et income available for dividends on tho First Preferred stock after
liberal allowance for possible vacancies, for operating expenses, insurance,
taxes and interest on mortgage, is estim ated at $237,133, or more than ‘2H
tim es tho dividend requirements. Provision has been made for quarterly
paym ents of interest on the First Preferred stock from M ay 1 1922 until
dividends can bo paid out of earnings.
T r u s t e e s . — Tho trustees o f tho Boston Chamber of Commerco R ealty
T rust arc James J. Storrow (Lee, Iligginson & C o.), E verett M orss (Pres.
Boston Chamber o f Com m erce), John U. Macomber (Pres. Harris, Forbes &
C o .), Amory E liot (Real E state T rustee), Henry I. Ilarriman (Pres. N ew
England Power Co.)

[V ol. 114.

Richmond, Va., in April offered at 100 and int., $555,000
First Mtge. 20-Year 8% Sinking Fund Gold Bonds, Series A.

. D ated April 1 1922. D ue April 1 1942. In t. payablo A. & O. To bo
Issued: Series ‘ A ,’ $555,000 8s (this issuo): Series “ B ,” $250,000 8s (to bo
exchanged for old 6 s). American Trust C o., Richmond. V a., trustee.
D a t a fr o m L e t t e r of P r e s i d e n t R. H . H e m p h i l l , M a r c h 21.
C o m p a n y . — Incorp. Sept. 16 1912 in Delaware.
Engaged in tho pro­
duction and sale of artificial ico in the cities of Charleston, Columbia,
Spartanburg and Greenvillo, So. Caro., and in retail coal business in tho
sam ecities. Population, 151,000. Company at present tim e has attractive
contracts with the American Fruit Growers’ Express.
P u r p o s e . — To refund present outstanding bonds, reduce curront debt,
and provide additional working capital.
E a r n i n g s . — N et income, years ending D ec. 31, available for Fedoral
taxes, int. and deprec., after maintenance, are: 1918, $120,894: 1919,
$141,436: 1920, $121,521: 1921, $175,884.

Carson H ill Gold M ining Co.— Listing-.—Earnings.—
Tho N . Y . Stock Exchange recently authorized tlio listing of $200,009
capital stock, par $1 each, with authority to add $49,991 additional on
official notice of issuance.
P r o d u c t i o n a n d E a r n i n g s f r o m C o m m e n c e m e n t o f O p e r a t i o n s t o A u g . 31 1921.
,
8 Afos. 1921. Y e a r 1920.
Y e a r 1919.
Tons of oro m illed....................
113,255
105,156
72,387
Value of products recovered................
$729,226 $1,093,901
$992,150
Expenses, taxes, &c..............................
424,638
498,807
337,711
M ine developm ent expenditures_____
75,106
88,405
39,738
Interest and miscellaneous incom e_
_
2,892
2.403
160
T otal net earnings________________
$232,373
$509,091
$ 6 1 4 ,8 6 1
D eductions........................
112,348
243,549
3 1 1 ,9 8 5
N et profit for period______________
— V. 114, p. 1184, 1895.

$120,024

$ 2 6 5 ,5 4 1

$ 3 0 2 ,8 7 5

C entral A rizona L ight & Power Co.— Common Div.—

A dividend of 1% lias been declared on tho outstanding Common stock,
in addition to tho regular quarterly dividend of 2% on tho Preferred,
both payablo M ay 15 to holders of record April 29. During 1917, divi­
dends aggregating 2% were paid on tho Common stock; in 1918, 4%: in
1919, 4% , and in 1920. 2% .— V. 112, p. 2540.

C entral Coal & Coke Co.— Bonds Offered.—A. G.
Becker & Co., Halsey, Stuart & Co., Inc., and Ames,
B oston C onsolidated Gas Co.— Preferred Stock Bids.-— Emerich & Co. are offering at 100 and int. for 1923 to 1927
Tho company w ill sell in ono lo t 60,000 shares o f its 6 1 4 % Cum ulative
Preferred stock, par $100 each, at not less than par, a t public auction, at maturies and at 99 and int. for all other maturities,
the offico o f R. L. D ay & C o., 35 Congress S t., B oston, on M ay 31 at 84,500,000 1st Mtge. 6% Sinking Fund Gold bonds, Series
12 o ’clock noon. This stock bears cum ulative preferred dividends at tho
(See advertising pages.)
rate o f 6 H% per annum, payablo F. & A ., commencing to accrue on the “A .”

date o f issue, and is callable as a wholo or in part at $105 and int. on any
d iv . date upon 30 days’ notice; and the issue thereof has been duly author­
ized by the Departm ent o f Public U tilities of M assachusetts.
Tho terms and conditions of the sale are as follows: A certified check
for not less than 1 0 % of tno purchase prico shall bo deposited by the suc­
cessful bidder w ith the auctioneer upon acceptance of tho bid. and the
balance of the purchase prico shall be paid within 15 days thereafter. The
stock will be issued and temporary certificates will bo delivered to tlio
purchaser im m ediately upon full paym ent of tho purchase prico.
[The proceeds, it is stated, will bo used to retire notes and indebtedness
incurred in the purchase of tho E ast Boston and N ew ton & W atertown
Gas Cos.— V. 114, p. 2017 , 857.]

B rooklyn Edison Co., In c.— Listing.—
The N ew York Stock Exchango has authorized tho listing of $10,000,600
additional (auth. $30,000,000) capital stock, par $100, on official notico
of issuanco and paym ent in fu ll, making tho total amount applied for
$28,099,200.
The $10,000,000 o f stock was offered for subscription to tho stock­
holders o f record April 28 1922, at par, each stockholder being entitled to
subscribe for stock o f a par value equal to 5-9 o f tho par value o f the stock
registered in his name on such date. Right to subscribe oxpires M ay 29.
See offering in V. 114, p. 1769, 1656.

Burns Bros. (Coal) N. Y. C ity.— Resignations Refused.—

The board o f directors, at a special meeting held M ay 8 . refused to accept
the resignations of M ichael Burns as President and F. L. Burns as Treasurer.
President Burns, explaining his position, says in substanco: " I t is my
intention to send out a letter with request for proxies to the effect that if
this particular group which has been featuring itself in tho newspapers
recently as being in control o f tho company is telling tho truth, it will bo
im possible for me to serve in either capacity o f President or Director.
And it is m y intention to mention specifically in such a letter that proxies
o f this group will not bo used if sent in. If thoy have the power to elect
a board of directors they will have to vote their own sto ck .” Vice-President
F . L. Burns concurred in this. Tho annual m eeting of tho company will
be held M ay 25.

D ated June 1 1922. Duo serially, 1923-1942. Int. payablo J. & D . at
offices of A. G. Becker & C o., Chicago or Now York, w ithout deduction
for normal Federal income tax not in excess of 2%. Company will refund
Penn. 4 mill tax. First Trust & Savings Bank, Chicago, and M ichigan
Trust C o., Grand Rapids, M ich., trustoos. Donom. $1,000, $500 and
$100 (c*). Registerablo as joint obligation of Central Coal * Coko Co.
and D elta Land & Timber Co. to principal only. Red. all or part on any
int. date upon 60 days’ notico at a promium of y 2 of 1 % for each year or
part of year th at bonds havo to run to their fixed m aturity. A uth..
$7,000,000.
D a t a fro m L e t t e r o f P r e s . C h a r le s S . K e it h , K a n s a s C it y .

C o m p a n y . — Incorp. in M issouri in 1893, succooding to a businoss organ­
ized and operated continuously since 1871. Company is engaged in tho
business of mining and selling coal, and manufacturing and soiling lumber.
Operations, together w ith subsidiaries, extend over M issouri, Kansas,
Arkansas, Oklahoma, Wyoming, Louisiana, Texas and Oregon. It is
estim ated th at company owns or controls coal properties containing
260,000,000 tons of unmined and recoverable coal, and timber lands con­
taining 3,170.720,000 feet of merchantable yollow plno, fir and hard woods.
S e c u r i t y . — Secured by an absolute first mortgago on all coal and timber
properties now owned or hereafter acquired by Contral Coal & Coko C o.,
tho D elta Land & Timber C o., and by pledgo of 80% of tho stock of tho
Oregon American Lumber Co. (V. 113, p. 2318).
P u r p o s e . — Proceeds will bo used to retiro com pany’s bills payablo, out­
standing mortgage bonds and notes, and to provido additional working
capital.
S i n k i n g F u n d . — M ortgago provides th at company shall doposit with
trustee 5 cents per ton of all coal minod, and $4 per 1,000 feet of all timber
cut. Beginning threo years from dato of execution of mortgago, an addi­
tional deposit is roquired of $1 30 por 1,000 feot of all timber cut from tho
properties of tho com pany’s subsidiary, tho Orogon-Amorican Lumber Co.
E a r n i n g s . — Tho following condonsod statem ent covering tho past 20
years reflects tho earning capacity of tho business:
E a r n in g s — C a le n d a r Y e a r s .

T im e s
Y ear—

G ross.

D ep rec.
R es.

N e t O per.
E arn .

I n te r e s t
P a id .

I n t.
E a rn ed .

x l902 .................. $758,882
$118,404
$640,478
$71,557
8.95
x l9 0 4 ________ 1,450,012
322,182
1,127,830
140,702
8.02
1916...
..... 1,219,773
565,988
653,786
228,238
2.86
1918
2,795,320
1,052,995
1,742,325
225,490
7.73
1920 ................. 3,061,743
1,180,346
1.881,397
151,821
12.39
1 9 2 1 _______ 578,962
639,131
def.00,168
104,173
Co.— Quarterly Earnings.—
A v. p a. 20 y r s .l,366,394,
. , - ,
o 517,239
849,155
157,120
5.40
1921.
1920.
1919.
?cal years ended M ay 31.
______ $1,224,548
$382,156
in Further dat^a regarding^ history,^ earnings, dividends paid, &c., is given
______
506,302
250,337
$14,175
19,920 19,193

Permanent Stock Certificates Ready Mari 26.—

Perm anent engraved certificates for tho stock w ill bo ready M ay 26 for
Issuance in exchange for the outstanding temporary certificates at the Now
York Trust C o.— V. 114, p. 2017.

B u tte & Superior M ining
M a r c h 31 Q u a r t e r s —
N et val. zinc concontr’sN ot val. load concontr’sM iscellaneous incom e----

1922.
$496,966
______
16,805

T otal incom e________
Oper. costs, deprec., &c.

$513,771
698,321

Cerro de Pasco Copper Corp.—Production (in Pounds).

$14,175
259,999

$1,750,770
1,123,514

$651,686
a768,065

N e t profit
*def$184,550 def$245,824
$627,256 def$116,379
* N o provision has been mado for depletion.
See M ineral Separation N orth American Corp. below .— V. 114, p. 1894.

C alum et & A rizona M ining Co.— Production (in Lbs.).—
1922— April— 1921
In crea se. I
1922—4 M o s — 1921
D ecrease.
3,756,000
2,204,000
1 ,5 52,0001a 9 ,274,000 11.427,672
2,153,672
a Resumed operations early in Feb. 1922.— V. 114, p. 1656, 1538.

Cambria S teel Co.—Earnings.—
F o r C a l. Y e a r s —

1921.

1920.

N e t after Fed. t a x . . a l o s s $ l , 4 9 7 ,0 1 7 $ 1 3 ,6 3 4 ,0 0 0
Depreciation, &c.............. 1,791,973
3,312,164
Cambria Iron lease..........
338,720
338,720

D ecrease.

514,000

11922----- 1 M
19,126,000

o s . ----- 1921.

17,784,000

In crea se

1,342.000

C hevrolet Motor Co.— Not To Dissolve.—
A t an adjourned annual meoting of tho company M ay 8 tho stockholders
voted not to dissolvo. A t a meeting of tho directors In January, dissolution
was suggested.— V. 114, p. 1656.

Chicago Mill & Lumber Co.— Contract, &c.—
See M ississippi Valley Trust Co. below.— V. 114, p. 1185.

C hino Copper Co.— Mineral Separator Settlement.—
1919.
1918.
$ 6 , 8 6 9 ,8 0 2 $ 16 , 691,462

2,355,418
338,720

8,785,207
338,720

N e t incom e.............. /oss$3 627,710 $9,983,116 $4,175,664 $7,567,535
D ividends.............. ...........(1% )450,000 (8)3,600,000 (9)4,050,000(12)5,400,000
Balance, s u rp l u s . . . d e f . $ 4 , 077,7 10 $ 6 ,3 8 3 ,1 1 6
$ 1 2 5 ,6 6 4 $ 2 ,1 6 7 ,5 3 5
a After deduction of all expenses incident to operation, ordinary ropairs
and m aintenance, including provision for Federal taxes.— V. 112, p. 2194

C arolina (R. I.) Com pany.— Bonds Offered.—
Leonard-Kay & C o., Inc., Now York, in Apr. offered at 9714 and int to
?.80% ’
^ $ *st (cl°sod) M tge. Sinking Fund
N ew York' trustee ^ ar‘ ^ 1922. D ue M ar. 1 1937. Empiro Trust C o.,
Com pany’s mills have been operated for over 80 years and produce wool­
ens for suitings and overcoatings. Plant located at Carolina, R . I • has
an annual capacity of about 400,000 yards. Proceeds w ill bo used for addi­
tional working capital.
Tho plant, which formed part o f tho Poace Dalo Manufacturing Co was
acquired by John R. Hinchliffo, President, in 1918. During 9 m onths
ended D ec. 31 1918 net earnings before taxes and after doprociation
to $46,393, and for calendar year 1919, $91,622. Operations
in 1920 anti 1921 resulted in a loss. Capital stock consists o f $300,000
Common and $150,000 Preferred.

Carolina P ub lic Service Co.— Bonds Offered.—Brooko
Stokes & Co., Pliila., and Wheat, Williams & Co., Inc.,'




1922---- A p r i l -----1921.
4,830,000
5,344,000
— V. 114, p. 2018, 1894.

Seo Mineral Separation N orth American Corp. below .— V. 114, p. 2010.

C in cin n ati A battoir Co.— Receivership.—
On petition of a stockholder, Common Pleas Judge Caldwell at Cincinnati
named Charles W . H . Strebel as receiver.— V. 109, p. 274.

C ities Service Co.— Earnings.—
— 12 M o s . e n d . M a r . 31---------- M o n t h o f M a r c h — ■
„
,
1922.
1921.
1922.
1921.
Gross earnings................--$12,736,276 $23,007,442 $1,313,680 $1,440,751
Expenses ...........................
462,186
694,020
36,936
41,303
N e t e a rn in g s............. .$12,274,090 $22,313,422
Interest on d ebentures.. 2,137,145
1,954,081

$1,276,744 $1,399,448
185,999
175,985

N et to stock --------------$10,136,945 $20,359,341
D ividends on Pref. stock 4,875,885
4,747,419

$1,090,745
408,771

$1,223,463
403,337

$ 6 8 1 ,9 7 4

$ 8 2 0 ,1 2 6

N et to Common stock
and reserves--------------$5,261,060 $15,611,922
T otal surplus and reserves, $18,689,758.
— V. 114, p. 1895. 1769.

C itizens Gas Co. of In d ia n a p o lis.— Bonds Offered.—
Gavin L . Payne Co. and Fletckor-Amorioan Co., Indianap­
olis, are offering, at par and int., $1,000,000 7% 5-year
Gen. & Ref. Gold Bonds.
D ated M ay 1 1922. Duo M ay 1 1927. Int. payablo M . & N . at tho
. .£ v er ,n?er*
can N ational Bank, Indianapolis, trustco. Option to call
at 104 and Interest.

THE CHRONICLE

M ay 13 1922.]

Of the above Issue, only $450,000, or such portion of the same as aro not
exchanged for $450,000 bonds maturing M ay 1, aro presently offered the
public. Holders of the old $550,000 bonds maturing M ay 1 1923 may hav£
the privilege of exchanging for those new bonds for a certain period, which
may be terminated w ithout notice.
.
,
With tiio refunding com plete, this issuo also w ill have as collateral
$650,000 1st M tgo. 5s, which were up as collateral under the issue being
F° The C om pany controls w ithout competition the entiro gas business of
Indianapolis, a citv of 335,000 people. It has over 66,000 patrons.—
V. 114, p. 2018, 1895.

Clarke Bros., Ltd.— New Financing.—

Tho holders o f the first mortgage 7% gold bonds voted April 25: (a) to
create an issue o f $600,000 7% Prior Lien 75-yoar gold bonds.
(b) To waive all or any defaults that have occurred in tho mortgage
dated M arch 11 1919, or under the First M ortgage 7% G o l d Ponds
(c) To extend the maturities o f all First M ortgage 7% Gold Bonds, in­
cluding any now in default for fivo years from tho present respective dates
° ( d ) 1T o postpono tho security created by tho mortgago dated M arch 11
1919 and tho First Mortgage 7% Gold Bonds issued thereunder to tho
security to lie created by the proposed mortgago.
Holders of tho outstanding $238,500 Ref. bonds on M ay 1 also sanctioned
tho now issuo of $600,000 Period Lien bonds and consented to tho postpone­
m ent of tho commencement of the sinking fund required by tho trust uciai
securing that issue for fivo years.
,
,
,,
, .
„ f„,„
It is stated that tho now issuo will bo placed on tho markot within a low
days.— V. 114, p. 1656.

C leveland-C liffs Iron Co.— Results for 1921.—

“The company suffered a loss in operations o f $125,408 during 1921.
To this was added $1,530,229 for reductions o f in ven tories down to m aiket
or replacement values and $527,742 paid in dividends, making: the total
loss for the year $2,183,379. which, after being deducted, leaves a profit
and loss surplus on D ec. 31 i921 ot $29,992,016( Ir(,n -^8° M ay
— V. 113, p. 187.
•

Colts P a te n t Fire Arms Mfg. Co.—Offers to Purchase.—

Tho company has offered to purchase the assets o f the Johns-Fratt Go.
at $275 a share
Tho latter company has $150,000 capital stock out
standing (par $100). T he offer o f $2751 per share would thms E v o lv e a
total of $1 237 000. Tho directors o f the Johns-1 la tt Go. havo mailed
a circular to the stockholders recommending the acceptance of the oifer.
V. 114, p. 2018.

Columbia Petroleum Corp.— Haskell Group Acquires Int
B y contract just completed tho Haskell Group has acquired for one o f its
companies a large stock interest in Colombia Petroleum. As o f J a n . 1,
Columbia Petroleum Corp. sot forth an outstanding stock issue o f $1,000,000
an d ■current and deferred liabilities o f about $434,000. T his aggregate
o f liab ilities capitalized tho daily oil production a t approximately $1,800
P rUnderC
O
r lt'he contract with tho Haskell Group the contract: provide®; for the
liquidation o f tho entire current and deferred liabilities and additions to
a s s e t s , tho net effect o f which is to leave the o u ts ta n d h ig Common capital
stock the only lia b ility o f Columbia Petroleum. Of (ho $1,000,000 or tho
outstanding Common stock, sufficient thereof has been deposited under tho
contract to provido for the complete liquidation o f all liabilities and inci­
dental oxponses, including attorney's fees and all other item s.
. . .
T he newly reorganized management announces its rritcntioiiJto ma m ain
tho present, rate o f 1 % m onthly, w ith such additions as earnings from tim e
to tim e m ay warrant.

C o n n ecticu t Blower Co., H artford.— Sole.—

T he business of this com pany, including its machinery, tools, stock,
equipm ent, & c., has been purchased by the International Ulowci b o .,
Inc., also of Hartford. O. M . K eeney, Pres.— V. 114, p- 52b.

C onsolidated Gas Elec. Lt.

Power Co., B a lt.—

T otal gross income for tho quarter ending March 31 is reported as $5,­
268,447, an increaso o f $966,588 as compared witli the corresponding
quarter of 1921. N et earnings, after oxponses and taxes, were $1,988,749,
an Increase of $1,058,227. After fixed charges, dividends, &c., there
remained a surplus of $797,176, against $96,938 for 1921. an increaso of
$700,238. Gross Income from electric operations totaled $2,yuo,499. or
8460 803 moro than for 1921, while not earnings amounted to $1,214,708,
an increaso of $283,013. Gross incomo from gas operations amounted
to $2 367,947, or $505,784 over 1921, while net earnings totaled $774,040,
as against a deficit of $1,172 for 1921, or a gain of $775,213 — V. 114, p. 2018.

Consum ers Co., C hicago.— Notes Offered.—Whiting &
Co. Chicago, aro offering, at 9 9 ^ and int., yielding over
7.10%, .51,000,000 7% 5-year Cold Notes. Dated Jan. I
1922, due Jan. 1 1927, but callable at 102 and int. on any int.
date on sixty days’ notice. For further details set' atlvertisemont in another pago of this issue.—V. 114, p. 857.

2121

Feb. 10 to acquire, among other purposes, the property of D a ly Wes*
M ining Co. through the exchange of its stock for the 250.000 shares of
D aly W est stock share for share, authorized by tho stockholders.
T he Park C ity M ining & Sm elting Co. is capitalized at $7,500,000,
par $5- It is not tho intent to use any stock of this com pany as a bonus
or for underwriting or for promotion purposes.
Tho powers of tho Park C ity M ining & Sm elting Co. under its charter,
aro broad. T hey authorize the company to acquiro and operate m ines,
concentrators, reduction plants, smelters, power plants and transportation
lines. Tho com pany’s plans include the acquisition of various properties
in tho Park C ity district and for their operation on an enlarged scale. The
managem ent of the Park C ity company is in the hands of those who di­
rected tho affairs of the D aly W est Alining Co
A majority of the stockholders of the Judge M ining & Sm elting Co. have
signified their intention to exchange their stock for stock of the Park C ity
M ining & Smelting Co. in the ratio of 1 1-5 shares of Park C ity stock for
each share of Judge M ining stock.— V. 114, p- 1068.

D aniels Motor Co. (D el.).—Pref. Stock Offered.— Gilles­
pie, Meeds & Co., New York, are offering at 95 and div.,
to yield about 8.42%, 81,000.000 8% Cumul. Pref. stock,
par $1,00. See advertising pages.
C a p i t a l i z a t i o n . — Preferred stock outstanding (incl. this issue), $1,732,475
Common stock (no par value), 300,000 shares.
D a ta from L ette r of P res. G eorge E. D a n ie ls R e a d in g P a. M ay 1.
C o m p a n y .— Incorporated in Delaware.
The Daniels organization w a s ;
formed in 1915 and has been since its inception controlled and managed
by George E. Daniels and bis associates. Manufacturing plant, which
during tlie past year has been largely increased in size and capacity, is well
equipped to build the D aniels typo of car and has provided in advance for
any necessary expansion of its business which may follow.
P u r p o s e . — To pay off all bank loans and to increase working capital.
P r o s p e c t s . — Judging from the interest being shown in the car, and from
the contracts outstanding and in prospect, the business of the company
should in a short tim e bo equal to th at which it enjoyed when it increased
Its plant to meet tho public demand.
'
,
,
, , ,,
D i v i d e n d s .— Company in the past, on a lim ited production, has paid all
dividends on Its Preferred stock. W ith increased production, &c., earn­
ings should be sufficient easily to take care of the Preferred stock dividend
amounting approxim ately to $136,000 and also to leave a balance for
Common stock.
W a r r a n t s . — Each share of 8% Cum. Pref. stock accompanied by warrant
for two shares of Common stock, no par value, upon paym ent of $10 per
share at tho office of the Empire Trust Co. prior to Sept. 1 1922.
B a l a n c e S h e e t J a n . 31 1922 ( A f t e r T h i s F i n a n c i n g ) .
A s s e ts —
I L ia b ilitie s —
Cash In bank and on h an d. S329.6681 Preferred------$1,732,475
Accounts receivable______
105 ,4 5 2 1Common stock (300,000
742,4821 no par shares)188,846
In v e n to r ie s.___________
9 ,7 0 0 1Accounts payable204,916
Securities ow ned________
678,1961Fed. inc., &c., taxes, 1921
1,728
Land, bldgs., m ach., &c.
Other current assets------22,419
Organization exp , devel­
509,3291Res. for work under guar.
9,157
opm ent, good-will, &C-.
----------- 1M tge on prop, at Reading
50,000
T otal (each sid e)______$2,374,8271Surplus................... ...............
165,287
O f f i c e r s . — George E. Daniels. Pres.; N . E. Parish, V.-Pres. and Chairmyn; L. L. Gillespie, V.-Pres.; H. W . M ansfield. V.-Pres.; W . L. D avis,
Sec. & Treas.; J. K.Kheinlander, A sst. Sec., and R. A. Wctherhold,
A sst. Treas.
,
G illespie, M eeds & Co. have annouheed th at Paul du Pont, Pres, of
Du Pont M otor C o., and his associates have become actively identified
with the Daniels com pany. Mr. Du Pont has taken a substantial financial
interest in the company and it is further stated that other important
steps in connection w ith the affairs of the company are in ocntem plation.
TI10 Common stock of the company has been listed on the N ew York Curb.

D avis-D aly Copper Co.— To Resume Operations June 1.—
T he directors liavo decided to resume copper production a t tho Colorado
property on Juno 1, after a suspension since last N ov.
Tho directors havo voted to accept the bid of the E ast Tsutte Copper
M ining Co. for treatm ent of its ores for a period of two years.— V . 113, p.
2508.

Dome Mines Co., L td.— Capital Repayment.—-

It is stated on good authority th at the company will make another repay­
m ent of capital of $1 per sharo on Oct. 20.— (‘ Eng. & M ining Journal
M ay 0) •
In April last tho company made a capital repaym ent of $1 per share,
which reduced tho par value of the shares from $10 to $9 per share.
During April the comp.inv treated 27,354 tons of ore and produced
$377,438 gold. Average grade o f ore w as, it is stated, over $14 per ton
and the recovery $13 76 for each ton treated. The net profit amounted
to about $9 per ton, or approxim ately $ 250,000 for the m onth. I or the
first four m onths of the current year, the gross yield was about $1,300,000.
— V. 114, p. 1895.

(Jno.) D u n lo p ’s Sons, In c., N. Y. C ity.— Bonds Offered.
— Cassatt & Co. and Hambleton & Co. tiro offering at 100
and int. 81,000,000 1st (closed) M tge. 20-Year 7% Sinking
Otis
Grand Kapiq ,
.
.
.
.
„ Fund gold bonds. Due M ay 1 1942. Int. payable M . & N . at „
Dated M ay
1922.
Sea­
at 93 and int., to yield about 6.55%, 81,500,000 25-Year board N ational1Bank, N ew York, trustee, w ithout deduction for any Fed­
6% Ref. M tge. bonds, Series “A .”
eral incomo tax not in excess of 2% . Red. on any int. dato, all or part,
D ated April 1 1922. D ue April l 1947
Int. A. & O. at Cleveland (O.)
Trust Co trustee; Central Trust Co. of Illinois, Chicago, or Bankers Trust
Co N ew York. D cnem . $1,000, $500 and $100 (c*) • Red on 60 days’
notl’ on any int dato at 107 H up to and Incl. April l 1942; a t 105 there­
co
after to and lncl April l 1942, and at 102 thereafter. Company agrees
to pay normal Federal incomo tax up to 2% .
D a ta fro m L e t t e r o f R u f u s E . L e e

P r e s id e n t o f t h e C o m p a n y .

r n n ita liz a tio n —
A u th o r iz e d .
Issu ed .
1st Lien Coll. Trust 5s, 1 9 2 7 .............................................$5,000,000 $4,333,600
otv-Yoar ltef M tge 6s (this issuo)------------------a
1,500,000
S^Year 8 % Conv. debentures, duo Oct. 1 1925............. 1 ,000,000
936,900
6 % Cum ulative Preferred stock----------------------------- 5,000,000 2,367,700
Common stock..............
5.000.000 2.255.100
a Restricted by provls ons o f trust deed
.
„
,
C o m p a n y — Organized In 1912, controls 11 subsidiary companies, through
ownership of $9,262,839, or all, of their bonds and stocks outstanding.
Serves through these subsidiaries 99 adjacent cltlos and communities
located in Western Iowa and Eastern Nebraska and Brandon. M an., Can.
Population served, 152,000. ’lota] number o f customers over 41,000.
Supplies, w ithout com petition, electric light, power, heat, Ice and gas,
over 80% of its gross earnings being derived from the operations o f central
station electric plants which aro connected with tho various communities
by high tonsien transmission lines.
E a r n i n g s f o r 12 M o n t h s e n d e d F e b . 28—
1922
1921.
Gross in co m o ............................- ............................................$2,431,769 $2,035,933
Operating expenses, taxes and m aintenance................ 1,775,809 1,560,252
N e t earnings---------------------- ------ --------------------------655,960
475,681
Annual interest requirements on all mtgo. bonds out­
standing, including this Issu e......................................
306.680
...............
S i n k i n g F u n d . — Beginning April 1 1927, company will pay in cash to
the trustee 2 H % annually of the largest am ount of these bonds a t any tim e
theretoforo outstanding to retiro bands, or for extensions or additions to
tho properties for which no bonds can be issued.
P u r p o s e . — Proceeds will bo used for acquisition o f new properties and for
tho extension of existing properties.— V. 1 1 4 , p. 15 3 9 .

Cum berland T elephone & Telegraph Co.—Earnings.—
Total operating revenue for tho calendar year 1921 totaled $5,171,962,
of which $3,540,441 camo from exchange scrvico and $1,553,853 from
toll lines. Operating costs were $4,246,635. leaving a not revenue of
$925,327.— V. 113, P- 1987.

Cum berland Edison Power Co.— Acquisition.—
See Edison ICleotric Illuminating Co. below.

D aly W est M ining Co.— Successor Company, <
i’C.—

The corporate charter of tho company being about to expire on Feb. 14
last, tho P a r k C i t y M i n i n g & S m e l t i n g C o . was incorporated in Colorado




by lot, on 30 days’ notice at 107(4 and int. Penn,a. 4-m ill and Maryland
taxes refunded. Denom. $1,000 and $500 (c*).
D ata from L etter of P r e sid e n t G eo. M. D u n lo p , May 6 1922.
B u s i n e s s . — Business heretofore conducted by the firm of Jno. D unlop’s
Sons is to bo incorp. under above name. Was founded in 1864. Chief
nroduct of business is highest grade of silk yarn known in tho trade as
"Thrown Silks.” The firm has snecializnd more particularly in tho manu­
facture of tho highest grade of “ Organzine,” or yarn for warp. For the last
20 years volum e of sales has increased about 21 tim es.
Tho company is to acquiro and operate 3 plants at Soring Valley, M assena
and Olean, N . Y ., and the 5 plants at Shinglehouse. Coudersport, Galeton.
Benton and Shickshinny, Pa. Tho throwing plants total about 81,000
spindles and tho weaving plants 160 looms. Company is also to acquiro a
14-stor.v office building at 19 Madison A ve., N .
C ity.
S e c u r i t y . — Bonds will bo secured by a closed first mortgago on all of the
fixed assets to bo acquired, as through sale of Preferred stock existing mort­
gages of not exceeding $206,300 are either to be discharged or cash deposited
for th at purposo.
„
E a r n in g s fo r

C a le n d a r

Y ears.

1917.
1918.
1919.
1920.
1921.
x N ot earnings_______ $232,627 $339,091 $799,031
$42,128 $387,475
x N ot earnings from operations after all inventory adjustm ents, but be­
fore depreciation of plants. Interest and Federal income and profits taxes.
S i n k i n g F u n d . — Mortgago will provide for the paym ent to tho trustee of
$30,000 each year, payable one-half on M ay 1 and one-half on N ov. 1.
commencing N ov. 1 1922, to be used for purchase of bonds at not exceed­
ing 107)4) and int.
,
., ,
,
P u r p o s e . — To increase working capital to provide for the steady growtn
of the business.
, „
.
,,
P r e f . S l o c k I s s u e . — In addition to tho proceeds o f this issue, tho present
owners will invest $300,000 in cash in 8% cumul. Pref. stock at par, which
will be used in part to retire small outstanding mortgages.
C a p ita liz a tio n A f t e r T h is F in a n c in g —
A u th o r iz e d . O u ts ta n d g .
First Mortgago 20-Year 7s (this issu e)____________ $1,000,000 $1,000,000
8% Cum ulative Preferred stock___________________ 1,500,000
300,000
Common shares (no par valu e)____________________ 30,000 sh. 30,000 s h .

East Bay W ater Co., Oakland, C alif.— Application.—
Tiio company has applied to the California RR. Commission for author­
ity to Issue $3,000,000 Series B U nifying & Refg. M tge. 20-Year 6% gold
bonds and to issue for tho purpose of pledging with the M ercantile Trust
Co. $2,432,100 1st M tge. 5H % bonds. T he proposed new bond issuo Is
for refunding SI .250,000 outstanding 6% 50-Year Collateral trust gold
notes duo Aug. 1 1923. to reimburse treasury for construction work and to
provido funds for tiio 1922 construction program.
The company also asks authority to issue $504,000 Class A 6 % Cumula­
tive Preferred stock, tho proceeds to be used for treasury reimbursement
and projected additions and betterm ents.— V. 114, p. 310, 743.

212%

THE CHRONICLE

E a stm a n K od ak C o.— Listing.—
The N . Y . Stock Exchango has authorized tho listing, on or after M ay 10
1022, o f 2.003,000 shares o f Common stock, no par value, on official notice
o f issuanco in oxchango for 200,300 shares o f Common stock now outstand­
ing. Par S100 each, with authority to add 55,620 shares of Common stock,
no par value, on official notice o f issuanco and paym ent in fu ll, making tho
total am ount applied for 2,058,620 shares.— V. 114, p . 2010.

E d iso n E lectr ic Iliu m . Co. of B o s to n .— Fiscal Year.

The company has changod its fiscal year to end D ec. 31, instoad of June
30. N o roport will be Issuod for the 6 m onths ending D ec. 31 1921. It
is stated th at tho next roport to be issued will cover the 18 months ending
D ec. 31 1922.— V. 114, p. 952.
b

E d iso n E lec tr ic I llu m in a tin g C o., C u m b erla n d , Md
Merger o f this company and tho Cumberland Electric R y ., both of Cum
berland, M d.. is provided for in a charter filed in M ary and by Townsend
Scott & Son, bankers, who, with associates, some m onths ago acquired con
trol o f both properties.
T he now corporation is to be known as tho Cumberland Edison Power
C o. and will have an authorized capital stock o f 35,000 shares of Preferred
(par 8100) and 10,000 shares o f no-par Common stock.

E d m ond s Oil & R e fin in g C orn.— Accused.—
C om plaint was issued by the Federal Trade Commission M ay 2 against
this company for alleged violation o f law in connection with tho sale of its
stock to tho public. Tho Commission charged the company had deceived
the public by misleading advertising and indulging in other questionable
practices. See also V. 113, p. 298.

E lec tr ic Co. o f N ew J e r se y .— Bonds.—
T he Now Jersey P. U . Commission has perm itted the company to issuo
$230,000 1st M tge. bonds. See V. 114, p. 1412.

E lec tr ic S tora g e B a tte r y C o.— Listing.—

T he N . Y . Stock Exchango has authorized the listing, on or aftor M ay 1,'.
o f 795,673 shares o f Common stock, no par value, on official notico of issu
anco in exchange for the presont outstanding Common stock, par .8100, with
authority to add 3,500 shares o f said Common stock, no par value, on of­
ficial notico o f issuanco upon conversion of Preferred stock, making the total
applied for 799,173 sharos. See also V. 114, p. 1770, 1657.

Em pire S te el & Ir o n C o.— Opposition to Replogle Offer
R . M . Bryan, N ew York, acting for m inority stockholders in a lotter
M ay 9 says:
"T he directors have approved the salo o f your shares to tho Replogle
Steel Co. for $65 for Preferred and $15 for common, which in my opinion
and numerous other m inority holders, represents but a fraction of their
real worth.
“ A protective com m ittee o f the minority stockholders is now being formed,
and you aro invited to co-oporate with them to tho end th at your interests
bo protected.
"T he last balance sheet o f Empire shows assets abovo liabilties that
would permit of the liquidation of tho company at par and div. for the
Preferred, and par and alm ost additional par for the Common. Sinco
D ec. 31 the affairs of Empire should reflect tho better business that obtains,
especially at this tim e, in steel and iron. Wo strongly advise against your
selling your stock to Iteploglo at tho prices offered w ithout first investigating
tho conditions of tho Empire and o f tho prospects for tho futuro."— V. 114
p. 1657.

F a ll R iver Ga3 W orks C o.— Slock Application.—
The company has petitioned the M ass. D epartm ent o f Public U tilities for
authority to issue 3,756 shares additional capital stock ($100 par) and to
offer samo to stockholders a t $170 per sharo. Proceeds are to pay off
floating indebtedness incurred for additions and improvements past and
contem plated.— V. 114, p. 2019.

F o rt Oransrs P a p er C o.— Notes Called.—
All o f the outstanding 7% Serial gold notes, dated M ay 1 1919, have
been called for paym ent Juno 12 at par and in t., togotlier with premiums
thereon, as follows: Series" D ” at 101 and in t., Series“ E ” a t 102 and int.
and Series " F ” a t 103 and int. All notes w ill bo paid at tho Guaranty
Trust C o., 140 Broadway, N . Y . C ity.
Peter C. Brashear is President.

[V ol. 114.

last; V. 114, p. 1654.] Business founded at E ilicott C ity, M d., in 1774,
and has since been in continuous operation. Company manufactures
and markets flour and allied products, its principal output boing “ Patapsco
superlative flour. ’ Of the coreal products tho best known is’ ‘ Pat-A-Cako” .
E a r n i n g s .—-The former company and its prodocossors had an excellent
record of earnings for a period of 150 years, which was interrupted only by
the unprecedented conditions resulting from war tim e prico control and
post war deflation. During the fivo years ending June 30 1917 not oarnings
from, fko smaller plant then in operation avoraged 3 ] 3 tim es tho interest
/
requirements of ttiis entire bond issue. It is estim ated th at earnings from
tho now plant, under the new management, should amount to 4 tim es the
bond interest during the coming year.
S i n k i n g F u n d .— Sinking fund that will retiro tho ontiro issuo by matur­
ity, with a minimum of $30,000 per year, payable sem i-annually.
P tir p o se .
Proceeds w ill be utilized in reimbursing the treasury in part
sj the cost of the com pany’s plant, property and other assets and to pro­
vide additional working capital.
C a p ita liz a tio n —
A u th o r iz e d .
Issu ed.
First M ortgage 7s (this issuo) .................
$f)00 ,0n0
$600,000
7% Cumulative Preferred stock (par $50).................
500,000
200,000
Common stock (parS50)....................................
700 000
— V. 114, p. 1658.
.....................
............
/ uu.uuu

G en era l A m erican T a n k Car C orp.— L i s t i n g .—
The N . Y . Stock Exchange has authorized the listing of $7,367,500 7 %
C umulative Preferred stock, par $100, with authority to add $2,212,800
additional on official notico of issuance and paym ent in full, making the
total amount applied for $9,580,300.
The capital stock of "th e West Virginia com pany” was increased from
l-TOOOBOO (par $100) to $3,500,000 on M ay 17 1921. This additional
ooOO.OOO of capital stock was issued for full value to, and is now held and
owned by the N ew York corporation. Tho capital stock of the W est Virginja company was further increased to $4,000,000 on Mar. 27 1922. This
additional $500,000 o f capital stock was acquired by the Now York corpora­
tion on April 1 1922 and in paym ent thereof tho latter issued 25.000 sliaros
i%
C um ulative Preferred stock, which Preferred stock was sold and the
proceeds turned into the treasury of tho West Virginia company as working
capital. 12,872 shares of Preferred stock were also issuod M ay 1 1920 as
part consideration for $500,000 of capital stock of tho W est Virginia com­
pany and were sold for $1,737,720 cash, which was turned into tho treasury
as working capital.
The corporation has no mortgago or funded debt. The West Virginia
company has outstanding (as of Dec. 31 1921) car trust bonds and car trust
certificates amounting to $11,855,000. See also V. 114, p. 1292, 1186,527.
G en eral A sp h a lt C o.— E a r n i n g s .—
President Arthur W . Sewali at tho annual mooting M ay 9 stated th at the
-v'" probably show a loss from operations during tho first quarter
of 1922 of between $400,000 and $500,000. T his loss, howover, is about
2 nF
.“t,hlrtl *ess than that reported for tho samo poriod in 1921, whon the
deficit was about $750,000. Early months usually aro unprofitable, owing
to the nature of tho com pany’s business, and normally this loss ranges
around $200,000 to $225,000 for tho first three m onths of tho year. In the
first quarter of the presont year M arch shows improvement over February.
( Phila. Nows Bureau” M ay 9 ).— V. 114, p. 1888.
G en eral E lec tr ic C o.— A p p r o v e s N e io S to c k .—
Tho stockholders on M ay 10 voted to incroaso tho authorized capital
stock by $35,000,000 by issuing 3,500,000 shares of Common stock, par
$10 each. (For rights and purpose of issue seo V. 114, p. 1770.)— V.
114, p. 2019.
G en eral M otors C orp .— S u b . C o . S a le s . —
II. II. R ic e, President of tho Cadillac M otor Car C o., a subsidiary, says
in substance: "Cadillac sales for tho first four months of the current year
w ero2)3 tim es those of tho corresponding period last yoar.”— V. 114, p.1896.
G en eral N e c e ssitie s C orp.— L is te d o n D e tr o it S lo c k E x c h .
The Board of Governors of the Detroit Stock Exchange M ay 2 accepted
for listing the $4,213,260 outstanding Common stock of tho corporation.
N et oarnings applicable to dividends in the past fivo years were as follows:
1917, 3160,616: 1918, $103,725:1919, $244,531: 1920, $365,002; 1921, $502,0')9.
Tho Common stock is on an 8% dividond basis. It has paid this divi­
dend since organization, and in addition an 80% stock dividend in 1920.
— V. 113, p. 735.

F ra n cisco S u g a r C o., C am agu ey, C u b a .— Bonds Sold.—•

G ood year T ire & R u b b e r Co. of C a n ., L td .— Earns.—

Bankers Trust Co., Now York,; Union Trust Co., Pittsburgh,
and Harris, Forbes & Co., New York, have sold at 100 and
int. $5,000,000 1st (closed) M tge. 20-Year 7 X % Sinking
A
Fund gold bonds (seo advertising pages).

N et profits for the 6 months ending March 31 1922, was $251,294, after
deducting $204,328 for depreciation, but boforo inventory adjustm ents
Vice-Pres. C. II Carlyle states that curront assets amount to $6,340,507,
as against current liabilities aggregating only $738,919.
The balance sheet, M arch 31 1922, shows: Cash, $579,737 (Sept. 30
1921, $870,275); accounts receivable, $2,807,228, accounts payable,
$400,924; profit and loss surplus, $552,183.— V, 113, p 2085.

D ated M ay 15 1922. Duo M ay 15 1942. Denom . $1,000 and $500(c*).
Int. payable M. & N . 15 without deduction for normal Federal income tax
up to 2% . Penna. 4-m ills tax refunded. N o t redeemable (other than
through sinking fund) until M ay 15 1932. R ed., as a whole, on M ay 15
1932 and on any int. date thereafter on 30 days’ notice at following prices:
110 and int. in 1932, the premium decreasing one point thereafter annually.
Prin. and int. payable a t Bankers Trust C o., N ew York, trustee.
S i n k i n g F u n d . — An annual sinking fund is provided commencing M ay 15
1924, which will retire tho ontire issuo by m aturity, either through purchaso
or annual call by lot. Bonds m ay bo called for the sinking fund at not less
than 110 and int. on each M ay 15 1924 to 1932 incl. and at one point
less premium on each succeeding M ay 15 thereafter.
D a ta from L otter o f P res. M anuel R io n d a , N ew Y ork, M ay 10 1922.
C o m p a n y . — Incorp. in Now Jersey in 1899.
Is a self-contained, low-cost
sugar producer located in tho Province of Camaguoy, Cuba. Company has
produced continuously sinco tho crop of 1901-02. In 1919 acquired and
now owns tho ontiro outstanding capitalization of the Compania Azucarera
Elia. Both properties aro served by a 109-milo railroad o f standard gauge
jointly owned by the two companies, which connects tho mills w ith the port
of Guayabal and has branches throughout tho cano fields.
The companies own 91,000 acres, and in addition leaso or control 68,000
acres. About 54,000 acres aro now planted in cano.
P u r p o s e s . — Proceeds will bo used to call the $1,121,300 1st M tgo. bonds
now outstanding, to fund current debt and to supply additional work, cap’l.
S e c u r i t y . — Closed 1st M tge. on all tho fixed properties o f Francisco Sugar
Co. and additionally by pledge of $2,500,000 1st M tgo. bonds and $2,100,­
000 stock of tho Compania Azucarera Elia.
C o n s o l i d a t e d P r o d u c t i o n a n d E a r n i n g s f o r Y e a r s e n d e d J u n e 30.
P ro d u c tio n
in H ags.

O p e r a tin g
P r o fits .

O th e r I n c o m e x A v a i l a b le f o r
(E a rn e d I n t.)
I n te r e s t, & c .

1912............................... 214,800
$821,389
$6,986
$828,375
1914................................293,334
516,220
10,195
526,415
1916....................
326,016
1,365,124
33,250
1,398.374
1918...........
-.4 4 3 ,8 3 6
1,921,677
100,856
2,022,533
1920 ............................484,383
3,878,507
58,899
3,937.405
1921 .....
471,521
1,258,752
106,557
1,365.309
x Earnings applicable to interest boforo depreciation and income taxes.
C a p ita liz a tio n —
•• A u t h o r i z e d . O u l s t a n d ' g .
First M ortgago bonds (this issu e)......................... .........$5,000,000 $5,000,000
600,000
Serial notes (6% ), due $150,000 ann. 1922-26___ ________
Capital sto ck ...................................................................... 6,000,000
5,000,000
— V. 113, p. 76.

F rien d M otor C o.— Sale.—
Tho N ational Bank o f Pontiac, M ich., has bought tho property of tho
company at receiver’s salo for $150,000. Tho property previously had been
appraised a t $450,000.— V. 113, p. 965.

(G. A.) Gambrill Mfg. Co., In c., Baltim ore. — B o n d s O f­
W. Lanahan & Co., West & Co. and Atlantic
Trust Co. are offering at 95K and int., to yield about 7 A % ,
X
.5600,000 1st (closed) Mtgo. 15-Year Sinking] Fund gold 7s.
‘

f e r e d . —W.

D ated M ay 1 1922. Duo M ay 1 1937. Int. payable M . & N . at A tlan­
tic Trust C o., Baltimore, M d., trustee. Red. a t 105 and int. Company
agrees to pay tho normal Fodoral income tax not to oxcoed 2% , and to re­
fund tho Maryland and Penna. Stato and personal property taxes.
D a ta from L etter o f V .-P rcs. R. G. M acgill, B a ltim o re, May 2.
C o m p a n y .— Successor to C. A. Gambrill M fg. Co. of Baltim ore C ity,
whose ontire milling plant, including good-will, patonts, &c., will bo ac­
quired by purchase. [The property was sold at trustees’ salo on Feb. 20




G orton -P ew F ish e r ie s C o.— P r e f . S to ck P r o te c tiv e C o m m it­
tee F e a rs E q u ity o f P r e f . S to c k h o ld e rs l i a s A lm o s t D i s a p p e a r e d .
The protective com m ittee of Preferred stockholders in a lotter to Preferred
stockholders says the reorganization plan sponsored by tho com m itteo, and
which followed suggestions from the creditors’ com m itteo, has been rejected
by the creditors. The letter says in part:
“ We could not recommend you to subscribe under tho reorganization
plan outlined by tho creditors’ com mitteo, bocauso tho provisions for tho
stockholders who did not subscribe new monoy woro so inadequate.
“ We understand that no largo amount of subscriptions came in in rosponso
to Pres W ebb’s circular, and we ourselves woro invited to endoavor to have
this subscription underwritten, and to subm it names for a now manage­
ment. Wo subm itted names which were entirely satisfactory and got tho
money underwritten. Wo also modified the plan by arranging ttiat the old
Preferred stockholders, whether they subscribed or not, should receive ono
sharo of new Common stock for each presont share of Preferred stock, and
that tho holders of the present Common stock should have tho right to sub­
scribe for one share of now Common stock for each 10 shares of Common
stock which they now hold, on a favorablo basis
“ Tho plan was then subm itted to a largo gathering of creditors on April 24
and rojected. This result surprised us because wo had followed, so far as tho
banks were concerned, the plans subm itted by Mr. Webb on March 29,
prepared, as wo understand, at the request of tho creditors’ committeo.
Subscriptions under that plan were to bo sent to tho Chairman of tho
creditors’ com m ittee. Mr. Webb stated in his letter to tho stockholders
th at it had been subm itted to and was approved by tho creditors’ committeo,
and the Gloucester banks had boon strongly urged to underwrite with this
understanding. Our plan also exactly followed tho suggestion contained
in the letter to the Chairman of our committeo from tho Chairman of the
creditors’ com m ittee dated April 10.
“ Tho only suggestion made by tho banks was th at thoy would take a
mortgage for 3700,000 in part paym ont of their debts, and assignment of all
cash and other quick assets as security for tho balance. This proposition
was not satisfactory to us as the company needs a largo am ount of quick
capital.
M eanwhile wo regret to say th at tho affairs of tho company do not seem
to be progressing any more favorably, and wo foar that your oqulty has
alm ost disappeared. Wo shall continuo to w atch tho situation and endeavor
to secure fair treatm ent for you in any plan of reorganization which may
bo evolved.” See plan in V. 114, p. 1658.
G reat L ak es T r a n sit Co . — A n n u a l R e p o r t .—
N e t income for the calendar year 1921 amounted to $917,460. D ividends
of l % % quarterly have been paid on tho Pref. stock incorporation. In
1921 tho company paid $5 per share on tho outstanding 100,000 shares
of Common stock, no par.
B a l a n c e S h e e t D e c . 31.
1921.
1920.
1921.
1920.
A s s e ts —
$
$
L ia b ilitie s —
$
$
P lant, equip­
Common sto c k . 750,000
750,000
ment, &c___ 5,136,393 4,933,030 Preferred s to c k .2.750,000 2,750,000
C a sh ................... .1,110,855
872,761 Funded d e b t .. . 1,000,000 1,385,000
Tangible assets. 750,000
750,000 Working lia b il..
166,258 279,408
Working assets. 377.617
345,526 Opcr. reservo—
682,278 354,471
Deferred dobits.
2 3 ,4 l9
89,104 Doprec. reservo.
891,917 003,021
Deferred lia b il..
161,414 20,002
T otal (each
Approp surplus.
701,524 701,524
s id e ) ...........7.398,284 6,990.421 _________ lo s s .. _______
Profit and ____
294.890 _______
146,994
The company recently acquired the Lehigh Valloy terminals at Chicago.
— V. 112, p. 2088.

THE CHRONICLE

May 13 1922.]

H a b irsh a w E lec tr ic C able C o.— Reorganization Suggested
T he stockholders’ protective com m lttco has suggested a plan o f reorgani­
zation calling for an assessment on Common and i’ref. shareholders. This
plan is being considered by the creditors’ com m ittee. It calls for an assess­
m ent o f $2 a share on the Common and $25 a share on Pref. stockholders.
T hey would receive in return ono share o f either Common or Pref. stock
for each share turned in; also tho equivalent o f the assessed amount in a
second mortgage bond to run probably 20 years.
,
Tho company has outstanding $2,000,000 C onv. 7% D ebs., Series A,
due 1935; 135,000 shares of no par valuo Common; $1,340,700 8% Cum.
Prof, stock (par $100).— V. 113, p. 2621.

H ayes W h eel C o., D e tr o it. — Stock Dividend of 22%—
To Change Par Value of Shares from $10 to No Par. —
T he company proposes: (a) to declare a 22% stock dividend, which will
increase the number o f shares outstanding from 163,332 to 200,000. the
total authorized, and (b ) (o change the par value o f tho shares from $10
to no par.— V. 114, p. 1292.

(Edw ard) H in es A sso c ia te d L um ber I n te r e s ts .— Bonds.
($207,000) 1st M tgo. 8% Serial Gold bonds, of $1,000 eac}?' dated
July 1 1921, 156 bonds o f $500 each and 150 o f $100 each (total $300,000) .
all maturing July 1 1924. have been called for paym ent July 1 a t 102 and
int. at the C ontinental & Commercial Trust & Savings Bank o f Chicago.
Seo offering in V. 113, p. 298.

H o llan d -A m erica L in e .— Capital Stock Shares.—

Blako Brothers & Co. recently offered a block of tho capital stock. Shares
500 guilders each. Authorized, 50,000,000 guilders; unissued, 25,000.000
guilders; outstanding, 25,000,000 guilders.
. . ,
P
Of tho outstanding stock, 7,435,000 guilders are in tho form of original
shares and tho balanco o f 17,565,000 guilders Is represented by shares or
tho “ Joint Ownership Company" (N . V. Gemcenschappolyk IUgendom van
Aandeelcn Holland Amerika Lyn). This “ Joint Ownership Company for
Holland-America Line Shares” was formed in 1915 to hold tho m ajority ot
tho capital stock and thereby secure permanency o f control. 1 no Joint
Ownership Com pany” created 125,000 guilders of 4% Prof, shares in which
voting rights aro vested and which can only bo held by Dutch nationals.
For every “ Joint Ownership C om pany” ordinary share issued an original
share of the Holland-America Lino o f like nominal amuont is deposited and
tiio same dividends aro distributed on “ Joint Ownership Company shares
and Holland-America Lino original shares.
, , ...._ ....... ,,
P r i c e s o f S h a r e s .— Tho certificates o f tho
Joint Ownership Company
(par value f.500), have sinco their creation, sold within tho following range
o f prices, which aro all expressed in percentage:
1915
1916
1917. 1918. 1919. 1920. 1921.
H igh ......................3 5 1 14 % 446% 434%
430% 507% 525% 305%
L ow ___________ 308%
322% 327 H % 325% 345% 240% 109%
.
Tho certificates o f tho “ Joint Ownership Company are listed on the
Amsterdam Stock Exchange. Tho last increase o f capital A?0
1919. when 5.000,000 guilders wero offered to, and taken b y, the share­
holders at 327% (at normal exchange about $6.>4 per share o f .>00 guilders)
Comparo offering o f 25-year 6% sinking fund bonds in V . 114, p. 1771.
T he Now York Stock Exchange h is adm itted to tho llst tlio 30,000,000
guilders 25-year 6% sinking fund bonds, duo M ay 1 1947, when issued.
V. 114, p. 1771.

H o ls to n C orp. — Guaranteed Notes Offered.— Dawson,
Lyon & Co., Now York, aro offering at price to yield 6.50%
$400,000 5% Realty & Coll. Trust Conv. Notes, due Apr. 1
1926. Guaranteed principal and interest by endorsement
by the Carolina Clinohfield & Ohio Ry.
These notes are soctircd by a first lion on real estate valued at $2,000,000,
including a terminal property o f 150 acres in the city o f C harleston, S. O.,
and also by collateral doposit o f $1,500,000 Preferred stock o f tho Carolina
Olinchficld & Ohio R y.
T) ~
,,
Earnings o f tho Carolina Clinchfiehl & Ohio R y. Co. for 1921 applicable
to interest charges, $2,633,544. Interest requirements on the total $1,­
500 000 Holston Corp. notes only $75,000 per annum. Seo also V. 103,
p. 1595.

2123

In v in c ib le Oil C orp.— E a r n i n g s .—

3 M o s. (•
M a r . 31 ’22.
Earnings from operations______________________ 51,516,237
88,808
Other incom e_________________________________

Y ear E nd.
D e c . 31 ’21.

- $1,605,045
149,721

$4,173,531
661,686

$1,455,324

S511,845

377,190

819,200

P e r io d —

Interest and discount paid.

D evelopm ent, including drilling expense, A c., law
fu lly deductible for taxation purposes

$1,130,026
43,504

N et income, before deplo., deprec., &c------------ $1,078,134 def.$307,355
Surplus (adjusted) D ec. 31 1920. S13,511,835; less divs. paid
by subsides to minority interests during 1921 ($239,844)—
$13,271,991
Surplus applying to minority capital stock--------------------------1,071,686
Surplus applying to Invincible Oil Corp__________________ a $ ll,8 9 2 ,9 4 9
a Before depletion, depreciation, &c.
.
.
,
,
Andrew Querbes, Edward W ise and W illiam P . H aw ley have been
elected directors, succeeding S. M . Schatzkin, Craig C olgate and 5 . 1?.
Perkins.— V. 114, p. 1068.
Ir o n Cap C opper C o.— E a r n in g s — P r o d u c t i o n .—
T his com pany, which resumed p:reduction early in February, reports:
P r o d u c t i o n . F e b . 1922.' M a r . 1922.
E a r n i n g s — F e b . 1922.
M a r 1922
R eceipts___
$43,643
559.376 C opper___ 423,920 lbs. 583,934 lbs.
6.645 oz.
_
47,410
49,244 S ilv e r ______ 5,059 oz.
E xponsos_
B a la n c o ____loss 3,767 prof.10,131 G o ld ................ 56,297 oz 88,357 oz.
— V. 114, p. 1771.

J a c k so n M otor S h a ft C o.— Extension of Notes.—
A m ajority of the holders of the 5175,000 7% D eb. N otes which becamo
duo Mar. 1 1922, having deposited their notes for extension for one year to
M ar. 1 1923, the extension agreement was declared operative Apr. 10.
Tho M ar. 1 1922 int. is being paid to holders of certificates of deposit ""dio
present their certificates in order that the proper endorsement m ay be made.
Only a small number of holders of these notes have failed to deposit their
notes. All noteholders who have not already deposited should send their
notos prom ptly to Chicago Trust Co. for deposit and receive their M ar. 1
interest.
m • _
P r o t e c t i v e C o m m i t t e e .— John W . O’Leary, V.-Pros. Chicago T rust Co.;
W alter .1. Engle, Continental & Commercial Trust & Savings Bank; Stan­
ley G. M iller, Russell Brewster & C o., w ith AV. T . Anderson. 7 AV. M adison
S t., Sec’y , and Henry .1. & Charles Aaron, 76 AV. M onroe S t., Chicago,
counsel.— V. 108. p. 1514.

(A n drew ) J e r g e n s C o., C in c in n a ti, O h io .— Notes Called•
All of the outstanding 7% serial gold notes, dated N ov. 15 1918. Series
“ B ” ($225,000) and Series " C ” ($200,000) have been called for paym ent
M ay 15 at 100 y 2 and interest and 101 and interest, respectively, at the
Central T rust Co. or at the com pany’s office, both at Cincinnati, Ohio.
— V. 107. p . 2010.

J u d g e M in in g & S m e ltin g C o.— Exchange Offer.—
Seo under D aly AVost M ining Co. above.— A7. 111. p. 901.

(S. S.) K resge C o.— April Sales.—

1922----- A p r i l ------- 1921.
$5,208,330 $4,391,968
— V . 114, p. 1897, 1659.

| 1922----- 4 Mo*.— 1921.
In crea se.
$816,362IS17.050,173 $15,701,422 $1,348,751

In crease.

(S. H .) K ress & C o.— A p ril Sales.—

1922---- A p r i l -----1921.
$2,396,041 $2,159,064
— V. 114, p. 1659. 1186.

1922----- A M o s . ------1921.
$236,9771 $7,996,527 $8,257,103

I n c r e a s e .]

D ecrease.

$260,576

L a c k a w a n n a S te e l C orp.— Merger With Bethlehem.—
Seo Bethlehem Steel Corp. above.— V. l i 4 , p. 1650.

L a cled e G as L ig h t C o.— Earnings.—

H ood R u b b er C o.— Permanent Notes Ready.—

Gross earnings for tho 3 m onths ending M arch 31 1922 amounted to
$2,059,973. Surplus for the quarter, after interest charges and Preferred
dividends, $136,029 — V . 114, p. 744.

H o u sto n L ig h tin g & P ow er C o.— Stock Offered.—

Operating profit for the three m onths ending March 5 1 1922 totaled
approxim ately $67,000. After all charges the net profit was about $41,000.
T his compares w ith a net loss for the previous quarter of 554,21)0- V . 113,
p. 2727.

I’crinanont 7% Sinking Fund gold notes, due D ec 1 1936, aro now ready
for dolivery at the First N ational Bank o f B oston, trustee, 70 Federal S t.,
Boston M a ss., upon presentation and surrender of tho outstanding tempor­
ary notos (soo offoring in V. 113, p- 2824). V. 114, p. 1413.
The company has sold locally $500,000 7% C um ulative Pref. stock.
Tho stock was offered either for cash (at $94) in full at tim e of subscription
or (at $95) on tho installm ent plan of $10 at tim e o f subscription and $10
m onthly thereafter. See V. 114, p. 1658.

H o u s to n O il Co. of Toxa3.— Earnings.—

R e s u l t s for 3 Mos. e n d i n g M a r c h 31—
Gross earnings from o il..............................................—
Other tncomo.................................. ....................- ...........-

1922.
. 1921.
S840.794 $1,020,796
17,549
---------

T otal Incomo...................- ...............................................
Expenses and taxes--------------------------------------------

$858,343
183,582

$1,020,796
144,365

$674,761

$876,431

xN ot earnings________________________________

xB oforo allowing for depreciation and depletion.— V. 114, p. 1186-

I n d ia n R e fin in g C o .— N e w F in a n c in g P r o p o s e d .— Theodoro L. Pomoroy in a letter to tlio Preferred stockholders Apr.
27 says in brief:

N e e d o f I m m e d i a t e F i n a n c i n g . — From the annual statem ent for 1921 (seo
a preceding page), it is apparent that it Is necessary for the company to re­
finance itself without delay. After careful consideration tho directors have
gocidod ttiat tho only practical way to raise money a t tho present tim e is
by a band Issue (which it is estim ated should am ount to $7,000,000).
O u t s t a n d i n g O b l i g a t i o n s S e p t . S O 1911.— On Sept. 30 1911 company had
outstanding $7,394,675 liabilities as follows, which wero all paid out of

First mortgage bonds___ $ 4 ,0 0 0 ,0 0 0 1Real estate mortgages-----$39,900
Oar trust notos.....................
762.564 (Current obligations--------- 2,592,211
B a n k R o a n s .— Company is to-day without bonded debt, but imperative
capital expenditures and tho unsatisfactory business of the past 18 months
liavo forcod the borrownig o f bank loans am ounting to $3,313,356.
O a llo n a g e

M a r k e te d

C a le n d a r

Y ears

L a c o n ia (N. H .) Car C o.— Earnings.—

L a fa y e tte M otors C o.— Merger Negotiations Off.—
See Pierce-Arrow M otor Car Co. below.— A 114. p . 1659.
r.

L e h ig h N a v ig a tio n E le c tr ic C o.— Bonds Offered.— Drexol
& Co., Phila., aro offoring at 102 and int., to yield about
5.83%, $3,000,000 1st (closed) Mtge. 30-Year 6% Gold
Sinking Fund bonds, Series “A” . Assumed by Pennsylvania
PoAver& Light Co. (see advertising pages).

D ated July 1 1913. Due July 1 1943. Int. payable J. & J. R ed., all
or part, on any int. dale at 107J4 and int. on 8 weeks notice. Denom.
$1,000 (c*). Pcnna. Co. for Ins. on Lives & Granting Annuities, Ih ila .,
trustee. Co. assumes Penna. State tax of 4 mills.
D ata from L etter o f P. B. Saw yer, V ice-P res. P e n n a . Pow er & L t. Co.
B u s i n e s s . — Properties formerly owned and operated by Lehigh N aviga­
tion Electric Co. constitute the most important part o f the Pennsylvania
Power & Light C o.’s system , which supplies, largely w ithout com petition,
electric power and light to the industrial district which includes Bethlehem
and Allentown, the anthracite coal district, which embraces W ilkes-Barre,
H azleton and Shamokin, and tho industrial and agricultural section along
the Susquehanna River from Sunbury to AVilliamsport, all in Eastern Penna.
Company also supplies gas in AVilkes-Barre, Shamokin and several of tho
com m unities on tho Susquehanna River. Population estim ated about
i .>.>,000.
E a r n i n g s o f th e P e n n s y lv a n ia P o ic e r & L ig h t C o .
12 M o n t h s e n d i n g M a r . 31—
co1S?J'con t i a s a o ' j / i
Gross car nines ______ _________ ___ ____________S 8 ,/41,690 $10,589,443
N ot, after oper. expenses and taxes---------------------- $2,696,201
$3,429,026
Other incom e.............................. ........................................
82,380
146,950
Total incom o_________________________________ $2,778,581 $3,575,976
Interest, discount and other deductions-------------------------------1,441,880

.

B a la n c o _________________________________________________ $2,134,096
1912
..113,920,669 1016 .........151,382,845 1920 ............ xl95,181,380
— V. 110, p. 1093.
1913
- .1 0 2 ,2 7 5 ,6 9 5 19171........... 154,913,361 1921 --------- x208,854,369
___ 148,547.159
1914
..113,390,590 1918
L ig g e tts I n te r n a tio n a l, L td ., I n c .— Earnings.—
..1 4 9 ,5 3 9 ,6 1 3
1915
..162,737,688 1919
T he roport for tho year ending D ec. 31 1921 shows
x Includes 3 3 ,680,89'f(jentrai Refining Co. in 1920 and 25,796,662 in '21. dends, less exchange adjustm ents, $1,619,402; operating Income from divi­
expenses and int
I m m e d i a t e R e q u i r e m e n t s . — (a) Additional units of a cracking process esti­
mated to cost $550,000 should bo installed at otico. Tho unit now operat­ $176,877; taxes, $30,751; balance after other income, $1,417,948; total
ing is returning a rato o f profit that will pay its cost o f installation in tho profit and loss surplus, $79,402.— V . 113, p. 1581.
first yoar.
(6)
Tho company has now in operation 8 tower stills and 8 more of these L o ft, In c o r p o r a te d .— April Sales.—
M o n th o f A p r il —
1922.
1921.
In crea se.
tower stills should bo built a t an ostlmatcd cost o f $325,000.
.......................
$655,303
$511,985
$143,318
(c) To comploto tho motorization of our delivery equipm ent, except at Sales
such points whore horsodrawn vehicles have been found more economical, — V. 114. p". 1772. 859.
and to install tho necessary filling stations, it is estim ated w ill eventually
L o n d o n G u a r a n te e & A c c id e n t B ld g ., C h ic a g o .—
requiro $1,500,000.
it
,
(a) To comploto tho now pipe lino (now in operation from Lawrencovillo, Bonds Offered.— Bonbright & C o., New York; Union Trust
111., to Owensboro, K y ., on tho Ohio River) to Bowling Green, K y ., will Co., and Otis & C o., Cleveland, are offering at 99 V2 and int.,
involve an estim ated expenditure of $500,000, and it is vitally important
that tills bo done as a further saving of about $300,000 per year (in addition to yield over 6%, $3,500,000 0% Sinking Fund 1st (Closed)
to the $500,000 now estim ated from tho completion o f first part of line) Mtgo. Feo bonds (see adA'ertising pages).
should thoroby bo offoctod.
D ated M ay 1 1922. Duo M ay 1 1962. D enom . $1,000, $500 and
S u m m a r y o f C o m p a n y ' s N e r d s .— (a) Rotiromont of bank loans, $3,300,000;
(b )
pipe lino extension, $500,000; cracking process, $550,000; tower stills, $100 (c*). Callable during first 10 years as a wholo at 105 and int. or in
3325 000; marketing additions, $1,500,000; working capital, $825,000 part by lo t for sinking fund at 102H and int. Thereafter in whole or in
part by lo t at 10!
--J ■* *
c
total. $7.000,000.— V. 114, p. 2020, 1658.
figuro decreasing
I n te r n a tio n a l H arv ester C o . — N e w D i r e c t o r .—
In t. payablo M .
. _
Union T rust C o., C leveland, O.,
William 8. M cH ugh has been elected a director.— V . 114, p. 2020.




THE CHRONICLE

2124

w ithout deduction for Federal income tax up to 2% . Ponn. and Conn.
State taxes not exceeding 4 m ills annually refunded.
L i s t i n g . — A pplication w ill bo made to list bonds on tho N . Y . & Chicago
Stock Exchanges.
D a ta from L ette r o£ J o h n S. M iller J r ., P res, o f th e B u ild in g C om pany.
L e a s e . — Tho entire property has been leased for a period o f 50 years
from M ay 1 1922 to the London Guarantee & Accident C o., L td., of
London, Eng. N e t annual rental, largely in excess o f sinking fund and
interest requirements, is payable m onthly in gold to Union Trust C o.,
Cleveland.
S e c u r i t y . — Secured by a closed first mortgage on: (1) tho fee simple title
to 16,600 sq. ft. o f land a t tho southw est corner o f M ichigan Avo. and
River S t., Chicago, appraised a t S I.500,000: (2) a 21-story fireproof, steel
and Bedford stone office building boing constructed thereon a t a cost of
53,416,500.
S i n k i n g F u n d . — Sinking fund requirements provide for retirement o f
S3,000,000, or over 85% , o f th is issue by m aturity.

M acA ndrew s & F o rb es C o.— Annual Re-port.—
C a le n d a r Y e a r s —
1921.
1920.
1919.
1918.
*Not earnings-------------§783,988 $1,941,473 S I .422.696 $1,236,906
Pref. dividends ( 6 % ) ...
168,936
168,936
168,936
168,936
Common (cash) d iv s— (8% )599,672 (10)621,795 (14)649.780 (14)560,000

Balanco, surplus..........

$115,381

S I ,147,742

$603,980

S507.970

♦Total not earnings from sale o f licorice, dyowoods, box boards, wall
boards, &c., after deducting all charges, expenses, &c., and in 1921 and 1920
provision for incomo tax.— V . 113, p. 1257.

McCrory S to res C orp.— A p ril Sales.-—
1921-----A p r i l ---- 1921.
S I.386,224 S I.073.978
—-V. 114, p. 1772.

I n c r e a s e . . I 1922
4 M o s.
1921.
$312,2241 $4,627,269 $4,103,235

In crease.

$524,034

M apma C opper C o.— Annual Report.—
M etal s a le s ............. ...........
Inventory increase_____

1921.
1920.
$259,276 aS2,209.071
81,960
155,485

1919.
1918.
$1,715,879 $3,041,978
492,159 d ec.144,156

T otal.............................. .
Operating expenses, &c .
D epreciation_________ .
Selling expenses & taxes .

$341.236
$338,509
39,579
233.092

$2,364,557
$1,901,830
147.891
159,580

$2,208,038
$1,841,118
132,921
58,605

$2 ,897,8'2
$2,219,285
118,715
59,339

N e t profit__________ loss$269,944
Other i n c o m e . ______ .
5,946

$155,256
10,971

$175,394
44,196

$500,483
18,867

N e t incomo_________ loss$263,998

$519,350
480,000

C a le n d a r Y e a r s —

$166,227

$219,590

35,832

63,682

41,513

Balanco, surplus___ _dof$299,830

$102,545

$178,077

M iscellaneous charges. .

$39,350

a After deducting $6,552 for refined copper purchased.
Tho stockholders have been informed that tho entire authorized Common
stock o f 350,000 shares, par $5 each, has been changed into an equal number
of shares, no par value shares, and that a ll o f the 240,000 shares of out­
standing Common stock, par $5 eachtJaro exchangeable for an equal number
o f shares without par or face value.
T he certificates o f stock now outstanding should be surrendered to the
transfer agent, Guaranty Trust C o., 140 Broadway, N . Y . C ity .— V . 114,
p. 1897.

M arlboro H u d so n Gas C o.— Bond Application.—
The company has petitioned the M ass. D epartm ent o f Public U tilities
for authority to issuo $150,000 bonds to cover floating indebtedness.
— V. 91, p. 521.

M e tro p o lita n 5 to 50 C e n t S to r es, I n c .— Sales.—

Sales in April amounted to $491,857 (from 82 stores), compared with
$459,101 in 1921 (from 138 stores).— V. 114, p. 1897.

M iami C opper C o.— Settlement.—
See M ineral Separation N orth American Corp. below.— V. 114, p. 1772.

M idvale S te e l & O rd n a n ce C o.— Tenders.—
The Guaranty Trust Co. of N ew York, will until M ay 15 receive bids
for tho sale to it of 20-year 5% sinking fund gold bonds, dated March 1
1916, to an amount sufficient to absorb $655,124, and at a price not exceed­
ing 105 and int.— V. 114, p. 2021.

M ineral S ep a r a tio n N o rth A m erican C orp .— Mineral

Separation Settlement.—

[V ol . 114.

Company was organized in 1886 to acquiro properties in M ississippi and
operations are closely allied wth those of Chicago M ill & Lumber Co.
Capital and surplus as of April 30 1922 will lie over $2,000,000. Current
assets w ill be in excess of $975,000 and current liabilities less than $200,000.
Average not earnings for past 10 years, after paym ent o f depreciation, in­
terest charges and all taxes havo beon over $80,000 per annum .

M oline P low C o,— Reorganization Plan Ratified.— Tlie
stockholders on May 5 ratified the reorganization plan.
F. 0 . Wetmore, President First National Bank, Chicago,
and Chairman of the Board, gave out tho following statement:

“The co-operation of the creditors and stockholders in effecting tho re­
organization has been wholehearted and gives great promise for tho com­
pany’s ful lire. Tho equities of all classes of security holders and creditors
wero, in preparing the plan, given careful consideration, and tho evidence
of its fairness is demonstrated by the fact th at about 99% of stockholders
and creditors have co-operated in its adoption.
“Tho sm all outstanding creditors and stockholders aro still depositing
their claims and securities will bo set asido so that thoy m ay securo the
same treatment as thoso who havo already assented to the plan. Tho plan
itself places the company in strong financial position, w ith no current lia­
bilities and sufficient working capital to handle a large volum e of business.
I t will be under tho management of men who have devoted their business
lives to the agricultural implement and automobile business.
“ During the last year the company lias continued its developm ent work,
improving and sim plifying its lino, as a result of which it is in position to
take full advantage of the improvement in tho Implement and automobile
business which seems im m inent.”
It is stated that the new company (M oline Blow C o., Inc., recently In­
corporated in Virginia w ith an authorized capital of $20,000,000 Pref. stock
and 200,000 no-par-value shares of Common stock) has $16,000,000 of
current assets and that all current debt has been cleared from its books ex­
cept accrued and current expenses and $70,000 of current, accounts. Tho
principal subsidiary, it is stated, will be Stephens M otor Car Co.
Officers elected are Frank O. Wetmoro, I’res. First N ational Bank, Chi­
cago, Chairman; Georgo N . Peek, Pres.; II. S. Johnson, E xecutive VicePros.; It. W . Lea, V .-Pres. & M gr. o f tho Stephens M otor Car Co.; F . W .
Edlin, V.-Pres. & Sales M gr.; C. B. Rose. V.-Pres. in charge of tractor
works; N . B. D inneen, V.-Pres. in charge of implement manufacturing;
L. C . Shonts, Soc’y , and John Ilammerieh, A sst. Treas.
Tho directors are: F . O. Wetmore, G. N . Peek, II. S. Johnson, John E.
Blunt Jr. (M erchants’ Loan & Trust C o.), Chicago; O. P. Coffin (Illinois
Steel C o., C hicago). Herman Waldeck (Continental & Commercial N a t.
Bank), Chicago: S. A. M itchell (M ercantile Trust C o.), St. Louis, M o.;
C . T . Jaffray (First N at. Bank), M inneapolis, M inn.; Rumsey W . Scott
(Chemical N a t. Bank), Now York; .1. Herndon Sm ith, St. Louis, M o.;
F. F. Winans (National C ity C o.), Chicago; Henry R. Johnston (Chatham
& Phenix N at. Bank), New York; R . I. Barr (C h aseN at. B ank), N ew York;
Horace Forteseuo (Phila. N a t. Bank). Philadelphia, and It. II. Cloaveland,
Rock Island, 111. (Compare reorganization plan in V. 113, p. 1477, 1581,
2086.).— V. 114, p. 1541.

M o u n ta in P ro d u cers C o rp o ra tio n .—-Annual Report.■
—

The balance sheet o f tho company as of D ec. 31 1921 shows: Cash, $351,­
536: U . S. Ctf. of Indobt., $200,000: stock of otlior companies, $9,726,270;
dividends payable April 1 1922, $195,145; total profit and loss surplus,
$385,331.— V. 114, p. 1772.

N a tio n a l C ash R e g iste r C o.— Obituary.—
President John H . Patterson died M ay 7 .— V. 114, p. 1659.

N a tio n a l Oil C o.— Protective Committee.—
The company having defaulted in the paym ent of $500,000 principal of
1st Lien 7% Serial gold bonds, due on M ay 1. and on tho interest due that
date on all the bonds, and receivers having been appointed, tho following,
who havo heretofore been acting as an Informal com m ittee, havo, at the
request of holders of a substantial amount of bonds, organized as a perma­
nent com mitteo for the protection of tho Interests of tho bondholders.
All bondholders are requested to deposit their bonds, with all matured
coupons, w ith New York Trust C o., 100 Broadway, N . Y ., depositary.
C o m m itte e . — Ludw igN isson, Chairman; Edward Sandford, Reuben M yron
Cohen, Albert Freeman, J. W. Bell, W. O. M undt, B. F. Troxell, with
Robert T. Crouch, Sec., 1610 Woolworth Bldg.. N . Y ., and Frueauff,
Robinson & Sloan, counsel, 67 Wall Street, New York.
Judge Knox M ay 11 appointed John F. Penrose and former Judge Robert
S. Hudspeth of Jersey C ity ancillary receivers. Tho receivers wero origi­
nally appointed in tho Federal Court in Now Jersoy.— V. 114, p. 2022.

N a tio n a l~ P ^ w e r ~ & * X iih t C o.— Subscription RigIs Offered American Cities Co. Preferred Stockholders.—
See th at company under "Railroads” abovo.— V. 114, p. 529.

N eild Mfg. C o., N ew B ed fo rd , M ass.— Extra Dividend.—

Charles Hayden, an official o f the four leading porphyry copper com­
panies, in a statem ent issued M ay 10 on behalf of tho Utah Copper Co.,
R ay Consolidated Copper C o., Chino Copper Co. and N evada Consolidated
Copper Co. and of tho B utte & Superior M ining C o., said
“Tho litigation between the Mineral Separation Co. and the above
producing corporations has been settled out o f court to tho satisfaction of
both sides. From now on the above-m entioned companies become licensees
of the M ineral Separation N orth American Corp.
“Tho settlem ent was based upon the principle o f a reasonable license
fee for the use o f mineral separation flotation processes for the past and
the future w ithout penalties of any kind."
The litigation between tho M iami Copper Co. and tho Mineral Separation
Co. has also been settled, it is announced.— V. 113, p. 2318, 1367.

An extra div idend of 3% has been declared on tho Capital stock, par $100,
in addition to the regular quarterly dividend o f 2%, both payablo June 15.
— 'V. I l l , p. 1189.

nental & Commercial Trust & Savings Bank and F. B. Hitch­
cock & Co., Chicago, are offering (at 101 and int. for bonds
duo 1923 to 1925 and at 100 and int. for bonds due 1926 to
1934) S I,600,000 1st Mtgo. 7% Serial gold bonds.

beon elected a director to succeed tho lato G. F. Baldwin.— V. 113, p. 2728.

N evad a C o n so lid a te d C opper C o.— Settlement.—
See Mineral Separation N orth American Corp. abovo.— V. 114, p. 1897.

N ew C o rn elia C opper C o.— Copper Output {in Pounds).—
1922— A p r i l — 1921.
D ecrease. I
1922-4 M os.-1921 ■
D ecrease.
1,496,242
1,864,772
368,5301a 4 ,637,884
8,230,876
3,592,992
a Operations were resumed early in Feb. 1922.— V. 114, p. 1659, 1415.

N ew Id ria Q u ick silv er M inin"’ C o.— New President. &c.
II.
P. Baker,
Gen.
1'resident,
M ississip p i V a lley T im ber C o. — Bonds Offered.— Conti­ succeeding Andrew recently Philip Mgr. & Troas., has been elected o., has
Adle.
L. Reed of Winslow Bros. & C

D ated M ay 1 1922. Duo serially M ay 1 1923 to 1934. Int. payablo
M . & N . in Chicago w ithout deduction for normal Federal incomo tax not
in excess o f 2%. Donom. $1,000, $500 and $100. Red. all or part on any
in t. date upon 60 days’ notice a t par and in t., and a premium o f ^ of 1%
for each year or part o f year that bonds have to run before their fixed ma­
turity. Continental & Commercial Trust & Savings Bank and Win. P.
Kopf, Chicago, trustees.
L i s t i n g . — Bonds have been listed on tho Chicago Stock Exchango.
C o m p a n y . — Organized In 1911 for the purpose o f acquiring timberlands,
and, as a result o f purchase o f desirable tracts o f such lands from tim e to
tim e, now owns one o f the m ost valuablo bodies o f hardwood timber re­
maining in tho South.
S e c u r i t y . — Secured by a closed first mortgago on approxim ately 106,674
acres o f hardwood timber and timberlands, o f which about 88% is owned in
fee sim ple. Holdings compriso 38,503 acres o f standing timber located in
Phillips, M onroe. Desha and Chicot counties in southeastern Arkansas;
13,998 acres in Bolivar, W ashington and Issaquena counties, in M ississippi,
and 54,172 acres in E ast Carroll, Franklin, M adison and Tensas parishes
in northeastern Louisiana. According to conservative cruises, there is
standing on this land 403,000.000 ft. o f merchantable hardwood timber,
consisting o f 189,500,000 ft. o f oak and ash and 213,500,000 ft. o f gum,
cottonwood and miscellaneous hardwoods. Valuo o f tho timber and land
Is in excess o f .$3,200,000.
C o n t r a c t s . — This timber, exclusive o f the land, has been sold under con­
tract for $3,177,966 and lilt, a t 6% until paid for, as follows: 322,751,480
ft. to Chicago M ill & Lumlier Co. for $2,643,166, and 80,490.000 ft. to
Paepcko Leicht Lumber Co. for $534,800. These contracts w ill bo depos­
ited with the trustee as additional security for the bonds.
P u r p o s e . — To provide funds to pay obligations o f company incurred in
connection with the acquisition or its properties.
C h i c a g o M i l l A L u m b e r C o . — Business established over 40 years ago.
*
Is
one o f the largest manufacturers in tho United States o f lumber, veneers,
boxes, box shooks, fibre and corrugated containers. Average annual sales
during tho past 10 years havo been over $7,300,000, and average annual
net earnings, after depreciation and interest charges and all taxes, have
beon over $450,000. Capital and surplus on Doc. 31 1921 amounted to
$11,133,543, quick assets being $5,059,715, compared with current lia­
bilities o f but $1,283,791.
P a e p c k e L e i c h t L u m b e r C o . — Plant located a t Greenville, M iss., consists
o f sawm ill and veneer plant, daily capacity o f 75,000 ft, and box factory.




P a c ific G as & E lec tr ic C o.— Quarterly Statement.—
Vice-President A. F. Ilockenbeamer says in substance:
“ Sales of electric energy in March increased by about 4,000,000 k.w .
hours or 5 1-3%. T his is tho m ost decisive increaso wo have had for
como months. Power salos wero heavier than last year in all groups
except m ining in which, however, there is a distinct revival under way.
Gas sales during tho quarter increased 233,000,000 cu. ft. or 7.36% , and
havo at no timo during tho gonoral business depression shown any falling
off duo undoubtedly to tho Increasing demand for this com m odity for
house boating and industrial purposes, two fields in which wo can foresee
great future expansion."
"Tho $10,000,000 noto issuo duo M ay 1 1925 was called for redemption
on M ay 1 and has been practically paid off. Cash and cash item s on
M arch 31, excluding funds held for noto redemption aggregated approxi­
m ately $11,500,000, as against an uncompleted construction tiro gram on
that dato of sligh tly in excess of $9,000,000 compared with about $14,500,000
a year ago."
I n c o m e A c c o u n t f o r Q u a r t e r E n d e d M a r c h 31 1922 ( I n c r e a s e O v e r 1921.).
Gross revenue__________________________________ $9,872,883
$153,010
Operating expenses, including Federal taxes--------- 6,013,968 D e c . 179,488
N et incomo.................................
$3,858,915
Interest & amortization of bond discount------------ 1,391,715
Reserve for depreciation________________________
895,460

$332,528
64,879
128,191

S u r p lu s.......................................................
$1,571,740
Accrued divs. on Pref. stock at rate o f 6% ______
616,997
Accrued d ivs. on Common stock at rate of 5 % -433,131

$139,458
97,774
7,912

B alan ce............ .................................................................
— V. 114, p. 1281.

$521,612

$33,772

P a ck a g e M achinery C o.— Extra Dividend.—
The directors havo declared an extra dividend o f $3 per share on the
outstanding $1,486,950 Common stock, par $50, in addition to tho regular
quarterly dividend o f 50 cents per share, both payanlo Juno 1.

P a ep ck e L e ig h t L um ber C o.— Contract, &c.—
See M ississippi Valley Lumber Co. abovo.

P a rish & B in g h a m C orp.— April Sales.—
Sales for April were approximately $450,000, compared w ith $275,000
for January.— V. 114, p. 1415.

THE CHRONICLE

May 13 1922.]

P ark C ity M in in g & S m e ltin g C o.— Acquisition, &c.—

See D aly W est MInng Co. above.— V. 114, p. 1070.

P a th e E x ch a n g e, I n c .— Earnings, cfee.—

o

N et profits for the year ended Fob. 25 1922 amounted to $328,48.1, as
against $122,000 Interest requirements on bonds outstanding.asof’that date.
T he balance sheet shows total assets o f $7,870,622, o f which *4,368,046
were total current and working assets, against current liabilities o f $1.1)31.633. N et tangible assets (exclusive o f good-will and scenarios) were re­
ported at $5,307,066, or 348% o f tho amount of bonds issued, and not cur­
rent. assets were reported at $3,346,413, or 219 % o f the amount o f bonds.
A t tho present tim e the company has no bank loans outstanding, having
anticipated or paid at maturity a ll bank accommodations.
Tho company has outstanding $1,525,CO 10-Year 8% Sinking Fund
O
gold bonds due 1931, $1,679,900 8% Cumul. Pref. stock and 100.280 shares
of no-par Common stock.— V. 114, p. 636.

(J. C.) P e n n e y C o.— April Sales.—

1922— A p r i l — 1921$3 942 629 $3,726,326
— V . 114, p. 1660, 1187.

I 1922-4 A fo s-1 9 2 1 .
D ecrease.
$ 2 1 6,3031$11,655,805 $12,949,713 $1,293,908

In crea se.

P e n n o c k Oil Co —Earnings.—

T he report for tho first quarter o f 1922 shows: Gross income from sales
o f oil $238 250:'not income, $171,399: total net earnings before provision
for depletion, depreciation and Federal taxes. $171,386.—V . 114. p. 9o5.

P e n n s y lv a n ia P ow er & L ig h t C o.— Offering of Bonds.—
See Lehigh N avigation Electric Co. above.— V. 114, p. 1187.

P ierce-A rrow M otor Car Co. - Merger Negotiations Off.—

2125

States. [Compare Union Oil Co. o f D el. in V . 113, p. 1990, 2193: V.
114, p. 637, 956.1
J
„
P r o d u c t i o n . — T he combined properties show a production in excess of
35,000 barrels per day in tho California field, and 13,000 barrels per day in
tho M id-C ontinent field, making a total production at this date in oxcess
of 48,000 barrels, exclusive of 3,000 barrels settled production temporarily
shut in pending developm ent of further marketing facilities.
R e f i n i n g . —T h e refining capacity in California o f 33,000 barrels per day.
and at Wood R iver, 111. (East St. Louis) o f 15,000 barrels per day, give
the company a total daily refining capacity of 48,000 barrels, which Is
, ,
being substantially increased.
.
_ „ .....................
P i p e L i n e s . — There are in California 170 miles of 8-Inch pipe line and in
tho M id-C ontinent field 156 miles of 6-inch pipe line and 426 miles of
10-inch pipe lino. Tho M id-Continent pipe line system totaling 582 miles,
extends from the refinery at Wood River, 111., to the Cushing, H ew itt
and llealdton fields in Oklahoma, with gathering lines extending to Duncan
and tho Texas territory. It also has complete facilities on the Pacific
Coast for distribution of its products to the ultim ate consumer.
A d d i t i o n a l I n t e r e s t s . — The company, in addition, owns 26.17% of the
outstanding [ 50,000,000] capital stock of the Union Oil Co. of California.
In addition, ow ns tho entire outstanding capital stock of the following
corporations: Shell Co. of C alif.. Roxana Petroleum Corp., Ozark Pipe
Line C orp., M atador Petroleum Co-, and in addition the interest in the
capital stock of th e Union Oil Co. o f California, above mentioned and an
option to purchaso tw o-thirds o f the Common stock of the Central I etroleum
C o., the equity and earnings applicable to which two-thirds interest have
been included in th e statem ents of earnings and financial condition below.
P u r p o s e . — Proceeds w ill provide additional working capital and funds for
construction and developm ent work and the acquisition of securities and
properties.
.
C a p ita liz a tio n

U p o n C o m p le tio n o f T h is F in a n c in g .

Preferred stock, 6% Cum ulative, Series “A ” (this issu e)------- $20,000,000
Common stock (authorized 10,000,000 shares), outstanding,
8,000,000 shares, of no par value, representing net assets,
after deducting tho Pref. stock, o f___________________,------- 181,912,822
The corporation has no bonded indebtedness nor is there any mortgage
P illsb u r y F lo u r M ills Co .— Acquisition.—
on any o f its properties or on the properties o f any of its subsidiaries.
Tho comnanv has purchased a 1,200-barrel a day flour mill a t Atchinson,
E a r n i n g s Y e a r s E n d e d D e c . 31.
Kan
The1m ill, it is stated, w ill be enlarged to 2,500 barrels capacity and
X1918.
y l9 2 0 .
yl9 2 1 . 4-Y r. A v g e .
storage bins w ith 500,000 bushels capacity erected. T he purchase price Profits after X1918.
was $150,000, according to a report.— V. 113, p. 1896.
Fed. t a x .$11,603,584 $11,763,653 $25,455,050 $17,867,452 $16,672,435
D eprcc., de­
P itts b u r g h S te e l C o.— Acquires Ore.—
pict.
&
The company it is stated, has acquired an interest in the Plymouth
d r illin g
M ining C o., controlled by Pickands, M ather & C o., Cleveland, operating
ch arges.. 8,952,5)2
7,815,538 12,142,624 13.026,984 10.484,414
an ore property located in the M enominee range, Gogebic County, M ien. N et profits. 2,651,071
3,948,116 13,312,426 4.840,468
6,188,020
— V. 114, p. 2023.
x For the yoars 1918 and 1919 earnings o f only tho Royal Dutch-Shell
properties, y For the years 1920 and 1921 earnings o f the Royal D utchP u b lic S ervice Co. of N o r th e r n I llin o is . -Bonds —
Tho company has been authorized by the Illinois Commerce Commission Shell properties, tho combined properties of the Union Oil Co. of D el.,
equity in earnings o f tho Central Petroleum Co. and divs. from the Union
to issue $1,300,000 1st & Kef- M tgo. 5% gold bonds.— V. 114, p. 1898.
Oil Co. of C alif.
B a l a n c e S h e e t . a s a t J a n . 2 1922.
P u b lic S ervice G as Co. o f N ew J e r se y .— Stock.—
[Giving effect to consolidation o f accounts o f the companies’ properties
Tho Now Jersey P. IT. Commission lias approved the issuance of $2,500,­
rights acquired
Shell Union Oil
000 capital stock. T he proceeds will bo devoted to reimbursement pur­ and contractualissue o f 8,000.000 by the of capital stock o f Corp. on Feb. 8
1922 and to the
shares
no par value and
poses for extension made prior to Sept. 1 1921.— V. 114, p. 1071to tho $20,000,000 Pref. stock.]
A s s e ts —
P u n ta A legre S u g a r C o.— P r o d u c tio n .—
lines, refineries. S e e . , $198,­
It is reported that up to about April 15 tho 3 plantations o f the company Properties, loils lands, leases, pipe depletion, $45,446,741------- $153,119,799
536,510: e s res. for deprcc. &
had produced 623,000 bags of sugar, compared w ith 440,000 in the same
Oil Co.
period of 1921. an incroaso of 183,000 bags, or over 40% .— V . 113, p, lJ 8 y . Investm ents, including stock of Union(6) Accts.of C alif--------- 33,838,407
Current assets: (a) cash, $18,665,431:
& N otes rec.,
$3,299,803; (c) inventories, $8,208,867------------------------------ 30,174,101
R ay C o n so lid a te d C opper Co .— Settlement.—
Prepaid expenses___________________________________________
338,413
See M ineral Separation North American Corp. above.— V. 114, p. 1888 .
L ia b ilitie s —
(a)
R e m in g to n T y p ew r ite r C o.— Rosin nation.—■
4.
, Current liabilities:notesAccounts payable, incl. Federal taxes,
$4,774,511: (6)
payable, $2,317,837------------------------Maurice Coster, Vice-President o f tho W estinghouse Electric International Purchaso monoy obligations and res. against option o f purchase
8,465,550
C o., has resignod as a director.— V. 114, p- 1898.
Preferred stock, 6% Cumulative (this issu e)_________________ 20,000.000
Common stock, 8,000,000 shares, o f no par value, representing
R ep lo g le S te e l C o.— Opposition to Merger.—
net assets, after deducting the Preferred stock, o f__________ 181,912,822
I U s ^ ta te d fh at'th o stockholders o f Replogle Steel Co. linvo subscribed
T otal (each sid e )_________________________________________ $217,470,720
for 99'4 % o f new stock which was underwritten by Shearson, uam m u i
D i r e c t o r s . —-Richard Airey (Pres. Asiatic Petroleum Co. (N . Y .) L td .),
& Co. Seo offering, &c., in V. 114, p. 1898, 1773, 1661.
Frederic W. Allen (of Leo, Higginson & C o.), William II. A llen, President,
Avery D . Androws (Chairman N ew Orleans Refining C o., Inc.), James II.
R ep u b lic R u b b er C orp ., Y o u n g sto w n . O.— Earnings.
The not loss for tho 9 months ending March 31 o f receiver s operations Brookmire, Sec. & T reas., Lewis L. Clarke (Pres. American Exchange
was $342,386- Earnings for M arch, after all charges but before aiviaonas,
are reported as $27,221.— V. 114, p. 1774.
(V .-Prcs., G oodrich-LockhartCo.), T . W. Phillips Jr. (Pres. T . W. Phillips
R ey n o ld s S p rin g C o., J a c k so n , M ich.—
Gas & Oil C o.), Samuel F. Pryor (Chairman Exec. Com. Remington Arms
T he stock o f this com pany has been listed on tho Chicago Stock Exchange. C o,, In c.), Charles II. Sabin (Chairman Guaranty Trust C o., N . Y .),
Tho com pany is actively interested in radio construction and recently has John C. Van Eck (Pres. Shell Co. of C alif.), Samuel M._ Vauchun (Pres.
closed a 10-ycar contract w ith tho Do Forest Radio Telephone & 1 olograph Baldwin Locom otivo Works), E. P. Whitcomb (Pres. Union Natural Gas
Co. which calls for equipm ent during th e current year to the value of C o., Pittsburgh), William W. Woods (V.-Pres. N ational C ity Bank, N . Y .).
— V. 114, p. 745, 637.
^ D u rin g^ io21 tho company made a net profit o f $89,297, after having
S in c la ir C o n so lid a te d O il C orp.— No Bank Loans.—
charged $41,172 to operation for depreciation o f buildings and machinery
and before allowing for 1921 incomo tax. At tho close o f the year wo hail
Tho following published statem ent is understood by tho “ Chronicle to
only $609 o f accounts receivable over 30 days past due. our losses on oau bo substantially correct:
, , ,
,
-n™
accounts for 1921 amounted to but one-fiftieth o f 1% o f our saics.
" A t D ec. 31 1920 tho company owed the banks $14,352,316 and at D ec.
During 1921 all Pref. "A” stockholders have received their;quarterly 31 1921 $11,075,000. A few months ago these bank loans were being
Svidonds in cash, and besides, there lias been retired and cancoled $22,200 reduced at rate o f $2,000,000 a month and aro now all wiped ou t ahead
of tim e. “ Earnings are now running at rate of between $25,0(10,000 and
par value o f the Pref. “ A ' stock,
$30,000,000 annually, or treble actual earnings in 1921. — V. 114, p.
G e n e r a l B a l a n c e S h e e t , D e c . 31 1921.
1887, 1899.
L i a b i li t i e s —
...
,
■___
Property, Land.................
a$114,921 7% Cum. Pref. class "A stk. $477,800
(G. A.) S o d e n C o., C h ic a g o .— Earnings.—
Bides., mach. & equip------ n700,741 7% Pref. Cum. class “B” stk. 360.000
N et profits for tno calendar year 1921 were $102,133 after fixed charges,
Com. stk., 73,500 sh. (no oar). 001,205
Cash............................. 392,191
Accounts payable......................
1,482 m oving expenses and Federal taxes, were $102,133, or a decrease o f about
37,070
Accounts receivableUnclaimed wages.......................
223 40% , compared w ith 1920. After dividends. $54,875 was added to un­
Inventories (priced at cost or
Mortgage payable.------------20,290 divided profits, bringing the total profit and loss surplus as o f D ec. 31 1921
market): 7,290 up to $339,948.— V. 112, p. 2091.
Raw materials & supplies.. 114,184 Land contract p ayab le.-----8,500
Work in process & fin. goods 28,608 Res. for Fed. incomo tax (est.)
S o u th e r n N ew E n g la n d T e le p h o n e C o.— Rights.—
154,397
Securities, at cost.....................
1,070 Res. tor dcurec. of property..
Tlie stockholders are offered the right to subscribe at par ($100) to $3.­
Other reserves.................. - - - 2,527
Patents & good will... 450,000
o6,318 000,000 now stock in tho ratio of ono new share for each five shares held.
Def. debit Items...................-- 10,804 Dls. notes rec. (see contra)—
162,540 Subscriptions m ust bo made on or before Juno 19, and subscribers are given
Notes rec., disc, (see contra)-56,318 Surplus.......................................
the option of tw o plans of paym ents.— V. 114, p. 1417, 637.
Total.......................................$1,912,672
Total....................................... $1,912,572
S ta n d a r d O il C o .,N . J .— Results of Mexican Oil Conference.
a As appraised, plus cost o f additions.
, ,, ,
...
On behalf of tho Committee of Oil E xecutives which visited M exico C ity
N o te : D ividend record: On 7% Pref. Class “A ” stock ‘ through D ec.
31 1921” : on 7% Pref. Class “ B” stock, "through Juno 30 1920 : on Com ­ to confer with Government officials, Pres. W. C Teagle made the following
mon stock ‘‘two dividends o f 50c. each paid during first six months o f 1920.
statem ent M ay 8:
„ ,
, ,
"As tho result of our conference with Secretary of the Treasury do la
Officers are: W iley R. Reynolds, President: W atson R. Sm ith, 1st V .Prcs.; Urockholst Mathowson, 2d V .-l’res. & Sales Mgr.; Frank E . Cooley. Iluerta an agreement has been reached placing oil taxes in M exico upon a
sound and permanent basis. This was the primary purpose o f the com­
Scc'y & Treas.
Directors aro: Frank E. Cooley, Carl II. Peterson, Fred G . Eddy,
m ittee’s visit to M exico C ity.
,
,
..
.
,
_
“Tho M oxican Government was convinced by the discussion that the
WIloy R. Reynolds, W illiam M . Leo, Charles II. Routledgo, Mark Morrltotal taxes on crude petroleum and its products should bear a definite relation
man, Watson K. Sm ith.
their soiling prices.
.
—
Shell U nion Oil Corp — Pref. Stock Offered— Loo, Hig- to "For production taxes a basis of valuation was agreed, upon using the
N ew York bunker
oil price as
criterion and providing for a fixed
ginson & Co., Now York, aro offering at 96 and div., yielding minimum tax and fuel an increase the rate should selling prices advance.
for
in
over GM%, 820,000,000 6% Cumul. Pref. stock, series “A .” As to export taxes, tho arrangements mado by tho com m ittee w ith the
Moxican Government on Sept. 2 1921 continue in force.
.
par $100. (Sco advertising pages.)
“ Views on tho future developm ent of tho petroleum resources of M exico
Dividends payable quarterly beginning Aug. 15 1922. Callable as a were exchanged but w ithout conclusive results. An opportunity to continue
whole or in part for tho sinking fund, at SI 10 and dividends. Free of discussion of tills m atter may be found at some future date.
existing Federal normal incomo tax. N o mortgage (otherthanpurcha.se
"President Obregon received tho com m ittee on three occasions ano
monoy mortgages) or loans for periods in excess o f ono year or stock evinced a deep interest in the welfare of tho petroleum industry of M exico.
superior to the Prof, stock (series "A” ) can bo created w ithout consont — V. 114, p. 1899, 1661.
o f 7 5 % o f tho Pref. stock (scries “A ” ).
P* L i s t i n g .— Application w ill bo made to list this Pref. stock on tho N .
S ta n d a r d O il Co. o f O h io .— Usual Extra Dividend.—
An extra dividend of 1 % lias been declared on the Common stock, along
S ^ in k fn g ^ u n d !— An annual cash sinking fund for tho benefit o f Pref. with tho regular quarterly dividend of 3% , both payable July 1 to holders
stock, series “A ,” first paym ent M ay 1 1924, equal to 10% o f not income of record M ay 26. I.ike amounts have been paid quarterly since Jan. 193U.
after paym ent o f divs. on tho Pref. stock, incl. all series, (but not in any — V. 114, p. 1117.
year!more than $800 000) is to ,b e applied to purchaso or call and retire­
ment o f Pref. stock (series A. ).
S te e l & R a d ia tio n , L td .— Reorganization Plan.—
D ata from L etter of Pres. Wm, H. Allen, New York, May 6.
T he com m ittee for tho 6% 1st M tge. Gold bonds, £ . C . R ea. M gr.
R oyal Bank of C anada, Toronto, Chairman (V. 112, p. 2091) has adopted
C o m n a n y .— Constitutes a consolidation o f substantially the entire
.
i,„ n
R oyal Dutch-Shell and Union Oil Co. o f Delaware interests in tho M id- a plan for the reorganization of tho com pany.
Each depositing bondholder and receipt holder shall bo deemed to have
Oontlneut and California fields. Was Incorp. in Delaware, Feb. 8 1922
one o the largest operations in the oil industry o f tho U nited assented to,the plan unless ho shall on or before Juno 1 s u r r e n d e r his receipt.
T he negotiations between directors of Pierce-Arrow M otor Car Co and
Lafayette M otors Co. for a consolidation o f the two companies have been
dropped owing to inability to agree on terms.— V. 114, p. 1660, l i t O .




2126

THE CHRONICLE

and pay his pro rata share o f the expenditure and liabilities o f the comm itteo, which the com m ittee have fixed at 1-10 o f 1% o f th e face amount
p 2091 ' P°si^ec* Monels. Tho plan w ill bo given another w eek.— V. 112
°

Stevens-D uryea, In c., C hicopee F alls.—Receiver.—

Harry G. Fisk (V.-Pres. Fisk Rubber C o.) and Frank H . Shaw, Chicago,
representing bank creditors, have been appointed receivers by Judgo Rich­
ard W. Irvin of the Superior Court a t Springfield, M ass., on application of
T £ e C o., Inc
selling organization o f tho Fisk Rubber Co.
T he bill in equity alleges that tho company has debts o f $1,100,000 and
claim s assets of all kinds o f $4,124,472.— V. 112, p. 266.

S tru th ers Furnace Co., C leveland, O.—Bonds Offered.
— A. B. Leach & Co., New York, and The Tillotson Wolcott
Co., Cleveland, are offering at 100 and int. $1,500,000
1st (Closed) M tge. Sinking Fund 8% Gold bonds.
£ ate(l M ay 1 1922. D ue M a y 1 1942. Denom . $1,000, $500 and $100
' ,>• Int. payable M . & N . in Now York, Chicago and C leveland, without
deduction for tho normal Federal income tax up to 2% . Penna. 4 m ill tax
refunded. Guardian Savings & Trust C o., Cleveland, trustee. Red. all
or part on 30 days notice on any int. date after M ay 1 1925 a t 107K and
m t. for first 5 years; at 105 and int. for next 5 years, and thereafter at 105
and int. less y 2 % for each year elapsed from M ay l 1935.
Atl i k i n g b u n d . Annual sinking fund, beginning M ay 1 1925, 25% o f the
net earnings, after deduction o f interst and taxes, to a total o f $45,000 per
year to 1935, and thereafter to a total o f $50,000 per year to 1941, to
retire bonds a t not exceeding redemption prico.
D a ta from L e tte r o f P res. W. C. R u n y o n , C lev ela n d , M ay 6.
C a p ita liz a tio n a f te r th is F in a n c in g —
A u t h o r i z e d . O u t s l ’d i n g .
1st M tge. Sinking Fund 8% Gold bonds (this is s u o ).$ l,500,000 $1,500,000
7% C um ulative Preferred stock ___________________ 1,250,000
950,000
Common sto ck ------------------------------------------------ ----- 1,000 000 1 onn’nnn
C o m p a n y .— Incorp. In 1896 in Ohio.
Products principally basic pig iron
used m tho manufacture o f high-grade steel, and foundry pig iron. Prop» i ° cated afc Strothers, O .. comprise 32 acres. Equipm ent includes a
n!fmt^ .f^ nai e’+Ca? a »lty o f
C
’0(10 tons m onthly, a now power hose and a
pumping plant, daily capacity 18,000,000 gallons, casting machine, locoS ^ „ T ^ U rallro?d eflulPnient consisting o f 126 steel hopper cars and
switching engine, and a recently completed slag-crushing plant
Company owns entire capital stock o f Struthers Coal & Coke C o., whoso
plant, consisting o f 200 bee-hive coke ovens, is located a t Fairbank Pa
fu rth er owns in equal partnership w ith Cleveland Cliffs Iron Co.’, an
to o ™

Ir“" °™

0,1 ,h0

doM - “
E a r n i n g s . — N et earnings available for interest for the 4 years and 8
m onths ended D ec. 31 1920, after depreciation, but beforo Federal taxes,
averaged in excess o f $504,000, or over 4 lim es the annual interest require­
m ents on this issue. In 1921 operations were below normal, resulting in a
loss for the year. However, net earnings available for int. for the 5 years
a?o 8 m onths ended D ec. 31 1921, before Federal taxes, averaged in excess
o f 3 tim es annual interest on these bonds.— V. 110, p. 269.
8

[VOL. 114.

known as Jolson's 59th St. Theatre, and is operated under tho manage­
m ent o f M essrs. Lee & J. J. Shubert. Tho cost o f construction and equip­
m ent o f the building was $928,000, excluding the value o f the leaso. The
assessed valuation o f the property is $1,350,000.
E a r n in g s .
T he fair rental o f the property is $180,500 per annum, or
over 5 tim es the interest requirements on this issuo o f bonds.
I n s u r a n c e . — Ample protection for bond holders against loss by fire, &c.,
has been provided for by insurance.

Turners Falls Pow er & E lectric Co.— Bids.—
T iT l1A C
7
T.0mPo I13( M yites sealed proposals for tho purchase
First M tge. Scries A 5% 30-Year gold bonds, to do dated
and due Juno 1 1952, w ith intorest payable sem i-annually June
All proposals m ust be received at tho office of tho company,
Boston, M ass., before M ay 15.— V. 114, p. 1900.

of$3,000,000
Juno 1 1922,
1 and D ec. 1.
70 State S t..

Tw in S tates Gas & Electric Co.— Annual Re-port.—
Gross earnings amount to $1,162,016; operating oxponsos, &c., $724,678:
m isceianoous incomo, $12,439; not earnings, $449,777: depreciation,
$36,614, other deductions, $261 50; not incomo for year, $151,655. D iviaends paid and accrued, $140,616; total profit and loss surplus, $75,842.
V. 112, p. 1868.

U nited Electric L ight & Power d o .— Hell Gate Station.—

A six-page article entitled “ Phase Isolation— A Feature of H ell Gate,"
together w ith iilustrations and graphs, will be found in tho “Electrical
World M ay 6, pages 871 to 876, inclusive. This article is the second of a
series. See also last w eek’s “ Chronicle".— V . 114, p . 2024.

U nited S tates R ealty & Im provem ent Co.— Earnings.—
T he consolidated income account for the year ending April 30 1922 shows
total income. $3,406,655. as compared with $3,289,832 tho previous year;
interest payablo, &c., $195,158, as against $218,919 In 1921; interest on
debenture bonds, $496,750, comparing w ith $588,354 the previous year2^& C
8Soe . f%nX?ar’ V. 114, p . 2024.
,oUo in 1UJ1.— ^ ft??.Fedei;?ksvnd Stat0 taxos- $2,704,651. against

U nited S tates Steel Corp.— Unfilled Orders.—

See “Trade and Traffic M ovem ents” abovo.— V. 114, p. 1900.

U nited Verde E xten sion M ining Co.—Output (Lbs.).—
921 •
I n c r e a s e . \ 1922----- 4 M o s . ---- 1921.
3,517,902
3.092,746
425,1561 a 6 ,177,898 12,613,990
a Resum ed operations in Feb. 1922.— V. 114, p. 2024.

D ecrease.

6,436,092

U tah Copper Co.— Mineral Separation Settlement.—

See M ineral Separation N orth American Corp. above.— V. 114, p. 2024.

U tilities Power & L ight Co .— Bonds Offered.—Hoagland,
Allum & Co., New York and Chicago, aro offering at 95M
and int., to yield 7% % , 8600,000 15-Year 7% Secured
Sinking Fund Gold Bonds.

D ated March 1 1922, duo M arch 1 1937. In t. payable M . & S. at Now
\ ork or Chicago w ithout deduction for any Federal or normal income tax ud
to 2% . Continental & Commercial Trust & Savings Bank. Chicago
The Now York Stock Exchange has authorized tho listing o f 1,280 addi- trustee. Donom. $1,000, $500 and $100 (c*). Callable all or part on
int.
in
9 ap,Ital s t o c k .rl° par value, on official notico of issuance any each date at 110 and int. until March 1 1927, and thereafter a t 1%
less
year until m aturity.
D ata from L etter of P r e sid e n t H . L. C larke, M arch 1.
,h °
C o m p a n y . — Incorp. in 1915.
Through subsidiaries owns and operates
C o n s o l i d a t e d I n c o m e A c c o u n t f o r Y e a r s E n d i n g D e c . 31.
public utility properties, furnishing electric light and power at wholesale
62 communities in tho States of
Grop earnings from constr. & s a k s ,. $ 5!$.55,591 $35!l79.'794 $93!o9?,'824 and retail to Combined (estimated) population Indiana, Illinois, Iowa and
isconsin.
200,000.
Cost of construction and sales............
4,948,512 30,153,054 88,681,893 W S e c u r i t y . — Secured by pledgo o f 78% of tho total amount of outstanding
Common
subsidiaries, aggregating $1
„ Dress profJt from operations...........
$907,078 $5,020,740 $5,309,931 Preferredg sand Combined stocks of of subsidiaries available for 910 600
E a r n in
.—
oarnings
dividends
Expenses not apportioned to c o s ts ... 2,881,705
1,188,516
1 ,024,967
for tho year onded D ec. 31 1921 were $166,637, and as 78% of tho out­
standing Preferred and Common stocks of thoso subsidiaries aro pledgod
----------------- ------------- loss$l ,974,626 $3,838,223 $4,284,964 under thoso bonds, therefore, $129,976 of such oarnings aro applicable
Other incom e-----------------------------8,410,504
3,276,761
712,731 to such collateral.
, Tim earnings of the com pany, exclusive of divs. from subsidiaries for
G r o s s i n c o m e . . . .........................................$ 6 ,4 3 5 ,8 7 8 $ 7 11 4 9 8 5 $ 4 9 9 7 6 9 4
Depreciation foreign taxes, &c--------- 1,818,4931 3 ,6 2 l! ll8
l ! 386,827 1921, available for int. on those bonds, were $109,760. Thoso combined
figures total $239,736, against maximum annual interest charges on tho
Inventory a d ju stm e n ts .................... .... 6,143 150/
'
’
entire issuo of $42,000.
Railroad and ship expenses-------------673,709
1,627,873
E m i l y .— Followed by $941,330 7% Preferred stock, and $994,000 Com.
L o ss o n r u b le s a n d R u s s ia n a c c o u n t s ..
_______
_______
1 ,5 4 7 ,3 0 6
stock.
su,ipIus----------------------- def.$2.199,475 $1,865,995 $2,063,561
V alvoline Oil Co.— Debentures Sold.—Equitablo Trust
8 -025-677
A d ^ t m e n t s plu! : : : : : : : : - - - - - ........... 8>472'324
Co. and Hayden, Stone & Co., New York, have sold at 99
Federa.1 taxes, p r io r 'y e a rs....................
160,092
653/198
’
D ividends paid ............ .........
352,660
765,850
‘ 111."! and int., to yield 7.10%, 82,000,000 15-Year 7% Gold

Subm arine B oat Corp.— Listing— Earnings.—

Profit and loss su rp lu s........................$5,760,096
x Subject to Foderal taxos.— V . 114, p. 1899.

$8,472,324 x$8,025,679
,

Tide W ater Oil Co. (Incl. Sub. C os.).—Earnings.—

Q u a r t e r s e n d . M a r . 31—
1922.
1921.
1920
1919
Gross s a le s .-------------------$11,067,143 19,740,495 $14,280,821 $9,7.31,700
Operating incom e--------824,109 def.941.957 $5,165,869 $4,071,680
Other incom e---------------147,947
244,918
59,488
43,558

debentures.

(Seo advertising pages.)

D ue M ay 1 1937. Int. payablo M . & N . Denom.
$1,000 and $500 (c*). Red. as a whole only at 110 and int. Callable by
lot for sinking fund at 104 and in t on 30 days’ notico. Federal incomo tax
up to 2% to bo paid by com pany. Penn. 4 m ills tax refunded. Equitablo
Trust Co. o f Now York, trustee.
D ata from L ette r o f P res. W. D ixon E llis, N ew Y ork, May 8.
C a p ita liz a tio n

U p o n C o m p le tio n o f th e P r e s e n t F in a n c in g .

15-Year 7% Gold debentures duo M ay 1 1937..... ............... .............$2,000,000
Preferred stock, 8% Cum ulative (par $100)___________________ 1.383.800
T otal income for quar.
$972,056 def$697,039 $5,225,357 $4.115 238 Common stock (par $100)_____________________________________ 2,702,500
Depr. & deple. chgd. o ff.
$871,704 $1,200,357
$991415
$969 516
C o m p a n y . — Is one of tho oldest independent refining units in tho world.
Fed. income & excess &
Business was established in 1868 and was incorp. in Now Jersey in 1901
war profits taxes_____
______
667 780
664 8^4 under present
M anufactures cylinder, lubricating and
Outside stockholders’
.
bb4,854 oils, paraffine name.petroleum Jelly, greases, kcroseno, gasolinoilluminating
wax,
and related
proportion -----------12,170
Cr.10,905
12,419
103,816 products. These products are sold undor tho “ Valvolino” trade-mark,
D ividends paid, M arch.
--------1,589,044
1,323,480
1,275,988 registered in 1873. Is not engaged in tho production o f crude oil, but
purchases direct from tho producers its entire requirements, delivered
Balance for quarter—
«$88,182 d f$3,475,535 «^,^uu,^uo - $1,101,064 through its own pipe lines.
o o ,io p u i« a ,<
iiu,uuu
$2,230,263 5 1 , iw i ,ut)4
T otal surplus M ar. 3 1. .$12,112,226 $14,771,533 $20,074,509 $14,393!289
P r o p e r t y . — Owns Practically tho entire capital stock of Wilburine Oil
— V. 114, p. 1284. 1189'.
Works, Ltd.; Valvoline Oil Works, Ltd.; Refiners Gas C o., and controls
the W est Virginia Pipo Line Co. Refineries located at Warren and E ast
(W. E.) T illotson Mfg. Co., In c.— To Create Mortgage— Butler. P a., and at Edgowator, N . J. (latter plant including cooperage
Tho stockholders will vote M ay 23 on (1) authorizing an issuo o f bonds works and a can factory).
to bo secured on tho wholo or any portion o f the com pany’s assets, real or
Tho V alvoline. Wilburine and W est Virginia Pipo Lines control a system
personal, now or hereafter owned: (2) on authorizing tho W. E. Tillotson o f over 1,200 miles of pipe lines, which penotrato tho crudo oil fields of
g o . o f Pittsfield, M ass, (all stock o f which is held by W . E. Tillotson western Pennsylvania, northern W est Virginia, and southeastern Ohio.
-vug. C o., Inc.) to issuo notes and bonds and determine the am ount thereof,
P u r p o s e . --P roceeds will be used to retire outstanding bank loans and
and to mortgage its property, real and personal, wherever located.
for additional working capital.
■ Gcotgo w . Goethals, Now York, recently sold tho controlling interest
E a r n i n g s . — During the 7-year period 1915 to 1921 incl., averago con­
'“ tho com pany, textilo manufacturers, to Louis Hollingsworth for $1,500,­ solidated not earnings after dopreiation available for int. and taxes wore
000, who in turn sold it to James It. Savery and Dennis T. N oonan, Pitts­ $484,684, or 3.46 tim es annual int. on thoso debentures. During this
field, and W . V. E. Terhuno, Now York. Tho purchasers, it is understood, period $1,195,482 was deducted for depreciation.
are members o f the firm o f Berkshire W oolen Co. Tho property comprises
The company has shown a substantial profit for every ono of tho past
four textilo units.
"
20 years with the single exception of 1921. In that yoar, duo largely to
T he com pany has been reorganized w ith D . T . N oonan, P ittsfield, M ass., heavy inventory w riteoffs, a deficit of $432,539 was incurred after deduction
I r e s .: W . V . E . Terhuno, N ew York, V .-P res., and J. R. Savery as Treas — o f $382,479 for interest, depreciation and taxes.
V. 1 lo , p. 2626.
C o n s o l i d a t e d V a l a n c e S h e e t . D e c . 31 1921 ( A d j u s t e d t o G i v e E f f e c t t o P r e s e n t

Trebuhs R ealty Co., In c.— Bonds Offered.—Jolesch,
Albertsen & Co. and Very & Phillips, New York, arc offering
at 9 8 }-2 and int., to yield from 7.13% to 8%, according to
maturity, $500,000 1st (Closed) M tge. Guaranteed 7%
Serial Gold bonds (see advertising pages).
Principal and intorest guaranteed by the written unconditional endrose
m ent on each bond by both Leo Shubert and J. J. Shubert.
Dated Jan 1 1922, due Jan. 1 1924-37, incl. Int. payable J. & J. in
N ew York C ity. Denom. $1,000 and $500 (c*). Int. payablo w ithout
deduction for normal Federal incomo tax not exceeding 2% per annum.
N o t callable before m aturity. Hudson Trust C o., Now York, trustee.
S e c u r i t y .— A direct obligation o f the com pany and secured by a first
mortgago on the leasehold estato o f tho promises and building fronting
on Central Park South, Seventh Ave. and oxtending through to 58th S t.,
^ •u Ck y ’,. ^ P e r t y on which the building Is located is leased to tho
t
irebuns R ealty C o., Inc., for 61 years, incl. renewals and consists o f 125 ft
frontage on 7th A ve., 50 ft. on 59th S t., running through to 58th St.
, I he building is o f modern construction, consisting o f 22 apartments
5 stores and a theatre w ith a seating capacity o f 1,800. T his theatre is




■

F in a n c in g ) .

A s s e ts —
Land, bldgs., m ack., &c.,
less doprec------------------- $4,438,586
C ash............................
751,066
B ill rocoivablo--..............
8,423
A ccounts rec., n e t_______
530,244
Duo from foreign branches 339,288
Inventories_____________ 2,908.348
Deferred charges________
27,340
Ins. fund, cash & Lib. bds.
147,059

L ia b ilitie s -

Preferred stock __________ $1,383,800
Common stock__________ 2,702,500
Debenture bonds, 7% ___ 2,000,000
Loan & notes payablo___
144,000
Acceptances payablo_____
203,186
Accounts payablo_______
149,363
Dividend payable_______
27,676
Reservo for inc. taxes----47,425
Insurance fund rosorvo—
147,659
Liab. to min. stkholders of
subsidiary com panies-265,395
T otal (each sid e)---------$9,151,554 Surplus----------------------- II 2,080,551
— V . 108, p. 1615, 1516.

(V.) V ivaudou, Inc .—Earnings, Sales, A c.—
Profits in tho first quarter, it is stated, wore a t tho annual rate of $3 a
share. Thus far in 1922 business lias boon running 60% ahoad of last yoar.
T he com pany, it is said, is in good financial position, tlioro having boon a
gradual reduction in notes payablo sinco Jan. 1 1922, w ith a steady in­
crease in cash on hand.— V. 114, p. 1782.

THE CHRONICLE

May 13 1922.]

V u l c a n D e t i n n i n g C o .— N e w D i r e c to r . —
Lawrason Riggs Jr. has been elected a director, succeeding Louis Muonch.
— Y . 114, p. 1418.
W a g n e r E l e c t r i c M a n u f a c t u r i n g C o .— Reorganization.—

Plans for the reorganization of the company by the formation o f a new
corporation under the laws of Delaware and tho Issuing o f 82.000,000 I ref.
stock and additional no par Common stock aro under w ay. Tho plan ,it is
stated has bepn approved by tho N ew York banks interested, and tho bank
loans of tho company have been extended for four months from M ay 10.
Tho Now York negotiations have been conducted by Paul Brown of the
brokerage firm of Paul Brown & C o., St. Louis; George E . Hoffman, Pres,
of tho Merchants-Laclede N ational Bank; W . L. Hemingway, V .-lres.
N ational Bank of Commerce, and W . A . Layman, Pres. Wagner company.
Tho First Nat ional Bank and the M ercantile Trust Co. were also represented.
Tho 82,000,000 Prof, stock, it is understood, will be sold to pay the banks.
The present stockholders, it is understood, will be called on to subscribe to
tho now Preferred stock at par. An inducement in tho shape o f a bonus on
the no-par Common stock will bo offered, it is expocted.— V. 113, p. 1259.

W e s t e r n C a n a d a P u l p & P a p e r C o ., L t d . — T o R e o r g . —
It is announced that an order for tho sale o f tho property o f this com pany,
formerly tho ltainey Pulp & Paper C o., has been made by Justice Mactl°Thol debenture holders recently approved tho salo o f the property and,
it is said, a reorganization schemo will later bo drawn up.— V. 114, p. lo44.

W e s t e r n U n i o n T e l e g r a p h C o .— T o L a n d C a b le a t M i a m i .
The Government has authorized the landing o f tho Western Union cable
from Barbados at M iam i. The cable is to be sealed ponding the settlement
of dispute. This cablo connects w ith tho Barbados-Brazil cable. I he
landing o f the eablo was prevented by G ovt, in Aug. 1920.— V. 114, p. i.tuu.
W h a l e n P u l p & P a p e r M ills, L t d . — B o n d s B e in g P a i d . —
Interest on (i% Serial M tge. gold bonds due and payable M ay 1 1922,
together w ith.$210,000 o f principal o f said bonds maturing M ay 1 1922, duo
at the M erchants’ Bank o f Canada at Montreal and New 5 ork, or at tno
Northern Trust C o.. Chicago, will bo paid on presentation of coupons and
bonds at tho Bank o f N ova Scotia a t M ontreal, Toronto, N ew York and
^ C h eck ’ for interest on 7% Redeemable Debenture stock duo M ay 1
s
1922 have been mailed to registered holders.— Y. 114, p. 207.

W h i t e E a g le Oil & R e f i n i n g C o .— O p e r a tio n s .—
Tho company reports April operations as follows: Refining runs, 200,000
bbls.- total shipm ents from refineries, 1,163 cars, or about 10.500,000 gals.
Tli'o station department reports as follows:
1922— A p r i l — 1921.
1922-lSf Qimr.-1021.
G allons___ - __________
1,670,000
1,374,000
4,316.000
3,685,000
The State oil inspection reports for 1921 show total sales of the Standard
Oil Co. o f Indiana within the State o f Kansas to bo 64,889.660 gals.. Will to
Eagle Oil & Refining Co. 15,757,888 gals., and Sinclair Refining Co. 11,­
007,486 gals.— V. 114, p. 2025.
W h i t e M o to r C o .— N e w D ir e c to r — S ta tu s — R u m o r D e n ie d .
R . W . W oodruff has been elected a director to succeed tho late A . R.
President W alter C . W hite states that in April, 987 orders had been re­
ceived, compared w ith 640 for April last year, a 50% increase, and that ooo
trucks were delivered during the m onth, an increase o f over 20% over
last year. Tho factory is rapidly increasing its production, 750 men having
been employed sinco April 1, making tho total number o f employees in tno
factory now over 3,000.
.
Tho cash position, it is stated, continues to improve. There are oniy
82.800.000 o f notes payable, with no customers’ notes discounted, a m
cash o f over $2,500,000 and accounts o f notes receivable o f approximately
Mr W hite states th at there is absolutely no foundation for the rumor
th at tho company will consolidate with another truck company. V. 114,
1662.
W i l l y s C o r p .— D u e s e n b e r g M o to r s S a le .—
.
All the property o f the Duesenberg M otors Corp. at Poughkeepsie,
N . Y.. will bo offered for sale by Francis G. C affey, special master, on
M ay 31 by order o f Federal Judge Knox. This is ono of the units ot tno
WUIys Corp. The Elizabeth, N . J ., plant and the Auto-Lite Co. s plants
at Toledo and Fostoria, O., aro also ordered sold (sco V. 114, p. 20'-.j) .

W i l l y s O v e r l a n d C o .— N e w D ir e c to r s — O r d e r s . —
Frank Alton, of M oline, 111., has been elected a director succeeding J.R .
Harbeek of N . Y . O. M . K eys was added to tho board, increasing tho
directorate to 13.
,
President John N . W illys is quoted as saying th at tho company is 13.500
cars behind orders to date, th at inventories have been greatly reduced anti
th at cash on hand has increased more than $1,000,000- Pres. W illys stated
th at a roport probably would bo made lator to cover tho six m onths ended
Juno 30.— V. 114, p. 1900.
W i t h e r b e e , S h e r m a n & Co —Bonds Sold— Dillon, Read
& Co. and Kean, Taylor & Co. have sold at 98]^ and int.
to yield about 6 l $% , 84,000,000 1st M tge. 6% Sinking Fund
/
Gold bonds. (Seo advertising pages.)
D ated M av 1 1922. Duo M ay 1 1944. D enom . 81,000 and $500 (c*).
Int payable M . & N . in N ew York. Callable as a whole on any int. dato
at 107 'A and int. Penn. 4 mill tax refunded. Farmers’ Loan & Trust C o.,
Now York, trustee.
D ata from L etter o f Pres. L ew is W. F r a n c is, N ew Y ork, May 9.
C o m p a n y . - rncorp. in N ew York In 1900. W ith predecessors, has owned
and successfully operated for over 70 years largo iron ore deposits, com­
prising Ihe largest iron ore developm ent in the East and one o f tire largest
in the United States. Every grade o f merchant pig iron can be produced
from the various qualities o f ore mined and shipped. The principal prop­
erties are located near Port Henry, N . Y ., and include over 104,000 acres
of mineral lands. Proven ore contents o f this acreage aro conservatively
figured as 38,000,000 tons, with a large volum e o f undeveloped ore in reserve.
W ith a portion o f the proceeds from sale of these bonds, the company
will construct at Port Henry a modern blast furnace with a normal capacity
o f 150,000 tons o f pig iron annually, which will be operated in conjunction
with a furnace now owned having a normal capacity of approximately
80.000
tons per annum. Also owns 50% interest in Lake Champlain
Moriah ItR.
N e l E a r n in g s A v a i l a b le f o r I n te r e s t, D e p r e c ia tio n a n il D e p le tio n .

1010
.......... ..$956,45111914------------- $189,801 | 1918_________ 8929,127
io n '
_____ 661,360 1916-----------440.49011919.................
474,055
1912"
612,214 1 9 1 6 .............1,169,435 1920_______________ 989,630
191.3".:.............. 472,703 11917 — - - - - - 1.649,932 11921 loss_______ 235,373
S i n k i i w F u n d .— During 6 m onths following M ay 1 1924, and during each
6 months' period thereafter, tljero will bo available funds for the redemption
in each such 6 m onths’ period o f $100,000 o f bonds either by purchase at
or bolow 105 and int. or, if not obtainable, by call by lot at that price.

Purpose — P r o c e e d s w ill b e u t i l i z e d in t h e c o n s t r u c t i o n o f n e w b l a s t f u r ­
n a c e a t P o r t H e n ry a n d fo r a d d itio n a l w o rk in g c a p ita l.
C a p ita liz a tio n —
A u th o r iz e d . O u ts ta n d in g
_____ $3,000,000
Capital sto ck _____________________________________
1st M tge. 6s (this Issue)-------------------- - --------- -$< ,500,000 4,000,000

W r i g h t A e r o n a u t i c a l C o r p .— Earnings.—

N e t earnings after taxes for the quarter ending 5 1arcli 31 1921 are
reported as $173,177.— V. 114, p. 1062.
CURRENT

N O T IC E S .

— Tho Coffee & Sugar Exchange firm o f Hess & Ham ilton recently
formed to engago strictly as brokers In coffee and sugar futures, is located
at 8 2 Beaver St. T he personnel includes Victor R. Hess, a member of tho
N ew York Coffee and Sugar Exchango, who retired from tho firm of
Lamborn & Co. and was instrumental in inaugurating trading in sugar
futures on tho Exchange; Harry W . Ham ilton and William J. Hess, both
o f whom for many years have been closely Identified with com m odity




3137

markets, especially coffee and sugar. Telephone numbers. Bowling Green
1 0 4 11,10412,10413.
• Abm. Barker M ellor of the former New York and Philadelphia Stock
—
Exchango firm of M ellor & P etry , and o f late years holding a general power o f
attorney w ith M essrs. Frazier & Co and Redmond & C o., announces that
ho is no longer connected w ith the latter firm but has entered the field of
consultant Ixinker w ith offices at 1628 Real E state T rust B ld g., P hila­
delphia, soliciting tho patronage of banks, trust companies, corporations,
partnerships, lawyers and ind ividu als, to render them special and experi­
enced personal service of confidential character.
— Rem ick, Hodges & C o., members o f tho Now York Stock Exchange,
have issued a booklet presenting a transcript of tho laws of tho State of
N ow York relative to trust fund investm ents. Tho booklet also contains
a copy of tho list of bonds compiled by the Superintendent o f B anks o f the
State of N ow York, as directed by law , and which were in his opinion a
legal investm ent for Newr York savings banks on Jan. 1 1922.
— Tho Association o f Foreign Security D ealers of America announces
that tho m eeting of its Trading R egulations and Arbitration Com m ittee
w ill bo held on T uesday the 16th. All matters to come before the Com­
m ittee should bo communicated in writing to the Secretary’s office, 135
Broadway, before noon on M onday the 15th.
L. D . Childs, formerly w ith the Guaranty Co. o f N ew Y ork, George
H . Ilubner, formerly w ith Ilornblower & W eeks, and George L. Kilmer,
have organized under the name of Childs, Kilmer & C o.. Inc., to conduct
a business in investm ent securities, w ith offices in tho Fifth A venue Guarante
Building, at 522 Fifth A ve.
— Tho B lanton Banking Co. of Houston, Texas, specializing in tho pur­
chase and salo, at wholesale, of all M unicipal bonds in T exas, has m oved
their ol'fico from Suite 315, Kress B ldg., to Suite 211, Scanlan B ld g., into
larger and more comodious offices.
— Guaranty Trust Co. of New York, has been appointed transfer agent
of stock of tho Cuban D om inican Sugar C o., consisting of 83,000 shares of
Preferred stock, par value 8100, and 1,100,000 shares of Common stock
having no par value.
— Georgo M . Ilubner has retired from the firm of Hubner, M cDonough
& Sloan, and the firm w ill bo continued by Jos. T . M cD onough and Douglas
G. Sloan under the firm name of M cD onough & Sloan, with offices at 15
Broad Street.
— C olgate, Cox & Co. have removed from the third to the fourth floor o f
111 Broadway, N ew York. Gilbert C. W hite, formerly w ith Brown
Brothers, is now associated with th is com pany in charge o f the trading
departm ent.
— Edward B . Sm ith & C o., members N ew York Stock Exchange have
removed their offices to tho third floor of tho Hanover N ational Bank
Building (5 N assau Street).
— Fabian F. Lovy has opened an office in tho Drexel Building, Philadephia, to conduct a general bond trading business. Joseph A. Zeller
will bo associated w ith him. Telephone Lombard 7646.
— Robinson & C o., members of the Now York Stock Exchange, 26
Exchango Place, Now York, have issued a comprehensive analysis, with
m ap, on tho Public Service Corporation of New Jersey.
— John T . C ollins, J r ., has been adm itted to an interest in tho business of
Samuel M cCreery & C o ., members of Philadelphia Stock Exchango, Frank­
lin B and B ldg., Philadelphia.
— E . F . H utton & C o., 61 Broadway, N ew York C ity, have Issued a
cicular entitled “ Postum Cereal C o., Prof , an A ttractive Investm ent
Stock .”
— M orris & Sm ith, members N . Y . Stock Exchange, 115 Broadway, N .
Y . C ., havo opened a bond department under tho managem ent of Victor
N . Lowcree.
— A. Ilechscher W etlierill has been adm itted, as a general partner, to
tho firm of Reid, M cClure & Co . members of Philadelphia Stock Exchange.
1418 W alnut S t., Philadelphia.
— D avid Brown & C o., 133 Front S t., N ew York, members of the N ew
York Coffeo & Sugar Exchange, aro prepared to inform ‘"Chronicle readers
relative to the coffeo and sugar futures markets.
— Frederic I t. Kirkland has been adm itted to general partnership in th e
firm of Parrish & C o., members N ew York and Philadelphia Stock Ex­
changes .
— At a meeting of tho Board of Directors of the Kerr Elevator Appliance
C o., Shaftcr Howared of N ewport, R. I., and Philip Kip Rhinelander of
Gillespie, M eeds & C o., wero elected to the board.
__Tho N ew York Trust Co. has been apointod Registrar of the Capital
stock of tho Central Peru Copper C o., and of tho stock of tho Hudson
M otor Car Co.
— T he Equitablo Trust Co. of N ew Y ork, has bceen appointed Transfer
A gent of the stock of Sundernan Products, Inc., and also of tho Preferred
stock of tho Magar Car Corp.
__W . T . Parker. Jr., formerly w ith E . B. Sm ith & C o., is now associated
w ith Gilbert E liott & C o., as manager of their Insurance C o. Stock D e­
partm ent.
— Fonner & Beane, investm ent brokers, 27 William S t., have issued
a special analytical circular on the Gulf States Steel Co. and its \ariou s
&
properties.
— Cammack & C o., investm ent dealers, announce the opening o f offices
at 39 So. La Salle S t ., Chicago, for the transaction of an investm ent business
in Government, municipal and corporation bonds.
— Charles A . Crane, for 8 years connected with the bond departm ent o f
the Harris Trust C o., has become associated with A . G. Becker & Co.
— J. E. W ilson & C o., 120 Broadway, N . Y . C ., announce th at Paul S.
Leahy has becomo associated with them in their bond departm ent.
— Bankers Trust Co. has been appointed transfer agent for 7% cumu­
lative Preferred stock of the Chesapeake & Potomac Telephone C om pany.
— Boland & Proim have removed their offices to now and larger quarters
on tho 4th floor of 49 Wall S t., N . Y . C.
— Keane, H lgbie& C o., 120 Broadway, announce th at Howard M . Sm ith,
Jr., formerly w ith W atson & W hite, is now associated w ith them .
— Tho Seaboard N ational Bank has been appointed registrar in N ew York
of the Preferred and Common stock of the Pennsylvania Edison Company.
— M acartnoy & M cLean announce the removal o f their offices to 52
Broadway. Now telephone numbers. Broad 7360-1-2-3-4.
— J. S. H ew itt Is now conducting an investm ent business in his own
name. He w ill mako his office at 100 Broadway.
— Goodwin, Allen & C o., Inc., announce the removal of their offices
into larger quarters at their present address, 115 Broadway.
— J. Robert H ew itt is now associated w ith the bond department o f
Hallo & Stieglltz at 30 Broad St.

3128

THE CHRONICLE

[V ol. 114.

§ k p xrxis m i l
UNION PACIFIC RAILROAD COMPANY
TW E N TY -FIFT H ANNUAL REPORT—YEAR E N D E D DECEM BER 31 1921.
^
. . .
A ew York, N. Y., April 13 1922'.
To the Stockholders of Union Pacific Railroad Company:
The Board of Directors submits the following report of the operations and affairs of the Union Pacific Railroad Company
for the calendar year onded December 31 1921, including the Oregon Short Line Railroad Company, whose entire Capital
Stock is owned by the Union Pacific Railroad Company, and the Oregon-Washington Railroad & Navigation Company, whose
entire Capital Stock (except fifteen qualifying shares held by Directors) is owned by the Oregon Short Line Railroad Company.
For convenience, the three companies are designated by the term “Union Pacific System.”

INCOME.
The incomo for the calendar year 1921, compared with the calendar year 1920, after excluding all offsetting accounts
between the Union Pacific Railroad Co., Oregon Short Line Railroad Co. and Oregon-Washington Railroad & Navigation Co.,
was as follows:
C a len d a r Y ear
1921.

C a len d a r Y ear
1920.

In co m e from R ailroad P rop erties:
Operating revenues__ _
.. _
R ental from U nited States Railroad A dministration (2 m on ths)__________

$181,445,913 01

♦S175.260.837 47
7,099,452 68

T otal R eceipts____________
Operating expenses____________

.

$181,445,913 01
131,601,748 57

$182,360,290 15
♦135,303,242 49

Receipts over expenses___________ _____ ___ __
T axes____ ____________ ______

$49,844,164 44
11,720,855 80

$47,057,047 66
*10,754,015 40

$2,787,116 78
966,840 40

O p era tin g In co m e-------------------------------------------------------------------

$38,123,308 64

•830,303,032 26

$1,820,276 38

R ents from use o f road- ....... ............. ......... - __
R ents from use o f joint tracks, yards, and terminal facilities______________
M iscellaneous ren ts___________________
M iscellaneous incomo_____________

$70,947 18
1,278,425 10
226,525 62
219,155 94

__

T o ta l__________________ __________

_ __

D e d u c t—
Hire o f equipment— balance________
R ents for use of joint tracks, yards and terminal fa c ilities.______________
M iscellaneous ren ts________ ____
M iscellaneous charges__ ________ __ _

$1,492,884 65

$302,109 19

$39,918,362 48

$37,795,916 91

$2,122,445 57

$3,839,655
1.667.304
25,299
159,935

_

90
82
12
49

*$382,459
*1,308,238
22,232
120,724

70
27
44
89

S5,692,195 33

Incom e from I n v e stm e n ts a nd M isc e lla n e o u s Incom e:
D ividends on stocks ow ned______ _____
Interest on bonus, notes and equipm ent trust certificates owned
In te r e st on loans and open accounts__________________
M iscellaneous incomo___ __

$1,833,655 30

$34,226,167 15

N et In com e from R ailroad P r o p e r tie s_______________________

D ecrease.

82
94
33
56

$1,795,053 84

T o ta l Incom e from R ailroad P r o p e r tie s ________ ____________

T o t a l _____________________________

$73,412
*1,069,720
190,056
159,694

In crea se.

$35,962,261 61

$4,725,372
7,564,737
768.323
79,654

00
33
94
69

$4,172,390
7,331,210
712,243
83,106

$3,858,540 03
$1,736,094 46

00
73
19
74

$552,976 00
233,526 60
56,080 75
$839,131 30

T o ta l_________________________________

$13,138,087 96

$12,298,956 66

T o ta l In com e from All S o u r c e s ____________ _____

$47,364,255 11

$48,261,218 27

$15,914,445 46
148,734 78

$15,419,279 00
167,708 22

$495,166 46

T o ta l_________________________________ _

$16,063,180 24

$15,586,987 22

$470,193 02

N e t Incom e from All S o u r c e s ---------- --------- -----

$31,301,074 87

$32,674,231 05

$3,981,740 00

$3,452 05

$3,981,740 00

$896,963 16

D e d u c t—

I n te r e s t o n F u n d ed D e b t .____________ _______ _
M isc e lla n e o u s C h a r g e s-------------------------------------------

D ISPO SIT IO N OF NET INCOMO.
D iv id en d s on S to c k of U n io n P a c ific R ailroad Co.:
Preferred stock:
2 per cent paid April 1 1921.................................... - ............... $1,990,870 00
2 per cent paid October 1 1921--------------------------------------- 1,990,870 00
Common stock:
2M per cent
2 V i per cent
2H per cent
2H Per cent

paid April 1 1921................................ ....................$5,557,290
paid July 1 1921........................................... ........... 5,557,290
paid October 1 1921................................................ 5,557,290
payable January 3 1 9 2 2 --................................ .. 5,557,290

00
00
00
00

$18,973 44

$1,373,156 18

22,229,160 00

22,229,160 00

T o ta l D iv id e n d s - -________ ___ ______ ____________________
S in k in g F u nd R e q u ir e m e n ts_________________________________ _

$26,210,900 00
10,173 34

$26,210,900 00
10,876 65

T o ta l A p p r o p r ia tio n s o f N e t In c o m e ________________ .

$26,221,073 34

$26,221,776 65

$703 31

$5,080,001 53

$6,402,454 40

$1,372,462 87

S u r p lu s , T ra n sferred to P r o fit a n d L o ss________________

$703 31

* I<or ten months, M arch to December 1920, with a few minor exceptions, the Railroad Administration having operated the properties during the
two m onths January and February 1920.

The N et Income from All Sources” for the calendar year 1921, less sinking fund requirements and dividends on the
preferred stock, amounted to $27,309,161 53 and is equivalent to 12.29per cent on the $222,291,600 common stock of the
Union Pacific Railroad Company outstanding, as compared with 12.90 per cent for the calendar year 1920, a decrease of 61 %.
The incomo account for the year does not include any such
unusual items as Federal control rental and additional mail
pay applicable to previous years or operating expense ad­
justments in connection, with maintenance reserves set up
in 1920, as no such reserves were carried over, maintenance
expenses for both years being on basis of actual expenditures.
The inorease in “Deductions” of $3,858,540 03, nearly
all for hire of equipment, is due partly to increased payments
to private car lines—$1,638,306 62 to Pacific Fruit Express
Company (of which Union Pacific is half owner) and $251,­
105 92 fro othor companies—because of increase in the car
mileage rate from %c. to 2c. per milo, effective September 1
1920, and 28.4% increaso in the mileage of such cars on our
lines, and partly to decroaso in net receipts for per diem on




railroad owned equipment resulting from roturn of freight
cars to owning lines because of the decline in business. Tho
increaso in mileage of private car lino cars was due to heavier
movement of fruit and vegetables. Fruit and vegetable
crop failures in tho East, fruit crop shortage in tho Middle
West, and vegetable crop shortage in tho South West causod
increase in shipments of fresli fruits and green vegetables
from California, Oregon, Washington, Idaho and Colorado.
The increase in “Income from Investments and Miscel­
laneous Income” is duo principally to dividend received from
Pacific Fruit Express Company, which did not pay a divi­
dend in 1920, and to interest received on bonds of the Los
Angeles & Salt Lako Railroad Company acquirod in exchange
for bonds of tho Oregon-Wssh'r’g+on;P c5,,'rt?d fr VqvUeUnn

May 13 1922.]

THE CHRONICLE

Company. Investment securities wero purchased during the
yoar to replaco those which matured and to make up shortage
in reinvestment of funds received from investment securities
that matured during the years 1919 and 1920. The now in­
vestments bear higher interest rates than the matured in­
vestments (aveirago current yield on new investments 0.37%,
whilo on matured investments the average was 4.62%),
and tho annual income will bo greator, but the entire increase
is not reflected in tho income for this year.
Tho increase in “Interest on Funded Debt and Miscel­
laneous Charges” is due principally to dividends having been
accrued for tho entire year 1921 on tho 810,000,000 Seven
Per Cent Equipment Trust Certificates, Series A, dated
June 1 1920 and sold by tho Union Pacific Railroad Company
during that month, and to interest on the Oregon-Washington Railroad & Navigation Company bonds given in ex­
change for bonds of the Los Angeles & Salt Lake Railroad
Company mentioned in preceding paragraph.
Tho decrease in operating rovonues is duo to the wide­
spread business depression that sot in near the close of 1920
and continued throughout 1921, involving an unprecedented
recession in railroad traffic all over tho country except for a
few weeks during tho crop-moving season. Ton miles of
rovonuo freight declined 30.9%. Passenger traffic fell off
almost as precipitately, declining 26.9%. While the gen­
eral increase in transportation rates authorized by tho Inter-Stato Commerce Commission effective August 26 1920
was in effect without material change during tho rest of that
yoar, yot a great many reductions on particular commodities

2129

and in particular territories wero made in such rates during
1921 by or at the suggestion of the Commission, and volun­
tarily, to remove maladjustments resulting from the general
increase. So the freight rates in 1921 were substantially
lower than during the last four months of 1920, though the
passenger rates remained practically the same.
The severo decline in volume of traffic admitted of heavy
reduction in freight-train service and transportation forces,
and rigid economy was applied wherever practicable without
impairing the high standards of maintenance and service
which it is the policy of the company to observe.' The Rail­
road Labor Board on June 1 1921 ordered a reduction in
wages for cortain classes of employees effective July 1 1921,
but only to the extent of part of the increase which it had
ordered in 1920. This reduction afforded some measure of
relief during the last half of the year but not sufficient to
meet tho necessities of tho situation, and as a rule tho wages
of the employees are still higher than wages generally paid
for tho same service in private industries where the class of
employment is comparable. By subsequent decisions near
the ond of the year the Railroad Labor Board ordered modifi­
cations in working rules and regulations established during
Federal control, commonly termed “national agreements,”
which will give some further relief; and other proceedings
are still pending.
The increases and decreases in operating rovenues and oper­
ating expenses and other details of transportation operations
are presented in the following table and the comments
thereunder:

TRANSPORTATION OPERATIONS.
Operating results for yoar 1921 compared with yoar 1920:
C a le n d a r Y e a r

1921.
Average milos o f road operated.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.

O p e r a tin g R e v e n u e s —

Freight rovonuo_____________
Passenger revenue___________
M ail r ev en u e________________
Express rovonuo_____________
Other passenger-train revenue.
Other train rovonuo__________
Switching rovonuo___________
Water lino revenue__________
Other rovonuo______________
T otal operating revenues.

1920.

8,204.57
$132,844,258
31,728,975
4,213,058
5,287,632
3,130,445
60.441
849,805
103.379
3,227,916

tC a le n d a r Y e a r

90
26
80
38
77
05
15
48
16

In crea se.

8,191.80
$150,160,927
38,170,277
*7.460.937
4,630,209
3,088,676
58,441
877,303
167,831
4,434,904

90
19
06
32
72
81
84
86
56

P er
C e n t.

D ecrease.

.2

12.77

$657,423 06
41,769 05
1,999 24

$17,316,669 00
6,441,301 93
3,247,878 20

1 1 .5

27,498 69
64,452 38
1,206,988 40

16.9
43.5
14.2
1.4
3.4
3.1
38.4
27.2

S181.445.913 01

$209,049,510 26

$27,603,597 25

13.2

$25,215,990 61
34,655,242 52

$34,770,779 30
38,869,167 36

S9,554,788 69
4,213,924 84

27.5
10.8

$59,871,233
2,912,840
58,523.447
93,346
3,316,426
6,985,720
101,265

$73,639,946
2,162.517
69,055,557
222,192
4,584,870
7,318,803
43,953

$13,768,713 53
55
84
13
50

18.7
34.7
15.3
58.0
27.7
4.6
130.4

O p e r a tin g E x p e n s e s —

11. M aintenance o f w ay and structures.
12. M aintenance o f eq u ip m en t________
13.
14.
15.
16.
17.
18.
19.
20.
21.

T otal maintenance expenses______
Traffic expensos---------------------------------Transportation expenses—rail lino_____
Transportation expenses— water lin e_
_
M iscellaneous operations expenses_____
General oxponscs-------------------------------Transportation for investm ent— C r e d i t .
T otal operating oxponses.
Rovonues over exponsos.

13
30
89
16
23
44
58

66
53
44
00
36
94
25

$750,322 77

57,312 33

10,532,109
128.845
1,268,444
333,083

$131,601,748 57

$156,939,934 68

$25,338,186 11

16.1

$49,844,164 44

$52,109,575 58

$2,265,411 14

4.3

$1,345,455 73

8.7
84.1
36.3
29.0

$365,190 29

3.0

$1,929,214 86

4.8

S5.404.818 15

13.8

2.54

3.4

5,064.488
3,977,350,029
71.97

17.9
30.9
15.8
27.2
14.4

T axes—

22.
23.
24.
25.

State and county----Federal capital stockFederal incom e______
Federal war rovonuo.

26.

T otal taxes.

27.
28.
29.
30.

Uncollcctiblo railway rovenues.
Railway operating incomo------Equipm ent rents-------------------Joint facility rents-------------------

31.

N o t railway operating incomo.

$8,705,497
573,388
2,357,516
84,452

55
90
44
91

$8,006,113
311,494
3,702,972
65,465

99
50
17
43

$11,720,855 80

$9,329
$40,014,109
375,107
377,825

18,987 48

$12,086,046 09

$38,323
$38,084,984
3,839,655
388,879

$699,383 56
261.894 40

09
65
90
72

98
51
17
16

$33,856,449 03

75.07

23,255,922
8,904,602.10.3
382.90
1.451
$7.16

28,320,410
12,882,012.232
454.87
1.141
$6.26

Revenuo passengers carried_______________________________
6,896,171
Rovenuo passongers carried one m ile--------------------------------956,698.196
Averago distance hauled per passenger ( m i l e s ) ....................... _
138.73
Averago passengers per passenger (rain m il o .- i----------------56.93
Averago revenue per passengcr-niilo ( c e n t s ) ---------- ------------3.283
Averago rovonuo per passenger-train mile, passengers o n ly .
$1 87
Average total revenue per passenger-train milo------------------$2 62
F u ll-fa ce — C red it.
t Federal and Corporate combined.
* Includes $3,055,790 37 increased back pay for hauling m ail years 1918 and 1919.

9,469,582
1,308,588.114
138.19
79.94
2.888
$2 31
$3 05

$3,464,548 73
11,054 56

$39,261,267 18

72.53

S2S.994 01

Por cent— Operating expenses o f operating revenues________________
F r e i g h t T r a f f i c ( C o m m e r c i a l F i e i g h t o n l y )—
Tons o f rovonuo freight carried-----------------------------Ton-m iles, rovonuo freight------------ - - - - ----------------Averago distance hauled per ton ( m i l e s ) ----------------Averago rovonuo per ton-mile ( c e n t s ) ----------------------Averago rovonuo por freight-train m ile------- ------------

..............................

.310
$.90

2.9

..............................

P a s s e n g e r T r a f f i c ( E x c l u d i n g M o t o r C a r )—

Tho dccrcaso of 817,316,669 or 11.5% in freight revonuo
is duo to tho dccrcaso of 30.9% in net ton milos of rovenuo
freight hauled. It will bo observed that tons of rovonuo
froight carried decreased only 17.9%, tho average haul of
revenue freight being 382.90 miles, or 71.97 milos less than
in 1920. This is duo to tho roturn to former channels of
cortain long haul traffic which tho Union Pacific enjoyed
during tho years 1916 to 1920 inclusive because of unusual
conditions. Boginning in tho autumn of 1916 shipping




.54
_____
.395

2,573,411
351,889.918

27.2
26.9
.4
28.8
23.01
13.7
$.44
19.0
$.43 1 14.1

through tho Panama Canal and exports through Pacific
ports wero practically suspended during the World War.
All available ships were in the Atlantic and transcontinental
traffic, which was greatly increased by increase in exports to
Europe, moved almost wholly by rail. Grain from Oregon
and Washington, which had previously been exported through
Pacific ports to the Orient, moved by rail to the Atlantic
soaboard for Europe. This condition was intensified dim­
ing Fedoral control in 1918 and 1919 and the Railroad Ad­

THE CHRONICLE

2130

ministration concentrated on the United Pacific, because of
its direct double-track easy-grade line, traffic moving be­
tween California and the East. The same conditions con­
tinued to a slightly less degree during the first ten months of
1920, when business was still flourishing and shippers were
eager for fast transportation service. It is of interest to
note that the average haul in 1921 was about the same as in
1915, the figure for that year being 381.34 miles. But the
tons of revenue freight carried in 1921 were 5,890,089 greater
than in 1915, indicating that there has been a healthy growth
in the traffic we normally handle and that the decrease in
1921 as compared with 1920 was in the through traffic forced
over our lines by tho abnormal conditions.
Tho decrease of 80,441,301 93 or 16.9% in “Passenger
Revenue” is due to the decrease of 26.9% in the number of
passengers earned one mile, the loss of revenue from the
decrease in traffic being partly offset by tho increased rates.
Tho decrease of 83,247,878 20 in “Mail Revenue” is duo
principally to a credit in January 1920 of 83,055,790 37
paid by the Post Office Department to the Railroad Admin­
istration under deoision of the Inter-State Commerco Com­
mission of December 23 1919, as additional compensation
for tho transportation of mail during the years 1918 and 1919.
Tho inoreaso of 8657,423 06 or 14.2% in “Express Rev­
enue” is due to increased rates granted in September and
October 1920, the volume of business in 1921 being less than
in 1920.
The deorease of 827,498 69 or 3.1% in “Switching Rev­
enue” is due to the decrease in volume of freight business.
Tho decrease of 864,452 38 or 38.4% in “Water Line
Revenue” is duo to tho discontinuance in February 1921 of
the Oregon-Washington Railroad & Navigation Company’s
boat line service on the Columbia River.
Tho decroase of 81,206,988 40 or 27.2% in “Othor Rev­
enue” is duo principally to decreases of 8924,278 23 in rev­
enue from operation of hotels and restaurants and 8313,171
in demurrage, resulting from the decreases in volume of
passonger and freight traffic.
Tho decrease of 89,554,788 69 or 27.5% in “Maintenance
of Way and Structures Expenses” is duo largely to reduc­
tions in labor expenses, i. e., force reduction 86,533,530,
wage schedule and overtime reduction 81,686,558, and to
decrease in quantities of material used in repairs and renew­
als. Tho principal traok materials used during the year in
making ronowals wore as follows:
New steel rails______________________ 298.23 track miles
Second-hand stool rails______________ 102.19
“
“
T o ta l_____________•_____________ 400.42
excluding yard traoks aud sidings, equivalent
the track miles of main track at the beginning
Ties, 2,674,281 (53.9% treated), equivalent to

track miles,
to 8.6% of
of tho yoar.
8.3% of all

[V ol. 114.

ties in track at the beginning of the year. Tie plates,
1,666,733, and continuous rail joints, 182,343.
The decreaso of 84,213,924 84, or 10.8%, in “Maintenance
of Equipment Expenses” is principally due to decrease in
labor costs of 86,043,580—of which 85,077,143 was due to
force reductions—less decrease of 81,562,333 in amount col­
lected from other companies for repairs to their equipment.
The curtailment of work due to slackened business condi­
tions was largely on locomotive repairs, locomotives making
less mileage and consequently requiring less maintenance.
Freight cars also mado less mileage, but many cars roturned
by foreign roads were in bad order and were given heavy re­
pairs.
The increase of 8750,322 77 or 34.7% in “Traffic Ex­
penses” is due partly to the fact that tho reorganization of
the Traffic Department and the re-establishment of outside
agencies—the traffic organization having been reduced to
a minimum and outside agencies abolished during Federal
control—were not completed until late in the year 1920,
and partly to the fact that during tho first two months of
1920, when the properties were under Federal control, there
was practically no expenditure for advertising.
The decroase of 810,532,109 55 or 15.3% in “Transporta­
tion Expenses— Rail Line” is due principally to the decrease
in volume of freight businoss handled. Labor costs wore re­
duced 87,502,095, mostly by reducing forces, only 8252,778
thereof being due to decreased wage schedules. Fuel costs
decreased 82,745,094 because of decreased consumption.
Tho decrease of 8128,845 84 or 58% in “Transportation
Expenses—Water Line” is due to discontinuance in Febru­
ary 1921 of Oregon-Washington Railroad & Navigation
Company’s boat line service on the Columbia River.
The decrease of 81,268,444 13 or 27.7% in “Miscellaneous
Operations—Expenses” represents principally decrease in
exponses in connection with tho operation of dining cars, ho­
tels and restaurants, and corresponds with the deorease in
“Other Revenue” resulting from decreaso in volume of pas­
senger traffic.
The decrease of 8333,083 50 or 4.6% in “General Ex­
penses” is due principally to decrease in rates of pay and re­
ductions in force, the forces being gradually reduced as ex­
tra work in connection with settlement with tho Goverpmont
for the Federal control period was completed.
The decrease of 8365,190 29 or 3% in “Taxes” is duo prin­
cipally to decrease in accrual of Fedoral income tax of
81,345,455 73 caused by adjustment in 1921 of over-accru­
als in 1920, less increase of 8699,383 56 in State and county
taxes due to increased assessments and increase of 8261,­
894 40 in Federal capital stock tax, which was payable only
for the last six months of 1920 but for the entire year 1921.
The increase in “Equipment Rents” is explained under
“Income.”

PROFIT A N D LOSS ACCOUNT.
( E x c lu d in g a ll o f fs e ttin g a c c o u n ts b e tw e e n th e U n io n P a c i f i c R a ilr o a d C o ., O re g o n S h o rt L in e R a ilr o a d C o ., a n d O r e g o n -W a s h in g to n
R a ilr o a d & N a v i g a t i o n C o .)
C R E D IT .
Proceeds from redemption o f bonds o f Union Pacific Coal Co. which matured M ay l, 1921----------------Difforonoo hofiwoon i
frnm mA-tnrini? investm ent securities owned and cost thereof____________
Difforonco between proceeds from sale o f property and book cost thereof
________________________
Additional compensation uncior decision o f tho Interstate Commerco Commission of December 23 1919,
for transportation o f U S M ail prior to January 1 1918, collected during the year_________ ____
Federal control settlem ents—A djustm ents o f accounts in connection therewith in accordance with order
o f Interstate Commerce C om m ission.________________ - ______ ____________ . . . . ________________Liabilities written off, boing unclaim ed_____________________________________________________________
M iscellaneous______________________________________________________________________________________
T otal
.
............................................................................... - ...............
D E B IT .
C ost o f surveys o f projected lines not constructed; surveys abandoned____________________________r - - ,
Differenco between cost to tho Union Pacific It. It. Co. o f Oregon-Washington It. It. & N av. Co. First
9c Refunding M ortgage 4% bonds, Southern Pacific It. It. Co. First Refunding M ortgage 4% bonds
and Southern Pacific Co. San Francisco Terminal First M ortgage 4% bonds exchanged for Los
Angeles 9c Salt Lake R. It. Co. First M ortgage 4 % bonds under agreement of April 27 1921 with
W. A. (Mark, and tho value a t which the Los Angeles 9c Salt Lako It. R. Co. bonds received were
taken into account, being (in the absence o f any market price of tho L. A. & S. L. bonds) the
market vnlne nf the hnmi<i evchanered therefor
______________
Difference between cost o f property retired and n o t to be roplaced and net value of salvage recovered ..
D iscount on fynded deb t___________________________________________________________________________
Uncollectiblo accounts written off
__
_ ____________________________ ________ i -----Investm ent in Oolorado-I’acific D evelopm ent Co. w ritten off. This was an oil development under­
taking in Colorado commenced many years ago. It was abandoned in 1917 but prospecting was
o mtinued by an independent com pany under contract to reimburse tho Union Pacific R . It. Co.
if oil was found in paying quantities. Prospecting was unsuccessful and tho amount of our expen­
ditures is therefore written off
___________ _________ _____________________
M iscellaneous______________________________________________________________________________________




$137,699,396 86
5,080,001 53

S I,471,999 00
194,522 30
13,338 87
545,573 15
9,807,140 50
251,874 24
58,448 99
$12,342,897 05
$167,702 37

5,238,935
164,651
236,048
8,949

35
90
04
41

283,795 61
11,254 52
6,111,337 20
6,231,559 85
$11,311,661 38
$149,010,967 24

3131

THE CHKONICLE

May 13 1922.]

CAPITAL STOCK.
There was no chango d u r i n g th e y e a r e n d e d D e c e m b e r 31
1921 in the amount of capital stock outstanding in hands of
the public, which is as follows:
$222,293,100 00
99,543,500 00
'$321,836,600 00

Common Stock
Preferred Stock
Total

The numbor of stockholders as of March 12 1922, when the
books were closed for the annual meeting, considering a holder
of both preferred and common stock as one stockholder, was
50,405, as compared with 20,282 when the books were closed
in September 1911 for the annual meeting of that year—in­
crease during poriod of approximately 10 years 148.8%.
ASSETS AND LIABILITIES.
The decreases in the accounts with the United States Rail­
road Administration—being the total balances as of Decem­
ber 31 1920—aro duo to final settlement being made with the
Government during the year for the Federal control period.
The decreaso of $5,471,372 02 in “Deposits in Lieu of
Mortgaged Property Sold” is due to payments made by the
trustee for now equipment delivered during the year out of
deposited proceeds from sale of equipment trust certificates
Series “ A .”

The increases under “Investments in Affiliated Compan­
ies” and the decrease under “Investments in Other Com­
panies” are duo principally to acquisition of Los-Angeles &
Salt Lako R. R. bonds, explained below.
The increase of $8,499,845 in “United States Government
Bonds and N otes” represents a temporary investment of
funds in Victory notes and certificates of indebtedness.
Considering the income tax exemption, the interest return
on these securities is greater than on any other available
temporary investments.
The increase of $1,237,451 96 in “Discount on Funded
D ebt” represents the proportion unextinguished as of D e­
cember 31 1921 of discount on $14,735,000 face value Oregon-Washington Railroad & Navigation Company First
and Refunding Mortgage 4% Bonds given by the Union
Pacific Railroad Company in exchange for Los Angeles &
Salt Lake Railroad Company First Mortgage 4% Bonds.
The unextinguished discount has not heretofore appeared in
the balance sheet because the bonds were owned by the Union
Pacific RR. Co.
The decrease of $4,995,000 in “Loans and Bills Payable”
is due to payment during the year of notes issued to banks in
part payment for subscription to Fourth Liberty Loan
4M% Bonds.

GENERAL BALANCE SHEET—ASSETS.
( E x c lu d in g a ll o f f s e ttin g s e c u r itie s a n d a c c o u n ts b e tw e e n th e U n io n P a c if ic R a ilr o a d C o ., O reg o n S h o rt
■

O r e g o n -W a s h in g to n R a ilr o a d

c N a v ig a tio n
fc

Line

R a ilr o a d C o ., a n d

C o .)

D ec. 31 1921.

$676,370,407 65

$14,658,761 04

$23,764,091 13

$23,726,091 13

$38,000 00

13,310,236 52

L ess:

D ec. 31 1920.

$691,029,168 69

In vestm en ts:

13,310,236 52

R e c e i p t s f r o m i m p r o v e m e n t a n d e q u i p m e n t f u n d ------------------------- A p p r o p r i a t i o n s f r o m i n c o m e a n d s u r p l u s p r i o r t o ■ u l y 1 1907, c r e d i t e d
J

In crea se.

D ecrease.

___ ____ _______________

$37,074,327 65

$37,036,327 65

$38,000 00

701. In v e stm en t in road a n d e q u ip m e n ts ------- ----------- .-----------------

$653,954,841 04

$639,334,080 00

$14,620,761 04

704. Deposits in lieu o f mortgaged property sold . _ ---------------------------

$7,696 42
1,291 86
1,138,839 14

$7,696 42
5,472,664 48
1,148,059 94

$5,471,372 62
9,220 80
$5,480,593 42

T otal

______

$1,147,827 42

$6,628,420 84

706. In v e stm en ts in a ffilia te d co m p a n ies.
Stocks _____
Bonds and n otes.
Advances______

T otal . ______

___________________
_____ . ____________
_______ ___ _____ _

$15,691,245 00
61,302,369 32
10,391,006 12

$12,962,563 16
36.787,103 68
13,394,834 60

$2,728,681 84
24,515,265 64

T o t a l_________

_____________ _______

$87,384,620 44

$63,144,501 44

$24,240,119 00

707. In v e stm en ts in o th e r co m p a n ies:
Stocks _____
________
Bonds, notes and equipm ent trust c e r tific a te s...........................

$90,445,272 23
99,513,009 47

$90,445,272 23
107,950,010 30

$8,437,000 83

$189,958,281 70

$198,395,282 53

$8,437,000 83

$23,732,145 00

$15,232,300 00

$173,934 88

$364,125 68

$956,351,650 48

$923,098,710 49

T o t a l_______

. . . . - _____ _

_____

United States Government Bonds and N o te s ......................................
703. Sinking Funds____ _______
T o ta l I n v e stm e n ts
C u rren t
708.
709.
710.
711.
712.
713.
714.
715.
716.
717.
718.
719.

__________

. .

________________

’
___

A ssets:
C ash_____________ _______
_______
Domand loans and deposits.
__________
Tim e drafts and deposits.
Special deposits--------------Loans and b.lls receivable.
Traffic and car sorvico balances receivable ___________
Not balance rocoivablo from .agents and conductors_______
Miscellaneous accounts receivable
Material and supplies____
Interest and dividends receivable
Kents receivable----------------Other current assets:
Baltimore & Ohio Railroad Co. capital stock applicable to
paym ent o f extra dividend of 1914____ ___ _
M iscellaneous ite m s ..

$8,499,845 00
$190,190 80

$33,252,939 99
$339,902 49
3.950,000 00

38
00
71
75
81
33
46
54
40
65
82

$5,341,428 87
16,000,000 00
96
28
74
28
96
82
31
32

847,826 34
39,496 50

210,342 20
156,634 95

255,986 20
147,515 40

9,119 55

$5,001,526
12,050,090
7.129
58.695
109,990
4,967,305
1,005,440
4,794,122
26,536,894
3,054,626
158,097

United States Railroad Administration:
Federal control rental
............$85,183,382 19
L e s s : Amount received on account............
53,265,000 00
Oasli December 31 JO17
Agents and conductors’ balances, December 31 1917 . . .
Equipment and other property retired_________________
Federal depreciation reserve Feb 20 1020

$.3,003,828 48

..............................

145,901
896
6.728,454
1,845,435
8,546,657
29,020,261
2,206,800
118,601

$31,918,382
1,679,541
991,885
15,381,016
674,025
6,731,357

19
32
28
07
69
65

$7,129 71
109,094 53

87,206 21
1,761,149
839.994
3,752,535
2,483,367

41
82
42
42

45,644 00

$31,918,382
1.679.541
991,885
15,381.016
674,025
6.731,357

—

19
32
28
07
69
65

$57,376,208 20
Total Current Assets
D eferred A ssets:
720. Working Fund advances__
722. Other deferred assets:
Land contracts, as p e r c o n t r a
M iscellaneous i t e m s _
_
T otal Deferred Assets
U n a d ju ste d D ebits:
723. Rents and insurance premiums paid in advance
725. Discount on funded d e b t____
727. Other unadjusted debits:
U. S. Government guaranty period claim
U . S. KH. Administration -M aterial and supplies, D ecem ­
ber .51 1017— .....................
Miscellaneous item s__________
T otal U nadjusted D eb its.
G rand T o t a l....... ............._

$57,376,208 20

$58,110,807 00

$127,734,148 34

$69,623,341 34

$47,029 37

$44,082 81

$2,946 56

403,408 74
*6,230,879 46

450,148 55
5,871,884 55

358,994 90

$6,681,317 56

$6,366,115 91

$315,201 65

$4,480 74
1,237,451 96

$3,037 10

$1,443 64
1,237,451 96

4,661,444 06

4,661,444 06

1,734,886 10

22,113,903 10
2,054,391 91

$22,113,903 10
319,505 81

$7,638,262 86

$28,832,776 17

$21,194,513 31

$1,028,782,037 90 $1,086,031,750 91

* Includes $3,634,156 66 Interest on The Chicago & Alton Railroad Company General M ortgage 6% bonds.
Income Account and, ponding collection, is carried in A ccount 778, “ C ontingent Interest."




$46,739 81

$57,249,713 01
The amount was not included in

3133

THE
F U N D E D DEBT.

T h e to ta l F u n d e d D e b t o u ts ta n d in g in h a n d s o f th e p u b lic
o n D e c e m b e r 3 1 1 9 2 0 w a s .............................. .................................................$ 3 6 5 , 0 9 6 , 3 6 0 0 0
I s s u e d d u r i n g ’t h e y e a r :
O r e g o n -W a s h in g to n R a ilr o a d & N a v ig a ­
tio n C o m p a n y , F ir s t a n d R e f u n d in g
M o rtg a g o F o u r P e r C e n t B o n d s , g iv e n
in e x c h a n g e f o r b o n d s o f t h e L o s A n g e le s
&
S a l t L a l c o R a i l r o a d C o m p a n y ________ $ 1 4 , 7 3 5 , 0 0 0 0 0
* $ 2 7 5 ,0 0 0 f a c e v a lu e o f t h e
■
U n io n P a c if ic R a ilr o a d C o m ­
p a n y F ir s t L ie n a n d R e ­
fu n d in g M o rtg a g e F o u r P e r
C ent
B o n d s w e re iss u e d
in e x c h a n g e f o r £ 5 5 ,0 0 0 f a c e
v a lu e (b o o k l ia b i li ty $ 2 6 6 ,.
7 5 0 ), th o d iffe re n c e b e in g r e ­
c e i v e d i n c a s h ________________
$ 8 ,2 5 0 0 0
* $ 5 6 4 ,0 0 0 f a c e v a lu e o f th o
O re g o n - W a s h in g to n R R . &
N a v ig a tio n C o . F ir s t a n d
R e f u n d in g M o rtg a g o F o u r
P e r C e n t B o n d s w e re iss u e d
in e x c h a n g e f o r £ 1 1 2 ,8 0 0 f a c e
v a lu e (b o o k lia b ility $ 5 4 7 ,­
0 8 0 ) , th o d iffe re n c e b e in g r e ­
c e i v e d i n c a s h ________________
1 6 ,9 2 0 0 0
--------------------2 5 ,1 7 0 0 0
---------------------------1 4 ,7 6 0 ,1 7 0 0 0
_
J
,
, , ,
,
R e tir e d a n d c a n c e le d d u r in g th o y e a r:
O re g o n S h o rt L in e R R . C o .
C o lla te ra l T r u s t N o n -C u m ­
u la tiv e In co m e “ B ” B o n d s .
$ 1 ,0 0 0 0 0
U ta h & N o rth e rn R y . C o . C o n ­
s o lid a te d
F irs t
M o rtg a g o
F iv e P e r C e n t B o n d s p u r­
c h a s e d th r o u g h th o S in k in g
F u n d a n d c a n c e l e d __________ 1 9 0 , 0 0 0 0 0

$ 3 7 9 ,8 5 6 ,5 3 0 0 0

1 9 1 ,0 0 0 0 0

T o ta l F u n d e d D e b t o u ts ta n d in g in h a n d s o f th e p u b lic o n
D e c e m b e r 3 1 1 9 2 1 .......................................................... .....................................$ 3 7 9 , 6 6 5 , 5 3 0 0 0

Increase d u r i n g

[V ol. 114.

C H R O N IC L E

t h o y e a r _________ ___________________ ___________ $ 1 4 , 5 6 9 , 1 7 0 0 0

* S t e r l in g b o n d s is s u e d u n d e r F i r s t L io n a n d R e f u n d in g M o r t g a g o o f t h e
U n io n P a c if ic R a ilr o a d C o m p a n y a n d F ir s t a n d R e f u n d in g M o rtg a g o o f th e

Oregon-Washington Railroad & Navigation Company aro, at the option of
the holder, exchangeable for dollar bonds at tho rato of a £200 bond, plus
$30 in cash, for a $1,000 bond, and in tho same proportion for tho smaller
denominations. Storling bonds having been carried in the books of the
railroad companies as liabilities at tho rate of $4 85 per pound sterling
($970 for each £200 bond), each such exchange of a £200 bond results in
an increase of S30 in the book liability, against which $30 is received in cash.

The Oregon Short Line Railroad Company acquired dur­
ing tho year all of tho $55,000 face value in bonds outstand­
ing under the company’s Income “B ” Mortgage dated
March 1 1897, of which $54,000 wero ownod by tho Union
Pacific Railroad Company and $1,000 was outstanding in
hands of the public. These bonds wero retired and cancolod
and the mortgage was satisfied and discharged on June 15
1921.
INVESTM ENT IN ROAD A N D EQ UIPM ENT.
Tho increase in “Investment in Road and Equipment” is
made up a,s follows:
Extensions and Branches___________________________________ $1,418,628 40
Additions and Betterments, excluding Equipment____________ 5,799,879 02
Equipm ent...................
8,751,993 12
Total Increase..........................
$15,970,500 54
From which there was deducted:
Cost of property retired from service and not
to be replaced, charged (less salvage) to
Profit and Loss in conformity with regula­
tions of the Inter-State Commerce Commis­
sion -------------------------------------------------- $286,468 70
Cost of real estate sold_____ _____________
17,619 98
Cost of equipment retired from service......... .. 1,007,650 82
Amount received from tho Trustee of tho
Union Pacific RR. Co. First Railroad and
Land Grant Four Per Cent Mortgago in re­
imbursement for expenditures for additions
and betterments______________________
38,000 00
Total Deductions_________ _____________________

1,349,739 50

Not increase in ‘ ‘ Investment in Road and Equipment,” as
reported in General Balance Shoot___________________$14,620,761 04

GENERAL BALANCE SHEET— LIABILITIES.
(Excluding all offsetting securities and accounts between the Union Pacific Railroad Co., Oregon Short Line Railroad Co., and
Oregon-Washington Railroad & Navigation Co.)
Dec. 31 1921.
751.

Dec. 31 1920.

Increase.

Capital Srock
C o m m o n S to c k P r e f e r r e d S to c k -

$ 2 2 2 ,2 9 3 ,1 0 0 0 0
9 9 ,5 4 3 .5 0 0 0 0

$ 2 2 2 ,2 9 3 ,1 0 0 0 0
9 9 ,5 4 3 ,5 0 0 0 0

T o ta l C a p ita l S to c k -

$ 3 2 1 ,8 3 6 ,6 0 0 0 0
3 7 9 ,6 6 5 ,5 3 0 0 0

$ 3 2 1 ,8 3 6 ,6 0 0 0 0
3 6 5 ,0 9 6 .3 6 0 0 0

$ 1 4 ,5 6 9 ,1 7 0 0 0

T o ta l.

755.

$ 7 0 1 ,5 0 2 ,1 3 0 0 0

$ 6 8 6 ,9 3 2 ,9 6 0 0 0

$ 1 4 ,5 6 9 ,1 7 0 0 0

$ 6 0 ,6 6 5 2 9

$ 4 4 ,0 2 7 5 2

* $ 1 6 ,6 3 7 77

$ 1 ,5 4 2 ,4 2 7 19
1 1 ,6 1 2 ,7 7 8 0 1

$ 4 ,9 9 5 ,0 0 0 0 0
3 ,0 0 9 ,5 2 6 4 7
1 7 ,7 4 6 ,4 4 8 8 6

1 0 ,8 8 4 ,7 8 0 0 7
2 7 5 ,8 5 0 18

8 ,1 7 8 ,8 1 5 8 6
3 9 1 ,6 7 2 79

2 3 9 ,5 8 8 7 5
4 ,6 7 4 ,5 1 7 7 0

3 1 1 ,1 6 1 15
4 .3 8 3 ,8 0 9 3 0

Funded D eb t-------------------

754. G rants in Aid of C onstructionC u rren t
758.
759.
760.
761.
762.
763.

764.
766.
767.
768.

Decrease.

L ia b ilitie s —
L o a n s a n d b i l l s p a y a b l e _____________________________________________________
T r a f f i c a n d c a r s e r v l c o b a l a n c e s p a y a b l e _________________________________
A u d i t e d a c c o u n t s a n d w a g e s p a y a b l e _____________________________________
M is c e lla n e o u s a c c o u n ts p a y a b le :
D u e t o a f f i l i a t e d c o m p a n i e s __________ _______________________________
O t h e r a c c o u n t s p a y a b l e ________________________________________________
I n te r e s t m a tu r e d u n p a id :
C o u p o n s m a t u r e d , b u t n o t p r e s e n t e d _______________________________
C o u p o n s , a n d i n te r e s t o n re g is te r e d b o n d s , d u o f ir s t p r o x im o ..
D iv id e n d s m a tu r e d u n p a id :
D i v i d e n d s d u o b u t u n c a l l e d f o r ----------------------------------------------------------E x tr a d iv id e n d o n C o m m o n s to c k d e c la r e d J a n u a r y 8 1914
p a y a b le t o s to c k h o ld e r s o f r e c o r d M a r c h 2 1 9 1 4 , u n p a i d - .
D i v i d e n d o n c o m m o n s t o c k p a y a b l e f i r s t p r o x i m o ________________
F u n d e d d e b t m a t u r e d u n p a i d ______________________________________________
U n m a t u r e d i n t e r e s t a c c r u e d _________________________________________________
U n m a t u r e d r e n t s a c c r u e d ___________________________________________________
O t h e r c u r r e n t l i a b i l i t i e s ______________________________________________________

1 3 1 ,6 3 9 0 0
2 2 6 .5 8 0
5 ,5 5 7 .2 9 0
3 ,0 0 0
1 ,5 4 2 .0 5 6
3 1 0 .9 3 3
1 7 2 ,3 8 4

26
00
00
54
41
67

U n ite d S ta te s R a ilr o a d A d m in is tr a tio n :
P a y m e n t s f o r t h o c o r p o r a t i o n s ___________________
A d d i t i o n s a n d b e t t e r m e n t s _________________________
H o s p i t a l d e p a r t m e n t ________________________________
A g e n ts a n d c o n d u c to r s b a la n c e s , F e b . 2 9 1 9 2 0 -

$ 4 ,9 9 5 ,0 0 0 0 0
1 ,4 6 7 ,0 9 9 2 8
6 ,1 3 3 ,6 7 0 8 5
$ 2 ,7 0 5 ,9 6 4 21
1 1 5 ,8 2 2 61
7 1 ,5 7 2 4 0
2 9 0 ,7 0 8 4 0

2 1 3 ,$ 5 2 0 0

8 1 ,9 1 3 0 0

2 7 5 ,4 3 7 0 0
5 ,5 5 7 ,2 9 0 0 0
3 ,0 0 0 ,0 0
1 .6 0 1 ,1 5 1 8 6
3 0 7 ,7 6 7 3 2
3 4 5 ,6 3 3 3 4

4 8 ,8 5 6 7 4

$ 2 5 ,3 5 2 ,8 9 0
3 0 ,3 6 8 ,7 5 1
1 5 9 ,5 2 8
2 5 ,6 6 4

5 9 ,0 9 5 3 2
3 3 ,1 6 6 0 9
1 7 3 ,2 4 8 6 7
$ 2 5 ,3 5 2 ,8 9 0
3 0 ,3 6 8 ,7 5 1
1 5 9 ,5 2 8
2 5 ,6 6 4

87
36
66
16

87
36
66
16

S 5 5 .9 0 6 .8 3 5 0 5
T o ta l C u r r e n t L ia b ilitie s D e fe rre d L ia b ilitie s —
7 7 0 . O th e r d e fe rre d lia b ilitie s :
P r i n c i p a l o f d e f e r r e d p a y m e n t s o n l a n d c o n t r a c t s , a s per contra.
C o n t r a c t s f o r p u r c h a s e o f r e a l e s t a t e ____________________________
M i s c e l l a n e o u s i t e m s __________________________________________________
7 7 1 . T a x l i a b i l i t y ................... .. .................................... .......................................... ...........................
T o ta l D e fe rre d L ia b ilitie s .

$ 5 5 ,9 0 6 ,8 3 5 0 5

$ 3 7 ,2 0 3 ,8 2 5 7 8

$ 1 0 3 ,2 2 7 ,1 0 1 0 0

$ 6 0 ,0 2 3 ,2 7 5 2 2

$ 1 0 3 ,4 0 8
1 ,6 6 0 ,0 0 0
3 9 4 .3 5 1
7 ,2 3 1 .8 8 7

$ 4 5 0 ,1 4 8
1 ,6 6 0 ,0 0 0
3 9 5 ,8 1 9
7 ,3 3 0 .1 1 7

74
00
77
10

55
00
63
52

$ 4 6 ,7 3 9 81

$ 9 ,6 8 9 ,6 4 7 61

$ 9 ,8 3 6 ,0 8 5 7 0

$ 1 4 6 ,4 3 8 0 9

$ 7 7 8 ,5 0 2 7 4
3 4 ,9 0 4 ,7 7 9 2 2

$ 7 7 1 ,5 8 5 6 8
3 1 ,5 8 0 ,3 2 0 17

1 ,4 6 7 ,8 6
9 8 ,2 3 0 4 2

U nadjusted Credits—
7 7 3 . In s u ra n c e R e se rv e :
R e s e rv e fo r fire in s u r a n c o .
7 7 6 . R e s e r v e f o r d e p r e c i a t i o n _______
7 7 8 . O th e r u n a d ju s te d c re d its :
' C o n tin g e n t in te r e s t.
G u a r a n ty p e rio d c la im — U . S . G o v e r n m e n t— u n a d j u s t e d .
U . S . R . R . A d m i n i s t r a t i o n —- M a t e r i' a l' a n d' s u p p l i e s , F e " . 2 9 1 0 2 0
"
b
M is c e lla n e o u s I te m s .

4 ,2 1 2 ,5 2 2 7 5
4 .6 6 1 .4 4 4 0 6
8 ,6 3 3 .6 3 9 2 7

T o ta l U n a d ju s te d C r e d its .

$ 5 3 ,1 9 0 ,8 8 8 0 4

Total L iab ilities----------

8801,647,156 72

3 ,7 0 7 ,5 0 2
4 .6 6 1 ,4 4 4
2 4 ,1 5 5 .9 2 6
5 ,3 3 0 ,6 6 2

75
06
35
68

$ 0 ,9 1 7 0 6
3 ,3 2 4 ,4 5 9 0 5
5 0 5 ,0 2 0 0 0
$ 2 4 ,1 5 5 .9 2 6 3 5
3 ^ 3 0 2 .9 7 6 5 9
$ 1 7 ,0 1 0 ,5 5 3 ,6 5

$ 7 0 ,2 0 7 ,4 4 1 6 9

$68,600,459 19

$870,247,615 91

Corporate Surplus—
A p p r o p r i a t e d f o r a d d i t i o n s a n d b e t t e r m e n t s ______
R e s e r v e d f o r d e p r e c i a t i o n o f s e c u r i t i e s _____________
F u n d e d d e b t r e t i r e d t h r o u g h in c o m e a n d s u r p l u s .
S i n k i n g f u n d r e s e r v e s ___________________________________
T o ta l A p p ro p ria te d S u r p lu s .

784.

Profit and Loss—Credit B alance-------T o ta l C o rp o ra te S u r p lu s .

Grand T otal--------------

$ 2 7 ,5 5 0 ,0 4 0
5 0 ,0 0 0 ,0 0 0
3 9 1 .5 3 0
1 8 2 ,3 5 3

10
00
62
22

28
00
52
34

* $ 4 3 ,2 0 4 8 2

$ 7 8 ,1 2 3 ,9 2 3 9 4

$ 7 8 , 0 8 4 , 7 3 9 14

137,699,395 86

$ 3 9 ,1 8 4 8 0

11,311,561 38

$ 2 2 7 ,1 3 4 ,8 8 1 18

$ 2 1 5 ,7 8 4 ,1 3 5 0 0

S ll,3 5 0 ,7 4 6 18

149,010,957 24

$ 2 7 ,5 0 6 ,8 3 5
5 0 ,0 0 0 ,0 0 0
2 0 0 ,7 5 1
3 7 7 ,1 5 2

$1,028,782,037.90 $1,086,031,750 91

1 9 0 ,7 7 9 10

$194,799 12

$57,249,713 01

* T h e s e a m o u n ts r e s p e c tiv e ly r e p r e s e n t d o n a tio n s m a d e d u r in g th o y e a r b y c o u n tie s a n d m u n ic ip a litie s a n d b y I n d iv id u a ls a n d c o m p a n ie s In p a r t
p a y m e n t fo r im p r o v e m e n ts , s u c h a s r o a d c ro s s in g s, d r a in a g e p r o je c ts , a n d in d u s tr y s p u r tr a c k s , th o c o s t o r w h ic h w a s c h a rg e d to ‘ I n v e s tm e n t in r o a d
a n d E q u ip m e n t.”
/




May 13 1922.]

THE

C H R O N IC L E

2133

GENERAL.
LOS ANGELES & SALT LAKE RAILROAD.
In March 1921 construction was started of a single track
In 1903 about 500 miles of railroad in southern Utah and
tho North Platte Branch about two
Nevada ownod or under construction by tho Oregon Short line from the end of Nebraska, to extend westerly 30.38
miles west of Haig,
Lino Railroad Company, and extending southwesterly from miles, with a further single track line from a point on this
Salt Lake City in tho direction of Los Angeles, including extension about two miles west of Yodor, Wyoming, to
several branches, were consolidated under tho name of San extond northerly 13.2 miles down Cherry Creek Valley, a
Pedro Los Angelos & Salt Lake Railroad Company (now Los total of 43.58 miles. This extension is to sorvo a territory
Angeles & Salt Lake Railroad Company), with the railroad heretofore without railroad facilities, containing 110,000
acres of rich agricultural land which is to bo watered from
already ownod by that company projected from San Pedro the F t. Laramie Canal, North Platte Irrigation Project, of
Harbor and Los Angeles northoasterly to Salt Lako City and tho United States Reclamation Service.
Tho Saratoga & Encampment Railroad was constructed
then under construction by Senator W. A. Clark of Mon­
tana and his associates. Tho consolidation was preceded about 16 vears ago from a connection with the Union Pacific
by controversy and litigation between tho two interests over Railroad at W alcott, Wyoming, to Encampment, Wyoming,
of 45
was originally designed to
priority of location through Meadow Valley Canyon, con­ a distance miningmiles. Itat Encampment, which hasserve
a copper
project
dis­
sidered the most practicable route for a railroad between continued operation and been dismantled. The line had
Los Angeles and Salt Lako City. By the terms of consoli­ been purchased by Morse Brothers, of Denver, Colorado,
dation the two partially completed lines were merged upon who applied to tho Inter-State Commerce Commission for
an agreed valuation; tho stock of the company was to bo permission to abandon its operation and recover the material.
owned equally but deposited under a voting trust; each in­ Communities had grown up at Saratoga and Encampment
and the country had been partially settled, depending entirely
terest was to have an equal number of representatives on upon this lino for transportation. N ot only the people
tho board of directors and the management was to bo by directly interested, but the authorities and commercial
common consent; and, as an essential part of tho consolida­ bodies of Wyoming were greatly interested in its continued
tion, a traffic contract was entered into assuring, as far as operation, and the Interstate Commorce Commission evi­
is practicable by such an arrangement, preferential treat­ denced a strong desire to accomplish this result under fair
conditions. Tho Union Pacific agreed to assume the ^opera­
ment of the Union Pacific and Oregon Short Lino in the rout­ tion of this line for a trial period of three years from Novem­
ing of traffic. Provision was mado for promptly building ber 1 1921, at the end of which period the Union Pacific
tho gap and completing and equipping tho road, which was has the option of acquiring tho line for its present scrap
opened for through traffic in 1907; but in 1907 and 1908 recovery value of 8275,000. In the event this option is
parts of the lino were damaged by floods in Meadow Valley not exercised, the property is to be returned in as good
Canyon, and an unprecedented flood in tho canyon in 1910 condition as when received, wear and tear alono excepted,
and five per cent simple interest will be paid for the three
destroyed most of tho line therein and required its recon­ years, as rental. If the line is acquired by tho Union Padific
struction on a higher and securer level, and it was not per­ for tho above price no rental will bo paid. There is a reason­
manently established until 1912. In payment tor tne ex­ able probability that an irrigation project will be started
isting properties conveyed to tho consolidated company and within this time by tho Federal Government in tho vicinity
other valuablo rights, &c., pursuant to tho terms of consoli­ of Encampmont and if this is done the line should produce
dation, to meet tho cost of constructing tho gap and complet­ an amount of new traffic which would justify its continued
ing and equipping the line and for other corporate purposes, operation.
there were issued 325,000,000 par value of capital stock and
On October 11, 1921, the Union Pacific Railroad Com­
4% first mortgage bonds (subsequently replaced by another pany and its subsidiaries party to tho Federal control con­
issuo of 4% first mortgage bonds). One-half of tho stock tract made final settlement with tho Director-General of
and bonds as issued wero taken by tho Oregon bhort Juno Railroads, accepting S8,000,000 offered by him in full
Railroad Company and one-half by W. A. Clark and asso­ satisfaction and discharge of all claims, eto., in connection
ciates, oacli party advancing monoy from time to time as re­ with tho possession, use, and operation of tho properties
quired. There are now outstanding 859,022,000 lace value by the United States during tho period of Fodoral control.
of tho bonds—one-half owned by tho Oregon Short Line The Interstate Commerce Commission by ordor dated the
RR. Co. and one-half owned until recently by W. A. Clark 25th day of January 1922 directed that when final settle­
and associates.
ment had beon made with the Director-General all ledger
Whilo tho management was harmonious, nevertheless it accounts with tho United States Railroad Administration
was independent, and tho Union Pacific had access to Los should bo considered as liquidated and be closed and that
Angeles and tho vastly important territory of southern Cali­ any difference between the net of such accounts and the
fornia only through an independently and separately man­ amounts collected or paid by the carrier in such final settle­
aged lino—although it had a half ownership and an qeual ment bo credited or charged to profit and loss. As stated
voico in such management. On April 27 1921 the Union in the annual report for tho year ended December 31, 1920,
Pacifio Railroad Company reached an agreement with W . A. claim had been filed with the United States Railroad
Clark and associates whoroby it purchased tho remaining Administration for undermaintenance during Federal control
half—812,500,000 par value—of tho capital stock and agreed and various othor items but no entrios wero made in the
to acquiro tho remaining half—829,511,000 face value—of accounts in connection with said claim whilo it was un­
tho bonds, agreeing to pay 820 per sharo in cash for the stock liquidated. Hence the only accounts with tho Railroad
and for the bonds an equal aggregate amount faco value of Administration on the companies’ books wore those repre­
other 4% bonds which it owned; to-wit, 50% in Oregon- senting assets of the companies taken over by the Adminis­
Washington RR. & Navigation Co. first and refunding mort­ tration at the beginning and material and supplies returned
gage 4% bonds, 30% in Southern Pacific RR. Co. first and at the end of Federal control; assets collected and liabilities
refunding mortgago 4% bonds, and 20% in Southern Pa­ paid by tho Administration for account of tho companies
cific Co. San Francisco Terminal first mortgago 4% bonds, (luring Federal control; balance of rental due from the
with an adjustment of fractions and interest in cash. By Administration; and depreciation on the companies’ equip­
tho end of the year all but 841,000 face value of the bonds ment accrued, expenditures for additions and betterments
had been acquired. Since then 824,000 faco value additional made, and credits for property retired, by tho Administration
bonds liavo been acquired; so tliero are now outstanding during Federal control. These accounts wero closed into
only 817,000 and it is expected that theso will pomo in. By one sottlomont account, which showed a credit balance,
reason of tho traffic contract abovo montiohed and also bc- and in accordance with tho order of tho Commission the
causo it already owned 50%, which prevented tho delivery amount receivod in final settlement was credited to this
of control to any one else, the Union Pacific had an advan­ account and tho balance therein then cleared to profit and
tage as a purchaser of tho stock over other possiblo purchasers
which undoubtedly affected tho prico paid therefor.
No settlement has yot been effectod with the Interstate
The Union Pacific and Oregon Short Lino railroad com­ Commerco Commission in connection with claim for the
panies thus own tho entiro capital stock of 825,000,000 and Guaranty period, i.e., the six months ended August 31,
859,005,000 of the bonds. Tho only other indebtedness of 1920, for which period the Transportation Act, 1920, pro­
tho company outside of current liabilities is 84,672,790 of vided a guaranty equal to one half the annual rental to which
notes held by tho Oregon Short Line Railroad Co. for monoy tho carrier was entitled during Federal control, giving to the
advanced. This gives tho Union Pacific complote control Interstate Commerce Commission, however, the power, in
and brings tho property within the unified management and computing tho net railway operating incomo for the purposes
operation of tho System and assures the permanency of the of tho guaranty, to fix the amount allowable as expenses for
Union Pacific’s position in southern California with its own maintenance of tho properties and to disallow any items
rails to Los Angeles and the Pacific Ocean at Los Angeles charged to other classes of expenses which in its opinion
harbor.
, .
. . .
are disproportionate or inreasonable. Tho Commission
Tho property not having beon controlled during tho ontire recontly ordered that revised final accounting and main­
year, its operation was not for accounting and statistical tenance roturns in connection with all such claims bo filed
purposes included in tho Union Pacific System. Effective with it on forms prescribed in the order and these roturns
January 1 1922, it was included as a part of tho Systom the aro now being prepared.
samo as other constituent companies, and in System state
By ordor of tho Board of Directors,
monts and reports now being issued tho figures for this com
pany aro included, the figures for 1921 when shown in such
ROBERT S. LOVETT,
statements and roports boing restated for purpose of ready
Chairman of the Executive Committee.
comparison.




2134

THE

C H R O N IC L E

[VOL. 114.

MISSOURI PACIFIC RAILROAD COMPANY
FIFTH ANNUAL REPORT— FOR TW ELVE MONTHS ENDED DECEMBER 31 1021

St. Louis, Mo., April 15 1922.
To the Stockholders:
The Board of Directors herewith submits report of the
operations and affairs of the Company as of December 31

The average revenue per passenger mile was $0.0344, as
compared with $0.0294.
F E D E R A L , V A L U A T IO N .

The Federal valuation of the properties of your Company
is to be made as of June 30 1918. The Bureau of Valuation of
C O R P O R A T E IN C O M E S T A T E M E N T F O R T H E Y E A R E N D E D
the Interstate Commerce Commission has completed the in­
D E C E M B E R 31
1921, C O M P A R E D
W IT H
T IIF
P R E V IO U S Y E A R .
ventory of the physical property of the Company and is now
Increase ( + ) or engaged in compiling and pricing same; it is expected that
1921.
1920.
Decrease (— ) .
s
s
the tentative report will be completed and referred to us for
R a i l w a y O p e r a t ’g R e v e n u e s . 1 0 9 . 7 8 5 , 9 1 9 7 0 9 8 , 1 9 1 , 2 7 0 8 1 + 1 1 , 5 9 1 , 0 7 8 9 5
review before the close of the present year. The valuation
R a i l w a y O p e r a t ’g E x p e n s e s . 9 1 , 0 9 3 , 8 5 5 7 1 9 4 , 9 0 9 , 5 9 8 0 9
— 3 ,2 1 5 .7 4 2 9 8
department of your Company has worked in close co-opera­
N e t I to v e n u o
R a ilw a y
tion with the Interstate Commerce Commission forces in
O p e r a t i o n s -------------------------------- 1 8 , 0 9 2 , 0 9 4 0 5 3 , 2 8 4 , 0 7 2 1 2 + 1 4 , 8 0 7 , 4 2 1 9 3
completing the inventory and has done a large amount of
R a i l w a y T a x e s a n d U n c o i lo c f r work in anticipation of the receipt of the completed report
i b l o R a i l w a y R e v e n u e ______ 4 , 3 9 0 , 5 2 8 7 3
3 ,8 2 0 ,7 0 8 5 3
+ 5 7 5 ,8 2 0 20
in order that a prompt review may be made, as but thirty
R a i lw a y O p e r a ti n g I n c o m e . . 1 3 ,0 9 5 ,5 6 5 3 2 d e f 5 3 6 ,0 3 6 4 1 + 1 4 ,2 3 1 ,0 0 1 7 3
days are allowed for filing exceptions.
O t h e r O p e r a t i n g I n c o m e ---------7 9 9 .1 7 3 5 9
6 6 0 ,2 3 0 0 5
+ 1 3 8 ,9 4 3 5 4

° p e r? tln g I n c o m e ,- 1 4 .4 9 4 ,7 3 8 91
D e d u c tio n s f ro m
O p e ra tin g
I n c o m e . . . .................................2 . 4 , 2 5 7 , 8 9 0 6 0

1 2 4 ,1 9 3 6 4
4 . 7 4 1 .2 C 2 2 9

— 4 8 3 ,3 1 1 6 9

N e t R a h w a y O p c r . I n c o m e . 1 0 ,2 3 6 ,8 4 8 3 1 d e f 4 ,6 1 7 ,0 0 8 6 5 + 1 4 , 8 5 3 ,8 5 6 9 6
r w , ' J ? p, ^ l n 8 I n c o i n ? - 3 . 0 8 1 . M 7 3 7
1 ,2 7 4 ,9 0 1 5 0
+ 1 ,7 8 6 ,6 5 5 8 7
C o m p e n s a tio n a c c ru e d u n d e r
•
F e d e ra l C o n tr o l ( S ta n d a r d
G o v e r n m e n t " G u a r a n ty " u n d e r

---------------------

T ra n s p o rta tio n A c t o f 1920

1 ,9 7 2 ,0 8 0 9 6

L 8 7 2 .1 0 1 4 7

B a la n c e — N o t In c o m e tr a n s ­
f e r r e d t o P r o f i t a n d L o s s . 3 ,5 3 7 ,0 1 6 0 9
FED ER A L

- 1 .8 7 2 .1 0 1 47

1 5 ,6 3 8 ,8 2 8 9 2 — 1 3 ,6 6 6 ,7 4 7 9 6

n f J. ^
Ilf1COm?,— - V .............- 1 5 , 2 7 0 , 4 8 6 6 4 1 4 , 1 6 8 , 8 2 3 2 4
D e d u c n s f r o m G r o s s I n c o m e . l l , 7 3 3 , 4 7 0 5 5 1 1 ,1 3 5 ,7 4 8 0 7
3 ,0 3 3 ,0 7 5 17

+ 1 ,1 0 1 ,6 6 3 4 0
+ 5 9 7 ,7 2 2 4 8
+ 5 0 3 ,9 4 0 92

CO NTROL.

The Board of Directors at a meeting held on July 15 1921
approved the settlement negotiated with the Director-Gen­
eral of Railroads, covering the use of the properties of the
Company during the Federal Control Period, January 1 1918
to February 29 1920.
Under the terms of settlement the Company received $13,­
927,787 35, consisting of a cash payment of $9,000,000 and
the cancellation of all open accounts, the balance $4,927,­
787 35 was in favor of the Director-General.
The settlement was an arbitrary one and no detailed infor­
mation is available as to the allowances made by the Direc­
tor-General for Additional Compensation, Depreciation, Un­
der-Maintenance and other items included in the claims pre­
sented by the Company.
The total amount credited by the Government was $43,­
959,387 35, of which $30,031,600 constituted Compensation
for use of the property and the balance $13,927,787 35, the
cash payment and cancellation of open accounts and all
claims. The latter amount has been credited to Profit and
Loss in compliance with Order of the Interstate Commerce
Commission dated January 25 1922.
GUARANTY

FU N D ED

+ 1 4 ,3 7 0 ,5 4 5 27

P E R IO D .

Under the terms of Section 209 of the Transportation Act
of 1920, guaranteeing one-half of the annual compensation
of the Test Period for the six months, March 1 to August 31
1920, $12,583,000 lias been advanced by the Government.
Final settlement is expected during the present year of claim
prepared under the formula prescribed in the Order of the
Interstate Commerce Commission dated December 15 1921.

D EBT.

Funded Debt outstanding in the hands of the public de­
creased $304,900.
During the year the Long Term Debt was increased by
notes to the United States Government payable proportion­
ately, January 15 1922 to 1936, inclusive, amounting to $1 200,000 and Equipment Trust Certificates, Series A, to the
amount of $1,836,000, a total of $3,036,000, to cover the cost
of fifty (50) locomotives. Equipment Gold Notes, Series 41,
in an additional amount of $181,500 were issued to complete
the balance due on the equipment allocated in 1920 to the
Company by the Director-General of Railroads.
Note in favor of the United States Government maturing
March 1 1930 for $3,000,000 was issued to cover a loan made
by the Director-General of Railroads on account of Addi­
tions and Betterments completed during the period of Fed­
eral Control, the Company having paid the Government in
full for all such Additions and Betterments in the final set­
tlement heretofore referred to.
Equipment Trust Certificates aggregating $2,135,400 were
paid and General Consolidated Railway and Land Grant
Mortgage bonds to the principal amount of $25,000 were pur­
chased and retired during the year. Note representing a
loan from the United States Government of $4,362,000 ma­
tured November 1 1921 and was paid.
First and Refunding Mortgage Bonds, Series D, to the
principal amount of $5,600,000 were pledged with the Gov­
ernment as security for the Notes above mentioned issued
during the year and $9,416,000 of the amount of the same
issue of bonds were returned to the Company’s Treasury by
the retirement of notes heretofore issued to the Government.
This resulted in increasing the amount of unpledged bonds of
tli is Series in the Company’s Treasury $3,816,000, of which
$1,816,000 principal amount are carried as “Investment in
Securities Issued, Assumed or Otherwise Carried as a Lia­
bility by the Accounting Company,” and $2,000,000 principal
amount nominally issued.
The Funded Debt outstanding is shown on Pages 14 and
15 [pamphlet report]. Detailed description of the Mort­
gages will be found on Fages 19 to 25, inclusive [pamphlet
report].
LOANS

AND

B IL L S

PA Y A B LE.

Notes of the Company in favor of the Government aggre­
gating $3,901,225 were returned and canceled, reducing this
A brief comparative statement of the Corporate Income is account to $70,000, which is represented by a demand note
shown above, subdivided to indicate the “Net Railway Oper­
ating Income” provided for in the Transportation Act of covering surplus funds of the Missouri Pacific Hospital As­
sociation.
A detailed statement of Federal and Corporate Income is
N E W L IN E S .
given on Page 8 [pamphlet report].
There were no new lines constructed during the year, and
O P E R A T IO N S .
only changes of minor importance occurred in the operated
(C o m p a re d w ith p re v io u s y e a r.)
Tbe Total Railway Operating Revenues for the year were mileage, details of which appear on Pages 42 and 43 [pam­
phlet report].
‘
$109,745,072 51, a decrease of $8,976,355 92, or 7.56%.
Tiie decrease is attributable to the general depression in
R O A D A N D E Q U IP M E N T .
business.
The following new equipment has been received and taken
The Total Operating Expenses were $92,042,456 12, a de­
crease of $21,277,483 75, or 18.78%, largely due to reduction into the accounts during the year:
in force, reduction in cost of materials and economies ef­
2 5 M ik a d o T y p o L o c o m o tiv e s ,
5 M o u n ta in T y p o L o c o m o tiv e s ,
fected in both Maintenance and Operation. The average
5 P a c ific T y p o L o c o m o tiv e s ,
number of employees in service was 33,462, a reduction of
15 S w itc h L o c o m o tiv e s ,
7,722, or 18.75%.
10 S te e l P a s s e n g e r C o a c h e s .
Net Revenue from Railway Operations was $17,702,616 39
The details of charges to Road and Equipment are shown
an increase of $12,301,127 83.
The total number of tons of revenue freight handled de­ on Page 18 [pamphlet report], a summary of which follows:
oa
- $ 4 ,3 6 0 ,2 4 3 8 4
creased 6,914,855 tons, or 20.36%, while the revenue ton miles R q u idp...........................................
E
m e n t _____________________________________________$ 5 , 3 7 8 , 6 7 9 3 5
decreased 20.05%.
L e s s E q u i p m e n t R e t i r e d ---------------------- --------------------9 1 3 ,3 9 1 9 5
,
4 ,4 6 5 ,2 8 7 4 0
The average revenue per ton mile was $0.01270, as com­
G e n e r a l E x p e n d i t u r e s __________________________________________________
1 ,2 7 9 91
pared with $0.01076.
A s s e t s a n d L i a b i l i t i e s n o t a p p r a i s e d J u n o 1 1 9 1 7 __________________
5 2 ,3 4 8 5 8
The'number of revenue passengers shows a decrease of
T o ta l C h a rg e s to R o a d
a n d E q u i p m e n t ....... ......................................$ 8 , 8 8 5 , 1 5 9 7 3
“I-b8%, vvhile the number of passenger miles decreased
By Order of the Board of Directors,
2o.29%, with an increase of 1.81 miles in the average haul
per passenger.
B. F. BUSH, President.




IN C O M E .

t

THE

May 13 1922.]
G EN ER A L

BALANCE

SH EET

ASSETS.
December 3 1
December
1921.
#

D EC EM B ER

31

1921. C O M P A R E D

W IT H

D EC EM B ER

31

1920.

LIABILITIES.

31

1920.
•$

Increase ( + ) or
Decrease (— )•
8

Investments—
In v e s tm e n ts in R o a d a n d
E q u i p m e n t . _______________3 7 6 , 5 5 8 . 0 5 1 9 1 3 6 7 , 6 7 2 , 8 9 2 I S
Im p ro v e m e n t
on
L eased
924 95
1 ,0 7 8 8 8
R a ilw a y P r o p e r ty 1 6 ,4 5 6 3 2
1 ,2 9 4 7 2
S i n k i n g f u n d s ------- - - - - - ­
D e p o s its in L ie u o f M o r t ­
9 2 ,8 9 2 92
8 8 ,6 8 9 0 9
g ag ed P ro p e rty S o l d - .- .
M is c e lla n e o u s
P h y s ic a l
2 ,3 1 9 ,7 3 3 5 3
2 ,3 8 5 ,2 5 5 2 5
O r o p e r t y ------------- - - - - - - ­
I n v e s t m e n t s i n A f f il i a t e d
6 ,9 8 4 ,1 2 5 6 5
6 ,0 0 4 ,1 2 5 6 5
C o m p a n ie s — P le d g e d . . .
I n v e s tm e n ts in
A f f ih a te d
4 ,9 3 2 ,7 2 5 8 3
6 ,0 3 7 ,1 0 4 8 9
C o m p a n ie s — U n p le d g e d .
I n v e s t m e n t s in S e c u ritie s
Issu e d o r A ssu m ed o r
o th e r w is e c a rr ie d a s a L ia ­
b i l i t y b y t h e A c c o u n tin g
4 ,1 6 5 ,0 6 5 10
5 ,8 1 6 ,0 0 0 0 0
C o m p a n y — P le d g e d - - - ­
In v e s tm e n t
in
S e c u ritie s
Issu ed , A ssum ed o r o th e r­
w is e c a r r ie d a s a L ia b ility
b y t h e A c c o u n tin g C o m ­
1 ,9 7 6 ,5 8 5 6 5
.................................
p a n y — U n p le d g e d .
Other 'Investments—
( th e

2135

C H R O N IC L E

+ 8 ,8 8 5 ,1 5 9 7 3

Stock—
C a p ita l S to c k
C o m m o n ........................ .............. 8 2 , 8 3 9 , 5 0 0 0 0
P r e f e r r e d ___________________ 7 1 , 8 0 0 , 1 0 0 0 0
T o t a l ...................................... .. 1 5 4 , 6 3 9 , 6 0 0 0 0

8 2 ,8 3 9 ,5 0 0 0 0
7 1 ,8 0 0 ,1 0 0 0 0

1 5 4 ,6 3 9 ,6 6 0 0 0

+ 153 93
— 1 5 ,1 6 1 6 0
— 1 ,2 0 3 8 3

Long-Term Debt—
F u n d e d D e b t U n n u r t u r e d . .2 4 3 ,4 4 7 ,9 8 0 0 0 2 4 3 ,7 5 2 ,8 8 0 0 0

- 3 0 4 ,9 0 0 0 0

+ 6 5 ,5 2 1 72

T o t a l C a p i ta l L i a b il it ie s .3 9 8 ,0 8 7 ,5 8 0 0 0 3 9 8 ,3 9 2 ,4 8 0 0 0

- 3 0 4 ,9 0 0 0 0

— 9 8 0 ,0 0 0 0 0
+ 1 ,1 0 4 ,3 7 9 0 6

— 1 ,6 5 0 ,9 3 4 9 0

+ 1 ,9 7 6 ,5 8 5 6 5

15 3 7 5 .4 4 8 31
8 ,1 9 5 ,3 7 3 4 8

— 1 9 ,8 9 8 4 4
+ 1 0 ,0 6 4 ,5 7 4 3 0

T o t a i ............................................ . 4 3 0 , 8 3 2 , 7 4 8 7 9 4 1 1 , 4 0 6 , 5 7 3 1 7

Current Liabilities—
L o a n s a n d B ills P a y a b le —
T r a f f i c a n d G a r S e r v ic o B a l ­
a n c e s P a y a b l e ____________
U u d ite d
A c c o u n ts a n d
W a g e s P a y a b l e ---------------M is c e lla n e o u s A c c o u n ts
P a y a b l e . . ------------------ - ­
I n te r e s t M a tu r e d U n p a i d ..
U n m a tu re d I n te r e s t A c e r’
U n m a tu re d R e n ts A c c ru e
O th e r C u rre n t L ia b ilitie s ..

7 0 ,0 0 0 0 0

3 ,9 7 1 ,2 2 5 0 0

1 ,3 8 8 ,0 0 0 2 9

1 ,9 2 0 ,1 6 1 2 1

— 5 3 2 ,1 6 0 9 2

8 ,0 7 1 .3 7 8 7 8

1 3 ,2 5 9 ,9 2 4 6 5

— 5 ,1 8 8 ,5 4 5 :8 7

7 1 9 ,4 4 8
1 ,0 7 1 ,2 7 0
3 .0 0 9 ,4 2 7
2 8 4 ,2 5 6
3 9 4 ,9 8 0

94
80
11
61
60

9 8 2 ,6 6 3
1 ,0 7 3 ,9 6 7
2 ,8 9 1 ,6 1 4
2 5 4 ,5 5 3
8 1 9 .7 9 0

55
67
58
20
53

— 3 ,9 0 1 ,2 2 5 0 0

— 2 6 3 ,2 1 4 * 6 1
— 2 ,6 9 6 87
+ 1 1 7 ,8 1 2 5 3
+ 2 9 ,7 0 3 41
— 4 2 4 ,8 0 9 9 3

+ 1 9 ,4 2 6 ,1 7 5 62

P lo d iro d
________________ 1 5 , 3 5 5 , 5 4 9 8 7
U n p l e d g e d ................- .............. 1 8 , 2 5 9 , 9 4 7 7 8

Current Assets—
C a s h ---------------- ----------------------S p e c i a l D e p o s i t s ----- - - - - ­
L o a n s a n d B ills R e c e iv a b le
T r a f f i c a n d C a r S e r v ic o B a l­
a n c e s R e c e i v a b l e -------------N ot
B a la n c e
R e c e iv a b le
f r o m A g e n t s & C o n d u c t ’s
M is c e lla n e o u s A c c o u n ts R o -

T o ta l

____________

________

1 5 ,0 0 8 ,7 6 3 13

2 5 ,1 7 3 ,9 0 0 3 9 — 1 0 ,1 6 5 ,1 3 7 2 6

1 2 5 ,5 6 7 ' 3 8

3 6 ,4 0 9 ,7 0 5 3 6 — 3 6 ,4 0 9 ,7 0 5 3 6
— 8 2 ,2 8 2 9 2
2 0 7 ,8 5 0 3 0

1 2 5 ,5 6 7 3 8

3 6 ,6 1 7 ,5 5 5 6 6 — 3 6 ,4 9 1 ,9 8 8 2 8

Deferred Liabilities—
4 ,5 2 7 ,6 5 5 3 3
4 ,1 0 0 ,9 7 2 3 2
1 3 2 .8 0 4 9 7

— 2 ,5 8 5 ,6 6 4 7 4
— 3 ,1 6 5 ,6 9 7 5 9
— 1 7 ,4 6 0 7 2

5 6 5 ,4 6 5 8 6

1 ,8 3 1 ,8 3 8 0 5

— 1 ,2 6 6 ,3 7 2 19

2 ,3 5 6 ,0 3 8 31

3 ,2 1 1 ,6 7 2 71

— 8 5 5 ,6 3 4 4 0

4 ,8 4 7 ,8 0 2 5 7
M a t c r i a l a n d S u p p l i e s ----------l l , 2 2 i , 0 8 7 11
I n te r e s t a n d D iv id e n d s R e ­
c e i v a b l e ............ ............................
4 6 4 .8 1 4 2 6
R e n t s R e c e i v a b l e -----------------3 7 ,3 5 0 0 0
O t h e r C u r r e n t A s s e t s --------2 4 2 ,5 3 5 2 J

7 ,2 9 3 ,9 9 2 7 0
1 4 ,5 4 3 ,2 1 5 0 0

— 2 ,4 4 6 ,1 9 0 13
— 3 ,3 2 2 ,1 2 7 8 9

1 ,9 4 1 ,9 9 0 5 9
9 3 5 ,2 7 4 7 3
1 1 5 ,3 4 4 2 5

U.

S. G o v ern m en t O pen
A c c o u n t s ___________________
O th e r D e fe rre d L ia b ilitie s .
T o t a l ____________

-

---------

Deferred Assets— •
W o rk in g F u n d A d v a n c e s - U . 8 . G o v e rn m e n t O pen
A c c o u n t s ----------------------------..............................................
O t h e r D ..c f e r r o d A s s e t s --------T o t a l _______________________

Unadjusted Debits—
R e n ts a n d In su ra n c e P re m ­
iu m s P a id in A d v a n c e . - U . S . R a ilr o a d A d m in is tr a O tiic r U n a d ju s te d D e b i t s . -

+ 3 0 6 ,7 8 2 27
+ 3 ,6 0 0 0 0
— 1 1 2 ,8 2 1 2 4

3 6 ,1 8 9 ,2 8 9 6 0 — 1 3 ,4 6 1 ,5 8 6 6 3

2 5 6 ,1 2 8 81

2 5 7 ,9 6 2 6 3
2 2 ,2 6 7 ,1 0 5 7 2
1 00

- 2 2 ,2 6 7 ,1 0 5 72

1 ,8 8 9 ,9 9 4 51

+ 7 1 7 .2 4 4 0 6

1 1 0 ,1 7 9 7 0
2 ,8 3 6 ,1 1 3 7 3

7 ,9 6 7 71
3 ,8 0 6 .1 5 4 0 0

+ 1 0 2 ,2 1 1 99
— 9 7 0 ,0 4 0 27

5 ,1 3 0 ,6 3 8 51
1 .1 2 9 ,0 0 9 12

3 ,9 8 5 ,5 0 3 2 0
1 ,6 2 9 ,5 4 3 5 6

+ 1 , 1 4 5 ,1 3 5 3 1
— 5 0 0 ,5 3 4 4 4

1 1 , 8 1 3 ,1 7 9 6 3

1 1 .3 1 9 ,1 6 2 9 8

+ 4 9 4 ,0 1 6 65

Corporate Surplus—
’A d d i t i o n s
to
P ro p e rty
3 0 0 ,9 8 2 6 2
th ro u g h In c o m e & S u rp l s
P r o f i t a n d L o s s -------------------- 3 3 , 9 1 0 , 0 9 4 1 6

1 8 8 ,7 2 6 17
1 6 ,6 8 6 ,0 6 3 0 8

+ 1 1 2 , 2 5 6 '4 5
+ 1 7 , 2 2 4 ,0 3 1 0 8

3 4 ,2 1 1 .0 7 6 7 8

1 6 ,8 7 4 ,7 8 9 2 5

+ 1 7 ,3 3 6 ,2 8 7 53

— 1 ,8 3 3 82

l ’ CO

2 ,6 0 7 ,2 3 8 5 7

T o t a l _______________________

T o t a l ............................................... 2 2 ,7 2 7 ,7 0 2 9 7

1 5 8 ,0 3 1 9 9
3 3 ,7 5 0 0 0
3 5 5 ,3 5 6 5 3

Unadjusted Credits—
T a x L i a b i l i t y ________________
In s u ra n c e a n d C a s u a lty R e ­
s e r v e s . _ _ _______________
O p e r a t i n g R e s e r v e s _________
A c c ru e d
D e p re c ia tio n —
E q u i p m e n t ________________
O th e r U n a d ju s te d C r e d its .

2 5 6 ,1 2 9 8 1

2 2 ,5 2 5 ,0 6 9 3 5 — 2 2 ,2 6 8 ,9 3 9 5 4

T o t a l _______________________

4 5 9 .2 4 6 ,1 6 6 9 2 4 8 8 ,3 7 7 ,8 8 8 2 8 — 2 9 ,1 3 1 ,7 2 1 3 6

T o t a , __________ ________ 5 . 4 2 9 , 5 8 5 3 5

— 8 1 ,9 4 1 15
- 1 1 ,6 1 2 ,7 2 9 7 6

6 ,1 5 5 ,8 2 8 9 2
3 4 9 ,3 2 1 2 5

— 1 ,1 2 7 ,9 1 9 0 4
— 4 ,7 8 0 8 6

A c c o u n ts.
F u n d e d D e b t— U n p le d g e d .
F u n d e d D e b t — P l e d g e d ------

5 .5 0 1 .5 0 0 0 0
7 .0 3 1 .5 0 0 0 0

3 .5 0 1 .5 0 0 0 0
9 .0 3 1 .5 0 0 0 0

1 8 ,2 5 6 ,9 5 6 16 — 1 2 ,8 2 7 ,3 7 0 81

5 ,0 2 7 ,9 0 9 8 8
3 4 4 ,5 1 0 3 9

1 3 9 ,0 7 6 2 3
1 1 , 6 1 2 ,7 2 9 7 6

5 7 .1 3 5 0 8

T o t a l _______________________

1 2 ,5 3 3 ,0 0 0 0 0

1 2 ,5 3 3 ,0 0 0 0 0

Note.—

T h e f o llo w in g C a p i ta l L ia b ilitie s n o t i n c lu d e d In B a la n c e S h e e t:
+ 2 ,0 0 0 ,0 0 0 00
— 2 ,0 0 0 ,0 0 0 0 0

4 5 9 ,2 4 6 ,1 6 6 9 2 4 8 8 ,3 7 7 ,8 8 8 2 8 — 2 9 ,1 3 1 ,7 2 1 3 6

Note.__ T h e

f o llo w in g S e c u r itie s n o t in c l u d e d i n B a l a n c e S h e e t A c c o u n ts :

S e TJnii)tlc d K w l U<Xl ° r ^ - - - -d 5 . 5 0 1 , 5 0 0 0 0
P le d g e d
- i : ........................ ..
7 ,0 3 1 ,5 0 0 0 0
T 0 t a i _________ ______________ 1 2 , 5 3 3 , 0 0 0 0 0

3 ,5 0 1 .5 0 0 0 0
9 ,0 3 1 ,5 0 0 0 0
1 2 ,5 3 3 ,0 0 0 0 0

+ 2 ,0 0 0 ,0 0 0 00
— 2 ,0 0 0 ,0 0 0 0 0

T h e C a p ita l L ia b ilitie s s h o w n a b o v e in c lu d e t h e s e c u r itie s is s u e d u n d e r
t h e R e o r g a n iz a ti o n P l a n f o r b o n d s o f v a r i o u s is s u e s d e a l t w i t h b y t h e P l a n ,
in c lu d in g $ 1 ,6 8 7 ,5 0 0 0 0 p r in c ip a l a m o u n t n o t a c q u ir e d o n D e c e m b e r 3 1 ­
1 9 2 1 , w h ic h a r e a c c o r d in g ly n o t s h o w n a s L ia b ilitie s .
T h e c o m p a n y is g u a r a n t o r j o i n t l y w i t h o t h e r c o m p a n ie s o f t h e s e c u r i ti e s
o f c e r t a in t e r m in a l c o m p a n ie s n o n e o f w h ic h a r e in d e f a u l t .

INTERNATIONAL CEMENT CORPORATION
THIRD ANNUAL REPORT—FOR THE PERIOD ENDED DECEMBER 31 1921.
$909,000 Cuban Portland Cement Corporation Notes; for the
payment of $730,000 (Uruguayan Gold) par value First
New York, April 19 1922.
To the Stockholders of the international Cement Corpora­ Mortgage on the Uruguayan plant; and over $1,000,000 in
capital expenditures at the various plants.
tion:
During the year your Company through an exchange of
Tlio Third Annual Report' is herewith submitted, including
its Preferred and Common shares acquired over 97% of the
the Treasurer’s Report, giving the results of operation for
the year 1921, and the financial condition of your Company Preferred stock and 99% of the Common stock of the Knick­
erbocker Portland Cement Company, Inc., a New York cor­
as of Dec. 31 1921.
The Net Income for the year, after Depreciation and De­ poration with plant having a capacity of approximately
pletion Reserves of $894,091 71, amounted to $1,529,900 01, 1,500,000 barrels per year, located at Hudson, N. Y. Your
which is equivalent to approximately $4 55 per share on the Directors, during the latter part of the year, authorized cer­
323,978 shares of Common stock now outstanding, after al­ tain improvements to this plant which will bring it up to the
lowing for Preferred dividends paid, as compared with $1,­ high standard of your other plants and enable it to manufac­
779,559 33, or approximately $5 32 per share, for the year ture at a considerably lower cost. This construction pro­
gram will be completed during the early part of the summer,
1920.
During the year we were confronted with labor disturb­ at which time we should derive the benefit of increased earn­
ances incidental to the deflation in wages which was neces­ ings from this plant.
While prices of cement have been materially reduced, we
sary to place your Companies on a sound basis consistent
with present market conditions. In all cases, however, we believe the increased demand caused by the greater activity
have succeeded in establishing conditions which will enable in building and allied industries should enable this Company
to maintain its earnings and continue its present dividend
us to successfully meet our competition.
The construction program in all plants was completed policy.
Dividends amounting to $2 50 per share on the Common
durin" the year and the results obtained have enabled us to
stock and $3 50 per share on the Preferred stock (which is
lowerour cost of production very materially.
Your Directors authorized the issuing on June 1 1921 of at the rate of 7% per annum) were paid during the year.
Respectfully submitted,
$1,500,000 Five Year 8% Convertible Gold Notes to partially
IIOLGER STRUCKMANN, President.
fund the expenditures previously made for the retirement of
repo r t of t h e p r e s id e n t .




3136

THE

[V ol. 114.

C H R O N IC L E

C O N S O L ID A T E D S U R P L U S A C C O U N T .
REPORT OF THE TREASURER.
B a l a n c e D e c e m b e r 3 1 1 9 2 0 ___ ____________ ________________________
$953 6 9 3 2 7
New York, April 19 1922.
B a l a n c e t r a n s f e r r e d f r o m i n c o m e a c c o u n t , a b o v e _______________ 1 , 5 2 9 , 9 0 0 6 1
Mr. Holger Struckmann, President, International Cement
$ 2 , 4 8 3 , 5 9 3 88
Add — E x c e s s p r o v i s i o n f o r C u b a n I n c o m e T a x f o r 1 9 2 0 .
5 ,0 4 7 9 2
Corporation, 342 Madison Avenue, New York, N. Y.
$ 2 ,4 8 8 ,6 4 1 8 0
Dear Sir:—I submit herewith the Comparative Consoli­ Deduct— R e s e r v e a d j u s t m e n t f o r d i s c o u n t s o n
e x c h a n g e o n n e t c u r e n t a s s e t s in S o u th
dated Balance Sheet of the International Cement Corpora­
A m e ric a ta k e n a t th e r a te s p re v a ilin g a t
tion as at Dec. 31 1921 and Dec. 31 1920, and Comparative
D e c e m b e r 31 1921:
R e s e r v e a s a t D e c . 3 1 1 9 2 1 _____$ 4 5 8 , 5 3 2 8 7
Consolidated Profit and Loss Statement for the years 1921
$ 1 7 0 ,4 4 9 4 6
R e s e r v e a s a t D o c . 3 1 1 9 2 0 _____ 2 8 8 , 0 8 3 4 1
and 1920. The Profit and Loss Statement for the year 1921
P r e lim in a r y a n d o r g a n iz a tio n e x p e n se s ( p o rtio n )
1 4 ,4 9 3 6 7
S u r p lu s o f S u b s id ia r y C o m p a n ie s s e t a s id e in
includes the accounts of the Knickerbocker Portland Cement
a c c o r d a n c e w ith A r g e n tin e a n d U r u g u a y L a w s
7 ,6 1 5 0 5
Company, for the last six months of the year.
1 9 2 ,5 5 8 1 8
The accounts of the parent corporation as well as those of
$ 2 ,2 9 6 ,0 8 3 6 2
the subsidiaries have been audited by Price, Waterhouse & Deduct Dividends Paid—
r
e
p re fe rre d
Co., Certified Public Accountants, whose certificate is given I n tset onc ak t iaotn raal t e C e m % n tp e rC ao nr pnour a t i .o. n ........................ ... $ 5 4 , 5 2 6 5 0
of 7
m
.
In te rn a tio n a l
C em ont
C o rp o ra tio n
com m on
herewith.
7 3 8 ,6 0 9 3 5
s t o c k a t r a t e o f $ 2 5 0 p e r s h a r o ______ _______—
The following summary shows the disposition of the in­ K n i c k e r b o c k e r P o r t l a n d C e m e n t C o m p a n y , I n c . ,
p r e f e r r e d s t o c k a t r a t e o f 7 % p e r a n n u m _____
1 ,5 2 9 5 0
come for the y ear:
7 9 4 ,6 6 5 3 5

Income—
N e t I n c o m e f r o m O p e r a t i o n s a s p e r P r o f i t a n d L o s s S t a t e m e n t __ $ 1 , 5 2 9 ,9 0 0
I n c r e a s e t o D e p r e c ia tio n a n d D e p le tio n R e s e rv e s f o r w h ic h th e r e
w a s n o c a s h e x p e n d i t u r e __________________________ !
________________
8 9 4 ,0 9 1
R e c o i v e d f r o m s a l e o f 8 % C o n v e r t i b l e G o l d N o t e s _______________ 1 , 5 0 0 ,0 0 0
S u n d r i e s _________________________________________________________________
1 6 ,1 7 1

S u r p l u s — C a r r i e d t o B a l a n c e S h e e t ............... ...................... .................- $ 1 , 5 0 1 , 4 1 8 2 7
61
71
00
80

$ 3 , 9 4 0 ,1 6 4 1 2

C O M P A R A T IV E

C O N S O L ID A T E D
31

I n c r e a s e i n N e t C u r r e n t A s s e t s ______________________________________ $ 1 , 3 7 7 ,4 7 4
I n c r e a s e i n P l a n t , P r o p e r t y , e t c ____________________________________
7 6 2 ,0 0 7
D i v i d e n d s P a i d ________________________________________________________
7 9 4 ,6 6 5
8 1 2 ,2 3 9
M o r t g a g e I n d e b t e d n e s s p a i d o f f ______________
D e f e r r e d C h a r g e s i n c r e a s e d __________________________________________
1 4 ,0 5 0
N e t d e c re a s e in R e s e rv e fo r f lu c tu a tio n in p ric e s o f S a c k s , C o n ­
t i n g e n c i e s , e t c . _____________________________________________________
1 7 9 ,7 2 7

32
45
35
00
21

Respectfully submitted,
JOHN R. DILLON, Treasurer.

PRICE, WATERHOUSE & CO.
66 Pine Street
New York.
April 17 1922.
To the Stockholders of the International Cement Corpora­
tion:
We have examined the books of the International Cement
Corporation and subsidiary companies for the year ending
Dec. 31 1921 and certify that the balance sheet at that date
and the relative consolidated surplus account and income
account are correctly prepared therefrom.
During the year only actual additions and extensions have
been charged to property account and the provisions made
for depreciation and depletion are, in our opinion, fair and
reasonable. The accounts of foreign subsidiary companies
have been taken up at par of exchange, but provision has
been made out of surplus for the discount on exchange upon
the net current assets in South America at Dec. 31 1921.
Full provision has been made for doubtful accounts receiv­
able and for all ascertainable liabilities, and
We certify that the consolidated balance sheet and rela­
tive consolidated surplus account and income account show,
in our opinion, the financial position of the International
Cement Corporation and its subsidiary companies on Dec.
311921 and the results of operations for the fiscal year end­
ing at that date.
PRICE, WATERHOUSE & CO.

INTERNATIONAL CEMENT CORPORATION AND SUB­
SIDIARY COMPANIES.
C O M P A R A T IV E C O N S O L ID A T E D P R O F IT & L O SS S T A T E M E N T
F O R T H E Y E A R S E N D E D D E C . 31 1921 A N D D E C . 31 1920
o i
t
rv
.
...
1921.
1920.
S a le s , L e s s D is c o u n ts , A llo w ­
a n c e s , & c ----------------------------- - - . $ 9 , 1 7 2 , 3 1 1 4 4 $ 8 , 4 6 1 , 8 9 6 4 6

Increase.
$ 7 1 0 ,4 1 4 9 8

T o t a l C o s t o f S a l e s . . ................$ 6 , 2 0 2 , 6 9 5 1 7 $ 5 , 3 6 7 , 6 4 2 6 4

$ 7 1 0 1 1 6 71
1 2 4 ,9 3 5 8 2
$ 8 3 5 ,0 5 2 5 3

M a n u f a c t u r i n g P r o f i t ------$ 2 ,9 6 9 ,6 1 6 2 7 $ 3 ,0 9 4 ,2 5 3 8 2
S e llin g
A d m in is tra tiv e
and
G e n e r a l E x p e n s e ..............................
9 5 3 ,6 9 5 9 9
6 9 8 ,2 8 2 3 5

1 .7 3 7 ,1 8 9 9 5

9 3 0 ,1 2 7 14

9 ,1 4 2 ,8 5 7 3 9 2 ,6 6 0 ,8 5 1 5 3

4 7 4 ,5 3 3 3 5
4 4 7 ,9 6 0
5 7 ,0 3 4
1 .0 9 1 ,0 9 5
3 ,1 0 0

23
87
02
00

6 3 ,0 5 3 0 9
2 ,1 8 4 ,7 5 1 7 6

* 2 2 9 ,5 2 5 9 0
* 4 4 7 ,9 6 0
* 2 3 ,1 3 2
1 6 4 ,5 5 0
1 7 ,5 0 0

23
39
78
00

* 6 2 ,4 4 1 4 9
4 6 0 ,7 4 3 0 3

$ 4 ,2 0 1 ,0 8 2 1 2 $ 4 ,3 2 1 ,3 4 8 3 2 * $ 1 2 0 ,2 6 6 2 0
L e ss: R o se rv o fo r L o ss o n E x ­
c h a n g e o n N e t C u r r e n t A s s e t sl
-

-

4 8 9 ,8 7 4 91

3 0 8 ,7 0 1 3 3

1 8 1 ,1 7 3 5 8

3 ,7 1 1 ,2 0 7 2 1

4 ,0 1 2 ,6 4 6 9 9

* 3 0 1 ,4 3 9 7 8

2 7 6 ,0 5 2 7 5

1 8 1 ,2 4 3 8 1

9 4 ,8 0 8 9 4

1 5 , 7 9 0 , 9 6 8 88 1 3 , 3 3 6 , 7 4 8 1 9 2 , 4 5 4 . 2 2 0 6 9

Note .— U n d e r t e r m s o f d e e d o f t r u s t c o v e r i n g i s s u e o f f i r s t m o r t g a g e b o n d s
o f th e T o x a s P o r tla n d C e m e n t C o m p a n y , th e p r o p o rtio n a t D e c . 31 1921 o f
t h e a m o u n t t o 00 p a i d t o t h e s i n k i n g f u n d f o r r e d e m p t i o n o f b o n d s o n M a y 1
1 9 2 2 a m o u n ts to $ 3 0 ,6 0 0 0 0 .
* D ecrease.

LIABILITIES.
Increase.

1921.
$
7 %
C u m u la tiv e
P re fe rre d —
A u th o r iz e d 5 0 ,0 0 0 s h a r e s P a r
$100 00:
I s s u e d a n d o u t s t a n d i n g 1 5 ,5 8 0
s h a r e s ..................................................... 1 , 5 5 8 , 0 0 0 0 0
C o m m o n — A u th o r iz e d 4 0 0 ,0 0 0
s h a r e s o f n o p a r v a lu e :
I s s u e d a n d o u t s t a n d i n g 3 2 3 ,9 7 8
s h a r e s _____________________ —
9 ,9 3 9 ,2 0 4 6 2

8 ,0 7 2 ,6 5 5 4 4 1 ,8 6 6 ,5 4 9 18

1 1 ,4 9 7 ,2 0 4 6 2

8 ,0 7 2 ,6 5 5 4 4 3 ,4 2 4 ,5 4 9 1 8

Capital Stock—

C a p ita l S to c k o f S u b s id ia r y C o m ­
p a n i e s n o t O w n e d ______ ______
M o rtg a g e In d e b te d n e s s o f S u b ­
s id ia ry
C o m p a n ie s : U r u g u a y
P o rtla n d
C em ent
6% ,
duo
J u n o 3 0 1 9 2 4 ............................................
T e x a s P o r tla n d C e m e n t 6 % d u e
A n n u a l l y t o M a y 1 1 9 2 4 ...............
C u b a n P o rtla n d C e m e n t C o rp o ra ­
tio n 7 H % , d u e a n n u a lly to
M a y 3 1 1 9 2 8 ......................................... -

7 7 ,6 4 2 2 6

1920.
$

S

1 ,5 5 8 ,0 0 0 0 0

2 8 ,6 9 5 81

7 5 5 ,6 9 6 0 0
2 4 6 ,0 0 0 0 0

4 8 ,9 4 6 4 5

* 7 5 5 ,6 9 6 0 0

2 8 9 ,0 0 0 0 0

* 4 3 ,0 0 0 0 0

9 4 ,8 0 1 0 0

1 0 8 ,3 4 4 0 0

* 1 3 ,5 4 3 0 0

3 4 0 ,8 0 1 0 0

1 , 1 5 3 ,0 4 0 0 0

* 8 1 2 ,2 3 9 0 0

Funded Indebtedness—
In te rn a tio n a l C e m e n t C o rp o ra tio n
8 % C o n v e r t i b l e G o l d N o t e s ___ 1 , 5 0 0 , 0 0 0 0 0

N e t P r o f i t f r o m O p e r a t i o n s . . $ 2 ,0 1 5 ,9 2 0 2 8 $ 2 ,3 9 5 ,9 7 1 4 7
M i s c e l l a n e o u s I n c o m e ........................
2 5 5 ,2 0 6 6 4
1 6 8 ,0 3 8 13

* $ 3 8 0 ,0 5 1 19
8 7 ,1 6 8 51

T o t a l I n c o m e - - - ----------- - $ 2 , 2 7 1 , 1 2 6 9 2 $ 2 , 5 6 4 , 0 0 9 6 0
In te re s t, T a x e s, E x c h a n g e L o ss
•
o n fu n d s tra n s fe rre d d u rin g
y e a r & M is c e lla n e o u s c h a rg e s
7 4 1 ,2 2 6 31
7 8 4 ,4 5 0 2 7

* $ 2 9 2 , 8 8 2 68

N o t e s a n d A c c o u n t s P a y a b l o ___ _
F e d e ra l In c o m o & E x c e ss P ro fits
T a x e s .................. .. ........................................
A cc ru e d W ag es, E x p en ses a n d
I n t e r e s t . . . ____________________

* $ 1 2 4 ,6 3 7 5 5

N e t In c o m e fo r Y e a r, ta k in g
a c c o u n ts
of
F o re ig n
Sub­
s id ia rie s a t p a r o f e x c h a n g e ,
t r a n s f e r r e d t o S u r p l u s A c c o u n t s 1 ,5 2 9 , 9 0 0 6 1 $ 1 , 7 7 9 , 5 5 9 3 3

$

1 0 ,8 8 0 ,0 4 7 3 4 3 ,5 9 0 ,9 7 8 6 7

1 1 ,8 0 3 ,7 0 8 9 2

Current Assets—
C a s h i n b a n k a n d o n h a n d -----------2 4 5 ,0 0 7 4 5
T im e D e p o s its in S o u th A m e ric a
s e c u rin g
n o te s
p a y a b le
in
_____________
U n i t e d S t a t e s _____________________
N o t e s R e c e i v a b l e ___________________
3 3 ,9 0 2 4 8
A c c o u n t s r e c e i v a b l e le s s R e s e r v e . 1 ,2 5 5 ,6 4 5 8 0
2 0 ,6 0 0 0 0
M a r k e t a b l e S e c u r i t i e s _____________
E m p lo y e e s ’ S u b s c r ip tio n s to
C a p i t a l S t o c k ( u n p a i d b a l a n c e ))
611 60
. 2 ,6 4 5 ,3 1 4 7 9

Increase.

1920.
$

1 ,5 0 0 ,0 0 0 0 0

Current Liabilities—

Cost of Sales—
M a n u f a c t u r i n g * S h i p p i n g C o s ts $ 5 ,3 0 8 ,6 0 3 4 6 $ 4 ,5 9 8 ,4 8 6 7 5
P r o v is io n fo r D e p r e c ia tio n a n d
D e p l e t i o n ................ .......................
8 9 4 ,0 9 1 71
7 6 9 ,1 5 5 8 9

D EC EM B ER

1920.

ASSETS.
1921.
A s s e ts —
$
P l a n t S ite , m in e r a l la n d s , r ig h ts ,
b u ild in g s , m a c h in e ry , e q u ip ­
m e n t,
to o ls ,
fu rn itu re
and
f i x t u r e s , & c ------------------------------------1 4 , 4 7 1 , 0 2 6 0 1
L e ss: R e s e rv e fo r D e p re c ia tio n
a n d D e p l e t i o n ............... ....................- 2 , 6 6 7 , 3 1 7 0 9

79

$ 3 , 9 4 0 ,1 6 4 1 2




31

Capital

Disposition—

* D ecrease.

BALANCE SH EET

1921— D E C E M B E R

2 5 5 ,4 1 3 6 4

5 3 7 ,6 1 2 4 3

1 1 3 ,3 5 0 0 0

8 ,5 5 5 41

1 1 4 ,1 3 7 9 2

1 1 2 ,2 5 2 8 2

1 ,8 8 5 1 0

7 7 3 ,6 5 5 7 6

Reserves—
F lu c tu a tio n in p ric e o f s a c k s a n d
c o n t i n g e n c i e s ____________________
S u r p lu s o f S u b s id ia r ie s s e t a s id e
in a c c o r d a n c e w ith A r g e n tin e
a n d U r u g u a y L a w s _____________

2 ,6 5 9 ,0 0 1 5 7 * 2 ,1 2 1 .3 8 9 14

1 2 1 ,9 0 5 4 1

8 7 ,1 5 1 41

2 ,8 8 4 ,6 0 4 3 9 * 2 ,1 1 0 .9 4 8 6 3

2 1 8 ,3 2 8 13

* 1 3 1 ,1 7 6 7 2

S u r p l u s - .....................................................

1 3 ,0 9 5 5 6

5 ,4 8 0 51

7 ,0 1 5 0 5

1 0 0 ,2 4 6 9 7

* 4 3 ,2 2 3 9 6

2 2 3 ,8 0 8 6 4

* 1 2 3 ,5 6 1 6 7

9 5 3 ,6 9 3 2 7

5 7 4 ,7 2 5 0 0

1 ,5 0 1 ,4 1 8 2 7
1 5 , 7 9 0 ,9 6 8 8 8

* $ 2 4 9 ,6 5 8 7 2

*

Decrease

1 3 ,3 3 6 ,7 4 8 19 2 ,4 5 4 ,2 2 0 6 9

THE CHRONICLE

May 13 1922.]

3137

ATLANTIC GULF AND WEST INDIES STEAMSHIP LINES
ANNUAL REPORT— FOR THE TWELVE MONTHS ENDING DECEMBER 31 1921.
of your company’s subscription for 650,000 shares of Agwi
Petroleum Corxioration, Limited, out of a total capitalization
To the Stockholders:
,,, .
Your Directors present herewith the Consolidated Balai e of 1,000,000 shares of one pound each, and it is expected that
Shedt of your company and its subsidiary companies as at five shillings per share more, or approximately $715,000 at
Dec. 311921, together with the Consolidated Income Account current rates of exchange, w ill he paid by the end of this
year to make the shares of your company fully paid up. The
and P rofit and Loss Account for the year ended that date. plant of Agwi Petroleum Corporation, Limited, located at
These statem ents do not include the figures tor Allan ic
Gulf Oil Corporation, Colombia Syndicate nor Agwi 1 et o­ Southampton, England, is now in successful operation.
leum Corporation, Limited, inasmuch as your company does
ATLANTIC GULF OIL CORPORATION.
not own substantially the entire capital of these enterprises.
During the year 1921, Atlantic Gulf Oil Corporation pro­
During the past year your management lias endeavored to duced 15,195,326 barrels of crude oil and purchased from
meet the unusual conditions prevailing by careful conseiRa­ other companies an additional 422,920 barrels. The company
tion and constructive adjustment, the full effects ot whic i exported a total of 10,491,729 barrels of crude oil and sold at
are not yet apparent.
. , O r the well mouth 4,253,108 barrels.
T
The world’s tonnage remains in excess of the present t <J
The refinery began to operate about the first of May and
requirements of marine commerce and is likely to so continue in an eight months’ period treated 1.122,603 barrels of crude
for a while. However, as the trade routes of your companies oil, from which there were produced 936,014 barrels of fuel
are so well established, any revival of business should mean oil and 165,262 barrels of d istillates. During the year 1,401,­
a satisfactory employment of your ships.
403 barrels of fu el oil and 116,208 barrels of d istillates were
exported.
•
REVENUE AND EXPENSES.
Crude oil, fuel oil and d istillates were sold at a price
The operating revenue for the year 1921 shows a m aiked
which showed a reasonable operating profit which, however,
decrease from that of 1920, reflecting the depression m ocean has been absorbed by depreciation and interest charges.
transportation as well as the lower rates which became e The properties at present consist of the fo llo w in g : thirty
feetive in 1921. Operating expenses, however, w o w a de­
the oil field s to the sea
crease substantially greater than that of gross busmess, the m iles aof ten-inch pipeline from of 100,000 barrels daily, coast
total carrying capacity
with
result being that the net operating income for the year is with
the necessary pumping stations, storage tanks and feed lines.
$5,067,328 71, as compared with $2,442,19713 for the p iioi At Tecomate there are two sea-loading berths equipped with
year, an increase of $2,625,13158. This increase is due
largely to a reduction in maintenance costs and to opeiacm„ fa cilities for loading 2,000,000 barrels of oil per month and
economies of your corporation’s subsidiary companies, ic tank storage capacity for 735,000 barrels. There is also
should also bo noted that the operating revenues, both gio ss maintained at Tecomate a large mooring tender for fa cili­
and net, were effected by high charter rates prevaiiing dur­ tating mooring and dispatching oil tank vessels. A com­
plete telephone system one hundred miles in length connects
ing the early part of 1921. While the net earnings of your
company would indicate substantial returns for 1921, it must all important field units with the general office in Tampico.
be borne in mind that certain of your tankers were c h a ita c d The refinery at Tecomate is capable of treating 12,000 bar­
under high rates during the previous year. These cn aite s rels of crude oil every twenty-four hours. The company also
were continued into 1921 but have now expired and like re­ owns a terminal at Tampico and m aintains a fleet of barges,
sults, therefore, cannot be expected under present conditions. tugs and motor boats for the proper and efficient handling
_
No reserve for Federal taxes lias been set aside as the c o n ­ of its business.
The Company is planning to develop certain additional
solidated Income and Profit and Loss Account will show no
taxable income, owing to the large item s written off duim g acreage which it owns or leases, and is also actively engaged
in procuring new properties.
the year, and which are referred to later in this report.
CUBAN AMERICAN TERMINAL COMPANY.
MARINE EQUIPMENT.
Approximately $975,000 has been spent to date on the new
Of the fourteen tankers originally contracted for, twelve modern terminal of the Cubaii American Terminal Company
have been completed and two were sold before completion. in H avana Harbor. It is expected that an amount not ex­
The latter two were sold for $3,383,160, r e s u l t i n g m a lo s o ceeding $300,000 w ill be required during the balance of this
t
81 777 879 20
This loss is reflected in the consolidated year.
profit'and loss account for the year 1921. At the Present
COLOMBIA SYNDICATE.
time, nine of the completed tankers are in °Pc l^t ?r ’ .
The original contract between your company and Colombia
three are tied up. During the past year, the S. S. Monterey
of the New York and Cuba Mail Steamship Company w as Syndicate, amounting to $2,400,000, has been canceled by
converted into an oil burner, and the S. S. San Lorenzo of mutual arrangement during the past year so the total pay­
the New York and Porto Rico Steam ship Company under­ ment w ill now be $1,820,000 without affecting your_ com­
pany’s ownership in the enterprise, which consists of 450,000
went extensive alterations and i m p r o v e m e n t
an oil-burner. The S. S. San Jacinto of the Mallory Steam­ shares out of a total of 2,000,000. A payment of $50,000 to
ship Company is Doing converted Into an oil fuel burning ves- be made next month w ill fully pay up the above investment.
GENERAL.
K 'L'ho S ° S “Om ' W °Clyde of”tho Clyde Steam ship Company
<
Your Directors wish to express their appreciation to the
ha?bee®;S
sold and the S. S. Coa.no of the New York and officers and employees for their loyal and faith fu l service
Porto Rico Steamship Company has been retired from ser­ during the period since the last report.
vice. In addition to the three tankers of your company
By order of the Board of Directors.
which are laid up,' there are also five vessels of the Clyde
FRANKLIN D. MOONEY, P r e s i d e n t .
Steam ship Company, five of the MaUory
J 3?1
?'
nnnv «n(i ono of the New York and Cuba Mail Steamship
Company laid6lip a t the present time. Sixteen ot the United ATLANTIC, GULF AND W EST IN D IES STEAM SHIP
LINES AND SUBSIDIARY COMPANIES.
States Shipping Board vessels are under chaiter and being
CO
G T H E FOLLOWING:
operated in the W est Indies service by your corporation s Clydo Steamship C o.,M PR ISIN Steamship C o.. New York and Cuba M ail
M allory
subsidiary companies. The Clyde Steamship Company cS
Steam ship C o., Now York and Porto Rico Steamship Co. (of M aine),
U nited States and Porto Rico N avigation C o.. T he N ew \ ork and
leased terminal facilities at Baltimore, Mel., for its new y
Porto Rico Steamship Co. (of Now York), Southern Steamship C o..
established New York-Baltimore freight service.
International Shipping Corporation, Jacksonville Lighterage C o., The
N e w Y o rk , A p r il

20 1922.

Tam pa Towing and Lighterago C o., Clydo Steamship Terminal C o.,

Carolina Terminal C o., Cuban Amercian Terminal C o., San Antonio
FINANCES.
Docking C o., San Antonio C o., T he Santiago Terminal C o., The Santiago
Warehouse C o., W ilmington Terminal C o., Agwi Trading Corporation,
During the year 1921 considerable improvement has been
and Anrwi Transnortation Co.
made toward placing your company in a better financial
condition. Mortgages have been arranged covering he
CON SOLIDA TED BA LANCE SH E E T , D E C E M B E R 31 1921.
tanker obligations, and a reduction in these obligations lias
ASSETS.
Capital Assets:
also been made. The bank loan of $6,000,000 was reduced
Fleet i n c o m m i s s i o n , a t value b a s e d o n
a p p r a i s a l D e c e m b e r 1918, p l u s c o s t o f
during the year to $ 1 ,3 8 0 ,0 0 0 .
additions since (n et)--------------- ----------- $75,651,466’ 13
5,696,999 27
Shoro property and equity in terminals—
FRENCH ENTERPRISE.
$81,348,465 40
Your company during the past year has paid off all com­
L e s s — Reserve for depreciation--------------- 14,013,378 73
mitments and claim s arising from the abandonment of this
$67,335,086 67
enterprise with the exception of $236,399 09, represented by
Goodwill and franchises-------------------------- 12,029,320 37
notes outstanding, which arc to be paid in the near future.
$79,364,407 04
There still remains some salvage m aterial to be sold on Investm ents (in anid advances to associated
companies) at cost:
which your management expects to realize a substantial sum
A tlantic G ulf Oili C o r p o r a t i o n a n d C o i o m In the year 1921 $1,106,857 41, representing the balance of
9,198.383 47
bla Syndicate -......................................
2,306,902 58
Other associated com panies_____________
the entire investment, was written off the books.
11,505,286 05

AGWI PETROLEUM CORPORATION, LIMITED.
Fifteen shillings per share have now been paid on account

/



Cash in hands of trustees-------------------------------------- Expenditures for Accounts of Unfinished Voyages and
B usiness______________________________________________

178,618 86

2,506,563 79

2138

THE CHEONICLE

Current Assets:
Fuel and supplies................................................
5502,180 52
Accounts receivable:
$1,949,457 52
A gents-------------------Insurance claim s________ 2,144,912 50
Others--------------------------- 1,191,208 78
U . S. Shipping Hoard and
Railroad Administration
(n et)--------------------------- 1,406,377 25
.
.
.
-------------------- 6 ,6 9 2 ,0 5 6 0 5
M arketable securities___________________
155,969 32
Cash on hand and in banks_____________
2,047,118 76
Cash for coupons payab le_____________
532,375 00

financial position of the combined companies at Dec. 31 1921,
PRICE, WATERHOUSE & CO.
A p r i l 2G 1922.

9,929,699 65
$103,484,575 39
L IA B IL IT IE S .

Capital Stock o f A tlantic, G ulf and W est
Indies Steam ship Lines:
Common Stock— Authorized and I ssu e d . -$20,000,000 00
D e d u c t —Stock in Troasury_____________
5,036,600 00
Outstanding__________________________ ______________ $14,963 40000
Preferred Stock— Authorized and Issued- .$20,000,000 00
D e d u c t — Stock in Treasury_____________
6,257,100 00
O u tsta n d in g ..-------------- ----------- ----------- ----------------------- 13.742.900 00
t *
,,
$28,706,300 00
Interest o f M lnortiy Stockholders ot Subsidiary companies
331 828 88
Bonded Debt:
ka Atlantic G ulf and West Indies S 8 . Lines,
F ifty Year 6% Collateral Trust Gold
Bonds—Authorized, $15,000,000, issued 13,000,000 00
Preferred Mortgago 7% Sinking Fund
Marino Equipment Gold Bonds_____
3,900,000 00
•
First Lien Marino Equipment 7% Gold
N otes----- ------------------------------------------1,380,000 00
Marine Equipment 7% Trust Certificates
3,582,000 00

First M ortgago 5% Gold Bonds o f Subsidiary Companies
— O utstanding. ..........................................
Receipts on Account o f Unfinished Voyages and B usiness.
Current Liabilities:
N otes payable-------------------------------------1,308,135 45
Accounts payable, general--35,943,846 43
A gents------------------------------238,941 06
------------------ 6,182,787 49
r .
.
,
,
Interest accrued on bonded debt and n o tes.
281,757 04
Coupons payable--------------------------------------532,375 00
--------------------Reserves:
Ship replacem ent...............................................
5,077,346 04
M iscellaneous reserves . ....... ............... ..
1,733,508 03
a
.
------------------ —
Surplus............ ................

[V ol. 114.

00
13,343,000 00
$64,243,128 88
l ,824 355 05

8,305,054 98

6,810,854 07
22,301.182 41

CO M PR ISIN G TH E FOLLOW ING
C lyde Steamship C o., M allory Steamship Co., Now York and Cuba M ail
Steamship C o., N ew York and Porto Rico Steamship Co. (of M aine),
U nited States and Porto Rico Navigation C o., The Now York and
Porto Rico Steamship Co. (of New Kork), Southern Steasmhip Co.,
International Shipping Corporation, Jacksonville Lighterage C o., The
Tampa lo w in g and Lighterago C o., Clyde Steamship Terminal C o.,
Carolina lerm m al C o., Cuban American Terminal C o., San Antonio
Docking C o., San Antonio C o., The Santiago Terminal C o., The Santiago
Warehouse Co., Wilmington Terminal Co., Agwi Trading Corporation,
and Agwi Transportion Co.
COM PARATIVE C O N SO LIDATED
INCOM E ACCOUNT FOR
YEAR S E N D E D D E C E M B E R 31 1920 A N D 1921.
*
In crea se (+ ) or
„
1921.
1920.
D e c r e a s e (— ).
Operating revenue-----------$40,717,774 93 854.933.504 30 — $14,265,729 37
Operating Expenses:
M aintenance------------------- 6,290,608 45 11,933,602 61
-5,642,994 16
Traffic-------------------------------- 953,391 14
900,274 94
+ 53,116 20
Transportation___________ 23,334,437 23 28,132,398 96
—
1,797,961 73
General--------------------------- 3,414.589 90 3,334,797 10
+ 79,792 80
Charter-------------------------1,474,690 61 7,954,937 26
-6,480,246 65
Taxes--------182,728 89
195,296 30
— 12,567 41
Reserve lor Federal taxes
90,000 00
-90,000 00
-$35,650,446 22 $52,541,307 17 —$16,890,860 95
- $5,067,328 71
492,639 57

Deductions:
Interest
on
N otes, &c__
R entals and 1
neous Itoms..

- $2,052,474 16
-

1,455,998 34
270,158 59

$2,442,197 13
1,204,745 37

+ $2,625,131 58
— 712 105 80

$3,646,942 50

Other iucome-

+ $ 1 ,913,025 7.8

$1,244,390 11

+808.084 05

935,932 63
1,318.388 75

+ 520,065 71
— 1,018,230 16

- S3.778,631 09 $3,498,711 49
+ $279,919 60
N ot Income for the Year $1,781,337 19
$148,231 01 + $ 1 ,6 3 ,1 0 3 6 18
C O N SO L ID A T E D SU R PLU S A N D PR O F IT A N D LOSS A C C O U N T.
D eb its 0 Jauuary 1 1 9 2 1 ...................................................................... $24,436,99017
Advances to French Companies written off $1,106 857 41
Loss on sale of V e s s e l s . . _________ ______ 1,823.584 52
D iscount on Bonds ............................................
952,573 02
3,883,014 95

$103,481,575 39
Income for the y e a r .

We have examined the books and accounts of the Atlantic
Gulf and W est Indies Steam ship Lines and its subsidiary
companies for the year ending Dec. 31 1921 and, subject to
provision for the additional income and profits taxes pay­
able, the amount of which is not yet ascertained, we certify
that, in our opinion, the balance sheet fairly sets forth the

-

820,553,975 22
1,781,337 19

$22,335,312 41
Deduct:
Common dividends on stock of subsidiary companies not
hold by A . G. W. I. S. S. Lines______________________
34,130 00
Balance per Balance f h eet______________________________ $22,301,182 41
R , C. M cB A IN , Treasurer.

C A PIT A L STOCK OF A T L A N T IC G U L F A N D W EST IN D IE S ST E A M S H IP L IN E S A N D SU B SID IA R Y C O M PA N IE S— D E C E M B E R 31 1921
D u r a tio n
o f C h a r te r .

C o m p a n y —•

A. G. W . I. 8 . 8 . Linos, incorporated in M aine N ov. 25 1908
-----------Perpetual
C om m on______________________________________________________________
Preferred__________________________________________________ "
C lyde Steam ship C o., Incorporated in M aino Feb. 7 1906_______________ Perpetual
M allory Steam ship C o., Incorporated in M aino Oct. 31 1906___ 1________ Perpetual
N . Y . & Cuba M ail S. S. C o., Incorporated in M aine Marcli 6 1907______Perpetual
N . Y . & Porto Rico S. S. C o., Incorporated in Maino April 8 19 0 7 -. _
Perpetual
T he N . Y . & Porto Rico S. S. C o., Incorporated in N . Y . Oct. 11 1890. - 69 years
Southern Steam ship C o.. Incorporated in Delawaro Jan. 7 1903___________ Perpetual
International Shipping Corpn., Incorporated in M aino March 10 1916. . Perpetual
U . S. & Porto Rico N av. C o.. Incorporated in N ew Jersey D ec. 7 1900___IPerpetual
Jacksonville Lighterago C o., Incorporated in Florida April 2 1908______ . 99 years
T he Tampa Tow ing & Ltg. C o., Incorporated in Florida M ay 5 1909______50 years
C lyde Steam ship Terminal C o., Incorporated in Florida July 7 1909_____ 99 years
Carolina Terminal C o., Incorporated in M aine D ec. 13 1 9 1 1 .____________ Perpetual
Cuban Amorican Terminal Co. (Cia. Terminal Cubana-Amorlcana, S. A .)
Incorporated in Cuba Juno 15 1920________ ____________________________ Unlim ited
San Antonio D ocking C o., Incorporated in N ew York M ay 19 1906______Perpetual
San Antonio C o., Incorporated in M aine N ov. 5 1906____________________ Perpetual
The Santiago Terminal C o., Incorporated in C onnecticut Jan. 4 1910______Perpetual
The Santiago Warehouse C o., Incorporated in C onnecticut Aug. 27 1915_ Perpetual
_
W ilmington Terminal C o., Incorporated in M aine July 25 1913___________ Perpetual
Agwi Trading Corpn. (Agwi, Cia. Comercial, S. A .) Incorporated in Cuba
Jan. 12 1920------------ ---------------------------------------------------------------------------- Unlim ited
Agwi Transportation C o., Incorporated in M aino July 29 1919____________ Perpetual
Compania C ubans de N avegaclon, Incorporated in Cuba Oct. 3 1906............20 years
A tlantic G ulf Oil Corpn. Incorporated In Virginia April 17 1919___________ Perpetual

A u th o r iz e d .

Issu ed.

O w ned.

$ 20 ,000,000
820,000,000
$5,036,600
20 ,000,000
20 .000,000
6.257.100
7.000.
000 7.000.
000 6,955,600
7.000. 000
7.000. 000
6,999,800
10 .000,000
10 ,000,000
9.947.100
5.000.
000 4.000.
000 4,000.000
50.000
50.000
50.000
160,000
90.000
90.000
100,000
2,000

100,000
2,000

1 .000.
1,000

877,250

877,250

50.000

000

50.000
69,200
32,600

1,000

50.000

200

52,900

100,000
100,000

50.000
35.000

100,000
100,000

$14,963,400
13,742,900
44,400

100,000
2,000

100,000
100,000

50.000
35.000

H e ld b y
P u b lic .

50.000
35.000

1,000

200,000
200,000
100,000

100,000
100,000
100,000

100,000

10 ,000,000
6 .000,000
1 ,000,000
20 ,000.000

25.000
1,769,000
272,500
20 ,000,000

25.000
1,769,000
272.500
10,750,000

8108,148,000

891,821,750

853,609,650

30,800
67,500

9,250.000
$38,152,100

Agwi Petroleum Corpn., L td., Incorporated in England M arch 27 1920___ Perpetual
£ 1 ,000,000
£ 1 ,000.000
£650,000
N O T E .— T o December 3 i 1921, the A . G. W. I. H. S. Linos had paid' nine‘calls aggregating £487^500 oh~ the” £65(1000 of CapitaDStock subsa4bed°
B O N D E D IN D E B T E D N E S S OF

A T L A N T IC

G U LF A N D W EST IN D IE S ST E A M SH IP L IN E S A N D
D E C E M B E R 31 1921.

AC
GmW nt ~ 8 . s . Lines:
A u th o r iz e d .
Collateral T rust Bonds. D ated D ec. 9 1908. D ue Jan. 1 1959. Int.
Rato 5% , J. & J _________ ________ ________ ______________________$15,000,000
M ar. Equip. Trust Certificates. D ated Jan. 15 1921. D ue serially
Jan. 15 1922, 1923 and 1924. Int. Rato 7% , J. & J ..... ............. . . 4,000 000
Mar. Equip. Gold Bonds. D ated M ay 1 1921. D ue M ay 1 1931.
Int. Rato 7% , M . & N ................ ............... ........................ ............................. 3,900.000
C lyde Steam ship Co. Bonds dated Feb. 8 1906. D uo Feb. 1 1931.
Int. Rato 5% , F . & A ___________ ______ ______________________
6,000 000
M allory Steamship Co. Bonds dated N o v . 15 1906. D u e Jan. 1 1932.
Int. R ate 5% , J. & J _________________________________________________ 6.000.000
N . Y & O. M . S. S. Co. Bonds dated M arch 18 1907. D ue Jan. 1 1932.
’
Int. R ate 5% , J . & J ______ _________ _________________ _____ ______ ___ 12.000.000
N . Y . & P . R . S. S. C o. Bonds dated M ay 1 1907. D u e-M ay 1 1932.
In t. R ate 5% , M . & N __________ ______ _________________ .
5,000 000
C lyde S. S. Term . C o. B onds dated Oct. i 1909. D uo Oct. I 1934. In t.
R ate 5% , A . & 0 _______ ______ ___________________________
_
700 000
Carolina Term. C o. Bonds dated N o v . 1 1912. Due N o v . 1 1937. In t.
Rato 5% , M . & N .
---------------------- -------- ---------------------------- 1,000,000
San Antonio Com pany. Bonds dated D ee. 1 1906. D ue D ec. 1 1956.
In t. R ate 5% . J. & D ______________________ ________ ________________
250,000

Issu ed.

SU B S ID IA R Y O O M PA N IFS-

C a n c e le d .

O w n ed.

$13,000,000
4.000.

$13,000,000
000

418.000

3.582.000

3.900.000
6 . 000.

H e ld b y
P u b lic .

3.900.000
000 2,860,000

$51,000

5.374.000

2.367.000

588.000

2.419.000

1 2 ,000,000

5.822.000

557.000

5.621.000

4.227.000

1.754.000

1,181,000

1.292.000

635.000

200.000

4,000

431.000

700.000

160,000

49,000

491.000

250.000

3.089.000

250.000

$53,850,000

$50,086,000

$13,581,000

$2,680,000

A tlantic G ulf Oil Corp.1st M ortgago bonds dated June 1 1919. Due June 1 1929. Int
R ate 6 %, J . &. D _________________________________
$10 000 000
2nd M ortgago bonds dated June 1 1919. D ue June l 1929. In t.
’
Rato 6 %, J. & D ...........................................................................
2,500,000

$ 6 ,000,000

$ 1 ,000,000

$ 6 ,000,000
1 ,000,000

1,500,000

$66,350,000

$58,586,000

$14,581,000

$8,680,000

$35,325,000




2,500.000

$33,825,000

3139

THE CHRONICLE

May 13 1922.]

M A R IN E E O U IP M E N T O W N E D A N D O P E R A T E D BY A T L A N T IC G U L F A N D W E S T IN D IE S S T E A M S H IP L IN E S A N D S U B S ID IA R Y
JUAU 1 JN1!. t ^ u u M n i u
C O M P A N IE S — D E C E M B E R 31 1921.

G
ross
G Reg­
ross
G R
ross eg­
istered
No. of istercd Tons D. IF. T. No. of Registered No. of
Tons. Lighters.
Tons.
Ships. Pass. Ships Fgt. Ships. Tugs.
35.188
18,790
40,003

A , G . W . I . S . S . L in es--------------- -------------------------------------- --------------------- 12
C lyde S. 8 . C o ............ ........................ ..................................... - ............................... ...........?3
O la. O u b an a dc N av eg acio n ---------------------------------------------------------------------- - N . Y . & P o rto R ico 8 . S. C o . . .............. ............. ......................................................... -14
S outhern S. S. O o ------------------------------------------------------------------------------------- •>
Jacksonv ille L ig h terag e C o ---------- -----------------------------------------------------------------T h e T a m p a T ow ing & L ighterage C o ......................... .......................................................
San A ntonio C o -------------------------------------------------------------------------------------------T h e S an tiag o T e rm in al C o ---------------------- --------------------------------------------------_-

147,400
30,760
•11,445
53,090

18'66(5

36", 050

*2
2
6
1

M A R IN E E Q U IP M E N T O W N E D A N D O P E R A T E D B Y A T L A N T IC
G U L F A N D W E S T IN D IE S S T E A M S H IP L IN E S A N D
S U B S ID IA R Y C O M P A N IE S — D E C E M B E R 31 1921.
•
Atlantic, Gulf and W Indies Steamship IA
est
nes.
Vessel—
D. IF. 2
Vessel.—
D . IF T
„
__
T a n k e r.
____ _ T a n k e rs
A gw ipond-.................
12,600
A gw ibay----------------------------12,600
Agwisoa___________________ 12.600
A g w lh a v r c _______________ 12 ,5 0 6
A gw ism lth------------------------- 14-800
A gw ilako----------------12,600
A gw istone------------------------- 14,800
Ag wi m a rs-------------------------- 10,600
A gw isun------------10,600
A gw im ox__________________ 12,500
Agwi world----------- --------— 10,606
A gw im oon_________________10,600

Clyde Steamship Com
pany.

P a s s e n g e r V e s s e ls—
G . II. T .
A lgonqu in-------------------2,382
A p a ch e ____________________ - 4,145
A rapaho o .......................................... 4,145
O herokoo------------------------------- 2,556
O om ancho..............
3,856
H u ro n ------------------------------------3.318
Iro q u o is-------------------------------- 3.601
L cnapo _______________________ 5 ,1 /9
M o h aw k ------- --------4,623
C ity of Jack so n v ille-------------459
O scoola.......... .................................
474

F re ig h t V essels —

D.

IF.

M
allory Steamship Com
pany
C o m a l________________________2.934
C o n ch o ..... ........................................ 3.724
H enry R . M a llo ry ..........................6,063
San J a c in to -------------------------- 6,069

A g w id a le ----- -------------------------- 7,410

A lam o................................................ 2,885
L a m p a s a s ............................
2,885
M e d i n a . . - ........................
7,000
N u e c e s ..............
3,290
O c m u lg e o ------------------------------- 3,540
O s s a b a w ---------------------------------3,540
R io G ra n d o ..........- ............... ...... 2,530
S a b i n e ------------------3.280
San M arco s------------------------ 2,865
2,220
S a n t i a g o - ..................................

A g w i s t a r ---------------------A n t i l l a ........................ —
B a y a m o .......................
Oa m aguey.
------------7,582 C a u t o __________________
7.582 G u a n t a n a m o ______ __
M a n z a n i l l o ____________

T___ 4,764
K sp o ran za—
.................... .......... ............... d 7 2 9
M o r r o C a s t l e . ____ ________ 6,004
___

"16
1
___
5

2,471
125

20

148

34,274

—

1,701

.

500

D redges 1

N e w Y o r k a n d P o rto R ic o S te a m s h ip C o m p a n y .

C oam o...............
4,384
Ponco________
3,506
San Ju an _____________________ 3,511
San Lorenzo_________________ 6,605

Carib-----------3,000
C hoctaw -----------3,000
Corozal_______________________ 4,700
Isabela______________
4,700
3,666
M anta__________
M ariana______________________4,700
M ontoso______________
4,700
Ozama............................
3,000
Sioux_________
3,000
iSanturce___________________ 2,250

S o u th e rn S te a m s h ip C o m p a n y .

"27500
(Algiers.................................
G. H. Flagg__________________ 3,800

IShawmut___________________ 1.912
SE R V IC E S—D E C E M B E R 31 1921.
C ly d e S te a m s h ip C o m p a n y .

Boston-Charleston-Jacksonville (Freight)
Now York-Wilmington-Brunswick (Freight)
N ew York-Oharleston-Jacksonville (Freight and Passengers,
Now Y
rork-Santo Domingo (Freight and Passengors)
N ew York-IIaltlan (Freight)
Now York-Virgin-Windward-Leeward Islands (Freight)
N ew York-Guianas (Freight)
Jackson villo-Sanford-St. John River (Freight and Passengers)
N ew York-Baltimore (Freight)

•

M a llo r y S te a m s h ip C o m p a n y .

N ew York-Tampa-Mobilo (Freight)
N ew York-Koy w est-G alveston (Freight and Passengers)
N e w Y o r k a n d C u b a M a il S te a m s h ip C o m p a n y .

New York-Nassau (Freight and Passengers)

N ew Y'ork-Havana (Freight and Passongers)
N ew York-CIenfuegos-Guantanamo-Manzanlllo-Santiago do Cuba
(Freight)
Now York-Havana-Progreso-Vera Cruz-Tampico (Freight and Passengers)
Now York-Havana-Progreso-Vera C ruz-Tam picoPuorto M exico (Freight)
N ew Orleans-Havana, Caibarien-Cardenas-M atanzas-Sagua-NuevitasAntllla, etc. (Freight)
N ew Orleans-IIavana-Cienfucgos-Manzanillo-Guantanamo-Santlago de
Cuba, otc. Freight)
Now Orleans-Tampico-Vera Cruz-Progreso-Tuxpam-Puerto M exico,
otc. (Froight)
N o te Y o r k a n d P o rto R ic o S te a m s h ip C o m p a n y .

P a n u c o ........ ............... .............
4 976
S an tiag o ---------------------------------5i370

Yuinuri----------------------------

"U 3
.

15

T.

A lta m a h a __________________ 3,540
C h ep p ew a.........................................3.100
D olaw aro_____________________ 1,800
In c a ------------------ ------ ----------- 2,065
K io w a --............- ...................... - 2,990
IC atahdin.......................................... 3.100
M o h ican ------------2,570
N e w Y o rk ----------------------------- 2.766
N orfolk...................
2.515
P a w n e e -------------------------------- 1.800
P h i la d e l p h ia ---------------------- . . 2,515
Y a q u e -------------2,665

11,225
8,375
6,731
4,847

"l

85
111,987
316,957
M IS C E L L A N E O U S E Q U IP M E N T .
L aunches & M o to r B o ats 9
C oal H olsters 3
B arges 1

"36
24
33
33

'3

8,212

"185
186
1,061
136

2,800

Now York-Porto Rico (Freight and Passengers)
Now Orleans-Porto Rico (Freight)

'

S o u th e rn S te a m s h ip C o m p a n y .

Philadelphia-IIouston (Freight)

THE MIDWEST REFINING COMPANY
E IG H T H A N N U A L R EPO R T FO R T H E Y E A R E N D IN G
T H E M ID W E S T R E F IN IN G C O M PAN Y
Incorporated Under the Laws of M aine
C apital Stock authorized----- ------ ---------------- §50,000,000 00
C apital Stock issued and outstanding--------- 31,204,050 00
P
Shares Par Value §50 Each
TRA NSFER AGENT
The N ew York Trust Company
N ew York
R E G IST R A R o f s t o c k
T he Equitable Trust Com pany of N ew York
N ew York
General Offices
F IR ST N A T IO N A L B A N K B U IL D IN G
D E N V E R , COLORADO
Refineries
C A SPE R , W Y OM ING
G R E Y B U L L , W Y O M IN G
LAR AM IE, V A O M IN G
D e n v e r , C o lo r a d o , M a y 1 1922.
T o th e S to c k h o ld e r s :
.
. .
„ , •
The financial and industrial difficulties of the year 1921
had a considerable effect upon our operations, but the
program for enlargement and im provement of our refining
faoilitios was carried through. T he refineries at Casper,
Groybull and Laramie are now equipped to handle that
am ount of crude which experience has shown m ay profitably
bo refined in W yom ing and the operation of those plants
is now showing the beneficial effect of the additional technical
skill and practical experience which have recently been
made available to them .
The probloms of the Company were made more difficult
in 1921 by the inorease in production of the Salt Creek field
to a point far beyond the capacity of the refineries and even
further in oxcoss of the markets for the refined products.
The Company extendod its storage facilities, but even, then
was able to purchase only a part of the developed production
of the field and was forced to pro-rate purchases from the
producers and to appeal to them to confine their drilling
of new wells to necessary offsets. This policy m et w ith the
approval of tho producers and of the representatives of tho




D E C E M B E R 31

1921.

State and the U nited States Bureau of M inos, and it is
felt that tho disposition thus shown by the operators w ill so
protect the Salt Creek field from over-drilling th at tho field
will probably yield a larger percentage of its oil content
than any other field in the country.
There is subm itted herewith the balance sheet as of
Docember 31 1921. D ividends were paid during the year
to the amount of $4,308,567 00, the regular quarterly
dividend of $1 00 per share having been paid during the
ontire year w ith an extra dividend of $1 00 per sharo in
each of the first three quarters.
R espectfully,
.
H . M . B L A C K M E R , P r e s id e n t.
B A LA NC E S H E E T T H E M ID W E S T R E F IN IN G
C O M PA N Y D E C E M B E R 31 1921.

Current Assets—
C a s h ........................................... .. *631,638 39
N otes R eceivable_____________1,512,58169
A ccounts R eceivable________ 8,554,387 76
R efined P roducts on h a n d .. 4,447,243 53
C rude Oil on h a n d ................... 1,373,248 29
M ate rial and Supplies______ 4.055,262 43
Current Liabilities—
N o te s P a y a b le ____________
A ccounts P a y a b le . ..............
D eferred C h arg es------------Perm
anent Assets—
O il I, a n d ,
Leases and
C o n tra c ts $25,341,755 6 8
Less: R eserve
for D eple­
tio n ............ 13,869,613 51
Field a nd R e­
finery C on­
s tr u c tio n .$42,027,565 13
Loss: Rescrvo
for D epre­
c ia tio n ___ 11.425,863 06
In v e stm e n ts in o th e r
C o m p a n ie s_____________
M iscellaneous Securities—

Capital and Surplus—
C a p ital S to c k ___________
R eserve for T axes Accrued.
Surplus .................. — ...........

Assets.

Liabilities.

*20,574,362 09
284,388 96

$3,100,000 00
4,290,004 84

$11,472,142 17

30,601.702 07
8,229,957 12
8,636 25

50,312,437 61
________________ 31.204,050 00
$71,171,188 6 6 $38,594,054 84
421.476 30
________________ 32J 1551657_52
$71,171.188 6 6 $71,171,188 6 6

3140

THE CHRONICLE

[V ol. 114.

HAVANA ELECTRIC RAILWAY LIGHT & POWER COMPANY
T E N T H A N N U A L R EPO R T OF T H E D IR E C T O R S FOR T H E Y E A R E N D F D DT’PPM R P P qi 10oi wvt>
M ISSIO N A T T H E A N N U A L M E E T IN G OF T H E ST O C K H O L D E R S C A L L FOR M A Y 18 1 9 2 2 °R SU B E D
—
Ypur D ireelors beg to subm it their T enth Annual R eport.
Lhe Gross Earnings for the past fivo years were as follows:

T o th e S to c k h o ld e rs :

1917.
•SO.989,599 33

1918.
i, 176,544 76

1919.
$9,397,452 46

~

1920
$11,477,937 27

condensed statem ent of the results of the operations during the sam e fivo years is:
1917.
Gross Earnings________________________________
Operating Expenses and T axes................................................................ 3,385,469 83

1918.
1919.
nonson
$8,176,544 76
$9,397,452 46
4,376,655 65
4,979,685 22
11
$4,417,767 24
M l ^ t o n w l w m&TOmV
* 3 ’ l49*754 70 $3,799,889 91
140,894
64,538 26
$3,940,784 02
$4,482,305 50
989,138 16
_ 979,710 79
_
N et Profits from Operation and M iscellaneous Incomo____$2,615,260 90
$2,951,645 86
$3,502,594 71
° f tho N e t Profits from Operation and M iscellaneous Incomo for the year under review in m n lJ
there has been set aside as Reserve for Depreciation and Contingencies y
review, nam ely
leaving a Balance o f_________________________________
The Balance at Credit o f Profit and Loss Account January 1 T 92T was
T o t a l.............. ............................................ .
..............
............

1921.
$12,882,652 56
4920.
$11,477,937 27
6,448,451 78
$5,029,485 49
47,783 85
$5,077,269 34
968,759 31
$4,108,510 03

1921.
$12,882,652 56
__ 7,376,343 65
$5^506,308 91
122,766 56
$5,629,075 47
1,009,011 33
$4,620,064 14
$4,620,064 14
1,923.878 76
$2,696,185 38
3,629,898 76
$6,326,084 14

And the following disposition was made thereof:
M iscellaneous accounts written off, n et.
Amortization of Discount and Expenses on Funded" Debt,
Provision for Sinking Fund in respect to English Bonds of'Compauia" d e G a s v"FleetHeOiVu h 7.7" V ............ ■
V
t
Provision for Sinking Fund in respect to the Consolidated M ortgage B onds'of th aH av-m i? W?J£r£?aw aM ' " ' 7 7 ' ...................
a
Provision for Sinking Fund in respect to the General M ortgage B o n d s o fH a v a n a E le c tr ic R a il wav
p ompa^ y - ‘ '
Com pany____
BaTince ca^ ied forwTrd t o * 1 9 2 2 . ™ . ° ? . * * ! ! ^
a n d 6 %
o n t h o C om m onm
o
c
k
)
. . ° Wer ° 0n‘P;!
P
T otal

$97,446 21
36,229 70
14,983 34
125,861 83
114,943 76
2,155,579 38
3,781.039 92
$6,326,084 14

The following is a summary of the operation of tho various Departm ents during the year 1921:
G ross
E a r n in g s
D e p a r tm e n ts —

Electric R ailw ay................... ..........................................
Electric Light and P o w e r .................................... " "

o iS „ „
S5 9T1 flm'vn

" i : : : : : : : ........

5 034 466 94

O m n i b u s ......................................................................................................... - ----------------------

1 ’8 2 8 ’ 3 5 5 5 2
.
,

$12,882,652 56

O p e r a tin g E x p e n s e s
a n d T axes
(n o t in c lu d in g
F ir s t C h a r g e s ).

$4,350,231
1,673,462
1,327,440
25,209

25
34
51
55

$7,376,343 65

P er
C ent
o f G ross
E a r n in g s .

N et
E a r n in g s
fro m
O p e r a tio n .

72.58
33.24
72.60
96.15

$1,643,379
3,361,004
500,915
1,009

57.26

$5,506,308 91

45
60
01
85

P er
C en t
o f G ro ss
E a r n in g s .

27.42
66.76
27.40
3.85

42.74

It is a source of gratification to your Directors to be able
The Ilinm an drum type station meter referred to as con­
to submit such an excellent statement, because the results tracted for in the report for 1920 was erected and went into
have been obtained during a year which followed the col­ service. The total station meter capacity is now 6,000,000 cu­
lapse of the sugar boom in 1920 and.the suspension of a num­ bic feet per day at normal rating. A comprehensive scheme
ber of banks in this city, which brought about general ad­ for enlarging the gas manufacturing capacity was adopted
verse business conditions and compelled industrial concerns and a considerable proportion thereof was carried out. A
to reduce their scale of operation or shut down altogether contract was made witli the Western Gas Construction Com­
During the period covered by this report the physical condi­ pany for a new W ater Gas set, which w ill be ready for oper­
tion of your property was greatly improved, and your atten­ ation in April 1922.
tion is invited to the accompanying report [pamphlet report]
New gas washing and cooling equipment was also con­
of the General Manager, setting forth in fu ll the operations tracted for and one of the gas holders reconstructed.
of your Company, with a description of the most important
The large amount of construction and repair work done
events and undertakings of the year, in order to enable you duiing the year is set forth in great detail in the accompying
to fu lly appreciate the value of your property.
report, and your perusal is recommended in order that you
Your Board of Directors authorized the issue of and sale may appreciate that everything possible is being done to into Messrs. Speyer & Co. of $1,500,000 Five-year Seven Per cicase tlie illum inating and heating values of Havana gas up
Cent Convertible Gold Notes due Sept. 1 1920, secured by the to the quality and standard furnished to the large commu­
deposit with the Trustee of $3,000,000, principal amount of nities in the United States, which it is expected w ill result
Havana Electric Railway, Light & Power Company General in more general use of gas.
Mortgage Five Per Cent Gold Bonds, dated Sept. 1 1914 and
The new reinforced concrete wharf along the harbor front
due Sept. 1 1954. This sale facilitated the continuation of is being constructed, and on Dec. 31 1921 w as about 90%
your construction work then in progress, avoided an in­ completed. By the construction of this wharf your Company
crease of tlie existing large number of unemployed men in has gained about four and one-half acres of land in front of
this city, and was of great benefit to your Company. The the old shore line, previously covered by shallow water, of
total expenditure for construction account during the year which about two and one-half acres have been filled to wharf
was $2,800,253 77.
level and the rest partly filled. The cost of construction and
The Gross Earnings from operation were 12.24% greater equipping the wharf, filling of swamp lai l, etc., is well com­
. than in 1920 and the total operating expenses were 12.25% pensated by the gain in real estate value.
greater.
The Commercial Department also suffered from depressed
The Net Earnings were 12.22% greater, and after-deduct­ business conditions, and the total number of appliances sold
ing taxes paid to the United States and Cuban Governments and installed during 1921 was less than in any other year
the gain over 1920 was 9.48%.
since the department was established in 1914. The total
The Gross Receipts from all sources were $13,005,419 12 amount of appliances sold during 1921 was $114 690 58
and the total deductions for operation, maintenance and ac­ against $164,208 39 during 1920.
, o 08,
crued taxes were $7,376,343 65.
The R ailw ay Department enjoyed a considerable increase
The Electric Light and Power Department m aintained its ot business. The total number of passengers carried shows
leading position and contributed 61.2% of the total net rev­ an m ciease of 19.8% over 1920, and the passenger earnings
enue of your Company, compared with 57.6% in 19*>0
show the same percentage of increase. The passenger car
The public lighting throughout the City of Havana was m iles show an increase of 28.9% and passenger earnings per
u L r ? pr0ved clurin£ the year by substituting powerful cat inde a decrease of 7%. Fifty-three new cars were delivhigh efficiency incandescent lamps for the 88 arc lamps re­ oiod to the Transportation Department. There was adopted
ported in 1920, 77 additional lamps of the same type and 18 during the year a ear of a new model which it is expected
sm aller lights being added to the service.
u ill prove much more economical to build and maintain. A
The total public lighting now consists of 1,923 high e ffi­ full description of this car as to construction, etc., w ill be
ciency incandescent lamps of 600 to 1,000 candle power and found in the accompanying [pam phlet] report under the sec­
669 incandescents of from 60 to 100 candle power.
tion entitled “Rolling Stock and Shops.”
„
G“ s Department
slightly in relative importance,
lo u r Power Plant has continued to operate reliably and
contributing 9.1 ^ ot the Net Earnings against 12.2% in 1920 economically. The equipment for burning Mexican crude
It is expected, however, that when the extrem ely excessive petroleum in eight previously unused boilers, referred to In
charges made by the Government for pavement repairs are tlie report for 1920, was completed and the first shipment of
induced, new installations w ill be ordered and the growth of oil was received Nov. 24 1921. The results obtained from
the Gas Department w ill be resumed. In this Department the burning oil instead of coal in your plant will be set forth in
J 1° s s ^arm ngs ($1,828,355 52) appear to have been more the report of operation covering the year 1922.
a
affected by the adverse business conditions than in the two
All the parts of the first 25,000 k.w. Turbine Generator
other departments of your Company’s business, and it was set (except tlie rotating field) have been received at the
not possible to institute compensating economies to the same Power Plant and the generator is expected to be ready for
degree as in the others.
service in April or May 1922. The total net output of k.w.h.




2141

THE CHRONICLE

May 13 1922.]

during the year w as 85,185,097, an increase of 10.95% over
1920 and 101.9% more than in 1915; but as the quality of
coal received during the year was not very satisfactory,. al­
though the best obtainable, the coal consumed, 8-,801 g loss
tons, shows an increase of 12.05%. The coal consumed pei
k.w.h. w as 2.178 pounds during 1921, as compared w ith 2.1o6
pounds during 1920.
, .
..
The average number of employees during the je a i was
4 343, and the management reports the unrest among wageearners referred to in the report of 1920 as having disap­
peared, and throughout the year complete absence of labor
The customs duties paid on imports into Cuba during 1921
were $352,549 01, against $172,67511 during 1920, and other
Cuban taxes paid were $301,898 57, compared with- $136,­
962 28 during 1920. The United S tates taxes paid during
1921 were $269,099 05, and during 1920 $219,361 49.
On May 19 1921 the Board of Directors elected Mr. Juan
Arguelles a Director, to servo until the tlin d lh u isd a y in
May 1923 and to fill the vacancy caused by the death of Don

Emctcrio Zorilla, and on Nov. 17 1921 Mr. Richard Schuster
w as elected a Director to serve until the third Thursday in
May 1924 and to fill the vacancy caused by the resignation
of Mr. Jesse Hirsclnnan on Nov. 17 1921. Mr. Richard Schus­
ter was also elected a member of the E xecutive Committee in
his place.
, .
.
Your thanks and appreciation for most efficien t services
rendered are due to Mr. Hirschman, whose thorough know l­
edge of and faith fu l devotion to the a ffa irs of your Com­
pany, as w ell as his genial personality, have made him a most
valuable member of your Board.
The accounts of your Company, as in former years, are
audited monthly by Messrs. Deloitte, Plender, G riffiths &
Co., and accompanying this report will be found the Balance
Sheet and P rofit and Loss Account as of Dec. 31 1921.
The thanks of the shareholders are due to the employees
for their faith fu l and efficien t services to the Company.
For the Board of Directors,
.
F. STEINHART, P r e s i d e n t .
H a v a n a , C u b a , A p r i l 1 1922.

i,'r 1,’ n'rTJTP RAILW AY. LIG H T & POW ER C O M PA N Y .
( I n c o r p o r a ^ u n d o r t o e o f N ew Jersey, U .S .A .)
A SSE T S.

Properties, P lant and Equipm ent, as ppr. ro 2 qe 279 41
Balanco Sheet December 31 1920.................o»,235,27.1 u
'
'___ $(}i 035 533 18
N ot Additions during Y ear................................~
,
.
.
386,523 38
Investm ents (At C o st)--------------------------------------- .................
Currentin B anks and on H and— — — . ............$l,24o,u.tt /a
o 4 r. 007 74
Cash Assets:
Accounts and N otes R eceivable after pro.. . ,.
viding for Bad and Doubtful D e b t s . . . . 2,330,814 17
M aterials, M erchandise and Supplies on
43
11 ‘______

M aterials'in T ransit...........................................

6,023,345 00

“ l ^ n S f W i n S v a n g j . D efem riC h a rg cs. Me............
127.314 76
Capital Stock of H avana Electric Railw ay,
» 1 7 fi7 7 00
Light & Power C om pany. . . . — - - - - - - - - 5 U ’° " uu
Held in Reservo in respect o f the following.
Capital Stock of Havana Electric
Railway Company outstanding:
To lie exchanged for Capital
Stock of the Havana Elec—
trie R y ., Light & Power C o.$14,97.) 00
Capital Stock of Compania de
Gas y Eloctricidad do la Ilabana outstanding:
To l)o exchanged for Capital
Stock of the Havana Elec.
077 qq
trie R y ., Light & Powor C o . 2,702 O ____ u _ , o i / uu
U
$67,572,716 32

L IA B IL IT IE S .
C a p i ta l S to c k :

General M ortgage 5% Sinking Fund Gold Bonds
of Havana Electric R ailw ay, Light & Power
Com pany, dated September 1 1914, duoco . Q7 nnn ««
September 1 1954.................................................... $9,197,000 00
L ess—
,
D eposited w ith Trustee under
Sinking F und---------------------- $197,000 00
D eposited w ith Cuban Govern­
m e n t ..............................................
52,000 00
D eposited with Trustee as secur­
ity for Five-Year 7% Secured
Con vertibleGolclNotes,dated
Septem ber 1*1921, due Sep- n n n n n n n n
1 ^ Treasury— . — I — — — —— — 103,000 00 3,352,000 00 5,8 4 5 .0 0 0 0 0
Five-Year 7% Secured Convert­
ible Gold N otes, dated Septem ­
ber 1 1921, due September l 1 9 2 6 ........................ - - -

2\ W o O dS h a re s 6 % C u m u S X iS » S m o 08 £ S 2 1 .000.000 00
2
150,000 Shares C o m m o n
- - - - - - - - -

SC H E D U L E OF F U N D E D D E B T D E C E M B E R 31 1921.
Consolidated M ortgage 5% Gold Bonds of
H avana Electric Railway Company, dated
February 1 1902, due February 1 1952---------r li no
L ess
In T reasu ry.
------- ------------------------570-541^ S8,069,570 00
6 % General Consolidated Obligations of Com­
pania do Gas y Eloctricidad de< la Ilabana,
c ion no
called for redem ption on June 15 1917----- ---------------------6,100 O
O
Fifty-Y ear 6 % M ortgage Bonds of Compania
de Gas y Eloctricidad de la Ilabana, dated
1904, (luqj .954 ....................... - ................................. $3,998,000 00
L e s s — In Treasury.
3,997,904 00
Thirty-sevcn-Y ear English 5%
Sinking Fund M ortgage Bonds
of Compania de Gas y Electrici„ onn n ,
^aJo ’?aa ^9
dad do la Ilabana, 1906---------Less— In T reasury____________
( £1.900) ____9 .1 8 3 3 2
544,716 72
(£112,700)

CONDENSED ^ O F I^ A N D ^ L O S ^ A C C O U N T

1 5 ,0 0 0 .0 0 0 0 0

$.36,000,000 00

. . 1.500,000 00
$19,963,290 72
FOR T H E Y E A R

Railway
Light & Power
rtenartment. Department.

lotai.

Operating"ExpensesP—^ —— —^4!222.958 16 $2.600.902 8 5 *
V

o 8
o7e“

S

. r . ^

“W s .7 o « o o

$100 00 e a c h .............................
C ™ im m b S :
c

2230 0
223 00

D educt—

$20,978,477 00

*

r/\q

M 8

:::::::::::

'- '- " “ ti s .o o o .o o o no

«

$727,346 61

626M oo
$100 00 e a c h ----------------------

0 2 ,0 a* uu

$57,000 00
- « 6 66
» ;----------____
*434,147 36

D e f e r r e d L ia b ilitie s C o M u m e ^ a n d o t h e r D e p o s i t s , e t c . . .
R e s e r v e f o r T a x e s ( E s t i m a t e d ) ...................... - ............... .......................

R o so rv o fo r C o n tin g e n c ie s ................................................. - ................

3 0 0 ,0 0 0 00

lE B S »

&

&

$834,147 36 $1,561,493 97

roodm m

C p r o m t ?uulUV d s s : A c c o u n t - C r e d i t B a l a n c e
n S n o r S t a t e m e n t h e r e w i t h - - - - - ..............
$ o , 7 8 1 ,0 3 9 9 2

:

:

:

S612.557 81 $1,960,861 01 S2,573,418 82
Add M iscellaneous Income—
Interest on D eposits-----------------------------------------------------Incomo from Securities--------------------------------------------------R ents--------------------------------------------------------------------------Other M iscellaneous Incom e------------------- -------------—

F u n d e d D e b t r e t ir e d th r o u g h In c o m e a n d

SVl 224
fi’309
40 432
39,790
$122,766

42

98
11
05
56

$2,696,185 38

Mortgage 5%

D educt—

G o ld B o n d s o f H a v a n a
E le c tric R a ilw a y C o . . — —$821,000 00
T h i r t y - s e v e n - Y o a r E n g lis h
5 % S in k in g F u n d M o r t­
gage B onds of C om pan a

.

^

...

,, „—

M is c e ll a n e o u s A c c o u n t s w r i t t e n o f f , n e t —
A m o r tiz a tio n o f D is c o u n t a n d E x p e n s e s o n
F u n d e d D e b t -------------------

Provision for Sinking Fund of English 5%
Mortgago Bonds of Compania de Gas y
Eloctricidad do la Ilabana — ----- - - - - - ­
Provision for Sinking Fund of Consolidated
M ortgage 5% Gold Bonds of Havana

f
c
' 1 - —
■ - 171 .0 0 9 00
G e n e r a l M o rtg a g e 5 % S in k in,/ F u n d G o ld B o n d s o f

Power C o m p a n y . 197,000 00

"«38B

S456.967 52 $1,466,911 24 $1,923.878 76

6 4 3 :3 0 9 2 6

L ig K

$108,509 60
‘ o . 8o o go
« 40,600 00
3,373 04
1,009,011 33

51,069.525 33 $3,427,772 25 $4,497,297 58

14,947,346 00

—— — — -— -$ 3 5 ,9 2 5 ,8 2 3 00
—
F u n d e d D e b t, a s p e r S ch ed u lo a t ta c h e d h e r e t o ........................... 1 9 ,9 6 3 ,2 9 0 72
C u r r e n t L ia b ilitie s .
« r 47 t 1 r. on
D lv id c n d s am i1 I n t V r ^ t d u e b u t T . n p a i d - :
" l O ^ l S 60
A c c ru e d I n te r e s t o n B o n d s ................................
3 2 0 ,0 5 3 8 <
9gQ 6g3 4f)

C o n s o lid a te d

,’861 01

$1,796,871 94 $4,261,919 61 $6,058,791 55

E l e c t r i c R a i lw a y C o m p a n y ...........- - - - - -

Provision for Sinking FundofGeneral M ort­
gage 5% Sinking Fund Gold Bonds of
Havana Electric lty ., Light & Power C o .

1,189,099 96

$97,446 21
36.229 70
14,983 34
l-o .S D t

114,943 76

389,464 84

S in k in g F u n d R eserv es:
B a l a n c e a t Credit o f P r o f it

g f c t l c K .ll» .y p o » 1 3 4 .!3 6 00
G e n e ra l M o rtg a g o 5 % S in k ­
in g F u n d G oW B o n d s o f
L ig h t" * Powor C o m p a n y .

7 0 ,3 4 4 8 0

3 ,6 2 9 ,8 9 8 7 6

$5,936,619 30
2 0 4 ,4 8 0 80

5 ,1 7 4 ,6 2 0 68

$67,572,716 32
. 1,4 cite IN HART, P r e s i d e n t .
W h a v o verified the al>ovo Balanco Shoot as a t December 31 1921 and
fhe accompanying Profit and Loss Account for the year ended at that
date w h h the books of the Company, and subject to the sufficiency of the
TO^nVvo tor D em ed a tio n . wo certify th a t, in our opinion, they correctly
Sdfforth respectively the financial position o f tho Company as at Deccmic m iS id the results of the Operations for the Year,
b e r .ll 1921
(A V t k p l E N D E R , G R IFFIT H S & C O., A u d i t o r s .
Edificio de ia Lonja 511-14. H avana, Cuba, March 16 1922.




L o s s A c r o u n t J a n u a r 'y 1 19 2 1

D iv id e n d s P a id —
O n P re fe rre d S to c k :

M ay 16 1921 on
$20,978,477 00 at 3 % .— $629,354 31
N $20/J 78/177°00 at 3 % -- -

629,354 31 $1,258,708 62

On Common Stock:
M $ h ! 947\846°00 at 3% —

$448,435 38

N $14/J47?846°00 a t 3% - - -

448,435 38

896,870 76

2,155,579 38

Balanco carried to Balance Sh eet.......................................$3,781,039 92

2143

THE

C H R O N IC L E

[V ol. 114.

THE NEW YORK CHICAGO AND ST. LOUIS RAILROAD COMPANY
TH IRTY-FIFTH ANNUAL REPORT

j0

O ^ B B C T O B f r - P O R THE YEAR E N D E D

tail road Administration for all claims and accounts arising
out ot tho period of Federal control. In accordance with
SUbmitS its
for the requirements of the Inter-State Commorco Commission,
the accounting for that settlement was accomplished dur­
'~ , . m
o o o . o o 0 00
ing the year 1921. As a result of the settlement, the inof ,th° company applicable to tho yoars 1918, 1919,
---------------- S S M i o o c S
1J2U and 1921 has been finally determined, and a state­
j5
retirernf'nt of Equipment Trust Cert i i i c i v c t s o t 1 9 1 6 -------------------< 1n n n n n n
m
ment of tho income actually applicable to tho years men­
^ / e t i r e m e n t o f E n g in e T r u s t 'C e f t i f i ’
00
tioned is set forth below.
C«ICLS O l i y i O ------------------Of) r*r»n nn
B y .& e re tire m e n t 0f E q u ip m e n t T r u s t C e rrp}10
financial and statistical statements are appended.
t i t i c a t e s o f l 9 1 7 _ _______ _
_ _
1
non nn
. Hoard takes pleasure in acknowledging the fidelity,
B y t h e r e t i r e m e n t o f F i r s t M o r t g a g c 'B o n d s I 1 1 5 , 0 0 0 0 0 —
3 9 0 ,0 0 0 0 0
efficiency and united efforts displayed by your officers and
1* u n c l e d d e b t o u t s t a n d i n g a s o f D e c . 3 1 1 9 2 1 ............... _ ..............— $ 3 6 7 9 3 0 ! 0 0 0 0 0
employees in the discharge of their duties during the year.
finol°ll H H ^ adiV ed, i1 my lofctor of September 8 1921 that
1f
a
Por the Board of Directors,
ima! settlement had been effected with the United States
J. J. BER N ET, President.
N ew

C k ica « °

*

*■

* * *

CONDENSED GENERAL BALANCE SHEET DEC. 31 1921.
Investments—

ASSETS.

I n v e s t m e n t in r o a d a n d e q u i p m e n t :

E q u i p m e n t 1 1 1 7 1 1 1 1 1 1 I I 1 1 $ 1 7 ; 9 2 i ! 1 4 8 12
G e n e r a l e x p e n d i t u r e s ________
8 1 , 1 3 3 39

f e r p S a : : : : : : ; ; : : : ; : ; : ; : ; : ; ; : ;

I m p r o v e m e n ts o n le a s e d r a ilw a y p r o p e r ty
^ ^
o f
7U11d f o r Equipment Trust C e r t i f i c a t e s

8 191
1

D e p o s its in lie u o f m o r tg a g e d p r o p e r t y s o ld
M is c e lla n e o u s p h y s ic a l p r o p e r t y . .
I n v e s t m e n t s i n a f f i l i a t e d c o m p a n i e s : ................* '

4 554 4 7
900 q o o m
68

Long Term Debt

554 i n o 000 Of)

gou bond!1 f 1 9? 6 ds................... : : : : : : : “ i q 0o 0 o0 0 0 0
K 0 o 0 88
o o iu D onas M
o
0 ____________________
S e c o n d a “ d * W r o v e m e n 6 m o r t g a g e 'b o n d s r !
4 .-9 5 6 , 0 0 0 0 0
S e c o n d a n d im p ro v e m e n t m o rtg a g e b o n d s
n o m i n a l l y i s s u e d --------------------------------------------

^ gQ0

Current Assets—
Cash

1 4 ,0 0 0 ,0 0 0 0 0
- $ 3 0 ,0 0 0 ,0 0 0 0 0

F u n d e d d e b t u n m a tu re d :
E q u i p m e n t o b l i g a t i o n s _____________

1 . 5 0 5 , 4 0 0 00

_

88

C o m m o n ........................................................................... _ _ _

7 1 0 ’5 2 l ' 6 f>
1 60

Other Investments:
M iscellaneous____________________

LIABILITIES.

Stock—
C a p ita l S to c k :

(

.

1 , 0 3 6 , 0 0 0 00
•
---------------------------- 3 7 , 9 6 6 , 0 0 0 0 0

- $ 7 6 ,6 0 5 8 0 1 31

Current U a b i U U e ^ - ......................................... ............................................. $ 0 7 , 9 6 0 , 0 0 0

L o a n s a n d b ills r e c e i v a b l e .
........................
T r a f f ic a n d c a r s e rv ic e b a la n c e s r e c e i v a b l e " ! ’ “
!N e t b a l a n c e r e c e i v a b l e f r o m a g e n t s a n d c o n ­
d u c to rs

i,e H 4 ,1 0 5 U 0
1 ,2 2 .5 5 9
1 ,0 6 7 ,9 1 8 8 2

Iudfitecf-nc ■ service’balaAAe’s payable!! ! ! I
.Cal’
M p S i ‘co T l P : i r » c y“bto: : : : Y c
Interest matured unpaid________________ _

I n t e r e s t a n d d i v i d e n d s r e c e T v ' a b ' l e ! ! ! ! '~ .............
O t h e r c u r r e n t a s s e t s __________

“

2l l1i4 c,:n0l2 AA
l ?
?
a 6 o 00

D i v i d e n d s m a t u r e d u n p a i d ___________________ ! _
U n m a t u r c d i n t e r e s t a c c r u o d ______
O t h e r c u r r e n t l i a b i l i t i e s ........................— ! ! ! ! ! ! ! !

1 , 2 8 9 86
8 ,8 4 7 ,4 3 4 31

Deferred Assets—
W o rk in g fu n d a d v a n c e s
In s u ra n c e a n d o th e r fu n d s .
O t h e r d e f e r r e d a s s e t s _______

8 7 , 3 1 9 11
1 0 .2 8 7 5 0
6 ,1 9 8 0 0
2 3 ,8 0 4 61

Unadjusted Debits—
D i s c o u n t o n f u n d e d d e b t _____
O th e r u n a d ju s te d d e b its
.............
S e c u ritie s is s u e d o r a s s u m e d — U n p le d g e d '
C a p ita l s to c k o f T h e N e w Y o rk
8 '
C h ic a g o & S t. L o u is R a ilr o a d
C o . h e l d In t r e a s u r y __________
§12 700 00
S e c o n d a n d im p ro v e m e n t m o rt'
g a g e b o n d s h e l d i n t r e a s u r y . 1 , 0 3 6 , 0 0 0 00
------------------------

* ^ .ti 9 4,10 00
l a i 1 sA a ov
'

00

919:340 38
U S 5 ,°
33 172 50
3961390 50

330 14 c {57
1 3 8 ,5 9 8 9 9
3 ,2 9 1 ,4 1 0 91

Deferred Liabilities—
O th e r d e fe r r e d lia b ilitie s
Unadjusted Credits—
T a x l i a b i l i t y __________
O p e ra tin g re s e rv e s ... ! ! ! ! ! ! ! ! ! ! : : : : : : : ; : ; ;

nqi n9
* * 1 2 3 3 0 0 00

O t h e r u n a d j u s t e d c r e d i t s _________________________

1 5 9 ,2 4 7 2 5

Accrued depreciation—Equipm ent........... ......

8 2 .0 7 5 69
oqo

3 ,360 173 34

4 ,8 7 6 ,7 1 1 61

Corporate Surplus—
^ i ) ! u s ° n S t0 p r o p e r t y t h r o u g h i n c o m e a n d s u r F u n d e d d e b t r e t i r e d th r o u g h in c o m o a n d s u r p lu s

~
’
^
1 ,5 7 6 ,5 8 8 91

p r o r K d iS r S iS in ^ 1
!”;;:;;:::;;:: * 1 ® * g

1 .0 4 8 ,7 0 0 0 0

1 2 ,1 3 3 .8 5 2 5 7

2 ,8 7 3 ,0 1 0 5 5
. $ 8 8 ,3 5 0 , 0 5 0 7 8

$ 8 8 ,3 5 0 ,0 5 0 7 8

O p e r a tin g In c o m e :

INCOME ACCOUNT.

R a i l w a y o p e r a t i n g r e v e n u e s ......................................................................... $ 2 7 , 0 3 0 6 6 3 4
R a i l w a y o p e r a t i n g e x p e n s e s ................................................................ 2 0 , 6 1 3 , 5 9 3 97
N e t r e v e n u e f r o m r a i l w a y o p e r a t i o n s .......... ...................................

$ 1 , 8 2 0 , 8 6 2 00
3 ,4 9 1 7 5

U n c o l l e c t i b l e r a i l w a y r e v e n u e s _________

$ 1 ,8 2 4 ,3 5 3 7 5
c

o

m

e

. . . ___

^

N o n -o p e ra tin g In c o m e :
R e n t f r o m l o c o m o t i v e s _____________________
R e n t f r o m p a s s e n g e r - t r a i n c a r s ___________________
R e n t f r o m w o r k e q u i p m e n t _______________
J o i n t f a c i l i t y r e n t i n c o m e ______________________ ”
I n c o m e f r o m l e a s e o f r o a d ______________________
M i s c e l l a n e o u s r e n t I n c o m e _____________________
M is c e lla n e o u s n o n - o p e r a tin g p h y s ic a l p r o p e r ty .
I n c o m e fro m u n f u n d e d s e c u r itie s a n d a c c o u n ts
In c o m e fro m s in k in g a n d o th e r r e s e r v e fu n d s
M i s c e l l a n e o u s i n c o m e ____________________________

5 9 2 715 72

$ 5 ,2 6 4 6 9
1 8 ,5 1 6 13
1 2 ,3 0 6 6 7
7 6 ,0 4 2 8 7
3
4 1 2 ,3 9 7 7 4
2 8 ,9 2 0 27
1 9 ,2 3 1 71
13 7 c c q 13
^ 40 s
9^ j
!jg

A
n

..................

T o t a l n o n - o p e r a t i n g I n c o m e ...................................................................... $ 3 , 9 6 2 0 2 9 6 0
G r o s s i n c o m e ________________
D e d u c tio n s fro m G ro s s In c o m o :
H ire o f fre ig h t c a rs
D e b i t b a l a n c e . __. . . _ . . .
_
R e n t f o r l o c o m o t i v e s __________
R e n t fo r p a s s e n g e r-tra in c a rs
R e n t fo r w o rk e q u ip m e n t
J o in t f a c ility r e n t s . . * ! . ! ! ! ! ! !
........................ ..............
R e n t f o r l e a s e d r o a d s _____________
M i s c e l l a n e o u s r e n t s . . _____
M is c e lla n e o u s t a x a c c r u a ls
I n t e r e s t o n f u n d e d d e b t ! ' ! ! ! ! ! ! ................
.............................. —
In te r e s t o n u n fu n d e d d e b t . . .
........................... ...............................
A m o r tiz a tio n o f d is c o u n t o n f u n d e d 'd e b t ! ! ! !
...................
M i s c e l l a n e o u s i n c o m e c h a r g e s ............................................ . . ! ! ! ! ! ! !

$ 8 ,5 5 4 ,7 4 5 3 2
$27 918 99
4 ,1 1 8 3 4
3 7 ,6 1 0 31
o n T 's s ?
2 U J .5 3 4
5 ,4 0 0
8 1 ,9 2 8

1
1

™
79
00
94

r o q ’I o ?

§2
if

b 17

4 3 A 5A T o
2 . 1 9 L 4 9 0 99

T o t a l d e d u c t i o n s f r o m g r o s s I n c o m e .................................................. $ 4 , 2 3 2 , 0 4 0 8 0
N e t In co m e
D is p o s itio n o f N e t In c o m e :
A p p l i e d t o r e t i r e m e n t o f f i r s t m o r t g a g o b o n d s .....................
D i v i d e n d a p p r o p r i a t i o n s o f I n c o m e .......... ....................................." "

$ 4 ,3 2 2 ,7 0 4 5 2
$ 9 8 190 4 0
j , 4 9 9 ,3 6 5 0 0

T o t a l s i n k i n g f u n d a n d d i v i d e n d a p p r o p r i a t i o n s __________ $ 1 , 5 9 7 , 5 5 5 4 0
I n c o m e b a l a n c e t r a n s f e r r e d t o p r o f i t a n d l o s s a c c o u n t _____. . .




(Including Both Corporate and Federal Hems.)

$ 6 ,4 1 7 ,0 6 9 4 7

Railway Operations—

R a i l w a y t a x a c c r u a l s ________________________

R a ilw a y o p e r a tin g i n

COMPARATIVE STATISTICAL INCOME
STATEM ENT.

$ 2 , 7 2 5 , 1 4 9 12

1921.
1920.
Dec. (— ) .
$
$
$
. 2 6 , 9 8 1 . 5 7 5 5 7 2 8 , 6 5 5 , 7 6 4 11 — 1 , 6 7 4 , 1 8 8 5 4
- 2 0 .6 8 1 , 3 6 7 4 6 2 3 , 2 8 7 , 1 8 8 2 9 — 2 , 6 0 5 , 8 2 0 8 3

Net revenue from railwayr
operations____________ ' .

6 , 3 0 0 , 2 0 8 11

5 ,3 6 8 ,5 7 5 8 2

+ 9 3 1 ,6 3 2 2 9

■ ,
( 7 6 .6 5 % )
. 1 .8 4 0 .5 9 2 8 7
U n c o l l e c t i b l e r a i l w a y r e v e n u e si
5 ,7 2 1 6 7

( 8 1 .2 6 % )
1 .6 3 9 .9 7 8 9 3
6 ,6 5 5 7 5

( 4 .6 1 % )
+ 2 0 0 ,6 1 3 94
— 934 08

1 ,8 4 6 ,3 1 4 5 4

1 , 6 4 6 , 0 3 4 68

+ 1 9 9 , 6 7 9 86

4 .4 5 3 ,8 9 3 5 7

3 ,7 2 1 ,9 4 1

14

+ 7 3 1 ,9 5 2 4 3

5 8 ,8 2 7
1 5 ,1 7 0
1 0 ,3 2 1
1 0 0 ,6 0 4
2 1 .7 5 4

62
95
32
81
46

Ratio of expenses to revenues.
Railway tax accruals______

R a ilw a y o p e ra tin g in c o m e . .

Non-operating Income—
R e n t f r o m l o c o m o t i v e s _________
R e n t f r o m p a s s e n g e r - t r a i n c a r s1
R e n t f r o m w o r k e q u i p m e n t ___
J o i n t f a c i l i t y r e n t i n c o m o ______
M i s c e l l a n e o u s r e n t I n c o m e ____
M is c e lla n e o u s n o n - o p e r a t i n g
p h y s i c a l p r o p e r t y ____________
I n c o m e f ro m f u n d e d s e c u r itie s
I n c o m e fro m u n f u n d e d s e c u ri­
t i e s a n d a c c o u n t s _____________
I n c o m o f ro m s in k in g a n d o th e r
r e s e r v o f u n d s __________________
M i s c e l l a n e o u s i n c o m o __________

5 ,2 6 5
1 8 ,5 1 6
1 2 ,3 1 6
7 6 ,0 6 8
2 8 ,9 2 0

45
13
76
46
27

17
18
44
36
81

1 9 ,2 3 1 71

1 3 ,3 8 6 01
1 ,6 9 1 68

+ 5 ,8 4 5 70
— 1 , 6 9 1 68

1 3 8 ,3 3 2 61

1 5 5 ,0 1 8 2 2

— 1 6 ,6 8 5 61

425 00
1 ,9 7 9 4 1
3 0 1 ,0 5 5 8 0

425 00
1 ,9 2 4 3 5
3 7 9 ,1 2 4 4 2

+ 5 5 06
— 7 8 ,0 6 8 6 2

4 ,1 0 1 ,0 6 5 5 0

+ 6 5 3 ,8 8 3 81

6 9 .3 4 0
8 ,3 0 7
1 6 ,5 8 1
4 ,5 5 8
1 7 9 ,9 9 3
5 ,6 8 2
7 7 ,5 1 9
1 ,1 1 5
1 ,6 4 0 .6 4 0
8 ,6 1 2

— 4 0 ,0 5 8
— 4 ,1 3 9
+ 2 1 ,0 2 8
— 952
+ 2 4 ,5 0 4
— 282
+ 4 ,4 0 9
+ 1 .7 4 2
— 1 7 ,1 4 8
— 2 ,2 0 7

T o ta l n o n - o p e r a tin g in c o m o .
G r o s s i n c o m e __________________* 4 , 7 5 4 , 9 4 9 3 7

Deductions from Cross Income—
H ire o f fre ig h t c a rs — D e b it b a l­
a n c e _____________________________
2 9 ,2 8 2 12
R e n t f o r l o c o m o t i v e s ___ ! ! ! ! !
4 ,1 6 8 3 4
R e n t fo r p a s se n g e r-tra in c a rs .
3 7 ,6 1 0 31
R e n t f o r w o r k e q u i p m e n t ______
3 ,6 0 6 26
J o i n t f a c i l i t y r e n t s _______________
2 0 4 .4 9 7 7 5
R e n t f o r l e a s e d r o a d s _________ !
5 ,4 0 0 0 0
M i s c e l l a n e o u s r e n t s _____________
8 1 ,9 2 8 94
M i s c e l l a n e o u s t a x a c c r u a l s _____
2 .8 5 8 6 0
I n t e r e s t o n f u n d e d d e b t _______ 1
6 2 3 ,4 9 1 7 2
I n t e r e s t o n u n f u n d e d d e b t ____
6 ,4 0 5 0 5
A m o r tiz a tio n o f d is c o u n t o n
f u n d e d d e b t ___________________
4 3 .9 5 0 4 2
M is c e lla n e o u s in c o m o c h a rg o s .
1 8 ,5 9 9 7 8
T o t a l d e d u c tio n s f ro m g ro ss'
I n c o m o ______________________ 2 , 0 6 1 . 7 9 9 2 9
R e m a i n d e r .........................................

— 5 3 ,5 6 2
+ 3 ,3 4 5
+ 1 ,9 9 5
— 2 4 ,5 3 6
+ 7 ,1 6 5

2 ,6 9 3 ,1 5 0 0 8

43
70
80
84
71
65
26
72
17
30

4 3 ,8 4 7 5 2
1 9 ,2 8 6 3 3

31
36
51
58
04
65

68
88
45
25

+ 102 90

— 686 5 5

2 ,0 7 5 .4 8 6 4 3

- 1 3 .6 8 7 14

2 .0 2 5 ,5 7 9 13

+ 6 0 7 .5 7 0 9 5

THE

May 13 1922.]

3143

C H R O N IC L E

P R O FIT A N D LOSS A CC O U N T .
C r e d i t b a l a n c e D e c . 3 1 1 9 2 0 ------------------------------------------------------------$ 4 , 3 0 7 , 0 9 0 0 9
B a l a n c o t r a n s f e r r e d f r o m I n c o m e A c c o u n t ------- $ 2 , 7 2 5 , 1 4 9 1 2
D is c o u n t o n f ir s t m o rtg a g e b o n d s p u rc h a s e d
a n d r e t i r e d ______________________ ----------------- -1 6 ,8 0 9 0 0
D is c o u n t o n e q u ip m e n t tr u s t c e rtific a te s o f 1917
, , nnr nn
ll.d O o O O
p u r c h a s e d a n d r e t i r e d -----------------------------------------U n r e f u n d a b l o o v e r c h a r g e s --------- - - -----------------------lb ,2 4 b 74
P r o f i t o n r o a d a n d e q u i p m e n t s o l d -----------------------,
3 2 ,7 7 8 42
D o n a t i o n s - ...................- ..................................................................
2 ,9 0 0 4 5
M i s c e l l a n e o u s c r e d i t s ..................... - .....................................
I b ,3 < 4 o b

^

Deduct—
_ „n ,,,
I . o s s o n r e t i r e d r o a d a n d e q u i p m e n t --------------.- - S’* i , b b u <54
S u r p lu s a p p r o p r ia te d fo r in v e s tm e n t in p h y s ic a l
p r o p e r t y ______ __________
a i VUU 1 o
D i v i d e n d a p p r o p r i a t i o n s o f s u r p l u s ----------------------1 - 7 7 4 . 3 6 0 0 0
M i s c e l l a n e o u s d e b i t s ______________________- .................
I o ,b 2 o b o

1 ,8 0 7 ,5 4 6 9 5

gg
C r e d i t b a l a n c e D e c . 3 1 1 9 2 1 - r .........................................................................$ 5 : 3 2 1 , 7 5 6 6 3

IN CO M E S T A T E M E N T .
Periods.
Allocating the Final Settlement with the United Slates Railroad Administration to the Applicable
1920.

1921.

1919.

1918.

Operating Income—

$ 3 ,2 1 0 3 8
7 9 ,8 0 8 3 8

* 2 3 ,9 5 3 ,8 2 3 9 6
" 1 9 ,1 1 2 ,8 5 0 3 8

$ 2 7 ,0 3 0 ,6 6 3 4 4
2 0 .6 1 3 ,5 9 3 9 7

* $ 7 6 ,5 9 8 0 0

$ 4 ,8 4 0 ,9 7 3 5 8

$ 6 ,4 1 7 ,0 6 9 4 7

$ 2 0 5 ,6 0 1 2 3

$ 9 3 ,3 2 1 9 2

$ 1 ,0 3 1 ,9 3 5 2 6
4 ,8 5 7 0 5

$ 1 ,4 8 5 ,9 1 2 01
3 ,4 9 1 7 5

$ 2 0 5 ,6 0 1 2 3

.................. ...............................

S 9 3 .3 2 1 9 2

$ 1 ,0 3 6 ,7 9 2 31

$ 1 ,4 8 9 ,4 0 3 7 6

* $ 1 6 9 ,9 1 9 9 2

$ 3 ,8 0 4 ,1 8 1 2 7

$ 4 ,9 2 7 ,6 6 5 7 1

* $ 3 1 ,0 1 6 8 7

____________________________

_________ ________ _______ ________

* $ 2 3 6 ,6 1 8 10

Non-operating Income—
K o n t f r o m l o c o m o t i v e s __________
R e n t fro m p a s se n g e r-tra in c a rs
R e n t f r o m w o r k e q u i p m e n t ___
J o i n t f a c i l i t y r e n t i n c o m e _______
$ 4 ,2 1 3 ,6 0 3
. $ 4 ,2 1 3 ,6 0 3 9 6
I n c o m e f r o m l e a s e o f r o a d _____
2 4 ,2 4 8
.
9 1 0 81
M is c e lla n e o u s r e n t In c o m e
2 2 ,6 4 8
.
2 0 ,6 1 2 6 2
M is c e lla n e o u s n o n - o p e r a tin g p h y s ic a l p r o p e r ty
8 2 ,8 6 2
1 ,4 5 7 3 4
I n c o m e f r o m u n f u n d e d' s e c u r i tfi e s a n d a c c o u n t s ------------------------------------------------------------------------i
--------425
4nr ,
I n c o m e f r o m s i n k i n g a n d o t h e r r e s e r v e f u n d s ------------------------------------------------------------------------n 2 5 0 ,0
2 1 5 ,1 2 8
M i s c e l l a n e o u s i n c o m e _________________________________________________________________________________ _______4 0 , u u o n
T o t a l n o n - o p e rr a t i n g i n c o m o —
G ro ss

$ 4 ,0 4 5 .3 9 7 0 4

$ 5 ,2 6 4
1 8 ,5 1 6
1 2 ,3 0 6
7 6 .0 4 2

69
13
67
87

” * 2 8 ,9 2 0 " 2 7
1 9 ,2 3 1 7 1
1 3 7 .8 6 9 13
4 25 00
1 ,9 7 9 4 2

$ 9 5 3 ,0 7 6 41

" $ 3 0 0 ,5 5 5 8 9

$ 4 ,3 8 8 ,9 9 6 8 5

$ 4 ,7 5 7 ,2 5 7 6 8

$ 5 ,2 2 8 ,2 2 1 6 0

Deductions from Cross Income—
H ir e o f f r e i g h t c a r s — D e b it b a la n c o
R e n t f o r l o c o m o t i v e s --------------------------R e n t f o r p a s s e n g e r - t r a i n c a r s -----------R e n t f o r w o r k e q u i p m e n t ------------------J o i n t f a c i l i t y r e n t s ------------------------------.....................................................................................
R e n t f o r l e a s e d r o a d s --------------------------" " " " " " I . _____I ............................................. .......................................
M is c e lla n e o u s r e n t s
M i s c e l l a n e o u s t a x a c c r u a l s ----------------------------------- <----------------------------------------------------------------------------Tn tf e ro o h n n f u n t l e d H p h t, _______- ___________ —
----------------------------4 1 *402 9 9
I n or e s t o
d nt\ d e b t
i n t e r e s t o n u n f u n d e d d e b t ---------------- - - - - ­
A m o r tiz a tio n o f d is c o u n t o n fu n d e d d e b t
M i s c e l l a n e o u s i n c o m e c h a r g e s --------------------

56
50
48
10
33
46
01
41
00
56

$ 4 ,5 5 8 ,9 1 6 7 7

------------------------------------------------------------------------------------------------ $ 4 , 2 8 2 , 0 1 5 1 4

in c o m o .

96
92
14
14
00
61

$ 2 4 ,9 2 7
1 1 ,6 0 2
9 ,2 8 5
7 2 ,1 4 3
7 0 2 ,2 6 7
2 1 .7 5 4
1 3 ,3 8 6
9 5 ,4 9 3
425
1 ,7 9 1

S 5 .1 5 0 0 0
7 2 ,5 5 2 26
. . ^ i ’o n n n n

1 ,5 3 1 .3 8 3 2 4

$ 5 ,6 5 0
7 2 .0 4 7
6
1 ,5 8 0 .7 9 7
1 0 ,9 5 6
3 2 .4 4 7
6 7 4 .9 2 7

00
96
14
51
28
68
98

$229 183
7 ,0 5 7
1 5 ,2 8 7
3 ,5 9 5
1 3 7 ,5 2 0
5 ,6 8 2
7 7 ,5 1 9
1 ,1 1 5
1 , 6 4 0 ,6 4 0
4 764
4 3 ,8 4 7
9 2 ,4 0 8

60
30
97
41
27
65
26
72
17
95
52
18

$ 2 7 ,9 1 S
4 .1 1 8
3 7 ,6 1 0
3 ,5 6 6
2 0 3 ,5 3 4
5 ,4 0 0
8 1 ,9 2 8
2 ,8 5 8
1 ,6 2 3 .4 9 1
6 ,1 7 1
4 3 .9 5 0
1 8 ,5 9 9

99
34
31
26
79
00
94
60
72
44
42
78

- $ 3 ,0 3 0 ,5 0 7 3 9
g r o s s I n c o m o ..................................................................................................................$ 3 , 0 3 0 , 5 0 7 3 9

$ 2 ,3 7 6 ,8 3 3 5 5

S 2 , 2 5 8 ,6 2 3 0 0

$ 2 ,0 5 9 ,1 4 9 5 9

- $ 1 ,0 1 4 .8 8 9 6 5

T o ta l d e d u c tio n s fro m

$ 2 ,0 1 2 ,1 6 3 3 0

$ 2 ,4 9 8 ,6 3 4 6 8

$ 3 ,1 6 9 ,0 7 2 0 1

$ 9 8 ,6 0 0
2 4 9 ,8 9 5
5 4 9 .9 9 0
6 9 9 .4 8 0

$ 9 8 ,1 9 0
2 4 9 .8 9 5
5 4 9 .9 9 0
6 9 9 .4 8 0

N e t in c o m e .

Disposition of Net Income—
,
A p p lie d to r e tir e m e n t o f f ir s t m o rtg a g e b o n d s .

50
00
00
00

40
00
00
00

_
.
.

Total appropriatlons.

(a)
$ 2 1 9 ,8 9 5 00
5 4 9 ,9 9 0 0 0

(5 )
„
$ 2 4 9 ,8 9 5 0 0
5 4 9 .9 9 0 0 0
6 9 9 ,4 8 0 0 0

.

O n se co n d p re fe rre d s to c k .
O n c o m m o n s t o c k --------------

$ 7 9 9 ,8 8 5 00

$ 1 ,4 9 9 ,3 6 5 0 0

$ 1 ,5 9 7 ,9 6 5 5 0

$ 1 ,5 9 7 ,5 5 5 4 0

$ 5 1 2 ,7 9 8 3 0

$ 9 0 0 ,6 6 9 1 8

$ 1 ,5 7 1 ,5 1 6 6 1

.

R e m a i n d e r ------------------

$ 2 1 5 ,0 0 4 6 5

* D e f ic it.
( a ) $ 0 ( U i 7 5 2 5 ^ a m o u n t w a fJ o r i g i n a l l y c h a r g e d t o I n c o m o a n d s u b s e q u e n t l y r e s t o r e d t o f r e e s u r p l u s i n a c c o r d a n c e w i t h a r u l i n g o f t h e I n t e r - S t a t e
C o m m e r c e C o m m is s io n .
(b )

a m o u n t w a s c h a rg e d d ire c t to f ir s t m o rtg a g e b o n d a c c o u n t In ste a d o f to In c o m e .

CANADIAN PACIFIC RAILWAY COMPANY
REPORT OF

the

p r o c e e d in g s a t

the

f o r t y -f i r s t

annual

m e e t in g

of the

sh a r eh o ld er s

H E L D AT M O N TREA L ON W E D N E SD A Y , MAY 3 1922.

T he m eetin g assem bled, in con form ity w ith th e n otice con­
ven in g th e sam e, a t noon, a t th e G eneral O ffic e s o f the Com­
pany a t M ontreal.
T h e P resid en t of the Company, Mr. E. W . B ea tty , pre­
sided, and the Secretary of the Company acted a s Secretary
o f the m eeting.
T he n otice callin g the m eetin g h avin g been read by th e
Secretary, the P resident, in m oving th e adoption o f th e re­
port on the a ffa ir s of the Com pany fo r the y ea r ended Dee.
31 1921, w hich had been p rin ted and d istrib u ted to th e
Shareholders, sa id :
T h e F o rty -first A nnual Report, w hich is now subm itted
for your consideration and approval, in d ica tes in a vivid w ay
the e ffe c t on your Com pany’s op eration s o f th e a cu te depres­
sion through w hich the b u sin ess o f the country p assed dur­
in g 1921, and it is a m atter o f g r a tific a tio n that, n o tw ith ­
stan d in g’ the decrease in gross earn in gs o f $23,619,000, the
econom ies w h ich w ere effe c te d resu lted in som ew h at in ­
creased n et earnings, and, of course, a slig h tly larger surplus
a fte r p ayin g fix e d charges and usual d ivid en d s on the P r e f­
erence and Common Stocks. T he resu lts reflect great cred it
upon th e a b ility o f the o ffic e r s and men o f the Com pany and
are also a trib u te to th e p h y sica l cond ition o f th e property
w hich p erm itted reduction of exp en ses w ith ou t in an y degree
a ffe c tin g th e effic ie n c y w ith w h ich tr a ffic w a s m oved. D u r­
ing th e m onths o f October and Novem ber, esp ecially, the




h eavy grain tr a ffic w a s transported m ost ex p ed itio u sly , w ith
d istin ct ad van tage to th e Com pany’s revenues.
A s in d icated in the report, th e sa le s o f a g ricu ltu ra l lan d s
w ere rela tiv e ly sm all, due to th e general d epression and the
absence o f the im m igration o f a g ricu tu rists d uring the year.
In my opinion, C anada cannot a ffo rd to be w ith o u t a d e fin ite
and forw ard im m igration policy m uch longer. W h ile it is
urged th a t th e depression both in agricu ltu re and in gen eral
ind u stry w ith consequent unem ploym ent during th e p ast
w in ter is a reason w hy a c tiv e im m igration m easu res should
not be taken, it m ust n ot be forgotten th a t there are ty p es of
im m igrants th a t can be read ily obtained and brought to
C anada w ith o u t the p o ssib ility of add in g to the burdens of
the country. T he im m igration o f young people o f B ritish
stock can be accom plished w ith ou t a ffe c tin g in any m aterial
degree the e x istin g situ a tio n respecting unem ploym ent. T h e
im m igration of d om estic serv a n ts in su b stan tial num bers
m ay reasonably be encouraged, and th e im m igration o f a g ri­
c u ltu r ists from N orthern Europe, G reat B rita in and th e
U n ited S ta te s who can only be secured in lim ited num bers
should be a ctiv ely prosecuted. In addition, the G overnm ent
w ould, I think, be w e ll w arranted in fram in g a policy de­
signed to p erm it m ore gen eral im m igration o f c a refu lly s e ­
lected typ es from countries, the people o f w hich h ave h ereto­
fo re com e to th is country and succeeded under C anadian con­
ditions. I t m ust not be forgotten th a t C anada’s op p ortu n ities

21U

THE

C H R O N IC L E

[V ol. 114.

d eserve w ide-spread recognition, and even if the settin g up perform the transportation service so p ecu lia rly esse n tia l a t
o f ad eq u ate m achinery is now begun it w ill n ot be u n til 1923 th at tim e, and a g a in in 1919, w hen p ow er to d eal w ith the
th a t th e resu lts o f the G overnm ent’s a c tiv itie s w ill be fe lt. rates, irresp ective o f the p rovision s o f sp ecial agreem en ts,
U n less w e fe e l th at the con d ition s in th is country w ill not be w a s con ferred upon the R a ilw a y C om m ission. In both in ­
im proved fo r som e con sid erab le tim e to come, it w ould ap ­ sta n ces the view of the G overnm ent ap p aren tly w a s th a t P ar­
p ear th a t th e p relim in ary step s to obtain im m igran ts in sub­ liam ent, in esta b lish in g the C row ’s N est rates, had not in
sta n tia l num bers should be tak en w ith ou t fu rth er delay. T he con tem p lation the extraord in ary and abnorm al co n d ition s
C anadian P a c ific fo r m any yea rs h as been the m ost a c tiv e under w hich the op erations o f the r a ilw a y s h ave been car­
colon ization agen cy in C anada. S e ttle r s to the num ber of ried on in recent y e a r s or the in eq u a lities and d iscrim in a­
54,000 h ave been placed upon its lan d s alone, and th e cost of tion s w h ich m igh t be created under the scale o f ra tes then
th e C om pany’s a c tiv itie s in land sellin g, irrigation and col­ im posed. W h ile con sid erab le progress h as been m ade in re­
on ization sin ce its incorporation h as been ex trem ely large, ducing expenses, th ere s till e x is ts a serio u s in crease above
am ou n tin g in the aggregate to a p p roxim ately $68,000,000, pre-w ar costs. T he w age sca les o f 1921 are high er by per­
an am ount in e x c e ss o f the total exp en d itu re o f th e D om inion cen tages ranging from 82% to 368% than th ose e x istin g in
G overnm ent fo r im m igration during th at period.
1898 and 1899, and the cost o f principal com m odities, in clu d ­
A s forecasted in th e a d d ress a t the la s t an n u a l m eeting, ing fu e l and rails, is a lso su b sta n tia lly higher, th e in crease
red u ction s took p lace d uring the y e a r both in r a te s o f w ages in th e case o f rails being 92.32% and in fu e l 177.5%. T he
and in fr e ig h t and p assen ger rates. T h e w age red u ction s op erating ratio o f the Com pany in 1897 w a s 57.16%, w h ile
w h ich becam e e ffe c tiv e J u ly 16 la s t w ere eq u ivalen t to 9.03% for the y ea r 1921 it w as 82.28% . T he situ a tio n is one w hich
should h ave fran k recognition. T h e m a tter is in the hands
on then e x is tin g p ayrolls o f the Company. T he dem and fo r o f P arliam en t w h ich alon e can d eal w ith it because o f sta tu ­
fu rth er freig h t rate red u ction s is s till p ersisten t throughout tory restriction s.
I regard the sta b ility o f railw ay rates in C anada (even if
C anada and to th e e x is tin g scale o f ra tes is attrib u ted much
o f the presen t sla ck n ess in business. It is in m y opinion an read ju stm en ts dow n w ard s are bound to con tin u e u n til nor­
e n tirely erron eou s im pression th at th e e x istin g fr e ig h t rates m al op eratin g con d ition s are reach ed ) a s being o f th e g r e a t­
est possib le im portance to a ll C anadian ra ilw a y s. For the
are the cau se rath er than the resu lt o f the presen t econom ic p ast fo u r yea rs the extraord in ary con d ition s w h ich p revailed
con d ition s, th e m ost im portant o f w hich, from a transporta
h ave com pelled d ra stic econom ies and the con servin g o f the
tion standpoint, is the p resen t scale o f w ages and w orking resources o f the com panies w herever possible. T h ey h ave
co n d itio n s w hich the r a ilw a y s w ere com pelled by G overn­ p revented the in creasin g of fa c ilitie s and im provem ents in
m ent a u th o rity to accep t d uring the W ar. It is the v ie w o f m ain ten an ce and the con stru ction o f new lin e s because no
com pany w ould bo ju s tifie d in spen d in g fr e e ly for th ese pur­
you r D irecto rs and it h as been th eir view fo r som e tim e, th at
poses in the absence o f ad eq u ate reven u es. T h e large rail­
th e sca lin g dow n w ard s o f freig h t rates should be begun w ith w ay sy stem s o f C anada, are, o f course, th e c h ie f purch asers
red u ction s on basic com m odities, e sp ecia lly in those in d u s­ o f m aterial and supplies, and to the e x te n t to w hich their
tries w hich h ave fe lt the gen eral d epression m ost severely. p u rch ases for any purpose, in clu d in g new construction, are
N o tw ith sta n d in g th e w illin g n e ss o f th e com panies to m ake prevented by the u n certain ty o f fin a n c ia l return upon th e
sa c r ific e s in th eir reven u es in th e hope th a t a low er sca le o f m oney invested, a return to prosp erity is retarded.
I had been hopeful th at the present y ea r w ould see a re­
rates on basic com m od ities w ould g iv e an im petus to b u si­ sum ption o f at le a st norm al a c tiv ity in m ain ten an ce and con­
n ess a c tiv ity , they h a v e been precluded from agreein g on a stru ction w orks, th e n ecessity for w hich a lw a y s p revails on
d e fin ite policy because of the approaching exp iration on 7th a system the size o f the C anadian P a cific. A pparently, h ow ­
J u ly n ex t of th e p rovision s o f th e R a ilw a y A ct allow in g the ever, w e h ave not reached the period a t w hich w e can say
R a ilw a y C om m ission to m ake rates irresp ective o f a gree­ th at large exp en d itu res are w arranted, e sp ecia lly in view o f
the freig h t rate situ ation .
m ents, sta tu to ry or other. In 1897 an agreem en t w a s m ade
T he step s prelim inary to the readjustm ent o f w age scales
betw een th is Com pany and the G overnm ent and confirm ed and w orking condition s are proceeding both in the U n ited
by P a rlia m en t w h ereby in con sid eration o f the receipt by the S ta te s and in Canada. T h e procedure being follow ed is th at
Com pany o f a sub sid y o f $3,300,000 in aid o f th e construction required by the agreem en ts w ith the labor u nions and by the
of a ra ilw a y through the C row’s N est P a ss to Southern B r it­ la w s o f th e U nited S ta tes and C anada. An ea rly decision is
ish Columbia red u ction s in rates on cer ta in nam ed com m odi­ hoped for in respect o f som e o f the m a tters in dispute, but
the proceedings are, o f n ecessity, p rotracted and d ecision s
tie s shipped from E astern C anada to poin ts in the W est and are not th erefore reached speedily.
on grain to F ort W illiam w ere ex a cted w ith the obvious in ­
G ross earn in gs on a ll C anadian roads still sh ow su b stan ­
ten t o f a ssistin g the colon ization o f the P ra ir ie P rovinces. tia l d ecreases under those o f the corresponding period of
T he so-called C row’s N est ra tes on th e com m odities sp ecified 1921. Crop conditions, how ever, so fa r a s they can be judged
are from 19% to 49% low er than th e rates' a t p resent being a t th is date, are very favorab le, and th ere is a returning
sp irit o f optim ism and a c tiv ity w h ich should grow in volum e
charged. T h e in ten tion o f P arliam en t a t th at tim e undoubt­ if the a g ricu ltu ra l prospects are realized.
ed ly w a s to create sp ecial ra tes w hich th e Com pany w ould
Ih e Com pany’s ta x a tio n is not u n n atu rally increasin g
be e n titled to collect and w hich w ould be leg a l though not from year to year, ap p roxim ately $10,000,000 h avin g accrued
bearing a fa ir relation to other rates. A t th at tim e th e C ana­ in F ederal ta x e s during the la s t fiv e and a h a lf years.
-As indicated in the A nnual Report, th e fin a n c e s o f the
dian P a c ific operated about 7,300 m iles o f railw ay, but in a
d esire to g iv e eq u ality o f ra tes to territo ries con tigu ou s to Com pany are in splendid condition and the cred it o f the
Com pany has been w ell m ain tain ed and is ex trem ely high.
th ose m entioned in the sta tu te though not supplied w ith r a il­ It is, I think, of n ation al im portance th at it should be so
w ay fa c ilitie s a t th e tim e the sta tu te w a s p assed , the Com­ m ain tain ed .
pany exten d ed the ap p lication o f th ese C row ’s N est rates to
W hile there are som e seriou s and d iffic u lt problem s y et to
the lin e s subsequently constructed or acquired so th a t in be solved, th e gen eral sen tim en t o f the country sh ow s a d is­
tin ct im provem ent over th at p rev a ilin g a t the end o f last
1918 the rates had been applied to 13,772 m iles o f railw ay.
year and the beginning of 1922. I am very hopeful that the
D u rin g the period subsequent to 1897 m any th ou san ds o f ad ­ im portance o f the tran sp ortation agen cies o f C anada being
d itio n a l m iles o f r a ilw a y w ere constructed by other com ­ p erm itted to undertake their fu ll sh are in the cou n try’s ad ­
p an ies now included in the N a tio n a l R a ilw a y System . The vancem ent w ill receive due recognition, and if it does I am
ra tes e ffe c tiv e on th is Com pany’s lin es w ere n a tu ra lly put convinced th at the return to norm al con d ition s w ill be
in to e ffe c t on the lin e s o f these railw ays, so th at it is sa fe to g rea tly accelerated . Your Com pany w ill, as a lw a y s, en­
saj that the so-called C row ’s N est rates w ere in p ractice ap­ deavor to perform its part w ith the purpose o f ad van cin g
the exp an sion o f the country agricu ltu ra lly and in d u strially,
plied to fiv e tim es th e m ileage in operation a t the tim e th e l e w in stitu tio n s are so linked up w ith the p rosp erity o f Can­
agi cem ent w as m ade. H ie C row’s N est scale o f ra tes if ap ­ ada a s is the C anadian P a c ific and its a b ility to m ain tain a
p lied lite r a lly w ould bring about an in eq u ality o f treatm en t high cred it h a s in a large m easu re contributed to the support
betw een d iffe r e n t p arts o f W estern Canada w hich m ust, of received by other C anadian enterp rises. I ts progression
n ecessity, favor som e d istr ic ts a g a in st oth ers w hich now en ­ should be step by step w ith th at o f the country itse lf.
S in ce the publication o f th e A nnual R eport the B oard h a s
jo y rela tiv ely equal rates. T he G overnm ent d esire to h ave lost one o f its m em bers through the death o f Sir John E aton,
th e fa c ts consid ered by a sp ecial com m ittee o f P arliam en t who join ed th e D irectorate on the 8tli day of D ecem ber 1919.
w ith p articu lar referen ce to the operating costs o f the r a il­ S ir John E aton w a s in the prim e o f life, a man o f trem endous
w a y s and to the resu lt o f the ap p lication o f the Crow’s N est personal in flu en ce and o f ex traord in arily gen erous q u alities,
scale upon the revenues o f the N ation al R a ilw a y s and o f l l i s loss w ill be very m uch fe lt th roughout Canada and par­
ticu la rly in the C ity o f Toronto. H is counsel and a ssista n ce
oth ei railw ays. I h e situ a tio n w as tw ice review ed by the
w ere g rea tly ap preciated by the B oard and h is d eath is
la te G overnm ent, once in 1918, w hen the rates w ere su s­ d eeply deplored. The vacancy created by his d eath h as not
pended by O rder-in-Council under the W ar M easures A ct be­ y et been filled .
cau se o f the in a b ility o f the com panies (in view of the h eavy
I canont speak too h igh ly o f the m orale and e ffic ie n c y of
co sts o f op eration ) oth erw ise to carry on su ccessfu lly and to the o ffic e r s and men o f the Company. A more loyal group o f
men does not, I think, e x is t in an y corporation in th e world.




TH E

May 131922.]

5Pue

(fto m m m m l

$ im r s .

COMMERCIAL EPITOME
Friday Night, May 12 1922.
B u sin ess in th e U n ited S ta te s con tin u es to increase— not
rapidly, but stead ily, esp ecially a s th e w eath er in p arts of
the W est is better. In the S ou th w est m any of th e rivers are
in flood s. T he low er M ississip p i V alley a lso su ffe r s from
flo o d s B u t th ese are bound to p a ss off. T he w eath er in th e
cotton b elt sh ow s signs o f im proving. R a in s there have la t­
terly fa lle n o ff decidedly, and there is a prom ise now of la ir
w eath er fo r a tim e. T h is w ill, o f course, im prove th e pros­
p ects fo r th e cotton crop. Corn p lan tin g is being pushed in
Illin o is and Iow a. T h e w eath er in the w h eat belt is im prov­
ing. T h e G overnm ent crop report on w h eat w a s in th e m ain
better than had been expected. S ig n ific a n tly enough, it
cau sed no ad van ce in prices. C otton h a s been risin g under
th e spur o f an increased dem and a t hom e and abroad, but
esp ecially, it w ould appear, from E ngland. T he F ederated
M aster Spinners of L an cash ire seem to h ave become alarm ed
over th e p o ssib ility of a sh ortage of A m erican cotton th is
season, esp ecially a s L an cash ire’s b u sin ess w ith th e F ar
E a st is noticeab ly increasing. T rade a t F a ll R iver h a s also
been a ctiv e and the sa le s there in tw o w eek s h ave reached
about 500,000 p ieces o f cotton goods. E ffo rts are being
m ade to bring about a resum ption o f w ork in the N ew E ng­
land m ills. In ju n ction s issu ed by th e courts in R hode Islan d
p roh ib itin g p ick etin g of m ills and w orkers’ hom es seem ed to
h ave had a sa lu ta r y effect. S till, th e N ew E ngland strik e is
still on, e sp ecia lly in M assach u setts and N ew H am pshire.
N ew H am p sh ire m ills h ave had to cancel very large orders
fo r fa ll gin gh am s w hich w ould h ave kept labor w ell em ­
ployed at good w ages.
,
B u ild in g is s till on a big scale. Car load in gs are in creas­
ing. It is noticed, too, th a t bank clearin gs show a tendency
to in crease over th ose o f la s t year. P rices of m erchandise
are for the m ost p art firm . W heat h a s advanced under the
stim u lu s o f exp ort dem and. I t look s a s though Europe
w ould h ave to buy grain freely from th is country fo r several
yea rs to come. E xp ort trade in rye here is reported large.
Iron and steel are in fa ir dem and at firm prices, as produc­
tion is restricted to som e ex ten t by th e .continuance o f the
coal strik e and th e upw ard trend o f fu el prices. S trik es in
the shoe tra d es and bu ild in g lin e s contin u e w ith th ose in
coal and te x tile , and o f cou rse m ilita te a g a in st the effic ie n c y
o f the U n ited S ta te s a s a producer. W ool h as been ad van c­
ing a t hom e and abroad, but esp ecia lly in E nglish and A u s­
tralian m arkets. R ailroad s con tin u e to buy steel, and pig
iron is higher. S terlin g exch an ge h a s reached a new high
le v e l on th is m ovem ent. T ak in g th e country as a w hole, the
outlook is considered favorable.
T he coal and te x tile strik es, a s alread y stated, to the gen ­
eral regret go on, though th e te x tile w orkers seem to be
w eakening a little. T hey com plain th a t if the strik e in M as­
sa ch u setts fa ils it w ill be b ecause N ew B edford w ork ers w ho
h ave not struck refu se to contrib u te to th e support o f the
strik ers elsew h ere in th a t S tate. B u t labor gained little or
fa r le s s than it seem ed to by th e big increases in w a g es dur­
ing the war. It is a m ista k e to strik e now. It is show n by
in v estig a tio n th at tak in g th e w ork ers as a cla ss th eir high
w ages during th e w ar m erely helped to raise th e p rices of
goods w hich they produced, thus, o f course, r a isin g the
p rices on th em selv es; it w a s an attem p t to lift th em selves
by th eir ow n boot-straps. T he in crease in labor costs, a very
large elem en t in the price o f everyth in g m ankind uses, w as
added to th e prices o f th e th ree prim ary n ecessities, i. e.,
food, cloth in g and shelter, for the w orkers a s w ell a s for
everybody else. And it is now said th a t the str ik e s are pre­
venting the building o f new m ills or exten sion s o f old m ills
in p arts o f N ew England th a t w ould m ean all the m ore em ­
ploym ent fo r labor. It is declared, too, th a t in d u stria l ou t­
put m ight be increased 40 to 100% if increased and new ly
discovered efficien cy m ethods could be put in force w ith
reasonable labor costs a s ad ju n cts in th e great w ork o f re­
ducing the cost o f liv in g and restorin g the dollar to its p re­
w ar p u rch asin g pow er. A d ollar is w orth only w h a t it w ill
buy. T he w orkers too often seem to forget th is. T h e true
aim of en ligh ten ed m ankind is to in crease production and
m ake liv in g cheaper and easier and help m an to rise in the
scale of c iv iliza tio n throu gh ou t th e w orld. A s the prim ary
needs are sa tisfied , the h igh er w a n ts becom e im p erative;
th a t is th e teach in g o f th e h istory o f the more advanced
races o f th e globe. T hey are now grappling w ith th a t stran ge
v estig e o f savagery, w ar, and how to ab olish it. P rogress is
being m ad e in th is d irection, and w ith assu red peace w ill
com e m ore rapid ad vancem ent in trad e and c iv iliz a tio n
w hereby none w ill b en efit m ore in the long run than labor, if
it w ill liste n to reason and not in sist on follo w in g the w ill
o’ the w isp o f high w ages, w h ich m eans high cost o f liv in g to
labor’s ow n seriou s detrim ent.
A rctic, R. L, w ired May 8 th a t a ll over Rhode Isla n d th e
great te x tile p lan ts are opening under sw eep in g court injunc­
tion s a fte r 10 w eek s o f strik es. T h e str e e ts in th e vicin ity
o f th e m ills have been cleared o f p ick ets under restrain in g
orders issu ed by J u stic e T an n er of the Superior Court. T he
cou rt’s orders not only prohibit the strik ers from pick etin g



3145

C H R O N IC L E

and in tim id a tin g w orkers, but a lso from g a th erin g and from
stan d in g sin g ly or in groups in th e v ic in ity o f th e hom es o f
strike-breakers. T h e Superior C ourt o f P rovid en ce, R. I.,
gran ted th e p etitio n o f th e In terlak en M ills fo r an order re­
stra in in g th e A m algam ated T e x tile W orkers o f A m erica
from in terferin g w ith th e com pany’s b u sin ess or em p loyees.
T h is is th e seven th such order issu ed by th e court sin ce th e
te x tile strik e began.
T h e H am ilton M ills, a t L ow ell, M ass., reopened on M ay 10
w ith p a rtia l fo rces a fte r 13 w eek s shutdow n on account o f
str ik e s there. T he P a c ific M ills o f Dover, N. H ., rejected
recom m endations m ade by S ta te Labor C om m issioner John
S. B. D a v is a t a conference o f m ill ow ners and te x tile strik e
co m m ittees o f th a t section o f th e S tate on M ay 9. T he m ills
are understood to in s ist on a cu t in w ages of 20%, a s oth er­
w ise trade w ould be unprofitable. F our N ew H am p sh ire
m ills h a v e d eclined to m eet th eir em ployees in conference,
th ese m ills being th e A m oskeag, Stark, N ashua and Jackson.
R e p resen ta tiv es o f the Suncook, N. H., m ills and a com m it­
tee o f strik in g em p loyees con ferred w ith S ta te Labor Com­
m ission er D a v is on T h ursday in an e ffo r t to se ttle th e te x ­
tile in d u stria l d isp u te in N ew H am pshire. T he proposition
w a s m ade by th e m ill rep resen tatives th a t the w orkers a c ­
cept the sch ed u le proposed by th e m ill corporation on F ebru­
ary 11 and return to w ork, th e com pany to abide by th e de­
cision m ade throughout the S ta te w hen th e m ills resum e op­
eration s.
A ll d ep artm en ts o f H arm ony M ills, Cohoes, N. Y., th a t
h ave been closed or running on part tim e, h ave resum ed fu ll
tim e. T he p lan t w ill be operated a t cap acity u n til fu rth er
notice. A t H averh ill, M ass., there w a s a w age reduction
ran gin g from 3 to 18% in the box-m aking in d u stry under a
d ecision announced by an A rbitration Board. F our hundred
em p loyees in nine p la n ts are a ffected . M anufactu rers had
ask ed a 20% reduction. T he union had ask ed th at w a g es in
e ffe c t previou s to A pril 30, w hen price lis ts expired, be con­
tinued. W ages under th e old sca le ranged from $20 to $35 a
w eek. A t Lynn, M ass., on M ay 8, th e jo in t council o f the
U n ited Shoe W orkers o f A m erica voted to accept an a rb itra­
tion plan in th e d isp u te w ith th e shoe m an u factu rers over a
proposed w age reduction. N in e R ochester shoe m an u factu r­
in g p lan ts are to be operated h erea fter on th e open shop
plan. A t S yracuse, N. Y., on M ay 10 th e S tru ctu ral Iron
W orkers’ U nion No. 60 accepted a w age scale o f $1 an hour
fo r a ll work. T he old scale w a s $1 06% fo r stru ctu ral w ork
and $1 an hour fo r rod work.
On M ay 8 the lev ee protectin g the old p art o f Jon esville,
La., com prising about tw o-th ird s of th e town, broke. T he
n ew section ou tsid e the levee w as alread y flooded. A t F ort
W orth on M ay 8 th e levee w in d in g around the banks of th e
T rin ity R iver in A rlington H eig h ts broke, flood in g th a t d is­
trict for th e second tim e in tw o w eeks. Som e 70,000 people
are h om eless in M ississip p i because o f the M ississip p i R iver
floods. Of th ese about 40,000 are being fed and sh eltered by
re lie f organ ization s. T he T rin ity R iver a t F ort W orth,
T exas, u su ally 75 fe e t w id e and so sh allow th a t it can be
crossed w ith o u t w ettin g m ore th an one’s feet, is now 1 %
m iles w ide. W eatherford, T ex a s, in th e northern p art of
the S tate, during th e p ast 40 d a y s h a s had 26 inches of rain.
D a lla s h a s received about 18 in ch es o f rain in the sam e p e­
riod, W a xah ach ie 19 inches and F ort W orth 21 inches.
L A R D quiet; prim e W estern 1 2 .10@ 12 .2 2 c., refined to
C on tin en t 1 3 .2 5 c ., South A m erican 1 3 .5 0 c ., B razil in kegs
14.50c. F u tu res declined a t on e tim e in sy m p a th y w ith a
drop in grain. B u t later on cam e a rise in hogs and grain,
and there w as som e im provem en t in th e p rovisions cab les,
aftor a decline early in the w eek . A lso cash b u siness in ­
creased in th is co u n try . B u t on th e other h an d , there has
been n o t a little hedge selling of lard b y p ackers. T h is
curbed a n y ten d en cy tow ards im p rovem en t. On T hursd ay
all p rovisions d eclin ed , w ith hogs low er and stea d y selling
b y scattered in terests. H ogs fell 10 to 15 ce n ts, w ith th e
top $10 85 and th e bulk of sales a t $10 25 to $10 8 0 . T h e
W estern run of hogs w as 9 2 ,7 0 0 , again st 61 ,0 0 0 a w eek ago
T h u rsd ay and 85,800 a year ago_. A tlan tic exports of pro­
vision s for th e w eek en d in g M a y 5 w ere, lard, 0 ,7 5 3 ,0 0 0 lb s .,
again st 7 ,8 9 3 ,0 0 0 la st year; pork, 295 b b ls., again st 145 la st
year; b acon , 5 ,5 9 7 ,0 0 0 lb s ., again st 11,167,000 lb s. last year.
F oreign buyers are tak in g a fair q u a n tity of steam lard and
h a m s. T o -d a y prices ad van ced slig h tly , closin g, h ow ever,
15 p oin ts low er for th e w eek .
> A IL Y

C L O S IN G

P R IC E S

Sat.

l a y d e l i v e r y _______ c t s . 1 1 . 3 5
u l y d e l i v e r y ----------------- 1 1 . 5 5
piexnoer u euvury------n . n
e p t e m b e r d e l i v e r y -------1 1 . 7 7

OF

LARD

Mon.

1 1 .3 5
1 1 .5 5
1 .
n .1o8u0

FU TURES

Tuts.

1 1 .2 7
1 1 .4 7
1 1 .7 0

Wed.

1 1 .2 2
1 1 .4 5
1 1 .6 5

IN

C H IC A G O .

Thurs.

1 1 .2 2
1 1 .4 2
1 1 .6 5

Fri.

1 1 .2 5
1 1 .4 5
1 1 .6
------7

P O R K firm; m ess, $26 50@ 827; fa m ily , $27@ $29; short
ear, $ 2 2 @ $ 2 5 . M a y closed a t $22 2 2, an a d van ce of
lo u t $1 for th e w eek . B eef dull; m ess, $13 5 0 @ $14 50;
acket, $13@ $14; fa m ily , $16@ $17; extra India m ess,
24@ $26; N o . 1 can n ed roast b eef, $2 25; N o . 2 , $3 25;
lb s ., $ 15. C u t m eats firm; pick led h am s. 10 to 20 lb s.,
lH @ 2 5 c .; picklod b ellies, 10 to 12 lb s ., 15 j^ @ 1 7 c. B u t>r, cream ery extras, 46 @ 3 9 c. C h eese, fla ts, 13@ 24c.
ggs, fresh ex tra s,2 8 3^@ 31c.
C O F F E E on th e sp ot lower; N o . 7 R io, 1 0 y 8 @ H c .;
o . 4 S a n to s, 14342@14M e.; fair to good C u cu ta, 14342®
IM c. F u tu res declined in sy m p a th y w ith a drop in Bralian m arkets and long liq u id ation . A lso R io exchange

3140

THE

fell. Suppoi’ting orders have been lacking. Discouraged
bulls have recently been selling out. On the 10th inst., it
is true, there was a momentary recovery. It was only
momentary, in spite of some advance in Santos and ex•chango on London. Tired longs again sold, as they found
that the market mado little response to better news. It
was noted that Brazil seemed to be anxious to get bids on
coffee for futiire shipments. That took the edge off any­
thing that might have been called bullish in the news.
To-day prices advanced, but they ended 14 points lower for
the week. Rio fell 50 to 200 reis.
Coffeo prices closed as follows:
S p o t (u n o ffic ia l)
l i e . I J u l y -------------1 0 . 2 1 @ 1 0 . 2 3 1D e c e m b o r - 9 . 5 7 ®
9 .5 8
M a y ............... 1 0 . 3 6 © N o m | S e p t e m b e r 9 . 7 6 ® 9 . 7 8 ( M a r c l i _____ 9 . 4 6 ©
9 .4 8

SUGAR.— Cuban raws have been firm and in fair demand.
San Domingo, afloat for New York, sold at 2kfc. c.i.f.;
for Canada, 23,500 tons, Cuba June shipment, at 2.35c.
f.o.b. Cuba; 3,000 tons Cuba M ay shipment at 2.30c. f.o.b.
Guba, shipment to St. John. Late sales were 200,000 bags
of Cuba, June and second half Juno shipment, at 2 1®.,
e. & f.; 60,000 bags Porto Rico, late May-June (June arrival)
and June shipment, at 3.98c. c.i.f. Also a limited quantity
ot Porto Rico, M ay shipment, at 3.92c. c.i.f.; 12,000 bags
Porto Rico, in port, at 3.86c. c.i.f. Refiners report a gen­
erally hotter demand for granulated. Later it was stated
that local refiners had bought in all close to 300,000 bags of
Cuba, June and second half June shipment, at 2 )^c. c. & f.
Further sales later at 2 7-16 to 2I^c. Porto Rico afloat sold
at 3.92c. c.i.f., and for second half May shipment at 3.98c.
c.i t. Last week’s meltings at Atlantic ports amountod to
1 0 0 ,0 0 0 tons, establishing a new high record, except during
the war, when the Sugar Equalization Board was stimulat­
ing production by refineries. Arrivals last week reached
109,335 tons, and despite the largo meltings, refiners’ stocks
increased to 237,521 tons, as against 228,186 tons the weok
before and 209,434 at the same date last year. Receipts at
Cuban ports for the week were again heavy. Exports
showed gains and stocks increased. Receipts were 196,905
tons, against 198,664 last week, 131,891 last year and 106,129
two years ago; oxports, 161,648 tons, against 157,391 last
week, 48,493 last year and 110,058 two years ago; stock
1,032,548 tons, against 997,291 last week, 1,155,255 last
year and 669,018 two years ago. Centrals grinding, 148,
against 163 last week, 195 last year and 137 two years ago.
Havana cabled heavy rains general. New-crop exports to
[J. S. Atlantic ports, 66,274 tons; New Orleans, 38,893 tons;
Galveston, 7,827 tons; Canada, 6,690 tons, and Europe,
46,964 tons. Old-crop exports, 10,295 tons to U. S. Atlan­
tic ports. Refined 5.30c. to 5.40c. To-day futures ad­
vanced slightly, closing 3 points higher for the week. Spot
raws were firm to-day at 2 7-16 to 2
. prompt and second
half Juno.
Sugar prices closed as follows:
S p o t ( u n o f f i c i a l ) . . 4 . 0 4 c . I .T u ly .......... ...
M a y ---------------- 2 . 4 3 @ 2 . 4 5 ( S e p t e m b e r

2 .6 5 © 2 .G 6 | D e c e m b e r
2 .S 3 @ 2 .8 4 1 M a r c h - . .

2 .8 7 @ 2 .8 8
2 .8 2 © 2 .8 3

OILS.— Linseed higher but not active. The Buenos Aires
market has of late been stronger. Small lots of linseed are
in better demand, but comparatively few largo transactions
have boon reported. May carloads, 90® 92c.; less than
carloads, 93@95c.; loss than 5 bbls., 96@98c. Dutch oil,
it was reported, was available at 84 Kc.; English oil at 8 5 H@
8 6 c. Offerings of foroign oil have been on a rather fair scale.
Cocoanut oil, Coylon, bbls., 8%@9c.; Cochin, 9@ 9X c.
Corn, crude, bbls., 12c.; tanks, 9M@10c. Refined, 100 bbl.
lots, Now York, 12@12%o. Olive, 8 115. Soya bean,
edible, bbls., nominal. Lard, strained winter,
Cod,
domestic, nominal; Newfoundland, 60@65c. Spirits of
Turpentino, 94@96c. Rosin, $5 15@87 25. Cottonseed
oil sales to-day, 15,800. Prices closed as follows:
S p o t ----------- 1 1 . 7 5 © _____ ( J u l y ------------1 1 . 8 5 © 1 1 .8 7 O c t o b e r . - . 1 1 . 0 9 © l l . 11
M a y ----------- 1 1 . 8 7 @ 1 1 . 8 8 A u g u s t . - - 1 1 . 8 3 © 1 1 . 8 5 N o v e m b e r - 1 0 . 0 5 © 1 0 . 1 1
J u n o ---------- 1 1 . 7 6 © 1 1 . 8 5 1S e p t e m b e r . 1 1 . 8 3 © 1 1 .8 4 D e c e m b e r . 9 . 9 3 © 9 . 9 7

PETROLEUM .—Gasoline continues strong. A striking
feature on the 1 0 th inst. was the announcement of an ad­
vance of 1 c. per gallon in the export price of gasoline, bulk
and cased, by the Standard Oil Co. of New Jersey. They
advanced the tank wagon price lc. throughout its territory.
Kerosene,_though quiet, remains unchanged. Buyers show
no disposition to anticipate wants. Yet there is a little
bettor domand for cased kerosene. Bunker oil rather
steadier at SI 26)43 por bbl., though some reports were to
the effect that business could be dono a shade lower than
this. Stocks of this oil are large. But this fact is offset
by thq rather more activity on the part of interior buyers
and a less disposition to sell at concessions. Export inquiry
has increased, but actual business has not improved ma­
terially. New York prices, gasoline, cargo lots, 33.25c.;
U. S. N avy specifications, 20c.; export naphtha, cargo lots,
22c.; 63-66 degrees, 25o.; 6 6 - 6 8 degrees, 26c.; cases New
York, 15)420. Refined petroleum, tank wagon to store,
13c.; motor gasoline, garages (steel barrels), 26o. Parkers­
burg, W. Va., wired to-day that the taking of oil from the
fields of West Virginia has practically been stopped by an
order of tho Eureka Pipe Line Co., which was issued from
headquarters of tho company there to the effect that all
tankago is overcrowded and that the receipts of oil during
tho last three months have greatly exceeded the deliv­
eries. The Standard Oil Co. of Louisiana has raised tho
price of gasoline lc. to 23c; tank wagon and 26c. at service
stations. The daily average gross crude oil production in



[V ol. 114.

C H R O N IC L E

the United States for the week ended May 6 , according to
the estimates of the Ameriacn Petroleum Institute, was
1,407,450 bbls., against 1,411,700 bbls. in the preceding
week (a decrease of 4,250 bbls.) and 1,308,650 in tho samo
week last year. The production by States follows: Okla­
homa, 373,650 bbls., against 374,350 last weok and 288,800
last year; Kansas, 81,800 bbls., against 82,000 last week and
95,950 last year; north Texas, 50,500, against 52,300 and
71,850; north Louisiana and Arkansas, 118,350, against
118,750 and 82,900; Gulf Coast, 109,600, against 114,600
last weok and 106,970 last year; Eastern, 119,000, against
118,500 last week and 129,500 last year; Wyoming and Mon­
tana, 74,850, against 71,900 and 70,220; California, 330,­
000, against 330,000 last week and 339,000 last year.
P e n n s y l v a n i a ______ S 3 2 5
C o r n i n g . ................
190
C a b e l l _______________2 11

Somersot_______

19 0

S o m e r s e t , l i g h t ___ 2 15
R a g l a n d ......................... 1 0 0
W o o s t e r ____________ 2 7 0

L i m a . . ............................3 2 4 8 C o r s i c a n a , h e a v y . $ 0 7 5
I n d i a n a ___________________2 2 8 l e c t r a _______________ 2 2 5
K
P r i n c e t o n ________________ 2 2 7 t r a w n _______________ 2 2 5
S
I l l i n o i s ___________________ 2 2 7 a n g e r ...............................2 2 5
R
K a n s a s a n d O k la ­
M o r a n _______________ 2 2 5
h o m a ___________________ 2 0 0 e a l d t o n ___________ 1 0 5
H
C o r s i c a n a , l i g h t ___ 1 3 0
M o x l a ______________ 1 5 0

RUBBER dull and easier. One or two large factories
show interest in nearby rubber, but their views are J^c.
under holder’s prices. Of late London has been more active.
Mail reports from that market state that the activity has
been confined to lower grades of plantations. First latex
crepo and ribbed smoked sheets, spot May and Juno 15%c.;
July-Sept. lSJ-gc.; July-Dee. I 6 k£c.; Oct.-Dec. 16*H(e. Para
quiet; up river fine 18%c.; coarse 13J4c. Later weakness
here was due to a declino in London. Offerings hero increas­
ed. On the declino somo of tho larger factories bought a
a little more freely. London reports a lack of support. It
was also affected by lowor prices in America. Plantation in
London 8 kgd. for standard crepe; fine hard Para lOb^d.;
sellers.
HIDES have been in the main quiet of late. Frigorifico
steers were quoted at around $42 50, howover. It was said
that about 40,000 Buenos Aires kips sold at 15c. for 5 - 6 kilos.
Sales were reported of 4,000 Swift La Plata steers at $42 50.
The River Plate market, in other words, has been stronger,
according to reports received here. Tho price of $42 50 is
reckoned as equivalent to 17 l-16c. sight credit. It was
said that an up-town packer here sold 3,000 April native
steers, 1,800 Butt brands and 3,000 Colorados and that the
price paid was 1 3 for steors, 13c. for Butts and 12e. for
Colorados. Bogata has quoted most of tho week nominally
at 15@15h£c., Orinoco, 13 to 14c. Country hides are
quiet. Steers 60 or over nominally around 9c. Later dry
hides were reported higher; 17,000 sold on the basis of 16c.
for Bogota, it was said. This was for common Bogota and
17c. for mountain. Stocks of common dry hides are said
to be anything but burdensome. Later a sale was roported
of 4,000 La Blanca steers at 15%c. sight credit.
OCEAN FREIGHTS havo been quiet and weak with an
oversupply of tonnage. In London trade is very dull.
C h a r te r s in c lu d e d lu m b e r f ro m G u lf to R iv e r P la te , 18 0 s. M a y ; s u g a r
f ro m C u b a to L iv e rp o o l, $ 5 5 0 M a y ; fro m C u b a to M o n tr e a l, 21 H e .
p r o m p t; 2 1 ,0 0 0 q r s . g r a in f ro m M o n tr e a l to M e d it e r r a n e a n , 4 s. 7 H d . ; o r
A d r ia tic , 4 s . 1 0 H d ., o p tio n tw o p o r ts a t l H d - e x tr a , M a y ; g r a in fro m
M o n tr e a l to A n t w e r p - I l a m b u r g ra n g o , 1 5 H e . J u n e ; f lo u r fro m M o n tr e a l
to N o v o ro s s is k , $ 8 M a y ; m e ta l f ro m U n ite d K in g d o m to N o w Y o r k , $ 2 5 0 .
fre o lo a d in g a n d d is c h a r g e , M a y ; d e a ls fro m C h a t h a m , N . B ., to U n ite d
K in g d o m . 8 0 c . M a y ; lu m b e r f ro m R e s tig o u c h o to B u e n o s A ire s , 8 1 3 J u n o ;
f r o m R e s tig o u c h o t o R o s a r io , $ 1 5 J u n o : s ix m o n t h s t r a n s a t l a n t i c t i m e c h a r ­
t e r ( o i l t r a d e ) , 4 s . 9 d . p r o m p t ; g r a i n f r o m R i v e r I ’l a t o t o U n i t e d K i n g d o m ,
C o n t in e n t , 3 3 s . 6 d . J u n o ; 2 5 0 ,0 0 0 c a s e s o f p e tr o l e u m f ro m N e w Y o r k o r
P h i la d e l p h ia t o tw o o r f o u r p o r t s in N o r t h C h i n a , b a s is 3 0 c . J u n o ; s u g a r
f r o m C u b a t o U n i t e d K i n g d o m , 2 4 s .; o p t i o n M a r s e i l l e s , a t 2 5 s . 6(1. M a y ;
c o a l f ro m H a m p to n R o a d s to N e w H a v e n , N o w L o n d o n o r A liy s P o in t,
at
J O p r o m p t: s u lp h u r f ro m S a b in e P a s s to H e ls in g fo rs , $ 6 5 0 M a y ;
g ra in fro m M o n tr e a l to A n tw e r p - I la m b u r g ra n g o , 15 3 4 c ., o p tio n o f ra n g o
lo a d in g a t 1 3 H e . M a y ; d e a ls fro m C h a t h a m . N . J L , to U n ite d K in g d o m ,
7 7 s . G d. M a y ; t im e c h a r t e r , o n e r o u n d t r i p U n i t e d S t a te s a n d W e s t C o a s t
S o u th A m e ric a . 81 10 M a y d e liv e ry ; s u b le t c o a l a n d c o k e fro m M o b ile to
C a lla o $ 4 7 5 a n d $ 5 7 5 , r e s p e c tiv e ly , M a y lo a d in g ; g r a in f ro m A tla n tic
ra n g o to D e n m a rk 2 2 H c . tw o . 2 3 c. th re e p o rts ; s u g a r fro m C u b a to U n ite d
K in g d o m , 2 3 s . 3 d . M a y ; c o k e f ro m W a le s to C h ile , 2 2 s . G d. M a v ; o a ts f ro m
A tla n tic ra n g e to a F re n c h A tla n tic p o r t, 3 s. 1 0 H d . M a y ; g ra in fro m M o n t­
re a l to D e n m a rk , 2 2 c . tw o , 2 2 H c . th r e e p o r ts M a y .

TOBACCO has been somewhat more steady, with a fair
demand. There has been nothing like activity. The De­
partment of Commereo says that on April l the stocks of
Burley leaf tobacco held by manufacturers and dealers
were 305,026,582 lbs., against 399,001,690 lbs. at the samo
time last year; also 27,158,653 lbs. of broad loaf tobacco,
against 31,955,546 lbs. at the samo time in 1921. So that,
as compared with a year ago, there is a considerable decrease
in available stocks. Later on it is bolioved that trade will
really wake up. The best that can be said now is that it is
perhaps a little better than it was recently.
COPPER advanced to 13 )4l @13)^0. for electrolytic.
The principal factors in the advance aro tho bettor demand
and dwindling supplies. Surplus copper, exclusive of that
held by tho Copper Export Association, is estimated at
100,000,000 lbs. Export business continues good. It is
apparent that sellers are taking advantage of tho present
scarcity in the belief that new supplies coming from the
mines and smelters will not become a factor until tho latter
part of July or the first of August. On the other hand,
London has been easier of late. Tin quiet and easier;
spot 30%e. And London has not fluctuated much. On
the 1 0 tli inst. prices there advanced only 2 s. 0 d., which is
comparatively very small, as compared with price vari­
ations this year. Lead quiet at unchanged prices. The
strike at the Perth Amboy plant of the American Smelting
& Refining Co., it is behoved, will havo tho effect of tight­
ening the local supply. This company, it is roportod, has
been selling at 5.25c. New York, while outside dealers quote

May 13 1922.]

THE CHKONICLE

2147

Boston’s comment on the Melbourne sale of May 10th was
as high as 5 .'40c. Spot New York, 5.35@ 5.40c.; St. Louis,
5.10@5.15o. Zinc quiet hut firm; spot New York, 5.35@ in a bullish vein. It interpreted the Melbourne prices from
5.40c.; St. Louis, 5.05@5.12J^c. British dealers look for the American viewpoint as follows: Geelong 58s60s, first
moro stabilized prices owing to smaller supplies. Later, coat 25.Ltd- or 81 Ylc. clean landed basis for wool estimated to
shrink about 36%, taking exchange at $4 40. For 56s-58s
however, prices on all exchanges receded a littlo.
PIG IRON has advanced with coke prices. Coke has the costs were 22d or 72c. clean landed on a shrinkage of 36%.
risen decidedly. Basic iron has been shipped from Ala. to For 46s-50s, 16M>d for wool shrinking 28% or 50c. clean land­
Youngstown. Buffalo iron has been shipped by water to ed. For 40s-44s. 16 Y d or 33c. clean basis for wool shrinking
Chicago. Chicago prices are believed to be tending upward. 25% and 7d. for 36s-40s shrinking 24% or 2 2 y2o. clean
Basic iron is held at $25. at Younstown. In the Pittsburgh landed. In Boston prices were still firm but purchases
district prices advanced $2. on basic and $3, on Bessemer. In slacken.
In London on May 10 the joint offering was 11,400 bales.
the East trado has latterly fallen off. The most firmness is
shown in te South, the Valley district and Chicago. Tliere All sold promptly at firm and unchanged prices. Details:
evidently the demand is better than in this section. Big Sydney, 1,795 bales; greasy merino 14 Y d - to 23d.; crossbred,
consumers recently supplied themselves at least for a time. 9 Y d . ' to 20d. Queensland, 759 bales; greasy merino,
For a couplo of weeks quotations have been $24. in the East 18J^d. to 27d. Victoria, 1,266 bales; greasy merino,
for Eastern Pennsylvania and $23. at Buffalo. One dis­ 71J^d. to 35d.; crossbred, 7 Y d . to 2 2 Y d ■ West Australia,
patch says that Birmingham is seeking no more iron orders 2,832 bales; greasy merino, 14Yid to 27d.; scoured, 323-^d.
to 44d. New Zealand, 4,100 bales, chiefly greasy crossbred.
at the moment.
STEEL has been tending upward with the coal strike Sold quicklv to home and Continent, 7d. to 19d. In
restricting production. On the other hand, however, many London on May 11 10,650 bales of free grades were offered.
consumers seem to bo pretty wfell supplied for the time Demand good from British and Continental operators and
being. Sales have slackened. The April production of fair from America. Details: Sydney, 3,570 bales; greasy
steol ingots gained 11 % over March in tho daily rate. March merino, 15d. to 31 d .; scoured, 36H d. to 4 4 Y d . Queens­
ran 20% over February. The output of motor cars is in­ land, 2,738 bales; greasy merino, 17d. to 27d.; scoured, best,
creasing. Some consumers’ stocks of steel aro behoved to 49d. (the highest of the series). Victoria, 2,301 bales;
bo low'. But production is undoubtedly curbed by the greasy merino, 25 Y d . to 30d.; scoured, 28 Y d . to 42d.
growing scarcity of fuel. Some mills making steel bars are New Zealand, 1,599 bales; crossbreds, the bulk to York­
beginning to allot tonnage. Somo loading producers aro shire; greasy, 7d. to 16d.; slipe, 8 Y d . to l 5 Y d . Berlin
not trying to put up prices at this time. Lake shipbuilding cabled that the Association of German Wool Manufacturers
is increasing to an unexpected extent. Japan is buying is to quote fixed prices and declares that all prices for the
rails on an unexampled scale for that country, so far as future will be based on the market value on the delivery
American markets are concerned. In a word, there is a date. Jobbers and retailers are threatening a boycott and
steady demand for steel from one source or another, and tho to cancel orders already placed unless this decision is re­
______ __________
tono is firm, ovon though buyers are not in all cases so considered.
eager as they were a short time ago. Naturally holders are
COTTON.
firm, despite that tho new buying on the whole because
Friday Night, May 12 1922.
most of them are booked ahead hoavily.
THE MOVEMENT OF THE CROP, as indicated by our
WOOL has been more active and firm. There is said to
be considerable speculative buying. Boston is said to be telegrams from the South to-night, is given below. For the
up 5c. this week. ‘
Western clip is reported to bo selling week ending this evening the total receipts have reached
rapidly. Now domestic clip has met with a quick sale at 124,013 bales, against 94,458 bales last week and 86,760
the West. Utah has boon fairly well cloared of now wool; bales the previous week, making the total receipts since
42c. was paid last week for wool similar to tho Jericho wool tho 1st of Aug. 1921 v 5,277,984 bales, against 5,496,245
recently sold at 40c. South Utah wools, as a rule, it is said, bales for the same period of 1920-21, showing a decrease
sold at around 35c. Oregon and Idaho for lower grades, since Aug. 1 1921 of 218,261 bales.
35c. to 37c. sometimes, and 38c. for choice fine clips.
W ed.
T h u rs.
T o ta l.
M on.
T u es.
F r i.
S a t.
Montana, it is claimed, sold at 40c. for a fine and half-blood
clip; sales at 33@35c. in Wyoming. California and Toxas
3,099
900 28,261
5,451
9,316
4,828
4,667
1,332
1,332
wool is said to be selling on about tho above basis. At
___
___ 26.812
6,792
6,602
13,418
Bradford last weok tops and yarns vr
ere strong under tho
1,650 26,486
9.036 4,336
5,749 2,222
3,493
332
343
643
818
2,762
191
influence of the advance in wool. Actual business, how- M o b ile ________
43o
___
____
32
32
evor, moderate. Dress goods and coatings were in better
821
976 13,918
2,956 3,912
2,951
2,302
___
400
400
demand; other piece goods quiot. At Brisbane, Australia,
1,312
1,052
8,148
577
1,742
834 2.631
last Friday, the wool sale closed with only a poor selection W ilm ington— 445
358 2,624
255
407
552
607
offered. Demand good, nevertheless. Prices compared
1,664 10,024
905
1,949
1,756 2,439
1,311
___
___
174
1,077
103
800
with thoso ruling at the close of the March salo' showed Boston _ _ ______
___
104
858
529
25
200
____
morino good greasy unchanged to 5% higher. Modium B altim ore--------1,279
1,279
—
—
—
—
advancod 10%; good skirtings, 10 to 15%, inforior and
124,013
faulty, 5%, scoured superior fleece, 15%; ordinary 10%, T otals this w eek. 27,370 23,223 22.513 22,306 18,511 10,090
The following table shows the week’s total receipts, the
and skirtings, 10 to 15%.
On May 7 cable dispatches from Adelaide, South Aus­ total since Aug. 1 1921 and stocks to-night, compared with
tralia, stated that at tho wool sales thero last wook some the last year:________________ ___________________________
22,500 bales were offered and practically all sold. Selec­
1920-21.
S lo c k .
1921-22.
tion good, attendance largo, demand good. Qualities suit­
R e c e ip ts to
S in c e A u g
S in c e A u g
T h is
T h is
able for America wore in quick demand. Yorkshire bought
■ M a y 12.
W eek.
1922.
W eek.
1 1921.
1 1920.
1920.
the most. The Continent bought. Prices comparod with
28,261 2,258,714 69,203 2,607,381 203,744 386,020
thoso of March 27 were 10 to 15% higher, except for coarse
35,507
6,026
16,132
1,332
27,367
crossbreds. The highest price for greasies was 2 6 Yid., H o u sto n ________ 26.812 411,300 1,746 379.574
............
............
10,305 ' ” 488
58,283
while numerous kinds of Southeastern sold up to 25d. Spin­
ners’ 64s sold at 44d.; topmaking 64s at 40d. clean scoured New Orleans_____ 26,486 1,071,597 23,247 1,236.600 228,312 412,722
________
5,760
8,123
Adelaido. The next salo, the last of tho season, has beon Gulfport________ 2.762 134,710 2,012 86,469
5,727
20,910
M obile__________
2,045
fixed for Juno 2.
1,787
32
1,604
4.672
3,260
In London on May 8 tho sales were resumed with 11,500
83,456 177,810
13,918 645,997 22.935 556.218
3,099
2,079
12,015
400
25,663
bales on behalf of tho Realization Association. Selection
71,062 253,965
76,683
5,747
8,148 117,631
miscellaneous, i. e., good-conditioned greasy and scoured C harleston______ __
—
__________
__________
__________
G eorgetow n____
25,721
79.310
3,072
33,886
clips. Good demand from British, Continental and Ameri­
2,624
91,499
85,172
can buyors at unchanged prices. Details: Sydney, 3,092 N orfolk_________ 10,024 319,261 7,402 248,029 __________ 110,405
__________
27
1,606
583
28,865 156,984 130,S73
421
bales; gi'casy merino, 22d. to 29d.; scoured, 15d. to 45Yd.; Now York_______ 1.077 25,637
31,989
10,226
10,750
785
39,211
858
groasy crossbred, Od. to 2 Id. Queensland, 561 bales; Baltim ore___—
40,650
4,022
4,692
727
55,755
1,279
6,304
greasy crossbred, 9d. to 18d. Victoria, 653 bales; greasy Philadelphia------229
5,755
5,076
29,326
comeback, 20d. to 24Yd.; scoured merino, 33J^d. to 4 5 Hd.
T otals________ 124,013 5,277,984 138.041 5,496,245 890.414 1,567,603
New Zealand, 5,525 bales; greasy crossbred, 6 K fl- 1° 19d.
In order that comparison may be made with other years,
In London on May 9 the joint offering was 12,400 bales.
Demand good from British, Continental and American oper­ we give below the totals at leading ports for six seasons:
ators. Attendance largo, prices tending upward. Dotails:
1919.
1918.
1917.
1920.
1922.
1921.
Sydney, 1.099 bales; greasy merino, 19d. to 26 Y d 4 scoured, R e c e i p t s a t —
7.665
24,809
11,299
29.758
69,203
G alveston____
28,261
29d. to 38^ d.; greasy crossbreds, llj^ d . to 20d. Victoria,
1.394
3,959
2,536
1,332
2,234
C ity, Ac1,714 bales; greasy merino, 22d. to 3 0 M
>d.; crossbreds, Toxas Orleans. 26,486 23,247 22,987 27,140 24,324 20,144
New
747
363
869
985
2,012
2.762
l 2 Y d . to 22Yd.; scoured merino, 30d. to 42d. West Aus­
3,821
14.185
11,071
11,278
22,935
13.918
tralia, 2,971 bales; 15d. to 28d. New Zealand, 5,696 bales; Savannah___
3,000
5,000
500
400
B runsw ick_
_
801
2.574
346
616
5.747
crossbreds had a brisk salo, especially to Yorkshire; best Charleston, &c
8,148
10
496
1,538
386
3,072
2,624
groasy, 30d.; slipe, 18d. At Melbourne on May 9 5,500 Wilmington . .
4,632
3,671
614
2,002
7,402
10,024
57
38
bales wore offered, mainly of late shorn Southeastern meri­ N ’port N ., &c.
27
1,852
2,369
1,702
1,565
2,162
30.058
nos and crossbreds in light condition. Demand sharp. All others___
Americans &ood buyers of fine merinos. Compared with T ot. this week 124,013 138,041 54,213 90,191 48.490 60,116
tho last sales tho closing prices for 56s and upward wero un­
6,425,498 4,665.178 5,327,758 6.309.424
changed to 5% higher; 50s downward, practically un­ Since Aug. 1. . 5.277.984 5.496.245
T he exports for the week ending this evening reach a total
changed. Merinos sold up to 27%d., comebacks 26d. and
of 111,283 bales, of which 35,458 wero to Great Britain,
crossbreds 12 %d.



314:8

THE CHRONICLE

14,737'to France and 6l,C88 to other destinations. Be­
low are the exports for the week and since Aug. 1 1921 are
as follows:
W eek e n d in g M a y 12 1922.
E x p o r te d to —•
E x p o r ts
fr o m —

G reat
B r ita in . F ra n c e . O th er.

G a lv e sto n
H o u s t o n ___
T e x a s C i ty .
G u l f p o r t ___
N ow O rleans
9,774
M o b ile _____
3,849
J a ck so n v ille
P e n sa c o la . .
S avannah. .
B ru n sw ic k .
C h a rle s to n . 10,149
W ilm in g to n .
N o r f o lk ____
4,619
N ew Y o rk ..
B o s t o n .. ___ " “ <55
B a ltim o re . .
P h ila d e lp h ia
L o s Angeles
S a n F r a n ___
S e a ttle ..........
T a c o m a ____
P o r tl 'd , O re.

T o ta l.

7.583

12,740 19,591
2,632 12,781
4,619
927
103

165
38

T o t a l ___

G reat
B r ita in .

F ra n c e.

537,712
97,774
13,301 23,075
3 ,849

6,851

F ro m A u g . 1 1921 to M a y 12 1922.
E x p o rte d to —

100
400
150

5,534
28 4 ,1 7 7
54,114
400
1,275
172,636
20 ,8 5 5
44,876
9,000
102,487
28,723
2 ,079
2.C59
424
19,914

106,413
6,733
65,269
4.0 0 0
8,500
5.000
7,650
226
450
150
1,482

6 1 ,088 111,283 1,384,039

T o ta l '20-21 15,748
T o ta l '19-20 28,924

6 2 8,540 2,921,814 4 ,934,393

4 8 ,048 63,796 1,392,512
63,381 101,825 2 ,8 6 6 ,8 8 3

476,860 2 ,3 6 6 ,9 5 8 4 ,2 3 6 ,3 3 0
5 2 4 ,6 6 5 2 4 2 7 ,0 1 1 5 ,8 1 8 ,5 5 9

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. Wo add similar figures for
New York.
O n S h ip b o a r d , N o t G e a red fo r —

M ay

12

a t—

G reat
| G erB r ita in . F r a n c e .) m a n y .

Galveston_____ 17,019
N ew O rleans..
0,713
Savannah_____
7.000
C harleston*_
_
1.000
M o b ile ______
N o r f o lk ._____
2,000
Other ports*. _ 7,500
T otal 1 9 2 2 ..
T otal 1 9 2 1 ..
T otal 1 9 2 0 ..
* Estim ate.

41,832
03,708
45,080

5,025
4,358

5.000
5.001

10.192
11,057

1,500
2,000

1,000
3,719
500
1,500

1,000
1,000

O th e r
C o n i'n l.

11,383 14,101 27,908
10,904 20,309 03,509
1,708 20,900 52,470

C o a s t­
w is e .

T o ta l.

3,000 40,836

1,730 29.519
800 7,800
3.000
375 4.094
4.000
500 12,500

L e a v in g
S to c k .

102,908
198,793
75,056
68,062
1,633
81.172
200,441

0,405 101,749 788,605
3,800 168,290 1,399,313
14,484 134,708 980,978

Speculation in the cotton for future delivery has been active
and on Thursday prices took a sudden upward turn after a
decline for a couple of days, due to better weather at the
South and heavy liquidation at home and abroad. Spot
prices fell off for a time. Rains in Texas and the Southwest
generally let up. Galveston telegraphed that there was still
a chance for the crop in Texas. Of course, everybody knew
that. The cotton crop is not supposed to be killed in the
early days of May. Good weather from now on would make
a big difference in the ultimate outcome. The real test for
the crop comes in July and August. June prospects are apt
to be good. In April and May the situation often looks bad.
Later on it is quite as likely to improve. Present prices are
a big incentive to the South to try to raise a big crop. Also,
there are reports that large quantities of cotton are on their
way to New York for delivery on May contracts; the other
day 12,000 bales left Southern ports. Another indication of
coming arrivals here was the drop in the premium on May
over July. Recently it was 77 points; on Wednesday it had
got down, however, to 32, and even after something of a
spurt in the market on Thursday afternoon, it was still only
36 points. It is believed by not a few that ultimately May
will go to a discount under July, just as March did under
May. Naturally, the object would be to head off big ship­
ments to New York from various parts of the South. But
the Southern markets are believed to be on a tenderable
basis for May delivery here. There are even stories in cir­
culation that the May tenders which have got up to near
about 75,000 bales will ultimately reach 150,000 bales before
the delivery expires in about two weeks. At times Liverpool
has been selling here quite freely. Its own market has
shown the effects from time to time of liquidation. Japan­
ese interests are credited with selling, although sales attrib­
uted to such a source are sometimes in reality for Wall
Street or other interests. Wall Street and the West have
sold. Old bulls have reduced their lines or got out. Talk of
reaction has been very general from time to time, especiallv
of late, after a recent advance of $10 to $11 a bale with no
great setback. A long interest accumulated. Naturally, the
shorts were dragooned out of the market by such a whirl­
wind rise. On the 11th inst. the map was noticeably better.
There was very little rain either east or west of the Missis­
sippi River. In the Eastern belt, at least, it was warmer.
Liverpool dropped. The market both here and in Liverpool,
not to mention New Orleans, still looked overbought. Liver­
pool and the South, as well as spot concerns sold here. The
rise by many was considered too rapid. A low barometer
which has been threatening Texas moved northward over
Wednesday night, towards the Great Lakes. The stock mar­
ket declined on the 11th inst. That of itself affected cotton.
But on the other hand, there was an almost dramatic
change in the last hour on the 11th inst. It was not alone re­
ports of renewed rains at Waco and Dallas, Central Texas,



[V ol 114.

that alarmed the shorts, nor an advance in wheat of 3 to 8c.
What counted for more was a report that the Lancashire
Federated Master Spinners’ Association would hold a special
meeting today to consider the possibility of a shortage of
new cotton this year. This is taken to mean that Lancashire
has its eye especially on America, where an increase in the
crop of four to five million bales is needed, with small pros­
pects, judging from present appearances, of its being raised.
Lancashire has been more or less nervous on the question of
supplies for some little time past. And now that the wage
question has been settled and India is buying cloths on a
much larger scale and yarns are firmer, with a better de­
mand, Lancashire is giving more heed than ever to the ques­
tion of potential supplies of cotton this year. If the crop in
this country should fail or partially fail it is recognized that
this might bring about a serious situation for cotton spin­
ners. Moreover, in this country, cotton goods have been
more active. Fall River sales have been larger; they they
are again estimated at 250,000 pieces for the week. And the
courts of Rhode Island in seven different cases applying to
as many mills have granted injunctions restraining strikers
from picketing mills and practically picketing willing work­
ers at their homes. Under these circumstances it is said that
mills are reopening all over Rhode Island. At Lawrence,
Mass., efforts are being made to bring about some sort of
compromise and reopen the mills also. And presumably,
some adjustment of the dispute will be reached sooner or
later at Manchester, N. H., where one of the largest mills by
reason of the strike has had, it is stated, to cancel orders
for fall ginghams to the amount of something like 50,000,000
yards. In other words, things are waking up in the textile
world and there Is more incentive for the employers and
workers to get together. Labor leaders assert that Lowell,
Mass., is on the eve of a big textile boom. Lawrence, Mass.,
mills, however, are understood to insist upon a wage cut of
20%, as otherwise there would be no profit in operating the
mills. Turning to the spot markets at the South, they were
at one time much more active, daily sales reaching anywhere
from 15,000 to nearly 20,000 bales a day. And although later
on they fell off to about one-lmlf this total, they rose on
Thursday to nearly 15,000 bales again under the spur of big
Liverpool buying. Liverpool, indeed, was said to be buying
all over the South. Here on the llt li inst. it was found that
the local element had oversold themselves. The technical
position, therefore, became strong. The supply of contracts
was found late in the day to be small. Wall Street and the
West became buyers, with some stocks up and wheat advanc­
ing 3 to nearly 8c. Of late sterling exchange has been up to
a new “high.” And old bulls, despairing of getting the kind
of reaction they were looking for, in some cases re-entered
the market on Thursday. There is a strong undertone of
bullish sentiment. Nine men out of ten doubt whether an
adequate crop can be raised. They think it will require al­
most phenomenally good weather to do it. They are not in­
clined to bank on anything phenomenal. They are disposed
to stick to what they think is probable. They believe that
the chances are that supplies for the season of 1922-23 will
be reduced to a regrettably low level. It remains to be seen
whether events will verify this reaso»ing. One report to-day
was that the domestic consumption in April was 456,000
bales, against 409,000 last year, although in March it was
518,450 bales. British exports of yarns in April were 21,000,­
000 pounds, against 9,000.000 in April last year, and of cloths
303,000,000 yards, against 187,000,000 in April last year.
Prices declined to-day on better weatiier and week-end
liquidation; rallied later on good spinners’ taking, but re­
acted again with fair weather promised for Texas and the
Southwest. Closing prices were virtually the same as on the
preceding day. They ended, however, 32 points up for the
week on May and 60 to 62 higher on other months. Spot cot­
ton closed at 20.15c for middling, an advance for the week of
35 points.
The following averages of the differences between grades,
as figured from tho May 11 quotations of tho ten markets
designated by the Secretary of Agriculture, are tho differences
from middling established for deliveries in the Now York
market on May 17.
M id d lin g f a i r . ................................ 1.81
S tric t good m id d lin g ............................1.40
G o o d m id d lin g ..........................................96
S tric t m id d lin g ........ ................................ 5 5
S tric t low m id d lin g ................................58
Low m id d lin g ................
1.33
‘ S tr ic t good o r d in a r y ......................... 2.2 5
♦ G o o d o r d i n a r y . . ................................ 3 .2 3
S tric t good m id . " y e llo w " tin g e d . .56
G ood m id d lin g “ y ello w ” t i n g e d .. .08
S tric t m id d lin g " y e llo w ” t i n g e d . . .65

on
on
on
on
off
off
off
off
on
on
off

♦ M id d lin g "y e llo w ” tin g e d .............1.70 off
♦ S tric t low m id . " y e llo w " tn g e d .2 .4 9 off
♦Low m id d lin g " y e llo w " t in g e d . .3 .3 1 off
G o o d m id d lin g " y e llo w " s t a i n e d . 1.31 off
♦ S tric t m id . " y e llo w " s ta in e d ____2.2 6 off
♦M id d lin g "yellow” s ta in e d _____ 3.1 9 off
♦G ood m id d lin g " b lu e ” s t a i n e d . .1 .6 1 off
♦ S tric t m id d lin g " b lu o ” s t a i n e d . . 2.3 9 off
♦M id d lin g " b lu e " s ta in e d ................3.1 6 off
♦T hese te n g ra d e s a r e n o t d o llv o rable
u p o n fu tu r e c o n tra c ts .

The official quotation for middling upland cotton in the
New York market each day for the past weok has boon:
M a y 6 t o M a y 12—•
S a t.
M iddling uplands____________ 19.55

A 011. T u e s. NVeil. T h u rs. Frl.
V
20.15 20.00 19.90 20.15 20.15

N EW YORK QUOTATIONS FOR 32 YEARS,
The quotations for middling upland at New York on
May l 2 for each of the past 32 years have been as follows:

1922 . . .
1921 . . .
1920 . . .
1919 . . .
1918 . . .
1917 . . .
1910 . . .
1915 . . .

-20.15c.
--12.85C.
-.41.40c.
-.28.90c.
..27.85c.
..20.15c.
..13.05c.
. . 9.85c.

1 9 1 4 ...........13.20c.
1 9 1 3 _____ 12.10c.
1 9 1 2 _____ 11.70c.
1 9 1 1 --------15.90c.
1 9 1 0 -------- 15.95c.
1909 _____ 11.30c.
1908 -------- 11.05c.
1907 ...........11.90c.

1900 ...........ll.GOc.
1905 ______ 8.15c.
1904 _____ 13.05c.
1903 _____ 11.30c.
1902 ______ 9.62c.
1901
_8.12c.
1900 -------- 9.88c.
1899 ........... 0.25c.

1898 ______ 0.38c.
1897 .......... 7.75c.
1890 .......... 8.31c.
1895 .......... 0.75c.
1894 ______ 7.31c.
1893 .......... 7.81c.
1892 _____ 7.25c.
1891
_8.94c.

2149

THE CHRONICLE

May 13 1922.]

FUTURES.—The highest, lowest and closing prices
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as New York for the past week have been as follows:
well as the afloat, are this week’s returns, and consequently
S a tu r d a y , M o n d a y , T u e s d a y , W e d ’d a y , T h u r s d ’y, F r id a y ,
all foreign figures are brought down to Thursday evening.
M a y C.
M a y 9. M a y 10. M a y 11. M a y 12. W e e k .
M ays.
But to make the total the complete figures for to-night
1
(Friday), we add the item of exports from the United States, M a y —
Range____ 19.22-.39 19.40-.90 19.70-135 19.55-110 19.40-.94 19.70-1C0 19.70-fO
O
Closing___ 19.30 — 19.88-.89 19.73-.75 19.63-.68 19.90-.92 19.87 — --- --- —
including in it the exports of Friday only.
M a y 12—
Stock a t Liverpool------------ bales.
Stock a t London-----------------------Stock at M anchester-----------------

1922.
903,000
-----­
59,000

1921.
1920 .
990.000 1,205.000
2,000
11.000
99.000
199,000

1919.
533,000
12,000
78,000

T o t a l G r e a t B r i t a i n _______________

9 6 2 ,0 0 0

1,091,000 1,415,000
14.000
2?'9Q9
57.000
}7o,000
t^O.OOO 334.000
11.000
78,666
169.000
34,000
.......

623,000

Stock at Hamburg....................
35.000
Stock a t Bremen............................... 310.000
Stock a t H avre................................... 153.000
S t o c k at R o t t e r d a m ....................
6,000
84.000
Stock at Barcelona............................
Stock at G enoa-------------------------Stock at G hent_________________
10,000
Stock a t A ntworp---------------------2,000
T o t a l C o n t i n e n t a l s t o c k s ______

6 .6 ,0 0 0

558,000

187,000
6,000
79.000
83.000

—
—
R ange____ —
19.43 — --------------- ----- --- 19 43 —
Closing___ 18.35 — 19.14 — 19.15 — 19.16 — 19.40 — 19 30 — --- — —
•
J u ly —
Range____ 18.55-.73 18.78-144 19.29-.80 19.21-.61 19.05-.63 19.36-.73 18.78-180
Closing___ 18.69-.72 19.42-.44 19.35-.40 19.31-.33 19.54-.60 19.50-.53 —
A u g u s t—
Range____ —
19.27 — 19.75-.77 —
19.18-.19 19.43 — 19.18-177
Closing___ 18.73 — 19.46 — 19.45 — 19.41 — 19.52 — 19.50 — — —. —
S ep tem b er —
|
-- --- --- --- --- --- 19.70 — -- --- --Range____
19.70 —
Closing___ 18.80 — 19.49 — 19.39 — 19.35 — 19.53 — 19.48 — — --- —.
O ctober —

652.000

T otal European stocks-------------1.588,000 1.649,000
India cotton afloat for K u r o p o ...
m 2.000 69.000
American cotton afloat for Europo
325,000 263,976
E gypt, Brazil. &c. .afloat for Eur o
63.000 81,000
Stock in Alexandria, E g y p t-------- 200'099 , onv'nno
Stock in Bombay, India-------------- 1,184,000 1 .29£,000
Stock in U . S. ports-------------------- 890.414 1.567,603
Stock in U . S. interior tow ns------- 898,218 1.543,406
U . S. exports to-day.................
27.360
6,443

1

Ju n e—

355,000

978.000
28,000
•U o ’mk
266,035
309,115
48,000
49,000
351.000
1 U o'nnn QQQOfih
1,196,000 9 r
19’999
1,11,>,686 J.251,086
1,100,8.10 1,363,141
28,116
2.851

T otal vlsiblo supply__________ 5,367,992 6,738,428 6,092,807 5,287,113
Of the abovo, totals o f American and other descriptions are as follows:

Range__ _ 18.70-.92 18.96-157
Closing___ 18.83-.84 19.53-.56
N o v em b er —
--- -------Range____ —
Closing__ 18.83 — 19.55 —
D e cem b e r —
Range____ 18.73-.92 19.07-.63
Closing___ 18.84-.87 19.60-.63
Jan uary—
Range____ 18.08-.80 18.97-145
Closing___ 18.70 — 19.42-.45

1

19.40-.81 19.28-.68 19.10-.70 19.39-.72
19.43-.47 19.38-.39 19.56-.58 19.51-.55
1
—
—
19.25 — 1----------19.42 — 19.40 — 19.56 — 19.52 —

1

T otal visible supply. — - .........5.367 922 6.738 428 6.092 807 5,287 113
M iddling uplands, Liverpool------- ll-5 8 d .
7.48d.
26.40d.
17.75d.
30.05c.
41.15c.
12.65c.
M iddling upland, N o w York------ 20.15c.
30.08d.
86.30d.
18.50d.
E gypt, good sakel, L iv e r p o o l..-- 20.25d.
29.75d.
SO.OOd.
12.00d.
Peruvian, rough good. Liverpool. 13.00d.
16.50d.
22.10d.
7.55d.
Broach fine, Liverpool....... ............. 16.55d.
16.75d.
23.10d.
8.05d.
Tinnovolly, good, Liverpool------- 11.50d.
* E stim ated.

Continental imports for past week have been 102,000 bales.
Tho abovo figures for 1922 show a docrease from last week
of 131,126 halos, a loss of 1,370,436 bales from 1921, a de­
cline of 724,815 bales from 1920 and a gain of 80,879 bales
ovor 1919.
AT THE INTERIOR TOWNS the movemont—that is,
tho receipts for tho week and since Aug. 1, tho shipments for
tho week and tho stocks to-night, and tho sam eitem s for the
corresponding periods of tho previous year—is sot out in
detail below:
____________________
M o v e m e n t to M a y
R e c e ip ts .
W eek.

A la ., n i r m ’g 'm .
E u f n u la ..........
M o n tg o m e ry

S elm a...........

280
304
157
80
2,308
152

A rk ., H c l o n a ..
L ittle R o c k . .
P in o B lu ff. .
G a ., A lb a n y _
_
740
A th e n s . ~
3,270
A t l a n t a ...........
9,973
A u g u s t a -----098
C o lu m b u s —
455
M a c o n .- 130
R o m e ------200
L a ., S h re v e p o rt
147
M iss..C o lu m b u s
200
C la rk sd n lo . .
427
G re e n w o o d .
433
M e rid ia n —
144
N a tc h e z a —
41
V i c k s b u r g . ..
11
Y a z o o C ity M o ., S t. L o u is . 9,100
552
N . C . ,G r ’n sboro
903
R a le ig h -----100
O k la ., A l t u s . .
129
C h lc k a a h a —
280
O k la h o m a —
• . C . .G rc o n ^ U e 3.527
G re e n w o o T . T e n n .,M e m p h is 8,588
N a sh v lllo —
T e x a s , Abllcno
118
B ro n h a m -----A u s tin b -----80S
D a l l a s _____
H o n e y G ro v e
H o u s t o n ____ 27,281
428
P a r i s ____

San Antonio.
Fort Worth.

643

S ea so n .

12 1922.

S h ip ­
m e n ts .
W eek.

S to c k s
M ay

12.

1,213 7,043
30.355
80 2,795
5 ,942
1,277 18,892
40 ,8 2 0
1,243 0,538
39,449
31,025
301 12,121
175,10.8 2,705 48,090
390 49.725
120,100
0,010
348
1,923
89 ,900
1,800 28,388
217,404 3,218 31.073
343,502 13,090 105,474
52,079
1,070 10,243
34,928
1,055 10,409
29,945
130 9.812
00,213 4 ,700 3 0 ,200
19,732
011
2,272
130,257 2,200 30,989
89,793
2,233 24,955
32,302
1,905 8 ,4 9 0
31,210
1,520 8,349
20,245
420 0 .885
30,151
702 10,292
744,198 9,345 25,807
54 ,910 3,130 10,032
11,233
900
387
82,493
801 0 ,500
58.732
428 5,151
00,518
688 12,692
148,585
2.854 30.957
___ 9 ,230
13,736
839,043 19,463 135,305
328
604
___
81,179
279
13,139
262 3,449
27,275
___
331
103,255
1,980 21,015
19,700
___ 11.403
2,432,303 55,840 141,601
51,138
668 4,1 1 8
___
49 ,288
946
02,432
1,287 6,127

M o v e m e n t to M a y
R e c e ip ts .
W eek.

S ea so n .

13 192.1

S h ip -

S to c k s
M ay

W eek,

13.

19.933
32 5 ,4 4 8
422
9 ,003
200 4,510
200
4 8 .093
529 30.041
295
32.479
232 10,928
108
48,446
1.025 13,127
102
7.550 194.142 3 ,420 70,394
4,181 125,520 0,121 73,421
10.026
188 5,913
1
2,343 133,341 3 ,1 0 0 4 2 ,092
7.728 152.830 6,501 30,640
7,701 3 3 4,957 7 ,3 7 9 139,789
37,828
305 34,111
157
44,060
1,888 15,583
1,453
2 8 ,0 9 9
998 7 ,715
385
8 9 .5 5 2
1,272 65 ,5 1 7
507
9 ,4 9 0
70
2 ,9 7 0
2 ,224 5 0 ,759
395 108,673
9 0 ,3 9 7 2 ,507 3 9 ,5 0 0
282
2 4 ,254
340 13,407
321
17,700
300 3 ,234
12.505
30
103 12,927
28.319
400 11,510
07
19,444 7 0 1.030 18,887 30 ,0 9 0
2 4 ,434
1,014
1,128 9 ,291
5,7 0 8
200
320
225
9 2 .080 3 ,5 4 0 17,408
2,979
70 .0 5 0 2 ,2 0 4 10,269
2,126
60 .5 8 9
7 4 .758
165 27,100
2.271
20,113
449
9 ,7 0 0
300
11,183 8 3 2,000 17,233 3 2 7,419
907
1,335
1,015 8 ,1 2 4
0 ,3 8 8 124,394
11,201
115 4 ,1 2 8
87
22,850
30C
8 ,200
45,431
934 17,215
819
20C
2 1 . 10C
5,0 9 0
6 6 ,901 2,618.101 62,221 3 2 0,087
9 9 ,007
1,776 12,278
1,371
692
2 ,872
1,004
42 ,0 9 2
1,727 121,823 3,259 2 4 ,3 5 4

Total. 41 towns 72,815 6,556 ,8 0 2 1 4 0 ,4 80898,218 152.377 6,5 9 0 ,5 0 1 154,1711543406
a L a s t y e a r s ngurea n u s " ,------ ----- - — -

Tho abovo totals show that tho interior stocks have de­
creased during tho wook 67,665 bales and are to-night 645,188
bales loss than that at tho same period last year. The
receipts at all tho towns have been 79,562 bales loss than
tho same wook last yoar.




19.25 —
--- — —.
-

19.40-.83 19.28-.67 19.14-.75 19.42-.75 18.73-175
19.41-.47 19.41-.42 19.56-.60 19.53 — ------- —
18.28-165 19.15-.54 19.00-.60 19.33-.63 18.28-165
19.32-.33 19.25 — 19.43-.47 19.43-.45 — --- —

F eb ru a ry —

|

18.71 — 19.45 — 19.34 — 19.27 — 19.43 — 19.44 — ------- —
1
M a rch —
18.71-173
Range____ 18.71-.84 18.96-154 19.50-.73 19.25-.60 19.00-.58 19.31-.62 —
Closing___ 18.72 — 19.50.54 19.55 — 19.30 — 19.44-.50 19.45-.46
Closing__

344.000
Live?pooias t ^ k . . ................ .b a le s. 516.000
600.000
930,000
l 19c. t 20c.
46,000
M anchester stock------------ --------- 42.000 83 000
178,000
324.000
Continental sto ck ______________ 543.000 476.000
.>50,000
MARKET A ND SALES AT
, 000 263,976
309,115
266,035
American afloat for Europo_____ 325
U . S. port stocks..........— --------- 890,414 1.567.603 1,115,686 1,251,086
U . S. Interior stocks....................... 898.218 1.543.406 1,100,890 1,363,141
F u tu r e s
Spot
6,443
28.116
2,851
U . S. exports to-day___________ 27,360
M arket
M arket
C lo s e d .
C lo s e d .
T otal American.............................. 3,241.992
4.540.428 4,211,8073,597,113
H a s t I n d i a n , B r a z i l , A c.—
_ 390.000
_
275.000
189.000 Saturday_ Quiet, 25 pts. d e c .. ste a d y .
Liverpool stock_________________ 387.000
_
2,000
11,000
12,000 M o n d a y _ Steady, 60 pts. ad v . Firm . .
London stock_____________________
U
_
16,000
32.000 T u e sd a y _ Quiet, 15 pts. d e c .. Q u ie t..
21,000
M anchester sto ck ------------------------ ^
102.000
31.000 W ednesday. Quiet, 10 pts. d e c .. Steady82,000
Continental stock---------------------eonnn
Thursday - - Steady, 25 pts. a d v . Strong.
114.000
28.000
69.000
63.000
India afloat for Europo-------------48.000 Friday_____ Quiet, u n ch a n g e d - Steady.
81.000
49,000
E gypt, Brazil, &c.. a f l o a t ------- 290.0 0
351.000
261.000
113.000
T o ta l.
mockiS Bom bay? In d ia!?-I" - - * oil iO O 1.297,000 1.196,000 999.000
Q
T otal East Tndia &c ............. 2,126.000 2,198,000 1.881,000 1,690,000
T otal Anun4cmi.- - - - - - - _____ 3.241.922 4,540,428 4,211,807 3,597,113

18.70-181
--- — --—

NEW YORK.
SA LE S.
S p o t.

C o n lr 't.

. . . .

5 . 600
3,200
5,300
7,900

___
—

T o ta l.

5 ,600
3,200
5,300
7,900

22.000 22,000

—

OVERLAND MOVEMENT FOR THE W EEK A N D
SINCE AUG. 1.—We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
------ 1921-22-----1920-21S in c e
M a y 12—
S in c e
A u g . 1.
W eek.
S h ip p e d —
W eek.
A u g . 1.
18,877 683.712
Via St. Louis...................................... 9.345
727,085
4,489 219,508
Via M ounds, &c_______________ 2,926
327,057
368 32,699
Via Rock Island________________ ____
7.858
1.735 57,111
Via L ou isville.................................... 1.323
71.902
4,893 112,519
Via Virginia points______________ 6.197' 218,620
19,041 365,757
352,118
Via othor routes. &c____________ 6.461
49,403 1,471,306
.26,252 1,704,640
D e d u c t S h ip m e n ts —
2,162 107,808
. 3,214 154,909
3.284
34,123
. 649 23,921
3,102 268.388
. 3,503 335,011
8,548 410,319
7,366 513.841
T otal to be deducted_________ .7,366
Leaving total net overland t _____ 18.886 1,190,799
40,855 1,060,987
t Including m ovement by rail to Canada.

Tho foregoing shows the week’s net overland movement
has been 18,886 bales, against 40,855 bales for the week last
yoar, and that for the season to date the aggregate net over­
land exhibits a decrease from a year ago of 129,812 bales.
-1920-211921-22-----In

S ig h t a n d S p in n e r s ’
T a k in g s .

W eek.

S in c e
A u g . 1.

S in c e
A u g . 1.

W eek.

Receipts at ports to M ay 12______124,013
N et overland to M ay 12---------------- 18,886
Southern consumption to M ay 12a 74.000

5.277.984 138,041 5,496,245
1,190,799 40,855 1.060,987
2,842.000 57,000 2,334.000

T otal m a r k e te d .............................216,899
Interior stocks In excess__________*67.665

9,310.783
*219,030

Came into sight during week.
T otal in sight M ay 12_______

235.896 8,891,232
tl.7 9 4
683,465

..149,234 ............. 234,102 .............
............. 9,091,753 ......... 9,574,697

Nor. spinners’ takings to M ay 1 2 . 30,763

1,890,049

41,192

1,581,230

t Dccreaso during week and season.
a Theso figures are consumption: takings not available.

Movemont into sight in previous years:
S i n c e A u g . 1—
B a le s .
1920— M ay 14........................... 134,774 1919-20— M ay 14___
1919— M ay 16...........................147,734 1918-19— M ay 16___
1918— M ay 17.......................... 134,086 1917-18— M ay 17----W e e k —•

B a le s .

...10,982,227
. . . 9,808.768
---10,876,228

QUOTATIONS FOR M IDD LING COTTON AT
OTHER M ARKETS.—Below are the closing quotations for
middling cotton at Southern and other principal cotton
markets for each day of tho week:
C lo s in g Q u o ta tio n s f o r M i d d li n g C o tto n o n W ee k e n d in g
M ay

12.

G alveston______
N ew Orleans_
_
M o b ile ________
Savannah--------Norfolk-----------Baltim ore______
A u gusta_______
M em p h is______
H ouston_______
Little R ock___
D allas-------------Fort W orth___

S a tu r d a y ,

M on day,

18.30
18.12
17.50
18.13
18.13

19.00
18.50
18.00
18.63
18.88
19.25
18.63
18.50
18.90
18.50
18.50
18.45

18.00
18.00
18.15
18.00
17.75

T u esd a y,

19.00
18.75
18.00
18.63
18.75
20.00
18.63
18.75
18.85
18.50
18.50
18.45

W e d 'd a y . T h u r s d 'y .

19.00
18.75
18.00
18.63
18.75
20 00
18.63
18.75
18.85
18.25
18.35
18.45

19.25
18.75
18.25
18.88
19.00
19.50
18.75
18.75
19.20
18.25
18.65
18.70

F r id a y

19.25
18.88
18.25
19.00
19.00
19.75
18.75
18.75
19.20
18.50
18.65
18.70

2150

THE CHRONICLE

NEW ORLEANS CONTRACT M ARKET.—The closing
quotations for leading contracts in the New Orleans cotton
markets for tho past week have been as follows:
S a tu r d a y ,
M a y 6.

M a y ____
July...........
October__
Deccmbcr.
January __
March___
T on e—
S p o t__
Options.

M on day,
M ayS .

T u esday,
M a y 9.

W edn esday,
M a y 10.

T h u rsday,
M a y 11.

F r id a y ,
M a y 12.

18.16 ----18.2318.29-18.30
18.25 ----18.2418.20 -----

18.80-18.84
18.25
19.01-19.04
19.07-19.10
19.09-19.10
18.25
19.03 ----18.95 bid

18.75 bid
18.9118.95-18.99
18.9218.84 ----18.80 bid

18.70 bid
18.90
18.9018.9118.93
18.87-18.89
18.77 -----18.75 bid

18.99 bid
18.92
19.19-19.20
18.92
19.1419.14- 19.15
19.02 —
—
19.00 bid

18.81 bid
19.06-19.08
19.19
19.0119.0218.92-----18.86 ------

Steady
Steady

Steady
Very st’dy

Firm
Steady

Steady
Steady

Steady
Steady

N ew Orleans__________ Abovo
M e m p h is _____________ Abovo
N a sh v illo _____________ Abovo
Shreveport____________ A bove
V icksburg_____________ Abovo

zero
zero
zero
zero
zero

of
of
of
of
of

F e e t.

gaugogaugo.
g auge.
g auge.
gaugo.

F e e t.

20.7
36.7
17.7
29.8
54.4

17.5
21.6
11.1
21.1
43.8

C o tto n T a k in g s.
W eek a nd S ea so n .

1921-22.
W eek.

1920-21.

S eason .

W eek.

'

S eason .

Visiblo supply M ay 5 -------------- 5,499,118
6,660,895
Vlsiblo supply Aug. 1_________
0,111,250
4,956,257
American in sight to M ay 12—
149*234 9,091,753 234*1*02 9,574,697
Bom bay receipts to M ay 11___
71.000 2.826,000
55.000 2,181,000
Other India shlpm ’ts to M ay 11
4.000
179.000
1,000
206,000
5.000
Alexandria receipts to M ay l 0 —
649.000
15.000
519.000
Other supply to M ay 10 f ____
59.000 5311,000
6.000
316.000
Total supply__________ _____ 5.737,352 19,168,003 6,971,997 17,752,954
D e d u c t —•
Visible supply M ay 12_______ 5,367,992 5,367,992 0,738,428 6,738,428
T otal takings to M ay 1 2 .a _____ 369.360 13,800,011 233.569 11,014,526
Of which Am erican_________
231.360 9,923,991 166.569 8,019,526
Of which other______________ 138,000 3,876,000
67,000 2,995,000
t Embraces receipts In Europe from Brazil. Smyrna, W est Incles, See.,
a This total embraces tho total estim ated consumption by Southern miils
2,842,000 bales in 1921-22 and 2,334,000 bales in 1920-21— takings not
being available— and aggregate amounts taken by Northern and foreign
spinners, 10,958,011 bales in 1921-22 and 8,680,526 in 1920-21, of which
7,081.991 bales and 5,685,526 bales American, b Estim ated.

IN D IA COTTON MOVEMENT FROM ALL PORTS.—
The receipts of India cotton at Bombay and tho shipments
from all India ports for tho weok and for the season from
Aug. 1, as cabled, for three years, havo been as follows:
1921-22.

M a y 11.
R e c e ip ts a t—

W eek.

Bombay________________

1920-21.

S in c e
A u g . 1.

W eek.

C o n ti­ J a p a n d c
n e n t. C h in a .

W eek.

S in c e
A u g . 1.

S in c e A u g u s t 1 .

T o ta l.

Bombay—
1921-22-.
11.000 29.000 40.000
1920-21.. 3*000 16.000 83.000 102,000
1919- 20.. 2,000 9.000 51.000 02.000
Other Indla4.000
•1921-22—
4.000
192021 — 2.000
2.000
19192 0 .1*666 6,000 5*666 12,000
Total all—
15.000 29.000 44.000
1921-22—
1920-21 — 3*666 18.000 83.000 104,000
1919-20— 3,000 15,000 50.000 74.000




1919-20.

71,000 2,826,000 70,001 2,126.000 114,000 2,838.000

F o r th e W e e k .
G reat
B r ita in .

S in c e
A u g . 1.

G reat
B r ita in .

C o n ti­
n e n t..

Japan &
C h in a .

1921-22.

A le x a n d r ia , E g y p t,
A l a y 10.

(c a n t a r s )—
This w eek______
Since Aug. 1 .

1920-21.

1919-20.

R e c e ip ts

38,000

28,059

S in c e
W e e k . A u g . 1.

E x p o r t s ( b a l e s )—

To
To
To
To

80,354

Liverpool___________
M anchester, &c_____
Continent and India.
Am erica____________

S in c e
W e e k . A u g . 1.

S in c e
W e e k . A u g . 1.

146,041
121,040

91,122
4*550 75,505
3,073 117,859
4,723 44.323

2.053
2,250
649
4,848

2*666 181,317

246,790
142,454
127,482­
279,587

164,276,
_
T otal exports_ ______ 2,000 612,6741 12,346 328,809 9,800 796,613
N o t e . — A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statem ent shows that tho receipts for tho week ending M ay 10 w ere
38,000 cantars and tho foreign shipm ents 2,000 bales.

MANCHESTER M ARKET.— Our report received by
cable to-night from Manchester states that tho market in
yarns is firm and that cloths aro steady. Tho demand for
India is improving. Wo give prices to-day bolow and
leavo thoso for provious weoks of this and last yoar for
comparison:
1921-22.

1920-21.

S A lb s . S h ir t3 2 s C op
T U iS t.

Mar. d.

1
0

17
17 17
24 17

Apr.

1
8
15
22
29

17A
\7 A

17A

U 'A
17 A

May
5 17A
12

18 A

@
©

in g s . C om m on
to F in e s t .

(a

©
@

10M
19 A

4 K @ 10
4 H @ 16
4M @ 10
4M@10
4 A ©10

3
3
3
5
0

15 7M @ 10 3
1510M @ 10 6

S A lb s . S h ir t-

32 s

C op
T w is t

a . s. d .
s. d. d .
d.
18 A 15 I A & 1 0 I A 10.57 15 M
1814 15 5M @ 10 3
<)
10.75 !4V
18M 15 4 K @ 16 3
10.60 14 A

18 M 15
I S A 15
ISM 15
18 A 15
I S A 15

@
("
>
©
@

C o l'n
M id .
V p l ’s

in g s . C om m on
to F i n e s t .

8

M id .
V p l'S

@
@
@

d.
. d.
17 A 15 6
17 A 15 6
1 7 A 15 6

3. d. d.
© 17 0
6.94
© 17 0
7.31
© 17 0
8.05.

10.69 16
10.45 16
10.23 16 A
16 A

©
©
©
<ib
&

19
19
19 A
19 A
16 A

@17
©17
@17
@17
@17

11.58

©
©

19 A

1 .1
01
10.21 H i A
11.00 16 A

16 A

16
16
16
16
16

0
0
0
0
0

16 A 16 0

0
0
0
0
0

7.21
7.28
7.59
7.24
7.34

@17 6

10
0

7.71
7.48.

@17 0

SHIPPING NEW S.—As shown on a previous page, the
exports of cotton from tho United States tho past week have
roached 111,283 bales. The shipments in dotail, as mado
up from mail and telegraphic returns, are as follows:
T o ta l b a le s .

W O R L D ’S S U P P L Y A N D T A K I N G O F C O T T O N . —
T h o f o l l o w i n g b r ie f b u t c o m p r e h e n s iv e s t a t e m e n t in d i c a t e s
a t a g l a n c e t h e w o r l d ’s s u p p l y o f c o t t o n f o r t h e w e e k a n d
s in c e A u g . 1 fo r t h e l a s t t w o s e a s o n s , f r o m a ll s o u r c e s fr o m
w h ic h s t a t i s t i c s a r e o b t a in a b le ; a ls o t h o t a k i n g s , o r a m o u n t s
g o n e o u t o f s i g h t , f o r th o lik e p e r io d

E x p o r ts

According to the foregoing, Bombay appears to show an
ww?*1!0 comPa,re(l with last year in the week’s receipts of
eAnnn i^es" Exports from all India ports record a loss of
60,000 bales during the week, and since Aug. 1 show an in­
crease of 556,000 bales.
ALEXANDRIA RECEIPTS A ND SH IPM ENTS.— We
now receive a weekly cablo of tho movements of cotton at
19.06
Alexandria, Egypt. The following are the receipts and
19.03
shipments for the past weok and for the corresponding week
of tho previous two years.

Steady
Steady

W E A T H E R R E P O R T S B Y T E L E G R A P H .— O u r te le ­
g r a p h ic r e p o r t s t h i s e v e n i n g f r o m t h o S o u t h i n d i c a t o t h a t t h o
w e a t h e r h a s g e n e r a l l y b e e n m o r o f a v o r a b l e t h a n in o t h e r
r
recen t w eek s.
I n t h e S o u t h w e s t t h e e f f e c t s o f t h e p r e v io u s
?
h e a v y r a in s a r e s t i l l b e in g f e l t , a n d in n o r t h e r n T e x a s a n d
O k l a h o m a t h e s o il is s t i l l t o o w e t t o p e r m it m u c h p r o g r e s s
in p l a n t i n g a n d r o p la n t in g .
I n t h e lo w e r c o a s t c o u n t i e s
o f T e x a s s a t i s f a c t o r y p r o g r e s s is r e p o r t e d , b u t e ls e w h e r e
in t h a t S t a t o p r o g r e s s a n d c o n d i t i o n a r o s t a t e d t o b o p o o r
o n a c c o u n t o f t o o m u c h r a in .
M o b ile r e p o r ts v e r y g o o d
p r o g r e s s i n fa r m w o r k a n d s a y s t h a t e a r l y s t a n d s a r o g r o w in g
n ic e ly .
P l a n t i n g in t h e b o t t o m s is p r o c e e d i n g r a t h e r s l o w l y
o n a c c o u n t o f w o t s o il.
R a in . R a in fa ll.
--------- T h e r m o m e t e r Galveston, T ox.......................... 1 day
0.02 in. high 86 low 72 moan 79
A b ile n e ------------------------------3 days
1.73 in. high 96 low 58 mean 77
Bronham___________________
dry
high 87 low 60 mean 74
Brownsvillo_________________
dry
high 94 low 72 moan 83
Corpus Christ!_____________ l 1 day
day
0.01 in. high 90 low 72 mean 81
D a lla s ------------------------------- .3 days
. . 3 days 4.39 in. high 89 low 62 mean 76
H e n r ie tta _________________ 1 1 day
day
1.60 in. high 91 low 58 mean 75
ICerrv illo __________________. 22days
days 0.29 in. high 92 low 55 mean 74
L am pasas_______________ --1 clay
" '
0.32 in. high 92 low 57 mean 75
L o n g v ie w __________________
dry
high 90 low 66 moan 78
L u lin g _____________________1 day
- .1 day
0.36 in. high 90 low 66 mean 78
N acogdoches________________
dry
high 91 low 60 mean 76
P alestin e____________________2days
2 days 0.19 in. high 88 low 66 mean 77
P a r is --------------------------------- 2 days
2.42 in. high 93 low 63 mean 78
San A ntonio___________ ____
dry
.
high 90 low 66 moan 78
T a y lo r ........................................... 1 day
0
0.56 in. ______ low 60
W eatherford............................... 1 day
6.33 ‘in high 93 low 59 mean 76
‘
.......... .. high 90 low 67 mean 78
Sliroveport_________________ 2 days
M obilo, A la________ ________
dry
high 86 low 65 mean 76
Selm a______________________ 1 day
______ high 9 1 low 58 mean 76
Savannah, G a______________ 1 day
0.43 in. high 88 low 63 mean 76
Charleston, S. C .......................1 day
0.35 in. high 90 low 62 mean 76
C harlotte, N . C ____________ ____ 0.27 in. high 88 low 56 mean 72
T h e f o l l o w i n g s t a t e m e n t w e h a v o a ls o r e c e iv e d b y t e l e ­
g r a p h , s h o w in g t h e h e i g h t o f t h e r iv e r s a t t h e p o i n t s n a m e d
a t 8 a . m . o f t h o d a t e s g iv e n :
M a \ / 12 1922.
A f a y 13 1921.

[V ol. 114.

T o ta l.

30.000

402.000 1.419.000 1.851.000
800,000 1.262.000
73.000 379.000 1.537.000 1,989,000
9,000 152.000
18,000 179.000
21.000 164.000
27,000 212.000
46,000 149.000 216,000 411,000
22.000 434.000

39.000 554.000 1.437.000 2.030.000
43.000 598.000 833,000 1.474.000
119,000 528.000 1.753.000 2.400.000

N E W YO R K — To Havro— M ay 4— Plpcstono C ounty, 165_ __
_
To Rotterdam— M ay 4— Olen, 3 0 . . -Apr. 28— Edgehill, 9 7 - - .
T o Bremen— M ay 6— George Washington, 386__________
To Piraeus— ....................................
M ay 5— M aid o f Syra, 200.........................
To Danzig— M ay 9— L atvia, 49GALVESTON— To Gothenburg— M ay 9 —Delaware, 1,679______
To Havre— M ay 10— Federal, 7 ,5 8 3 .______ _________________
To Copenhagen— M ay 10— Helmer M orch, 550_____________
To Christiania— M ay 9— Dolawaro, 225To Ghent— M ay 10— Federal, 100-

___
165.
127
386
200'
49
1,679
7,583
550
225­
100

To Hamburg— M ay 11— Frierfield, 1,457_ M ay 6— Cody, 50_
To Gothenburg— M ay 5— Stureholm, 1,400..................................
To Antwerp—-May 11— A tlantic C ity, 50___________ .
To Bremen— M ay 5—A ugust, 4,267_ M ay 6 — C ody, 5,027 _
To Genoa— M ay 6 — Eagerness, 350______ .
...................
.
To Liverpool— M ay 8— D akollan, 7 ,152 _____________________
To Manchester— M ay 8— Dakotlan, 2,622___________________
3TON— To Liverpool— Apr. 28— N etonian, 05________________
To Havre— Apr. 30— Eldora, 38 ____ ____ _________
______

1,507
1,400
50
9,294
3507,152
2,622
65.
38
9,650
„„
499
2.632

To M anchester— M ay 6— West Itnbodon, 499______________
To Bremen—M ay 11— West Caddoa, 2 ,632__________________
USTON— To Bremen— M ay 6— Saco, 11,410 --M a y 10—
Roman Prlnco, 6,792....... ..................... ............... j .......................... 18,202
To Hamburg—M ay 6 —Saco, 758_________
_____
_
758
ay 6—Saco, 1.250 - - - - 1 2BO
3To Rotterdam—Mr :.........xr
DU
“ “ 7.7 “---------- f'-gV
.
'BILE— To Liverpool—M ay 1 1 — Westland,' 3~128— I II II I II IZ
l o M anchester— M ay 11— W estland, 721____ ______________
N ORFOLK—-To L iv erp ool-M ay (i -B arrym ore, 2,719
I im i_
? ? £ {? P $ S ? te r -— ay 12— W est M axim us, 1,900___________
M
LA D E LPH I A—To Havro—M ay 3— Ohio, 100_____________
AN FRANCISCO—To Japan— M ay 6 —Persia Marti, 150-A V A N N A H — To Havro -M ay 0— Warkworth, 6,851..........
To Japan— M ay 6— W ythovillo, 3,950------------------------To China— M ay 6 —Wythovillo, 750_________________
To Bremen— M ay 9 — R. C. Rickmors, 6 ,2 9 0- rn
, ________— ..........
To Rotterdam—M ay 9— R. O. Rickmers, 1-750......................... ..
T o ta l--------------------------------------------------------------------------------

3 . 12 0 721
2 719
1 ’flOQ
100
100
150
6,851
3,950
750­
6.290
1,750283.

COTTON FREIGHTS.— Current rates for cotton from
New York, as furnished by Lambert & Barrows, Inc., aro
as follows, quotations being in cents per pound:
HI o h
D e n s ity .

S ta n d a rd .

Liverpool . ,25c. ,40c.
Maneh’s’r . ,25c. ,40c.
Antwerp.. ,22Mc. . 6 7 A c .
Ghent...............................
Havre.......... 22Hc. .37Hc.
Rotterdam . 2 ‘Z A o . . 6 7 A o .
Genoa___ .35c.
.45c.
Christiania .47Me. .07>3c.

H ig h
D e n s ity .

Stockholm. .4 7 A c .
Trieste___ .50c.
Flume___ .50c.
Lisbon___ .55o.
Oporto___ .85c.
Barcelona. .55c.
Japan___ .60c.
Shanghai.. .50c.

S ta n d a rd .
.6 7 A c .

.65c.
.65c.
,70c.
SI
,70c.
.70c.
,70o.

U ta h
D e n s ity ,

Bombay . . .75c.

S ta n d ard.

.90c.

V la d lv o st’k ......................

Gothenb'g. . 4 2 A o .
Bremen__ .2.5c.
Hamburg . .25c.
Piraeus_ .75c.
_
Salonlca—- .75c.

.67>io.
,40c.
,40c.
,90c.
.000.

LIVERPOOL.—By cablo from Liverpool we havo tho fol­
lowing statement of the woek’s sales, stocks, &c., at that port:
„ ,
„ ,
A p r i l 21.
Sales of the w eek..............................
27,000
Of which American.......................
17,000
Actual export.....................................
3,000
Forwarded............................................
49,000
Total sto c k . ...........
870,000

A p r il

28.

39,000

26,000

3,000

51,000

M ay

5.

49,000
34,000
1,000

GO,000

915,000

907,000

460,000
............................
17,000

503,000
105,000

508,000
75.000

163,000

136,000

135,000

° f,'Thi<'h Amorlcan...................

Total im ports.
Of which American.....................
Ammmt a float..............................
Of which American.....................

8,000.
247,000

82,000
201,000

63.000
202,000

Al a y 12 .
79.000
57.000
4,000
62.000
903.000 •
516.000
55.000
42.000
188.000
128,000

2151

THE CHRONICLE

May 13 1022.]

In the greater part of Western Europe the weather has
The tone of the Liverpool market for spots and futures
each day of tho past week and the daily closing prices of been warmer and more favorable for crops. In Spain spring
cereals in general are about normal; no complaints are
spot cotton havo boon as follows:
heard. In Italy excessive rains have fallen in the northern
F r id a y .
section, while in the southern part droughty conditions pre­
M on day.
T u esday.
W edn esday. T h u rsd a y .
S a tu r d a y .
S p .t.
vail. In Bessarabia the weather is unfavorable. In Hun­
A largo
Market, !
Good
business
gary crops are satisfactory. In North Africa recent rains
Good
Good
Active.
12:15 {
demand.
doing.
demand.
demand.
P. M. 1
benefited the wheat crop. In Australia there will be an in­
11.58
11.51
creased acreage to wheat in parts. From India come reports
11.64
10.97
11.60
Mld.Upl’d.
that the out-turn of wheat in the Punjab is excellent; much
15,000
15,000
15,000
14,000
12,000
better than expected.
HOLI­
Steady,
Steady,
Firm,
Quiet,
Firm,
DAY.
F u tu res.
To-day prices declined somewhat, but end 1*4 to 5%c
3®5 pts. 23 @28 pts. 1 @3 pts. 6® 11 pts. 12@ 18 pts.
Market \
advance.
higher for the week.
decline.
decline.
advance.
decline.
opened
1
Quiet but
Steady,
Firm,
Barely st’y, Quiet but
steady,
15®25 pts. 30033 pts. st'y. 3 pts. 9 @18 pts.
decline. 4@16 pts.
adv.to
advance.
advance.
advance.
4 pts. dec.

Market, f
4
V . M. j

Prices of futures at Liverpool for each day aro given below:
N ew
C o n tra ct

M ay 6
to
M ay 12.

S a t.

M on.

O c to b e r

November___
December.
January ..
February ____
March..
April__

W ed.

HO LT-

d.

10 77 11.03
10 73 11.00
10.73 10.98
10.71 10.93
10.60 10.90
10.61 10.84
10.61 10.80
10.59 10.77
10.54 10.72
10.51 10.68
10.48 10.(54
10.46' 10.60

d.

11.40
11.37
11.35
11.30
11.26
11.21
11.17
11.13
11.07
11.03
10.9S
10.95

d.

d.

11.36
11.31
11.29
11.25
11.22
11.16
11.11
11.07
11.02
10.98
10.9-1
10.90

11.49
11.41
11.39
11.35
U .2 9
11.23
11.17
11.12
11.07
1 1.02
10.97
10.93

d.

d.

11.39 11.36
11.34 11.30
11.31 11.28
11.27 11.24
11.22 11.22
11.16 11.16
11.10 11.10
11.05 11.00
11.O 11.01
C
10.95 10.97
in .o c 10.94
10.86 10.91

d.

11.22
11.16
11.14
11.10
11.07
11.02
10.90
10.92
10.87
10.8^
10.SC
10.77

d.

S a t.

M on.

T tte s .

150

151% 150% 159

W ed. T h u rs.

F r i..

159

D A IL Y C LOSING P R IC E S OF W HEAT FU T U R E S IN C H I C A G O .
S a t.

M on.

T u es.

W ed. T h u rs.

F r i.

July delivery in elevator_________ 123% 124% 1235^ 124
127
126%.
iptember delivery in elevator____117% 118% 117% 117% 119% 119%

F r i.

T h u rs.

12% 12% 12% 4 .CO 12% 4.00 12% 4.00 12% 4 .0 0 12%
p . m . p . m . p . m . p. m . p . m . p. m . p. ID. p. m . p . m .
d.

M a y ___
Juno___
July___
August - ...........
September___

T ues.

D A IL Y CLOSING PR IC E S OF W HEAT IN N E W Y O R K .
N o. 2 red.............................. ...........cts.151

4 .0 0
d.

11.4.3 11.38
11.30 11.30
11.34 11.28
11.29 11.22
11.25 11.17
11.19 11.10
11.13 11.04
11.09 10.99
11.04:10.94
10.99 10.89
10.95 10.85
10.91' 10.81

BREADSTUFFS
F r i d a y N i g h t , M a y 12 1922.
Flour has been at times in rather brisk demand, although
buyers have hesitated, still questioning the stability of
prices. But on Thursday came a sudden rise in wheat of 3
to 8c. This helped to stiffen flour prices which had pre­
viously been rather inclined to sag under the effects of the
hand-to-mouth buying of many members of the trade. At
the West there lias latterly been some improvement in the
demand. Interior points have sent such reports. They did
not, as a rule, come from the big milling centres. As to the
export demand, there has been considerable inquiry it seems
without much actual business. The demand is still largely
for first and second clears, and low grades. There lias also
been not a little inquiry at times for soft winter straights.
They have been quoted on very nearly the same level as first
clears. If wheat remains firm there can be no doubt that
flour business will improve. It is undoubtedly hurt by irreg­
ular markets for wheat. On the whole it lias not been an
active week; far from it. And at one time the tendency of
prices was rather to sag in sympathy with wheat. Natur
ally, however, the big jump in May wheat of some 8c on
Thursday, in spite of deliveries on May contracts of 1,200,­
000 bushels, made a good many prick up their ears. Bids in­
creased at old prices. Stocks here are not large by any
means. Iteserves have fallen to a point where it is believed
buyers might be stampeded if wheat should continue to ad­
vance.

Indian corn has fluctuated within narrow limits. It has
Jen steady enough at times, but it has made little response
to the rise in wheat. The buying has mostly been local at
igo. Planting is progressing where it is not interfered'
with by rains. The visible supply decreased 2,856,000 bushels.
Exporters last Monday took 400,000 bushels, on Tuesday 250r
000 and on Wednesday 200,000 bushels more. But receipts
at primary points have been larger. Of late, too, the
weather has been in the main more favorable for the new
crop. Some have been looking for rather large deliveries on
May contracts at Chicago as well as a further increase in
the crop movement. In some parts of the belt, moreover, the
weather has been favorable for planting, and this work is
making rapid progress in many sections. On the other hand",
however, there have at times been reports of too much rain'
here and there in the belt. They have had a tendency natur­
ally to steady prices. So has colder weather with a threat
of frost.
Corn on passage decreased nearly 2,000,000 bushels. Com­
pared with the quantities of cereals afloat this time a year
ago, wheat, corn, oats and barley are all smaller at this time.
To-day prices declined and they ended % to %c lower for
the week, with planting well under way in Illinois and Iowa.
D A IL Y C LOSING PR IC ES OF CORN IN
S a l.

NEW

YORK.

M on.

T u es.

W ed. T h u rs.

F r i.

M on.

T u es.

W ed. T h u rs.

F r i.

N o. 2 yellow _______ _________ c ts . 77
7814
78
SO
78% 78%
D A IL Y C LOSING PR IC ES OF CORN FU T U R E S IN C H I C A G O .
S a t.

M ay delivery in elevator_____ c ts . 02
July delivery in elevator_________ 64%
September delivery In elevator___ 66%

61 % 605* 60% 61% 61 %
64% 63% 6 4 14 65% 64%
66% 66
66% 67% 66%

Oats declined at one time and then rallied. Exporters
bought to a fair extent. Most of the foreign business early
in the week, however, was against old sales to Europe or to
fill ocean tonnage now awaiting cargoes contracted for a
couple of months ago. The weather has latterly been more
favorable for the new crop. Still, there is no evading the
fact that appearances seem to point to a considerable reduc­
tion in the acreage. The visible supply decreased 639,000
bushels. Later in the week the tone became firmer in sym­
pathy with a sharp rise in wheat. But there has been noth­
ing like activity in oats either for home or foreign account.
A larger business has been reported of late at Minneapolis There is a steady export inquiry, but the sales keep within
restricted limits. In other words, this branch of the grain
and Toledo, as well as Chicago.
Wheat advanced, especially on the May delivery. It rose business shows no striking features.
about 8c from the early “low” on Thursday in the teeth of
D A IL Y CLOSING PR IC E S OF OATS IN N E W Y O R K .
S a t.
M o n . T u es.
W e d . T h u r s . F r i.
deliveries on May of 1,200,000 bushels. July that day ad­
N o. 2 w hite....................................c ts . 49% 49% 49%
49
49% 49%
vanced nearly 3c. The market has become oversold. Offer­
D A IL Y CLOSING PR IC E S OF OATS FU T U R E S IN C H I C A G O .
ings fell off. Bears were stampeded. Crop news has been in
Sat
Tue
hur
F r i.
the main pretty good, but light offerings, some business for M ay delivery in elevator-------- c ts . 37%. M o n . 36%s . W e d . T37%s . 37%
37%
36%
39%
40%
export and a stronger technical position told the story later July delivery in elevator--------------39% 40% 39% 39% 41% 39%
40%
41
41%
in the week. Exporters last Monday took 500,000 bushels of September delivery In elevator------40%
Bye declined with a better crop outlook and only a moder­
old and new crop; on Tuesday 600,000 bushels; on Wednes­
day and Thursday in all 1,000,000 bushels more. It is said ate demand for home consumption. Early in the week there
that on that day Germany had bought over 1,500,000 bushels were rumors of a pretty good export business, but they were
in Australia and Argentina.' This naturally hurt business in not confirmed. It appears that some 150,000 bushels were
this country. But still there is some demand. Exporters taken for foreign markets. Kumors of very large sales have
took Manitoba Durum and new crop winter wheat. At times not been authenticated. And prices drifted downward until
Liverpool has been firm. The Government report issued on they stood some 4%c lower on May than last Friday, and
Wednesday had no great effect. It was not quite so favor­ I V s C lower on July. On Thursday the upward sweep of
able as some had expected. Some rust damage reports came wheat carried other grain with it and rye on that day ad­
from Tennessee and Kentucky on Thursday; also it was said vanced 3c on May and nearly that much on July, with per­
later that Germany was buying in this country to some ex­ sistent rumors of foreign demand. The visible supply de­
tent. Buying at one time was due partly to the fact that the creased 1,409,000 bushels. But the domestic cash business as
quantity on passage to Europe fell off last week nearly 5,000,­ a rule has been small. But on the 11th inst. exporters took
600,000 bushels, supposedly for Norway or Germany. To­
000 bushels.
On the other hand, large quantities of wheat are said to be day prices were higher with reports of export business. Last
headed for Chicago. On May 11 about 2,400 carloads of jirices are Vs to 2 ^ c higher than last Friday, the latter on
grain on the track there, mostly wheat, became available for July.
F
U
G
delivery on May contracts. And this cased conditions for D A ILY CLOSING PR IC E S OF S RYEM o nU T T uR E. S WIN . TChH I sC. AF rO. .
es
ed
ur
i
the shorts to some extent. Under the usual regulations, grain M ay delivery In elevator______c t s . 107a t . 105%. 105% 104% 107% 108%
tendered in settlement of regular ordinary contracts would July delivery in elevator_________ 104% 104% 103% 103% 106% 107%
have to be accompanied by receipts showing warehouse stor­
The following are closing quotations:
age. At one time there was considerable soiling of May, ap­
G R A IN .
parently by Eastern and Northwestern interests, although it Wheat—
Oats—
N o . 2 red ......................
$159
N o. 2 white.
49%
is true it soon fell off.
N o. 2 hard w inter___
1 59
N o. 3 white.
48
At one time it was reported that 3,000,000 bushels of wheat Corn—
Barley—
N o.
78%
Feeding___
Nom inal
would leave Kansas City for Chicago this week. This caused Ryo— 2 yellow ________
M alting___
77 % @82
selling on the 8th inst.
N o. 2 ..............................
1 19%




THE CHKONICLE

2152

FLO U R.
S p r i n g p a t e n t s __________ $8 0 0 @ $ 8 5 0
B a rle y g o o d s — P o r ta g e b a rle y :
W in te r s tr a ig h ts , s o f t . . 6 5 0 @ 6 75
N o . 1 ....................................... $ 5 7 5
H a rd w in te r s tr a ig h t s .. 7 50 @ 7 75
N o s. 2. 3 an d 4 p e a rl. 5 75
F i r s t s p r i n g c l e a r s ______ 6 0 0 @ 6 7 5
N o s . 2 - 0 a n d 3 - 0 ............. 5 7 5 @ 5 6 0 0
R y o f l o u r __________________ 6 2 5 @ 6 7 5
N o s . 4 - 0 a n d 5 - 0 ________ 6 0 0
O a ts g o o d s — C a r lo a d
C o r n g o o d s , 10 0 lb s .:
'X e l lo w m e a l __________ 1 7 5 @ 1 8 5
s p o t d o l l v e r y ____________ 5 1 0 @ 5 3 0
C o r n f l o u r _____________ 1 8 0 @ 1 8 0

F or o th er tab le s u su a lly given here, see page 2088.

A G R IC U L T U R A L D E P A R T M E N T
REPORT
ON
C E R E A L S , &o.— T lio rep ort of tho D e p a r tm e n t of A gri­
cu ltu re sh ow in g the c o n d itio n of th e cereal crops on M a y 1
w as issu ed on th e 9 th in st. and su m m arized in th e follow in g
T h o c o n d it i o n o f w i n t e r w h e a t o n M a y 1 a t 8 3 .5 c o m p a r e s w i t h 7 8 .4
o n A p r i l 1 , 88.8 o n M a y 1 1 9 2 1 a n d 8 7 . 1 t h o a v e r a g e f o r t h o p a s t t o n y e a r s .
T h o a r e a o f w i n t e r w h e a t t o b o h a r v e s t e d o n M a y 1 w a s a b o u t 3 8 ,1 3 1 ,0 0 0
a c r e s , o r 6 ,4 4 6 ,0 0 0 a c r e s ( 1 4 .5 % ) le s s t h a n th o a c r e a g e p l a n t e d l a s t a u t u m n
a n d 4 ,5 7 1 ,0 0 0 a c r e s ( 1 0 .7 % ) le s s t h a n th o a c r e a g o h a r v e s t e d l a s t y e a r , w h ic h
w a s 4 2 ,7 0 2 ,0 0 0 a c r e s .
T h o a v e r a g e o f th o p a s t t e n y e a r s w a s 3 6 ,7 8 9 ,0 0 0 a c re s.
T h e 1 0 -y ea r a v e ra g e p e r c e n t o f a b a n d o n m e n t o f p la n te d a e ro
elgrQ jg J 0 , 4 ,
T h e i n d i c a t e d y i e l d p e r a c r e t h i s y e a r is 1 5 .3 b u s h e ls , a s s u m i n g a v e r a g e
v a r i a t i o n s w ill p r e v a i l.
T h i s w o u ld p r o d u c e 5 8 4 ,7 9 3 ,0 0 0 b u s h e ls , o r 0 .4 %
l e s s t h a n in 1 9 2 1 , 4 .2 % lo s s t h a n in 1 9 2 0 , 2 1 .3 % le s s t h a n in 1 9 1 9 a n d 9 %
m o r e t h a n t h o a v e r a g e o f t h o p a s t 10 y e a r s .
T h e a v e ra g o c o n d itio n o f ry o o n M a y 1 w a s 9 1 .7 , c o m p a r e d w ith 8 9
o n A p r il 1, 9 2 .5 o n M a y 1 19 2 1 a n d 9 0 .2 th o a v e r a g e fo r t h e p a s t 10 y e a r s
o n M a y 1*. T h e c o n d i t i o n o n M a y 1 f o r e c a s t s a p r o d u c t i o n o f a b o u t 7 9 . ­
1 5 2 ,0 0 0
b u s h e ls , c o m p a r e d w i h 5 7 ,9 1 8 ,0 0 0 . l a s t y e a r 's f in a l e s t i m a t e
6 0 ,4 9 0 ,0 0 0
th o 1 9 2 0 f in a l e s t i m a t e a n d 5 7 .0 6 0 ,0 0 0 t h o a v e r a g o o f th o
p a s t 10 y e a r s .
,
„
, ,
,
„
T h e a v e r a g e c o n d itio n o f m e a d o w (h a y ) la n d s o n M a y 1 w a s 9 0 .1 , c o m ­
p a r e d w i t h 9 1 .5 o n M a y 1 1 9 2 1 . a n d a 1 0 - y e a r a v e r a g e o n M a y 1 o f 8 9 .8 .
T h o e x p e c te d h a y a c r e a g e in 1 9 2 2 is a b o u t 7 4 ,3 4 5 .0 0 0 a c r e s ( 5 8 ,7 5 3 ,0 0 0
t a m o a n d 1 5 ,5 9 2 .0 0 0 w ild ) . , T h e M a y 1 p r o d u c t i o n f o r e p s t is 1 0 3 ,5 7 9 ,0 0 0
t o n s , c o m p a r e d w i t h a n e s t i m a t e d p r o d u c t i o n o f 9 6 , 8 0 2 , 0 0 0 t o n s i n 19*-1
a n d 1 0 5 ,3 1 5 ,0 0 0 in 1 9 2 0 .
T h e 1 0 - y e a r a v e r a g e is 9 7 ,3 3 1 .0 0 0 t o n s .
S t o c k s o f h a y o n f a r m s o n M a y 1 a r e e s t m a t e d a s 1 0 , 7 9 2 , 0 0 0 t o n s ( 1 1 .1 %
o f c r o p ) , a g a i n s t 1 8 ,7 7 1 ,0 0 0 t o n s ( 1 7 .8 % ) o n M a y 1 1 9 2 1 a n d 1 2 ,4 1 7 ,0 0 0
t o n s ( 1 2 . 1 % ) t h e 5 - y e a r a v e r a g o o n M a y 1.
T h o a v e ra g o c o n d itio n o f p a s tu r e s o n M a y 1 w a s 8 4 .5 , c o m p a r e d w ith
9 1 .8 o n M a y 1 1921 a n d 1 0 -y e a r a v e ra g o o n M a y 1 o f 8 5 .6 .
O f s p r in g p lo w in g 6 3 .5 % w a s c o m p le te d u p to M a y 1 , c o m p a r e d w ith
7 7 .8 % o n M a y 1 1921 a n d a 1 0 -y e a r a v e ra g e o n M a y 1 o f 7 0 % .
O f s p rin g p la n tin g 5 3 .6 % w a s c o m p le te d u p to M a y 1 , c o m p a r e d w ith
6 3 . 5 % o n M a y 1 1 9 2 1 a n d a 10 - y e a r a v e r a g e o n M a y 1 o f 5 7 . 8 % .
D e t a i l s f o r t h e m o r e i m p o r t a n t w i n t e r w h e a t S t a t e s fo llo w :
-Condition May 1 -Acreage1 9 2 1 10 - y e a r
1922
Per Cent Acres Remain­

Aban-

State—

d o t te d .
K a n s a s ________________________2 7 . 0
O h i o ........................................................... 2 . 5
I n d i a n a _________________________ 5 . 0
I l l i n o i s ___________________________5 . 0
M i c h i g a n _______________________ 2 . 0
I o w a ____________________________ 2 . 0
M i s s o u r i ------------------------------------ 3 . 7
S o u t h D a k o t a ------------------------- 6 . 0
N e b r a s k a _____________________ 1 2 . 0
K e n t u c k y ______________________ 3 . 0
T e x a s ___________________________4 1 . 0
O k l a h o m a _____________________ 2 4 . 0

ing to be
Harvested.

Per
Cent.

8 .4 4 5 .0 0 0
2 .3 2 6 .0 0 0
1 .9 5 0 .0 0 0
2 .6 3 6 .0 0 0
9 0 5 .0 0 0
5 7 6 .0 0 0
2 .9 4 5 .0 0 0
9 6 .0 0 0
3 .4 8 0 .0 0 0
6 5 0 .0 0 0
1 .0 2 3 .0 0 0
2 .3 3 3 .0 0 0

74
89
89
89
84
95
87
93
82
95
71
75

Per Average
Cent. Per Cent
84
91
90
94
92
95
91
87
92
93
72
84

W E A T H E R B U L L E T IN FO R T H E W E E K E N D IN G
MAY 9.— T h e in flu en ces of w eath er on th e crops a s sum ­
m arized in th e w eath er bu lletin issu ed by the D ep artm en t of
A gricu ltu re for the w eek ending May 9 w ere a s fo llo w s :
W in te r w h e a t c o n tin u e d to m a k e s a tis f a c to r y a d v a n c e g e n e r a lly a n d w a s
m a te r ia lly b e n e fite d b y r a in f a ll fro m V ir g in ia n o r th w a r d a n d n o r th e a s tw a r d .
T h e c r o p w a s m a k i n g r a n k g r o w t h a n d s o m e l o d g i n g h a s b e e n r e p o r t e d in
p a r t s o f th e L o w e r G r e a t P la in s , e s p e c ia lly in O k la h o m a , b u t r e c e n t d r y
w e a th e r in E a s te r n K a n s a s h a s b e e n b e n e fic ia l.
T h e a d d it i o n a l m o is tu r e in
W e s te rn K a n s a s h a s im p ro v e d c o n d itio n s th e r e , b u t m o re m o is tu r e is n e e d e d
in E a s te r n N e b ra sk a .
C o n d itio n s w e re fa v o r a b le f o r f ie ld w o r k in th e s p r in g w h e a t b e lt,
heed­
in g h a s b e e n c o m p le te d in n e a r ly a ll p a r t s o f th e b e lt, a n d th e e a r lie r se e d e d
g r a in h a s c o m e u p g e n e ra lly to a g o o d s ta n d .
O a ts s e e d in g a ls o h a s b e e n
n e a r ly f in is h e d e x c e p t in th e m o re N o r th e a s te r n S ta te s a n d g e r m in a tio n in
m o s t s e c tio n s h a s b een s a tis fa c to r y , a lth o u g h c o n s id e ra b ly d e c re a s e d a c re ­
a g e h a s b e e n re p o rte d .
P r e p a r a tio n s of g ro u n d fo r c o rn m a d e s a tis fa c to ry p ro g re ss In m o st N o r th ­
e r n a n d E a s te r n s e c tio n s , b u t w o r k w a s f u r t h e r d e la y e d in t h e O h io V a lle y
a n d S o u th w e st b y h e a v y ra in s .
t
F u r th e r h e a v y r a in s o c c u rre d in m a n y d is tr ic ts o f th e c o tto n b e lt, w ith
c o n tin u e d i n te r r u p t io n to fie ld w o rk .
P la n tin g a n d r e p la n tin g m a d e g e n e r­
a ll y s lo w p r o g r e s s , a lth o u g h t h e l a t t e r p a r t o f th e w e e k w a s s o m e w h a t m o re
f a v o ra b le in th e N o rth C e n tra l a n d E a s te r n d is tr ic ts .
S o il c o n tin u e d v e ry
w e t i n n e a r ly a ll d i s t r ic t s w e s t o f t h e M is s is s ip p i R i v e r a n d b u t l i t t l e f ie ld
w o r k w a s p o s s ib le .
C o tto n c o n tin u e d to m a k e s a tis f a c to r y p r o g re s s in lo w e r c o a s t c o u n tie s o f
T e x a s , b u t e l s e w h e r e in t h a t S t a t e p r o g r e s s a n d c o n d i t i o n s w e r e r e p o r t e d
p o o r.
E a r l y p l a n t e d f i e l d s in O k l a h o m a a r e g e t t i n g w e e d y f r o m l a c k o f c u l ­
tiv a tio n .
S u n s h in e w a s d e f ic ie n t in th e c e n tr a l s e c tio n s o f th e b e lt, b u t c o n ­
d itio n s w e r e m o re fa v o r a b le in th e s o u th e r n p o r tio n o f th e E a s te r n E a s t G u lf
S ta te s .
N i g h ts w e r e s o m e w h a t to o c o o l in S o u th C a r o lin a f o r f a v o r a b le g e r m in a tio n
a n d g r o w th , b u t s ta n d s a r e f a i r t o g o o d in t h a t S t a t e e x c e p t in t h e n o r t h ­
w e s te r n p o r tio n , w h e r e c o n s id e r a b le r e p l a n ti n g w ill b e n e c e s s a ry .
P la n tin g
p ro g re s s e d d u r in g th e w e e k to th e n o r th e a s te r n lim its o f th e b e lt.

THE DRY GOODS TRADE.
Neio York, Friday Night, May 12 1922.
B u sin e ss in th e m ark ets for dry goods h a s show n sig n s of
m od erate exp an sion during the p ast w eek. C otton goods
h ave d isp layed p articu lar firm n ess, being h elp ed by th e con­
tin u ed stren gth o f the raw m aterial. T he action o f'o n e o f
th e lea d in g fa cto rs in ca n cellin g a ll orders on its books for
f a ll gingham s, a s w ell a s the rem ainder due on spring gin g­
ham s, because o f the prolonged N ew E ngland strik es resulted
in m uch d iscu ssion a s to the fu tu re e ffe c t upon prices. It
is exp ected th at th is action w ill stim u la te an a c tiv e dem and
fo r m erch an d ise o f a su b stitu te character, and th a t m ills in
a p osition to m an u factu re such goods w ill be able to sell
w ith o u t d iffic u lty . B u yers w ho h eretofore h ave been slow
to respond to the h igher price lev els, appear to be becom ing




[V ol. 114.

im pressed w ith the p ersisten t stren gth o f raw m a teria l and
are sh ow in g m ore w illin g n ess to p lace orders. T h e volum e
o f business, how ever, has been o f lig h ter volum e than it
w ould h ave been, had m ills been ready to accep t orders for
fu tu re d elivery. In view o f the u n certa in ties resu ltin g from
the strike, m an u factu rers a s a rule h ave refused to sell excep t
for spot and nearby delivery. T h e season h a s been la te in
dry goods ow in g to th e ad verse w ea th er con d ition s, and
d rives are being m ade in d istrib u tin g ch a n n els in order to
clean up stock s and to m ake ready for the fa ll season. Ac­
cu m u lation s o f goods h ave e x isted in m any q u a rters and they
are being m oved w henever opportunity offers. D riv es of
th is ch aracter u su ally result in p rice con cession s for the pur­
pose o f a ttra ctin g consum ers, and if consum ption can be
stim u lated by such con cession s it w ill encourage m erch an ts
to look forw ard to a good fa ll business. It is p redicted th at
jobbers w ill en ter the m arket for autum n goods on a m ore
lib era l sc a le than before. N o m a teria l ch an ge is noted in the
N ew E ngland strik e situ ation , and it look s as if the troubles
w ill drag on into June.
D O M ESTIC COTTON G O O D S: M oderate a c tiv ity h as
been noted in m ark ets for dom estic cotton goods during the
w eek, and p rices have ruled firm . T h e contin u ed stren gth
o f tho raw stap le has encouraged buyers to p lace orders
m ore freely, but busin ess h a s been cu rta iled to a large e x te n t
by the u n w illin g n ess o f m an u factu rers to book orders for
deferred d elivery. O w ing to the u n certa in ties o f th e fu tu re
a s a resu lt o f the N ew E ngland strik e situ ation , they are, in
m ost cases, sellin g only for spot and nearby delivery. U n fin ­
ish ed cotton good s have been q u ite a ctive, and it is hoped
th at th e renew ed con fidence w ill soon spread to the fin ish e d
lin es. S ellin g a g en ts have found m uch encouragem ent in the
im proved dem and for p rin t clo th s at the high er lev els, w h ile
th ere h a s also been a b etter inquiry for sh eetin g s and gray
goods o f a ll descriptions. T he m ovem ent in p rin t clo th s and
sh eetin g s h a s gone fa r enough to m ake a g en ts co n fid en t of
v a lu e s for the n ex t tw o m onths. T he dem and for som e kin d s
o f printed goods, such a s new sty le p ercales, new creton n es
and sp ecia lly printed v oiles is better. In fa ct, cotton dress
good s con verters are S '- ’ U n g th eir goods m ore g en era lly than
th ey h ave fo r som e tim e past, w h ile cu tters are sa id to be
an ticip a tin g th eir needs fu rth er ahead. W h ile there is still
evid en ce o f conservatism p revailin g in the trade, there is li t ­
tle cau se to doubt th at the feelin g in gen eral is m ore ch eer­
fu l. M ost m erch an ts look for a fa ir ly good b u sin ess during
th e com ing fa ll season. An in creasin g dem and is noted fo r
d rills, tw ills and fin e and fan cy cotton s in ad d ition to v a ­
riou s other lin e s w anted w ith in the near fu tu re. A ccording
to reports, there h as also been m oderate im provem ent in the
sa le s for exp ort account. P rin t cloths, 28-inch, 04 x 64’s con­
stru ction , are listed at 6%c, and the 27-inch 64 x 00’s a t 6%c.
Gray goods in the 39-inch G8 x 72’s are quoted a t 9% c and the
38-inch 80 x 80’s a t 11 >^c.
W OOLEN G O O D S : C ontinued im provem ent is noted in
m ark ets for w oolen goods, and ow in g to the stren gth o f raw
wool, p rices are firm ly held. Im proved buying o f w oolen
and w orsted goods at the h igher le v e ls recen tly announced
h a s been very encouraging to m an u factu rers and h a s
stren gth en ed confid en ce in the future. T h is, togeth er w ith
the strong p osition o f yarn s and the outlook fo r s till high er
p rices fo r the la tte r w ith in the near fu tu re, tended to stim u ­
la te dem and for yarn s from m en’s w ear and d ress goods
m ills. T he position of serges is stea d ily im proving, and one
o f the la rg est producers of th is c la ss o f goods is sa id to be in
a sold-up condition. T h is is considered a very good sign, a s
it is taken to in d icate a return to norm alcy. O w ing to th e
pronounced stren gth of th e raw wool m arket, yarn p rices
con tin u e firm , w ith spin n ers g en erally u n w illin g to m ake
new com m itm ents a t p revailin g prices very fa r ahead. D e­
m and fo r m en’s fab rics for the fa ll season con tin u es active.
D u p licate orders on both overcoatin gs and su itin g s are being
received in increased numbers, and in m any ca ses sellers
h ave had m ore b u sin ess offered th an they w ere in a position
to accept.
FO R E IG N D R Y G O O D S: L inens developed a c tiv ity dur­
ing th e p ast w eek, a s reta ile r s are begin n in g to a n ticip a te
th e ta r iff. A ll lin es h ave been active, inclu d in g dam asks,
crashes, cam brics and dress linens. O ther fa cto rs w h ich are
a lso believed to h ave stim u lated dem and are the sh ortage of
fla x in p rim ary m arkets, sm all surp lu s su p p lies and con­
tain ed cu rtailm en t o f production. A ccording to la te st re­
ports, production in Ireland con tin u es slig h tly le s s than 50%,
w ith in d ication s o f still fu rth er cu rtailm ent. P ric e s fo r
goods in the local m arket are fir m ly m ain tain ed . B urlap s
h ave ruled firm desp ite the fa ct th at trading has been le ss
active. A ccording to reports, there h ave been m any inq u i­
ries in the m arket a t p rices slig h tly below q u otation s asked,
w hich se lle r s refu sed to accept. Foreign a d vices con tin u e
strong. S hipm ents from C alcutta during A pril are estim a ted
a t 100,500,000 yards, 91.000,000 yard s goin g to A tla n tic ports,
and 9,500,000 to P acific. Spot lig h t w eig h ts are quoted a t
5.50c and h ea v ies a t 7.G5c.

THE CHRONICLE

M ay 113'1922.]

3153

Amount. Purpose.
$ 1 5 ,0 0 0
4 4 .0 0 0
2 2 .0 0 0

J fta d te a m t © i t g ^ z p d x i m m i

F ire
F ire
F ire

Maturity.

Amount. Purpose.

J u l y 1 1 9 2 3 -1 9 3 7 $ 1 9 6 ,0 0 0
2 2 4 ,0 0 0
J u l y 1 1 9 2 2 -1 9 3 1
4 5 ,0 0 0
J u ly 1 1 9 2 2 -1 9 2 9

Im p t.
W a te r
W a te r

Maturity.
J u l y 1 1 9 2 2 -1 9 3 8
J u ly 1 1 9 2 2 -1 9 5 1
J u l y 1 1 9 2 3 -1 9 5 1

B A R T O N (P. O. W averly), T ioga C o u n ty , N. Y .— BOND SALE.—

NEWS
(S ta te o f). —

C a lifo rn ia

ITEMS
S e c r e ta r y

of

S ta te

To

B lo c k

San F ran cisco “ C hronicle” of
A pril 29 roports th a t Secretary of S tato F rank C . Jordan
has an n ou n ced th a t he w ill refuse to p ublish th e $ 1 0 ,0 0 0 ,0 0 0
V eteran s’ B o n d A c t to be v o te d on a t th e com in g N o v em b er
elec tio n on tho ground th a t th ere is grave d o u b t as to th e
co n stitu tio n a lity of tho proposed m easure. T h is, it is
fu rth er said , m ean s th a t th e m easure w ill n o t bo placed on
the N o v em b er b a llo t u n less tho q u estio n as to th e c o n stitu ­
tio n a lity h as b eon d ecid ed b y th e cou rts. T h e “ C hronicle
adds:
V e te ra n s'

B ond

A c t.— The

J o r d a n 's a c ti o n w a s t a k e n a f t e r m a k in g a c a r e f u l s t u d y o f t h e r e c e n t
d e c is io n o f t h e S u p r e m o C o u r t u p h o ld in g t h e c o n s ti tu t io n a l it y - o f t ^ V e t­
e r a n s ’ H o m o a n d F a r m A c t, a n d t h e A c t e s ta b lis h in g t h e V e te ra n s W e i fa ro
B o a rd .
I n th L s o p i n i o n t h e S u p r e m e C o u r t s p e c i f i c a l l y s t a t e d t n a » ' I t d i d
n o t w is h " t o b o u n d e r s to o d a s p a s s in g u p o n t h o v a lid ity o f t h e V e te ra n s
B ° H ? a n n o u n c in g h is d e c is io n , J o r d a n s a id :
" G ra v e d o u b t h a s a ris e n
a s t o t h o c o n s ti tu t io n a l it y o f t h e C a lif o r n ia V e te ra n s W e lf a re B o n d A c t.
W h i l o I a m v i t a l l y i n t e r e s t e d i n t h e w e l f a r o o r t h o v e t e r a n s , lt_iIs m y d u t y ,
a s a c o n s t i t u t i o n a l o f f i c e r , t o r e f u s e t o p u b l i s h s a i d Acj>
b th C T “ r 2 wa>
r e f u s e to p u b lis h t h e s a m e , o r to In c u r e x p e n d itu r e o f p u b jic m o n e y th e r e f o r e
u n t i l t n o q u e s t i o n is d e t e r m i n e d b y t h e S u p r e m o C o u r t .
I t is u n d e r s t o o d a t t h e c a p l t o l t h a t in t h e e v e n t t h e S u p r e m e C o u r t
h o ld s t h e b o n d Issu o m e a s u r e to b e u n c o n s ti tu t io n a l , t h e f o r m e r s e rv ic o
m e n w ill c ir c u la te p e ti t io n s p r o p o s in g t h a t t h e m e a s u r e b e i n it ia t e d a s a
C° s l n c e u n d e r th e* 5l a w a l l m e a s u r e s t o b e l n I t , a t n j p S t o o d b teo 7 e ^ t h a V t h e v
S e c re ta ry o f S ta te b y A u g u s t 8 th e v e te ra n s a re u
v
n
t o
n
w i l l h a v e s u f f i c i e n t t i m o in w h i c h t o o b t a i n
tu re s n e c e s s a ry to b r in g th e m e a s u re b e fo re th e v o te rs a s a c o n s titu tio n a l
a m e n d m e n t.

T h e $ 5 5 ,0 0 0 5 % c o u p o n h ig h w a y b o n d s o ffe re d o n M a y 9 — V . 1 1 4 , p . 2 0 4 2 —
w e r e s o l d t o O ’B r i e n , P o t t e r & C o . o f B u f f a l o a t 1 0 4 . 3 6 8 , a b a s i s o f a b o u t
4 .4 9 % .
D a te M a y 1 1922.
D u o y e a r ly o n M a y 1 a s fo llo w s : $ 3 ,0 0 0 , 1 9 2 4
to 194 1 in c l ., a n d $ 1 ,0 0 0 in 1 9 4 2 .

B E LL E V U E IN D EPEN D EN T SCH O O L D IS T R IC T (P. O. B ellevue),

C la y C o u n ty , T ex..—BOND SALE .— T h e $ 4 5 , 0 0 0 5 4 5 % s c h o o l b o n d s
o f f e r e d o n M a y 1— V . 1 1 4 , p . 1 9 2 7 — h a v e b e e n a w a r d e d t o t h o G u a r a n t y
T r u s t C o . o f K a n s a s C i ty a t 1 0 2 , a b a s is o f a b o u t 5 3 6 % .
D a te M a y 1
1922.
D u o y e a r l y o n M a y 1 a s f o llo w s : $ 1 ,0 0 0 , 1 9 2 3 t o 1 9 5 7 i n c l ., a n d
$ 2 ,0 0 0 , 1 9 5 8 t o 1 9 6 2 in c l.
B E L L E F O N T A I N E , L o g a n C o u n t y , O h i o . — BOND SALE.— O n M a y
s p e c ia l a s s e s s m e n t s tr e e t im p r o v e m e n t b o n d s —
V . 11 4 , p . 1 8 0 4 — w e re a w a r d e d to th e C itiz e n s T r u s t & S a v in g s B a n k ,
w h o o ffe re d $ 2 1 ,1 4 8 9 2 f o r a ll b u t t h e l a s t b o n d o f e a c h is s u e , o r $ 2 0 ,7 0 0 .
T h i s p r ic e is e q u a l t o 1 0 2 .1 6 7 , w h ic h is o n a b a s is o f a b o u t 5 . 5 4 % .
The
b o n d s a w a r d e d a r e d e s c r i b e d a s f o llo w s :
$ 1 1 ,4 0 0 b o n d s .
D enom . $600.
D u e y e a r l y o n S e p t. 1 a s f o llo w s : $ 1 ,2 0 0 ,
1 9 2 3 t o 1 9 3 1 in c l., a n d $ 6 0 0 . 1 9 3 2 .
1 0 .5 0 0 b o n d s .
D enom . $600 an d $500.
D u e y e a r ly o n S e p t. 1 a s fo l­
lo w s : $ 1 ,1 0 0 , 1 9 2 3 t o 193 1 i n c l ., a n d $ 6 0 0 , 1 9 3 2 .
D a to M a rc h 1 1922.

8 th e tw o iss u e s o f 6 %

BE LL E P L A IN S , S h aw an o C o u n ty , W is .— BOND ELECTION.— An
e le c tio n w ill b o h e ld o n M a y 17 t o v o t e o n Is s u in g $ 5 0 ,0 0 0 w a te r - w o r k s b o n d s .
BE N TO N H A R B O R B errien C o u n ty M ich. — ■
BOND SALE.— A n
Iss u e o f $ 1 8 ,0 0 0 4 J £ % r e f u n d in g b o n d s w a s r e c e n tly s o ld t o t h e D e t r o i t
T ru st C o.

BETH LEH EM SC H O O L D IS T R IC T (P. O. B ethleh em ), N orth am p ­

ton C o u n ty , Pa .—BOND OFFERING.— F . J . W i l t , S e c r e t a r y o f t h e
B o a r d o f S c h o o l D i r e c t o r s , w ill r e c e iv e s e a le d b id s u n t i l 8 p . m . M a y 1 5
f o r $ 1 5 0 ,0 0 0 4 4 4 % o r 4 4 5 % c o u p o n o r r e g is te r e d b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a te M a y 1 1922.
P r in . a n d s e m i-a n n . in t. p a y a b lo a t th e o ffic e o f th e
D is tr ic t T r e a s u r e r o r a t s u c h o th e r d e p o s ito ry o f th e C ity o f B e th le h e m
a s s h a ll b o d e s ig n a te d b y t h e su c c e s s fu l b id d e r , s u b je c t t o t h e c o n s e n t a n d
a p p ro v a l o f th o B o a rd .
D u e $ 5 ,0 0 0 y e a r l y o n M a y 1 f ro m 1 9 2 3 to 1 9 5 2
in c l.
C e r t, c h e c k fo r 1 0 % o f th o a m o u n t b id fo r, p a y a b le t o th e D is tr ic t,
re q u ire d .

B E V E R L E Y , Essex C o u n ty , M ass.— BOND OFFERING.— P e r c y A .
W a llis , C i t y T r e a s u r e r , w ill re c e iv e b id s u n t i l 5 p . m . M a y 1 5 f o r t h e
f o l l o w i n g t h r e e i s s u o s o f 4 44 % c o u p o n b o n d s :
$ 1 9 ,0 0 0 s o w e r b o n d s .
D e n o m . $ 1 ,0 0 0 .
D u e y e a rly o n M a rc h
1 as
f o llo w s : $ 4 ,0 0 0 , 1 9 2 3 t o 1 9 2 6 i n c l ., a n d $ 3 ,0 0 0 , 1 9 2 7 .
2 8 .5 0 0 w a t e r m a i n b o n d s .
D e n o m . $ 5 0 0 a n d $ 1 ,0 0 0 .
D u e y e a rly o n
M a r c h 1 a s f o llo w s : $ 6 ,0 0 0 . 1 9 2 3 t o 1 9 2 6 i n c l ., a n d $ 4 ,5 0 0 , 1 9 2 7 .
a d a m c r*OIJNTY (P O D ecatu r), I n d .—BOND OFFERING.—5 2 .5 0 0 B e v e r ly S t . b o n d s .
D e n o m . $ 5 0 0 a n d $ 1 ,0 0 0 .
D u o y e a rly on
H u g h D . H l t o , C o u n t y treasurer, w i l l r e c e i v e b i d s u n t i l 1 0 a . m . M a y 1 7
M a r c h 1 a s f o llo w s : $ 1 1 ,0 0 0 , 1 9 2 3 t o 1 9 2 6 i n c l ., a n d $ 8 ,5 0 0 , 1 9 2 7 .
D a to M a rc h 1 1922.
P r i n . a n d s e m i- a n n . i n t . ( M . & S .) p a y a b le a t th o
S M 4 0 L o u h T B ru n n e r M a c a d a m _ R o a d , M o n ro e a n d F re n c h T o w n s h ip s
O ld C o l o n y T r u s t C o . , B o s t o n .
T h e s e b o n d s w ill b e e n g r a v e d u n d e r th o
2 4 ,2 4 0
A ^ O . " 1! u “
‘ M a c a d a m 2 R o a d . W a s h in g to n T o w n s h ip b o n d s . s u p e rv is io n o f a n d c e r tif ie d a s t o t h e i r g e n u in e n e s s b y th o O ld C o lo n y
T r u s t C o . o f B o s t o n , w h ic h w ill f u r t h e r c e r t if y t h a t t h e l e g a l it y o f th e s e
8 ,0 0 0
R u f u ^ M e s h b e r ^ e '/ M a c a d a m R o a d , W a s h i n g t o n T o w n s h i p b o n d s . is s u o s h a s b e e n a p p r o v e d b y S to r e y , T h o r n d ik e , P a l m e r & D o d g e , a c o p y
o f w h o s o o p in io n w ill a c c o m p a n y t h e b o n d s w h e n d e liv e r e d w i t h o u t c h a r g e
to th o p u rc h a s e rs .
A ll le g a l p a p e r s i n c i d e n t t o t h e s e is s u e s t o g e t h e r w i t h
7 , 8 4 0 J o s e p h '* I F
B a rk le y M a c a d a m
R o a d , U n io n T o w n s h ip b o n d s .
a n a f f i d a v i t c e r tif y in g to t h e p r o p e r e x e c u tio n o f th o b o n d s w ill b o file d
w ith th o O ld C o lo n y T r u s t C o ., w h e re t h e y m a y b o in s p e c te d .
B o n d s w ill
n a t e ^ a v mi 5 ai 9 2 2 ^ I n t e r e s t M a y 1 5 a n d N o v 1 5 .
D uo one bond of
b o r e a d y fo r d e liv e ry o n o r a b o u t M a y 2 5 .
. n c h s s u o s m u i- a V m u a lly f r o m M a y 1 5 1 9 2 3 t o N o v . 1 5 1 9 3 2 , i n c l u s iv e .
B o n d s n o t t o b o s o ld f o r lo ss t h a n p a r a n d a c c r u e d i n t e r e s t .
B IG H O RN C O U N T Y SCH O O L D IS T R IC T NO. 17 (P. O. B asin ),
W y o . — BOND SALE. — T h o $ 4 0 , 0 0 0 6 % 2 5 - y e a r s c h o o l b l d g , b o n d s o f f e r e d
a d a m s CIVIL AND SCHOOL TOW NSHIP (P. O. F o rt W nyne),
o n M a y 1 — V . 1 1 4 . p . 1 6 8 6 — h a v e b e a a a w ir d e d to B o e ttc h o r , P o r te r & C o.
A lto n C o u J t y . I n d . /J O N D .S NOT SOLD— T h e $ 1 5 0 , 0 0 0 5 % c o u p o n
o f D e n v e r a t 1 0 4 .3 1 , a b a s is o f a b o u t 5 - 7 5 % .
h ig h sc h o o l b u ild in g b o n d s o ffe re d o n M a y 5 — V . 1 1 4 , p . 1 9 2 6 — w e re n o t
s o ld , a s a m is ta k e w a s m a d e in th o n o tic e o f th o o ffe rin g .
B IN G H \M TO N. B r o o m e C o u n t y * N. Y .— BOND SALE — In a d d i ­
t i o n t o t h o s o a l r e a d y r e p o r t e d b y u s , t h e c i t y s o ld t h o fo llo w in g b o n d s a t
a i f EN COUNTY (P. o . F o rt W ayne), I n d .—BOND OFFERING.—
•
p a r d u r in g th o y o a r e n d in g D e c . 31 192 1 :
p
o
K a m D fl C o u n t y T r e a s u r e r , w ill r e c e iv o s e a le d b i d s u n t i l 10 a . m .
Purchaser—
Amount
Purpose.
Date.
Int.Rate. Due.
M n V ‘ fi f o r $ 7 8 4 0 4 45 % B a r k l e y J o i n t R o a d b o n d s .
i
D e n o m . .$ 3 9 2 .
D a te
A . F . IT o itz m a n , B i n g . $ 2 ,0 0 0
------------------- M a y 1 1 9 2 1 5 4 5 % 1 9 2 2
M a v 1 5 1 9 2 2 In te r e s t M a y 15 a n d N o v . 15.
D u o $ 3 9 2 e a c h 0 m o n th s
F ir s t N a tio n a l B a n k , (
2 ,2 0 0 C r e e k I m p t .
F e b . 1 1921 6 %
1922
f r e m M a y 15 1 923 to N o v . 15 1 9 3 2 , in c l.
B o n d s n o t t o b e s o ld f o r le s s
B i n g h a m p t o n ______ \
1 ,0 0 0 Q u a r a n t i n e
A p rd 1 1921 6 %
1922
b an p a r.
(
4 ,0 0 0
_____________M a y . 1 1 9 2 1 5 4 5 % 1 9 2 3 & 1 9 2 4
AFTON INDEPENDENT SCHOOL D ISTR IC T (P. O. A fton), U nion
BIRM
,
la
BOND
e
r
al
l
o
C o u n ty , Io w a. — BOND SALE.-—
-An i s s u o o f $ 1 5 , 0 0 0 s c h o o l b o n d s h a s r e c e i v e d IN GH AMm . AM a. — 3 0 b y DOFFERING.—oSne,a lP d e spi d oe p ot so f s t hwe i l C ibt y
u n til 12
y
. E . M cL end
r
n
b o o n s o ld to S c h a n k e & C o . o f M a s o n C i ty .
C o m m is s io n , fo r $ 8 8 ,5 0 0 5 4 5 % p u b lic im p r o v e m e n t b o n d s .
D enom . $500.
ALLENTOWN, L eh ig h C o u n ty , Pa.-—BOND SALE.— A n i s s u o o f J u n o 1 1 9 2 2 . P r i n . a n d s e m i - a n n . i n t . p a y a b l e i n g o l d a t t h e H a n o v e r
go >o 0 0 0 5 % i m p r o v e m e n t b o n d s w a s s o l d o n D e c . 2 8 t o H a r r i s , F o r b e s N a t i o n a l B a n k , N . Y . C i t y . D u e J u n e 1 1 9 3 2 , n o t e x c e e d i n g o n e - f i f t h
& C o . a t 1 0 2 .2 3 4 . D a t e O c t . 1 1 9 2 1 . D u o e a c h 5 y e a r s f r o m 1 9 2 6 t o i n a m o u n t o f b o n d s b e in g r e d e e m a b l e b y t h e c i t y o n J u n e 1 1 9 2 4 a n d s im il a r
n u m b e r o f b o n d s e a c h y e a r th e r e a f te r b y p a y in g th e h o ld e r o r h o ld e r s o n e 1 9 5 1 , in c lu s iv e .
n
e
n h
b nds e
e
r
c
k
ALTOONA, B lair C o u n ty , P a . — BONDS SOLD IN 1 9 2 1 . — I n a d d i t i o n h adl f, tphaoy aa b lno u taol it n toe rC s tty o o f t B e r m oi n g h arm d, e reem u d r. e d .A cTe h to, C h e c m ifsosri o 1 %w iol f
bi
h
i
i
q i
om
n
l
r e t h o s e a lr e a d y r e p o r t e d , t h e c i t y s o ld t h e f o llo w in g tw o is s u e s o f 5 %
f u r n is h to t h e p u r c h a s e r t h e o p in io n o f J o h n C . T h o m s o n , N . Y . C i ty , a p ­
s^A ver b o n d s a t p a r d u r i n g t h e y e a r e n d i n g D e c . 3 1 1 9 2 1 :
p r o v in g th o le g a lity a n d v a lid ity o f b o n d s , a n d a c e rtif ie d c o p y o f a ll p r o ­
vurrhntrr__
Amount.
Dale.
Maturity.
c e e d in g s w ill b o f u r n i s h e d s h o w in g a u t h o r i t y t o is s u e s a id b o n d s .
M M F r e e m a n & C o ,- $ 2 2 5 ,0 0 0
S e p t. 1 1921
5 ,1 0 ,1 5 a n d 20 y e a rs
B O S S IE R S P A R IS H SCH O O L D IS T R IC T NO. 13 (P. O. B e n to n ),
B
k b S
- ..................
7 5 ,0 0 0
S e p t. 1 1 9 2 1
5 , 1 0 , 1 5 a n d 20 y e a r s
L
—
a
e,
e pur h
d
ANDOVER TOW NSHIP SCHOOL D ISTR IC T (P. O. A ndover), $ 1a5. 0 , 0BOND SALE.— oCn adlsd w feflel r e& oCno .M oa fy N —s h v. i l1l 1 4 , hpa. v 2 0 4 2 —c a ta s1e 0 4 . t9h4e,
0 0 6 % sch o o l b
o
d
9
V
A s h t a b u l a C o u n ty , O hio.—BOND SALE. — T h o $ 1 0 0 , 0 0 0 5 4 5 % b o n d s
a b a s is o f a b o u t 5 .3 4 % .
D a te J u ly 1 19 2 2 .
D u e s e ria lly 1 to 2 0 y e a rs .
( l(fro,.,wd o n M a v (T — V . L 1 4 . p . 6 0 '4 1 — w e r e s o l d i u o ip iwz u r , iv o riU K cc v jo . u if
O fe re i
i
1 IT P - 2 9 t i
to S n t e
R ric k & C o o
o ffe re d o n M a y »
» • *
n l l l s „ n r n m 11m o f
non
i re in n
B O ST O N , M ass.— BOND SALE.— T h e f o l l o w i n g e l e v e n i s s u e s o f 4 %
T o le d o a t p a r a n d a c c r u e d i n t . , p lu s a p r e m iu m o f $ 6 ,0 0 0 , e q u a l to 1 0 6 .
a s « e e lU LU v e d :
r e g i s t e r e d t a x - f r e e b o n d s , a g g r e g a t in g $ 4 ,2 2 3 ,0 0 0 . o f f e r e d o n M a y 11
H a t e A n ril 1 1 9 2 2
T h o f o l l o w i n g b i d n w u iru r e c e i ivt’u ;
d
(V . 114 p . 2 0 4 2 ), w e re a w a r d e d o n t h a t d a te to M e rr ill, O ld h a m & C o .,
SplUOT,PRorlck & Co., T o l.-M .0 0 0 R i c h a r ^s , P a r l s h & L a m s o n . C l e . $ 4 , 0 3 1
3 ,7 9 0
R . L . D a y & C o ., E s ta b r o o k & C o . a n d H a r r is , F o rb e s & C o ., a t a jo in t
C a m p b e ll & K in g s le y , T o l e d o . 4 ,8 8 0 S t a c y & B r a u n , T o le d o
b i d o f 1 0 0 .7 1 , a b a s is o f a o b u t 3 .9 5 % :
D e t r o i t T r u s t C o . . D e t r o i t . . . 4 ,.> 4 0 T i l l o t s o n & W o l c o t t C o . , C l o . 3 , 4 3 0
$ 1 ,0 0 0 ,0 0 0 E a s t B o s t o n t u n n e l a l t e r a t i o n s b o n d s .
D u e M a y 1 1967.
A . T . B o l l & C o . , T o l e d o --------- 4 . 2 9 3 W . L . S l a y t o n & C o . ,. T o l e d o . 3 , 3 1 0
------------- --------1 ,0 0 0 ,0 0 0 S t u a r t S t r e e t b o n d s .
D u e $ 5 0 ,0 0 0 y e a r l y o n M a y 1 f r o m 1 9 2 3
_______ _______ _
r
—
N n P firn
TinATT OAT TA T l , , ,
A

BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:

5 0 0 .0 0 0 h ig h w a y b o n d s .
a
—
- a c u i A N n C O U N T Y ( P . o . As h la n d ), O h i o .— BOND OFFERING.
S e a l e d n r o D O s a l s w i l l 1)0 r e c e i v e d u n t i l 1 2 i n . M a y 1 5 b y J . F r e e r B i t t l n g e r ,
C le rk B o a r d o f C o u n t y C o m m is s io n e rs , f o r $ 2 0 ,0 0 0 6 % b r id g e b o n d s ,
nenom
* 1 OOO
D a te M a y 1 1922.
P rin . a n d s e m i-a n n . in t. p a y a b le
•Vt u T c o u n t y T r e a s u r e r ^ o f f i c e .
C e r tif ie d c h e c k fo r 5 % o f b id , p a y a b le
r e Vh°« Y 2 E E & T r e a s i i r e r r e q u i r e d .
B id s f o r le s s t h a n p a r w ill n o t b o
c o n s id e r e d ^
B l d d ^ w U I b o r e q u ir e d t o s a tis f y th e m s o lv e s o f th o le g a lity
o f ? * s u o b u t f u ll t r a n s c r i p t w ill b o f u r n is h e d th o s u c c e s s f u l b i d d e r a s r e q u ir e d
liy la w .

o r a ix ju c o .o T T b .

n ‘ t n " A n r i 1 i 1 9 2 2 ” “ CD u o v o i r T y o n “ 6 c t ! 1 a s f o l l o w s :
a
$ 2 “ o p o T 9 2 3 “t o ‘ 1 9 ^ !
in c l
a B d $ 3 000 1n 1 9 3 7
T h e f o llo w in g b i d s w e r e r e c e iv e d :
S id n o y S p itz e r & C o ., T o le d o , O h io , $ 3 1 ,6 7 0 a n d a c c r u e d i n t e r e s t t o d a t e
A.

T ° f B o n V C o ., T o le d o , O h io , $ 3 1 ,9 5 8 a n d i n t e r e s t a c c r u e d t o d a t e o f
&r

W . L ^ S la y to n

& C o ., T o le d o , O h io , $ 3 2 ,1 2 2 2 0 a n d i n t e r e s t a c c r u e d t o

C a m p b e l l ° & < K lIn r e y , ' T o l e d o ,
1

O h io ,

$ 3 2 ,2 4 3 1 0 a n d

in te re s t a c c ru e d

to

S t a c y A ° B r a u n ^ T o l e d o , O h io , $ 3 2 ,0 1 2 7 7 a n d i n t e r e s t a c c r u e d t o d a t e o f
B w c d / S S o t t & H a r r is o n , C i n c in n a t i, O h io , $ 3 2 ,0 5 8 a n d i n t e r e s t a c c r u e d
S e a s o n g o o d & f M a y o r , '^ C i n c i n n a t i , O h i o , $ 3 1 , 9 6 6 a n d i n t e r e s t a c c r u e d t o
T h e lY o v f d e n c o S a v in g s B a n k & T r u s t C o ., C i n c in n a t i, O h io , $ 3 2 ,0 1 3 7 0
a n d in te r e s t a c c r u e d to d a t e o f d e liv e ry .
A s h la n d B a n k & S a v in g s C o ., A s h la n d , O h io , $ 3 1 ,2 0 0 a n d I n te r e s t a c c r u e d
to d a te o f d e liv e ry .
A T L A N T I C C I T Y A t l a n t i c C o u n t y N. . -BOND
— T h e fo l­
lo w in g is a l i s t o f 4 4 5 % b o n d s d a t e d J u l y 1 1 9 2 1 w h i c h w e r e s o ld o n A u g . 2 0
to t h e C i ty S in k in g F u a d a t p a r .
T h e s e b o n d s a c c o rd in g to B T o w n se n d ,
r u t v C o m p tr o lle r , a r c t h o o n ly b o n d s s o ld b y t h e c it y d u r in g t h e y e a r e n d ­
ing Doc. 5 t 1 0 2 1 .




J

SALE.

D u e $ 2 5 ,0 0 0 y e a r l y o n M a y

1 fro m

1923 to

4 0 0 .0 0 0 s e w e r a g e " w o r k s b o n d s .
D u e y e a r l y o n M a y 1 4 a s fo llo w s :
V $ 1 4 ,0 0 0 f r o m 1 9 2 3 t o 1 9 4 2 i n c l ., a n d $ 1 2 ,0 0 0 f r o m 1 9 4 3 t o 1 9 5 2
•

4 0 0 .0 0 0 C o l u m b u s P a r k im p r o v e m e n t b o n d s .
D u e $ 2 0 ,0 0 0 y e a r l y o n
M a y 1 fro m 1923 to 1942 in c h
,
^
,
2 0 0 .0 0 0 C i t y H o s p i ta l im p r o v e m e n t b o n d s .
D u o $ 1 0 ,0 0 0 y e a r l y o n
M a y 1 f ro m 1 923 t o 1 9 4 2 In c l.
,
2 0 0 .0 0 0 C h e ls e a B r id g e S o u t h lo a n b o n d s .
D u e $ 1 0 ,0 0 0 y e a r l y o n
M a y 1 f ro m 1 9 2 3 t o 1 942 in c l.
^
^
,
1 7 5 .0 0 0 r e b u i l d in g B e a c o n S t r e e t B r id g e b o n d s .
D u e $ 9 ,0 0 0 e y a r l y
o n M a y 1 fro m 1923 to 1 9 3 7 in c l.
„
^
,
1 6 0 .0 0 0 r e b u i l d in g C a m b r id g e S t r e e t - B r i d g e b o n d s .
D u e $ 8 ,0 0 0 y e a r ly
o n M a y 1 fro m 1 923 to 1 942 in c l.
,
„
1 1 0 .0 0 0 F o r e s t H ills C o u r t H o u s e b o n d s .
D u e y e a rly o n M a y 1 a s
f o llo w s : $ 6 ,0 0 0 1 9 2 3 t o 1 9 3 2 in c l. a n d $ 5 ,0 0 0 1 9 3 3 t o 1 9 4 2 in c l.
7 8 ,0 0 0
O ld W a rd M u n ic ip a l B u ild in g b o n d s .
D u e y e a rly o n M a y 1
a s f o llo w s : $ 4 ,0 0 0 1 9 2 3 t o 1 9 4 0 I n c l. a n d $ 3 ,0 0 0 i n 19 4 1 a n d
1942.
D a to M a y 1 1922.

B R A Z O R IA C O U N T Y (P. O. A n gle to n ), T ex as.— WARRANT SALE.
— S id lo , S im o n s ; F e l s & C o . o f D e n v e r h a v e
y o a r s e ria l w a r r a n ts .

p u r c h a s e d $ 3 0 ,0 0 0 6 %

1 -5

B R E C K E N B R ID G E IND EPEN DEN T SCH O O L D IS T R IC T , S te ­
ph en s C o u n ty , T e x as.— B O N D SALE.— O n A p r i l 2 6 a n i s s u o o f $ 1 0 0 , 0 0 0
sc h o o l b o n d s w a s s o ld to S te rn B ro s . & C o . o f K a n s a s C ity .

B R ID G E P O R T ,
th e y e a r e n d in g
bonds:

F a i r f i e l d C o u n ty , C o n n . — BOND S A L E . — D u r i n g
D e c . 31 1921 t h e c it y s o ld t h e fo llo w in g th r e o is s u e s o f
„ ,
,

Pur-

Int. Date of
Award

Purchaser—
Amt.
pose.
Date.
Rate.
B r i d g e p o r t T r .C o _ $ 3 0 ,0 0 0 S c h o o l J u l y 1 192 1 545*
E l d r c d g o & C o ____ 3 1 0 , 0 0 0 S e w e r J u n e 1 1 9 2 1 5 4 5 *
L o c a l b a n k s ............... 1 5 0 , 0 0 0 S e w e r

J u ly 1 1 9 2 1

5%

Due.

S e p t . $ 1 ,0 0 0 y r ly .
A u g . $ 2 2 ,0 0 0
y rly .
u n til a ll p a id .
S e p t . $ 6 ,0 0 0
y r ly .,
1 9 2 6 -1 9 5 0 .

B R O C K T O N , P l y m o u t h C o u n t y , Mass. — TEMPORARY L O A N . —
T h o N a t io n a l S h a w m u t B a n k h a s b e e n a w a r d e d o n a 3 .5 3 % d is c o u n t b a s is ,
p l u s $ 1 2 6 p r e m i u m , th o te m p o r a r y lo a n o f $ 3 0 0 ,0 0 0 d a te d M a y 1 0 a n d
m a t u r i n g D o c . 1 5 1 9 2 2 , w h i c h w a s o f f e r e d o n M a y 8— V . 1 1 4 . p . 2 0 4 2 .

[V ol. 114.

THE CHKONICLE

3154
BROOKHAVEN

(P .

O.

P a tc h o g u e ),

S u ffo lk

C o u n ty ,

C H A D B O U R N , C o l u m b u s C o u n t y , N o . C a r o .— B O N D O F F E R I N G

N . Y .—

—

S e a le d p r o p o s a ls w ill b o r e c e iv e d u n t il 2 p . m M a y 17 fo r $ 5 0 ,0 0 0 6 % g o ld
S A L E . - —The following two issues o f bonds, offered on M ay 8­
V. 114, p. 2042— were sold to Sherwood & M errifield at 100.15 for 4>4s, s t r e e t i m p t . a n d w a t e r b o n d s b y L . C . H a n d , T o w n C l o r k . D e n o m . $ 1 , 0 0 0 .
D a te F e b . 10 1 9 2 2 .
P r l n . a n d s e m t - a n n . i n t . ( F . & A .) p a y a b l e in g o ld
a basis o f about 4.47%:
$33,800 highway bonds. D enom . $1,000, one for S I ,800. Due yearly on i n N e w Y o r k C i t v . D u e y e a r l y o n F e b . 1 a s f o l l o w s : $ 2 , 0 0 0 , 1 9 2 4 t o 1 9 3 2 ,
in c l.; $ 3 ,0 0 0 , 1 9 3 3 t o 1 9 1 0 , in c l ., a n d $ 4 ,0 0 0 , 19 4 1 a n d 1 9 4 2 .
C e r tif ie d
Fob. 1 as follows: $4,000, 1923 to 1929 incl., and $5,800, 1930.
55,600 highw ay bonds. Denom. $1,000, ono for $1,600. Due yearly c h e c k ( o r c a s h ) o n a n i n c o r p o r a t e d b a n k o r t r u s t c o m p a n y f o r 2 % o f b i d ,
on Fob. 1 as follows: $4,000, 1923 to 1935 incl., and $3,600, 1936. p a y a b l e t o t h e T o w n T r e a s u r e r , r e q u i r e d . B i d s m u s t b o m a d o o n b l a n k
f o r m s , w h ic h w i t h a d d i t i o n a l i n f o r m a t io n , w ill b o f u r n i s h e d b y a b o v e C le r k
B R O O K L Y N , W i n d h a m C o u n t y , C o n n — B O N D S A L E . — The $45,000
o
M
o
.
T
i
p p
d
4) 4% coupon (with privilege of registration) gold refunding bonds offered u rn dt he o tUh .e Ss .u p e tr g os. i o&n To rf u tsht e CU .. , SN. .MYt g oC. i t&y .T r u sht e Cboo.n, dNs . wYl .l b oi t y ,r ew ah ri e h
r
vi
C
c
on M ay 5—-V. 114. p. 1927— were awarded on th at day to It. L. D ay & Co. w i l l c e r t i f y a s t o t h e g e n u i n e n e s s o f t h e s i g n a t u r e s o f t h o o f f i c i a l s a n d t h e
of Boston a t 101.789 and in t., a basis of about 4.33% . D ate April 1 1922. s e a l i m p r e s s e d t h e r e o n . T h o a p p r o v i n g o p i n i o n o f C h e s t e r B . M a s s l i c h ,
Duo $1,500 yearly on April 1 from 1923 to 1952 inclusive.
E s q . , N . Y . C i t y , w ill b o f u r n i s h e d t h e p u r c h a s e r .
D e liv e r y o n o r a b o u t
J u n e 1 1 9 2 2 i n 1ST. Y . C i t y ; d e l i v e r y e l s e w h e r e a t p u r c h a s e r ’s e x p e n s o .
B R O W N C O U N T Y ( P . O . G e o r g e t o w n ) , O h i o . — B O N D S A L E . — The
F in a n c ia l S ta te m e n t.
__
$190,000 6% road bonds offered on M ay 5— V. 114, p. 1927— were sold to
Breed, E lliott & Harrison of Cincinnati at 104.38, a basis o f about, 5.05% . A s s e s s e d v a l u a t i o n , 1 9 2 1 ________________________________________________ ^ ’2 Z 2 ’!\S n
A c t u a l v a l u a t i o n , e s t i m a t e d _____________________________________________ 1 , 3 0 0 , 0 0 0
D ate April 1 1922. Duo $21,000 yearly on Oct. 1 from 1923 to 1930 incl
N o o u ts ta n d in g b o n d e d in d e b te d n e s s .
and $11,000 on Oct. 1 in 1931 and 1932.
F l o a t i n g i n d e b t e d n e s s ____________________________________________________
1 ,5 0 0
B U F F A L O , N . Y — B O N D S A L E . — The following 4)4% coupon (with
I n d e b te d n e s s o f s c h o o l d i s t r ic t (c o m p r is in g t h e to w n a n d c o n full priv lege o f registration) tax-free bonds offered on M ay 10— V. 114
s i d e r a b l o a d d i t i o n a l t e r r i t o r y ) -----------------------------------------------------------10,000
p. 2042— were sold to the M anufacturers & Traders N ational Bank of S c h o o l d i s t r i c t b o n d s i n k i n g f u n d _______________________________________
4 ,0 0 0
Buffalo at 103.575, a basis o f about 4.10% :
$1,000,000 Scajaquada Creek improvement bonds. Duo $50,000 yearly
N e t s c h o o l d i s t r i c t i n d e b t e d n e s s ____________________________________
$ 6 ,0 0 0
on M ay 15 from 1923 to 1942 incl.
T o w n s h ip in d e b te d n e s s , n o n e .
100.000 park bonds. Duo 85,000 yearly on M ay 15 from 1923 to 1942
P o p u l a t i o n o f t o w n , 1 9 2 0 C e n s u s , 1 ,1 2 0 ; p o p u l a t i o n , e s t i m a t e d , 1 .4 0 0 .
incl.
C H A R L E V O IX , C h a r le v o ix C o u n t y , M ic h .— B O N D S A U T H O R I Z E D
180.000 school bonds. Duo $9,000 yearly on M ay 15 from 1923 to
— N e w s p a p e r r e p o r t s s t a t e t h a t a b o n d is s u e o f $ 4 0 ,0 0 0 h a s b e e n a u th o r i z e d
1942 incl.
100.000 River Channel im provem ent bonds. Duo $5,000 yearly on f o r c o n s t r u c t i o n o f a n e w w a t e r s u p p l y s y s t e m , t h e p r e s e n t s u p p l y h a v i n g
p ro v e d in s u f f ic ie n t fo r th o g ro w in g n e e d s o f th o to w n .
M ay 15 from 1923 to 1942 incl.
400.000 Fire Pipe Line bonds. D ie $20,000 yearly on M ay 15 from
C H E Y E N N E C O U N T Y S C H O O L D I S T R IC T N O . 75 (P . O . S id n e y ) ,
1923 to 1942 incl.
N e b . — B O N D O F F E R I N G . — S e a le d b i d s w ill b o r e c e iv e d u n t i l 1 .3 0 p . m .
100.000 reconstructing grade-crossings structures bonds. D uo. $5,000 M a y 1 6 f o r $ 2 0 , 0 0 0 6 % s c h o o l b o n d s b y H a r o l d L y n g h o l m , T r e a s u r e r o f
yearly on M ay 15 from 1923 to 1942 incl.
th o S c h o o l B o a r d (e a ro o f II .T . D o r a n , P . O . B o x 3 2 8 , S id n o y ).
D enom .
100.000 Bird Island Pier improvement bonds. Due $5,000 yearly on $ 1 , 0 0 0 . D u o $ 1 , 0 0 0 y e a r l y o n J u l y 1 f r o m 1 9 2 3 t o 1 9 4 2 . i n c l u s i v e . I n t .
M ay 15 from 1923 to 1942 incl.
J . - J . , p a y a b l e a t t h o C o u n t y T r e a s u r e r ’s o f f i e o .
A c e rtif ie d c h e c k o r d r a f t
250.000 water bonds. D ue M ay 15 1942.
fo r 5 % o f b id , p a y a b le to th o T r e a s u r e r o f th o S c h o o l D is tr ic t ro q u lre d .
D enom ., coupon bonds o f $1,000 each or registered bonds of $1,000
C H IL D R E S S , C h ild r e s s C o u n t y , T e x .— A D D I T I O N A L D A T A .— W e
each or m ultiples thereof, as far as practicable. D ate M ay 15 1922.
BO N D

B U F F A L O C E N T E R IN D E P E N D E N T S C H O O L D IS T R IC T (P . O .
B u ffa lo
C e n te r) , W in n e b a g o
C o u n ty ,
I o w a .— B O N D
S A L E . — Tho

$110,000 5% school bldg, bonds offered on M ay 8— Y . 114, p. 2042— have
been purchased by Geo. M . Bochtol & Co. of Davenport a t i0 6 .3 8 , a basis
of about 4.52% . D ate M ay 1 1922. Duo M ay 1 1942.
C A L D W E L L , N o b l e C o u n t y , O h i o . — B O N D O F F E R I N G . — Sealed bids
will bo received until 12 m. to-day (M ay 13) by the Village Clerk for the
following 6% bonds:
$2,250 street improvement bonds. D ato Mar. 1 1922. Duo yearly on
Mar. 1 as follows: $200 1923 to 1925 incl.; $300 1926; $200 1927
to 1929 incl.; $300 1930: $200 1931 and $250 in 1932.
„
626 78 street improvement bonds. D enom . 1 for $126 78 and 5 for
$100 each. D ate Jan. 1 1922. Duo yearly on Jan. 1 as follows:
$100 1924, 1926, 1927, 1929 and 1930 and $126 78 in 1932.
C A M B R I D G E , M i d d l e s e x C o u n t y , M a s s . — B O N D S A L E . —;The C ity
Treasurer advises us that the following ton issues o f tax-free serial coupon
Iionds, offered on Sept. 12— V. 113, p. 1074— have been sold to Edmunds
$57,000 street bonds. Duo $12,000 yearly on Oct. 1 in 1922 and 1923
and $11,000 on Oct. 1 in 1924, 1925 and 1926.
_____ ,
20.000 street Ixmds.
Duo $4,000 yearly on Oct. 1 from 1922 to 1926 incl.
10.000 streot iionds.
Duo $2,000 yearly on Oct. 1 from 1922 to 1926 incl.
55.000 additional departm ental equipment bonds. Duo $11,000 yearly
on Oct. 1 from 1922 to 1926 incl.
__.
18.000 school house bonds. Duo $2,000 yearly on Oct. 1 from 1922 to
32.000 street bonds. Duo $24,000 on Oct. 1 in 1922 and 1923, and $23,000
yearly on Oct. 1 from 1924 to 1931 incl.
45.000 building bonds. D ue $3,000 yearly on Oct. 1 from 1922 to 1926,
incl., and $2,000 yearly on Oct. 1 from 1927 to 1941 incl.
319,000 water bonds. Duo $11,000 yearly on Oct. 1 from 1922 to 1950 incl.
60.000 sewer construction bonds. Duo $2,000 yearly on Oct. 1 from
1922 to 1951 incl.
, „
45.000 sewer separate system bonds. D ue $1,500 yearly on Oct. 1 from
1922 to 1951, incl.
D ate Oct. 1 1921. Tho sewer bonds bear 4)4% interest per annum;
school bonds, 5%: water bonds, 4)4% ; building bonds, 5%; additional
departmental equipm ent bonds, 5)4% and the street bonds bear 5% and
5 ) 4% interest per annum.
C A M B R ID G E , M id d le s e x C o u n t y , M a s s .— T E M P O R A R Y L O A N — A

temporary loan of $500,000, dated M ay 10 and maturing Oct. 17, has been
awarded, it Is stated, to Blake Bros. & Co. on a 3.46% discount basis,
plus $4 50 premium.
#
C A M B R ID G E C IT Y A N D JA C K S O N T O W N S H IP C O N S O L ID A T E D
S C H O O L D IS T R IC T (P . O . C a m b rid g e C ity ) , W a y n e C o u n ty , I n d .—
B O N D S A L E . — The

following two issues of 5% bonds offered on April 24—
V. 114, p. 1805—were sold to J. F. W ild & Co. o f Indianapolis, at tho
prices given below:
$40,000 bonds o f the school corporation o f Cambridge C ity, sold at par
and accrued interest, plus a premium o f $1,341 (103.35). Denom.
40 for $500. 60 for $250 and 50 for $100. Due each 6 m onths
beginning July 15 1923.
,
85.000 bonds of the school corporation o f Jackson Township, sold at
par and accrued interest, plus a premium of $3,145 (103.70).
D enom . 80 for $500, 120 for $250 and 150 for $100. D ue each
6 months beginning July 15 1923.
,

D a t e M a y 15 1 9 2 2 .
T h e f o llo w in g c o n c e r n s s u b m i t t e d b id s :
I W a y n e T r u s t C o ., C a m b rid g e C ity
J . F . W ild & C o ., I n d ia n a p o li s
IF le tc h e r- A m e ric a n C o ., I n d ia n a p o lis
C ity T r u s t C o ., I n d ia n a p o lis
M e y e r-K Is e r C o ., I n d ia n a p o lis
C A N T O N , S t a r k e C o u n t y , O h i o . — B O N D SALE .— D u r i n g t h e y e a r
e n d in g D e c . 31 19 2 1 t h e c i t y s o ld t h e f o llo w in g b o n d s in a d d it i o n t o th o s e
a lre a d y re p o rte d :
P urchaser.

A m o u n t.

S i n k in g F u n d . . 8 1 2 ,5 0 0
* 4 2 .8 2 7
7 ,0 0 0
3 ,2 1 1
••
3 ,9 2 8
1 0 ,0 8 1
“
"
1 5 .0 0 0
S t a c y * B r a u n . 2 3 1 ,0 0 0
2 2 1 .0 0 0
M «•
••
2 0 0 .0 0 0
1 ,0 1 0
S i n k in g F u n d . .
4 ,0 0 0
t.
••
5 2 ,0 0 0
••
“
3 ,2 5 0
••
•«
8 ,6 4 7
2 1 ,6 0 0
««
M
2 2 ,0 0 0
2 5 ,0 0 0
S i d n e y S p l tz c r
& C o ................ 5 4 ,0 0 0
S easo n g o o d
&
M a y e r _____ 7 5 ,0 0 0

P urpose.

D a te o f
B onds.

M a tu r ity .

In t.
R a te .

D a te o f
A w ard.

1 '2 7
1 ’2 1 - ’2 9
1 ’2 2 - ’2 5
1 '2 4 - ’26
1 ’2 4 - ’20
lV 2 3 -’26
1 1926
1 ’3 0 - ’38
1 ’3 0 -’5 9
1 ’3 2 - ’59
1 193 0
1 1931
1 ’2 4 - 2 8
1 '2 3 -'2 5
1 ’2 3 - ’2 5
1 1928
1 1924
1 ’2 3 - ’31

6
5 )4
6
6
6
6
6
5 )4
5 )4
5 )4
6
6
5 )4
6
6
5 )4
5 )4

6

M a r.
M a r.
M a r.
M a r.
M a r.
M a r.
M a r.
A p ril
A p ril
A p r il
A p ril
A p ril
A p ril
M ay
M ay
M ay
M ay
M ay

S e w e r ___ . . D e c . 1 ’2 0

D e c . 1 '2 2 ’34

5 )4

O c t.

1

W a t e r ___ . . D e c . 1 ’20

D e c . 1 ’2 4 - ’31

5 )4

O c t.

5

00
88
00
95
55
07
00
00
00
00
00
00
CO
00
31
00
00
00

F i r e _____ . . M a r .
S t r e e t ___ . . S e p t .
S t r e e t ___ . . M a r .
S e w e r ___ . . M a r .
S e w e r ___ . . M a r .
S e w e r ___ . . M a r .
H o s p i t a l ’. . . M a r .
S t r e e t ___ . . D e e .
W a t e r ___ . . D e c .
S e w e r ___ . . D e c .
S tre e t . . . . .S e p t .
B u ild in g . . M a r .
S tre e t . . . . . D e c .
S e w e r ___ . . M a r .
S e w e r ___ . . M a r .
S tre e t . . . ..S e p t .
S t r e e t ___ . . D e c .
W a t e r ___ . . M a r .

00
00

1 ’21
1 ’19
1 ’2 0
1 ’21
1 ’21
1 ’21
1 ’21
1 ’2 0
1 ’2 0
1 ’2 0
1 ’21
1 ’21
1 ’2 0
1 ’21
1 ’21
1 T9
1 ’20
1 ’21

M a r.
S e p t.
M a r.
M a r.
M a r.
M a r.
M a r.
D ec.
D ec.
D ec.
S e p t.
M a r.
D ec.
M a r.
M a r.
S e p t.
D ec.
M a r.

1
1
1
1
1
1
4
1
1
1
4
4
11
4
11
14
17
17

a r e a d v is e d t h a t W . A . M y r i c k & C o . , in a c q u ir in g t h e $ 3 1 0 ,0 0 0 5 1 6 %
w a te r b o n d s a t 101— V . 114, p . 2 0 4 3 — w e ro b id d in g fo r th o a c c o u n t o f th e
F ir s t N a tio n a l B a n k o f S t. L o u is .
T h e b o n d s a r e d e s c r i b e d a s fo llo w s :
D e n o m . $ 1 ,0 0 0 .
D a to M a y 1 1922.
I n t e r e s t s e m i - a n n u a l l y , p a y a b l e in
N ow Y o rk .
D u e s e ria lly .
C I N C I N N A T I , H a m i l t o n C o u n t y , O h i o . — B O N D S S O L D I N 1 9 2 1 .—
S a le s o f b o n d s m a d o d u r in g 1 9 2 1 , a n d n o t a lr e a d y r e p o r te d b y u s , a s a re

A m o u n t.

P u rp o se.

D a te .

I n t . R a te .

M a tu r ity .

(1F o b .
I 1 9 3 1 -5 1
Fob.
1 1921
S tre e t
5*4%
dFeb.
1 1 9 3 1 -5 1
Feb.
1 1921
5*4%
S tre o t
1 1 9 3 1 -5 1
Feb.
1 1921
Sew er
5 *4% d F o b .
dFeb.
1 1 9 3 1 -5 1
Fob.
1 1921
S tre e t
5*4%
dFeb.
I 1 9 3 1 -5 1
P o l).
1 1921 . 5 *4%
200
S tre o t
dFeb.
1 1 9 3 1 -4 6
Fob.
1 1921
S tre e t
800
5 *4%
dFeb.
1 1 9 3 1 -4 1
S tre e t
Feb.
1 1921
1 ,4 0 0
5*4%
M a r . 10 1 9 3 1
M a r . 10 1021
D e f ic ie n c y f u n d in g
5 2 3 ,0 0 0
5 )4 %
d A p r.
1 1 9 3 1 -3 6
A p r.
S tre e t
1 1921
1 9 ,0 0 0
5*4%
dM ay
1 1 9 3 1 -3 6
M ay
1 1921
S tro e t
5 ,0 0 0
5*4%
dM ny
2 1 9 3 1 -4 1
M ay
2 1921
S tre e t ’
1 0 ,5 0 0
4*4%
dM ay
2 1 0 3 1 -4 1
M ay
2 1921
4 9 ,0 0 0
S tre e t
5*4%
d .Ia n .
2 1 9 4 2 -8 7
Jan .
2 1917
S tre e t ra ilw a y
* 5 0 0 ,0 0 0
5*4%
dJ u n e
Juno
1 1921
1 1 9 3 1 -4 1
S tre o t
2 3 ,5 0 0
5*4%
Juno
d .Iu n o
1 1 9 3 1 -5 1
1 1921
S tre o t
3 5 ,0 0 0
5*4%
Juno
1 1921
S tre o t
4 8 ,8 0 0
5*4% d J u n e 1 1 9 3 1 - 5 1
J u ly
1 1921
S tre e t
1 0 9 ,0 0 0
5*4% d . J u l y 1 1 9 3 1 - 5 1
J u ly
J u ly
1 1920
1 1928
S tre o t
6%
200,000
J u ly
d J u ly
1 1921
1 1 9 3 1 -3 6
B rid g e
a l5 ,0 0 0
5*4%
J u ly
1 1921
J u ly
1 1931
S tre e t
a 1,200
5*4%
June
Juno
1 1921
1 1931
F ire
9 0 .0 0 0
5*4%
A ug.
A ug.
1 1931
S tro e t
1 1921
5*4%
a 2 ,7 0 0
A ug.
S tre e t
1 1921
a3 0 , 5 0 0
5*4% d A u g . 1 1 9 3 1 - 4 1
S e p t. l 1921
S o p t. 1 1931
S tro e t
10,000
5*4%
d O c t.
O c t.
1 1 9 3 1 -4 1
S tre e t
1 1921
2 ,3 0 0
5*4%
D o c .’ 1 5 1 9 2 9
S tr e e t, b rid g e , & c.
D e c . 15 1921
a 7 0 ,0 0 0
5 )4 %
D o c . 15 1 929
S tr e e t, b rid g e , & c.
D o c . 15 1921
2 6 5 ,0 0 0
5 )4 %
a T h e s e b o n d s w e ro s o ld t o th o B o a r d o f E d u c a ti o n S in k in g F u n d .
* T h is is s u e w a s s o ld to o u ts id e r s .
A ll o t h e r is s u e s w e r e s o ld t o t h e
S in k in g F u n d o f t h e C i t y o f C in c in n a ti.
(I S u b j e c t t o c a l l o n t h e e a r l i e r d a t o , m a t u r i n g o n t h o l a t t e r .
$ 3 9 ,5 0 0
7 2 ,7 0 0
7 4 ,0 0 0
1 0 4 ,0 0 0

C IN C IN N A T I S C H O O L D IS T R IC T (P . O . C in c in n a ti) , H a m ilto n
C o u n t y , O h i o . — B O N D S A L E .— D u r i n g t h e y e a r e n d in g D e c . 31 1921
t h o d i s t r i c t s o l d $ 6 0 , 0 0 0 5 )4 % s c h o o l b u i l d i n g b o n d s a t p a r t o t h o B o a r d o f
C o m m is s io n e r s o f t h e D i s tr i c t S in k in g F u n d .
T h e s e b o n d s a re d a te d
M a y 23 1921 a n d a re d u e s e ria lly fro m 1923 to 1933 in c l.
C L A Y C O U N T Y ( P . O . B r a z i l ) , I n d . — B O iV D O F F E R I N G . — W e s t
S t i g l e r , C o u n t y T r e a s u r e r , w i l l r o c e i v o s e a l e d b i d s u n t i l 1 0 : 3 0 a . m . M a y 18
f o r t h e f o llo w in g b o n d s :
$ 1 9 , 4 0 0 4 Vj % M a r q u i s L a s e l l e o t a l . H a r r i s o n T w p . b o n d s .
D o n o in . $ 4 8 5 .
D a to M a r c h 15 1 9 2 2 .
D u o $ 9 7 0 e a c h s i x m o n t h s f r o m M a y 15
192 3 to N o v . 15 1 927 in c l.
1 6 ,8 0 0
5 % P h illip K in g o t a l. H a r r is o n T w p . b o n d s .
D onom . $420.
D a t e M a y 15 1 9 2 2 .
D u o $ 8 4 0 o a c h s ix m o n t h s f r o m M a y 1 5 19 2 3
to N o v . 15 192 7 in c l.
^
2 2 ,5 0 0
5 % W in . P o w e ll e t a l . L o w is T w p . b o n d s .
D e n o m . $ 1 ,1 2 5 . D a te
M a y 15 1 9 2 2 .
D u o $ 1 ,1 2 5 o a c h s ix m o n t h s f r o m M a y 1 5 1 9 2 3 to
N o v . 15 1 9 3 2 in c l.
I n t . M a y 15 a n d N o v . 1 5 .
C e r t, c h e c k fo r $ 5 0 0 o n e a c h Issu e b id fo r,
p a y a b le to th o a b o v e T re a s u re r, re q u ire d .
B o n d s n o t t o b e s o ld f o r le ss
th a n p a r a n d a c c ru e d in te re s t.
C L E A R W A T E R , P i n e l l a s C o u n t y , F l a . — B O N D S A L E . — Th o f o l ­
lo w in g b o n d s o ffo re d o n M a y 1 0 — V . 1 1 4 , p . 2 0 4 3 .— w e ro a w a r d e d to W .
L . S la y t o n & C o . o f T o l e d o , a s 6s a t p a r p l u s a p r e m i u m o f $ 1 2 7 2 1 , e q u a l to
1 0 5 .0 3 , a b a s is o f a b o u t 5 .6 6 %
$ 8 5 ,0 0 0 s tr e e t p a v i n g
1K i n d s .
2 5 .0 0 0 s e w e r e x te n s io n b o n d s .
4 0 .0 0 0 f u n d in g b o n d s .
.
4 0 .0 0 0 w a te r w o rk s e x te n s io n b o n d s .
5 0 .0 0 0 c i t y h a ll b u i ld i n g b o n d s .
■
D u e in 3 0 y e a rs .
C L I N T O N C O U N T Y ( P . O . S t . J o h n s ) , M i c h . — B O N D S A L E — Th e
c o u n ty r e c e n t ly s o ld $ 3 5 ,0 0 0 4 H% r o a d a s s e s s m e n t b o n d s t o t h e D e t r o i t
T r u s t C o . o f D e tro it a n d S ta c y & B ra u n o f T o le d o jo in tly a t p a r a n d
a c c r u e d i n te r e s t p lu s - a p r e m iu m o f $ 8 7 5 0 , e q u a l t o 1 0 0 .2 5 .
C O E U R D ’A L E N E I N D E P E N D E N T S C H O O L D I S T R I C T , K o o t e n a i
C o u n t y , I d a h o . — B O N D S V O T E D . — An i s s u e o f $ 1 0 0 , 0 0 0 s c h o o l b o n d s
w a s r e c e n tly c a rr ie d b y a v o te o f 2 24 “ fo r ” to 3 2 7 " a g a in s t.”
C O L O M A T O W N S H IP ( P . O . C o lo m a ) , B e r r ie n C o u n t y , M ic h .—
B. So tie r s , T o w n s h ip C le rk , h a s b e e n a u th o r iz e d
t o a d v e r t i s e f o r b id s o n $ 5 0 ,0 0 0 in g o o d r o a d s b o n d s , v o t e d b y t h e p e o p le .
B i d s w i l l b o a c c e p t e d u n t i l M a y 16 a n d a r o i n d e n o m i n a t i o n s o f $ 1 , 0 0 0 e a c h ,
b e a r i n g 5 % i n t e r e s t a n d c o v e r i n g a p e r i o d o f 20 y e a r s .
B O N D O F E R I N G . — M ilo

C O L U M B U S , F r a n k l i n C o u n t y , O h i o . — B O N D S A L E . — T h o fo llo w in g
b o n d s o ffe re d o n M a y 1 0 — V . 11 4 , P . 1 8 0 5 — w e re s o ld a s g iv e n b e lo w :

$1 755,0 00 5 % g e n e r a l w a t e r w o r k s o x t o n s i o n b o n d s s o l d t o a s y n d i c a t e

fgr C A R T E R E T C O U N T Y ( P . O . B e a u f o r t ) , N o . C a r o .—DESCRIPTION.
— T h e $ 1 5 0 ,0 0 0 6 % r o a d im p r o v e m e n t b o n d s , a w a r d e d a s s t a t e d in V . 1 1 4 ,
d . 1 9 2 7 , a r e d e s c r i b e d a s f o llo w s :
D e n o m . $ 1 ,0 0 0 .
D a to A p ril 1 1 9 22.
I n t e r e s t A . - O . __ D u e s e r i a l l y .
_____________________________________________________

c o m p o s e d o f th o B a n k e r s T r u s t C o .; R o m ic k , H o d g e s & C o .;
W m . R . C o m p to n C o ., a n d T i l l s t o n & W a lc o t t C o . , a t 1 0 5 .7 8 9 ,
a b a s is o f a b o u t 4 .3 9 % .
D u e $ 7 3 ,0 0 0 y e a r l y o n D e c . 1 f ro m
1 9 2 3 to 1 9 4 5 , in c l., a n d $ 7 6 .0 0 0 0 o n D e c . I 1 9 4 6 .
154 0 0 0 5 1 4 % C i ty H a ll s ito b o n d s s o ld to a s y n d ic a t e h e a d e d b y W .
A . H a r r i m a n & C o ., I n c . , a t 1 1 4 .6 2 . a b a s is o f a b o u t 3 .9 4 % .
D u o $ 1 4 , 0 0 0 y e a r l y o n D o c . I f r o m 19.37 t o 1 9 4 7 , i n c l .
In g iv ­
in g th e n o tic o o f th o o ffe rin g o f th o so b o n d s in c o r r e c tly r e p o r te d
th o in te r e s t r a te o f th is iss u e a s 5 % .
D a t o M a r c h 15 1 9 2 2 .
„
_
,
B O N D S N O T Y E T A W A R D E D . — T h e $ 1 2 5 ,0 0 0 5 % M a r k o t H o m o b o n d s
a ls o o f fe r e d o n M a y 10— V . 1 1 4 , p . 1 8 0 5 — w e ro n o t y e t a w a r d e d .

cic
c tP U K A L
u i i , M e r r i c k C o u n t y , N e b . —BONDS VOTED. — O n
A p r il 1 8 t h e $ 1 2 ,0 0 0 g a s a n d l ig h t b o n d s — V . 1 1 4 , p . 1 5 6 6 — w o re v o t e d b y
a c o u n t o f 561 “ fo r” to 194 “ a g a in s t.”

C O N E JO S C O U N T Y S C H O O L D IS T R IC T N O . 2 (P . O . L o v e to s),
C o l o . — B O N D SALE. — S l d l o , S i m o n s , P e l s & C o . o f D o n v o r , h a v e p u r ­
c h a s e d $ 10,000 6 % 10 - 20 - y o a r s c h o o l b u i l d i n g b o n d s .

* A p p a r e n t l y t h e s e a r e t h e b o n d s o f fe r e d u n s u c c e s s f u ll y o n D e c . 2 0 1 9 2 0 .—
V . 112, p . 28 2 .
C A R T E R C O U N T Y S C H O O L D IS T R IC T (P . O . E k a la k a ) , M o n t.—
BONDS VOTED.— A n i s s u e o f $ 1 4 , 0 0 0 s c h o o l b u i l d i n g b o n d s w a s r e c e n t l y
v o te d .




le ire o f r e g i s t r a t i o n ) S e r ie s
1 b o n u s w a s s o iu to S t a c y x u r a u n . u u , u * u u ,
C o o f N . Y ., A m e s, E m e ric h & C o . a n d M a r s h a ll F ie ld , G lo re , W a rd & C o ..
jo in tly
a t 1 0 2 .1 i o , a b a s is o f a b o u t 4 .2 3 % .,
D e n o m . $ 1 , 0 00 .
D a to
M a r c h ’l 5 1 9 2 2 .
P r in . a n d s e m i-a n n . i n t . ( M . & S . 15) p a y a b le in C h ic a g o .
D u e S I 0 0 0 0 0 y e a rly o n M a r c h 15 fro m 1 923 to 1 942 in c l.
T hose bonds
a r e b e in g o ffe re d t o in v e s to r s a t p r ic e s to y ie ld fro m 4 .2 5 % t o 4 % , a c c o rd n g to m a tu ritie s .
'
, _
.
'
Financial Statement.
...
A c t u a l v a l u e t a x a b l e p r o p e r t y ( 1 9 2 1 ) -----------------------------------------A s s e s s e d v a l u e t a x a b l e p r o p e r t y ------------------------------- ---------- -------- 1 , 8 i a c n o n o n
T o t a l b o n d e d d e b t ( I n c l u d i n g t h i s I s s u e ) -----------------------------------13.990.090
P o p u l a t i o n , 1 9 1 0 , 2 , 4 0 5 , 3 3 3 ; 1 9 2 0 ----------------------------------------------3 .0 5 3 .U 1 /

CORBIN SCH OOL D ISTR IC T

(P. O. C o rb i n ), W h i t e l y C o u n t y ,

I C y _ BOND OFFERING.— .1. L . M c N a b b , S e c ’y B o a r d o f E d u c a t i o n , I s
_
r e c e iv in g b id s f o r $ 7 5 ,0 0 0 5 % s c h o o l i m p t . b o n d s .

C O R V A L L I S , B e n t o n C o ., O r e .— BOND OFFERING.— S e a l e d b i d s
w i l l b e r e c e i v e d u n t i l 8 l>. m . M a y 1 5 b y J . M . C o n n e r , M u n i c i p a l J u d g e ,
f o r t h e p u r c h a s e o f $ 1 ,5 7 3 0 9 6 % g o ld c o u p o n L a t e r a l S e w e r A s s e s s ­
m e n t D is tric t N o . 75 b o n d s.
D e n o m . $500, o n e fo r $73 0 9 .
D a te J a n . 1
1921
I n t s e m i-a n n .
D u e J a n . 1 1 9 3 1 , re d e e m a b le a t th e o p tio n o f c ity
u p o n ’ th e p a y m e n t o f fa c o v a lu e a t a n y s e m i-a n n . c o u p o n p e rio d .
BOND OFFERING.— S e a l e d b i d s w i l l a l s o b o r e c e i v e d u n t i l t h e a b o v o
tim e a n d d a t e b y J . M . C o n n o r , M u n ic ip a l J u d g e , f o r $ 5 ,0 0 0 5 % g o ld c o u p o n
M a in S e w e r N o
7 bonds.
D e n o m s . n o t le ss t h a n $ 1 0 0 n o r m o re t h a n
* 1 OOO
I n t s e m i-a n n .
D u o J u ly 1 1962.
D e liv e r y o f t h e b o n d s s h a ll
b e m a d e , i t is s t a t e d , a t o n e tim e , o r . a t t h e o p tio n o f t h e
w h e n t h e s a le is c o n s u m m a te d a n d t h e r e m a in in g o n e - h a lf t h r e e m o n th s

^BOND OFFERING.—
a n d d a te b y

S e a le d b id s w ill a ls o b e r e c e iv e d u n t i l t h e s a id tim e
J . M . C o n n e r , M u n ic ip a l J u d g e , f o r t h e fo llo w in g 6 % g o ld

$ 1 4 ,0 4 5 4 5 A s s e s s m e n t

D is tric t

N o.

33

b o nds.

D enom .

$500,

one

fo r

1 7 ,7 4 6 5 7 A s s e s s m e n t

D is tric t

N o.

34

b o nds.

D enom .

$500,

one

fo r

6 5 8 8 0 G r a d in g a n d G r a v e lin g A s s e s sm e n t D is tr ic t N o . 3 b o n d s .
D e n o m s 1 fo r $500 an d 1 fo r $158 8 0 .
,
. .
.
D a te M a r 1 1922.
I n t. s e m i-a n n .
D u e M a r. 1 1 932, re d e e m a b le a t
th o o p tio n o f th o c it y u p o n p a y m e n t o f fa c o v a lu e a t a n y s e m i-a n n . c o u p o n
P 6 n o N D OFFERING — S e a l e d b i d s w i l l l i k e w i s e b e r e c e i v e d u n t i l t h o
m e n tio n e d tim e a n d d a t e b y * J , M . C o n n e r M u n ic ip a l J u d g e , f o r th
c h a s e o f th o fo llo w in g 6 % g o ld c o u p o n b o n d s :
D
$ 1 ,0 3 7 1 7 L a t e r a l S o w e r A s s e s s m e n t D i s t r i c t N o . 7 7 b o n d s .
D

946 00 L a t e r a l " S o v r e r 3 A s s e s s m e n t
3 ,9 6 7 8 0 G r a d ? n tf a n d t r a v e l i n g

D is tric t

N o.

79

bonds.

abovo
e p u r­
enom
enom .

D enom s.

A sse ssm e n t D is tr ic t N o . 4 b o n d s .

D e-

D a t o M a y " 1! * 9 2 2 . ° " n t ! s e m i - a n n .
D u e M a y 1 1 9 3 2 . re d e e m a b le a t
t h e o p tio n ' o f c i t y u p o n p a y m e n t o f fa c o v a lu e a t a n y s e m i- a n n . c o u p o n
p e rio d .

C O R Y D O N , Harrison C o u n t y , I n d . —BOND SALE .— T h e $ 1 5 , 0 0 0
r e f u n d i n g b o n d s o f f e r e d o n M a y 1— - V . 1 1 4 , p . ! 928 - - w e r 0 s o l d j o
th e F le tc h e r S a v in g s & T r u s t B a n k o f I n d ia n a p o lis a t p a r a m i ^ c c r u c a
i n te r e s t , p l u s a p r e m iu m o f $ 7 8 5 6 0 ( 1 0 5 .2 3 6 ) , a .b a s i s | o f a b o u t 4 .7 8 % .
D a to M a y 1 1922.
D u o $ 1 ,0 0 0 y e a r ly o n J a n . 1 f ro m 1 9 2 4 t o 1 J 3 8 , in c i.

5H %

R a n c h e t t B o n d C o .................................................. { « «

CUMBERLAND,

Allegany

County,

§§ J S I l S

«

Md .—BOND

OFFERING.—

W illia m E . M c D o n a l d , C o m m is s io n e r o f F i n a n c e a n d l te v e n u e , w ill r e c e iv e
s e a le d b id s u n t i l 9 :3 0 a . m . M a y 15 f o r $ 2 5 0 ,0 0 0 4 1 i % w a t e ^ t a p r o v m < m t
bonds.
D a te J u n e 1 1922.
In t. J . & D .
D u o Ju n o 1 1962.
c e rtm e d
c h e ck fo r 2 H % re q u ire d .

say s:
“ T o b u ild tw o a d d it i o n a l w in g s io r tn o n e w
c o n s tr u c ti o n , a n e le c tio n is to b o c a lle d b y th o S c h o o l D ° f J $
$ 6 5 ,0 0 0 b o n d is s u e .
T h o w in g s w ill b o u s e d fo r a n a u d ito r iu m
g y m n a s iu m .
C iv ic c lu b s h a v e in d o rs e d th o b o n d iss u e .

CUSTER COUNTY

and

a
a

IN D EPEN D EN T SC H O O L D IST R IC T NO. 1

(P. O. C h a i n s ) , I d a h o .— BOND SALE.— K e e l e r B r o s - & ° ° f ,5 > I^ ^ e,
L
r
h a v o p u r c h a s e d $ 4 5 ,0 0 0 6 % s c h o o l b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a^M ayA
1 9 2 2 .1 P r in c i p a l a n d s e m i- a n n u a l i n te r e s t ( J .- .I .) , p a y n b lo in N e w Y o rit
C ity
D u e y e a r l y o n M a y 1 a s f o llo w s :
$ 4 ,0 0 0 1 9 3 2 t o 1 9 4 1 , in c lu s iv e ,
a n d $ 5 ,0 0 0 1 9 4 2 .
o
Financial Statement.
40 „ „ „ n n n
R e a l v a l u a t i o n , e s t i m a t e d ............................................................................................... * ’7 * 9 0 71
A s s e s s e d v a l u a t i o n ( 1 9 2 1 ) - - ............................................ .............................................
'5 2 , 9 7 4
T o ta l d e b t ( th is iss u e o n ly )
........................... - ...............................45.U U U
P o p u l a t i o n , e s t i m a t e d , 1 ,0 0 0 t o 1 ,2 0 0 .
DANVILLE GRAM M AR
SCHOOL
D ISTRICT,
Contra
Costa
C o u n t y , C a l i f . — BOND SALE.— O n M a y 1 $ 2 0 , 0 0 0 6 % b o n d s , m a t u r i n g
1 9 2 3 to y 1 9 4 2 i n c h , w e r e s o l d t o E H . K e u f f e r a n d F .
fo fio w *
110.
T h e s e b o n d s w o re v o te d o n M a r . 24 (V . 114, P- 1 5 6 6 ).
t h e fo llo w n g a ro th o b id s re c e iv o d :
1 8 2 2 ,0 0 0 F r e e m a n , S m it h & C a m p C o _ * 2 1 ,8 0 1
E . II. K eu ffer
S t e p h e n s & C o . --------------------------- o l ’o o n
F . E . B o c k ____________
B l y t h , W i t t e r & C o . .................. 1 2 1 , 9 6 4 f f m , I t . S t a a t s C o ----------------------- 2 1 , 3 2 0
B a n k o f M a r t i n e z ----------------------------’£ 9 9
S a n R a m o n V a lle y B a n k . - - J
F irs t N a t. B a n k o f O a k la n d 2 1 ,8 5 1 M . H . L e w i s & C o -------------------- 2 1 , 0 5 1
B a n k o f I t a l y - ' ------------------------ 1 2 1 , 8 1 6
C y r u s P e i r c e & C o ---------------- -- J
.
i
Financial Statement.
_ e io _
A s s e s s e d v a l u a t i o n , 1 9 2 1 _ ............................................ ............................................ - - $ . > 1 8 , 6 4 5
T o t a l d e b t , i n c l u d i n g t h i s i s s u e --------------------------------- -------------------------------2 0 ,0 0 0

_____J

...

D A Y T O N , M o nt g om e ry C o u n t y , O h i o . —BONDS

SOLD I N 1921

—

S a le s o f b o n e fs t o th o S in k in g F u n d T r u s te e s a t p a r , m a d e d u r in g 1 9 2 1 a n d
n o t a l r e a d y r e p o r t e d b y u s , w e r e a s f o llo w s -

Amount.
$ 1 0 0 ,0 0 0
1 2 5 ,0 0 0
2 5 .0 0 0
5 0 .0 0 0
20 000
7 0 .0 0 0
109 890
8 6 ,8 9 0
OU,OBU

2155

THE CHRONICLE

May 13 1922.]

Purpose.

Date.

S o w e r ------------------------- F e b . 1 1 9 2 1
B r i d g o ...................- M a y 1 1921
B r i d g e .......... ..............A u g . 1 1 9 2 1
P a v i n g ........... ..................A u g . 1 1 9 2 1
F lro D e p a r tm e n t- - N o v . 1 1921
G e n e r a l F u n d ---------- D e c . 1 1 9 2 1
S p o c la l a s s e s s m e n t.
V a rio u s
S p e c i a l a s s .....s m - n - .
e t
V ----vru s
a r io
wi/wv.w........ e s

Int.
Rate.

m
88%

Due.

Date of
Award.

F e b . I 1941
M a y 1 1941
J u ly 1 1941
A u g . 1 1941
N o v . 1 1926
D e c . 1 1931
1 9 2 2 -1 9 3 1
1 9 2 2 -1
------ --- 9 2 4

J a n . 26
M a r. 23
J u ly 27
J u ly 27
O c t. 26
N o v . 30
V a rio u s
V a r io u s

D E A R B O R N C O U N T Y (P. O. L a w re n ce b u rg ), In d . — B O N D S A L E .—
T h o fo llo w in g tw o is s u e s o f 5 % h ig h w a y c o n s tr u c ti o n a n d i m p r o v e m e n t
b o n d s o ffe re d o n M a y 8 — V .U 14, p . 1 8 0 6 — w ero s o ld , th e f ir s t to th e M e y c r K is e r B a n k o f I n d ia n a p o lis a t p a r a n d a c c ru e d ln te re s t p lu s a p re m iu m o f
$ 1 15 0 ( 1 0 2 .3 9 ) , a b a s is o f a b o u t 4 .6 3 % , a n d th o s e c o n d t o t h e P e o p le s
N a tio n a l B a n k o f L a w re n c e b u rg a t p a r a n d a c c ru e d in te re s t, p lu s a p re m iu m
o f $ 2 1 0 ( 1 0 1 .4 3 ) . a b a s is o f a b o u t 4 .7 0 % .
$ 4 8 ,0 0 0 H u g h S i b b c r t c t a l. M a n c h e s t e r T w p . b o n d s . D e n o m . $ 4 0 0 . D u o
$ 1 ,6 0 0 e a c h 6 m o n th s fro m M a y 15 1 9 2 3 to N o v . 15 1 9 3 7 in c l.
1 4 ,6 0 0
J a m e s W . G a y n o r o t a l . I m r a n T w p . b o n d s . D e n o m . $ 3 6 5 ;. D u e
$ 7 3 0 e a c h s ix m o n th s f ro m M a y 15 1 9 2 3 to N o v . 15 1 9 3 2 in c l.
D a te A p ril 3 1922.
D E N V E R , C o lo .— BOND SALE. - I n a n s w e r t o o u r l e t t e r a s k i n g f o r a
s ta t e m e n t o f b o n d s is s u e d b y t h o c it y o f D e n v e r . C o lo ., e it h e r t o i ts o w n
S in k in g o r t o o u ts id e r s d u r in g th o c a le n d a r y e a r e n d in g D e c . 31 1 9 2 1 ,
E.
C o s a d , B o n d C le rk , sa y s:
" D e n v o r h a s is s u e d n o g e n e r a l b o n d s s in c e 1 9 1 3 ( $ 2 6 0 ,0 0 0 C o lf a x L a r lm o r V ia d u c t) .
L o c a l im p ro v e m e n t b o n d s a re iss u e d o n m o n th ly
e s t i m a t e s t o c o n t r a c t o r s w h o e i t h e r s e ll t h e m t o b a n k s o r p r i v a t e p a r t i e s .
In v a r ia b ly iss u e d a t p a r.
T h e a g g r e g a t e Is s u e o f th e s e in 192 1 w a s $ 1 ,­
1 19 3 0 0 , a ll s u b je c t to c a ll.
$ 8 2 1 ,0 0 0 o f lo c a l I m p r o v e m e n t b o n d s r e t i r e d
In 1 9 2 1 ."
D E S M O I N E S , Po l k C o u n t y , I o w a .— B O N D SALE . — I n a d d i t i o n t o
th o s e a lr o a d y r e p o r t e d , t h o fo llo w in g 6 % b o n d s w e r e s o ld d u r in g th o
c a le n d a r y e a r o n tlln g D e c . 3 1 1 9 2 1 :




Purchaser—
Amount.
L o c a l p a r t i e s ________________________ $ 1 0 3 , 1 0 0 0 8
L o c a l p a r t i e s . .....................
1 8 4 ,9 3 0 81
W m . D r a k e . _________
5 6 .7 7 9 0 0
D E S M O I N E S , Po l k C o u n t y , Io w a. —

Purpose.

Date.

G r a d in g
C ity im p t.
O b s e rv a to ry

S e p t. 1 1920
S e p t. 1 1920
S e p t. 1 1920

PURCHASER.—T h e

o f t h e $ 2 5 0 ,0 0 0 5 % w a t e r w o r k s b o n d s — V .
G r a n t & C o . o f C h ic a g o .

p u rch asers
114, p . 20 4 4 — w e re R . M .

D O D G E C O U N T Y S C H O O L D I S T R I C T NO . 49 ( P . O. U e h l i n g ) ,

N e b .— BOND OFFERING.— U n t i l 8 p . m . M a y 1 6 L u d w i g U e h l i n g , T r e a s ­
u r e r , w ill r e c e iv e b id s f o r $ 3 5 ,0 0 0 5 % s c h o o l b u ild in g b o n d s .
,
D O T H A N , H o u s t o n C o u n t y , A l a .— C IT Y GIVEN AUTH ORITY TO
ISSUE BONDS BY SUPREME COURT DECISION.—The B i r m i n g h a m
“ A g o - H e r a ld ” o f M a y 5 h a d t h e fo llo w in g to s a y w i t h r e g a r d to a d e c is io n
o f t h e S u p r e m e C o u r t a u t n o r i z i n g t h e C i t y o f D o t h a n t o i s s u e a n d s e ll
__ ,
$ 7 5 0 ,0 0 0 e le c t r i c p l a n t b o n d s :
.
,
“ A u t h o r it y o f t h e c it y o f D o t h a n t o is s u e a n d s e ll m u n ic ip a l b o n d s to
t h e a m o u n t o f $ 7 5 0 ,0 0 0 f o r t h e c o n s tr u c ti o n o f a h y d r o - e l e c t r i c p l a n t a t
C h a l k e r ’s B l u f f o n t h e C h o c t a w h a t i c h i o R i v e r i n G e n e v a C o u n t y , w a s
e s ta b lis h e d b y th o S u p re m e C o u rt T h u r s d a y (M a y 4) in tw o c a se s b ro u g h t
b y B . R . P i l c h e r , a c it i z e n o f D o t h a n , in a n e f f o r t t o p r e v e n t t h e c i t y f r o m
s ta r tin g th e c o n s tru c tio n p ro g ra m .
T h e c ity w o n b o th c a se s,
“ P ilc h e r c o n te n d e d t h a t th e c ity s h o u ld n o t c o n s tr u c t th e h y d r o -e le c tric
p l a n t b e c a u s e o f r e s t r i c ti o n s im p o s e d b y S e c tio n 2 2 5 o f t h e C o n s t it u ti o n .
T h is s e c tio n p r o h ib i ts a m u n ic i p a l it y fro m e x c e e d in g a c e r ta in l i m i t e s t a b ­
lis h e d o n its in d e b te d n e s s , b u t m a k e s c e rta in e x t ^ t i o n s , a m o n g t h e m
b e in g d e b ts fo r t h e c o n s tr u c tio n o f w a te r p l a n t s .
T h e c ity in s is te d t h a t
i t h a d a r ig h t to c o n s tr u c t th e h y d r o -e le c tric p la n t b e c a u se th e p o w e r so
g e n e r a t e d w o u ld b e u s e d in o p e r a t in g t h e w a te r w o r k s .
,
“ T h e S u p r e m e C o u r t h e ld t h a t i t c o u ld d o so w i t h o u t v io la t in g S e c tio n
22 5 o f th e C o n s titu tio n .
,
, ____ , . _ _
_ _
“ P ilc h e r a lle g e d t h a t t h e h y d r o - e le c tr ic p l a n t a s p ro p o s e d w o u ld g e n e ­
r a t e 4 ,0 0 0 h o r s e p o w e r , w h i l e t h o c i t y w o u lc n e e d o n l y 9 0 0 h o r s e P « w e i
fo r th e o p e ra tio n o f th e w a te r s y s te m .
T h e S u p re m e C o u rt s a id th e n e e d s
o f t h o c i t y w a s w i t h in t h o w is e d e is e r ti o n o f t h e c i t y a u t h o r i t i e s a n d i t
w o u ld n o t a tt e m p t to ta k e i t a w a y fro m th e m .
_____
____ . .
“ T h e p l a n o f t h e c i t y o f D o t h a n is t o u s e s u c h p o w e r a s m a y b e n e e d e d
in t h e o p e r a t io n o f t h e w a t e r p l a n t a n d to d is p o s e o f th e s u r p lu s to i n d i ­
v id u a ls a n d in d u s tr ie s .
T h o S u p re m e C o u r t d e c lin e d to s a y t h a t t h is p r o ­
p o s a l o f th e c it y w o u ld bo in v io la tio n o f th e C o n s titu tio n .
_
,__
T h o - P u b l ic S e r v ic e C o m m is s io n h a s a lr e a d y g r a n t e d t h e c i t y o f D o t h a n
a u th o r ity to c o n s tr u c t th e h y d ro -e le c tric p la n t a n d w o rk c a n b e s ta r te d
w h e n th o b o n d s a re s o ld .”

D O U G L A S C O U N T Y (P. O. R o se bu r g) , O r e.—BOND

OFFERINGr—

S o a le d b id s w ill b o re c e iv e d u n til 1 0 a . m . M a y 2 2 b y I r a B . R id d le , C o u n t y
C l e r k , f o r th o p u r c h a s e o f th o fo llo w in g 6 % c o u p o n r o a d b o n d s :
$ 2 2 0 ,0 0 0 b o n d s .
D a te J u n e 1 1922.
D u e $ 1 1 0 ,0 0 0 J u n e 1 1 9 2 9 a n d 1 9 3 0 .
2 8 0 ,0 0 0
bonds.
D a te S e p t. 1 1922.
D u e $ 1 1 0 ,0 0 0 S e p t . 1 1 9 3 1 a n d
1 9 3 2 a n d $ 6 0 ,0 0 0 S e p t. 1 1 9 3 3 .
_
_
t.
.
_
D e n o m s . $ 5 0 o r m u l t i p l e s th e re o f u p t o $ 1 , 0 0 0 . a t o p t i o n o f s u c c e s s f u l
b id d e r.
I n t . s e m i- a n n ., p a y a b le a t th e o ffic e o f C o u n ty T r e a s u r e r , o r a t
t h e fis c a l a g e n c y o f t h e S t a te o f O re g o n in N . Y - C i ty , a t o p tio n o f b id d e r .
C e r t, c h e c k o n a r e s p o n s ib le b a n k in t h e a m o u n t o f 5 % p a r v a lu e o f t h e b o n d s
b id f o r , p a y a b le t o th o a b o v e o f fic ia l, r e q u ir e d .
B id s fo r a n y b o n d o r n u m ­
b e r o f b o n d s w ill b o r e c e iv e d .
B id s w ill b e a c c e p te d f o r c a s h o n l y a n d .n o
b id f o r le ss t h a n p a r w ill b o c o n s id e r e d .
T h e s e b o n d s a re p a r t o f th e $ 1 .­
1 0 0 ,0 0 0
b o n d iss u e a u th o riz e d o n J u n e 7 1 9 2 1 .
V . 113, p . 101.

DOVER

VILLAGE

SCHOOL

D ISTR ICT

(P. O.

Dover C e n t e r) ,

C u y a h o g a C o u n ty .O h io .—BOND SALE.— T h e $ 6 . 0 0 0 6 % ^ u p o n b o n d s ,
o ffe re d o n M a r c h 13 (V . 1 1 4 , p . 8 7 4 ). h a v e b e e n s o ld t o S e a s o n g o o d &
M a y o r, o f C in c in n a ti, a t p a r.
D u o $ 1 ,2 0 J y e a rly o n O c t. 1 f ro m 1 923 to
1 9 2 7 , in c lu s iv e .
D U N C A N S C H O O L D I S T R I C T (P. O. D u n c a n ) , S t e p h e n s C o u n t y ,
O k l a . — BOND S A L E — T h e $ 3 5 , 0 0 0 s c h o o l b u i l d i n g b o n / d s r e c e n t l y v o t e d —
V . 1 1 4 , p . 1 9 2 8 — h a v e b e e n s o ld .

E A S T ST. LOUIS,
a d v is e d t h a n a n issu e
1 9 2 1 t o t h o U n i o n T r u s t < ^ u .,
— - — r-rr---,
C o ., S t. L o u is . M o ., a n d t h e N o r th e r n T r u s t C o . o f C h ic a g o , a t t h e i r jo in t
b i d o f p a r a n d a c c r u e d i n t e r e s t , p l u s a p r e m i u n i o f $ 3 1 8 ( 100 - 0 7 ) , a b a s i .
o f a b o u t 5 .9 8 % .
D a te J u ly 1 1921.
D u o s e r ia lly f o r 2 0 y e a r s b e g in n in g
J u ly 1 1922.
a „e I S
o 7 5f 8
™
A \T '.» c n“ r . t e
t h e S in k in g F u n d C o m m is s io n o f t h e C i t y o f E a s t C le v e la n d .

E A S T S I D E , C l a t s o p C o u n t y , O re .— BON D

The^Columbia
-an n u al
y e a rly on

$ 1 ,5 0 0 , 1 9 3 7 t o 1 9 4 2 , in c lu s iv e .
.
Financial Statement.
nnn
A c t u a l v a l u a t i o n , e s t i m a t e d ----------------------------------- ------------------------------------ 94 ft n o n
A s s e s s e d v a l u a t i o n ---------------------- --------------------------------------------------- a o V n n n ^ D ,u
T o t a l b o n d e d d e b t ( i n c l u d i n g t h i s i s s u e ) --------------------------------P o p u la tio n , 50 0 .

EDENTON
C h o w a n C o u n t y , No. C ar o . — BOND SALE.— T h e
$ 3 0 000 6 % c o u p o n ( w i t h p r i v i l e g e o f r e g i s t r a t i o n ) e l e c t r i c l i g h t f u n d i n g
b o n d s o ffe re d o n M a y 9— V. 114, p . 20 4 4 — h a v e b een
R o ric k & C o . o f T o le d o .
D a te M arch 1 1922.
D u e y e a rly o n M a rc h 1
a s fo llo w s : $ 1 ,0 0 0 , 1 9 2 5 t o 1 9 5 0 i n c h , a n d $ 2 ,0 0 0 , 1 9 5 1 a n d 1 9 5 2 .
P I I 7 A R F T H U n i n n C o u n t v . N. J . — BOND SALE. — W e a r e i n f o r m e d
b v D F C o llin s C i t y C o m p tr o l le r , t h a t t h e c it y s o ld a n is s u e o f $ 1 3 5 ,0 0 0

6^0 t e m p o r a r y s t r e e t p a v e m e n t b o n d s o n J u l y 1 5 1 9 2 1 t o t h e
T r u s t C o . o f E l i z a b e t h a t 1 0 0 .2 5 , a b a s is o f a b o u t 5 .9 5 % .
1921.
D u o J u n e 1 1927.

D a te J u n e

ETHAN INDEPENDENT SCH O O L D IST R IC T
Dav iso n C o u n t y , So. D a k .— BOND S A L E . — T h e

O. E t h a n ) ,
6 % sch o o l

(P.

1

b o n d s o ffe re d o n M a y 1— V . 1 1 4 , p . 1 9 2 9 - h a v e b e e n a w a r d e d to th e
W e lls -D ic k e y C o . o f M in n e a p o lis a s 5 jK s. a t p a r p lu s a p r e m iu m o f $ 3 2 6 ,
e q u a l t o 1 0 2 .3 2 . a b a s is o f a b o u t 5 .3 5 % .
D a te M a y 1 1922.
D u e M a>
equal
1 1942.
FTN A
A l l e g h e n y C o u n t y , P a .—BOND SALE . — T h e $ 2 1 5 , 0 0 0 4 1 i '7
p o n d s ’ ffe re d o n M a y 8 — V . H I , p . 1 6 8 0 — w e re s o id to th o J ^ e U t y T i tie
o
& T r u s t C o . o f P i t t s b u r g h a t p a r a n d a c c r u e d interest p l u s a p r e m i u m o f
$ 9 ,7 8 7 21 ( 1 0 4 .5 5 2 ) , a b a s is o f a b o u t 4 . 1 7 % .
D a ta J u n e 1 1922.
D ue
y e a r l y o n J u n o 1 a s f o llo w s : $ 5 ,0 0 0 . 1 9 3 2 t o 1 9 3 6 i n c l ., $ 1 0 ,0 0 0 , 1 9 3 7 t o
1 9 4 6 in c l ., a n d $ 1 8 ,0 0 0 fro m 1 9 4 7 t o 1951 in c l.
T h e fo llo w in g b id s w ir e
F id e lity T itle & T r u s t C o .. P itts b u r g h , P a
- - - - - - - P r e m i u m , $ 9 ,7 8 7 21
G lo v e r & M a c G r e g o r , 3 4 5 F o u r th A v e ., P i t t s b u r g h . . .
„
9 ,8 5 8 5 0
9 ,2 6 0 0 0
J . H . H o l m e s & C o . , N o w Y o r k -----------------------------------------9 ,4 3 2 0 5
F i r s t N a t i o n a l B a n k , E t n a , P a ------------------------5 ,7 8 3 5 0
B id d lo & H e n r y , 104 S o u th F i f t h S t ., P h i l a d e l p h i a ..
6 ,6 2 5 5 0
M e llo n N a t io n a l B a n k , P i tt s b u r g h
- -----------------6 ,9 9 5 0 0
R e d m o n d & C o ., N o w Y o rk a n d P h ila d e lp h ia ._ - - - - - 7 ,2 4 5 5 0
G r a h a m , P a r s o n s & C o ., P h ila d e lp h ia a n d N e w Y o r k .
E V A N S V I L L E , V a n d e r b u r g C o u n t y , I n d .— O R D I N A N C E P A S S E D .
— W o a r e u n o ffic ia lly a d v is e d t h a t th e C ity C o u n c il h a s p a s s e d a n o r d in a n c e
t o is s u e $ 4 4 0 ,0 0 0 c i t y p a r k s it e b o n d s .
F V A R T O s c e o l a C o u n t y , M i c h .—BOND SALE.— A n i s s u e o f $ 4 0 , 0 0 0
5 % e l e c t r i c l i g h t b o n d s w a s r e c e n t l y s o l d t o t h e M i<* ^ a ”r J f ^ ^ e a u a l
G r a n d R a p id s a t p a r a n d a c c r u e d i n te r e s t , p lu s a p r e m iu m o f $ 1 ,1 6 8 , e q u a l
t o 1 0 2 .9 2 .

s

T

a w

w » -■
<

1924,
1925 an d 1926.
FX FTFR
F i l l m o r e C o u n t y , N e b .—BOND SALE.—The F i r s t T r u s t
O oE o f O m a h a h a s p urchased $ 5,000 6 % w a t e r e x t e n s i o n b o n d s a t a p r e m i u m
o f $ 2 7 5 , e q u a l t o 1 0 5 .5 0 .
D enom . $500.
D a te J a n . 2 1922.
I n t. a n n .
Ja n . 2.
D u e J a n . 1 1 9 6 2 , o p tio n a l in 1 0 y e a r s .

2156

THE CHRONICLE

FA LLS CO U N TY

R O A D D IS T R IC T N O . 3 (P . O . M a rlin ) , T e x .—
BONDS VOTED—A t t h e e l e c t i o n h e l d o n A p r i l 2 6 ( V . 1 1 4 , p . 1 6 8 8 )
8 1 0 0 ,0 0 0
r o a d d i s t r i c t b o n d s c a r r i e d b y a v o t e o r 3 6 9 “ f o r ” t o 44 “ a g a i n s t . ”
E . M . D o d so n , C o u n ty Ju d g e .
F A R I B A U L T C O U N T Y ( P . O . B l u e E a r t h ) , M i n n . — BOND SALE.—
T h e $ 3 8 ,0 0 0 d r a in a g o d itc h b o n d s o f fe r e d o n M a y 2 — V . 1 1 4 , p . 1 9 2 9 — h a v e
b e e n a w a r d e d t o t h e L i n c o l n T r u s t & S a v i n g s B a n k o f M i n n e a p o l i s , a s 4 Ms
a t p a r , p l u s a p r e m iu m o f $ 4 8 , e q u a l t o 1 0 0 .1 2 , a b a s is o f a b o u t 4 .4 9 %
D a to M a y i 1922.
D u e y e a rly o n J u ly 1 f ro m 1 9 2 7 to 1 9 4 1 , in c lu s iv e
T h e fo llo w in g b id s w e r e a ls o r e c e iv e d :

Bidder—

Premium.

W e l l s - D i c k e y C o --------------------M in n e s o ta L o a n & T r u s t C o .

$45
40

Bidder—

'

S c h a n k o & C o _________

Premium
$46

|

F A R M E R S V I L L E , M o n t g o m e r y C o u n t y , O h i o . —BOND SALE . — T h e
$ 1 ,2 8 9 7 2 6 % c o u p o n d e fic ie n c y b o n d s o ffe re d o n M a r c h 1 1 — V . 1 1 4 , p
1 0 9 5 — w e r e s o ld a t p a r a n d a c c r u e d i n t e r e s t , $ 1 ,0 0 0 g o in g t o G e o r g W .
H o u k o f F a r m e r s v ille , a n d $ 2 8 9 72 g o in g to M a r k K u r tz ,a ls o o f F a r m e r s v illo .
D a to S e p t. 1 1921.
D u e $ 5 0 0 S e p t. 1 in 1922 a n d 1 9 2 3 a n d $ 2 8 9 72
o n S e p t. 1 1924.
F A Y E T T E , H o w a r d C o u n t y , M o .- —BOND ELECTION .— O n M a y 2 6
$ 1 0 5 ,0 0 0 b r id g e b o n d s t o c ro s s M is s o u r i R iv e r a t G la s c o w ill b o v o te d u p o n .
F L IN T , G e n e se e
C o u n ty ,
M i c h . — BONDS SOLD I N 1 9 2 1 . — I n
a d d it i o n t o t h o s e a lr e a d y r e p o r t e d , t h o c i t y s o ld t h e fo llo w in g 5 % b o n d s
a t_ p a r d u r in g 1 9 2 1 :

Purchaser.

Amount.

Purpose.

H a ls e y , S t u a r t & C o ., I n c .$ 9 8 ,0 0 0
H o s p ita l
W . J . B e a u d e t t o ..................
2 ,0 0 0
H o s p ita l
F lin t C ity W a te r W o rk s
H o m o B u i l d e r s __________
9 ,5 0 0
K e a n e , H i g b i e 9c C o ------2 5 ,0 0 0
W In d ia to .P ie r c e D a w s o n
C o m p a n y _______________
40 0 W a te r
R . M . G r a n t Sc C o --------1 5 .0 0 0
S tacy & B ra u n -------------- 4 0 . 0 0 0
n e l e n A t w o o d ----------------100
3 0 .0 0 0
F ire s ta tio n
D e t r o i t T r u s t C o -------------3 2 .5 0 0
D e t r o i t T r u s t C o ..................... 1 0 , 0 0 0
W a te r

10.000

Dale.
J u ly
J u ly

15 1921
15 1921

J u ly 15 1921

Due.
1 9 3 5 -1 9 4 2
1938

1944-1946

O c t.
1 1921
N ot
G iv e n .
O c t.
1 1921
1926
F O R E S T C O U N T Y (P. O. C ran d o n ), W is. — BONDS VOTED.— A n
is s u o o f $ 2 4 ,0 0 0 h ig h w a y im p r o v e m e n t b o n d s h a s b e e n v o t e d .

F O R T BEN D C O U N T Y R O AD D IS T R IC T NO. 1 (P. O . R ich m ond ),

T ex.—BOND OFFERING.— O n M a y 2 0 $ 5 0 0 , 0 0 0 5M% s e r i a l r o a d d i s t r i c t
b o n d s w ill b o o ffe re d f o r s a le .
C . D . M y e rs, C o u n ty J u d g e .

F R A N K L IN , S o u th a m p to n C o u n ty , V a . — BOND SALE.— T h e L . R .
B a llin g e r C o . o r C i n c in n a t i, h a s p u r c h a s e d t h e $ 5 0 ,0 0 0 6 % g e n e ra l im p r o v e ­
m e n t b o n d s o ffe re d o n M a y 5— V . 1 1 4 , p . 1929— a t p a r p lu s a p re m iu m o f
$ 2 ,7 5 6 5 1 , e q u a l to 1 0 5 5 1 , a b a s is o f a b o u t 5 .5 9 % .
D a to A u g . 1 1921
D u o A u g . 1 1951 •
F R A N K L IN , O ak lan d C o u n ty , M ich. — BOND SALE.—A t a m e e t i n g
o f th o S c h o o l B o a r d , B u m p u s -H u ll & C o . w e re th o s u c c e s s fu l b id d e r s fo r
th o b o n d iss u o o f $ 1 7 0 ,0 0 0 f o r th o e r e c t io n o f a n o w s c h o o l o n th o s ito o f
th o o n e t h a t re c e n tly b u r n e d .
G A R Y , L a k e C o u n ty , I n d .—BOND SALE.—A n i s s u o o f $ 1 0 0 , 0 0 0 6 %
p a r k b o n d s w a s s o ld d u r in g 1921 t o P a in o , W e b b e r & C o . a t p a r a n d a c c r u e d
i n t e r e s t , p l u s a p r e m iu m o f $ 1 ,2 3 3 ( 1 0 1 .2 3 3 ) , a b a s is o f a b o u t 5 .8 4 % .
D a to A u g . 20 1921.
D u e $ 2 5 ,0 0 0 in 1 9 2 9 , 1 9 3 2 , 1 9 3 4 a n d 1 9 3 5 .
G A R D E N G R O V E UNION H IGH SC H O O L D IS T R IC T , C a lif .—

BOND SALE.—
$ 1 2 5 , 0 0 0 5M%

B ly th e , W itte r & C o ., o f S a n F ra n c is c o , h a v e b e e n a w a rd e d
school b o n d s.

G L E N D A LE UNION H IG H SC H O O L D IS T R IC T , Los A n geles
C o u n ty , C a lif.— BONDS VOTED.— B y a l a r g o m a j o r i t y $ 6 0 , 0 0 0 h g i h
sch o o l b o n d s w ere v o te d .

G O LD E N V A L L E Y C O U N T Y (P. O. R y e ga te), M ont.— BOND SALE.
— O n M a y 4 th o B a n k e r s T r u s t C o . o f D e n v e r p u r c h a s e d 8 8 9 ,0 0 0 6 %
fu n d in g b o n d s .
D e n o m . $ 1 ,0 0 0 .
I n t . s e m la n n . p a y a b le in N e w Y o rk .

G R A N D R A P ID S. K e n t C o u n ty . M ich. — BOND SALE.— W e h a v e
b e e n r e c e n t l y a d v is e d t h a t t h e c i t y s o ld $ 4 0 0 ,0 0 0 5 % tu b e r c u lo s i s h o s p ita l
b o n d s a t p a r a n d a c c r u e d in te r e s t d u r in g th e y e a r e n d in g D e c . 31 1 9 2 1 .
Tho
b o n d s a ro d a te d S e p t. 2 0 1 920 a n d d u o fro m S e p t. 1 1 9 2 5 to S e p t. 1 1930.
G R E G O R Y SC H O O L D IS T R IC T , G reg o ry C o u n ty , So. D ak .—

BOND ELECTION .—
v o te d

upon.

O n M a y 2 3 , $ 3 0 ,0 0 0 s c h o o l r e f u n d in g b o n d s w ill b e

G R E E N CO V E S P R IN G S , C la y C o u n ty , F la .— BOND SALE.— T h o
$ 1 5 0 ,0 0 0 6 % b o n d s o f f e r e d o n M a y 8 (V . 1 1 4 , p . 1 8 0 7 ) h a v o b e e n p u r c h a s e d
b y t h o A t l a n t i c N a t io n a l B a n k o f J a c k s o n v ille a t 1 0 0 .5 2 .
D u o $ 3 0 ,0 0 0
J a n . 1 1 9 3 2 a n d $ 5 ,0 0 0 y e a r l y o n J a n . 1 th e r e a f t e r u n t il 1 9 5 6 .
G R E E N SC H O O L T O W N SH IP (P. O. W illiam sb u rg ), In d .— BOND

SALE.—

T h o $ 5 7 ,0 0 0 5 % s c h o o l- c o n s tr u c tio n b o n d s o f f e r e d o n M a y 6
(V . 1 1 4 , p . 2 0 4 5 ) , w o re s o ld t o t h e C i t y T r u s t C o . o f I n d ia n a p o li s a t p a r a n d
a c c r u e d i n t e r e s t p l u s a p r e m i u m o f $ 1 ,7 2 6 2 5 ( 1 0 3 .0 2 8 ) , a b a s ts o f a b o u t
4 .5 6 % .
D a te M a y 1 1922.
D u o e a c h s ix m o n t h s a s f o llo w s : $ 2 ,0 0 0 f r o m
J u l y 1 1 9 2 3 t o J a n . 1 1 9 3 6 , in c lu s iv e , a n d $ 2 ,5 0 0 o n J u l y 1 1 9 3 6 a n d J a n . 1
1937.
T h o a b o v e m a t u r it y c o rr e c ts th e o n e g iv e n in V . 1 1 4 , p . 2 0 4 5 .

H ARLEM , B la in e C o u n ty , M ont.— BOND OFFERINO.— A . B o e ,
T o w n C l e r k , w ill s e ll $ 4 5 ,0 0 0 6 % 1 0 - 2 0 - y e a r ( o p t . ) w a t e r b o n d s a t p u b lic
a u c tio n a t 8 p . m . J u n e 12.
I n te r e s t p a y a b le s e m i-a n n u a lly in N e w Y o rk
C ity .
O o r t I f l e t! c h e c k f o r $ 2 , 0 0 0 o n a n a t i o n a l b a n k r e q u i r e d .

The official notice of this offering mag be found among the advertisements
elsewhere in this Department.
H A R R IS O N , W estch ester C o u n ty , N. Y .—BOND SALE.— On

M ay

1 0 t h o fo llo w in g r e g is te r e d b o n d s , o f fe r e d o n t h a t d a t e (V . 1 1 4 , p . 2 0 4 5 )
w e r e s o ld t o G e o . B . G i b b o n s & C o . , o f N e w Y o r k , a t 1 0 1 .5 1 f o r 5 s , a b a s is
o f a b o u t 4 .8 4 % :
$ 4 ,8 3 7 5 0 s id e w a lk b o n d s .
D u e $ 8 3 7 5 0 M a y 1 1 9 2 3 a n d $ 1 ,0 0 0 y e a r ly
o n M a y 1 fro m 192 4 t o 1 9 2 7 , in c lu s iv e .
9 0 .0 0 0 0 0 s e w e r b o n d s .
D u e $ 3 ,0 0 0 y o a r ly o n M a y 1 fro m 1 9 2 3 t o 1 9 6 2 ,
in c lu s iv e .
4 5 .0 0 0 0 0 to w n h o u s e b o n d s .
D u o $ 3 ,0 0 0 y e a r ly o n M a y 1 fro m 1 9 2 3 to
1 9 3 7 , in c lu s iv e .
D a to M a y 1 1922.

HEM PSTEAD UNION FREE SCH O O L D IS T R IC T NO. 10 (P. O.

B ald w in ), N assau C o u n ty , N. Y .— BOND SALE.— T h o f o l l o w i n g 4M%
b o n d s o f f e r e d o n M a y 8 ( V . 1 1 4 , p . 2 0 4 6 ) w e r e s o l d t o K e l l e y , D r a y t o n Sc
Co. a t 1 0 0 . 7 8 , a b a s i s o f a b o u t 4 . 4 1 % :
$ 9 5 ,0 0 0 b o n d s .
D u o $ 5 ,0 0 0 y e a r l y o n A p r . 1 f r o m 1 9 2 3 t o 1 9 4 1 in c l.
9 0 ,0 0 0
b o nds.
D u o $ 5 ,0 0 0 y o a rly o n A p r . 1 fro m 1 9 2 3 t o 1 9 4 0 in c l.
D e n o m . $ 1 ,0 0 0 .
D a to A p r. 1 1922.
T h o fo llo w in g b id s w e re r e c e iv e d :
_
K e l l e y , D r a y t o n & C o __________1 0 0 .7 8 C u r t i s & S a n g e r ............................ . 1 0 0 . 5 5 9
A . B . L o a c h & C o . . I n c ________ 1 0 0 .4 3 G o o . B . G i b b o n s & C o ...............1 0 0 . 4 0 5
S h e r w o o d & M o r r i f l o l d ---------------1 0 0 .4 1 B a l d w i n N a t i o n a l B a n k ______1 0 0 . 3 1 5
F a r s o n , S o n Sc C o ........................ - 1 0 0 . 2 5
H IG B E E S C H O O L D IS T R IC T (P . O . H ig b e e ), R a n d o lp h C o u n ty .
M o . — BOND SALE.— T h e $ 1 5 , 0 0 0 5 % c o u p o n , 2 0 - y e a r s c h o o l b o n d s o f f e r e d
o n M a y 1— V . 1 1 4 , p . 1 9 3 0 — w e r e a w a r d e d t o t h e M e r c a n t i l e T r u s t C o . o f
S t . L o u is a t p a r p lu s a p r e m iu m o f $ 3 5 2 7 5 , e q u a l t o 1 0 2 .3 5 .
D u o in 2 0
y e a r s , s u b je c t t o c a ll a f t e r 5 y e a r s .
T h e f o l l o w i n g is a c o m p l e t e l i s t o f
b id s ro c e lv o d :
M e r c a n t i l e T r u s t G o . , S t . L o u i s , M o _________
$ 1 5 ,3 5 2 7 5
P r e s c o t t Sc S n i d e r , K a n s a s C i t y , M o _____________________________________ 1 5 , 3 2 6 4 0
H P . W r i g h t I n v . C o . K a n s a s C i t y , M o ________________________________ 1 5 ,3 2 1 0 0
G u a r a n t y T r u s t C o . , K a n s a s C i t y , M o _______________________ _
. 1 5 ,3 1 0 9 0
S t e r n B r o s . Sc C o . , K a n s a s C i t y , M o _______ _________________________ 1 5 , 3 1 0 0 0
W m . R - C o m p t o n C o . , S t . L o u i s , M o _________________________
1 5 ,2 4 9 9 5
G . I I . W a l k e r Sc C o . , S t L o u i s , M o ___________________________
1 5 .1 9 4 0 0
H a n c h e t t B o n d C o . , C h i c a g o , 111-----------------------------------------------1 5 ,1 2 5 0 0
1 4 ,9 6 7 5 0
F r i e d m a n , D ’O e n c h Sc D u h m o , S t . L o u i s __________________
H O B A R T S C H O O L D IS T R IC T (P . O . H o b a r t) , K io w a C o u n ty ,
O k l a . — -BOND OFFERINO — S e a l e d b i d s w i l l b e r e c e i v e d u n t i l 8 p m .
M a y 1 6 f o r $ 8 4 ,0 0 0 5 % s c h o o l b u ild in g s it e a n d e q u ip m e n t b o n d s
D uo
in 2 0 y e a rs .
A c e r t i f i e d c h e c k f o r 1 . 0 '0 0 d r e q u ti'heed o b o n d s w e r e
e .
T hes
r
a u th o r iz e d a t a n e le c tio n h e ld o n A p r il 18 b y a v o to o f 6 3 8 " f o r ” t o 6 2
" a g a in s t."
P r e s e n t b o n d e d d e b t , $ 1 0 3 ,8 5 3 .
S in k in g f u n d , $ 6 8 ,0 0 0 .
A s s e s s e d v a l u a t i o n , $ 2 ,9 0 9 ,0 6 4 .




q u e s tio n

[V ol. 114.

S C H O O L D I S T R I C T N O . 88 ( P . O . E w i n g ) , N e b . —
^ V ' T o \ r V ^ !C tI? n w i l l h o h e l d o n M a y 2 0 t o v o t o o n t h e
o f is s u in g $ 3 5 ,0 0 0 s c h o o l b ld g , b o n d s .
B e r t F in le y , C le rk .

1

♦ , ” ? U, T r O N V , H a r r i s . , C o u n t y> T e x a s .—BONDS VOTED .— A t t h e e l e c ­
tio n h e ld o n M a y 6 a ll o f th o p r o p o s itio n s s u b m itte d to th o v o te o f th e
fo H o w s * c a r r ^e ^ *
T h e v o te " f o r ” a n d " a g a in s t” th o p ro p o s itio n s w a s a s
4 /1 7 5
^2 2 9 ^
$ 7 5 0 , 0 0 0 p a v i n g b o n d i s s u o ....... ................ ............................ ...........
2 5 0 . 0 0 0 s a n i t a r y s o w e r b o n d s ______
_
4 831
2 ’2 3 1
2 5 0 . 0 0 0 b r i d g e b o n d s ......................................
.............................
| 73B
o 358
200.000 l i b r a r y b o n d s . . . ...........................I . i : : : : : : : — I - 4 1 4 0
2 999
100.000 c i t y - c o u n t y h o s p i t a l b o n d s _______________
4 729
2 ’.370
5^920
1 694
2 5 c e n t s s c h o o l t a x i n c r e a s e _________________________________
. . T h o H o u s to n “ P o s t ” o f M a y 7 h a d th o fo llo w in g t o s a y w ith r e g a r d t o
th o e le c tio n :
“ C o m p l e t e r e t u r n s r e c e i v e d b y t h o H o u s t o n ‘P o s t ’ S a t u r d a y n i g h t
( M a y 6) fro m a ll c it y p r e c in c ts s h o w t h a t th o s c h o o l t a x in c r e a s o a n d a ll
b o n d is s u e s c a r r ie d b y g o o d m a j o r it ie s .
M o r o t h a n 7 ,5 0 0 v o t e s w e r e c a s t
In t h e c i t y , w h ic h is c o n s id e r e d u n u s u a ll y la r g o f o r a b o n d is s u o e le c tio n ,
a c c o rd in g to p re c in c t ju d g e s .
" S a l e o f t h e s e *b o n d s w i l l s t a r t m o r o c i v i c i m p r o v e m e n t w o r k t h a n h a s
b e e n d o n e in H o u s to n in s o m e t im e .
V o tin g t h o p a v in g b o n d s w ill r e s u l t
In th o w id e n in g a n d p a v in g o f s e v e r a l c r o s s to w n s tr e e ts a n d m a n y s tr e e ts
s c a tte r e d th r o u g h o u t th o r e s id e n tia l s e c tio n s .
S to rm a n d s a n ita ry se w e rs
w ill b o la id in c o n n e c tio n w i t h t h o p a v in g a n d a t m a n y o t h o r p la c e s .
A
P a r k c o n n e c tin g H o u s to n H e ig h ts a n d v ic in ity w ith th e
S o u th E n d , w ill b o b u i l t f ro m t h o b r id g e b o n d iss u o
“ T h e p r e s e n t p u b l i c l i b r a r y a n d s i t e w ill b o s o ld .
A n o w s it e w ill b e
d o n a te d th o L i b r a r y B o a r d , a n d t h o $ 2 0 0 ,0 0 0 g a in e d f ro m t h o s a le o f
l ib r a r y b o n d s , t o g e t h e r w i t h t h o m o n e y r e c e iv e d f r o m t h e s a lo o f th o o ld
P r o p e r t y , w ill b e u s e d in e r e c t in g a n e la b o r a te n o w l ib r a r y .
T h e c o u n t y w i l l p u t u p $ 1 0 0 , 0 0 0 t o m a t c h t h o c i t y ’s $ 1 0 0 , 0 0 0 f o r t h e
f ir s t u n its o f a jo in t h o s p ita l.
" C i t y o f fic ia ls b e h in d t h e b o n d is s u e s w e r e e la t e d o v e r t h e s u c c e s s o f t h e
issu e s.
T h e C o u n c il v o t e d t o c a ll t h e e le c tio n a f t e r M a y o r H o lc o m b e
v o te d o ff a s p lit v o to .
C o m m is s io n e r s H o u s e a n d H a l v c r t o n o p p o s e d t h e
e le c tio n .
C o m m is s io n e rs A n d e r s o n a n d W a u g h f a v o r e d t h e e le c tio n a n d
M a y o r H o lc o m b e v o te d w ith th e m .
" M a y o r H o lc o m b e a n n o u n c e d S a tu r d a y n ig h t th o b o n d s w o u ld b o p la c e d
in t h e h a n d s o f th o p r in t e r s a n d w o u ld b o s o ld a n d w o r k s t a r t e d o n t h e
v a r io u s p r o je c ts a s s o o n a s p o s s ib lo .
I t w ill t a k o a b o u t s ix t y d a y s t o h a v o
t h e b o n d s r e a d y f o r s a lo , h o s a i d .
M o s t o f th o b o n d s w ill b o s o ld in th o E a s t
w h o ro a r e a d y m a r k e t 'is s a id t o e x is t .”
,
H O W A R D S C H O O L D I S T R I C T , M a d e r a C o u n t y , C a l i f . — BOND
SALE.—On M a y 2 t h o $ 1 2 , 0 0 0 6 % 1 - 1 2 - y e a r s e r i a l s c h o o l b u i l d i n g b o n d s
o ffe re d o n t h a t d a to — V . 1 1 4 , p . 1 808— w o re s o ld to F r e e m a n , S m ith &
C a m p C o . f o r $ 1 2 ,5 7 7 ( 1 0 4 .8 0 ) , a b a s is o f a b o u t 5 .0 9 % .
D e n o m . $ 1 ,0 0 0 .
1923

10 ^ 9 3 4 i n c l 2

In t’

D uo

y e a rly o n -M a y

2 fro m

HUBBARD
V IL L A G E S C H O O L
D IS T R IC T
(P . O . H u b b a rd ),
T r u m b u l l C o u n t y , O h i o . — B O N D SALE .— T h o $ 2 5 , 0 0 0 6 % b o n d s o f f e r e d
o n M a r c h 2 4 — V . 1 1 4 , p . 1 2 1 2 — w e re s o ld to th o D o tr o it T r u s t C o . o f
D e t r o i t f o r $ 2 6 ,9 5 8 ( 1 0 7 .8 3 2 ) . a b a s is o f a b o u t 5 .2 7 % .
D a to A p ril 1 1922
R u S„X e? r l y < U .A p r i l 1 a s f o llo w s : $ 1 ,0 0 0 f r o m 1 9 2 7 t o 1 9 4 3 , i n c l ., a n d
,)
$ 2 ,0 0 0 fro m 1 9 4 4 to 1 9 4 7 , in c l.
T h o fo llo w in g b id s w e re r e c e i v e d D e t r o i t T r u s t C o __________ $ 2 6 , 9 5 8 0 0 S p l t z e r , ------------ & ~ o ____ $ 2 6 , 2 6 1 5 0
— --------------R o ric k * C
T u c k e r , R o b in s o n & C o . . 2 6 ,8 2 1 5 0 G u a r d ia n S a v in g s & T r u s t
S i d n e y S p l t z e r & C o ______ 2 6 , 5 5 5 0 0
C o . -................... ......................... 2 6 , 6 3 0 0 0
R y a n , B o w m a n & C o _____ 2 6 , 4 0 2 5 0 W . L . S l a y t o n Sc C o ---------- 2 6 , 8 9 2 0 0
A . T . B e l l & C o ____________ 2 6 , 1 5 3 0 0 I ’r o v l d o n t S a v i n g s B a n k
S e a s o n g o o d & M a y e r _____ 2 6 , 7 5 6 0 0
& T r u s t C o ---------------------- 2 6 , 6 2 7 5 0
H U D S O N , L i n c o l n C o u n t y , S o . D a k . — BOND ELECTION — A t a
s p e c ia l e le c tio n t o b e h e ld in H u d s o n o n M a y 2 3 t h o p r o p o s itio n o f is s u in g
b o n d s o f $ 1 7 ,0 0 0 f o r e n la r g in g t h o s c h o o l f a c ilitie s o f t h o c i t y w ill b e s u b ­
m itte d to th e v o te rs .
H U N T IN T O N (T & W N ) S C H O O L D IS T R IC T N O . 4 (P . O . N o r th p o r t ) , S u f f o l k C o u n t y , N . Y .—BOND SALE.— T h e $ 1 7 , 5 0 0 5 % s c h o o l
b o n d s o ffe re d o n M a y 19— V . 114, p . 2 0 4 6 — w e re a w a rd e d to S h e rw o o d &
M e r r if i e l d o f N . Y . , f o r $ 1 8 ,2 2 8 , e q u a l t o 1 0 4 .1 6 , a b a s is o f a b o u t 4 .4 7 %
D a te Ju n o 1 1922.
D u o $ 1 ,5 0 0 F o b . 1 1 9 2 4 a n d $ 1 ,0 0 0 y e a r l y o n F o b . 1
fro m 1 9 2 5 to 1 9 4 0 , in c lu s iv e .
H U R O N C O U N T Y ( P . O . B a d A x e ) , M i c h . — BOND SALE.— T h e
$ 9 2 , 0 0 0 6 % C o v e r t A c t r o a d b o n d s o f f o r e d o n M a y 4 — V . 1 1 4 , p . 1930 _
_
w e r e s o ld t o K e a n e , H i g b i e & C o . o f D e t r o i t , a t 1 0 4 .0 5 .
D enom . $200 and
$ 1 ,0 0 0 .
D a te M a y 1 1922.
I n t. M . & N .
D u e y e a rly .
H U R O N C O U N T Y ( P . O . N o r w a l k ) , O h i o . — BOND SALE.— T h e
$ 4 5 , 0 0 0 r>M% I . C . H . N o . 2 7 2 b o n d s o f f e r e d o n M a y 5 — V . 1 1 4 , p . 1 8 0 8 —
w e re s o ld t o t h e N o r t h e r n T r u s t C o . o f C h ic a g o a t p a r a n d a c c r u e d i n t e r e s t ,
p lu s a p r e m iu m o f $ 1 ,2 6 0 ( 1 0 2 .8 0 ) , a b a s is o f a b o u t 4 .9 1 % .
D a to M a y l
1922.
D u e $ 2 ,5 0 0 e a c h s ix m o n th s f r o m O c t. 1 1 9 2 3 t o A p r il 1 1 9 3 2 , in c l.
T h o fo llo w in g b i d s w e r e r e c e iv e d :
N o r t h e r n T r u s t C o _____________ $ 1 , 2 6 0 0 0 t i s & C o .................. —
O
_________
$913 50
S o a s o n g o o d Sc M a y e r ______ 1 ,0 5 1 0 0 T u c k e r , R o b i s o n & C o _____
852 75
R i c h a r d s , P a r i s h & L a m s o n 1 , 0 8 6 0 0 W . L . S l a y t o n Sc C o ________
981 00
A . T . B e l l * C o .................................. 1 , 0 7 6 0 0 . K . T e r r y & C o . . ............
W
643 50
P r u d d e n Sc C o .............................. 1 , 0 2 7 0 0 R y a n , B o w m a n & C o ............. 1 , 0 8 4 5 0
D e t r o i t T r u s t C o ............... . . _
7 9 2 0 0 W e i l , R o t h Sc C o ____________ 1 , 1 7 5 0 0
P r o v id e n t S a v s . B k . & T r .
9 6 3 0 0 T h o C itiz e n s N a t . B a n k . . _
640 00
I M L A Y C I T Y , L a p e e r C o u n t y , M i c h . — BOND SALE.— T h o $ 2 0 , 0 0 0
b o n d s o f fe r e d o n M a y 9— V . 1 1 4 , p . 1 9 3 0 — w e r e s o ld t o th o P e o p le s S t a t e
B a n k o f I m l a y C i ty a t p a r a n d a c c r u e d I n te r e s t , p lu s a p r e m iu m o f $ 1 ,0 2 5 ,
e q u a l t o 1 0 5 .1 2 5 .
T h o b o n d s a r o d e s c r i b e d a s fo llo w s :
D e n o m in a tio n
$ 1 ,0 0 0 .
D a te Ju n o 1 1922.
In te re s t J . & D .
D u e fro m 1928 to 1937
I n t e r e s t r a t e 5M % .
ftfl TO * MrtMl
I O N I A , I o n i a C o u n t y , M i c h . — B O N D SALE. — T h o f o l l o w i n g b o n d s
w e re r e c e n tly s o ld to th o N a t io n a l B a n k o f I o n ia a n d P a in e . W e b b e r &
C o . o f D e t r o i t j o i n t l y a t 1 0 0 .2 5 f o r 4 h jS , w i t h d o p o s it a r r a n g e m e n t $ 100,000 s c h o o l b o n d s .
D u o fro m 1928 to 1937.
a rra n g e m e n t.
8 0 ,0 0 0
school b o n d s.
D u o fro m 1937 to 1942.
^ A p p a r e n tly th e s e a re th o b o n d s m e n tio n e d b y u s in V . 1 1 4 , p . 8 7 5 .
“ iT A S C A C O U N T Y S C H O O L D I S T R IC T N O . 1 (P . O . G r a n d
R a p i d s ) , M i n n . — B O N D SALE. — - K a l m a n , W o o d Sc C o . h a v e p u r c h a s e d
t h e $ 2 5 0 ,0 0 0 s c h o o l b o n d s o f f e r e d o n A p r il 15— V . 1 1 4 , p . 1 4 5 2 — a s 5 s a t
p a r p lu s a p r e m iu m o f $ 2 ,7 0 0 , e q u a l t o 1 0 1 .0 8 , a b a s is o f a b o u t 4 .8 7 % .
D e n o m . $ 1 ,0 0 0 .
D a to A p ril 1 1 9 2 2 .
I n t . A . Sc O .
D u e $ 2 5 ,0 0 0 y o a rly
o n A p ril 1 f ro m 1 9 2 7 to 1 936 in c l.
J E F F E R S O N C I T Y ( P . O . F a y e t t e ) , M i s s . — BONDS VOTED.— -A n
is s u e o f $ 5 0 ,0 0 0 r o a d d i s t r i c t N o . 3 b o n d s w a s c a r r ie d a t a n e le c tio n h e ld
o n A p r i l 3 0 b y a v o t e o f 1 4 3 " f o r ” t o 131 " a g a i n s t . ”
JE F F E R S O N C O U N T Y S C H O O L D IS T R IC T N O . 8 (P . O . W h e a tr i d g e ) , C o l o . — BONDS DEFEATED. — O n M a y 1 a n i s s u o o f $ 3 2 , 0 0 0
s c h o o l b u ild in g b o n d s w e re d e fe a te d .
J E N N I N G S C O U N T Y ( P . O . V e r n o n ) , I n d . — BOND OFFERING.—
H a r r y Y . W h it c o m b , C o u n t y T r e a s u r e r , w ill r o c e iv o s e a le d b i d s u n t i l 2
p . m . M a y 1 5 f o r $ 1 4 ,3 0 0 5 % W . M . G r a n t S a n d C r e e k T o w n s h ip b o n d s .
D enom . $715.
D a te A p ril 15 1 9 2 2 .
I n t . M a y 15 a n d N o r . 15.
D uo
$ 7 1 5 e a c h s ix m o n th s f r o m M a y 1 5 1 9 2 3 t o N o v . 15 1 9 3 2 in c l.
B onds
n o t to b e s o ld fo r le s s t h a n p a r .
J O H N S O N C I T Y , W a s h i n g t o n C o u n t y , T e n n 7—BOND OFFEIlTl\7T.
— B id s w ill b o r e c e iv e d b y T . I I . M c N le l, C i ty R e c o r d e r , u n t il 2 p . m .
M a y 1 7 f o r $ 1 2 5 , 0 0 0 5M% 3 0 - y e a r s c h o o l b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a te
Ju n o 1 1922.
P r ln . a n d s o m i- a n n . in t. p a y a b lo a t th o C h a s e N a tio n a l
B a n k , N . Y . C ity .
D uo Ju n o 1 1952.
A c e r tif ie d c h e c k fo r $ 2 ,5 0 0 u p o n
a n in c o r p o r a te d b a n k o r t r u s t c o m p a n y , p a y a b lo to th e C ity o f J o h n s o n
C ity , re q u ire d .

Financial Statement.

A s s e s s e d v a l u o o f t a x a b l e p r o p e r t y , 1 9 2 1 ______________________ $ 1 0 , 7 4 4 , 9 3 2 5 9
B o n d s p a y a b l o ( g e n e r a l ) -----------------------------------------------------------------8 6 9 ,1 9 6 5 5
2 1 3 ,0 0 7 9 8
B o n d s p a y a b l o ( a s s e s s m e n t _____________ _____ ____________ ________
B o n d s p a y a b l e ( w a t e r w o r k s ) ................................ ..........................................
3 9 0 ,0 0 0 0 0
T o t a l b o n d s p a y a b l o . --------- ---------- _____ . . . . . . . _______ .
1 ,4 7 2 ,2 0 4 5 3
L e s s s i n k i n g f u n d _______ ________ ________ _______________________ . .
4 8 ,2 8 7 7 2
N e t d e b t ( i n c l u d i n g t h i s i s s u e ) . ___ _______________________________
1 ,4 2 3 ,9 1 6 8 1
F l o a t i n g d e b t ( n o t e s ) . ............
................................ .. .........
3 2 .2 5 3 7 4
T a x r a t o ( p e r $ 1 , 0 0 0 ) , 1 9 2 1 . . ........... ............................. ......................
$ 1 5 .5 0
P o p u l a ti o n , 1 9 2 0 ( C e n s u s ) , 1 2 ,4 4 2 .

May 13 1922.]

THE

JO H N ST O W N , C am bria C o u n ty , P a . — B O N D S A L E . — W o liavo boon
officially informed th at tho city sold an issue o f $43,000 \ Y i % garbage
disposal plant bonds on N o v . 28 to tho N yo Odorless Crematory Co at
par and accrued intorest. D ato Sept. 2 1918. D uo Sept. 2 1943. This
Is tho only issuo o f bonds sold by the city during the year 1921.
JO N E S C O UNTY (P. O. L a u rel), M iss.— B O N D O F F E R I N G . — A
special telegraphic dispatch to us from our Western correspondent advises
us th at $55,000 bonds w ill bo offered for salo by Jones C ounty on June 5.
KALAMAZOO, K a la m a zo o C o u n ty , M ich.— B O N D S S O L D I A 1921.
— In addition to thoso already reported, tho city sold tho following 0 %
bonds during the year onding D ec. 31 1921:
P u r c h a s e r —•
A m i.
P u rpose.
D e tro it T r u s t C o ____S15.000 s a n ita r y sew er
D o tro it T r u s t C o ______ 205,000 s tr e e t im p t.
D e tro it T r u s t C o ______ 100,000 s tr e e t im p t.
P a v in g S k . F d .
of (40,000 s tr e e t Im p t.
C ity of K a la m a z o o ) 12,000 s tr e e t Im p t.

D a le .

M a r. 15 1921
M a r. 15 1921
A ug.
1 1921
A ug.
1 1921
N ov.
1 1921

M a tu r ity .

M a r . ’22-’26
M a r. ’2 2 -’31
A u g . ’2 2 -’31
A u g . 22- 31
N o v . 2 2 -3 1

Treasurer’s office or at the Guaranty Trust C o., N . Y . D uo $40,000 yearly
on N o v . 1 from 1922 to 1961. inclusive.
LO S G A T O S SC H O O L D IS T R IC T , S a n ta C lara C o u n ty , C a lif.—
B O N D S A L E .— An issue of S120.000 bonds has been sold to the First
N ational Bank of Los Gatos, at 105.
LOW ELL M iddlesex C o u n ty M ass . — B O N D S S O L D I N 1921-—
During the year ending D ec. 31 1921 the following bonds were sold, in
addition to those already reported in our nows columns:

M o n th i n
W h ic h S o ld

g la re s
M a rc h
A u g u st
A ugust
N ovem ber

K A N SA S C IT Y , W y a n d o tte C o u n ty , K a n — B O N D S A L E . Besides
those already reported, tho following bonds were sold during tho calendar
year ending D oc. 31 1921:
_ ,
,
P u rch aser—
A m o u n t.
P u rp o se.
D a te .
M a t u r i t y . R a te .
Fidelity Tr. C o., K. C .S47.890 Spec. im pt. Jan. 1 921 1922-1931
Local purchasers.......... 58.8(50 “
April 1 1921 1922-1931
Local purchasers_____ 03.330 “
'
Aug. 1 1921 1922-1931
1922-1931
6%
Local purchasers_____135.590 “
“
Oct. 1 1921
1922-1931
6%
Local purchasers_____ 80,000 “
Oct. 1 1921
1922-1931 5H %
A . N . Oillls, Kan. O__*81,660 “
“
N ov. 1 1921
Local buyers_________ 10,540 General in­
1922-1931
5%
tersection June 1 1921
6%
Local buyers_________ 35,820 “
“
Oct. 11921 1922-1931
1922-1931 ,
Stato School C om m ls. 17.380 ‘
]Jo v ' i
vr
, mo
Sinking Fund
. 12,000 Gen. bridge N o v . 11921 N ov. 1 1931 oy 0
Local b u y e r s . : : : : : . : . K5.520 Gen. jiark Juno 1 921 1931-1940
6%
Local buyers
______ 78,500
M ay 1 1921 1922-1931
5%
Local buyers..............
5-1.640 “
"
Sept. 1 1921 1922-1931
6%
Sinking Fund II1 1 1 _ 20,200 Spec, park Oct. 11921 1922-1931
_
6%
Taylor Ewart & Co.alOO,000 E l.lt . im pt. D ec. 11921 Doc. 1 1941 5%
* Purchaso a t par plus a premium of $5- a Purchase a t par plus a pre­
mium o f $1,910. All tho other issues were purchased a t par.
K A N SA S C IT Y SCHOOL D ISTR IC T (P. O. K a n sa s C ity ), J a c k so n
C o u n ty , Mo . — B O N D O F F E R I N G — On M ay 23 $1,000,000 5% school
bonds will bo offered for salo.
K A N SA S C IT Y , J a c k so n C o u n ty , Mo.— B O N D S A L E .— D uring tho
calendar year onding D ec. 31 1921, tho city sold a t par tho following 5%
bonds, in addition to thoso already reported:
P u rch a ser—
A m o u n t.
P u rpose.
D a te .
D u e.
S o ld .
Prescott A Snider.$100,000
Sewer
July 1 1915 July 1 1935 M ar. 1
R .M .G ran tA C o. 200,000 Edge A v ia d . July 1 1920 July 1 1940 Sept. 15
R .M .G ran t& C o. 100,000
Sower
July 1 1915 July 1 1935 Sept. 15
K ING C ENTRE D R A IN A G E D IS T R IC T (P. O. C ro w ley ), C row ley
C o u n ty , C olo. — B O N D S A L E .— On M ay 8 an issuo o f (5% bonds, to run
from $35,000 to $50,000, was sold to Jamas H . Causoy & Co. o f Denver.
Denom. $1,000. D ato June 1 1922. In t. somi-ann. payable a t Now York.
Duo yearly from 1927 to 1937 incl.
KN O X C O U N TY SCHOOL D IST R IC T NO, 10, N e b .— B O N D S A L E .
— Tho W hite-Pliillips Co. o f Davenport lias purchased $9,000 6 % school
funding bonds. D ate March 10 1922. Duo M arch 10 1942, optional
after fivo years.
LAKE W ILSON C ONSOLIDATED SCHOO L D IS T R IC T , M urray
C o u n ty M in n . — B O N D S V O T E D — An issuei of $20,000 building bonds has
boon voted by a vote of 152 “ for” to 42 against.
LAMESA, D aw aon C o u n ty , T ex. — B O N D O F F E R I N G .— Sealed bids
will bo received until 8 p. m. M ay 16 by M rs. M . M . Horton, C ity C.erk
for the following 6 % bonds:
$65,000 water bonds. Duo yearly as follows: $1,000, 1928 to 1932, in c l.,
and $2,000, 1933 to 1962, incl.
35.000 sower bonds.
,„
.
D ate M ay 1 1922. Cert, check for 1%, required. These bonds were
voted recently— V. 114, p. 2047.
LA PLATA C O U N TY SCHOOL D IS T R IC T NO. 24 (P. O. G r iffith ),
C olo. — B O N D S D E F E A T E D .— An issuo o f $18,000 school-building bonds
was recontly defeated.
LA TTY , P a u ld in g C o u n ty , O h io.— B O N D S A L E .— The $3,000 6 %
oloctric light-fixture bonds offered on Jan. 7— V. 113, p. 2743— were sold
to W. II. Fletcher o f Paulding at 102.24, a basis o f aobut 5.66% . D ate
D ec. 20 1921. Duo $200 yearly on D ec. 20 from 1923 to 1937, incl.
LAW RENCE C O U N TY (P. O. B ed fo rd ), In d .— B O N D O F F E R T a k T —
Robert Pitm an, C ounty Treasurer will receive sealed bids until 1 p m.
M ay 15 for $22,000 4)4% M itchell and Georgia Road, Marion Township
bonds. D enom . $1,100- D ate M ay 1,> 1922. Prin. and seml-ann. int
(M ay 15 and N ov. 15) payable at tho County Treasurer's office in Bedford
D ue $1,100 each six months from M ay 15 1923 to N o v. 15 1932, inch___

LAWRENCE COUNTY (P. O. Lnwrencebure), T en n . —

BO N D SA LE .

— Tho $60,000 6 % highway bonds offored on M ay 5— V. 114, p. 1 9 3 1 lia vo been awarded to Caldwell & Co. o f N ash ville as 5s a t par plus a
premium o f $400, equal to 100.06, a basis o f about 4.99% . Dato April 1
1922. Duo yearly on April 1 as follows: $20,000, 1932; $20,000, 1942, and
$20,000, 1952.
______
______________
.
>
ft*
LEW ISTO N , A n d ro sco g g in C o u n ty , M e . — T E M P O R A R Y I . o A n ~
On M ay 10 a temporary loan o f $150,000, dated M ay 15 and maturing Sept.
1 1922,_was awarded to F. S. M oseley & Co. o f Bosto n , on a 3 .8 7% basis. _
LINCOLN C O U N TY (P. O. T rov), Mo.— BOND S A L E .— Tho SIOO.O'OO
5% road bonds offered on M ay 3— V. 114, p. 1931— have been awarded to
Theis A Diastelkamp Investm ent Co . o f ,st. Louis, at 104.21, a basis
of about 4 67%. Deimm. SLOOq. D ate M ay 1 1920. Int. M .-N
Duo serially from 1923 to 1940, inclusive.

LINCOLN PARK DISTRICT (P. O. Chicago) Cook C ounty, 111.—

.— We aro advised that a syndicate composed o f the Harris
Trust A Savings Bank; First I rust A Savings Bank and tho N ational City
Co. purchased $250,000 5% bonds on Sept. 21 at 97.16. D ate July 1 1921
D ue serially beginning 1923
B O N D S A L E — Tho above syndicate also purchased $1,000,000 5% bonds
on Sept. 21 a t 97.16. D ato July 1 1921. D ue serially beginning 1923.
In our issue of Sopt. 24, on page 1384, we reported that tho Harris Trust A
Savings Bank was offering these bonds ($1,000,000) to investors at prices
to yield from 5.60% to 5 05% . according to m aturities.
L I N C O L N , N e b .— B O N D S A L E — During the year ending D ec. 31
1921 tho city of Lincoln disposed o f the following 6 % 1-10-yoar serial
paving bonds a t par and interest, in addition to thoso already reported:
P u rch aser—
AmoitnL
D a te .
D a te S o ld
Omaha Trust C o-------------------------$28,040
M ay 1 1921
April 25
H .O . Gardner------- -------------------- 12,600
Sept. 1 1921
Sopt 12
Burko-Cochrano Construction—
33.800
N ov. 1 1920
N ov. 17
Abel Construction C o .................
18,900
N ov. 1 1920
N ov. 17
Burke-Cochrano Construction Co 51,080
N o v . 1 1921
N ov. 17
Roberts Construction C o ................. 11.520
N o v . 1 1921
N ov. 17
Omaha Trust C o................................. 12.500
N ov. 1 1920
N ov. 29
Omaha Trust C o................................. 12,630
N o v . 1 1921
N ov. 29
BO N D

SA L E

LINCO LN

PARK,

W ayne

County,

M ic h — B O N D

O F F E R IN G .

F. W. Harrison, Villago Clerk, will recciyo sealed bids until 8 p. m. M ay
17 for $200,000 sower bonds not to exceed 6 % interest per annum. Cortl
fled check for $ 10 ,000, payable to the Villago Treasurer, required.
L I P S C O M B I N D E P E N D E N T S C H O O L D I S T R I C T , Lip sc o m b C o u n
t y . T e x __ B O N D E L E C T I O N . — On M ay 20 $20,000 6 % serial school
building bonds will bo submitted to a vote o f the people.
_ L I V I N G S T O N , P a rk C o u n t y , M o n t . — B O N D
S A L E . — Boswortli,
Ohanuto A Co. of Denver havo purchased tho $45,000 6 % funding bonds
offered on M ay 8—'V. 114, p. 2047 a t 105.77. D ate Jan. 1 1922.
LOS A N G ELES, C a lif.— B O N D S A L E r — During this week tho William
R. Compton C o., Bankers Trust Co. and Drake, Riley A Thom as acquired
$1 000.000 4 )4 % coupon (with privilege of registration) harbor improvement
bonds at 101.287, a basis of about 4.40% . D enom . $1,000. D ato N ov. 1
1921. Principal and semi-annual interest (M . A N .) payable a t tho C ity




2157

C H K O N IC L E

P u rch ase—

A m o u n t.

P u rp o se.

I n t.
R a te .

D a te .

P r ic e
P a id .

D u e.

1922-1946 102.580
f$50,000 Sew er____ Jan. 1 1921 5
Merrill, Oldham A C o ...( 25,000 P avin g ___ Oct. 1 1921 5)4 1922-1926 100.300
30,000 Paving.___ Oct. 1 1921 5)4 1922-1926 100.300
, 25,000 Sewer............Aug. 1 1921 5
1922-1946 100.170
E. II. Rollins A Sons____ ( 34,000 School_____Aug. 1 1921 5 M 1922-1938 100.500
l 25,000 Sewer........... Sept. 1 1921 5
1922-1946 101.250
( 32,000 Playground-Dec. 1 1921 4)4 1922-1937 102.175
Watkins A Co.................( 10,000 Sewer_____ Dec. 1 1921 4)4 19 2-1931 100.875
l 8,000 School______Dec. 1 1921 4)4 1922-1925 100.875
Grafton A Co........ 40,000
Bridge____ Feb. 1 1921 4 X 1922-1941 100.000
Middlesex Trust Co_ 20,000 F i r e ....................June 1 1921 5)4 1922-1931 100.589
Old Colony Trust Co_ 25,000 Sewer__________June 1 1921 5
1922-1946 100.250
Arthur Perry A Co. 20,000 School__________ July 1 1921 5 % 1922-1941 100.125
W ater......... Dec. 1 1921 5
192M926 100.000
Patrick K e y e s _ 10,000
First National Bank_ 10,000 Fire___________Dec. 1 1921 4)4 1922-1928 100.000
T E M P O R A R Y L O A N S .— During th e sam e period th e city sold the
following temporary loan notes:
P u rch aser—

A m o u n t.

D is c o u n t
B a s is .

D u e.

D a te .

'$300,000 6 25% Jan. 25 1921 Jan. 15 1922
Grafton A C o__________ j 100,000 5 80% Fob. 2 1921 D ec. 15 1921
50.000 5.79% M ar. 7 0921 Oct. 1 1921
50.000 5.05% Oct. 3 1921 Sept. 15 1922
500.000 5 73% M ay 16 1921 N o v . 10 1921
F . S. M oseley A C o _____j 150.000 5 24% Aug. 25 1921 N o v . 25 1921
200.000 5.09% Oct. 3 1921 D ec. 27 1921
First N ational B ank___ i 500,000 5.97% June 10 1921 Oct. 15 1921
, 50,000 6.09% June 28 1921 N o v . 25 1921
Blake Bros. A C o _______ / 150,000 6.09% June 28 1921 D ec. 15 1921
. 400,000 5 46% July 28 1921 N o v . 28 1921
First N ational Corporation 300.000 5 74% July 11 1921 July 11 1922
Old Colony Trust C o _____ 400,000 4.18% N ov. 28 1921 April 18 1922
____ ______
C.. L. Edw ards__________ 150,000 4 05% D ec. 9 1921 M ar. 15 1922
C O R R E C T I O N — Wo reported in our issue of N ov. 26. on page 2334,
th at tho Issuo o f $540,000 coupon high sehool loan Act of 1920 bonds, offered
on N ov. 22. had been sold to W hite Weld A Co. and Eldrodge A C o.,
jointly at 102.63 for 4 ) ( s . a basis of about 4 .42% . We now learn that
theso bonds bear 4 )4 % interest and th at the price paid by tho above com­
panies was 100.4994, which is equal to a basis of about 4.44% .
L U B B O C K I N D E P E N D E N T S C H O O L D I S T R I C T (P. O. L u b b o c k ) ,
L u b b o c k C o u n t y , Te x a s . — B O N D S A L E . — The $150,000 6 % school
building lionds recently voted (V. 114, p. 1931) havo been sold as 5 )4s at
par, plus a premium of $2,250, equal to 101.50.
L Y N N , Essex C o u n t y , Mass. — B O N D S A L E S . — During tho year end­
ing D ec. 31 1921 the following bonds were sold, in addition to those already
reported in our news columns:
A m t.

I n te r e s t
R a te .

P u rpose.

T o Security Trust C o.—

$10,000

$10,000

50.000
10.000
13.000

100.000
100.000
100.000
100.000

Oct.
Oct.
Oct.
Oct.

1 1921
1 1921
1 1921
1 1921

4)4
4)4

10.000
10.000

water
cemetery

paving
street

101.145
101.145
101.145
101.145
101.145
101.145
101.145

D ec.
D ec.
D ec.
D ec.
Doc.
D ec.
Dec.

1
1
1
1
1
1
1

100.000
100.000

June 1 1921
July 1 1921

100.000
100.000
100.000

4)4
4)4

street
paving

4)4
4)4

emergency

6

22.000 building
4)4
To Ella M . Sanborn—
$25,000 paving
5

10.000

To V. K. A A. H. Jones—
$40,000 bridge
5)4
To Hutchinson’s—
$ 10,000 paving
5)4

10.000

paving
McLEAN C O U N T Y

5)4
(P.

O.

ser.
ser.
ser.
ser.

Oct.
Oct.
Oct.
Oct.

1
1
1
1

5-yr. ser.

D ec.
D ec.
Doc.
D ec.
D ec.
Doc.
D ec.

8
8
8
8
8
8
8

5-yr.
5-yr.
5-yr.
5-yr.

5)4

water

10.000 sidewalk
5%
15.000 paving
5)4
15.000 paving
5)4
To W hite, AVold A C o.—

D a te o f
A w ard.

M a tu r ity .

D a te .

P r ic e .

1921
1921
1921
1921
1921
1921
1921

10 -yr. ser.

5-yr.
lO-yr.
10 -yr.
10 -yr.
20-yr.

ser.
ser.
ser.
ser.
ser.

5-yr. ser.
5-yr. ser.

June 14
July 26

Oct. 1 1921

1 -year

Oct.

1

Oct. 1 1921
Oct. 1 1321

5-yr. ser.
5 -yr. ser.

Oct.
Oct.

1
1

G ar ri so n ), No.

D ak .— B O N D

S A L E .—

The $15,000 7% funding bonds offered on M ay 5— V. 114, p. 1931— were
awarded on that day to the H anchett Bond Co. of Chicago, at a premium
of $275, equal to 101.83, a basis of about 6.60% . D enom . $1,000. D ate
M ay 1 1922. Interest J.-J. D ue M ay 1 1927.
M ADISON

IN D EP EN D EN T

SCHOOL

D ISTRICT

NO.

1

(P .O .

Madison), La k e C o u n t y , So. D a k . — B O N D O F F E R I N G . — B ids w ill be
received until 8 p. m . M ay 19 by If. H. Holdrige. Clerk Board of E duca­
tion for $40,000 school building bonds, not to exceed 5% interest. Denom.
Si 000
D u o in 20 years, optional after 15 years. Payable in M inneapolis,
St Paul or Chicago. Certified check for 2% of bid required. T he district
w ill furnish tho successful bidder tho blank bonds and the approving legal
opinion of Wood A Oakley of Chicago.
M A L D E N , Middlesex C o u n t y , Mass. — T E M P O R A R Y L O A N . — T he
temporary loan of $250,000, dated M ay 12 and maturing D ec. 12 1922,
offored on M ay 9— V. 114, p. 2047— was awarded to S. N . B ond A Co.
of Boston on a 3.46% discount basis, plus a premium of $2 50.
M A M A R O N E C K , W e st ch e st e r C o u n t y T N. Y .-

int. (J. A D ) payable'at the United States M ortgabe A T rust C o., N ew
York. D ue $5,0(50 yearly on June 1 from 1948 to 1967, incl. Cert, check
for 2% of tho am ount of bonds bid for, payable to tho Tow n, required.
Purchaser to pay the accrued int. from date of bonds to date of delivery,
ilid s for less than par will not bo considered
Successful bidders will be
furnished with tho opinion of Hawkins. Delafield A Longfellow of New York
C ity, th at tho bonds aro valid and binding obligations of the T ow n of
M amaroncck. Tho bonds will be printed under the supervison of the
U nited States M ortgage A Trust Co of New York C ity , which will certify
as to the genuineness of tho signatures or tho city officials and the seal
impressed on tho bonds
Assessed valuation of real estate and special
franchises for tho year 1921-22, $23,720,974. Bonded debt (not including
this issuo), $377,000.
M ANCHESTER,

H illsb o ro u g h

C o u n ty ,

N.

H .— B O N D S

SOLD

IN

1 9 2 1 .— In addition to those already reported by us. the city sold tho fol­
low ing 5% bonds during the year ending D ec. 31 1921:
$300 000 school bonds. D ate Jan. 1 1921. Duo $15,000 yearly on Jan.
from 1922 to 1941 inclusive.
18.000 bonds dated April 1 1921, due $2,000 yearly on Apr. 1 from 1933
to 1941 inclusive.
,
, .
63.000 school bonds. D ate Apr. 1 1921. D ue yearly, last paym ent
25 000 U?e bon ds 11 June 1 1921.

D ue $5,000 yearly on June 1 from

1922 to 1926 inclusive.
BOAT) S A L E . — T h e $ 1 2 , 0 0 0
Sewer D istrict N o. 4 special assessment bonds offered on M arch 9— V . 114
n 792 —were sold a t par and accrued int. to tho M ansfield Savings Bank of
M ansfield. D ato M arch 1 1922. D ue M arch 1 1923- T he bonds boar 6 %
interest per annum.
M A N S F IE L D , R ic h la n d C o u n ty , O h io .—

M ARSHALL

SCHOO L

E L E C T I O N . — On

D IS T R IC T ,

S a lin e

C o u n ty ,

M o .— B O N D

M ay 15, $199,000 school-building bonds w ill be voted

upon.
M ARYLAND
(S ta te
o f ) . — CERTIFICATE OFFERING. — John M .
Dennis Stato Treasurer, will receive sealed proposals until 12 m. June 13
at his offico in Annapolis for the purchase of $1,500,000 4)4% coupon
(w ith provllego of registration) tax-free “ Later .1 Post Road A Bridge Loan
of 1922” certificates of indebtedness. D em . $1,000. D ato June 15 1922.
In t. J. A D . Duo yearly on June 15 as follows: $§7,000. 1925; $90,000.
1926; $96,000, 1927; $99,000, 1928; $104,000, 1929; $109,000. 1930; $114,-

3158

THE

000, 1931; $120,000, 1932; $125,000, 1933; $131,000, 1934; $136,000, 1935,
$142,000, 1936, and $147,000 in 1937. Cert, chock upon some responsible
banking institution, drawn to the order— of the State Treasurer,for 5% of
the am ount bid for, required. T he Certificates o f Indebtedness awarded
w ill be delivered to the successful bidder or bidders, upon receipt of the
am ount of the successful bid or bids, on Thursday, Juno 15 1922 at the
office of the State Treasurer, Annapolis, M aryland. Bidders ar*e referred
to the said Chapter 203 of the Acts of the General Assembly o f M aryland, of
1922, as containing the full terms and provisions of this loan. The con­
stitu tionality and validity o f said Act of Assembly authorizing the issuanco
of said Certificates of Indebtedness have been favorably passed upon by
the Attorney-General of M aryland, who will also certify th at all necessary
legal formalities prescribed for said issue, have been duly com plied w ith.
M A T A G O R D A C O U N T Y (P. O. B a y C i t y ) , Te x a s .— P U R C H A S E R

— The $30,000 6 % road and bridge bonds recently sold— V. 114, p. 1931—
were purchased by the D etroit Trust Co. o f D etroit at par plus a premium
o f $1,705, equal to 105.68, a basis o f about 5.53% . D onom . .$1,000
D ate D ec. 22 1921. Int. A . & O. Duo D ec. 22 1941.
M EDFORD,

Middlesex

County,

Mass.— T E M P O R A R Y

L O A N — I t,

is reported th at on M ay 9 a temporary loan o f $150,000 maturing $50,000
D ec. 19 1922, $25,000 Jan. 15 and $75,000 Feb. 15 1923, was awarded to
the Old Colony Trust Co. o f Boston, on a 3.50% discount basis, plus a
premium o f $1 75.
M E N D H A M , Morris C o u n t y , N. 3 . — B O N D S A L E . —-The $30,000 5%
coupon water extension bonds offered on M ay 8— V. 114, p. 2048— wero
sold to the Morris C ounty Savings Bank o f M orristown, for $30,405
equal to 101.35.
M I C H I G A N ( S ta te of).— - B O N D O F F E R I N G . — Frank E . Gorman,
Stato Treasurer, will receive scaled bids until 10 a. m . (Central Standard
Time) June 6 a t his office in Lansing for $5,000,000 4%, 4)4% or 4)4%
coupon highw ay im provement bonds, to be issued by the State Administra­
tive Board of the State of M ichigan, pursuant to the provisions o f A ct N o . 26
of the Public A cts of the State of Michigan, Extra Session o f 1919, as
amended. D enom . $1,000. D a te July 1 1922. Prin. and sem i-ann. int
payable at the Stato Treasurer’s office or a t the office of the fiscal agent of
the State of M ichigan in N ew York C ity. Coupon bonds m ay bo exchanged
for registered bonds if desired. Bonds will bo due in 10, 15 or 20 years
Certified chock for 1% of the am ount bid for, payable to the above T reas­
urer, required. The right is reserved to reject any or all bids. Tho above
issue is in'addition to $5,000,000 of soldier bonus bonds and $3,000,000
highway bonds, also to be offered on June 6 , notice of which appeared in
last w eek’s issue o f the “Chronicle” on page 2048, and the official announce­
m ent of which m ay be found among tho advertisem ents elsewhere in this
Departm ent
Tho official notice of the offering o f the above described $5,000,000
highway bonds will appear in a subsequent issue of tho “Chronicle.”
M I D D L E S E X C O U N T Y (P. O. N e w B r u n s w i c k ), N. J.— B O N D S A L E .

— On M ay 11 the issue of 4)4 % coupon (with privilege of registration) gold
general impt. bonds— V. 114, p. 2048— was awarded to tho South Amboy
Trust Co. of South A m boy, which bid $30,378 for $30,000 bonds, equal to
101.26, a basis of about 4 32% . D ato M ay 1 1922. Duo $2,000 yearly on
M ay 1 from 1924 to 1938, incl.
M I D D L E V I L L E , Ba r r y C o u n t y , M ich . — B O N D S A L E . — An issue of
$21,500 water works system bonds was recently sold to a Detroit concern
at 105.41.
M I D L A N D C O U N T Y (P. O. M id la n d ), M ich .— B O N D O F F E R I N G .

A. T . B liss, C ounty Clerk, will receive sealed bids until 12:30 p. m. M ay 18
for the purchase o f $28,175 6 % Assessment D istrict road bonds.
These bonds will bo dated M ay 1 1922, and are to be issued in amounts
and m aturities upon the abovo roads as follows:
- R o a d N o .~
10
IK
12.
15.
21.
23.
24.
M ay 1 1923. L
____
____
$600
$1,600
M ay 1 1 924-.
2,000
1,600
$100
$740
2,000
775
1,000
2,000
1,000

1,000

1,000
1,000
1,000

1,000

560

$1,575

——

—

$5,500

$5,300

$1,575

$12,600

$3,200

625

Int. M . & N .

2,000
2,000
2,000

500
500

[V ol. 114.

C H R O N IC L E

$1,000. D ato June 1 1922. Prin. and sem i-ann. int. .payable at the
Tarrytown N ational Bank in Tarrytown. D ue $1,000 yearly on D ec. 1
from 1924 to 1938, incl. Certified check for 3% of tho am ount bid for
required.
NAMPA, Canyon C ounty, Id a h o .— B O N D S V O T E D . — B y a vote of
882 “ for" to 257 “against” an issue o f $39,000 street intersection bonds
was recently carried.

NASHVILLE, T enn . — B O N D O F F E R I N G . - —Sealed bids w ill bo recoived
by S. H . M cK ay, C ity Clerk, until 2 p. in. M ay 23 for tho following bonds:
$500,000 5% sewer sanitation bonds of 1917. D ate March 1 1918. Prin.
and sem i-ann. int. (M . & S.) payable at tho C ity Treasurer’s
.
office or at tho N ational Park Bank, N . Y . C ity. D uo yearly
on March 1 as follows: $2,000, 1947; $33,000, 1948; $35,000,
1949; $37,000, 1950; .$39,000, 1951; $42,000, 1952; $44,000,
1953; $47,000, 1954: $51,COO, 1955; $54,000, 1956; $57,000,
1957 and $59,000, 1958.
248.000 5% reservoir repair and improvement bonds of 1920. D ate
Jan. 1 1921. Prin. and semi-ann. int. (J. & J.) payable at
the C ity Treasurer’s office or at tho Irving National Bank,
N . Y . C ity. Duo yearly on Jan. 1 as follows: $2,000, 1923
to 1927, incl.; $3,000. 1928 to 1933, incl.; $4,000, 1934 to
1938, incl.: $5,000, 1939 to 1941, incl.; $6,000, 1942 to 1945.
incl.; $7,000, 1946 and 1947; $8,000, 1948 and 1949; $9,000,
1950 to 1952, incl.: $10,000, 1953 and 1954; $11,000, 1955 to
1957. incl.; $12,000, 1958 and 1959; $13,000, 1960, and
' $14,000. 1961.
m
D enom . $1,000. Bonds are registerablo as to principal. Bonds will be
prepared and certified as to genuineness by tho U . S. M tge. & Trust C o.,
N . Y . C ity. Legality of bonds will bo approved by Caldwell & Raymond,
N . Y . C ity, whoso approving opinion will bo furnisliod tho purchasers
w ithout charge. Certified check upon a national bank or upon any bank
or trust company in Tennessee for 2% of bids required. All bids m ust be
made on blank forms which will be furnished by tho abovo official or said
trust com pany. The bonds will bo delivered at tho office of tho U . 8. M tge.
& 'Trust Co. of N . Y . C ity on Juno I 1922, unloss some other place or date
shall bo m utually agreed upon.
NATRONA COUNTY HIGH SCHOOL DISTRICT, Wyo . —

NELIGH, A ntelode C ounty, Neb.— B O N D S A L E . —Tho First Trust
Company of Liii.coln has purchased $36,000 paving bonds.
NEMAHA CONSOLIDATED INDEPENDENT SCHOOL DISTRICT
(P. O. Nemaha), Sac C ounty, Iow a. — B O N D O F F E R I N G . — A. B. Domino

Secretary, will receive bids until 2 p. m. M ay 16 for $75,000 5% school
bonds. Donom. $1,000. D ato April 1 1922. Duo yearly on April 1 as
follows: $1,000. 1928 and 1929; $3,000, 19.30 and 1931; $4,000, 1932 to
1936, inclusive; $5,000, 1037 to 1940, inclusive; $6,000, 1941, and $21,000,
1942. Legality approved by Chapman, Cutler & Parker, Chicago.
NEW BEDFORD, B risto l C o u n ty , M ass.— B O N D S S O L D I N 1921.—
In addition to those already report ed by us the city sold tho following bonds
during tho year ending D ec. 31 1921:
$159,000 5% garbage disposal bonds. D ato March 1 1921. Duo $8,000
yearly on March 1 from 1922 to 1940, incl., and $2,000
M arch 1 1941. Awarded on M arch 24 to Harris, Forbes
& Co. at 100.52.
50.000 5% improvement bonds. D ato Aug. 1 1921. D ue $5,000
yearly on Aug. 1 from 1922 to 1931, incl. Awarded on
Aug. 3 to Blake Brothers & Co. at 101.06.
500.000 5% school bonds. Dato Aug. I 1921. Duo $25,000 yearly on
Aug. 1 from 1922 to 1941, incl. Awarded on Aug. 3 to
Blake Brothers & Co. at 101.06.
On N ov. 10 to the Old Colony Trust Co. at 100.663 for 4%s:
$40,000sewer bonds, duo yearly N ov. 1 as follows: $2,000, 1922 to 1931,
incl., and $1,000, 1932 to 1951, incl.
200,000 water bonds, duo yearly N ov. 1 as follows: $7,000, 1922 to 1941.
incl., and $6,000. 1942 to 1951, incl.
20.000 road bonds, duo $2,000 yearly N ov. 1 1922 to 1931, incl.
30.000 road bonds, due $3,000 yearly N ov. 1 1922 to 1931, incl.
22.000 road bonds, due yearly N ov 1 as follows: $3,000, 1922 and 1923;
and $2,000, 1924 to 1931, incl.
45.000 road bonds, due $9,000 yearly N ov. 1 1922 to 1926, incl.
13.000 road bonds, due yearly N ov. t as follows: $3,000, 1922 to 1924,
incl., and $2,000, 1925 and 1926.

NEW BEDFORD, Bristol C ounty,

MILDOUSAN GRADED AND HIGH SCHOOL DISTRICT (P. O.
Raeford), Hoke C ounty, No. Caro.— B O N D O F F E R I N G . — Sealed pro­
posals will bo recoived by W. P. Haw field, C ounty Superintendent of Schools
until 1 p. m . M ay 24 for $15,000 6% coupon school bonds. Denom .
$500. D ate M ay 15 1922. Prin. and soini ann. int. payablo in gold coin
at the Hanover N ational Bank, N . Y . C ity. D ue $500 yearly on M ay 15
from 1925 to 1954 incl. Certified check upon an incorporated bank or
trust com pany (or cash) for 2% o f bid, payable to tho above district,
required. Bids for less than par will not be considered.
N otice o f theso bonds being voted was given in V . 114, p. 1935, under
tho caption o f “ Stonewall Township."

BO ND

E L E C T I O N T O B E C A L L E D . — An election is soon to be called to vote on
issuing $500,000 school building bonds. Hazel Conwoll, Clerk.

M a ss.— T E M P O R A R Y L O A N .— A

temporary loan of $500,000, dated M ay 9 and maturing N ov. 9 1922, has
been awarded to Blake Bros. & Co. at 3.51% , plus $4 premium.
NEWBURGH, O range County, N. Y — B O N D S A L E . — T h o $94,000
registered school bonds offered on M ay 8— V. 114, p. 2049— wero sold at
par and accrued interest for 4.20s to tho Nowburgh Savings Bank of Nowburgli. D ate M ay 15 1922. Duo $.3,760 yearly on M ay 15 from 1923 to
1947, incl. The following bids wero received:
4.20%
Newburgh Savings B ank......................................................100.00
Sherwood & M errifield_____________________________ 100.19
4.23%
Farson, Son & C o ..... ................................................................ 100.07
4.24)4%
W atkins & C o---------------------------------------------------------101.725
4.32)4%
G e o .B . Gibbons & C o______________________________ 100.21
4.33%
Union N ational Corp_______________________________ 100.57
4.44%
Lamport, Barker & Jennings, In c___________________ _____
4.72%

NEWBURYPORT, Essex C ounty, Mass.— T E M

P O R A R Y

L O A N .—

On M ay 8 the temporary loan of $150,000, dated M ay 9 and maturing
N ov. 9 1922— V. 114, p. 2049— was awarded to tho N ational Shawmut
Bank on a 3.53% discount basis, plus a premium of $1.26.
NEW HAVEN, New Haven County, C onn. — B O N D S A L E . — On July
MILLER COUNTY LEVEE DISTRICT NO. 2, Ark.— B O N D S A L E . —
15 an issue of $160,000 5% high school bonds was sold to R. M . Grant &
Tho Liberty Central Trust Co. o f St. Louis, has purchased $100,000 5)4%
Co. at 96.2968, a basis of about 5.35% . D ate July 1 1921. Duo from
bonds. T hey aro described as follows: D enom . $1,000. Dato M arch 1 1924 to 1951, incl. These Ixmds wero issued by W ostvlllo School District,
1922. Principal and sem.-annual interest (J.-J.) payablo at tho Liberty which was consolidated with tho C ity o f N ew Haven on July 16 1921.
Central Trust Co. o f St. Louis. Duo yearly on July 1 as follows: $3,000
NEWPORT, Newport C ounty, R. I. — B O N D S A L E . — It is reported
1923 to 1927, incl.: $4,000 1928 to 1931, Incl.; $5,000 1932 to 1935, incl.;
that Kidder, Peabody & C o., of Boston, bidding 105.515 for 4% s, which is
$6,000 1936 and 1937, $7,000 1938 to 1940. incl., and $8,000 1941 and 1942.
on a basis o f about 4.16% , were awarded tho $100,000 gold coupon Rogers
MINNEAPOLIS, M inn.— B O N D S A L E . — On Fob. 8 1921 tho Hennepin High School bonds offered on M ay l i (V. 114, p. 2049).
Date M ay 1
<’ounty Commissioners purchased $31,000 5% 10 year serial park acquisition
1922. D ue $4,000 yearly on M ay 1 from 1923 to 1947, inclusive.
bonds at par. D ate Feb. 1 1921.
NILES, Trumbull C ounty, O hio. — B O N D O F F E R I N G . — Sealed pro­
MITCHELL, Davison C ounty, So. Dak.-—B O N D O F F E R I N G . — We posals will be received until 2 p. m. M ay 19 by Ilomcr Thomas C ity
are advised in a special telegram from Frank McGovern, C ity Auditor
Auditor, for $4,850 6% bonds
Denom. $500 and 1 for $350. D ate
that the C ity o f M itchell w ill sell $50,000 sewer and $75,000 water main April 1 1922. Int. semi-ann. D ue on April 1 as follows: $1,000. 1923 to
.)% 10 to 20 year (opt.) bonds, dated July 1 1922, on June 5.
1926, inch; $500, 1926, and $350, 1927. A certified check for 2% of bid
required. Bids for less than par and accrued Interest will not bo considered.
MODALE, H arrison C ounty, Iowa. — B O N D S A L E . — Schanke & Co
Purchaser to pay accrued interest to dato of dolivery.
of M ason C ity havo purchased $14,300 water bonds.
T h e o f f ic ia l n o tic e o f t h i s o ff e r in g
e ls e w h e r e i n th is D e p a r tm e n t.

w ilt be fo u n d

a m o n g th e a d v e r tis e m e n ts

MONMOUTH COUNTY (P. O. F reehold), N. J.— N O T E

O F F E R IN G

— George W. Patterson, Jr., Clerk o f tho Board o f Choson Freeholders, wili
receive soaled bids until 1 1 a . m. M ay 17 for an issue of temporary notes
not to exceed $450,000. D enom . $1,000 or multiples thereof at option of
purchaser. D ue M ay 15 1923. Cert, check for $5,000,payable to tho
C ounty, required. Approving opinion o f Caldwell & Raym ond w ill be
furninshed to the successful bidder.
W ashington C ounty, Pa.— B O N D S A L E . — Tho
$190,000 5% tax-free bonds offered on M ay 8— V. 11 4 ,p. 2048— werosold
M ellon N ational Bank of Pittsburgh, at 107.44, a basis o f about
■1;32%. D ate M ay l 1922. Duo yearly on M ay 1 as follows: $15,000.
1927;.$5,000,1928 to 1932, in c l; $8,000, 1933 to 1937, in c l; $12,000, 1938 to
1945, in cl., and $14,000 in 1946.

MONTROSE COUNTY SCHOOL DISTRICT NO. 18 (P. O. Micla).

C old. B O N D S V O T E D . — An issue o f $5,000 school building bonds wero
voted on M ay 1. Theso bonds havo already been sold to tho International
Trust Co. o f Denver, subject to being sanctioned a t said olection, as re­
ported by us in V. 114, p. 1691. The bonds aro described as follows:
D enom . $1,000. Int. sem i-ann. Due 1952.
MOORHEAD, Clay C ounty, Minn.— B O N D E L E C T I O N . —An elec­
tion w ill lie held on M ay 15 to vote upon tho question o f issuing $17 000
land purchase bonds.
’

MOUNT PLEASANT UNION FREE SCHOOL DISTRICT NO l
(P. O. North Tarrytown), W estchester C ounty, N. Y.— B O N D O F F E R ­

I N G . — G.

Fred. Van Tassel, Clerk of tho Board or Education, will recoivo
sealed bids until 8 p. m . M ay 17 for $15,000 5)4 % school bonds. Denom




NILES SCHOOL DISTRICT (P. O. Niles), Berrien C ounty, Mich.—

B O N D S A L E . — An issue o f $155,000 5% ixmds was recontly sold to the
N iles C ity Bank at par and accruod interost, plus a premium o f $5,936,
equal to 103.81.
,

NORTH BANGOR, Franklin C ounty, N. Y.— B O N D

O F F E R I N G .—

II. E . Palmer, Town Clerk, will receive soaled bids until 7:30 p. m. to-day
(M ay 13) for $5,000 6% registered bonds. Denom. $500. D ate M ay
15 1922. Prin. and semi-ann. int. (M . & N .) payable at tho First National
Bank in Brushton, N . Y . Duo $500 yearly on M ay 15 from 1923 to 1932
incl. Certified check for 5% of tho am ount of bonds bid for required.

NORTH BERGEN TOWNSHIP (P. O. North Bergen), Hudson

C ounty, N. J .— B O N D O F F E R I N G . — U ntil 8 p. in. M ay 18 Edward
R yan, Township Clerk, will receive bids for an issue of
% coupon (with
irivilege of registration) school bonds not to exceed $100,000. Denom.
$1,000. D ate M ay 1 1922. Prin. and sem i-ann. int. (M . & N .) payable
at the Township Treasurer's office. Duo $2,000 yearly on M ay 1 from 1923
to 1942 incl. and $3,000 yearly on M ay 1 from 1943 to 1962 Incl. Certified
check on an incorporated bank or trust company for 2% of amount of bonds
bid for, payable to the “Township of N orth B ergen,” required. Bonds will
bo prepared under tho supervision of tho U. S. M tge. & Trust C o., which will
certify as to the genuineness of tho signatures and tho seal impressed
thereon; legality approved by Hawkins, Dolafieid & Longfellow, o f N . Y.
a copy of whose opinion will bo furnished tho purchaser. Purchaser to
pay accrued interest.
NORTHWEST PARK DISTRICT (P. O. Chicago), Cook C ounty,

III. — B O N D S A L E . — The Pioneer Stato Savings Bank o f Chicago purchased
an issuo o f $100,000 5% park and lxiulovard Ixmds on N ov. 21 at 101, a
~ ._ i— ., *
«
*
----- inch
basis of about 4.91% . D a to D ec. 1 1921. "
Duo t o m ------ to 1941, ‘ ‘
1935

4

THE

May 13 1922.]

3159

C H R O N IC L E

r»AK- HII I S C H O O L D I S T R I C T (P. O. O a k Hill), J a ck so n C o u n t y ,

PLEASANT TOWNSHIP RURAL SCHOOL DISTRICT (P.
c nP|ncvfii'Ll^ Clark C ountv. Ohio.— B O N D S A L E . —The 5bU,l)UU o Q

O.
/o

__ B O N D S A L E -— T he following two Issues of 5
school bonds.
,?m!re<Toii M ay 6 — V\ 114, p. 1 8 1 0 -w e r o sold to Campbell & Kinsey of
Tnlnrln for 8 r 78 r (103.57), a basis of about 5.07% :
)l
>
. ,
*43 OOObonds’ 7 Denom 5 for $1,000 and 10 for $2,000 each. D ue yearly
$43,000 bonus
Y as follows: $1,000, 1023: $ 2 ,000 . 1924 ; $ 1 ,000 , 1925,
$2 000 1026; $1,000, 1027; $2,000, 1028; $1 00 0 .1 9 2 9 ; $2,000,
1030- $1 000 1031, and $2,000, from 1932 to 1946 incl.
7 000 D e n o m 2 for $300 and 16 for $400 each. D u e $300 Oct. 1 1923,
7,000 4YY)0 O ct. 1 1924; $300, Oct. 1 1925, and $400 yearly on Oct. 1
fr o m ’ 1026 to 1940 Incl.
,
D ate April 1 1922. The following bids were received:
u a to April i i B i d s
f o r B o th I s s u e s .
^
„ ,
„ r1
n
Campbell & K insey, T o l - -$51,785 OOlCIt. Sav. & Tr. C o., C o l- $51,709 80
?easongood & M a W , Cin. 60.776 00 ^ d n e y Spltzer & C o .. T ol 51,516 52

114 P. 1 9 3 3 -w e r e sold to tbe D etroit
Trust Co. of D etroit at par and accrued Interest, plus a premium or 51 4b2
(102.43), a basis of about 5 . 1 1 %. D ate M ay 1 .1922. D ue yearly on
N ov. 1 as follows: $4,500. 1923 to 1930 incl-.iand $4,000, 1931 to 1936 incl
POCATELLO Bannock C ounty, Idaho. — B O N D E L E C T I O N . On
M ay 27 an issuo of $17,500 bridge bonds will be voted upon. Laura S.
Gough, C ity Clerk.

wX
V
d
°
'
o
V
T
u
c
k
e
r
,
Robison & Co. of Toledo, Ohio.
n r n F N C I T Y S C H O O L D I S T R I C T (P. O. O g d e n ) , Web er C o u n t y ,
H fnt? — - B O N D O F F E R I N G .— Sealed bids w ill be received until 5 p. ha.
M av to bv the C ity Hoard of Education at the offices at 538 25 th S t., Ogden,

The°folMwMgE ? v ^ s u e ^ o^regUtercd S
f
Z i
114, p. 2050) were sold to Farson, Son & Co. of New York at lu u .u oi 1 >

bid rcmi'ired umuui. v
oia requircu. '"jtlddor to furntohnblank bonds, legal opinion and allissuedn to
-\*
i.,nPu (Mnrk
bonds aro e x p e se
ta lm ^ m a n lssu o ^ d bonds payable in 10 or 20 years, bearing 4 % intorest
Bondswe?o sole! to U H ( 3 a y & Co. o f Boston. Original amount o f issue
was $100 000
Of th is amount $55,000 w ill bo redeemed by July 1.
,00(L s* h (IS 'b u U d ? n g ^ n d /h a flS en disjwsedof^"^

X

X

d

h

^

i d

o

n

M

l / i - y

.

St Louis, have purchased $75,000 5% school building bonds at par plus
a premium of $1 201, equal to 101.60. . Denom $500
D ate M ay 1 1 9 2 Interest F .-A. D u e $ 5,000 yearly beginning Feb. 1 1927.

$ 5^000 local” mprovement1bonds.
10.000 M sessm ent'/bonds.

D ue $1,000 yearly on June 1 from 1923

D ue $2,000 yearly on June 1 from 1923 to

13.000 M adison U
Avenue Sewer D istrict bonds.

D ue $1,000 yearly on

4.500 E lm Stree? Sewer°D tetrict°bonds.

D ue $500 yearly on June 1

2.500 PaDce1 P llce Sewer^D^trict bonds.

D ue $250 yearly on June 1

D enom !” first* three ^ssiies^SlfoOO; last two issues, $500.
bonds, June 1 1922.
^

PORTER COUNTY (P. O. Valparaiso),

a
l K
^
ending Doc. 31 1921:
P u rch a ser—
Yno
Condemnation purchase-------------- f a non
II. L. Allen & C o------------ --------- 52’nnR
IT. L. M ien & C o.................................50.000
U nknow n-....................................
40.bPU

P u r­
pose.

D u e . P r ic e

D a te .

1 1921 1926 100
1 1921 1941 100
1 1921 1941 101
1 1921 1941 100
-B O N D
S A L E .— The issue of
PALM ER, Y oupon ^on dsvnley Grammar^School bonds o ffen d on M ay
f n5f V ° ° l p S o 4 § ? w as S w a rd e d to M errill. Oldham & Co. of B o s to n at
i bid of 102 .? 49 , w hicT is on a
^ n iV lK
Duo yearly on M ay 15 as follows. $2,000 1023 to l J 3 f m ci.,
«
•
1938 to 1942 incl.
T

Park
Park
Park
Park

Jan.
M ay
N ov.
N ov.

P A M P A I N D E P E N D E N T S C H O O L D I S T R I C T , G r a y C o u n t y , Tex*

__n n N

D

S A L E

— Crosby McConnell & C o., D enver, and 80

inlvear

D ate of all

BOIVD SALE.—The

$40,000 5% Charles F. La Count road Bonds'offered on W
^ <AL; M 4 .
p. 2050) were sold to the Fletcher Trust & Savings B a n k ot lnm anapoi f
at par and accrued interest, plus a premium of $5o5 ( 101.4 ' ” th f m
about 4.70% . D ate April 15 1922. Due,$ 2 ,0 0 0 each1 six m ontns rrom
M ay 15 1923 to N ov. 15 1932 incl. The following Bids wero recelvoOh
Fletcher Trust & Savings Bank,
IMeyer-KIse^Bank^ Indlan apoussw o
In d ia n a p o lis________________ $ 5 6 5 1Valparaiso ^ aM Bank - - - - - - 2o0
C ity T rust C o., In d ia n a p o lis.-- 4 8 3 |C ity Sav. & Tr. C o., Valparaiso, -bo
PORTSMOUTH, Norfolk C ounty, V a. B O N D O F F E R I N G —L . E .
Brinson, C ity Clerk, will receive sealed bids un til 12 m. M ay 22 for SOOO.OTO
4 14% coupon (registerable as to principal o r p ^ c lp a l and interest) sewer
a n d street im provement bonds. Denom. $1,000. D ate June 1
•
Prin. an d sem i-ann. Int. (J. & D .) payable in N ew York C ity. D ue Juno 1
1952. Cert, chock for 2% of bid. payable to JD H H odgins C ity Treas
urer, req u ired . Legality approved by John C. Ihom son, N . Y. C y.

POUNDRIDGE, W estchester C ounty, N. Y.—,R O N D

O E F E R I N G .—

George I. Ruscoe, Town Supervisor, will receive sealed bids until 12 m.
M ay 20 for $40,000 5% road improvement bonds. Denom $2,000. D ate
M ay 15 1922. Prin. and semi-ann. int. payable at the M ount Klsco N at
Bank of M ount Kisco. Due $2,000 yearly on M ay 15 from 1923 to U t incl. Cert, check or bank draft for 10% of the am ount bid for requir .
Bonds not, to bo sold for less than par and accrued interest.
l n ? S d 1 were voted and the same have been sold at private sale to Home
Savings & T rust Co. o f Denver.
new school bonds w ill bo voted upon, it is stated-

Bank o f Paw Paw .

n

M AN O R, Westchester C o u n ty ,

Chairman Board of Commlssioncrs
(at tho Virginia N ational Bank, N orfotk), until M a y 15 for $17,000 6%
tax-free drainage bonds. Denom $500. D u e $5,500 in 3 and 4 y
• __
$6,000 in 5 years. A like amount of bonds was offered on April 2»
V . 114, p. 1812.

PUYALLUP, Pierce

PA W PA W , V an Burcn C o u n ty, M‘c ; 7 7 ® ^ ? t o 1 h e F irs t" N a tio n a l
^
$ 2 0 0 0 0 5 % l i g h t a n d w a t e r b o n d s w a s r e c e n t l y s o ld t o i n c
PELHAM

pJSK JS54 . iS i
JS°A i2
entertained by W T. Braithwaitc,

SAT F —

N ' kT w o o f r e g i s t r a t i o n )

B srtig a w . f rv"r
°1,b”
1o
"B&sr 4 1940b « « ■ „* • ateDo 3500
*!8i “ fincl.
' u 1
yearly on M ay i from 1927 to
0
D
April
32 000 highway improvement bonds.

Denom. 51 ,^ 81.
r
32.UUU jogo. D ue $1.280 yearly on April 1 from 1927 to 1951 mci.
,5 000 village hall b o n d s . D enom . $2,200. D ate M ay 1 I M i . Due
'
$2,200 yearly on M ay 1 from 1927 to 1951 Mel.
PH II A D EL PH IA , Pa . — B O N D O F F E R I N G . — W illi). H adley, City
Controller, w ill receive sealed proposals until 12 m M
a y 000 4%
o f th e M ayor (Hoorn 202, C ity H all), for the p u rch a so o fS 2 A47 000 4 %
coupon or registered tax-free (optional) bonds. D enom . $1,000 if in
coupon form and $100 and Its multiples if in registered form. D a t® M a£ 26
1922 'T r i m and sem i-ann. in t. (J. & J.) payable at the office o f the c ity s
fiscal agont
Duo M ay 26 1952. with the option to the city to redeem at
par and accrued intorost at the expiration o f 20 years from date o f issue,
m v interest period thereafter, upon 60 days’ notice by public advertiso m o n / at the offico o f tho c ity ’s fiscal agent. Certified check for 5%
n bid for required. Bids must bo made upon the prescribed
o f ^ n l c s c o n i e s o f wMch m ay bo obtained a t tho M ayor’s offico.
T h T o m d S l n o u n t m e n t states that these bonds are free from all tax in
the State o f Pennsylvania and from all tax under income tax acts o f Congress.
? h e S n ^ o u n c e S t also stated that tho C ity o f Philadelphia bonds are a
. ^ investm ent for trust funds, and are owned largely by saving funds,

C ounty, W ash.— B O N D S

V O T E D —

At

an

election held on M ay 2 $75,000 water bonds wero voted by 910 to -0 3 ,
It is stated.
OUINCY Norfolk C ounty, Mass.— P R I C E — B I D D E R S . —-The price
pam by^Estabrook & Co. for the $800,000 3 % cou p on school bonds was
101.1.36 and not 101.36, as was reported in V. 114, p. 2050. Ih is is on a
basis of about 3.85% . Other bidders were:
,
W atkins & C o., B oston ------- 101.0961 Kidder, Beabody & C o ,,.B os.
Paine, AVebbcr & C o . , BostonlOO.8651 F. S. M oseley & G o., B oston. 100.43
Guaranty C o., New Y o r k .- .l
Old C olony Trust C o., B o s. , ___
Blake Bros. & C o., B o sto n ..)
Edm unds Bros., B oston------(100.67
M errill, Oldham & C o ., B os. 1
R. L. D ay & C o., B o sto n .../1 0 0 .5 5 9
R A L E I G H T O W N S H I P , W ak e C o u n t y . No. C a r o .— BON D O F F ^ -

I N G . —Sealed proposals will bo received until 12 m May 22 by 1 . it. n
drldgo, Chairman of School Committee at t h e Globe Bldg. In U a i e i g n ^
$350,000 10:K-year (aver.) coupon (registerable as to prin and into sen i
bonds. Denom. $1,000. Date June 1 1922. V ’Y-ifv Tlue vearlv on
gold coin at tho U . S. Mtge. & Artist Go., N . Y . - • •
, 1052 incl
D oc. 1 as follows: $12,000 1925 to 1938 ^ cl. and S13.0MI 1939 toAW52 mcc

Bidders arf) requested to subm it bids for 4)4% , 454 % anV M tge l Trust
bonds w ill bo prepared under tlie s u p e r v i s i o n o f t h e U . S . M t g e . « iim sc
C o., N . Y . C ity, which will certify as to the genuiner ess or the

T

iV c '& z ;
o
p
s
£
%m
e delive y.
pay accrued int. from date of bonds to date of s i s

41-

,o

have been acquired by tho Hanchett Bond C o.. Inc., of Chicago, at 102.55,
a basis of about 5.19% .

jUVERHEAD SCHOOL^
( ^ .( t y ^ ' r u ’ t Co' a t (tivwheail'a'A’)
interim ^ ^ ^ ^ ^ ‘'a m T e q u o ^ r tV a d ^ s e the fiscal agent as earljMn the
day as convenient. Purchaser must pay accrued interest froni M ay 26
1922 to time o f settlem ent for this loan. The notice of tho offering appeared
in our issue o f M ay 6 on page 2050. and is repeated because additional
data have come to hand.
'
T h e o f f ic i a l n o tic e o f th is o f f e r in g m a y b e f o u n d a m o n g th e a d v e r tis e m e n ts
e ls e w h e r e in th is D e p a r tm e n t.
F u n d e d D e b t o f th e C it y o f P h il a d e lp h i a ( a s o f M a y

5 1922).
T otal bonds outstanding (not y et m atured).................................. $212,233,200
U n c l a im e d m a t u r e d l o a n s ................................................................ - .............

T otal funded d e b t - .......................................................................... $212,249,350
Loans authorized and unissuedi
. . «r. 004 non
$15 000,000 loan o f D ec. 30 ’19 (unsold portl° n)-|h .8 8 4 ,0 0 0
62 100,000 loan o f Doc. 30 ’19 (unsold p o r t on .62.930.500
6 000,000 loan o f July 13 ” (unsold port o n ). 2,4 17,000
20
3 3 ,000,000 loan o f Oct.
1 20 (unsold portion) , 30.000.000
91,270,500

2(jki2§.M o'15G 0^ li1 > l^ f,'d s.
%
w

tio n ,

500.

$ 4 5 0 ,2 0 0 .

P o p u la tio n

a p p ro x im a te ly

c
S
W
S
a
S
S
A
M
disposed of during the year ending D ec. 31 1921:

A

t

e

Norther^TnistCo.$Voo!oo6 A ^ M W I

R o c k fo rd T r u s t C o . 150,000 A p ril 1 1921
7 .5 0 0 y rly . A p ril 1 22 11 m c i. JO.SU
d o o q c v f i t ANn CURRY COUNTIES CONSOLIDATED SCHOOL
N O °q °?p V0 Portales N M e x -B O N D O F F E R I N G .- - Until 11 a. m.
M ay 2 7 b id .? w ill° b o r e c e i v e d for $10,600 6% 1 0 - y e a r s c h o o l b u i l d i n g bonds
b y J . It. S t o c k , T r e a s u r e r , of R o o s e v e lt C o u n t y .

ROSSVILLE, Shaw nee C ounty, K a" .— B O N D S
an issue of $8,000 park bonds was voted.

VO

7E D

.

On April 29

T otal fund debt (incl. loans auth. but unissued, $91,270,500) $303,519,850
B v a d S d s i o n Of t h e S u p r e m o C o u r t o f P e n n s y l v a n i a , f ile d
'M a v 31 1894 i t is h o l d t h a t w i t h i n t h o m e a n i n g o f t h o w o r d
• d e b t ’ In S e c ti o n 8 , A r t ic l o IX , o f t h o C o n s t i t u t i o n o f t h e
S ta te ' o f P e n n s y l v a n i a , t h o r o a l d o b t is t h o a u t h o r i z e d d e b t ,
i(«is t h e a m o u n t o f c i t y c e r t i f i c a t e s p u r c h a s e d a n d u n c a n c e l e d
H t a k b S ? fu n d s ."
T h e re s h o u l d th e re fo re b o d e d u c te d
fro m th o a b o v e , th o a m o u n t o f s u c h u n c a n c o lo d lo a n s in th o
s i n k i n g f u n d , w h i c h Is — ............ ...................................................

and $1 000 on July 1 in each of the years from 1924 to 1936 incl. and $1,50
Jan. 1 1937.
.
w
,

41,403,400

Leaving a not funded dobt o f----------------------------------------------- $262,116,450
PIFRCE

COUNTY

SCHOOL

DISTR ICT

NO.

55, W a s h .— BOND

S A L E . __An

issue of $60,000 school bonds has been sold a t par for 5s to tho
State o f W ashington.
P I E R R E S C H O O L D I S T R I C T (P. O. Pierre), H u g h e s C o u n t y , So.

__ B O N D S A L E . — Schanko & C o. o f M ason C ity have purchased
$55,000 school refunding bonds.




RU TH ERFORD

SCHOOL DISTRICT (P. O. Rutherford), Bergen

C o ^ T v N r j — B O N D O F F E R I N G .— AVilliam Hillhouso Clerk of the
Board # Education, will receive scaled bids until 8 p m.
Q
„n
A u °7
or 5% coupon school bonds not to exceea »320,ijuu.
Tinimm gl ilho ' D ato M ay 1 1922. P r in . and se m i-a n n . int. pavable
? t the Uuthe?fbrd T m st Co in Rutherford
Due SSjOOO y e a r l y on M a y 1
fr,,Tn iQ9 * to 1048 and $9,000 yearly on M ay 1 from IJ1J to 1 Jo 1 mci.
t
CerT. check for 2% of am ount bid for, drawn upon an incorporated bank or

3160

THE

C H E O N IC L E

trust company, payable to the Custodian o f School M oneys, required.
The bonds w ill be prepared under the supervision o f the U . S. M tge. &
Trust Co. N . Y . C ity which will certify to the genuineness o f the signa­
tures or the town officials, and the seal impressed thereon, and their legal­
l y 'vilJ
approved by Ilaw kins, Delafield & Longfellow, attorneys, of
.N . V . C ity whose favorable opinion or a duplicate thereof will be delivered
to tho purchaser. Purchaser to pay accrued interest.

[V ol, 114.

SC O TT C O U N TY (P. O. S c o ttsb u r g ), I n d . — B O N D O F F E R I N G .—
Lydia E verett Cranford, County Treasurer, w ill rocoivo sealed bids until
1 V - m . M ay 15 for tho following 5% coupon road bonds:
$24,000 John B M cClain et al. Jennings Township bonds. D enom . $600.
t -tE - Eberhart et al. Jennings Township bonds.
D enom . $456.
J'800 L. E . Keith et al. Jennings Township bonds. D enom . $140.
2,800 L. E. Keith et al. Johnson Township'bonds. Denom . $140.
D ate M ay 15 1922. Prin. and sem i-ann. int. (M ay 15 and N ov. 15)
? t - 9 h s r ,e s C o u n ty . M o.— B O N D S D E F E A T E D —
R ecently $175,000 electric light and $75,000 water extension bonds were payable at tho C ounty Treasurer’s office. Duo 1-20 of each Issuo semi­
defeated.
annually from M ay 15 1923 to N ov. 15 1932 incl. Bonds not to bo sold
These aro the bonds th at were to be voted upon on M arch 25, but due ror less than par and accrued interest to dato of delivery.
to a technical error the election was called off, as stated in V . 114, p. 1215.
SC O TTD ALE H IG H SCHOO L D IS T R IC T , M aricopa C o u n ty ,
-BOArD O F F E R I N G .— U ntil 2 p. m . M ay 15 soaled bids will bo re­
ST- JO SE P H , B u c h a n a n C o u n ty , Mo, — B O N D O F F E R I N G . — Bids Ar**-—
wdl be received by W. S. Willard, C ity Comptroller, until 4 p. m . June 1 ceived by T ully W . Benson, Clerk Board o f C ounty Supervisors, for $73,000
for the following 5% coupon bonds:
b % coupon tax-free school site, building and im provement bonds. D e­
$240,000 fire departm ent improvement bonds.
nom. $,)00. D ato M ay 15 1922. Int. M . Sc N ., payable at C ounty Treas­
45.000 bonds to pay judgments and fines.
urer s office or Bankers Trust C o., N . Y . C ity. Duo M ay 15 1942. A
cert, check for 5% of bid required.
25.000 municipal asphalt plant bonds.
30.000 street maintenance and repair departm ent bonds.
SEATTLE, W a sh . — B O N D I S S U E V O T E D D O W N .— U nofficial re­
D a te M ay 1 1922. Prin. and somi-ann. int. (M . & N .) payable at the
National Bank o f Commerce, N . Y . C ity. Duo serially in equal amounts turns. behoved to be approxim ately correct, show that tho $550,000 M ont
bond issue was lost at a recent election by a voto o f 29,363 “for"
between 5 and 25 years. A cashier’s or treasurer’s chock for 5% of bid
to 22,377 again st,” failing to receive the required 60% vote.
required.
C O U N TY SPECIAL T A X SCHOOL D IS T R IC T NO. 3
S T ' J'OSEPH C O U N TY (P. O. S o u th B e n d ), I n d . — F O N D S A L E . —
Iho following eight Issues o f 5% coupon highway bonds offered on M ay 9 (P- O* H anford), F la . — B O N D S A L E .— Tho $20,000 bonds offered on
H
22—
— V. 114, p. 1693—were sold, the first three issues going to the Continental o fcc. eirnit Y. 112, p. 2642—have been purchased by B um pus, Hull Sc Co.
D
at 97.50.
,?
7
T ?ust * Savings Bank o f Chicago at 101.90, a basis of about
4 -60% ’ and the last fiv e issues going to J. F. W ild & Co. o f Indianapolis
SCHOO L C IT Y (P. O. S eym ou r), J a c k so n C o u n ty , Ind.
at 101.67, a basis o f about 4.66%:
— B O N D O F F E R I N G .— Proposals will bo received until 2 p. m . M ay 18 by
*$153,000 W illiam Keinkner et al. C ounty U nit Road bonds. Denom . the Clerk of the Board of School Trustees for $105,000 5% school bonds.
, _____10 for $300 and 150 for $1,000 each.
D enom . $1,000. D ate M ay 15 1922. Prin. and sem i-ann. int. (M . & N .),
*114,000 William Leman N o . 2 et al. C ounty Unit Road bonds. Denom . payablo at tho First N ational Bank, Seymour. D uo $5,000 yoarlyonM ay
„„„ 10 for *400 each and 110 for $1,000 each.
15 from 1927 to 1947, incl.
*74,000 Samuel M . Robinson et al. C ounty Unit Road bonds. D enom .
SH E R B U R N E C O U N TY (P. O. Elk R iver), M in n . — B O N D S A L E . —
, - „„„
for *400 each and 70 for $1,000 eawi.
T he $32,000 C ounty D itch N o. 29 bonds—offered on M ay 4 V. 114, p. 1934
F - Fries et al. Penn Township bonds. D enom . $750.
— havo been awarded as 4 t(s to Lane, Piper Sc Jaffray, Inc., o f Minnoapolls,
;>*500 W l ljam Sauer e t al. Union Township bonds. D enom . $275.
at. par. D ate M ay 1 1922. Duo yearly on M ay 1 as follows: $2,000
J-500
am Sauer e t al. Centro Township bonds. D enom . $125.
William Sauer et al. M adison Township bonds. Denom . $587 50. 1929 to 1938, Inclusive, and $3,000 1939 to 1942, inclusive. Tho following
A
\ i.
John II. Fredericks et al. M adison Twp. bonds. D enom . $925. companies subm itted bids for 4 3 % bonds:
B id d e r —
P r e m . B id . I
B id d e r —
P r e m . B id .
,i
, ‘ho above issues aro dated M ay 15 1922, tho issues marked (*) aro
Gates, White & C o--------$710
| Drako-Ballard C o________
$660
i JfooV i h o f tho total amount o f the issue yearly on M ay 15 from 1023 to
750 | M innesota Loan Sc Tr. Co
775
l
incl. and the rest l-20 th o f each issuo sem i-annually from M ay 15 1923 M inneapolis Trust C o . . .
to N o v . 15 1932 incl.
SH E R W O O D , W a sh in g to n C o u n ty , O re . — B O N D S A L E . — N ew s­
C O U N T Y (P. O. S o u th B en d ), In d .— B O N D O F F E R I N G . paper accounts say th at Clark, Kondall Sc. Co. of Portland havo been
™
Cloiiiity- Treasurer, will receive sealed bids until 10 a. m. awarded $8,000 6% water bonds at par. Duo $1,000 yearly aftor 3 years.
M ay 27 for the following 5% coupon highway bonds:
SIE RR A C O U N TY SCHOOL D IS T R IC T N O . 12 (P. O. H illsb h ro ),
$23,500 Chas. II. Edwards et al., Gontro Township bonds. D enom .
N. Mex . — B O N D S A L E .—James IT. C ausey Sc Co. of Denver have pur­
wt)H7 50.
49.000 Frank Sawyer et a l., Ponn Township bonds. D enom . 4t for chased tho $12,000 6% school-building bonds offered on M ay 1— V. 114,
p. 1812. Denom. $500. Int. A. Sc O .
51 -000 and 20 for $450 each.
Denom. $500. D ate Apr. 1 1922. Prin. and sem i-ann. int. (A. & O.) 3LJ>00 E < Hawblltzer e t a l.. Union Township bonds. Denom . $775.
1
payable at tho C ounty Treasurer’s office or at Kountzo Bros., N . Y . C ity,
25.000 Daniel P. Ullery et a l., Greene Township bonds. D enom . $625.
D ate M ay 15 1922. Int. M ay 15 and N ov. 15. Duo 1-20 of each issue at option o f holder. Duo Apr. 1 1942.
F in a n c ia l S ta te m e n t.
sem i-annually from M ay 15 1923 to N o v . 15 1932, inclusive. Bonds not
to be sold for less than par.
Assessed valuation, 1921_______________________________ _
$373,301
T otal bonded debt (including this issu e!_______ 111111111.1111111
1s!000
?X - .LO U IS Mo.— B O N D S A L E . — During last year $290,000 4 V i %
Population, officially estim ated, 820.
Public improvement bonds were sold at par to tho city of St. Louis Public
SILVER C IT Y . M ills C o u n ty , Io w a .— C O R R E C T I O N .— Wo aro advised
Buildings Sinking Fund. D ue Juno 30 1941.
by R. P. G alt, C ity Clerk, that tho $20,000 water-works sytom bonds,
_ ®X* XA V E> M 'n n .— B O N D S A L E . — Wo aro advised th at t
city of reported by us as having been favorably voted upon (V. 114, p. 1812), were
defeated.
Ht. l aul sold during 1921 a t par the following bonds, besides those already
reported:
•SIOUX C IT Y , W oodb ury C o u n ty , Io w a . — B O N D S A L E .—On N ov. 1
.
I n t.
1921 tho First Trust Sc Savings Bank o f Sioux C ity, was awarded $100,000
™
P u t- p o s e .
D a te .
R a te .
D u e.
D a t e S o ld .
6% water bonds at par and exponses. D ato N ov. 1 1921. Due vearlv
^ a t e r works ext. Mar. 1 1921 4 1 4 % M ar. 1 '51 M ar. 7 1921
*4,700,000 Cash basis
_____5%
_ During 1921 from 1929 to 1941, inclusive.
a These bonds wero sold to the W ater Department Sinking Fund o f tho
SO U TH ORANGE TO W N SH IP SCHOOL D IS T R IC T (P. O. M aple­
C ity o f St. Paul. * These bonds wero sold “over tho counter’’ to local w o o d ), E ssex C o u n ty , N. J . — B O N D S A L E .— The issuo o f 4K % coupon
people and wero dated tho first day o f tho m onth in which th ey were sold: (with privilege o f registration) Ixmds, offered on M ay 4-—V. 114, p. 1935—
maturities aro from 1922 to 1941. Of this amount ($4,700,000) $3,030,100 was sold to a syndicate composed o f tho Chaso Securities Corp.; Paine,
were already reported sold in Y. 113, p. 982.
Webber Sc Co.: Outwater & W ells, and IT. L. Allen Sc C o., at its bid of
$727,656 30 (102.198) for 712 bonds ($712,000), a basis of about 4.32% .
SACRAM ENTO, C a lif.— B O N D S S O L D D U R I N G 1921.— This city
D ato M ay 1 1922. Duo yearly on M ay 1 as follows; 822,000 1923 to
during the year ending D ec. 31 1921, sold tho following 4 f i % filtration
1931, incl.: $23,000, 1932 to 1953, incl., and $8,000 in 1954. T he offering
bonds a t par:
of tho alxive bonds was incorrectly reported by us utidor tho caption of
D a te
"South Orango School D istrict, N . .T.— Tho following bids wororeceived:
P u rch aserA m o u n t.
S o ld .
Chase Securities Corp.: Paino, Webber & Co.;
8191 000
C oast Construction C o _____________ _____
Jan. 31
for 712 bonds
Outwater & Co. and II. L. A llen__________________ $727,656 30
C oast Construction C o ____________________________ ~ 1 0 1 1000
Feb. 28 Redmond & C o., J. B. Van Ingon Sc C o_______________ 727,261 57
for 714 Ixmds
C oast Construction C o ______________________ __ ~ 191000
M ar. 30 Harris Forbes Sc C o . . ...............
.....................
727,219 72
for 716 bonds
Coast Construction C o_____________________ H I - H I 191000
Apr. 30 ,T. S. Rippcl & C o---------------------------------------------------- 727,479 00
Tor 716 bonds
Coast Construction C o _____________________________ 60|000
Juno 8 Es fa brook Sc C o., Guaranty Co. o f N . Y .,
Coast Construction C o_________________________ _
50 000
June 16
Hannahs. Ballin Sc L eo__________________________ 727,400 00
for 714 bonds
Capital N ational B ank................................ ............. . . I 27 000
Sept. 21 Clark W illiams & C o _______________________________ 727,250 00 for 716 bonds
Bank o f Ita ly ......................
145,000
Sept. 29 Rutter & C o., Ogilby Sc Austin, J. G. W hite Sc
C oast Construction C o___________________
_
124 000
Oct. 14
_________ ________ _____ 727,129 00 for 719 bonds
C o.. I n c . . ____ _
o SA G IN A W , S a g in a w C o u n ty , M ich.— B O N D S S O L D I N 1921.— Savings Investm ent & Trust Co. o f E ast Orango,
N . J ........................... ................................... ............... 727,705 55 for 715 bonds
follows- b° nds m:u*° during 1921, and not already reported by us, are as
SPA R T A T O W N SH IP, N ob le C o u n ty , I n d . — B O N D S A L E .— The
A m o u n t.
P u rpose.
D a te .
I n t . R a te .
P r ic e .
D u e.
$20,000 5% school building bonds offered on M ay 6— V. 114, p. 1812—■
$100,000
Sewer
M ay 1 1921
1 to 10 years
100 were sold to tho
544%
accrued
a
100,000
Street
M ay 1 1921
100 premium of $540State Bank of Kimmel at par and4.44% . interest p us30
1 to 10 years
5 44%
50 (102.7025). a basis of about
Dato April
200,000
Street
July 1 1921
100 1922. Duo $2,00 June 30 1923 and $1,000 each six m onths from Dec.
1 to 10 years
544%
200,000
Street
Sept. 1 1921
100 30 1923 to June 30 1932 incl. The following bids were received1 to 10 years
544%
60,000
W ater
Oct. 1 1021
100
1 to 10 years
544%
?
wHn!HoU
Mier State Bank, L igonior..$530
20,000
Sewer
Oct. 1 1921
100 J.taXe Wild Sc Cflmm0J - .........* 54n 5011C ity Trust C o., Ind________ 326 00
1 to 10 years
544%
F.
o.. Ind........... 475 0 0
00
S A L E M , Essex C o u n t y , Mass. — T E M P O R A R Y L O A N .— The M erchants
SPENCER C O U N TY (P. O. R o c k p o r t), I n d . — B O N D S A L E .— Tho
N ational Bank o f Salem has been awarded at 3.485% discount, plus $5 50
premium, it is stated, a temporary loan o f $200,000, maturing N ov. 15 1922. (Jirisney State Bank o f Chrisney, Ind., was the successful bidder at par
anA £ ccJuod. Interest, plus a premium o f $314 (101.427), a basis o f about
S A N B E N I T O , Ca m e ro n C o u n t y , T e x as .— B O N D E L E C T I O N . —
4.72% for tho $22,000 5% Jam es A. Ilaines, Jr., ot al., Luco Township
On M ay 23 an issue of $75,000 water and light and power plant bonds will Ixmds offered on M ay 3—V. 114, p. 1693. Dato M ay 3 1922. Duo
be voted upon. J. Scott Brown, M ayor.
$1,000 each six months from M ay 15 1923 to N ov. 15 1933, inclusive.
T he following bids were received:
S A N B O R N , O ’Brie n C o u n t y , Iow a. — B O N D S A L E . — An issuo of
Clirisney State Bank, C hicago.$314 IBrocd, E lliott Sc Harrison, Ind’s..$220
$6,000 refunding bonds h is been sold to Sehanko & Co. of M ason C ity
C ity Trust C o., Indianapolis_ 313|T liom as D . Sheorin C o., Ind’lls . 177
_
§ n ^ ^ ^ X : 0 V N T Y S C H O O L D I S T R I C T (P. O. A z t e c) , Ne w Mex.
SALA — James N W right & Co. o f Denver purchased $60,000
SP R IN G F IE L D , C lark C o u n ty , O h io . — B O N D S S O L D I N 1921.— In
•?M% 1,2:20~y?ar <°pt.) school budding bonds on M ay 3. D ato M ay 1 addition to those already reported, tho city sold tho following 0% bonds
Y U 2Theso bonds wero recently sanctioned by tho voters by a voto of at par during tho year 1921:
173 for ’ to 22 against.
D a te o f
P u rch axer.
A m o u n t.
P u rpose.
D a te .
M a tu r ity .
A w ard.
S A N T A A N A , O r a n g e C o u n t y , C a l i f . — B O N D S A L E . — On M ay 2 two
Sinking Fund___ .$3,960 00 *Scwer________Sopt. 1 1920 Sept. 1 ’21-’25 Jan. 28
issues o f 5% bonds were sold to Stephens Sc Co. as follows:
(1)
SpringflelflSav.BK 7,593 75 ‘ Grading_Sept. 1
1920 Sept. 1 ’21-’25 Fob.2
$172,000 outfall sewer bonds for $181,437, equal to 105.48.
149,000 pipe line bonds for $157,697.
(2) Sinking F u n d ... 10,695 00 ‘ Paving..............Sopt. 11920 Sept. 1 ’2t-'30 Fob. 25
Tho following aro the bids received:
Sinking Fund...........12,766 00 *Scwer________ Mar. 1 1920 Sopt. 1 ’21-’25 Feb. 25
(3) Sinking Fund.. .15,690 00 ‘ Grading........ ..Sopt. 1 1920 Sept. 1 ’2t-’25 Feb. 25
„. .
. ^
F o r th e O u tfa ll S e w e r I s s u e .
Stephens & C o______________________________________
8181 487 Sinking Fund-------- 5,256 00 ‘ Sower________Mar. 1 1920 Mar. 1 ’21-’25 Fob. 25
(4) Firemen’s Pension
180 756
California Company and the National"City C o_____H I II H I I
B lyth, W itter & Co. and Wm. R. Staats C o____________ I I I I I H I 180 456
F u nd--------------- 2,150 00 ‘ Grading______Sept. 1 1920 Sept. I ’21-’25 April 2
Anglo-I .on don- Par is C o______________________
180 877 Sinking Fund_____ 2.620 00 Paving........... ..M ar. 1 1921 Mar. 1 1929 April 3
R. II. M oulton Sc C o______________________________ H
180 146
Sinking Fund.......... 4,000 00 Sewer_________Mar. 1 1921 Mar. 1 ’22-” April 3
29
(5)
Sprlng(leld Sav Bk22,860 00 ‘ Paving.Sept. 1
1920 Sept. 1 ’21-’30 April13
_. .
. _
F o r th e P i p e L in e B o n d s . '
Stephons & C o________________________________________________ $157 869 (0)Spring!lcIdSavBk2t.370 00 ‘ Paving______ Sopt. 1 1920 Sept. 1 ’21-’30 April 13
SpringfteId Ry Col2,316 00
‘ Street...Sept. 1
1920 Sopt. 1 ’21-’30
California Company and tho N ational C ity C om pany_______
157 061 (7)
Anglo-London-Paris C om pany__________________
156 790 Sinking Fund ____ 7,930 00 ‘ Paving............. Sept. 1 1921 Mar. 1 ’22-’31 June 2
B lyth, W itter & Co. and Wm. R. Staats C o_____________ 11 "1111 i ho’663
R. T,. Day Sc C o ...35,000 00 Improvement..Sopt, 1 1921 Mar. 1 ’25-’31 Aug. 2
R. II. M oulton Sc C o_________________________________
15 6 ',511
(8) U. I,. Day & Co.100,000 00 Water works...M ar. 1 1921 Mar. I r22-’30 Aug. 2
Industrial Commis-fl 1,460 00 ‘ Paving...............Mar. 1 1921 Mar. 1 ’22-’31 Oct. 4
S A N T A B A R B A R A H I G H S C H O O L D I S T R I C T , S a n t a Barba ra
slon ol the State( 9,620 00 ‘Grading.............Sept. 11921 Sept. 1 ’22-’26 Oct. 4
y ’ La 11f .— /iOY / I S A L E H E L D U P .— Newspaper reports that tho
Ohio..................... [ 8,780 00 ‘ Paving................ Mar. 1 1921 Mar. 1 '22-’31 Oct. 4
o f $159,000 5% high-school bonds was halted when it was Sinking Fund..........
6.54 05
Mar. 1 ’22-’26
found that the issue had not been advertised long enough to meet legal Sinking Fund--------5,571 45 ‘S ew er.............Mar. 1 1921 Mar. 1 '22-’2G Oct. 13
13
requirements. The highest bid mado was $466,965 by the Anglo & London- Sinking Fund........... 2,721 00 ‘Grading............Mar. 1 1921 Mar. I 1926 Oct. 13
‘ Sewer................Mar. I 1921
Oct.
Paris N ational Bank, jointly with tho C ounty N ational Bank o f Santa (O)Hinklng Fund___ 8,365 00 ‘Sewer....M a r. t
1921 Mar. 1 ’22-’31 Oct. 13
Barbara. Other bids received wero:
Sidney Spltzer A C o.45,826 00 Improvement. .Mi r. 1 1921 Mar. 1 ’22-’31 Oct. 31
N ationa1 C ity Co. and
| Security Tr. & Sav. Bank,
Industrial Commls-f
California Co
$466,717 5 0 1 R.H .M oulton& C o.and
slon of the Statej
Stephens& C o.and Harris
I B lyth. W itter Sc C o ...$ 4 6 6 ,1 5 9 59
of Ohio.............. .(40,000 00 Improvement..Sept. 1 1921 Sopt. 1 ’22-’23 Doc. 31
T rust& Savings B ank. 466,515 00 E. II. Rollins & Sons,
Commercial Trust Sc Sav.
| Cyrus Poirce & Co. and
All issues marked (*) are special assessment Ixmds. (1) I'lieso are tho
_
Santa Barbara. 466,317 67! Wm. R . Staats & C o .. 464,044 00 bonds offered unsuccessfully on Oct. 25 1020— V. I l l , p. 1776. (2) These
Frick, M artin & C o.......... 466,237 00 f
aro the bonds first offered on N ov. 29 1920— V. I l l , p. 2068. (3) 'I’lieso




May 13 1922.]

THE

are the bonds offered on Jan. 17 1921— V. 112, p. 82. (4) These aro the
bonds offered unsuccessfully on March 14 1921— V. 112, p. 132.5. (5) These
are the bonds offered unsuccessfully on March 14 1921— V. 112, p. 1325.
(6 ) These aro the bonds offered unsuccessfully on M arch 14 1921— Y. 112,
p. 1325. (7) These are tho bonds first offered on N o v . 29 1920— V. I l l ,
p. 2068. (8 ) These are tho bonds first offered on July 25 1921— V. 113,
p. 444. (9) These are the bonds first offered on Aug. 1 1921— V . 113,
p. 444.
STA R K W E AT H E R SCHOOL D IS T R IC T (P. O. S ta rk w e a th er ),
R am sey C o u n ty , N o. D a k . 1— B O N D S A L E .— T he $25,000 school build­
ing bonds recently voted (V. 114, p. 1935) have been sold a t par.
STO C K T O N SCHOOL D IS T R IC T , S o n J o a q u in C o u n ty , C a lif.—
B O N D S A L E .— On M ay 1 $277,000 5% bonds, maturing 1930 to 1943,
in c l.. wore sold to M itchum , T ully & Co. for $291,677, equal to 105.29.
T he following bids wero received:
_____ _
_
M itchum , T u lly & C o--------------------------- --------- ---------------------$291,677 00
N ational C ity Co. and Anglo & London Paris N ational Bank— 291,460 00
291,425 00
It. H . M oulton & C o___ _________________ ______ ________ _
Stephens & C o _____________________________________________ 291,405 50
M ercantile T rust C o., E . H. R ollins & Sons and Bond & Good­
win & Tucker, In c________ ______ _________________________ 291,077 00
_
_
__________________ 290,794 60
Harris Trust & Savings Bank_
B lyth, W itter & C o_______________________________________ - 290,380 00
American N ational Bank and W m. Cavalier & C o____________ 289,565 00
Drake, Riloy & Thomas and Bradford. Kim ball & C o------------ 287,831 00
SU FFO LK C O U N TY (P. O. R iv erh ea d ), N . Y .— B O N D S A L E — On
M ay 11 tho $117,000 4H % registered highnay bonds— V. 114. p. 2051—
were awarded to the Suffolk C ounty N ational Bank o f Riverhead, a t 102.17,
a basis of about 4 18% . D a te June 1 1922. D ue yoarly on June 1 as fol­
lows: $7,000. 1923 to 1938. incl., and $5,000, 1939.
SU L LIV A N C O U N TY (P. O . S u lliv a n ), I n d .— B O N D O F F E R I N G .—
J. Harvo Thom pson, C ounty Treasurer, will receive sealed bids until
12 m. M ay 15 for $11,000 5% Chas L. D avis et al. Ham ilton and Truman
Townships road bonds. Donom. $550. D ate Apr. 15 1922. In t. M ay
15 and N o v . 15. . Duo $550 each six months from M ay 15 1923 to N o v . 15
1932 incl. Bonds not to bo sold for less than par.
SUMMIT C O U N TY (P. O. A k ron ), O h io . — B O N D O F F E R I N G . —
Scott Porter, Clerk o f tho Board o f County Commissioners, w ill receive
sealed bids until 12 m. M ay 29 for $1933)00 5 V i % coupon ClovolandM assillon Road, I. O. H. N o. 17 bonds. D enom . 81,000. D ate M ay 1
1922. Prin. and somi-ann. int. (A. & O.) payable a t the C ounty Treas­
urer's offico. Duo $24,000 vearlv on Oct. 1 from 1923 to 1929 incl., and
$25,000 on Oct. 1 1930. Certified check for 5% o f tho am ount bid for,
payablo to tho Board o f County Commissioners, required. Bonds not to
be sold for loss than par and accrued interest.
SUMMIT C O U N TY (P. O. A k ro n ), O h io . — B O N D S A L E .— Tho $75,­
000 5 V . % coupon Sanitary Improvement N o. 11, Summit C ounty Main
Sewer d is tr ic t N o . 5 bonds offered on M ay 8— V. 114, p . 1813— wero sold
to tho Stato Industrial Commission o f Ohio. D ate April 1 1922. Due
$5,000 yoarly on Oct. 1 from 1923 to 1937, incl.
SU SQ U E H A N N A C O U N TY (P. O. M o n tro se), P a — B O N D S A L E . —
Tho $111.000 4 % coupon (registerablo as to principal) road bonds offered
on M ay 8— V. 114, p. 2051— were sold to Redmond & Co. o f Philadelphia
at 103.85, a basis o f about 4.09% . H ate M ay 1 1922. Duo M ay 1 as
follows: $27,000 in 1927. 1932 and 1937, and $30,000 in 1942.
TAHOKA IN D E PE N D E N T SCHOOL D IS T R IC T , S w ish e r C o u n ty ,
T ex . — B O N D S A L E .— Crosby M cConnell & Co. o f Denver and South­
western Securities Co. o f Amarillo jointly havo purchased $30,000 5% 20­
40-year (opt.) school building bonds. Denom . $1,000. D ated Au" 1
1920. Int. A . & O., payablo in N ew York. Assessed valuation $2,000,­
000: total bonded debt (including this issu e), $250,000. Population (e s t.).
1 ,000 .
T EX L IN E , D allom C o u n ty , T e x . — B O N D S A L E .— T he Southwestern
Securities Co. o f Amarillo, has been awarded $45,000 water and $15,000 6 %
16-30 year (opt.) bonds a t 96.50. D ate Jan. 1 1922. D enom . $1,000.
Int. sem i an n ., payablo at Now York.
T H O R N T O W N SH IP RURAL SCHOOL D IST R IC T (P. O. T h orn v ille ) , Pcrrv C o u n ty , O h io . — B O N D O F F E R I N G - ir. N . Zeglo Clerk
Board o f E ducation, will receive sealed bids until 7 p. m. M av 15 for
$10,000 6 % funding bonds. Denom. $1,000. D ate M av 15 1922
,
Int
M . & N . D ue $1,000 yearly on M ay 15 from 1923 to i932 incl. Cert,
check for 5 % o f the amount bid for required.
T H U R ST O N C O U N TY SCHOOL D IS T R IC T N O. 1 (P. O. P e n d e r ),
N eb . — A D D I T I O N A L D A I A . -Oho following additional data havo come
to hand rolativo to the offering of the $100,000 4 ^ % , 5% , 5 M % or 5H %
bonds on M ay 10 (V. 114, p. 2051). Denom . $500 or $1,000, to su it pur­
chaser. D ate July 1 1922. 1 rim and seml-ann. int. (J. & J.) payablo at
the County Treasurer S office. P u? Yearly on July 1 as follows: $2,000
1928 to 1932 Inch; $3,000 !933 to 1937 in cl.; $4,000 1938 to 1942 Inch;
$5,000 1943 to 1947 in ch . and $6,000 1948 to 1952 inch A cert, check on
a bank or trust company for 5% of bid. payablo to tho Board of Education,
required. Successful bidder to furnish and print blank bonds. Validity
to bo approved by Chapman, Cutler & Parker, or by Wood & Oakley. The
official announcement states: N o previous issue o f bonds has boon contested
and no more bonds will be issued in the coming tw elve months. Thero is
no controversy or litigation affecting the corporate existence or boundaries
of said district, or tho title of its officers or tho valid ity of those bonds.
T IL D E N SCHOOL D IST R IC T (P. O. T ild e n ), M adison C o u n ty ,
N e b . — B O N D E L E C T I O N — A n flec tio n wll bo held to-day (M ay 13) to
voto on tho question of Issuing $90,000 school building bonds. C. F. Han­
son, Secretary.
TIM BER LAKE, D ew ey C o u n ty , S o . D a k . — B O N D S A L E .—T he
$10,000 5% sewer bonds offered on April 26— V. 114, p. 1813—havo been
awarded to W. B. Carter o f Sioux C ity, Iowa, at par and accrued Interest.
Donom. $500. D ate April 26 1922. Int. A. & O. Duo April 26 1942.
T IO G A C O U N TY (P. O. W e llsb o r o ), Pa.- B O N D S A L E — T he $30,000
5% highway bonds offered on M ay 5 (V -1 1 4 , p. 1935) were sold to Henry
M . Foote of Wellsboro and tho j l r s t N ational Bank of W ellsboro, tho for­
mer taking $ 20,000 bonds for * 20,100 (100.50), a basis of about 4 .88 %, and
the latter taking tho remainder ($ 10^ 00) for $ 10,010 ( 100 . 10 ), a basis of
about 4.98% . D ato M ay 1 1921. Duo $20,000 M ay 1 1927 and $10,000
on M ay 1 1928. Tho following two bids were also submitted:
Graham, Parsons * C o., Philadelphia------------------------------------------ $30,030
Mellon N ational Bank. Pittsburgh____
__________ ____________ 30.100
T IPPE C A N O E SCHOOL T O W N SH IP (P O. B a ttle G r o u n d ), T ip ­
p e c a n o e C o u n ty , I n d . — B O N D SALE.— Tho $100,000 5% bonds offered
on M ay 5 (V. 114. p 1813) were sold to the J. F W ild & Co. State Bank of
Indianapolis a t 102 857. D ate M ay 5 1922. Duo yearly on M ay 5, be­
ginning 1923. Tho following bids were received:
S e a le d . B i d s .

M eyer-Kiser p an k, Indianapolis-------------------------------------------------$1,200
Harris T rust & Savings Bank, C h ic a g o .---------------------_
$977
. A u c tio n

B id s .

Fletcher T rust & Savings Bank, Indianapolis____________ .N o t given
Fletcher-Amorican C o., Indianapolis----- --------------------N o t given
J. F. Wild & Co. Stato Bank, Indianapolis---------------------- . .. .. 1 0 2 .8 5 7
T O N A W AN D A . E rie C o u n ty , N. Y .— B I D S .— Tho following is a com­
plete list o f tho bids received on M ay 3 for tho two issues of 4 % coupon
bonds, am ounting to $24,000:
____
$8,000 I s s u e .
$16,000 I s s u e . B o t h I s s u e s .
Geo. B. Gibbons A C o ..... ...........-- 100.17
*101 47
______
Sherwood & M errifleld_________*100.49
101.39
O'Brian. Potter & C o ----------------------101.386
M anufacturers’ N a t. B ank______ 100.18
100.21
.
Buffalo Trust C o ______________ „ ---------- ^
--------100 4 1
* Successful bid; for previous references to same soo V. 114, p. 205, 2051.
T O PEK A , S h a w n e e C o u n ty , K n n . — B O N D S A L E .— D uring the year
ending D ec. 31 1921 tho city sold to local subscribers tho following 5%
bonds at par and interest, besides thoso already reported:
A m o u n t.
P u rpose.
Dale.
D u e.
D a t e S o ld .
$ 95,000 00 /W ater and light) D ec. 31 1941 D ec. 31 1941
D ec. 31
Ireconstruction [
.
11,098 09 Sower
Juno 11921 1-10 years
D uring Juno
__________
*21,251 47 Paving
July 15 1921 1-10 years
* Theso bonds are tho balance o f $269,151 47, $152,900 and $95,000,
of which wero reported sold; seo V. 113, p. 1277, and V. 113, p . 983, re­
spectively.




2161

C H R O N IC L E

T R O Y , R e n s se la er C o u n t y , N. Y . — B O N D O F F E R I N G .— W illiam A .
T oohey, C ity Comptroller, will receive sealed proposals until 10 a. m.
M ay 15 for $70,000 4K % coupon or registered water works bonds. D e­
nom. 60 for $1,000 and 20 for $500 each. D ate June 1 1922. In t. semlann. D ue $3,500 yearly on June 1 from 1923 to 1942 incl. Certified
check for 1% of th e am ount bid for, payable to the c ity , required. Pur­
chaser to pay accrued interest.
_
F i n a n c i a l S t a t e m e n t , M a y 5 1922.
Genera d e b t------------------------$2,253,535 01
Water d e b t____________
2,251,086 24
Sinking fund________________________________
142,836 04
C ertificate o f Indebtedness for harbor and dock and pub ic
im provem ents (temporary o a n )__________________________
706,500 00
Revenue bonds for Liquor Tax rebates_____________________
6,400 00
Rea estate va uation for 1922______________________________57,522,741 00
4,370.736 00
Franchise assessed va uation for 1922..........................
T ota assessed va uation for 1922_______
61,893,477 00
Popu ation (1920 census), 72,013.
T U L I A , Sw is he r C o u n t y , T e x . — B I D S R E J E C T E D .— W e are advised
by a special telegraphic dispatch to us from our Western representative
that all bids received for an issue o f $100,000 6% 20-year (serial) bonds
on M ay 8 were rejected. T he highest bid offered was from Stern Bros. &
Co. o f St. Louis, being 109.60.
U N I O N C O U N T Y (P. O. A l b a n y ) , Miss. — B O N D O F F E R I N G .— The
Clerk Board o f C ounty Supervisors will receive sealed bids until June 3
for $6,000 6% school bonds. D ate Juno 1 1922. A certified check for
$300 required.
U NION T O W N SH IP

B O N D O F F E R I N G .— R.

(P. O.

Barnegat), Ocean

County,

N. J. —

F. Elberson, Township Clerk, w ill receive bids until
10 a. m. M ay 22 for an issue o f 5H % coupon (with privilege o f registration)
electric light and power system bonds, not to exceed $15,000. Denom .
$250. D ato June 1 1922. Semi-ann. in t. (J. & D .) payable a t tho First
N ational Bank o f Barnegat. D ue $750 yearly on June 1 from 1923 to
1942 incl. Certified check on an incorporated bank or trust company
for 2% of amount of bonds bid for, payable to th e Township Treasurer,
required. Purchaser to pay accrued interest.
V A L L E Y C I T Y S C H O O L D I S T R I C T (P. O. V a l l e y C i t y ) , Medin a

C o u n t y , O h i o . — B O N D O F F E R I N G . — F . W . Weidner, Clerk of the Board
o f E ducation, w ill receive sealed bids un til M ay 27 for $50,000 5 K %
school building bonds. D ate M ay 20 1922.
VANDERBURGH

COUNTY

(P. O.

Ev ans vil le) ,

In d .— B O N D

OF­

F E R I N G .—-Walter Smith will receive sealed bids until 10 a. m . M ay 23 for
$87,200 5% Wm. Hartman et al. Owensville Road bonds. Denom . $1.090.
Int. M ay 15 and N ov. 15. D ue $4,360 yearly on M ay 15 from 1923 to
1942. incl. Bonds not to be sold for less than par and accrued interest.
B O N D S A L E .— The $50,400 5% Edward M . Schaefer et a . L itt e
Cynthiana Road bonds offered on M ay 6 —-V. 114, p. 2052— were s o d to
tho F etcher Trust & Savings Bank o f Indianapo is a t par and accrued
interest p us a premium of $1 668 80 (103.31), a basis of about 4.32% .
Duo $2,520 each six months from M ay 15 1923 to N ov. 15 1932 inc .

V I G O C O U N T Y (P. O. Terr e H a u t e ) . I n d . — B O N D S A L E .— The
$9,500 5% E . II. Dickerson et al. Lost Creek Township bonds offered on
M ay 9 — V. 114, p. 2052—were sold to th e M eyer-Kiser Bank of Indianap­
olis at par and accrued interest plus a premium o f $135 (101.42), a basis
of about 4.70% . D ate April 15 1922. D ue $475 each six m onths from
M ay 15 1923 to N ov. 15 1932 incl. T he follownig bids wero received:
M eyer-Kiser Bank. In d ____ $135 OOlFletcher American C o., In d . $25 00
BrazilTrust B ank.B razil,Ind. 23 75|F letcher Sav. & Tr. C o., In d . 126 60
F. S. Rawloy, Terre H a u te ..
Par C ity Trust C o., In d ---------- 117 00
W A B A S H C O U N T Y (P. O. W a b a s h ), In d .— BON'D O F F E R I N G . —
Irvin C. D elanter, C ounty Treasurer, will receive sealed bids until 5 p. m.
M av 15 for $2,700 5% M ilo Grewell Liberty Township bonds. D enom .
$135. D ate M ay 15 1922. Int. M ay 15 & N ov. 15. D ue $135 each
six months from M ay 15 1923 to N ov. 15 1932 incl. Bonds not to be sold
for less than par.
______
W A B A S H , W a b a s h C o u n t y , In d . — B O N D S A L E .— T he $8.173 96
5H % bonds offered on M ay 8— V. 114. p. 2052— were sold to Thomas
D Sheer in & Co. of Indianapolis at par and accrued interest, plus a premium
of $477 35 (104.61). a basis of about 4 76% . D ate April 10 1922
Due
$173 96 April 10 1923 and $1,000 each six months from April 10 1929 to
Oct. 10 1932, incl
A bid of par and accrued interest plus a premium of
$192 50 was subm itted by the M eyer-Kiser Bank of Indianapolis.
WABASH C O U N T Y

(P. O. W ab a sh ),

In d .— B O N D

O F F E R IN G —

Irvin C. D elanter, C ounty Treasurer, will receive sealed bids until 9 a . m.
M av 16 for tho following 5% highway im provem ent bonds:
$10,000 Enos Bakehorn. W altz Township bonds. D enom . $500.
* 15,000 J. L. Sutton, Liberty Township bonds. D enom . $7.50.
5,000 John N eff, Liberty Township bonds. D enom . $250.
D ate M ay 15 1922. Int,. M ay 15 and N ov. 15. Duo ono bond of each
issue semi-annually from M ay 15 1923 to N o v . 15 1932, incl. Bonds not
to be sold for less than par.
_______ _________
WACO, M c L e n n a n C o u n ty , T e x . — P U R C H A S E R .— Tho purchaser of
the $400,000 public school bonds at 102.87 (V. 114, p. 2052) was the N a­
tional Bank of Commerce, St. Louis. Bonds bear 5% interest.
W A S H I N G T O N C O U N T Y (P. O. S a l e m ) , In d .— BOND O F F E R I N G —
W L Tavlor. C ountv Treasurer, will receive sealed bids until 1:30 p. m.
M ay 16 for $7,800 5% Louis M . Stewart et al. Polk Township bonds.
Donom. $390. D ate M ay 1 1922. Int. M av 15 and N ov. 15. D ue $390
each six m onths from M ay 15 1923 to N o v . 15 1932. incl. Bonds not to be
snM for loss than P'ir.
W A S H I N G T O N S U B U R B A N ^ S A N I T A R Y D I S T R I C T . Md.— BOND
O F F E R I N G — Sealed bids w ill be received until 3 p. m. M ay 15 by the
Commissioners of tho D istrict at 1420 N ew York A ve., N .W ., Washing­
ton, D . C ., for $500,000 4 lA % 30 to 50-year (opt ) bonds.
W A T E R T O W N , Middlesex C o u n t y , M ass. — T E M P O R A R Y L O A N —
Tho temporary loan of $150,000 maturing $50,000 D ec. 1 1922 and $100,000
Jan. 24 1923—V. 114, p. 2052—was awarded on M ay 8 to tho N ational
Shawmut Bank on a 3.53% discount basis, plus a premium o f $1 26.
WATERTOWN,

J e f f e r s o n " Country,

N.

Y .— B O N D

O F F E R IN G —

Proposals for tho purchase at not less than par and accrued interest or
$375,000 4M% coupon or registered school bonds will be received until
12 m . M ay 17 bv (M rs.) Jessie W . Gilchrist, C ity Treasurer. D enom .
$1,000. D ato Juno 1 1922. Prin. and semi-ann. int. (J. & D .) payable
at the Northern N ew York Trust Co. Bank in W atertown. D ue $15,000
yoarly on Juno 1 from 1925 to 1949 Incl. D elivery o f bonds to be made
within 5 days after notice o f award is given to purchaser. Certified check
on an incorporated bank or trust com pany for 2% of am ount of bonds
bid for renulrod. Theso bonds were originally scheduled to be sold on
M ay 10— V. 114. p. 2052—but duo to a typographical error in the “ N otice
of Sale’’ tho bonds are being re-offered on tho above date (M ay 17).
W A T E R V I L L E V I L L A G E S C H O O L D I S T R I C T (P. O. Wate rv ille),
L u c a s C o u n t y , O h io . — B O N D S N O T S O L I ) . — The $17,000 6% school
site and building bonds offered on M ay 6— V. 114, p. 2052— were not sold
and w ill bo re-advertised.
W A U S E O N , F u l t o n C o u n t y , O h i o — B O N D S A L E — T he $44,000 6%
bonds offered on M ay 8— V. 114. p. 2052— were sold to Tucker, Robinson
& Co. of Toledo for $45,903 65 (104 326), a basis of about 5 49% .**D ate
April 1 1922. D ue $1,000 each six months from April 1 1923 to .O ct. 1
1944. incl.
W A Y N E T O W N S H I P R U R A L S C H O O L D I S T R I C T (P. O . C h e r r y
Fork), Ad a m s C o u n t v , O h i o . — B O N D O F F E R I N G . — G. A . Gulick,
Clerk of tho Board o f Education, w ill receive sealed bids until 2 p. m.
Juno 1 for $22,000 5H % bonds. Denom . $1,000 and $500. D ate M ay 1
1922. Prin. and semi-ann. int. (M . A 8.) payablo at tho W inchester Bank
in W inchester, Ohio. D ye yearly on Sept. 1 as follows: $1,500, 1923 to
1934 in d .. and $2,000, 1935 and 1936. Certified check for 5% o f the
amount bid for required. Bonds not to be.sold for less than par and accrued
interest. Tho proceedings leading up to the issue o f these bonds have been
approved b y tho firm of Shaffer & W illiams, attorneys at law . Cincinnati.
Ohio, whose approving opinion will l)e furnished to the purchaser free of
charge. The right is reserved to reject an y or all bids.
W E B B C I T Y S C H O O L D I S T R I C T I P . O. W e b b C i t y ) , Jasper
C o u n t y , Mo.
B O N D S A L E . —The $15,000 5% school bonds offered on

M ay 1— V. 114, p. 1936— have been awarded to the M ercantile Trust Co.
.of S t. Louis at par plus a premium of $255 75, equal tojJ101.705 «XDate

2162

THE

[V ol. 114.

C H R O N IC L E

M a y 1 1922. D u e M a y 1 1942, o p tio n a l M a y 1 1932. T h e fo llo w in g b d sl
w ere re c e iv e d :
♦ M e rc a n tile T r u s t C o ____ $ 1 5 ,2 5 5 75 P r e s c o tt & S n id e r _______ $ 1 5 ,0 5 8 50
S te r n B ro s . & C o _________ 15,115 50 G . I I . W a lk e r & C o ______ 1 5 ,000 00
S u th e rlin S e c u ritie s C o
15,080 00 W in . R . C o m p to n C o ____14,941 50
W r ig h t I n v e s tm e n t C o
15,061 00
* S u c c e ssfu l b id d e r (as a b o v e ) .
W E S T C A R R O L L T O N S C H O O L D IS T R IC T (P . O . W e st C a r ro ll­
t o n ) , M o n t g o m e r y C o u n t y , O h i o . — BOND OFFERING.— C . H . B l o s s ,
( d o r k o f t h e B o a r d o f E d u c a t i o n , w ill r e c e iv e s e a le d b i d s u n t i l 12 m . t o - d a y
( M a y 13) f o r $ 1 7 5 ,0 0 0 5 % c o u p o n b o n d s .
D a te M a d 1 1922.
P rin . a n d
s e m l - a n n i n t . ( A . & O .) p a y a b l e a t t h e F i r s t N a t i o n a l B a n k o f M ia m is b u r g .
D u e e a c h 6 m o n t h s a s f o llo w s :
$ 3 ,5 0 0 f ro m A p r il 1 1 9 2 4 t o O c t. 1 1 9 3 6 ,
i n c l . , a n d . $ 4 ,0 0 0 f r o m A p r i l 1 1 9 3 7 t o A p r i l 1 1 9 4 7 , i n c h
C e r t, c h e c k fo r
5 % o f th e a m o u n t b id fo r re q u ire d .
L e g a lity a p p ro v e d b y D . W . & A .
S . h i d in g s o f D a y t o n , O h io .

a c c ru e d in t e r e s t, p lu s a p re m iu m o f $ 1 ,2 6 0 (1 0 2 .5 2 ), a b a s is o f a b o u t 5 .0 1 % .
D a to M a y 1 1922. D u o $ 2 ,5 0 0 e a c h six m o n th s fro m M a r c h 15 1923 to
S e p t. 1 1932 in c l. T h o fo llo w in g b id s w e re re c e iv e d :
T i tle G u a r . & T r . C o . , C i n . $ l ,260 00 A . T . B ell & C o ., T o l e d o . .$ 1 ,0 6 6 00
T u c k e r , R o b iso n & C o ., T o l.
197 00 W oii. R o th & C o .. C i n c i n . . 1 ,06 0 00
S id n e y S p itz e r & C o ., T o l . _
4 3 0 00 P ro v . S. B . & T r . C o ., C i n .
705 00
W . L . S la y to n & C o ., T o l . .
655 00 B ro o d , E l lio t t & I l a r r ’n , C ln
550 00
F if th - T h ir d N a t . B k ., C l n .
915 00 I ta n c h o tt B o n d C o ., C h ic .
281 50
S easo n g o o d & M a y e r , C l n .
8 7 6 00 D e tr o it T r u s t C o ., D o tr o it . 1 ,0 2 0 00
YAKIM A C O U N T Y SCH OOL

D I S T R I C T NO . 92, W as h.

-B O N D

.— O n A p ril 22 th o $ 1 0 ,0 0 0 b o n d s o ffe re d o n t h a t d a to — V . 114, p .
1816— w e re s o ld to th e S ta t e o f W a s h in g to n a t p a r fo r 5 K s . I u t . a n n u a lly .
D u o 1937, o p tio n a l a f t e r 1 y e a r.
SALE

W H I T E L Y C O U N T Y ( P . O . C o l u m b i a C i t y ) , I n d . — BOND SALE.—
T h o f o l l o w i n g t w o i s s u e s o f 5 % c o u p o n h i g h w a y c o n s t r i c t i o n a n d 'i m p r o v e b o m l s o 'f e r e d o n M a y 8 — V . 1 1 4 , p . 2 0 5 2 — w e r e s o l d a s s t a t e d b e l o w :
• $ 1 1 ,5 0 0 J o h n S w i h a r t e t a l . C o l u m b i a a n d W a s h i n g t o n T o w n s h i p s b o n d s
s o id t o t h e P r o v i d e n t T r u s t C o . o f C o l u m b i a C i t y a t 1 0 1 ,4 1 a
b a s is o f a b o u t 4 .7 1 % .
D enom . $575.
2 4 , 0 0 0 H a r r y E . T C its o n . E d . K i l o , S a m u e l F . T r o m b l e y e t a l . R i c h l a n d
a n d T r o y T o w n s h ip s g r a v e l r o a d b o n d s s o ld to A . P . F ly n n a t
1 0 1 . 4 0 , a b a s i s o f a b o u t 4 .7 1 % .
D enom . $600.
D a te M a r c h 15 1 9 2 2 .
D u e 1 -2 0 o f e a c h is s u e e a c h s ix m o n th s f r o m
M a y 15 192 3 to N o v . 15 193 2 in c l.

Y O R K , Y o r k C o u n t y , Pa . — B O N D S A L E .-—T h o $ 2 0 0 ,0 0 0 4 Vi % c o u p o n
( w ith p riv ile g e o f r e g is tr a tio n a s to p r in . o n ly ) g e n o ra l im p t. b o n d s o ffered
o n M a y 9— V . 114, p .2 0 5 3 — w ero s o ld to W e s t & C o . o f P h ila d e lp h ia , a t
1 0 7 .1 0 6 , a b a s is o f a b o u t 3 .9 8 % . D a te M a y l 1922. D u e o n M a y 1 a s
fo llo w s: $ 5 0 ,0 0 0 in 1934 a n d 1941, a n d $ 1 0 0 ,0 0 0 in 1951.
T h o fo llo w in g b id s w ero reco iv ed :
W e s t & C o . . . .....................$ 2 1 4 ,2 1 2 00 C o m m e rc ia l T r u s t C o ___$ 2 1 1 ,9 7 0 00
N a tio n a l C ity C o _______ 2 0 8 .8 1 8 00 W u r ts , D u lle s & C o ____ 2 1 1 ,4 2 2 00
R e illy , B ro c k & C o _____ 2 1 1 ,9 3 4 00 B ro w n B r o th e r s & C o ___ 2 1 1 ,3 5 7 80
B id d le & H e n r y . . . ........... 2 1 1 ,7 8 0 00 L e ach & C o _____________ 2 1 0 ,5 8 0 00
L ow is & S n y d e r _________ 2 1 1 ,0 0 0 00 H arris.- F o rb e s & C o ____ 2 0 9 ,2 6 2 00
S c h ib o n e r, B o en n ln g & C o . 2 1 0 ,6 4 5 00 C . C . F r ic k & C o ............... 2 1 0 ,4 2 8 75

‘ 0NJ )S NP T SOLD.— T h o $ 2 3 , 7 0 0 5 % c o u p o n . I l a r r y E . I C i t s o n , E d .
}
IG le , S a m u e l F . T r e m b lo y e t a l. R ic h la n d a n d T r o y T o w n s h ip s b o n d s ,
a ls o o ffe re d o n M a y 8 — V . 1 1 4 , p . 2 0 5 2 — w e re n o t s o ld .

B O N D E L E C T I O N .— A n e le c tio n w ill bo h o ld to - d a y ( M a y 13) to v o te on
is s u in g $ 4 0 ,0 0 0 sc h o o l s ite a n d b u ild in g b o n d s .

W IC H IT A
F A L L S IN D E P E N D E N T S C H O O L D IS T R IC T (P . O .
W i c h i t a F a l l s ) , W i c h i t a C o u n t y , T e x a s . — DATE OF ELECTION _
_
M a y 13 h a s b e e n s e t f o r t h e d a y o n w h ic h th o v o t e r s w ill d e c id e a s t o w h e t h e r
o r n o t t h e y a r e in f a v o r o f is s u in g t h e S S 5 0 .0 0 0 s c h o o l- b u il d i n g b o n d s m e n ­
tio n e d in o u r iss u e o f A p ril 2 9 , o n p a g o 1 9 3 6 .
T r m r L L ! A R ,G E .R C O U N T Y ( P . O . V e r n o n ) , T e x a s .—BOND ELECe l e c t '0 " w ill b o h e ld o n M a y 1 6 t o v o t e o n t h e q u e s ti o n o n is s u ­
514% c o u n t y h o s p i t a l b o n d s .

7

in g $ 5 0 ,0 0 0

W I L B U R T O N , L a t i m e r C o u n t y , O k l a . — BOND SALE. — T h o $ 2 1 0 0 0 0
c i t y i m p r o v e m e n t b o n d s r e c e n t ly v o t e d — V . 1 1 4 , p . 1 4 5 7 — h a v e b e e n s o ld
t o A . .T M c M a h a n o f O k l a h o m a C i t y a t p a r a n d a c c r u e d i n t e r e s t p l u s
a p re m iu m .
N o b ., e s
C o u n ty ,
M i n n . — BOND SALE.— T h o
$ 1 0 0 0 0 a rm o r y b o n d s r e c e n tly v o te d — V . 114, p . 1 336— h a v e b e e n a w a rd e d
to S c h a n k o & C o . o f M a so n C ity .
W R I G H T C O U N T Y C O N S O L ID A T E D S C H O O L D I S T R IC T N O 71
( P . O . A n n a n d a l e ) , M i n n . — BOND OFFERING.— W . I I . T o w l o C l e r k o f
t h e S c h o o l D i s t r i c t , w i l l r e c e i v e s e a l e d b i d s u n t i l 2 p . m . M a y 2 6 f o r ’$ 1 2 5 0 0 0
sch o o l b o n d s.
D e n o m . $ 1 ,0 0 0 .
D a te M a y 1 1922.
I n t. M
& N
D u e $ 2 ,0 0 0 , 1 9 2 8 t o 1 9 3 2 , in c lu s iv e : $ 3 ,0 0 0 , 1 9 3 3 t o 1 9 3 6 , in c lu s iv e - a n d
$ 1 0 3 ,0 0 0 19 3 7
C e rtifie d c h e c k fo r 5 % , p a y a b le to th e T r e a s u r e r o f th e
S ch o o l D is tr ic t re q u ire d .
A l ik e a m o u n t o f b o n d s w a s o f f e r e d o n M a y 12
^ V . 1 1 4 , P Zl)D o ) .

5%

f it W Y O M I N G C O U N T Y ( P . O . W a r s a w ) , N . Y . — BOND OFFERING _
_
S e a l e d b i d s w i l l b e r e c e i v e d u n t i l 11 a . m . M a y 1 6 b y C h a r l e s B . S m a l l w o o d
C o u n t y T r e a s u r e r , fo r $ 1 3 3 ,0 0 0 4 > ^ % h ig h w a y b o n d s .
D e n o m . $1 00 0 !
1 .1 0 2 2 .
In t J. & D .
l i n e $ 7 ,0 0 0 y e a r l y o n J u n o 1 fro m 1923
to 1 9 4 1 , in c lu s iv e .
C e rtifie d c h e c k fo r 3 % re q u ire d .
X E N I A , G r e e n e C o u n t y , O h i o . — BOND SALE. — T h o .$ 5 0 0 0 0 r> LJ ^
a s s e s s m e n t s t r e e t i m p r o v e m e n t b o n d s o f f e r e d o n M a y 1— V 1 1 4 ’ p
w o ro s o ld t o t h e T i tl e G u a r a n te e & T r u s t C o . o f C i n c in n a ti a t p a r a n d

NEW LOANS

Y O R K C O U N T Y S C H O O L D I S T R I C T NO . (56 (P O. Y o r k ), Ne b. —

Y O U N G S T O W N , M a h o n i n g C o u n t y , O h i o .— B O N D S A L E .— T h e
fo llo w in g c o u p o n (w ith p iiv ile g o o f re g is tr a tio n ) b o n d s o ffered o n M a y 8 —
V . 114, p . 2 053— w e re s o ld a s s ta t e d b elo w :
$ 2 0 0 ,0 0 0 00 ~>14% g ra d o c ro s s in g e lim in a tio n b o n d s to th o W m . It. C o m p ­
to n C o . a t p a r a n d a c c ru e d in te r e s t p lu s a p re m iu m o f $20,5 8 1
(1 1 0 .2 9 ), a b a s is o f a b o u t 4 .5 4 % . D a to A p ril 1 1922. D u e
y e a r ly o n O c t. 1 a s fo llo w s: $ 4 ,0 0 0 , 1923, a n d $ 7 ,0 0 0 , 1924 to
1951 in c l.
1 ,6 8 0 0 0 6 % B o n d S t. s e w e r b o n d s to D u rfe o , N ile s & C o . fo r $ 1 ,6 8 8
(1 0 0 .4 1 ), a b a s is o f a b o u t 5 .7 0 % . D a te A p ril 1 1 922. D u e
$336 y e a rly o n O c t. 1 fro m 1923 to 1927 in c l.
2 ,5 5 2 54 6 % G le n w o o d A v o . s ew er b o n d s to D u rfe o , N ile s & C o . fo r
$ 2 ,5 7 8 54 (1 0 1 .0 1 ),
a b a sis o f a b o u t 5 .6 3 % .
D a to A p ril 1
1922. D u o y e a rly o n O c t. 1 a s fo llow s: $ 5 0 0 , 1923 to 1926
in c h , a n d $ 5 5 2 5 4 , 1927.
2 ,6 9 6 25 6 % E a to n S t. so w e r b o n d s to D u rfo o , N ile s & C o . fo r $ 2 ,7 2 5 25
(1 0 1 .0 7 ), a b a sis o f a b o u t 5 .6 2 % . D a te A p ril l 1922. D u e
y e a rly o n O c t. 1 a s fo llo w s: $ 5 0 0 , 1923 to 1926 in c l.. a n d
$696 2 5 , 1927.
3,151 50 6 % G a r la n d A v e. so w er b o n d s to D u rfe o , N ile s & C o . fo r
$ 3 ,1 9 1 50 (1 0 1 .2 6 ),
a b a s is o f a b o u t 5 .5 5 % .
D a te A p ril 1
1922. D u o y e a rly o n O c t. 1 a s follow s: $ 5 0 0 , 1923 to 1926
in c l.. a n d $1,151 5 0 , 1927.
2 ,8 6 0 0 0 6 % D e a r b o r n & D a v is L a n e so w er (d e fic it) b o n d s to D u rfe o ,
N ile s & C o . fo r $ 2,891 (1 0 1 .0 8 ), a b a s is o f a b o u t 5 .6 2 % .
D a te A p ril 1 1922. D u o y e a rly o n O c t. 1 a s fo llo w s: $ 5 0 0 ,
1923 to 1926 in c l., a n d $ 8 6 0 , 1927.
5 ,0 5 0 0 0 6 % S a lt S p rin g S t. so w er (d o ije it) b o n d s to D u rfo o , N ile s &
C o . fo r $ 5 ,1 0 2 (1 0 1 .0 2 ), a b a s is o f a b o u t 5 .5 8 % . D a to A p ril
1 1922. D u o $ 1 ,0 1 0 y e a rly o n O c t. 1 fro m 1922 to 1926 in c l.
1,380 00 6 % F iu n s to n S t. p a v in g (d e fic it) b o n d s to D u rfe o , N ile s &
C o . fo r $ 1 ,3 8 5 25 (1 0 0 .3 8 ), a b a s is o f b a o u t 5 .8 5 % . D a te
A p ril 1 1922. D u o y e a rly o n O c t. 1 a s follow s: $ 2 7 5 , 1923 to
1926 in c l., a n d $ 2 8 0 , 1927.

NEW LOANS

NEW LOANS

$ 3 ,0 0 0 ,0 0 0
We specialize in

S t a t e

3 s
3 V 28
4 s

4V 48
s

5 s
5V 48

B id d le & H e n r y
104 South Fifth Street
Philadelph ia
Fricate W to New York
ire
Call Canal 8437

A

L L A

R

D

&

C

O

M

P A

N

Y

Members New York Stock Exchange
HARTFORD
C o n n e c tic u t

S e c u ritie s

MUNICIPAL BONDS
Underwriting and distributing entire Issues of
City. County, School District and Road District
Bonds of Texas. Dealers’ Inquiries and offerings
solicited.
C irc u la rs on re q u est.

HAROLD G. WISE
&

HOUSTON

COMPANY
Established 1915




$ 3 ,0 0 0 ,0 0 0
a

U n d e r a n d b y v ir tu e o f a n A c t o f th e L e g is la tu re
o f A la b a m a , a p p r o v e d O c t. 31 1921 (A c ts S p ecial
S ession 1921, p . 6 7 ), a n d o f th o A m e n d m e n t
(A rtic le X X .) o f th e C o n s titu tio n o f A la b a m a
(A c ts S p ecial S essio n 1 921, p p . 3 5 -3 8 ), w hich
a u th o riz e s th e Is su a n c e a n d sa le o f P u b lic R o a d .
H ig h w a y a n d B rid g e B o n d s:
S caled b id s will b o re c e iv e d b y th o B o n d C o m
m issio n o f th e S ta t e o f A la b a m a , a t th e o ffic e o f
th o G o v e rn o r in th o S ta t e C a p ito l a t M o n tg o m e r y ,
u n til 12 o ’clock n o o n o n Y V E D N E S D A Y , M A Y
24, 1922, fo r $ 3 ,0 0 0 ,0 0 0 S ta t e o f A la b a m a 4 H
c re e n t S erie s " A ” P u b lic R o a d , H ig h w a y a n d
rid g e B o n d s .
S a id b o n d s w ill b o d a t e d J u n e 1 1922 a n d
m a tu r e $ 5 0 0 ,0 0 0 a n n u a lly J u n o 1 1930 to 1935
in c lu siv e ; In te r e s t a t th o r a t e o f fo u r a n d o n e -h a lf
(4 4 i) p e rc e n tu m , p a y a b le s e m i-a n n u a lly o n J u n o
1 a n d D e c e m b e r 1 o f e a c h y e a r. B o th p rin c ip a l
a n d in te r e s t a r e p a y a b le a t th e o ffic e o f th o S t a t e ’s
F is c a l A g e n t in N ew Y o rk C it y . B o n d s w ill be
issu e d In d e n o m in a tio n s o f $ 1 ,0 0 0 o r m u ltip le s , to
s u it p u rc h a s e r , a n d w ill b o in c o u p o n fo rm b u t
m a y b e re g is te re d a s to p rin c ip a l a n d In te r e s t a t
th o o ffic e o f th e S ta t e T r e a s u r e r u p o n p a y m o n t
o f th o c u s to m a r y foes.
A fte r w ritte n b id s h a v o b e e n e x a m in e d , a t th o
tim e a b o v e s t a t e d , th o b o n d s m a y b e so ld o n o p en
c o m p e titiv e b id s , a t th o d is c re tio n o f th e B o n d
C o m m is sio n . T h is C o m m is sio n Is co m p o se d o f
th e G o v e rn o r a s ex -o ffic io C h airm an -, th e A tto r n e y
G e n e ra l, a n d th e C h a ir m a n o f th o S ta t e H ig h w a y
C o m m is sio n .
.
B id d e rs m u s t f u rn is h a c e rtif ie d c h e c k p a y a b le
to th o o rd e r o f th o T r e a s u r e r o f th e S ta t e o f
A la b a m a in th e a m o u n t o f tw o (2) p e r c e n t o f
th o p a r v a lu e o f th e b o n d s b id fo r, a n d th is
a m o u n t Is to b o fo rfe ite d to th e S ta t e b y th o
s u ccessfu l b id d e r s h o u ld h o fa il to c a r r y o u t th o
p ro v is io n s o f h is b id . A ll w r itte n b id s to bo
a d d re s s e d to T h o m a s E . K ilb y , G o v e r n o r , C h a ir ­
m a n B o n d C o m m is sio n , S ta t e C a p ito l, M o n t­
g o m e ry , A la ., a n d m a r k e d “ B id fo r P u b lic R o a d
H ig h w a y a n d B rid g e B o n d s ." T h o r ig h t is
r e s e rv e d to r e j e c t a n y a n d a ll b id s . T e m p o r a r y
re c e ip ts o r c e rtif ic a te s m a y b o issu ed p e n d in g
p r e p a r a tio n o f b o n d s , to bo r e d e e m e d u p o n th e ir
d e liv e ry .
T H E L E G A L I T Y O F T H E B O N D S YVILL
BE A PPR O V E D BY M ESSR S. STO R EY .
T H O R N D IK E , P A L M E R A N D D O D G E O F
BO STO N .
T H E T O T A L A S S E S S E D V A L U A T IO N O F
T H E S T A T E O F A L A B A M A , B A S E D O N 60%
O F IT S T A X V A L U E . IS $ 9 5 2 ,6 0 2 ,2 2 4 . T H E
T O T A L B O N D E D IN D E B T E D N E S S O F T H E
S T A T E IS $ 8 ,5 5 7 ,0 0 0 ; I N C L U D I N G T H I S
IS S U E , I T YVILL T O T A L $ 1 1 ,5 5 7 ,0 0 0 . O R
L E SS T H A N 1 M % O F IT S A S S E S S E D V A LU A ­
T IO N .
TH ESE BONDS ARE FOREVER EX EM PT
FR O M ALL T A X E S.
F o r f u r th e r in f o r m a tio n a d d r e s s
T H O M A S E . K IL B Y ,
G o v e rn o r, C h a r lm a n B o n d C o m m is sio n ,
S ta t e C a p ito l. M o n tg o m e r y , A la .

S

5 y 28

B

A la b a m

SERIES “A” \ y 2 % PUBLIC ROAD,
HIGHWAY AND BRIDGE BONDS.

City of Philadelphia

4 V 2

o f

TEXAS

S ta te o f C o lo r a d o
Highway Improvement Bonds
T h e u n d e rs ig n e d I n v ite s s e a le d b id s a t h ts
o ffice in th e C a p ita l in D e n v e r , u n til 10 A. M.,
M O N D A Y , J U N E 5 t h , 1922, fo r th o p u rc h a s e
o f all o f T h r e e M illio n D o lla rs ($ 3 ,0 0 0 ,0 0 0 ) S ta te
o f C o lo ra d o H ig h w a y B o n d s , b e a rin g fiv e p e r
c e n tu m p e r a n n u m , p a y a b le s e m i-a n n u a lly a t
o ffice o f S ta te T r e a s u r e r o r a t b a n k in g h o u s e o f
K o u n tz e B r o s ., N . Y . C ity . S aid B o n d s a re
d a te d J u n e 1, 1922, issu ed in d e n o m in a tio n s o f
$50 o r m u ltip le s th o re o f, a s d esire d b y s u ccessfu l
b id d e r; d u e J u n o 1, 1952, b u t o p tio n a l J u n o 1,
1932.
N o b id c o n s id e re d u n le ss a c c o m p a n ie d b y
c e rtifie d c h e c k o r b a n k d r a f t p a y a b lo to o rd e r
o f S ta te T r e a s u r e r e q u a l to a t le a s t th r o e p er c e n t
o f a m o u n t b id . N o in te r e s t w ill bo p a id o n said
d r a f t o r c h e c k , n o r w ill T r e a s u r e r bo re s p o n s ib le
fo r lo ss in t r a n s i t to o r fro m h is o ffic e. A ll b id s
m u s t b e a c c o m p a n ie d b y d e ta ile d s ta t e m e n t o f
d e n o m in a tio n s r e q u ir e d . T h o b a la n c e o f p ric e
b id s h a ll b e p a y a b le in c a sh u p o n d e liv o ry of
b o n d s , a n d su ccessfu l b id d e r w ill b e r o q u ire d to
e n te r in to w r itte n c o n t r a c t fo r p u rc h a s e p ric e
th e r e o f o n d a to o f sa le u p o n s a id te rm s .
A il b id s w ill b o o p o n o d a t s a id h o u r a n d a ll of
s a id b o n d s w ill bo so ld b y S ta te T r e a s u r e r to
h ig h e s t a n d b e s t b id d e r s if a b id s a tis f a c to r y to
S ta t e T r e a s u r e r bo ro celv o d ; b u t r ig h t is re s e rv e d
to r e j e c t a n y a n d a ll b id s .
A RTH U R M . STONG,
S ta t e T r e a s u r e r , S ta t e o f C o lo ra d o .

$ 4 3 ,0 0 0
T ow n

o f

H a r le m ,

M o n ta n a

W ATER BO NDS
N o tic e is h e r e b y g iv e n t h a t th e C o u n c il o f Hie
T o w n o f H a rle m , M o n ta n a , w ill se ll a t p u b lic
a u c tio n YVater B o n d s o f th o T o w n , fo r $ 4 5 ,0 0 0 0 0 ,
6 % . 2 0 -y e a r, o p tio n a l a f t e r to n y e a rs , in te r e s t
p a y a b lo se m i a n n u a lly in N ew Y o rk C ity , o n th o
12 TH D A Y OF JUNE. A. I). 1922, AT EIGHT
O ’C L O C K P . M ., a t th o C o u n c il C h a m b e r s in
s a id to w n o f H a rle m , M o n ta n a . C e r tif ie d c h e ck
fo r $ 2 ,0 0 0 0 0 o n a N a tio n a l B a n k g u a ra n to o .
(S ig n ed ) A . B O H , T o w n C le rk .

May 13 1922.]

THE

3163

C H R O N IC L E

DEBENTURE SALE.— A n I s s u e o f $ 1 8 , 5 0 0
1 5 -y o a r d e b e n tu r e s w a s r e c e n t ly s o ld a t 91 a n d a c c r u e d I n te r e s t , a b a s is
a b o u t 8 .0 5 % , t o t h o W . R o s s A lg e r C o r p o r a tio n .

G R A N D P R A IR IE , Alta.—

2 ,9 8 8 0 0 6 % D u p o n t e t a l. S ts . s id e w a lk (d e fic it) b o n d s t o D u rfe o ,
N i l e s & C o . f o r 8 2 ,9 9 5 ( 1 0 0 .2 3 ) , a b a s is o f a b o u t 5 . 9 0 % .
D a te F e b . 1 1922.
D u o y e a r l y o n O c t. 1 a s fo llo w s : $ 9 8 8 .
1 9 2 2 , a n d $ 5 0 0 , 193 2 to 1 9 2 6 in c l.
BONDS WITHDRAW N FROM M ARKET .— T h o $ 2 5 0 , 0 0 0 6 % c i t y ’s
p o r tio n im p r o v e m e n t b o n d s , s c h e d u le d to b o s o ld w ith th o a b o v o b o n d s —
V . 1 1 4 , p . 2 0 5 3 — w o re w ith d r a w n fro m t h e m a r k e t b e fo r e t h e d a y o f s a le

r
o

Grand

Prairie),

-_ „ — b o n d s w a s re c e n tly
M c K in n o n & C o .

(^BONDS NOT AW ARDED — T h o $ 6 8 0 6 % C a m p b e l l S t . s e w e r ( d e f i c i t )
b o n d s a ls o o ffe re d o n M a y 8 — V . 1 1 4 , p . 2 0 5 3 — w e ro n o t a w a i d e d '

M A G O G , Q u o .—BOND SALE.— T h i s t o w n r e c e n t l y s o l d $ 6 5 , 0 0 0 5 H %
b o n d s a t 9 8 .2 6 t o t h e C o r p o r a tio n o f M u n ic ip a l O b lig a tio n s o f Q u e b e c .

Y P S IL A N T I, W a s h te n a w
C o u n ty ,
M i c h . —BOND OFFERING —
T h e C i t y o f Y p s i la n t i w ill r e c e iv e s e a le d b i d s o r p r o p o s a ls f o r t h e s a le o r
$ 1 8 ,0 0 0 5 % p a v in g b o n d s o f t h e C i t y o f Y p s i la n t i in d e n o m s . o f $ 1 ,0 0 0
each.
I n te r e s t p a y a b le s e m i-a n n u a lly , d a te d M a y 15 1 9 2 2 , a n d m a tu r in g
in a m o u n ts o f $ 2 ,0 0 0 e a c h y e a r b e g in n in g w ith 1 9 2 3 .
S a id b i d s f o r s a le
o f b o n d s t o b o f i l e d i n t h o C i t y C l e r k ’s o f f i c e n o t l a t e r t h a n 4 o ’c l o c k p . m .
M a y 1 5 1 9 2 2 , a n d o p e n e d a t t h e c o u n c il m e e t in g o n t h e s a m e d a t e a t 7 :3 0
o 'c l o c k p . m .
T h e C o m m o n C o u n c il r e s e r v e s t h o r i g h t t o r e j e c t a n y o r a ll
b id s.

M O S S B A N K , Sa sk . — DEBENTURE SALE.— T h e m u n i c i p a l i t y r e c e n t l y
s o ld $ 2 ,0 0 0 8 % 1 0 - y e a r d e b e n tu r e s to E m e r y & A n d e r s o n a t 1 0 1 , a b a s is
o f a b o u t 7 .7 5 % .

CANADA,

its

P rovinces

an d

N E W B R U N S W I C K (Province of).— DEBENTURE SALE.— T h e f o l ­
lo w in g d e b e n tu r e s o ffe re d o n M a y 6 — V . 1 1 4 , p . 1 9 3 8 — w e re s o ld t o D illo n .
R e a d & C o . o f N e w Y o r k , a n d t h e D o m in io n S e c u ritie s C o r p ., L t d . o f
T o r o n t o , a t t h e i r j o i n t b i d o f 1 0 2 .1 1 ( U . S . F u n d s ) f o r 5 H s , a b a s i s o f a b o u t
5 .3 0 % :

$1,000,000 d e b en tu re s issued to procure m oney w ith w hich to p a y o ff a 3
y o ar issuo due in N o w Y ork on M ay 1 5 1 9 2 2 .
500,000 p e rm a n e n t bridge deb en tu res.

M u n icip alities.

D e n o m . $ 1 ,0 0 0 .
D a t e M a y 15 1 9 2 2 .
P rin . a n d s e m i-a n n . in t. (M a y
1 5 & N o v . 1 5 ) . p a y a b l e in g o ld in N e w Y o r k ; a ls o p a y a b l e in C a n a d a .
D e b e n t u r e s a r e is s u e d in c o u p o n f o rm w ith p riv ile g e o f r e g i s tr a ti o n a s t o
’i n . o n l y .
D u o M a y 15 1 9 3 9 .
T h e s e d e b e n tu r e s a r e b e in g o f fe r e d b y
illo n , R o a d & C o . in N e w Y o r k , a t 104 a n d a c c r u e d i n t . t o y ie ld a b o u t
5 .1 5 % .
A n is s u e o f $ 8 0 0 ,0 0 0 f u n d in g d e b e n tu r e s a ls o o f f e r e d o n M a y 6 — V . 1 1 4
p . 1 9 3 8 — w a s a ls o s o ld t o th o a b o v e 2 n a m e d c o n c e r n s a t 9 9 .2 5 5 ( C a n a d i a n
F u n d s ) fo r 5 s, a b a s is o f a b o u t 5 .0 6 % .
D e n o m . $ 1 ,0 0 0 .
D a te M a y 15
1922.
D e b e n t u r e s a r e is s u e d in c o u p o n f o rm w i t h p r iv ile g e o f r e g i s tr a ti o n
a s t o p r in c ip a l o n ly .
D u o $ 2 0 ,0 0 0 f r o m 1 9 2 3 t o 1 9 6 2 , in c l.

A N C A S T E R T O W N S H I P ( P . O . A n c a s t e r ) , O n t - DEBENTURE
OFFERING.— O . E . R e i n k o , T o w n s h i p T r e a s u r e r , w i l l r o c e i v o s e a l e d b i d s
u n t i l M a y 15 f o r $ 4 0 ,0 0 0 5 H % 2 0 - y e a r d e b e n tu r e s .
D u o s e m i-a n n u a lly .

S

B E L L E V I L L E , O n t .—BOND S A L E — A n i s s u e o f $ 1 2 0 , 0 0 0 5H % 3 0 - y r .
b om d s w a s r o c o n t l y s o l d t o M c L e o d , Y o u n g , W e i r & C o . a t 1 0 1 . 3 9 , a b a s i s
nd
T h e fo llo w in g b id s w e r e re c e iv e d :
o f a b o u t 5 .4 1 % .
M u n i c i p a l B a n k e r s ’ C o r p -------- \09.27
M c L e o d , Y o u n g , W e i r & C o . 1 0 1 .3 9
R . C . M a t t h e w s & C o -------------1 0 0 . 1 3
A e m l l i u s J a r v i s & C o ---------------1 0 0 . 5 8
N a t i o n a l C i t y C o --------------------- 1 0 0 - 9 9
D o m i n i o n S e c u r i t i e s C o r p ____ 1 0 0 . 5 2
W o o d , G u n d y & C o .........................9 9 . 8 1
A . K . A m o s & C o -------------------- 1 0 0 . 4 9
D y m e n t , A n d e r s o n & C o ------A i r d , M c L e o d & C o ................ . 1 0 0 . 4 6 9
C a n a d a B o n d s ------------------------------9 9 . 3 3
G a i r d n c r , C l a r k e & C o ________ 1 0 0 . 3 2
W . C . B r e n t & C o ----------------------- 9 9 . 1 0
C a n a d a T r u s t C o ______ _______ 1 0 0 .3 1
H a r r i s , F o r b e s & C o . . ------------ 9 8 . 6 8 9
H o u s s e r , W o o d & C o __________1 0 0 . 2 7
B I F R O S T R . M . , Man.—DEBENTURE S A L E . —
6 % 2 0 i n s t a ll m e n t d e b e n tu r e s w a s s o ld d u r in g A p r il to
C A S S E L M A N , O n t . — DEBENTURE S A L E —An
1 0 i n s t a ll m e n t d e b e n tu r e s w a s s o ld d u r in g A p r il t o C .

N E W W E S T M I N I S T E R , B. C .—BOND SALE.— W e a r e a d v i s e d t h a t
a n is s u e o f $ 2 0 0 ,0 0 0 6 % 3 0 - y e a r b o n d s w a s r e c e n tly s o ld to t h e L u m b e r ­
m e n ’s T r u s t C o . o f P o r t l a n d , O r e . , a t 9 8 .
T h e a b o v o s a le w a s in a d v e r te n tly
r e p o r te d b y u s u n d e r th e c a p tio n o f “ W e s tm in is te r , B . C .” In o u r iss u e o f
A p ril 29 o n p a g e 1938.

A n is s u e o f $ 1 2 ,0 0 0
C . II. B u rg ess & C o.
i s s u e o f » 7 ,O 0 O 7 %
H . B u rg ess & C o.

OCHRE
6%

B U R F O R D T O W N S H I P ( P . O . B u r f o r d ) , O n t . — BOND SALE — A n
is s u e o f $ 1 4 ,0 0 0 6 % b o n d s w a s r e c e n t ly a w a r d e d t o H a r r is , F o r b e s & C o .
a t 1 0 3 .1 1 , a b a s is o f a b o u t 5 .6 2 % .
T h e fo llo w in g b id s w e ro re c e iv e d :
W . L . M c K i n n o n & C o ______ 1 0 2 . 0 7
H a r r i s , F o r b e s & C o ___________ 1 0 3 .1 1
C a n a d a B o n d C o r p __________ 1 0 1 . 9 9 2
C . H . B u r g e s s & C o ___________ 1 0 3 . 0 7
D y m e n t , A n d e r s o n & C o _____ 1 0 2 . 7 7 8 G a i r d n e r , C l a r k e & C o ------------1 0 1 . 8 3
R . C . M a t t h e w s & C o ------------1 0 1 . 3 6
M c L e o d , Y o u n g , W e ir & C o . 1 0 2 .3 8
W . C . B r e n t & C o _____________ 1 0 0 . 4 3 6
M u n ic i p a l B a n k e r s ’ C o r p — 1 0 2 .1 8

BIDS .—

'T h o f o l l o w i n g i s a l i s t o f t h e b i d s

E A S T K I L D O N A N R . M ., M a n . —BOND SALE.— A . E . A m e s & C o .
h a v o p u r c h a s e d $ 6 0 ,0 0 0 6 % 2 0 - y c a r b o n d s a t 9 7 .1 9 , a b a s is o f a p p r o x i ­
m a te ly 6 .2 5 % .
EDM ONTON,
A l t o .—ADDITIONAL
D ATA.— I n s t e a d o f s p i l i n g
$ 8 7 0 ,0 0 0 6 % b o n d s to W o o d , G u n d y & C o . a s f ir s t p r o p o s e d (V . 1 1 4 , p .
1 6 9 5 ) t h e c i t y l a t e r I s s u e d $ 9 3 0 ,0 0 0 b o n d s a t a lo w e r r a t e o f i n t e r e s t , n a m e ly
5 X % ■ T i le s a l e o f t h e $ 9 3 0 ,0 0 0 i s s u e w a s r e p o r t e d b y tis i n o u r i s s u e o f
A
A p ril 2 2 a n d A p ril 2 9 o n p a g e s 1 8 1 6 a n d 1 9 3 8 , re s p e c tiv e ly .

$ 1 5 ,0 0 0 .0 0

STRATFORD

H oke

C o u n ty ,

N .

T h e $ 3 0 ,0 0 0
1 9 3 8 ), w e ro s o ld to

CATH OLIC

SCH OOL

BOARD,

O nt.—

is s u e o f $ 7 0 ,0 0 0 5 K % 3 0 - y e a r d e b e n tu r e s w e s
r e c e n tly s o ld a t 9 8 , a b a s is o f a b o u t 5 .6 0 % , to A . E . A m e s & C o .

W E S T M O U N T , Q u e . — DEBENTURE SALE.— A n I s s u e o f
d e b e n tu r e s w a s s o ld a t 8 9 .2 0 to t h e S in k in g F u n d C o m m is s io n .

$ 6 7 ,0 0 0

Y O R K T O N , S a s k . — DEBENTURE SALE.— A n i s s u e o f $ 1 5 , 0 0 0
d e b e n t u r e s w a s r e c e n t l y s o l d a t 1 0 0 . 1 5 t o C l i f t o n C . C r o s s Sc C o .

7%

NEW LOANS
$

3

, 0

0

0

, 0

0

0

o f

M ic h ig a n

S ta te

o f

M ic h ig a n

C.

SOLDIERS’ BONUS BONDS

SCHOOL BONDS
S e a le d p r o p o s a ls w ill b o r e c e iv e d b y th o T r u s te e s
o f th e M ild o u s a n G ra d e d a n d H ig h S c h o o l D is ­
tr ic t o f I lo k e C o u n ty , N . G ., a t th e o ffic e o f th e
H o k e C o u n t y B o a r d o f E d u c a ti o n in th o C o u r t
H o u s e a t R a e fo rd , N . C ., u n til W E D N E S D A Y ,
M A Y 2 4 T H . 1 9 2 2 , A T O N E O ’C L O C K P . M .,
w h e n t h e v w ill b e p u b lic ly o p e n e d , fo r t h e p u r ­
c h a s e o f $ 1 5 ,0 0 0 .0 0 S c h o o l B o n d s o f th o a f o r e ­
m e n tio n e d D i s tr i c t , c o n s is tin g o f t h i r t y b o n d s o f
th o d e n o m i n a ti o n o f $ 5 0 0 .0 0 e a c h , d a te d M a y
1 5 t h , 1 9 2 2 , b e a r i n g i n t e r e s t a t t h o r a t e o f s ix
p e r c e n t p e r a n n u m , p a y a b le s e m i-a n n u a lly , th o
f ir s t o n e o f th e b o n d s m a tu r in g M a y 1 5 th , 192 5 ,
a n d o n e b o n d m a t u r in g M a y 1 5 th o f e a c h y e a r
th e re a fte r fo r 29 y e a rs .
P r in c ip a l a n d in te r e s t
w ill b e p a y a b le a t th o H a n o v e r N a t io n a l B a n k ,
N o w A o r k C i t y , in g o ld c o in o f t h e U n i t e d S t a te s
o f A m e ric a o f th o p r e s e n t s ta n d a r d o f w e ig h t a n d
fin e n e s s .
T h e b o n d s w ill b e c o u p o n b o n d s .
P r o p o s a ls m u s t b e e n c lo s e d in a s e a le d e n v e lo p e
m a r k e d o n th o o u ts id e “ P r o p o s a l fo r B o n d s ,”
a n d a d d re s s e d to W . P . H a w fle ld , S u p e r in te n d e n t
o f S c h o o ls f o r H o k e C o u n ty
R a e fo rd , N . C .
B id d e rs m u s t d e p o s it w ith th e ir b id s a c e rtif ie d
c h e c k d r a w n to th o o rd e r o f th e M ild o u s a n G ra d e d
a n d H ig h S c h o o l D is tric t, u p o n a n in c o rp o ra te d
b a n k o r tr u s t c o m p a n y , o r a s u m o f m o n e y , fo r
o r In a n a m o u n t e q u a l to tw o p e r c e n t o f th o fa c e
a m o u n t o f t h e b o n d s b id fo r, to s e c u r e t h e s a id
D i s t r i c t a g a i n s t a n y lo s s r e s u ltin g f ro m t h o f a ilu r e
o f a b id d e r to c o m p ly w ith th e te r m s o f h is b id .
T h e b o n d s c a n n o t b o s o ld a t le s s t h a n p a r a n d a c ­
c ru e d in te re s t.
T h o T r u s te e s m a y r e je c t a ll b id s.
T h e b o n d s a ro is s u e d a n d s o ld p u r s u a n t to a n
e le c tio n h e ld in a n d fo r s a id D i s tr i c t A p ril 1 5 th ,
1 9 2 2 , u n d e r C h a p te r 8 7 , P u b lic L a w s , E x tr a
S e s s io n , 1 9 2 0 , N o r t h C a r o lin a G e n e r a l A s s e m b ly ,
a n d s u b s e q u e n t a c ts a m e n d a to ry th e re o f.
The
e le c tio n a u th o r i z e d th o le v y in s a id D i s t r i c t o f a
s p e c ia l ta x s u ff ic ie n t to ta k e c a re o f th e p r in c ip a l
a n d In te re s t o f th e b o n d s .
T h o a sse s s e d v a lu a tio n
o f ta x a b lo p r o p e r t y fo r t h e y e a r 1921 in s a id D is ­
t r i c t is $ 1 ,1 0 6 ,1 6 5 .0 0 , t h e g r e a t e r p a r t o f th is
p r o p e r ty b e in g f a rm la n d s .
B y o r d e r o f th e T r u s to e s o f th o M ild o u s a n
G ra d e d a n d H ig h S ch o o l D is tric t.
M ay 5, 1922.
‘
*
6 . W . M A X W E L L , S e c re ta ry .




SALE.—

p

D is t.

S ta te
of

ROMAN

DEBENTURE SALE.— A n

$ 5 ,0 0 0 ,0 0 0
School

114,

W.

NEW LOANS

NEW LOANS

H ig h

(V .

S T . C A T H A R I N E S , O n t.—DEBENTURE SALE.—The c i t y r e c e n t l y
s o l d $ 2 3 9 , 3 0 5 5 'A% a n d 6 % d e b e n t u r e s t o
C . B r e n t & C o . a t 1 0 0 .2 3 .
T h e r e w e r e n in e b i d d e r s in a l l , a n d t h e b id s r a n g e d f ro m 9 7 .2 0 t o t h e a b o v e
s t a t e d s u c c e s s f u l b i d ( 1 0 0 .2 3 ) .

F O R T F R A N C E S , O n t.—DEBENTURE SALE .— T h e f o l l o w i n g t w o
is s u e s o f 7 % d e b e n tu r e s w e ro s o ld d u r in g A p r il t o C . I I . B u r g e s s & C o .:
$ 8 5 ,0 0 0 0 0 2 0 i n s t a ll m e n t d e b e n tu r e s .
5 ,9 6 1 6 4 d e b e n t u r e s .

and

2

R E G I N A , Sa sk . — BOND SALE.— T h e f o l l o w i n g s i x i s s u e s o f b o n d s
o f fe r e d o n a r e c e n t d a te , w e ro s o ld to a s y n d ic a t e c o m p o s e d o f E . H . R o llin s
& S o n s , A . E . A m e s & C o . , a n d M a y & J a m e s , a t t h e p r ic e s g iv e n b e lo w :
$ 2 6 0 , 0 0 0 6 % 5 - y e a r b o n d s , s o l d a t 99.25.
1 0 0 ,0 0 0
6 % 1 0 -y e a r b o n d s , s o ld a t 9 9 .
3 5 ,3 5 0
6 % 3 0 - y o a r b o n d s , s o ld a t 9 9 .
2 3 ,4 0 0
6 % 3 0 -y e a r b o n d s , s o ld a t 9 9 .
1 1 ,8 0 0
6 % 5 - y e a r b o n d s s o ld a t 9 9 .2 5 .
4 ,1 0 0
6 % 1 5 - y e a r b o n d s , s o ld a t 9 9 .
T h e a b o v e s a le w a s a lr a e d y g iv e n in V . 1 1 4 , p . 2 0 5 4 .
I t is g i v e n a g a in
o n a c c o u n t o f th e a d d itio n a l in fo r m a tio n a v a ila b le .

E A S T A N G U S , Q u e.
BOND OFFERING.— 1. A l f r e d G i r a r d . T o w n
T r e a s u r e r , w ill re c e iv e s e a le d b id s u n t il 7 p . n i. M a y 18 f o r $ 1 1 0 ,0 0 0 6 %
3 0 -y o ar b o n d s .
C e rt, c h e c k fo r 1% re q u ire d .

G ra d e d

on M ay

P O I N T G R E Y , B. C .—BOND SALE.— A n i s s u e o f $ 1 0 0 , 0 0 0 5 H %
2 0 - y e a r s in k in g f u n d b o n d s w a s r e c e n t ly s o ld to B u r d ic k B ro s , a t 9 7 .1 5 ,
a b a s is o f a b o u t 5 -7 5 % .
T h e a b o v o s a l e w a s a l r e a d y g i v e n i n l a s t w e e k ’s
is s u o o f t h e " C h r o n i c l e ” o n p a g e 2 0 5 4 ; i t is n o w g iv e n o n a c c o u n t o f t h e
a d d itio n a l in fo r m a tio n a v a ila b le .
B u r d i c k B r o s ______________________ 9 7 . 1 5 | R o y a l F i n a n c i a l C o r p ---------------- 9 5 . 7 2 1
A . E . A m e s & C o ________________ 9 5 . 0 9 I B r i t i s h A m e r i c a n B o n d C o r p . . 9 5 . 1 6
W a g h o r n , W ynne & C o . \ ______ 9 6 . 7 5 | W o o d . G u n d y & C o . \ --------------- 9 6 . 4 8
C a n a d ia n F in a n c ie rs
/
| P e m b e r t o n Sc S o n
/

C A R L E T O N P L A C E , O n t . — DEBENTURE SALEr—
An i s s u e o f $ 2 6 , ­
0 0 0 6 % d e b e n tu r e s w a s r e c e n t ly s o ld t o t h e M u n ic i p a l B a n k e r s C o r p .

M ild o u s a n

R. M., Man .—DEBENTURE

o ffe re d

C a n . B o n d & D o b . C o . , W i n n _ _ 9 8 .7 5 B r e n t , N o x o n & C o . , T o r o n t o . - 9 5 . 1 8
B e ll, G o v e n lo c k & C o . , T o r o n to 9 7 - 5 0 1

C A L V E R T T O W N S H IP R O M A N C A T H O L IC S E P A R A T E S C H O O L
S E C T I O N N O . 4 , C a l v e r t T o w n s h i p , O n t . - DEBENTURE SALE —
T h e 8 1 5 ,0 0 0 6 % c o u p o n 2 0 - y e a r d e b e n tu r e s o f f e r e d o n A p r il 1 7 — V . 1 1 4 ,
p . 1 6 9 5 — w e r e s o ld a t 1 0 1 .7 5 , a b a s is o f a b o u t 5 .8 4 % , t o A . E . A m e s & C o
C A M P B E L L F O R D , O n t.—

RIVER

d e b e n tu r e s

W. L . M c K i n n o n & C o . o f T o r o n t o a t 9 8 - 7 7 . T h e f o l l o w i n g b i d s w e r e
re c e iv e d :
W. L . M c K i n n o n & C o . . T o r . . 9 8 . 7 7 I A l l a n K i l l a m & M c K a y , W i n n . 9 6 3 8

T h e A d m in is tr a tiv e B o a r d w ill re c e iv e s e a le d
b id s a t t h e i r o f fic e in t h e C i t y o f L a n s in g , M ic h i£ iV ? ’ . lAnAn
D A Y (>F J U N E , 1922, U P
1 0 .0 0 O C L O C K , A . A l. ( C e n t r a l S t a n d a r d
T im e ) o f s a id d a y fo r th o s a le o f F iv e M illio n
D o lla r s ( $ 5 ,0 0 0 ,0 0 0 ) o f S t a t e o f M ic h i g a n S o ld ie r
B o n u s c o u p o n b o n d s in d e n o m i n a ti o n s o f $ 1 ,0 0 0
e a c h , to b e is s u e d b y th e S ta to A d m in is tr a tiv e
B o a rd o f th e S ta to o r M ic h ig a n , p u r s u a n t to th e
p r o v is io n s o f A c t N o . 1 o f t h e P u b lic A c ts o f th e
S t a te o r M ic h ig a n , f ir s t e x tr a s e ss io n n in e te e n
h u n d re d tw e n ty -o n e , a s a m e n d e d .
S a id b o n d s
w iH b e d a t e d J u l y 1 s t , 1 9 2 2 , a n d w i l l m a t u r e In
te n , f iito e n o r tw e n ty y e a r s a n d w ill b e a r in te r e s t
a t th o r a to o f f o u r, fo u r a n d o n e -q u a r te r o r fo u r
a n d o n e -h a lf p e r c e n tu m p e r a n n u m p a y a b le
s e m i-a n n u a lly .
„
lirh ic ip a l a n d in te r e s t a re p a y a b le a t th o
o ffic e o r t h e T r e a s u r e r 'o f th o S t a t e o f M ic h ig a n .
L a n s in g . M ic h ig a n , o r a t th o o ffic e o f t h e fis c a l
a g e n t o f t h e S ta to o f M ic h ig a n , in th e C i ty o f
N ew Y o rk .
C oupon bon d s m ay be exchanged
f o r r e g i s te r e d b o n d s if d e s ir e d .
A c e rtif ie d c h e c k in a s u m e q u a l t o o n e p e r c e n t
o f th e a m o u n t o f th e b id , p a y a b lo t o th e o rd e r
o f th e S ta te T r e a s u r e r o f th e S ta te o f M ic h ig a n ,
m u s t b e s u b m itte d w ith e a c h b id .
T h e r i g h t is r e s e r v e d t o r e j e c t a n y o r a l l b i d s .
FR A N K E. GO RM AN .
S ta te T re a s u re r.

ro

United States and Canadian
Municipal Bonds

'W

A

D

D

E

L

T h e A d m in is tr a tiv e B o a r d w ill r e c e iv e s e a le d
b id s a t t h e i r o f f ic e in t h e C i t y o f L a n s in g , M ic h i ­
g a n , u n til th e 6 T H D A Y O F J U N E , 1 9 2 2 , U P
T O 1 0 .0 0 O ’C L O C K A . M . ( C e n t r a l S t a n d a r d
T im e ) o f s a id d a y fo r t h e s a le o f T h r e e M illio n
D o lla r s ( $ 3 ,0 0 0 ,0 0 0 ) o f S t a t e o f M ic h i g a n H ig h ­
w a y I m p r o v e m e n t c o u p o n b o n d s in d e n o m in a ­
tio n s o f $ 1 ,0 0 0 e a c h , to b e is s u e d b y th o S t a te
A d m in is tr a tiv e B o a rd o f th e S ta te o f M ic h ig a n ,
p u r s u a n t to t h e p r o v is io n s o f A c t N o . 2 5 o f th e
P u b lic A c ts o f t h e S t a te o f M ic h ig a n . E x t r a
S e s s io n o f 1 9 1 9 , a s a m e n d e d .
S a id b o n d s w ill b e
d a te d J u l y 1 s t, 1 9 2 2 , a n d w ill m a t u r e in t e n .
f if te e n o r t w e n ty y e a rs a n d w ill b e a r in te r e s t a t
th e r a te o f fo u r, fo u r a n d o n e -q u a rte r o r fo u r a n d
o n e -h a lf p e r c e n tu m p e r a n n u m , p a y a b le s e m i­
a n n u a lly .
B o th p r in c ip a l a n d in te r e s t a re p a y a b le a t th e
o ffic e o f th e T r e a s u r e r o f t h e S t a l e o f M ic h ig a n .
L a n s in g . M ic h ig a n , o r a t t h e o ffic e o f t h e fis c a l
a g e n t o f th e S t a te o f M ic h ig a n in t h e C i ty o f
N ew Y o rk .
C oupon bonds m ay be exchanged
fo r r e g is te r e d b o n d s if d e s ir e d .
A c e r tif ie d c h e c k in a s u m e q u a l t o o n e p e r c e n t
o f th e a m o u n t o f th e b id , p a y a b le to th e o rd e r o f
th e S ta te T r e a s u r e r o f th e S ta te o f M ic h ig a n , m u s t
bo s u b m itte d w ith e a c h b id .
T h e r i g h t is r e s e r v e d t o r e j e c t a n y o r a l l b i d s .
FR A N K E. GORM AN,
S ta te T re a s u re r.

Bond Salesmanship
" ‘T h e H u m a n S i d e o f B u s i n e s s ’ i s t h e
b e s t b o o k o n th is s u b je c t e v e r w r itte n .”
P r ic e $ 3 , c a s h w ith o r d e r .
D e s c r ip tiv e
c irc u la r f re e .
P u b lis h e d a n d fo r s a le b y
th e In v e s tm e n t H o u se o f

L

G ro u n d F lo o r S in g e r B u ild in g

89 L ib e rty S tre e t

HIGHWAY IMPROVEMENT
BONDS

New Y o rk

________ T e l e p h o n e C o r t l a n d t 3 1 8 3

Frederick Peirce & Co.
1421 C h e s tn u t S tre e t, P h ila d e lp h ia

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Investment Securities

Railroad

62 Cedar St., New York
P h ila d e lp h ia
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105 So. La Salle St., Chicago
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H as on hand at all tim es a variety of ex ­
cellent securities.

B u ys and sells

A ccounts. D eals in Foreign E xG overnm ent, M unicipal and
change. Transacts a General Trust Businoss.
Corporation B onds.

J ^ O V T ID E N jC E ^

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S u r p lu s

D ep osits, Current and Reserve

B O D E L L

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PROVIDENCE
New York

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W illia m H . B u r g

M ER C H A N TS , D IS C O U N T A N D G U A R A N T EE S A LE S

SMITH, MOORE & CO.

General O ffices, 254 Fourth Avenue

INVESTMENT BONDS

NEW YORK

MO O L I V E S T . ,

ST . LO U IS , M ISSOURI
E s ta b lish e d

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M A R K C. ST E IN B E R G & CO.

TH A Y ER , BAK ER

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€ .O J .£ l a r k $ g o .

Members New York Stock Exchange
Members St. Louis Stock Exchange

300 N. Broadway

BANKERS

ST. LOUIS

321 Chestnut St., Philadelphia
INVESTM ENTS

BO NDS

Commercial Trust Bldg.,
PHILADELPHIA

Government
Municipal
Railroad
Corporation

G. H. WALKER & CO.
Members New York Stock Exchange
Broadway and Locust

ST. LOUIS

A m e ric a n G a s & E le c . C o . S e c u ritie s

B
11 9 S . F O U R T H

STREET

PHILADELPHIA
^ N E V V A R I O I ^ J . _____________

List upon request

F. M. CHADBOURNE & CO.
F I R E M E N ’S I N S U R A N C E B U I L D I N G
N E W A R K , N. J.




Members New York and Philadelphi»
Stock Exchanges

BORDEN & KNOBLAUCH

M emberi P h ilad elph ia S t o c k Exch an ge

C O N S E R V A T IV E
IN V E S T M E N T S E C U R IT IE S

Established 1837

o l e s

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P h i l a . jS io c k , E x c h a n g e

IN V ESTM EN T
S E C U R IT IE S

Pennsylvania Tax Free Bond*

PAUL & CO.

L a M T i t l e J51d& P h i l a d e l p h i a

Members Philadelphia Stock Exchange

PHONEi LOCUST 4723

1431 C h e s t n u t S t r e e t
PH ILADELPH IA