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financial

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1111MtCiat
INCLUDING
Bank Sr Quotation Section
Railway Earnings Section
VOL. 116.

amide

Railway & Industrial Section
Bankers' Convention Section
SATURDAY, MAY 19 1923

gilt Thronicit.
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CLEARING HOUSE RETURNS.
Returns of Bank Clearings heretofore given
on this page now appear in a subsequent part
of the paper. They will be found to-day on pages
2222 and 2223.
THE FINANCIAL SITUATION.
The acute situation in the building trades and in
building continues without signs of immediate abatement. On Monday a bunch of plasterers engaged on
a large apartment structure served notice that they
must have $14 a day; they are already receiving $12,
against $5 50 in 1914; their assistants then had $325
and now get $8 50. The "same as" plea continues;
for instance, the plasterers in this borough demand
the $14, because somebody is paying it in Bronx
Borough, this equalization plea always working upward and never downward. The air is of course full
of strike notices and strike meetings and strike
threats, a general outbreak on June 1 being proposed.
The Brooklyn Chamber of Commerce adds another
to the list of suspended operations by halting its
1,000-room hotel project and an interesting angle of
view is added to the situation by a letter from the
head of the Building Trades Council to President
Butler of Columbia, protesting against the University's halting of its new structure as being not only
mistaken on grounds of self-interest but against public policy. In the long run, asserts this man, this
action will defeat its own object. Says he:
"Workers in the building trades regard it as an
attempt to beat down wages,either by bluff or by the
club of decreased employment. They reSent such an
attempt. Certainly neither method is calculated to
increase a spirit of co-operation among the workers
in solving a grave public problem."




Electric Railway Sectica
State and City Secticr
NO. 3021

The foregoing serves to illustrate what distorted
notions prevail when people close one eye and see
only one side of a question. This union head tells
Dr. Butler that the workers cannot be bluffed into a
wage reduction, and that if there is enough halting
here to make a labor surplus the surplus will move
permanently elsewhere and "you will then be worse
off than before." The public has a right to assume,
he adds,that the University's course "is based on considerations of public policy rather than private
gain," and so he calls for a detailed statement of
reasons.
If a man is handling his own funds for his own
benefit, he feels at liberty to decline building or suspend it when the conditions are unfavorable; if he
is handling trust funds his liberty to so act becomes
a fiduciary obligation. The disposition to curtail
operations at present is becoming strong and general, and on Wednesday there was a meeting of more
than thirty representatives of banking, realty, building material and building interests, held in the house
of Franklin D. Roosevelt, under the auspices of the
Board of Governors of the American Construction
Council. The situation was discussed, and resolutions were adopted recommending that banking interests "curtail the financing of speculative building" until summer is passed; that wide publicity be
given to the increasing rise of labor and materials;
that all public departments from Government to
•town be urged to delay work as much as possible until September or October; and that co-operation of
newspapers and trade publications be sought in keeping the public informed and in holding back the demand for new construction.
Here, notwithstanding the defiant attitude of
union labor, is a distinct movement to set a halt to
the misguided labor inflation which menaces us all.
How far it will succeed is to be seen, yet it is timely
and encouraging as evidence of a deepening determination not to surrender what ground has already
been won in the struggle back to normal conditions.
Unionism, always looking for conspirators outside
of its own ranks, finds in a movement to halt building a conspiracy to destroy labor, but the right to
cease working cannot be superior to the right to
cease employing. Six months ago the "Times" gave
Mr. Gompers ample space to explain and prove the
existence of the conspiracy against labor which he
had long been denouncing; his argument was no
more than to repeat that everybody knows the conspiracy exists, and all he succeeded in proving was
something nobody had denied: the existence of a definite and increasing open-shop movement: That

2178

THE CHRONICLE

movement accelerates, because the unions are pushing it along, all unwittingly but surely. The open
shop, the "company union" and the get-together of
employer and employee, will be the end of this industrial warring, and the certainty of it is at once our
consolation and our encouragement.
What has been apparent for some time past to
anyone who has given attention to our foreign trade
statistics has happened;in March the volume of merchandise imports was in excess of exports. Not since
April 1914 has the balance of trade been on the import side and in only seven years out of fifty-two
have merchandise imports exceeded exports, the excess of exports, on the other hand, amounting for the
year in many instances to many hundred million dollars. The March statement of merchandise imports
'issued by. the Department of Commerce at Washington this week shows the imports for that month to
have been $402,000,000. This contrasts with $303,412,826, the value of merchandise imports in February, and $256,177,796 the figures for March 1922.
Not since August 1920 has the value of merchandise
imports been so high as that of March this year, and
in 1920 and for a number of years prior thereto the
• statements of both imports and exports were so
swollen by the inflated prices then prevailing, that
comparisons with that period are very seriously
thrown out of line. Merchandise exports for March
this year were valued at $341,162,349, so that the
excess value of imports for that month is $60,837,651,
• the largest amount of excess imports for a single
month in the history of our foreign trade.
The reason for the change in the foreign commerce
• situation is not difficult to trace. Practically all of
last year there was a constant expansion in the import movement—in only one month (April) was the
value of merchandise imports below that of the corresponding month of the preceding year. Even after
the new customs duties went into effect in Septeml
• ber, under which import charges were raised, and
when some recession in imports might have been exl
pected, there was a material increase in imports
which has continued into the current year.
Exports, on the other hand, recorded very little
improvement last year—in fact, up until October
there was a loss each month in the comparison with
the corresponding months of the preceding year. The
loss, however, varied considerably and for some
months it was small. Very large shipments of raw
cotton to foreign ports in October and November of
last year at a somewhat higher export price, raised
the value of merchandise exports in those two
months, and the consequence was that there was an
increase in values for October and November in comparison with the figures for the corresponding
months of the preceding year; also from December.
There has been some recession since and exports the
present year have shown a considerable reduction in
comparison with the higher figures for the closing
months of last year. For the first three months of
/
this year exports are 1412% larger than for the same
last year, but for January to March incluperiod of
sive in 1922, merchandise exports were fully 45%
smaller than for the corresponding time in 1921. Imports for the first quarter of the current year exceed
;
those of 1922, January to March inclusive, by 50%
instances a part of the gain in 1923 over 1922
In both
.• is due to higher prices for a number of the products
that enter largely into both the import and export




[Vol.. 116.

trade. It would not be surprising if this increase,
due to higher prices, would account for five or ten
per cent of the increase shown for the current year.
The recent expansion in the import trade, particularly that of the past few months, has been made up
very largely of imports of raw materials to be used
for manufacturing in the United States, hides, wool
and other products. Advancing prices in this country have induced shipments to the United States,
while chaotic conditions prevailing in many foreign
countries have tended to discourage exports from
the United States.
Merchandise exports for the month of April, which
also were announced by the Department at Washington this week, were valued at $341,000,000, which is
f
practically the same as . or March ($341,162,349) and
with $318,469,578 for the corresponding
contrasts
month of last year.
Movements between the United States and foreign
ports of the precious metals will now assume a new
interest, in view of the changing balance of trade on
merchandise account. This may not be without its
advantages both to the United States and to the commercial interests of the world at large, as our holdings of gold are so exceedingly large and so far in
excess of our requirements as to constitute under
present currency laws a menace to the country's
financial stability. Gold imports in April were valued at $9,188,470 and exports at $655,235. The excess of imports amounted to $8,533,235. For the four
months of this year gold imports were $66,342,726
and the excess of gold imports over exports $45,424,104. For the corresponding four months of 1922 the
iinports of gold amounted to $101,042,102 and the excess of imports over exports to $95,905,045. Our
large use of gold in the arts and the heavy balance on
the export side of the merchandise account, usually
ensures a balance in our favor on gold shipments as
well, but at times other considerations weigh against
this and the movement of gold is in the opposite direction. In 1921 imports of gold exceeded exports
by $667,357,000, in 1920 by $94,977,000, but in 1919
there was an excess of exports amounting to $291,651,000. Silver importations in April were $5,549,219 and exports $4,336,338. These figures do not
change materially from month to month; in April
last year the silver imports were $4,799,873 and the
exports $5,108,732.
As early as a week ago last evening the Berlin correspondent of the New York "Tribune" cabled that
"preparations for Germany's next reparations move
was begun by the Government to-day upon the arrival of a summary of the British reply to the Reich's
recent offer." He added that "Germany will reply
to both the French and British notes. The general
lines of this reply were discussed to-day at a meeting
of Chancellor Cuno and party leaders. In this reply
Germany will endeavor to satisfy both the French
and British demands on the point of guaranties, but
will leave unaltered the basic figure 30,000,000,000
gold marks—Jas a point of departure in a discussion
of the ultimate total reparations sum.'"
The British note was made public in London on
May 13. It was signed by Lord Curzon, Secretary
for Foreign Affairs. In one of the early paragraphs
he said: ."I cannot conceal from your Excellency
that the proposals of your Government come as a
great disappointment and that the unfavorable impression they made on His Majesty's Government,

MAY 191923.]

THE CHRONICLE

as well as on their allies, is one which, in my opinion,
the German Government might•and ought to have
foreseen and therefore guarded against." He declared that Chancellor Cuno's reparations proposals
"are inadequate" and invited new ones. According
to a Berlin special cablegram to the Chicago "Tribune" under date of May 13, "Wilhelmstrasse is bitterly disappointed with the tone of the English note,
having hoped for a more conciliatory attitude on the
part of Great Britain. It was hoped that England
would find the German offer a basis for future negotiations. It is now recognized here that Germany
must make further and more complete proposals or
the reparations question will remain where it was a
month ago. One important group of Foreign Office
officials declared to-night that there is only one possible answer: New proposals will be drafted immediately with security clauses definitely outlined and
with some increase in the total sums offered."• Italy
likewise sent a reply to the German Chancellor's latest reparations proposals, in which disappointment
was also expressed. The note set forth that "Italy,
by reason of her economic and financial position, is
obliged to consider the problems of reparations and
inter-Allied debts at all times closely bound up with
each other and cannot refrain from insisting that
they be settled as soon as possible, taking into account the expenses of reconstruction in her invaded
regions." Going somewhat more into detail, the note
said that "it must not be forgotten that Italy's relative position in the percentage of German reparations is based on the greater share reserved to her in
the reparations due from the small States in regard
to which Italy, in conformity with generosity and
moderation, and taking into account their difficult
situation,agreed to concessions without so far invoking or claiming her right to have recourse to Germany's joint liability as sanctioned by treaties.
Apart from the fact that the sum fixed for reparations is manifestly much inferior to any figure, however small, that might reasonably have been expected, an international loan whereby payment of
that sum would be wholly covered is only indicated,
without necessary details and withoui its being specified what adequate dispositions would be taken for
placing it and for its success. In addition, there are
no concrete indications as to guarantee and pledges,
and no assurance that they would be properly furnished."
Naturally there was keen interest in the attitude of
the French Government toward the separate replies
of the British and Italian Governments to the latest
German reparations offer. The Associated Press
correspondent in Paris cabled Monday afternoon
that "Premier Poincare will acknowledge receipt of
the Italian and British replies to the German reparations proposals without comment, it was said at the
Foreign Office to-day." He also observed that "there
is little disposition in French official circles to discuss these documents, but the expressions thus far
heard indicate there is considerable satisfaction that
the notes from London and Rome did
not vary so radically from the Franco-Belgian standpoint as
was
thought might be the case from the previous
declaration by Lord Curzon,the British Foreign
Secretary."
Judging from the cable dispatches from Berlin
made public here Tuesday morning, the British reply
made a deeper impression upon the German Government and the people, after a day or two than it
did




• 2179

at first. The representative at that centre of the
New York "Times" cabled Monday evening that
"not since the text of the Versailles Treaty first became known has political Germany been so dumfounded by any political document as by the Curzon
note. It caused a rude awakening to harsh realities.
The tone and contents both recalled the unpleasant
truth, comfortably forgotten by most Germans up to
this morning, that Germany lost the war and must
foot the bill. This truth is fully realized in Germany
to-night." He also asserted that "it can safely be
said of the Curzon note that it is bitter but probably wholesome medicine,likely to have effect in curing Germany of some pet delusions. The note unequivocally calls for a 'showdown' by Germany in
terms which no German can possibly mistake." Going still further, the correspondent asserted that "it
set the Reichstag talking with redoubled energy.
All political parties held meetings either before or
after the main Reichstag session to discuss Lord Curzon's frosty communication, and the politicians are
still deliberating. It set the periwigged bureaucrats
of Wilhelmstrasse trying to figure out the possibilities for a revamped offer, and wondering naively just
what figure would appeal to Lord Curzon. It sent
Chancellor Cuno hurrying back to Berlin from Munster, in Westphalia, Cuno's train being only three
hours late, but still in time for an informal Cabinet
meeting this evening for initial discussion of the
note." The New York "Herald" representative in
Berlin supplemented the foregoing statements by
saying that "instead of capitulating in the face of
what seems to be an impossible situation Germany
plans to make a final herculean effort to prevent the
reparations question from being divorced from discussions of the Ruhr and the Versailles Treaty." He
also declared that he had learned that "after the leaders of the Governmental parties and the Democrats
had visited the Chancellor this [Monday] evening,
that the Reichstag's discussion of the British and
Italian notes will be postponed and that the most
likely outcome will be another note not meant to go
beyond the conditions of the last offer, but attempting to explain and argue that the document was reasonable." Commenting upon the stability of the
present Ministry the "Herald" representative said
that "the party leaders assured Chancellor Cuno of
their continued support, thus avoiding a Governmental crisis. Dr. Gustav Stresemann, People's
Party leader and chairman of the Reichstag Foreign
Affairs Committee, who is looked on as the pilot of
the next venture, is said to have decided to shun the
limelight in view of the apparently difficult position
into which he has been forced by the combined Allied
demands and the fact that no other •candidate is
available." It was understood then that the Reichstag would adjourn until Thursday (May 17) "without discussing the matter, and that it will not be discussed even by the Foreign Committee."
In a cablegram Wednesday morning the Associated Press representative at Berlin said that "the
Allied replies to the reparations offer of May 2 have
engendered in official and Reichstag circles a belief
that the only path now open to Germany may well
be the dispatch of a brief formal note to the creditor
Powers suggesting that inasmuch as the Reich is apparently unable to make concrete and precise proposals, she unreservedly consents to permit a commission of international economists to determine her

2180 -

THE CHRONICLE

obligations." The New York "Herald" correspond.
ent at the same centre explained the situation in part
as follows: "Though a calm prevailed after yesterday's outbreak of declarations on the next move by
the Cuno Government in an effort to settle the reparational problem, Germany will not yield the right
to discuss the political before the economic aspects.
The advisability of staking all hope on an explanatory note or of making new offers is the sole topic of
conversation. While every one says that a Cabinet
crisis must be averted at all costs, this is only the result of a determination to make the Cuno Cabinet
bear the brunt of the outcome,the other parties being
unwilling to undertake the task of pleasing the Allies
and Germans at the same time." According to the
New York "Tribune" representative, "the Cabinet,
presided over by Chancellor Cuno, convened again
May 15 to discuss the situation arising from the British and Italian replies to Germany's reparations
offer. In the highest Parliamentary circles the 'Tribune' learns that the Socialists, Democrats and Centrists, as well as a large section of the People's Party,
will bring determined pressure to bear on the Chancellor to make a new reparations offer along the lines
indicated in the British note. Unless the Chancellor
prefers resignation to compliance with the demands
of these groups it is believed to-night that Germany
will shortly advance new proposals approximating
more closely the settlement proposition made by Bonar Law in Paris last January."

[VOL. 116.

[Thursday] began consideration of Germany's reply
to the Entente's various reparations notes rejecting
the last German settlement offer. Indications are
that the Cuno Government will forward identic notes
to all the Entente Governments,covering the FrancoBelgian, British, Italian and Japanese replies. As
was the case before, a copy of this note will be submitted to the United States." He also said that
"from high official sources the 'Tribune' learns that
dispatch of the note will probably be delayed for a
fortnight. The note itself, it is also learned, will in
all likelihood be accompanied by a confidential supplementary memorandum elucidating the recent German offer. On the whole, the new note will follow
the lines of the recent German communication and
will deal principally with the question of guarantees,
but in a more concrete, definite manner than was
adopted in this connection in the last communication."

The Russian Soviet reply to the British note of
last week, in which a "virtual ultimatum" was delivered, reached London on May 14. The Cabinet met
that day "and considered it for some hours, but did
not give out the text." It was explained that "this
was on account of Parliamentary privilege, which
demands that such documents, when the House of
Commons is in session, shall be communicated to it
before they are published generally." It seems, however, that the document was distributed in the British capital from the Russian News Agency there. It
The German Government has shown a disposition consists of 17 sections, and while at first reading in
not to act hastily in the matter of reparations. Baron London was characterized as "pacific," was declared
von Rosenberg, Foreign Minister, on Wednesday in the British House of Commons on Tuesday as be"informed the Reichstag that the Government was ing far from satisfactory. The London correspondunable at present to embark upon a public discussion ent of the New York "Times" said the note "lectured"
of the German attitude toward the replies of the En- Lord Curzon and declared that "ultimatums are not
tente Powers on the subject of reparations,inasmuch the way to settle unimportant misunderstandings."
as the last of these had been received only yesterday, The note proposed "a conference, not only to examine
and the subject demanded the careful consideration and settle the secondary points of dispute, but reguof the Cabinet." The Associated Press correspond- late once and for all and to the fullest extent the reent added that "this declaration was prompted by lations between the Soviet Government and Great
the effort of the United Socialists and Nationalists Britain." The Russians deny the British charge of
force a discussion before the Whitsuntide recess. propaganda and claim that Britain wants her own
The attempt failed to gain the support of the Coali- policies pushed in the Near East. London cable adtion Party, and the debate was only brief and per- vices stated that "the Russian note is the subject of
functory. Its chief feature was the demand by the mixed comment in London newspapers." The
United Socialist leader, Hermann Mueller, that the "Times" and "Daily Telegraph" thought it called for
Government forthwith enact a positive program for breaking off relations, while the "Westminster Gathe mobilization of the nation's economic and pro- zette" expressed itselfin favor of recognition of Soviet
ductive assets with a view to giving the concrete pro- Russia. We give it at length on subsequent pages.
posals demanded by the Entente!'
Moscow sent word a week ago this afternoon that
According to a special Berlin dispatch to the New "all Moscow's factories and Government institutions
York "Times" yesterday morning,"the Cuno Govern- were closed this morning to permit the employees to
ment intimates that its answer to the Curzon and take part in a great demonstration against the BritMussolini notes may be sent next week, though this ish note." The Associated Press correspondent at
is uncertain. It is relatively certain, however, ac- that centre cabled that "the Soviet Government does
cording to the present official state of mind, that not desire to break with Great Britain and is willing
any new reparations offer will not raise the basic to confer with that country, but it cannot accept such
figure of 30,000,000,000 gold marks, but that its main an ultimatum as that contained in Lord Curzon's
emphasis will be placed on an elaboration of the so- recent note, M. Ganestsky, Deputy Minister of Forcalled guarantees for foreign reparations loans." It eign Affairs, said in a speech at a Meeting of the Moswas added that "to this end conversations are taking cow Council of Trades Unions yesterday, which had
place between Chancellor Cuno and leaders of Ger- been summoned to discuss the British note." The
man industry and finance, as well as political lead- correspondent added that the resolution concluded
ers."
with "let England and all the bourgeois countries
The New York "Tribune" correspondent in the know that Russia is not the Ruhr."
Speaking in a theatre in Moscow on May 12, M.
Germany capital outlined the situation in part as
follows: "With hands freed by the three weeks' re- Tchitcherin, Soviet Foreign Minister,"dressed in the
cess of the Reichstag, the Government to-day uniform of a member of the Red Army, and wearing




MAY 19 1923.]

THE CHRONICLE

a red decoration," spoke severely with respect to the
assassination of Vorovsky and the British note. Referring to the former event, he was quoted as saying
that "this is a symptom of the general European situation. The direct responsibility rests with the
Swiss Government, which took no preventive measures, while the moral responsibility is on England,
France and Italy, who originally invited the Russian
delegation to Lausanne." M. Tchitcherin was followed by Leon Trotzky, Soviet War Minister. He
asserted, according to the Associated Press correspondent, that "if war comes it will be a long one;
it will delay the building up of our country for many
years; but the Red Army, which wants peace, will
carry out its duty until the end." The correspondent
also reported him as saying, "we swear to take revenge. Let our enemies think what they like, but
they will not frighten us by bullets or notes. We will
continue our liberation of the East and the West."
The correspondent also stated in his account of the
meeting that"M. Bucharin, head of the Left Wing of
the Soviet Central Committee, in more belligerent
tone, said that 'the capitalistic Powers constitute
a barbarous civilization. We will not sell our proletariat even if they send more warships.'" It seems
that "the meeting adopted a resolution to send a letter to J. Ramsay Macdonald, leader of the Labor Opposition in the House of Commons, declaring that
Russia would not yield to an ultimatum, but was
ready to come to an agreement if England was ready
to negotiate, and also a letter to Dr. Fridtjof Nansen, head of the League of Nations relief organization in Russia, asking him to use his influence
against a break and possible war."
Cabling from London Monday evening the correspondent of the New York "Herald" stated that "behind closed doors the British Cabinet discussed for
hours this afternoon and to-night the Soviet Government's reply to the note sent by the British Government to Moscow a week ago. As a result of the Cabinet council there is a belief in high political quarters
to-night that the note is likely to serve as the basis
for further negotiations." In a London cable dispatch to "The Sun" that evening it was asserted that
"after prolonged dissension in the Cabinet it was decided to-day to regard the Russian reply to the British note on the fisheries dispute as offering a basis
for further discussions. Arrangements for an AngloRussian conference are expected to be made as soon
as possible, it was stated here to-day."
Ronald McNeill, Under Secretary for Foreign Affairs, in a "full dress" debate in the House of Commons on Tuesday, said in substance, according to the
New York "Times"correspondent,that"Lord Curzon
is willing to meet Leonid Krassin, the Bolshevist
Commissar of Commerce, and go over with him all
the matters concerning which he has complained to
the Soviet Government. The British Government
will extend the time limit set in the British note to
permit this to be done, but it will not abate any of its
demands for redress." They were to have met on
Wednesday but failed to do so because of a mutual
misunderstanding, according to London cable dispatches. They did confer on Thursday. The London
correspondent of the New York "Times," in a cablegram yesterday morning, said that "Leonid Krassin,
Soviet Commissar for Foreign Trade, visited Lord
Curzon at the Foreign Office this [Thursday] morning and had an interview lasting for two hours. Lord




2181

Curzon had with him Ronald McNeill, Under Secretary for Foreign Affairs; Sir Eyre Crowe, Permanent Under Secretary, and other experts." The correspondent added that "the nature of the conversation has not been divulged officially, but the correspondent of the New York 'Times' understands from trustworthy authority that Lord Curzon took and
maintained the line of'no compromise.' He informed
M. Krassin that the British Government declined to
discuss any proposal that did not comply filly with
the demands of the British note. It was for the Soviet Government to say 'yes'or'no,' and if M.Krassin
desired to communicate with Moscow he might
have a few extra days in which to do so." Ronald
McNeill, Under Secretary for Foreign Affairs, replying to a question in the House of Com-mons yesterday, "contended that the British ultimatum to
Moscow still stood, and that all that had been done
was to give time to M.Krassin in which to communicate with his Government." According to the Associated Press correspondent Mr. McNeill was supported in his view by Stanley Baldwin,": s leader of
the House and acting Premier." Yesterday morning
it was reported from London that Andrew Bonar
Law, British Prime Minister, had returned home
and appeared somewhat improved in health. In an
Associated Press cablegram from Paris last evening
it was declared that the Premier's throat affection
was of such a serious character that he would be compelled to relinquish the Premiership as soon as his
Cabinet could be recast. It was clearly intimated
that cancer is feared, if the trouble has not actually
been diagnosed as such.
The assasination of M. Vorovsky, the Soviet representative at Lausanne, caused feeling to run high
in Moscow, Berlin and Lausanne. The Associated
Press correspondent at Moscow cabled that "coming
on top of the British note and the feeling in Russia
that Marshal Foch's visit to Poland might mean another international combination against the Soviet
regime, it has caused a profound impression in Russian official circles." He added that "the public was
notified of the death of Vorovsky and the wounding
of his colleagues by newspaper extras, which are
rarely issued in Moscow." Karl Radek, Soviet Chief
of Publicity, in a statement issued upon his arrival
at the German capital on May 11, was quoted as saying that "Vorovsky's assassination is England's
bloody answer to Soviet Russia's stand on the Straits
question." Radek further charged that "English
propaganda against Russia was responsible for the
Lausanne murder. It was England's fault that the
Swiss Government omitted measures to protect Vorovsky, although it was known that his life was
threatened repeatedly." Continuing, he was reported to have asserted that "England contends that
Russia is spreading Bolshevist propaganda in Europe which is damaging and destructive. But not a
human being has yet been killed through our propaganda. The 'innocentf Fingliah propaganda—the
propaganda of Lord Curzon at Lausanne—has, however, produced Vorovsky's dead body." Cabling
from Lausanne under date of May 11 the correspondent of the New York "Times" said that "Swiss public opinion is clearly divided in its attitude toward
Maurice Alexander Conradi, who killed M.Vorovsky,
the head of the Russian delegation here, last night.
One faction makes of him a hero and calls him the
executioner of a Bolshevist leader, while another fac-

2182

THE CHRONICLE

tion composed of Communists accuses him of being
just an ordinary murderer." The Associated Press
rcpresenta,tive at the same centre stated that "Ismet
Pasha, the chief Turkish delegate to the Lausanne
Conference, issued a statement paying tribute in his
own name and the members of the Turkish delegation
to M. Vorovsky.• Regret is expressed at the death of
a representative of 'a great and friendly Power.'
The Turkish delegation sent a wreath to be placed on
the coffin." It was added that "the Swiss Federal
Council'issued a communique expressing indignation
over the attack on the Russians, and regretting especially that it occurred at the seat of a peace conference. The Council has decided to express its sympathy to the families of the victims, but it voted not
to change its attitude toward Soviet Russia and to
continue to ignore officially the existence of the So• viet Government." Word came from Lausanne Wednesday morning that Vorovsky's body left there the
day before for Moscow on a special car "without incident." The extent to which the radicals in Russia
are disposed to go was clearly shown by an Associated Press dispatch from Moscow :under date of May
16, which stated that "the Third International has
issued a general appeal to the workmen of the world
in connection with the assassination of M. Vorovsky,
the Soviet representative at Lausanne, in which it
says: 'This bloody challenge must not be left unanswered by you.' The appeal advises stronger organization of the struggle to bring about revolutionary
success east and west. It holds Lord Curzon, the
British Foreign Secretary, responsible as the chief
inspiration of the Entente effort at Lausanne to prevent a Russo-Turkish rapprochement."
The excitement at Lausanne over his assassination
having subsided, and Vorovsky's body having been
sent away, apparently the Near East Conference was
able to make progress in some respects. The Associated Press correspondent cabled Tuesday evening
that "an attitude of mutual conciliation on the part
of the Turks and Allies, in keeping with the new determination to speed up the work of the Near East
Conference, resulted to-day in so much progress that
the Allies subsequently announced that the conferees
were on the verge of agreement on all conomic points
in the draft treaty except the articles dealing with
concessions, which will be discussed independently
at Angora." He also said that"an Allied spokesman
this afternoon declared that the delegations were doing their utmost to bring about a direct agreement
between Greece and Turkey on the question of reparations, so as to avoid the danger of a breakdown of
the conference as a whole." The dispatches sent out
from Lausanne the next evening were not so encouraging. The New York "Times" representative said
that "Sir Horace Rumbold has proposed that the
issue of the Turkish demand for an indemnity from
Greece be submitted to the League of Nations for arbitration. The British regard this as the best solution of the problem now threatening a second breakup of the conference. The French, however, are
rather cool to the proposal, because they are not disposed to set a precedent for allowing the League to
deal with reparations. They have consistently refused to permit the League to arbitrate the question
of German reparations." The Associated Press representative cabled that "Ismet Pasha, for the Turkish delegation, while agreeing to-day to some of the
Allied demands on behalf of foreign religious and




[VOL.116.

charitable institutions in Turkey,refused others, and
the experts who had been discussing the problem said
an agreement on all points seemed hopeless. Nevertheless, the Conference instructed them to continue
their efforts." The cable advices yesterday morning
did not disclose any real improvement in the situation. The Associated Press correspondent said that
"the situation between Turkey and Greece to-night
over the problem of reparations is grave, and the
Conference presumably is imperiled because all direct efforts to-day by Ismet Pasha and Eleutherios
Venizelos to settle this dangerous issue out of court
failed absolutely. The Angora and Athens leaders,
after a fruitless discussion, agreed to disagree and
submit the issue to the Conference in an attempt to
find a solution."
One of the most striking incidents relative to the
French invasion of the Ruhr was a statement said to
have been made in Berlin on May 12 by Dr. Otto von
Glasenapp, Vice-President of the Reichsbank, to the
effect that "Since the occupation of the Ruhr the
French and Belgians have forcibly seized 27,187,000,000 marks in German currency in the newly occupied area." According to the Associated Press correspondent he further asserted that "the French
have been issuing counterfeit German money,
amounting so far to 35,000,000 marks, from one of
the plates seized in the raid on the Muelheim printing plant on April 6," and also claimed that "the currency taken in this raid consisted of 1,530,000,000
marks in 20,000 mark notes bearing the distinguishing initials 'M. S.'"
Still another incident to which considerable space
was given by American newspaper dispatches from
Duesseldorf was the blowing up "of a steel bridge
crossing the Rhine—Heren Canal, west of Osterfeld," on the evening of May 12. The New York
"Times" correspondent said that "traffic was completely interrupted." Continuing his account, he
said: "A troop train carrying a detachment of the
129th Artillery narrowly escaped a catastrophe and
was just able to pull up within a few yards of the
broken bridge. The Burgomaster of Osterfeld was
arrested and the town fined 100,000,000 marks. All
traffic is forbidden between sunset and sunrise in
the district."
Word came from Paris Wednesday morning that
"as a direct result of Berlin's unacceptable reparations proposals of May 2, which now have been formally rejected by England and Italy, besides France
and Belgium, French troops to-day [May 15] seized
the backbone of the great German dye industry in
the Rhine Valley." It was also stated that "the
famous Bradischer Analine Works and the Kallee
Chemical Works at Biberich-on-the-Rhine, near Mayence, were taken over, as well as the Hochster Farbwerke, at Hochst, and the Weillerteer works, at *Urdinge, on the left bank of the Rhine, near Duisburg."
It was explained by the New York "Tribune" correspondent that "the legal basis for the move is provided in the default verdict against Germany by the
Reparations Commission last January, in view of
the Reich's violation of Paragraph 17, Annex II,
Part 8, of the Treaty of Versailles." He further
stated that "the seized factories, in accordance with
the terms of the treaty, will not be turned back to
Germany until the default on dye payments has been
cleared up through future negotiations—a development which by no means appears imminent."

MAY 19 19231

THE CHRONICLE

Relative to the attitude of the Germans in the occupied Ruhr area toward the French authorities it
was stated in a special Duesseldorf dispatch to the
New York "Times" that, "despite Berlin's interdiction, the inhabitants of the occupied areas continue
to comply with the French passport regulations necessitating special passes for Germans crossing into
or returning from unoccupied Germany. There has
been a rush to obtain them."
Announcement was made last evening in a Duesseldorf cablegram to the Associated Press that "the
sentences imposed by the recent court-martial upon
Dr. Krupp von Bohlen and the other Krupp directors
tried for instigating opposition to the French at the
Krupp plant at the time of the shooting on March 31
were confirmed to-day by the Court of Revision. The
convicted men will be transferred to prisons in
France while their counsel appeals to the Court of
Cassation."
Official discounts at leading European centres
have not been changed from 18% in Berlin; 6% in
Denmark and Norway; 51 2% in Belgium and Ma/
drid; 5% in France; 41 2% in Sweden;
/
in Holland, and 3% in London and Switz?rland. In London the open market discount rate has been advanced to 21 8% for short bills, against 134 /
/
/(4)178%,
and to 218@2 3-16% for three months, against 2%
/
last week, while money on call touched 13
4%,in comparison with 1 % a week ago, but closed yesterday
/
1
4
at 11/
72%. Open market discounts in Paris and Switzerland advanced to 41 2 and 78%, respectively,
/%
/
against 41 8% and/to 1% last week.
/
3
4
The Bank of France in its weekly statement reports
a further small gain of 111,685 francs in the gold
item this week. The total gold holdings are thus
brought up to 5,537,106,950 francs, comparing with
5,527,477,053 francs at this time last year and with
5,518,281,306 francs the year before; of the foregoing
amounts, 1,864,344,927 francs were held abroad in
1923 and 1,948,367,056 francs in both 1922 and 1921.
Silver during the week increased 43,000 francs,
Treasury deposits rose 38,814,000 francs and general
deposits were augmented by 112,092,000 francs.
Bills discounted, on the other hand, fell off 155,442,000 francs, while advances were reduced 21,218,000
francs. Note circulation took a favorable turn, a
contraction of 271,934,000 francs being recorded.
This brings the total outstanding down to 36,694,073,000 francs, contrasting with 35,847,275,605
francs on the corresponding date last year and with
38,454,997,740 francs the year previous. In 1914,
just prior to the outbreak of war, the amount was
only 6,683,184,785 francs. Comparisons of the various items in this week's return with the statement of
last week and corresponding dates in both 1922 and
1921 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
'Status as of
for Week.
May 17 1923. May 18 1922. May 19 1921.
Gold Hotdtrsgs—
Francs.
Francs.
Francs.
Francs.
In France
Inc.
111,685 3,672,762,023 3,579,109,997 3,569,914,249
Abroad
No change
1,864.344,927 1,948,367.056 1,948.367,056
Total
Inc.
111,685
Silver
Inc.
43,000
Bills discounted—Deo.155.442,000
Deo. 21,218,000
Advances
Note eireulation._Deo. 271.934,000
Treasury deposits_Inc. 38,814,000
General depoalta Ine. 112,092,000

5,537.106,950
292.173,400
2.402.226,000
2,178,323,000
36,694,073,000
57.953,000
2,098,750,000

5,527,477.053
283,390,439
2,310,113,853
2,365,985,863
35,847,275,605
14,291,847
2,430,333,436

5,518,281,306
271,844,375
2,669.549,637
2,175,261,986
38,454,997,740
46,588,119
2.910.888,573

2183

May 17, amounting to £3,060, while total reserve,
owing to a drawing down of note circulation by
£300,000, increased £303,000. There was, however, a
decline in the proportion of reserve to liabilities to
19.44%, from 20.15% last week, due to a material
expansion in the deposit items. In the corresponding week of 1922 the reserve ratio stood at 1878% and
/
a year earlier at 15.28%. Public deposits increased
£1,058,000; other deposits were £4,720,000 larger,
while loans on Government securities registered an
expansion of £1,910,000 and loans on other securities
an addition of £3,612,000. The bank's gold holdings
aggregate £127,525,004, which compares with £128,879,227 last year and £128,360,554 in 1921. Reserve
stands at £23,798,000, against £26,258,472 in 1922
and £18,615,804 a year earlier. Note circulation is
now £123,476,000, in comparison with £121,070,755
last year and £128,194,750 a year earlier, while loans
amount to £72,226,000, as contrasted with £75,101,943 and £81,010,236 one and two years ago, respectively. Clearings through the London banks for the
week total £678,973,000, as against £746,489,000 a
week ago and £742,212,000 last year. At the regular
weekly meeting of the Governors of the bank the 3%
minimum discount rate was again left unchanged.
We append herewith comparisons of the principal
items of the Bank of England returns for a series of
years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1923.
1922.
1921.
1920.
1919.
May 16.
May 17.
May 18.
May 10.
May 21.
Circulation
123,476,000
Public deposits
15,660,000
deposits
Other
106,723,000
Governm't securities 44,131.000
Other securities
72,226,000
Reserve notes &coin 23,798,000
Coln and bullion_ 127,525,004
Proportion of reserve
to liabilities
19.44%
Bank rate
3%

121,070,755
12,970,528
126,091,310
55,447.646
75.101,943
26,258,472
128,879,227

128,194,750
16,517,045
105,296,418
39,931.122
81,010,236
18,615,804
128,360,554

1834%
4%

110,881.420
20,060.664
101.389.389
36,515,283
82,632,179
20,041,042
112,472,462

15.28%
1 44%
1

76,540,115
26,104,348
110.332,860
46.339.633
80,382,249
27,433,455
85,523,570

16.50%
7%

20.10
5%

The Imperial Bank of Germany's statement, as of
May 7 showed fewer sensational changes than any
that has been issued in recent weeks. While additions to note circulation have been averaging in the
neighborhood of 500,000,000,000 marks, this week's
increase totaled 177,115,170,000 marks. Treasury
and loan association notes expanded 174,988,792,000
marks and deposits 125,301,567,000 Marks. An increase of 4,657,440,000 marks was shown in advances
and of 36,716,659,000 marks in discount and Treasury bills, while other increases included 102,537,500
marks in bills of exchange and checks, 252,535,000
marks in notes of other banks and 88,455,000 marks
in total coin and bullion. There was a decline of
142,943,000 marks in investments; of 33,586,946,000
marks in other assets; and of 17,088,080,000 marks in
other liabilities. Gold holdings decreased 6,000,000,
and are down to 913,909,000, which compares with
1,001,665,000 marks last year and 1,091,496,000
marks in 1921. Note circulation is now 6,723,099,516,000 marks, in comparison with 141,082,062,000
marks a year ago and 71,114,579,000 marks in 1921.
A recent cable from London calls attention to the
fact that the recent increase in the bank's discount
rate to 18% has not checked the rediscounting of
bills to any material extent. Outside banks are now
said to be borrowing more than the Government.

The Federal Reserve Bank statement, issued on
Thursday afternoon, revealed no very striking
A further small gain in gold was shown by the changes. For the twelve banks combined gold deBank of England's statement for the week ending clined about $1,000,000. Increases were shown in




2184

THE CHRONICLE

rediscounting of all classes of paper, also in open
market purchases, resulting in an increase in total
bills on hand of $16,900,000, to $978,940,000, which
compares with $565,819,000 a year ago. Earning assets increased $20,000,000 and deposits $56,000,000,
but the amount of Federal Reserve notes in circulation decreased $9,000,000. The New York Reserve
Bank in its operations through the gold settlement
fund, added to its gold reserves the sum of approximately $32,000,000, while discounts of Government
paper and "all other" were reduced about $45,000,000, so that notwithstanding an increase of over $18,000,000 in bill buying in the open market, total bill
holdings were reduced $26,600,000, to $228,882,000,
which, however, compares with only $69,121,000 at
this time a year ago. Earning assets Were lowered
$24,000,000, but deposits expanded $32,000,000. Federal Reserve notes in actual circulation declined
$4,000,000. Both locally and nationally, member
bank reserve accounts increased $28,000,000, to $723,000,000 at New York, and $22,000,000, to $1,908,000,000 for the System. Reserve ratios were not appreciably altered. For the whole country there was a decline of 0.8 to 75.3%, whereas at New York the gain in
gold reserves brought about an advance of 0.8%, to
84.1%.
Probably the most interesting feature of last Saturday's statement of the New York Clearing House
banks and trust companies was the contraction in
the loan item of $41,822,000, which was attributed
largely to Stock Exchange liquidation. There was
an increase in net demand deposits of $7,742,000,
which brought the total to $3,722,425,000. This is
exclusive of Government deposits to the amount of
$81,355,000, and represents a lowering in the latter
item of $9,037,000 for the week. Time deposits also
expanded, namely $3,237,000, to $508,593,000. Cash
in own vaults of members of the Federal Reserve
Bank was reduced to $410,000, to $51,507,000 (not
counted as reserve). Reserves of State banks and
trust companies in own vaults declined $271,000,
while the reserve kept in other depositories by State
banks and trust companies fell $339,000. Member
banks reduced their reserve credits at the Reserve
Bank by $2,110,000; but this was more than offset
by the additions to deposits, so that surplus suffered a shrinkage of $3,857,890, thus bringing excess
reserves down to $7,477,920 from $11,335,810 last
week. The above figures for surplus are based on
13% reserves above legal requirements for member
banks of the Federal Reserve System, but do not include cash in own vaults amounting to $51,507,000
held by the Clearing House banks on Saturday last.

[VOL. 116.

Reserve districts of the country more than met the
expectations of the Government officials." Subscriptions for cash offerings closed on May 12. The quiet
and largely professional character of the stock market, the slackening in the bond market and the continued exercise of caution with respect to the purchase of materials and building operations naturally
have tended to lessen still further the demand for
money. As long as these conditions and tendencies
prevail it would seem safe to assume that there will
be no material and lasting changes in money rates.
Yesterday call money at this centre was quoted all
/
day at 412%. After the close of business this was
regarded as rather remarkable in view of the announcement by the New York Federal Reserve Bank
that in this Reserve district alone the Government
next Monday will withdraw $81,000,000, while the
withdrawals throughout the country on that day will
total $200,000,000.
Referring to money rates in detail, call funds have
remained almost stationary this week. The range was
4@432%, as compared with 432@5% a week ago.
On Monday and Tuesday a flat figure of 432% was
quoted and this proved the high, the low and ruling
quotation on both days. Wednesday and Thursday
renewals continued to be negotiated at 432%, the
latter being the maximum, but there was a decline
to 4% on each day. The quotation went back to
4M% on Friday and call loans opened and renewed
at this figure, which was the only rate quoted.
These rates apply to mixed collateral and all-industrials without differentiation. In time money very
little change has been noted, although the undertone
was slightly easier. Sixty day money is now quoted
at 5%, against 5@53'%. Ninety days and four
months funds, however, remain at 5@5h% and five
I7,
and six months at 53' 0 the same as last week.
Trading was quiet. Offerings were fairly liberal,
but the demand light; hence the market was a dull,
nominal affair. The above rates are for both regular
mixed collateral and all-industrial money alike.
Commercial paper was quiet with most of the limited business passing for out of town account. Sixty
and ninety days' endorsed bills receivable and six
months' names of choice character continue to be
quoted at 5@531%, although virtually all transactions were at the inside figure. Names not so well
known require 53.1%, unchanged.
Banks' and bankers' acceptances remain at the
levels previously current. A fair demand was noted,
with both individual investors and institutions in the
market as buyers. The turnover, however, was
only moderate. For call loans against bankers' acceptances, the posted rate of the American Acceptance Council remains at 4%. The Acceptance
Council makes the discount rates on prime bankers'
acceptances eligible for purchase by the Federal Re/
serve Banks 41 g% bid and 4% asked for bills running
days; 43 bid and 41% asked for bills running from
30
%
60 to 90 days; 43 bid and 43% asked for 120 days,
and 4%@4M% for bills running for 150 days. Open
market quotations were as follows:

Little was said in speculative circles about the
money market. The tendency was toward still
greater ease. This was true of both call and time accommodations. The prevailing rate for the former
/
1
2
was 4 % for several days, while loans as low as 4%
/
were reported. Time money was 5@514%, with the
volume of business small. While,as usual, corporate
financing was reported, neither the individual transSPOT DELIVERY.
actions nor the total even were especially large. The
60 Days.
30 Days
00 Data.
piece of financing by the Government
outstanding
4g@4%
411C)456
431 51434
.
OR
0
was the offering of the $400,000,000 4%7 Treasury Prime eligible bil: DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
4% bid
notes, subscriptions for which reached about $1,125,- Eligible non-member banlus
4% bid
000,000. According to a Washington dispatch, "the
There have been no changes this week in Federal
response made by banking interests, the small inholders of Victory notes in all Federal Reserve Bank rates. The following is the schedule
vestor and




MAY 19 1923.]

THE CHRONICLE

2185

of rates now in effect for the various classes of paper 4 62 13-16@4 63% and sixty days to 4 60 7-16@
4 6134. Wednesday's market was slightly reactionat the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
ary in character and freer offerings, together with a
MAY 18 1923.
lessened demand,induced a decline to 4 623/@4 633/g
2
Paper Maturing
-for demand, 4 62%@4 633 for cable transfers and
4
After 90 After 6 4 60%@4 61 for sixty days. Dulness and irregularbut
Days, but
Within 90 Days.
Within Within 9 ity marked Thursday's transactions and
demand deFEDERAL RESERVE
Months. Months.
RANK.
clined to 4 61%@4 6238, cable transfers to 4 62©
/
Com'rcial Secur. by
Apricot.. Apricot.
Apricot. U. S. Bankers' Trade
and
and
/
,
ctLivest'k Govt.
Aceep- Accep- Livestock Livestock 4 6258 and sixty days to 4 59%@4 6034. On FriPaper, Oblipa- lances. lances. Paper. Paper.
day rates moved within narrow limits, though the
n.e.s.
Hons.
tone was a shade firmer, and the day's range was
4%
Boston
4%
4%
4%
a
4%
New York
434
i;i
43-4
434
--4 62@4 62% for demand, 4 623/@4 62. for cable
Philadelphia
4%
435
4
5
a
43-4
43-4
434
Cleveland
434
434
434
434
434
43-4
Richmond
transfers and 4 59%@4 6034for sixty days. Closing
434
434
434
43-4
43-4
434
Atlanta
4%
434
454
434
434
434
Chicago
quotations were 4 601 for sixty days, 4 6234 for
04
43-4
434
43-4
434
44
%
St. Louis
4%
04
434
434
434
43-4
Minneapolis
4%
demand and 4 623/ for cable transfers. Commercial
434
434
434
434
435
2
Kansas City
434
434
435
434
434
434
Dallas
435
434
434
sight bills finished at4 62,sixty days at 4 5934, ninety
43.4
434
43-4
San Francisco
434
434
434
434
434
434
"'Including bankers' acceptances drawn for an agricultural purpose and secured days at 4 58 8, documents for payment (sixty days),
by warehouse receipts, &c.
4 5934, and seven-day grain bills at 4 6134. Cotton
and grain for payment closed at 4 62.
The sterling exchange market gave a better
account of itself this week, and the quotation for
The Continental exchanges responded to more redemand bills ruled at close to 4 63 most of the assuring European political
news only to a limited
time, with the range 4 613/ and 4 63%. This extent. French francs
from a low figure of 6.57 in
compares with last week's low level of 4 59 13-16. the initial dealings moved
up to 6.69 on a better deHowever, little if any increase in activity was shown mand. Italian lire for a while
shared in the strength
and the market continues to mark time pending and showed a gain of 7 points
to 4.9134. Subseannouncement of some definite decision in the quently, however,
most of the advance was lost and
matter of reparations and the Franco-German situa- these currencies
sagged off to 6.63 and 4.83, respection generally. The most noteworthy features of tively. Reichsmark
s, on the other hand, ruled weak
an otherwise dull and uneventful week were diminu- throughout. Opening
at 0.00233 , mark exchange
%
tion in the volume of selling of sterling bills by sold
down to 0.00203', a new low and the closing
British interests, and more favorable foreign news
figure. This was again attributed to renewed
which brought about advances in cable rates from
attempts to sell German currency. In the opinion of
London and in turn made for improvement in experts,
actual stabilization of the mark will not be
values locally. To all intents and purposes this possible
until Germany calls a halt in the manufacmarket is still very largely dominated by London, ture
of paper currency. It should be noted that very
so that the daily fluctuations are merely a reflex little
trading in marks is going on at this centre; the
of what is going on abroad. A slight tendency to bulk
of the selling appears to emanate from Berlin and
hardening in money at the British centre had the other
foreign centres. The strength in French
effect of lessening the movement to invest funds exchange
was due to increased confidence,the result of
in American securities, and buying of Liberty bonds apparently
well founded rumors that Germany would
was on a smaller scale.
soon announce another and more reasonable reparaWhile it is quite generally conceded that the present tions
offer; also the issuance of a good Bank of France
international situation is surrounded by too much
statement. Most of the buying orders for francs
uncertainty to admit of prediction as to when the noted
of late is attributed to this institution, and note
Ruhr deadlock will be broken, the feeling of op- circulation
the past week has been reduced. Tradtimism which has been prevalent in recent weeks, ing
continues intermittent in character with the volpersists and news of the British and Italian replies ume of
business relatively small. Movements in
to the German reparations note gave rise to hopes Greek
exchange attracted a good deal of attention.
that a new and more acceptable offer would soon A
further advance of no less than 533' points has
be made. Undoubtedly the impression seems to taken
place, bringing the quotation up to 1.9834.
prevail that foreign prospects are brighter. A The
trading, however, was almost wholly in Athens
moderate amount of short covering figured in the and
London. As noted in these columns a week ago,
early dealings, while later on profit taking sales the
improvement is regarded as the sequence of rebrought about a reaction toward fractionally lower moval of
Governmental restrictions on exchange deallevels, so that the close was under the best. Indi- ings, which
has led to a transfer of foreign-held balcations of acute differences between the British ances into
drachma again; also to reports of the posGovernment and Russia failed to exercise any appre- sibility of a
substantial loan by the British Governciable influence on actual market levels.
ment to Greece. The Central European exchanges
.
Referring to day-to-day rates, sterling exchange on remain stable
with the exception of Polish marks,
Saturday last was easier and demand sold off to which sold
down to 0.002034 for a time, though later
4 60%@4 623/, cable transfers to 4 61%@4 62% recovering some
8
of the loss, while Rumanian lei
and sixty days to 4 5998@4 60; the market was very displayed
unusual strength. Czechoslovakian curquiet. On Monday an improved tone pervaded deal- rency was
unaffected by reports that the Czech
ings; London sent higher rates and this was followed Government
had introduced a bill in Parliament to
by an advance to 4 62@4 63 for demand,4 623@ prohibit
speculative dealings. It is claimed that
4 6334 for cable transfers and 4 59%@4 60% for legitimate buying
and selling will not be restricted.
sixty days. Increased firmness developed on TuesThe London check rate on Paris finished at 69.45,
day on more favorable foreign news,and demand bills as compared with
69.95 a week ago. In New York
advanced to 4 62 9-16@4 63%, cable transfers to sight bills on the
French centre closed at 6.66,




2186

[Wm. 116.

THE CHRONICLE

against 6.59%; cable transfers at 6.67, against tries of the world. We give below a record for the
6.603; commercial sight bills at 6.64, against week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
6.573 ,and commercial sixty days at 6.61, against
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
4
MAY 12 1923 TO MAY 18 1923, INCLUSIVE.
6.543 last week. , Closing rates for Antwerp francs,
4
Noon Buying Rate for Cable Transfer:in New York.
which as usual followed the course of French exValue in United States Mona.
Country and Monelary Unit.
May 12. May 14. May 15. May 16. May IT. May 18.
change, were 5.74 for checks and 5.75 for cable
I
I
EUROPE$
$
$
3
I
$
transfers, in comparison with 5.693/ and 5.703/ a Austria, krone
$000014 3.000014 $000014 3.000014 5.000014 $000014
.0474
.0570
.0574
franc
.0572
.0575
.0573
week earlier. Reichsmarks finished at 0.0021% for Belgium, ley
007786 .007929 .007829 .007893 .007843 .00785
Bulgaria.
both checks and cable transfers, against 0.00273 Czechoslovakia, krone___. .02972 .02973 .029803 .02983 .029815 .029813
.1861
.1876
.1874
Denmark, krone
.1881
.1863
.1873
pound
last week. Austrian kronen closed the week at England,markka sterling- 4.6209 4.6253 4.6306 4.6295 4.6229 4.6234
.027481 .027531 .027611 .027589 .027742 .027772
Finland,
.0666
France, franc
.0666
0.00143, as contrasted with 0.00143/i the week Gerrn.any, reichsroark...._ .0659 .0663 .C637 .0685 .000021 .000020
.000023 .000022 .101023 .000022
.014189 .018122 .01854 .02311 .019186 .018833
1reere. drachma
preceding. Lire finished at 4.859 for bankers' sight [Tolland. guilder
.3909
.3914
.3913
.3914
.3912
.3915
.000190 .000191 .000189 .000190 .000189 .000189
Uungary,
bills and 4.86% for cable transfers. A week ago the Italy, lire krone
.0490
.0484
.0486
.0486
.0486
.0486
.1645
.1659
.1834
.1635
Vorway, krone
.1636
.1636
4
4
close was 4.821 and 4.831 . Exchange on Czecho- Poland, mark
.000021 .000021 .000021 .000021 .000021 .000021
.0442
.0439
.0452
.0443
.0445
.0446
4
slovakia closed at 2.981 , against 2.973; on Bucha- Portugal, escudo
turnstile, Mu
.004794 .004781 .004799 .004833 .004889 .004913
.1522
.1523
.1521
.1522
.1524
.1521
against 0.47%; on Poland at 0.00203/2, 4palo, peseta
rest at 0.53,
.2862
.2617
.2665
.2666
.2858
.2669
4weden. krona
.1796
.1805
.1802
.1802
.1803
iwitzerland, franc
.1802
.010388 .010393 .010468 .01043
.01044 .0104
against 0.0021, and on Finland at 2.78, against eugoslavia, dinar .
ASIA.7627
.7658
'.9623
.7617
.7633
.7619
2.76 the week previous. Greek exchange finished at 'hina. Chefoo tael
.7571
.7567
.7579
.7583
.7608
.7567
" Hankow tael
.7409
.7421
" Shanghai feel_
1.96 for checks and 1.963/ for cable transfers, in " Tientsin tael _ .7416 .7460 .7683 .7670 .7420 .7418
.7688
.7717
.7675
.7675
.5469
.5471
.5466
.5461
.5477
" Hongkong dollar_ .5454
comparison with 1.423'@1.433/ a week earlier.
.5371
.5375
.5458
.5384
.5388
" Mexican dollar _ _ _ .5367
Tientsin or Pelyang
dollar
" Yuan dollar
ndia, rupee
'span, yen
Mu:spore (S. S.) dollar__
NORTH AMERICA
:loads. dollar
3ulza. peso
Wexico, peso
sreinfoundland, dollar
SOUTH A MERICAkrgentina. peso (gold)
Brazil, milreis
Ohne, peso (paper)
IlructuaY. Peso
"

In the former neutral exchanges improvement was
also shown and guilders and Swiss francs recovered
some of the losses of the previous week. Scandinavian
rates were firmly held with the exception of Norwegian krone, which again broke to a new low record
-16.26, a loss of 383/i points for the week. Christiania remittances continue to be offered with
practically no takers. Spanish pesetas hovered
around 15.23. Trading throughout was quiet and
featureless.
Bankers' sight on Amsterdam closed at 39.06,
against 39.00; cable transfers at 39.15, against
39.09; commercial sight at 39.01, against 38.95,
and commercial sixty days at 38.76, against 38.70
a week ago. Swiss francs finished at 18.02 for
bankers' sight bills and 18.03 for cable transfers.
Last week the close was 17.963/i and 17.973/2. Copenhagen checks closed at 18.56 and cable transfers at
2
.
18.60, against 18.673/2 and 18.713/ Checks on
finished at 26.64 and cable remittances at
Sweden
26.68 (unchanged), while checks on Norway closed
at 16.30 and cable transfers at 16.34, against 16.643/
'a
and 16.683/ week earlier. For Spanish pesetas the
2
2
final range was 15.213/ for checks and 15.223/2 for
2
cable transfers, against 15.233/i and 15.243/ last week.
As to South American exchange, a slightly firmer
tendency was noted for Argentine pesos, but Brazilian milreis declined to a new low level of 10.40,
largely on the action of the Bank of Brazil in issuing
large amounts of paper currency against what is
considered an inadequate gold reserve. The close
was 10.40 for checks and 10.45 for cable transfers,
against 10.60 and 10.65 last week. The Argentine
check rate finished at 36.10 and cable transfers at
36.20, against 36.00 and 36.10. Chilean currency
/
closed at 131g, against 13.10, while Peru has not
been changed from 4 29.
Far Eastern exchange was somewhat affected by
recessions in the price of silver and fears that dumping of that metal will take place with the cessation
of purchases and deliveries under the Pittman Act.
Hong Kong currency finished at 5532@559, against
54%@55; Shanghai, 75@753, against 749@75;
Yokohama,49%@493 (unchanged); Manila,49%@
49%, against 49%@50; Singapore, 54%@54%,
4
against 541 @543/2; Bombay, 313i@31%, against
3131@31% (unchanged), and Calcutta, 313/2@31%
(unchanged).
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different coun-




.5400
.5442
.3100
.4921
.5425

.5438
.5463
.3106
.4922
.5428

.5417
.5438
.3109
.4919
.5428

5413
.5446
.3111
.4922
.5431

.980945 .980236 .9800
1.000125 1.000125 1,000188
.483958 .482969 .48375
.97875 .977813 .9775
.8152
.1036
.1274
.7976

.8158
.1031
.1285
.7971

.5413
.5438
.3104
.4913
.5392

.5400
.5450
.3102
.4908
.5396

.980234 .979430 .979469
1.00
1.000188 1.00
.484167 .483958 .484375
.977813 .976953 .976875
.8188
.1029
.1291
.8040

.8183
.1021
.1824
.8059

.8177
.1020
.1287
.7991

.8173
.1029
.1288
.8079

The New York Clearing House banks in their
operations with interior banking institutions have
gained $3,000,360 net in cash as a result of the currency movements for the week ending May 17.
Their receipts from the interior have aggregated
$4,155,860, while the shipments have reached $1,155,500, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK RANKING
INSTITUTIONS.

Banks' interior movement

Into
Banks.

Out of
Banks.

34355.860

Week ending Mall 17

31.155,5)0 Gain $3,000.360

Gain or Loss
to Banks.

As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday,
May 12. May 14.

Tuesday, Wednescry. Thursday
May 15. May 16. May 17.

Friday.
May 18.

Aggregate
for Week.

$
3
$
$
$
S
$
68.000.000 -4.000,000 '1,000,000 50.000.000 39.000.000 4.000.000 Cr. 395.000.000
-The foregoing heavy credits reflect the huge mass of chocks which come
Note.
to the New York Reserve Bank from all parts of the country In the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House Institutions, as only the Items payable In New York City are represented
In the daily balances. The large volume of checks on Institutions located outside
of New York are not accounted for In arriving at these balances, as such checks de
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.

The following table indicates the amount of bullion in the principal European banks:
May 17 1923.

May 18 1922.

Banks of
Gold.
England _ _ 127.525,004
France_ a _ 146,910,481
Germany _ 45.695,500
Aus.-Hun. 10,944,000
Spain _ _ _ _ 101,019,000
Italy
35,489,000
Netherl d 48,483,000
Nat. Belg. 10,757,000
Switzeri'd_ 21,345,000
Sweden_
15,189,000
Denmark 12,679.000
Norway
8,115,000

Silver,

Total,

Gold.

Silver.

Total.

z

128,879,227
127,525.004 128,879,227
11,680,000 158.590,481 143,164,400 11,320.000 154,484,400
63,475,400 49,170,900 49,951,580
851.200 50,802,780
2.369,000 13,313.000 10.944,000 2,369,000 13,313,000
26,354,000 127,373,000 100,890,000 25,387,000 126,277.000
3,024,000 38,513,000 34,407,000 3,036.000 37,443,000
460,000 50,951,000
653,000 49,136,000 50,491,000
2,467,000 13,224,000 10,664,000 1,638,000 12,302,000
4,185,000 25,530,000 21,673,000 4,300,000 25,973,000
15,239,000
15,189,000 15.239,000
210,000 12,889,000 12,684,000 "WI;(36 12,915,000
8,183,000
8,115,000 8,183,000

Total week 584,150,985 54,417,400 638,568,385587,170,207 49,592,200636,762,407
Prey. week 584,476,498 54,629,400639,105.898 587,307,354 49,744,200637,051,554
a Gold holdings of the Bank of France this Year are exclusive of £74,573,797 held
abroad. b It Is no longer possible to tell the amount of silver held by the Bank
of Germany. On March 15 1923 the Reichsbank began Including in Its "Metal
Reserve" not only gold and silver but aluminum, nickel and Iron coin, as well. The
Bank still gives the gold holdings as a separate Item, but as under the new practice
the remainder of the metal reserve can no longer be consldeted as being sliver, there
Is now no way of arriving at the Bank's stock of silver, and we therefore carry it
along at the figure computed March 7 1923.

MAY 191923.]

THE CHRONICLE

BRANCH BANKING—FIRST NATIONAL BANK
IN T. LOUIS V$. STATE OF MISSOURI.
The question whether banks in the United States
should follow the European example of establishing
numerous branches has been agitated with increasing heat during the past three years. It has been the
subject of discussion before the State associations
and has engaged a large share of the attention of the
American Bankers Association at the last two annual conventions. The question is practical rather
than academic in view of the growth of State legislation permitting State banks to establish branches
(limited, however, to the confines of a single city or
place), and, what is perhaps more fundamental, the
new doctrine that a bank should take its business to
the people as other business enterprises do. In this
latter sense the importance of the matter transcends
the limits or the enactments of any one State, for the
doctrine of branch banking, carriel to its logical extremes, would mean the ultimate disappearance of
the smaller institutions, particularly the country
bank, and the extinction of our system of independent banks which has long been the pride of the country and the destruction of which sound public opinion, we believe, would never countenance.
Without discussing the pros and cons of this question, it is interesting to review the issues in the case
of the First National Bank in St. Louis vs. the State
of Missouri, now pending for final decision in the
Supreme Court of the United States. It appears that
the First National Bank in St. Louis, acting upon
the advice of its own counsel, and without seeking
the approval of the Comptroller of the Currency,
proceeded to open up a branch bank for conducting
a general banking business in a separate building on
Olive Street, located several blocks from the parent
bank. It appears also that it was the plan of the
bank to establish a number of other branches in various localities in the city of St. Louis, one of which
additional branches was in process of being established when the suit was commenced.
On June 27 1922 the Attorney-General of the State
of Missouri instituted in the Supreme Court of the
State quo warrant° proceedings,informing the Court
that the First National Bank,in violation of both the
State and the Federal statutes, had opened up a
branch bank and was about to open up several others, and praying the Court to oust the bank from the
branch already established and to restrain it from
opening up those in contemplation. On June 28
1922 the State Supreme Court issued a restraining
order as to the branch banks not yet opened for business and at the final hearing on November 3 1922 the
Court made the injunction permanent and rendered
a judgment ousting the bank from the Olive Street
branch. The ground of this decision was that the
State laws prohibited branch banking altogether,
whether State or national, and the Federal statutes
did not permit a national bank to establish a branch.
The case was brought to the Supreme Court of the
United States upon writ of error March 6 1923 and
was argued before the Court on May 7, the Court having set aside a special day for the hearing. It is possible that the Court may render its opinion before
adjourning for the summer, but it appears more than
likely that the matter will go over to the October
term.
There are two issues in this case. The first is, Can
a State Court construe and enforce an Act of Con-




2187

gress? In the present instance the State construed
Section 5190 of the Revised Statutes (which says in
effect that a national bank shall maintain "an office"
in "the place" designated in its organization certificate) to mean that it could establish only one office
in the place of its location. It is quite possible that
the Supreme Court of the United States may dispose
of the case upon this issue alone. The second point
involves the authority of a national bank to establish
a branch or branches. The State'maintains that no
such specific authority exists under the national
banking laws nor can the authority be implied therefrom. The bank, on the other hand, is contending for
a broad construction of the words"an office" and the
words "the place." This upon the ground of public
policy and upon the further ground that the Court
should not construe the provision in question as a
prohibition by implication of branch banking.
Attorneys-General for the States of Illinois, Connecticut, North Dakota, Washington, Wisconsin,
Iowa,Arkansas, Minnesota,Indiana and Kansas also
filed briefs as amici curiae, taking the general position of the State of Missouri. On the same side also
as amici curiae in this case are two law firms of Chicago, one of which represents the United States
Bankers Association opposed to branch.banking. On
the other hand, briefs have been filed as amici curiae
by attorneys of New York representing the National
City Bank, the Chemical National Bank, and the
National Bank of Commerce, on the side of branch
banking. There are upwards' of thirty lawyers in
this case, and both sides have been presented in the
strongest possible light.
The Government has not appeared in the case, apparently upon the ground that the authority of the
Comptroller of the Currency was not directly involved. Should the Supreme Court of the United
States dispose of this case upon the first issue, leaving the Olive Street branch of the First National
Bank in St. Louis in operation, the question apparently will still remain whether the First National
Bank could legally establish such a branch without
the sanction of the Comptroller. In other words,
this case does not involve all of the possible issues in
the branch bank controversy. If, on the other hand,
the Supreme Court should declare that the national
banking laws positively do not permit a national
bank to establish a branch under any conditions, no
national bank could maintain a branch without further legislation to that effect by Congress.
THE FARMER'S CONTINUED SELF-SEEKING.
Those who attempt to ferret out the feeling at
Washington, to forecast legislation, tell us in the
news correspondence that a determination is forming to fix by law the price of agricultural products.
The method is in abeyance. The reason is said to be
that the farmer is still the victim of "conditions."
At the same time a part of the organizations are opposed to the attempt, believing it will do more harm
than good. It is said by those who realize that the
world-markets fix the price of agricultural products
(these world-market prices being now what they are
because of war) that this effort begins at the wrong
end—that prices of what the farmer buys at home in
exchange for his live stock and grains are fixed by
certain protective laws and subsidies extended to
manufactures by the Government—and that these
increases he will still pay though the agricultural
prices be fixed, the latter being of no avail because

2188

THE CHRONICLE

surplus is exported and subject to foreign conditions.
It is said by this element of the class that fixing a
minimum price always results in its becoming the
maximum price.
This is very sound reasoning; but the radicals in
the so-called farm bloc contend that millions are
leaving the farms because of attractive wages and
business opportunities in the cities, and that the
agricultural output must be maintained or all the
people suffer. It is not long since there was an effort
to raise the price of wheat and cotton by a limitation
of acreage. This shifting of position is strange in
view of the fact that limitation of labor is practically the same as limitation of acreage. The fact is
that the farmer of sober sense is now the victim of
emotional "remedies" proffered by the quack agitators within the ranks of certain agricultural organizations. Frankly, he is the victim of "politics." The
farm bloc in Congress has won some doubtful victories and having "tasted blood" now proposes at the
coming session to see that its "constituency" shall
be respected and rewarded and receive its due. The
"radicals" do not at this time know what they want
or how to get it, but they are thus early serving notice that they "mean business." And so another masterful drama is to be staged at Washington—the
modern Mecca of all prosperity!
Now,the fact is that all this effort is a centrifugal
force. Each revolution or revolving of the "bloc"
tends to separate it into parts, into other blocs. The
farmers cannot succeed alone. There is nothing of a
permanent nature possible in their selfish demands.
The lateset Government survey announces fine prospects for the year. Nor can the grower of grains succeed by law separate and apart from the grower of
live stock. The best farm is a complete unit in itself,
utilizing its varied soils to a natural maximum production, and thus having something to market at
every season of the year. Such an independent unit
or integer cannot in the very nature of things be
helped by a law that will not bear equally and
equably upon all farm production. More, while there
may be, and are, protective laws in aid of other industries, the farmer must not forget that though these
laws are discriminative they do bolster the domestic
market for his products without which he cannot
prosper. Allowing for interfering factors that work
injustices, we all sink or swim together. The farmer
may gain factitious and temporary advantages by
these bloc-drives. But, manifestly, he should atIr
the removal of special aids to ethers as his remedy.
Then, under theinfluence of natural laws of production and exchange, laws which never abrogate, he
will have his chance.
These developments in legislation are of serious
moment to our Government itself. They breed discontent, division, sectionalism and bureaucracy.
Every new attempt at "control" provides for a small
army of office holders. Inspectors, if not spies, are
trailing some forms of business. Yearly, initiative
is being throttled. One bloc brings forth another.
The laws made for each, being selfish, must conflict.
Equability of exchange is impossible, and production
becomes the pampered child of circumstance. All
this finds haphazard expression at the ballot box.
Can there be united support of Government when the
motive of the voter is selfish advantage to a class?
All the larger powers of Government are in abeyance
to mere majorities in Congress striving to accomplish something for section or vocation. How can




[VoL. 116.

"life, liberty and the pursuit of happiness" come under the shield of a Government which is the prey of
blocs? The meat of one is the poison of another.
And a Government rent by the triumph of cliques
and classes will ultimately go down in some cataclysm of expediency or opportunism. We are traveling in a labyrinth of special interests. And the farmers who have been clamoring against capitalism and
favoritism should beware lest they become the most
selfish class of all.

THE IMPORTANCE OF TAXATION.
Senator Smoot's recent prediction that the "bonus" is sure to pass the next Congress, and be followed by service pensions, will create some anxiety
throughout the country, though few there are who
do not expect continued attempts to fasten this burden on the people. There is an intimation that, with
the prospect of interest returns from the English
debt, some means may be found to satisfy President
Harding's alleged requirement that the bonus bill
must contain acceptable means for raising its own
revenue. Senator Smoot further declares that instead of reducing taxes, with the bonus and other
expenditures in view, Congress will probably have to
devise new ways of raising revenue. That taxation
will be a heavy burden for at least a generation is
slowly becoming a general conviction. No more important function of government attaches to our time,
and it behooves everyone to think seriously on the
matter lest we be led into deeps of depression not
now discernible.
Taxation is not only a "vexed question," it is a
vital one to the very means by which th • tax must be
paid. It it axiomatic that labor in the first instance
and commerce or business in the second must pay
the tax. For instance, lands may be taxed, ar.. taxed
by the States, but they cannot be confiscated. Sold
so.'dimes by State or county to pay delinquent
taxes, they can only be sold in the open market and
bought, in such cases, with moneys earned outside
themselves. It follows that a tax laid upon tillable
land that would consume more than its i oduction
would nullify its original earning power and thus
defeat the tax. And the same is true of any industry or business. Thus any tax that is destructive of
the life of business in the end defeats itsel:. Houses
and lands, goods and utensils, are not primarily convertible into taxes. There must be the fluid life and
activity of the people, earning or making more than
they consume in order to collect taxes and sustain
Government.
The idea of a property tax to meet an emergency,
confined to one people, is in reality an impossibility.
All of property belongs to all the people. A property
tax if equably laid could only be in tithes or kind,
and must then be convertible into cash by sale to
other than the people as original owners. If we can
establish, therefore, the principle that active labor
and business alone can pay tax, we shall have a
starting point from which we can declare the correlative principle that any tax which interferes with
the free earning power of business and labor so as to
diminish it or eventually destroy it is not only unjust but inefficient. It is killing the goose that lays
the golden eggs. When mention is made of the surtax or of a graded increase according to the mere
amount of earnings (an excess profits tax is in the
same class) it is manifest that a destructive element

MAY 19 1923.1

THE CHRONICLE

2189

is introduced tending to throttle the very power that an even keel. What all men must have is a chance,
and an even chance if possible, to earn enough to pay,
pays.
topsy-turvy world it is unsafe to predict any- each his proportionate part, the tax. The corporaIn a
thing. But if education brings with it any element tion is only an artificial person. Listening to anathof desire to do justice we must believe that the people emas upon this salutary and indispensable device of
once informed on the nature of taxation will demand our economics and our business life will aid us not at
that justice be done and that at least they be free to all. Again, looking to the future, what more imporprosper sufficiently to pay his enormous war debt tant question lies in the public view? The reduction
and the issuing cost-evils which seemingly cannot be of unjust features of the income tax law is but a part
suppressed. If now we have established the right of of it, important as that may be. And unless there
non-interference, then it follows that all labor and all can be revision upon some unassailable principle the
industrial activity being free must pay equally. We time may cone within the generation mentioned
cannot suggest nor can we hope a possibility of this above when a :estive people will demand changes in
kind. A tax system exact and just to every man and the Government itself.
to every life-activity cannot be devised by the genius
of man. But gross injustices can be eliminated; and THE NEW YORK STOCK EXCHANGE—ITS
ACTIVITIES.
economies in the conduct of life can in some degree
And to
eliminate the necessity of the tax burden.
In a report just issued, the first said to have ever
this end as one of the most important issues of our been officially made of the activities of the Stock
times every mind should turn.
Exchange, President Seymour L. Cromwell holds
The farmer, hard hit by the effects of war, has been that the Exchange has steadily been growing more
very much interested in the sources of credit and the and more an investment market and that excessive
causes of prices. It must appear to him, on serious speculation has been as steadily declining. As evireflection, that a tax which eats up the profits of dence of this, he cites the great increase in transacbusiness leaves nothing for reinvestment in business. tions in small lots, which means a corresponding deWithout a saving from profits loans to other inter- crease in large "blocks"; this concurs, as the reader
ests are curtailed. Without profits for extensions will doubtless note, with the gradual increase during
and betterments manufactures cannot keep pace with some past years in the number of stockholders in
demand and labor is unemployed. Once this condi- some important railroads. It has become equally
tion is established markets dry up and prices fall. plain, continues the report, that the total volume of
Thus these huge surtaxes recoil upon the farmer. trading has by no means risen in proportion to the
Under the mistaken impression that those must pay increasing total value of listed securities. In 1900
in proportion to mere ability to pay, in a word that the ratio of shares sold to shares listed was numeric"the rich must be made to pay," he defrauds himself. ally as if each of the listed shares had been sold in
And contemplating the years to come,the very great- course of the year two and one-half times in the en.;
est question involved in taxation is that of laying suing two decades this proportion irregularly detax so that toil and trade may have the increasing clined. until in 1920 it was as if each listed share had
vitality with which to pay. It is a difficult problem, been once sold; taking stocks and bonds together, the
but the principle is clear. And instead of bloc con- ratio of sales to listings has declined from 125% in
sideration we need full unity and competent direc- 1900 to 69% in 1920.
tion.
This means—and can only mean—that investment
We are endeavoring for the moment only to press and not heavy speculation has become the characterthe thought that because taxes are a burden upon toil istic. A fact which concurs with and natur.illy
and trade the chief study of a people should be di- grows out of this change is a decline in number and
rected as to the bearing of the tax rather than its seriousness of failures in the Exchange. In the last
volume. The latter, though dependent upon econom- two years there have been only fourteen,.with outical government,is already largely fixed for us by the standing liabilities under 91 2 millions, and as fur/
war. We cannot escape payment. We ought not to ther payments by those concerns are projected and
divide ourselves into classes and attempt to shift the made the ultimate public loss is expected not to exburden. Not only is equability imperative but uni- ceed $3,725,000. In 1900-21 the annual average ratio
versality is just. It is a concept of importance in of failures to the total number of general commercial
determining the issue that as government protects firms is put as 0.87%, of banking institutions 0.51%,
the poor as well as the rich in "life, liberty and the and of Stock Exchange firms 0.49%; of Exchange
pursuit of happiness," the poor should pay as well firms failing since 1871 45.08% have composed with
as the rich. It is averred that any indirect tax such their creditors and have been readmitted to memberas the tariff does in the end fall upon the poor and ship, while only 6.36% of the national banks, acthe rich in proportion to consumption. The income cording to Mr. Cromwell, which have failed since
tax has been warped out of justice in that it makes 1865 have settled with their creditors and have re"the rich" pay out of all proportion to earnings. sumed.
As the "Chronicle" has pointed out, the Exchange
There are thousands enjoying the protection of Government who pay nothing. All exemptions favor the is self-purging and looks after the business morale
poor. Also, the rich escape, often, because able to and practices of its membership with far better abiltake advantage of inequalities in the laws and in ity and a far more stern determination than could
their administration. It is even said by some that be found in any outside body of censors. It would be
many farmers keep no books and pay no income tax. intolerably unjust and untrue to assume that this reWe cannot divide ourselves into classes, seeking gard for honesty comes only from policy and not
selfish preferments in toil and trade, and fix the from principle; but even if it were the former alone
proper incidence of taxation. Nor can we make the the public would have a sufficient guaranty and protax burden bear more heavily upon one class than an- tection. In the distant parts of the country Wall
other and keep business (the means of payment) on Street and the Exchange are confused with the in-




2190

THE CHRONICLE

[VoL. 116.

iquity and gambling which ale not wholly absent cause they are so engaged, as is the case here, is an
even in small towns, and perhaps some persons heed- occupation tax."
lessly associate both with the fraudulent dealers who
All income taxpayers who are not retired from
have unquestionably robbed unsophisticated inves- business likewise have an occupation, but they are
tors of huge sums or even with such sham "banks" as taxed upon the productive results of the occupation,
that of the Tisbos. But,says Mr. Cromwell:
not on the occupation itself. Similarly, while min"The New York Stock Exchange of to-day is not ing is clearly an occupation, a tax levied upon it as
only the primary securities market of this country— such would naturally be in the form of a license,
it is the freest and most open of all the great capital based uniformly on that single fact or possibly acmarkets of the world. It provides a source of capital cording to the number of men employed, and would
both to foreign Governments and to all manner of
relation to the value of the product or upon
domestic enterprises, Its operations serve to stabil- have no
the fact whether the occupation were successful in
ize the price of capital and stimulate its flow into industry, to support the export trade of the nation, and having any product. But this tax is rated upon the
to sustain national and private credit throughout the value of the ore produced, and reports of the product
world. There are no classes in American society, and are required, in order to find a sum upon which the
few if any foreign nations of advanced civilization, 6% is to be figured. It does not seem quite "obwhich are not benefited to-day by its broad and convious" that the tax is on the occupation per se, yet
tinuous securities markets."
the State law so calls it and now the final tribunal
This is true and well said in every word, yet the says that is correct; there being no further appeal,
Exchange has at least one persistent opponent who we must all submit, or else range ourselves with Mr.
insists that it ought to be incorporated and "regu- Gompers and say that court actions and decisions
lated" and there may be others who have an ill-in- which we do not approve are not binding upon us.
formed hostility against so useful and innocent a
The mining companies contended also that even if
device as the bank clearing house, which is rather mining is not a part of inter-State commerce it is so
less dangerous than a coal shovel, since the latter connected therewith that taxing it puts a burden on
could be used as an offensive weapon.
such commerce and is beyond the power of a State.
It is too much the habit—as has now been exem- Their statement that out of a total output of 18,167,plified in the case of sugar—to denounce the ex- 370 tons in 1921 only 261,622 tons were sold and used
change marts of all kinds as being centres of gam- in Minnesota does not seem to be disputed; yet the
bling and of conspiracies to push up commodity Court says that the "contention" (not the statement)
prices to extortion; those who talk thus have failed is not supported by the facts, because:
to note the "exchanges" called labor unions, and they
"Mining is not inter-State commerce, but, like
might as well blame the thermometer for objection- manufacturing, is a local
business, subject to local
able temperatures as to blame trading markets for regulation and taxation. Its character in this rehigh prices.. Were every such mart abolished and its gard is intrinsic is not affected by the intended use
buildings razed, whoever need to buy or to sell a or disposal of the product, is not controlled by conbond or a quantum of any commodity would be tractual engagements, and persists even where the
obliged to personally look about for seller or buyer; business is conducted in close relation to inter-State
then gradually a knot would gather in the street and commerce. The business on which the tax is laid
ends before ore enters inter-State
we should have an unorganized "Curb," which, as there is no discrimination against commerce, and
such commerce.
compared with definite and strong Exchanges, is It may well be that the tax indirectly and incidenevasive, uncontrolled and irresponsible. Until trad- tally affects that commerce, just as any taxation of
ing ceases there must be trading marts.
railroad and telegraph lines does, but this is not a
forbidden burden or interference."
THE SUPREME COURT DECISION ON THE
Obviously, no business, whether it is merely tradMINNESOTA ORE TAX.
ing or is productive of the subjects of trading, is of
Last week the U. S. Supreme Court, by Justice itself inter-State Commerce, and if its product does
Van Devanter, with no dissent announced, uphellt not in fact cross State lines, or so far as the product
the so-called occupation tax levied by Minnesota on which does not cross can be distinguished, the busiiron ores mined in the State, under a law of April ness may be deemed local and subject to regulation
1921, imposing a 6% tax, to be computed upon the and taxation as such. But is it "local" when 98% of
value of the ore where mined and upon reports which its product does go outside the State? •
were required to be made annually prior to Feb. 1.
Upon the points raised regarding uniformity, the
The mining companies refused to make such reports, Court held that the State may use a wide discretion
averring that the tax conflicts with the guaranty of and select one class of business for levy and leave
the State Constitution that taxes shall be uniform others untouched, provided (and this is in itself a
upon the same class of subjects. They also contended generally recognized condition) "all similarly situthat the tax is a property instead of an occupation ated are brought within the class and all members of
tax, but Justice Van Devanter holds otherwise. Said the class are dealt with according to uniform rules."
he:
Some minor points were passed upon which do not
"We think the tax in its essence is what the Act call for especial mention, except the remark that
calls an occupation tax. It is not laid on the land "equality does not require that unproductive mining
containing the ore, nor on the ore after removal, but be taxed along with productive mining; besides, if
on the business of mining the ore, which consists in ore is discovered or made accessible by such develsevering it from its natural bed and bringing it to the opment work the tax will be imposed when the ore is
surface, where it can become an article of commerce mined." Then if the
tax comes when the occupaand be utilized in the industrial arts. Mining is a
tion begins ,to be productive, how is it hpon the
well-recognized business, wherein capital and labor
are extensively employed; this is particularly true in "occupation" of mining itself?
As has probably occurred to the reader, this deciMinnesota. Obviously, a tax laid on those who are
engaged in that business and laid on them solely be- sion takes us back to the similar case in Pennsylva-




MAY 19 1923.]

THE CHRONICLE

nia, only about five months ago ["Chronicle Dec. 2
1922, p. 2422], when the same final tribunal, by Justice McKenna, unanimously upheld a State's power
to impose a tax on articles produced therein, before
such article goes over the boundary line. Pennsylvania had for years been trying to put a tax on coal
and it was not denied that anthracite does in fact go
outside the State and enter into commerce, yet Justice McKenna upheld a State's power to tax and to
exempt kinds of property. He said that if the possibility that an article may be shipped over the border
brings it under the cover of commerce "such a ruling
would nationalize all industries"; and that "a tax
upon articles in one State that are destined for use
in another State cannot be called a regulation of
inter-State commerce."
But where shall State sovereignty, batted back and
forth like a ball by circumstances and situations and
emergencies, come to a permanent rest? It was partially and reluctantly yielded, when the indispensable
Union was framed. It was inserted, as to what remained of it, in the Constitution. It was asserted
through many years in the struggle over slavery, was

2191

fought for and the fight was lost. As the desire to
reclaim, for local benefit, more than a proportionate
share in the proceeds of taxation grew stronger, it
lost strength. The 18th Amendment seemed to shelve
it, and the Supreme Court, in passing upon that
amendment, threw it away, by natural implication,
only a few weeks after the same tribunal had virtually approved and enthroned it in passing upon
the housing laws of this State. And now it is again
affirmed, by implication.
Minnesota laid this tax before the Pennsylvana
case was decided last winter, but in both States the
effort to tax home products is not new. Yet it must
again be pointed out that such taxation is disturbing
and almost certain to come back. If one State can tax
its domestic products, others can and others will be
tempted to do it; so whither are we tending? Taxation, both Federal and State, has long been mishandled; its treatment has been hasty, ill-studied and
destructive, so that to call it bungling is almost
complimentary. We may well pause and do some
real thinking before we proceed to make it also unfriendly and retaliatory.

Indications of Business Activity
• THE STATE OF TRADE—COMMERCIAL EPITOME
Friday Night, May 18 1923.
Despite some advances in grain, cotton, coffee, sugar and
provisions, the general trend of prices has been rather towards a lower level, with trade in the big industries less
active. Iron and steel sell less readily. Premiums are no
longer paid. Building expenditures were sharply reduced
in April as compared with March. Builders not unnaturally
object to the high labor costs. Wholesale trade, which has
been quiet for a couple of weeks, shows even less life than it
did last week. Cold weather at the West, and in fact over
pretty much the whole country, including even the Southern
States, has had a detrimental effect on retail trade. At the
same time it has been unfavorable for the crops, though latterly the temperatures have been somewhat warmer in the
Northwest and beneficial rains have fallen in parts of the
winter wheat belt. Also, weather conditions, after being
very unfavorable in the cotton belt, have latterly improved,
especially in the Southwest, including Texas. In parts, at
least, of the Southwest, it is said that some 80% of the cotton
crop has been planted. In the big speculative markets the
tone has been quiet, though partly because of unfavorable
weather, as in the case of grain, and cotton prices have advanced with a sharp rise in the old crop deliveries of cotton,
attributable largely to a strong statistical position. Trading in sugar has died down and coffee transactions are very
small. Rubber has declined again.
It is true that car loadings for April made a new high record for that month, but new business is another matter. A
certain hesitancy about engaging in business for distant
delivery is plainly discernible. Some of the large mills at
-day week and Southern mills,
Fall River are running on a 4
which for quite a considerable period ran day and night,
are in some cases dropping the night work. No doubt the
extraordinary weather has had an unfavorable effect on
trade. From present appearances there is to be practically
no spring; it looks as though winter conditions would suddenly merge into those of summer. But perhaps, also, there
has been rather too much stress laid on the need of caution.
It seems to have chilled the business community of the
United States. It seems to have caused more or less alarm
where no alarm was called for. Stocks of merchandise had
run down. Consumers were replenishing them. Nowhere
were there any runaway markets. And while in some quarters they talk about "planing down" this or that, how about
planing down labor prices? They are the dens ex machina to
a very considerable extent in the rise of commodity prices.
Labor is a commodity and there is a runaway market in it,
as there has not been a runaway market in anything else.




To all intents and purposes there is a corner in labor, and
it has been largely fomented by legislation at Washington
restricting immigration into this country to an extent which
is to the last degree pernicious In its effects on American
trade in commerce. But nothing is said at Washington
about dealing with this vital matter. Merchants have not
been the offenders, but a relatively small percentage of the
population, possibly not over 5%, has been cracking the whip
over the American people, with the aid of supine legislation
at the national capital. And thus far Washington has read
no lectures to anybody but the commercial community which
has been suffering from this intolerable state of things.
Small wonder that there is depression here and there, a
falling off in the demand, a piling up of supplies, requests for
a delay in shipments, some cancellations of contracts and a
feeling of uncertainty in not a few branches of business.
Yet as a matter of fact the underpinning of the commercial
fabric of this country is undoubtedly sound. As it is, however, it is true that manufacturers are more anxious to sell.
They make deliveries more easily. Merchants see the stock
markets declining after utterances by this one or that one,
usually someone in public life, which have a tendency to
needlessly disturb public confidence. Yet failures in business are fewer, and despite all drawbacks, the retail and
mail order business is much larger than that of a year ago.
And in fact that is also true of the wholesale trade, even
making every allowance for some recession in recent weeks.
Industry is still busy on old orders; it is only new orders
which show some decrease. The grain crops at present show
no indication of being much smaller than those of last year.
Unemployment throughout the country is a rarity. Fuel is
cheaper, both on bituminous coal and coke. The West reports that dry goods sales are well ahead of those of 1922.
Finally, it may be reiterated that the fundamental conditions of American business are not of a kind to call for disquietude; quite the contrary. No doubt measures should
be taken to reduce the cost of labor through a repeal of the
3% immigration law, or a drastic modification of it, at the
earliest possible moment. Some slowing down in building at
New York, and protests at Chicago against high labor costs
are salutary signs of the times. If in some directions there
is economizing in the use of some articles of ordinary consumption there can be also an economizing in the use of
labor in building and other trades, with beneficial effects in
the long run, both to employer and employee. This is being
done in New England and it can be and is being done in New
York. As for the stock market, to which not a few look for
guidance, it is gratifying to notice that while there have
been declines at times there have latterly been noticeable

2192

THE CHRONICLE

[VoL. 116.

rallies. And as far as trade is concerned the turnover on Canada from the operation of the 3% law. Why not Great
the whole, in retail and industrial business, is still markedly Britain?
larger than last year.
At Fall River nine mills are running on a 4
-day-week
Forty-four of the 50 plasterers working on the 16-story schedule. At Warren, R. I., on May 15 a strike of loom
$6,000,000 apartment building at Madison Avenue and 86th fixers occurred because of the continued employment of
Street, who went on strike last Monday night in an effort three non-union workers. It threw 350 hands out of work.
to obtain an advance of pay from $12 to $14, returned to At Lawrence, Mass., on May 14, despite a prompt grant of
work the next morning at the usual $12 scale. It is stated demands for a 12%% increase in wages, employees of the
that officials of the plasterers' union who were recently on Emmons Loom Harness Co. continued the strike because of
trial for alleged conspiracy, orced the men to return to work the refusal of the company to discharge an employee who
after they struck for the $14, pointing out that the brick- had declined to join the strike. The refusal of the company
layers on the job were getting that amount. The other six is based on the ground that the employee against whom acmen in this "snowball" strike resisted all efforts of the tion is desired has been a faithful, conscientious and hardunion officials to persuade them to return. And later a working employee for the past 20 years in the shop.
strike of 90,000 building workers was threatened if builders
At Putnam, Conn., the first move looking toward a settledo not grant a blanket raise of $1 a day by June 1. Employ- ment of the differences between the Manhasset Manufacers reject the demand. Separate agreements as to wage turing Co. and a part of its employees who have been out on
scales in individual crafts may, the labor leaders said, avert strike or locked out was made by the workers themselves,
a strike. They have receded so far from their original de- when they offered to have their committee talk the situation
mand as not to insist on a collective or blanket agreement. over with the mill officials. The workers claim that they
On the 15th inst. 2,800 painters of Brooklyn and Long Island are 7% underpaid by comparison with textile operatives in
went on strike, refusing to arbitrate a wage increase. They other places in New England. Augusta, Ga., reports that
want a five-day week. And while they now receive $10 a day practically no night work is now being done in King Enterand a job bonus that amounts to $2 a day, they demand a prise, Sibley, Graniteville, Heckman and Van Cluse cotton
$2 increase, which would give them a wage of $14 a day. mills of the Augusta district. At Brockton, Mass., on May
Plumbers in Brooklyn and Queens have agreed to renew the 17 two locals of the Boot and Shoe Workers' Union and
scale at $10 for an 8
-hour day for three years. Stone carvers treers and edgemakers voted to strike to-day in sympathy
struck for $2 increase a day, making it $8 50.
with the dressers and packers, who went out earlier in the
Builders have recently, it is estimated, postponed building week. The membership of the edgemakers is estimated at
Involving $70,000,000 to $75,000,000. Wherever it can be 500, while the treers number between 700 and 800.
done the builders, it is intimated, will persist in this policy.
At Colby, Kans., snow began falling at 3 p. m. on the 15th
Labor has in some cases lost its head. The union scale in inst. The temperature fell from 50 to 30 degrees. At the
building trades, it is pointed out, is $9 to $10 a day, but the South it has been cool and rainy, especially east of the Misrates paid are $12 to $16, and even in isolated cases, it is sissippi. Floods have been reported in the Mississippi Valsaid,$18. Double wages are charged for over-time. Plaster- ley. Over the 15th inst. there were rainfalls of 614 inches in
ers have in some cases, it is said, recently received as high Louisiana, 41 in Georgia and 314 in Oklahoma and heavy
4
as $250 a week. In some Long Island towns the wage craze precipitations in Mississippi and South Carolina. Beneficial
has gone so far, the gangrene of cupidity has struck so deep, rains fell in the winter wheat States. It has been rather
that plasterers recently went on strike for no less than $27 a cool in New York during much of the week, but on the 16th
day. Speculative builders, it is declared, are partly respon- inst. the thermometer was up to 72. It became cooler again
sible for the snowballing of wages in their haste to finish
a on the 17th. To-day it was rather warmer again here, with
building and make quick sales. But such a state of things, the temperature at 2 p. m. 65 degrees. The forecast for towith such glaring abuses, must prove both unhealthy and morrow is fair and warmer.
transient. They simply demoralize the building industry.
The traditional rude awakening must come sooner or later.
Wholesale Prices Unchanged in April.
Lenders of money could discourage the rage for speculative
No change in the general level of wholesale prices from
building. The movement against high building costs crys- March to April is shown by the index number computed
tallized more clearly on May 16, when the Board of Gover- by the U. S. Department of Labor through the Bureau of
nors of the American Construction Council, a national or- Labor Statistics. This index number, which includes
404
ganization representing the entire building industry, de- commodities or price series gathered in representative marclared unanimously that the country was facing a building kets and which is weighted according to the
relative imcrisis. To relieve the present serious situation it was recom- portance of the commodities, rounds off to
159 for April,
mended that all new construction be deferred for several a duplication of the figure for March. Building
materials
months, that banking interests curtail the financing of specu- and metals continued upward, with an increase of more
than
lative building until after the close of the summer, that wide
3% over the March level of prices. Cloths and clothing
publicity be given to the rising wages and prices for mate- rose 2% and housefurnishing goods 1% in average prices.
rial in the building industry and that Governmental, munic- Smaller increases took place among
foods and chemicals
ipal and State construction departments be urged to delay
and drugs.
their work as much as possible until September or October.
On the other hand, farm products dropped nearly 134%
To prevent a future crisis in the building industry it was
in average price from March to April, due to further declines
&added that the establishment of an authoritative index of in cattle, hogs, lambs, poultry, eggs, cotton and peanuts.
construction costs was necessary. The Department of Com- Some farm products, however, as grains, potatoes and wool,
merce will be asked to organize a statistical commission
to averaged higher than in the month before. Fuel and
prepare it.
lighting materials were nearly 3% cheaper than in March,
Meanwhile, with labor so urgently needed in this country owing to continued declined in bituminous coal, coke, crude
immigration is still restricted by absurd legislation that
oil and gasoline. Miscellaneous commodities, with declines
sounds archaic in these times. Great Britain's quota
is al- in bran and millfeed, cottonseed and linseed meal, jute and
ready filled for the fiscal year and it is actually
i
less than rubber, decreased Y of 1% in average price. Of the 404
80,000, strange as that will appear. We are, in fact, shut- commodities or series of quotations for which
comparable
ting the door in the face of the most desirable kind of immi- data for March and April were collected increases wore shown
grants all to oblige dictatorial labor. The number admitted
in 154 instances and decreases in 106 instances. In 144
thus far this year is some 77,500. Some 15,000 more, it
is instances no change in price was reported.
estimated, would have come but for the 3% law. And BritINDEX NUMBERS OF WHOLESALE PRICES. BY GROUPS OF
ish emigrants to our shores make a highly desirable addiCOMMODITIES (1913-100).
tion to our labor supply. This law diverts immigration to
Apri11922. March 1923. April 1923
129
141
143
Canada, Australia and South Africa. Only to-day it was Farm products
137
Foods
144
143
announced in a dispatch from Halifax that the steamer Cloths and clothing
171
205
201
200
194
Cameronia has been diverted to Halifax to land 250 Scottish Fuel and lighting
206
154
113
149
Immigrants bound for the United States, but advised that Metals and metal products
Building materials
204
156
198
136
they cannot enter as the quota allowed by United States Chernica1s and drugs
124
135
Housefurnishing goods
187
175
185
immigration laws has been filled. in less than eleven Miscellaneous
126
116
127
159
143
169
months the British quota has been exhausted. It may be All commodities
Comparing prices in April with those of a year ago, as
well to exclude a certain class from Southeastern Europe,
but to exclude British immigrants is absurd. We exempt . measured by changes in the index numbers, it is seen that




MAY 19 1923.]

THE CHRONICLE

the general level has risen 11%. Metals and metal products
again show the largest increase, 363%. Building materials
follow next with an increase of 303 %. Cloths and clothing
4
have increased 19%%, chemicals and drugs 9%%, farm
products 93(% and miscellaneous commodities 83.% in
price in the year. Food articles, fuel and lighting, and
housefurnishing goods all show smaller increases compared
with prices of a year ago.
Retail Prices

of

Food in the United
Slightly in April.

2193

Tea.lA
125
125
124
124
125
125
125
125
125
125
126
126

142
142
139
139
139
141
142
139
140
143
145
147

Av.for yr_ 149

States Increase

Year and
Corn
PotaMonth. Ch'se. Milk. Bread Ftouriifeat Rice. toes. Sugar °free
1922.
January -- 149 153 157 148 130 107 194 113 120
February _ 149 148 154 155 130 107 194 116 119
March
149 146 155 161 130 107 182 118 119
April
145 143 155 161 130 108 171 122 120
May
139 140 157 161 127 109 176 120 120
June
141 140 157 161 130 110 206 129 121
July
143 144 157 158 130 110 212 138 121
144 145 155 155 130 110 153 147 121
September 145 147 155 148 130 110 135 144 121
October _ _ 154 149 155 145 130 110 129 144 122
November 161 151 155 145 130 110 124 147 122
December 166 154 164 148 133 109 124 151 123

125

142

147

155

155 130

109

165 133 121

II Articles
Combined.

1923.
The retail food index issued by the United States Depart- January 169 154
144
155 148 133 109 124 151 124 126
142
ment of Labor, through the Bureau of Labor Statistics, February _ 170 154 155 148 133 108 124 158 126 127
March
_ 168 153 155 145 133 108 129 185 127 127
142
shows that there was an increase of 1% in the retail cost April
_ 164 153 155 148 133 108 147 193 128 127
143
of food to the average family in April 1923, as compared
with March 1923. In March 1923 the index number was
The Volume of Trade and Business in April.
142; in April 1923, 143. During the month from March 15
The Department of Commerce at Washington, under
1923 to April 15 1923, 23 articles on which manothly prices
are secured increased in price as follows: Cabbage, 27%; date of May 18, gives out the following figures, representing
onions, 20%; potatoes, 14%; oranges, 5%; granulated industrial and commercialfmovements during April:
Receipts of WOOL at Boston in April amounted to 53.586.000 pounds.
sugar, 4%; sirloin steak, round steak, and flour, 2%; rib
March and 34,194.000
roast, chuck roast, leg of lamb, hens, lard, cornflakes, as compared with 64,537,000 pounds in during March. reduced pounds in
April a year ago. Wool consumption
to grease
canned peas, and canned tomatoes, 1%. Pork chops, ham, equivalent, amounted to 62.859,000 pounds, as compared with 60,368.000
pounds for the same month of 1922. Prices of wool and woolen goods
oleomargarine, nut margarine, vegetable lard substitute,
during April showed no change from the prices prevailing in March.
tea and coffee increased less than five-tenths of 1%.
Consumption of SILK amounted to 38,193 bales, as compared with
Nine articles decreased in price as follows: Strictly fresh 24,247 bales in April 1922, while stocks of silk on April 30 amounted to
eggs, 11%; cheese and raisins, 2%; plate beef, butter, and 28,657 bales, as against 39.438 bales on March 31 and 19,268 bales on
April
prunes, 1%. Bacon, wheat cereal and bananas decreased April.30 1922. The price of raw silk advanced to 89 31 per pound during
less than five-tenths of 1%. Eleven articles showed no
Consumption of COTTON by textile mills amounted to 577,396 bales, as
change in price during the month; they are as follows: against 443.509 bales in April 1922. The total consumption for the nine
months ending April 30 amounted to 5.040,000 bales, as compared with
Canned salmon, fresh milk, evaporated milk, bread, corn 4,447,263 bales for the same period ending April 30 1922. Total stocks of
meal, rolled oats, macaroni, rice, navy beans, baked beans, cotton amounted to 3,855,000 bales on April 30, being about evenly distributed between the mills and warehouses, and compared with a total of
and canned corn.
year
at the end of
4,674,000
of the
For the year period April 15 1922 to April 15 1923 the total were bales at warehouses.April last fabricwhen 3,213,000 bales manuCotton
held
consumption by tire
increase in all articles of food combined was 3%. For the facturers in March,figures for which have just become available, amounted
10-year period April 15 1913 to April 15 1923 the increase to 13,596.000 pounds as compared with 9,431,000 pounds in March a year
ago. Cotton-cloth exports for the same month were on about the same
in all articles of food combined was 46%.
level as that reached in 1922. Prices of cotton and cotton goods declined
Changes in Retail Prices of Food, by Cities.
During the month from March 15 1923 to April 15 1923, the average
family expenditure for food increased in 39 cities as follows: Los Angeles,
3%;Birmingham,Chicago. Denver,Houston. Memphis, Mobile Peoria, St.
Louis, and Springfield, III., 2%; Atlanta, Buffalo, Charleston, Cincinnati,
Cleveland, Columbus, Dallas, Detroit, Indianapolis, Kansas City, Little
Rock, Louisville, Milwaukee, Minneapolis, Newark, New Orleans, New
York, Norfolk, Omaha, Portland, Ore.. Richmond, St. Paul, San Francisco, Savannah, and Seattle, 1%. Jacksonville, Manchester, Rochester,
and Washington, D. C., increased loss than five-tenths of 1%. Eleven
of the 51 cities decreased: Boston, Fall River, Pittsburgh, Portland.
Me., and Providence, 1%; and Baltimore, Bridgeport, Butte. New Haven.
Philadelphia, and Scranton, less than five-tenths of 1%. Salt Lake City
showed no change during the month.
For the year period. April 15 1922 to April 15 1923, 48 cities showed an
.increase: Bridgeport. 7%; Cleveland, Denver, and Pittsburgh, 6%; Indianapolis, Manchester, New York, and St. Louis, 5%; Baltimore, Boston,
Chicago, Detroit, Fall River, Little Rock. Los Angeles, Milwaukee,
Newark,New Haven,Portland, Me.,Providence, Rochester,and Savannah
4%; Birmingham, Dallas, Kansas City, Memphis. Minneapolis. and
Mobile. 3%; Buffalo, Columbus, Houston, Louisville. Philadelphia,
Portland, Ore., Richmond, St. Paul, Scranton, and Seattle. 2%; Atlanta,
Cincinnati, Jacksonville, Norfolk, Omaha, Salt Lake City, San Francisco,
and Washington, D. C., 1%. Butte and Charleston increased less than
five-tenths of 1%. New Orleans, Peoria, and Springfiled, Ill., decreased
less than five-tenths of 1%.
As compared with the average cost in the year 1913, the cost of food
in April 1923 was 53% higher in Richmond; 60% in New York; 49% in
Washington, D. C., 48% in Baltimore. Chicago, Detroit, Providence.
and Scranton; 47% in Birmingham, Boston, Buffalo, and Charleston;
46% in Manchester; 45% in Fall River; 44% in Milwaukee, Philadelphia,
Pittsburgh, and St. Louis; 43% in Minneapolis and New Haven; 42%
in Cleveland, Newark, and New Orleans; 41% in Atlanta, Cincinnati,
Dallas, Kansas City, and Omaha; 39% in Indianapolis and Little Rock;
37% in Los Angeles, Memphis, and San Francisco; 36% in Jacksonville;
35% in Seattle; 33% in Denver and Louisville; 29% in Portland, Ore..
and 22% in Salt Lake City. Prices were not obtained from Bridgeport.
Butte, Columbus, Houston, Mobilo, Norfolk. Peoria, Portland, Me.,
Rochester, St. Paul, Savannah, and Springfield, Ill., in 1913, hence no
comparison for the 10 year period can be given for these cities.
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES.

i

Year and Stan fend Rib Ck'ck Plate Pork BaBut
Month. Steak. Steak Roast. Roast. Beef. Chops con. Ham.Lard :ens Eggs ter.
1922.
January... _ 139 136 135
106 137 139
145 118
97
February _ 139 135 134
106 140 140
140 120
101
March ___ 141 138 136
107 149 144
109
92 120
April
143 141 138
107 157 147
92 118
107
May
148 146 141
107 164 147
97 117
108
June
151 150 142
107 161 150
99 117
109
July
154 153 144
106 164 150
104 119
109
August _ _ 154 153 142
104 167 150
108 115
109
September 152 151 142
104 173 150
180 122
109
October _ _ 151 148 141
106 174 151
157 133
111
November 147 144 139
105 157 151
187 143
111
December_ 145 141 138
105 140 149
193 157
111
Av.for yr_ 147 145 139 123 106 157 147 181 108 189 129 125




107 140 147 168
106 137 146 167
106 135 145 167
105 135 145 168

MMt.A1,02WVVM0,00

123
122
123
123

VM.400..M.#00b.P4O
Ca..WWOOMMWt..r.0
.

1

142 139
141 139
142 139
145 140

04.0421.-.0,
0VM.
....CINNNCINNNNN

1923.
January
146
February. 146
March _ _ 147
.
April
149

110 162
110 167
110 168
111 169

161
134
112
100

154
151
150
150

during April.
PIG IRON production in April amounted to 3,548,000 tons, as against
3,521,000 tons in March and 2,072,000 tons in April of last year. STEEL
ingot production, allowing for companies not reporting, amounted to
3,797.000 tons, compared with 3,889,000 tons during March.
ZINC production amounted to 93,732.000 pounds, compared with
97.462,000 pounds in March, while zinc stocks at the end of April amounted
to 17.952.000 pounds.compared with 20,042,000 on March 31. Bituminous
COAL production in April amounted to 42,500.000 short tons, as against
46.807.000 produced during March. Beehive COKE production increased
slightly, while by-product coke decreased from the production figures of
March.
March production of GASOLINE amounted to 630,701,000 gallons and
stocks al, the end of the month to 1.259.209.000 gallons, as compared with
854,232,000 gallons on hand at the end of March last year.
BUILDING costs, as computed by the "Engineering News Record" on
a 1913 base, stood at 217 for April, as compared with 165 a year ago. Figures on April building activity show that the aggregate value of new contracts awarded in 27 Northeastern States amounted to $356,000,000. as
compared with $353,000,000 in April a year ago. Production of northern
pine lumber amounted to 47,250,000 feet, as compared with 38,714.000
feet in March. FIRE LOSSES In April amounted to $32,638,000, compared with $41.160,000 in March.
CEMENT production for the month amounted to 11,322.000 barrels.
as compared with 9.880,000 barrels for March and 9,243.000 barrels for
the same month a year ago. April shipments of cement, at 12,917.000
barrels, compares with 10,326,000 barrels for the preceding month and
8,592,000 barrels for April 1922. Stocks of cement on April 30 amounted
to 11,450,000 barrels, as compared with 14,470.000 barrels at the end of
April last year.
Of the total FREIGHT LOCOMOTIVES in use, 23.7%, exclusive of
those owned by switching and terminal companies, were in need of repairs
on April 1. as compared with 25.5% on April 1 1922. The weekly average
CAR LOADINGS for April amounted to 940,991 cars, as compared with
916.492 during March and 727,488 in April a year ago.
POSTAL receipts for the month of April made the usual seasonal decline,
as did the combined sales of the two large mail-order houses. The sales of
MAIL-ORDER HOUSES for April amounted to 330,691,000,and compares
with $22,071,000 recorded a year ago.
Debits to Individual accounts, both in New York City and outside, declined during April, as did BANK CLEARINGS.

Julian W. Potter, of Coal & Iron National Bank,
Looks for Some Decline in Business.
The "Wall Street Journal" last week asked Julian W.
Potter,President, Coal & Iron National Bank,for an opinion
on the present credit and business situation. Mr. Potter
feels that while business is sound we will experience many
setbacks before industry settles down to a pre-war basis.
Our big future, he says, is largely dependent upon the
buying power of foreign countries and whether we will or
not we must lend a substantial helping hand. His opinion
follows:
There is no sounder credit system in the world than ours and the Federal
Reserve System has justified its existence a hundred-fold. The only cloud
on the horizon of the present business prosperity is the buying power of the
ultimate consumer, for we must somewhat revise our estimate of the consumptive ability of our markets, due to the fact that we cannot count on
Europe to stimulate either buying or selling.

2194

THE CHRONICLE

[VOL. 116.

hourly earnings of 1913. Between 1913 and 1920 there was
a decrease of about.12% in customary full-time hours of
labor per week with ,no appreciable change in 1922. Because of the decrease in hours since 1913, full-time weekly
earnings did not increase to the same extent as average
earnings per hour. In 1920 average full-time weekly earnings were 102% higher than in 1913. In 1922 full-time
weekly earnings stood 84% higher than in 1913-.
The figures for 1922 cover 28,948 males and 18,413 females
employed in 104 representative factories. The average fulltime weekly earnings of male wage earners in the principal
occupations ranged from $13 71 for lacers to $43 30 for GoodEmpolyment in Selected Industries in April, 1923—
year welters. Full-time weekly earnings of females ranged
Quite General Increases.
The U. S. Department of Labor through the Bureau of from $13 04 for outsole or insole rounders to $23 75 for
Labor Statistics presents perliminary figures concerning the binders.
volume of employment in April, 1923 from 5,651 representaLarge Shipments of Railroad Locomotives.
tive establishments in 43 manufacturing industries, covering
Shipments of railroad locomotives from the principal
2,139,053 employees, whose total earnings during one week
amounted to $55,353,082. Identical establishments in manufacturing plants amounted to 217 in April, as compared
March reported 2,128,816 employees and total payrolls of with 282 in March and 21 in April 1922, according to figures
$54,573,958. Therefore, in April, as shown from these published by the Department of Commerce from compilaunweighted figures for 43 industries combined, there was an tions of the Bureau of the Census. Unfilled orders on
with 2,316 on March 31. The
increase over March of 0.5% in the number of employees, April 30 at 2,204, compares
an increase of 1.4% in the total amount paid in wages, and following table compares the April 1923 figures with the
corresponding month last
an increase of 0.9% in the average weekly earnings. Com- previous month and with the
year, as well as totals for the year to date, compared with a
paring April with March, 19 of the 43 industries show increases in employment, the greatest being in the automo- year ago, in number of locomotives:
April 4 Mos. Total,
March
April
bile, brick, carriage, sawmill and petroleum industries.
1922. Jan. I to Apr.30
1923.
1923.
The greatest decreases in employment were in the men's Shipments:
1923. 1922.
99
883
13
Domestic
269
201
and women's clothing, fertilizers, chemicals and cigar in79
52
8
Foreign
13
16
dustries. 29 of the 43 industries show increased payroll
men's and wototals, brick and carriage leading, while
935
• 178
Total
21
282
217
—
—
men's clothing show the seasonal decline. Iron and steel,
Unfilled orders:
with a slight increase in employees, shows a decrease of 2.6%
Domestic
515
2,111
2,214
in total earnings. 30 industries show increased per capita
Foreign
102
102
93
earnings in April as against 40 in March,28 in February and
Total
2,204
2,316
617
only 10 in January.
Comparing April, 1923, and April, 1922, men's clothing
alone of the 13 industries considered, shows decreased em- Railroad Freight Traffic of Unexampled Dimensions.
Freight traffic on American railroads the first three months
ployment, while huge gains are shown in employment
and earnings in woolen, cotton and silk goods, automobiles, this year was the heaviest in history for that period of the
iron and steel and car building. A combined total or re- year, according to reports just received by the Bureau of
ports from the 43 industries shows that 85% of the 4,382 Railway Economics from the carriers, and made public May
establishments reporting in April were on a full-time basis, 16. During the three months' period, freight traffic totaled
13% on a part-time basis, and 1% were not in operation. 109,546,090,000 net ton miles. (The number of tons
This is a decrease from March of 2% in full-time operation, multiplied by the distance carried.) This was not only
and an increase over February and January of 1 and 5%, an increase of nearly 24% over the first three months last
respectively. 21 of the 43 industries were working 90% year, but also was an increase of 3.6% over the total for the
or over of full time as compared with 26 in March, 22 in corresponding period in 1920, which was the previous reFebruary, and 16 in January. The decreases are largely cord. The total for the first quarter this year exceeded by
in seasonal industries, such as agricultural implements, even a greater percentage that for the corresponding periods
clothing, and millinery and lace, while considerable increases in not only 1921, but also 1917, 1918 and 1919. The railare shown in automobiles, metal industries, furniture and roads in the Eastern districts showed an increase of 22%
textile industries.
over the same months last year; the Southern, an increase
A general increase in rates of wages is indicated by the of more than 33% and the Western district, nearly 24%.
fact that such changes were reported in each of the 43 inThe railroads in March alone broke all previous records
dustries by a total of over 800 establishments. The indus- for that month in the amount of freight carried, the total
tries leading in this respect were foundries and machine for the month being 39,238,481,000 net ton miles, which
shops, cotton goods, brick, furniture, paper, sawmills and was an increase of nearly 4% over March, 1920, when the
iron and steel. Altogether these reports again indicate previous record was established. It also was an increase
substantial gains,although,owing largely to seasonal changes, of more than 19% over March last year. The railroads in
the gains are not quite so pronounced as in March.
the Eastern districts in March carried 18% more freight
Reports of the Inter-State Commerce Commission show traffic than during the same month in 1922, while there
an increase in all employees on Class 1 railroads, excluding was,an increase of nearly 29% in the Southern district.
executives and officials, of 15.5%, from February, 1922 to Carriers in the Western district reported an increase of more
January, 1923, and a further increase of 0.2% to February, than 17% over March one year ago.
1923;There was an increase.in the nionthly compensation
of such employees of 29.3% from February, 1922 to January,
Continued Record Loading of Revenue Freight by the
1923, and a decrease of 8.1% from January to February 1923..
Railroads.
Record loading of revenue freight for this time of year
Wages and Hours of Labor in the Boot and Shoe
continued during the week which ended on May 5, accordIndustry.
ing to reports just filed by the carriers with the Car Service
In the September 1922 "Monthly Labor Review," sum- Division of the American Railway Association. The total
mary figures were given concerning wages and hours of labor for that week was 961,029 cars. This was an increase of
in the boot and shoe industry in 1922 in comparison with 213,829 cars over the corresponding week last year, and an
figures for several years back. Bulletin No. 324, published increase of 239,307 cars over the corresponding week in 1921.
by the Department of Labor through the Bureau of Labor It was also a considerable increase over the corresponding
Statistics, presents the final figures and is now available. weeks in 1918, 1919 and 1920. Compared with the preceding
The wage peak in this industry was reached in 1920, at which week this was, however, a decrease of 2,665 cars. Additional
time the average earnings per hour were 2 1-3 times those details follow:
A substantial increase in shipments of ore, compared with the week
of 1913, the exact figures of increase being 131 per cent.
were reported by the carriers. Oro loading totaled 37,943 cars, or
Between 1920 and 1922 there was a decrease in earnings per before,of 13,808 cars over the
gain
preceding week. This also was an increase
a
hour of about 10%; the average for 1922 stood 108% higher of 26,483 cars over the same week last year, and an increase of 25,149 cars
-than in 1913; in other words, a little more than double the over the same week two years ago.
In my opinion we cannot hope to continue the present rate of prosperity
and we must make up our minds to settle down to a quieter and less spectacular production program.
Conditions are sound, but we will experience many setbacks before business settles down to a pre-war basis.
It is beyond probability that the world, or even any nation, can readjust
itself as rapidly as America has apparently done after the cataclysm through
which we have just gone.
Our big future prosperity is unfortunately largely dependent upon the
buying power of foreign countries, and whether we will or not, we must lend
a substantial helping hand.
Hold down inventories. Don't buy too far ahead or else we will see
another period of inflation with its attendant labor disturbances.




MAY 1.9 1923.]

THE CHRONICLE

2195

Live stock loading amounted to 33,508 cars, 1,805 cars in excess of the
previous week, and 3,564 cars above the same week last year. It also was
an increase of 6,188 cars over the same week in 1921. In the Western districts alone, live stock loading totaled 25,497 cars, which was an increase
of 3,145 cars over the same week last year.
Loading of grain and grain products totaled 34,097 cars, or a decrease
compared with the week before, of 2,825 cars. This also was a decrease
of 5,822 cars under the corresponding week last year, and a decrease of 608
cars under the corresponding week two years ago.
Loading of merchandise and miscellaneous freight, which includes
manufactured products, also showed a decrease of 5,462 cars under the
week before, the total being 592,361 are. Compared with the same week
last year, however, this was an increase of 66,588 cars, and with the same
week in 1921, an increase of 143.139 cars.
Coal loading totaled 175,866 cars. 4,261 less than the week before, but
an increase, due to the miners' strike last year, of 100.741 cars compared
with the corresponding week one year ago. Coal loading for the week of
May 5 was an increase of 30.992 cars over the corresponding week in 1921.
Forest products loading totaled 72,154 cars, a decrease of 5,101 cars
under the week before, but an increase cf 15,309 ears over the corresponding
week last year. It also was an increase of24,038 cars over the corresponding
week two years ago.
Coke loading totaled 15,100 cars. While this was a decrease of 629 cars
under the week before, it was an increase of 6,966 cars over last year, and
an increase of 10,409 cars over two years ago.
Compared by districts, an increase over the week before in the total
loading of all commodities was reported in only the Northwestern district,
while all other districts reported decreases, some of which, however, were
slight. All districts, however, reported increases over the corresponding
week last year, while all except the Southwestern tllstict reported increases
over the corresponding week in 1921.
Loading of freight cars this year to date,compared with those ef the two
previous years follows:
1923.
1922.
1921.
Month of January
3.380,298
2,823,759
2,785.119
Month of February
3,366,965
2,739,234
3,027,886
Month of March
4,583,162
3,452,941
4,088,132
Month of April
3,763,963
2,822,713
2,863.416
Week ended May 5
961,029
721,722
747,200

First. The volume of construction projected so far this year exceeds the
volume of the same period of last year by more than 40%. and the experience of 1922 demonstrated that during that year the facilities for producing
materials and conducting field operations were taxed about to the limit.
Production in the basic materials is not only limited by the evadable supply
of labor, but like other industries by inadequate transportation. Construction likewise is limited by these factors, and in addition the restricted supply
of manufactured products and materials from the basic industries.
Second. Stock of materials on hoed in practically all of the materials
entering construction are lower than last year: while the unfilled orders are
greater. Recent figures showed that orders on hand for common and face
brick were about 60% higher and the stock on hand about 16% lower
than in 1922. Orders on hand for bathtubs, lavatories and other sanitary
ware ran 78% higher and stocks on hand 40% lower than last year. From
the construction field reports indicate that material salesmen are slackening their solicitation for orders to a great extent and that manufacturers
are, in many instances, unwilling to accept additional orders for any reasonble period of delivery.
Third. Material prices are rapidly rising. Contractors in different parts
of the country report that jobbers and manufacturers are unable to maintain
their quotations for more than a day or two at a time on certain manufactured products: and it appears that the current demand has reached that
stage where competition has passed from the seller to the buyer. The latter
is bidding for materials and sending the prices upward. Furthermore, to
aggravate the situation, deliveries are becoming uncertain, and recourse is
being taken to the practice of overordering for the job.
Fourth. Labor rates, like the prices of materials, are rapidly increasing.
In the building trades especially, employers are placed in the position of
bidding for services and paying bonusesto an extent in many instances even
greater than in 1920. Regardless of what the different opinions may be as
to the reasonableness cf a wage of $15 or $18
Per day for skilled mechanics,
we know that under present conditions these scales will soon stop buildings
operations and leave the laborer in a more unfavorable position than he
would occupy under steady employment at a lower wage.
Fifth. The production capacity of various industries is limited and appears unable to meet a continuation of the present demand. Even where
plant facilities are adequate, the output may be limited by labor and transportation, and in most of the basic industries sufficient expansion cannot
possibly be made to care for the demand. Under these circumstances the
manufacturer's influence on prices is very limited and a wide variation or
Total for year to date
16,055,415 13,511,753 12.560.369 spread takes place between his prices
and the ultimate price to the consumer. The spread is already under way.
It should be noted that to the credit of many manufacturers they have
Program Adopted by Governors of American Con- not only shown a desire to hold their prices within bounds, but have actually
succeeded in doing it to a great extent. Cement and steel are notable
struction Council to Avert Depression in
examples of materials in which factory price has been relatively stable.
Building Trades.
But after materials leave the hands or the manufacturer, and by the time
The Board of Governors of the American Construction they have reached the hands of the final consumer in a boom period, a
spread oe price occurs that bears
relation to the cost
Council, a national organization representing all factors and distribution. Whether this islittleresult el speculation,of production
the
local material
in the construction industry, unanimously agreed on May 16 corners, or merely the unbridled bidding of buyers, is a matter that should
be ascertained and made known to the public.
that the country was facing a building crisis. A program
No prolonged discussion of economics is necessary to point out the inwas drawn up designed to avert an immediate depression evitable results of such a condition. A continuation of the present demand
with its effect in rals'ng prices will inevitably result in a curtailment of .
as well as to insure the nation against future inflation
decreased production, higher unit
with peak prices and depression with business stagnation. orders,of the reactions of a depression. production costs and the entire
gamut
Downward price reaction, liquidaThe meeting was held at 49 W. 65th St., the home of tion and financial loss are consequences that mustfollow tie Lack of conscious
action to stabilize the industry. In construction stabilization is probably
Franklin D. Roosevelt, President of the Council.
more feasible than
To relieve the present serious situation it was recommended Is cumulative; and in any other industry, as its demand is not transient but
in general what is not built this season will serve as an
that all new construction be deferred for several months, that outlet to production a year from now.
banking interests curtail the financing of speculative building ofOn the side of labor a similar condition exists The unduly high wages
the present period must inevitably be
until after the close of the summer, that wide publicity be and a period of unemployment. which willfollowed by a reaction downward
leave the laborer an annual useful
given to the increased trend of construction costs of labor wage considerably less than that which he could obtain if adequate efforts
were made to moderate the derrand for construction.
and material, and that governmental, municipal and State
Considerable discussion has been devoted to the question of whether
construction departments be urged to delay their work as either possible or advisable to exert an effort to curb this demand andit is
remuch as possible until September or October. The co- strain inflation. The conclusion reached depends considerably upon
special interests of the individual. It resolves itself finally
into whether
operation of newspapers and trade publications was sought so a large certain profit
this season
that the public might be kept informed of monthly fluctua- desired than steady production with Its following depression is less to be
with a continuing profit of moderate
amount. At any rate there are several ways in which it
tions in construction costs.
is possible to exert
influence upon the situation.
To prevent future crises in the construction industry, it anThe various influences that
can be set in motion may be segregated into
was decided that the establishment of an authoritative two classes: First, those that intend to increase production and expedite
index of construction costs was necessary. According to materials to their source of consumption; and, second, those that influence
the demand for building projects. The first group may be outlined
as
the New York "'Times," the Department of Commerce will follows:
be asked to organize a statistidal commission to prepare an
By speeding up the production of materials and expediting field operations
index of construction, labor and material costs in order that it is possible to a certain degree to offset the effect of excessive consumpsome industries
the public may have the general facts affecting the nation. tion. Inrequiring a plantthe possibilities from this source are limited, but
in others
outlay of moderate cost some relief
If the Federal agency finds it impracticable to create the sug- be afforded. Construction companies can to some extentcan doubtless
increase the
gested organization, the American Construction Council will efficiency of their management, but it is possible that this will be necessitated anyway to offset the decreasing output of labor, which is again
undertake the work. The program was prepared by M. C. noticeable.
The speeding up of transportation is another factor that may
Rorty, President International Telephone Securities Corp.;
furnish a
certain
Nobel Foster Hoggson of Hoggson Brothers, New York, cars amount of relief. Delays in transit, underloading and holding of
have practically the same effect as the curtailment of
production.
and John Donlin, President Building Trades Department, Experience of the past has demonstrated that both the
mileage per car per
American Federation of Labor. It was pointed out that day and the average loading of cars can be greatly increased by the exercise
of care on the part of shippers. Therefore,co-operation
ofshippers with the
there was no disagreement with the fact that the construction railroads will
undoubtedly prove of benefit in relieving local shortages of
industry was facing a crisis. The move for
materials.

a voluntary
stabilization of an industry by all the factors in the industry
was said to be unique in the annals of American business.
The following outline of the present situation was adopted
by the Board:

The fear voiced some months ago by representatives of the construction
industry that the country's building activity was progressing at an over-rapid
pace, and that soon this condition must precipitate a depression, is being
borne out by developments within the industry to
-day. Not only contractors, manufacturers and producers of the basic materials, but also leaders of
labor have apparently come to realize that if the demand for new structures
continues throughout the year at its present rate production facilities, both
in the basic industries and in the field operations of construction, will be
inadequate, and that as a result of this condition the cost of construction
will shortly mount to a prohibitive level.
The opinion here expressed is hafted upon a number of factors, each pointing to the saute consiusion, which may be outlined as follows:




There is also the question of restrictions to output
on the part of local
labor unions which has commonly been
regarded as a useless practice so far
as the welfare of labor is concerned and
a serious factor in the increase of
construction cost. Elimination of these
restrictions would exert a significant influence in holding cost below that
point where building becomes
uneconomical.
The second group of actions may be
outlined as follows:
Through publicity of construction costs
the public will be enabled to
follow the trend of prices and
restrict its demand at the point where invest
meats at existing costs become
economically unsound, thus avoiding the
injurious effect of taking precipitous
action when costs have risen to the
limit. The investment in new
structures at an index number approximating
200 will unquestionably prove
unsound in many instances when the general
level of prices has declined. By
informing the public of the index number
from month to month it can
govern its actions accordingly. It may be
possible also to delay governmental,
municipal and State construction until
the peak of private building has
subsided or until some curbing influence
has been exercised on speculative
building.

2196

THE CHRONICLE

An influence en speculative building can be exerted by the banking interests of the country, and they may find it decidedly to their interest to
take such action. At the present time daily newspapers are carrying advertisements of the banks which tend to encourage speculative building and
aggravate the inflation of the construction industry. They are probably
safe in lending for this sort of building at present, and until industry at
large reaches that point of expansion where they consider it advisable to
curtail loans. However, for the welfare of the construction industry
itself, a restriction of loans for speculative building at the present time
or in the very near future will produce a beneficial effect.
In some States the tax exemption on new homes is in force, and this might
be repealed until the rate of building slows down. It is very questionable
whether the construction of a home at present prices is a sound investment
for the average citizen. Moreover, in some cities the urgent needs are
believed to have been filled, and a great part of the present activity is what
might be designated as luxury construction.
There are also certain other remedies of a miscellaneous character, among
which are the following:
Speculation and over-ordering of materials on the part of dealers and
construction companies can be curtailed to a certain extent by the establishment of a bona fide material sale, contracts obligating the buyer and seller
to mutually advantageous provisions. At present the buyer purchases
with great apprehension that his shipments will be delayed by transportation
or that they may be diverted to fill orders at a higher price, and, as a result,
he orders more than this work actually requires. The effect of this practice
is to build up a false demand that has an inflating influence on prices.
There is, of course, a vague possibility of controlling the situation to
some extent through the steadying of prices by dealers and the steadying
of wages by labor. If any relief is to be derived from this source, it will
probably have to come as the result of mutual agreements between contractors, the building trades and those concerned with the handling of
materials. Just as it has been the custom and the right of vendors to accept
as much for their products as the buyer is willing to pay, so we may expect
mechanics and laborers to be guided by the same policy. It is possible,
however, that in local communities agreements may be made between these
elements to land their efforts in preventing runaway costs in construction.
Some of the actions here mentioned are sound enough in economic theory,
and if they were attempted in earnest by all the parties involved in construction would doubtless,iwoduce the desired result, but it is questionable
how far the necessary co-operation can be made to extend. There is, however,one influence that can be brought to bear effectively upon the situation
—namely, the co-operation, of the country's editors. If these men will
publish the index number of construction for the country or for any particular locality and call the attention of their readers to the rising trend of
construction costs, it is highly probable that they can effectively influence
the demand. They may in this manner bring about a conscious steadying
of the market that will avoid too much inflation.
In other words, the choice lies open as to whether through some such
action as is here mentioned the public chooses to control its demand while
the price is at its present level or whether it prefers to exercise no influence
on the course of events, and thus allow the industry to culminate in another
period of stagnation, deflation and unemployment.
The executive committee of the council includes bankers, railroad men,
architects, engineers, contractors, material manufacturers and dealers,
bond and insurance representatives, labor leaders, sub-contractors and
Federal, State and municipal officials.

Union President Colleran Protests Delay of Columbia
University Construction in Letter to Dr. Butler.

The temporary postponement of $10,000,000 worth of
construction by Columbia University announced last week,
due to rising wages and costs of materials in the building
trades, has brought rebuke from Michael'J. Colleran, President of the new Building Trades Council. Protesting the
action of the university, Mr. Colleran has written a letter to
President Nicholas Murray Butler, in which he says:
This policy seems a mistaken one, which in the long run will defeat its
own ends, at least as far as wages are concerned. Workers in the building
trades regard it as an attempt to beat down wages either by bluff or 13,7. the
club of decreased employment. They resent such an attempt. Certainly
neither method is calculated to increase a spirit of co-operation among the
workers in solving a grave public problem.
More important still, neither method will work. In the first place, you
cannot bluff the building trades worker to-day into accepting a wage
reduction. Contractors are still bidding against each other for labor. In
the second place,if sufficient building Is postponed to create a labor surplus
in New York ym will merely drive the surplus into other cities. You will
then be worse off than before, because when building is resumed there will
be even fewer workers than now to man the jobs.
The Building Trades Council and its constituent unions are being swamped
with calls for skilled mechanics from other cities. The building boom, in
other sections. South and West, particularly, is much further from ics end
than in New York. Even in ordinary times there Is a considerable movement of the younger mechanics from city to city towards more work and
better pay. A big slack in New York now would cause an exodus.
The present curtailment of construction by private commercial concerns
may reasonably be laid to a dollars and cents pol:ey of business expediency
—no matter how mistaken such a policy may be. But labor, and the public
as well, have a right to assume that the policy of Columbia University Is
based on considerations of public welfare rather than private gain, and that
a decision was reached only after a thorough study by competent experts
of all the circumstances involved.
I call upon you as a matter of urgent public duty to lame a detailed statement of the reasons for this action by Columbia University and of the effect
which the university authorities expect it to have upon building conditions in
New York.

The Inequality of Improvement Between Agriculture
and Manufacture.

[VOL. 116.

The only possible danger is In overconfidence and the bidding up of costs
and prices by manufacturers, distributers and consumers. This process
has already begun, but fortunately business men are howing sensible
caution. Factories in a wide range of lines are working at capacity and iron
and steel plants have orders enough to keep them busy for the next six
months. Labor is beginning co show scarcity and a number of cases have
been observed of bidding up wage scales. The general prosperity has been
reflected in retail sales, which are higher than a year ago, although the
unseasonable weather has had Its adverse effect in a number of lines, particularly in apparel.
In agricultural lines the Improvement is decidedly not so certain. While
in general most of the farm districts appear to be emerging from their
difficulties, the betterment is not marked and many districts show few
encouraging signs. Land is difficult to sell and in some cases where wartime conditions forced land into cultivation farms are being abandoned.
Crop conditions ea..t of the hundredth meridian are "spotted": west of this
line almost all the fall sowings have been lost In drought. Weather has
been unfavorable for spring planting of wheat. Sheep raisers have done
well. Hogs have so far been profitable, production being 30% above last
year. Rising corn prices have resulted in the dumping of hogs on the
market with a consequer.t. decline In price.
The West is being held back from full prosperity mainly by the marked
differential between the prices of farm products and manufactured articles.
General prosperity has increased the demand for farm products and a good
year is expected as far as sales are concerned. But the farmer's returns are
not in proportion and he cannot buy as freely as those in industrial occupations. The farmer's purchasing power and living standards are not
following the up-curve closcly enough.

Wages Advanced in the Boston and Rochester
Clothing Trades.
Following the lead of manufacturers of men's clothing in
the Chicago market in advancing wages, manufacturers in
both Rochester and Boston on May 13 announced increases,
affecting approximately 25,000 workers. The increase:,
were greatest to the workers receiving the smaller wages,
those earning under $40 getting 10%, while those making
over that figure get only 5%. In neither the Rochester nor
the Boston market was there any agreement reached with
respect to unemployment insurance, such as has been adopted in the Chicago market. The new wage agreements run
until May 1924. In Rochester the following announcement
was made on May 13 with regard to the new agreement
entered into between the Amalgamated Clothing Workers of
America and Clothiers' Exchange, representing the leading
manufacturers operating on the closed shop basis:
The arrangements between the Clothiers' Exchange of Rochester and the
Amalgamated Clothing Workers have now been in effect for four years. In
that period the Rochester market has operated without strikes and with settlement of all disputes and differences through the impartial machinery set up
under the agreement. The existing agreement has still two years to run.
A year ago the cause of the condition of the industry, and under the imperative necessity of adjusting its labor costs to a depressed market, a
general wage decrease was agreed upon after negotiations between the Clothiers' Exchange and the union. Although observers of the Rochester
agreement have expressed much concern as to how the agreement would
work in a time of depression, it met the test. The wage decrease was accepted in good spirit as something made necessary by the condition of
business.
At the beginning of the year negotiations were entered into on the union's
request for an increase of wages in the Rochester market. The possibility of
such requests and such negotiations was contemplated in the agreement and
there provided for. A definite increase has now been agreed upon.
Many difficulties have been encountered by both sides in figuring the
proper distribution of the amount of increase, so as not to disturb the equilibrium existing or create an additional burden to the consumer. The settlement which has been arrived at is of great advantage to the workers, because
the result has been achieved without any stoppage of work, which in itself
amounts to a greater advantage than the increase.

Shipping Board Increases Pay of•Seamen.
Increases in wages for seathen employed on vessels operated
by the U. S. Shipping Board were announced on May 13.
The following statement with reference to the increases was
issued by Commissioner O'Connor, in charge of labor relations, for the Shipping Board:
After several conferences between the representatives of the United States
Shipping Board and representatives of the International Seamen's Union
with reference to wages and conditions of seamen on Shipping Board vessels, and after thorough investigation by the Board, the following increases
in seamen's wages were announced, effective May 14, with certain changes
in working conditions such as the inauguration of the three-watch system
instead of the two-watch system and the observance of the eight-hour day
In port:
Old
New
New
Old
Scale.
Scale.
Scale.
Scale.
$70 00 $80 00
$70 00 $80 00 Pumpman
Carpenter
75 00
65 00
Carpenter's mate____ 6000 70 00 Donkeyman
65 00
00 75 00 Storekeeper
65
Boatswain
7250
65 00
Boatswain's mate-- 60 00 70 00 Oiler
60 00 7000 Fireman—
Quartermaster
57 50 65 00
Oil burner
55 00 62 50
Able seamen
57 50 67 50
Coal burner
Ordinary seaman_ --- 40 00 47 50
50 00 60 00
60 00
70 00 Coal passer
Storekeeper
50 00
57 50
70 00 8000 Wiper
Deck engineer
65 00
72 50
Water tender

The main weakness in the business outlook of the Middle
West is due to the inequality in improvement between
agriculture and manufacturing, according to C. F. Junod,
The Shipping Board had on May 2, after conference with the seamen,
Vice-President of the Bank of America, who has returned appointed a special committee to make a thorough investigation Into their
from a first-hand economic study of conditions there, claims that the present rate of wages as established February 1922 was out of
line with the new economic conditions, &c., which committee would conwho says:
representations and
the adequacy of the pra.-ent Wages
study
their
There is no doubt that every Indication points to present industrial sider
conditions and report the facts not later than May 10.
prosperity, which will probably be sustained during the rest of the year. and




MAY 191923.]

THE CHRONICLE

2197

In considering the matter due weight had to be given to the cost of
living, the supply and demand of American labor and establishment of such
wages and working conditions as would make for stabilization, efficiency and
economy. The Americanization of the ships' crews of our merchant marine
is highly desirable, and the improvement in the morale and the maintenance
of efficient crews to man and care for the ships should increase efficiency and
keep repair bills at a minimum. The co-operation and loyal support of the
-raft element and the disloyal
real American seamen is necessary. The riff
radical have no place in the American merchant marine.

Seamen on Great Lakes Get Wage Increase.
The Lake Carriers' Association on April 28 announced a
10% wage increase over the 1922 fall scale for employees on
its Great Lakes steamers and barges, effective May 1.
Chief cooks on steamers of over 4,000 gross tons will receive
8155 a motith, and those on vessels under 4,000 gross tons
$138, with second cooks receiving $88. Cooks on tow barges
Retail Trade in New England Shows Some Decline. will receive $105. Boatswain and deck engineers on steamers
will get $121; wheelmen, lookouts, firemen, oilers and waterThere has recently been a slight falling off in retail trade tenders,
$105; ordinary seamen, $77; porters, $75, and coal
New England,according to reports gathered by the Federal
in
passers, $72. Mates on tow barges of larger class will be
Reserve Bank of Boston, which says:
While the sales of the Boston department stores during April were as paid 8125, as will engineers on tow barges carrying towing
large as they were in March, there is usually a considerable increase in machines. Mates on barges of the smaller class, able-bodied
April, as the spring season advances. A late spring, combined with the seamen on tow barges and donkeymen will receive
$105.
fact that some Easter buying which came in April last year came in March
this year, may be responsible for this condition. These same department stores reported in March a gain of 14% in their sales over March
a year ago, while during this past April their sales were slightly less
than a year ago. April was the first month of this year that these
sales have not been reported larger than in the same month in 1922.
Better trade conditions were found in many cities scattered throughout
New England than was the case in Boston. In fact, the combined sales
of important department stores in these cities which report to the Bank
were nearly 6% larger in April than last year.
Poor shopping weather has had considerable effect on the sales of wearing
apparel. As a result, sales of leading women's apparel shops in Boston
were about 3% less in April than in the same month last year, and in fact,
their total sales during the first four months of this year have been only
equal to those of the same months last year. In view of the fact that the
price of most of the merchandise sold in these shops is slightly higher
than a year ago, it seems clear that the actual volume of goods sold has
averaged less than in 1922.
A similar situation is also found in the wearing apparel departments
of the largo Boston department stores, the total sales of apparel showing a
slight loss over last year. Considerable improvement was noted in yard
goods sales during April, cotton yard goods selling fully 20% better than
last year. Gloves, Jewelry and some other specialty lines showed a loss
when compared with the previous month and the corresponding period
,1 year alto.

Farr Alpaca Company Advances Wages 123¢%
Announcement was made on April 27 by the Farr Alpaca
Co., at Holyoke, Mass., of a wage increase affecting its 3,600
employees and retroactive to April 16. While the rate of
increase was not made public, it is believed to amount
to 12
Wages Advanced on Steamers Sailing from Boston.
Shipping men in Boston announced on April 23 that a
wage advance would be granted on May 1 to 4,000 sailors,
firemen and mess boys comprising the unlicensed personnel
of American steamers sailing from that port. The advance
is said to have been decided upon because of the difficulty
of recruiting crews due to competition resulting from increasing wages ashore and also to offset the spread of radical ideas
among seamen which were reported to have caused several
recent instances of sabotage aboard ship.

Current Events and Discussions
The Week with the Federal Reserve Banks.
Increases of $2,300,000 in discounted bills, of $14,600,000
in acceptances purchased in open market and of $3,100,000
in United States securities are shown in the Federal Reser vt
Board's weekly consolidated bank statement issued as at
close of business on May 16 1923, and which deals with the
results for the twelve Federal Reserve Banks combined.
Deposit liabilities show an advance of $56,000,000, while
Federal Reserve note circulation decreased by $8,800,000.
Total cash reserves fell off about $400,000 and the reserve
ratio declined from 76.1 to 75.3%. After noting these
facts, the Federal Reserve Board proceeds as follows:

The Week With the Member Banks of the Federal
Reserve System.
Reductions of $64,000,000 in loans and of $16,000,000 in
investments, accompanied by decreases of $91,000,000 in
net demand deposits, of $28,000,000 in time deposits and of
$11,000,000 in Government deposits, are shown in the
Federal Reserve Board's weekly consolidated statement of
condition on May 9 1923 of 775 member banks in leading
cities. It should be noted that the figures for these member
banks are always a week behind those for the Reserve banks
themselves.
Following the large increase for the preceding week, loans
secured by stocks and bonds (other than Government) show
a net liquidation of $96,000,000 for the week under review;
loans secured by Government obligations increased by
$11,000,000, and other, largely commercial, loans and
discounts by $21,000,000. Changes in the loan account
reflect mainly the reduction during the report week of
$82,000,000 in loans on stocks and bonds by the member
banks in New York City. Holdings of Government securities show an increase for the week of about $5,000,000, while
those of corporate and other securities fell off $21.000,000.
Further comment regarding the changes shown by these
member banks is as follows:

Larger holdings of discounted paper are shown for all Reserve banks,
except the Reserve Bank at New York City. For the latter the decrease
in these holdings was $45.500,000, as against an aggregate increase of
147.807,000 for the other Banks. As against the substantial liquidation
of discounted paper the Now York Reserve Bank reports an increase of
318,800,000 in acceptances purchased in the open market and of $2,600,000
in United States securities.
Gold reserves show a reduction for the week of about $1,000,000. The
Inter-bank movement of gold during the week resulted in increases of
$32,400,000 in the gold reserves of the New York Bank, and of
$6,100,000
In those of the San Francisco Bank. Smaller increases,totaling 34.700,000.
are shown for the Atlanta and St. Louis Banks. Cleveland reports the
largest decrease in gold reserves, amounting to
$24,700,000, and the remaining seven Banks a total decrease of 319,500.000.
All other, largely commercial, loans and discounts. 37.811,000,000,
Holdings of paper secured by Government obligations increased during represent a new high total for the year, being over 3400,000,000 in excess
week from 3358.600,000 to 3360.200.000. Of the total held on May 16, of the Jan.3 total. During the same period loans on Government securities
the
$204,800,000, or 56.9%, were secured by United States bonds: 32.100.000, declined $22.000,000 and loans on other securities 383.000.000.
Borrowings of the reporting institutions from the Fedora! Reserve banks
or 0.6%, by Victory notes; 3142.700.000. or 39.6%, by Treasury notes. decreased during the week from $486,003,000 to $449,000,000, or from
and 310,600,000. or 2.9%, by Treasury certificates, compared with $193,- 2.9 to 2.7% of their combined loans and investments. For member banks
in New York
100,000, 32,900,000, $153,200,000 and $9,400.000 shown the week before. ings from theCity a reduction from $149,000.000 to $142,000,000 in borrowlocal Reserve bank and from 2.8 to 2.7% in the ratio of these
to total
The statement in full in comparison with preceding weeks borrowingsbalances loans and investments is noted.
Reserve
of the reporting banks declined by 310.000,000. while
their cash in vault went up about 312,000,000. Corresponding changes
and with the corresponding date last year will be found on for the
member banks in New York City comprise a decrease of $15,000,000
subsequent pages, namely, pages 2230 and 2231. A sum- in reserve balances and an increase of 35,000.000 in cash.

On a subsequent page—that is, on page 2231—we give the
mary of changes in the principal assets and liabilities of the
Reserve banks, as compared with a week and a year ago, figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
follows:
Increase(+)or Decrease(—) furnished a summary of the changes in the principal items
as compared with a week and a year ago:
Since
May 9 1923.
--$400,000
Total Reserves
Gold reserves
—1,000,000
Total earning assets
+20,000,000
Discounted bills, total
+2,300,000
Secured by U. S. Government obligations +1,600,000
Other discounted
Purchased bills
+14,600:000
United StateA securities, total
+3,100,000
Bonds and notes
+2,700,000
U. S. certificates of indebtedness
+400,000
Total deposits
+56,000,000
Members' reserve deposits
+21,400,000
Government deposits
+33,400,000
Other deposits
+1,200,000
Federal Reserve notes in circulation
8.800.000
F. R. Bank notes in circulation—net liability
—200,000




May 17 1922.
+$49,900,000
+82,700,000 Loans
and discounts--total
+7,100,000
Secured by U. S. Govt. obligations
+228,600,000
Secured by stocks and bonds
+190,500,000
••.
AU other
+38,100,000
+184,500,000 Investments, total
U. S. bonds
—406,100,000
U. S. notes and Treasury notes
—89,500,000
Treasury certificates
—316,600,000
Other
+107,700,000 Reserve stocks and bonds
balance with F R. banks
+97,100,000 Cash in vault
+16,800,000 Government
—6,200,000 Net demand deposits
deposits
+86,300,000 Time deposits
—70,600,000 Total
accommodation at F. R. banks_ ,,

Increase(+) or Decrease(—)
Since
May 2 1923.
May 10
—$64,000,000 +$1,046,000,000
+11,000,000
—48,000,000
—96,000,000
+515,000,000
+21,000,000
+579,000,000
+583,000,000
—16,000,000
+246,000,000
+393,000,000
+6,645:66
+3,000,000
—1,000,000
—59,000,000
—21,000,000
+12,000,000
—10,000,000
+7,000,000
+12,000,000
+60,000,000
—11,000,000
+364,000,000
91,000,000
+726,000,000
28,000,000
+299,000,000
—37,000,000

2198

UTE CHRONICLE

(VOL. 116.

was "one which . . . the German Government might
ar d ought to have foreseen and therefore guarded against."
"Iii3 Majesty's Government," the British note further
says, "are persuaded that in her own interest Germany
will see the advantage of displaying a greater readiness to
grapple with the realities of the case, and discarding all
irrelevant or controversial issues, will proceed to reconsider
or expand their proposals in such a way as to convert
them into a feasible basis for further discussion." The text
we learn in official quarters that a
In connection with the foregoing
of the British note as made public in London on May 13
shipment of 60,000,000 gold marks already is en route to America.
this connection, says the was as follows:
The newspaper does not explain
have given careful attention
His Majesty's
"Evening Post" of this city, but adds that the sum will be randum of your Governmentcommunicated to me May 2,to the memoExcellency,
in which the
the next statement of the Reichsbank. The German Government put forward proposals for a settlement of reparations.
accounted for in
This action on their part is well known to have been a sequal to tne
three previous payments on the Treasury bills given to
20, and
British Parliament on
Belgium were respectively 47,400,000 gold marks, 48,600,000 suggestion I made in debate in the have special interest inApril response
the
his Majesty's Government therefore
gold marks. The final install- returned to that anneal.
gold marks, and 47,400,000
I cannot conceal from your Excellency that the proposals of your Govment of 60,000,000 gold marks is due June 15.
ernment come as a great disappointment and that the unfavorable imLouis Loucheur, former Minister of Liberated Regions, pression they made on his Majesty's Government, as well as on their
speaking on the Franco-German situation in Paris May 16, allies, is one which, in my opinion, the German Government might and
said he had received an invitation to go to America. H ought to have foreseen and therefore guarded against. in form or in subThe proposals are far from corresponding, either
added that he did not yet know whether he would be able to stance to what His Majety's Government might reasonably have expected
accept. Referring to the reparations question, M. Lou- would be made in answer to the advice I on more than one occasion venyour Excellency,
Government
cheur said it was bound up with that of the inter-Allied debts. tured to convey to the German to them in thethrough referred to.
speech
and to the more direct indication
"We are ready to remit the debts of the Powers who fought
Grounds for British Disappointment.
beside us," he asserted, "on the condition that ours be reThe main grounds for this legitimate disappointment are the following:
mitted to us." America, he went on to say, according to
First.—The German Government offer in total payment of their acknowlmoderate amount
press dispatches, had disillusioned him greatly on this sub- edged debt a sum which, falling far below thePark conference in forming
January
submitted to the
the basis of
ject, adding: "The Americans supported all of France's last, must the British scheme in advance to be altogether unacceptable
been known
have
claims during the discussion of ttie peace treaty, but once to the Allied Governments. Furthermore. payment of even this inadeback home they forgot that solidarity. However, it cannot quate sum is made dependent on a series of international loans, the success of which in the conditions predicated must be largely speculative, so
be ignored by America, which is suffering from saperabun- much so that the scheme proposed by the German Government actually
dance of riches. America is about to die of her gold."
contains provisions dealing with the contingency of the loans not matePayments to Belgium—Gold Said to
be on Way to United States.
The fourth payment by Germany to meet the Treasury
bills advanced to Belgium for settlement of Belgium's
claims during the last half of 1922 was made by the Government on May 16. This installment amounted to 58,500,000
gold marks. Noting this payment,the "Deutsche Algemeine
Zeitung" on May 17 said:
Germany Meets

The Decline in Brazilian Exchange.
The Brazilian-American Chamber of Commerce of this city
in a special bulletin says that no matter how careful a survey
may be made of financial, commercial, agricultural and
political conditions or of anything that tends to influence
the exchange rate for a country's money, any forecast of the
trend of exchange would be wholly problematical. Times
are not yet normal, and until they do normalize, the unexpected is likely to happen,especially in the realm of exchange.
It then goes on to add:
The steady decline of the Brazilian milreis was to have been expected
in view of the continued increase in the paper circulation, the equivalent
of which, in United States money at the par of exchange, is now about
$600.000,000,and with a gold reserve ofso negligible a proportion as to make
the currency almost an unsecured one.
The Government's attempt to carry out the present coffee valorization
has made these recent increases in paper necessary, for in no other way
could she provide the funds with which to buy the coffee and hold it for
future sale. Some adjustment of the coffee valorization scheme, which
would result in a quicker exportation, would immediately favorably affect
the exchange rates and bring foreign bills into the market to offset to some
extent the steady buying of sterling and dollars on the part of the Banco do
Brazil in connection with the requirements of the foreign loans. Maintaining the price of a raw commodity (outside of war times) is a policy of
questionable wisdom and rarely if ever proves to be permanently successful
Brazil may be able to hold up the price of coffee but,in view of the enormous
production, estimated to be as high as 17,000,000 bags, it means a severe
strain on her credit, whether she maintains the price by means of external
borrowing or in further issues of paper currency. Either way means too
high a price to pay for the maintaining of coffee on a false valuation basis.
A readjustment of the valorization and a lowering of the price would certainly stimulate sales and not only improve the exchange rate, but give
Brazil the export duty of which she is so much in need.
The political situation has been to some degree unsettled and rumors
of internal unrest probably affect exchange rates more quickly and more
adversely than any other factor. There appears to be, however, no warrant
for any serious apprehension, and as the new administration strengthens its
hold on national affairs, improvement can naturally be expected and with
the improvement the dissatisfaction and disaffection will no doubt disappear. It is to be hoped that the present administration will give prompt
and competent attention to the Federal finances and take steps to adjust
the excessive floating indebtedness. But so long as the increase continues
In the issues of paper money and so long as the Government continues to
develop its floating indebtedness, it is difficult to see how any material
improvement in the exchange rate can be looked for; but it should be borne
in mind that in a country so vast as Brazil, with enormous agricultural
and mineral resources and almost unlimited potential wealth, quicker
recuperation can take place than in a country more highly developed, and
it may be that the milreis will improve quicker than economic conditions
would appear to warrant.

British Reply to Germany on Reparations—Proposals
Called "Inadequate."
Following the joint note recently dispatched to Berlin
by France and Belgium on Germany's latest reparations
proposals and published last week in these columns, both
the British and Italian Governments sent to Germany notes
bearing on the reparations matter. The German Government's proposals, says the British note from Lord Curzon,
Secretary for Foreign Affairs, made public May 13, "came
as a great disappointment" and the unfavorable impression




rializing. Moreover, the arrangements proposed or d r th's head involve
financial conditions less burdensome to Germany than if the loans were
to be successful; so no real incentive thereby is held out for her to attempt
to raise them.
Second—The failure of the German reply to indicate with greater precision the nature of the guarantees they are disposed to otter is more particularly to be regretted. The Allied Governments, instead of receiving
concrete and substantial proposals in this respect, are confronted with
vague assurances and references to future negotiations which, in a business
transaction of this kind, are lacking in practical value.
The disappointment is enhanced by the belief, which His Majesty's
Government would like to entertain, that indications are to be found in the
German memorandum that the German Government recognize the responsibility resting on them to make an earnest effort to discharge their
obligations under the Versailles Treaty in a manner which the Allies could
regard as both equitable and sincere.
If Germany did intend to open the way to an effectual and speedy solution of the problem, the failure to settle which is gravely disturbing the
political and economic condition of Europe and, indeed, the whole world.
then it seems unfortunate that she should not have shown keener appreciation of the lines on which alone can any such settlement be sought.
Need of "Grappling With Realities."
His Majesty's Government are persuaded that in her own interest Germany will see the advantage of displaying a greater readiness to grapple
with the realities of the case, and, discarding all irrelevant or controversial issues,will proceed to reconsid r or expand their proposals in such a
way as to convert them into a feasible basis for further discussion.
In such a discussion His Majesty's Government will, at a suitable moment, be ready to take part by the side of its allies, with whom they share
a practical interest in this question which they have no intention to abandon, as well as a desire to terminate a situation of international peril.
But they cannot conceal from the German Government that the first
step toward a realization of any such hope must be recognition by Germany
that contribution much more serious and much more precise is required
than any which yet has been forthcoming.

Italy's Reply to German Reparations Proposals.
The reply of the Italian Government to the latest reparations proposals of Germany was made public in Rome on
May 13 almost simultaneously with the British note in
London. Italy's reply to the German note on reparations
}"-"ins by expressing disappointment over the proposals
coutained in it. It defines the Italian attitude as a sequel
to the plans submitted by Italy at the last two conferences
at London and Paris. Italy, it says, by reason of her economic and financial position, is obliged to consider the
problems of reparations and inter-Allied debts at all times
closely bound up with each other and cannot refrain from
insisting that they be settled as soon as possible, taking into
account the expenses of reconstruction in her invaded regions.
It continues:
That necessity clearly explains her attitude both as regards the deliberations of the Reparations Commission and as regards events which followed
the last Paris conference, it being understood that her interests and requirements in the solution of so grave a question are not inferior to those of any
of the other Allied States whatsoever.
As is proved in several official manifestations and explicit documents of
the Royal Government, Italy is disposed to bear her share of sacrifices in
order to insure a general economic settlement, but she cannot agree to
the imposition of such sacrifices as are beyond her reasonable capacity.
It must not be forgotten that Italy's relative position in the percentage
of German reparations is based on the greater share reserved to her in the
reparations due from the small States in regard to which Italy, in conformity with generosity and moderation, and taking into account their diffi-

MAY 19 1923.]

THE CHRONICLE

cult situation, agreed to concessions without so far invoking or claiming
her right to have recourse to Germany's joint liability as sanctioned by
treaties.
•
Besides, the German Government knows that the Italian Government, to
Its intense regret, was obliged to reject the scheme for the settlement of
reparations propounded by the British Government at the Paris conference
because, although inspired by elevated aims, Mr. Bonar Law's memorandum did not seem sufficiently to take into account the irreducible requirements of Italy. Considering this immediate precedent, it is with a feeling
of legitimate astonishment that the Italian Government observes that the
German memorandum of May 2 is far below the proposals contained in the
British Government's scheme.
Apart from the fact that the sum fixed for reparations is manifestly much
inferior to any figure, however small, that might reasonably have been
expected, an international loan whereby payment of that sum would be
wholly covered is only indicated, without necessary details and without its
being specified what adequate dispositions would be taken for placing it
and for its success. In addition, there are no concrete indications as to
guarantee and pledges, and no assurance that they would be properly
furnished.

to
Attorney.
The United States Supreme Court on Monday of last week,
May 7, in an opinion delivered by Chief Justice Taft, denied
the application of the bankrupt brokerage firm of E. D. Dier
& Co. for an injunction restraining the receiver, Manfred
W. Ehrich, from turning over the books and papers of the
failed firm to District Attorney Banton. Under the decision
the receiver is authorized to hand the books over to the District Attorney for use in the trials of Elmore D. Dier (the
former head of the failed firm) Harry J. Lawrence, Jr.,
Benjamin F. Schrimpton and G. Recklein, formerly of the
failed concern, on indictments alleging grand larceny and
"bucketing" in connection with'the failure of the concern on
January 16, last year. Dier sought to prevent the delivery
of the books to the District Attorney on the ground that they
might contain incriminating data, contending that the use
of his firm's books and papers as evidence against him
would be a violation of his constitutional right. The receiver
on the other hand, urged that inasmuch as the books and
papers had been subpoenaed by Mr. Banton for his investigation, the data must be delivered. This contention was
upheld by Judge Learned Hand in the Federal Court, who
ordered the books to be delivered. Counsel for Dier then
obtained a stay pending an appeal from Judge Hand's decision to the Supreme Court. In his opinion, as printed in
part in the New York "Times" of May 8, Chief Justice Taft
said:
E. D. Dier & Co. Must Surrender Books
District

We hold that the right of alleged bankrupt to protest against the use of
his books and papers relating to his business as evidence against him ceases
as soon as his possession and control over them pass from him by the order
directing their delivery into the hands of the receiver and into the custody
of the court.
This change of possession is for the purpose of properly carrying out the
investigation into the affairs of the alleged bankrupt and the preservation of
his assets pending such investigation, the adjudication of bankruptcy vel
nom and, if bankruptcy is adjusted, the proper distribution of the estate.
It may be true that the allegation of bankruptcy will not be sustained,and
in that case the alleged bankrupt will be entitled to a return of his property,
Including his books and papers: and when they are returned he may refuse
to produce them and stand on his constitutional rights.
The decision added that while the books and papers through the bankruptcy proceeding were out of E.D. Dier & Co.'s control, Dier's"immunity
from producing them,secured him under the Fourth and Fifth Amendments,
does not inure to his protection," and "he has lost any right to object to
their use as evidence, because, not for purpose of evidence, but in the due
Investigation of his alleged bankruptcy and the preservation of his estate
pending such investigation, the control and possession of his books and
papers relating to his business were lawfully taken from him." The decision
continued:
Judge Hand intimated that the bankrupt might prevent the use of such
books and papers taken over by the receiver in the bankruptcy proceedings
for evidence in a criminal case in the State court by resisting surrender and
protesting against their use for such purpose at the time the receiver took
possession. But we think the alleged bankrupt had no such right.
The court called attention to the fact that it made the same ruling in connection with the bankruptcy proceeding of E. M.Fuller & Co., brokers, held
on April 30 last,"in which it was sought to attach conditions of this kind to
the turning over of the books and papers of a bankrupt to the trustee in bankruptcy," and explained that a State court could not obtain possession of
books and papers on a subpoena except with the consent of the Federal
Court. The decision concluded:
All we hold here is that the court below, having exercised discretion to
allow the use of the books and papers in the custody of its officer upon subpoena by another court, the alleged bankrupt's rights under the Fourth
and Fifth Amendments have not been violated.

Reference was made to the affairs of E. D. Dier & Co. in
the "Chronicle" of Jan. 21 1922 (p. 246) and subsequent
issues.
Condition of National Banks Under Call of April 3 1933.
Comptroller of the Currency Dawes on May 12 issued a
statement saying that marked improvement is noted in
commercial activities in the summary of reports from
national banks as of April 3 1923. The fact as disclosed by
the returns, that amounts on deposit with correspondent
banks and Federal Reserve banks, the aggregate of miscellaneous bonds and securities owned and cash in vault,




2199

show a reduction in this period, while loans and discounts
show an increase, and a corresponding reduction is shown in
balances due to correspondent banks and bankers and
demand deposits, including United States deposits, with an
increase in bills payable and rediscounts, is an indication,
Mr. Dawes points out, of greater business activity. He
proceeds as follows:
On April 3 1923 the total resources of 8,229 reporting national bank
Were $21,612,713,000: the reduction since Dec. 29 1922 was 3362,244.000,
while an increase of $1,782.311,000 is shown since March 10 1922.
Loans and discounts, including rediscounts of 3290.487.000, amounted
to 311,667,959,000, an increase since date of prior call of 368,291,000, and
an increase during the year of $385,380,000. Of the total paper rediscounted, $215,191.000 was with Federal Reserve banks and $455.000 with
the War Finance Corporation. The amount of paper rediscounted with
Federal Reserve banks Dec. 29 1922 was 3186.512,000, and with the
War Finance Corporation $342,000: the amount rediscounted with Federal
Reserve banks March 10 1922 was $269,818,000, and with the War Finance
Corporation 31,639,000.
United States Government securities owned by national banks amounted
to $2,694,207.000. an increase over the amount Dec. 29 1922 of $37,647.000
and an increase since March 10 1922 of $662,643,000. Other bonds,stocks
and securities show a reduction since Dec. 29 1922 of $564,000, but the
amount April 3 1923, 32,348,915,000, was 3260,319.000 greater than on
March 10 1922.
Balances due from other banks and bankers,including lawful reserve with
Federal Reserve banks, and items in process of collection, amounted to
32,938.859.000, or $120,566,000 less than on Dec. 29 1922, but an increase
in the year of $264,858,000. Cash in the vaults of national banks to the
amount of $359,147,000 shows a reduction since Dec.29 1922 of $32.693.000
and an increase in the year of $23,082,000.
The capital stock was 31,319,144,000, and shows an increase since Dec.29
1922 of $2,134,000, and an increase in the year of 329.618,000. Surplus
and undivided profits amounting to $1,553,824,000 were $350,845,000 below
the amount Dec. 29 1922 and $9.080.000 greater than on March 10 1922.
The liability for circulating notes was $728,076,000, or 34,257.000 greater
than at date of prior call. and 38,506,000 in excess of the amount March
10 1922.
Balances on the books of reporting national banks to the credit of other
banks and bankers, including certified checks and cashiers checks outstanding amounted to $3,011,182,000, a reduction since Dec. 29 1922 of
$250,412,000 and an increase in the year of $120,360,000.
Demand deposits, including United States deposits of $264,279,000.
amounted to 39,444.903,000,a reduction since Dec.29 1922 of$395,288,000.
but an increase in the year of $783,028,000, while time deposits. including
Postal Savings deposits, amounted to 34.580,216,000, and show an increase
since the date of preceding call of $261,480,000 and an increase in the
year of $742,457,000.
Total deposits aggregated $17,036.281,000, a reduction since Dec. 29
1922 of 5384.200.000 and an increase since March 10 1922 of $1,645,843,000.
The percentage of loans and discounts to total deposits was 68.49, compared with 66.59 Dec. 29 1922 and 73.31 March 10 1922. Bills payable
and rediscounts show an increase since Dec. 29 1922 of $87,430.000, and
an increase since March 10 1922 of 561,806,000. Of the amount April 3
1923.$660,632,000,$370.185,000 represented bills payable and $290,467,000
notes and bills rediscounted with Federal Reserve banks or elsewhere.

President Krech of the Equitable Trust Company of
New York Gives His Views Regarding American
Banking in 1922.
President Alvin W. Brech of the Equitable Trust Co. of
New York has written an article on "American Banking
in 1922," for the British, Colonial and Foreign Banking
number of the Stock Exchange "Gazette" of London, from
which we are permitted to make the following extracts.
If one is to attempt to make a picture of the banking year 1922, it is
necessary tb have in mind the grave economic disturbance which preceded
-armistice prosperity came to a very brusque end in the
it. The post
catastrophic decline of commodity prices in 1920. Many who had borrowed from the banks were not only unable to meet their obligations,
they were moreover in great need of more support from their banks. The
very difficult situation which confronted then the Federal Reserve System
and the banks in general, was splendidly overcome and the year 1922
saw the thawing out of the "frozen credits" which had been for a time
so serious a menace to our economic prosperity.
At the very beginning of the year 1922, one could observe a most happy
turn in the tide. According to the figures given out by the Federal Reserve
"Bulletin," reports from over 800 member banks in leading cities indicated
for the period between Dec. 21 1921 and Jan. 18 1922 a reduction of
5274.000,000 in outstanding loans and discounts, the decrease affecting
fairly uniformly, loans secured by Government and corporate obligations
as well as ordinary commercial loans. The year started thus by a substantial loan liquidation. This reduction in the volume of loans and
discounts was to a great extent brought about by the reduction in the
volume of credit required by the business community during the first
half of the year. But the important point was to liquidate the frozen
loans, and when in March reports were received from the South and the
West to the effect that further loan liquidation was accompanied by the
extension of credits for the planting of new crops, one felt that the financial
edifice was again upon a strong and solid basis.
During this period the money rates were exceedingly easy. Even when
the stock market was fairly active, call, discount and interest rates were
kept on a low basis. In the New York market the rate for call money
reached a low of 2%%. In April 1922 an offering of United States Treasury
Certificates of Indebtedness carrying the low rate of 33 % was more
than twice subscribed.
From the end of July to the middle of October the increased commercial
activities brought about a greater demand for credit. But the banks were
then in an excellent position to take care of the legitimate needs of the business community. How thorough the loan liquidation had been will best
be realized when one opposes the amount of discounted bills held by the
Federal Reserve Banks on Oct. 25 1922, namely $469,000,000. to the $2.827,000,000 representing the sum total of discounted bills held on Nov. 6
1920, the date when borrowing by member banks reached the highest figures.
I do not desire to fatigue the reader with too many figures. but I believe
that the table which I am giving here, pretty well conveys the significance
of 1922 as a banking year:

[VOL. 116.

THE CHRONICLE
Holdings of Discounted Bills by the Twelve Federal Reserve Banks.
1922.
1921.
52,174.357,000
5838,885,000
January
2,389,510,000
712,577,000
February
March
2,076,569.000
680,467,000
April
2,233,104,000
510,104,000
May
1,907,913,000
471,490.000
June
461,418,000
1.751.350.000
July
406,178.000
1,641,612,000
397,448,000
1.491,935.000
August
463,696,000
September
1.413,013,000
October
576,436,000
1,313,027,000
650,096,000
November
1,182,301,000
617.780,000
1,144,347.000
December
Truly 1922 well deserves to be remembered as the year which finished the
difficult task of liquidation, but a fair appraisal of the year's banking activities must stress the point that if liquidation was the sine qua non of a sound
financial policy, the banks none the less responded wholeheartedly to the
demands of the business community when business conditions required
credit accommodations.
Mr. Frederick C. Goodenough, Chairman of Barclay's Bank, who is
(as I am writing this) the honored guest of the Executive Council of the
American Bankers' Association, asked in his remarkable speech before the
Council, whether America would be ready to do like England and provide
the necessary credits for Europe.
Though quite a number of important foreign loans have been issued in
1922. especially during the first half of the year, it is quite true that lately
our achievements in foreign financing were not, in the mind of many, consonant with the postion of a country which holds more than 40% of the total
gold reserves of the world. But the point made by the distinguished British
financier that the United States must of necessity follow the expreience of
Great Britain and other creditor nations and accept payment in securities
will not be disputed by our financiers and economists,and I feel sure that the
financing of Europe will become—as time goes on—one of the most important duties of American banking.

Death of George J. Gould.
George Jay Gould, eldest son of Jay Gould, at the age
of 59 years, died in Cap Martin, France, on May 16, where
he had been living for some time with his family. When
he first became ill last March he was said to be suffering from
pneumonia. He was born in New York, Feb. 6 1864.
Funeral services were held on May 17, but the body will be
brought to this country for burial in the family plot.
For a time after the death of his father Mr. Gould was an
important figure in the railroad world but with the disintegration of the Gould system of roads his influence long since
faded away. Counsel for Mr. Gould in this city states that
the estimated value of the Jay Gould estate is now $65,000,000,of which a sixth is held in trust for him,the principal to
go to his children on his death. According to the New York
"Times," William Wallace, Jr., of Chadbourne, Babbitt
& Wallace, counsel for Mr. Gould, who has had charge of
much of the litigation in his behalf,estimates that his private
fortune was more than twice the amount of the trust fund,
and that his children would share in about $30,000,000.
E. M. Fuller and W. F. McGee of Failed Firm of E. M.
Fuller & Co. Imprisoned for Failure to Give
Up Papers.
Edward M. Fuller and William F. McGee, former partners in the bankrupt brokerage firm of E. M. Fuller &
Co., were committed to Ludlow Street Jail late Thursday
afternoon, May 17, when Judge Henry W. Goddard of the
Federal Court adjudged them in contempt for failing to
turn over to the trustee in bankruptcy certain documents
they had obtained from the receiver. We last referred to
the affairs of E. M. Fuller & Co. in our issue of last week,
May 12, page 2073.
Keveney Bros., Boston Stock Brokers, Fail.
Keveney Bros., a Boston Stock Exchange firm, with
office at 53 State St., Boston, assigned last week. The
firm was composed of John W. Keveney (the floor member
of the Exchange), Charles Keveney and Herbert S. Potter.
G. A. Shields, 294 Washington St., Boston, was appointed
assignee.
New Offering of United States Treasury Notes Heavily
Oversubscribed.
Secretary of the Treasury Mellon announced last Saturday
night that the new offering of $400,000,000 of Treasury
notes had been largely over-subscribed and that the total of
subscriptions, including cash and Victory notes offered in
exchange, would reach $1,000,000,000 or more. The response made by banking interests, the small investor and
holders of Victory notes in all Federal Reserve districts of
the country, it was stated, had more than met the expectations of the Government officials. It had been estimated,
after the early returns were studied, that subscriptions might
double the amount of the offering. That the total apparently would pass the billion dollar mark came as some-




thing of a surprise. The $1,000,000,000 represented the
amount of subscriptions already turned in at that time, and
while the subscription books were closed last Saturday
as far as cash offerings were involved, applications to
exchange Victory notes which have matured or will mature
on May 20 were received up to the close of business on
Wednesday, May 16. The grand total was thereby further
increased and finally reached $1,125,000,000. The following is Mr. Mellon's statement of last Saturday:
Secretary Mellon announced that the offering of $400.000,000 or thereabouts of 434% Treasury notes of Series B, 1927, dated May 15 1923,
maturing March 15 1927, has been over-subscribed, and that the total
subscriptions, including exchanges, aggregate about $1.000,000,000.
The subscription books closed on Saturday, May 12 1923, except for
exchanges of 44% Victory notes, pursuant to the right to allot additional
notes in exchange for Victory notes which was reserved in the official
circular announcing the offering.
Exchanges are proceeding satisfactorily, and the books for exchange
subscriptions will remain open a few days longer in order to give holders
of 44% Victory notes throughout the country additional time in which
to make the exchange.
Further details as to subscriptions and allotments will be announced
when final reports are received from the Federal Reserve banks.

We gave last week the Secretary's letter announcing
the new offering, but did not print the circular accompanying
the letter and, accordingly, insert the same below as a matter
of record.
UNITED STATES OF AMERICA
44% Treasury Notes—Series B-1927
Dated and bearing interest from May 15 1923. Due March 15 1927.
The Secretary of the Treasury offers for subscription, at par and accrued
Interest, through the Federal Reserve Banks, Treasury notes of Series
B-1927, of an issue of gold notes of the United States authorized by the
Act of Congress approved Sept. 24'1917, as amended. The notes will be
dated and bear interest from May 15 1923, will be payable on March 15
% per annum, payable Sept.
1927, and will bear interest at the rate of
15 1923 and thereafter semi-annually on March 15 and Sept. 15 in each
year.
Applications will be received at the Federal Reserve Banks.
Bearer notes with interest coupons attached will be issued in denominations of $100, $500. $1.000. $5,000, $10,000 and $100,000. The notes
are not subject to call for redemption before maturity, and will not be
issued in registered form. The principal and interest of the notes will be
Payable in United States gold coin of the present standard of value.
The notes of said series shall be exempt, both as to principal and interest.
from all taxation now or hereafter imposed by the United States, any State.
or any of the possessions of the United States,or by any local taxing authority, except (a) estate or inheritance taxes. and (b) graduated additional
Income taxes, commonly known as surtaxes, and excess profits and war
war profits taxes, now or hereafter imposed by the United States, upon the
income or profits of individuals, partnerships, associations, or corporations.
Notes of this series will be accepted at par, with an adjustment of accrued
interest, during such time and under such rules and regulations as shall
be prescribed or approved by the Secretary of the Treasury, in payment of
income and profits taxes payable at or within six months before the maturity of the notes. Any of the notes which have been owned by any person continuously for at least six months prior to the date of his death, and
which upon such date constitute part of his estate, shall, under rules and
regulations prescribed by the Secretary of the Treasury, be receivable by
the United States at par and accrued interest in payment of any estate or
inheritance taxes imposed by the United States, under or by yirtue of any
present or future law upon such estate or the inheritance thereof. The notes
of this series will be acceptable to secure deposits of public moneys, but do
not bear the circulation privilege.
The right is reserved to reject any subscription and to allot less than the
amount of notes applied for and to close the subscriptions at any time
without notice. The Secretary of the Treasury also reserves the right to
make allotment in full upon applications for smaller amounts, and to make
reduced allotments upon, or to reject, applications for larger amounts, to
% Victory
make preferred allotments upon applications for which
notes are tendered in payment, and to make classified allotments and
allotments upon a graduated scale; and his action in these respects will be
final. Allotment notices will be sent out promptly upon allotment, and
the basis of allotment will be publicly announced.
Payment at par and accrued interest for notes allotted must be made
on or before May 15 1923, or on later allotment. After allotment and
upon payment Federal Reserve banks may issue interim receipts pending
delivery of the definitive notes. Any qualified depositary will be permitted to make payment by credit for notes allotted to It for itself and
its customers up to any amount for which it shall be qualified in excess of
existing deposits, when so notified by the Federal Reserve bank of its
district, except upon subscriptions for which Victory notes are tendered in
payment. Victory notes of the 4'%% series, whether or not called for
redemption, will be accepted as herein provided in payment for any notes
of the Series B-1927 now offered which shall be subscribed for and allotted.
Called 4 % Victory notes, bearing the distinguishing letters A,B,C,D,E.
of May
or F prefixed to their serial numbers, will be accepted at par flat, as
1922, and such notes
15 1923, interest thereon having ceased on Dec. 15
if in coupon form must have the May 20 1923 coupon attached. Uncalled
434% Victory notes, maturing May 20 1923, and bearing the distinguishing
letters C.II, I, J. K,or L prefixed to their serial numbers, will be accepted
maturity will
at par flat, as of May 15 1923, but full interest thereon to
coupon form
be paid in ordinary course when due, and such notes if in
should accordingly be presented without the May 20 1923 coupon, which
registered
should be detached and separately collected. Victory notes in
redemption or
form must be assigned to the Secretary of the Treasury for
general regulations of the Treasury
payment, in accordance with the
Department governing assignments.
The amount of the offering will be $400,000,000, or thereabouts, with the
right reserved to the Secretary of the Treasury to allot additional notes to
to this
the extent that payment is tendered in Victory notes pursuant
circular. As fiscal agents of the United States, Federal Reserve banks are
authorized and requested to receive subscriptions and to make allotments
thereon on the basis and up to the amounts indicated by the Secretary of
the Treasury to the Federal Reserve banks of the respective districts.
A. W. MELLON, Secretary of the Treasury.
Treasury Department, Office of the Secretary, May 7 1923.
Department Circular 323 (Loans and Currency).

MAY 19 1923.]

THE CHRONICLE

President Harding on Alexander Hamilton.
The unveiling of a statue of Alexander Hamilton at
Washington on Thursday (May 17) gave President Harding
an opportunity to testify his admiration for the genius of
this early patriot whom Mr. Harding has long regarded as
one of the greatest of the founders of the Republic. The
statue is the gift of a New York woman, whose name is
known only to the members of the Alexander Hamilton
Memorial Association. The sculptor is James E. Fraser.
Secretary of the Treasury Andrew W. Mellon was the
master of ceremonies, and in brief remarks eulogized Hamilton as the foremost of all the men who have directed the
finances of the Government. The exercises, which were
attended by about 5,000 persons, began with an invocation
by the Rev. Dr. Hamilton. A great-great-granddaughter
of the patriot, Miss Eleanor E. Hamilton of New York
unveiled the monument. Another direct descendant, the
Rev. E. Laurens Hamilton of Indiana, a great-great-grandson, pronounced the benediction. The statue itself was
presented to the Government by Jeremiah A. Van Orsdel,
President of the Alexander Hamilton Memorial Association.
The statue stands in front of the southern entrance to the
Treasury, facing the White House.
The President in his address declared that what the
world needs to-day more than anything else is the leadership
of a statesman of the calibre of Hamilton, and when such
an one appears the President feels confident there will follow
"the subsitution of hope and resolution where hatred and
resentment are now hindering recovery."
The President spoke as follows:
Mr. Secretary and My Countrymen: It is a most becoming thing to erect,
and to me a very gratifying thing to participate in unveiling, this memorial
to one of the outstanding founders of the Repulbic. In the appraisal of constructive contribution to the making ot our America, Alexander Hamilton
stands foremost and merits our reverent tribute for all succeeding time.
Hamilton was the inspiring and Insistent advocate of union. And the
creative genius in the making of the Constitution. More, he was the practical politician, who brought about its necessary adoption.
To pay him this tribute of outstanding eminence means no
disparagement,
in any way, of the other stalwarts among the founding fathers. Washington riveted the confidence of the new possessors of independence, Jefferson
was the foremost advocate of democracy, Franklin was
the philosopher in
the maldng of the Constitution, but Hamilton had the conception of
a Federal Government,upon which plan the American people have builded their
to
own satisfaction and to no small degree of world astonishment. When his
plan was adopted, he became the master the builder, and the integrity of
the nation's financial honor is his monument for the ages.
Hamilton's Matchless Contribution to the Nation's Financial Standard.
To the closer students of American history, notably the history of the
republic in the making,It must be most gratifying to note the erection of this
befitting memorial in this appropriate setting at the south front of the Treasury. It was in the Treasury that Secretary Hamilton made his matchless
contribution to the stable republic. Here he put the seal of sanctity upon
financial honor and led the young republic from the depths ofseeming hopelessness to the very heights of confidence and the supreme consciousness of
honored obligations and their honest discharge.
The task of the founders was no tribial one, and the piloting of the new
Ship of State demanded the attributes of heroic leadership.
Here was the very chaos of victory. The triumphant colonists were spent
and wearied, financially exhausted and without plans for the future. They
had little thought of the Nation. Nationality was not the inspiration of the
war for independe-ce, but nationality was revealed as the necessary means of
solf-preservaeon when independence was won.
Opposed by Envy and Jealousy.
There were conflicting ideas, even more pronounced than to-day—there
were varying conditions throughout the colonies, now turned to States.
There were opposing ambitions, less understood than now, because of slow
communication and less intimacy,of association. There were pronounced
envies and threatening Jealousies. Aye, there were disturbing suspicions
and the menace of destroying passions.
Hamilton combatted them all, with that boundless faith which is born of
constructive genius, and made a supreme contribution to the formation and
inauguration of the new republic which he believed to be destined as the exponent and exemplar of representative democracy.
Many proclaimed him a monarchist and the foe of liberty. Others
thought him an imperialist and the enemy of democracy, but he was none
of these. It was from Hamilton's lips that came the finest utterance ever
made concerning human liberty: "The sacred rights of mankind are written
as with a sunbeam, by the hand of Divinity itself, never to be erased or
obscured by mortal power."
In all the criticism of him, and there was intensity of criticism and maddening bitterness of controversy In those days, his sincerity was never questioned. As a believer in the highest degree of liberty, he was eager for a
nationality strong enough to guarantee the security of liberty.
One wonders sometimes that this outstanding leader and conspicuous
contributor should be so relatively inconspicuous in the historical recitals
of our country, though coming into full appraisal and to lofty eminence in
this generation, he was not a popular hero in his time. He gave less heed to
what the contending elements in the new republic believed to be necessary
for their sectional welfare, and riveted his thought and gave of his logic and
leadership to the essentials of a stable republic.
He cared little for temporary popular favor but he appraised common
welfare above all else. He never sought to ech6 an ephemeral popular
opinion, but appealed to that intelligent public opinion which must chart
the way of an abiding democracy.
World in Need of Hamilton's Type of Leadership.
The world needs that type of leadership to-day. Apply Hamilton's conception of financial integrity and the sanctity of obligation to world conditions to-day and let there be asserted a leadership which rises above prejudiced opinion, whether that prejudiced opinion had its beginning in war or
S emphasized by geographic divisions, and humanity will turn to the rational and only way of restoration.. There will be substitution of hone and




2201

resolution, where hatred and resentment ire now hindering recovery.
There will be less thought of yesterday, and more of to-morrow.
Another phase of Hamilton's distinguished career may well inspire all
grateful Americans. Talleyrand emphasized it in his American visit.
Driving by Hamilton's modest law office late at night, to which the Secretary had retired at the early age of 38, and noting the night light indicating late hours of toil, Talleyrand remarked that he was witnessing the
eighth wonder of the world—a statesman of matchless talent and every
opportunity to acquire wealth,retired from public service poor,striving professionally to earn a livelihood for his family.
The fine example was then and is to-day less an exception than this sincere tribute from a great European statseman would seem to indicate.
Hundreds of very capable and highly patriotic men are serving the Government to-day at the neglect of their private fortunes. We should be poorly
equipped for the tasks of government if they did not do so.
It is to be deplored that there are public men who make of public position
the opportunity to enhance their personal fortunes, but it rivets our confidence to know that so many are serving and sacrificing in their service to
promote our common weal. It ought to be understood, amid a too mistaken conception of the compensations of public service, that scores of men
to-day hold highly important positions, not because they sought them, but
because their services have been sought, and the consciousness of service,
to the nation and to their fellow-countrymen is their chief compensation.
Honesty a Cure for Ills.
But I choose to stress the rugged honesty of this patriot-statesman.
because honesty will cure ten thousand ills of to-day. Honesty of leadership will spare us the popular misconceptions which are ever menacing to
democracy. Honesty in statecraft will point the way to impregnable
heights. Honesty among nations will dissolve their differences, so that new
and lasting friendships may be bound by the ties of fraternity and mutual
trust.
Honesty in politics will reveal unerring public opinion, and honesty in
public service everywhere will diminish public waste and extravagance.
Honesty of manhood and womanhood will abolish the sources of discontent
which threaten the world's civilization and will bring us to conviction
regarding the fundamentals of the social fabric, without which fundamentals
there can be no human progress.
Alexander Hamilton had the vision to see the expanding republic. He
was an American by adoption, but he fought his way to the loftiest plane of
citizenship and accepted all its obligations. He was the youthful zealot for
liberty and a most distinguished soldier of the Revolution. The transcending qualities of his statesmanship so obscured his military career that it is
little noted, though, standing alone, his military services would command
a place in history.
He was literally a founder and builder. Washington had learned his
qualities in war, and in Washington's trust he became the master builder..
Aye, he was more than founder or builder; he was the prophet of American
destiny.
Old Fallacies Combatted by Hamilton.
With that insight and foresight which signaled his public service and made
him understand why republics had failed and faded from popular recollection, he sought to guard against the dangers of his day and gave warning
against the dangers to come. Human nature does not differ in one centurY
from another, and the popular fallacies which Hamilton cambatted in his
day have yet to be met in ours. Here was a revelation of the conscience
of his statecraft.
No threatened loss of popularity even deterred him. Believing for himself In a policy designed to promote the welfare of the new republic and to
strengthen its security, he became its zealous advocate. He argued until
he convinced and then conunitted. None ever wielded a more trenchant
pen, no heart and mind ever directed a more eloquent tongue. An infinite
courage sustained him, and in the national viewpoint he found his unfailing
Inspiration.
It was his conviction that the Federal power could combat menaces with
which the State could not successfully contend. Ile had a seemingly Inspired fear of factionalism,fought it in the making,and warned us of to-day'
against its development.
Hamilton's Warning Against Factions.
In his clarion call for social and political integration under the Constitution he gave this warning:
"Among the numerous advantages promised by a well-constructed union,
none deserves to be more accurately developed than its tendency to break
and control the violence of faction. The friend of popular governments
never finds himself so much alarmed for their character and fate as when
he contemplates their propensity to this dangerous vice. He will not fail,
therefore, to set due value on any plan which, without violating the principles to which he Is attached, provides a proper cure for it.
The instability, injustice and confusion introduced in public councils
have, in truth, been the mortal diseases under which popular governments
have everywhere perished; as they continue to be the favorite and fruitful
topics from which the adversaries to liberty derive their most specious
declamations."
Then he defined factions. I quote further:
"By a faction I understand a number of citizens, whether amounting to
a majority or a minority of the whole, who are united and actuated by some
common impulse of passion, or of interest, adverse to the rights of other
citizens, or to the permanent and aggregate interests of the community."
Can any student of our times in America, or the world, doubt for a
moment that factionalism Is developing as never before? We have our
factions which seek to promote this or that interest, without regard to the
relationship to others and without regard for the common weal. We have
the factions of hatred and prejudice and violence. We have coalitions
which would invade the Constitutional rights of others or subvert the
Constitution itself. We have our factions challenging both civil and religious
liberty, and without them both made everlastingly secure there can be'no
real human liberty. We have the
fatal factionalism which contemplates
obstruction to the execution of the laws.
No nation will survive where this factionalism is endured. Hamilton
warned us thaV"however such combinations
or associations may now and
then answer popular ends, they are
likely themselves to usurp the reins of
government, destroying afterward the very engines which have lifted them
to unjust dominion."
Not
Washington uttered the same caution. It was Hamilton's conception
that the Federal influence would
crush out the factions, taking heed, of
course, of whatever a can to real justice
had in any way insPiredA Lover of Liberty.
If we will carry on, visualizing
the nation of which he dreamed; if we will
maintain the national viewpoint
and emphasize the interwoven intimacy
of all activities, interdependent, where none
may permanently prosper
Without a prosperous whole; if we
will throttle the false cry of class where
none need exist in the beckoning of
American opportunity; if we will be as
hopefully American and as whole-heartedly American as they were in the
immortal beginning, the future will be secure. These we must do, no
matter what political sacrifices are made in the recommitment.

2202

THE CHRONICLE

Here stands, Mr. Secretary, the memorial to a great lover of liberty, a
great patriot, a great soldier, a colossal statesman, a mighty American.
Time has brought our appraisal of him out of the mists of misunderstanding
and given us a measure of his true greatness.
If I were to select one attribute above all others for the inspiration of
the Americans of to-day and the morrow it would not be his brilliance of
mind, or his gift of eloquence, or his matchless genius, or his prophetic
vision; but I should commend his courage of patriotism, which put his
devotion to the Republic's welfare before popular approval or personal
fortune, and his unconditional gift of heart, mind and soul to the making
of an imperishable temple of freedom in these United States.

[Van /16.

ranges of guns of the ships of the British fleet and those of the fleet of'
the United States. These statements weremade in absolute good faith,but
were shown by later reports from the Government of Great Britain to have
been exaggerated. While the disparity does exist, it Is not so great as Was
then supposed.
Upon the representations ofthe Navy Department Congress appropriated
the sum asked for. In vise of the discrepancy between the statement of
the Department and the actual conditions, the Department has concluded
not to employ the money appropriated for the purpose of increasing the
elevation of the guns of the American fleet until further directed to do so
by Congress.

The Philadelphia "Record" of April 27, in publishing
President Harding in Letter to Federation of Women's Secretary Denby's statement, said:
The Secretary's decision, said to have the approval of President Harding,
Clubs Says National Heart and Conscience Are
was regarded as closing the incident created through the protest of the
Enlisted for World Court.
British Embassy against statements made before Congressional committees
was seeking appropriations
Reiterating his faith in the World Court for International when the Departmentbattleships. Navy. officials for installing post-war
then asserted that no
Improvements in the
Justice, President Harding in a letter to the Council of the criticism of the work could be made as contravening the five-Power naval
Federation of Women's Clubs declares that the treaty, since Great Britain had completed similar alterations. This was
General
Embassy.
"national heart, conscience and judgment are alike en- denied by theof today's decision the $6,500,000 appropriated by the last
As a result
listed" in the movement for American adherence to the Congress for gun elevation will be left is the Treasury and refunded at the
World Court, "and against these we need never fear that end of the fiscal year as "unexpended money."
any opposition will prevail." The President's letter was
Defend Modernimaion Program.
With official opinion in the navy, from.Secretary Denby down, holding
mead at Atlanta, Ga., on May 7 to the Council of the General
Federation of Women's Clubs. "Not since I have been unanimously that themodernization program is permissible under the treaty
drawn up at the Washington Arms Conferenceand essential to the American
President has there been in connection with any great naval standing,it was regarded as certain that the matter would be presented
policy so impressive a demonstration of anew to Congress during the December session. The Department's recom.question of public
on the technical necessithen are expected
mendations,
substantially unified opinion," he wrote. "It convinces me ties of the however,without regard to to bellowed
what any other nation has done or
discussion proceeds the evidence of this attitude may do. situation,
that as the
While the immediate problem was removed by Secretary Denby's statewill become so overwhelming that there will at least be no
ment. naval officials declared that a larger questinn of treaty interpretatibn
s obstacles to attaining the ends sought." The remained, which ultimately would have to be.answered. Among the five
-viciou
President's letter was addressed to Mrs. Thomas G. Winter, signatories of the Washington Naval Convention Great Britain alone has.
indicated specifically she considered changes in gun elevation to come within
President of the General Federation. It follows:
I am writing to acknowledge my appreciation of the invitation to address
the convention of the General Federation of Women's Clubs, and to express
my regret that it is not possible to accept. The broad and intelligent
interest which this great organization has taken in public affairs, and its
splendidly effective effort to insure that the nation shall derive the utmost
advantage from the full participation of womanhood in the responsibility
of public life, entitle the Federation to be ranked among the great constructive and educating forces of the land.
It has been most enheartening to learn of the attitude of this great
organization, so long devoted to the consideration of public problems and
so well trained in that field, toward the proposal that our country signify its
adherence to the World Court of International Justice. You will, I am
sure, be interested to know that the evidence of nation-wide judgment upon
this issue, which comes to mefrom every part of the country and from every
element of our citizenship, are such as to leave no doubt that the overwhelming preponderance favors the step which has been proposed.
Furthermore, there are multiplied and increasing evidences that these
judgments are being reached as the result of earnest, deliberate and studious
consideration of the subject in all respects. The assurances which are
received in increasing numbers day by day leave no doubt as to the community's mind. There is a profound conviction that our obligation to
human society and likewise our very material interest equally demand that
this nation shall give this sincere and effective proof of its wish to co-operate
in eliminating the causes of strife among the nations and peoples. I have
accumuwanted you and your associates of the Federation to know of these
lating evidences of a firmly crystalizing opinion.
and
The national heart, conscience and Judgment are alike enlisted,
against these we need never fear that any opposition will prevail.
of a
Especially I am glad to be able to tell you that there is evidence
thoroughly practical attitude as regards our adherence to the court already
councreated and functioning. It is plainly the considered judgment of the
to
try that if we are to unite with other nations in an epoch-making effort
the
establish adjudication of international differences we should adhere to
court which is already in being.
and purThat court, in its constitution, represents the matured thought
It is
pose of men who have given most expert consideration to the subject.
more able
difficult to believe that a more representative, more impartial, a
case, the
tribunal could be established under any other plan. But in any
propresent court is actually in existence. Its jurisdiction, defined by its
accepted by a large number of nations.
tocol of foundation, has been
given
It may well be doubted whether the nations which in good faith have
gesture
support to this program, would esteem it either a helpful or friendly
estabto join in a Judicial
on our part, if we should indicate our willingness
already set
lishment,butshould insist that it must be some other then the one
attitude would seem unlikely to bring us far one the road
up. To adopt that
might be
to effective participation in such a system. On the contrary, it
regarded as implying our lack offaith in a tribunal which has the support and
confidence of a group of nations.
In short, the opinion of the country plainly is that if we have any sincere
purpose of adhering to the procedure of international adjudication, our only
way to give convincing evidence of this disposition is to accept, under such
restrictions as may be found necessary, the tribunal already created.
Not since I have been President has there been, in connection with any
great question of public policy, so impressive a demonstration of substantially unified opinion.
It convinces me that as the discussion proceeds the evidence of this attitude will become so overwhelming that there will at least be no vicious
obstacle to attaining the end sought. I am writing thus frankly and fully
my view of the situation, because to do this is the best acknowledgment
I can make of the great obligation which I feel toward the Federation for its
counsel and support.

the provision prohibiting alteration of "design ofmain batteries." France.
has taken the opposite view, several French battleships now being in dry
dock for such improvements,
The Japanese position never has been officially stated and, so far as the.
American naval officials hare been informed there is no record whethee
Japan's fleet has been improved in line with "the lessons of Jutland."

A statement by Acting-Secretary of the Navy Roosevelt,.
correcting a previous statement relative to the raising or
guns on British capital ships was issued as follows on Mar.20:

The Navy Department ,in the hearings before COngress„ stated that the
elevation of the turret guns on the British capital ships had been and was.
being increased. This statement was based on information believed to be
thoroughly reliable by the Department.
The British Admiralty has Wormed the Department that this is not the
case, and that the elevation of the turret guns on the British capital ships is
the same as when these ships were originally commissioned. This places
pleasure in
the matter beyond further question and the Department takes
correcting its previous statement in consonance with, the above.

At the same time Secretary of State Hughes gave out the
following statement at Washington:

following stateIn my speech at New Haven on Dec. 29 1922,I made the
"The result is
ment with respect to alterations in the British capitalships:
been fitted, elevathat in a considerable number of British ships bulges.have
modified to
tion of turret guns increased and turret loading arrangements
I relied on
conform to increased elevation." In making this statement
me by the Navy Department
specific information which had been furnished
Department believed to be entirely trustand which, of course, the Navy
worthy.
The Department of State has been adivsed by the British Government
categorically "that no alteration has been made in the elevation of the turret
in commisguns of any British capital slips since they were first placed
sion," and further, "that no additional deck protection has been provided"
Since Feb. 6 1922, the date of the Washington treaty.
that there
"It gives me pleasure to make this correction, as it is desired
should be no public misapprehension."

British Government Note to Soviet Russia Threatening
Breaking Off of Relations—Protest Meetings in
Moscow—Soviet Government's Reply.
note from the British Government,constituting a virtual
A
ultimatum, was presented to the Soviet Government in
Moscow on May 8 and was made public in London by the
Foreign Office. The Soviet Government was given ten
days in which to forward a reply complying fully and unconditionally with certain specified"demands, failing which,
the note said, Great Britain would consider herself free to
terminate the existing relations between the two Governments. The demands specified in the note were, first,
satisfactory assurances concerning propaganda; second,
admission by the Soviet of liability for various offenses
against British subjects and ships, with an undertaking to
pay compensation for these offenses, and, third, unequivocal
withdrawal of the two communications framed by the Soviet
Government in reply to the protests handed to the Moscow
United States Abandons Plans to Elevate Guns on Foreign Office by the British representative, Robert M.
Ships.—Misinformation As to Elevation of
Hodgson,in connection with the recent religious prosecutions.
Guns By Great Britain.
Following is a summary of the salient points of the note as
The decision to abandon, temporarily, the plans to modern- given in Associated Press dispatches from London:
the
Alluding to the Soviet Government's refusal to recognize the British
ize the older ships of the United States Navy through
the guns was announced by Secretary of the protests against the trials of various Church dignitaries. including Archelevation of
the
bishop Zepliak and the executed Vicar-General, Mgr. Butchkavitch,
Navy Denby on April 26 in the following statement:
Congress of the proposal to appropriate note says:
, paring the discussion at the last of 13 battleships of the United States
"When it is remembered that this is only the latest incident in the long
the guns
S6.500,000 for elevating
were made in regard to the disparity between the
fleet, certain statements




this memorandum,
series of studied affronts which have been recorded in

MAY

THE CHRONICLE

19 1923.]

it seems difficult to arrive at any other conclusion than that the Soviet
Government either is convinced that the British Government will accept
any insult sooner than break with Soviet Russia, or that they desire themselves to bring the relations created by the trade agreement to an end."
The note, which is very long, was handed to the Soviet Government to-day
by Mr. Hodgson. One of its most striking passages reads: "It is time
the Soviet Government should be made aware that it cannot with impunity
behave toward British subjects and British shipping in this arbitrary and
intolerable manner."
At the outset the document declares that the tone and character of the
recent notes received from the Soviet Government "have imposed upon
His Majesty's Government the duty, perhaps already too long delayed,
of considering carefully and seriatim, in relation to this large number of
incidents, whether it Is desirable, or indeed possible, that the relations
of the two Governments should remain any longer upon so anomalous
and indeed unprecedented a footing, and whether His Majesty's Government can, with due self-respect, continue to ignore the repeated challenges which the Soviet Government has thought fit with apparent
deliberation to throw down."
The note specifically states that the British Government has no intention
of embarking upon a controversy with the Soviet concerning the accuracy
of its charges, which it asserts "rest upon unimpeachable authority."
Charges Anti-British Propaganda.
It sets out in great detail alleged violations of the understanding concerning anti-British propaganda in Persia, Afghanistan and India; out
rages against British subjects, including the slaying of C. F. Davison;
the treatment of British trawlers, and similar cases in which reiterated
demands for compensation have been persistently refused.
The note then refers to the prosecution of religious dignitaries, in regard
to which it says:
"His Majesty's Government has refrained from expressing an opinion
upon the nature or validity of the charges brought against these ecclesiastics, conceding that that is a matter on which they are not called upon
to pronounce."
But, It adds, no attempt has been made in Russia itself to deny that
the prosecutions and executions are part of a deliberate campaign the
definite object of which is to destroy all religion in the country and enthrone "the image of godlessness" in its place.
The note refers to two notes signed by "Weinstein" in reply to Mr.
Hodgson's protests against the execution of Mgr. Butchkavitch which
the British agent returned because they were couched in offensive language,
and which the present note stigmatizes as "unexampled in the case of
Governments affecting to be on friendly terms."
Declaring that the exchange of correspondence conducted by one party
on such terms places the continuance of those relations in grave jeopardy,
the note states that the Government would much regret an abrupt termination of the existing relations, but that it is not possible to acquiesce
In the continuance of the treatment summarized in this document, which
is declared to be incompatible alike with national dignity and mutual
respect.
In case the Soviet Government does not forward a reply to the British
Government within ten days, complying with the specified demands,
the note concludes, "His Majesty's Government on their part, will, in
view of the manifest infringement of the trade agreement by the Soviet
Government, consider themselves immediately free from the obligations
of the agreement, in accordance with the third paragraph of its thirteenth
article."
The British Government's note is much more peremptory than even
the forecasts led the public to suppose, and although inspired statements
are being made here to the effect that the Government is far from desiring
a break in existing trade relations and only wishes to secure a cessation
of anti-British acts and policy, there is a general belief that a rupture of
relations will be difficult to avoid.

The note, or ultimatum, was strongly resented in Soviet
Russia, especially as it was so closely concurrent with the
assassination in Switzerland a few days subsequently by
an infuriated young Swiss of M. Vorovsky, Moscow's observer at the Lausanne Peace Conference. A protest meeting on the part of the Russian populace was accordingly
staged in Moscow, with reference to which Associated Press
dispatches from Moscow dated May 12 said:
M. Tchitcherin, the Soviet Foreign Minister, dressed in the uniform of
a member of the Red Army and wearing a red decoration, was the chief
speaker at a great meeting held in a theatre here to-day.
The theatre was crowded to the doors, while in the streets thousands who
had taken part in a great demonstration listened to speakers from motor
trucks and balconies, all of whom made references to what they termed the
war threat against Russia in the British note, in the assassination of Vorovsky at Lausanne and in other recent national developments.
Referring to Vorovsky, M. Tchitcherin said:
"This is a symptom of the general European situation. The direct responsibility rests with the Swiss Government, which took no preventive
measures, while the moral responsibility is on England, France and Italy,
who originally invited the Russian delegation to Lausanne."
Calls British Note Insolent.
Regarding the British note, which he characterized as insolent, M. Tchltcherin said:
White
"We are getting telegrams that British warships are already in the
ships.
Sea; perhaps by now they have opened hostilities against our
improperly deciphered,
"The note contains false statements and messages
must
but the chief point must be considered the Eastern question. We
reply calmly and firmly. Russia will not yield, but we should not yield
shame upon ourselves.
to provocation and act in a manner bringing
therefore
"Russia will not go back a single stop before the demands; we
British
offer a conference. We are ready to discuss the losses sustained by
citizens in 1920, but we will render a bill to England for all those England
peace, and do not
shot during the intervention in the north. We desire
want a break. but we will wait until the enemy attacks us."
The Foreign Minister was followed by Leon Trotsky. the War Minister,
who told the cheering throng that Russia wanted peace, but the Red Army
was ready, if necessary.
"If war comes, it will be a long one; it will delay the building up of our
country for many years; but the Red Army, which wants peace, will carry
out its duty until the end."
He suggested that perhaps more than note-writing was going on in the
border States, while the border atmosphere was thickening. These States,
he said, would be the first to feel the brunt if war came.
Leo Kameneff, the acting Premier and President of the Moscow Soviet,
paid tribute to Vorovsky. The bullet which killed him, be said, was ell-




2203

rected not only against Vorovsky, but against the Soviet Government, the
Communist Party and the entire labor movement.
Swear Revenge for Vorooskg's Death.
"We swear to take revenge," he declared. "Let our enemies think what
they like, but they will not frighten us by bullets or notes. We will continue our liberation of the East and the West."
M. Bucharin, head of the left wing of the Soviet Central Committee, in
more belligerent tone, said that the capitalistic Powers constituted a barbarous civilization. "We will not sell our proletariat even if they sand
more warships."
The meeting adopted a resolution to send a letter to .1. Ramsay Macdonald,leader of the Labor Opposition in the House of Commons,declaring
that Russia would not yield to an ultimatum, but was ready to come to an
agreement if England was ready to negotiate, and also a letter to Dr.
Fridjof Nansen, head of the League of Nations relief organization in Russia..
asking him to use his influence against a break and possible war.
The Russian reply to the British ultimatum was handed to the British
representative here late this afternoon and will be sent to London to-night.
All Moscow's factories and Government institutions were closed this
morning to permit the employees to take part in a great demonstration
against the British note. Surging crowds early began to fill the streets of
the city. The intent of the demonstrants seemed to be peaceful, but it
was evident that they meant to make the demonstration an impressive one.
The demonstrators sang the revolutionary funeral march in memory of
Vorovsky, the Soviet envoy who was killed in Lausanne Thursday night;
as they tramped the streets with banners reading: "Down with the Fascisti." "Down with the murderers of Vorovsky."
One lone automobile carrying an effigy of Lord Curzon on a gallows penetrated the lines of the marching thousands. Troops stood directly In front
.
of the door of the British mission, and at lunch hour the mission, thus strongly protected, was the quietest place in Moscow.
The demonstration was well organized and for the most part goodnatured crowds assembled. A few young Communists halted half a block
from the mission and cried: "Let us get at them."
Special State police and cavalry troops smartly mounted drew a cordon
around the mission and the demonstrators kept.their distance.
The marchers numbered no fewer certainly shim 50,000.
Krassin Prepared for a Break.
From Leonid Krassin's interview with the official press before his depart.
ure by airplane for Berlin and London,it appears that Russia is prepared for
a break,and if it conies will liquidate all the Soviet business in London,transferring it to other Europaan capitals.
"The utmost probability one can expect," said M. lirassin, "is that the
British Government will refuse to continua the trade agreement. I am going
to London entrusted by the Government with the mission of taking there all
the necessary measurespossible for the liquidation of our trade apparatus in
England if England breaks the agreement. The agreement provides for necessary time to liquidate our aftairs. We are losing interest in the Emslish
market and shall be compelled to organize our buying and selling in other
European countries."
Krassin was accompanied by M. Liberinan of the timber trust and M.
Gorozhan, director of the All-Russian Co-operative Society.
Commenting on the British note, the newspaper Pravda, which is the
most important official organ in Russia, says:
"The Government of Lord Curzon found it appropriate to send to a proletarian State an ultimatum threatening to break oft relations. Some time
later it found it appropriate to send a warship to the White Sal. At the
same time agents of the Entente imperialists killed the Soviet envoy in Lausanne, M. Vorovsky. Simultaneously agitation is going on in Poland,and
an English war mission is busy in Rumania. Such are the facts, and in the
light of these facts the English ultimatum could not be ccn.sidered otherwise than as a shameful attack.
"The Government is ready, even now,for a businesslike discussion of all
the cases calling for conflict, but the Soviet Government will never consentto
be treated as a Colonial slave. England should understaed that it has to
deal with a nation covering one-sixth of the globe, and lilt will rot agree to
treat with Russia as an equal, then it is so much tho worse for the Engliso
Government. The British lion can roar as much as he likes, but our workers
and peasants will not crawl into his Jaws."
As to the Lausanne tragedy, the expressed belief of the entire Moscow
press to-day is that Vorosky was killed at the direction of agents of the "imperialistic Entente" because of his efforts to assist Turkey at the conference.

Russia's Reply to British Note—Conference
Suggested.
The reply of the Soviet Mission Government to the
British note published above and calling for a reply within
ten days, was handed to Robert M. Hodgson, the British
official agent in Moscow on May 12. The Russian note
deals at some length with the matters brought up in the
British "ultimatum" as the note was called, and expresses
surprise at its "bitter and unfounded hostility," which is
regarded by the Soviet Government as threatening the
"peaceful economic relations between two States equally
interested in the progress of peaceful collaboration." "The
method of ultimatums," said the Soviet note, "is not a
method by which partial and secondary misunderstandings
between States can be resolved. In any case, satisfactory
relations with the Soviet republics cannot be achieved by
such a method." The Soviet Government, therefore, proposes a method of conference—"to agree on a place and
time at which authoritative and plenipotentiary representatives of both sides could not only examine and settle
the secondary points of dispute, but regulate once and for
all and to the fullest extent the relations between the Soviet
Government and Great Britain." The full text of the
Russian reply, received in London on May 14, and made
public there by the Russian News Agency, as published
in the New York "Times," was as follows:

In reply to the memorandum communicated by you on May 8. begitO
ask you to bring to the notice of your Government the following:
1. During recent months reaction has considerably increased in Europe,
and (being directed against the working class and accompanied, as usual.

2204

T El iii CHRONICLE

by signs of more intense hostility to the Soviet Republic), gave rise to apprehensions that action would be taken against the workers' and peasants'
republics. Nevertheless, the bitter and unfounded hostility of the British
Government's memorandum (which bears the character of an ultimatum
and threatens the rupture of the peaceful economic relations between two
States equally interested in the progress of peaceful collaboration) was
absolutely unexpected by the Government of the Russian Socialist Federal
Soviet Republic. The method of ultimatums and threats is not a method
by which partial and secondary misunderstandings between States can be
resolved. In any case, satisfactory relations with the Soviet Republics
cannot be achieved by such a method.

[VoL. 116.

•
if it has not been distorted by mischievous agents, the British Government
may convince itself that reference is made to help granted, not by Raskolnikoff,but by another quarter entirely unconnected with the Russian Government the exact identity of which the generally accepted rules of international decency do not permit the Soviet Government to reveal. This instance throws a flood of light on other information of a similar character.
Soviet's Expenditures in Persia.
7. Passing on to even less important statements in the memorandum,the
Soviet Government does not deem it necessary to deny that it did send
money to its representative in Persia, or that it did so quite openly through
London banks. The suspicions of the British Government must be,indeed.
excessive if it considers that a Soviet representative in the East can find no
other use for funds than to employ them in anti-British Intrigue. The British Government knows better than any one if it is correctly informed that the
Soviet Government is striving for and achieving friendly relations with the
peoples of the East, not by intrigues and by gold, but by a really unselfish
and benevolent attitude toward them.
8. It is doubtful whether It is worthwhile to further continue the examination of the accusations made in the British memorandum with regard to
so-called propaganda in the East. In their essence these accusations, apart
from their lack of foundation, find their origin apparently in the incorrect
interpretation of the obligations undertaken by the Russian Government in
respect of the East. The accusations give ground for the belief that in the
opinion of the British Government the Russian republic should not have any
PolicY of its own in the East at all, but should everywhere support the policy
of Great Britain. The Russian Government never gave an undertaking of
this kind, nor has there been any agreement on this matter between it and
Great Britain hitherto. The Soviet Government cannot admit that the
maintenance and development of amicable connections with the peoples of
the East, founded on genuine respect for their interests, is a breach of the
Russo-British trade agreement. If the British Government considers that
such a policy must be inevitably and-British, misunderstandings arising on
this basis are quite comprehensible. To our regret. the British Government
has always refused to specify what it demands of the Soviet republics in the
sphere of Eastern policy and has left without reply the proposal made by the
Russian Government in its note of Sept. 27 1921,for a friendly discussion of
the ways and means of eliminating such misunderstandings.
And even when what seemed to be a suitable occasion for such discussion
arose at the time of one meeting which took place between the chiefs of the
departments offoreign affairs of the two countries at Lausanne,Lord Curzon
confined himself to a repetition of general reproaches, refusing either to
explain or to discuss them.
9. The British Government has thought it necessary to mention in its
memorandum the activity of the Third International, in spite of the repeated
declarations of the Soviet Government that it can in no way be identified
with the Third International. It does not intend again to return to this
question, which it has many times explained, just as on its part it does not
enter into a discussion of the statements and activities of political parties
and other organizations to which members of the British Government
belong. As regards the reference In the memorandum to the participation
of! Sokolnllcoff, the People's Commissary for Finance, in certain financial commissions of the Third International, which it is alleged voted funds
to the Communist Parties, the Soviet Government declares that the accusation is absolutely untrue from beginning to end, and that the British Government in this case also has been misled by mischievous agents.
10. When dwelling on the question ofso-called "propaganda," the Russian
Government cannot but express its satisfaction that the British Government
on this occasion has not made any concrete accusations
of Propaganda in
Great Britain itself, in spite of the fact that a certain section of the British
press during recent months has been attacking the Soviet Government with
particular violence for its alleged propaganda in Great Britain through its
trade delegation and other representatives.
The Interests of British Citizens.
11. The British Government has thought it necessary to justify the dispatch of an ultimatum to the Soviet Government with a threat of the rupture
of relations by referring to cases ofinfringement by the Russian Government
of the interests of British citizens. The Soviet Government cannot bu observe that, apart from the question of the trawlers, which will be dealt with
later, the British Government has not quoted a single fact to prove any
infringement ot the interests of British citizens during the whole period since
the singing of the Russo-British trade agreement. The execution, mentioned in the memorandum.of Davison in connection with the activity in Russia
of the espionage organization of the well-known Paul Dukas took place in
January, 1920. that is, sixteen months before the signing of the agreement
and before the end of the period of British intervention and blockade.
Within the same period falls the arrest of Mrs. Stan Harding, accused of
espionage by (among other) the American journalist. Mrs. Harrison. It
would be useless again to repeat the explanations already given by the Russian Government in the protracted correspondence on these cases.
It is necessary, however,to recollect that during the period mentioned an
infinitely greater number of Russian citizens suffered bodily harm and material loss trom the actions of the British authorities in northern and southern
Russia, and in the sphere of influence of Great Britain. The execution
of the twenty-six Baku Commissars mentioned in the correspondence on
this matter constitutes one of the numerous cases of the kind. If the
principle of compensation be adopted, In fairness it should be applied to all
cases of that period,including those of the Kolomitzefffamily. Babushkin.
Karalchanian and other citizens also were detained for serveral years, without any accusation, in British or Indian prisons. Oases of a similar character must not be dealt with according to different standards. The Russian
Government expresses its readiness to compensate the family of Mr. Davison
and Mrs. Stan Harding if the British Government will express the same readiness in respect of the above mentioned Russian citizens.

British Agreement Appreciated.
2. The Russian Republic has undoubtedly appreciated the fact that
Great Britain, of all the great•Powers, was the first to conclude with it an
agreement, albeit provisional and incomplete. The Russian Government
has always taken this fact into account in its relations with Great Britain,
and also in its negotiations with other countries. At the same time, however, it could not but realize that the trade agreement certainly did not
benefit one side alone; that both political and economic advantages were
derived from the agreement by Great Britain as well as by Russia, and that
the establishment of peaceful relations with the Soviet Republic is a necessary condition for peace and for the restoration of the economic welfare of
all European countries--objects in which Great Britain is interested to no
little degree. No one now denies the vast importance of the appearance
on the European markets of Russian raw materials the export of which.
only quite recently begun, has already greatly developed and is growing
month by month, or of the consequent cheapening for the population of
every country in Europe, including Great Britain, of grain, oil, timber,
flax products, &c.
Abnormality of Relations Admitted.
ii. The Russian Government is not disposed to deny the abnormality
pointed out by the British memorandum of the present relations between
the two countries and the insufficiency of the existing basis of agreement.
For its own part, the Russian Government has always striven for a complete
clearing up of relations, for a frank discussion of all the questions at issue
between the two States and for the establishment of a firmer basis of understanding which would eliminate as far as possible all friction and conflicts.
It must, however, place on record that the unsatisfactory basis of the present
agreement was selected by Great Britain itself; and even within the framework ot the existing agreement the British Government, to our regret, has
always avoided a businesslike discussion on the whole body of questions
in dispute between the two sides and has established a form of relations
which has rendered difficult and in many cases impossible a satisfactory
solution of the disputes arising from time to time.
Denies Challenging England.
4. The memorandum of the British Government speaks of numerous
challenges thrown down by Soviet Russia to Great Britain—even deliberately thrown down, it is alleged. The Soviet Government must place
on record the absolute lack of foundation for such an assertion and regrets
that the British Government did not find it possible to mention at least
one case of such challenge previous to the conflicts directly preceding the
present exchange of memoranda. For its part. the Soviet Government
is ready to quote not a few cases during the last two years of real challenges
by the British Government, not only to the Soviet Government, but to the
whole Russian people, its sympathies for whom the British Government
has thought fit to mention in its ultimatum. It is sufficient to recall the
well-known lack of consideration for the interests of the Soviet republics'
shown by the British Government in connection with the settlement of a
series of international problems, such as, for example, the questions of the
Straits, of eastern Galicia, of Kernel, of Bessarabia, &c.
5. If the Russian Government has not dispatched notes protesting against
infringements of the Russo-British trade agreement this was certainly not
because it had not at its disposal sufficient material on which such protests
could be well grounded. It was because the Russian Government had not
lost hope of a general settlement of all outstanding and disputed questions.
It is obliged, however, to remind the British Government that it possesses
a large number of reports and documents demonstrating the extremely
energetic activity of British Government agents to the detriment of the
interests of the Soviet republics in Caucasus. and particularly in districts
adjacent to those parts of the Soviet republics which lie in Central Asia.
These documents demonstrate the further support given to the bandit
"Basmatch" movement in Turkestan and Eastern Bolsham, and the assistance afforded by British Consuls comparatively recently to White generals
for the recruiting of officers and their dispatch to Vladivostok during the
occupation of that city by the Whites. While It mentions these facts at
the present time, the Soviet Government in no way intends to advance
them as accusations against the British Government. It only desires to
show that, striving as it was to maintain peaceful relations with Great
Britain and to avoid provoking conflicts, it did not consider it possible to
base protests on agents'reports and intercepted documents the authenticity
of which in such circumstances must always remain dlubtful. Such
materials are in the possession of all Governments, and if the latter made
use of them, not for their own information, but In order to produce conflicts or make protests, peaceful relations could scarcely exist between
any two States.
Denies British Accusation.
6. The Russian Government notes with regret that the British Government finds it possible to make use of such doubtful material in its official
correspondence with the Soviet Republics. We have to remind the British
Government that as early as 1921, only five months after the conclusion of
the Russo-British trade agreement. the Foreign Office published an extensive memorandum of accusations against the Russian Government, based
exclusively on materials of the character above mentioned. The Russian
Government succeeded at that time in proving that the British Government
Issue of the Seized Trawlers.
itself had been misled by mercenary irresponsible or malevolent informants
12. The question of territorial waters has been fully dealt with in the
and in pointing out the turbid source whence had been supplied apocryphal Russian Government's note of May 7. The latter points out the absence of
documents intended to compromise the Russian Government. The British universally binding international regulations, the varying practice of differGovernment in its present memorandum foresees the possibility of the ex- ent countries in this respect and the entire lack of justification for the xleposure of the new materials on which it bases its new accusations and there- mand that Russia should accept the same limits as are established by Great
fore denies the Russian Government an opportunity of really entering into Britain— and that not throughout the whole Empire. The Russian Gova detailed analysis of the statements made in the memorandum. Not desir- ernment repeats its declaration that it is ready to participate in an intering by its silence to give ground for the assertion that it even indirectly national conference on this matter and to abide by the decision of such a
confirms the accuracy of the statements. the Russian Government considers conference.
T
it necessary to declare that the extracts and quotations cited by the British
henote mentioned also informed the British Government that the case of
combination ofinvented,falsified,altered and arbitrarily the arrested trawler, the James Johnson, had been transferred for review to
Government are a
supplemented extracts from deciphered telegrams.
the Supreme Court, which has now annulled the sentence of the Murmansk
The Russian Government declares that the quotation referring to Persia is Court, thus freeing the captain from arrest and the vessel from confiscation.
an absolute invention and has no connection whatever with any official docu- The trawlers entered our territorial waters in defiance of the laws of the
nients known to the Russian Government. A characteristic specimen of country; but nevertheless, to avoid the aggravation of existing differences,
distortion of communications is the reference to Raskoinikoff's telegram the Russian Government has taken the necessary steps, as the result of which
concerning 3,000 rubles and ten boxes of cartridges sent to Waziristan. If all the British trawlers, including the Lord Astor, arrested the other day four
the British Government really has at its disposal the telegram mentioned and miles from shore, are being freed. The Russian Government cannot, how-




MAY 19 1923.]

THE CHRONICLE

ever, accept responsibility for a trawler which was lost in consequence of a
storm, together with the Russian coast guards on board. The Russian
Government is ready to refer the question of its responsibility for the loss of
the trawler under such circumstances to a court of arbitration.
Correspondence on Church Matters.
13. Although the question of the position of Churches in the Soviet republics does not in the least enter into the sphere of mutual relations between
those republics and Great Britain, nevertheless, in the interests of correct
information of public opinion, the Russian Government considers it necessary to repudiate in the most categorical fashion the baseless assertions that
it has persecuted any religion whatsoever. Soviet justice punishes only
those ecclesiastics who abuse their position as officials of the Church for
political activity against the internal or external safety of the Soviet republics. The Soviet Government is willing to recognize the unusual tone of
Weinstein's first note. It is necessary to remember, however, the excitement and indignation evoked among the widest masses of workers and peasants of Russia by the attempts to intervene in this internal affair of Russia
by one of its neighbors, which desired to utilize the prosecution of Catholic
priests for purposes of political aggression. The British mission must have
been aware of this excitement.
The British agent, Mr. Hodgson, attempted privately to communicate
with the Assistant Peoples'Commissary,M.Litvinoff,on the question of the
prosecution and received from him the categorical reply that not only officially, but even unofficially, he could not see his way to enter into correspondence on the matter. Mr. Hodgson,after this, could not but have foreseen
the possible attitude of the Soviet Government to an official demarche on his
part. It is to be regretted that he did not take this circumstance into account and found it possible to send his note, which the Commissariat for
Foreign Affairs interpreted as a definite challenge. When M. Weinstein
spoke of "the representative of the Irish Repulbic" in his reply he wished to
make it understood how inconvenientfor both sides it was to interfere in the
internal affairs of each other, and that such interference in the Zepliak case
was regarded by Russia Just as Great Britain would regard Russian intervention in the affairs of Ireland. Moreover, it should be kept in mind that
no Government, apart from Great Britain and the previously mentioned
neighbor of Russia, officially approached the Soviet Government on the
matter. In the light of these circumstances the unusual tone of M. Weinstein's reply must be comprehensible. In any case,that note was returned by
M. Hodgson and was not dispatched a second time to the British Government. It can, therefore, be considered as non-existent equally with the
second letter arising out of it, which, however, contained nothing of an
insulting character.
Demands Treatment of Russia as Equal.
14. The Russian Government considers that one of the principal reasons
for misunderstanding constantly arising between it and the British Government is the circumstance that in connection with the world situation following the Peace of Versailles certain circles of the Entente will not consent to
deal with other countries on the basis of the effective equality of both sides.
While denying the fact that a very considerable number of countries have in
reality of recent years fallen into a dependent or semi-dependent position in
respect of the countries of the former Entente,the Russian Government considers it necessary to say that the position of the Soviet republics has not.
cannot have and will not have anything in common with the condition of
dependence on the will of a foreign Government. If those who are at the
head of affairs in Great Britain would take cognizance of this fact the most
important obstacle to the establishment of normal and tranquil relations,
equally beneficial for both countries, would be eliminated.
15. In spite of repeated misunderstandings the Soviet republics place high
value on their present relations with Great Britain and seek to maintain and
develop them in the interests of universal peace, in the interest of the economic restoration of devastated Europe and in the interests of the peoples
both of the Soviet union and of Great Britain. They, therefore, are ready
for the most friendly and peaceful settlement of the existing disputes.
Says "Whites" Distorted Facts.
16. The step taken by the British Government was called forth, apparently, by the completely incorrect picture of the condition of the Soviet
republics, obviously due to "white" emigrants, who have never gone so far
in distorting facts as they are going at present. Particularly taking into
account the present international situation and events in Central Europe,
information from countries bordering on the Soviet republics as to the
growing activity of militarists, tours of these countries made by Allied
Generals—in particular the recent inspection of the Rumanian frontier by a
British military mission—the Russian Government fully realizes that a
rupture of relations would be pregnant with new dangers and complications,
involving a threat to peace,and that the British Government in the event
of a break would be assuming a heavy responsibility before history.
The Russian Government declares that there is no foundation for a
rupture of relations, and that the majority of questions at issue between the
Soviet republics and Great Britain are so unimportant in comparison with
the possible consequences of a rupture of relations that with good will on
both sides a satisfactory settlement by a conference of competent representatives of both States could be arrived at without great difficulty, and
in a very short time. On the part of the Soviet Government there is a
sincere desire to arrive at an agreement, and there remains for it only to
express its confidence that the same desire will be shown by the British
Government.
17. The Soviet Government, therefore, proposes to the British Government to accept the method of conference and to agree on a place and time
at which authoritative and plenipotentiary representatives of both sides
could not only examine and settle the secondary points of dispute, but
regulate once and for all and to the fullest extent the relations between the
Soviet Government and Great Britain.

Pan-American Conference—Argentine Government on
Failure of Solution on Subject of Armament
Reduction.
In addition to the statement issued last week in New
York indicating the disappointment evinced at the results
of the recent Pan-American Conference at Santiago, further
indication that the desired achievements were not realized
is given in a cablegram, received by the Argentine Embassy at Washington from the Argentine Government,
and made public at Washington on May 12. The Conference
was referred to in these columns last week (page 2077)
and in that item we published the statement given out in
New York by the Committee on Organization of the International Pan-American Committee relative to the disap-




2205

pointment expressed as to the results of the meeting. The
message from Argentina, while stating that "there is no room
for doubt as to the great aspiration for justice and peace that
the Conference witnessed on the part of the countries that
have participated," observes that "on the practical side
nothing has been done" and that "the twelfth point of the
program, namely the reduction of armaments, has given
rise to long debates, marked by the greatest cordiality, but
the solution one was entitled to expect has not been found."
The following is the cablegram as made public at Washington
and given in the New York "Times":
Buenos Aires. May 12 1923.
The work of the Fifth Pan-American Conference, held at Santiago.
Chile, has just come to a close, and it is not without a certain pessimism
that the actual results can be reviewed. It has revealed the high spirit of
solidarity that inspires the American Republics, and there is no room for
doubt as to the great aspiration for justice and peace that the Conference
witnessed on the part of the countries that have participated.
It is no less certain that on the practical side nothing has been done.
The twelfth point of the program, namely the reduction of armaments,
has given rise to long debates, marked by the greatest cordiality, but the
solution one was entitled to expect has not been found.
It is true that since the formation of the program Brazil appeared little
favorable to the idea of taking up that matter, desiring to substitute for
the primitive project that of a previous meeting of the three principal republics—Argentina, Brazil and Chile—who would deal among themselves
with the question of the possible limitation of their armaments.
It was Argentina that opposed this proposition, considering that the
question should be treated at the Santiago Conference to its fullest extent
and with the concurrence of all the countries represented. So it was done.
but the first motion of the Chilean delegate, M.Hunneus,in his capacity as
spokesman for the Commission on Armaments, was confined to platonic
statements unexpectedly advanced on the grounds that the American Republics are not sufficiently armed and should remain free to Increase their
effective force according to their requirements.
The Argentine delegation formally stated that this motion was far from
answering their aspirations, as they attended the conference in complete
good faith and for the purpose of doing work of actual Pan-Americanism in
reducing or limiting the armaments instead of agreeing to increases.
Another Chilean proposition followed, fixing the limit of the respective
countries at 66,000 tons for five years. and 90,000 tons for the following
five years, plus 85.000 tons in cruisers, topedo boats and 15,000 in submarIt was again Argentina, who, faithful to the purpose of the conference,
refused to agree to these propositions, which in reality meant an increase of
the naval forces. Argentina fixed the limit at 55,000 tons, as she desires
neither to increase her own navy nor compel the other countries to increase
theirs. Furthermore, Argentina presents the problem in its entirety, that
is, with regard to both naval and land forces, in order to avoid that the
countries of America should devote to armed peace the huge sums which
they need for the welfare of their peoples, and for the development of their
great natural resources.
The status of the matter was unchanged until April 30, when, upon the
Argentine delegation's strong request for a solution of the problem in all
frankness and to its full extent, the Brazilian delegate, Mr. de Amarel,
publicly affirmed, as a justification for the Brazilian reservations, that
Brazil had stipulated by mutual consent with Chile as a condition for clis- •
cussing Point XII. of the program, that a previous meeting and agreement
should be effected among Argentina, Brazil and Chile.
This statement was challenged on the spot by the Argentine delegation
and eluquently refuted by Mr. Mentes de Oca, who declared that the Argentine Government came to Santiago ignorant of this Brazilian claim and
determined to take up, without any reservation whatsoever, broadly and
faithfully, the question proposed.
In a continental conference, this came like lightning out of a clear sky.
strongly moving the audience and giving the Argentine delegate, Monte de
Geo, an opportunity for delivering a splendid final address, in which he expressed the regret of his country and Government at not having arrived at a
result, notwithstanding their strongest and most loyal desire, and in which
he showed once more the profoundly pacific spirit of Argentina—"a country," he says, "that takes pride in having two school teachers to each soldier."
Argentine public opinion and press have heartily endorsed the lofty role
he played in the Pan-American conference, and popular demonstrations in
his honor are now being prepared in Buenos Aires and in honor of the President, Dr. Alvear, who has on this occasion given a proof of the elevation
of his political ideas and of the sincerity of his pacifist sentiment.

Annual Convention of National Association of Manufacturers—Resolutions Adopted.
The National Association of Manufacturers held their
annual convention this week at the Hotel Waldorf-Astoria,
in New York. The sessions opened on Monday, May 14,
and closed on Wednesday, May 16. Resolutions bearing on
many vital issues in the industrial and economic life of the
nation were adopted at its final business sessions on May 16.
The Association warned that a continuous supply of coal at
reasonable price was vital to the health, safety and industry
of the country, and declared in favor of collective bargaining agreements which would be made binding and subject in
case of dispute to independent judication. The Association
expressed confidence in the betterment of social and political
conditions in Europe and held that the European debts should
be paid as moral and financial obligations, but also declared
that the payment of reparations was essential to peace.
The Association expressed opposition to the proposal to require more than a majority of members of the United States
Supreme Court to render an enforceable opinion. The
resolutions adopted were in part as follows:
The Coal Industry.
The uninterrupted production and distribution of coal at reasonable cost
is vital to our national health, safety and industry.Wh'ith more than half

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oroL. 116.

of the world's coal supply within our borders, coal never became a serious distinctly understood
and as clearly asserted as the fact of the adoption
problem until after attempts at governmental regulation and organized of the instrument itself.
The proposal to require more than a majority
combinations to interrupt production. The significant words of the Presi- of the members of the court to
render an enforceable opinion while recogdent of the United States recently declared to Congress: "The simple but nizing the majority principle
in the election and acts of every other departsignificant truth was revealed that except for such coal as comes from the ment of the Government is not
only opposed to every tradition of the people
districts worked by non-organized miners, the country Is at the mercy of the of our blood, but would in
practice transform every inferior court. Federal
United Mine Workers," calls for an expression of appreciation on behalf and State, into as many Supreme
Courts, without a final arbitrator of their
of the people of the loyal services of the managers and employees of the possible differences. Our
institution, our civilization itself, demands full
non-union fields, who by their uninterrupted and effective labors preserved possession of the powers conferred
by the people.
the households, transportation and productive industry of the United States
"The judiciary of the United States, independent of party, independent
from deprivation of essential fuel.
of power, independent of popularity."
It is, therefore, in the public interest that continuing support be given to
Tariff.
the preservation of an independent source of fuel supply, which no combinaWe reiterate our faith in and unswerving support of the protective printion can arbitrarily close to the needs of our people. We extend our cociple as the essential means of effectively safeguarding American standards
operation to the United States Fuel Commission and urge upon its attention
that no form of collective bargaining or agreement can receive public approv- of production and living. We believe, however, that the practical applial that is not accompanied by practical guarantee for its interpretation and cation of the principle predicated upon the difference in productive condithe enforcement of its terms by independent judication in the event of dis- • tions at home and abroad should be determined by continuing non-partisan
putes. It is recommended for thoughtful consideration that all such agree- scientific investigation, and not by the sporadic play of political considersments by their terms include provision for their filing in established courts of tion. As the leader in the movement to secure greater flexibffitY in the adrecord and in the event of dispute as to their meaning be subject to Judicial ministration of the tariff, we urge safeguarding the Tariff Commission
interpretation, to which interpretation the parties thereto agree in advance from partisan influence or control, welcome the development of its authority and investigations as a practical means of ultimately removing the makto be bound.
ing of tariff schedules from political controversy to the controlling influence
National Defense.
of impartially ascertained fact.
We recognize and appreciate the necessary services of land and sea forces
in the protection and promoting of our national interests. The Army and
Department of Commerce.
Navy must have that adequate support which will maintain the services
We express appreciation of the efforts of the Secretary of Commerce to
at the highest necessary efficiency and allow for that reasonable degree of develop that great department to more
adequately carry forward those activexperimentation in new methods of protective development.
ities of vital interest to productive industry.
The Association pledges its aid in the execution of plans now being develWe wish particularly to commend improvements in the census of manoped under the supervision of the Assistant Secretary of War in conformity ufacturers in
the informative and other services of the Bureau of Foreign
with the National Defense Act to enable industry promptly and harmoni- and Domestic Commerce,
to express our appreciation of the work of the
ously to co-operate with the Government in taking advantage of the lessons Bureau of Standards and its Division of Simplified Practice, and
to suggest
of war in preparing adequate plans for the mobilization of industry and
to manufacturers generally the very worthwhile work of these bureaus in
civilian training in the event of national need.
the development of which this Association has gladly contributed.
A proper respect for our domestic and foreign obligations requires the
We invite particular attention to the growing interest of the Department
maintenance of the Navy and other protective forces at all times in high of Commerce in its study of the development of associated business activity,
effectiveness to the full limits of international treaties and agreements.
to which work our convention of a year ago gave much impetus. We conWe commend the condemnation by the Committee on Naval Affairs of the fidently
expect that from the Department's study will develop a more
House of Representatives of the insidious proposal of the Hull bill to convert
adequate appreciation of the value of public interest in all forms oflegitimate
our arsenals and navy yards into Government manufacturing establishAssociation activity.
ments, competing with private industry under a misleading method of
We urge upon manufacturers the vital necessity of lending support to the
estimating actual production cost.
principle of commercial arbitration now expressed in measures recently
pending in Congress. and which have received the careful study of the AsNational Budget.
The extraordinary rise in our tax burdens continually emphasizes the sociation as well as of the bar and other bodies.
necessity of economy in public expenditure. Substantially one-sixth of
National Industrial Council.
American income is now required to support American Government.
We desire to again recognize the exceptional services which are being renWe reaffirm our hearty endorsement of the national budget system,
dered to both industry and country by the National Industrial Council,
congratulate the Preeident of the United States upon the vigorous rewhich to-day with its 312 manufacturers' associations, headed by the Natrenchment which he has accomplished through his determined applications
tional Association of Manufacturers,constitutes the largest industrial feder-:
of that system to the expenditures of the national Government
and urge tion in the history of the country. We take occasion to in this manner
upon our extravagant States and municipalities a practical imitation
of convey appreciation to the industrial associations referred to, to tender
the Federal example. We pledge our
continuing practical support to them every co-operation, service and response within our power.
scientific budget procedure, with particular reference to the continued
Some of the other things included in the industrial platcurtailment and elimination of items of governmental expenditure for
existing activities or projects which have no connection with the legitimate form and again mentioned in the resolutions are the following:
operations of the business of Government.
Proposed reduction of minimum surtaxes and corrective legislation to diTo reinforce this policy, we urge our members before lending their vert investment from taxfree bonds to industry.
PIO
endorsement to any project contemplating an appropriation or expenditure
Permanent policy of selective immigration. Manufacturers are asked
of Federal funds to bring the proposal to the attention of the association to conserve the available labor supply by using every labor-saving device.
for investigation of its merits and fiscal effect.
Privately owned merchant marine,officered and owned by Americansasan
Efficient administration is a vital requirement of any tax system. The adjunct of national defense.
establishment of regional boards of adjustment subject to final appeal
Definite plan of national transportation, inter-relating waterways, railat Washington would eliminate existing hardships and expedite final ways and hard-surface roads, with privately owned and operated railroads
tax settlements. The elimination of "capital" gains and losses as income and consolidation of certain lines to Insure economic operation.
is an equitable demand in con.sonance with the best practice and experience
Opposition to blanket bonus for soldiers, with appeal to fellow-members
of other nations. We recommend the repeal of special discriminatory to co-operate with the Veterans' Bureau in placing veterans in industrial.
war excise taxes. The adoption of a small expenditure tax would be an establishments. Favor other assistance for disabled veterans.
experiment of public advantage.
Foreign Relations.
We have an abiding interest in the betterment of social and political
conditions in Europe. Among Its people are our unforgettable Allies
in the most awful struggle of history. With Its States, we have enjoyed
and hope to renew mutually beneficial social and commercial relations.
We believe it to be our duty to intelligently and sympathetically contribute
toward the material and political rehabilitation of Europe and the restoration of the social morale of its people by effective private and public
economic co-operation involving no political alliance. We hold the
European debts to us are moral and financial obligations and should be
met, but we realize that the settlement of the amount, mode and time
of payment of reparations is essential to the restoration of military and
economic peace.
To deal practically with these conditions, we favor an enlargement of
the powers of our Debt Funding Commission.
We recognize that domestic peace is sustained by the continuing determination of individual disputes through judicial process. We believe,
likewise, that peace and good-will will be practically promoted through the
maintenance of an International Court to which the nations establishing
it appoint the judges, agree to submit all justiciable disputes between themselves and be morally bound by the ensuing judgment.
Judiciary.
The effective settlement of disputes, the assertion of rights and the remedy
of wrongs depends in State and nation upon an honest, learned and independent judiciary. The Unique characteristics of our Goventment, the
indispensable interpreter of our written Constitution, is found in our Federal
Supreme Court. In any issue of right raised by a citizen against another
or any agency of Government it must as the people's final agent determine
if conflict be establIshed, which shall prevail; the permanent popular will
expressed in the written Constitution, or a temporary act of legislation
repugnant to it. Upon the continued existence and exercise of that power
rests the final security of every right of person or property to protect which
the People wrote seventy prohibitions against their legislative branch into
their organic law.
To-day it is proposed to impair or destroy that power and lodge in the
legislative department the final right to determine the limit of its own power.
The adoption of such a plan would create a Congressional autocrat, for the
acid test of free institutions is the adequate protection of minority rights.
This is the chief purpose of a written Constitution. A popular Legislature
whkh was the final judge of its own authority would know none.
"usurped" the power to invaliThe declaration that the Supreme Court
Constitution is without a shred of historical
date acts in conflict with the
that power was conferred was as
support. On the contrary, the fact that




Taxation Called Greatest Factor in Nation's Economic
Life by President Edgerton of National
• Manufacturers Association.
John E. Edgerton, President of the National Association
of Manufacturers, in his address at the annual convention of
the Association, in session this week, dealt at length with the
problem of taxation, which he characterized as the most
potent in the nation's economic life. Mr. Edgerton was.
re-elected President of the Association on May 16
Appealing to the manufacturers to endeavor to perform
fully their obligations as citizens, as one of the surest means
of promoting industrial peace and prosperity, Mr. Edgerton,
said that as this nation was built on an industrial foundation,
the high and lofty principles for which the country stands,
can only be upheld by the fullest interest and active initiative
of its leaders in industry. Mr. Edgerton discussed among
other things: tariff, taxation, which he said was the most
important economic question before the people to-day; the
bonus, saying that industry will always favor every aid for
the disabled but will just as stoutly oppose the sweeping
unreasonable bonus for all; the railroads, decrying any
attempt that may be made to place them under unbusinesslike government ownership; immigration, reiterating the
policy of the Association which believes in a wider application
of the selective system; law and order, declaring the efforts
of misinformed groups to develop disrespect for our institutions, make it incumbent upon every real American to give
his strongest support to constituted law. "The matter of
perhaps the largest concern to most citizens to-day and the
most potent factor in the economic life of the nation is the
taxation question," said Mr. Edgerton. "Taxes seem to
have ceased to be the means by which government is mere

MAY 191923.]

THE CHRONICLE

enabled to perform its orderly and legitimate functions and
to have become the chief end of all government activity. On
the other hand, it has come to pass in these days of much
acting and little thinking that the public treasury is regarded
by a considerable portion of our population as Nature's
perennial spring in the desert of Life from which weary
travellers may quench their thirst without ever affecting
the source of supply." He added:
Until Government in America is forced back by public sentiment into
constitutional channels, ceasing its exercise of alien functions in the fields
of paternalism and socialism, and until intelligent economies in its operation
are courageously effected by a new order of statesmanship, there cannot
and will not be any just relief from excessive taxation and other evils
which afflict us.
This is the one outstanding, big task,the real major problem in America
to-day. And it is the maternal ancestor of most of the other problems
with which we are wrestling. The conditions precedent to its solution
is an enlightened understanding of the proper functions cf a republican
form of Government as distinguished from an impossible democracy,
and a sufficient amount of honesty and courage in public life to apply what
Is understood. It is idle to expect this condition to be met until the best
qualified individual and organized units of our cit'zenship recognize clearly
and accept fully all of the responsibilities attached to the right to live in
this incomparable country.
Politicians and professional reformers are constantly looking for isolated
pegs upon which to hand self-conceived pieces of class legislation. They are
slipping about among us with legislative shotguns concealed on their persons. and when they discover a criminal in the crowd they shut their eyes
and fire at him with both barrels, usually killing or wounding hundreds of
innocent bystanders and nine times out of ten missing the target of their
frenzied and misdirected aim. Gentlemen, let us be ever diligent in keeping our own houses in order; and if any of us are living consciously in glass
houses, let us move to others blinded of a more opague and substantial
material or see that all stones are removed from our neighborhoods.
Another obstacle immediately before us is the indifference with which
many manufacturers regard some of their highest obligations. Some
have grown so large and overconfident in their entrenched positions that
they feel quite sufficient unto themselves, while others have grown smaller
under the atmospheric pressure of rapid rising in the world, "lifting their
heads into the clouds and scorning the base degrees by which they did
ascend." They are jealous and proud of their imagined ability to de all of
their thinking for themselves. As a matter of fact, very few of either of
these groups do very much thinking except upon the things that lie within
the radius of self-interest. They hire somebody, usually a good lawyer,
to think for them. Then they employ a good doctor to tell them that they
are overworked and need a long rest in the vicinity of an inviting golf course.
It is often from these sources that the most dangerous compromises proceed
in the disguise of philanthropy and because of which countless thousands
are made to mourn.
These gentlemen forget that they have no natural right to a.ssume positions, duties or tasks which will prevent their discharging the normal responsibilities of good citizens and the free exercise of the native powers of
discrimination. There are certain obligations which may not with the sanction of good morals be entrusted to other hands and from which no immunity may or can be purchased. It matters not how strong any corporation
or association may become, in its accumulated surplus or organized brains,
It can not and will never be stronger than the social and economic structure
which supports it.
Another sophistical and wholly un-American idea, that is becoming
nauseatingly prevalent is that compensation for work should be calculated
upon the basis of the worker's needs. This absurdity grows out of the
presumptuous theory that the world owes every person a living. The
world, of course, owes a person nothing except the right to life, liberty and
the pursuit of happiness. It owes him the right to earn a living, and all
that ho gets which he does not earn is derived from the charities of others
or is dishonestly obtained. On tho contrary, every parson owes the world
a life, and the obligation to pay precedes the right to receive. In the promulgation of the false theory that a worker must be paid according to his
needs without reference to what he earns or to what his employer is able
to pay him on an economic basis, society is making an impudent attempt
to dodge its own obligations by unloading them upon industry. The deficit
is a worker's actual living needs after he has boen paid what he actually
earns is clearly society's obligation and everybody shares it. The payment
of this deficit by anybody is in the field of human charity; for if a normal
person complies with physical and moral law as he is obligated to do, he
will never acquire necessities which his earning power cannot satisfy.
If through the sins of others or of himself or through some misfortune he
cannot provide himself with the necessities of life by his own honest efforts.
then a Christian society has the obligation to come to his relief. But that
is applied Christianity and not economics. So industry should say to
society: "Stop your lazy and fantastical efforts to unload your natural obligations upon industry and the law-making bodies. Assume your task to
protect the weak and unfortunate by your own self-sacrifices, and through
both precept and example teach them the laws of life. Show them that
Inevitably they must reap What they sow. impress upon them, yourselves
and all others that obligations are more important than rights, and that
only through the performance of obligation does any person retain and
multiply his rights. Cease your cowardly and selfish efforts to repeal
economic and natural law by trying to set up legislative backstops for inefficiency and by legal statutes to shift property honestly acquired by some
Into the unearning hands of others."

Secretary of Agriculture Explains Index Numbers
Used by Department.
Taking cognizance of criticisms published in "The Country
Gentleman" on April 21 1923, concerning certain statistical
reports issued by the Department of Agriculture, the Secretary of Agriculture makes public the following letter written
in answer to a letter received from a representative of one
of the national farm organizations:
DEPARTMENT OF AGRICULTURE
Office of the Secretary
Washington
May 3 1923.
Dear Sir —I have your letter of recent date, in which you bring to my
attention an article in a weekly paper published in an Eastern city, in




2207

which it is stated that according to the Department of Agriculture the
farmers' dollar is worth only 69 cents, while according to the Department •
of Commerce the farmer's dollar is worth $I 02. You suggest that perhaps there is no inherent conflict in these figures if the base upon which
they rest is understood, and you ask me to give the basis used in arriving
at the index figure used by the Department of Agriculture.
The article in question is an unusually fine example of what a rather
clever writer can do when either through ignorance or with malicious intent,
he sots about it to pervert, distort, misquote and garble. Indeed, in this
respect it might almost be called a work of art. It had not occurred to
me, however, that anyone who is even slightly familiar with agricultural
and business conditions during the past three years would fall to recognize
the article for exactly what it is, but I am quite willing to answer your letter.
First, as to the index number used by the Department of Agriculture.
This index number does not purport to show the purchasing power of the
individual farmer nor of farmers generally. What it does show is the
purchasing power of units of farm products expressed in terms of other
commodities. To use the simplegt illustration, take any year, 1913 for
example, as a base from which to make comparisons. In that year. which
Is taken as a base, the corn grower could haul 100 bushels of corn to market
and with the money received for it could buy and haul home a certain
quantity of other commodities. Now let 100 represent the quantity of
other commodities which his 100 bushels of corn would buy in 1913. The
question is, what number would represent the quantity of other commodities which 100 bushels of corn would buy in 1922? That number is considered the index number which shows the purchasing power of corn in
1922, as compared with the purchasing power of corn in 1913.
Taking 1913 as a base and letting 100 represent the purchasing power of
the major farm products in that year, our calculations indicate that 69
would represent the purchasing power of the same farm products in the year
1922. That is, the farm products considered would buy in 1922 only 69%
as much of other commodities, such as cloth, fuel, building materials, &c.,
&c., as the same products would buy in 1913. That is what the Department of Agriculture index figure means, expressed in the simplest terms.
It would seem from reading the article that the • Department's index
figures are determined in some secret and mysterious way by the present
Secretary of Agriculture. On the contrary. the Department of Agriculture
has published for many years index figures showing prices received by
farmers for their products and compared them with an index of retail prices
paid by farmers for articles bought by them. As data on retail prices paid
were available only once yearly, this Department began in June 1921 to
show the purchasing power of farm products on the basis of the relation of
Its index of prices received by fanners to the monthly index of the Bureau
of Labor on wholesale prices of commodities other than farm and food
products. In the August 1 18 issue of the Department publication.
Monthly Crop Reporter." will be found a detailed explanation of how the
oxfp index number is made up and weighted. The general index of the
purchasing power of farm products in terms of other commodities was
constructed by taking ten key crops, which over a long period of years
have comprised about four-fifths of the value of all crops, and six classes
of livestock, which comprise almost the total value of our meat animals.
and combining these two with appropriate weightings based on their
relative importance. The result gives an index number which is used in
connection with the price index of other products to measure the price
relationship borne by farm products to non-agricultural commodities, and
thus expresses the purchasing power of farm products, not the purchasing
power of the farmer.
It is true that in making this index dairy products were not included.
Perhaps they should be. The addition of dairy products might throw
the index number up or down, depending upon what they sell for at the
time.
I do not know of any index number presented by tnis or any other Department which assumes to truly represent the farmer's purchasing power.
Presumably the farmer's purchasing power would be measured by the
amount of money the farmer has left after he has sold his crops and has
paid all of Ma expenses of operation, including interest, insurance, taxes.
fee. The comparison of his purchasing power one year with another
would depend upon the quantity of other commodities he could buy with
the money lett. You can readily see the difficulties surrounding the task
of preparing such an index number. It is a matter which has had my
study for some time, but which we have not yet been able to work out to
our own satisfaction.
The index number used by this Department to indicate the purchasing
power of farm products has not been considered by us as entirely satisfactory. For a long time we have been studying it and considering how
It might be improved. The writer of the article in question at times
heard the constructive discussions of our people on this matter and distorted
these discussions in a most reprehensible way. Our index number does.
however, reflect the price relationship between farm products and other
commodities.
The members of your own organization are perhaps most competent to
express an opinion as to the accuracy of this Department index number.
Let me suggest that you ask a representative number or them whether
from their own practical experience in selling farm crops and buying other
commodities this index number of 69 for 1922 does in fact measure the
relationship of the prices of the farm crops they sold and of the other
eoemodities they bought.
The writer of the article takes an index number which he finds presented
by the Department of Commerce and undertakes to compare it with this
Index number of the Department of Agriculture. The two figures are
not comparable. The index number which he takes from the Department
of Commerce is found in table 4 of a series of tables presented by the Department of Commerce to a group of agricultural editors which met in
Washington in March, 1923. This table is headed, "Purchasing power of
total farm products." In the first column is given the value of total farm
products and animal products after a certain overlap has been eliminated,
for the years, 1900 to 1922, inclusive. The index figure 102% is presented
as representing the "theoretical purchasing power" of all farm products.
with the year 1913 being taken as 100. The Department ofAgriculture
has at times presented similar computations. The objection to all such
is that due allowance has not been made for the increased expense of production by the farmer. To show how unfairly the writer of the article
has used this index number 102% of the Department of Commerce it is
only necessary to point out that in this same table the theoretical purchasing power of all farm products is given as 87% in 1920, and as 92 in
1921, from which it is made to appear that in these two years of the most
severe agricultural depression the present generation of farmers has experienced the theoretical purchasing power of all farm products LS greater
than in any of the prosperous years from 1900 to 1909. For example,
in 1900 it is 73.7; in 1905, 77.8; in 1906, 80.6; &v. This is sufficient to show
how the writer of the article grossly perverted and misinterpreted this
index number of the Department of Commerce and bow impossible it is to
compare such index number with the index number of the Department of
Agriculture. It should be noted that the theoretical purchasing Power

N1E. 8A i 4..
,

0

r

208

number of the Department od Commerce compares gross production
f farm products with unit quantities of all commodities.
misuse of the Department od Commerce index figure is made plain
letter of the Secretary of Commerce addressed to you under date
ril 26, in which he states that the statistical studies of both Depart
is reach the same end,namely,that the farmer is in a position of inequalof purchasing power as compared with those engaged in other industries.
The chief criticism made by the writer of the article and by the editor
of the paper in which it is published seems to be that because this Department has been pointing out the relation between prices of farm products and the prices of other commodities. I have therefore been giving
a wrongimpression of the farmer's financial status,and that this hasresulted
to his disadvantage and to the disadvantage of industry in general. This
raises a question which I think may very properly be considered by the
members of the American Farm Bureau Federation and of other organizations, and, indeed, by farmers generally. Should the Department of
Agriculture tell the truth as to the farmer's situation? During the severe
agricultural depression of 1921 and a part of 1922, was it proper for me
as Secretary of Agriculture to bring to the attention of the country the
disadvantages under which the farmers were laboring? Was it proper
for me to point out that the price relationship between farm products
and other commodities was terribly distorted, to the disadvantage of the
farmer, and to do what I could to help bring about a more normal adjustment of such relationships? Or, on the contrary, should I have told
the country that everything was well with the farmer and that the reports
Which were coming up from him of the financial difficulties were without
foundation? Such a course might have deceived some bankers and Eastern business men, perhaps to their misfortune, but It would not have fooled
the farmers nor country bankers.
I have felt that for the good of the farmer and the good of business,
industry,and,indeed,of the Nation as a whole,it was important that everybody should know the difficulties under which the farmer was laboring,
and that only by making known the truth could we act intelligently toward
bringing about the cure of a situation which Was full of peril to the entire
country.
After you have given the matter full consideration I shall appreciate
a frank expression from you and the other officers of the Farm Bureau
Federation.
For several months past I have,as you know, been pointing out a gradual
Improvement in the farmer's economic condition. The relationship between
prices of farm products and prices of other commodities is still greatly
distorted, but on the whole there seems to be fairly steady improvement
in the farmer's economic status.
Sincerely yours,
HENRY C. WALLACE. Secretary.

Nine Grain Exchanges Designated by Department of
Agriculture for Future Grain Trading.
Under the Grain Futures Act of Sept. 21 1922, nine grain
exchanges, after revising their by-laws to conform with its
provisions, have been designated by the Secretary of Agriculture as contract markets to continue trading in grain
futures. In October, immediately after the passage of the
Act, the Los Angeles Grain Exchange, the Grain Division
of the San Francisco Chamber of Commerce, the Milwaukee
Chamber of Commerce, and the Open Board of Chicago
applied for designation as contract markets and were so
designated by the Secretary. Later the constitutionality of
the Act was tested in the courts and no more applications
were made until the Act was upheld by the United States
Supreme Court on April 16 1923. Since that date the following exchanges have been designated as contract markets:
Minneapolis Chamber of Commerce,Chicago Board of Trade,
Kansas City Board of Trade, Duluth Board of Trade, and
the St. Louis Merchants' Exchange. The list of designated
exchanges includes the principal grain markets on which there
has been trading in futures.
The Toledo Produce Exchange, one of the oldest grain
exchanges, decided not to make application for designation
for trading in grain futures. It is the largest market for
timothy seed and clover seed, which do not come under
the meaning of the Act, and the Exchange will continue to
deal in futures of these commodities. Other grain markets
in various cities deal in cash grain for which no designation
is required.
The Department of Agriculture, in making the foregoing
announcement under date of May 12, goes on to add that a
quite general misunderstanding of ;the scope and purpose of
the Grain Futures Act exists. "Many persons seem to think
it will stop speculation in grain by all persons outside the
grain trade; in other words, the general public. The truth
is, the Act places no check on any individual in buying, or
selling short, for ordinary speculation. One of the chief
purposes of the Act is to curb manipulation and operations
of big professional speculators who may by their trading
improperly influence prices. It also makes it possible for
the Government to demand that the designated exchanges
take precautions to prevent their members from issuing
false or misleading statements wjaich might have a tendency
to influence prices or trading. In short, the purpose of the
Act is not to intefere with normal and proper future trading,
but to stop abuses. The Grain Futures Administration
of the Department of Agriculture has already established in
Chicago and Minneapolis offices in charge of supervisors,
who keep in close touch with transactions on those markets."




FoL. 116.

THE CHRONICLE

Census Report on Cotton Consumed and on Hand,also
Active Spindles, and Exports and Imports.
Under date of May 14 1923 the Census Board issued its
regular preliminary report showing cotton consumed, cotton
on hand, active cotton spindles and imports and exports of
cotton for the month of April 1922 and 1923 and the nine
months ending with April. Cotton consumed amounted to
577,396 bales of lint and 52,192 of linters, compared with
443,509 of lint and 49,287 of linters in April last year, and
623,105 of lint and 51,745 of linters in March this year,
the Bureau announced. The statistics of cotton in this
report are given in running bales, counting round as half
bales, except foreign bales, which are in equivalent 500
pound bales.•
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND IN
OTHER ESTABLISHMENTS AND ACTIVE COTTON SPINDLES.
(Linters Not Included.)
Cotton Consumed
(Bales) During
Year

Locality.

April.

Cotton on Hand
April 30 (Bales)
-

Cotton
Spindles
Aaive
Nine
/n
In Public During
Months Consuming Storageand
April
ending
Establish- at Com- (Number).
April 30. M61113.1
presses.x

1923 *577.396 *5,040.004 *1,889,218 *1,966,441 35,515,791
United States
4,447,263 1,461,340 3,213,483 31,389,695
United States
,
923
2
States_ 192 363 865 3,196,802 1,078,444 1,655,860 16,072,152
Cotton-growing
698,609 2,795,935 15,503.563
Cotton-growing States_ 1922 294,762 2,756,639
310,581 19,443,639
810,774
1923 213.531 1,843,202
All other States
417,648 15,886,132
762,731
1922 148,747 1,690,624
All other States
x Stated in bales.
* Includes 27,176 Egyptian, 7,194 other foreign, 3,856 American-Egyptian and
349 sea island consumed; 105.700 Egyptian, 27,558 other foreign, 15,653 AmericanEgyptian and 3,073 sea island in consuming establishments, and 74,543 Egyptian.
20,298 other foreign, 23,806 American-Egyptian and 4,379 sea island in public
storage. Nine months' consumption, 192,553 Egyptian. 57,761 other foreign
53,639 American-Egyptian and 5,106 sea island.
Linters not included above were 52,192 bales consumed during April 1923 and
49,287 bales in 1922; 180,980 bales on hand in consuming establishments on April 30
1923 and 176,490 bales in 1922; and 176,490 bales in public storage and at compresses
In 1923 and 118,556 bales in 1922. Linters consumed during the nine months
ending April 30 amounted to 488,616 bales in 1923 and 467,649 bales in 1922.
EXPORTS OF COTTON AND LINTERS.
Exports of Domestic Cotton and Linters During
(Running Bales)
Country to Which Exported.

April.
1923.

United Kingdom
France
Italy
Germany
Other Europe
Japan
All other countries
Total

1922.

9 Months end. Apr.30.
1923.

1922.

9,894
32,140
40,059
76,963
27,627
51.247
24,823

213,526 1,230,973 1,332,240
618,982
572,754
84,070
342,072
441,586
54,621
762,845 1,159,126
151,592
560,300
573,169
60,217
717,465
529,520
9,417
252,218
209,261
24,766

*262,753

*598,209 *4,320,108 *4,982,403

* Figures include 2,769 bales of linters exported during April in 1923 and 11,598
bales in 1922 and 33,057 bales for the nine months ending April 30 in 1923 and
98,188 bales in 1922. The distribution for April 1923 follows: United Kingdom,
172; France, 390; Germany, 874; other Europe, 46; other countries, 1,287.

Secretary of Agriculture Henry C. Wallace Gives the
Reasons Actuating the Government in Issuing
Its April Report Regarding Contemplated
Planting the Present Season.
The special report issued on April 20 by the Department
of Agriculture with reference to farmers' contemplated
plantings of the leading crops, being a new departure, has
been the subject of much criticism on the part of the dominant spirits in certain organizations which never lose an
opportunity to set themselves up as champions of agricultural interests. In particular the report has been sweepingly
condemned by J. S. Wannamaker, the head of the American
Cotton Association, who can hardly be claimed ever to be
temperate in his public utterances. Henry C. Wallace, the
Secretary of Agriculture, has addressed a letter to Mr.
Wannamaker in which he points out the errors into which
the latter has fallen and gives the purpose the Agricultural
Department had in mind in issuing a preliminary report
dealing with the intentions of farmers respecting contemplated plantings. Mr. Wallace points out that last year a
committee of statisticians he had invited to Washington,
recommended among other things such reports as the one
under discussion, and the same recommendation has come
from "farmers' organizations, the extension service, and
others who have the good of agriculture at heart." Briefly,
it was the committee's opinion, with which the Secretary
concurs, "that, so far as possible, farmers should be apprised
in advance of the planting intentions of farmers generally, in
order that they may individually have the opportunity to
make such changes in their plans as they might consider
wise in the light of such information, and thus be able to
avoid the disastrous effects of over-planting or correct a
tendency toward under-planting." Secretary Wallace's
letter in its entirety follows:

MAY 19 1923.]
DEPARTMENT OF AGRICULTURE
Office of the Secretary
Washington

THE CHRONICLE

2209

As you know very well, it is the practice of many private concerns to
make estimates of intended plantings of cotton and other crops. Such
reports, or rumors based upon them, are constantly being circulated
through the country. You yourself, in the "Cotton News" of Feb. 1, give
a page to what you call an exhaustive report on the cotton situation, and in
the first column of page 6 of this publication, the second question asked in
the questionnaire which you issued reads:
"What percentage of cotton acreage will be planted, cultivated and
harvested, compared to 1922?"
from which it seems that you think it quite proper for private indivuals
and for associations to gather and make known estimates of intentions
of farmers to plant, but that you think it is improper for the government,
an entirely disinterested agency, to do the same thing through its carefully
organized crop-reporting system, and publichthe results without fear or
favor.
I am enclosing herewith a copy of the questionnaire sent out, a copy
of the official report on intentions to plant, and a copy of the report of the
committee on agricultural outlook.
I trust that you will without delay communicate with the various people
to whom you have sent your circular containing gross misstatements of
facts, and state frankly to them that you were incorrectly informed.
Very truly yours,
HENRY C. WALLACE.
Secretary.

May 5 1923.
Mr. .1. S. Wanamalcer, President, American Cotton Association,
St. Matthews, South Carolina
Sir —Your night telegram of April 25 addressed to the President has been
referred to me for reply. I also have before me a circular letter issued by
you under date of April 28 and addressed to a member of a State board of
agriculture, copies of which I understand you have sent to secretaries of
agriculture, commissioners, governors and others.
If you had made inquiry of me before sending this telegram and before
sending out this letter you would have been in a position to avoid certain
gross misstatements. In your telegram to the President you say that
there is nationwide discontent and antagonism being voiced by American
farmers, &c., &c., to what appears to be government policy in attempting
to deflate market values of staple farm crops. The government has no
such policy, and so far as I know you are the only man who has suggested
that it did have.
In your circular letter the first paragraph reads:
"On April 20th a committee of eighteen representatives of large business
corporations, bankers and economists of the Eastern and Western States
were assembled at Washington in the offices of the Secretary of Agriculture,
for the purpose of preparing and issuing an official estimate on the 'intentions' of farmers to plant certain acreages in staple farm products in 1923
The Agricultural Department's special report, to which
and outline the live stock situation."
The foregoing statement is untrue. The committee in question had .the above letter refers, was published in our issue of April 21,
nothing to do with preparing or issuing the report on intentions to plant.
page 1802.
You make numerous intimations that this Department is in some way
trying to interfere with the normal functioning of the law of supply and
demand. There is no basis for any such intimation. The government has
taken no step and contemplates none which will affect the free working President Harding Says Fitting Code of Ethics Was
of economic processes.
Never So Essential to Press.
At 11 a. m.on April 20 this department issued a special report of farmers'
The statement that there never was a time "when a
Intended plantings of the principal spring sown crops, the crops in question
being cotton, spring wheat, corn, oats, barley, flax. Irish potatoes, sweet fitting code of ethics was so essential to the press of AmerPotatoes and tobacco. The information upon which this intended plantings ica" was made by President Harding at a dinner of the
report is based was obtained by the crop reporting service frcm two of its
largest lists of crop reporters. It came in on questionnaires which had been American Society of Newspaper Editors in Washington
mailed to these two lists. In these questionnaires each reporter was asked April 28. The President referred to the fact that "there is
how many acres of each of several important crops he grew last year and a fine bit
of ethics.some times in the omission of news, as
how many acres of the same crops he intended to plant this year. Reporters were not asked for opinions, but for their own individual plans. well as the publication of it. I think there are often times,"
These replies from the reporters were handled just as all crop reports are he said, "when the news ought to be suppressed. There
handled in this department. They were turned over in the original encertainly are times when news of international importance
closures to the Crop Reporting Board, consisting of W. A. Schoenfeld,
Chairman; W. F. Callender, G. K. Holmes, S. A. Jones, J. A. Becker and cannot be given to the public." The President stated that
L. M. Harrison. The report was prepared behind closed doors in the "here in America we have
done more than elsewhere in the
boardroom of the department under exactly the same precautions that are
used for the regular crop reports. When the report had been completed world for the development of free press, and I want a free
it was released by Acting Secretary 0. W.Pugsley In room 411 of the Beiber press in America to repay its debts in the preservation of
Building at 11 o'clock on April 20 1923. exactly in the same way as all this Republic of ours."
Referring to the consolidation
crop reports are released. No one other than the members of the official
Crop Reporting Board of this department saw the report or any part of it which had gone on among newspapers, President Harding
In advance of its release to the general public. After the report was ro- ventured to guess that there are 25% less newspapers in
leased to the public copies were given to the special committee on agricul- the United States
now than there were ten years ago. "These
tural outlook. Your statements that this latter committee had anything
whatsoever to do with the report prior to its release or had any part in mak- processes of consolidation," he said, "have brought about a
ing it are utterly without foundation.
condition in which the publication of newspapers is a profitThe report of the committee on agricultural outlook was prepared in able and
commercially important enterprise. It is not the
a conference participated in by the following named gentlemen: George
E. Roberts, National City Bank, New York City; Carl Snyder, Federal old type of journalism. It is not the old questions of
Reserve Bank, New York City; Wesley C. Mitchell, National Bureau of political parties or self-interest. It has got to be that which
Economic Research, New York City; B. M. Anderson Jr., Chase National Mr. Davis has
becomingly dignified it, a great and honorable
Bank, New York City; E. N. Wentworth, Research Department Armour
& Co., Chicago, Ill.; B. W. Snow, Bartlett-Frazier Co., Chicago, Ill.; profession, combined with highly successful business."
C. Reed, Geo. H. McFadden & Bro., Philadelphia, Pa.; Warren M. Per- Elsewhere we make mention of the newspaper code of ethics
sons, Harvard University, Cambridge, Mass.; George F. Warren and F. A.
which was adopted by the Society. The following are the
Pearson, Cornell University, Ithaca, N. Y.; Thomas S. Adams, Yale University, New Haven, Conn.; H. A. Wallace, Secretary Corn Belt Meat President's remarks anent the development of the press.
Producers' Association, Des Moines, Ia.; H. W. Moorhouse, American
Mr. President, Fellow Editors:—My mind ran back, while the Chairman
Farm Bureau Federation, Chicago, Ill.; H. C. Moulton, Institute of Ecowas reading the code of ethics, to the small town paper with which I have
nomics, Washington, D. C.; Walter W. Stewart, Federal Reserve Board, been
connected so long, to one of the things which led to the adoption
Washington, D. C.; Frank M. Surface and E. G. Montgomery, Bureau of of the
code.
Foreign and Domestic Commerce, Washington, D. C.; William T. Foster,
I wonder if any of you ever have moments of retrospection when there
Pollack Foundation for Economic Research, Newton, Mass.
comes to you, in the recollection of your lives, some events which you
This report was prepared under the same safeguards as are used in pro regret
more than others. I have a lot of them to regret, but there are two
paring our usual crop reports, and was released at 3 o'clock
in the afternoon particular instances which apply to this code of ethics.
of April 211923. The gentlemen who were asked to participate in considerThe first was when I was a boy 8 years old. It was my fortune every
ing and preparing this report are men considered to have wide information
summer to go to the home of my grandfather on the farm. One of my chores
and a clear view of both domestic and world-wide business and economic
was to bring in the cows at milking time, and one evening I got my orders
conditions which influence the consumption of the products of American sharp
edge of this stone struck a fine, to go for the cows and was unwillingly
agriculture. They were asked to come here, consider all the information complying,
but as I skipped along, boyllke, I picked up a stone, what we
Which we could make available, and then express in the form of a report
called a "sailer," a thin stone—you will remember, you throw it and it
their judgment of conditions which the farmers ought to know about if sails in
the air—and I let it go without any responsibility or design at a
they are to produce intelligently and market their products at a fair price. flock of geese.
Both this department and the general farming public are under obligations
And,by some misfortune offate,the big gander was hit right in the side of
to these gentlemen who were willing to take time from their own business the
head and he whirled a half dozen times and fell dead. Well, in my
and render what I consider to be a most constructive service to American
excess of sorrow that I had killed the gander and my sense of injury to my
agriculture.
grandfather, I rushed after the cows. And when I came back I found nay
You state that in making estimates of farmers' intentions to plant, the grandmother
plucking the gander to save the feathers and grandfather was
Department has acted without precedent and without authority of law. orating. He
had examined the dead bird and had concluded that it had
It is true that this is the first report of intentions to plant which has been been
killed by a very ill-behaved turkey gobbler, and he had reasoned it
issued by this Department, although a similar report with regard to the out that
the gobbler had struck him in the side of the head and had killed
number of sows to be bred was issued last fall. I do not think it is true him and
thereupon decreed the gobbler should die. And there I stood, a
that the Department has acted without authority of law. It is my belief boyish
culprit and liar through omission, saying nothing in the gobbler's
that the regular publication of such reports will be exceedingly helpful to defense, and
he went to the block and I helped to eat him. And a more
the farmers of the country in their efforts to adjust production to the innocent
gobbler had never lived and died.
probable needs of consumption and thus secure a fair price for their products.
It may seem strange, but that incident has recurred to me a thousand
Last year I invited a committee of eminent statisticians to come to Wash- times in my
life and is ever impelling a fair statement.
ington and spend some time here studying our statistical methods and
And the other one was a sillier one
still. In the very early days of ml
organization and give me the benefit of any suggestions which might occur
newspaperdom (it takes me back so long it will be amusing to you).
I rolled
to them that would make our statistical work more helpful. Among the my first
form forty-six years ago next month:
within a week after
recommendations they made was one to the effect that we should issue had stacked
my first stick of type as an eleven-year-old boy. IthatI
don't
such reports as this one on intentions to plant, and this recommendation say it to
boast. I say it because the atmosphere of this occasion suggests
has also been made by farmers' organizations, the extension service, and it. I
have done everything in the newspaper office that anybody ever did.
others who have the good of agriculture at heart. It was the committee's including
taking a licking.
opinion, and with this I thoroughly agree, that so far as possible farmers
Well, in the early days of the newspaper business, we felt an obligation.
should be apprised in advance of the planting intentions of farmers generally, and it was
quite the custom in the small towns to have the editor specially
in order that they may individually have the opportunity to make such invited
for the all-important events, social or otherwise, and there was a
changes in their plans as they might consider wise in the light of such very
prominent wedding in my town and I Was not invited. I took it
information and thus be able to avoid the disastrous effects of over-planting very
much to heart, and,like a culprit, on that occasion, after the wedding.
or correct a tendency toward under-planting. It
is expected that reports I published the news of the marriage as an obligation, but limited it to a
of this character will be issued regularly hereafter.
three-line item without a headline.




2210

THE CHRONICLE

And the little notice of the wedding was so remarked about that there
came to me that inevitable remorse of conscience that I concluded never
after that, in a newspaper with which I Was associated, should the news in
any manner be appraised by the prejudices of the editor and paper.
There never was a time, gentlemen, when a fitting code of ethics was so
essential to the press of America. You know there has come a transformation. There is a condition in newspaperdom unknown heretofore in America. It has come about under your own eyes and you are scarcely conscious
of it. I asked to-night what is the relative number of newspapers in the
United States to-night to the number twenty years ago. I will venture to
guess that there are 25% less newspapers in the United States now than
there were ten years ago to-day.
I don't know how many newspaper men are ever going to be President.
But if any of you ever succeed me, you are going to have one thing that will
try your patience beyond all sort of expression, and that is to have a man in
some branch of the public service call upon you and maybe talk to you about
a bit of patronage; maybe about something that ought to be done of a local
character in his community, and then appear in either the evening paper of
that day or the morning papers of the next day as having told you innumerable things about how to run the Government and how you must do if
you are going to get on. when never a word has been said about it during
the Interview.
I will pass the one on responsibility. We are all agreed about that. And
I have no need to make reference to the freedom of the press. And I think
it may reasonably pass--no;I will stop for a moment at Number 3. -Freedom from obligation except that of fidelity of public interest is vital."
If my observation as President of the United States has taught me any
one thing, it is that there are too many men in the newspaper world who
believe one thing and preach another. And that is not honest and that is
not a contribution to becoming journalism.
How shall I say it? I sat in the Executive offices and listened to an
outstanding editor-publisher of the United States. who took my time for
two hours, urging upon me the necessity of reduction in Federal taxes,
notably excess profits and income and surtaxes, paticularly pressing it with
every word of argument that he could form, and his newspapers at that
very hour were clamoring that the minions of capital were proposing to
reduce the taxes on the wealth of this country. I would not give a rap for
the conscience of a man like that.
Think of the spectacle of a great publisher appealing to the President on
the one hand for the very thing against which his papers were crying out.
I will give you another, probably not a reflex of selfish interests. It is a
thing that suggests fairness of comment. If I made a definition of journalism I should pronounce journalism the profession that combines the publishing of news with an honest interpretation of it and becoming comments
thereon. It is easy to be a respectable purveyor of news. That is not
journalism. There are fine ethics in purveying news, but journalism
covers the whole field, and an honest journalist Is never unfair in stating
the facts upon which ho bases his comment.
We used to have in the State of Ohio two very famous papers in one of
the larger cities of the State. One was very highly reputed for being alert
about the news. It was rather sensational in character and the other was
noted for its sturdiness and its dependability for news and its ability to
comment thereon. And whenever there appeared in the one paper an
extraordinary item of news that the community far from the city would be
shocked about, or feel like accepting with a grain of salt, there was this
comment invariably: "Well, wait till we see the Banner and we will know."
That Is the highest tribute that can be uttered about a publication anywhere in the world. I would rather have the community hold my publication to be a dependable source of information than to proclaim it the most
enterprising publication that was ever gotten out.
The chief objection to inaccuracy is that it leads to false impressions,
unintentionally, no doubt, and It gives a bent to the popular mind sometimes that ought never to be given. There Is not a reason in the world
why the essential news of public life should not be as accurate as though
It were a matter of written official record.
In the great cities the processes of consolidation are going on, helpful, I
believe, in many ways. These processes of consolidation and elimination
are going on in the county seats; in the smaller cities inland. I can look
about me in my home State, to the East and the North and West and
South. Where there were formerly two or three daily papers, there is now
In nearly every city but one. The processes of syndicating ownership are
going on.
I have been offered more for the Marion Star, a good deal more than it
Is worth, by men who are seeking to pick up a number of papers and bring
them under syndicated control and management, and if I did not love the
business better than anything else in the world, I have been offered so liberally that I would quickly sell. But I am hanging on because I would rather
be a newspaper publisher than anything else in the world. I like it, and I
hope I am going to be the chief owner of the Marion Star when they settle up
my estate in a legal manner.
These processes of consolidation have brought about a condition in which
the publication of newspapers Is a profitable and commercial important
enterprise. It is not the old type of journalism. It is not the old questions
of political parties or self-interest. It has got to be that which Mr. Davis
has becomingly dignified it, a great and honorable profession, combined
with highly successful business.
There is another paragraph in the code of ethics, and I like to speak of it
from my own experience. My reference is to the article devoted to "Decency." I think the most unfortunate contribution to the disturbing
tendencies of to-day is the excessive publication of sensational vice.
I believe if I were to write the code and could write it for all the newspapers of America. I would ban everything of a vicious character except that
which is necessary as a public warning. If I ran a newspaper to suit my own
ideals there would not boa police court reporter on the paper—never a police
court column in the paper.
And I got may idea about that in a very peculiar way. One day as! was
sitting at the editorial desk of my little paper out at Marion a perfect roughneck came into the office, cane in with something of a swagger, and he said:
,
.Harding. I know you. You don't know me. And I want to ask you a
favor."
"Go ahead," I said. He replied: 'I was arrested last night for getting
Into a fuss with a railroad conductor on whose train I was beating a ride, and
my old mother is a dear old lady, and she is sick. And it won't do you any
good to have that in your paper, and it will break my old mother's heart.
Won't you leave it out for me?'
&A roughneck. I cared nothing for him, but I cared for his appeal, and I
said to myself: "What good is it to the readers of the Marion Star to see that
with a railroad conductor? I wil
Bob D.has been arrested for having a fuss
leave him out." And I left his name out of the paper. Nobody missed it.
and decency on my part reformed the life of
And that act of consideration
respectable citizen. It carries its appeal.
that Man and made a him
fine bit of ethics sometimes in the omission of news,
You know there is a
as well as the publication of it. I think that there are often times when
There certainly are times when news of
the news ought to be suppressed.




[Vol.. 116.

international importance cannot be given to the public. Let me say this.in
conciusion—and I have only rambled along, not touching this very important and very excellent code in all its details. I have alluded to the concentration or merging of the journalistic efforts of the country. You have been
told until you are weary of it, of the great influence of the press.
But you have not stopped to think of the critical situation which is in
your keeping.
I like what Mr. Davis said about tho security of the Constitution. I like
everything that is said that tends to rivet our belief in a preserved civilization. It has been fortunate within the week to have had at the Executive
office three outstanding visitors from the old weld. I cann at tell you all the
stories they told me. but I tell you, fellow citizens of America, it is an
astounding story, and while I think that we still have our own feet on the
ground and an anchor that will preserve us, the world is in a pretty bad way.
I do not think the social order can be overturned. It would be only momentary if it were. You cannot revise civilization with the concrete experience and judgment of forty centuries of progressive civilization back of it.
But nevertheless civilization is in a very critical stage. We are more fortunate in America than elsewhere in the world. It is so eesential to do the
things which you can do toward making our position more firm and more
stable so that we may be a great and helpful example to the world.
Don't you see how important it is to tell the simple, comforting truth
about thinking when there is a simple, comforting truth, and don't you see
how important it is to omit the things which tend to destroy faith in society?
Don't you see how essential it is that you preach faith in the justice of the
Republic rather than a suspicion that justice cannot abide under our present
social system?
Oh, my countryman. We have done so well in America we have wrought
so much in the democracy ofthis new world republic; we have such a record
for ourselves, and such a contnbution to human progress that I want to go
on, and hero in America we have done more than elsewhere in the world for
the development of free press, and I want a free press in America to repay
its debts in the preservation of this republic of ours.
Code of Ethics Adopted By American Society of
Newspaper Editors.

A code of ethics, covering sound practices and just aspirations of American journalism, was adopted by the American
Society of Newspaper Editors in Washington on April 28.
The code—or canons of journalism--was drawn up by a
committee headed by H.S. Wright of the New York "Globe,"
and was adopted as follows:
The primary function of newspapers is to communicate to the human race
what its members do,feel and think. Journalism, therefore, demands of its
practitioners the widest range of intelligence, of knowledge and of experience as well as natural and trained powers of observation and reasoning.
To its opportunities as a chronicle are indissolubly linked its obligations
as teacher and interpreter.
To the end of finding some means of codifying sound practice and just
aspirations of American journalism these canons are set forth:
First, responsibility—The right of a newspaper to attract and hold readers
is restricted by nothing but considerations of public welfare. The use a
newspaper makes of the share of public attention it gains serves to determine its sense of responsibility, which it shares with every member of its
staff. A journalist who uses his power for any selfish or otherwise unworthy
purpose is faithless to a high trust.
Second, Freedom of the Press—Freedom of the press is to be guarded as a
vital right of mankind. It is the unquestionable right to discuss whatever
is not explicitly forbidden by law, including the wisdom of any restrictive
statute.
Third.Independence—Freedom from all obligations except that offidelity
to the public interest is vital.
1. Promotion of any private interest contrary to the general welfare,
for whatever reason, is not compatible with honest journalism. So-called
news communications from private sources should not be published without
public notice of thier source, or else substantiation of their claims to value as
news, both in form and substance.
2. Partisanship in editorial comment, which knowingly depart from the
truth, does violence to the best spirit of American journalism; in the news
columns it is subversive of a fundamental principle of the profession.
Fourth, sincerity, truthfulness, accuracy—Good faith with the reader is
the foundation of all journalism worthy of the name.
1. By every consideration of good faith a newspaper is constrained to be
truthful. It is not to be excused for lack of thoroughness or accuracy within its control or failure to obtain command of these essential qualties.
2. Headlines should be fully warranted by the contents of the articles
which they surmount.
Fifth,impartiality.—Sound practice makes clear distinction between news
reports and expressions of opinion. News reports should be free from
opinion or bias of any kind.
1. This rule does not apply to so-called special articles unmistakably
devoted to advocacy or characterized by a signature authorizing the writer's
own conclusions and interpretations.
2. Critics of the arts should possess authority based on knowledge, sympathy based on understanding, independence of judgment that demands
complete freedom.
Sixth, fair play.—A newspaper should not publish unofficial charges
affecting reputation or moral character, without opportunity given to the
accused to be heard; right practice demands the giving of such opportunity
in all cases of serious accusation outside judicial proceedings.
1. A newspaper should not invade private rights or feelings without sure
warrant of public right, as distinguished from pulic curiosity.
2. A newspaper has no right to publish a private statement ascribed to
Its author without his permission.
3. It is the privilege, as it is the duty, of a newspaper to make prompt
and complete correction of its own serious mistakes of fact or opinion, whatever their origin.
Seventh, decency.—A newspaper cannot escape conviction of insincerity
if, while professing high moral purpose, it supplies Incentives to base conduct, such as are to be found in details of crime and vice, publication of
which is not demonstrably for the general good.
Lacking authority to enforce its canons, the journalism here represented
can but express the hope that deliberate pandering to vicious Instincts will
encounter effective public disapproval or yield to the influence of a preponderant professional condemnation.

Casper S. Yost of the St. Louis "Globe-Democrat" was
elected President of the Society, E. C. Hopwood of the
Cleveland "Plain Dealer," was chosen Secretary; E. S. Beck
of the Chicago "Tribune," Treasurer, and George E. Miller,

MAY 19 1923.]

THE CHRONICLE

2211

Detroit "News," and Edgar B. Piper, Portland "Oregonian,"
Vice-Presidents.

of plenty in prospect, but because we have every reason to believe that it Is
fully understood by both producers and consumers that mill price fluctuations are harmful to the entire industry.

American Newspaper Publishers' Association Asks
Treasury Department To Define Newsprint—
Shortage of Newsprint—Association Declares
Itself Against I. T. U.'s Strike Clause.
A resolution urging the Treasury Department at Washington to define "newsprint paper," which was placed on
the free list by the Federal Revenue Act of 1922, as properly
including only "newsprint used in the manufacture of
standard newspapers," was adopted by the American
Newspaper Publishers' Association at its annual meeting
at the Waldorf-Astoria, this city, on April 25. The resolution, according to the New York "Times" was proposed
by the Committee on Federal Laws, of which S. E. Thomason of the Chicago "Tribune" is Chairman. The avoidance
of waste of newsprint paper was urged at the meeting of the
Association on April 25 by Paul Patterson of the Baltimore
"Sun," President of the Association, who said:

Postmaster-General Harry S. New delivered an address
in which he referred to complaints regarding delay in delivering single newspapers sent in packages by second-class mail. •
Most of these complaints, he said, were caused by careless
wrapping, which made it difficult for mail clerks to determine
whether packages were intended for second, third or fourth
class mail delivery. If a standard form of wrapper were
adopted for such single-paper packages, Mr. New said,
according to the New York "Times," the clerks could easily
distinguish them from third and fourth-class mail matter,
and could sort them out quickly for delivery on the first fast
mail train after they were put into the mails. The "Times"
account also states that Mr. New urged the association to
appoint a committee or some representative to confer with
him and other officials of the Post Office Department in
order to find a remedy for the situation. The Committee
on Second-Class Postage was authorized to take up the
matter with the Department.
On April 26 the Association adopted a resolution calling
upon members of the Association to "refuse to negotiate
contracts with printers and mailers jointly, decline to accept
agreement providing coincident expiration dates, and refuse
to sign contracts carrying sympathetic strike provisions.'
This resolution was aimed at the recent amendment to the
constitution of the International Typographical Union.
H. M. Kellogg, Chairman of the Association's standing
Committee on Labor, declared the amendment to be "contrary to the policy that the International Typographical
Union has followed for years," adding "the amendment is
very objectionable and unacceptable to publishers, and is
impracticable of application." The amendment was given
as follows in the Association's resolution:

Very soon after the 1922 convention the Committee on Federal Laws
engaged itself in an active campaign to prevent the imposition of a duty
on sulphite pulp. In furtherance of this work a most effective organization
of subcommittees In each State was worked out and through these State
Advisory Committees able support was secured for the efforts of the main
committee. The result was evidenced in the prevention of the proposed
tariff.
In the late summer months the newsprint paper situation developed in
such a way as to require especially aggressive and intensive work by the
Paper Committee and the Newsprint Conservation Committee. In this
effective campaign assistance was secured from the many special subcommittees which were organized in practically every State for that purpose, each under the supervision of a State Chairman. Consumption of
newsprint had increased so rapidly over the first six months of the year that
paper prices began to advance steadily. Demands for spot mws were so
heavy as to encourage practically all manufacturers to advance prices for
contract paper under provision of the contracts allowing quarterly adjustment. By early autumn contract prices had been pushed up from an average of $3.50 per hundred pounds to $3.75, and in some instances $4, and it
was freely predicted by many manufacturers that a $4 per hundred rate or
higher would prevail for the year 1923.
The Newsprint Conservation Conunittee and its very effective subcommittees conducted a vigorous campaign to impress upon publishers the
necessity of holding down as much as possible on the consumption of newsprint in order to lighten the pressure in the spot market; at the same time
strong representations were made by the Paper Committee to the manufacturers to avoid a serious upset of conditions by holding the contract
prices for 1923 at a reasonable figure. These counsels of moderation prevailed to such an extent that a price of $3 75 a hundred was fixed for the
first six months of the year. Consumption is continuing at a recordbreaking rate, but fortunately expansions have taken place in the newsprint
mills at a rate that should provide an ample supply of paper provided publishers avoid extravagant and wasteful use of paper.
After much patient work the Committee on Arbitration Contracts successfully concluded negotiations for a new arbitration contract with the
International Printing Pressemen & Assistants' Union of North America
on the basis laid down by the resolution adopted by the convention of
1921. The situation as to the negotiations with the remaining unions
continues deadlocked and presents one of the most important problems
for consideration by the convention.
Only in the case of the fight for a reasonable modification of the postal
rates is it necessary to record failure, and this is in no way due to lack of
intelligent and vigorous efforts on the part of the Postal Committee.
The refusal of Congres.s to grant the remedy asked for in this connection
Is due to the unabated antagonism on the part of a certain group of Congressmen, and this situation may be expected to continue until newspapers
have succeeded in making them understand the unjustness and unreasonableness of the existing rates.

The report of the Paper Committee had the following
to say regarding the newsprint shortage:
During 1922 newsprint production exceeded 2.500,000 tons, or approximately 140,000 tons more than 1920, the highest previous year of production. Thus far this year now machines with a capacity in excess of
110.000 tons per annum have been put into operation, and at various
times during the year we may expect additional machines in operation.
with an equal or greater capacity, so that we may confidently expect to
start 1924 with a capacity of 230.000 tons over the beginning of this year.
There is, however, but little apprehension entertained of the shortage
of supply during the latter part of the year or in the near future,and yet it
must be noticed that production, plus imports from Europe, less exports
from the United States, exceeded consumption by not more than 30,000
tons. This indicates great pressure on the market, and accounts for the
fact that spot paper has recently been selling around 4 cents, against the
contract price of 3.75 cents.
This condition is, of course, a direct result of excesses, if not wasteful
consumption, a condition which publishers seem to have no present mind
to correct, and with all publications bulging with advertising we may expect
this pressure to continue until at least other machines are in operation or
imports fa om Europe are increased.
Under those conditions we may naturally turn our minds to both the
immediate and distant future. As a starting point we find both publishers'
stocks and mill stocks at a low point, the former at the end of February
39 days' and the latter 3-4 days' maximum production, while both figures
for safety should be very much bighur, say,60 and 6 days, rsepectively. In
the face of this condition we have two large consumption months ahead of
us before we may expect the summer decline. During July accumulations
should begin so that there will be ample supplies in hand for September and
October, for this Is the point of danger that must be passed and it will be
fully presented to you by our traffic committee. Briefly, this is, that
traffic delays are anticipated during September and October, and it therefore
behooves all publishers not only for their own but for the general good
to have ample stocks on hand to tide them over
what may be a short period
of delay in transportation.
We have no reason to btlieve in view of all of these conditions, principally
because of the fact that there is so much future tonnage in sight, that
contract price will be advanced, but confidently expect that It will
remain
at the present figure for some time to come, not
only because of the period




Where printers' and mailers unions, chartered by this union, have jurisdiction in different departments in the same establishment contracts shall be
negotiated jointly and with identical expiration dates, and these contracts
shall contain a clause that an authorized strike or a lockout in any department shall automatically terminate contracts covering other departr-ments or unions."

Regarding other resolutions adopted by the Associatiorr
on April 26, we quote the following from the New York
"Times":
The convention adopted a resolution committing the association
to the'
sponsorship of printing trades schools for the instruction and training
of
printers, operators and other craftsmen in the printing trades;
favoring'
the establishment of regional schools in several sections of the
United:
States and Canada, to be financed by newspapers in their own sections,
and creating a Printing Trade Schools Fund to be collected
from the
membership of the national association, for the purpose of promoting
the school plan throughout the United States and Canada.
It was resolved that the printing school work by the national association
should be financed by an assessment against each member of the
association of 25 cents a month for each typesetting or typecasting machine
owned
or operated, or the product of which is used by each active newspaper
member. This is an increase from the present assessment
of $1 per
machine per year. The now assessment becomes effective on
July 1.
The resolution said that it was the sense of the convention
"that in so
far as possible the fund shall be expended in such manner
as to promote
the eduction of printers in uniform proportion throughout
the territory
served by this membership."
The resolution was introduced before the convention by
W. J. Pattison
of the Scranton "Republican." Chairman of a special committee appointed
at Wednesday's session to consider the printing schools matter. After
considering the report of the Macon (Ga.) Printing School, which was
presented on Wednesday, the committee decided in favor of extending
the present scope of the association's support of the school.

President Harding, in a telegram to Louis Wiley expressing his regret at his inability to attend the Association
dinner, said:
White House, Washington, D. C., April 25 1923.
Thanks for your note reminding me of the dinner on Thursday evening
of the American Newspaper Publishers' Association. As I
have already
told you, it was the occasion of much regret that I could not,
in connection with my recent visit to New York, accept the
invitation for this
gathering. I will be glad to have you express my greetings
and most
cordial good wishes to the assembled publishers.
WARREN G. HARDING.

Federal Jury Returns Verdict of Guilty Against
Pottery Firms Indicted Under Sherman Law.
Indicted on a charge of violating the Sherman Anti-Trust
Law by conspiring to fix prices, 20 individuals and 22
companies in the sanitary pottery industry, comprising
what was known as the "Potteries Combine," were found
guilty by a jury in the Federal District Court here on April 17.
Thetrial lasted for about three weeks and special efforts
were made by District Attorney William Hayward and
Special Attorney-General David L. Podell to gain a conviction and thus establish a new record in a Sherman Law
case. Besides Mr. Podell, the counsel for the Government'.
wereLeland B. Duer, Miss Susan Brandeis and Nathan.
Probst. The defendants were represented by Richard V..

2212

THE CHRONICLE

Lindabury, H. Snowden Marshall, George Bishop and
George Bruff. The Government's contention was that the
defendants organized and controlled the Sanitary Potters
Association, which was created solely for the purpose of
fixing prices; that it represented 82% of the pottery trade of
the United States, and that its operation increased by from
200 to 300% the cost of pottery used in building. Witnesses testified that the combine would not sell to any person
except duly accredited jobbers, and that all Class B material
was reserved for export, thus depriving Americans from
benefiting by the decreased cost. The individuals found
guilty and their companies, according to the accounts in the
daily papers, were:
James B. slater, president and Manager Abingdon Sanitary Manufactur:ng Co.. Abingdon. Ill.
James A. Dorety Jr., Secretary Acme Sanitary Pottery Co., Trenton,
N. J.
Bert 0. Tilden, President B.0. T. Manufacturing Co., Trenton, N. J.
T. Monroe Dobbins. President and Treasurer Camden Pottery Co..
Camden, N. J.
Theodore H. Harker. Secretary and Treasurer Chicago Pottery Co.,
Chicago. .
Waiter F. Drugan. Vice-President Cochran-Drugan Co.. Trenton, N. J.
Raymond E. Crane, Vice-President Eller Co., Cameron, W. Va.
Edward V. Brigham, Vice-President and General Manager Kalamazoo
Manufacturing Co.. Kalamazoo. Mich.
Harry J. Lyons.President and Treasurer Keystone Pottery Co., Trenton,
N. J.
Philip J. Flaherty. Treasurer Lambertville Pottery Co.. Lambertville,
N. J.
WIlllam B. Maddock. Secretary John Maddock & Sons Co., Trenton,
N. J.
Archibald M. Maddock. President Thomas Maddock's Sons Co.. Trenton, N. J.
Harry F. Weaver, Secretary and General Manager National-Helfrich
Potteries Co.. Evansville, Ind.
Newton W. Stern, President Pacific Sanitary Manufacturing Co., R.chraond, Calif. '
John F. Smith. Treasurer Resolute Pottery Co., Trenton, N. J.
Arthur Plantier Sr., President and Manager Sanitary Earthenware
Specialty Co.. Trenton, N. J.
George C. Kalloileisch, factory manager; Willard C. Chamberlain, sales
manager, Standard Sanitary Manufacturing Co., Kokomo, Ind.
Elzey S. Aitkin. General Manager, Trenton Potteries Co.,Trenton, N.J.
J. E.Wright. President and General Manager, Wheeling Sanitary Manufacturing Co.. Wheeling, W. Va.

[vol.. 116.

tile and terra cotta manufacturers pleaded guilty; the cement makers were
acquitted. Indictments are pending in the glass and soil pipe industries.
Besides Archibald Maddock, the individuals given jail terms and $5,000
fines were Elzey S. Altkin, General Manager Trenton Potteries Co.; Raymond E. Crane. Vice-President Eljer Co.; Philip J. Faherts, Treasurer
Lambertville Pottery Co.; George C. Kalbfleisch. Factory Manager Standard Sanitary Co.; William B. Maddock, Secretary John Maddock & Sons
Co.; Arthur Plantier, Sr., President and General Manager Sanitary Earthenware Specialty Co., and J. E. Wright, President and General Manager
Wheeling Sanitary Manufacturing Co.
Maximum fines were imposed also upon T. Munroe Dobbins, Treasurer
Camden Pottery Co.; Edward V. Brigham, Vice-President and General
Manager Kalamazoo Manufacturing Co.; Theodore H. Harker, Secretary
and Treasurer Chicago Pottery Co.; Harry J. Lyons, President and Treasurer Keystone Pottery Co.; Bert 0. Tilden, President B. 0. T. Manufacturing Co.; James E. Slater. President and Manager Abingdon Sanitary
Manufacturing Co.; Newton W. Stern, President Pacific Sanitary Manufacturing Co., and Harry F. Weaver, Secretary and General Manager
National-Helfrich Potteries Co.
The four who were fined only 8250 after the jury had recommended
clemency were Willard C. Chamberlain, sales manager, Standard Sanitary
Mfg. Co.; James A. Dorety Jr., Secretary, Acme Sanitary Pottery Co.;
Walter F. Drugan. Vice-President, Cochran-Drugant Co., and John F.
Smith, Treasurer, Resolute Pottery Co.
The corporations fined were the Abingdon Sanitary Mfg. Co., Abingdon,
Ill.; Acme Sanitary Pottery Co., Trenton, N. J.; B. 0.T. Mfg. Co., Trenton; Bowers Pottery Co., Mannington, W. Va.; Camden Potter Co., Camden, N. J.; Chicago Pottery Co., Chicago; Cochran-Drugan & Co., Trenton; Eller Company, Cameron, W. Va., and Ford City, Pa.; Kalamazoo
Sanitary Mfg. Co., Kalamazoo, Mich.; Kokomo Sanitary Pottery Co.,
Kokomo, Ind.; Keystone Pottery Co., Trenton; Lambertville Pottery Co..
Lambertville, N. J.; John Maddock & Sons Co., Trenton; Thomas Maddock's Sons, Trenton; National Helfrich Potteries Co., ,Evansville. Ind.:
Pacific Sanitary Mfg. Co., Richmond, Calif.; Resolute Pottery Co.. Trenton; Sanitary Earthenware Specialty Co., Trenton; Standard Sanitary
Mfg. Co., Kokomo,Ind., and Tiffin, Ohio; Trenton Potteries Co., Trenton;
Universal Sanitary Mfg. Co., New Castle, Pa.; Wheeling Sanitary Mfg.
Co., Wheeling, W. Va.; Horton Pottery Co., Chillicothe, Ohio.
All the defendants were granted a stay of execut:on pending an appeal.

Fourteen Men Found Guilty in Fish Price-Fixing
Conspiracy in Boston Sentenced to Jail.
Sentences of ten months each in the House of Correction
and fines of $1,000 each were imposed by Judge Sanderson
in Massachusetts on April 5 at Boston upon F. Monroe Dyer,
a New York banker, and five other officials of the Bay State
f
Fishing Co., and sentences of five months each and * ines
of $500 were given nine dealers indicted four years ago with
them in the so-called "fish trust" cases. They were found
guilty of conspiring to increase the price of fish in war-time
and to effect a monopoly. Those sentenced with Dyer to
ten months at hard labor and a $1,000 fine were, according
to newspaper accounts, Joshua Paine, Joseph A. Rich,
Ernest A. James and John Burns Jr. Those sentenced to
five months and a $500 fine were Frederick G. Phillips, Willard R. Cox, Albert E. Watts, Ephraim M. Cook, Winfield
S. Kendrick, Herbert F. Phillips, William E. Curran, Alvin
G. Baker and Louis B. Goodspeed. Originally the first
group was sentenced to serve a full year and the second group
to serve six months, with ills same fines, but one of the several appeals brought a ruling from the Supreme Court on
which two of the counts in the indictment on which they were
convicted were thrown out. It was held that the Court had
failed properly to instruct the jury on the application of
these counts, based on the common law.
The United States Supreme Court on April 11 denied the
application of Dyer and other Boston members of the Bay
State Fishing Co. for a stay of the execution of the sentence
imposed upon them by the State Courts of Massachusetts
upon their conviction of having created a fish monopoly.
The application for a stay was based on a petition filed by
Dyer and his associates asking a writ of certiorari to bring
up for review the decision of the Massachusetts State Courts.
Justice Holmes had granted a writ of error, but refused to
grant a stay of execution.

The jury recommended mercy for Dorety, Drugan, Smith
and Chamberlain. Three others named in the indictment
were freed although their companions were convicted. These
were G. E. Rhodes, General Manager, Kokomo Sanitary
Pottery Co. of Kokomo, Ind.; Sigmund B. Kling, factory
manager, Standard Sanitary Co., and Chris Horton, President and Treasurer, Horton Pottery Co. of Chillicothe,
Ohio. John W. Bowers, President of the Bowers Pottery
Co. of Mannington, W. Va., was also named in the indictment but was separated in the trial. He may be tried later.
His company is among those convicted.
On April 20 eight jail sentences, said to be only the second
group ever served under the Sherman Anti-Trust Law for
ordinary restraint of trade, were imposed upon the leaders
of the Pottery Trust. It is asserted that they constitute
the largest number of prison sentences ever meted out under
the 1890 statute, and all call for longer terms than the fourmonths maximum imposed upon the four heads of the tile
combine, who pleaded guilty here in November, 1921.
Archibald M. Maddock, President of the Sanitary Pottery
Association, which was the medium of the conspiracy, was
sentenced to ten months in Essex (N. J.) County Penitentiary, and his seven associates on its executive committee
were given six months in the same institution. These eight
and eight other individuals were required to pay the maximum fine of $5,000. Four men who played minor parts in
the conspiracy were fined $250 each. Twenty-three corporations involved were fined from $2,500 to $5,000. The
aggregate of fines is $169,000. The New York "Tribune"
in reporting the sentences on April 21 said:
All Prosecutions Against Herrin Miners Ended FollowThe sentences were imposed by Judge William C. Van Fleet,of California,
ing Acquittal of Six Defendants in Second Trial.
months ago just long enough to
who sat in District Court here seventeen
out the jail sentences in the tile case and returned just in time to hear
The six defendants in the second trial held in connection
mete
the pottery trial, which lasted a month. He departed for the Pacific with the mine riots in Herrin, Ill., last June, were declared
Coast again yesterday afternoon.
a jury sitting at Marion on April 6, after deBefore pronouncing judgment he told the defendants that the evidence not guilty by
bad convinced him that they had been guilty of "conducting their business liberations lasting six hours and fifty-five minutes. As a
In most flagrant and reckless disregard of the needs of the community and result largely of the acquittal, the following day all the
contempt for law," and that "they combined at the expense of the public
criminal indictments growing out of the Herrin riots
to fix and exact arbitrary prices and to stifle practically every vestige of untried
competition in a commodity than which no other is more vital to the health were nolle prossed. In explaining the reason for the sudden
of the community."
ending of the prosecution, a public statement on behalf of
The judge denounced them for abusing their position in control of 80%
attorneys declared that they had dropped their
the output and called special attention to evidence that they had elim- the State's
of
inated from the market much of their cheaper product to keep it out of efforts to punish the guilty because justice could not be had
competition with their higher-priced wares "refusing to allow the public in Williamson County. The acquittal on April 6 was the
commodity when it was so urgently in need of securing
to have a cheaper
cost." He referred to the charges of price- second time this year that a jury had returned verdicts of
your output at a reasonable
restricting output and boycotting and declared his intention of not guilty for defendants charged with murder in the Herrin
fixing,
in their
Imposing such sentences as would deter othersfrom following broughtpath.
which, it may be recalled, were fomented by union
fourth trade association to be
to trial riots,
^ The pottery combine is the
a result of the Lockwood investigation. The miners when non-union men were employed in the pits.
In a Federal court here as




MAY 19 1923.]

THE CHRONICLE

The trial ended abruptly on the 6th inst. when the defense
waived its right to argument after Otis Glenn, Special Assistant District Attorney-General, had completed the opening
address for the prosecution. The case was given to the
jury at 4:22 p. m. In his closing instructions Judge D. T.
Hartwell indicated four possible verdicts for each of the six
defendants—guilty as charged in the indictment, with sentence of death; a life term in the penitentiary; an indeterminate term in the penitentiary of not less than fourteen
years; or a verdict of not guilty. The defense rested its
hopes on acquittal on the alibis it presented for the 'defendants—Hugh Willis, executive board member of the Illinois
Mine Workers; James Brown, Oscar Howard, Philip Fontanetta, Otis Clark and Burt Grace, all members of the
miners' union, who were specifically charged with the murder
of Antonio Mulkavich, a veteran of the World War and one
of the twenty-two non-union men slain during the outbreak.
Defense witnesses testified that while the tragedy was taking
place Hugh Willis was in a garage watching repairs on his
automobile; Fontanetta was playing cards near his home;
Brown was plowing; Howard was visiting neighbors; Grace
was on the public square at Marion, and Clark, after pleading for the lives of the prisoners, was more than a mile from
the scene. Concerning the ending of the prosecution on
April 7, Associated Press dispatches said:

All of the untried indictments growing out of the Herrin riot were nolle
pressed to-day following the acquital by a jury last night of six defendants
charged with murder in connection with the outbreak.
The sudden ending of the prosecution was promptly followed by a
public statement on behalf of the State's Attorneys that they had dropped
their efforts to punish the guilty because justice could not be had in
Williamson County.
Circuit Judge D. T. Hartwell, who presided at the trials, to-night issued
a written reply to that charge, asserting that C. W. Middlekauff, Special
Assistant Attorney-General of Illinois, was attempting to "lay the blame
on somebody for his failure to convict."
Judge Hartwell's statement in part follows:
"I have just read Mr. Middlekauf's statement. The situation is about
like this: What he says will be accepted away trona here, and by a very
few in this vicinity. The cases were nolled and he is going away, and
he doesn't caro much what he says or whom he hurts, Just so he can lay
the blame on somebody for his failure to convict in the cases just tried.
"Nobody knows better than I do of the prejud.ce that ex.sts all over
the country growing out of these killings. I have not condoned, justified
or excused these killings. I do nit do so now. I tried my best to give
both sides a liar trial. The prosecution were loud in their praise of the
Court unt:1 now."
The request that the indictments be nolled was made by Delos Duty.
State's Attorney of Williamson County, after A. W. Kerr, Chief Counsel
for the Illinois Mine Workers, had demanded an immediate trial for the
twenty-four men still under Indictment.
"I am not going to try any more of these cases." Mr. Duty declared.
"Right or wrong does not make any difference. I have done my duty
and have done my best."
"We have done enough, but the Attorney-General does not feel that
these cases should be dmpped until he has a chance to report to the Legislature," Mr. Middlokauf;told the Court.
"We do not join in the motion to nolle."
"But you do not protest?" Judge Hartwell asked.
"We do not," said Mr. Middlekauff.
Judge Hartwell then entered the order.

2213

triers of fact in this State? Who gives them the right to impugn the
motives of the constitutional officers of the court?
Miners Gave Willingly.
"Surely the public by this time must be becoming suspicious. Every
time that a labor controversy is at issue in a lawsuit in this State impure
motives are always charged to labor in the few cases which they are fortunate enough to win at the bar of justice.
"The Attorney-General intimates that the rank and file of members of
the Illinois Mine Workers' Union, for whose welfars he shows an unwonted
solicitude, has contributed to the defense unwillingly through their checkoff. The public should understand that this check-off was approved by
an open convention of the rank and file of the coal miners of Illinois."

United States Supreme Court, in a New Jersey Case,
Holds that a State Can Compel Cities To Pay
for Water Taken from Rivers.
A suit brought by the State of New Jersey to collect
over $32,000 from the cities of Newark and Trenton as
charges for water taken from the Pequonnock and Delaware
rivers, respectively, as authorized by Chapter 252 of the
1907 Laws of New Jersey, was decided in favor of the State
in an opinion of the U. S. Supreme Court, handed down
on May 7. The State first brought suit in the New Jersey
State Courts, where the decision was in favor of the State.
The cities then carried the litigation to the U. S. Supreme
Court, which has now, by Justice Butler, dismissed the
appeal. In his opinion, Justice Butler holds that the State
has the right to control and conserve the use of its water
resources, and he denies the contentions of the appellants
that the limitation placed by the Act upon their right to
take water from the rivers is in violation of their constitutional rights and that the process of the statute is confiscation and not taxation. The Newark "News" of May 7
contained the following dispatch from Washington with
reference to the decision:

Newark and Trenton were defeated upon appeal in the Supreme Court
of the United States to-day in the suit of the State for excess diversion
of potable water under the State Act of 1907. The Court, in an opinion
by Justice Butler, dismissed the appeal that had been taken by each
municipality trom the adverse judgment of the State courts and assessed
costs against the appellants.
The net result of the decision is that both Newark and Trenton must
pay the State $I per 1,000,000 gallons for potable water diverted for
municipal supplies in excess ot the allotment fixed by Chapter 252 of the
Laws of 1907.
The State sued first in the State courts to recover $18,104 from Newark
and $14,310 from Trenton. Judgment in the Court of Errors and Appeals
went for the State and the case was then taken to Washington on writ
of error.
The cities contended that the limitation of their right to take potable
water from the Pequonnock River, in the case of Newark, and the Delaware in the case of Trenton, was violation of their constitutional rights.
They contended they had vested rights, before the enactment of the
Act of 1907. that the rights sought to be exercised by the Act of 1907
is not that of taxation, but of eminent domain, and that the process of
the statute is confiscation and not taxation. The appeal was argued
Feb. 26 last.
There were separate opinions for each c:ty, but Justice Butler made
the Newark opinion pro foram and said the reasons for the dismissal would
be found in the Trenton opinion. In this opinion, Justice Butler followed
and upheld the argument by Attorney-General McCran for the statute.
Brundage's Position.
"The State has the power and it is its duty," the opinion said, "to
The following statement then was given out by Mr. Middlekauff at the control and to conserve the use of its water resources for the benefit of
request of Attorney-General E. J. Brundage:
all its inhabitants and the Act of 1907 was passed in accordance with the
"The prosecution is reluctantly obliged to admit justice cannot bs policy of the State to prevent waste."
obtained in Williamson County. No impartial Jury can be obtained to
Justice Butler added this is truly a legislative function and therefore
try the men responsible. Witnesses, reliable and trustworthy, at great there is no question involving the Federal Constitution involved.
risk of personal violence, have courageously testified to what they beheld
The allotment fixed under the Act for Newark is 36.241.666 gallons
on that fatal day, only to be impeached by witnesses who plainly were per day. This amount was the total consumed by the city on June 17
Interested in the defense and who clearly were testifying falsely.
1907, which is the day the Act went into effect. The State Supreme
"Intimidation, prejudice or downright dishonesty actuated them. Under Court held all water taken in excess of this was subject to levy at the rate
the rulings of the trial court, any juryman who admitted he had an opinon of $1 per million gallons. The city countered if it had used its full supply
whether the massacre of the disarmed and helpless strip miners was lawful on the given date it could have drawn fifty million gallons and this was
or unlawful, was disqualified. In my opinion this ruling is not the law of claimed to be the amount the city should be permited to withdraw before
Illinois. On the other hand, all men contributing to the defense fund, the tax could be levied.
voluntarily or otherwise, have been held to be competent jurors, but in
my view of the law, such men are not competent jurors and could not be
impartial jurors.
Illinois Supreme Court Decides against City of Chicago
"Under my view of the law citizens having an opinion as to the right or
in Latter's Libel Suit against Chicago "Daily
wrong of the massacre, but with no opinion as to the guilt of any defendant
on trial, are qualified to sit as jurors. These obstacles, in my judgment,
Tribune." City Not to Ask Rehearing.
seem insurmountable and under the conditions it is my opinion that further
The Illinois Supreme Court, in what is described as "one
trial would be useless, result only in acquittals and continue the check-off
from the wages of some ninety thousand industrious men, many of whom of the most far-reaching and important decisions affecting
are strongly opposed to murder. It would further jeopardize the lives of free speech and a free press ever handed down in the United
courageous and honest witnesses who have testified for the people of the
States," affirmed on April 18 the decision rendered in 1921
State of Illinois, solely because of their respect for law and order.
by Judge Harry M. Fisher of the Circuit Court of Cook
"At this time it seems that further trials would be but farcical."

Defense Attacks Witnesses.
Lawyers for the defense in their own statement said that that of the
Prosecutor "Ignores the wanton slaughter of three unarmed union men on
the day previous to the killing of the guards. It wholly ignores the invasion of Williamson County by armed guards equipped with high-powered
pistols and rifles, riot shotguns and machine guns and the daring challenge
to the citizenship and law-enforcing officers of that county. It fails to
acknowledge that the personnel of the jurors trying the cases was of the
best agricultural citizenship of the county, in large part composed of men
not interested in the mining industry."
The lawyers went on to assert that there was "overwhelming" evidence
that two "imported gunmen" who testified for the State were in jail at the
time when they said they were eyewitnesses to the massacre. The statement continued:
"What right has been granted to those who prosecuted to say what motives
.actuated jurors? Who gives them the right to supplant the constitutional




County in the libel suit for $10,000,000 brought by the City of
Chicago against the Chicago "Daily Tribune." As we indicated In these columns Nov. 26 1921, page 2259, when we gave
the full text of Judge Fisher's decision, the Circuit Court
sustained the demurrer of the defendant—the "Tribune"—
the Court declaring that there was no cause for action. As
we also stated in the item referred to, the suit grew out of
statements made by the newspaper in the 1921 city election in
Chicago criticising the administration of Mayor Thompson
for the way in which municipal finances were handled. Judge
Fisher held that the suit was not "In harmony with the genius, spirit and objects of our institutions." The city

2214

THE CHRONICLE

brought identical suits against the "Tribune" and the Chicago ?Daily News," contending that the articles and editorial expressions on which the suit was based damaged the
city's credit in disposing of municipal bonds. In announcing that the City of Chicago would not seek a rehearing of
the case, the Chicago "Tribune" on April 25 said:
Corporation Counsel Francis X. Busch pronounced the last rites yesterday
over former Mayor Thompson's $10,000,000 suit against the "Tribune."
The case was considered quite thoroughly dead after the Illinois Supreme
Court last week rendered its sweeping decision sustaining the ruling of Judge
Harry M. Fisher in the Circuit Court of Cook County. But there was a
chance that symptoms of life might be maintained in the corpse even after
that event.
Busch Reaches Decision.
This would have been by the filing of a petition for a rehearing. Such a
step would have had to come from Corporation Counsel Busch, since Thompson began his action in the name of the City of Chicago. And Mr. Busch
has reached his decision in the matter. He will not ask for a rehearing.
The period allowed for filing notice of an intention to apply for a rehearing is 15 days. Then an additional 10 days is allowed for the filing of the
petition at Springfield. This 25-day limit expires on May 14. Since the
Corporation Counsel intends to take no action, the Supreme Court decision
becomes final on that date.
In discussing his pcsition, Mr. Busch declared that this suit and the similar suit brought against the "Daily News" never should have been started.
And he said he would submit to Mayor Dever a recommendation that the suit
against the "Daily News" be dismissed where it stands.
Concurs With Decision.
"I have read this important decision of the Supreme Court with extreme
care," he said, "and I am clearly convinced that the law laid down is correct
and flawless. Under the circumstances we shall not file a petition for a rehearing.
"Such a step would be utterly useless. It would be a waste of the time of
the city law department and a waste of the taxpayers' money.
"The suit was misconceived from the beginning. It was founded on an
incorrect theory of law. It was a misconception of the fundamental right of
an individual or a newspaper to criticize, within the bounds of decency, the
operations of the Government.
"It is established that criticism—if in moderation and for good motives
and justifiable ends—would be defensible if directpd against an individual,
so that it certainly would be if directed against an intangible thing like the
corporation of the City of Chicago, for the only thing one could say against
the corporation would be that it has been badly conducted by those persons
charged with its management.
"There is no sensible legal theory under which this action could have been
brought in good faith."

Regarding the conclusions of the Illinois Supreme Court,
we quote the following special Springfield (Ill.) advices to
the Chicago "Tribune" April 18:
The opinion, which was written by Chief Justice Floyd E. Thompson, holds
that the lower court was right in finding "no cause for action" by the city
against the "Tribune."
"Un-American in Spirit."
The case came to the Supreme Court on an appeal taken by the city from
Judge Fisher's decision, which had found for the "Tribune." Of the suit
itself, which Chicago's Corporation Counsel at the direction of Mayor Thompson had brought against the "Tribune" demanding $10,000,000 damages because of articles printed in the "Tribune" in the summer of 1920, the Court
says:
"This action is out of tune with the American spirit and has no place in
American jurisprudence."
The Supreme Court states its conclusions as follows:
"We consider the question solely from the standpoint of public policy and
fundamental principles of government.
"For the same reason that members of the Legislature, judges of the courts
and other persons engaged in certain fields of the public service or in the administration of justice are absolutely immune from actions, civil or criminal,
for libel for words published in the discharge of such public duties, the individual citizen must be given a like privilege when he is acting in his sovereign capacity."
Question of Public Policy.
The Court did not pass on the truth ot falsity of the newspaper attacks on
the Thompson administration, out of which the suit came, but based its decisicn on public policy only.
"The fundamental right of freedom of speech is involved in this litigation," the opinion states, "and not merely the right of liberty of the press.
"If this action can be maintained against a newspaper it can be maintained against every private citizen who ventures to criticize the Ministers
who are temporarily conducting the affairs of Government.
"Every citizen has a right to criticize an inefficient or corrupt Government without fear of civil as well as criminal prosecution."
A Boomerang Argument.
As to the plea that the great financial interests of Chicago were put in
jeopardy by the "Tribune's" attacks, the Court said:
"The richer the city the greater the incentive to stifle opposition—and remain in control of the political prize."
Tracing the history of the struggle through the centuries for a free press,
the opinion states:
"There was a reasonable foundation for prosecuting the Government's
critics in the days of 'the divine right of Kings,' but since the people are
sovereign, and since the Magistrates are servants of the people, the Magistrates can do wrong and the people have a fundamental right to criticize
them and to expose their inefficiency and corruption so that they may be
displaced.
"It is one of the fundamental principles, therefore, of the American system
of government that the people have the right to discuss their Government
without fear of being called to account in the courts for their expressions of
opinion."
Suit Brought in 1920.
The suit for civil libel was brought by the city on Sept. 17 1920. It was
appearing at that time in the "Tribune" in which it was
based on articles
said that the city was "broke," its credit shot to pieces, and it was so improperly and corruptly administered that its streets were not properly cleaned
and the laws not efficiently enforced.
The unique, underlying theory of the Thompson legal staff was that, inasmuch as a municipal corporation holds property, conducts business and requires credit, it is subject to injury by libelous publications and may bring
:Action for civil damages.




[Vol.. 116.

The demurrer of the "Tribune" to this declaration was that to permit a recovery in such an action would violate the free speech provisions of the Illinois and Federal Constitutions.
The suit came after former Mayor Thompson had filed a number of other
suits for personal libel against the "Tribune" and other newspapers, and
this campaign of litigation was interpreted by the "Tribune" as an attempt
to intimidate and strangle free discussion in Chicago.

The following is the full text of the opinion In the Illinois
Supreme Court as published in the Chicago "Daily Tribune"
of April 19:
The City of Chicago, a municipal corporation, brought in the Circuit Court
of Cook County its action of trespass on the case for libel against The Tribune
Co., a corporatierfpublishing a newspaper circulating in the city of Chicago
and surrounding territory, alleging damages of $10,000,000.
The declaration consists of twelve counts. It avers that the city has a
population of about 3,000,000 people; that it owns property, consisting of
public buildings, public parks, public streets and bridges, public hospitals,
a water works system, police and fire equipment, and other property of the
value of $350,000,000; that exclusive of amounts required for school purposes, it spends each year for materials, labor and supplies about $50,000,000;
that it purchases each year new property valued at approximately $7,000,000; that it is obliged to purchase most of this property, materials and supplies through competitive bidding; that it is necessary, in order to advantageously purchase such property, materials and supplies, to have good
credit; that the city must from time to time issue bonds for public purposes,
and that the market value of these bonds depends upon the financial standing
of the city; that The Tribune Co., in its newspaper, maliciously published
concerning the city, false, scandalous and defamatory matter; that in various
articles appearing from time to time in 1920, it charged that the city was
"broke"; that it "owes millions of 1921 funds"; that "bankruptcy is just
around the corner from the city of Chicago"; that its "credit is shot to
pieces"; that "the city is headed for bankruptcy unless it makes immediate
retrenchments"; that "the city's financial affairs are in a serious way";
that "it is the issue between this Tammany Government, which has bankrupted the treasury of the city of Chicago, which is in default to the city
creditors"; that the city administration, "having busted the city and having
reduced it to such insolvency that it is issuing Villa scrip to pay its bills, is
reaching out for the State"; that the administration "is paying the city
debts with the City Hall scrip and we have just begun to feel the effects of
being busted"; that "Chicago is drifting into a receivership"; that "the city
is hurrying on to bankruptcy and is threatened with a receivership for its
revenue"; that the city "is bankrupt and the banks of the city have refused
it credit"; that "the city Government has run on the rocks"; that "the city
cannot pay its debt, it is bankrupt, the bankers have refused it credit," and
divers other similar false and defamatory statements; that while the city was
deprived of $7,000,000 theretofore derived from saloon licenses, and that
while it was obliged to meet the current high cost of labor, supplies, materials and property, in consequence of which the corporate fund was depleted
and there was not enough actual cash to meet the current obligations of the
city, there was at all times abundant cash in each of the other funds, to wit:
Special assestment fund, water works fund, bond fund, traction fund, and
other special funds, but the false publications made by The Tribune Co. were
general in their nature and applied indiscriminately to these several funds,
thereby injuriously affecting the credit and financial standing of the city;
that each and all of said publications were false and were published maliciously and in reckless disregard of the rights of the city; that none of said
statements were published with good motives or for justifiable ends; that
said statements were published to promote the political and financial interests of The Tribune Co., its political friends, and the public utility corporations associated and acting in co-operation with It; that said statements
were published with the intent and purpose to impair the credit and financial
standing of the city and to give the impression to its readers and the public
that the management of the administrative and Governmental affairs of the
city was incompetent and corrupt; that the city was unworthy of credit and
could not pay its obligations, and that it would be dangerous for persons or
firms to invest in bonds issued by the city and to enter into contracts with
the city for the sale of property, materials and supplies; that by reason of
said publications many persons and firms that would otherwise have been
ready, able and willing to sell and furnish property, material, and supplies
to the city neglected to file their bids, by reason whereof competition was
stifled and the city was compelled to pay, and did pay, higher prices than it
otherwise would have been obliged to pay, by reason of which it lost $3,000,000; that by reason of said publications certain persons who would otherwise
have bid for the city's bonds refused to bid for them, in consequence of
which the bonds sold for less amount than would otherwise have been realized, whereby the city lost $2,500,000; and that by reason of said publications, and in consequence of the resulting injury to the city's credit and
financial standing, it was unable to conduct its business on an economical
basis, thereby suffering a further loss of $2,500,000.
Appeal Demurrer Ruling.
A demurrer filed to this declaration was sustained, and this appeal followed.
The articles were published in the summer of 1920 during the progress of
the campaign between rival candidates for the Republican nomination for
Governor of the State. One of the two leading candidates was supported by
The Tribune Co. and the other by the administration of the city of Chicago.
'Many of the publications are in quotations from speeches of the candidates
supported by the newspaper and of his political friends.
"Tribune" Cites Constitution.
The Tribune Co. claims it was within its rights guaranteed by Section 4
of Article 2 of the Constitution, which declares: "Every person may freely
speak, write and publish on all subjects, being responsible for the abuse of
that liberty"; and further that it is a fundamental principle of the American
system of government that any person may criticize the Government with
impunity so long as he does not advocate the violation of existing law or the
overthrow of the existing Government by unlawful means.
The city contends that the constitutional privilege extends only to the publication of "the truth when published with good motives and for justifiable
ends," and that a city, as any other corporation, may be libeled with respect
to its private enterprises. Many procedural questions have been argued, but
we shall consider only the substantive question, Can a city maintain an action
for libel?
Free Speech Vital.
The struggle for freedom of speech has marched hand in hand in the advance of civilization with the struggle for other great human liberties. History teaches that human liberty cannot be secured unless there is freedom to
express grievances. As civilization advanced and as the means for expressing
grievances multiplied, the struggle between the people and their despotic
rulers became more bitter. With the opening of the 17th century, the people
began to publish newspapers and history begins to record unspeakable prosecutions of the editors. For 100 years the Crown forbade the publication of a
newspaper without a license.

MAY 191923.]

UTE CHRONICLE

2215

In so far as this law punished defamation of the President or any other perpublish without license
As the 17th century drew to a close, the right to
resistance to law or
English Government has son, and, in so far as it punished those who advocated
was recognized, and from that time to this no
in so far
the press. Licensing rendered aid to a foreign foe, it was, of course, constitutional, but
claimed or practiced the royal prerogative of licensing
any defamation of the Government or of the
criminal
never effective in the American Colonies. The last attempt as it sought to make
of the press was
considered to be unconstituthe American Colonies Administration in power, it has been generally
to enforce this common law right of the Crown in
adoption of the tional.
failed in 1725, and so for more than 50 years prior to the
President Madison's View.
adoption of our
Federal Constitution, and for nearly 100 years prior to the
abolished in
In discussing this Act, James Madison said:
first State Constitution, licensing of the press was completely
America.
"Some degree of abuse is inseparable from the proper use of everything,
freedom of and in no instance is this more true than in that of the press. It has acWhile this right of the Crown went out with the 17th century,
to leave
this fundamental cordingly been decided by the practice of the States that it is better pruning
speech had not yet been established, and the restriction of
a few of its noxious branches to their luxuriant growth than, by
right then took the form of subsequent punishments. Political prosecutions them away, to injure the vigor of those yielding the proper fruits.
Truth was no
any one who reflects
"And can the wisdom of this policy be doubted by the world is indebted
by the Government were vigorously used to silence opposition.
it is with abuses,
defense, because the despotic Governments declared that "the greater the that to the press alone, checkered asbeen gained by reason and humanity
for all the triumphs which have
truth, the greater the libel."
the same
over error and oppression; who reflects that to conducted beneficent source
them to the rank
Martyrs to Its Cause.
the United States owe much of the lights which
nation and which have improved their political
of a free and independent
The names of martyrs to the cause of freedom of speech became household system into a shape so auspicious to their happiness?
that might bring the
words in England and in America. To obtain freedom from this oppression
Had sedition Acts forbidding every publication that might excite the
or
of the Crown was one of the many reasons why the American Colonists re- constituted agents into contempt or disrepute
hatred of the people against the authors of unjust or pernicious measures
volted.
been uniformly enforced against the press, might not the United States
It is interesting to follow the viewpoint of the writers of different periods have been languishing at this day under the infirmities of a sickly confedin their discussions of the right of the citizen to criticize his Government. eration?
groaning under a for:
"Might they not, possibly, be miserable colonies,
Holt, an early English author, says in his law of libel [1st Am. Ed., p. 92]
eign yoke?" [4 Ethot's Debates on the Federal Constitution, 571.1
"If it be the highest crime known to our laws to attempt to subvert by
Cooley says:
force the constitution and State, it is certainly a crime, though of inferior
elder
magnitude, yet of great enormity, to endeavor to despoil of its best support
"The Sedition Law was passed during the Administration of the
—the veneration, esteem and affection of the people. It is therefore a maxi- Adams, when the fabric of government was still new and untried and when
heated party discussions might
of the law of England, flowing by natural consequence and easy de- many mit
imum
li le en
theiredththhnkd
i ea tnat the breath of
duction from the great principle of self-defense, to consider as libels and turn
about
misdemeanors every species of attack, by speaking or writing, the object
Self-Destructive.
to calumniate that economy,
of which is wantonly to defame or indecorously
imorder and constitution of things which make up the general system of the
"Its constitutionality was always disputed by a large party and itsvery
law and government of the country.
policy was beyond question. It had a direct tendency to produce the
state of things which it sought to repress. The prosecutions under it were
Different with Kings.
the final overthrow and destruction
"Opinion is strength, and the good fame of government is necessary to instrumental, among other things, in and it is impossible to conceive at the
adopted,
of the party
maintain this opinion. The distance is not very great between contempt present timeby which it was
of any such state of things as would be likely to bring about
of the laws and open resistance to them."
its re-enactment or the passage of any similar repressive state. the comAnd again, on page 102, he says:
"If any such principle of repression should ever be recognized in times of
be anticipated that in
against the mon
"Our courts of justice considered all abuse and invective government high law of America, it might reasonably
party excitement it would lead to prosecutions by the party in power
his court officers, all slander which interfered with the
king and
conduct and manage- to bolster up wrongs and sustain abuses and oppressions by crushing adverse
of the nation, and all libels which reflected upon the
not be of long continument of State affairs, as little short of treason and concerted designs for the criticism and discussion. The evil, indeed, could
reaction would be speedy, thorough
if in those
subversion of the Government itself. It is no wonder, therefore,charged as ance. for, judging from experience, theserious evil while it last,the direct
and effectual; but it would be no less a
times [prior to James I.] we should find such words and writings
and to breed a rebellious
acts oftreason which in our age of improved learning and mildness in the tendency of which would be to excite discontentdangerous in any governis
administration of the law pass only for libels—the overflowing of seditious spirit. Repression of full and free discussion[Cooley's Const. Lim., 7th
ment resting upon the will of the people."
gall and the resentments of disorderly and petulant spirits."
ed. H. P. 613, 614.1
Note the change when Stephen, in his "History of Criminal Law of EnginciteThere were a number of prosecutions under the sedition act and many reland," written in 1883, says: "In one word, nothing short of direct
opinions contrary
ment to disorder and violence is a seditious libel. . . . It is enough to calcitrant spirits were thrown into jail for expression of
say that in this country and in this generation the time for prosecuting polit- to those entertained by the Administration in power.
ical libels has passed, and does not seem likely to return within any definable
Pardoned by Jefferson.
period." [2 Stephen, pp. 375-376.1
When Jefferson became President he remitted, with interest, the fines that
Odgers, another English writer, says:
had been levied against persons convicted under the Act and pardoned all
"The test whether the statement is a seditious libel is not either the truth those who were sentenced to imprisonment. In answer to the criticisms of
of the language or the innocence of the motive with which the statement is
published, but is this: Is the language used calculated to promote public his acts, he replied:
disorder or physical force or violence, or violence in a matter of State?"
"I discharged every person under punishrdent or prosecution under the
[Odgers on libel and slander, 5th ed., p. 513.1
Sedition Law because! considered, and now consider, that law to be a nullity as absolute and palpable as if Congress had ordered us to fall down and
Few Colonial Libels.
worship a golden image."
There were few prosecutions for libel on Government in the American ColThe proponents of the Sedition Act argued that true liberty of the press
onies and no court of last resort in this country has ever held or even sugjustifigested that prosecutions for libel on Government have any place in the Amer- permitted only the truth to be published with good motives and for
its able ends.
ican system of jurisprudence. The right of the Government to prosecute
To this Madison replied:
accusers wds founded on the theory that the King could do no wrong. He was
a hereditary monarch and was not responsible to the people.
"In the first place, where simple and naked facts alone are in question.
When the people became sovereign, as they did when our Government was there is sufficient difficulty in some cases, and sufficient trouble and vexafrom the Government with the full
in all,
established under our Constitution and the Ministers became servants of the tion formal in meeting a prosecution of law. But in the next place, it
and
proof necessary in a court
people, the right to discuss Governinent followed by a natural sequence. must be obvious to the plainest minds that opinions and inferences and conWhen the sovereign power is vested in a hereditary monarch there is no occa- jectural observations are not only, in many cases, inseparable from the
the facts
sion for discussing the Government and exposing its inefficiency or corrup- facts, but may often be more the objects of the prosecution than
themselves; or may even be altogether abstracted from particular facts;
tion unless to advocate reformation by violence, because there can be no rem- and that opinion and inferences and conjectural observations cannot be
edy except by revolution.
subjects of that kind of proof which appertains to facts before a court of
law.
People Now Sovereign.
Hits Freedom of Press.
It appears, therefore, that there was reasonable foundation for prosecuting
"Again, it is no less obvious that the intent to defame or bring into conthe Government's critics in the days of "divine right of Kings," but since tempt or disrepute or hatred, which is made a condition of the offense crethe people are sovereign and since the magistrates are servants of the people ated by the Act, cannot prevent its pernicious influence on the freedom of
the magistrates can do wrong, and the people have a fundamental right to the press. For, omitting the inquiry how far malice or the intent is an
manifestly impossible
criticize them and to expose their inefficiency and corruption so that they inference of the law from the mere publication, it is the Government into
to punish the intent to bring those who administer
may be displaced.
disrepute or contempt without striking at the right of freely discussing
It is one of the fundamental principles, therefore, of the American system public characters and measures, because those who engage in such discusof government that the people have the right to discuss their Government sions must expect and intend to excite these unfavorable sentiments so far
they may be thought to be deserved.
without fear of being called to account in the courts for their expressions of as"To prohibit the intent to excite those unfavorable sentiments against
opinion. Cooley says:
those who administer the Government is equivalent to a prohibition of the
"The English common law rule which made libels on the constitution actual excitement of them; and to prohibit the actual excitement of them is
or the government indictable, as it was administered by the courts, seems to equivalent to a prohibition of discussions having that tendency and effect:
us unsuited to the conditions and circumstances of the people of America, which, again, is equivalent to a protection of those who administer the
the contempt or hatred
and, therefore, to have never been adopted in the several States. If we are Government. If they should at any time deserve animadversions on their
free
correct in this, it would not be in the power of the State legislatures to pass of the people, against being exposed to it, bydoubt, if those in public trust
there be a
laws which would make mere criticisms of the constitution or of the measures characters and conduct. Nor can
of the press as may expose
of government a crime, however sharp, unreasonable, and intemperate it be shielded by penal laws from such stricturesthey may deserve it, that in
-7th ed.—p. 14.1
them to contempt or disrepute or hatred where
might be." [Cooley's Const. Lim.
exact proportion as they may deserve to be exposed will be the certainty
Inciting to Crime.
and criminality of the intent to expose them and the vigilance of prosecuting
and punishing it; nor a doubt that a Government thus intrenched in penal
Stephen says:
statutes against the just and natural effects of a culpable administration
"There may indeed, be breaches of the peace which may destroy or will easily evade the responsibility which is essential to a faithful discharge
endanger life, limb, or property, and there may be incitements to such of- of its duty."
fenses, but no imaginable censure of the Government short of a censure
"Fundamental Right."
which has an immediate tendency to produce such a breach of the peace
ought to be regarded as criminal. . . . The change of public sentiThe fundamental right of freedom of speech is involved in this litigation
ment as to the free discussion of political affairs has practically rendered and not merely the right of liberty of the press. If this action can be mainthe law as to political libels unimportant, inasmuch as it has practically
restricted prosecutions for libel to cases in which a libel amounts either to tained against a newspaper it can be maintained against every private citizen
a direct incitement to crime or to false Imputations upon an individual of who ventures to criticize the Ministers who are temporarily conducting the
disgraceful conduct in relation to either public or private affairs." [2 Ste- affairs of his Government.
phen's History of Criminal Law, pp. 300-301.1
Where any person, by speech or writing, seeks to persuade others to violate
In the second volume of his Constitutional History of England [7th Ed.,
existing law or to overthrow, by force or other unlawful means, the existing
3791 May Says:
Government, he may be punished. [People vs. Lloyd, 304 Ill., 23; Gilbert
"Prosecutions for libel, like the censorship, have fallen out of our con- vs. Minnesota, 254 U. S., 325; 41 Supreme Court,
1251, but all other utterstitutional system. When the press errs, it is by the press itself that its
to be the policy of rulers, ances or publications against the Government must be considered absolutely
errors are corrected. Repression has ceased
and statesmen have at length fully realized the wise maxim of Lord Bacon, privileged.
the punishing of wits enhances their authority, and a forbidden writing is
While in the early history of the struggle for freedom of speech the rethought to contain a certain spark of truth that flies up in the faces of them
strictions were enforced by criminal prosecutions, it is clear that a civil acthat seek to tread it out."
tion is as great, if not a greater, restriction than a criminal prosecution.
1798 Sedition Law.
If the right to criticize the Government is a privilege which, with the exOnly once in the history of the :United States has there ever been an at- ceptions above enumerated, cannot be restricted, then all civil as well as
to transplant the English rule of libels on Government to American criminal actions are forbidden.
tempt
soil. In 1798 Congress passed the infamous sedition law, which punished
Opening for Despots.
false, scandalous and malicious writings against the Government, either
by a
A despotic or corrupt Government can more easily stifle opposition
house of Congress, or the President, if published with intent to defame any
a civil acof them or to excite against them the contempt or hatred of the people.
series of civil actions than by criminal prosecutions, because (a)




2216

THE CHRONICLE

[VOL. 116.

tion can be started without the filing of a complaint with leave of court and A. Cook, Trustee; F. A. Cook, Trustee; Dr. Frederick A.
without the necessity of a Grand Jury investigation; (b) in a civil action
the judge instructs the jury and the jury must follow his instructions on the Cook; Frederick A Cook, and F. A. Cook. The Post Office
law, while in a criminal prosecution the jury are the judges of the law as explains its action as follows:
well as of the facts; (c) in civil actions the judge may grant new trials until
This action was taken by Postmaster General Harry S. New after a searchthe defendant is exhausted by expense or until a jury is found that will give ing investigation had been made by Post Office inspectors into the charges
judgment against him; (d) our statute limits the punishment in criminal Against Dr. Frederick A.Cook and his associates for using the malls for false
cases to a $500 fine or jail imprisonment of one year, whereas in civil actions and fraudulent pretenses. The inspector who investigated this ease and
there is no limit to the amount of damages that may be sought; (e) in a civil special bank accountant H. B. Matheny of the Department of Justice were
action the Government can recover by proving its case by a mere preponder- present at the hearing and testified in behalf of the Government. The eviance of evidence, while in a criminal action it must prove its case beyond a dence in the case disclosed the fact that under the declaration of trust which
reasonable doubt; (f) the defendant in a criminal action is presumed to be was singed by Dr. Cook, Fred K. Smith and E. A. (Trapshooter) Reilly,
innocent until he is proven guilty, and no such presumption exists in a civil authorized the Artie explorer to receive ono-eighth of all gross funds reaction; and (g) the Government is required in a criminal prosecution to fur- ceived from every source.
nish to the defendant the names of the witnesses by whom it expects to susAccording to the report of the investigation, Dr. Cook employed a number
tain its charges, but in a civil action it may keep its proof a secret until it of "scouts" to travel about the country in search of companies whose lists of
is revealed from the witness stand.
stockholders might be acquired. Three hundred such lists were acquired.
These lists cost over $85,000. Ordinarily the "merged" concerns had preEvery Man's Privilege.
viously coaxed every dollar possible from its stockholders and dissipated its
It follows, therefore, that every citizen has a right to criticize an ineffi- assets and the only thing of value acquired by the
Petroleum Producers
cient or corrupt Government without fear of civil as well as criminal prose- Association was the list of stockholders. In some instances, however,leased
cution. This absolute privilege is fcunded on the principle that it is advan- acreage of some speculative value was assigned by officers of the merged
tageous for the public interest that the citizen should not be in any way fet- concerns. The letter prepared by Dr. Cook and his associates invariably
tered in his statements and where the public service or due administration of represented that without a consolidation with a strong and successful comjustice is involved he shall have the right to speak his mind freely.
pany like the Petroleum Producers Association previous investment of the
The Government consists of associated persons, representing the sovereign, stockholders would be entirely lost. One of the circulars reads in part as
who make, interpret and enforce the laws. The American system of govern- follows:
ment is founded upon the fundamental principle that the citizen is the foun"Your dividend is just as safe as any cash distribution can be in any
tain of all authority. Under our system this sovereign citizen has conferred Investment. That is, it is safe for the present rate of 2% monthly or 24%
his servants—officers of the law, commissioned for a yearly, Which means 120% per year on the amount you invested in this comcertain authority upon
fixed time to discharge specific duties. In order to serve their needs, the pany."
citizens of Illinois, acting through the State Government erected by them,
Thus it will be seen that Dr. Cook and his associates were giving the imhave authorized the organization of city Governments.
pression that dividends to the extent of 120% a year would be returned to
The persons living within the corporate limits of these cities select officers the stockholders.
who constitute the city Government. The activities of these Governments
Up to Jan.31 1923,the revenue from the sale of oil and the returnsfrom
are limited by the needs of the people.
royalties owned by the company amounted to only the insignificant sum of
All organized Governments own and operate more or less property, and cer- $2,810 39, as shown by the audit made by Special Bank Accountant H. B.
tain proprietary rights have long been recognized as necessary for the wel- Matheny of the Department of Justice.
fare of the inhabitants of the municipality. Municipal corporations, howThis was a total of all the receipts from oil during a period of nine months.
ever, exist primarily for Governmental purposes, and they are permitted to There had been issued and was outstanding on that date stock or shares of a
enter the commercial field solely for the purpose of subserving the interests par value amounting to approximately two and a half million dollars.
of the public which they represent. A city is no less a Government because
The inspector in charge of the case reported that two dividends paid by
it owns and operates its own water system, its own gas and electric system the company aggregated a total of a little over $30,000 and that when the
and its own transportation system. In Byrne vs. Chicago General Railway second was paid there had been received,from production, to that date only
Co. 169, Ill., 75, this Court said: "The city is but an agency of the State,
$1,070 19.
and governs, within its sphere, for the State."
In 1922, representations were made that dividends would be paid quartPower of City Rulers.
erly instead of monthly in order to save expense but that they would continue at the same rate, that the quarterly dividend to fulfill that promise
The Government exercised by the city is exercised as an agency of the
whole public and for all the people of the State. A municipal corporation, would have been payable to stockholders of record Jan. 31 1923, and that
like a State or county, is within its prescribed sphere a political power. In on this date the amount required was approximately $120,000, whereas,
the total receipts from royalties and oil up to that date for the whole period
City of Chicago vs. M. & M. Hotel Co., 248 III., 264, we said:
of the company's operations aggregated only $2.810 39 and that the cash
"The City of Chicago Is organized under the statute known as the City
and all sources was only $5,660 77. From stock
and Village Act. It may exercise only such powers as are expressly dele- on hand from stock sales
gated to it by the Legislature and such as are necessarily implied from sales the proceed had reached $438,408 42, all of which had been spent,
those expressly given.
leaving only the sum mentioned on hand. The concern, therefore, was
• "All governmental powers primarily reside in the people. Some of these unable to pay the dividend and has paid none since that time and there is
powers have been delegated to the Federal Government by the Constitution
of the United States. All of the powers not thus delegated are reserved to no present prospect of any further payments.
Dr. Cook, who has forsaken his title of Explorer, calls himself a "Petrothe people of the several States and are exercised by the people through their
representatives In the Legislature and the other departments of the State leum Technologist." Previous to coming to Texas, Dr. Cook was assoGovernment.
friends in the Cook Oil Company of Wyoming. He came
"The Legislature may delegate all or a part of its power to municipalities ciated with some
created by the Legislature. Counties, cities, villages, and othe: municipal to the Lone Star State in 1919, organizing the Texas Eagle Oil Company
and quasi-municipal corporations are created under the authority of the with a capital stock of $300,000, the stock of which he sold to the public.
Legislature to better accomplish the purposes of local Government."
A little later he organized the Texas Eagle Producing & Refining Company
with an authorized capital of a half million dollars. In January, 1920, he
Their Public Responsibility.
reorganized these into the Texas Eagle Oil & Refining Company with a
While for certain limited purposes it is often said that a muncipality owns
capital stock of $5,000,000. The latter company absorbed the Mitchell
and operates its public utilities in its capacity as a private corporation and Production Company which also had large capital stock sold to the public.
not in the exercise of its powers of local sovereignty, yet because of its proLate in 1921 the combined concern failed with practically a total loss to all
prietary rights it does not lose its Governmental character. Its property is
investors. A receiver was appointed and Dr. Cook arranged a merger
not subject to execution (City of Chicago vs. 'Maley, 25 Ill., 485), nor to
with the Revere Oil Company and it appears that he personally profited
Federal taxation (Pollock vs. Farmers' Loan & Trust Co., 157 N. S. 429, substantially from the transaction.
584), nor is the city subject to garnishment (Merwin vs. City of Chicago, 45
Dr. Cook was recently indicted at Forth Worth,Texas,for using the mails
III., 133), and its so-called private property may, with exceptions, be taken
to defraud.
from it by the State (Ward vs. Field Museum, 241 Ill., 496). It is manifest
Acting Solicitor H.J. Donnelly recommended that a fraud order be issued
that the more so-called private property the people permit their Governments against Dr. Cook and his associates and Postmaster General Harry S. New
to own and operate, the more important is the right to freely criticize the
after a careful review of the evidence issued the fraud order.
administration of the Government. As the amount of property owned by the
city and the amount of public business to be transacted by the city increase,
so does the opportunity for inefficient and corrupt government increase and The Federal Trade Commission on the Northern Hemthe greater will be the efforts of the Administration to remain in control of
lock and Hardwood Manufacturers' Assosuch a political prize.
ciation of Oshkosh.
The richer the city the greater the incentive to stifle opposition. In so far
as the question before us is concerned, no distinction can be made with reThe Federal Trade Commission to-day issued a report on
spect to the proprietary and governmental capacities of a city.
Hemlock and Hardwood Manufacturers' AssoArticles' Truth Not Involved.
By its demurrer appellee admits it published malicious and false statements regarding the city of Chicago with intent to destroy its credit and
financial standing, and assuming that there was a temporary damage to the
city and a resultant increase in taxes, it is better that an occasional individual or newspaper that is so perverted in judgment and so misguided in his or
Its civic duty should go free than that all of the citizens should be put in
jeopardy of imprisonment or economic subjugation if they venture to criticize
an inefficient or corrupt Government.
We do not pass upon the truth or falsity of the publications nor the merits
of the political controversy between the parties. We consider the question
solely from the standpoint of public policy and fundamental principles of
government. For the same reason that members of the Legislature, judges
of the courts, and other persons engaged in certain fields of the public service or in the administration of justice are absolutely immune from actions,
civil or criminal, for libel for words published in the discharge of such public duties, the individual citizen must be given a like privilege when he is
acting in his sovereign capacity.
This action is out of tune with the American spirit and has no place in
American jurisprudence. The judgment of the Circuit Court is affirmed.

Fraud Order Issued By Post Office Against Frederick
A. Cook, of North Pole Fame, and the Petroleum
Producers Association.
has been issued by the Post Office DepartA fraud order
ment, against Petroleum Producers' Association; Frederick
A. Cook, President; F. A. Cook, President; Frederick




the Northern
ciation, Oskosh, Wis., the sixth of a series of studies of
lumber trade. associations. Associations heretofore reported
upon at the request of the Attorney-General are National
and Regional Lumber Manufacturers' Trade Association; the
Southern Pine Association; the Douglas Fir Lumber Manufacturers' and Loggers' Association; Western Pine Manufacturers' Association, and Western Red Cedar Association.
The report concerning the Northern Hemlock and Hardwood
Manufacturers' Association of Oshkosh contains an analysis
of present market prices on northern hardwoods and treats
of the price-fixing activities of the association members and
their co-operation on prices with other lumber associations
during a period of several years ending in 1919. It is summarized as follows by the Trade Commission:

Present prices (March 311923) on Wisconsin hemlock are at their highest.
peak—higher than the war prices—higher than the prices of 1919, and on
the better grades of hardwoods present quotationsaveraging over60% higher
than those in the fall of 1918. Present prices are from 15 to 20% higher
than the war prices, and average 47% higher than the market prices of
June 1919. These prices are for hemlock,one of the important construction
woods of the country, and hardwoods'widely used in finishing construction
and in the manufacture of furniture. Only on the lowest grades of hardwoods have there been substantial reductions. Notwithstanding tJae heavy
reductions forced by the buyers' strike of 1920, the depressed market level
of 1921 on high-grade hardwoods was much in excess of the level attained

MAY 19 1923.]

THE CHRONICLE

in June 1919, when the high level character of the market had become well
recognized, and was still more in excess of the war-time level of September
1918. The price reductions forced by the collapse of demand in 1920 and
1921 carried hemlock prices but little below the June 1919 level and left
them at approximately the war-time level of September 1918.
Composed of 75 members, hemlock and hardwood manufacturers, the
Association controls over 60% of the production of hemlock and hardwoods
in Wisconsin and Upper Michigan, the most important region in the country in the production of hemlock. During the period covered by the faquiry, the Association was conducted largely as a medium to facilitate
agreements among its members for the substantial lessening and frequently
the destruction of price competition. It is clear, the report states, that
officials and members of the Association endeavored to anticipate, fix and
control prices for the future. The Association leaders in their ordinary
official intercourses have paid strong and frequent tribute to their organization as a powerful factor in maintaining prices on a weak market and
advancing prices when conditions were favorable. The report recites the
history of the present Association and states that the price-fixing activities
of this group of manufacturers, though twice called to the attention of
the public, can show an unbroken record of more than twenty years.
The entrance of the United States Into the World War was accompanied
and followed by frequent meetings of the Association at which prices were
increased on the strength of the demand created by war requirements.
Prices made by the Association to Government contractors on hardwoods
for vehicle stock were so high that the directors disavowed them on the
ground that they were "higher than the market justified." Later, however, the prices were reaffirmed. Some of the advanced prices made on
the rising market. of 1917. 1918 and 1919 provoked criticism from the more
conservative members of the Association as being "long," "stiff." "fa.cv."
"radical," "too high," "extraordinarily high" and "unreasonable." Hardwood prices in effect in May 1917 "staggered" some of the wholesalers and
some members thought the prices to the Government on hardwoods in
December 1919 were "somewhat exorbitant," and one was "very much put
out that we shall countenance a price of this kind." During the excited
market of 1919 a prominent member wrote that "it seems inevitable that we
will go into the class of profiteers" and "we will be painted for years to come
as conscienceless robbers."
In addition to establishing prices on reugh lumber, the Association
has also directed ifs activities to finished lumber, white cedar shingles.
railroad ties and such by-products as hemlock bark and pulpwood. On
finished lumber products standard prices and standard charges for resawing, surfacing and finishing were promulgated. It is reported that
control of prices of hemlock bark and pulpwood, important raw materials
used in the tanning of loather and in the manufacture of paper, was sought
by the Association members through control between important hemlock
manufacturers and leather companies both in Wisconsin and Pennsylvania
On the subject of railroad ties. the Association co-operated with another
association whose members pro duced ties and endeavored to control tho
price for railroad material, particularly cross-tics during the revIed of
Government operation, the prices so fixed becoming a direct chsrge on
the Government. White cedar shingle prices were controlled by an
affiliation between the Association and the White Cedar Shingle Manufacturers' Association.
As a part of its price-fixing activities this group of lumber manufacturers
for many yet r; has used Wausau. Wis.. as a common basing point from
which to calculate freight charges and thereby secure uniformity in delivery
prices. In many cases this results In the arbitrary addition of fictitieus
freight charges to mill prices. Another activity of the Association was
the establishment of uniform grades and standardized sizes for scant
sawing. Departures from uniformity on these matters were criticized
severely by the members as being merely forms of price-cutting.
When conditions of demand appeared unfavorable the Association
formed the medium through which the members endeavored to reduce
the supply, through a reduction in sawing or in the winter input of logs.
As to prices in the spring of 1919 the Association's statistics brought
out the fact that 20 concerns held about 78% of all the hemloek lumber
available for shipment and steps were taken to have these concerns represented at a conference for the purpose of enabling them to take advantage
of their control over the supply.
Evidence of co-operation between the Northern Hemlock and Hardwood
Manufacturers' Association and other lumber associations whose members
produce competitive woods is contained in the report,as well as co-operation
between the Association and wholesalers and retailers handling woods produced by members of the Association with the effect of maintaining and
advancing prices. There was close co-operation between the Northern
Hemlock and Hardwood Manufacturers' Association and the Southern
Pine Association with a view to harmonious action on prices of their respective woods in common markets. This co-operation became more pronounced during the war and subsequently, hemlock being advanced
frequently because ot similar advances being made in Southern pine.
Notices of their respective price changes were promptly exchanged between
representatives of the two groups. During the war there was pronounced
co-operation between the Northern Hemlock and Hardwood Manufacturers' Association and the Michigan Hardwood Manufacturers' Association,
the latter Association representing manufacturers of hemlock and hardwoods
In lower Michigan. This co-operation was particularly pronounced in
fixing prices on the Government's war purchases. Subsequent to the war
an increasing co-operation developed between the hemlock manufacturers
of Wisconsin and the fir and hemlock manufacturers represented In the
West Coast Lumbermen's Association with a view to establishing harmonious
price policies in competitive selling territory.
There has been marked co-operation between the organized Wisconsin
manufacturers and the organized wholesalers of Wisconsin woods for the
purpose and with the effect of maintaining and advancing prices. The
wholesalers were freely and officially criticized by the manufacturers for
"bearing" the market particularly upon the outbreak of the war, and
arrangements were made for harmonious price action. The manufacturers
of Wisconsin have at times bitterly criticized the retailers for failure to
reduce prices to the consumer in keeping with reductions by manufacturers
to them, and for organized opposition to manufacturers selling direct to
consumers. Subsequently a strong movement toward co-operation with
retailers took place featured by co-operative advertising and a formal
resolution that the manufacturers were opposed to selling direct to the
consumer.

Charles H. Markham in Speech at U. S. Chamber of
Commerce Convention Says Railroad Investors
Are Regaining Confidence.
Charles H. Markham, President of the Illinois Central
RR.Co.,addressed the annual convention of the U.S. Chamber of Commerce on May 9 on the railroad situation. He




2217

declared that there had been an average reduction in freight
rates of 8% in 1922, as compared with 1921, resulting in a
saving of $336,000,000 to shippers, and that, as the railroads
recovered ftheir financial standing, and as further progress
was made in economies, still further reductions in both
freight and passenger rates could be expected. He said
that one of the encouraging aspects of the situation was
that there had been no'anti-railroad legislation this year in
the Middle West. He cited in particular the States of Wisconsin, Iowa and Minnesota, the homes of United States
Senators La Follette, Brookhart and Shipstead. Mr. Markham complained of unfair competition by boats and motor
trucks, and asserted that they received what amounted to.
a subsidy by the maintenance of navigable waterways andt
highways at the public expense, while the railroads had to.
pay the cost of their roadways, which necessarily had to be
included in the cost of service. He said:
The taxpaytrs' n.Ley that is expendcd upon inland waterways and
highways is a part of the cost cf the service provided by the boat lines and
motor vehicle carriers. ;list as the money spent upon their rcadways Is a
part of the cost of the service providt d by the railroads. The cnly differ- •
once at present is that milli- ads pay ft r the construction and maintenance
of their roadways ar d have to charge rates to cover that expense, while
taxpayers foot the bills for providing navigable channels and hard roads,
and boat lines and meta r vehicle companies consequently do not have to
include such costs in the rates they charge. As competite rs they have an
unfair advantage over the railroads. In determining the true economy of
transportation by waterway and by highway due consideration must be
given to all items of cost, including the cost of navigable channels and the
cost of suitable highways, however paid for.
The subsidy of competing forms of transportation from funds raised by
taxation works a particular iffustice upon patrons of the railroads. The
taxes paid by Class I railroads last year amounted to more than $300,000.000. as compared with less than 3100,010,000 in 1911. The railroads have
no other source of revenue, hence the funds to meet their tax bills have to
come cut of the purses of their patrons—those who pay freight and passenger rates. Suppor. ng competitive transportation upon an artificial basis
A
by moans of taxation at the expense of the railroads and thir patrons is
false croon rmy.
Cons:dm the cost of hard-surfaced roads that are ground to powder under
the wheels of heavily loaded motor vehicles that are permittod to compete
with the railroads in carrier service. Between 1910 and 1922 more than
$3,000.000,000 was expended upon the construction and maintenance of
go.' d roads.
The oporatari, of motor vehicle carriers contributed comparatively little
to the o sts of providine these highways, but they are doing more than any
other agency to wear them out. The operators of truck lines could not
afford to pay a fair share of the damage caused to these light roads by their
operations. It is equally clear that the taxpayers cannot afford to have
themselves taxed to rebuild these light roads, which are not intended for
heavy truck service, and then permit them to be damaged by that service.
The o ily pract:cable solution of this question, In my opinion, is the
oonsiru tion ef comparatively short stretches of hard-surfaced roads desienel and designated primarily for the use of motor trucks. These roads
should, of course, be constructed only where commercial and other conditions are favorable to the use of trucks in transporting goods forshort
d stances and where the saving as compared with rail transportation is
sufficiently large to justify the extensive expenditures necessary to provide
the kind of highways that can be used by such vehicles.
Motor trucks are well suited for performing transportation service in congested terminal areas where their expedited service from door to door gives
them an advantage over the railroads in both speed and operating costs.
In this field of service, which is a large one, I look for the use of motor
vehicles to develop raiiidly. The railroads cannot hope to compete for such
business, and I believe most railway men will heartily welcome this developa i t, for It will hanic relieve the roads of their burdensome and unProfItmen short ha ltrelpto
able

Mr. Markham said that since the first of last year therailroads had spent $1,540,000,000 for cars, locomotives,
additional trackage and other facilities and that the expenditures made and contemplated contributed to the prosperity
of industries of all kinds which supply the railroads and
furnish employment at good wages to many thousands of
workers. "The, public, therefore, has a direct interest in
enabling the railroads to realize a fair return upon their
investment," he continued. "Funds for expenditures upon
the railway plants come principally from capital which must
be raised in the open market in competition with other forms
of investment. Capital is timid, and severe restriction of
railway earnings has in the past frightened large numbers of
investors into forsaking railway securities for investments
promising greater security or a larger return, the result being
that new railway financing practically stopped. Confidence
in railway investments is being restored, as the program of
expenditures now being carried out indicates, and it is of the
utmost importance that the public's attitude toward letting
the railroads earn a fair return justify the returning faith
of investors."
President Smith's Letter to New York Central Stockholders Urging Them to Combat Unwarranted Attacks on Railroads.
A. H.Smith, President of the New York Central Railroad,
under date of May 1 sent to the stockholders the company
a letter inviting their "active assistance in combatting the
current unwarranted attacks upon the railroads by radicals
and extremists which are designed to reach their climax b7
the opening of the next Congress." Above all, Mr. Smith

of

2218

THE CHRONICLE

warns against tampering with the Transportation Act of
1920. He concludes by saying that "if given a fair chance,
'the carriers will continue to afford the nation the best service
and the cheapest rates of any railroads in the world." The
letter in full follows:
NEW YORK CENTRAL LINES.
A. H. Smith, President.
New York, May 1 1923.
To Our Stockholders:
The management of your company would invite your active assistance
In combatting the current unwarranted attacks upon the railroads by radicals and extremists which are designed to reach their climax by the opening
of the next Congress.
Public sentiment which develops and crystalizes between now and
December will determine the measure of success of these attacks upon tunamental American principles and institutions. We would ask you, therefore,
actively to exert your influence in the interim against destructive legislation.
Specifically, we would ask you to communicate with your Congressman
and Senator in opposition to any amendment of the Transportation Act or
the imposition of further hampering restrictions upon the railroads.
The Transportation Act has not yet had a fair trial under normal conditions, and, while defects may exist and be demonstrated, its benefits in
protecting essential transportation service are sufficient to make it imprudent to tamper with it now and thus open the Way for radical revisions or
substitutes which might work untold harm.
The recovery and performance of the railroads during the recent month
under the Transportation Act are events unparalleled inAmerican industry.
If given a fair chance the carriers will continue to afford the nation the best
service and the cheapest rates of any railroads in the world.
Yours very truly.
A. H. SMITH.

[Vol,. 116.

damage. He told of one instance where a locomotive at
Pittston, Pa., had been discovered with an oil pipe leading
to its stokers blocked at one end with a lump of coal wrapped
in an old work order with a green flag packed in on top,
while the other end of the pipe had been blocked with another lump of coal.
In August, September, October and November, 330 air
hose on cars were found cut in the shops of the Lehigh Valley
at Sayre, Pa. Mr. Hibbits also told of numerous instances
where the homes or other property of employees had been
dynamited, while there were scores of cases where glass, grit,
iron ore, ashes and dirt had been maliciously placed in journal
boxes, and feed valves on locomotives. In a number of
instances, he said, employees had been found tampering
with locomotives for the purpose of delaying trains or destroying property. Mr. Hibbits read statements from four
master mechanics of the Lehigh Valley which showed that
by loosening bolts, many locomotives had been put temporarily out of commission. One master mechanic alone
reported 50 such cases.
He told in detail of an agreement made between the railroad and the organization of its present employees as a substitute for the old national agreement as modified by the
Labor Board, and said the new agreement 'would save the
railroad thousands of dollars annually in increased shop
efficiency. Another witness was J. F. Maguire, General
Manager of the Lehigh Valley, who told of negotiations with
the shoperafts employees prior to the strike, asserting the
men had gone on strike after their leader had told them they
had no grievance against the Lehigh Valley, but would
have to go out because of orders from the national organization. He said when they were ready to return to work the
Lehigh Valley had built up a new force with which the
management had negotiated an agreement covering rules
and working conditions and was in no position to discuss the
matter with any other body.

John Benton's Views on Forthcoming Conference
of Progressive-Radical Group on ReValuation of Railroads.
Consideration by the La Follette Progressive-Radical
group in Congress of railroad valuation "will cut more figure
n Congress than in the courts," in the opinion of John E.
Benton, General Solicitor of the National Association of
Railway and Utilities Commissioners. Although Senator
La Follette, in calling the valuation conference in Chicago
for May 25 and 26, declared the public interest was not
being properly protected in the valuation proceedings before
the Inter-State Commerce Commission, the State commisStory of the Port of Boston.
sions have been active in behalf of the public interest since
That a single Boston house controlled nearly one-half of
1915, it is pointed out. Mr. Benton says:
the commerce between the United States and China previous
I assume that those who are promoting the conference intended to make
to 1840, is but one of the interesting bits contained in "The
a vigorous attack upon the Way and manner in which the Inter-State
CommerceCommhision valuation work has been carried on. From recent cor- Port of Boston," a booklet just issued by the National
respondence understood to have passed between Senator La Follette and Shawmut Bank of Boston, as a contribution to the movement
the Inter-State Commerce Commission, the conclusion may be drawn
developing the commerce of that port and the foreign
that Senator La Follette and those who are acting with him take the for
position that the requirements of the Valuation Act, as to ascertaining trade of New England. The history of the commerce of
and reporting original cost as one of the elements of value, have not been Boston from early days is sketched. Particular emphasis is
complied with by the Commission. It is commonly known that Dr.
former position of the port in building up the
E. W. Bemis—one of those whom Senator La Follette called to his aid laid upon the
when he was drawing the Valuation Act—has always maintained that trade between the United States and the Orient.
original cost must be reported in every case, being estimated, if not ascerIn these days when the question of adequate rail transtainable from records.
systems is recognized as of first importance in the
The Inter-State Commerce Commission, on the other hand, has pro- portation
ceeded upon the theory that if the original cost was unascertainable from industrial and commercial life of New England, one is
the carriers' accounting record, there was no oblliation under the law to surprised to learn that Boston's first essays in the developreport that element. From the language of this call, it would seem that
the correctness of the Commission's procedure in this, and perhaps in ment of rail transportation were regarded as a menace to
other respects, may be challenged, and even contested in court.
the prosperity of the port. When the schemes of railroad
Nobody can tell what will come from the conference. I venture the construction were first broached, many of the
merchants
opinion that what it does will cut more figure in Congress than in the
courts. If it should be established as a requirement of the law that the of Boston could foresee nothing short of complete disaster.
Commission must report original cost in each case before finding the value So firmly was their faith grounded in the value of commerce
of the property, it may well be doubted whether Congress would ever
that they could see in this apparently new-fangled idea of
supply the money to complete the valuation work.
In the majority of cases it has not been possible for the Commission transportation nothing to equal the value of the ocean-going
to find original cost from the records of carriers, and if the same were traffic of the port. Foreign trade was for them the only
now to be stated in those cases it would involve the attachment to the
worth while. So grave a view was taken of the evil
various properties of unit prices adjudged by engineers to have been cur- thing
rent upon the date of construction. This would require a study of con- effects of railroad construction that meetings were held and
struction history of the several component parts of each railroad property, legislation demanded which would check the proposed
and detailed repricing by engineers, and would unavoidably prolong the
development. The complete destruction of the city's two
work for several years.
important industries, commerce and fisheries, was the least
Malicious Acts Against Lehigh Valley Railroad During of the disasters predicted as a result of this new order of
things. Subsequent events showed how ill-founded had been
Shopmen's Strike.
early opposition to the railroads. The benefits growing out
More than two hundred specific instances of sabotage on
the Lehigh Valley RR. during the shopmen's strike, which of the combined development of steamship and rail traffic
began on July 1 last year, were detailed by F. M. Hibbits, are to be seen in the expansion of Boston's foreign trade be1857. The import trade of the port, for
of Bethlehem, Pa., superintendent of motive power of that tween 1840 and
railroad, in testifying on May 16 before the Inter-State which the most serious disaster had been predicted, increased
during that time.
Commerce Commission, when the general investigation into more than 200%
A comparison of the commercial development of American
the efficiency and economy of railroad management which
last twenty years, brings the material in the
the Commission is making, was resumed. This testimony ports in the
booklet down to date, and adds to its value as a reference
was given in substantiation of charges that interference with
growth and development of the commerce of
traffic and increased operating cost on the Lehigh Valley book on the
the Port of Boston.
were largely traceable to sabotage which took place during
the strike. Mr. Hibbits testified that every case of sabotage
cited by him had been carefully investigated and that he was The Meeting of the Financial Advertisers' Association.
The program of the Financial Advertisers' Association,
convinced that a malicious effort was made each time to
embarrass the operation of the railroad. In connection with which is to be held in Atlantic City, Hotel Ambassador,
each instance he gave the point at which the case of sabotage June 5th and 6th next, has just been completed. Many of
had been committed, the date, and detailed the nature of the the names listed will be recognized as outstanding leaders




MAY 19 1923.]

TILE CHRONICLE

in the banking and advertising world. Mr. Louis Wiley,
Business Manager of the New York Times, and Mr Paul
Young of Blythe-Witter & Company, are to handle the relations of the advertiser to the newspaper, while F. N.Shepherd
of the American Bankers' Association and Samuel 0. Rice
of the Investment Bankers' Association, are to outline the
relations of those very important bodies to the whole subject of publicity. Other speakers are to handle subjects
of vital importance to the bankers who attend, and should
make this Convention the most interesting which has yet
been held. I. I. Sperling of the Cleveland Trust Company,
Cleveland, Ohio, is Chairman of the Publicity Committee
and F. W.Gehle, Vice-President of the Mechanics' & Metals'
National Bank of this City is Chairman of the Speakers
Committee. The program follows:
First Session—Tuesday, June 5 1923, 10 A. M.
Venetian Room, Hotel Ambassador, Atlantic City.
President's Address—W.W.Douglas, Bank of Italy, San Francisco. Calif.
Secretary's Report—Lloyd L. Coon, Financial Advertiser's Association,
Chicago, Ill.
Treasurer's Report—Carl A. Gode, Illinois-Merchants Trust Co., Chicago, Ill.
"Public Relations and the Advertising Man"—F. H. Sisson, Guaranty
Trust Co., New York, N. Y.
"Advertising and the American Bankers' Association"—F. N. Shepherd,
American Bankers' Association, New York, N. Y.
0.
"Advertising and the Investment Bankers' Association"—Samuel
Rice, Investment Bankers' Association, Chicago, Ill.
Bank Advertising"—F. W.
"Tho New Orleans Plan of Co-operative
Ellsworth, Hibernia Bank & Trust Co.. New Orleans, La.
&
"Tho Psychology of Bank Advertising"—A. D. Welton, ,Continental
Commercial National Bank, Chicago. Ill.
Appointment of Committees.
Adjournment.
Second Session—Tuesday, June 5 1923, 2 P. M.
Venetian Room, Hotel Ambassador, Atlantic City.
"Reaching the Masses with the Outdoor Appeal"—R.E. Flotze, Planters
National Bank. Richmond, Va.
"The School Savings Plan"—F. A. Stearns, Security Trust & Savings
Bank, Los Angeles, Calif.
"Are We Our Worst Competitors?"—C. H. Henderson, Union Trust
Co., Cleveland, Ohio.
"From the Editor's Observation Post"—Keith F. Warren, "Banker's
Magazine," New York, N. Y.
"The Newspaper's Relations to the Financial Advertiser"—Louis W.ley,
the "New York Times," Now York, N. Y.
• "Assisting Newspapers Develop Their Financial Section"—Paul Young,
Blythe-Witter & Co., Los Angeles, Calif.
POI
Adjournment.
Closing Session—Wednesday, June 6 1923. 100. m.
Pompeian Grill, Hotel Ambassador, Atlantic City.
"How Advertising Builds Branches"—Samuel J. Neater, the Mechanics
& Metals National Bank, New York, N. Y.
"The Women's Department"—Miss Anne Seward, Hamilton National
Bank, New York, N. Y.
"Investment Advertising"—H. B. Matthews, S. W. Straus & Co.,
New York, N. Y.
"Building Deposits with the Movies and Radlo"—R. E. Wright, First
Wisconsin National Bank, Milwaukee, Wis.
"The Personal Solicitation of Trust Business"—Tracy Herrick, Cleveland
Trust Co., Cleveland, Ohio.
"House Organs"—E. II. Kittredge, Old Colony Trust Co.. Boston,
Mass.
Reports of Committees.
Election.
Unfinished business.
Adjournment.
Note.—Tlme will be allowed for discussion following each address, at
the discretion of the Chairmen.
Special Note.—Arrangements have been made whereby delegates to the
convention can lunch together; special tables are provided at which special
advertising topics will be discussed.

2219

100 Broadway, in which were consolidated the two former
offices of the New York Trust Co. and the Liberty National
Bank of New York shortly after the merger in 1921. The
company's statement as of Dec. 30 1922 showed a capital
of $10,000,000, undivided profits and surplus combined of
$17,589,000 and deposits of $160,000,000.
Arthur Sachs of Goldman, Sachs & Co. and Arnold L:
been
Scheuer, President of Kelly-Springfield Tire Co., have
Public National Bank of this city.
elected directors of the
"When You Choose Your Bank" is the title of an illustrated booklet issued by the United States Mortgage & Trust
Co.of New York,descriptive of its Broadway and 73rd Street
branch office. The company gave a dance at the Hotel
Plaza Thursday evening, May 3, which was attended by
Safe
officers and employees and those of the United States
nt
Deposit Co. A buffet supper was served and entertainme
pictures and specialties by comfeatures consisted of moving
pany employees. Preceding the program at the Plaza the
officers of the United States Mortgage & Trust Co. gave a
dinner at the Lotus Club in honor of President John W.
Platten.
It is announced that Governor Alfred E. Smith of New
York will be the first depositor in the Federation Bank of
New York, the new labor union bank which formally opens
125
to-day at 34th Street and Eighth Avenue, New York. Over
unions are partners, it is stated, in the new financial institution, which is chartered under New York laws with a capital
of $250,000 and surplus of $250,000. Peter J. Brady, President Allied Printing Trades Council of New York, is President of the new bank, and among the directors are H.Parker
Willis, economist; William W. Cohen, prominent banker;
Hon. Jere T. Mahoney, New York judge; John J. Delaney,
Commissioner of Docks, New York City; James P. Holland,
President New York State Federation of Labor, and John J.
Munholland and Matthew Woll, labor union officials. The
full board of directors, with the above, includes Sara A.
Conboy, Hon. S. A. Cotillo, Capt. Chas, F. Holm, William F.
Kehoe, William Kohn, Walter F. McCaleb, Joseph Ryan,
Frank X. Sullivan and John Sullivan.
At the formal opening this afternoon, it is said, addresses
will be made by Governor Alfred E. Smith, Senator Royal S.
Copeland, Sara A. Conboy, James B. Holland, President of
the New York State Federation of Labor, and John Sullivan,
President of the Central Trades and Labor Council. In addition to the President, Peter J. Brady, the other officers of •
the new bank are: Walter F. McCaleb, 1st Vice-President
and Chairman of the board of directors, and John J. Manholland, 2nd Vice-President and Secretary.
An oversubscription of $124,000 in cash and pledges to the
stock of the new institution, it is said, was announced by Mr.
Munholland, Secretary of the joint committee which has
been engaged in organizing the bank, at a meeting held Monday evening (May 14) in the Washington Irving High
School. The amount of cash collected from the various
unions, of which more than 125 are represented among
shareholders, is $478,000, it is said, and 3,012 shares of stock,
or 512 more than was sought for, have been applied for. It

was recommended at the meeting, it is said, that the present
ETC. capitalization of the bank of $500,000 be increased because
ITEMS ABOUT BANKS, TRUSTICOMPANIES,
A New York Stock Exchange membership was reported of the large oversubscription to its stock.
posted for transfer this week, the consideration being stated
According to newspaper advices from Boston, Joseph C.
as $94,000. The last previous sale was for $95,000.
recently
The New York Trust Co. on May 15 opened a new branch
office at the southeast corner of 40th Street and Madison
Avenue. This new office will be under the direction of a
vice-president, and will be equipped to provide a complete
commercial banking service for corporations, firms and
individuals located in the rapidly growing business district
east of Fifth Avenue and south of Grand Central Station.
This is the second branch office of the company to be established, the office at 57th Street and Fifth Avenue having been
opened in Nov. 1918. The New York Trust Co. was formed
in 1889 under the title New York Security & Trust Co.
In March 1904 it merged with the Continental Trust Co.
and in 1905 the name was changed to the present style.
On April 1 1921 the New York Trust Co. and the Liberty
National Bank of New York were consolidated under the
former name. Mortimer N. Buckner is Chairman of the
Board; Harvey D. Gibson, President, and Otto T. Bannard,
former Chairman of the Board, is now Chairman of the
Advisory Committee. The con,ipany's main office is at




Allen, State Bank Commissioner for Massachusetts,
brought a bill in equity in the Supreme Court to enforce a
100% liability against the stockholders of the defunct Hanover Trust Co. of Boston, closed by the Commissioner on
Aug. 11 1920. In the bill the Commissioner asks the Court
to order an assessment in sums in proportion to the amount
of the stock held by the stockholders at the time the State
took possession of the affairs of the bank and also that the
amount so assessed may be of the amount of the par value of
their stock at the time. The bill states, it is said, that those
stockholders who have already paid in full are George T.
Bradbury, F. M. Carroll, Margaret T. Connell, Andrea Di
Pietro, John W. Douse, Gennaro Gubitosi, Thomas H. Hanlon, Joseph F. O'Connell, Marietta L. O'Connell and Walter
J. Ogas. The bill further sets up that Charles Ponzi is owner
of 1,375 shares standing in the names of others, in addition
to the 200 shares standing in his own name, and that Gabriele
Stabile had 107 shares in addition to the 70 standing in his
own name and that Henry H. Chmielinski (the former President of the bank) was recorded as having 210, but had 421

2220

THE CHRONICLE

in addition. Other owners of the stock, with the number of
their shares, are as follows: Edward P. Barry, ten; Charles
S. Baxter, ten; Henry V. Greene, ten; John E. Locatelli,
fifty; Daniel V. McIsaac, ten; Albertine A. McNary, fifty;
William S. McNary, 500; Broma Chmielinski, 214, and J. M.
Chmielinski, fifty.

[VOL. 116.

ings Bank, has been made Chairman of the Board of the enlarged East End Savings & Trust Co., and J. 0. Miller,
President of the old bank, continues as chief executive of the
consolidated bank. The other officers are as follows: Frank
G. Love,,Vice-President; H. W. Loos, Vice-President, SecreTreasurer; George R. McNary, Vice-President and
tary and /
Trust Officer; J. R. Jones, Secretary and Treasurer; Oscar
Kapff (heretofore Cashier of the Liberty National Bank).
Assistant Treasurer; James F. Collins (formerly Cashier of
the Liberty Savings Bank), Assistant Secretary; E. F.
Strickler, Auditor, and C. P. DeNevino, Manager of the Foreign Department. On Saturday night, May 12, approximately $6,000,000 in cash and securities was transferred
from the Liberty banks to the East End Savings•& Trust Co.
building at Penn and Highland Avenues. The former directors of the Liberty National Bank and the Liberty Savings
Bank will constitute the liquidating officers of their respective institutions.

• On May 9 the respective stockholders of the Integrity
Trust Co. and the Merchants' Union Trust Co. of Philadelphia unanimously approved the proposed merger of the latter Institution with the former, referred to in these columns
In our issue of May 5. The enlarged Integrity Trust Co.
opened for business on May 10 with offices at 715-17-19
Chestnut Street and Fourth and Green Streets. The new
bank has a capital of $750,000, surplus and undivided profits of $3,000,000 and total resources of $17,000,000. Its officers are as follows: Philip E. Ouckes, President; George
Ness, Jr., William Berlinger and John Stokes Adams, VicePresidents; Harry C. Kessler, Treasurer; C. Percy Willcox,
Trust Officer; George A. Kilian, Secretary; William J.
John R. McCune, President of the Union National Bank of
Clark, Assistant Treasurer; H. Lee Casselberry and Wil- Pittsburgh and widely known financier, died suddenly
of
liam G. Semisch, Assistant Secretaries and William C. heart disease at his home in that city on May 14.
Mr. McByrnes, Title Manager.
Cune was born in Pittsburgh in 1870. He received his early
The 29th annual convention of the Pennsylvania Bankers education in the public schools and Princeton University,
Association will be opened in Atlantic City on May 23 and from which he was graduated in 1892. Since 1910 he had
continue for three days. The business sessions of the meet- been President of the Union National Bank, of which his faing will be devoted to addresses and discussions on subjects ther was the first President,from 1857 to 1888. He was also
pertaining to the future of American banking and business. a member of the Clearing House Committee of the PittsEdward J. Fox, President of the Easton Trust Co., Easton. burgh Clearing House Association, and a former President
Pa., President of the Association, will preside at the conven- of that organization. In addition to his banking activities
tion and Charles S. Caldwell, President of the Corn Ex- Mr. McCune was Vice-President and a director of the Barechange National Bank of Philadelphia and Vice-President gua Sugar Co. and a Director in numerous other important
of the Association, will reply to the address of welcome by corporations, including the Westinghouse Electric & ManuMayor Bader of Atlantic City. The following prominent facturing Co., the Westinghouse Air Brake Co., the Pressed
men are scheduled to speak: United States Senator Carter Steel Car Co., the Union Switch & Signal Co., etc., etc.
Glass of Virginia; J. H.Puelicher, President American BankAccording to the Toledo "Blade" of May 11 announcement
ers Association; Charls E. Lobdell, Federal Farm Loan Commissioner; Pierre Jay, Chairman Federal Reserve Bank, New was made recently that interests identified with the Security
York; John H. Clarke, former United States Supreme Court Savings Bank & Trust Co. of Toledo had purchased a coninterest in the Opieka State Savings Bank of that
Justice, and William J. Burns, Director Bureau of Investi- trolling
city with a view to merging the latter institution with the
gation, Department of Justice.
Security Savings Bank & Trust Co. The Opieka State SavOn May 8 the respective directors of the Citizens' National ings Bank is situated at the corner of Junction and Nebraska
Bank of Waynesburg, Pa. (capital $400,000), and the Peo- Avenues and has a branch at Lagrange and Dexter Streets.
ple's National Bank of that place (capital $100,000) voted The institution has a capital, it is said, of $150,000, with surto consolidate the institutions under the title of the former, plus of $40,000 and deposits of $1,500,000. It was founded
subject to ratification by the stockholders of both banks at In 1916 by Nicolas J. Waliinski, its President, from whom
meetings to be held on June 7. The new bank, it is said, the recent purchase of stock was made. The bank, it is said,
will be housed in a building now under construction by the has played an important part in the development of the
Polish districts of the city in Nebraska Avenue and Lagrange
Citizens' National Bank at a cost of $300,000.
Street. The Security Savings Bank & Trust Co. has a capiCharles A. Emery, the form- er Cashier of the Farmers & tal of $600,000 with deposits in excess of $8,000,000. The
Mechanics Bank of Honesdale, Pa., whose defalcations and taking over of the Opieka State Savings Bank by the instiIrregularities caused the closing of the institution on Mar. 15, tution, it is said, will be effected in time for a celebration
was on May 14 sentenced by Judge Searle to serve not less next month of the 25th anniversary of the founding of the
than four nor more than five years in the Eastern Peniten- Security Savings Bank & Trust Co.
tiary and in addition to pay a fine of $1,000 and the costs of
the prosecution. The bank's failure with the arrest of the
The Depositors' Savings & Trust Co. of Akron, Ohio, reex-Cashier was noted in these columns in our issue of Apr. 21. cently purchased the Citizens Bank of Cuyahoga Falls, Ohio,
and the latter bank is now being operated as the Citizens
According to the Baltimore "Sun" of May 12, John N.
Branch of the Akron institution. A statement of condition
Wright, Jr., ex-Cashier of the First National Bank of Fedof the enlarged Depositors' Savings & Trust Co. at the close
eralsburg, Md., on May 11 pleaded "guilty" in the United
of business April 3 1923 shows capital stock of $325,000;
States Court to embezzling approximately $100,000 of the
surplus and undivided profits of $437,533; deposits, $6,877,bank's funds and was remanded for sentence by Judge Mortotal resources as $7,934,007. The bank's roster is
ris A. Soper until May 21, when Leon E. Venable, an insur- 613 and
as follows: G. C. Dietz, President; Chas. Herberich and
ance agent of Cambridge, Md., who was indicted with the
George W. Merz, Vice-Presidents; Walter Herberich, Treasformer Cashier, is to be tried. Although Wright's shortage,
urer; William J. Steiger, Secretary; Alfred Herberich,
it is said, was about $100,000, all except $54,000 was made
Trust Officer, and C. M. Tyler, Manager of the Citizens
good by his bond and his accounts with stock brokers, and
Branch.
that amount was made up by the bank's directors.
According to the Indianapolis "News" of May 10, Albert
On May 14 a consolidation of the Liberty National Bank
S. Goldstein, President of Goldstein Bros., Inc., of Indianof Pittsburgh and its affiliated institution, the Liberty Savapolis, was on May 9 elected a director of the Fletcher Savings Bank, with the East End Savings & Trust Co. of that
ings & Trust Co. of that city. Mr. Goldstein is one of the
city was consummated under the title of the last-named inprominent business men of Indianapolis. A recent statement
stitution. The consolidated bank has a capital of $550,000,
of the Fletcher Savings & Trust Co. shows, it is Said, total
surplus and undivided profits of $449,184 and total resources
resources of $19,613,311.
of $9,500,000. For the past three years, it is said, the East
End Savings & Trust Co. has been controlled by the People's
At a special meeting on May 4 of the stockholders of the
Savings & Trust Co. of Pittsburgh, with total resources of St. Paul Trust & Savings Bank, St. Paul, a resolution was
$25,000,000; this latter Institution is closely allied with the adopted changing the name of the corporation to the St.
First National Bank of Pittsburg, which in turn has total Paul Trust Co. The capital was fixed at $200,000, consistresources of $78,000,000. H. H. Woods, the former Presi- ing of 2,000 shares of the par value of $100 each. According
dent of both the Liberty National Bank and the Liberty Say- to a press dispatch from St. Paul under date of May 2,




PriAv 19 1923.]

THE CHRONICLE

printed in "Financial America" of this city of the same date,
arrangements were then under way for the turning over of
approximately $400,000 in deposits of the St. Paul Trust &
Savings Bank to the Capital Trust & Savings Bank owing to
the discontinuance of banking operations by the former
institution.
.
R. B. Rathbun has resigned as Minnesota State Superintendent of Banks to become Cashier and active head of a
new financial institution, the Produce State Bank, which
has just been established in Minneapolis with a capital of
$100,000. The par value of the stock is $100 and it was sold
at $130 per share. The new bank began business May 7 at
7th Street and First Avenue. Mr. Rathbun has been succeeded as State Superintendent of Banks by Adolph J. Ye!
is Vice-President and Manager of the Nagel. Mr. Veigel
tional Bank of Commerce of Mankato. The officers of the
Produce State Bank are S. T. McKnight, President; C. F.
Witt, Vice-President; R. B. Rathbun, Vice-President and
Cashier, and H. D. Bailey, Assistant Cashier.
J. W. Gregory, former President of the Cottage Grove
Bank of Des Moines, Iowa, whose conviction on April 23 for
accepting deposits when the bank was insolvent, was recorded in these columns in our issue of May 5, was released
from the County jail on May 8 on a bond of $7,500 pending
an appeal of his case to the Supreme Court.
A special press dispatch from Kimball, Neb., to the Omaha
"Bee," under date of May 11, gives the following information
with regard to the affairs of the defunct Citizens State Bank
of Kimball, whose failure in November last was reported in
our issue of Dec. 9, p. 2546:

C. G. Stoll, receiver for the Citizens State Bank, which closed its doors
Nov. 28, expects to start paying depositors May 15. Claims allowed total
$278,000 and the State Guarantee Fund has been drawn on for this amount.
The receiver has refused claims on about $60,000 worth of certificates of
deposit, claiming they drew more than 5% interest and the State Fund would
not protect such loans. Legal action is expected to be taken in an effort to
collect this money.

-the Banking Corporation of Montana, Helena,
On May 2
Mont., failed to open its doors. The institution had a capital of $250,000, with surplus and undivided profits of $50,000. G. W. Ca,steel was President of the institution, and
Fred D. Williams, Cashier. A committee of the Helena
Clearing House Association has been named, it is said, to
examine and analyze the bank's assets.

2221

been paroled, having served a third of his sentence. The Cashier is still in
prison. The expenses of the bank's liquidation total $44,477 43, according
to the State Banking Department. A great deal of real estate held by of
of the bank and turned over to the Banking Department, has been sold
and the proceeds applied toward liquidation of the indebtedness. Other holdings of the bank and its officers have also been sold and applied toward dividends to depositors. At a recent session of Chancery Court when the Deputy
Bank Commissioner reported his doings, the Court and others in attendance
took occasion to thank and commend that official for the painstaking and
satisfactory work in winding up the affairs of the defunct bank.

Claude D. Minor, former Cashier of the People's Bank &
Trust Co. of Perryville, Ky., was convicted in the Mercer
County Circuit Court at Harrodsburg, Ky., on May 15 for
converting to his own use bonds deposited with the bank.
The charge on which Minor was found guilty was one of
22 counts upon which he had been indicted growing out of
the failure of the bank in October last. Minor is said to be
a former President of the Kentucky Bankers Association
and to have been a member of the last State Legislature. The
failure of the People's Bank & Trust Co. was noted in our
issue of Nov. 4 last, p. 2016.
According to the San Francisco "Chronicle" of May 11, the
directors of the Mercantile Trust Co. of that city on May 10
authorized the offering of 10,000 shares of new stock to the
shareholders pro rata at a price of $260 per share. The Mercantile Trust stock, it is said, was quoted at 278 bid, 280
asked in the San Francisco market on that day (May 10).
Subscription rights expire at 5 p. m. May 31. The new issue,
it is stated, is a portion of the 40,000 shares authorized several months ago, and of which 5,000 shares have since been
issued in connection with various consolidations. Prior to
the present offering of 10.000 shares; it is said, there were
45,000 shares outstanding.
According to the San Francisco "Chronicle" of May 10,
the proposed consolidation of the First National Bank of San
Francisco and the Crocker National Bank, which has been
under negotiation for nearly a year, has been abandoned.
The "Chronicle" quoted John A. Hooper, President of the
First National Bank as making announcement to that effect
on May 9 and as saying: "The proposed merger Gf the First
National Bank of San Francisco and the Crocker National
Bank has been called off by mutual agreement." In reporting the breaking off of negotiations, the San Francisco
"Chronicle" made the following comment:

Almost exactly one year ago the city was surprised to hear that negotiations
of San
were under way looking toward a merger of the First National Bank
Francisco and the Crocker National Bank.
-4--Bank,
Rudolph Spreckels, who was then President of the First National
A new St. Louis bank—the Shaw State Bank—began busi- opposed the merger as originally outlined, in which stand he was upheld by
board. Developments disclosed, however, that while
ness at 39th Street and Lafayette Avenue on May 5. The a majority of the him a majority of the members of the board, he was not
Spreckels had with
with surplus of able to command the support of a majority of the bank's stockholders.
new bank, which has a capital of $100,000,
As a result of the earlier division within the board, a contest developed for
$10,000, is a neighborhood institution with more than 100 of
was the defeat of President Spreckits stockholders living in the Shaw District of the city. A control of the bank, the outcome of which last January by a vote of nearly
els and his old board at the annual election
celebration in honor of its opening was held on the evening two to one.
The new board then elected John A. Hooper to the presidency.
of May 5 on Lafayette Avenue, between Spring and 39th
President Hooper's statement last night was the first official statement
Street, the block be:ng closed for the occasion. The officers made in
connection with the proposed merger of the two banks since negoof the bank are: Lee Hunter, Chairman of the Board of tiatioas were suspended by the former board of directors last year.

Directors; Frederick Krone, President; Marcus Turney,
First Vice-President in active charge of the bank; Frank L.
The death is announced on May 18 of H. A. Richardson,
Keightly, Second Vice-President, and F. S. Hummel, Cashier. General Manager of the Bank of Nova Scotia, after a prolonged illness. Mr. Richardson was 61 years of age and a
Claude B. Carter,formerly Cashier of the Arkansas Valley native of Halifax. He had been with the bank since a boy.
Bank, Ft. Smith, Ark., and subsequently with the Mississippi Valley Trust Co., St. Louis, Mo., has been appointed
Assistant Cashier of the Union Trust Co., Chicago. Mr. Car- THE WEEK ON THE NEW YORK STOCK EXCHANGE.
ter joined the staff of the Union Trust Co. in 1921. Alfred
The stock market slumped badly last Saturday, marking
T. Sihler, of St. Louis, where he has been engaged in the in- a continuation of the break witnessed the rest of that week,
vestment business for several years, has joined the staff of and a number of new low records for the year were estabthe Union Trust Co., Chicago, with the title of Sales Man- lished. But Monday's trading showed a complete change
ager of the Investment Department.
of tone and the explanation was found in the success attending the U. S. Secretary of the Treasury's offering of 43 %
4
A press dispatch from Blytheville, Ark., on May 12 printed notes, dated May 15 1923, and maturing March 15 1927.
in the Memphis "Appeal" of the following day, stated that a The Secretary announced Sunday night that total subscripfinal dividend would be mailed on May 14 to the creditors tions, including exchanges, would aggregate over a billion
of the defunct Bank of Blytheville (closed in March 1920) dollars. The offering had been $400,000,000, "or thereby B. A. Lynch, the Special Deputy Bank Commissioner in abouts." The market made quick response and many
charge of the winding up of its affairs. With the sending standard securities rallied sharply and an advance of from
out of the final dividend checks, it was said, a total of 53.7% one to four points was noted in several of the more active
will have been paid on common claims and 97.7% on legally stocks. American Can, Baldwin Locomotive and American
preferred claims. The total sum paid out by Mr. Lynch, it Locomotive were striking examples of the price rebound,
Is stated, including the amount paid out on May 14, aggre- while Studebaker, Gulf States Steel and Bethlehem Steel
gate more than $600,000. There were 1,800 depositors in the were also prominent in the upward swing. United States
5
Institution when it failed. The dispatch goes on to say:
Steel, which had closed Saturday at 97%, opened at 977,
.
withihi a
The Cashier and Assistant Cashier were indicted, tried and pleaded guilty and
responded only feebly to the rise, fluctuating.
sentence of ten years in
to embezzlement of funds. The former received a
trading, with
latter a five-year sentence. The Assistant Cashier has recently half point during the greater part of the day's
nrison and the




2222

THE CHRONICLE

the close for the day at 993. In the railroad shares trading
was comparatively light with only fractional advances in
prices in most cases.
The improvement was not maintained as the week advanced and prices again receded. On Tuesday considerable
weakness developed in the closing hours. Bogus orders,
this time by telephone, were again in evidence, but were
of limited extent and caused little excitement. The stock
exchange was not again to be caught napping, and the
authorities immediately sent a warning through the news
tickers. Steel stocks were again under pressure in the late
afternoon trading. Republic Iron & Steel was forced under
50, while Bethlehem Steel went below 54. United States
Steel again receded to 973 but advanced to 98 at the closing
4
hour.
Midweek activities in the stook market were, on the whole,
somewhat more encouraging than Tuesday's session. In the
early trading price recessions were frequent, but in a majority
of eases the declines were fractional and made little impression on the market. Sales were in somewhat larger volume
than on the preceding day, but did not reach the total of
Monday's transactions. United States Steel declined to a
new low level of 963' in the morning session but again advanced in the early afternoon and closed at 97. On Thursday the market dragged along much the same as on previous
days. The day's business was one of the smallest of the year.
A stronger tone was apparent in opening hours of Friday's
market, many of the standard securities showing fractional
advances over the previous day's closing quotations. In late
afternoon trading the market reversed itself, American Locomotive receding from 137 to 135, American Can from
%
94 1-3 to 923%, Du Pont from 132. to 1283, Kelly-Spring4
field Tires 493 to 483%, Stewart-Warner 855 to 84%.
%
The day's business was again very small.
THE CURB MARKET.
Trading in the Curb Market this week was on a small
scale, with the oil stocks under pressure. Standard Oil
issues were the chief sufferers. Cumberland Pipe Line
dropped from 111 to 102 and closed to-day at 104. Northern
Pipe Line lost a point to 104. Ohio Oil after a gain of a
point to 70, sold down to 653. Prairie Oil & Gas declined
from 2063. to 203, recovered to 210 and moved downward
again resting at 202 finally. South Penn Oil was off from
145 to 138. Standard Oil (Indiana) lost over two points
to 57%. 'Standard Oil (Kentucky) fell from 92 to 89.
Vacuum Oil rose from 48 to 493 then dropped to 453, the
close to-day being at 453 . Internat. Petroleum and
4
Imperial Oil of Canada were heavily sold, the former moving
down from 17% to 153%, while the latter lost about 9 points
to 100, the close to-day being at 101. Derby Oil & Ref.
corn. receded from 17% to 153% and sold finally at 16. The
preferred dropped from 44 to 413%, with the final transaction
at 42. Gulf Oil of Pa. weakened from 583% to 57, recovered
to 603% and moved downward again to a low point of 523%.
Industrials suffered very little in comparison with the oil
stocks. As a whole this department held fairly well, changes
being for the most part very small. Checker Cab Mfg.,
class A, sold down from 523% to 483%. Durant Motors at
the opening sold off about a point to 443j, then up to 483%
with a final reaction to 43. Glen Alden Col after early
advance from 73 to 75 broke to 703 ,the close to-day being
4
at 71%.
A complete record of Curb Market transactions for the
week will be found on page 2244.

[Vot. 114.

to the extract quoted from the Paris "Agence Economique and Financiere"
in our letter of March 28 last, we are informed by the Anaconda Copper
Mining Co. that no such communication as indicated by that newspaper
was issued by their company. The company states that since the publication of the French article it had advised its clientele that it will continue
to pay to all shippers to it $1 an ounco for silver to as late as it can be assured
that the Government will accept the silver so purchased, and that when
the approaching termination of purchases under the Act makes such resale uncertain it will make a provisional settlement with its shippers, paying
the open racket price, and thereafter adjusting the price so that each
shipper to the Anaconda company will share proportionally with the Anaconda company in the benefits of the Pittman Act down to the last day
when it is possible for this company to sell any silver to the Government
at $1 an ounce. Our comment that followed the French extract was therefore unnecessary.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees.)
Apr,7.
Apr. 22.
Apr. 15,
Notes in circulation
17427
17416
17312
Silver coin and bullion in India
8663
8446
8548
Silver coin and bullion out of India ______
Gold coin and bullion in India
§i5§
§i55
Hi§
Gold coin and bullion out of India _______
Securities (Indian Government)
8;i'M
Securities (British Government)
584
584
585
Bills of exchange
200
-during the week ending 22d ult. amounted to 2 lacs
The silver coinage
of rupees. The stock in Shanghai on the 28th ult. consisted of about
27.200,000 ounces in sycee, $41.000.000 and 710 silver bars, as compared
with about 29,200.000 ounces in sycee, $39,000,000 and 410 silver bars
on the 21st ult. The Shanghai exchange is quoted at 3s. 216d. the tad.
,
Statistics for the month of April are appended:
-Bar Silver per oz. std.- Bar Gold
Cash Delivery. 2 Mos.' Deli°. p. oz. fine.
Highest price
324d.
33 3-16d.
89s. ld.
Lowest price
3111-16d. 31 d.
88s. ld.
Average price
32.346d.
32. 06d
88s. 6.9d.
-Bar Silver per or. std.- Bar Gold
QuotationsCash.
'Two Mos.
per or. fine,
April 26
3214d.
32)id.
88s. 10d.
April 27
89s. Id.
32%d.
32;ici.
April 28
32 15-16d. 321l-16d.
---April 30
333-16d.
89s.
327 d.
4
May I
88s. 10d.
32 13-16d. 32 9-16d.
May 2
88s. 9d.
329-16d.
32%d.
Average
88s. 10.8d.
32.552d.
32.802d.
The silver quotations to-day for cash and forward delivery are respectively 1-16d. and 3-16d. above those fixed a week ago.

COURSE OF BANK CLEARINGS.
Bank clearings the present week show a fair increase over
a year ago for the country as a whole, though New York
City continues its long record of decreases. Preliminary
figures compiled by us, based upon telegraphic advices from
the chief cities of the country, indicate that for the week
ending to-day (Saturday, May 19) aggregate bank clearings
for all the cities in the United States from which it is possible
to obtain weekly returns will show an augmentation of 10.1%
as comparqd with the corresponding week last, year. The
total stands at ,172,794,M1, against $7,425,842,334 for
the same week in 1922. At this centre there is a falling off
of 1.0%. Our comparative summary for the week is as
follows:
-Returns by Telegraph.
Clearings
Week ending May 19.

1922.

Per
Cent.

33,687.000,000
New York
Chicago
547,324,782
447,000,000
Philadelphia
Boston
375,030,000
Kansas City
117,891,067
St.
Louisa
San Francisco
146,800,000
Pittsburgh
141,334,930
Detroit
124,242,249
Baltimore
83,259,623
New Orleans
50,342,172

33,725,700,000
453,388,510
366,000,000
292,000,000
112,171,497
a
124,800,000
*102,000,000
96,025,403
78.091,958
42,236,492

-1.0
+20.7
+22.1
+28.4
+5.1
a
+17.6
+38.6
+29.4
+6.6
+19.2

Ten cities,5 days
Other cities, 5 days

$5,720,194,823
1,090,467,295

$5,392,413,860
795,788,085

+6.1
+37.0

Total all cities, 5 days
All cities, 1 daY

58,810,662,118
1,362,132,423

86,188,201,945
1,237,640,389

+10.1
+10.1

Total all cities for week
$8.172.794.541
a No longer report clearings. •Estimated.

37.425.842.334

+10.1

1923.

Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
THE ENGLISH GOLD AND SILVER MARKETS.
until noon to-day. Accordingly, in the above the last day
We reprint the following from the weekly circular of
of the week has in all cases had to be estimated.
Samuel Montagu & Co. of London, written under date of
In the elaborate detailed statement, however, which we
May 20 1923:
present further below, we are able to give final and complete
GOLD.
The Bank of England gold reserve against its note issue on the 25th ult. results for the week previous
-the week ending May 12. For
was £125,692,670, as compared with E125,690,495 on the previous Wednes- that week there is a decrease of
0.3%, the 1923 aggregate
day. A considerable amount of gold came on offer, but the demand from
India was only moderate. It is reported that gold valued at $450,000 of the clearings being $7,576,645,550 and tho 1922 aggregate
$7,601,815,790. This is the first time since the middle of
has arrived in New York from London.
last December that our grand aggregate has shown a decrease
SILVER.
Supplies have not been on a large scale, and therefore Eastern buying compared with the
corresponding week last year. This
-from India and China-though by no means considerable, carried
orders
decrease, however, is due entirely to the large falling off
the cash price on Monday to 33 3-16d., the highest quotation since Nov.9
last. Yesterday China let out some silver for forward delivery and pro- at New York, the decrease here having been 13.6%. Outside
voked a reaction. The future is unusually difficult to gauge, owing to of this city there is an increase of
21.2%. We group the cities
speculative influences at work in China, India and elsewhere, the factors
now according to the Federal Reserve districts in which they
of which are often quite diverse. The United States Senate Commission
on the gold and silver Inquiry has been organized. Senator Pittman, one are located, and from this it appears that in the Boston
of the members, has requested the Director of the United States Mint to Reserve District the gain is 24.2%, in the Philadelphia
purchase 14,000,000 ounces in addition to the 20,000,000 ounces of silver
Reserve District 17.0%, while the New York Reserve
remaining to be purchased. The matter of additional purchases has been
referred for decision to Under-Secretary of the Treasury Gilbert. Referring District (because of the falling off at this centre)




shows a loss of 13.1%. The Cleveland Reserve District
reports an expansion of 31.8%, the Richmond Reserve
District of 20.5% and the Atlanta Reserve District of 24.5%.
In the Chicago Reserve District the improvement is 23.3%,
in the St. Louis Reserve District 21.0%, and in the Minneapolis Reserve District 13.6%. In the Kansas City Reserve
District there is an addition of 7.5%, in the Dallas Reserve
District of 16.3%, and in the San Francisco Reserve District
of 21.4%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.

week ending May 12 1923.

1923.

1922.

Inc.07
Dec.

1921.

1920.

$
Federal Reserve Districts.
11 eitte* 430,165,723 346,222,407 +24.2 312,583,496 454,506,122
(let) Boston
10 " 4,148,391,826 4,774,984,423 -13.1 3,656,840,086 4,495,272,901
(2nd) New York
494,828,064 422,888,049 +17.0 399,9E8,249 539,195,230
(3rd) Philadelphia... _It) "
"
367,523,252 278,901,554 +31.8 291,176,070 395,047,783
'
6 "
174,815,329 145,138,546 +20.5 138,263,389 187,021,532
(5th) Richmond
10 "
175,151,860 140,709,698 +24.5 134,422,933 217,534,482
(6th) Atlanta
19 "
881,893,666 715,208,282 +23.3 670,950,178 845,909,277
$
(71, ) Chicago
7 "
69,169,699 67,141,071 +21.0 53,731,265 77,664,099
(8th) St. Louis
.
114,830,682 101,129,565 +13.6 104,036,236 122,959,240
(90) $1inneapoile _ _ _ 7 "
233,504,664 217,184,296 +7.5 334,021,358 350,971,993
(10th) Kansas City__11 "
(11th) Dallas
50,408,407 43,327,869 +16.3 47,135,346 70,155,710
5 "
435,964,378 358,980,030 +21.4 314,027,45 408,070,601
(120)) San Francisco
16 "
121 cities 7,576,645,550 7,601,815,790 -0.3 6,367,176,065 8,164,308,967
Grand total
3,504,009,786 2,890,415,790 +21.2 2,755,734,194 3,737,972,949
Outside New York City
Canada

29 cities 373,408,264 352,800,712 +5.8 363,335,109 387,119,216

We now add our detailed statement, showing last week's
figures for each city. separately, for the four years:
i
fft!!!Clearings(li-

Week ending May 12 1923.
1923.

1922.

Inc.or
Dec.

1921.

I

1920.

F. First Federal Reserve Dist rlet-Boston
-Bangor._
Me.
811,273
756,736+7.2
1.058.179
856.101
• Portland
3,492,294
*2,690.000 +29.8
2,600,000
2.450,000
-Boston _ _ 381.000,000 304,000,000 +25.3 274,000,001) 401,066,091
Mass.
_
Fall River _
2.509,540
2,044,787 +22.7
2,789,746
1.343,322
a
a
Holyoke
a
a
a
Lowell
1,590,160
1,222,015 +30.1
1,443,087
1,239,446
a
Lynn
a
a
a
a
New Bedford_ _
1.700.332
1.382,998 +23.0
2.911,931
1,419,970
5,642,961
Springfield _ -5,572,283
4,498,270 +25.4
3,807,865
Worcester
4,056,000
5.627,291
.163,000 -2.6
3.533,000
-Hartford
Conn.
10,230,20
9,954,241 +2.8
10.751,197
8,710,654
New Haven _
6,884,95
5,927,360 +16.2
6,827,317
5,587,238
R.I.-Provid'nce d12,248,00
9,583,000 +27.8
13,859,000
9.635.900
Total (11 cities)

430.165,723

346.222,407 +24.2

Second Feder al Reserve D !strict-New
-Albany__
5,833,726
N. Y.
4.425,432
Binghamton_e1,255,200
1,208,600
Buffalo
d43,975,361
36,637,526
Elmira
774,001
566,400
Jamestown
c4,323,083
3,733 102
New York _ _ _ 4,072.635,764 4,711,400,000
Rochester
11,129,166
9,798,217
Syracuse
4,841.056
4,241.918
-Stamford
Conn.
c3,105.375
2,537,216
-Montclair
N. J.
517,094
431,012

312,583,496

454.506,122

York+31.8
4,591,562
4.629.357
+3.9
1,470,600
924,600
44,830,064
33,635,698
+20.0
+36.7
1,004,361
+15.6
-13.6 3,601,441,871 4,426,336,018
+13.6
12,293,636
8,299,353
+14.1
5.186.089
4.074,549
+22.4
2,403,971
564,932
+20.0
426,326

Total(10 cities) 4,148,391.826 4,774,984,423 13.1 3,656,840,0864.495,272,901
Third Federal Reserve Dist rlet-Philad elphia -Altoona.-_.
Pa.
1,673,905
1,015,708 +64.8
1,066.487
Bethlehem.- -4.815,674
3,337.787 +44.3
2,631,620
Chester
1,198,450
1.094,716 +9.5
973,910
Lancaster
3,022.794
2,804,189 +7.8
2,274,402
Philadelphia._ - 464,000.000 399,000,000 +16.3 376,596,780
Reading
3,906,067
2,925,232 +33.5
3.581,874
Scranton
5,731.492
4,911,610 +16.7
4,585,565
Wilkes-Barre- d3,418,644
2,400,000 +42.4
2,680.466
1,740,254
York
1,284,878 +35.4
1,304,019
.
-Trenton_
N. J.
5,313,784
4,113,929 +29.3
4,293,126
Del.-Wilmingt'n
a
a
a
a
Total(10 cities)

494,826,064

422.888,049 +17.0

399,988,249

1.079.591
1,824,387
2.863,610
515,582,270
3.547,078
5,204,899
2,986,154
1,707,491
4,399,750
a
539,195,230

Fourth Feder al Reserve I)'strict-Clay eland
Ohio-Akron.... d7,665,000
5,091.000 +50.6
Canton
5,132,166
2,727,475 +88.2
Cincinnati...64,675,133
53,279,247 +21.4
Cleveland
e103,520,905
78,977,660 +31.1
Columbus
17,545,200
14,742,100 +19.0
a
a
Dayton
a
543,296
Lima
796,326 31.8
Mansfield
d1,836,829
1,228,998 +49.5
a
Springfield
a
a
a
Toledo
d3,828,101
4,058,743
Youngstown.-a
a
a
Pa. Erie
Pittsburgh__ - 162,776,622 118,000,000 +37.9
W.Va.-Wheeling

7,081,000
3,787,974
51,849,014
82,432,063
12,808,500
a
817.972
1,280,917
a
a
3,444,823
a
127,673.807

11,016.000
4,777,004
68.379.409
126,532,004
14,617,600
a
1,074,268
1,728,897
a
a
4.613,906
a
162,308,695

278,901,554 +31.8

291,176,070

395,047,783

Fifth Federal Reserve Dist rict-Richm ond1,623,755 +27.7
W.Va.-HuntIon
2,073,316
7,300,369 -5.0
d6,935,108
Va.-Norfolk
40.630,827 +11.3
45,234,000
Richmond
2.222,212 -9.8
e2,004,783
-Charleston
S.C.
Md.-Baltimore94,942,697
73,178,341 +29.7
D. C.-Washlon
23,625,425
20,183,042 +17.1

1.914,933
6.601,936
36,423.428
2,200.000
74,070.924
17,052.168

1,990,597
9,916,795
60,521,032
3,500.000
92,087.621
19,005,487

138,263,389

187.021.532

5,280,602
2,985,673
16.989.452
40,482,429

8.378,640
3,354,843
24,829,345
72,250,972

1,190,550
a
10,187.184
17.657,25.5

7,500,000
a
12,979,741
20,604,597

639.417
299,712
38,710,659

903,595
464,016
66,268,733

134.422,933

217,534,482

Total(9 cities).

Total(6 cities).

367,523,252

174,815,329

145.138,546 +20.5

Sixth Federal Reserve Dist rict-Atiant aTenn.-Chatt'ga
c16,756.075
4.684.607 +44.2
Knoxville
3,321.378
3,024,624 +9.8
Nashville
d21.673.000
16.740,000 +29.5
Ga.-Atlanta--51,007,400
39,173,243 +30.2
b
Augusta
Macon
1,371,785
1,205,985 +13.7
a
Savannah
a
a
13,838,619
FLa.-Jackenville
11,253,191 +23.0
24,431.094
Ala.-Birm'ham.
19,494,564 +25.3
b
Mobile
1,160,581
-Jackson
Miss.
785,505 +47.8
385.272
364,481 +5.7
Vicksburg
51,224,657
-N. Orleans_
La.
43,983.498 +16.5
Total(10 cities)

175,151,860




2223

THE CHRONICLE

MAY 19 1923.]

140,709,698 +24.5

Week ending May 12 1923.
Clearings at
1923.

1922.

Inc. or
Dec.

1921.

$
$
Seventh Feder al Reserve D istrict- Chi cage
223,148 +18.9
200,000
265.222
-Adrian __
Mich.
529,161
646,534 +29.9
839,642
.
Ann Arbor_ _ _
89.186.961
87,343,000 +40.1
122,336,622
Detroit
6.735.222 +1.9
6.036.606
6,861,354
Grand Rapids_
1,395,000
1,648,000 +36.2
2,245,000
Lansing
1.879,528
2,139,047 +28.7
2,752,937
-Ft. Wayne
Ind.
16.236,000
19,386,000 +15.9
22,470,000
Indianapolis__ _
2,172,337
2,178,500 +24.4
2,709,700
__
South Bend_
7,242,268 Not included n total
Terre Haute_
27,597,674
30,309,837 +37.9
41,793,842
Wis.-Milwaukee
2,128,259
2,146,975 +13.2
2,431,358
Iowa-Cedar Rap
9,457,409
9,856,040 +13.0
11,133,441
Des Moines...
5.598.558
6,230,840 +7.8
6,715,921
Sioux City_ _ _ _
1.375.879
1,252,802 +18.9
1,489,907
Waterloo
1,264,532
1,108,029 +29.0
1,426,824
III.-Blooming'n_
645,107,091 534,476,103 +20.7 496,407,543
Chicago
•
a
a
a
Danville
1.109.050
1.086,327 +23.4
1,340,419
Decatur
4.136.291
+10.7
4,193,850
4,640,978
Peoria
1.833.605
1,904,882 +37.6
2,620,234
Rockford
2,407,785
2,345,146 +15.7
2,713.174
Springfield_ _
Total(19 cities) 881,893,666 715,208.282 +23.3 670,950.178

1920.

270,017
577.189
115,299,030
7,506,281
1,850,598
2,307,579
21,563,000
2,547,358
37.571,619
2,568.564
12,472,877
9,678,616
2.182,762
1.810,740
614,847,269
a
1,419,705
5,939,074
2.628,816
2,868,183
845,909,277

Eighth Federa I Reserve Din trict-St.Lo uls4,739,367 +13.3
5,369,427
Ind.
-Evansville.
a
a
Mo.-St. Louis..
24.899,468 +22.4
30;80,240
Ky.-Louisville_
314.888 +37.0
431,384
Owensboro _ _ _ 16,780,809 +13.0
18,966,202
Tenn.
-Memphis
8,818.894 +35.4
11,945,484
-Little Rock
Ark.
329,079 +13.9
374,936
Hl.
-Jacksonville
1,258,566 +27.3
1,602,026
Quincy

4,213,987
a
24.249.990
369.114
14,713.022
8.673.630
257,390
1,254,132

5.792,527
a
31.461,756
599,316
24.542.720
•12,797,466
644,093
1,826,221

57,141,071 +21.0

53,731,265

77.664,099

Ninth Federal Reserve Dist riet-Minne spoils
5,909,449 -5.4
d5,591,928
-Duluth._
Minn.
60,182,024 +12.9
67.932,647
Minneapolis_ _
28,442,794 +21.1
34,430.927
St. Paul
1,953,945 +4.6
2,043,257
N. D.
-Fargo._ _
1,209,780 +3.5
1,252.584
S. D.
-Aberdeen.
582.446 -4.9
553,899
Mont.
-Billings _
2,849,127 +6.2
3,025,440
Helena

5,246.509
61,462,030
30.498,667
1.960,894
1,260,235
727,408
2,880,493

8,642,296
84,610,032
21,706,738
3,000,000
1,870,726
1,425,631
1,703,817

Total(7 cities)_

69,169,699

Total(7 cities). 114.830.682 101,129,565 +13.6 104,036,236 122,959,240
Tenth Federal Reserve Dia trict-K a as as City
918,544
551,006
395.858 +42.3
d583,473
Neb.-Fremont_
919.039
635.310
704,533 -20.4
560,477
Hastings
6,248,090
3.646,819
4.021.484) +10.4
4,440.975
Lincoln
59,603,614
35,331.575
38.608,262 +13.1
43,669.550
Omaha
3,429.819
2,610,034
3,147,410 +6.3
d3,345.396
Kan.
-Topeka
14,416.357
10,581,058
11,056,945 -9.8
d9,977,218
Wichita
Mo.-Kan. City_ 126,861,339 120,589,142 +5.2 138,236,620 227.420,904
a
a
a
S
St. Joseph.._
a
a
a
a
-Muskogee
Okla.
14,194,777
23,860,170
18,844,469 +13.7
d21,423,116
Oklahoma City
a
a
a
a
a
Tulsa
1,228,191
924.660
1,020,75 +23.0
1.255,847
Spr'gs
21,568,806
16,751,599
18,032,06 +13.4
20,455.571
Denver
1,023,849
912,507
763,37 +24.7
e951.702
Pueblo
Total(11 cities) 233,504,664 217,184,296 +7.5 234,021,353 350,971,990
-Da liesEleventh Fede ral Reserve District
1,800.000
1,323,042
2,015,124 -15.9
1,695,265
-Austin _ _
Texas
34,860,400
24,182.380
22,563,633 +20.1
d27,097,000
Dallas
19,412,901
10,992,534
9,529,443 +9.9
d 10,470,046
Fort Worth_ _
8,260,880
6,605,606
4,989.238 +28.8
6,424,160
Galveston _
a
a
Houston
5,821,529
4,031,784
4,230,431 +11.6
4.721,936
La -Shreveport
47,135.346
43,327,869 +16.3
50,408,407
Total(5 cities)
Twelfth Feder at Reserve D Istrict-San Franc lace
27,467,109
31,594,840 +18.6
37,474.473
-Seattle._
Wash.
9,840,909
10,018,000 +12.8
11,300,000
Spokane
a
a
a
a
Tacoma
1,114.450
1,230.275 +10.4
1,358,076
Yakima
28.523,524
28,678,778 +31.9
Ore -Portland..
37,834,790
10,835.401
13,194,496 +8.7
14,338,363
-S. L. City
Utah
a
a
a
a
Nevada-Reno - _
a
a
Ariz -Phoenix.
3,503,728
3,964,701 +1.8
d4.036,829
Calif.-Fresno _
3,479,813
4,267,001 +103.6
8,688,120
Long Beach_ _ _
79,061,000
97,140,000 +38.6
Los Angeles... 134,638,000
11,013,992
13,675,425 +18.9
16,257,202
Oakland
3,336,058
4,550,396 +24.5
5,666,547
Pasadena
4,561,557
6,300,022 +4.3
d6,570,983
Sacramento
3,035.585
3.538,657 +13.6
4.020,960
San Diego__ _
San Francisco. 147,200,000 134,900,000 +9.1 121.000,000
1,663.556
+7.1
2,257,801
San Jose
2,418,001
955.277
1,295,034
1.143,838 +13.2
Santa Barbara.
4,635.500
2.525,800 +13.5
Stockton
c2,867,000

70,155.710
45,848,397
14,370,058
a
1.804,773
37.528,229
16,926,021
a •
4,956,355
3,037.766
82,915,000
11,766,024
2.645.882
6.661,747
3,126.903
167,904.916
2,338.230
6.240.300

Total(16 cities) 435,964.378 358,980.030 +21.4 314,027.459 403.070,601
Grand total (121
7,576,645,550 7,601,815,790 -0.3 6.357,176,0658.164,308,967
cities
Outside N.Y

3,504.009,786 2,890,415,790 +21.2 2.755.734,194 3,737,972,949
Week ending May 10.
1923.

1922.

/tic. or
Dec.

1921.

1920.

8
$
8
%
Canada$
129,104,843 127,743,905 +1.1 124,776,553 133,579,230
Montreal
105,579.777 109,897,691
101.721,307 101,987,314 -0.3
Toronto
47.497.030
46,185.669
44,381,139 +45.2
64,426.118
Winnipeg
17,838,730
15,361,633
13,912,086 +3.4
14,390,187
Vancouver
13,514,205
12,333,941
13,766,948 -4.1
13,199,518
Ottawa
5,903,766
7,555.505
5,433,256 -10.0
4,891,624
Quebec
5,170,387
3,339.195 +36.8
3.717,298
4,568,482
Halifax
7,983,587
6,194,310
5,918,299 +2.5
6,064,496
Hamilton
8,400,459
4,682,601 +3.4
6,884.808
4,839,732
Calgary
3,821,955
2,884,597 -6.9
3.143.030
St. John
2,686.861
2,700.000
2,446.114
2,256,526 -19.9
Victoria
1,808,038
4,197,560
3,506,931
3,097,355 +6.7
London
3,306,073
6.181.789
4,442.858
4,485,036 -6.9
4,174,216
Edmonton
4,131,544
3,416.497
3,088,465 -1.3
Regina
3,048,666
694.808
664,036
522,952 +11.7
Brandon
584,321
851,191
620.097
472,461 +4.9
Lethbridge
495,464
2,142.676
1.692,489
1,750,104 -11.8
Saskatoon
1,544,490
1.534,860
1,317,309
Moose Jaw
1.048.995 +2.0
1,070,404
1,405.406
1,403,869
Brantford
1,085,242 +1.5
1 101.084
771,418
782,007
Fort William_ _ _ _
683,371 +28.9
880,604
728,201
625.164
New Westminster
536,672 +4.0
557,937
485,887
384.165
Medicine Hat_ _ _
330.528 -16.3
276.625
1.118,272
1,147,111
Peterborough
861,006 +6.8
919,751
1,009,286
1.894,888
Sherbrooke
1,134,673 -31.3
779,205
1,384,194
1,281,033
Kitchener
1,231,400 +1.0
1,243,475
3,704,011
3,451,863
Windsor
3,650,003 -14.4
3,125,748
471,073
334,032
Prince Albert _ _ _ _
322,825 +12.6
363,350
1.149.601
Moncton
1,407,609 +7.8
1,517,523
1.037,521
Kingston
8.7
786,149
718.062
Total(29 cities) 3.73404 284 352.800.712 +5.3 363,335,109 387,119.216
a No longer report clearings. b Do not respond to requests for figures. c Week
nding May 9. d Week ending May 10. e Week ending May 11. •Estimated.

2224

[Vol,. 116.

THE CHRONICLE

ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Men.. Tues.. Wed., Thurs., Frt.,
Sat.,
Week ending May 18.
May 12. May 14. May 15. May 15. May 17. May 18.
on
d 32%
32 13-16 32 9-18 32 5-18 32 9-16 32%
Silver. Per
Go'd, per fine ounce
89s.5d. 89s.2d. 88s.11d. 88s.11d. 89s.1d. 89s.1d.
Consols, 234 per cents
5834
5534
58
5834
5834
British, 5 per cents
10134
10131
10134
1004
10134
British, 4% per cents_______
9834
9834
9834
98X
9834
French Rentes (In Paris) fr- ---57.55
57.60
57.45
57.75
57.50
French War Loan (in
75.90
74.95
75.50
75.35
Paris)
ft- ----75

The price of silver in New York on the same day has been:
Silver in N.Y., per on.(eta.):
Da%
Domestic
Foreign
6634

9934
8734

9934
6674

9934
8634

9934
6834

9934
6634

Government Revenues and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for April 1923 and
1922 and the ten months of the fiscal years 1922-23 and
1921-22.
ReceiptsOrdinary
Customs
Internal revenue:
Income and profits taxMiscell. Internal revenue Miscell. receipts-Proceeds
-owned securities:
Govt.
Foreign obligations:
Principal
Interest
Railroad securities
All others
Trust fund receipts (reappropriated for Investm't)
Proceeds sale of surplus prop_
Panama Canal tolls, arc _ _ _
Receipts from miscell sources
credited direct to approp'ns
Other miscellaneous

_Orli 1923. Ayrii 1922. 10211os. 1923.•10 Mos. 1922.
53.735,538 33,803,781

459,488,990

282,003,348

63.802,418 33,363,133 1,268.662,291 1.744,996.882
62,991,883 64.9E3,637 778,190,696 1.004,313,670

18.300,000 35,546.490
1.390.000
1,847,500
1,406,029
7,407
142,823

19.456.P08
131,413,764
95,469,153
43.670,659

26,041,418

2,730,779
11,664,118
1.875,135

2,383,848
9,730,701
813,213

22,645,418
67,890,819
12,834,417

37,392.375
77.807,719
9,727,140

8,178,793
15,947,522 15,324,517

62,000,576
203,313,004

185,615,695

38,424,990
25,469,344

INTEREST-BEARING DEBT OUTSTANDING.
Interest Feb. 28 1923.
Title of Loan$
Payable.
29, Consols of 1930
Q.
-J, 599,724,050
4s, Loan of 1925
Q.
-F. 118.489.900
25 of 1916-36
48,954.180
Q.
-F.
2s of 1918-38
25,947.400
Q.
-F,
35 of 1961
49,800,000
-M.
Q.
35. Conversion bonds of 1946-47
28.894,500
'Q.
-J.
Certificates of indebtedness
J.
-J. 1,054,738,000
Certificates of indebtedness under Pittman Act_J.-J.
334s, First Liberty Loan, 1932-47
.1.-J. 1,409.999,550
Is, First Liberty Loan, converted
10.846,050
J.
-D.
Oda, First Liberty Loan, converted
3.
-fl. 527,663,200
4Xs, First Liberty Loan, second converted
J.-D.
3,492,150
Is, Second Liberty Loan, 1927-42
48,048,550
-N.
M.
4345, Second Liberty Loan, converted
,
Ode, Third Liberty Loan of 1928
151.-81. 3,439,788,050
414s, Fourth Liberty Loan of 1933-38
A.-0. 6,329,8.50.650
3348, Victory Liberty Loan of 1922-23
3.
-IS.
lids, Treasury bonds of 1947-52
763.931,600
1348, Victory Liberty Loan of 1922-23
J.
-D, 841,4013,900
Is, War Savings and Thrift Stamps
Mat. 311,501,161
2348. Postal Savings bonds
.1.4.
11,860,200
5115 to 534s. Treasury notes
J.
-D 3,522.585,750
Aggregate of Interest-bearing debt
Bearing no interest
Matured, interest ceased

Feb. 28 1922.
$
599,724,050
118,489,900
48,954,180
25,947,400
50.000,000
28,894,500
1,825,363,500
98,986,000
1,410,043,050
13,853,300
524,594,700
3,492,150
60,769,900
3,251,425,350
3,591,247,500
6,347,559,100
332,909,850
2,936.926,700
658,110.941
11,830,440
1,303,497,200

22,387.590,791 23,238,599,711
254,384,338
228,539,895
a95,310,490
13,918,951

Total debt
Deduct Treasury surplus or add Treasury deficit

c22,717,285,619 23,479,653,357
-2,191,130 +230,475,582

Net debt
d22,719.476,749 23,248,582,775
a Includes $91,691,350 Victory 334% and 431% called notes.
C The total gross debt Feb. 23 1923 on the basis of daily Treasury statements
W55 322,715,338,730 86. and the net amount of public debt redemption and receipts
in transit, &c., was 81,948,889.
it No deduction is made on account of obligations of foreign governments or
other Investments.
NOTE.
-Issues of Soldiers' and Sailors' Civic Relief bonds not included in the
above,total Issue to Feb. 28 1923 was $195.500, of which $188,600 has been retired.

IMPORTS AND EXPORTS FOR APRIL.
The Bureau of Statistics at Washington has issued the
statement of the country's foreign trade for April, and from
it and previous statements we have prepared the following:
Totals for merchandise, gold and silver for April:
Merchandise.

Total ordinary

Silver.
Gold.
I
Excess
Excess
I
Excess
of
Ex- I Int- ' Of I Es
IniOf
Exports. ports. ports. Exports ports. ports. Exports

April
(000s
omitted.)

241,829,600 197,919,641 3.185,036,493 3,429,792,579
ExIntports.
ports.
Expenditures.
Ordinary
$
$
$
$
$
$
$
3
$
(Checks & warrants paid, &C.)
1923 _ 341,000
9
9
655 9,188 18,5334,335 3,549
787
General expenditures
154,658,218 171,617,182 1,825,058,180 1,795,993,984 1922 _ 318,470 217.0'' 101,470 1,579 12,244110,665 5,109 4,800
309
Interest on public debt
al51,091,600 121,822.074 a861,129,060 789,697,743 1921 _ 340,464 254,579 85.885
384 80.662180.278 2,319 3,298 1979
receipts:
Refunds of
1920 _ 684,319 495,739 188,530 44,822 43,522 /3,900 16,412 10,705 5,770
Customs
1.107,708 3,215,135
25,939.779
25,600,214 1919 _ 714,800 272,957 441,843 1,77
6,694 14,922 25,077 7,067 18,010
Internal revenue
9,900,702 4,854,080 104,135.677
31,714,836 1918 _ 500,443 278,931 221,462 3,56
2,746 1,814 12,251 5.081 7,170
Postal deficiency
015,000,000
32,528,915
51,178,850 1917 _ 529,928 253,976 275,992 18,96 32.372 /15.407 4.353 2.374 1,978
Panama Canal
173,151
166,495
3,162348
2,775,654 1916 _ 398.568 218.236 180,332 11.50
8.122 5,331 4.858 2,176 2.680
Operations in special accounts:
I Excess of imports.
Railroads
2,080,373 843,537,902
76,077,906 8125,594,361
War Finance Corporation_ 63,067.763 61.068.463 695,521.538 112,428,206
Total for ten months ended April 30:
Shipping Board
345,662 66.652,197
86,512,443
55,751,091
Alien property funds
82,281,683 4,130,567
2.548,071
84,838
Merchandise.
Grain Corporation
Silver.
32,000.000
Sugar Equalization Board_
814,369,857
514,389,857 April
Excess
0005
Loans to railroads
Excess
Excess
71,000
7,196,587
of
DmExomitExIm- of
of
Investment of trust funds:
SmExportr. Exports. ports. ports. Export ports. ports. Exports
ports.
red.
Govt. Lite Insurance Fund 2,707,758
20,917.231
2,353,888
22,484.874
Civil Service Retirem't F'd
8,283.174
8,091,418
3
$
$
Dist. of Col. Teachers'
$
3
3
$
?
47.649 218,' /170351 48,827 53,707 14,880
Retirement Fund
23,020
29,958
191,970 '22-'233,335.947
160,544
'21-'223,128,471 2,094.778 1,033,893 22,338146,348/42401 51.01 58,827 17,813
188
Total ordinary
301,847.748 242,560,962 2,726,257,479 2.819,876,158 '20-'21 5.849,9023,203,858 2,588,044 131,702 336.812 rosno 48,76 48,848
'19-'208,734,0894,254,742 2,479,347453,539 108,0371347,452 167,75 88,255 79,504
'15.'195.699,936 2,473,8793,228,057 31,647 35.1501 13,503259,96 83,833 196,134
Public debt retirements charge'17-184,884,987 2,362,452 2,522,535184.549 85,901 93.648 84,234 57,879 26,555
able agst. ordln'y receipts:
Sinking fund
16,862,300
283,720,800 258,480,000 '16-'175.166,907 2,072,0053,094,902167.050 833,575/865515 63.013 28,023 35,105'15-'l63.393,993 1.722.899 1,671,094. 9 311 951,273934 44 935 28.247 20,888
Purchases from foreign rePayments
1.159,300
10,000.000
26,579,750
Excess of imports.
Received for estate taxes
748,050
272,850
4.865,750
18,971,900
Purchses from franchise tar
The compilation of the figures of merchandise imports
receipts (F. R. banks).
10,815,300
24,813.000
57,973,000 under the Tariff Law of September 1922
is still much deForfeitures, gifts, &c
25,800
4,841
541,891
124,950
Total

17,139,791 35,386,850

301,103,041

362,109.800

Total expenditures chargeable
against ordinary receipts 318,987,537 277,947,812 3.027,360,520 3,181,985,758
Receipts and expenditures for June reaching the Treasury in July are included.
a The figures for the month include $12,088,092 49 and for the fiscal year 1923 to
date $83,910,704 12 accrued discount on war savings Ws. of the series of 1918.
S Excess of credits.
Note.
-The analysis of receipts and expenditures for the fiscal year 1923 is on
the same basis as the budget, with necessary adjustments to cover receipts credited
to approprIstions, Including particularly proceeds of railroad securities. The analysis for the fiscal year 1922 is on the budget basis, without adjustment. The figures
given for opera ions In special accounts are net figures and make allowance for receipts and deporits credited to the account concerned.

Public Debt of United States-Completed Return
Showing Net Debt as of Feb. 28 1923.
The statement of the public debt and Treasury cash
holdings of the United States as officially issued Feb. 28
1923, delayed in publication, has now been received, and
as interest attaches to the details of available cash and the
gross and net debt on that date, we append a summary
thereof, making comparison with the same date in 1922.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS
' Feb. 28 1923. Feb. 28 1922.
Balance end month by daily statement, &c
$192,250,473 $480,850,338
-Excess or deficiency of receipts over
Add or Deduct
+1,755,113
or under disbursements on belated Items
-4,888,751
Deduct outstanding obligations:
Treasury warrants
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates
TotaL
Balance, deficit(-) or surplus(+)




layed, according to the Department of Commerce, on account of the many and complicated changes in classification
and rates of duties. In the above, therefore, the exports
alone for 1923 are shown. The latest figures of merchandise
imports published are those for the month of March
and below we give the complete results of the country's
foreign commerce for that month for a series of years; also
the comparative figures for the fiscal period from July 1 to
March 31.
Merchandise.
Mar.
0005
omitted.

Exports.

Imports.

Gold.

Excess
Exof
Exports. ports.

1923 - 341,162 402,000
1922 _ 329.980 258,178
1921 _ 386,680 251,989
1920 _ 819,558 523,923
1919 _ 803,142 267,598
1918 _ 522,000 242,162
1917 - 553,986 270,257
1916 _ 410,742 213,590
I Excess of imports.

/80,838
73,802
134,711
295,833
335.548
280,738
283,739
197.152

Silver.

Excess
ExInsof
ports. Exports ports.

Excess
Imof
ports. EzpOttS

$
10.392 15,951 0,559 4,732
983 33,488/32.525 4,302
710 87,272 188.562 2,919
47,049
,
30,064 13,939
3,803 10,481 0,878 23,106
2,809 1.912
897 13,432
17,920 139,499 121579 5,556
10,774 9.7761
998 5,747

Total for nine months ended March 31:
Merchandise.
000s
omitled.

Exports.

Smport,.

Excess
of
Exports.

Gold.
Ex-

Excess
Imof
Exports. Exports ports.

$
3
8
$
'22-232.998,226 2,721,204 277,022 48,994 209,311/162317 44,490
'21-'22 2,810,001 1.877,778 932,223 20,759 124,104013345 45.90'
$3,916.917 '20-21 5,509,438 3,009,279 2,500,159131,318 458,150024832 46,441
48,588,584
3,759,023 2,280.766 408,916 59,565340,351151,347
,
72,313,630 '19 208,049.7692.200,922 2,784,730 29,877 28,4581 1,419234,891
't8-'194,985.852
120,486,844 '17-'18 4 384 544 2,083.471 2.301,073180,989 83,155 97,834 71,983
j
16-'174,836,980 1,818.069 ,818,911150,094 801,2021651108 8,690
6196,198,716 3245,238,005
1,490,7621 58,518337,831/
15-'16 2,995,425 . ,
27931 44,080
---32,191,130 S-5230,475.532
I Excess of imports.
$194,005,588
$2,094,346
41.732,222
82.042,742
90,327,406

$475,761,587

$
4,826
106
8,953 /2,651
3,872
1953
9,441 4.498
8,198 14,908
8.983 8,489
2,977 2,579
2,880 2,887

Excess
of
Imports. Exports
$
$
50,158 /5,668
54,027 /8,122
45,550 091
77,500 73,797
58,766 178,125
52,598 19,385
25,652 33.038
28,071 18.009

THE CHRONICLE

MAY 19 1923.]

2225

We also add figures for February and for the eight months
The exports from the several seaboard ports for the week
to Feb. 28:
ending Saturday, May 12 1923, are shown in the annexed
statement:
Merchandise.
Gold.
Feb.
000s
omitted.

Exports.

Imports.

1923 _ 310,000 296,000
1922 - 250,62 215,743
1921 - 486,454 214,529
1920 - 645.145 467,402
1919 _ 585,09 235,124
1918 _ 411,362 207,716
1917 _ 467,648 199,480
1916 _ 401,784 193,935
IExcess of Imports.

Excess
of
ExExports. ports.

Excess
Imof
ports. Exports

Exportsfrom-

X
14,000 1,399 8,383 16,984 2.191 3,792 11,601
34,877 1,732 28,739127,007 7,092 4,786 2.306
271,925 1.036 42,627 141,591 5.337 4,862
475
177.743 42,873 4,473 38.400 15,865 12,471 3,394
349,973 3,110 3.945 /835 33,1r
6,757 26,343
203,646 5.084 2,549 2,535 6,519 4,449 2,070
267,168 22.068 103,766 /81,698 7,69
2,478 5,216
207,849 13,684 6,016 7,668 4,946 2,596 2,350

New York
Boston
PhIladelphLts
Baltimore
Norfolk
Newport News__
Mobile
New Orleans
Galveston
St. John, N. B

Excess
of
ExImports. Exports ports.

Merchandise,
Exports.

Imports.

Silver.

Gold.

Excess
of
ExExports. ports.

999,036
2.000
402.000
216,000

214,000
80,000
210,000

269,892 119,905 327,166 433,597 204,993
11,000
15.000
20,000 16,000 100,000
287,000 26,000 142,000 613,000 47,000
2,000
2,000
5,000 3,000 5,000
43,000
94,000 52,000 1,000
10,000

25,000

Total week 1923_ 2,123.036, 675,892 241,905 575,166 1,104.597 276,993
Week 1922 _
2 NM 12011_648.094 227.357 759.376 1.205.163 164.250

Totals for eight months ended Feb. 28:
0005
Matted.

Corn, Flour, Oats,
Rye,
Wheat,
Barley, Peas,
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.

Excess
ImEs
ports. Exports ports.

5
X
v
5
s
s
$
'22-23 2,657,0134 2.319,204 337,860 36,602193,3601156658 39,758
'21-22 2,480,022 1,621,600 858,422 19,796400,616/38082 41.603
'20-21 5,126,5202,757,309 2,369,211 130,6081368,878f238270 43,522
0
'19-205,230,2133,235,080 1.955,133381.587142,58 319,287 137,408
'18-194,382.511 1,933,326 2,449,185 26,073 17,97
8.096211.785
'17-183.861,644 1,841,309 2.020,335 178,18 81.2431 96,937 58.551
'16-174,082,994 1,547,812 2,535,182 132,175661,74 529529 53,134
'15-162,584,683 1.291,073 1.293.610 47,741 328.05 1280313 38,332
Excess of imports.

Excess
Imof
p Jr S. Exports
1
I
45.532 /5.774
47.074 15,471
41,677 1,845
68,108 69.300
5
48,5891163,216
45,63 12,916
22,675 30.459
23,191 15,141

The destination of these exports for the week and since
July 1 1922 is as below:
Flour.
Exports for Week
and Since
Since
Week
May 12 July 1
July 1 to: 1923.
1922.
United Kingdom_
Continent
So.& Cent. Amer_
West Indies
Brit.No.Am.Cols_
Other Countries

Barrels.
70,120
137,785
1,000
12,000
1,000
20,000

Wheat.
Week
May 12
1923.

Since
July 1
1922.

Corn.
Weelc
May 12
1923.

Since
July 1
1922.

Bushels. Bushels. Bushels.
Barrels.
Bushels,
509,895 84,300,849 315,120 28.233,019
4,775,727
6,265,699 1,613,141 190,675,214 330,772 50,956,155
4.000
41,000
399,000
434,332
26,000 1,604,700
32,000
1,208,860
37.700
4,000
18,000
2.765,830
845,600

TRADE AND TRAFFIC MOVEMENT.
Total 1923
241,905 13.534,158 2,123,036 278,172,893 675.892 80,890,574
Total 1922
227857 12 010 702 2 900 190 242 080 016 1.648.994 129260706
-The shipments
ANTHRACITE COAL SHIPMENTS.
The world's shipment of wheat and corn, as furnished by
of anthracite for the month of April 1923, as reported
to the Anthracite Bureau of Information at Philadelphia, Broomhall to the New York Produce Exchange for the week
Pa.,amounted to 6,173,774 tons, as compared with 7,183,E18 ending Friday, May 11, and since July 1 1922 and 1921,
gross tons during the preceding month of March, a decrease are Shown in the following:
of 1,009,744 gross tons, or 14.06%. This decrease is parCons.
Wheat. •
tially accounted for by fewer actual working days during
1921-22.
Exports.
1921-22.
1922-23.
1922-23.
the month of April, and to operations being almost entirely
Since
Week
Since
Since
Week
Since
suspended on the Eight-hour Day, April 2. Continued
May 11.
May 11.
July 1.
July 1.
July 1.
July 1.
button strikes also contributed to the decreased production.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Comparison with the month of April last year cannot be North Amer_ 4,424,000 387.030,000361,120,000 Bushels. 84,546.000139,098.000
831,000
made on account of entire suspension of operations pending Russ.&Dan 320,000 6,595,000 4,368,000 459,000 5,555,000 13,199,000
Argentina__ _ 3,929.000119,665,000 91,526,
1,960,000100,848,000 102.015.000
new wage agreement, which was signed Sept. 11 1922.
Australla__- _ 1,688,000 41,708,000 98.192,000
Shipments by originating carriers were as follows:
India
456,000 10,524,000
712,000
0th. countr's
4,751.000 11,935,000
Month of April
Road1920.
1921.
1922.
1923.
Total
66,247,000
Philadelphia & Reading (tons)___1,170,925
1,123.585 1,055.190
Lehigh Valley
1,102,965 898,929
1,088,783
Central Railroad of New Jersey
537,822 311.465
508,683
Delaware Lackawanna & Western 906, 03
929,271
545,419
9
Delaware & Hudson
812.967 833,254
851,960 OperaPennsylvania
416,847 401.490
527,139
tions
Erie
630.471 3P.144
Sus647,707
Ontario & Western
128,684 161,3 6
146,985 pended.
Lehigh & New England
284.853 261.014
325,389
Total

5,967,465 4.814,211

6,173,774

grim=gran'andMiscellanconsgem
Breadstuffs figures brought from page 2294.
-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at
-

Flour.

Wheat.

Corn.

Oats.

1

Barley.

Rye.

bb1.9.196lbs.bush.60 Ms
.bush.56 lbs. bush. 321, bush.48lbs.bush.56lbs.
m.
Chicago
179,000
224,000
847,000 1,098,000
47,000
920,000
Minneapolis
48,000
179,000
120,090:
92.000
Duluth
135,000
19,0001 245,000
6.000
Milwaukee _ _ _
12,000
43,000
84,000
99,0001
19,000
287,000
Toledo
202,000
41,000
42,000
4,000
Detroit
25,000
34.000
58,000
Indianapolis_ _
24,000
280,000
190,000
491,000
St. Louis_ _
80,000
291,000
586,000
10,000: 176,000
Peoria
44,000
19,000
201,000
179,000
11,000
682,000
Kansas City_
378,000
186,000!
182,000
Omaha
276,000
150,0001
44,00
St. Joseph._.
81.000
18,000I

107.000l

Total wk. '23
Same wk. '22
Same wk. '21

315,000
271,000
328,00

3,491,III
6,282,000
5,588,00

2,561,000
6,454,000
3,991,000

2,973,0001
3,969,000
2.565,000

366,000 533.000
607.0001 1,042,000
623,000: 411,000

Since Aug.11922-23_ _ 19,741,000 613,218,000 259,327,000 90.971,000133,536,00045,601,000
1921-22_ _ - 17,426,000 97,777,000323.091,000 171,542,000:24,685,000j19,402.000
19 790
1 05 494
:
1910-01
188.360.000 24,078.00016,554.000

non184.486.000

Total receipts of flour and grain at the seaboard ports for
the week ended Saturday May 12 1923 follow:
Receipts at-

Flour.

Wheat.

Cons.

Oats.

Barley.

Rye.

Bushels.
Bushels.
Bushels.
Barrels.
Bushels. Bushels.
26,000
105,000 1,083,000
196,000
112,000
New York_ - _
71.000
32,000
144,0001
90,000
Philadelphia__ ' 29,000
1,000
95,000
11,000
27,000
36,000
Baltimore_ _ _ _
173,000
2,000
Newport Newt
2.011
Norfolk
55,001
80,000
31,000
. 63,000
New Orleans
148,000
Galveston_ - _
245,
690,000
123,
105,000
202,000
Montreal..229,000
210,000
1,000
10,000
25,000
St. John, N.B
1,00'
6,
48,000
17,000
Boston
458,000
578,000 349,000 474 000
420,000 2,314,000
Total wk. '22
Since Jan.1'22 9,720,00C 77,021,000 27,662,0001 12,911,0001 3.791,00015.067,000
431,000 4,045,000 2.124,000 1,170,000 833,000 1,166 000
Week 1922_ _ _
.nnn
Nino. T,., 195 0101000 58.707.000 73.507.000 17.056.000 4 002 non 7 710
* Receipts do not Include grain Pasting through New Orleans for foreign ports
on through bills of lading.




10,817,000 565.522,000 355.918,000 3,250,000 195,700,000

The visible supply of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard
ports Saturday, May 12, was as follows:
GRAIN STOCKS.
Rye,
Wheat,
Corn,
Oats,
United States-bush.
bush,
bush,
bush,
New York
266,000
560,000
610.000
739,000
Boston
2,000
2,000
11,000
31,000
Philadelphia
79,000
237,000 1,119,000
67
Baltimore
00
030
275,000
146,000 1,147:
181,000
Newpoit News
41,000
New Orleans
80,000
769,000
239,000
430,000
Galveston
76,000
804,000
Buffalo
403,000
991,000 1.694,000
420,000
" afloat
199,000
Toledo
12,000
270,000
634.000
79,000
Detroit
21,000
20,000
42,000
61,000
Chicago
2,637,000 8,708,000 4,288,000 1,042,000
Sioux City
46,000
388,000
123,000
272,000
Milwaukee
88,000
116,000
412,000
176,000
Duluth
12,853,000
289,000
586,000 10,507,000
St. Joseph, Mo
1,000
743,000
164,000
147,000
Minneapolis
13,286,000
34,000 7,133,000 3,810.000
St. Louis
123,000
396,000
446,000
477,000
Kansas City
111,000
647,000
3,960,000
1109,000
Peoria
73,000
8,000
Indianapolis
1,000
150,000
160,000
458,000
Omaha
79,000
939,000
1,484,000
269,000
On Lakes
47(7;000
1
965,000
560,000
On Canal and River _ _ _
. 47,000

Barley,
bush.
381,000
41:00
0

1-07.0615
2,000
219,000
12,000
163,000
461.000
3,000
436,000
9,000

10,000
a000
l0

Total May 12 1923_ _41,219,000 15,299,000 18,068,000 18,309.000 1,968,000
Total May 5 1923___ _43,694,000 19,059,000 20,540,000 19,011.000 2,160.000
Total May 13 1922_ _ _27,986,000 31.901,000 52,926,000 6,208.000 1,221,000
Note.
-Bonded grain not Included above: Oats, New York, 171,000 bushels; Baltimore, 119,000; Buffalo. 327,000; Buffalo afloat. 117,000; Duluth, 40,000; total.
774.000 bushels. against 844,000 bushels in 1922. Barley, New York, 307,000
bushels; Duluth, 67.000; Chicago. 101,000; total, 475,000 bushels, against 239,000
bushels in 1922. Wheat, New York, 419,000 bushels; Philadelphia, 343,000: Baltimore, 110,000; Buffalo, 1,465,000; Buffalo afloat, 488,000; Duluth, 302,000; Toledo,
188,000; Chicago, 259,000; on Lakes, 1,014,000; total, 4,588,000 bushels, against
4.641,000 bushels in 1922.
Canadian
Montreal
475,000
563,000
631,000
395,000
2,349,000
Ft. William & Pt. Arthur _31,705,000
3,904,000
5,441,000
Other Canadian
201,000
413,000
1,348,000
Total May 12 1923..._35,402,000
563.000 4,580.000
395,000 6,485,000
Total May 5 1923_ _ _ _41,995,000
159,000 4,564,000
206,000 6,838,000
Total May 13 1922_ _ _ _29,246,000 2,262,000 7,127,000
84.000 3,009,000
Summary
American
18,068,000 18,369,000 1,988.000
41,219,000 15,299,000
Canadian
563,000 4,580,000
35,402,000
395,000 6,485,000
Total May 12 1923.. _76,621,000 15,694,000 24,553,000 18,932,000 6,568.000
Total May 5 1923.. _85,689,000 19,265,000 27,378,000 19,170,000 2,436,000
Total May 13 1922.._57,232,000 34,163,000 60,053,000 6,292,000 4,230,000

Quotations for U. S. Trees Ctfs. of Indebtedness, &C.
int.
01.
4,54d.
Matarigr,
Rate.
Nato. BM. Asked
Maturity.
June 15 1924.__
Sept. 15 1924.__
Mar.15 1925 _
Mar. 15 1926_
June 15 1923
Dee. 15 1925...
Sept 15 1923

534%
554%
• %
434%
• %
434%
su%

101
100%
100
100
99,
hr
99%
991114

101%
101%
100%
1004
100
99%
99"os

Sept. 15 1926._.
June 15 1925
Deo. 15 1927._
Dec. 15 1923...
Sept. 15 1923...
Mar. 15 1924___
Mar. 15 1927...

,
'14% 98 14
44% 99'as
44% 99
991 0
'
4%
44% 100
44% 100
44% 10010

981he
9934
9954
100
10011s
10054
10010

New York City Banks and Trust Companies.
AU prices dollars par sham
BanksBid Ad Trust Co.'s Bid
Ilsoks-N.Y Bid Ask
New York
237 241 Herriman____'335 350
America
- American.
Amer Men_ 288 293 Imp & Trad_ 750
Bank of N. Y.
Battery Park- 133 138 Irving Bank
& Truet Co 460
ColumblaTr 231 235
Bowery.
440
BroaciwayCen 115 140 Manhattan 0, 144 148 Bankers Trust 357
Bronx Boro._ 125
Mech & Met_ 395 405 Central Union 454
115
remmercial
310
Bronx Nat.__ 160
Mutual*
31$
Bryant Park* 140 iki Nat American 135 146 Empire
Butch & Drov 130 138 National City 349 352 Equitable Tv. 184
Cent Mercan_ 190 210 New Neth*._ 130 140 harmL & Tr_ 521
Fidelity Inter 198
300
345 350 Paciflo •
Chase
250
415 422 Fulton
Chat & Phen. 250 255 Park
80 Port Morris_ 150 160 Guaranty Tr 267
Chelsea Rich' 70
200
295 305 Hudson
547 555 Public
Chemical
350 360 Law Tit & Tr 190
Coal & Iron
217 223 Seaboard
170 185 Metropolitan_ 300
Colonial
_ 375
Standard
330 350 Mutual (West
Columbia.... 240 666 States
120
cheater)
Commerce _ 290 293 Tradesmen's• 200
,
N Y Trust
- 342
270
Com'nwealth 235 245 23d Ward*
362
Title Gu &
United States* 163
Continental_ 135
U 8 Mtg & Tr 308
Corn Exch.__ 425 432 Warden Rte. 200
nited States 1210
600
Cosmop'tan*. 105 115 Yorkville•
hee. 'Fr 180
Ewa River._ - 210
Brooklyn
Fifth Avenue'1150 1260
Fifth
242 252 Coney Island' 155 165
Brooklyn
320 355
Ftret
1190 1210 First
130 140 Brooklyn Tr_ 470
echanies'
260 270
Garfield
;Kings County 800
170
189 195
ontauk•
Gotham
225 240 Manufacturer 260
Nassau
Greenwich.- 290
395
160
People's
675 685 People's
Hanover
•Banks marked with (*) are State banks. 1 New dock. x Ex-dividend.
rights.

Peste

dal
470
361
458
130
320
187
527
205
260
271

616

315

130
346
366
316
230

480
415

I El'

New York City Realty and Surety Companies.
Alliance R'Ity
Amer Surety.
Bond & 36G.
City investing
Preferred __

[vors. 116.

THE CHRONICLE

2226

Bid
97
95
265
65
92

Ask
102
97
270
68
98

AU prices dollars per share.
Bid Ask Realty Assoc
(Brooklyn)_
Lawyers Mtg 160 165
Mtge Bond__ 110 115 U S Casualty_
Nat Surety.. 161 165 US Title Guar
Westchester
N Y Title &
Title & Tr.
Mortgage-- 190 200

Bid
160
110
133

Ask
170

140

210

-Among other securities, the following,
Auction Sales.
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Price.
Shares. Stocks.
Price., Shares, Stocks.
$5 per sh.
6 Atlantic Dock Co
20 SeabrIght Airdrome, Inc., $10
25c. per sit. 200 Standard Supply dr Equip.
each
31,500
11 Standard Coupler Co., pfd.$50 per sh. Co. Clara "B," $10 each
11 do common
$1% per sh. 200 Standard Supply & Equip. lot
$12 lot Co Class "A"
75 Horne Mfg. Co., Inc
520 Quakins Petroleum Co., po par,
11,520 SheU Union 011, common,
$200 lot
817% per sit.
1,500 D. G. Dory Corp. Pfd.-85,000 lot 100 Bay State Fishing Co., com_.$55 lot
700 Intercontinental Rubber Co., 144 Woodburn Oil, no par_ _ _26c. per sit,
435-100 per sit. 1,400 United Stator Steamship Co.,
eommon
$10 each
$29 lot
050 American Road Machinery Co.,
Common
$630 lot 200 Butterworth-Judson Corp., common, ctfs. of dep., no par_ ___$100 lot
e Jersey Coast Ferry Co., Inc..
$1,000 lot Bonds.
common
Thurber Earthen Products Co., AU int. in $129.000 Appalachian Corp.
.
$600 lot
10 each
,
8131 per sit. 6% bonds

By Messrs. Wise, Hobbs & Arnold, Boston:
Price.
Shares. Stocks.
82%
5 Elder Mfg., Co., let pref
140
26 Newmarket Mfg. Co
720
3 Appleton Co
2Boston Revere Beach & Lynn RR. 66
1,000 Smith Motortruck Corp.$10.34 lot
5 Commonwealth Gas & El., pref._ 70
119
9 Mass. Lighting,common
35 American Glue, common...56%-W%
241 Rights Lawrence Gas Co__ _29c.-280.
25 Rivett, Lathe & Grinder. prof..18100
common
do
5
7 Mass. Lighting Co's, pref. 8%.-110
6-10 American Mfg.,common
110%

Shares. Stocks.
Price.
7 Hood Rubber, prof
100
12 North Boston Lighting. pref.. 89
20 Lawrence Gas Co
122%
2 North Boston Lighting, cons
27
2 Dedham & Hyde Park Gas &
Elec. Lt. Co., corn. tr. ctfs
65%
2 Portland Electric Co., pref
92
4 Merrimac Chemical, 850 each..., 95
5 Montpelier & Barre Lt. & Pr.,pi. 48
1 Hartford Fire Insurance
441
Bonds.
Price.
$45,000 Snell, Simpson Biscuit Co.
55, 1938
70 & int.

Capital
25,000
May 9-The First National Bank of La Porte, Tex
Correspondent, A. N. McKay, La Porte, Tex.
50,000
May 11-The Grape Belt National Bank of Westfield, N. Y
Correspondent, Royal M. Bates, Jamestown, N. Y.
APPLICATION TO ORGANIZE APPROVED.
$1,000,000
May 10-United National Bank in New York, N. Y
Correspondent, Everett B. Heymann, 165 Broadway, New York.
APPLICATION TO CONVERT RECEIVED.
$50,000
-The Liberty National Bank of Dickinson, N. D
May 8
Conversion of The Liberty Bank of Dickinson, N. D.
APPLICATIONS TO CONVERT APPROVED.
-The Merchants & Miners National Bank of Ironwood, Mich. $100,000
May 8
Conversion of The Merchants & Miners State Bank, Ironwood,
Mich.
60,000
-The Citizens National Bank of Barnesville, Ga
May 10
Conversion of The Citizens Bank of Barnesville, Ga.
25,000
-The Slick National Bank, Slick, Okla
May 10
Conversion of The First State Bank of Slick, Okla,
CHARTERS ISSUED.
$50,000
-The American National Bank of Wagoner, Okla
-12368
May 8
President, R. H. Grimes; Cashier, A. E. Enoch.
25,000
-The American National Bank of Bennington, Okla.
-12369
8
May
Succeeds Guaranty State Bank of Bennington, Okla.
W. E. Utterback ; Cashier, J. F. Gregory.
President,
800,000
-Franklin National Bank in New York, N. Y
May 9-12370
President, A. P. Smith; Cashier, A. F. Fairweather.
VOLUNTARY LIQUIDATIONS,
-The Importers & Traders National Bank of New
-1231
May 9
$1,500,000
York, N. Y.
May 9 1923. Liq. Committee, Importers and Traders
Effective
Bank of New York, N. Y. Succeeded by a State bank which
latter institution is to be merged with the Equitable Trust Co.
of New York.
-The Hayden-Clinton National Bank of Columbus. 0. 700,000
-4697
May 9
Effective May 1 1923. Liq. Committee, Board of Directors, Hayden-Clinton National Bank of Columbus, 0. Asborbed by the
Huntington National Bank of Columbus, 0., No. 7745. Liability for circulation will not be assumed under Section 5223,
U. S. R. S.
25,000
-The First National Bank of Dodge Center, Minn
-6682
May 10
Effective Mar. 24 1922. Lig. Agent, M. E. Aiming°, Dodge
Center, Minn. Absorbed by the Farmers National Bank of
Dodge Center, Minn., No. 6623.
50,000
-The National Bank of Smithtown Branch, N. Y
-9820
May 10
Effective May 5 1923. Lig. Agent, Bank of Smithtown, N. Y.
Succeeded by the Bank of Smithtown, N. Y.
APPLICATION TO ORGANIZE A NATIONAL AGRICULTURAL CREDIT
CORPORATION APPROVED.
May 9-Central National Agricultural Credit Corporation of Atchi$250,000
son, Kans.
Correspondent, Sheffield Ingalls, Atchison, Kans,

DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company.

When
Per
Cent. Payable.

Railroads (Steam).
314
Atlantic Coast Line RR.,common
75e.
Chestnut Hill (quer.)
Mc.N.0.& Tex. PAC.. Prof.(guar.)..
•2
Illinois Central,leased lines
2%
.
Midland Valley RR., pref
.2
Mobile & Birmingham, pref
15,
New Orleans Texas & Mexico (guar.).- . 1
Phila. Germantown & Norristown (qu.). 3

Books Closed.
Days Inclusive.

July 10 Holders of rec. June 18a
June. 4 May 20 to June 3
June] 1 Holders of rec. May 18a
July 1 *Holders of rec. June ha
June 1 *Holders of rec. May 25
July 2 *Holders of rec. June I
June] 1 *Holders of rec. May 24
June 4 May 20 to June 3

Public Utilities.
•1X June' 1 *Holders of rec. May 3Ia
American Teleg. & Cable (guar.)
June 1 Holders of rec. May 18a
5
Baton Rouge Elec. Co.,common
June 1 Holders of rec. May 183
3
Preferred
July 2 *Holders of rec. June 15
Canso'.Gas El.L.& P.,Balt.,com.(qu.) *2
By Messrs. R. L. Day & Co., Boston:
*2
July . 2 *Holders of rec. June 15
Preferred Series A (guar.)
Price. Shares, Stocks.
Shares. Stocks.
Price.
•ju July 2 *Holders of rec. June 15
Preferred Series B (guar.)
120 5 Merchants Nat. Bank, Boston.
..298
% Bates Manufacturing Co
May 20 Holders of rec. May 10
Georgia R.& Electric, common (qu.)
82 1 Cambridge Electric Light
70 Lawrence Manufacturing Co_
24131 Kansas City Pow. & Lt., 1st pf. A (qu.)
.
July 2 *Holders of rec. June 16
19K 5 Charlestown Gas & Elec., $50 ea_128
4 Rights Newmarket Mfg. Co
Middle West Utilities, prior lien (quar.)_
June 15 *Holders of roe. May 31
20 Pepperell Manufacturing Co_ __ _145 3 Calif. Electric Generat'g, pref.... 7734 New England Telep. & Teleg. (guar.)._
June 30 *Holders of rec. June 11
124 Lawrence Gas Co
14 Ludlow Manufacturing, ex-cliv_147
12214 Northern Ohio 'tr. & Lt.6% p1.(qu.)._
July 2 Holders of rec. June 15
2 Boston RR. Holding Co., pref._ _ 35 20 Union Twist Drill Co., pref. _90 & div.
Seven per era pref. (guar.)
July 2 Holders of rec. June 15
175 Plymouth Rubber Co., pref..1% lot 100 New England Co-op. Soc., pref.]. lot Northern Texas Elec. Co., corn.(quar.)_
June 1 Holders of rec. may 154
30 Fidel. Cap.Service. pref. $50 ea.' 75 150 American Brick, corn.,$5 each. 1% Standard Gas & El., pre/.(quer.)
June 15 Holders of rec. May 31
common,$50 each... unit
do
15
West Penn Co., common (quer.)
June 30 Holders of rec. June 15
June1115 Holders of rec. June 1
West Penn RYs.. prof. (guar.)
Lofland, Philadelphia:
By Messrs. Barnes &
Wisconsin-Minn. L. & Pr., pref.(qu.)_
June j 1 Holders of rec. May 20a
Price. Shares. Stocks.
Price.
Shares. Stocks.
Miscellaneous.
28 Corn Exchange Nat. Bank.
525
...420
30 Provident Trust
Amalgamated Sugar, preferred
1 Penn National Bank
*$10 June 15 *Holders of rec. Jund I
417
10 Market St. T. & 'tr., par 850.260
Amer. Laundry Mach'y, corn. (guar.) _ •33c. June 1 May 23 to June I
20 Philadelphia National Bank. 400
20 Logan Bank & Trust, par 850. 60
•S1
July 3 *Holders of rec. June 15
1 National Security Bank
Amer. Sales Book, common
138
771
40 Colonial Trust, par 350
Preferred (qar)
1% Aug. 1 *Holders of roe. July 14
.
,
7931 11 Bank of No. Amer. & Tr. Co_ _284
16 North Pennsylvania RR
June 15 Holders of rec. June 50
1
Atlantic Terra Cotta. pref. (quer.)
4 Philadelphia Bourse, common,
June I Holders of rec. May1121
2
Bonds.
Automatic Refrigerating (guar.)
13
par $50
65 L. H.Gilmer Co., preferred... 8 $135,0(.0 Pine Ridge Coal 6s, 1940_ 1% Baldwin Locomotive Works, corn. dr pt. •3ji July 2 *Holders of rec. Junej 2
15e, May 15 May 11 to May 15
2,000 Constantin Berg 85, 1923. 35
Betty O'Neal Mines
52 It. K. Mulford Co., par $50_ 31
June 1 Holders of rec. May 25
$1
10,000 Hydraulic Steel 8s, 1930_ 61
Brown Shoe, common
89
48 Pennsylvania Salt Mfg
IS( July 1 Holders of rec. June 11
10,000 Buffalo & Lake Erie Tree.
Case (J. I.) Thresh. Mach. pref. (Ou.)
20 Victory Insurance, par $50-100
se, 1936. (Otis. of deposit.). 12
3% June 30 Holders of rec. June 91
Chesebrough Mfg. corn. (quer.)
57
50 Welabach Co. common
114 June 30 Holders of rec. June 9
1,000 Wilmington Gas 5s. 1949- 7931
88
Preferred (guar.)
2 Abrasive Co
33 I-3c July 1 *Holders of roe. June 20
1,000 City of Philadel. 4s, 1946.10034 Chicago Yellow Cab (monthly)
25 Horn & Hardart Automat (Ill.)
3,200 Elec. & Peon. Tr. 4s,'45. 64% Cities Service
25
pref.; 12% sits, corn
500 U.S. Treasury Note 534s,
Common (monthly, pay. in cash scrip) •gyi July 1 'Holders of ree. June 15a
50314
6 Fidelity Trust
*1X July 1 *Holders of rec. June 15a
1924
Common (pay. in corn. stock scrip)
470
101
5 Girard National Bank
*14 July 1 *Holders of rec. June 15a
15,000 Auto Car 7s, 1937
Preferred and pref. B (monthly)
96
125 Pier Realty& Holding, par $50_ 25
234 July 2 Holders of rec. June 27
City Investing,common (quer.)
134 July 2 Holders of rec. June 27
Preferred (Qum.)
Co., corn.(guar.).
- 50c. July 2 Holders of rec. June 19
*3q July 2 Holders of rec. June 19
-The following information regarding Connor(John T.)
National Banks.
Preferred
Holders of rec. June
Crucible Steel, preferred (quer.)
national banks is from the office of the Comptroller of the Cuban American Sugar, pref. (quer.)_ _ _ 131 June 30 Holders of rec. June 15a
16a
104 July 2
Currency, Treasury Department:
2
June 1 Holders of rec. May 14a
Mfg., COm• (guar.)
Dartmouth
1
June 1 Holders of rec. May 14a
Common (extra)
APPLICATIONS TO ORGANIZE RECEIVED.
134 June 1 Holders of rec. May 14a
Preferred (ratan)
Capital. Decker (Alfred) & Cohn, pref. (quar.)_ _ •134 June 1 *Holders of rec. May 19
$50,000 Dot. Brass de Malleable Wks.(mthly.).. *34 June 1 *Holders of rec. May 26
May 8-First National Bank of Cedar Grove, N. J
13 July 2 Holders of roe. June 15
Correspondent, Edward S. Jenkins, Cedar Grove, N. J.
Dominion Iron & Steel, pref. (quar.)
June 1 Holders of rec. May 213
-The Community National Bank of Brooklyn in New York
Essex company
May 8
1% June 1 Holders of rec. May 19
200,000 Fairbanks, Morse & Co., pref. (guar.)._ .
---------------------------------------------N Y.
.
July 2 Holders of reo. June 15a
Famous Players-Lasky Corp.,corn.(qu.) 2
Correspondent, James E. Smyth, 32 Court St., Brooklyn, N. y. 1,000,000 Federal Mining & Smelt. prof. (guar.)_ _ •1% June 15 Holders of rec. May 26
-The National City Bank of Los Angeles, Calif
May 9
Co., cons. (extra)
July 1
S. Hill St., Los Angeles,
Fleishmann
•50c.
Correspondent, Malcolm Crowe, 1049
•50c. Oct. 1
Common (extra)
Calif.
$1.50 June 15 Holders of rec. June 1
York, N. A'
1,000,000 Foundation Co., common (quer.)
May 9-United National Bank in New 165 Broadway, N. y„
$1.75 June 15 Holders of rec. June I
Preferred ((Plan)
Everett B. Heymann,
Correspondent.
June 30 *Holders of rec. May 31
*S1
Galena-Signal 011 corn. (guar.)
260,000
-The County National Bank & Trust Co. of Indiana, Pa
2
•
May 9
new pref.(quer.)
June 30 *Holders of rec. May 31
Old and
Correspondent, E. R. Tomb, Indiana, Pa.




Per

Name of Company.

2227

THE CHRONICLE

MAY 19 1923.)
Cent.

When
Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Concluded).
*1
June 15 *June 2 to June 16
Glebe Soap, cons. (guar.)
June 15 *June 2 to June 15
First,second and special prof.(quar.)June 15
Internat. Cement Corp.,common(quar.) '75e. June 30 *Holders of rec. June 15
June 30 *Holders of rec.
Preferred (quar.)
.1% July 1 *Holders of rec. June 15
(guar.)
International Salt
.75e. July 2 *Holders of rec. June 8
Kennecott Copper (guar.)
May 21
Mayer (Oscar) & Co., let pref.(quar.)-- 154 June 1 Holders of rec. May 21
June 1 Holders of rec.
2
Second preferred (guar.)
19a
McCahan (N.J.)Sug.Ref.& Mol.pf.(citt.) 144 June 1 Holders of rec. May 21a
June 1 Holders of rec. May
1
McCrory Stores Corp.. corn. (qu.)
Holders of rec. June 6a
2% June 30
Mergenthaler Linotype (guar.)
*25e. June 1 'Holders of rec. May 25
Michigan Drop Forge (monthly)
Montgomery, Ward & Co. pref.(quar.) •114 July 1 *Holders of roe. June 20
114 June 15 Holders of rec. May 31
Montreal Cottons, corn. (quar.)
1% June 15 Holders of rec. May 31
Preferred (quar.)
*50c. June 30 *Holders of rec. June 8
Mother Lode Coalition Mining
Nations t Cloak & Suit, pref.(quar.)- -- 1,4 June 1 Holders of rec. May 25a
June 30 *Holders of rec. June 15
"2
National Lead, common (guar.)
23( July 2 Holders of rec. June 200
National Surety (quar.)
50c. June 15 *Holders of rec. May 31
National Transit
1% June 26 Holders of rec. June 16
New River Co., preferred
July 1 *Holders of rec. June 8
New York Air Brake, pref., class A (qu.) *81
1% June 1 Holders of rec. May 21
Ogilvie Flour Mills, pref.(guar.)
*154 June 15 'Holders of rec. May 31
Packard Motor Car, pref.(quart)
,
"454 July 1
Facolet Manufacturing, common
July 1
"30
Common (payable in common stock)._
'314 July 1
Preferred
'10c. June 25 *IIolders of rec. June 15
Pennok Oil (guar.)
*10e. June 25 'Holders of rec. June 15
Extra
of rec. June 256
Pittsburgh Rolls
pref. (quar.)--- 134 July I Holders of rec. May 25
June 15 'Holders
Corp..
Procter & Gamble Co.6% pref. (guar.)
July 16 'Holders of rec. July 2
*3
Quaker Oats, common (quar.)
134 Aug. 31 *Holders of rec. Aug. 1
.
Preferred (guar.)
15e. July 2 June 1 to July 1
Hen Motor Car,common (guar.)
60e. July 2 June 1 to July 1
Common (extra)
July 2 June 1 to July I
Common (payable in common stock)-- 10
1% July 2 'Holders of rec. June 15
Republic Iron & Steel, pref.(quar.)
July 2 Holders of rec. June 15
Prof. (acct. accumulated dividends)_. 712
June 20 June 1 to June 10
*5
Solar Refining Co
June 15 Holders of rec. May 26
Standard 011 of N.J.,corn.,$100 par(qu.) 1
250. June 15 Holders of rec. May 26
Common,$25 par (guar.)
1% June 15 Holders of rec. May 26
Preferred (quar.)
July 1 *Holders of reo. June 30
*5
Standard Steel Works
134 July 2 Holders of rec. June 8
Stromberg Carburetor (guar.)
81.50 June 15 Holders of rec. June 1
Texas Gulf Sulphur (guar.)
1% June 1 May 22 to June 1
Timken-Detroit Axle, pref. (guar.)
*134 June 1 *Holders of rec. May 21
Truscon Steel. preferred (lust.)
*6
July 2'Holders of rec. June 7
United Paperboard, prof
Juno 15 Holders cf rec. June 5
U.S. Realty & Improvement,common_ 2
1% Aug. 1 Holders of rec. July 20
Preferred (guar.)
1
• .54 June 1 'Holders of rec. May 18
United States Stores, pref. (guar.)
June 30 *Holders of rec. June 8
$1
.
Utah Copper (guar.)
June 20 Holders of rec. May 310
$1
Vacuum 011
July 3 Holders of rec. June 15
81
Wabasso Cotton (guar.)
134 June 1 Holders of rec. May 22a
Weber & Helibronner, pref.(guar.)
1% June 20 Holders of rec. May 19
Wells, Fargo & Co
June 1 Holders of rec. May 25
2
Woods Manufacturing (quar.)
*50c. July 1 *Holders of rec. June 20
Yellow Cab Mfg., class B (monthly)_
June 1 Holders of rec. May 18
4
York Manufacturing

Name of Company.

Per
When
Cent. Payable

Books Closed.
Days Inclustet

.
6% ded)
sEectile po
Publicl Utrlitles(Conclupref.
(go.) 134 July 2 Holders of rec. June tt
wer,
Tennessee
1% July 2 Holders of rec. June It
cent preferred (guar.)
Seven per
of rec. May 31a
United Gas Improvement, Prof. (guar.) 87%0 June 15 Holders
United Light & Rennes5
July 2 Holders of rec. June 15a
Participating preferred (extra)
34 Oct. 2 Holders of rec. Sept.150
Participating preferred (extra)
34 Jan2'24 Holders of rec. Dec. 15a
Participating preferred (extra)
a July 20 Holders of rec. Dec. 31
Virginia HY. & Power, preferred
134 June 1 Holders of rec. May 19.
Washington(D.C.) Ry.& Elec.. com
114 June I Holders of rec. May 19c
Preferred (quart)
1% May 19 Holders of rec. Apr. 30a
Wisconsin River Power. prof. (gllar.)

Miscellaneous.
•
20e. June 5 Holders of rec. May 26
Acme Coal Mining (new $10 Par stock),
$1.50 June 15 Holders of rec. May 2
Ahmeek Mining
1% July 2 Holders of rec. June 9a
Amer. Beet Sugar. pref. (guar.)
1% June 1 Holders of rec. May 160
American Felt, pref.(guar.)
Holders of rec. June 8a
- 2% June 30 Holders of rec. June 8a
American Locomotive, corn.(guar.).
114 June 30
Preferred (guar.)
June la
(gust.).. 1% July 1 Holders of reo. Sept. la
American Machine Sr Foundry
1% Oct. 1 Holders of rec.
Quarterly
10
13.4 Jan1'24 Holders of rec. Dec. 18a
Quarterly
750. June 1 Holders of rec. May
American Metal, common (quar.)
Holders of rec. May 19a
1% June 1
Preferred (quar.)
50c. June 30 Holders of rec. June 9
American Pneumatic Service. ga pref..
June 30 Holders of rec. June 15.
American Radiator, common Mara-, $1
Holders of rec. May lla
Amer.Smelting Sr Refining. pref.(gum.) 1% June 1 May 29 to June 15
e700 June 15
American Stores (payable in stock)
2 Holders of rec. June la
Amer, Sugar Refining, pref. (gust.)... 134 July
June 1 Holders of rec. May 10a
American Tobacco,com.& corn. B (qu.) 3
May 15 to May 18
American Woolen,com,and pref.(lluar-) 1% July 16
Asso?lated Dry Goods
1% June 1 Holders of rec. MAY 5
First preferred (guar-)
May
1% June 1 Holders of rec. May 5
Second preferred (guar.)
21a
June 15 lio.ders of rec.
1
Atlantic Refining, corn.(guar.)
June 1 Holders of rec. May 31a
3
Atlas Powder,corn.(guar.)
750. June 1 June 1 to June 10
Auto-Knitter Hosiery (guar.)
Holders of reo. June 10
1% July
Bethlehem Steel, common (guar.)
Holders of rec. June 156
Seven per cent cum. pref. (gust)..... 134 July
Holders of rec. Sept. I5a
Seven per tent cum. pref. (gust.).... 1% Oct.
Jan2'24 Holders of rec. Dec. 15a
1%
Seven per cent cum. pref. (gust.)..
of rect. June 15a
Seven per cent non-cum. pref. (guar.) 1% July 2 Holders of rec. Sept. 150
Seven per cent non-cum. pref. (guar.) 1% Oct. 1 Holders of rec. Dec. 150
Holders
Seven per cent non-cum. pref. (guar.) 1% Jan2'24
2
July 2 Holders of Tee. JUIN 150
Eight per cent preferred (guar.)
Oct. 1 Holders of rec. Sept. 154
2
Eight per cent preferred (guar.)
Jan2'24 Holders of rec. Dec. 15a
2
Elght per cent preferred (guar.)
June la
114 June 15 Holders of reg.
Co., preferred (guar.)
Borden
25e. July I
Bridgeport Machine Co. (guar.)
25e. Oct. 1
Quarterly
25e. Jan1'24
Quarterly
25e. Aprl'24
Quarterly
1% June 1 May 25 to May 31
Brill (J. G.) Co., common (guar.)
21
$1.75 June 15 Holders of rec. Apr. 20
Buckeye Pipe Line (gust)
June 30 Holders of rec. June
Burroughs Adding Machine (gust.).... 2
June 15 Holders of rm. May 310
$1.50
California Packing Corp.(guar.)
210
Calif. Petroleum, corn.($100 par) (qu.). lit June 1 Holders of rec. May 210
4334c June 1 Holders of rec. May
New stock ($25 par) (guar.)
Holders of rec. June 20a
134 July 2
Preferred (guar.)
$10 June 15 Holders of rec. Apr. 14a
Calumet & Hecht Mining
lit June 1 Holders of rec. May 15
Souls, preferred (guar.)
we give the dividends announced in previous weeks Campbell 011, preferred (QUM%)
Below
2
July I Holders of rec. June 23
Canadian
1% June 1 Holders of rec. May 15a
list does not include dividends an- Century Ribbon Mills, pref. (quar.)_
and not yet paid. This
81.25 Aug. 1 Holders of rec. July 160
Cab Mfg..
nounced this week, these being given in the preceding table. CheckerA (guar.) Class A (guar.)
31.25 Nov. 1 Holders of rec. Oct. 15a
Class
31.25 Febl'24 Holders of rec. Jan15'244
Class A (guar.)
Chicago Flexible Shaft, pref.(gust.).... .134 June I *Holders of rec. May 21
Books Closed.
When
Per
33 1-3c June 1 Holders of rec. may 19
Chicago Yellow Cab (monthly)
Days Inclusive.
Cent. Payable.
Name of Company.
6234c. June 30 Holders of rec. June 2
Chili Copper (guar.)
Cities Service
Railroads (Steam).
May 25
Common(monthly, pay. In cash scrip) opi June 1 Holders of roe. May ,15a
334 June 28 Holders of rec.
Alabama Great Southern, ordinary
150
Common (Payable in coin,stock scrip) lit June 1 Holders of rec. May
3% Aug. 16 Holders of rec. July 13
Preferred
34 June
Holders of rec. May 15a
Prof. and pref. B (Payable in cash)._
1% June 1 Holders of rec. May 44
ALM. Topeka & Santa Fe (guar.)
May 25 Holders of rec. May 10a
2
2% June 30 Holders of rec. June 16 Colorado Fuel & Iron, pref. (gUar.)-Canadian Pacific, common (guar.)
Holders of rec. May 153
2% May 22 Holders of rec. May 120 Consolidated Cigar Corp., pro!.(guar.). 1% June
Catawissa, preferred stocks
50c. June 1 May 26 to June 15
J une 26 Holders of rec. June $a Continental OS (guar.)
3
CM. N.0.& Texas Pacific, cony
Holders of rec. MAY 150
114 June
3% June 26 Holders of rec. June 8a Cosden & Co., pref. (quar.)
Common (extra)
I
June 1 Holders of rec. June la
lit June 1 Holders of rec. May 106 Crane Co.. corn. (guar.)
Cleveland Sr Pittsburgh, guar. (quar.)
June 1 Holders of rec. June la
1%
Preferred (guar.)
June 1 Holders of rec. May 100
1
Special guaranteed (guar.)
3734e. Jupe 1 May 20 to June 16
Crescent Pipe Line (guar.)
J,.ne 1 M.ky 16 .0 May 31
1
CrIPPle Creek Central. pref. (quar.)_
Davis Mills (guar.)
154 Juhe 2 Holders of rec. June 9a
May 21 May 12 to May 20
2
Delaware & Bound Brook (quar.)
Holders of rec. June 25a
1% July
231 June 20 Holders of rec. May 280 Davol MUis (guar.)
Delaware & Hudson Co. (quar.)
Holders of rec. MAY 15a
75c. June
Holders of rec. May 40 Deere & Co., preferred (guar.)
1% Juno 1
Illinois Central. corn. (titian)
Holders of rec. Sept. 1
50c. LW..
2% Aug. 10 Holders or rec. July 170 Dominion Stores, 1.td ., common
Louisville & Nashville
of rec. June 15
114 June 19 Holders of rec. May 31a Douglas-Pectin Corp.(guar.)(No. 1)__ *250. July 1 *Holders of rec. May 310
Norfolk & Western, cora. (guar.)
$1.25 July 2 Holders
rec. Apr. 306 Eastman Kodak,corn.(guar.)
May 19 Holders of
1
Adjustment pref. (guar.)
Holders of rec. May 316
760. July 2
Common (extra)
May 25 May 10 to May 20
$1
North Pennsylvania (guar.)
1% July 2 Holders of roe. May 31
Preferred (guar.)
750. May 31 Holders of rec. May la
Pennsylvania (guar.)
Eisenlohr (Otto) Sr Bros.. Pref.(gust.).. 1% June 30 Holders of rec. June 200
11.50 June 1 Holders of rec. May 15
Plash. Bessemer Sr Lake Erie, pref
75e. Juno 11 Holders of rec. June la
1% May 31 Holders of rec. May 90 Elk Horn Coal Corp., Preferred
Pittsburgh & West Virginia. pref. (go.)
50c. July 1 Holders of rec. June 15a
Plush. Youngs. & Ashtab.. pref. (guar ) 1% June 1 Holders of rec. may 21a Fleishman Co.. corn. (guar.)
50c. Oct. 1 Holders of rec. Sept. 150
Common (guar.)
50e. Juno 14 Holders of rec. May 280
Reading Company. 1st pref. (guar.).-50e. an 1'24 Holders of rec. Dec. 150
Common (gum.)
July 12 Holders of rec. June 21:4
50e.
Second preferred (quar.)
31
131 June 1 Holders of roe. May 154
General Asphalt, preferred (guar.)
1.37% Sept. 1 Aug. 22 to Aug.
Sharon Railway (semi-annual)
1% June 1 Holders of rec. May 244
1% July 2 Holders of rec. May 31a General Cigar, pref.(guar.)
Southern Pacific (guar.)
1% July 2 Holders of rec. June 254
of rec. May 25a
Debenture preferred (guar.)
6
*
Toronto Hamilton & Buffalo
June 1 *Holders
25c. May 21 Holders of rec. May 10a
2.14 July 2 Holders of rec. June lc General Development :quer.)
Union Pacific, corn. (guar.)
June 1 *Holders of rec. June 1
Gen. Fuel Corp.,8% cum.cony. pf.(qu.) 2
General Motors Corp., corn.(gu=.)- - 30e. June 12 Holders of rec. May 21a
Public Utilities.
114 Aug. 1 Holders of rec. July fla
Six per cent preferred (guar.)
American Power & Light, corn.(quar.)-- 2% June 1 Holders of rec. May 19
Six per cent debenture stock (gust.).. 134 Aug. I Holders of res. July 9a
2
June 1 Iiolders of rec. May 19
Common (payable in common stock)
Seven per cent debenture stock (guar.) 1% Aug. 1 Holders of rec. July 9a
- 254 July 16 Holders of roe. June 20a
Amer. Telephone & Telegraph (guar.)
$3 June 1 Holders of rec. May 1
Blackstone Valley Gas&Elec., com.(qu.) $1.25 June 1 Holders of rec. May 15a Gillette Safety Rator (guar.)
June 1 Holders of rec. May 1
CS
ice. May 150
Stock dividend.
3
June 1 Holders of
Preferred
144 July 2 Holders of rec. June 21a
Goodrich (B. F.) Co.,Pref.(guar.)
1
June 1 Holders of rec. Apr. 30
Brazilian'fr.,Lt.& Pr.,ordinary (qu.)._
Holders of rec. May 20
25c. une
20e. June 1 Holders of rec. May 19a Gossard (H. W.) Co., corn.(monthly)..
Brooklyn City RR.(guar.)
25c. July 1 Holders of rec. June 20
Common (monthly)
2
June 1 Holders of rec. May 18
Brooklyn 1 (Lion Co.(guar.)
25e. Aug. 1 Holders of rec. July 20
Common (monthly)
1% June 1 Holders of rec. May 150
Cent. Arkansas Ry.& Lt., pref.(guar.)
25o. Sept. 1 Holders of rm. Aug. 20
Common (monthly)
Central Ill. Pub. Seim., pref. (quar,).__ 1% July 14 Holders of rec. June 300
July 2 Holders of rec. June 15a
I 51 June 1 Holders of rec. May 20a Greenfield Tap & Die, pref. (gust.).... 2
Central Indiana Power, pref. (quar.)___
July 2 Holders of rec. June 15a
2
(qu.) 1% June 1 Holders of rec. May 15a Guantanamo Sugar, pref. (guar.)
Central Mike. Vol. Elec. Prop., pf.
'2
154 July 2 Holders of rec. June 150
Gulf States Steel, let Sr 2d pref. (guar.)
June I "Holders of rec. May 15
Cleveland Elec, Ilium.,8% pref.(guar.)
First and second preferred (gust.).... 1% Oct. 1 Holders of rec. Sept. 140
Power-See note below.
Colorado
First and second preferred (gust.).... 1%Jan2'24 Holders of rec. Dee. 144
•COnsolldated Gas of N. Y cony.(guar.) $1.25 June 15 Holders of rec. May 106
5
May 22 Holders of rec. may 154
July 2 Holdere of rec. June 15a Hail(C.M.) Lamp Co
COnsumersPower(Mich.),7% pref.(qu.)
134 June 1 Holders of rec. May 210
per cent preferred (guar.)
July 2 Holders of rec. June 15a liarbison-Walker Refract., core.
Six
1% July 20 Holders of rec. July 10a
Preferred (guar.)
June 1 Holders of rec. May la
Detroit United by.(guar.)
154 June 1 Holders of roe. may 184
50c: June 1 Holders of rec. May I5a Hartman Corporation(guar.)
Eastern Shore Gas & Elec., pref. (quar.) •
14.‘ June I *Holders of rec. May 20
Hart,Schaffner Sr Marx,Inc.,com.(qu.) til% May 31 *Holders of rec. may 18
Eastern Wisconsin Elec. Co., pref. (qu.)
75e. Juno 15 Holders of rec. May 310
Hayes Wheel (guar.)
May 21 Holders of rec. May 10
Electric Investment Corp., pref. (guar.)
50c. June 15 Holders of rec. May 150
Hecla Mining (gtlar.)
June I Holders of rec. May 15
Federal Light & Traction, pref. (quar.)_
*1
May 21 "Holders of rec. May 3
Hollinger Gold Mince, Ltd
June I May 21 to Jane 1
Georgia Railway & Power, common....
31
June 11 Holders of rec. May 31
Holly Oil (No. 1)
June 1 May 21 to June 1
preferred
Second
50c. May 25 Holders of rec. May 190
rec. May 21a HomestaJre Mining (monthly)
June 1 Holders of
Hackensack Water, common
760. May 31 Holders of rec. May 154
June 1 Holders of roe. May 260 Household Products, Inc.(No. 11)
Preferred
75c. June 15 Holders of rec. May 310
Humphreys Oil (guar.)
June 1 Holders of rec. May 18
Mascot= Lt.& Pow., corn.& pf.(gutar.)
25e. June 15 Holders of rec. May 310
Extra
June 1 May 16 to May 31
massachueetta Gas Companies, pref
1175e. June 1 nHolders of coup. No. 16
Imperial On Co.. Ltd.(guar.)
June 1 Holders of rec. May 16
Nebraska Power, prof.(guar.)
June 1 Holders of rec. May 12a
Ingersoll-Rand Co., common (guar.)._ 2
June 15 Holders of rec. June 8
Niagara Falls Power, common (guar.)._
I% July 1 Holders of rec. June lba
July 16 Holders of rec. June 30a Inland Steel, pref.(guar.)(No. 1)
Preferred (quar.)
Mal 19
& Light
I Holders of rec. May 156 Internat. Cotton Mills, pref.(gust.).... 134 June 1 Holders of rec. May 10.
Juno
Norfolk 11..q1lway
International Harvester, pref. (gust.).. 1% June 1 Holders of roe.
July 1 Holders of rec. June 20
North Shore Gas, preferred (quar.)
International Shoe, prof
50c. June 1 Holders of rec. May 15a
Oct. 1 Holders of rec. Sept.20
Preferred (guar.)
rec. may
June 15 Holders of rec. May 18a International Lamp Corn (monthly).... *25c. June 1 *Holders of rec. Nov.20
Philadelphia Electric, common (guar.).
la
Nov. 15 Holders of
June 15 Holders of rec. May 18a Intertype Corp., corn. (in corn. stock).. flO
Preferred (guar.)
9
50c. June 15 IIolders of rec. May 21a
Gas & Eleo., 5% quo!. (guar.)
June 1 Holders of rec. May 16a Isle Royale Copper
Rochester
Holders of ree. May
June 1
Kinney (G. R.) Co., preferred (guar.).- 2
June 1 Holders of rec. May 16
Seven per cent preferred (guar.)
rec. May 23
KuPPenheimer (B.) Sr Co., pref.(gust.). •1X June 1 *Holders of rec. May 25
June 15 Holders of rec. May 31
San Joaquin L. & P. Corp., pref.(guar.)
Lancaster Mills, corn.(guar.)
214 June 1 Holders of rec. May Ylla
June 15 Holders of rec. May 31
Prior preferred (guar.)
of
1% May 31 Holders
Lanston /stenotype Machine (gear.).
June 1 Holders of rec. May 16
Southwestern Power & Light. Pt. (qu.)
tea. May 15a
July 25 Holders of rec. June 30a Lee Rubber Sr Tire Corporation (gust.).. 50e. June I Holders of
Standard Gas & Eleqtrlo. corn.(No. 1)




134
1)4
134

2228
Name o/ Company.

THE CHRONICLE
Per
When
Cent. Payable.

Boots Closed.
Days Inclusive.

[Vol. 116.

Weekly Return of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending May 12. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.

Miscellaneous (Concluded).
Lehigh Coal & Navigation (guar.)
$1
May 31 Holders of reo. Air. 300
Libby-Owens Sheet Glass, corn.(guar.)- *50c. June 1 *Holders of rec. May 22
Preferred (guar.)
4.134 June 1 *Holders of rec. May 22
Liggett& MyersTob,com.& corn.B (qu.) 3
June 1 Holders of rec. May 15a
Lima Locomotive Works, corn.(guar.).June 1 Holders of rec. May I5a
3 Preferred (guar.)
134 June 1 Holders of rec. May 15 1
,
Lindsay Light, preferred (guar.)
1% Aug. 10 Holders of rec. Aug. 7a
Preferred (guar.)
1% Nov. 8 Holders of rec. Nov. 5a
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Preferred (guar.)
1% Feble24 Hold're of rec. Feb. 7240
Lord St Taylor. 1st pref.(quar.)
(Stated in thousands of dollars-that (e. three Ciphers [0001 omitted.)
1% June 1 Holders of rec. May 19a
Ludlow Mfg. Associates (guar.)
$2
June 1 Holders of rec. May 2
Mahoning Investment (guar.)
$1.50 June 1 Holders of rec. May 23
New 1
Extra
Capita2.1Profits. Loans,
500. June 1 Holders of rec. May 23
Reserve
Manhattan Shirt., common (guar.)
Discount, Cash
75c. June 1 Holders of rec. May I5a Week ending
with
Net
Time Bank
Martin-Parry Corporation (guar.)
May 12 1923. Nat'l, April 3 Invest
750. June 1 Holders of rec. May 15a
in
Legal Demand
De- CircuMay Department Stored, corn.(quar.)_.. 2% June 1 Holders of rec. May 150
State, Mar.27 meats, Vault. nrDesi Deposits. posits. laCommon (guar.)
(000 omitted.) Tr.Coa,Mar.27
&c.
2% Sept. 1 Holders of rec. Aug. 150
taries.
non.
Preferred (your.)
134 July 2 Holders of rec. June 15a
Preferred (guar.)
11.4 Oct. 1 Holders of rec. Sept. 15a Members of Fed. Res. Bank. Average Away Average Average Average Av'ge.
Merrimac Mfg. Co.,common (quo!.).., 1% June 1 Holders of rec. May 1
Bank of N Y &
$
Mexican Seaboard 011 (guar.)
Trust Co_ __ _I 4.
11,813 63,442
500. June 1 Holders of rec. May 220
78
6,36
45,663 7,145 _
Midwest Oil, pref. (qual.)
134 June 30 Holders of rec. June ita Bk of Manhat'n 10.00(1 13.288 126,403 2.41 14.195
101.739 19.120
Mohawk Mining
Meeh & Met Nat 10,000 16,894 153,655 4.341 19.38
June 14 Holders of rec. May 19
El
143,984 3,811
99
Motor Car Corporation. pref.(quar.)... 134 July 1 Holders of rec. June 200 Bank of America 5.50
70.982 1,431 9,353
4.676
70.40
2,232_
National Biscuit, common (qua:.)
750. July 14 Holders of rec. June 300 Nat City Bank_ 40.00 50.362 516,709 6.991 57.53
557.409 75,009 2,1 5
3
Preferred (guar.)
ix May 31 Holders of rec. May 17a Chem Nat Bank 4,5 16,438 116.009 1,18 12.9
98.528 6,538
343
Nat. Department Stores. 2d pref.
2 1-3 June 1 Holders of rec. May 20
171
50
5.416
Nat Butch & 1)r
52
534
3.661
17
299
Nat. Enamel.& Stamp., corn. (qua:.).. 1% May 31 Holders of rec. May Ila Amer Exeh Nat 5.00
99,130 1,247 11,3•13
7.682
83.168 7,733 4,668
Preferred (guar.)
134 June 30 Holders of rec. June 90 Nat Ilk of Corn.' 25.000 37.511 329,437
90' 31,940
242,452 14,646 ____
Preferred (guar.)
24,533 1,034 3,463
1,729
134 Sept.29 Holders of rec. Sept. 100 Paige Bank.... 1,0
23.52
1,245
_
Preferred (guar.)
1% Doe. 31 Holders of rec. Dee. 110 Chat & Phen Nat' 10.500 9.092 152.860 5.379 17,12
121.752 23,427 5:962
National Lead, preferred (guar.)
1% June 15 Holders of rec. May 250 Hanover Nat Bk 5.000 21,082 119,444
311 14.303
103.07
100
National Sugar Refining (guar.)
134 July 2 Holders of rec. June II
Corn Exchange. 9.075 12.009 177.072 5,236 21.671
155.216 24.199
New Cornelia Copper Co.(guar.)
25o. May 21 Holders of ree. May 40 Imp & Trail Nat 1.500 8.511
35,314
488 3,512
26,544
33
Niles-Bement
-Pond Co., pref. (qua:.).. 1% May 21 Holders of rec. May lOa
National Park._ 10.000 23,291 161,978
871 15.914
120.618 6,924 7,814
Northern Pipe Line
5
July 1 Holders of rec. June 8
843
East River Nat_ 1.000
14,817
341 1.683
11.372 2.755
so
Onyx Hosiery. preferred (guar.)
I% June 1 Holders of rec. May 19a First National.. 10.000 55,43( 315,127
498 21,886
153.452 35.545 7.464
Osceola Consolidated Mining
$1
June 15 Holders of rec. May 9
Irving Bk-Col Tr 17.500 10.550 263,531 4,855 34.836
262.795 12,777
Phillips Petroleum (oust.)
500. June 30 Holders of roe. June I5a Continental Bk. 1.000
7.893
91.
933
149
6.411
389
Extra
81
June 30 Holders of rec. June I5a Chase National_ 20.091) 22.504 329,960 4,589 38.672
281.054 31,941 1.096
Stock dividend
e50
June 30 Holders of rec. June 15a Fifth Avenue...
500 2.618
21,726
22,247
679 2.937
Phoenix Hosiery. preferred (guar.)
Commonwealth_
93
I% June 1 Holders of rec. May 17
40
1,21
9,566
53
414
8,851
Pittsburgh Steel, preferred (guar.)
134 June 1 Holders of rec. May I5a Garfield Nat.__ 1,000 1.585
15.955
461 2,254
15,549
15
39
Pratt & Whitney Co., pref. (quar.)._._
1% May 21 Holders of rec. May IOU Fifth National._ 1.200
932
20,636
210 2,211
16,804
838
248
PressedSteel Car. preferred (qua!).... I% June 1 Holders of rec. May II a Seaboard Nat.... 4.000 7.109
77,143
73.751 1.936
9.827
75
61
Producers & Refiners Corp.,corn.(quar.) $l
June 15 Holders of rec. June la Coal & Iron Nat 1.500 1.300
15,195
13.162
1,713
64
857
412
Pure Oa common (guar.)
500. June I Ma
Bankers Trust. 20.000 22.781 261,535 1,121 23.453 *223.785 31.086
11 to June 5
Quaker Oats, common (guar.)
•233 May 31 'Holders of rec. May I
US Mtge & Tr. 3.000 4.332
53,413
794 6,192
46.463 4,352
Preferred (guar.)
144 May 31 Holders of roe. May 10 Goaranty Trust 25.000 18.289 373,833 1,370 33.23
*383.440 54,106
Schulte Retail Stores, corn.(In pref.stk.) m$2
June 1 Holders of roe. May 150 Fidel-tnter Trust 2.000 1.91
22,064
330 2,413
18.055 1,296
Common (payable In preferred sto'ck). 012
10.000 18.062 138.198
N Y Trust Co_
448 15.553
114,309 14,475
Sept. 1 Holders of rec. Aug 15a
Common (payable in preferred stock)_ m$2
3.900
Dec. 1 Holders of rec. Nov. 150 Metropolitan Tr 2.00
38.893
542 4.669
33,751 3.078 Common (payable in preferred stock)- etS2
15.607 128.206
Mr.1'24 Hold,of roe. Feb. 15'2.a Farm Loan & Tr 5.0
490 12,872
*91.733 27.495
Seaboard Oil & Gas(monthly)
3 1-3e June 1 Holders of rec. May 15a Columbia Bank. 2.000 2.068
34,664
783 3.768
23,370 2,507
Monthly
3 1-31:: July 2 Holders of roe. June 15a Equitable Trust 20.000 9.190 189,943 1,339, 21.879, •193,645 27,825
Sharp Manufacturing (quar.)
May 22 Holders of rec. May 2
Sherwin-Williams Co., Can., coin. (qu.) 1% June 30 Holdcrs of rec. June 15a Total of averag 288.675435.4504.481,732 53,666491.942 c3,610,6591445,766
32,046
Preferred (qua:.)
1% June 30 Holders of rec. June lba
,
Sherwin-Williams Co., pref. (quar.)_.._ 41% June 1 *Holders of rec May 15
Totals, actual e• ndldon May 124,452,016 51,507 491,091 c3,618,222,450.263 32,207
Southern Pipe Line (quar.)
Totals, actual e• nditIon May 54,505.163 51.917493,201 c3.610,5971447.18031,982
2
June 1 Holders of rec. May 15
Southern States 011 Corp.(monthly)._
Totals, actual c. edition Apr. 284.519.582 50,892493,27703,622,845437,182 31,726
1
May 20 Holders of rec. May
Spalding (A. G.) dr Bros., 1st pref.(qu.) 134 June 1 Holders of rec. May 190
State Banks Not M mbers of Fecia Res've Bank.
ond preferred (guar.)
Greenwich Bank 1,000 2,214
2
June 1 Holders of rec. May 19
18,703 1,612 2,00
19.175
26
Standard Milling. common (guar.)
250
883
11. May 31 Holders of rec. May 19a Bowery Bank..
5.770
336
343
2,912 2,092
Preferred (guar.)
2,5
4.750 86,873 3.555 1,904
11.4 May 31 Holders of rec. May lea Sta-e Bank
29,959 53,611
Standard 011 (California) (guar.)
50e. June 15 Holders of roe. May 2Ia
Standard Oil (Indiana) (guar.)
Total of average
3.750 7,847 111,351 5,553 4,31
6243e. June 15 May 17 to June 14
52,046 55,729
Standard 011 (Kansas) (guar.)
500. June 15 Holders of roe. May 310
Standard 011 (Nebraska)
Totals, actual c
5
May 12 112,509 5,545 4,039
June 20 May 20 to June 20
52,996 55.756
Standard Oil of New York (guar.)
Totals, actual c ndlion Ma 5 110,833 5,596 4.403
35c. June 15 Holders of rec. May 21
51.776 55,656
Standard 011 (Ohio). common (guar.)
2% July 2 Holders of rec. May 25
Totals, actual condition Apr. 28 111,326 5,503 4.122
52.054 55.530
Preferred (guar.)
134 June 1 Holders of rec. Apr. 27
Trust Compan les Not Mambo of Fed 'I Res'v e Bank
Standard Textile Prod., pf. A & B (qua. 134 July 1 Holders of rec. June 15a Title Guar & T 10.000 13.208
54,250 1,607 3,697
35,281 1,756
Stern Brothers, preferred (guar.)
June 1 Holders of rec. May 150
Lawyers Tit & T 6.00
4,954
25,903
10.200
950 1,561
775
Studebaker Corporation, coin.(guar.)._ 2% June 1 Holders of rec. May 100
Preferred (guar.)
134 June 1 Holders of roe. May 10a Total of average 16,00 18,163
80.153 2,557 5,258
51,481 2.531
Swift In ternatiotial
90e. Aug. 15 Holders of rec. July lea
Thompson (John Ft.) Co.. corn. (mthly.)
Totals, actual c ndition May12 80,093 2,424 5,426
June 1 Holders of me. May 23
51.207 2,574
Timken Roller Bearing (guar.)...
75e. June 5 Holders of rec. May 190 Totals, actual c ndition Ma 5
80,424 2,644 5,451
52.310 2,520
Todd Shipyards corporation (guar.).-- •S2
June 20 *Holders of rec. Juue I
Totals, actual c• ndition Apr. 28
79,919 2,378 5.359
51,811 2,470
Turman Oil (guar.)
May 20 Holders of rec. Apr. 30
Extra
1
May 20 Holders of rec. Apr. 30
Gr'd aggr., aver.303.425 461.462 4,673,235 61.776 501,515 3.714.186 504.026 32,046
Underwood Typewriter,coin.(quar.). 2% July 1 Holders of rec. June 20 Comparison wit h prey. week
--48,393 +3.059 -4.614 --35.188 +907 +205
Preferred (guar)
1% July 1 Holders of rec. June 2a
Union Sugar (guar.)
50c. June 5 Holders of rec. June la Or'd aggr., acel eond'n May 12 4.654,648 59,476
500,605 3,722.425 503.593 32,207
Union Tank Car,common (guar.)
June I Holders of roe. May 5a Comparison w1 11 prey week
134
--41,822 -681 -2.449
+7.742 +3,237 +225
Preferred (qua:.)
1% June 1 Holders of rec. May 5a
United Cigar Store., preferred (quar.)-- 1% June 1
Holders of rec. May 31a Or'd aggr., ace!-ond'n Mae 54,695,470 60,157 503.05 3,714,683
505,356
United Drug, 2..1 pref. (guar.)
133 June
Holders of rec. May 15
Gr'd aggr.. act'! 'ond'n Apr. 28 4,710.807 58.778 502.75 3.726,710495,18231,982
31,726
United Dyewood, preferred (qua:.)
1% July
Holders of rec. June I5a Gr'd aggr., act'lcond'n Apr. 21 4.674.432 58.526 514.919 3.769.745494,37331.863
Preferred (qua:.)
134 Oct.
Holders of rec. Sept. 160 Gr'd aggr.,
•ond'n Apr. 14 .694.202 58.955
Preferred (qual.)
1% J.m2'24 Holders of rec. Dee. 150 Gr'd after.. act'! ,ond'n Apr. 7 .720,586 60.413504.870 3.721,347 492.95832.000
U. S. Cast Iron Pipe & Fdy.. prof. (qu.) 1% June I Holders of rec. June la Gr'd aggr., acelcond'n Mar .31 .800.226 57.981 495,268 3.727.378491.006 31,816
505.225 3.783,615482,38832.070
Preferred (guar.)
134 Sept. 1
Holders of rec. Sept. la
Preferred (guar.)
11.4 Doe. 1
Holders of rec. Dec. la
Note.
-U. S. deposits deducted from net demand deposits In the general total
*d1
U.S. Gypsum,common (guar.)
June 3 'Holders of rec. June 15
above were as follows: Average total may 12. 887.651.000; actual totals May 12,
•1,4 June 3 +Holders of
Preferred (guar.)
rec. June 15
531.355000; May 5 $90.392,000: April 28,495,578,000; April 21.1107,740,000: April
13.5. playing Card (quar.)($20 Par)-July
Holders of rec. June 20
- $I
April 14, $123,093,000. Bills payab.e, rediseoints,
Stock ($100 par)
July
Holders of rec. June 202 hie% average for the week May 12, 1499,051,000: acceptances and other HabilMay 5, 5520.736.000; April 28.
Extra ($20 par)
50e. July
Holders of rec. June 20
8477.313,000: April 21, 8185.015,000; April 14. 8497,665.000. Actual totals May
Stock ($100 Par) (extra)
July
234
Holders of rec. June 201 12, $173,614,000: May 5, 8523.027.000; April
28, 5537.199,000; April 21, S465.
United States Steel Corp.. coin.(quar.)
134 June 2 May 30 u M .y 31 242.000: April 14, $505,683,000.
Preferred (qua:.)
1% May 2
May 1
• Includes deposits in foreign branches not included in total footings as follows:
Utah Apex Mining (quar.)
250. June 1
Holders of roe. May 31
Bank. $137,469,000; Bankers Trust Co., $12,939,000: Guaranty
National City
Extra
25e. June 1 Holders of roe. May 31
Trust Co., $31,618,000; Farmers' Loan & Trust Co., $65,000: Equitable Trust Co.,
Valvoline 011, common (guar.)
*233 June 1 *Holders of rec. June 12
Van Raalte Co., first pref. (quar.)
134 June
Holders of roe. May I8a 835.010.000. Balances carried In banks In foreign countries as reserve for such
Vivaudou (V.) (quar.)
600. June 1 Holders of rec. June la deposits were: National City Bank, S21,709.000: Bankers Trust Co., $2,005,000;
Guaranty Trust Co.. 88.737,000; Farmers' Loan & Trust Co., $65.000; Equitable
Wahl Co.. common (monthly)
600. June
Holders of rec. May 23
Trust Co., $2,715,000. c Deposits in foreign branches not included.
Common (monthly)
600. July
Holders of rec. June 23
Preferred (guar.)
Holders of rec. June 23
July
1%
Wamsutta Mills (guar.)
1% June 1 Holders of recs. May 8
The reserve position of the different groups of institutions
Weber & Hellbroner. common (guar .)-- 500. June 2 Holders of rec. June 150
on the basis of both the averages for the week and the actual
Welch Grape Juice. pref. (qua:.)
134 May 3 May 22 to May 31
Wells Fargo de Co
81.25 June 2 Holders of roe. May Ilia condition at the end of the week is shown in the following two
White (J. G.) Co., Inc., pref.(qual.)... 1)3 June
Holders of rec. May 15
tables:
White(J. G.) Engineering Corp.. pf.(qu) 1% June
Holders of rec. May 15
White (J.G.) Manage% Corp., pf.(au.). 1311 June
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
Holders of roe. May 15
(guar.)
AND TRUST COMPANIES.
White Motor Co.
June 3 Holders of rec. June 200
$I
Woolworth (F. W.) Co., coin.(guar.)._ 2
Apr. 28 to May 16
June
Wrigley (Wm.) Jr. Co.. Com.(monthly) 500. June
May 26 to May 31
Averages.
Common (monthly)
500. July
June 26 to July 1
Wright Aeronautical Corp.(guar.)
250. May 3 Holders of rec. May 150
Cash
Reserve
a
Wurlitzer(Rudolph)Co., 8% pref. (qu.) 2
Holders of rec. May 22
June
Reserve
in
Total
Reserve
Surplus
Holders of rec. May 19
Yellow Cab Mfg., class B (monthly)._ 600. June
in Vault. Depositaries Reserve.
Required.
Reserve.
•From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. I The
New York Curb Market Association has ruled that stock will not be quoted ox'
dividend on this date and not until further notice.
a Transfer books not closed for this dividend. tt Correction. e Payable In stock.
f Payable In common stock. g Payable In scrip. A On account of accumulated
3:11.1dends• k Subject to approval of stockholders. m Payable In preferred stock.
n .'ayable in Canadian funds. Transfer books closed from May 16 to May 31, both
Inclusive. New York Curb Market has held that stock will not be quoted ox-dividend
uLt ti June 1.
i."016.--Col0rado Power Preferred Stock dividend reported in this column payable
May 25 was an error.




Members Federal
Reserve banks.State banks*
Trust companies
Total
Total
Total
Total

May 12
May 5,...
April 28._
April 21._ _

5,553,000
2,557,000

491,942,000 491,942,000 482,758,650
4,315.000 9,868,000 9.368,280
5,258,000 7,815,000 7,722,150

9,183,350
499,720
92,850

8,110.000 501.515,000 509,625,000 499,849,080 9,775,920
7.904,0(10 506.129.000 514.033.000 504,385.200 9.647,800
7.791,000 590,498,000 508,289,000 503,200,700 5.088,300
7,749,000500.118,000 516,867,000 503,857.690 13,009,310

• Not members of Federal Reserve Bank.
a This Is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
includes also amount In reserve required on net time deposits, which was as lodowle
May 12,513,372.980; May 5.513,351.230; Apr.28.513,102,260; Apr.21,$12,988,650.

Boston Clearing House Weekly Returns.—In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:

Actual Figures.
I Reserve
Cash
Total
in
Reserve
in Vault. Depositaries, Reverts.
Members Federal
Reserve banks_ _
State banks*
Trust companies_
, Total
Total
Total
Total

May 12
May 5._
April 28..
April 21._ •

2229

THE CHRONICLE

MAY 19 1923.]

Reserve
Retuired.

Surplus
Reserve.

BOSTON CLEARING HOUSE MEMBERS

1

5
$
$
$
491,091,000 491,091,000 483,876.750 7,214,250
94,720
5.545.000. 4,089,000 9,634,000 9,539,280
168,950
2,424,000, 5.426,000 7,850,000 7,681,050
1
7.969,000 500,606,000 508,575,000 501.097.080 7,477,920
8,240,000 503,055,000 511,295.000 499.959.190 11.335.810
7.886.000 502,758,000 510,644,000 501,226,680 9,417,320
7,821.000 514,919.000 522,740,000 506,743,260 15,996,740

•Not members of Federal Reserve Bank.
I, This is the reserve required on net demand deposits In the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank Includes
also amount of reserve required on net time deposits, which was as follows: May 12,
513.507,890; May 5, 513,415,400; Apr. 28, 513,115,460; Apr. 21, 513.087.380.

Changes from
prentous week.

May 16
192:i.

May 2
1923.

May 9
1923.

.
5
$
$
$
60.000.000 59,000,000
60,000.000 Unchanged
Capital
82,985.0110 82.985.000
82.985,000 Unchanged
Surplus and profits
Loans, dIsets & investments_ 858,181,000 Inc. 9,285,000 8413,896.000 844,907,000
Individual deposits, incl. U.S 623,699.000 Inc. 14,547,000 609.154000 611.666.000
362,000 118.403.000 116,332,000
118 765,000 Inc.
Due to banks
.. ,
.
.
.
116,928,000 Inc.
Time deposits
United Buttes deposits --- 13,004,000 Inc. 1.928.000 11,076.000 11,671,000
Exchanges for Clearing House 26,942,000 Inc. 3.455.000' 23 487 000 27.044,000
,74,592,000 Inc. 7.710,000 68.882.0301 67.175,000
Due from ocher banks
60,000 70.304.0001 70.881.000
70,364,000 Inc.
Res.In Fed. Res. Bank
37,000 8.934.000 8.835,000
Cash In bank and F. R. Bank 8,971,000 Inc.
Reserve excess In bank and
250.000 2,194,000 3.173.000
1,944,000 Dec.
Federal Reserve Bank

State Banks and Trust Companies Not in Clearing
House.—The State Banking Department reports weekly
Philadelphia Banks.—The Philadelphia Clearing House
figures showing the condition of State banks and trust com- return for the week ending May 12, with comparative figures
panies in New York City not in the Clearing House as follows: for the two weeks preceding, is given below. Reserve
of the Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members
are 10% on demand deposits and 3% on time deposits, all
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in
(Figures Furnished by State Banking Department.)
Difference from vaults" is not a part of legal reserve. For trust companies
Previous week.
May 12.
System the reserve
5790,190,500 Inc. $1,810,100 not tmembers of the Federal Reserve
Loans and Investments
14,200 required is 10% on demand deposits and includes "Reserve
2,939,600 Inc.
Gold
560,600
19,921,000 Inc.
notes
Currency and bank
vaults."
67.487,400 Inc. 1,142.300 with legal depositaries" and "Cash in
Reserve Bank of New York
Deposits with Federal
896,900
827,984,500 Inc.
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.city exchanges and U.S.deposits 776,512,500 Inc. 6,729.800
123,086,200 Inc. 1,175,000
Reserve on deposits
Percentage of reserve, 20.5%.
RESERVE.
--—Trust Companies
—State Banks
862,019,000 14.66%
*528,328.100 16.07%
Cash in vault
5.62%
24,003,100
Deposits In banks and trust CO3---- 8,735.100 4.98%
1.ftv
Total

$86,023,000 20.28%

537,063,200 21.05%

•Includes deposits with the Federal Reserve Bank of New York. which for the
State banks and trust companies combined on May 12 was 567.487,400.

Banks and Trust Companies in New York City.—The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
*Total Cash
in Vaults.

Loans and
Investments.
Week ended—
Jan. 20
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Mar. 31
April 7
April 14
April 21
April 28
May 5
May 12

Demand
Deposits.

$
5,562.902,500
5,522,233,200
5.532,381.800
5,496,199,200
5,492.303,000
5,483,962,900
5,513.445,100
5,475.408.000
5,479,843,100
5.512,494,700
5,537,333.300
5.670 520 000
5.493,107,700
5.468.632,300
5,460.114.300
5,510.009,400
5.463.426.500

$
4,760,083,200
4,734.896,900
4,731,427.200
4,718,679.400
4,722.504,900
4,715,552,100
4,733,493,300
4,644,941,800
4,623.173.900
4,545.082.400
4,507,057,500
4,587.506,400
4,512.461,300
4,512.747,600
4,509,913,200
4,519,156,700
4.490.698.500

s
86,646,900
83,614,700
82,113,900
83,018.000
81,336,300
81,328,900
81,535,300
81.540,500
80.732,900
80,172,800
81,393.300
81.957.300
83.888.200
80,217.400
81.096.800
81,002.800
84.636.600

Reserve in
Depositaries.

$
637,700,500
622,630.300
627.114,400
624,211,400
631,693.900
627.981,800
631.333,800
614.759.800
620.097.100
601,462,000
596.099,900
609.873,700
599.800,800
608.409,400
597,771.500
605,754.400
601,740,600

New York City Non-Member Banks and Trust Cornpanies.—The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE..
omitted)
(Stated in thousands of dollars—that is, three ciphers

WOW

Net 1Loans
Nall
.
Reserve Net 1 Net
Capital. Profits DUCLEARING
Rank
counts. Cash
with Demand Time
NON-MEMBERS
De- CircaDeLegal
.
Nat.bicri.Apr. 3 Incest- in
ending Slate blsaltir27 merits, Vault. Deport posits. Posits. latton.
Week
torte.,.
•
May 12 1923. Tr. cos. Al/r• 3 &c.
Members of
Fed. Res. Bank.
Battery Park Nat.
W.R.Grace & Co.
Total

$
1,500
500

Arerage Average Average Average Average Average
$
$
$
5
I $
$
5
198
495
7,670,
177 1,141
1,167 11,026
1,654 7.191
487
19
1,447 10.289

2,000

1,62:

2,614 21,315

196

State Banks Not Members of Federal Reserve Bank
306
615
200
Bank of Wash. Ilts
352 6,023
800 2,017 20,845 2,661 1,402
Colonial Bank_ _ _.

1
I
5,1071

9,324

7,686

198

22,200.

1,708

27,307

1,238

4,244

539,125,0
104.474.0
722,950.0
28,754.0
97.240,0
120.490.0
553.685.0
43,753,0
717.928,0

$5.000.0
14,713.0
44,565.0
418.0
32,0
810.0
28.711,0
875,0
30.396,0
3.323,0

57.794,0
9.515,0
67,309,0
58.265.0
9,044.0

1,415.0
4,733,0
4,403.0
335.0

$44,125,0
119.187,0,
767,515.01
29,172.0
97.272.0
121.300,0
582.396.0
44,628,0
748,324,0
15.974,0
3,323,0
57.794,0
10,930.0
72,047,0
62,668.0
9,379.0

5,603

$44.125.0
119,188,0
767,492.0
27,948.0
96.961,0
122.147.0
577.653,0
44,918,0
744,718.0
18.539,0
4.268.0
57.031.0
10.857,0
72.156,0
62,237.0
9.919,0

$44,125,0
119,187.0
771.384.0
35.424,0
101,431.0
123.249.0
594.461.0
44.470.0
762.180,0
17,543.0
3.496.0
59,029.0
10,534.0
73.039.0
63.535.0
9.524,0

* Cash in vault not counted as reserve for Federal Reserve members.

Condition of the Federal Reserve Bank of New York.
—The following shows the condition of the Federal Reserve
.
Bank of New York at the close of business May 16 1923 in
comparison with the previous week and the correspondmg
date last year:
May 16 1923. May 9 1923. May 17 1922.
Resources—
Gold and gold certificates
175,995,076 154,630.623 216.930,000
Gold settlement fund—F. R. Board... 265,362,476 253.267.203 138,282,000
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
Total gold reserves
Reserves other than gold

441,357,552
637.976,470
9,347,832

407.897.826
636.076.670
10.328.157

355.212,000
799.111,000
10.000.000

.1,088,681,856 1.056.302,155 1.164,323,000
25.452,000
14,898.220
.
16,481,858

Total reserves
1
'Non-reserve cash
Bills discounted:
Secured by U.S. Govt. obligations_
All other
Bills bought In open market

105,163,714 1.071.200.875 1,169,775,000
10.683.187
9.222,776
124,537,074
28,700,305
75.645,445

148,803.029
50,127,112
56,837.880

26,101.000
18.834,000
24,186,000

Total bills on hand
228,882,825
U. S. bonds and notes
7,148,750
IL 8. certhIcates of Indebtedness—
One-yea certificates (Pittman Act)._
All other

255.538.002
3,348.750

61.121,000
44,398,000

1.224.000

22,000,000
121,835,000

Total earning assets
236,031,575
Bank premises
11,709,027
5% re temp.fund agst.F.R.bank notes_
Uncollected Items
175.130,829
All other resourcee
1,475.485

260.140.752
11.709.027
124,910.184
1.46.3.621

237,374.000
8,355,000
911,090
124,626,000
4,404,000

1,538,733,408 1.480,007.649 1.585,443.000

Total resources
Llabillttes—
Capital paid in
Surplus
Deposits—
Government
Member banks—Reserve account
All other

29,158,850
59,799,523

29.042.900
59.799.523

27.402,000
60,197,000

11,700,832
722,576,547
17,070,683

4,791.821
694,444.674
19,872,476

15.737.030
734,777,000
11.546,000

751,348,063
Total
F. It. notes In actual circulation
562,182,482
F. R. bank notes In circu'n—net liability
132,395.999
Deferred availability items
All other liabilities
3.848,489

719.108.972
566,317,615

762.060.000
617,404,090
16,978,000
97.110,000
4,264,030

Total liabilities

102,043,539
3.695,098

1,538,733,408 1.480.007.649 1,585,443,000
83.3%
9,517.593

86.2%
13,496,489

5,603

4.244

Capital
Surplus and profits
Loans, disc'ts & investm'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S. deposits (not incl.).
Res've with legal deposit's
Reserve with F. It. Bank__
Cash In vault*
Total reserve and cash held
Reserve required
Excess res. & cash in vault

April 28
1923.

May 5
1923.

Total.

Ratio of total reserves to deposit and
F. R. note liabilities combined
84.1%
Contingent liability on bills purchased
for foreign correspondents
7,759,123
• Not shown separately prior to January 1923

1,238

Trust Company Not Members of Fed. Reserve Bank
500
25
M ech.Tr„Bayonne
348 9.954
399

1Week ending May 12 1923.
Two Ciphers (00) omitted Membersof
Trust
F.R.System Companies

Total

Total

1.000

500

2.370 26,868

348

9,954

3,276

399

25

CURRENT NOTICES.

3,500 5,333 58,137
Grand aggregate_
Comparison with Previous week _ - +43'

3,871
+75

3,591 a40.875 14,527
+166 +1.393 —632

198
+1

Gr'd aggr., May 5 3,500
Gr'd aggr., Apr.281 3,500
Gr'd agar.. Apr.21 3,600
(led seer.. Ant 14 3.500

3.796
3,788
3.772
a ass)

3,425 a39,482 15.159
3,448 439334 15.933
3.517 a39.204 15,196
a ale .to ,g.c IS MS

197
197
197
107

5.333
5.333
5,333
5.05)4

57.702
58,656
58.157
57 5.14

a United States deposits deducted, 5258 000.
Bills payable. rediscounts, acceptances and other liabilities. 51,503,000.
Excess reserve, $51,380 Increase.




—Rutter & Co. have Issued the third edition of their Canadian bond
chart containing a map of the Dominion of Canada and showing all outstanding Canadian provincial bonds, with date of each issue. interest rates,
maturity and where payable, together with a description of the Industrial,
commercial and agricultural importance of each province and the financial
statement of each province.
—Tameling, Keen & Co., members New York Stock Exchange. announce
that John G. Roach,formerly with Czarnikow-Rionda Co.,is now associated
stith them as Manager of their Sugar Futures Department.

2230

[Vol.. 116.

THE CHRONICLE
Weekly Return of the Federal Reserve Board.

The following is the return issued by the Federal Reserve Board Thursday afternoon, May 17,and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
ao a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the return for the latest
week appears on page 2197, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS

MAY 16 1923

May 16 1923 May 9 1923. May 2 1923. April 25 1923.1 April 181923. April 11 1923. .4 pill 4 1923. 3far. 281923. May 17 1922.
RESOURCES.
Gold and gold certificates
Gold settlement fund, F. R. Board

$
344,013,000
686,707.000

8
323,0112.000
706.261,000

5
317,740,000
693,564,000

$
323,822,000
695,630,000

5
326,375.000
659,887,000

$
324,630,000
657,410.000

$
325,434,000
677,216,000

5
320.401,000
653,708.000

$
325,816,000
473,506,000

Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund

1,030,750,000 1.029,323.000 1,011,304,000 1,019,452,000 936,262.000 982.040.000 1,CO2.700.000 974.109,000 799,322,000
1,999,818,000 2,005,066.000 2,005.998,000 2,007,555,000 2,036,490.000 2.041.509,000 2,013,538.0CC 2,034,099,000 2,140,192,000
54,474,000
57,317,000
63,277,000
59,870.000
57,562,000
62,210,000
65,629,000
55,586,000
53.257,000

Total gold reserves
Reserves other than gold

3,087,885,000 3,088,863,000 3,080,579,000 3,084,569,000 3,082,622,000 3,085,759.000 3,069,495.000 3,063,794,000 3,005,143,000
92,557,000
93,166,000
95,920.000
93,809,000
94,473,000
98,680,000 103,522.000 112,494.000 125,982,000

3,181,051,000 3,181,420.000 3,174,388,000 3,179,042,000 3,178,542,000 3.184,439,000 3,173,017.000 3,176,288,000 3 131,125,000
Total reserves
66,642,000
67,726,000
61,642,000
70,601,000
67,225,000
•Non-reserve cash
66,663,060
65,815,000 1
*
Bills discounted:
66,253,000
Secured by U. S. Govt. obligations._ 360,200,000 358,637,000 392,633,000 339,880,000 334.611,000 327,412,000 380,785,000 388,238,000 169,714,000
337.131,000 336,380,000 367,707.000 296,717,000 308,851.000 295,238,000 314,445,000 311,781.000 298,982,000
Other bills discounted
281,009,000 266,992,000 275,429.000 274,041,000 277,447,000 274,339.000 259.879,000 254.251,000
97,123,000
Bills bought in open market
978,940.000
151,663,000
37,226,000

Total bills on band
U. S. bonds and notes
U. S. certificates of indebtedness
Other centflvates
Municipal warrants

40,000

962,009,000 1,005,769,000
148,960,000 147,993,000
36,854,000
36,779,000
40,000

40.000

910,638,000 920,909,000
157.030,000' 158,910.000
36,780,000
79.097,000
41,000

41,000

897,039,000
162.826,000
75,323,000

955,109,000
164.586,000
74,563,000

954.270.000
172,208,000
77,201,000

41,000

41,000

41,000

565.819
,000
241,115,000
353,860,000

1,167.839,000 1,147,863,000 1,190,581.000 1,104.489,000 1.158,957,000 1.135.234,000 1,194,299,000 1,203,720.000 1,160,794.000
Total earning assets
59,484,000
50,155,000
50,059,000
49,945,000
40,326,000
49,692,000
Bank premises
48,938,000
49,208.000
48,847.000
191,000
191,000
191,000
191,000
191,000
7.678,000
191.000
5% redemp. fund agst. F. R. bank notes
191,000
191,000
734,416,000 600,831.000 640,543,000 622,644,001) 723.336.000 638.391,000 621,458.000 559,481,000 587,772,000
Uncollected items
13,811,000
14,057,000
14,199.000
14,065,000
20,035,000
13,871,000
All other resources
13.627.000
13,434.000
13.588,000
5,214,710,000 5.061,997,000 5,131,603,000 5,041,067,000 5,191,814.000 5.087.348.0005.118,000,006 5,067,930,000 4,947.730.
000

tal resources
T,
LIABILITIES.
paid in

109,273,000 109.029,000 108,822,000 108,857,000 108,649,000 108,683,000 108,647,000 108,623,000 104,656,000
218,369,000 218,369,000 218,369,000 218,369,000 218,369.000 218,369,000 218,369,000 218,369.000 215,398,000
22,616,0(10
56,057,000
49,083,000
34,692,000
44,936.000
45,218,000
3'),278,000
85.432.000
74,423,000
1,907,893,000 1,886,455,000 1.894,651,000 1,853,935,000 1,924,525.000 1,876,414.000 1,894,035.000 1,871.373,000 1,810,810,000
28,599,000
29,741,000
40,114,000
19,916,000
21.540.000
20,499,000
35,957,000
19,465.000
20,148,060

Cap!Al
Burp .,s
Deposits—Government
Member bank—reserve account
Other deposits

1,993,691,000 1,937,670.000 1,983,848,000 1.908,543,000 1.991.001.000 1,942.131,000 1.988,606.000 1,976,270,000 1,886,045,000
Total deft vilts
... 2,232,999,000 2,241,819,000 2,237,505,000 2,222,588,000 2,220.251.001 2,231,041,000 2.240,051,000 2,232.482,000 2,146,654,000
F. R. notes in actual circulation
2.299,000
2,065,000
2,287.000
1,878,000
2.443.000
2.472,000
F.R. bank note la circulation—net [lab.
2,488,000
72,474,000
2,435.000
641,510,000 536,219,000 564,784,000 564.398.000 635,966,000 569,272.000 544.367.000 515.298,000 501,283,000
Deferred avallabl'u v items
16,826,000
15,972,000
16.025,000
16,990,000
15,135,000
All other liabilities
15,380.000
14,572,0011
21,218,000
14,453.000
—
5,214,710.000 5,061.997,0W 5331,603,000 5,011,067,000 5,191,814,000 5,087,348,000 5,118,000,000 5,067,930,000 4,947,730,000
Total liabilities
Ratio of gold reserves to deposit and
73.91%
73.2%
72.98%
F. R. note liabilities combined
73.06%
74.67%
73.9%
72.5%
72.7%
74.521
%
Ratio of total reserves to deposit and
76.1%
75.2%
F. R. note liabilities combined
75.3%
77.0%
76.3%
75.5%
75.0%
77.6%
75.5%
Contingent liability on bills purchased
33,61.5,000
28,677,000
33,235,000
33,085,000
for foreign correspondents_
34,219,000
Distribution by Maturities—
1-15 days bills bought in open market_
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness.
1-15 days municipal warrants
16-30 days bills bought in opp market.
16-30 days b111s discounted
16-30 days U. S. certif. of indebtedness.
16-30 days municipal warrants
01_60 days bills bought in open market_
31-60 days bills discounted
31-60 days U. S. certif. of Indebtedness
31-60 days municipal warrants
31-90 days billy bought in open market.
31-90 days bills discounted
31-90 days U. S. certif. of Indebtedness_
31-90 days municipal warrants
07er 90 daYs bins bought In open market
Dyer 90 days bills discounted
Over 90 days certif. of indebtedness....
Over 90 days municipal warrants

5
62,389,000
471,516.000
403,000
4(1,000
57,365,000
54,385,000

$
66.238,000
507.132,000
515,000
40,000
45.648,000
51,223,000

$
61,703,000
431,439,000
20,000
41,001)
41,600.000
46,760,000

S
73,519,000
447,929.000
5,905.000
41,000
44,299,000
41.850.000

$
80,670,000
433,598,100
1,584,000
41,000
45.052,000
42.008.000

95.755.000
81,841,000

92.420.000
86.544.001
427,000

98,994,000
86,441,000
213,000

96,885,000
83,234,000
670.000

79,702,000
81,627,000

40,000
32,359,000
52,277,000

45,541,000
51,337.000

54,889,000
56,365,000

65,005,000
50,585.000

9,674,000
35,691,000
35.239,000

9,277.000
31,235.000
36,024,000

9,610,000
29.179.000
36,051.006

8.848,000
24,749,000
36,090,000

S
80,532,000
466,101,000
63,199,000
61,418,000
1,987,000

$
60,462.000
493,438.000
1,449,000

$
88.201,000
513.267.000
2,819,000

$
32,925,000
238,154,000

53,095,000
47,391,000

50,121,000
42,899,000

20,098.000
53,759,000
74,132,000

67,678,000
73,744,000

41,000
61,977.000
78,908.000

57.897,0013
71,245,000

22,204,000
83,288.000
3,500,000

68,510,000
50,435,000
267.000

68,045,000
52,691,000
34,000

70.003,000
55,447,000
582,000

11,417.000
22,221,000
72,925,000

12,944.000
20,609,000
73,710,000

14,342.000
20,045,000
72.532,000

41,000
63.829.000
51,772,000
14,203,000
20,836,000
74.382,100

18,350,000
46,260,000
34,217,000
3,546,000
47,235,000
212,011,000

Federal Reserve Notes—
Jatetanding
Reid by banks

2,595,925,000 2,599,266,000 2,599,440,000 2,601,820,000 2,595,432.000 2.613,072.000 2.618.699,000 2.601.079,000 2,527,081,000
362,926,000 357,447,000 361,935,000 379,232,000 375.181.000 382,031,000 377,748,000 308,597,000 380,425,000

In actual circulation

2.232,999,0002.241.819,000 2,237,505,000 2,222,588,000 2,220,251,000 2,231,041,000 2,240,951.000 2,232,482,000 —
2,146,656,000

Amount charges:de to Fed. Res. Agent 3.451,253,000 3.447,299,000 3.427,903,000 3.417.315,000 3,427,962.000 3.443,457.0003.447.496,000 3,463,617,090 3,326,430,000
855,328,000 848,033,000 828,463,000 815.525,000 632,530,000 830,385.000 828,797,000 862.538.000 799,349,000
la hands of Federal Reserve Agent
Issued to Federal Reserve banks
MO SCrflred,
39' gold and gold certificates
3y eligible paper
30111 redemption fund
89th Federal Reserve Board

2,595,925,000 2,599.266,000 2,599,440,000 2,601,820,000 2,595,432,000 2.613,072,000 2.616,699,000 2,601.079.000 2,527,081,000
—
314,899,000 314,899,000 314,899,000 314,899,000 314,899.000 314,899,000 314.699.000 314,899,000 406,214,000
598,107,000 594,200.000 503,442,100 594.265.000 558,942.000 571,563,000 605,161,000 566,980,100 386,889,000
126,812,000 125,819,000 135,068,000 119,082,000 123,761,000 130,235,000 129,082,000 129,141,000 136,736,000
1,558,107,000 1,564,343,000 1,556.031,000 1.573,574,000 1,597.830.000 1,506.325,000 1,570,557,000 1,590.059,000 1,597,242,000

2,595,925,000 2.599.266.000 2,599,440,0(10 2,601.820,000 2,595,432,000 2,613.072,000 2,618,699,000 2,601.079.000 2,527,081,000
—
939.942.000 927.711.000 962.8771.00 877.448.000 879.878,000 861.802,000 910.978,000 907.160.000 545,900,000
• Not shown separately prior to Jan. 1923.

Total

Cliedble paper delivered to F. It. Agent_

WEEKLY STATEMENTOF RESOURCES AND LI ABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUS NESS MAY 16 1923
Two ciphers MO) oraUted.
Chicayo Si. Louts Minneap. Kan. City Dallas San Aran.
Boston New York Phila. Cleveland Richmond Atlanta
Total
Federal Reserre Bank of—
RESOURCES.
Gold and gold certificates
Gold settlement fund—F.R.Wrt
Total gold held by banks
Gold with F. It. Agents
Gold redemption fund
Total gold reserves
Reserves other than gold
Total reserves
Non-reserve cash
Bills discounted:
Secured by U.S.Govt.obliga'n
Other bills dIscounted
Bills bought in open market
Total bills on hand
U. S. bonds and notes
indebtedness_
U.S.certificates of
M unicl pal Warrants
Total earning swots__ _ _




$
$
S
$
$
$
8
S
$
175,995,0 24,505,0 12,558,0 8,343,0 5,947,0 53,317,0 3,512,0 8,028,0 3,134,0
265,362.0 30,677,0 54,719,0 24,665,0 27,222,0 111.335,0 15,819,0 15,497,0 32,141.0
—
82,801,0 441,357,0 55,182,0 67,277,0 33,008,0 33.169,0 164,652, 19,331,0 23,525,0 35,275,0
0
168.565,0 637,976,0 163,077.0 205.542,0 36,157.0 90,673.0 358,623,0 59,752,0 46,350,0 38.039,0
8,209.0
9,348,0 7,453.0 1,556,0 4,149,0 2,955,0 10,347.0 2,855,0 2.368,0 2,874,0
-—
259,575,0 1,088,681,0 225,712.0 27 375, 73,
4.
0
0
314, 126,797.0 533,622,0 81,938,0 72.243,0 76,188,0
16,482,0 3,656,0 6,270,0 6,807,0 7,616,0 13,635,0 17,738.0
8.088,0
692.0 3.769,0
—
—
287,663.0 1,105,163,0 229,368,0 230,645,0 80,121,0 134,413,0 547,257.0 99,676.0 72.935,0 79,957,0
11,363,0
9,223,0 3,471,0 5,536,0 2,438,0 7,075,0 8.167,0 4,530,0 1,633,0 3,268,0
$
17,358,0
65,443,0

$
$
10,644,0 20,702,0
8,280,0 35.547,0

$
344.043,0
686,707.0

18,924,0 56,249,0 1,030,750,0
12,355,0 182,709,0 1,999,818.0
1.026,0 4.177,0
57,317,0
—
32,305,0 243,135,0 3.087,885,0
4,678,0 3,735,0
93,166,0
36,983,0 246,870,0 3,181.051,0
4,403,0 5,485,0
66.642,0

18,863,0
26,030,0
20,102,0

124,537,0 43,899,0 37,609,0 26,582,0 4,391,0 36,636,0 15,026.0 6,368,0 15,666,0 2,345,0 28,188,0
28,700,0 18,395,0 27,455,0 37,131,0 22,971.0 54,432.0 17,497,0 18,650,0 24,178,0 23,633,0 38,059,0
75,645,0 22,273,0 42,102,0 2,209,0 30,317,0 33,906,0 11,158,0
81,0
129.0 12,626,0 31,061,0

350,200,0
337,131,0
281,609,0

84,995.0
5,574,0
196,0

228,882,0 84,567,0 107,256,0 65,922,0 57.679,0 124.974,0 43,681,0 25,099,0 39,973.0 38.604,0 97,308,0
7,149,0 24,580,0 12.304,0 1,341,0
552,0 6,930,0 14,878,0 14,564,0 32,840,0 3,379.0 27,572,0
348,0 7,010,0
406,0 18,779,0 2,555,0
1,908,0 6,000,0
24,0
40,0

978,940,0
151,663.0
37,226,0
40.0

70 7RA A

236.031.0 109.535.0 126.570.0 67.263.0 58.637.0 150.683.0 61.114,0 39.663.0 74.721.0 47.983.0 124 904 0 1.11178600

MAY 19 1923.]

THE CHRONICLE

RESOURCES (Concluded)
Two ciphers (00) omitted.
lank premises
,,
X, redemption fund
F. R. bank notes
Incollected Items
111 other resources

Boston

New

$
4,434,0

against

66,341,0
147,0

Total resources
LIABILITIES.
7apital paid in
lurplus
3eposlts: Government
Member bank-reserve acc't
Other deposits

York

5
11,709,0

Cleveland Richmond

Phila.
$
712,0

3
8,378,0

3
2,617,0

Atlanta
$
2,516,0

2231

Chicago St. Louis Minneap. Han. Oh
S
8,715,0

$
1,270,0

3
943,0

S
4,935,0

Dallas

San Aran.

$
1,942,0

Total

3
2,303,0

$
50384,0

100,0
65,0
26,0
175,131,0 67,296,0 80,907,0 60,282,0 28,243,0 96,666,0 37,731,0 15,749,0 39,708,0 23.238.0 43,124,0
1,476,0
464,0
605,0
384,0
380,0
764,0
301,0 1,643,0 1,170,0 2,232,0 4,491,0

191,0
734.416,0
14,057,0

420.713,0 1,538,733,0 410,846,0 502.641,0 213,105,0 231,264,0 812,317,0 204,350,0 132,893,0 203,859,0 116,807,0 427,182,0 6,214,710,0
8,066,0
16,312,0
1,042,0
126,197,0
419,0

29,159,0 9,762,0 12,e40,0 5,712,0 4,413,0 15,021,0 4,932,0 3,573,0 4,595,0 4,197,0 7,803,0 109,273,0
59,800,0 18,749,0 23,495,0 11,288,0 8,942,0 30,398,0 9,665,0 7,473,0 9,488,0 7,496,0 15,263,0 218,369,0
11,701,0 3,901,0 3,971,0
892,0 3,953,0
'
,
4,237,0 2,007,0 4,060,0 2,243,0 8.595.0
56,057,0
722,577,0 114,315,0 163,225,0 60,478,0 57,262,0 275,632.0 67,145,0 46,971,0 80,968.0 48,118.0 145.005,0 1.907,893,0
17,070,0
948,0 1.036,0
211,0
246,0 4,253,0
521,0
482,0
171.0 3.893,0
491,0
29,741,0

Total deposits
127,658.0 751.348,0 119,164,0 16. 232,0 61.581.0 61,461,0 239,340,0 71.873,0 49,460,0 85,549,0 50,532,0 157,493,0 1.993,691,0
P.It. notes in actual circulation
205,230,0 .562,182,0 202,774,0 227,686,0 78,885,0 134,188,0 396,287,0 76,962,0 55,550,0 60,560,0 27,428.0 205,267,0 2,232,999.0
I'. R. bank notes in circulation
net liability
396,0
652,0
830,0
1,878,0
3eferred availability items
62,690,0 132,396,0 59,237.0 69,732,0 54,868,0 21,337,0 78,883,0 39,945,0 15,761,0 42,058,0 24,879.0 39,724,0 641.510,0
111 other liabilities
757,0
3,843,0 1,160,0 1,456,0
771,0
923,0 1,736,0
779.0 1,879,0 1.632,0
16,990,0
973,0 1,076,0
Total liabillttes
420,713,0 1,538,733,0 410,846,0 502,641,0 213,105,0 231.264,0 812,317,0 204,350,0 132,893,0 203,859,0 116,807,0 427,182,0 5.214,710.0
Memoranda.
1atio of total reserves to deposit
and F. It. note liabillt:es combined. per cent
80.4
84.1
71.2
70.9
57.0
68.7
47.4
79.8
54.7
68.1
73.3
67.0
69.5
.7ontingent liability on bins purchased for fo-elen enrreseemers e 1 K9 n
7 7F0 ri .1 sne n 3 nee n
1 4(420 1 170 n 7 oes (5
1 .r5t7 0
070 n
1 2740 1_033.0 2.037.0
28.677.0

STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS
MAY 16 1923.
1
Federal Reserve A pent al.Boston New York Phila. Clever d Richned Atlanta Chicago St.Louis Minn. K. CM/ Dallas San
.I Total
Resources(In nousaricts of Dollars)
S
S
5
$
S
3
3
$
5
3
$
3
$
Federal Reserve notes on hand
92,850 318,340 48,600 33,400 29,030 81,188 109.500
10,494 59,825 855,328
Federal Reserve notes outstanding
221,602. 728,965 232,845 246,760 87,826 138,001 445,258 25,990 11,948 25,163 31,025 240,967 2,595,925
95,907 58,533 68,233
CallateralseeurIty for Federal Reserve notes outstanding
Gold and gold certificated
25,300 235.531 7,000 13,275
2,400
314.899
11,880 13,052
6.461
Gold redemption fund
15,265 • 31,445 16,188 12,267 4,362 5,773
14,978 3,372
1,894 17,291 126,812
Gold Fund-Federal Reserve Board
128,000 371,000 139,889 180,000 31,795 S2.500 343.645 44,500 1,298 2,679
32,000 35,360 4,000 165,418 1,553,107
Eligible paper/Amount required
53,037 , 90,989 69,768 41,218 51,669 47,331
86,635 36,155 12,183 30,194 18,670 58,258 596,107
lExcess amount held
11,938 I 111,798 6,077 64,989 12,507 10,218
38,334 7,330 12,554 9,779 19,823 38,408 343,835
Totrd
548,012 .388.018 520,367 591,909 217,249 367,414 1,038,350 225,134 141,568 171,408 101.367 580.167 6,391,013
LiotdlitiesNet amount of Federal Reserve notes received from
Comptroller of the Currency
314,452 647,305 281,445.280,160 116,856 219,192 554,758 121,897 70,481 93,396 50,519300,792 3,451,253
(..loiLateral received from]Gold
168,565 637,976 163,077 205,542 36,157 90,673 358,623 59,752 46.350 33,039 12,355 182,709 1,999,818
Federal Reserve BanklEligible paper
64.995 202,787 75,845 106,207 64,236 57,549 124,969 43,485 24,737 39,973
38.493 96.666 939,942
Total
548,012 1,888.063 520,367 591,909 217,249 367,414 1,038.350 225,134 141,568 171.403 101,367 580,167 6,391,013
Federal Reserve notes outstanding
221.602 728,965 232,845 246,760 87,826 138,004 445,258 95,1/07 58,533 68,233
Federal Reserve noted held by banks
31,025 240,967 2,595,925
16,372 166,783 30,071 19,074 8,911 3,816
48,971 18,945 2,983 7,673 3,597 35,700 362,926
Federal Reserve notes In actual circulation
205.230 562,182 202,771 227,686 78,885 134,188 396,287 76,962 55,550 60.560
27.428 205.267 2.232.999

Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items
of the resources and
liabilities of the 775 member banks,from which weekly returns are obtained. These figures are
always a week behind those
for the Reserve Banks themselves. Definitions of the different,items in the statement were given in the
statement of Oct. 18
1917, published in the "Chronicle" Dec. 29 1917, page 2523. The comment of the Reserve Board upon the
figures for the latest
meek appear in our Department of "Current Events and Discussions" on page 2197.
1. Data for all reporting member banks In each Federal Reserve District at close of business '1lay 9 1923.
Federal Reserve District.

s

46

New York

$

108

Phila,

s

55

Cleveland Richmond Atlanta
'

s

84

s

31,781
17,908
269,238 398,963
342,113 691,420
-872,016 4,243,196 629,259 1,122,164
12,319
47,769
48,535
10,960
78,710 444,034
46,990 119.417
5,292
7,123
32,057
3,988
57,720
23,785 492.971
53,294
4,223
10,867
51.243
5,393
172,517 708,505 183,735 235,997

13.024 108,507
241,047 1,657.328
617,945 2,477,361

s

39

Chicago St. LOW3Minneap. Kan. City

s

106

7,756
42,848
66,307 590,103
330.943 1,159,629

461,666
30,335
31,315
4,967
9,190
3,557
51,138

405,006 1,792,530
14,381
25,066
14,801
94,052
1,993
12,470
6,920 115,365
7,929
22,447
35,205 356,234

933,619 1,651,062
72,563 113,306
31,923
15,823
711,782 942,642
89,109 558,336
17,331
19.801

592,174
35,073
13,509
328,516
153,233
6,684

48(1,2402,418,214
33,110 208,898
10.194, 55,026
278,584 1,519,755
169,729 778,441
7,982
21,172

18,116
17.470

16.385
20.696

s
15,175

19,932
91a9

1,432
7,725

S

29

s

77

Dallas

*

52

San Fran.

s

65

Total

s

775

134,714
308,438

7,065
51,206
186,291

7,829
78,056
361,924

5,371
47,765
200,214

15,072
283,975
166,778 3,826,569
809,179 7,811,320

245,462
8,761
11,666
1,219
23,454
2,449
29,432

447.809
12,008
45,741
4,727
21,218
7,758
57,032

2.53,350
20,193
15,756
2,240
16,686
6,059
8,960

991,029 11,921,864
35,326
280,985
100,394 1,025,415
12,824
97,878
48.551
893.464
12,391
139,459
158,052 2,131,996

619,672
42,033
8,255
365,421
182,345
7,236

322,493
20,569
6,271
200,317
84,408
3,024

590.343
48,224
12,089
440,407
127,719
5,082

323,244 1.358.56716.491,961
25,329
94.792 1,401.979
8,968
21,634
287,863
223,722 712.586 11.193,673
75,000 582,770 3,968,599
11,039
17.433
240,149

7,401
9.788

3,320
4.917

10,509
11,408

ti

10,739
125,064
325,863

36

01

Total loans & dise'ts dr investm'ts.
Reserve balance with F. R. Bank . 1,168,892 6,020.541
81,209 626,873
Cash in vault
19,238
84,933
Net demand deposits
809,692 4,660,249
Time deposits
255,733 911,771
Government dem posits
13,445 109,920
Bills payable tuirl rediscounts with
Federal Reserve Bank:
Secured by U.S.Govt.obligations
5,555 130,383
All other
12,056
41.783

77

0001

Total loans and discounts
U. S. pre-war bonds
U. S. Liberty Noted
U.. S. Trmsury Noted
U. S. Victory notes & Trees' um es_
U. S. CertifIcates of Indebtedness_.
Other bonds, stocks and securities.

Boston

,
14
01
C4 • C,
01e0000.1..)
.
C. q.-4 0
CI el 0 ,

Number of reporting banks
UMW and discounts, gross:
Secured by U.S. Govt. obligations
Secured by stocks and bonds
All other loans and discounts

Three ciphers (000) omitted.

I

22,957
28.827

212
5,684

22,453
20,970

258,66
190,51

2. Data of reporting memher banks In Federal Reserve Bank and branch cities
and all other reporting banks.
Three ciphers (000) omitted.

City of Chicago
----May 2. May 9. May 2.

New York City
llfay 9.

Au

i
F. R. Bank Clitee,P. R. Branch

11Iay 9.

May 2.

I

cute.,Other detected Cities.

May 9. , May 2.

May 9.

Total.

May 2. May 9'23.1May 2'23. May 1022

Number of reporting banks
64
64
48
258
258
207
48
2071
310
4
310
775
Loans and discounts, gross:
775
798
$
$
$
•
3
s
$
$
$
$
3
$
Secured by U.S. Govt.°bile:Wong
$
$
182,331
48,970
194.638
99.331
49,23
32,456
33,842
40,367
87,298
41,462
283,975
273,027
Secured by stocks and bonds-- --•
331,987
13 .
72 600 1.554 793 453,034 457,70' 2,774,873 2,869,173 567,057 563,384 484,639 490,461
.
All other loans and discounts
2,162,578 2,163,188 687,760 682.214 4.835,167 4,817.4831,580,851 1.579,12511,395,302 1,393,471 3,826.569 3,923,018 3,311.351
7,811.320 7.790,079 7,232,583
•-.
Total loans and discounts
3,734,5153,805,279 1,174.6361,172,375 7,804,678 7,868,987 2,196,878 2,191,743 1,920,308 1,925,394 11,921,864
U. S. pre-war bonds
11,986,124 10,875,921
37,884
98,568
98,838
3,891
37,884
77,087
3,892
77,156 105,331 105,329
U.S. Liberty bonds
280,985
281,323
376.375 370,262
600.154 254,780 253,900 168,767 168,660 1,025,415
37,217
601,868
36,704
U.S. Treasury bonds
1,022,714 1,157,991
22,626
23,312
50,403
51,169
5,380
25,260
5,129
26,059
22,215
22,888
U.S. Victory notes & Treasury notes
97,878
100,116
665,668
659,060 147,659 148,409
67,101
68,787
80,137
U. H. Cert Meatus of Intiebteduesd... 460,543 456,749
80,191
893,464
500,063
887,66d
46,360
78,140
74,910
42,143
9,363
38,150
9,264
41.673
23,169
Other bonds, stocks and " e'lrities
23,509
136,364
139,459
140,092
,
509, 07 519.330 179,160 184.244 1.139,808 1,154,912 569.705 574,289 422,483 423,444
0
2,131,996 2,152,645 2,191,283
Total Mend & .1 ise'ts 4 • t it,W1.4.
5.187,310 5,254,959 1,477,572 1,479,571 10,439,133 10,508,030 3,309,519 3,313,229
Reserve balance with I 11. .sank.. 577,945
2,742,409 2,749315 16391,061 16,570,67414,861,622
,
593,004 147,785 141,914
999,347 1,008.671 235,466 234,382 167,166 168,543 1,401,979 1,411,596 1,390,211
Cash in vault
69 8156.3,214
.
29,058
147,166
140,005
29,832
60,515
58,313
Net demand deposits
280.639
80,182
77,946
276.264
287,863
4,153,7914,249,859 1,035,246 1,051,581 7,56(1,031 7,687.663
1,933,873 1,894,871 1,688,769 1,702.449 11,153.67311,284,98310.829.264
Thee deposits
649.931 657.005 372.855 370,105 2,003,572 1,999,451 1
Government deposits
,122,4051,157,977 837,622 838,862 3,968,599 3,996.290 3,242,545
100,847 106,155
11,117
173,095
10,506
180,272
44,690
180,434
47,262
11111 Payable and reditsounts with
0
22,364
251,320
23,786
240,149
F. R. Bunk:
Seed by U.S. Govt.a Lligations
111,316
94,430
7,078
15,637
173,164
174,880
All other
54,227
263,279
57,295
31,272
31,104
258,663
57 557
.
31,132
54,704
19,733
22,036
123,310
92,684
152,960
Ratio of bills payable & rediscount
35,515 38,611
222.682
31,111
190,51'
31,690
with F. R. Bank to total loans
and investment• pea' cent... _ I
2.7
2.8
1.8
2.5
2.8
1.0
3.1
27
2.0
2.9
2.3
2.3
2.7
• Revised Mkt ee.




[VoL. 116.

THE CHRONICLE

azette

aniters'

Wall Street, Friday Night, May 18 1923.
-The review of the
Railroad and Miscellaneous Stocks.
is given this week on page 2222.
Stock Market
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Railroad, Slate. Man.
Stocks.
ending
Week
U.S.
and Foreign
May 18 1923.
Bonds.
Bonds.
Bonds.
Par Value.
Shares.
581,335 $53,818,500
871,160 61.410,000
626,120 45,693,000
676,404 64,100,000
551.500 47,420,000
437,000 31,200,000

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.

82,500,000
3.849.500
4,613,500
5,322,000
5,902.000
7,132,000

$877,500 $1,996,000
1,216,000 2,652,800
1,036,000 2,308,800
1,440,000 3,951,000
1,524,000 2,332,000
900,000 2,599,000

3.743,519 $303,641,500 529,319,000 56,993,500 815,839,600
Jan. 110 May 18
Week ending May 18.
1922.
1923.
1922.
1923.

101,889.373
98,388,829
7,159,870
3,743,5191
-No. shares- _ _
Stocks
S303,641,500E645.574,400 39.051.641,500 89,315,340,496
Par value
Bond..
$808,125,700
5319,408,925
Government bonds._ - $15,839,600 $37,886,550
257,304.000
191,575,700
6,993,500 11,099,500
State, mun.,&c., bonds
819,643.600
667.493,400
29,319,000 48,761,000
RR.and misc. bonds
1
S52,152,1001 597,747,060 51,178.478.025 51,885.073.300
Total bonds
PHILADELPHIA AND
DAILY TRANSACTIONS AT THE BOSTON,
BALTIMORE EXCHANGES.
Philadelphia

Boston
Week ending

May 18 1923.

10,320
13,685
•13,156
*12,668
*11,734
10.022

9,100
42,200
19,900
53,700
21,800
25,000

383
904
834
883
578
723

18,600
29.100
32,500
7,500
19,300
21.500

Total

71,585

31,676

171,700

4,305

128,500

as Clic

A AAA AAA

A AAA

ono AAA

266,100
44.200
29,950
31,900
10,950
24,000

3,273
6,812
6,123
6,169
4.851
4.448

407.100

,

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

Baltimore

Shares. Bond Sales Shares. Bond Sales Shares. Rend Sales

1 /AO MA

Thurs., 1,611.
•In addition there were sales of rights: Tues.. 1,269; Wed.. 1,273;
17
Daily Record of U. S. Bond Prices May12 May14 May16 kfaylet May
,
101.31 101 33
101.31
Mgt 101.3t 101431
First Liberty Loan
32 101.00 1006633 1007633
32 101,
334% bonds of 1932-47_. Low 101,
,
Clos. 101131 101132 101.00 100,833 101 33
(First 34s)
65
308
292
36
164
Taal sales in 31,000 units_
213
__ - _ 97.
4 ,, bonds of 1 HIal
Converted ,
971232
____
1932-47 (First 4s)____ Low

May18
101531
1003.33
100.43
117

-- -Total sales in $1,000 units.
-, gYien 9724n
13, 9716,, 911.7,2 ifilia
97,
4% bonalliigt
Converted 4,
97"32 97,731
97"22 97,733 971n
,
97 12
of 1932-47 (First 434s) Low
9714u 97,632 97,432 97,132 971733
('Ion
97,532
35
145
129
47
50
50
Total sales in $1,000 units_ _
_:_ _ 977.,
__ _ _
__ __
___ _
Second Converted 44% Ilig I
----------------977
--bon& of 1932-47 (First Low
Second 4(js)
_ _ __
__
____
___
TOI41 sales in $1,000 units_.
____ 97,1
fifIgi.
32-Second Liberty Loan
- ----- 97,133 97,739
____ 97,131
607 bonds of 1927 42_ __ _ Low
97"32
97"31
- -97"33
CIOSe
(Setiond 4s)
20
_ __
Total sates in $1,000 units__
- -2739
7
7
Converted 44% bonds{it i g II 07ltn 97.633 9 -1633 971433 975.33 97
,
Low
97032 97 43 97,711 971033 97,332 97,722
of 1927-42 (Second
Clots 97,232 97.433 970533 97.'32 971533 971833
4(45)
660
470
682
746
208
718
Total sales in $1.000 units_
93"33 981% 98.433 98,233 98.233 991,33
1111C
Third Liberty Loan
93,032
93632
Lo%
981031 98n3i 98nn 98 33
,
434% bonds of 1928
981,33 98.133
(Third 4345)(Clot. 98.13 98.633 98.31 98731
926
537
920
239
662 1,494
Total sates in $1,000 units..
mg! 97..33 970.31 972231 972.33 977631 976133
Fourth Liberty Loan
97.633 971632 97,633 97"n 97,633 972611
Los
44% bonds of 1933-38
.
97,033 977,33 977,33 971133 972132 975,33
Clow
(Fourth 445)
679
863
603
818 1,632
323
Total sales in 31,000 units_
,
,
Liberty Loan (lug) 100.3: 100 33 100 n 100.33 100233 100 00
Victory
,
44.4% notes of 1922-23_ Los 100,32 100.33 100.31 100 33 10000 10000
,
(Victory 4345)(Clot. 100033 100 33 100232 100732 100 00 100 00
4
8
6
12
65
113
Total sales in $1,000 units._
531 995532
99.
99In
fillg. 99.32
99733
99532
Treasury
99533
9973,
310w
99.33
99133
,
99.33
99 33
4348. 1947-52
990533
,
99 33
99 33
[Clow
99732
99632
,
,
99 33
57
755
IR%
11111
Ill
4
Tam, onlo. la It MI 3132113t

-The above table includes only sales of coupon
Note.
bonds. Transactions in registered bonds were:
28 1st 3340
7 1st 44s
13 2d 44s

,
434s.98 32 to 93100
6321160 3d 4348
1006632 to 101.
'n
97.'33 to 978
97732 to 9742 49 4th
,
_99132 to 99 33
I32
97, to 976133 22 Treasury 434s

Quotations for U. S. Treasury Notes and Certificates
-See page 2225.
of Indebtedness.
-The review of the Curb Market is
The Curb Market.
given this week on page 2222.
A complete record of Curb Market transactions for the
week will be found on page 2244.
-Sterling exchange was dull but
Foreign Exchange.
steady and some of the losses of the previous week were regained. The Continental exchanges continued to move
irregularly, with renewed weakness in marks the feature
of the week.

To-day's (Friday's) actual rates for sterling were 4 5934©4 6034 for
Comsixty days. 4 62©4 6234 for cheques and 4 6231 ©4 6234 for cables. ninety
mercial on banks sight 4 61% ©4 6234 sixty days 4 5904 5934,
documents for payment (sixty days) 4 59340
days 4 5834@458% and
payment 4 613(@4 623 and grain for payment
4 MM. Cotton for
4 6134©4 6234•
for Paris bankers' francs were 6.60310
To-day's (Friday's) actual rates short. Germany bankers' marks are
©6.65 for
6.62 for long and 6.6331 short bills. Amsterdam bankers' guilders were
and
not yet quoted for long
for short.
38.76©38.77 for long and 39.01(09.02 francs: week's range, 69.40 francs
Exchanges at Paris on London, 69.45
69.65 francs low.
high and
exchange for the week follows:
The range for foreign
caws.
Cheques.
Sixty Days.
Sterling. Actual4 6334
4 6334
4613.1
High for the week
46131
46134
45934
Low for the week




Paris Bankers' Francs
6.70
6.69
6.64
High for the week
6.58
6.57
6.52
Low for the week
Germany Bankers' Marks
0.0024 •
0.0024
High for the week
0.002034
0.002034
Low for the week
Amsterdam Bankers' Guilders
39.16
39.07
38.77
High for the week
39.08
38.99
38.69
Low for the week
Domestic Exchange.-ChIcago, par. St. LOUIS. 15(425c. per $1,000
discount. Boston, par. San Francisco, par. Montreal. $20.3125 per
$1,000 premium. Cincinnati, par.

The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week ending May 18.

Sales
for
Week

Range for Week.

Range since Jan, 1.

I

Lowest. !Highest.

Lowest.

Highest.

Par. Share $ per share. 1 $ per share. $ per share.S per share.
Railroads.
100 17 May 2 17 May 1 14(4 Jan 2434 Jan
100
Ann Arbor
300 164maY 2 1634May 1 1634 May 184 Apr
BR T warrants 1st p_ _ _
1003 May 863 May 1 6134 Apr 68
Jan
Buff Roch & Pitts_..l00
Apr 524 Mar
Canada Southern_ _ _ A00 100 514May 8 514May 1 50
334 Apr 534 Feb
Dul S S & Ati pref 100 200 44May 4 44May 1
100 174May 8 174May 1 1734 May, 1734 May
Keokuk & Des M pref100
434 Jan, 434 Feb
600 44May 8 44May 1
Manhat Elevated scrip__
Mod guaranteed_ _100 1,100 42 May 2 434May 1 3934 Apr 4534 Apr
Jan 1004 Mar
M SP&SSM pref-100 200 9334May 4 94 May 1 85
Mar 78
Jan
50 200 76 May 7 77 May 1 76
Morris & Essex
64 Jan 934 Mar
734May 8 74May 1
Mex lot pf _100 2
Nat Rys
30 974May 2 974May 12 974 May 10034 Jan
N Y Lack & Western 100
Northern Central_ _ _100 100 74 May 5 74 May 1 74 May 74 May
10 128 May 4 128 May 1 128 MaY128 May
Pitts Ft W & Chic...100
Rapid Transit Corp...,..' 600 164 MaY 2 1634May 1 1534 Arp 184 Apr
Apr
100 700 44 May 6 45 May 1 4334 Apr 49
Preferred
May 66
Jan
300 58 May 5 53 May 1 58
Tol St L & W series B_ _ _
Jan
50 May 6 50 May 16 50 May 66
1
Preferred series 13_
3,700 50 May 6 5234May 16 384 Apr 5234 May
1
West Penn
100 1,000 81 May 5 55y4may 1 754 Apr 854 May
Preferred
I
Industrial & Miscall.
141 22 May 254 Mar
American Chain. Cl A 25 2,300 22 May 7 23 May
Apr
Feb 40
American Chicle, pref100 600 37 May 6 40 May 18, 22
Feb
Apr 58
1
52 May 6 52 May 161 52
Am TeIeg & Cable_ _ _100
• 4,400 12 May 4 1434May 12. 12 May 1834 Apr
Arnold Constable
Mar
Jan 18
16 May 2 16 May 12 16
Art Metal Construe_ _10 3
Apr
Apr 177
100
100 172 May 2172 May 12 150
Atlas Powder
Apr10034 Jan
100 99 May 7 99 May 17, 97
Amer Roll Mill, pf _100
6 134May 161 14 Jan 234 Feb
ColTCoctfdep 40
134MaY
Atl Fruit
2.500 24 May 8 254May 12 224 Jan 284 Feb
Auto Knit
100 874 May 5 8734MaY 15 8634 Feb 9034 Jan
Atlas Powder 6% cum p
Jan
Apr 99
94 May 5 944May 14 94
Brown Shoe Inc. Pf-100 1.8
Calif Petroleum new._25 1,
234May 4 2334May 15 2134 May 2334 May
Mar 3634 Apr
4
Mil0..
35 May 7 354May 16 32
Century Ribbon
,
_.• 600 344May 4 35 Ma) .4 34 May 374 Apr
Columbia G& E w
• 100 143iMaY 4 144May 14 144 Apr 224 Jan
Conley Tin Foil
Apr
Apr 46
Commer,lab Solvents A_• 200 26 May 7 26 May 17 25
% M' % Apr
345lay 15
34May 5
Comp-Tab-se 3 rights_ _. 1,700
100
150 304MaY 6 3034MaY 16 2434 Feb 304 May
Crex Carpet
Cuban Dominion Sug_-• 2,500 7 May 5 74May 15 7 May 124 Mar
May 584 Mar
100 900 46 May 7 494May 15 46
Preferred
Apr
• 12,300 62343,Iay 2 664May 17 6114 May 69
Cuyamel Fruit
Mar 7334 Jan
100
I
70 May 5 70 May 15 70
Deere & Co pref
00
lii 254May 5 2534May 15 2534 Feb 3034 Feb
Frnerson-Prant pref.1
Feb
Jan 138
Fid Phan Fire Ins N Y 25 200 117 May 7 117 May 17 102
• 29,100 45 May 2 4734May 18 3734 Jan 4734 May
Fielschmann Co
May 714 Apr
May 14 60
16 May 8 68
700 6
. 1.
Foundation Co
7 124May 12 114 May 144 Apr
Gardner Motor
30 98 May 8 98 May 18 93 May 10334 Mar
Gen Am Tk Car pt ..100
Jan 9634 May
• 600 79 May 7 82 May 15 73
prB eklng
Gee efarred Co
100 1124May 71124May 17 11234 May1124 May
May 5034 Mar
May 18 40
100 40 May 8 40
Gilliland Oil pf(8%).100
Jan 1024 Feb
Gimbel Bros pref_ _ ...l00 300 974 may 4 98 May 171 90
Apr, 6134 Apr
Goodyear Tire Pref..-100 3,800 554 MaY 7, 60 May 14! 50
Feb
.
Prior preferred_ _ __100 2,400 964May 2 964May 15 0014 Apr 99
Gt Western Sug Pret 100
200 1044 MaY 7 105 May 1710434 may,lossi Mar
85 May 14 834 Jan! 954 Jan
100 900 84 May 2
Hartman Corp
May, 3934 Mar
Househ Prod temp ett _• 5,100 34 May 7, 3534May 14 34
• 7,600 934 May 6 10 May 14 1 934 May 1134 May
Ind Oil & Gas
50
10 121 May 5 121 May 1511934 Apr 1244 Mar
Ingersoll Rand
May, 4634 Apr
39 May 5 40 May 14 39
• 2,8
Indiand Steel w 1
Apr
800 104 May 7,1044May 12 104 May 105
Preferred w I
67 May 51 72 May 12 0534 Jan 734 Jan
International Shoe_ _ _ _• 2,
Tel & Tel_ _ _100 1,700 664MaY 4 6834May 18 6634 Mayj 714 Apr
Internat
• 800 274May 6 3034May 12 274 Ap 404 May
Intertype Corp
Apr
95 May 4 95 May 14 934 Ap; 96
K C Pr & Lt 1st pref.... 2
Kelly-Spgfield 6% pf _50 300 89 May 8 90 May 18 844 Ja 924 Mar
2 63 May 15 3534 Apr 63 May
• 1.600
Kinney Co
4 1124May 1411134 Apr 11.24 may
1000
Kresge (,9 5)Co pref_100
Apr
Apr 106
1 1611)(113411Niaaayyy 8 100 May 18 108
Loose-WI-Bls lst pf_100
li I
6, 8534May 16 8534 May 904 Feb
Mallinson(H R) pref 1
324May 12 22 May 3634 Apr
6
• 1,60
Magma Copper
Mar
100
110 8834May 81 884May 18 8834 Mar 90
Manila Electr1.•
Mar
)
May 309
6 270 May 4291 May ,M
Nat Bk of Commerce-100
Feb
May 104
900 94 May 4 95 May 141 94
NatCloak&8IitPf..luu
• .0: 3834 May 7 40 May14 364 Ap 424 Apr
Nat Dept Stores
1
5 95 May 17 9334 May 974 May
3.94 May
Preferred
Ma 324 May
1 i I 3ew 14m
York canners....' 1,1., 24sM ay 7 3234May 14 31
N
7 9434May 17 9434 May 0414 May
Preferred
Mar
11
..: 474May 2 474May 12 4734 May 66
NN&H Ity,G&E..1
20gMay 7 214May 12 2034 May 244 Apr
eu cpn
Nort
Oh ip hi., sripaiy
Mar
1 1
2 27'
2 33 May 12 3134 Ap 67
324May
Fuel
Apr
4334May 14, 4134 May 60
500f 42 May
•
Onyx Hosiery
Apr
96 May 12 954 May 98
100 2003 9534May
Preferred
1 00
11 9pmmm ayy
2
5
e
Orp Elev mp!
0tisheu m. prr pref_100 2 100 Maa y 7 92 May 17, 844 Ja 9534 Apr
Apr
6 1004May 16' 994 Ap 100
Ja 724 Mar
2 544May 18 47
Otis steel. pref
Feb
Apr 99
93 May 18 92
Packard Motor. pref.100
lOOf 93 May
9534may 16 984 May 106
Feb
• l0i 984May
Penn Edison. pref
41 May 14 3934 May 4354 Apr
Penn Coal & Coke_ __ _ 50 80 3934May
164May 12 154 May 1934 Mar
1 1,600 154MaY
Philip Morris
May 564 Mar
5 1,100 32 May 8 36 May 12 32
Phoenix Hosiery
Mar
100 96 May 5 96 May 15 95 May 100
100
Preferred
100 4134 may 8 414May 18 414 May 454 Feb
_50
Phlia Co.6% Pre
Mar 7234 Mar
pref.' 200 65 May 4 654May 14 63
pierce-Arrow prior
Apr
Jan 98
Plttsb Steel. pref. _ _ _ 100 200 96 May 8 9634May 15 92
Mar
Feb 96
200 82 May 2 82 May 12 60
Porto Rico-Amer Tobl
May 4934 Mar
2 45 May 18 44
Prod & Ref Corp, pref_ 50 700 44 May
p5 Corp N J, pf 8%.100 200 1024May 5 103 May 14 10234 May 1084 Feb
• SOO 474May 2 48 May 16 4584 May 614 Apr
New, common
10011631MaY 6 1164May 16 11534 Fe 12134 Mar
Ry Steel Spring. pref_100
May 1934 Mar
• 100 14 May 8 144May 14 14
Robt)& Co
I
Schulte Retail Stores...' 900 884May 5 904May 14 8834 May 9134 May
Jan
Simms Petroleum _ __ _10 3.100 103i MaY 2 114May 14 1031 May 16
• 11,000 284May 4 304May 14 2434 Ja 3434 Mar
Simmons Co
100 200 99 May 8 994May 15 874 Ap 10134 Mar
Preferred
Ma 984 Apr
915.1May 4 9234May 14 91
Shell Union Oil, pref_100 8
May 994 Feb
100 600 9434May 7 95 May 12 94
Sinclair Oil. pref_
Apr
Transue St Wins Steel_ _• 300 36 May 4 364May 15 3334 Ap 40
Jan 1644 May
50 t
7
27 1533iN y 51644May 18 136
Underwood Typew'r.1
Feb
•
2 534May 12 5334 May 69
U s Realtyb a
u S To ae o Im p
fullPd
2 1044May 17 10334 Fe 1084 Feb
4
3
1. 00 1°3 MaY 7 74May 17 6 May 1634 Feb
0
y
Va-Caro Chem B
Feb
100 3
40 May 2 45 May 1. 3934 Ma 64
Van Raalte
51134May 16 1114 Ma 1144 Feb
West Elea 7%
Mar
cum
10 2
3
17 M ay
Waldorf System Pf.113° 2.90 13 %May 8 384May 12 3734 May 47
_.
1
4May 12
4Ma
34 May' 14 Apr
Westing'se E & M Rts50 142698 723im ay 6
Mar
Jan 78
5 724May I 72
First tp
Wprt
I
65 May 6 65 May 16 65 Ma) 7134 Mar
Worthington. pref II_100
Jan
• 70 ntsv I. 07t4 Mal 80
Sheet •6 Tube • 9
077
4May
Yonncs'n
•No par value.

AN=

New York Stock Exchange-Stock Record, Daily, Weekly and Yearly

2233

OCCUPYING FOUR PAGES
For sales during the week of stocks usually lancelets, see preceding page.

-PER SHARE, NOT PER CENT. i Sales
HIGH AND LOW SALE PRICE
Saturday,
May 12.

Monday,
May 14.

Tuesday,
May 15.

Friday,
Wednesday, Thursday,
May 16. I May 17. ' May 18.

the
Wee.t.

STOCKS
NEW YORK STOCK
EXCHANGE

Per share $ per share l $ per share $ per share Aharaa
Per share $ per share
naninade
Par
39
*35
39
*35
•
38
40
40
*35
Ann Arbor preferred
39
*35
*35
39
100
99
99
997
993
4,700 Atch Topeka & Santa Fe..100
2 9882 100
9812 99
2 99
994 983 99
4
4
8834 883
8872 887
1,300
2 883 89
4 89 89
89
Do pref.
89
89
89
100
218
2
2 1a
.2
2
212
2
1,000 Atlanta Birm & Atlantic_ 100
2
*2
2
2
218
*11312 115 *114 115
11318 11318 115 115
700 Atlantic Coast Line R1L 100
1148 1148 114 1148
4932 4814 491
47
7 48'4 21,600 Baltimore & Ohio
473 48
4734 4812 478 483
2
8 47
100
57
57
57 571
*57 58
5612 5634 5612 564 5612 5612
700
Do pref '
100
•134 2
172 2
2
318
600 B:ooklyn Rapid Tranalt
4 2
13
4 134 *13
13
4
4 13
100
•134 2
*182 2
153 153 *138 2
•13a 2
100
*132 184
Ceralleates of deposit
15112 15418 153 155% 153 1551 151 153
15238 153% 15114 15312 19,800 Canadian Pacific
100
6412 653
6414 66
643 6514 6412 8438 *64
4
6412 6412 5,00 Chesapeake A Ohl°
65
100
100% 101 •10012 1014 *10012 10116 *10012 101
*10012 1014 *10012 101
500
Preferred]
100
24 218 *24 214
*218 214
24 24 *24 214
30 Chicago A Alton
212 218
100
*312 37
3% 3% *334 91
2
Preferred
3
34 34
3
100
3112 32
*30 32
31% 3214 31
2
31% 3134 3112 31358 3f4 1.100 Chic A East Ill RR (weW) --.
4
2
14 '
3
5778 577 *5812 59 *584 59
2
58
58
300
5812 *57
Do pre
58 *57
54 51
*54 514
5
54
1,50 Calms° Great Western___101
5
5
2 5
5
5
47
1118 11% 1138 1138 1112 114 11
*1118 12
1114
*11
50
11
Do pref
10(1
2012 2038 2034 211
21
2034 21
211
2012 203
4 4,200 Chicago Milo & St Paul_100
2034 208
3614 3634 3618 371
3834 3714 3612 367
Do pre!
3534 368 35% 363
2 8.600
100
78
78
7834 791
79
7912 78
7814 78
7812 7818 7838 1,400 Chicago & North Weetern_100
*113 116 *113 117 *114 117
116 116 *115 117 *112 117
Do pref
100
100
2812 29
28% 29% 2838 2914 2814 288
2814 2812 28 2 28% 9,400 Chic Rix k tel & Pao
3
100
*88 89
8814 881 *8812 883
7% preferred
883
400
4 8812 8812 8814 887 *88
8
100
nv4 79
7614 7614 7612 77
7612 7612 7612 7612 77
77
700 6% prezerred
100
*65
6712 *65
6712 *136
6712 *65
70 *65
Chic St P Minn A Om
66
6712 *65
100
534
35
3434 35
34
34
34 *3312 3412 3418 341
34
700 Colorado A Southern
100
*11212 1128i 11212 113% 110 11212 110 110 *11014 111
1.500 Delaware A Hudson
11012 111
100
*116 118
11538 116
116 116
117 117
11534 116
116% 116% 1,000 Delaware Lack dr tNeetern_ 50
103 10% 1034 11% 1072 1114 1018 10% 105 104 10% 107
8
3.900 Srle
*
100
1634 16% 17
1714 174 174 1834 163
4 17
1634 183
17
2.100
Do 1st pref
100
113 1212 *1112 13
4
*1114 13 *1114 1212 *1114 1212 *11
121
400
Do 211 pre!
100
71
72
72
71
7182 7012 71
71
7014 713
7,100 Great Northern pref
8 70% 71
100
2912 30
2912 2912 294 297
2914 3
5 2912 295
5,100
Iron Ore Properties-No par
2818 291
*1314 14
14 *1312 1412 *1312 14
1312 1312 14
300 Gulf Mob & Nor Sr etfe
100
50
5112 5112 *5112 53
60
52
*5112 53
51
52
52
Do pret
600
100
10912 10912 10912 11012 111 111
1104 11014 10914 10914 1093 1093
1,200 Illinois Ceuta al
4
100
Interboro Cons Corp-No Par
Do pref
100
"iiEs 17
IiC4 "iiis In; ;1634
164 17 17 1,300 Interboro Rap Tran w 1 100
1934 193
19
4 191s 197
i932 193
19
8 194 2018 19
s 2,909 Kansas City Southern
100
53 53
*5212 54 *5212 53
523 523 *52
2
2
53
*5212 53
Do pref
300
lith
31
30
•29
30
304 *29
30
30 *29
3018 *29
900 Lake Erte A Western
30
Ilk
1168
70
70 *68
68 68 *68
70 *68
68
69
68
400
Do pre!
104
03 03
628 6314 62% 6314 13212 6272 6214 6214 61
4
624 4,200 Lehigh Valley
&
90 90
90 9014 90 9014 904 91
908 907
9014 907
2 3,100 Louisville A Nashville
100
*5412 57 *5412 55 *54 584 *5512 59
*5412 59
*544 59
Manbatt.sn By .liar
104.
Eq Tr Co of NY etf dep_100
;11 II" '12
13 "ii- 12 ido"
wio" 15
13
100 Ma,ket Street KY
lot
40 40 *38
*40 50
40
37
37
36
36 *36
40
300
Do Pre!
104.
7214 72% 72
7212 71
7212 70
7018 70
Da prior pref
1,700
70
7018 70
Ilk
103112 35
30
3212 *25
32
ns 28
27
27
900
Do 211 pc!
267 26%
8
104.
718 712
7% 8
74 7%
74 718 97
712 2,800 Minuettp A St L Oseto)
73 .7
4
101.
*64 6712 *0812 6712 *65 67 •65
67 *84
66
Aiwa St PASS Marle__-_104.
6614 *64
slissouri Kansas A Texas__100
128, 127 "1212 13 "Hi "I31s 4
- 8 125 - 127
* 127g 12
1284 - 7,100 vie Kan & Texas (n310)
34
344 34
3612 3512 3714 35
3512 35
35
35
4.100
35
Do pre! (new)
1412 1434 1414 14% 1412 1412 1414 1412 14
1414 1414 1414 3,400 Wiesner' PM fie trust etfe_101)
37% 38% 36% 38
38
394 3712 373
4 37
Do prey trust °Us
3814 4,000
384 37
10e
4312 4
3% 33
*34 4
2
*312 4
20) Sat RYa of Mx 2d pref__1(11.
*34 4
3% 338
9412 9512 9512 97
9514 9814 *9112 95
96
96
*95
2.300 New On Tex A Meg v t e_100
96
9212 934 9212 9514 94 9532 93% 9412 94
9412 9312 943 31,800 New York Central
5
100
*73
78 *73
78 *73
78
73 •72
73
102 N Y Chicago A St Loula
78
78 *72
•55
100
85 *80
85 *80
82
82
82 *75
82
85 *75
Do 26 pref
100
100
17% 18
17% 1814 1612 18
1834 17
1718 1712 1678 1714 16,400 N Y N H et Hartford
100
1712 1712 1712 171
174 1712 1718 1718 *1714 1814 174 1714 1,500 N Y Ontario & Western
10i
13
13 •13
15 *13
15 *13
15 •13
15
15
1813
100' Nortolk Southern
101
10714 10712 *10712 109
1073 109
4
10712 10712 *10712 10812 10712 1073
600 Norfolk & Western
4
100
•77
79
79
*77
79 *77
*77
79
*77
*77
79
79
Do pre!
100
7112 72
721
72
7112 73
7112717
71
7,900 Northern Pacific
713
4 7112 72
100
4414 44% 44
4432 44
4438 4418 4438 4418 4414 4418 4414 7,700 Pennsylvania
50
•11
1212 *12
15
1214 1214 *12
13
*12
11
11
14
400 Peoria & Eastern
100
41
4138 4112 421
4134 433
8 4188 4234 4112 4214 414 41% 27,300 Pere Marquette
100
*72
73 .
70
73 *70
73 *70
72 *70
73
*70
72
Do prior pref
1.00
*83 65 •64
65
64 64
*64
65
*64
4164
65
65
IJo prat
200
100
453 4714 4714 4834 474 487
8
8 46
4714 46
4578 15,600 Pittsburgh A West Va____100
4612 45
91
*87
8978 897 *88 90 *88 90 *88
90
100
90 *88
Do prof
100
733 7414 7312 753
4
7412 7512 74
7412 744 7414 7312 74
6,600 Reading
50
*484 5012 51
51
*50
5112 5138 5112 *49
5812 *4812 513
4
Do 1st pref
300
au
50 504 *5012 511 *50 52 955
52
*4912 52
*49% 52
Do 2d pref
800
so
426
30 *26
*26
30
30 *26
30 •26
29
*25
30
Rutland RR pref
100
22
21
2112 217
213 2138 *2034 2134 *2012 2112 *2012 2112 1,300 St Louts-Sau Fran
8
tr 010_1014
41
41
40
•4114 43 *39
41
43 *39
42
43
*39
400
Do pref A trust etfe
100
30
30
30
311
304 3114 2934 3014 *1912 30
2,100 St Louts 8outhwestern
30
30
100
5814 5814 577 591
2
58 58
5814 5814 58
58
.58
*57
1,500
Do Prof
4.612 71
100
7
7
7
63
4 714
74
63
4 7
63
4 3,800 Seaboard Air Line
4 63
100
11
11
1112 111
1112 1212 118 123
s
8 117 11% *113 12
8
4,000
4
Do pre!
100
88
8814 89
8914 89
904 8918 893
4 894 8938 8914 893
4 7.900 Southern Pacific Co
1041
31% 32
3182 323
4 324 32% 32
3241 31% 32
31% 32
18,800 4outbern Radert1,
WO
8512 6512 654 68
6538 8534 *6514 6512 6514 66
Do prat
653 6814 2,600
4
100
224 1312 23
23
*22
23 *223 2314, *22
4
231
2212 2212
300 festal A Paciflo
100
*1412 154 *15
16
15
15 •1412 15 I 14% 147 *1414 143
8
200 Third Avenue
•
100
64 66 •
6312 65 •634 65
65 6518 *65
67
67 *65
200 twin City Rapid Transit lot
1344 1348 13414 137
2
135 13612 1343 13518 13412 1343 1344 135
8
6,400 IJ11100 Pacific
10
•
72
723
4 72
72% 723
72
4
8 723 7234 73
74
73
73
1,000
Do pre!
10
123 123
4
1278 1314 12% 13
4 1214 13
13
12% 12% 1,900 Jailed Railwaxe Inveet
13
100
36
3612 3612 37
374 3712 37
374 3714 371
37% 373
8 3,200
Du pref
Lou
872 9
878 914
8% 83
83
4 94
4
84
4 9
838 9
3,800 Wabash
100
2734 2814 274 2914 28
283
4
4 273 2814 28
Do pref A
2814 2738 2812 11,000
UM
*1812 21
•19
*1812 21
*1812 21
21
*184 21
*1812 21
Do pref B
100
11
11
12 *113 12
11
4
113 113
4
4 11% 11% 11
114 2,500 Western Maryland (see)..tot,
*2312 24
24
2432 24
2212 23 •2214 24
24
*2212 2312 1.500
Do 2d pro!
10U
*16
163
4 164 1612 16
1612 16
16
*16
1614 1618 1618 1,600 Western Pacific
1011
*54
50
as
*53
554 5512 *5512 5614 56
56
56
56
200
Do pref
ve4 812
100
814 812
8
818 83
4
812 *54 814
8
8
2.500 Wheeling & Lake Erie Ry-10u
*14
1512 15
1412 1412 *1312 1412 *14
15
15% •13
14
304)
Do prat
100
*31
33 *30
34
31
3114 3114 3114 3114 *30
31
3114
400 Wisconsin Central
100

PER SHARE
Range since Jan. 1 1823.
On basis of 100-share lots
Lowest

Highest

$ per share
324 Jan 10
9818 May 4
8712 Apr 30
14 Jan 3
11014 Jan 17
4018 Jan 17
5534MaY 7
112 Apr 14
1% Apr 16
14014 Jan 17
6414May 12
1003
8May 7
218May 1
3% Jan 12
264 Jan 16
51 Jan 17
4 Jan 18
84 hp)18
20 May 7
my Jan 13
7678May 4
113 May
28 May 7
85 May
7814MaY 1
71 Jan
34 May 1
103 Jan 11
11512May
1012 Jan 1
15 Jan I.
Ills Jan 2
7012May
2818May 1
12% Jan 1'
44% Jan
10838May
is Jan 1
4 Mar 2
15 Jan 16
1818 Jan 12
61 May 7
30 Apr 19
68 Jan 11
61 May 4
8512May 7
4514 Jan 25
354 Jan 25
814 Jan 23
36 May 17
1307 Jan 10
,6
2112 Jan 31
534 Jan 8
6014 Jan 4
814 ,,pr 26
12 May 5
33 May 7
14 May 17
3812May 4
238 Jan 17
84 Jan It
9012May 4
73 MAY 16
764 Jan 2
t64 May 7
1712M2y 8
19 Feb L
108l May 4
7514 Mar 10
71 May 7
44 May 7
10 May 7
38 Jan 11
71 Apr 19
63 May 7
3378 Jan 17
87 Apr 23
7218May 7
49 May
50 Apr 3
25 May 2
2012May
32 2 Jan •
,
2734May
56 Jan
514 Jan
8 2 Jan I
8
87 Jan 9
2434 Jan 6
644 Jan 8
1914 Jan 16
1412 Jan 10
511, Jan 19
4
132 MAY 4
7114 Apr 21
We Jan 2
2618 Jan 17
7 Mar 10
234 Jan 17
1612 Jan 18
1014May 5
22 Apr 2
15 May 1
53 May 7
712Nfay 7
12%.alay 4
26 Jan 10

$ per share
45 Feb 23
10518 Mar 3
90% Mar 6
314 Feb 21
127 Feb 26
5618 Mar 21
60% Mar 21
1614 Jan 2
13 Jan 12
160 Apr 18
76% Jan 30
6
1047 Feb 23
3 4 Feb 13
3
6% Feb 8
383 Feb 13
4
6214 Mar 26
7 Feb 7
17 Feb 6
263 Mar 5'
2
4512 Mar 5
88 Mar 5
11818 Mar 21
37% Mar 21
95 Feb 9
85 Mar 5
78 Mar 5
454 Feb 13
1244 Feb 13
13012 Feb 8
1312 Feb 13
20 8 Mar 21
3
15 Mar 5
80 Mar 5
36 Mar 19
20 Mar 5
623 Pet, 21
4
11712 Feb 21
38 Jan 4
78 Jan 5
2278 Mar 14
2414 Mar 3
5734 Mar 5
34 Jan 2
74 Mar 26
7138 Feb 7
155 Feb 26
611 Apr 17
44 Feb 13
20 Mar 10
684 Mar 12
87 Mar 12
5614 Mar 12
912 Feb 13
734 mar 5
12 Feb 6
17 Feb 15
4512 Feb 14
193 Feb 14
s
49 Feb 10
4% Feb 15
105 Mar 26
101114 Mar 5
84 Jan 29
9012 Feb 17
2212 Jan 30
214 Feb 13
183 Feb b
2
11782 Feb 4/
78 Jan 24,
8DsMar
Vas Jan 28
17 Mar 21
4233 Apr 114
763 Mar 14
4
7012 Jan I.
5018MAy 10
93 Jan b
8118 Feb 7
5612 Feb ;
58% Jan 21
3754 Jan It
264 Mar 6
50 Mar 6
36% Feb 10
63% Mar 21
712 Feb 10
134 Feb 14
954 Feu 21
3514 Mar 24.1
71Pg Mar 22
2912 Mar 21
1914 Feb 10
66 Apr 21)
1447 Feu 26
8
7642 Jau 6
2178 Mar 6
62 Mar 5
11 12 Mar 22
3418 Mar 22
224 Mar 22
15 Feb 9
263 Mar 22
4
204 Mar 5
6338 Mar 5
1012 Feb 13
19 Feb 13
354 Feb 23

PER SHARE
Range for Precious
Year 1922.
LOW•184

Highest

Per share
918
277a
4
4
841
Id
83
3312
6212
6
553
1194
54
100 2
3
184
34
124
3114
3

Per am
Aug
Jan' 1084 Sept
an
Jan 954 Aug
Jan
512 Apr
Jan 12478 Sept
Jan 604 Aug
Jan 864 Aug
Jan 29 Ju
an
June
Jan 24 2 June
7
Jan 1511 Aug
4
Jan 79 Aug
Dec 1051 Oct
4
Jan 124 May
Jan 207 May
2
Jai 63 4 Aug
3
Det 84 2 Allg
Jsc 104,may
1

7 Dec
1714 Jan
29 Jan
59 Jan
100 Jan
304 Dee
8314 Jan
704 Jan
51 Jan
38 Jan
1068 Jan
4
108 Feb
7 Jan
114 Jan
712 Jan
704 Jan
284 Nov
5 Jan
Jan
16
974 Jan
4 Dec
88 Dec
173 Dec
4
17 Nov
$24 Nov
10 Feb
20% Fe
5812 Jan
i08 Jan
35 la
444 Aug
348 Jan
17 Jan
35 Jan
54 Jam
5 Jan
55 Jun
Jan
712 Jan
244 Jan
1512 Nov
60 Nov
232 Nov
647 Jan
2
723 Jan
4
5112 Jan
8154 Jan
1211 Jan
184 Dec
834 Jan
264 Jan
J80
72
73 Dec
3314 Jan
1034 Jan
19 Jan
83 Jan
5012 Jan
23 Jan
Jan
76
714 Jan
43 Ma
45 Jan
,74 Feb
2014 Dee
3434 NOV
2038 Jan
42% Jan
215s Jan
Vs Jan
784 Jon
174 Jan
46 Jac
lead Nov
1312 Nov
34 Jan
Jan
125
714 Jan
74 Jan
204 Jan
Jan
6
10 Jan
1214 Jan
84 Jan
La
Jan
13% Jan
514 Mar
Feb
94 Jan
25
Jan

344 Ma7
Ma Aug
5514 Sent
95/4 Sept
125 Aug
50 Bern
105 Sept
05 Sept
90 %Pi
15312 Apr
14112 Sept
143 Oat
.4
188 May
284 Aug
2014 May
957 Oat
2
454 Apr
19 May
67 Out
113 2 Sept
1
5 Apr
12% Ape
3214 AU:
304 Art
5912 Apr
397 June
2
77 Sent
72 Selit
144% Oct
58 Aug
554 Aug
11 Mar
6014 Ain
76 Nov
62 Apr
144 Apr
75 4 Oat
1
1514 Dee
194 Aug
3
4834 Aug
254 hos
6334 Sent
714 May
87% Dee
1014 Oct
914 Oot
93 Sept
38 Aug
3012 Apr
2212 Juno
1254 Sent
Oat
/111.
901 Aug
49 4 Oct
3
2532 Aug
4082 Aug
82 Aug
744 Aug
41% Aug
95 Nov
874 Oct
57 May
5912 May
531 June
4
8232 Aug
56 Aug
36% Nov
59 2 Nov
7
10 Apr
1114 Apr
9614 Oct
38 2 Aug
0
Oct
Ti
36 Apr
36 2 May
6
6212 Sept
16414 Bent
80 Aug
197 Apr
2
3612 Apt
14 May
12
854 Aug
347 Aug
2
174 Aug
2812 Dec
24% Apr
ay, Sept
164 JUDI
993 June
4
334 Mai

industrial & Miscellaneous
7112 7112 •71
75
7112 718 *714 75
72
7214 7214 724
8
800 tdame Nunes.
100 88 Jan 3 82 Mar 3
68
Jan 83 042
*13
1312 13
13
*13
*1212 1312 *1212 1312 12121 1212
14
200 Advance Burnett
,
100 124 Jan 2 1912 Mar 81
*4312 46
*4312 46
*4312 47
107 Jan 23 An
2
*4312 47
*4312 47
4312 4312
100
Do pref
100 43 May 8 5438 Jan 14
6412 66
6512 651
65
3138 Jan 304 Aug
65
643 6453 6378 64
8
64
64
1.100 AR Reduction, Ina...--No Per 5718 ..an 10 7234
Mar 19
12
1214 12
12
454 Jan 66 Oct
12
1218 113 12
8
1112 114 1114 118 4.300 &lax Rubber, Inc
•14
60 1114May 18 147 Mar 14
hi
14
14
8
*14
32
•4
94 July 18 4 AV
34
8
*14
318
100 Alaska (Sold Mines
"4
3
8
10
4 385 4
38 Mar 9
14 11
*I
7g May
14 *118 11
18 Dee
11
1
*118 114 1,81)0 Claims Juneau (Rad Mtn_ 10
118 •118
6538 661
65 674 8614 671
2 May
8614 6714 6614 6718 623 6612 33.00 Allied Chem A Dye„--No pa
4
021148Lb Iti 81 144' e r 2
ey
*10912 11012 "1084 110
) J ao 4
1 l
110 110 *109 110
10918 10918 *10812 10912
66: ;an"
$
2
110
Do Latef
100 109 Jan 30 112 Mar 2 101
4338 44
435* 44
4312 4414 43 43
114
1
Jan 12 Sept
43
43
4214 423
4 2,000 Allis-Chalmers Mfg
100 42 May 7 5114 Feb 16
*9118 94 *914 93 *91
93
374 Jan 6934 Sept
9112 9112 *90
93 *90
927
8
500
Do pm!
IOU
2012 2114 19
20
1918 1988 177 1914 1712 18
2
864 Jan 104 0301
153 174 4,30 Lamer Agricultural cum...too 91 12May 18 97, Jan 27
4
.
152 %1ay 18 3678 Feb 21
4
543
434 4433 *43
44
2714 Nov 427 June
8
4114 42
4314 4034 43
3812 41
2,50
Do pre!
100 384 WILY 18 6878 Feb 21
*80
84
*80
83 *80
83
68 Jan
80
80
804 8014 *78
304) amerlcau Bank Note
31
60 77 Jan 8 914 Mar 7 68 Jan 7214 Sent
•
52
54 •52
54 *52
Dee
54 •52
)1
54 •52
52
54
52
10 Am Bank Note prat
3812 1812 377 383 378 373
60 514 Apr 24 65 Feb 7
*36
39
51 July 6512 Deo
8 3812 384 384 39
1,10 American Beet BlIgar
3914 393
100 36 Jan 31 4918 Feb 13
4 394 413
403 423$ 4012 407
4
31% Jan
4012 408 *4014 404 3,500 Alilti Bowl) Magneto
-No par 37 Jan 9 60 Mar 6
•70
75
74 *72
74
6
4
9 sep t
8 re
74 .72
814 Jan 8 12 j pr
71
72
7212
900 Ain Brake Shoe A F....-No Par
•
10712 10834 *10712 1083 *1074 1089 •10712 7514 71
4
70 Jan 3 83 Mar 21.
51
Jan
1084'1071 lotis4 *1073 10834
4
4
Do pref
90
957
9112 91
100 107 Apr 13 110 Jan 14
2 9372 9612 9214 948
984 Jan 113 033
9272
2
10878 10878 109 109 •107 10912 109 109 2 10834 944 928 94% 200.400 American Can
100 734 Jan 2 106 Mar 6
324 Jan Ms Nov
1083 10834 1083
4
4
700
Do pre(
16814 170
168 17112 16912 172
100 107
8
Feb20
9314 Jan 1187 Goa
.21162 121 tug14 122 nitn4 122 *16912 17111 16912 16912 1691: 16912 1.200 American Car A FoUndry_100 1667 Apr 13 115 Mar 7
4
126
Jan 2014
8Nlay 4 184i
141
011912 122 *120 121 •120 123 I
Do pref
vs 812
NOV
0
83a 812 *8
100 11,g, Mar 22 III% Jan g •1Ils f an
, lov
:
s
93
8 *878 93*
912
9
9 1 1,700 American Chicle
9
14 Map
No par
'Bid and asked prices; no sales on this day.
share for !share to stock of Glen Alden Coal Co. / Ex-rights Kees than 100 shares. a Ex-dividend and rights. s Ex-dividend. b Es-rights (June 15) to subscribe.
at 85 per share and ex-dividend 100% in
stock (Aug. 22). c Ex-dividend.




New Yoffii Stock Record-Continued-Page 2

2234

pot sales during the week of stocks usually Inactive, see second page preceding

HIGH AND LOW SALE PRICE-PER SHARE. NOT PER CENT.
Saturday, • Monday,
May 12.
May 14.

Tuesday, 'Wednesday. Thursday,
May 17.
May 16.
May 15.

Friday,
May 18.

Sales
for
the
1Veek.

STOCKS
NEW YORK STOCK
EXCHANGE

PAR 811Ana
Range since Jan. 11923.
On basis of 100--share lots
Lowest

Highest

?RR 314.41115
Range for Prevlou
Year 1922.
Lowest

Highest

.
Per share I $ per share 3 per share S Per 3563
share Nitres Indus. & Miscall. (Con.) Pal
per share S per share 8 per share S per share S per share $ per
154 Nov 30'2 May
641Vlay 18 2034 Jan 4
100
10,300 American Cotton 011
64 8
3 9
77
4
918 93
3
4 97
93
4 94
83
14 May 18 3834 Jan 4
3312 Nov 61 May
918 912
10(1
Do pref
4 14
4 2,400
16,
8
4 163 183
193
4 194
*1812 203
20
714 Aug
4
183 1912 19
518May 2
44 Jan
8
8 63
63
,618 618
900 Amer Druggists Syndicate__10
518 518
614 514
3 *618 514
*618 63
Oct
126 June 162
100 11514Slay 2 1434 Mar
600 American Express
120 120
118 118 *119 120
122 122
117 120
1
117 117
1018 Dec 173 Apr
9
10
914 2,200 American Hide & Leather_100 49 4NIL 18
*9
918
9
*912 1012
914 10
•1014 11
2
81' I Y 7 74834 M
Jan 744 Sent
13 4 Mar 7
68
100
Do pref
900
5114 4912 51
,
5112 51 8 51
53
*5114 5412 *51
•5112 55
Jan 122 Sept
100
10 8 ar21
89121S1e b 23
78
94
94
2,700 American Ice
4
9412 9514 933 96
9612 98
95
9413 97
95
83 ja r 7
Jan 954 Aug
100 92 NA py 30 I
72
Do pref
85
.82
85
.82
85
"82
85
"82
85
*8212 85 .83
8
2459 Dec 504 June
Corp...1100(0, 243 Jan 30 324 Mar 21
8 2514 2514 2,400 Amer International
*2512 257
8
4
247 253 .2818 2614 2515 2614 .254 26
14 July
918 Jan
8
.500 American La France F E_ _10 1114 Jan 17 13 Mar 1
8
.115 117
114 12 '114 12
8
115 113 .114 12
8
12
12
424 Oot
100 26 May 18 38 Mar 5
28 Nov
1,600 American Linseed
26
27
26
4
4
8
2612 2812 273 274 273 273 .2612 2712 27
4512May 7 59 Feb 15
48 Nov 6412 OM
Do pref
400
46
454 4512
4614 4614 46
48
*46
48
*46
49
.46
Jan 13634 Oct
8
lilt 12018 Jan 17 1393 Mar 19 104
33,500 American Locomotive
3
5 137
3
4
4
1333 135 4 134 1373 13
13318 1343 1334 1361s 13412 136
4
Jac 12214 Dec
_100 115 Slay 4 122 Feb 9 112
Do prat
500
116 116
116 116
116 116
116 116 *115 117 *115 117
8
44 Sept 5314 Dee
4512 2,600 Amer Metal temp etre_ _No pal 4518May 4 557 Mar 5
.45
454 46
4538 46
46
Oct
4613 46
4618 4612 46
Jac 129
82
2' 76 Jan 2 8812 Apr 19
4,300 American Radiator
7914 80
81
824 79
81
83
.82
81
878 Jan 6
8
87 Oct
8018 8112 80
94 Feb 10
4
33 Jan
2'
3,000 American Safety Razor
64 7
7 1.1
7
64 74
8
8 67
67
8 74
67
714
8
14 Apr 23 213 Jan .5
•7
244 May
512 Jac
No par
8
143 1458 1,700 Am Ship & Comm
.1412 15
8
143 15 .1412 15
15
*144 1412 15
53 Jan 17 6912Mar 2
434 Jac 0713 May
4 5514 .564 551z 564 16,300 Amer Smelting & Refining_100
4
4 553 563
4
4
563 5718 563 584 5718 583
8Slar 6
8
100 783 Jan 18 1023
864 Jan 10418 Got
Do pref
634
974 9714
97
9812 9612 964 9653 9612 9612 97
14 /0012 Jan 159 Sent
•5614 9714
100 140 Jan 10 15214 Feb
American Snuff
143
8
4
303 Jac 484 Sept
*140 146 .140 143 .140 143 .140 143 *140 143 '140
1-3 3512 Jan 17 407 Mar 21
37
37
374 5,700 Am Steel Fdry tern etfs_33 100 100 May 8 1054 Feb 0
8
8 367 3714 37
8
4
3738 363 374 367 373
01
37
Feb 10814 Oct
Do pre! tern Mrs
200
10018 10112 .10112 104
103 *100 103
85 Feb 13
.100 103 *100 103 .100
6418 Jan 8534 Aug
1,900 American Sugar Refining_ .100 7314May 4
74
74
7412
7314 7312 74
76
7518 75
75
75
75
4
84 Jan 112 Aug
11)11 105 May 9 1083 Jan 3
Do pref
300
4
4
4
3
4
8
4
2314 Feb 47 May
'1043 106 *1043 105 4 1054 1054 1054 1054 1053 1053 .1044 1053
2414 Feb 1 363 Feb 14
3 2612 2612 1,600 Amer Sumatra Tobacco__ .100 553 Jan 16 653 Feb 13
3
8
2613 2714 247 25 4 2518 263
Jan
27
4
5214 Feb 71
2618 2618 '26
8
100
Do pref
8
*513 59
*514 59
*5358 59
3
"513 59
9
534 5
*534 59 .
12114 API* 3 125121Mar 5 1141s Jan 12814 Aug
Amer 'Ielephone & Teleg 100
4
4
8
8
12218 12212 12112 1223 12112 1217 1214 12178 1213 1223 1213 12214 10,300 American Tobacco
4
8
8Nlay 18 1613 Feb 13 12918 Jan 16913 Sept
100 1457
8 3,500
1457
4
8
8
964 Jan 1083 Oct
147 147
1464 14714 147 1477 14618 14614 146 1463 1454
100 101 Mar 16 10718 Feb 2
Do pre: (ntro)
500
102 10214 10214 10214
Jan 1654 Sept
*102 10214 .102 10214 10218 10218 102 102
4
100 145 May 17 1593 Feb 9 126
Do common ()lase B
8
143 1453 14518 14514 2,400
Jan 334 Nov
8.14512 146 •14512 146
4
6
443 Apr 26
14512 1473 1454 1463
8
Am Wat Wks & El v t e__ _100 2712 Jan 29 93 Jan 16
,
40 .394 40 4 2,200
4012 4112 40
41
4
Jan 937 Sept
67
40
4114 40
404 40
g
Do let pref (7%) v t c.100 853 Jan 3
100
*8918 9014 .894 9014
26
00 .8918 90
1714 Jan 5514 Oct
.89
89
.89
9014 89
Do partic pf(8%) v t o 100 4812 Jan 3 6318 Apr
6012 1,000
8 60
Oct 05
4
Jan
583 583
88
4 5914 5914 "5912 60,
60
59
59
59
100 9314 Jan 2 9814 Jan 31
pre!
Amer Wholesale,
95
.90
95
95 I .90
Oct
95 .90
•90
95
7814 Jan 105
8
9' *90
*90
100 8812May 18 1093 Mar 21
8812 9114 22,000 Amer Woolen
4 9018 914 904 91
923
Jan 1104 Dec
3 01
957
8
913 9258 91
100 102 May 18 1114 Jan 3 102
Do Orel
1.600
4
104 104 I 1033 1034 102 103
224 Jan 5514 Sept
4
4
10512 1053 1023 10314 10314 104
100 16 May 18 32 Mar 8
1914 10,500 Amer Writing Paper pref
16
20
1812 204, 20
21
21
1218 Jan 21 Sept
2114 22
24
23
8May 14 1914 Feb 16
400 Amer Zinc, Lead & Smelt_25 133
14
.13
1418 1418 •1314 14
Jan 67 Sept
96 48 Slay 14 5814 Feb 27
36
4 134 1414 *1312 1414
1334 133
Do pref
400
48
4712 *46
57 May
4912 .4712 48 I *47
65 Nov
48 .45
494 48
"48
5313 Mar 6
1
.)0
4512, 41,500 Anaconda Copper Mining..150 434May 18 88 Mar 15
44
4413 4541 4359 45
8
46
44
Jan 707 Dee
3
45 8 46
43
4512 46
100 6214 Jan 5
Associated Dry Goods
73 I 4,500
7212 72
72
73
4 744 743
4 72
7118 7212 7112 743
Oct
Jan 86
75
100 8218 Jan 18 89 Feb 13
Do 1st prer
200
.8212 85
.8212 85
8411 824 83 .8212 85
Jan 914 Oct
"8312 8412 .83
76
100 8818 Jan 9 9313 Feb 26
Do 24 pref
91
.88
91
.88
91
•89
91
91
*89
91
.89
Jan 135's May
.89
99
101 May 7 133 Jan 12
1,100 Ausocia tad Oil
108 10912.108 11018
512 Apr
Vs Dee
110 Ill
11012 1104.108 110 .100 108
312 Feo 14
4
13 Jan 17
,rIIII
100 Atlantic 1
214
214 .2
214 '2
2
.24 212 *214 212
214 214 .
193* Deo 434 May
16 May 4 3314 Mar 17
N _I0
1878 1912 1912 1912 7.000 At) Gulf & W I 0 8 Llue_ _o Pa1./
8
1918 1914 1914 2012 183 204 1712 19
15 Dec 3114 May
1011 15 Slay 4 27 Mar 19
Do prof
809
1512 1512 *1412 16
15
8
155 1578 1512 1614 *1512 1614 15
Oat
100 117 May 17 1634 Jan 10 1 17 Dec 1675
700 Atlantic Refitting
117 11912 *115 120
1243 124 4 120 120
4
•126 130 *124 128
3
Jan 11914 Dee
100 115 May 2 120 Jail 18 11.3
Do pref
100
116 116 .1151. 116 *115 116 *115 116
•l1512 117 *11512 117
1314 Feb 2218 May
13 May 17 2012 Feb 14
Tack
1312 1512 1,800 Atlas
1412 13
13
1312 1412 '13
15
15
1514 •13
914 Jan 404 Sept
'' ,Pa
:p el
\r0 : 2412May 8 3512 Jan 12
3,200 Austin Nichols & Co_......N0 l a
25
26
25
2614 2518 2518 25
27
4 2512 26
254 263
68 Jan 91 Sept
1(10 82 Mac 4 894 Jan 23
DO pref
600
8234
.82
82
82
82
8314 80
82
82
*82
8314 .82
4
9313 Jan 1423 Oct
3May 7 14414 Mar 19
Locomotive WS11_10U 1233
4
4
4
4
1243 1263 12512 12912 1263 12912 1253 12812 1264 1291 1 1274 12918 142,700 Baldwin
Oct
Jan i 118
4
100 112 Apr 23 1163 Jan 4 104
Do pref
100
•111 11212.112 113 .112 11259 11212 11212 •110 113 '112 115
Jan 674 Bent
40
46 Apr 27 55 Feb 16
:
ne Leathen
oi) 66 m in irg
r
lat
49
•46
49
.45
49
.10 "46
49 .46
49 .45
.46
lges Jan 564 Apr
A____25 19 May 1 35 Mar 23
1,909 Barnsclall Corp. Class
*1912 20
4
193 20
4
4
193 20
193 20
1934 20
20
20
Apr
39
25 14 Slay 4 22 Jan 2, 17 Nov
Class B
300
15
15
16 .14
18
.14
15
15
16
16 .1512 16
lee Mar
Is Jan 21
14 Dec
20
14 Feb 26
12 1,101
"k
12
'3*
'2
12
4
.1
*14
Apr 65 Sept
33
No par 5012 Feb 7 6214 Apr 4
Bayuk Bros
54
8
67
*51
567 .5012 5512 *5012 508 "5012 5 8 05013 564 .51
30 July 534 Dee
20 51 Jan 2 844 Mar 26
3,600 Beech Nut Packing
67
6613 .65
65
654 0612 66
64
6714 65
66
65
Jan 79 May
51
8May 16 70 Mar 3
100 527
8 533 5413 54
55
8
98,800 Bethlehem Steel Corp
524 513
4 5314 56
534 5412 5314 553
8
5518 Jan 8214 May
Do Class B common__ _IOU 60P4 Jan 16; 717 Mar 3
_
8
907 Mar 106 Nov
100 934 Feb l' 9612 Jan 2
.;411 03 *46- 97,
De pre!
__
____ .93
3
.93 4 9414 *93
*93
Jan 11953 June
9 104
Do cum cony 8% pref..100 1064Slay 18 1111a Feb
600
10712 10712 10718 10714 10612 10613 lows 10618
8
107, 10718 .10714 109
Oct
94 Nov 101
100 9212MaY 181 9712 Mar 9
Preferred new
93 I 9259 9212 1,200
4 93
4
3
9414 933 93 4 93 933
4 943 "93
4
*933
1012 Aug
4 Nov
412May 18
71e Jan 18
Vs par
500 Booth kasneries
4 43
4
43
4 5
412 412
4 5
.43
4 514 *43
•43
5
.5
813 ,an 15 Sept
8
97 Mar 2
712 Mar 23
100
British Empire Steel
8
83
8 *73
*712 83
8' "8
4 83
8 '712 8
83
8 .7
.74 83
4
58 Mar 763 Apr
100 6612 Feb 6 6912 Mar 13
Do 1st pref
2001
69
•66
07
07 I .66
67 67
68
70
"67
70
.64
1914 Mar 39 Sept
100 201gMay 81 2612 Feb 20
Do 2d pref
600
4
*2018 2112 0203 2112 2113 2112 2314 2312 2414 2514
19
19
Jan 1244 Aug
10814May 4 121 12 Jan 9 100
100
Edison, Inc
4
4
10912 10912 1094 1104 1093 1093 110 11018 10912 11013 z11014 11014 3,000 Brooklyn Union Gas
Jan 1244 Nov
70
100 10312Slay 11 128 Feb 7
105,4 10514 1,700 Brooklyn
4
4
1043 1043 10312 1064 105 10514 10118 105 *105 109
Jan 644 Sept
42
100 58 May 7 654 Apr 2
2
61
58
6114 60
112 .112 68i2 2,300 Brown Shoe Inc
59
60
112 59
58
59
8
53 Juue
*5914 62
14 June
112May 17
24 Jan 25
.14 2
200 Brunswick Term & Ity Sec RA, 1343
•113 2
112 2
.
*112 2
4
40lay 7 1443 Mar 23 11312 Jan 147 Dee
100
400 Burns Bros
136 136 .134 13612 .134 13612 .134 136
136 136
136 136
Oct
8
283 Jan 53
8
363 Apr 30 43 Jan 2
Do new Class i3 corn
600
837
8
8
364 363
3612 3612 303 364 '363 38 .364 3714 .363
11114 Dog
4
514 Mar
7185lay 18 113 Fel, 14
v t e__..5
,
712 7 8
4
74 73
74 714 3,700 Butte Copper et Zinc
8 8
73
8
74 77
84
Feb
15 Nov
100 16 Slay 3 214 Jan 4
16
'114
"15 4 17798
300 Butterlck
16
16
16
16
16
17
'16
.6
2538Slay 18 377
guse Jan 351 pot
851ar 1
8
254 263 - i. - 68
3 i
0 Butte & Superior Mining _10
2,60
2618 2614 2614 264 2914 2612 Ms 27
1518 Apr
4
41251ay 18
918 Feb 16
61 Deo
4 434
43
600 Caddo Central 011&Rel No par
44 434
4 5
*43
4 5
8 5
*47
'43
.5
5
68 Jan 8414 Soot
No par 794 Jan 24 87 Feb 9
8214 8214 8234 8234
8
8212 817 82
900 California Packh314
83 .82
83
81
81
8
4314 Jan 7174 JAC!
100 6614 Jan 3 1023 Mar 22
4
Dforuiret
3
0
8 93 4 9618 9314 954 923 94,8
80
20
89;40 Ca119 pa1 etroleun,
8814 9(114 9012 943
4
BM 943 Jan 2 110 Mar 2
83 Jan 1:812 Apr
4
10214 102, 1013 10212 1g2 109251122
4
4
3'2
10012 10012 10112 1024 1013 103
03
4
/
111 May
8Slay 16 123 Feb 21)
8
514 Feb
10
718 457
64 7 .64 54
714
759
7
7
5314 21,100 Callahan ZInc-Lead
,
78
7
1
4
,
53 2
10 62 Jau 23 66 Mar I
6011 Nov 664 Juno
55
Calu w A yzow
500 casom ern rlio na Mining
5512 5718 554 5518 55
*5518 56
94 Feb 19
161e Mar
614 pee
74 Jan 4
514
carbon Hill Gold
74 '
8 *514
77
74 .514
‘O-1
74 *514
74 .
514
.5
912 Jane
4
43 Feb 21
3 Mar
No par
21:Mal* 3
.212 3
,
. 3
'2
212 3
•
"212 3
.212 3
*212 3
88 Feb 9314 AUd
80
".76
83
•79
81
100 Case (J I) Thresh IA, pt cit 100 604 Jan 4 85 Apr 9
80
80 .79
81
82 '79
•79
,
8
100 28 May 18 4012Mar 7
293 Jan 64 11 &Pi
Leather
31
3138 30
3014 30,
4 28
3012 5,600 Central
4 31
3112 31 18 313
31
106
8
633 Jan 024 Sept
8 67
8
8
693 697
4 693 70
Do Wel
6938 1,500
714 7112 714 713
*704 71
8
47 s ay 8 711412 t
7
324 Jan 463 Dm
Pasco Copper_No par 6112NiaY 17 50 4 niar 28
423 43 4 4112 4212 4214 43
4
3
11,100 Corrode
4312 4412 4312 44
,
43 8 44
Fen 53,8 June
34
3214May 17 45 Slur 14
*321, 381, 3214 3214 .32
37
7
:87s 3,600 Certain-Teed Prod....._No par
40
77
.35
3.5
35
*3713 30
7914 Apr
474 Jan
6118 6212 6112 6314 623 63
8
6,100 Chandler Motor Car__ _No pa, 13118Slay 161 76 Mar 14
4
4 613 6212 6218 63
4
613 623
8
Jan 593 Sept
4
60
79
•79
80
200 Chicago Pneumatic Tool ill, 77 May 7I 903 Mar 21
SO '78
.79
80 "79
80
"78
26'51a' 1 3038 Mar 1
25 264
16's Jan 294 Nov
8
27
28
27,700 Chile Copper
s 2634 2718 201 264 263 27
2714 274 274 273
8
1
/
224 Nov 334 June
6 223
4Slay 171 317 Mar 2
Copper
4 23 8 2318 233
,
4 9.700 Chino
3
23 4 2314 234 2318 234 223
234 2412 23
Jan 704 Doe
43
6878
6712 6612 6612 6612 6612 *66
1,400 Cluett, Peabody & Co._ --lot 654 Jan 6 7614 Mar 28
6712 67 67 12 67
67
4
Jan 823 ON
41
73 Slay 4 81 Jan 3
No par
4 751 1 75 4 75, 7512 7514 76
4
3
3,400 Coca Cola
4
,
754 75 4 7514 7512 753 753
Jan 37 May
8
24
100 2514 Jan 171 347 Apr 26
Fuel A Bun
2814 29
8
1,500 Colorado
*2830
2812 2812 2858 287 29
4 28
2812 283
6
634 Jan 1143 Sept
7 1133 Feb 15
4
10212 10312 10314 10312 3,000 Columbia ()as & Electric...100 10112
10212 103
103 103
4
10112 10212 1023 1034
4
52 June
5114
8
27 Feb 6
112 Apr 30
112
112
1,2 14
,
112 1 8 7.300 Columbia Granhopbone No par
4
4 *112 13
112 13
4
13
112
FeO 21 June
614May 1 1212 Jan 15
100
8 64 .
63
612 8
Do VW
100
'Vs 712
4 74
4 74 .63
4 74 *63
*63
794 Apr
5514 Jan
7418 7312 744 4,600 Computing.Tab-RecordNo Pat 69 Jau 8 8312 Apr 9
7314 743
4 74
76
,
8
7414 7414 743 754 75 8
4
3
108 Feb 423 Oct
28
26
2712 27
14
77
*23
2838 2,400 ConsolidAtea Cigar__ No par 26 May 18 308 Jan 17
7,
29
"2714 29 .27
28
29
47 Feb 8714 Nov
100 76 May 9 83 Feb
•7314 76
*7314 76
78 .7314 78
78 .75
.75
214 Mar
4
kt Feb
3 Feb 20
14
14 Slat 7
414
14
•14
14
1.-1 st
11801 6rici ributots,Inc No oar
14
D
100 DO
14
•14
"3
8
3
14
"
854 Jan 1404 Sept
Consolidated Gas (N Y).. WO 120 Jan 2 137 Jan 26
4
674 Dee 623 Dec
No par 60 Jan 2 694 Feb 7
4 81
61'j -61is -6112 19,300
When Issued
6Ohi 613
61
14)38 Apr
6159 -ills 613;
9 July
No par
10 May 7 1412 Feb 9
Consolidated FeatIle
8
8 io3 1012 loll 1012 1014 1014 8,300
1012 107
1054 11
1012 11
402 Jan 11514 Dec
4
2 1313 Jan 31
100 115 Jan
vi in n m ued
Contheenital ean, Inc
3Slay 7 6014 Feb 19
No par 427
- 45 15 4438 4512 22,200
-44E8 16
-1;
14512 16 4 4534 46'2 45l 464
Jun 934 Aug
60
25 92 Jan 6 10312 Feb 15
Continental Insurance
4
95 '943 95
95
95
95
300
95
95
97
97 .94
.94
8
1114 Dec 183 Dec
814May 4 1214 Jan 19
put
87
8 9
87
8 9
9
9
5,900 Continental Motors_No
012
9
4
914 912
9114 Jan 1343 Oat
94 912
13914 Feb 6
12312 Jan
8
13214 12918 13153 130 1317 12914 131
38,500 Corn Products Refining... AK 11614May 16 1223 Feb 24 111
8
12812 12912 1293 13214 1304
Jan 122% Nov
8
8
100
Do prof
11912
100
11612 11612.11614 118 .1164, 11912 .11614 464 "11614 11912 *11614 119
8
313 Jan 64 Dee
413
8Slay 7 6314 Feb 17
No par
8
403 4638 454 464 65,600 Cobden & CO
8
4712 46
4712 407
8 4512
4512 463
4
623 Feb 984 Sept
8
1364 8814 663 684 32,500 Crucible Steel of AmerIca..100 6614May 16 843 Mar 8
4
4 6814 68
4 6712 693
693
6612 674 67
80 Jan 100 Sept
1130 88 May 14 9412Mar 2
Do pref
88 88
89
200
'88
89 •87
*88
90
88
88
89
*88
i
191 Mar
20 Feb 13
, If: Jan
No Lau 7 j 1
1438 143 144 8,700 Cuba Cane Sugar
9
8 14
8
4
143 144 137 143
1414 1412 *1412 15
Jan 417k J10/
17 644 Mar 15
Do pre/
4
8 5212 5312 5212 5312 5114 5314 534 543 12,900
3
141, Jan 28 Aug
5253 53 4 524 54,
8
..10 2312 Jan 16 373 Feb 13
Sugar..
8
334 3118 3212 3112 3214 313 3253 314 324 22,100 Cuban-American
314 3318 3114
784 Jan 1024 Dec
100 96 May 4 106 Apr 5
Do pref
9512
9912 *95
9912 *05
9912 *99
9912 '96
Nov 654 Apr
*99
8
8 24
263 263
2712 '2614 27
4 4,500 Davison Chemical v t o_No par 24 May 18 3812Mar 6
253
26
27
26
26
,
25 8 Sept
26
4
4 253 253
8
8 2578 26
2,200 De Beers Cons Mines...No par 233 Jan 24 28 Mar 1
20
264 2558 253
26
20
26
1184 Aug
26
J
jjaaaaa
Edison100 1041451ay 18 Ill Mar 2 102111806:6814:1114 j
•10618 10612 10512 106, 10414 10514 1,100 Detroit
8
Jan 464 Nov
.10614 1064 1064 1064 10814 10614
10 35 May 16 4418 Jan 4
8
12,100 Dome Mines, Ltd
97
3 8 367 3812 3712 38
397 4012 3
8
6
41
8
July 9011 Dee
4012 4012 403
ar
0
4
4
to k
Eastman K d: C a c . 00 893 Jan 2 1153 Apr 3
8
4 1097 109 10914 10918 10912 109 10914 3,000 E i d u r0, 5 N e ra o _ _ _ ..7V_o 1)
,
4
76
10712 1074 1074 109 4 1083 13612 13012 133
1064 Jan 17 14812 Apr 28 105 Dec 1691 Nov
1304 133
8
1284 1327 29,200
13014
9011 Sept
10 un
84,4 J Ja
127 1364 12814 136
100 8112 Apr 12 8812 Feb 28
4 86
863
8618 .85
88
6% eumul prelerred
500
8614
.8618 87
4
4
864 .8618 883
61
401 June 588 Deo
7 : Ja
"86
18
,jan 1
4 lvl rir 22
54 Jan 17
Storage BatteryNo par
61
61
6012 61
4,700 Electrlc
4
603 61
614 62
61
2418 Beg
614 60
61
60 1334 Apr 23 2607
8
137 1414 '14
.1414 16
16
1,000 Elk Horn Coal Corp
'1414 16
1118 June
8
718 Feb 20
23 Jan
4 Slay 18
*1414 16 .144 16
50
5
*4
*4
5
100 Emerson.lirantingham..... 100
4
4
5
.4
5
.4
947 Deo
8
5
*4
7 9414 Jan 2
6712Slay
70
70
70
704 '6914 7012 2.400 Endicott-Jobuson
6912 70
Jan 119 Dee
4
100 111 May 2 118 Jan 3 104
6812 6912 693 7012 *11112 113 .112 115 .112 115
100
Do oref
11214 11214
•111 112 *111 112
no sales on this day. z Ex-dividend.
Bid and asked prices;
.




-aiT8 wit;

New York Stock Record-continued-Page 3

2235

For sales during the week of stocks usually Inactive. see third page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICE
Saturday, ; Monday,
May 14.
May 12.

Tuesday, ;Wednesday. Thursday,
May 15. ' May 18.
May 17.

Friday,
May 18.

Sates
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range tines Jan. 1 1223.
On baste o/ 100
-share lots
Lowest

1

Highest

PER SHARI
Range for Previous
Year 1922.
Lowest

Highest

per
Per share
3 Per share' g per share S per share I per share -per share $ per share Shares Indus. at Miscall.(Con.) Par $25 May 71 $ per share $ 26% share $ per share
Dec 314 Oct
31 Jan 10
No par
Exchange Buffet
30
27 *25 27
*25
30 *25
*25 30 *2412 27 *25
7518 Jan 107 Sept
Famous Players-Lasky_No par 7414May 18 93 Jan 2
8
7812 82
8112 8312 824 83
7714 7914 7414 787 29,700
8114 817
9112 Jan 107% Swat
Do preferred (8%)____100 9312May 18 9954 Feb 14
94
9414 *9214 93
9214 9214 9012 9214 2,400
938 9458 94 94
9 Jan 1818 May
714MaY 4 1234 Feb 18
100 Federal Mining & Smelting 100
*8
10
*8
9
*8
9
*8
10
8
8
10
*8
44 Jan 23 604 Feb 13
374 Mar 8234 Sept
10
Do pref
4812 49
49
49
49
474 4712 1,000
4812 49
484 484 48
8% Dec 10% Dec
758 Jan 17 1058 Jan 2
No pa
778 874 838 834
858 83
4 *8% Sh 4,200 Fifth Avenue Bus
*858 858 *812 8%
75 Jan 218 Deo
No par 150 Fob 1 2124 Jan 11
800 Maher Body Corp
153 153
156 160 153 155 *153 162 *153 170
•155 160
7612 Jan 10314 June
400 Fisher Body Ohio, wet ___100 9618 Jan 24 1014 Feb 19
9858 9858 9818 981
99 *98 99
•
98
9814 9814 *98 100
10 8 Nov 1912 Apr
5
No Par 1078May 17 184 Feb 13
4,400 Fisk Rubber
107 11
1114 11% 1118 1138 1118 1158 1118 1118 1078 11
124 Jan 2714 Oot
1312May 4 22 Jan 13
No pa
2,800 Freeport Texas Co
1434 147
1434 15
15
1458 147
4
143 15
1518 15 15
45 4 Jan 80 Oct
3
5311May 7. 717 Feb 20
s
No
400 Gen Am Tank Car ' pa
56
*52
54 *54
50
56
*54
58
54 54
*54
53
3714 Nov 73 4 July
3
100 3818may 71 54 Mar 7
40
14,700 General Asphalt
4058 40
4034 39
383 3918 3812 4012 3912 40 4 39
4
3
49 Nov 111 July
100 73 May 4, 83 Mar 7
Do prof
300
8
7414 71
*715 78
73 *714 78 *7158 78
*7158 78
*70
65 Mar 83% Dec
100 8158 Jan 41 9438Mar 14
1,500 General agar. Ins
84% 857
85
8512 *8412 88
8414 8414 84
84
08312 85
100 10412 Jan 2 10912 Feb 24 94 Jan 109 Oct
Debenture prat
*10514 10912 *10514 1071 *10514 10714 *105 10714 *105 1071 *105 1071
100 172 May l 19018 Feb 2 136 Jan 190 Dec
173 175
17258 175 *173 17512 175 1757 175 17514 17312 1744 2,300 General Electric
1012 Oct 12 Sept
7
10 10 4Mar 9' 12 Jan 2
1,100
Special
10% 11
11
11
107
11
107
107 108 11
108
1058
s
814 Jan 1514 Jul.?
1.51 161
1512 1618 151 113
1554 1534 1512 1534 60,800 General Motors Corp. No par 1318 Jan 17 174 Apr 18
1512 157
69 Jan 88 Sept
100 8334 Jan 20 89 Apr 17
86
Do pref
*82 86 *82
85 .82
88 *82
*82
88 *82 88
I 6734
Mar 9658 Oct
Do Deb stook (13%)-.100 8312 Jan 9 90 Apr 71
*8434 88
8434 843
4 84
4
833 8334 8312 83% 1.000
4
843
4 833 84
79% Mar 100 Sept
8
Do Deb stook (7%) 100 987 Jan 101 105 Apr 10
10112 1011 101 10134 .1001r 10112 100 1001
9912 9912 9918 9912 1,100
! 2814 Oat 451s Oct
4232 43% *444 46
No par 41 Jan 31 5112 APr 24
1,700 Gimbel Bros
*43
47
46
44
44 44
*43
45
934 Nov 184 June
812May 17 125 Feb 9'
4.814 9
812 812 *814 9
200 Glidden Co
No par
84 84 *814 9
*812 9
4 2 Dec
1
812 Oct
47 Jan 2 77
8Mar 9
No pa
514 3,700 Goldwyn Pictures
5
5
514 514
514 512
514 24 eh
5% 512
284 Nov 447 May
8
No par 32 May 18 404 Mar 15
• 33
3212 2,100 Goodrich Co (B le)
334 3234 3312
3234 33
4 32
33
3214 323
7914 Nov 91 Apr
'89'4eg9
100 84 Jan 3 9212Mar 8
Do prof
700
901
4
90
90
8914 8934 *8913 90
893 893
4
4 8914 893
23 Nov 85 May
Sm & Pow11)0 23 Jan 25 33 Mar 23
2412 2,000 Granby Cons M,
26
2412 24
253
4 25 25
2412 2412 24
25 26
8 Nov 19% May
912May 18 1558Mar 7
800 Gray & Davis Inc
No par
912 914
+.10 11
*9
10
1112 *912 1112 10
10
10
22 Nov 34% May
1,500 Greene Cananea Copper_ _100 23% Feb 1 3418Mar 8
2514 2514 247 248 25
4
2412 243
4 235 2334 223 23
25
7 Feb 14% Mar
814May 4 1412 Fob 14
600 Guantanamo Sugar_ _ _ _No par
*838 834
83
4 834 *85
83
8 858
8 87
*85
8 87
8 *858 87
447 Jan 947 Oct
8
8
81
83
8118 8434 8212 85
814 844 8214 8414 8234 83's 18,900 Gulf States Steel tr otfe_..i00 78 Jan 10 1045 Mar 21
37 Mar
3 Jan
4
24 Jan 12
%Mar 5
13
300 Flarbisbat4 Bien Cab No pa
*118 138
118 118
1
1
158 *114 13
8 *114 13,
100 38 Mar 2 437 Apr 20
3812 3813 7,000 Hayes Wheel
3812 39
39
39
39
40
385 4014 384 39
8
15 Jan 2888 Sept
ihi2 16
1,500 Hendee Mannfacturing
100 1414May 4 2334 Feb 16
*17
16
18 •17
18
1612 1612 1614 184 18
41May 16 7978 Jan 2 55 Jan 825g Nov
100 643
85
*58 63
600 Homeetake Mining
6612 6612 65 65
843 8434 *58
4
65
Oct
814 Nov 91
100 50 May 7 78 Feb 16
8.700 Houston Oil of Texas
5358 5558 5512 5714 5512 563
5314 55
57
523 5838 54
4
1912 Aug 253 Dee
8
2334May 4 3234 Mar 8
7,000 Hudson Motor Car..._..No pa
2514 2512 2558 2512 2512 257
2534 283 25% 28
2538 26
8
10% Jan 284 Dec
22 May 7 3012 Apr 2
1
*224 2314 2318 2314 3,000 Hupp Motor Car Corp
2212 23
23
23 23
2312 2212 23
34 Feb1418 June
1% Apr 14
812 Jan 8
238 258 *25
258 23
800 Hydraulic Steel
No par
24 24
212 212 *254 234
8 23
4
34 Jan - Dee
95
98, 958
9
9
1,000 Ind'abeam Refining
9 May 4 19 Mar 19
912 938
9
918
*912 10
954
8
5 Jan 115 June
Indian Refining
10 1558 Jan 24 812 Apr 8
*53
4 6
64 *534 814 *534
*53
4 614 *53
4 612 *53
4
31 Nov 45 June
3214May 17 4334 Mar 1
5
8
3474 35
34 4 3434 3412 3412 333 3412 3214 3314 3234 33 8 3,700 Inspiration Cons Copper- 2
3
*558 812
5 8 Dee II% Ma,
5
3 May 16 11 Feb20
*538 7
3
534
4
45,
354 438 2,300 /nternat Agrioul Corp____100
*53$ 7
Do pref
284 Nov 4318 Mar
2,900
8
1212 20
100 1212May 18 397 Feb 23
. 29
28
*113
25
20
20
•___ 29 • _
3
28 Jan 38 4 May
8,400 International Cement. No par 344 Jan 2 44 Mar 19
3612 3814 3614 3714 3712 3712 361 3612 35% 3614 35% 36
205 June 304 Sept
4 8,700 Inter Combos Eng
No par 2034May 17 27% Apr 8
4
2314 23's 24 24 *234 2412 223 2384 203 2154 2134 223
4
4May 18 984 Feb 7
85 85
8314 84
7934 Jan 11578 Aug
83l 84
81 4 83 4 4,000 Internal Harvester (new)
,
3
-100 813
84 843 8412 841
Do prof (new)
100 111 Apr 25 11814 Jan 4 10512 Feb 119 Sept
'10934112 *10912 112 *10934 112 *10934 112 .10934 112 *10934 112
S'4May15 1155 Feb 14
84 Dec 274 Ma,
800 lot Mercantile Marme.......100
838 81
*814 8 4
3
814 814 *84 81
4
*814 87
83
4 83
3234 32
Do prof
4151 Dec 875k May
3114 33
32
3234 32
8,300
100 30 May 4 47 Jan 5
0
3055 301
32% 3214 3214
1414 1434 1414 1488 14% 1434 137 1434 13% 1412 1414 1412 9,500 Ioternational Nickel (The) 25 1312MaY 2 1614 Feb 18
114 Jan 19% Ain
Preferred
7812 7812 7812 78 78
800
7812 79
*78
100 8934 Jan 4 79 May 10
80
60 Jan 85 Jan
7814 7814 .78
42 42
42% 4334 415 4374 41
4
4,200 Ioternational Paper
100 41 May It Ws Mar 6
42
4214 43
4312 Mar 63% Oct
4134 413
*87 88 *67
68 .87 68
Do stamped prat
100 8634 Apr 23 754 Jan 5
674 874 87 67
900
8714 8712
59 Mar 8012 Sept
14
1418 14
1438 1415 1458 14
7,700 Invincible Oil Corp
50 1312May 7 1914Maz 7
1418 14
121 July 2014 Apr
/
1414 137 137
4
44
4558 45
4812 4518 483
4 4412 4518 44
24 Jan 5318 Oot
4412 441 444 5,900 Iron Products Corp___No par 4118 Jan 17 5814 Mar 8
4 Jan 2
3 Jan
8
10
14 Nov
5 Feb 24
"s
12
$313
12
3
3
811 2,200 Island 011 & Tranap v to
3
4
3
4
3
8
%
h
3
8
1914 1934 20
o
19
1914 *19
100 1758 Jan 24 24 Mar 15
10 Jan 224 May
20
*1834 1934 185 1854 1,500 Jewel Tea, Inc.
4
88 68
67 67
86
800
Do pref
100 88 May 18 82 Feb 28
3818 Jan 784 Dec
8818 8818 *68
89
66
*88
69
3412 Feb 5778 Sept
57
57
57
100 60 Jan 17 1332* Mar 10
584 8,300 Jones Urns Tea Inc
5834 57 5858 57
5758 .57
5714 57
8
108 108
108 108
400 Jones & Laughlin St, prof-100 107 Mar 19 109 Feb 23 1074 Dec 1093 Dee
107% 1077 *1073 108 *10734 108 *10734 108
4
4
7
2 1
%May 9
14 Dec
34 Jan 12
10
1
78
7
8 2,200 Kansas & Gulf.
74 Jan
*7
8 1
1
1
1
78
1
7
34 May 4855 Aug
35
1,500 Kayser (I) Co. (11€115)--No Par 32 May 7 45 Feb 23
334 3312 3312 34
3312 34
34
34
*34
35 .34
94 May 10612 June
100
let preferred (sew)__No par 98 Apr 20 104 Mar 23
*98 100 *98 100 *98 100 •98 100
994 9912 *98 100
25 4654 Jan 4 824 Mar 22
3414 Jan 5334 May
4712 4914 4734 50
4912 4858 497 19,000 Kelly-Springfield Tire
48% 51
484 49% 49
Temporary 8% pref____100 9514May 17 108 Jan 18 904 Jan 107 4 May
*9734 100
3
100
9814 961
*95 100 *95 100 *95 100 *95 98
el Feb 115 Dee
100 95 May 8 11434 Feb 20
12
*98 102
900 Kelsey Wheel. Ino
98
9814 *98 102
99 101
100 100 *98 102
254 Jan 3958 May
No Par 35 Jan 18 444Mar
3614 367
3654 3714 35,930 Kennecott Copper
4
38
3814 373 3858 373 38% 363 373
4
May 4 1118 Mar 24
4% Nov 24% May
714 714
714 71
714 73
4 6.600 Keystone Tire & Rubber__ 10
7% 8
7% 712
712 8
100 177 Mar 2 24812 Apr 28 110 Jan I 8918 Nov
Kresge (S 8) Co.
*225 24514 *225 245 *225 245 *225 245 *225 245 *225 245
43 Jan 94 Aug
12
83
800 Laclede Gas (St Louis)-...100 80 May 7 87 Feb 21
8234 8234 8274 827
83
82 82
814 8114 8214 83
43/far 22
4May 4 313
2414 Nov 3518 Mar
27
27
4 1,800 Lee Robber & Ttro.- No Par 265
27
27
27
273 *2714 2712 2712 2712 2712 273
4
104 Apr 11 22234 Feb 9 1534 Feb 235 Oct
*190 200 200 200 *185 210 •195 210 *195 200 *195 200
100 Liggett dr Myers Tobacco..100
100 11134 Apr 4 11811 Jan 8 108 Jan 123% Nov
Do pref
300
*11214 114 *112 114 *112 114 *113 114
114 114 *113 11412
52 Nov 117% May
4
85 66
65 8738 8434 6558 6458 6512 847 88
844 85% 18,300 Lima LocoWkinempottsNo par 58% Jan 17 747 Mar 20
8
105 Jan 23% Sept
8
4 1712 1754 173 1712 1714 1712 1612 1758 10,400 Loew's Incorporated-No par 1612May 18 21 Feb 15
1714 1758 174 178
9 Jan 1414 May
8 Mar 15 1134 Jan 5
No par
8
8
8
8
1,400 Loft Incorporated
8
8
8
8
8
*77
8
8
36 Jan 8778 Sept
100 4812May 4 6314Mar 2
484 49
49
49
4812 4812 1,300 Loose-Wiles Biscuit
4812 4812 49
4914 *4812 49
4
100 151 May 16 178% Feb 9 1471 Jan 180 Sept
•157 158
158 158
300 Lorillard(P)
158 158
157 157 *152 156 *112 1144
72 Jan 117 Deb
100 105 Jan 22 121 Feb 6
110 110
110 110 *108 115 *105 110 *107 112 *107 112
200 Mackay Companies
57 Jan 70 Nov
*8712 8812 *8712 88
100 6658 Apr 18 704 Feb 18
Do pref
200
8712 6712 *1374 88
*6712 684 *6712 68
774 7912 7758 81)12 78% 81
25 Jan 8178 Sept
12
No per 5818 Jan 2 9312 Apr 6
7914 773 7
7812 7912 78
4 9 25,900 Mack Trucks, Ins
9914 Mar 12
9112 92% *9212 93
138 Feb 944 Deo
100 9112May 1
Do 1st prof
92% 93 *91
800
93 *91
93
93 *91
92 Mar 5
*84 8514 85
54 Jan 87 Sept
Do 26 prof
85
%
100 84 Jan
85 85
200
*85 88
8512
*84
*84
86
6058 617
8 82 62
59 Nov 62 Dee
714 Jan 20
No par 60%May 1
8158 82
2,900 Macy
4
613 6112 6054 6114 603 61
3414 343
4 343 35
40 Jan 2
4
15% Jan 40 Aug
35 35
2,700 Malltason(HR)& Co_No par 334 Apr
34
4
3412 333 34
333 34
4
*133
85 *83 85 *82 85 *60 65
304 Jan 52 Mar
100 4312 Jan 17 7514 Mar 14
800 Manati Sugar
6412
635 6314 64
*80 87 *80 87 *80 88 489 86
844 Sept
734 AD
Preferred
100 82 Feb 3 90 Feb 28
86
*81
86
*81
52
5278 •52
58
4
41 Mar 593 Apr
*52
55
54
5014 51% *5012 .54
*50
500 Manhattan Elea Supply No par 5014May 16 66 Mar 21
*4512 4578 4512 4512 444 4412 44
,
32 Mar 88 4 Oot
7
25 4314 Feb 2 47 8 Jan 5
444 4312 44
1,000 Manhattan Shirt
43% 44
447 46
447 457 50.600 Marland 011
4558 4812 454 48
22% Jan 46% June
44% 4512 44% 46
No per 274 Jan 8 59% Apr 2
*8
1012 *8
1012 *
8
10
*8
512 Mar 2858 Mar
10
Marlin-Rockwell
*8
101
94 Apr 30 16 Feb 28
No par
*8
10
5 33
323 33
4
33
54 3234 33% 3212 33
204 Jan 364 June
3214 3258 323 33
2,400 Martin-Parry Corp----No Par 274 Jan 31 373 Apr 17
4
42 4418 41
4412 44
45
43
22 Jan 64 Nov
43
42
43
7.000 Mathieson Alkali Works__ 50 41 May 14 844 Mar 14
4278 43
47 4712 47
12 4812 4712 49
41.4 Nov 74e4 May
4814 4878 484 4534 48 4812 6,500 Maxwell Mot Class A
100 41 May 4 834 Mar 8
1814 1812 1614 1634 1814 17
11 Feb 2578 June
1812 17
10,300 Maxwell Mot Class B_ ,.No par 1412 Feb 1 21 Apr 5
1634 171
1812 17
724 72% 7214 7214 73
•
73 7312 7358 75
4 3,300 May Department Stores_100 87% Jan 5 78% Jan 13 8512 Dec 174% Dec
73's 7315 743
19
1934 1912 193
4 1912 1912 1814 191 *1812 1858 1812 18511 4,800 McIntyre Por Mines
1058 Jan 2158 Mar
1714May 2 20 Mar 22
*200 280 *240 280 *230 280 *220 280 *230 280
Mexican Petroleum
100 285 Mar 2 293 Jan 2 1013% Jan 322 Dee
•100 108 *100 108 •100 105 *100 105 *100 103
794 Jan 108 Dec
Preferred
100 10014 Feb 28 10514Mar 113
-HI We - 2,300 Mexican Seaboard OIL.No par 1538May 3 1958 Mar 19 15 Oot 3412 July
16
1618 1614 1614 16
16% 153 18
;
4
1534 18
•15
1512 *15
1512 15
1514 •
12 Oct 3218 July
Voting trust otfs
1458May 7 195e Mar 20
15
1512 15
1474 1514 1,200
151
2712 27% 27 27% 26% 2714 264 27
25 Nov 31% May
2812 281 *2634 2654 1,700 Miami Copper
5 2612May 16 3012 Feb 23
1012 1034 1012 103
4 1014 103
4 1012 10% 1058 1058 1014 1012 22.800 Middle States 011 Corp.... 10 1014May 18 121 Jan 12
11 Nov 16 Apr
26% 27
263 28
4
2754 28
283 27
4
2815 Dec 4514 May
27
271
2714 2714 6,000 Midvale Steel & Ordnance_ 50 2614May 12 333 Apr 18
•
65 881 •624 6612 *6512 6612 844 8412 1343 85 •65 66
400 Montana Power
83 Jan 7E33 Sept
8
8M8y 17 75 Mar 8
8
100 643
2134 22
213 22
4
22
22
21
215
8 214 213
12 Feb 2534 Aug
20% 21% 13,900 MontWard & Collis Corp
10 2038May 18 28 Feb 13
2812 2714 2814 2714 2614 273
4 Ms 2612 284 27
19% Dec
13 Au
4
267 27% 5,800 Moon Motors
No par 175 Jan 17 2958 Mar 22
9% 10
978 10%
9 4 10
3
9% 9%
952 97
958May 16 14 Feb 20
9% Nov 124 Deo
93
4 97 18,500 Mother Lode Coalition_No Par
11
•I9
*19
21
21
21
21
200 Mullins Body
21
21
*2012 211 *2012 2114
171 Dec 34 Mar
4
No pat 20 May 4 29% Mar 15
9812 99
9878 9874 9812 100 *98 100
1,400 Nash Motors Co
98
98 99
98
70 Dec 525 JulY
No par 754 Jan 2 1141s Jan 12
*9812 9914 *994 9912 *9812 99
9812 9812 *98
800
Preferred A
98% *98 984
100 984 Apr 23 10158 Jan 17 10112 Au 108 Dec
145
*14% ___. *14
13% 14
1312 1312 13
800 National Acme
2114 Apr
94 No
1312 134 1312
50 11 Jan 30 1818 Feb 19
413 4214 424 4358 4112 43
41
42
s
31378 Dec 270 Dec
417 42% 4114 4214 23,300 National Biscuit
4
100 38 Jan 5 4334 Mar 19
11912 120 *11912 120 *11912 120
•
100
119% 1193 *11754 120 *11734 120
Do prat
4
3
100 119 4MaY 16 125 Feb 2 11312 Jan 126 Oct
*58
58
554 554 55% 55% 55
5.
800 National Cloak & Suit...., 100 55 May 1 8714 Feb 21
5514 *55
8
55
20 Jan 1367 Sept
56
4
12
'Is 1
*2, 1
4% I
*3
4 1
418 Apr
200 Nat Conduit & Cable. No pa
112 Feb 24
*is 1
1 Dec
3 May 2
4
8334 64
63% 654 65% .6612 8414 85
4,900 Nat Enam4 & Stamp4
65
65 *8412 88
30 4 Jan 684 Oct
3
100 64 May 7 73 Mar 14
120 121
11812 119% 11912 120
1183 1193 11714 11814 11714 118
4
4
3.200 National Lead
85 Jan 12914 Dec
100 11714May 17 13614 Mar 20
110 11212 *11014 11212 *11078 11212 *11012 11212
•110 1124 110 112
Do prof
100 110 Mar 7 114 Jan 4 108 Jan 117 Oct
1414 13% 14
1414 14% 14
13% 135
4 1312 1354 1312 13% 4,400 Nevada Consol CoPPor-1s
1318 Nov 19 June
1312May 17 18%Mar 5
*37 3812 *37
38
38
38% 36
2
1,200 N Y Air Brake (new)
244 Nov 415 SePt
36% 3518 38
2858 Jan 2 41 Apr 25
-No Pa
*4914 50
4818 48% *49
494 47% 48
800
4854 4914 4812 484
Clan A
4518 Nov 5114 Oct
No pa
48 Jan 9 5112 Feb 13
22 22 *2114 23 *2118 2274 *2114 2274 *21% 23
23
500 New York Dock
20 Nov 48 June
4Mar 18
214 Jan 18 283
10
4958 *474 49 2 *4712 4934 *4712 49 *21 474
,
*47
49% *45
Do pref
474
46 Nov 6812 June
100 48 Jan 31 5112Mar 15
444 Jail 10614 Dec
/
1
North American Co
50 1001, Jan 113 11913 Feb 24
4514 4514 -ifi4 45
45l 4558 453 45s
45 -I:ioo
45
45
Do pref
45
38 Jan 4714 Aug
50 444 Jan 17 4812 Feb 14
2212 2114 2114 2 32 2152 23
*20
2114 2114 .914
20% Feb 40 SePt
*25
2712
800 Nova Scotia Steel & Coal_ _100 2012May 2 2978 Mar 3
25
.914 9 2
. 91,
914
912 *914 912 .6
914 914 3,300 Nunnally Co (The)_ __No pa
,
5
8 July 12 4 Mar
9% 914
914MaY 17 1018 Feb 9
6
74
*
64 7
67
8 7% *
/
1
4
7
200 Ohio Body ez Blow.__No pa
*8
7
5 Nov 14 Apr
614May 11 1018 Jan 29
214 25
4 June
/
1
4
*214 212
214 214
*214 258
114 Dee
214 214 *214 28
700 Oklahoma Prod & Ref of Am
s
34 Feb 8
Jan 2
17
8
461,, 712
*64 714
1312 el
*8
7
934 Mar
44 Jan
758May 4
100 Ontario Silver MInIng
712 *512 7
5 Jan
10
• 1812 1834 *1814 1811 18% 18% 1814 1814 *512 1852 184 1812 3.500 Orpheum
1814
12% Jan 23 Oct
8
circuit, Inc
174 Jan 5 215 Apr 28
124 127
12412 125
*1274 131 *129 131
1254 12552 *124 127
1.200 Otis Elevator
124 May 15 153 Feb 18 118 Jan 188% Oct
100
*111d and asked prices: no sales thls day.
Ex-dIvIdend.




2236

New York Stock Record-concluded-Page 4

For sates during the week of stock. U31.11411Y Ina.)ti ye, see fourth page preceding.
PER SHARE
Sales
STOCKS
Range since Jan. 11923.
HIGH AND LOW SALE PRICE-PER SNARE, NOT PER CENT.
for
On Oasts of 100-share lots
NEW YORK STOCK
EXCHANGE
the
Monday,
Tuesday, Wednesday Thursday,
Saturday,
Friday,
Lowest
t
Highest
Week.
May 18.
May 16.
May 17.
May 14.
May 15.
May 12.
qaa,
,a.
10,600
2,103
200
60u

Indus.&Miscall.(Con.) Par $ per share I $ per share
No par
4
77 Jan 4 143 Mar 21
8
Otte Steel
25 3638 Jan 2 513 Mar 28
8
Owens Bottle
12 Jan 2
214 Mar 5
Pacific+ Development
100 743
4May 4 85 Jan 5
Pacific Gas & Mead°
9 May 4 1213 Feb 8
•6
Pacific Mall SS
3534May 7 4872 Jan 4
20.900 Pacific 011
10 1012 Jan 8 1512 Mar 22
10,600 Packard Motor Car
4May 4 9312 Feb 7
50 673
43,800 Pan-Am Pet & Trans
4May 4 86 Feb 7
.50 643
Do Class 73
53,400
314May 7
614 Apr 5
200 Panhandle Prod & Ref_No par
,
0 4 May 16 1512 Mar 13
No Par
500 Parish & Bingham
6 Apr 4
24 Jan 2
14,000 Penn-Seaboard St'l v t c No par
9.703 People's G. L & C(Chic)100 8712May 4 9412 Jan 30
4,500 Philadelphia Co (Pittsb)__ 50 414 Jan 2 50 Mar 15
No par 60 Apr 30 80 Apr 4
Phillip-Jones Corp
No par 4713 Jan 2 6953 Apr 5
43,600. Phillips Petroleum
No par 1012May 7 1514 Jan 14
2,9001 Pierce-Arrow M Car
1
100 2434May 7 35 8 Jan 9
900, Do pref
8 Feb 13
25 .3 May 18
600 Pierce 011 Corporation
3014May 14 45 Jan 4
too
600, Do met
554 Jan 17 124 Mar 20
/
1
____' Pigg Wigg Stor Ino “A"No pa
100 68 Jan 16 on Mar 7
4 (
62 7,
- .- -.100 Pittsburgh Coal of Pa
62 4
- -4
3
-13g2 Iisit -ii/4 6 - -8i- --1- -a- - - -14 ;a1 - ii - -8i- 6
100 98 Feb 7 100 'Apr 5
200
99
*9812 9912 *9812 9912 *9812 9913 *9812 9912 99
99 99
Do pref
/
1
4
9 Mar 1 4778 Feb 15
10
Pond Creek Coal
,
z
ill- Ili- Hol fli" Hail 11184 iiiiie 11612 100- iiii" iiii" 10l3 - 7,500 Postum Cereal
No par 100 May 17 134 Feb 6
/
1
100 11013 Jan 3 1144 Jan 25
8% preferred
100
110 110 *109 113 *109 113 *109 113 *109 113
*110 113
58
55
57 *57
58
100 55 May 17 8112 Jan 2
800 Pressed Steel Car
58
58 *56
59 .57 60
59
/
1
*89
90
200
89 89
100 Sil Jan 22 994 Jan 5
8
8
Do pref
883 883 *8814 91
*8814 92 *8814 92
/ 4412 4314 4414 27.000 Producers & Refiners Corp_ 50 42
1
4
/ 4413 43
1
4
/
1
4May 7 581€ Mar 20
4334 4434 43
4314 441 4312 45
/
4
96
96 *95
96
96
1,400 PubliO Service Corp of N J 100 93 May 7 104 Mar 21
/
1
95
9514 954 9513 *95
95 95
11912 1197g 5,100 Pullman Company
118 11914 119 120
100 11512May 3 134 Mar 8
120 120
/
1
4
119 11912 118 120
/ 6112 61
1
4
/
4
6214 13,800 Punta Alegre Sugar
60 43 Jan 18 6914 Apr 19
4
6114 6313 618 6312 6012 611 60
60
/ 62
1
4
8 24
g 2318 243
2438 27,000 Pure 011 (The)
25 2312May 17 32 Feb 13
25'8 2418 247
2514 25
2518 2514 25
*94
97 *94 97
100 9512M3y 3 100 Mar 9
9812 9812
98
*94
98 *94
8% preferred
109 11014 --------420 Railway Steel Spring
100 109 May 7 123 Mar 17
11014 11014 *109 110
109/4 10914 *11014 112
3
*3018 31
*3012 32
100 Rand Mines Ltd
No par 3012 Mar 27 343 Feb 19
*303 ____ 303 303 *3012 3112 "3018 31
4
4
4
/
4
1338 1318 1312 6,800 Ray Consolidated Copper_ 10 13 May 17 171 Mar 1
133 1414 1314 1312 13
8
14
1414 1412 14
3614 39 8 39% 3912 3812 39
3713 3713 1,200 Remington Typewriter *0 0100 3312 Jan 11 4818 Mar 6
39
37% 3712 *37
I.t orererd v t C
---- 100
,
TOO 100 Mar 5 104 Feb 13
_.,-- 100
*90 100 *____ 100 *_'___ 100 I s_ _.. _ 100
9314
*87
9314 *87
100
9314 90 . 90
100 89 Jan 3 9114 Apr 24
93 *90
/
1
4
*87 97 *87
2d prn:orred
1912 1912 20
20 1 5,200 Replogle Steel
2078 1934 20
19
No par 19 May 8 3134 Feb 16
1912 194 2012 20
49
/ 51
1
4
51
5013 5113 29,600, Republic Iron & steel
/ 5173 49
1
4
too 47 Jan 31 6614 Mar 21
511 49
/
4
48 5012 49
/
1
4
.
94
9512, 9514 95141 2,000
95
100 89 Jan 9 9672 Mar 21
Do pref
/ 94' 9112 94
1
4
92 9212 9234 92
8'
__
No par 1613 Jan 23 2812 Apr 27
9,493 Reynolds Spring
2218 22 g 2214 2312 2214 2312 221s 23e 2218 233
7
6112 657
6434 ____- - / 12,70J ft, ynolds(R J) Tob CI B__ 25 47 Jan 10 6033 Apr 16
3
/
1
4
64
6413 6352 6414 6414 65 I 63 6414 64
8
100 1147 Jan 19 118 Feb 9
20.) 7% preferred
*112 11612 .1113 11612 *118 11612 *116 11612 116 116 ,*116 11612
4
483
4 473 4812 4812 4912 4912 59
15,303 Royal Dutch Co(N It shares). 424 Jan 31 55 Feb 18
46 461 48
/
4
4512 46
187 187
8
4
8 183 194
187 19
8
19
10 18 Jan 2 2238 Mar 9
800 St Joseph Lead
*187 1914 19
8
19
19
24 23
8 *23
s 27 ____ ____
8
5 Feb 14
233 258
2 Jan 17
60J San Cecilia Sugar V t o-No par
234 234
218 218
*2112 23
23
22
22
100 1812 Jan 3 30 Apr 5
22
24
2312 234 *23 24 I *23
700 savage Arms Corp
*78
7834 72
80
/
1
4
79
8178 78
8034 8178' 81
100 72 May 18 92 Feb 13
8012 82
12,400 Sear,, Roebuck & Co
108 108
100 107 May 14 108 May 18
109 109 *108 114 *108 114 *108 114
•109 111
200
Preferred
814 814
738 Jan 17 1212 Mar 3
818 814 1,800 Seneca Copper
814 814
814 838
8
/ 812
1
4
*812 834
No par
4
734 73
8
8
7 May 7 107 Mar 2
73
4 73 • 8 73
4
8
734 7 4
4
3
800 Shattuck Arizona Copper._ 10
73
4
71/4'71
/
4
/ 3712 3712 37
1
4
2
/ 37
1
4
*3614 3713 *361 3712 3714 38 *371 37
/
1
4
/
4
500, Snell Tramp & Trading__ £2 343 Jan 31 4114Mar 7
1712 1718 1738, 1714 173
,
No par 1232 Jan 8 1878 Apr 9
8 1718 1738 1784 1712 1714 173 18,109 13hpil l' ”ton Oil
17
8
2934 31
8May 7 3938 Mar 19
:i
304 304 47;600 Finclair Cons 011 Corp-No pr 283
/
1
30
303
8 3018 3138 3013 3114 3012 31
/
1
8
253
g 247 2514 25
Jan 2 35 Mar 31
8 2514 257
2512 2512 251s 253
25
8 25
7,900 enlly 011 Co
52
513 5414 52
g
.5114 5212 5212 533
51
4, 5112 53
51
2,700 S ow-Sheffield Steel &Iron 100 42 Jan 3 60 Apr 26
100 68 Jan 13 90 Mar 16
81
81
*80
81
31) 81
82 •
*81
84 1 *80
.80
84 .
100
Do
ref
24,4 A pr 9
51
5112 5113 51
4.
100 40 Jan 13 673 Fob 16
*52
5
0 5212 52 52 .52 57
57
600 St Porto Rico Sugar
4
19
/ 20
1
4
1f8 ay 8
8
1918 1912 1912 1912 1912 1912 187 1918 183 18 4 1,700 Si, or Mfg Co
4
No rot 17 781ay 3 27.8 1„b 2
3
__
94
94 *90
94 1 *90 94 'JO
*90 94 *90
_....
Prete ed
7714 7714 77
9012 Jan 23
77
78
7812 *77
*77
79 *77
*73h SO 200 13,andard Milling
8
/
4
8
4 511 523
53 537
g 531 5418 527 531
4 511 5232 21.800 Shandard 01101 Cal
52
/ 53
1
4
26 493 Apr 23 1234 Jan 2
/
4
/ 37
1
4
344 35
/
1
25 34%May 18 4414 Mar 3I
/ 341 3513 44,300 Standard 011 of NJ
1
4
4
) 3718 3 12 35
/
4
368 371s 363 371
11612 11678 11638 11612 1164 11678 1,900
117 1.7
118 Feb 21
1167 1167 117 117
s
8
Do pref non voting
-WO 110 Mar 24
3
8
*94 4 96 *95 96
943 9.5
4
400 Steel & Tube of Am pref 100 85 Jan 2 1077 Jan 12
9 8 947g 95 95
4
59
8
/
4klay 7 673 Mar 2
59
59
591.: 5912 60
5978 59
5933 59
59
No par 571
5913 1,800 Sterling Products
100 10912 Jan 2 115 Jan 5
SIern Bros pref(8%)
108 116
1110 116 •110 116 *108 116 *108 116 *108 116
8312 8612 8412 8312 8412 8612 24,400 SI ewart-Warn Sp Corp_No par 7914 Jan 2 12312 Mar 23
8214 873€ 6412 88
83 85
4
4 6812 70
3
69
/ 70 4 6818 71
1
4
6612 6814 111:4 70 4 688 713
12,100 Si romberg Carburetor-No Par 6214 Jan 10 944 Mar 6
1
485ay 15 12512Mar 19
/
4
110 11213 1105 112 1101 11232 234,600 Studebaker Corp (The) 100 1093
2
/
1
4
110 11114 ILO% 113% 1 )91 114
/
4
100 112 Jan 4 114 Apr 26
•11214 116 *112% 116 '12'* 116 *11214 116 *11214 116
11214 115
Do pref
7 Jan 3 15 Apr 6
/ 11
1
4
/
4
1012 107
/
4
1113 1134 111 111 10
N
s 1012 1014 8,000 Submarine Boat
1114 113
4
6 Feb 15
/
1
4
4 May 2
488
4
4
114
44 418 *4
No par
4 34
4
1
4
414
1,800 Superior OU
31
*2912 30 *29
100 2914 Jan 3 34 Mar 22
30
29
2912 30
*30
3112 30
,
300 5 Parlor Steel
11
/
4May 15
2 Jan 12
/
1
4
133 13€
188 12
10
11 112
/
4
4
/
4
11 11 3,800 Sweets Cool America
/
4
*113 11 •112 13
/
4
10,
8 10
2 1014 1013 1014 1033 10
/
1
4
1012 2,309 Tenn Copp & C tr etfs_No pa? 10 May 17 1234 Feb 21
1014 10 *1014 101
/
1
46 4612 4514 46
454 454 451 4532 30.100 Texas Company (The)-___ 25 454May 7 5273 Mar 20
/
1
/
1
/
4
4
4512 4612 4583 46
10 5712 Apr 12 65 Jan 15
6272 6112 6212 15,700 Texas Gull Sulphur
/
4
4
611 623
/
4
3 61
4 613 62% 611 623
6114 62
5
,
10 16 may 4 24 Feb 17
8
,
1612 16 4 16 2 1614 167 *162 1612 116 117
16
13
/ 13
1
4
161
2 16
4,300 Texas Paoli)) Coal & Oil
120 12012 12014 122
,
100 119 May 18 144 Mar 2
125 125 .112 2 126
*127 130
920 Tidewater 011
4012 4112 4012 4112 40'4 41h 4018 41
401 41
/
4
x3934 4012 18,400 Timken Roller Bearing-No par 3.34 Jan 2 45 Mar 8
/ 5413 50
1
4
/
1
4 544 5612 .5312 5514 5412 54
54 .543
2 5412 553
14 28,100 Tobacco Products Corp___100 • 504 Jan 17 6112 Api 27
8012 81
81
801 804 803 7214 13.200
/
4
/ 70 4 8
1
2
79
/ 793
1
4
4 795 8018 80
Do CIA (since JulY 16) 100 79121Vfay 11 86 Mar 2
0
814May 18 144 Jan 5
812 8*
83
814 8
/ 4,700 Teatscontinental 011_ __No pat
1
4
83
8 833
/
1
4
4 87g
812 8
8'2 8'4
70
70
70
72
4
/
4
72
70
72 *713 711 *70
600 Um( n Bag a Paper Corp 100 64 Feb 5 7712 Mar 28
*is
14
4 Jan 4
No par
14 Jan 3
14
Union 011
*18
14
813
14
*14
*13
/
1
4
100 81 Feb 1 9934 Mar 19
88
89
/ 88
1
4
8713 88 *86
500 Union Tank Car
8514 85 4 *85 95
3
100 107 May 16 112 Jan 19
•107 1o9 *10712 10812 .107 108 107 107 *108 109
Preferred
200
108341-0i3-4
35
/ 3514 3514 3514 35 3514 35
1
4
No fror 3318 Jan 5 3912Mar 21
1,300 United Alloy Steel
35
3512 3512 35
35
101 7714 Apr 12 85 Feb 23
7912 7952 791g 8014 7912 82
79
78h 7814 78
4,600 United Drug
80
/ 82
1
4
ao 4614 Feb 14 48 Mar 1
461 *461g 4612 4614 4614
/
4
*46* 4612 *46
100
*44
let preferred
47
100 15212 Jan 17 183 Mar 2
168 168 *166 170 *la- fili16612 169
700 United Fruit
16718 1671 *167 168
4
771
, 75
76
76
74
7512 7314 77
7612 7612 ---- --_- 6,800 United Retail Stores-_-No par 6438 Feb 1 84 Mar 3
2412 2414 2433 2412 2412 3,000 US Cast Iron Pipe & Fdy-100 24 May 16 3412 Mar 2
24
/ 2512 *2412 2512 24
1
4
24
25
100 65 May 7 723 Jan 3
4
66 66
*66
67
Do pref
900
*60
6514 65 65
653
4 65
312May 4
612 Mar 19
312 33
8 1,100 U S Food Products Corp 100
3 8 37
7
8
4
*3
14 4
4
3
33
4 34
*3 4 4
1
8May 18 25 Jan 27
1738 1712
/
1
300 USHoffmanMachCorp No par 173
174 174 1712 1712 1712 174 *173g 18 *17h 18
/
1
/
1
100 5512May 4 7314 Mar 16
5512 5612 5612 567
8 5614 5612 5,700 U fil Industrial Alcohol
5614 58
/ 57
1
4
55 4 563
1
4 55
100 98 Jan 2 101 Mar 28
*9712 112 *98 102 *9812 102 sm., 102
*9714 102
Do pre!
97 9814 9713 99
99 991 99 9912 99 10112 9712 10014 10,400 US Realty Jr Improvement 100 884 Jan 24 106 Mar 5
/
4
100 5034May 12 6478 Mar 22
50 4 634 51
1
.5112 5314 51h 52
51% 5212 5112 5212 13,600 UnIte4 States Rubber
53
984 994 99
100 9914May 12 105 Jan 13
9914 9914 1,100
99 99h 99
9912 .99 100
Do lot pref
99
3214 3214 32 32
1,100 V 8 Smelting. Ref & M.- 50 29 May 16 434Mar 2
29
29 29
31
31
29
3014 31
ao 4312May 8 4818 Jan 3
438 4338 *4314 4412 *43h 44h *43h 443 *433 443
Do pref
100
4
s
8
/
1
4
9714 98 8 9712 99h 973 993
3
4
967 9814 9788 9818 9714 9812 286,400 United states Steel Corp_100 9672MaY 16 109 Mar 21
8
1167 11712 11714 1173 1173 118
2
100 11614May 7 1234 Jan 15
8
11712 1177
11712 118
Do pref
118 118
8 3,500
66 4 67% 66 s 6718 6612 gy
3
10 6212 Jan 18 7612Mar 5
7
15,400 Utah Copper
64 651
4 6312 6414 6312 65
3
100 16.4 Jan 26 24% Feb 16
•18 18% 18
18
18
18
18
17
/ 1714 1,000 Utah Securities vs o
1
4
18 •1734 18
No Par 3114May 12 • 44 Feb 18
314 33
3114 32
/
1
/ 3113 3214 311 313
1
4
32 33
3214 6,000 Vanadium Corp
4
4 32
100 90 May 1 98 Jan 26
*8812 90 *8814 90 *88 89, *884 8912 *88
/
1
2
/
1
Van Raalte 18t pre!
8912 *864 8912
8 May 18 264 Feb 23
/
4
1112 1212 111 12
11% 11% 1112 1112 1013 1112
8
1012 8,100 VIrginia-Carollna Chem....10(
10t 3514May 3 69 Mar 15
/ 38
1
4
/ 37
1
4
371 3712 3713 38
/
4
37 38
3512 38
Do prof
5,800
3012 36
100 6312 Jan 31 68 Mar 5
*61
61
63 •61
61
63
60 61
1,000 Virginia Iron.0& C
62
60
60 *60
4.83
4.80
100 80 Jan 29 85 Apr 23
_
*83
*83
Preferred
20 2012 •I9
20
4 20
No pat 1514 Jan 17 23 Mar 22
194 193
/
1
/ 20
1
4
203
4 19
20 -- 1 - _ - - VIvaudou (V)
21:14 2:2013
8
1312 1312 13h 133 *1312 14
*1312 14
s
14
14 •1312 14
800 Weber dt Uellbroner-No par 1214 Jan 27 153 Mar 8
/
4
100 4114May 18 106 Mar 2
*42
4512 *421 4512 *4212 4512 *4212 4512 *4212 45
200 Wells Fargo Bxprese
z411 4114
/
4
107 108
2
10912 1093 10913 10912 109 10912 *107 108
108 108
1,000 Western Union Telegraph_100 107 Slay!? 11913 Feb 20
8414 1414 8512 8512 8418 85
*8412 8512
8413 85
,
700 WeetInghou e Air Brake_ _ _ 50 8412May 12 120 Feb 17
4
,
3 533 5414 15,400 Westinghouse Elect & Mfg_ 50 533 May 18 8713 Feb 16
55h 5512 543 5513 54 2 5512 5414 5412 5412 543
4
8
8 2512 257s 2512 2512 2534 254 2,200 White Eagle 011
/
1
/
1
No par 2478 Jan 16 303 Mar 20
8
253 257s 254 254 253 257
8
/
1
5174 52
514 514 53
/
1
ao 4838 Jan 3 on Mar 19
511 5214 517 5214 3,400 White Motor
/
4
5212 51
51h
g
27
8 318
2 4 23
3
234May 4
27
8 3
4
574 Feb 19
278 27
8 3,300 White 011 Corporation_No par
27
3 3
/
1
4
21
4 2
914 93
8
914 *914 9 4 *914 93
83
4May 4 1338 Feb 17
4
3
9
/
1
4
600 Wickwire Spencer Steel- 6
91 912 *9
/
4
718 738 *902 714
714 7a8
7%
/
1
4
713 • 7
67 Jan 2
8
814 Jan 5
718 714
718 7 s 8,700 Willys-Overiand (The)._ 25
3
67 *65 67
6512 6512 6514 664 5,500
100 4212 Jan 2 8978 Apr 8
6414 671g 66
6312 64
Do Preferred (n4uo)
/
1
1
*30
31
/
4
4
3018 301 *30
301 31
32
31
/
4
1.000 Wilson & Co.1no, v t o_No par 30 May 2 4234Mar 7
32
311 32
/
4
80
80 *78 80 *78
81
100 80 May 16 87 Jan 3
100
80
83 *80 81
Preferred
/ 227 232 229 234 *228 230
1
4
100 1994 Jan 24 239121v1ay 11
4,400 Woolkorth Co (V W)
225 22514 22714 234 22914 234
301s 301g *3012 31% 3012 3012
31
BOO Worthington P & M v t o_ _100 30181%lay 16 394. Feb 17
3314 3314 *30
31
31
8 1073 11
4
/
1
11
3.200 Wrisht AeronautJoal. _No par
11
84 Jan 17 11 May 171
1013 1012 1032 1012 101 104 1012 107
$ per share $ per share
10
1018
10
10
42
/ 4314
1
4
4212 43
"4
*3
4 1
7612 7712 7712
76
10
*9
10
*9
8
38 384 3813 387
/
1
1338 133
8 1338 1338
6812 6938 6014 7214
651 6714
/
4
65 68
*41 5
/
4
34 4
1
912
*9
10
*9
4
41
/
4
4
433
8814 891
/
4
88
/ 89
1
4
4438 4438 4538 4512
69
*83
681 *63
5114 5214 5114 5212
11
11
1034 11
2512 2512
*25
29
33
4 34
3
3 4 34
3
3
.30
3212 3014 3014

3 per share $ per share 3 per share $ per ewe
94 912
/
1
9
/ 9
1
4
/
1
4
982 94
938 1014
/
1
1
4
/
1
4
424 42
/
1
1 / 424 42
4312 4312 4213 43
7
8
7
8
7
7
8
*3
4
7
8
*8
4
7
8
76t2
77
*7612 7778 77
10
*8
10
*9
37
/ 38
1
4
/
1
4
38
39
4
383 3914 3812 39
1
1338 1358 1312 1312 1314 13 4 1312 1312
8 7018 7178
7014 723
8 7018 7138 7018 713
2
/
1
/ 6613 654 6612 657 67
1
4
654 67
/
1
/ 65
1
4
4
4
*4
5
.41 5
/
4
*412 5
982 912
914 914
912 912
*9% 912
372 4
3
/ 4.
1
4
37y 413
3
/ 414
1
4
8
*89
8912 8812 8012 893 9214 903 924
4
/
1
4512 4512 4518 4614 4512 4614 461g 4612
6812
*65
68 *61
*61
68
*63
69
4 4914 5012 4912 504
/
1
/
4
507 5212 501 513
2
11 I
11
111 11
/
4
11
11
1112 11
27 2712 *2512 27
*26
27
26
26
35 i
3
314 35
s
Vs 33
4
34 34
3
3
32 32
311 311
/
4
4
3112 3112 3112 32

PER WARR
Range for Previous
Year 1922.
Lowut

Highest

g per shore $ per ohm
6 Nov 1612 Apr
3
8
247 Jan 42 8 Sept
12 Dec 1418 Apr
60 Jan 914 Sept
Jan 19 June
11
424 Nov 693* May
10 Dec 21 Nov
487 Jan 100s Dec
8
404 Feb 9584 Dee
3 Dec 1212 Jan
74 Nov 17 Apr
8
2 Dec 133 May
/
1
4
594 Jan 99 Sept
314 Jan 4518 Sent
7314 Oct 1051a Jan
2814 Jan 5914 June
8 July 24g Apr
1878 July 49 Apr
3 2 Dec 12 Jan
7
32 Sept 71 Jan
89 Nov 594 Dee
55 Nov 7218 Sept
9018 Feb 1004 Sept
1414 Feb 41 Dee
8518 Apr 120 Oot
10512 Apr 1124 ()el
63 Jan 9514 13508
91 Feb 106 Sept
244 Jan 51 Sept
60 Jan 100 Nov
10511 Jan 139/4 Sept
31 Jan 5314 June
2612 Nov 384 Jan
94 July 10234 Apr
94 Jan 12614 Sept
1912 Jan 3612 Sept
1218 Nov 19 May
24 Jan 42 Mar
55 Jan 105 Dee
4
5012 Feb 801 Dee
21 Nov 3812 May
/
1
4
43 Nov 7812 Mar
4
74 Feb 951 May
3
1214 Nov 50 4 June
4
43 Mar 633 Nov
4
11118 Apr 1183 Oct
474 Jan 67 June
121 Jan 2014 Sent
8
614 Mar
14 Jan
10 Aug 2478 Apr
5918 Feb 947e Aug
Jan 112 Aug
91
6 Oct 234 Jan
mo Nov 12 June
3412 Deo 484 May
1218 Dee 1314 Dee
1834 Jan atm June
8
81 Nov 11.7 oat
8
3412 Mar 5412 May
66 Mar 80 Aug
33 Nov 5714 Mar
15 Nov 24 June
84 Apr 913 Sept
8414 Dec 141 Sept
913 Jan 135 Oct
4
3812 Dec 2504 Oct
11338 Jan 1164 Nov
68 Mar 90 may
4518 May 631 Dee
4
81
Jan 109 Dee
2412 Jan 79 Dee
3514 Jan 71 Dee
794 Jan 14114 Dee
100 Feb 11814 Nov
312 Jan
8 8 Nov
7
4 Nov 1014 June
26 Jan 394 Apr
5 Mar .
118 Nov
4
84 Nov 128 May
42 Mar 5214 ON
3812 Jan 6718 N
1812 Nov 32 June
/
1
4
1093 May 154 Oct
4
284 Sept 85 Oct
4914 Nov 844 June
787 Aug 894 Sept
8
74 Mar 204 May
55 Mar 78 Sent
Dee 25 June
Dec 13414 Dee
102 Feb 113 Sept
25 Jan 414 may
607 Mar 85 Oot
8
411 Feb 5178 Oct
/
4
not, Jan 162 Oct
434 Feb 8712 Oot
164 Jan 39 Aug
50 Jan 78 Aug
24 Feb 1018 Jan
/
1
1812 Nov 254 May
37 Jan 7278 Oaf
7212 Dee 102 Oct
56 Jan 947 Oct
s
46 Nov 6712 Apr
91 Sept 107 July
83 Feb 4814 Oct
424 Feb 49 Aug
82 Jan 11118 Oct
11338 Feb 123 Sept
59 Nov 714 Beat
9 8 Jan 234 Sept
7
8014 Jan 534 Aug
92 Jan 100 Oct
/
1
2314 Nov 364 Mar
58 July 83 Oot
43 Mar 9412 Jan
66 Mar 86 Oct
618 Jan 16 Del
1688 Oct 17 Apr
6614 Jan 98% Oct
89 Feb 12114 Aug
80 Mar 114 Dee
494 Jan 6518 Aug
/
1
4
25 May 33 Nov
3518 Jan 64 Sept
218 Dec 12 May
8
8 Nov 217 May
/
1
4
412 Feb 10 May
24 Feb 4912 July
2714 Jan 504 Sept
66 Jan 91 Sept
187 Jan 223 NOV
7
7
26 8 Nov 55 8 June
6 Jan 11 Aug

Less than 100 shares. t EX-r10141. z Ex-dividend and righta. z Ex-dividend. k Range since merger (July 15)
Bid and asked Prtes; no sales on this day.
with United Retail Stores Corp. S Ex-div. 0 25% in common stock. c Ex-dIvldend for Westinghouse Air Brake.




New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
J.*.

In047 IMO Chall2 1
,
• Errhandellle1hOGI ef eUntin0 ,

BONDS.
N.Y.STOCK EXCHANGE
Week ending May 18

aX
7a_

Price
I
Friday
May 18 I

Weat'e
Range or
Lael Sale

cal

PA I

Rands
Stnct
Jan I

Bid
Ad Low
High No. Low Iltsh
U. S. Government.
MatLiberty Loan
J r 19V1ss Sale 007au 1014s 982' (10.ss 10)90
1134% of 1932-1947
J D 071,:s 9733s: 97"s: 9713s: 2 I 97'32 98911
Cony 4% of 1932-1947
9733s: Sale 911:: 971ss: 456 96113:99 10
J
Cony 43.% of 1932-1947
977
:: 14, 97 00 9900
215 cony 441% of 1932-1947._ J D 97.00 98.00 977.2
Second Liberty Loan
96"s: 98.70
M N 971112 97"s: 971s: 97"31
6% of 1927-1942
, .
,
MN 973.ss Sale 971.3: 97:14 ..140X 46:44 98 98
Cant 4% of 1927-1942
Third Liberty Loan
.18
OUZO 271.4299
M S 98123, Sale 08'32
4% of 1928
fourth Liberty Loan
47/% of 1933-1938
A 0 977734 Sale 97133: 9731s: 4918 96"s:99.18
,
Victory Liberty Loan
J T) 100 Sale 100
43 .% Notes of 1922-1923
4
100133 208 991.:: 100.32
Treasury 410 1947-1952
A 0 9913s: Sale 9914: 9913.2 072 981:: 100 04
Os eoneol registered
10212 102 2
10212 May'23
,
41930 Q J
le eonsol coupon
8
_41930 O J .1027 ---- 10314 Mar'22
10212
le registered
10312 103%
10212
1921 Q F
le coupon
10318 10314
10318 Jan'23
1925 Q F 10334
Panama Canal 10-30-vr 211._21938 2.7 F
-1 - 100 July'21 -----------rename Canal 3s gold
942 Apr'23 ---- 9412 95
1961 Q M
9312
9312 963
9412 Apr'23
Registered
4
1961 QM
Foreign Government.
Argentine (Govt) 70
1927 F A 1021s Sale 102
Argentine Treasury 53 of 1909_ - IR 34 79 Sale 79
Belgium 26-yr ext of 7Qs g._1941 3 D 10014 Sale 10012
5
-year 6% noted
Jan 1925 11 J 9o% Sales: 9612
20-year a 1 8e
1941 F A 10012 Sale 10018
Bergen (Norway) e f 3s
1945 M N 109 10912 109
Berne (City of) of Ss
1946 MN 21105 Ill 110
Bolivia (Republic of) 8e
1147 M N 9114 Sale 90
Bordeaux (City of) 15-yr M1934 51 N 80 8012 7912
9612
Brazil, U 0 external Ss
1941 J 13 9836,7!
Sale 8318
7n
1011.1 Sale 100,
8
IMP
..
8
8
Oanada (Dominion of) 4 5 211322 A 0 997 10014 997
0
-- 1956
8
993
8
4
do
do
5s__1931 A 0 993 100
do
8
10-year 5lls
1929 F A 1013 Sale 1011.
99 Sale 983
4
80a
8
Chile (Republic) ext s f 8
1952 FA 1037 Sale 103
941 M N
4
External 5
1926A 0 10214 1023 10212
-year a f Sr
4
70
1942 M N 953 Sale 95
10312 Sale 10318
25
-year a !Sp
Chinme alukuang Ry) Ss of 18918 MU 2 4512 Sale 45
4 1IJ D
4
109 110 1093
obrItitlania (city) a f '5.
8
O
Colombia (Republic) 675a_ 1925 A D 933 Sale 9212
47
4
Copenhagen 25
-year a(6lie 1944.5 .1 913 Sale 91 14
8
Cuba Se
612
1944 5, S 963 Sale 9
Eater debt of 5e 1914 Her A_1949 F A 9014
89 4
,
.
84
External loan 430
1949 F A 831 85
5Qs
1953 J 3 99% Sale 9914
Osechoeloyak (Reim!)of) Re_ _1951 A 0 95 Sale 93
Danish Con Munleipal Se "A"1946 F A 10814 109 10814
Series B
.. _.1946 F A 108 Sale 108
Denmark external a 1 So
1945A 0 210954 Sale IOU%
70
-year Os
973 Sale 97,
4
1942) J
4
96, 98
Dominican Rep Cone A dm 91 53'58 F A
8
97
8714 Sale 8714
575e.
Dutch East Indies ext 6e ._ 1.947 i"
9612 Bale 96%
942 J
-year RP
40
8
1962 1M S 955 Bale 9518
9084
570 trust rcts
8
1953 M S 915
Trench Republic 25-yr ext 80_1945 M S 995 Sale 9914
8
20-year external loan 7Qe_1941 .1 D 951 -Jule 95
Great Brit A Boland (17K of)—
I
20-year gold bond 5 Qr
4
I937 1i A 1037 Sale 1033
10-year cony 514s
1029 F A 114 Sale
Greater Prague 7Qs
8018 Sale 7914
1942 WI N
Raftl (Republic) ile..___ . _ _ 1952 A 0 0412 Sale 19478
13
Italy (Kingdom of) Sec A 0101925 F A
9614 963 9612
8
Japacese Govt—f loan 470_1925 F A 1 92% Sale 927
second series 4 ads__ _ _._ 1925 J 1 1 923 Sale 9214
4
Sterling lean 4c.
1 81% Sale 811.1
Oriental Develo• ment 193_ _1911 .3 .
1 3 M S 92-4 Sale 9214
Lielld (City of) 16-year 00_..1934 /71 N 80 Sale 793
4
5330 sas4
Marseilles (City of) 15-yr 59.1934 M N 1 886911 22 Sale 7934
Mexican Irrigation 4 Qs
394
632
,
194356 N
Mexico—Extern loan k 58 of 1899 '..I
Gold debt 4s 07 1904
a211Sale
1954 J D
Montevideo 7e
89 Sale
3887lz
Retherlands 6e (flat yrices)_ _ 19 2j D 100 Sale 997
4
M
972
5
Norway external s f Se
8
1940 A 0 1107 Sale 1107
6s
98 4 Sale 97%
Porto Alegre (City of) 85
1 9612 9712 97
981 . 1
1852 .1 3
Queen land (State) eat a f 78_1941 A 0 107 Sale 107
25
-year Ss
1947 F A 101 Sale 10012
Iglo Grande Do Sul Se
1046 a 3 N14 Le 96,
e
k 1
2
Rlo de Janeiro 25
-year et&_ _ 1946
94
Re
9114 94
1947 A 0 94
vs
San Paulo (City) a (Se
99 Sale 99
1052
Ilan Paulo (State) ext a 1 88_1930 1
993 Sale 9912
Seine (France) ext 7e
88 Sale 8712
1942 1 .
Beebe, Croats A Slovenes Ss 1962 1t4 N 6514 Sale 65
Bolesons (City) 6s
4
1931 NI N 813 Sale 81
Sweden 20
-year lie
_1039 2 D 10514 Sale 105%
Ilwlse Conferer'n 20-yr a 7 Se__1940 4 j 1157 Sale 11534
8
m s 76
Tokyo City 5s loan of 1.912__
7012 76
Uruguay Republic ext Ma... .1946 F A 10418 10112 104
aurleb (City of) a f 831
1945 A 0 111 Sale 11018
2 35==£

10234
7912
10114
97
101
10914
111
911
.
8112
19083711:48'
1001.41
01.
9
9

64 10014 10318
38
2 82
96 9114 1023
s
68
130 93 10933'
93 92 4
11 10712 10912
97 1680 15,3414
33 1,9:: 13
43
95 913 99
4
65 SO
8814
56 98% 104
35
64
10212

10112
1037 213552 113°9994: 110(1211"
8
1027
8 20 2 :: 10 1
2 19 ,
1
3
4
1537
96 8 'I'l 14234 10534
033 32 4
93 963
4612
1o012 16 107 4 11212
9338 251 8812 0444
91% 99 8813 904
20 9014 97
97
8 5712 9314
9014
5 81 18 59
8418
9912
9914 85 99
179 77
95
95
27 107 10912
109
1083
4 68 107 10912
,
4
00
109 4 . 1073 110
3
973 714' 9514 99
4
97
10 95% Inn
90
8712 19 84
9634 ?,25! 9214 97
9534 . I 9214 9614
736
92 , 315' 8758 92
11 184
0
100 I 319 , 90 101 34
97
9594 5081 84
104141
, 1,5
:
4 22
18, l, 41 51:1,63 2 98
10i2 12287 1823
817
8
9613
9318
9234
8194
92%
86%.
8012
839834i

9
45
13
75
199
47)
63

9212
92
92
80
92
6914
6912
4T2
3
178 49

9613
9412
9394
82%
9312
83
83
32,2
48

93098$1 3878 833
10018 131 95 10 1:3
7
8414
1
Ili% 45 109 1123
98141 5 97 100
8
9912
2 93
97 I
10712 21 106 109%
10114 28 100 1023
4
99it
93
9612
943
s 31 94) 97
90% 9712
9412 21
9912 24 953 9984
4
1.193
4 51 9512 100
90
8834 117 76
60 115 5312 703
2
4
813
4 26 6612 85
10512 52 10312 106
11608 22 115 1194
13 71% 7734
7734
10434 13 103 107
11114
11 110% 113%

State and City Sccurftles.
W y City-411s Corp etctik 1950121 5
A 34 a Corporate stock
19134 01 8
Lid, COrperate etock
1966 A 0
4748 Corporate etock
649 Corporate stoct __July 1977 I D
J
6
91
I49 Corporate stock
1, 1 i D
86 m s
6
Itla Corporate Wrack
4% Corporate stock
1959 /VC N
4% Corporate stock
4% Corporate stock
9 8
. 1957 M NN
441. Corpora:, stew. reff
19511 MN
412e Corporate stock
1957 M N
4 3.6% Corporats stock-...._1957 M N
374% Corporate stock__ 1954 M N
New York State—la
1961 115 El
Canal Improvement 48_ __Aga' .8 J
Highway Improv't 4)4n_ __Men NI Bighwar improv't 4145, , 100 n m at
Virginia 2-3s
1991 f ji

100 Sale 992
100% 36 993 101
4
9117 10012 1007 May'23 ..... 10018 102%
8
8
997 10012 1013 Mar'23 ---- 101% 10212
8
4
10518 111'53 108
4
Jan'23 ---- 10714 108
105 Sale 105
105
2 1115 107%
105 10512 1051s
10518
4 1051e 10718
1047 10512 105
8
105
4 105 4 11)()18
2 9
„ ( 34
17
963 977 97,
4
8
4
9714
963 Sale 963
4
4
963
4
I 963 997
4
8
963 97% 97
4
,2
9712
I 9712 10014
9718 Apr'23 ---. 97133 9912
9614 97
1047 105 1043 May'23
4
8
,I
1
1047 105 10412
8
10412 1i_l 10: , 1F12
1
411
,
2
8914 Apr'23
88
87
____ ____ 102% Apr'23 ---- 16112 10312
____ ____ 10312 Jan'23 ____ 10312 1031
.
--------10912 A pr'22 - -- - .- - - -- - --------10419 A pr'22 -.
7294 ...... 7O4 Oct'20 --

2237

Its now—"nnet twerase•—ereept for facatne and dePtetted ',ads
Price
Friday

BONDS
N.Y. STOCK EXCHANGE
Week ending May 18

May 18

Atch Top & S Fe—(Conattded)
Cony 43 Issue of 1910
19603 D
East Okla Div let g 4s
1928,M S
Rocky Mtn Div lot 4s... 1965I.1 J
Trans
-Con Short L let 4s_ _19581.1 J
Cal-Aria let dr ref 43.4s"A" 1962 M 8
Atl & ilirm 30-yr lot g 40..e....1933IM B
At Knoxy & an Div 4s
1955 MN
At 1 Knox & Nor 1st g Se
1946.3 0
At)& Char! A I. let A 43.0_1944ii
1st 30
1944.5'
-year 5s Ser B
Mi LAalet Line let gold 4a__/1952 M
10-year secured 78
19311 MN
General wattled 41-4e
1964 in
L & N coil gold 45
al952
S
Atl & Dana let g 40
1948.3.3
2r1 40
1948 3
MI & Yed let g guar 4a
1949 A0
A & N W 1st go g 5ii .
1941 J
-salt & Ohio prior 312e
1925 .1 J
Registered
a
alt125 Q J
let 50
-year gold Mi
51948 AO
Registered
51948 Q J
10
-year cony 434is
1933 MS
Refund & gen be Series A 1995 J
10-year es.
1929 J
P June & M Div lot g 33.0_1925 MN
PLE&WVaSysref43
1941 MN
Flouthw Div let gold 37e-1925.32
Tol & CM Div lot ref 40 A.._1959
J
Battle Cr & Slur la go 3a
1998 J
Beech Creek Sat gu g 48
1936 J J
Registered
1936
J
2d guar gold 53
1936
J
Beech Cr Eat let g 310_ ___61951 AO
3ellev & Car let 60
1923 in
Big Sandy let 4s
1944 3D
3 & N V AB Line 1st 4e
1956 FA
Brune & W let gu gold 4e
1938 3.9
Buffalo R & P gen gold 53..
1937 MN
Como]4)45
1957 MN
Burl C R & Nor let 5a
1934 A 0
Canada Sou cone gu A 55_ .._ _1962 A 0
Caned Ian North deb n f 70_ _.1940 J D
25-year 1 deb (33
0
,
1946 .1 J
Canadian Pac Ry deb 45 dt ock.. J
Caro & Shaw 1st 6010 4$
1932 M S
Caro Cent let con g 4s
1949 J J
Car Clinch & Ohio 151 3-yr 50 1930 J D
68
1952 J D
Cart & Ad 1st gu g 45
1981 J
C.nr Br IT P lot g 4s
1948 • D
Ceot New Eng lot go 4e
1961 33
Central Ohio 47le 1930
,
S
Central of (la tat gold 52_21948 11 A
83t
Como! gold Ss__ .
MN
10
-year temp occur 6ii_June 194 : ID
. 52
1
Chatt Div pur money g 48_1951 3D
Mae & Nor DIY lot g 50194( J J
Mid Ga & Atl Div Ls
'
3
Cent RR & 13 of GB roll g 55-1947 MN
193
central of NJ gen gold 5s .1)187
'
3
Registered
51987 03
Cent Pao 1st ref gu g 4e
1949 P A
Mort guar gold 330
51929.5 D
Throncb St 1. let gu 49.... 1954 A 0
Charleston & Savannah 733
1936 J J
OuGenend: al l o u 4 .1.1.2
sb g flcina .6 1nipt as_.1920 1 J
o
let consol gold 5e
1939 M N
Registered
1930 ?A N
General
1992 M 5
Registered
1992 M S
20-year convertible 4)4s,.1931 1- A
-year cony secured 5c..104( A 0
30
Craig Valley let g 5e
2941 1 J
Potts Creek Branch Oat 4e_194( 1 J
R & A DM let con g la_ _...198i 1 .7
2d consol gold 4.
1981 1 .1
g
Warm Springs V 1st g 58_1941
11Lcid i v oot P ll 3 ki e8s
, i,,., ltl r itenref ft :7.7_198f A 0
1940
1
Chic Burl & Q—III Div 3)0_1941 J
Illinois Division 40
J
Nebraska Extension 4FL-1922
511
1927 le N
Regletered
1958 tel a
General 48
let A ref 5s
1071 F A
Chic City & Conn Rye 5s_
1927 A 0
Chicago & East 1111nots Oat 6s_117134 A 0
o. & I.: Ill RR (new co) gen La_ 1951 MN
Chic & Erie let gold 55
Chicago Ureat WeSt lot 40__ A95914 N
1982 61 S
Chic Ind dr Louisv—Ref (te...1947 J .1
Refunding gold 5e ..
.....1947 J J
Refunding 4a Series C
1947 J J
General 59 A
1986 M N
General 6s 13
Ind & Louisville lot Cu 437:11 2(1; j
1
J
Chic Ind & Sou 50-year 413___1956 J J
Chic L S dr East let 4)-4o_11169 1 D
C M Jr Puget Sri lot gu 40__ _ _1941 J J
( h M A St P gen g 4e O'er A _e1989
J
General gold 31.1e Ser B__61982 J J
General 4 Qs Series C___ .61989 J 1
Gen dr ref Series A 4%e_ _02014 A 0
(len ref cony Per II 5a__•22014 F A
Convertible 4Qs
1932 J D
4s
25-year debenture 40
Chic & NM Illy Div 58.....119245. I n
18328
9
j
l
Chic& N'west Eat 18_1888-1926 F A
.___1880-1926 F A
General raid 37 e
.
;
.
51 PI
Registered_
Q 1.7
General 40
18987 M N
, NI N
19887
8
;
St
General So
MN

4,719811,
7

Week's
Rance or
Lan Sale

„,,I!
gag
cr.a

Rang.
Stare
Jan. 1

4.1 Low
High No.; Low High
d
1
100 I 78 983 10414
9812 Sale 9894
96 Sale 9414
9534 18 933 9512
4
7712 83
8314 80 May'23
80
8634
84
8494 837e May'23 ---_
26 8712 100
91
91" ----881
6718 71
3 85
6818
67
7
6794
4
5 803 8612
83 I
83 Sale 83
4
983 May'23 ----, 983 9912
4
918
Apr'23
88
8
8814 597 91
6 96 100
98 I
98 Sale 9712
4' 12 82% 89
863
86% 86% 8614
14 106 108
1067
10614 106% 106
85 I 73 82
847 87 , 8418
89%
8
go
10 7612 83
80 Sale I 79
7514 7714 7712 May'23 _...--I 7378 7713
1 61', 687
687
687
633 69
8
7718 Feb'23
I 7794 Ma
7512 80
933
8
I 93% 9512
9314
- - 9333
,
66 03 x 0714
9512
9594 Sale 95
94% Apr'23 --__I 9312 94%
925 95
8
77 1 45 74% RO
8
763 Sale 753
4
7418 787
8
8
7318 7512 755 Apr'23 -79'2 94 7712 8212
7914 Sale 7834
82 I 49 793 85
8112 Sale 81
1007
8 86 9014 1017
10012 Sale 10014
8
933
8
1 91
943
93% Sale 932
743
4 02 73
7912
7414 Sale 735
94 I 66 011 12 0412
4
94 Sale 933
6334' 13 61 12 6794
631 633 6'710
5514 6012 5718 Apr'23 -- 5718 60
8
88
9114 8912 Apr'23 -- 863 5912
86
8612 ____ 86
Fcb'23 -- 86
9412 ____ 134 Ivall'16 -60 July'22 -693 ___
8
9918 ____ 19018 OcV22
801 84
.
Apr'23
801s 86 . 84
. 7512 7512
6212 72% 7512 Mar'23
89
89
Feb'23
804 ____ 89
100 10158
100 100
88
10538
9
0
9204
7
88 8 18 87
! 9614 9912
9612 9712 9712 May'23
29 94 10012
11314
1801 5
SaleSale
,
2:
1187 24 1 11, 2
93 8 3
13 2
111112338
95142 ;02 17 583
5
1:
1 93
1 4
703 Sale , 78
4
8012 90 9212 Sept'22 .----I
'
9412 s 312 03 May'23 ____' 68
70
71
71, 71
a
7714 8312 81 12 Dec'22
66 4 6 11' , 9 3 Dec4141 564 881489
9"14, ;0
7 8
0
5"
98 2 2
92
'
99381144
3 .5.5
53
58
55 55
s3
_
904- 933 Dec'
3 -_-_
4
5
22
100 Sale 100
2 100 102
100
9514 96
9514
9012 20 923 Me
8
101114 Sale 100
1013
4 23 995 101
7312 ____ 7412 May'23
7412 81
9234
_
9694 Sept'22
- -I
5 94
94
94
00% ---- 94
917 9314 9314 May'23 ----' 9294 970
8
4
1047 10512 10412
I 10312 108
10112
10212 194 103
Apr'23 ---- 103 103
8512 hale 843
8512 34 795 873
4
9112
9112 16 90
9012 9112 90
817 Sale 80
8
5 793 84
81%
11412 Oet'15
11334 _
6 9494 9 8
9534
67
9514 Sale 9514
997 10094 100
4
2 973 10314
100 I
Mar'23 ---- 9714 9714
96,
a
_ _ 9714
8
8334 Sale 83%
8412 46 807 SP%
4
.78
8014 Apr'23---- 80, 80%
8714 gale 87
8794 64 85
8912
&vs 83 8634 96%
8812 Sale 8.818
04
9134 9312 9312 Apr'23 ---- 9 , 95
7814 7894
7614 7978 7814 May23
7694 8012
8012
7934 Sale 793
4
76
7414 7512 76 May'23 --I 76
8934 _ _ _ _ 80 4 Dee 211----•
3
---I 50% 53
5214 5294 52
52
,
2694 97 25 8 2912
2814 Sale 2,118
8114 18 78% 83
8012 8114 8012
851. ' 14 85% 90 4
8
7
573 8812 873
4
4
98 I
6 9513 97
97 96
98
954 957
8
95 4 --__ 957 Apr'23 --3
8
8714 Sale 86
88141 68 83 8913
9912 Sale 99%
4
571 Sale .54%
95973
4
121 973 107'S 1061 12
1 964,5 1(6)6 3
105 I
103% 10512 106
7912 32 773 8112
4
7914 Sale 79
90 8 92
3
8912
90%
5 8737 97%
106 Sale
48'8
94
95
81
8412
8012 81

3
158°2 3
06
148's
08
5
94
94
80
80
1
803 May'23 ----

1087'
44 8
94
7913
8014

107
58
9712
86
%
84

9751% 796734
8114 ____
87% - --63 Sale
4
713 Sale
621 6312
:

978512
978413 9788
81 1‘31:flY:2233 ---- 81
8634 Mae23 ------591
8 E
1
14
1
5
63
623
4
22 7014 74%
7112
72
6214 May
,
2
8y3 --Lo 1113 83' ,
, 7
,
1

897 Sale
51 8 S e
Sale
e
01133334
961 Sale
80144
i4
03
9042 Sa114
6
5

9 %
5
9
60
0644 52
4
66
647
e
6512 138
80
80 14 93
151
,
62 .
973 may0t;.. 5
59 4

6
56
4
63
76
94
5 458
6

6234
70
68
84
63
9,47
;2

95
88
9514 911
9334 Jan'23 ----I 93
% 9334
72% 74
7312 May'23 ----, 70 4 77
'
6678 ____ 731* 4.1ec'22 ----1 - - -- -- -7123
4
21
121
883512
5 8 4 87,
2 1% s ,
Sate 85
R12141033 10214
,
4
1027
81 10 101 105 2

LI

:
;
4
Sinking fund 5e_ ____
Registered
1579-1929 A 0
51081,12 fund deb 5e
193351 N 99% 100
90 2 May'23 -,
Registered
1933 fell N
10
-year secured 7s g
:
: 4
:1
----1 9- , 1 „;
::1-iii.31111:58733-; 10963003 2
70!: ' :i5 990„i- 118711'1
22:21
1930 J 17 1 1 8r4 131
Railroad.
15-year secured 6 kis g_. 1936 M 8
Sale 1 73
8 ;
4
Chic R 1 & P—Railway gen 4,a 1988 .1 J
9
7 Sale
8
0 I
7.
4
Ala CR Sou 1st cone A 58_ ___1043 .1 D 90
953 933 Apr'23 ---- 933 96
4
4
Registered
Ala Mid lot guar gold 5F1
1 997 101%
8
1112$ NI N
119% 102
9934
993
4
RefundIng gold 4s
7912
1934 A 0 7
s „,
8 BLIT 78
.
Alb & Sung cony 31.4)
194e A 0 7912 81
79 M a y
'23 --- - 7
8112 Ch Ie St I. & N 0 gold es
8
195 i D .0::s ilf 2
9i
r: 1.F 0 7;
04
7
::_ : 178 Am,1,,:z0:. 7 2 j ° 231..:!:_11
Alleg & West let g 45 RV
f
I
1998 A 0 793 84
4
83 Mar'23 —_ 83 83
, . 4 ...
8.
i
s
9
2
i9: ' /
9175 (8 :1
6:i . 1
i1
7
48
Alieg Val gen guar g 40
1942 NI 8 8912 Sale 8812
16 8838 90
8912
Gold
111995 Li J 6214 Sale 62
Ann Arbor 1st g 4a
7 61.
657
.
6212
Joint 15C ref 5. Series
Sale 94
41ch Top & S Fe—Gen II 4,9-.199f A 0 8802 Sale 871g
8812 178 Si'4 000
, c Si.1 ei n pep 11; cot g, 5. A__ _196 J D 9414
.
g . 1) l s ns ;1. ___.,1
11932
5
1995 A 0 8214 _
Registered
81
82 May'23
8838
A
g.91
Adjustment gold 45
7912 Sale 7914
11095 Nov
80 --1-4- 7512 8213 Chle St PM A 0 eon• A4 .....1930 J D 1055 .
1 0: l a ..231
0 2 ll
18
8,8 106_ 492 8 I a c3 1..ii 927 19 1
11'1913,3 1
L 1i 9 1
189
19
47:
4
Stamped.
793 Sale 79%
4
51995 Nov
32 76% 827
81714
.
Cons as reduced to 3 ..4 S. _ _1930
e•onv gold 4/s 1909
101r 1 D 8012 Hale 80
5 76
821,
81
Debenture So...
Cony 40 1905
1955 .1 D 8012 Sale 791.
8012 12 76
82
4 76% 81
95't
77
9
771s
1Z
' East let 58
'' '''°
•No price I rlday; latest bid and asked. a Due Jan, d Due A wn e Due may. 8 Due June. h Due
.
July. k Due Aug. I Due Oct. y Due Nov. q Due Dol. a Option sale.




------

0
Y0
m:
36
7
,07:i4s2 19: 1!:: I 2 ig
11 4 :11: r` ,

S 174,2 AI
0

7' .7 ?I

00:3,.
7

2238
BONDS
N.Y.STOCK EXCHANGE
Week ending May 18

43
13,

New York Bond Record-Continued-Page 2
T.,

Price
Friday
May 18

West's
Range or
Last gals

43
g 11
03 ta

Range
Since
Jan. 1

High N a. Low High
Ask Low
Bid
8
8
90,
32 875 925
4
,3
Mk 17n Stan 1st gu 434s A _1963 J J 897 Sale 8914
3
977 10012
4
J 9812 993 100 May'23
1963
ROB
11412 18 1127g 11514
4
J 114 1143 114
1963
let Ser C 6;is
_ 10412 105
Apr'23
_ _ 105
Cido & West Ind gong as_e1932 Q M 10412
7112 19 70
7112 7912
757
1952 J J 71
Conso150-year 4s
103
13 10113 1031 4
4
103 Sale 1023
1935 M
-year s f 7Sas
15
96 May'23
9533 07
,2
95
Choc Okla & Gull eons ba.. _1952 MN
88 Mar'17
C Find & Ft W let gu 48 8_1923 MN
8714 Apr'23
8613 893
4
19372
Chi H & D 24 gold 44E1
4
Ms 863
87% ___- 8712 Apr'23
111136Q
0 I St L & 1st g 40
9012 (4ct'22
11936 Q F
Registered
3
85 4 Mar'23
E4
- 3- 8524
1942 NA t4
Cin Leb & Nor gu 45 R
99 Aug'22
953 99
4
1925.3 J
Cln 8 & CI cone let g 5.9
9912 Jan'22
9718
Clear! & Malt lot gu g 5s---1943 J
17 76
3
8218
791.1
4
781 4 793 783
Cleve Cin 1;13 A St L gen 4,3..1993
7 9014 9313
9214
4
9312 913
1931 .1 3 92
SO-year deb 1 15s_.
.
9712
5 9613 1(10
1993 J D 9712 Sale 971
General 58 Series B
10012 10113 49 100 102
Ref & impt 644 Series A.._ 1924. .1 J 10012 Sale 101
May'23 ____ 10012 10114
1941.3 J 10114
as 0
8612 12 8018 88
1939 .1 J 8518 Sale 8518
lot gold 48
Cairo Div
77
7814 77
1 7514 783
8
14491 J .1 76
Div 1st g 4s
Cin W &
7712
78
35 747 813
8
8
St L Div 1st coil tr g 42___ .1990 M N 7813 79
89
Apr'23
8213 81
1940 M S 81%
apr & Col Div let g 43
8033
1 8033 805
34 8158 8033
J 80
1990
W W Val Div lat g 4s
4
4
1334.3 J 1033 105 1033 May'23 ____ 10318 10633
OCC&Igenconsg138
97
93
97 May'23
1933 A 0 9518
Clev Lor dr W con lot g 5•
10
Jan'23
95
95
4
013 1930 M N
CI & Mar 1st gu g 430
94
Vali g 53_ _1938 J .1 87 _ _ _ _ 93 Mar'23 ____ 93
Cleve & Mahon
91 Nov'21
_
9514 97
1942 J
CIA P gen gu 4404 Pier A
_
1942 A 0 9514 97 104 Dee'15
Scrim B
- 9613 Feb'12
1942 A 0
Int reduced to 3398
90% Dec'12
-____
1995 MN
Series C 348
67
Jan'21
1950 F A
Series D 33.4o
92
1 90
98
Cleve Shor Line lot go 443_1961 A 0 92 Sale 92
8
g 27 101 106
1037
1972 A 0 10314 Sale 103,
D/eve Union Term 4534e
4
827 83, Mar'23 ____ 83
85
s
.1 13 81
1945
Coal River Ry lot gu 4e
91513
917
3
2 903 9312
4
Colorado & South let g W...1921 F A 91% 92
8412 16 813 8718
8
Refunding & erten 4359-1931 1S1 N 84 Sale 8314
8312 Nov'22
1943 A 0 8014
Col& IL V lat ext g 941
3-36 4
1955 F A 8018 _ _ _ _ 8034 Mar'23
Col & Toilet ext 44
83
8312
4
853
5 82
-year 5543_1952 J J 8212 83
01318a RR let 513
4
106 I 13 103 10512
4
1033.3 D 1043 Sale 1033
let ref 7%o
9118 May'23 ____ 91
4
923
lot cons 448._ _1931 .1 Ji
Day & Mich
Delaware & Hudson-83
8
835 90
,
1943 M 11! 88 Sale 86%
let & ref 48
93 126 9
4
, 23 014 98
1935 A 0, 923 Sale I 9212
-year cony 51
80
100
13 98 10212
997 Sale 9814
g
1037 M
She
4 107
4
7 105 1113
1930 J D 107 10734 1063
-year eeoured 7a
10
-1936 F A 88% ____ 87 May'22
DR RR & Bdgelst as go g
4
7312 31 72
3
73 4
Dim A R Gr-lst none g 48..1936 J .1 s73 Sale 723
78
7 77
763 78, 77'
80
4
4
fkI
1936 J
Conaold gold 44-.8
853
3
4 151 82
88
1928 J D 8412 83 4 84%
Improvement gold 58
52% 210I 9814 58
1955 F A 52 Sale 5014
let & refunding 58
- - 4912 Aug'20
- - -- do Registered
5412
50
12. 45
Elks Tr stmp ctfs Feb '22 Int. _ _ 50 Sate 46
48
50 May'23
45
53
5314
Farmers'Etkisr recta Aug '55_
______
30
-5512
Banker• Tr ens of dett
.50
48 _ __ 50 May'23
50
do Stamped
46 Mar'23
46
96
Am Ex Nat Bit Feb '22 ctfs_
do Aug'22 ctfa
43
43
1 42
43
44
45 J
1935.3
Dee M dc Ft D 1st au 4a
9314 Sept'22 _
8614
Dee Plathes Val let go 43.3a 1947
- - - -.7518 Feb'23
7518 7518
Det & Mack-lst lien g da_ _1995 J D
66
65
Apr'23
65
65
Gold ets
1995 J D 60
4
867 8618
903
8618
3 85
1961 SIN 86
Del Hi, Tun 44i s
4
9814 99%
1941 J .1 •__-- 993 9814 Apr'23
Dal Missabe dr Nor gen bs
10014 14 98: 1001,
18
1937 A 0 100 Sale 90%
Dal & Iron Range let 58
9812 Jan'23
9812 9813
1937 A 0
Registered
8
75
767 713 May'23
80
75
Dal Sou Shore & All g 5s.... 1937 J
90
88
1948 A 0 8312 ____ 89 Mar'23
IS Minn Nor Div lot g
9018 9312 9112 Mar'23
4
9113 913
1938 M
E Tenn reorg lien g Is
98 100
99
Jan'23
97
98%
ET Va & Ga Div g 5s_____ 1930
9714
2 9612 9913
1956 M N 9714 Sale 0714
Cons let gold 34
8
975 100 4
,
Elgin Joliet & heat lot g 5s 1941 M N 9812 10014 9814 May'23
8
s
8 103 1043
104
4
Efle let consold gold 78elt...1930 M S 1037 101 1033
5545 5412 58%
1995 .3 J 5512 5578 55
let cone g 48 prlor
57 Ma4'22
14
1996 J 3
Registered
4
4514 14'3. 431j 4912
let consol gen lien g 48_ _1996 1 .3 "4E3- §:Ye- 4414
Si
Aug'22
1996 J
Registered
4
8314
7, 82
4
803
Penn coil truat gold 40_1951 F A 823 8314 825
45
47
102 4114 52
50-year cony 40613 .4._....1953 A 0 4518 48
8
467 4618 May'23
_ 4214 52
1953 A 0 45
do Series B
4
4812 91 43% 5413
1953 A 0 48 Sale 473
Gen cony 48 Serles D
4
87 80
8912 11 88
89%
1955.3 .1 86
Erie & Jersey let 0168
s
823 ____ 83 4 Mar'23
3
4
833 83%
1940
aria & Pitts gu g 3%.B
8
82
1345)2 .1 823 ____ 82 Apr'23
8314
Series C
88 Apr'21
-- Evans & T H 1st gen g 3s_1942 A 0
69% Apr'21 _
1930 A 0
- Sul Co Branch let g 154
1924 .1 .1 96% .___ 9912 Dec'22
as
Fargo dr Sou
9913 ____ 988 May'23
1923 J
98% 100
Via Cent & Yen let eat 58
8
1930 J .1 8814 985 9313 Aug'22
let land grant ext g 5e
4
.1 913 ____ 91 Mar'23 -- 91
93
1943
Consol gold Is
80
76
6 8512 89
,
8 3 80
8613
Florida E Coast lot 4403._ _1959 .1 D 65 4 77
o 65
70
79
1952 MN
445e
Fonda .7 & Glov
7813 803 79
4
Apr'23
79
./
79
1941
Fort St U D Co 151 g 41-68
998 101 10012 Apr'23
4
093 103
,
196I J
St W & Den C l tg5%s.
86
8
875
85
8
873
HI Worth & Rio Or let g 48....1928 3 .1 1073 90 1073 Feb'23
4
4
4
4 107 109
1073
Frem Elk & Mo V tat 6a__ _1933 A 0 9684 10912
967
1 9513 99%
8
97% 9673
GH&SAM&P lot So....1931M N
94% 9614 9313 Apr'23
9313 98
1931 3
2d etten 58 guar
87
88
883 May'23 _
4
4
85% 883
,
Gala Hone & Rend let 5s_1933 A 0 82
8514 13 8212 885
8318 8213
8
1957
Geneesee River let 8 f as
8118 May'23
82
J 80
7913 81 18
GA & Ala Ry let con 5s___o 194'
4
90
9112
.1 903 ____ 90 May'23
1929
Ga Car & No let gu g 58
61
2 603 64%
4
1946 A 0 611 82.61
Ga Midland let 3s.
4
1924 M N 99 4 993 9914 Apr'23 _ _ 9914 9913
V(IAN let gu g 5e
011a
1942 .3 D
Gouv & Oscwgatch 59
8
8
953812 90 -gi
89
92
(Ir & I ex 1st gu g 44.0 _1941 .1 J 11312 Sale- 11318
114
57 112% 115
deb 73.._1940 A 0
Grand Trunk of Can
104 Sale 104
10411 73 1023 105
4
1930 M S
15-year f Se
10113 Apr'07 -1947.7 D
Grays Point Ter 55
10833 Sale 108
10810 172
iffl2
1036 J
Great Nor Gen 7s ser A
9014 9112 893
4
9014
9 87
J
9212
1061
1st & ref 43.4e Series A
82
Oot'22
1961 J J
Regiutered
3
100
113 -ggIa ie638
1932 3 J 997 Sale 993
5
5/ 9
65
65
75
65
Apr'23 _
(Keen Bay & W Deb Mfg "A"____ Feb 60
8 914 9
914 17 9
83
1314
Feb
Debenture Ole "B"
8412 ____ 69
Apr'21
Greenbrier Ry let R118 413____1940 M
7912 80 May'23
79
Q2lf&8 1 1st ref & t 53_61952 .1 1 78
7 7213 7843
733.
7338
8
Harlem R-Pr Chem 1st 413____1934 M N 733 74
8312 104 80 86
ifockiag Val let cons g 441._1999 J .1 8312 Sale 83
7313 June'18
1999 3 J
Registered
95I 0734
9712 May'23
.1 9712 98
1037
II & T C 1st g 58 int gu
91
93
90
92
12 803 92
4
& Term let 58_1937
floutiton Belt
9713 Apr'23 _
9514 98
9514 9733
1933 M N
EiOuo E & W T let g 56
_
1933 M N 961g 9818 9412 May'22
guar 58 red
let
87 Mar'23
_ __, 87
1937 M N 817 95
Hewlatonic fly eons g 158
3
803 107 ‘1,I3 847
4
1957 F A 80 4 Sale 7933
Gad & Manhat 58 ger A
.5734 133 55 644
4
1957 A 0 573 Sale 5512
Adjust income 334
820.
90
8614 90
5 90
90
Illinois Central lot gold 18_ .1951 .1 I
83% Sept'21
1951 .1 .1
Registered
79
8073 78 May'23
1:451 J J
let gold 343
78
8012 80
oct'22
1951 J
Registered
79
81
83 Feb'23
Extended jut gold 3tas_.....1951 A 0
1951 A 0
Registered
50
72
8318 hiar'22 _
1951 M
let gold 38 sterling
8
3
83
---- 837 83
Collateral trust gold 48......1952 M
9533 Sept'19
1952 A 0
ReRls1'red
,
8534 36
,
1955M N 85 2 Sale 84%
1st refunding is

-ni12

Iffeet's
Awlgo or
Last Sale

Ptfee
Fiiday
May 18

BONDS.
N. Y. STOCK EXCHANGE
Week ending May IS

Rance
Since
Jan. 1

.4,1 Low
High No .3 Low High
Bid
Illinois Central (Concluded)
0 77% 79
8
m
78%
pu aased linee 3sae
1
19521 J 7838 Sale 783
4
38 773 83
81
8
8
113 te td
,,
C6,0 4Lralrorust gold le_ _ _ _1953I M N 793 797 79
Auc'22
1953'M Pt
82
_
9914 355' 981g 99
1955 M N 99 Sale 9812
•
Ref 5s 'nterlm elf
39 100 1027
8
101
.o-year secured 544.... _1034 .1 J 101 Sale 10014
8 13 10718 111
1013,
-year secured 6415 it --1936 J .1 10813 Sale 10812
45
8
823 87
8212 Mar'23
1950.3 D 8033
Cairo Bridge gold 40
4
Litchfield Div let gold 38_1951 .1 J 693 7212 69 Mar'23
7012 Apr'23
Lnul8y Div A Term a 3443-1953 J J 721: 75
578 4 7 5
637' 15
3
1 74
4
683 Mar'23
1951 F A 67 4
3
Omaha Div let gold 38
71
71
Feb'23
old D1v &
c
etl. uis3 . 'Term R 3a_ _1951 J J 6914 7014 71
80
7418
75 May'23 ---- 75
1051 J J
Gold
4
7812 July'22
1931 1 J 733
Boring( Div 1st R 3%.
2 -gr 83
84
82
82
Vestern Linea Sat g W...1951 F A 82
8314 92 Nov'10
951
1040 F A
Registered
8
857 Mar'23
SS% 87
A0 8312 _
t
Bnd & W 1st pref 48
8
.11 8338 857 83% Mar'23
1.350
40 III 41 Iowa 151 g 45
9513 9512
3
9512
' 95
1965
Ind Union Sty 58 A
1- 1. 9853
9989
:4
3
4478 --72 41's 1454
,nt & Oreat Nor •djust(18_ _1952 3 J 4334 Sale 43 4
8
9178 79 8912 975
1952• J 9112 Sale 9112
let Mtge 0313 etis _
71
7318
70 May'23
65
J D 70
let gold 58
Iowa Central
35%
40
15 35
35 Sale 35
1 951 111
88
Refunding gold 4s
Jurors Frank & Clear let 43_1959

D

83

8314

1938 3 .1
Ka A & G R 1st gu g 5s
1990 A0 7733 Sale
Kan & M let gu g 40
1927 33 9538 9914
2c1 20-year 5s
1928 MN 10114 102
K C Ft S & M cons g as
K C Ft & M Ry ref g 48._ 1936 A0 7614 Sale
9614
KC&MR&B 1st gu 5e ._ 1929 A0 92
Kansas City Sou let gold 38. _1950 * 0 6612 Sale
Apr 1950 J J 8514 Sale
Ref & Inapt 55
Kansan City Term let 4s____1960• J 8012 Sale
Kentucky Central gold 1s.___1987 I 1 81 Sale
79
Keok & Des Moines let 55___1923 A0 75
1925 3) 100%
Knoxy & Ohio lot g as

May'23

83

87

7633
-ifia 5 75 797
8
963 Feb'23
96% 97
5 10013 1023
4
1013
4
1013
4
7614 62 73% 7913
75
9458 Mar'23
92% 95
66
0612 65 64
68%
8414
8514 41 83
89%
120 76% 833
7918
82
4
837.
2 81
81
8112
74
7714 12 65
92
4 1003 101%
101
8
1007
4

2 91% 97
95
Lake Erie& West 1st g 5s____1937 J .1 9312 9112 94
83 May'23 _ _ _ 8114 86
1941J J 8212 85
2d gold 5s
7 723 7812
8
7512
7512 75
1997 1 D 75
Lake Shore gold 344,3
1997 .11 D 7312 7513 7313 Apr'23 ---_ 7313 7313
Reoletered
5' 92
96
95
8
8
1928 M S 945 947 9412
Debenture gold 413
92% 46 90% 9313
1931 M N 9214 Sale I 92
-year gold 48
25
Na_ ___ 931 4 8511 July'21 --1931 SI
Reglotered
2 9214 -if9312
1.313 Val N Y let 1;11 il 4,..a 8_ _1940 J .1 9314 Sale 1 9314
90
Jan'23 --__ 90
11040.3 1 8912 ---1 90
Reglatered
784 17 761g 8112
4
773
2003 MN 7833 79
Lebigh IVal (Pa) cons g 4s
9214
3 85
90
8814 88%
2003 M N 87
cone 449e
General
8
s
2 1007 1017
10112
1941 A 0 10112 Sale 10112
Leh V Term Ry lot 1111 g 58
Apr'23 --__ 112 11212
1941 A 0 ____ ____ 112
Registered
9 1007 105
3
8
8
1017
M ii 1015 10212 101%
1.4th vat RR 10-yr 0011 63_131928
Apr'23 _ ___ 83% 8512
,
87 4 84
Leh & N Y let guar gold 45 1945 M $ 78
97% 9912
99 May'23
'ex & East let 50-yr Us an...19e5 A 0 9914 100
---- 70 Dec'20 ---1962 MN 8018
Little Miami 4s
8
10812 Nov'22
1035 A 0 1043
Long Dock consol g 68
I1S5 98
95% Apr'23
4
Long laid let cone gold 53._81931 Q J 983
9053 90 8
3
53 Apr'23
00
51931 Q J 8914
let consul gold 4s
8312 85 2
,
1938,1 D 8353 85 83% May'23
General gold 45
8118 - - -. 81 13 Mar'23 ____ SlIg 8112
19323 D
Gold 4s
75% 81
7712 7714 May'23
1949 M S 77
Unified gold 45
94
92
92 Mar'23
1934,1 D 8918 92
Debenture gold 55
1 8313 8512
843
8
4
893 84% 8458
1937 M Neb
20-year to m d 6e
2 76
83
8
7712 763
77
29 34 8
1947 51 s 77
refunding gold 4s
Guar
93 95 Nov'22 .___
90
.
Nor Sb B let (1./r1 g gu 65_a1932 1 ?
9384 9912
93
94 91% May'23
L•mislatia & Ark let ale
80
8
7912 16 77
M S 793 Sale 79%
0.0u & Jeff Bdge Co gu
1 97% 103
3
8
973
975
N 1003
d oiN
Louisville gr d Irvine
900,
7 8714 92
90% 9112 90%
3-_1940,3
BullIed
9814 90% June'22
19401
Registered_
-ifs; WIC
1931151 N 9712 9812 97% Apr'23
Collateral trust gold 5s_
10712 10 106 109
1930 M N 107 10712 107
ureti 714._
t
10 re 5 ie
.y ey sr
10312 22' 10114 105
4
53
03 1033 103 103
_219°3°3013A
1013 1013
8
4
1)458 1_0_5_3 1014 Jan'23
!
N 0 & M lot gold 84 ___
971z 10112
19113 Feb'23
1930,1 J
241 gold 613
84
84
84 Mar'23
88
Paducab & Stem Div 48..._1946. F A 81 Sale
10 59% 63
61
8
595
St Louis Div 2d gold 30.__1980 rd 8 61
93
96
91% - - -- 93 May 23
& M lat g 4 sia_19451M
L& N &
80%
2 75
7714
3
73 4 7714 76
443._ 19521J
oo
R, t u od
L &N l orthjoint
73% 7312
7313 Apr'23
51952 Q
5 95
9712
- 4
-11f3- 9512
9512
& Lex gold 4398_..19311M N
Louise
Mahon C'l RR let 159
j
N
34
19 9
Manila RR (Southern LInes)_193
D
Manitoba Colonization 55._ _1934
J .1
Man CI BA: N W 1st
Max Internal lot cons g 4s___1977 M S
1931 M 10
knetrigan Central 543
0
3 @ 3
1941 j 51
RegIstered
1940.9
45
Registered
0
4
J L & S let gold 3. 81951 M
A N
1952 M o
1st gold 31.03
1929
-year debenture 48
20
110220 A A3
199 449 JF 0
lot eat 5s
AIM of NJ
L & West imp g 58...
1925 W1 8
Ashland Div let g 68
klich Div lot gold 65
1034 1 D
Milw & Nor let ext. 444s
Cons extended 41-95
9 1 1F1 3
537 J 8
1944 .1 D
Mil Spar & N W ist au 413
Milw & SL 1st gu 330
1927 3 ID
Minn & St Louts let 78
1
1934 5 N
1999 M 8
st &re9i gd ln Sg
181 9998fu n ol dg oold 4s
Ref & ext 50-yr 5s Ser A _1962 Q F
M St P & S SM con g 4sint gul938
1938 J 3
13 coar
0 y on
1931 MS
:oll
ed trust 640
1946 J J
OS A
1991 MN
lot Chicago Terms f 45
& A 1st g 43 int gu.„1926• J
NI 8 S
m48848844)0 Central let U....1949 J
N
1942
M K & Okla 1St guar 50
Mo Kan & Tex-let gold 4w..1900 3D
certfs for 001ts3"ext"_____
1 32
Me K & T gy-Pr 13s Ser A 1962
J J
1
40-year 48 Series 13
1932 33
-year gs Series C
10
1967"3
adjust 58 Series A
Cum
Missouri Pacific (reorg Co)
1st & refunding 5s Ser A....1965 FA
1926
lot & refunding 5s Bar 0_ 1979 P A
FA
La & refunding es Ser D 1949 MB
4s
General
Missouri PacIfic1938 M N
.
dI
70 e ir iger I
& nIt ee
1945 3 .1
8 5B
4%
Mob
1945 J J
Mortgage gold 4s_ _
1 2
5, Q
Ohio new gold 68....1927 3 LI
Mobile &
1st ext gold fis
1938 M S
General gold 4s
Montgomery Div 1st g 58_1947 F A
1 N4
9 7 7,1 ,15
11c:3329 .1 13
St Louis Div Se
Mob & 01,10 cell tr 4s
Mob & Mel let gu g 40
1937 3 .1
Iflut C lot 1113 II 68
1937 J J
Registered
1037 .1 J
let guar gold 5e

4
903 Deo'22
,
98 2
6418 71
6312 6814 68
Apr'23
95 8 9714
3
971 4
97 _
9714
70 Mar 21
7518 82
77 Mario
_
100 o2C22
98
-6 1- -973/2 4
97% Feb'23
97 100
86
88
s612 8812 86 Apr'23
88
7414 Sept'20
86
80 -tTui77
7913 80
Feb'23
7 7714 84
78
73 Sale 78
15 89% 93
92
9112 9212 9112
87 87
91
87
87
Apr'23
4
9818 993
4
993 May'23
4
993 100
3
100 8
101% Nov'22
ii5O4
8
1003 101 1007 Mar'23
4
2 894 9212
88
8914
g
887
3
90 4
1 89
89
8512 9
033 89
8412 89
85
8614 84% May'23
6618 Aug'21
4
743 88
jell- 101
101
Apr'23
102
76
3 68
7412
7012 7312 74
40
8
3712 15 36
36% Sale 365
3944
35
4
373
3713 Sale 37
13 845 90
89
3
89 Sale 8712
2 98 100
9912
9912
88 _ _
9
1023
4 21 10113 106
4
10212 1023 10212
8
905 19513
g
10014 1017 10 1 May'23
- _ 9213 Dec'22
88%
4
"oil; "697
9712 Ws Mar 23
8814 90 3
8
5
8814 92 887 May'23
92
94
921g Apr'23
9113 92
8004
7.534 48 74
7512 Sale 7514
82% 833.
82% Mar'23
7734 Sale 77
7933 248 7612 83%
4
4
2
634 82 623
63, Sale 623
943 Sale 91%
4
94% 182 92% 96%
3
53% 534 51, 63
52% Sale 52%
8212 8314
9512 Sale
9414 Bale
571 4 Sale

83
9512
01
5614

2
83
3
9512
9412 51
5712 174

82
,
9514
9213
56

8678
9644
99
6314

4
7818 80 2 79% Mar'23 ____ 7913 813
,
9014 ____ 9518 Oct'22 -70 ____ 72 Mar'23 -- ?31s 733,
8
8
1023 1047 1023 May'23 -- 102 10412
4
4
8
4
10014 1021g 1003 May'23 -- 1003 1037
I
72%
8
7/5 Ma 23 --71% 73
044
i 90
90
9014 03 90
9512
99
94% Apr'23
9212 94
7812
7412 755 75 May'23'...- 75
Feb'23 __-- 8283 8314
3
81% 86 1 823
4 10912 Ill
10913
10912 11134 10913
19614
- - 3
993 -- 8
May'23
4
9812 1003- 100 May'06- 1013

and asked 11113 week. a Due Jan. S Due Feb. c Dnue June. 5 Due July. n Due Sept. o Due Oct. 0 Option sale.
• No price Friday; latest bid




0:1
42'Q

New York Bond Record—Continued—Page 3
Price
Prickle
May 11

BONDS
N. Y.STOCK EXCHANGE
Week ending May 18

Week's
Range or
Loa Sale

14

Bid
Ask Low
High No
7612 765 771
7714
8
2000 3 D
/
4
5
MAE lstgu3)e8
8
997
8
5
Mashy Chatt A St L tot 5s...._1928 A 0 9918 10014 997
98
Apr'23 ---1937 F A
N Fla & S let gu g Egi
Net Ry of Mex pr lien 43-ee. _1957 1 J --------31 Sept'22 ____
31 Sale 31
315
8 26
July coupon on
_ _ _ _ _ 307 3112 Apr'23 --_8
do off
0 - --- - - -- 2618 Jan'23 ---1977 A General 4e (Oct 05)
April coupon on
26
/ 30
1
4
2112 May'23 -_-_-_-_
off
do

Range
Since
Jan, 1

2239

BONDSPrice
tal
h, Friday
N. Y.STOCK EXCHANGE
4;Z. I May 18
Week ending May 18

Week's
Range or
Lain Salo

g

Rang
Since
Jan. 1

Low High
743 78
4
985 101
8
98
98
___ ____
23
324
/
1
29
35
261 2618
/
4

Pennsylvania Co
Ifitd
Ask Low
High No.i Lew Hipi
-8412 Nov'22
Guar 3348 coil Been reg A 1937 MS 8319
Guar 3;2(4 cod trust Set 0_1941 F A
82
Apr'23
813 83
4
Guar 3.1,Se trust etfe C____1942 J D 8212 82 83
/
83
1
4
i 80 83
8
Guar 34es trust ctfs D____1949 J D 8118 823 8312 No 22
/
1
/
1
4
Guar I5-23-year gold 45
9012
1911 A 0 904 Sale 90
90 8 3 63
_ 8412 87
8412 Apr'23
8
60
-year guar 4s ale Ser E —1952 MN 853 88
Peoria A East let oons 45___1940 A 0 7214 737 7012
73
8
/ 35 7012 78
1
4
2578 Sale 2114
Income 48
257
8 53 21
39
2'il- -iii; Pere Marquette lot Our A be_ _19901 j 95
2
15 923 97
96
95 4 95
3
9r
4
9
/
1
4
29 77
let Series B 4s
7812 79
7814
821
7
9
:
3814 June 22
Rat KR Mex prior lien 414s _1925 J .7
7 884 924
Phila Bait A W lot g 40
8912
8912
/
1
5 N 88
.1i j
921. 43
4314
4314 -5 -2-- -43 4
8
July coupon on
- -17 4514 497
451*
46
Philippine Ry let 30-yr e f 48 19937 3 j 4514 46
1195436
8
off
45
do
PC C & St L gu 4;119A
3 94
9412
_ 941s
/
4
1940A 0 941
9714
- - - --r
5 A p '5
-2.- -2ilet mimeo! 414 (Oct on)____1951 A 0
'7
8
Series B 4)0 guar
9412 10 9412 947
,
1942 A 0 94 4 945 9412
8
Feb'23 ____ 2412 2619
April coupon on
_ 26
9414 Apr'23
Series C 4;is guar
94
9414
1992 M N
28
1 26
off
do
263 30
4
28
2812
Series048 guar
89
/ Feb'23 ----I 893 89 4
1
4
4
3
Naugatuck RR lot 48
1954 M N 6814 ____ 6802 May'23 ____ 6818 6818
Series E 3%e guar gold
/ Apr'23 --' 8412 8912
1
4
/
4
49 M A
1945 F N 891 -- 34
New England cone 58
9013 Mar'23 ---- 89
1945.7 J 85 _ _
9012
Series F guar 48 gold
Feb'23
89
so 8912
1.10
Conso148
,
1945 .1 J 7414 75:4 74 8 May'23 ____ 74
/ 747a
1
4
Series (71 4e guar
89 8 Mar'23 ---- 89
,
/ 89
1
4
/
1
4
NJ June RR guar let 48
765 __._ 82
8
1086 5 A
Jan'23 ---- 82 82
9212 94 8
Series.! cons guar 4 Sis
5
9 ---- 9212 Apr'23
912 9
5
19553 jM NID 9
9873 F A
8012 77 May'23 ---- 77
N O&N E let ref &Imp 43.4e A '52 1 .1 78
8112
9212 May'23 ----, 9214 9212
Series J 9)es
1964 M N 9212 _
New Orleans Term lot 4s_
5 7318 793
76
76 Sale 78
MU J J
9512 661, 9512
4
General 5s Series A
9612 14 9358 991g
N 0 Texas A Mexico let 66_1925 J D 101 10114 10118
10118 15 100 10112
Pitts A L Erie 2d a M____a_1 9 8 3 D
99 Nov'22
1929 A O
7
7914 61 7712 84
Non-corn Income be A
1935 A 0 7804 sale 7814
[`Me McK & Y let gu 6s
/
1
4
1032 .1 J 102 ---- 105 Doe'22
9012
N & C Bdge gen gu 44.2e
9012
8912 _
1 8914 9062
1945
2d guaranteed 68
/
4
19343 ... 1001 ---- 9514 June'20
IV Y B & Ni B let con g 55_1935 A 0 9154 __
Apr'22 --__ 94 94
94
Pitts Sri & LE 1st g 53
"9714 156"
100
100
1940 A 0 100
N Y Cent RR cony deb 6e
104
/
1
4
180 101 1053
1935 MN 103 Sale 10314
4
let consul gold be
100 100
9612 ---- 100 Feb'23
Coneol 98 Series A
807 Sale 80
8
82
1998 F A
71 783 825
8
8
Pitts Y & Ash let eons 58
98 June'22
,
1043 31 N 98 4 -927 15 3
Ref A Item 4,1e -A"
20 8414 884 Providence Secur deb 48
86
2013A 0 SG Sale 85 8
,
/
1
2 38
38
3S
3412 92
38 8
,
1957 M N
8
957 478 924 98
Ref it Inlet bs
8
/
1
2013A 0 957 Sala 9514
/ ProvIdence Term let 4s
1
4
_
,
,
1956 9 5 74 s --- 88 8 Feb'18
1
If Y Central & Hudson River—
Reading Co gen gold 4.s
87
/ so eec's as
1
4
863 Sale 8612
4
97 J
199 .1
Mortgage 354e
7514 54 72
19973 J 7518 Sale 79
773
4
8012 8412
Registered
86
86
Registered
7112
7112
1 7112 7112
2 79
19973 3
Certificates of deposit
84
84
854
/
1
g012 85
Debenture gold Ile
8- 919 Sale 89
1934 M N
18 80 86
8912 15 86 2 911
/
4
,
Jersey Central coil g 4s____1951 A 0 8312 Sale 8314
84
Registered
891: Nov'22 ---- ____ --is Ric es &D anar 20-yr Cs ___1941 MN 10$
1934 M N
e nh & Sar sga
CO-year debenture 4e
8712
8 8412 90
1942,3 J -io-f8 "ifie 8612
ifs; 98
A 0 9758 984 ifri -- -9-7-4
Lake Shore coil gold 354e 1998,F A 713 Sale 7119
4
712
4 20 6818 76
_- 72 72
Rich A ,1eck 1st g 5s
1948 MN 6758 ____ 72 Mar'23
70
7112 70 May'23 --- 70
199815 A
Registered
73
Rich Ter 58
9712 100
9712 Mar23
4
1952 J J 963 100
Mich Cent coil gold 36e 1098 F A 715 73
8
717 May'23 ---- 7114 77
8
Ale Or June let gu es
May'23 _-_- 84
85
193e .1 D
7012 74
70
Apr'23 ---- 7012 75
Registered
____
itio Gr Sou let gold 413
810512
---,
111 Y Chic A St L lst g 49
/
1
F
A
9T . It 87 8 89 874 May'23 ---- 837 9014
11
8
Guarantoed____ .
1 949 1 1
4
9
Registered
8612 Jan'23 ---- 8612 861 Sio Or West 1st gold 4a
1937 A 0
/
4
g18
0' 8 le2 8455 Fet2 2 --77 72
12 4 -/C1- 12'2
/
9
1
4
78
2
,
Debenture La
863
4
3 8352 887
1931 M N 86 8 8634 8612
8
hitge & coil trust 4s A_ _1939 A 03
13 MN 68
949
2d 6sA
993
9 33 98 1007s
1931 MN 9912 Sale 9912
R I Ark A Louie let 43.2e_1939 PA 5 7614 7612 754
/ 81
1
4
/
1
Mt 29 75
Ed fie B
1931 M N --- - __ 100 Mar'23 ____ 100 100
Rut-Canada listen R 4s
7312 70
Jan'23
70 70
1949 J I 65
4
JOY Connect let gu 453e A 1953 F A 853 8712 8612
877
8 31 8412 887
Outland let con g 4140
2 ,
80
77
Apr'23
80
79
/ 80
1
4
:
1
IN Y & Erie let ext g 43
1947M N ---- --__ 87 July'2 ------------St Jos & Grand lel lot g 40..._1947 3 1 7212 Sale 1 711
/ ,
4
/
4
721
: 11 711 75 4
1941 3
lird ext gold 454a
95 May'23 --- 95
1923M 8 96
9912
it Lawr A Adlr let g 58
9212 91
91
Apr'23
92
/
1
4
1996 3 J 88
Eh eat gold Si
94 May'23 ---- 94
19301A 0 94
94
2d gold 8s
/
1
4
3
953 9814
2
1998 A 0 95 4 ____ 95 May'23
6th ext gold 4e
1928 J D 9114 93
943 Norlb -4
St L A Cairo guar g 43
9012
83 May'23
/
1
4
87
90
el Y & Orem' I. gu g be
75
8612 Nov'22 ------------St L Jr M & S gen con g 58
1946,M N
---- ---7 943 0902
95
/
1
4
4
A
955
8
1931 3 03 9514 96
9
NY&Harierug3429
75 __ _ 7312 Mar'23 ---12
20001 111 N
Gen con stamp gu R 5s
1931 A 0 --------102 July'14
N Y Lack & W
Western 55
7
/
4
997
1923 F A 99 8 Sale 991
5 199711 23
4
,2
Unified & ref gold 45
8512 13 82J Sot
1929.7 J 8312 86
N Y L E & 97 let 70 ext
1930 M S - - 103 10319 Apr'23 ---- 10311 l03'
Rio & G Div let g 48
78 Sale 773
4
78 4 20 76
86
Dock A Bop be
116 _ _ _ _ 9612 May'23 ---- 94
.12
19433 J
9814 St L M Bridge Ter gu g be
99
96 May'23 --_- 96
99
940 A O
.
1933 IN N
N Y & Jersey let 58
1932 F A 9614 99
96 May'23 ---- 94 4 98,
3
2 St Louie & San Fran (reorg Co)
N Y A Long Br gen g 48
91 July'22 ------------Prior lien Ser A 4s
,
1941 M 5 85 s
87 Sale 661
67
/ 227 63 707
1
4
/
4
8
II Y Nil & Hartford—
1950 3 3 8• 118 Sale 81
89
Prior lien Ser B 53
3
8112 18! 80 857
8
Non-cony deben 4e
I 4734 49
48
/
1
4
49
1947 M 0 46
4313
544e
4
88
/ 101 872 92
1
4
4
1942 J .1 883 Sale 8812
/
1
4
Nn-eons deben 34.0
47
44
Apr'23 ---L 13 ,
1947 M S 44
9814
012 4
11
Prlor lien Ser C 68
32 97 1004
99
1928 J J 9812 Sale 103,8
/
1
Non-cony deben 35es
40
40
41
1954 A 0 39
Cum adjun Ser A6s
723
4 76' 714 80
/
1
Hon-cony deben 4e
s
9478 May'23 -- 44, 511
19353 1 4478 46
/
4
Income Series A 69
6218
62
/ 1581 38
1
4
6611
Non-cony deben 4u
6 43 51
4112 444 4412
/
1
19543 M N
at Louie A San Fran gen 6s_2119495 JO:34 1706222 231 668-ie 72 Apr'23
411/4
5
_199.91 A .1
' -al :!
_I 10212 103
/
1
4
Cony debenture 3443
3918 40
411
39
G 39
9614
1956 J .1
46'2
9 i4 Sale_ 8926111
t32 2
61
General gold 55
3
/ 99 4
1
4
5 95
Cony debentureasI J 621 Sale 623
0
8
4
1948 J
/
4
6312 7 615 7314
8212 93'5t L A SF RR cons g 4e
Apr'23
6
1931 .1 3
99 3 J
4% debentures
40
423
4
33
.t 38
.
38
_1957 M N 38
Boutbw Div let g 5s
90 Feb'22
1947 A 0
75 European Loan
4 St L Peo A NW let Cu 5e
6812 i 65 813
1925 A 0 65 Sale 65
10212 34 "9914 1611;
1948 J ./ 10112 ____ 101
75 France
99 60
71 12 St Louis Sou let gu g 4s
4
s 864 ____ 8612 Oct'22 ...- -1
/
1
1925 A 0 603 6112 6 2
01
63
Cone ity non-cony is
Apr'23 --- 494 46,
/
1
44
1930,5 A
2 St LB W let g 4e bond etfe1991
7614 17 72 4 78 4
,
) N 7519 Sale 75
1
,
Non-cony 48
8
4778 6012 Dee'22 ---- ____ --- 2d g 48 Income bond etfs_p1989 .1 J 697 Sale 6012
1954 3 J
69
/ 37, 69
1
4
7014
Non-cony deben Le
44
49 Mar'23 ---- 44
Sale
Consol gold 48
1935 J J
7312 77 4
,
Non-cony deben to
__
-- ---------------s7,__
-lot terminal & unifying 58 199. 1 D 1193148
49 Dee'22
;9•13
: 1919 63 73 2 8212
lot
J
1956 3 J - - 48
2
1
,
Is Y & Northern let g 5s
1927 A 0
7612 Sale 764
/
1
100
St Paul A K CSh L let 44.65_,_ 1941 5 A
763
4 32 75
99
/ 8112
1
4
0171.22 --ii
III Y 0& W ref 1st g 48._ _41992 M 8 65 Sale 65
91
93
it Paul M A Man le
9112 May'23 - — - 9108 93
651 i
Registered $5,000 only__ 41992 M 5 -g04 ..87
193 .1 3 1077 10812 107
93 3 2
3
8
.
I 107 4 10014
._ 541 Nov'20 ---/ 107 9
1
4
1st camel g fie
3
3
General 4e
58
9 4 13e t:20
9
Apr'23 ---- -ig- -. -50 1 10
6
5
la
Registered
16 8
1955.7 D
1933 J J 19 12 19612 083 1, py 23 ___
N Y Prey & Boston 41,4
83 A ug'13 -Reduced to gold A ;43
'6E4 9912
1.942 A 0 74
N Y A Pu lit eons gu g te
1933 .1 3 9214 __-- 97 Aug'22I-- ____ ___.
93 3 3
82 May'23 ---- -g6 2 - 0.1- E 4
Registered
1998 A 0 8178 85
N Yle RB 1st gold be
.,
95
1E10 i E 893 9114 89 May'23 _7
7
4
95
/
1
4
Apr'23
8!
95
out ext let gold 4e
1927 5I 5 9538 99
93
W Y Swig & W 1st ref 58
841
91
60
84 i tt '2l1 . __i -8908- 4 -511,
80 , a
89
5 51
..
,
1541.
Registered
8
10373 3 5312 547 r4
Mar :
3d gold 430
4214 45 45 Niay'13 ----1 42
491
/
4
1937 F A
Pacific ext guar 45
General gold be
44
73 Sale 73
47
49
45 May'23 ---- 45
9 A & A Pase let im g 48
1940 F A
Terminal let gold 55
1p42 1% 0 8712 8ale I 87
950 A4 1 9
: 1 1
3
0 S
9
0
5
87
9 02 18. 9714 83
1943 51 N 8418
895 Mar'23 ---7 848 93
0
8
/ Santa Fe Pres & Pb be
1
4
2 78
994
14 YW'cbes&B let Ser 14.50_'46 J .5
42 8 162 3312 6014 elan Fran Tenni let is
658
,
3%
Sale 64 2
Norfolk Sou let A ref A be
11, li 71
106 ___ 107 Mar'23 —...1 107 107
1961 F A 634912
ee
Say Fla & W 6s
Narfolk & Sou 1st gold 5s.._ 1948, M N
____ 100 Nov'22 ---1cq 44 2 N2 9
Serf & West gen gold 6s
-1 0 72 93112
15.23
99
8
8
86
'2 9
1931 M N 106 10112 10614 M906 —2 185 108 2 3c58 V A N E let gu g is
,
4
8 ;!1 S73 8518 May'23 --- 1 - ; 871
5
10
851 - ;
19 9 M
Improvement & extg
2
1934 F A 1067
_ II() Mar'23 ----I 110 110
Seaboard Air Line g 40
New River let gold
1932 A 0 106 8 108 1065 Mar'23 ---- 106 4 1063
,
,
4
1959 A 0 88112 Sale 8812
54
57 z
Gold 4s stamped
4
1 & W Ry let cone g te1990 A 0 88
I
887 87i4
8
2S 8512 934
88
/
1
_e: z00 z
9a
Adjustment 5e
315
: 3331:82
21
9981.
21
o19t9 t 9 1131 14 Sate8_8 12 : jat.631 _4 i,
,
( 000 1 1_80_08
Registered
1990 A 0 81
8512 85 May'23 ---- 85
4412 174 3
90
Refunding 48
9
46
1959 A 0 4412 Sale 9212
DWI let lien & gen if 45_1944 J .1 8504 92
/ 61
1
4
8.5 May'23 ---- 82 8 /
4
lst & cons 68 Series A
67
428 683 11
$ 6612 Sale 6318
9 8
10-25 year cony 454s
2 107 108
1938 M 5 i(i.70; 109,4 107
00
7
961 Apr'23 ---- 93 4 964
/
4
Seaboard & Roan let 58
3
/
1
10
-year cony (ls
1929 hi 5
4 Sher Sh A So let Rug be
1083
8
10914 35 10714 1173
3712 Apr'23 ---- 3712 3712
.; D 3614
A
Focal) C A C joint 4s
1941 3 D 86114 8604 854 May'23 ---- 84 3 88
,
/
1
/ 8 & N Ala cone ell g be
1
4
99 8 i51 2 1001s Mar'23 -- 98 10114
,
-1North Ohio let guar g 5e
1945 A 0 79
85 83
Jan'23 ---- 83
99 4 Apr'23 ---- 9612 99
,
Gen eons guar 50-yr be_
83
1963 A 0 9812 190
/
1
4
Northern Pacific prior lien railSo Pac Co-4s (Cent Pac 001)511)493 D
way A land grant g is
1997 Q 3 8912 Sale 84
4
893
4 31 813 87
91?,'29
20
-year cony 4e
M is 9 1114
51929 J ) 82 2 Sale 9l°
Bsgletered
1997 0 3 8014
1Eii 11 10
i ' 1 5'17
S
1934
4..
4_4eneral lien gold 3e
02047 Q F 6012 Sale 61'2 A9 3 —3.5
8
0
67
0 1 Icea
,
/
4
2:42 3 2:1- o (Tar 5 g 5s
101 4 Apr'23 ---- 1011 10114
; r 43u
Registered
02047 Q F We 601 60
.
/ 0
4
Apr'23 ---- 581 6
So Pac Coast let gu 48 g
8818
Ref & !met Be err 11
"0473 J
-2 Sate 188
07
%
127
878 1Li
12
3, So Pac RR let ref 48
,
1955 J J 86 8
Ref & Imp 434s SerA
20 47 3 .2
72 92% 9814
/
4
95
95 Sale 941
Southern—let cons g 5a
be C
9512 991
2047 3 .1 95
/
4
9918 113 9212 100
93
92 May'23
92
RegIstered
58 1)
953 Sale 9412
8
2047J /
959 162 9212 9914
8
67 8 163, 65 8912
,
8
1 7 :: 8 84
Develop & gen 4s der A...1999944 33 0 673 Sale 6612
6
0
1956 A 3j
iet Paul-Duluth Div g lie 1998 J D 85
89
89
Feb'231---- 89
4
10118 101 100 102
4
Temporary 634e
1956 A 0 1(103 Sale 1003
It Paul di Duluth let 5o__ _1931 Q 5 094 _-__ 9812 Apr'231.--- 9312
/
1
Mom Div let g 4Ses-58
93
,
11 90
9813
97
19913 .1 J 9212 9912 92 4
let consol gold 48
791 ____ 8414 Jan'23 ---- 8414 84 4
/
4
,
St Louie dly let g 411
Nor Pac Term Co lot g (is_ 12g
109 10912 109 May'23 ---- 108 110
So Car & Ga let ext 5 tee_
9 / 78714
8
4
7
8
9 4
79712
1 97
1929 M N 9702 811 98 2
99
/
1
4
No of Cal guar g be
1938 A 0
102
Jan'23 ____ 102 102
Spokane Internal let g 5e
83
1 82
8312
5
195 3 j../
1 51 J
North Wisconsin let 69
1031 . _ 118 eloy'16
/
4
1930
-- ---- Staten Island Ry 44Se
83
80
Oct'20
Sunbury A Lew 40
92 May'22
---::—.
Og & L Charn let gu 4e9
1948 3 3 6453 6712 66 May'23
d uolperio ei lg0rt8,:5eLg(4t b gi ; _e19346313
etn A S i0 l d 1 l 448 tlie 1,; 11 : 1 31 :8
c orr snu n0df .
9913 M 3 - 27 :8 9302 MaY.1.8
49 A
(
,
8
1
:14 I11334
Ohio Conn Ry 4s
996, ---8 : 5
978-55-7a :
2 8 5 1:2
- :
g
4
88'
1943 M 3 8814 ---_ 864 Apr'23 ____ (
9312 ---2 iii
Term
iiOhio River RR let g 5e
961 Mar'23 ---- 9513 981
/
4
1936 3 D
/
4
lot
Sale 96
1 -- . :;
9
96
General gold be
.-__ 9513 Feb'23 ---- 951 9513
1937 A 0
/
4
7912 80
7 8
8
Oro & Cal let guar e 58
1927 -I 3 993 Sale 99
9912 25 981 100
/
4
Tex di N 0 con gold 5s1 44 .I A
77,
93_1_
9012 ... 2 90 8
8 , 2:1 91
9 8
0
9
19 3 F J
747
93
10 9
2
/ 87
1
4
Ore RR & Nay con R 48
/ 87 May'23 --- 843 8712 Texas A
1
4
1946 J I) 86
s
Okla let gu g 5s
3318 Dee'22
3
195. 11,j i 5 -943
Ore Short Line-Texas & Pa.- et gold be
o -661- -Si 931_ 92 3
,
93
2
2000 J D 93
let corml g be
3
1946 3 1 100 4 102 1003
4
11 99 10412
101
2d gold Income Si
6_0__ 5402 Nia5 7,___42_ 438 144 5k4
97
54 ..
,
92
13
0988 2 95998
004:
Guar con 55
34
1946 1 3 109 Sale 101,
8
8
1013
4 15 997 105
La Div B L let g 58
8
Sale 8912
8912
Guar(mtund 48
8
1929 3 0 915 Sale 9112
42
60 905 921 Tol & Obio Cent let
8
/
4
gu 5e 429 . 1 .1
3
5
19 9 Ma4 99712
11
Oregon-Wash 1st et ref 4s
791 Sale 785
/
4
1981 / J
8
7912 163
Western Div hit g 5s
1933 A 0 9112 - _ 9312 Apr'23
7512 82
General gold Is
8
193.5 3 D 8714 0i
8708 Mar 23 —_ 875 89
Pacific Coast Co let g 5e
1948 J D 7812 791 7812 Apr'23
.
77
7912 Tol Peo & West 4.3
7,6
2
8
Apr23 ---i 606351 3
30
98
19173 .1 30 -___ 31
Pae RR of Me 1st ext g 418_ _1938 F A 83 ---- 85 May'23
/
1
4
84
865s
T08101,1.4;46 Pr lien g 31-48._1925 J J 9412 95
6914
08,8
95
2d extended gold 511
1938 3 .1 9318 ____ 9513 Mar'23 ---- 9512 07
gold 48
17
Paducah A Ills late? 45
-es_ _1955 J J 8914 9012 91 Mar'23 ---- 9012 91
Tel W V A 0 gu 44‘,8 A
8
5
_93
1
Pal 1 (.11 9 314 _6- _ 9518 Nov'22 _.-Lane-Lyons-Med RR (le
1958 F A - - - - -- - - 754
/
1
7610 304 6614 75
Series B 44-ee
.. 4 Wel
651May'23
rennoylvania RR—
Series C 48
MN 883 _ _ _ 9314
Conaolgold 45
1943
8
934 12 89
/
1
9314 Tor Barn dc Buff let g
23
19423
3
48_ _419048 j j 9514 08'4 9618
Consolgold4a
1948 INN .
8_9_ Sa
...
1t_i_ 8
4
114
8914
14
7 8724 91
'Hater A Del let cone g 3s
1928 3
.1
M
4e stamped
May 1 BIOS 81 N
Ifsivi av0 -:-5' 8 14' 2
;:1:
9
Y
:
0
2
,
_1 _ 8804
090i4
67
70 Mar'23 _1 _7 66142 782,8
1952 A 0 62
Coneol 440
1960 F A 95 2 Sale 95
3
955
8 19 24 885
3 9 8
0
935
, 1io Pacillic lift 4 48
n sturetu9 ag :
1947 J .1 90 Bale 8958
19653 D 9114 Sale 907
General 4528
86 88
8
9278
9138
Registered
1947 J J 85 8 90
88,2 May'23
,
General 58
10683 D 10014 Sale 100
10034 62 93 101 4
,
20
-year cony 8
1927 3 3 95 Sale 94
/
1
4
9518
1930 A 0 108 Sale 10712
10-year occured 7e
34 10610 1103
108
4
let A refunding 4e
88
:
1-40910
8
t
68
0 414 11:351 mly04 3 _8-5 801s 10
8, 8 ,
ca 3
I6-year secured 64411
1936 F A 1075 Bale 10712
8
8
10814 65 1063 11118
c
8 I03372
1 8
: t.:
f
2
10208 0

N

2T,! 4.t gl E
20:8
9 44

Lit r i .7, ____

las

12701

g
122
,

127 '341
7

;1

b E314 1;
l
•..-. ' :IT:

e
ii
m

* No price Friday: latest bld and asked this week. °Due Jan. 5
Due leb. 4 Due JunU 8! l&y.naeekiroDunrue4deaA654:;.0e.141- 17 ItPg
.1/ e Jur




Due Nov. 4 Due Dee

s Option ea1e

New York Bond Record-Continued-Page 4

2240
BONDS
N.Y.STOCK EXCHANGE
Week ending May 18

8
11,
111
ilk

Price
Fridag
May 18

1..."
Walk's
g2
Rano or
Last Sall

Range
Since
Jan. 1

BONDS.
N. Y.STOCK EXCHANGE
Week ending May 18

13
t

Prise
'Prickly
May 18

Floors
Rang,' or
Last bale

Range
Efirsoe
Jas, 1

AU Low
BM
High No, Loto litoi
High No. Low High
Ask Low
814
12 90
95
92
1943 P A 92 Sale 91
9912 92% Crown Cork & Seal tle
9978 Jan '23,
4981
1928.1 .1
Utah & Nor gold 58
8 32 8.518 94
897
9112 Apr'23,____ 91
91% t.luba Cane Sugar cony 711-1931.1• J 89% Sale 8914
.1
1933 J
let extended 48
9414 65 9014 9814
Cony deben stamped 8%__1930ii 94 Sale 9312
Apr 22,___
88
1955 F A
Vandalla cons g 4a Ser A
10812 10812
Cuban Am Sugar let 001183_1931 Ms 10738 Sale 107% 108
85 May'23
85 87
1957 M N
Consol 48 Series B
02ls 10 91
9414
3714 May'23'____ 34 3712 Cumb T & T let & gen 5s____1937 J J 91% 9212 9218
Vera Cruz & P 1st an 43(._.._1934.1 .1
9712 June'20
1933 AO
Denver Cons Tmmy 5e
38 Apr'23'._.. 34 45
35
July coupon on
6 -§13; 90
8412
85
Deny Gas& E L let &ref et g 53'51 MN 8178 S6
July coupon off
4 65 99
708
1942 MS 7412 Sale 74
8,814 9814 Dery Corp D12 75
8
.
1926M El 989 Mar'23
Verdi V I at W let g 5e
1 904 1004
983
4
.• 1 9712 9014 9334
-roll Edison let eoll IT 58_1933
let
;
9812 98 4
3
1928 M 8 9818 987 9818 Apr'23
Virginia Mid Ser E 5s
904 28 90 98
k1940 MS 9434 Sale 9414
k
let & ref 58 ear A
9714 10 93 977
97 971 9714
General to
4 35 101 104
k1940 MS 10212 Sale 10178 1021
88 series B
let & ref
- 93 934
936
Vs A So'w'n et gu 56_____-2 033 N 92 9312 93 Mar'23
10 M J
8214 25 82 84
lot United let 2009 048-1932 33 83 Sale 82%
1
75 8 81
1958 A 0 73% 7712 78 May'23
lit cons 50
-year 5e
10814 63 1051 10812
3
Diamond Match ti f deb 744/1-1938 MN 106 Sale 106
4
,
.,
66 90 2 98
1982 M N 943 Sale 9412
1)5
Virginian lot 5s Series A
4 49 64
4.1
50 53
4918
4
o 90 99
9512
Distill Sec Cot cony 1st g 52.1927 A0
1939 M N 95 Sale 95
Wabash let gold 58
25 49 64
4914 51
.50
50
-8533 16 83 924
Trust certificates of deposit
85 Sale 8412
1939 F A
2d gold 58
8118
80 851:!
1943 3.1 81% Sale 8012
Dominion Iron & Steel 58
1954 J J 87 72 67 May'23 ---- 67 89
let lien 50-yr g term 45
2
!
4
1
/
87 Sale 8714
89 2: 84 93
1942 .1
24 264 Donner Steel 7s
1941 J .1 90 97 94 Mar'23
Det & Cb Ext lat g ts
8314 90 8814
874 90
733 Jan'23'.---- 734 7318 E I du Pont Powder 4148,- -.1938 3D 10718 dale 107 Apr'23
1939 J .7 8818 79
Dee Moines plv let g 4e
10712
'31
N
1941 A 0 6314 88 63 May'23 ---- 83 11814 du Pont de.Nemoure & Co 730
Orn Div 1st g 340
57 91
99 2
Juquesne Lt let & coil 88-1949 J J 102% saw 10212 10378 65 10641 101114
4
721 Apr'23
1
72 4 727s
7014 75
1941M S
Tol & Cb Div g 43
,
1074 48 10014 108 8
1936 33 10712 Sale 11,718
Debenture 740
7412 No
2000 F A 7018 10312 dale 10412 104
Warren let rel en a 330
146 94 113%
East Cuba Sug 15-yr el g 7%81937 M
.••••• 74% '8
80
1948 Q M 7412 79
Wash Cent lot gold 46
86
6 88 91
87
Ed El III Bkn let con g 48-1939"3 95% Sal 1015
9733.__. 9714 Aug'22
1924F A
W 0 & W 1st cy gu 43
19014
Apr'23 ____ 100 103
1995 J J
7712 7912 7812 Mar'23
‘
7612 7932 Ed Elm; Ill lot cons g 0
Wash Term let gu 349s
1925 Jo 9/ 9814 9712 May'23 ---- 97 9912
,
efilt Horn Coal con / 88
1 821 ____ 84% Nov 22 -1r4 ;
let 40
91
9212
-year guar 48
9112
981s
83% 89
7
lmplre Gas & Fuel 730-.193 MN 93 Sale 95 Mar'23 141 91
__„ 8
W Min W & N W lat gu 59-1930 F A 781 85 8712 Mar'23
95
96 95
1932 MS
Light 5s
6214 41 60 GA Fp
3
1952 A 0 6112 62 80 4
West oaryla Cl let e 4
/1
10612 14 104 1084
1941 118 10452 Sale -108
Flak Rubber let it Se
9.
908 9/14 96
3 954 100
1937.1 .1
West 81 Y & Pa lot g 56
704 Mar'23 ----6 704 701e
76
1938 MS 91: .
75
Ft dmith Lt & fr let g 5a
4 Sale 904
1943 A 0 73 75 75
Gen gold 4s
(1112 95 1100 103 4
8314 9 3
2
& Dry 20-yr 739e '42 /
79% 29 117212 g12 Framed°
19413 M S 787 Sale 7812
101% 18
Western Pac let Ser A 56
1942 MN 10112 Sale 101
730
8012 32 77 8372 Francisco Sugar
2381 1 ./ 80 8012 794
West Shore 151 4satlar
9318 9312
91 _-__ 93% Mar'23
hie& El of Berg Co cons g 58.1949 3D 101 10112 101
1
2361.1 J 7712 80 78 May'231 75 82
101
1, 9912 101
Registered
General Baking let 25-yr 02..1936 3D 73 80 80
9712 ---- 97 99
11 76% 8012
1926 A 0 9714 99 9712
80
Wheeling & L E let g 56
1942 FA
Glen le.lectrle deb g
981 99
3
24 9912 103
101
Wheeling Div let gold 541_1928 J .1 95 ___ 99 Feb'23
1952 MS 101 Sale 100
955 9518
Debenture .52
7
1
A 90 4 97; 95 Jan 22
981*
1930 F
9852 Sale 9812
6 9712 101
Exten & Impt gold Si
20 49 6 % Gen nett' let of g Oa Ser A-1952 P A 11001711
50
67 8
2
6
0
5 1914 111
1988 M 5 49 Sale 49
16)2 100
100
5
174, 6 1944 1077
, :
Refunding 440 Series A
1947• J
5914
Goodrich Co 830
1
/
1949 M 8 5914 594 5914
Sale 116)2
RR let coneol 4s
N
Goodyear Tire & Rub 1st 51 Fis '41
s
5318
8 50 60
1942.1 D 53 5318 527
111
Wilk & East lat gu g 52
10518 129
FA 1004 Salt 1044 Apr'23 _-__1 99 106
61931
-year f deb g Se
10
Jan'23 -1101 101
92 9212
1938.1 13 99 ____ 101
Will & 8 F let gold 56
9'2%
3 tranby Cons M S&P con Os A '28 MN 02 ---- 92 Feb'23 ---1 92 92
Winston-Salem S B let 45_1900 J 1 7518 77 76 Apr'23 __-- 76 80
1928 MN; 92 ____ 97
Stamped
76
7 74 82
9 9612 100
9712
WU Cent 50-yr let gen 48 -1949 3 3 761 Sale 7512
.
1925 MN 9714 Sale 95
/
Coo, deben
8028
95
1 95 101
95%
801)& Dul div & term let 45'38 M N 75 4 774 774 May'23 ....I
Gray & Davis 75..........1932 FA 9734 98 9718
6.5 May•22
_
4
2 97 100
1943.1 J 543
W & Con East let 5as
98
Power let a f 58_1940 MN
ceat Falls
,
INDUSTRIALS
7912 82 804 Apr 23 ----I 8012 82
1952 3.1
3 80 8052 Hackensack Water 4a
80
Adams Express toll tr g 0_1948 M 13 80 Sale 80
, 84 89 May'23 ----I 87 94
5 9512 9912 -iavaua rinse coneol g (18...„1952 F A 83 4 Sale 8314
9834
4
/
11 811 85%
84
1936 J D 97 Sale 9612
Ajax Rubber Se
MS 84
11 5
5
Havana E KY LAP M]56
5
833 5
8
40 98 100
1925 M S
Alaska Gold M deb Si A
98
1942 MN 9712 Sale 9712
64 llershey Choc let sfg Ge
2 5
5
712 5
5
Cony deb Os series B
92
1928 M S
88 I 58,
Line tie (flat).1947 MN 8744 Sale 8712 Apr'28'..---I 8715 9412
8
971 279 95
9733 Rolland-Amer
92%
Amer Chain 65
1933 A 0 95 Sale 95
,
1949
N 93 5 95 9314
98
105 98 101112 ludeon Co Gas let g 55
4
98 Sale 962
33 9714 99
Am Agri° Chem let 56
98
974
859 965 104% Humble Oil& Refining 5/0 -1932 J J 9714 Sale 917
99 Sale 964 102%
let ref 2 1 730 g
75 88 964
92
1910 AG 92 dale
6912 16, 59 804 Illinois Steel deb 449a
Am Cot 011 debenture 6e
1931 MI N 67 Sale 66
73 8112 Oct'22
1935 ▪ N 75
_
Ind Nat 12 & 0 56
_ 10578 Dece22
Am Dock & Impt sues
57 99 10l2
1938 J .1 10818
1952 MN 9914 Sale 908 100
ndlana Steel tat 53
3 89 9078
9018
9018 90
Amer Republica 6e
1937 A 0 90
148
1935 J J
39
92 8418 924 Ingersoll Rand let gold 5e
Am.Sna & R 1st 30-yr 58'ler A 1947 A 0 39 Sale 8818
912 May'23
1
12 "ki
-; l oterboro Metrop coil 4 Sall-1966 *0
SOB
1004 Sale 10013 10012 255 99% 100'2
. 5 Apr'23 --__ 5 933
deposit......
certificates of
78 10012 104
4 102
4
American Sugar Refining 14_ 1947A 0 1012 Sale 1913
13
9
137 3.1
14
14
Guar Tr Co Ws 16% stamped.
39 907 924
92
9133
Am Telep & Teleg coil tr 48_1929 J .1 92 Sale
874 106 6612 727
234,.
8
6
--til; --it- 664
sterner° Rap Tmn let Sti.. 1968 J
8712 10 86 90
0
Convertible 45
2 83
8672 161 6512 7 %
6812 Sale 8.5.2
1936 M El 87 Sale 86
2
3
Stamped
100
2 100 10212
10112 100
6412
20
-year cony 434e
1933 M S
4
/
1932 A0 611 Sale 63
Ill-year 88
88 95 101
98
80
-year temp coil tr 5e_...._1946.1 D 97% Sale 9714
9012 71 8914 942
4
4
S 90% sale 892
1932
4
-year convertible fie
7
7914 70 72% 8112
7418 Sale 72%
1925 F A 11412 Sale 11334 1104 97 1131 11712
N
85
40 82 884 lot Agile Corp let 20-yr 56 1932
Am Wat Wks & Elea 58
83% 38 8212 90 4
5212
8212
1934 A 0 8472 Sate 34
3
Marcan Marines f 85_1941 A0 8524 Sale 85
1
/
794 79 75 85 2 Inter
,
Am Writ Paper a f 7-8a
8514 13 8314 8812
Sale
19393 J 75 Sale 75
1947 J J
2
97 476 96 987 International Paper 731
Anaconda Copper 61
8518 59 83 884
85 Sale 84%
1953 F A 967 Sale 96%
1947 J
let & ref 58 B
1
4
7
1938 9 A 10118 Sale 100 4 1011n 518 100 1043 Jeff Clear C & I 56
1928 3D 103 -___ 95 Jtate'17 -90
84312 48 84
94
Armour & Co lat real eat 430 1939 J D 86 Sale 8514
13%
83
4
8212 823 823
397 35
1 29 404 Jurgens Wks fla Ulat 0134_1947 .1 11 95 Sale 95
35
Atlantic Fruit cony deb 72 4.1934 J 12 38
4
/
9684 31' 93% 981
1952 M
55 29 3912 Kan & El fis
39
4 17: 87 90
883
Trues certificates of deposit__ ---- 39 Sale 3812
6e_-__1952 MS 8824 dale 6818
Kansas City Pow & Lt
44
.5 31
37
3513 39 37
do
10512 14 10352 107
stamped
1942 FA 19512 Sale 105
Kayser & Co 7e
Nov'22
98
31 10712 1004
Atlanta Gas Light 52
19473 D 9512 1931 MN 109 Sale 10812 109
9411 15 97 991
4 Kelly-Springfield Tire 8e
9814
4
983 Sale
9412 July'21
Atlantic Refit deb 5s
1937 J J
Keystone Tele/. Co lit &L....1935 33
101
1 100 103
12 9i499
9814
Babiw Loco Works let 58
9 -1--7 2 904
1940 M N 10014 101 NO
1937 A0
Kings Co El L & P g 5s
iiii2 10984 11113 12 10813 1134
Barnsdall Corp a teeny 8% A.1931 .1 .1 10012 Sale 10012 10134 19 99% 103
1997 A0
Purchase money fle
10514 Apr'23
Bell Teleph of Pa
1925 MS
Convertible deb Os
9712 8511 9514 9912
8
1 7 2 -714 74
7014
1
72 7O'
52
64
1948.1 J 967 Sale 9624
4
8 973 99% Kings County E lit g 48-1949 F A
99
984 99 99
76
71
Beth Steel lot cat 8 158
4
1926 1 J
1949 FA 70 713 71
Stamped guar 45
9712
30 91
94
804 8018
let & ref Se guar A
74 80 804 Feb'23
1942 MN 94 Salo 9318
9312 King. County Lighting 58-1954 J
894 22 . 87
2 97 101
97
20-yr p m & imp s f 58
1936J J 8833 Sale 8812
1954• J 97 Sale 97
Sis
9812 181 98 100
6 9914 10112
Os A
1948 F A 9818 ratie 9734
1938 J o 10112 Sale 10014 1012
Kinney Co 740
9112 75 1 8912 937
20 83% 9212
90
544a
1953 F A 9112 Sale 91
1950 MS 90 Sale 864
ar'23
Mar'23
2 Lackawanna Steel Ss A
7033 702
3 924 98
9312
1926 A 0
93 94 93
Bootb Fisheries deb s f8s
2
9918
5' 977 10014 .ac Gas L of St 1- ref & ext tie 1934 * 0 884 91% 9112
4 90 9112
9112
Braden Cop M coil tr 6 1 8a 1931 F A 9918 Sale 99%
1
/
1954
.• 1
7
94
49 912 9833 iahlah C & Nave f 4;0 A
8
99 10012
4
Brier Hill Steel let 539e
99 10012 1003 May 23
1942 A 0 93 Sale 9314
1933
Coal 56
Lehigh Valley
67
61 82 69
Wway & 7th Av 1st c g 5a
8318 'Jet'21
1943 J 13 67 Sale 6628
1933.1 J
11 8612 88
8512
46
44 Feb'23 -Brooklyn City RR be
1041.1 J 8512 Sale 8512
gU g 0-1993 M
Av & P F
964 34 947 98
Lex
5
Bklyn Edison Inc gen 52 A 1949 1 .1 9514 Sale 953
19 112 117 4
116
11414 116 115
,
3 10012 1044 Liggett & Myers Tobac 72-.1944 A 0 9513 9.4 95 2
General 888621es B
9512 19 93 9814
1
19303 .7 1002 Sale 10112 102
1951 FA
4 105 10814
Se
6 1117 1184
General 79series C
8
1930 J J 108 10712 10814 10612
1944 A0 112 115 11424 115
Lorillard Co (P) 70
8 31 108 189
3
3 9333 9712
General 75 series D
1940 J D 108 Sale 10733 1087
9512
1951 FA 95 95 95
fa
---- 58 88
akin Qu Co & Sub con gtd 56_1941 MN
Sale 114
11412 12 11212 120
viagma COP 10-Yr cony g 7e 1932 3D 114 dale 085
7912 Nov'22
lat 56
8
1941.1 .1 80%
987o
9912 39 9611 102
1942 *0
8
Manati Sugar 7%5
7533
Brooklyn Rapid Tran g 56_1945 A 0 75% ____ 753
8
e
8214 38 59, 841
7512
4anhat By(NY)ems 0-1990 *0 6154 82 817 Apr'23
79
54
8
757 Sale 7514
Trust certificates
2013 .ID 52 50 534
td 48
6212
1 54 68
let refund cony gold 4e____2002 1 .1 62 84 6212
f) 9612 9812
9712
1942 MN 9712 9724 9718
Manila Elec 72
9218
5 87 98
9133 9214 91%
S-er 7% aeenred notes____k1921 1 .1
81714 8678
2
4
Ry & Lt 8 58..1953 My 9712 913 813 May'23 -_-_ 55 1 64
oalloa
4
913 Sale 913
,
1
/
924 118 8512 95 2
Certificates of deposit
91314
9412 21 91
1924 MS 9334 Sale 9334
87 88 87
4arket St By let cone 5a
8712 18 82 951s
_
Cutts of deposit
2 947 9
98
1924 * 0 98 0338 98
6% notes
1 801 85
8112 82 8112
4
/
8113
-Bklyn Un El let g 4-5e
sta14166(119bfi i .9
5 109 161%
2
war'nts '31 * 0 13512 133 4 13712 1387
12
8112 844 Va6-rylitenadr
9'0 F A 8112 8212 82 May'23
Stamped guar 4-5e
22 1027 10712
a
108
without warrant attached_ _. AO 106 Sale 106
96
29 9312 100
Bklyn Ua Gas let cons g 58_1945 M N 96 Sale 94
5 102 159
137
1931 FA 12818 135 137
1
714s Sett B.
2
78
1932 M N 109% 110 10814 110 4 37 108 lin
41 9133 10'17
101
1004 101 101
warrants
do without
3
lid lien & ref 8 Series A ___ _1947 MN 1041 105 10415 1044 .9 102 10514 Merchants & Mfrs Exch 76_1942
2 95 99%
93
98 99 94
5 10812 117
1929 M N 108 109% 10812 109
711
3 0712 9978
98
8 e8 BL 19 6
265 St r 3 .....1032 6 A 9712 Salo 9712
5
79 Attg'21
etr l
4. ieb
54. a
19323 D 9012 _
Buff & Suer] Iron e f 52
1084 53 106% 10914
Petroleum
MN 108 Sale 108
1st ref
8234 8233 May'23
80 87
997
1962 A 0 80
Bueh Terminal let 42
995
12 902 100
2
9984
8812 18 8233 8912 Mich State Teleph let 58.._ _1924 FA 8514 9972 8812
1955 J J 86 Sale 844
Consol 58
4 47 8812 9112
881
8.12
0 cony s f 58.1930 Si S
90
17 85 93
14 vildvvle Steel &
Building 52 guar tax ex.__ 1960 A 0 89% Sale 8912
4
/
8814 32 881 90
Sale 8614
87
1938
Certifiestes of deposit
1 94% 9812
9614
M N 984 97 96%
1937
Cal GI & E Corp 58
1 98 9914
9834
9824
99
.411w Klee fly & Lt cons g 56_1928 FA 89 907 8912 May'23-- 882 9112
50 94 99
-1942 A 0 99 Sale 9814
Camaguey Bug let 81 g
5
2
10(
R32, 1102 A eaten 4;0...1931 .1 .1
95
7 9212 97%
Canada 58 Linea lirt eonsI7e 1942 MN 943e 95 941*
71- 9112 12 887 92
8
9112 Sale 902
1951 J
1011.
9 100 10312
10112 Bale 100
Gen 5s A
Canada Gen Elec Co eis
8412, 26 82 89%
1961 31) 83% dole 83
1 97 100
9812
let 5s B
43
194 F A
Cent Diet Tel let 30
-year 58..19 2 .I D 9812 Sale 9812
2
9324' 2 927 9412
4
N 933 9412 93%
19'27
87 9914 villwaukee Gas 1. 181 48
1931 A 0 8912 9214 9214 May'23
Cent Foundry let if fia
95% 36 93 981
4
1943 J J 9534 Sale 94
9878 26 9312 10612 viontana Power let 5a A
1925 A 0 9814 Sale 981*
3 8812 91
-year g 5a
Cent Leather 20
89%
8
887 Sale 88%
13414 169 128 150
tontreal Tram let & ref 0_1941 J J 79 sal. 7,453
1931 .1 .1 130 Sole 128
Cerro de Pa0C0 Cop Se
7912, 39 77 8714
1939 .1 .1
8
997 94 95 Mar'23
954 904 Morris & Co 1st 8 f 4M
1937 J J
Cli G L & Coke let gu g 5e
Aor'141.___
1986 AO 92 9312 83
91 12 3 1(
81
1927 F A 3012 8133 8014
Chicago Rye lit 55
74 Mortgage Bond 48
if 2
1112 8
1
1932 A 0 911s 93 9313 Apr'23
1923.1 D 997 190 997 May'23
Chicago Tel Si
4
1947 MN 9018 93 90% May'031 _ 891 95
Gee lot au a 53
Vlu Fuel
Chile Copper
101% Asuel7 -N 93%
1941
120 96 10314 mut Un gtd bd.'eat 5%
Coll tr & cony Slier A.__.1932 A 0 100 Sale 9912 100
-75160 62 62 May'23
3
9678 24 0618 99
gateau Elee guar gold 42.___14151 .1
A 0 97 Sale 9033
CIncIn Gas& Elec let at ref Se 1958
97 97
97 Apr'23
9712
J
97
1981 A 0 9814 Sale 984
9 954 984 Nat Enam & Stampg let 5a__1929 J
544sSer B due Jan 1
-year deb 5a__ _1930
8933
89%
978
:
1943 F A
11 884 8912 Nat Starch 20
7s:
94
7
9 1 16 9 12 10112
:12I
7 7
Colo F & 1 Co gen a f 56
4
8
79
1952 MN
7758 20 7618 7812 stational Tube it 54
7752 Sale 77
Col Indus let & coll 5s gu___ _1934 F A
9772' 29 951* 100
9712 21 95 9712 NOW England Tel & Tel Si _1952• 0 9732 Sale 97%
4
/
1927 1 ./ 9612 97% 981
Columbia G & E 181 68
Feb 211.....
904 34 9518 97
iew Orl Ry & I.t geu 434e-1935 ▪ .1 81 ____ 10112 1014 22 100 104,
1927 1 .1 9612 Sale 96
Stamped
102
19 2 15
15
,
15
5 14 20
N Y Air Brake let cony 85-.1928 MN 101 12
001 d 9th Av let gu g 58_1993 M 5 9212 -__. 92 Feb'23
1951 FA
92 93
N Y Dock 50-yr let g0
Columbus Gas let gold 52_1932 .1 ./
10914 78 108% 1124
Edison let A ref 1340 A 1941 AO 10314 Sale 109
7112 7012
7012
2 70
751f q Y
COmmerelai Cable Isle 42„.2397 Q .1 7012
9812 12 904100
9412 Sale 08
1948 J
gm, NYGEL&Pg5s
874 23 84
1947 M N 8'7 Sale 8812
Commonwealth Power 6a
81 1 16 794 8314
1949 FA 8072 Sale 8034
Purchase money g 46
10018 14 984 10112
1937J J 100 Sale 100
,
76
78
Jan'231.-_
Comp Asti Sara 7142
78
.
J 80
lit s I 5e A-1988
98
3 95 994 4 y Mtittic Ety
_1941 .1 J 98 Sale 98
Computing-Tab-Ree s f
3 98 99
9612
1930 FA 9812 Sale 96
8733 NY Q El LA F let g 48
4496
62_- 1951.1 .1 7414 ___ _ 84 Feb'23 ____I 84
3 3012 854
3412
Conn Ry & L let & ref g
3414 Sale 34
7733 May'23 ____1 77% 8314 .1 Y Rye let R E& ref 43-1942 J J
744 81
1951 J J
Stamped guar 43.41
8
3412 103 30 367
3/12 Sale 3312
Certificates of deposit
884 28 8412 90
.1 D 88 Sale 854
8
45
5 18 45 6
5
5
Cone Coal of Md let A ref 56_1950 .1 .1 92 93
01342 A 0
Y
59% 951
,
00-year ad/ Inc 5s
1938
2
6 418 77
478
413
5
__
4
COO0Coot Cb let gu g 5a
, of
' deockslt___
8712 Sale 871
rt.rtlf'este
4
/
881g 18 8412 984
631 51 N
1952 6, N
9 81 69
82
Consumers Power
9812 99 98'2
2 9812 904 14 Y State Rye let eons 4)01-1982 MN 8114 83 834
98'2
9712
1 91
91 I
1982 M N 90 94 91
Corn Prod Reg 2 f g 58
9812
99
7 98 101
812e
1934 M N 98 99
-year 8 1 511
1st 25
g Due June. 5 Due July. k Due Aug. 0 Due Oct.(Due Dec. sOption Bale*
no price Friday; latest bid and asked. a Due Jan. 2 Due AMU. 2 Due Mar. e Due May.
-




211g 2

MAY 19 1923.]

THE CHRONICLE

New York Bond Record-Concluded-Page 5
BONDS
N.T.STOCK EXCHANGE
Week ending May 18

Priee
Friday
May 11

Week's
Range or
Last Sale

Range
Since
Jan. 1

2241

Quotations for Sundry Securities
An bond prices ere "and in "except where marked 'f.'

Standard OH Stocks Pa? Bid. Ask. RR. Equipments
-Per Cf, Bartz
Anglo-American Oil new. El •1514 153 Atian Coast Line fle
4
5.70 5.35
Atlantic Refining new ..100 115 120
Equipment 848
5.55 5.25
Preferred
100 115 116
Baltimore & Ohio 66
Intl
5.85 5.40
Ask Low
litgh No. Low High
N 9Steam let 25-yr tle Ser A _1947 MN 9312 Sale 9312
Borne Scrymser Co
Equip 445 & 55
100 120 130
3 93
5 60 5.30
93%
98
Buckeye Pipe Line CO... 50 •84
NY Telep let & gene!6%8_1939 MN
85
93 Sale 9212
Buff rtoch & Pitta equip Be
5.60 6.20
933 159 90% 94
5
80
-year deben at es_ _Feb 1949 FA 10514 Sale 105
.100 234 238 Canadian Pacific 430 A 68_ 5.50 6.25
10512 40 10314 1083
5 Chesebrough Mfg new.
20
-year refunding gold 613_1941 10 104 Sale 10312 10412 104 102, 10714
Preferred new
100 113 116 Central RR of N J 68
5.60 5.30
4
Niagara Falls Power let 58_1932
Continental 011 new _ _ _ 25 *41
'3 9812 Sale 98%
42 Chesapeake A Ohio 6e
9 9514 101
5.85 5.45
98%
Ref & gen Os
Crescent Pipe Line Co_ 50 •18
01932 10 1023 103 1023
19
8
Equipment 645
0 10112 105
5.60 5.30
4
1023
4
Niag Lock & 0 Pow let 58_1954 MN
9878 100 98% May'23
_ 96
Equipment 5e
5.55 5.30
9814 Cumberland Pipe Line new. 102 105
Amer Edison 613
No
EurekaPipe Line Co
1952 MS 92 4 Sale 9212
3
10 103 105 Chicago Burl A Quincy 68_ 5.60 5.30
927
8 48 92
96
Nor Ohio Tree & Light 68__ _1947 MS 0214 93
Galena Signal 011 coin_ I00 62
63 Chicago & Eastern III 5149.._ 6.00 5.50
913
9314 34 90
4
95
Nor States Power 25-yr 58 A_1941 10 893 Sale 893
Preferred old
6.40 5.15
4
10 114 116 Chicago & N W4345
4
9014 16 87% 93
let & ref 25-year Os Ber B_ _1941 A0 100 Sale 10012 10112 44 9a3 102
Preferred new
Equipment 65
5.70 5.35
10 108 110
8
Northwest'n Bell T let 7s A_1941 FA 1073 Sale 10712 1077
Illinois Pipe Line
4
5.50 5.25
100 167 169
Equipment e
5 85 10714 108
NorthW T 1st fd g 4%s gtd--1934 JJ
97 Chic RI & Pat 434e& 58
91% May'23
5.55 5.30
91% 9138 Indiana Pipe Line Co.._ 5 •95
Ohio Public Service 7%s_1946 AG 103 10312 103
International Petrol (no par •1512 15%
Equipment 65
5.80 5.40
8 101 108
103
75
1947 FA 101 Sale 100
5.80 5.40
7 100 10514 National Transit Co_ _12.50 *2514 25% Colorado de Southern 65
101
Ontario Power N F let Is._ 1943 P A
9412 94% 943
1 923 963
5.65 5.30
Delaware A Hudson 88
4
4
943
4
8 New York Transit Co.._10 122 124
Ontario Transmission 5e
Northern Pipe Line Co_ _100 1, 4 106
1945 MN
6.35 5.50
9212 94
93 May'23 ____ 93
Erie 4%a & 55
96
Otis Steel 88
1941 P A 99 Sale 08 8
6.30 5.60
17 9712 10112 Ohio 011 new
66
Equipment 65
,
25 .65
9914
let 25-yr 5 f g 7,30 Set B
Penn Mex Fuel Co
6.65 5.35
16 9114 947
1947 FA 94 Sale 93 4
17 Great Northern 13s
94
3
25 •16
Pacific0& El gen & ref 5s
5.90 5.45
1942 J J 9012 Sale 9012
51 89
91
Hocking Valley 68
9314 Prairie 011 & Gas new_100 200 203
Pee Pow A Lt let & ref 20-yr 55'30 FA 92 Sale 9112
Prairie Pipe Line new ...100 104 105
92
5 89% 94
Illinois Central 4315 & Se... 5.50 5.20
Pacific Tel.1 Tel 1st 358
5.70 5.35
9 9514 9912 Solar Refining
1937 3' 9612 Sale 9615
Equipment55
100 180 185
9612
5e
5.50 5.20
68 88
1952 MN 91% Sale 91 18
98
Equipment 75 A 6%6
92
9212 Southern Pipe Line Co_ _100 97
Packard Motor Car 10-yr 8e_ _1931 AO
1073 Apr'23 ____ 107 10812 South Penn Oil
100 138 142 Kanawha & Michigan 68... 5.90 5.45
8
Pan-Amer P & T let 10-yr 713.1930 P A 10212 1027 10215 10212
5.60 5.25
3 102 1055
83
Equipment 4645
5 Southwest Pa Pipe Lines.100 81
Pat& Passaic0& Eicons g 5s 1949 MS 9118
Standard Oil (California) 25 *52
5.50 5.20
94
94
Jan'23 -_ 94
52 5 Louisville & Nashville 68
,
Peon Gas & C let cone (4 69_1943 10
Standard 011 (Indiana)._ 25 .
5.65 5.35
1 105 108
105
105
Equipment(Is
57% 5518
Refunding gold 58
Standard Oil (Kan) new 25 *4212 4312
6.55 5.25
13 87
,
1947 MS 89 Sale 88 5
89
94
Equipment 8348
Philadelphia Co 68 A
1944 P A 100 8 Sale 10014
5
89
100 4 49 985s 10112 Standard 011 (Kentucky) 25 •88
3
Michigan Central Is, ea.-- 5.50 5.20
Plerce-Arrow 88
Standard 011 (Nebraska) 100 217 223
74%
7512 80 7414 825
1943 M
Minn St PASSM 445& be 5.65 5.25
Pierce 011 5 f 88
Standard 011 of New Jet_ 25 *3412 343
9514 9512 95
9514
6 9412 93
1931 J
4
Equipment 6335 & 78.... 5.85 5.50
Pleasant Vol Coal 1st g St 58_1928 33
Preferred
Feb'23
89
100 11612 116% MissouriKamm & Texas 58 5.85 5.35
_ 89
90
foetal Con Colliers lets I 5e_1957 J J -90 8 -9 -- 90 4 May'23 --__ 9015 9434 Standard 01101 New Y'k. 25 *3612 363 Missouri Pacific
2
3 .
3
5.80 5.40
4
6s & 6
Portland Gen Elee let 5s
93% Apr'23 ---_ 9312 951! Standard 011 (Ohio) new... 286 290 iMobile & Ohio 445,56
1935 3, 9314 96
5.75 6.30
Portland Ry 1st & ref
Preferred11 *115 116
5 8414 88
87
_1930 MN 8612 8712 87
New York Central 4,45, Se.. 6.50 5.25
Portland Ry Lt& P let ref 1513 1942 P A 8 4 Salo 82 4
Swan & Finch
53 82
,
2,
83
5.75 5.40
32
100 28
86%
Equipment65
es B
96
1 94
9518
1947 MN 94
6.60 5.25
9518
9012 Union Tank Car Co_ _ _10(1 85
90
Equipment Ts
let dc refund 734e her A..._1946 MN 10412 106 1043
Preferred
4
106 2 11 104 107 4
100 108
,
,
09
Norfolk & Western 4848.... 6.40 5.00
Porto Rican Am Tob 8s
105
_ _1931 ▪ N 105
3 103 10512 Vacuum 011 new
105
25 84512 46
5.50 5.25
Northern Pacific 75
Prod A Ref f 89(with warnts)'3I 3D 125 Sale 125
2 123 13312 Washington 011
12512
10 *24
26 Pacific Fruit Express 7e.... 6.55 5.25
without warrants attached__ . • D 10712 Bale 1063
Other 011 Stocks
4 10712 17 1061 Walt
PennsylvaniaRR equip 65
- 5.65 6.25
Pub Bev Corp of NJ gen 511_1959 10 84 Elate 8312
Atlantic Lobos 011 (no par)
314 Pitts A Lake Erie 6%e
8414 27 81% 86
5.60 5.25
Punta Alegre Sugar 7e
Preferred
1937 I J 11412 Sale 11314
ryo *12
18
115 s 241 105 124
7
5.80 5.40
Equipment 6s
Rapid Tran sec es
7278 Sale 7212
228 7034 74 8 Gulf Oil (new)
1968
73
3
3
25 .3313 53 4 Reading Co 4,1e
5.40 5.10
Remington Arms 68
Humble 011 & Ref new 25 1,31
94 Sale 938
1937 MN
49412 14 90% 96
32 St Louis & San Francisco So.. 5.8 5.35
RePub I AS 10-30-yr 55 f_1940 A 0 9312 933 93%
Imperial 011
9 89
4
94
25 •101 103 SeaboardAir Line 4345A 55. 6.2 5.75
9614
548
1953 13 9012 Sale 9014
94% Magnolia Petroleum_ _ 100 140 145 Southern Pacific Co 4
9012 19 85
6.50 5.10
Robbins & Myers s f 7s
Merritt 011 Corporation 10
9612 Sale 9612
1952
9
8
9612 18 9612 99
5.45 5.20
Equipment 78
Hoch & Pitte Coal & Iron 55..1946
Mexican Eagle 011
91
N
91
8 Southern Ry 4645 &
5 4.7
91
91
Jan'23
6.65 5.25
Rogers-Brown Iron Co 78_ _ 1942 MN 8914 Sale 8914
Salt Creek Producers...
3 89% 93
.10 •1915 19%
89,
4
5.85 6.50
Equipment es
lit Joe Ry. L. H & P 6s
1937 MN 78,
77
4
77
77 May'23
Toledo A Ohio Central es
5.85 5.45
St Joee,ph Stk Yds let g 484s_ 1931' J J 85
Public Utilities
85% Dec'22
Union Pacific 75
5.40 6.15
St L Rock Mt & P 58 etmpd_1955 J I 8312 95
Amer Gas & Elec new....
1 82 "ii12
3514
8312
(8) *37
8312
St Louis Transit 58
Preferred
50 *4112 4212
1924 10
62
82 Mar'23
62
Tobacco Stocks
Sake Co 78
Deb 136 2014
1942 MS 1001;
MAN 94
95
101
10012 1023
1013
American Cigar common.100 76
4
4
80
St Paul City Cable 58
Amer Light& Trac,corn _MO 113 115
92
9212 92
11 92
1937 J
93
92
Preferrea
100 87 90
San Antonio Pub Ser Se
Preferred
91
4
1952 J J 913 95
100 90
8, 9112 9434
913
4
92
imer Machine & Fdry_ _100 125 150
Sharon Steel Boon 1st 8eser A194 M
Amer Power & Lt,corn 1110 u167 172
9812 98% 98%
British-Amer Tobac ord. El •2112 22
983
8 13 97 104
Sheffield Farms 6lie
Preferred
1942 AO 10012 101 10014
100 8212 84
4 97% 10012
Brit
-Amer Tobac, bearer £1 *2112 22
10012
Sierra A Ban Fran Power 65_1949 FA 83 Sale 83
Deb es 2016
4
M&B 923 9312 Heinle ((leo W)Co,new. 25 •55
4 8212 87,
8312
2
oo
Sinclair Cons 011 15
Amer Public Util, com_100 45
55
-year 7s 1937 MS 997 Sale 99,
5
90 99 101,
Preferred
2
8 100
104 111 114
Sinclair Crude 011 545.._
6% Preferred
50
Ill? 4 so 98% Sale 977
100 47
Imperial Tob of GB & 'rev. 1320
8
1
9814 127 97% 100 4
21
Se
72 Int. Cie. MachinerY
Feb 1926 P A
98% Cale 9818
4
983 218 973 99% Biaastone VaIG&E,com 50 •x70
4
60
100 55
Sinclair Pipe Line lis
67
Johnson Tin Foil dr Met_ lot 80
1942 A0 86 Sale 8512
3614 97 83
8912 Carolina Pow & Lt,cora _100 64
90
!Muth Porto Moo Sugar 7s._ _1941
Cities Service Co, com 100 161 163
18 98 2 102
D 101 Bale 10034
MacAndrews & Forbe5_100 130 134
,
10114
South Yuba Water (3s
Preferred
100 653 6914
112 July'04
4
3
Preferred
1923
.11 90 4.100 98 101
South Bell Tel a- T lets f 55_1941 J
Mee Service BankersSbares *183 167 Mengel Co_
8
8
9315 Sale 9215
9318 21 903 97
4
32
100 30
Southern Colo Power Os
Colorado Power, corn_ _100 21
2212 Porto Rican-Amer Tob100 78
1 90% 92
9114 90%
1947 33 903
4
85
Stand t.s A El cony 51 oe
9817
Preferred
94
9912 14 9675 997
Scrip
100 111
1923i • 13 9812 99
•75
5
Standard Milling let 55
35
Universal Leal Tob com_100 110 115
1930 MN 9712 102
9712
9914 Com'w'th Pow.Ry & Lt.100 33
97 4 12 96
,
Standard 01101 Cal 7e
Coin'w'tb Pow.Corp.pref100 67 69
Preferred
01931  A 105 Sale 105
1053
4 49 105 IU
100 98 100
Steel & Tube gen e I 78 ear 0_1951 y
onsumers Power pref _ _100 85 88
1015 102 10112
8
Young (J 0) Co
10214 20 100 10712
100 108 110
Sugar Estates (Orienti) 78_1942 M
Elec Bond & Share, pref..100 97
93
22 96
99 Sale 9812
Preferred
99
9934
100 105
Syracuse Lighting let g 511.... _1951 J D 90% 91
Federal Light & 'Frac
61,
2
91% 9112
9112 Jan'23
t •60
Light & Power Co col tre f 58'54 J J 84, 85
Preferred
70
100 68
Rubber Stocks (Clad and Pr Sees)
846 Apr'23
5
4
8412 86
Tenn Coal I & RR gen 5s__ _ _1951 .1 .1 9814 _ _ _ _ 100
Lehigh Pow Sec___(no par) *2212 23 4 Firestone Tire & Rub.com.10 •75
,
1 98% 101
100
Tennessee Cop let cony es _1925 MN 10014 101 1003 May'23
100 10112 Mississippi My Pow,com100 2212 2112
4
6% preferred
100 97
Tennessee Elea Power ea.__ _1947 3D 94% Sale 94
Preferred
7% preferred
9512
94% 61 92
100 80 82
95
100 94
Third Ave let ref 4e
First Mtge 5s, 1951_ _J&J 9014 9114 Gen'i Tire & Rub,com_ __50 175 185
15 5712 62
1960
'
58
3 57
5712
58
Adjincome 58
B f g deb 7s 1935_ _MdcN 100 102
a1960 A0 5414 Sale 5312
Preferred
99
543
100 98
s 54 5315 6234
Third Ave Ry 1st g 58
Nat Pow & L. corn_(no par •51
53 Goodyear Tire & R,com.100 1412 15
1937 3, 92 2 95
,
92
92 May'23
96%
Tide Water 011 6%s
Preferred
85 2
,
1931 FA 10314 Sale 10212 10314
Preferred
19 102 105
(no par *84
100 5512 57%
Tobacco Products e f 78
Inc 75 1972
5
8612 88 Goody'r TAR of Can.p1_100 593% _
1931 3D 1043 105 104%
J&
4
104% 13 1023 105
Toledo Edison 78
Northern Ohio Elec (no par *13
1941 MS 106 4 Sale 106
,
15
37 10515 1075
Miller Rubber
107
90
IRO 8.5
8
Tol Tree,L & P es
Preferred
31
1925 FA 9818 Sale 98
33
Preferred
9812 21 9712 99%
100 102 105
10
Trenton GI A El let it 158
1949 M
North States Pow, com_10
9412 96
9012
Mohawk Rubber
95
95
Jan'23
15
18
11.00
95
Undergr of London 414e_ _ _1933
'
3
94
Preferred
92% May'23
907 9314
Preferred
65
s
70
100 91
Income 6e
1948
' 8755 913 865
Nor Texas Elec Co,com.100 70
3
73 SwInehert Tire& R,com.100 15
1 855 8814
4
8
8
21
86%
Union Hag & Paper 68
1942 ▪ N 97 Sale 9612
Preferred
30 96
Preferred
75
60
91'100 40
99
100 72
Union Elec Lt& P 18t. g 5s_ 193 fla
9514
9512 96
multi,. Gas & El, let pref 100 89
95
90
9734
9514
5s
1933 MN 92 Bale 92
Power Recur, corn__ fro par) *3
2 8814 92
7
Sugar Stocks
92
Union Elm (Chic) 55
,
74
1945 A0 70
Second pref
17 Caracas Sugar
86 Sept'22
54) •171 1815
(no par) •14
Union 011 55
9412 96
1931 J J
Coll trust 68 1949. J&D 75
90
90
Apr'23
80 Cent Aguirre Sugar corn. 20 •94
96
95
es
_1942 F A 100 101 10015
32 997 10234
Incomes June I94J__F&A 145
1007
5
50 Central Sugar Corp.(no par)
Union Tank Car equip 78____1930 P A 104 Bale 1037
Puget Sound Pow It Lt.
9 l0214 104
8
49
104
Preferred
..100 47
United Drug cony 8e
1941 3D 112 11314 112
6% preferred
57 110 11334
113
82 Fajardo Sugar
100 79
100 115 118
United Fuel Gas let s f 68_ _ _19343 .1 .1 9514 Sale 9434
951
7% preferred
6 943 98
100 0100 103 Federal Sugar Ref. com-100 87
4
72
100
United Rye Inv 58 Pitts issue 1920 MN
94 Sale 91
44 87% 9712
Gen M 744e 1941___MAN 104 10512
94
Preferred
90 106
United Rye St L let g 45_ _1934 .1 j 58% GO
11 58% 63%
Republic Ry & Light
5912
593
100 15
16 Godchaux Stag, Inc_(no par) •16
20
United SS Co lot rcta 68
1937 MN 90
9012 90
100 43
7 8612 93
Preferred
91
45
92
Preferred
100 88
United Stores Si
3
1942 10 99 4 Sale 983
4
South Calif Edison,com_100 101 102 Great Western Bug new
100
33 981s 1014
88
25 .83
S Hoffman Mach Be
'3 10112 102 10112
1932
1011
Preferred
I00% 103%
40
Holly Bug Corp,comjnoPar .30
100 115 118
l00
)
US Realty & I cony deb g 54_1924 J
100 10012 100
1 99 10012 Standard Gas & El (Del) 50 •28
100
29
Preferred
87
80
US Rubber let & re( 585er A _1947
'
4
3 86% Sale 863
871 106 85
Preferred
50 54712 49 Juncos Central Sugar_ 100 110 125
89%
10-year 7%a
4
1931 P A 1063 Sale 10612 1071
Tennessee Elm Pow (no par) •15
17 10512 10.112
161z 'lotions' Roger neflning.100 95
98
U 13Smelt Ref & M oonv 63_1926 P A 118118 Sale 10018
19 1
2d preferred
1001
26 100 102
413
48 New Niquero Sugar
(no par) •
100 104
U 8 Steel Corp!mut)
8
41963 MN 1023 Sale 10214
United Lt & Rye. com_100 160 165 Sanutt ..oludog.-urp.01.100
195 10033 104
103
14
9
f 10-60-yr &Area
101 18 May'23
41963 MN
Ica preferred (6%) ___100 85
100 10412
89 Savannah Sue,com_(no par) •
57
54
Utah Light & Traction 58____1944 A 0 823 Sale 81%
8
821
Western Power Corp_ __100 3C12 32
33 8161 913
/
4
Preferred_ __
sa
_1°0 81
Utah Power & Lt let fie
887 Sale 8814
8
1944 Fl
Preferred
887
30 86% 92
83 Sugar Estates Oriente Pref- 93
100 80
97
Utica Elec LA Pow let f 5e _1950 33
95 Marl(
Short Term Securities-Pe C yen:
Utica Gas A Elea ref 55
100 40
89
9134 89 May'23
1957 J
16 "cii1g tw Cot 011 65 1924__M&S2 91 93 iv eat loam:mug 1O,1011.1.100 47 eo
Preferred
aa
Victor Fuel Co let s f 55
70
' 62
1953
3
56 Nov'2'
kmer Tel & Tel 65
1001 100
3
Va-Caro Chem let 15-yr 158. _1923 3D 100 Sale 100
100
12 9934 10014 Anaconda Co M in1924_F&A 1011 10134 Incli ri i&Miscellancous *Ea 64
65'29J&J
4 American llardware_ __ _100
78
J o 88 Sale 87
1947
75 1929 Series B
907 220 87
98
J&J 103 10314 Amer Typetoundneerewico(nmo
82
78
12
-year e I 734e
1937 3' 7214 Sale 71
797 265 71
94% Angio-Amer 0117)0'25 A&O 1021 103
Preferred
100 99 101
without warrants attached_ _ 3' 75 Sale 75
7814 20 75
9012 Arm'r&Co65.1ne15'233&D15 100
Powder
Blissla (E w)co
A
163 170
Vs Iron Coal Lk Coke let g 55_1949 MS 92
9512 93
93
2 02
Deb Os J'ne 15
9512
100
23
Vs Ry Pow let & rat 58
par) Ili
843 84% 85
8
J
Beth St 7% July '24-11&D15 100
85%
2 84
87
15'23J&j15
62
Preferred
10
014
Vertientee Sugar 75
50 *59
19 4 3D 98
942
3
9812 973
4
Canadian Pac 6s 1924 M&S2 100114 10014
9812 27 96
99
Borden Company,com 100 115 117
Warner Sugar 78
1941 JO 10212 Sale 10214
Federal Bug Ref 85'24 _ M&N 101 18
1023
4 19 102 106
1013
Preferred
WWI Wat Power s f 5e
100 102 105
19313 .1 .1 9812 - - - _ 9812
9812
1 9815 9912 Rocking Valley 65 1924 M&S 10014 100 2
5 Celluloid Company
8
Weetchee Ltg g 55stmpd gtd _1950• D 9312 9512 95
93
100 90
4 9414 9714
9514
Interboro R T 85 1922 _M&S
99
Preferred
West Penn Power Sec A 513_ _ _1946
100 106 109
•S 89% 90
89%
K C Term 117 65'23 M&N15 10014 100
8954 15 88% 95
10012 Childs Co,common
100 137 140
let 40
-year 68 Series C__ _1958 3D 10014 Bale 10014
4 100 102 2
645 July 1931
100 4
3
,
Jdz.1 10312 10412
Preferred
100 10812 10912
let series D 78
c1946  A 10414 1043 10114
4
8'10314 10712 Lehigh Pow Sec Os '27_F&A
1047
s
9212 9312 Elerculee Powder
100 104 108
Western Union cell tr cur 55._1938 ▪ J 96% 9734 9612
97,
8 121 96
9918 Sloss Shelf S & I 6s'29_ FAA
97
Preferred
975
4
100 10312 104
%
real estate g 4%s._1950 MN
72
Fund de
9038 90%
6 89
9011
9212 U S Rubber 7145 1930_F&A 106 107 International
Salt
100 7812 95
1936 P A 1083 Sale 108%
4
15
-year 644 5
109
32 106 III% Joint Stk Land Bk Bond'
International Silver, of 100 107 110
Westinghouse E & M 75
1931 MN 10618 Sale 106
Chic .11 ark Land Isk
10614 60 10512 10812
58.1951 102 103
Lehigh Valley Coal Sales. 50 .80 84
Wickwire Spen Steel let 75_1935• 3 94 Sale 93 4
53 1952 opt 1932
,
9, 923 98
8
9414
102 103 Phelps Dodge Corp
5
100 175 18
Wilson & Co let 25-yr e f 63 1941 10 9814 Sale 97%
54* 1,151 opt 1931
9812 39 96 102
10412 10512 Royal Baking Pow,com_ 100 130 14
0
00
-year cony s f fie
1928 3D 92 Sale 92
10
441952 Opt 1932
925
5 17 92 98
99
97
10012 10112
Preferred
1931 FA 98 Sale 93
Temporary 745
4125 1952 opt 1932
983 101 983 105
4
5
99 100 Singer Manufacturing.
..l00 115 117
WIneheu. 4ems 7L48
1041 An 105 Sale 104
106
82 10012 106
•Per share. - No par value.
b BasIs, d Purchaser also pays accrued divi•No price Friday; latest bid and asked. a Due Jan. d Due Apr. c Due Mar. e Due dend. e New stock.
/Flat price. k Last sale. n Nominal. ir Ex-div.
ExMay. g Due June. h Due July. k Due Aug. o Due Oct. p Duo Dea. s Option sale.
rights. f Ex Stock div. u Ex-cash and stock dividends. •Canadian quotation.




ge,

BOSTON STOCK EXCHANGE-Stock Record

2242

-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICE
Saturday,
May 12.
•144
79
9614
121
100
1514
.24
26
36
.35
46
•*____

4
61

145
79
4
063
12114
1004
16
26
26
36
36
46
)
1.17
69
62
41
38

.59
*z40
38
*32
174
*72

18
-80

87
75
•25
•____

87
75
28
88

Monday,
May 14.

512 512
11
*10
.36
3612
314 34
8
8 73
73
112
*1
4 312
*23
2712
*27
..50 1
107 1073
4
*9912 10012
2413
*z23
234 3
112
112
4
*3
*112 2
218
.2
24 214
34 314
3
.2
5412 5412
1814 1814

Wednesday, Thursday,
May 17.
May 16.

144 144
144 144
144 144
144
7812
78
7812 79
7914 7812 79
97
97
8
_ 9612 957 96 •____ 96
121 121
____ 121 121
121 121 *121
100 10014 100 10012 100 10112 100 10014
8 154 16
3
15 4 165
16
16
1612 16
26
.22
26 .____ 26
*24
+____ 26
25
24
25 *___ _ 25
25
26
26
36
35
36
3612 3714 36
36
36
3512
36
36 .35
36
+46
4612
47
47
50
4512 46 .47
4
4
150 150 •150 1563 .150 15634 .150 1563
28
28
28
28
30
30
2712 29
69
*68
69
69 .68
6814 6814 *68
60
6012 *59
61 *____ 5912 *59
'%59
.40
41
40
40 +____ 4112 38
40
38
38
38
38
39
3814 3814 *38
35
35
.32
*33
35
•32
35
*32
4
8
167 174 163 1718 1714 1714
18
18
+7114 80 .714 ----7114 7114
88
88 .82
88 .82
*____ 88 .82
75
75
75
75
75
75
76
75
_
_ *26
•26
25
25
90 90
88
88
144
79

2
2
214 214
17
17
17
17
4
12218 1223 1214 12211
95
95
95
95
80 80
80
80
17
*16
.16
17
15
.1412 16 .14
10512 106
•.05 .25
8
2212 223
4 2212 227
4
33
34 34 *314
8
103
10
1012 10
9612 100
98 101
164 16412
8
1647 165
6
6
7
.6
•____ 18
13
_ 1212 13
4
173
•1712 1812 *17
57
5612i *55
56
37
•36
38
37
15
*13
15
.13
59
59 .55
.58
*214 3
3
*214
7
*5
7
*5
7
.612 64 *612 6 8
.210
•:10
0
97
7912 7 8 1
794 7012 7012
70
70
8
1477 150
150 150
10
912 912 *8
2312
2412 23
*23
4
803
.80
81
*80
8 .54 6
54 57
.40 .50
.50 .50
11412 11412 11412 115
4
4
4
183 183 *1814 183
9312
9312 93
93
1612 1612
*1612 17
4 .212 24
*212 23
1
1
1
1
8
8
10312 1037 1035 10414
*4714 473
4
4
473 48
10
*9
4
*83 10
4812
48
48
47
3
2618 2614 .2614 28 4
3
4 2514 263
253
25
4
373 38
38
38
1012 1012 1014 1012
23
•2214 23 •22
4
1614 1614 .153 164
28% 31
2812 29
36
*35
36
*34
39
39 .36
•36
912
4 *9
93
*9
..25 .40
7212
72
%15 .25
4
24
24
4
.214 23
3
: 10.4
101
4
.163 17
376 380

Tuesday,
May 15.

Friday,
May 18.

4
223 23
3
22 4 2314 2212 23
3
4 *314 3 4
*314 3 4 *314 33
3
11
11
1078 14
1012 11
100 100
99 101
99 101
16312 164
164 16412 16314 164
6
7
6
*6
7
*6
17 •____ 18
17
17
17
14
14 .13
•13
14
*13
41
1612 1712 1712 173
17
17
5878
57
57
53 .56
57
36
37 .35
37 14 3712 .36
15
15 .13
15 .13
.13
*55
57
59
*55
59
55
*214 3
*214 3
*214 3
*412 7
*5
7
7
*5
612 612
612 612
*612 64
10
1018 10
1018 1018 10
4
4
4
793 794 793 793
*794 80
68
68
68
68
268
684
152 152
149 14912 149 151
94 94
7
9
8 *8
2312
2312 234 *2312 2412 23
*8012 804 8012 8012 .80
4
803
8 54
57
7
5 8 54
512 618
.40 .40 ..25 .50 *.25 .50
115 115
11412 116
11412 115
1814 1814 1834
1814 1814 .18
923 9312
4
93
9312 9212 93
1612 *16
1612
*16
1612 .16
4 *21+ 234
.212 23
4 *212 23
114
1
1
+.75 114 +.75
8
104 10412 1037 10412' 10312 101
4712
474 4714 4714 4714 *47
.94 10
4
9
*83 10
9
4
473 4812 4814 494
49
48
2614 2614 264 2678
27
27
8
2512 2618 2512 2578 2512 257
4 3712 38
38
4
373 373
38
4
1012 1012 1012 1012 *1014 103
*22
23
23 .22
22
22
4
4
153 154
16
164 153 16
8
4
304 3112 3014 3112 303 315
*34
*34
35
35
35 35
39
39
*36
*36
39
.36
94
*9
912 . 84 84
.9

.40 .40
.35 .50
.40 .40 ..40 .50
72 •26812 70
72
7214 72
76
s72
..15 .25 ..15 .25 ..15 .25 ..15 .25
24
24
22
23
24
24
25
.24
.218 214 .218 212 *218 212 .218 212
97 1012 1018 1014 1018 1012 1014 1014
8
164 164
*1612 17
4
.163 17
*1612 17
365 370
370 375
375 385
370 375
6
614
54 614
64 614
514 618
4.022 11
*912 11
*912 11
10
10
3512
35
365s 3514 36
3614 3612 36
314 314
314 33
8
312 *314 312
314
712 75
8
3
8
712 7 4
712 73
12 712
7
114
114
114
114
114
8
13
•114
114
24 212 *212 312
212 21*
8
8 25
25
2812
284 .28
2712 283
4 2812 2812 *28
.50 .50 ..40 .50 '.40 .50
•.50 1
108 10814
10718 10812 107 1094 107 108
99 *____ 99
*97
99
*98
24
2312 •z22
24 •223
2312 2612 24
3
3
24 2121
8
.8 25
25
8 3
*27
112
8 *13
8
8 15
8 .13
8 13
13
*14 112
*212 4
4
.3
4
*3
3
3
DI *112 2
•112 2
112
.112 2
218
8 218 *178 24 *178
/ 218 •17
•17
8
112 15
8
15
158
4 2
*112 2
13
314
212 314 *314 312
314
34 314
112
112
4
13
4
13
2
3
2
*2
8
4 5112 5334 507 52
543
56
54
56
1714 173
1818 1814 •z18
4
184 1734 18

STOCKS
BOSTON STOCK
EXCHANGE

Sales
for
the
Week.

Railroads
Mires
100
149 Boston & Albany
100
799 Boston Elevated
100
Do pret
111
100
Do 1st pref
26
100
2d prof
415
Do
100
524 Boston & Maine
-iLf2 16100
Do prof
---100
Do Series A 1st pref
228
____ ---.100
Do Berle] Li 1st prof...
122
---100
Do Serlee C let pref
15
100
Do Series D 1st pref
150
100
4 Boston & Providence
121 East Mass Street By Co_100
28
28
100
55
Do 1st pref
68
68
100
Do pref 13
100
Do adjustment
39
-46- 16230 East Mass St Sky (tr et(s)_b(
100
100 Maine Central
32
32
100
975 NYNH& Hartford
4 Northern New Hampshire_100
25 Norwich ec Worcester pref_100
101)
127 Old Colony
7314 7314
100
10 Rutland prof
15 Vermont & Massacbudette_100

-2212 23
4
103 11
100 10012
164 1643
4

4
173 174
5712 59

--614
10
794
684
152
812
23

10
793
4
684
152
812
23
-57
8 6

115-

115

9212 9212
------- -4
1033 10414
4712 4712
-:I812
8
263
8
255
3712
1012

-319 8
263
8
26
38
1012

4 114
103 3
313 32

..25 .50
6912 70
•.15 .25
24
23
218
2
1018 1014
*1612 17
360 370
6
6
912 912
3412 3514
/
31 4 314
712 712
114
*1
.212 312
2812
28
..40 .50
10712 1073
4
*9712 99
23
23
3
3
, 112
*13
212 212
*112 2
*112 218
112 112
312
*314
*158 212
5012 51
1712
17

___
55s
8
57
812
4
83
112
2
25 .24
32
35
: *3
31
1314 *13
3712 36
42
43
.71
.85
•.45
.75
212 •2
178
8
17
.80
.85
.32
.35
434
44
4
•13
2
•.85
'.35 .99 .14
*1%
P.
1
114
•.90
812
812 312




Highest

514 May14
1
Janlb
25
25 3412 May18
10
8
25 Jan 5
8
73 Mayl
10
Jan18
25
1
25
214 Jan10
1 243 Mar28
4
Apr17
25 .50
I 10111 Jan 4
1 9312 Feb15
25 21
Janl 1
52
212 May16
6
235
25
118 Jan 5
265
25
3 Jan 9
20
25
118 Jan29
20
8
15 Jan 8
5
25
l's Feb 1
1,075
24 May15
26
213
114 Apr21
25
187
25 5012 May18
522
8
6 165 Jan 1
715
5 .05 Mar23
A pr 18
100 35
.37 ----------Now River Company
100 77 Mar 5
Do pre(
5
8212
*80
83
5
512 Jan 4
305 Niplseing Mined
8
57
512 512
8 May16
15
818 814 3,150 North Butte
84
14 May15
25
230 0.11bway Mining
112
1 18 .1
25 1812 Jan 5
24565 Old Dominion Co
2312 23
25 2912 Jan27
281 Oisceola
33
3012 *31
3
Jan 9
400 Park City Min & Smolting_.5
3
3
34
575 Pd Creek Pocahontas Co no par 13 May10
14
25 321g Jan30
590 Quincy
35
34
3412
570 St Mary's Mineral Land_ 25 374 .May17
3812
s 38
383
Jan 9
10 .40
.71 '.70 .75
275 Shannor.
Jan 5
25 .45
South Lake
.75 +.45 .73
25
8
13 Jan20
212 *2
Superlor
212
14 Mar28
645 Superior & Boston Copper- 10
8
17
14 14
6 50 May15
.88
.89 .89 1,002 Trinity Copper Corn
6 .31 May15
.32 •.30 .32 2,100 Toulumne Copper
4
23 Jan 9
6
438
4 3.110 Utah-Apex Mining
412 43
112 Jan10
1
178
235 Utah Consolidated
17g
8
17
May2
8
1 .0
150 Utah Metal & Tunnel
.90 •.85 .90
0
2
14 Feb 6
Victoria
14 *11
, 114
2 .65
Jan22
.80
375 Winona
.90 .90
2
7 Jan30
81,,
55 Wolverine
712 712
1,280
85
1,464
660
674
885
160
595
50
685

PHR SHARE.
Range for Previous
Year 1922.
Lowest

MOM

Jan 9 13014 Jan 152 May
143 Apr 3 149
734 Feb 8911 Sept
78 May17 84
Jan 5
9414 Mar 105 Sept
8
957 May15 100 Mar 6
118
Jan 2 122 Mar 7 115 June 126 Sept
9912 Mar22 106 Mar 5 10112 Nov 109 Bent
Jan 3112 May
14
154 May12 2011 Mar 2
2112 May2 27 Feb13
37 Apr
Jan
20
4411 Apr
Jan
22
24 May17 3212 Mar 1
Jan 62 May
35 May17 48 Feb 6
36
54 May
Jan
35 May10 42 .Mar22
30
7712 Mai
Jan
4512 May14 59 Feb 7
40
Jan 163 July
150 May14 1604 Jan25 125
8
265 July
18 Feb15 35 Mar22
18 July
Aug 77 July
66
67 Feb24 72 Jan16
51 July 60 Nov
53 Feb24 65 Mar19
28 July 47 Aug
3412 Feb13 46 Mar22
29 July 47 Ault
3412 Feb15 45 Mar21
Oct
30
2712 Jan 65
May) 43 Jan 2
1214 Jan 344 May
1618 Mayo 2212 Jan30
Apr30 84 Feb 3
71
89
Jan 96 July
4
Jan 3
59 Jan 1038 De
87 May121 100
57
Jan 9814 May
73 Jan2OI 81 Feb14
15
Jan 524 June
25 May14 381s Feb20
Janll
78 Jan 100 Aug
88 Apr26 98

Miscellaneous
34 Jan 9
14 May 4
120 Amer Pneumatic Service_ 25
Jan10
50 16 Mar 7 20
Do pref
235
4
2
Amer Telephone & Teleg 100 121, May 5 1253 Mar14
3,135
Jan 5
Jan 8 112
No par z88
445 Amaskeag Mfg
Jan 5
No par 79 May 7 88
Do pref
102
Art Metal Construe Inc___ 10 15 Mar 1 1612 Mar14
8
No Par 123 May16 2018 Feb14
175 Atlas Tack Corp
Jan22 10812 Feb24
40 Boston Cons Gas Co, pref.10 105
Jan25
Jan18 .30
470 Boston Me:Pet Trus_No par .10
Jan13 27 Marie
10 20
1,331 Connor (John T)
Jan 2
4
318 May10
10
50 East Boston Land
712 Jan25 144 Mar 5
5
1,221 Eastern Manufacturing
25 814 Jan10 12712 Mar22
2,4E7 Eastern SS Lines Inc _
Jan 3
May2 172
100 162
648 Edison Electric Ilium
512 Mar 5 104 Jan 2
No par
210 Elder Corporation
Elee__100 17 May 9 21112 Feb 5
15 Galveaton-licuston
8
No par 104 Jan 2, 155 Mar 3
10 Gardner Motor
251 1612 May16 24 Feb10
415 Greenfield Tap & Di*
Jan 8 6312 Mar13
No yari 54
Hood Rubber
505
Jan 2 44 Mar19
135 Internat Cement Corp_No par , 35
A pr12 22 Feb19
50 15
Internal Cotton Mille
100 55 May15 7912 Jan10
Do peel
10
3 Mar20
2 Jan15
International Products_ No par
8 Mar15
6 Feb27
-100
Do prey
8 Apr 6
6
Apr23
382 Libby, McNeill & Libby__ 10
Apr20
25 10 Feb 8 11
123 Loew'e Theatres
100 79l May12 874 Jan 2
261 Massachusetts Gas Ces
Jan25
100 :58 May15 73
Do pref
94
100 1474 May14 179
Jan 6
275 Mergenthaler Linotype
73 Jan31 143 Feb19
4
4
.90 Mexican Investment Ina_ 10
4
85 Mississippi River Power...10(1 223 Apr23 2814 Jan31
Janie 84 Feb14
100 80
15
Do stamped prat
8
53 Apr27
4
10
83 Feb13
619 National Leather
Aor16
25
Feb 3 .97
400 New England 011 Corp
Jan 3
185 New England Telephone_ _100 114 May10 122
I 174 Jan 6 214 Apr26
360 Orpheum Circuit Inc
Jan 2
•
May2 190
90
719 Pullin Mills
10 151s Jan 4 18 Mar14
65 Reece Batton Hole
314 Mar15
Janl 1
2
10
Reece Folding Macll
2 Feb20
1 May12
5
fiL Simms Magneto
100 10214 May 7 10912 Jan 6
550 Swift de Co
Jan 2 50 Mar 9
25 48
119 Torrington
11 Mar 7
74 Jan19
5
20 Union Twist Drill
8
25 447 Jan 2 554 Mar 8
4,404 United Shoe Mach Corp
Jan25 2814 Janll
25 25
Do pref
125
Jan 2
3,890 Ventura Coneol Oil Fields_ 5 25 May 8 30
Jan10 4414 Mar19
10 36
1,042 Waldorf SIstem Inn
5 Feb16 13 Mar17
Waltham Watch ciD comNopar
179
100 1512 Mar 6 294 Marl()
Preferred trust ctts
3
830 Walworth manufacturing_ 20 1114 Jan 5 1712 Feb17
50 2512 Jan31 3413 Mar14
4,015 Warren Bros
Jan17 3911 Mar14
60 33
Do let pref
60
Jan25 42 Mar15
60 36
Do 2d pref
8
87 May16 1212 Feb21
6
10 Wickwire Spencer Steel_
Mining
1 Feb28
25 .25 Feb16
300 Adventure Consolldated
Jan27 87 Mar 1
26 59
250 Ahrneek
25 ,25 Slay 3 .50 Mar 2
Algomah Mining
' 34 Marl
25 19 F b
230 Allouz
44 Mar 5
2 May18
25
20 Arcadian Consolidated
5
3
7 e Jan 6 1412 Mar 2
Commercial
1,855 Arizona
4
10 163 May17 19 Feb 19
50 Bingham Minna
Jan 9 420 Mar I
25 285
384 Calumet & Hecla
Carson Hill Gold
Centennial
Copper Range Co
-Daly Copper
Davis
East Butte Copper Mining_
Franklin
Hancock Consolidated
Hardy Coal Co
Helvetia
Island Creek Coal
Do pref
Isle Royale Copper
Kerr Lake
Keweenaw Col/Per
Lake Copper Co
La Salle Copper
Mason Valley Mine
Maas Consolidated
Mayflower-Old Colony
Michigan
Mohawk
New Cornella Copper
New Idris Quicksilver__ _

____ *37
*37
•37
*8012
83
•8012
4 *55
512
8 57
8
s .5% 58
53
814 83
8
812
4
818
83
4
112
13s •118
118
112
1 18
2312
26
24
24
3314 34
35
31
33
30
312
3
3
.23
34 314
4
14 .13
•13
13
134 13
36
35
363
4 35
3612 36
8
377
424 4114 4114 3914 40
.71
.71 .71
.65 .65
.71
.75 *.45 .7' •.45 .75 ..45
*2
.2
21
21
212 *2
134
4
13
13
4 13
13
4
14
.50 .8
.80
.50 .87
.80
.33 .3
.32
.31 .3
.35
4 47
43
412
434 47
8
47
17
8 2
17
8
17
8
17
2
.80 .80 ..80
.35 .8
.90
4.1.18
11
*118
114
114 •118
.95 .95
.80
.80 .80
1
84 812 .8
812 *812 9
sales on this day. s Ex-rights. S Ex-dividend feud r gl,ts.
• 1410 and asked prices; no

*37
*8012
54
•
4
83
8
*13
25
35
.3
13
365s
43
..72
•.45
+2
4
•13
.85
•.32
44
svg

Range sines Jan. 1 1923.
Lowest

14412 146
7812 7812
97
96
121 121

14 17
.178 2
3
4 2
•13
1612 1714 1612 1612 1612 1612 _ _ _
12138 122
4
121i 122 .- - 8
1215 122
12112 122
93
94/4 93
93
95
94
4
943 95
80
80
80
80
80
80
17
*16
17
17 .16
.16
14's 15
1253 124 •1212 14
14
.13
106 106

-.TAO -TiO

Ee BO D
nel :a o

Ex -dividend. q Ex-st. I; dividend

938 Feb 13
15 Mar 1
4
463 Mar 1
5 Feb23
1112 Mar 1
5
2 8 Mar 5
4 Mar 5
3012 Apr17
1 14 Feb20
11512 Apr 7
10012 Mar28
3314 Mar 3
8
35 Jan 2
214 Mar 5
514 Mar 1
314 Mar 1
24 Mar27
414 Mar 3
7 Feb10
4 Mar17
71 Mar 2
244 Mar 2
.05 Mar23
40 Apr27
84 Mar18
4
63 Feb20
123 Mar 1
4
25 Mar 5
8
324 Mar I
46 Mar 1
4 Mar 6
1614 Mar23
50 Mar 2
5311 Mar 1
112 Mar 5
.75 Feb20
314 Mar 3
4
33 Feb23
112 Feb15
.65 Feb16
6 Apr13
3 Mar 6
8
15 Feb27
,
25 Feb28
14 Mar 5
13 Mar 1

21s Dec
13 Feb
11452 Jan
Jan
104
80 Nov
14 Nov
13 Jan
4
1043 Aug
.10 Sent
4
153 Jan
3 Jan
7 Dec
3811 Jan
166 Mar
3 Mar
28 Deo
9 Nov
17 Dee
43 Mar
Jan
26
20 Nov
60 Aug
14 Dec
54 Dec
8
13 Apr
8 July
Jan
611
62 Jan
Jan
130
11 Dec
Jan
13
7218 Jan
4
63 Dec
.22 Dec
Jan
109
Jan
13
1544 Oct
121g Apr
8
15 Dec
.50 Nov
9214 Jan
g39 July
8 Mar
Jan
37
Jan
25
g
217 Jan
264 Jan
24 Nov
11 Nov
711 Feb
174 Jan
3012 Jan
31 Fob
4
83 Nov

414 Jan
204 Aug
12814 Aug
121 Dec
91
Aug
204 May
22 May
107 Dee
.60 May
g
307 Dec
0 Apr
1414 Fels
891g Oet
186 Sept
13 May
39 Aug
4
161 Ap
2714 Feb
8
543 Dee
a
383 May
Jan
32
85 Dec
64 Mar
17 Apr
111g June
13 Jan
904 Nov
Oct
74
OM
181
274 June
84
Aug
8512 Oct
8
115 Jan
Jan
9
125 Sent
Oct
28
192 Dee
10 July
Mar
74 Arr
1104 Sept
sus Jan.
1414 Feb
45 Mar
2712 July
334 June
39 Doe
1414 Apr
49 Apr
Col
13
4
355 Sent
384 Oct
4
443 July
21 May

Apr
1
.60 Jan
56 Nov 86 MAY
.50 Apr
.03 Sept
19 Dec 324 Jan
4 May
4
1
/
2 Mar
101i June
El Nov
188 Sept
4
13
Jan
248 Nov 301 Aug
1841 Mar
54 Nov
134 Feb
8 Nov
,
3518 Dec 46 4 MAY
94 Jan
218 Nov
1214 Jan
712 Nov
8
37 Apt
1
Apr
312 Mar
14 Aug

,
.50 Dec -51 i Tv;
8
8112 Jan 1165 June
88 Feb 971a Nov
4
18 Nov 263 May
44 Apr
3 Feb
34 Apr
Feb
1
5 4 May
5
214 Feb
214 Apr
1 Nov
.1
24 May
15 Jan
484 Apr
112 Dec
612 Apr
218 Dee
7 Apr
.75 July
52 Nov 88 June
1514 Dec 201a June
.05 Dee
218 Mar
AO Feb
Jan
87
Oct
73 Jan 86
7 Jan
6 July
84 Oct 15 May
415 Apr
114 Dec
Jan
16 Nov 27
3814 Aug
25 Nov
3
3 4 NOV
218 June
30
- - Nov
37 Nov
.25 Mar
.25 Dec
111 Dec
.90 Mar
4
11{Dee
.40 Nov
Oct
Fob
• 1
.80 De0
.75 Nov
.as Jan
714 Nov

a Assessment paid.

16- Ma;
11131s May
Pe May
11eMay
41 July
4
1
2 4 Oot
318 Apr
.92 May
4 Mac
311 June
,
21 Apr
213 Jan
2% AIM
16 Me;

MAY 19 1923.]

THE CHRONICLE

Outside Stock Exchanges

Stocks (Concluded)
-

Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchange May 12 to May 18, both inclusive:
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Price. Low. High. Amount

Bonds
-

Range since Jan. 1.
High.

Low.

Atl Gulf & WI SS L Is 1950 4934 49% 50 835,500 4915
Chic June de US Y 58_1940
89
89
1,000 89
E Mass St RR A 4343_1948
6914 6915 6,000 69
Series B 58
1948
73
350 73
73
1936 10154 101% 10155 16,000 10015
Hood Rubber 78
1929
Mass Gas 415s
9255 9254
1,000 92
4558
1931
91
914 2,000 89
Miss River Power 5s_ A957 90% 90
914 7,000 89
New England Tel Is...
_1932 9715 97
5,000 9614
9715
Swift & Co 5s
1944 934 9351 94
19,000 91
Warren Bros 73.48.--1937 10834 105 10814 41,000 104
Western Tel Is
1932 95% 95
96
12,000 94

Mar
May 62
Mar
Apr 95
Jan
Jan 72
Mar 7734 Jan
Jan 102% Jan
Apr 964 Mar
Jan
Apr 92
Jan
Apr 05
Mar 99% Jan
Jan
Apr 98
Mar
May 115
Mar 98
Feb

Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange May 12 to May 18, both inclusive, compiled from official lists:
Stocks-

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

flange since Jan. I.
Low.

High.

,

1

48
95
14355

..':;t
!al

380%
1834

=

1094
6554
25
260%
116
10414

=e

3414

:;! 41 :s.1
.•:e =::;,, x

68
98
4514
98
534
66
160
35
263,4
215
11054
70
2515
274
118
108
120
98
60
100
14454
95
5715
2615
264
90
180%
1955
3855
200%
164
15
314

Mar
Feb
Mar
Apr
Mgr
Apr
Feb
Mar
Jan
Mar
Mar
May
Apr
Jan
Mar
Mat
Jar
Jar
Apt
Mat
Apt
Jar
Jar
Fel
Jar
Jar
Fel
Ms
API
Jar
Jar
Fel
Fel

M
gVE, iteqiglam«
,

I
MA0000.D!..0000 0 0W05, O.NMCCY3W.00
,
Mr.00=C40000=00WC100.0,1,N=C>C.WC
.4..

54

65
65
9454 954
43
4334
98
98
4% 4%
54
54
157 157
3474 347,4
26
26
155
155
109% 1094
6515 66
2514
25
2674 2634
116 116
104 10455
117 118
85
8515
520%
48
96
95
143 14355
87
88
5254 5255
250% 2555
2415 244
8414 8455
1814 1815
13
13
380% 3814
18
180%
154 15415
1034 104
29% 294

tIOAfAggIVAW.Veggg." 1gt5'
45
2,

0*,0.,M.V00N0.00W,00000000MN.,MM00000P•1,-OL,
C00 0 0100001 OVNN00,.00NWNWNNW.-1.m.mr,.N
1
•-o
.-1
,4,4.4
.-I
,•4

Bonds
93
Alabama Co gen Os_ _ _1933
93
51,000
Atl & Danville 1st 4s _ _1948
7734 7734 2,000
Bait Sparc P & C 4%s 1953
89% 89% 3,000
13alt Traction 1st 5s_ _ _1929
964 96% 10,000
Consolidated Gas 5s_ _1039
1,000
9915 9915
General 4 15s
1954
1.000
86
86
Consol G. li L es P4348'35
91
910% 10.000
2,000
Series E 5148
1952
97
97
1949
Series A 6s
10114 101% 3,000
Series C 713
106 1064 16,000
1931 106
Consol Coal ref 58_1950 86% 85% 86% 3,000
Fairmont Coal 5s
1931
9415 9434 2,000
Georgia & Ala cons 59_1945
8014 800% 2,000
Ga South & Fla Is.. _ _1945
8815 884 1,000
2,000
Macon Dub & Say 58_1947
50
50
Md de Parma Inc 4s_ _ _1951
2,000
27
27
Monon Valley Trac 58.1942
80
804 7.000
United Ity de E 48.._ _1949
7155 714 6.000
Income 4s
1949
52% 52% 3,000
Funding Is
1936 75
75
8.300
74
68
1927
97
97
2,000
65
1949 100
23,000
9935 100
Va Mid 5th series 5s....1926
98% 98%
1.000
Wash Balt & Annap 591941
74% 7434 6,000
West Penna Trite 5s..1960
80
80
1.000
WII k Ws.lilnn .a
Inail
no t.6 0046
1 new

9454
43

.7,
,

50
5
180
20
100
20
2
95
30
100
28
76
378
357
84
69
48
57
95
70
269
110
20
24
124
12
215
100
131
665
25
165
3

Alabama Co
100
Amer Wholesale. prat_ _100
Arundel Sand & Gravel_100
Preferred
100
Baltimore Brick
100
Preferred
100
Baltimore Trust Co
50
Benesch (I), common_ _ _ _*
25
Preferred
Central Teresa Sug, corn 10
Cites & Pot Tel of Balt_100
05
Commercial Credit
25
Preferred
'
25
Preferred B
Consol Gas, E L & P___100
100
7% Preferred
100
8% preferred
Consolidation Coal_ ___100
•
Eastern Rolling Mill
100
8% preferred
50
Fidelity & Deposit
Houston 011 pref tr 01_100
Manufacturers Finance_25
25
1st preferred
'25
2d preferred
Maryland Casualty Co_ _25
Monon Val Trac, pref_25
MtV-W'db'y Mills vtr_100
New Amst Casualty Co 100
United Ry & Elm
50
US Fidelity & Guar__ _50
Wash Bait Se Annap
_50
Preferred
50

93
7734
894
98
101
88
9255
100
103%
1080%
90
974
820%
9055
51%
27
86
7434
55
7715
98
10234
9955
7734
SO
9914

Ma:
Ma:
Ma:
Ma
Jai
Jai
Jai
Jul
Jul
Vol
Jai
ma
Fe
Ja
Fe
Ma
Ja
Ja
Ja
Ja
Ja
Ja
Fe
F
Ma
Ma

• No par value.

Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange May 12 to May 18, both
inclusive, compiled from official sales lists:
Stocks-

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

American Elm Pow Co_ 50 27
2655 2755
Preferred
100 70% 70
70%
American Gas of N J_ _100
80
834
American Stores
187 190%
* 190
74
74
Brill (J G) Co
100
94
94
Preferred
100
Preferred v t c
100 5234 524 524
Buffalo & Mist:melt Corp43
43
Catawissa 2d pref
60
Congoleum Co Inc
230 240
• 238
46
45
Consol Traction of N J.100 45
58
58
Cramp(Wm)& Sons_ _100
Elsenlohr (Otto)
6914 70
100
99
Preferred
99
100
6011 62
Elm Storage Battery_ .100
• 2434 2415 2434
Erie Lighting Co
100
General Asphalt
3955 4074
• 524 624 54
General Refractories
Insumnce Co of N A_ _ _ _10 4935 4915 50
Keystone Teleph pref._ _50
27
27
Lake Superior Corp_ _ _ _100
694
655 715
50 704 70
Lehigh Navigation
7115
Lehigh Val Transit pref_ 50
383 3955
21
10
Lit Brothers
21
Penn Cent Light & Pow_ •
5555 57
1
1
h. Warrants
Pennsylvania Salt Mfg_ _50 8855 884 89
440% 4415
50
Pennsylvania RR
Plana Co pref (cum 6%)_50
4134 42
25 2834 28% 304
Phila Electric of Pa
30
25
Preferred
300%
34
Warrants, when iss___
3% 355
•
48% 4834
Phila Insulated Wire
30
Pink' Rapid Transit _ _ _ _50 30
3034
60
Philadelphia Traction.. _50 61
62
50
1134 1115
Phila. & Western
an
114.4 34.s




Range since Jan. 1.
Low.

High.

1,865 15
100 63
395 78
1,177 163
25 49
5 8834
05 424

Feb 30
Feb 78
Feb 834
Jan 194
Jan 91
Feb 94
4
Jan 5 3-1

Apr
Apr
May
Mar
Mar
May
Jan

50 42
1,249 143
35 44
8 50
255 69
10 98
187 54
40 2334
105 380%
710 420%
1.106 4234
96 2635
1.045
534
211 70
138 35
25 20
515 5434
1
19
23 82
2,766 44
190 4114
4,784 2834
592 30
314
6,290
20 46
2.010 30
62 60
8
25

Jan 43
Feb 240
Mar 49
Jan 59
May 85
Feb 100
Jan 6655
Jan 27
May 5351
Feb 5935
Jan 50
Jan 3415
Jan 1034
Apr 75
Jan 40
Feb 2234
Apr 58
1
Apr
Jan 9371
Ma) 4734
May 4555
May 333
May 330%
4
Apr
Mar .504
Jan 33
May 67
Jan 1234
May
3634

May
May
Jan
Apr
Jan
Jan
Mar
Yet
Mar
Max
Apt
Mat
Pet
Jar
Pet
Jar
Jar
Apt
Am
Jar
Fel
Jar
Jar
Api
Jar
Fel
Jar
Apt
Jar

9_c

114*.?

2243
Friday
Sales
Last IVeek's Range for
of Prices.
Sale.
Week.
Price. Low. High. Shares.

48
48
Pittsburgh & West Va__100
7334 7454
50
Reading Company
1
1
Tono-Belmont Devel__ 1
1 9-16 1 9-16
1
Tonopah Mining
50 3834 3851 39
Union Traction
196 196
United Cos of N J
100 196
4934 504
United Gas lmpt
50 4955
56
5.5
50
Preferred
Warwick Iron de Steel_ _ _10
Westmdseland Coal
Bon or
116
65% 867
8
50 66
Amer Gas & Elec 5s.._ _2007
Small 59
2007
Bell Tel 1st ref 5s
1948 97
Elm & Poop tr Ws 49_1945 6415
Inter-State Rys coil 481943
Keystone Tel 1st 5s_ _ _1935
Lehigh Valley annuity 6s_ _ 118
Phila Co cons de stpd .53..'51
Phila Elm 1st Is
1966 9654
514s
1947 10015
6s
Spanish Amer Iron 68_1927
Sun Has & W ser B 2d 618'3481
9
United Rys Invest 58_1926 93
Welsbach Co 58
1930

86
86
9631
6415
47
70
118
90
9615
100%
10334
100
100
01
90

9055
86
97%
66
47
71
118
91
100
10155
103%
100
100
04 i
9)
0

35

Range since Jan. 1.
Low.

100 35%
11' 7355
1,050
1
300
134
270 38%
50 198
1.780 49%
273 55
65
8
324 6555
83,300
500
15,000
10,300
4,000
1040
00
17,000
44,700
9,500
26,500
2,0 0
60
0
10
2100
1: 0
0

85
86
9654
61
47
70
118
90
96
99
10204
9955
100
88
99

High.

Jan 484 May
May SO
Feb
Apr
154 Pan
255 fJan
May
Feb 4015 [Jan
May 200
Jan
May 56
Apr
May 5635 Feb
Jan
9
Feb
May 8634 Mar
Jan
May
May
Mar
Mar
Apr
May
May
Apr
Apr
May
May
May
Jan
Jan

95%
87
99
71%
49
80
118
9355
,
103
103
10615
10035
100
984
9951

Apr
Apr
Jan
Jan
Jan
Jan
May
Mar
Jan
Feb
Jan
Jan
May
Mar
Jan

* No par value.

-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange May 12 to May 18, both inclusive,
compiled from official sales lists:
sates
Friday
Last Week's Range for
Week.
Sale.
of Prices.
Par. Price. Low. High. Shares

Stocks-

Amer Pub Serv, prof _ _100 8835
Amer Radiator, pref_ _ _100
Armour & Co (Del), pf_100 9134
Armour & Co, pref_ _ _ _100 824
Armour Leather
15
8
Preferred
100
Bassick-Alemite Corp..._* 334
Beaver Board
*
1st pref certificates
23
Booth Fisheries. new ___*
5
Borg & Beck
*
Bridgeport Mach, corn_ _ _* 1615
Case (J I)
*
234
2d preferred
100
Central Pub Serv, pref _100
Chic City & Con Rya
6
Part sh preferred
Chicago Eley Ry, pref _100
4
Chicago Title de Trust_ _100 300
Commonwealth Edison 100 128%
Consumers Co, prof_ _100
Continental Motors_ _ _ -10
9%
Crane Co, pref
Cudahy Pack Co. com_ 100
Daniel Boone Wool NIIlls 25 244
Decker (Alf) & Cohn,Inc.* 20
Deere de Co, prof
100
Diamond Match
100 113
Earl Motors Co
•
Preferred
Eaton Axle & Wing Co_ _* 30
Eddy Paper Corp (The)_ _* 2814
Fair Corp (The)
100
Gill Mfg Co
* 2355
Godschaux Sugar, corn... _•
Gossard (II W), pref_ _ _100
Great Lakes D de D_ _ _100
Hart, Schaf & 111, com_100
Hayes Wheel Co
* 3834
Hibbard, Spencer, Bartlett & Co
25
Hupp Motor
10 23
Hydrox Corp,pref
100 22
Illinois Brick
100
Illinois Nor ULU, pref _100 85
Inland Steel
25
Internat Lamp Corp_ _ _ _25 1134
Kuppenhelmer & Co (B),
Inc, preferred
100
Libby, McNeill & Libby _ 10
6%
Lindsay Light
10
Lyon & Healy, Inc, pref___ __ __
McCord Rad Mfg
* 35
MeQuay-Norris Mfg w I_ _* 2214
Mid West Util, com__ _100 3634
Preferred
100 8255
Prior lien preferred
100
s
%
Mitchell Motor Co
National Leather, new......
5%
Philipsborns, Inc, com
5
Pick (Albert) de Co
10 20
Pub Ser of Nor 111, com_ *
Preferred
100 93
Quaker Oats Co
100 220
Preferred
100 98
Reo Motor
10 187,4
Standard Gas & Elm__ _50 28
Preferred
50 50
Stew Warn Speed,com_100 85
Swift & Co
100 104%
Swift International
15 1834
Thompson (J R), com_ _25 454
Union Carbide & Carbon 10 5955
United Iron Wks v t c..50
7
United Lt de Rys,corn_..100 155
1st preferred
100 85
Participating prat_ _ _100
United Paper Bd, com_100
U S Gypsum
20
U S Stores Corp, pref
6734
Vesta Battery Corp, com-•
Wahl Co
* 4814
Wanner NI Cast Mfg Co _ ..*
Ward(Mont)& Co, pref 100
When issued
00 2114
Class "A"
* 993%
Western Knitting Mills_ _*
534
Wolff NIfg Corp
• 2534
Wrigley Jr, common_ _ _25
Yellow Cab Mfg, cl "13%10 267
Bonds
Armour & Co of Del
20
-year gold 5%s_ _1943
Chicago City Ry 5s. _1927
Chic C'y & Con Ry 58_1927 56%
Chicago Rys 5s, ser "A"'27 67
4s, Series "B"
1927 5094
Commonw Edison 53_1943 96
Cudahy Pack 1st NI g 5s'46 87
Metrop W Side El 1st 48'38 63
Pub Sec Co let ref g 58 1956
South Side Elm, 4 S48 1924

•Nova/

slue.

87
120%
914
81
8
83
33
34
2215
455
27
1434
255
334
87

8855
12054
9234
83
8
83
35
355
23
.5
28
1614
254
334
88

Range since Jan. 1.
Low.

680 86
97 120
592 90
679 80
8
133
35 83
2,670 2755
34
200
35 15
415
50
1,125 23
6,244 13%
25
255
100
3
215 86

6
350
5
67-4
351 4%
265
3
300 300
10 250
12755 12834
723 1274
62
64
35 62
855 934 2,095
815
110 112
120 10914
55
57
185 55
23
270% 19,025 1934
20
20
69 15
7031 7035
15 70
113 114
105 112
51
5.4
150
4
6
6
75
6
30
30
3,050 30
2515 2915 10,855 2254
360 100
10234 103
23
26
2,860 2134
18
19
455 15
304 31
530 2434
85
85
80 8155
10854 109
200 98
3834 40
890 37
65
22
20
77
844
39
10

25
6514
2315 9,900
22
'370
7714
110
85
50
40
300
17
25,075

64
21
1874
60
84
39
10

High.

Feb
Mar 97
Apr
Jan 125
Feb
Mar 100
Jan
Apr 96
Jan
Apr 10
May 8715 Mar
Feb 3955 Mar
455 Jan
May
May
Jan 25
May
63 Jan
Jan 3234 Mar
May
NA 1
%lity
May
45"1 Fell
5% Pet
Feb
Mat
Jan 90
Feb
May
Mar
May
May
May
Apr
May
May
Jan
Apr
May
Jan
May
May
Apr
Jan
May
Jan
Feb
Feb
Jan
Jan

10
S55
300
131
70
12
115
6451
0234
20
744
121
1%
6
304
344
106
283
2634
350%
9434
109
4351

Mat
Mat
Mal
Jut
Fel
Jar
Fel
Jar
Jar
AP
Sat
Jul
Fel
Ma:
Ma:
AP
Ja,
AP
Ap
AP
Fel
Ma.
AP

Feb
May
Jan
Apr
Apr
May
May

66
2915
3234
9655
8655
5015
32

Jai
Ma
AP
Jai
Ma
Ma
Ap

924 9255
10 9234 May 95
Ja
855 Ap
655 Jan
850
655 64
315 4
450
455 Ja
255 May
30 98
Apr 10134 Ma
9855 9834
750 3254 Apr 39
35
33
AP
475 2015 May 26
2014 24
AP
804 3634 May 53
Fe
3634 47
613 8155 May 8615 Ja
85
82
534 9955 Mar 104
Ja
990% 100
55
% 1,300
15 Apr
234 Fe
54 Apr
708
855 Fe
54 5
3.145 15
1555 16
May 38
Ja
May 3634 Mn
1,775 20
22
20
137 10014 May 103% Ar
100% 101
118 9134 May 99
9215 94
At
Ja
Mar 236
10 210
220 220
Ja
253 9614 Jan 100
98
97
11,720 1155 Jan 20
Ma
1834 20
1,061 1755 Jan 3234 Me
2831
27
1,133 48
Mar 513-4 AT
4915 60
Jan 12434 Ar
8055 8755 55,300 79
1,145 10254 May 10934 Ja
1034 10414
2,715 18
Feb2115 Ja
1834 19
Feb51% Ja
350 45
45% 454
12,660 5814 May 6711 Ja
5954 61
7
715
650
6
Jan 134 Fe
133 71
Jan 164
155 160
Ma
510 75
87
85
Jan 94
At
110 90
95
93
May 993 MI
15 16
164 1634
Jan 184 Al
27" 60
62
60
May 7515 M:
9754 9855
140 9715 May 9854 Ms
May 36
50 24
26
M:
26
689 44
4 -4
48
May 587-4 Jo
93
27
200 27
27
At
May 31
195 9534 Feb 111% I%11
11114111%
20% 22% 5,804 2034 Jan 2594 Ft
Jan 10434 Al
470 93
9934 100
515 634
4
2,225
May 1054 M.
485 25
May 3534 MI
2534 2635
108 109
Al
Jan 114
279 100
Al
263 270
1,042 223
Jan 296
904
SO%
5415
6555
5014
96
87
61
86
9234

904
8015
58
67
5034
96%
87
63
86
9234

$1,000
4,000
46.000
2,000
2.000
10,000
6,000
25,000
6.000
5,000

8815
7694
47
59
47
9555
86
61
86
8834

Mar
Feb
Jan
Feb
Jan
May
Apr
May
Apr
Feb

96
8514
6555
70
654
99
87
66
87
4
9214

Fs
MI
M
111:
M.
Jo
Mr
Ft
M
MI

[You 110.

THE CHRONICLE
-Record of transactions at
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange May 12 to May 18, both inclusive, compiled from official sales lists:
Stocks-

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

Am Vitrified Prod. com_25
Am Wind Glass Mach_ _100
100
Preferred
Arkansas Nat Gas. com_10
634
Carnegie Lead & Zinc.._ _ ..5
Each-Walk Refrac,com 100
4
Indep Brewing, com__ _ _50
50
Preferred
Jones & Laughlin St, pref.. ......
25 2334
Lone Star Gas
Mfrs Light & Heat.... _100 5234
Nat Fireproofing, com_50
50 18
Preferred
I 14
Ohio Fuel Oil
25 314
Ohio Fuel Supply
25 2034
Oklahoma Nat Gas
Pittsburgh Brew, com_50
50
Preferred
Pittsburgh Coal, corn_ _100
100
Preferred
Pitts & Mt Shasta Cop__ _1 20c
Pittsburgh 011 & Gas_ _100
Pittsburgh Plate Glass..10 168
Real Estate Trust Co_ _100
Salt Creek Consol Oil. _ _ - 955
Standard San Mfg,corn 100
•
Tidal Osage 011
Union Natural Gas_ _ _.100 2555
100
U B Glass
Wesehouse Air Brake_ _ ..5O 85
W'house El & Mfg,oom_50 54
West Penn Rys, pref__ _100
W Penn Tr & W P,corn 100
100
Preferred

Range since Jan. I.
High.

Low.

400
7
754 74
180 79
83
83
110 91
92 107
64
1,860
695 7
335
100
434 434
50 102
118 118
335
60
4
4
6
50
8
8
65 10634
1074 10834
2334 1,560 23
23
707 51
524 53
7
150
74
7
240 1754
1735 18
535 124
1254 144
1.030 3154
313.4 33
877 1835
1834 204
194
130
I% 2
535
25
555 554
47 5835
6234
62
20 97
9935 9935
190 21c 25,000 16o
307
8
8
8
85 165
168 170
14 130
170 175
954
934 1034 1,210
38 73
784 79
50 10
1034 1054
184 2354
25
2534
100 2435
27
27
1,138 83%
8434 86
5594
260 54
54
137 77
8234 83
51
125 30
50
130 704
85
85

Jan
Feb
May
May
Jan
Mar
Jan
Apr
Mar
May
May
May
May
May
Apr
May
May
May
Jan
Jan
May
may
Jan
Feb
May
Mar
Apr
Feb
Mar
May
May
Apr
Jan
Jan

854
95
10754
10
6
122
4
934
10955
27
60
84
21
18%
3634
27
295
8
66%
100
28o
10%
205
175
17%
8535
1335
2755
28
120
6994
83
514
85

Apr
Mar
Mar
Jan
Feb
May
Jan
Jan
Mar
Feb
Feb
Feb
Feb
Feb
Mar
Jan
Jan
Mar
Mar
Mar
Jan
Feb
Jan
May
Apr
Apr
Feb
Mar
Feb
Feb
Mar
May
May
May

* No par value.

-Below is a record of the
New York Curb Market.
transactions in the New York Curb Market from May 12 to
May 18, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
'Tway
Baia
Last Week's Range for
Sale.
Week.
of Prices.
Par. Price. Low. High. Shares.

Week ending May 18.
Stocks-

Indus. & Miscellaneous.
Acme Coal Mining new 10
Amalgam Leather, coin _ •
loo
Preierred
Amer Cotton Fabric. Pf.1100
Amer Drug Stores class A _1
Am G&E,coin. new. w I_•
50
Old common
50
Preferred
American Hawaiian S8.10
Amer Lt & Trac. com_ _100
Amer Locomotive new ivi•
•
American Stores
AmerWrItingPaper,com100
.
Archer-Daniel5-1511d co_ •
Armour & Co of Del, pf.100
•
Atlantic Fruit Co
Borden Co,common...I00
Bradley Firepef Prod com 1
Bridgeport Machine Co..'
Brit-Amer Tob ord bear.£1
El
Ordinary
British Int Corp -A"stk.'
10
Brooklyn City RR
•
Buddy-Buds,Inc
& Power...25
Car Lighting
25
Preferred
100
Celluloid Co, corn
100
Preferred
Cent Teresa Sugar,0°111_10
aentrifugal Cast Iron Pipe*
:Meeker Cab Mfg, Class A*
Dille Nipple Mfg Class A.10
3hicago Steel Wheel,com_5
10
Preferred
3itles Service, com____100
100
Preferred
3itfes Serv, bankers' sh--*
:lave Automobile. corn- •
100
Preferred
3olomblan Emerald Synd..
3olumbian Carbon v t c_.•
:rnm'w'th Fin'ee Corn Pf100
'It:suave Export Brew.-10
5
7.ox's Cash
3urtiss Aeropl & M,corn.'
Daniels Motor common....'
Del Lack & West Coal -50
Douglas-Pectin Corp......°
Dubllier Condenser & Rad•
3u Pont Motors. Inc____•
•
Durant Motors. Inc
Durant Motors of lnd_ _ _10
fasten Steel Cast, coin_ •
irnton Axle & Spring Co...'
Edm'ds & Jones Corp corn'
!Ignitable Tr Co of NY_100
5
?ederal Tel & Tel
•
roundation Co pref
lillette Safety Razor.....'
•
Ben Alden Cool
loodyear Tire & R.com100
Bug,com_25
lreat Western
•
Riffith(D W),Inc. CI A.
lanna(MA)Co, pref_100
favana Tobacco prof....100
Iercules Powder pref__100
•
Hayden Chemical
locking Valley Products 10
100
ludson Cos Pref
ludson &Man RR,com 100
•
lydrox Corp. coin
100
Preferred
mperial Tob of6B & I.£1
ntercontfnental Rubb_100
•
nternat Carbon
corn 100
'er
" ph'm (B)&Co, pf 10
'B t 1st
_
Lii
.akeTorPedo 06 . .
Lehigh Power

stores




Range since Jan. 1.
Low.

High.

Friday
Sales
1Lasi Week's Range for
Sale.
of Prices.
Week.
Stocks (Cowl.ded) Par. Price. Low. High, Shares.
79
7954
Lehigh Valley Coal Sales.50'
Libby, McNeill & Libby.
1°164 64
1 way Mfg. Class A.__50
9%
8
Lupton (FM)Pub Cl A_" 1695 1634 1634
179 182
McCrory Stores Corp_ _100 179
100 30
30
30
Mengel Co
• 90c
500
900
Mercer Motors
9
955
•
Mesabi Iron Co
* 16
1555 164
Midvale Co
1034 104
Motor Wheel Corp com_10,
42
42
•1
Munsingwear, Inc
58
56
Nat Supp Co(of Del)corn 50
334
354 4
,
'vett Mesiro & Ariz Land 11
110 1104
N Y Tel 64% pref.__ 100
2734 28
New York Transportation*
454
2
334
•1
Oselda Corporation
2054 22
Paige-Det Motor Car___10
Patterson Bros Tob A...* 1334 1334 1334
Peerless Truck & Motor_50 424 524 464
65c
650
Perfection Tire & Rubber..'
57c
55o
Prima Radio Corporation-1 560
107 107
Procter dr Gamble6% pf 100
934 934
Pyrene Manufacturing_ _10
355
354 334
Radio Corp of Amer.com•
395 354
5
395
Preferred
10 1834 184 20 34
Reo Motor Car
5
134 134
!tenet!, Inc
Ro•enb'm Gr Corp. p1._SO 4834 483.4 4934
2055
•
20
?Shelton Looms, corn
400
230
Southern Coal & Iron---5 35c
1024 10254
Southwest Bell Tel pref_100
Standard Gas& El,com _50 2634 2634 2655
234 24
Standard Motor Constr_10
18
17
• 17
Stutz Motor Car
102 103
100
Swift & Co
15 184 184 19
Swift International
635 7
634
Technical Products Corp.5
Tenn Elec Power, corn.....' 1534 1534 1554
12
1234
Tlinketi-Detroit Axle_ _10
454 434
434
Tob Prod Exports Corp...'
4934 5134
Todd Shipyards Corp---• 50
210
210
Triangle Film Corp v t c_ _5
85
8654
United Bakeries Corp pf 100
535 63.4
United Profit Stmeg. new.1
534 64
•
655
Un Retail Stores Candy-• 6
6
6
Founders' shares
United dttoe Mach,com-25 494 4634 4954
19a• 194
US Light & Heat, corn_ _10 luis
3
10
2% 3
Preferred
Universal Pipe & Rad.w .* 1554 1434 17
100 6234 6234 65
Preferred
10
395 334
Utah-Idaho Sugar
2654 29
Wanner Malleable Cast..'.
•
1934 2034
Waring Hat Mfg
5 i
1% 1%
Wayne Coal
634
655 6%
Western Feed Mfrs, Inc....
3134 3134
Wrstern Pow Corp corn 100
831 84
Willys Corp, lst pref-..100
735 755
let prof ctfs of deposit_ _
_-62
6234
Yale & Towne Mfg,new_25
130 135
Yellow Taxi Corp. N Y. •

iiii

Range 'We Jai. 1.
Low.

125 78
6
200
7
200
13
2
0
2 0 179
100
6,000
0
30
1,600
100
1.600
2,200
4.100
425
200
1,100
300
100
1,400
100
4.600
10
200
11.2001
8,300
18.330
900
2,6001
500,
83,000;
00
0
1 01

1001
1.000,
20
3101
1,O00
100
600
1,700
1.375
1,000
200
800
3,1001
100:
901)1
12,400
1,000
4.8001
2.300
100
1.600
MO
1,000
15.600
305
200
100
300

I

May
Jan
Mar
Jay
7i4an

30 May
50c May
8
1255 May
Apr
1054 Jan
42 May
54
Jan
234 Mar
10894 Mar
24
Feb
2 May
14
Feb
1334 May
4234 May
65c May
550 Feb
107 May
9
Mar
34 Jan
2"i. Jan
1334 Feb
1
May
484 May
20 May
20o Me)
102K
Aor
2134 Feb
255 May
17
May
May
102
18
Feb
May
1434 May
Jan
10
454 May
4954 May
Jan
Sc
Mar
85
!
435. Ian
355
45
1
900
114
6134
3
264
19%
154
5
3154
74
54
6,3 1

1.500 100

Jan
May
Jan
Jan
May
May
Jan
May
May
May
Apr
Jan
MnY
Mar
n
Feb

High.
Jan
90
84 Apr
20
Jan
Jan
22
182 May
3234 Apr
Jan
4
1255 Jan
214 Apr
134 Feb
4295 May
7034 Mar
434 Apr
Jan
112
304 Mar
Jan
15
A or
24
15% Apr
Jan
80
194 Jan
Jan
1
107 May
Jan
11
.44 Mar
Wars Apr
23% May
Jan
5494 Mar
2754 Mar
500 Mar
1034 Apr
26% May
334 jan
2195 Jan
109
Feb
21
Jan
931 Feb
19
Mar
1395 Apr
654 Mar
5955 Mar
Apr
38c
Apr
93
Apr
7
Mar
8
9
Mar
Mar
56
194 Apr
331 Apr
204 Apr
Apr
72
434 Apr
314 Apr
22% Apr
2% Jan
May
423. Jan
11% Jan
10% Jan
Mar
64
1524 Apr

Rights

44 6
1635 1855
61
58
101 101
135
134 135
374 3734 38
182 185
4255 43
17
17%
17
113 115
115
6735
67% 66
19035 191
2
235
2
38
39
91% 6235
134 255
115% 1153.4
300
300
164 1455 1654
214 213.4
2134 2134
15
1655
1054
10
134
Pis Psi
14
134 135
654 635
884 91
107 10955
154 195
154
1295 1234 13
4835 5235
434 494
44
254
2
2
7
64 7
159 1634
159
6854 6854 69
1634
16
18
2934 3034
91
90
4c
30
4935
4994 49
21
21
754 834
754
595
5
595
834
8
8
4
4
89
87
14
13
934 104
1034
54 6
535
4855
43
43
1255
12
12
20
20
304
3035 30
30
30
18734 185 1874
4% 435
435
9494
93
275 280
277
7194 7094 75
1434 144 1534
86
86
6
655
9395 94
50c
500
103% 10334
135 2
135
2
2
1435 1436
94 994
934
204 2135
92
92
2036 20%
44 554
534
755
7345
25
25
25
355 3%
34
......,, not, 9•ZILZ
555
18

5,500
5,600
400
200
1,100
1,000
50
200
400
55
MOO
75
600
1.100
1,200
900
10
2,000
10,300
2,200
500

sob

700
13,800
1,400
100
105
20
3.300
3,200
800
3,300
10,300
00
12,0
405
1,200
2,200
1,200
35
4.000
1,400
100
500
3,000
1,000
200
250
3,100
4,220
800
11,400
2.800
300
13,700
190
100
6,000
120
260
10,100
3,600
10
1,200
400
100
100
3,000
100
400
300
1,500
100
300
4,000
1,900
100
300
I (1(111

434 May
144 Mar
4835 Jan
9955 Mar
55c Mar
3255 Feb
165
Feb
414 May
1555 Jan
Ill
Apr
61 May
183 May
2 May
38
May
90
Apr
14 Jan
110
Mar
300 May
14 May
1995 Jan
1935 Jan
143.4 Apr
74 Jan
1 sto Apr
750 Mar
Jan
81 May
10694 May
154 Jan
10
Jan
4834 May
24 Jan
134 Mar
54 May
158 May
67
Jan
16 May
29
Apr
7954 Apr
3c May
4034 Feb
21
May
5
Mar
334 Feb
5
Jan
4 May
82
Jan
1254 May
44 Jan
595 May
40
Feb
12 May
18
Mar
30 May
24
Mar
183
Apr
394 Apr
9135 Apr
259
Jan
56
Jan
955 Mar
77
Jan
351 Jan
9234 May
50c May
10255 Apr
14 Jan
131 Jan
1354 May
9% May
20
Jan
92 May
17
Jan
434 Jan
5 May
25
May
134 Jan

ay/

IR

Tan

6 May
420
1954 Apr Detroit Edison
Apr
65
102
Mar
Former Standard Oil
14 Apr
Subsidiaries
464 Mar
195
Mar Anglo-American Oil_ _ el 15%
50 85
4655 Feb Buckeye Pipe Line
25 19
2534 Mar Crescent Pipe L
140
Feb Cumberland Pipe Line.100 104
100 100
6814 May Eureka Pipe Line
Mar Galena Signal Oil, com_100 624
193
100 166
354 Apr Illinois Pipe Line
50 954
4034 Ma, Indiana Pipe Line
9954 Feb National Transit_ _ __12.50 254
100 1224
255 Feb New York Transit
122
Jan Northern Pipe Line- 100 104
25 654
300 May Ohio 011
25 16
1534 May Penn-Mex Fuel
100 202
2234 Apr Prairie Oil & Gas
100 105
2234 Apr Prairie Pipe Line
100
1754 Feb Solar Refining
100 138
1034 Mar South Penn Oil
14 Feb Southern Pipe Line.- _100 97
14 Jan Standard Oil (Indiana)-25 574
655 May Standard 011 (Kansas) _25 43
25 89
100
Feb Standard Oil (Ky)
11054 Mar Standard 011 of N V....25 364
234 Mar Standard Oil(Ohio)corn 100 290
25 45%
15
Feb Vacuum 011
6655 Feb
595 Apr
Other Oil Stocks.
335 Feb
935 Feb Ark Natural Gas, com 10
35.5
195
Feb Atlantic Lobos Oil, com__•
104
70
Mar Barrington Oil Co class A
200
1954 Feb Big Indian 011 & Gas
3494 Apr Boston-Wyoming 011..._1 960
595
91
May Carib Syndicate
434
5
45o
Jan Creole Syndicate
50 May Derby OH dr Ref Corp,com• 16
• 42
21
May
Preferred
9c
954 Apr Engineers Petroleum Co_ _1
8
Mar Equity Petrol Corp, prof.. 1435
5 75c
834 mar Federal 011
4 May General Petrol Corp com25
•
3%
9034 Apr Gilliland Oil, corn
10 91c
1435 Apr Gienrock 011
1%
1334 Apr Granada 011 Corp. Cl A-10
25 5255
74 Apr Gulf 011 Corp of Pa
155
Petrol Corp_
84
Jan Harris Consol
1 10c
2534 Jan Hudson Oil
2054 Mar Humble Oil & Refining-25
35 32
3035 may Humphreys 011
30 May Imperial Oil(Can) coup_25 101
Petroleum... 15%
Mar International
194
7
Jan Keystone Ranger Devel-1 190
•
234
95
Apr Kirby Petroleum
234
292
Apr Lafayette 011 Corporation_
754 Apr Livingston Petroleum_
25 2235
Star Gas
16% May Lone
85c
91
Mar Lowry Oil Corp
750
64 May Lyons Petroleum
Petroleum_ -100
Jan Magnolia
102
500 may Maracaibo Oil Explor____• 21%
10354 May Marland Oil
255 Feb Mexican Panuco 011-._10 850
10 850
334 Feb Mexico 011 Corp
1
174 Feb Midwest Texas Oil
1
1234 Feb Mountain & Gulf 011
Mountain Producers__ -10 1534
Mar
25
9734 Feb Mutual Oil vot trust Ms_ 10%
554
2054 Apr New Bradford 011W l........5
634 Jan New England Fuel Oil__ -----755 may New York Oil
Mar Noble(Chas F)Oil& Gas_11 16o
30
1
43i Apr
Preferred
1
11Aav
cc
Northwest Oil

42c

50c

2,800

42o May

15% 16% 3,600 1534
86%
125 85
85
65 18
194
19
180 r85
102 111
35 95
100 100
335 5734
62% 63
75 164
166 169
65 95
9554 96
900 25
2554 254
10 116
1224 1224
245 102
104 105
1,200 65
70
65
700 16
174
16
245 198
202 210
430 110334
105 10635
50 180
185 187
70 138
138 145
45 97
98
97
57% 604 67.800 574
454 1.800 414
43
2,900 u80
92
89
3695 3955 20,000 3634
90 274
290 290
4555 49% 36,400 4334

May
May
May
Jan
Jan
Jan
Mar
Jan
Mar
May
May
May
May

may

50c

May

1994
94
264
168
117
79%
171
103
29
138
110
8555
25
224
333
2125§
196
116

Jan
Jan
Feb
Jan
Apr
Mar
Feb
Mar
Feb
Apr
Feb
Feb
Feb
Apr
Jan
Feb
Feb

May
Jan
May
Jan
May
Jan 57
Jan 133
May 49%
Jan 317
Jan 5554

Feb
eoH mar
Feb
Jan
Jan
Apr
Mar

Mar
634 May 10
200
634 674
731 Jan
254 May
354 1,200
3
10% 104 3,000 1095 May 1035 May
Jan 300 Mar
15c 210 12,000 150
154 Feb
2,500 87c May
1
95e
795 Apr
494 Mar
54 14,400
5
735 Apr
455 15,800
4
23.4 Jan
1554 1754 2,200 154 May 184 Apr
1.200 414 May 4935 Mar
414 44
Jan
8ct Apr 25c
90 100 10.000
Mar
14% 14% 8,300 1434 Feb 15
Jan
1
Jan
71e 790 15,900 69c
600 3334 May 3894 Apr
3395 36
Jan
795 Mar
3
3% 7,300
3
291, Jan
Sic 91c 36.100 810 'May
3
Feb
134 Jan
154 1% 1,300
524 60% 45,900 5234 May 6854 Mar
29914 Apr
400 750 Apr
lli• 154
Jan
18c
Jan
100 1ic 14,000 100
3135 3355 2,600 3055 May 4154 Mar
Feb 394 May
400 30
3355
32
Feb
100 109 176,020 100 May 123
15% 1791 46,700 1534 May 24% Feb
180 26c 126,000 180 May 400 Jan
Jan
4
134 Apr
1% 354 13,900
254 Apr
194 Apr
1% 254 2,200
Jan
234 Mar
1,100 750
90c 98c
Mar
22% 2235
900 2234 May 26
14 Feb
700 620 Mar
750 85c
134 Jan
1,200 75o May
750 810
Jan
Mar 168
152 151
540 135
935 Jan 23% May
2095 2234 27,500
33.4 Feb
1% Jan
2,800
24 3
Mar
810 980
1,400 70o Mar $.3
211, Mar
Jan
810 930 56,800 800
Jan
Jan 30c
150 170
Sc
3,000
14 Mar
154 Jan
500
155 154
May 2034 Feb
15
16% 5,400 15
10% 11% 45,900 1034 May 1555 Mar
54 May
5 May
534 1,600
5
Mar
May 52
27
100 2.5
27
13
1,300 1231 May 2195 Feb
15
150 170 81,000 150 May 300 Jan
Jan
5001 50o May 78e
50o 500
100 100
2,000' 100 Jan 220 Jan

MAY 19 1923.]

THE CHRONICLE

Friday
Sales
Last Week's Range for
Other Olt
Nate.
of Prices.
Week.
Par Price. Low. High. Shares.
Stocks (Concluded)
10
Omar Oil& Gas
Peer 011 Corporation
•
Pennok 011
10
Pennsylvania-Beaver 011_1
Phillips Petrol new w I
Royal Can 011 Syndicate._
Ryan Consolidated
Salt Creek Congo! Oil
Salt Creek Produeers. _ 10
Santa Fe Oil& Refining_ _5
Sapulpa Refining
Seaboard Oil& Gas
5
South Petrol & Refining 1
10
Southern States 011
Tex-Ken 011 Corp
Texon 011 & Laud
1
Turman Oil
1
Ventura Cons OR Fields_ _ 5
Wilcox Oil & Gas
5
"Y" Oil& Gas

81c
2%
12%
1%
534
414
19%
5%
31.e
20
96c
6%

80c
2%
12%
114
33
5
4
915
19%
4%
315
214
lc
19
75c
30e
900
2515
6%
lie

860
3%
13
2
3414
534
4%
10
2134
515
354
2%
3c
2034
750
320
111
2515
734
tic

Range since Jan. 1.
Low.

14,900
1,900
6,900
3,400
300
3.900
1,000
1,300
6,20
6,900
11,300
12,100
6,000
17.700
20
69,000
29,10
100
33,00
1.00

80c
234
944
154
33
4%
4
9%
1914
414
2%
2%
le
1311
650
30c
86e
2555
634
8e

2
254 5,200
5% 651 5,900
4c
Sc
3,000
35c 55c 18,700
2c
3c 27,000
3c
3c
4,000
lc
2c
5.000
10c 150
2.000
170 210 23,000
35c 45c 25,200
300 50c
4,000
2
255 6,800
300
251 3
70
7c
1,000
leic 100
2,000
1% 2
2,700
11c 12c 83,000
600 680
5.500
27c 30e
6,000
3
311 6,100
20
20
2,000
11c 120
2,000
451 5
900
11c 11c
1,000
66c 690 24,600
3919 355 10,50
68c 70e
2,10
331 3%
200
70
7e
1,00
131
155 4,50
lc
30 100,000
Sc
30
5,000
le
lc 15,000
160 200 103,000
50c 50c
500
20e 21c 108,000
300 310
6,000
67c 710
3,600
41c 430 47,000
70
8c • 9,000
11c 130 181,500
70
8c 12,000
440 450 37,000
420 43c 18,000
40
4c
3,300
4c
50
2.000
855 9% 2.100
16c 20c
7,000
1% 114 6.900
12
12% 4.200
311 355 3,900
34c 400 29,000
31c 330
9,000
2% 294 1,300
950
1% 12,700
543
5c
1,00
50e 500
1.000
2% 24
20
2c
20 21,000
330 40c
6,000
30
3c
2,000
140 15c 12.000
111 2% 28,000
40
4c
2,000
790 87c 14,500
180 2I0 30,000
15c 16c
5.000
17
18%
600
3% 4
5,100
161 164
165
590 66e 25,700
5% 5% 3,200
50
70 15,000
8% 854
100
59c 680 50,300
3
3% 1,700
13.4
11a 11,300
2c
3c 30.000
30
Sc 29,000
130 15c 15,000
640 64c
1,800
80c St
16,100
57c 650
2,400
2e
3c
8.000
20
3e
3,000
1
Dis 3.800
80 110 14,000
120 120
4,000
613
60
4.000
380 38c
1,000
45c 450
6.000
32c 35c
8,00
980
1
900
3
314
30
6
6
1,000
100 120 52,000
40
50
6,000
45e 450
3,000
Sc
Fic
4,000
ge 15c 13.000
40
Sc
3,000
1119 1% 56,400
420 43o
8,000
940
1
10,500
550 60c 30,900
1% 2% 9,900
So
Sc
1,000
1% 1%
goo
Sc 100 17,000
80c 80c
100
300 32c
3.000
155 2
13,600
840 85c
1,300
3454 353.4 Loop
154 1%
300
180 19e
9,000
451 4% 1,600

May
May
Jan
Apr
May
May
Apr
May
May
May
Jan
Jan
May
Jan
Feb
May
Ma
Apr
May
Jan

High.

151
545
40
10c
2c
20
le
8c
90
35c
lase
900
2%
6c
10e
1%
9c
50c
15e
211
lc
8c
434
lie
620
2
32c
2%
Sc

Pis
13
1451
5
41%
71;
14
25%
614
455
4
13c
26%
7.50
89e
1%
30
10%
20c

Mar
Mar
Apr
Mar
Apr
Mar
Mar
Feb
Feb
Mar
Mar
Apr
Jan
Mar
Apr
Feb
Apr
Jan
Jan
Mar

Mining Stocks.
Alaska Brit Col Metals...I
2%
Amal Lead. Zinc & Sm Co
6%
Amer Comm
Arizona Globe Copper_ __ I 47c
Belcher Divide
100
30
Belcher Extension
10c
30
Big Ledge Copper Co_ _5
Black Hawk Con Mines_ _1
Boston & Montana Dev....5 170
Boundary Red Mt Min- 390
Butte & New York
1
Butte & West Mln Co
1
234
Calaveras Copper
5
Caledonia Mining
1
Calumet & Jerome Cop Co. 100
Canario Copper
1
2
Candalaria Silver
1 110
Chino Extension
Comstock 'Funnel
270
Consol Copper Mines..
.5
33'
Cons Mayflower
Consol Nevada Utah Corp- lle
Continental Mines, Ltd.-.
454
Cork Province Mines..._1 lie
Cortez Silver
1 670
Crimson Con Gold M & M.1
391.
Crown Reserve.
700
Davis-Daly Mining
10
Divide Extension
Dolores Esperanza
1
131
El Salvador Silver Mines 1
Ely Consolidated
1
Emma Silver
I
le
Eureka Croesus
1
150
First National Conner- -5
Fortuna Cons Mining
2I0
Forty-nine Mining
1 310
Gold Coin M111138
700
Golden State Mining
420
Goldfield Consol Minee.10
70
Goldfield Deep Mines Co Sc 120
Goldfield Development
......
Goldfield Florence
1 44e
Goldfield Jackpot
1 420
Gold Zone Divide
Harmill Divide
100
Hecla Mining
25e
8%
Henrietta Silver
ISo
Hilltop-Nevada Mining
115
Hollinger Con Gold Mines 5 1255
Howe Soutid Co
• 1
3%
Independence Lead M In I 350
Iron Blossom Cons Min I
320
Jerome Verde Developl...1
234
Jib Consol Mining
1
Jumbo Extension Mm..
.1
Kelly Extension Mining.
Kerr Lake
5
2%
Knox Divide
10e
2c
La Rose Mines;
MacNamaraCrescentDev.1
Marsh Mining
140
Mason Valley Mines
5
15;
Mizpah Extension of Ton........
Mohican Copper
1 820
National Tin Corp
50e 18e
Nevada Ophir
1
15e
New Cornelia
17
New Dominion Copper...5
3%
New Jersey Zinc
100
NY Porcupine Mining.... 65c
Nipissing Mines
5
5%
Nixon Nevada Mining Co
70
North Butte
Ohio Copper
1 60c
Premier Gold
334
Ray Hercules, Inc
5
1%
Red Hills Florence
2c
Rex Consolidated Mining.1
3c
Richmond Cop M Dev
150
St Anthony Gold Mining__ 64c
St Croix Mines Corp
1
Salida Mince
650
Sandstorm Kendall
San Toy Mining
1
Silver King Consol
Pis
Silver King Divide Reorg
8e
Silver Minos of America__
120
Silver Pick Corm!
Silver Queen Mining Corp_ 38e
Silversmith Mining
Simon Silver Lead
1 330
Snow Storm Silver Lead...
1
South Amer Gold & Plat.1
•
Southwest Metals
g
Spearhead
12e
Stewart Mining
1
Success Mining
1 45e
Superstition Consol
Sutherland Divide
150
Tarbox Mining
Teck-Hughes
1
Vie
Temiskaming Mining
Tonopah Belmont Dev---1 95c
Tonopah Divide
1 5713
Tonopah Extension
1
114
Tonopah Midway
Tonopah Mining
'Fri-Bullion S & D
5
Trinity
Tuolumne COPPer
1
United Eastern Mining...1
I
United Imperial Mines-- _1 84e
United Verde Extension-50 34%
United Zinc Smelt
U S Cont Mines
190
Unity Gold Mines
5
434




Mal
2% Mar
May
6 May
May 11c Jan
Feb85c Feb
Feb50 Mar
Mar
6c
Jan
Jan
40 Jan
Apr 15c
Jan
Feb 23e May
May 80c May
Apr 50c Mar
Mar $3
Apr
Jan
4
Mar
Mar 100 Feb
May 220 Feb
May
295 Jan
Ato 38c
Jan
Mar 75c Mar
Mar $03 May
Mai
451 Mar
Apr
4c Mar
Feb 15o
Jan
Jai
5% Feb
Feb 15c Jan
Apr
154 Mar
Apr
3% Apr
Feb 720 Apr
Jan
434 Mar
May 130 Jan
Apr
234 Jan
40
Jan
lc Apr
9e
Jan
30 Feb
Jan
lc Apr
4c
37c
Jan
14c Ma
45c Apr 80e Mar
20e Mac 740 Jan
6c Jan 50c Mar
820 Feb70e Apr
300 Feb500 alar
Jan
130 Apr Ile
70 Apr 240 Jan
Jan 34c
Jan
4c
290 Jan 76c Feb
35c Jan 57e Mar
4c May 110 Feb
40 May 100 Mar
Jail
934 Apr
I5c Feb 66c Feb
151 Jan
11911 Feb
Feb
11% Feb 14
234 Jan
4% Mar
Mc Jan 48c Mar
28c Jan 380 Jan
950 Apr
334 Feb
90e May
134 Apr
50 Jan 100 Jan
500 May 700 Apr
254 May
354 Jan
70 Apr
20 Jan
23e Apr 400 Feb
Jan
tic
lc Ma
Jan 150 Jan
Sc
144 Jan
23.4 Mar
40 Feb40 Feb
toe
Jai
93e Apr
Apr320 Jan
15e
Jan 20c Mar
100
16% Jan 24% Mar
43.4 Mar
214 Jan
May 18051 Mar
161
Jan 68e Apr
30c
1311 Mar
551 Jan
80 Feb
Jan
3c
854 may 10% Feb
1119 Mar
370 Jan
851 Apr
Apr
8
234 Mar
Feb
1
Sc Mar
20 . Jan
ae may
Sc Feb
100 may 290 Feb
460 Mar 68e Apr
800 May $1
May
420 May 730 Apr
Sc
Jan
le Apr
4c Feb
2c Apr
1% Apr
50c Mar
6e Feb 25e Apr
12c May 40e Feb
90 Jan
4e May
350 Jan 50c Feb
430 Apr 530 Jan
210 Feb 500 Apr
Apr
1
900 Apr
454 Jan
234 May
Feb
6 May 10
4e Mar 140 May
8c Jan
4c May
39c Apr 680 Jan
Jan Hic Feb
36
Jan 150 Apr
lc
80 Apr
4c May
115 May
Jan
81c
30c Mar 47e May
Mc May
Pis Jan
52e May 890 Mar
4
Mar
134 May
Sc May 130 Jan
24 Jan
las Jan
Sc May 160 Feb
Jan
80e May
30c May 670 Feb
2919 Feb
151 Jan
goo mar 89c Apr
2634 Jan 3834 Apr
1% Apr
750 Feb
Apr 230 Jan
13e
614 Mar
834 Jan

134

114

2245

Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Mining (Concluded) Par. Price. Low. High. Shares.
Utah Apex
Valenclana Deep Mines...
Verde Min & Milling
Victory Divide
100
West End Consolidated.
.5
West End Extension Min_
We.stern Utah Copper____ I
Wet t laitfer Lorrain
White Caps Min Co.__10c
Wilbert Mining
1
YerrIngton Cons
Yukon-Alaska trust certifs.
Yukon (.1o:d Co
5

515
770
20
96e
200

134

451
534
730
2ti
95c
2ci
19c
90
Oc
4c
lc
30
115

434
700
5% 2.300
770
6,500
2c
2.000
1
16,500
20
2.000
20c
7,000
120
6,000
60
7,000
4c
1.000
lc
3,000
32
600
1,900

Range since Jan. 1.
Low.
3
5%
730
Ic
90c
le
19e
40
2c
3c
be
1955
75c

Feb
may
May
Jan
May
May
Jan
Mar
Jan
Jan
Apr
Mar
Jan

High.
634 ‘pr
551 May
77o May
Sc Mar
1% Jan
6c
Jan
55c Feb
28c Apr
1243 Jan
9c Apr
3c
Jan
35
Apr
2a• Apr

Bonds
Allied Pack cony deb Gs '39
89 Series B
1939
Aluminum Mfrs 78._ _1925
75
1933
Amer Cotton 01160.....1924
Amer G & E deb as_ _ _2014
Amer Lt & Trac 6s_ _.1925
Without warrants
Amer Roiling Mill Os.
.1938
Amer Sumatra'Fob 78_1938
Amer Tel & Tel 63-.1924
Amer Thread 8s
1928
Anaconda Cop Min 78.1929
6% notes Series A..1929
Anglo-Amer Oil 715s_ _1925
Armour & Co of Del 5148'43
Atl Gulf & W 1 SS L 55.1959
Beaver Board Rs.....1933
Beaver Products 715s_1942
Beth Steel equip 7(9_1935
I5oston & Maine RR 651923
Canadian Nat Rys 78_1935
5s
1925
Canadian Pacific 6s_ _ _1924
central Steel 8.1
1941
Chareoal Iron of Am 881931
Cities Service 7s,sec C 1988
75 Series; D
1966
Colum Graphophone 85 '25
Certificates of deposit...
Cons G.E L & P Bait 68'49
78
1031
Consol Textile 89
1941
Cuban Tel 731s
1941
Deere & Co 7 sts
1931
Detroit City Gas 68._ _1947
Detroit Edison Os. _.1952
Dunlop T& Ito? Am 76.1942
FederaliLand Bank 4558'42
e.., w
Federal Sugar Cis
1929
1933
Fisher Body Corp 8s_1925
,
1 2,
Os
68
1928
Culr (Riiiier.) Co 7....19.57
Galena-Signal Oil 78._1930
General Asphalt 8s. .1930
General Petroleum 88_1928
Grand Trunk fly 6348_1936
Gun Oil of Pa 58
i937
70
1937
33
Hocking Vail RR 6.1_1924
Hood Rubber 7% notes.'30
Interb R T 8s J P M rcts
Kansas City Term 66.1923
Kennecott Copper 75.1930
Libby Mc Neill& Libby7s'31
Liggett-Winchester 78 1942
Louisa Gas& Elea 53...1952
?danttoba Power 7s._ _1941
Maracaibo 011 Exp 78-1925
Morris & Co 7
1930
Nat Acme Co 7555_
1931
National Leather 83-1925
New On Pub Sera 5.3_1952
NY Chicago & St L RR
Series C Os
1931
Ohio Power 5s
1952
Penns P & L 5s B.__.1952
Phila Electric 1315
1941
1194471
53,45
Phillips Petrol 7ils
1931
Without warrants
Public Serv Corp ls w 11941
Nib Sera Elea l'ow 65-1948
Sears. Roebuck & Co 7s'23
Shawsheen Mills Is ..193[
Slow-Sheffield Ei& J 88 1020
Solvay & Cie 8s
1927
South Calif Edison 58_1944
Stand 011 of N Y 6556.1933
7% serial gold deb.-1925
7% serial gold deb__1926
7% serial gold deb...1927
7% serial gold deb_ _1929
7% serial gold deb--1930
7% aerial gold deb.-1931
Sun Co 75
1931
6s
1929
Swift & Co 519. _Oct 15 1932
Tidal Osage 011 7s...._ _1931
Union 011 of Calif 6s B.1925
United Oil Produc 8s..-1931
United Rys of Hav 75.5s'30
VitellUTI1 011 7s
1936
Wayne Coal 88
1937

58
58 . 6136 $16.000 58
May
May
7134 7194 7234 4,000 70
10351 10331 10331 13.000 10234 Apr
10531 10534 7.000 10544 May
15,000 85
92
91
91
Feb
9451 25.000 9351 Apr
944 94
5.000 106
May
106 106
4,000 100
May
10034 101
35,000 9834 May
9894 9831 99
9834 10054 25.000 9531 Jan
10054 100% 10034 35.000 1003,4 Mar
1013.4 10154 10134 2.000 1013' May
10234 10334 16.000 10254 May
10134 101% 10134 26,000 101
Apr
8,000 102
Mar
10254 103
9034 9034 9034 176,000, 8855 Apr
4934 49% 5034 31,000 483,4 May
80
80
8115 16.000, 6551 Feb
994 97
9934 2.000 97 May
10254 102% 10231 41,000' 1023' Jan
8934 89% 5.000 87 May
107 10754 16,000, 10634 May
9935 993.4 9911 7.000 9834 Ma
100
100 1003,4 5,000 100
Apr
107% 10755 17,000 106
Feb
95
95
9555 21.0001 94
Jan
9234 9215 10.000 90 May
90% 90
9035 17,000 90
AP
28
25
26
12.000 18 May
1754 1734 26
7,000 1714 May
102
101% 102
17.000 10034 Apr
10594 106
7,000 105
Apr
9854 9834 9914 18,000 98
Jan
106 106
3,000 105
Jan
1013.4 102
18,000 9814 Mar
9954 99% 9991 40.000 99% Apr
10214 102 103
54,000 102
May
97% 97
9715 70.000 95
Feb
9934 9934 3.000 9934 Apr
10111 10134 2,000 10011 Mar
9814 9831 98.55 76.000 9834
Apr
9951 99
9911 23,000 9854 Apr
98
98
1,000 9714 Ma
9534 963,4 52.000 9434 Mar
97
96. 97
9.000 96
An
10434 104% 10414 2.000 10314 Mar
103 103
1,000 102
May
9754 9794 27,000 9734 Apr
10355 10334 104
30,000 10354 Apr
95
94
95% 41,000 933,4 May
100 100
3,000 100
Apr
100(41003' 1.000 100
Mar
101
101 101% 13.000 10034 Jan
100
100 100
33,000 953.4 Jan
10034 10054 11,000
j pr
Aa9
10344 10334 10334 58,000 100%
103
10054 100% 10034 8,000 99% Jan
10234 10254 10254 2,000 10155 Mar
8851 8754 8814 47,000 88
Mar
9834 9811 9814 2,000 95
Jan
205 220
16.000 105
Slat
103
10294 103
14.000 98
Apr
ar
9511 96
14.000 95
100% 10034 10034 9.000 100
84
8455 33.000 824 MAAparprr

1

8894
87%

99%
86%
87
103%
10031

9934 1.000
87
30.000
87% 36,000
103% 3.000
10054 3.000

101
101 101
102
102 102%
9834 9734 9834
100% 100%
104
104 104%
97% 97%
104m 104%
894 89% 90
10534 105% 105%
103 10311
104 10411
104% 10434
106 106%
105% 10634
106
1064 106% 106%
102% 102%
9851 984
91% 91% 9151
102% 102%
10051 100 10011
102/ 102% 103%
5
108 106
10634 106% 107
66
68

31,000
53,000
62,000
19,000
24,000
10,000
8,000
20.000
11.00
8,000
12,000
1.000
5,000
4,000
24.000
7.000
2.000
60.000
64,000
7,000
12,000
10,000
24,000
19,000

76%
84%
104
107
96%
9814
110
101%
100%
10051
10141
10311
10454
103%
103%
9615
62
82%
103
104
95%
110%
99%
10114
108%
97
9854
933(
30
35
10331
108%
106
107
10314
101%
104
97%
100%
101%
9854
10051
100
9854
9954
105%

Jan
Jan
Jan
Mar
Jan
Mar
Jan
Feb
Jan
May
Jan
Mar
Jan
Feb
Jan
Jan
Mar
May
Apr
Feb
Feb
Jan
Feb
Jan
Apr
Mar
Apr
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
API
Jan
Apr
Apr
Feb
Feb
Feb
Jan
Mar

195
08
107
9744
10314
10031

Apr
j
t
Jan
Jan
Jan
Apr
Jan
02
19
Mal
n
an
10144 Jan
,
0
102%
10334
9134
10234
22434
1(1%
0
9734
102
i
f

Jan
Jan
Jan
Feb
Jan
May
Jan
151ar
3.1ar

Mar 10094 F,
jab
98
e
84% Ayr 92
Mar
924 Apr 1041 jjann
861 9 %
8
9
J an
101
10155
9734
10034
104
9604

104974
11.0932H
103
104
10111
10654
10134
97
8934
10211
0094
9654
1044
06
61

May
MAY
Apr
Apr
Mar
i,eMarb

10335
10434
984
10134
1058 3i
0954

Mat
107,1
97
54
Mar 106%
Apr
Apr 10751
Apr110%
Feb 10934
May 110
Feb 108
mar 9855
Mar 94
Mar 10354
May 10034
Jan 10654
A py 07
ma r 107
May

Feb
Jan
Aim
b
Aan
j pr
Feb

Feb
jjaann
Jan
an
Jan

Feb
Mar
Jan
Feb
Jan
API'
Mar
Jan.4
Jan
73% Jan

Foreign Government
and Municipalities
$
Argentine Nation 7s__1923
100% 100 10031 $37,000 100
Mexico 48
1945 4155 41% 43 198,000 38%
38
10% 10% 10.000 10
5s
17% 17% 10.000 15
68 10
-year Series A
61% 61% 8291 89,000 55%
Netherlands (Kingd)6151112 100
993.4 1004 82.000 9714
Peru (Republic) 88_ _ _1932
9934 9934 3.000 97
Russian Goat654a_ _..1919
1034 1014 1134 3,000
934
Certificates
11
1194 11.000
9
Russian Goat 514s- _-1921
11
11
1.000
955
Certificates
10,55 11
9
9,000
Switzerland Govt 5155.1929
100% 101% 24,000 10034

Jan
Jan
Jan
Jan
Mar
Mar
Feb
Jan
Jan
Jan
Mar
May

100%
4434
11%
19%
6334
10054
100%
16%
16%
16
16
Ina

Jan
May
May
May
May
Feb
Apr
Feb
Feb
Feb
Mar
Jan

•Odd lots. • No par value.
Dollars per 1,000 marks. a Ex 100% stock
dividend. p Marks. k Correction.
m Dollars per 1,000 lire flat. 1 Listed on the
Stock Exchange this week, where additional transaction
s will be found. b Ex special
dividend of 825. a Ex extra dividend of $20. o New stock.
p Ex special dividend
of $80 and regular dividend of $3. r Ex 100% stock dividend.
a Ex 50% stock
dividend. S Ex 200% stock dividend. u Ex 66 2-3% stock dividend. v Ex stock
dia. of 40%. to When issued. z Ex dividend. y Ex rights. z Ex stock dividend.

Inutstment anti failreadntIlicnc

2246

RAILROAD GROSS EARNINGS
from which regular weekly or monthly returns
The following table shows the gross earnings of various STEAM roadsfor the latest week or month, and the last two
figures give the gross earnings
can be obtained. The first two columns of
week or month. The returns of electric railways
columns the earnings for the period from Jan. 1 to and including the latest
are brought together separately on a subsequent page.
ROADS.

Jan. 1 to Latest Date.
Latest Gross Earnings.
Previous
Previous Current
Current
Week or
Year.
Year.
Year.
Year.
Month.

$
501,501
216.527 186,966 5609,987
Akron Canton & Y_ March
731.804
840,688
272,471 262.013
Alabama & Vicksb_ March
12696179 12836389 12,696,179 12,836,389
Amer Ry Express__ January
95,272 1,516,312 1,644,771
1st wkMay 101.674
Ann Arbor
16551 794 14201 623 47.171,141 38,975.725
Atch Topeka & S Fe March
1,817,505 1,717,985 5,511.909 4,831,077
Gulf Colo & 9 Fe.. March
652,401 629.522 1.793.444 1,688,148
Panhandle Fe March
886.352
421,797 338.513 1,199.388
Atlanta Birm & Att. March
716.312
521,017
252.381 179.477
Atlanta & West Pt_ March
722,086
791.894
323.165 285,346
March
Atlantic City
8,378.952 7.081,047 22.761.159 18,402,372
Atlantic Coast Line.. March
22747280 18614749 61,996,613 17,918,181
Baltimore& Ohio March
678,786
877,957
321,439 268.179
B & 0 Ch Term.... March
668,267 912,539 1,655,334 2.289.188
Bangor& Aroostook March
21,851
36.211
8.283
13.922
Bellefonte Central_. March
624,679 554.172 1.797,749 1,486,227
Belt Ry of Chicago.. March
1,231.792 774.971 3.333,719 1,913,491
Bessemer & L Erie_ _ March
103,282
30.663
11,163
38,099
Bingham & Garfield March
7.455.326 6,902.522 19.699,485 18,610,969
Boston & Maine.. March
411,672
435.332
167.309 169.594
E D Term.— March May 439,745 219,094 6.915,110 4,601,824
Bklyn
Buff Roch & Pittsb.. 2d wk
538.402
174,2053
784,759
March
Buffalo& SUSQ
3,906,108 76.915,230 67,487,899
Canadian Nat Rys_ 1st wkMay 4.363,723 2,936,000 56.052,000 3,326,000
May 3,170,000
2(1 wk
Canadian Pacific_
679,136 2,182,435 1,861,318
March
Caro Clinch & Ohio.. March
2,478.682 1.982.465 6,796,167 5.136,559
Central of Georgia
5.058.274 4,895.718 13,477,880 12,910,641
Central RR of NJ.._ March
587,282 778,805 1.619,907 1,922,047
Cent New England.. March
705.062 608.459 1.924,185 1.626,592
March
Central Vermont
839,141
409,922 351,227 1,027,378
Charleston &_W Car March
7.979.408 7.832,296:22.441,878 20,702.483
ines ,March
Chas & Ohio
2,842,685 2.763.525 8,205,705 7,752.444
March
Chicago & Alton
14813531 13969630 43,123.858 37,714,246
March
Chic Burl & Quincy March
2,541,687 2.294,679 7,418,227 6,436,232
Chicago & East Ill..2,198.254 1,997,294 6,204,442 5.373,131
Chicago Great West March
1.610.998 1.397.685 4,403,909 3,748,235
Chic Ind & Louisv_1March
14791 287 13364836 41,608,208 34,639,858
Chic Milw & St Pauli March
13153884 11698481 37,432757 31.570,365
& North West_IMarch
Chic
612,413
107,835 218.293
St L_1March
Chic Peoria &
672,192
1,879.498
Chic River & Ind_ ;March
10119407 9,807,090 29,049,655 26,908,011
;March
R I & Pac
Chic
432,863 464,8701 1,265,823 1,371.983
Chic R I & Gulf... March
2,451,641 2,491,940 6,939,322 6,298,608
Chic St PM & Om_;March
.710 1,024,806
417,870 355.311
& Western March
Cinc Ind
1,007,339 1,076,475 3,022,175 2.956,833
Colo & Southern.. 1March
705.171 776,526 2.081.612 2,128,361
Ft W & Den City_.March
419.696 1,083,072
125.743 291.473
Trin & Brazos Val March
306,806
299,458
105.150
Wichita Valley__ -1March
3,836,136 4,120:525 10,040,306 11.338,241
Delaware & IludsoniMarch
7,533.389 7,084.536 20,438.431 19.351,076
Del Lack & Western March
2,430.435 2,468.200 7,458,001 7,014,292
..
Deny & G West..
441,975
425,453
122,450 192.525
Denver & Salt Lake March
338.253
409,083
161,983 143,036
Detroit & Mackinac March
926,335 766,750 2,376,961 1.822,772
Tot & front_ March
Detroit
396,191 381.810 1,042,327 1,011,066
Det & Tol Shore L March
317,417
586,000
211,195 124.347
Dui & Iron Range_ _ March
377,810
469,237
190,042 153,125
Dub Missabe & Nor_ March
70,569 1.796,913 1,229.293
Dul Sou Sh & Atl_ _ _ 1st wkMay 105,394
482.329
727,392
281,035 165.902
Duluth Winn & Pac March
526.448
619,759
211,346 263,333
East St Louis Conn_ March
2,465,863 2,092,412 6.762,009 5,204.425
Elgin Joliet & East. March
1.043.830 883.993 3.019,567 2,426,099
Sou West March
El Paso &
11057119 9.055.128 30,025.753 23.890,455
March
d
•
Erie
1.189,164 984,347 3.156.830 2,677,263
March
Chicago &
354,403
377,590
135,260 125,896
NJ&N Y RR.,_ March
338,538
435,777
136,919 129,916
Evans Ind & Tarr H March
2,013,106 1.749,473 5,235.496 4,402.158
East Coast.. March
Florida
365.388
408.520
145,405 127,542
Fonda Johns & Glov March
344,480
400,985
140.124 127,636
Ft Smith & Western March
,
828
344,380
March
111.783 185.890
Galveston Wharf
532,995 416.512 1.445,023 1,096,929
Georgia Railroad_ .._ March
-May
23,120
29,100
602,3521 445,420
& Florida 1st wk
Georgia
Grand Trunk Syst— 3d wk Mar 2,222,865 1,930,118 23.244.92020.861,357
903.916
969,627
342,951 303,666
Atl & St Lawrence March
616.070
297.355 233.765
775.747
Ch DetCan G'Pict March
580.737 415,640 1,443.399 1.060,923
Det G H & Milvr_ March
1,735.672 1.213,095 4,427,014 3.306.517
Grand Trk West_ March
Great North System 1st wkMay- 1,859.734 1,651.931 34,718.126 27.469.189
351,312
313,988
118.786 147.814
Green Bay & West_ March
481,341 373,336 1,386,483 1,017,301
Gulf Mobile & Nor.. March
674.680
764.647
271,429 239.736
Gulf & Ship Island_ March
1.257.589 1.229,335 3,689,422 3,226,
Hocking Valley_ _ _ March
16677486 13921 149 48,021,591 39,347,119
Ill Cent(whole sys)_ March
14945775 12277311,42,912,251 34,992,416
Illinois CentralCo March
1.731.710 1,643,834 5,109,339 4,354.703
Yazoo & Miss Val March
866,6-2
962.801
316,132 321,700
Intern Ry Co of Me March
1,188.730 1,097,532 3,412.007 3,135,552
Nor_ March
Internat & Gt
331,239
351.062
Kan City Mex & Or March
365,699
372.312
139.218 145.981
K C Mex & 0 of Tex March
1,642,123 1,594.550 4.904,694 4.310,475
Kansas City South.. March
478.141
634,085
221.491 134,309
Texark & Ft Sm... March
1,863.613 1.728,859 5.538,779 4,788,616
Total system_ ___ March
617,385
736.672
245.803 249.549
Kan Okla & Gulf__ March
6.389
29,944
3,402
10,719
Lake Sup & Ishpem_ March
272,704
247,022
103.334
89.804
March
Lake Term Ry
701,687
669.943
241,227 272,785
Lehigh & Hud River March
529.928 472,139 1.316,435 1,213.974
Lehigh & New Eng.. March
6,196.228 6,738,221 16,027.545 17,273.348
March
Lehigh Valley
,939,672 1,573,588 5,213,624 4,414.306
Los Ang & Salt Lake March
739.331
347,613 283,391 1.012,905
Louisiana & Arkan_ March
807.905
985.458
341.801) 318.761
Louisiana Ry & Nay March
& Nashv_ March
1608410 10634 319 32,423,027 28.312.387
Louisville
661,646
833,948
294,365 251,488
Louisv fiend & St L March
,819.443 1,854,309 4.742,841 4.927,755
March
Maine Central
March
392,577 379,410 1,124,791 1.022.891
Midland Valley_

Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

Previous
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

I
$
73,021
165,314
6,348
7.764
1st wkMay
Mineral Range
Minneap & St Louis 1st wkMay 300,941 261,873 5,888,063 5,371,670
3.814.695 3,237,696 11.207.632 8,326,944
March
Minn St P & S SM..
363,438
469,293
158,752 131.584
Mississippi Central.. March
4,612,611 4.342.664 13,345,426 11,932.402
M K &T(whole Syst) March
8,227,312 6,722,082
2,916.201 2,465,790
Missouri Kan & Tex March
1.618.419 1,752,813 4.857.258 4,846,648
Mo K & T Ry of Tex March
350.896
134.104
Mo & North Arkan_ March
9,233,402 8.651.768 25,606,872 23,562,176
Missouri Pacific.... March
1st wkMay 382.910 324,616 7,457,987 5,891.872
Mobile & Ohio
337,033
376,293
130.204 120.1811
Columbus & Gr March
350,711
229.385 149,722: 626.123
Monongahela Conn. March
290.334
443,632
182,841 122.900
March
Montour
2,184,247 1.730,6511 5.933.388 4,688,267
Nashv Chatt & 9t L March
66,328
83,312
5,780
6,455
Nevada-Cal-Oregon 1st wkMay
59,421
183.142
23,1511
74,016
Nevada Northern March
444,952
502,146
180.303 176,423
Newburgh & Sou Sh March
691,734
614.682
243,484 226,198
New On Great Nor., March
810.486
684,600
276,504 250.114
N 0 Texas & Mex March
536.218
191,808 202.465' 567.539
Beaum S L & W March
427.749 519.476 1.253.870 1,424,599
St L Brownsv & M March
36898954 29167831 100648 229 80,823,570
New York Central.._ March
1,056.041 881.401 2.898.987 2.288.900
Ind Harbor Belt.. March
8,568,157 6,563,956 23,190,528 17,373.241
Michigan Central March
8,298.896 7.373,531 23,765,066 19,890,379
Cloy C C & St L March
918.811
489.229 371.736 1,336,030
Cincinnati North_ March
,3,758,899 2.358.823 10.620.696 5,967,411
Pitts & Lake Erie March
3,936.971 3,301,927 10.706.135 9,000.924
& St Louis March
NY Chic
773,424
715,099
178.032 307,825
March
N Y Connecting
8630 10202920 30,478.679 27.504,446
NYNH& Hartf March
1.133,505 1,180.433 2.911,473 2,946.667
N Y Ont & Western March
509.192 422,996 1.269.560 1.084.636
NY flusq & West..., March
914.108 793,266 2,294,396 1.933,371
Norfolk Southern March
7,772.801 7,497.699 21,267,275 19,851,191
Norfolk & Western_ March
8.201,602 7,608,2(10 22,624,515 19,455,525
Northern Pacific__ _ March
602,479 561,609 1.645.983 1,544.878
Northwestern Pac March
60331 996 55623930 165457 739 146815998
Pennsylv RR Co_ _ _ March
258,753
270,320
111.332 109,807
Chas & Atl.. March
Bait
2,490,352 2,252.899 6,894,479 6.037.374
March
Long Island
192,882
192.925
80,509
79.248
Mary Del & Va.... March
452,813 574,735 1,240,625 1,381,403
March
Monongahela
411.188
471.308
163.427 141.149
Tol Poor & West_ March
1,012.262 988.690 2,833,508 2,503,787
W Jersey & Seash March
61270834 59211 863 176242 7.13 156333034
Total system........ March
491,102
452,170
153.124 174,338
Peoria & Pekin Un_ March
3.834.932 3,302,333 10,348,036 8,484.356
March
Pere Marquette
263,323
270,542
91,277
82.238
March
Perklomen
9.437.9628,450,424 26,866,527 21.494,750
Phila & Reading...... March
378.252
431.070
160,295 145,805
March
Pittsb & Shawmut
315,862
429.989
136.014 112.908
Pitts Shaw & North March
*319,894 *301,307 *829,622 *781,685
Pittsb & West Va March
713.209
271,753 307.738851,636
March
Port Reading
Pullman Company_ February 5.101.273 4,216.373 10,673,496 9.639,772
247,962
355.188
90,067
141,157
March
Quincy Om & K 0....
1,151.636 912,709 2.995.323 2,440,297
Rich Fred & Potom_ March
621.210 498.473 1.577,322 1.332.846
March
Rutland
27,177 262
St Louis-San Fran 1st wkMay 1,678,112 1,576,438 39,104,969
297,695
315,591
99,418
105,393
Ft W & Rio Grand M vrch
382,375
355,908
114,495 121,024
NI itch
St L-S F & Texas_
1.939.911 1,567,826 5,556,461 4,123.184
St Louis Southwest.. March
1,901,875 1,707.180
627.7525
St L SW of Tex.._ March
8,159,137
1
437,60
Total System_ _ _ _ 1st wkMay 504,160 def12,010 10.083,696
200,077
223,075
74,787
St Louis Transfer_ March
399,052 417,697 1,172.313 1,171.226
Pass March
San Ant & Aran
215,599
214,309
83.516
87,015
San Ant Uvalde & G March
4,886,727 4.124,559 13,916.034 11.122,374
Seaboard Air Line March
229220892044602863.371,345 56,414,935
Southern Pac Syst March
16143649 139102.5313.619,618 37,705,759
Southern Pacific Co March
616,890
919,599
340,932 233,038
Arizona Eastern.. March
1,018,549 3.383,599 2.906,863
.
Atlantic 9 S Lines March
1,863,123 1,855,038 5.431,438 5.140.477
Gala'Ilarrls & S A March
1,072,968 1.216,165 3,276,162 3,720,394
Irons & Tex Cent_ March
664.476
703,352
265,536 236,369
Hous E & W Tex_ March
406,239 406.717 1,165,742 1.125,951
Western March
Louisiana
2,328,037 1.919,013
742,168 713,576
Morg La & Texas March
773,976 731,064 2,152,369 2.280.703
Texas & New Orl_ March
Southern Railway 1st wkMay 3,888.478 3,183,854 68,579,593 55,426,284
942,5371 809,539 2,653.251 2,138,939
Ala Great South.. March
2.087,368 1,500,868 5,703.311 4,067.427
Cm N 0& Tex P._ March
463.9741 401,780 1.291.139 1.150,515
Georgia Sou & Fl March
606,5811 516,490 1,752,732 1,510,556
Now Or)& Nor H. March
274,001
403,458
135,755 106,101
Northern Ala_ __ _ March
273.099
317,659
125.3221 102.133
Spokane Internat.... March
665,995 582,701 1,820,839 1,601,996
& Seattle March
Spok Portl
528.038
517,480
186,8571 202.844
Staten Island R T March
739,5761 554,820
264.728 218,275
Tennessee Central March
431,6671 406,869 1,198,779 1,160,800
Term RE Assn ofStL March
448,7431 369.129 1,313.314, 985.055
St L Mer Bdge T_ March
9.912,432
Texas Si Pacific_ _ _ _ 1st wkMay 545,209; 517,319 0,662,156' 2,306,632
1,230,4301 851.164 3,292,7321
Toledo St L & West_ March
300,10333,952
129,819 129,193
Ulster & Delaware March
8 828.009 8,151,149 24,562,798 21,921,436
March
Union Pacific
15109459 15104929 45,139.164 40.850,196
Total system....... March
8,299,5.54
3,011,930 3,148,054
Oregon Short Line March
2,299,850 2,232.138 6,613,706 6,214,90Q
Oro-Wash RR & N March
792,044
749,776
286,346 276.970
St Jo & Ord IsI'd_ March
898,809 713,460 2.614,881 2,020,455
Union RR (Penn)_. March
398,374
382,694
120.426 135.258
March
Utah
880,589
361,512 310.837 1,047.685
Vicks Shreve & Pac_ March
2.087,197 1,937,194 5.207,344 4,889,487
Virginian Railroad_ March
5,501,278 5,163.547 14,983,010 13,1198.159
March
Wabash RR
283,214 7,951,367 5,983,860
Western Maryland.. 1st wkMay 466,153 781,589 2,567,542 2,312,326
909,870
March
Western Pac c
256.449644.006
of Ala March
Western By
1,330,759 1,304,309 3,458,619 3,336.222
Wheel & bake Erie. March
363,672
260,856
77.091 124,062
Wichita Falls & NW March

11128

and Monthly.
AGGREGATE OF GROSS EARNINGS—Weekly
Weekly Summaries.

Current
Year.

Previous
Year.

4th week Feb (17 roads)........ 15.774.740 13.509.329
1st week Mar (19 roads)........ 15,901.378 14.177,334
2d week Mar (20 roads)...__ 15.578.825 14.729.356
roads)_ _ 15.491.516 14.719,456
3d week Mar (15 roads)____ 22,271,250 20,482.659
4th week Mar (16 roads)_ _ _ _ 18.152.238 15.489.168
(16
1st week Apr
(16 roads).._.... 20.002,867 16,279,045
2d week Apr (16 roads).
18,538,264 14,746.074
3d week Apr
- - 20,371,901 16,434,74(
4th week Apr (15 roads)- - _ _ 17.634,648 15.408.167
May (16 roads)1st week
Indiana and Pitts. Oin. Ohio. & St
•Grand Rapids & Trunk System.
y Includes Grand




Increase or
Decrease.

Monthly Summaries.

Current
Year.

Increase or
Previous
: Decrease.
Year.

%

1
$
$
Curr.Yr. Prer.Yr.I
Mileage.
+12,376,822
____ 235.310 234.568 472.383,903 460,007,081'—19,960,589 2.99
+2.265.411 16.76 June
4.31
23.5.082 231.556'442,736,397 462.696.986
July
+1,727.044 12.18
235.294 235.090 472.242.561 504,154.075 —31,011.054 6.35
+849.469 5.76 August
+1.723.772 0.33
235.205 498.702,275 496.978,503
+772,069 5.25 September -.235.280 232.882 545,759,206 532,684.914+13.074.292 2.45
233.872
+1.788.591 8.73 October
466.130,328 +57.618.155 12.35
_235.748
+2,663.070 17.19 November _ -235.290 235.679 523,748,483 434,698,143 87,735.590 20.66
3,733
+3.723.822 22.87 December.--235,678 236.1211512,43
235.827 500,816,521 395.000.167+70.803,472 21.00
+3.702.19025.72 January - _ --235,399 235,528 444.891,872 400,146.3414-44.745.531 11.18
+3,937,155 23.96 February.... 935.424 235.470 533,553.199 473.747.009 +59,806,190 12.63
+2.226.481 14.45 March
included In New York Central.
Louis Included In Pennsylvania RR s Lake Erie St Western

MAY 19 1923.]

THE CHRONICLE

Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the second
week of May. The table covers 2 roads and shows 14.41%
increase over the same week last year.
Second week of May.

1923.

Increase. Decrease.

1922.

$
$
$
Buffalo Rochester & Pittsburgh..
219,094 220,651
439.745
Canadian Pacific
3,170,000 2.936,000 234,000
Total (2 roads)
3.609,745 3,155,094 454,651
Net increase(14.41%)
454.651

$

In the following we also complete our summary for the
first week of May:
First week of May.

1923.

1922.

Previously reported (2 roads)_ _
Ann Arbor
Canadian National Rys
Duluth South Shore & Atlantic.
Georgia & Florida
Great Northern
Mineral Range
Minneapolis & St Louis
Mobile & Ohio*
Nevada-California-Oregon
St Louis
-San Francisco
St Louis Southwestern
Southern Railway System
Texas & Pacific fly
Western Maryland

3,394,841
101,674
4,363,723
105,394
29,100
1,859,734
7.764
300,941
382,910
6,455
1,678,112
504,160
3,888.478
545,209
466,153

3,061,094
95,272
3,906,108
70,569
23,120
1.654,931
6.348
261,873
324.616
5,780
1,576,438
437,601
3.183,854
517,349
283,214

Total (16 roads)
Netincrease(14.45%)

Increase. Decrease.
333,747
6,402
457,651
34.825
5,980
204,803
1,416
39,068
58,294
675
101,674
66,559
704,624
27.860
182,93

17,634.648 15,408,167 2.226,481
2,226,481

ELECTRIC RAILWAY AND PUBLIC UTILITY CO'S.
Latest Gross Ears ings.
Name of Road
or Company.
Month.

Current Previous
Year.
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

$
Adirondack Pow & Lt April
564,028 438,075 2,321.752 1,799,899
Alabama Power Co__ March
608.615 399,411 1,653,114 1,222,290
1768.231 1549.248 7,248,851 6,296,973
Amer Elec Pow Co_ _ _ April
Am Pr St Lt Co Subsid February 2684.341 2428.397 5,449,397 4.974,510
ry
American Tel & Tel .!
5942.493 5134.27, 5.992.603 5.131,27o
mAtn Wat Wks dr Sub March
2852.414 1704.897 8,468.002 5.091,931
Appalachian Pow Co_ April
273.765 232,712 3,111,802 2,653.886
cArkan.sas Lt & Power Ma
143.550 129,917 *1,958,036 *1,719.880
,
Asaev ille Pow & Light J nu,ry
77.4v.. 73,486
73.084
774'
Associated Gas & Elec March
241.276 141.221
314,202
520.373
Aug-Aiken Ry & Elec April
106,569 80.666 *1,198,846 *1,060,698
Bangor Ry & Electric March
131.048 122.156
369.155
397,297
kBarcelona Tr, L & P March
4329.771 3937.152 13,680,346 11,429,309
Baton Rouge Electric March
51.820 45.813
163,147
145,130
Beaver Valley True- March
63,132 54,320
154.641
179,077
Binghamton L,H & P March
98.195 78.107
301,979
246,287
Blackstone Val 0 & E March
385,149 310.264 1,169,461 1,014,250
Boston "L" Railway- March
3097,259 2868.518 8.798,633 8,237.027
Brazilian Tr Lt & Pr March 19 4750001 5238.000 55.876.000 44,743000
Bklyn Rapid Transit- February 3173,820 2962.297 8,905.773 8.303,991
Bklyn City RR (nee) March
1043.446 1017.139 2.898.645 2.810.428
Bklyn Heights (Rec)- February
13,752
12,838
6,530
7,237
13klynQC & Sub(Roc) February
396,063
410.894
192.998 188.422
Coney I & Bkln (Rec) February
395.453
409,683
191.432 186.778
Coney Island & Grave February
8.800
10.460
4,954
4,298
Nassau Electric (Rec) February
750.494
824.584
386,978 356,197
N Y Consol (flee) -- February 1833.358 1747,393 3,900,564 3,657.531
South Brooklyn
February
189.790
147.448
89,276 72.736
CapaBretonE1Co.Ltd March
143,364
169.550
53.464 46,940
Carolina Powcr
105.555
182.948
11/111 .ry
182.948 165.555
Cent Miss Val El Co_ March
146.567
136.437
46.294 42,850
Cities Sem ice Co_ _ April
1738,106 1377,836 6,517,391 5,172,814
City Gas Co, Norfolk March
266,350
255.340
87,324 85.251
CitizensTracCo& Sub March
80.754 65.562 *867.671 *756.382
Cleve Painesv & East March
156.769
165,239
55,498 53,555
Colorado Power Co_ _ March
980.513
87.373 82.362 *1.042,183
Columbia Gas & Elec. April
1849,678 1504,377 7.933,063 6,824.359
Columbus Electric_
March
190.522 160,691
481.911
570,808
Com'w'lth Pow Corp_ March
2441.943 2217.998 7,589.455 6.737.922
Com'w'Ith Pr, By & L March
3130,927 2727,926 9,553,705 8.290.971
Conn Power Co
March
418.799
167.166 141.408
513,027
Consumers Power Co. March
1361.624 1123.960 4,236.485 3.481.081
Cumberland Co P & L March
841.686
962.709
317.858 283.681
Detroit Edison Co.... March
2817,982 2252,849 8.456.401 6.816.732
Duquesne Lt Co Subs March
1667,256 1380,024 5,087,498 4.246,386
Eastern Mass St fly... March
1006.553 891,337 2.874.680 2.630.386
Eastern Penn Elec Co April
218.148 173,337 *2,365.048 2.35' 9.795
1
'
East Sh G&E Co&Sub March
42.691 38.696
120.784
131.651
East Texas Elec Co.... March
162,576 141.034
482.698
420.113
Edis El Ill of Boston.. March
1553.224 1304.770 4,919,124 4.393.689
Edis El Ill of Brock'n_ March
143.721 112,572
357.124
436,911
El Paso Electric Co.- March
206,582 190.021
576,555
611,532
Bloc Lt & Pow Co of
Abington & Rockl'd March
34,610 28.149
92,245
110,499
Erie Ltg Co &
_ March
125,581 93,915
300,292
399,783
Fall River Gas Works March
83.783 76,161
230,105
240,658
Federal Lt & Trac Co March
476.521 445,690 1,474,318 1.355,564
Fort Worth Pow & Lt February
249.990 200,361
412,920
509,693
Galv-Hous Elec Co March
272.533 271,572
792,991
794,339
Gen G & El & Sub Cos March
1253,367 1037,022 3.779,993 3.167,904
Georgia Lt Pr & Rys. February
154.837 138,669
317.512
282,791
Georgia Ry & Power_ March
1367,679 1241,883 4,190,741 3,744.016
Great West Pow Syst March
589,171 598.499 1.859,848 1,822.884
Havana Eloc 11,1AP.. March
1085,028 1079,249 3,299.279 3,297.194
Haverhill Gus Light.... March
44,126 38,948
131,208
141.126
Helena Lt & Rys Co. March
33,547 34.845 *413,962 *390.987
Honolulu Rapkd Tenn March
82,693 85,030
237,476
233.399
Houghton Co Elec...... March
46,778 45.377
149,606
152.300
Hudson & Manhattan April
967,106 935,272 3.812,830 3,690,817
Hunting'n Dev & Gas March
120,962 99.578
296,754
363.541
February
Idaho Power Co
190.277 172.908
361.978
390,506
Inter Rapid Transit- February 4389,479 4171,667 9,329,634 8,846,059
Subway Division__ February 2947.812 2790,787 6,265.751 5,922.205
Elevated Division February 1441,667 1380,880 3,063.864 2.923,853
Kansas City Pr & Lt_ April
742.661 627,120 3.173,502 2,678.991
dlian Gas & Elec Co February
530,604 496.353 *5.178.731 *4.805.818
Keokuk Electric Co March
33.107 29.786
95.858
103.787
Kentucky True Term March
128.630 120.547
348,747
383,843
Keystone Telep Co-_ April
146.338 137,122
552,933
580.863
Key West Electric..__ March
21.881 20.231
63.650
66.659
Lake Shore Electric__ March
242,311 186,172
540.630
657,361
Lexing'n UtliCo&Sub March
53.546 76,369
230,452
259.803
Long Island Electric_ February
22,980 23,97
49,358
48,860
Los Angeles Gas Co February 1395.572 1325.926 *11985 117 '10429870
Louisv Gas & El Co_ January
5654.10.5 4931.795 5.054.105 4.931.795
Lowell El & Lt Corp_ March
140.690 103.189
443,293
331.165
Manhat 13dge 3e Line February
20.130 20,56
42,987
42.850
Manh & Queens(Roc) February
27.497 24,03
58,705
50.739
Manila Electric Corp_ March
287,568 284.576 *3,587,564 *3.659,574
Street Ry___ March
Market
843.173 803,07 2,374.438 2,247,759
e Metropan Edison. March
604,657 507,524 1,856,729 1,640.097
Milw Eke itv & Light January
1973.211 1698.2.,1 1,973 211 1 ,b013,; 55
,
Miss River Power Co_ March
269,849 246,004
718.933
693.772
Mobile Electric Co-__ January
830.746 771.66
830.746
771,662
Mountain statesPreo January
1152.932 998.044 1.152.932
998.044




Name of Road
or Company.

2247
Latest Gross Earnings.
Month.

Munic Serv Co & Subs March
Nebraska Power Co._ February
Nevada-Calif Electric March
New Bedf G & Edis Lt March
New Eng Power Sys. February
New Jersey Pow & Lt March
Newpt News St Hamp
Ry, Gas & El Co__ March
New York Dock Co__ March
N Y Railways
February
Eighth Avenue_ __ _ February
Ninth Avenue
February
N Y & Queens (Rec)_ February
NY & Harlem (Rec)_ February
N Y & Long Island.... February
Nor Caro Public Serv March
Nor Ohio Elec Corp._ March
Nor'west Ohio Ry &P March
North Texas El Co......March
Ocean Electric
February
Pacific Power & Light February
Paducah Electric
March
Penn Central I.t tt
Power Co & Subs March
Pennsylvania Edison_ March
Phila Co. & Subsidy
Natural Gas Cos March
Philadelphia Oil Co March
Philadelphia & West_ March
Phila. Rapid Transit March
Pine Bluff Co
March
Portland Gas & Coke.. February
Portland fly, Lt & Pr March
Pub Serv Corp of N J April
Puget Sound Gas Co_ January
Puget Sound Pr & Lt_ March
Reading Transit & Lt March
Republic Ry & Lt Co March
Richm Lt & RR (Roc) February
Rutland By,Lt & Pr.. March
San Diego Cons G&El January
Sandusky Gas & Elec March
Savannah Elec & Pow March
Sayre Electric Co
March
Second Avenue (rec)_ February
17th St Incline Plane_ March
Sierra Pacific Electric March
Southern Calif Edison March
South Canada Power.. March
South Colo Power Co January
Southern Utilities Co_ April

Current Previous
Year.
Year.
434,185
335,000
369.446
270.351
595,239
67,792

Jan. 1 to I.oscst Dale.
Current
Previous
Year.
Year.

216,170 1.335,064
285.929
677,815
266.913
943.336
320.833
989.029
466.719 1,204.336
53.079
216.244

662.682
567.320
673.598

975,931
163.824
154,382
500,834
4134.621
332.837
838.451
968.960
653,534 1,396,729 1.379.487
87.747
183,011
186,985
39,847
79,619
84,038
95,446
106,958
201,803
119.200
243,949
250,495
35,696
69.082
77.290
101.343
348.790
308,758
744,584 2.688.553 2.205.949
33.272
80,778
60.805
280,684
736,229
788,555
13.083
30.773
27.436
484.794
235.827
490.211
45.600
160.186
140,018
271,145 209,535
822.405
619,690
261,565 206.254
788.934
643,637
1635.667 1222.675 4.928.407 4.103.569
44,459 88,029
124,364
283.573
69.128 61.891
197,738
178.720
3903.356 3611.313 10.945,444 10.198.018
62,248 58.116
200.874
184,915
304.090 282.455
603,565
600.062
923.961 860,631 2.727.28.5 2,518,731
6920.270 6131,410 28,371,892 25.903.908
171.329
171.329 168,816
168.816
1049,245 891.230 31.199.312 2.726,834
769.202
274.349 237.852
700.754
834.274 661.173 2.494,271 1,993,841
56,705 52,702
122.134
111,739
47,542 43,734
178,351
164.599
3756,665 3866.576 3,756,665 3,866,576
82,745 66.694
216.406
187,779
136.607 136,127
404,1347
405,857
17.307 15.323
55.579
49.933
69,734 67,773
149,47
140.988
2.898
3,065
8.030
8.587
80.529 69.898
250.174
221.327
1331.833 1217.561 4.038,063 3,841,164
78,189 67.581
238,851
210.436
1838.666 1758.603 1,838.666 1.756.60'3
243.439 228,570 *2,510,382 *2,617.473
a The Brooklyn City RR.is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court. declined to continue payment of the rental; therefore
afnee Oct. 18 1919 the Brooklyn City RR. has been operated by its owners.
b Tae Eighth Avenue and Ninth Avenue RR. companies were formerly
leased to the New York Railways Co.. but these leases were terminated
n July 111919,since which date these roads have been operated separately.
c Includes Pine Bluff Co. d Subsidiary of American Power & Light Co.
e Includes York Haven Water & Power Co. f Earnings given in murals.
g Subsidiary companies only. h Includes Nashville Ry. & Lt. Co. I Includes both subway and elevated lines. 5 Of Abington & Rockland (Mass).
k Given in pesetas. 1 These were the earnings from operation of the properties of subsidiary companies. m Includes West Penn Co. n Includes Palmetto Power & Light Co. * Earnings for 12 mos. t Three mos. ending
Dec. 31. x Earnings for 10 mos. yEarnings for 11 mos. z Five mos.
ending Nov. 30. s Four mos. n Six mos.
168,219
288.327
648,466
84,897
36.436
49,424
112.483
31.735
116,279
937.111
43.557
263,075
15,350
233.292
51.646

Electric Railway and Other Public Utility Net
Earnings.
-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
-Gross Earnings- -Net Earnings
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
$
Edison El Ill of Boston_ _Mar 1,553.224 1,304,770 c571,948 c430.907
3 mos ending Mar 3L__ 4.919.124 4.393,689 c1,946.012 c1,810.076
Public Serv Corp of N J_Apr 6,920,270 6,131,410 d497,803 d349,044
12 mos ending Apr 30_ _ _80,824,948 75,935,377 d5,619,653 4,468,645
c Net after taxes. d Balance after charges.
Gross
Net after
Balance,
Fixed
Earnings.
Taxes.
Surplus.
Charles.
Adirondack Power April '23
564,028
120,226
92,389
212,615
& Light Corp
'22
438,075
91.683
87,199
178.882
12 mos ending April 30 '23 6,289,694 1,767,699 1,069,386
698.313
'22 5.056,153 1,369,460
975.295
394.165
Appalachian Power Apr '23
86.242
273,765 *129,038
42,796
Co
'22
46.461
78.634
232,712 *125.095
12 mos ending Apr 30 '23 3,111,802 *1,465,426
488,006
977.420
'22 2,653,886 *1,236,958
268,637
968.321
Augusta-Aiken Ry Apr '23
14.471
32.726
106,569
47,197
& Elec Corp
'22
31.674
476
32.150
80,666
12 mos ending Apr 30 '23 1,198,846
392,530
121.398
513,928
384.504 -84.645
'22 1,060,698
319.859
Cities Service Co
646,763 1,043.426
Apr '23 1.938,106 1,690,189
585.789
'22 1,377,839 1,338.251
752,462
4 mos ending Apr 30 '23 6,517,391 6,344,165 2,551.223 3.792,942
'22 5.172.814 5,021.593 2,349,929 2.671,664
Cleve Painesv &
Mar '23
13.675
55.498
9.540
--4,135
Eastern RR
53,555
'22
13.675
14,442
767
3 mos ending Mar 31 '23
41,025 --14.644
26,381
165,239
40,436
'22
41,030
156,769
--594
Columbia Gas &
Apr '23 1,849,678 *1,202,544
487,053
715,491
Electric Co
'22 1,504,377 *945,858
469.815
476.043
4 mos ending Apr 30 '23 7.933,063 *5,003,969 1.921,571 3.082,398
'22 6,824.359 *4,151,943 1.876.230 2,275,713
East Penn Eke Co Apr '23
218,148
86,796
43.337
43,459
67.364
'22
173.339
42,551
24,813
12 mos ending Apr 30 '23 2,365,048
922,263
513.383
408.880
'22 2,359,795
956.251
507,686
448,565
Hudson St Manhat- Apr '23
452.421
967.106
339,272 b113.149
tan
'22
935,272
420.221
b80.233
339.988
4 mos ending Apr 30 '23 3,812,830 1,746,773 1,357.837 b388.936
'22 3,690.817 1.655,581 1.361,628 b293.953
Kansas City Pow
Apr '23
279.120
742,661
368,654
89.534
& Light Co
'22
198.137
627,120
106.101
304.238
12 mos ending Apr 30 '23 8,384,295 3,886,883 1,128.367 2,758.516
'22 7.058,811 3.404,089 1.213.349 2.190,740
Lake Shore Elec
Mar '23
12,907
35.578
242,311
48.485
Ry Co
6,692
'22
34,670
186,172
41,362
3 mos ending Mar 31 '23
19,906
106,639
657.361
126.545
5.057
'22
104,201
540,630
109,258
Municipal Service Mar '23
83,713
73.762
157,475
434,185
Co & Subsidiaries
39.235
39,130
'22
78,365
216,170
12 mos ending Mar 31 '23 4,330,439 1.624,535
828,647
795.888
410.218
470,240
'22 2,492.699
880.458
Southern Utilities
52.079
Apr '23
30,8.58
82,937
243,439
Co
27,260
33,069
60,329
'22
228,570
12 mos ending Apr 30 '23 2,510,382
374,715
386,982
761,697
226,862
373,601
600,463
'22 2,617,473
Companies.

2248
United Rys & Elec Mar '23
Co of Baltimore
'22
3 mos ending Mar 31 '23
'22
York Utilities Co
Apr '23
22
4 mos ending Apr 30 '23
'22
Youngstown & Ohio Mar'23
River R R
'22
3 mos ending Mar 31 '23
'22

THE CHRONICLE
Fixed
Gross
Net after
Charges.
Taxes.
Earnings.
$
$
$
268.183
349,364
1.436.169
274.101
327,551
1,345.418
802.047
926,275
4.045.237
820.901
883.147
3,804.118
4,118
*7.650
23,003
4.043
*4.403
17,847
16,394
*15,072
82,943
15.982
*22.730
75.220
al1.390
21,933
50,472
al0.362
15,838
41.284
a33.743
68.908
159,341
a28,957
44.041
115,310

Balance,
Surplus.
$
81,181
53.450
124.228
62.246
3.532
360
-1.322
6.748
10,543
5.476
35,166
15,084

* Allowing for other income. a Includes taxes.
b After full interest on adjustment income 5% bonds.

Financial Reports.
-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index :will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
April 28. The next will appear in that of May 26.
Atchison Topeka & Santa Fe Railway Co.
(28th Annual Report,for Fiscal Year ending Dec. 31 1922.)
The report of President W. B. Storey, together with the
income account for 1922, will be found on subsequent pages.
The usual comparative income account tables and balance sheet, &c..
fee 1922 were published in the "Chronicle" of April 28. P. 1887.

Chesapeake & Ohio Railway Company.
(45th Annual Report for Year ended Dec. 311922.)
The remar ss of President W.J. Harahan,together with the
income account and other tables will be found under "Reports
& Documents" on subsequent pages.
TRAFFIC STATISTICS, CALENDAR YEARS.
1922.
1920.
1919.
1921.
2.549
Argo. mileage operated2,506
2,545
2,519
Rev. coal & coke carried
(tons)
28.526.039 24,074.459 29.353.213 25.471.475
0th. rev. fgt. carr.(tons) 9.400,386
7.418.628 11,484.903 10,126,881
Avge.rev. per rev. ton..
$1.811
$1.491
S2.139
*1.782
Av. rev, per ton per mile
from all rev. freight_ - .00687 cts. .00737 as. .00621 cts. .00551 cts.
No. of passengers carr ed 6.654.126
8.659.602
7.950.673
8.767.811
do one mile
304.221.296 331.513.000 384,045.l69'501.637,254
do per mile of road
2.724
3.259
3,480
3.456
Avg.rev.from each pass.
$1.59
$1.48
$1.63
$1.34
Av.rev, per pass. per m_ 3.480 cts.
3.541 cts.
2.822 cts.
3.066 cts.
Open rev, per mile oper$32,761
$32.872
$28,522
$35.934
Net oper. rev. p.m.oper
36.823
$6.711
$4.228
$4,234

The usual comparative income account was given in
V. 116, p. 1639.

[VOL. 116.

Southern Pacific Company.
(Report for Fiscal Year Ending Dec. 311922.)
On subsequent pages of this issue will be found extended
extracts from the report of Mr. Julius Kruttschnitt, Chairman of the Executive Committee, together with comparative
income accounts and the balance sheet as of Dec. 31.
TRAFFIC STATISTICS.
1919.
1921.
1922.
x1920.
11.043
Average miles of road___
11.152
11,142
11.106
Passenger Traffic
Rail pass. carried, No. 16.662.262 18.240.774 24.473.628 28,011,106
Rail pass. carried 1 mile_1812334770 1823478,352 2407399.736 2161714.731
$1.02
Av. rec. from each pass_
$3.32
$2.82
$3.38
2.471 cts.
2.871 eta.
Av.rec. per pa. per m_ 3.106 cts. 3.321 cts.
$2.35
Recta. per rev, train mile
$2.52
$2.81
$2.36
Freight Traffic
Tons carried rev. freight 44.070,166 38.206.878 45.416,021 41,195,759
6,227,074
7.922,404
7,543.918
Tons carried co.'s freight 8.240,349
Tons. carr. 1 m.,all fr't_12175570192 11565777342 14353571391 13060937984
$3.73
$3.89
Av. red'c from each ton$4.50
$3.84
1.286 cts.
1.364 cts.
1.704 cts.
Av. p. ton p.m.rev.fr't. 1.563 eta.
$7.52
$6.70
Recta, per rev. tr. mile__
$6.64
$6.10
641.41
625.55
576.54
603.60
Net tons per train, all fr't
25.23
-all.
25.25
24.10
Tons per loaded car
23.18
x Water line operations have been deducted: and where necessary the
computations have been corrected to tne bases used for 1921 in order
that the figures for 1920 may be comparable with those for that year.
Figures for 1920 include 2 months of Federal control (Jan. and Feb. 1920).
-V. 116. p. 1533. 1051.

Havana Electric Railway, Light & Power Co.
(Report for Fiscal Year ending Dec. 31 1922.)
The text of the report, signed by President F. Steinhart,
together with the income account and balance sheet, will be
-V. 116, p. 2129.
found on subsequent pages.
The Hocking Valley Railway Company.
(24th Annual Report
-Year ending Dec. 311922.)
On subsequent pages will be found the text of the annual
report, signed by President W. J. Harahan, together with
balance sheet as of Dec. 31 and the results for the calendar
year 1922.
•

GENERAL STATISTICS FOR CALENDAR YEARS.
1919.
1920.
1922.
1921.
Revenue coal and coke
9.618.539
9.694,416 10./98.493 11,690,123
carried (tons)
2,969,053
3,595./39
1.994.682
Other rev.frt.car.(tons) 2,9/5,941
Av. rev, per ton per mile 0.663 cts. 0.645 cts. 0.6/3 cts. 0.548 eta.
0.111 cts.
1.738 cts.
1.048 cts.
.
do other psi mile- 1.306 cts.
701.319
1,382,134 1,170.466
1.022.177
Passengers cArrie 1 _
31.107,6.0 37.3,0.739 47.643,637 43,897.829
Pass. carried 1 mile_ _
3.460 cts.
2.798 eta.
3.398 cts.
2.853 cts.
Rev,per pass. per mile
Rev.freight tons carried 12.610.357 12,793,175 15.285,862 12,584,592
Rev,tons carried 1 mile_1484625674 150395 171 19/4051 120 1502582 153
0.646 eta.
0.784 cts. 0.759 cts. 0.740 cts.
Rev, per ton per mile
$33.280
$48,833
$39.723
$40,254
Oper. rev, per mile

GENERAL BALANCE SHEET DECEMBER 31.
INCOME ACCOUNT FOR CALENDAR YEARS.
[Excluding stocks and bonds owned by the C. & 0. Ry. of Ind. and of the
--Corporate-- --CombinedC. & 0. Equipment Corporation].
1919.
1920.
1921.
1922.
-Revenues
1922.
1921.
1922.
1921.
$11,637.209 $11,924.979 $14,616.676 $9,703.937
Freight
g
Assets5
1,228,282
1,359.410
1.2:0.021
1.0/6,466
Inv. in road and
Common stock- 82,792.600 62,702,600 Passenger
42,201
109,597
81.588
78.762
Mail
% cum. cony
equipment- -. 304,187,677 299,269,798
110.839
120,195
82,5i5
129.018
Express
Pref. stk."A" 12,558,500
&curs.of prop'y
569,257
895.614
721.839
934.009
Miscellaneous
1st Pref. stock__
aflil & contr'd
3.000
3,000
cos. pledged__ 13,714,001 14,214,001 25 Pref. stock__
200
200
313.855,464 $14,093,001 U7.101,493 S11,654,517
Total
385.000
1,385,000 Common (C. &
0th.inv. pie igel
0. Nor. Ry.)Issued or
&curs.
300
Expensesassum., pledg.x64.681.001 63.014.001 Common (C. &
*1.381,538 S1.686.611 $2,028.221 $1,329.868
Maint. of way & struc
525,346
0. Ry.of Ind)
498.073
Inv. phys. prop.
1,200
3,935.248
1.200
6,627,604
4,366.047
4,15/.351
Funded debt__ _182,801,024 182,553,500 Maint. of equipment...
Spec. fds.& fund
72.202
118,303
131.599
139.802
Traffic
94.783
93,148 Equip. tr. oblig.
debt 133. & res.
4,109.051
6,692.759
4.972,440
4,706.930
& contracts__ 26,827,400 20,285,200 Transportation
Prof.
Spec. dep.
320,000
474,547
415.697
361.512
General
tat Lien&Imp.5s 66.842,000 64,342.000
"A" proceels.y12,861.627
6,037.640 5.803,352 Loans and bills
Cash
$10,747,133 S11.572,394 315.941,434 $9,766.372
Total
5,397
payable
Cash deposit.
3,985,000 4.185.000 Net revenue
S3,108,331 S2.520.607 31.160.059 $1,888,145
Traffic balances. 1,185.998
Cash dep. to pay
935,971 Taxes, &c
726,317
0/1,259
812.062
9/9.718
533,468
327,484 Vouchers dr payInterest Jr divs
rolls
Cash dep.-U.S.
10,324.124 9,849.135
$188,799 $1,161.828
Operating Income.... $2,128.613 $1,708,545
Unpaid wages.Govt. loan tor
39.588
22,634 Equipment rents (net)_ _ Cr.$31,541 Dr.$215.494 81.349.363
535.152
1,000,000 Misc. acc'ts pay.
add'ns & belt_
486,853
614,540 Joint facility rents(net)61,435
39,800
61,691
84,914
Matured int. &
Cash dep.-spec.
287.419
251,175
256.089
253,261
Other income
diva. unpaid- 1.863.174
fund for add as
398,449 Less rents, &c
deb.75.348 deb.79.201 deb.61.447 deb.211,835
Mat'd mtge. &
bett.. new
secured debt
equip.& maint
32,422.980 *1,737,629 31,767,690 31,334.000
Gross income
Unpaid
of equip. res.. 4,976,213
6.174
5,174 Interest on debt
31.737,018 $1.723,323 $1.577,769 S1.438.239
Unmatured diva
Cash dep. to pay
(4%)439,980(2%)219.990(4%)439.980(4%)439.980
Dividends
deslared
prin. 7,554,608
equip. tr.
1,255,632
151,648 Other working
8.378
Misc,cash depos
$544,220
$245.982 def$205,684 def$250.059
Balance, surplus
liabilities _
97.103
2,200
Loans & bills rec
13,680
Traffic balances. 2,513,032 2.209.050 U. S. Govt. deThe income account for 1922. 1921 and 1920 contains no payment or
ferred liabil's_ 31,852,773 31,886,299 accrual, in either year, on account of the guaranty by the U. S. Govt. for
813.916
Agts. & conduc- 1,247.826
Misc. accts. rec_ 1,835,545 2,428.383 Unmat'd int. &
the 6 months' operation from Mar. 1 to Aug. 31 1920 under Section 209 o f
rents
2,626,607 2,665,277 the Transportation Act, 1920, as the amount is not yet ascertainable.
U. S. Govt.comp'n unpd_ 6,195,834 6.195,834 Empl. parts on
176.915
355.901
Liberty bonds
BALANCE SHEET DEC. 31.
0th. work.assets
Material & supp. 7,935,982 10,281.562 Taxes accrued__ 1,317,107 1,038 922
5 978
:
1921 .
1922.
1921.
1922.
Accr. deprec'nin treas.Secur.
LtablitHes$
Assetsequipment ___ 16.346,210 14,292,911
9,267,486
7,763.399
unpledged
11,000.000 11,000,000
Capital stock
Road & equipm1_53,976,049 53,705,185
Sundry accounts 2,841,666
Deferred assets:
1.486,486 Securities of at
1st Cons. M.4148.16.022.000 16,022,000
Add'ns to prop.
U.S.Govt. de000
.
&c., cos.:
through Inc.&
ferred assets 20,044,190 20,110,702
108,089 let M.CoL&To1.48 2,441,000 2,441,000
108,089
'Stocks pledged_
eurplus
Unmat. Int..div.
24,638,833 24,431,732
300,000 Five-year notes... 7,500.000 7,500,000
Bonds pledged._ 300,000
995,411 Res.Inv. In sink.
and rents_ _ _ 1,259,003
206.853 10-year coll. notes_ 1,665,000 1,053,000
Misc. unpledged 196,653
944,814
funds
978.934
kdvances
193.300
168,642 Oth.Inv.(pledged) 210,000
245,000 Gen. M.6% bonds
694.829 Insur.& casualty
625,844
Special deposits_
not out (contra) 11,820,000 11,437,000
Gen. M.6% bds_.11,820,000 11,004,000
265.217
297.159
reserve
Cash & securities
103,859
Equip. trust oblig_ 2,717,000 3,086,000
Time dratts & dep. 2,312,000
Sundry accounts 3,182,818 2.823,760 Funded debt re159,876
143,843
Misc. acc'ts pay
Loans & bills rec.- 500.000
tired through
353,792
1,210,074 2,286,521 Traffic balances... 360,169
Cash
income & sun)
738,776
300.605
& wages_ 1,063,944
201,133 Inventories
1,528,393 2,317.492 Vouchers
Profit and loss
25,652
35,432
499.703 Miscellaneous 470.970
balance
21,747,601 18,162,863 Traffic balances
371,890
46.108 Matur.int..cliv.,&c 371,340
77,139
Agents' balances298.595 Unmatur. Interest,
Misc. acc'ts receiv. 331,166
Total
471.099.079 441.342,578
471,099,079 441,342.578 Miscellaneous
Total
288,125
277,344
29.871
dividends, &c
35,122
694.357
-Company is also liable as guarantor of the following
Note.
Taxes accrued......783.740
•
Securities In treas.
760,300 Accrued deprec'n_ 4,399,541 4,030,291
Western Pocahontas Fuel Co. Coupon 5% notes, due 1919 and
326.500
securities.
(unpledged)
195,148
Operating reserves 173,084
1921 ($500.000 each year), owned by this company
$1,000.000 Adv.to proprierY,
531,131
57,541 Deferred items_ 1,142,914
57,688
Ches. & Ohio Grain Elev. Co. 1st Mtge. 4% bonds due 1938
820,000
RIM.& con. cos_
U. S. Govt. def'd
Richmond-Washington Co. Coll. Trust Mtge. (C. & 0. propordopes. with
Special
8,144,987 8,161,936
liabilities
115,751
tion 1-6) 4% bonds due 1943
10.000,000
trustee(mtg.fd.) 209.779
528,170
x570,714
517,674 Approp. surplus
Louisville & Jeffersonville Bridge Co. bills payable (C.& 0. proDeferred items_ _ _ 876,280
9,682,518 9,442,6 6
Profit and loss
return
1-3) 6% notes due 1931
portion
162,000 U.S.stand.
Louisville & Jeffersonville Bridge Co. Mortgage (C• & 0.proporand int. accrued 1,841,805 1,767.998
4.500.000 U.S.Gov.def.assets 5,277,884 5,193,550
tion 1-3) bonds due 1945
750.000
Western Pocahontas Corp. 1st M. 4Ji% bonds due 1945
81,715,589 79,459,830
81.715,569 79.459,830
Total
97.000
Total
Western Pocahontas Corp. Ext. M. No. 1, 4ii% bonds due 1945
51,000
Western Pocahontas Corp. Ext. M.No. 2,4)% bonds due 1946
x Includes in 1922 additions to property through income since June 30
500,000 1907,3268.794; funded debt retired through income and surplus, 8131,332:
Norfolk Term. & Transp. Co. 1st Mtge. 5% bonds due 1948- _- _
bonds,$64,681.000.
Repre- appropriated surplus against contingent liability for freight claims,$13,279:
x Includes First Lien & Impt. 5% Mtge. and U. S.
notes
Govt. certificates of reserve invested in insurance fund, $65,486; and other reserves, $21.823;
cates
sented in part by U. B. Govt. treasury 1639.
2028, 1759,
-v. 116, p. 1532, 515.
-V. 116. p.
indebtedness.




MAY 19 1923.)

THE CHRONICLE

Atlantic Coast Line Railroad.
(89th Annual Report-Year Ended Dec. 31 1922.)
The text of the report, signed by President J. R. Kenly
and Chairman H. Walters, will be found on subsequent pages
of this issue.
STATISTICS FOR CALENDAR YEARS.
•
1922.
1921.
1920.
1919.
Average miles operated_
4,852
4.893
4,889
4,868
Passengers carried _ _-- 6,350,662
6.840.116
9,993,107 10,866.367
Pass. carried one mile__ -460.796.676 481,453,142 638,557.646 668,053.693
Freight carried (tons)__.. 16,437,958 13,180,114 17,324,916 15.950.308
Tons carried one mile_ _3031173,450 2479340,135 3290282,723 3137925,484
Commodities Carried
Agricultural
2,370.354
2,255,275
2,339,316
2,341.808
Animals
172.089
150,568157,296.
Mines
3.975,506
3.143,930
4,526.877
3,451,399
Forests
5,224,562
3,764,980
4,507.861
4.617,653
Manufactures
3,065,706
2,341,0183,777,363442,315
Miscellaneous
16.437,958 13,180.114 17,324,916
1,914.879
INCOME ACCOUNT FOR CALENDAR YEARS.
-Corporate
-combine
Operating Revenues1922.
1921.
x1920.
x1919.
Freight
$48.857,558 $44,556,741 $48,193,387 $40,842.112
Passengers
15.871,367 16.787,056 19,138,399 18,448,229
Mail
1.382,956
1,355,221
2,578,458
766.989
Express
2.581,626
1,798,368
1,935,415
1,805,361
Other transportation_ _ _
67.1,796
734,758
753,252
466.316
Incidental
1,456,041
1.498,624
1.409,427
998.812
Joint facility-net
113.618
231.196
Railway oper. revenue$70,823.345 $66,730,768 $74,121.956 $63,559,015
Maint, of way & struc- $8,434,956 $9,859,445 $12.306.513 $9.488,092
Maint. of equipment__ 14,297.181 15,234,782 17,025.590 13.851.670
Traffic
1,276,123
1,161.024
1.018.168
775.813
Transportation
26,018,260 29,703,406 36,366.143 27.702,731
Miscellaneous operations
367.961
386,319
471,090
351,567
General
1,638,967
1.660.858
1.756.228 1,330,03$
Operating expenses_ --$52,033.448 $58,005,833 $68,943,732 $53,499,911
Net from railway oper--$18,789,897 $8,724,935 $5,178,224 $10.059,104
Tax accruals
4.275,000
3,075.000
3.225,000 2.510.000
Uncollectibles
69.650
78.004
81,873
19,548
Railway oper. income_ _ 414,433,024 $5,580,285 $1,875,219 $7,529,556
Equipment rents, net--1 $321,015
$319,728
Joint facility rents, net_ -I
See below
56,840
73.934
Miscell. income, net-..-Cr.82.299
Net income
$1,497.364 $7,218,193
x Disregarding Government guaranty or compensation.
INCOME AND PROFIT AND LOSS ACCOUNT YEARS ENDED DEC.31.
1922.
1921.
1921.
1922.
$
Inc. appl. to sink.,
Total oper. nc.(aa
above)
14,433.024 5,580,285
&c., funds
23,870
21,877
per.
Inc. appr. for Inv.
Non-oPer Inc.Hire of equip__
Cr.86.250
In phys. prop'ty 144,124
141.004
Jt. Moil. rent Inc
265,922
271,907
Dividend income 3,221,772 2,754.425 'D. to P. & L..11,438.073 1.625,694
Inc. from funded
Credit bal. Jan. 1_48,704,648 47,320.126
sec. & accts.__ 638,425
682,693 Oper. rev, prior to
Inc. Zr. fund. sees_ 379,475
413,159 Jan. 1 i918,_
54,549
Misc. & other inc.. 316.024
300.926 Rail replacement
res. prior to June
Gross income_ _19,340,892 10,003,395 301914
971,099
Deduct
Miscell. credits..
306,294 4,112,785
Rent for leased rds.
45.276
44,276
Hire of equipment
Dr.466,560
Total surplus_ _ _60,449,015 54.084.253
Joint facility rents 368,828
346,065 Pref. divs. (5%)__
9,835
9 835
.
Miscell. rents.,,, 188,665
121.190 Corn.diva.(7%).- 4,801,034 4,801.034
Int. on unfd. debt_
16,653
88.826 Sure. approp. for
Int.on fund.debt_ x6,012,237 a6,042,237
61.772
95.685
phys. property_
ez divs. on
Debt disc't exting.
equip. tr. notes,
208,234
through surplus_
&c
607,422
633.940 Loss on ret'd road
Int.on 10-yr. notes 420,000
14,931
420,000
& equipment....
Miscellaneous_
298,727
86,744
47,737
49,733 Miscell.debits_ _ _
I.
Net for year, _11,604,074 1,790,569
Bal.Cr. Dec.31_55.440,787 48,704,648
x Does not include interest on company's bonds held in treasury.
GENERAL BALANCE SHEET DECEMBER 31.
1922.
1921.
1922.
1921.
Assets$
$
Road & equIp_207,599,639 205,157,103 Common stock_ 67,586,200 67,666,200
Impts. on leased
Class -A" Rich.
property
72,864
& P RR. stk.. 1,000,000 1,000,000
70,234
Deposits In lieu
196,700
Preferred stock_
196,700
of mtged. prop
5,657
rrem.on cap.stk 4,829,443 4.829.442
Misc. phys. prop 1,397,568 1,272,848 Eq. tr. obliges. 9,728.900 10.454,200
Inv.In MM.cos.:
Mtge. bonds_ _ _102,124,000 102,124.000
Stock
57,712,801 57,624,511 Coll. tr. bonds__ 41,000.000 41,000,000
Bonds
4,758,106 4,745.606 income bonds__
15.000
15,000
Notes
3,866,037 5,171,076 Miscellaneous _ _ 4,579,930 4.579.930
Advances1.065.844 1,071.545
& bills pay_
170.000
Other invest'ts. 3,301,065 3,354.630 'Yoffie, Jtc., bal. 1,146,834 1,036,375
Cash
23,426.495 14,022,408 Acc'ts & wages_ 4,164,342 4,009.025
Cash for dies.,
Misc. mole pay.
624.368
448,318
int., &c
1,155.546 1,170,074 int. matured_
473,555
461,871
Bds.to sec:leases
15,225
15,226 Olvs. matured__
5,850
5.850
Loans &1311Ls rec.
4,918
105,802 eund. dt. mord
6,000
3,000
Traffic, &c., bal. 2,480,287 2,334,045 Jnmat'd diva__ 2,400,517 2.400,517
Bal.fr.agts.,&c.
696,481
789,981 Jnmat.int., &c.
1,514,617
MIsc,accts. rec.. 2.058,359 2,578,155 Set bal. due U. 1,494,797
Matls & suppl's 6,178.498 7,454,611
S. Govt_____
125,222
30,830
Int.& div. rec'd. 1,576.605 1,612,609 Deterred liab___
401.799
371,029
Other assets._ _ _
107,125
130,435 Tax liability.,. 2,713,879 1,456,905
Bal. due from
531,115
Ins. & cas. res__
554.551
U.S. Govt
3,744,872 3,744,872 Oper. reserves__
937,131
720,408
Work,fund adv.
22,096
28,304 Accr'd deprec.,
Ins. & 0th. fds
406,018
384,151
road & equip_ 16,879,713 16,158.104
Unadj. debits
386,690
736,505 Oth.unadj.cred. 2,839.933 2,172,445
Corp. surplusAdd's to prop.
through inc.
& surplus__ 1,302,163 1,062,509
Profit &loss__ 55,440,787 48,704,648

2249

On Oct 18 1922 Virginian Terminal Ky. issued and delivered to the company $909,000 1st M.50-Year 5s for application at par upon the indebtedness of the Terminal Co. to this company for advances for additions,
betterments and construction.
Dividends.
-During the year there was paid on account of accumulated
dividends on $27.955.000 Pref. stock 834%. or $8 25 per share, reducing
the unpaid accumulated dividends thereon as of Aug. 1 192 to $30 per
Share, which amount was canceled by agreement with all the holders of
Pref. stock and in consideration thereof the rate of dividend was increased
to 6% per ann.. cumulative from that date. (V. 115. p. 184. 1101.)
Lease.
-On Sept. 1 1922 company, with the approval of the I.
-S. C.Commission, entered into a 999
-year lease of the property of the Virginian &
Western Ky.(V. 115, p. 870, 989.)
Strikes.
-On April 1 1922 a strike of the coal miners in the union fields
was called and generally responded to, which extended to Aug. 15 1922.
This strike affected the mining operations on your line at Eccles and west
thereof, but the decrease in tonnage suffered by these mines was more than
offset by increased production in the others, so that your company's operation was not adversely affected by this strike.
On July 1 1922 a general strike of the Federated Shop Crafts was called,
affecting approximately the entire railroad mileage of the U. S. Of the
1,159 mechanical and electrical men employed who were members of the
Federated Shop Crafts, 1.132 went out in response to this strike call, and
therefore the operation of the property was seriously interfered with. The
strike continued for 6 months, but through the personal efforts of the officers
and of other employees the operation was continued and on Jan. 1 1923 a
normal shop force, not identified with the Federated Shop Crafts, was at
work. While the strike has not yet been officially called off, the condition
of the mechanical department is fast approaching its former efficiency.
Rates.
-By order of the I.
-S. C. Commission, effective July 1 1922, a
horizontal reduction of 10% was made in the freight rates on our line, which
applied to the freight moved within the last 6 months of that year, causing
a reduction of $833,871 in earnings of the company.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1921.
1920.
1919.
1922.
523
mileage
526
523
Average
530
7,784,517
5,983,824
Tons (revenue) carried_ - 7,397,025 6,376,648
1.000 tons carried 1 mile 2,531,936
2,308,050 '2,848,422
2,114,771
0.486 cts
Rate per ton per mile,- .0670 cts. 0.679 cts. 0.553 cts
1.226.141
1.121,661
Passengers carried
1,117.341
1.255.608
Passengers carried 1 mile 24,424.488 28,099.539 28.627.794 25,283,393
2.86 cts
Rate per pass, per mile3.39 cts.
3.40 cts.
3.09 cts.
Oper. rev, per mile
$34,261
823.093
$35,861
$34.683

The usual income account was published in V.116, p. 2002.
BALANCE SHEET DECEMBER 31.
1922.
1921.
1922.
AssetsLiabilities$
$
IS
Prop'y investl.x105,898,412 105,612,724 Common stock_ 31.271,600
Inv.In MM.cos_ 9.102702 7,404,298 Preferred sto,4c_ 27,955.000
520,500
314,500 Long term debt_ 40,157,100
Other investm'ts
Cash
2,215,436 1,973,669 Traffic,&c.,bal.
116.641
Misc. acc'ts rec.
259,834
395,802 Acc'ts & wages_ 1,670,124
U.S.ctfs. of Ind.
1,150,000 Misc.acc'ts pay.
6,556
Int. & diva. rec_
68,561
40,359 Other curr. dab_
14,458
Misc.phys.prop.
1.100
6,110 Interest accrued
416,050
Deposits
4,750
26,000 Rents acced.&c.
38,408
Spedal deposit_
5
5 U. S. Govt. de293,282
146,918
'Craftlc,&c.,bal.
ferred liabil's_
390
289,730
314,913 Other deferred
Bal, from agents
2,282,058 2,925,520
Materials, &e
liabl'ities ___
15,604
211,184
76,266 Unadi'd credits_ 1,110,619
Other curr.assTs
Add'ns through
U. S. Govt. de351
716
617.691
surplus
ferred assets
188,610
18,845,394
55,680 Profit and IOW
0th. def'd assets
898.663
982,845
Unadjus'd debits

1921.
$
31,271,500
27.955.000
40,785,80C
118,132
1,626.802
5.658
15,884
426.850
30,833
25,199
9.381
1,151,799
586.401
17,416,721

122,235,544 121,425,960
122,235,544 121,425,960 Total
Total
x Includes investment in road and equip.: Cost of road, $85.973.124.
less $732,295 for depreciation reserve, $85.240,829; equip., $23.767,372.
less $3,109,788 depreciation reserve, $20.657,582.-V. 116. p.2008. 2002.

Toledo St. Louis & Western Railroad Co.
-Year ended Dec. 31 1922.)
(Annual Report
The final report of Walter L. Ross, receiver, dated Toledo,
Ohio, March 15, says in brief:

-Investment in road increased from
Investments in Road & Equipment.
$35.607,002 to $36,969,063, or an increase of $1.382,061. Investment
in equipment increased from $3,987,502 to $5,623,850, or an increase of
$1,636,348.
New equipment purchased, $2,916,541: A & 13 to equipment. $102.842:
retirements. $1,383.035.
-Dividends received on Detroit & Toledo Shore Line
Dividend Income.
stock for the past 8 years amounted to $675,090.
Government Compensation.
-The tentative compensation of the road fixed
by the U. S. RR. Administration was originally certified as $994,294.
but by appeal to Court of Claims this amount was increased to $1,113,486,
an increase of $119,192. Claim for under-maintenance of the roadway and
equipment during the period of Federal control is still pending before the
U. S. RR. Administration and it is hoped that a compromise settlement
will be reached shortly.
Settlement of the so-called 6 months' guaranty period is also pending
before the I.
-S. C. Commission for which claim has been filed for approximately $238,000.
Settlement of Litigation.
-In Dec. 1921 an agreement was reached between
the stockholders and bondholders committee representing the $11,527,000
Collateral Trust bonds issued to acquire control of the stock of the Chicago
& Alton RR., whereby the stockholders of the Toledo Co. were freed
from this large obligation, including interest charges which had accrued to
the amount of $4,668.435, upon payment of $1,130,000 in cash to the
bondholders, also legal and other legitimate expenses in connection with
the litigation of $1,600,000, and the stockholders agreed to relinquish all
claim to the stock of the Chicago & Alton RR. and also contributed 10%
of their holdings of Toledo St. Louis & Western stock toward the settlement.
(Compare V. 113, p. 1984.2081; V. 114. p. 3074
Taking into consideration the magnitude of the amount involved and
the possibility of an adverse decision had the case not been settled out of
court, it is believed that a remarkably advantageous settlement has been
reached.
Traffic.
-The volume of traffic has increased very largely and greater
efficiency in operation has been accomplished in all departments and the
property as a whole including roadway, track, buildings and equipment
is being maintained at a much higher standard than heretofore.
Increase in Earnings.-During the year ending June 30 1914, prior to
the appointment of a receiver, the gross earnings were $4,588,120. During
Total
322,038,796 313,575,661
Total
322,038,796 313.575.661 the year ending Dec. 31 1922, the last year of the receivership, the gross
earnings were $11,542,343, an increase in gross earnings of $6,954.222.
-V.116, p.821.
The physical condition a the property, when returned to the company
(midnight Dec. 31 1922, when the receiver was discharged by the Federal
Virginian Railway Co.
Court
-V. 116. p. 78) was in every respect in very much better condition
(13th Annual Report
-Year Ended Dec. 31 1922.)
than at any time in the history of the road.
[Since
President Clarence W. Huntington, New York, April 16 Preferredthe close of the year the company has resumed dividends on the
stock and declared an initial dividend on the Common stock
1923, reports in substance:
(V. 116, p. 78). On March 16 1923 the stockholders approved the conAccounts with Govt.
-No settlement has yet been reached with the U. S. solidation of the properties with the New York Chicago & St. Louis RR..
Govt. on account of the claim filed on behalf of the company for guaranteed per plan in V. 116, p. 721. The consolidation now awaits the approval
of the I.
-S. C. Commission.]
railway operating income for the 6 months ended Aug. 31 1920.
Valuation.
-The tentative valuation of the property and of the property
The usual income account was published in V.116, p. 2007.
of Virginian Terminal Ky. l$55,862,6221, made by the I.
C. Commission
-S.
as of June 30 1916 and dated May 15 1922, was served on May 22 1922.
TRAFFIC STATISTICS (MILES OPERATED, 455).
The tentative valuation not only omitted many items representing a large
Operations1919.
1920.
1922.
1921.
aggregate amount, which we believe should properly be included in the Passengers carried
295,166
319,619
250,671
230,017
valuation, but also in our judgment undervalued many of the items which Pass. carried one
675 15.347.648 18,447,764
were reported, and on June 24 1922 a protest against the tentative valuation Earns, per pass. mile__ - 12.428,952
2.5 cts.
mile
3.047cts. 3.004 eta.
2.900 cts. 11.989.
the I.
-S. 0. Commission.
was duly filed with
$1.02
earns,
$1.21
$0.96
$0.94
Funded Debt.-Durtng the year $16,000 Virginian Limestone Corp. 1st Pass,rev, per tr. mile_
4.128,391
5.082,141
M. 5s were redeemed through sinking fund, leaving $234,000 bonds on Tons fgt. freight carried 4.524 787 3 408 919
Tons
carried 1 mile_1147225,000 808,47000 1261496,000 896.804.000
hand at Dec. 31 1922.
0.8 cts.
0.8 eta.
1.08 cts.
0.931 cts.
During the year there were taken down and are now held in the treasury Earns. per ton per mile
$4.31
$4.65
$5.04
$4.94
$1.590,000 additional 1st M. 58, which were to reimburse the treasury in Freight earns, per tr. in.
548.55
Average tons per tr. mile
570.97
497.72
552.59
part for expenditures already made upon additions, improvements, &c.
818,204
$25,890
Gross earnings per mile_
$20,926
$25,414




[VOL.

THE CHRONICLE

2250
GENERAL
1922.

BALANCE SHEET DEC. 31.
1921.

Assets
Inv.In rd. & equtp42,592,913 42,124,917
10,183
Misc. phys. prop__
225
Inv.instill, cos_ _ _ 1,234,401 12,768,853
274,510
Other investments
1,500
Cash
3.302,824 1.955,897
756,338
Special deposits._ _ 343,451
30,000
L'as & bills reedy.
15,000
Traffic & car serv.
651,149
balances recess_ 879,189
Net balance recelv.
117,497
fr. agts. cond. 135,095
235,938
Miscell. accts. rec. 248,666
,
Mat'l & supplies._ 662,082
48,175
Int.&(Sys.reedy38,653
217,666
0th. current assets 345,351
Other def. assets_ _ 4,630,317 3,501,894
1,425
1,425
Wkg. Id. advances
1,549,446
TJ. S. RR. Adm__ _
Rents & ins. prem.
2,841
paid
0th. unadj. debits 447,692 2,225,550

Total
54,878.784 67,155,451
-V. 116, p. 2007, 1277.

development of prospective producing areas in several foreign countries.
Substantial progress has been made and the results, there is reason to
believe, will be, on the whole, satisfactory.
Liabilities
During the latter part of the year a number of executives of the company
Common stock... 9,995,430 9,995,000
were occupied by appearances as witnesses before a sub-committee of the
Preferred stock.. _ 9,957,340 9,952,600
into the
17,745,400 17,870,200 United States Senate, appointed to make certain investigations for that
Funded debt
260,000 petroleum industry, and the company was required to prepare
Loans & bills pay_ 260,000
body a very considerable volume of statistical data covering almost every
294,521
Trat& car serv.paY 369,048
phase of the company's domestic and foreign business. (V. 115, p. 2790.)
Aud.accts & wages
The report of the sub-committee has since been made public and as it
775,367 1.763,717
payable
includes certain charges against the company, a statement of the company's
288,476
Miscel. accts. pay. 1,221,757
is contained in the
188,288 position on these and other matters has been made and a copy of which is
180,990
Int. mat. unpaid
publication "The Lamp,"
11,527,000 May issue of the company's 39,384 holders of Preferred stock and 22,106
Fd.St. mat.=pd.
of the
145,332 being mailed to eachstock.
Unmat. int. mooed 158,420
63,475 holders of Common
0th. curr. liabilit's 152,360
2,059,137
Mat.int. deferred.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
0th. del. liabilities 4,601,700 4,618,804
1919.
1920.
1922.
1921.
548,794
380,290
Tax liability
63,275
51.076
Ins. As casualty res
x328,286,827 443,444.110 631,127,316 435,686.851
Sales
290,847
1,498,831
1,663,139
8,360,933
Aeon dep.-equip 1,234,908 1,108,555 Miscellaneous income_
Rec. T. St. L. &
x328,286,827 451,805,043 632.790,455 437,105,682
earnings
Gross
2,192,164
West. RR. Co
17,727 Costs & open charges -305,792,577 469,300.449 572,387,286 401,456.799
U.8.Govt mar tax
1,877.914
1,866,301
862,718 2,351,664
90,434 General taxes
0th. unadl. credits 504,007
11,407.025 8,083,253 6.082,464 3,821,786
Depreciation
Addlis to prop thru
7,772,530 9,461.108
inc. & surplus__
17,222
17,155 General expenses
Res. for guar. adv.
2,451.976df37,391,431 52,454,403 29,949,183
Net income
132,252
to T. Term. RR
93,800
Profit & loss-bat. 6,998,887 3,848,401 Inc. from other sources:
Interest, $4,709,071;
misc., $5,695,013- 10,404,084 43.152,924 26,906,361 15,607,029
Total
54,878,784 67,155,451
1922.

1921.

•

International Cement Corporation.
(4th Annual Report
-Year ended Dec. 31 1922.)
The report of President Holger Struckmann, together
with the comparative income account and balance sheet, will
be found on subsequent pages.
-V. 116, p. 1419, 1283.
Westinghouse Electric & Manufacturing Co.
(Annual Report
-Year Ended Mar. 31 1923.)
CONSOLIDATED RESULTS FOR YEARS ENDING MARCH 31.
[Including Proprietary Companies.]
1919-20.
1921-22.
1920-21.
1922-23.
$
Sales billed
125,166,115 99,722,026 150,980,106 136.052.092
aCost ofsales
111.648,077 93.461.846 138,774,084 120,972.262
Net mfg. profit
• 13,518.039
Interest and discount_ _ _
599,181
Int.and div. received.._
650,665
Miscellaneous

6,260.180 12.206,021 15,079,830
464,574
1,831,079 a3,078,735
1,004,752
600.728
842.730
252.008

Total income
14,767,884 8,933,989 15,885,486 16,801,164
Deductions from IncomeInt.on bonds and debs- _ I 2,504,399 3.096,600 2,764,648 J
384,279
Int. on notes payable__ _
' 895,616
Miscellaneous Interest..
314,932
503,302
Miscellaneous (net)
48,529
Preferred dividends__ (8%0)319,896 (8)319.896 (8)319,896 (8)319,896
Common dividends__-§%)5,665.003(8)5.664.999(8)5.664,998(8)5,665,003
(
Total deductions
8,537,827 9.081.495 9,252,844 7,579,722
Balance, surplus
6,230,058 def.147,506 6,632,642 9,221,442
Previous surplus
42,324,085 42,265,280 43.435,763 35,947.732
Exp.re-issue of 10-yr.bds
2,803,125
Contingency reserve_ _ _ _
5,000,000
Adjustments, &c
Cr.206,311
1,733,411
Profit and loss,surplus 48,554,143 42.324,085 42,265,280 43,435,763
a Includes factory cost, embracing all expenditures for patterns, dies.
new small tools and other betterments and extensions, depreciations of
property and plant. inventory adjustments and depreciation and all selling,
administration, general and development expenses, and all taxes.
CONSOLIDATED BALANCE SHEET MARCH 31.
1923.
1922.
1923.
1922.
Liabilities-Assets
$
Property & plant _50,055,473 47,942,797 Preferred stock... 3,998,700 3,998,700
16,174,488 17,029,221 Common stock_._ 70,813,950 70,813,950
Investments
50,800 7,886,309 Fund. debt (WestU. S. securities...
7,797,890 9,966,631 ing. Mach. Co.) 6,179,000 6,169,000
Cash
7% gold bonds__ _30,000,000 30,000,000
Cash for redemp.
5% bonds
certifs., bonds,
68,000
80,000
Acc'ts payable_ _ _. 8,221,044 4,382,569
notes & for int.
64,492 Int., taxes, &c.,
60,633
and dividends_ _
accr., not due 4.518,763 2,082,163
Notes receivable 6,808.497 5,660,841
Acc'ts receivable_ _23,204,843 18.146,790 Dividends accrued 1,496,253 1,496,253
x68,971,104 55,027,059 Adv. pay,on cont. 2,160,333 1,817,145
Inventories
Pat. chart & franch 4,494,402 4,482,551 Mat. bds., coup'ns
863,195 & dividends_ _ _ _
Ins.,tax.,&c..prpd. 1,080,444
60,633
64,491
Sub. to secur
150,000 1,557,500
Reserve
2,477,737 2.234,030
Profit and lo.. _48,554,142 42,324,085
Total
178,698.554167,069,886
178,698,554167,069,886
-V. 116, p. 2020, 1773.
x Valued at cost or market values.

Total

Standard Oil Co.(New Jersey).
Chairman A. C. Bedford, New York, May 15, writes
in brief:
In the year 1921 the production of crude petroleum increased more rapidly
than the consumption of finished products and this condition continued
throughout the past year. The United States Geological Survey and the
Bureau of Mines report an increase in net stocks of crude from 172,083,000
barrels to 248,413,000 barrels and an increase in stocks of gasoline from
586,087,000 gallons to 883,792,000 gallons between Dec. 31 1921 and
Dec. 31 1922.
While throughout the year an active demand for petroleum products
obtained, this accumulation adversely affected refinery earnings, as the
trend of prices of these products was towards levels relatively lower than the
price of crude. More recent history proves that the cycle of surplus production is not yet past, but if precedent is to be followed, it will, in due
course, stimulate a corresponding consumption of all petroleum products
and the establishment of such approach to equilibrium as can be attained
In an industry subject to unusually wide variations of underlying conditions.
In the letter of May 15 1922 (V. 114, p. 2237) the shareholders were advised that with its then increased facilities the company was in a position to
secure its full share of any recovery which might occur in general business.
This general recovery failed to gain impetus until the latter part of 1922 and
was only wholly in evidence after the close of the year. During that period,
however, the company experienced a substantial increase in its volume of
business and in spite of a lower range of prices for finished products, its
aggregate earnings were in excess of those of the year 1921.
-It Is to be noted that in the preparation of the consolidated income account for the year 1922 interdepartmental transactions have been eliminated.
The total earnings of the company in the year 1922, after deducting Federal
taxes. were $46,242,436, the gross assets taken at book value amounted to
0
31,123,760,89 .and the surplus at the end of the year was $209,140,608.
The company's facilities, both in the United States and abroad, have been
maintained upon an efficient basis. The fleet Is fully employed and it has
additional tonnage to transport the very
been found necessary to charter
to
considerable volume of crude which is required a be moved at the present
insure
continuity of petroleum
time. In pursuance of its policy to has continued the exploration and
long future, the company
reserves for the




12,856.060 5,761,493 79,360,764 45,556,212
Gross income
Divs, from other than
1,742,504 2,400,464 2,918,737
31,680
affiliated cos
4,967,821
AdJ.ofearns. prior year _
Proportion of earnings of
attn.cos. aft. Fed.tax. 33,354,695 26,341,932 104,302,813 43,510,735
46,242,436 33,845,929 191,031.862 91,985,684
Total income
14,000,000
Taxes paid (estimated).
14,106,843
Reserve for Fed. taxes_ 12,463,611
(affil. cos.)__
do
1,550,899
Prof. dive.(7% per ann.) 13,855,205 13,767,362 10,036,115
Common diva.(20%) -- 19,842,485 19,701,910 19,667,660 19,667,660
376,657 134,757,633 56,767,125
12,544,746
Balance, surplus
:
4 925 5 0
7 529:70 594,148,903 499.084,275 464,204,726
62
Previous surplus
Stk. div. on corn.(400%)3599
Profit & loss surplus
incl.res.for annuities209,140,608 594.525,562 594,148,903 499,084,275
x Gross income from operations with all departmental transactions diminated
CONSOLIDATED BALANCE SHEET DEC. 31.
1921.
1922.
Assets$
•$
Real estate, plant and equipment:
11,301,858
12,709.676
Refinery: real estate
91,835,375
102.449.669
Plant and equipment
5,515.839
2.523.276
Incomplete construction
205,821
249,901
Furniture and fixtures
2,289,019
2,446,896
Marketing: Real estate
6,381,862.
7,377,081
Plant and equipment
2,609,317
2.655,971
Incomplete construction
181,666
201,080
Furniture and fixtures
Total
Less reserve for plant depreciation
Total real estate and plant
Floating equipment, after reserve for depreciation ($11,206,469 in 1922)
Stable and motor equipment
Loan delivery equipment
Iron barrels, cans, &c
Furniture and fixtures, general office
Misellaneous equipment
Real estate, plant & equip. of affiliated cos__
Stock investments in other than affiliated cos_
U. S. and foreign Govt. bonds and other marketable investments
Concessions, patents. &c
Office building. Baltimore, Md
Stocks owned by affiliated companies
U. S. and foreign Govt. bonds and other marketable investments owned by affiliated cos_
Inventories of merchandise (at cost or less)
Standard 011 Co.(N. J.)
Affiliated companies
Accounts receivable: Standard 011 Co.(N. J.)_
Affiliated companies
Cash: Standard Oil Co.(N. J.)
Affiliated companies
Total assets
Liabilities
Capital stock: Preferred

130,613,550
43,572,221

120,320,757
38,016.591

87,041.329

82,304,166

51,692,357
2,023,810
3,645,928
480,553
205,169
24.345
296,868,341
33,846,178

61.958,852
2,343,588
2,749,027
647,113
194.917
1.091.737
280.279,932
28,119,655

38,351.021
1,608,271
1,995,864
41,640,072

43,569,062
4,303,204
• 1.507,698
40,369,839

17,336,487

13,388.094

94.889,447
168,310,576
181,408,011
87,813,982
7,480,812
7,098,338

101.561,254
158,836,055
186,497,699
93,350,318
3.789,427
9,078,348

1.123,760.890 1,115,939,977

199,972,900 196,676,600
98,879,325
498,587,125
73,230,839
ayable:
64,061.466
Accounts payable: Standard Oil Co.(N. J.)
companies
141,550,770 144,160,413
Affv iate
Reseriled fgr
Standard Oil Co.(N J.)_ _
tandard
4,378,093
4,378,093
.
1,510,482
2,816,782
Affiliated companies
2,578,663
3,253,146
Marine insurance reserves
387,629,294
Surplus: Standard Oil(N.J.)
} 206,168,996J :204,392.338
Add value of affiliated companies
2,503.930
2,971,613
Reserve for annuities
1,123,760,890 1,115,939,977
Total liabilities
Value of affiliated companies, $449,631,681, less value at which same
x
are carried on books of Standard 011 Co.(N. J.). 3245,239,343.-V. 116.
P. 1772, 1542.

(The) United Gas Improvement Co., Philadelphia.
(4181 Annual Report-Fiscal Year ended Dec. 31 1922.)
President Samuel T. Bodine reports in substance:
-During the year 1922 several of the companies in
Custom Ownership, &c.
which the company is a shareholder, inaugurated the sale of Capital stock to
The most notable casts were those of the Public Service
their customers.
Corp. of New Jersey, whose securities and those of its underlying companies
are now held by upwards of 60,000 individual owners; the Counties Gas &
Electric Co., operating in Norristown and adjacent territory ; the Connecticut Light & Power Co.; New Gas Light Co. of Janesville, Wis., and the Des
Moines (Iowa) Gas Co.
The success of these campaigns warrants the broadening of the field of similar operations, and at this time general reorganizations of financial situations
have in some cases been effected and in others are under way by several other
companies in which the company is a shareholder, looking to customer-stocksale for the funds necessary to provide facilities to meet the rapidly growing
demands from present and prospective customers for increased service. This
applies to both gas and electric service.
Public Service Electric Co. is installing 3 new generating units of 47,000
h.p. each, and one of 17,000 h.p., making a total of 158,000 h.p.
Public Service Electric Power Co -In addition to the above arrangments
have just been consummated for the organization and financing of Public Service Electric Power Co., and the construction by that company, near Newark,
N. J. of a modern steam electric power plant, with an initial capacity of
200,000 h.p., with sufficient land to care for an ultimate capacity of 400,000
h.!). (see V. 116, 1770, 1659).

MAY 19 1923.]

THE CHRONICLE

2251

Operating Rerenue.-Operating revenue for 11 months was $2,333,533.
The Public Service Gas Co., which during 1922 laid 121 miles of mains
and installed 18,550 services, has purchased 48 acres of land as a site for ex- compared with 32,156,663 for similar period in the previous year, an increase of $176,870, or 8.20%.
tensions of its manufacturing and holder plants.
Freight Traffic.
-1he freight revenue for the 11 months was $1,743.059,
Connecticut Light & Power Co. is building a tidewater steam electric generating station at Devon, Conn., which will have an initial installation of 3 compared with $1,468,781 for corresponding period in previous year. an
units of an aggregate capacity of 100,000 h.p., thus more than doubling the Increase of $274,278. or 18.67%.
The tons of revenue freight carried were 1,054,823, as compared with
present plant capacity. This company has already contracted for the sale
780,151 during similar period in previous year, an increase of 274,672 tons,
and delivery of a large amount of the power of this new station.
increased from or 35.21%.
Georgia Railway & Power Co.'s electrical energy output
The number of revenue tons of freight carried one mile was 112,750.537
100,479,902 k.w. hours in 1913 to 317,068,699 k.w. hours in 1922. That
during tne
company is pressing with all possible speed the development of other water 964,411. or11 months in 1922 and 77,786,126 in 1921, an increase of 34,,
44.95%. The average distance hauled per ton per mile was
power which it owns.
106.89 in 1922,
compared with 99.71 in 1921, an increase
Counties Gas & Electric Co. is having constructed on Barbadoes Island, in Average receipts as ton per mile were 1.546 cents, as compared of 7.20_s_7.
per
with 1.888
the Schuylkill River, opposite Norristown, an electric plant of 67,000 h.p. cents, a decrease of 18.11%.
capacity, is building a 5,000,000 Cu. ft. gas holder at Conshohocken, and is
Passenger Traffic.
-The passenger revenue for the 11 months was $448.627
extending its electric lines and gas mains to care for the new business now in compared with $552.546 for the corresponding
period in the previous year,
sight (see V. 116, p. 2012).
a decrease of $103,919, or 18.815'.
Allentown-Bethlehem Gas Co. has contracted with the Bethlehem Steel Co.
The number of' passengers carried was 352,277. compared with 485,352
for coke oven gas and is building a 2,500,000 Cu. ft. holder and the necessary in similar period in previous year, a decrease of 133,075, or 27.42%. Paspurifiers and pipe lines to handle this gas.
sengers carried one mile were 12,191,899,
compared with 14,406,568, a
-The lessee as companies at Manchester and Con- decrease of 2,214,669, or 15.37%. The as
Lessee Gas Companies.
average distance traveled per
cord, N. II., in which the company is interested, have been consolidated with passenger was 34.61 miles, as compared with 29.68 miles in 1921. The
the lessor companies owning the properties, thus bringing important local in- revenue per passenger per mile for the 11 months ended Dec. 31 1922 was
terests into active participation in the management.
3.680 cents, compared with 3.835 cents for the same period in the previous
With the approval of the local shareholders and of the P. S. Commission of year. The revenue per passenger train mile was 31 56, as compare... with
New Hampshire, the U. G. I. Contracting Co. is building a vertical coal gas $1 50 in similar period during the year 1921.
plant for the Manchester (New Hampshire) Co.
Operating Expensrs.-Operating expenses for the 11 months compared
The business of the Sioux City Gas & Electric Co., consolidated in 1922 with same period in previous year decreased $371,412, or 16.58%. The
with that of the Sioux City Service Co.(V. 116, p. 2278).
expenditures for maintenance of way and structures decreased $139,623.
The growth of the gas and electric business of the Syracuse Lighting Co. or 27.87%. Maintenance of equipment decreased $120,309. or 26.25%.
Is also much above the average, as may be said of practically all the other Trafric expenses increased 89,565, or 17.74%. Transportation expenses
companies in which the company is a shareholder.
decreased $94,817, or 8.57%. General expenses decreased $25,666.
or 21.38%.
INCOME ACCOUNT FOR CALENDAR YEARS.
The operating ratio for the 11 months ended Dec. 31 1922 was 80.06%,
1921.
1922.
1920.
1919.
compared with 103.85% for similar period in 1921.
Regular sources
$7,767,382 $7,402,113 $6,382.298 $6,429.958
Additions and Betterments.
-Additions and betterments made during 11
Profitfrom sale ofsecurs.
746,474
months mounted to $586,395, of which amount $584,978 was expended
,-rit
a
Oinemv
oad.
Total income
$7.767.382 $7,402,113 $7.128,773 Sk• C1. •1 - F
4 4 a.1.°'
the -S. 0. Commi&sion for
1,093,440
Taxes, salaries, &c
1,224,640
1.303,550 1.353,597 loans aacial.-Company made application to wereI.
aggregating $1,500.000 Applications
approved by the ComCorn, on pref. stock_
305,150
mission and loans authorized to enable the company to provide itself with
mission
War chest contribution_
25i0uu equipment and other additions and betterments. Company gave its notes
344,219
723,594
Disc.& int.on gold notes
610,625
533.750 payable to the order of the'United States for $563,000 and $937,000 dated
Loss on operation of
July 1 1922 and Sept. 28 1922, respectively, maturing 10 years
Philadelphia Gas Wks.
895.682
2,736,847
2,605,571
732.271 and bearing hit. at 6% per annum, payable semi-annually. after date
Collateral
427.237
414,891
Preferred dividends__
86,263
security for the notes was deposited with the Secretary of the Treasury.
Common dividends--(4%)2,441,192(4)2.441,192(8)4,882,384(8)4,882,384
Equipment Trust.
-Equip. trust agreements were entered into June 1 1922
Balance,sur. or def_sur$2,565,603 def$139,051def$2664,771def$1097,044 and Sept. 1 1922 between J. C. Bradford, vendor American Trust Co.,
trustee, Nashville, Tenn., and this company, covering the terms and conBALANCE SHEET DEC. 31.
ditions of payment for 8 Mikado locomotives, 300 composite gondola coal
cars, 3 partitioned steel passenger cars, 3 straight passenger cars, 3 combi1921.
1922.
1922.
1921.
nation baggage and mail cars, 1 American locomotive type ditcher steam
$
Liabilities
$
Assets$
$
Common stock _ 61,029,800 61,029.800 operated and 2 air dump cars. aggregating $846.866. The trust agreements
Gas, elec., &c.,
property(cost) 70,547,139 70,186,016 Preferred stock_ 6,103,000 6,103,000 are each for a period of 10 years and are known as Tennessee Central Equip8% gold notes_
Inv.in Phil.lease
7.500,000 ment Trust. Series A and B.
The 8 Mikado locomotives were received in Aug. 1922 and one of the
excl.work.cap. 18,194,737 17,523,888 Sinking fund
Work. cap. Phil. 4,349,198 5,159,101
reserve
13,712,200 12,112,200 air dump cars in Oct. 1922; the balance of the equipment will be delivered
Res.for retireml
Accrued rents_ 1,503,350 1,456.621 during the early part of the year 1923.
of gold notes_
7,650,000 Taxes accrued
1,052,506
INCOME ACCOUNT 11 MONTHS,FEB. 1 1922 TO DEC. 311922.
Real ext.,Ph.,&c. 1,075,601
but not due__
341,564
279,179
6,356,102 4,176,757 Sundry accounts
Cash
69,714
440,939
Operating RevenuesNet revenue
$485,348
Lib. brit?. & Vic.
Sundry creditors
47:3,133 Freight
879,730
$1,743,059 Railway tax accruals
50,556
1,843,266
• notes
616,250 Uninvested
Passenger
448,627 Uncollectible railway revs_ _ _ _
3
Accts.&bille rec- 1,388,843 2,007,681
accretions_. _
23
_
646 Mail
50,860
Coupons& guar.
Undivided
Express
37,680
Railway operating income__ $414,789
532,562
div. accrued
831,548
profits
34,516,798 31,951,195 All other transportation
38,471 Non-operating income
94,144
23,789
Storeroom mall
93,150
Incidental
14,836
Sink. Id. scours. 13,712,200 12,112,200
Gross income
$438,578
Deductions
118.093,793 121,409,098
Total
118,093,703 121.409,098
Total
Hire of freight cars-Debit bal. $275,391
-V. 116. p. 1907, 1661.
Rent for leased roads
58,120
Total railway oper. revs__ _52,333,534 Miscellaneous, &c.,rents
9,993
Operating ExpensesTodd Shipyards Corporation.
Interest on funded debt
65,856
MaInt. of way & structures_ __ $361,275 Interest on unfunded debt_ _
6,749
Mahn. of equipment
338,060 Amort.of disc. on funded debt
(Annual Report-Fiscal Year ended March 31 1923.)
373
Traffic
63,482
CONSOLIDATED INCOME STATEMENT
-YEAR ENDED MARCH Transportation
1,011,682
Netincome
$22,095
General
31 (INCLUDING SUBSIDIARY COMPANIES).
94,360 Donations--Cr
1,735
Transportation for Inv.-Cr.
672
1921-22.
1922-23.
1920-21.
1919-20.
Net earnings from oper_ $1,422,606 $1,446.640 $7.359,444 $15,224,630
Total surplus
$23,830
Total debits
Deduct-Int. charges_ -.
5,374
105,319
118.571
120,041
227.164
Res. for depreciation_
589,212
907.682
1,311.779
1.087,366
Total railway oper. exp_ _$1,868,186
P.& L.surplus Dec.31 1922 $18,455
Res.for Peel. taxes. &c
2.791,594
6,690,382
Res. for contingenciee
550.000
Res. gainst accts. rec.
BALANCE SHEET DECEMBER 31 1922.
478,889
Loss on sale of securities
41,703
123,692
AssetsLiabilities
Adj. on over accruals..
Cr.602,165
Investments-Road
$1,301,439 Capital stock
$3,000,000
Dividends
($8)1,621.642($8)1649,129(11)1540,502(8 X)x794198
Equipment
718,196 First mortgage 65
1,500,000
General
65,344 Collat. trust 6% notes
1 500.000
Bal.to corn.stk. eqt_ _def$893,568df31.176,577 $1,553,825 $5,822,940 Impts.
on leased ry. property..
1,417 Notes
300,000
863 Loans and bills payable
7,101
x Includas approximately $50,000 paid to stockholders of the Todd Dry Miscellaneous physical property
Other investments-notes
300.000 Traffic & ear wry. bal. payable 208,129
Dock & Construction Corp.
Cash
175,8313 Audited accts. & wages payable 241,824
CONSOL. BAL. SHEET MARCH 31 FOR CORP. AND ITS SUBSID'S. Special deposit
814,439 Miscell. accounts payable
4,323
Traffic & car eery. bal. receiv__
Assets17,794 Unmatured interest accrued... _
18,000
1923.
1922.
Net bal. rec.from sets. & cond. 33,602 Unmatured rents accrued
Real estate, buildings, machinery & equipment,
30,000
Miscell. accounts receivable__ 108,105 Other current liabilities
$19.784.398; patents, patterns & drawings,
4.045
$111,815; less res. for deprec.. $8,522,428
378,899 Tax liability
43,983
$11,373,785 $11,317.388 Material and supplies
Other current
Cash
969 Accrued depreciation-equipm't 15,779
700,084
1.248.189 Working fund assets
advances
Accounts receivable, less reserves
1,102 Other unadjusted credits
56,759
4,185,220 4,853.153
Rents & insur.
Notes receivable
1.735
22,396
510,675 Discount on .prem. paid in adv. 1,000 Add'ns to prop.thr. inc.& surP.
capital stock
Mortgages receivable
3 000,000 Aprrop. sur
3,500
45,450
49,100
Discount on funded
Work in progress, less received on account
9,892 Profit and loss balance
18,455
936,630
917,407 Other unadjusted debt
Material and supplies
24,544
debits
1.971,127
1.629.714
Marketable securities, incl. Liberty bonds
5,638,995 8,295,872
Total
Deferred charges
$6.953,433
Total
$6,953,433
202,655
226,362 -V.
115, p. 1633.
Total
$25,076,342 $29,047,860
Liabilities
Stated capital and equity beginning year
Packard Motor Car Co. & Subsidiaries.
$18,825,637 $19.897.314
Deduct
-Net deduction from equity for year after
(Semi-Annual Report
paying dividends of $1,621,642
-6 Months Ended Feb. 28 1923.)
893,568
1,176,577
Capital stock, total equity at end of year, against
210,010 outstanding shares In 1923 and 209,552
In 1922, a
$17,932,068 $18,720,736
Funded debt Robins D.D.& Repair Co.lst 5s,'61
1,000.000
'Fiction & Lang Dry Dock Co. 1st 5s, 1936
802,000
Real estate mortgages
352.000
200,000
Accounts payable and accruals
1,064,441
1.020.382
Reserves for Federal taxes, &c
7.108.682
5,923,892

President Alvan Macaulay April 19 writes in brief:

The earnings for the six months ended Feb. 28 1923, amounting to
$4.435,559, are better than during any other like period in the company's
history.
The company's cash position at the close of the half year was very
cash in bank and U. S. Government and other marketable securitiesstrong,
aggregating something more than $16,500,000.
Factory inventory accounts are smaller than at the close of the last
fiscal year, despite the fact that we have largely increased our output and
Total
$25,076,342 $29.047,860 are now regularly shipping in excess of 2.000 vehicles Fier month, resulting
In a turnover of inventory of approximately 7 times during the year.
a Stock authorized and issued, 232,000 shares; in treasury, 21,990 shares;
The $10.000,000 10
-Year 8% Gold bonds issued in April 1921 had been
outstanding, 210,010 shares.
reduced at the end of the half
-year to $5,915,500. Company's position
Contingent Liability March 31 1923
-Notes receivable discounted, had become so excellent that the bonds were
redemption on
$111.838.
April 14 1923, and the company is now entirely called for liabilities other
free from
Note.-Markotable securities of a par value of $1,120,000 have been than those for
current purchases, pay-roll and accrued taxes. After prodeposited as security for Federal tax claim for abatement and $50,000 vision for the
of all the outstanding bonds, premium
with the State Workmen's Compensation Bureau.
-V. 116, p.2140.
thereon, the retirementhad in U. S. Government and other and interest
company
marketable
securities and cash, the sum of $13,758,950.
During the six months' period the Preferred stock outstanding has been
Tennessee Central Railway.
reduced through operation of the sinking fund, by 1113.600, and now
stands at $14,676,200.
-11 Months ended Dec. 311922.)
(1st Annual Report
Assets applicable to the
President W. H. Stanley, Nashville, Tenn., March 4, value of the Preferred stockPreferred stock aggregate 314 times the par
outstanding.
During the half year a stock dividend of 100% was declared, so that the
writes in brief:
Common stock now outstanding amounts to $23,770,200.
incorp. in Tennessee Jan. 26 1922. ComranY
The company was
The Common stock has a book value of approximately $13 a share, and
Purchased all the properties of the 1 ennessee Central RR., and possession of earnings available
for dividends thereon are at the rate of 30% per annum
ame was given at midnight Jan. 311922,
after Preferred dividends and provision for Federal income tax.




2252

THE CHRONICLE

The outlook for the last half of the fiscal year is very !mod. The demand
for the company's products is excellent and the factory is regularly meeting
its enlarged production program. It seems entirely reasonable to expect
that the last half of the year will be at least as profitable as the first half.
The comparative income account was nublished in V. 116. p. 1905.
PROPERTY ACCOUNT.
Branch
Total M Year
Total
Detroit
Properties. Feb. 28 '23. Aug. 31 '22.
Factory.
Plant & equip. Sept. 1_-$15.115,656 $5,889.548 $21,005,204 $21,596.535
Expenses during periods 1,216,674
1,192.414
dr.24,260
2,247,719
Less chg. off, depr., &c_ 1.350.087
1,442,068
91,981
2,839,050

[VOL. 116.

AtlanticFruit Company.
(Reportfor the Fiscal Year ending Dec.311922.)
President T. 0. Muller, New York, April 16 1923, reports
in substance:

Fruit Business.
-Fruit operations for the year show a profit of $665,699.
The year beg with ideal weather in the tropics for the growing of
-an
and the fruit for the first few months of the year was of very finebananas.
quality.
which enabled us to market it to advantage during the best market periods
of the year; but unfortunately a severe drought and heavy trade winds preveiled In the Island of Jamaica from May to the close of the year, and the
fall
Balance
$14,982,244 $5.773,306 $20,755,550 $21,005,204 also and winter fruit suffered considerably in quality and the quantity was
materially reduced. The effect of this drought will be,heavily felt in
the spring of 1923.
BALANCE SHEET.
Steamship Operations.
-During the year we operated a
Feb. 28'23. Auy.31'22.
29 owned
Feb. 28'23. Aug.31 '22.
and chartered steamships. Conditions in the steamshipfleet ofwere very
Assets$
trade
$
3
Property aecount_20,755,550 21,005,204 Preferred stock_ _ _14,676,200 14,789,800 much depressed and only with great difficulty and the closest economy were
we able to report a profit of $53,881 in this department, after charging to
Common stock _ _ _23,770,200 11,885,100
Rights, privileges,
1 10-year gold bonds 5.915,500 7,400,500 operations depreciation on steamers amounting to $291,569.
franchises, &c__
1
Cash In sinVg fund
100 Accounts Payable_ 835,116 3,204,695 of The steamships "Sagua" and "Tanamo" have been sold since the close
100
the year for $650,000 cash, which is $461.650 less than the amount at
Inventories
11,927,149 13,707,088 Accrued interest,
.1cc
1,941,614 1,273,558 which these vessels were carried on the books, and this latter amount will
Accts. rec. (net) 4,020,485 3,232,219
be written off in the accounts for 1923. We were not able to obtain profNotes & bills rec
1,237,192 1,399,876 Reserve for contingencies
924,347
Misc. investments 1,176,143
209,557
750,000 itable employment for these vessels and it was considered best to dispose of
U. S. securities_11.860,242 10,215,070 Surplus
7,969,583 17,004,438 them and to avail ourselves of the proceeds in extending our sugar cane
planting in Cuba.
Cash
3,552.689 5,149,272
As of the close of the year we finally wrote off
Total(each side)55,317,771 56.308,091
674,913
the advances of
Deferred charges
788,220
made through the Atlantic Nay gallon Co. towards the purchase $731,976
-V. 116, p. 1905, 1540.
boats from the U. S. Shipping Board in the early part of 1920. of 4 cargo
Sugar Development.
-Our Tanamo sugar mill and estate made 253,911
bags of sugar from the 1921-1922 crop, which, being the first grinding,
Shell Union Oil Corporation.
be considered a good performance. Low prices for sugar ruled duringmay
the
earlier and greater portion of the year, and the operations were necessarily
(Annual Report-Fiscal Year Ended Dec. 31 1922.)
expensive. The results showed a profit of $47.451. The planting of 3,300
President J. C. Van Eck, New York, May 2, wrote in sub.: additional acres of cane was started in the fall of 1922 and a similar area
Produrtion.-Production of crude oil of the Shell Co. of California and Is to be started in the fall of 1923, thus eventually considerably increasing
the available supply of cane, but the production this year will fall short of
the Roxana Petroleum Corp. was 20,465.000 barrels gross, or
lert-e-pay.
barrels net, which includes also company's share of Comar 01
Co.s prV....g.V11/14 of Operations.
-The results of operations for 1922 show a profit
duction, but excludes the Union Oil Co. of California's production.
g' of $573,741. The profit and loss account, however,
shows a deficit for the
the year 196 wells were brought Into production.
year of
On account of over-production in California 305 wells, capable of pro- unpaid, $2.260,897. This figure includes $1,582,956 of accrued interest
which will be canceled by the carrying out of the plan of readjustapproximately 16.000 barrels per day, on our fee properties in
ducing
ment of the debt and capitalization (V. 114. p. 2582). It also includes
Coalinga were shut in during.the second half of the year.
the
By the end of December our companies were operating 97 drilling crews. and Atlantic Navigation Co. Item of $731,976 written off as above stated.
sundry other direct charges to profit and loss. Relieved of all these
An exten
sive drilling program Is necessary in Southern California on
account of the Intensive drilling on properties adjoining our properties. charges, the operating profits for the year would have been more than sufThis also applies to some of the properties of the Rexene Petroleum Corp. ficient to meet the fixed interest charges called for under the readjustment
plan.
and Comer Oil Co.. where similar conditions exist.
Prospects.
-Our products being all of an agricultural nature and affected
The daily production of all properties on Jan. 1 1922 was 35,000 barrels
gross, while the daily production on Dec. 31 1922, for the combined com- by seasonal conditions, it is too early to estimate the present year's results.
Very little fruit will be produced on our own farms during the first 6 months
panies, was 69.000 barrels, excluding production shut in. The production of
the year. as the result of the drought above reported, which has also
since Dec. 31 1922 has materially increased.
-The refinery of the Shell Co. of California on San Francisco affected our cane production in some degree. Shipping conditions for the
Refineries.
first
Bay was considerably enlarged. On account of the very large increased due 3 months of the year have been disappointing. Rates are very low.
to the oversupply of tonnage in all our trades, and the outlook In this
production in the fields in Southern California, it was decided to construct
a refinery at Wilmington, near Los Angeles, having a capacity of 22.500 department for the remainder of the year is not encouraging.
barrels per day, which we expect to have In operation by the end of this year.
The usual income account was published in V. 116, p. 1764.
Company's refineries at the end of 1922 were treating approximately
CONSOLIDATED BALANCE SHEET DEC. 31.
60,000 barrels of crude daily, as compared with an intake capacity at the
1922.
beginning of 1922 of 50.000 barrels per day. New gasoline absorption
1921.
1921.
1922.
Assetsplants were constructed during the year in Oklahoma and California.
$
Lta7flides$
$
Company has a production of casinsghead gasoline from its subsidiary and Prop., land, fuze.,
Capital
.
fixtures, &c_ _ _ _32,548.086 32,842,791 8% 5 stock _ _ _ x11,788,701 14,105,940
affiliated companies of approximately 70.000 gallons daily.
-year convert.
Inv. in other cos..45,253
During the year the Roxana Petroleum Corp. erected a cracking plant
60,329
notes
5,937,890 5,500,000
at its St. Louis refinery, which is working satisfactorily and fully justifies Adv. on open voy7% cony.deb. bds.10,000,000 10,000,000
ages, &c
74,745
expectations.
85,135 Mtges. on land_
160,525
109,300
71a,nk lines owned and controlled totaled 804 miles at the end of 1922, Animals,livestock,
.
Acets pay., &c... _ 808,380 1,880,326
442,527
as compared with 751 miles at the beginning of 1922, their capacity being
670,488 Notes & loans pay. 9,209,102 8,511,527
Cash
912,288
approximately 50.000 barrels per day.
849,439 Salaries, wages de
A new pipeline system Is now under construction to connect the various Ace & bills rec _.. 658,695
511,907
15,321
taxes
43,330
holdings of the Shell Co. of California in Southern California with the Ins. & other claims 145,054
728,353 Interest due & ac16,118
refinery now under construction at Wilmington. The length of the pipeline Fruit,dm,in tran_
110,441
672,680
cruing
2,380,710
Mat'ls, supp., &c_ 1,112,273
will be 64 miles.
937,539 Due on foreign
Saks for the year amounted to $48,899,000. Considerable price reduc- Planted & growing
ships
995,355 1,056,254
1,271,453 1,497,798 Reserves
crops
tions took place during 1922 in both California and the Mid-Continent.
236,730
A recovery in the Mid-Continent took place shortly after the beginning Adv.to cane& banSurplus
Bee (a)
See (z)
ana colon.(net)_ 2,415,501 2,496,108
of the present year. During the latter part of 1922 the Shell Co. of California was able to dispose of a substantial amount of its surplus production Devel. of Col.cane
fields
1,548,389 1.248,714
and output by export sales of crude and fuel oil, thereby relieving the
Insurance & other
local situation.
deferred charges
82,386
-At the inception of our company the properties of its subProperties.
100,263
sidiaries were as follows:
Total
41,272.767 42.139.305
Oil lands, leases, pipelines, refineries
41,272,767 42,139,305
Total
$198,566,540
Less reserves for depreciation and depletion
x Capital stock outstanding Dec. 31 1922. 390.136.34 shares, boo k
45,446,741
value $14,386.497; less deficit Dec. 31 1922, $2,597,797; $11
. . 700 701Total
$153,119,799 V. 116, p. 1764.
menditures during the year, $14.396.197; less reserves for
depreciation. $9,156,329
Brooklyn Edison Company, Inc.
5.239,868
(Annual Report
-Year ended Dec. 31 1922.)
Total
$158,359,667
Investments.
-On Nov. 1 1922, company elected to exercise Its option
The annual report, to be presented at the annual meeting
to purchase the Preferred stock of the Central Petroleum Co., which will
give it a two-thirds ownership in the Common stock and 100% of the Feb. 26, says in substance:
Most Progressive Year in History.
Preferred stock. The total profits of the Central Petroleum Co. for
-The year was the most progressive
1922 amount to 31.007,299, no part of which has been included in the in the company's history and shows a large increase in business, in sales,
In extension a lines and in the construction of new facilities for meeting
statement of profits.
Finances.
-On May 15 company sold $20,000,000 Series "A" 6% the ever-increasing demands for current. The construction of the new
Preferred stock through Lee. Higginson & Co. This issue provides for gmerating station (see below) will provide in itself a productive capacity
a sinking fund of 10% of the profits of the combined companies after more than double the existing capacity of the two generating stations
payment of Preferred stock dividends, to a maximum of $800.000 per now in use. The coal strike ceased great expense and made It difficult to
annum, for the retirement of the Preferred stock, the first payment to secure a sufficient supply of coal.
Business Development.
-Company sold 381,232,300 k.w. hours, an
be made May 15 1924.
increase of 55,467,782 over the previous year.
During the year 63.657 new meters were installed and on Dec. 31 there
The income account for the calendar year 1922 was given
was a total of 278,214 meters in use on the system, a gain of over 26%
in V. 116, p. 2018.
over 1921, the largest increase in the history of the company.
Power contracts for over 60,000 h.p. were secured, an excess of 50%
CONSOLIDATED BALANCE SHEET DEC 31 1922 (INCL. SUB. COS.).
over the _previous year. Included in these contracts was one for 3,000 h.p.
Assets
with N. Y. State for the operation of equipment installed at the Gowanus
Property accounts: Per balance sheet at Jan. 2 1922, $153,Canal Terminal, and one for 2,250 h.p. with
119.799: additions during year (net), $14.396,198
$167,515,997 of the trolley car line on the Williamsburg N. Y. City for the operation
Bridge.
Deduct
-Reserves for depletion, deproc. & drilling exp. estabTwenty-two manufacturing plants discontinued the operation of their
lished since Inception of Shell Union Oil Corp., less charges
player plants and substituted Edison service. The company sold for housethereto
9,156,330 hold use 25,000 electrical appliances.
The total number of customers on the books of the
Petroleum$158,359,667 1922 was 254.526.a net gain for the year of55,106, an company as of Dec. 31
increase of nearly 28%•
Investments in Union 011 Co. of Calif., Central
Operating Plant.
-Consists of 2 generating stations and 21 substations.
Co., Comar Oil Co., &c
34.548,456 The larger of the generating stations has a rated capacity of 124,500 k.w.
Advances to associated companies
1,311,912 and the other a rated capacity of 65,000 k.w. The 21 substations contain
Inventories: Crude oil, semi-refined and refined products,
82 units for converting alternating current to direct current, having a total
$4.760.966; materials and supplies, $4,200,255
8,961,221 rated capacity of 96,100
,
and 47 units of alternating current transAccounts and notes receivable, less reserves
3.826,625 forming capacity totaling k.w..
143.000 k.v. amperes.
Call and short-term loans
4.750,000
The transmission and distribution system includes 4.723 miles of overCash
3,603.636 head construction, carried on 33,000 poles, and 3,986
miles of underground
Deferred charges to future operations
371,000 construction, carried in subway conduits. About 3,200 distribution transformers are in service.
Total
3215,732,516
-Work was begun during the late summer on the
New Generating Station.
Liabilities
construction of a new generating station at the foot of Hudson Ave. adjacent
6% Cum. Pref. stock. Series "A" auth. & issued (par $100)--- $20,000,000 to the Brooklyn Navy Yard. Contracts have been made for the foundaCommon stock. auth.. 10,000,000 shares of no par value;
tions covering the entire wharf front; for the condensing tunnels and for
Issued. 8,000,000 shares
181,912.821 the foundations, and the building of 2 turbo-generator units.
Lease purchase obligations
The first 2 turbo-generator units will be 50,000 k.w. capacity each and
710,924
Central Petroleum Co.: Balance of stock purchase obligation
will be the largest single shaft steam turbo-generator ever constructed.
payable April 30 1923
2,658,000 The ultimate capacity of the station will be between 400,000 and 500,000
$551,517; accts. pay.& sundry accruals, 34,515,903 5,067,420 k.w. and will be one of the largest steam generating stations in the world.
Notes
Pay.'
*Provision for Federal income taxes
387.000 It is anticipated that the station will be in operation, at least partially,
Preferred stock dividend a cr •e l
150.000 In Dec. 1923.
Undivided surplus since inception of Shell Union Oil Corp_ _ _ _
General Office Building .-The directors authorized the erection of a'general
4,846.351
office building, at the corner of Pearl and Willoughby streets on property
Total------------------------------------------------$215,732,516 already owned, and construction was begun in September. The building
will be 12 stories high and will contain the general executive offices and
*The adequacy of the provision for Federal taxes is subject to fine the offices of all the departments except those of some of the construction
- and transportation divisions. It is expected that the building will be
interpretation of the laws and regulations as affecting the companies.
completed,sufficiently to permit occupation, during the early fall of 1923.
V. 116. 1) 2018.




MAY 19 1923.)

THE CHRONICLE

2253

Locomobile Co. of America. Inc.
-An operating and holding company.
-To meet the increased demands the distributing
Extension of Lines.
lines and mains were very greatly added to. There were built and con- with its main plant at Bridgeport, Conn. In adaition, owns and operates
nected to the existing system, 31 miles of 13,200 volt, 60 cycle feeders; Its plant at Long Island City, manufacturing the Flint car. Controls
9 miles of 6,600 volt, 60 cycle feeders and 10 miles of 6.600 volt, 25 cycle by contract the supervision and management of the Flint Motor Co. of
feeders. In addition, there were constructed 888 miles of distribution Flint, Mich.,receiving for varied services 50% of the net profits. Controls
feeders and mains, of which 339 miles were placed in underground conduits. by stock ownership the supervision and managemet of the Mason Motor
-In 1921 an increase in capital from 919.000,000 Truck Co. of Flint, Mich. Against all of its properties and equities, the
Increase in Capital Stock.
to $30,000,000 was authorized and during 1922 $10,000,000 of this increase Locomobile Co. of AmericA. Inc., has issued 600,000 shares of no par
value Common stock, all of which is owned by Durant Motors, Inc.
was offered to the stockholders.
On Dec. 22 1922 the stockholders increased the capital from $30,000,000
-Company has a contract to manufacture for
Participating Contracts.
to $50,000,000. The money from such increase will be used to meet the and supply Star Motors, Inc., with all Star cars used by it for a period of
cost of the new generating station, office building, extension of lines and 20 years, receiving in lieu of a fixed manufacturing profit a percentage of
other purposes.
the profits resulting from distribution. Star Motors, Inc. is amply
Since the closeof the year $15,000,000 of this increase has been offered financed and the contract valued at $20.988.000 is ultra-conservative.
tohe stockholders for subscription at par (see V. 116, P. 300).
-Hunt Corp., which (for no conCompany has a contract with Hayes
--On Dec. 31 1922 there were 4,223 stockholders, sideration other than a contract to purchase certain types of closed bodies),
No. of Stockholders.
an increase of 1,970 over 1921.
gives to it a percentage of the profits as earned payable in stock. This
Stockholdings by Employees.
-Besides a total of 8,795 shares held by the contract is valued at $2,500.000.
Brooklyn Edison investment fund, 454 employees individually own 6,000
Export Department.
-Durant and Star cars are now being sold in 37
shares, making a total of 14,795 shares held either directly or for the benefit foreign
countries, with contracts and shipments already scheduled in
of employees. Total holdings have advanced from 4.903 in 1916, an in- excess of 20,000 cars
for 1923.
crease of 300%.
-It is confidently expected that 1923 will record, if not exceed.
Outlook.
INCOME ACCOUNT 15 MONTHS ENDED DEC. 31 1922
the same most satisfactory degree of success that is shown in 1922. [Signed
Net sales,$39,296,381;cost of net sales,$33,767,561;gross profit _$5,528,821
by M. S. Sloan, Pres., and N. F. Brady, Chairman.]
2,436,239
Miscellaneous net additions
INCOME ACCOUNT FOR CALENDAR YEARS.
$7,965,059
Total income
1919.
1920.
1922.
1921.
2.133,407
Gross operating revenue.$19,129,690 $16,396,880 $13,174,874 $10,709,234 Administration and selling expense
5,967,819
Operating expenses
8,705.811
8,339,0891 8,909,991
$5,831,652
Net income after provision for Federal taxes
Repairs
1,305,827
1.246,5571
389.387 Premium received from sales of capital stock,less selling expense 354,567
315,988
Res. for renew. replac'ts 1,285,687
719,116
12,947,505
1,141,896 Stocks in affiliated corporations in excess of cost
999,940
Taxes
1,800,000
1,385,000
23,488,000
Participating contracts
Net operating income_ $6,032.364 $4,707,118 $2,948,955 $3,210,132
$42.621,724
140.880
Total surplus as per balance sheet.
133,994
Net non-oper.income_ _ _
118,218
196,799
Gross income
$6,229,163 $4,825,336 $3,082,949 $3,351,012 CONSOL. BAL. SHEET DEC. 31 1922 (Durant Motors, Inc.. & Die. Cos.).
954,791
1,182,265
1,735.374
Deduct-Int, on fund. dl 1,862,178
LiabithiesAssets
88,200 Real est., plant & equipment,
146,001
184,638
Int.on unfund. debt_ _
123.773
Accounts payable-current__ 83,378,638
45.457
92,067
132,903
Bond disc, written off_
137.804
less depreciation
$13,366,625 Taxes, payrolls and sundries
1,381.651 Participating contracts
1.387,366
1,389.702
Dividends
1,805,813
1,029,878
23,488,000 -not due
106,756 Investments In other cos_
121,897
144,807
175.447
Employees' profit shaeg
19,118,858 Due on properties Purchased_ 4.742.516
456,150 *Listed securities at cost
982,837
1.151,784
Contingencies
. 3,680,561 Purchase money mortgages- 3.394,250
Cash on hand and in banks
579,585 Capital stock issued or sub$318,008 Notes receivable-secured
$153,353
$255,075
Surplus for year
8972.364
30.492,959
scribed
11,153,210
$3,641,486 $3.542.756 $3,629.881 $3,365.225 Sight drafts-B-L attached
Previous surplus
42,621,724
779,299 Surplus
Dr.156,345 Dr.240,478 Dr.53,352 Accounts receivable
Adjust,for previous yrs.
4,480,849
Prepaid expenses
506,819
Surplus at end of year_ $4,613,850 $3,641,486 $3,542,756 $3,629,881 Materials and supplies
$85,659,765
8,505,960 Total (each side)
COMPARATIVE CONDENSEb BALANCE SHEET AS AT DEC. 31.
*Market value of listed securities 84,848.602.-V. 116. p. 1537. 1105.
1921.
1922.
1922.
1921.
Assets
28,383,800 17,394.500
Plant & property_66,438.213 57.538,351 Capital stock
Brooklyn Union Gas Company.
Subscrip.to cap.stk
35,300
Stocks & bonds In
411.798 Underly. M.bds_ 611,951,000 11,951,000
other companies 411,798
(Annual Report Year Ended Dec. 31 1922.)
1,508,459
893,888 Gen.Mtge.bondsd18,500,000 18,500,000
Clash
Coupon int.& env.
Conv.Deb.bonds
c580,900 1,605,500
President James H. Jourdan, Brooklyn, N. Y., says in
453,428
deposits
445,119 Real Estate P. M.
750,000 substance:
Aects.recelvable_ 2,789,954 1,789,222
750,000
Mtge., 1923_ _
Mat'l & supplies_ _ 1,687,243 1,786,251 Consumers' dep'ts 763,373 1.054.950
Results.
-The income account for the year 1922 shows:
Guarantee fund a1,000.000 1,000,000 Notes pay., bank_
1,225,000 Revenue from sales of gas. $20,024.737; mlseellaneous operating
Liberty bonds &
Audited vouchers
$20,259,803
revenue,$235.066; total
other Investmls 174,270
1,697,565 Operating expenses, $14,575,351; taxes, $1.167,800; total
179,350 & taxes
791,959
$15,743,150
Unam. bond disct.
Coupon Int.& dIvs.
$4.516.653
Net operating
& expenses
1,973,791 2,108,596
445,119 Non-operatingincome
453,428
matured
637,214
income
Sundries suspense_ 245,974
178,770 Aecr. Int.. taxes &
Ins. particle. fund 459,909
422,564
1,228,927 1,001,803
expenses
$5,153,867
Gross income
Pension fund
391,213
367,629
331,600 Other accts. pay
154,727
Securities dep.with
422,564 Deductions-Int. on funded debt, $1.262,195; hit, on unfunded
Res.
-Ins. particip 459,909
debt. $227,999; other contractual deductions, $3,127; amorN. Y. Ind. Corn
75,000
367,629
331,600
75,000 Pensions
tization of debt discount and expense, $3,115; amortization of
Cash dep. with
10,542
10.542
Prem. on stock_
1,493,236
premium on debt (credit), $3.200
N.Y.City
43,012
28,700
Renew. & revise 4,175,761 3,621.687
Contingencies_ 3,956,269 2,804,485
$3.660,631
Net corporate income
Casualty and
393,316
wkmen'scomp 442,428
[The company in July last resumed dividends by the payment of a quar6,878
6,878 terly div. of 2% (the first since Oct. 1 1919). Quarterly (Liam, of like amount
Other reserves
Corporate surplus_ 4.613,850 3,641,486 were paid Oct. 1 1922 and Jan. 11923.1
The gross income of $5,153,867 is equal to a return of 7.14% on the total
Total
77,626,680 07,249,208 Iotal
77,626,680 67,249,208 book assets of $72,186,507.
-The stockholders on May 19 authorized the creation
New Financing.
a The guarantee fund of $1,000,000 held by Central Union Trust Co.,
National City Bank. New York. trustee,
N. 'Y., as tru.steo, is a guarantee deposit required under the purchase of a First Lien & Ref. Mtge. toissued thereunder 36.000.000 Series A 6%
1 1922. There was
money mortgage of Kings County Electric Light & Power Co. to insure the dated May 1947.
bonds. due
payment of int. on the bonds issued thereunder. The fund is invested in
-Year 7% Cony.
At the same time the, company Issued 95,579.000 10
approved securities which earn an average of 4.65% per annum. b Consists Debenture bonds dated May 1 1922, due May 1 1932, convertible at any
of (I) Edison Elec. Ilium. Co. of Bklyn. 1st
48. 1939. $1.275,000; time on and after Nov. 1 1924 into the capital stock at par.
(2) Kings County El. Lt. & Pr. Co. 1st 5s, 1937.92.500.000; (3) Kings
Censor.
These debentures were offered to the stockholders at par and were all
County El. Lt. & Pr. Co. Parch. M. M.
6s, 1997. $5,176,000. c Consists subscribed for except $169,200. These remaining bonds were offered at
of Kings County Elec. Lt. & Pr. Co. Cony, Deb. 6s, 1922. 39,300; Kings par on the installment plan to the employees and were heavily over-sub"County Elec. Lt. & Pr. Co. Cony. ,
Tleb. 6.9. 1925. $571,600. (ell Series
"A" 5s. 1949, $5,500,000: Series "B' 6s. 1930. $3,000,000; Series' C" 7s, scribed, subscriptions amounting to $403,700 being received.
The authorized capital stock was also increased from $20,000,000 to $30,1930. $2.000,000; Series"D" 7s, 1940, $8.000.000.-V. 116. p. 619. 519.
000,000 to provide for the conversion of the debentures and for future requirements.
Coincident with the execution of the above mortgage, four subsidiaries,
Durant Motors, Inc., New York.
viz., the Flatbush Gas Co., Newtown Gas Co., amaica Gas Light Co.
(Results for 15 Months Ended Dec. 31 1922.)
and Woodhaven Gas Light Co., executed First dortgages to National City
President W. C. Durant, in his report to the stockholders, Bank, New York, trustee, and issued thereunder $5,222.000 1st Mtge.
bonds, which bonds were pledged under the 1st Lien & Ref. Mtge.
says in substance:
The proceeds from the sale of the 1st Lien & Ref. bonds and Convertible
While company was organized in January 1921, it was not in active Debentures were used to pay off outstanding obligations and to reimburse
operation until Oct. 1 of that year. The figures shown in the report are the treasury for moneys expended for construction purposes. (Compare
offering of bonds, &c., in V. 114, p. 1894, 2017, 2245. 2363. 2473.)
the result of 15 months.
Company has on its payroll 48.628 employees operating exclusively
Gas Rate Decision.
-The U. S. Supreme Court on Mar. 13 1922 handed
on Durant products in 77 cities in the United States. Company now down a decision holding the 80
-Cent Gas Law unconstitutional and confisowns well-equipped plants having a floor area of 6,934,000 sq. It. (159 catory, thus terminating litigation covering a period of nearly three years.
acres), with a capacity in excess of 600,000 motor cars per year.
By this decision the Court released the surety bonds, undertakings and
stocks of the subsidiary companies pledged with the Court as surety for the
Location and Description of Plants.
return (In the event of an unfavorable decision) of the moneys collected
(1) At Elizabeth, N. J., (purchased from the receivers of the Willys over and above the statutory rate (V. 114, p. 1184, 1411).
Corp. for $5,525,000) owned and operated by the Durant Motor Co. of
Favorable decrees were also handed down by the U. S. District Court
New Jersey, employing a capital of $13,000.000; capacity, 600 cars per In the rate cases instituted by the subsidiaries, viz., Flatbush Gas Co..
clay,• product. Durant and Star cars. All stock of this company is owned Newtown Gas Co., Jamaica Gas Light Co.. Woodhaven Gas Light Co. and
by Durant Motors, Inc.
the Richmond Hill & Queens County Gas Light Co., none of which cases
(2) At Lansing. Mich.. owned and operated by the Durant Motor Co. has been appealed except that of the Newtown Gas Co.. which has been
of Michigan, employing a capital of $6,000000; capacity, 500 cars per taken to the U. S. Supreme Court.
day; product, Durant and Star cars. Supervised and managed by Durant
Rates.
-Following the decree of the U. S. District Court on May 13 1921.
Motors, Inc. which receives for varied services 60% of net profits.
-Cent Gas Law unconstitutional, a rate of $1 50 per 1,000
(3) At Oakland. Calif., owned and operated by the Durant Motor Co. del tring the 80
Cu,
of California, employing a capital of $5,000.000; capacity, 200 cars per of aft. to private consumers was instituted May 14 1921. In consequence
decrease in the cost of gas oil, the company made a voluntary reduction
Star cars. Supervised and managed by Durant
day; product. Durant and
to private consumers In the price to $1 25 per 1,000 Cu. ft. Aug. 1 1921.
Motors, Inc., which receives for varied services 60% of net profits.
By
(4) At Toronto (Leaside). Canada, owned and operated by Durant was an order of the P.S. CommLssion the price of gas to private consumers
reduced on Oct. 1 1922 by the institution of a block rate schedule.
Motors of Canada, Ltd., employing a capital of $4,000,000: capacity,
160 cars per day: product, Durant and Star cars. Supervised and managed which allows $1 15 per 1.000 Cu. ft. for the first 100.000 cu. ft. of gas
Durant Motors. Inc., which receives for varied services a percentage (V. 115. p. 1103).
by
The Commission simultaneously adopted an order changing the candleof net profits.
(6) At Muncie, Ind., owned and operated by the Durant Motor Co. power standard to a standard of 5.37 B. T. U. per cubic foot.
Gas Sold.
-During the year company sold 13,859,896,959 Cu. ft. of gas
of Indiana. employing a capital of $4.000,000; capacity 60 cars per day;
product, Durant Six and Princeton cars. Supervised and managed by to general consumers at an average price of $122 per 1,000 cu. ft., and
Durant. Motors, Inc., which receives for varied services 60% of net profits. 4.100,998,991 Cu. ft. to its subsidiary companies.
-Has acquired the entire capital stock of the
American Plate Glass Co.
Meters in Use., &c.
--Company had as of Dec. 31 1922 1,042 miles of
American Plate Glass Co. of Kane Pa. Plant has a capacity of 5.000,000 mains. 146,691 services and 461,164 meters in use.
sq. ft. of plate glass per year. Entire capital stock owned by Durant
New Construction.
-During the year company installed at its several
Motors, Inc.
works
-A consolidation of New Process Gear Co. of Syracuse. tion additional purifying capacity, boilers, exhausters and engines, staMotor Parts Corp.
meters, and coal-handling apparatus. Construction has been begun
N. Y.; Adams Axle Co. of Findlay, Ohio; Warner Corp. of Muncie, Ind.
1923.
Company is an important source of supply for differential gea,axles, on the erection of a 5,000,000 cubic foot holder to be completed during
rs
Number of Stockholders.
-There are at present 1.880 stockholders, 1,313
steering gears and transmissions. Entire capital stock owned by Durant
or 69.83% of whom own 50 shares or less.
Motors, Inc.
Capital Expenditures.
Durant Motors, Ltd., London, Eng.--Capital of £200,000 (8900.000),
-During the year the net capital expenditures for
owned and managed by merchants, controlling sale of Durant prolucts works and station extensions, mains, services and meters amounted to $1.in the British Isles, Under the terms of the contract, after the dividend 940,045. There was also expended for repairs $1.159,141. Company
on the Preference shares has been provided for, Durant Motors, Inc., has maintained its properties in a high state of repair and operating efficiency.
receives 50% of not profits.




2254

THE CHRONICLE

Estimated Valuation.
-The estimated reproduction value of all the assets
of the company together with the assets of the 5 subsidiary companies, all
of whose capital stock is owned, is in excess of 8110.000,000.

A comparative income account was given in V. 116, p. 519.
BALANCE SHEET DEC. 31.
1922.
1921.
1922.
1921.
Assets
Liabilities$
$
$
Fixed capital
18,000,000 18,000,000
48,396,054 46,456,009 Capital stock
Material & suPpl_ 2,083,188 2,364,488 Debentures
7,579,060 2,000,000
Cash
620,736,000 14,736,000
8,277,808 1,103,604 Mortgages
Acele receivable 1,290,356 7,803,401 Citizens Gas bonds 264,000
264,000
Accrued interest.
650,000
.5,130 Debs. (in treas'y)_
Int. & div. recely.
Bills payable
3,280,060
57,223
Due fr. assoc. cos_ 3,785,868
Accounts payable.e4,125,013 3,363,539
Liberty bonds._
942,811
667,400 Accr. amort. tap,
Inv. In assoc. cos_ 6,414,596 1.192,596 Divs. declared._.. 361,084
Bets. and debs. in
Unamort. prem.on
treasury
116,800
debt
688,000
Other investments
Contingencies,.40.
•
63,000
Special deposits__
'
13,921,134 12,589,976
85,877
65,051
reserves
Gas Injune. money
12,551
211,678 Unclaimed depos's
Prepaid ins., &c__
1,963,243
41,945
104,757 Reserve for taxes_
Unamort.debt dis428,524
Insurance reserve_
count & expenses
a7,701,490
80,380
Suspense account_
Subs. to 7% dote.
7,083.496d13,427,425
Profit &loss
due from erne'.- 155,698
Suspense (unbilled
gas,go.)
1,454,511 1,342,604
Total
72,186.507 62.004,718
Total
72,186,507 62,004,718
a Suspense account: Money collected above 80
-cent rate. b Consists
of $14.736,000 1st Consol. 5s due 1945 and $6.000,000 1st Lien .1c Ref. 6s
due 1947. c Includes accounts payable, accrued taxes and int. and consumers' deposits in 1922.-V. 116, p. 519. 619.

Federal Mining & Smelting Co.
(Annual Report-Year ending Dec. 311922.)
President F. H. Brownell reports in substance:
-The year 1922 was one of continuous improvement in earnings.
Results.
The surplus of receipts over expenditures for the first quarter of the year
was $142,848, and for the last quarter of the year was $445,456.
The net earnings for the year, before deducting depreciation and ore
depletion, amounted to 3970,331. Company distributed to its Pref. stockholders during the year $569,345.
-Lead, which was 4.70c. per lb. at the beginning of the
Price of Metals.
year, rose to 7.25c. per lb. at the close of the year. Zinc rose from a low
of 4.45c. per lb. early in the year to a high of i .30c., and the year closed
with zinc at 6.95c. Silver remained substantially at $1 per oz. throughout
the year. as all of our silver is salable under the provisions of the Pittman
Act. As a consequence of the increases in the prices of metals, It was possible to reopen our Oklahoma zinc properties about the middle of the year.
It is probable that the Pittman Act, which governs the present price of
silver in the United States, will terminate in the fall of 1923. As this company is producing upwards of 1,000,000 bzs. of silver per ann., each 10c. fall
In to price of silver below 21 would mean a decrease in net operating profits
of$100,000 per ann. The London market for silver at this writing is approximately 65c. Had we sold last year's output of silver at that price, our yearly
earnings would have been decreased by approximately $350,000.
Mines Have Relatively Limited Life.
-The management has given much
thought to the condition of the ore reserves of the company. A statement
by Can. Mgr. Burbidge shows that the company's present mines will probably have a relatively limited life, and that the Morning mine has attained
great depth, so that if it lasts beyond another 5 years its costs of extraction
will necessarily increase. The management is continuing its policy of acquiring new mines whenever opportunity offers and Is vigorously engaged
in a search for properties of promise and merit. Several ventures are now
under consideration.
Dividend Policy.
-Directors have decided, in view of the situation as to
ore reserves, to present to stockholders its recommendation as to the dividend
policy to be pursued. The board recently authorized the payment on
March 15 1923 of a disbursement of 1 i% on the Pref, stock, which is at
the full rate of 7% per annum.
The board recommends to stockholders that subsequent disbursements
on the Pref. stock do not exceed 7% per ann.; that is to say, that no effort
should be made at present to pay off the Pref. stock dividends in arrears:
but any surplus earnings should be held in reserve for the acquisition of
additional mines as opportunity offers. If the earnings are not sufficient
to make a distribution quarterly at the rate of 7% per ann. on the Pref.
stock, the board recommends that the present surplus be not impairea for
the maintenance of that rate of distribution, but only such sum be disbursed
as will represent approximately the excess of current income over current
expenses. The board recommends that the foregoing dividend policy prevail through the year 1923 at least, and possibly thereafter, until the company, through the acquisition of new and profitable properties, is in a position to consider the payment of arrears on the Pref. stock.
Financial Situation.
-The financial situation of the company is excellent,
it having cash and cash assets, including Liberty bonds, of over $1,500,000
and, in a broad sense, no indebtedness whatever, as current ore in process
of settlement and current inventories are more than sufficient to offset
current liabilities. In addition company has an asset of considerable value
in its ownership ofstock in Bunker Hill & Sullivan Mining & Concentr. Co.
Data from Report of General Manager Frederick Burbidge, Jan. 22.
-Produces silver, lead and zinc ores. Is owned in fee.
Morning Mine.
The mine has boon worked pretty steadily'for about 35 years-since Sept.
1905 by this company. It has, within the boundaries of the company's
claims, a length of 1,800 ft. and the workings have reached a depth of
3,600 ft. below surface. It is not unreasonable to assume a further depth
of at least 600 ft. Assuming like conditions throughout, that should, with
present ore reserves, assure us of a further life of about 5 years. The
Morning mine silver output per month Is approximately 67,700 ozs.
-Produces silver-lead ores. Is owned in foe. The
Independence Mine.
mine has been somewhat disappointing. The ore is of excellent grade,
carrying about 2 yi ozs. of silver per ton for each unit of lead, but its occurrence is very irregular. It has been a hand-to-mouth operation for a year
or more, and it is hardly safe to make any prediction as to the future.
Brewster Mine.
-Lease ownership. Produces chiefly zinc, with a subordinate amount of lead. Has a probable life of 4 to 5 years.
Farmington Mine.
-Lease ownership. Produces chiefly zinc with some
lead. Has a probable life of 6 to 8 years.
Dobson Mine.
-Has just been acquired under lease. Not enough drilling
has been done to warrant an estimate of its life or its earnings. It is believed likely that it will return a fair profit on the investment, which is
estimated to be about $125,000.
Lucky O.K. Mine.
-Has a 55% interest in lease ownership. Mine is
almost worked out, and nothing can be counted on from it for the future.

The usual comparative income account was given in
V. 116, p. 726.
COMPARATIVE BALANCE SHEET DEC. 31.
1922.
1921.
1922.
1921.
LiabilitiesAssets
x
$
Preferred stoek-__12,000,000 12,000,000
Prop. after depree.
dt ore depletion. 8,544,810 9,343,753 Common stock__ 8,000,000 6,000,000
1,154,050 1,153,050 Accts. payable_ _ _
Investments
152,600
161,061
166,633 Unpaid wages..._
252,903
383
Cash
272
680,834 Accrued taxes not
Lib. bits. & W.S.S. 610,834
380,426
due
6.56,000
85,102
Bankers accept
18,837
22,500 Contingent
29,013
865
8,714
Notes receivable._ 264,582 151,389 Branch officeHabil_
items
Accts.receivable..
in transit
13,142
Ore on hand and
124,680 Lucky 0. K. sus212,440
in transit
262.322
Dense account._
59,894
15,905
Material dv supol_ 233,057
5,608
68,309
Prepaid exp., &e._
Total(each side)18,311,985 18,204.789
6,291.988 5.933,614
Profit & loss def..
-V. 116, P. 726
.




[vol.. 116.

GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
in the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
•
Chicago Surface Lines Employees Demand Wage Increase.
-Ten-cent wage
increase for all employees asked. "Boston Financial News" May 11,_p• 7.
New Jersey Public Utility Commission Requires Erie RR. to Submit Plan for
Replacing Wooden Cars with Steel Equipment.
-"Times" May 13, Sec. 2, ro. 1.
Shopmen on Ontario & Western RR. Vote to End Strike, in Progress Since
July 1922.-250 of the 600 men now in shops are said to be returned strikers.
Returned men have lost their seniority rights and receive Labor Board
wage. "Boston News Bureau" May 14, p. 3.
Great Northern RR. Advances Wages of Way Men.
-Increase ranges from
$5 84 to $10 a month to 10,000 maintenance of way men, effective May 15.
-Nashville Chattanooga & St. Louis, Atchison
Other Wage Increases.
Topeka & Santa Fe. Pennsylvania and Chicago & Alton have granted increases in varying amounts to shopmen. "Sun" May 12.
Denver &Rio Grande Employees Present Wage Increase Request to U. S.
-Way men ask for increases ranging from 83c. to
Railroad Labor Board.
15c. an hour, and shopmen for 13c. an hour. "Wall St. Journal," May 11,
p.3.
Canadian Way Men Ask Conference on Wage Question.
-Give 50 days'
notice of desire to negotiate but mention no specific changes. "Financial
America." may 16, p. 8.
-Will take case to Supreme
I. C. C. Appeals from Mileage Book Decision.
Court. Wabash, Pere Marquette and Chicago Indianapolis & Louisville
are given permission to intervene and join the other 50 roads fighting against
mileage book order. "Times" May 16, p. 29.
-There were more serviceable locomotives on hand
Repair of Locomotives.
May 1 than at any previous date since 1920, according to reports filed with
the Car Service Division of the American Railway Association, which
showed as of May 1 a total of 50,259 engines in good repair. This was an
Increase of 152 over the total number as of April 1.
Locomotives awaiting repair on May 1 totaled 14.131. or 22% of the total
on line. This was a decrease of 719 since April 15, at which time the total
was 14.850. or 23%•
-Freight cars in need of repair on May 1 totaled
Freight Car Repair.
210,505, or 9.2% of total number on lines, according to American Railway
Association. This was a decrease of 3.546 compared with number in need
of repair on April 15, at which time thereiwere 214,051, or 9.4% of total
number.
Reports also show 59.070, or 2.6%, in need of light repair, and 151.435
cars. or 6.6%. in need of heavy repairs; decrease of 5.974.
-A total of 10,979 new freight cars were delivered and
New Equipment.
placed in service by the railroads of the United States during the month of
April. according to reports filed to-day by the carriers with the Car Service
Division. This made a total of 50,151 new freight cars that have been
placed in service since Jan. 1 this year. The railroads during the month
of April also placed orders calling for the delivery of 8,303 new freight cars.
whicn brought the total number of freight cars on order on May 1 up to
115,756. Of the new freight cars on order, new box cars numbered 49.737;
coal cars, 46.194; refrigerator cars, including not only those ordered by railroads but also by railroad-owned private refrigerator companies, 14.795.
and stock cars. 1,981. The railroads also during the month of April placed
in service 293 new locomotives which brought the total number installed
during the first four months this year to 1,228. Locomotives on order on
May 1 numbered 1.956 compared with 1.974 on A pH 1.
-Record loading of revenue freight for this time of year
Car Loadings.
continued during the week which ended on May 5, according to reports
just filed by the carriers with the Car Service Division.
The total for that week was 961,029 cars, an increase of 213.829 cars
over the corresponding week last year and of 239,307 cars over the corresponding week in 1921. This also was a considerable increase over the
corresponding weeks in 1918. 1919 and 1920. Compared with the preceding
week this was, however, a decrease of 2,665 cars.
A substantial increase in shipments of ore, compared with the week before,
was reported by the carriers. Ore loading totaled 37,943 cars, a gain
of 13,808 cars over the preceding week and an increase of 20,483 cars over
the same week last year.
Livestock loading amounted to 33.508 cars, 1,805 cars in excess of the
previous week. and 3.564 cars above the same week last year. In the
Western districts alone livestock loading totaled 25.497 cars, which was
an increase of 3.145 cars over the same week last year.
Loading of grain and grain products totaled 34,097 cars, a decrease
compared with the week before of 2,825 cars, and a decrease of 5,822 cars
under the corresponding week last year.
Loading of merchandise and miscellaneous freight, which includes manufactured products, also showed a decrease of 5.462 cars under the week
before, the total being 592,361 cars. Compared with the same week last
year, however, this was an increase of 66,588 cars.
Coal loading totaled 175,866 cars, 4,261 less than the week before, but
an increase. duo to the miners' strike last year, of 100,741 cars, compared
with the corresponding week one year ago. Coal loading for the week
of May 5 was an increase of 30,992 cars over the corresponding week in 1921.
Forest products loading totaled 72,154 cars, a decrease of 5,101 cars
under the week before, but an increase of 15.309 cars over the corresponding
week last year.
Coke loading totaled 15,100 cars, a decrease of 629 cars under the week
before but an increase of 6,996 cars over last year and an increase of 10,409
cars over two years ago.
Compared by districts, an increase over the week before in the total
.oading of all commodities was reported in only the northwestern district,
while all other districts reported decreases, some of which however, were.
slight. All districts, however, reported increases over the corresponding
week last year, while all except the southwestern district reported increases
over the corresponding week in 1921.
Loading of freight cars this year to date, compared with those of the two
previous years, follows:
1923.
1921.
1922.
Month of January
3.380.296
2,823.759
2,785,119
Month of February
3,366,965
2,739,234
3,027,886
Month of March
4,583,162
4,088,132 3,452.941
Month of April
3,763,963
2,822,713
2.863,416
Week ended May 5
961,029
747,200
721.722
Total
16,055.415 13,511,753 12,580,369
Matters Covered in "Chronicle" May 12.-(a) Railroad gross and net
earnings for March, p. 2061-64, incl. (b) Still another high record in railroad freight car loading, p. 2067.
(c) Railway shopment drop defense against Government injunction suit
p. 2086. (d) President Rea's letter to Labor Board on employees' election.
D. 2088. (a) Lehigh Valley refuses to meet strikers, p. 2087. (f) Wage
increases granted by two railroads. p. 2087. (g) Injunction against mileage
books granted by Federal Court in Boston. p. 2087. (h) Inter-State
Commerce Commission orders postponement of issuance of mileage books.
.
P 2088. (I) L-S.C.Commission asks labor data from railroads-opposition
to inquiry, p. 2088. (3) Further freight reductions on Western roads,
p. 2089.

Atlantic Coast Line RR.
-Guaranty Payment, ctc.-

A payment of $3,231,937 was authorized for the road May 15 by the
-S. 0. Commission in payment of the guarantee of earnings given railI.
roads for the first six months after termination of Federal control. The
payment closed out the account, the company having already had payments
which brought the total to $8,131,967.
The stockholders have authorized the directors to negotiate for the lease
of the Carolina Clinchfield & Ohio RR, for a period of 999 years.
P. A. Albright and T. F. Darden of Wilmington. N. C., have been
elected new Vice-Presidents.
-V. 116. p. 821.

Alaska Government Roads.
-Completed.
-

The Department of the Interior on Slay 16 announced that President
Harding will drive a golden spike celebrating the completion of the Alaskan
RR. when he visits the Territory this summer.
The Alaska RR. was completed this month at a cost of $56,000.000.
It is 467 miles long and is the only railroad of any size ever built and

MAY 19 1923.]

THE CHRONICLE

operated by the American Government. It runs between Seward and
Fairbanks penetrating the very heart of the Alaskan Territory.
-V. 114,
p.1531.

Baltimore & Ohio RR.
-Bonds Authorized.
-

The I.-S. O. Commission on May 4 authorized the company to issue not exceeding $3,770,000 Ref. & Gen. Mtge. 6% bonds, series B; said bonds, or any
part thereof, to be pledged and repledged, from time to time, until otherwise
ordered, as collateral security for any note or notes that may be issued. The
Commission also authorized the subsidiaries of the B. & 0. to issue various
bonds and deliver them upon the order of the Baltimore & Ohio RR. Co. to
trustees under certain mortgages.
The company shows that to Dec. 31 1922 it made expenditures, not heretofore capitalized, for extensions and improvements to and upon properties
subject to the hen of its refunding and general mortgage, aggregating $1,552,720, of which $809,217 was on property directly owned by it in fee. and
$743,503 on property of its subsidiaries.
The company proposes to issue $1,549,000 of bonds in respect of that
amount of expenditures. As to the amount of $743,503 expended upon _properties of the subsidiaries, it is proposed that the subsidiaries shall issue bonds
in the amounts and deliver them to the B. & 0. or its nominee as provided in
the mortgages.
The company also proposes to issue $2,221,000 of Ref. & Gen. Mtge. bonds,
series B, in reimbursement of sums heretofore expended in the retirement at
maturity of bonds as follows: $934,000 1st Mtge. 6% bonds and $243,000
2nd Mtge. 5% bonds of the Pittsburgh Junction HR.; $441,000 1st Mtge.
bonds of Pittsburgh Cleveland & Toledo RR. Co.; $300,000 1st Mtge. 5%
bonds of the Elwood Short Line RR, and $303,000 let Mtge. 6% bonds of
the Huntington & Big Sandy RR.
-V. 116, p. 1646, 1273.

2255

New York Chicago & St. Louis RR. asked the Commission for
guarantee the principal and interest on the bonds. Proceeds authority to
will be used
In construction of terminal facilities.
-V. 114. p. 2716.

Delaware & Hudson Co.
-Protests Valuation.
-

The company on May 14 filed with the I.
-S. C. Commission a protest
against the tentative valuation placed on their properties.
The Western Union Telegraph Co. on May 11 filed with the I.
-S. C.
Commission a petition of intervention in the matter of the tentative
valuation of the properties of the Delaware & Hudson and its subsidiaries.
The petitioners declared "it knows of no way in which it can properly
protect its interests unless it is made a party to the valuation proceedings
of the carriers named."
John T. Pratt has been elected to the Beard of Managers to succeed
the late William S. Opdyke.-V. 116, p. 2128, 2006.

East Penn Electric Co.
Walter B. Pollock (investment securities), Philadelphia. takes exception
to the following which was given in the issue of the "Chronicle" for May 12
under East Penn Electric Co.: "representing practically all the existing
electric lighting, electric railway and gas facihties in that section."
Mr. Pollock says: "As this claim has been made in many published
items. I beg leave to enter a strong protest that the same is untrue. As a
director and stockholder of the Pottsville Gas Co., I beg leave to advise
you officially that we are in no manner affiliated with or subservient to
the East Penn Electric Co., and as Pottsville is by all means the largest
central unit of the East Penn Electric Co. the expression, as quoted above,
Is, as before stated, flirting with the truth."
-V. 116, p. 2128.

Erie RR.
-Equipment Trusts.
-

Through a typographical error, the advertisement in last week's "Chronicle," page xxvi., announcing the sale of $7.860,000 6% Equipment Trusts
of Public Utilities has approved the issue by Drexel & Co., Philadelphia, read Erie RR. Equipment Trust. Series
of not exceeding $2,300,000 30
"J." This should have read Erie Railroad Equipment Trust Series "JJ."
-year 6% negotiable registered
bonds. Proceeds of 31,300,000 of the bonds are to be applied or coupon -V. 116, p. 2128, 2007.
to
repair shops at Everett:$800,000 to power house at South Boston.andcost of
$200.000 to storehouse at George Street yards at Charlestown.
Federal Light & Traction Co.
-Sub. Co. Franchise.
-V. 116, IL
1646. 1409.
The City Commissioners of Albuquerque, N. M., have granted to the
Albuquerque Gas & Electric Co., a subsidiary, a 25
-year extension of its
Boston & Maine RR.
-Equipment Trusts.
present franchise, the company having agreed
make a reduction to all
The company has applied to the 1.-8. C. Commission for authority to users amounting to 1 cent a kilowatt hour on theto
residential rate and M cent
Issue $2,115,000 6% equipment trust certificates to be sold to the highest on the power rate.
-V.116, p. 1892.
bidder among a number of Boston bankers.
-V. 116, p. 1759. 1525.

Boston Elevated Ry.-Bonds Authorized.
The Massachusetts department

Boston & Providence RR.
-Bonds Sold.
-The company
has placed with the Providence Institute for Savings, Boston,
at par, $2,170,000 15-Year 5% Gold Debenture bonds.
The proceeds will be used to redeem a like amount of 6% Gold Debenture
bonds which will mature July 1 1923.
The issuance and sale of the bonds has been approved by the I.-S. C. Commission.
The company owns a line of railroad extending from Boston,
Providence, R. I., about 63 miles, which it leased on April 1 1888 Mass., to
to
Colony RR. for 99 years. On Mar. 1 1893 the latter company leasedthe Old
for 99
years its entire property to the New York New Haven & Hartford
RR., which
has substantial stock interests in the Boston & Providence. Under
the terms
of the latter lease the New Haven assumed the obligations of
RR. and in pursuance thereof pays the Boston & Providence the Old Colony
an
of $538,200, which includes a 10% dividend on capital stock, annual rental
bonds, and organization expenses. The annual taxes are also 6% interest on
paid by the lessee.
-V. 116, p. 1646.

Cambria & Indiana RR.
-Applicati

on.
The company has applied to the I.
-S. a Commission for authority to
issue $1.700,000 Equipment Trust Certificates,
Series "G."
-See offering
in V. 116, p. 1759.
Canadian Pacific Ry.-Plan to Ease

President E. W. Beatty announced May 14 Farm Land Contracts.
Western Canada. who are now suffering from a plan by which farmers in
agricultural depression
be helped to pay for lands which they have bought from the company. will
offer is made to them to alter their contracts so that their indebtedness The
will
be spread over 34 years on an amortization plan. It is worked out
on the
lines of the Federal Farm Loan Act in the United States.
-V.116, p. 2006,
1892.

Carolina Clinchfield & Ohio RR.
-Lease Proposed.
-

a

It is officially stated that negotiations are under way to lease the
property
to the Atlantic Coast Line RR. for 999 years.
terms of the lease are
not yet available. The lease, it is reported. Is trj
made to the Louisville
& Nashville RR., which is controlled by the A
tic Coast Line 1111.V. 116, p. 2128.

Central RR. Co. of New Jersey.
-Equip. Issue-Plan.
Company has applied to the I.
-S. C. Commission
$3,750,000 5% Equip. Trusts, dated Mar. 15 1923. for authority to issue
The carrier proposes
to sell the securities at 96 or better and apply the proceeds to the
purchase of
46 locomotives, 100 steel passenger coaches. 5
cars, 10 steel baggage cars and 3 steel mail and steel passenger and baggage
baggage cars, having a total
contract value of $4,684,561.
See also Reading Co. below.
-V. 116, p. 720, 74.
Chicago Junction Railways & Union Stock Yards Co.
-Annual Report.
*Calendar Years1922.
1921.
1920.
1919.
Gross earnings
$8.358,610 $10,880,815 $10,231,201 $6,237,412
Taxes. int. & oper. exp._ 5.714,917
8,390,774
9,128,452 4,744,955
Net earnings
$2.643,693 *2,490.040 $1,102,748 $1,492,456
* Exclusive of earnings from real estate investments.
Balance Sheet December 31.
1922.
1921,
1922.
1921.
Assets5
$
LtablItttes$
8
Investment accl_x30,519,275 30,519,230 Preferred stock_ _ _ 6,500,000
6.500,000
Interest and sects
Common stock__ _ 6,500,000 6,500,000
receivable
215,000
215,000 4% mtge.& collat.
Cash
625,749
88,323
trust ref. bonds_14,000,000 14.000.000
Collat, trust gold
Int.& accla pay'le 310.792
61.537
bonds
173
173 Interest accrued__ 165,000
165.000
Mtge. & coll. trust
Unpaid divs.&coup
9,205
6,835
refunding bonds
Income tax pay'le_
17,216
9,499
coupon account_
8,550
5,980 Surplus
3.866,525 3.583,835
Total
31,363,737 30,826,706
Total
31,368,737 30.826,706
x Investment account: 132.000 shares capital stock of the Union Stock
Yard & Transit Co., 54,991 shares capital stock of the Chicago Junction
Ry. Co., and other investments.
-V. 115, p. 1837.

Chicago & North Western Ry.-Equipment Trusts.
-

Frankfort & Cincinnati RR.
-Would Abandon line.
--

The company has applied to the I.
-S. C. Commission for authority to
abandon its entire line from Frankfort to Paris, Ky., 39 miles.-

Gallipolis (0.) & Northern Traction Co.
-Sale.
-

The property was sold a second time May 9 at sheriff's sale to Captain
John Lyons of Middleport for $13,000. At the first sale in March last
the bid was $8,110. See V. 116,p. 1411.

Grand Trunk Pacific Ry.-Debenture Holders to Press
Claims.
-The "Financial Post" of Canada says:
Representing the holders of the Grand Trunk Pacific 4% Debenture
stock, the stockholders' committee, Sir Francis Harrison-Smith. K.C.B.;
Sir Arthur Harry Samuel, P.C.: and Sir William Acworth, K.C.S.I.
have prepared a complete report of the situation regarding the representations made to the Canadian Government in respect to interest payments.
These representations, the committee explains, were made to the Government five months ago and up to April 24 not even the courtesy of an
acknowledgement had been extended. The case for the shareholders as
published is summarized as follows:
(1) The Grand Trunk Pacific Debenture holders remained passive
while the proceedings for the acquisition of the Grand Trunk Co. were
going on, because repeated statements were made by the responsible
ministers such as Dr. Reid (then Minister for Railways) who said:"When
we take over the system (the Grand Trunk System) we shall assume the
liabilities in connection with the Grand Rrunk Pacific."
(2) The Government used before the arbitrators the liability of the
Grand Trunk on its Grand Trunk Pacific Debenture guarantee as an
argument to prove that the Grand Trunk Preference and Ordinary stocks
were worth nothing. Having succeeded in this contention and having
obtained £37,000,000 of these stocks for nothing, they would, if they
refused also to pay interest on the Grand Trunk Pacific Debentures. be
"having it both ways."
(3) The "guaranteed" shareholders of the Grand Trunk covenanted to
pay interest on the Grand Trunk Pacific Debentures before they received
any dividends themselves. The Government has entered into an agreement by which these "guaranteed" shareholders are paid in full, while
Grand Trunk Pacific Debentures holders are left out in the cold. The
injustice speaks for itself.
(4) During the five months that the Canadian Government has been
In possession of our representation they have been occupied in amalgamating
the Grand Trunk and Grand Trunk Pacific undertakings over which we
have definite legal rights, with other large systems
their possession
with which we are not concerned. This will not only in
make it impossible
for outsiders to know what are the real earnings of the Grand Trunk
System, but also make it possible, and in many
sirable for the Government to divert traffic and, cases commercially detherefore, net revenue,
from the Grand Trunk to other portions of the amalgamated system.
The committee are advised by eminent counsel, both English and Canadian.
that they have substantial legal rignts and the chairman of the committee
now purposes, as authorized by the meeting on July 19 last, to proceed
at an early date to Canada to press the claims of their 5,000 supporters.
V. 115, p. 2580.

Great Northern Ry.-Protests Valuation

The company and its subsidiaries have filed a formal protest with
-S C Commission against the Commission's tentative valuation ofthe
its
property on the ground the valuation was "grossly inadequate to represent the value of the companies property at the present time,
The Minnesota RR. & Warehouse Commission, the Iowa P. U. Commission and the Wisconsin RR. Commission have also filed formal protest
acrainst the valuation.
-V. 116. p. 1760, 1649.

war
Indiana Harbor Belt RR.
-Equipment Trusts.
The company

has applied to the I.
-S. O. Commission for permission to
Issue and sell at not lass than 95, 5900.000 5% Equipment Trust certificates.
The certificates will be sold to J. P. Morgan & Co.
-V. 114, p. 1854.

International & Great Northern Ry.-Strickenfrom

List.
The New York Stock Exchange has stricken from the list
certificates of
deposit for the 3
-Year 5% Gold notes of the International & Great Northern
Ry. due April 1 1914.-V. 116. p. 1893, 1177.
Kansas City Rys.-Fare Schedule Extended.
-

The Missouri P. S. Commission has authorized
the present street car rates at Kansas City, for the company to continue
a period of four months
from May 18 1923. These rates range from 8 cents a
single trip to two
trips for 15 cents and five trips for 35 cents.
unless the Commission makes some subsequent The order provides that
order at the expiration of
the four months' period the rate will revert to these in
effect July 1 1918,
or a 7
-cent rate.
-V. 116, p. 1889.

The I.
-S. C. Commission on May 11 modified its order of July 10 1922
(V. 115, p. 307) as to the amount of trust certificates, the rate of interest
Lake Shore Electric Ry., Cleveland.
and the minimum sale price so as to authorize the company to issue
not
The stockholders on May 14 approved plans to --New Pref. Issue.
exceeding *5,175.000 5% equip, trust certificates at not less than 963.
time $2,000,000 7% Prior Preference stock and offer for sale from time to
-V. 116. p. 2119. 2002.
to reduce the authorized
Issue of First Preferred stock
Chicago Rock Island & Pacific Ry.-Bonds Authorized. amount outstanding. (See V.from $1,500.000 to 31,000,000. the present
116, p. 2129.)
bolos
Harris Creech. Pres, of the Cleveland Trust
The I.-S. C. Commission on May 9 authorized the company to issue (1)
Co.. has been elected a
director to succeed the lat F. H. Goff.
$1,000,000 Gen. Mtge. Gold bonds; to be delivered to the trustee under
-V. 116, p. 2129, 2007.
1st & Ref. Mtge.; and (2) $1,000„000 1st & Ref. Mtge. Gold bonds; to the
be
Leavenworth Terminal Ry. & Bridge Co.
pledged and repledged from time to time, until otherwise ordered, as collat-Bonds Alai..
The I.
-S. C. Commission on May 11 authorized
eral security for any note or notes which may be issued.
the company to issue
-V. 116, p. 2006, not exceeding $400,000 let Mtge.
53'% Gold bonds: said bonds to be sold
1892.
at not less than par and int. and the
Great Western RR., in part, for anproceeds used to reimburse the Chicago
Cleveland Plainfield & Eastern RR.
-Director.
retirement of an issue of bonds on advance made in connection with the
Jan. 1 1923.
Harris Creech,Cleveland,succeeds F.H.Goffas director.
The Chicago Great Western RR.
-V.114,p.2240.
will guarantee the bonds, principal and
interest.
-V. 108, p. 1938.

Cleveland Union Terminal Co.
-Seeks Bond Issue.
-

The company has applied to the I.
-S. C. Commission for authority to
Louisville& Nashville RR.-ControlofBlack Mountain RR.
Issue $15,000,000 5% 50I-year first mtge. sinking fund gold bonds.
The I.-S. C. Commission on May 5 authorized the company to acquire conAt
same time the New York Central RR., Cleve. Cinc, Chic. St St. Louis the'
trol of the Black Mountain BR. by purchase of its capital stock and by lease.
and




THE CHRONICLE

2256

The road of the Mountain Co. extends from a connection with the company's
line at Blackmont, in a southeasterly direction to the head of Puckett's Creek,
By., 8.29 miles.—V. 116, 1893, 1522.

Michigan United Rys.—Sale Ordered.—

A decree has been entered in the U. S. District Court ordering sale of
property to the highest bidder June 30. The minimum bid to be received
has been set at $5,000,000. The sale will be held at Jackson. Mich.—
V. 116, P. 935.

Middlesex & Boston Street Ry.—Pref. Stock & Notes.—

The company has petitioned the Mass. Department of Public Utilities
for approval of an issue of $475,000 7% Cumulative Preferred stock and
-Year Coupon notes. The proceeds are to be applied to
$475,000 of 7% 10
the payment of $950,000 of 8% demand notes to the Suburban Electric
Securities Co.—V. 114, p. 1766.

Midland Valley RR.—Initial Pref. Div.—Bonds Auth.—

The directors have declared an initial dividend of2%% ($1 25 per share)
on the Preferred "Chronicle..
stock, payable June 1 to holders of record May 25. (See
'page 2129.)
also last week's
The I.-S. C. Commission on May 7 1923 authorized the company to issue
*167,000 1st Mtge. 5% Gold bonds; to be sold at not less than 75, or to be
pledged and repledged as collateral security for notes.—V. 116, p. 2129.

Milwaukee Electric R.& Light Co.—Bonds.—

The Central Union Trust Co. announces that the Ref. & 1st Mtge. 5%
Series"B"Coupon bonds are ready for delivery upon surrender of temporary
bonds. See offering in V. 115, p. 1632.—V. 116, p. 1050.

-Texas RR.—M.K. & T. By.Interest.—
-Kansas
Missouri
The company advertised on April 13 that coupons due
Dec. 1 1922, from Missouri Kansas Sz Texas Ry. Co. 1st M.
4% bonds, were being paid on presentation at the company's
office, 61 Broadway, N. Y. City. 'It appears that many of
the holders of these bonds have overlooked this notice. See
V. 116, p. 1649, 2007, 2123, 2129.
Missouri Pacific RR.—New Director.—
George W. Niedringhaus of St. Louis has been elected a director, succeeding H.L. Utter, who was elected at the recent annual meeting to serve
temporarily.—V. 116, p. 2129. 2001.

Muscatine Burlington & Southern RR.—Sale.—
shortly to the
It is stated that the road will be sold District Court. highest bidder at
A minimum bid
the

Sheriff's sale, according to a decree of
of 2250,000 has been ordered.—V. 115. p. 1632.

Nashville Chattanooga & St. Louis Ry.-6 Mos. Guar.

The 1.-S. C. Commission has issued a certificate stating the amount of
this company's guaranty for the 6 months following the termination of
Federal control as $1,543,961. of which 2193,961 remained to be paid.
—V.116. p.2003.

New York Central Lines.—Equipment Trusts.—

The New York Central RR., Michigan Central and the Cleve. Cinc.
-S.
Chic.& St. Louis RR.have applied to the I. C.Commission for authority
to assume obligation and liability for $17,304,000 New York Central 5%
Trust certificates. According to applicant, no arrangements
Equipment
have been made for the sale of the certificates, but it is expected that
J. P. Morgan & Co. will handle them at a price not less than 95%.—V.116,
p. 2130.

New York & Harlem RR.—New Director.—

Bertram Cutler has been elected a director to succeed the late William
Rockefeller.—V. 114, p. 1287.

York New Haven & Hartford RR.—Bonds.--

New
,
-S. C. Commission for authority to
The company has applied to the I.
$1,192,000 6%
issue 33,660.000 1st & Ref.4% Mtge. bonds. due 1955, andlike amount of
promissory notes. The bonds will be exchanged for apromissory notes
debentures of the New England Navigation Co. and the & Manufacturwill be used to cover payments of the Westinghouse Electric
ing Co. for the purchase of 12 electric locomotives.
-S. C. Commission for permission
The company has also applied to the I.
-mile line from South Deerfield to Shelburne-Junction, Mass.
to abandon its 7
of Separation Decree Asked.—

Modification
of
A petition has been filed by the company in the U. S. District Court
171914,
Southern New York asking that the original decree of Oct.roads be providing
modified,
separation of the New Haven and Boston & Maine
for the
Maine, Boston
and that the trustees be ordered to return the Boston 3c posse.sion.
Railroad Holding Co. and leased line stocks now in their
bases it petition on these grounds: That the business
The New Haven
that of the New
of the Boston & Maine is not in essential competition with held is no longer
Haven:that the proportion of stock of the Boston & Maine
of the entire stock outstanding.; that the
a majority, being only 283%
Transportation Act has radically changed the policy of the United States
towards consolidation of railroads, now encouraging consolidations and not
requiring destructive competition.
In view of the above changes in the situation and the policy of the United
States, the New Haven says it is entitled to have restored to it its right as
co-operation between the
a minority stockholder "to the end that properas
Boston & Maine RR.and your petitioner may be far as possible assured."
Judge Mayer has issued an order of notice to the Federal trustees returnable June 4 whereby they are ordered to show cause why this decree
.
should not be modified in accordance withthe petition.—V.116,p.1760,1640
New York Railways.—Sale of Car Barn.—

11,
Judge Julius M.Mayer in the Federal District Court, Mayand confirmed
Lexington
bounded by 4th
the sale at auction of the car barn property, was purchased by Harry New,
Sts. The property
Ayes. and 32d and 33d
mark, Fred Brown and another for $1,600.000.—V. 116, p. 2007, 1893.

Pere Marquette Railway.—Terminals Plan.—

It is stated that the company has completed the purchase of about1,200
The
acres of land at Erie, Mich. at a cost of approximately $600,000. it is
yards, which,
site, it is said, will be converted into new terminal company's contract
by Jan. 1 1925, when the
expected, will be ready for use
with the Ann Arbor RR. for the use of its terminal at Toledo expires.—
V. 116, p. 2120.

Reading Co.—Third Modified Plan Filed With Court.—
The company on May 10 filed with the U. S. District Court
for the Eastern District of Pennsylvania a third modified
plan for the carrying out of the decision of the U. S. Supreme
Court.
District

On Feb. 14 1921, in pursuance of the decree on mandate of the
Court entered Oct. 8 1920 (V. 111, p. 1473; V. 110, p. 1816, 2358, 2488)
the Reading Co., the Philadelphia & Reading Ry. and the Philadelphia &
Co. submitted a plan for the dissolution of the comReading Coal &
bination existing and maintained through the Reading Co. which had been
to be illegal by the U. S. Supreme Court in its opinion rendered
declared
of
April 26 1920. On May 12 1921 the company submitted modifications its
entered
the plan (V. 112, p. 745) and on June 6 1921 the District Court
decree approving the modified plan (V. 112, p. 2306, 2538) as supplemented
opinion renS.
by the provisions of the decree. The U. Supreme Court in itsand affirmed
of the decree
dered May 29 1922 directed certain modifications
the modifications directed.
the decree with
entered an order directing the defendOn June 30 1922 the District Court
for its consideration a plan for the modification
ants to submit to that Court to accord with the opinion of the U. S. Supreme
1921
of the decree of June 6 that order, on Jan. 30 1923 a second modified plan
of
Court. In pursuance submitted (V. 116,
P. 479). Objections thereto were
supplement was
and
committee of the holders of the General Mortgage
filed, among others, by a Union Trust Co., New York, as Trustee of the Gen.
bonds, and by the Central set May 10 1923 for a hearing. To secure an ad.
Mtge. The District Court
the objections, and with the assurance that
justment of the issues raised by
to by the Bondholdby the Court it will be
If the same be approved Trustee, the Reading Co. and the coal company now
ers' Committee and the modified plan:
file the following third




[VOL. 116.

Outline of Third Modified Dissolution Plan Filed May 10 1923.
$94,627,000 General Mortgage Bonds Outstanding.
The amount of Gen. Mtge. bonds of the Reading Co. and the coal company,
dated Jan. 5 1897, authenticated and delivered by the trustee and not purchased for the sinking fund and canceled before Nov. 30 1922, is $94,627,000.
No additional bonds shall be authenticated except that, to refund underlying
bonds and obligations [other than those mentioned in clause (a) of Section
5 (V. 116, p. 479) below], additional Gen. Mtge. bonds may be issued to the
trustee of the new mortgage of the Reading Co. [provided for in Section 10
below] and stamped to show that they represent obligations of the Reading
Co.
Disposition of Stock of the Reading Iron Co.
2. The Supreme Court in its opinion directed the attention of the District
Court to a question, raised by one of the appellants, whether the Federal commodities clause or the Constitution of Pennsylvania would be violated if the
Reading Co., when it becomes a railroad company, were to retain the stock of
the Reading Iron Co.. The Reading Co. is advised not to contest the point,
and accordingly makes provision in this Third Modified Plan for the (Mimetion of the stock of the Iron Company, which has a par value of $1,000,000,
and is carried at that amount on the books of the Reading Co. The Iron Company had a book surplus of about $18,500,000 on Nov. 30 1922. After payment by the Iron Company to the Reading Company of a dividend or dividends of $6,000,000 in cash or marketable securities at market value, the
Reading Co. will sell all its right, title and interest in and to the stock of the
Iron Company, including the present right to vote and receive dividends
thereon, to the Coal Company for $8.000,000. The stock of the Iron Company will, however, remain subject to the lien of the General Mortgage but as
security for the obligation of the Coal Company and not the obligation of the
Reading Co.
Liability of Reading Co. on Bonds to Be Two-Thirds and Coal Co. One-Third,
3. The liability of the Reading Co. on the $94,627,000 Gen. Mtge. bonds
outstanding on Nov. 30 1922 will be decreed to be two-thirds thereof and the
liability of the Coal Company thereon one-third thereof.
Sinking Fund Payment Under and Reduction of the Gen. Mtge. Bonds,
4. The sinking fund payments provided for in the General Mortgage are
measured by the amount of coal mined from lands owned by the Coal Company subject to the General Mortgage, and, for the protection of the bondholders, should be assumed by the Coal Company and applied to reduce the
Coal Company's several liability on the General Mortgage Bonds. Accordingly, the Coal Company will agree with the Reading Co. and the Trustee, that
it will, on or before Jan. 5 1924 and on or before Jan. 5 in each year thereafter, until all the General Mortgage Bonds shall have been exchanged for
new bonds [as provided in Section 10 below] or the several liability of the
Coal Company upon an)' unexchanged Gen. Mtge. bonds shall be paid and
discharged, (a) deliver to the Trustee a statement showing the amount of
anthracite coal mined, during the next preceding year, from lands owned by
the Coal Company and subject to the Gen. Mtge., and (b), simultaneously
with the filing of such statement, pay to the Trustee a sum equal to 5 cents
per ton on all coal so mined in the next preceding year, to be applied to the
purchase of Gen. Mtge. bonds, including those held by the trustee of the new
mortgage of the Coal Company [described in (b) of Section 10 below) or
otherwise, as provided in the General Mortgage. When all the Gen. Mtge.
bonds shall have been exchanged for new bonds [as provided in Section 10
below] or the several liability of the Coal Company on the unexchanged
Gen. Mtge. bonds shall have been paid and disoharged, neither the Reading
Co. nor the Coal Company shall make any further sinking fund payments or
statements, but the sinking fund provided for in the Coal Company's new
mortgage [pursuant to clause (b) of Section 10 below] will become operative.
The several liability of the Coal Company upon the unexchanged Gen. Mtge.
bonds shall be reduced from time to time by the principal amount of such
Gen. Mtge. bonds purchased and canceled with the sinking fund payments.
The several liability of either company upon the unexchanged Gen. Mtge.
bonds, shall be reduced from time to time by the principal amount of such
Gen. Mtge. bonds purchased and canceled with the proceeds of sale of its
property released from the General Mortgage, or with other moneys realized
out of its property which by the General Mortgage are directed to be applied
in the same manner as the proceeds of released property. Either company
may also from time to time reduce its several liability upon the unexchanged
Gen. Mtge. bonds by surrendering such Gen. Mtge. bonds to the Trustee for
cancellation. The proportionate liability of the Reading Co. and the Coal
Company on the Gen. Mtge. bonds [determined as in Section 3 above and
upon which the offer of exchange provided for in Section 10 below is based]
shall not, however, be altered by any transaction which may have occurred
subsequent to Nov. 30 1922 and prior to the final expiration of the offer of
exchange, unless otherwise directed by the Court.
The liability of each company in respect of the principal and interest of
each unexchanged Gen. Mtge. bond, and the lien of the General Mortgage
upon the property of such company, shall be in the same proportion as its
liability in respect of the total amount of unexchanged Gen. Mtge. bonds
from time to time outstanding [determined as above in Section 3 and this
section 4 provided.]
[Sections 5, 6, 7, 8 and 9 of the Third Modified Plan are the same as those
sections of the Second Modified Plan published in V. 116, p. 479.]
New Bonds to Be Issued by Reading Co. and Coal Company.
10. In order to compensate for any injury to the security which the modification of the terms of the Gen. Mtge. bonds and the General Mortgage may
cause, and to leave the Reading Co. properly financed to meet its obligations
to the public, the Court will direct the Reading Co. and the Coal Company
to tender for acceptance by the bondholders the following proposal for the
execution of new bonds and mortgages and the delivery of new bonds to holders of Gen. Mtge. bonds:
/
Reading Co. 41 2% Mortgage.
(a) The Reading Co. shall execute a new mortgage which shall constitute
a lien, subject to the General Mortgage in so far as it attaches thereto, upon
all the railroads, railroad property, railroad equipment and stocks and bonds
of other railroad companies then owned by the Reading Co., or thereafter
Required by means of bonds issued thereunder, but not including stock of the
Central RR. Co. of New Jersey. So far as legal and practicable, the properties of certain railroad companies other than the Railway Company of which
the Reading Co. owns the entire capital stock (such other railroad companies
owning in all 170 miles of railroad or thereabouts), will be acquired and subjected to the new mortgage as a direct lien thereon.
The new mortgage will provide for the creation of a &ries of bonds to be
known as Series A, to be limited to the aggregate principal amount of 263,084,666 2-3 and to be issuable only upon the surrender of Oen. Mtge. bonds
as hereinafter provided. Said bonds of Series A will bear interest at the rate
of 43% per annum, will mature Jan. 1 1997 and will be redeemable as a
whole only at 105 and int, on any int. day on 60 days' notice. The new
mortgage will contain appropriate provisions for the creation and issue of
additional series of bonds equally secured thereby bearing interest at such
rates and maturing on such dates and otherwise in such form and containing
such provisions as may be determined by the directors at the time of issue.
The new mortgage will provide for the issue of such additional bonds only
(1) to an amount not exceeding 80% of future capital expenditures for the
acquisition of new property and for additions, betterments and improvement‘
to the mortgage property, and (2) par for par to refund outstanding bonds
or obligations of the Reading Co. or of the Railway Company prior to the
General Mortgage, directly or through the acquisition of additional Gen.
s
Mtge. bonds issued to refund such prior bonds or obligations.
Coal Company 5% Mortgage.
(b) The Coal Company shall execute a new mortgage which shall constia lien, subject to the General Mortgage in so far as it attaches thereto,
Jute
upon all the coal property and equipment and stocks and bonds of other coal
companies then owned by the Coal Company. The Coal Company's interest
In the stock of the Iron Company shall also be subjected to the mortgage
with appropriate provision for its release. The new mortgage will provide
for an ifffille of bonds limited to the aggregate principal amount of $31,542.333 1-3, and to be issuable only upon the surrender of Gen. Mtge. bonds as
hereinafter provided. Said bonds will bear interest at the rate of 59'e per
annum, will mature Jan. 1 1973, and will be redeemable as a whole, but not
in part except for the sinking fund, at 105 and int. on any int. day on 60
days' notice. The new mortgage of the Coal Company will provide for a sinking fund, to be applied to the purchase or redemption and cancellation of
bonds issued thereunder, of 5 cents for each ton of coal mined from property
subject to the new mortgage after the sinking fund in respect of the (hen.

MAY 19 1923.]

THE CHRONICLE

Mtge. bonds ceases [as provided in Section 4 above]. Stamped Gen. Mtge.
bonds deposited with the Trustee of the new mortgage of the Coal Company
may be sold to the sinking fund under the General Mortgage and the proceeds
of sale applied as provided in the new mortgage with respect to sinking fund
payments thereunder.
Offer to Present General Mortgage Bondholders to Exchange Their Bonds.
(c) The Reading Co. and the Coal Company shall offer to the holders of
Gen. Mtge. bonds the right to surrender their bonds and receive in exchange
therefor an equal aggregate principal amount of new bonds (with an adjustment of interest as of the date of the surrender of the Gen. Mtge. bonds for
exchange) as follows:
Two-thirds of said principal amount in 41 74-Year General (or, if and
/
2
%
when practicable, First) le Ref. Mtge. Gold bonds, Series A, of the Reading
Co.
One-third thereof in 5% 50-Year Ref. Mtge. Sinking Fund Gold bonds of
the Coal Company.
Neither company shall be required to issue bonds in denomination of less
than $100; but each company shall issue scrip for fractions and the scrip
shall be exchangeable for bonds when presented in multiples of $100. Such
scrip shall bear interest at the rate of 41
/ and 5% respectively, payable
2
%
upon surrender of the scrip in exchange for bonds as aforesaid.
Offer to Exchange to Be Kept Open 3 Months After Entry of Final Decree.
The Court will direct the companies to keep said offer open until the expiration of three months after the entry of the final decree in this cause. If
not all of the bonds shall then have been exchanged the Court will make such
further order as may then be requisite to carry into effect the provisions of
this plan.
Exchanged Bonds to Be Pledged Under New Mortgage.
(d) Of the Gen. Mtge. bonds so surrendered a principal amount equal to
the aggregate liability of the Reading Co. on said surrendered Gen. Mtge.
bonds will be pledged under the new mortgage of the Reading Co. and will
be stamped to show that they represent obligations of the Reading Co. secured by the lien of the General Mortgage on the property of the Reading Co.
to their full principal amount and also to show the release of the Coal Company from liability thereon and the release of the property of the Coal Cornpan' as security therefor.
The remaining Gen. Mtge. bonds so surrendered, which will be equal in
principal amount to the aggregate liability of the Coal Company on said surrendered Gen. Mtge. bonds, will be pledged under the new mortgage of the
Coal Company and will be stamped to show that they represent obligations
of the Coal Company secured by the lien of the General Mortgage on the
property of the Coal Company to their full principal amount and also to show
the release of the Reading Co. from liability thereon and the release of the
property of the Reading Co. as security therefor.
Appropriate provision will be made so that in case at any time the division between said two mortgages as aforesaid of the General Mortgage Bonds
surrendered produces fractional amounts, such fractional differences may be
adjusted or compensated in subsequent exchanges. The General Mortgage
Bonds so pledged under the new mortgage of the Reading Co. and under the
new mortgage of the Coal Company respectively will be kept alive until the
,
Gen. Mtge. bonds not se pledged are fully discharged and the General Mortgage can be satisfied and discharged of record.
Court to Retain Jurisdiction to Supplement and Modify Plan.
11. The Court will retain jurisdiction to supplement, modify, execute
and
enforce the Third Modification Plan and the final decree.

2257

Comparative Income Account. Years Ended December 31.
1922.
1921.
1920.
1919.
Gross earnings
$1,359,223 $1,320.397 $1,070,493
3889.916
Oper. expenses and taxes
776.933
758.260
745.097
533,756
Other income
Dr.1,029 Dr.183.167 Dr.44.621 Dr.25,346
Interest, &c
173.365
157.783
158,596
146,336
Surplus for year
3407.896
3221.187
$122.179
$184,478
Earnings for 1919, 1920 and 1921 and 1922 cover lighting department
revenues: net deficit from railway operations included in other income
for
these years.
Comparative General Balance Sheet as of December 31.
Assets1922.
1921.
Liabilities-1922.
1921. ,
Fixed capital
$6,936,792 $6,206,471 Capital stock
S3,000,000 $3,000,000
Other investments. 314,500
314,500 Funded debt
2,227,000 2,240,500
Cash
81,913
114,270 Taxes accrued _ _ _
. 154,873
172,698
Other curr. assets_ 368,706
429,310 Consumers' dews_ 211.078
157,006
Prepayments
46,764
40,299 Other current liaMaterials & supp_ 653,145
728,093
bilities
1,940,630 1,812,357
Construction work
Deferred charges_
In progress
81,131
70,009 Reserves
535,354
509,989
Treasury stock_ __ 128,250
128,250 Surplus
554,513
207,092
Suspense
12,247
68,440
Total
$8,623,448 $8,099,642
-V. 115, p. 2687.

Total

$8,623,448 $8,099,642

Rutland (Vt.) Ry. Light & Power Co.
-Bonds.
-

11. M. Jacoby & Co. are offering a block of 1st Mtge Sinking Fund 5%
bonds of 1906. Due Mar. 1 1946 at 77% and int.
Company supplies gas and electric light and power service or furnishes
street railway service in Rutland, Wallingford, Pittsford, West Rutland.
Castleton. Fair Haven and Poultney. Franchises are perpetual.
Owns hydro-electric plant and three large storage reservoirs with a capacity of 31.250.000,000 Cu. ft. of water. Also owns 23 miles of gas mains.
annual output 55,000,000 Cu. ft.: also 28 miles of road, standard gauge
track.
For the 12 months ended Mar. 31 1923. the net earnings after deducting
operating expenses and taxes but before depreciation were $240.729 against
an interest requirement on the funded debt of 395,731.-V. 116, p. 1533.

St. Louis El Reno & Western Ry.-Abandonment.-

The 1.-S. C. Commission on March 27 issued a certificate authorizing
the receiver to abandon, as to inter-State and foreign commerce, the line
of railroad of that company in Logan. Oklahoma and Canadian counties,
Okla., a distance of 42 miles.
The company's general balance sheet as of Oct. 31 1922 shows an investment of $1.763.202 in road and $23,898 in equipment, less depreciation,
making a total of $1,787.100: a capitalization of $1,787.800. of which
$970,800 is stock and $817,000 1st 1V1. bonds; int, accrued and unpaid on
funded debt. $453.103: bills and accts. payable. 3248.588; int, accrued and
unpaid on bills payable.$33,367:and a profit and loss debit bal. of 3746,381.
The track contains about 4,500 tons of 60
-pound steel rails. None of the
company's other properties are of substantial value. On Aug. 15 1922
further operations became impossible. The only locomotive was in such a
condition as to require immediate repairs, which would have cost about
$4.000, and without which it could not be safely operated. The majority
of the bridges, of which there are 52. large and small, along the line, had
been condemned as unsafe. The company procured
the Corporation
Plan Approved by Bondholders-Opposed by Stockholders CommiSsion of Oklahoma authority to abandon the fromas to Intra-State
line
commerce, and the Court ordered the sale of the company's properties as an
and Government.
entirety with the privilege to the purchaser to dismantle the line and sell
The plan has the approval of the committee for the Gen.
the salvage. Unsuccessful efforts to sell the line to connecting carriers
the Central Union Trust Co., trustee of the bonds, and a Mtge. bondholders, have been made repreatedly during and prior to the receivership. It is
substantial number evident that it cannot
of security holders of the'various companies involved.
be operated except at a loss.
-V.116, p. 177.
The Prosser committee, representing common stockholders, the
Continental
St. Louis
Insurance Co. and the Fidelity-Phenix Fire Insurance Co., holders of
-San Francisco Ry.-Bonds.common stock, have filed objections to the plan, declaring that it would
The I.-S. C.
benefit the company Commission on May 8 modified its previous order authorizing
'
the bondholders but not the stockholders.
to pledge and repledge $5,644,700 Prior Lien Mtge. bonds, and
The Attorney-General in behalf of the Government filed a brief in which authorizing certain subsidiaries to issue promissory notes so as to permit the
objection is made to certain provisions of the Third Modified Plan. The company to create a fund equal to the proceeds of such pledge or repledges,
Government objects to increasing the interest rate on the bonds, on the in lieu of creating a fund out of such proceeds.
-V. 116, p. 2120, 2131.
ground that such additional charges would result in higher prices
coal.
'The Government asks that the District Court determine the amountfor comSt. Louis Southwestern Ry.-Equipment Trusts.
of
pensation to be paid in cash. The Attorney-General also asked the Court to
The 1.-S. C. Commission has authorized the issuance of 32.700.000
expedite the case and put the segregation into effect.
Equipment Trust certificates. Series"H." See offering in V. 116. p.5370
1650.
In the brief filed it is stated that the execution of the mortgages by the
Reading Co. and the Coal Company and the issuance by those companies of
St. Paul Union Depot Co.
-New President, &c.
new and separate bonds is in keeping with the order of the U. S. Supreme
President Ralph Budd of the Great Northern has been elected President.
Court. and to be preferred over a mere allocation and segregation of
succeeding E. Pennington. G. R. Huntington. succeeds Mr. Budd as
gage indebtedness not involved in the issuance of separate evidences ofmort- Vice-Pres,and also succeeds Mr.Pennington as a director.
such
-V.115. p. 1533.
indebtedness.
It is suggested that the Court definitely determine whether the proposed
San Francisco-Oakland Terminal Rys.-Plan,
allocation of indebtedness of two-thirds to the Reading
The reorganization plan (V. 115. p. 544) of
the Coal Company is proper, and if not to ascertain Co. and one-third to effective, and over 95% of all of the outstanding this company has become
bonds have been deposited
a basis which will be
proper.
and agreed to the plan. Suits to foreclose on all of the bonds under Groups
As regards the proposed compensation to holders of Gen. Mtge. bonds
1A. 1B. 2
for ordered byand 3. were heard by the Court on April 5 1923, and a decree
injury in their securities by increasing the rate
the Court.
Also, a suit to foreclose the collateral trust agreement on the Oakland
by the Coal Company and from 4% to 41 by of interest from 4% to 5%
/
2
%
ment says that such proposal is not in keeping the Reading Co., the Govern- Railways $2,500,000 note issue, was heard by the Court and a decree
with
the Supreme Court and ought not to be approved. the opinion and order of ordered. 'These decrees will undoubtedly be signed within a very short
time, and a sale of the properties thereunder will take place.
The Government in its petition says that the
The Oakland Terminal Co. $1.100,000 6% notes have been retired, and
Court to the District Court was to determine what direction of the Supreme
if
the bondholders and the amount of such damages, any injury was done to the property upon which they were a lien has been sold.
if any, and how they
It is the intention of the reorganization committee to have the new
should be paid.
securities dated as of July 1 1923, and delivery is to be made of the same
This direction was framed in the light of a
soon thereafter as
volving a cash payment to the bondholders of provision in the first plan in- as An estimate has is possible.
been made of the
templates that compensation, if any, so to be $10,000,000, and clearly con- be issued by the reorganized companypar value of new securities that will
existing surplus of the respective companies. paid shall be in cash from the company. This estimate, which will in exchange for securities of the old
ultimately be reduced in proportion
The proposed increase in the interest rate by
to non-assenting bonds, is as follows:
the
necessarily be reflected in the price of its coal, whichCoal Company would
in view of its large 7% Prior Preferred Stock_$6.200,000 Collateral Trust Notes
tonnage is an important consideration. The
Government further says that 7% Preferred Stock
4,000,000 (separate company)_ ---$2,500,000
c
an additional reason for not approving the proposed
increase in interest rate Common Stock
3,260,000 Gen. Sr Ref. M.6% Bonds 1,380,000
Is that the new Railway Co. bonds will have to
be authorized by the I.-S. C.
Gen.& Ref. M.5% Bonds 7,800.000
Commission and the Government suggests that no action should be taken by Divisional Mortgage Bonds
6% (separate companies) 465,000
the Court which would influence the Commission
Est, total par value--$25,605,000
in consideration of this
matter.
Earnings Calendar Years1922.
• The Government represents that the public interest
1921.
the un$6.922,348 36.872,597
lawful combination be forthwith completely terminated requires that District Gross operating revenue
the
4.612,082
4.853.032
Court to order that the Reading Co.'s interests in the and asks be imme- Operating expenses
Coal stock
diately transferred to the Coal Company trustees heretofore appointed in
Net operating revenues
$2,310,266 $2,019,565
order that the trustees can control the policy and operation of the Coal Co. Net revenue-Auxiliary operations
129,867
121,876
pending the formation of the new Coal Co. and working out of dissolution
plan.
Total net revenue
$2.440,133 $2,141,441
The Government asks that when the decree is handed down it be drawn in Less taxes
412.791
387,838
such a way that any attempts to evade the decree by the use of fictitious
Operating income
names in holding railway stock and coal stock shall be adjudged in contempt
$2,027,342 31,753,604
Non-operating income
of court and punished.
23.322
21.743
In conclusion, the Government asks that the case be expedited and the disGross income
solution decree put into effect.
$2.050,664 $1,775,346
-V. 116, p. 2131, 1051.
Sundry charges (including depredation)
613.549
627.204
Richmond (N. Y.) Light & RR.
-Properties May Be
Net income
31,437.116 $1,148.142
Returned to Management by July 1-Earnings and Bal. Sheet.
- Interest deductions
1.054,617
1.098.845
On Oct. 5 1922 new interests acquired a majority
stock of
Final surplus for the year
the company and the directors wore reconstituted of the capital
$49,297
3382.499
as shown below. In
Nov. and Dec. 1922 applications were filed with
Comparative Balance Sheet December 31.
Public Service
Transit commissions of New York for authority theissue securities. and
&c.
to
1922.
1921.
1921.
1922.
Looking towards discharging all the pre-receivership and receivership obliAssets
Liabilities
gations of the company and provide it with adequate working capital to Road dr -equiP't-- -27,658,517 27,391,695 Capital stock
28,175,000 28,175,000
make possible the improvements and expansions of the service of the com- Other fixed
assets_24,751,635 26,685,657 Funded debt
22,439,561 22,333,040
pany as the needs of the territory served require. One
been pro- Current assets_ _ _ _ 779,872
816.407 Unpaid interext on
cured from the Transit Commission. Valuations of the order hashave been Ins. le depr.
property
funds. 147,364
322,431
2.827,821 2,019,811
funded debt__
completed and it is expected that by July 1 the properties will have been Unadjusted
constr. 574,962
75,757 Current liabilities_ 1,695,766 2,430,382
restored to the controlling management of the board of directors.
Other unadj.debit
37,678
309,033 Deferred liabilities
37.566
OniSeiat. 25 1922 a voting trust was formed consisting of II. C. Hopson, Corporate deficit s 644,361
_ _ 2,931,881 1,285.120 Depr. dr other res. 2,039,836 1,745,437
Arthur Sinclair Jr.. and Raymond M. Smith of New York, to whom there
94,749
Unadjusted credits 473,038
has been issued 24.566 shares of stock out of a total of 30.000 shares.
Directors.
-E. P. Currier. J. I. Mange, T. Megaarden. R. Mallory,
Total
57.688.591 56,886.100
57,688,591 56.886,100
Total
J.H.Pardee, Raymond Smith,J. K.Choate. Arthur Sinclair, Jr., New York, -V.
116. p. 1650.




THE CHRONICLE

2258

-To Change Name, &c.
Scioto Valley Traction Co.
the name of the company

The stockholders will vote June 7 on changing
$1,426,000
to Scioto R. & Power Co. The question of taking care of the103, p.850.
-V.
1st Mtge.5s, due Sept. 1 will also come before the meeting.

-The I.-S. C.
Seaboard Air Line Ry.-Government Loan.
Commission has approved a 10-Year 6% Government loan
of $6,759,000. The loan is due serially.
& Penin.

The proceeds will be used to retire $3,000,000 Florida Central
balance will
6s, due July 1 and $1,000,000 7% notes due Sept. 1. The
-V. 116, p. 2131.
be used for various corporate purposes.

-Branch Line Construction.
Pacific Co.

Southern
-S. C. Commission on May 3 authorized the company to construct
The I.
at or near
a branch line of railroad in Kern County, Calif., commencing of BakersMainmden, a station on company's main line about 4 miles easta proposed
site of
field an& extending in a southeasterly direction to the 17.64 miles; with
of
packing Muse south of the village of Arvin, a distance
north of
a spur track or branch line extending from a point about 2 miles house,
In an easterly direction to the site of a proposed packing
Arvin,
a distance of 1.78 miles.
-S. C. Commission has authorized the Secretary of the Treasury
The I.
with the Governto pay the company $4,235,301 in closing out its account
Transportation Act.
ment under the six months' guaranty provisions of the
1051.
-V. 116, p. 1533,
-Bonds Called.
Water Power Co.

Tide
-Year Gold bonds dated Jan. 1 1909
All of the outstanding 1st Mtge. 40
at the Pennsylvania
have been called for redemption July 1 at 105 and int. 517 Chestnut St.,
for Insurances on Lives, &c.. substituted trustee,
Co.
1412, 823.
-V.116, p.
Philadelphia, Pa.
-Foreclosure Sale.
Western RR.

Toledo &
the two
Federal Judge ICBMs at Toledo, has entered order to foreclose
Co., as trustee. The
mortgages on application of the Cleveland Trust 1st 5s. due 1926. and
Toledo dr Western By.
mortgages are $1,250,000
of 1927. Interest on both
$250,000 Toledo, Fayette & Western By. 1st 5s
July 1 1920.
issues has been in default sinceSchwartz, Harry A. Dunn and Joseph A.
The court appointed Albert
be held June 19.
Yeager as special masters to conduct the sale which will 114, p. 1892.
-V.
Bondholders, it is expected, will bid for the property.
-Time Extended.
Gas & Electric Corp.

United
ChairJoseph
The stockholders' readjustment committee, of stockWayne the
under
man, has extended the time for the deposits in a notice says:Jr.. capital
plan to June 2. The committee
readjustment
of the United
The holders of more than a majority of each class of stockdeposit under
for
Gas & Electric Corp. have already sent in their stock some of the stock
but by reason of the fact that
the plan and agreement,
of
is held by interests abroad,and as the committee is very desirous as obtaining
possible,
of stock
the deposit of as great a percentage of each classstock to and including
the committee has extended the period for deposit of
2 1923.'
June
The depositaries under the plan are Fidelity Trust Co., 325 Chestnut
and
St., Philadelphia: Chase National Bank, 57 Broadway, New York,
Lancaster Trust Co., Lancaster, Pa.
majority of the 2d Pref.
It is understood that up to May 15 a substantial
and Common stocks have been deposited and that about 52% of the 1st
Pref. stocks had been deposited. The laws of Connecticut require a 2-3
vote of each class of stock of a corporation to effect a merger. not ai prove
p
It is stated that there are a number of stockholders who do -See Watt
of this plan, particularly with reference to the 1st Pref. stock.
In V. 116. p. 1761.
-Guaranty Payments.
U. S. Railroad Administration.

-S. C. Commission has authorized the Secretary of the Treasury
The I.
to pay