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financial DV 1111MtCiat INCLUDING Bank Sr Quotation Section Railway Earnings Section VOL. 116. amide Railway & Industrial Section Bankers' Convention Section SATURDAY, MAY 19 1923 gilt Thronicit. PUBLISHED'WEE= Terms of Subscription—Payable in Advance For One Year $1000 For Six Months European Subscription (including postage) 13 European Subscription six months (including postage) Canadian Subscription (including postage) 11 7 7 58 NOTICE.—On account of the fluctuations in the rates of exchange. remittances for European subscriptions and advertisements must be made in New York Funds. Subscription includes following Supplements -B•141 AND QUOTATION (monthly)I RAILWAY & INDUSTRIAL (semi-annually) RAILWAY EARNINGS (monthly) ELECTRIC RAILWAY (semi-annually) STATE AND CITY (semi-annually)] B•NLIIRS' CONVENTION (yearly) 88 Terms of Advertising Transient display matter per agate line 45 cents ()entrant and Card rates On request Gateau() Orrzcs —19 South La Salle Street. Telephone State 5594. LONDON 071101 —Edwards & Smith. 1 Drapers Gardens. E. O. WILLIAM B. DANA COMPANY, Publishers, Front, Pine and Depeyster Streets, New York. Pubibrhed every Saturday morning by WILLIAM B. DANA COMPANY. Preiddent Jacob Seibert: Buainesa Manager, William D. Riggs; Secretary. Herber D.Seibert: Treasurer, William Dana Seibert. Addresses Wall, Office et Company. 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 2206 THE CHRONICLE 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 to the following carriers the following amounts in final settlement of their claims under the 6 months' guaranty provisions of the Transportation Act: 11,959 $3,231,967 Vermont Valley RR Atlantic Coast Line 28,023 Travers City Leelauman & Houston & Shreveport RR__ _ _ 3,564 Manistique RR 97,852 Houston East & West Texas__ 15,953 23.477 Meridian Az Memphis RR__Lake Charles & Northern RR_ 50,299 Texas & New Orleans RR__ _ _ 165,714 Gulf Mobile & Northern RR_ 65,499 26,158 Tennessee Central RR Houston & Brazos Valley Re-14,176 25,391 Eldorado & Wesson Ry Barre & Chelsea RR 1,361 168,397 Birmingham & Northwestern. Louisiana Western RR 25,629 Zwolle & Eastern Ry. of La_ Morgan's Louisiana & Texas 3,508 73.922 Dardanelle & Russellville RR. RR.& Steamship Co 73,499 Galveston Harrisb.& San Ant. 350,148 Arizona Eastern RR Carolina 219,878 189,560 Charleston & Western Pittsburgh Skawmut & Nor__ 17,367 Nashville Chatt. & St. Louis_ _ 193,961 • Sullivan County RR 2,163 Stewartstown RR. of Pa -V. 116, p. 1762. United Railways Investment Co.-Redemption.- Ladenburg, Thalmann & Co.,as managers of a plan affecting the company the announce that of the certificates of deposit presented for stamping under$2,offer of April 26 (V.116. p. 1893) in connection with the purchase of 000,000 5% Collateral Trust bonds, approximately 30% will be purchased -V. 116, p. 2008. at par and accrued interest. -Common Dividend No. 2. West Penn Co. The directors have declared a quarterly dividend (No. 2) of % of 1% An on the Common stock, payable June 30 to holders of record June 15. 30 initial dividend of like amount was paid on the Common stock on March 116, p. 1762.. -V. last. -Report. Western Pacific RR. Co. -Corporate Gross earnings Expenses Taxes Combined 1919. 1920. 1921. 1922. $12,505,348 $12.104,155 $15,612,843 $13,657,297 9,545,286 9.837.151 10,391,343 12,253,448 744,828 713,755 963,736 x1,231,788 3481.024 $2,645.639 33.367,183 Operating income_ ___ $1,704,460 1,901,376 317,368 y2,815,909 Inc.from lease of road 1,006,786 2.022,841 1,629,553 1,445.642 Other income $3350,102 $4,926,486 $4,985,848 $6,275,345 Total income 3.874.787 2,855,440 2,067.953 2,044.757 Int., rentals, &c $1,105,345 $2,858,533 $2,130,408 $2,400,558 Net income 825,000 1,925,000 1,650.000 262,900 Preferred dividends_ __ _ 50,000 50,000 funds Sinking $792.445 $1,158,533 $2.005,408 $1.575,558 Balance, surplus x Includes $205,173 income taxes for 1918 and 1919 paid in 1921 on account of compensation received and rental of property for 1918-1919 in excess of compensation on which taxes have been paid for the year in ques-V. 116. p. 2008, 823. tion. y Includes Govt. compensation. -Exchange of Preferred Wilkes-Barre & Hazleton RR. Stock for Unpaid Coupons. The May 15 1914 interest on the $1,900,000 collateral trust mtge. of 1901. interest due May 15 1951. was not paid when due. In lieu of paying the 15 1914 bondholders were requested to surrender their coupons, due May -bearing company issued to Nov. 15 1916. and in return the become due. (V.non-interest 98, p. 1539.) The certificates for the coupons as they Nov. 15 1914 interest due May 15 1914 was paid June 15 1916, and that dueFeb. 15 1918, Nov. 20 1916. A supplemental agreement, dated was paid company and the bondholders by which the remainwas made between the for a further period of 5 years, ing unpaid riast-due coupons were extended the date on which they originally fell due. Coupons or a total o(8 yearsfrom 1.5 1915. Nov. 15 1915. May 15 1916 and Nov. 15 affected are those for May when due. Coupons on the collateral trust mtge. 1916. Suequent int. paid were similarly treated, but in this case the coupons of 1905, due Oct. 1 1945. Oct. 11915. April 1 1916. Oct. 1 1916 and April 1 extended were those due company offered to holders of the extended coupons 1917. In Oct. 1922 the bonds 6% non-cum. pref. stock of the company in of both issues of coll. tr. coupons to the aggregate amount of latter at par. exchange for the unpaid of the outstanding $1,227.000 Coll. Trust Mtge. We are advised that out $1,183,000 have accepted the proposition of -Year 5% Terminal bonds. 40 [VoL. 116. of exchange of the unpaid coupons for Pref. stock and $1,332,000 out of the the outstanding $1,900,000 have accepted the company's proposition -V. 98. P. 1539. -Year 5% gold bonds. Mtge. 50 1st Coll. Trust -Wage Increase. York (Pa.) Railways. Effective May 16, wages were Increased 2% cents an hour. Employees in service not exceeding six months will receive 42% cents an hour, plus a bonus of 10%. The scale ranges from 42% to 483 cents an hour. V.116, p. 517. INDUSTRIAL AND MISCELLANEOUS. The following brief items touch the most important developments in the industrial worls during the past week, to- , gether with a summary of similar news published in full detail in last weles "Chronicle" either under "Editorial Comment" or "Current Events and Discussions." Steel and Iron Production, Prices, &c. The "Iron Age" May 17 said: "The unexpectedly high rate of steel production shown by the official statistics for April, and the indications that ingot output is now running 225,000 tons a month higher than in March have thrown further light on the relation of supply and demand in the steel trade. New buying is still on the restricted scale of recent weeks, and at the same time consumers with very rare exceptions are taking material as fast as the mills can ship it to them. "The week has brought no significant changes in the prices of finished steel products. With larger mill deliveries, consumers have better stocks and the signs of pressure and scarcity so common in March and early April have passed away. At the same time some Independent steel companies are showing renewed Interest in getting more tonnage on their books. "Third quarter contracting is not yet of large volume, apart from sheets and tin plates, though there are fair sales of bars at 2.40c. to 2.50c., the former price representing a concession of $2 a ton for some makers. "Chicago, which has long been having the heaviest forward bookings, now reports that railroad car buying and oil storage tank orders have fallen off sharply. As Is well known, car works are filled up for months. This 75 freight cars accounts for the placing in the week of only 11 locomotives. freight cars. 300 and 72 passenger cars, with new inquiry for less than the Southern Railrail inquiries amount to 300,000 tons and "Pending way has bought 30.000 tons. "Three-fourths of the 12,000 tons of fabricated steel lettings (against thl 13.000 tons in the previous week) were for private enterprises, while of York 16,700 tons of fresh inquiries 12,200 tons were for subways In New and only 1.200 tons for private work. "Automobile and parts manufacturers, while still operating at the high rate of recent weeks, are following a cautious policy and have not bought as yet for the third quarter, though several inquiries have been made for authmobile body sheets for that delivery. "In the wire trade manufacturing buyers are putting new orders on mill books as fast as they get shipments, but demand for fencing as well as for mesh for new construction and for road building has fallen off. malleable "In the Pittsburgh district, prices of Bessemer, foundry and grades of pig iron have declined $1 and basic $3 per ton. In other centres prices are fairly well maintained, but with reports of concessions accompanied by explanations which indicate a tendency toward weakness. Foundries, however, as a rule are operating as fully as labor conditions will permit and deliveries are going forward freely. The outlook is that the contract price for furnace coke for the last half of the year will be about $6. The export movement has ended for the present and coke on cars at Philadelphia, intended for export, has been offered as low as $3 25, ovens. "To Western Australia the United States will supply 8,000 tons of pipe plates, partly because the mills are able to cut exact sizes. "British iron and steel exports in April amounted to 386.957 tons, or only 5% more than in January, showing less gain from the Ruhr deadlock than had been expected. "The Belgian rail strike is holding back deliveries. At Liege and Charleroi the lines to Antwerp are clogged with trainloads of iron and steel for export. "The 'Iron Age'finished steel composite price remains at 2.789c. per lb., as last week. This represents a recession of 79c. per gross ton from the peak of the present movement, reached in the fourth week of April. "Due to declines at Pittsburgh, pig iron has dropped from $30 79, which has prevailed for four weeks, to $29 29 per gross ton, on the basis of the 'Iron Age' composite price. It is still $5 66 above the $23 63 of a year ago." Coal Production, Prices, &c. The United States Geological Survey, May 12 1923,estimated production as follows: "For the third successive week production of soft coal declined slightly. The total output in the week ended May 5 Is estimated at 10,010,000 net tons, a decrease of 93,000 tons from the figure for the week preceding. May Day was partially observed as a holiday in some districts, and over the country as a whole It appears that it counted for about 90% of a full working day. Preliminary reports of cars loaded during the present week (May 7-12) indicate slightly better conditions and It seems probable that production will total about 10,200,000 tons. "Production during the first 107 working days of 1923 was 189,506,000 net tons. In the corresponding periods of the six years preceding it was as follows (in net tons): Years of Activity. Years of Depression. 148,879,000 187,738,000 1919 1917 137,614,000 189.153,000 1921 1918 148,693.000 184,936,000 1922 1920 "It will be seen that from the viewpoint of soft coal production the present year is 1% ahead of the average for 1917, 1918 and 1920. when I3usiness generally was active, and 30% ahead of the three years of Industrial depression, 1919, 1921 and 1922. The present year closely resembles 1920. In that year, however, consumers' stocks on March 1 were at a very low point and demands for coal were insistent. While stocks on March 1 1923 were not extremely high, yet they exceeded those in 1920 by 50%. and demand for coal has steadily fallen off. Complete records of consumption since February are not available, but it seems quite clear that if the rate of consumption in that month has been maintained stocks are perceptibly lower than on March 1. "The production of anthracite was well maintained during the first week of May, even though there was a slight decline in output. The nine principal anthracite carriers reported loading 38,643 cars, from which it is estimated that the total output, including mine fuel, local sales, and the product of dredges and washeries, was 2.021.000 not tons. "Preliminary reports of loadings during the present week (May 7-12) indicate a higher rate of production during the week. Estimated United States Production in Net Tons. 1922 1923 Week. Cal.Yr.toDate BituminousWeek. Cal.Yr.toDate 3.575,000 140,354,000 April 21 10.221.000 169.393,000 4.175.000 April 28 10.103.000 179,496,000 4,164,000 148,693,000 May 5 10,010,000 185,506,000 Anthracite 21,798.000 6,000 31,602,000 April 21 2,065,000 21.803,000 5,000 April 28 33,718.000 2,116,000 21,809,000 6,000 35,739,000 May 5 2.021.000 Beehive Coke 2,217,000 94,000 April 21 5,995,000 437.000 2.305,000 89,000 424,000 April 28 6419,000 2.400.000 95,000 406,000 May 5 6.825.000 The "Coal Trade Journal," May 16. reviewed market conditions as follows: "Although more spottiness is developing in the general bituminous market,the basic conditions are such as to jutsify confidence in the outlook. The lake movement which means so much to the producers in West Virginia, Pennsylvania. Ohio, and, to a lesser degree, Kentucky, is swinging into line in spite of unfavorable navigation. Dumpings at tho lower ports are ahead of 1922 and 1920. and up to May 5 were only slightly behind 1921. Better still, boats have been able to reach the upper docks. Up to and Including last Saturday. 650,000 tons had been discharged at Superior and Duluth. Railroads in many sections of the country are going ahead with a comprehensive storage plan, "Compared with the first week in May,the level of spot prices eased off -In itself slightly. No changes were reported In 58.6% of the quotations MAY 19 1923.] an indication of underlying steadiness. Of the changes,63.6% represented reductions ranging from 5 to 75 cents and averaging 23.7 cents per ton. The advances,ranging from 10 to 40 cents, averaged 22 cents. The straight average minimum for the week was $2 29, a decline of 4 cents, while the straight average maximum,$2 73, was 10 cents less than for the preceding week. A year ago the averages were $3 10 and $3 57, respectively. -ton mark per "Anthracite production continues to top the 2,000,000 week, with no let-up in general domestic demand, but more discrimination to sizes. This is usually the forerunner of an easing in certain markets as off, but the hunger for coal created by the strike last year may negative this indication. Steam sizes are weak, although a fictitious strength for No. I buckwheat is given by the forcing of tonnages of this size upon the retail dealer. Anthracite cargoes have reached the Lake Michigan and Lake Superior ports. Loadings from Buffalo last week totaled 65,320 tons. "By-product coke output declined approximately 50,000 tons in April. a loss of 1.5%. The total output for the month was estimated at 3,206.000 net tons. Beehive output rose from 1,749,000 to 1,776.000 tons. The current rate of production for'all coke is 15.5% of the 1920 monthly average. Oil Production, Prices, &c. The American Petroleum Institute estimates the daily average gross crude oil production in the United States for the week ended May 12 as follows: (In Barrels.) May 12'23. May 5 '23. Apr. 28 '23. May 13 '22. 380,200 459,600 484,300 Oklahoma 480,700 82,000 81 850 81 800 81 250 Kansas 50.000 71,30068,300 73,600 North Texas 145,100 125,550 127,050 Central Texas 127,750 87,250 69,100 69,750 North Louisiana 65.850 36.300 109,750 111.350 112,300 Arkansas 108,650 • 98,350 96,750 Gulf Coast 94,450 118,500 108,000 109,000 109.500 Eastern 74.400 131,000 127,000 123,100 Wyoming and Montana_ 340,000 695,000 710,000 695,000 California 1,422,400 1,946,500 1,988.300 Total 1,963.500 . Standard Oil Co. of New Jersey Denies AU Charges of Monopoly, Corrunt -May issue of•'The Lamp. in March. Practices, ctc., Made in Senate Report Secretary of Interior Work Revokes Ban Against Alien Oil Property Hold-Reverses regulations of former Secretary Fall. admitting foreigners ings. to oil lands. restoring Rosana Petroleum Corp. leases. "Times" May 17, P. 1. -Standard 011 Co. of N. J. has reduced price lc. Gasoline Price Reduced. gallon in North and South Carolina. "Boston Financial News" May 12.p. 3. Standard Oil Co.of N.Y.reduces tank wagon price lc.. to 21.4c.a gallon. ,_gasoline price 1 cent a gallon in Standard 011 Co. of Louisiana cut Louisiana, Arkansas and Tennessee. Evening Post" May 18. p. 12. -"Times" May 18, p. 32. and Texas Co. met this cut. Gulf Refining Atlantic Refining and Janney Mfg. companies also met above cut. -"Boston News Bureau" May 18. p. 10. -White Eagle Oil & Refining Co. Advance Price of Gasoline in Missouri. advance filling station price 2c.. to 18lie. a gallon (including lc. city tax) in Kansas City. "Philadelphia News Bureau" May 15, p. 3. A second advance of 2 cents a gallon was made in Kansas City, Mo.. "Wall Street Jounral" May 18. p. 14. -Pennsylvania crude reduced 25c. to Price of Crude Further Reduced. $3 25 per bbl. "Boston Financial News" May 14, P. 3. Other companies which again reduced prices 10c. a bbl. are: Ohio Oil. Standard 011 of Louisiana, Prairie Oil & Gas and Midwest Refining. -Imperial Oil Co., Ltd. made another Canadian Crude Oil Price Cut. reduction of 10c. a bbl. Price now is $2 58 per bbl. "Financial America" May 16, p. 8. Naphtha Price Cut. -Standard Oil Co. of N. Y. cuts pricelc.. to 20)4c. a gallon. "Financial America" May 18, p. 7. Nary Oil Contracts Placed. -Nine successful bidders to supply gasoline at prices varying according to port and method of delivery as follows: Standard Oil Co.(N..1.) (about - 0% of total contracted for). Beacon Oil, 5 Tide Water Oil, Texas Co.. Standard Oil Co.(N. Y.), Atlantic Refining. Magnolia Petroleum, Standard Oil of Kentucky and Standard Oil of Indiana. Fuel oil awards included Standard Oil Co.(N. J.), Gulf Refining Co. and New England 011 Refining Co. "Wall St. Journal" May 16, 13 7. Secretary of State Hughes Studies New Mexican Petroleum Bill to Determine Effe n Oil Coutract Rights. -"Times" May 13, Sec. 2, D. 8 . Prices, Wages and Other Trade Matters. Sugar Prices. -On May 11 Pennsylvania advanced price 15 points, to 9.90c. a lb. On May 16 Federal Sugar Co. reduced price 25 points, to 9.50c. a lb. Price of Copper.-Has declined to 15.25. "Engineering and Mining Journal-Press" May 19, p. 909. -One and one-quarter cent cut on American Brass Co. Reduces Prices. common brass and one cent on seamless tubes. "Times" May 17. P. 12. Seamen's Wages. -U. S. Shipping Board advances wages an average of 15%. effective May 14. "Times" May 13, Sec. 1, p. 8. American Steamship Owners' Association Refuse to Advance Wages to Meet Shipping Board Scale. -"Times" May 16, 22. Lumber Strike Ends. p' -15,000 lumber men and dock workers called out by I. W. W. on Pacific Coast, end strike without gaining their demands. "Wall St. Journal" May 14, p.3. Shoe Industry Strikes. -About 1,200 workers in Brockton. Mass., strike for 20% wage increase. "Times" May 15, p._10. Strike in Garment In tistry.-Amalgamated Clothing Workers of America strike for $4 a week increase. Present wages average from $35 to $40 a week. "Sun" May 14, p. 2. -13,000 workers Rochester (N. Y.) Clothing Workers Get Wage Increase. receive Increases as follows: Those making less than $35 a week, 10%; more than $40 a week, 5% increase. "Times" May 14, p. 28. Building Trade Disturbances. -80,000 men refused "collective deal" by employers and union leaders admit each union will have to make its own agreement. "Times" May 18 ,p. 21. 3,000 painters in Brooklyn strike for $12 per day. Stone carvers quit, demanding $2 a day increase (now receive $8 50 a day). Plasterers to get $12 per day. Bricklayers demand $12 a day. -day week. Association of Master Painters ask from $9 to $10 a day and a 5 Plumbers 1.13 Brooklyn and Queens to receive $10 a day ($1 increase). "Times" May 16, p. 21. Building Construaton Halt Necessary for Several Months to Relieve Present Crisis. -Board of Governors of American Construction Council recommends (1) delays in programs until September or October;(2) wide publicity regarding increased costs of labor and material;(3) curtailment of financing ot speculative building, and (4) establishment of authoritative index of construction costs. "Times" May 17, p. 1. Matters Covered in "Chronicle" May 12.-(a) The "boycott" on sugar. P. 2059. (b) Halting building operations because of intolerable costs, p. 2060. (c) Clothing workers' wages advanced in Chicago, p. 2068. (d) Repayments received by War Finance Corp., p. 2072. (e) New issue of U. S. Treasury notes, p. 2075. (f) Government loses suit against New York Coffee & Sugar Exchange.. p. 2083. (g) Minnesota% occupation tax on Iron ore upheld by U. S. Supreme Court, p. 2089. (h) Federal Trade Commission's complaint against Eastman Kodak Co., p. 2089. -Bookings. Advance-Rumely Co., La Porte Ind. Bookings for the first four months of 1923 exceeded those for the corresponding period a year ago by about 40%.-V. 116, p. 1407. Alabama Power Co., Birmingham Ala. -To Issue Stock. The Alabama P. S. Commission has authorized the company to issue 20,000 shares of Cumul. Pref, stock at not less than $98 a share. The proceeds will be used to acquire or construct plants for permanent improvements, extensions and additions and in meeting obligations already incurred for the requirement of plants and permanent improvements. -V. 116, p. 2133. Allis-Chalmers Mfg. Co. -Obituary. Henry Woodland, Sec. & Treas.. died in Milwaukee, Wis.. May 15.V. 116. p. 2133. Amalgamated Sugar Co. -Resumes Pref. Dividends. A quarterly dividend of2% and a dividend of8% on account of accumulations have been declared on the Preferred stock. both Payable Juno 15 to holders of record June 1. A quarterly dividend of 2% was paid on the Preferred stock on May 1 1921; none since. See also V 116. p. 2009. 2259 THE CHRONICLE -Earns. (Incl.Subs.-not English Subs.) American Chain Co. Quarter ended March 31 -V.116, p. 1652. 1279. Profits Avail. for Dios. Sales 1922. 1923. 1923. $7.225,468 $2,881,855 8882.890 -Obituary.- American Cotton Oil Co. Cecil 0. Phillips, Vice-President of this company and also Vice-President -V.116, p. 1652. died May 1 at New York. of the N. K. Fairbanks Co.. -New President. American Druggists' Syndicate. P. H. Jones, formerly Vice-President of the Worthington Pump & Machinery Co., has been elected President, succeeding C. H. Goddard. V. 116. p. 1895. -Locomotive Orders. American Locomotive Co. The company has received orders for 66 locomotives as follows: From Missouri Pacific RR. for 40 Mikado type and 10 Pacific type: 10 Pacific type for Lehigh Valley; 2 Mikados for the Seaboard Air Lme Ry. (in addition to 20 ordered late in March), and four 0-6-0 type switching loco-V. 116, p. 2133. motives for the Chino Copper Co. -New Directors. American Railway Express Co. Newcomb Carlton has been elected a director to succeed the late C. D. Norton, and W. Averill Harriman to succeed the late B. D. Caldwell. -V.116, p. 1652. -4% Common Div. American Sales Book Co., Ltd. The directors have declared a dividend of $1 per share on the Common stock, par $20. payable Juf 3, to holders of record June 15. the regularly , quarterly dividend of 1% 0 on Pref. stock, payable Aug. 1 to holders of record July 14. An Untie dividend of 8% 41 60_per share) was paid on the Common stock on Jan. 15 last. -V. 116. P• 1335. -New Director. American Surety Co. John M. Miller Jr., President of the First National Bank of Richmond. Va., has been elected a director. -V. 116. P• 1278. -Syndicate Terminated. American Woolen Co. It was announced May 15 that nearly all of $10,000,000 7% Cumulative Preferred stock offered to stockholders had been subscribed for and the syndicate has been terminated. The following announcement was given out by the syndicate managers, Brown Bros. & Co.. Chase Securities Corp. and Hayden, Stone & Co.: "The stockholders' subscription privilege expired May 10. The underwriters individually will take up and pay for the unsubscribed balance of said stock and participants are accordingly relieved from all liability as to their participations and the syndicate is terminated. Checks for syndi-V. 116. p. 2133. cate profits will shortly be mailed to participants." Arizona Copper Co., Ltd.-Report.- 6Mo.end. Year end. Mar.31'23.Sept.30'22 PeriodDividends on the company's holdings in Phelps Dodge Corp., discount received on treasury bills, he interest £25.094 £49.451 and transfer fees, amounted to 50,000 50,000 Transferred from reserve account 20,389 Previous balance £95,483 £99,451 3,067 2,663 Total Expenses £92.820 £96,384 Balance Dividend on Ordinary shares of company, Is. per share free of income tax 75,995 75,995 Balance to be carried forward, subject to provision for inE16,825 come tax, corporation tax and directors' fees -V. 115, p. 2908. £20.389 Armour & Co. of Del. -Additional $10,000,000 Bonds Placed in Connection. with Acquisition of Morris et; Co. See Armour&Co.ofin.under"Reports"in V.116,p.2126& V.116,13.1418. Associated Fruit Co., Chicago, Ill.--Pref. Stock Offered. Metropolitan Bond Co., Chicago, is offering at 100 and &v. $250.000 Cumul.7% 1st Pref. (a. & d.) stock. Redeemable all or part on 30 days' notice at 106 and divs, if redeemed before April 1 1926 and at 103 and dive. at any time thereafter. Dividend payable Q. -J. Registrar and transfer agent, Union Bank of Chicago. Issued. Capitalization (No Bonds)Authorized. First Preferred stock (par $100) $250,000 $1,000,000 Second Preferred stock (par $100) Common stock (no par value) . , 50,000 813s. 45.000 shs. Company. -Business,founded 7 years ago with a paid-in capital of $2,800, has grown to its present size entirely from earnings, with the exception of $14,000 new capital supplied in 1921. Through consolidations or by outright purchases, company has acquired the business and properties of a number of advantageously located financing and fruit distributing companies. As "bankers to the grower." company assists the grower in the development of the crop, supplying fertilizer, spraying equipment, packing material. &c., receiving, assorting, inspecting, packing, storing, shipping and properly marketing the growers' products. All marketing is done on a basis of consignment to the company and not oa basis, thus ensuring the company freedom from loss due to possible poor markets. rkets. Company's main office is in Los Angeles. District offices are located in Chicago, New York, Spokane, Fresno, Modesto, Lodi, Cashmere, Yakima, Preewater, Payette and Wenatchee. Thirty warehouses are located in California and 24 in Washington. Oregon and Idaho. -For the last six years average annual earnings, after all deEarnings. ductions and Federal taxes, were $64.572, or almost 4 times requirements on this issue. The average annual earnings after all allowances and Federal taxes for the last 2 years and 8 months were $139,849, or 8 times div. requirements on this issue. -Proceeds will be used to pay current indebtedness and to proPurpose. vide additional working capital. -Rights. Automatic Refrigerating Co., Inc., Hartford. Stockholders of record May 1 19 3 are given the right to subscribe at par ($100) for one share of new stock for each six shares of stock held. Rights to subscribe expire May 21 and such new stock must be paid for in full on or before June 4. Stockholders of record Aug. 1 1923 will also have the right to subscribe at par for one share of new stock for each seven shares of stock then held. Rights to subscribe will expire Aug. 20 and such new stock must be paid for in full on or before Sept. 1. Books for subscription have been opened at the office of Putnam & Co., 6 Central Row, IIartford, Conn., and all subscriptions to the first allotment of the new stock must be filed at their office on or before May 21. Announcement of the second installment of stock provided will be sent out on Aug. 2 1923 with subscription and assignment forms. The business .of the company in its commercial line for the first three months of 1923 was about 25% in excess of that for the corresponding period of 1922.-V. 115. p. 1213. Bertha-Consumers Co. -Earnings. Earnings Three Months Ended March 31 1923 and Calendar Year 1922. [Bertha Coal Co., Consumers Fuel Co. and Jewel Coal Col 3 Mos.'23. Year 1922. 3 Mos.'23. Year 1922. Gross income $211,851 $599,018 $290,025 $1,004,730 Net income 846,049 Deduct-Interest_ _ 783,396 20,384 151,106 Previous surplus Deple. coal lands_ 69,307 27,238 Deprec'n bidge. & Gross surplus_ _ - $995,247 31,445,067 equipment 83,982 Deduct book value 24.911 Developm't mine,, of good-will and amortized porn_ org. exps. writ11.995 5,641 592,476 Federal tax, 1922_ ten oft 89,323 25,384 Fed,tax, prior per. 43,812 stock_ Divs.on Pt. Total $78,174 $405,713 Sur. end 01 perd $995,247 2783,396 2260 THE CHRONICLE [Vox.. 116. Consolidated General Balance Sheet March 31 1923. California-Oregon Power Co. -Tenders. [Bertha Coal Co., Consumers' Fuel Co. and Jewel Coal Co.] The Mercantile Trust Co., trustee, San Francisco, Calif., will until May 25 receive bids for the sale to it of 1st & Ref. Mtge. bonds of either Assets Liabilities Total property (net) $3.288.476 7% Cumul. Preferred stocks_ _$1,358.188 Series A 73i%,due 1941. or Series B 6%.due 1942, to an amount sufficient Securities 1,190,500 to exhaust $25,367.-V. 116. p. 1045, 181. 288.060 Common stocks Investments 143,328 Subscriptions to Pref.stock__ 1,291 California Petroleum Corp. -Quarterly Earnings. Sinking fund deposits, cash Funded debt 1,278,610 March 31 QuartersNotes receivable 1923. 1922. 1920. 21.000 Notes Issued in payment of 1921. Gross earnings Advs.to associated companies.. 5359,733 rental of railroad cars $5,290,019 $2,017,385 $1,872,896 $1,336,137 195.000 Cash 271,574 Real estate mtge.(short term) 120,000 -V. 116, p. 2134, 1898. Notes receivable 91,786 8.115 Notes payable Cambridge (Mass.) Electric Light Co. -To Issue Stock. Accounts receivable 876,520 Accounts and wages payable_ _ 309,805 The company has applied to the Massachusetts Department of Public Inventories 108.768 Accrued accounts 105,998 Life insurance 54,337 Deferred credits 3,592 Utilities for authority to issue $2,600 shares of capital stock (par $100) Deferred charges 254,064 Reserves 25,078 at $180 per share. The proceeds will be applied to the payment of$468.000 -V. 114, p. 83. Surplus 995,247 unsecured notes. Canadian Paper Board Co., • Ltd. Total -Bonds Offered.-.$5,675,094 Total $5,675,094 x Consolidated Fuel Co. (secured by $350.000 1st M. 6s of that com- Canadian Debentures Corp.Ltd., is offering at 100 and int. pany). $257.837: Four States Supply Co.. $79,000; Marshall Fuel Corp. $400,0007% 1st Mtge.Sinking Fund bonds of 1922, due1937. (secured by notes for $21,000 which are In turn secured by deed of trust on The company is the largest manufacturer of paperboard in Canada, the property of that company),$22,896. business having been established in 1886. The average annual earnCompare V. 116, p. 2134. 2011. ings available for bond interest for the last six years was $151.173; bond interest requirements, $56.000. See V. 114, p. 1894. Baldwin Locomotive Works. -Bookings, &c. From Jan. 1 to May 12 1223 the company booked $52,417,852 business, -Transfer of Holdings. Carnegie Coal Co. against $9,092,996 for the same period of 1922. The company has unfilled Negotiations have been completed for the sale by Vice-President J. H. orders on hand aggregating approximately $63,000.000. The company has received orders for two Mikado type locomotives Sanford of his interests in the Carnegie Coal Co. and subsidiary companies from the Louisiana-Arkansas, two switch engines from the Ferro Carriles to President John A. Bell. The sale price is said to be approximately de Norte de Cuba, and five switching engines from the Utah Copper Co. $5,000,000. The following corporations and properties are included: the J. H. Sanford Coal Co.. with mines at Racoon station; the Carnegie Coal -V.116, p.2134, 1536. Co., with 7 mines at Oakdale, McDonald. Primrose. Racoon. Burgettstown, Atlasburg and Cedar Grove; the Pittsburgh & Lehigh Dock Co., -No New Financing New.Bethlehem Steel Co. Pres. E. G. Grace on May 17 took cognizance of rumors that the com- Superior, Wis.; the Chartiers Mining Co., with 44 acres of yard sites at pany was immediately contemplating new financing by making a formal Duluth, St. Paul and Minneapolis. .Minn.. and 1,500 acres of virgin coal denial. He pointed out, however, that a 815,000.000 issue of Preferred lands, and the Carnegie Supply Co., with stores in Allegheny and Washing-V. 115, p. 1432. stock had been authorized when the Lackawanna Steel Co. was absorbed ton counties, Pa. and that there is always the possibility that sooner or later this stock will be Central Massachusetts Lt. & Pr. Co. -Sub. Co. Notes. sold. The Essex Trust Co., trustee, Lynn, Mass., will until May 28 receive Mr. Grace said there was no necessity for new financing at present and -year coupon notes of the Central Mass. maturities have been taken care of. He said that bids for the sale to it of 5% 20 that all important Electric Co., due 1924,to an amount sufficient to absorb moneys on deposit the Company's working capital position is good. -V.114,p. 1769. Bethlehem is proceeding with its construction program at the Lacka- with It in the sinking fund. wanna plant at Buffalo, Mr. Grace asserted, $12,000,000 having been Central Sugar Corp. -Reorganization Plan. authorized on this account to date, all of which is being provided from Reorganization of Central Sugar Corp. and Central Fe, S. A., has been apcurrent cash. Referring to earnings he said that April was ahead of March. which proved and adopted by the reopTanization managers named below. Preferred were at a rate more than sufficient to cover dividends on the entire capital, and common stockholders desiring to participate in the plan must deposit their securities with either of the depositaries within the time to be fixed by including the shares exchanged for Midvale Steel & Ordnance. For a time before being officially taken over and since, the Midvale the reorganization managers. Holders of the 10-Year 8% Corm Gold notes properties, according to Mr. Grace, have more than earned their share who have not as yet deposited their notes may become parties to the plan by of Bethlehem's Common dividend requirements, but the Lackawanna depositing such notes with the depositaries. Creditors desiring to participate plants have not done so well, due in part to unprofitable contracts ou In the plan should also deposit their claims with the depositaries. the books at the time the company was absorbed. He believes, however, Reorganization Managers. -Edward C. Delafield, 0. C. Pineo, Heinen that Lackawanna before long will be one of Bethlehem's best earners. Dowd, with Edward S.Blagden, Sec., 44 Wall St., New York. Lackawanna' full share of fixed charges and the Bethlehem Common Depositaries. -Bank of America, 44 Wall St., New York, and Trust Comdividend require earnings of $3 a ton ingot capacity. [Bethlehem's offer to the minority stockholders of the Cambria Steel pany of Cuba, Obispo 53, Havana, Cuba. Plan of Reorganization Dated Dec. 8 1922. Co. of $181 a share for their stock expired on May 15. Up to that date approximately 20,000 of the 24,000 shares had been turned in.1 Indebtedness and Capital Stock as of June 80 1922. Certain Cornwall, Coleman Estate and Freeman Estate Purchase Money (1) Central Sugar Corp. 8% 10 -Year Cony. Notes ($500,000 adMtge. bonds, all dated July 1 1919. have been called for redemption July 1 ditional hypothecated to secure loans Central Fe, S. at par and int. at the Pennsylvania Co. for Insurances on Lives, &c.. 517 7% 1-year Gold notes (reduced to judgment subsequent A.)___ $3,075,000 Chestnut St., Philadelphia, Pa. to Jan. -V.116, 13• 1897 . 1922, 75000 Other indebtedness & accrued interest Billings & Spencer Co., Hartford, Conn. -Condensed 404:170 Preferred stock (par $100) 8,000,000 Balance Sheet March 31 1923 (After Giving Effect to Sale of Common stock (50,000 she., no par value) 460,000 $563,500 Bonds).(2) Central Fe, S. A. *Secured bank loans Assets Liabilities Chas. Bruce Campbell, trustee (secured by lien on machinery)_ 1,405 Cash $23,157 Notes payable 34835,000 174,87 0 7 9 9 Accounts receivable Equipment contracts (partially secured by liens on equipment) 351,584 Accounts payable 88.016 247,778 Merchandise, materials, &c 1,477,107 Accrued pay-rolls, Int., &c_._ Bills & accounts payable (unsecured) 43.792 848,210 Notes receivable 15,245 7% gold bonds, 1933 Taxes (1920 income and general Cuban Government) 563,500 ll110,203 Special deposit account 5259,837 Common stock Duties & Freights on machinery (estimated) 1,000.000 71,750 Land, bides.. ace.. lees deprec_ 1,399,554 Preferred stock Amount due Colonos on account of cane liquidation 1920-21 750.000 Invest., trade-marks, ao 71,158 Surplus Mar. 31 1923 404,374 crop (amount undetermined at Dec. 31 1921) Deferred charges 87.040 All accounts taken as of June 30 1922 except bank loans which have been Total assets $3,684,682 Total liabilities $3,684,682 adjusted by liquidation of sugars on hand and subsequently sold. Contingent Liabilities. -Notes of Colones guaranteed by Central Fe, S. A., x Includes $164,253 cash on hand and $95.583 bonds subscribed but not paid for by Aetna Life Insurance Co. The subscription was paid on Apr. and Central Sugar Corp., $253,2(4. New Corporation. -It is propoad to prganize in Cuba a new company which y On Apr. 28 1923 item was reduced to $605,000 by payments shall acquire the real estate, 18 1923. sugar central, railroads, equipment, growing from proceeds of bonds. cane, machinery and construction materials, claims and all other assets of Orders, Shipments and Sales for Stated Periods. every kind and nature, of the above companies. 1921. 1922. Securities to Be Issued by New Company. 1923. Orders received Jan. 1 to April 20 $325,526 $408,444 $790,951 (1) $2,000,000 20-Year 1st Mtge, Orders received April 1 to April 20 -A first lien on all of 56,481 71,759 144,244 the real estate, plant and equipment8% Gold Bonds. Shipments Jan. 1 to April 10 owned at date of mortgage and there349.098 680,518 after acquired. Callable on any Shipments first 19 days April 76,587 123,800 30 days' notice. Proceeds of theint. date, all or part at 106 and int., upon Sales year ending Dec. 31 1922 sale shall be applied by the new company, first, to the payment in full, both principal and interest, of indebtedness The company,it is understood, placed the new issue of 7% bonds, thrOugh from advances Putnam & Co. of Hartford. for dead season expenses, &c., and second, to the payment in -V. 116, p. 1055. full both principal and interest, of the indebtedness from advances for taxes, Brooklyn Borough Gas Co. -Bonds Called. duties, &c., mentioned below, and any balance of proceeds may be applied All of the outstanding 40 -year 5% Gold bonds, dated June 1 1905, as directors of the new company may determined for the purpose of financing have been called for payment June 1 at 105 and Interest at the Title the 1922.23 crop and those of succeeding years; for reorganization expenses' Guarantee & Trust Co., N.Y. See also V.116, p. 1765, 2011, 2134. extensions, improvements, &c. Until a sufficient amount of the bonds shall have been sold to provide for the payment both and interest Brown Shoe Co., Inc., St. Louis. -Resumes Dividends. - of the indebtedness referred to the bonds in full to theprincipalnecessary for shall, extent A dividend of 1% has been declared on the outstanding $8,400,000 Com- such purpose, be pledged to secure the indebtedness. mon stock, par $100, payable June 1 to holders of record May 25. From Non-Cumulative Pref. (a. & d.) Stock (par $100). (2) -Amount to be Dec. 1 1919 to Sept. 11920. In-I.. the company paid quarterly dividends of issued 7% limited to the aggregate principal amount, together with accrued and 1h% on the Common stock; none since. -Y. 116, p. 1653. unpaid interest at the rate of 8% per annum, to Apr. 2 1923 of the 8% 10 Year Cony. Gold notes of Central Sugar Corp. and all other debts of Central Butte & Superior Mining Co. -34th Quarterly Report. - Sugar Corp. and Central Fe, S. A. (exclusive of inter-company obligations The report covering the first quarter of 1923 shows: and the indebtedness referred to). Preferred stock shall be issued for the Results1st Quarter 4th Quarter 3d Quarter 2d Quarter payment of the Gold notes and the settlement of other debts as provided. Zinc Operations1923. 1922.1922. 1922. Red. all or part on any div. date at par, upon 30 days' notice. Dry tons of ore milled__ 102.829 91,932 (3) Common ,Stock. 77,031 -Amount to be issued limited to 100,000 shares (par 80 048 Avge.silver content, oz_ 4.65 5.13 5.46 .00 to be determined). Stock shall be issued to stockholders of Central Sugar Avge. zinc content, %__ 12.26 13.11 14.59 15.17 Corp. and as a bonus in connection with the underwriting of the new 20-Year Zinc content. prod.. tons 20,183 19,167 18.922 20,664 lst roting pooldr. ids. . . M tge G we bln t Avge. silver content, oz_ 19.74 20.52 19.66 16.90 permitted by law, the voting power of the stack will be Avge. zinc content. %__ 54.83 56.43 54.84 54.20 Tot, zinc in concen.,lbs_ 22,135.017 21,630,095 20:756.117 22,400,039 vested exclusively in the preferred stock until 51% of the preferred stock shall have been redeemed through sinking fund or otherwise, but thereafter Copper Operations each share of common stock shall have the same voting right as each share of Dry tons of ore produced 7.491 preferredstota.._ Trckt Avge. silver content. oz_ 6,968 VotingAll preferred and common stock of new company shall be Avge.copper content, % 4.692 copper in ore proTotal issued to and in the name of Edward C. Delafield, C. C. l'ineo and Heman duced,ilas Dowd, as Voting Trustees. The voting trust ,will continue until the indebted700,283 Financial Results , ness of the new company arising from advances made by Equitable Trust Net value of metals In Co., New York, or Royal Bank of Canada either directly or through ComZinc concentrates_ --- $970.631 Arrendataria de Santa Clara, prior to May 1 1922, shall have been paid $917.877 $762,551 $651,077 pania Lead concentrates_ __ _ 13.610 in full. Copper ore shipped__ _ 93,941 Basis of Participation of Creditors and Common and Preferred Stockholders Miscellaneous income 19,963 22,612 20,713 32,002 of the Old Companies. Metal inv.& quotations_ 39,128 35,000 huiebtedness From Advances for Dead Season Expenses, &c. -The indebtedness arising from advances heretofore or hereafter made by Equitable Trust $1.098,145 Total $979,617 $818,263 $683.078 Co., New York, or Royal Bank of Canada to Operating costs 925,478 the Central Sugar Corp. or Cen761.806 616,827 644.809 tral Fe, S. A., or to Compania 69,840 Arrendataria de Santa Clara since May 1 1922 Deprec. az res. for taxes_ 86.929 92,614 105,114 for dead season expenses and working capital for the 1922-23 crop, incl, in $102,827 dead season expenses any advances made to pay off Colonos notes, together $130,882 Net to surplus $108,821 def.$66.844 with interest thereon to the date of such assumption at rates current in Cuba, Zinc price per lb. used in 7.34 cts. 6.98 cts. estimating income 6.23 cts. 5,13 as. shall be assumed in full by the new company and shall, in so far as the adpound used in estimating income (1923), 8.12 cts. per lb.; vances are not secured by a lien on or paid out of the prpceeds of the 1922-23 Lead per copper per lb. used in estimating income (1923), 15.454 cts. per lb. No crop, be secured by the deposit with Equitable Trust Co., New York, or Royal provision has been made In the above figures for depletion. Bank of Canada, or their respective nominees of new 20-Year 1st Mtge. Gold A distribution of 50 cents per share was made on March 31 1923 to Bonds equal to 200% of the principal and interest of such debt. Such inholders of record March 12 1923.-V. 116, p. 1765. 940. debtedness shall be repaid by the new company to the trust company and MAY 19 1923.] THE CHRONICLE bank, respectively, with interest at rates current in Cuba, on or before July 15 1923. -The indebtedness Indebtedness From Advances for Taxes, Duties, &c. arising from all advances heretofore or hereafter made by Equitable Trust Co., Royal Bank of Canada, or others, to the Central Sugar Corp., Central Fe, S. A., or to Oompania Arrendataria de Santa Clara, or to the reorganization managers for accrued taxes, duties or reorganization expenses of every character whatsoever, together with interest thereon to the date of such asstmmtion, shall be assumed in full by the new company and will be secured by the deposit with a trustee for that purpose of new 20-Year 1st Mtge. Gold bonds equal to 200% of the principal and interest of such indebtedness. Such indebtedness shall be repaid by the new company to the parties to whom the / 2 % same shall he owing, with int. at the rate of 81 per annum, on or before July 15 1925; and the int. upon such advances shall be paid out of net earnings, if any, of the new company as provided. Indebtedness From Advances Prior to May 1 1922. -The indebtedness arising from advances made by the Equitable Trust Co. or Royal Bank of Canada to the Central Sugar Corp. or Central Fe, S. A., prior to May 1 1922, together with interest thereon to the date of such assumption, shall be assumed in full by the new company, and shall be repaid by the new company to the trust company and bank, upon demand, with interest thereon at the rate of 870 per annum from Feb. 1 1922, payable July 1 each year. The trust company and bank will, however, respectively agree with the new company that so long as the new company duly performs all of its obligations and covenants contained in the new 20-Year 1st Mtge. bonds and so long as no other creditor embargoes any property of the new company or institutes action to enforce claims, Sc., which threatens to result in substantial impairment of the new company's assets, the trust company and bank will not take legal or other action to enforce the payment of the debt prior to July 15 1925. After that date, however, the trust company or bank may immediately take such action as they may respectively deem proper to enforce payment of such portion as may then remain unpaid. Accrued & Unpaid Interest. -Accrued and unpaid interest at the rate of 8%, per annum on the 8% 10-Year Cony. Gold notes of Central Sugar Corp. and accrued and unpaid interest at the rate of 8% per annum on the claims of all other creditors of Central Sugar Corp. or Central Fe, S. A., participating in this plan (except creditors' claims above referred to) to April 2 1923 shall be added to the principal of such Gold notes and claims. For each $100 of principal and interest of such Gold notes and claims computed as above there shall be issued upon the completion of the organization of the new company, in final settlement and liquidation, $100 of 7% preferred stock. Stockholders. -To enable preferred and common stockholders of the Central Sugar Corp. to participate in the benefits of the reorganization, they will be offered, during such period as the reorganization managers may fix, the right to subscribe to the new 20-Year 1st Mtge. Gold bonds at par and int. as follows: (a) Each preferred stockholder shall have the right to subscribe for new bonds at the rate of one $100 bond for each 2 shares of preferred stock held and shall receive a bonuh of 5 shares of common stock for each $100 subscribed. (b) Each common stockholder shall have the right to subscribe for new bonds at the rate of one $100 bond for each 10 shares of common stock held and shall receive a bonus of 5 shares of common stock for each $100 subscribed. (c) Preferred stockholders not availing themselves of the right to subscribe to the new bonds shall receive % of one share only of common stock of the new company for each share of preferred stock now owned. (d) Common stockholders not availing themselves of the right to subscribe to the new bonds shall receive 1-10 of one share only of the common stock of the new company for each share of common stock now owned. Any new bonds not subscribed for may be offered for subscription in such manner, RR the managers may provide, but in so offering such bonds for subscription, the managers shall offer the same to the houses which underwrote the issues of preferred and common stock of the Central Sugar Corp. upon the same terms as these upon which such bonds shall be so offered to other parties. Assessments. -While it is planned, in so far as practicable, to have the expenses of the reorganization assumed by the new company, it may be necessary to make an assessment against the holders of Gold notes and certain creditors and against the preferred and common stockholders of the Central Sugar Corp. participating in the plan in order to furnish cash for reorganization expenses not so assumed and for working capital. In the case of the holders of Gold notes this assessment, together with any assessment for which such note holders may be liable under the Note Holders' Agreement of Oct. 24 1921 will not amount to more than 2% of the face amount of the notes; and, in the case of the creditors of the Central Sugar Corp. and Central Fe. S. A., and the preferred and common stockholders of Central Sugar Corn, this assessment will not amount to more than 2% of the face amount of the claims of such creditors or to more than $2 per share for each share of the stock. -V. 116, p. 2135. Charcoal Iron Co. of America.-Bal. Sheet Mar.31 1923 Assets Cost of property as acquired July 1 1915, adjusted in respect of subsequent net additions $11.505,189 Cash received from sales of property deposited with trustee---5,348 Investment in bonds of Wellston Iron Frurnace Co., par value 116.000 Land and house contracts receivable 57.364 Inventories 1.580.153 Notes and accounts receivable, less reserve for doubtful acets 172,060 Accrued interest on investment 773 Cash 343.504 Unexpired Insurance premiums 15,165 Deferred charges 744,012 Deficit 499.324 Total $15,038,893 Liabilities 6% Cumulative Preferred stock $5,217,250 Common stock 2,839,350 First Mortgage 10 -Year 8% Gold bonds 3,798,500 Notes payable (bank loans, $368,050; trade notes, $37,853)405,903 --Accounts payable 121.632 Accrued taxes, payrolls, &c 219.722 Commissions, interest, &c., accrued 152,090 Reserves for amortization of plants, stumpage on cordwood and timber and accruing renewals 2,253,596 Reserve for adjustment of inventory values and contingencies 30,85 0 Total $15,038,893 -V. 116, p. 2012, 1537. 2261 Chino Copper Co. -Capital Increased. - The stockholders on April 20 last increased the authorized capital stock from 900,000 shares to 1,000,000 shares, par $5.-V. 116. p. 1898, 1765. Cities Service Co. -Dividends. -- The directors have declared the regular monthly cash dividends of 3.4 of 1% on its Preferred and Preference "B" stocks and 3. of 1 7 in cash scrip and 15.4% in stock scrip on the Common stock, all payable July 1 to holders of record June15. Like amounts are also payable June 1.-V. 116. p.2012. Cleveland Automobile Co. -Shipments. - The company in the first four months of 1923, shipped over 5,000 cars, and, it is stated, is now turning out cars at the rate of 1.800 to 2.000 a month. -V. 115, p. 649. Coast Counties Gas & Electric Co. (Calif.). -Preferred Stock Offered. Geary, Meigs & Co.. San Francisco, are offering at 86 and divs, to yield about 6.98%. $250.000 6% Cumul. 1st Pref. (a. & d.) stock, par $100 Divs. payable Q. -M. Redeemable all or part at par and dive. Company does the entire gas and electric business In Santa Cruz. Watsonville, Hollister, Gilroy and surrounding territories'. Is a consolidation of the Coast Counties Light & Power Co., Big Creek Light & Power Co. and San Benito Light & Power Co. System extends into 4 comities and serves 11,274 electric customers and 5,197 gas customers. CapitalizationAuthorized. Outstanding. 1st Preferred stock (par $100) $1.000,000 $530,000 Original Preferred stock (par $100) 1,000,000 1,000.000 Common stock (par $100) 2,000,000 1.000,000 Coast Counties L. & P. Co. 1st Mtge. 58. due 1946 830,000 Big Creek L.& P. Co. 1st Mtge. 48, due 1947 268,000 San Benito L. & P. Co. 1st Mtge. 6s, due 1950 137,000 In addition $254,000 bonds of the above MIMS are held alive in sinking funds, and $50.000 are in the treasury. -Proceeds will be used in part to reimburse the company for Purpose. recent improvements, and to provide funds for the retirement of $150.000 6% Debentures due Jan. I 1924. Earnings -Years ended Dec. 31. Gross. Over. Exp. Net. Int.. &c. Denrec. Surplus. $440,332 $296,375 $143,967 $87.894 $39,575 $16.488' 1918 1919 523,183 309,031 214,152 84.457 51.054 78,641 637,001 1920 417.051 219,950 82,175 58,777 78,998 748,270 483,033 265.237 1921 82,776 57,883 124,578 1922 841.804 556,532 285,271 82.994 64.486 137.808 -V.116, p. 2135. Colorado Power Co. -Tenders. The Irving Bank-Columbia Trust Co.. successor trustee. 60 Broadway, N. Y. City, will until May 25 receive bids for the sale to it of 1st Mtge.51 Gold bonds. due May 1 1953. to an amount sufficient to exhaust $23,509 and at a price not exceeding 105 and int.-V. 116, p. 1416. Columbia Gas & Electric Co. -Listing. - The New York Stock Exchange has authorized the listing, on or after June 1 1923. of 1,500.000 shares of its Common stock of no plat* value, on official notice of issuance in exchange for 500,000 shares of Common stock. par $100, at the rate of3shares ofstock without par value in exchange for each share of $100 par. Consolidated Income Accountfor 3 Months Ending Mar.31 1923. Gross operating revenue. $6,083,385: oper. exps., taxes and maintenance. $2,744,052 $3,339.332 Other income 465,848 Total gross income -Rentals and interest Deduct $3,805,180 1,428,880 Balance Surplus Jan. 1 1923 $2,376,299 3.780.119 Total $6,156,418 Deduct -Diva.($1 50 per sh.) $750,000;other deduc's,$37,143_ 787,143 Total surplus Mar. 31 1923 $5.369,275 company magazine. Also sea "Current Events" in this issue. It is announced that certificates for the new no par value stock authorized April 10 (V. 116, p. 1653) will be ready for delivery on June 1.-V. 116.P. 2135. -Definitive Bonds Ready. Columbia Steel Corp. - Definitive 1st Mtge. 7% bonds are now ready for delivery at the U. 8. Mtge. & Trust Co., 55 Cedar St., N. Y. City, in exchange for the interim certificates of Messrs. Dillon. Read & Co. See offering in V. 116. p. 301. 415. -Sales-Earnings. Columbia Textile Co. Net sales for April were $453.947, and net income, after interest, depreciation and other charges amounted to $34.155. For the first four months of 1923 the net income available for bond interest totaled $145.787, against bond interest charges of 1121.000. Compare V. 116, P. 2012. Interest due June 1 1923, on 1st Mtge. 20-Year 7% Sinking Fund bonds now outstanding in temporary form will be paid at Bankers Trust Co. on and after that date on presentation of the temporary bonds for notation of such payment. (For offering of bonds see V. 115. p. 2797.)-V. 116. p. 2012. Commonwealth Light & Power Co. -Earnings. - Combined Earnings of Company de Subsidiaries -Year ended March 31 1922. Gross earnings, $1,961,463; oper. exp., maint. & taxes, $1,272,203: net earnings $689.260 Deduct-Sub. cos. fixed and all prior charges, $369,025; Commonwealth Light & Power Co. 1st Lien 6% bond int., $141,384: Commonwealth Ref. & Unit.6% bond interest, $89,994 600,403 Bal. avail.for Fed,taxes,sink, hind, deprec., dive., &c $88.857 At May 9 1923 company owned 1007 of all the Common and Preferred stocks of its subsidiaries with the following' exceptions: Inter-State Electric Corp Preferred, 77.73% owned; Interstate Electric Corp. Common, 91.01 : owned; San Angelo Water Light & Power Co. Preferred, 75% 5% own • Phillips County Light & Power Co. Preferred, none owned.V. 116, p. 81. d' (John T.) Connor Co., Boston. -Sales, &c. - Quarter EndingMar.31 '23. Dec. 31 '22. Gross sales 33.396.164 $3,276,149 Net profits after all charges 130,409 124.234 Acting under the "Blue Sky" law, the Mass. Dept. of Public Utilities -V. 116. p. 827, 620. has issued an order stopping the sale of all securities of the company. The failure of the company to answer questions regarding its financing plans. Consolidated Cigar Co. -Earnings. after an application for a broker's license to sell securities had been applied Quarter Ended March 311923. 1922. for on Feb. 16, Is the basis for this action. The Chathatn Securities Corp. Net profits after expenses, interest, &c $154,961 $112,545 In March last offered $1,555,0008% Debenture bonds. See V. 116, P.1182. -V. 110. p. 827, 718, Chatham, Inc., Boston. -Sale of Securities Stopped. - Chesebrough Mfg. Co. -New Officers, &c. - Consolidated Chicago Nipple Manufacturing Co. -Annual Report. Consolidated Gas Elec. Lt.& Pr. Co.(of Balt.)-Earns. Connellsville Coke Co. -Bonds Called. C. W. McGee has been elected President. succeeding 0. N. Cammann. Twenty-four -Year 6% Sinking Fund Coupon Gold bonds, T. J. Dobbins has been elected Secretary, succeeding R. S. Gill, who has dated Dec. 1 1st Mtge. 15 1910, have been called for redemption June 1 at 105 and been elected Vice-President, succeeding Mr. McGee, W. A. Canunann int. at the Union Trust Co., trustee, Pittsburgh, Pa. -V.98, p. 1319. -V.115, p. 312. succeeds 0. N. Canunann as a director. Quarter ended March 31The report for 1922 shows that the company carried to surplus $55,420, 1922. 1923. after additions to reserves and expenditures for improvements, making the Gross income $6,380,660 $5,268,447 Total operating expenses total surplus Dec. 30 1922 $97.304. 3,992,511 3.279,698 Balance Sheet Dec. 30 1922. Net earnings AssetsLiabilities 82 388.149 $1,988,750 $8,176 Accounts payable Cash S820,207 $54,936 Fixed charges $817,900 373,581 154,283 Bills payable Accounts receivable 420,376 90,000 Dividends 150,656 Reserves Merchandise inventory_ __ 40,776 Surplus $797,177• 14,300 Capital stock Expired & unexpired ins__ $1,147.566 3,000,000 -V. 116. p. 1416, 1046. Real estate & buildings__ 391,277 Surplus 97.304 Machinery & equipment__ 202,876 25,290 Tools Consolidated Textile Corp. -Earnings, &c. 2,330,154 The following statement is understood by the "Chronicle" to be substanPatents,&c 6,000 Total (each side) Organization 83.283.016 tially correct: "The corporation will show net earnings of approximately $500,000 for the first quarter of this year, after taxes, interest and charges -V.114, p. 1656. 2262 Large sums have been spent on improvements in the Knight mills, which have increased efficiency of operations. The company's position on raw cotton is favorable and advance orders on the books are satisfactory." -V. 116, p. 1898. Cosden Co. (Del.). -Annual Report (Incl. Subs.). Calendar Years1920. 1919. 1921. 1922. Income from refining, producing, &c $42,732,078 $34,996,979 $57,629,700 834,136,150 Int, on bonds (sub.cos.)_ 1,028,130 1,023,891 916,193 948,643 587,434 1,013,673 991,454 Miscellaneous income_ _ _ 755,669 Profit on sale of securs 458,042 Total income 844,436,391 836,500,606 $59,671.503 $36,609,537 °Pen exp.,tax.,int.,&c. 31,702.036 29,817.878 45,478,620 28,596,125 3.334,987 { Depreciation 905,229 Depletion ofoil reserves] 6.928.872 2,108,877 Leasehold development 840,775 330.454 Federal taxes (est.) 251,8581 2,230,359 2.539,080 393,337 Preferred dividends__ 3.467,159 2.283.6861 Common dividends $1.614,532df$2,111,890 $11,321,748 $5,474,332 Balance, surplus 14.044,004 a16.155,894 a7.739,939 10,359,631 Previous surplus Comm. on cap. stk. sold & prem, on bds. red.._ 1,281,005 Operating For,. 116. THE CHRONICLE __ _814,377,531 $14,044,004 $19,061,687 $15,833,963 surplus- p. 1899. 1416. a Adjusted. -V. 116, -New President, (to. Crocker-Wheeler Co. Edmund D. Lang has been elected President to succeed the late Dr. Schuyler S. Wheeler. Clarence N. Wheeler has been elected Vice-Presi-V. 118, p. 1899. dent and Herbert C. Petty Secretary. Dartmouth Mfg. Co., New Bedford.-Divs. Increased. The company has declared a quarterly dividend of $3 per share on the -V. 115. Common stock. Previous quarterly dividend was $2 per share. p. 2910. Davis-Daly Copper Co.-Quarterly Report. Secretary Charles G. Schirmer, in the report for the three months ending says: March 31 1923, Operations during this period were conducted in a restricted area due to the 'decision of Judge G. M.Bourquin enjoining both the Anaconda Copper Mining Co. and this company from mining ores in the territories in dispute. This necessitated mining lower grade ores and developing new territory. At the hearing in Butte last January, the Anaconda company asked for a period of about six months for the purpose of further development, in an effort to prove its contentions and claims: up to the present writing it has done considerable work and spent a large amount of money in controversial development and we are advised that the work done under this development has not strengthened the claim of the Anaconda company, which gives your directors much encouragement as to the eventual outcome of the controversy. Directors made several unsuccessful attempts, before the starting of legal proceedings, to bring about a compromise with the Anaconda company, offering liberal concessions, but the demands of the Anaconda company were such that it would necessitate our conveying to it a large portion of our most valuable claims. The report calls attention to the recent suit instituted by David A. Roach and Daniel N. Dellinger against the company and the Smoke , House Copper Mining Co. (V. 116. p. 1767). Davis -Daly Copper Co. now owns alaout 95% of the Smoke House Copper Mining Co. claim and the above plaintiffs seek to have an accounting for ores claimed to have ' been extracted by Davis -Daly Co. under the Smoke House claim. The Smoke House company is capitalized by the issue of 268.960 shares, of these shares the Davis -Daly Copper Co. owns 237.121 shares and it also owns over 1-9 undivided interest in the fee of the Smoke House lode claim. The balance of the outstanding shares is owned by 8 or 10 different shareholders, including the Anaconda Copper Mining Co. The Davis Daly Copper Co. has offered to purchase these outstanding shares, but some of the holders, including the plaintiff Roach, are asking exorbitant prices for their shares. It will be necessary to determine first whether the ore taken by the Davis -Daly Copper Co. was under the Smoke House claim, and if such contentions canto sustained, Davis -Daly Co. naturally make an accounting with the minority shareholders. Tonnage. -Tonnage for the three months from the Colorado mine amounted to 49.300 tons, producing 3,228.542 lbs. of copper and 181,838 oz. of silver. Ore hoisted from the Hibernia mine amounted to 14,004 tons, producing 187,857 oz. of silver. The assays averaged 3.50% copper and 3.93 oz. of silver to the ton. Operating Receipts & Disbursements-Three Mos. ended March 31. Ore Returns. Misc. Revs. ReceiptsTotal. $164,044 January $1,160 $185.204 123,805 February 556 124,361 163.085 March 3,030 166,118 $470,934 Disbursements- Develop. January___ $16,857 February__ 18,435 24,109 March_ _ _ _ $59,401 -V.116, la• 1766,613* mining 869,108 51,432 67,422 $187,963 Equipment. $1,981 1,982 2.747 $6,711 $4,746 $475,681 General $28,176 22,003 16,530 Total. $116,122 93,852 110,808 866,710 $320,782 -Additional Stock Issue. Detroit Edison Co. - Eastern SS. Lines, Inc.-Acquires Old Dominion Line. The acquisition by the Eastern Steamship Lines, Inc., of the Old Dominion Steamship Co., it is announced, completes a plan which will extend the scope of operations of the Eastern Steamship Lines as far south as Norfolk, Va., which is the seaboard terminal of five important railroads. Through the daily operation of freight and passenger service between New York and Norfollc they will be able to effect prompt 24 -hour delivery of perishable food products to the people of the metropolitan market, and by transferring at New York will make close connection with New England, thus promptly serving the people of New England with such articles as may be shipped from the South. The present steamers now in operation in the New York-Norfolk service will be augmented by two additional steamers, the cost of which will be defrayed through funds now in the treasury of the Old Dominion Steamship Co. The interchange of traffic resulting from this acquisition as well as assured economy of operation, makes this extension of the Eastern Steamship Lines. Inc.. field of operations most attractive and undoubtedly profitable. The majority holders of the Old Dominion Steamship Co. received from the Eastern Steamship Co. for each share of stock $200 per share in cash and $200 in the new 1st Prof. stock of the Eastern Steamship Co. Knowing the standing of the people in control of the Eastern Steamship Lines, Inc., without doubt at an early date the same offer will be made to the minority stockholders of the Old Dominion Steamship Co. that was accepted by the majority ownership. -V. 118, p. 2013. -Federal Trade Comm. Complaint. Eastman Kodak Co. - See under "Current Events" in "Chronicle" May 12, p. 2089.-V. 116. p. 2135, 2013. -Listing. Eaton Axle & Spring Co. The 140.000 shares(no par value) recently offered by Otis & Co., Morgan. Livermore & Co.. Howe, Snow & Bertles, and Paul H. Davis & Co.. has been listed on the Chicago Stock Exchange. See offering in V. 116. p.2013 Electric Light & Power Co. of Abington & Rockland, Mass. -Stock Authorized. The Mass. Dept. of Public Utilities has authorized the company to issue 1.134 shares of additional Capital stock, par $100. Of the proceeds, $105,598 is to be used for retiring floating debt and coupon notes expended for Improvements to plants and $30,482 for payments of obligations incurred for extension of lines. The stock is to be issued at 8120 per share. V. 116, p. 1281. -Earnings (Incl. Subsidiaries). Empire Gas & Fuel Co. Quarter ended March 31Gross earnings Net earnings Other income 1922. 1923. $11.676,912 $9,053,042 2,832,932 4,109,772 60.507 167.801 $4.170,279 $3,000,734 Total net earnings Consolidated Balance Sheet, Feb. 28 1923 Wier Giving Effect to Sale of ' 310,000,000 Series "B Bonds). Liabilities Assets$75,000,000 Plant & investment----$263,868,604 Common stock 65,584 Prof. 8% Cum. stock- 25,333.435 Sinking fund 7,925,816 Empire G.& F. 8s, 1926- 5,700,000 Cash 474,524 Empire Refining 6s, 1927 3,284.000 U.8.. &c., securities 5,436,524 Cities Serv. On Co.(W. Stores & supplies Va.) es 7,658,828 550,000 Crude & refined oils 1st & Ref. bonds 53,576.200 Accounts and notes re6,746,875 Min, int. in sub. cos_ _ _ _ 3,642,131 ceivable Loan secured 2,000,000 Due from affiliated cornAccounts payable 3,652,186 ponies Customers' deposits_ - _ 157.048 Prepaid insurance, lease 409,958 Accrued int., royalties. rentals, &c 1,541,217 taxes. &c 6,775.683 Bond & note discount 591,167 Pur. money mortgage 875.000 Well drilling expense, &c_ Def, payments on lease purchase obligations 286.591 Consolidated reserve_ - _ 77,600,490 Res, for possible loss on accts. & notes rec_ 213,975 Workmen's comp. n3s--78,371 48,186,736 Total (each side)----$301,657,386 Surplus Otutrantees.-(1) Empire Tank Line Co. 10-Year 8% Equip, trust ars.. $2,125,000; (2) Empire Oil Purchasing Co. 7% Partic. notes, $568,300.V. 116, p. 2013. -Receives Government Contract. Endicott-Johnson Corp. The corporation has been awarded a contract calling for the delivery of 60,000 pairs of shoes to the Bureau of Indian Affairs during the current year. Early in March this year the company was producing at the highest rate in its history, turning out close to 130,000 pairs of shoes daily, and at that time it was stated the company was sold up to capacity for three months ahead. Bookings in the first quarter of 1923. it is stated, exceeded those of a Year ago by almost 50%.-V. 110. p. 2136. 1057. -Bat. Sheet, &c. Fifth Avenue Bus Securities Corp. -P. Murphy May 15 says: Pros. Grayson M. This corporation was organized on Nov. 14 1922 as a part of the consummation of the Interborough-Manhattan readjustment plan, primarily as a means for distributing to Interborough-Metropolitan 4A % laondholders their beneficial interest in the 103,574 shares of stock of New York Transportation Co., formerly held by Interborough Consolidated Corp. These shares were acquired on Dec. 14 1922 and against them the Securities Corporation issued 321,200 shares of its own Common stock without par value -P. Murphy, Charles H. Sabin and Frederick Strauss, as to Grayson M: voting trustees under a voting trust agreement dated Dec. 20 1922. being at the rate of 3.10116 shares of voting trust certificates for each share of Transportation company stock held. Since that date over 8.000 additional shares of Transportation company stock have been acquired, in exchange for which shares of voting trust certificates have been issued at the above mentioned rate, and such exchanges will for the present continue to e made on the same b Balance Sheet April 30 1923. asis Liabilities $9,000 Capital stock Cash pay. may 15. 54,924 x3,142,983 Res.for div. Investments 10,048 956 Surplus Accr'd int. on U. S. notes_ The stockholders of record May 318will be entitled to subscribe at par for additional stock equal to 25% of their holding's. Payment of subscriptions may be made either in New York City or Detroit and must be made In full on June 21 1923 or in four quarterly installments. The directors have made arrangements with bankers whereby a substantial part of the Issue will be purchased by them if it is not all taken by the stockholders, the intent of the bankers being to sell the stock to investors who are not now interested in our company. The issue of the stock now offered is subject to the approval of the Michigan Public Utilities Commission for which application has been made. President Alex Dow. May 17, says: "As was anticipated in the annual report V. 116, p. 513), the company's business has grown steadily since the beginning of the year, so that our power houses, substations and transmission lines are now loaded to their economical capacity and additional plants must be provided to take care of the business being connected or to be connected in the near future. The electrical revenue for the first four months of 1923 exceeds that of the same four months of last year by about Total 83,152,939 83,152,939 Total 26%. Directors are of the opinion that the money now required by the x Consists of New York Transportation Co. stock (111,194 shares), growth of the company's business should be raised by the sale of Capital $5,000 U. S. Treasury 44% notes, $5,000; and $50,000 U. S. -share limit on each subscription, our cus- $3,087,967; stock. Notwithstanding the 10 tomers and employees during the last 17 months have subscribed through Victory 4)% notes, $50,016. y 344,827 shares, no par value, carried at .96 . ,O87 the company for over 30,000 shares,and it is our belief that the stockholders 33Fr0m th s balance sheet it will appear that substantially the only assets who have the first right to subscribe for the new stock, will welcome this of the Securities Corporation are the shares of stock of New York Trans-V. 116. P. 519. 513. opportunity to acquire additional shares. portation Co. which it holds and which have been taken into its books at -Merger Completed. Detroit Pressed Steel Co. the average prices prevailing at the time of its acquisition, the no par value shares issued against such acquisition being sot up as a liability at the same -V. 116, p. 2013, 1899. See Midland Steel Products Co. below. amount. The financial condition of the Securities Corporation, therefore, is accu-Permanent Bonds. Dunlop Tire & Rubber Corp. reflected by that of the Transportation Co. when the above-menLee. Higginson & Co. announce that they will be prepared on or about rately ratio is applied. The net profits of the Transportation Co. for tioned May 28 1923 to exchange at their Boston, New York or Chicago offices, 1922 (V. 116. p. 1284) were $1,141,059, equal to $1 56- per share on the their outstanding interim certificates for the permanent First Mtge. and voting trust certificates of the Securities Corporation. Dividends are at Coll. Trust sinking fund 7% cony, gold bonds, dated Dec. 1 1922 and due present being paid on the Transportation Co. stock at the rate of $2 per Dec. 11942. (For offering, see V. 115, p. 2690.)-V. 116, p. 2013. share per annum, or the equivalent of approximately 64c. per share per annum on the stock of the Securities Corporation. Since the organization of -Bond Redemption. Earl Fruit Co., California. the Securities Corporation there have been two quarterly dividends of 50c. The company will redeem on June 1 1923, at 1023i and int., all of its a share each on the Transportation Co. stock, against which the Securities , outstanding 1st Mtge. 735% serial gold bonds, due Dec. 1 1924-36, incl. Corporation has declared two quarterly dividends of 16c. per share, payable Feb. 15 and May 15 1923. -1,r, 116, p. 1766. -Grayson M. Murphy (Pres.). D.Raymond Noyes (Treas., -P. rectors. rectively -To Issue Stock. Massachusetts Electric Co. - 52 B'way, N. Y.). Charles H. Sabin, Charles S. Sargent Jr., Frederick Eastern (V.-Pres.) and Stephen A. Van Ness (Sec.. 52 William St.. N.Y.). Mass. Dept. of Public Utilities has authorized the company to issue Strauss The Transfer and dividend disbursing agent, Guaranty Trust Co., 140 Broadstock (par $100) at $110 a share to pay 1,000 shares additional Capital property. -V. 116. P. 2138, 1418. -V. 115, p. 1947. way, N. Y. City. floating debt and for additions to MAY 19 1923.] THE CHRONICLE Fleischmann Co., Cincinnati. -Extra Dividends. The company has declared two extra dividends of 50 cents each, one payable July 1 and the other Oct. 1. These are in addition to the regular quarterly dividends of50 cents already declared. -See V.116, p.1183,2136. Ford Motor Co., Detroit. -Sales, &c. In the four months ended May 12, the company's sales of cars and trucks In the United States reached a total of 551,544, compared with 283.782 in the corresponding period of 1922. It is stated that the company is no operating on a schedule in excess of 6,500 cars and trucks a day, which does not fill current demand. March deliveries aggregated 165,582, compared with 115,282 in April 1922.-V. 116, p. 2136. Freeport Texas Co. -Earnings(Including Subsidiaries). Results for Quarter Ended Feb. 28 1923. Gross sales, $1,429,548; cost & expenses, $1,158,719: profit__ Other income $270,829 17.782 Total income Depreciation reserve, $89,640; reserve for taxes, $23,276; total_ $288,611 $112,916 Net income Profit and loss surplus, incl. reserve for depletion -V. 116, p. 1183. $175,695 4,642,225 Goldwyn Pictures Corp. -Listing-Earnings. The New York Stock Exchange has authorized the listing of temporary voting trust certificates new series for 180.679 3-16 shares of Common stock new series of no par value, upon official notice of issuance in exchange for voting trust certificates now in the hands of the public. Consolidated Profit and Loss Accounts as of March 31 1923. Net profit from operations for 13 weeks ending Mar.31 1923_ - _ _ $103,905 Less: Int., diset. dr exp. on bond issue (Capitol Theatre, N. Y.), $15,816: guaranteed divs. paid to Class B stockholders of Moredall Realty Corp. (Capitol Theatre, N. Y.), $50,000 65.816 Amortization of premium paid for investments in sub. cos., $9,080; loss on sale of Liberty bonds, $854 9.934 Net profit for 13 weeks transferred to surplus account Deficit at Dec. 3,) 1922 $28.154 1.405,588 Deficit at Mar.31 1923 $1,377,434 The Irving Bank-Columbia Trust Co. is now prepared to issue voting trust certificates (new series) for Common stock in exchange for the voting trust certificates now outstanding. -V. 116, p. 2136. -New Plan. Gorton-Pew Fisheries Co. It is announced that W. L. Putman, one of the largest stockholders. acting individually, proposes a reorganization plan, which it is hoped may terminate the receivership. The plan, it is stated, has the approval of the directors and the Preferred stockholders' committee. -V.116. p. 82. Great Falls (Mont.) Power Co. -Tenders. The Bankers Trust Co.. trustee, 10 Wall St., N. Y. City, will until June 11 receive bids for the sale to it of 1st Mtge. bonds, dated May 1 1911. to an amount sufficient to exhaust $36,427 at a price not exceeding 107% and interest. -V. 116, p. 1181. Great Lakes Power Co. -Merrill, -Bonds Offered. Lynch & Co., and Hughes, Gordon & Co. Detroit, are offering, at 97M and interest, yielding about 6k%,$320,000 First Mtge. 6% Gold Bonds Series 'A," non-callable. 2263 Pure Oil CO. received $458,686 in cash dividends and $1.567,525 in stock dividends, only the cash dividends being reflected in the earnings of the Pure Oil Co. The daily average net production of the company, all of which is sold under contract at $1 50 per barrel, was 22,241 bbls. in January, 23,515 bbls. in February and 23,962 bbls. In March of 1923.-V. 116, p.2136. -Sales. Hudson Motor Car Co. Sales and shipments in April aggregated 9,200 cars. The schedule for May contemplates shipments of 9,500 cars and shipments to date, it is -V.116, pl 1654 stated, are in excess of that schedule. -Earnings. Humphreys Pure Oil Co. Income Account Year Ended March 31 1923. Gross earnings, $4,613,178; less costs and operating expenses, including ordinary taxes, 52,850,429; net operating earnings_ _$1,762,748 Deduct-Depreciation, $443,007; Federal taxes, $30,969; interest, $161,136 635,113 Net surplus income Surplus balance March 31 1922 51.127,636 59,460 Surplus March 31 1923 51.187,096 -The Pure Oil Co. owns 50% of the stock of the Humphreys Pure Note. Oil Co. The Humphreys Pure Oil Co. purchases under contract, at $1 50 per bbl., 50% of the production of the Humphreys Oil Co.. and has completed a pipe line system from Mexia, Texas. to Smiths Bluff, Texas, and -bbl. tanks. It also has under construction erected more than 110 55,000 a refinery at Smiths Bluff. It is rumored that the company is negotiating for the sale of $5.000,000 or more of notes for the purpose of buying oil at or near existing price levels. -V. 116, p. 943. -Shipments. Hupp Motor Car Co. Shipments for April were 4,637 cars and for the first four months of 1923 16.671 cars, as compared with 10,205 cars for the corresponding period of 1922.-V. 116, p. 1655. -Seeks Bond Issue. Illinois Bell Telephone Co. The company has filed with the Illinois Commerce Commission a formal application for authority to issue $50,000,000 5% First & Ref. Mtge• bonds, for the purpose of meeting obligations due under its existing first mortgage maturing Dec. 1 of this year, to retire floating indebtedness and to secure additional capital for additions and betterments to property. V. 116, p. 1768. -Quarterly Report. International Cement Corp. 1922. March 311923. 1921. 1920. Gross sales, less disc't, allowances,&c $2,184,773 51,693.310 52.136,857 51.500,347 Cost of sales 1,050.846 894.559 991,021 1.024,806 Depreciation 179,633 195.097 183.196 Manufacturing profit_ Selling, adm. & gen.exp_ $954,293 400.501 5603.654 343.745 5963.640 300.612 5475.541 194.691 Net profit Miscellaneous _ Int.. res. for Fed.tax,&c. income_- 5553,792 6,771 100,353 $259,909 Cr.11 .360 72,449 $663,028 Cr.19.896 183.269 5280.850 Cr.11,256 66,760 Net to surplus x8460.210 5197.820 5499.655 5225.346 x The net to surplus of $460.210 after allowing for accrued Prof. diva. is equivalent to $1 19 per shire for the quitter on 364,137 shares of Common stock outstanding. -V. 116, p. 1419, 1283. Dated April 1 1923. Due April 1 1943. Interest payable A. & 0. without deduction for the normal Federal income tax up to 2%. Interest Internat. Combustion Engineering Corp. -Earnings. payable at First National Bank, Bay City, Mich., trustee, or National City Cal. Years1922. 1921. Cal. Years1922. 1921. Bank, New York. Denom. $1,000, $500 and $100 c*. Net Inc.from over. $513,1f0 $725,704 Prey. surplus 1,097,871 957.242 Company.-Incorp. in March 1923. Has acquired the hydro-electric Other income 75,253 75,535 Sink. fd. reserveCr.405,841 plant at Caro including a reinforced concrete dam, together with all the water and storage rights belonging thereto. It will own a high-tension Total income__ _ 8588,413 8801,239 Total surplus__ _81.504,908 81,325,809 transmission line 142 miles in length over its own right of way, with sub586,051 Stock dividend _ _ 97,990 stations and other necessary equipment installed in strict accordance with int., deprec., 5rc__ 8108,879 Writ. oft for pats, the approved standards and specifications of the Detroit Edison Co. The Reserve fcr Federal taxes, Ace 43,752 118,198 and good-will_ _ _ 103.335 95.904 acquirement and construction costs will aggregate about $500,000. Com- Dividends 434,587 228,423 Reserves 132,033 97,891 pany under an extremely advantageous arrangement with the Detroit Edison Co., unlimited as to time will operate as a wholesale distributor of Balance, surp__ 81,195 8368,567 P.er L. surplus_81.205.690 81,097,871 electric power and light to a number of important communities and indus- -V. 116. p. 943. tries located in the Thumb District of Michigan, with an urban population of about 27.000. International Shoe Co. -Preferred Dividend. Franchises to the number of 54 have been granted the company by the A dividend of 50c. on Preferred stock is payable June 1 to holders of record various communities and townships for a period of 30 years. May 15. Dividends on Preferred stock are paid monthly, 50c. on Feb. 1. Earnings. -Based wholly upon present operations, the annual gross Mar. 1, May 1, June 1, Aug. 1. Sept. 1. Nov. land earnings should approximate $175,000 and the net $72,000, or about 3. 4 4 Apr. 1, July 1 and Oct. 1. Dividends on Common Dec. land El on Jan. 1. stock are paid quarterly times the annual bond interest. The Detroit Edison Co.owns a substantial portion of the securities of this beginning Jan. 1.-V. 116. p. 1185. company. Iron Products Corp. -Time for Deposits Extended. It is announced that although a large proportion of the outstanding stock Greenfield (Mass.) Electric Light & Power Co. -Stock. The company has applied to the Massachusetts Departn ent of Public of Iron Products Corp. and of Central Foundry Co. has been deposited Utilities for authority to issue $125,000 additional Capital stocx, to consist under the plan, the committee in charge has extended to and inclusive of of 2,500 shares of employees stock, par $10, and 4,000 shares of 6% Pref. June 1 1923 the time within which the holders of shares of stock of Iron Products Corp. and Central Foundry Co. may deposit their stocks with stock, par $25.-V. 112, p. 937. Central Union Trust Co., New York, depositary. Certificates of deposit for the Common stock of Iron Products Corp. Greenfield Tap & Die Corp. -Earnings, &c. deposited under the plan have been listed on the New York Stock Exchange. The followinK. statement has been pronounced substantially correct for the "Chronicle . "For the first three months of this year the company See V. 116, p. 1655, 2136. earned approximately $164,000, or about $1,000 more than it did during Jersey Central Power & Light Corp. -New Financing. the whole of 1922. Inventories and borrowings are $500,000 less than at It is understood that A. B. Leach & Co., Inc., and A. C. Allyn & Co. the peak of 1922, while unfilled orders on the books of the corporation will offer early next week $3,500,000 1st Lien 6Si% bonds. The company double in number and value those of a year ago. The company is employing is a merger of Morris & Somerset Electric Co., Commonwealth Electric Co. 100% more than it did March 1 1922."-V. 116, p. 1184. and the Lakewood & Coast Electric Co. Hart Coal Corp. -Bonds Called. - Certain 1st Mtge. 8% Sinldng Fund Gold bonds, dated Jan. 1 1922, aggregating $4,300. have been called for redemption July 1 at 110 and int. at the Continental & Commercial Trust & Savings Bank,208 So La Salle. St., Chicago, 114, p. 633. Jones Bros. Tea Co., Inc. -April Sales. 1923 increase. -April ---1922. Increase. 1923--4 Mos.-1922. 555.845 51.462,160 51,458.025 54.1361 55,803.078 85.747,233 The above figures do not include wholesale or Jobbing sales. -V. 116. p. 1903. 1769. t. Hingham (Mass.) Water Co. -Bond Issue Authorized. -Tenders.Kanawha & Hocking Coal & Coke Co. The Massachusetts Department of Public Utilities has authorized the The Bankers Trust Co.,trustee. 10 Wall St., N.Y.City, will until May 28 company to issue (at par), $215,000 First Mtge. 5%% bonds, due June 1 1943. Of the proceeds $120,000 will be applied to refunding an equal receive bids for the sale to it of 1st Mtge. 6% Sinking Fund Gold bonds. amount of bonds now outstanding, and $95,000 to pay for additions to dated Jan. 1 1920, to an amount sufficient to exhaust $35.163 at a price not exceeding par and interest. -V. 115, p. 2588. plant made and to be made. -V. 116, p. 1768. Hood Rubber Co. -Earnings. 1922. Years end. Mar. 311923. 1921. 1920. $28,180,007 $25,239,603 $29,343,939 $27,636,496 Sales w The balance sheet as at March 31 1922 shows: Cash, $1,041,188; accounts receivable, $7,402,267; patents, $1,000: debenture notes outstanding, $6,000,000; notes payable, $500,000; accounts payable, $803,535; surplus March 31 1923. 51,669,366, against $601,370 at March 31 1922. -V. 110, p. 2136. Humphreys Oil Co. -Dividend Dates-Earnings. - Kennecott Copper Corporation. -New Directors. - Charles Hayden, D. C. Jackling, Spencer Penrose and W. Hinkle Smith have been elected directors. -V. 116, p. 2137. La Salle Steel Co. -Bonds Called. Certain 1st Mtge, 8% 10 -Year Sinking Fund Gold bonds, dated Dec. 1 1920, aggregating $28,000. have been called for redemption June 1 at 104 and interest at the Continental & Commercial Trust & Savings Bank. trustee. 208 So. La Salle St.. Chicago, 111.-V. 112, P. 475. Lexington Motor Co. -Creditors' Committee. PT' The extra dividend of 1% and the regular quarterly dividend of 3%, Charles declared last week on the outstanding $15,000,000 Capital stock, par $25, Akron, 0.:Davis, Muncie, Ind.; C. E. Dana, New York; L. L. Smith. and are payable June 15 to holders ofrecord May 31. Compare V. 116, p.2136. mittee. Three Henry Beneke, Chicago, have been named a creditors' comother members will be selected to-complete the committee. Cal. Year 3 Afos.end. -V. 116. P• 2016. a, lop 1922. Mar.31 '23. PeriodLibtary Bureau, Boston. Total earnings after deducting expenses incident to --Sales.-''' aBirq -Earnings $11,575,943 $2,351,793 operations, including taxes President W.B.It. Parker has confirmed the following statement for the Depreciation and depletion 3.143,030 530,990 "Chronicle": "The company, after tax reservations, earned for the quarter ended Mar. $8.432,914 $1,820,803 31 sufficient to provide 34 28 per share on the Common stock, in addition Net income available for dividends 5.518.156 to the regular $2 on the Preferred shares. Sales are 26% in excess of the 4,770,113 Add-Previous surplus same period last year and equal in tonnage to the banner year, 1920. Pro513,203.026 57,338,959 duction is keeping up with sales and the amount of unfilled business on hand Total surplus 600,000 indicates a successful second quarter." 1.256,320 Cash dividends -V. 116, P. 622. 6,428,550 Stock dividends $5,518,156 $6,738,959 Surplus -Pure Oil Co. owns 24.38% of the capital stock of Humphreys Oil Note. Co. During the period of the above income and surplus statement the Liberty Motor Car Co., Detroit. -New Sale Ordered. A new sale of the plant of the company has been ordered on June 14 by the U. S. District Court. Under the new order, no upset price has been stipulated. -V. 116, p. 1903. 2264 THE CHRONICLE [Vol,. 116. -Has leases on 5 ore properties in the Mesaba Range, with Company. -New Gas Plant. Louisville Gas & Electric Co. an estimated unmined tonnage of over 15,000,000 tons and an annual outThe completion of a modern gas manufacturing plant by Nov. 15 1923 Is put of 800.000 tons of high-grade iron ore. part of the construction program of the company. The estimated cost is Ownership. -Company's $2,000,000 capital stock is owned by the com12,500,000. Contracts have been awarded for most of the equipment, and panies listed in the following amounts: Cleveland Cliffs Iron Co., 259'; erection of the plant buildings will be started at once. The plant will be Pittsburgh Steel Co., 25%;Trumbull Steel Co.,25%;Otis Steel Co.. 1234 located on a 75-acre site on the Ohio River,.east of the city limits of Louis- Wheeling Steel Corp.. 1234%. ville. recently acquired by the company. The generating equipment will The Cleveland-Cllffs Iron Co. is one of the largest independent owners -foot water gas sets and will have a daily output capacity and handlers of Lake Superior Iron Ore. The four steel companies are all consist of four 12 of 12.000,000 cu. ft. These sets, together with purifying apparatus, a important independent factors in the industry. Each company is a selfholder and compressors, have been ordered from the contained unit and each is in strong financial condition. The combined 1.000,000 Cu. ft. relief manufacturers, and contracts for additional equipment, such as blowers, capital stock and surplus of the five stockholder companies is in excess of -V.116, $200.000,000, according to statements as of Dec. 311922. exhausters and other accessories, will be placed in the near future. p. 1283. -A contract between company, the five proprietary companies Contracts. above mentioned and Union Trust Co., trustee, provides for the purchase -1% Stock Dividend-Sales. McCrory Stores Corp. by the five stockholder companies of a total minimum of 400,000 tons of The directors have declared a quarterly dividend of 1% on the Common ore per annum. This ore Is to be delivered at cost, which includes an amount stock, payable in Common stock June 1 to holders of record May 21. On sufficient to provide for all payments of interest and serial maturities. March 1 last a quarterly dividend of like amount was paid in cash. [For These payments must be made to the trustee, whether ore is mined or not. complete dividend record on common stock, see V. 116. p. 728.1 Property Inrestment.-The properties of the company are carried at over Sales for Month and Four Months Ending April 30. 34.900,000, which represents actual expenditures on the property, less deIncrease. preciation reserves. Including 3500.000 to be appropriated from the proIncrease.] 1923-4 Mos.-1922. -1922. -April 1923 886,9491$5.721.731 $4,589.616 $1,132,115 ceeds of these notes, the total investment will exceed $5,400.000. 81,378.636 81.465.585 -Officers and directors are all officers or directors of CleveManagement. To Issue New Common and Class "B" Stock of No Par Value land-Cliffs Iron Co., Pittsburgh Steel Co., Trumbull Steel Co.. Otis Steel Co. and Wheeling Steel Corp. -New Preferred Issue. The stockholders will vote May 21: -Bond Interest. Mexican Light 8c Power Co., Ltd. (I) On authorizing the issuance of $3,000,000 new 7% Cumulative -year's interest (coupon Notice is g.iven under date of May 15 that a half Preferred stock. There is now outstanding $924.700 present Preferred No. 8, dated Dec. 1 1915) on the 5% 2d Mtge. 50 -Year bonds will be paid stock, which has been called for redemption on July 11923. on June 1 at the Bank of Scotian ,d London. England, at the Canadian (2) On authorizing the issuance of 500,000 shares of no par value Com- Bank of Commerce. Toronto and Montreal, and at their agency in New mon stock. This stock will be exchanged for the present Conunon stock York. -V. 115, p. 2903, 2387. (par $100) on the basis of 4 shares of new stock for 1 share of the present. stock. [There Is outstanding at present 77,580 shares of Commbn stock, -Status, &c.Mexican Telephone & Telegraph Co. so that the exchange will require 310.320 shares of the new Common stock.] Pres. Jere A. Downs in a letter dated May 2 reports to the stockholders: (3) On authorizing the issuance of 150,000 shares of no par value Class B On Feb. 28 1915 shareholders were advised that the property in the Fedno voting power, but in other respects Common stock. This stock will have been taken over by the Mexican Government. will be on the same basis as the new Common stock. This stock may be eral District of Mexico had Since that date, no information regarding the company has been published. issued as determined by the directors. It will be of interest, therefore, to learn something of the activities of the President John G. McCrory says: "In my opinion these changes in the capitalization of the corporation are advisable and for the best interests of company during this time. Monterrey, Queretaro, San Luis Potosi and The exchanges in Leon, -V. 116, p. 2137. 1769. the corporation and its stockholders." Stank, were not molested. It has been the revenue received from these exchanges that has kept the company intact and greatly increased the Oil Co. (Dela.).-Earnings--Production, &c. Marland Net earnings in the first quarter, after interest but before depreciation plants' valuation. 11923. the number of stations has During and depletion. were *2.964.000. compared with $395,568 in the same period Increased the four years ending March the monthly revenues increased 1.404-a gain of 32%-while of 1922. Net crude oil production in the first four months was 1,928,135 of nearly 65%• -a gain currency barrels, average of over 16,000 barrels daily, compared with 644,891 bar- 311,245. Mexicanthe comparative figures (Mexican currency. $1 equals Following are rels In the same months of 1922, average of 5,400 barrels daily. Net production in April was 643,936 barrels, daily average of 21,460 barrels, against 50 cents United States gold): Yearly. Monthly Rentals. Stations. daily average of 5,900 barrels in April 1922. 3215.514 317,960 4.435 Albert Brunker, head of the Liquid Carbonic Co. of Chicago, has been Mar. 1 1920 258.682 21,557 4,789 elected a director. succeeding Sydney IL March. deceased. George R. Mar. 1 1921 283,819 23.652 5.387 Marland of Ponca City. Okla., has been elected a director, succeeding H.C. Mar. 1 1922 . 350.461 29,205 -V.116, p. 1656. Mar. 1 1923 5.839 Ogden, Wheeling, W. Va., resigned. the major improvements was the addition of a section to the Among -New Control. Marquette Iron Co. switchboard in Monterrey, increasing its capacity 1.000 stations; also the New interests have acquired control of the company. The executive obtaining of a concession and establishing long distance service between consists of Joseph W.Powell, Boston; Frederick W.Wood. Saltillo and Monterrey, which service is also being extended to the nearby committee now Baltimore. and Charles E.Spencer Jr., Vice-President of the First National cities and towns as fast as possible. Monthly tolls amount to about 31.600 -V.112, p. 379. Bank, Boston. to $1,500 Mexican currency. Two buildings which we occupy and rented have been purchased. -Foreclosure Sale. Massachusetts Oil Refining Co. During the past year a more aggressive policy has been adopted by direcProperty was sold at foreclosure May 12 for $2,500,000 to representatives tors; plans and methods are being discussed, investigations carried on p. 2016. which we hope will result in a satisfactory settlement of our affairs in ofthe bondholders committee. See reorganization plan in V. 116. Mexico, including the return of our property.-va16. p 945. -New Treasurer. Maverick Mills, Boston. -V.116, Middle States Oil Co. -Western States Oil Makes Offer. Noble Foss has been elected Treasurer,succeeding J. S. Downs. In anticipation of the listing of Western States Oil on the New York Curb 1). 2016. Market and the Boston Stock Exchange, Middle States Oil and Southern - States Oil are offering, up to and including May 26. to the holders of their Maynard Coal Co., Columbus,0.-Pref. Stock Offered. now such subsidiary W. W. Cary & Co., Columbus are offering at 100 and div. owned on acompanies shares, an opportunity to exchangeplus a stock cash small basis of par of Western States Oil for par ' $300,000 7% Cumul. Sinking Fund Pref. (a. & d.) stock. payment of the subsidiary stock, as follows:stock Imperial common, plus $3 a share; Imperial preferred, plus $5; Texas Chief, plus $4: Dominion, plus $4; The bankers state: Texas. plus $4; Columbia Petroleum, plus $5: Lamb-McGraw, plus Redeemable, all or in part, at 110 and div. A semi-annual sinking fund Ranger two shares of Western States for one share of Peters Petroleum pref.. purchase stock up to redeemable price or to call by lot at 110 and div. $7; and plus $4.-V. 116. p. 2016. to Trust Sr Savings Bank, Columbus, 0., par $25, -J. Citizens' Dividend payable Q. trustees of sinking fund. -Merger. Missouri Gas & Electric Service Co. -A continuation of the business of Maynard Bros.. which began Company. The company has 3 Operates 3 modern mines in Ohio and 3ain Kentucky. Annual Light & Power Co. acquired the property and business of the Wellmington in -V.115. p. 2054. dock at Duluth with 187. capacity of 1,500.000 tons. Owns and operates more than 5.000 customannual handling capacity of 1.000.000 tons. Has Midland Steel Products Co. -Bonds So'd.-Paine, coal ers. Company owns and leases 5,146 acres ofThis lands with a carefully represents a supply for Webber & Co., Hornblower & Weeks and Bond & Goodwin, recoverable tonnage of 28,505.000. estimated controls large reserve acreage. 28 years. In addition, it Inc., have sold at 983' and interest to yield about 7.15%, Earn/ngs.-For the past 50 years the business has been largely capitalized outofearnings. Average earningsfor the past6 years available for Preferred $2,500,000 1st (Closed) Mtge. Sinking Fund Convertible dividenas, alter depreciation and depletion, interest, Federal taxes and 7% Gold bonds. bonds amortization, have been $131,581,or more than 9times the Preferred Dated May 1 1923. Due May 1 1938. Interest payable M. & N. dividend requirements on Preferred then outstanding. In New York and Cleveland, without deduction for Federal income tax -V.113, p. 1161. -To replenish working capital. Purpose. up to 2%. Denote. $1,000. $500 and 31000. Callable for sinking fund or in blocks of not less than $250.000 on 30 days' notice at 10734 and -Stock Offered. (Fred) Medart Manufacturing Co. interest for first 5 years; at 105 and interest for next 5 years. and during Mark C. Steinberg & Co. of St. Louis are offering at 102 and divs., each succeeding year thereafter at H% less than the preceding year. $250,000 8% Cumul. Pref. (a. & d.) stock, par 8100. Listed on the St. Pennsylvania 4 -mill tax and Connecticut tax not exceeding 4 mills and -J. Redeemable, all, or Massachusetts income tax on the interest not exceeding 6% refunded. Louis Stock Exchange. Dividends payable Q. part, on 60 days' notice at 110 and dividends. Union Trust Co., Cleveland, trustee. Authorized. Outstanding. Capitalization (No Bonds)Data from Letter of Pres. E. .1. Kulas, May 12 1923. $250,000 3250.000 8% Cumulative Preferred stock Company.-Ineorporated in Ohio and will take over the business and 500.000 500,000 Common stock -Business established in 1873 and incorporated in Missouri properties of the Detroit Pressed Steel Co. and the Parish St Bingham Company. which have been operated as separate enterprises (see plan in in 1908. Company manufactures steel lockers, steel office cabinets, V. 116, Corp.. p. 2017). Unifiwl management will make possible increased steel shelving, gymnasium apparatus and playground apparatus. annual net earnings for the past 6 years. after giving output and more economical operation. The management of the Detroit -The Earnings. Co. and the Parish & Bingham Corp. will continue to direct at 1922 rates, have averaged 4 times the effect to Federal income taxesissue. For the past 10 years such earning; Pressed Steelof the company. the business dividend requirements on this company will own and operate two plants, one located in Cleveland times the dividend requirements on this issue. The have averaged over 234 floor space of and the other In Detroit. Buildings in Cleveland have These earnings do not take into consideration the saving in Interest effected 363,903 sq. ft. Detroit buildings have a floor space ofa243.758 sq. ft. through the sale of this stock. Company manufactures automobile frames and other stampings. ComPurposc.-To provide additional working capital. pany includes among its largest customers: Cadillac, Chalmers, Chandler, Balance Sheet Dec. 31 1922 (After Sale of Stock). Dodge, Durant, Essex, Ford Motor Co., Hudson, International Harvester I Liabilities Assets$584,673 I Total current liabilities- -_ $208,383 Co.. Jordan Motor, Lincoln, Maxwell, Moon. Packard, Rickenbacker, Total current assets F. B. Stearns Co. inc. taxes (est.)-_ 7.500 34,200 Res. for Other assets Outstanding. Authorized. Capitalization after this Financing250,000 Real estate, buildings. &c.. 490,302 Preferred stock $2,500.000 bonds (this issue)_ -22.500.000 20,182 Common stock 500,000 1st Mtge. 7% GoldProf. stock (par $100)-10.000,000 Deferred assets 7.000,000 Partic.Cumul. Surplus 163,475 8% 50,000 slim. 50,000 abs. Common stock (no par value) -Proceeds will be used to reduce current debt and to furnish Purpose. *1,129.3581 Total liabilities $1,129,358 Total assets working capital. additional business taken over available -The combined earnings - Earnings. on these bonds for the 8 on the1915 to 1922, including losses Mercantile Arcade & Office Buildings, Los Angeles. years for interest depreciation W. Straus & Co., Inc., are offering at par Incurred during 1921, were $7.227.755, after all charges for taxes, or an -S. Bonds Offered. losses, but before Federal and int., $4,000,000 1st Mtge. 63'% Serial Coupon bonds and after writing off inventoryequivalent to over 5 times the maximum of $903.469 per annum, average interest charges on this issue. Federal income taxes at the present rate (safeguarded under the Straus plan). amount to $91,059 per annum. Dated April 1 1923. Serial maturities, 234 to 1934 years. Interest of 1234% on these average earningsthe operations of the DIssteel wheel The statements do not include payable A. az 0. at offices of S. W. Straus & Co. Callable at 10734 and having been;id I Steel Co.. this interest for first 734 years; 105 and interest for the next succeeding 5 years; division of the Detroit Pressed January 1923. division tax of 2% paid by borrower. to the Motor Wheel Co. during 103 and interest thereafter. Federal income -Beginning May 1 1926 and every six months thereaftet Sinking Fund. Under the convenants of the trust mortgage the bonds constitute: a; ' he! and.t we 12-story office buildings company ; hall pay to the trustee an amount sufficient to retire on eaet (1) A direct closed first ' 21 ri! esti lea on the incotne from the date $62,500 of bonds. By the terms of the sinking fund, the trustsi -story arcade buil and one 3 purchase in the open market at a prict =AIRi. a sufficient valiant) r h la must he deposited monthly with will retire the bonds either byprice property, call or by calling byl at.at the current g. W. Straus & Co. to meet the nterest and principali n cash promptly not exceeding the currentBy operation under sue smiting fund 60'/o call price and interest. the days due. on entire issue will be retired before maturity. the Conversion.-Bonds may be converted after May 1 1924 Into 8% Partic. -Notes Sold. -The Mesaba-Cliffs Iron Mining Co. Cumul Pref, stock at the rate of 10 shares of stock for $1,000 bond on Trust Co., Cleveland, has sold at par and int. $1,000,- or before May 11927. at the rate of 934 shares for 51,000 bond from May Union advertising pages). to and incl. May 11931. and at the rate of 9 shares for $1,000 000 6% Serial Gold notes (see 1926 to Nov. 15 1930. Int. payable 1 1927 up bond thereafter until maturity of bonds. :maturities, $200,000 Nov. 15 stock into which these bonds are convertible is entitled to 80% Serial part on 30 days' notice at 103 and int. Union Trust ofThe all distributed earnings after the Common stock receives $4 per share. M.& N. Red. all or Cleveland, trustee. Co.. THE CHRONICLE MAY 19 1923.] 2265 x Condensed Balance Sheet Dec. 31 1922 (After Proposed Consolidation). -New Officer. Montgomery Ward & Co. Liabilities Francis D. Bartow of the First National Bank of New York has been Assets -V.116. p. 2016, $622.360 Accts. payable,purchases, Land elected a director to succeed the late Charles D. Norton. expenses, &c., net_ __ - $642,636 ,1540. 2,090,341 Buildings & imPin 2.901,759 Accrued State & county Machinery, equip., &c -New Offering. 169,288 Mountain States Power Co. 921,131 taxes Cash 2,500,000 891,695 1st Mtge. 7s Oust. notes & accts.rec Offering will be made shortly of a new issue of $3,100.000 1st Mtge.6% 1,030,365 Res. for Fed. taxes & Inventory bonds, Series B. The syndicate will be headed by H. M. Byllesby & Co. 315,000 and Blyth, Witter & Co. contingencies 81,385 Misc.accts. rec. adv.,&c. -V.115, p. 2912. 7.000,000 Inventory 70,716 Pref. 8% Partic. stock -Sales. Common (no par value) National Cloak & Suit Co. Patents & good will(book 5,000 1,675.000 value) 50,000 shares During the first four months of 1923 net sales, aggregated $15.187.786, 12,108 as compared with $12,682,156 for the corresponding period of 1922. Sales Deferred assets 359,280 Surplus during the current month, it is reported, are running approximately 25% $10,644.032 ahead of May last year. Compare V. 116, p. 2016. Total $10.644,032 Total of the x After giving effect to the acquirement by it as of Dec. 31 1922 -Offer Reported. National Conduit & Cable Co. assets and assumption of the liabilities of Parish & Bingham Corp. and It is stated that negotiations are nearing completion for the final adjustDetroit Pressed Steel Co. and subsidiaries, adjusted to give effect to the company. An offer, it is stated, subsequent sale of the Wheel Division equipment and inventories and the ment of the financial difficulties of the application of the proceeds from the sale of $2,500.000 1st Mtge. Sinking has been made to the bondholders by an outside interest of 70 cents on the dollar for the outstanding $4,168 first mtge. 6% bonds, subject to the Auld Convertible 7% Gold bonds. -V. 116. p. 2016, 1904. -V. 116. P. 1187. acceptance by more than two-thirds of the bondholders. -Union 945. Michigan Steel Co., Detroit. -Bonds Offered. Trust Co., Detroit; Glover & MacGregor, Pittsburgh, and Fenton, Davis & Boyle, Chicago, are offering at 973/i and int., yielding over 6 V%,$500,000 1st Mtge. 15-Year 63/2% I Sinking Fund gold bonds. The bankers state: -Sub. Co. National Gas, Electric Light & Power Co. The Atlantic City(N. J.) Light & Power Co. has acquired the system of the Cape May Light & Power Co., a subsidiary of the National Gas Co. -V.104. p. 1707. -Bonds Offered. National Republic Building Corp. Dated May 1 1923. Due May 1 1938. Denom. $1,000 and $500. Int. payable M.& N. 1 at the Union Trust Co., Detroit, trustee, or Guaranty The First Wisconsin Co., Milwaukee, and the National Bank Trust Co., New York, without deduction for normal Federal income tax not to exceed 2%. Co. win refund the Penn. 4. Mill tax. Red. on any of the Republic, Chicago, are offering at 100 and int. $1,int. date on 30 days' notice, all or part, at 102A and int. 800,000 1st Mtge. Sinking Fund 6% Gold bonds. Company. -Manufactures sheet steel. Plant capacity 36,000 tons annuDated May 1 1923, due May 1 1938. Interest payable M. & N. at ally, located at Ecorse, Mich., a suburb of Detroit. National Bank of the Republic of Chicego, trustee, without deduction for Securily.-A closed first mortgage on the land, building and equipment, Federal normal income tax up to 2%. Red, all or part at 103 and int. at which is to cost, when completed, not less than $1,000,000. any time on 30 days' notice. Denom. $1,000, $500 and $100 c*. Purpose. -Proceeds will supply working capital. Mortgage provides that -Indenture will provide for securing these bonds by a first Security. company must maintain net quick assets of an amount equal to 50% of the closed mortgage on the modern 16 -story office building and leaseholds at outstanding bonds. the northwest corner of La Salle and Adams streets, recently purchased Directors. -Frederick B. Lovejoy. Chairman: George R. Fink, Pres.; F. by the National Bank of the Republic of Chicago. This property, valued H.Jones, H. M.Steels Vice-Presidents: Wm.F. Malow. at over $3,00i1, 00, now called the Corn Exchange Bank Building, was Earnings. -Net earnings before interest and sinking fund requirements formerly owned by the Corn Exchange National Bank of Chicago, which estimated by experts to be in excess of $270,000 per annum. will continue to occupy the banking quarters, under lease, until the summer new home time It of -Bartlett & of 1924. At thatand the will become the changed toof the National Bank -Bonds Offered. Missouri River Bridge Co. "National Republic name will be the Republic Gordon and Lawrence Mills & Co., Chicago, are offering at Bank Building." over and above these 1st -The entire Equity. gold bonds. Mtge. bonds and any equity in this building, building corporation, will par and int. $650,000 1st Mtge.7% Sinking Fund junior securities of the Dated May-1 1923. Due May 1 1943. Int. payable M.& N.at the Har- be owned by the National Bank of the Republic. ris Trust & Savings Bank, trustee, Chicago, without deduction for normal -New Director. National Surety Co. Federal Income tax not in excess of 2%. Denom.$100,$500 and $1.000c*. Red.on any int. date as a whole at 105 and in part for sinking fund purposes -V. 116, p. 831, 522. Robert Goelet has been elected a director. only, at 102. -Regular Semi-Annual Dividend. National Transit Co. Data from letter of J. A. Magoun,President of the Company. The directors have declared the twular semi-annual dividend of 4%, -Owns and operates under perpetual charter from the United Company. States, the bridge over the Missouri River at Sioux City, Ia. The bridge payable June 15 to holders of record May 31. An extra of 4% was paid in -V. 116. p. serves, without competition, northwestern Iowa and northeastern Nebraska, March last, compared with an extra of 2% paid in Sept. last. and is the only bridge, except railroad bridges, over the Missouri River 1284. 1187, 831, 419. between Yankton, S. D.,85 miles to the north, and Omaha, Nebr., a dis-Advance Sales. New York Canners, Inc. tance of 100 miles south. Vice-President Moore says in part: "So far this year advance salesa! Secured. -Secured by a first closed mortgage on all the property and assets of the company, conservatively valued by independent engineers at $1,- the company are approximately double those for the same period last year. and advance sales of T. A. Snider Preserve Co., whose Common stock I; 525,000, exclusive of any valuations for charter, franchises, &c. -V.116 all owned by New York Canners, Inc., are at least 30% greater." Earns. Cal Yrs.1919. 1922. 1921. 1920. Gross earnings $143,016 29 $137,504 46 $112,211 43 $101,935 57 p. 2138. Operating exp., maintn. -Annual Report. New York Telephone Co. & taxes (excl.of Fed. 1919. 1922. 1921. 1920. Calendar Yearstax & depreciatlon)44,117 36 39,966 12 34,635 12 33,004 92 Total earnings $109,612,620 $99,608,268 $87,906.466 $39.342,568 95.738,797 88,203,748 82,423,439 27,625.186 Net earnings $98,898 93 $97,538 34 $77,576 31 $68,930 65 Total expenses Annual interest charges on $650,000 bonds requires, $45,500. $13,873,822 $11,404,519 $5,483,026 $11,717,382 Net earnings Sinking Fund. -Company covenants to pay into the sinking fund 2% of Divs, and interest earns.. 11,109,158 6,572.128 9,403,050 6,681,549 total authorized issue each year, while bonds are outstanding, and in addi- Miscellaneous earnings 330.825 630,026 585,467 tion thereto all savings in interest due to operation of sinking fund. Sinking fund will retire approximately total issue by maturity. -V.104. p. 1049 $25,613,006 $21,393,036 $12,164,575 $18,620,336 Total net earnings $8,643,174 $8,148,493 $6,094,502 $5,300.588 - Interest -Stock Offered. (J. W.) Murray Manufacturing Co. • 381,022 Miscellaneous items_ John Burnham & Co.recently offered at $23 per share,20,000 Preferred dividends_ __ - 440,731 Common dividends 16,375,360 12,841,247 12,000,000 12,000,000 shares of Common stock (par $10). • Listed on Detroit Stock Exchange. Application will be made to list on Chicago Stock Exchange Capitalization. -7% 5 -Year Serial Debentures, $1.000,000: 7% Preferred stock (issued), $425,000: Common stock (par $10) $1,650.000. Company. -Incorporated in Michigan in April 1913. Manufactures hoods, tanks, under-pans, mufflers, battery beam and other miscellaneous sheet metal parts for motor cars. The main plant located in Detroit, comprises 275,000 sq. ft. of working space on 9 acres of land. The growth of the company's business has led to the purchase of a modern plant at St. Louis, Mo., and the leasing of a factory at Elizabeth, N. J. Company also controls through stock ownership the Murray Ohio Manufacturing Co. at Cleveland, Ohio. *Dieidends.-Company has paid dividends on its Common stock every year since 1914 with the single exception of 1921. the aggregate amount In cash and stock during those years is $1,047,121. The directors have declared dividends for the year 1923 at the rate of 8% in cash and 8% in stock payable quarterly. The first 2% stock dividend was paid May 1, thereafter the stock and cash dividends will be paid together on July 1, and Oct. 1 1923, and Jan. 1 1924. Sales and Earnings -Calendar Years. Net Net Sales. Earns. Earns. Sales. 1913 $97,944 $10,847 1918 $2,428,505 $92,630 350,330 76,012 1919 1914 3,971,831 243,520 582.413 150,825 1920 1915 4,118,349 230,115 1916 1,052,225 237,705 1921 2,321,903 233,377 2,069,038 186.727 1922 1917 , 6 156, It is estimated that the earnings for the first quarter of 1923 will be about $400,000. Sheet Dec. 30 1922. Balance Assets Liabilities $252,286 Notes & accts. payable--- $564,503 Cash 124,457 918,748 Acceptances Receivables 84,614 23,911 Accrued Securities 129,670 1,473,725 Res. for Federal taxes_ _ _ _ Inventory Purchase money °Wigs-- 264.000 Land, buildings, machin1.000,000 2,435,027 5 -Year Serial Debs ery, &c 425.000 Preferred stock issued_. 25,50(1 shs. Murray Ohio 1,650,000 1 Common stock issued_ Mfg. Co , Corn stock 1,062,797 201,341 Surplus Prepaid interest. &c Total -V. 116, p. 2016. 623. $5,305,042 Total $5.305,042 Mother Lode Coalition Mines Co. -Annual Report. Calendar YearsrevnuOpatig Operating costs Other income Taxes Interest, premium, &c., paid 1922. : $3,465,959 82,788810 1,591,103 1,701,532 er.16,389 Cr.33,170 33,310 35,704 69,207 Balance, surplus Previous deficit $1,761,892 $1,111,579 92,816 750,082 Total surplus Depreciation and depletion $1,011,810 $1,018,763 1.768,845 2,034.143 8750,082 $1,022,332 Debit balance Dec.31 Samuel J. Clarke has been elected a director. succeeding F. W. Hills, -V. 116. p. 2138. who is Treasurer of the company. Balance, surplus_ - $153,741 -V. 116, p. 1905. 1188. $403,296df$6,310,949 $1,319,748 North Butte Mining Co. -Option on Arizona Group. The company has taken a 3 -year option on a group of 71 claims near the Magma property in the Superior mining district of Arizona. Several strong veins outcrop in the property, some with heavy copper-manganeseiron mineralization 20 ft. wide at the surface, similar to outcrops of the Magma ore bodies. -V.115, p. 2913. Nunnally Co. -Earnings. - The earnings for the quarter Jan. 1 through March 31 1923, before Federal taxes, were $21,063.-V. 116, p. 613. Ohio Body & Blower Co. -Receives Large Order. The Moon Motor Car Co. of St. Louis, Mo., has placed an order (valued at approximately $1.000,000) with the above company for 2.500 sedan bodies. -V. 116. p. 2017. Oklahoma -Earnings. Producing & Refining Corp. Calendar Years Year End. 1920. 1921. 1922. Mar.31'23. Gross earnings $6.069,486 $6,081,462 $5.928,894 $13,691,201 7,267,146 4,605,528 Expenses 4,662.798 4,645,731 272,928 196.713 Interest and taxes 259,382 305,872 3,853,495 2,482.414 Depletion & depreciation_ 240,000 60,000 Preferred dividend 1,723,280 430,820 Common dividends $334,349 Balance, surplus •$1,117,883 $1,159,282df$1.846,581 Note. -The Pure 011 Co. owns 100% of the Pref. stock and 85.05% of the Common stock of the Oklahoma Producing & Refining Corp. of America. There were no dividends paid during the year 1923.-T. 116, p.1285,832. Old Dominion Steamship Co. -New Control. See Eastern Steamship Lines, Inc., above. -V. 113. p. 1367. Pacific Mills, Lawrence, Mass. -Stock to Employees. - The company is offering to its employees 5,000 shares of capital stock, 729 $100,.at $91 per share, on the installment plan. See also V. 116, P. par, 15 40 Pacolet (S. C.) Mfg. Co. -50% Stock Dividend. A 50% stock dividend has been declared on the outstanding Common in addition r thp us 6 .emi-annual cash dividend of 4%, both pay15 e. 2 1 s r6 able J July -Earnings, itc. Panhandle Producing & Refining Co. The company reports net income for the first quarter $152,009, as compared with Pref. stock dividend requirements of $.58,704, leaving a balance of 593,305. equivalent to 46 cents per share earned on the Common sto k. before deductmg reserves for depreciation, depletion and sinking fund requirements on the Pref. stock. This, however, does not include a gain in crude oil inventories of $93,184 arising from advances in posted prices, which amount will be held in suspense until the end of the year. Due to the operation of the sinking fund, there is now outstanding $2,935,200 Pref. stock as compared with an initial issue of $4,000,000. The net production for the first quarter amounted to 78,664 barrels. -V. 116. P. 2139. Parish & Bingham Corp. -Merger Completed. see Midland Steel Products Co. above. -V. 116. P. 213 . 2017 9 Paton Mfg. Co., Sherbrooke, Que.-New Interests. The company has passed into the hands of interests closely associated with the Dominion Textile Co. The new controlling interests include Sir -V. 107, p. 909. Charles Gordon, Sir Herbert Holt and F. G. Daniels. -April Sales. (J. C.) Penney Co. Increase. Increase. 1923-4 Mos.-1922. 1923 -April -1922. $3.942,629 5515,1101514,467,320 $11,655,805 $2,811,515 .$4,457,739 -V. 116, p. 1770, 1189. -Extra Dividend of 1%-Earnings. Pennok Oil Co. An extra dividend of 1% has been declared on the stock, par $10,in addition to the regular quarterly dividend of 1%,both payable June 25 to holders of record June 15. Like amounts were paid March 26 last. During 1922 the company paid four quarterly dividends of 1% each. Resultsfor Quarters Ended Mar.31 1923 and 1922 and Cal. Years 1922 & 1921. . -3 MO3.end.Mar 31- -Year end. Dec. 311922. 1922. Period1928. 1921. $253,237 $1,079,535 Gross earns.& other inc_ -51,005,924 $863,067 103,802 66,851 Oper. & general expenses_ 343,099 303,556 x 32b:651 Deprec. & depl. res. (est.) 173.129 346,239 Inventory & other deduc_ 84,435 Abandoned,canceled,& . , 601,976 leases 207,267 30,000 15,000 Sundry res. agst.def.chgs. (4 Dividends paid (2%) .000 (1%)37.500 %)150,000 75 Net before Federal taxes $623,993 Net oil production (blzds.) 361,370 (VOL. 118. THE CHRONICLE 2266 x$133.886 def$426,625 110.860 517,550 $6,005 391.711 x Before provision for depletion, depreciation and Federal taxes. -V.116, p. 730. -Listing. Philadelphia Electric Co. The Philadelphia Stock Exchange has authorized the listing of512.500,000 1st Lien & Ref. Mtge. Gold bonds.6% Series, due Dec. 1 1941 and 57,500.' 000 1st Lien & Ref. Mtge. Gold bonds, 555%, Series due June 1 1947, all of which bonds have been Issued and are now outstanding in the hands -V.116, p. 2139, 2018. of the public. Data From Letter of Pres. Wm. F. Ham, Washington, D. C., May 10. Company.-Incorp. in April 1896 in the District of Columbia. Does the entire commercial electric light and power business in the City of Washington and adjoining communities. Combined population, 475,000. Principal power station, located just outside of Wasnington, has an installed capacity of over 130,000 h. p. in modern electric generating equipment. Distribution system consists of about 1,246 duct miles of underground conduit in the principal portion of the District of Columbia, and about 2,684 miles of overhead conductors in the balance of the territory served. Company renders service to over 66.000 customers. -Proceeds will be used to retire $3,600,000 Gen. Mtge. bonds Purpose. maturing July 1 1923, and to reimburse company for construction expend's. Capitalization of Company upon Completion of Present Financing. Common stock, paying 10% $5,750,000 250.000 Preferred stock, paying 10% General & Refunding Series A 7s. 1941 2,007,200 SeriesB 6s (thisissue) do do x4,000,000 Underlying bonds. 1925 to 1936 y6,629,000 x In addition.. 51.760.000 bonds hold in treasury of company. y The $6,629,000 underlying bonds consist of $1,700,000 1st Mtge. 5% bonds, due 1929; $44,179,000 Consol. Mtge. 5s, due 1936 (excl. $1,087,000 bonds alive in a sinking fund and $34,000 in the treasury), and $750,000 Gen. Improvement 6 e dentures due 1925. secured by mortgage. Sinking Fun .-Mertgage requires company to deposit with trustee semi-annually cash or Gen. & Ref. Mtge. bonds at their purchase price equal in amount to at least Yej of 1% of the total amount of underlying bonds and Gen. & Ref. Mtge. bonds then outstanding in the hands of the public. The cash deposited shall be utilized in the purchase or redemption of Gen. & Ref. Mtge. bonds. Earnings 12 Months Ended March 31. 1923. 1922. earnings 55.342,996 5,5062,538 Gross 52.518,312 52,413,326 Net after oper. asps., current maint. & taxes 719,454 Annual interest on $12,636,200 bonds requiret $1,798.858 Balance for depreciation, dividends. &c -In July 1917 the District of Columbia P. U. Commission ordered Note. the company to make certain reductions in its rates. Company secured an injunction against the enforcement of the new schedules, and they have however, in excess of never been put into effect. The amounts -Equip. Trusts Offered.-Stix the rates specified by the Commission havecollected, in a special fund and Phillips Petroleum Co. been put & Co., St. Louis, are offcring at prices to yield from 5 such amounts and interest thereon are not included in the gross or net earnabove. to 6%, according to maturity, $204,000 Serial 63/2% Equip. ings stated .-The reproduction cost of the physical property was fixed by Valuation Trust certificates. Issued under Philadelphia plan. the Commission at 512,204,600 as at July 1 1914. Additions which have Dated April 16 1923. Maturing $17,000 quarterly July 15 1923 to April since been made to the property increase this figure to more than $21,450,-A. without deduction for normal Federal in- 000. In addition, company has acquired for the sinking fund provided by 15 1926. Divs. payable Q. come tax up to 2%. Denom. 51,000c*. Dividends payable at Bank of its Consol. Mtge. 51,135,000 Washington Ry. & Elec. Co. Consol. Mtge. bonds. North America & Trust Co.,Philadelphia, Pa.,trustee. Company refused to accept the valuation of the Commission and carried Secured by 100 new steel insulated tank cars of 8,050 gallon capacity, constructed by the Standard Tank Car Co. of Sharon, Pa. The cost of the case to the Court of Appeals, which sustained the company's contention that the Commission erred in determining the value of the property at July 1 this equipment is $260,000. Company has leased the cars at a rental sufficient to pay both principal 1914, instead of at the time of the valuation, about two years later. On and dividends as they mature, and in addition, guarantees the certificates April 9 1923 the U.S.Supreme Court dismissed an appeal ofthe Commission from the decision of the Court of Appeals, and held that the Supreme Court by endorsement, as to both principal and dividends. The New York Stock Exchange has authorized the listing of 395,000 did not have jurisdiction to review, modify or determine the valuation. additional shares of capital stock, no par value, on official notice of issuance The effect of this, in the opinion of counsel, leaves the decision of the Court as a stock dividend (V. 116, p. 1905), making the total amount applied of Appeals as final, and establishes the right of the company to a revaluation of the property in the determination of which consideration shall be for 1,185.000 shares. -V. 116. P. 1659. given to present day costs. Consolidated Income Account for Quarter Ending March 31 1923. Earnings: Oil and gas, $3,880,352; gasoline, $1,173,950; miscelProducers & Refiners Corp. -Prelim. Report for 1922. laneous. 5983.220 56,037.526 Gross sales and earnings,$10,910,725; expenses,56.783.106; operExpenses: Operating, $769,440; gen. & admin.. $166,615;interest $4,127,619 ating income & taxes (incl. Federal taxes), 5686,543 1,622.598 Other income 249,439 Net income before depreciation and depletion $4,414,925 Capital surplus Dec. 31 1922, $38.324,167;'proceeds 9,405 shares capital stock issued on surrender stocks option warrants. 38.637,637 $313,469 Total surplus Dividends paid $443.052,562 333,170 Capital surplus March 31 1923 542,699,391 Consolidated Balance Sheet. *.ifar.31'23. Dec.3122. *Afar. 31'23.Dec.31'22. $ TAabilittes3 Assets Plant & investml_60,861,727 55,713,129 x Capital surplus_ .42,699,391 38,324,167 % debs., Acets receivable.- 2,837,788 2,788,560 10-yr. 3,267,000 3.336,000 1931 35,401 Notes receivable__ 30,687 Invent's(at mkt.)_ 6,211,644 3,391.282 Derd purch.oblig.y5,874,177 2,410,302 7,065,661 6,857,278 109,859 Notes Prepaid interest__ 113,269 payable.Cash on deposit_ _ _ 960,982 1,422.451 Acceptances pay._ 1,384,000 1,939,000 926,770 351,522 Acc'ts payable_ _ _ _ 484,157 Deferred charges__ 383.826 Dept. & depr. res_ 9,361,089 9,364,089 Contakacced Bab. 1,261,449 654,602 71,399.924 63,812,208 Total 71,399,924 63,812,208 'rota . * Subject to adjustment at end of fiscal year. x Represented by 706,340 shares of capital stock, no par value. y Due 1924, $4,082.436; due 1925. $1.507.116; due 1926. $304,625. -Since the date of this balance sheet current liabilities have been Note. reduced by approximately 54,000,000.-V. 116. p. 1905, 1541. -Listing.----Pierce-Arrow Motor Car Co. The New York Stock Exchange has authorized the listing from time to time of 15,750 shares of Prior Preference stock of no par value, and also the listing from time to time of an additional 78,750 shares of Common stock of no par value, on official notice of issue on conversion of the Prior Preference stock. The Exchange has also authorized the listing of $4,200,-Year 8% Sinking Fund Gold debentures due Mar. 1 1943.-V. 116. 000 20 p. 2139, 2018. -Appeal. Pierce Oil Corp. The corporation has filed supersedeas bond in judgment against it in favor of receiver of International & Great Northern and will carry the case -V. 116, p. 1189. to U. S. Circuit Court of Appeals. -Transfer of Holdings. Pittsburgh & Lehigh Dock Co. - -V. 114, p. 2587. See Carnegie Coal Co. above. -Income Tax on Dividends. Pond Creek Coal Co. Treasurer Batchelder says in substance: "According to our interpretation of the provisions of the II S. income tax law affecting distributions in . liquidation, the dividend of $35 per share paid March 1 1923 represented: (1) Dividend from earnings accumulated since March 1 1913. $19.675230 per share; (2) Payment in partial liquidation of capital, $15.324770 per share. "Dividend of $10 per share payable on or after April 2 1923 represented -V. 116, p. 1541. final payment in liquidation of capital." Total income Depreciation, $499,759; int. and Federal taxes. $612,615 $4,377,058 1,112,374 $3,264,684 Net income before depletion Since Dec. 31 1922 the company has acquired a controlling interest in Fensland Oil Co. and Lyons Petroleum Co. The combined statement of the three companies for 1922 shows net income of 51.198.065, after depredation, interest and taxes, but before depletion. Gross sales and earnings from operations were 512,707,322.-V. 116. P. 2018, 946, 730. -Annual Report (Including Subsidiaries). Pure Oil Co. 1923. 1922. 1921. 1920. Years End. Mar.31$69,153,736 $60,722,417 572.977,460 554,304.091 Gross earnings Costs & oper. expenses-x57,693,197 x51.779,290 58,976,239 40,339,796 Operating income-511,460,538 58,913,127 $14,001,221 $13,964,295 See note x. $1,652,905 $1,489,543 Taxes (Incl. Federal tax) $741,346 734,263 273.753 Int. on serial notes & bds $247,672 834,034 215.755 253,305 51,200 Amort. disc. on son notes 2,331,633 3,019,244 2.724,697 1,701,202 Depreciation $8,047,199 54,966,782 58,636,050 $10,448,598 Net income $735,622 $509,164 Preferred diva.(cash)_ _ _ _$1,427,755 $1,291,180 Corn. diva. (cash)---(8%)5,162.839(8)4,034,941(10)4662,500(20)7350,000 (5%)987,875(6)2,825,000 Corn. divs.(stock) $1,456,606df$1,347,214 $412,928 52,589.434 Surplus $46,414,482 $52,151,758 $45,977,515 $447,379,366 Previous surplus 126,816 9,263,235 • Premium and discount 547,871,088 850.931.360 555,653,678 549,968.800 Total surplus 27,935 65,835 Surplus adjustments.... 140,115 Cr.813,233 1,276.056 Inv, loss on finished oil.. 3.036,844 3.174,988 3,361,805 Depletion 4,804.518 Profit and loss surplus.$44,806,309 $446,414,482 $52,151,758 $45,977,515 -V. 116, p. 1541. 1422. x Including ordinary taxes. Quaker Oats Co., Chicago. -Dividend Increased, &c. A quarterly dividend of 3% has been declared on the outstanding $11,250,000 Common stock, par $100, payable July 16 to holders of record July 2. The company in January and April last paid quarterly dividends of 234% each on the Common stock as compared with 2% each paid in July and October 1922. Robert Stuart, formerly Treasurer, has been elected Chairman of Executive Committee; Robert Gordon, formerly Secretary, as Treasurer; W. L. -V,116, p. 946. Templeton, formerly Assistant Secretary, as Secretary. -Annual Report. Rand Mines, Ltd. Calendar YearsDividends received Other income 1922. £391,923 461,626 1921. 1502,837 003.551 1920. £785,548 116.687 1919. £531,792 360,285 £892,077 £606,388 £902,235 £853,549 Total income 30.261 31,654 35.215 27.166 Administration expenses 10,294 7,575 37,912 57,902 deprec., &c -To Increase Capital Postum Cereal Co., Inc. -100% Taxes, 531,499 512,537 372,049 770,673 Dividends Stock Dividends Probable. £315,069 L275,933 £146,176 £92,333 Balance, surlus__ _ The stockholders will vote shortly on increasing the authorized Common stock from 200,000 shares (all outstanding) 10 400,000 shares, no par value. -V.116, P. 2139, 1939' understood that, if the increase is authorized, the directors will declare It is -Foreclosure. Raritan Refining Corp. a 100% stock dividend on the present outstanding Common stock and that The American Trust Co., New York, as substitute trustee under a the increased capitalization will be placed on a g3 annual dividend basis. $1,000,000 mortgage, has instituted suit in the Court of Chancery at Tren-V. 116, p. 1906, 946. ton, N. J., to foreclose the mortgage, the interest on which has been de-V. 116, p. 420. -Bonds Offered. -Harris, faulted. Potomac Electric Power Co. Forbes & Co. and National City Co. are offering at 101A and int., yielding over 538%,$4,000,000 Gen. & Ref. Mtge. Gold bonds, Series B, 6%, due 1953. (See adv. pages.) Dated April 2 1923. Due April 1 1953. Int. payable A. & 0. at National City Bank, New York,trustee, without deduction for normal Federal 2%. Denom.c5 51.000.r* $1,000. income tax not exceeding55.000. Red. on $100.$500 andon 30 days' notice any int. date of $5.000 and multiplesApr. 1 1933, at 105 thereafter to and incl. April 1 1943, or before at 1073 on thereafter prior to maturity. and at 10234 .-Authorized by District of Columbia P. U. Commission. is -Extra Dividends. Reo Motor Car Co. The directors have declared the regular quarterly dividend of 1 34% an extra cash dividend of 6%. and a stock dividend of 10%, all payable July 2 to holders of record May 31. An extra cash dividend of 1% was -V. 116, p. 947. Paid April 2 last. -Back Dividends. Republic Iron & Steel Corp. The directors have declared the regular quarterly dividend of 1 %on the Preferred stock and a dividend of 2% on account of accumulations, both payable July 2 to holders of record June 15. This will leave dividends tota tug 5% still in arrears on the Prof. stock. See also V. 116. P. 1771. MAY 191923.] THE CHRONICLE Republic Motor Truck Co., Inc. -Sale. The Federal Court at Detroit has confirmed the sale of the property to the noteholders' committee. See V. 116, P. 2139. Republic Rubber Corp. -Sale Postponed. - The sale of the properties scheduled for May 9 has been postponed until May 23.-V. 116. p. 1906. Rome (N. Y.) Wire Co. -Notes Offered. -Lee, Higginson & Co. are offering at 98 and interest, yielding about 6%%, $3,000,000 3 -Year 6% Sinking Fund Gold notes. • 2267 -Earnings(Incl. Sub. Cos.) Southern Cities Utilities Co. Three Months Ending March 31 1923. $529,758 $9,400 Gross income 312,644 Preferred stock dividends_ _ _ 19,910 Oper. exp., taxes, &c Common stock dkidend-7,169 Int. on bonds and stock of sub,cos. in hands of public 75,552 Balance $105,082 -V. 115, p. 1847. -Listing-Earnings, &c. Southern States Oil Corp. The Boston Stock Exchange on May 17 authorized for the list temporary certificates for 247.104 shares capital stock (par $10). The corporation was organized for the production and sale of crude oil and gas. Its operations are confined largely to mid-continent field, and those in charge of it are largely identical with the interests operating the Middle States Oil Corp. The corporation is primarily a holding corporation, operating its properties and leaseholds through sub. co's. the most important of which are: Par. % Own. Issued. Capital Auth. Subsidiaries$10 90% $50,000 $50,000 Judson Oil Co $10 51°7 $200,000 Southern States Drilling Corp_ $200,000 $1,000,000 90% $1.000.000 $1 Columbia Petroleum Co 1,000 shs. No par 100% Sure Oil Co 1,000 shs. $1,800,000 $1 510 ' Verland Oil& Gas Co., Del_ _ _ _$2,000,000 $1 $23.821 514 Verland Oil& Gas Co., Okla__ _ $320,000 The stock of the corporation was issued for cash at $10 per share, except that on Sept. 30 1922 a div. of 4%, on Dec. 31 1922 a div. of 8% and on March 31 1923 a div. of 10% was paid in stock, representing a partial capitalization of leases which had been previously carried at $1 and since proven. Earnings for the 11 Months ending March 31 1923. $1.096.151 Gross earnings May 1 1922 to March 31 1923 511.140 Operating expenses and new development 235.390 Cash dividends paid Dated May 1 1923. Due May 1 1926. Interest payable M. & N. without deduction for normal Federal income tax up to 2%. Pennsylvania -mill tax refunded. Mechanics & Metals National Bank, New York, 4 trustee. Principal, sinking fund and interest payable at Lee, Higginson & Co.. New York, Boston and Chicago. Denom. $1,000 and $500c5 Callable all or part at any time on 30 days' notice at 102 and interest during' first six months, the premium thereafter decreasing ji% each six months 4 to 1003 and interest in the last six months prior to maturity. Capitalization after this FinancingAuthorized. Outstandina. 3 -Year 6% Sinking Fund Gold notes(this issue)--$3 ono. 00 $3,00n.001) Preferred stock,7% Cumulativa 2.263,300 4,011.011 Preferred stock,6% Cumulative x350,000 Common stock 2,474,000 5.650.000 Company also has a contingent liability for $500,000 guaranteed notes of its Buffalo subsidiary, Diamond Wire Co., Inc. x Has been acquired by the company, and none now outstanding. Data from Letter cf Pres. H. T. Dyett, Rome, N. Y., May 12. Companu.-Ineorporeted in New York in 1905. Is one of the largest manufacturers in the United States of copper rods, copper wire, bare and insulated electrical copper wire, and copper cables. Plant at Rome, N. Y.. and that of a subsidiary at Buffalo. N. Y. are situated on 45 acres Net profit ______________________________________________ $349,622 of land and have 669.000 sq. ft. of floor space. ' Products comprise practically every type of copper rod and wire manufacture, including telephone Consolidated Balance Sheet. Mar. 31'23. Dee. 31'22. wire, electric power transmission wire, trolley wire, weatherproof wire. Mar.31 '23. Dec.31'22. AssetsLiabilities $ magnet wire, rubber-covered house wire, automobile wire, deck cables. 2,471,040 2,246,400 and mining machinery cables. Output in 1922 more than 76,000,000 Lease, equip., &c._ 264,163 120,545 Capital stock 391,179 Pounds of copper rods, copper wire and copper wire products. Sales. Dev.& prod.leases 6,645,000 5,374,521 Res,for depletion_ 513,304 7,493,724 4,852,154 Undeveloped leases 1 1 Surplus 1922. $10,311.662. against less than $2.000.000 in 1911. 519,168 820,132 Purpose. retirement of existing debt Cash -Proceeds will provide funds for Acc'ts receivable 1,141,439 and will provide additional working capital. 830,172 191,910 191,910 Sinking Fund.-Sinking fund, payable annually May 1 1924 and May 1 Notes receivable 276,386 per Oil uncollec., &c 152,454 1925, for purchase or call and retirement of notes, at rate of 10% annum of total notes issued, plus premium on notes called or purchased Invest. In Western States 011 Corp_ 1,440,000 Total(each tilde) __10,478,068 7.489,733 above par, is sufficient to retire at least $600,000 notes, or 20% of this -V. 116. p. 1906. issue, prior to maturity. Earnings.-Compeny has shown a net profit before interest charges, Southington (Conn.) Hardware Co. -Rights. after all depreciation, in every year since incorporation. Average annual Stockholders of record April 24 1923 are given the right to subscribe net profits, after deducting all depreciation charges, for the seven years shares ended Dec. 31 1922, were $682.122, or more than 33% times the $180,000 for 1,800 shares at par ($25) in the ratio of one new share for ten old50 per held. Subscription may be made on and $12 interest requirement on this total funded debt. Net profits, after all share to be paid in cash at time of or before May 24 balance ($12 50 subscription and the depreciation charges, for 1922 were $871.110, or more than 44 times per share) to be paid on or before June 15 1923. this requirement. In 1923. net profits for the first nuarter alone were have been made with Roy T. H. Barnes & Co., Hartford, equal to more than 7;5 times its total interest requirement for the entire toArrangementsor sell rights adjust, buy and take subscriptions for the new stock. year. -V. 115, p. 996. Subscriptions must be filed with them or with the company in Southington on or before May 24. Roxana Petroleum Corp. -Restores Leases. Proceeds of sale are to be used in erecting a building for packing,shipping Secretary of the Interior Work on May 16 overruled former Secretary Pall's decision denying to the company the right to lease oil and gas lands and storage and other extensions of the business. In Oklahoma. because the company was controlled by British and Dutch Standard Bleachery Co., Carlton Hill, N. J. -Bonds Interests. Secretary Work ruled that the leasing applications filed by the -American Trust Co. and Green, Ellis & Anderson, Roxana cowpony were upon lends owned by Indians. and did not come Offered. Secretary New York, are offering at 100 and int. $850,000 1st Mtge. under the provisions of the leasing Act. The decision rendered by Work also revoked regulations which provided that no lease be made to 20-Year 7% Sinking Fund Gold bonds. aliens on restricted allotted lands of Indians. Dated April 1 1923. due April 1 1943. Int. payable A. & 0. without It is stated that the sale of the Lily White Oil Co. of Lima, Ohio, to the above company Is practically completed. The consideration, it is deduction for normal Federal income tax up to 2%..Denom. $1,000 C'. said, is about $650,000. The Roxana company contemplates building a Callable for sinking fund at 105 and int., and as a whole only after April 1 1928 at 105 and int. American Trust Co., New York. trustee. $300,000 lubricating oil plant in Lima, Ohio. -V. 113, p. 543. Letter Hill, N.J.,May 7 • Data fromFund. of Pres. James J. McKenzie,Carlton to the trustee to San Carlos Milling Co., Ltd. -Extra Dividend.Sinking -Company will pay $15,000 annually The directors have declared an extra dividend of 2% for May.in addition purchase bonds in the open market at or below 105 and if not obtainable, to the regular monthly dividend of 2% on the outstanding $1,200,000 then to call bonds by lot at 105. There has been placed in the sinking capital stock. par $10. fund $160,000 of the bonds and these bonds. together with all bonds purThe Plantation's 1923 crop is estimated at approximately 14,000 tons of chased or called are to be kept alive and the interest on all bonds in the sugar. The total area to be harvested this year is 7,286 tons, as against sinking fund is to be used to redeem bonds at or below the call price. 8,233 tons harvested a year ago. Company. -Started business in April 1885. Was incorporated in New Jersey in 1896. Business is bleaching, dyeing, mercerizing and finishing (J. H.) Sanford Coal Co. -Transfer of Holdings. of cotton piece goods on a commission basis. It is the largest concern in Sec Carnegie Coal Co. above. this country handling this particular line of goods. Does business with -V. 105. p. 394. the most representative concerns in the cotton converting business. Plant Scituate Water Co. located at Carlton Hill, N. J. Company owns all of the stock of the -Bond Issue Authorized. The Massachusetts Department of Public Utilities has authorized the Passaic Lumber Co. except directors' shares, whose chief business is the company to issue 550.000 7% 10-Year 1st Mtge. bonds, the proceeds to be manufacture of packing cases such as are used in bleacheries and other used to retire $30,000 indebtedness incurred for construction, and the industries in the vicinity of Passaic. balance to the payment of contemplated extensions. -V. 113. P. 77. Income Available for Int. on Proposed Bonds After Deprec. & Before Fed. Taxes. Calendar Years1920. 1922. 1921. Shaffer Oil & Refining Co. Net sales, including inter-co. transfers $1,915.988 $2,286,415 32,084,064 -Annual Report. Years Ended Dec. 311921. Cost of sales 1922. 1,644,705 1,791.454 1.770,688 Gross earnings $8,163.464 $8,040,751 Commercial expenses 119,368 120,260 115.706 Open exp.,incl. curr. maint.& prov.for Fed. taxes 6,158,416 6,010,528 Net income Interest charges 850.617 920,570 $197,670 $151,915 $374,701 420.000 Annual int. requirement (of which Preferred dividends,7% 420,000 $10.500 is paid to trustee to redeem $759,306 bonds in the hands of the public)_ _ Balance for deprec'n, depletion, amortiz'n, &c__ $664,478 $70,000 370.000 370,000 ' Int. 7% on $850.000 59 500 59.500 59,500 Condensed General Balance Sheet Dec. 31 1922. Assets Standard Milling Co. -Listing-Acquisitions, &c. Real estate, oil and gas leases, equipment, pipe lines, tank cars, The New York Stock Exchange has authorized the listing of $608.000 $24,247,097 distribution stations, &c Debt discount and expense and org. exp.(in process of amort'n) 1.524.860 additional Common stock, par $100, on official notice of Issuance, making 885,384 the total applied for $12,565,900. The $608,000 Common stock is to be Investment in allied interests, &c 78,428 exchaped for all of the outstanding capital stock of the following companies Prepaid accounts, insurance, &c in the conduct of a general flour and milling business, viz.: James Cash deposited for serial note sinking fund 42,104 Gld e Co., Ltd., of Canada; S. J. Cherry & Sons, Ltd., of Canada,and Galt a Current assets: Cash. $434.985: notes & acc'ts rec., less reserves. 3,841,042 Flour Mills, Ltd.. of Canada. The above companies will continue in ex $670.870; advances, $22,521; inventories, $2,712.666 istence as operating companies. Total $30,618,914 Consolidated Balance Sheet Mar. 31 1923 (Subject to Adjustment). Liabilities Liabilities AssetsPreferred stock $6,000,000 Cash $1,247,673 Notes payable $3,252,500 Common atock, 40,000 shares. par $1.and 120.000 shares,no par 160,000 US receivable.Govt.cures_ _ cc se iti 221,234 Accounts payable 852,248 9,884,600 Bills First Mtge. Cony.6% Sinking Fund bonds, 1929 110,569 Accrued liabilities, includ. 1.571.300 Acc'ts rec., less reserves,... 3,641,004 Convertible 8% serial gold notes, 1922-24 bond int., taxes,&c-_ 277,175 31. 00 Inventories 0 8% convertible gold notes, 1941 Funded debt Duo proprietary company 2,525.705 Land,bldgs.,trade-marks, 7'878'503 Reserve for depreciation 3 014:W0 2.'9°4 137 Current liabilities: Notes payable, 31,065,037: accounts payable, &c 25,785,933 Special reserve x4.000.000 $628.643; accrued for unmntured int. on bonds and notes and P Prepaid insance,&c_ -_- 296,481 Preferred stock insurance, 6.488,000 for diva. on Prof. stock,incl. provision for estimated State and Common stock 11.889,342 Federal taxes, &e.. $241,945 1,935,625 Total (each side) $39,181,397ur Splus (all cos.) Surplus and reservesfrom earn,for depletion, depreciation, &c 3,469.784 x Resulting from reduction in 1907 of capital stock of Hecker-Joneson,909Special reserve for reduction of property purchased for stock 5,040,000 Jewel Milling Co. from $5,000,000 to 31,000,000.-V. 116, p. 1907. Total $30.618.914 StandardOil Co. of Indiana. -Stock for Employees. Note-Standard Gas & Electric Co. owns The employees have been notified that purchases of stock under the 98% of the Common stock and guarantees'principa I and interest of overFirst Mtge. Cony. 6% "employees' the stock purchase plan" will cost $60 per share for the 12 months Sinking Fund Gold Bonds due 1929.-V. no. p. 2140. 1906. from April 1 1923 to March 31 1924. During the preceding 12 months stock was sold to the employees at $84 per share. -V.116. p.2140. 1256* Sinclair Consolidated Oil Corp. -New Director. 0. M. Gerstung has been elected a director, succeeding W. E. Corey. Standard Oil Co. of New Jersey. -Annual Report -V. 116, 13• 1755 . Quarterly annual Skelly Oil Co. -Bonds Called. - Dividend of 1% on the Common Stock. -For report see under "Financial Reports" above. One hundred thirty-one ($131.000) 1st Mtge.& Coll. Trust 10 -Year 731% The directors have out4 Sinking Fund Gold bonds, dated Dec. 1 1921, have been called for pay- standing Common and declared a quarterly dividend of 1% on the 15 1.1,1% on the Preferred stock, both payable June ment June 1 at 105 and int. at the Union Trust Co.. trustee, Pittsburgh. to holders of record May 26. (Compare V. 116, 13• 7310 • Pa. -V. 116, p. 2140. An official statement says: "The proper officers are authorized to withhold payment of the aforesaid dividends, in so far as dividends are declared Solar Refining Co. -Semi -Annual Div. of 5%.in respect of any outstanding $100 par common certificates and any outA semi-annual dividend of 5% has been declared on the present outstand- standing full-paid Preferred stock receipts. until such $100 par Common ing $4,000,000 capital stock, par $100, payable June 20 to holders of record certificates shall have par Common May 31. This is at the rate of $20 per annum on the 32.0011.000 capital certificates, and such been surrendered in exchange for $25 been surrendered in stock outstanding before payment early this year of the 100% stock div- exchange for definitive full-paid receipts shall have -V. 116. p. 1772. Preferred stock certificates." idend (V. 115, p. 2695). For dividend record since 1912, see V. 115. 1:0. '2279.-V. 116, p. 1190. For other Investment News, see page 2286. [VoL. 116. THE CHRONICLE 2268 gyres anti Dfrictunents. SOUTHERN PACIFIC COMPANY AND PROPRIETARY COMPANIES. -FOR THE YEAR ENDED DECEMBER 31 1922. THIRTY-NINTH ANNUAL REPORT New York, N. Y., May 10 1923. To the Stockholders of the Southern Pacific Company: Your Board of Directors submits this report of the operations and affairs of the Southern Pacific Company and of its Proprietary Companies for the fiscal year ended December 31 1922. TRANSPORTATION OPERATIONS. The following table shows the Net Railway Operating Income for the year 1922 compared with that for the year 1921: Year Ended December 311922. + Increase -Decrease. Year Ended December 31 1921. Per amt. +35.89 .32 11,223.88 11,187.99 3180,438.951 63 59,003,549 86 11.235,227 76 5,797.644 88 .5,878,419 44 216,139 06 60,768 13 $181,409,691 87 63.442,251 17 11.935,60442 5,638,563 36 6,958,343 55 166,168 78 56,257 82 -3970,74024 -4.438,701 31 -700,376 66 +159,081 52 -1,079.924 11 +49,97028 +5,49469 5.87 2.82 15.52 30.07 9.77 $262,519,169 50 $269,494.365 33 -6,975.195 83 2.59 636,806,129 25 48,264,068 26 $42.198,882 59 49,188,143 35 -$5.392,753 34 -924,07509 12.78 1.88 $85,070,197 51 591,387.025 94 -$6,316,828 43 6.91 4.417,409 00 92,454,184 73 3,928,318 82 8,323.358 92 529,012 60 4,182,340 14 104,744,036 41 4,153,650 67 8,521,539 30 416,329 67 +235,06886 -12,289,851 68 -225,331 85 -198.18038 -112,682 93 5.62 11.73 5.42 2.33 27.07 Total railway operating expenses $193,664,456 38 $212,572,262 79 -$18,907,806 41 8.89 18. Net revenue from railway operations 2D. Railway tax accruals 21. Uncollectible railway revenues $68,854,713 12 $56.922,102 54 +$11,932,610 58 20.96 818,859,356 11 127,593 25 $15,539,469 20 124.565 69 +$3,319,886 91 +3,027 56 21.36 2.43 $49,867.763 76 841,258,067 65 +38,609,696 11 20.87 3,815.727 68 17o.810 11 5,154.543 91 156,732 60 -1,338,81623 -327,542 71 25.97 84f1 222.846 19 835.946.791 14 +810.276.055 06 1. Average miles of road operated-------------------------------------Railway Operating Revenues 2. Freight------------------------------------------------------------------------------------------------------------- -3* Passengerexiiress-- -----------------------------------------------4. Mail and -------------------------------------------5. All other transporfation ---------------------------------------------6. Incidental-- _ - _ ______ --7. Joint facility-Credit__________-_----------_______________------8. Joint facility-Debit--------------------------------------- _ 9. Total railway operating revenues Railway Operating Expenses 0. Maintenance of way and structures Maintenance of equipment I. 12. 3. 4, 15. 18. 17. 1s. Total maintenance Traffic Transportation Miscellaneous operations General -Credit Transportation for investment Railway operating income t -Net 23. Equipment rents -Net 2I. Joint facility rents 22. 2S. • Net railway operating income * Credit. .54 7.00 I 28.t0 Results of transportation operations of your company's rail and water lines for 1922 compare with those of the previous five years as follows: 1922. Operating revenues Relative to 1917 (100) Actual 1922 compared with 1917 Operating expenses Relative to 1917 (100) Actual 1922 compared with 1917 Net revenue from railway operations Relative to 1917 (100) Actual 1922 compared with 1917 Operating ratio, per cent Traffic units (ton miles plus 3 times passenger miles), thousands Relative to 1917 (1(101 18.012,4111 I R8 The net revenue from railway operations exceeded that of any year since the record year 1917, but was $4,514,954 less than in that year, which was the last of private management before the roads were taken over by the Government. The nation-wide business depression of 1921 became even more acute during the first half of 1922 and resulted in a decrease in the operating revenues of your company's lines of more than $10,000,000 below the same six months of the preceding year. An offsetting increase in revenues did not accrue from the revival of business during the last six months of the year in consequence of a general reduction of freight rates, which was made effective throughout the country on July 1 1922 in deference to an opinion of the Interstate Commerce Commission, so that a net decrease of $6,975,196 in operating revenues for the full year resulted. The reduction of rates was based upon a speculation as to a revival of business which did not materialize as evidenced by a return of only 4.14 per cent, upon the property investment of the principal railroads of the country during the year 1922, notwithstanding a return of 5.75 per cent, upon the value of property held for and used in transportation service was prescribed by the Interstate Commerce Commission to be a fair return after March 1 1922. It is estimated that the order of the Interstate Commerce Commission requiring the sale of interchangeable scrip tickets on and after May 1 1923 at a reduction of 20 per cent. below the normal one-way fare, would result in $60,000,000 less net revenue to the railroads of the country per annum I 1921. I 1920. 1919. 1918. , 1917. $262,519,169 $269,494,365 3282,269.504 $239,657,272 $221,611.206 $193,971,490 100 114 124 146 139 I 135 +68,547,679 212,572,262 242,113,790 188,385,172 162,722,372 120,601,823 193,664,456, • 100 135 156 201 176 161I +73,062.633 68,854,713 56,922,103 40,155,714 51,272,100 58,888,834 73.369,667 100 70 55 80 78 94I -4.514,954 62.18 73.43 78.61 85.77 78.88 73.771 17,451,417 84 22.010,458 105 20,198,015 97 20,836,033 Inn 20,876,908 100 and that it would deprive your lines of $1,750,000 net revenue per annum, thereby further retarding the realization of the fair rate of return which has been prescribed under the law, but the effective date of the order has been postponed to January 1 1924, and it is hoped that in the meantime it may be rescinded or nullified. Inroads upon revenue continue to be made by the competition of motor vehicles upon parallel highways, which are principally maintained by taxation of which the railroads contribute a substantial part, after a large expenditure for their construction by the Federal and State Governments. The railroads and other tax payers should be relieved of this unjust burden by requiring adequate payment for the use and maintenance of these highways by those who use them commercially in competition with the railroads, that is, for comman carrier purposes. The competition for transcontinental traffic by the steamship lines operating through the Panama Canal has been intensified by a rate war between the steamship lines, and the volume of tonnage shipped through the Panama Canal between the Atlantic and Pacific Coasts of the United States was nearly 100 per cent, greater in 1922 than during the preceding year. The railroads are unfairly handicapped in meeting the rates through the Panama Canal by the long and short haul provision of the Interstate Commerce Law, under which they are not permitted (unless specifically authorized by the Interstate Commerce Commission) to make the necessary rates upon the traffic which is competitive MAY 19 1923.] THE CHRONICLE with the Canal steamship lines without unnecessary reductions of intermediate rates upon traffic which is not competitive with the steamship lines. To the extent that the railroads are deprived of traffic by other forms of transportation their support and development are retarded. By authorizing your rail and steamship lines to make rates between California ports and New York on certain eastbound products of California, to meet the competition of the Canal steamship lines, without reducing rates at any intermediate points, the Interstate Commerce Commission has recognized that your steamship lines are entitled to equal opportunity with steamship lines operating through the Canal, and that no intermediate community is prejudiced by rates between points of origin and destination served by the Canal steamship lines which merely meet their competition and permit your lines to enjoy a share of the traffic that would otherwise move through the Canal (principles for which your officers have consistently contended for a long time), and it is expected to obtain such additional relief from the Commission as will facilitate the recovery of a reasonable share of this traffic. The prospect of an increased volume of business on your company's lines is encouraging and will justify the continued development and improvement of facilities if not checked by unnecessary reductions of rates required by Governmental agencies. 2269 Railroad traffic throughout the country was seriously affected during the year by the strike of coal miners, continuing for more than 5 months from April 1, and by the general strike, effective July 1 1922, of the railway shop unions against a decision of the United States Railroad Labor Board readjusting their wages in accordance with reduced living costs, in other words, applying downward the same measuring stick as used when their wages were raised May 1 1920. Fortunately, as the Southern Pacific Company uses oil as fuel, it was only indirectly affected by the coal strike; and as a large percentage of its shopmen remained loyal to the company, disregarding the strike order, transportation service was adequately maintained on your lines throughout the strike disturbances, not a single paq.e.enger train being annulled. A large volume of perishable freight traffic, as well as substantial tonnage and passengers for the Atchison Topeka & Santa Fe and Union Pacific roas, was moved without material interruption; but there was great delay in securing prompt return of ears from Eastern territory, where disturbances incident to the coal and railroad strikes were more serious than on Southern Pacific lines, which increased our difficulties in providing sufficient equipment to move the heavy fall traffic. The direct cost of the strike, including payments for watchmen, protection of life and limb of employees and of the company's property, housing and caring for employees continuing in its service, bonus payments to loyal men who INCOME ACCOUNT. SOUTHERN PACIFIC COMPANY AND PROPRIETARY COMPANIES, COMBINED (Excluding offsetting accounts) Year Ended Dec. 31 1922. 1. 2. 3. 4. 5. 6. 7. 8. $180.438,951 63 59.003,54986 3,581,754 51 7,653.473 25 5,797,644 88 5,878,419 44 216,139 06 50,763 13 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. Non-operat ng IncomeIncome from lei of road-Standard return 's° Other income f om lease of road Miscellaneous r ant income _ _ __ _ __ Miscellaneous on-operating _________ property __- _-Separately operated properties -Profit Dividend ince ie Income from fu ndeci se&itiities-lionati and nae;:-:"Afilififea-iiii oilier companies _ Income from f inded securities-Investment advances -Affiliated companies_ _ _ Income from u funded securities and accounts Income from siriking and other reserve funds Miscellaneous Iiacome-U. S. Government guaranty Other miscetianeons income _ Total ion-operating income Gross income 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 65. -$6,975.195 83 2.59 $42,198,882 59 49,188,143 35 -$5,392.753 34 -924,07509 12.78 1.88 $91.387,025 94 4.182.340 14 104,744.036 41 4,153,650 67 8,521,539 30 416.329 67 -$6,316,828 43 +235,068 86 -12.289,851 68 -225,331 85 -198.18038 -112,682 93 6.91 5.62 11.73 5.42 2.33 27.07 Per Cent $212,572,262 79 -$18,907,806 41 8.89 $68,854,713 12 18,859,356 11 127,593 25 3,815,727 68 x170,810 11 $56,922,102 54 +511,932,61058 15,539,469 20 +3,319.886 91 124,565 69 +3,027 56 5,154,543 91 -1.338.81623 156,732 60 -327,542 71 20.96 21.36 2.43 25.97 ---- $46,222,846 19 , Net rallwa r operating income 44. $269,494,365 33 ± Increase -Decrease $193,664,456 38 Notre venue from railway operations Railway tax a ruals Uncollectible r lway revenues Equipment rent s-Net Joint facility re its-Net 43. -54 7.00 .98 7.99 2.82 15.52 30.07 9.77 $85,070,197 51 4.417,409 00 92,454,184 73 3,928,318 82 8,323,358 92 629,012 60 Total naintenance Traffic _ Transporta Lion Miscellanecus operations General _ Transporta Glen for investment -Credit Total ullway operating expenses -.3970.740 24 -4.438,70131 -35,391 72 -66498494 +159,081 52 -1,979,924 11 +49.97028 +5,494 69 $36,806,129 25 48,264,068 26 Total ailway operating revenues Railway Opera ing Expenses: 10. Maintenan :e of way and structures 11. Maintenan :e of equipment 9. $181,409,691 87 63,442,251 17 3,617,146 23 831845819 5,638,563 36 6,958,343 55 166,168 78 _ 58.257 82 $262,519,169 50 Operating IncomeRailway Opera 'big Revenues: Freight _ Passenger _ Mail Express All other t ansportation Incidental _ Joint facility-Credit Joint facility-Debit Year Ended Dec. 311921. $35,946,791 14 +510,276.055 05 28.59 $1,586 98 159,052 67 883,317 32 281,620 95 30,510 04 3,174.044 10 2,869,225 33 382,818 52 875,035 45 848,925 43 86,395 84 $852,740 SO 45.436 51 1,153,023 15 370,177 59 49,561 01 7,996,537 76 2,339,489 76 217,658 79 1,965,145 38 803,605 66 3,648,602 47 *91,39307 -$851,153 82 99.81 +113,616 16 250.05 -269,70583 23.39 -88,55664 23.92 -19,05097 38.44 -4,822.49366 60.31 +529,735 57 22.64 +165,159 73 75-88 -1,090.109 93 55.47 5.64 +45,319 77 -3,648,602 47 100.00 +177.788 91 $9,592,532 63 Deductions from Gross Income Rent for leased roads Miscellaneous rents Miscellaneous tax acCtrtiali ___ _ ___ - _ --Interest on fun led debt -Bonds and notes Interest on fun led debt-Non-negotiable debt to affiliated ComPanles Interest on unfi 'tided debt Amortization o discount on funded debt' ' Maintenance of Investment organization Miscellaneous acome charges Total deductions from gross income Net come Disposition of Net Income 56. Income applied to sinking and other reserve funds 57. Income approp Sated for investment in physical property Total appropriations 58. 59. Income balanc , transferred to credit of profit and loss Per cent of net income on average amount of outstanding capital stock of Southern Pacific Co npany: (a) ,ailroad income ___ ______________________________________ a ther Income-------------(b) a a (c) Total so. ::::::::::::::-------------------- $19,350,585 81 -$9.758,053 18 50.43 $55,815,378 82 $55,297,376 95 +$518,001 87 .9 4 $238,399 06 656,087 54 478,234 27 20,184.558 30 1,018,114 32 107,103 91 87,418 73 23.389 93 421,922 69 5204.436 26 639,525 64 680,009 91 20,404,924 12 2.075.222 71 159,432 30 100,490 96 25,368 30 389,189 10 +533.96280 +16,561 90 -201,77564 -220,365 82 -1,057,10839 -52.32839 -13,072 23 -1.97837 +32.73359 16.61 2.59 29.67 1.08 50.94 32.82 13.01 7.80 8.41 $23.215,228 75 $24,678,599 30 -51.483,37055 5.93 $32.800,150 07 530.818,77765 +51.981,37242 6.47 $1,128.115 87 51,081,559 39 22,000 00 4-30 +546,55648 -22,000 00 100.00 $1.128.115 87 51,103.559 39 +524.55648 2.23 531.472,034 20 529,515.218 28 +51,956,81594 6.63 7.83 1.64 6.12 2.81 +1.71 -1.17 27.94 41-64 a A7 a On .4-.54 6.05 a In arriving at the figures for per cent of railroad income and per cent x Credit. * Debit. of other income on outstanding capital stock (line No. 60), an estimated apportionment of net income was made by allocating to railroad income, as nearly as possible,the items solely relating to that class, and to other income the items relating solely to that class, the remaining items being apportioned between the two classes on an estimated basis. [VOL. 116. THE CHRONICLE 2270 remained at their posts and performed extra service, etc., amounted to about $3,500,000. As a result, the company has retained in its service, or recruited, a full force of loyal employees, who deal with it, as to terms of employment, through their own organization, work under the wage rates and rules established by the United States Railroad Labor Board, and pledge obedience to its findings. The Labor Board, in fixing new wage rates for shopmen, also readjusted compensation paid certain other classes of railway employees. The effect of these various changes in wage rates was to reduce operating expenses by $8,582,000; lower prices of material were responsible for a saving of $1,986,000; and lower prices of fuel oil, mainly In California, reduced expenses by $6,208,000; a combined saving in operating expenses of $16,776,000. The strike expenses, as stated above, were $3,500,000, and the loss in freight revenue through reductions in rates amounted to $16,350,000. These two items more than absorbed the effect of reduced wages and material prices. Consequently the improvement in operating results, reflected by the increase of $11,932,610 58, or 20.96 per cent. in net revenue from railway operations, may be attributed principally to increased efficiency of operation, as better relations are being established with employees, and the normal conditions which applied previous to Federal control are being more nearly approached. Maintenance of Way and Structures decreased $5,392,753 34, or 12.78 per cent. The properties were maintained in good condition and up to the company's standards during the year. The following table shows the amount of material used in repairs and renewals during each of the past five years: MATERIAL USED IN REPAIRS AND 1921. 1922. 1920. steel rail, New 427.43 286.16 527.76 miles 4,022,549 4.721,542 4,887.913 Ties, number Tie-plates, num3,866.090 4.112,875 3,316,915 ber 847.817 737.731 Piling, lineal feet 341.416 Lumber,ft. b.m-22.958.492 23,557,715 23,710.582 RENEWALS. 1919 1918. 474.73 . 408.44 4,173,774 '3,889.768 3,672,221 1,910.311 75.476 94.455 15,402.035 6,354,663 Maintenance of Equipment decreased $924,075 09, or 1.88 per cent. Charges for depreciation and retirements increased $1,118,452 49, or 22.83 per cent., and other maintenance charges decreased $2,042,527 58, or 4.61 per cent. Transportation service locomotive mileage decreased 0.46 per cent., and total car mileage increased 2.00 per cent. The progress of restoring to normal the freight cars, the condition of which had deteriorated because of neglected repairs, due to their absence on other railways during Federal control, is indicated by the following table showing the number of freight cars in shops or awaiting shopping on September 1 1921, following the relocation of equipment to owners after Federal control; also at the close of 1921; at the close of 1922; and on April 1 1923, covering the latest data available. This shows a reduction in shopped cars from 8,341 on September 1 1921 to 3,440 on April 1 1923. April 1 1923. freight cars on line (including forAll 59.292 eign and private) All freight cars in shops or awaiting 3,440 repairs Per cent, of all freight cars in shops or awaiting repairs,to all cars on line_ - 5.80% Dec. 31 1922. Dec. 31 1921. Sept. 1 1921. 62,530 67,463 66,411 3.8.56 6,158 8,341 6.17% 9.13% 12.56% Traffic expenses increased $235,068 86, or 5.62 per cent., allocating to advertising and outside agencies. Transportation Expenses decreased $12,289,851 68, or 11.73 per cent. Total train mileage decreased 0.53 per cent., the net tons of all freight per train increased 4.69 per cent., and the average number of passengers per train increased 0.32 per cent. Continued increase in efficiency in the use of fuel also contributed to the reduction in expenses. The number of pounds of fuel used per thousand gross ton miles was reduced, in passenger service from 176.70 in 1921 to 167.88 in 1922, and in freight service from 146.58 to 143.37, improvements respectively of 4.99 per cent. and 2.19 per cent., the value of the saving over previous year being $629,993 16. There has been steady progress in this direction, the 1922 performance, for example, showing an annual saving from 1913 of $6,084,298, that is, 32 per cent. more traffic was moved per pound of fuel consumed in locomotives than in 1913. Miscellaneous Operations decreased $225,331 85, or 5.42 per cent., General Expenses decreased $198,180 38, or 2.33 -Credit deper cent., and Transportation for Investment creased $112,682 93, or 27.07 per cent. There was an increase of $3,319,886 91, or 21.36 per cent., In Railway Tax Accruals, with decreased operating revenues; and the amount now paid out in taxes consumes 27.39 per cent. of net revenues, and almost equals the total dividend payments to stockholders. Of the increase in taxes over the previous year, $1,556,000 allocates to greater Federal income taxes, $1.305,000 to greater tax payments in California under the King tax law, effective July 1 1921, increasing the rate of tax from 5% per cent. to 7 per cent. upon gross earnings, and the remainder is due to increased tax payments in other States. During the year expenses on account of the Federal valuation of railways to the amount of $722,316 41 were incurred, making the total disbursements on account of valuation work, including those of previous years, $3,935,670 83. BALANCE SHEET. SOUTHERN PACIFIC COMPANY AND PROPRIETARY COMPANIES, COMBINED ASSETS -DECEMBER 31 1922, COMPARED WITH DECEMBER 31 1921, EXCLUDING OFFSETTING ACCOUNTS. Decrease. December 311922. 29,849,498 81 121,249,766 21 152,384 04 19,041,736 05 1.740,53899 251,410 42 251,972 90 1,423,408 97 33,442,670 55 $1,707,465,492 13 $43,505,478 32 $23,030,4e3 21 4,590,224 49 305,041 78 127,562 39 2.689,584 04 4,001,613 60 7,177,480 85 29.781.719 17 2,777.041 08 237,668 02 493,034 21 $15,047.421 02 4,044,702 97 378,993 66 11,665.085 31 2,468,475 21 3,517,339 84 9.379,727 57 36,039,533 02 2,555,337 97 237,191 62 372,791 13 $7,983,042 19 545,521 52 375,211,412 84 885,706,599 32 $10,495,186 48 8101,391,360 93 ____ . 282.753.616 78 149.365,499 94 10,728,251 70 $1,750,970.970 45 lash deposits )emand ioaiii anlfa Ipedal deposits---- _ - __ ..oans and bills receivable ?raffle and car-service balances receivable Tet , balance receivable from agents and conductors discellaneous accounts receivable daterial and supplies--------------------------------------nterest and dividends receivable tents receivable /ther current amets Total------------------------------------- $8,984,748 87 98,252 23 801.389 52 1.575,793 01 52,484,406 60 1,613,737 74 223,261 59 221,974 42 Current Assets. $1,055,929,559 56 4.365,285 80 16,669,768 59 1,556.212 61 13,559,989 73 29,441,986 17 128,900,854 96 Total Increase. 281.342,00859 143,460,537 58 10,151.701 70 Ilai December 31 1921. $1,064,914,308 43 4,463,538 03 17,471,158 11 74,975 42 14,630,728 10 ASSETS Investments.' Investment in road and equipment v r: ements on leased railway property g funds Deposits in lieu of mortgaged property sold SdIscellaneous physical property investments in affiliated companies: Stocks Bonds Stocks 'Cost inseparable Bonds if Notes Advances )ther investments: Stocks--------------------------------------Bonds Notes AdvancW--------------------------------------Miscellaneous $104,391,360 93 U. S. Railroad Administration. Lccounts with U. S. Railroad Administration U. S. Government. -Deficit in guaranteed income l'. S. Government Deferred Assets. Porldng fund advances asurance and other funds ther deferred assets • 1,411,608 19 5,904,962 36 576,550.00 • 407,512 64 7,651,088 75 221,088 83 484.273 76 $26,120,156 10 $277,039 04 25,360 00 12,022.096 52 $233,861 06 $73,951 88 11,537,522 92 2,202,246 72 6,257,813 85 10.352,52289 $43.177 98 25,360 00 1.669,57363 $12,324,495 56 •* 126,801 25 28,148 83 29,998 48 221,703 11 476 40 120,243 08 $26,120,156 10 Total Unad3usted Debits. ,ants and Insurance premiums paid in advance Iscount on capital stock iscount on funded debt thee unadjusted debits 0 wurities issued or assumed-Unpledged /curities issued or assumed-Pledged $1,481,237 19 1,070,738 37 $10,586,383 95 $1,738,111 61 $131,540 96 3.988,600 00 1,870.481 60 17,102,217 81 3,238,425 00 102.750 00 $145,197 26 3,988,600 00 1.957,900 33 10.031,362 16 5,978,425 00 102,750 00 - $13,656 30 87,418 73 $7,070,855 65 2,740,000 00 116.969,780 62 $16,123,059 75 $23,092,840 37 I ----- -- Total-------------------------------------------------862.673.176 86 Total assets---------------------------------------- C81.887.719.875 32 $1.950,393.052 18 excluded from outstandinglfunded debt in accordance with regulations of the Interstate * Excluded from total assets, and a corresponding amount Commerce Commission. IIAy 191923.] THE CHRONICLE NON-OPERATING INCOME. 2271 DEDUCTIONS FROM GROSS INCOME. The item of $852,740 80, shown in the 1921 columns as Income from Lease of Road—Standard Return (line No. 31) $1,859,646 63, representing the approximate Is made p amount of additional compensation for the use of additions and betterments, new equipment, and road extensions completed during the period of Federal Control, less $1,006,90583, representing the net deduction from the standard return rental (as fixed in the agreement with the DirectorGeneral of Railroads and taken into account by the Company during the period of Federal control) resulting from changes and corrections made by the Interstate Commerce Commission in the accounts for the test period, which were used as a basis for the standard return. The item of $1,586 98, shown In the 1922 column (line No. 31) represents corrections made during the year in the amount of additional compensation taken into account last year. The increase of $113,616 16 in Other Income from Lease of Road (line No. 32) is due, principally, to an increase in the rental rate for lines leased to non-affiliated companies. The decrease of $269,705 83 in Miscellaneous Rent Income (Line No. 33) is due, principally, to a decrease in the rental received for use of the oil pipe line formerly used by the Fuel Oil Department, resulting from the sale last year to the Pacific Oil Company of an interest therein. The decrease of $1,090,109 93 in Income from Unfunded Securities'and Accounts (line No. 39) is the result, principally, of the liquidation during the year of short term securities, the income from which was credited last year to this account; and of the investment of the proceeds of such securities in U. S. Treasury Notes and Liberty Loan bonds, the income from which is included this year in the account Income from Funded Securities—Bonds and Notes. The item of $3,648,602 47 shown in the 1921 column as Miscellaneius Income—U. S. Government Guaranty (line No. 41) represents adjustments made last year in the estimated amount due from the Government under its guaranty for the six months ended August 31 1920, as explained in last year's report. The increase in Other Miscellaneous Income (line No. 42) Is the result, principally, of including in the account last year charges, made by the U. S. Railroad Administration, representing adjustments on account of revenues prior to Jan. 1 1918 credited to the Company during Federal control. The decrease of $201,775 64 in Miscellaneous Tax Accruals (line No. 47) represents, principally, taxes on Central Pa cific Railway Company Lands that were sold last year to the Central Pacific Land Company. The decrease of $220,365 82 in Interest on Funded Debt— Bonds and Notes (line No. 48) is the result, principally, of the redemption of $2,028,600 of Equipment Trust Certificates which matured during the year, and of the retirement during the year of $950,100, par value, of bonds through sinking funds. The decrease of $1,057,108 39 in Interest on Funded Debt. —Non-negotiable Debt to Affiliated Companies (line No. 49) is the result, principally, of the interest allowed last year on deposits with Southern Pacific Company by Southern Pacific Land Company of the proceeds from the sale of oil properties to the Pacific Oil Company, which deposits were last year paid over to the Southern Pacific Company either in liquidation of the Land Company's indebtedness or as dividends. The dividends paid for 1922 were appropriated from the profit and loss surplus, and therefore do not appear in the income account. They amount to $20,663,139 32, an increase, compared with dividends paid for 1921, of $23,889 50. This increase is caused by the payment of a full year's dividends . this year on capital stock issued last year against the retirement of Five Per Cent Convertible bonds. The figures for this year include $285 00, and those for last year $54 00, representing dividends on stocks of Proprietary Companies held by the public. The Southern Pacific Company does not take into its income the interest on advances made by it for the construction of new railway by companies incorporated in its interest, or for the acquisition of new lines, until the principal of such advances, with interest, has been repaid either in cash, or in.stocks and bonds of such companies. The interest included in the cost of such railways is the amount authorized to be charged to such cost under the accounting regulations of the Interstate Commerce Commission. • At December 31 1922 the principal of advances to the Southern Pacific Railroad Company of Mexico amounted to $37,494,536 80. The interest accruing on these advances has not been taken into the income account of the Southern Pacific Company. BALANCE SHEET—Conc'uded. SOUTHERN PACIFIC COMPANY AND PROPRIETARY COMPANIES, COMBINED. LIABILITIES—DECEMBER 31 1922. COMPARED WITH DECEMBER 31 1921, EXCLUDING OFFSETTING ACCOUNTS. LIABILITIES. December 31 1922. Total stock outstanding (a) December 31 1921. 5344,380.905 64 346,832,400 00 Stock. Capital stock of Southern Pacific Company Capital stock of Proprietary Companies 5344,380,905 64 346,832,400 00 5691.213,30564 3691,213,305 64 Increase. Premium on capital stock of Southern Pacific Company Total S6,304,440 00 56,304,440 00 $697,517,745 64 5697,517,745 64 Long Term Debt. Funded debt unmatured: Book liability Less hold by or for companies 5575,843,341 17 3,341,175 00 5581.566,64347 6,081.175 00 $137,148.360 00 435,353,806 17 $139,183,060 00 436,302.408 47 $572,502,166 17 5575,485,468 47 26,237,628 16 25.004,00835 5598.739,794 33 $600,489,476 82 $5,433,695 67 15,206,336 43 1,311.645 17 4.478,051 63 5,256,729 81 24,713 92 4,758.550 73 310.805 54 1,436.856 38 $3.922,967 27 14,862,407 42 1,724,373 58 4,349,558 62 5,254,992 49 16,213 92 4,832,943 21 308.102 25 395,500 99 51.510,72840 343,929 01 $38,217,385 28 335,667,059 75 Decrease. 82,550,325 53 Actually outstanding (Table No. 15, pamphlet report): Southern Pacific Company Proprietary Companies Total funded debt -------------------------- a () Non-negotiable debt to affiliated companies: _____-Open accounts Total Current Liabilities. Traffic and car-service balances payable Audited accounts and wages payable_ Miscellaneous accounts payable Interest matured unpaid Dividends matured unpald _ Funded debt :natured unpaid Unmatured interest accrued! Unmaturod rents accrued Other current Total U. S. Railroad Administration. Accounts with U. S. Railroad Administration Other deferred liabilities 55,723,302 30 2,740,000 00 • $2,034.700 00 948,602 30 $2,983,302 30 $1,233,619 81 51,749.682 49 $41272841 128,493 01 1.737 32 8,500 00 74,392 48 2,703 29 , 1,041,355 39 5101.616,789 13 5101,616,789 13 $5,441 05 Deerred Liabilities. 583.144 55 $88,585 60 Unadjusted Credits. Tax liability _____ Insurance and ________________________________ Operating reserves Accrued depreciation—Road _ ______________ Accrued depreciation—Equipment ______________ ______________________ Other unadjusted credits __________________ _________(b) Total $9,790,760 31 2.285.782 55 6,318,106 66 1,800.886 00 62,550,708 81 132.135.01926 $214,881,263 59 $5,795,175 25 1.877,021 70 5,619,793 03 1.643,796 86 58,205,617 84 116,483,389 46 $189,624,794 14 Corporate Additions to property through income Surplus. and. surplus Funded debt retired through income and surplus Sinking fund reserves Appropriated surplus not specifically invested Total appropriated surplus Profit and loss—Balance Total corporate surplus 51,671,19762 24.673.801 74 13,218,254 44 3,818,177 83 $43,381,431 63 294.899.110 30 $338,280,541 93 $1,773.020 11 23.795,752 09 12,570,482 63 3,818.177 83 341,957,432 66 283,431,168 44 $325,388,601 10 51557 710 127c 29 t1 OKA 709 AK° lc/ Total liabilities 33,995,585 06 408,760 85 698,313 63 157,089 14 4,345,090 97 15,651.629 80 $25,256,469 45 $101,822 4 5878,049 65 647,771 81 51,423,998 97 11,467,941 86 $12,891,940 83 _ &co a77 17R RR (a) The outstanding capital Stock and funded debt include capital stocks and 0 and 5114,257,417 57, respectively, a total of $461,027,817 57, which securities are funded debt of system companies of the par value of 3346,770,40 00 owned by the Southern Pacific Company or by Proprietary ComPenfes• or are held in sinking funds of Proprietary Companies. The cost of these of the par value of $249,653,161 00, which stand charged on the books atsecurities is included in the investment ahsets. Of the said amount, stocks 5232,932,667 41, are stock and bends, (b) Represents principally, interest Southern Pacific Company the issue on construction advances which have not pledged against explained of the last paragraph but one been repaid, as in under the heading "Income Account." THE CHRONICLE 2272 EQUIPMENT. To provide for increased requirements and to replace vacated equipment, arrangements were made during the year for the purchase from outside builders, or for the construction at company shops, of rolling stock as follows: Locomotives—steam Locomotives—electric -train cars Freight Passenger-train cars Electric motor cars Company service equipment Total estimated cost Ordered from Builders. 59 2 7.900 so 45 Built or Building at Company 427 6 4 $24,150,800 Total. 66 2 8.327 6 50 49 In edition to the above rolling stock the Pacific Fruit Express Company (which is owned one-half by Southern Pacific Company and one-half by Union Pacific RR. Co., and which furnishes refrigerator cars to,and operates icing stations for, the Southern Pacific and Union Pacific Systems) ordered during the year 8,630 refrigerators ears, the estimated cost of which is $26,437,000. Including the Southern Pacific's one-half of the Pacific Fruit Exprss equipment, the total estimated cost of rolling stock provided for during the year for use on Southern Pacific lines amounted to $37,369,300. THE 6ONTROL BY THE SOUTHERN PACIFIC OF THE CENTRAL PACIFIC THROUGH LEASE AND STOCK OWNERSHIP. In last year's report it was stated that the Supreme Court of the United States had decided that the common control of the Central Pacific and other Southern Pacific lines was in violation of the Sherman Anti-Trust Act of 1890, and that the provisions of that Act required the termination of such control. A later Act of Congress, however, known as the Transportation Act, 1920, conferred power upon the Interstate Commerce Commission to authorize any carrier to acquire control over another carrier by lease or stock ownership, whenever the Commission should find, after investigation, that such acquisition of control was in the public interest. That Act further provided that a control so acquired under the authority of the Commission should be relieved from the operation of the Sherman law, as well as from the prohibition of other laws, State or Federal, so far as might be necessary for the exercise of the control so authorized. This later legislation was not involved in the litigation which gave rise to the above referred to decision of the Supreme Court. Believing that a common control of the properties in question was in the public interest, the Southern Pacific in October last applied to the Commission for authority to acquire control of the Central Pacific by lease and stock ownership. After an extended hearing, at which were represented the States of California. Nevada, Utah, Oregon, Arizona, Cola rado, Idaho, Nebraska and Wyoming, and also numerous civic associations, commercial organizations and individuals, the representation including practically every interest concerned in transportation over the lines in question,'the Commission on February 6 1923, approved and authorized the control applied for, and, as empowered by the statute, imposed certain conditions. The object and effect of the conditions were to prevent the control authorized from being exercised in such a manner as to prevent the normal flow of traffic over the Southern Pacific-Union Pacific lines through - the Ogden gateway. The Commission found that the control applied for, subject to these conditions, was in the public interest, and that a separation of the properties was against the public interest. So much publicity has been given to the Commission's report and order that it is not necessary in this report to go further into details. It suffices to say that the Commission's order of approval and authorization, with the accompanying conditions, is satisfactory to the Southern Pacific and to the States and communities which were interested in preventing the threatened disintegration of the Southern Pacific System, and is also satisfactory to the Union Pacific and to those who, mainly interested in the preservation of the Ogden route, had opposed the application on account of a possible use of the control applied for, to the detriment of transportation service by way of the Ogden gateway. The Southern Pacific Company has re-acquired control of the Central Pacific pursuant to the Commission's order and subject to the conditions thereby imposed. It expects at an early date to bring the Commission's order and the Company's action thereunder to the attention of the District Court of Utah charged with entering a final decree pursuant to the opinion of the Supreme Court and the laws of the United States. As the Transportation Act emanates from the same source as the Sherman law and is equally binding upon the courts, it is expected that the District Court in rendering a final decree pursuant to the mandate of the Supreme Court, will recognize the lawfulness of •the control acquired under authority of the Transportation Act and found to be in the public interest, and will treat the executory provisions of the mandate, looking to separating and keeping separate the properties of the two Companies, as having been rendered inoperative by subsequent legislation. In other words, it is not expected that the Court will reverse the will of Congress and subordinate the provisions and policy of the Act of 1920 to those of the Act of 1890. [VoL. 116. It will be seen from the foregoing that, through the action of the Interstate Commerce Commission and the resulting application of the Transportation Act, 1920, to the case, we are on the eve of solving the question of the Southern Pacific's ownership and control of the Central Pacific in a way which is in the public interest and in harmony with the latest expression of legislative policy, and which at the same time, avoids the evils of a separation of the properties. CONTROVERSY ARISING OUT OF THE OREGON AND CALIFORNIA RAILROAD'S LAND GRANT. This is an accounting suit brought in 1917 by the United States seeking to offset against the compensation of $250 per acre, due the Company for the unsold lands, moneys received by the Company, in excess of $250 per acre, by reason of past sales, leases, and otherwise, as well as taxes levied since the forfeiture decision in 1913 and voluntarily paid by the Federal Government to the State of Oregon. The trial of this case in the Federal District Court of Oregon is now at its last stage. It is expected that by the time this report is received by the stockholders the case will have been argued and submitted to the lower court. SOUTHERN PACIFIC RAILROAD COMPANY OF MEXICO. In the annual report for 1921 the total of the claims against the Mexican Government was stated at 32,840,272 pesos. Included in this amount, however, was an aggregate of 4,852,032 pesos representing principal, 3,591,354 pesos, and interest, 1,260,678 pesos, on account of unpaid portion of subsidy provided for in the concession under which the company's line was constructed. Our requests that the Government pay this subsidy have been met with the reply that the completed line for which the subsidy is claimed contains a number of structures characterized as "temporary" by the Government inspecting engineers, and that the subsidy will not have been earned, and therefore, will not become payable until such temporary structures shall have been replacd with permanent structures. It is therefore proper to exclude this subsidy from the claims subject to current settlement. The exclusion of this item and other reductions on account of payments, correction of claims, etc., up to March 2 1923 have reduced the claims subject to current settlement to 24.065,000 pesos, equivalent in U. S. currency to $12,032,500. As a result of negotiations between the representatives of the Southern Pacific Railroad Company of Mexico and the President of the Republic, looking to a settlement of all matters at issue between the Railroad Company and the Government, an agreement was executed on March 2 1923 which provides for: (a) The settlement of the Railroad Company's claims against the Mexican Government; (b) Suitable amendments to the original concessions In favor of the Railroad Company, including extensions of time for the completion of the lines upon whin work was suspended on account of revolutionary disturbances; (c) Completion by the Railroad Company within a period -mile gap in the main line between of four years of the 100 Tepic and La Quemada; and (d) The rehabilitation by the Railroad Company within a period of two years of the branch line between Corral and Tonichi, about 90 miles in length, and the branch line between Navojoa and Alamos, about 40 miles in length, the operations of which were abandoned in the spring of 1913 because of the partial destruction thereof by revolutionary forces. The Company receives at once in notes of the Mexican Government 13,600,000 pesos bearing an average rate of interest of 3.7 per cent, per annum, which are to be paid at the rate of 2,400,000 pesos per annum; and the Government pledges itself to study and settle with a spirit of absolute equity and reasonable promptness the balance of the claim, amounting to 10,465,000 pesos, the amount to be paid to be based on adequate evidence, and when agreed upon, to be covered by notes. Under the terms of the agreement the Company is required to begin work of constructing the main line between Tepic and La Quemada, and also the work of reconstructing the Alamos and Tonichi branches, within 90 days from the date of the amended concession. Work on the main line was begun on March 6 1923 and the work of reconstructing the branches will be commenced promptly. The country through which the line already operates is susceptible of greatly increased production, but a number of its products are the same as produced in the United States, and the duties and other restrictions imposed upon imports from Mexico limit the available markets in this country for the Mexican products, while on the other hand the present termination of the Mexican Line at Tepic affords no outlet for these products to the consuming markets of the Republic of Mexico. The proposed completion of the line to a connection with the National Railways of Mexico will give these products access to the Mexican consuming markets, and is expected to encourage and develop increased production and a corresponding increase in the business to be transported and the net revenue accruing therefrom. Your Directors consider the settlement of issues with the Mexican Government, which met your representatives in a fair and broad spirit, a favorable one both for our sister Republic and your Mexican property. MAy 19 1923.] THE CHRONICLE Excluding interest, the investment of the Southern Pacific Company and Southern Pacific Railroad Company in the Southern Pacific Railroad Company of Mexico, as of December 31 1922, was $42,888,538. During 1922 the gross income (after deducting operating costs) of Southern Pacific Railroad Company of Mexico amounted to $1,049,614 10. Deductions from gross income, excluding interest due the Southern Pacific Company and Southern Pacific Railroad Company,and the annual charge for amortization of improvements (this item being the annual payment into a sinking fund to retire the investment in the property at the expiration of the life of the concession, under the appropriate provision of the Mexican law), amounted to $45.891 37, which would leave a net income of $1,003,722 73, or the equivalent of 2.34 per cent, on the investment. The average miles of road operated during the year was 1.106.81 as compared with 1,054.70 for 1921. STATUS OF ACCOUNTS WITH UNITED STATES GOVERNMENT. On December 19 1922 a complete and final settlement of all claims and accounts growing out of the Federal control of railroads was made with the Director-General, the company receiving in such settlement a balance due of $9,250,000. The company's claim against the Government, under the guaranty period provisions of the Transportation Act of 1920, is still under investigation by the Interstate Commerce Commission. Several important questions, raised by the carriers as to the correctness of the formula used by the Interstate Commerce Commission in determining the maintenance allowance, were discussed at hearings before the Commission, but no decision has been announced, and the questions are still unsettled. However, it is confidently expected that final settlement will be obtained during the year 1923. PROPOSED CONSOLIDATION OF SOUTHERN PACIFIC LINES WITH OTHER LINES UNDER THE TRANSPORTATION ACT OF 1920. The Transportation Act of 1920 requires the Interstate Commerce Commmission to prepare and adopt a plan for the consolidation of the railway properties of the continental United States into a limited number of systems. A tentative plan was prepared by the Interstate Commerce Commission for consideration at public hearings, in which a so-called SOUTHERN PACIFIC-ROCK ISLAND SYSTEM was proposed, including all lines heretofore embraced in the Southern Pacific Transportation System, the Rock Island and El Paso & Southwestern Lines, and some others. After an intensive study of this plan for more than a year it has been supported and advocated by your officers, at the recent hearings, with respect to all of the units heretofore embraced in your system, and with some exceptions, the inclusion of other lines embraced in the proposed group has been conceded to be logical if a consolidation plan is to be carried out; but the attention of the Commission has been called to the interruption of existing routes and channels of trade and commerce in connection with Southern Pacific Lines which would result from the inclusion of some of their connections in other competitive groups which have been proposed, and it is hoped that these connections will be finally so grouped as to proserve the present interchange of traffic. Under the existing statute the proposed consolidations must be voluntary, but supplemental legislation to make them compulsory is being seriously discussed. GENERAL. The dividends .for the year on the capital stocks of the Southern Pacific Company and its Proprietary Companies held by the public amounted to $20.663,139 32, as follows: Dividends on the capital stock of the Southern Pacific Company: 134 1% 13 1% per cent paid April 1 1922 per cent paid July 1 1922 per cent paid Oct. 1 1922 per cent payable Jan. 2 1923 $5,165.713 58 5,165,713 58 5,165,713 58 5,165,71385 Total, Southern Pacific Company $20,662,854 32 Dividends on stocks of Proprietary Companies held by the public 285 00 Total dividend payments for the year $20,663,139 32 Extracting the controlling data reflecting the operation of your property in 1922 from the mass of figures in this report, they may be briefed thus: Operating expenses were reduced by: 1. Wages fixed by United States Railroad 2. Lower costs of fuel and other supplies Labor Board_ _ _ $8,582,000 8,194,000 Total $16.776.000 But—Revenues were reduced by: 3. Rates prescribed by Federal and State Commissions---$16,350.000 IN CONSEQUENCE SUBSTANTIALLY ALL THE REDUCTION IN EXPENSE, which should have lodged in the Company's Treasury (inasmuch as the return on your property is devoted to the survice of the public was but 4.29 per cent, instead of 5.75 per cent, contemplated by statute), was extracted therefrom and given to the public. Nor was this all: $18,859,356 was taken from you by the public in taxes, which are $3,320,000, or 21.36 per cent, higher than in 1921. In other words: Total dividends received by stockholders $20,663,139 Total payments to public in taxes_ 18,85935 ,or 91.27% of dividends. 6 2273 Appropriation of reductions in expenses by the public through rate reductions, notwithstanding return on property was below the fair return fixed by statute $16,350,000, or 79% ofdividends. Put in still another way: Taxes consumed 27.39 per cent. of net revenue from railroad operations. Had the reductions in expenses not been taken by the public, through rate reductions, the return on your property devoted to public use would have been increased from 4.29 per cent. to 5.80 per cent., or slightly in excess of the return fixed by the Interstate Commerce Commission, under the mandate of the Transportation Act of 1920, as fair and reasonable. Although freight rates have been reduced 8.3 per cent. from their peak in 1921, a vigorous propaganda is being carried on for a general reduction of freight rates notwithstanding the Interstate Commerce Commission in their circular of February 23 1923 assert that "the present railroad situation . . . clearly does not warrant . . . any radical reduction in total-charges to the public," and that "two facts stand out prominently: (1) An enormous traffic has recently been handled in spite of the strike handicaps, and (2) the average revenue per ton per mile is pretty well in line with the general level of wholesale prices,and there is no reason to believe that the general level of rates is retarding the business revival." Railroads are paying wages, which constitute about 60 per cent, of their operating expenses, 120 per cent. higher than in 1913, the year preceding the outbreak of the war. Railroads are paying prices of materials and supplies 50 per cent., at wholesale, more than in 1913. Railroads are receiving for the sale of their freight transportation only 53 per cent, more than in 1913. The propagandists announce their intention to force reductions regardless of consequences—in the words of one of them: "We are going to have a reduction in transportation charges and it is up to the railroads and the Interstate Commerce Commission to provide it . . . otherwise Congress will have to see to it that transportation charges are reduced." Stockholders of Southern Pacific on the date of this report number 58,464 and substantially each one of you has a vote: it greatly concerns you to keep a check on every holder of and aspirant to public office, and to so use every legitimate influence as to secure fair treatment of your interest. There are 863,138 stockholders of railroads in the United States; it is estimated there are 1,000,000 bondholders and that 48,000,000 other persons are indirectly interested in railroad securities through their holdings in insurance policies, deposits in savings banks, etc.; and if the influence of all be exerted in a demand for fair treatment of their railroads they would unquestionably secure it. Under the provisions of the Panama Canal Act the permission of the Interstate Commerce Commission was required and obtained to continue your company's ownership and operation of its coastwise steamship lines between Galveston and New Orleans,and New York as extensions of your rail lines terminating at Galveston and New Orleans. Applications for similar authority to carry cargo between these Gulf ports and additional North Atlantic ports, and between additional Gulf ports and North Atlantic ports, which commanded a large measure of public support, has been finally granted by the Interstate Commerce Commission in spite of the contest made by competitive and other coastwise steamship lines to have it denied. This recognition that the service is in the interest of the public and of advantage to the commerce of the people, will justify the natural and legitimate development of these lines and the improvement and extension of their facilities. To provide for the purchase of ten locomotives, sixteen passenger-train cars, and thirty-five freight-train cars, the San Diego & Arizona Railway Company, which is owned jointly by your company and the J. D. & A. B. Spreckels Securities Company, has issued and sold $600,000, par value. of Six and One-half Per Cent. Equipment Trust Certificates. These Certificates, which were sold January 24 1922, are dated July 15 1921 and mature July 15 1936. All such certificates have been guaranteed jointly and severally by the Southern Pacific Company and the J. D. & A. B. Spreckels Securities Company. Your Board announces with sorrow the death, on December 7 1922, of Mr. Frank E. Batturs, Assistant Passenger Traffic Manager. who entered the service of your ompany In April 1886. In his death the Company lost a faithful and efficient officer. Under the pension system put into effect January 1 1903 there were carried on the pension rolls at the end of the year 1,196 employees. The payments to pensioners for the year amount to $588,434 22, which is equivalent to six per cent. per annum on an investment of $9,807,237 00. Your Board gratefully acknowledges its appreciation of the loyal and efficient services rendered by officers and employees during the year; and particularly of the fidelity of those who remained in the service during the shopmen's strike, and discharged their duties under conditions perilous to life and limb. By order of the Board of Directors. JULIUS KRUTTSCHNITT. Chairman, of the Executive Committee. (VOL. 116. THE CHRONICLE 2274 THE ATCHISON TOPEKA & SANTA FE RAILWAY COMPANY -FOR THE FISCAL YEAR ENDING DECEMBER 31 1922. TWENTY-EIGHTH ANNUAL REPORT April 3 1923. with $848,331,494 19 at December 31 1921, an increase during the year of $47,865,923 13. To the Stockholders: Your Directors submit the following report for the fiscal COMPARISON OF OPERATING RESULTS. year January 1 1922 to December 31 1922, inclusive. The lines comprising the Atchison System, the operations following is a statement of revenues and expenses of The of which are embraced in this report, and the mileage in the System for the year ending December 31 1922 in comparioperation at the end of the year as compared with the pre- son with the previous year: vious year, are as follows: Year ending Year ending Increase or Dec. 31 1922. Atchison, Topeka & Santa Fe Railway_ __ 8,864.02 miles 1.908.89 " Gulf, Colorado & Santa Fe Railway 852.48 " Panhandle & Santa Fe Railway 64.09 " Grand Canyon Railway 20.22 " Rio Grande, El Paso & Santa Fe Railroad_ 11,709.70 " Dec. 31 1921. 8,862.47 miles 1,907.64 " 852.38 " 64.09 " 20.22 " 11,706.80 " Increase during the year 2.90 miles. The average mileage operated during the fiscal year ending December 31 1922 was 11,700.88, being an increase of 23.06 miles as compared with the average mileage operated during the preceding fiscal year. The Company is also interested Jointly with other companies through ownership of stocks and bonds, in other lines aggregating 567.01 miles, namely Northwestern Pacific Railroad 516.91 miles and Sunset Railway 50.10 miles. Dec. 31 1922. $ Operating Revenues158,026,370 21 Freight 48.644.528 72 Passenger Mail, Express & Miscellaneous 18,453,645 44 Decrease. Dec. 311921. 160,217,450 07 2,191,079.86 52.594.550 80 3,950.022 OS 16,113.069 04 2,340,576 40 Total Operating Revenues 225,124,544 37 228.925,069 91 3,800,525 54 Operating Expenses Maintenance of Way and Structures Maintenance of Equipment Traffic Transportation-Rail Line Miscellaneous Operations General Transportation for Investment -Cr 36,183,241 12 51.069,933 12 3,900,057 01 71,122,569 99 180,003 80 5,003,917 67 555,344 76 31.734,121 69 4.449,13943 52.472,940 62 1,403,007 50 3,748.699 93 151,357 08 80,283.618 07 9,161,048 08 63,053 26 116,950 54 '5.425,601 78 421,684 11 510,119 92 45,224 84 Total Operating Expenses 166,904,377 95 173,217.915 43 6,318,537 48 58,220,166 42 55,707,154 48 2,513,011 94 Net Operating Revenue 18,395,511 61 14,836,268 44 3.559,243 17 Railway Tax Accruals Uncollectible Railway Rev8,62537 77,31787 68,692 50 enues INCOME STATEMENT. Railway Operating Income- 39,755,962 31 40,793.568 17 1,037,605 86 The following is a summary of the transactions of the Sys892,713 25 1,165,608 33 272,895 08 Equipment Rents-Net-Cr__ tem for the years ending December 31 1921 and 1922: -Net Joint Facility Rents 1921. 1922. $228,925,069 91 $225,124,544 37 Operating Revenue; Operating Expenses 173,217.915 43 166,904,377 95 Net Operating Revenue 855,707.154 48 $58,220,166 42 Railway Tax Accruals 14,836,268 44 *18,395.511 61 Uncollectible Railway Revenues 77,317 87 68.692 50 Equipment and Joint Facility Rents 474,739 18 247,439 71 Net Railway Operating Income $41,268,307 35 $40,003,402 02 Compensation under Federal Control Contract-Accrued 3,175,149 38 Other Income 6,723,386 72 7,906,451 99 Gross Income $52,349,908 72 $46,726.788 74 Miscellaneous Tax Accruals 46,508 20 225,828 30 Rent for Leased Roads and Other Charges 426,654 76 839.416 98 851.284,663 44 $46,253,625 78 Interest on Bonds, including accrued interest on Adjustment Bonds 11.953.001 53 11.871,255 06 Net Corporate Income (representing amount available for dividends and surplus) $39,331,661 91 834,382,370 72 From the net corporate income for the year the following sums have been deducted: Dividends on Preferred Stock No. 48 (23.i%) paid Aug. 1 1922 $3,104,342 50 No. 49 (234%) paid Feb. 1 3,104.342 50 1923 86.208,685 00 Dividends on Common Stock No. 68 (134%) paid June 1 $339435750 1922 No. 69 (134%) paid Sept. 1 3,398,512 50 1922 No. 70 (13.6%) paid Dec. 1 3,405,292 50 1922 No. 71 (13i %) paid Mar. 1 3.407.49750 1923 13,605.66000 Appropriation for Fuel Reserve Fund_ 73,117 57 California-Arizona Lines Bonds Sinking 17,371 16 Fund S. F. & S. J. V. Ry. Co. Bonds Singin 22,173 69 Fund 19,927,007 42 Surplus carried to Profit and Loss $14,455,363 30 Surplus to credit of Profit and Loss Dec. 8106,345.371 41 31 1921 Adjustment of accounts in connection with final settlement with United States Railroad Administration in accordance with order of Interstate Commerce Com22,682,439 84 mission of January 25 1922 645,273 54 690,869 15 45,595 61 Net Railway Operating In40,003,402 02 41.268.307 35 1,264,905 33 come -The operating expenses reported above for the year ending Dec Note. 31 1921 exclude maintenance equalization credits so as to reflect actual expenditures applicable to that year. The average tons of freight (revenue and company) per loaded car mile decreased from 22.11 to 21.51 or 2.71 per cent. The average tons of freight (revenue and company) carried per freight-train mile (freight and mixed) increased from 553.34 to 582.23 or 5.22 per cent. The average freight revenue per freight-train mile decreased from $7 39 to $7 09, or 4.06 per cent. The average passenger revenue per passenger-train mile decreased from $2 32 to $2 18, or 6.03 per cent. The average passenger-train revenue per passenger-train mile decreased from $286 to $282, or 1.40 per cent. The tons of freight carried one mile (revenue and company, but excluding water ton miles) increased 982,365,901. or 8.19 per cent., while miles run by freight cars (loaded and empty) in freight and mixed trains Increased 28,307,481, or 3.25 per cent., and the mileage of such trains decreased 611,696. or 2.82 per cent. The number of passengers carried one mile decreased 73,778,882, or 4.77 per cent., while miles run by passenger-train cars (excluding work) in passenger and mixed trains increased 1,912,869, or 1.16 per cent., and the mileage of such trains decreased 393,419, or 1.73 per cent. CAPITAL STOCK AND FUNDED DEBT. The outstanding Capital Stock on December 31 1921 consisted of: Common Preferred $225.397,500 00 124,173,700 00 Issued during the year: Common stock issued in exchange for Convertible Bonds retired 8349.571,20000 1.655.000 00 Capital Stock outstanding Dec. 31 1922: Common $227.052.500 00 Preferred 124,173.700 00 $129,027,811 25 Adjustment of Guaranty Claim under Transporta81,757,594 49 tion Act 1920 Surplus Appropriated for Investment in Physical 144,680 92 Property 46,816 81 Sundry Adjustments Dr $351.226,200 00 The number of holders of the Company's capital stock at the close of the last five years and the changes in number from year to year were as follows: 1,949,092 22 127.078,71903 Surplus to credit of Profit and Loss Dec. 31 1922 $141.534,082 33 * Includes $28.353 05 Federal Taxes on net credit resulting from settlement with the United States Railroad Administration. "Other Income" consists of interest accrued and dividends received on securities owned, including United States Government securities, interest on bank balances, rents from lease of road and other property, and other miscellaneous receipts. During the year the sum of $400,000 in cash was received as the net proceeds of sale of land embraced in the Santa Fe Pacific Land Grant, but this was directly written off the book value of Road and Equipment and the transaction does not appear in the Income Account. CAPITAL EXPENDITURES AND REDUCTION OF BOOK VALUES. The total charges to Capital Account, as shown by the General Balance Sheet, page 26 [pamphlet report], at December 31 1922, aggregated $896,197,417 32, as compared Preferred -Common----Increase Increase. Number. Number. fot Year. for Year. 18.749 30,892 2,223 1,147 1918 31,281 389 19,643 894 1919 36,469 5,188 21,367 1,724 1920 . 3.145 39,614 698 22,065 1921 41.848 2231 733 22,798 1922 The outstanding Funded Debt of the System amounted, $289,888.269 20 on Dec. 311921, to The following changes in the Funded Debt occurred during the year: Obligations Retired Convertible 4% Bonds $1.655,000 00 S. F. & S. J. V. By. Co. First Mortgage 5% Bonds 20,000 00 Equipment Trust 6% Notes 490,400 00 Miscellaneous Bonds 1.13000 gr , Obligations IssuedCalifornia-Arizona Lines First and Rek,funding Mortgage 43.5% Bonds $2,166,530 00 854 40 NM Pa. 2,165,675 60 Decrease of Funded Debt is. L. NW. r* 111" '• Ii%TotaliSystemlFunded Debt outstanding Dec. 31_1922_ $287,722,593 60 L. 111111110. .. 119111,a. haw rid..11011 MAY 19 1923.] THE CHRONICLE TREASURY. Neither this Company nor any of its auxiliaries has any notes or bills outstanding. The Company held in its treasury on December 31 1922 $41,421,264 13 cash. In addition, the Company owns $43,107,25000 of United States Government securities, which are carried at cost of $43,180,262 00 in the general balance sheet. FUEL RESERVE FUND. 'The fund has been increased during the year by appropriations of income as follows: 32,256.255 86 73.117 57 Amount to credit of Fund Dec. 31 1921 Added during the year 32,329.373 43 In Fund Dec.31 1922 FEDERAL CONTROL SETTLEMENT. Settlement between the United States Railroad Administration and your Company and affiliated companies, parties to the Federal control contract of November 22 1918, was made on October 10 1922, $21,500,000 being accepted in full satisfaction and discharge of all claims in connection with the possession, use and operation of the properties by the United States during Federal control. After disposition in full of all amounts due the Railroad Administration for additions and betterments made during Federal control, expenses and liabilities paid chargeable to the companies under the contract, and for all amounts due from the DirectorGeneral for balance of compensation, cash and other assets taken over or collected by him, accrued depreciation, property retired and not replaced, recess in materials and supplies, under-maintenance, etc., there remained a credit balance on the books of $22,682,439 84. This balance, in compliance with the order of the Interstate Commerce Commission dated January 25 1922 with respect to accounting for settlements with the Railroad Administration, was closed into Profit and Loss. GUARANTY UNDER TRANSPORTATION ACT, 1920. As stated in the last annual report, $7,599,500 of the amount due your Company under the provisions of Section 209 of the Transportation Act, 1920, was certified by the Interstate Commerce Commission and collected during 1921. Claim for balance due in final settlement was filed with the Commission in accordance with its order of December 15 1921 in the early part of 1922. During the last year substantial agreement was reached on all matters involved in the settlement except as to what constitutes a fair allowance for maintenance during the guaranty period. It is expected the determination of this amount will be arrived at shortly and final settlement then effected. In the meantime the claim for the balance due under the guaranty is being carried in the balance sheet in the sum of $1,500,000. TAXES. Federal, State and Local tax accruals for the year 1922 aggregate $18,395,511 61, and show an increase over the year 1921 of $3,559,243 17. A comparison for the two years of Federal tax accruals and of State and Local accruals is presented in the following table: Federal Taxes— Income and War Taxes Capital Stock Stamp & License Taxes Total Federal State and Local Grand Total 1922. 1921. Increase or Decrease. $7,252,124 15 $4,338,844 49 32,913.279 66 544,406 50 298,203 06 246,203 44 2,285 17 7.485 26 6,200 09 $7.798.815 82 $4,644,532 81 $3.154.283 01 10,596,695 79 10.191,735 63 404.960 16 $18,395,511 61 $14,836,268 44 33.559.243 17 The Federal income tax accruals for 1922 include $2,835,305 on net credit to Profit and Loss resulting from the settlement with the United States Railroad Administration, which, together with the increase in the tax rate from 10 to 12% per cent., accounts for the increase in such taxes. State and Local tax accruals increased $404,960 16. Several States show increases and several others show decreases. In California the advanced rate of 7 per cent, on gross receipts fixed by the Legislature of 1921 applied to the whole of the year 1922, whereas it applied only to the second half of the year 1921. Accruals for California increased $445,676 33. The validity of the advance of the California gross receipts tax rate from 5.25 to 7 per cent, is still in process of adjudication in the United States District Court for the Northern District of California. There are indications that the flood tide of public expenditures has passsed. In several of the States in which your Company operates the taxpayers have come to realize that the programs of public expenditures that they have approved are extravagant and beyond their means and ability. Delinquency in the payment of taxes has reached unusual proportions. In some States the people are insisting so loudly on the reduction of tax burdens that even road and school programs are being abridged and postponed. 2275 GENERAL. One outstanding feature of the year's railroad operations is the clear demonstration of the country's imperative need for greatly increased transportation facilities, a need which has been realized and persistently urged by the railroads since the termination of Federal control. At the beginning 2 of 199 your Company undertook as large a program of improvements as seemed possible and carried it through; but only a beginning was made of providing for the traffic demands of its territory. For the year 1923 contracts have been let for 7,150 freight cars and 59 new locomotives, to be delivered before July 1, in readiness for the movement of this year's crops. This equipment, together with eight passenger cars on order and improvements to existing equipment, will cost upwards of $24,000,000. The second track work undertaken and authorized since the beginning of 1922, Involves an expenditure of over $15.000,000. Preliminary work is under way for a new double-track bridge over the Mississippi River to cost $4,000,000, which is imperatively required by the density of the traffic over the Chicago-Kansas City line and the heavy power necessary to haul it economically. Enlargement of shops, terminals, and sidings will be pushed and it is probable that our cash expenditures during the year for all improvements, and equipment, will amount to at least $60,000,000. The improvements have been practically confined to what will increase capacity for handling traffic, other improvements, even though desirable, being deferred, because the present program is all that the Company can efficiently handle this year. The railroads have now been operating for three years under the Transportation Act, 1920, and there are many proposals for changes before Congress. Conditions during this period have been very trying for all concerned, the shipping and traveling public, railroad employees and managers, the Interstate Commerce Commission and the Labor Board. When the difficulties which have confronted the railroads in these three years and the possibilities of serious disaster which threatened at times are considered, the physical progress, the additions to property and equipment during the last twelve months with large orders now being filled and new ones being placed daily, and the gradual improvement in general conditions, all indicate that there is real merit in this law. In this connection, we would call attention to the verdict of the Joint Commission on Agricultural Inquiry, consisting of five United States Senators and five members of the House of Representatives, that "The Transportation Act as a whole is a most valuable piece of constructive legislation and gives promise of working out to the great benefit of the country." During the year your Company, in common with all other railroads of the country, was called upon to meet a disastrous strike of its shop forces. In spite of this handicap, distinct progress was made in rehabilitation of roadway and equipment, which had become impaired by reason of war conditions during the time the railroad was under Government control. Attention is directed to the classes of revenue freight tonnage handled by the System as shown on pages 38 and 39 of this [pamphlet] report. The tonnage of agricultural products carried during the year while showing a decrease as compared with the "record" figures of 1921 has been exceeded but twice in the history of the Company. In addition to the large volume of traffic of this character there were substantial increases in other commodities, particularly "ores" under "Products of Mines" and "refined petroleum and its products" under "Manufactures and Miscellaneous," so that the total revenue freight tons and the total revenue ton miles handled during the year increased 4,753,158 and 802,185,818 respectively. The statement referred to reflects the quite general distribution of heavy tonnage among the several commodities included in the major groups of traffic handled, which, in connection with the wide territory served, is a proteetion against the failure of any particular crop or class of traffic seriously affecting the earnings of your Company. There has been a substantial revival of business throughout the territory served by your railroad, this being espe.ially marked in cotton growing, copper mining, sheep raise ing, lumber and oil. On November 2 1922 your Board of Directors suffered an irreparable loss in the death of Mr. Thomas DeWitt Cuyler. Unremitting in his attention to duty, courageous in the face of difficulties, wise in counsel both for matters of . finance and of operation, he had the vision to see what most needed doing and the patience to wait for the right time to do it. His activities were widely extended, and as Chairman of the Association of Railway Executives his influence was powerfully felt. In negotiations between different companies his ability to evoke harmony out of apparently irreconcilable conflict amounted almost to genius. His unfailing courtesy disarmed antagonisms; his high principles and transparent good faith inspired every one with whom he came in contact, with the spirit of fair dealing and with due regard for the common interest. Your Directors acknowledge with pleasure the faithful and efficient services rendered by the officers and employees of the Company. W. B. STOREY, President. 2216 [VOL 116. THE CHRONICLE THE CHESAPEAKE AND OHIO RAILWAY COMPANY FORTY-FIFTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER 31 1922. Richmond, Va., March 31 1923. To the Stockholdera: The Forty-fifth Annual Report of the Board of Directors, for the fiscal year ended December 31 1922 is herewith submitted. The average mileage operated during the year was 2,549.1 miles, an increase over the previous year of 3.2 miles. The mileage at the end of the year was 2,550.7 miles, an increase of 2.6- miles over mileage on December 31 1921. RESULTS FOR THE YEAR. Operating Revenues 893,511,561 02 (Decrease $176,396 90, or 0.21%0 Operating Expenses 66,118.029 84 (Decrease 1485.046 97, or 0.73%0 Net Operating Revenue $17,393,531 18 (Increase $308,650 07, or 1.81%.) Taxes and Uncollected Railway Revenue 3,312,404 20 (Increase $609.534 93, or 22.55%4 Railway Operating Income $14,081,126 98 (Decrease $300,884 86, or 2.09%.) Net Equipment and Joint Facility Rents 329,202 87 (Increase $1,050.288 510 Net Railway Operating Income $14,410,329 85 (Increase $749,403 65, or 5.49%.) Miscellaneous Income 2,478,502 99 (Increase $1,357,752 51, or 121.15%.) Gross Income Total $16.888.832 84 (Increase $2,107,156 16. or 14.26%.) Rentals and Other Payments 369.220 79 (Decrease $528.452 90, or 58.87%.) Income for the year availabi efor interest 816,519,612 05 (Increase $2,635,609 06, or 18.98%.) Interest (60.51% of amount available) amounted to 9,995,942 01 (Increase $304,540 50, or 3.14%.) Net Income for the year applicable to dividends $6,523.670 04 (Increase $2,331.068 56, or 55.60%.) Dividend of 1.625% on 63 % Cumulative Convertible 204,070 43 Preferred Stock, Series A, aggregating Net Income equivalent to 10.066% of Common Stock $6,319,599 61 Outstanding Common Stock Dividend—two of 2% each, aggregating-- - 2,511.264 00 Remainder, devoted to improvement of physical and other assets 83.808,335 61 RETURN ON PROPERTY. The following table shows the amount of return to your Company, including subsidiary companies, from transportation operations only, upon its investment in road and equipment at the termination of each year of the five-year period ended December 31 1922, and the average for the five years: tioned equipment, delivery of which is in progress at the date of the issuance of this report, and will, it is anticipated, all be received during the next few months. Your Company has also arranged for the purchase of the following locomotives and cars: 2 6 25 25 2,000 Class J-2 Mountain Type Passenger locomotives; Class F-17 Pacific Type Passenger locomotives; Class II-6 Compound Mallet freight locomotives; Simple Mallet freight locomotives; -ton Steel Coar Cars; 70 at an approximate total cost of $9,844,825. Arrangements for financing the cost of these locomotives and cars are in progress at the date of the issuance of this report. A preliminary announcement was contained in the report for 1921 of the plans of the Company for financing a budget • of additions, betterments and improvements to extend over a period of four years, and estimated to cost approximately $17,000,000. During the year 1922 arrangements were completed for financing the greater part of this expenditure through the creation of an authorized issue of $30,000,000 preferred stock of your Company and the issue of $12,558,500 thereof as Six and One-half Per Cent Cumulative Convertible Preferred Stock, Series A. The Series A stock so issued was offered to your Company's stockholders for pro rata subscription at par, the offering being underwritten by bankers. This financial plan was remarkably successful, more than 90% of the stock offered being taken and paid for at par by the stockholders, the underwriters taking up the remainder. The addition, betterment and improvement program is proceeding as rapidly as the economical and efficient expenditure of the funds so provided will permit, and your Company should at an early date realize substantial returns from this expenditure. Your officers are glad to report that on the basis of present estimates the work can be completed at a cost substantially less than the original estimates. The changes in funded debt in the hands of the public during the year were as follows: Retired. 4 per cent Big Sandy Ry. First Mortgage Bonds $73,000 00 4 per cent Coal River Railway First Mortgage Bonds 32,000 00 4 per cent Greenbrier Ry. First Mortgage Bonds 10,000 00 5 Per cent Kanawha Bridge and Terminal Co. First Mortgage Bonds 6,000 00 142.000 00 Total Percent- 6 per cent First Mortgage Terminal Bonds Secured Obligations to United States Government 1,023,976 03 Property Operating age of 2,164,660 00 Investment. Income. Return. Equipment Trust Obligations Dec. 31 1922 Year ended $309,456,186 38 814.538,29862 4.70% Decrease 83.451,636 03 304.485.23091 Year ended Dec. 31 1921 12,924,848 76 4.24% Other changes in obligations shown under funded debt on 291,179,583 14 14,410.821 80 4.95% *Year ended Dec. 31 1920 287.864,838 63 13.725,866 83 4.77% balance sheet of December 31 1922, were as follows: *Year ended Dec. 31 1919 269.914.419 76 12,871,539 79 4.77% *Year ended Dec. 31 1918 Increase. Yearly average for five years First Lien and Improvement 5 per cent Mortgage Bonds 82,500.000 00 $292,580,051 76 813,694 275 16 4.68% 534 per cent Equipment Trust Certificates—Series "T"-ended Dec. 31 1922 7,635.000 00 6 per cent Equipment Contract—Elkhorn Piney Coal Mining Co 871,860 00 * The road having been operated in 1918. 1919 and during January and February 1920. by the United States Railroad Administration, the Secured Obligations to United States Government 1.334.50000 payable during the period mentioned has been used in lieu compensation Increase of operating and other items making up the return from transportation 812.341.36000 s innip e e e in these c n for aadi T ons andcohrgutatior,e0 terfst payableiurgq.evidajar t rations ige control has GENERAL REMARKS. excluded. FINANCIAL. During 1922 your Company'received the balance, amounting to $1,334,500, of the loan of $5,338,000 made to it by the United States under the provisions of Section 210 of the Transportation Act, 1920, to be applied toward additions and betterments, and the items towards the cost of which the proceeds of the loan were appropriated were all completed or contracted for. As contemplated at the time of the issuance of the Annual Report for 1921 your Company contracted during the year 1922 for the following new equipment: 30 All Steel Passenger Coaches; All Steel Combination Passenger and Baggage Cars; 25 All Steel Baggage, Express and Mail Cars; All Steel Dining Cars; 5 -ton Steel-underframe Box Cars; 1,870 40 -ton Steel-underframe Ventilated Box Cars; 500 40 -ton Steel-underframe Stock Cars; 200 40 -ton Steel-underframe Refrigerator Cars; 50 40 1.500 5734-ton All Steel Flat Bottom Gondola Cars; 1.500 57%-ton All Steel Hopper Bottom Gondola Cars; at an aggregate contract cost of approximately $9,561,000. Your Company's Equipment Trust, Series T, was created during the year, under which Five and One-half Per Cent Equipment Trust Certificates were issued to the aggregate principal amount of $7,635,000, an amount sufficient to provide approximately 80% of the total cost of the above-men- Branch Line Extensions during the year have been as follows: Elk Creek Branch—W_ylo, W. Va., to End of Line__ 3.27 Miles St. Albans to Ferrell, W.Va.—Change of Line—New Track Constructed 3.66 Mlles 6.93 Miles Branch Lines decreased as follows: St. Albans to Ferrell. W. Va.—Old Line adjusted_-- 4.19 Miles Adjustment in Mileage—St. Albans to Seth, and Branches .12 Milos 4.31 Miles making total increase in Branch LInes put into operation during the year 2.62 Miles Addtional second track mileage put into operation during the year is as follows: Big Creek to Pecks Mill, W. Va Clover Valley to Salt Rock, W. Va 9.72 Milos 10.50 Miles making total increase in second track 20.22 Miles The equipment inventory as of December 31 1922 was as follows: Increase. Decrease. Locomotives owned Locomotives leased 795 148 Total-------------------------------Passenger train care owned Passenger train cars leased 943 377 38 Total-------------------------------415 Freight train and miscellaneous cars owned.. 41,186 Freight train cars leased 11,771 Total 52,957 3 5 706 MAY 19 1923.] THE CHRONICLE The changes during the year in the accrued depreciation of equipment account were as follows: 2277 of 3,801,887 tons, 32.4 per cent over 1921. During the last 6 months of 1922 revenue coal and coke tonnage was 12,972,472 Balance to credit of account December 31 1921 $14,292,911 46 tons, an increase of 649,693 tons, or 5 per cent in excess of Amount credited during year ended December 31 1922 by 1921. charges to Operating Expenses $2,191,155 41 Charges to account, for: The Interstate Commerce Commission, after extended Accrued depredation on equipment letired durhearings, ordered a reduction in freight rates, approximating year-617 freight train and work cars: 1 passenger train car: 3 locomotives 137,856 52 2.053.298 89 ing 10 per cent, effective July 1 1922, and as a result the freight revenues for the last 6 months of 1922 were Balance to credit of account December 31 1922 $16.346,210 35 about $3,488,719 less than they would have been if the rates 1922. had Inc. or Dec. 1921. Operating Revenues were-- 383,511.561 02 $83,687,957 92 -$176,396 90 not been reduced. Net Operating Revenues were 17,393.531 18 17,084,881 11 +308,650 07 In the annual report for 1921 it was stated that your CornOperating Ratio79.2% 79.6% pany was taking steps to bring about further readju Tons of Revenue Freight calstment ried one mile of the wages of your employees. The United States 10.002,942,645 9,136,050,511 +866,892.134 Railroad Revenue train loads, tons_ _ _ 1.190 1,090 +100 Labor Board on June 5 1922 decided the dispute then Revenue tons per loaded car_ pond39.4 39.3 +. ing between the Federated Shop Crafts and the 1 majority of The revenue coal and coke tonnage was 28,526,039, an the railroad compan ies, and ordered a reduction in wages of Increase of 18.4 per cent; other freight tonnage was 9,400,- 7 cents per hour for skilled labor, helpers and apprentices 386, an increase of 26.7 per cent. Total revenue tonnage was and 9 cents per hour for freight car men, effective July 1 37,926,425 tons, an increase of 20.4 per cent. Freight reve- 1922. Your employees in these classes, in common with all nue was $68,671,906 57, an increase of 1.9 per cent. Freight those on other railroads, refused to comply with the decision train mileage was 8,405,118 miles, an increase of .3 per cent. of the Labor Board and left the service at 10 A. M. on July Revenue ton miles were 10,002,942,645, an increase of 9.5 per 1 1922. cent. Ton mile revenue was 6.87 mills, a decrease of 6.8 per The strike was national in scope and in absolute charge of cent. Revenue per freight train mile was $8.170, an increase the nationa l leaders of the organizations, so that settle ment of 1.7 per cent. Revenue tonnage per train mile was 1,190 by individual railroads was impossible, and all efforts to tons, an increase of 9.2 per cent; including Company's reach an agreem ent with the leaders resulted in failure. In freight, the tonnage per train mile was 1,252 tons, an increase the early part of Septem ber several important railroads setof 9.0 per cent. Tonnage per locomotive mile, including Cora- tled with the strikers under the so-called Baltimore Agreepany's freight, was 1,110 tons, an increase of 8.2 per cent. ment. Your Company made an independent settlement on Revenue tonnage per loaded car was 39.4 tons, an increase of September 22 1922, whereby the striking employees returned .3 per cent. Tons of revenue freight carried one mile per to work within thirty days from that date at the reduced mile of road were 3,924,108, an increase of 9.4 per cent. wages ordered by the Labor Board. On Octobe r 25 1922 In the Annual Report for 1921 reference was made to the there were 7,368 employ ees of these classes in service corndecrease in average revenue tons per train compared with pared with 6,366 on June 30 1922, those who were employ ed 1920. In 1922 revenue tonnage of coal and coke was 2.8 per during the strike having been retained. The officers of your cent less than in 1920; total freight tonnage was 7 per cent Company made every effort to properly serve the public, and less than in 1920. Freight train mileage was 18.9 per cent less Particularly to serve the coal mines in view of the extraordithan in 1920 and average revenue tons per train was 5 per nary demand for coal resulting from the prolongation of the cent greater than in 1920 and 9 per cent greater than in coal miners' strike. Not a single passenger train was an1921. nulled on account of the strike. The extra cost of recruitThere were 6,654.126 passengers carried, a decrease of 16.3 ing, feeding and housing labor, guarding the property and per cent. The number carried one mile was 304,221,296, a employees, and bonus payments to loyal employees who perdecrease of 8.2 per cent. Passenger revenue was $10,586,- formed special service outside of their regular line of duty, 624 77, a decrease of 9.8 per cent. Revenu per passenger was $1,910,513 38, includi e ng such expenses in connection with per mile was 3.480 cents, a decrease of 1.7 per cent. Number the clerks' strike, hereina fter mentioned. of passengers carried one mile per mile of road was 124,543 The United States Railroad Labor , Board on June 10 1922 a decrease of 8.4 per cent. Passenger train mileage was ordered a reduction of 3 to 4 cents per hour in the pay of 5,271,848, a decrease of .2 per cent. Passenger revenue per clerks and certain classes of laborers, and 1,250 of your emtrain mile was $2.008, a decrease of 9.6 per cent; including ployees in these classes left the service at 10 A. M., July 20 mail and express, it was $2.364, a decrea se of 5.5 per cent. 1922. The positions thus vacated have since been filled by Passenger service train revenue per train mile was $2.424, a new men. . decrease of 5.9 per cent. The Labor Board also made a reducti on of 5 cents per There were 20,226.3 tons of new rail (7,015.4 tons of 130 -lb., hour in the wages of certain Maintenance of Way Depart 11,068.6 tons 100-lb., 2,133.9 tons 90-lb., 4.3 tons 80-lb., and 4.1 ment employees, effective July 1 1922, and on October 16 tons 67%-lb.) equal to 119.9 miles of track, used in renewal 1922, after rehearing,ordered an increase of 2 cents per hour. of existing track. These orders were made effective by your Company and There were 1,233,750 cross ties used in maintaining exist- accepted by the employees interested. ing tracks, an increase of 148,703. Pursuant to Section 5 of the Interstate Comme rce Act as There were 699,748 yards of ballast (374,045 yards stone) amended February 29 1920, the Interstate Commerce Cornused in maintaining existin g tracks, an increase of 73,714 mission has prepared and served upon the carriers a tentayards. tive plan for the consolidation of the Railwa y properties of Due to increased applica tion of ties, and ballast, and the Continental United States into a limited number of sysgreater efficiency of labor, the general condition of roadway tems. This tentative plan provides for the consolidation of and track was improved during the year. the property of the Virginian Railwa y Company with that The average amount expended for repairs per locomotive of your Company and the Hockin g Valley Railway. The was $6,613 46, an increase of 2.2 per cent over 1921; per Pas- Commission has announced that public hearings will be held senger train car $1,958 69, an increase of 14.9 per cent; per in this matter during the summe r of 1923. freight train car $222 62, an increas e of 21.2 per cent. These Shortly before the close of the year a final Increases in cost of repairs per settlement was unit of equipment were due made with the Interstate Comme rce Commission for the soalmost entirely to the extraordinary conditions arising out called guaranty period, March 1 to September 1 1920. The of the strike of shop men, amount received upon final settlem The nation-wide strike of ent, in addition to coal miners paralyzed the coal amounts received during previous years and heretofore mining industry generally refor 4 months and 15 days begin- ported, was the sum of $1,078,841 30, making the ning April 1 1922. This total payresulted in abnormal demand for ments to your Company on account of the guaranty provicoal from non-union fields located on your Company's lines. sions (Section The Logan and Kentucky 209 of the Transportation Act, 1920), $4,378, fields produced 18,587,305 tons of 841 30 coal in 1922, an increase of . 4,437,365 tons over the year 1921 Negotiations with the Director-G and 2,839,915 tons, as compar eneral of Railroads for a ed with the previous maximum final settlement of the accounts betwee production of these fields. n your Company and the Director General for the The production of the period of Federal control are Kanawha and Coal River fields de- still in progress. Your officers are creased 2,344,005 tons under hopeful that a final set1921, due to the strike. 3,118,- tlement will be secured during the year 1923. 330 tons of coal carried in the month of June 1922 exceed During the year, a Three Mile Branch ed any previous record. During Line was completed the first 6 months of 1922 nue coal and coke tonnage reve- up Elk Creek of Guyandot River from Wylo, W. Va., on the was 15,553,567 tons, an increase Logan Division. 2278 THE CHRONICLE Sections of Third Track were completed at Catlettsburg, Ky., and through Ashland, Ky., which together with existing Third Track gives a continuous section of Third Track from Catlettsburg (Pike Crossing) to west end of Ashland, a distance of about six miles. At Gladstone, Va., new westbound yard consisting of seven 100-car tracks was completed and put in operation; at Peach Creek, W. Va., five new 100-car yard tracks and engine dispatching tracks were completed; storage track at Big Creek, capacity 80 cars, was built; additional tracks at the Creosoting Plant at Russell, Ky., completed and put in operation; yard tracks at Stone Coal Junction extended and siding put in at Affinity on the Winding Gulf Branch to hold 50-car trains; passing tracks were extended to hold 100-car trains on the Big Sandy Divis'on at the following points: Kise, Richardson, Bobbs and Wagner. Three channel spans of Licking River Bridge at Covington, Ky., were replaced with heavier spans; Bridge No. 01 at White Oak Junction, W. Va., and Bridge No. 10 at Raleigh, W. Va., were replaced with heavier spans, allowing the use of heavier equipment. At Charleston, W. Va., a section of the trestle over Sixth Street was replaced with steel bridge and at Monitor Junction, W. Va., trestle was replaced with steel bridge, to provide undergrade crossings at both points. At Miami, Ind., a section of trestle No. 144 was replaced with steel span to provide adequate waterway. Wooden foot bridge at Stevens, Ky., shops was replaced with steel foot bridge. At Longdale, Va., Undergrade Crossing was constructed to eliminate grade crossing. At Elk, W. Va., 150-ton track scales were installed. 500-ton reinforced concrete coaling stations were built at Thurmond, W. Va., and Peach Creek, W. Va., 300-ton frame coaling station was installed at Charlottesville, Va., and cinder conveyor put in at Strathmore, Va. New Passenger Stations were completed at Covington, Ky., and Logan, W. Va., and combined freight and passenger depot was built at Dawkins, Ky. New Engine House was constructed at Paintsville, Ky., new Power Plant at Stevens, Ky., and new store houses at Paintsville, Ky., and Shelby, Ky. Additional Fire Protection was installed at Fulton, Va. Shops and fire protection installed at Newport News, Va., for the protection of elevator "B" and Pier No. 9. [VOL. 116. AC Power Line Charlottesville, Va., to Keswick, Va., was completed, which furnishes current for signal lights in connection with automatic train control system, now in operation between Gordonsville and Charlottesville, Va., 21 miles. Additional automatic train control system between Charlottesville, Va., and Staunton, Va., 40 miles, now under construction, should be completed in the early part of 1923, which, when completed, will give a continuous section of automatic train control between Gordonsville, Va., and Staunton, Va., a distance of 61 miles. There is now under construction a three-mile extension of the line up Elk Creek of Guyandot River, which should be completed the early part of 1923, and when completed, will make the total length of line up Elk Creek from Wylo, W. Va., about six miles. Modern shop buildings consisting of new power plant, machine shop, store house, boiler washing plant and five additional stalls to the roundhouse are now being built at Peach Creek, W. Va., and are nearing completion. At Peru, Ind., five additional stalls are being added to the round house and will be completed in 1923. Norfolk, Va., New Freight Station is being constructed, which should be completed in the early part of 1923. At Huntington, W. Va., track changes are being made through the plant of the American Car and Foundry Company for the purpose of relieving the situation at Third Avenue, where the C. & 0., B. & 0. and Car Company pass that important thoroughfare. Track for storage of steel car parts and track for assembling frogs and switches are being built at Huntington, W. Va., and should be completed in the early part of 1923. Among the new local Industries were the following: 5 manufacturers of farm implements and farm products. 12 manufacturers of'umbel and lumber products. 17 manufacturers of mineral, metal and other products. 38 new coal mines. Your Directors feel impelled to acknowledge this year with greater emphasis than ever before the great appreciation of the Company for the faithful and efficient services of its officers and loyal employees. This was a year when the true test of loyalty came, and all the officers and a great majority of the employees responded in a manner which will never be forgotten by the Company. By order of the Board of Directors. W. J. HARAHAN, President. GENERAL BALANCE SHEET DECEMBER 31 1922. (Excluding Stocks and Bonds owned of The 0. & 0. By. Co. of Indiana and of The C. & 0. Equipment Corporation.) ASSETS. Property Investment— Cost of Road ____ _ _____________ --------------------------------------------------------------------13 Cost of Equipment--------------------------------------------------------------------------------------$211,873,243 91 92,284,157 $304,157,401 04 Improvements on Leased Railway Property 30,276 40 Securities of Proprietary, Affiliated and Controlled Companies--Pledged— Stocks ____________________________________________________________________________ $11,213.999 44 Bonds___________________________________________________________________________________ 2,500.002 00 Other Investments—Pledged. Bonds_______ _ Securities—Issued or _____________________________ ________________________________________________________ Bonds________ __________________ (Includes ________ said ____________ 5% Mortgage _________ Of):_See Contra.) Miscellaneous Investments— Physical Property ______ Special Funds, ana and _ R. & S. W. Ry. Co., First Mortgage Bonds—Reserved for Construction Potts Creek Branch—Cash $13.714,001 44 385,000 00 64,681,001 00 $78,780,002 44 525,346 42 140,000 00 54,782 68 94.782 68 79,400,131 54 Working Assets— Cash in Treasury Cash in Transit 1383,587.808 98 Total 1471,099,078 84 $4,619,660 48 1,417,979 60 $6,037,640 08 Cash Deposit—Equipment Trust "T' Funds_ 7,554,608 40 *Special Deposit—Preferred Stock—Series "A" Proceeds Cash Deposit—Special Fund for Additions and Betterments, New Equipment and Maintenance of 12,661,626 90 Equipment !Reserve ____ _ ___ - --_ ___ — 4,976,212 99 Cash deposits to pay Interest and 533,468 47 Miscellaneous Cash Deposits 6,378 24 Loans and Bills Receivable 2,200 00 Traffic Balances_ 2,513,031 53 ____________________________________ Agents and ConchiCtors_ _ ___- _ _ 1.247,826 45 Miscellaneous Accounts ___________ ___ -- ___ - _ _ 1,835,545 03 United States Government—Compensation un-- ______________ -_ paid 6.195,833 90 Other Working Assets 355.901 34 U3,920,273 33 Material and Supplies_ _ _ ___ ____________________________________ 7,935,962 03 Securities in Treasury—Unpledged-$4,912,173 45 4,355,312 86 9,267,486 31 Deferred Assets— Accounts with United States Government _-_ _ ___ _ _ $13.174,006 86 United States Government—Materials and Supplies___ Unmatured Interest, Div.dends and Rents 1,259.00292 Advances to Propr.etary, Affiliated and Controlled Companies 969,822 16 Advances, Working Funds (Fast Freight Lines, &cr ) 9,111 95 Special Deposits with Trustees, Various Mortgage Funds 625,643 74 Cash and Securities in Sinking Funds 193,30025 in Insurance Reserve Fund Cash and Securities 103,859 19 Sundry Accounts 3,182,617 84 26,387,548 19 87,511,269 86 * Represented in part by U. S. Government Treasury Notes and U. S. Government Certificates of Indebtedness. THE CHRONICLE MAY 191923.] 2279 GENERAL BALANCE SHEET DECEMBER 31 1922 -Concluded. (Excluding Stocks and Bonds owned of The C. & 0. Ry. Co. of Indiana and of The C.& 0. Equipment Corporation.) LIABILITIES. Capital Stock Common 6)4% Cumulative Convertible Preferred Stock-Series "A" First Preferred (To be retired under plan of Feb. 23 1892) Second Preferred (To be retired under plan of Feb. 23 1892) $62,792,600 00 12,558,500 00 3,000 00 200 00 Common-The Chesapeake & Ohio Railway Co. of Indiana $75,354,300200 1,200100 $75,355,500_00 Funded Debt General Funding and Improvement 5% Bonds, 1929 Convertible 4A % Bonds, 1930 First Mortgage, R. & S. W. Railway,4% Bonds, 1936 • First Consolidated Mortgage 5% Bonds, 1939 First Mortgage, Craig Valley Branch, 5% Bonds, 1940 First Mortgage, Greenbrier Railway, 4% Bonds, 1940 First Mortgage, Warm Springs Branch, 5% Bonds, 1941 First Mortgage, Big Sandy Railway,4% Bonds, 1944 First Mortgage, Paint Creek Branch, 4% Bonds, 1945 First Mortgage, Coal River Railway, 4% Bonds, 1945 First Mortgage, C. & 0. Northern Railway Co., 5% Bonds, 1945 Convertible 5% Secured Gold Bonds, 1946 First Mortgage, Potts Creek Branch, 4% Bonds, 1946 First Mortgage, Kanawha Bridge & Terminal Co., 5% Bonds, 1948 First Mortgage, Va. Air Line Railway. 5% Bonds, 1952,First Mortgage, R. & A. Division, 4% Bonds, 1989 Second Mortgage, R. & A. Division, 4% Bonds, 1989 General Mortgage, 4)4c Bonds, 1992 Secured Obligations to U. S. Government, 1931 Secured Obligations to U. S. Government, 1932 Equipment Trust Obligations and Contracts First Lien and Improvement 5% Mortgage Bonds not in hands of public (see Contra),1930 Working Liabilities Loans and Bills Payable Traffic Balances Audited Vouchers and Pay Rolls Unpaid Wag Miscellaneous Accounts Payable Matured Interest and Dividends Unpaid Matured Mortgage and Secured Debt Unpaid Other Working Liabilities $3,698,000 00 31,390,000 00 826.00000 29,858,000 00 650,000 00 1,646,000 00 400,000 00 4,216,000 00 539,000 00 2,558,000 00 1,000.000 00 40,180,000 00 600,000 00 451,000 00 900.000 00 6,000.000 00 1,000,000 00 48,616,000 00 6,738,523 97 1.334,50000 $182,601,023 97 26,627.400 00 209.228,423 97 $28,4583,923 97 66.842,000 00 $3,985,000 00 1,185.998 03 10.324,124 10 39,588 05 486,853 36 1,863,174 33 6.174 17 13,680 37 $17,904,592 41 Deferred Liabilities Accounts with U. S. Government United States Government -Materials and Supplies Unmatuted Interest and Rents Insurance and Casualty Reserves Taxes Accrued Accrued Depreciation-Equipment Sundry Accounts $22,791,822 90 8,860,950 83 2,626,607 09 103,859 19 1,317,107 18 16,346,210 35 2,841,665 87 54.888,223 41 Appropriated Surplus Additions to Property through Income and Surplus Reserve Invested in Sinking Funds Funded Debt Retired Through Income and Surplus Profit and Loss Balance 72,792.81582 $24,638,832 89 193,30(125 300,605 28 $25,132,738 42 21747600 63 Total This Company is also liable as a guarantor of the following securities: Western Pocahontas Fuel Co. Coupon 5% Notes, due 1919 and 1921 ($500,000 each (year), owned by this Company The Chesapeake & Ohio Grain Elevator Co. First Mortgage 4% Bonds,due 1938 Richmond-Washington Co. Collateral Trust Mortgage (C. & O. prop'n 1-6) 4% Bonds,due 1943 Louisville & Jeffersonville Bridge Co. Bills Payable (C. & 0. prop'n 1-3) 6% Notes, due 1931 Louisville & Jeffersonville Bridge Co. Mortgage (C. & 0. prop'n 1-3)4% Bonds, due 1945 Western Pocahontas Corporation, First Mortgage 4;4% Bonds, due 1945 Western Pocahontas Corporation, Extension Mortgage No. 1,4M % Bonds,due 1945 Western Pocahontas Corporation, Extension Mortgage No. 2, 4)4% Bonds, due 1946 Norfolk Terminal & Transportation Co., First Mortgage 5% Bonds, due 1948 46,880,339 05 . $471,099.078 84 $1,000,000 00 820,000 00 10,000,000 00 162,000 00 4,500,000 00 750,000 00 97,000 00 51.000 00 500,000 00 THE HOCKING VALLEY RAILWAYt COMPANY • i TWENTY-FOURTH ANNUAL REPORT-FISCAL YEAR ENDED DECEMBER 31 1922. Columbus, Ohio, April 80 1923. To the Stockholders: The Twenty-Fourth Annual Report of the Board of Directors, for the fiscal year ended December 31 1922, is herewith submitted. The average mileage operated during the year was 348.8 • miles, a decrease compared with previous year of 1.3 miles. The mileage at end of the year was 348.7 miles. RESULTS FOR THE YEAR. Operating Revenues (Decrease $237,637 43 or 1.69%.) Operating Expenses (Decrease $825,261 22 or 7.13%.) RETURN ON PROPERTY. The following table shows the amount of return to your Company, from transportation operations only, upon its investment in road and equipment at the termination of each year of the five-year period ended December 31 1922. The road having been operated in 1918, 1919 and January and February 1920 by the United States Railroad Administration, the Compensation payable by the Government has been used for those years and for January and February 1920 in lieu of the operating and other items corresponding there$13,855,463 95 with: 10,747,133 16 Net Operating Revenue ____ - - ____________ Year Ended ________ $3,108,330 79 (Increase $587.723 79 or 23.520.) _December 31Taxes and Uncollectible Railway Revenue 979.718 29 1922 (Increase $167,655 93 or 20.65%.) 1921 Railway Operating Income __ _ _ $2,128.612 50 1920 (Increase $420,067 86 or 24.89%.) 1919 Net Equipment and Joint Facility Rents 116,454 46 1918 (Increase $264,257 84 or 178.79%) Average Net Railway Operating Income 82,245,066 96 (Increase $684,325 '70 or 43.85%.) _________________ Other Income _ 253,261 40 __ - C115%;.5 __ or (Decrease Total Gross Income (Increase $681,498 51 or 37.51%.) Rentals and Other Payments (Decrease $3,852 93 or 4.86%.) Income for the year available for interest (Increase $685,351 44 or 39.44%.) Interest (71.69% of amount available) (Increase 913,695 52 or 0.79%.) Net Income for the year (Increase $671,655 92 or 4.694.83%4 Dividends paid during the year: Two dividends of 2% each, aggregating Balance,devoted to Improvement of physical and other assets $2,498,328 38 75.348 01 $2.422,980 35 1,737.018 15 $685,982 20 439,980 00 $245.982 20 Property Investment. $54,605,768 30 54,329,923 35 53,356,347 92 49,036,318 18 48,057,539 03 $51,877.17936 Total Operating Income. (Including Hire Per Cent of Equipment and of Other Items). Return. $2.213,542 68 4.05 1.532,557 63 2.82 1,802,110 54 3.38 2,425,691 11 4.95 2,598,474 64 5.41 $2,114.475 32 4.08 FINANCIAL. The changes in fund(d debt shown by balance sheet of December 31 1922 as compared with December 31 1921 consisted in the payment of $369,000 on equipment trusts; and in the addition of $612,000 f ce amount of Ten-Year Six Per Cent. Collateral Notes (secured by $816,000 face amount of Six Per Cent. General Mortgage Bonds, Series A, held by the Secretary of the Treasury as collateral), being the balance received this year of the loan of $1,665,000 authorized by the Interstate Commerce Commission under the provisions of Section 210 of the Transportation Act, to which reference was made in the Annual Reports for 1920 and 1921. 2280 THE CHRONICLE [Vorm 116. 465 77, a decrease of 15.2%. Revenue per passenger per mile was 3.460 cents an increase of 1.8%. The number of passengers carried one mile per mile of road was 89,185, a decrease of 16.4%. Passenger train mileage was 622,883, an increase of 0.4%. Passenger revenue per train mile was $1.728, a decrease of 15.6%; including mail and express it was $2.062, a decrease of 11.2%. Passenger service train revenue per train mile was $2.133, a decrease cf 11.1%. $7,746,076 00 Equipment The decrease in passenger revenue under the previous year 8,564.791 04 Additions and Betterments was largely due to stagnation of business ill the coal fields 816,310,867 04 as a result of the coal miners' strike. It was not practicable, GENERAL REMARKS. however, to make corresponding reductions in the passenger service December 31 1922 consisted of: train service and mileage. The equipment in 129 Increase 6 Locomotives owned There were 807 tons of new 130-lb. rails, equal to 3.9 track 28 No change Locomotives leased under equipment trusts 10 No change miles,2,428 tons of new 100-lb. rails, equal to 15.5 track miles, Locomotives held under other form of title 6 and 6 tons of new 90-lb. rails, equal to .04 track miles, used 167 Increase Total 72 No change Passenger train cars owned existing main tracks. 1,131 Decrease 636 in the renewal of Freight train and miscellaneous cars owned 2.498 No change Freight train cars leased under equipment trusts There were 254,696 cross ties used in maintaining existing 47 No change Freight train cars under special trust tracks, an increase of 23,602. 14.676 Decrease 636 Total freight train and mva-Allaneous cars There were 28,357 yards of ballast used in maintaining The changes during the year in accrued depreciation of existing tracks, an increase of 14,178 yards. equipment were as follows: The general condition of roadway and track was improved 84.030,290 92' Balance to credit of account December 31 1921 during the year. Amount credited by charges to operat$488,065 10 ing expenses The average amount expended for repairs per locomotive Amount credited by adjustment of car 170 00 other accounts was $9,275 74, an increase of 69.6%; per passenger train 8488.235 10 Charges to account, for: $1,503 22, an increase of 36.7%; per freight train car $92 48, Accrued depreciation on equipment per a decrease of 47.7%. These increases in cost of repairs retired during year-636freight and $11871548 work cars unit of locomotives and passenger cars were due almost enAccrued depreciation on cars changed 81 54 In class during year tirely to the extraordinary conditions arising out of the Amount charged in adjustment of acstrike of shop men. 188 32 cruals during Federal control 118,985 34 The nation-wide strike of coal miners paralyzed the coal 369 249 76 industry generally for 4 months and 15 days, begin$4,399,540 68 mining Balance to credit of account Dec. 31. 1922 ning April 1 1922. The coal mines located on your ComApproximately 1.68 miles of yard tracks at Toledo Dock, pany's lines produced less than 60,000 tons of coal between 9.23 miles of yard tracks at Walbridge and 4.79 miles of yard April 1 and July 31 1922. The production during this same tracks at Parsons were completed and placed in service. The period in 1921 was 907,335 tons. The coal strike was setnew lead to Parsons engine.house from Mosel, a distance of tled on August 15, and during the four months from Septemapproximately one mile, which was reported as well under ber 1 to December 31 1922 the mines located on your Comway in 1921, was completed during the year. Additional sid- pany's lines produced and shipped 1,601,206 tons of coal, ings of approximately .41 mile at Prospect,.41 mile at Pow- compared with 775,524 tons during the same period of 1921, ell and .86 mile at Dundas were completed and placed in ser- so that the total coal shipments from local mines during the vice. Stone ballast was applied to 2.1 miles of new second year was 2,410,551 tons, a decrease of 161,169 tons under track between Owens and Marion. 1921. Steam heating system was installed in the nine-stall addiThe Interstate Commerce Commission, after extended tion to Walbridge engine house and in the five-stall addition hearings, ordered a reduction in freight rates approximating to Logan engine house. 10%, effective July 1 1922, and as a result the freight reveErection of a 100,000-gallon conical bottom steel water nues for the last 6 months of 1922 were about $700,000 less tank, replacing 20 x 26 wooden tank, at Bradner, was well than they would have been if the rates had not been reduced. under way and will be completed early in 1923. In the annual report for 1921 it was stated that your Com1921. 1922. pany was taking steps to bring about further readjustment Operating Revenues were.$13,855,463 95 $14.093,001 38 Dec. 8237.537 43 of your employees. The United States Railroad Net Oper. Revenues were_ 3.108,330 79 2,520.607 00 Inc. 587.723 79 of the wages 4.5% Labor Board on June 5 1922 decided the dispute then pendOperating Ratio 82.1% Dec. 77.6% Tons of Revenue Freight ing between the Federated Shop Crafts and the majority of Carried One Mile 1,484,625.674 1.570,395,171 Dec. 85.769.497 .24 the railroad companies, and ordered a reduction in wages of Revenue Train Load,Tons 1,471 Dec. 1,447 Revenue Tons per Loaded 7 cents per hour for skilled labor, helpers and apprentices 1.1 Car 44.4 45.4 Dec. and 9 cents per hour for freight carmen, effective July 1 The revenue coal and coke tonnage was 9,694,416 tons, a 1922. Your employees in these classes, in common with all decrease of 10.2%; other revenue freight tonnage was 2,975,- those on other railroads, refused to comply with the decision 941 tons, an increase of 49.2%. Total revenue tonnage was of the Labor Board and left the service at 10 A. M., on July 12,670,357 tons, a decrease of 1.0%. Freight revenue was 1 1922. $11,637,209 32, a decrease of 2.4%. Freight train mileage The strike was national in scope and in absolute charge of was 1,025,853 miles, a decrease of 3.9%. Revenue ton miles the national leaders of the organizations, so that settlement were 1,484,625,674, a decrease of 5.5%. Ton mile revenue by individual railroads was impossible, and all efforts to was 7.84 mills, an increase of 3.3%. Revenue per train mile reach an agreement with the leaders resulted in failure. The was $11.344, an increase of4.5%. Revenue tonnage per train positions vacated by the strikers have since been filled by mile was 1,447 tons, a decrease of 1.6%, including Company's new men. The officers of your Company made every effort freight, the tonnage per train mile was 1,478 tons, a decrease to properly serve the public, and particularly to serve the of 1.6%. Tonnage per locomotive, including Company's coal mines in view of the extraordinary demand for coal refreight, was 1,275 tons, an increase of .6%. Revenue tonnage sulting from the prolongation of the coal miners' strike. Not per loaded car was 44.4 tons, a decrease of 2.4%. Tons of a single passenger train was annulled on account of the revenue freight carried one mile per mile of road were 4,256,strike. The extra cost of recruiting, feeding and housing 381, a decrease of 5.1%. labor, guarding the property and employees, and bonus payThe decrease of 10.2% in coal and coke tonnage and inments to loyal employees who performed special service outcrease of 49.2% in tonnage of freight other than coal, caused side of their regular line of duty, was $583,159 42. a decrease of 1.6% in the revenue tons per. train. The inThe United States Railroad Labor Board ordered reduccrease of 49.2% in tonnage of revenue freight other than coal tions of 3 to 4 cents per hour in the pay of clerks and certain and coke was the cause of the increase of 3.3% in the reveclasses of laborers and of 5 cents per hour in the wages of nue per ton per mile, notwithstanding the decrease of ap- certain Maintenance of Way Department employees. These proximately 10 %in freight rates, effective July 1 1922. This decreases were effective July 1 1922. After rehearing, the change in the character of freight also caused a decrease in Labor Board ordered an increase of 2 cents per hour effecaverage tonnage per loaded car. tive October 16 1922 for certain employees in the MainteThere were 701,319 passengers carried a decrease of nance of Way Department These orders were made effec31.4%. The number of passengers carried one mile was 31,- tive by your Company and accepted by the employees inter107,670, a decrease of 16.8 1 r tssenger revenue was $1,076,- ested. An analysis of the property accounts will be found on * pages 16 and 17 [pamphlet report] by reference to which it will be seen that additions and betterments were made during the year to the net amount of $270,863 86, of which $501,30145 was added to cost of road, and $230,437 59 was deducted from cost of equipment. During the past fourteen years your Company's net addition to property accounts has been as follows: MAY 191923.] THE CHRONICLE Pursuant to Section 5 of the Interstate Commerce Act as amended February 29 1920, the Interstate Commerce Commission has prepared and served upon the carriers a tentative plan for the consolidation of the Railway properties of the Continental United States into a limited number of systems. This tentative plan provides for the consolidation of the property of your Company with that of The Chesapeake and Ohio Railway Company. The Commission has announced that public hearings will be held in this matter during the summer of 1923. Negotiations with the Director-General of Railroads for a final settlement of the accounts between your Company and the Director-General for the period of Federal Control and 2281 with the Interstate Commerce Commission for the so-called guaranty period, March 1 to September 1 1920 are still in progress. Your Officers are hopeful that final settlements will be secured during the year 1923. Your Directors feel impelled to acknowledge this year with greater emphasis than ever before the great appreciation of the Company for the faithful and efficient services of its officers and loyal employees. This was a year when the true test of loyalty came, and all the officers and a great majority of the employees responded in a manner which will never be forgotten by the Company. By order of the Board of Directors: W. J. HARAHAN, President. GENERAL BALANCE SHEET, DECEMBER 31 1922. Property Investment Cost of Road Cost of Equipment ASSETS. LIABILITIES. Capital Stock 511,000,000 00 Funded Debt First Consolidated Mortgage 457 Bonds 0 1999 316,022.000 00 First Mortgage C. & H. V. R. R.4% Bonds 1948 1.401.000 00 First Mortgage C.& T R. R. 4% Bonds 1955 2,441,000 00 Five Year 6% Secured Gold Notes • 1924 7,500,000 00 Ten Year 6% Collateral Notes 1931 1,665,000 00 329.029,000 00 Equipment Trust Obligations 2.717.000 00 31,746,000 00 $34,677,458 57 19,298,590 21 $53,976,048 78 Securities of Proprietary. Affiliated and Controlled Companies-Pledged stocks 3108,088 66 Bonds 300.000 00 408.088 66 Securities of Proprietary. Affiliated and Controlled Companies-Unpkdged-Miscellaneous 196.652 80 Other Investments Miscellaneous Investments -Securities Pledged 210,000 00 Securities-Issued-Pledged General Mortgage 6% Bonds (see Contra)__.11,820,000 00 -S66,610.790 24 Working Assets' Cash 31,210.073 70 Time Drafts and Deposits... 2.312,00000 Loans and Bills Receivable_500,000 00 Traffic Balances 470,969 79 Agents and Conductors 77,139 16 Miscellaneous Accounts Receivable 381,165 97 United States Government: Unpaid Standard Return Accrued 1,470,756 88 Interest Accrued on above 349,005 58 Unpaid Additional Compensation 22,043 12 Other Working Assets 35,121 97 86.828,276 17 Securities in Treasury--Unpledged-Stocks 500 00 Bonds 326,000 00 Deferred Assets Advances to Proprietary, Affiliated and Controlled Companies $57.667 83 Advances, Working Funds_ - _ 4,026 51 Insurance paid in advance__ _ _ 3,08871 Cash in Sinking Funds 650 74 Special Deposit with Trustee Mortgage Fund 209,778 95 Cash and Securities in Insurance Reserve Fund 65,486 48 United States Government_ _ _ 5,277,883 56 Other Deferred Debit Items-803,027 29 326.500 00 6,421,610 07 15,104.77902 $81.715,569 26 Total $42,746,000 00 General Mortgage 6% Bonds, not in hands of public (see Contra) 1949 11,820,000 00 Working Liabilities Traffic Balances 8360,169 04 Audited Vouchers and Wages Unpaid 1,063,943 56 Miscellaneous Accounts Payable 143,842 55 Matured Interest. Dividends and Rents Unpaid 371,340 00 Other Working Liabilities 35,431 83 $1.974.726 98 Deferred LiabilitiesUntnatured Interest. Dividends and Rents Payable_ _ $277,344 17 Taxes accrued 783,739 81 Operating Reserves 173.084 17 Accrued Depreciation-Equipment 4,399,540 68 United States Government_ _ _ 8,144,987 06 Other Deferred Credit Items.._ 1,142,914 39 14,921,610 28 16,896,337 26 Appropriated Surplus Additions to Property through Income since June 30 1907-- $268,793 54 Funded Debt Retired through Income and Surplus 131,331 90 Reserve Invested in Insurance Fund 65,486 48 Other Reserves 91,823 14 Appropriated surplus against contingent liability for freight claims 13,279 33 $570,714 39 Profit and Loss -Balance 9,682,517 61 10,253,232 00 Total $81,715,569 26 ATLANTIC COAST LINE RAILROAD COMPANY ABSTRACTS OF ANNUAL REPORT -FOR F ISCAL YEAR ENDED DECEMBER 31 1922. Richmond, Va., May 15 1923. To the Stockholders of the Atlantic Coast Line Railroad Company: The Board of Directors of tile Atlantic Coast Line Railroad Company respectfully submits the fbllowing report for the year ended December 31 1922: BIIIJEAGI1 Miles owned December 31 1921 4,770.53 Miles not owned but operated under lease and trackage b,contracts or operation contracted for with owner 164.42 -4,934.95 Miles owned but not operated by this Company 10.88 Miles operated December 31 1921 Miles added during the year: Meadow Junction to Clopton,transferred from non-operated mileage Arcadia to Carlstrom Field, previously constructed but not included in mileage Branches to mills and factories: Transferred from Company tracks 45.87 Trackage rights 2.10 Construction and resurvey 4.88 4,924.07 2.97 7.30 52.85 63.12 Miles deducted during the year: Spurs to mills and factories: Deducted from main and branch line tracks to conform to mileage reported to Inter-State Commerce Commission 125.26 Net decrease between track constructed and track abandoned 1.49 126.75 Dec.63.63 Total miles main line and branches operated December 31 1922.-4.860.44 Average mileage main line and branches operated during year _ _ A,852.21 Mileage main line and branches owned December 31 1922 4,702.02 Double-track mileage owned December 30 1922 341.55 Double-track mileage operated December 31 1922 348.38 Spurs to mills and factories operated December 125.26 Company service tracks operated December 3131 1922 1 103.32 1922 INCOME ACCOUNT. 1922. 1921. Operating revenues $4,092,577 00 Operating expenses and$70,823,344 82 $66,730,767 82 Inc. taxes 56,308,448 02 61.080,832 69 Dec. 4,772.384 67 Net -operating revenues, less taxes $14.514.896 80 35,649.935 13 Inc.$8,864,961 67 Uncollectible railway revenue 69,650 09 Inc. 12,222 91 81.873 00 Other income 314,433,023 80 $5.580,285 04 Inc.$8,852,738 76 4,907,867 99 4,423,109 80 Inc. 484,758 19 Gross income Interest and rentals 319.340,891 79 $10,003,394 84 Inc.$9,337,496 95 7,121,089 25 7,146,607 25 Dec. 25,518 00 deductions$12 219 802 54 $2,856,787 59 Inc.39,363,014 95 Miscellaneous from income 615,728 79 1,066,218 97 Dec. 450,490 18 Net income $11,604,073 75 $1.790,568 62 Inc.39.813.505 13 INTEREST AND RENTALS. 1922. 1921. Interest on funded debt $6,042,237 00 36.042,237 00 Interest on certificates of indebtedness 5.404 00 5.404 00 Interest on ten-year secured notes of May 15 1920 420,000 00 420.000 00 Interest on equipment trust bonds of December 1 1911 7,50000 Interest on equipment trust notes of January 15 1920 358,315 25 , Dividend on equipment trust certificates of 332,797 25 February 1 1921 268,125 00 00 Interest on Brunswick & Western income bonds 274,625 00 e 750 00 750 Rentals 44.276 00 45.276 00 37.121.089 25 37.146.607 25 THE CHRONICLE 2282 [VOL. 116. There were 474 new industries of varied descriptions located on your lines during the year and 51 additions to plants $9,835 00 already established. To Preferred Stockholders, 5% $4.801.034 00 To Common Stockholders,7% GENERAL REMARKS. OPERATING REVENUES. Final settlement of the claim of your Company, on account Per yet been Increase. Cent. of operations during the guaranty period, has not 1921. 1922. Freight $48.857.557 94 $44,558,741 27 $4,300,816 67 9.65 made with the Federal Government, but it is expected that Passenger 15,871,367 42 16,787,056 28 *915,688 86 5.45 settlement will be effected in the near future. 132,748 47 *154 07 0.12 the Excess baggage 132,594 40 The returns filed by your Company with the Interstate 1,355,220 72 27.73483 2.05 Mill 1.382.955 55 783,258 40 43.55 Commerce Commission, as required under Section 15a of the Express 2,581,626 23 1,798,367 83 541,919 14 602.876 61 *60,957 47 10.11 All other transportation Interstate Commerce Act, as amended, relating to the payIncidental and joint la facility 1,497.756 64 *42.432 50 2.83 ment to the Federal Government of one-half of the Railway 1,455,324 14 excess of six per cent, of the value of $70,823,344 82 $66,730,767 82 $4,092,577 00 6.13 Operating Income in Total property used in transportation service, show that the RailOPERATING EXPENSES AND TAXES.$ way Operating Income of your Company for the year ended Per December 31 1922 was at a rate less than six per cent. on the Cent. Decrease. 1921. 1922. value of railway property used by it in transportation serMaintenance of way $8,434,956 13 $9.859,444 65 $1,424.488 52 14.45 and structures vice. 937,601 22 6.15 Maint. of equipment- 14.297,180 55 15,234.781 77 Effective July 1 1922 the United States Railroad Labor 1,161,023 75 z115,099 60 9.91 1,276.123 35 Traffic 26,018,260 29 29,703,40641 3,685,10 12 12.41 Board ordered a reduction in the rate of wages payable to Transportation 18,357 85 4.75 386.318 51 367,960 66 Miscall. operations_ This reduction was not accepted by the great 19,961 76 1.20 shop forces. 1,669,648 80 1,649,687 04 General expenses of such employees who thereupon left the service. majority Transportation for inz1,928 80 21.94 The consequent necessary reorganization of the shop forces 8,791 20 10,720 00 -Credit vestment $52.033,448 02 $58,005,832 69 $5,972,384 67 10.30 was effected with only slight interruptions in the service, 4,275,000 00 3,075,000 00 z1,200,000 00 39.02 Taxes although the volume of freight traffic handled during this 456,308,448 02 $61.080,832 69 $4,772,384 67 7.81 period was about fifteen per cent. greater than during the Total Figures for 1921 do not include Federal control period lap-over items. same period in previous year. (See footnote, pages 41 and 42(pamphlet report.) Preliminary reports in connection with the Federal valuaz Increase. tion of your Company's railroad property have been served * Decrease. on your Company by the Bureau of Valuation of the InterAGRICULTURE AND INDUSTRY. state Commerce Commission, which preliminary reports are The Agricultural and Industrial Department is charged having the careful consideration of your officers for discuswith the responsibility of aiding and directing agricultural, sion and adjustment with the Bureau of Valuation. commercial and industrial development, colonization and the During the year, construction was commenced of second improvement of live stock transportation. It has continued track on portions of your Company's main line between Richto direct special attention to live stock improvement and mond and Jacksonville, as follows: transportation with encouraging results, a substantial reducMiles. 3.30 tion having been made during the year in the amount of From Bennett to Ashley River, S. C 29.73 C., to Central Junction (Savannah), Ga " Ridgeland, S. claims paid on account of handling of live stock. The public 7.88 (Savannah) to Burroughs, Ga " Southover 440 interest in the live stock industry has been continued and " Doctortown to Jesup, Ga ten thousand acres of improved pastures have been planted 45.31 Total in the Eastern Carolinas. placed The second track from Bennett to Ashley River was The crops throughout the territory were generally good in operation in December 1922 and the balance will be comand the prices received therefor were on a higher level than pleted during the early part of this year. the preceding year. This has brought about a decided feelSince December 31 1922 construction of additional second ing of optimism on the part of the farmers. The following track on your Company's line of railroad has been authorfigures give the value of farm products for the year 1922 as ized, as follows: compared with the year 1921, and the five-year average 1916 Miles. 57.00 From Parkton, N. C., to Pee Dee, S. C to 1920, inclusive, in the States served by your line: DIVIDENDS. Dividends were declared as follows during the year: 342,637,000 162.728,000 212,234,000 70,211,000 230,432,000 1921. $133,255,000 252.376,000 143,962,000 172,496,000 50,363,000 147,293,000 1916-1920 Average. $259,267,000 402,171,000 337,088,000 476,605,000 82,906,000 263,784,000 $1,189,793,000 $899,745,000 $1,821,821,000 1922. Virginia North Carolina South Carolina Georgia Florida Alabama Totals $171,551,000 " Java to Lanes, S. C " Drayton Hall to Ridgeland, S. C " Burroughs to Altamaha, Ga " T.Iceta to Tampa,Fla At Sanford. Fla Total • 41.00 65.40 38.00 2.94 1.00 205.34 Work on portions of the above second track has been commenced and it is expected that all will be completed prior to December 31 1927. Since the close of theyear the Louisville & Nashville Railroad Company has, under authority of the Interstate Commerce Commission, declared a stock dividend of 62%%. In payment of said dividend, your Company received on May 7 1923 $22,950,000 par value of capital stock of Louisville & Nashville Railroad Company, making total now held of $59,670,000. Attention is called to the following statements submitted as a part of this [pamphlet] report: Roadway Operations. Equipment Additions and Betterments charged to Cost of Road. Additions and Betterments charged to Cost of Equipment. Increase in Cost of Road and Equipment. Accounting Department Statistics. The Board of Directors acknowledges its appreciation of the support of the patrons of the Company and of the services of its officers and employees. J. R. KENLY, Preadent. H. WALTERS, Chairman. These figures are furnished by the United States Government and are estimated for the year 1922. The boll weevil depredation has spread from South Carolina and Georgia to North Carolina, and the Department has done a great deal of work in bringing to the attention of farmers the necessity for rotation and diversification of crops and of adopting the very latest methods as furnished by the United States Department of Agriculture for combating this pest. The continued campaign for the building of sweet potato storage warehouses has met with success, and during the past few years storage houses having aggregate capacity of one million bushels have been built. The representatives of the Department have kept in close touch with Chambers of Commerce, county agricultural agents, bankers and farmers, and in this way, Lnd through the press, have given their aid to a large body of farmers and others interested in agricultural development. All requests received during the year from home seekers were carefully handled and the information asked for was furnished, and the movement of people into .the territory to (For Comparative General Balance Sheet, Income Account, atc., engage in farming has continued. see "Annual Reports," in Investment News columns.] 2283 THE CHRONICLE MAY 19 1923.] INTERNATIONAL.CEMENT CORPORATION -FOR. THE PERIOD ENDED DECEMBER 31 1922. FOURTH ANNUAL REPORT REPORT OF THE PRESIDENT. New York, May 7 1923. To the Stockholders of the International Cement Corporation: The Fourth Annual Report is herewith submitted, Including the Treasurer's Report, giving the results of operations for the year 1922, and the financial condition of your Company as at December 31 1922. Net Income for the year amounted to $1,425,047 20, which is after Depreciation and Depletion Reserves of $927,145 87 and provision for Federal Income Tax. Allowing for preferred dividends paid, this amount is equivalent to approximately $406 per share on the 324,047 shares of common stock outstanding at the close of the year. During tile year all of the plants have have been kept in continuous operation with the exception of the Knickerbocker plant; this plant was partly shut down during the year in order to carry out the construction program formulated at the time of its acquisition as outlined in the last Annual Report. The work is almost completed and the results obtained so far during the current year indicate that the earnings expected from this plant will be fully realized. Toward the close of the year negotiations were entered into for the purchase of the plant and properties of the Bonner Portland Cement Company, located near Kansas City, Missouri. This purchase was completed on January 3 1923 for a cash consideration of $400,000, and the assumption of $200,000, outstanding,bonded indebtedness. A new company was chartered in Kansas under the name of The Kansas Portland Cement Company, with a capitalization of $500,000 fully paid up and consisting of the $400,000 cash paid for the property as above stated and $100,000 working capital. The new company is now operating to capacity, distributing its product to the trade under "SUNFLOWER" brand, and should show a satisfactory margin of profit for the year. In view of the strong financial condition of your Company, the Directors deemed it advisable to call for redemption on March 20 1923 the $1,500,000 Five-Year 8% Convertible Gold Notes. Practically all of the holders of these notes availed themselves of the conversion privilege and converted their notes into common stock. These conversions increased the outstanding common stock to 364,137 shares, the amount outstanding at the present time. During the year dividends were paid amounting to $700 $2 per share on the preferred stock and. 62% per share on the common stock. During the last quarter, the quarterly rate on the common was increased to 75 cents, which is at an annual rate of $300 per share. Your Company is in excellent position both from an operating and financial standpoint to benefit by the continuance of the satisfactory general business conditions which prevailed during the year 1922 in the territories served by its subsidiaries. As indicated by the report for the first quarter of 1923, the ontiook for increased earnings for the current year over the year 1922 is promising. Respectfully submitted, HOLGER STRUCKMANN, President. REPORT OF THE TREASURER. New York, May 7 1923. Mr. Holger Strucicmann, President, International Cement Corporation, 342 Madison Avenue, New York, N. Y. Dear Sir: I submit herewith the Comparative Consolidated Balance Sheet of the International Cement Corporation as at December 31 1922 and December 31 1921 and Comparative Consolidated Profit and Loss Statement for the years 1922 and 1921. The accounts of the parent corporation as well as those of the subsidiaries have been audited by Price, Waterhouse & Company, Certified Public Accountants, whose certificate is given herewith. The following summary shows the disposition of the income for the year: • INCOME. Net Income from Operations as per Profit and Loss Statement_31,501,874 76 Increase to Depreciation and Depletion Reserves for which 891,065 41 there was no cash expenditure 45,501 04 Sundries • $2,438,441 21 DISPOSITION. $957,648 77 Dividends Paid 213,043 00 Mortgage Indebtedness paid off 318,652 96 Increase in Net Current .Assets 638,701 31 in Plant. Property. etc Increase Net decrease in Reserve for fluctuation in price of Sacks. 310,395 17 Contingencies, etc $2.438,441 21 Respectfully submitted, JOHN R. DILLON, Treasurer. PRICE, WATERHOUSE & CO., 56 Pine Street, New York. April 17 1923. To the Stockholders of the international Cement Corporation: We have examined the books of the International Cement Corporation and subsidiary companies for the year ending December 31 1922 and certify that the balance sheet at that date and the relative consolidated surplus account and income account are correctly prepared therefrom. During the year only actual additions and extensions have been charged to property account and the provisions made for depreciation and depletion are, in our opinion, fair and reasonable. Full provision has been made for doubtful accounts receivable and for all ascertainable liabilities, and We Certify that the consolidated balance sheet.and relative consolidated surplus account and income account show, in our opinion, the financial position of the International Cement Corporation and its subsidiary companies on December 31 1922 and the results of operations for the fiscal year ending at that date. PRICE, WATERHOUSE & CO. INTERNATIONAL CEMENT CORPORATION AND SUBSIDIARY COMPANIES. COMPARATIVE CONSOLIDATED PROFIT AND LOSS STATEMENT FOR THE YEARS ENDED DECEMBER 31 1922 AND DECEMBER 31 1921. 1921. 1922. Sales, Less Discounts, Allowances, etc $9,172,311 44 $9,407,724 91 Increase. $235.413 47 Cost of Sales: Manufacturing and Shipping Costs Provision for Depreciation and Depletion $430.974 59 33.054 16 Total Cost of Sales ______________________________________________ - $5.739,578 05 927,145 87 55.308.603 46 894,091 71 36,666,723 92 $6,202,695 17 $464,028 75 Manufacturing Profit-- _ - _ _ Selling. Administrative and General Ex______ $2,741.000 99 1,047.371 91 $2,969,616 27 953,695 99 *$228,615 28 93,675 92 Not Profit from Operations Miscellaneous Income 31.693,629 08 168,451 01 $2,015,920 28 255,209 64 •3322,291 20 '88,75563 Total Income Interest, Taxes, Exchange -------- on ------------ transferred during -------- and inliCellaneous ------------- $1,862,080 09 437,032 89 $2,271,126 92 741,226 31 *3409,046 83 '30419342 Net Income for Year, taking accounts of Foreign Subsidiaries at par of exchange, transferred to Surplus Account $1,425,047 20 $1,529,900 61 '$10485341 CONSOLIDATED SURPLUS ACCOUNT. Balance December 31 1921 ____________ _ ___ _ __________________________________________________________________________________ 31,501,418 27 Balance transferred from Income account, above _______________________________________________________________________________ 1,425,047 20 Add$2.926.465 47 Decrease in adjustment for exchange on netcurrent assets in South America, taken at rates prevailing at December 31st of the respective yearti ____________________________________________ ------------------- $195,478 70 Excess provision for Cuban income 7 - x Year Fa 4,494 14 ---- - -- -- ---- - - - ---- - ---------------------------------Discount on preferred stock purchased less premium on bonds acquired for sinking fund 2.233 50 202,20634 $3.128,671 81 Deduct Appropriated for Contingencies _ 346,731 11 Sei Surplus of subsidiary companies. ----------------------- ---------------6,901 42 ----------------------- Xigeictine 53,632 53 $3.075,039 28 Deduct-Dividends Paid: International Cement Corporation preferred stock at rate of 7% i3er annum $107,016 00 International Cement Corporation Common Stock at rate of $2 6254 Per share • 850,632 77 Cuban Portland Cement Corporation-Stock dividend on shares not owned 2.49595 960.144 72 to Balance Sheet--------------------------------------- ____________________________________________ 32,114,894 56 Surplus-Carried * Decrease. 2284 THE CHRONICLE [Vol.. 116. INTERNATIONAL CEMENT CORPORATION AND SUBSIDIARY COMPANIES. COMPARATIVE CONSOLIDATED BALANCE SHEET DECEMBER 31 1922 -DECEMBER 31 1921. ASSETS. Capital Assets: 1922. 1921. Plant Sites, Mineral Lands, rights, buildings, machinery, equipment, tools, furniture and fixtures, etc $15,100,997 68 $14,471,026 01 Less: Reserve for Depreciation and Depletion 3,568,382 50 2,667,317 09 Increase. $629,971 67 901,065 41 511,532,615 18 2,074,991 48 $701.413 11 174,465 66 *131,329 93 *611 60 *570,323 31 $4,201,082 12 489,874 91 $173.613 93 *306,101 87 $3,711.207 21 $479,715 80 $231,804 22 $276.052 75 *544,248 53 $15,955,342 41 LIABILITIES. Capital Stock: Preferred 7% Cumulative-Authorized 50,000 shares, par $100 00: Issued and Outstanding Less: Held in Treasury, 361 shares $265,607 45 33,902 48 1,255,645 80 611 60 2.645,314 79 $4,190,923 01 Deferred Charges 20,600 00 $178,000 68 500,727 44 22,684 99 $4,374,696 05 183.773 04 Less: Reserve for Loss on Exchange on Net Current Assets in South America *5271,09374 $245,007 45 $967,020 56 208,368 14 1,124,315 87 Notes Receivable Accounts Receivable less Reserve Employees' Subscriptions to Capital Stock Inventories 511,803.708 92 $423,008 13 500.727 44 43,284 99 Current Assets: Cash in bank and on hand U. S. Treasury Certificates of Indebtedness and accrued interest thereon Liberty Bonds and other marketable securities and accrued interest thereon $15,790,968 88 $164,373 53 1922. 4,550 76 *56274924 577,642 26 *56,948 95 $246,000 00 94,801 00 *546,000 00 *13,54300 $281.258 00 5340,801 00 *559,543 00 $1,353,500 00 7.000 00 51,500,000 00 *5146.50000 7,000 00 $1,346,500 00 51.500,00000 *5153,50000 1453,941 58 37,882 75 131,255 32 $537,612 43 114,137 92 121,90541 *583,670 85 *76,255 17 9,34991 $623,079 65 Reserves: Fluctuation in price of sacks and contingencies Surplus of subsidiaries set aside in accordance with Argentine and Uruguay Laws 511.497.204 62 $200,000 00 81,25800 $773,655 76 *5150,576 11 564,464 52 19,996 99 Current Liabilities: Notes and Accounts Payable ___________________________________________________________ Accrued Wages, Expenses and Interest Reserve for Income Taxes *$67.300 00 9,939,204 62 $70,693 31 Funded Indebtedness: International Cement Corporation 8% Convertible Gold Notes Less: Held in Treasury for Sinking Fund Requirements $1,558,000 00 $11,434,455 38 Mortgage Indebtedness of Subsidiary Companies: Texas Portland Cement CO. 6% due annually to May 1 1924 Cuban Portland Cement Corporation 7%% due annually to May 31 1928 *531,200 00 36,100 00 9,943,755 38 Capital Stock of Subsidiaries Not Owned $1,558,000 00 $1,490,700 00 Common-Authorized 400,000 shares of no par value: Issued and outstanding, 324,047 1921. $1,526,800 00 36,100 00 $87,151 41 13,095 56 *522.686 89 6,901 43 Increase. $84,461 51 $100,246 97 *515,785 46 Surplus _________________________________________________________________________________ $2,114,894 56 51,501.418 27 $613,476 29 $15,955,342 41 $15,790,968 88 $164,373 53 * Decrease. NOTE. -Under terms of deed of trust covering issue of first mortgage bonds of the Texas Portland Cement Company the proportion at December 31 1922 of the amount to be paid to the sinking fund for redemption of bonds on May 1 1923 amounts to $32,000 00. HAVANA ELECTRIC RAILWAY LIGHT & POWER COMPANY ABSTRACTS FROM THE ELEVENTH ANNUAL REPORT OF THE DIRECTORS, FOR THE YEAR ENDED DECEMBER 31 1922, FOR SUBMISSION AT THE ANNUAL MEETING OF THE STOCKHOLDERS CALLED FOR MAY 17 1923. To the Stockholders: Your Directors beg to submit their Eleventh Annual Report. The Gross Earnings for the past five years were as follows: 1918 58.176.544 76 1919 19.397,45246 1920 511,477.937 27 1921 $12,882,652 56 1922 512,910,707 17 A condensed statement of the results of the operations during the same five years is: Gross Earnings Operating Expenses and Taxes 1918. 58.176.544 76 4,376,655 65 1919. 59,397.45246 4,979,685 22 1920. 511.477,93727 6,448,451 78 1921. $12,882,652 56 7,376,343 65 1922. $12.910,707 17 6,308,968 10 Net Income Miscellaneous Income (Net) 53,799,889 11 140,894 91 $4,417,767 24 64.538 26 55,029.485 49 47,783 85 55,506,308 91 122,766 56 $6,601,739 07 189,052 87 Total Net Income First Charges $3,940.784 02 989.138 16 $4,482,305 50 979,710 79 15.077,269 34 968.759 31 55,629.075 47 1,009 011 33 56,790,791 94 1,087,007 54 Net Profits from Operation and Miscellaneous Income_ __ - 52,951,645 86 53,502.594 71 54.108,51003 Out of the Net Profits from Operation and Miscellaneous Income for the year under review, namely there has been set aside as Reserve for Depreciation and Contingencies leaving a Balance of The Balance at Credit of Profit and Loss Account, January 1 1922. was Total $4,620,064 14 The following disposition was made thereof: Miscellaneous Accounts written off, net Amortization of Discount and Expenses on Funded Debt__________________________________________________________________ Provision for Sinking Fund in respect to English Bonds of Compania de Gas y Electricidad de la Habana Provision for Sinking Fund in respect to the Consolidated Mortgage Bonds of the Havana Electric RaAway Company ProvLsion for Sinking Fund in respect to the General Mortgage Bonds of Havana Electric Railway, Light & Power Company Premium on Redemption of Five-Year 7% Secured Convertible Gold Notes. dated September 1 1921 Dividends paid during the year (6% on the Preferred Stock and 6% on the Common Stock) Balance carried forward to 1923 Total 55,703,784 40 55,703,784 40 2,900,000 00 52,803,784 40 3,781.039 92 $6,584,824 32 $120,467 65 130.556 24 15,949 99 131.666 00 135,513 54 33.75000 2,155,261 38 3,861,660 12 $6,584,824 32 MAY 19 1923.] THE CHRONICLE 2285 BALANCE SHEET DECEMBER 31 1922. ASSETS Properties, Plant and Equipment, as per Balance Sheet, Dec. 31 1921 161,035,533 18 Net Additions during Year 2,239,86260395 78 Investments (at Cost) 383.460 88 Current Assets: Hand Cash in Banks and on $3,577,044 24 Accounts and Notes Receivable after providing for Bad and Doubtful Debts 2,478.937 96 Materials, Merchandise and Supplies on Hand 1,965,276 09 Materials in Transit 116,604 44 8,137,862 73 Special Cash Funds: Employees' Retirement Fund $137.690 25 For the redemption of 5 -year 7a Secured Convertible Gold Notes, dat Sept. 1 1921 7,987 44 Other Funds 679 23 146,35692 Deferred Assets, Charges, &c.: Insurance paid in advance, &c 71.008 65 Capital Sto& of Havana Electric Railway, Light & Power Company $17.677 00 Held in Reserve in respect of the following: Capital Stock of Havana Electric Railway Co., Outstanding: To be exchanged for Capital Stock of the Havana Electric Ry., Light & Power Co $14,975 00 Capital Stock of Compania de Gas y Electricidad de la Habana, Outstanding: To be exchanged for Capital Stock of the Havana Electric Ry., Light & Power Co_ ___ 2,702 00 17,677 00 LIABILITIES Capital Stock: Authorized: 210,000 shares 6% Cumulative Preferred Stock, par value $100 each___ _$21.000,000 00 150,000 shares Common Stock, par value $100 15.000,000 00 each $36,000,000 00 Issued and fully paid: 6% Cumulative Preferred Stock: 209,787 Shares, par value $20,978,700 00 $100 each Less: Held in Treasury, 19.23 Shares, par value $100 each 1,92300 $20,976,777 00 Common Stock: 150,000 Shares, par value $100 each $15,000,000 00 Less: Held in Treasury, 558.54 Shares, par value $100 each 55,854 00 14,944,146 00 $35,920.923 00 Funded Debt: 21.611.024 06 As per Schedule attached hereto 100,000 00 Mortgage on Real Estate Current Liabilities: Accounts Payable $325,580 10 Dividends and Interest due but unpaid 85.587 60 Accrued Interest on Bonds 338,776 85 749.944 55 137,690 25 Employees' Retirement Fund 707.729 15 Consumers'and Other Deposits, &c 725,038 53 Reserves for Taxes and Contingencies 522,952 51 Special Reserve Reserve for Depreciation 6,000,000 00 Corporate Surplus: As per Schedule attached hereto 5,538,782 91 $72,014,084 96 $72,014,084 96 We have verified the above Balance Sheet as at December 31 1922 and and the accompanying Profit and Loss Account for the year ended at that date, with the books of the Company, and, subject to the sufficiency of the reserve for Depreciation, we certify that in our opinion, they correctly set forth, respectively, the financial position of the Company as at December 31 1922 and the results of the operations for the year. DELOITTE. PLENDER, GRIFFITHS & CO.. Edificio de la Lonja 511-14, Auditors. Havana, Cuba, March 5 1923. CORPORATE SURPLUS -DECEMBER 31 19.22 Profit and Loss Account-Credit Balance at December 31 1921 Net Profit for the Year 1922. as per Profit and Loss Account $3,781,039 92 2.235,881 58 16.016.921 50 Deduct Dividends Paid On Preferred Stock: May 15 1922 on 820,976,977 00 at 3% $629.309 31 Nov. 15 1922 on $20,976,777 00 at 3% 629,30331 $1,258,612 62 On Common Stock: May 15 1922 on $14,944,146 00 at 3% $448.324 38 Nov. 15 1922 on $14,944,146 00 at 3% 448,324 38 896.648 76 2.155.261 38 Profit and Loss Account -Credit Balance at Dec. 31 1922 13.861.660 12 Funded Debt Retired Through Income and Surplus Consolidated Mortgage 5% Gold Bonds of Ilavana Electric Railway Company $947.000 00 Thirty-seven-Year English 5% Sinking Fund Mortgage Bonds of Compania de Gas y Electricidad de la Habana 187.049 95 General Mortgage 5% Sinkhig Fund Gold Bonds of Havana Electric Railway, Light & Power Company 319,000 00 1.453.049 95 Sinking Fund Reserves Consolidated Mortgage 5% Gold Bonds of Havana Electric Railway Company $139.802 00 General Mortgage 5% Sinking Fund Gold Bonds of Ilavana Electric Railway, Light & Power Company 224.072 84 84,270 84 Corporate Surplus, carried to Balance Sheet $5 538 782 91 CONDENSED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31 1922. Railway Department. $5,756,438 47 3,689,592 87 Gross Earnings from Operation Operating Expenses _____________________________________ Light and Power Total. Department. $12,910,707 17 87,154,268 70 5,952,449 02 2,262,856 15 $2,066.845 60 $48.746 04 304.400 00 3,373 04 1,087.007 54 $769,819 49 $1,443.526 62 $1,393,138 47 $4,121,593 06 $5,514,731 53 1589.370 21 153,748 75 • 16,958.258 15 128.00000 271.000 00 $673,707 13 Deduct-Reserve for Depreciation Reserve for Contingenci $4,891,412 55 $20,746 04 33,400 00 3,373 04 616,188 05 Deduel-Taxes, U. S. A Taxes, Cuba-----------------------------Trigo Annuities Interest $1,710,629 79 446,251 25 $2,300,000 00 600,000 00 470,819 49 $743,118 96 12,156.881 04 32.900.000 00 $650,019 51 $1.964.712 02 12,614,731 53 Add-Interest on Deposits ____________________________________________________________________________________________ _____ Income from Securities Rents Other Miscellaneous Income Deduct-Miscellaneous Accounts written off, net Amortization of Discount and Expenses on Funded Debi _ _Provision for Sinking Fund of Thirty-seven-Year English 5% i'vitia-ic;Bonds of Compania do Gas y_________________ de la Ilabana Provision for Sinking Fund of Consolidated Mortgage 5% dol Bonds o Havana Electric Railway Company_ _ _ _ -__-_ Provision for Sinking Fund of General Mortgage 5% Sinking Fund Gold Bonds of Havana, Electric Railway, Light & Power Company Premium on redemption of Fiv ___%____________ ________ __________ -1115 _ Net Profit for the Year, carried to Surplus Account $88,122 13 18,554 08 38.190 20 44.186 46 $189,052 87 $2,803,784 40 $120,467 05 130,556 24 15,949 99 131,666 00 33 753 54 : 135 510 00 567,902 82 $2,235,881 58 SCHEDULE OF FUNDED DEBT DECEMBER 31 1922. Consolidated Mortgage 5% Gold Bonds of Havana Electric Railway Company, dated Feb. 11902. due Feb. 1 1952 $8, 4141 0 9 44 :911 0 514 9 Less: In Treasury $8,069,170 00 6% General Consolidated Obligations of Compania de Gas y Electricidad dela Habana,called for redemption on June 15 1917 5,300 00 Fifty-Year 6% Mortgage Bonds of Compania do Gas y Electricidad do la Habana,dated 1904, due 1954 $3,998.000 00 Less! In Treasury 3,997,904 00 96 00 Thirty-seven-Year English 5% Sinking Fund Mtge. Bonds of Compania de Gas y Electricidad de la Habana, 1906..£111,300 $537,950 05 Less: In TreasurY ___________________________________________________________________________ 88,200 426,299 99 111.650 06 £23,100 General Mortgage 5% Sinking Fund Gold Bonds of Havana Electric Railway, Light & Power Company,dated Sept. 1 1914. due Sept. 1 1954 ________ ____ $10.828.000 00 -0d with Trustee mider Less: Deposit ___________________________________________________ be Deposited with Cuban Government ________________________________________________ 52,000 00 In Treasury ______________________________________________________________________ 1,037,000 00 1.408.00000 • 9,420.000 00 Five-Year 7% Secured Convertible Gold Notes, dated Sept. 1 1921, called for redemption on Sept. 1 1922 7.000 00 $21 611 024 06 THE CHRONICLE 2286 Standard Steel Works Co. -5% Dividend. The company has declared a semi-annual dividend of 5%,payable July 1 to holders of record June 30. The Baldwin Locomotive Works own all the stock of the company. -V. 115, p. 317. Stromberg Carburetor Co. of Quarter ended March 31Earnings Expenses Deductions Federal taxes Net profit Profit and loss -V.116, p. 1063, 188. America, Inc. -Earnings. 1923. 1922. $433,868 $134.411 130,682 92,466 11.158 7,679 37,500 4,000 $254,527 $30,266 $2.993.745 $2,465,221 -Dividend Increased. Texas Gulf Sulphur Co. The directors have declared a quarterly dividend of 81 50 per share on the outstanding $6,350,000 Capital stock, par $10, payable June 15 to holders of record June 1. This compares with $1 25 paid March 15 last and a quarterly dividend of $41 25,together with an extra of 75 cents, paid Dec.15 1922 (see also V. 115, p. 2280).-V. 116, p. 1907. -Earnings. Tobacco Products Corporation. Net profits before taxes in the first four months of 1923(April estimated) were $976,000, compared with $467,000 in the same period of 1922. These figures represent earnings only of the parent company, and do not include dividends from subsidiaries. Dividends received in the first four months of 1923 were 81,067.000, making total net for the period $2,043,000.V. 116, p. 2140, 2019. -To Increase Capital. Truscon Steel Co. The stockholders will vote May 28 on increasing the Preferred stock from 32.500.000 (par $10) to $3,000.000 (par $100). and on authorizing 300,000 Common shares of no par value. There are at present outstanding 320.000 shares(par $10).-V.115. p. 2914. -Bonds Offered. (Sigmund) Ullman Co., New York. Peabody, Houghteling & Co. Inc., New York, are offering at prices to yield 6M% $350:000 1st Mtge. 6% Serial Gold bonds. A circular shows: Dated April 10 1923. Due annually April 1924 to 1938. Int. payable A. & 0. at the Lawyers Title & Trust Co., New York, trustee, and First National Bank, Chicago. Red. in reverse order of maturities at 105 and. int. during first 3 years and at a premium of 1% less during each period of 3 years thereafter. Denom. $1,000 and $500 co'. Int, payable without deduction for Federal income tax, but not in excess of 2%• -Founded in 1861, first as importers of printing inks from Company. Europe. Company is one of the principal manufacturers in this country kinds of inks for printing, lithographing and other methods used by of all the graphic arts. It manufactures inks for practically every purpose for which inks are used, but specialized particularly on quality inks. Plant occupies about 41,470 sq.ft. of land at Park Ave. and 146th St., New York City. Sales and Earnings. 1922. 1921. Year1920. 1919. $1,052,644 $976,967 31,284,713 Sales $891,706 158,240 12.665 xNet earnings 136,297 104,395 130,715 loss16,146 yNet profits 81,971 111,892 x Net earnings available for interest and Federal income taxes. y Available for divs. after surplus adjustments. Earnings for the first 2 months of 1923 have been at a rate in excess of those of 1922. Purpose. -Refunding current liabilities and additional working capital. Union Oil Co. of California. -Registrar-Tenders. - The Central Union Trust Co. of New York has been appointed registrar for $7.500,000 6% serial gold bonds, dated April 1 1923 (see offering in V. 116, p. 1661). The Equitable Trust Co. of N. Y.. trustee, up to May 15 received bids -Year Sinking Fund bonds, dated Jan. 2 for the sale to it of 1st Lien 5% 20 1911. to an amount sufficient to exhaust 81.097,000.-V. 116, p.2019. 1661. United Illuminating Co., New Haven. -Increase. The company has filed a certificate with the Secretary of State at Hartford. Conn., increasing its authorized Capital stock from $8,000,000 to $10,000,000. par 3100.-V. 115, D. 2805. United Paperboard Co. -Resumes Dividends. - A dividend of 6% has been declared on the Preferred stock, payable July 2 to holders of record June 7. This is the first dividend paid by the company since July 15 1921, when a distribution of 13 , 6% was made. -V. 116. P. 174 . United Retail Stores Corp. -Dissolution Proposed. In accordance with resolutions adopted by the directors declaring it "advisable in their judgment and most for the benefit of the corporation that it should be dissolved," the stockholders will vote on June 6 on dissolving the corporation. The stockholders will also vote on authorizing the directors as trustees under dissolution to settle the affairs of the corporation, to sell or otherwise dispose of its assets, to pay and discharge its debts and obligations and the costs and expenses of liquidation, &c., and to do and perform all other acts and things deemed necessary or proper in reference to or in connection with the dissolution and the winding up of the company's affairs. -V.116, p. 833. 512. United States Brewing Co. -Debentures Called.- • -Year 6% Sinking Fund Gold debenAll of the outstanding 1st Mtge. 20 tures, dated Aug. 1 1908, have been called for redemption July. 1 at 105 and interest at the Bankers Trust Co.. 16 Wall St., N. Y. City, or at the option of the holder, at the United States Debenture Corp., Ltd., Winchester House, Old Broad St., London, Eng.-V. 116, p. 1661. -Dividend United States Realty & Improvement Co. Increased on Common Stock-Annual Report. The directors have declared a quarterly dividend of2% on the outstanding $16,162,800 Common stock, par $100, payable June 15 to holders of record June 5, On March 15 last and Dec. 15 1922, the company paid quarterly dividends of 13'l% each on the Common stock (compare V. 115, p. 2168). The regular quarterly dividend of 14% on the Preferred stock has also been declared payable Aug. 1 to holders of record July 20. Results for Years Ended April 30. (Incl. U.S. Realty & Impt. Co., Geo. A. Fuller Co.and Trinity Big. Corp.] 1920. 1923. 1922. 192/. Total income a$4,602.395 $4,235,474 $4,356.115 $2,655,749 Expenses, Fed, tax, depr„&c. 897,288 1,034.073 1,279,958 1,162,157 Debenture interest 596,500 369.416 588,354 496.750 Net income $3,335,691 32.704.651 32.487.803 8897,092 a Includes $416,060 profit on sales of real estate. -V.116, p. 2019, 1907, West Boyleston Mfg. Co. -Preferred Dividends. - The company has declared two dividends of 2% each on the Pref. stock, both payable June 1 to holders of record May 17. Similar dividends were -V. 116, p. 834. paid March 1 last. West Kootenay Power & Light Co. -New Financing. According to Toronto dispatches, a syndicate composed of the National City Co.and Messrs. Hanson Bros. have purchased anew issue of $1,750,000 -year bonds, which it is expected will be offered publicly in the near 8% 20 -V. 109, p. 187. future. -Semi-Ann. Div. of4% Vacuum Oil Co. -Ann.Statement. A dividend of $1 per share has been declared on the outstanding capital stock, par $25, payable June 20 to holders of record May 31. Hereafter, regular dividends will be decided upon at the first regular meeting of the board in August. November, February and May, payable on or about the 20th of September, December. March and June. Compare V. 116, p. 1661, and also dividend record from 1910 to 1922 inel., ins. 115, p. 1848. [VOL. 116. Results for Calendar Years. 1920. 1922. 1919. 1921. $15,310,174 $10,284,733 $8,944,393 $9,439,014 Gross profit 692,264 3.446,000 Inventory depreciation_ 332.216 413,531 267,447 380,166 Insurance reserve 112,706 Amortization of plant_ 225,393 800,000 300,000 750,000 Income tax reserve (16%)2,400,000(8)1.200,000(8)1.200,000(8)1.200,000 Dividends Balance, surplus Previous surplus $11,200,463 84.958.565 $7,186,784 $6.912,777 62,604,918 57,646,352 50,459,568 43,546,791 873,805,381 362,604,917 357,646,352 $50,459,568 Total surplus Stock dividend (300%). 45,000,000 Profit & loss. surplus..$28,805,381 $62,604,917 857,646,352 $50,459,568 Balance Sheet December 31. 1921. 1922. 1921. 1922. $ Assets 60,000,000 15.000,000 Capital stock Real est., plant & 17,000,000 19,243.000 19,906,984 Bonded debt ( eq • esa deprec.)19,655,886 Other curr. liabll's 2,495,578 4,440,352 Stocks of foreign Vacuum 011 cos_113.905.327 19,055,810 Due foreign Vac'm Oil companies_ _10,960,962 5,881,894 49,880 • 65.580 Other investments. 5,612 7,260 Mdse. & material_24,661,351 24,481,754 Branch office res 2,446,268 2,178,821 7,095,270 8,889,242 Insurance reserve_ Accts.receivable__ Cash & securities..52,028,051 36,807,232 Income and excess 1,057,379 307,379 profits tax res've 457,021 Deferred charges__ 375,417 28,805,382 62,604.917 Surplus 122,771.182109.663,624 Total -V. 116, p. 2156. 1661. Total 122,771,182109,663,624 -Proposed Bond Issue. West Missouri Power Co. The Missouri P. S. Commission has authorized the company to reduce to $150.000 a proposed bond issue of $300,000 granted Mar. 5 last. See V. 116, p. 838. -Makes Offer. Western States Oil Corporation. See Middle States Oil Corporation above and alsq V. 116, p. 2020. -Listing. Westinghouse Electric & Manufacturing Co. The New York Stock Exchange has authorized the listing of $14,962.530 additional Common stock, par $50, on official notice of issuance upon payment in full in cash, making the total amount applied for 885,962,530. (See offering in V. 116,p. 1544).-V. 116, p. 2020, 1773. -Acquisition. Wright Aeronautical Corporation. The company has acquired the Lowrance Aero Engine Corporation. As a result of the transaction the Wright company, it is stated, adds to Its motors the Lavrrance line of air-cooled present line of water-cooled airplane motors. Charles L. Lowrance will become Vice-President•of the Wright company. -V. 116, p. 1559. -Div. of 4%. York Manufacturing Co., Saco, Me. The directors have declared a semi-annual dividend of 4% on the out standing 83,600,000 capital stock. par $100. payable June 1 to holders of record May 18. On Dec. 1 1922 the company paid a cash dividend of 6% on the 31.800,000 stock outstanding prior to the payment of the 100% -V. 115, p. 2915. stock dividend. CURRENT NOTICES. -The National City Company has issued a brief account of the history of The Chicago Milwaukee & St. Paul Railway„ "this pioneer American transportation system" and its "empire building" progress, leading up to -continental railits present position as an essential member of "our trans road lines." The booklet contains many illustrations and charts and is accompanied by a map of the system. - William Carey, for several years Vice-President and Treasurer of J. the Cornell Wood Products Co., and who resigned to enter the industrial financing field, has opened offices at 208 South La Salle St., Chicago. Prior to his connection with the Cornell Wood Products Co., Mr. Carey was head of the lumber firm of Carey, Lombard, Young & Co.. having extensive lumber interests in the Southwest, with general offices in Chicago Guaranty Trust Co. of New York has been appointed transfer agent for the stock of the Derby Oil & Refining Corporation, consisting of 100,000 shares of Preferred stock and 500,000 shares of Common stock, both classes without nominal or par value. -C. Bruce McAllister. Robert E. Newman and Scott E. Minrath announce the formation of a firm under the name of McAllister, Newman & Co., 67 Exchange Place, New York, to continue the bond and investment business of Minrath & Newman. -"May Investments," the monthly publication of Rutter & Co., 14 Wall St., New York, contains brief analyses of a selected list of bonds and a tabulation showing rate, maturity, price and yield. Copies of this circular will be sent on request. -Brown Brothers & Co. have prepared a pamphlet containing the 1923 list of legal investments for savings banks in New York State which is now ready for distribution. The list has just been made public by the State Banking Department. -Messrs. A. A. Housman & Co. announce the removal of their offices to the New York Stock Exchange Building, 11 Wall St., New York, Telephones, Whitehall 4000 to 4034. -J. M. Byrne & Co., members New York Stock Exchange, announce that James C. Marshall, formerly of Larkin, Marshall & Jenneys, has become associated with them as Manager of their Bond Department. -Battles 8c Co. announce that Bennett A. Molter, formerly with the National City Company, is now associated with the bond department of their New York office. -W. G. Hamilton, formerly of Dominick & Dominick, has become associated with the investment banking firm of Caldwell, Mosser & Willaman as Manager of their Sales Department. -The Baltimore investment house of J. A. W.Iglehart & Co. announce the appointment of Chauncey G. Parker Jr. as their Washington representative with offices in the Hibbs Building. -Freeman & Co. announce that Southgate B. Freeman has retired from the firm and Walter A. Moehren, associated with the firm for the past fifteen years, has been admitted as a general partner. -The Albany investment house of Howell, MacArthur & Ritchie announce that their firm name has been changed to Howell, MacArthur & Wiggin and that J. A. Ritchie has retired from the firm. -Smart, Gore & Co. and Hyslop & McCallum announce the amalgamation of their firms under the name of Smart, Gore & Co., with offices at 42 Broadway, New York. -The Mechanics 8c Metals National Bank has been appointed transfer agent of the preferred stock of the Edward G. Budd Manufacturing Co. -Gilbert Elliott dc Co. have prepared a special analytical comparison of insurance companies' stocks. -The American Trust Co. has been appointed registrar of the capital stock of the Buckeye Copper Co. MAY 19 1923.1 THE CHRONICLE 2287 The Commercial Markets and the Crops -GRAIN-PROVISIONS COTTON-SUGAR-COFFEE PETROLEUM-RUBBER-HIDES-METALS -DRY GOODS -WOOL-ETC. • COMMERCIAL EPITOME. [The introductory remarks usually appearing here will be found to.day in an earlier part of the paper immediately following the editorial matter, in a new department headed "INDICATIONS OF ' BUSINESS ACTIVITY."] COFFEE on the spot, quiet; No. 7 Rio, 113'c.; No. 4 Santos, 15(4) 153/2c.; fair to good Cucuta, 153j©15 Futures advanced on a rise in Brazil and what looked like foreign buying. Trading has, as a rule however;been light. To some extent coffee has been overshadowed by the sugar excitement. Yet the tone in coffee was firm early in the week and prices moved up noticeably whenever shorts or other interests bought. The statistical position is considered good, notably the decreasing visible supply of Brazil coffees, which is now down to 568,658 bags and less than a month's consumption, it is. estimated, whereas a year ago it was 1,198,500 bags. The amount afloat is only 107,100 bags. And some recall that dealers at about this time are apt to let their stocks run down, trusting to receipts of new crop in July to cause a better buying basis. Curiously enough, it is pointed out, it not infrequently turns out that prices rise in the teeth of new crop receipts. Meanwhile some call attention to the fact that the delivery of coffees in the United States is not large in these times, when the buying power of the country, especially in the big towns and cities, is so great. And good Santos at New York is far from plentiful. There is no Rio afloat for the United States and only 10,000 bags of Victoria. Rio No. 7 on the spot is scarce and the higher grades significantly enough, are close to the price of Rio No. 7. With receipts restricted, it is urged stocks are not likely to increase much. Foreign markets, exporting or importing, are not overburdened with supplies. Moreover, New York is the cheapest market of the world. It is stated, too, that the trade will not in future be left to grope in the dark as to the valorization •committee's program. It will, it seems, according to some advices, keep the coffee trade informed as to the valorization holdings and the committee's intentions. The secrecy of the bankers' committee in the past has hurt hedging business at the Exchange here and killed speculation, for everybody felt not unlike our old friend Damocles with the fabled sword suspended above him by a single hair. Private advices from Brazil state that early shipments of the new crop will be small owing to the delayed harvesting due to wet weather. One communication from prominent Santos shipper received by a New York importer asserted that it would be unwise to offer out of early receipts in the latter part of June, owing to what he described as improperly cured coffee with unripened beans, resulting from the wet weather, adding "You cannot expect offerings of coffee, such as wanted by the United States before July." On the 15th inst. prices advanced on European buying and possibly some from Brazil. May broke 48 points on the 17th but the rest of the list was higher though quiet. To-day futures were 15 points higher on May but 17 points lower on July on long liquidation. Firm offers were lower'. Final prices here show a rise for the week of 42 points on May and July. Spot 9.90010.001September Lay (unofficial)_ _ -11H (July 9.400 941[December 8.03@ .05 8.45u 8.471March_ _-- 7.905) nem SUGAR. -Cuban raws were quiet but steady early at 6%c. c.&f., with Porto Rico the same. But later Cuba was offered by operators at 8.03c. ex-store delivered, or equal to 63Ic. Cuban for the last half of May and first half of June was quoted at 63/2c. from first hands, but trade was slow. On May 16, it is said, a meeting was held at the Sugar Exchange at which plans were discussed for counter-demonstrations against the attacks of Government officials on the Exchange and its "futures" business. It was said that a public meeting to protest against the action of the Department of Justice would be held. In addition to steps that have been taken by William Hayward, United States District Attorney, to enjoin the sugar exchanges from trading in futures and other transactions, there have been popular demonstrations against high-priced sugar, led by Mayor Hylan and Mrs. Louis R. Welzmuller, Deputy Commissioner of Markets. A committee of women visited the Exchange to inquire into its methods. There were plans to introduce sugarless Mondays. Of late sugar futures have been dull and monotonous, with little public interest in fluctuations. In spot raws business has been practically suspended. Refiners made no bids and Cubans were offering nothing below 63..c. Everybody seems to be awaiting developments. Receipts at Cuban ports for the week were 80,506 tons, against 105,049 in the previous week and 116,823 last year; exports, 82,737 tons, against 107,801 last week and 102,717 last year; stock, 751,172 tons, against 753,406 last week and 1,046,654 in the same week last year. Centrals grinding numbered 35, against 55 last week, 111 in the same week last year and 191 two years ago. At the Department of Justice in Washington officials are quoted as expressing the opinion that the Government has won its fight and stopped the rise in sugar, despite the refusal of the New York Court to entertain its plea for an injunction restraining futures trading on the New York Coffee & Sugar Exchange. An appeal to the U. S. Supreine Court is planned by the Attorney-General, and there are hints that new laws will be asked of Congress dealing with the question of prices. To-day futures advanced, but spot raws were quiet at 6M to 658c. Refined was quiet for the home trade but more / active for export at 7.35 to 7.40c. for May shipment. Home trade prices are 9.50 to 9.90c.; from second hands sales are reported at 9.25c. Futures show a rise for the week of 11 points on May and 1 point decline on July. Closing prices were asfollows: Spot May 6.21 lDecember 6 i (unanc V5VrolgigTtember gi°61 5.805) 5.82 LARD quiet; prime Western 11.80 ©11.90c.; refined to Continent, 12.5004 South American, 12.75e. Futures advanced with grain and on large export clearances, higher prices for hogs, higher cables and buying by packers. On the 15th prices advanced with offerings light, reports of a better export demand, higher cables and an advance in hogs. Chicago's stock of lard, as stated on the 16th, showed a falling off for the half-month of about 3,750,000 lbs., or in other words about what had been conjectured they would be. Prices advanced on this statement, with hogs and corn rising and Liverpool cables up 3d. to 6d. Europe seemed to be buying. Commission houses bought freely. The next day prices weakened on a little selling by packers, though steadying factors were found in a further advance in Liverpool of Is. to Is. 3d. and continued large exports, which further reduced the supply. To-day prices fell slightly, closing, however, 47 points higher for the week. Closing prices were as follows: DAILY CLOSING PRICES Sat. May delivery cts_10.55 July delivery 10.70 September delivery_ _ -10.92 OF LARD FUTURES IN CHICAGO. Fri Wed.. Thurs. Moo. Tues. 11.02 11.05 11.10 10.85 10.70 11.17 11.20 11.22 11.00 10.90 11.42 11.42 11.45 11.25 11.17 PORK quiet and easier; mess $27; family $30 to $32; short clear, $23 50 to $27. Beef lower; mess $15 50 to $16 50; packet $16 to $17; family $18 50 to $20, extra India mess $32 to $35; No. 1 canned roast beef $2 35; No.2$4 05;6 lbs. $15; sweet pickled tongues $55 to $65 nom. per. bbl. Cut meats quiet; pickled hams 10 to 20 lbs. 16 to 174c; pickled bellies 6 to 12 lbs. 14c. Butter, creamery, seconds to high scoring 41 to 44c. Cheese, flats, 223/ to 29e. Eggs, fresh gathered, trade eggs to extra 23 to 30c. OILS. -Linseed oil quiet and lower. Stocks of linseed oil are said to be increasing. And, while there is more disposition to sell, buyers are unwilling to purchase very heavily. Paint and linoleum interests are purchasing very sparingly. They are said to be expecting lower prices. Spot, carloads, 1.13c.; tanks, 1.09c.; less than carloads, 1.17c.; less than 5 bbls., 1.20c.; boiled tanks, 1.11c.; carloads, 1.16c.; 5 -bbl. lots, 1.19c.; less than 5 -bbl. lots, 1.22c. Cocoanut oil, Ceylon bbls., 10%©10Y2c.; Cochin, 10%0. Corn, crude, tanks, mills, 10c.; spot, N. Y., 12Y8@123(0.; refined, 100-bbl. lots, 13%©13%c. Olive, $1 15. Lard, strained winter, N. Y., 134c.; extra, 133e. Cod, domestic, 68 to 70c.; Newfoundland, 71 to 740. Spirits of turpen- THE CHRONICLE 2288 tine, $1 223'@$1 25. Rosin, $6 10 to $7 95. Cottonseed oil sales to-day, 19,000, including switches. Crude S.E., • 9.75 ®10c. Prices closed as follows: _12.0July 11_ 11.2711.28 October. _ 9.981 9 99 11.50 t t i y June 11.55 11.90 August -11.22 11.25 November_ 8.97 11.3O(11.60 September-11.04 11.05 December_ 8.82 9.00 8.86 PETROLEUM.-Lowering of crude prices continues to be the feature of the market. Pennsylvania crude was reduced 25c. a barrel; Corning, 15c.; Somerset and Somerset light, 20c., and Ragland, 10c. The Standard Oil Co. announced a cut of 10c. in north Louisiana and Arkansas crude. This reduction affects Smackover, El Dorado, Caddo, Haynesville, as well as several other fields. Lima, Indiana, Illinois, Princeton, Plymouth, Waterloo and Wooster crude oils were reduced 10c. per barrel by the Ohio Co. Gasdline remains rather quiet and weak. On the 15th inst. various oil companies received contracts from the navy for some 3,000,000 gallons of motor gasoline and 1,500,000 gallons of fuel oil for the fleet. Prices varied on these contracts from 15 to 33c., according to gravity and destination. A large portion of this gasoline, it is said, will be supplied by the Standard Oil Co. of New Jersey. Much of the remaining gasoline will be of a grade suitable for the air service. Kerosene quiet but steady. On the 18th inst. the Standard Oil Co. of Louisiana reduced the price of gasoline lc. a gallon in Louisiana, Arkansas and Tennessee. A report on the same day stated that the tank wagon price of gasoline in Kansas City had been advanced 2c. a gallon, making a total advance this week of 4c. A cut of lc.. a gallon in the price of gasoline in New 'York and the New England States was made by leading refiners and distributers, including the Standard Oil Co. of New York, the Texas Co. and the Gulf Oil Co. This cut brings the tank wagon price down to 2154c., or 3c., below the "high" of the year. This is the third cut made in the past two months. Large stocks and over-production of California crude oil are given as the reasons for the decline. New York prices: Gasoline, cases, cargo lots, 28.25c.; U. S. Navy specifications, bulk, per gal., 15c.; export naphtha, cargo lots, 17.50c.; 63-66 deg., 19.50c.; 66-68 deg., 20.50c.; kerosene, cargo lots, cases, 153/2c.; motor gasoline, garages (steel barrels), 223/2c. Penn_. Corning Oabell Somerset Somerset. light $3 25 1 85 2 16 1 80 2 25 Ragland Wooster Lima Indiana Princeton $1 Of/ 2 05 2 18 1 98 1 97 Illinois Ot Milton Currie Plymouth Mexia $1 97 1 55 2 10 1 35 1 60 RUBBER declined for a time with London, but rallied with it later. Demand is small, however. About the only business being done is switching and evening up contracts. May and June delivery, 273c.; July-Sept. 275 c.; July-Dec. 27%; 1 -Dec. 2854. Lower grades of plantation have been Oct. dull. On the 16th inst. the tone was better but business remained dull. Later prices for May and June were 27Mc.; July-Sept. 283'c.; Oct. -Dec. 28Mc. In London on May 15th rubber fell to 133d for plantation standard a loss of Md. / the 17th inst. advanced Md to 133id on the spot. London on. HIDES have been dull and weak. Total imports of hides and skins during January, according to figures compiled by the Department of Commerce, amounted to 59,326,508 lbs. valued at $13,346,658, showing a very slight decrease over December in quantity (59,951,087 lbs. valued at $12,902,741), but a slight increase in value. The River Plate reported that 4,500 Argentine frigorifico cows sold at 14 1-16c. c. & f.; Orinoco, 1834c.; Bogota, 2154c.; Guatemala, 2154c.; Tapachula, 21c.; Tampico, 19c.; Vera Cruz, 18c.; Guadalajara, 21c.; Bolivian, 21c.; Peruvian, 20c.; Central America, 183'c.; Laguayra, 18c. In Chicago hides were generally dull and mostly nominal. Calf leather 45 to 50c., with a fair trade. Later at Chciago small packer bull hides were in good demand, it was said, at 14c., big packer 18c. Later it was reported that 8,000 Sansinena frigorofico steer hides sold at $43, or 173jc. c. & f., and 4,000 Montevideo steers to a Boston firm at $43. OCEAN FREIGHTS have been dull and weak, with supply large. The supply of tonnage far exceeds the demand. That is why rates are tending downward. Coal, grain, sugar and time charters have all been reported weak. Charters included grain from Montreal to West Italy at 4s. 3d., May; petroleum products from Gulf to Alexandria at 608._, May-June; coal from Atlantic range to a French Atlantic port at $1 50, May: coal from Atlantic range to West Italy at $3 75, prompt; coal from Hampton Roads to French Atlantic. 12 75, early June; from Atlantic range to West Italy, $3 75. prompt: from Atlantic range to French Atlantic port. $2 75, May; one round trip in transatlantic trade, 2.390-ton steamer, 95c.. May; 4 to 6 -ton steamer in United States -South America months' time charter, 1,297 trade, $1 60, May; coal from Atlantic range to Havre and Hamburg range. S3 20, Prompt; sulphur from Gulf to Marseilles. $5 15, May; coal from Hampton Roads to Buenos Aires. 17s. 6d., prompt; linseed from Rosario to New York. $6 25, late June and early July; coal from Atlantic range to . Antwerp or Hamburg, 32 75, May: coal from Atlantic range to French July: tlantic port, $2 75, May, lumber from Gulf to River Plate, 1658., from of Italy. 17c., June: sugar from Atlantic range to West Coast 24s., in May; coal from Hampton uba to United Kingdom or Continent. [VOL. 116. Roads to Rio de Janeiro. $3 25, May-June; coal from Sydney, C. B., to Montreal, Mc., May; coal from Hampton Roads to Three Rivers. El 35. -ton and discharged, May-June; one round trip in West India trade, 2,073 steamer, 95c., May; coal from Hampton Roads to Rio de Janeiro, $3 15. May-June. TOBACCO has latterly been in fair demand after the prolonged quietness of trade. Manufactured goods are selling well-far better, indeed, than a year ago. No large transactions have taken place in cigar leaf of late; nobody asserts that there have. But the tone is not uncheerful; the tendency, indeed, is the other way, if anything. For supplies of most kinds are small, unusually so in fact, and prices are steady. Meanwhile everybody is on the qui vive for the new crop to move. Washington wired May 16: "Cigarettes made in America in January, February and March of this year numbered 15,000,000,000 against 10,000,000,000 in the same months of 1922. Dr. Julius Klein, Director of the Bureau of Foreign and Domestic Commerce, said to-day in an address to the annual union of the Tobacco Merchants' Association: 'Intensive drives against all forms of tobacco have been inaugurated in all parts of the country with the avowed object of burying tobacco in the same grave with John Barleycorn.' Jesse A. Bloch of Wheeling, W. Va., President of the Association, told the 400 members who met in convention here to-day: 'Every attack upon tobacco,' Mr. Bloch said, 'brings forth an additional flood of scientific authority testifying to the harmlessness of tobacco. But while our victory in the recent anti-tobacco war has been almost complete, the menace has not yet passed, and it is not likely to pass so long as professional agitators are able to pass their hats and collect the coin'." COAL has been quiet here, though Boston and Chicago reported a rather better business and steadier prices. Lake shipments have largely increased. Production of soft coal during the past week is estimated at 10,200,000 tons by the Geological Survey. This increase follows three successive weeks of declining output. Anthracite output was well maintained during the first week of May, says the Survey, amounting to 2,021,000 net tons. Preliminary reports of loadings during the past week indicate a higher rate of production. Anthracite in prepared sizes has been in good demand. But the Eastern market for bituminous has been poor. Later the tone became rather steadier, with a slight increase in the demand for soft coal. COPPER, dull and lower, both here and in London. Reports had it that offerings by second hands were made at 15 Mc. delivered, while it is said producers would be willing to accept 153/2e. delivered. Copper and brass products have also been declining. Later it was said some large producers would not openly quote below 16c. Many are holding aloof awaiting more settled conditions. Later the market became firmer at 15M to 15%o. delivered, with a few sales at the latter figure. A rather better business was reported. TIN,like copper, has been quiet and lower. London has. also declined. Spot, 4134c. Straits shipments to the United States for the first half of May were 2,560 tons, against 1,580 tons in the first half of April. LEAD, though slightly easier, is more .stabilized than other non-ferrous metals. The leading refiner continues to quote 7.25c. New York. East St. Louis was quoted at 6.90 to 6.95c. ZINC declined early in the week but later became firmer on the better statistical position. Stocks of slab zinc according to the American Zinc Institute decreased 1,045 tons in April to 8,976 against 10,021 in the previous month. In March stocks decreased 843 tons. Production during April fell off 1,865 tons to 46,866 tons. Shipments were 1,663 tons smaller amounting to 47,911 tons. The only increase for month reported was in the number of active retorts operating which gained 149, standing at 89,203. The amount shipped from plants for export during April was 818 tons, andthe amount stored for customers account was 112 tons. STEEL has been quiet and premiums have become practically obsolete. Buying for the third quarter is small, though some business has been done in sheets and tin plates. Fair sales are reported of bars at 2.40 to 2.50c. The price of 2.40o. means a decline of $2 a ton. Even automobile people are buying more cautiously. It is said that they are not inquiring for third quarter as yet. No marked changes in prices have occurred during the week,it is said, in finished steel. But the fact has not escaped attention that builders are inclined to cut down construction for a time,at least, owing to high labor costs. Meanwhile consumers are better supplied than they were at one time. Recent deliveries were large. There are no indications of scarcity. Independents seem more anxious to sell. The wire trade has fallen off. Despite all this, the fact is indisputable that consumption is still on a large scale even if new buying is smaller. Many, indeed, think that pessimism is being overdone. Jeremiads on the situation, some declare, have been too loud and too little justified. But for all that the slackening of trade in steel is an outstanding feature. There is no use blinking the fact. And some of the larger producers, it is said, want new business in plates, shapes and bars. On the other hand, some are well sold up on tin plate, wire and pipe and are not anxious for new orders just now. PIG IRON has been quiet and in the Pittsburgh district $3 lower at $28 Valley furnace on basic and $1 lower on Bessemer foundry and malleable or to a price of $30. Elsewhere prices have been steady, despite the slowness of trade. 34.1c 1,9 1923.] THE CHRONICLE But the composite price, which was recently $30 79, has dropped to $29 29. Where prices have not actually declined some regard them as more or less nominal. In other words, the iron trade has fallen on dull times. No more idle furnaces are being blown in. Some small sales have been reported of No. 2 Eastern Pennsylvania at $32 furnace, and some New York State furnace No. 2 at $29 Buffalo, or its equivalent. It is said that furnace coke in the Connellsville district has recently been sold at as low as $6 50, though some are inclined to quote $7. Youngstown, Ohio, reports pig iron dull and nominal and Bessemer and basic $31. Standard furnace coke contract there is nominal at $6, it is stated, with spot material 50c. to $1 lower. WOOL here has been quiet but generally steady, with prices higher than in New England. Ohio and Pennsylvania fine delaine has been quoted at 57 to 60c. Territory has been, perhaps, the firmest of any description. Mills, it is true, are said to be well supplied and Boston and Philadelphia as well as New York have recently been slow. Boston wired on May 15 that the exports of wool from the United States to Europe,especially to England and Germany, which have been unusually large in the last six weeks, have now become an outstanding feature that attracts no small attention. It is stated that in four steamers sailing since April 28 there have been shipped to Liverpool and Hamburg, chiefly to Liverpool, about 1,500,000 lbs. of wool, including a little scoured and a small quantity of English pulled wool. It further appears that the shipments were largely of South American greasy wools, mostly Argentine and Uruguayan crossbreds of the medium to lower grades, including, it is understood, a fair quantity of LincoIns at 19c. for Argentine and possibly 20c. for a little Uruguayan combing. London reports free offerings from the United States. It is unusual to ship wool from the United States to Europe. Small wonder that the present shipments, which it is believed will be followed by others, are attracting much attention. At Bradford wool last week sold a little more freely, but trade is still disappointing. There is some reselling of wool yarns. Piece goods are contending against Continental competition and trade is in poor shape. Idle machinery under the circumstances is increasing. In London on May 11 the third series of Colonial wool sales in London in 1923 closed with offerings of 14,300 bales, making a total joint offering for the series of 185,000 bales. It is estimated that the Continent purchased 81,000 bales, British operators 80,000 bales and Americans 7,000 bales. Compared with the prices paid in March, merinos showed advances ranging from 5 to 15%. Crossbreds, including Australasian Capes, Puntas and Falklands, were in most cases all 10% dearer. The selection on May 11 was chiefly of greasy crossbreds, 1,000 bales Sydney, 4,300 Victoria, 5,138 New Zealand and 1,340 Puntas, these being about equally distributed to home and Continental operators. The next series will open on June 26. London cabled on May 17 that the amounts of British and Australian Wool Realization Association wools to be offered at the auction to be held at Hull on June 8 are as follows: Sydney, 7,500 bales; Victoria, 4,500 bales; West Australia, 500 bales; New Zealand, 12,500 bales. Berlin cabled May 17th that the textile industry of Saxony has decided to boycott Australian wool owing to the discrimination against German imports into Australia, and will, henceforth, obtain its supplies from Argentina and Smith Africa. The latter countries, it is added, treat German imports the same as those of other nations, but Australia levies its highest tariff against them. London sales will be resumed in the latter part of June. The Boston "Commercial Bulletin" for May 19 will say: Neither the nature of the demand nor yet the it has changed to any very noticeable extent during the past week. scope ofare generally firm Prices for the finer grades, while the low qualities are slow and easy. Scoured wools are still dull. Some exports of low grade wools are being made. The mill situation appears to be little changed, although rumors of cancellations persist. The foreign markets are very strong, although not quotably dearer. In the West, buying proceeds more or less steadily. The clean scoured basis, landed Boston, of this week's purchases appeared not to have changed materially from that of the past week or two, namely about 11 40 to 51 50 for the bulk of the fine and fine medium clips of fair to good staple. Mohair still is slow of sale here and the situation in the country seems to have changed little during the past week. COTTON. Friday Night, May 18 1923. THE MOVEMENT OF THE CROP,as indicated by our telegrams from the South to-night, is given below. For the week ending this evening the total receipts have reached 26,647 bales, against 35,332 bales last week and 28,589 bales the previous week, making the total receipts since Aug. 1 1922 5,456,522 bales, against 5,384,542 bales for the same period of 1921, showing an increase since Aug. 1 1922 of 71,980 bales. Sat. ' Mon. 1I Tues. Galveston Houston New Orleans Mobile Savannah Charleston Wilmington Norfolk New York Boston Baltimore Totals this week_ Wed. 1,165 1,564 1,92'7 817 250 275 42 22 350 1,088 2.029 1.273 ---860 622 563 33 279 211 714 37 199 419 763 22 58 Thurs. 2,829 2,557 523 27 241 193 128 199 49 88 ------------------_ 2.921 4.846 5.166 3.500 f1.333 Fri. Total. 1.444 10.202 -_- 2,557 781 6,098 302 25 708 2,476 38 2.313 47 161 353 1.367 50 548 28 569 -54_ 54 3.112S 26.647 2289 The following table shows the week's total receipts, the total since Aug. 1 1922 and stock to-night, compared with the last year: 1921-22. 1922-23. Receipts to May 18. Stock. This Since Aug This Since Aug Week. 1 1922. Week. 1 1 1921. Galveston 10.202 2,269,202 34,595 2,293.309 Texas City 28,150 783 69,790 Houston 2,557 708,560 10,0871 421.387 Port Arthur, &c 10.305 New Orleans 6,156 1,301,984 18.346 1,089.943 Gulfport 8,123 Mobile 85.008 4,520 139,230 -513 . Pensacola 3,145 8,820 1,100 ---Jacksonville 3,445 185 9,149 Savannah 2.476 409,319 19,901 665.898 Brunswick 25,663 28,020 Charleston 2.313 116.332 5,347 122.578 vrn Geo gton 93.444 Wil 89,921 1,945 -161 Norfolk 1.367 264,073 5.905 325,166 N'port News, &c_583 New York 28.601 7,109 2,964 -848 Boston 39,975 764 67,221 569 Baltimore 55.871 116 54 17.072 Philadelphia 29.326 ---4.942 Totals 26.647 5,456.522 106,558 5.384.542 1923. I 79,159 205 1922. 195.678 5,263 101,902 216,802 ' 1,270 8.395 i 1.822 2,738 28,468 84.747 4,199 260 72.920 35.521 11.127 43,622 21,666 75.526 85.548 9,795 2,084 4,419 188.832 9,200 2,888 5,076 406.118 893.014 In order that comparison may be made with other years, we give below the totals at leading ports for six seasons: ReceiPts al Galveston--- Elouston, &c_ New Orleans_ Mobile Savannah_ _-Brunswick Charleston_ Wilmington.._ Norfolk N'port N.,&c. All others_ - _ _ Total this wk_ 1922. 1921. 10.202 2,557 6,098 302 2,476 34.595 783 18,346 4,520 19,901 68.988 1.734 19,320 2,797 17.981 2.313 161 1.367 5.347 1.945 5,905 3.034 1.832 7.489 18 8,358 1923 . 1.171 15,216 1920. 1919. ' 1918. 9,756 28,538 12,916 •876 5.6905,766 17,045 ' 43,934 14,887 2,001 959 1.720 8,632 11,444 6,501 4,000 200 608 4.150 392 1.384 3.332 92 895 4,636 2.553 48 3.659 1,580 6,325 48,856 51,276 104,387 131,551 Since Aug. 1_ - 5.456.5225.384.542 5.627.796 6.476.714 4.769.565 5.376,614 26.647 106,558 The exports for the week ending this evening reach a total of 21,746 bales, of which 4,367 were to Great Britain,3,705 to France and 13,634 to other destinations. Below are the exports for the week and since Aug. 1 1922. Exports from - Week ending May 18 1923. Exported to- From Aug. 1 1922 to May 18 1923. Exported to - Great Great Britain. France. Other.' Total. Britain. France. Other. Taal. Galveston_ -I 963 3,705 3,920 8,583 417,080 300,120 1,086.073 1,803.273 Houston 2.557 2,557 234,633 144,23 326,913 705,785 Texas City_ New Orlean 696 1,005 1,701 192,572 69,932 460,296 722,800 Mobile 250 250 23,799 4,74 29,009 57,553 Jacksonville 675 75 600 Pensacola 8,820 7,960 860 Savannah 2,954 2,954 127,718 4,41 113,858 245,986 Brunswick 6,650 27.907 21,257 Charleston _ 800 8 30,428 1,094 29,676 61.198 Wilmington 70,800 82,400 11,600 Norfolk.. 1,700 787 2,487 97,404 37,891 136.218 92 New York 808 1,401 2,209 54,451 41,902 136,562 232,915 Boston _ _ _ _ 2 7,493 2 4,093 3,400 Baltimore 1,646 167 1,479 Philadelphia 1.819 1,604 215 Los Angeles 3.925 18,899 1,977 12.997 San Fran 200 68.337 68,537 Seattle 8.882 8,882 Total 3,705 13,674 21,746 1,236,853 569,757 389,961 ,196,571 Tot. 2i-'22I 43,269 12,922 42,252 98,443 1,427,309 641,462 .964,050 5,032,821 Tot. '22-'231 12,617 366 61.434 74,417 1,401,625 476,7172,429.792 4,308,134 NOTE. --Exports to Canada. -It has never our practice to include in the above table exports of cotton to Canada, thebeen reason being that virtua ly all the cotton destined to the Dominion comes overland and it is Impossible to get returns concerning the same from week to week, while reports from the customs districts on the Canadian border are always very slow in coming to hand. In view, however, off he numerous inquiries we are receiving regarding the matter, we will say that for the crop year from Aug. 1 to Apr. 30 yet available) the exports to the Dominion the present season (no later returns are as have been 169,614 bales. In the corresponding Period of the preceding season the exports were about 155,000 bales. In addition to above exports, our telegrams to-night also give us the following amounts of cotton on shipboard, not cleared, at the ports named. On Shipboard, Not Cleared for Great Other GerMay 18 at - Britain. France. many. Cont'nt. Galveston 200 800 1,000 4,350 New Orleans 2,874 3,961 4,308 Savannah..... - --- ------ -----Charleston _ _ - --- ------ -----Mobile ---136 20 Norfolk....... Other ports *_ _ - :666 - 3,000 -6 -4:6615 -2.000 Total 1923 6,336 6,674 8,961 10,678 Total 1922 36,621 19.093 11,887 Total 1921_ 86.966 16.095 21.119 32,958 72.536 *Estimated. Coastwise. Total. 3,000 9,350 1,078 12.221 500 500 --------156 ------ 15:666 Leaving Stock. 69.809 89.681 27,968 35,521 1.114 43,622 101.176 4,578 37,227 368.891 4.468 105.027 787.987 7.848 204.564 1.422.555 Speculation in cotton for future delivery has largely subsided after the recent big break of 7 cents per pound, but for all that the weather news has been such that prices on the whole have advanced. The rise, it is true, has not been uninterrupted by any means. On the contrary, there have been frequent and wide fluctuations. Oftentimes there have been sharp breaks. But with it all the trend has been upward, owing to big rains, reports of floods in the Mississippi Valley and unseasonably cold weather. Reports have been numerous,too, of needful replanting over considerable tracts of the belt. The season is declared to be at least two weeks late. Some reports insist that it is more than two weeks late. In any case May has not been a favorable month thus 2290 far. And already there are conjectures as to what the next Government report may be. Some think it will be bad. The real date of that report is May 25. That everybody understands. It means that between now and that date the weather will have to be remarkably good to prevent the report from being distinctly bad. At any rate that is a very general assumption among those who are looking for higher prices, and are much impressed by the recent bad weather. -year average condition for June 1 is 73.6%, but in The 10 June last year it was 69.6, two years ago 66, and three years ago 62.4, while in 1919 it was 75.6 and in 1918 82.3. There are those who fear that if cold, wet weather continues there will be a condition no better than that of last year in the forthcoming report, and possibly worse. Some very pessimistic conjectures as to the probable size of the crop are already heard. Of course they are only conjectures. Nobody takes them seriously. It is too early to form an opinion of any value on that point. Sometimes a bad May is compensated by a very good June. In very many seasons indeed, June weather is so favorable as to give rise to very hopeful anticipation as to the size of the yield. But just now everybody is thinking of the June report on May conditions and fearing that it may be of a gloomy kind. Latterly, moreover, ' there have been reports of a better spot inquiry in Georgia and the Carolinas and also New Orleans, as well as Texas. It was said at one time that Carolina mills were trying to buy in Texas. Galveston has reported some advance in the basis there; not much, but still some. And it is asserted that the unsold stock•at Dallas is only 10,000 bales and at Houston even less, or only 4,000. Memphis, which at one time was dull, has latterly reported a better demand. There is an idea that this demand comes from both domestic and foreign sources. It is surmised that part of it is to fill monthend May engagements. And speaking of May, that month has attracted no small attention by the persistency with which after some decline from time to time in the premium over July it has repeatedly returned to 125 points. To some • it looked like the handwriting on the wall. Others content themselves with saying that It simply reflects the strength of the actual spot article at the South. And from Liverpool comes a dispatch saying that big interests are prepared to receive any deliveries on May contracts that may be made there. It is further said that they have refused to allow a settlement by the May shorts. Liverpool prices have acted quite firm, even though the spot sales there have not been large; quite the contrary. Liverpool has been a buyer here on quite a liberal scale. Moreover Manchester has reported a better demand for cloths, with yarns firm. The state of trade in China is said to be better. And Japanese interests have, it is understood, been buying here at times quite freely. Trade interests have also bought, and even New Orleans, which was supposed to be rather pessimistic as to the outlook for prices, has latterly been buying here, supposedly to cover shorts. Wall Street has also bought, as well as uptown operators, not to mention the West. Cotton has invariably followed stocks upward. Stocks, in a way, have been the file leader, suppossdly reflecting public sentiment as to the general outlook for business in this country. Some think the pessimistic note has at times been overstressed. In fact, they see little occasion for pessimism in any case. They think that the high record carloadings on the railroads reflect a good trade, the real situation. Recent depression they think has been simply a state of mind brought about largely by too much talk about the danger of inflation, too much talk about the posssibility of runaway markets when nowhere were there any runaway markets. Business men, in fact, would like to be let alone. They would like to see less tinkering with the commercial machinery of the country by officials, however, well meaning. They think too much has been made of the sugar inquiry; too much of the women's boycott of sugar, which had nothing to do with cotton. The fact that the Government's petition for a permanent injunction against the Sugar Exchange was denied emphasized the needlessness of coupling cotton with sugar. Meanwhile, too, statistics remain very strong. The trade is pushing on, it is contended, towards a statistical impasse, consumption being apparently at a greater rate than there is supply to meet it to the end of the season and leave sufficient for the interim between August 1 and, say, October, when cotton of the new crop begins to arrive in quantity. And it is worth reverting to the last Census report of American consumption, which appeared on the 14th inst. It showed that consumption in this country in April was 577,396 bales, against 623,105 in March, 443,509 in April last year and 419,247 in April 1921. Mill stocks were stated at 1,889,218 bales, against 2,034,535 bales, a loss during the month of about 145,000 bales. The public storage stocks dropped during April some 410,000 bales. On May 1 they were 1,966,441 bales, against 2,377,799 on April 1 and 3,213,483 on May 1 last year. Also, the spindleage in this country Is the largest ever known. The active spindles, in other words, amount to 35,515,791, against 35,500,518 in March and These are certainly strikonly 31,389,695 in April last year. ing statistics. certain that bull speculation But on the other hand it is decline of 7 cents per pound from not what it was. That is 14 has left scars that will not at once be the "high" of March fights shy of cotton, not only forgotten. The outside public of that big decline, but also because the recent flucbecause rirot. TFrE CHRONICLE tuations have been on an almost titanic scale compared with the resources of the average small trader. He usually confines his trading to one or two hundred bales. But in the aggregate it is he who makes the big markets, not the big operators. 'He cannot hope to cope with such fluctuations as 200 points in a couple of days. Yet that is substantially what has happened recently. And big operators are naturally disgruntled to see their paper profits suddenly disappear as they did recently. The price has been so mercurial that the market has been much of the time a good deal of a guessing match, even though the general trend has been upward. Cotton goods have been quiet. Wool is being exported on a large scale from this country to Europe. That is significant of dulness in the wool trade. Raw silk and other fibres have been declining. And frequent declines in the stock market have had a chilling effect, not to mention the decline from time to time in foreign exchange. So has the war on high wages by builders in this city, not to mention reports from here and there in the country that the retail trade is smaller, and so on. Many regard it as a weather market. To-day prices fluctuated widely. They declined early, then rallied 40 to 80 points, then reacted and closed barely steady, with May 21 points higher, but July slightly lower, and next crop months off 27 to 28 points. The weather was better and weekly statistics disappointing. May and July were the strongest features. Liverpool is said to be short of May here, which closed 152 points over July, the highest premium recently seen. Prices ended 58 to 168 points higher for the week, the latter on May. Spot cotton is 27c., a rise for the week of 170 points. The following averages of the differences between grades, as figured from the May 17th quotations of the ten markets designated by the Secretary of Agriculture, are the differences from middling established for deliveries in the New York market on May 24, 1923. .92 on Middling fair .69 on Strict good middling .48 on Good middling .28 on Strict middling .27 off Strictlow middling 66 off Low middling 1.16 off "Strict good ordinary 1.70 off "Good ordinary "Strict good mid."yellow" tinged .40 on Good middling "yellow" tinged._ Even Strict middling "yellow" tinged._ .38 off 93 off Middling "yellow" tinged *Strict low mid. "yellow" tinged.1 38 off .1 "Low middling "yellow" tinged. 88 off Good middling "yellow" stained_ 86 off *Strict mid."yellow" atained___ _1 24 off 1.71 off 'Middling "yellow" stained .95 off "Good middling "blue" stained *Strict middling "blue" stained_ _1.33 off 1.73 off *Middling "blue" stained •These ten grades are not deliverable upon future contracts. The official quotation for middling upland cotton in the New York market each day for the past week has been: May 12 to May 18Middling uplands Sat. Mon. Tues. Wed. Thurs. Fri. 25.45 28.45 26.20 26.45 26.75 27.00 NEW YORK QUOTATIONS FOR 32 YEARS. 1923 1922 1921 1920 1919 1918 1917 1916 27.00c. 21.65c. 12.65c. 41.40c. 30.90c. 26.55c. 20.80c. 13.35c. 1915 1914 1913 1912 1911 1910 1909 1908 9.55c. 13.60c. 12.00c. 11.50c. 16.10c. 15.40c. 11.65c. 11.00c. 1907 1906 1905 1904 1903 1902 1901 1900 12.15c. 12.00c. 8.30c. 13.40c. 11.85c. 9.38c. 8.06c. 9.75c. 1899 1898 1897 1896 1895 1894 1893 1892 6.75c. 6.44c. 7.75c. 8.25c. 7.00c. 7.12c. 7.81c. 7.31c. MARKET AND SALES AT NEW YORK. The total sa es of cotton on the spot each day during the week at New York are indicated in the following statement. For the convenience of the reader we also add columns which show at a glance how the market for spot and futures closed on same days. Spot. Market Closed. Futures Market Closed, SALES Spot. Contr't, Total. . Saturday.-- Quiet: 15 pts. adv.. Steady Monday --- Steady: 100 pts. adv Very steady_ _ ------ 13,200 13.200 100 100 TuesdaY - -- Quiet;25 pts. dec..... Rarely steady._ -----100 100 Wednesday- Quiet: 25 pts. adv._ Firm 3.100 3,100 Thursday -- Steady: 311 pts. adv., Steady Steady: 25 pts. adv.. Barely steady Friday 16,500 16.800 Total_ -The highest, lowest and clos ng prices at FUTURES. New York for the past week have been as follows: Saturday. Monday, 7'vcsday, Wed'day, Thurad'y, Friday, May 12. May 14. May 15 May 16. May 17. May 18. Week May 24.90-126 25.42-424 25.71-855 25.50-426 25.93-473 26.23-202 24.90-202 Range 25.28 -26.23-24 25.99-103 26.25-26 26.56-.58 26.79-22--Closing June Range - 28.03 Closing.-- _ 24.88 -25.60 -25.50 -25.73 -25.93 July 23.60412 24.25-28 24.81-140 24.4612824.85-/56 24.96-168 23.60-168 Range 24.10-.12 24.97-28 24.99401 25.22-.28 25.31-.34 25.27-.33-- Closing August -24.55 -24.05-25 ------22.90-155 22.90 -- Range - -Closing...- 23.35 -24.15 -24.20 -24.35 -24.35 -24.20 September 23.40-.95 23.40 23.95 Range Closing _._. 23.05 -23.60 -23.70 -23.82 -23.75 -23.47 -- October 22.12-.80 22.52 e04 22.93 e32 22.67 e34 22.89 e48 22.93-e31 22.12448 Range 22.45-46 23.00-.04 23.08-.09 23.30-21 23.24-.26 22.97-.99- - Closing November 22.20-.98 22.20 - - -22.98 Range' _ Cloying. _ _ 22.27 -22.84 -22.88 -23.10 -23.05 -22.77 - -December 21.78-125 22.17-.88 22.58-26 22.31-25 22.55 e05 22.50-.89 21.78-e05 Range 22.10-.14 22.68 -22.89-.71 22.90-9522.86-87 22.58-.60--Closing January 21.50-.95 21.90-135 22.63-30 22.00-8822.30-79 22.25-.67 21.50-179 Range - Closing... 21.77 -22.31-.35 22.38 -22.65-.66 22.55 - 22.22-.28February --------------------Range 21.79 -22.33 -22.39 -22.68 -22.56 -22.27 - -Closing Varch21.61-.98 21.92-138 22.40-.66 22.08-.84 22.38-.75 22.25-20 21.81-175 Range cinsina ___ _ 21.81 -22.37 -22.40 -22.67 -22.57 -22.27 ---$250. t 24c 122c. 826c. 623c. 127c. MAY 19 1923.] THE VISIBLE SUPPLY OF COTTON to-night, as made up by cable and telegraph, is as follows. Foreign stocks, as well as the afloat, are this week's returns, and consequently all foreign figures are brought down to Thursday evening. But to make the total the complete figures for to-night (Friday), we add the item of exports from the United States, including in it the exports of Friday only. May 18Stock at Liverpool Stock at London Stock at Manchester 2291 THE CHRONICLE Total Great Britain Stock at Hamburg Stock at Bremen Stock at Havre Stock at Rotterdam Stock at Barcelona Stock at Genoa Stock at Ghent Stock at Antwerp Total Continental stocks 1920. 1921. 992,000 1,184,000 11,000 2,000 192,000 94,000 1923. 632,000 1,000 61,000 1922. 885,000 1,000 60,000 694.000 bales_ 946,000 1,088,000 1.387,000 14,000 30,000 36,000 60,000 278,000 167,000 160,000 146,000 331,000 12,000 10,000 91,000 96,000 115,000 28,000 163,000 24,000 31,000 12,000 2,000 80,000 92,000 13,000 102,000 28,000 10,000 2,000 327,000. 618,000 529,000 659,000 OVERLAND MOVEMENT FOR THE WEEK AND -We give below a statement showing the SINCE AUG. 1. overland movement for the week and since Aug. 1, as made up from telegraphic reports Friday night. The results for the week and since Aug. 1 in the last two years are as follows: ----1922-23---Since Week. Aug. 1. 5,417 669,702 2,420 226,688 7.446 53,744 223 154,801 3,054 9.951 396,838 May 18.ShippedVia St. Louis Via Mounds, &cc Via Rock Island Via Louisville Via Virginia points Via other routes, &c Total gross overland Deduct Shipments Overland to N. Y.. Boston. &c Between interior towns Inland, &c.,from South -------1921-22 Since Week. Aug. 1. 7.248 734,333 6,024 333.081 60 7,918 2,593 74,495 4,136 222.756 9.866 361,984 21,065 1,509.219 29.927 1.734.567 1,171 645 5,825 Total to be deducted 7,641 Leaving total net overland * 941.299 158,753 24,543 339,865 9.320 567.920 13,424 3,844 622 4.854 96.764 23,989 447,167 523.161 20,607 1,211.406 Total European stocks 1,021,000 1,564,000 1,617.000 2,046,000 67.000 118,000 67,000 119,000 India cotton afloat for Europe American cotton afloat for Europe 93,000 345,000 272,461 308,254 61,000 81,000 59,000 Egypt Brazil, &c.,afloat for Eur'e 62,000 111,000 225,000 291,000 270,000 Stock in Alexandria, Egypt 768,000 1,176,000 1,275.000 1,223,000 Stock in Bombay, India 406,118 893.014 1,627,119 1,092,666 Stock in U. S. ports 508,435 838,360 1,519.729 1,076,708 interior towns Stock in U. S.2,600 8,349 5.948 ---U. S. exports to-day The foregoing shows the week's net overland movement has been 13,424 bales, against 20,607 bales for the week last year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 270,107 bales. 3,202,553 5,239,322 6,737.658 6,039.228 Total visible supply Of the above, totals of American and other descriptions are as follows: American bales_ 314.000 506.000 606.000 903.000 Liverpool stock 172.000 79,000 39,000 35,000 Manchester stock 255,000 523,000 448.000 564.000 Continental stock 93,000 345.000 272,461 308.254 for Europe American afloat 406,118 893,014 1.627.119 1,092,666 U. S. port stocks 508,435 838.360 1,519,729 1,076.708 U. S. interior stocks 2,600 8,349 5,948 U. S. exports to-day Total marketed Interior stocks in excess Total American East Indian. Brazil, &c.. Liverpool stock London stock Manchester stock Continental stock India afloat for Europe Egypt, Brazil, &c., afloat Stock in Alexandria, Egypt Stock in Bombay,India Total East India, dm Total American 1.611,553 3,150,322 4,560,658 4,119,228 318.000 379,000 386,000 281.000 11,000 2,000 1,000 1.000 20,000 15,000 21,000 26,000 95,000 81.000 72,000 95,000 67,000 118,000 119,000 67,000 61,000 81,000 62,000 59,000 225,000 291,000 270,000 111,000 768,000 1,176,000 1,275.000 1,223.000 1,591,000 2,089,000 2,177,000 1,920,000 1,611,553 3,150,322 4,560,658 4,119,228 3,202,053 5.239,322 6,737.658 6.039,228 Total visible supply 7.42d. 26.14d. 11.98d. 14.74d. Middling uplands, Liverpool 41.00c. 12.65c. 21.45c. Middling uplands, New 'York27.00c. 18.00d. 77.00d. 20.754. Egypt, good sakel, Liverpool_ -- - 17.10d. 12.008. 50.008. 13.00d. Peruvian, rough good, Liverpool- 18.754. 21.854. 7.554. 11.054. 11.754 Broach fine, Liverpool 8.05d. 22.854. 11.954. 12.908. Tinnevelly. good, Liverpool * Including movement by rail to Canada. --- -----1921-22 -----1922-23-Since Since In Sight and Spinners' Aug. 1. Week. Aug. 1. Week. Takings. . Receipts at ports to May 18 26,647 5.456,522 106.558 5.384,542 20.607 1,211.406 941.299 Net overland to May 18 13.424 Southern consumption to May 180 95.000 3.456,000 ' 72.000 2.914.000 135,071 9,853,821 148.498 *30.925 Came into sight during week__ _104,146 Total in sight May 18 10,002,319 Nor,spinners' takings to May 18_ 18,585 2,162,894 199.165 9.509.948 1 ' *58,970 '278.000 140.195 9.231.948 1,936.171 46,122 •Decrease during week and season. a These figures are consumption; takings not available. Movement into sight in previous years: Week-May 20 1921 -May 21 1920 -May 23 1919 Bales. 9,780.508 11.109,258 9.959,713 Bales. Since Aug. 1-May 20 -21 205,811 1920 -May 21 -20 127,031 1919 -May 23 150,945 1918 -19 QUOTATIONS FOR MIDDLING COTTON AT OTHER MARKETS. -Below are the closing quotations for middling cotton at Southern and other principal cotton markets for each day of the week: Closing Quotations for Middling Cotton onWeek ending muy in. Galveston New Orleans.. Jailliaay. monaay. tuesaay. wed day. raursav. rriday. 25.05 24.75 25.95 25.75 26.05 26.00 26.30 26.00 26.40 26.25 26.40 26.25 26.00 26.00 25.75 25.50 25.75 24.75 Continental imports for past week have been 70,000 bales. Mobile 26.13 26.13 25.90 25.65 25.65 24.75 Savannah The above figures for 1923 show a decrease from last week Norfolk 25.88 25.75 25.25 25.88 25.25 24.50 26.25 26.00 26.00 26.00 25.25 of 68,637 bales, a loss of 2,036,769 from 1922, a decline Baltimore 26.00 26.25 26.44 26.50 26.00 25.13 of 3,535,105 bales from 1921 and a decrease of 2,836,675 Augusta 26.00 25.75 26.00 25.50 25.50 25.50 Memphis 26.35 26.25 26.35 26.00 25.10 '26.00 Houston bales over 1920. 25.75 25.75 25.75 25.75 25.75 Little Rock- _ - 25.75 25.50 25.50 25.45 25.20 24.95 24.10 -that is, Dallas AT THE INTERIOR TOWNS the movement 25.55 25.55 25.30 25.05 25.05 __Fort Worth_ the receipts for the week and since Aug. 1, the shipments for -The closing NEW ORLEANS CONTRACT MARKET. the week and the stocks to-night, and the same items for the corresponding periods of the previous year-is set out in quotations for leading contracts in the New Orleans cotton markets for the past week have been as follows: detail below: Movement to May 18 1923. Towns. Receipts. Week. season. Ala.,Birming' 25 41,109 Eufaula 8,30 Montgomery. 1,130 59.919 Selma 38 54,272 19 34,471 Ark., Helena_ 91 170,226 Little Rock.. 972 131,261 Pine Bluff... Ga., Albany 6,255 39 44.88. Athens 186 270.206 Atlanta 2,101 284,629 Augusta 145 122,936 Columbus__ 258 55,36: Macon 274 44,145 Rome La., Shreveport 100 72,600 24,676 Miss.,Columbus 168 127,973 Clarksdale_ 52 106,240 Greenwood__ 34,02, Merldian.__ ______ 32,419 Natchez ____ 12 23,111 Vicksburg_ .28,110 1 Yazoo City__ 510., St. Louis. 4,634 672,611 241 104,663 N.C.,Gro'neboro 11,116 11 Raleigh 3 102,726 Okla., Altus__ 81,36, Chickasha_ ______ 78,09: 1 Oklahoma..._ S.C.,Greenvllie 1,345 165,715 8,100 Greenwood 7,541 1,068.421 Tenn.,Memp 291 Nashville.___ ______ 46,797 Texas, Abilene_ 18,400 Brenham.-- ______ 35,616 Austin 61 83,108 Dallas Honey Grov. . 3,8262,649,048 Houston71,639 Paris 1 41,144 San Antonio. 219 63,335 Fort Worth- Movement to May 19 1922. Ship- Stocks Receipts. Ship- Stocks, mews. May ments May Season. Week, 18. Week. 18. Week, 949 4,488 417 30,772 5,967 100 3,300 25 250 7,892 538 47,358 206 1,550 144 39,593 1,106 9,207 100 31,125 1,492 22,944 . 1,851 178,95 1,882 32,261 838 120,998 6,034 2,109 18 660 17,293 1,570 91,530 3,639 39,239 3,119 220,523 3,023 22,696 7,488 351,050 370 6,376 690 62,769 1,067 10,967 732 35, 240 5,196 2471 30,192 800 900 100 60,313 2,308 19,838 106 723 28.401 165 130,, : 1.840 24,382 90,293 3,173 32,721 35 100 3,846 31,321 11 108 4,862 561 26,301 4401 10,083 441 30,19. 5,417 13,414 6,5371 750,735 1.318 23,765 485 56,395 198 3861 11,619 6 4,481 82,508 1 .242 1,057 101 58,833 3,736 421 60,939 4,101 41,817 4,1711 152,756 7,260 14,04 311 9,223 71,715 12,149 851,792 62 • 328 -.-186 81,179 3,883 13,195 .56 848 21,275 466 4,461 1,375 164,630 110 19,700 13,602 64,769 32,7172,465,020 352 390 455 51,593 121 32 218 49,506 805 2,829 6241 63,056 589 6,871 200 2.620 1,476 17.954 922 5,760 300 11,921 4.3231 46,224 3.5181 47,045 451 1,896 1.015128,043 4,5861 29,606 11,9761100,986 3.594J 7.319 9,992 1, 2 9,859 3,4001 26,900 4811 1, 897 3.123 27,143 2,000 23,455 483 8,365 1,054 7.405 947 5,994 795 9,541 7,248 25,156 959 15,558 273 500 1,189 5.326 1,289 3,963 1,927 11,186 5,156 29,972 .._ -- 9,541 22.124125,330 664 --279 103 3,402 . 331 5,134 17,856 _ 11,403 42,967131,351 7201 3,853 3921 772 1,423 6,328 Total. 41 towns 23.7237,078.235 54.648508,435 79.237s nne 174 1RR 20783A_RRO The above totals show that the interior stocks have decreased during the week 30,925 bales and are to-night 329,925 bales less than at the same time last year. The receipts at all towns have been 55,514 bales less than the same week last year. Saturday, May 12. May July October December_ January March Tone Spot Options_ Monday, May 14. Tuesday, Wednesday, Thursday. May 16. May 17. May 15. Friday, May 18. 24.85 -26.00 -25.97 ---- 26.18-26.20 26.14 bid 26.05 bid 24.10-24.25 25.14-25.16 25.20-25.25 25.39-25.43 25.44-25.49 25.45-25.47 21.85-21.90 22.42-22.45 22.52-22.54 22.74-22.75 22.65-22.68 22.46-22.49 21.50-21.55 22.08-22.10 22.16-22.20 22.38-22.40 22.32-22.33 22.119-22.12 21.40 bid 21.98 bid 22.06 bid 22.28 bid 22.22 bid 21.97 bid 21.39 bid 21.97 bid 22.05 bid 22.27 bid 22.19 bid 21.92 bid Steady Steady Steady Steady Quiet Steady Quiet Barely st'y Very st'dy. Barely st'y Steady Steady -Reports to WEATHER REPORTS BY TELEGRAPH. us by telegraph from the South this evening denote that the weather has been unseasonably cool in all sections of the cotton belt, except in the West Gulf region. Rainfall has been general in almost all sections of the cotton belt. Mobile. -There have been heavy rains in the interior and a large area of river lands has been submerged,causing a bad set-back. Condition of cotton in the uplands is fairly good, but higher temperatures are needed. Texas. -Cotton has made jpoor progress on account of cool nights and high winds. Condition and stand are fair to very good, with the crop clean. Fairly good progress has been made in dropping. Cut worms are claimed to be active near lower coast. Galveston,Tex Abilene Brenham Brownsville Corpus Christi Dallas Henrietta Kerrville Lampasas Longview Luling Nacogdoches Palestine Paris San Antonio Taylor Weatherford Ardmore, Okla Altus Muskogee Oklahoma City Brinkley. Ark Rain. Rainfall, 1 day 0.04 in. dry 3 days 0.83 in. dry dry 1 day 0.01 in. 1 day 0.05 in. dry dry 1 day 0.32 in. 1 day 0.20 in. 2 days 0.56 in. 2 days 0.72 in. 2 days 1.87 in. 1 day 0.02 in. 2 days 0.38 in. 1 day 0.06 in. 2 days 1.37 in. 2 days 3.20 in. 4 days 3.24 in. 2 days 2.40 in. 4 days 4.06 in. Thermometer high 86 low 66 mean 76 high 96 low 52 mean 74 high 88 low 58 mean 73 high 94 low 68 mean 81 high 90 low 72 mean 81 high 88 low 52 mean 70 high 95 low 52 mean 74 high 91 low 50 mean 71 n low .51 low 47 high high 93 high 86 high 86 high 92 high 92 high 88 high 90 high 102 high 82 high 94 high 84 low 52 low 54 low 50 o 60w low 2 Z2 mean m mean 70 moan 69 moan 70 mean 71 mean 76 low 51 mean 70 low 50 mean 70 low 46 mean 74 low 49 mean 66 low 45 mean 70 low 47 mean 66 THE CHRONICLE Rain. Rainfall. 3 days 2.49 in. 4 days 5.63 in. 4 days 3.27 in. 2 days 1.36 in. 4 days 9.54 in. 3 days 1.29 in. 2 days 2.37 in. 2 days 1.95 in. 3 days 3.27 in. 4 days 4.18 in. 2 days 2.43 in. 2 days 2.42 in. 2 days 1.66 in. 2 days 2.17 in. 3 days 2.38 in. 2 days 3.55 in. 3 days 1.11 in. 2 days 2.30 in. 3 days 1.75 in. 1.82 in. 1 day 2 days 0.121n. 1 day 1.95 in. 1 day 0.50 in. 2 days 2.14 in. 2 days 0.86 in. 3 days 0.86 in. 3 days 1.90 in. 3 days 2.74 in. 4 days 3.02 in. Eldorado Little Rock Pine Bluff Alexandria, La Amite Shreveport Okolona, Miss Columbus Greenwood Vicksburg Mobile,Ala Decatur Montgomery Selma Gainesville, Fla Madison Savannah, Ga Athens Augusta Columbus Charleston,S. C Greenwood Columbia Conway Charlotte, N.C Newbern Weldon Dyersburg, Tenn Memphis Thermometer high 87 low 54 mean 71 high 83 low 50 mean 67 high 86 low 50 mean 68 high 86 low 56 mean 71 high 85 low 52 mean 69 high 86 low 54 mean 70 high 82 low 51 mean 67 high 86 low 51 mean 68 high 86 low 53 mean 70 high 84 low 57 mean 71 high 84 low 60 mean 71 high 82 low 51 mean 67 high 89 low 54 mean 72 high 86 low 54 mean 69 high 87 low 45 mean 66 high 87 low 50 mean 69 high 85 low 55 mean 72 high 85 low 43 mean 64 high 88 low 46 mean 67 high 91 low 45 mean 68 high 80 low 54 mean 67 high 82 low 45 mean 64 low 48 high 96 low 41 mean 69 high 84 low 44 mean 64 high 88 low 42 mean 65 high 88 low 39 mean 64 high 81 low 49 mean 65 high 84 low 51 mean 68 The following statement we have also received by telegraph, showing the height of rivers at the points named at 8 a. m. of the dates given: May 18 1923. May 19 1922. Feet. Feet. 12.8 20.4 20.4 27.4 16.5 11.3 21.3 29.6 33.2 53.2 Above zero of gauge.. Above zero of gauge_ Above zero of gaugeAbove zero of gauge.. Above zero of gauge- New Orleans Memphis Nashville Shreveport Vicksburg RECEIPTS FROM THE PLANTATIONS. -The following table indicates the actual movement each week from the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that part of the crop which finally reaches the market through the outports. Week .ndini Mar. 2_ 9-16_ 23__ 30... April. 613_ 20.. 27May 4__ 11_ 18_ Receipts at Ports. Stocks at Interior Towns. 1921 1922 1923 96,326 86,817 83 369 84,533 82,00 123.593 68,644 102,691 62,634 90,932 1923. 1922. 63,854 116.1001103,288 34.990114.106 95,437 34.681 101.999 99.803 35,743 86,760117.984 INDIA COTTON MOVEMENT FROM ALL PORTS. The receipts of India cotton at Bombay and the shipments from all India ports for the week and for the season from Aug. 1, as cabled, for three years, have been as follows: 1922-23. May 17. Receipts at - Exports. 1921. 1923 I 1922 29,605 41,596 47,508 43,543 30.11 55,485 44 416 65,467 71,259 63,962 1921 66.687 79,515 69.858 42,352 90.169 690.62 1,145.0681,646,686 11,481 36,986 86,080 665.834 1.096.517 1.623,685 10.1991 65.555 72,536 631.756 1,043,089 1,609,714 '*71 48.571 85.832 604 345(1,008.8671,568,716 10,4361 52,528 76.986 24,58 94.458133,247 572.66 965,583 1,545,200 3%312 124,013138,041 5t0,812 898.2181,543,401 26,64 106 558131 551 508.43 838,360 1.519,729 5,42 51,484109,731 56,348138.247 47,588107,874 1920-21. 1921-22. Since Week. Aug. 1. Bombay Since 1. Week.Aug.Week. Week. Since Aug. 1. 73,000 3,148,000 82.000 2,908 000 64,000 2.190.000 : For the Week. lill Great Conti- Japan& Great Britain. nent. China.1 Total. Britain. Bombay I 1922-23_ _ 11,000 5,000 72,000, 88,000 71,000, 71. 1921-22_ 1920-21_ 56,000' .56.001 Other India1922-23__ 2,000 8,000 10,000 1,000 1921-22__ 1,000 6.000 1920-21__ 6,000 Since August 1. Contineat. Japan & China. 114,000 556,5001,782, 30,000 402,0001,490, 22,000 434,000 862, 64,0 222,5 9.000 153,000 21,000 170.001 Total. 2,453,000 1,922,000 1,318,000 286,550 18,000 180,000 27,000 218,000 Total all 1922 -23__ 13,000 13,000 72,000 04,000 178,000 779,0501,782,500 2,739,550 1921-22.._ -- - 1,000 71,000 72,00'39,000 555,000 1,508.000 2.102,000 1920-21._ _--- 6.000 56.000 62.000 43,000 604.000 889,0001,536.000 According to the foregoing, Bombay appears to show a decrease compared with last year in the week's receipts of 9,000 bales. Exports from all India ports record an increase of 26,000 bales during the week, and since Aug. 1 show an increase of 637,550 bales. WORLD'S SUPPLY AND TAKINGS OF COTTON. The following brief but comprehensive statement indicates at a glance the world's supply of cotton for the week and since Aug. 1 for the last two seasons, from all sources from which statistics are obtainable; also the takings, or amounts gone out of sight, for the like period. Cotton Takings. Week and Season. 1921-22. 1922-23. Week. Receiptsfrom Plantations 88,116 876,948 1,360,134 1,718,02 92,890 835,175 1,047,828 1,702,642 75.3641,800.678 1,261,591 1,697,139 72,898 775,517 1,230,152 1,668,593 92,968 742.9981,203,182 1,663,791 [VOL. 116. Season. Week. Season. Visible supply May 11 5,367,992 3,271.190 Visible supply Aug. 1 3,760,450 6,111,250 American in sight to May 18..... 104,146 10,002,319 140,195 9,231,948 Bombay receipts to May 17_ __ _ 82,000 2,908,000 73,000 3,148,000 Other India siaipm'ts to May 17 10,000 1,000 286,550 180,000 Alexandria receipts to May 16_ 5,000 1,322.800 660,000 11,000 Other supply to May 16_*_b__ _ 9,000 32,3.000 7.000 318.000 Total supply 3,472,336 18,843,119 5.609.187 19,409,198 Deduct Visible supply May 18 3,202.553 3,202,553 5,239.322 5,239,322 Total taldngs to May 18-a--_- 269,783 15,640.566 369.865 14,169,876 Of which American 205,783 10,355.016 231,865 10,155.856 Of which other 64,000 5,285.550 138.000 4.014%020 *Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c. a This total embraces since .Aug. 1 the total estimated consumption by Southern mills. 3,456,000 bales in 1922-23 and 2,914,000 bales in 1921-22 takings not being available=and the aggregate amounts taken by Northern and foreign spinners, 12,184,566 bales in 1922-23 and 11,255,876 bales in 1921-22, of wich 6.899,016 bales and 7,241,856 bales American. b Estimated. The above statement shows: (1) That the total receipts from the plantations since Aug. 1 1922 are 5,099,603 bales; in 1922 were 5,009,418 bales, and in 1921 were 6,287,581 SHIPPING NEWS. bales. (2) That although the receipts at the outports the -As shown on a previous page, the past week were 26,647 bales, the actual movement from exports of cotton from the United States the roast week have plantations was nil bales, .stocks at interior towns having reached 21,746 bales. The shipments in detail, as made decreased 30,925 bales during the week. Last year receipts up from mail and telegraphic returns, are as follows: Total Bales. from the plantations for the week were 47,588 bales and NEW YORK-To Liverpool-May 11-Adriatic, 808 808 for 1921 they were 107,874 bales. To Bremen -May 11-President Harding, 119 119 -May 11-City of St. Joseph, 280 To Genoa 280 ALEXANDRIA RECEIPTS AND SHIPMENTS. To Rotterdam-May 14 -We -Eastern Dawn, 100 100 -May 15 To Japan 902 now receive a weekly cable of the movements of cotton at NEW ORLEANS-To -Gothic Prince, 902 Ghent -May 14-Danier, 705 705 Alexandria, Egypt. The following are the receipts and -May 14-Danler, 150 To Antwerp 150 -May 14-Yaro, 150 To Vera Cruz shipments for the past week and for the corresponding week 150 To Liverpool-May15-Duquesne 646 646 of the previous two years. -May 15 To Manchester -Duquesne. 50 50 Alexandria, Egypt, May 17. 1922-23. Receipts (cantars)This week Since Aug. 1 23,000 6,620,477 I Since Week. Aug. 1. Exports (bales)To Liverpool To Manchester, &c To Continent and IndiaTo America GALVESTON-To Liverpool -May 15 --Colorado Springs, 526 526 -May 15 To Manchester -Colorado Springs, 437 457 To llavre-May as , 3.705 3,705 Antwerp -May 15-Steadfast, 318 To 318 ' -May 15 To Ghent -Steadfast, 600 600 -May 15 To Bremen -Chester Valley, 1,512 1,512 45,000 145,000 To Rotterdam-May 15 -Chester Valley, 1,490 1,490 5,024,089 4,159,860 BOSTON-To Liverpool -May 4-Colonlan, 200 200 CHARLESTON-To Bremen-May 14 800 -Coldwater.800 Since HOUSTON-To Bremen Since -May 17-Saccarappa. 2,557 2,557 Week. Aug. 1. Week. Aug. 1. MOBILE -To Bremen-May 14-Wildwood.250250 -To Antwerp NORFOLK -May 15-Glenridge,100 ' 100 5,000 147.266 8,750 99,847 -May 1 To Bremen Fuerst Bulow, 687 687 _ 119,135 -May 17-Roxmore, 1,700 75,522 To Liverpool 1.700 5,850 190,563 1.750 119,438 SAVANNAH-To Bremen-May 14-Evanger, 1.650: May 18 1.750 158,025 Coldwater, 304 44.313 1.954 1921-22. 4.000 219,369 6,000161.773 3,000 282.562 2,000 205.109 1920-21. Total exports 15,000 868.853 12.600614.989 10.500 339.120 Note. -A canter is 99 lbs Egyptian bales weigh about 750 lbs. This statement shows that the receipts for the week ending May 17 were 23,000 canters and the fore go shipments 15,000 bales. MANCHESTER MARKET. -Our report received by cable to-night from Manchester states that the market m both cloths and yarns is quiet. Demand for China is improving. We give prices to-day below and leave those for previous weeks of this and last year for comparison: 1922-23. 32s Cop Twist. 32s Coy Twist. 834 lbs. Shirt- Cor n fags. Common to Finest. uos s. d. 017 6 617 6 017 6 017 6 d. d. 16.60 17 16.55 17 16.08 17 14.80 17% d. 8.8. e. d. 15% 15 114016 134 15% 15 5344016 3 18% 15 414016 3 18% 15 4448,16 3 17 0 17 0 17 0 17 0 017 6 017 4 ©17 4 ©17 4 15.88 17% 15.95 1744 15.18 17% 15.48 17% 18% 15 4%016 3 10.45 15% 15 444016 3 10.23 18% 15 434016 034 10.11 18% 15 4348,16 0 10.21 23% 16 6 ©17 2 2234 16 0 @164 2254 16 0 ©16 4 14.76 1734 14.08 1834 14.74 1931 19% 15 7%©16 3 19% 15 10%016 6 20% 16 nogis 9 24% 2434 23% 2434 V d. s. d. 23% 17 1 24 17 1 2434 17 1 24% 17 1 0 Mar. d. 9 2234 16 23 23 234i 29 23% Apr. 6 2334 13 233I 20 2234 27 2231 May 4 22m 11 2134 15 2134 1921-22. 834 lbs. Shirt- Cot's ings, Common Mid. to Finest. UpPs d. 10.57 10.75 10.69 10.69 11.00 11.58 11.98 21,746 COTTON FREIGHTS. -Current rates for cotton from New York, as furnished by Lambert & Burrows, Inc., are as follows, quotations being in cents per pound: High StandDensity. ant. Liverpool_ -20.0 32o. Manchester__200. 320. Antwerp __22340 3530. Ghent 22gc.37340. Havre Rotterdam -2230.37%0. 300. 35340. Genoa -37 Christiania. 340.600. High Density. Stockholm___500. 500 Trieste 500 Fiume Lisbon 50c. Oporto 750. Barcelona ...40o. Japan 500 . Shanghai_ __500 Standar . 65c. 65e. 65c. 650. 90o. 55c. 650 0. 65 High Stand Density. aril. 500. 650. Bombay Vladivostok__ ____ __ Gothenburg_50c. 650. 200. 300. Bremen Hamburg____200. 300. Piraeus 600. 750. Salonica 600. 750. LIVERPOOL. -By cable from Liverpool we have the following statement of the week's sales, stocks, &e., at that_port: Sales of the week Of which American Actual export Forwarded Total stock Of which American Total imports Of which American Amount afloat Of which American April 27. 31,000 15,000 7.000 46,000 728,000 365,000 27,000 4,000 75,000 8.000 May 4. May 11. 35,000 33,000 17,000 15,000 5,000 2,000 50,000 47,000 688,000 649,000 356,000 332,000 4,000 31,000 2,000 2.000 76,000 68,000 11,000 11,000 May 18. 25,000 11.000 4,000 38,000 632,000 314,000 27.000 4,000 86,000 12,000 The tone of the Liverpool market for spots and futures each day of the past week and the daily closing prices of spot cotton have been as follows: MAY 19 1923.] THE CH_RONICLE 2293 on May 1 1922. Afloat for Europe May 1, 49,270,000 bushels, against 52,780,000 on April 1 and 56,520,000 on May 1 Moderate Quiet. Quiet. last year. Exporters took 350,000 bushels on the 16th inst., Quiet. Quiet. demand. which was, of course, nothing great. Besides, the cables 14.17 were lower, deliveries in Chicago were 248,000 bushels, and Mid.UpFds 14.60 14.74 14.73 14.48 it is said that India has a surplus of 78,000,000 bushels. But HOLI7,000 6.000 Sales 5,000 5,000 6,000 cash wheat was not offered freely and world's stocks were DAY Quiet, Futures. Steady, Quiet but Quiet but Q't but st'y week 17,623,000 bushels, includ11 to 18 27 to 37 st'dy, 2 to st'dy, 14 to 1 to 8 pts. said to have decreased in a Market 1 ing 9,403,000 in Canada. That attracted wide attention. pts. adv. pts. adv. 7 pts. dec. 22 pts. adv advance. opened J Europe took about 700,000 bushels on the 17th inst., includQuiet but Market, f Steady, Quiet but Steady. Firm st'dy, 19 to 23 to 32 st'dy, 6 to 3 to 15 3 to 15 Dts. ing a cargo of new wheat by Germany for August shipment, 4 i 24 pts.adv. DU. adv. 9 pta. dec. pts. adv. advance. P. M. l though most of the business was in Manitoba wheat. True, Prices of futures at Liverpool for each day are given below: the official French crop report put the condition of winter wheat at 72% against 58 last year and of spring wheat 70.1 against 58% a year ago. But this had less effect than it Sat. Mon. Tues. Fri. Thurs. Wed. May 12 would have had but for the bad weather in much of Europe. 1214i 12% 1214 4:00 1214 4:00 1214 4 to 1214 4:00 123( 4:00 May i8. P. In.IP. m.P. in P. m.P. m.D. m.P. m.O. m.P. m.O. m.P. m..P. m. In this country crop news was none too favorable, even after - the recent rains. It is said, too, that the acreage in the d. I d. d. d. d. I d. d. d. d. d. d. May 13.52 13.9 . 13.83 3.81 14.03 13.96 14.0414.11 Northwest shows a decrease. Rains in Iowa last week were June 13.27 13.6913.6313.57 3. 13.76 13.67 13.74 13.80 officially estimated to be worth at least $10,000,000 to the July 13.25 13.67 13.6213.56 3.5313.7 13.6513.71 13.77 August 13.05 13.47 13.4213.36 3.3313. 13.4513.5013.56 crops of that State. The forecast is for fair and rising temSeptember HOLI- 12.70 13.0813.0413.00 2.9 13.12 13.04 13.10 13.17 perature. Farmers who delayed planting on account of the October DAY 12.27 12.6412.60 12.56 2.5312.6912.5812.6112.66 November • 12.04 12.41 12.37 12.33 2.3012.46 12.35 12.38,12.42 drouth, especially in southern and eastern Iowa, will be December 11.96 12.3212.2812.2512.21 12.36 12.26 12.27112.32 able to plant under ideal conditions. The soil is warm and January 12.2212.1812.1512.11 12.26 12.15 12.17,12.21 moist. To-day 11.86 prices declined after an early advance of February 12.1512.11 12.09 2 0 12.1 12.08112.1012.12 11.80 March 12.0912.05 12.0311.9912.1312.02 12.0312.05 %c. on further crop complaints. But the cables were easier, 11.74 Apdl 12.0412.00 11.9811.9412.0811.97 11.9842.00 the weather at the 11.69 Northwest rather warmer, export business confined to 400,000 bushels, mostly Manitoba, with a little hard American winter wheat, vague reports that RusBREADSTUFFS sia might ship wheat, and finally, considerable liquidation. Yet prices ended 1 to 1%c. higher for the week, after showFriday Night, May 18 1923. Flour has remained for the most part quiet. Stocks are ing a much greater advance at one time. DAILY CLOSING PRICES OF WHEAT IN NEW YORK. ample for the shrunken trade and the lack of an export deSat. Mott. Tues. Wed. Thurs. Fri. mand. Buyers seeing the recent decline hold aloof more No. 2 red cts_1443 14834 149 150% 14934 148 determinedly than ever. They have been looking for a fur- DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. ther decline, possibly 50 cents under present quotations. Sat. Mon. Tues. Wed. Thurs. Fri. May cts_1164 118 Whether their expectations will be realized or not remains July delivery 1183 1201i 11934 118 delivery 11434 11534 11534 1171/ 11734 116% to be seen. What is certain is that both for the home trade September delivery 11334 11334 113% 115% MK 11434 and for foreign markets the buying has been on a scale so Indian corn advanced at one time, but in the main the small as to cast a kind of gloom over the market and to dis- fluctuations early in the week were very small. At times courage hopes of any speedy change for the better. Yet a it was weak with other grain and export demand light if always possible. At Kansas City trade was quiet. there was any at all. Yet on the other change is hand country offerBuyers were watching wheat. At Minneapolis prices fell ings were very small and the domestic cash demand was 10c. on patents with trade quiet. The decline in wheat hurts good. That buttressed the market, and on the 14th inst. it business. Export demand was small. Prices f. o. b. car lots advanced with the help of a rise in wheat. The bullish Amercottons, best family patents were $660 to $6 90; first pat- ican visible supply statement was also an aid. It fell off ents $640 to $6 60; bakers, $620 to $6 40; first clears, $540 3,760,000 bushels last week against a decrease to $560; second clears, $370 to $385; pure graham, $645 to 000 bushels in the same week last year. It is of only 807,now 15,299,000 $6 70. Rye flour fell 5 to 10c. with cash grain. White rye, bushels, against 31,901,000 a year ago. The receipts, more410 to $4 30; medium, $4 to $420; dark, $395 to $410; du- over, were very small, being a little under 300.000 bushels, rum flour was dull and 10c. lower. No. 2 Semolina $605; as against 1,254,000 last year. Export business still No. 3, $5 65. Mill feed dropped noticeably for bran with small, however, not exceeding 100,000 bushels, if was it reached prices off $1 50. Standard middlings were 75c. lower at that total. On the 16th inst. small receipts lifted prices with $2855 to $29; bran, $2650 for standard; pure, $2650 to $27; prominent cash houses good buyers. Besides, it was too cold flour middlings, $3050 to $3150; red dog, $33 to $35. Mill at the West for the crop. Nebraska advices pooh-poohed the feed shipments for the week were 7,454 tons, against 9,300 predictions of large receipts after planting is finished. But tons last year. exporters did nothing. That was, of course, a drawback. Wheat, after reacting on the 12th inst., turned upward a Europe is said to be buying by preference in Argentina. little with the stock market. Wheat was regarded by some Still, Western cash markets were steady. To-day prices deas overcheap. May was down to 116% against 143 at the clined %c..to lc. despite a continued small crop movement. same time last year, whereas May rye was 74c. against 1092 Since last Friday, however, there has been a net rise of 2 to / 1 a year ago, while May corn was 781 , against 60%c. at the 2 c., owing to facts already mentioned. , / 1 2 same time in 1922. Evidently wheat and rye have been badly DAILY CLOSING PRICES OF CORN IN NEW YORK. depressed in a readjustment to meet European conditions. Sat. Mon. Tues. Wed. Thurs. Fri., 100 cts_100 9934 10134 102 At any rate that is the interpretation put by some on eie No. 2 yellow 101 severe decline within 12 months. Beneficial rains at the DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO. Sat. Mon. Tues. Wed. Thurs. Fri. West have at times of late affected wheat prices. There May delivery 7834 81q 81 cts- 7834 78 8034 has been very heavy liquidation. On the other hand, there July delivery 78% 78% 79 81 80 80 78% 80 77% 78 79 7834 has been some export demand and early in the week some September delivery 2,000,000 bushels were taken, including 1,175,000 bushels of Oats under heavy selling acted weak; they had little or no Canadian and durum to the Greek Government. It was the staying power. Chicago for one thing wired that there were old story. Most of the export business was in Canadian about 800,000 bushels of light weight No. 3 white oats there wheat, that is, Manitoba. On the 14th inst. 150,000 bushels which could be delivered on May contracts, curious as that of American hard winter was sold for export and a moder- sounds. Prices on the 14th inst., therefore, fell 2 to 2 / 1 2c. ate quantity of durum. Rains in the Southwest seem to from the early "high." Some of this decline, to be sure, was make exporters a bit cautious. Yet it is true that the tech- recovered later, when it was found that the American visible nical position is regarded by some as strong. Certainly the supply had decreased last week 2,472,000 bushels, against sentiment recently has been pessimistic about wheat and 2,272,000 last year and was down to 18,068,000 bushels, selling it was considered to he the thing. That means that against 52,928,000 bushels a year ago. But the weather has there must be a considerable short interest. And the visible been better and cash demand only. fair. Bad weather put up supply of American last week decreased 2,475,000 bushels, prices on the 16th inst. and also some talk of a better export bringing it down to 41,219,000 bushels, against 27,980,000 a demand, but on the next day prices were irregular or easier, year ago. Chicago on May 14 reported world's wheat stocks with the weather better and the cash demand only moderate. on May 1 as 273,062,000 bushels, a decrease in April of 37,- These factors offset the small receipts. To-day prices fell to lc. and for the week there is a decline of % to %c. • 111,000 bushels, against 31,072,000 bushels in March and 36,765,000 bushels in April last year. United States stocks DAILY CLOSING PRICES OF OATS IN NEW YORK. decreased 11,000,000 bushels and are 30,275,000 bushels less No. 2 white Sat. Mon. Tues. Wed. Thurs. Fri. cts_ 5534 55 55 56 56 5534 than last year. Canadian stocks decreased 7,127,000 bushDAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO. els last month and are 19,714,000 bushels more than last Sat. Mon. Tues. Wed. Thurs. Fri year. There was a small decrease on ocean passage for the May delivery as_ 4234 4134 42 43% 43% 4234 July delivery 4334 42 423.4 4334 4334 421,. month, with supplies, nevertheless, more than 7,000,000 September delivery 4174 41 4134 4134 4134 4034 bushels less than a year ago. Stocks in the United Kingdom Rye advanced when other grain moved up, and when reare stated at 6,160,000 bushels on May 1, against 7,820,000 ports were circulated of an export demand on the 14th inst. bushels on April 1 1923 and 9,760,000 on May 1 last year; in Some 300,000 Argentina 8,140,000 bushels on May 1, against 9,200,000 on rope. Early bushels, it was estimated, were taken for Euon that day prIces, it is true, fell with wheat, April 1 1923 and 7,400,000 on May 1 1922; in Australia 45,- but later rallied with it. The visible supply in the United 000,000 bushels, against 56,500,000 on April 1 and 35,000,000 States last 540,000 on May 1 1922; in the United States 9,522,000, against 102,- bushels last week decreased 642,000 bushels, against bush18,369,000 076,000 on April 1 and 60,547,000 on May 1 1922; and in Can- els, against year. The total is still, however only 6,208,600 bushels a year ago. On the 15th ada 73,970,000, against 81,797,000 on April 1 and 54,256,000 Inst. prices advanced 1 to 1 c. Offerings were smaller. / 1 2 Spot. Saturday. I Monday. Tuesday. Wednesday. Thursday. to N to to CO Co Ca Co C41-.11&021-.. • ▪ Market. f 12:15 i P.M. k Friday. 2294 THE CHRONICLE Export sales were estimated at 200,000 bushels for Germany. Lessened liquidation was a feature, deliveries were trifling and the weather at the Northwest cold. On the 16th inst. exporters took 400,000 bushels. On that day following in the wake of wheat, rye advanced 2 to 2%c. On the 17th inst. 300,000 bushels more were taken by Europe at some slight decline after an early advance. Many complaints about the condition of the crop came from the Northwest. To-day 2c., prices declined, but for the week there is a rise of 3 to 4Y the latter on May. IN DAILY CLOSING PRICES OF RYE FUTURES Wed. Sat. Mon. Tues. 7836 7474 76 eta.. 74 May delivery 7674 7734 781 8034 July delivery 7734 7834 793.1 8134 September delivery CHICAGO. Thurs. Frt. 783i 783i 8034 7954 8134 8034 The following are closing quotations: GRAIN Oats— 5534 No. 2 white $1 4934' No.3 white 54 1 3634 Barley— Feeding Nominal 1 01 Malting 9034 82@53 FLOUR $625 $7 00 Barley goods Spring patents No. 1, 1-0, 2-0 $5 75 5 90 Winter straights. soft— 5 65 Nos. 2,3 and 4 pearl_ 650 Hard winter straights— 5 90 625 Nos. 3-0 590 5 50 600 clears First spring Nos. 4-0 and 5-0600 450 500 Ryeflour Oats goods—carload: Spot delivery 2 100 2 20 27734@285 Yelfovrilielr Co i o 215@ 220 Corn flour For other tables usually given here, see page 2225. Wheat— No. 2 red No. 2 hard winterCorn— No. 2 yellow Bye—No.2 . ' ' WEATHER BULLETIN FOR THE WEEK ENDING MAY 15.—The general summary of the weather bullelin issued by the Department of Agriculture, indicating the influence of the weather for the week ending May 15, is as follows: Very unseasonable weather prevailed during the week ended May 15 of In nearly all sections of the country eastandthe Rocky Mountains, heavy South Central Appalachian region snow fell in the Western Lakewas some snow in most sections of the Mountain districts, and there Ohio Valley, 6 to 8 ins, being reported from parts of Northern Indiana. Frost or freezing temperatures were experienced in the northern half of the country from the Great Plains eastward and light frost formed as far south as the central portion of the East Gulf States. The lowest temperature of record for so late in the season was reported from many stations from the Upper Mississippi Valley eastward. At the same time, however, the weather was unusually warm in the Far Western States, with maximum temperatures of 92 to 98 deg. in the interior of California. Further heavy rain fell in Western Kansas. Oklahoma and Arkansas while the drouth that has prevailed in the Ohio Valley States and the Lake region, was effectually broken by generous to heavy precipitation. The heavy rains caused some damage by flooding low lands in Ohio and Indiana. Increased moisture during the week was beneficial for farming interests also in portions of the Southwest, in the Central Rocky Mountain States and the Far Northwest particularly in Eastern Oregon. Rain was helpful likewise in the Middle Atlantic Coast area. The unusually low temperatures east of Rocky Mountains were very unfavorable for growth of spring planted crop and for germination of those recently seeded while widespread, though mostly light to moderate damage, was done by frost to gardens and early planted truck crops especially corn and truck in Eastern Kansas. There was no serious or extensive damage to fruit, however, although some early varieties were harmed In many localities throughout the whole of the northern half of the country from the Great Plains eastward. Farm work made generally good progress in the Western half of the country and in the Southwest, but was considerably interrupted in portions of the Upper Mississippi Valley and from the Ohio Valley northward. No extensive areas were suffering from drouth at the close of the week, but the need for warmer weather there was general throughout the Eastern half of the country. Cotton.—The week on the whole was unseasonably cool throughout the cotton-growing States except in the West Gulf District, although warmer and more favorable conditions prevailed in most sections the latter part. Rainfall was heavy in the Mississippi Valley States and Oklahoma but mostly light to moderate in most other sections of the belt. It was very favorable for field work in Texas and cultivation made good progress, although growth was generally poor because of cool nights stands and general conditions were fair to very good with the fields mostly clean. Planting made satisfactory progress in Oklahoma, but was stopped by heavy rains in the latter part of the week; the stands of the early planted were generally good but growth was slow. The cool. wet weather was very unfavorable in Arkansas, where much cotton was dying and replanting necessary, while considerable was caught by frost in Tennessee. Although most of the week was favorable for planting and cultivation in Alabama and Mississippi, germination and growth were slow because of the cool nights. The first half of the week was decidedly unfavorable in Georgia and South Carolina. Much cotton was stunted or killed in Georgia and considerable replanting must be done, while the low temperatures were unfavorable in South Carolina. The latter part of the week was more favorable in these States. Progress of cotton was very poor to poor In North Carolina, where cold winds were very unfavorable. WHEAT.—Winter wheat was quite generally benefited by generous rainfall throughout the Ohio Valley area, although'growth was slow because of the unseasonably cool weather. The condition of the crop continued mostly unsatisfactory in Ohio, but improvement was reported in Indiana and Illinois. Wheat made good to excellent progress in Iowa and satisfactory advance in Missouri, while conditions continued favorable for growth in Nebraska. Plants were mostly in boot in southeastern and south central Kansas and some heads were showing, but the crop continued very backward in the western third of the State. Progress and condition was very good in central and eastern Oklahoma but very poor to poor in the western portion, where deterioration was noted generally on account of high, drying winds and scant moisture. Rainfail was beneficial in the Central Rocky Mountain States and the Far Northwest and much of the Atlantic Coast area. Conditions on the whole were favorable in the spring wheat belt. Seeding was practically completed in all sections. A large percentage of the crop was up to excellent stands and good color in North Dakota, while the plants were reported as three inches high in northern Montana and stooling well with an excellent stand generally. Spring wheat came up to a good stand in Minnesota and the weather was favorable for stooling in South Dakota, although much was frozen, but not seriously. SMALL GRAINS.—Oats and barley seeding was nearly completed and conditions were mostly favorable for these crops. Grain harvest was under way in the more southeastern localities and oat harvest was started in southern Texas. Most of the week was favorable for rye planting in Arkansas and this work made good progress in Louisiana. The crop was late in Texas but its condition and progress were satisfactory generallY. CORN.—Corn planting made slow progress throughout the Onio Valley section on account of frequent rains and wet soil, while cool weather was unfavorable for the germination of early planted. Corn planting progressed slowly in Iowa also because of general cold and heavy rains in the southern portion, although more moisture was needed in the north; planting was about half done but preparations for this work was nearly finished. Corn planting was nearly all completed ,in Missouri and much was up but needing warmth badly. Considerable corn was planted during the week in the Great Plains area generally in good condition in northward to South Dakota. The soil wasin the eastern half of this State Kansas but the crop was seriously damaged reported from Oklahoma and Mostly good progress was by heavy frost. in corn was late it was in satisfactory conditionlowTexas. The weather while night temperatures. unfavorable in the South because of was rather satisfactory progress in most sections. but cultivation made [VOL. 116. THE DRY GOODS TRADE Friday Night, May 18 1923. Markets for textiles failed to develop any activity during the past week, as lack of snap in general business, talk of building contraction, curtailment of mill production and continued unseasonable weather throughout the country have made consumers cautious. Prices have also developed an easier undertone. The call for a halt in building operations that has been sent out owing to the high costs of construction, appears to dry goods men as another influence that will tend to make consumers cautious and .more economical In their buying. Many merchants believe, however, that the conservation of building capital, like the curtailment of cotton mill production for a time, will ultimately make for a good fall trade, though in the meantime the incentive will be lacking for future buying to maintain the large improvement of goods necessary to take care of large output. Retail trade as a whole has been below expectations. Both local and out-of-town representatives of department store retailers report current business rather slack, while New England piece goods buyers claim that they cannot stimulate very much consumption through sales offerings. Despite the lull in business, sentiment is not altogether pessimistic. Many large mills are carrying as light warehouse stocks of finished goods as at any time this year. As buyers have not manifested any desire to have goods held up, they have been shipping steadily, and while in some lines of convertibles of a seasonable character stocks are ample, they are expected to dwindle fast when seasonable weather comes along. DOMESTIC COTTON GOODS: With few exceptions, demand for domestic cotton goods has been of small volume during the past week. In some parts of the country retailers say that talk of curtailing production in mills has led to cautious buying on the part of consumers, while the unseasonably cool weather has also checked demand. With the exception of a few specialties that continue to move steadily, the demand for the finished cottons that are seasonable at this time of the year has been disappointing. The wash fabric trade has been slow, and the quiet has been felt as much in ginghams as in other staples of the wash fabric departments, though there are some crepes, ratines and tissues that appear to respond quickly to any broadening of the retail movement in a given section. Demand for gray goods and sheetings has been slow, owing to the unsettled condition of the markets for raw cotton. It would seem that a curtailment of production as has been announced from Fall River, would have a stimulating effect, but so far it has had no effect at all. Instead of advancing prices it appeared to have a reverse effect, the market running into a period of hesitation and finally a decline. So far, the lower prices have not stimulated larger purchases, though in the nature of things agents claim that the volume of sales should soon increase. A bright•spot in the situation has been the buying of denims. Sales made during the week are said to be of sufficient volume to more than take care of the possible 'Abduction of the larger mills throughout the summer. According to reports, the largest producer has virtually sold all that can be delivered through August, while two or three of the other important factors have been convinced that only a limited proportion of the businses sought to be placed could be accepted for deliveries this side of September. Print cloths, 28-inch, 64 x 64's construction, are quoted at 7%c., and the 27-inch, 64 x 60's, at 7Y3c. Gray goods in the 39-inch 68 x 72's, are quoted at 11%c., and the 39-inch, 80 x 80's, at 13c. WOOLEN GOODS: Demand for woolen goods has been seansonably dull and with it there has been a desire to cut down commitments or to revise orders already placed if mills will accept revisions. The wage advances forced in the clothing and garment trades, together with the high cost of wool and higher wages in fabric mills are causing hesitation and a change of ideas about retail merchandising. The trade appears to be apprehensive of the ability to secure higher prices for made-up goods, and the prevailing quiet is having the natural effect of inducing cancellations or requests for deferred deliveries. FOREIGN DRY GOODS: Market for linens ruled quiet during the week, as sales continued to be confined to small lots for filling in purposes. Handkerchief manufacturers are said to hold quite a large volume of orders on their books, but persist in not covering their requirements. The orders are admittedly one-sided, as they give the buyer the privilege of cancellation, while the manufacturer cannot do likewise in regard to his yardage purchases. A fair demand has been noted for damasks. Weakness developed in burlaps owing to absence of demand and more liberal offerings. Advices from Calcutta continued discouraging to those who had been hoping for a higher market. Light weights are quoted at 5.25 to 5.35c. and heavies at 7.00 to 7.10c. MAY 19 1923.1 THE CHRONICLE ffitate ant Titg Department MUNICIPAL BOND SALES IN APRIL. We present herewith our detailed list of the municipal bond issued put out during the month of April, which the crowded condition of our columns prevented our publishing at the usual time. The review of the month's sales was given on page 2038 of the "Chronicle" of May 5. Since then several belated April returns have been received, changing the total for the month to $177,764 003. The number of municipalities issuing bonds in April was 442 and the number of separate issues 626. APRIL BOND SALES. Name. Page. Rate. Maturity. Amount. Price. Basis. 1803- _Abbeville. La 100.91 -- _ _ 1924-1941 $45,0 6 1569- _ Aberdeen Sep.S.D.,Miss.531 1924-1948 125,000 101.35 5.12 1803- _Adams,Mass 60,000 100.21 ---434 1924-1933 2039-_Adams & Arapahoe Cos. Jt. Sch. D.No.31,Co1.5% d15 30 yrs. 8,000 2039-Adams Co., Ind 5,600 100.10 4.49 434 1924-1933 2039-Adams Co., Ind 8,000 100.102 4.49 434 1924-1933 2039_ _Adams Co., Ind 14,720 100.213 4.48 434 1924-1933 2039--Adams Co., Ind 10,320 100.14 4.49 434 1924-1933 1683-on S. D.,Ohio 431 1924-1943 500.000 101.63 4.56 1923--Alabama (State of) 293.000 2039-Alexandria Bay, N. Y- 5 29,000 100.361 4.98 1952 1923A11en County, Ind 11.240 101.236 4.76 1924-1933 5 1683-Amory, Miss 17,000 104.70 1924-1940 6 5.30 2039--Anahelm, Calif 1924 1963 160,000 101.85 4.85 5 1803__Anniston, Ala 1933 534 188.000 100 5.50 1683__AntelopeCo.S.D.49,Neb.5 1928-1953 60,000 1923--Arapahoe Co. S. D. 13, 6 Yearly Colo 25,000 1923-Arcanum, Ohio 5,000 100 534 1924-1933 5.50 1923__ArmstrongCon.S.D.,Mo.5 30,000 1803--Asheboro Graded S. D., No. Caro 60,000 105 4.84 534 1928-1952 1803_ _Ashland Co.,Ohio(2iss.)_534 1924-1933 219,000 1803__Ashland Co., Ohio ___ _ _ 1924-1933 100.000 1560__Ashland, Ky.(2 issues) 5 1932 & 1937 80,0001 101.832 4.43 " 1569__Ashland, Ky.(3 Issues)..434 1942,'47&52 120.000; 2039__Ashland S. D Hy 434 100.000 100 4.75 1683-Assumption Parish Road Dist. No. 1, La 6 1924-1953 80,000 108.15 1569--Athens County, Ohio... _5 1924-1933 53,000 100.508 4.73 2039-Atlanta Consol. Sch. D. No. 3, Mo. -5 1924-1943 50.000 1803-Bakers Haulover Dist., Fla 6 1924-1947 150,000 106.60 5.36 1683__Baltimore, Md. issues) 5 '36,'37,'56.'57 3,549.0001 103.93 4.35 (2 1683-Baltimore, Md 4 1924-1930 2,845,000 1569__Bath, N. Y 434 1927-1946 40,000 101.287 4.39 2039--Bath S. D. N. Y 4A 1924-1954 225,000 102.08 4.33 1923-Bath Twp.Consol. Rural ' Sch. Dist.. Ohio 534 1924-1943 20,000 1923_ _Bellaire City S. D., 013143_5 1924-1947 350.000 101.79 4.80 2040-Bellevue. Ohio (2 iscues)-5 A 1924-1932 35,533 102.091 5.10 1923--Benton Harbor, Mich---5A 100.000 2040-131asdell, N. Y 434 1928-1953 119,229 101.415 4.38 2040__Boone Ind. S. D., Iowa_ _4 A 1926-1943 225,000 100.04 4.49 1683--Brevard Co. Spec. Rd. & Bridge Dist. No.8, Fla.6 140,000 101.25 1923-Brooten, Minn 8,000 1923__Buffalo, N. Y 4 1953 1,700,000 100.278 3.98 2040_ _Buffalo, N.Y.(2 issues)_4 1924-1943 112,807 2040-Buffalo, N. Y.(3 Issues).4 1924-1953 1,100,000 100 4.00 1804-..Buhl Ind. S. D. 3, Ida--5% 5.50 35.000 100 2040- _Burlington, No.Caro__.534 1925-1942 297,000 100.31 5.46 2040_ _Burlington, No. Car 534 1926-1953 28,000 101.87 5.32 1923- _Campbell, Nob 10,500 1804-Canandaigua, N. Y 434 1924-1938 75,000 101.25 4.31 1804--Canon City, Colo 434 r 160,000 1804--Canton, Cmm 434 yearly 40.000 101.211r 1684-Canton. Ohio 534 1925-1933 25,327 100 5.50 1923--Canton, Ohio 8,110 1804-Canton Sch. Dist., Ohlo_434 1925-1948 295,000 100.26 4.48 2169__Casss -Jile, Mo 534 Yearly 15,000 101.50 2169-CassrlHe. Mo 6 Yearly 6.00 2,500 100 2040-Cedar Co. S. D. No. 114, Nebr 5,000 1924-Cedarville, Ohio 534 1925-1933 29,000 100.77 5.47 1924-Cedarville. Ohio 534 5.000 100.08 5.49 1924-_Centerview C. S. D., Mo . 1924-1933 20,000 1804-Champaign County, III-6 yearly 500,000 103.59 4-5 0 1684-Champlain, N. Y 43 1928-1952 38,000 100.39 4.47 2040-Chancellor, So. flak 6 1943 10 000 1569--Charleston, So. Caro4 81943-1963 500,000 91.94 1804-0barlotte, No. Caro 434 1925-1964 300,000 100.81 Ve§ 2040-Cherokee Co. S. D. No.3, So. Caro 5 1933 1962 300,000 100.50 : ,_1 9_7_ 1684-Chillicothe S. D., Mo_ --5 _5 1925-1943 300,000 1924- _Chinook, Mont 534 r 17,200 1924-Chinook, Mont 53,1 15,000 1804 ClarkCounty, Ind 5 1924-1933 18,500 101.41 4.73 1924-Clarksville, Tenn.(2 las.) 22,000 100.34 --1804-Cleveland Heights, Ohio (2 issues) 5 1924-1945 74,184 101.36 4.83 1684-Cleveland Hgts. S. D.,0_5 1924-1947 25,000 :%) 181.614 1.89 2169-Clinton Sch. Twp:, Ind 5 1924-1933 7,000 1684-Clovis, Calif 7 7.00 42,405 100 1684--Cochecton Common Sch. Dist. No. 3, N. Y 6 1923-1942 10,000 106.12 5.235 1924--Columbus, Kan 15,000 1804-Conde,So. flak 534 yearly 35,000 101.29 --1684-Conejos Co. S. D. No. 6. Colo 534 810-20 yrs. 10,000 1924-Conklin C. S. D. No. 3, N. Y 5 1924-1943 8,000 102.178 4.73 2041_ -Cowl Oo. S. D.No.9.0re _5 1924-1041 36.000 100.38 4.95 1804-_Cornellus, No. Caro 6 1926-1943 30,000 101.43 5.85 1924„Corvallis. Ore 70,000 100.79 --1684-Costilla 40o. S. D. No. 9, Colo 534 810-20 yr. 5,500 1684-Costilla Co. S. D. No. 12, Colo. (2 issues) 534 18,200 1684-Costilla Co. S. D. No. 12. Colo 534 r 4,200 2170__Crisp Cons. S. D., No.0_6 1926-1941 25,000 104.20 5.55 1804-Council Bluffs S. D., . 225,000 101.64 1684__Crawford County, Id.. _5 Ia__" 1924-1933 17.000 101.464 4.72 1805- _Cumberland Co.. N, 0.-5 1926-1951 245,000 101.40 4.82 2041„Cushing Ind. S. D. No. 67, Okla _ - __5 1927-1947 95.000 1805--Cuyahoga dcitintY, Olilo_5 ' 1924-1943 100,000 100.85 4.52 104.01 1805- _Cuyahoga County, Ohio_5 1924-1943 10,000 103.14 4.61 1924-Cuyahoga County, Ohio_5 1924-1943 100.000 102.50 4.69 2041_ _Daviess Co. Ind. (3 Iss.)-5 1924-1933 140.200 100.61 4.87 1570-_Davidson Co. No. Caro-5 100.000 100.50 - 1684_Deadwood I. S. D.. N. D.5 175,000 1684-De Kalb County, Ind -- -5 1924-1933 36,000 101.426 4.68 1805-Delaware County, Oklo 2 issues 5 63,4® 103 ---- 2295 Name. Rate. Maturity. Amount. Price. Basis. Page. 1684__Delhi Twp. S. D. No. 1, 1924-1938 30,000 101.213 4.84 Mich 5 1570L _Denver( City and County of) S. D. No. 1. Colo-434 1934-1953 2,000,000 101.579 4.39 1685__Douglas County. Ore----5 380,000 101.55 1805-Douglas Co. S. D. No.33, Ir" 1924-1943 85,000 101.56 4.83 Neb 5 250,000 100.34 1924_ _Douglas, Wyo 535 1924-1946 185,000 1805--Dover Spec. S. D. Del-5 _60.000 1685-Drew Sep. S. D., Miss___ 59,000 100 1570_ _Du Bois County, Ind....434 4.50 1685_ _Dubuque Iowa 43.4 1937-1943 200,000 101.56 4.37 25,000 1685-Duncan'two. S. D., Mich 1570-Dunkirk, N. Y 38,000 101.19 4.9,3 434 1924-1935 1924 .Duluth, Minn 1924-1943 200.000 100.547 --__ 1570--Du Page County, Ill_ -- -4 A 1924-1943 600,000 100.41 4.45 11305_ _Duquesne Sch. Dist.,Pa.4 A 1939-1953 300.000 106.26 4.09 92,000 103.10 4.66 1924-1948 1685__Eagle Rock S. D., Calif__5 1685__East Baton Rouge Parish 50,000 102.50 5.09 1924-1928 Road Dist. No.7, 1.5,-.6 2041- _East Baton Rouge Parish 50,000 101.64 4.76 Road Dust. No.8, I.a _6 1924-1928 1570-East Cleveland City Sch. • Dist., Ohio 75,000 101.67 4.79 1924-1938 5 2041. .East Cleveland City Sch. 1924-1947 800.000 102.111 4.78 Dist.. Ohio 5 1570__East Providence, R. I_ - _434 1924-1933 105,000 100.364 4 43 1924 -Eaton, Ohio 7,500 100.74 5.26 535 1923-1930 2170_ _Elam Creek Dr. D., Miss.6 5,500 2041 Elbridge, N.Y 10.000 101.73 6.37 1924-1928 6 2170_ _Eldred Twp.,Pa 14,000 100 4.50 434 1925_ _Electra, Texas 25.000 serially 6 1685„"Elgin, Texas 40.000 100.66 534 1685__Elkhart County. Ind -..434 1924-1943 4.50 26,000 100 1571__Elwood City S. D.,Pa 43( 1927-1943 170,000 101.14 4.12 2041 .11.11u ood City. l'a 135.000 100.64 yearly 434 2041_Flyria City S. D., Ohio- _4 A 1914-1945 175.000 100.10 - .74 4 1685Erie county. Pa 434 1928-1936 600,000 102.67 4.10 2041. _Estacada, Ore 14,000 6 2041 .Eureka,Calif 100,000 101.10 serially 5 2 70--Faceville Cons.S. D.,Ga.6 25.000 1928-1952 1685- Fall River, Mass 1924-1953 4 1685-Fall River, Mass 475,000{ 100.057 30,19241685_ _Fall River, Maas 1924-1928 290.000 .Fargo, No. Dak 1925. yearly 150,000 101.17 534 2.70_ -Faribault Co. Ind. S. D. No. 7. Minn 4.50 4 19234-1938 30,000 100 1925_ _Fertile, Iowa 5.00 5 - i928,'33.'38&'43 4,000 100 1685-Findlay. Ohio 5 1924-1933 112,000 y100.56 2 71_ _Fostoria, Ohio 1925- i 933 45,000 1805-Framingham, Mass 1924-1953 150,000 100.937 4.16 1685_ _Franklin County, Ind---5 16,440 101.551 4.68 1924-1933 1805„Franklin Co. S. D. No. 13, Neb 5.00 5 10,500 100 1685-Frederick, Colo 6 18.000 1571- _Fremont City S.D., Ohio 5 1924-1942 190,000 102.23 4.72' 2171_ _Fremont County, Iowa--6 6.00 47,000 100 1571_ _Freeport S. D., Pa 4% 1928-1953 155.000 103.248 4.22 1925- _Fulton County, Ohio--- _5 1924-1933 46,0001 101.021 5.00 1925- _Fulton Co., 0.(5 issues)-5 A 1924-1927 56,7503 1925_ _Galax, Va. (2 issues).- 6 1953 75.000 104.04 5.72 1685__Gallia County. Ohio 534 1924-1933 30.000 102.84 4.90 2171- _Ganado Ind. S. D., Tex_ 40,000 100 1805- _Garfield Heights, Ohio (14 issues) 534 113,065 102.06 2042- _ Gaylora, han 32,000 1571_ _Georgetown Co., So.Car-5 serially 50,000 1925--Georgetown S. D. No. 7, Mich yearly 534 10,000 2042-Gibson Co., Ind serially 5 33,000 101.212 1571--Glastonbury.Conn 4 1924-1058 175,000 103.265 4.23 2042_ _Glendale City 8A) ,(7alif _5 . 1924-1963 500,000 102.83 4.76 1571-_Glen Rock Borough S. D., Pa 434 1933-'43&'52 25,000 103.22 4.26 1925__Goshen, N. Y 5 1925-1929 5,000 101.076 4.86 1925--Goshen N. Y 5 1924-1934 11,000 102.295 4.53 1806_ _Graham, Va 5 1953 37,500 1806-_Granada Dr. Dist., Colo_6 ------ 90,000 y97.63 ---1925_ _Grand Junction,Colo __ 1935 66,000 100.41 ---2042-Grand Junctcon. Coto.(2 issues) 6,750 21 71_ _Granite County. Mont---5 A 5.75 45,000 100 1686_ Grant County, Ind 5 1924-1933 72,200 101.218 4.76 ;t. t..,re,,ne t 4).. 01,10 6 1932 12.500 100 6.00 1925„Greenville,Tex.(2 issues) 5 1929-1963 85,000 100.721 ---2u42__br,,sse Pointe Farms, Mich_ 434 1924-1942 115.000 101.12 4.61 2042-Grove City, Pa 4.34 1928-1952 125.000 104 4.14 2042_ _Groveport, Ohio 6 1924-1932 3,5001 102.505 5.64 2042_ _ Grovepc.rt. Ohio 6 1924-1c32 23.0001 1686_ _Haddon Twp.S. D.,NJ.5 1924-1953 40,000 1571__Hagerstown, Md 4A 1964-1986 450,000 103.316 4.34 1925_11amilton Twp. Rural S. D., Ohio 5 serially 40,000 .Hancock County, Ohio-5 1686.. 1924-1932 34.000 100.36 4.96 .HancockCounty, Ohio .51924-1933 1925. 65,000 100.32 4.93 1925_ _Hancock County, Ohio_ _5 10.000 100.12 ---1686-Harrison and Rye (Towns of) Union Free S. D. No. 6, N.Y 434 1924-1948 4.22 25,500 100.31 1925_ _Hardin County, Ohio... .534 1924-1928 2,595 100.682 5.28 1806-Hempstead On. Fr. S. D. 434 1925-1949 175,500 101.65 4.35 No. 19. N.Y 1925_ _Hardin County, Ohio 534 1924-1927 3,070 100.57 5.29 1925--Harrisburg Tula., Ills- -5 serially 100,000 1925_ _Harrison. N. N 4% 1924-1940 4.54 50,000 101.267 " 1686-Hillaborough Co., N. H-4 1924-1933 200,000 98.69 4.28 1926__Highland County, Ohio. .51924-1930 10,000 100.117 4.97 2042 I,,,,,art bC1.1. klty, lnd_ _ _5 1924-11,34 22,000 101.022r 1686-Holmes County, Ohio--5A 1924-1928 49,200 101.25 5.10 2042 Holmes Co., onto 534 1924-1928 45,000 100.54 5.30 2042 Houmes Co., Ohio 534 1924-1928 24,000 100.56 5.30 1686_Hood River, Ore 3.317 100 1926_Hudson, N. Y.(2 issues)_4% 1927-1935 126,000 102.063 "4".21 1926- _Huntington Co., Ind----5 1924-1933 20,500 101.295 4.75 2ai .. _Huntington Beach, Calif-5 1924-1943 300,000 100.52 4.94 2042--Huntington Park City Sch. Dist., Calif 1924-1963 90.000 102.47 4.81 5 2042. . Huron, Ohio 18,612 100 534 1924-1933 5.50 1572--Huron County, Ohio- _ _ _5 1924-1932 8.500 100.06 4.99 1686_ _Huron County, Ohio. 73,000 100.26 4.94 1924-1931 ...5 1806_11utc.hinson, Minn 1924-1943 150,000 100.30 4.72 5 2042 inuepenuont b. D., Oblo_5g 19244943 20,000 101.12 5.11 1686-Iowa Park Ind. S. D., Ia_5 60,000 100 1924-1963 5.00 1806--Jackson County, Colo_ --4 A 14,000 1806 .Jackson, Mich.(4 issues)-435 239,000 100.783 4.41 2043 Jackson Co.. Minn.(4i5.)434 4 38 100.19 48: 8 0 2302__Jasper. Mo.(2 issues). _ _5 A 1928-1943 1686-Jefferson Davis Parish Sch. Dist. No. 1, La_ - _534 1924-1943 78,000 101.05 5.38 1807-Jennings, La 5 00 . 34 534 1023-1957 135,000 102.02 5. 1686--Keeseville, N. Y 07.025 4.40 5 1927-1951 100.000 00 2043-htlso, Wash 5 d5 25.000 1 -20-years 2043-Kinston Oraded S. D., No. Caro. 5 1926-1953 200.000 100.675 4.95 2172_ _Kirksville, Mo 434 1928-1943 260,000 98.57 4.67 2t 72-Knox County, Ind 80.000 434 1924-1933 2043.. Knoxville, Tenn 5 55.000 103.52r "2043 .Lafayette Sch. City,Ind_5 1924-1928 125,000 100.29 "4";05 1807- _Lake County, Ohio 1924-1943 200,000 102.83 4.67 5 1807- Lamar, So. Caro.(2 iss.)-6 65,000 1929-1953 1687- -Lane County, Ore 1928-1947 400,000 5 1807--La Porte County, Ind_ 5 1924-1943 125,000 1927-La Porte County, Ind---5 13.300 1924-1933 1927. .LaPorte County, Ind. . . 89 4 8 1 7 11,200 101.'794 1 85 1924-1933 ...5 lIf 2296 THE CHRONICLE [vol.. 116. Name. Rate. Maturity. Amount. Price. Basis. i Page. Name. Page. Rate. Maturity. Amount. Price. Basis. 17,400 100.738 4.86 1689__Port Huron, Mich 1924-1933 1927_ _La Porte County, Ind_ _ _5 12,432 100 6 1924-1926 5.00 1924-1933 28,700 101.074 4.80 1809__Portland, Ore 1927_ _La Porte County, Ind _ _ _5 514 1926-1943 150,000 106.71 4.94 1924-1933 18,200 101.214 4.77 1929__Portsmouth, Va 1927_ _La Porte County, Ind_ _-5 5 1953 200,000 105.455 4.61 16,000 101.256 4.76 1689_ _Posey Sch. Twp., Ind__ _5 1924-1933 1927_ _La Porte County, Ind_ --5 40,000 102.01 _La Porte County, Ind_ __5 1924-1933 5.000 101.10 4.79 2045 Pottawattamie Co., la _ _4% 1927_ 1943 180,000 --- - -1924-1933 4,800 101.104 4.79 1809_ _Pulaski County, Ind_ _ _ _5 1927_ _La Porte County, Ind__ _5 13,200 101.45- 4.72 1924-1933 1927__La Porte County, Ind---5 1924-1933 23,200 101.413 4.73 2045_ _Pulaski Co., Ind 5 1924-1928 1,800 101.05 4.67 2043_ _Larimer Co. S. D.No.34, 1929_ _Queen Annes Co.. Md__ _5 1929-133 26,500 Colo 5% 7,000 1689-Quinn, So. Dak 100 1943 15,000 100 r 1807- _LarlmerCo.S.D.60,Colo-534 d10-20 years 10,000 _Randolph County, N. 0_5 1809_ 1926-1951 122,000 101.301 4.89 2043_ _ Larimore Special School 1929_ _ Raritan Twp.S. D., N.3.5 1924-1963 91,000 104.50 4.67 Dist., No. flak. 5 1933 20.000 Y10Or 1689 Ravenna. Ohio 534 19292931 1 1 45 4,000 100.75 5.3e 1807_ _La Salle Par. S. D.. La-40.000 2173_ _Raymond, Wash 8 10.700 414 1924-1943 300,000 1927_ _Lawrence, Mass 2045_ _ Red Hook Un. Free S. D. 4 1927__Lawrence, Mass 1924-1953 330,000 4, N.Y No. 43: 1924-1963 40,000 101.29 4.41 _ -534 1924-1928 1927- _Lee County, So. 8,000 1689_ _Red Spring's, No. Caro_ _ _ _-_ 1924-1943 50,000 100 Caro.Leesburg Spec. Road & 1687. 1689_ _Red Springs, No.()aro__ _ __ 1926-1937 6,000 100 6 Bridge Dist., Fla 1952 750,000 103 5.79 2173 _ _Red Willow Co. S. D. Yearly 1807--Lincoln, Neb.(2 Issues)---238.900 No.4, Neb 5 1924 5 :00 100 16 0 0 3 5.00 1572- _Lincoln Co.S.D.31,Colo_534 d15-30-yr.(opt.)15,000 1810_ _Redwood City S. D.,Cal _5 1924-1951 102.55 4.76 2043_ _ Lincoln Co. S. D. No. 4, 1574_ _Redwood County. Minn -43:; 1929-1943 195,000 100.11 4.49 Colo 514 10,000 1929_ _Rensselaer, N. 'Y44.391 100 5.00 Serially 85,000 101.58 --- 1574- _Rhinecllff, N. Y 1687.. Lincoln County, Wyo.-5 g 19211132 18.000 100.27 5.59 5 1925-1937 2043_ _ Logan, Utah 65,000 101.082r 4.84 1689_ _ Richland Co., So. Caro- _ 5 100,000 434 1927- _Los Angeles, Calif 2.000,0001 100.03 _--- 1929_ _ Richland Parish S. D. 414 2,500,000f 1927- _Los Angeles, Calif No. 16. La 6 1924-1943 1(000 106.988 5.29 1807-Los Angeles City S. D., _ 1929_Riclgfield S. D., N. J__ _ 5 _ 1925-1953 164.ole 100.992 4.91 4,4 1923-1962 2,540.000 101.27 4.67 Calif 1689_ _ Ridgewood, N.J 414 1924-1933 228.000 100 4.50 1807__Las Angeles City High 1689_ _ Ridgerwood. N.J 434 1924-1948 39,000 100 4.50 434 1923-1962 1,000,000 101.27 4.67 1930_ _ Ridgeway, So. Caro S. D.. Calif 6 1933-1952 58,000 011vos S. D., Calif_ - _5 24,000 105.05 1687--Los 1689 Ripley, Tenn 5 1924-1943 1n 000 100.80 4.89 : 5,000 101 2043- _Lower Salem S. D.,01110_534 1924-1943 5.38 1689- _Riverdale'nig. D,Cal--6 000 102.033 5.60 5 1924-1933 34,908 100.26 4.95 1574- _Rockford, 0.(2 lasues)--6 1927-Lucas County, Ohio 1924-1932 15,500 101.59 5.62 5 1924-1931 20.169 101.211 4.75 1689_ _Rocky Mount, No. Caro_5 1927_ -Lucas County, Ohio 1924-1953 140:000 100.51 00 000 4.96 1939-1940 20,000 100 1807-McKenzie Co.. No. Dak_6 6.00 1810-Romulus Twp. Sch. Dist. 1943 40,000 1927_ _McCormickCo.,So.Caro-6 No. 1, 1Vlicb 5'., 2172.. _Madison Ind.S.D.No.1, 2045--Roscoe, Tex.(2issues) _ _ _6 5 d1928-1943 45,000 105.67 --_, 1810- _Round Valley Un. 8. D. So. flak ,. 1925-1944 40.000 100.41 1687_ _ Madison Rur.S.D.,Ohio _5 4.95 Calif :70 27;500 103.97 3 00 -5% 514 1924-t943 25,000 100 1572- _Madisonville, La 5.50 1689- Roxboro. No.Caro 50,000 100.51 534 1926-1963 5.22 1928„Mandan, No. flak 10,000 1689- Roxboro, No. Caro 10,000 10.1.10 5.45 .534 1924-1948 5% 1924-1943 76.000 104 1687-Mansfield, Ohio 4.99 1810--Royal Oak,Mich.(4 iss.)_5 350,000 104.08 50.000 1928--Marenesco Twp.. Mich_ -534 1928-1947 2045-Royal Oak Twp. S. D. 6 Serially 15,000 102.67 1807-Marion County. Fla No.8, Mich 1953 170,000 101 _ _5 6 1953 100,000 106.86 5.53 1574- _ Rush County, Ind 1687-Marion, No. Caro 33,440 101.622 - 755 1924-1933 5 4 1924-1933 248.000 1807-Marshall County, Ind_ _ _5 1810__Rush County, Ind 7,280 101.14 4.78 5 1924-1933 2043-Massachusetts (State of) 1930_ _Rutland. Vt 50.000 101.691 4.10 43-i 1936-1940 4 1923-1963 880.000 101.15 3.88 1930_ _St. Marys County, Md_ _6 (4 issues) 1928-1952 50,000 5 1687-Massena, N. Y 1924-1953 215,000 107.29 4.36 1689..8t. Petersburgh Spec. Tax 50,000 1928--Mayfield, Calif S. D. No. 3, Fla534 180.000 108.19 4.98 1953 1808__Maywood S. D., Calif. .5 1924-1953 78,000 100.94 4.91 1810_ _St. Joseph County, Ind_ _5 1923-1932 140,000 101.166 4.70 1928-.Meagher County S. D. 1810- _St. Joseph County, Ind_ _5 26.000 101.119 4.75 1923-1932 534 dl0-20 years No. 8. Mont 8,000 100.30 1810St. Paul, Minn 500,000 1953 County, Ohio-534 1924-1932 1808-Medina 5.415 1930__St. Paul, Minn 185.000 ___ _ _ _ _ _ 1953 414 6 1687__Melville, La Serially ASV) 1930__St. Paul, Minn 215,000 4 1953 " 1928-Macer Co., Ohio (2 iss.)_511 1924-1927 63.000 100.30 5.14 2304_ _Salina, Kan 1924-1933 300.000 2172--Mercer County, Ohio_ _534 1924-1927 2,500 100 5.50 1689_ _Santa Barbara Sch. Dust. 1928__Mesa Co. S. D. 10, ColL5 20.000 100,000 102.76 1808--Miami Co., Ohio (3 iss.)_534 1924-1931 12,600 lem I 1810_ _SaCalif . S. D.,So. Dalc_ _5 79,500 102.11 -1943 5 2172-Middletown, Ohio 1924-1935 12.000 100.56 4.90 19.30_ _San Buenaventura. Callf_5- - 1928-1953 250.000 102.82 --2172. .Middletown, Ohio 18,000 101.088 1574 _ _Saratoga Springs, N. Y_ _4 h 1931-1944 121,000 101.19 4.15 Ohio 2172-Middletown, 27.000 101.47 -- 2046- _ Salem Twp. Rural S. D., 2172-Middletown Ohio 9,000 100.374 Ohio 30,000 102.70 5.18 '534 1924-1943 43i 1924-1943 240,000 101.91 4 1928- _Milton, Mass .03 1930 _ _Sandusky. Ohio 5 1925-1933 27.000 100.53 4.90 1808_ -Midvale, Utah 514 Yearly Immo no 5.25 2046_ _Sanilac Co., Mich 53 4 1924-1933 84,000 100.825 - -- 1808_ _Mifflin Cotmty. Pa 431 1933-1952 280,000 2046 _San Marino City S. D.. 1808_ _Minneapolis, Minn 434 Yearly 525,557 100.04- 4.74 Calif 43 4 1924-1943 35.000 100.07 4.74 1928_ _MineralCo.S.D.7,Ment _ 17,000 2046_ _Santa Ana, Calif 5 1924-1953 255.000 1687-Mishawaka, Ind _434 Serially 125,000 100.84 1930_ _Scotland, So. Dak------43.: 25,000 102.50 4.32 , 1943 1687_-Missoula County, Mont-5 Serially 88,000 5 1810_ _Scott County, Ind 1924-1932 17,000 101.62 4.69 2044_ _Mitchell, Ind 5 1926-1940 14.000 100.791 -- 55 1810 _ _ Scott County Iowa 4. 434 1926-1943 550,000 100.004r 4.495 2044_ _Mitchell, So. flak 6 1924-1933 148,500 100.20 .Scott & Le' Sueur Cos. 1810. 2044__Modesto, Calif 7 serially 20,685 100.94 1.8. D. No. 73, Minn_434 1933-1938 20.000 1688_ _Modesto Irrig. D.,Calif _6 1931-1950 290.400 109.57 - - -- 2304_ _ Searsboro C. I. S. D., Ia_434 1928-1942 80,000 2172 _ _Money S. D., Miss 27,500 6.762 2174__Seattle, Wash.(3 issues)_(3 2044- _Monmouth Co., N.J_ _ --4% 1924-1925 500.000 100.01 4.49 1810 _ _Sedgwick County, Kan_ _434' 202,462 99.50 1928_ _Monroe City S. D., Mo.. 75,000 1690__Selma, No. Caro 1924-1941 6 18,000 101.42 5.81 1808„Morgan Co. S. D., Utah-5 serially 45,000 serially 120.000 102.50 1574 Sevier County, Utah_ __ _5 1573_ _Montgomery Co., Ohio_ _5% 1924-1932 9,000 101.868 5.07 2304_ _Sheboygan, Wis.(2 iss.)_6 111928-1930 24,150 105.31 44 1924-1948 1928_ _Montclair, N.J 85,000 101.092 4.40 1930_ _Six Mile Twp., Ill 90,000 534 1927-1936 1928_ _Montclair. N.J 434 1924-1931 15,475 100.206 4.48 2046. .Southeast Arkansas Levee 1928_ _Montevideo, Minn r _ 15.000 0 35030:50500 District, Ark 1928_ -Montgomery Co., Ohio_5 1924-1948 75,000 101.686 4.83 1930_ _ South Euclid. Ohio 100.284 514 _ 1928__Montgomery Co.. Ohio_ _5 1924-1932 62.500 100.633 4.87 1930_ _Spartanburg Co., S. C_ _ _434 388,000 100 -4.50 2044_ _ Morgan Co.,Ind 5 1924-1933 8,800 1924-1943 110,000 100.60 4.93 1930_ _Spartanburg Co., S. C _ _ _5 1928_ _Morristown, Minn 5 1928-1943 4..80 1810_ _Sppa 30,000 102..oh ringfield Twp. S. D., ..Morristown, Tenn 1688. 534 304,300 100.304 4g 1928-1953 200,000 103 3.99 1928_ _Moscow, Ida 534 d1933-1943 35,000 102.11 -- 1931_ _ Spri gHope, No. Caro_ _6 1926-1943 75,000 101.10 5.8f, , 2044 __Muncie, Ind_ yearly 434 15,000 100.02 4.495 1931_ -Spruce Pine. No. Caro_ _6 75.000 1926-1957 1808_ _Muskegon Co., Mich_ - 5h' yearly 48,000 100.641 ---- 2046_ -Stamford, Nebr 11 00 ito :0 6 111933-1943 100 500 trOr 5 _.5 .. 2044__Nashville, Tenn 5 1929-1943 125,000 102.87 4.71 1931-Stark County, No. Dak 514 2044__Nashville, Tenn 5 1924-1928 160,000 100.15 4.93 1810 _ _ Steuben County, Ind_ _ _ _ 5 1924-1933 14,000 101.177 4.77 1928_ _Natchez, Miss 5 1924-1943 92,000 ylOOr - --- 1810_ _Steuben County, Ind_ __ _5 1924-1933 30.000 101.125 4.78 1808_ _Natrona Co. High S. D., 2445:500 0 00 1924-1933 2174--Steuben County, Ind_ _ _ _5 Wyo 5 1924-1943 500,000 1943 100 5.00 2046_ _Stockdale El. D.,Ohio_ _ _ _5 ---1928_ _Nederland Ind.S.D „Tex_ 5 1924-1963 100,000 y100 1924-1943 17.500 102.70 4.68 1690_ _Sullivan County, Ind_ _ _ _5 1688__Needham, Mass 4. 434 1924-1943 280,000 101.176 -- 1i 1690_ _Sullivan County, Ind_ _ _ _5 1924-1943 12,300 102.52 4.70 1573__Newark, N. J 434 1924-1952 685,000 102.261 4.30 160._Sullivan County, Ind_ _ _ _5 1924-1933 12,700 101.53 4.695 1573__Newark, N. J 4 1924-1963 632,000 102.924 4.29 1690_ _Sullivan County, Ind.._ _5 1924-1943 14,900 102.61 4.69 1573__Newark, N. J 4 1924-1943 985,000 101.534 4.32 1690_ _ Sullivan County, Ind_ __ _5 1924-1943 31,000 102.70 4.68 1573__Newark, N. J 434 1924-1928 50,000' 100.222 4.42 1690_ _Sullivan County, Ind_ _ _ _5 1924-1933 10,200 101.51 4.70 1688. .New Bedford, Mass. (3 1924-1932 52,000 100 . 5.00 1690_ _Summit County, Ohio _ _5 4 Issues) 1924-1953 440,000 1928-1952 500,000 101.01 4.91 1810_ _Sumter Co., So. Caro_ __ _5 1688_ _New Bedford, Mass-434&434 1924-1953 500,000 150,0001 102.64 1575_ _Surry County, No. Caro-5 2044_ Now Philadelphia, Ohio r100,0001 1575-SurrY County, No. Caro_5 (2 issues) 5 1925-1931 15,873 101.31 --- 1931_ _ Swissvale,Pa 434Every 5 yrs. 150,000 104.326 4.15 1809. .Newport Beach, Calif..... 75,000 1924-1943 540,0001 101.393 4.06 Syracuse. N. Y 4 1688__Newton, No. Caro 5-.,W 1661799:07: _ 534 1924-1943 100,000 100.21 N. 43 4 1924-1943 300,000f 1688„Newton, No. Caro 534 1925-1954 15.000 102.66 528 162,000 5Yracus of)(8 issues) - :Texas (Seta' 1928__Normandy Con. S. D., 81,900 1810_ _Texas (State of)(25 iss.) _ _ Mo 5 1943 200,000 1811_ _Thermalito Irrig. Dist., 1928_ _Norristown S. D., 1'33. '38, '43.1500,000 1934-1953 270,000 97.10 1 '48 & '52 f 1929-1953 125,000 100 Mo as 1766 1811_ _Thomntville, No. Caro_ _5 1928__North Platte, Neb 90,000 1.5577R____TTooleded0o: o o 454 1925-1947 4.44 52,0001100.64 1928__North Wilkesboro, No. Ohio(2 issues)_ _ _4 h 1924-1947 1,118,000f Caro 6 25,000 104.10 1924-1947 115,000 107.304 5.22 6 2045_ _Ocean City, N.J 5 1925-1962 493,000 101.419 4.95 1931_ _Toronto. Ohio Sch. Dist., _Tripp Consol. 2045_ _Omaha, Neb_ 170,000 - 1931_ S'o. flak 70.000 101.71 _ -1688--Orangetown Un. Fr. Sch. 434 1924-1943 65,000 100.93 4.13 Dist. No.3, N.Y 431 1925-1957 98,000 104.86 4.36 . . 25,500 100 : 4.50 6 ..T uCkahoe Y 1 -Tr Y N . N.Y.(5 issues)4% 1928-1937 4 293 10 2173-Oskaloosa, Iowa 70,000 103.50 Dist., Callf.5 1924-1961 38,000 101.01 4.92 1809_-Ottawa Co.. Ohio (3 iss.)_5 100,000 100.413 :.--- 1931_ _Tujunga Sch. 1929_ _Owego Un. S. D., N.Y-434 1924-1953 270,000 101.94 4-.3g 1690-Twin Falls Co. Sch. Dist. No. 1, Idaho 52,000 r 2045_ _ Owen Co.,Ind_ 5 1924-1933 9,750 100.54 4.89 Road D . 2045_ _Painesville, Ohio 5 1925-1938 59,000 100.74 4.82 1931_ _Union Parish 1'4'5 1924-1953 150,000 100.07 4.97 1809-Palmyra Un. Fr. S. D. 44 1928-1943 470,000 N. . _ Univers1 L C 4 35 1924-1947 No. 3, N.Y 60,000 101.128 4.24 2174_ -Upper 2ty aity, Mo Arlington, Ohio.--5% 1923-1931 5 1931_ 17,000 100.694 - 754 1929__Park Co. S. D. No. 22. 2174_ _Valier, Mont 2315,000 100 6 d 15-30 yrs. Colo 12,000 Auren coun x V 5% 0 000 2 00 :0 2931::van B lstyne. Tety, 1 17 2045-Parkston Ind. S. D. No. Mich.53.4 1924-1933 y100 5 d10-20-yrs. 82, So. flak 66,000 100.17 16,400 100 47j'i 1811_ _Vanderburgh County,Ind434 1924-1943 2045- -Parnassus Born.S. D..Pa.i%every 5 yrs. 150,000 104.37 7 1811_ _Vanderburgh County,Ind5 1924-1943 212,000 102.124 54 _Parowan. Utah 204572.000 1:.00 4. 46 4: 1924-1934 10,800 100 1931--Vanderburgh County,Ind4 1809_ _Paw Paw and Antwerp 4.50 1931_ _Vanderburgh County,Ind44 1924-1933 6,600 100 Tvrps. Fract S. D. --- _ 5 1932 3,576 2174 _ _ Van'Wert, Ohio 434 No. 1, Mich 100.64 Calif 11 -- 5 0,:c5) 0 1.s1 4 ..4..no 2 102 2 25p1 00 5 1923-1944 215 %0 100 3 5 5.00 1811_ ._Ventura, c0uh ty 2045- _Pike Co.,Ind 6 yearly 3: v 9 0 ._ Verbasl i County, No.Oar_ _ _ _5 yearly 100,u00 102.10 1_oa 1691 ‘asaiihes,0nio , .. 1574-Pitt Ind_ _ _5 . 1924-1933 2045--Pittsburgh S. D., Pa_ _4.10 1924-1953 3,000,000 100.78 6,000 101.583 4.70 1690_ _Wabash County. Ind_ _ _ _5 1924-1933 • 1809-Plaquemlne Parish Road6 20,000 107.62 4.90 1932 _ _Wake County, No. Caro_534 1943 serially 50,000 100.87 Dist. No. 1. La D391_Walker Twp. Sch. Dist. 1931-1947 105,000 104.60 -Plymouth Sch. City,Ind_5 1689 No, Mich 25,000 6 175,000 y100 1929--Polk County, Texas 2174 _Walla Walla, Wash. (11 . 6 130.000 103.71 1689._Ponchatoula. La 104.000 issues) 6 12,000 100.525• 53-i 1923-1934 Mich 2045-Pontiac, 12:13 MAY 19 1923.] Rate. Name. Page. 2305_ _Walnut Cove, No.Caro_ -6 431 1575-Ware, Mass .,Warren County, Pa 431 1932.. 434 1932..-Warrick County, Ind_ 1691_ _Washington County,Tex.534 1932__Washington County, Wis.5 1932__Washington County Sch. Dist. No. 3, Cob 534 1575Washington County Sch. Dist., No. 28. Colo____6 1811- _Washington, No.Caro-- -2047_ _Washington Twp., Ind--5 2047_ _Waterville S. D., Ohlo---5% 2047_ _Waterloo, N.Y 4.40 1932- _Wayne County. N.Y....-A% 1691_-Wayne, Nob 5 1932-Wayne County, Ohlo----5% 1691--Wayne County, Ind 434 1691-Wayne School & Civil Township. Ind 5 2047__Wellston, Ohio 534 1691_ _Wellston Sch. Dist., Mo_ 1932--West Allis, Wis.(3 issues)5 1932-Wekterville, Ohio 536 1811__Wheatland, N. Y 5 1691--Wheeler Ind. S. D., Tex..5 1811--Whitesboro. Tex 6 2047_ _Winsted, Minn 5 1691-Winter Garden, Fla 6 2047 -Wise County, Va 534 1932..-Woodbury County,Iowa_5 2175_ _Woodbury Co., Iowa ___ _4% 2047- _Wood Co., Ohio 5 1811__Woodlavrn Sch. Dist., Pa.434 1932_ _Wood-Lynne, N.J.(2 iss)556 2047-Woodville, Miss 5 1932-Wright County, Minn__ -5 1932__Wright County, Minn---5 1692--Yalobusha & Jefferson Davis Cos. Rd. Dusts., Miss 534 1692- _Yalobusha & Jefferson Davis Cos. Rd. Dists., 6 Miss 1692__Yalobusha & Jefferson Davis Cos. Rd. Dists., Miss 5% 1811--Yermo Sch. Dist.,Calif 534 2306Yolo Co. Rec. Dist. No. 6 785, Calif 531 1692_ _Youngstovrn, Ohio 434 2306.. _Zelienople, Pa THE CHRONICLE Maturity. 1926-1963 1924-1943 1924-1938 1924-1933 1925-1938 Amount. 100.000 150,000 125,000 11.400 700,000 450,000 rrig. Basis. 1924-1933 1924-1933 10,000 35,000 70.000 8.000 26,000 75,000 57,000 90,000 57,000 102.11 100.395 5.18 4.39 100.11 100.037 4.24 • y101.91 100.308 :fii 1924-1928 1929-1953 1929 serially 1924-1933 1933 18,000 101.972 31.000 100 125,000 120,000 103.03 50,000 103.67 26,000 103.53 40.000 101.89 50.000 30,000 100.03 40,000 104.83 40,000 700.000 y100 96.000 102.09 40.000 100.019 439,000 44.500 102.17 12,000 100 24.8001101.48 r3,6151 serially 80,000 y100.50 serially 100,000 y106.225 1924-1935 1924-1943 1924-1945 1924-1943 1924-1963 serially 1943 1953 1933 1931-1938 serially 1924-1939 serially 1924-1932 1924-1948 NEWS ITEMS. 4.15 100.67 101.456 Bond Issue Sustained. Chicago, Ill. 100 4:86 -The validity -Validity of Deficiencydeficiency bond of the $8,000,000 5% issue 101.85 4.63 purchased by R. M. Grant & Co., Inc., in December 1921, and 102.91 17,000 1926-1940 1924-1938 1924-1939 1923-1948 1924-1928 2297 4.64 5.50 4.61 5.11 5.52 4.74 4.99 5.36 4.99 5.07 5.00 4.73 5.50 37.500 y100 8,000 100.115 5.49 131.4135 125,000 100 25,000 100.22 5.25 448 marketed by them, has been upheld by the Illinois State Supreme Court. The litigation was the result of a refusal by the Chicago & North Western Railway Co. to pay taxes levied for payment of principal and interest on the bonds. The Cook County Collector thereupon filed application in the Cook County Court for a judgment, which was granted. The railway company then carried the case to the State Supreme Court, attacking, among other taxes, those levied for the bond issue. The high court has now upheld the levy. The railway company, in making its appeal, objected that the tax was in part illegal because it was not authorized by the Constitution and the statutes, and argued that if the bonds were properly issued and taxes can now be collected to pay them, "the city authorities are obtaining indirectly what they could" not obtain directly because of the prohibition against indebtedness extending beyond the constitutional limitation of 5% of the value of the taxable property ascertained by the last preceding assessment." In disposing of this contention the court, after referring to various authorities, expressed the opinion that the Constitution and the Statutes do not "forbid the city authorities from issuing bonds for the payment of indebtedness that it has incurred in the conduct of the city if they are not able to collect sufficient taxes to pay the same." The Court then goes on to say: "Clause 5 of Section 1 of Article 5 of the Cities and Villages Act (1 Hurd's Stat., 1921, p. 326) gives to the city authorities power to borrow money on the credit of the corporation for corporate purposes, and issue bonds therefor, in such amounts and form, and on such conditions as it shall prescribe." The Court adds: "Our attention has been called to no provision of the Constitution, or statutes, and we know of none, which prohibits the issuing of bonds for general corporate purposes of the city." The Court reaches the conclusion that these bonds, having been issued by the city in good faith and adopted by a vote of the people on a referendum vote, were legally issued, so that the city is liable not only for the payment of the principal but the interest thereon, and accordingly holds the objection of the appellant to the levying of taxes for paying the principal and interest of the bonds is without merit. Forsyth, Ga.-Court Rules Registration Necessary for Bond Election. -On May 4, according to the Atlanta "Constitu- Total bond sales for April (422 municipalities covering 626 separate issues) $77 764.003 REVISED TOTALS FOR PREVIOUS Idownts. The following items, included in our totals for previous months, should be eliminated from the same. We give the page number of the issue of our paper in which the reasons or these eliminations may be found: Amount. Page. Name. 1924-Chinook, Mont. (March list) $17200 , 2042-Idaho (State of) (March list) r776.500 We have also learned of the following additional sales for reious months: Page. Rate. Maturity. Amount. Price. Basis. tion," the State Supreme Court ruled that a registration of Name. 5.00 the voters is necessary before a bond 2040-Bremond Ind.S. D.,Tex.5 1933-1963 $10,000 100 election. The "Consti4.99 2299_ _Bryan Village S.D.,Ohio_5 25,000 103.51 1924-1937 1924-Chninnati S. D.. Ohio---4 4.50 tution" of May 5 said: yearly 184,000 100 A municipal registration must be held before a municipal bond election 5.00 2300--Dayton, Ohio (Feb.)_ _ _ _5 200,000 100 2041....Douglas, Kan.(Jan. 5.00 can be legally conducted, according to a ruling handed down Friday by the 41,958 100 State Supreme Court in deciding an appeal growing out of a proposal to 2041__Gaines & Argentine Fru-5. 5.00 hold a bond election of $100,000 in Forsyth, Ga. The higher court reversed Sch. D. No.9,Mich_„5 35,000 100 1925-1941 the decision of Judge Searcy, of the Monroe Superior Court, who held that 2042_ _ Goethe & Lawton Twps., -- -- at the election in Forsyth recently bonds had received the necessary number 75,000 100 So. Caro of votes. In the appeal which was instituted by 1925__Harvard, Nob 60,000 100.66 serially 536 the bond Yoe issue. it was contended that the election was illegal opponents to had been 1926__Hlllsboro, Ills.(Jan.) 25,000 1001' 5 d1928-1943 because there no special registration as required by law. 2301_ _Hubbard Co. S. D. No. The city of Forsyth has no municipal registration, and the bond election 7.00 19334,500 100 83,Minn.(Feb.) 7 5 6_0 was null and void. the Court held. Before an election on a municipal bond : 5,000 103 2173 _ _Nunda, So. flak 6 1933 issue can be legally held, it will be necessary for Forsyth to obtain charter 2044_ _Myrtle Point, Ore.(Feb.) 6 9,840 102 authority from the Legislature to have a municipal registration. 2045_.Robersonville Graded Sch. Dist., No.Caro 5 49 5% 40,000 100.07 1943 Gaston County, No. Caro. 2046_ _ Somerville Co. Spec. Rd. -Bond Issue Invalid. -The Dist., Tex.(Jan.) 121,000 97.52 534 State Supreme Court on May 9, hearing an appeal by the 2048--Zurth Irrig. Dist., Mont-6 280.000 90 1928-1951 County Commissioners against a decision of a lower court All the above sales (except as indicated) are for March. in which it was held that bonds for a tuberculosis-hospital These additional March issues will make the total sales (not • authorized under Chapter 112, Public Local Laws, Extra including temporary loans) for that month $69,271,099. DEBENTURES BOLD BY CANADIAN MUNICIPALITIES IN APRIL. Session of 1920, were illegal and that the Act itself was Page. Name. Rate. Maturity. Amount. Price. Basis. unconstitutional, affirmed the ruling of the lower court. 1692_ _Alberta (Province of).-- -5 1943 $3,000,000 94.273r 5.475 The Raleigh "News Sr Observer" of May 10 said: 2048_ _ llosanquet Twp., Ont__ -6 37,112 103.73 5.49 1926-1938 Holding that a special 1811__Brampton, Ont 5.29 of the establishment of aAct providing for a popular vote on the question 5% 65,000 102.17 yearly hospital 1811--Burnaby, B. 0 yearly 554 25.000 97.50 5.75 violates the constitutionalcounty tuberculosislocal and in Gaston County. special legislation, inhibition against 554 2175--Burnaby, B.0 5.75 the Supreme Court yesterday affirmed the lower court of Gaston in over70,000 2175-Burnaby, B. 0 70.000 ruling a demurrer to the 1692-Burlington, Out yearly 29,995 101.012 5.41 set aside the election. complaint filed in support of an action to annul and 1933--Dresden, Ont 536 56,242 100.79 Yearly The case was 2175__Drumheller, Alta 7 7X5 and was broughtthat of Armstrong vs. County Commissioners of Gaston yearly 50,000 95.75 7 following an election held under a of 1692_ -East Flamboro Twp.,Ont.5% 5.47 Session of the General Assembly in 1920, allowing special Actof the Extra yearly 25,000 100.14 the voters Gaston to 2048--Edmonton Roman Cath. express their will on a proposal to issue bonds to the extent of $150,000 for Sch.Commission, Mta-6 1953 the establishment of a tubercular hospital and to levy a tax of eight cents 1576_ _ Galt, Ont 654 yearly 14 nn 131:21 5.34 on each hundred dollars of taxable property for the maintenance 4 of the l933 LachineSchoo Commiswas argued _ __ _ institution. The case complaint before Judge B. F. Long in April 1923. sion, Que 1953 5% 12,000 100.27 on a demurrer to the filed after the election had been carried 2048-La Fleche, Sask for the hospital. Writing the opinion of the Court, Associate Justice 1933-Megantic, 441113 516 1926-1963 12:. 7 POO 1?)9:39 -- _ _: W. A. Hoke said: 5 1692--Montreal, Que 1954 5 3,000,000 r - -- "Our constitution, Article 2, Section 28, prohibits the enactment of 2048-Montreal School Comlocal, private or special statute concerning various specified subjectsany in5 1943 mission, Que 1,500,000 98.27r 5.14 cluding among others,laws appertaining to 'health,sanitation and the abateyearly 1576--North Bay, Out 65,000 99.69 5.53 ment of nuisances,' and declares that any local, private or 534 special Act or 1932 2048- _North Vancouver, B. C1.5% . resolution in violation of this provision shall be void. The statute under 1942 1&880 Z048__North Vancouver, B. C-5% which this election was held in this case, Chapter 112. Public Local Laws, 2048.. _North Vancouver. B.0-.6 1948 Extra Session of 1920, in our opinion, is both local and special, coining 1933 ..Nova Scotia (Pros. on-- 1943 2,g011 0 1 directly within the constitutional inhibition and in construing an Act and I..i6 proceedings subject to like limitation we have 73,300 101.09 2048-Oakville, Out yearly 5% held that itself 2048__Pembroke, Out 55,000 100.61 534 1923-1953 void and the election and proposed bond issue under or the statute upon is it dependent 2048,_Presqu'lle ParkOnt- - 6 20,000 107.80 -5-.8 should be annulled." 1812-Quebec Catholc School There is a general statute, the opinion points out, under which the elecCommission. Que 700.000 98.897 1960 5 tion held within the constitutional limitations. That statute is 98.625 Kiii C.S.might be119, Section 7279, but it various 389,414 1933- _Regina, Sask.(11 issues)_534 Chapter provides for a bond issue only up to 5.68 1933_ _Smith's Falls, Out 6 6,582 103.53 yearly a 5.44 $100,000 andof maintenance tax limited to five cents. Under this statute. 556 1812-Timmin5. Out 75.000 100.41 the question the bond issue and the tax are to be voted on by means of 5.30 separate ballots to be placed 5% yearly yrly 40,000 102.24 16e2-Toronto Twp ,Out in separate boxes. 1576__Trafalgar Twp., Ont---5% 20,000 5g1963 1933__Verdun, Que 2b000 Massachusetts (State of). -Debt Limit Law Amended. 5.49 5% 85.181 100.07 1576_ _Walkerville, Ont yearly 2175Welland,Ont.(2 issues)_ _5% 28,000 100.44 .-- The Governor on April 24 approved a bill (now Chapter 303, 5% 2048_ _Welland Co., Out yearly 100.000 100.772 5.35 Acts of 1923) amending Chapter 44 of the General Laws in 5 380,000 96.20 -___ relation 2048_ _Yarmouth, Out to the incurring of indebtedness by cities and towns. 'rotal amount of debentures sold in Canada The amendment permits the issuance of bonds, outside the during April $13.135,863 debt limit, for constructing filter beds, standpipes and a Average date of maturity. d Subject to call 'n and during the earlier year and to mature in the later year. k Not including $61,954,000 of reservoirs, and for laying and relaying street water mains temporary loans reported, and which do not belong in the list. x Taken of six inches or more in diameter. Bonds issued for these by sinking fund as an investment. y And other considerations. r Refundpurposes are to be paid off within twenty and fifteen years mug bonds. * But may be redeemed two years after date. Eig 12:4P 101.21 R2 2298 T.10 CHRONICLE respectively. Sections 17 and 18, relating to temporary loans, were also amended, besides which a new section was added, namely, Section 63, relating to the distribution of the proceeds a the sale of real estate. Chapter 303, Acts of 1923, reads: [VOL. 116. Pennsauken Township (P. 0. Camden), Camden County, N. J.—Commission Form of Government Turned Down.—At an election held May 8 the voters defeated a proposal to change the form of Government from the township committee to the commission. Schenectady, N.Y.—Annexation of Woodlawn to be Voted Upon.—An election is to be held on May 21 to vote on the question of annexing the Woodlawn district, located in Rotterdam and Niskayuna towns, to the city. Vermont.—Savings Bank Investment Law Amended.—At the 1923 Session of the Legislature, Section 5363 of the General Laws, which regulates the investment of savings banks, was amended. The restrictions placed on loans made on personal security were changed by the amendment. The portion of the law affected was the first paragraph of subdivision VII. We print below that paragraph, italicizing the words added and enclosing in full-face brackets the words eliminated: AN ACT Relative to the Purposes for Which Cities and Towns May Incur Debt Outside the Debt Limit: Be it enacted, etc ,as follows: Section 1. Section 8 of Chapter 44 of the General Laws, as amended by Section 11 of Chapter 486 of the Acts of 1921, is hereby further amended by inserting after clause (3) the following new clauses:— (3a) For the construction of filter beds, standpipes and reservoirs, twenty years. (3b) For laying and relaying street water mains of six inches or more in diameter, 15 years. Sec. 2. Section 17 of said Chapter 44 is hereby amended by striking out, in the eleventh line, the words "and six" and inserting in place thereof the words:—,five A, six and six A,—by striking out, in the thirteenth line, the word "and" and inserting in place thereof the word:—to.—and by inserting after the word "vote," in the sixteenth line, the words:—,if any,—so as to read as follows:—Section 17. If a city, town or district votes to issue bonds, notes or certificates of indebtedness in accordance with law, the officers authorized to issue the same may.in the name of such city, town or district, make a temporary loan for a period of not more than one year in anticipation of the money to be derived from the sale of such bonds, notes VII. In loans or renewals of loans of the class hereinafter described. or certificates of indebtedness, and may issue notes therefor; but the time within which such securities shall become due and payable shall not be payable and to he paid or renewed at a time not exceeding six months extended by reason of the making of such temporary loan beyond the time [one yearl from the date thereof; but not more than a third of the assets fixed in the vote authorizing the issue of such bonds, notes or certificates of a bank shall be so invested, nor shall a bank loan to a person, partnerof indebtedness; and notes issued under this section and Sections 4, 5, ship, association or corporation upon personal security (treating loans -hip as loans to the partnership), 5a. 6 and 6a for a shorter period than one year may be refunded by the to the individual members of a partners issue of other notes maturing within the required period: provided, that more than twenty [ten] thousand dollars until a bank's deposits amount of issue of the original loan to the date of maturity to one million dollars, after which the sums so loaned may be increased the period from the date of the refunding loan shall be not more than one year; and provided,further, two [one] per cent of the deposits in excess of one million dollars up to. that no notes shall be refunded under this section except under authority but not exceeding fifty thousand dollars, or (in cases where ten per cent of the capital and surplus exceeds fifty thousad dollars), up to, but not of such vote, if any, as is required for the original borrowing. Sec. 3. Section 18 of said Cnapter 44 is hereby amended by striking out, exceeding, ten per cent of the capital, if any, and surplus: but this limitathe word "six" and inserting in place thereof the words:— tion shall not apply to the purchase of municipal or railroad bonds, or to in the first line, five A,six, six A,—so as to read as follows:—Section 18. Notes issued under notes with such bonds as collateral. Section 4, 5, 5a, 6, 6a or 17 may be sold at such discount as the Treasurer Gasoline Tax Levied.—The 1923 Legislature also passed a or other officer authorized to sell the same may, with the approval of the officer or officers whose counter-signature is required on said notes, deem bill providing for the taxation of all gasoline sold in the State. discount to be treated as interest paid in advance. proper, the collected from distributors for every Sec. 4. Said Chapter 44 is hereby further amended by adding after A tax of one cent is to be Section 62, added by Chapter 253 of the Acts of' 1922, the following new gallon of gasoline sold. Whenever the 'proceeds of the sale of real estate by a section:—Section 63 State Tax Rates for 1923 and 1924.—During the session city or town exceed five hundred dollars, the same shall be applied to the payment of indebtedness incurred in acquiring such real estate or shall be just ended the Legislature also passed a bill levying State added to the sinking fund, if any,from which said indebtedness is payable, taxes for the years 1923 and 1924. A tax of 25 cents on the or if no such indebtedness is outstanding shall be used for any purpose or purposes for which the city or town is authorized to incur debt for a period dollar of the grand list for 1923 and of 15 cents on the dollar of' ten years or more. of the grand list for 1924 is assessed. The grand list in Approved April 24 1923. Michigan.—Legislature Adjourns.—The State Legislature adjourned on May 5. New Jersey (State of).—U. S. Supreme Court Rules Cities Must Pay State for Excess Water Taken from Rivers.—On May 7 the U.S.Supreme Court, in an opinion by Justice Butler, held that the State has the right to compel the cities of Newark and Trenton to pay for excess water taken from rivers. Further details of the opinion will be found in our Department of "Current Events and Discussions," on a preceding page. Ohio (State of).—General Assembly Recesses to December 1924.—The General Assembly on April 28 recessed to Dec. 31 1924, unless recalled before that time for some emergency by a committee of Assemblymen designated for the purpose. Three of the bills bearing on county and municipal affairs that passed during the session authorize county commissioners to issue bonds in anticipation of the collection of assessments for sidewalks outside of municipalities, and cities to issue bonds to pay court judgments and to build garages, repair shops, storehouses and warehouses. An important taxation measure, repealing the old tax limit law and substituting a new law limiting municipal tax levies to 17 mills and rural tax levies to 14 mills for current expenses, became a law during the session, but only after being passed by the General Assembly over the Gover or's veto. The 5-mill tax levy, for highways and the 0.15-mill levy for weak school districts were repealed by the first bill passed during the session—V. 116, p. 201. A gasoline tax bill, proposing a levy of 2 cents a gallon, was defeated in the House of Representatives. Pennsylvania (State of).—Popular Vote on Road and Soldiers' Bonus Bond Issues Authorized by Legislature.— The Legislature has passed two bills providing for bond issues. One is for $50,000,000 road bonds and the other for $35,000,000 soldiers' bonus bonds. Both measures . were originally passed by the 1922 Legislature, and now, after having been approved by the 1923 Legislature, as required by the Constitution, are to be submitted to the voters. There is some doubt, though, as to whether these measures will be on the ballot this fall or in November 1924, and a court decision will be necessary to remove the doubt. The Philadelphia "Record," in its issue of May 15, contained the following relative to the controversy over the date of the submission of the bond issues: Attorney-General Woodruff, in an opinion submitted to Governor Pinchot, has ruled that it will be illegal to submit the road bonds issue . of 350,000,000 and the issue for a soldier bonus amounting to $35,000 000 to the people for a popular vote at the election next November. His opinion is based on the contention that the November ballotting win not constitute a general election under the law. Accordingly, he reported to the Governor, a popular vote on the two big bond issues must be deferred until 1924. An effort was made to keep the decision under cover because of the effect it might have on bankers' bidding for the bonds. The Administration is of the opinion. it is said, that if a question of doubt were raised the bankers would steer shy of the issue. Governor Pinchot and other administration leaders are not in accord with the opinion of the Attorney-General, but, since it has been rendered, representing the they have nothing to do but accept it as the question to legal status of submit the courts for a the bond issues. It is planned to decision. two sessions of the Legislature, as required Both bond issues have The law provides that after such approval they by the Constitution. for popular vote at the next general election. be submitted to the people municipal officials are to be elected In November, Because only county and -General 'Woodruff reached the conclusion it would not be a Attorney general election. Vermont is made up by adding to 1% of the appraised value of taxable real estate the value of personal property and the taxable polls. The same Act authorized the State Treasurer to borrow $5,000,000 for the purpose of defraying expenses and jiaying appropriations. West Virginia (State of).—Legislative Session Again Extended.—The 1923 session of the Legislature, the ten-day extra session of which was to have ended on May 7 (V. 116, p. 2039) was again extended ten days by the Governor. The lawmakers were confined to consideration of the budget. but indications on May 15 were that the second extra session would close on the 17th without adopting a budget bill. Another extra session may be necessary. BOND CALLS AND REDEMPTIONS Hyrum, Cache County, Utah.—Bond Call.—Melinda Liljenquist, City Treasurer, is calling for payment on July 1 $22,000 6% water bonds, dated July 1 1913. Bonds will be paid at the place where they are made payable by their terms. Interest ceases on July 1. BOND PROPOSALS AND NEGOTIATIONS this week have been as follows: ADAMS COUNTY (P. O. Decatur), Ind.—BOND OFFERING.— Sealed bids will be received by Hugh D. Hite, County Treasurer, until 10 a. m. May 22 for the purchase at not less than par and accrued interest of the following 4 Issues of 41.6% road bonds: $5,600 Ross Hardin macadam road in Union Township bonds. Denom. $280. 5,360 Ulman-Case macadam road in Union Township bonds. Denom. $268. 6,000 Phil Sauer macadam road in Union and Root Townships bonds. Denom. $300. 6,240 A. N.Springer macadam road in Monroe Township bonds. Denom. $312. Date May 15 1923, Interest May 15 and Nov. 15. Due one bond of each Issue each six months from May 15 1924 to Nov. 15 1933 inclusive. AKRON, Summit County, Obio.—BOND SALE.—A. T. Bell & Co. of Toledo, and Geo. B. Gibbons & Co. of New York, were awarded the following 5% coupon (with privilege of registration) special assessment street impt. bonds. aggregating 3317.700, which were offered on May 14 (V. 116, p. 1803). The price paid was $290.073 50, equal to 100.81, a basis of about 4.72%: $42,300 West North Street bonds. Denom. 31.000 and $300. Due yearly on Oct. 1 as follows: $4,300, 1924: $5,000, 1925 to 1929. incl.: 34.000, 1930; 35.000, 1931, and 34,000. 1932. 10,000 Springdale Street bonds. Denom. $1.000. Due yearly on Oct.I as follows: $1,000, 1924 to 1931, incl., and $2,000, 1932. 79,100 Bellows Street bonds. Denom. $1,000 and $100. Due yearly on Oct. 1 as follows: 38.100. 1924; 39,000. 1925 to 1931. Incl., and $8,000. 1932. 7,600 Annadale Ave. bonds. Denom. $1,000. $800 and $600. Due yearly on Oct. 1 as follows: $1,000, 1924; $800, 1925; $1,000, 1926: S600, 1927: 31.000. 1928: $600, 1929: $1,000, 1930; 5600, 1931. and$1,000, 1932. 8,400 Hite Street bonds. Denom. $1.000 and $400. Due yearly on Oct. 1 as follows: 31.400, 1924: $2.000. 1925; $1,000, 1926, and 32.000. 1927 and 1928. 3,400 Rothrock Ave. bonds. Denom. $700 and $600. Due yearly on Oct. 1 as follows: $600, 1924, and $700, 1925 to 1928, inclusive. 10,900 Baird Street bonds. Denom. $1,000 and $900. Due yearly on Oct. I as follows: 32.900. 1924, and 32.000, 1925 to 1928, Ind. 4.200 Brown Street bonds. Denom. $1,000 and $800. Due yearly on Oct. 1 as follows: 31,000, 1924, and $800, 1925 to 1928, incl. 6.300 Crosier Street bonds. Denom, $1.000. $500 and $300. Due , yearly on Oct. 1 as follows: $1,300, 1924: $1,500, 1925: 31.000. 1926: 31.500, 1927, and 31,000, 1928. 27.200 Cuyahoga Falls Ave. bonds. Denom. $1,000 and $200. Due yearly on Oct. 1 as follows: $5.200, 1924: 16,000. 1925; $5.000, 1926; $6.000. 1927, and 85,000, 1928. 31,600 Cuyahoga Falls Ave. bonds. Denom. $600 and $1,000. Due Yearly on Oct. 1 as follows: 16,600, 1924; 36,000, 1925: $7,000, 1926, and $6,000, 1927 and 1928. South Bates Street bonds. Denom. 31.000 and $400. Due 12,400 yearly on Oct. 1 as follows: $1,400. 1924; 11,000, 1925 and 1926; $2.000. 1927; 11,000. 1928; 12.000. 1929: $1,000, 1930: $2,000, 1931, and $1.000, 1932. MAY 19 1923.] THE CHRONICLE 2299 $25.500 Cuyahoga Falls Ave. bonds. Denom. $1,000 and $500. Due $12,600 John L. G. Redd et al. road in Rockcreek Township bonds. Denom. $630. Due $630 each six months from May 15 1924 to yearly on Oct. 1 as follows: $5,500, 1924, and $5.000, 1925 to b. Nov. 15 1933 inclusive. 1928. Inclusive. 12.400 Daniel Harker et al. road in Hawcreek Township bonds. Denom. 18,600 Lakemont Ave. bonds. Denom. $1,000 and $600. Due yearly $620. Due $620 each six months from May 15 1924 to Nov. 15 Oct. 1 as follows: $3,600, 1924; $4,000, 1925 to 1927, incl., on 1933 inclusive. and $3,000, 1928. 5.200 James E. Reed et al. road in Rockcreek Township bonds. Denom. 30,200 South Arlington Street bonds. Denom. $1,000 and $200. Due $260• Due $260 each six months from May 15 1924 to Nov. 15 $6,000, 1925 to impein. yearly on Oct. 1 as follows: $6,200, 1924, and 1933 inclusive. inclusive. Date June 5 1923. Interest May 15 and Nov. 15. Date April 1 1923. The following is a list of the bids received: 1928' Rate. Premium. r Name. BEAUFORT COUNTY (P. 0. Washington), No. Caro. -BOND $2,573 50 100.81 OFFERING. A.T.Bell & Co., George B.Gibbons & Co.(jointly) -Sealed bids will be received until 12 m. June 12 928 00 100.29 Aycock, Chairman. Board of County Commissioners, for the by 0. P. Stacy & Braun following 2 585 00 100.18 issues of coupon bonds: Hayden. Miller & Co 320 00 100.10 $150,000 road bonds. Due 36,000 yearly on June 1 from 1929 to Seasongood & Mayer 1953.incl. Gran. Todd & Co., H.L. Allen & Co.(jointly) 161 00 100.05 100,000 funding bonds. Due $4,000 yearly on June 1 from 1929 to 1953, inclusive. ALABAMA CITY Etowah County 'Ala. -The $35,000 -BOND SALE. Denom. $1,000. Int. rate not to exceed 5%. Prin. and semi-ann. int. public inapt. bonds offered on May 15-V. 116, P. 2168 -were purchased payable at the Hanover National Bank,N. Y.City. A cert. check vouched by Ward, Sterne & Co. of Birmingham as 6s. for by a local bank in Beaufort County,payable to the Board of CommissionALBANY N. Y. -BOND ELECTION. -An election will be held on ers for 27 of amount bid for. required. The successful bidder will be fur0 May 21 to vote on a 350.000 bond issue for the improvement and alteration nished with the opinion of Reed, Dougherty & Hoyt of New York City that of the Albany public baths. the bonds are valid obligations of Beaufort County; and the bonds will be ALBEMARLE, Stanley County, No. Caro. -Sidney prepared under the supervision of the United States Mortgage & Trust Co. -BOND SALE. Spitzer & Co. of Toledo, have purchased the following 2 issues of 54% of New York City, which will certify as to the genuineness of the signatures coupon or registered bonds offered on May 8-V.116. p. 1683 -at a premium and the seal on the bonds. of $50, equal to 100.025, a basis of about 5.49%: BEAVER DAM TOWNSHIP ROAD DISTRICT, Cherokee County, $20,000 water bonds. Due $1,000 yearly on May 1 from 1926 to 1945 incl. So. Caro. -S. W. Lovingood, Chairman Board of -BOND OFFERING. 180.000 street and sewer bonds. Due on May 1 as follows: $6.000, 1926 County Commissioners(P.0. Murphy), will receive sealed bids until 12 m. ' to 1930, incl.;$9,000, 1931 to 1940, and $15,000, 1941 to 1944, incl. June 1 for 350.000 5. 554 or 6% road bonds, maturing in 30 years. Date May 1 1923. BECKHAM COUNTY (P. 0. Sayre), Okla. -BOND ELECTION, ALBION SCHOOL DISTRICT (P. 0. Albion), Erie County, Pa. - An election will be held on June 2 to vote on the question ofissuing $300,000 BOND SALE. -Redmond & Co. of Pittsburgh on May 8 were awarded permanent State road and bridge bonds. $35.000 44% school bldg. bonds for $36,218. equal to 100.31, a basis of BELLEVUE, Huron County, Ohio. -BOND OFFERING. -Sealed bids about 4.48%. Denom. $500. Date May 1 1923. Int. M. & N. Due will be received until 12 m. May 28 by Victor F. Greenslade, City Auditor. $500 yearly from 1935 to 1952 inclusive. for $12.700 534% city hall impt. bonds issued under the authority of -Sealed bids Sec. 3939 of the General Code. Denom. $700 and 31.000. Duo yearly -BOND OFFERING. ALCOA, Blount County, Tenn. will be received until 1 p. m. Juno 1 by A. B. Smith, City Recorder, for all on June 1 as follows: $700, 1925. 31.000. 1926 to 1937 incl. A certified or any part of 355,000 5% coupon (registerable as to principal only) school check for 5% of the amount bidand required. for bonds. Denom. $1,000. Date June 1 1923. Prin. and semi-ann. Int. BEXLEY, Franklin County, Ohio. -The two issues -BOND SALE. (J. -D.), payable in gold in New York. Due on June 1 as follows: $2.000 -were 1924 to 1928, Incl. and $3,000 1929 to 1943. incl. Certification of bonds of54% road improvement bonds offered on May 14-V.116, p. 2040 by the Bankers Trust Co.. N. Y. City. Legal opinion of Chester B. awarded to the Citizens Trust & Savings Bank of Columbus,for $77.286 10. Masslich, N. Y. City. A certified check for 2% required. Bids to be equal to 101.02, a basis of about 5.27%. They are described as follows: $27,000 village's portion Ardmore Road bonds. Denom. 81,000. Due made on forms to be furnished by above official. inclusive. $3,000 yearly on April 1 -BOND ELECTION. 49.500 Remington Road special from 1924 to 1932, Denom. 31.000 and ALEXANDER CITY, Tallapoosa County, Ala. assessment bonds. -On June 8 an election will be held to vote on the issuance of $20,000 6% $500. Due $5,500 yearly on April 1 from 1924 to 1932,inclusive. bonds for the erection of a grammar school building. Date April 1 1923. ALLENTOWN SCHOOL DISTRICT (P. 0. Allentown), Lehigh BISMARCK, Burleigh County, No. Dak.-BONDS VOTED. -By a -BID REJECTED. County,Pa. -Graham.Parsons & Co.of Philadelphia vote of 1.347 "for" to 90 "against," the voters authorized the issuance of submitted a bid of 100.011 for the 3150.0004% school bonds offered on May $255,000 bonds to aid in the construction of a municipal water plant. This offer, the only one received, was rejected. The 8(V. 116. p. 1923). BOLTON, Warren County, N. Y. -Sealed bids -BOND OFFERING. bonds will re-offered at a later date. will be received by Bert W.Lamb. Town Supervisor, until 10 a. m. May 19 AMBRIDGE, Beaver County,Pa. -BOND SALE. -The $50.000 44% for the purchase of $2,500 6% public dock bonds. Principal and semi-ann. coupon paying bonds offered on May 7 (V. 116, pt. 1569) were awarded on int. (F. & A.) payable at the First National Bank of Glens Falls. Due May 14 to Lows & Snyder of Philadelphia for 350.793, equal to 101.586, yearly on Feb. 1 as follows: $1,500, 1924, and 31.000. 1925. a basis of about 44%. Date May 1 1923. Prin. and semi-ann. int. (M. & N.), payable in Ambridge. Due $10.000 on May 1 in each of the BOWLING GREEN SCHOOL DISTRICT (P. 0. Bowling Green), years 1939, 1940, 1941, 1942 and 1943. -The 375,000 5% coupon sclaool bonds Pike County Mo.-BOND SALE. p. 2169) were AMBRIDGE (BOROUGH) SCHOOL DISTRICT (P. 0. Ambridge), offered on Mi 15(V. 116,a premium ofawarded to the Mississippi Valley $772. equal to 101.02, a basis of Trust Co. of t. Louis, at Beaver County, Pa. -BOND SALE. -The $385.000 434% coupon (mitts- about 4.90%: Date July 11923. Due on July 1 as follows: 32.000, 1925 terabit) as to principal) school bonds offered on May 14-V. 116. P. 2039 were awarded to A. B. Leach & Co., Inc. of Philadelphia. who are now and 1926: $3,000, 1927 to 1932, incl.; $4,000, 1933 to 1937, incl.; $5,000, offering the issue to Investors at prices to yield 4.05%. Denom. 31.000. 1938 to 1941, incl.; $6,000, 1942, and 37.000. 1943. Date May 11923. Due on May 1 as follows: $15.000. 1928;$40.000, 1933: BRADFORD CITY SCHOOL DISTRICT (P. 0. Bradford), McKean -BOND OFFERING. County, Pa. -Sealed bids will be received by E. C. $60,000, 1938; 380.000. 1943: $90,000, 1948, and $100,000, 1053. Charlton, Secretary of the Board of Education, until 5 p. m. May 25 for AMES, Story County, Iowa. -BONDS DEFEATED. -At the election the purchase of 3280.000 44% coupon or registered school bonds. Denom. held on April 30(V. 116, p. 1569) the $70,000 municipal Water works bond $1,000. Date July 1 "Prin. and semi-ann. int. (J. & J.) payable issue was defeated. 1923. at the Bradford Nat. Bank. Due 39.000 yearly from 1924 to 1943 incl. AMSTERDAM UNION FREE SCHOOL DISTRICT NO. 12 (P. 0. and $10,000 1944 to 1953 incl. A certified check for 10% of amount of Amsterdam), Montgomery County, N. Y. -The follow- issue, payable to the District Treasurer, required. -BOND SALE. ing 3 issues of 5% bonds offered on May 12 (V. 116. p. 2039) were awarded BRICELYN INDEPENDENT to the Union National Corp. of N. Y at 100.42 and int., a basis of about Bricelyn), Faribault County, SCHOOL DISTRICT NO 132 (P. 0. Minn. -BOND SALE. -The $12,000 4.96%: 43(% school bonds offered on May 8(V. 116. p. 1923) were awarded to the $35,000 bonds. Denom. $1,000. Dated Nov. 1 1922. Due yearly on Minnesota Loan dc Trust Co. of Minneapolis, at a premium of $20, equal Nov. 1 as follows: $1,000, 1923 to 1947, incl., and $2,000 from to 100.16. a basis of about 4.74%. Denom. $1,000. Date May 1 1923. 1948 to 1952, inclusive. 2,000 bonds. Denom. $100. Date Nov. 1 1922. Due $400 yearly Int. M.& N. Due May 1 1938. BROWNWOOD, Brown County, Tex. on Nov. 1 from 1948 to 1952.inclusive. -Clyde -BOND OFFERING. 5,000 bonds. Denom. $500. Date Oct. 1 1922. Due $1,000 yearly McIntosh. City Secretary, will receive sealed bids until 3 p. m. May 29 for on Oct. 1 from 1923 to 1927, inclusive. the following 2 issues of 5% school bonds: Int. payable at the First National Bank of Amsterdam to the holder $41,000 school bonds. Denom. $1.000. Date June 1 1921. Due on thereof in Now York exchange. Other bidders, all of New York, were: June 1 as follows: $8.000 1941, 1946, 1951 and 1956. and $9,000 1961; payable at the Hanover National Bank, N. Y. City. Name. Bid. Bid. Name. 60,000 school bonds. Date June 1 1923:Denom. $1,000 and 32.000. Geo. B. Gibbons & Co 100.317'Sherwood & Merrifield 100.18 Due on June 1 as follows: $1,000 1924 to 1943, incl., and 32.000 Parson, Son & Co 100.2661Clinton H.Brown & Co 100.06 1944 to 1963. incl. ARAPAHOE COUNTY SCHOOL DISTRICT NO. 32 (P. 0. Byers), A certified check for $1.000 required. Colo. -BONDS VOTED. -At a recent election $25.000 11-30-year BRUNSWICK COUNTY (P. 0: Southport), No. Caro. -BOND serial bonds were voted. These bonds had been sold to534% Benwell, Philips -Stacy dr Braun of Toledo have purchased the 375.000 534% & Co. of Denver, subject to being voted at said election. Notice of the SALE. refunding and court house bonds offered on May 8-V. 116. p. 1569 election and sale was given in V. 116.P. 1569. at a premium of $1,610. equal to 102.14, a basis of about 5.22%. Date • ASHLAND COUNTY (P. 0. Ashland), Ohio. -BOND OFFERING. - April 1 1923. Due on April 1 as follows: a10.000. 1925, 1927, 1929: bids will be received until 12 in. May 21 by Zella Swartz, Clerk Board 53.000. 1931 to 1940 incl., and $5,000, 1941 to 1943 incl. Sealed of County Commissioners, for $21,000 53.4% Inter-County Road No. 142 BRYAN, Brazos County, Texas. -BOND OFFERINO.-Sealed bids bonds issued under Section 1223 of General Code. Principal and semiannual interest(A.St 0.)payable at the County Treasurer's office. Denom. will be received until 8 p. m. May 25 by E. P. Bittle, City Secretary, for $1,000. Due yearly on Oct. 1 as follows: 32.000, 1924 to 1929 incl. and $25.000 5% street paving bonds. Denom. $1,000. Date June 1 1923. $3,000, 1930 to 1932 incl. A certified check for 2% of the amount bid for Due 31,000 yearly June 1 from 1925 to 1949, incl. Prin. and semi-ann. int. . (J. & D.) payable at the Mechanics & Metals Nat. Bank, N. Y. City. A required. certified or cashier's check for $1.000 required. ASPINWALL, Allegheny County, Pa. At the same time there will also be offered for sale 14.500 5% szhool-BOND OFFERING. -Sealed bids will be received until 7 p. m. (Eastern Standard Time) June 11 by house remodeling bonds in denominations of $500 each. dated Sept. 11922. Nelson Armstrong, Borough Clerk, for the purchase of $20.000 44% Prin, and semi-ann. int. (M. & S.) payable at the Mechanics & Metals coupon bonds. Denom. $1,000. Date June 30 1923. Due yearly on Nat. Bank, N. Y. City. Due 31,000 on March 1 1924 and $500 yearly June 30 as follows: $1,000 1927 to 1940, and $2,000 1941 to 1943, incl. thereafter. The official circular offering these bonds states that there has All bids must be accompanied by a certified chock for $500. never been any default in interest or principal, no controversy or litigation ATLANTA, Ga.-BOND SALE. -The following 5% coupon (with of any kind pertaining to bonds or indebtedness. privilege of registration as to both principal and interest) bonds offered on BRYAN VILLAGE SCHOOL DISTRICT (P. 0. Bryan), Williams -were awarded to J. H.'liftman dr Co.of Atlanta, County,Ohio. -The issue of$25.000 534% coupon refund-BOND SALE. May 15-V.116,p. 1923 and Stacy & Braun of Toledo, jointly, at a premium of $177,640, equal to ing bonds offered on Mar.2(V. 116, p. 742) was awarded to W.L. Slayton & Co. of Toledo, at 103.51. a basis of about 4.99%. Date Dec. 10 1922. 104.44, a basis of about 4.69%: 31,400,000 water works inapt. bonds. Duo on Jan. 1 as follows: $52.000, Due yearly on Sept. 10 as follows: $1,500, 1924 to 1929, incl.. and $2,000. 1930 to 1937. incl. This is the same issue of bonds which In December was 1925 to 1950, incl., and $48,000, 1951. 2,101,000 school impt. bonds. Due $76,000 on Jan. 1 from 1925 to 1950, awarded to W. L. Slayton & Co., as stated in V. 116, p. 538. The first sale was not completed, and the bonds on being re-advertised were again incl., and 3125.000, Jan. 1 1951. 324,000 sewer improvement bonds. Due $12,000 yearly on Jan. 1 from taken by W. L. Slayton & Co. 1925 to 1051, inclusive. CALHOUN COUNTY SCHOOL DISTRICT NO. 8 (P. 0. St. Mat175,000 Spring St. Viaduct bonds. Due 36,000 yearly on Jan. 1 from thews), So. Caro. -BOND OFFERING. -Sealed bids will 1925 to 1950, incl., and $19,000 Jan. 1 1951. until 12 m. May 22 by B. F. Bruce, Clerk. Board of Trustees,beived for $60,000 Date Jan. 1 1921. coupon school bonds. A cert. check on an incorporated bank or trust company for 31,200, payable to above Clerk, required. AUDRAIN COUNTY SCHOOL DISTRICT NO. 13(P.O. Laddona). Purchaser to Pay -The $40,000 5% coupon school bonds offered on May for printing bonds and legal opinion. Bid are requested as follows: For Mo.-BOND SALE. 7(V. 116, p. 2039) were awarded to Wm. R. Compton Co. of St. Louis, at the said $60,000 school bonds to run for twenty years from date of same. yoemium of $12. equal to 100.03, a basis of about 4.99%. Date June 1 bearing int. at 5%, int. coupons attached, payable semi-ann.; bids for the 1923. Due on Jan. 1 as follows: 31,000, 1925 and 1926; 31.500, 1927 to said $60,000 school bonds bearing int. at 54%. Also, bids for the said l.' 32.000. 1932 to 1936, incl.; 32,500, 1937 to 1939, incl.; $3.000. $60,000 school bonds, to be issued as serial bonds, bearing int. at 5%,int. 1931, coupons attached, payable semi-ann.; and bids for the said $60,000 serial inc. 1940 and 1941. and 33.500. 1942 and 1943. BANNOCK COUNTY RURAL HIGH SCHOOL DISTRICT NO. 2 bonds bearing int. at 54%• -BONDS NOT SOLD. -The 325.000 school (P. 0. Thatcher), Idaho. CAMBRIDGE, Middlesex County, -TEMPORARY LOAN. -were not sold. The temporary loan of $500,000 offered Mass. house building bonds offered on May 5-V. 116, p. 2039 on p. 2040) was awarded to 8. N. Bond & Co. of Boston, onMay 8 (V. 116. BARNVILL.P. Roosevelt County, Mont. -BOND OFFERING. -F. D. a 4.18% discount basis' plus Baer. Town Clerk, will sell at public auction at 8 p.in. Juno 25810.500 31 25 premium. The notes are dated May 9 and mature Nov. 1 1923. -J. Due 6% funding bonds. Denom $500. Date July 1 1923. Int. J. CANTON, Fulton County, 111. -The two issues of -BOND SALE. July 1 1943; optional July 1 1938. 5% bonds offered on May 15-V 116, -were awarded to a local 2169 COUNTY (P. 0. Columbus), Ind. BARTHOLOMEW -BOND Investor for $42.235. equal to 100.55, a p. . basis of about 4.93%. They are OFFERING. -Sealed bids will be received by Smith Carmichael, County described as follows: Treasurer until 10 a. m. June 5 for the purchase at not less than par and $30,000 water bonds. Denom. $500. Due 31.500 TeartY oo July 1 accrued Interest of the following throe issues of 434% road bonds: from 1924 to 1943, inclusive. 2300 THE CHRONICLE [VOL. 116. COST1LLA COUNTY SCHOOL DISTRICT NO. 19 (P. 0. San Aca$12,000 fire department bonds. Denoms. 20 for $500 and 20 for $100. Due $600 yearly on July 1 from 1924 to 1943, inclusive. cio), Colo. -BONDS VOTED. -At an election held on May 7 a proposition to issue $5,500 53% 10 -year (opt.) funding._ bonds carried. These Date July 1 1923. -20 bonds had been sold to CARTERET COUNTY (P. 0. Beaufort), No. Caro., -NOTE OFFER- voted at said election. Benwell, Phillips & Co. of Denver, subject to being Noticeof.this election and sale was given in V. 116. ING. -Sealed proposals will be received until 12 m.June 11 by W.L. Stancil, County Auditor, for $50,000 6% road and bridge notes. Date June 1 p. 1684. in CRAFTON BOROUGH SCHOOL DISTRICT (P. 0. Crofton), 1923. Due June 1 1925. Int. payable semi-ann. at the Hanover National Allegheny County, Pa. Bank, N. Y. City. -BOND SALE. -The $35,000 434% coupon school bonds offered -were awarded to the -BOND OFFERING. -Sealed Pittsburgh Savings & on May 14-V. 116. p. 1924 CEDARHURST, Nassau County, N. Y. Trust Co. of bids will be received until 8 p. m. (Daylight Saving Time) May 25 by a basis of about 4.11%. Denom. Pittsburgh for $37,114, equal to 106.04. $1,000. Date June 11923. Due $5,000 Lewis R. Raisig, Village Clerk for the purchase at not less than par and yearly from 1945 to 1951 incl. Other bidders were: accrued interest of $100,000 5i registered bonds. Denom. $1,000. Date 0 Name. Premium. Premium. Name. March 1 1923. Principal an semi-annual interest (M. & S.), payable at 31,715 00 the Bank of Lawrence, Lawrence. Due $4,000 yearly on March 1 from Graham,Parsons & Co--__$1.473 50 Glover & MacGregor 307 72 J. H. Holmes & Co 2.05500 1924 to 1948 incl. A certified check for 2% of the amount bid for required. E. H. Rollins & Sons A. B. Leach & Co 1,79550 Mellon National Bank_ _ __ 1,85500 Legality approved by Hawkins, Delafield & Longfellow of New York. Redmond & Co 1,648 50 Union Trust Co 1,625 00 -BOND SALE. -The CHARLESTON, Charleston County, So. Caro. CUSTER COUNTY SCHOOL DISTRICT NO. 28 (P. 0. Broken Bank of Charleston has purchased the two Issues of paving bonds offered on Bow), Nebr.-BONDS VOTED. -Atthe election held on April 30 the propoMay 15 (V. 116. p. 2040) at 100.88: $257,000 Series "B" bonds. Int. M. & N. Date May 11923. Due on sition to issue $36,000 school bldg. bonds carried. E.J. Crawford,Director. May 1 as follows: $26,000, 1925 to 1931, inclusive, and $25,000, DADE COUNTY (P. 0. Miami), Fla. -WARRANTS SOLD. -The 1932 to 1934, inclusive. Interest rate not stated. $100,000 6% coupon school warrants offered on May 12-V. 116, p. 1924 97,000 6% Series "A" bonds. Date Aug. 1 1923. Int. F. & A. Due were not sold. Date May 1 1923. Due $20,000 yearly on May 1 from $25,000, 1925: $22,000. 1926: 1929 to 1933, inclusive. on Aug. 1 as follows: $10,000, 1924: $24,000, 1927, and $16,000, 1928. DALLAS, Dallas County, Tex. -BOND OFFERING. -Bids will be CHARLESTON SCHOOL DISTRICT (P. 0. Charleston). Charles- received until June 1 for the purchase of $1,250,000 street, 31.000.000 -A. B. Rhett. Clerk of the wheel, $500,000 sewage disposal, $100,000 fire station -BOND OFFERING. ton County, So. Caro. and $150,000 City Board of Public School Commissioners viii receive sealed bids until sanitary sewer 4.34% bonds. Date May 1 1923. Legal opinion of John C. 12 m.May 26 for $100,000 5% school bonds. Denom. $1,000. Date July Thomson, N. Y. City, to be furnished. These bonds, together with $5.15 1923. Prin. and semi-ann. int. (J. & J. 15) Payable at the Hanover 000,000 water supply and $325.000 park bonds, were voted at the election National Bank, N. Y. City. Due July 15 1948. A cert. (or cashier's) check held on April 3, as stated in V. 116, p. 1684. on a responsible bank, for $1,250, payable to the City Board of Pulbic DAVENPORT INDEPENDENT SCHOOL DISTRICT (P. 0. DavenSchool Commissioners,required. -BOND ELECTION. -A special port), Scott County, Iowa. -Bids will be held on June 12 to vote on issuing $350,000 school bonds. election will CHEYENNE, Laramie County, Wyo.-BOND OFFERING. until May 21 for $60,000 paving district No. 1 bonds to bear be received DAVIESS COUNTY (P. 0. Washington), Ind. -BOND SALE. -On interest at a rate not to exceed 6%. -LOAN OFFERING.-Lou:e May 8 the $60.000 5% White River bridge bonds offered on that date (V. CHICOPEE, Hampden County, Mass. 116. p. 1684) were awarded to J.F.Wild &Co.of Indianapolis, for $60.701. NI. Dufault, City Treasurer, will receive proposal3 until 12 m. May 21 for equal to 101.168. a basis of about 4.17%. Date May 8 1923. Due $3,000 the purchase at discount of a temporary loan of $200,000 in anticipation of months from May 15 1924 to Nov. 15 1933, inclusive. revenue. Denorns. 6 for $25,000, 4 for $10,000, and 2 for $5,000. Due each 6 BOND OFFERING. -Sealed bids will be received by 0. M. Vance, Nov. 20 1923. These notes will be engraved under the supervision of the County Treasurer, until 2 p. m. May 25 for the purchase of $4,400 5% Old Colony Trust Co., Boston, which will guarantee the signatures and will certify that the notes are issued by virtue and in pursuance of an order of Ed. Keck et al road improvement bonds. Due in 10 years. the Board of Aldermen, the validity of which order has been approved by -BOND SALE. -On Feb. 28 DAYTON, Montgomery County, Ohio. Messrs. Storey, Thorndike, Palmer & Dodge, of Boston, and the legal an issue of $200,000 5% water bonds, dated April 11923, was purchased by papers incident to this issue will be filed with the Old Colony Trust Co., the Board of Sinking Fund Trustees of the City, at par.. where they may be inspected. BOND OFFERING. -E. E. Hagerman, City Accountant, will receive CHIPPEWA TOWNSHIP RURAL SCHOOL DISTRICT, Wayne bids until 12 m. June 11 for the purchase at not less than par and int. of -BOND OFFERING. -Sealed bids will be received by the $225,000 4% coupon street impt. bonds. Denom. $1.000. Date June County, Ohio. Education, at the Doylestown Banking Co. of Doylestown, until 1 1923. Prin. and semi-ann. int. payable in New York. Due $25.000 Board of 1 p. m. June 2 (Eastern Standard Time) for the purchase of $25,00O5g% yearly on Oct. 1 from 1924 to 1932, incl. Cert. check on a solvent bank or coupon school construction bonds issued under the authority of Sec. 7630-1 of trust company for 5% of amount of bonds bid for, payable to the City the Gen. Code. Denom.$1.000. Date May 11923. Prin. and semi-ann. Accountant, required. Bonds to be delivered and paid for at the City int. payable at the Doylestown Banking Co. Due $1,000 yearly on Oct. 1 Treasurer's office on June 18. Legality approved by Squire, Sanders Ss from 1924 to 1946, incl. and $2,000, 1947. A cert. check upon solvent Dempsey of Cleveland. bank or trust company tither than the bidder, payable to the order of the DEARBORN COUNTY (P. 0. Lawrenceburg), Ind. -BOND OFFERBoard of Education of Chippewa Township for 2% of the amount of the -Sealed bids will be received by Clarence W. Schinaman, County bonds bid for must accompany each bid as an evidence of good faith. No ING. bid will be considered unless made on the blank prescribed therefore, a Treasurer, until 10 a. m. June 7 for the purchase at not less than par and copy of which may be obtained by application to the County Superintendent accrued interest of 362.400 5% Chas. :Haag et al. free gravel road in Lawrenceburg Township coupon bonds. Denom. $520. Date May 7 of Schools. Wayne County, Wooster. 1923. Interest May 15 and Nov. 15. Due $2,080 each six months from CHOUTEAU COUNTY RURAL SCHOOL DISTRICT (P. 0. Fort May 15 1924 to Nov. 15 1938 inclusive. Benton), Mont. -BOND OFFERING.-Bids will be received until June 4 DECATUR COUNTY (P. 0. Greensburg), Ind. -NO BIDS REby May G. Flanagan, District Secretary, for the purchase of $51.500 6% -The seven issues of 414% coupon road improvement bonds CEIVED. funding bonds. aggregating $438,000. offered on May 15-V. 116. p. 2041-were not sold, CINCINNATI SCHOOL DISTRICT (P. 0. Cincinnati), Hamilton as no bids were received. County, Ohio. -BOND SALE. -The $600,000 4% coupon school DELAWARE COUNTY (P. 0. Delaware), Ohio. -BOND DESCRIPhouse construction bonds offered on May 14-V.116, p.1924 -were awarded -The $63,400 5% road bonds awarded to the Weil, Roth & Irving to Estabrook & Co. and Curtis & Sanger of New York,for $600,906, equrl TION. to 100.15. a basis of about 4.48%. Denom. $1.000. Date May 11923. Co. of Cincinnati recently, (V. 116. p. 1805) are comprised of 2 separate issues, one in the amount of $37,500 and the other $25.900. The price Due $25,000 yearly on Nov. 1 from 1924 to 1947, inclusive. paid was 363.490, equal to 100.14%. Denom. 3500, $900 and $1,000. CLAY COUNTY SPECIAL ROAD AND BRIDGE DISTRICT NO. 3 Date April 1 1923. Int. semi-ann. Due from 1921 to 1932. -BOND SALE. (P. 0. Green Cove Springs).Fla. -The $35,000 6% road -An election -BOND ELECTION. DENTON, Denton County, Tex. and bridge bonds offered on May 7(V. 116, p. 1570) were awarded to the G. B. Sawyers Co. of Jacksonville. at 95. Date April 1 1923. Due yearly will be held on June 19 to vote on the question of issuing $200.000 school building bonds. on April 1. -BONDS VOTED. -Our DENVER (CITY AND COUNTY OF), Colo. CLEVELAND, Cuyahoga County, Ohio.-PURCHASERS--BIDS.Lehmann Bros. a New York, and the First National Co. of Detroit, were Western representative advises us in a special telegraphic dispatch that the associated with Otis & Co. and Blake Bros. & Co.. in the purchase of the 4 proposition to issue $6,500,000 water bonds carried at the election held on issues of 434s. aggregating $1,970,000. V. 116, p. 2169. The following May 15-V. 116, p. 1570. He does not state whether the other two issues, $500.000 city halt and $200,000 fire building carried. is a complete list of the bids received on May 9: $300,000 $320,000 $850.000 $500.000 Total. DORMONT BOROUGH SCHOOL DISTRICT, Allegheny County, Hospital, Sewer. Garbage. Elec.Light $1.970,000 00 PA. -BOND OFFERING. -Sealed bids will be received until 8 p.m. May 28 Otis & Co., Lehman by J. C. Downs, Secretary of School Board. at 3222 Wainbell Ave., PittsBro., Blake Bros. burgh. for 365,000 437 coupon school bonds. Denom. $1,000. Due & Co., 1st National $2,000 May 1 1931, and $3,000 yearly on May 1 from 1932 to 1952, incl. Co., Detroit '1.975,51600 Cert. check for $1,000, payable to the District Treasurer, required. Estabrook es Co., HallEDGEWOOD INDEPENDENT SCHOOL DISTRICT (P. 0. Edgegarten & Co., Wm. -BOND ELECTION. -On May 28 R. Compton Co.. 1.974.15670 water), Van Zandt County, Texas. an election will be.held to vote on the question of issuing $15,000 school Stacy & Braun,N.Y.; building bonds. Brown Bros. & Co., N. Y.; Kissell KinELWOOD, Madison County, Ind. -BOND OFFERING. -Sealed bids nicutt & Co., N. will be received until 12 m.June 1 by Birdie Adams,City Clerk,for the pur, Y.; Halsey . Stuart chase at not less than par and int. of $15.000 5% refunding bonds. Denom. & Co., N. Y.; Barr Date June 1 1923. Int. semi-ann. Due June 1 1928. Cert, - ------- 1,974,137 00 $500. for $500 required. Bros. & Co., N. Y_ check Bankers Trust Co., FAIRFIELD, Jefferson County, Ala. -BOND OFFERING.-Melford Guaranty Co., N. N. Pratt, Mayor, will receive sealed bids until June 20 for $60,000 park Y.; Dillon Read & and $10,000 municipal bldg. site coupon or registered bonds. Denom. Co.; Hannahs, Bai$1.000 and $500. Date June 1 1923. Prin. and int. payable in N. Y. lin & Lee; Detroit City. Due in 20 years. Legality approved by Storey, Thorndlke, Palmer Trust Co.: The Tillotson & Wolcott Co 1,121,108 80 & Dodge of Boston. A cert. check for $1,400, required. Hayden Miller & Co_$300,030 $320,032 $500.050 FERGUS FALLS, Otter Tail County, Mont. -CERTIFICATE OF*Successful bid. FERING. -Bids will be received until 8 p. m. June 4 by Il. J. Collins, COLLINGDALE (P. 0. Darby), Delaware County, Pa. -BOND City Clerk. for 385,000 street impt. certificates of indebtedness. Date OFFERING. -Sealed bids will be received by the Secretary of the Board June 1 1923. Interest rate not to exceed 6%. A cert. chec!c for 5% of of School Directors until in. m. May 28 for $100,000 43i% coupon school amount of bid required. bonds. Denom. $1,000. Date April 1 1923. Prin. and semi-ann. int. FLORENCE TOWNSHIP (P. 0. Florence), Burlington County, (A. & 0.) payable at the First National Bank of Darby. Due on April 1 5% coupon or registered road Improve-BOND SALE. as follows: 333,000, 1933 and 1943. and $34,000, 1953. A certified check N. J. bonds offered -The 315,000 on May 9 were aWarded to the for 2% of the amount of bonds bid for required. Legality approved by ment National Bank of Florence (V. 116, B. 1925), at 101-a basis of about 4.797. Denom. First Townsend, Elliott & Munson of Philadelphia. 3500. Date June 1 1923. Due $1,500 yearly on June 1 from 1921 to 1933, COLUMBIA SCHOOL DISTRICT (P. 0. Columbia), Richland Inclusive. County, So. Caro. -BOND OFFERING. -W. H. Hand, Secretary Board S. -BOND OFFERING FORT MILL, York County, So. Caro. of Commissioners, will receive sealed bids until 6 p. m. May 28 for $150,000 Link, Town Clerk, will rceeive sealed bids until 12 m. May 23 for $25,b00 5% school bonds. Date June 1 1923. Principal and semi-annual interest assessment bonds. Date June 11923. Int. J. & D. Due on payable at the Hanover National Bank, New York City. A certified check 67 paving follows: 32.000. 1923 to 1927, inclusive, and $3,000, 1928 to Dec. as for $1,500, payable to A. C. Moore, Chairman, required. Due $5,000 1932, 1 inclusive. A certified check for 3500, payable to the above official. yearly on June 1 from 1928 to 1957, inclusive. Legality approved by Cald- required. well & Raymond, New York City. FRANKFORT SCHOOL DISTRICT (P. 0. Frankfort), Ma-shall CONFtAD CONSOLIDATED INDEPENDENT SCHOOL DISTRICT County, Kan. -BONDS VOTED. -By a vote of 2 to 1 an issue of 000 (P. 0. Conrad), Grundy and Marshall Counties, Iowa. -BONDS high school bonds was voted at a recent election. VOTED. At a recent election a $150,000 bond issue was voted for the purFranklin County Nebr.-BONDS VOTED. FRANKLIN, -It , ref pose of constructing and equipping a new school house. The vote cast was ported that at a recent election $10:000 bonds were voted for the purpose 294 "for" to 125 "against." of purchasing 20 acres of ground and an academy. County, Pa. -BOND SALE. -The two issues of 5g, CORRY, Erie FRANKLIN COUNTY (P. 0. Brookville), Ind. -BOND SALE.--The (registerable at to principal) coupon bonds offered on May 14-V. 11 Twp. -were awarded to J. H. Holmes & Co. of Pittsburgh, for $31,121, $20,320 5% coupon Lewis Davies et al. free gravel road in Fairfield .:, p. 2169 bonds offered on May 7-V. 116. p. 2011-were awarded to the Brot equal to 103.73, a basis of about 4.49%. for $20,660. equal to 101.13. a basis of about street improvement bonds. Due yearly on July 2 as follows: Nat. Bank of Brookville Date $14,000 months each 4.729'. Denom. $508. $500. 1924 to 1928. inclusive: $1,500. 1929 to 1934, inclusive: from May 15 1924 to Nov. 15 May 7 1923. Due $1,016 were:six 1933 ncl. Other bidders 31,000. 1935 and 1936, and $500. 1937' Pr allam. bonds. Due yearly on July 2 as follows: $500. Premium. Name. Name. 16.000 fire department $326 Fletcher Savings & Trust Co._ _ ..$78 1924 to 1928, inclusive: $1,500. 1929 to 1934. inclusive: $1,000, Franklin Co. Nat. Bank _103 Fletcher American Co 112 Galvin,Payne Si Co 1935 to 1938, inclusive, and 3500, 1939. J. F. Wild 8c Co 165 Thos. D.Sheerwin & Co 63 Date July 2 1923. MAY 19 1923.] THE CHRONICLE FRANKLIN COUNTY (P. 0. Columbus), Ohio. -BOND SALE. The following 5 issues of 5% road impt. bonds, aggregating $171,900, which were offered on May 9 (V. 116, p. 2041).were awarded to the National City Co.. Harris. Forbes & Co. and Hayden, Miller & Co., jointly, for $172,210 (100.18) and int., a basis of about 4.96%: $9,500 Norton Road Impt. No. 2 bonds. Denom. $1,000 and 1 for $500. Due yearly on Oct. 2 as follows: $1.500, 1924, and $1,000, 1925 to 1932, inclusive. 9,000 Alkire Road Impt. No. 2. Denom. $1,000. Due $1,000 yearly on Oct. 2 from 1924 to 1932, inclusive. 38,900 Franklin-Delaware Road Impt. bonds. Denom. $1.000 and 1 for $900. Due yearly on Nov. 1 as follows: $5,000 in 1924 and 1925; $4.900. 1926, and $4.000, 1927 to 1932,inclusive. 83,500 Harbor Road Impt. No. 2 bonds. Denom. $1.000 and 1 for $500. Due yearly on Nov. 1 as follows: $10.000 in 1924 and 1925:$9.500, 1926. and $9.000. 1927 to 1932, inclusive. 31,000 Borror Road Impt. bonds. Denom.$1,000. Dye yearly on Nov.1 as follows: $4,000. 1924 to 1927, incl.. and $3,000, 1928 to 1932. inclusive. Date April 2 1923. Prin. and int, payable at the County Treasurer's office. FREDERICK, Frederick County, Md.-BOND ,SALE. -The $60,000 4;4% water-worlcs sinking fund tax-free coupon bonds offered on May 16 (V. 116, p. 1925) were awarded to J.S. W.Inglehart & Co., of Baltimore, at 101.375, a basis of about 4.42%, if allowed to run 30 years, and about 4.40% if called in 20 years. Date May 1 1923. Due May 1 1953. Redeemable on or after May 1 1943. FREEBORN COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 12 (P. 0. Albert Lea), Minn. -BOND OFFERING.-Bids will be received until 10 a. m. May 24 by C. B. Howard, District Clerk, for $10,000 53•5% school -building bonds. Denom. $1,000. Date Jan. 2 1922. Principal and interest payable at the First National Bank of Minneapolis. Due Jan. 1 1937. A certified check for $1,000, payable to the District Treesiirer, required. GALVESTON, Galveston County, Texas. -BONDS VOTED. -At the election held on May 8(V. 116, p. 1685) the following issues submitted to a vote of the people on that day were voted: $1,250,000 filling and grading bonds. 100,000 street improvement bonds. 125,000 water works at Alta Loma bonds. Interest rate 5%. No report has come to hand as yet regarding the issue of $250.000 bonds for transportation facilities to Pelican Island,submitted at the same time. GENEVA, Geneva County, Ala. -BOND SALE. -The S1710.47, fundingbonds offered on May 10 (V. 116. p. 1685) were awarded to Otto Marx & Co. of Birmingham. at 97.51. Denom. $1,000. Date "when issued." Int. semi-ann. Due in 30 years. GIBSON COUNTY (P. 0. Princeton), Ind. -BOND OFFERING. Sealed bids will be received by Earl M. Miller, County Treasurer, until 10 a. m.May 25 for the purchase at not less than par and interest of $18.400 5% coupon Forman E. Knowles et al, White River Twp., road bonds. Denom. $500 and $420. Date April 15 1923. Interest M.& N. 15. Due each six months as follows: $920, May 15 1924 to Nov. 15 1934, inclusive. GLASSPORT, Allegheny County, Pa. -BOND SALE. -The $70,000 4%% coupon bonds offered on May 14-V. 116, p. 1685 -were awarded to the Peoples Savings & Trust Co. of Pittsburgh for $73,661, equal to basis of about 4.12%. Denom. $1.000. Date March 1 1923. 105.23. a Due $5,000 yearly on March 1 from 1937 to 1950 incl. Other bidders were: Name. Bid. J. H. Holmes & Co $72,537 50 A. B. Leach & Co 272,891 00 Redmond & Co 72,884 00 Graham. Parsons & Co_- 72.870 00 E. H. Harrison & Co_ - _ - 72,19595 Mellon National Bank__ 73,017 00 E. H. Rollins & Sons- _ - 70,573 30 GLENDALE CITY SCHOOL DISTRICT, Los Angeles County, Calif .-BIDS.-The following is a list of the bids received for the $500.000 5% school bonds on April 30: Bank of Italy $9,425 00 Awlo-California Trust Co., et al 11,119 00 California Securities Co. and Harris Trust dz Savings Bank 12,577 00 Citizens' National Bank & Security Co First Securities Co., at al *14:175 00 * Successful bid: for previous reference to same see V. 116. p. 2042. GRAFTON, Lorain County, Ohio. -BOND OFFERING. --Sealed bids will be received by Roe Spitzer, Village Clerk, until 7:30 p. in. standard time) June 12 for the purchase at not less than par and(Eastern accrued coupon sanitary sewer-construction bends issued interest of $2,000 53d % under the authority of Section 3820 of the General Code. Denom. $125. Date June 11923. Principal and semi-annual interest(M.& S.) payable at the Village Treasurer's °Mee. Due $250 yearly on Sept. 1 from 1924 to 1931, inclusive. Each bid must be accompanied by a certified check for 2% of the amount of bonds bid for, payable to the Village Treasurer. A transcript of the proceedings relative to the above bonds will be furnished successful bidder on day of sale. GRAHAM COUNTY SCHOOL DISTRICT NO. 15 (P. 0. Safford), Ariz. -BOND ELECTION. -An election will be held on May 26 to vote on the question ofissuing $7,0006% school building bonds. (Mrs.) A.J .Mills, Clerk. GRAND COUNTY SCHOOL DISTRICT NO. 1(P.O. Hot Sulphur), Colo. -BOND SALE. -Bosworth. Chanute & Co.of purchased $10,000 5% 10 -year (opt.) school bldg. bonds Denver have -20 recently voted. GRAND RAPIDS, Kent County, Mich. -BOND SALE. -On May 10 the following issues of 4%% bonds, aggregating $725,000,were awarded [tares, Small & Lawson of Detroit for $727,312 75, equal to 100.319,to a basis of about 4.46%: $160,000 street impt. bonds. Due $32,000 yearly for 5 years street impt. bonds. Due $30,000 yearly for 10 years. 300.000 20.000 sewer bonds. Due $4,000 yearly for 5 years. 20,000 sewer bonds. Due $2,000 yearly for 10 years. 75,000 filtration bonds. Due June 1 1943. 150,000 water extension bonds. Due June 1 1943. Denom.$1,000. Date June 11923. Prin. and semi-ann. int.(J. & D)., payable at the City Treasurer's office. GRAND RAPIDS SCHOOL DISTRICT (P.O. Grand Rapids), Kent County, Mich. -PRICE. -The bid on which the Detroit Trust Co. was awarded the $361,000 4% coupon school bonds (V. 116, p. 2171) was 5363,716(100.752) and int., a basis of about 4.43%. Other bidders were: Name. Prem.I Name. Prem. Harris, Small & Lawson_ __ $649 80 P. F. Cusick & Co $1,104 66 Keane, Higble & Co 1,405 00 Paine, Webber & Co 253 00 Eldredge & Co 685 90 Harris Trust & Savings Bk_ 2,023 00 GREENE COUNTY (P. 0. Bloomfield), Ind. -BOND OFFERING. Sealed bids will be received by W. L. Herrington. County Auditor, until June 2for the purchase of the following six issues of5% coupon road bonds: $52,000 Geo. W. Ferguson et al road in Greene County bonds. 13,000 Wm. Kramer et al road in Stockton Township bonds. 11,500 Asberry Hitchcock at al road in Jackson Township bonds. 13,500 Geo. W. Crall et al road in Wright Township bonds. 8,500 Theodore Carmichael at al road in Center Township bonds. 59,000 H. V. Hoke at al road in Greene County bonds. Date May 15 1923. Due one-twentieth of each issue every six months from May 15 1924 to Nov. 15 1933, inclusive. GREENWICH, Huron County, Ohio. -BOND OFFERING.-Sealed bids will be received by F. H. Daniels, Village Clerk, until 12 in. May 25 for the purchase at not less than par and accrued interest of 56,000 6% water suppl bonds issued under the authority of Sec. 3939 of the General Code. Denom. $500. Date Feb. 1 1923. Int. A. & 0. Due $500 yearly on Oct. 1 from 1924 to 1935 incl. A certified check for 5% of the amount bid for required, upon the condition that if the bid .be accepted, the bidder will receive and pay for the bonds within 10 days• GUILFORD COUNTY (P. 0. Greensboro); No. Caro.-tenv -Sealed bids will be received until 2 p. m. May 26 by Thomas OFFERING. T. Foust, Secretary, Board of Education, for $500.000 5% coupon school bonds. Date May 1 1923. Denom. $1,000. Prin. and semi-ann. int. (M. & N.), payable at the Ilanover National Bank, N. Y. City. Due on May 1 as follows: $10,000. 1924 to 1928,incl.;$12,000. 1929 to 1933. incl.; $14,000, 1934 to 1938. incl.; $16,000, 1939 to 1943, incl.: $20.000, 1944 to 1948, incl.. and $28,000, 1949 to 1953, incl. A cert. check (or cash) for 2% of amount bonds bid for, payable to the County Board of Education, 2301 required. Purchaser to pay accrued int. from date of bonds to date of delivery. The successful bidder will be furnished with the opinion of Reed. Dougherty & Hoyt of New York City, that the bonds are valid obligations of the Board of Education of Guilford County, payable out of a special annual tax of not exceeding 10 cents per $100 to be levied upon all taxable property in a taxing district comprising all of Guilford County except the territory within the limits of the City of Greensboro and High Point Township as such limits existed on April 25 1922. The bonds will be prepared under the supervision of the U. S. Mortgage & Trust Co.of New York City, which will certify as to the genuineness of the signatures of the officials and the seal impressed thereon. HADDON HEIGHTS, Camden County, N. J. -BOND SALE. -On May 15 M. M. Freeman & Co. of Philadelphia. were awarded $55,000 434% sewer plant and general improvement bonds at par and accrued interest. Denom. $1,000. Date May 1 1923. Interest M. & N. Due $2,000 yearly from 1925 to 1941,inclusive, and $3,000 1942 to 1948, incl. HALSTEAD SCHOOL DISTRICT(P. 0.Halstead), Harvey County, Kan. -BONDS VOTED. -A proposition to issue $38,000 high school impt. bonds carried at an election held on May 9 by a vote of 264 "for" to 107 "against." HAMMOND,Lake County,Ind. -BOND SALE. -The issue of $38,000 5% coupon fire station and equipment bonds offered on May 16 (V. 116. p. 1806) was awarded to Bonbright & Co., of Chicago,for 538.055, equal to 100.144, a basis of about 4.98%. Date May 15 1923. Due yearly on May 15 as follows: $2,000, 1924 to 1930. inclusive, and 53,000, 1931 to 1938. inclusive. The First Trust & Savings Bank, of Hammond. bid $38,052. HANKINSON, Richland County, No. Dak.-BONDS VOTED. -At a special election the voters by a count of 130 "for" to 20 "against" approved the issuance of $51,000 515% 20 , -year water works bonds. HARRISBURG, Dauphin County, Pa. -BOND OFFERING.-Sealed bids will be received until 12 in. May 22 by C. W. Burtnett, Supt4of Finance, for the purchase at not less than par and accrued interestlfof 5800,000 4% coupon bonds. Denom. $1,000. Date May 15 1923. Principal and semi-annual interest (M. & N.), payable at the City Treasurer's office. Due yearly on May 15 as follows: $25.000, 1924 and 1925; $30,000. 1926; $25,000, 1927 and 1928; $30,000, 1929; $25,000. 1930 and 1931; $30,000, 1932; 525,000, 1933 and 1934: $30,000, 1935; $25,000. 1936 and 1937; 530.000. 1938: $25.000. 1939 and 1940; 530.000, 1941:525,000. 1942 and 1943; $30.000, 1944; 525,000, 1945 and 1946; 530.000. 1947; 525.000. 1948 and 1949;$30,000, 1950:525.000. 1951 and 1952;and 530,000. 1953. A certified check for 2% of the amount bid for required. Legality approved by Townsend, Elliott & Munson, of Philadelphia. HARTINGTON, Cedar County, Nebr.-BOND ELECTION. -An election will be held on May 22 to vote on the question of issuing 85,000 water extension bonds. W. H. Pohle. City Clerk. HENDERSON, Vance County, No. Caro. -BIDS. -The following is a list of the bids received for the $180,000 street and $20,000 sewer bonds on May 2: ames. Price. Int. Rate. 5200,741 00 * A.T.Bell & Co., Toledo 53‘ 203,076 40 5ti N. S. Hill & Co., Cincinnati Spitzer, Rorick &Co.,Toledo 202.57z 00 5ti Stacy & Braun. Toledo 200,170 00 5 W. L. Slayton & Co.. Toledo 200,848 00 5 Well, Roth & Irving Co., Cincinnati 200,37000 5 o Hanchett Bond Co..Inc., Chicago 201.120 00 Prudden & Co., Toledo 201,327 75 % A Otis& Co.. Toledo.and C.W.McNear & Co., Chic.. 201,120 00 534% *Successful bid, for previous reference to same, see V. 116, p'. 2042. HIGHLAND COUNTY (P. 0. Hillsboro), Ohio. -BOND SALE. The 532,000 coupon road improvement No.66 construction bonds, offered as 5s on May 7(V. 116, p. 1806). were awarded as 5s to the State Industrial Commission. There were no bids received at the bublic sale. The County Commissioners then raised the interest rate to 5%, and sold the Issue to the Industrial Commission. Denom. $1,000. ate May 1 1923. Due $4,000 yearly on Sept. 1 from 1924 to 1931, inclusive. HIGHLAND HEIGHTS (P. 0. South Euclid R. F. D.), Cuyahoga County, Ohlo.-BOND OFFERING. -G. J. Straight. Village Clerk. wlli receive bids until 12 m.June 5 for the purchase at not less than par and int. of $4.000 54% coupon road impt. bonds issued under auth. of Sec. 3947. Gem. Code. Denom.$500. Date April 1 1923. Prin. and semi-ann. int. (A. & 0.), payable at the Village Treasurer's office. Due $500 yearly on Oct. 1 from 1924 to 1931, incl. Cert, check on some bank other than the one bidding, payable to the Village Treasurer, required. Bonds to be delivered and paid for within 10 days from date of award. HIGHLAND PARK SCHOOL DISTRICT (P. 0. Highland Park), Wayne County, Mich. -BOND SALE. -The issue of $215.000 school bonds offered on May 7(V. 116. p. 1926) was awarded to Harris. Small & Lawson of Detroit, on a bid of $221.020 (102.80) and int. for *is. a basis of about 4.33%. Date May 15 1923. *Due May 15 1953. HOLYOKt, Rampaen County, Mass.-TEA/rueAgy .-A temporary loan of $200,000 was awarded on May 16 to the First Nat. Bank of Boston on a 4.25% discount basis, plus a $4 premium. Date May 16 1923. Due Nov.8 1923. HORSEFLY IRRIGATION DISTRICT, Klamath County, Ore. BOND OFFERING. -Sealed bids will be received until 10 a. in. May 28 by Wm. B. Chase, District Secretary Board of Directors(P. 0. Bonanza). for 559.000 irrigation bonds. Denom.$1,000 and $500. Date July 11923. Interest rate not to exceed 6%. Principal and interest payable at the County Treasurer's office. Due on Jan. 1 as follows: $5,000, 1938. and $9,000. 1939 to 1944, inclusive. A certified check for 5% of amount bid for required. Bids will also be received at the same time for only 535.000 of the $59,000 maturing $5,000 yearly on Jan. 1 from 1938 to 1944. inclusive. Bids are separately desired on both the whole authorized issue of $59,000 and on the 535,000 part thereof, as conditions may be such that at the time of sale the Board will only want to sell the $35,000. The sale is subject to prior confirmation proceedings of the authorization and issue of bonds by the Circuit Court of Oregon for Klamath County and the procurement of certification thereof by the Oregon Irrigation Securities Commission. HOUSTON, Harris County, Tex. -At the -BONDS DEFEATED. election held on May 7(V. 116. p. 1686) the proposition to issue 53,000,000 school bldg. bonds failed to carry by a count of 2741 "for" to 6684 "against.' HUBBARD COUNTY SCHOOL DISTRICT NO. 83 (P. 0. Park Rapids), Minn. -BOND SALE. -The $44,500 7% school bonds offered on Feb. 5 (V. 116, p. 5391 were awarded to the First National Bank of l'ark Rapids at par. Date Jan. 1 1923. Due Jan. 11933. HUME SCHOOL DISTRICT NO. 1 (P. 0. Fillmore), Allegheny County, N. Y. , -BOND SALE. -The $100,000 4 % coupon school bond offered on May 16(V. 116, p. 2171) were awarded to Geo. B.Gibbons & Co. of New York at 100.125, a basis of about 449%. Denom. $1,000. Date May 11923. Due yearly on Dec. 1 as follows: 52.000. 1923 to 1932. inclusive; $3,000, 1933 to 1937, inclusive; $4,000, 1938 to 1947, inclusive; and $5,000, 1948 to 1952, inclusive. HUMPHREYS COUNTY ROAD DISTRICT, Miss. -BONDS NOT SOLD -WITHDRAWN FROM MARKET ISSUE. ON -TO The $400.000 6% Central Separate Road bonds VOTE onNEW 7 (V. 116. May offered D. 1926) were not sold and have been withdrawn from the market. A. R. Hutchens, Clerk, Board of County Supervisors, says: "Will on $150.000 June 1."The $115.000 6% coupon Northern Separate vote District Road bonds offered at the same time were awarded to the Bank of Commerce & Trust Co. of Memphis, as stated in V. 116, p. 2171. HUNTINGTON COUNTY (P. 0. Huntington), Ind. -BOND OFFERING. -Sealed bids will received by Guilford Morrow, County Treasurer, until 10 a. m. May be for the purchase at not less than par and 25 accrued interest of 218.000 5% coupon gravel road G. Lamont et in Huntington and Union Twp. bonds,J.Denom. $900. al. Date APTIL 15 1923. Interest M.& N. 15. Due $900 each six months from May 15 192 to Nov. 15 1934 inclusive. HUNTINGDON SPECIAL DISTRICT (P. 0. Huntingdon), Carroll County, Tenn.SCHOOL -An election will be -BOND ELECTION. held on May 29 to vote on the question of issuing $50,000 school bonds. ILLINOIS (State of). SOLDIER BONUS BONDS -OFFERING OF ALSO ROAD BONDS. -The first portion of the $55,000,000 Soldiers' Bonus 2302 THE CHRONICLE [VOL. 116. bonds passed by the voters last November and upheld by the State Supreme $400,000 school bonds maturing $20,000 yearly on May 1 from 1924 to 1943, inclusive. Court on April 11 (V. 116, p. 1682) will be offered for sale on May 25. 50.000 water extension bonds maturing on May 1 as follows: $2,000 In Oscar Nelson, State Treasurer, will receive open competitive bids at 9 a. in. each of the years 1924. 1926. 1928. 1930, 1932, 1934, 1936, 1938, (Standard time) on that day for $10,000,000 of these bonds, which bear 1940 and 1942. and 113.000, 1925. 1927. 1929. 1931, 1933, 1935, 4 % interest and are issued in coupon form, registerable as to principal. 1937. 1939, 1941 and 1943. Denom.$1,000. Date June 2 1923. Principal and annual interest(Aug. 1) Date May 1 1923. The following bids were also received: payable at the office of the State Treasurer. Chicago or New York. Due -Dickey Co., Minneapolis -$450,000 less 33,150, for blank bonds and yearly on Aug. 1 as follows: $320,000. 1924; $330.000, 1925; $350.000. 1926; Wells attorney's opinion. $360,000, 1927; $3380.000. 1928: 5400,000, 1929: $420.000, 1930: 5430.000, 1931: 5450,000. 1932: $470.000. 1933; $500.000, 1934; $520.000. 1935: Lane, Piper & Jaffray, Inc.. Minneapolls-$450,000 less 55,400, for blank bonds and attorney's opinion. $540,000. 1936; 5560,000. 1937,• 5590,000, 1938: 5620.000. 1939: $650,000. 1940; $670,000, 1941: 5700,000, 1942, and 5740.000. 1943. A certified LAKE COUNTY (P. 0. Painesville), Ohio. --BOND OFFERING. check for 2% of the amount of bonds bid for, payable to the State Treasurer, Sealed bids will be received until 10 a. in. June 4 by the Board of County required. Commissioners,(L. J. Spaulding, Sec.) for the purcahse at not less than par OFFERING OF ROAD BONDS-Cornelius R. Miller. Director of the and int. of $225.000 5% coupon water main bonds. Issued under authority Department of Public Works and Buildings, will receive open competitive of Secs. 6602-17 to 33, incl., Gen. Code. Denom. $1,000. Date April 1 bids at 10:30 a. in. May 25 for 57.000.000 4%,_ coupon (registerable as to 1923. Prin. and semi-ann. Int. (A. & 0.). payable at the County Treasprincipal) road bonds. Denom. $500. • Date May 11923. Due yearly on urer's office. Due yearly on Oct. 1 as follows: 512,000, 1925 to 1933, May 1 RS follows: 5500,000. 1926 to 1935, inclusive, and S1,000,000, 1936 and $13,000, 1934 to 1942, incl. Cert. check on a solvent bank in Ohio, for $1,000, payable to the Board of County Commissioners, required. and 1937. A certified check for 2% of par value of bonds, required. Bonds to be delivered and paid for at the County Treasury, within 15 days Written bids may be filed for each issue. from date of award. IMPERIAL IRRIGATION DISTRICT (P. 0. El Centro), Imperial SALE.-AccordIng to tho Los Angeles "Times" -BOND LAKE COUNTY(P.O.Tiptonville),Tenn. County, Calif. -BOND SALE. -Caldwell -year school bonds of May 10, the First Securities Company of Los Angeles has purchased & Co., of Nashville, have purchased the $75,000 5% 25 offered on May 15(V. 116, p. 1807) at a premium of $1,687. equal to 102'24. irrigation bonds at 97.50. 55,000.000 -BOND SALE. LAKEWOOD, Cuyahoga County Ohio. INDIANAPOLIS SANITARY DISTRICT (P. 0. Indianapolis), Ind. -The three -As we are about to go to press, a special telegraphic Issues of 5% bonds offered on May 7 (V. 116, p. 1927) were awarded to , -BOND SALE. dispatch from Jos. L. Hogue, City Comptroller, advises us that the $375,000 R. M. Grant & C_. of Chicago at par plus a premium of 51,713 92, equal of 1923 bonds offered on May 8 (V. 116, P. to 101.04-a basis of about 4.87%. They are described as follows: 4% coupon, second issue Fletcher-American Co. of Indianapolis at par 588,000 garbage disposal bonds. Denom. $1,000. Maturing serially 18 6) were awarded to the $6,000 on Oct. 1 1924 to 1926,inclusive, and $5,000 on Oct. 1 1927 and accrued interest. Date May 1 1923. Due 57,500 yearly on Jan. 1 to 1940, inclusive. from 1925 to 1974. inclusive. 35.800 fire department bonds. Bond No. 1. Denom. (1) $800. (35) JACKSON SCHOOL TOWNSHIP (P. 0. Martinsburg), Washing$1,000. Maturing serially $2.800 Oct. 1 1924 and $3,000 Oct. 1 -Sealed bids will be received by -BOND OFFERING. County, Ind. ton 1925 to 1931. inclusive, and $2,000 Oct. 1 1932 to 1937. Inclusive. Lafayette Brock. Township Trustee, until 2 P. m. June 2 for the purchase 41.000 street opening bonds. Denom. 51.000. Maturing serially $1,000 at not less than par and accrued interest of $11.000 5% school bonds. on Oct. 1 1924 to 1930, inclusive, and $2,000 Oct. 1 1931 to 1947, Int. J. & D. Due $500 each six months from June 1 1924 Denom.$500. inclusive. to Dec. 1 1934 inclusive. Date April 11923. JACKSON TOWNSHIP (P.0. Finaldy, R. No. 5), Hancock County, -A special LANDER, Fremont County, Wyo.-BONDS DEFEATED. -The 52.905 6% road improvement bonds offered -BOND SALE. Ohio. wire from our Western representative advises us that the election held on on May 10 (V. 116. p. 2043). were awarded to the Citizens Bank of Mt. May 8-V. 116. p. 1574 -for the $115,000 water extension bonds failed Blanchard at par. Denom. $415. Date June 1 1923. Due $415 yearly to carry. on June 1 from 1924 to 1930. inclusive. -BOND LA PLATA COUNTY SCHOOL DISTRICT NO. 36, Colo. -BOND OFFERING. JACKSONVILLE, Duval County, Fla. -Sealed Denver have purchased $2,000 5 % -Boettcher, Porter & Co. SALE. proposals will be received until 3:30 p. m. May 29 by E. P. Owens, Secre- 10 -year (opt.) school bonds. of -20 City Commission, for all or any part of $315,000 5% coupon tary of the LA PLATA COUNTY SCHOOL DISTRICT NO. 26 (P. 0. Grifstreet impt. bonds of 1923. Denom. 51.000. Date May 1 192:1. Prin. -arm.int. payable at Jacksonville or at the fiscal agency of the city fith), Colo. -BOND SALE.-Beettcher, Porter & Co. of Denver have and semi In N.Y.City, at option of holder. Due on May 1 as follows: $115,000 1928 purchased $20,000 535% 15-30 year (opt.) school building bonds. and $100.000 1933 and 1938. A cert. check on a Jacksonville bank for 2% LARIMER COUNTY SCHOOL DISTRICT NO. 60 (P. 0. Laporte), of amount of bonds bid for required. Delivery of bonds will be made to Colo. -BONDS VOTED. -At an election held on May 7 a proposition to successful bidder at 11 a. m. on May 30. issue $10,000 551% 10-20 year (opt.) refunding bonds carried. These -Little. Vardeman & bonds wore sold,subject to being voted at said election, to the International JASPER, Jasper County, Mo.-BOND SALE. Bitting, Inc.. of St. Louis. have purchased the following 2 issues of 51•6% Trust Co. of Denver. Notice of the election and sale was given in V. bonds: 116, p. 1807. $35,000 water works bonds. Due on May 1 as follows: 36.000, 1928; LA SALLE SANITARY SEWER DISTRICT (P. 0. La Salle), Weld $3.000. 1931 and 1933; 54,000, 1935 and 1937; and 55,000, 1939, -BOND OFFERING. County, Colo. -J. E. Chidley, Town Clerk, will 1941 and 1943. 5.000 electric light bonds. Due on May 1 as follows: $1,000, 1928. receive bids until 8 p. m. May 21 for 34.000 6% special sewer bonds. Legal opinion of Pershing, Nye, Fry & Tallmadge of Denver will be fur1933 and 1938, and 52.000. 1943. Denom. $500 and $1.000. Date May 11923. Prin, and emi-ann. int. nished. Date March 1 1923. & N.), payable at the National Bank of Commerce, St. Louis. -Until LEMMON Perkins County So. Dak.-BOND OFFERING. JASPER COUNTY (P. 0. Ridgeland), So. Caro. -AMOUNT OF 8 p. m. May 28 sealed bids for the purchase of $25.000 water bonds bearing -PRICE -The amount of the 6% road bonds interest at a rate not to exceed 6% will be received by R. M. Watson. -BASIS. BONDS SOLD - City Atiditor. Denom.51.000. Date May 11923. Principal and interest purchased by Sidney Spitzer & Co. of Toledo, as stated in V. 116. p. 2171 LS 5100,000. These bonds were offered on May 8 (V. 116, p. 2043) in an payable at a place designated by the purchaser. Due May 1 1943. A amount between $50.000 to $100,000. The price paid was 108.51. The certified check for 10% required. Legality approved by Junell & Dorsey. of Minneapolis. net Income basis is about 5.32%. Date Jan, 1 1923. Due Jan. 11943. -BOND OFFERING. LENOIR COUNTY (P. 0. Kinston), No. Caro. -BOND SALE. JASPER COUNTY (P. 0. Rensselaer), Ind. -The -Sealed bids will be received by John II. Dawson, County Treasurer, until Issue of 55.8005% Albert Duggins et al., road hods, offered on May 10(V 10 a. in. May 28 for $100,000 5% coupon (registerable as to principal or 1926) was awarded to Thos. D. Sheerin & Co. of Indianapolis, for 116,10. Denom. $1,000. Date 55,830 50 (100.525) and Int., a basis of about 4.89%. Date May 15 1923. both principal and interest) funding bonds. payable at the National June I 1923. Prin. and semi-ann. Int. (J. & D.) Due $290 each 6 months from May 15 1924 to Nov. 15 1933, inclusive. Bank of Commerce. N. Y. City, and interest on registered bonds will, at JEFFERSON ROAD DISTRICT, Arlington County, Va.-BONDS request of holder, be paid in N. Y. exchange. Due on June 1 as follows: -According to newspaper reports,a proposal to Issue $350.000 54.000 1926 to 1933 Inc . and $6.000 1931 to 1939 incl. and $8,000 1940 to DEFEATED. worth of road bonds was defeated in an election held on May 15 by a vote 1943 incl. A cert. check (or cash) for 2% of amount bid for, payable to of 210 "for" to 237 "against." It is planned to call another election. above official, required. Delivery will be made in Kinston or New York The -BOND OFFERING. -Sealed City, at option of purchaser, two weeks after the bonds arp awarded. Trust JERSEY CITY, Hudson County, N. J. be prepared under the supervision of the U. S. Mtge. & proposals will be received by John Saul. Director of the Dept. of Revenue bonds will City, which will certify as to the genuinsness of ths signatures of until 12 m. (daylight saving time) June 5 for the purchase Co., N. Y. and Finance, officials and the seal impressed thereon and the successful bidder will of the following two issues of 4,U% coupon (with privilege of registration thefurnished with the opinion of Reed, Dougherty & Hoyt, N. Y. City, as to principal only or both prin. and int.) bonds, no more bonds to be be that the bonds are valid obligations of the county. Purchaser to pay acawarded than will produce a premium of 81.00() over the amount of each crued interest from date of bonds to date of delivery. issue: 32,305.000 school bonds. Due yearly on June 1 as follows: 865,000, 1924 -BOND SALE. LE SUEUR COUNTY (P. 0. Lesueur Center), Minn. to 1928 incl., and 566,000. 1929 to 1958 incl. -The 380,000 coupon or registered funding bonds offered on May 10 2,113,000 general impt. bonds. Due yearly on June 1 as follows: $64,000, (V. 116. p. 927) were awarded to the Northwestern Trust Co. of St. Paul 1924 to 1955 incl., and $65.000, 1956. as 4)4s at a premium of $946, equal to 101.18. a basis of about 4.58% Denom.$1,000. Date June 1 1923. Prin. and semi-ann. int. (J. & D.) Date Apr. 1 1923. Due on Apr. 1 as follows: $6,000 1926 to 1936 incl. payable in lawful money of U. S. at the City Treasurer's office. A. certified and $7,000 1937 and 1938. check for 2% of the amount of bonds bid for upon an incorporated bank LIBERTY SCHOOL TOWNSHIP (P. 0. R. F. D. No. 5, Liberty), or trust company, payable to the city of Jersey City. required. The sucCounty, -BOND OFFERING. -Sealed bids will be received cessful bidder will be furnished with the opinion of Hawkins, Delafield & Union p. m. MayInd. 21 (postponed from My 14-V. 116, p. 2013) by Byron Longfellow of New York that the bonds are binding and legal obligations until 3 bonds will be prepared under the supervision of the U.S. B. Nickels, Township School Trustee, for the purchase at not loss than par ofthe city, and the and accrued interest of 528.500 5% school funding bonds. Denom. Mtge.& Trust Co.. which will certify as to the genuineness of the signatures Principal and semi-annual interest (J. & J.) payable at the Citizens'5500. Bank of the officials and the seal impressed thereon. at Liberty. Due each six months as follows: $1,000 July 1 1924 to Julyil Financial Statement. 1111 1937, incl., and $1,500 Jan. 1 1938. Each bid must be accompaniedlby bonds (including these issues) $43.562,285 00 a certified check for $300, payable to the above official. Total outstanding 516,223,154 00 Water bonds LINCOLN COUNTY SCHOOL DISTRICT NO. 4,(P. 0. Lemon), Sinking funds and other funds available other -BONDS VOTED. 8,384,534 00 -At a recent election an issue of 510,000 51•5% Colo. than for water bonds 24,607,688 00 school bonds were voted. These bonds were purchased by Boettcher, Porter & Co. of Denver subject to being voted at said election. Notice $18.954,597 00 of the election and sale was given in V. 116, p. 2043. Net bonded debt Floating and temporary indebtedness (excluding indebted-On May 29 -BOND ELECTION. Tex. 10.480,666 00 anLOCKNEY, Floyd County, on the question of issuing $15,000 ness to be retired from proceeds of these issues) % election will be held to vote serial street improvement bonds. J. II. Ilyington, Mayor. $29.435,263 00 Total net debt $421,500.886 00 LONG BEACH, Los Angeles County, Callf.-BOND ELECTION. Assessed value real property, including improvements 55,497,525 00 An election will be held on June 15 to vote on the issuance of $900,000 Assessed value personal property land purchase bonds. $476,998,411 00 -BONDS LOS ANGELES COUNTY (P. 0. Los Angeles), Calif. $37 58 VOTED. Tax rate (per 31.000) 1923 -According to the Los Angeles "Times" of May 2, two bond County, Pa. -BOND OFFERING. -II, W. issues, submitted to a vote of the people at an election held on May 1, JOHNSTOWN, Cambria Slick, City Treasurer, will receive sealed bids until 12 m. Juno 11 for the first for 35,000,000 for addition to tho county hospital, farm and $825,000 4)i% tax-free road bonds. Denom. 31,000. Date July 11923. sanatorium and the second for $2,000,000 for a new hall of justice, carried Due_ y_early on July 1 as follows: $27,000. 1924 to 1938, inclusive. and overwhelmingly. 528.000, 1939 to 1953, inclusive. A certified check for $1,000 required LUMBERTON GRADED SCHOOL DISTRICT (P. 0. Lumberton), with each bid. -Sealed bids will be -BOND OFFERING. Robeson County, No. Caro. -A syndicate received until 8 p. m. May 22 by (Mrs.) Alf. H. McLeod,Secretary Board of KANSAS CITY, Jackson County, Mo.-BOND SALE. Co.. School Trustees, for 5160,000 5 % coupon or registered school bonds of Blodget & Co., Barr Bros. & Co., Inc., Dillon, Read composed Curtis & Sanger and Taylor. Ewart & Co.. Inc.. all of New York, and the Denom. $1,000. Date May 1 1923. Principal and semi-annual interest Fidelity National Bank & Trust Co.of Kansas City and tho National Bank payable in gold at the Hanover National Bank, New York City. Due May coupon May 1 1953. A certified check for 2% of issue required. Legality apof Commerce of St. Louis. purchased on water 15 $2,500.000 45 works bonds at 102.089, a proved by Storey, Thorndike, Palmer & Dodge, of Boston. The sale and only) gold (registerable as to principal$1,000. Date July 1 1922. Int. semi- preparation of the bonds are under the supervision of Bruce Craven, of 4.34%. Denom. basis of about annual, payable in Kansas City or New York. Due July 1 1942. The Trinity. The highest sealed proposal will be accepted unless it is raised syndicate is now offeringlthese bonds to investors at prices to yield 4.25%. at least $300 by auction and each subsequent bid must be at least by $50. -A temporary on a previous page of this issue. LYNN Essex County Mass. -TEMPORARY LOAN. - loan of $250,000, maturing Nov. 6 1923, was awarded to F. S. Moseley & KOOCHICHING COUNTY (P. 0. International Falls), Minn. -The $150,000 county funding bonds offered on May 8 Co., of Boston. on a 4.25% discount basis plus a $5 premium. BOND SALE. (y, 116, p. 1572) were awarded to John Nuveen & Co. of Chicago as 6s -L. Z. Dickey, McCOMB, Pike County, Miss. -BOND OFFERING. equal to 100.83. Date April 11923. at a premium of $1.250, Mayor, will receive sealed bids until 8 p. in. June 6 for 8150.000 555% Wisc.-BOND SALE. -The 2 LA CROSSE, La Crosse County, 116. p..2043) were awarded to issues school bonds. R. % bonds offered on May 10(V. of $85o. equal to 100.19, a basis L. of MANCHESTER Hillsboro County Mass. -Pro-BOND OFFERING. of Day & Co. of Boston. at a premium posals will be received until 2 p. m. May 21 by the City Treasurer for about 4.48%. & 6% , MAY 19 1923.1 VHF CnitONICLE $100,000 4% sewer bonds, datedApril 1 1923. and maturing in each of the years from 1924 to 1943, inclusive. MANATI (Municipality of), Porto Rico. -BOND SALE. -The $135,000 coupon improvement bonds offered on May 10 (V. 116. p. 1687). were awarded to John Nuveen & Co., of Chicago, as 54s, at 103.67-a basis of about 5.12%. Date July 1 1923. Due on July 1 as follows: $5,000, 1929 and 1930; $10,000, 1931 to 1940. inclusive, and $25.000. 1941. MARLBORO COUNTY (P. O. Bennettsville) No. Caro. -BOND -The $50,000 5% coupon county road and bridge bonds offered on SALE. May 15 (V. 116. D. 2043), were awarded to the People's National Bank of Bennettsville at 100.10-a basis of about 4.99%. Date Jan. 11923. Due on Jan. 1 as follows: $2,000, 1924 to 1933, inclusive, and $1,500, 1934 to 1953, inclusive. MARTIN COUNTY (P. 0. Shoals), Ind. -BOND OFFERING. -Bids will be received by Wm. Dustin, County Treasurer, until 12 m. May 22 for the purchase of $7,000 4349' J. J. Hamilton et al road in Center Town0 ship bonds. Denom. $350. Date May 22 1923. Due $350 each six months from May 15 1924 to Nov. 15 1933, inclusive. MASSENA, St. Lawrence County, N. Y. -On May -BOND SALE. 7 an issue of $14,000 44% paving bonds was awarded to O'Brian, Potter & Co. of Buffalo at 100.499. Denom. $500. Date July 1 1923. Int. J. & J. Due yearly on July 1 to 1951. MASSILLON, Stark County, Ohio. -BOND SALE. -The $52,185 5% coupon street impt. bonds offered on May 12-V. 116. P• 1928 were awarded at par to the Union National Bank of Canton. Denom. $1,000. Date April 11923. Due yearly on April 1 from 1925 to 1933, incl. MEDFORD, Middlesex County, Mass. -On -TEMPORARY LOAN. May 11 a temporary revenue loan of $150,000 was awarded to Curtis & Sanger. of Boston, on a 4.22% discount basis. MESA COUNTY SCHOOL DISTRICT NO. 10 (P. 0. De Benue), Colo. -BONDS VOTED. -At an election held on May 12. $20,000 5% school bonds were voted. These bonds had been sold, subject to being voted, to Geo. W. Vallery & Co. of Denver. Notice of the election and sale was given in V. 116, p. 1928. MILAN, Gibson County, Tenn. -BONDS VOTED. -A bond issue of $100,000 for the general improvement of the city was carried by a majority of 70 votes at an election held on May 5. MILLS COUNTY (P. O. Glenwood) Iowa. -BIDS REJECTED. -All bids received for the $149,000 funding bonds offered on May 15(V. 116, p. 2172). were rejected. MINNEAPOLIS Minn. -BOND OFFERING. -Sealed bids will be received until 2 p. in. June 13 by Geo. M.Link, Secretary Board of Estimate and Taxation, for the following 434% registerable as to both principal and interest bonds: $1.350,000 school bonds. 200,000 permanent improvement bonds. 89,056 84 workhouse site bonds. 25,000 water-works bonds. 25,000 bridge bonds. Date July 2 1923. Interest semi-annual. The legal opinion of John C. Thomson, New York City, will be furnished by the city, which will also pay all cost of preparing the bonds. The official advertisement of the offering of these bonds matt be found on a subsequent page. MINOT SPECIAL SCHOOL DISTRICT NO. 1 (P. 0. Minot), Ward County, No. Dak.-BOND ELECTION. -A special election will on May 25 to vote on the question of issuing $195,000 5% refundingbe held bonds. Date June 1 1923. Due June 1 1943. J. L. Lund. Cleric. MITCHELL SCHOOL CITY (P. 0. Mitchell), Lawrence County, Ind. -BOND SALE. -The $5,000 5% coupon school bonds offered on May 10-V. 116, p. 1808 -were awarded to the Bedford National Bank of Bedford at par and interest. Date May 1 1923. Due $500 each six months from July 1 1926 to Jan. 1 1931 inclusive. MOHAVE COUNTY SCHOOL DISTRICT NO. 44, Ariz. -BOND ELECTION. -A special wire from our Western representative advises us that an election will be held on June 5 to vote on the question of issuing $150.000 6% bonds. MONONGAHELA CITY, Washington County, Pa. -BOND OFFER/M. -Scaled bids will be received by Lloyd E. Flint, City Clerk, until 7:30 p. m. June 4 for the purchase of $55,000 44% municipal bonds. Date June 1 1923. Int. J. & D. Due yearly on June 1 as follows: $15,000, 1928: $4,000, 1929 to 1933 incl.; 15,000, 1934: $6,000, 1935 and 1936, and 13,000, 1937. These bonds will be delivered with the approving opinion of Burgwin, Scully & Burgwin of Pittsburgh, as soon after sale as bonds can be prepared. MONROVIA SCHOOL DISTRICT (P. 0. Monrovia), Los Angeles County, Calif. -BONDS DEFEATED. -Our Western representative advises us that at a recent election a 1489,000 school bond issue failed to carry, MONTGOMERY COUNTY (P. 0. Dayton), Ohio. -BOND SALE. The $40,000 534% coupon Hearthstone Sanitary Sewer District water supply system bonds offered on May 7 (V. 116, p. 1928) were awarded to A. C. Allen & Co., of Chicago, for $41,812, equal to 104.55-a basis'of about 4.98%. Date April 11923. Duo $2,000 yearly on April 1 from 1925 to 1944, inclusive. MONTVILLE TOWNSHIP, Geauga County, Ohio. -BOND OFFER-Sealed bids will be received by W. E. Lehman, Township Clerk, /NO. until 12 m. June 4 for the purchase at not less than par and accrued interest of $23,626 6% coupon bonds issued for the purpose of improving the North and South Montville Center Road, Montville Township, bonds, under the virtue of Sec. 3298-15, E. G. C. of the General Code. Dooms. $500 and $626. Date April 11923. Principal and semi-ann. interest(M.& S.) payable at the First Nat. Bank of Chardon. Due yearly on Sept. 1 as follows: $1,626, 1924; $2,500, 1926. 1928. 1930 and 1932, and $3,000, 1925, 1927, 1929 and 1931. A certified check for 10% of the amount bid to:, payable to the Township Treasurer, is required. MONTVILLE TOWNSHIP SCHOOL DISTRICT (P. 0. Montville), Geauga County, Ohio. -BOND OFFERING. -Sealed bids will be received until 12m. May 19 by A. E. Baker, Clerk Board of Education, for the purchase at not less than par and accrued interest of $50, 000 % coup school bonds, issued under the authority of Sec. 7625 of te General Code n Denom. $500. Date May 1 1923. Prin. and semi-ann. int. o . (A. & 0.) payable at the First National Bank of Chardon. Due $2,000 yearly on Oct. 1 from 1924 to 1946 incl., except the years 1929, 1935, 1941 and 1947, when $2,500 is duo. A certified check for 10% of the amount bid for, payable to the District Treasurer, required. All bidders are required to satisfy themselves as to the legality of the issue of said bonds before bidding therefor, and conditional bids will not be received nor considered, but a full and complete transcript will be furnished the successful bidder as provided by law. MOORESTOWN TOWNSHIP SCHOOL DISTRICT (P. 0. Moorestown), Butlington County, N. J. -Sealed bids -BOND OFFERING. will be received by Leidy E. Klotz, District Clerk, until 8 p. m.(standard time) May 25 for the purchase at not less than par and accrued interest of the following two issues of 434% coupon school bonds, no more bonds to be awarded than will produce a premium of $1,000 over the amount of each issue: $61,000 "Series B" bonds. Due yearly on June 1 as follows: $2,000, 1925 to 1950 inclusive, and $3,000, 1951 to 1953 inclusive. 89,000 "Series A" bonds. Due yearly on June 1 as follows: $3,000, 1925 to 1953 inclusive, and $2,000, 1954. Denom. $1,000. Date June 11923. Prin. and semi-ann. int. (J. & D.) payable at the Moorestown Trust Co. Each bid must be accompanied by a certified check for $500. The legality of the issues will be approved by Wood dc Oakley of Chicago. Bonds will be ready for delivery about June 15. MULTNOMAH COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Port-BOND ELECTION.-The "Oregonian" of May 10 says:"A land), Ore. bond issue of $7,500,000, to be voted in three annual installments of $2,500,000 each, and a special tax p,'$750.000, in addition to the regular 6%-mill school le , will be asked the taxpayers of Portland b the dimetors of School Mate et No.1,according to a decision reached by the majority 2303 of the directors at a meeting last night. The matter of the 12,500.000 bond issue and the $750,000 tax will be placed on the ballot at the school election to be held on June 16. According to the decision of the Board, the two other installments of the big bond issue will be placed on the ballot at the elections to be held in the two following years." -BONDS DEMUSKOGEE COUNTY (P. 0. Muskogee), Okla. FEATED -At a recent election an issue of $350,000 -BONDS VOTED. coart house building bonds failed to carry by a vote of 3 to 1. At the same time an issue of $50,1)00 bonds to replace the county farm buildings carried by a small vote. -BONDS VOTED. -By a NASHVILLE, Davidson County, Tenn. vote of 5705 "for" to 2451 "against" the voters authorized the issuance of $200.000 bonds for street widening purposes at an election held on May 10. NEW LEXINGTON, Perry County, Ohio. -BOND OFFERING.Sealed proposals will be received by Fred W. Chappelear, Village Clerk. until 12 m. June 2 for the purchase at not less than par and accrued interest of $6,000 6% fire equipment bonds; issued under the authority of Section 3939 of the General Code. Denom. $600. Date April 1 1923. Interest A. & 0. Due $600 yearly on Oct. 1 from 1924 to 1931, incl., and ELM) Oct. 11932. A certified check for 10% of the amount bid, payable to the Village Treasurer required, upon the condition that if the bid le accepted the purchaser will pay for bonds within 10 days. -On May 11 an -BOND SALE. NEWTON, Middlesex County, Mass. issue of $90,000 4% coupon (with privilege of registration) sewer bonds was awarded to Curtis & Sanger of Boston, at 100.63 and int., a basis of about 3.95 %. Denom. $1,000. Date May 1 1923. Prin. and coupon int. (semi-ann.) payable at the First National Bank of Boston; int. on registered bonds payable by check. Due $3,000 yearly on May 1 from 1924 to 1953, incl. Other bidders were: Bid. Name. Name. Bid. Merrill Oldham & Co.,Boston100.619 R.L.Day & Co.,Boston_ __ _100.29 Blodget & Co., Boston Newton Trust Co.,Newton_ _100.279 100.52 Old Colony Trust Co.,Boston100.342 Wise Hobbs & Arnold,Boston100.26 100.21 Estabrook & Co..Boston.._ - _100.31 Edmunds Bros., Boston -The NEW YORK MILLS, Oneida County, N. Y. -BOND SALE. 8175,000 44% coupon sewer bonds offered on May 14-V. 116. p. 2044were awarded to T. P. Lauffer & Co. at 102.161, a basis of about 4.23%. Dcnom. $1.000. Date Jan. 1 1923. Due $7,000 yearly on Jas. 1 from 1928 to 1952, incl. Other bidders were: Bid. NameBid. NameParson Son & Co., N. Y--- -101.51 Union Nat'l Corp., New York_101.64 Geo. B.Gibbons & Co., N.Y_101.83 Wm. R. Compton Co, N. Y_ -102.16 Sherwood & Merrifield, N.Y.101.665 O'Brien,Potter & Co., Buffalo 101.63 -Lewis F. CrawNORTH DAKOTA (State of). -BOND OFFERING. ford. Secretary of the Industrial Commission (P. 0. Bismarck), will receive sealed bids until 10 a. m. May 24 for the following 5% bonds: $2,500,000 real estate series. Due on Jan. 1 as follows: $500,000, 1934 and 1939; $750,000, 1944; $500.000, 1949, and $250,000, 1952. The Commission reserves the right to reduce this amount as soon as the bonds are printed; at least $2,000,000 may be delivered at once if desired. 1,200,000 mill and elevator series. Date June 1 1923. Due $300.000 on Jan. 1 from 1929 to 1932, inclusive. At least $500,000 of this amount will be sold on above date and from $500,000 to $700,000 more may be sold. Bids to be made on each block of $300,000 or a portion thereof in amounts of not less than $100,000 or multiples thereof. Denom. $1,000. Principal and semi-annual interest (J. & J.) payable in New York. NORTHFIELD SCHOOL DISTRICT (P.O. Northfield), Rice Colin; -BOND ELECTION. ty, Minn. -A special election has been called for May 22 at which time a proposition to issue $30,000 school bonds will be submitted to a vote of the people. OAK RIDGE FRACTIONAL SCHOOL DISTRICT NO.5(P.O. Oak Ridge Park), Chippewa County, Mich. -BONDS VOTED. -A bond issue for 1155,000 carried by a vote of 315 to 298 at a recent election. OIL CITY SCHOOL DISTRICT (P. 0. Oil City), Venango County, -BOND SALE. Pa. -The $350.000 434% school bonds offer.W on May 3 -V. 116, p. 1929 -were awarded to the Mellon National Bank of Pittsburgh, which is now offering the issue to investors at prices to yield 4%. Date July 1 1923. Due yearly on July 1 as follows: $10,000, 1932 to 1936 inclusive, and $20.000, 1937 to 1951 inclusive. OKEENE INDEPENDENT SCHOOL DISTRICT (P. 0. °keens), Blaine County, Okla. -BONDS VOTED. -By a majority of 5 to 1 a school bond issue of $30,000 was voted at an election held on May 7. OKLAHOMA CITY SCHOOL DISTRICT (P. 0. Oklahoma City), Oklahoma County Okla. -INTEREST RATE. -The $1.900.000 school bonds awarded to A. J. McMahan and Edgar Hannold of Oklahoma City. at 102.06 as stated in V. 116, p.2173, bear 5% interest, and are dated May 1 1923. OKMULGEE SCHOOL DISTRICT NO. 1 P. 0. Okmulgee), Okmulgee County, Okla. -FINANCIAL STATAMENT.-In connection with the offering of the 1195,000 5% school bonds on May 22-V. 116. -the following financial statement has come to hand: p. 2173 Financial Statement. True value of real estate and personal property $40,864,362 00 Assessed value, last appraisement 1922 20,432,181 00 Total bonded debt, including present issue 987,000 00 Indebtedness existing in other forms 20,282 24 Total indebtedness of every character 1,007.282 24 Cash value of sinking fund on hand 245,946 75 Taxes in process of collection for present year 20,71 53 Tax rate, general fund, 14.9 mills; sinking fund, 4.8 mills. Present population (estimated), 28,000; population 1920 Census. 20,430. Predominant nativity, white. OLDHAM INDEPENDENT SCHOOL DISTRICT NO.49(P.O. Oldham), Kingsbury County, So. Dak.-BOND OFFERING. -Sealed bids will be received by Geo. N. Houk, District Clerk, until 1 m. May 31 for $49,000 534% school house building bonds. Denom. 1,000. Elate May 1 1923. Principal and semi-annual interest (M. & N. payable at the Metropolitan National Bank of Minneapolis. Due May 1 1943. A certified check for $2,450, payable to the above district, required. Legal proceedings under supervision of Morrison & Co. of Minneapolis. Financial Statement. Actual value of taxables (estimated) $1.000,000 Last assessed valuation for taxation (year 1922)Real estate $612.240 Personal property 176.255 Moneys and credits 87,0911 Railroads, telephone and other property 106,617 Total $982,202 Bonded debt (this issue) 49,000 ORRVILLE, Wayne County, Ohio. -BOND SALE. -The $6.750 5% (village's portion) general street improvement bonds offered on May 15V. 116. p. 1808 -were awarded to the T. E. McShaffrey Const. Co. of Akron at par. Denom. $750. Date May 15 1923. Due $750 yearly on Aug. 15 from 1924 to 1932 inclusive. BOND SALE. -The 331.5005% East Paradise and McGill Sts. improvement bonds offered on May 15-V. 116, p. 2045 -were sold at Par to the T. E. McShaffrey Const. Co. of Akron and the Holmes Construction Co. of Wooster. Denom. $500. Date May 15 1923. Due $3.3 yearly 00 from Aug. 15 1924 to Aug. 15 1932 inclusive. OWEN COUNTY (P. 0. Spencer), Ind. -Sealed -BOND OFFERING. bids will be received until 2 p. m. May 21 by John It. Greene, County Auditor, for the purchase at not less than par interastet the following two issues of 5% coupon road bonds:and accrued $15,250 Wm.Grant et al road in Bean Blossom Township bonds. Denom. $762 50. Due $762 50 each six months from May 15 1924 to Nov. 15 1933, inclusive. 10,800 Leslie Asher Cl al road in Harrison Township bonds. Denom. $540. Due $540 each six months from May 15 1924 to Nov. 15 1933. inclusive. Date May 15 1923. A certified check for $500 required with each bid. OYSTER BAY (P. 0, Oyster Bay), Nassau County, N. Y.-BOAD SALE. -The $330,000 coupon (regsterable as to both prinsieel and 2304 THE CHRONICLE interest) Locust Valley Water District bonds, offered on May 15-V. 116, p. 2173 -were awarded to the Oyster Bay Bank of Oyster Bay as 4Ils for $330,300 30, equal to 100.093. a basis of about 4.24%. Denom. $1,000 and $625. Date May 15 1923. Due $20.625 on May 15 from 1928 to 1943 inclusive. Other bidders were: $333,626 70 434% Bankers Trust Co 330.627 00 4.30% Sherwood & Merrifield 330,099 00 4.30% Remick, Hodges & Co 331,749 62 43'J% Clinton H. Brown & Co 330,462 00 4.35% R. W. Pressprich & Co 130,495 00 4.60% Farson, Son & Co 332.826 00 434% Bonbright & Co.. Inc 334,323 00 434% Lampert, Barker & Jennings, Inc 331,089 00 4.30% Geo. B. Gibbons & Co., Inc 333,861 00 446% Union National Corp 3 51,250 00 44% North Shore Bank, Oyster Bay 11928 maturity 20,625 001 4.30% Bank of Hicksvllle 11929 maturity 20,625 001 -BOND OFFERING. PAMLICO COUNTY(P.O. Bayboro), No. Caro. -Sealed bids will be received until 12 m. May 23 by Z. V. Rawls, County Attorney, for .8100.000534% bonds. Denom. 81.0(0. Date June 11923. A cert. check for 2% required. Due serially. On April 17 $200.000 bonds were offered (V. 116. p. 1688) but not sold, and we are advised by the above official that inasmuch as the County would not need more than $100,000 it has decided to only offer for sale at the time one-half of the amount offered April 17. -BOND OFFERING. -Sealed bids PANAMA CITY, Bay County, Fla. will be received until 11 a. m. June 19 by the Bond Trustees for $50.000 $100,000 and $150,000 5% municipal bonds. Denom. $1.000. Date March 1 1920. Int. M. & S. Due March 1 1950. -BONDS PARK COUNTY SCHOOL DISTRICT NO. 22, Colo. -30 VOTED. -Atan election held on May 7 $12,0006% 15 -year (opt.) school bldg. bonds were voted. These bonds had been sold to Antonides & Co. of Denver. subject to being voted. Notice of this election and sale was given in V. 116, p. 1929. -BOND OFFERING. PAWTUCKET, Providence County, R. I. John B. Rulley, City Treasurer, will receive sealed bids until 7:30 p. m. May 23 for the purchase at not less than par and accrued interest of $100,000 school and $150.000 sewer 431% (registerable as to both principal and interest or as to principal only) coupon bonds. Denom. $1,000. Date April 1 1923. Principal and semi-annual interest (A. & 0.) payable in gold coin, principal being payable at the City Treasurer's office, and Interest at the office of the fiscal agent of the City of Pawtucket. Due 810.000 yearly on April 1 from 1924 to 1948, inclusive. A certified check for 2% of the amount of bonds bid for, payable to the above official, required. The favorable opinion of Storey. Thorndike. Palmer & Dodge as to the validity of these issues will be furnished without charge to the purchasers, and the bonds will be engraved under the supervision of and certified as to their genuineness by the Old Colony Trust Co.. Boston. All legal papers incident to these issues will be filed with the Old Colony Trust Co., where they may be inspected. Bonds will be ready for delivery on or about May 25. PELHAM MANOR, Westchester County, N. Y. -BOND SALE. -The following four issues of registerable as to both principal and interest or principal only coupon bonds offered on May 14 (V. 116, p. 1929). were awarded as 4.46s to Geo. B. Gibbons & Co., Inc., of New York,for $25,220. equal to 100.88-a basis of about 4.40%: $6,000 sidewalk bonds (Series No. 29). Denom. $500. payable $500 on May 1 of each of the years 1928 to 1939, inclusive. amp highway improvement bonds (Series No. 30). Denom. $1,000. Payable $1,000 on May 1 ofeach of the years 1928 to 1935,inclusive. 8,500 highway improvement bonds (Series No. 31). Denom.$500. Payable $500 on May 1 of each of the years 1928 to 1944, inclusive. ' 2,500 storm water drain bonds (Series No. 32). Denom. $500. Payable $500 on May 1 of each of the years 1928 to 1932. inclusive. Date May 11923. PERINTON UNION FREE SCHOOL DISTRICT NO. 9 (P. 0. Fairport), Monroe County, N. Y. -BOND SALE. -The $375,000 444% coupon or registered school bonds offered on May 15 (V. 116, P. 2173) were awarded to Geo. B. Gibbons & Co., of New York, at 102.17-a basis of about 4.35%. The purchasers are now offering the bonds at prices to yield 4.25% and 4.20%. Denom. $1.000. Date June 1 1923. Due yearly on Dec. 1 as follows: $5.000, 1923 to 1932. inclusive; 310.000, 1933 to 1944, inclusive; $15,000. 1945 to 1952. inclusive: $20,000. 1953 to 1956. inclusive. and $5,000, 1957. PERRY COUNTY (P. 0. Cannelton), Ind. -BOND SALE. -The 36,872 5% Sylvester Mosby et at.; road in Clark Township bonds offered on May 15(V. 116. p. 2045) were awarded to the Cannelton National Bank at par plus a $16 premium, equal to 100.23. a basis of about 4.93%. Date May 15 1923. Due $68720 in May 15 1924, and a like amount each 6 months until all are paid. PERTH AMBOY, Middlesex County, N. J. -BOND OFFERING.Frank Darsey, City Treasurer, will receive bids until 2 p. m.(daylight saving time) May 24 for the purchase at not less than par and int. of the following 2 issues of 5% coupon (with privilege of registration as to prin. and int., or prin. only) water bonds, no more bonds of either issue to be awarded than will produce a premium of $1,000 over the amount of the issue: $50,000 bonds, Series N. Denom. $1.000. Due $2,000 yearly on Juno 1 from 1924 to 1948,inclusive. 18.500 bonds, Series 0. Denom. 18 for $1,000 each, and 1 for $500 Due $1,000 yearly on June 1 from 1924 to 1941. Incl., and $500 June 1 1942. Date June 1 1923. Prin. and semi-ann. in (J. & D.), payable at the City Treasurer's office. Cert. check on an incorporated bank or trust company, for 2% of amount of bonds bid for, required. Bids are desired on forms furnished by the city. Bonds will be prepared under supervision of U.S. Mtge. & Trust Co., N. Y.;legality approved by Caldwell & Raymond, N. Y PLATTE CENTRE, Platte County, Neb.-BONDS VOTED. At the election held on May 1-V. 116. p. 1929 -the proposition to issue water works system bonds in an amount not to exceed $12,000 carried by a vote of 109 to 37. PLEASANTVILLE, Westchester County, N. Y. -BOND OFFERING. -Chas. J. Laire. Village Clerk, will receive sealed bids until 7 p. m.(Daylight saving time) for the purchase of the following issues of 434% registered bonds, aggregating $32,000: $20,000 water bonds. Due $1,000 yearly on Aug. 1 from 1924 to 1943, inclusive. 12,000 street bonds. Due $1,000 yearly on Aug. 1 from 1924 to 1935, inclusive. Denom. $1,000. Date Aug. 11923. Principal and semi-annual interest (F. & A.) payable at the Mount Pleasant Bank, in New York exchange. Each bid must be accompanied by a certified check for 3% of amount bid for. Legality approved by Wilson R. Gard, of Pleasantville. PORTLAND, Cumberland County, Me. -LOAN OFFERING.Jahn R. Gilmartin, City Treasurer, will receive bids until 12 m. May 21 for the purchase at discount of a temporary loan of $3300,000 issued in anticipation of taxes. Dated May 25 1923. Denom. to suit the purchaser. Due Oct. 4 1923 at the First National Bank of Boston, Mass. The notes will be ready for delivery on May 25 at the First National Bank of Beaton, and will be certified as to genuineness and validity by said bank under advice of Ropes, Gray, Boyden & Perkins, and all legal papers incident to the loan will be filed with said bank where they may be inspected at any time QUEEN ANNE'S COUNTY (P. 0. Centerville), Md.-BOND OFFER-Sealed bids will be received by C. Edgar Smith. Clerk of the Board ING. of County Commissioners, until 12 in. May 29 for the purchase at not less than par and accrued interest of 820,000 5% "1920 School Bond Fund" bonds. Denom. $1,000. Date July 11923. Interest J. & J. Due $2,000 yearly on Jan. 1 from 1925 to 1934, inclusive. The bonds are advertised as being free from all taxes of the county and its municipalities. Each bid must be accompanied by a certified check payable to the order of the County Commissioners of Queen Anne's County for 2% of the amount of each bid. Said bonds must be fully paid for on or before July 1, at which time delivery of said bonds will be made to the purchaser or purchasers thereof. -At a REESVILLE, Manitowoc County, Wis.-BONDS VOTED. special election held on May 2 the voters authorized the issuance of $33,000 bonds to install a water works and sewerage system plant. The vote cast was 110 "for" to 88 "against" the proposition. [VoL. 116. RICHMOND HEIGHTS (P. 0. South Euclid, R. F. D.), Cuyahoga County, Ohio. -BOND OFFERING. -Henry Schroeder. Village Clerk. will receive sealed bids until 12 m. June 12 for the purchase at not less than par and accrued interest of $12,000 534% electric light bonds issued under the authority of Sections 3937 and 3947 ofthe General Code. Denom $1,000. Prin. and semi-ann. Int. (A. & 0.) payable at the Village Treasurer's office. Due $1.000 yearly on Oct. 1 from 1924 to 1935 inclusive. RIPLEY COUNTY (P. 0. Versailles), Ind. -BOND SALE. -On May 7 the two issues of 434% bonds offered on that date -V. 116, p. 1930 were disposed of at par as follows: 311,800 John M. Bland et al. road in Otter Creek Township bonds to the Versailles Bank of Versailles. Denom. $295. Due $590 on May 15 1924 and $590 each six months thereafter until all are paid. 6,300 William Westerman et al. road in Delaware Township bonds to the State Bank of Milan. Denom. $315. Due $315 on May 15 1924 and $315 each six months thereafter until all are paid. Date May 7 1923. Semi-ann. int.(May 15 and Nov. 15)• -Sealed bids will be received until 3 p. m. May 19 BOND OFFERING. by Henry Bultmon Jr., for the purchase at not less than par and accrued interest of the following two issues of 446% bonds: $7,290 Bernard Keen et al. road in Delaware Township bonds. Denom. $360. Due $360 each six months from May 15 1924 to Nov. 15 nelusi H. veookins et al. road in Delaware Township bonds, G . 1933 9,800 Henry Denom. $490. Due $490 each six months from May 15 1924 to Nov. 15 1933 inclusive. Date May 19 1923. Interest May 15 and Nov. 15. RIPLEY SCHOOL TOWNSHIP, Rush County, Ind. -BOND OFFER-Thomas J. Passwater, School Trustee (P. 0. Carthage). will receive ING. sealed bids until 3 p. in. May 26 for the purc.hase at not less than par and $78.000 5% coupon school bonds. Denom. $1,000 and accrued interest of $500. Date May 15 1923. Int. A. & 0. Due each six months as follows: 82.500, Aug. 1 1924 to Aug. 1 1930: $3.000, Feb. 1 1931 to Aug. 11937. inclusive, and $3,500, Feb. 1 1938. -BOND OFFERING. RIVER JUNCTION, Gadsden County, Fla. E. H. Boyken, Town Clerk, will receive sealed bids until 12 m. May 24 for $4,000 6% town bonds. Denom. $500. Int. M. & S. Due $500 yearly on May 1 from 1924 to 1931, incl. A certified check for $100 required. -BOND OFFERING. ROCK HILL, York County, So. Caro. -Sealed bids will be received until 11 a. m. June 15 by George Moore, City Clerk. and Treasurer. for $60.000 5% coupon gold Winthrop refunding bonds. Date July 1 1923. Prin, and semi-ann. int. (J. & J.) payable in N. Y. Due as follows: 81.000, 1925 to 1944, incl.: $2.000. 1945 to 1960, incl., and $4,000. 1961 and 1962. Approving opinion of Chester B. Masslich, N. Y. City, will be furnished. Certification as to genuineness of signatures and seal by the U. S. Mtge. & Trust Co.. N. Y. City. A certified check for $1,000 required. These bonds were originally offered on May 15 (V. 116, p. 2045). -BOND SALE. -The ROOSEVELT COUNTY (P. 0. Poplar), Mont. $70,000 funding bonds offered on May 14 (V. 116. p. 2045) were awarded to N. L. Slayton & Co. of Toledo. at par as 5*1s. Date Jan. 1 1923. Due serially. ROSS SCHOOL TOWNSHIP (P. 0. Roseville), Clinton County, -BOND OFFERING. Ind. -Sealed bids will be received by Jerome Dunk. School Trustee, until 2 ro. m. June I for the purchase at not less than par and accrued interest of $45.000 5% coupon school construction bonds. Denom.81.000 and $500. Date June 4 1923. Int. semi-ann. Due $2.500 each six months from July 1 1924 to Jan. 1 1934. incl. RUSH COUNTY (P. 0. Rushville), Ind. -BOND OFFERING. Frank Lawrence, County Treasurer, will receive bids until 2 p. m. May 21 for the purchase at not less than par and interest of the following three issues of 5% road bonds: $15.600 Joseph C. Sullivan et al. Posey Township bonds. Denom. 3390. 16,800 Wm. T. Moore et al. Richland Township bonds. Denom. $4420. 16.800 Morrison Beaver et al. Noble Township bonds. Denom. $420. Date April 15 1923. Int. May 15 and Nov. 15. Due two bonds of each issue each six months from May 15 1924 to Nov. 15 1933 inclusive. RUTHVEN, Palo Alto County, la. -BOND ELECTION-A special election will be held on June 5 to vote on a proposition to issue 815.000 bonds to defray the cost of building a community hall building. -BIDS. -The following ST. LOUIS COUNTY (P. 0. Duluth), Minn. is a list of the bids received for the 81,500,0005% gold coupon road bonds on May 8: Minnesota Loan & Tr. Co_ - -$15,9001 First Nat. Bank of Duluth_ _ $5,188 13,050 *Metropolitan Nat. Bank of Stacy & Braun 11.985 Minneapolis et al 21.100 Wells-Dickey Co * Successful bid; for previous reference to same, see V. 116, p. 2174. -On May 11 SALEM, Essex County, Mass-TEMPORARY LOAN. a temporary revenue loan of $150.000, maturing Nov. 5 1923. was awarded to the Merchants National Bank of Salem on a 4.21% discount basis -BOND SALE. -The Fidelity National plus 3 1N: miueaCaunty, Kan. SA1. M re linr . 2 AI Sa Bank & Trust Co. of Kansas City has purchased $300.000 431% street improvement bonds. Denom. 31.000 and $500. Date April 1 1923. and semi-ann. int. (A. & 0.) payable at the State Treasurer's office. Prin. Due $30,000 yearly on April 1 from 1924 to 1933 inclusive. -BOND SALE. SAN MARINO, Los Angeles County, Calif. -The -were awarded $8,000 5% sewer bonds offered on May 9--%. 116. p. 1930 to the Wm. R. Stasis Co. of Los Angeles at a premium of $23. equal to 100.28. a basis of about 4.98%. Date July 1 1922. Due $1,009 yearly on July 1 from 1935 to 1942 inclusive. SCOTTSBLUFF COUNTY SCHOOL DISTRICT NO. 14 (P. 0. Minatare), Neb.-BOND ELECTION. -An election will be held on May 21 to vote on the question of issuing $3.500 school building bonds. E. V. Dickinson. Secretary. SEARSBORO CONSOLIDATED INDEPENDENT SCHOOL DISTRICT (P. 0. Scarsboro), Poweshuk County, Iowa. -BOND SALE.Ringhehn, Wheelock & Co. of Des Moines have purchased $80,000 431% school building bonds. Denom. $1,000. Date March 1 1923. Prin. and semi-ann. int. (M. & N.) payable at the Iowa National Bank of Des Moines or may be collected free of expense through the office of the above compamy. Due on May 1 as follows: $2,000. 1928 to 1934 incl.: $3,000, 1935 to 1940 incl.: $4,000, 1941, and $44,000, 1942. Financial Statement. Assessed actual value of property. 1922 $1.758,202 80,000 Total outstanding debt, including this issue Population (estimated), 800. NO. 1, King County, Wash. SEATTLE SCHOOL DISTRICT -The proposition to issue $750.000 school building BONDS DEFEATED. p.n ted to car !,he bonds submitted o avoteofi y people at the election held on May 8v. 1167u 1930 -failed SHEBOYGAN, Sheboygan County, Wis.-BOND SALE. -The paving improvement and $1,750 sewerage 6% bonds offered on April$22. 3 400 13 0 -were awarded to the Board of Water Works Com116. p. 1810 missioners at a premium of 81.331. equal to 105.31, a basis of about 4.81% If called May 15 1928, and 5.04% if allowed to run to maturity. Date 1928. May 15 1923. Int. M.& N. Due May 15 1930; optional May 15. SHELTON SCHOOL DISTRICT (P. 0. Shelton), Mason County, -At a recent election, $16.000 school-building -BONDS VOTED. Wash. bonds were voted. Bids will be called for about June 1. SHERIDAN COUNTY SCHOOL DISTRICT (P. 0. Sheridan), -Our western correspondent advises us that Wyo.-BOND ELECTION. an election will be held on June 18 to vote on the question of Issuing $ -BOND SALE. -On May 16 b , 4334 5 4 onds henange County, N. Y. 1 5 NA C the Sherburne National Bank of Sherburne, was awarded $6,000 street impt. bonds for $6,039, equal to 100.15, a basis of about 4.47%. Denom. $500. Date July 11923. Due $500 yearly on July 1 from 1924 to 1935, inclusive. SPICE VALLEY TOWNSHIP (P. 0. Williams) Lawrence County, -The $6,500 5% coupon school bonds offered on -BOND SALE. Ind. May 14 (V. 116, p. 1931), were awarded to the Bedford National Bank at par and accrued interest. Denom. $500. Date Aug. 11922. Int. J. & J. Due each six months beginning July 1 1924. SPRING VALLEY. Rockland County, N. Y. -BOND OFFERING. John S. Van Orden, Village Clerk, will receive sealed bids until 8 p. m. MAY 19 1923.] TTIE en-RoN/CLE June 25 for the purchase at not less than par and accrued interest of the following two issues of 414% coupon sewer bonds, aggregating $248,000: $203,000 Series A bonds. Denom. $1,000. Due $7,000 yearly on May 1 from 1924 to 1952 inclusive. 45,000 Series B bonds. Denom. $1,000 and $500. Due $1,500 yearly on May 1 from 1924 to 1953 inclusive. T' Date May 1 1923. Prin. and semi-ann. int. (M. & N.) payable at the Village Treasurer's office, in New York exchange. A certified check for 2% of the amount of bonds bid for required. 'Legality approved by Hawkins, Delafield & Longfellow, of New York. STAMFORD, Fairfield County, Conn. -Sealed -BOND OFFERING. bids will be received by the Selectman and Town Treasurer of Stamford, until 11 a. m. (daylight saving time) May 23 for the purchase at not less than par and accrued int. of 371.888 20 4% coupon (with privilege of registration) refunding bonds of Belletown School District. Denom.$1,000 and 1 for $888 20. Date June 151923. Prin. and semi-ann. int (J. & D.), payable in gold coin at the National Park Bank of New York. Due yearly on June 15 as follows: $6.888 20, 1925, and $5,000, 1926 to 1938. incl. Bids must be accompanied by a certified check upon an incorporated bank er trust company,payable to the order of Harry C. Smith,Town Treasurer. of Stamford, for 2% of the par value of bonds to be sold. The bonds will be prepared under the supervision of the Old Colony Trust Co., Boston. The legality of the bonds will be examined by Storey, ThorndIke, Palmer & Dodge of Boston. Bonds will be delivered at the office ofthe Town Trea.surer, or the Old Colony Trust Co., Boston, at purchaser's option, on June 15. Bids are desired on forms furnished by the town. Financial Statement, Sept. 30 1922. Grand list $64,414,566 00 Total funded debt 2,213,000 00 Sinking fund 451,439 24 Population 40,000, (estimated). -On STAMFORD, Jones County, Texas. -BOND ELECTION. June 9 an election will be held to vote on a proposition to issue $30,000 536% 40-year serial sewer disposal bonds. N. B. Johnson, City Secretary. -A special STOCKTON, Cedar County, Mo.-BOND ELECTION. election will be held on May 25 to vote on the question of issuing $20,000 electric-light and power-plant bonds. C. A. 'Hendricks, City Clerk. -BOND OFFERING. STOKES COUNTY (P. 0. Danbury), No. Caro. -J.It. Bowen,Clerk of Board of County Commissioners, will receive sealed bids until 2 p. m. June 5 for $60,000 6% coupon bonds. Date June 5 1923. Due $5,000 yearly on June 5 from 1930 to 1941. incl. A certified check for 2 0 of bid required. Separate proposals will be considered by the Board. t: Commissioners to have the bonds and coupons prepared and to pay attorney's fee: and second, the purchaser to have the bonds and coupons prepared and to pay attorney's fee. -NOTE SALE. -On May 14 STRATFORD, Fairfield County, Conn. the Bridgeport Trust Co. of Bridgeport was awarded $210,000 434% sewer notes at 100.11. Denom. $1,000. Date April 1 1923. Interest A. & 0. Due serially for ten years. SURRY COUNTY (P. 0. Dobson), No, Caro. -BOND OFFERING. W. J. Ryerly, Chairman Board of County Commissioners, will offer at public auction at 12 m. June 11 the following 5% bonds: $150,000 road bonds. Date Juno 1 1923. Denom. not to exceed $10,000. Due June 1 1953. 105,000 county bonds. Date June 1 1923. Due June 1 1943. Interest J. -D. A certified check for 82,500 required. SUSQUEHANNA COUNTY (P. 0. Montrose), Pa. -BOND SALE. The $170,000 41.1% coupon (with privilege of registration as to principal) Series 11, 1923, road bonds, offered on May 7-V. 116, p. 1810 -were awarded to Edw. Lawber Stokes & Co. of Philadelphia, at 102.40, a basis of about 4.05%. Date May 1 1923. Due yearly on May 1 as follows: $25,000 1928, $30,000 1933. $35,000 1938, 340,000 1943 and 1948. SWANTON (VILLAGE), Franklin County, Vt.-BOND OFFERING. -Leno A. Lapelle, Village Treasurer, will receive bids until 7:30 p. m. May 25 for 8150,000 43i% coupon funding bonds. Date June 1 1923. Principal and semi-annual interest (J. & D.) payable at the Old Colony Trust Co.. of Boston. Due 36.000 yearly on June 1 from 1924 to 1948. inclusive. The bonds will be engraved under the supervision of and certified as to their genuineness by the Old Colony Trust Co., Boston, which will further certify that the legality of this issue has been approved by Ropes, Gray, Boyden & Perkins, of Boston. All legal papers incident to this issue, together with an affidavit certifying to the proper execution of the bonds, will be filed with the Old Colony Trust Co., where they may be inspected. TACOMA SCHOOL DISTRICT NO. 10, Pierce County, Wash. BONDS VOTED. -Atthe election held on May 8(V.116.p. 1456),the proposition to issue $2,400,000 school-building bonds carried by a majority of almost 3 to 1, according to unofficial returns. TENNESSEE (State of). -BOND SALE. -F. E. Calkins & Co. and Keane, Higbie & Co., both of New York, have jointly purchased the $617.000 coupon or registered refunding bonds offered on May 16-V. 116. p. 2046 -at a premium of $87, equal to 100.01, a basis of about 4.373%, as follows: 3350.000 as 4315, maturing on July 1 as follows: $15,000. 1924 to 1933 incl., and $20,000, 1934 to 1943 incl. 267,000 as 4;is, maturing on July 1 as follows: $25,000, 1944 to 1951 incl., $32,000, 1952, and $35,000. 1953. Date May 1 1923. TERRA CEIA SPECIAL ROAD AND BRIDGE DISTRICT, Manatee County, Fla. -BOND OFFERING. -Robert H. Roesch. Clerk of the Circuit Court (P. 0. Bradentown), will receive sealed bids until June 14 for 355,000 6% road and bridge bonds. Denom. $1,000. Date May 1 1923. Principal and semi-annual interest (M. & N.) payable at the American Exchange National Bank, New York City. Due as follows: 35.000. 1933;$10,000. 1938, 1943 and 1958, and $20,000, 1963. A certified check for 31.000. payable to Robert H. Roesch, Clerk of the Circuit Court, required. These bonds were offered on May 7 (V. 116. p. 1931) but were not sold as all bids received were rejected. TERRE HAUTE, Vigo County, Ind. -F. -BOND OFFERING. Parks. City Comptroller is receiving bids until 10 a. m. to-day (May 19) W. for 880,000 5% swimming-pool bonds. Denom. $1,000. Date Jan. 1 1923. Principal and semi-annual interest (J. & J.) payable at Terre Haute. Due $2.000 yearly on Jan. 1 from 1926 to 1965, inclusive. Certified check for $1,000, payable to the Board of Park Commissioners,required. Bonded debt, civil city. $845.000; park (additional), $450,000 (including this issue). Assessed valuation 1922, $85,000,000. TILDEN, Madison County, Nebr.-BONDS VOTED. -At a recent election an issue of water bones amounting to $8,000 was voted. TIPPECANOE COUNTY (P. 0. La Fayette), Ind. -BOND OFFER ING.-Sealed bids will be received by Chas. E. Calsbre k. County Treas. until 2 p. m. May 21 for the purchase at not less than par and accrued interest of $9,000 5% Allen Yost et al road in Perry Township bonds. Denom. $450. Date April 14 1923. Interest May 15 and Nov. 15. Due $450 each six months from May 15 1924 to Nov. 15 1933 inclusive. TROY, Rensselaer County, N. SALE. -The $40,000 4 I coupon or registered School District No. 14 building bonds offered on May 14-V. 116, p. 2174-were awarded to Sherwood & Merrifield of New York for $40,385 20, equal to 100.963, a basis of about 4.14%. Denom. $1.090. Date June 11923. Due $2.000 yearly on June 1 from 1924 to 1043. incl. TULLY-CONVOY VILLAGE SCHOOL DISTRICT (P. 0. Convoy), Van Wert County, Ohio. -BOND SALE. -The $67.003 53.4% coupon school-house bonds offered on May 12 (V. 116. p. 1031) were "awarded to Rumpus -Hull & Co., of Detroit. for $70,061 50, equal to 104.56, a basis of about 5%. Denom. $500. Date May 1 1923. Due yearly on Sept. 1 as follows:$1,000, 1924, and $3,000, 1925 to 1946, inclusive. Other bidders were. NameBid. NameBid. Breed, Elliott &'Harrison, C. W.McNear & Co.,Chic 69,064 00 Cincinnati 368,175 00 A.T.Bell & Co.,Toledo_ _$68,383 00 Seasongood & Mayer,Cin_ 68,744 44 Sidney Spitzer & Co., Tol_ 68,919 00 Weil, Roth & Irving, Cin_ 68,400 00 W.L. Slayton & Co., Tol_ 68,460 00 N.S. Hill & Co., Gin 67,527 20 Spitzer, Rorick & Co.,Tel. 68:418 00 Ryan,Bowman & Co.,Tol 68,768 80 Detroit Trust Co. Detroit 70.033 60 TULSA COUNTY (P. 0. Tulsa, Okla. -DATE OF ELECTION. The date on which the voters will decide whether or not 32,000.000 road bonds will be issued, is June 12. Notice that this County would hold an election was givenlin V. 116. p. 1690. y. -BOND 2305 -BOND SALE-The issue UNION COUNTY (P. 0. Elizabeth), N. J. of coupon (with privilege of registration as to both principal and interest or principal only) park bonds offered on May 14 (V. 116. p. 1931), was awarded to the Union County Trust Co.of Elizabeth on a bid of 3500.111 11 for $499,000 41.1s, equal to 100.222-a basis of 4.24%. Denom. $1.000. Date May 15 1923. Due yearly on May 15 as follows: $10,000, 1925 to 1968. inclusive, and 312,000, 1969 to 1972, inclusive, and $11,000, 1973. UPPER ARLINGTON (P. 0.Columbus), Franklin County, Ohio. -Sealed bids will be received until 12 m.(Central StandBOND OFFERING. ard time) June 5 by Edward W. Howard, Village Clerk, at rooms Nos. 1001-1005, 16 East Broad St., Columbus, for the purchase at not less than par and accrued interest of the following 514% coupon bonds: $282,000 special assessment bonds. Due yearly on Oct. 1 as follows: 831.000, 1924 and 1925: 832.000, 1926; 831,000, 1927 and 1928: 332.000. 1929: 831.000, 1930 and 1931; and 832.000. 1932. Authority, Laws of Ohio and of Sections 3812 et sequor, and 3914 et sequor of the General Code. 15.000 (village's portion) improvement bonds. Due yearly on Oct. 1 as follows: $1,000. 1924; 82.000, 1925 to 1927, inclusive; $1,000, 1928: $2,000, 1929 to 1931. inclusive; and $1,000, 1932. Authority, Laws of Ohio and Sections 3812,3820 and 3821 of the General Code. Denom. $1,000. Date April 2 1923. Int. A.& 0. Certified check for 2% of the amount of bonds bid for, payable to the Village Treasurer, required. Bonds will be delivered and paid for within ten days from the time of award at the depository bank of the village in Columbus. The successful bidder will be furnished the written opinion of Squire, Sanders & Dempsey, of Cleveland, approving the issue. VALLEY CENTER DRAINAGE DISTRICT (P. 0. Hardin), Big Horn County, Mont. -A special wire from our Western -BOND SALE. correspondent advises us that the $220,000 6% serial irrigation bonds offered on May 15(V. 116, p. 1931) have been disposed of at 92.11. -The -BOND SALE. VANDERBURG COUNTY (Evansville), Ind. $66,000 5% John Sauer et al., road improvement bonds offered on May 15V. 116. p. 1811-were awarded to the Fletcher savings & Trust Co. of Indianapolis, at par and accrued interest, plus a premium of $928 33, equal to 101.406, a basis of about 4.83%. Denom. $1,000. Due $3,000 yearly on May 15 from 1924 to 1943. inclusive. VIGO COUNTY (P. 0. Terre Haute), Ind. -BOND OFFERING. Sealed bids will be received until 10 a. m. May 22 by Geo. A. Schaal. 7i County Treasurer, for the purchase of the following two issues of 5c road bonds: $4,600 M.C. Hamill et al. road in Honey Creek Township bonds. Denom. $230. Due $230 each six months from May la 1924 to Nov. 15 1933 inclusive. 2,200 Oliver Little et al. road in Honey Creek Township bonds. Denom. $110. Due $110 each six months from May 15 1924 to Nov. 15 1933 inclusive. Date May 15 1923. Interest May 15 and Nov. 15. VOLUSIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 42 (P. 0. De Land), Fla. -BOND SALE. -The $15,000 6% school bonds offered on May 10-V. 116. p. 1690 -were awarded to the Hanchett Bond Co. of Chicago at par plus a yiremium of $22 and blank bonds: transcript to be furnished within 20 days. Date Jan. 1 1923. Due $1.500 on Jan. 1 in each of the years 1928, 1931, 1934, 1937. 1939, 1941. 1944, 1947, 1951 and 1953. WALNUT COVE, Stokes County, No. Caro. -The -BOND SALE. $100,0006% water,electric light and sewer system bonds offered on April 30 -V. 116. p. 1811-were awarded to Prudden & Co. of Toledo. Date April 1 1923. Due on April 1 as follows: $2.000, 1926 to 1955. incl., and $5,000, 1956 to 1963, incl. WARRICK COUNTY (P. 0. Boonville), Ind. -On -BOND SALE. May 7 the issue of $37,000 434% coupon Louis Tyring et al. county unit road in Hart Township bonds, offered on that date (V. 116. p. 1811). was awarded to Owens & Fowler, of Boonville, at par. Date .April 3 1923. Duo 31,850 each six months from May 15 1924 to Nov.15 1933. inclusive. WASHINGTON COUNTY SCHOOL DISTRICT NO. 28 (P. 0. Lone Star) Colo.-BONDS VOTED. -At a recent election 810,000 6% school-building bonds were voted. Benwell, Phillips & Co., of Denver had purchased these bonds subject to their being voted at said election. Notice of the sale and election was given in V. 116, p. 1575. WELD COUNTY SCHOOL DISTRICT NO. 12 (P. 0. Kingsberg), -A proposition to issue $10,000 5c 0 11-20 Colo. -year -BONDS VOTED. ,'' serial school-building bonds carried at an election held on May 7. These bonds were sold to the Bankers Trust Co. of Denver, subject to being voted at said election. Notice of the election and sale was given in V. 116, p. 1457. WENATCHEE, Chelan County, Wash. -BOND SALE-We are advised by our Western representative in a special dispatch that an issue of $76,000 5% school bonds has been awarded to Ferris & Hardgrove of Spokane, at a premium of $1.275. equal to 101.67. WENDELL INDEPENDENT SCHOOL DISTRICT NO. 35 (P. 0. Wendell), Gooding County, Idaho. -BOND SALE -The State of Idaho has purchased $45,000 5% 10-20 -year (opt.) school bonds at par. WENDELL SCHOOL DISTRICT, Wake County, No.Caro. -BONDS -By an overwhelming majority an issue of $25,000 bonds to VOTED. erect a high school carried at an election held on May 7. WHITE COUNTY (P. 0. Monticello), Ind. -BOND SALE. -The 38,000 5% George R. Clayton et al., road in Monroe Township bonds offered on May 16 (V. 116, p. 2174) were awarded to the State Bank of Monticello, for $8,045, equal to 100.56, a basis of about 4.887. Denom. $400. Date April 15 1923. Due $400 each 6 months from May 15 1924 to Nov. 11", 1933, inclusive. WILLOW SPRINGS, Howell County, Mo.-BONDS VOTED. -A bond issue of $40,000 to defray the expense of erecting a new and modern high school building was voted at an election held on April 3 by a count of 583 "for" to 73 "against." -BIDS REJECTED WILMINGTON, Del. -BONDS TO BE SOLD "OVER THE COUNTER". -The $150.000 434% water, sewage, street, curb, sidewalk and fire hydrant bonds offered on May 15-V.116. p.2047 were not sold as all bids were rejected. On May 21 the bonds are to be sold "over the counter" at not less than par. WILMINGTON,Clinton County, Ohio. -BOND SALE.-Seasongood & Mayer, of Cincinnati, on May 5 were awarded $8,100 534% and $22,000 5% bonds at par. The $20.100 street -improvement bonds described in V. 116. p. 1932, are included in the above. There were no other bidders. WILSON GRADED SCHOOL DISTRICT (P. 0. Wilson), Wilson County, No. Caro. -Charles L. Coon, Supt. of -BOND OFFERING. Schools, will receive sealed bids until 4 p. m. June 5 for $90,000 6% school bonds. Denom. $1,000. Date April 1 1923. Prin. and semi-ann. int. payable at the National Park Bank, N.Y.City. Due on April 1 as follows: $5,000. 1935 to 1940, incl., and $6,000, 1941 to 1950. incl. A cert. check for 2% of amount of bonds'bid for required. The approving opinion of Chester B. Masslich, N. Y.City, as to the validity of issue will be furnished the bidder. WINCHESTER, Middlesex County, Mass. -TEMPORARY LOAN. The temporary revenue loan of $100.000, offered on May 14 (V. 116. p. 2174) was awarded to the National Shavrmut Corporation of Boston on a 4.24% discount basis. Dated May 14 1923 and maturing Nov.24 1923. WINSTON-SALEM,Forsyth County, No. Caro. -BOND OFFERING. -W. H. Holcomb, Commissioner of Public Accounts and Finance, will eceive sealed bids until 12 m. May 23 for the following coupon bonds aggregating $2.465,000: $959,000 514% Series "B" street assessment bonds. Due $95,000 yearly from 1925 to 1934 inclusive. 130,00053.4% Series "A" street swept bonds. Due $13,000 year'sfrom 1924 to 1933 inclusive. 445.000 5% general Inapt. bonds. Due as follows: 518,000, 1924 to 1933 incl.; 319.000, 1934 to 1943 incl.. and 825.000, 1944 to 1946 incl. 700.000434% school bonds. Due as follows: $25,000, 1924 to 1933 incl.; 326.000. 1934 to 1943 incl.; $27,000. 1944 to 1949 incl.. and $28.000. 1950. l50.000434% water bonds. Due as follows: $3,000, 1925 to 1939 incl.: $4.000, 1940 to 1955 incl.; 55.000. 1956. and $6,000, 1957 to 1962 incl. [VOL. 116. THE CHRONICLE 2306 $50.000 454% sewer bonds. Due as follows: $1,000, 1924 to 1949, incl.. and $2.000. 1950 to 1961 incl. 40,000 534% fire department bonds. Due as follows: 54,000, 1925 , to 1934 incl. -N.) Denom. $1.000. Date May 15 1923. Prin. and semi-ann. int.(M. payable in gold in New York. A certified check for 2% of amount of bonds laid for required. The bonds will be prepared under the supervision of the United States Mortgage & Trust Co.. N. Y. City, which will certify as to the genuineness of the signatures of the officials and the seal impressed thereon, and the validity of the bonds will be approved by Reed. Dougherty & Hoyt of N. Y. City. -An elec-BOND ELECTION. WOLFE CITY, Hunt County, Tex. tion will be held on May 12 to vote on the question ofissuing $50,000 school bldg. and $50,000 water bonds. WOODLAKE SCHOOL DISTRICT (P. O. Visalia), Tulare County, Calif. -Gladys Stewart. County Clerk, will receive -BOND OFFERING. sealed bids until 2 p. m. May 24 for 345,000 534% school bonds. Denom. -N.). payable $1.000. Date May 8 1923. Prin, and semi-ann. int. (M. in gold at the County Treasurer's office. Due on May 8 as follows: 51.000 1926 to 1931. incl.;$2,000 1932 to 1950, incl., and $1,000 1951. A certified check for 5%, payable to the Chairman Board of Supervisors, required. -TEMPORARY LOAN. WORCESTER, Worcester County, Mass. The City Treasurer has sold a $450,000 revenue loan, dated May 18, and Salomon Brothers & Hutzler on a 4.19% dismaturing Nov. 12 1923, to count basis, plus $3 premium. Other bidders were: Rate. Prem. Rate. Prem. .300 _ _ _ _ First Nat. Bank,Bost--4.21 V $8 00 March.Nat.Bk.,Wore _ 4 4.39 S. N.Bond & Co Estabrook & Co 4.24 $175 F.S. Moseley & Oo__4.28 0 -___ Old Colony Trust Co_ _4.40 WORTHINGTON FIRE DISTRICT (P. 0. Berlin), Hartford Coun-Proposals will be received until 3 p. m. ty, Conn. -BOND OFFERING. (daylight saving time) May 21 by the District Committee, at the Berlin Savings Bank. Kenington,for 570.000 434% coupon water bonds. Denom. 31.000. Date May 1 1923. Prin. and semi-ann. int.(M. & N.), payable at the First National Bank of Boston. Due $2,000 yearly on May 1 from 1928 to 1962. incl. These bonds are engraved under the supervision of and certified as to genuineness by the First National Bank of Boston; their legality will be approved by Storey. Thorndike, Palmer & Dodge, whose opinion will be furnished the purhcaser. All legal papers incident to this Issue will be filed with said bank where they may be inspected at any time. Bonds will be delivered to the purchaser on or about May 23 at the First National Bank of Boston. YANKTON-CLAY DRAINAGE DISTRICT, Yankton County, So. -year serial drainage bonds -The 5225,000 6% 1-20 Dak.-BOND SALE. -were awarded to a syndicate comoffered on May 11-V. 116. p. 1933 Drake. Jones & Co., Paine, Webber & Co. and et Ballard & Co., titapolis Trust 0o., all of Minneapolis. YOLO COUNTY RECLAMATION DISTRICT NO. 785, Calif. BOND SALE. -Stephens & Co. of San Francisco have purchased $131.48499 6% bonds. Denom. $1.000. Date Jan. 1 1923. Prin. and semiann.int. payable at the County Treasurer's office. Due serially on Jan. 1. Financial Statement. 5821,800 00 Estimated value ofland 131,484 99 Total bonded debt 276 00 Average land value per acre 44 00 Total bonded debt per acre -The $25,000 -BOND SALE. ZELIENOPLE, Butler County Pa. 454% tax free filter plant bonds offered on April 27 (V. 116. p. 1811) were awarded en May 1 to Redmond & Co. of Philadelphia for 325.055, equal to 100.22.0 basis of about 4.48%. Denom.$500. Date May 11923. Int. M. & N. Due $1,000 yearly on May 1 from 1924 to 1948, inclusive. • seal -A -BOND ELECTION. ZUMBRO FALLS, Wabasha County, Minn. special election will be held on May 22 to vote on the question of issuing to the State of Minnesota $4,650 434% refundingAnd electric light bonds. J. A. Kllndworth, Village Clerk. R?ri CANADA, its Provinces and Municipalities. -BOND SALE.CALGARY SCHOOL DISTRICT NO. 19, Alta. -year installAemilius Jarvis & Co. were recently awarded $30.000 6% 15 ment bonds at a price of 101.63, an approximate cost of 5.75%. Tenders were as follows: Aendllus Jarvis dr Co., 101.63: Wood, Gundy & Co.. 100.79: and A. E. Ames & Co.. 100.39. -On April 24 FORD CITY, Ont.-DEBENTURES AUTHORIZED. the Council passed two by-laws authorizing the issuance of $41,500 debentures for school purposes. -Tenders will be reHANLEY, Sask.-DEBENTURE OFFERING. reived by A. Holm, Town Clerk, until May 21 for the purchase of $3,500 -annual installment sidewalk debentures. 7% 15 -W. F. Mahon & Co. -DEBENTURE SALE. KENTVILLE, N. S. have been awarded $4,500 554% water works debentures at a price of 101.139, a basis of about 5.42%. Due in 30 years. Eastern Securities Corp. submitted a high bid of 101.38, but the tender was received too late for consideration. Tenders were: 101.139'Johnston & Ward W.F. Mahon & Co 01. 0 10015 101.38 J. C. Mackintosh & 90 Eastern Securities Corp PEMBROKE, Ont.-DEBENTURE SALE-Wood, Gundy & Co. of -year and $20,000 534% Toronto have been awarded $15,000 554% 15 -year debentures at a price of 100.61. 30 COUNTY (P. 0. Pembroke), Ont.-DEBENTURE RENFREW -year installment highway impA. SALE. -The 5100,000 6% registerabie 20 debentures offered on May 10 (V. 116, p. 2048) were awarded to 0. H. Burgess & Co. of Toronto at 105.72, a basis of about 5.32%. Other bids were: Wood, Gundy & Co.. 105.588: R. C. Matthews & Co.. 105.362; , Gairdner, Clarke & Co., 105.132; It. A. Daly & Co., 105.035; Doalia1011 Securities Corp., 105.033; A. Jarvis & Co., 104.31, and A. D. Morrow & Co., 104.078. DISTRICT, Jacoues Cartier County, SAINT LAURENT -The $75.000 531'7; school bonds offered on May 15 Que.-BOND SALE. -V. 116. p. 2175-were awarded t a the Municipal Debenture Corporation, Ltd., of Montreal at 100 39. Date June 11923. Due June 1 1943. SAINT MADELINE D'OUTRrMONT, Que.-DEBENTURE SALE. -were The 360.000 s% school bonds offered on May 15-V. 116. p. 2175 the Municipal Debenture Corporation. Ltd., of Montreal awarded to at 103.69. Due June 1 1933. Denoms. $100 and $500. -The 5100,000 5% SHERBROOKE, Osie.-DEBENTURE SALE. -were awarded to Credit, debentures offered on MAY 14-V. 116, p. 2048 Canada. Ltd.. of Montreal, at 96.94. a basis of 5.25%. Date June 1 1923. Due June 11943. The Toronto "Globe" of May 18 says: "The offering acquired added interest by the keenness of the bidding, some 20 bond houses being represented. Other bids were as follows: Aird, McLeod & Co. and Murray & Co., 95.82: Matthews Co.. 95.77; Johnston & Ward. 95.762; A. D. Mcr•row & Co., 95.567; R. A. Daly & Co., 95.535: R. T. Leclerc & Co.. 95.376: Hanson Brothers. 95.30; A. Jarvis & Co., 95.279; Gairdner. Clarke & Co., 95.27: McLeod ,Young, Weir & Co., 95.27; Wood. Gundy & Co.. 95.27; C. H. Burgess & Co., 95.23; Dominion Securities Corp..95.07; Nesbitt. Tnoracon & Co..95.027; Municipal Bankers Corp.. 95.02; Macneill, Graham & Co.. 94.93: Corporation des Obllgations, 91.021. and Versailles Vidricaire & Boulais, 94.01. -L. G. Beaubien & Co. TERREBONNE, Que.-DEBENTURE SALE. have purchased 530,000 554% debentures at a price of 99.61, the money municipality approximately 5.62%. Following is a list of bids: costing the L. G. Beaubien & Co., 99.61: Municipal Debentures Corp.. 99.60; Rene T. Leclerc, Inc.. 99.40; Credit Canadien, Ltd., 99.175; Le Pret Ltd., 98.84; and Versailles, Vidricaire & Co.. 98.56. -Wood, Gundy & Co. of ToVERDUN, Que.-DEBENTURE SALE. ronto were recently awarded 5200,000 5% Protestant Hospital for the inbasis of about 5.18%. The loan is guaranteed by sane bonds at 97.79, a the Province of Quebec. Other bids were: R. T. Leclerc & Co., 97.7; A. E. Ames & Co.. 97.59; United Financial Corp., 97.54; Royal Securities Corp., 97.36; National City Co., 96.64; Hanson Brothers, 96.05, and Nesbitt, Thompson & Co., 94.51. -The National City Co. of WATERLOO, Ont.-DEBENTURE SALE. a 171Ce Toronto was recently awarded $172,915 534% debentures, Paying100 13 00 of 1.42. Tenders were as follows: 100.42 A.E. Ames & Co Co National City 100.07 100.41 Gairdner, Clarke & Co C. H. Burgess & Co 100.32 McLeod, Young, Weir & Co- 99.87 Wood, Gundy & Co 9 7 5 8 99.7 Municipal Bankers Corp 100.17 Matthews & Co 99.77 Dominion Securities Corp_ _ _100.17 Macneill, Graham & Co 100.14 Mackay-Mackay Murray & Co Dyment, Anderson & Co_ -- -100.137 -On YORK TOWNSHIP, Ont.-DEBENTURES AUTHORIZED. April 18 the Council passed a by-law authorizing the issuance of $25,000 school debentures. SCHOOL We Specialize in City of Philadelphia 3s 1 / 32s 4s / 41 48 / 41 28 5s 51 48 / / 51 28 NEW LOANS BOND CALL $1,689,056.84 NEW LOANS City of Independence, Kansas CITY OF MINNEAPOLIS BOND CALL. MINNESOTA TO WHOM IT MAY CONCERN: Whereas, on February 1. 1909, the City of Independence, Kansas. Issued a series of general sewer bonds in the sum of Forty Thousand Dollars ($40.000). consisting of forty (40) bonds of One Thousand Dollars ($1,000) each, bearing Interest at the rate of 5 per cent per annum, due February 1, 1939, with a reservation or option written therein that said city might call in and retire said bonds at any time after ten years from the date thereof; and Whereas, the Board of Commissioners of said city have elected to declare and do declare said bonds due and payable on May 1. 1923; now. therefore, All persons concerned are hereby notified that said city has exercised the said option to retire said bonds after ten years from the date thereof, and that It will pay said bonds and interest thereon then due on May 1, 1923, at the fiscal agency of the State of Kansas, at the office of the state Treasurer in the City of Topeka, Kansas, on said date, and that interest on said bonds will cease on said first day of MAY, 1923. By order of The Board of Cortmdssioners. J. G. FOWLER, Mayor. Attest: G. H. Krienhagen, City Clerk. NOTICE IS HEREBY GIVEN That on the 13TH DAY OF JUNE, A. D. 1923, at 2:00 o'clock p. m., the Board of Estimate and Taxation of the City of Minneapolis, Minnesota, will sell the following City of Minneapolis Bonds, $1,350,000.00 School Bonds 200,000.00 Permanent Improvement Bonds 89,056.84 Workhouse Site Bonds 25,000.00 Water Works Bonds 25,000.00 Bridge Bonds $1,689,056.84 Total Said bonds will bear interest at the rate of % per annum, payable semi-annually: will be dated July 2. 1923 and will fall due serially in approximately equal annual amounts as follows: the School, Permanent Improvement and Work104 South Fifth Street house Site Bonds, one to thirty years: the Water Works and the Bridge Bonds, one to twenty-five Philadelphia years. Private Wire to New York The bonds will be payable in "gold coin of the Call Canal 8437 United States of America of the present standard of weight and fineness," can be registered both as to principal and interest and will be sold to the highest responsible bidder, either above or below par. The right to reject any and all bids Is reserved. $4,000,000 The bonds will be accompanied by the opinion of John C. Thomson, attorney and counsellor-atlaw, of Now York City, that the bonds are valid and binding obligations of the City of Minneapolis. The entire cost of preparing the bonds Bonds will also be borne by the City of Minneapolis. BOARD OF ESTIMATE AND TAXATION, Bids will be received by the undersigned at By Geo. M. Link, Secretary. 10 A. M. MAY 21st, 1923, for the sale of 343 City Hall, Minneapolis, Minn. 54.000,000.00 Harris County Navigation District the entire county, with right Bonds, embracing to reserve 51.000,000.00 from sale; bonds dated April 15th, 1923, $1,000.00 each, maturing $130,000.00 for first five years and $134,000.00 for next twenty-five years, interest 5'70, semiannual,coupons, payable New York and Houston. Mender' New York Stock Exchange Financial statement furnished by H. L. Washburn, County Auditor, Houston, Texas. Certified cheek 1% of bid, usual conditions. No bid for HARTFORD All rights less than par and accrued interest. reserved. E. A. PEDEN, Chairman, Houston. Texas. Biddle & Henry Harris County Navigation District United States and Canadian Municipal Bonds 13/ v OK GORDQ AND WADDELL Ground Floor Singer Building 89 Liberty Street New York Telenlione Cortlandt 3183 BALLARD iSc, COMPANY Connecticut Securities B. W. Strassburger SOUTHERN INVESTMENT SECURITIES ,htuntguniery, Ala.